STATEMENT OF ACTIVITY & CASH FLOWS*
FOR THE FISCAL YEAR ENDED JUNE 30,
Revenues (in millions)
2015
2014
2013
MBA Tuition & Fees
Executive Education Tuition
Publishing
Endowment Distribution
Unrestricted, Current Use Gifts
Restricted, Current Use Gifts
HBX
Housing, Rents, & Other
Interest Income
$ 120
168
203
127
36
27
5
21
—
$ 113
163
194
123
28
37
—
18
—
$ 107
146
180
119
22
21
—
16
1
Total Revenues
$ 707
$ 676
$ 612
Salaries & Benefits
Publishing & Printing
Space & Occupancy
Supplies & Equipment
Professional Services
Fellowships
University Assessments
Debt Service
Depreciation
Other Expenses
$ 294
65
68
7
52
44
20
5
34
71
$ 276
66
66
4
57
43
19
5
33
76
$ 255
62
56
5
40
40
18
6
28
61
Total Expenses
$ 660
$ 645
$ 571
Cash from Operations
Depreciation
Non-Cash Items
$ 47
34
—
$ 31
33
9
$ 41
28
Cash Available for Capital Activities
$ 81
$ 73
$ 69
Capital Expenses
Change in Capital Project Pre-Funding
Use of Gifts for Capital Projects
$ (81)
(9)
38
$ (92)
16
17
$ (80)
(28)
11
Net Capital Expenses
$ (52)
$ (59)
$ (97)
$0
(7)
(3)
5
2
$0
(6)
(5)
21
(8)
$0
(6)
(3)
5
(4)
$ (3)
$2
$ (8)
$ 26
$ 99
$ 125
$ 16
$ 83
$ 99
$ (36)
$ 119
$ 83
Expenses
New Borrowings
Debt Principal Payments
Capitalization of Endowment Income
Decapitalization of Endowments
Other Non-Reserve Activity
Changes in Debt & Other
Increase (Decrease) in Reserves
Beginning Reserves Balance
Ending Reserves Balance
8 HARVARD BUSINESS SCHOOL
—
CONSOLIDATED BALANCE SHEET
FOR THE FISCAL YEAR ENDED JUNE 30,
Assets (in millions)
2015
2014
2013
$ 62
125
463
$ 44
99
475
$ 38
83
319
3,076
93
154
614
2,970
96
158
567
2,658
78
144
511
$ 4,587
$ 4,409
$ 3,831
$ 64
110
26
78
$ 60
88
27
85
$ 56
85
23
91
$ 278
$ 260
$ 255
$ 125
13
301
11
536
3,323
$ 99
16
317
11
482
3,224
$ 83
5
179
9
420
2,880
Total Net Assets
$ 4,309
$ 4,149
$ 3,576
Total Liabilities + Net Assets
$ 4,587
$ 4,409
$ 3,831
Cash
Reserves
Receivables, Loans, & Other Assets
Invested Funds:
Endowment Investments
Current Fund Investments
Interest in Trusts Held by Others
Facilities, Net
Total Assets
Liabilities
Deposits, Advances, & Other
Deferred Revenue
Other Debt Owed to University
Building Debt
Total Liabilities
Net Assets
Reserves
Undistributed Income & Other
Pledge Balances
Student Loan Funds
Investment in Facilities
Endowment & Current Use Funds
* 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 on page 8.
F I N A N C I A L R E P O R T 2 015
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