UNIVERSITY OF PITTSBURGH

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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

1787

Legal Domicile

Principal Officer

PATRICK D GALLAGHER

Phone

4126243189

Tax Period

2022-07-01 to 2023-06-30

UNIVERSITY OF PITTSBURGH, founded in 1787, is a large national nonprofit in the Education sector that reported $3.1B in total revenue in fiscal year 2022. Net assets of $6.9B represent 26 months of operating reserves.

Mission

THE UNIVERSITY OF PITTSBURGH, FOUNDED IN 1787, IS ONE OF THE OLDEST INSTITUTIONS OF HIGHER EDUCATION IN THE UNITED STATES AND ONE OF THE NATION'S TOP PUBLIC RESEARCH UNIVERSITIES. FOR MORE THAN TWO CENTURIES, THE UNIVERSITY OF PITTSBURGH HAS SERVED THE NEEDS OF ITS HOME REGION, THE COMMONWEALTH OF PENNSYLVANIA, AND THE NATION AS A LEADER IN EDUCATION, A PIONEER IN RESEARCH AND A PARTNER IN COMMUNITY SERVICE.

Program Service Accomplishments

Program 1

Expenses: $942,080,587 Revenue: $1,164,937,719

RESEARCH - INCLUDES EXPENDITURES FOR ACTIVITIES SPECIFICALLY ORGANIZED TO PRODUCE RESEARCH OUTCOMES WHETHER COMMISSIONED BY AN EXTERNAL AGENCY OR BUDGETED BY A UNIT.

Program 2

Expenses: $939,915,904 Revenue: $968,389,674

INSTRUCTION - INCLUDES EXPENDITURES FOR ACTIVITIES OF THE INSTITUTION'S INSTRUCTION PROGRAMS.

Program 3

Expenses: $368,354,884 Revenue: $116,077,879

ACADEMIC SUPPORT - INCLUDES EXPENDITURES IN SUPPORT OF THE UNIVERSITY'S PRIMARY MISSIONS - INSTRUCTION, RESEARCH, AND PUBLIC SERVICE.

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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 $565,546,032

Program Service Revenue $2,401,300,421

Investment Income $141,313,501

Other Revenue $31,411,002

TOTAL REVENUE $3,139,570,956

Expense Breakdown

Grants Paid $429,008,070

Salaries & Benefits $1,690,240,053

Fundraising Expenses $29,847,245

Program Expenses $2,845,138,582

Other Expenses $1,028,248,407

TOTAL EXPENSES $3,148,143,304

Year-over-Year Comparison

	2022	2021	Change
Revenue	$3,139,570,956	$3,230,553,057	0.0%
Expenses	$3,148,143,304	$2,920,271,052	+0.1%
Net Income	$-8,572,348	$310,282,005	-1.0%

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

28506

Volunteers

166

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

$7,355,100

Total Directors

$4,833,573

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
EDWARD J GREFENSTETTE	TRUSTEE	5.00	Director	$0	$1,854,743	$3,989,219
PATRICK D GALLAGHER	CHANCELLOR / CEO	40.00	Officer Director	$679,385	$139,969	$844,354
JOHN A BARBOUR	TRUSTEE	5.00	Director	$0	$0	$0
SALISA BERRIEN	TRUSTEE	5.00	Director	$0	$0	$0
EVA TANSKY BLUM	TRUSTEE	5.00	Director	$0	$0	$0
SUNDAA BRIDGETT-JONES	TRUSTEE	5.00	Director	$0	$0	$0
DOUGLAS M BROWNING	CHAIR OF THE BOT	5.00	Officer Director	$0	$0	$0
GARY T BROWNLEE	TRUSTEE	5.00	Director	$0	$0	$0
LOUIS R CESTELLO	TRUSTEE	5.00	Director	$0	$0	$0
DAVID C CHAVERN	TRUSTEE	5.00	Director	$0	$0	$0
VAUGHN S CLAGETTE	TRUSTEE	5.00	Director	$0	$0	$0
JAY COSTA JR	TRUSTEE	5.00	Director	$0	$0	$0
JAMES P COVERT	TRUSTEE	5.00	Director	$0	$0	$0
BRADLEY J FRANC THRU 1122	TRUSTEE	5.00	Director	$0	$0	$0
DEBORAH J GILLOTTI	TRUSTEE	5.00	Director	$0	$0	$0
LISA A GOLDEN	TRUSTEE	5.00	Director	$0	$0	$0
DAWNE S HICKTON	TRUSTEE	5.00	Director	$0	$0	$0
DIANE P HOLDER	TRUSTEE	5.00	Director	$0	$0	$0
SY HOLZER THRU 1122	TRUSTEE	5.00	Director	$0	$0	$0
PATRICIA D HOROHO	TRUSTEE	5.00	Director	$0	$0	$0
S JEFFREY KONDIS	TRUSTEE	5.00	Director	$0	$0	$0
WILLIAM K LIEBERMAN	TRUSTEE	5.00	Director	$0	$0	$0
ROBERTA A LUXBACHER	TRUSTEE	5.00	Director	$0	$0	$0
JOHN A MAHER III	TRUSTEE	5.00	Director	$0	$0	$0
ERIN W MCDOWELL	TRUSTEE	5.00	Director	$0	$0	$0
LARRY J MERLO	TRUSTEE	5.00	Director	$0	$0	$0
NATALIE MIHALEK	TRUSTEE	5.00	Director	$0	$0	$0
VALERIE NJIE	TRUSTEE	5.00	Director	$0	$0	$0
JOHN H PELUSI JR	TRUSTEE	5.00	Director	$0	$0	$0
ROBERT RITSON JR	TRUSTEE	5.00	Director	$0	$0	$0
JACK T TIGHE III	TRUSTEE	5.00	Director	$0	$0	$0
PETER C VARISCHETTI	TRUSTEE	5.00	Director	$0	$0	$0
JOHN J VERBANAC	TRUSTEE	5.00	Director	$0	$0	$0
ADAM C WALKER	TRUSTEE	5.00	Director	$0	$0	$0
WILLIAM WARD JR	TRUSTEE	5.00	Director	$0	$0	$0
MICHAEL G WELLS	TRUSTEE	5.00	Director	$0	$0	$0
JAKE WHEATLEY JR	TRUSTEE	5.00	Director	$0	$0	$0
ANANTHA SHEKHAR	SVC HEALTH SCIENCES	40.00	Officer	$1,378,891	$157,775	$1,536,666
JEFFER CHOUDHRY	CHIEF INVESTMENT OFFICER	40.00	Officer	$1,340,904	$22,475	$1,363,379
PAUL LAWRENCE	TREASURER	40.00	Officer	$723,889	$79,632	$803,521
ANN E CUDD	PROVOST/SR VICE CHANCELLOR	40.00	Officer	$489,277	$70,047	$559,324
ROBIN A RUTENBAR	SR VICE CHANCELLOR- RESEARCH	40.00	Officer	$442,651	$62,317	$504,968
DAVID N DEJONG	SVC BUSINESS OPS	40.00	Officer	$420,520	$83,742	$504,262
GEOVETTE E WASHINGTON	SVC & CHIEF LEGAL OFFICER	40.00	Officer	$444,923	$47,658	$492,581
NARAHARI SASTRY	CFO/SR VICE CHANCELLOR	40.00	Officer	$403,888	$56,976	$460,864
ROSALYN E JONES	VC/SECRETARY OF THE BOT	40.00	Officer	$254,328	$30,853	$285,181
PATRICK R NARDUZZI	HEAD FOOTBALL COACH	40.00	Highest	$6,443,259	$256,292	$6,699,551
F JEFFREY CAPEL III	HEAD MEN'S BASKETBALL COACH	40.00	Highest	$3,546,396	$44,217	$3,590,613
HEATHER R LYKE	DIRECTOR OF ATHLETICS	40.00	Highest	$1,557,361	$130,362	$1,687,723
RANDY V BATES	ASSISTANT FOOTBALL COACH	40.00	Highest	$868,538	$69,406	$937,944
FRANK CIGNETTI	ASSISTANT FOOTBALL COACH	40.00	Highest	$753,489	$42,986	$796,475
ARTHUR S LEVINE	FMR SVC HEALTH SCIENCES THRU 6/1/20	40.00		$1,499,390	$53,427	$1,552,817

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	$3,139,570,956	$3,148,143,304	$9,680,542,422	$-8,572,348
2022	$3,230,553,057	$2,920,271,052	$9,742,545,228	$310,282,005
2021	$3,225,989,623	$2,749,837,309	$9,651,464,888	$476,152,314
2020	$2,841,711,849	$2,783,085,931	$8,011,856,079	$58,625,918
2019	$2,798,847,966	$2,566,312,947	$7,202,327,097	$232,535,019
2018	$2,547,662,312	$2,363,753,770	$6,896,394,922	$183,908,542