The University has released financial statements for its fiscal year 2024, with net assets of $19.8 billion, an increase of 5.8% from fiscal 2023. This year’s results reflect continued stability in the operations of the University and strong endowment gains. 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. Growth in endowment from investment returns and gifts provides a perpetual source of dedicated funding for financial aid and faculty support, including transformative research, such as the initiatives so generously supported by Roy and Diana Vagelos.
Within operating income, revenues grew 6.5% and expenses grew 6.4%. The increase in the University’s revenue reflects strong growth in government grant revenue and patient care, demonstrating the work propelled by our faculty, researchers, and clinicians. Tuition net of financial aid grew at a more modest 1.8%, reflecting an embedded 6.9% increase in financial aid for our students. We are extremely grateful and inspired by the strong growth in gift revenue for fiscal 2024, and appreciate the support of the University’s alumni, donors, agencies, and private foundations to achieve our mission. The University’s operating expenses reflect investment in programs and supporting activities, including continued impacts of headcount growth and inflation on our recurring cost structure.
Our Financial Overview website includes financial highlights, a statement from the President of our Investment Management Company, and additional background.
Anne Sullivan
Executive Vice President for Finance
View Financial Statements for Fiscal 2024