Carnegie Mellon University (EIN 250969449) - 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

1900

Legal Domicile

Principal Officer

FARNAM JAHANIAN

Phone

4122681358

Tax Period

2024-07-01 to 2025-06-30

Carnegie Mellon University, founded in 1900, is a large national nonprofit that reported $2.5B in total revenue in fiscal year 2024. Revenue surged 25% from the prior year, signaling strong growth momentum. The organization ran a surplus of $601.4M, a strong 24% operating margin.

Mission

HIGHER EDUCATION AND RESEARCH.

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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 $690,456,548

Program Service Revenue $1,125,956,853

Investment Income $675,231,553

Other Revenue $6,457,245

TOTAL REVENUE $2,498,102,199

Expense Breakdown

Grants Paid $322,729,972

Salaries & Benefits $1,087,194,901

Fundraising Expenses $33,908,250

Program Expenses $1,681,988,969

Other Expenses $486,289,497

TOTAL EXPENSES $1,896,700,767

Year-over-Year Comparison

	2024	2023	Change
Revenue	$2,498,102,199	$2,003,071,984	+0.2%
Expenses	$1,896,700,767	$1,776,981,445	+0.1%
Net Income	$601,401,432	$226,090,539	+1.7%

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

16745

Volunteers

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

$11,968,114

Total Directors

$7,236,233

Key Employees

$1,354,520

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
EDWARD J GREFENSTETTE	TRUSTEE(PRES/CEO,DIETRICH FDN)	1.0	Director	$0	$1,496,211	$3,594,546
FARNAM JAHANIAN	PRESIDENT/EX-OFFICIO TRUSTEE	50.0	Officer Director	$2,749,101	$381,175	$3,155,276
CHARLES A KENNEDY	CHIEF INVESTMENT OFFICER	50.0	Officer	$1,517,452	$725,801	$2,243,253
MICHAEL TRICK	DEAN, QATAR CAMPUS	50.0	Highest	$1,077,086	$100,446	$1,177,532
JAMES H GARRETT	PROVOST & CAO	50.0	Officer	$904,204	$56,881	$961,085
THOMAS GOFF	MAN. DIR,OPERATIONS-INV OFFICE	50.0	Highest	$618,489	$296,277	$914,766
MARY JO DIVELY	VP/GEN. COUN & SEC. OF THE COR	50.0	Officer	$840,612	$57,305	$897,917
ISABELLE BAJEUX BESNAINOU	PROF.& DEAN, TEPPER SCH.OF BUS	50.0	Highest	$730,550	$64,972	$795,522
KRZYSZTOF MATYJASZEWSKI	JC WARNER UNIV. PROF. OF NAT.	50.0	Highest	$697,562	$53,173	$750,735
THERESA MAYER	V.P. FOR RESEARCH	50.0	Officer	$557,760	$180,819	$738,579
PAUL D NIELSEN	DIRECTOR & CEO, SEI	50.0	Highest	$697,501	$38,198	$735,699
MARTIAL HEBERT	PROF. & DEAN, SCH OF COMP SCIE	50.0	Key Emp	$640,602	$66,900	$707,502
WILLIAM SANDERS	PROF. & DEAN, COLLEGE OF ENGIN	50.0	Key Emp	$605,612	$41,406	$647,018
DARYL WEINERT	VP FOR OPERATIONS	50.0	Officer	$551,953	$56,636	$608,589
SCOTT MORY	FORMER OFFICER	50.0		$528,809	$56,525	$585,334
ANGELA BLANTON	VP OF FINANCE & CFO	50.0	Officer	$513,229	$70,530	$583,759
STAN WADDELL	VP FOR INFO TECH & CHIEF INFO	50.0	Officer	$472,354	$92,222	$564,576
GINA CASALEGNO	VP FOR STUD AFF & DEAN OF STUD	50.0	Officer	$455,159	$92,481	$547,640
PAM EAGER	INT VP UNIV ADV(EXITED 2/25)	50.0	Officer	$463,522	$61,463	$524,985
JONATHAN CAGAN	FORMER KE/PROFESSOR	50.0		$406,046	$74,492	$480,538
LOWELL TAYLOR	EX-OFFICIO TRUSTEE/PROFESSOR	50.0	Director	$369,631	$56,980	$426,611
TOM MITCHELL	FORMER KE/PROFESSOR	50.0		$363,776	$47,727	$411,503
CARRIE NELSON	ASSISTANT TREASURER	50.0	Officer	$314,659	$48,397	$363,056
JOHN DOLAN	TREASURER	50.0	Officer	$296,271	$51,849	$348,120
TYSEN KENDIG	VP UNI COMM & MARK(AS OF 9/24)	50.0	Officer	$192,591	$44,595	$237,186
KATE LIPPERT	ASSISTANT SEC. OF THE CORP.	50.0	Officer	$152,033	$42,060	$194,093
J MICHAEL MCQUADE	VOTING TRUSTEE/COMP SERVICES	0.8	Director	$34,800	$0	$34,800
JEANNE CUNICELLI	VOTING TRUSTEE	1.15	Director	$0	$0	$25,000
DAVID COULTER	CHAIR/VOTING TRUSTEE	7.5	Officer Director	$0	$0	$0
ANNE M MOLLOY	VICE CHAIR/VOTING TRUSTEE	2.4	Officer Director	$0	$0	$0
JOEL P ADAMS	VOTING TRUSTEE	1.25	Director	$0	$0	$0
LANE M BESS	VOTING TRUSTEE	0.5	Director	$0	$0	$0
RONALD BIANCHINI JR	VOTING TRUSTEE	1.0	Director	$0	$0	$0
KEITH BLOCK	VOTING TRUSTEE	1.5	Director	$0	$0	$0
DARRYL BRITT	VOTING TRUSTEE (EXITED 8/24)	1.0	Director	$0	$0	$0
FRANK BRUNCKHORST	VOTING TRUSTEE	5.0	Director	$0	$0	$0
GLORIA CHEN	VOTING TRUSTEE	1.0	Director	$0	$0	$0
NATHALIE COWAN	VOTING TRUSTEE	1.0	Director	$0	$0	$0
RUSSELL CROCKETT	VOTING TRUSTEE	5.0	Director	$0	$0	$0
TED DECKER	VOTING TRUSTEE	1.0	Director	$0	$0	$0
SHRINIVAS V DEMPO	VOTING TRUSTEE	0.13	Director	$0	$0	$0
FRANCISCO B D'SOUZA	VOTING TRUSTEE	5.0	Director	$0	$0	$0
HOWARD L ELLIN	VOTING TRUSTEE	5.0	Director	$0	$0	$0
CHARLES EVANS	VOTING TRUSTEE	1.5	Director	$0	$0	$0
EDWARD H FRANK	VOTING TRUSTEE	2.0	Director	$0	$0	$0
YOSHIAKI FUJIMORI	VOTING TRUSTEE	0.5	Director	$0	$0	$0
MAYOR ED GAINEY	EX-OFFICIO TRUSTEE	0.08	Director	$0	$0	$0
ERIC GILER	VOTING TRUSTEE	2.5	Director	$0	$0	$0
AJEI GOPAL	VOTING TRUSTEE	0.67	Director	$0	$0	$0
THOMAS HEALY	VOTING TRUSTEE	0.0	Director	$0	$0	$0
LARRY E JENNINGS JR	VOTING TRUSTEE	2.0	Director	$0	$0	$0
KATHERINE KOHATSU	EX-OFFICIO TRUSTEE	0.96	Director	$0	$0	$0
DANIEL LAVELLE	EX-OFFICIO TRUSTEE	0.0	Director	$0	$0	$0
JOANNA LOVERING	EX-OFFICIO TRUSTEE	0.5	Director	$0	$0	$0
BRIAN OLSAVSKY	VOTING TRUSTEE	1.0	Director	$0	$0	$0
SHALINI RAY	VOTING TRUSTEE	0.97	Director	$0	$0	$0
KRISTIEANNE REED	VOTING TRUSTEE	2.0	Director	$0	$0	$0
SAM REIMAN	VOTING TRUSTEE	1.0	Director	$0	$0	$0
JEWELL RHODES	VOTING TRUSTEE	0.75	Director	$0	$0	$0
MANOJ P SINGH	VOTING TRUSTEE	2.0	Director	$0	$0	$0
LUKE SKURMAN	VOTING TRUSTEE	3.0	Director	$0	$0	$0
LIP-BU TAN	VOTING TRUSTEE	1.0	Director	$0	$0	$0
DAVID A TEPPER	VOTING TRUSTEE	3.0	Director	$0	$0	$0
THOMAS TULL	VOTING TRUSTEE	0.5	Director	$0	$0	$0
TAMARA TUNIE	VOTING TRUSTEE	1.5	Director	$0	$0	$0
DAVID BENNETT	VP FOR UNIV ADV (AS OF 2/25)	50.0	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	$2,498,102,199	$1,896,700,767	$7,636,209,610	$601,401,432
2024	No data	No data	No data	No data
2023	$1,881,828,034	$1,640,976,103	$6,841,480,872	$240,851,931
2022	$1,976,389,642	$1,513,112,668	$6,497,771,735	$463,276,974
2021	$1,962,040,329	$1,383,731,619	$6,284,436,792	$578,308,710
2020	$1,850,131,561	$1,438,488,964	$4,726,328,922	$411,642,597
2019	$1,643,363,312	$1,393,872,568	$4,402,305,882	$249,490,744
2018	$1,526,822,729	$1,335,161,953	$4,067,622,368	$191,660,776

Carnegie Mellon University