Cornell University FY2023 filing

Tax-deductible

Ithaca, NY501(c)(3)Since 1865Colleges & UniversitiesEIN 15-0532082

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501(c)(3) charity; gifts are tax-deductible.
94¢ of each $1 spent went to programs.
$43.6M paid to officers and key staff.
Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

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FY2023 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 5
filings with a surplus
Average surplus $376.1M a year · 6% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
94%
of spending
Looks good: 94% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$43.6M
to officers and key staff · 0.7% of spending
Looks good: pay to officers and key staff is 1% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
2 mo
of spending, in cash
Fine: 1.5 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
68
named funders · $8.9M
Looks good: 68 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$4.0B
23% of total assets
Looks good: liabilities are 23% of assets; 50% or less.
Pt X · Ln 26
Independent board members
57
of 64 voting members
Looks good: 57 of 64 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$5.9B
-10% vs prior year
Spent
$5.8B
To programs
94%
Net assets
$13.3B
By yearFY2020–FY2024
Revenue
$5.9B
FY2023▼ -10%
Revenue by fiscal year
FY2020$5.1B
FY2021$6.1B
FY2022$6.5B
FY2023$5.9B
FY2024$6.6B
FY2024$7.5B
Expenses
$5.8B
FY2023▲ +7%
Expenses by fiscal year
FY2020$5.2B
FY2021$5.4B
FY2022$5.5B
FY2023$5.8B
FY2024$6.4B
FY2024$7.6B
Net assets
$13.3B
FY2023+0.3%
Net assets by fiscal year
FY2020$10.0B
FY2021$13.0B
FY2022$13.3B
FY2023$13.3B
FY2024$13.8B
FY2024$13.9B

From the FY2023 Form 990 (year ending June 2023) · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Oct 1951.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

94 cents of each dollar spent went to programs.

Program services 94% · $5.5B Management & general 6% · $323.5M Fundraising 1% · $50.9M

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

77 people listed on the 990; $43.6M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
Academic Professor
$9,513,716Pt VII · Sec A
Associate Professor - Clinical
$5,454,878Pt VII · Sec A
Academic Chair
$5,095,255Pt VII · Sec A
Assistant Professor
$4,797,715Pt VII · Sec A
Assistant Professor
$4,260,879Pt VII · Sec A
Pres. & CEO of Physician Org
$2,723,237Pt VII · Sec A
Chief Invesment Officer
$2,671,714Pt VII · Sec A
Provost - Medical Affairs & Dean
$2,420,981Pt VII · Sec A

Zev Rosenwaks MD’s $9.7M as Academic Professor - Wcm is at the 99th percentile of top reported officer pay among 674 $100M+ education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2024FY2023FY2022FY2021FY2020
Zev Rosenwaks MD$9,671,082$9,323,175$9,513,716———
Zev Rosenwarks MD———$8,886,018$7,643,320$8,805,077
Leonard Girardi MD$6,699,734$5,906,735$5,095,255$4,560,303$4,057,179$4,193,574
Kiehyun Daniel Riew MD$5,710,125$6,145,652$4,797,715$3,990,744——
Hey-Joo Kang MD$5,895,950$5,361,742$5,454,878$5,480,283$4,719,958$6,039,733
Rony T Elias MD—$4,600,187$4,260,879$3,945,434——
Rony Elias MD—————$4,538,330
Roger Hartl MD$4,425,937—————

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Provides higher education, conducts basic and applied research, and delivers medical and public services in New York and globally.

Provided by the organization

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3 program services account for $4.5B of program spending, described in the organization's own filed words · FY2022.
01

Cornell university is renowned for its academic rigor, intellectual vibrancy, entrepreneurial character, and the diversity and quality of its curricula and areas of multidisciplinary research and study.

$1.9Bprogram expense
02

Medical services, including the training and education of physicians, is a primary component of the university's mission. Cornell is committed to excellence in patient care, scientific discovery, and the education of future physicians in new york city and around the world.

$1.5Bprogram expense
03

Cornell has a long tradition of combining scholarly work and leadership in research -both basic and applied- with public service and engagement in new york state and around the world. Revenues from sponsored awards include $855,341,000 in direct support and $239,564,000 in indirect cost recovery.

$1.1Bprogram expense

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Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2025
See all 68 funders →
Grants paid · 1,814 grants · $3.9B · 2019–2024
Unitemized GrantFY2024$424,587,420
Unitemized GrantFY2024$153,102,917
Unitemized GrantFY2024$18,156,174
Unitemized GrantFY2024$17,833,080
Johns Hopkins UniversityMD · FY2024$3,118,394
Regents Univ of CaliforniaCA · FY2024$3,061,949
Yale UniversityCT · FY2024$2,827,780
Rockefeller UniversityNY · FY2024$2,811,192
Duke UniversityNC · FY2024$2,597,658
Rutgers the State UniversityNJ · FY2024$2,096,794
University of Massachusetts AmherstFY2024$1,962,448
See all 1,814 grants →

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$5.9B
Ln 12
Fees for servicesLn 2g$4.8B
Gifts and grantsLn 1h$617.7M
Investment incomeLn 3$409.4M
Money outPt IX
$5.8B
Ln 25
Programscol B$5.5B
Managementcol C$323.5M
Fundraisingcol D$50.9M
Owns and owesPt X
$13.3B
net assets · Ln 32
Cash and savingsLn 1–2$753.7M
Total assetsLn 16$17.3B
LiabilitiesLn 26$4.0B
PeoplePt VI, VII
77
listed · VII A
PaidVII A20
Voting boardVI 1a64
IndependentVI 1b57
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$617.7M
Government grantsLn 1e$18.0M
Noncash giftsLn 1g$83.2M
Fundraising eventsLn 1c$57K
Fees for servicesLn 2g$4.8B
Investment incomeLn 3$409.4M
Other incomeLn 4–11$32.0M
Gains on assetsLn 7$237.6M
Total revenueLn 12$5.9B
Assets in detailPt X, end of year
CashLn 1$182.8M
SavingsLn 2$570.9M
Cash and savings togetherLn 1–2$753.7M
InvestmentsLn 11–13$10.07B
Land, buildings, equipmentLn 10c$4.36B
Other assetsLn 15$652.9M
Total assetsLn 16$17.3B
LiabilitiesLn 26$4.0B
Net assetsLn 32$13.3B
OperationsPt I, VI
EmployeesI 548,311
VolunteersI 67,882
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$802.0M$753.7M
InvestmentsLn 11–13$10.15B$10.07B
Land, buildings, equipmentLn 10c$4.27B$4.36B
Total assetsLn 16$17.44B$17.34B
LiabilitiesLn 26$4.14B$4.00B
Net assetsLn 32$13.30B$13.34B
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$106.3M$106.3M
Grants to domestic individualsLn 2$583.2M$583.2M
Grants and assistance to foreign recipientsLn 3$175.1M$175.1M
Pay of current officers, directors and key staffLn 5$17.4M$12.5M$4.5M$348K
Pay of disqualified personsLn 6$856K$856K
Other salaries and wagesLn 7$2.70B$2.60B$71.6M$28.1M
Pension plan contributionsLn 8$143.0M$135.1M$5.6M$2.3M
Other employee benefitsLn 9$492.9M$466.3M$17.4M$9.3M
Payroll taxesLn 10$131.4M$125.8M$4.2M$1.5M
Management feesLn 11a$196K$196K
Legal feesLn 11b$15.4M$141K$15.2M$30K
Accounting feesLn 11c$1.4M$1.4M
Lobbying feesLn 11d$557K$511K$46K
Professional fundraising feesLn 11e$605K$605K
Investment management feesLn 11f$42.3M$42.3M
Other fees for servicesLn 11g$351.7M$338.5M$11.0M$2.2M
Advertising and promotionLn 12$8.6M$8.6M
Office expensesLn 13$44.5M$38.9M$3.6M$2.0M
Information technologyLn 14$35.4M$31.7M$3.6M$59K
RoyaltiesLn 15$27.3M$2.3M$25.0M
OccupancyLn 16$207.0M$200.2M$4.2M$2.5M
TravelLn 17$47.0M$45.1M$878K$1.1M
Conferences, conventions and meetingsLn 19$9.9M$8.3M$932K$676K
InterestLn 20$60.4M$5.0M$55.4M
Depreciation, depletion and amortizationLn 22$307.1M$276.1M$31.0M
InsuranceLn 23$69.9M$63.3M$6.6M$35K
Other expenses (24a–d)Ln 24$249.9M$231.6M$18.2M$122K
All other expensesLn 24e$17.9M$17.8M$141K$0
Total functional expensesLn 25$5.85B$5.47B$323.5M$50.9M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $6.6B$6.4B$142.1M$13.8B 990 PDF
FY2023 Viewing $5.9B$5.8B$31.2M$13.3B 990 PDF
FY2022 $6.5B$5.5B$1.0B$13.3B 990 PDF
FY2021 $6.1B$5.4B$713.4M$13.0B 990 PDF
FY2020 $5.1B$5.2B−$52.2M$10.0B 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2023 990 (4 parts)
Part VIII · Statement of revenue $5,877,363,039 across 14 lines filed
Lines not itemized here account for $633,625,561 of total revenue; see the IRS return.
VIII-1b Membership dues$299,499
VIII-1c Fundraising events$57,150
VIII-1d Related organizations$10,291,559
VIII-1e Government grants$17,989,182
VIII-1f All other contributions, gifts and grants$589,016,496
VIII-1g Noncash contributions (included above)$83,172,886
VIII-1h Total contributions, gifts and grants$617,653,886
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $4,194,312,584$4,194,312,584
VIII-3 Investment incomeUnrelated business $6,513,048 · Excluded from tax $165,312,052$171,825,100
VIII-5 RoyaltiesExcluded from tax $21,124,476$21,124,476
VIII-6 Net rental income or lossUnrelated business $135,643 · Excluded from tax $1,424,896$1,560,539
VIII-7 Net gain or loss on sales of assetsUnrelated business $26,879,797 · Excluded from tax $210,714,678$237,594,475
VIII-8 Net income from fundraising eventsExcluded from tax −$333,582−$333,582
VIII-12 Total revenueRelated to mission $4,709,656,195 · Unrelated business $36,722,423 · Excluded from tax $513,330,535$5,877,363,039
Part IX · Statement of functional expenses $5,846,117,271 across 28 lines filed
IX-1 Grants to domestic organizationsPrograms $106,333,546$106,333,546
IX-2 Grants to domestic individualsPrograms $583,172,871$583,172,871
IX-3 Grants and assistance to foreign recipientsPrograms $175,149,725$175,149,725
IX-5 Pay of current officers, directors and key staffPrograms $12,536,168 · Management $4,504,209 · Fundraising $347,742$17,388,119
IX-6 Pay of disqualified personsPrograms $856,173$856,173
IX-7 Other salaries and wagesPrograms $2,599,106,497 · Management $71,582,198 · Fundraising $28,133,117$2,698,821,812
IX-8 Pension plan contributionsPrograms $135,130,220 · Management $5,607,548 · Fundraising $2,277,231$143,014,999
IX-9 Other employee benefitsPrograms $466,251,481 · Management $17,403,455 · Fundraising $9,265,989$492,920,925
IX-10 Payroll taxesPrograms $125,784,758 · Management $4,184,217 · Fundraising $1,474,683$131,443,658
IX-11a Management feesManagement $196,044$196,044
IX-11b Legal feesPrograms $140,962 · Management $15,206,269 · Fundraising $30,398$15,377,629
IX-11c Accounting feesManagement $1,427,595$1,427,595
IX-11d Lobbying feesManagement $510,644 · Fundraising $46,422$557,066
IX-11e Professional fundraising feesFundraising $604,932$604,932
IX-11f Investment management feesManagement $42,349,606$42,349,606
IX-11g Other fees for servicesPrograms $338,476,733 · Management $11,027,059 · Fundraising $2,180,572$351,684,364
IX-12 Advertising and promotionPrograms $8,612,136$8,612,136
IX-13 Office expensesPrograms $38,889,939 · Management $3,628,074 · Fundraising $1,972,712$44,490,725
IX-14 Information technologyPrograms $31,747,810 · Management $3,566,839 · Fundraising $58,956$35,373,605
IX-15 RoyaltiesPrograms $2,271,711 · Management $24,988,821$27,260,532
IX-16 OccupancyPrograms $200,224,759 · Management $4,235,507 · Fundraising $2,540,984$207,001,250
IX-17 TravelPrograms $45,055,040 · Management $877,948 · Fundraising $1,084,197$47,017,185
IX-19 Conferences, conventions and meetingsPrograms $8,284,896 · Management $931,536 · Fundraising $676,362$9,892,794
IX-20 InterestPrograms $5,036,009 · Management $55,396,106$60,432,115
IX-22 Depreciation, depletion and amortizationPrograms $276,111,530 · Management $30,963,387$307,074,917
IX-23 InsurancePrograms $63,251,593 · Management $6,617,591 · Fundraising $34,952$69,904,136
IX-24 Other expenses (24a–d)Programs $231,569,297 · Management $18,162,680 · Fundraising $121,827$249,853,804
IX-24e All other expensesPrograms $17,763,857 · Management $141,151 · Fundraising $0$17,905,008
IX-25 Total functional expensesPrograms $5,471,757,711 · Management $323,508,484 · Fundraising $50,851,076$5,846,117,271
Part X · Balance sheet $17,336,489,402 assets, 23 lines filed
Asset lines not itemized here account for $42,529,090; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $374,474,091$182,826,803
X-2 Savings and temporary cash investmentsStart of year $427,515,590$570,878,261
X-3 Pledges and grants receivableStart of year $794,025,862$658,334,898
X-4 Accounts receivableStart of year $643,241,354$702,005,390
X-8 Inventories for sale or useStart of year $10,600,701$10,748,541
X-9 Prepaid expenses and deferred chargesStart of year $83,979,569$89,791,484
X-10c Land, buildings and equipment, netStart of year $4,272,435,091$4,358,929,382
X-11 Publicly traded securitiesStart of year $1,968,630,121$1,845,098,751
X-12 Other securitiesStart of year $8,181,780,049$8,222,402,247
X-14 Intangible assetsStart of year $0$0
X-15 Other assetsStart of year $633,133,208$652,944,555
X-16 Total assetsStart of year $17,439,114,941$17,336,489,402
X-17 Accounts payable and accrued expensesStart of year $466,750,278$458,672,142
X-18 Grants payableStart of year $21,384,556$17,078,428
X-19 Deferred revenueStart of year $403,522,133$444,971,298
X-20 Tax-exempt bond liabilitiesStart of year $889,710,000$856,870,000
X-24 Unsecured notes and loans payableStart of year $921,165,000$912,852,954
X-25 Other liabilitiesStart of year $1,437,521,094$1,306,703,972
X-26 Total liabilitiesStart of year $4,144,096,861$3,999,639,161
X-27 Net assets without donor restrictionsStart of year $4,120,176,110$3,933,298,394
X-28 Net assets with donor restrictionsStart of year $9,174,841,970$9,403,551,847
X-32 Total net assets or fund balancesStart of year $13,295,018,080$13,336,850,241
X-33 Total liabilities and net assetsStart of year $17,439,114,941$17,336,489,402
Part XI · Reconciliation of net assets $13,336,850,241 net assets at year end
XI-1 Total revenue$5,877,363,039
XI-2 Total expenses$5,846,117,271
XI-3 Revenue less expenses$31,245,768
XI-4 Net assets at start of year$13,295,018,080
XI-5 Net unrealized gains (losses) on investments$1,441,302
XI-9 Other changes in net assets$9,145,091
XI-10 Net assets at end of year$13,336,850,241

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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