Financial Strength

Campaign Update

Philanthropic support for Lurie Children’s campaign for every child was very strong, surpassing its FY22 goals by raising $88.6 million in revenue and $84.9 million in cash. The campaign, which began in 2016, set an ambitious goal of raising $500 million by August 31, 2023. Thanks to the generosity of more than 166,000 donors, we surpassed that goal one full year early by reaching $502 million on August 31, 2022. Our campaign for every child will continue to be vitally important because philanthropy gives us the resources to fulfill our mission without compromise.

Schreiber gift supports focus on earliest years

The Schreiber Family Center for Early Childhood Health and Wellness, with a special focus on the most important years of development—birth to age five, was established after a $25 million gift from local philanthropists Kathleen and John Schreiber. As part of Lurie Children’s Patrick. M. Magoon Institute for Healthy Communities, the hospital’s hub for all community-focused initiatives, the Schreiber Family Center will bring together the hospital’s experts with community partners to ensure children thrive where they live, learn and play.

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Founders’ Board celebrates 140th anniversary

The Founders’ Board, Lurie Children’s longest-standing board, celebrated a 140-year legacy of supporting the hospital’s mission through their advocacy, education, fundraising and service. In addition to raising more than $60 million over the last decade, the women of the Founders’ Board have touched nearly every area of the hospital and served generations of children.

*From 37,965 donors

Sources of Support
($ in millions)



Private Foundations and Estates18.8%

Overview of support

In addition to its generous individual, corporate and foundation donors, Lurie Children's receives support from a wide range of dedicated supporters in the community. The Founders’ Board; our six other volunteer fundraising groups, including the Children's Research Fund, the Children’s Service Board and K.I.D.S.S. for Kids; many organizations and families who fundraise for kids; and individuals who plan to make a gift through their estate all serve to improve the lives of children by raising funds and awareness for the hospital.

Financial Summary FY22

Lurie Children’s, like so many of our peers, continues to be challenged by the after-effects of the pandemic. This year, we’ve faced significant headwinds, most notably in the labor market. The tightening labor market has led to staffing shortages and increased costs to recruit, retain, and reward our employees. The labor shortages, combined with the surges in patient volumes, impacting both the physical and mental well-being of children, have created challenges to managing our operating budget. We continued to receive financial support in FY22 in terms of Covid relief from both the State and Federal government, but this support won’t continue. We continued to provide support to the children and families in our communities with more than $237 million in unreimbursed care and community benefit programs, including preventive care and population health initiatives.

Our challenge in FY23 and beyond will be to change our model of care and operating structure and return our stand-alone operations back to profitability. Our net operating income from FY22 was $5.6 million, which included $54.6 million of Covid relief.

Consolidated Financial Summary

For the periods ending August 31, ($ in millions)

Statement of Operations

    2022   2021
Patient Care Revenue, Net $ 1,288.4 $ 1,141.1
Grants, Gifts, and Endowment Income   125.4   134.4
Other Revenue   128.0   91.4
Total Operating Revenue $ 1,541.8 $ 1,366.9
Salaries and Benefits $ 932.6 $ 801.5
Supplies, Services, Other   497.1   452.6
Depreciation   89.9   91.7
Total Operating Expenses $ 1,519.6 $ 1,345.8
Income From Operations Before Interest and Amortization $ 22.2 $ 21.1
Interest and Amortization of Financing Costs   16.6   16.6
Income From Operations $ 5.6 $ 4.5
Other Income (Expense) Net $ (173.2) $ 246.3
(Deficiency) Excess of Revenue Over Expenses $ (167.6) $ 250.8

Balance Sheet Assets

    2022   2021
Current Assets $ 577.6 $ 457.5
Investments   1,639.3   1,820.9
Property and Other   1,166.3   1,219.5
Total Assets $ 3,383.2 $ 3,497.9

Liabilities and Net Assets

    2022   2021
Current Liabilities $ 395.1 $ 323.2
Long-Term Debt and Other   650.1   654.9
Net Assets $ 2,338.0 $ 2,519.8
Total Liabilities and Net Assets $ 3,383.2 $ 3,497.9

Download Financial Summary (PDF)

Community Benefits (PDF)