The fiscal year that ended June 30, 2009, was one of accomplishment for Cornell in academics, service, athletics and many other areas of endeavor. It was also a year of challenge, as the university weathered the greatest global economic crisis since the Great Depression, according to Cornell's 2008-09 annual report.

The major themes of the year included the university's contribution to the world, several large-scale planning efforts, its continued focus on sustainability and funding it received from the American Recovery and Reinvestment Act.

The reports gives updates on academics, Cornell Cooperative Extension, New York City activities, Far Above … The Campaign for Cornell, government relations, human resources, international aspects, outreach, research, student life and Weill Cornell Medical College.

The report also summarizes the actions Cornell took throughout the fall, as the economic crisis worsened, to position the university for success in the years to come. Operating revenues grew in 2009, although by less than 1 percent, significantly less than the prior year's increase of more than 5 percent. In addition, for the second year in a row, operating expenses outpaced operating revenues, which resulted in operating losses both years. Cost-cutting measures implemented in fiscal year 2009 helped overall operating expenses in FY 2009 increase by only 4 percent, compared with 9 percent the prior year. A decline in contributions and increases in the costs of compensation, benefits and utilities contributed to the operating loss.

The report is available online in PDF format at http://www.dfa.cornell.edu/dfa/accounting/reporting/annualstatements/index.cfm.