Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1a · Federated campaigns

  $182,916

• 1c · Fundraising events

  $28,977

• 1e · Government grants (contributions)

  $284,534,327

• 1f · All other contributions, gifts and grants

  $386,813,969

• 1g · Noncash contributions included above

  $52,211,664

• 2a · Program service revenue: TUITION & FEES

  total $675,590,693 · related or exempt $675,590,693

• 2b · Program service revenue: RESIDENCE

  total $54,691,627 · related or exempt $54,691,627

• 2c · Program service revenue: DINING HALLS

  total $33,671,558 · related or exempt $33,671,558

• 2d · Program service revenue: BOOKSTORE

  total $10,979,687 · related or exempt $10,661,472 · unrelated business $318,215

• 2e · Program service revenue: HEALTH SERVICES

  total $10,713,067 · related or exempt $10,713,067

• 2f · All other program service revenue

  total $98,601,137 · related or exempt $98,188,051 · unrelated business $413,086

• 3 · Investment income

  total -$180,119,525 · unrelated business -$1,441,678 · excluded -$178,677,847

• 4 · Income from investment of tax-exempt bond proceeds

  total $2,109,018 · excluded $2,109,018

• 5 · Royalties

  total $595,153 · excluded $595,153

• 6c · Rental income or loss

  real property $0 · personal property $0

• 6d · Net rental income or loss

  total $0

• 7a · Gross sales of assets other than inventory

  securities $2,275,111,291 · other assets $785,001

• 7b · Less cost or other basis and sales expenses

  securities $2,067,129,415 · other assets $1,321,336

• 7c · Gain or loss

  securities $207,981,876 · other assets -$536,335

• 7d · Net gain or loss

  total $207,445,541 · excluded $207,445,541

• 8a · Fundraising events: gross income

  $15,079

• 8a · Fundraising events: contributions included on line 1c

  $28,977

• 8b · Fundraising events: direct expenses

  $128,407

• 8c · Net income from fundraising events

  total -$113,328 · excluded -$113,328

• 9a · Gaming: gross income

  $0

• 9b · Gaming: direct expenses

  $0

• 9c · Net income from gaming

  total $0

• 10a · Gross sales of inventory

  $0

• 10b · Cost of goods sold

  $0

• 10c · Net income from sales of inventory

  total $0

• 11e · Other revenue, total

  $0

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $47,560,968 · program services $47,560,968

• 2 · Grants to domestic individuals

  total $336,870,135 · program services $336,870,135

• 3 · Grants to foreign organizations and individuals

  total $2,756,530 · program services $2,756,530

• 4 · Benefits paid to or for members

  total $0

• 5 · Compensation of officers, directors and key employees

  total $11,814,394 · program services $2,845,767 · management and general $7,074,174 · fundraising $1,894,453

• 6 · Compensation of disqualified persons

  total $462,552 · program services $111,416 · management and general $276,965 · fundraising $74,171

• 7 · Other salaries and wages

  total $515,238,349 · program services $439,060,872 · management and general $53,553,962 · fundraising $22,623,515

• 8 · Pension plan contributions

  total $36,338,012 · program services $30,583,461 · management and general $4,105,873 · fundraising $1,648,678

• 9 · Other employee benefits

  total $28,670,591 · program services $16,170,550 · management and general $8,982,147 · fundraising $3,517,894

• 10 · Payroll taxes

  total $74,355,319 · program services $68,319,521 · management and general $4,343,331 · fundraising $1,692,467

• 11a · Fees: management

  total $0

• 11b · Fees: legal

  total $9,192,985 · program services $167,598 · management and general $9,018,651 · fundraising $6,736

• 11c · Fees: accounting

  total $547,073 · management and general $547,073

• 11d · Fees: lobbying

  total $0

• 11e · Fees: professional fundraising services

  total $0

• 11f · Fees: investment management

  total $2,764,755 · program services $2,451,283 · management and general $313,472

• 11g · Fees: other

  total $138,844,273 · program services $123,242,337 · management and general $14,039,904 · fundraising $1,562,032

• 12 · Advertising and promotion

  total $17,763,990 · program services $17,165,959 · management and general $329,078 · fundraising $268,953

• 13 · Office expenses

  total $64,467,858 · program services $54,820,616 · management and general $6,840,936 · fundraising $2,806,306

• 14 · Information technology

  total $31,239,205 · program services $26,645,326 · management and general $3,982,831 · fundraising $611,048

• 15 · Royalties

  total $0

• 16 · Occupancy

  total $57,221,755 · program services $55,376,765 · management and general $1,794,483 · fundraising $50,507

• 17 · Travel

  total $28,649,664 · program services $21,619,569 · management and general $6,207,787 · fundraising $822,308

• 18 · Travel or entertainment for public officials

  total $0

• 19 · Conferences, conventions and meetings

  total $2,503,795 · program services $2,442,635 · fundraising $61,160

• 20 · Interest

  total $35,775,122 · program services $35,126,210 · management and general $648,912

• 21 · Payments to affiliates

  total $0

• 22 · Depreciation, depletion and amortization

  total $86,337,902 · program services $86,337,902

• 23 · Insurance

  total $24,085,547 · program services $21,447,050 · management and general $2,638,497

• 24a · Other expenses: DUES AND MEMBERSHIPS

  total $3,935,757 · program services $2,494,091 · management and general $1,411,601 · fundraising $30,065

• 24b · Other expenses: PURCHASED GOODS

  total $28,186,301 · program services $28,186,301

• 24c · Other expenses: GRADUATE SUPPLEMENT

  total $3,536,404 · program services $3,536,404

• 24d · Other expenses: CHANGE IN SWAP LIABILITY

  total -$8,379,942 · program services -$8,379,942

• 24e · All other expenses

  total -$9,010,531 · program services -$9,054,330 · fundraising $43,799

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $450,842,048 · end of year $356,254,812

• 2 · Savings and temporary cash investments

  beginning of year $343,012,441 · end of year $417,096,853

• 3 · Pledges and grants receivable

  beginning of year $403,490,189 · end of year $475,030,569

• 4 · Accounts receivable

  beginning of year $12,775,326 · end of year $17,824,948

• 5 · Loans and receivables from officers and key people

  beginning of year $100,000 · end of year $160,000

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 7 · Other notes and loans receivable

  beginning of year $13,752,136 · end of year $12,358,479

• 8 · Inventories for sale or use

  beginning of year $4,284,084 · end of year $5,417,265

• 9 · Prepaid expenses and deferred charges

  beginning of year $10,372,711 · end of year $12,477,626

• 10a · Land, buildings and equipment: cost or other basis

  $2,991,851,275

• 10b · Land, buildings and equipment: accumulated depreciation

  $1,435,880,672

• 10c · Land, buildings and equipment, net

  beginning of year $1,460,548,267 · end of year $1,555,970,603

• 11 · Investments: publicly traded securities

  beginning of year $814,457,941 · end of year $700,252,095

• 12 · Investments: other securities

  beginning of year $5,635,342,009 · end of year $5,763,948,094

• 13 · Investments: program-related

  beginning of year $0 · end of year $0

• 14 · Intangible assets

  beginning of year $0 · end of year $0

• 15 · Other assets

  beginning of year $91,603,878 · end of year $84,405,064

• 17 · Accounts payable and accrued expenses

  beginning of year $134,032,672 · end of year $133,828,585

• 18 · Grants payable

  beginning of year $0 · end of year $0

• 19 · Deferred revenue

  beginning of year $104,669,491 · end of year $95,093,758

• 20 · Tax-exempt bond liabilities

  beginning of year $534,718,474 · end of year $602,182,840

• 21 · Escrow or custodial account liability

  beginning of year $4,852,318 · end of year $5,892,562

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $0 · end of year $0

• 24 · Unsecured notes and loans payable

  beginning of year $740,207,923 · end of year $701,228,738

• 25 · Other liabilities

  beginning of year $215,922,587 · end of year $193,934,784

• 27 · Net assets without donor restrictions

  beginning of year $1,479,029,612 · end of year $1,563,286,552

• 28 · Net assets with donor restrictions

  beginning of year $6,027,147,953 · end of year $6,105,748,589

The filer's explanations (Part III)

Schedule J, Part I, Line 1a

RESIDENCE FOR PERSONAL USE WAS PROVIDED TO THE FOLLOWING INDIVIDUAL: PRESIDENT - AS A CONDITION OF EMPLOYMENT AND FOR THE CONVENIENCE OF THE EMPLOYER, THE PRESIDENT IS REQUIRED TO LIVE IN UNIVERSITY HOUSING. THEREFORE, NONE OF THE BENEFIT WAS TREATED AS TAXABLE COMPENSATION. THE PRESIDENT'S HOUSEHOLD SERVICES ASSISTANT PROVIDES SOME PERSONAL SERVICES FOR THE PRESIDENT. THE PRESIDENT REIMBURSES THE UNIVERSITY BY CHECK FOR THESE SERVICES. ONE KEY EMPLOYEE AND ONE HIGHLY COMPENSATED EMPLOYEE RECEIVED A GROSS-UP PAYMENT IN 2022, WHICH ARE REPORTED AS TAXABLE COMPENSATION IN SCHEDULE J, PART II, COLUMN (B)(III). ONE HIGHLY COMPENSATED EMPLOYEE RECEIVES AN ALLOWANCE FOR SOCIAL CLUB DUES, WHICH IS REPORTED AS TAXABLE COMPENSATION IN SCHEDULE J, PART II, COLUMN (B)(III). THE UNIVERSITY PAYS FOR SOCIAL CLUB DUES ON BEHALF OF TWO KEY EMPLOYEES AND ONE HIGHLY COMPENSATED EMPLOYEE TO CONDUCT UNIVERSITY BUSINESS. THIS IS NOT CONSIDERED TAXABLE INCOME. ONE KEY EMPLOYEE AND TWO HIGHLY COMPENSATED EMPLOYEES TRAVELED FIRST CLASS FOR BUSINESS. THE REIMBURSEMENTS OF THIS BUSINESS TRAVEL EXPENSE ARE CONSIDERED NON-TAXABLE. ONE HIGHLY COMPENSATED EMPLOYEE TRAVELED WITH A SPOUSE WHO WERE BOTH ON BUSINESS. THE REIMBURSEMENT OF THIS BUSINESS TRAVEL EXPENSE IS CONSIDERED NON-TAXABLE. SCHEDULE J, PART I, LINE 1B IN LIEU OF A STANDARDIZED WRITTEN POLICY, SENIOR OFFICERS WERE ISSUED AN ADDENDUM TO THEIR COMPENSATION LETTER APPROVED BY THE CHANCELLOR, OUTLINING THE TREATMENT OF THE HOUSING ITEM LISTED IN PART I, LINE 1A.

SCHEDULE J, PART I, LINE 4B

TERMS & CONDITIONS OF SUPPLEMENTAL RETIREMENT PLAN AND PAYMENT IN CALENDAR YEAR 2022: EFFECTIVE JULY 1, 2017, THE UNIVERSITY ENTERED INTO A DEFERRED COMPENSATION AGREEMENT. UNDER THE PLAN THE ORGANIZATION DEPOSITS $200,000 TO THE PRESIDENT'S DEFERRED COMPENSATION ACCOUNT EACH JUNE 30TH THROUGH JUNE 30, 2022. SUCH AMOUNTS VEST OVER THE COURSE OF THE AGREEMENT SO LONG AS THE PRESIDENT REMAINS CONTINUOUSLY EMPLOYED BY THE UNIVERSITY THROUGH EACH VESTING DATE. $339,619 WAS PAID UNDER THIS PLAN IN CALENDAR YEAR 2022. EFFECTIVE JULY 1, 2021, THE UNIVERSITY ENTERED INTO AN ADDITIONAL DEFERRED COMPENSATION AGREEMENT. UNDER THE PLAN THE ORGANIZATION DEPOSITS $300,000 TO THE PRESIDENT'S DEFERRED COMPENSATION ACCOUNT EACH JUNE 30TH THROUGH JUNE 30, 2025. SUCH AMOUNTS VEST OVER THE COURSE OF THE AGREEMENT SO LONG AS THE PRESIDENT REMAINS CONTINUOUSLY EMPLOYED BY THE UNIVERSITY THROUGH EACH VESTED DATE. Effective Jan. 1, 2020, Jane Dietze participates in a deferred compensation arrangement. Under the arrangement, $2 million will accrue a return equivalent to the endowment return. 20% of the original balance plus earnings will vest each year on January 1 provided she remains employed by the University on such dates. $609,169 vested on January 1, 2022 and is reported in Schedule J, Part II, Column B(iii) EFFECTIVE MARCH 18, 2021, GRACE CALHOUN PARTICIPATES IN A DEFERRED COMPENSATION ARRANGEMENT. UNDER THE ARRANGEMENT, SHE WILL RECEIVE $100,000 PER YEAR, PAYABLE EVERY 3 YEARS OR UPON EXPIRATION OF THE AGREEMENT. IN 2022, NO AMOUNT VESTED UNDER THIS PLAN. SCHEDULE J, PART I, LINE 7 THE UNIVERSITY OFFERS INCENTIVE COMPENSATION TO SENIOR PROFESSIONALS IN THE INVESTMENT OFFICE BASED UPON THE UNIVERSITY'S INVESTMENT PERFORMANCE AND OTHER QUALITATIVE FACTORS. THE UNIVERSITY ALSO MAKES NON-FIXED PAYMENTS TO CERTAIN EMPLOYEES FROM TIME TO TIME, BASED ON PERFORMANCE DURING THE YEAR.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• BLH Mortgage Purchaser LLC

  Investments · DE · income $0 · assets $0

  Directly controlled by BROWN

• BLH MORTGAGE HOLDINGS LLC

  INVESTMENTS · DE · income $0 · assets $0

  Directly controlled by BROWN

• CAMBER BASE LLC

  INVESTMENTS · DE · income $0 · assets $0

  Directly controlled by BROWN

• RIVER HOUSE HOLDINGS I LLC

  REAL ESTATE · RI · income $3,779,745 · assets $73,861,905

  Directly controlled by BROWN

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

• TS TRANSPORT I

  UNRELATED · INVESTMENTS · NY · 77.528% owned · share of income -$428,260 · share of assets $669,387

  Directly controlled by BROWN UNIVERSIT

• VSV CO-INVEST II LLC

  EXCLUDED · INVESTMENTS · MI · 100% owned · share of income -$38,212 · share of assets $10,042,626

  Directly controlled by BROWN UNIVERSIT

• EVERGREEN INCOME TRUST LLC

  EXCLUDED · INVESTMENTS · NY · 68.803% owned · share of income $345,851 · share of assets -$169,759

  Directly controlled by BROWN UNIVERSIT

• JAMESON AT WOOD QUAY LLC

  EXCLUDED · INVESTMENTS · NY · 91.451% owned · share of income -$2,050,292 · share of assets $79,182,980

  Directly controlled by BROWN UNIVERSIT

• ACP PE INVESTMENT LLC

  EXCLUDED · INVESTMENTS · CA · 83.333% owned · share of income -$33,963 · share of assets $0

  Directly controlled by BROWN UNIVERSIT

• HS INVESTMENTS IV M LP

  EXCLUDED · INVESTMENTS · GK · 52.632% owned · share of income -$27,016 · share of assets $5,009,221

  Directly controlled by BROWN UNIVERSIT

• REGENT OPPORTUNITY FUND V BLOCKER II LLC

  EXCLUDED · INVESTMENTS · CA · 100% owned · share of income $0 · share of assets $9,097,491

  Directly controlled by BROWN UNIVERSIT

• ROF V DTSD BLOCKER LLC

  EXCLUDED · INVESTMENTS · CA · 96% owned · share of income -$7,514 · share of assets $5,363,261

  Directly controlled by BROWN UNIVERSIT

• STRIPES IV PEACHTREE LP

  EXCLUDED · INVESTMENTS · NY · 100% owned · share of income -$44,524 · share of assets $8,556,592

  Directly controlled by BROWN UNIVERSIT

• WELLINGTON TRUST COMPANY

  EXCLUDED · INVESTMENTS · MA · 100% owned · share of income $834,427 · share of assets $20,796,535

  Directly controlled by BROWN UNIVERSIT

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• CHARITABLE GIFT ANNUITY FUND (2)

  TRUST · SUPPORT · MA · controlled entity

  Directly controlled by NA

• CHARITABLE REMAINDER ANNUITY TRUST (6)

  TRUST · SUPPORT · MA · controlled entity

  Directly controlled by NA

• CHARITABLE REMAINDER UNITRUST (70)

  TRUST · SUPPORT · MA · controlled entity

  Directly controlled by NA

• POOLED INCOME (3)

  TRUST · SUPPORT · MA · controlled entity

  Directly controlled by NA

• BROWN CAYMAN I

  C CORP · INVESTMENTS · CJ · 100% owned · share of income $15,896,022 · share of assets $369,325,565 · controlled entity

  Directly controlled by BROWN

• NEW HOLLAND TACTICAL ALPHA OFFSHORE FUND

  C Corp · INVESTMENTS · CJ · 100% owned · share of income $402,232 · share of assets $75,400,724 · controlled entity

  Directly controlled by BROWN