Consolidated Statements of Changes in Net Assets
(in thousands)
| YEARS ENDED JUNE 30 | ||
|---|---|---|
| 2012 | 2011 | |
| Unrestricted Net Assets | ||
| Operating revenues and other additions | $935,590 | $884,087 |
| Operating expenses | (942,991) | (885,641) |
| Decrease in unrestricted net assets from operations | (7,401) | (1,554) |
| Increase/(decrease) in unrestricted net assets from non-operating activities. | (26,221) | 605,863 |
| Increase/(decrease) in unrestricted net assets | (33,622) | 604,309 |
| Temporarily Restricted Net Assets | ||
| Contributions | 48,818 | 86,765 |
| Investment income (Note 6) | 37,976 | 42,621 |
| Net gain on investments (Note 6) | 64,888 | 633,415 |
| Change in value of split-interest agreements (Note 17) | (440) | 3,938 |
| Net assets released from restrictions (Note 14) | (228,089) | (208,423) |
| Other changes in temporarily restricted net assets | (1,317) | 9,309 |
| Increase/(decrease) in temporarily restricted net assets | (78,164) | 567,625 |
| Permanently Restricted Net Assets | ||
| Contributions | 62,695 | 93,455 |
| Investment income (Note 6) | 1,670 | 2,045 |
| Net gain/(loss) on investments (Note 6) | (670) | 238 |
| Change in value of split-interest agreements (Note 17) | (388) | 2,901 |
| Other changes in permanently restricted net assets | (3,003) | (5,940) |
| Increase in permanently restricted net assets | 60,304 | 92,699 |
| Increase/(decrease) in net assets | (51,482) | 1,264,633 |
| Net assets at beginning of year | 7,582,903 | 6,318,270 |
| Net assets at end of year | $7,531,421 | $7,582,903 |
See accompanying notes to consolidated financial statements.