Consolidated Statements of Revenues, Expenses and Changes in Net Assets
Fiscal Year 1996 to 1998
             
    1996   1997   1998
    Actual   Actual   Budget1
REVENUES            
Tuition and Fees   $229,566   $238,948   $249,526
Tuition Discounts   (55,284)   (58,013)   (64,110)
    _________   _________   ________
Net Tuition and Fees   174,282   180,935   185,416
Commonwealth Appropriation   147,265   148,565   153,182
Government Grants and Contracts   198,158   201,956   --
Private Grants and Contracts   43,002   48,185   --
    _________   _________    
Total Grants and Contracts   241,160   250,141   243,059
Gifts and Pledges   30,145   46,374   35,351
Endowment Earnings   18,470   19,687   23,035
Investment Income   22,805   24,154   21,658
Sales and Services, Rental Revenue and Other   141,997   150,282   158,724
    _________   _________   ________
TOTAL REVENUES   $776,124   $820,138   $820,425
    _________   _________   ________
    _________   _________   ________
EXPENSES            
(see these figures also expressed as functional expenses below)            
Salaries and Wages   $354,892   $372,813   $379,324
Fringe Benefits   96,320   93,400   99,272
    _________   _________   ________
Total Compensation   451,212   466,213   478,596
Supplies   48,398   47,585   45,419
Business and Professional   89,341   94,019   88,013
Utilities   23,341   23,379   24,475
Depreciation Expense   57,766   59,203   62,580
Interest Expense   16,488   17,446   18,643
Other   69,651   59,252   73,317
    _________   _________   ________
TOTAL EXPENSES   $756,197   $767,097   $791,043
    _________   _________   ________
    _________   _________   ________
             
             
EXCESS OF OPERATING REVENUES OVER EXPENSES   $19,927   $53,041   $29,382
             
NON-OPERATING REVENUES            
Realized Gains on Investments   $41,605   $53,977   $39,340
Unrealized Gains on Investments   19,175   30,793   --
    _________   _________   _________
TOTAL NON-OPERATING REVENUES   $60,780   $84,770   $39,340
    _________   _________   _________
    _________   _________   _________
             
INCREASE IN NET ASSETS   $80,707   $137,811   $68,722
             
NET ASSETS, BEGINNING OF YEAR   $1,046,464   $1,127,171   $1,264,982
             
NET ASSETS, END OF YEAR   $1,127,171   $1,264,982   $1,333,704
    _________   _________   _________
    _________   _________   _________
             
FUNCTIONAL EXPENSES (based on expenses shown above)            
    $262,899   $254,078    
    182,652   194,362    
    31,203   30,698    
    44,236   46,099    
    29,999   31,518    
    47,534   50,162    
    70,690   68,805    
    8,916   8,459    
    12,986   14,833    
    65,082   68,083    
    ________ ________    
    $756,197   $767,097    
    ________ ________    
    ________ ________    
             
             
             
1This presentation of the FY 1998 budget shows $64.1 million, previously categorized as Financial Aid (formerly an Expense), as Tuition Discounts (a debit to Revenues) and $39.3 million in Realized Gains on Investments, previously categorized as a Revenue, as a Non-Operating Revenue.

Note: Actual and budgeted figres are for the total University and are reported in thousands.            

Sources: Office of the Controller, fiscal years 1996 and 1997, Financial Report ,1996-97.

Office of Budget, Planning and Analysis, fiscal year 1998, Fiscal Year 1998 Budget, approved in July 1997 by the University's Budget Committee and the University's Board of Trustees.            

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Office of Institutional Research
University of Pittsburgh Fact Book, 1997