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December 11, 2014

Stanford University reports FY 2014 financial results

Stanford University reported its financial results for fiscal year 2014 (FY2014), which ended Aug. 31, 2014. Consolidated net assets increased $4.1 billion, or 14 percent, to end the year at $33.8 billion. Consolidated results include the university, Stanford Health Care (formerly Stanford Hospital and Clinics) and Lucile Packard Children's Hospital at Stanford.

"Stanford's consolidated FY14 financial results benefited from excellent investment performance, strong health care services revenues and generous donor support," said Randy Livingston, vice president for business affairs and chief financial officer. "Despite these solid results, Stanford is mindful of challenges on the horizon. The impact of health care reform on Stanford Medicine, declines in federal research funding and volatility in the investment markets present challenges and uncertainties."

Net assets of the university, excluding the hospitals, increased 14 percent, to $29.2 billion. The university's endowment rose in value by 15 percent over the past year to $21.4 billion, topping last year's previous high of $18.7 billion. Payout from the endowment increased 7 percent to $985 million in FY2014 and funded 23 percent of the university's FY2014 expenses. The endowment payout as a percentage of the beginning endowment value was 5.3 percent for FY2014.

The university ended the year with a surplus from operating activities of $214 million, compared with $165 million in the prior year. Operating revenues were $4.5 billion, up $367 million, or 9 percent, over the prior year. The net assets of the hospitals, which are each separate legal entities, increased $619 million to $4.6 billion in FY2014, an increase of 16 percent. The hospitals had a combined surplus from operating activities of $321 million.

FY2014 results were reported to the university's Board of Trustees on Dec. 9 and are posted on the Stanford bondholder web pages (

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.



Lisa Lapin, University Communications: (650) 725-8396,


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