Financial Results for Fiscal Year 2021


The University of Chicago ended fiscal year 2021 with an operating surplus of $73.0 million. The University’s consolidated net assets increased by $3.2 billion to $12.4 billion at June 30, 2021.

Balance Sheet

Assets of the University increased by $3.2 billion to $20.5 billion as of June 30, 2021. The largest asset category, investments (primarily the endowment), achieved an annual return of 37.6 percent. Land, buildings, equipment, and books, the second largest asset category, decreased by $125.6 million. This decrease is mainly due to depreciation expense on capital assets owned by the University, offset by increases in buildings.

Total liabilities increased by $18.3 million to $8.07 billion. The largest liability category is notes and bonds payable, which increased by $120.1 million. Balance sheet categories are shown in figure 1.

Net assets increased by $3.2 billion, from $9.2 billion to $12.4 billion, during fiscal year 2021.

Results of Operations

The $73.0 million operating surplus is a result of better-than-expected performance during the pandemic. Government and private grants and contracts increased by $67 million, patient revenues increased by $306 million, and non-personnel expenses were lower than expected. The components of operating revenue and expenses are shown in figures 2 and 3.

Audited Financial Statements

The University’s fiscal year 2021 financial statements were audited by KPMG LLP. The complete audited financial statements for fiscal year 2021 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)