UNIVERSITY OF ROCHESTER (EIN 160743209) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1850

Legal Domicile

Principal Officer

SARAH C MANGELSDORF

Phone

5852752800

Tax Period

2022-07-01 to 2023-06-30

UNIVERSITY OF ROCHESTER, founded in 1850, is a large national nonprofit in the Education sector that reported $5.4B in total revenue in fiscal year 2022. Revenue grew 10% year-over-year, indicating healthy expansion.

Mission

THE PROVISION OF HIGHER EDUCATION IN THE LIBERAL ARTS AND SCIENCES, MEDICINE AND DENTISTRY, NURSING AND MUSIC; RESEARCH; AND CHARITABLE PATIENT CARE SERVICES.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2022)

Revenue Breakdown

Contributions & Grants $460,415,153

Program Service Revenue $4,644,452,541

Investment Income $304,961,031

Other Revenue $5,190,144

TOTAL REVENUE $5,415,018,869

Expense Breakdown

Grants Paid $369,878,164

Salaries & Benefits $2,941,113,391

Fundraising Expenses $44,391,840

Program Expenses $5,119,924,838

Other Expenses $2,026,244,103

TOTAL EXPENSES $5,337,555,405

Year-over-Year Comparison

	2022	2021	Change
Revenue	$5,415,018,869	$4,935,271,271	+0.1%
Expenses	$5,337,555,405	$4,745,666,796	+0.1%
Net Income	$77,463,464	$189,604,475	-0.6%

Key Indicators

✗ Grants to Organizations ✓ Grants to Individuals ✓ Lobbying ✗ Political Activity ✓ Foreign Activities ✓ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

35013

Volunteers

6981

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✓ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✓ Engaged in Lobbying

✓ Operated Donor Advised Fund

✓ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$10,246,625

Total Directors

$1,182,206

Key Employees

$8,323,177

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
STEVEN I GOLDSTEIN	PRES/CEO SMH & HH,SRVP URMC	55.0	Key Emp	$3,306,548	$209,673	$3,516,221
MICHAEL D MALONEY MD	PROFESSOR-ORTHOPAEDICS M&D	86.0	Highest	$2,763,982	$62,192	$2,826,174
TARUN BHALLA MD	ASSOC PROF NEUROSURGERY	85.0	Highest	$2,347,373	$65,303	$2,412,676
GEORGE M ALFIERIS MD	PROFESSOR-CARDIAC SURGERY M&D	85.0	Highest	$1,690,108	$349,521	$2,039,629
MARK B TAUBMAN MD	SRVP HEALTH,CEO URMC, DEAN SMD	68.0	Officer	$1,783,432	$176,973	$1,960,405
ROBERT MOLINARI MD	PROFESSOR-ORTHOPAEDICS	55.0	Highest	$1,835,249	$64,590	$1,899,839
ILYA VOLOSHIN MD	PROFESSOR-ORTHOPAEDICS M&D	60.0	Highest	$1,710,415	$58,088	$1,768,503
MICHAEL F ROTONDO MD	CEO URMFG, SR VP URMC	55.0	Key Emp	$1,298,990	$107,850	$1,406,840
SARAH C MANGELSDORF	TRUSTEE,PRES & CEO	80.0	Officer Director	$1,038,989	$143,217	$1,182,206
KATHLEEN PARRINELLO	COO SMH, EXEC VP SMH	65.0	Key Emp	$879,596	$152,328	$1,031,924
DOUGLAS W PHILLIPS	SRVP & CHIEF INVESTMENT OFCR	62.0	Officer	$904,476	$55,564	$960,040
ADAM P ANOLIK	CFO URMC	55.0	Key Emp	$790,685	$159,345	$950,030
MICHAEL J APOSTOLAKOS MD	CMO,SMH & HH, VP URMC	55.0	Key Emp	$701,264	$107,783	$809,047
THOMAS J FARRELL	SRVP & CHIEF ADVANCEMENT OFCR	55.0	Officer	$713,660	$63,148	$776,808
ELIZABETH A MILAVEC	EVP ADM&FIN,CFO,TRSR(EFF 8/22)	65.0	Officer	$639,731	$83,710	$723,441
PETER G ROBINSON	VP GOV'T & COMM REL, URMC	55.0	Officer	$495,130	$176,582	$671,712
DONNA GOODEN PAYNE	VP AND GENERAL COUNSEL	60.0	Officer	$606,721	$57,319	$664,040
STEPHEN DEWHURST	VP FOR RESEARCH (EFF 6/23)	55.0	Officer	$556,483	$55,108	$611,591
CARRIE P FULLER-SPENCER	CFO SMH,HH,LTC&ASSOC VP URMC	55.0	Key Emp	$518,856	$90,259	$609,115
ROBERT L CLARK	PROF, FRMR PROVOST,SVP RESRCH	55.0		$577,048	$23,198	$600,246
KATHLEEN GALLUCCI	VP & CHIEF HR OFFICER	55.0	Officer	$458,575	$82,696	$541,271
DAVID FIGLIO	PROVOST (EFF 7/22)	55.0	Officer	$425,480	$91,050	$516,530
SARAH E PEYRE	DEAN WARNER, FRMR INTERIM PROV	55.0		$438,748	$50,150	$488,898
ELIZABETH STAUDERMAN	VP FOR COMMS(THRU 12/22)	55.0	Officer	$358,243	$40,050	$398,293
ADRIENNE MORGAN	INTERIM VP EQ & INC (EFF 8/22)	55.0	Officer	$341,428	$56,207	$397,635
ANTHONY GREEN	VP ACAD FIN&PLNG,FRMR BD SECY	55.0		$266,088	$57,943	$324,031
JACK S BAILEY	SECY TO BOARD TRUSTEES	55.0	Officer	$274,357	$27,689	$302,046
ERIN KANE	INTERIM VP FOR COMM(EFF 11/22)	55.0	Officer	$231,308	$58,665	$289,973
RICHARD FELDMAN	PROFESSOR,FRMR INTERIM PRES	55.0		$211,630	$41,218	$252,848
JOEL S SELIGMAN	PRESIDENT EMERITUS & PROFESSOR	40.0		$240,397	$11,007	$251,404
MERCEDES RAMIREZ FERNANDEZ	VP EQ, INCL, CDO (THRU 8/22)	55.0	Officer	$235,315	$15,319	$250,634
DAVID ROY GREENBAUM	TRUSTEE	2.0	Director	$0	$0	$0
JOSEPH W ABRAMS	TRUSTEE	2.0	Director	$0	$0	$0
JOAN S BEAL	TRUSTEE	2.0	Director	$0	$0	$0
JAY S BENET	TRUSTEE	2.0	Director	$0	$0	$0
NAOMI M BERGMAN	TRUSTEE	2.0	Director	$0	$0	$0
STEPHEN R BIGGAR MD PHD	TRUSTEE	2.0	Director	$0	$0	$0
PRAMIT SHASHIKANY JHAVERI	TRUSTEE	2.0	Director	$0	$0	$0
H CHRISTOPHER BOEHNING	TRUSTEE	2.0	Director	$0	$0	$0
JOHN H BRUNING	TRUSTEE	2.0	Director	$0	$0	$0
ELIZABETH P BRUNO	TRUSTEE	2.0	Director	$0	$0	$0
BARBARA J BURGER	TRUSTEE	2.0	Director	$0	$0	$0
CAROL JOHN A DAVIDSON	TRUSTEE (UNTIL 5/23)	2.0	Director	$0	$0	$0
BERNARD T FERRARI MD	TRUSTEE	2.0	Director	$0	$0	$0
EMERSON U FULLWOOD	TRUSTEE	2.0	Director	$0	$0	$0
GWEN MELTZER GREENE	TRUSTEE	2.0	Director	$0	$0	$0
RICHARD B HANDLER	TRUSTEE (CHAIR)	2.0	Officer Director	$0	$0	$0
CAROL D KARP	TRUSTEE (VICE CHAIR)	2.0	Officer Director	$0	$0	$0
ROBERT J KEEGAN	TRUSTEE (UNTIL 5/23)	2.0	Director	$0	$0	$0
LAURENCE KESSLER	TRUSTEE	2.0	Director	$0	$0	$0
EVANS Y LAM	TRUSTEE	2.0	Director	$0	$0	$0
EDWARD D MILLER MD	TRUSTEE	2.0	Director	$0	$0	$0
CATHY E MINEHAN	TRUSTEE	2.0	Director	$0	$0	$0
NAVEEN NATARAJ	TRUSTEE	2.0	Director	$0	$0	$0
QUINCY L ALLEN	TRUSTEE	2.0	Director	$0	$0	$0
LIZETTE M PEREZ-DEISBOECK	TRUSTEE	2.0	Director	$0	$0	$0
THOMAS S RICHARDS	TRUSTEE	2.0	Director	$0	$0	$0
MARTIN SANDERS	TRUSTEE	2.0	Director	$0	$0	$0
JUAN C JONES	TRUSTEE	2.0	Director	$0	$0	$0
KATHY N WALLER	TRUSTEE	2.0	Director	$0	$0	$0
ELIZABETH WARD	TRUSTEE	2.0	Director	$0	$0	$0
DANIEL R WEGMAN	TRUSTEE	2.0	Director	$0	$0	$0
TIMOTHY C WENTWORTH	TRUSTEE	2.0	Director	$0	$0	$0
THOMAS C WILMOT SR	TRUSTEE (UNTIL 5/23)	2.0	Director	$0	$0	$0
ALAN S ZEKELMAN	TRUSTEE	2.0	Director	$0	$0	$0
STEVEN K GRINSPOON MD	TRUSTEE	2.0	Director	$0	$0	$0
CURTIS J JOHNSON	TRUSTEE	2.0	Director	$0	$0	$0
MARY-FRANCES WINTERS	TRUSTEE	2.0	Director	$0	$0	$0
ELIZABETH LEIGHT	TRUSTEE	2.0	Director	$0	$0	$0
AMY LESCH	TRUSTEE (AS OF 05/2023)	2.0	Director	$0	$0	$0
JUDITH REINSDORF	TRUSTEE (AS OF 05/2023)	2.0	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$5,415,018,869	$5,337,555,405	$7,560,789,144	$77,463,464
2022	$4,935,271,271	$4,745,666,796	$7,349,848,808	$189,604,475
2021	$4,756,232,852	$4,295,127,288	$7,861,155,828	$461,105,564
2020	$4,135,942,762	$4,087,444,626	$6,120,504,819	$48,498,136
2019	$4,161,715,577	$4,007,593,282	$5,717,053,404	$154,122,295
2018	$3,899,693,497	$3,818,144,563	$5,497,835,359	$81,548,934

UNIVERSITY OF ROCHESTER