Financial Results for Fiscal Year 2013


The University of Chicago’s consolidated net assets increased by $371.3 million during fiscal year 2013 to a total of $7.3 billion. The University ended the year with a deficit of operating revenue over expenses of $6.1 million.

Net Assets

The balance sheet of the University as of June 30, 2013, grew when compared to the end of the previous fiscal year, with total assets increasing by $570.7 million to $12.5 billion. The largest asset category, investments (primarily the endowment), achieved an annual return of 6.6 percent. Land, buildings, equipment, and books, the second largest asset category, increased by $214.8 million. The increase represents funds invested in new construction and capital renewal projects. The new construction was financed through gifts and issuance of debt. This new debt accounts for the majority of the increase in liabilities. Balance sheet categories are shown in figure 1.

Net assets increased $371.3 million, from $6.9 billion to $7.3 billion, during fiscal year 2013. This increase was primarily driven by private gifts, positive valuation changes related to derivative instruments, and gains associated with the University’s postretirement benefit plans and investments.

Results of Operations

The $6.1 million deficit of operating revenue over expenses was driven by operating revenue and expenses of approximately $3.2 billion. Increases in operating revenue over the prior year are primarily attributable to increased private gifts and patient care revenue. Expenses increased at a greater pace than revenue due primarily to increases in supplies and services, compensation, and interest and depreciation costs associated with new construction, capital renewal projects, and other University-wide strategic initiatives. The components of operating revenue and expenses are shown in figures 2 and 3.

Audited Financial Statements

The University’s fiscal year 2013 financial statements were audited by KPMG LLP. The complete audited financial statements for fiscal year 2013 are available online at 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)