2007 Annual Report/Treasurer's Report and Dana-Farber Governance
A message from Chief Financial Officer Dorothy Puhy
A continued strong financial performance in Fiscal Year 2007 has allowed Dana-Farber to make important investments in ongoing growth in patient care and research. The Institute reported an excess of revenues over expenses of about $55.1 million last year – an increase from the previous fiscal year’s excess of $31.3 million. The cash and investment balances of $679.9 million were up from $545.3 million during Fiscal Year 2006. Return on the Institute’s investment portfolio was 17.9 percent, surpassing the market benchmark.
Growth in patient care on campus is evident in the new Yawkey Center for Cancer Care building, which broke ground this past year and is on schedule for completion in 2011. Our new retail pharmacy opened in January, and plans are under way to enhance our imaging and radiation oncology capabilities. Off campus, the Faulkner Hospital satellite has grown rapidly during the past year, and the new Milford Center allows patients in central Massachusetts to receive cancer care from Dana-Farber physicians in a more convenient location.
Investment in research includes nine newly recruited investigators, with funds set aside for an additional 18 recruits in the coming year. We have funded four new strategic initiatives (a cell line repository, developmental therapies, in vivo chemical biology, and imaging) and plan to open several new research core facilities, including a bank of freezers for preserving specimens and an imaging facility. Our research space will increase by approximately 80,000 square feet – equivalent to five floors of the Dana building – in the coming year as a result of new leases we have executed in the Longwood Medical Area and beyond.
The results we achieved in 2007 were made possible by the diligent work of staff throughout the Institute, as well as numerous friends of Dana-Farber. We are grateful for this strong and ongoing support.
