Statement of Activities

Year Ended December 31

2014 2013
Revenues, Gains (Losses) and Other Support
Contributions $380,492,270 $266,855,030
Interest and dividend income 34,240,797 29,209,433
Net investment gains (losses) 62,277,780 298,868,468
Other income 3,472,023 637,862
Total revenues, gains (losses) and other support $480,482,870 $595,570,793
Expenses
Payments to or for University of Wisconsin 246,727,971 236,942,847
Administrative expenses of Foundation* 44,836,691 35,032,137
Total expenses $291,564,662 $271,974,984
Increase (Decrease) in Net Assets 188,918,208 323,595,809
Net assets at beginning of year 2,712,559,170 2,388,963,361
Contribution of WAA net assets 7,580,172
Net assets at end of year $2,909,057,550 $2,712,559,170

* Includes fees paid to outside investment managers for their services.