Stanford University News Service
425 Santa Teresa Street
Stanford, California 94306-2245
Tel: (650) 723-2558
Fax: 650) 725-0247
December 21, 2007
Kate Chesley, University Communications: (650) 725-3697, email@example.com
Stanford University reported growth of 10 percent in revenues and 6 percent in expenses for fiscal year 2007 (FY 2007), which ended Aug. 31. Revenues were $3.2 billion, up from $2.9 billion in FY 2006. Expenses totaled $2.9 billion, compared with $2.7 billion in FY 2006, resulting in an excess of revenues over expenses of $250 million in FY 2007 and $141 million in FY 2006.
In addition, revenues for the Stanford Hospital and Clinics were $1.3 billion and expenses were $1.2 billion. The Lucile Packard Children's Hospital had total revenues of $503 million, with expenses totaling $482 million. Together, the hospitals reported operating results of $134 million, excluding investment returns.
The consolidated operating results, along with investment performance and donor support, contributed to an increase in consolidated net assets of $4.1 billion in FY 2007 to end the year at $24 billion. Consolidated net assets includes the value of the endowment, expendable funds, plant facilities and other assets, less debt and other liabilities for the university and hospitals. The university's endowment was valued at $17.2 billion as of Aug. 31, 2007.
University officials are pleased with the strong financial performance this year and the support it offers for the university's many activities. The financial performance of the university and hospitals enables Stanford to advance its mission of teaching and research, while providing a solid financial foundation for future generations. In particular, Stanford continues to invest in multidisciplinary approaches to address global challenges, focusing on human health, environmental sustainability and international peace and security. The university also continues to offer outstanding health-care services at its widely recognized hospitals and clinics.
Randy Livingston, vice president for business affairs and chief financial officer, said, "Despite the favorable results over the last few years, we remain mindful of maintaining the long-term health of the university in our management of day-to-day operations. We continue to monitor the climate around federal research funding and the volatile financial markets in an effort to manage any significant reductions in our most significant revenue sources in future years."
FY 2007 results were reported to the university's Board of Trustees on Dec. 10. The results will be summarized on the Stanford bondholder web pages (http://bondholder-information.stanford.edu) and distributed through Stanford's annual report, which is scheduled to be published in February.
Information in this press release contains statements that, to the extent they are not recitations of historical fact, may constitute "forward-looking statements." In this respect, the words "estimate," "project," "anticipate," "expect," "intend," "believe" and similar expressions are intended to identify forward-looking statements. A number of important factors affecting the university's business and financial results could cause actual results to differ materially from those stated in the forward-looking statements.
Email firstname.lastname@example.org or phone (650) 723-2558.