- …→
- Harvard Business School→
- Financial Report 2015→
- →
- Statement of Activity & Cash Flows→
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.