The new “funds flow” model among education and patient care entities contributed to positive financial results, and in the aggregate, clinical income for departments and school increased from $270.7 million in fiscal year ’06 to $300.3 million in the fiscal year ending in August. The dean said only one department had a clinical deficit, “and it is expected that this will resolve in future years.”

“Of interest,” the dean said, is that “we still differ from virtually every other medical school in that our research income exceeds clinical income.” The dean noted that research income, a complex mix of often restricted grants, contracts, investment income and gifts, has contributed to an endowment of $2.269 billion at the end of the ’07 fiscal year.

“Thus, looking at our consolidated budget and results, the School (as a whole) increased its bottom line by $32 million in FY ’07,” the dean wrote. “While the departmental reserves rose, the central School accounts declined because of significant investments in space, technology, recruitments (particularly in basic science departments) and various programmatic initiatives. These are all good things, of course, and it is terrific that we have been able to accomplish them.”

—Courtesy Dean Philip A. Pizzo’s
Dec. 17, 2007 e-newsletter