Financial Results for Fiscal Year 2017


The University of Chicago ended fiscal year 2017 with an excess of operating revenue over expenses of $27.6 million. The University’s consolidated net assets increased by $980.4 million to a total of $8.4 billion.

Balance Sheet

The balance sheet of the University as of June 30, 2017, increased when compared to the end of the previous fiscal year, with total assets increasing by $1.2 billion to $15.2 billion. The largest asset category, investments (primarily the endowment), achieved an annual return of 8.8 percent. Land, buildings, equipment, and books, the second largest asset category, increased by $237.7 million. This increase represents funds invested in new construction and capital renewal projects.

Total liabilities increased by $230.8 million to $6.8 billion. The largest increase was in notes and bonds payable—also related to capital activity—which grew by $178.6 million to $4.7 billion. Balance sheet categories are shown in figure 1.

Net assets increased by $980.5 million, from $7.4 billion to $8.4 billion, during fiscal year 2017. The major driver of this increase was the University of Chicago Medical Center’s affiliation with the Ingalls Health System. Other factors included a gain in pledges and other non-operating gifts, and investment gains in excess of the endowment payout.

Results of Operations

The $27.6 million excess of operating revenue over expenses on a $4.4 billion base was primarily attributable to increases in patient services revenue, strong philanthropy, and the one-time sale of local real estate assets. The components of operating revenue and expenses are shown in figures 2 and 3.

Audited Financial Statements

The University’s fiscal year 2017 financial statements were audited by KPMG LLP. The complete audited financial statements for fiscal year 2017 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)