Consolidated Statements of Changes in Net Assets
| Years Ended June 30 | ||
|---|---|---|
| 2014 | 2013 | |
| (in thousands) | ||
| Unrestricted Net Assets | ||
| Operating revenues and other additions | $1,024,569 | $973,608 |
| Operating expenses | (1,007,718) | (959,267) |
| Increase in unrestricted net assets from operations | 16,851 | 14,341 |
| Increase in unrestricted net assets from non-operating activities. | 638,360 | 367,947 |
| Increase in unrestricted net assets | 655,211 | 382,288 |
| Temporarily Restricted Net Assets | ||
| Contributions | 186,734 | 108,240 |
| Investment income (Note 6) | 60,086 | 40,552 |
| Net gain on investments (Note 6) | 740,809 | 397,637 |
| Change in value of split-interest agreements (Note 17) | 13,780 | 3,258 |
| Net assets released from restrictions (Note 15) | (253,225) | (237,380) |
| Other changes in temporarily restricted net assets | 3,665 | 1,697 |
| Increase in temporarily restricted net assets | 751,849 | 314,004 |
| Permanently Restricted Net Assets | ||
| Contributions | 151,927 | 66,759 |
| Investment income (Note 6) | 2,615 | 1,571 |
| Net gain/(loss) on investments (Note 6) | 323 | (6) |
| Change in value of split-interest agreements (Note 17) | 6,032 | 668 |
| Other changes in permanently restricted net assets | (2,786) | (570) |
| Increase in permanently restricted net assets | 158,111 | 68,422 |
| Increase in net assets | 1,565,171 | 764,714 |
| Net assets at beginning of year | 8,296,135 | 7,531,421 |
| Net assets at end of year | $9,861,306 | $8,296,135 |
See accompanying notes to consolidated financial statements.