The Trustees of the University of Pennsylvania (the "University") sees itself as having a public service mission. In such regard, the University aims to provide a rich and diverse educational environment for its students; to pioneer research that pushes the boundaries of current human knowledge; and to provide the most current and highest quality patient care through the University health system.

501(c)(3) charity; gifts are tax-deductible.
90¢ of each $1 spent went to programs.
Run by 29,873 volunteers and 63,003 employees.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2025 · 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
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
6 of 6
filings with a surplus
Average surplus $1.2B a year · 12% of revenue · last 6 filings
Looks good: a surplus in 6 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
90%
of spending
Looks good: 90% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$63.1M
to officers and key staff · 0.6% of spending
Looks good: pay to officers and key staff is 1% of spending; 15% or less.
Pt VII · Sec A
3 mo
of spending, in cash
Plus $23.68B in investments, Pt X · Ln 11–13
Looks good: 3.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
54
named funders · $8.9M
Looks good: 54 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$7.8B
21% of total assets
Looks good: liabilities are 21% of assets; 50% or less.
Pt X · Ln 26
Independent board members
38
of 40 voting members
Looks good: 38 of 40 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$11.7B
+9% vs prior year
Spent
$11.0B
To programs
90%
Net assets
$28.9B
By yearFY2020–FY2025
Revenue
$11.7B
FY2025▲ +9%
Tap a bar for its year
Revenue by fiscal year
FY2020$7.6B
FY2021$9.3B
FY2022$11.1B
FY2023$9.9B
FY2024$10.7B
FY2025$11.7B
Expenses
$11.0B
FY2025▲ +10%
Tap a bar for its year
Expenses by fiscal year
FY2020$7.2B
FY2021$7.6B
FY2022$8.3B
FY2023$9.3B
FY2024$10.0B
FY2025$11.0B
Net assets
$28.9B
FY2025▲ +9%
Tap a bar for its year
Net assets by fiscal year
FY2020$16.3B
FY2021$22.8B
FY2022$24.7B
FY2023$25.4B
FY2024$26.4B
FY2025$28.9B

From the FY2025 Form 990 (year ending June 2025) · see the original

Give Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Oct 1940.

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

Where the money goes

90 cents of each dollar spent went to programs.

Program services 90% · $9.9B Management & general 9% · $968.4M Fundraising 1% · $141.8M

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

Something off? Claim to add context

Who runs it and what they're paid

96 people listed on the 990; $63.1M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII
Trustee & Pres.- as of 3/13/25
$5,459,518Pt VII · Sec A
Chief Investment Officer
$5,122,459Pt VII · Sec A
Former President
$4,210,289Pt VII · Sec A
Executive VP
$3,784,067Pt VII · Sec A
CEO, Uphs
$2,954,787Pt VII · Sec A
Neurosurgery
$2,853,215Pt VII · Sec A
Exec. VP & Cao, Uphs
$2,762,775Pt VII · Sec A
Chop - Surgery
$2,755,817Pt VII · Sec A

Jameson J Larry Dr’s $5.5M as Trustee & Pres.- as of 3/13/25 is at the 97th 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

NameFY2025FY2024FY2023FY2022FY2021FY2020
Dr Amy Gutmann———$22,821,735$2,569,174$3,072,450
Ralph Muller————$1,352,037$5,971,412
Ammon Peter$5,122,459$5,348,153$5,646,194———
Jameson J Larry Dr$5,459,518$5,137,869————
Peter Ammon———$5,126,303$3,367,215$3,483,137
Jameson Larry——$5,076,457———
Larry Jameson———$4,487,073$3,652,391$3,694,570
Magill M Elizabeth$4,210,289$2,234,131$869,750———

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.

See Trustees of the University of Pennsylvania executive salaries →

On this list? Claim this org

Something off? Claim to add context

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
  • Loans to or from officersSch L · Pt II5 listed

Programs and updates

Provides higher education, conducts academic research, and delivers charitable healthcare services through its university and affiliated health system.

Questions for Trustees of the University of Pennsylvania

Tap to ask. Trustees of the University of Pennsylvania sees how many people are interested.

Your first name shows with your question. Trustees of the University of Pennsylvania answers here, for everyone.

Provided by the organization

Know this org? Add your story

2 programs · $9.9B · in their own filed words · FY2024
01

Patient care- see schedule o for additional information

$5.1Bprogram expense
02

Education, research and public charity- see schedule o for additional information

$4.8Bprogram expense

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 54 funders →
Grants paid · 383 grants · $4.6B · 2019–2024
Unitemized GrantFY2024$373,646,084
Unitemized GrantFY2024$266,065,078
Unitemized GrantFY2024$14,408,413
University City DistrictPA · FY2024$4,387,733
School District of PhiladelphiaFY2024$4,302,403
American Heart Association INCTX · FY2024$514,458
Project HomePA · FY2024$374,933
University City Science CenterPA · FY2024$100,000
PhilabundancePA · FY2024$82,368
Germantown Friends SchoolPA · FY2024$78,040
The Philadelphia SchoolPA · FY2024$77,391
Whyy INCPA · FY2024$59,942
See all 383 grants →

By the numbers

The FY2025 990, line by line.

1The main four
Money inPt VIII
$11.7B
Ln 12
Fees for servicesLn 2g$8.2B
Gifts and grantsLn 1h$2.0B
Investment incomeLn 3$902.7M
Money outPt IX
$11.0B
Ln 25
Programscol B$9.9B
Managementcol C$968.4M
Fundraisingcol D$141.8M
Owns and owesPt X
$28.9B
net assets · Ln 32
Cash and savingsLn 1–2$3.0B
Total assetsLn 16$36.7B
LiabilitiesLn 26$7.8B
PeoplePt VI, VII
96
listed · VII A
PaidVII A49
Voting boardVI 1a40
IndependentVI 1b38
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$2.0B
Government grantsLn 1e$1.15B
Noncash giftsLn 1g$66.4M
Fundraising eventsLn 1c$314K
Fees for servicesLn 2g$8.2B
Investment incomeLn 3$902.7M
Other incomeLn 4–11$578.8M
Gains on assetsLn 7$364.2M
Total revenueLn 12$11.7B
Assets in detailPt X, end of year
CashLn 1$0
SavingsLn 2$2.96B
Cash and savings togetherLn 1–2$3.0B
InvestmentsLn 11–13$23.68B
Land, buildings, equipmentLn 10c$7.68B
Other assetsLn 15$783.7M
Total assetsLn 16$36.7B
LiabilitiesLn 26$7.8B
Net assetsLn 32$28.9B
OperationsPt I, VI
EmployeesI 563,003
VolunteersI 629,873
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 FY25End FY25
Cash and savingsLn 1–2$2.69B$2.96B
InvestmentsLn 11–13$21.57B$23.68B
Land, buildings, equipmentLn 10c$7.40B$7.68B
Total assetsLn 16$34.04B$36.74B
LiabilitiesLn 26$7.61B$7.80B
Net assetsLn 32$26.43B$28.93B
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$18.8M$18.8M
Grants to domestic individualsLn 2$654.1M$654.1M
Grants and assistance to foreign recipientsLn 3$2.7M$2.7M
Benefits paid to or for membersLn 4$0
Pay of current officers, directors and key staffLn 5$64.0M$60.8M$3.2M$0
Pay of disqualified personsLn 6$18.8M$17.8M$939K$0
Other salaries and wagesLn 7$4.43B$3.88B$487.6M$69.4M
Pension plan contributionsLn 8$321.0M$280.7M$35.3M$5.0M
Other employee benefitsLn 9$743.0M$649.6M$81.7M$11.6M
Payroll taxesLn 10$306.5M$268.0M$33.7M$4.8M
Management feesLn 11a$38.0M$23.5M$1.9M$12.5M
Legal feesLn 11b$35.4M$29.4M$6.0M$0
Accounting feesLn 11c$6.0M$5.2M$774K$7K
Lobbying feesLn 11d$405K$336K$69K$0
Professional fundraising feesLn 11e$646K$646K
Investment management feesLn 11f$56.9M$0$56.9M$0
Other fees for servicesLn 11g$610.2M$521.0M$85.4M$3.8M
Advertising and promotionLn 12$31.8M$26.3M$5.1M$340K
Office expensesLn 13$337.7M$304.3M$23.6M$9.7M
Information technologyLn 14$25.2M$19.1M$4.1M$1.9M
RoyaltiesLn 15$3.3M$3.3M$0$0
OccupancyLn 16$412.5M$371.3M$36.9M$4.3M
TravelLn 17$98.3M$86.7M$7.9M$3.7M
Travel and entertainment for public officialsLn 18$0$0$0$0
Conferences, conventions and meetingsLn 19$52.3M$38.0M$4.2M$10.2M
InterestLn 20$102.3M$92.0M$10.2M$0
Payments to affiliatesLn 21−$12.5M−$12.5M$0$0
Depreciation, depletion and amortizationLn 22$477.3M$429.6M$47.7M$0
InsuranceLn 23$127.3M$110.7M$16.5M$3K
Other expenses (24a–d)Ln 24$1.94B$1.93B$11.1M$264K
All other expensesLn 24e$105.1M$94.3M$7.4M$3.5M
Total functional expensesLn 25$11.01B$9.90B$968.4M$141.8M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $11.7B$11.0B$660.6M$28.9B 990 PDF
FY2024 $10.7B$10.0B$747.1M$26.4B 990 PDF
FY2023 $9.9B$9.3B$660.9M$25.4B 990 PDF
FY2022 $11.1B$8.3B$2.8B$24.7B 990 PDF
FY2021 $9.3B$7.6B$1.8B$22.8B 990 PDF
FY2020 $7.6B$7.2B$411.5M$16.3B 990 PDF

More to add? Claim this org

Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support F · Foreign M · Noncash J · Pay O · Explanations
See the full FY2025 990 (6 parts)
Part I · Summary $11,670,540,000 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $1,881,283,000$1,989,116,000
I-9 Program service revenuePrior year $7,398,261,644$8,199,959,237
I-10 Investment incomePrior year $1,136,096,000$902,686,000
I-11 Other revenuePrior year $331,425,356$578,778,763
I-12 Total revenuePrior year $10,747,066,000$11,670,540,000
I-13 Grants and similar amounts paidPrior year $643,902,139$675,616,764
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $5,388,173,999$5,886,033,000
I-16a Professional fundraising feesPrior year $751,461$646,000
I-17 Other expensesPrior year $3,967,094,401$4,447,625,236
I-18 Total expensesPrior year $9,999,922,000$11,009,921,000
I-19 Revenue less expensesPrior year $747,144,000$660,619,000
Part VI · Governance 38 of 40 board members independent, no flags
VI-1a Voting members of the governing body40
VI-1b Independent voting members38
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $11,670,540,000 across 12 lines filed
Lines not itemized here account for $334,401 of total revenue; see the IRS return.
VIII-1c Fundraising events$313,955
VIII-1e Government grants$1,150,145,000
VIII-1f All other contributions, gifts and grants$838,657,045
VIII-1g Noncash contributions (included above)$66,433,685
VIII-1h Total contributions, gifts and grants$1,989,116,000
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $8,180,434,729 · Unrelated business $19,524,508$8,199,959,237
VIII-3 Investment incomeUnrelated business −$1,839,380 · Excluded from tax $539,955,979$538,116,599
VIII-5 RoyaltiesExcluded from tax $564,215,000$564,215,000
VIII-6 Net rental income or lossExcluded from tax $14,520,000$14,520,000
VIII-7 Net gain or loss on sales of assetsUnrelated business $58,354,752 · Excluded from tax $305,880,248$364,235,000
VIII-8 Net income from fundraising eventsExcluded from tax $43,763$43,763
VIII-12 Total revenueRelated to mission $8,180,434,729 · Unrelated business $76,039,880 · Excluded from tax $1,424,949,391$11,670,540,000
Part IX · Statement of functional expenses $11,009,921,000 across 31 lines filed
IX-1 Grants to domestic organizationsPrograms $18,845,690$18,845,690
IX-2 Grants to domestic individualsPrograms $654,119,575$654,119,575
IX-3 Grants and assistance to foreign recipientsPrograms $2,651,499$2,651,499
IX-4 Benefits paid to or for members$0
IX-5 Pay of current officers, directors and key staffPrograms $60,778,269 · Management $3,198,856 · Fundraising $0$63,977,125
IX-6 Pay of disqualified personsPrograms $17,835,675 · Management $938,720 · Fundraising $0$18,774,395
IX-7 Other salaries and wagesPrograms $3,875,767,309 · Management $487,608,163 · Fundraising $69,426,008$4,432,801,480
IX-8 Pension plan contributionsPrograms $280,663,000 · Management $35,310,000 · Fundraising $5,027,000$321,000,000
IX-9 Other employee benefitsPrograms $649,619,000 · Management $81,728,000 · Fundraising $11,637,000$742,984,000
IX-10 Payroll taxesPrograms $267,981,000 · Management $33,715,000 · Fundraising $4,800,000$306,496,000
IX-11a Management feesPrograms $23,542,000 · Management $1,899,000 · Fundraising $12,530,000$37,971,000
IX-11b Legal feesPrograms $29,402,000 · Management $6,022,000 · Fundraising $0$35,424,000
IX-11c Accounting feesPrograms $5,227,000 · Management $774,000 · Fundraising $7,000$6,008,000
IX-11d Lobbying feesPrograms $336,000 · Management $69,000 · Fundraising $0$405,000
IX-11e Professional fundraising feesFundraising $646,000$646,000
IX-11f Investment management feesPrograms $0 · Management $56,869,000 · Fundraising $0$56,869,000
IX-11g Other fees for servicesPrograms $520,972,000 · Management $85,427,000 · Fundraising $3,791,000$610,190,000
IX-12 Advertising and promotionPrograms $26,342,000 · Management $5,082,000 · Fundraising $340,000$31,764,000
IX-13 Office expensesPrograms $304,312,000 · Management $23,639,000 · Fundraising $9,745,000$337,696,000
IX-14 Information technologyPrograms $19,119,000 · Management $4,140,000 · Fundraising $1,898,000$25,157,000
IX-15 RoyaltiesPrograms $3,343,000 · Management $0 · Fundraising $0$3,343,000
IX-16 OccupancyPrograms $371,282,000 · Management $36,917,000 · Fundraising $4,336,000$412,535,000
IX-17 TravelPrograms $86,695,000 · Management $7,862,000 · Fundraising $3,716,000$98,273,000
IX-18 Travel and entertainment for public officialsPrograms $0 · Management $0 · Fundraising $0$0
IX-19 Conferences, conventions and meetingsPrograms $37,979,000 · Management $4,188,000 · Fundraising $10,180,000$52,347,000
IX-20 InterestPrograms $92,043,000 · Management $10,227,000 · Fundraising $0$102,270,000
IX-21 Payments to affiliatesPrograms −$12,490,000 · Management $0 · Fundraising $0−$12,490,000
IX-22 Depreciation, depletion and amortizationPrograms $429,582,000 · Management $47,731,000 · Fundraising $0$477,313,000
IX-23 InsurancePrograms $110,710,000 · Management $16,540,000 · Fundraising $3,000$127,253,000
IX-24 Other expenses (24a–d)Programs $1,928,798,000 · Management $11,090,000 · Fundraising $264,000$1,940,152,000
IX-24e All other expensesPrograms $94,302,853 · Management $7,384,381 · Fundraising $3,458,002$105,145,236
IX-25 Total functional expensesPrograms $9,899,757,870 · Management $968,359,120 · Fundraising $141,804,010$11,009,921,000
Part X · Balance sheet $36,736,678,000 assets, 24 lines filed
Asset lines not itemized here account for $47,195,000; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $0$0
X-2 Savings and temporary cash investmentsStart of year $2,691,665,000$2,956,314,000
X-3 Pledges and grants receivableStart of year $340,155,000$340,219,000
X-4 Accounts receivableStart of year $956,597,000$1,013,181,000
X-8 Inventories for sale or useStart of year $62,463,000$69,567,000
X-9 Prepaid expenses and deferred chargesStart of year $144,960,000$172,160,000
X-10c Land, buildings and equipment, netStart of year $7,399,263,000$7,676,499,000
X-11 Publicly traded securitiesStart of year $6,232,183,451$6,552,711,991
X-12 Other securitiesStart of year $15,333,002,549$17,125,100,009
X-13 Program-related investmentsStart of year $0$0
X-14 Intangible assetsStart of year $0$0
X-15 Other assetsStart of year $829,990,000$783,731,000
X-16 Total assetsStart of year $34,038,997,000$36,736,678,000
X-17 Accounts payable and accrued expensesStart of year $3,626,113,000$3,663,857,000
X-18 Grants payableStart of year $0$0
X-19 Deferred revenueStart of year $140,054,000$137,441,000
X-20 Tax-exempt bond liabilitiesStart of year $2,206,709,000$2,536,389,000
X-24 Unsecured notes and loans payableStart of year $0$0
X-25 Other liabilitiesStart of year $1,543,622,000$1,373,419,000
X-26 Total liabilitiesStart of year $7,613,267,000$7,802,957,000
X-27 Net assets without donor restrictionsStart of year $15,737,005,000$17,256,448,000
X-28 Net assets with donor restrictionsStart of year $10,688,725,000$11,677,273,000
X-32 Total net assets or fund balancesStart of year $26,425,730,000$28,933,721,000
X-33 Total liabilities and net assetsStart of year $34,038,997,000$36,736,678,000
Part XI · Reconciliation of net assets $28,933,721,000 net assets at year end
XI-1 Total revenue$11,670,540,000
XI-2 Total expenses$11,009,921,000
XI-3 Revenue less expenses$660,619,000
XI-4 Net assets at start of year$26,425,730,000
XI-5 Net unrealized gains (losses) on investments$1,744,948,000
XI-9 Other changes in net assets$102,424,000
XI-10 Net assets at end of year$28,933,721,000

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

Similar organizations you could support · Compare with another nonprofit

Names, privacy, and removal requests More

The names, titles, and compensation shown on this page are reproduced from IRS Form 990 filings, which are public records.

Philanthropy.org does not alter the content of those filings. All information appears exactly as reported by the filing organization for the tax year shown.

We publish only information contained in the public IRS filing — and less than the filing contains. Our profile pages do not display street addresses, telephone numbers, personal email addresses, or other personal contact information, even where the filing includes them.

Many people share the same name. A name shown on this page reflects only what one organization reported in one IRS filing for one tax year. It should not be interpreted as identifying any other individual with the same or a similar name.

If you are no longer affiliated with the organization, your name will generally stop appearing in future IRS filings once the organization no longer reports you. Pages for tax years in which you were reported remain published because those filings remain part of the public record.

Philanthropy.org does not alter or remove IRS filing records. Removing a page from this website would not remove the underlying IRS filing, which remains publicly available from the IRS and other publishers of the same information.

If you believe the IRS filing itself is inaccurate, corrections must be made by the filing organization or the IRS directly.

Your org? Add context

Made it to the end? Claim this org

All figures are derived from public IRS Form 990 filings and are presented without evaluation of any organization. philanthropy.org does not rate, score, or rank organizations, including the pay comparisons above.