The audit committee of the Pitt Board of Trustees met on Oct. 6 to approve the audited financial statements for the year that ended June 30, 2022.

The audit done by KPMG LLP shows that Pitt’s net assets — including endowment funds with and without donor restrictions — increased from $6.549 billion on June 30, 2021 to $6.726 by June 30, 2022, after jumping up from $5 billion in fiscal year 2019-20.

Revenue from net tuition and fees grew from $612 million in fiscal year 2021 to $657 million in 2022. The University’s largest operating expense — salaries and wages — rose from $1.177 billion to $1.197 billion.

As previously reported, research grants and contracts topped $1 billion for the first time in FY22.

The committee also approved the appointment of KPMG as the independent auditor and tax advisor for fiscal year 2023.