The University has released financial statements for its fiscal year 2023, with net assets of $18.7 billion, an increase of 1.5% from fiscal 2022. The increase in net assets reflects modest endowment gains, other non-operating losses, and income from operations that, while lower than fiscal 2022, are in line with historical levels. Funds generated from operations allow us to continue to invest in our programs, as well as to fund critical capital projects to support the maintenance and renovation of our physical infrastructure. These capital investments are distinct from our operating expenses and necessary to support our ongoing activities.
Within operating income, revenues grew 6.3% and expenses grew 8.0%. The University’s revenue growth reflected strong growth in patient care activity as well as growth in investment income per our endowment spending rule and the current interest rate environment. Growth in tuition net of financial aid was more modest at 1.4%, reflecting a 6.1% increase in financial aid, significantly outpacing the rate of growth in total tuition. This direct student support, and support for our work in serving our patients, conducting research, and educating our students more broadly, is made possible by our alumni and donors. We are grateful for their ongoing generosity to the institution, particularly in a year when the University faced substantial cost pressure due to the broader inflationary environment.
Our Financial Overview website includes financial highlights, a statement from the President of our Investment Management Company, and additional background.
Executive Vice President for Finance and Information Technology