Form 990 for tax year 2023

Filed by YALE UNIVERSITY.

Totals

Total revenue: $6,841,256,079
Total expenses: $6,197,071,259
Contributions and grants received: $1,419,967,393
Grants paid: $800,884,314
Program service revenue: $2,982,357,785
Investment income: $2,379,740,354
Other revenue: $59,190,547
Total assets, end of year: $55,210,972,740
Total liabilities, end of year: $10,013,756,266
Net assets or fund balances, end of year: $45,197,216,474
Program services expenses (Part IX): $5,323,090,755
Management and general expenses: $787,312,249
Fundraising expenses: $86,668,255
Program service expenses (Part III): $5,323,090,755

Program services were 85.9% 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.

Revenue

Part VIII, the statement of revenue.

1a · Federated campaigns

$230,137
1b · Membership dues

$0
1c · Fundraising events

$293,604
1d · Related organizations

$4,035,500
1e · Government grants (contributions)

$859,628,199
1f · All other contributions, gifts and grants

$555,779,953
1g · Noncash contributions included above

$163,268,024
2a · Program service revenue: Medical services

total $1,587,178,115 · related or exempt $1,587,161,585 · unrelated business $16,530 · excluded $0
2b · Program service revenue: Student Income

total $959,005,416 · related or exempt $959,005,416 · unrelated business $0 · excluded $0
2c · Program service revenue: Contract income Gov & Non-Gov't

total $195,875,096 · related or exempt $195,875,096 · unrelated business $0 · excluded $0
2d · Program service revenue: Auxiliary Services

total $177,554,858 · related or exempt $177,554,858 · unrelated business $0 · excluded $0
2e · Program service revenue: Publication income

total $19,520,646 · related or exempt $19,103,360 · unrelated business $417,286 · excluded $0
2f · All other program service revenue

total $43,223,654 · related or exempt $41,932,778 · unrelated business $1,290,876 · excluded $0
3 · Investment income

total $667,696,662 · related or exempt $0 · unrelated business -$34,354,795 · excluded $702,051,457
4 · Income from investment of tax-exempt bond proceeds

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
5 · Royalties

total $20,535,204 · related or exempt $0 · unrelated business $0 · excluded $20,535,204
6a · Gross rents

real property $26,080,880 · personal property $0
6b · Less rental expenses

real property $16,782,202 · personal property $0
6c · Rental income or loss

real property $9,298,678 · personal property $0
6d · Net rental income or loss

total $9,298,678 · related or exempt $0 · unrelated business $0 · excluded $9,298,678
7a · Gross sales of assets other than inventory

securities $6,372,082,646 · other assets $3,425,975,266
7b · Less cost or other basis and sales expenses

securities $6,291,175,646 · other assets $1,794,838,574
7c · Gain or loss

securities $80,907,000 · other assets $1,631,136,692
7d · Net gain or loss

total $1,712,043,692 · related or exempt $0 · unrelated business $7,797,092 · excluded $1,704,246,600
8a · Fundraising events: gross income

$409,085
8a · Fundraising events: contributions included on line 1c

$293,604
8b · Fundraising events: direct expenses

$610,160
8c · Net income from fundraising events

total -$201,075 · unrelated business $0 · excluded -$201,075
9a · Gaming: gross income

$0
9b · Gaming: direct expenses

$0
9c · Net income from gaming

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
10a · Gross sales of inventory

$0
10b · Cost of goods sold

$0
10c · Net income from sales of inventory

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
11a · Other revenue: Parking

total $16,851,763 · related or exempt $0 · unrelated business $1,608,021 · excluded $15,243,742
11b · Other revenue: Utilities

total $12,705,977 · related or exempt $0 · unrelated business $0 · excluded $12,705,977
11d · All other revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
11e · Other revenue, total

$29,557,740

Functional expenses

Part IX, the statement of functional expenses.

1 · Grants to domestic organizations and governments

total $137,367,227 · program services $137,367,227
2 · Grants to domestic individuals

total $630,165,415 · program services $630,165,415
3 · Grants to foreign organizations and individuals

total $33,351,672 · program services $33,351,672
4 · Benefits paid to or for members

total $0 · program services $0
5 · Compensation of officers, directors and key employees

total $15,481,788 · program services $1,826,650 · management and general $12,731,027 · fundraising $924,111
6 · Compensation of disqualified persons

total $26,388,541 · program services $11,442,240 · management and general $14,946,301 · fundraising $0
7 · Other salaries and wages

total $2,508,552,564 · program services $2,284,492,702 · management and general $180,708,058 · fundraising $43,351,804
8 · Pension plan contributions

total $198,218,367 · program services $174,566,163 · management and general $19,439,945 · fundraising $4,212,259
9 · Other employee benefits

total $451,835,139 · program services $396,481,400 · management and general $45,754,384 · fundraising $9,599,355
10 · Payroll taxes

total $145,447,570 · program services $127,384,696 · management and general $14,976,261 · fundraising $3,086,613
11a · Fees: management

total $0 · program services $0 · management and general $0 · fundraising $0
11b · Fees: legal

total $17,926,633 · program services $1,426,466 · management and general $16,493,628 · fundraising $6,539
11c · Fees: accounting

total $1,222,304 · program services $51,347 · management and general $1,169,056 · fundraising $1,901
11d · Fees: lobbying

total $175,175 · program services $175,175 · management and general $0 · fundraising $0
11e · Fees: professional fundraising services

total $0 · fundraising $0
11f · Fees: investment management

total $265,662,827 · program services $0 · management and general $265,662,827 · fundraising $0
11g · Fees: other

total $400,992,427 · program services $323,969,975 · management and general $72,439,582 · fundraising $4,582,870
12 · Advertising and promotion

total $8,483,121 · program services $6,061,761 · management and general $2,342,756 · fundraising $78,604
13 · Office expenses

total $33,429,416 · program services $30,612,793 · management and general $0 · fundraising $2,816,623
14 · Information technology

total $58,523,163 · program services $45,049,844 · management and general $12,624,618 · fundraising $848,701
15 · Royalties

total $2,831,795 · program services $2,831,795 · management and general $0 · fundraising $0
16 · Occupancy

total $96,312,072 · program services $92,288,766 · management and general $3,257,805 · fundraising $765,501
17 · Travel

total $80,322,202 · program services $72,852,769 · management and general $4,157,239 · fundraising $3,312,194
18 · Travel or entertainment for public officials

total $7,153 · program services $7,153 · management and general $0 · fundraising $0
19 · Conferences, conventions and meetings

total $25,652,873 · program services $20,778,399 · management and general $1,738,616 · fundraising $3,135,858
20 · Interest

total $114,966,934 · program services $110,249,333 · management and general $3,785,454 · fundraising $932,147
21 · Payments to affiliates

total $0 · program services $0 · management and general $0 · fundraising $0
22 · Depreciation, depletion and amortization

total $354,974,969 · program services $340,431,598 · management and general $11,669,749 · fundraising $2,873,622
23 · Insurance

total $69,496,388 · program services $62,349,487 · management and general $7,146,540 · fundraising $361
24a · Other expenses: Supplies - Medical, Research, Other

total $149,545,157 · program services $148,557,524 · management and general $586,000 · fundraising $401,633
24b · Other expenses: Building Materials & Equipment

total $45,737,199 · program services $45,426,605 · management and general $0 · fundraising $310,594
24c · Other expenses: Collections

total $45,534,515 · program services $45,201,764 · management and general $332,687 · fundraising $64
24d · Other expenses: Subsidies, Community Support, and payments to municipalities

total $38,692,613 · program services $9,118,641 · management and general $29,235,189 · fundraising $338,783
24e · All other expenses

total $239,774,040 · program services $168,571,395 · management and general $66,114,527 · fundraising $5,088,118

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $0 · end of year $0
2 · Savings and temporary cash investments

beginning of year $843,999,221 · end of year $1,056,767,942
3 · Pledges and grants receivable

beginning of year $1,100,584,439 · end of year $1,000,818,973
4 · Accounts receivable

beginning of year $268,896,646 · end of year $312,153,450
5 · Loans and receivables from officers and key people

beginning of year $140,629 · end of year $111,666
6 · Loans and receivables from disqualified persons

beginning of year $0 · end of year $0
7 · Other notes and loans receivable

beginning of year $105,818,046 · end of year $100,852,957
8 · Inventories for sale or use

beginning of year $16,015,744 · end of year $17,000,237
9 · Prepaid expenses and deferred charges

beginning of year $200,427,560 · end of year $274,468,451
10a · Land, buildings and equipment: cost or other basis

$10,516,459,609
10b · Land, buildings and equipment: accumulated depreciation

$4,366,080,446
10c · Land, buildings and equipment, net

beginning of year $5,979,748,505 · end of year $6,150,379,163
11 · Investments: publicly traded securities

beginning of year $5,822,025,735 · end of year $4,544,079,686
12 · Investments: other securities

beginning of year $39,423,024,052 · end of year $41,070,820,353
13 · Investments: program-related

beginning of year $63,520,238 · end of year $81,513,394
14 · Intangible assets

beginning of year $0 · end of year $0
15 · Other assets

beginning of year $484,746,357 · end of year $602,006,468
17 · Accounts payable and accrued expenses

beginning of year $596,177,641 · end of year $730,230,344
18 · Grants payable

beginning of year $10,485,240 · end of year $14,911,322
19 · Deferred revenue

beginning of year $200,492,619 · end of year $181,946,454
20 · Tax-exempt bond liabilities

beginning of year $3,003,836,129 · end of year $2,988,254,461
21 · Escrow or custodial account liability

beginning of year $2,520,857 · end of year $2,019,315
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 $2,116,209,322 · end of year $1,859,047,764
25 · Other liabilities

beginning of year $4,479,644,953 · end of year $4,237,346,606
27 · Net assets without donor restrictions

beginning of year $8,758,802,417 · end of year $9,441,856,086
28 · Net assets with donor restrictions

beginning of year $35,140,777,994 · end of year $35,755,360,388

Mission and programs · 2023

Mission

SEE SCHEDULE O

Activities or mission (Part I)

TO IMPROVE THE WORLD THROUGH RESEARCH, SCHOLARSHIP, EDUCATION, PRESERVATION, AND PRACTICE.

Instruction: The program service costs include salaries, fringe benefits and supplies of teaching approximately 15,000 students including 6,749 undergraduates and 8,263 graduate and professional school students. A faculty of nearly 5,500 teach and administer programs across a range of disciplines in the sciences and engineering, the social sciences, the humanities, and the various learned professions. More than 80 majors are available in the undergraduate college and more than 35 different degree programs are offered by the university. In addition to the graduate school of arts and sciences, the university has professional schools in disciplines of architecture, art, divinity, drama, engineering and applied science, global affairs, the environment, law, management, medicine, music, nursing, and public health.

Expenses $2,605,592,620 · Grants $72,847,389 · Revenue $2,512,997,254
Student financial aid and services: Yale college admits students for their academic and personal promise without regard to their ability to pay. Yale is committed to an admissions policy that does not consider a student's ability to pay, and a financial aid policy that meets the full need of all students with no loans required. These two principles: need-blind admissions and need-based financial aid, ensure that a Yale education is affordable for everyone. With this policy, Yale strives to create a learning environment accessible to the most talented students from around the world and that incorporates the widest possible range of student backgrounds. In FY2024, 3,709 or 54% of undergraduates received need-based scholarships or grants from Yale sources of $65,347 on average. All of Yale's graduate and professional schools provide financial aid to their students based on their individual policies and procedures. This category of expenditures also includes: the operation of dining halls that provided 2,994,345 meals to students, faculty, and staff; maintenance of dormitories housing 5,120 undergraduates and 944 graduate and professional school students; operation and maintenance of athletic facilities for the 35 intercollegiate sports, over 20 intramural sports, and approximately 49 club sports teams offered at Yale. Also included are fitness, wellness, and instructional programs, parking facilities, laundry facilities, student centers, and other facilities and programs (including extracurricular activities and student health services) that provide support, services, and academic/cultural enrichment to the University's students.

Expenses $1,018,330,533 · Grants $569,279,805 · Revenue $140,385,795
Research: The University engages in extensive research in medicine, science, engineering, the arts, social sciences, and humanities. The University's research activities are aimed at the advancement of knowledge as well as training students in the research process. As integral parts of a unified, innovative, and accessible student-centered research University, Yale's labs and classrooms are turning out groundbreaking medical and scientific discoveries and the next generation of innovators in many areas of research excellence. The University's outstanding facilities devoted to research are comprised of myriad laboratories, centers, libraries, collections, and institutes that focus on research in geology, chemistry, biology, engineering and applied science, anthropology, paleontology, psychology, molecular and structural biology, nuclear structure, child development, social policy, biospheric studies and numerous biomedical sciences, to name but a few.

Expenses $872,517,257 · Grants $142,763,503 · Revenue $191,698,355
OTHER PROGRAM SERVICES INCLUDE ACADEMIC SUPPORT, PUBLIC SERVICE, AND OTHER INSTITUTIONAL SUPPORT.

Expenses $826,650,345 · Grants $15,993,617 · Revenue $135,551,689

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

Listed in Part VII

Peter Salovey

Trustee & President

Total calculated

$2,453,342

From this org

$2,335,529

From related orgs

$0

Other

$117,813

Hours/week

50 + 2.2 related

Schedule J breakdown matched by us

Base

$1,552,669

Bonus

$0

Other

$782,860

Deferred

$37,245

Nontaxable benefits

$80,568

Filer's total

$2,453,342
Ann Miura-Ko

Trustee

Total calculated

$0

Hours/week

5
Carlos R Moreno

Trustee

Total calculated

$0

Hours/week

5
Catharine B Hill

Trustee

Total calculated

$0

Hours/week

5
David A Thomas

Trustee

Total calculated

$0

Hours/week

5
David Sze

Trustee

Total calculated

$0

Hours/week

5
Edward Miner Ned Lamont Jr

Trustee (ex-officio)

Total calculated

$0

Hours/week

0
Fred Krupp

Trustee

Total calculated

$0

Hours/week

5
Gina R Boswell

Trustee

Total calculated

$0

Hours/week

5
Joshua Bekenstein

Trustee

Total calculated

$0

Hours/week

5
Joshua L Steiner

Trustee

Total calculated

$0

Hours/week

5
Marta L Tellado

Trustee

Total calculated

$0

Hours/week

5
Maryana Iskander

Trustee

Total calculated

$0

Hours/week

5
Maurie McInnis

Trustee (through 5/29/24)

Total calculated

$0

Hours/week

5
Michael J Cavanagh

Trustee

Total calculated

$0

Hours/week

5
Michael Warren

Trustee

Total calculated

$0

Hours/week

5
Neal S Wolin

Trustee

Total calculated

$0

Hours/week

5
Susan Bysiewicz

Trustee (ex-officio)

Total calculated

$0

Hours/week

0
William E Kennard

Trustee

Total calculated

$0

Hours/week

5
Alexander E Dreier

Sr VP for Institutional Affairs

Total calculated

$989,277

From this org

$881,218

From related orgs

$0

Other

$108,059

Hours/week

50

Schedule J breakdown matched by us

Base

$808,718

Bonus

$0

Other

$72,500

Deferred

$37,245

Nontaxable benefits

$70,814

Filer's total

$989,277
Jack F Callahan Jr

Sr VP for Operations

Total calculated

$913,377

From this org

$828,950

From related orgs

$0

Other

$84,427

Hours/week

50

Schedule J breakdown matched by us

Base

$828,950

Bonus

$0

Other

$0

Deferred

$37,245

Nontaxable benefits

$47,182

Filer's total

$913,377
Jack Michael Bellamy

VP for Facilities, Campus Development & Sustainability

Total calculated

$705,890

From this org

$663,536

From related orgs

$0

Other

$42,354

Hours/week

50

Schedule J breakdown matched by us

Base

$538,135

Bonus

$50,000

Other

$75,401

Deferred

$37,245

Nontaxable benefits

$5,109

Filer's total

$705,890
Joan E O'Neill

VP for Alumni Affairs & Development

Total calculated

$892,601

From this org

$817,363

From related orgs

$0

Other

$75,238

Hours/week

50 + 1.2 related

Schedule J breakdown matched by us

Base

$740,975

Bonus

$0

Other

$76,388

Deferred

$37,245

Nontaxable benefits

$37,993

Filer's total

$892,601
John Barden

VP for Technology and Campus Services

Total calculated

$547,641

From this org

$472,613

From related orgs

$0

Other

$75,028

Hours/week

50 + 2 related

Schedule J breakdown matched by us

Base

$472,613

Bonus

$0

Other

$0

Deferred

$37,245

Nontaxable benefits

$37,783

Filer's total

$547,641
John Whelan

VP for HR

Total calculated

$511,813

From this org

$435,377

From related orgs

$0

Other

$76,436

Hours/week

50

Schedule J breakdown matched by us

Base

$412,717

Bonus

$0

Other

$22,660

Deferred

$37,245

Nontaxable benefits

$39,191

Filer's total

$511,813
Kimberly M Goff-Crews

Secretary & VP for University Life

Total calculated

$581,113

From this org

$530,671

From related orgs

$0

Other

$50,442

Hours/week

50 + 1 related

Schedule J breakdown matched by us

Base

$508,171

Bonus

$0

Other

$22,500

Deferred

$37,245

Nontaxable benefits

$13,197

Filer's total

$581,113
Renee Kopkowski

VP for Communications

Total calculated

$452,845

From this org

$393,137

From related orgs

$0

Other

$59,708

Hours/week

50

Schedule J breakdown matched by us

Base

$295,612

Bonus

$25,000

Other

$72,525

Deferred

$35,839

Nontaxable benefits

$23,869

Filer's total

$452,845
Scott A Strobel

Provost

Total calculated

$952,350

From this org

$887,887

From related orgs

$0

Other

$64,463

Hours/week

50

Schedule J breakdown matched by us

Base

$853,238

Bonus

$0

Other

$34,649

Deferred

$37,245

Nontaxable benefits

$27,218

Filer's total

$952,350
Stephen C Murphy

VP for Finance & CFO

Total calculated

$743,393

From this org

$596,624

From related orgs

$0

Other

$146,769

Hours/week

50 + 4.6 related

Schedule J breakdown matched by us

Base

$574,124

Bonus

$0

Other

$22,500

Deferred

$37,245

Nontaxable benefits

$109,524

Filer's total

$743,393
Matthew S T Mendelsohn

Chief Investment Officer

Total calculated

$4,443,090

From this org

$2,320,131

From related orgs

$0

Other

$2,122,959

Hours/week

50 + 2.6 related

Schedule J breakdown matched by us

Base

$861,462

Bonus

$1,436,169

Other

$22,500

Deferred

$2,085,120

Nontaxable benefits

$37,839

Filer's total

$4,443,090
Nancy J Brown

Dean, School of Medicine

Total calculated

$1,189,282

From this org

$1,130,957

From related orgs

$0

Other

$58,325

Hours/week

50

Schedule J breakdown matched by us

Base

$1,086,144

Bonus

$0

Other

$44,813

Deferred

$37,245

Nontaxable benefits

$21,080

Filer's total

$1,189,282
Alex Hetherington

Managing Director, Investments

Total calculated

$1,845,854

From this org

$1,772,887

From related orgs

$0

Other

$72,967

Hours/week

50

Schedule J breakdown matched by us

Base

$708,074

Bonus

$1,042,313

Other

$22,500

Deferred

$37,245

Nontaxable benefits

$35,722

Filer's total

$1,845,854
Amelia Chivetta

Managing Director, Investments

Total calculated

$1,723,114

From this org

$1,671,148

From related orgs

$0

Other

$51,966

Hours/week

50 + 2.6 related

Schedule J breakdown matched by us

Base

$714,746

Bonus

$930,940

Other

$25,462

Deferred

$37,245

Nontaxable benefits

$14,721

Filer's total

$1,723,114
John Ricotta

Managing Director, Investments

Total calculated

$1,778,286

From this org

$1,703,069

From related orgs

$0

Other

$75,217

Hours/week

50

Schedule J breakdown matched by us

Base

$705,080

Bonus

$975,489

Other

$22,500

Deferred

$37,245

Nontaxable benefits

$37,972

Filer's total

$1,778,286
Murat Gunel

Chair, Neurosurgery

Total calculated

$1,770,978

From this org

$1,683,353

From related orgs

$0

Other

$87,625

Hours/week

50

Schedule J breakdown matched by us

Base

$1,410,853

Bonus

$250,000

Other

$22,500

Deferred

$37,245

Nontaxable benefits

$50,380

Filer's total

$1,770,978
Timothy R Sullivan

Sr Director of Private Equity

Total calculated

$2,136,001

From this org

$2,057,602

From related orgs

$0

Other

$78,399

Hours/week

50

Schedule J breakdown matched by us

Base

$792,754

Bonus

$1,242,348

Other

$22,500

Deferred

$37,245

Nontaxable benefits

$41,154

Filer's total

$2,136,001
Alexander C Banker

Former Director of Investments

Total calculated

$1,687,076

From this org

$1,607,501

From related orgs

$0

Other

$79,575

Hours/week

50 + 2.6 related

Schedule J breakdown matched by us

Base

$639,138

Bonus

$945,863

Other

$22,500

Deferred

$37,245

Nontaxable benefits

$42,330

Filer's total

$1,687,076
Benjamin Polak

Former Provost

Total calculated

$559,835

From this org

$496,033

From related orgs

$0

Other

$63,802

Hours/week

50

Schedule J breakdown matched by us

Base

$473,533

Bonus

$0

Other

$22,500

Deferred

$37,245

Nontaxable benefits

$26,557

Filer's total

$559,835
Dean J Takahashi

Former Sr Director, Investments

Total calculated

$593,686

From this org

$540,712

From related orgs

$0

Other

$52,974

Hours/week

50

Schedule J breakdown matched by us

Base

$168,616

Bonus

$0

Other

$372,096

Deferred

$20,995

Nontaxable benefits

$31,979

Filer's total

$593,686
Karen Peart

Former Interim VP for Communications

Total calculated

$277,389

From this org

$238,586

From related orgs

$0

Other

$38,803

Hours/week

50

Schedule J breakdown matched by us

Base

$238,586

Bonus

$0

Other

$0

Deferred

$24,945

Nontaxable benefits

$13,858

Filer's total

$277,389
Pericles Lewis

Former VP for Global Strategy

Total calculated

$666,944

From this org

$539,793

From related orgs

$0

Other

$127,151

Hours/week

50 + 0.2 related

Schedule J breakdown matched by us

Base

$517,293

Bonus

$0

Other

$22,500

Deferred

$37,245

Nontaxable benefits

$89,906

Filer's total

$666,944
Robert J Alpern

Former Dean, School of Medicine

Total calculated

$384,202

From this org

$344,409

From related orgs

$0

Other

$39,793

Hours/week

50

Schedule J breakdown matched by us

Base

$321,909

Bonus

$0

Other

$22,500

Deferred

$37,245

Nontaxable benefits

$2,548

Filer's total

$384,202

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

Answered yes

1a · First-class or charter travel
1a · Travel for companions
1a · Tax indemnification and gross-up payments
1a · Housing allowance or residence for personal use
1a · Health or social club dues or initiation fees
1b · Written policy on the line-1a expenses
2 · Substantiation required before reimbursing expenses
3 · Compensation committee
3 · Independent compensation consultant
3 · Form 990 of other organizations
3 · Compensation survey or study
3 · Approval by the board or compensation committee
4b · Supplemental nonqualified retirement plan
7 · Other non-fixed payments
8 · Paid under the initial-contract exception
9 · Followed the rebuttable-presumption procedure

Answered no

4a · Severance or change-of-control payment
4c · Equity-based compensation arrangement
5a · Pay contingent on this organization's revenues
5b · Pay contingent on a related organization's revenues
6a · Pay contingent on this organization's net earnings
6b · Pay contingent on a related organization's net earnings

The filer's explanations (Part III)

Schedule J, Part I, Line 1a First-class or charter travel: ON OCCASION DURING THE CALENDAR YEAR 2023, THE UNIVERSITY CHARTERED PRIVATE AIRCRAFT WHEN DEEMED NECESSARY FOR THE CONDUCT OF UNIVERSITY BUSINESS, PURSUANT TO A CORPORATION POLICY. Two OFFICERs TRAVELED ON SUCH FLIGHTS IN 2023 IN ACCORDANCE WITH THE POLICY. UNDER APPLICABLE RULES, AMOUNTS FOR SUCH TRAVEL WERE NOT REPORTED AS TAXABLE COMPENSATION TO THE LISTED INDIVIDUALs. In addition, one Key Employee traveled first class on a commercial flight during 2023 due to special circumstances and pursuant to university POLICY. UNDER APPLICABLE RULES, AMOUNTS FOR SUCH TRAVEL WERE NOT REPORTED AS TAXABLE COMPENSATION TO THE LISTED INDIVIDUAL.
Schedule J, Part I, Line 1a Travel for companions: The spouse of one officer on occasion accompanied the officer on university business. The primary purpose of the travel was to conduct university business. Under applicable rules, the cost of travel was not required to be reported as taxable compensation to the listed individual.
Schedule J, Part I, Line 1a Tax indemnification and gross-up payments: Three OFFICERS RECEIVED TAX GROSS-UP PAYMENTS DURING THE CALENDAR YEAR 2023 FOR CERTAIN LIMITED TAXABLE BENEFITS BASED ON THEIR ESTIMATED RELATED TAX OBLIGATIONS. THESE PAYMENTS WERE TREATED AS TAXABLE COMPENSATION TO THE LISTED INDIVIDUALS.
Schedule J, Part I, Line 1a Housing allowance or residence for personal use: AS A CONDITION OF his EMPLOYMENT AND FOR THE CONVENIENCE OF THE UNIVERSITY, THE PRESIDENT is REQUIRED TO LIVE ON CAMPUS IN AN APARTMENT WITHIN THE PRESIDENT'S HOUSE. In addition, in his capacity as Dean of Yale College, a former officer is required to live on campus AS A CONDITION OF HIS EMPLOYMENT AND FOR THE CONVENIENCE OF THE UNIVERSITY. THE ESTIMATED FAIR MARKET RENTAL VALUE OF THe HOUSING for both individuals IS INCLUDED AS A NONTAXABLE BENEFIT IN SCHEDULE J, PART II, COLUMN (D). One OFFICER Was PROVIDED a UNIVERSITY RESIDENCE FOR PERSONAL USE DURING THE CALENDAR YEAR 2023. THE VALUE OF THE RESIDENCE WAS DETERMINED PURSUANT TO IRC SECTION 119(D), AS REQUIRED, AND TREATED AS TAXABLE COMPENSATION. IN ADDITION, ONE OFFICER RECEIVED A HOUSING ALLOWANCE WHICH WAS TREATED AS TAXABLE COMPENSATION TO THE INDIVIDUAL DURING THE CALENDAR YEAR 2023.
Schedule J, Part I, Line 1a Health or social club dues or initiation fees: The university paid membership dues for one key employee during the calendar year 2023 which was used 100% for business purposes. Under applicable rules, the value of the membership was not required to be reported as taxable compensation to the individual.
Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan: CERTAIN LISTED PERSONS PARTICIPATED IN SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLANS DURING THE CALENDAR YEAR 2023 AS DESCRIBED BELOW: THE UNIVERSITY HAS AGREED TO SUPPLEMENT THE PRESIDENT'S RETIREMENT INCOME BY MAKING AN ANNUAL CONTRIBUTION TO A NON-QUALIFIED DEFERRED COMPENSATION PLAN, SUBJECT TO VESTING CONDITIONS BASED ON CONTINUING SERVICE TO THE UNIVERSITY AND ADJUSTED FOR EARNINGS BASED ON POSITIVE PERFORMANCE OF THE ENDOWMENT. A portion of this benefit VESTED IN 2023 AND IS REFLECTED IN SCHEDULE J, PART II, COLUMN (B)(III). The university previously awarded a bonus to a former key employee that was taxed in the year awarded and subject to deferred payment with adjustments upward or downward depending on performance of the endowment. This former key employee CONTINUES TO RECEIVE EARNINGS RELATED TO PREVIOUSLY AWARDED DEFERRED BONUSES. The earnings associated with the previously awarded deferred bonus paid in 2023 are reflected in Schedule J, Part II, Column (B)(III).
Schedule J, Part I, Line 7 Non-fixed payments: THE UNIVERSITY PAID one key employee, one former Key Employee and four HIGHLY COMPENSATED EMPLOYEEs BONUSES UNDER A LONG-TERM INCENTIVE COMPENSATION PLAN WHICH PROVIDES FOR DEFERRED VESTING CONTINGENT ON THE PERFORMANCE OF FUTURE SERVICES AND MAY CHANGE UPWARD OR DOWNWARD DEPENDING ON PERFORMANCE OF THE ENDOWMENT PRIOR TO VESTING AND PAYMENT. THE CURRENT YEAR PAYMENT THAT WAS AWARDED IN PREVIOUS YEARS IS REPORTED ON SCHEDULE J, PART II, COLUMN (B)(II). THE AMOUNT AWARDED IN THE CURRENT YEAR BUT SUBJECT TO DEFERRED VESTING IS INCLUDED AS DEFERRED COMPENSATION ON SCHEDULE J, PART II, COLUMN (C). THE UNIVERSITY ALSO PAID one HIGHLY COMPENSATED EMPLOYEE ADDITIONAL COMPENSATION PURSUANT TO a CLINICAL INCENTIVE PLAN. THE PAYMENT is REPORTED ON SCHEDULE J, PART II, COLUMN (B)(II).
Schedule J, Part I, Line 8 Payments on contract that is subject to the initial contract exception: THERE was one key employee WITH RESPECT TO WHOM AMOUNTS WERE REPORTED IN PART VII WHERE THOSE AMOUNTS WERE PAID OR ACCRUED PURSUANT TO A CONTRACT THAT WAS SUBJECT TO THE INITIAL CONTRACT EXCEPTION DESCRIBED IN REGS. SECTION 53.4958-4(A)(3). THE COMPENSATION WAS ALSO APPROVED PURSUANT TO PROCESSES CONSISTENT WITH THE REBUTTABLE PRESUMPTION PROCEDURE DESCRIBED IN REGS. SECTION 53.4958-6(C).
Schedule J, Part I, Line 1a Benefits provided: EACH ONE OF THE BENEFITS THAT WAS CHECKED WAS PROVIDED PURSUANT TO A WRITTEN POLICY.
Schedule J, Part II, Column (D) Nontaxable Benefits: IN ADDITION TO THE EMPLOYER COST OF HEALTH, DENTAL AND OTHER NONTAXABLE BENEFITS AVAILABLE ON A NONDISCRIMINATORY BASIS, COLUMN (D) INCLUDES AMOUNTS AWARDED AS SCHOLARSHIP GRANTS TO CHILDREN OF EMPLOYEES UNDER THE UNIVERSITY'S NONDISCRIMINATORY QUALIFIED TUITION REDUCTION PLAN COVERING ALL ELIGIBLE FACULTY AND STAFF WITH SIX OR MORE YEARS OF SERVICE.

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

UNIVERSITY OF CALIFORNIA SAN DIEGO

$6,510,977

SUBAWARD - SPONSORED RESEARCH
NEW HAVEN PROMISE INC

$4,376,411

CHARITABLE CONTRIBUTION AND COMMUNITY SUPPORT
MASSACHUSETTS GENERAL HOSPITAL

$3,736,877

SUBAWARD - SPONSORED RESEARCH
THE TRUSTEES OF COLUMBIA UNIVERSITY IN THE CITY OF NEW YORK

$3,290,737

SUBAWARD - SPONSORED RESEARCH
TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA

$3,221,817

SUBAWARD - SPONSORED RESEARCH
VANDERBILT UNIVERSITY MEDICAL CENTER

$2,753,308

SUBAWARD - SPONSORED RESEARCH
DUKE UNIVERSITY

$2,751,253

SUBAWARD - SPONSORED RESEARCH
NEW YORK UNIVERSITY

$2,387,168

SUBAWARD - SPONSORED RESEARCH
CHILDREN'S HOSPITAL CORPORATION

$2,386,079

SUBAWARD - SPONSORED RESEARCH
THE UNIVERSITY OF TEXAS SOUTHWESTERN MEDICAL CENTER

$2,333,322

SUBAWARD - SPONSORED RESEARCH

The 10 largest by cash amount. The API serves every itemized grant.

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.

3C Corporation

501(c)(3) · Investment · DC · controlled entity

Directly controlled by Yale University
5C Corporation

501(c)(3) · Investment · DC · controlled entity

Directly controlled by Yale University
Alumni Fund Association of Yale University

501(c)(3) · Encourages and solicits contributions to or for Yale University · CT · controlled entity

Directly controlled by Yale University
Chapel Company

501(c)(2) · Inactive · CT · controlled entity

Directly controlled by Yale University
Charles A Coffin Memorial Fund

501(c)(3) · Supports higher education · CT

Directly controlled by Yale University
Edith B Jackson Trust #3

501(c)(3) · Supports higher education · CO

Directly controlled by Yale University
FW & Elsie Heyl Science Scholarship Fund

501(c)(3) · Supports higher education · MI

Directly controlled by NA
Ford Adelaide D Ten T U W

501(c)(3) · Supports higher education · NC

Directly controlled by Yale University
Founding Fathers Papers Inc

501(c)(3) · Supports and facilitates publications · NJ

Directly controlled by NA
Gruber Foundation the

501(c)(3) · Supports higher education · DE

Directly controlled by Yale University
Health Benefits Holdings Inc

501(c)(2) · Investment · CT · controlled entity

Directly controlled by Yale University
HR Properties Inc

501(c)(2) · investment · CT · controlled entity

Directly controlled by Yale University
Jonathan Edwards Trust

501(c)(3) · Supports Higher Education · CT

Directly controlled by Yale University
MGHPCC Holyoke Inc

501(c)(3) · Supports Higher Education · MA

Directly controlled by NA
Preston J Dunn TR UW FBO Yale University

501(c)(3) · Supports higher education · CT

Directly controlled by Yale University
Preston J Dunn Tr UW FBO Yale University 1928 Alumni Fund

501(c)(3) · Supports higher education · CT

Directly controlled by Yale University
RTA Incorporated

501(c)(3) · Supports education · CT

Directly controlled by NA
Staff Retirement Holdings Inc

501(c)(2) · Investment · CT · controlled entity

Directly controlled by Yale University
Stoeckel E B Residue Trust

501(c)(3) · Supports artistic programs · CT

Directly controlled by Yale University
The Board of Trustees of the Sheffield Scientific School

501(c)(3) · Promotes the study of the physical, natural and mathematical sciences · CT · controlled entity

Directly controlled by Yale University
THE CHIEF EXEC LEADERSHIP INST OF THE YALE SCHOOL OF MGMT INC

501(c)(3) · Provides research and peer-driven edu. programs to businesses · DE · controlled entity

Directly controlled by Yale University
The Massachusetts Green High Performance Computing Center Inc

501(c)(3) · Supports Higher Education · MA

Directly controlled by NA
The Paul Mellon Centre for Studies in British Art

501(c)(3) · Promotes and supports study of British art and architecture · UK · controlled entity

Directly controlled by Yale University
UW Eugene Higgins Char Trust NMA

501(c)(3) · Supports education · NY

Directly controlled by NA
Yale Alumni Association of Cleveland

501(c)(3) · Supports education · OH

Directly controlled by NA
Yale Alumni Scholarship of Cleveland Inc

501(c)(3) · Funds scholarships · OH

Directly controlled by NA
Yale Club of Central New Jersey

501(c)(3) · Funds scholarships · NJ

Directly controlled by NA
Yale Club of Maine

501(c)(3) · Supports higher education · ME

Directly controlled by NA
Yale Club of Northwestern Connecticut Inc

501(c)(3) · Promotes and Supports Activities Between Yale Alumni and Yale University · CT

Directly controlled by NA
Yale Medical Foundation Inc

501(c)(3) · To provide outpatient medical care, to conduct research and support educational activities · CT · controlled entity

Directly controlled by Yale University
Yale Scholarship Fund of Pittsburgh

501(c)(3) · Funds scholarships · PA

Directly controlled by Yale University
Yale University Elizabethan Club Corp

501(c)(3) · Promotes appreciation of literature among membership and community · CT · controlled entity

Directly controlled by Yale University
Yale University Press London

501(c)(3) · Publishes serious works · UK · controlled entity

Directly controlled by Yale University
Yale University Retiree Health Benefits Coverage Trust

501(c)(3) · 501(a) Trust that Supports Yale University · CT · controlled entity

Directly controlled by Yale University
Yale Wisconsin Scholarship Fund

501(c)(3) · Funds scholarships · WI

Directly controlled by NA
Yale-New Haven Medical Center Inc

501(c)(3) · Supports joint programs of Yale-New Haven Hospital and Yale University · CT

Directly controlled by NA

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

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

Investment Holdco LLC

Investment · DE · income -$42,065,883 · assets $11,494,025,031

Directly controlled by Yale University
Boylston LLC

Investment · DE · income $21,397,364 · assets $5,333,508,985

Directly controlled by Yale University
Fir Co LLC

Investment · DE · income -$94,440,637 · assets $4,761,288,549

Directly controlled by Yale University
Alder Co LLC

Investment · DE · income $44,169,290 · assets $458,645,110

Directly controlled by Yale University
Anaxagoras LP

Investment · DE · income $0 · assets $160,450,554

Directly controlled by Yale University
WE 150 Munson LLC

Investment · DE · income $0 · assets $29,572,254

Directly controlled by Yale University
Fenix I LLC

Investment · DE · income $0 · assets $28,083,732

Directly controlled by Yale University
Harbor Hills Investments LLC

Investment · DE · income $0 · assets $19,895,657

Directly controlled by Yale University
WE 2 Church Street South LLC

Investment · CT · income $0 · assets $12,202,492

Directly controlled by Yale University
Renaissance I LLC

Investment · DE · income $0 · assets $11,792,181

Directly controlled by Yale University
ESV Holdings LLC

Investment · DE · income $3,248,567 · assets $7,028,782

Directly controlled by Yale University
WE 135 College Street LLC

Investment · DE · income $0 · assets $6,467,555

Directly controlled by Yale University
Yale Global Enterprises LLC

Supports Higher Education · CT · income $0 · assets $4,575,269

Directly controlled by Yale University
Alpha 9 LLC

Investment · CT · income $0 · assets $3,451,348

Directly controlled by Yale University
Motus Fund Ltd

Investment · CJ · income $13,473,958 · assets $3,064,908

Directly controlled by Yale University
Yale SOM Student Investment Fund LLC

Investment · DE · income $14,399 · assets $931,204

Directly controlled by Yale University
Amistad Partners LLC

Investment · CT · income $0 · assets $599,975

Directly controlled by Yale University
Yale Student Investment Fund LLC

Investment · DE · income $7,933 · assets $375,969

Directly controlled by Yale University
S Property Holding LLC

Investment · CT · income $0 · assets $3

Directly controlled by Yale University
41 North LLC

Investment · DE · income $0 · assets $0

Directly controlled by Yale University
Beta 14 LLC

Investment · CT · income $0 · assets $0

Directly controlled by Yale University
Endurance LLC

Investment · DE · income $0 · assets $0

Directly controlled by Yale University
GSWM Investments LLC

Investment · CT · income $0 · assets $0

Directly controlled by Yale University
Medical Practice Management LLC

Administrative Services · CT · income $0 · assets $0

Directly controlled by Yale University
OME Holdings LLC

Investment · DE · income $0 · assets $0

Directly controlled by Yale University
Overlea LLC

Investment · DE · income $0 · assets $0

Directly controlled by Yale University
Passive Holding LLC

Investment · NJ · income $941,709 · assets $0

Directly controlled by Yale University
Sardous LLC

Investment · DE · income $0 · assets $0

Directly controlled by Yale University
The UK Friends of Yale University Limited

Accepts charitable contributions · UK · income $1,323,780 · assets $0

Directly controlled by Yale University
Yale Educational Consulting (Beijing) LLC

Supports Higher Education · CH · income $0 · assets $0

Directly controlled by Yale Global Enterprises LLC
Yale Leadership (Beijing) Educational Consulting Co Ltd

Supports Higher Education · CH · income $0 · assets $0

Directly controlled by Yale Global Enterprises LLC

Related partnerships

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

FOURTH CENTURY LLC

Excluded · Investment · DE · 99.8% owned · share of income $972,353,063 · share of assets $7,027,993,511

Directly controlled by Yale University
FIFTH CENTURY LP

Excluded · Investment · NV · 99.8% owned · share of income $776,643,487 · share of assets $2,070,514,665

Directly controlled by Yale University
FYI Ltd

Excluded · Investment · CJ · 77.17% owned · share of income $132,488,835 · share of assets $1,514,720,873

Directly controlled by New FYI Ltd
Wingspan LP

Excluded · Investment · CJ · 88.24% owned · share of income $132,488,835 · share of assets $1,514,720,873

Directly controlled by Yale University
Farallon Capital Institutional Partners II LP

Excluded · Investment · CA · 90.44% owned · share of income $132,410,146 · share of assets $1,387,363,853

Directly controlled by Yale University
Foxway LP

Excluded · Investment · DE · 99.07% owned · share of income $51,362,643 · share of assets $1,256,630,003

Directly controlled by Yale University
667 LP

Excluded · Investment · DE · 83.73% owned · share of income $147,257,848 · share of assets $965,621,331

Directly controlled by BBF I Holdings LP
BBF I HOLDINGS LP

Excluded · Investment · NV · 99.6% owned · share of income $498,376,963 · share of assets $745,624,605

Directly controlled by Fifth Century LP
LONG TERM VALUE FUND LP

Excluded · Investment · CJ · 92.12% owned · share of income $98,125,856 · share of assets $707,816,357

Directly controlled by LAUREL 2008 LP
YB Institutional LP

Excluded · Investment · DE · 98.8% owned · share of income $19,237,045 · share of assets $585,348,581

Directly controlled by Yale University
HIGH STREET PARTNERS LTD

Excluded · Investment · CJ · 92.8% owned · share of income $28,740,835 · share of assets $552,241,617

Directly controlled by Fourth Century LLC
LAUREL 2008 LP

Excluded · Investment · NV · 99.6% owned · share of income $193,473,353 · share of assets $505,879,276

Directly controlled by Fifth Century LP
CYR HOLDINGS LP

Excluded · Investment · NV · 99.6% owned · share of income $12,709,101 · share of assets $485,239,242

Directly controlled by Fifth Century LP
Voyager One Onshore LP

Excluded · Investment · DE · 57.26% owned · share of income $26,497,453 · share of assets $461,072,780

Directly controlled by Yale University
Long Meadow LP

Excluded · Investment · DE · 93.42% owned · share of income $27,685,659 · share of assets $385,021,172

Directly controlled by Yale University
CRS MASTER FUND LP

Excluded · Investment · CJ · 79.3% owned · share of income $14,141,006 · share of assets $278,013,263

Directly controlled by CRS Fund Ltd
Panco Strategic Real Estate Fund IV LP

Excluded · Investment · DE · 57.18% owned · share of income $1,615,224 · share of assets $250,209,440

Directly controlled by Yale University
WEN YUAN Ltd

Excluded · Investment · CJ · 99.74% owned · share of income -$25,891,360 · share of assets $223,687,866

Directly controlled by Fourth Century LLC
Itiner VI Victrix LP

Excluded · Investment · DE · 100% owned · share of income $3,165,702 · share of assets $162,557,117

Directly controlled by Yale University
Strategic Residential Fund II LLC

Excluded · Investment · DE · 95% owned · share of income -$2,669,279 · share of assets $160,489,915

Directly controlled by Yale University
Panco Strategic Real Estate Fund V-R LP

Excluded · Investment · DE · 55.74% owned · share of income $0 · share of assets $159,328,644

Directly controlled by Yale University
Manaslu Fund III LP

Excluded · Investment · CJ · 54.42% owned · share of income $1,406,902 · share of assets $127,318,816

Directly controlled by Yale University
M&H REALTY PARTNERS VI LP

Excluded · Investment · CA · 53.17% owned · share of income -$280,670 · share of assets $85,820,607

Directly controlled by Fourth Century LLC
CYR FUND LP

Excluded · Investment · DE · 79.99% owned · share of income $1,866,458 · share of assets $68,998,245

Directly controlled by CYR Holdings LP
JPF V HOLDINGS LP

Excluded · Investment · NV · 99.6% owned · share of income $1,540 · share of assets $68,254,332

Directly controlled by Fifth Century LP
GLOSTER LLC

Excluded · Investment · DE · 79.84% owned · share of income $14,446,824 · share of assets $57,136,327

Directly controlled by Fourth Century LLC
Typhoon LLC

Excluded · Investment · DE · 73.02% owned · share of income $2,654,223 · share of assets $55,855,788

Directly controlled by Fourth Century LLC
Bayroot LLC

Excluded · Investment · DE · 98.81% owned · share of income $15,212,019 · share of assets $54,523,821

Directly controlled by Fourth Century LLC
YHG INVESTMENT LP

Excluded · Investment · CJ · 69.91% owned · share of income -$48,123,265 · share of assets $50,506,481

Directly controlled by HHLR Yali Feeder Ltd
Yellow Warbler LP

Excluded · Investment · TX · 95.79% owned · share of income $216,475,922 · share of assets $49,257,090

Directly controlled by Fourth Century LLC
RAMSGATE VIII LLC

Excluded · Investment · DE · 79.84% owned · share of income $0 · share of assets $44,410,715

Directly controlled by Fourth Century LLC
Keyframe 3523 Fund LP

Excluded · Investment · DE · 95.66% owned · share of income $1,922,200 · share of assets $39,878,700

Directly controlled by Yale University
The Lyme Forest Fund V TE LP

Unrelated · Investment · DE · 86.16% owned · share of income -$61,066 · share of assets $37,723,095

Directly controlled by Yale University
PEPF IV HOLDINGS LP

Excluded · Investment · NV · 99.6% owned · share of income $3,788 · share of assets $36,737,205

Directly controlled by Fifth Century LP
CAUTHEN VIII LLC

Unrelated · Investment · DE · 79.84% owned · share of income -$33,792 · share of assets $33,723,171

Directly controlled by Fourth Century LLC
RAMSGATE XI LLC

Excluded · Investment · DE · 79.84% owned · share of income $0 · share of assets $33,211,988

Directly controlled by Fourth Century LLC
OMAHA LP

Excluded · Investment · CA · 98.6% owned · share of income -$1,600,515 · share of assets $31,002,431

Directly controlled by OM Holdings LP
OSCEOLA LP

Excluded · Investment · NV · 79.84% owned · share of income $727 · share of assets $29,768,738

Directly controlled by Fifth Century LP
WHITEHAVEN XI LLC

Excluded · Investment · DE · 79.84% owned · share of income $32 · share of assets $29,500,673

Directly controlled by Fourth Century LLC
EASTON 2007 LP

Excluded · Investment · NV · 99.6% owned · share of income -$1,703,559 · share of assets $29,269,762

Directly controlled by Fifth Century LP
TDRC II-A LP

Excluded · Investment · NV · 99.6% owned · share of income $0 · share of assets $28,100,278

Directly controlled by Fifth Century LP
HERNDON LLC

Excluded · Investment · DE · 79.84% owned · share of income $514,688 · share of assets $26,750,011

Directly controlled by Fourth Century LLC
ECP II HOLDINGS LP

Excluded · Investment · NV · 99.6% owned · share of income $13,985,754 · share of assets $24,407,233

Directly controlled by Fifth Century LP
HERNDON IV LLC

Excluded · Investment · DE · 79.84% owned · share of income -$5,272,997 · share of assets $23,027,766

Directly controlled by Fourth Century LLC
Farallon Capital Institutional Partners 25 LP

Unrelated · Investment · DE · 87.26% owned · share of income -$5,314,821 · share of assets $22,929,236

Directly controlled by Yale University
GREENFIELD LAND PARALLEL PARTNERS I LP

Unrelated · Investment · DE · 98.8% owned · share of income -$50,019 · share of assets $22,485,266

Directly controlled by Fourth Century LLC
VERNON LLC

Excluded · Investment · DE · 79.84% owned · share of income $2,390,266 · share of assets $20,422,539

Directly controlled by Fourth Century LLC
Harbor Hills Development LP

Unrelated · Investment · DE · 99% owned · share of income $1,028,412 · share of assets $18,802,345

Directly controlled by Harbor Hills Holdings LP
Sail NH LP

Excluded · Investment · DE · 88.65% owned · share of income $2,214 · share of assets $18,551,192

Directly controlled by Yale University
RADFORD LLC

Excluded · Investment · DE · 79.84% owned · share of income -$2,578,898 · share of assets $17,803,543

Directly controlled by Fourth Century LLC
SP 8 HOLDINGS LP

Excluded · Investment · NV · 99.6% owned · share of income $25,382 · share of assets $17,042,955

Directly controlled by Fifth Century LP
CAUTHEN LLC

Excluded · Investment · DE · 79.84% owned · share of income $5,696 · share of assets $17,015,205

Directly controlled by Fourth Century LLC
Manaslu Fund II LP

Excluded · Investment · CJ · 61.6% owned · share of income $5,702,736 · share of assets $16,450,641

Directly controlled by Fourth Century LLC
ODE IV LLC

Excluded · Investment · DE · 79.84% owned · share of income $0 · share of assets $15,496,832

Directly controlled by Fourth Century LLC
WHITEHAVEN X LLC

Excluded · Investment · DE · 79.84% owned · share of income $2 · share of assets $14,328,112

Directly controlled by Fourth Century LLC
JPS HOLDINGS LP

Excluded · Investment · NV · 99.6% owned · share of income $0 · share of assets $13,646,047

Directly controlled by Fifth Century LP
CORBIN VII LLC

Excluded · Investment · DE · 79.84% owned · share of income $4,883 · share of assets $13,522,568

Directly controlled by Fourth Century LLC
Sail NH II LP

Excluded · Investment · DE · 89.29% owned · share of income $1,319 · share of assets $13,463,677

Directly controlled by Yale University
NLVF II HOLDINGS LP

Excluded · Investment · NV · 99.6% owned · share of income $841,611 · share of assets $12,618,499

Directly controlled by Fifth Century LP
RIDGEFIELD IX LLC

Excluded · Investment · DE · 79.84% owned · share of income $17,825,756 · share of assets $12,374,988

Directly controlled by Fourth Century LLC
MACOMB XI LLC

Excluded · Investment · DE · 79.84% owned · share of income $2,303,262 · share of assets $11,416,112

Directly controlled by Fourth Century LLC
KENWOOD LLC

Excluded · Investment · DE · 79.84% owned · share of income $52,603 · share of assets $11,093,920

Directly controlled by Fourth Century LLC
QUINN LP

Excluded · Investment · NV · 79.84% owned · share of income -$203,218 · share of assets $10,708,248

Directly controlled by Fifth Century LP
CLEVELAND LLC

Excluded · Investment · DE · 79.84% owned · share of income $1,993,779 · share of assets $10,197,325

Directly controlled by Fourth Century LLC
HEVP II HOLDINGS LP

Excluded · Investment · NV · 99.6% owned · share of income $38,736 · share of assets $9,658,302

Directly controlled by Fifth Century LP
POE LP

Unrelated · Investment · NV · 79.84% owned · share of income $297,348 · share of assets $9,566,872

Directly controlled by Fifth Century LP
RAMSGATE X LLC

Excluded · Investment · DE · 79.84% owned · share of income $0 · share of assets $9,531,306

Directly controlled by Fourth Century LLC
ABINGDON LLC

Excluded · Investment · DE · 79.84% owned · share of income $1,616,827 · share of assets $9,288,361

Directly controlled by Fourth Century LLC
Harbor Hills Holdings LP

Unrelated · Investment · DE · 100% owned · share of income $938,273 · share of assets $9,245,745

Directly controlled by Yale University
BARTON LLC

Excluded · Investment · DE · 79.84% owned · share of income $1,684,119 · share of assets $8,690,939

Directly controlled by Fourth Century LLC
CALVERT VI LP

Excluded · Investment · NV · 79.84% owned · share of income $2,708,697 · share of assets $8,534,038

Directly controlled by Fifth Century LP
KENWOOD 2014 LLC

Excluded · Investment · DE · 79.84% owned · share of income $5,632,323 · share of assets $8,235,208

Directly controlled by Fourth Century LLC
YUMA LP

Excluded · Investment · NV · 79.84% owned · share of income $791 · share of assets $7,863,213

Directly controlled by Fifth Century LP
SANGAMORE III LLC

Unrelated · Investment · DE · 79.84% owned · share of income -$304,581 · share of assets $7,386,556

Directly controlled by Fourth Century LLC
BARTON-A LLC

Excluded · Investment · DE · 79.84% owned · share of income $1,347,457 · share of assets $7,151,794

Directly controlled by Fourth Century LLC
IRIS 2009 LP

Excluded · Investment · NV · 99.6% owned · share of income -$774,462 · share of assets $6,599,414

Directly controlled by Fifth Century LP
JBG Investment Fund IV LLC

Unrelated · Investment · DE · 59.88% owned · share of income -$686,565 · share of assets $6,419,007

Directly controlled by Fourth Century LLC
YADKIN IV LLC

Excluded · Investment · DE · 79.84% owned · share of income -$727,261 · share of assets $6,186,070

Directly controlled by Fourth Century LLC
FILLMORE LLC

Excluded · Investment · DE · 79.84% owned · share of income $368,249 · share of assets $6,045,756

Directly controlled by Fourth Century LLC
TILDEN III LLC

Excluded · Investment · DE · 79.84% owned · share of income $443 · share of assets $5,700,648

Directly controlled by Fourth Century LLC
CAUTHEN VII LLC

Excluded · Investment · DE · 79.84% owned · share of income -$283,094 · share of assets $5,622,713

Directly controlled by Fourth Century LLC
KENWOOD 2014-A LLC

Excluded · Investment · DE · 79.84% owned · share of income $597,092 · share of assets $5,619,957

Directly controlled by Fourth Century LLC
AEF 6 US HOLDINGS LP

Excluded · Investment · NV · 99.6% owned · share of income $396,037 · share of assets $5,450,793

Directly controlled by Fifth Century LP
VEITCH LLC

Unrelated · Investment · DE · 79.84% owned · share of income $1,457,733 · share of assets $5,262,553

Directly controlled by Fourth Century LLC
ODE LLC

Excluded · Investment · DE · 79.84% owned · share of income $0 · share of assets $4,925,404

Directly controlled by Fourth Century LLC
RAMSGATE IX LLC

Excluded · Investment · DE · 79.84% owned · share of income $0 · share of assets $4,921,882

Directly controlled by Fourth Century LLC
FIF IV (CFA) HOLDINGS LP

Unrelated · Investment · NV · 99.6% owned · share of income -$372,431 · share of assets $4,573,056

Directly controlled by Fifth Century LP
HUIDIKOPER LP

Excluded · Investment · NV · 79.84% owned · share of income -$517,343 · share of assets $4,408,421

Directly controlled by Fifth Century LP
KENHOWE LLC

Excluded · Investment · DE · 87.33% owned · share of income $507 · share of assets $4,321,336

Directly controlled by Fourth Century LLC
RANNOCH LLC

Excluded · Investment · DE · 87.33% owned · share of income $9,236 · share of assets $4,264,390

Directly controlled by Fourth Century LLC
Elm Street Ventures LP

Excluded · Investment · DE · 53.67% owned · share of income -$365,646 · share of assets $4,250,241

Directly controlled by Yale University
MAYHEW LLC

Excluded · Investment · DE · 87.33% owned · share of income $1,135 · share of assets $3,929,467

Directly controlled by Fourth Century LLC
Morris Island Partners LP

Excluded · Investment · DE · 98.78% owned · share of income $634 · share of assets $3,821,210

Directly controlled by Fourth Century LLC
UHLE LLC

Excluded · Investment · DE · 79.84% owned · share of income $4,153,022 · share of assets $3,739,825

Directly controlled by Fourth Century LLC
CALVERT LP

Excluded · Investment · NV · 79.84% owned · share of income $6,554,826 · share of assets $3,520,246

Directly controlled by Fifth Century LP
ANACONDA LP

Excluded · Investment · CA · 98.8% owned · share of income -$974,237 · share of assets $3,384,271

Directly controlled by Fifth Century LP
GLOSTER III LLC

Excluded · Investment · DE · 79.84% owned · share of income $0 · share of assets $3,318,055

Directly controlled by Fourth Century LLC
FRC II HOLDINGS LP

Excluded · Investment · NV · 99.6% owned · share of income -$92,528 · share of assets $3,261,110

Directly controlled by Fifth Century LP
WOODWAY LP

Excluded · Investment · NV · 79.84% owned · share of income $3,029 · share of assets $3,118,963

Directly controlled by Fifth Century LP
WYNNWOOD VIII LP

Excluded · Investment · NV · 79.84% owned · share of income $170,648 · share of assets $3,102,608

Directly controlled by Fifth Century LP
YADKIN LLC

Excluded · Investment · DE · 79.84% owned · share of income -$314,017 · share of assets $2,724,382

Directly controlled by Fourth Century LLC
KCF HOLDINGS LP

Excluded · Investment · NV · 99.6% owned · share of income -$266,416 · share of assets $2,695,985

Directly controlled by Fifth Century LP
DENT VI LP

Excluded · Investment · NV · 79.84% owned · share of income $118,802 · share of assets $2,676,399

Directly controlled by Fifth Century LP
CAUTHEN IX LLC

Unrelated · Investment · DE · 79.84% owned · share of income $165,697 · share of assets $2,522,351

Directly controlled by Fourth Century LLC
CAUTHEN VI LLC

Excluded · Investment · DE · 79.84% owned · share of income -$64,365 · share of assets $2,483,457

Directly controlled by Fourth Century LLC
BCVF 2007 HOLDINGS LP

Excluded · Investment · NV · 99.6% owned · share of income -$40,890 · share of assets $2,412,225

Directly controlled by Fifth Century LP
BE III HOLDINGS LP

Excluded · Investment · NV · 99.6% owned · share of income -$409 · share of assets $2,222,489

Directly controlled by Fifth Century LP
BOF HOLDINGS LP

Excluded · Investment · NV · 99.6% owned · share of income -$893,991 · share of assets $2,079,819

Directly controlled by Fifth Century LP
WHITEHAVEN LLC

Excluded · Investment · DE · 79.84% owned · share of income -$12,188 · share of assets $2,038,667

Directly controlled by Fourth Century LLC
WILSON LP

Excluded · Investment · NV · 79.84% owned · share of income -$262,242 · share of assets $1,905,412

Directly controlled by Fifth Century LP
RAMSGATE IX A LLC

Excluded · Investment · DE · 79.84% owned · share of income $0 · share of assets $1,789,776

Directly controlled by Fourth Century LLC
ALAMANCE VII LLC

Excluded · Investment · DE · 79.84% owned · share of income $3,374,866 · share of assets $1,656,354

Directly controlled by Fourth Century LLC
WESTPATH LLC

Excluded · Investment · DE · 79.84% owned · share of income $3,938 · share of assets $1,646,650

Directly controlled by Fourth Century LLC
MEP IX LP

Excluded · Investment · DE · 99.8% owned · share of income $1,261,666 · share of assets $1,446,424

Directly controlled by Fourth Century LLC
ALDERBROOK LP

Excluded · Investment · NV · 79.84% owned · share of income $361,526 · share of assets $1,416,320

Directly controlled by Fifth Century LP
LORTON LLC

Excluded · Investment · DE · 79.84% owned · share of income $21,159,369 · share of assets $1,147,192

Directly controlled by Fourth Century LLC
MEP IV HOLDINGS LP

Excluded · Investment · NV · 99.6% owned · share of income -$173,725 · share of assets $1,096,730

Directly controlled by Fifth Century LP
LORTON-A LLC

Excluded · Investment · DE · 79.84% owned · share of income $814,239 · share of assets $1,020,739

Directly controlled by Fourth Century LLC
Freshet Wind Energy LLC

Excluded · Investment · DE · 79.84% owned · share of income -$13,281 · share of assets $924,041

Directly controlled by FWEB LLC
ARLINGTON LLC

Excluded · Investment · DE · 79.84% owned · share of income $2,384,308 · share of assets $838,413

Directly controlled by Fourth Century LLC
CHANDLER LLC

Excluded · Investment · DE · 79.84% owned · share of income $117,732 · share of assets $774,349

Directly controlled by Fourth Century LLC
FESSENDEN LP

Excluded · Investment · NV · 79.84% owned · share of income $664,846 · share of assets $738,327

Directly controlled by Fifth Century LP
4620 Associates LLC

Excluded · Investment · DE · 83.99% owned · share of income $108,410 · share of assets $281,144

Directly controlled by Yale University
EDMUNDS LP

Excluded · Investment · NV · 79.84% owned · share of income $690,249 · share of assets $213,220

Directly controlled by Fifth Century LP
RIDGEFIELD VIII LP

Excluded · Investment · NV · 79.84% owned · share of income $3,761,753 · share of assets $159,690

Directly controlled by Fifth Century LP
AVON LP

Unrelated · Investment · NV · 79.84% owned · share of income $99,800 · share of assets $141,815

Directly controlled by Fifth Century LP
Kilimanjaro Fund LP

Excluded · Investment · CJ · 79.84% owned · share of income -$2,963 · share of assets $105,569

Directly controlled by Yale University
ORDWAY LP

Excluded · Investment · NV · 79.84% owned · share of income $1,010 · share of assets $85,733

Directly controlled by Fifth Century LP
TILDEN II LLC

Excluded · Investment · DE · 79.84% owned · share of income $4,973 · share of assets $4,816

Directly controlled by Fourth Century LLC
Bluebart LP

Excluded · Investment · DE · 94.15% owned · share of income -$4,465,263 · share of assets $0

Directly controlled by Yale University
College Street Innovation Fund LLC

Excluded · Investment · CT · 52.51% owned · share of income $0 · share of assets $0

Directly controlled by Yale University
GOLDSBORO LP

Excluded · Investment · NV · 79.84% owned · share of income $354,229 · share of assets $0

Directly controlled by Fifth Century LP
JBG Investment Fund III LP

Excluded · Investment · DE · 57.03% owned · share of income $16,461 · share of assets $0

Directly controlled by Fourth Century LLC
MACOMB VIII LP

Excluded · Investment · NV · 79.84% owned · share of income -$1,451,321 · share of assets $0

Directly controlled by Fifth Century LP
Motus Fund Ltd

Excluded · Investment · CJ · 99.35% owned · share of income $120,408 · share of assets $0 · general or managing partner

Directly controlled by Yale University
OM HOLDINGS LP

Excluded · Investment · NV · 99.6% owned · share of income -$1,387,246 · share of assets $0

Directly controlled by Fifth Century LP
SCOTT LLC

Excluded · Investment · DE · 79.84% owned · share of income -$546,080 · share of assets $0

Directly controlled by Fourth Century LLC
SP II HOLDINGS LP

Excluded · Investment · NV · 99.6% owned · share of income -$45,007 · share of assets $0

Directly controlled by Fifth Century LP
RCP HOLDINGS LP

Excluded · Investment · NV · 99.6% owned · share of income $5,832,162 · share of assets -$143,547

Directly controlled by Fifth Century LP
HEVP HOLDINGS LP

Excluded · Investment · NV · 99.6% owned · share of income $138,109 · share of assets -$2,997,452

Directly controlled by Fifth Century LP
WINDOM LP

Excluded · Investment · NV · 79.84% owned · share of income $13,043,032 · share of assets -$4,646,177

Directly controlled by Fifth Century LP
SEDGWICK LP

Excluded · Investment · NV · 79.84% owned · share of income $4,730,207 · share of assets -$4,714,281

Directly controlled by Fifth Century LP
NIFL HOLDINGS LP

Excluded · Investment · NV · 99.6% owned · share of income $26,350,952 · share of assets -$5,468,680

Directly controlled by Fifth Century LP
RCP II HOLDINGS LP

Excluded · Investment · NV · 99.6% owned · share of income $5,900,945 · share of assets -$6,062,448

Directly controlled by Fifth Century LP
Harbor Hills Country Club LP

Unrelated · Investment · DE · 99% owned · share of income -$90,139 · share of assets -$9,556,601

Directly controlled by Harbor Hills Holdings LP

Related corporations and trusts

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

New FYI Ltd

C Corporation · Investment · CJ · 88.24% owned · share of income $494,671,376 · share of assets $1,336,236,343 · controlled entity

Directly controlled by Wingspan LP
The Caeruleus Fund

C Corporation · Investment · CJ · 99.8% owned · share of income $140,985,060 · share of assets $628,463,329 · controlled entity

Directly controlled by Fourth Century LLC
CRS Fund Ltd

C Corporation · Investment · CJ · 99.6% owned · share of income $10,445,596 · share of assets $272,320,807 · controlled entity

Directly controlled by CYR Holdings LP
EMK Capital Partners Feeder LP

C Corporation · Investment · UK · 88.99% owned · share of income -$161,195 · share of assets $264,348,819 · controlled entity

Directly controlled by Yale University
PWEB LLC

C Corporation · Investment · DE · 99.8% owned · share of income $7,906,200 · share of assets $76,691,621 · controlled entity

Directly controlled by Fourth Century LLC
HHLR Yali Feeder Ltd

C Corporation · Investment · CJ · 99.8% owned · share of income -$49,468,090 · share of assets $50,458,605 · controlled entity

Directly controlled by Fourth Century LLC
Fourth Century Trust

Trust · Investment · CT · 100% owned · share of income $3,447,746 · share of assets $45,450,959 · controlled entity

Directly controlled by Yale University
LTR Focus Fund

C Corporation · Investment · MP · 100% owned · share of income $857,077 · share of assets $43,651,175 · controlled entity

Directly controlled by Yale University
Elementum Opportunities Fund Ltd

C Corporation · Investment · BD · 98.8% owned · share of income $17,402,737 · share of assets $38,170,957 · controlled entity

Directly controlled by YB Institutional LP
YB Cayman Ltd

C Corporation · Investment · CJ · 98.8% owned · share of income $384,534 · share of assets $34,338,068 · controlled entity

Directly controlled by YB Institutional LP
NW UK REGIONAL II (NO 1) LP

C Corporation · Investment · UK · 99.8% owned · share of income -$516,786 · share of assets $6,684,524 · controlled entity

Directly controlled by Fourth Century LLC
3313148 Nova Scotia Limited

C Corporation · Investment · CA · 98.6% owned · share of income $457,423 · share of assets $3,956,451 · controlled entity

Directly controlled by OM Holdings LP
FWEB LLC

C Corporation · Investment · DE · 99.8% owned · share of income $2,227 · share of assets $1,107,375 · controlled entity

Directly controlled by Fourth Century LLC
Connecticut Boola Inc

C Corporation · Investment · CT · 100% owned · share of income $0 · share of assets $745,042 · controlled entity

Directly controlled by Yale University
Horseshoe RE limited on behalf of and for the benefit of its separate accou nt EOF20030

C Corporation · Investment · BD · 98.8% owned · share of income -$2,231,932 · share of assets $400,200 · controlled entity

Directly controlled by Elementum Opportunities Fund Ltd
Harbor Hills Country Club Inc

C Corporation · Investment · DE · 100% owned · share of income $6,493 · share of assets $37,957 · controlled entity

Directly controlled by Harbor Hills Holdings LP
Yale University Hong Kong Trust

Trust · Accepts charitable contributions · HK · 100% owned · share of income $2,711,720 · share of assets $20,250 · controlled entity

Directly controlled by Yale University
Harbor Hills Sales Inc

C Corporation · Investment · FL · 100% owned · share of income $0 · share of assets $1,000 · controlled entity

Directly controlled by Harbor Hills Holdings LP
Drama Productions Inc

C Corporation · Performing Arts · CT · 100% owned · share of income $0 · share of assets $0 · controlled entity

Directly controlled by Yale University
Charitable Pooled Income Funds (3)

Trust · Investment · CT

Directly controlled by Various
Charitable Remainder Trusts (35)

Trust · Investment · CT

Directly controlled by Yale University

Provenance

Return type: form_990
Tax year: 2023
Filed: 15 May 2025
IRS schema version: 2023v6.0
Source object: 202501359349304220

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