Consolidated Statements of Changes in Unrestricted Net Assets
| Years Ended June 30 | ||
|---|---|---|
| 2014 | 2013 | |
| (in thousands) | ||
| Operating Revenues and Other Additions | ||
| Tuition and fees | $521,396 | $504,325 |
| Less: Tuition scholarships and fellowships | (233,080) | (226,857) |
| Net tuition and fees | 288,316 | 277,468 |
| Grants and contracts (Note 18) | 109,809 | 105,260 |
| Contributions | 39,126 | 38,547 |
| Accumulated investment return distributed (Note 6) | 97,307 | 95,751 |
| Sales and services of auxiliary enterprises | 231,941 | 214,322 |
| Other sources | 47,320 | 45,741 |
| Total operating revenues | 813,819 | 777,089 |
| Net assets released from restrictions (Note 15) | 210,750 | 196,519 |
| Total operating revenues and other additions | 1,024,569 | 973,608 |
| Operating Expenses | ||
| Instruction | 339,323 | 320,417 |
| Research | 107,325 | 107,901 |
| Public service | 27,446 | 22,847 |
| Academic support | 94,204 | 88,512 |
| Student activities and services | 46,111 | 44,532 |
| General administration and support | 179,888 | 178,353 |
| Auxiliary enterprises | 213,421 | 196,705 |
| Total operating expenses | 1,007,718 | 959,267 |
| Increase in unrestricted net assets from operations | 16,851 | 14,341 |
| Non-Operating Changes in Unrestricted Net Assets | ||
| Contributions | 29,454 | 9,059 |
| Investment income (Note 6) | 52,216 | 35,730 |
| Net gain on investments (Note 6) | 626,762 | 338,035 |
| Accumulated investment return distributed (Note 6) | (97,307) | (95,751) |
| Net gain/(loss) on debt-related derivative instruments (Note 12) | (6,560) | 14,756 |
| Net assets released from restrictions (Note 15) | 42,475 | 40,861 |
| Net pension and postretirement benefits-related changes other than net periodic benefits costs (Note 13) | (9,867) | 23,639 |
| Other non-operating changes | 1,187 | 1,618 |
| Increase in unrestricted net assets from non-operating activities | 638,360 | 367,947 |
| Increase in unrestricted net assets | $655,211 | $382,288 |
See accompanying notes to consolidated financial statements.