Financial Results for Fiscal Year 2019

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Overview

The University of Chicago ended fiscal year 2019 with an excess of operating revenue over expenses of $6.2 million. The University’s consolidated net assets increased by $969.6 million to a total of $9.7 billion.

Balance Sheet

The balance sheet of the University as of June 30, 2019, increased when compared to the end of the previous fiscal year, with total assets increasing by $1.0 billion to $16.7 billion. The largest asset category, investments (primarily the endowment), achieved an annual return of 6.9 percent. Land, buildings, equipment, and books, the second largest asset category, decreased by $46.5 million. This decrease mainly represents depreciation on the fixed assets owned by the University.

Total liabilities increased by $63.0 million to $7.0 billion. The largest increase was in notes and bonds payable—also related to capital activity—which grew by $137.1 million to $4.96 billion. Balance sheet categories are shown in figure 1.

Net assets increased by $969.6 million, from $8.7 billion to $9.7 billion, during fiscal year 2019.

Results of Operations

The $6.2 million of excess operating revenue over expenses on a $4.9 billion base was primarily attributable to increases in patient service revenue, strong philanthropy, and increased enrollment. The components of operating revenue and expenses are shown in figures 2 and 3.

Audited Financial Statements

The University’s fiscal year 2019 financial statements were audited by KPMG LLP. The complete audited financial statements for fiscal year 2019 are available online at finserv.uchicago.edu/reporting/statements.shtml or by writing to Financial Services, The University of Chicago, 6054 South Drexel Avenue, Chicago, Illinois 60637.

The balance sheet, summary, and components of operating revenue and expenses have been excerpted from the audited financial statements.

Consolidated Statements of Activities (PDF)
Consolidated Balance Sheets (PDF)