Financials

Statement of Activity & Cash Flows

Revenues

IN MILLIONS for the Fiscal Year {FY} ended June 30...
2015 2014 2013
MBA Tuition & Fees $ 120 $ 113 $ 107
Executive Education Tuition 168 163 146
Publishing 203 194 180
Endowment Distribution 127 123 119
Unrestricted, Current Use Gifts 36 28 22
Restricted, Current Use Gifts 27 37 21
HBX 5 – –
Housing, Rents, & Other 21 18 16
Interest Income – – 1
total revenues
$ 707 m.
$ 676 m.
$ 612 m.

Expenses

IN MILLIONS for the Fiscal Year {FY} ended June 30...
2015 2014 2013
Salaries & Benefits $ 294 $ 276 $ 255
Publishing & Printing 65 66 62
Space & Occupancy 68 66 56
Supplies & Equipment 7 4 5
Professional Services 52 57 40
Fellowships 44 43 40
University Assessments 20 19 18
Debt Service 5 5 6
Depreciation 34 33 28
Other Expenses 71 76 61
total expenses
$ 660 m.
$ 645 m.
$ 571 m.
  2015 2014 2013
Cash from Operations $ 47 $ 31 $ 41
Depreciation 34 33 28
Non-Cash Items – 9 –
cash for capital activities
$ 81
$ 73
$ 69
  2015 2014 2013
Capital Expenses $(81) $ (92) $ (80)
Change in Capital Project Pre-Funding (9) 16 (28)
Use of Gifts for Capital Projects 38 17 11
net capital expenses
$ (52)
$ (59)
$ (97)
  2015 2014 2013
New Borrowings $ 0 $ 0 $ 0
Debt Principal Payments (7) (6) (6)
Capitalization of Endowment Income (3) (5) (3)
Decapitalization of Endowments 5 21 5
Other Non-Reserve Activity 2 (8) (4)
changes in debt & other
$ (3)
$ 2
$ (8)
 
  2015 2014 2013
Increase (Decrease) in Reserves
$ 26
$ 16
$ (36)
Beginning Reserves Balance
$ 99
$ 83
$ 119
Ending Reserves Balance
$ 125
$ 99
$ 83
 

* In pursuit of greater comparability across the Harvard schools, the University has asked all the schools to report their net results in accordance with generally accepted accounting principles (GAAP) in the United States. In addition to results for fiscal 2015, the School’s results for fiscal years 2013 and 2014 are presented in accordance with GAAP within the Statement of Activity and Cash Flows.