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Financial Report 2018
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  • Financial Report 2018→
  • Financials
    • Financials
    • 5-Year Data Summary
    • Financial Highlights
    • Statement of Activity & Cash Flows
    • Consolidated Balance Sheet
    • Supplemental Financial Information
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  • Statement of Activity & Cash Flows→

Financials

Financials

  • 5-Year Data Summary
  • Financial Highlights
  • Statement of Activity & Cash Flows
  • Consolidated Balance Sheet
  • Supplemental Financial Information

Statement of Activity & Cash Flows

Statement of Activity & Cash Flows

  • 5-Year Data Summary
  • Financial Highlights
  • Statement of Activity & Cash Flows
  • Consolidated Balance Sheet
  • Supplemental Financial Information
1ms

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.

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