Operating Revenues
| Operating Revenues | 2023 Actual | 2024 Actual | 2025 Budget |
|---|---|---|---|
| Tuition and Fees (net of tuition discounts of $240.1 million, $252.2 million, and $261.6 million, respectively) | $693,105 | $731,927 | $758,383 |
| Commonwealth Appropriation | 193,076 | 205,717 | 206,162 |
| Commonwealth Construction Grants | 13,419 | -- | -- |
| Research Grants and Contracts | 1,132,456 | 1,203,648 | 1,229,984 |
| Grants and Contracts - Federal COVID Relief | 29,831 | -- | -- |
| Contributions for Operations | 59,161 | 79,940 | 61,001 |
| Endowment Distributions and Investment Income | 238,202 | 266,772 | 265,139 |
| UPMC Academic Support | 241,254 | 236,763 | 246,669 |
| Sales and Services and Other | 329,968 | 349,395 | 347,306 |
| TOTAL OPERATING REVENUES | $2,930,472 | $3,074,162 | $3,114,644 |
Operating Expenses
See Functional Expenses table below for these figures expressed as functional expenses.
| Operating Expenses | 2023 Actual | 2024 Actual | 2025 Budget |
|---|---|---|---|
| Salaries and Wages | $1,298,186 | $1,418,738 | $1,474,762 |
| Fringe Benefits | 368,851 | 414,641 | 431,690 |
| Total Compensation | 1,667,037 | 1,833,379 | 1,906,452 |
| Supplies | 148,482 | 142,994 | 145,873 |
| Business and Professional | 517,033 | 557,581 | 564,516 |
| Facilities | 116,714 | 125,086 | 134,627 |
| Depreciation | 205,073 | 217,591 | 237,898 |
| Interest | 58,751 | 62,748 | 58,226 |
| Rent | 53,367 | 58,002 | 63,657 |
| Other | 46,159 | 47,155 | 50,464 |
| TOTAL OPERATING EXPENSES | $2,812,616 | $3,044,536 | $3,161,713 |
Change in Net Assets from Operating Activities
| 2023 Actual | 2024 Actual | 2025 Budget | |
|---|---|---|---|
| Change in Net Assets from Operating Activities | $117,856 | $29,626 | ($47,069) |
Other Activities
| Other Activities1 | 2023 Actual | 2024 Actual | 2025 Budget |
|---|---|---|---|
| Investment Gains (Losses), net of Endowment Distributions for Operations | ($93,513) | $272,880 | n/a |
| Contributions for Endowment | 48,964 | 50,479 | n/a |
| Change in Fair Value of Interest Rate Swaps | 17,159 | 7,904 | n/a |
| Other Components of Net Periodic Benefit Cost | (23,616) | (22,749) | n/a |
| Nonperiodic Changes in Benefit Plans | 68,736 | 59,213 | n/a |
| Contributions for Capital | -- | 16,500 | |
| Commonwealth Construction Grants | -- | 37,618 | |
| TOTAL OTHER ACTIVITIES | $17,730 | $421,845 | n/a |
Change in Net Assets
| 2023 Actual | 2024 Actual | 2025 Budget | |
|---|---|---|---|
| CHANGE IN NET ASSETS | $135,586 | $451,471 | ($47,069) |
| NET ASSETS, BEGINNING OF YEAR | $6,726,686 | $6,862,272 | $7,313,743 |
| NET ASSETS, END OF YEAR | $6,862,272 | $7,313,743 | $7,266,674 |
Functional Expenses
Based on Operating Expenses shown above.
| Functional Expenses | 2023 Actual | 2024 Actual |
|---|---|---|
| Academics | $1,100,336 | $1,197,187 |
| Research and Related | 1,083,421 | 1,167,079 |
| Student Services | 243,482 | 250,261 |
| Auxiliary Enterprises | 169,357 | 181,878 |
| Support Services | 216,020 | 248,131 |
| TOTAL FUNCTIONAL EXPENSES | $2,812,616 | $3,044,536 |
Note: Actual and budgeted figures are for the total University and are reported in thousands.
1 These nonoperating activities are not included in the budget due to the inherent difficulty of projecting investment decisions, market fluctuations and changes in actuarial assumptions.
Source: Office of Budget Operations, November 2024.