Financial Statements

“In FY 2023, U-M maintained its unrelenting focus on ensuring that its foundation remains strong—financially and in other ways—so it is well positioned to continue educating students from around the world, conducting research that helps society and providing outstanding health care services. well positioned for the future.”
Students stand in front of a colorful screen
Arts Initiative receiving $20M to boost campus and regional efforts

The University of Michigan is allocating $20 million over a five-year period (2023-2028) for its Arts Initiative, a universitywide endeavor to expand access with new programs and projects to engage university audiences, bring more artists to campus and support and amplify the arts across the state and region. Underscoring U-M’s role in the arts ecosystem, the initiative’s core goals include: strengthening the student experience by expanding and integrating the arts in teaching and learning; activating interdisciplinary discovery and arts research; broadening and deepening partnerships with communities and the public; and building capacity and sustainability for the arts.

Graduating students in caps and gowns form a Block M
U-M nets record graduation success rate in NCAA report

The University of Michigan set another school record for its Graduation Success Rate (GSR) as the National Collegiate Athletic Association (NCAA) released the 2022 annual GSR and Federal Graduation Rate (FGR) reports for all NCAA Division I institutions. Michigan set another all-time record high with a four-year average GSR of 96 percent, which is 15 percentage points higher than it was in 2010 and one point higher than last year. U-M’s four-year rolling average FGR of 83 percent also set an all-time high, surpassing its previous high of 81, set in 2017, 2018, 2020 and 2021. In addition, 14 of Michigan’s 25 varsity athletic programs included in the report earned perfect GSR scores.

Children running back to yellow school bus
Community Engagement
Michigan School Safety Initiative launched

The University of Michigan Institute for Firearm Injury Prevention and the state of Michigan have finalized a $1 million contract to create a statewide initiative, designed to enhance school safety and prevent school violence. The Michigan School Safety Initiative, launched as a presidential initiative in 2019, will be available to all K-12 schools in the state, providing training and assistance to district leadership and staff regarding evidence-based best practices. The initiative aims to increase safety for 1.4 million students who are enrolled across nearly 900 Michigan public schools.

A U-M researcher works in the lab
$79M invested for DEI in biomedical and health sciences

The University of Michigan and the National Institutes of Health are jointly investing $79 million to support and recruit 30 new faculty members to the Ann Arbor campus as part of a nationwide effort to enhance inclusion and equity in the biomedical and health sciences community. U-M will launch the Michigan Program for Advancing Cultural Transformation (M-PACT) with a five-year, $15.8 million grant from NIH, along with a $63.7 million university investment. M-PACT will recruit 30 new tenure-track assistant professors in 11 schools, colleges and units into three interdisciplinary research clusters: social and behavioral research, basic biomedical research and clinical-translational research.

Flags of many nations
U-M joining worldwide alliance to advance global role

The University of Michigan accepted an invitation to join the U7+ Alliance of World Universities, an international alliance of university presidents who work together to address pressing global challenges. Launched in 2019, the alliance includes more than 100 presidents and top leaders from universities in more than 20 countries. Areas of focus include climate change and sustainability, economic inequality, ethical applications of artificial intelligence and more. In accepting the invitation from Meric Gertler, president of the University of Toronto and chair of U7+ Presidential Steering Committee, U-M became the fifth U.S. institution to join the alliance, alongside Columbia University, Georgetown University, Northwestern University and University of California, Berkeley.

Sunset and purple clouds over University Hospital
Michigan Medicine and Sparrow officially join to deliver health care

Sparrow Health System officially joined Michigan Medicine April 1, 2023. Sparrow and Michigan Medicine received the necessary regulatory approvals to partner after announcing their plans in December 2022 to create the premier statewide system of care. With the addition of Sparrow, Michigan Medicine now oversees more than 200 care sites across the state and its clinical care activities have grown to $7 billion. Michigan Medicine has committed to investing $800 million in Sparrow over the next eight years, to be funded through hospital operations and strategic investments.

Total Research Expenditures
FY 2023
U.S. Public University
QS World University Rankings (2022-23)
Graduate Programs in the Top Ten
U.S. News & World Report
U-M students and faculty look at exhibits on a table at the Michigan Union
Record number of inventions reported in FY 2023

Research led by the University of Michigan generated a record 580 new inventions last year and launched 25 startup companies ranging in scope from innovative therapies for the treatment of fibrosis to technologies that aid in substance abuse monitoring. President Santa J. Ono announced the university’s FY 2023 research commercialization metrics in September 2023 at the annual Celebrate Invention event hosted by Innovation Partnerships, part of the Office of the Vice President for Research. Innovation Partnerships, the university’s central hub for research commercialization activity, also reported 145 new U.S. patents and more than 300 license and option agreements with industry during the last fiscal year.

U-M community members listen as electric vehicles are discussed at the LTP facilities on Kipke Drive
$130 million Electric Vehicle Center launched

In an effort to cultivate a robust electric vehicle ecosystem in the state where the modern auto industry was born, the new University of Michigan Electric Vehicle Center launched on April 27, 2023. The center will focus on three areas: accelerating collaborative research and development, developing a highly skilled workforce and establishing advanced campus infrastructure and facilities to support research and education. U-M and the state of Michigan have finalized the contract for the $130 million center. The legislature approved funding for it in the fiscal year 2022–23 budget.

Solar panel array at the University of Michigan North Campus Research Complex
U-M adding 25 megawatts of solar power to campuses

The University of Michigan is in the process of building on-campus solar installations with a capacity of 25 megawatts across the Dearborn, Flint and Ann Arbor campuses, including Michigan Medicine and Athletics. The university aims to have resulting solar facilities fully operational by the end of 2025. The total amount of electricity that would be generated by the installations is estimated to equal the power consumed by approximately 3,000 homes annually. Once operational, the solar installations will help U-M eliminate direct greenhouse gas emissions on campus by 2040. The university also is on pace to achieve net-zero emissions from purchased electricity by 2025. U-M was recently recognized by the EPA Green Power Partnership for its renewable energy use. The organization ranked U-M eighth on its quarterly Top 30 College & University List and 89th on its National Top 100 List.

Three U-M students laugh as they gather around a computer workstation
Academic Innovation aids 13 projects that use educational technology

The Center for Academic Innovation is providing funds and in-kind support and expertise to 13 new projects to help implement educational technology that enhances learning on the University of Michigan’s Ann Arbor campus and throughout global learning communities. Funded projects will support pre-college programs, residential U-M courses and hybrid and online learning. This is the second year the center’s Academic Innovation Fund has supported opportunities for greater student success and equitable course outcomes through the adoption of educational technology tools.

International students at UM-Dearborn smile for the camera
International student boom at UM-Dearborn

The University of Michigan-Dearborn welcomed its biggest class of international students in 2022-23. As in past years, students from India were by far the largest group by country. They make up 71 percent of the total, indicating the strength and durability of one of Dearborn’s longest-running international student pipelines. Also dominant is the College of Engineering and Computer Science, home to 82 percent of UM-Dearborn’s international students, a clear demonstration that STEM programs continue to be a big draw.

UM-Flint graduates gather after the ceremony
UM-Flint graduates are state's first doctorally trained occupational therapists

The 30 students who celebrated their graduation from the University of Michigan-Flint’s Doctor of Occupational Therapy program in August 2022 made history as the first class to graduate with a doctorate in the field in the state of Michigan. The UM-Flint program, launched in 2019, became the first fully accredited occupational therapy doctoral program in the state in 2022. The program follows a lifespan approach that teaches students to work with patients from pediatrics to adulthood to geriatrics. Labs include a living space with a kitchen, bathroom and bedroom that provides students hands-on experience in helping patients of all ages with an injury or disability to perform daily activities.