Financial Results for Fiscal Year 2020


The University of Chicago ended fiscal year 2020 with an operating deficit of $185.4 million. The University’s consolidated net assets decreased by $494.0 million to $9.2 billion at June 30, 2020.

Balance Sheet

Assets of the University increased by $555.7 million to $17.3 billion as of June 30, 2020. The largest asset category, investments (primarily the endowment), achieved an annual return of 3.2 percent. Land, buildings, equipment, and books, the second largest asset category, increased by $7.3 million. This increase is mainly due to increases in buildings and construction in progress, offset by depreciation expense on capital assets owned by the University.

Total liabilities increased by $1.05 billion to $8.05 billion. The largest liability category is notes and bonds payable—also related to capital activity—which grew by $230.9 million. Balance sheet categories are shown in figure 1.

Net assets decreased by $494.0 million, from $9.7 billion to $9.2 billion, during fiscal year 2020.

Results of Operations

The $185.4 million operating deficit was primarily attributable to the impact the COVID-19 pandemic had on the fiscal year 2020 operating results, combined with a decrease in private gifts, grants, and contracts. The components of operating revenue and expenses are shown in figures 2 and 3.

Audited Financial Statements

The University’s fiscal year 2020 financial statements were audited by KPMG LLP. The complete audited financial statements for fiscal year 2020 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)