2003 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)	2003	2002

Revenues
Research	180,219	161,851
Patient Service, net	172,375	146,890
Unrestricted Jimmy Fund Contributions and Bequests	33,779	28,407
Other Operating	28,179	26,859
Total Revenues	$414,552	$364,007

Expenses
Direct Research	146,904	132,119
Direct Patient Care	129,445	108,790
Indirect	137,628	121,995
Total Operating Expenses	$413,977	$362,904

Operating Income	575	1,103
Realized Investment Return, net	(8,765)	(34,509)
Loss on Early Extinguishment of Debt		(232)
Deficit of Revenues Over Expenses	(8,190)	(33,638)
Net Unrealized Investment Gains	26,970	10,632
Increase in Temporarily Restricted Net Assets	25,001	3,695
Increase in Permanently Restricted Net Assets	4,643	5,760
Increase (Decrease) in Net Assets	48,424	(13,551)
Net Assets at Beginning of Year	414,354	427,905

Net Assets at End of Year	$462,778	$414,354

The preceding selected consolidated financial data as of Sept. 30, 2003, and 2002 (except for the summary statistical data) have been derived from the consolidated financial statements of Dana-Farber Cancer Institute, Inc., Dana-Farber, Inc., and HealthCare Dimensions. These have been audited by Ernst & Young, LLP, independent auditors.