2001 Annual Report

Treasurer's Report and
Dana-Farber Governance

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

For the Fiscal Year Ended Sept. 30 (Dollars in thousands)	2001	2000

Revenues
Research	140,768	116,066
Patient Service, net	119,182	112,770
Unrestricted Jimmy Fund Contributions and Bequests	28,434	32,899
Other Operating	27,326	23,522
Total Revenues	$315,710	$276,257

Expenses
Direct Research	113,196	94,782
Direct Patient Care	95,728	87,397
Indirect	109,778	99,429
Total Operating Expenses	$318,702	$281,608

Deficit Before Investment Return	(2,992)	(5,351)
Realized Investment Return, net	(7,363)	30,649
Excess of Revenues Over Expenses	(10,355)	25,298
Net Unrealized Investment Gains (Losses)	(36,967)	14,530
Net Assets Released from Restrictions for Capital	—	345
Other Transfers	—	(1,367)
Increase (Decrease) in Temporarily Restricted Net Assets	(10,280)	39,299
(Decrease) Increase in Permanently Restricted Net Assets	4,562	7,700
Increase (Decrease) in Net Assets	(53,040)	85,805
Net Assets at Beginning of Year	480,945	395,140

Net Assets at End of Year	$427,905	$480,945

The preceding selected consolidated financial data as of September 30, 2001, and 2000 and for each of the years then ended, except for the Summary Statistical Data, have been derived from the consolidated financial statements of Dana-Farber Cancer Institute, Inc., and Dana-Farber, Inc., which have been audited by Ernst& Young, LLP, independent auditors.