Penn’s $11.67 Billion Revenue, $4.69 Billion Healthcare Arm and $22.05 Billion Endowment Propel Total Assets to $36.74 Billion
By Data Team | Published November 4, 2026
The University of Pennsylvania’s total assets reached $36.74 billion in fiscal year 2025, anchored by a $22.05 billion standalone endowment ($24.8 billion consolidated with hospital affiliates) whose $1.01 billion annual payout covers 9.2% of the university's $11.01 billion Form 990 operating budget—and 17.2% of its $5.87 billion non-clinical academic operating budget—according to its latest IRS filing. That financial foundation enables UPenn to spend $198,177 per student on direct academic instruction, research, and student aid ($4.76 billion across 24,023 degree-seeking students)—while total program service expenditure including its embedded clinical health system reaches $412,095 per student ($9.90 billion) and total enterprise expenditure hits $458,307 per student ($11.01 billion).
UPenn’s Form 990 illustrates the financial scale of an Ivy League institution that directly operates major quaternary hospitals and faculty clinical practices alongside 12 academic schools. While student tuition and fees generate $1.89 billion ($78,709 per student), that revenue represents 16.2% of Penn's $11.67 billion total revenue. Net patient service healthcare revenue ($4.69 billion, or 40.2% of total inflows), auxiliary enterprises ($1.58 billion), federal and private grants ($1.99 billion), realized investment income ($902.7 million), and intellectual property royalties ($564.2 million) power the university's operating model.
Clinical, research, and endowment inflows insulate undergraduate and graduate instruction from tuition dependence. UPenn disbursed $654.1 million in direct Form 990 Schedule I cash grants across 10,067 undergraduate and graduate financial aid recipients (41.9% of the 24,023-student body, or 58.4% including 3,971 student prize and award entries), supporting 48.7% of undergraduates with an average freshman aid package of $73,405 and expanding full-tuition grant eligibility to families earning up to $200,000 under the Quaker Commitment.
Institutional & Governance Profile
Operating under its formal corporate title, Trustees of the University of Pennsylvania (EIN 23-1352685), UPenn is domiciled in Philadelphia, Pennsylvania, with executive offices at College Hall and 3451 Walnut Street. Tracing its origins to a charity school founded in 1740 and chartered as a college in 1755, the university integrates 12 undergraduate, graduate, and professional schools on a contiguous West Philadelphia campus with the Hospital of the University of Pennsylvania (HUP), the Clinical Practices of the University of Pennsylvania (CPUP), and the broader University of Pennsylvania Health System (UPHS).
Institutional Scale and Board Structure
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Founding & Workforce Scale: Founded in 1740, UPenn issued 63,003 Form W-2s in calendar year 2024, filed 10,630 Form 1096 vendor returns, retained 798 independent contractors earning over $100,000, and engaged 29,873 alumni and community volunteers.
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Academic & Research Footprint: A 5,827-member faculty (alongside 1,392+ postdoctoral fellows and 6,430 academic support staff and graduate trainees across 209 research centers) instructs 24,023 degree-seeking students—comprising 10,013 undergraduates and 14,010 graduate and professional students—across 12 schools, generating $2.18 billion in FY25 R&D expenditures.
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Executive Leadership: President J. Larry Jameson (appointed permanent President March 13, 2025) leads the university alongside Provost John Jackson, Executive VP Craig Carnaroli, Chief Investment Officer Peter Ammon, UPHS CEO Kevin Mahoney, Perelman School of Medicine Dean Jon Epstein, and VP & Secretary Medha Narvekar.
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Governing Board (Part VI): The Board of Trustees comprises 40 voting members, 38 of whom are independent (95.0% independence). The full board receives the completed Form 990 prior to filing, enforces mandatory annual conflict-of-interest disclosures, and oversees executive pay through an independent compensation committee.
Top-Line Financials
During FY25 (covering July 1, 2024 through June 30, 2025), UPenn generated $21.45 billion in gross receipts and $11.67 billion in total net revenue. Total assets expanded 7.9% to $36.74 billion while net assets rose 9.5% to $28.93 billion, split between unrestricted institutional reserves (59.6%) and donor-restricted funds (40.4%).
Balance Sheet Strength
- Total Assets $36,736,678,000 (+7.9%)
- Total Liabilities $7,802,957,000 (+2.5%)
- Total Net Assets $28,933,721,000 (+9.5%)
- Donor-Restricted Net Assets $11,677,273,000 (40.4% of Total Net Assets)
- Unrestricted Net Assets $17,256,448,000 (59.6% of Total Net Assets)
Operating Performance
- Total Revenue $11,670,540,000 (+8.6%)
- Total Expenses $11,009,921,000 (+10.1%)
- Operating Surplus $660,619,000 (-11.6%)
- Unrealized Gains (Excluded) $1,744,948,000
Note: The $660.6 million reported operating surplus reflects Form 990 realized accounting parameters; adding $1.74 billion in net unrealized investment gains and $102.4 million in other net asset changes on Part XI accounts for the full $2.51 billion expansion in UPenn's FY25 net assets.
Revenue Breakdown
Three of UPenn's four primary revenue streams expanded in FY25. Program service revenue climbed 10.8% to $8.20 billion (70.3% of total revenue)—propelled by $4.69 billion in net patient service healthcare revenues at HUP and CPUP alongside $1.89 billion in student tuition and fees and $1.58 billion in auxiliary enterprises. Contributions and grants rose 5.7% to $1.99 billion ($1.15 billion in government grants including $686.7 million from the NIH, plus $839.0 million in private gifts), and other revenue jumped 74.6% to $578.8 million on the strength of $564.2 million in commercial patent and licensing royalties. Realized investment income declined 20.5% to $902.7 million due to lower realized security sales ($364.2 million net gain on $10.15 billion in gross sales), even as unrealized portfolio appreciation surged by $1.74 billion.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue +10.8% YoY$8,199,959,237 (70.3%)
- Net Patient Service Healthcare Revenues (HUP & CPUP) $4,692,096,000
- Tuition & Fees $1,890,577,000
- Auxiliary Enterprises ($1.56B Related / $13.5M Unrelated) $1,575,805,000
- Other Program Service Revenues $41,481,237
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Contributions & Grants +5.7% YoY$1,989,116,000 (17.0%)
- Government Grants ($686.7M from NIH; $589.5M to Perelman Med) $1,150,145,000
- Private Philanthropy & Fundraising Events ($313,955 Event Gifts) $838,971,000
- Noncash Gifts Included Above (1,239 Securities Gifts, 4 Art Works, Equipment) $66,433,685
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Investment Income -20.5% YoY$902,686,000 (7.7%)
- Dividends, Interest & Other Investment Income $538,116,599
- Realized Net Capital Gains ($10.15B Gross Securities Sales) $364,235,000
- Tax-Exempt Bond Proceeds Income $334,401
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Other Revenue +74.6% YoY$578,778,763 (5.0%)
- Intellectual Property Royalties (Biotech & Commercialization) $564,215,000
- Net Rental Income ($14.51M Real / $15K Personal) & Net Event Income ($43.8K) $14,563,763
Endowment Performance and Asset Allocation
UPenn’s Office of Investments manages the Associated Investments Fund (AIF), which houses the university’s $22.05 billion standalone endowment ($24.8 billion consolidated with UPHS hospital endowments after a 12.2% FY25 return) within $26.63 billion in total balance sheet cash and securities ($23.68 billion in long-term securities plus $2.96 billion in cash and temporary investments). Venture capital, private equity, and alternative partnerships ($14.80 billion) plus real estate ($2.27 billion) represent 64.1% of total cash and investment holdings (72.1% of the $23.68 billion securities portfolio).
To execute its global alternative strategy, UPenn holds $10.82 billion in foreign-domiciled investment vehicles reported on Schedule F—including $8.51 billion in Central America and the Caribbean, $1.77 billion in Europe, $494.8 million in Sub-Saharan Africa, $43.3 million in North America, and $11.4 million in East Asia and the Pacific—and generates $76.0 million in gross unrelated business revenue ($46.6 million net unrelated business taxable income on Form 990-T). Because UPenn holds $918,053 in standalone endowment assets per student across 24,023 students, it is subject to the federal IRC Section 4968 endowment excise tax (Part V, Line 16).
Portfolio Performance & Asset Allocation ($26.63B Cash & Investments / $23.68B Securities Portfolio)
Part X & Schedule D, Part VII Allocation
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Endowment Balance (EOY): $22,054,389,619 (+10.9% YoY), representing $918,053 per enrolled student across 24,023 degree-seeking students ($24.8B consolidated with UPHS hospitals).
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Net Investment Gains: $2,364,656,405 in Schedule D endowment investment earnings (+77.2% YoY from $1.33B in FY24).
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Alternative & Offshore Capital: 72.3% of long-term investment securities ($17.13B of $23.68B) sit in venture capital, private equity, real estate, and subsidiary investments, with $10.82B domiciled in offshore vehicles ($8.51B in Central America and the Caribbean).
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Total Payout & Budget Coverage: $1,009,682,806 (+5.9% YoY), funding 9.2% of Form 990 total expenses ($11.01B including clinical healthcare), 17.2% of non-clinical academic university operating expenses ($5.87B), and 21.2% of direct academic program expenses ($4.76B).
Detailed Asset Mix ($26.63B Total Cash & Securities Holdings)
5-Year Endowment History
Schedule D, Part V traces the five-year expansion of UPenn’s standalone endowment from a $13.14 billion opening balance in FY21 to $22.05 billion at the close of FY25 (+67.8% over five years). Across that five-year window, the endowment received $4.18 billion in donor contributions and board transfers alongside $9.06 billion in net investment earnings—anchored by a $5.15 billion post-pandemic surge in FY21 and $2.36 billion in FY25 investment gains. Over the same period, the endowment distributed $4.33 billion to support academic programs, financial aid, faculty chairs, and campus facilities. At year-end FY25, the portfolio consisted of 7,978 donor-restricted endowment funds (48.17% permanent endowment) and 1,008 board-designated quasi-endowment funds (51.83% quasi-endowment).
FY25 Endowment Waterfall (Schedule D, Part V)
Visualizing the bridge from Beginning of Year (1a) to End of Year (1g) in billions.
5-Year Historical Endowment Balances (Line 1g)
End of year balance progression in billions (FY21 - FY25).
| IRS Line Item | FY25 (Current) | FY24 (Prior) | FY23 (2 Yrs Back) | FY22 (3 Yrs Back) | FY21 (4 Yrs Back) |
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| 1a. Beginning of year | $19,890,542,921 | $18,596,655,091 | $18,363,243,902 | $18,125,504,928 | $13,143,906,966 |
| 1b. Contributions | $808,873,099 | $912,703,488 | $865,895,325 | $1,068,074,055 | $522,077,029 |
| 1c. Net investment earnings | $2,364,656,405 | $1,334,231,366 | $251,536,764 | ($44,134,178) | $5,154,234,442 |
| 1d. Grants or scholarships | $0 | $0 | $0 | $0 | $0 |
| 1e. Other expenditures | ($1,009,682,806) | ($953,047,024) | ($884,020,900) | ($786,200,903) | ($694,713,509) |
| 1f. Administrative expenses | $0 | $0 | $0 | $0 | $0 |
| 1g. End of year balance | $22,054,389,619 | $19,890,542,921 | $18,596,655,091 | $18,363,243,902 | $18,125,504,928 |
Per-Student Spending and True Cost
Evaluating per-student expenditure at UPenn requires isolating its direct academic program services from its massive clinical healthcare delivery arm. On Form 990 Part III (Line 4a), UPenn reports $4,760,797,187 in direct program service expenses for Education, Research, and Public Charity across its 24,023 degree-seeking students (10,013 undergraduates and 14,010 graduate and professional students). That equates to $198,177 per student in direct academic program spend ($170,173 net per student excluding $672.7 million in Line 4a grants).
By comparison, baseline tuition and fee revenue (Part VIII, Line 2a) totals $1,890,577,000, or $78,709 per student—covering 39.7% of direct academic program costs and leaving a $119,468 per-student academic subsidy bridged by endowment payouts ($1.01 billion), federal and private research grants ($1.99 billion), and patent royalties ($564.2 million). Even when adding $1.58 billion in auxiliary enterprise revenues and $41.5 million in other program revenues, total Line 4a academic program revenue ($3.51 billion, or $146,021 per student) trails direct academic program spend by $1.25 billion ($52,156 per student). When incorporating UPenn's second major program service pillar—Patient Care ($5,138,960,683 in expenses on Line 4b)—total university program service spending (Line 4e) reaches $9,899,757,870 ($412,095 per student), while overall enterprise expenditure including $968.4 million in management overhead and $141.8 million in fundraising reaches $11,009,921,000 ($458,307 per student).
Operations vs. Revenue
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Regular Session Academic Program Spend (Part III, Line 4a): $4,760,797,187 across 24,023 undergraduate and graduate students ($198,177 gross direct academic spend per student; $170,173 net excluding $672.7M in Line 4a grants).
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Total Program Service & Enterprise Spend (Part III, Line 4e & Part IX): $9,899,757,870 in total program services ($412,095 per student across academic, research, and clinical divisions) and $11,009,921,000 in overall institutional spend ($458,307 per student).
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Tuition & Fee Revenue Coverage: $1,890,577,000 ($78,709 per student before financial aid discounts), covering 39.7% of direct academic program expenditure. Endowment distributions, sponsored research grants, and royalty streams subsidize the remaining $119,468 per-student academic gap.
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Patient Care & Medical Supplies (Part III, Line 4b & Part IX, Line 24a): $5,138,960,683 in clinical patient care expenses ($4,692,096,000 in net patient service revenue), including $1,667,968,000 in medical supplies (15.1% of total university expenses) and $480.5M in net Schedule H community benefits.
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Libraries, Museums & Global Operations (Schedule D & Schedule F): 16 university libraries led by the Van Pelt-Dietrich Library Center, over 8,000 artworks in the Penn Art Collection, the Penn Museum of Archaeology and Anthropology, the Institute of Contemporary Art, and $54.4M in overseas academic, clinical trial, and field research expenditures across 8 global regions.
Financial Aid: How UPenn Deploys $654.1M in Student Support
UPenn maintains need-blind undergraduate admissions for U.S. citizens and permanent residents across its four undergraduate schools, meeting 100% of demonstrated financial need exclusively through loan-free grants and work-study. In November 2024, the university launched the Quaker Commitment, eliminating primary home equity from financial aid calculations, guaranteeing full tuition, room, board, and expenses for families earning under $75,000, and expanding full-tuition grant coverage to families earning up to $200,000 with typical assets. In FY25, Penn’s average freshman financial aid package rose 3.8% to $73,405 (up 147% since grant-based aid began in FY08), and the Board of Trustees approved a $328 million undergraduate financial aid budget for 2025–26 (+6.4% YoY).
On Form 990 Schedule I (Part III), UPenn reports $654,119,575 in direct grants to domestic students—comprising $266,065,078 across 4,881 undergraduate students (48.7% of its 10,013 degree-seeking undergraduates), $373,646,084 across 5,186 graduate and professional students (37.0% of its 14,010 graduate students), and $14,408,413 in student prizes and awards across 3,971 recipients. Combined direct undergraduate and graduate financial aid recipients total 10,067 students (41.9% of the 24,023-student body), or 14,038 award recipients (58.4%) when including student prizes and awards, alongside multi-year PhD fellowships and assistantships.
Internal Student Support (Schedule I, Part III)
- Aided Student Share (Undergrad + Grad Aid) 41.9% (10,067 students)
- Undergraduate / Graduate Aid Rate 48.7% Undergrad / 37.0% Grad
- Undergraduate Financial Aid (4,881 recipients) $266,065,078 ($73,405 freshman avg.)
- Graduate Financial Aid (5,186 recipients) $373,646,084 ($72,049 avg.)
- Total Domestic Student Cash Grants (incl. $14.4M Prizes) $654,119,575 (14,038 awards)
The Quaker Commitment & External Grants
- Quaker Commitment Expansion ($328,000,000 AY25-26 Budget) Eliminates home equity from aid formulas, covers full tuition for families earning up to $200,000, and covers full tuition, room, and board for families below $75,000 without loans.
- Domestic, Foreign & Research Sub-Award Grants ($180,863,731) Includes $18,845,690 in Schedule I domestic organizational grants (plus $729,306 across 10 Donor Advised Funds), $2,651,499 in Schedule F foreign grants across 43 institutions and 81 individual award lines, and $159,366,542 in research sub-awards across 342 domestic institutions.
Executive and Investment Team Compensation
UPenn’s Schedule J disclosures span 47 senior executives, deans, health system leaders, and clinical surgeons, reflecting the intersection of university administration, institutional endowment management, and quaternary academic medicine. The university’s highest-compensated employee in FY25 was President J. Larry Jameson ($8,043,343 total compensation, including $2,581,284 in base pay, $1,700,000 in bonus, $1,178,234 in other reportable pay including $1,056,307 in vested prior deferred pay, and $2,544,750 in retirement and SERP accruals), followed by Chief Investment Officer Peter Ammon ($7,146,396, including a $3,902,529 performance bonus and $2,008,670 in deferred retirement accruals), former President M. Elizabeth Magill ($4,457,767), Executive Vice President Craig Carnaroli ($4,393,060), and UPHS CEO Kevin Mahoney ($3,329,164).
Clinical surgical leaders also ranked among Penn's top earners, led by UPHS Executive VP & CAO Keith Kasper ($3,000,310), neurosurgeon Daniel Yoshor ($2,944,312), CHOP Surgeon-in-Chief N. Scott Adzick ($2,813,930), plastic surgeon Jesse Taylor ($2,461,243), and neurosurgeons Paul Marcotte ($2,352,966) and William Welch ($2,283,968)—noting on Schedule J Part III that CHOP reimburses the university for the clinical portion of joint pediatric faculty salaries. Because UPenn pays over $1 million to covered executives and physicians, it is subject to the federal IRC Section 4960 21% excise tax (Part V, Line 15).
Payroll Scale and Compensation Governance
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Total Institutional Payroll: UPenn expended $5,886,033,000 in total salaries, wages, pensions, and benefits in FY25 (+9.2% YoY, representing 53.5% of all university expenses) across 63,003 W-2 employees, with 14,593 staff members earning over $100,000.
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Board Compensation & SERP Governance (Schedule J, Part III): An independent Board Compensation Committee approves all executive and disqualified-person pay using external comparability benchmarks. Penn administers three Supplemental Executive Retirement Plans (University SERP, Discretionary Retention SERP, and UPHS/CPUP SERP) with 3- to 10-year vesting schedules; FY25 discretionary SERP distributions included $2,573,248 for Peter Ammon, $2,424,990 for Craig Carnaroli, $632,635 for J. Larry Jameson, and $283,442 for M. Elizabeth Magill.
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Presidential Residence & Executive Loans (Schedule J & Schedule L): The President is required to live in an on-campus residence maintained by the university as a condition of employment. Under Schedule L, Part II, UPenn holds $4,569,061 in board-approved special employee loans across five leaders: former President Amy Gutmann ($3,756,561), VP Felicia Washington ($280,000), Law Dean Sophia Z. Lee ($245,000), Annenberg Dean Sarah Banet-Weiser ($165,000), and GSE Dean Katharine O. Strunk ($122,500).
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Form 990, Schedule J, Part II: Compensation Breakdown — All 47 Listed Individuals (FY25)
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| Name & Title (A) | Base Comp (B-i) | Bonus (B-ii) | Other (B-iii) | Retirement & Deferred (C) | Nontaxable Benefits (D) | Total (E) | Prior Deferred (F) |
| J. Larry Jameson, Dr.Trustee & President (as of 3/13/25) | $2,581,284 | $1,700,000 | $1,178,234 | $2,544,750 | $39,075 | $8,043,343 | $1,056,307 |
| Peter AmmonChief Investment Officer | $1,219,480 | $3,902,529 | $450 | $2,008,670 | $15,267 | $7,146,396 | $2,381,623 |
| M. Elizabeth MagillFormer President | $1,515,057 | $609,000 | $2,086,232 | $211,125 | $36,353 | $4,457,767 | $0 |
| Craig CarnaroliExecutive Vice President | $1,107,047 | $250,000 | $2,427,020 | $581,856 | $27,137 | $4,393,060 | $2,038,011 |
| Kevin MahoneyCEO, UPHS | $1,880,100 | $1,029,800 | $44,887 | $352,800 | $21,577 | $3,329,164 | $0 |
| Keith KasperExec. VP & CAO, UPHS | $1,004,092 | $1,531,258 | $227,425 | $218,400 | $19,135 | $3,000,310 | $189,584 |
| Daniel Yoshor, MDNeurosurgery | $1,426,293 | $808,060 | $618,862 | $50,500 | $40,597 | $2,944,312 | $0 |
| N. Scott Adzick, MDCHOP Surgery | $1,342,362 | $0 | $1,413,455 | $34,500 | $23,613 | $2,813,930 | $0 |
| Jesse Taylor, MDCHOP Plastic Surgery | $1,492,680 | $0 | $904,546 | $34,500 | $29,517 | $2,461,243 | $0 |
| Paul Marcotte, MDNeurosurgery | $1,461,903 | $7,500 | $838,959 | $34,500 | $10,104 | $2,352,966 | $0 |
| William Welch, MDNeurosurgery | $1,455,232 | $0 | $753,265 | $34,500 | $40,971 | $2,283,968 | $0 |
| Jon Epstein, MDExec. VP & Dean, Med School (as of 3/1/25) | $586,851 | $517,292 | $816,434 | $34,500 | $23,908 | $1,978,985 | $0 |
| Deborah A. Driscoll, MDSVP CPUP, Vice Dean PSOM | $552,488 | $670,204 | $479,127 | $34,500 | $1,409 | $1,737,728 | $0 |
| Michelle VolpeSVP & CEO, UPHS | $861,252 | $414,596 | $206,608 | $0 | $12,018 | $1,494,474 | $176,800 |
| Regina CunninghamCEO, HUP | $836,741 | $404,671 | $201,366 | $0 | $18,972 | $1,461,750 | $166,360 |
| James HussonVP Dev. & Alumni Rel. (thru 3/3/25) | $1,030,002 | $214,172 | $1,324 | $104,026 | $39,337 | $1,388,861 | $0 |
| John Jackson, PhDProvost | $907,319 | $245,863 | $1,035 | $91,003 | $7,630 | $1,252,850 | $0 |
| Wendy WhiteSVP & General Counsel | $901,767 | $196,254 | $62,671 | $34,500 | $28,323 | $1,223,515 | $0 |
| David AschSVP Strategic Initiatives | $626,680 | $225,806 | $163,116 | $34,500 | $37,835 | $1,087,937 | $0 |
| Medha NarvekarVP & Secretary | $685,638 | $168,120 | $3,810 | $69,215 | $25,689 | $952,472 | $0 |
| Julia PuchtlerSVP & CFO, UPHS | $579,435 | $183,820 | $90,176 | $70,700 | $19,516 | $943,647 | $66,211 |
| Thomas MurphySVP ISC & CIO | $630,954 | $160,000 | $1,980 | $63,750 | $39,788 | $896,472 | $0 |
| Christopher MasottiVice Dean, Administration PSOM | $514,158 | $213,421 | $1,340 | $34,500 | $64,473 | $827,892 | $0 |
| John SestitoVP & Executive Director, CPUP | $395,474 | $164,160 | $241,816 | $0 | $18,762 | $820,212 | $216,549 |
| Anne PapageorgeSenior VP Facilities & Real Estate | $585,592 | $145,000 | $1,980 | $59,175 | $19,582 | $811,329 | $0 |
| Kathryn GriffoVP Dev. & Alumni Rel. (as of 4/1/25) | $546,149 | $146,489 | $1,980 | $34,500 | $80,067 | $809,185 | $0 |
| Amy GutmannFormer President | $252,016 | $0 | $501,912 | $33,866 | $6,496 | $794,290 | $0 |
| Mark DingfieldVP Finance & Treasurer | $578,794 | $125,000 | $450 | $58,575 | $21,484 | $784,303 | $0 |
| Joann MitchellSVP for Institutional Affairs | $557,507 | $116,363 | $25,829 | $34,500 | $19,549 | $753,748 | $0 |
| Trevor LewisVP Budget & Management Analysis | $478,850 | $107,500 | $1,290 | $49,000 | $37,694 | $674,334 | $0 |
| Jeffrey CooperVP Govt. & Community Relations | $500,917 | $85,396 | $22,855 | $0 | $31,018 | $640,186 | $0 |
| Michael CitroVP & Chief of Staff | $463,117 | $97,027 | $300 | $47,052 | $23,156 | $630,652 | $0 |
| John J. HeuerFormer SVP Human Resources | $356,170 | $134,385 | $20,753 | $43,600 | $41,948 | $596,856 | $0 |
| Wendell PritchettFormer Provost | $444,575 | $0 | $83,295 | $34,500 | $32,681 | $595,051 | $0 |
| Stacey LopezVP Institutional Research | $441,697 | $76,231 | $1,290 | $44,432 | $17,487 | $581,137 | $0 |
| Gregory PellicanoVP Audit, Compliance & Privacy | $384,585 | $85,000 | $2,030 | $39,400 | $43,965 | $554,980 | $0 |
| Elizabeth JohnstonFormer Exec. Director, CPUP | $517,211 | $0 | $7,831 | $0 | $12,084 | $537,126 | $0 |
| Charles HowardVP Social Equity & Comm., Chaplain | $325,406 | $65,000 | $8,676 | $33,975 | $80,136 | $513,193 | $0 |
| Anna CowenhovenVP Communications (thru 8/1/24) | $287,156 | $92,767 | $60,814 | $32,737 | $25,483 | $498,957 | $0 |
| Russell DiLeoComptroller | $352,718 | $72,000 | $1,290 | $35,507 | $36,513 | $498,028 | $0 |
| Kathleen AndersonVP for Public Safety | $313,345 | $72,371 | $426 | $32,400 | $32,168 | $450,710 | $0 |
| Marie WittFormer VP Business Services | $263,207 | $111,500 | $19,645 | $31,650 | $18,646 | $444,648 | $0 |
| Felicia WashingtonVP Human Resources (as of 10/1/24) | $139,915 | $25,000 | $142,356 | $12,812 | $6,203 | $326,286 | $0 |
| Gregory RostFormer SVP & Chief of Staff | $225,604 | $0 | $3,406 | $22,949 | $12,048 | $264,007 | $0 |
| Stephen J. MacCarthyFormer VP Communications | $214,583 | $0 | $31,551 | $10,729 | $0 | $256,863 | $0 |
| Michael ScalesVP Business Services | $215,986 | $0 | $753 | $18,750 | $4,913 | $240,402 | $0 |
| Peter QuinnFormer SVP, Vice Dean, Prof SR | $102,691 | $0 | $1,508 | $11,074 | $23,745 | $139,018 | $0 |
Facilities, Debt, and Municipal Relations
Through its 19-year Penn Connects land-use strategy in West Philadelphia, UPenn has coordinated more than $7.5 billion in public and private campus investment since 2006 ($3.6 billion by Penn, $2.7 billion by Penn Medicine, and $1.2 billion in third-party development), adding 9.1 million square feet of new construction, 3.8 million square feet of renovated space, and 30 acres of open space including the 14-acre Penn Park and the 23-acre Pennovation Works incubator. Rather than drawing down endowment principal for capital construction, Penn finances campus expansion through philanthropy, Pennsylvania Higher Educational Facilities Authority (PHEFA) tax-exempt bonds, and taxable institutional debt.
As Philadelphia's largest private employer, UPenn’s municipal fiscal footprint combines direct voluntary public education contributions, Schedule I domestic grants ($18.85 million), and substantial tax and community health outlays. Anchoring its town-gown relationship is Penn's $100 million, 10-year commitment ($10 million annually, launched in FY21) to the School District of Philadelphia—the largest voluntary contribution in the city's history—funding environmental hazard remediation (asbestos and lead) across 296 public school buildings, alongside $1 million in annual support to the Penn Alexander and Henry C. Lea elementary schools in West Philadelphia.
Capital Debt & Municipal Engagement
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Physical Plant & FY25 Completions: UPenn holds $14.61 billion in gross land, buildings, and equipment ($7.68 billion net book value after $6.93 billion in accumulated depreciation), recording $412.5 million in occupancy costs, $477.3 million in depreciation, and $408 million in non-health system FY25 capital spend across Amy Gutmann Hall (LEED Gold), Vagelos Laboratory for Energy Science and Technology (LEED Platinum), the Ott Center for Track & Field (LEED Silver), and the $1.6B Clifton Center for Medical Breakthroughs.
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Tax-Exempt Bonds & Institutional Debt (Schedule K & Schedule D): The university carries $2.54 billion in tax-exempt bond liabilities (including the $301.1 million PHEFA Series A 2025 bonds issued in February 2025 and $100.0 million in 2024 commercial paper for Quad renovations), $862.8 million in taxable bond liabilities, and $91.9 million in secured mortgages, paying $102.3 million in FY25 interest expense.
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Schedule I Town-Gown PILOT Payments, Taxes & Community Impact: Alongside $18.85M in Schedule I domestic grants, Penn funds its $100M ($10M/year) School District of Philadelphia environmental remediation pledge, $1M/year for Penn Alexander and Henry Lea elementary schools, $6M+/year in Penn GSE district partnerships, $240.3M in Other Taxes (Part IX, Line 24b), $480.5M in net Schedule H community health benefits ($425.8M in charity and underfunded Medicaid care), and $467M in direct Philadelphia vendor procurement—supporting 1 in 7 Philadelphia jobs and generating $1 of every $8 in city tax revenue.
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Top Construction Contractors: All five of UPenn's highest-compensated independent contractors (among 798 contractors paid over $100,000) were construction and real estate firms: P. Agnes Inc. ($43.46M), Gilbane Building Company ($42.61M), L.F. Driscoll Company LLC ($39.14M), uCity Square One Owner LLC ($36.09M), and INTECH Construction LLC ($24.25M).
Editorial Note
All financial figures in this report derive from the Trustees of the University of Pennsylvania’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across 24,023 degree-seeking students—10,013 undergraduates and 14,010 graduate and professional students) and have been verified by the data team.
While UPenn expends $198,177 per student on direct academic instruction, research, and student aid ($412,095 per student across all university program services including patient care and $458,307 per student in total enterprise expenditure), Chicardgo School does not imply that financial expenditure mathematically causes specific postgraduate earnings or admissions outcomes. Rather, these capital resources fund the research laboratories, loan-free Quaker Commitment financial aid packages, and faculty ratios that operate alongside UPenn’s student selectivity.
Accounting Reconciliation: Readers comparing UPenn’s PwC-audited consolidated GAAP financial statements to IRS Form 990 will note three structural accounting differences. First, Form 990 reports $11.01B in total expenses by recording $675.6M in grants ($654.1M in domestic student financial aid) as an operating expense and reporting gross tuition and fees ($1.89B), whereas GAAP financial statements net student aid directly against gross tuition as a contra-revenue discount (and under ASC 606, $93.3M in clinical implicit price concessions is netted against patient service revenue while $9.02M in academic bad debt is expensed on Part IX, Line 24d). Second, per Part IV (Lines 12a–12b) and Schedule H Part VI, UPenn’s consolidated GAAP statements combine the University with all controlled hospital entities across the University of Pennsylvania Health System (UPHS)—including Pennsylvania Hospital, Penn Presbyterian Medical Center, Chester County Hospital, Lancaster General Health, Princeton Health, and Doylestown Health (affiliated April 1, 2025)—whereas this Form 990 represents the standalone legal filing of the Trustees of the University of Pennsylvania (which directly operates the 727-bed Hospital of the University of Pennsylvania [HUP] and the Clinical Practices of the University of Pennsylvania [CPUP], capturing $4.69B in patient care revenue, $5.14B in patient care expenses, and $22.05B of the $24.8B consolidated endowment, while separately incorporated hospital affiliates file separate returns). Third, Form 990 Part VIII captures only realized investment income ($902.7M), excluding $1.74B in net unrealized investment gains reported on Part XI, and classifies $159.4M in research sub-awards across 342 institutions as contracted research services rather than Schedule I grants.
Frequently Asked Questions: UPenn's Form 990 Financials
As of Fiscal Year 2025, the University of Pennsylvania reports a standalone Form 990 endowment balance of $22.05 billion ($22,054,389,619), up 10.9% year-over-year across 7,978 donor-restricted funds and 1,008 board-designated quasi-endowment funds (while consolidated university and hospital endowment assets reached $24.8 billion). Its $1.01 billion ($1,009,682,806) annual payout covers 9.2% of UPenn's $11.01 billion total Form 990 operating budget—and 17.2% of its $5.87 billion non-clinical academic operating budget (21.2% of direct academic program expenses).
UPenn spends $198,177 per student annually on direct academic program services—education, research, and student aid ($4.76 billion across 24,023 degree-seeking students)—compared to $78,709 per student collected in baseline tuition and fees ($1.89 billion). When incorporating the $5.14 billion in patient care services operated within the university corporate entity, total program service spending reaches $412,095 per student ($9.90 billion), while total enterprise expenditure reaches $458,307 per student ($11.01 billion).
On Form 990 Schedule I, UPenn disbursed $654.1 million ($654,119,575) in direct student cash grants and awards in FY25, comprising $266.1 million across 4,881 undergraduate recipients (48.7% of undergraduates, with a $73,405 average freshman aid package), $373.6 million across 5,186 graduate recipients (37.0% of graduate students), and $14.4 million across 3,971 student prize and award recipients. Direct financial aid recipients total 10,067 students (41.9% of the 24,023-student body, or 58.4% including student prize/award entries).
The highest-paid employee in FY25 was President J. Larry Jameson, who received $8,043,343 in total compensation (including $2,581,284 in base pay, $1,700,000 in bonus, $1,178,234 in other reportable pay, and $2,544,750 in retirement and deferred compensation), followed by Chief Investment Officer Peter Ammon at $7,146,396 and former President M. Elizabeth Magill at $4,457,767.
Yes. With $918,053 in standalone Form 990 endowment assets per student across 24,023 degree-seeking students, UPenn exceeds the $500,000 per-student statutory threshold and confirmed on Form 990 Part V (Line 16) that it is subject to the federal IRC Section 4968 excise tax on net investment income.
The University of Pennsylvania's total assets reached $36.74 billion ($36,736,678,000) in Fiscal Year 2025, anchored by $23.68 billion in investment securities ($17.13 billion in alternative and other securities plus $6.55 billion in publicly traded securities), $2.96 billion in cash and short-term investments, and $7.68 billion in net physical plant.
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