TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA (EIN 231352685) - 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

1740

Legal Domicile

Principal Officer

DR J LARRY JAMESON

Phone

2158988967

Tax Period

2024-07-01 to 2025-06-30

TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA, founded in 1740, is a large national nonprofit in the Education sector that reported $11.7B in total revenue in fiscal year 2024. Revenue grew 9% year-over-year, indicating healthy expansion. Expenses of $11.0B left a modest 6% surplus.

Mission

THE PROVISION OF EDUCATION, 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 (2024)

Revenue Breakdown

Contributions & Grants $1,989,116,000

Program Service Revenue $8,199,959,237

Investment Income $902,686,000

Other Revenue $578,778,763

TOTAL REVENUE $11,670,540,000

Expense Breakdown

Grants Paid $675,616,764

Salaries & Benefits $5,886,033,000

Fundraising Expenses $141,804,010

Program Expenses $9,899,757,870

Other Expenses $4,447,625,236

TOTAL EXPENSES $11,009,921,000

Year-over-Year Comparison

	2024	2023	Change
Revenue	$11,670,540,000	$10,747,066,000	+0.1%
Expenses	$11,009,921,000	$9,999,922,000	+0.1%
Net Income	$660,619,000	$747,144,000	-0.1%

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

63003

Volunteers

29873

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

$28,896,988

Total Directors

$8,082,447

Key Employees

$21,849,510

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JAMESON J LARRY DR	TRUSTEE & PRES.- AS OF 3/13/25	55.0	Officer Director	$5,459,518	$2,583,825	$8,043,343
AMMON PETER	CHIEF INVESTMENT OFFICER	55.0	Key Emp	$5,122,459	$2,023,937	$7,146,396
MAGILL M ELIZABETH	FORMER PRESIDENT	0.0		$4,210,289	$247,478	$4,457,767
CARNAROLI CRAIG	EXECUTIVE VP	54.0	Officer	$3,784,067	$608,993	$4,393,060
MAHONEY KEVIN	CEO, UPHS	42.0	Key Emp	$2,954,787	$374,377	$3,329,164
KASPER KEITH	EXEC. VP & CAO, UPHS	41.0	Key Emp	$2,762,775	$237,535	$3,000,310
YOSHOR DANIEL MD	NEUROSURGERY	55.0	Highest	$2,853,215	$91,097	$2,944,312
ADZICK N SCOTT MD	CHOP - SURGERY	55.0	Highest	$2,755,817	$58,113	$2,813,930
TAYLOR JESSE MD	CHOP - PLASTIC SURGERY	55.0	Highest	$2,397,226	$64,017	$2,461,243
MARCOTTE PAUL MD	NEUROSURGERY	55.0	Highest	$2,308,362	$44,604	$2,352,966
WELCH WILLIAM MD	NEUROSURGERY	55.0	Highest	$2,208,497	$75,471	$2,283,968
EPSTEIN JON MD	EXEC VP & DEAN MS-AS OF 3/1/25	55.0	Officer	$1,920,577	$58,408	$1,978,985
DRISCOLL DEBORAH A MD	SVP CPUP, VICE DEAN PSOM	53.0	Key Emp	$1,701,819	$35,909	$1,737,728
VOLPE MICHELLE	SVP & CEO, UPHS	50.0	Key Emp	$1,482,456	$12,018	$1,494,474
CUNNINGHAM REGINA	CEO HUP	54.0	Key Emp	$1,442,778	$18,972	$1,461,750
HUSSON JAMES	VP DEV & ALUM REL- THRU 3/3/25	55.0	Officer	$1,245,498	$143,363	$1,388,861
JACKSON JOHN PHD	PROVOST	54.0	Officer	$1,154,217	$98,633	$1,252,850
WHITE WENDY	SVP & GENERAL COUNSEL	54.0	Officer	$1,160,692	$62,823	$1,223,515
ASCH DAVID	SVP STRATEGIC INITIATIVES	55.0	Key Emp	$1,015,602	$72,335	$1,087,937
NARVEKAR MEDHA	VP & SECRETARY	55.0	Officer	$857,568	$94,904	$952,472
PUCHTLER JULIA	SVP & CFO, UPHS	44.0	Key Emp	$853,431	$90,216	$943,647
MURPHY THOMAS	SVP ISC & CIO	55.0	Officer	$792,934	$103,538	$896,472
MASOTTI CHRISTOPHER	VICE DEAN, ADMINISTRATION PSOM	55.0	Key Emp	$728,919	$98,973	$827,892
SESTITO JOHN	VP & EXECUTIVE DIRECTOR CPUP	55.0	Key Emp	$801,450	$18,762	$820,212
PAPAGEORGE ANNE	SR VP FACILITIES & REAL ESTATE	53.0	Officer	$732,572	$78,757	$811,329
GRIFFO KATHRYN	VP DEV & ALUM REL-AS OF 4/1/25	55.0	Officer	$694,618	$114,567	$809,185
GUTMANN AMY	FORMER PRESIDENT	0.0		$753,928	$40,362	$794,290
DINGFIELD MARK	VP FINANCE & TREASURER	54.0	Officer	$704,244	$80,059	$784,303
MITCHELL JOANN	SVP FOR INSTITUTIONAL AFFAIRS	55.0	Officer	$699,699	$54,049	$753,748
LEWIS TREVOR	VP BUDGET & MGMT ANALYSIS	55.0	Officer	$587,640	$86,694	$674,334
COOPER JEFFREY	VP GOV'T & COMMUNITY RELATIONS	55.0	Officer	$609,168	$31,018	$640,186
CITRO MICHAEL	VP & CHIEF OF STAFF	54.0	Officer	$560,444	$70,208	$630,652
HEUER JOHN J	FORMER SVP HUMAN RESOURCE	55.0		$511,308	$85,548	$596,856
PRITCHETT WENDELL	FORMER PROVOST	53.0		$527,870	$67,181	$595,051
LOPEZ STACEY	VP INSTITUTIONAL RESEARCH	55.0	Officer	$519,218	$61,919	$581,137
PELLICANO GREGORY	VP AUDIT, COMPLIANCE & PRIV'Y	54.0	Officer	$471,615	$83,365	$554,980
JOHNSTON ELIZABETH	FORMER EXEC. DIRECTOR CPUP	54.0		$525,042	$12,084	$537,126
HOWARD CHARLES	VP SOC EQ & COMM, UNIV. CHAPLN	55.0	Officer	$399,082	$114,111	$513,193
COWENHOVEN ANNA	VP COMMUNICATNS- THRU 8/1/24	55.0	Officer	$440,737	$58,220	$498,957
DILEO RUSSELL	COMPTROLLER	54.0	Officer	$426,008	$72,020	$498,028
ANDERSON KATHLEEN	VP FOR PUBLIC SAFETY	54.0	Officer	$386,142	$64,568	$450,710
WITT MARIE	FORMER VP BUSINESS SERVICES	55.0		$394,352	$50,296	$444,648
WASHINGTON FELICIA	VP HUMAN RESRCS- AS OF 10/1/24	55.0	Officer	$307,271	$19,015	$326,286
ROST GREGORY	FORMER SVP & CHIEF OF STAFF	0.0		$229,010	$34,997	$264,007
MACCARTHY STEPHEN J	FORMER VP COMMUNICATIONS	55.0		$246,134	$10,729	$256,863
SCALES MICHAEL	VP BUSINESS SRVCS	55.0	Officer	$216,739	$23,663	$240,402
QUINN PETER	FORMER SVP, VICE DEAN, PROF SR	54.0		$104,199	$34,819	$139,018
LAU JOAN MD	TRUSTEE; ADJ. PROFESSOR	2.0	Director	$33,104	$0	$33,104
IMASOGIE OSAGIE O ESQ	TRUSTEE; LECTURER	2.0	Director	$6,000	$0	$6,000
AHMAD HYDER	TRUSTEE	2.0	Director	$0	$0	$0
ALBER LAURA J	TRUSTEE	2.0	Director	$0	$0	$0
BANDEEN BONNIE MIAO	TRUSTEE- THRU 12/31/24	2.0	Director	$0	$0	$0
BARRETT MICHAEL L	TRUSTEE	2.0	Director	$0	$0	$0
BLITZER DAVID S	TRUSTEE	2.0	Director	$0	$0	$0
BRADY ALLISON W	TRUSTEE	2.0	Director	$0	$0	$0
CAREY II WILLIAM POLK	TRUSTEE	2.0	Director	$0	$0	$0
DINAN JAMES G	TRUSTEE- COMMITTEE CHAIR	3.0	Director	$0	$0	$0
DURAN ALBERTO IVAN	TRUSTEE	2.0	Director	$0	$0	$0
ERCIL ALP	TRUSTEE- AS OF 1/1/25	2.0	Director	$0	$0	$0
ERTEL DAVID	TRUSTEE	2.0	Director	$0	$0	$0
FRANKLIN CHRISTOPHER H	TRUSTEE	2.0	Director	$0	$0	$0
HAIDAS ALEX	TRUSTEE	2.0	Director	$0	$0	$0
HOLMAN WENDY COMMINS	TRUSTEE	2.0	Director	$0	$0	$0
HOWELL JR LLOYD W	TRUSTEE- THRU 12/31/24	2.0	Director	$0	$0	$0
JERATH LYNN J	TRUSTEE	2.0	Director	$0	$0	$0
JOHNSON KEVIN	TRUSTEE	2.0	Director	$0	$0	$0
KARP ATHENA	TRUSTEE	2.0	Director	$0	$0	$0
KHADJENOURI MASSI	TRUSTEE	2.0	Director	$0	$0	$0
MARTIN PATRICIA MD	TRUSTEE	2.0	Director	$0	$0	$0
MCMORRIS MARC F	TRUSTEE- COMMITTEE CHAIR	3.0	Director	$0	$0	$0
MITCHELL MARSHALL PH	TRUSTEE	2.0	Director	$0	$0	$0
NEMIROVSKY OFER	TRUSTEE- THRU 12/31/24	2.0	Director	$0	$0	$0
O'HERN LYONS CATHERINE M	TRUSTEE	2.0	Director	$0	$0	$0
PAI DHANANJAY M	TRUSTEE	2.0	Director	$0	$0	$0
PEISACH CHERYL	TRUSTEE	2.0	Director	$0	$0	$0
PENN KEVIN S	TRUSTEE- THRU 12/31/24	2.0	Director	$0	$0	$0
PERRY RICHARD C	TRUSTEE- THRU 2/28/25	2.0	Director	$0	$0	$0
PINOLA KRISTA M	TRUSTEE	2.0	Director	$0	$0	$0
PLATT JULIE BEREN	TRUSTEE	2.0	Director	$0	$0	$0
PRICE MICHAEL J	TRUSTEE	2.0	Director	$0	$0	$0
RACHLEFF ANDREW S	TRUSTEE- THRU 6/13/25	2.0	Director	$0	$0	$0
RAGHAVENDRAN RAMANAN	TRUSTEE- CHAIR	6.5	Officer Director	$0	$0	$0
RODRIGUEZ JENNIFER I	TRUSTEE- AS OF 4/14/25	2.0	Director	$0	$0	$0
SCHLEIN THEODORE E	TRUSTEE	2.0	Director	$0	$0	$0
SCHNITZER ALAN DAVID	TRUSTEE- COMMITTEE CHAIR	3.0	Director	$0	$0	$0
SCHWARTZ BRIAN D	TRUSTEE	2.0	Director	$0	$0	$0
SCHWARTZ JODI J ESQ	TRUSTEE	2.0	Director	$0	$0	$0
SEAMAN JULIE BREIER	TRUSTEE	2.0	Director	$0	$0	$0
SHAPIRO JOSH	EX-OFFICIO TRUSTEE	2.0	Director	$0	$0	$0
SHOEMAKER JOHN P	TRUSTEE- THRU 4/14/25	2.0	Director	$0	$0	$0
SNIDER STACEY G	TRUSTEE- THRU 12/31/24	2.0	Director	$0	$0	$0
STAVIS ROBERT M	TRUSTEE	2.0	Director	$0	$0	$0
STONE HARLAN M	TRUSTEE	2.0	Director	$0	$0	$0
VAGUE RICHARD W	TRUSTEE	2.0	Director	$0	$0	$0
WEISS JILL L	TRUSTEE	2.0	Director	$0	$0	$0
GROSSMAN MATTHEW	VP COMMUNICATNS- AS OF 4/1/25	55.0	Officer	$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	$11,670,540,000	$11,009,921,000	$36,736,678,000	$660,619,000
2024	No data	No data	No data	No data
2023	$9,925,251,000	$9,264,364,000	$32,928,091,000	$660,887,000
2022	$11,078,595,000	$8,255,789,000	$32,016,287,000	$2,822,806,000
2022	$11,078,595,000	$8,255,789,000	$32,016,287,000	$2,822,806,000
2021	$9,337,742,000	$7,564,187,000	$31,220,689,000	$1,773,555,000
2020	$7,624,539,000	$7,213,047,000	$24,607,104,000	$411,492,000
2020	$7,624,539,000	$7,213,047,000	$24,607,104,000	$411,492,000
2019	$7,942,744,000	$6,978,995,000	$22,754,777,000	$963,749,000
2018	$7,238,854,000	$6,538,611,000	$21,301,691,000	$700,243,000
2018	$7,238,854,000	$6,538,611,000	$21,301,691,000	$700,243,000

TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA