Financial Health Provides Foundation for Success
Growth in the University’s assets will enable us to pursue an ambitious set of strategic challenges and opportunities that build on current strengths.
The fiscal year that ended on June 30, 2007, produced strong financial results for the University of Chicago and the University of Chicago Medical Center. They finished the year with a consolidated surplus from operations of $145.6 million or 5.5 percent of total revenue, while consolidated net assets increased $1,200 million or 20.1 percent, to $7,165.8 million. The University of Chicago is in a much stronger financial position than it was one year ago.
Contributing significantly to the year’s strong financial results were the achievements of the capital campaign, the performance of the endowment, and strong results in the Medical Center. The Chicago Initiative, through which the University and the Medical Center raised a combined total of $346.2 million in gifts and pledges, made fiscal year 2007 the most successful single year in the history of fund raising at the University of Chicago. In addition, the return on endowment assets of 21.0 percent, which ranked thirteenth among major private college and university returns, contributed significantly to the strengthening of the University’s financial base.
In this narrative, the fiscal year 2007 activities of the University and the Medical Center are presented separately. In the accompanying excerpts from the audited financial statements (see Consolidated Statement of Activities and Consolidated Balance Sheet), the year-end results are displayed both separately and on a consolidated basis. The financial statements illustrate the University’s financial position presented in accordance with generally accepted accounting principles (GAAP).