Form 990 for tax year 2023

Totals

Total revenue

$651,047,384

Total expenses

$635,018,020

Contributions and grants received

$238,444,007

Grants paid

$74,142,916

Program service revenue

$405,992,716

Investment income

-$269,420

Other revenue

$6,880,081

Total assets, end of year

$966,604,917

Total liabilities, end of year

$700,277,696

Net assets or fund balances, end of year

$266,327,221

Program services expenses (Part IX)

$624,037,932

Management and general expenses

$10,980,088

Fundraising expenses

$0

Program service expenses (Part III)

$624,037,932

Program services were 98.3% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Mission and programs · 2023

• The University of Louisville Research Foundation houses financial activity related to services provided by the UofL Health Sciences Center and over 1,200 physician faculty within the University's School of Medicine. The faculty at the School of Medicine staff 260 clinics over a multi-state region and provided the following services during the fiscal year: - Added 146 new providers and 15 new locations to serve the local community and the Commonwealth; - Treatment provided in over 2.5 million separate patient visits; and - Added more than 119,000 new patients to the UofL Health System. The University has an academic affiliation agreement with UL Health for the purpose of advancing the University's academic, education and research missions, providing quality patient care regardless of ability to pay and assurance that state-of-the-art facilities will be available for providing healthcare to patients. University employees, residents and students provide medical care utilizing UL Health run facilities, in return, UL Health receives revenues for the services provided. UL Health provides support to the University through ULRF by funding for salaries, benefits and insurance coverage, annual academic support and annual departmental/administrative support pursuant to the terms of the master support and services agreement. Additionally, ULRF works with other area hospitals by providing support services, such as residents and other staff.

  Expenses $387,941,603 · Grants $3,766 · Revenue $400,543,367

• The University of Louisville Research Foundation (ULRF) continued its mission of conducting groundbreaking research in the 2023-2024 fiscal year, securing over $188 million to drive innovation and address critical societal challenges. This significant investment, comprising 906 awards totaling $188.3 million, fuels important research across key areas, including health, workforce development, and engineering. Federal agencies recognized ULRF's leadership with $113.5 million in direct funding, complemented by an additional $32.9 million in federal flowthrough. Support from industry ($13.3 million), non-profits ($8.1 million), and the Commonwealth of Kentucky ($18.4 million) further underscores the diverse partnerships fueling ULRF's research engine. Transforming Healthcare: A landmark $7.9 million grant from the U.S. Army Medical Research Acquisition Activity (USAMRAA) is powering the first U.S. clinical trial investigating a novel intravenous stem cell therapy for heart failure, utilizing umbilical cord-derived cells. This pioneering work exemplifies ULRF's commitment to advancing treatment options for critical health conditions. Strengthening Healthcare Access: Addressing projected physician shortages, ULRF secured $4 million in the first year of a $16 million HRSA grant to bolster primary care physician training and support, directly impacting healthcare access in underserved areas. Leading Biodefense and Pandemic Preparedness: The University's Regional Biocontainment Laboratory (RBL) received $2.9 million from the National Institute of Allergy and Infectious Diseases (NIAID). As one of only 11 such facilities nationwide, the RBL at the Center for Predictive Medicine provides crucial expertise and infrastructure for developing therapeutics against serious pathogens, vital for national security and public health. Advancing Spinal Cord Injury Research and Care: A $2 million investment will expand the Spinal Cord Injury Neuromodulation and Translational Recovery Institute at the Frazier Rehab Institute. This expansion builds upon the internationally recognized Kentucky Spinal Cord Injury Research Center (KSCIRC), facilitating the translation of cutting-edge research into enhanced treatment for both adult and pediatric spinal cord injuries. Building a Resilient and Equitable Louisville: ULRF is actively engaged in community impact through two Louisville Metro Government grants. The Louisville Trauma Resilient Communities Healing Project will foster resilience and equity for vulnerable youth and families, addressing the impact of trauma and violence in west and south Louisville. Simultaneously, a digital literacy train-the-trainer program will empower residents with essential digital skills, promoting economic opportunity and inclusion. Additional Notable Awards: The fiscal year also saw significant funding for projects focused on developing innovative treatments for eating disorders (NIH), advancing spinal cord injury research (HRSA), and enhancing digital literacy within the Louisville community (Louisville Metro Government). These accomplishments underscore the University of Louisville Research Foundation's unwavering commitment to impactful research that advances knowledge, improves lives, and strengthens our community and nation.

  Expenses $158,578,543 · Revenue $5,433,481

• The University of Louisville Research Foundation provides funding for student scholarships at the University of Louisville. During the fiscal year, the organization provided $74.1 million in funds to 13,220 students attending the University.

  Expenses $74,139,150 · Grants $74,139,150

• The University of Louisville Research Foundation provides multiple opportunities for conferences, training, and continuing education activities for medical and other professionals established in their fields.

  Expenses $3,378,636 · Revenue $5,985,413

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

• UNIVERSITY OF LOUISVILLE

  EDUCATION · KY

  Directly controlled by NA

• UNIVERSITY OF LOUISVILLE ATHLETIC ASSOCIATION INC

  501(c)(3) · EDUCATION · KY

  Directly controlled by UNIVERSITY OF LOUISVILLE

• UNIVERSITY PHYSICIANS GROUP INC

  501(c)(3) · MEDICAL CARE · KY

  Directly controlled by UNIVERSITY OF LOUISVILLE

• UNIVERSITY OF LOUISVILLE MEDICAL SCHOOL PRACTICE ASSOC

  501(c)(3) · MEDICAL CARE · KY

  Directly controlled by UNIVERSITY OF LOUISVILLE

• UNIVERSITY MEDICAL CENTER INC

  501(c)(3) · MEDICAL CARE · KY

  Directly controlled by UNIVERSITY OF LOUISVILLE

Provenance

Return type

form_990

Tax year

2023

Filed

15 May 2025

IRS schema version

2023v6.0

Source object

202511359349309896

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