LAST UPDATED: 2026/09/23 at 11:26 EDT
AUTHOR: Brennen Slaney
GITHUB: @realslimslaneyHarvard Business School: Published Financial Statements, FY2019 to FY2025
Note
Fiscal years end June 30 of the named year. FY2025 covers July 1, 2024 to June 30, 2025; FY2026 and FY2027 end on June 30, 2026 and June 30, 2027. All dollar figures are $ millions unless stated.
Reporting structure
Harvard Business School publishes school-level financial statements each year in the Financials section of its Annual Report: a Statement of Activity and Cash Flows, a Consolidated Balance Sheet, Supplemental Financial Information, and a letter from the Chief Financial Officer. Each report presents three fiscal years; the FY2019 to FY2025 series below is assembled from the 2021 through 2025 reports, taking each year from the most recent report that presents it.
Harvard University’s Annual Financial Report presents consolidated statements for the University as a whole and does not present statements for individual schools; the Office of the Controller publishes the list of units consolidated into those statements. University-level figures quoted on this page are therefore consolidated figures, and the ones cited from press reports are labeled as such.
Operating results, FY2019 to FY2025
| Published totals from the Statement of Activity | ||||
| Fiscal year | Total revenues | Total operating expenses | Net operating surplus | Surplus, % of revenues |
|---|---|---|---|---|
| 2019 | 925 | 821 | 104 | 11.2% |
| 2020 | 861 | 831 | 30 | 3.5% |
| 2021 | 805 | 779 | 26 | 3.2% |
| 2022 | 966 | 908 | 58 | 6.0% |
| 2023 | 1,067 | 1,003 | 64 | 6.0% |
| 2024 | 1,098 | 1,062 | 36 | 3.3% |
| 2025 | 1,129 | 1,071 | 58 | 5.1% |
| Source: Annual Report 2025: Statement of Activity and Cash Flows; Annual Report 2024: Statement of Activity and Cash Flows; Annual Report 2023: Statement of Activity and Cash Flows; Annual Report 2022: Statement of Activity and Cash Flows; Annual Report 2021: Statement of Activity and Cash Flows. $ millions, fiscal years ending June 30. | ||||
Bars and the solid line are results from the Statement of Activity. Hatched and hollow marks are figures for fiscal years that have not closed: the fiscal 2026 budget stated in the FY2025 CFO letter (total operating expenses of $1.06 billion and a targeted surplus of $82 million; revenue is stated only as growth of about 2 percent, so the FY2026 revenue bar is FY2025 revenue grown 2 percent, a calculation rather than a published figure) and the operating-surplus targets and projections that The Harvard Crimson reported on May 28, 2026 from University and HBS budget materials that are not public.
FY2025 revenue of $1,129 million grown 2 percent is $1,152 million. Less the budgeted expenses of $1,060 million, that leaves $92 million, against the $82 million targeted surplus the letter states; the letter rounds each figure.
Source: Annual Report 2025: Statement of Activity and Cash Flows; Annual Report 2024: Statement of Activity and Cash Flows; Annual Report 2023: Statement of Activity and Cash Flows; Annual Report 2022: Statement of Activity and Cash Flows; Annual Report 2021: Statement of Activity and Cash Flows; Annual Report 2025: From the Chief Financial Officer; Who does Harvard call when business isn’t booming? The Business School (2026-05-28).
Revenue by source
| Revenues by source | ||||||||||
| FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2025 change, $M | FY2025 change, % | CAGR FY2019 to FY2025, % | |
|---|---|---|---|---|---|---|---|---|---|---|
| MBA tuition and fees | 140 | 136 | 113 | 137 | 152 | 150 | 147 | −3 | −2.0 | 0.8 |
| Executive Education tuition | 222 | 146 | 81 | 174 | 224 | 245 | 253 | 8 | 3.3 | 2.2 |
| HBS Online | 43 | 58 | 74 | 70 | 68 | 70 | 63 | −7 | −10.0 | 6.6 |
| Publishing | 262 | 262 | 274 | 302 | 310 | 304 | 300 | −4 | −1.3 | 2.3 |
| Endowment distribution | 162 | 173 | 184 | 191 | 208 | 220 | 232 | 12 | 5.5 | 6.2 |
| Unrestricted current-use gifts | 40 | 37 | 41 | 45 | 44 | 44 | 57 | 13 | 29.5 | 6.1 |
| Restricted current-use gifts | 28 | 23 | 19 | 24 | 30 | 28 | 37 | 9 | 32.1 | 4.8 |
| Housing, rents, interest income and other | 28 | 26 | 19 | 23 | 31 | 37 | 40 | 3 | 8.1 | 6.1 |
| Total revenues | 925 | 861 | 805 | 966 | 1,067 | 1,098 | 1,129 | 31 | 2.8 | 3.4 |
| Source: Annual Report 2025: Statement of Activity and Cash Flows; Annual Report 2024: Statement of Activity and Cash Flows; Annual Report 2023: Statement of Activity and Cash Flows; Annual Report 2022: Statement of Activity and Cash Flows; Annual Report 2021: Statement of Activity and Cash Flows. $ millions, fiscal years ending June 30. | ||||||||||
Expenses by category
| Operating expenses by category | ||||||||||
| FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2025 change, $M | FY2025 change, % | CAGR FY2019 to FY2025, % | |
|---|---|---|---|---|---|---|---|---|---|---|
| Salaries and benefits | 359 | 375 | 386 | 428 | 457 | 497 | 512 | 15 | 3.0 | 6.1 |
| Publishing and printing | 77 | 81 | 78 | 89 | 96 | 92 | 87 | −5 | −5.4 | 2.1 |
| Space and occupancy | 72 | 71 | 64 | 73 | 82 | 85 | 87 | 2 | 2.4 | 3.2 |
| Supplies and equipment | 13 | 12 | 10 | 10 | 14 | 16 | 14 | −2 | −12.5 | 1.2 |
| Professional services | 72 | 59 | 46 | 53 | 77 | 76 | 73 | −3 | −3.9 | 0.2 |
| Fellowships | 51 | 57 | 53 | 57 | 66 | 69 | 66 | −3 | −4.3 | 4.4 |
| University assessments | 26 | 26 | 21 | 27 | 28 | 32 | 34 | 2 | 6.2 | 4.6 |
| Debt service | 3 | 3 | 2 | 2 | 4 | 4 | 4 | 0 | 0.0 | 4.9 |
| Depreciation | 46 | 45 | 46 | 45 | 43 | 45 | 45 | 0 | 0.0 | −0.4 |
| Other expenses | 102 | 102 | 73 | 124 | 136 | 146 | 149 | 3 | 2.1 | 6.5 |
| Total operating expenses | 821 | 831 | 779 | 908 | 1,003 | 1,062 | 1,071 | 9 | 0.8 | 4.5 |
| Source: Annual Report 2025: Statement of Activity and Cash Flows; Annual Report 2024: Statement of Activity and Cash Flows; Annual Report 2023: Statement of Activity and Cash Flows; Annual Report 2022: Statement of Activity and Cash Flows; Annual Report 2021: Statement of Activity and Cash Flows. $ millions, fiscal years ending June 30. | ||||||||||
Cash flow and reserves
| Cash flows and current-use reserves | |||||||
| FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Operating activity | |||||||
| Net operating surplus | 104 | 30 | 26 | 58 | 64 | 36 | 58 |
| Depreciation | 46 | 45 | 46 | 45 | 43 | 45 | 45 |
| Non-cash items | 0 | 1 | 0 | 4 | 0 | 0 | 4 |
| Cash available from capital activities | 150 | 76 | 72 | 107 | 107 | 81 | 107 |
| Capital activity | |||||||
| Capital expenses | −38 | −43 | −22 | −43 | −31 | −37 | −48 |
| Change in capital project prefunding | −3 | 8 | −14 | 10 | 2 | −29 | −117 |
| Use of gifts for capital projects | 6 | 5 | 6 | 5 | 3 | 2 | 0 |
| Net capital expenses | −35 | −30 | −30 | −28 | −26 | −64 | −165 |
| Debt, endowment transfers, and other | |||||||
| New borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt principal payments | −9 | −7 | −7 | −6 | −5 | −5 | −5 |
| Capitalization of endowment income | −2 | −3 | −6 | −5 | −4 | −6 | −7 |
| Decapitalization of endowments | 2 | 2 | 1 | 4 | 5 | 1 | 7 |
| Other non-reserve activity | −95 | 7 | 7 | −56 | −57 | 6 | −8 |
| Changes in debt and other | −104 | −1 | −5 | −63 | −61 | −4 | −13 |
| Current-use reserves | |||||||
| Increase (decrease) in reserves | 11 | 45 | 37 | 16 | 20 | 13 | −71 |
| Beginning reserves balance | 118 | 129 | 174 | 211 | 227 | 247 | 260 |
| Ending reserves balance | 129 | 174 | 211 | 227 | 247 | 260 | 189 |
| Source: Annual Report 2025: Statement of Activity and Cash Flows; Annual Report 2024: Statement of Activity and Cash Flows; Annual Report 2023: Statement of Activity and Cash Flows; Annual Report 2022: Statement of Activity and Cash Flows; Annual Report 2021: Statement of Activity and Cash Flows. $ millions, signs as published (outflows negative), fiscal years ending June 30. | |||||||
Balance sheet, FY2021 to FY2025
| Consolidated Balance Sheet at June 30 | |||||
| Assets, liabilities, and net assets as presented by HBS | |||||
| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Assets | |||||
| Cash | 124 | 133 | 108 | 116 | 121 |
| Current-use reserves | 211 | 227 | 247 | 260 | 189 |
| Receivables, loans and other assets | 243 | 251 | 261 | 256 | 272 |
| Endowment | 4,915 | 4,747 | 4,802 | 5,099 | 5,485 |
| Endowment interests in trusts held by others | 211 | 178 | 181 | 189 | 200 |
| Endowment pledges | 137 | 148 | 131 | 101 | 88 |
| Undistributed general investment income | 2 | 13 | 18 | 9 | 15 |
| Current-use investments | 70 | 63 | 62 | 87 | 215 |
| Current-use pledges | 104 | 110 | 109 | 113 | 100 |
| Facilities, net | 738 | 733 | 720 | 712 | 710 |
| Total assets | 6,755 | 6,603 | 6,639 | 6,942 | 7,395 |
| Liabilities | |||||
| Deposits, advances and other | 69 | 94 | 90 | 92 | 114 |
| Deferred revenue | 206 | 194 | 184 | 184 | 186 |
| Other debt owed to University | 79 | 83 | 83 | 84 | 82 |
| Building debt | 33 | 28 | 22 | 17 | 11 |
| Total liabilities | 387 | 399 | 379 | 377 | 393 |
| Net assets | |||||
| Current-use reserves | 211 | 227 | 247 | 260 | 189 |
| Endowment funds | 5,265 | 5,086 | 5,132 | 5,398 | 5,788 |
| Current-use funds | 174 | 172 | 171 | 200 | 315 |
| Unexpended endowment income | 2 | 3 | 1 | 1 | 0 |
| Student loan funds | 11 | 11 | 11 | 11 | 11 |
| Investment in facilities | 705 | 705 | 698 | 695 | 699 |
| Total net assets | 6,368 | 6,204 | 6,260 | 6,565 | 7,002 |
| Source: Annual Report 2025: Consolidated Balance Sheet; Annual Report 2024: Consolidated Balance Sheet; Annual Report 2023: Consolidated Balance Sheet. $ millions, fiscal years ending June 30. | |||||
Key metrics
| Key metrics reported by HBS | |||||||
| FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| HBS endowment value, $M | 3,985 | 4,092 | 5,265 | 5,086 | 5,132 | 5,398 | 5,788 |
| Cash received from gifts, $M | 151 | 121 | 149 | 151 | 158 | 157 | 149 |
| New gifts and pledges, $M | 135 | 145 | 121 | ||||
| Endowment return applied to HBS funds, % | 6.5 | 7.3 | 33.6 | −1.8 | 2.9 | 9.6 | 11.9 |
| MBA enrollment, students | 1,870 | 2,024 | 1,970 | 1,878 | |||
| MBA first-year tuition, $ | 73,440 | 73,440 | 74,910 | 76,410 | |||
| Faculty, full-time equivalents | 272 | 271 | 277 | 263 | |||
| Staff, full-time equivalents | 1,912 | 2,083 | 2,165 | 2,192 | |||
| Investment in faculty research, $M | 126 | 140 | 154 | 170 | 172 | ||
| IT investment, $M | 90 | 98 | 112 | 128 | 137 | ||
| Executive Education participants | 12,722 | 12,256 | |||||
| Harvard Business Review paid circulation | 377,000 | 328,000 | |||||
| Source: Annual Report 2023: Supplemental Financial Information; Annual Report 2024: Financial Highlights; Annual Report 2025: From the Chief Financial Officer; Annual Report 2025: Financial Highlights; Annual Report 2025: Supplemental Financial Information. Blank cells are years not transcribed from the cited reports. | |||||||
University context
The figures below are University-level or press-reported and are listed separately from the HBS statements above. Rows attributed to The Harvard Crimson report on Harvard University’s Financial Report for fiscal year 2025, the 2025 federal reconciliation act’s change to the excise tax on net investment income (see Harvard’s endowment tax FAQ), and the University’s operating-surplus targets for HBS.
| Harvard University consolidated results and press-reported HBS targets | ||||
| Fiscal year | Item | Value | Unit | Source |
|---|---|---|---|---|
| 2020 | HBS full-time employees, FY2020, as reported by The Harvard Crimson | 1,840 | employees | The Harvard Crimson |
| 2025 | Federal excise tax rate on net investment income before the 2025 reconciliation act | 1.4 | percent | The Harvard Crimson |
| 2025 | Contingency reserves drawn during FY2025, as reported by The Harvard Crimson | 250 | $ millions | The Harvard Crimson |
| 2025 | Endowment distribution to operations, FY2025, as reported by The Harvard Crimson | 2,500 | $ millions | The Harvard Crimson |
| 2025 | Endowment return net of investment expenses, FY2025, as reported by The Harvard Crimson | 11.9 | percent | The Harvard Crimson |
| 2025 | Harvard University endowment market value at June 30, 2025, as reported by The Harvard Crimson | 56,900 | $ millions | The Harvard Crimson |
| 2025 | Federal sponsored support revenue, down 8 percent from FY2024, as reported by The Harvard Crimson | 629 | $ millions | The Harvard Crimson |
| 2025 | Non-federal sponsored support revenue, up 6 percent, as reported by The Harvard Crimson | 345 | $ millions | The Harvard Crimson |
| 2025 | Harvard University consolidated operating deficit, first since FY2020, as reported by The Harvard Crimson | −113 | $ millions | The Harvard Crimson |
| 2025 | Harvard University consolidated operating revenue, FY2025 Financial Report as reported by The Harvard Crimson | 6,700 | $ millions | The Harvard Crimson |
| 2025 | HBS full-time employees, FY2025, as reported by The Harvard Crimson | 2,193 | employees | The Harvard Crimson |
| 2026 | Executive Education participants from outside the United States, approximate, as reported by The Harvard Crimson | 70 | percent | The Harvard Crimson |
| 2026 | Combined expense reductions and revenue additions in the April 2026 staff presentation, as reported by The Harvard Crimson | 29 | $ millions | The Harvard Crimson |
| 2026 | Projected HBS full-time employees, FY2026, as reported by The Harvard Crimson | 2,138 | employees | The Harvard Crimson |
| 2026 | Projected FY2026 new gifts and pledges, approximate, as reported by The Harvard Crimson | 200 | $ millions | The Harvard Crimson |
| 2026 | Harvard Business Publishing FY2026 revenue budget, as reported by The Harvard Crimson | 303 | $ millions | The Harvard Crimson |
| 2026 | Projected shortfall of Harvard Business Publishing revenue against its FY2026 budget, as reported by The Harvard Crimson | 10 | $ millions | The Harvard Crimson |
| 2026 | January 2026 projection of the HBS FY2026 operating surplus, as reported by The Harvard Crimson | 77 | $ millions | The Harvard Crimson |
| 2026 | HBS operating-surplus target set by the University in spring 2025, as reported by The Harvard Crimson | 60 | $ millions | The Harvard Crimson |
| 2026 | HBS operating-surplus target after the University raised it in August 2025, as reported by The Harvard Crimson | 82 | $ millions | The Harvard Crimson |
| 2027 | Top rate for institutions above $2 million of endowment per student; applies to tax years beginning after December 31, 2025 (Harvard fiscal 2027) | 8 | percent | The Harvard Crimson |
| 2027 | Estimated annual cost to Harvard at the 8 percent rate, as reported by The Harvard Crimson | 300 | $ millions | The Harvard Crimson |
| 2027 | Additional FY2027 expense reductions and revenue additions, as reported by The Harvard Crimson | 13 | $ millions | The Harvard Crimson |
| 2027 | Projected HBS full-time employees, FY2027, as reported by The Harvard Crimson | 2,121 | employees | The Harvard Crimson |
| 2027 | International students as a share of the HBS MBA Class of 2027, as reported by The Harvard Crimson | 37 | percent | The Harvard Crimson |
| 2027 | HBS budgeted FY2027 operating surplus, as reported by The Harvard Crimson | 76 | $ millions | The Harvard Crimson |
| 2027 | University target for the HBS FY2027 operating surplus, as reported by The Harvard Crimson | 97 | $ millions | The Harvard Crimson |
| Fiscal years end June 30. The Harvard University Financial Report is the primary document for the University figures; the Crimson articles are the cited transcription. | ||||
FY2026 and FY2027 outlook
Operating-surplus figures for fiscal 2026 and 2027 exist only as targets, budgets, and projections, each set at a different time and by a different party. The chart places them beside the FY2019 to FY2025 results from the Statement of Activity, colored by the basis of each figure: the FY2026 budget stated in the FY2025 CFO letter, and the University targets and HBS projections reported by The Harvard Crimson on May 28, 2026.
FY2026 budget as published
The FY2025 letter from the Chief Financial Officer states the following fiscal 2026 budget figures. They are budget figures, not results.
| Fiscal 2026 budget, as stated in the FY2025 CFO letter | |
| Budget | |
|---|---|
| Targeted operating surplus, $M | 82 |
| Total operating expenses, $M | 1,060 |
| Total revenue growth, % | 2 |
| MBA tuition increase, % | 5 |
| Executive Education revenue growth, % | 8 |
| HBS Online revenue change, % | −2 |
| Harvard Business Publishing revenue growth, % | 1 |
| Financial aid, all programs, $M | 68 |
| Source: Annual Report 2025: From the Chief Financial Officer. | |
Sources
- Units are $ millions unless stated; HBS fiscal years end June 30.
- Each fiscal year is taken from the most recent HBS report that presents it. The 2023 and 2024 reports reclassify $2M to $4M of FY2021 and FY2022 revenue between HBS Online and “Housing, rents, interest income and other” relative to the 2021 and 2022 reports; FY2019 and FY2020 are available only in the older presentation.
- HBS publishes line items rounded to the nearest $1M, so component sums can differ from published totals by $1M to $2M.
- No figures are read from charts; every value is a printed table cell or a number stated in the cited text. The vendored data and their provenance table live in
data/hbs/of the financial-tools repository.
Appendix: how this page was built
This page was researched, planned, and built with Claude (Anthropic’s Claude Code), working from the source documents listed above. Every figure was transcribed from those documents, checked arithmetically against the published totals, and reviewed before publication. The plan approved before any code was written is reproduced below, edited only to remove local working notes; the suggested interpretations that were discussed alongside it are deliberately not on this page.
NoteApproved plan (September 10, 2026)
Context. HBS announced on September 10, 2026 that the May 2027 FIELD Global Immersion is canceled for the RC Class of 2028, citing international visa and travel constraints. The author wanted to know what the school’s published finances show: an operating loss, a cut in public funding, or a University-level demand on the school. The request was for (1) a comprehensive read of what HBS releases financially, (2) whether HBS statements are separate from Harvard’s or rolled in, (3) a formal, brief, objective Quarto page built with the repository’s own functions that shows key financial-statement changes over time, with hyperlinks to every underlying report, and (4) any suggested explanations delivered in conversation only, never on the page.
Decisions confirmed before implementation: a page rendered from vendored data (later listed under the site’s Analyses menu), a FY2019 to FY2025 span, and a clearly labeled press-reported University-context section.
Findings from research. HBS publishes its own school-level, GAAP-aligned Statement of Activity, Cash Flows, Consolidated Balance Sheet, and Supplemental Financial Information inside its Annual Report each year. Harvard’s audited Financial Report is University-wide; HBS is a consolidated tub and no school-level statements appear there. Every HBS report shows three fiscal years, so FY2019 to FY2025 is assembled from the 2021 through 2025 reports.
HBS operating results, $ millions, FY2019 to FY2025: revenue 925, 861, 805, 966, 1,067, 1,098, 1,129; expenses 821, 831, 779, 908, 1,003, 1,062, 1,071; surplus 104, 30, 26, 58, 64, 36, 58. HBS posted an operating surplus in every year of the window. The FY2025 CFO letter attributes the FY2025 increase to one-time gifts and Publishing gains.
Restatements: FY2021 and FY2022 HBS Online and “Housing, rents, interest and other” differ by $2M to $4M between the 2021 and 2022 reports and the 2023 and 2024 reports. Rule: each year is taken from the most recent report that presents it; FY2019 exists only in the older classification.
University context, all cited: Harvard FY2025 operating deficit of $113M on $6.7B of revenue, the first since FY2020; federal sponsored revenue $629M, down 8 percent; endowment $56.9B with an 11.9 percent return. The endowment excise tax rises from 1.4 percent to 8 percent for tax years beginning after December 31, 2025, with first full effect in FY2027, estimated at roughly $300M per year for Harvard. The Harvard Crimson reported on May 28, 2026 that the University raised HBS’s FY2026 surplus target from about $60M to $82M and set a $97M FY2027 target against an HBS budget of $76M, with $29M of FY2026 cuts and revenue actions. The FY2025 CFO letter confirms the $82M FY2026 target and names federal research funding, the endowment tax, and international enrollment as risks.
Source documents to hyperlink. The HBS Annual Report Financials pages and financial-statement PDFs for 2021 through 2025; Harvard University’s Annual Financial Report index and the FY2024 and FY2025 report PDFs; Harvard’s endowment tax FAQ; the Office of the Controller’s consolidated tub listing; and, labeled as press, three Harvard Crimson articles (July 5, 2025; October 17, 2025; May 28, 2026). All appear in the Sources table above.
Implementation.
- Vendored data. Long-format CSVs with a shared schema (fiscal year, section, line item, presentation order, total flag, amount, and the report year each figure came from) for the statement of activity (FY2019 to FY2025), cash flows (FY2019 to FY2025), and balance sheet (FY2021 to FY2025); a key-metrics file (endowment value, gifts, enrollment, tuition, FTEs, and the FY2026 budget figures from the CFO letter); a University-context file with a citation note on every row; and a sources file with one row per document, which drives the hyperlink table and the referential tests. A README records provenance, the most-recent-report rule, rounding tolerance, and the refresh cadence (each December when HBS posts its report).
- Module. Typed loaders that return empty frames when a file is missing, plus pure Polars helpers: pivot years to columns, year-over-year changes, compound annual growth, shares of the published total, an operating summary, and a reconciliation of component sums against published totals.
- Page. The same header, palette, and chart styling as the site’s other Analyses pages. Sections: reporting structure; operating results; revenue by source; expenses by category; cash flow and reserves; balance sheet; key metrics; University context; the FY2026 budget as published; sources. Every table and chart carries a linked source line.
- Objectivity rule. Prose states what a cited document shows and links to it: no evaluative adjectives, no causal claims the source does not make, no forecasts beyond published budgets. Interpretation stays out of the page.
- Tests. Exact schema equality for every file; year coverage; one published total per section and year; component sums within $2M of published totals; surplus equal to revenue minus expenses within $1M; the reserve chain from year to year; the balance-sheet identity; unique https source URLs; every source id used on the page resolving to a document; graceful degradation when a file is missing; and each helper exercised on a small synthetic frame.
- Docs and tooling. A data-sources reference entry, recipes to render and preview the page alone, and a one-line project-structure note.
Verification. Lint, format, and the full test suite pass; the page and the home page render with the site configuration; every source link is checked; a visual pass confirms linked source notes on every table, source lines under every chart, bold totals, and no evaluative language; the transcription is re-verified against the most recent PDF presenting each year.