Boston College

Boston College

Consolidated Financial Statements May 31, 2016 and 2015

Boston College

Index May 31, 2016 and 2015

Page(s) Report of Independent Auditors ...........................................................................................................1?2 Financial Statements Consolidated Statement of Financial Position ............................................................................................. 3 Consolidated Statement of Activities ........................................................................................................... 4 Consolidated Statement of Cash Flows ....................................................................................................... 5 Notes to Consolidated Financial Statements .........................................................................................6?16

Report of Independent Auditors

To the Trustees of Boston College

We have audited the accompanying consolidated financial statements of Boston College (the "University"), which comprise the consolidated statements of financial position as of May 31, 2016 and 2015, the related consolidated statement of activities for the year ended May 31, 2016 and the consolidated statements of cash flows for the years ended May 31, 2016 and 2015.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on the consolidated financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the University's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the University's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210 T: (617) 530 5000, F: (617) 530 5001, us

Opinion In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Boston College at May 31, 2016 and 2015 and the changes in its net assets for the year ended May 31, 2016 and its cash flows for the years ended May 31, 2016 and 2015 in accordance with accounting principles generally accepted in the United States of America. Other Matter We previously audited the consolidated statement of financial position as of May 31, 2015, and the related consolidated statement of activities and cash flows for the year then ended (not presented herein), and in our report dated September 25, 2015, we expressed an unmodified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying summarized financial information as of May 31, 2015 and for the year then ended is consistent, in all material respects, with the audited consolidated financial statements from which it has been derived.

Boston, Massachusetts September 30, 2016

2

Boston College

Consolidated Statement of Financial Position As of May 31, 2016 and 2015

(in thousands)

Assets Cash and cash equivalents Accounts receivable, net (Note B) Contributions receivable, net (Note C) Notes and other receivables, net (Note B) Investments (Note D) Funds held by trustees (Note D) Other assets Property, plant and equipment, net (Note F)

Total assets

Liabilities Accounts payable Accrued liabilities Deposits payable and deferred revenues Bonds and mortgages payable, net (Note G) U.S. Government loan advances

Total liabilities

Net Assets Unrestricted (Note H) Temporarily restricted (Note H) Permanently restricted (Note H)

Total net assets

Total liabilities and net assets

2016

2015

$

8,055

40,091

206,882

54,528

2,417,926

8,456

7,641

1,459,919

$ 4,203,498

$

10,038

37,141

159,508

57,700

2,648,195

21,792

6,508

1,329,389

$ 4,270,271

$

5,503

217,784

29,233

903,518

36,253

1,192,291

$

5,276

189,171

31,133

930,783

35,995

1,192,358

1,465,879 574,300 971,028

3,011,207

$ 4,203,498

1,524,374 642,477 911,062

3,077,913

$ 4,270,271

The accompanying notes are an integral part of these consolidated financial statements. 3

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