Change in Net Assets
The consolidated balance sheet of the University and the Medical Center at the end of fiscal year 2007 is substantially stronger than it was one year ago, with net assets increasing to $7,165.8 million from $5,965.9 million, an increase of 20.1 percent (see figure 8). The consolidated total assets increased by $1,647.8 million, or 18.6 percent, to $10,494.3 million at the end of the fiscal year (see Consolidated Balance Sheet). The largest asset categories were investments of $7,256.9 million (primarily the endowment) and net land, building, equipment, and books of $1,998.6 million. The increase in asset value was due in large part to the increase in endowment market value discussed above and an increase in land, buildings, equipment, and books of $200.7 million.
Total consolidated liabilities also increased, increasing by $447.9 million or 15.5 percent, to $3,328.5 million. The largest liability category, notes and bonds payable, increased by 21.3 percent to $1,789.6 million largely as a result of the issuance of $250 million in new debt at the end of the year. Other changes were in accounts payable and accrued expenses, which saw an increase of $13.7 million or 3.2 percent. In addition, the liability for self-insurance increased 9.8 percent to $194.9 million.