Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $1,035,624

• 1e · Government grants (contributions)

  $1,000,000

• 1f · All other contributions, gifts and grants

  $42,667,227

• 1g · Noncash contributions included above

  $912,671

• 2a · Program service revenue: TUITION & EDUCATION

  total $310,944,358 · related or exempt $310,944,358

• 2b · Program service revenue: ACADEMIC RESEARCH

  total $95,887,825 · related or exempt $95,887,825

• 2c · Program service revenue: RENTAL INCOME FROM AFFILIATES

  total $6,698,859 · related or exempt $6,917,703 · unrelated business -$218,844

• 2d · Program service revenue: PROGRAM SERVICE RELATED REVENUE

  total $1,137,617,128 · related or exempt $1,137,617,128

• 3 · Investment income

  total $7,283,094 · excluded $7,283,094

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

  total $0

• 5 · Royalties

  total $0

• 6a · Gross rents

  real property $2,225,472

• 6b · Less rental expenses

  real property $2,186,518

• 6c · Rental income or loss

  real property $38,954 · personal property $0

• 6d · Net rental income or loss

  total $38,954 · excluded $38,954

• 7a · Gross sales of assets other than inventory

  securities $24,082,637

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

  other assets $17,324,068

• 7c · Gain or loss

  securities $24,082,637 · other assets -$17,324,068

• 7d · Net gain or loss

  total $6,758,569 · unrelated business $1,497,619 · excluded $5,260,950

• 8a · Fundraising events: gross income

  $542,958

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

  $1,035,624

• 8b · Fundraising events: direct expenses

  $542,958

• 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

• 11a · Other revenue: PARKING

  total $3,317,645 · unrelated business $906,154 · excluded $2,411,491

• 11e · Other revenue, total

  $3,317,645

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $15,484,996 · program services $15,484,996

• 2 · Grants to domestic individuals

  total $22,786,660 · program services $22,786,660

• 3 · Grants to foreign organizations and individuals

  total $4,025,659 · program services $4,025,659

• 4 · Benefits paid to or for members

  total $0

• 5 · Compensation of officers, directors and key employees

  total $17,180,674 · program services $17,180,674

• 6 · Compensation of disqualified persons

  total $0

• 7 · Other salaries and wages

  total $709,823,702 · program services $685,106,369 · management and general $23,884,466 · fundraising $832,867

• 8 · Pension plan contributions

  total $43,987,304 · program services $42,494,361 · management and general $1,492,943

• 9 · Other employee benefits

  total $96,923,531 · program services $93,649,098 · management and general $3,274,433

• 10 · Payroll taxes

  total $58,386,332 · program services $56,418,112 · management and general $1,968,220

• 11a · Fees: management

  total $3,204,469 · program services $3,166,446 · management and general $38,023

• 11b · Fees: legal

  total $22,092,804 · program services $20,981,124 · management and general $1,111,680

• 11c · Fees: accounting

  total $2,222,382 · program services $2,110,197 · management and general $112,185

• 11d · Fees: lobbying

  total $930,111 · program services $930,111

• 11e · Fees: professional fundraising services

  total $0

• 11f · Fees: investment management

  total $13,778,948 · program services $13,778,948

• 11g · Fees: other

  total $247,071,992 · program services $234,952,008 · management and general $12,080,409 · fundraising $39,575

• 12 · Advertising and promotion

  total $29,470,845 · program services $28,010,807 · management and general $1,459,923 · fundraising $115

• 13 · Office expenses

  total $31,680,799 · program services $30,335,071 · management and general $1,296,379 · fundraising $49,349

• 14 · Information technology

  total $123,445,913 · program services $117,364,225 · management and general $6,055,026 · fundraising $26,662

• 15 · Royalties

  total $0

• 16 · Occupancy

  total $33,368,971 · program services $32,238,592 · management and general $1,130,190 · fundraising $189

• 17 · Travel

  total $13,081,726 · program services $12,957,037 · management and general $106,395 · fundraising $18,294

• 18 · Travel or entertainment for public officials

  total $0

• 19 · Conferences, conventions and meetings

  total $2,234,004 · program services $2,194,961 · management and general $38,757 · fundraising $286

• 20 · Interest

  total $13,459,974 · program services $13,227,872 · management and general $232,102

• 21 · Payments to affiliates

  total $0

• 22 · Depreciation, depletion and amortization

  total $31,646,189 · program services $31,633,333 · management and general $12,856

• 23 · Insurance

  total $1,048,195 · program services $1,048,195

• 24a · Other expenses: REPAIRS & MAINTENANCE

  total $61,787,591 · program services $61,786,701 · fundraising $890

• 24b · Other expenses: RESEARCH SUPPLIES

  total $17,225,648 · program services $17,225,648

• 24c · Other expenses: DUES & SUBSCRIPTIONS

  total $15,564,754 · program services $15,060,824 · management and general $502,437 · fundraising $1,493

• 24d · Other expenses: OTHER EXPENSES

  total $37,645,506 · program services $37,433,004 · management and general $124,708 · fundraising $87,794

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $253,863,539 · end of year $96,771,875

• 2 · Savings and temporary cash investments

  beginning of year $50,961,579 · end of year $53,295,311

• 3 · Pledges and grants receivable

  beginning of year $116,102,563 · end of year $99,742,270

• 4 · Accounts receivable

  beginning of year $47,975,273 · end of year $63,464,722

• 5 · Loans and receivables from officers and key people

  beginning of year $0 · end of year $0

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 7 · Other notes and loans receivable

  beginning of year $19,348,239 · end of year $19,013,930

• 8 · Inventories for sale or use

  beginning of year $529,903 · end of year $1,041,149

• 9 · Prepaid expenses and deferred charges

  beginning of year $105,347,113 · end of year $62,359,866

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

  $2,053,559,964

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

  $734,006,344

• 10c · Land, buildings and equipment, net

  beginning of year $621,563,501 · end of year $1,319,553,620

• 11 · Investments: publicly traded securities

  beginning of year $0 · end of year $0

• 12 · Investments: other securities

  beginning of year $0 · end of year $0

• 13 · Investments: program-related

  beginning of year $882,953,267 · end of year $893,477,491

• 14 · Intangible assets

  beginning of year $5,757,624 · end of year $5,681,944

• 15 · Other assets

  beginning of year $2,634,289,829 · end of year $2,465,793,838

• 17 · Accounts payable and accrued expenses

  beginning of year $339,272,138 · end of year $369,768,825

• 18 · Grants payable

  beginning of year $0 · end of year $0

• 19 · Deferred revenue

  beginning of year $23,966,198 · end of year $22,450,665

• 20 · Tax-exempt bond liabilities

  beginning of year $2,577,993,741 · end of year $2,857,245,112

• 21 · Escrow or custodial account liability

  beginning of year $0 · end of year $0

• 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 $585,909,137 · end of year $583,954,245

• 24 · Unsecured notes and loans payable

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $242,554,815 · end of year $186,233,175

• 27 · Net assets without donor restrictions

  beginning of year $391,092,025 · end of year $453,015,418

• 28 · Net assets with donor restrictions

  beginning of year $577,904,376 · end of year $607,528,576

The filer's explanations (Part III)

CORE FORM, PART VII AND SCHEDULE J

TAXABLE COMPENSATION REPORTED HEREIN IS DERIVED FROM 2023 FORMS W-2.

SCHEDULE J, PART I; QUESTION 1

CERTAIN OFFICERS OF THE ORGANIZATION TRAVELED FIRST CLASS DURING THE YEAR ON BUSINESS TRIPS FOR THOMAS JEFFERSON UNIVERSITY WORK PURPOSES. THE EXCESS COST OVER STANDARD TRAVEL WAS NOT INCLUDED IN 2023 FORM W-2, BOX 5 AS TAXABLE MEDICARE WAGES FOR THESE INDIVIDUALS, AS THESE EXPENSES WERE BUSINESS RELATED AND NOT DEEMED TAXABLE INCOME. THE ORGANIZATION MAINTAINS A FLEXIBLE BENEFIT PROGRAM ("PERQUISITE PROGRAM") FOR CERTAIN MEMBERS OF ITS SENIOR LEADERSHIP TEAM. THIS PROGRAM PROVIDES A FIXED DOLLAR AMOUNT, AND ENABLES PARTICIPATING EMPLOYEES TO ALLOCATE THE AMOUNT AMONG CERTAIN TAXABLE BENEFIT OPTIONS (I.E., ADDITIONAL LIFE INSURANCE COVERAGES, LONG-TERM CARE INSURANCE AND FINANCIAL OR TAX PLANNING ASSISTANCE) OR TO NON-QUALIFIED DEFERRED COMPENSATION OPTIONS. THE ELECTIONS ARE MADE BEFORE THE YEAR IN WHICH THE BENEFIT PROGRAM AMOUNT IS PROVIDED. THE AMOUNTS ALLOCATED TO TAXABLE BENEFIT OPTIONS ARE INCLUDED WITHIN THE EMPLOYEES' FORM W-2, BOX 5, AS TAXABLE MEDICARE WAGES FOR THE YEAR IN WHICH THE ALLOCATIONS ARE EFFECTIVE. THE FOLLOWING INDIVIDUALS PARTICIPATED IN THE ORGANIZATION'S PERQUISITE PROGRAM: PETER L. DEANGELIS, JR.; CRISTINA G. CAVALIERI, ESQ.; STEPHEN K. KLASKO, M.D., MBA; MARK L. TYKOCINSKI, M.D.; CLAYTON FITZHUGH; KATHLEEN GALLAGHER AND MICHAEL B. WALSH.

SCHEDULE J, PART I; QUESTION 4A

THE FOLLOWING INDIVIDUALS RECEIVED SEVERANCE PAYMENTS DURING CALENDAR YEAR 2023 WHICH WERE INCLUDED IN EACH INDIVIDUAL'S 2023 FORM W-2, BOX 5, AS TAXABLE MEDICARE WAGES: BRUCE A. MEYER, M.D., MBA, $2,712,500; PETER L. DEANGELIS, JR., $946,896; STEPHEN K. KLASKO, M.D., MBA, $2,000,000; MARK L. TYKOCINSKI, M.D., $306,731; LAURENCE M. MERLIS, $1,208,370; MICHAEL B. WALSH, $228,209; ELIZABETH DALE, ED.D., MPA, $537,115 AND JOHN C. EKARIUS, $517,428.

SCHEDULE J, PART I; QUESTION 4B

THE AMOUNT REFLECTED IN SCHEDULE J, PART II, COLUMN B(III) FOR THE FOLLOWING INDIVIDUALS INCLUDES CURRENT YEAR VESTING IN AN INTERNAL REVENUE CODE SECTION 457(F) PLAN (NON-QUALIFIED DEFERRED COMPENSATION PLAN) AS THE AMOUNTS WERE NO LONGER SUBJECT TO A SUBSTANTIAL RISK OF COMPLETE FORFEITURE. THE AMOUNTS OUTLINED HEREIN WERE INCLUDED IN EACH INDIVIDUAL'S 2023 FORM W-2, BOX 5, AS TAXABLE MEDICARE WAGES: BRUCE A. MEYER, M.D., MBA, $106,550; PETER L. DEANGELIS, JR., $320,801; ROBERT H. ROSENWASSER, M.D., $184,331; CRISTINA G. CAVALIERI, ESQ., $321,187; MARK L. TYKOCINSKI, M.D., $165,025; CLAYTON FITZHUGH, $199,588 AND KATHLEEN GALLAGHER, $282,925. THE AMOUNT REFLECTED IN SCHEDULE J, PART II, COLUMN B(III) FOR THE FOLLOWING INDIVIDUALS INCLUDES CURRENT YEAR VESTING IN AN EMPLOYER RECRUITMENT AND RETENTION PROGRAM FOR KEY INDIVIDUALS, AS THE AMOUNTS WERE NO LONGER SUBJECT TO A SUBSTANTIAL RISK OF COMPLETE FORFEITURE. THE AMOUNTS OUTLINED HEREIN WERE INCLUDED IN EACH INDIVIDUAL'S 2023 FORM W-2, BOX 5, AS TAXABLE MEDICARE WAGES: PETER L. DEANGELIS, JR., $363,405; CLAYTON FITZHUGH, $59,719 AND KATHLEEN GALLAGHER, $42,262. THE AMOUNT REFLECTED IN SCHEDULE J, PART II, COLUMN B(III) FOR THE FOLLOWING INDIVIDUALS INCLUDES CURRENT YEAR VESTING IN A LONG-TERM INCENTIVE PLAN, AS THE AMOUNTS WERE NO LONGER SUBJECT TO A SUBSTANTIAL RISK OF COMPLETE FORFEITURE. THE AMOUNTS OUTLINED HEREIN WERE INCLUDED IN EACH INDIVIDUAL'S 2023 FORM W-2, BOX 5, AS TAXABLE MEDICARE WAGES: JOSEPH G. CACCHIONE, M.D., FACC, $924,000; PETER L. DEANGELIS, JR., $181,500; BALIGH R. YEHIA, M,D., MPP, MSC, $81,927; CRISTINA G. CAVALIERI, ESQ., $165,000; MARK L. TYKOCINSKI, M.D., $143,055; MARK M. WHALEN, $30,800; CLAYTON FITZHUGH, $119,625; KATHLEEN GALLAGHER, $100,980; STEPHEN T. SMITH, $27,500 AND LISA SATTESON, SHRM-SCP, $5,500. THE DEFERRED COMPENSATION AMOUNT IN SCHEDULE J, PART II, COLUMN C FOR THE FOLLOWING INDIVIDUALS INCLUDES UNVESTED BENEFITS IN AN INTERNAL REVENUE CODE SECTION 457(F) PLAN (NON-QUALIFIED DEFERRED COMPENSATION PLAN) WHICH IS SUBJECT TO A SUBSTANTIAL RISK OF COMPLETE FORFEITURE. ACCORDINGLY, THESE INDIVIDUALS MAY NEVER ACTUALLY RECEIVE THIS UNVESTED BENEFIT AMOUNT. THE AMOUNT OUTLINED HEREIN WAS NOT INCLUDED IN EACH INDIVIDUAL'S 2023 FORM W-2, BOX 5, AS TAXABLE MEDICARE WAGES: STEPHEN T. SMITH, $15,000 AND LISA SATTESON, SHRM-SCP, $17,338.

SCHEDULE J, PART I; QUESTION 7

CERTAIN INDIVIDUALS INCLUDED IN SCHEDULE J, PART II RECEIVED A BONUS DURING CALENDAR YEAR 2023 WHICH WAS INCLUDED IN SCHEDULE J, PART II, COLUMN B(II) HEREIN AND IN EACH INDIVIDUAL'S 2023 FORM W-2, BOX 5, AS TAXABLE MEDICARE WAGES. EMPLOYEE BONUSES ARE BASED UPON THE ATTAINMENT OF QUALITY GOALS, STRATEGIC OPERATIONAL INITIATIVES AND FINANCIAL PERFORMANCE. PLEASE REFER TO THIS SECTION OF THE FORM 990, SCHEDULE J FOR THIS INFORMATION BY PERSON BY AMOUNT.

SCHEDULE J, PART II; COLUMN F

THE AMOUNTS REPORTED IN SCHEDULE J, PART II, COLUMN (F) INCLUDE VESTED BENEFITS IN A DEFERRED COMPENSATION PLAN AS THESE AMOUNTS WERE NO LONGER SUBJECT TO A SUBSTANTIAL RISK OF FORFEITURE. THESE AMOUNTS WERE REPORTED AS DEFERRED COMPENSATION ON PRIOR YEARS' FORMS 990 AND ARE NOW BEING REPORTED AGAIN ON THIS YEAR'S FORM 990. THESE HAVE BEEN TREATED AS TAXABLE INCOME AND REPORTED ON EACH INDIVIDUAL'S FORM W-2, BOX 5, AS TAXABLE MEDICARE WAGES.

Disregarded entities

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

• 925 WALNUT HOLDING LLC

  REAL ESTATE · PA · income $446,060 · assets $46,212,583

  Directly controlled by TJU

• TJU FAIRWATER LLC

  INVESTMENTS · NY · income $0 · assets $0

  Directly controlled by TJU

• JEFFERSON HORIZON RESEARCH LLC

  RESEARCH · PA · income $0 · assets $100,000

  Directly controlled by TJU

• JEFFCARE ALLIANCE LLC

  HEALTHCARE · PA · income $15,334,179 · assets $4,279,870

  Directly controlled by TJU

• TJ-NONQUALIFIED LLC

  INVESTMENTS · DE · income $89,342,000 · assets $2,820,609,000

  Directly controlled by TJU

• JEFFPM LLC

  INVESTMENTS · DE · income $7,705,628 · assets $376,719,803

  Directly controlled by TJU

• JEFFALTS LLC

  INVESTMENTS · DE · income $2,514,421 · assets $127,102,944

  Directly controlled by TJU

• Jefferson Partners Holding LLC

  INSURANCE · PA · income $0 · assets $0

  Directly controlled by TJU

Related partnerships

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

• 1100 WALNUT ASSOC

  MEDICAL OFFICE · PA

  Directly controlled by NA

• JEFF UNIV RAD ASSOC

  HEALTH SVCS. · PA

  Directly controlled by NA

• JEFFHEDGE LLC

  RELATED · INVESTMENTS · DE · 70.983% owned · share of income $38,497 · share of assets -$587,073

  Directly controlled by TJU

• JUNIATA MED BLD

  MEDICAL OFFICE · PA

  Directly controlled by NA

• KENNEDY CH SURG

  SURGERY CENTER · NJ

  Directly controlled by NA

• MLJH LLC

  MEDICAL SERVICES · PA

  Directly controlled by NA

• RIVERVIEW SURG CTR LLC

  HEALTH SVCS. · PA

  Directly controlled by NA

• RIVERVIEW SURG CTR LP

  HEALTH SVCS. · PA

  Directly controlled by NA

• ROTHMAN ORTHO SPEC HOSP

  HEALTH SVCS. · PA

  Directly controlled by NA

• TMB ENTERPRISE

  MEDICAL OFFICE · PA

  Directly controlled by NA

Related corporations and trusts

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

• 925 WALNUT STREET CORP

  S CORP. · REAL ESTATE · PA · 100% owned · share of income $0 · share of assets $14,470,776 · controlled entity

  Directly controlled by TJU

• ATRIUM CORPORATION

  C CORP. · HEALTH SVCS. · PA · 100% owned · share of income $2,735,809 · share of assets $2,927,648 · controlled entity

  Directly controlled by TJU

• CMMC INC

  C CORP. · REAL ESTATE · PA · 100% owned · share of income $713,341 · share of assets $5,044,230 · controlled entity

  Directly controlled by TJU

• EINSTEIN HEALTHCARE SYSTEMS INC

  C CORP. · INACTIVE · PA · 100% owned · share of income $0 · share of assets $1,466,281 · controlled entity

  Directly controlled by TJU

• HEALTH CARE INC

  C CORP. · HEALTH SVCS. · PA · 100% owned · share of income $148,381 · share of assets $5,917,970 · controlled entity

  Directly controlled by TJU

• HEALTHMARK INC

  C CORP. · HEALTH SVCS. · PA · 100% owned · share of income $0 · share of assets $0 · controlled entity

  Directly controlled by TJU

• JEFFCARE INC

  C CORP. · HEALTH SVCS. · PA · 100% owned · share of income $492,497 · share of assets $3,522,375 · controlled entity

  Directly controlled by TJU

• JEFFERSON HLTH NJ DIRECT PRIMARY CARE PC

  C CORP. · HEALTH SVCS. · NJ · 100% owned · share of income $1,005,741 · share of assets $645,421 · controlled entity

  Directly controlled by TJU

• JEFFERSON PHYSICIAN SVCS OF CALIFORNIA

  C CORP. · INACTIVE · CA · 100% owned · share of income $0 · share of assets $0 · controlled entity

  Directly controlled by TJU

• KENNEDY ACCESS INCORPORATED

  C CORP. · INVESTMENTS · NJ · 100% owned · share of income $0 · share of assets $0 · controlled entity

  Directly controlled by TJU

• KENNEDY MANAGEMENT GROUP INC

  C CORP. · MANAGEMENT · NJ · 100% owned · share of income $1,609,240 · share of assets $2,864,839 · controlled entity

  Directly controlled by TJU

• MID-ATLANTIC MATERNAL FETAL INSTITUTE

  C CORP. · INACTIVE · PA · 100% owned · share of income $0 · share of assets $0 · controlled entity

  Directly controlled by TJU

• MID-ATLANTIC MATERNAL FETAL INSTITUTE PC

  C CORP. · INACTIVE · NJ · 100% owned · share of income $0 · share of assets $0 · controlled entity

  Directly controlled by TJU

• PARTNERS INSURANCE COMPANY OF NJ

  C CORP. · INSURANCE · NJ · 100% owned · share of income $0 · share of assets $4,500,000 · controlled entity

  Directly controlled by TJU

• PARTNERS INSURANCE COMPANY INC

  C CORP. · INSURANCE · PA · 100% owned · share of income -$420,548 · share of assets $3,079,028 · controlled entity

  Directly controlled by TJU

• PROFESSIONAL MEDICAL MANAGEMENT INC

  C CORP. · INACTIVE · NJ · 100% owned · share of income $0 · share of assets $0 · controlled entity

  Directly controlled by TJU

• REHAB VENTURES INC

  C CORP. · INACTIVE · PA · 100% owned · share of income $2,241 · share of assets $1,581,104 · controlled entity

  Directly controlled by TJU

• SYSTEM SERVICE CORPORATION

  C CORP. · HOLDING CO. · DE · 100% owned · share of income $139,193 · share of assets $11,358,919 · controlled entity

  Directly controlled by TJU

• TF DEVELOPMENT LTD

  C CORP. · REAL ESTATE · PA · 100% owned · share of income $4,627,894 · share of assets $56,199,270 · controlled entity

  Directly controlled by TJU

• TJU INC

  C CORP. · REAL ESTATE · PA · 100% owned · share of income $64,702 · share of assets $1,000,000 · controlled entity

  Directly controlled by TJU

• WALNUT REALTY CO

  C CORP. · REAL ESTATE · PA · 100% owned · share of income $654 · share of assets $10,102 · controlled entity

  Directly controlled by TJU