Operating Revenue & Expenses

William & Mary Operating Revenue* — $484.8 million (Unaudited)

William & Mary Operating Expenses** — $461.3 million (Unaudited)

_{* Revenues include non-operating revenues that support operating expenses.}
_{** Excludes depreciation and non-operating expenses.}
_{*** Includes activities and areas that do not receive any state support.}
_{**** Net of scholarship allowance.}