Revenues

IN MILLIONS for the Fiscal Year ended June 30...	2018	2017	2016
MBA Tuition & Fees	$ 138	$ 133	$ 127
Executive Education Tuition	207	191	176
Publishing	240	221	217
Endowment Distribution	150	146	138
Unrestricted, Current Use Gifts	44	42	40
Restricted, Current Use Gifts	35	32	32
HBS Online	19	12	10
Housing, Rents, Interest Income, & Other	23	23	21
total revenues	$ 856 m.	$ 800 m.	$ 761 m.

Expenses

IN MILLIONS for the Fiscal Year ended June 30...	2018	2017	2016
Salaries & Benefits	$ 340	$ 327	$ 309
Publishing & Printing	74	70	70
Space & Occupancy	71	68	62
Supplies & Equipment	12	12	14
Professional Services	68	63	65
Fellowships	50	48	47
University Assessments	24	24	22
Debt Service	3	4	4
Depreciation	42	40	38
Other Expenses	82	75	73
total expenses	$ 766 m.	$ 731 m.	$ 704 m.

	2018	2017	2016
Cash from Operations	$ 90	$ 69	$ 57
Depreciation	42	40	38
Non-Cash Items	–	1	–
cash available for capital activities	$ 132	$ 110	$ 95

	2018	2017	2016
Capital Expenses	$ (92)	$ (78)	$ (113)
Change in Capital Project Pre-Funding	10	19	(12)
Use of Gifts for Capital Projects	3	51	20
net capital expenses	$(79)	$(8)	$ (105)

	2018	2017	2016
New Borrowings	$ 0	$ 0	$ 0
Debt Principal Payments	(8)	(8)	(7)
Capitalization of Endowment Income	(2)	(4)	(3)
Decapitalization of Endowments	3	3	5
Other Non-Reserve Activity	(73)	(51)	(7)
changes in debt & other	$ (80)	$ (60)	$ (12)

	2018	2017	2016
Increase (Decrease) in Reserves	$ (27)	$ 42	$ (22)
Beginning Reserves Balance	$ 145	$ 103	$ 125
Ending Reserves Balance	$ 118	$ 145	$ 103

* 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 2018, the School’s results for fiscal years 2016 and 2017 are presented in accordance with GAAP within the Statement of Activity and Cash Flows.