University statement on publication of inappropriately obtained documents
We recently learned that paper copies of confidential documents containing information related to University of Chicago planning and operations have been inappropriately obtained and shared with the Chicago Maroon, the University’s student-run newspaper.
Any reporting on these documents risks presenting a profoundly incomplete as well as outdated picture of some University projects, operations and announcements. This is particularly true regarding the University’s finances and how academic decisions are made.
Academic decisions, including what courses are offered, are made solely by deans in consultation with faculty members and other academic leaders. Deans have authority over academic direction and resource allocation within their schools or divisions. The inappropriately obtained documents have no bearing on this process, programming or budget decisions within units.
On financial issues and several other matters, the documents are preliminary, incomplete, and outdated. They do not contain audited information on budgets or the University’s balance sheet. The University’s audited income statement and balance sheet are publicly available and reflect the University’s strong financial position. Information on investment returns will be released in October, and audited 2017 statements will be available in November.
The University of Chicago’s finances have continued to grow stronger in the last year. The University anticipates that record fundraising and strong investment performance in the fiscal year that ended June 30, 2017 will combine to increase the endowment to a record level for FY 2017. Our credit ratings remain in the Double-A category from all three major rating agencies, and this strong financial position will facilitate continued investment to maintain and enhance support for faculty, students, programs, and the eminence of the University.