University of Cincinnati
Statement of Revenues, Expenses and Changes in Net Assets
For the Years Ended June 30, 2008 and 2007
(in thousands)Foundation
REVENUES 2008 2007 2008 2007
Operating revenues:
Student tuition and fees, net $ 272,910 $ 260,605 $ $
Federal grants and contracts 148,273 148,124
State and local grants and contracts 6,580 5,568
Nongovernmental grants and contracts 17,485 14,174
Sales and services of educational departments 66,041 58,645
Auxiliary enterprises:
Residential life 30,139 27,591
Athletics, net 15,380 13,184
Other Auxiliary enterprises 36,896 36,264
Other operating revenues 4,838 5,651
Total operating revenues 598,542 569,806 - -EXPENSES
Operating expenses:
Instruction 283,503 285,671
Research 157,843 153,247
Public Service 57,247 56,592
Academic Support 63,944 66,306
Student Services 37,722 37,188
Institutional Support 79,664 77,054 7,740 7,804
Operation Maintenance and Plant 63,560 61,499
Scholarships and Fellowships 23,630 24,474
Auxiliary Expenses 78,163 77,509
Depreciation 87,765 87,360 275 210
Total operating expenses 933,041 926,900 8,015 8,014
Operating loss (334,499) (357,094) (8,015) (8,014)NONOPERATING REVENUES (EXPENSES)
State appropriations 193,814 185,864
Federal and state grants (non-exchange) 27,633 24,494
Gifts, including $27,264 in FY08 and $22,927 in FY07
from the University Foundation 56,310 46,356 57,425 27,778
Investment income, net 72,739 60,311 4,848 5,212
Increase (decrease) in fair value of investments (96,616) 166,878 (1,477) 5,009
Interest on capital asset-related debt (41,264) (40,245)
Gain (loss) on disposal of assets (1,136) 1,659
Payments to University of Cincinnati - - (27,264) (22,927)
Other nonoperating expenses (464) (11,551)
Net nonoperating revenue 211,016 433,766 33,532 15,072
Income (loss) before other revenues,
expenses, gains or losses (123,483) 76,672 25,517 7,058
Capital appropriations 39,362 8,778
Capital grants and gifts 1,228 2,675
Additions to permanent endowments 37,668 16,966
Increase (decrease) in net assets (45,225) 105,091 25,517 7,058NET ASSETS
Net assets - beginning of year 1,970,740 1,865,649 54,795 47,737
Net assets - end of year $ 1,925,515 1,970,740$ $ 80,312 $ 54,795UniversityUniversity RelatedSee accompanying notes to financial statements. 16