Financial Results for Fiscal Year 2015


The University of Chicago ended fiscal year 2015 with an excess of operating revenue over expenses of $13.4 million. The University’s consolidated net assets decreased by $150.9 million to a total of $8.0 billion.

Net Assets

The balance sheet of the University as of June 30, 2015, grew when compared to the end of the previous fiscal year, with total assets increasing by $494.5 million to $14.1 billion. The largest asset category, investments (primarily the endowment) achieved an annual return of 4.9 percent. Land, buildings, equipment and books, the second largest asset category, increased by $160.2 million. This increase represents funds invested in new construction and capital renewal projects. Total liabilities increased by $645.3 million to $6.1 billion. Balance sheet categories are shown in figure 1.

Net assets decreased $150.9 million, from $8.2 billion to $8.0 billion, during fiscal year 2015. The major driver of this small decline was investment returns, generated primarily from the endowment, that were insufficient to support the endowment payout. Other factors included pledge payments and restricted gifts that were released into operations and a GAAP operating deficit.

Results of Operations

The $13.4 million excess of operating revenue over expenses was driven by operating revenue and expenses of approximately $3.7 billion. Increases in operating revenue over the prior year were primarily attributable to increases in patient care revenue and endowment payout. Growth in expenses was primarily due to higher compensation expenses and increases in supplies and services. The components of operating revenue and expenses are shown in figures 2 and 3.

Audited Financial Statements

The University’s fiscal year 2015 financial statements were audited by KPMG LLP. The complete audited financial statements for fiscal year 2015 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)