Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $313,955

• 1e · Government grants (contributions)

  $1,150,145,000

• 1f · All other contributions, gifts and grants

  $838,657,045

• 1g · Noncash contributions included above

  $66,433,685

• 2a · Program service revenue: TUITION & FEES

  total $1,890,577,000 · related or exempt $1,890,577,000

• 2b · Program service revenue: NET PATIENT SERVICE HEALTHCARE REVENUES

  total $4,692,096,000 · related or exempt $4,692,096,000

• 2c · Program service revenue: AUXILIARY ENTERPRISES

  total $1,575,805,000 · related or exempt $1,562,290,984 · unrelated business $13,514,016

• 2d · Program service revenue: OTHER PROGRAM SERVICE REVENUES

  total $41,481,237 · related or exempt $35,470,745 · unrelated business $6,010,492

• 3 · Investment income

  total $538,116,599 · unrelated business -$1,839,380 · excluded $539,955,979

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

  total $334,401 · excluded $334,401

• 5 · Royalties

  total $564,215,000 · excluded $564,215,000

• 6a · Gross rents

  real property $14,505,000 · personal property $15,000

• 6b · Less rental expenses

  real property $0 · personal property $0

• 6c · Rental income or loss

  real property $14,505,000 · personal property $15,000

• 6d · Net rental income or loss

  total $14,520,000 · excluded $14,520,000

• 7a · Gross sales of assets other than inventory

  securities $10,147,909,000 · other assets $0

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

  securities $9,783,674,000 · other assets $0

• 7c · Gain or loss

  securities $364,235,000 · other assets $0

• 7d · Net gain or loss

  total $364,235,000 · unrelated business $58,354,752 · excluded $305,880,248

• 8a · Fundraising events: gross income

  $427,861

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

  $313,955

• 8b · Fundraising events: direct expenses

  $384,098

• 8c · Net income from fundraising events

  total $43,763 · excluded $43,763

• 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 $18,845,690 · program services $18,845,690

• 2 · Grants to domestic individuals

  total $654,119,575 · program services $654,119,575

• 3 · Grants to foreign organizations and individuals

  total $2,651,499 · program services $2,651,499

• 4 · Benefits paid to or for members

  total $0

• 5 · Compensation of officers, directors and key employees

  total $63,977,125 · program services $60,778,269 · management and general $3,198,856 · fundraising $0

• 6 · Compensation of disqualified persons

  total $18,774,395 · program services $17,835,675 · management and general $938,720 · fundraising $0

• 7 · Other salaries and wages

  total $4,432,801,480 · program services $3,875,767,309 · management and general $487,608,163 · fundraising $69,426,008

• 8 · Pension plan contributions

  total $321,000,000 · program services $280,663,000 · management and general $35,310,000 · fundraising $5,027,000

• 9 · Other employee benefits

  total $742,984,000 · program services $649,619,000 · management and general $81,728,000 · fundraising $11,637,000

• 10 · Payroll taxes

  total $306,496,000 · program services $267,981,000 · management and general $33,715,000 · fundraising $4,800,000

• 11a · Fees: management

  total $37,971,000 · program services $23,542,000 · management and general $1,899,000 · fundraising $12,530,000

• 11b · Fees: legal

  total $35,424,000 · program services $29,402,000 · management and general $6,022,000 · fundraising $0

• 11c · Fees: accounting

  total $6,008,000 · program services $5,227,000 · management and general $774,000 · fundraising $7,000

• 11d · Fees: lobbying

  total $405,000 · program services $336,000 · management and general $69,000 · fundraising $0

• 11e · Fees: professional fundraising services

  total $646,000 · fundraising $646,000

• 11f · Fees: investment management

  total $56,869,000 · program services $0 · management and general $56,869,000 · fundraising $0

• 11g · Fees: other

  total $610,190,000 · program services $520,972,000 · management and general $85,427,000 · fundraising $3,791,000

• 12 · Advertising and promotion

  total $31,764,000 · program services $26,342,000 · management and general $5,082,000 · fundraising $340,000

• 13 · Office expenses

  total $337,696,000 · program services $304,312,000 · management and general $23,639,000 · fundraising $9,745,000

• 14 · Information technology

  total $25,157,000 · program services $19,119,000 · management and general $4,140,000 · fundraising $1,898,000

• 15 · Royalties

  total $3,343,000 · program services $3,343,000 · management and general $0 · fundraising $0

• 16 · Occupancy

  total $412,535,000 · program services $371,282,000 · management and general $36,917,000 · fundraising $4,336,000

• 17 · Travel

  total $98,273,000 · program services $86,695,000 · management and general $7,862,000 · fundraising $3,716,000

• 18 · Travel or entertainment for public officials

  total $0 · program services $0 · management and general $0 · fundraising $0

• 19 · Conferences, conventions and meetings

  total $52,347,000 · program services $37,979,000 · management and general $4,188,000 · fundraising $10,180,000

• 20 · Interest

  total $102,270,000 · program services $92,043,000 · management and general $10,227,000 · fundraising $0

• 21 · Payments to affiliates

  total -$12,490,000 · program services -$12,490,000 · management and general $0 · fundraising $0

• 22 · Depreciation, depletion and amortization

  total $477,313,000 · program services $429,582,000 · management and general $47,731,000 · fundraising $0

• 23 · Insurance

  total $127,253,000 · program services $110,710,000 · management and general $16,540,000 · fundraising $3,000

• 24a · Other expenses: MEDICAL SUPPLIES

  total $1,667,968,000 · program services $1,667,968,000 · management and general $0 · fundraising $0

• 24b · Other expenses: OTHER TAXES

  total $240,297,000 · program services $233,088,000 · management and general $7,183,000 · fundraising $26,000

• 24c · Other expenses: SUBSCRIPTIONS/DUES

  total $22,868,000 · program services $19,895,000 · management and general $2,735,000 · fundraising $238,000

• 24d · Other expenses: ACADEMIC BAD DEBTS

  total $9,019,000 · program services $7,847,000 · management and general $1,172,000 · fundraising $0

• 24e · All other expenses

  total $105,145,236 · program services $94,302,853 · management and general $7,384,381 · fundraising $3,458,002

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 $2,691,665,000 · end of year $2,956,314,000

• 3 · Pledges and grants receivable

  beginning of year $340,155,000 · end of year $340,219,000

• 4 · Accounts receivable

  beginning of year $956,597,000 · end of year $1,013,181,000

• 5 · Loans and receivables from officers and key people

  beginning of year $3,742,340 · end of year $4,036,561

• 6 · Loans and receivables from disqualified persons

  beginning of year $597,500 · end of year $532,500

• 7 · Other notes and loans receivable

  beginning of year $44,378,160 · end of year $42,625,939

• 8 · Inventories for sale or use

  beginning of year $62,463,000 · end of year $69,567,000

• 9 · Prepaid expenses and deferred charges

  beginning of year $144,960,000 · end of year $172,160,000

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

  $14,611,338,000

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

  $6,934,839,000

• 10c · Land, buildings and equipment, net

  beginning of year $7,399,263,000 · end of year $7,676,499,000

• 11 · Investments: publicly traded securities

  beginning of year $6,232,183,451 · end of year $6,552,711,991

• 12 · Investments: other securities

  beginning of year $15,333,002,549 · end of year $17,125,100,009

• 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 $829,990,000 · end of year $783,731,000

• 17 · Accounts payable and accrued expenses

  beginning of year $3,626,113,000 · end of year $3,663,857,000

• 18 · Grants payable

  beginning of year $0 · end of year $0

• 19 · Deferred revenue

  beginning of year $140,054,000 · end of year $137,441,000

• 20 · Tax-exempt bond liabilities

  beginning of year $2,206,709,000 · end of year $2,536,389,000

• 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 $96,769,000 · end of year $91,851,000

• 24 · Unsecured notes and loans payable

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $1,543,622,000 · end of year $1,373,419,000

• 27 · Net assets without donor restrictions

  beginning of year $15,737,005,000 · end of year $17,256,448,000

• 28 · Net assets with donor restrictions

  beginning of year $10,688,725,000 · end of year $11,677,273,000

The filer's explanations (Part III)

SCHEDULE J, PART I, LINE 1A

DETAIL OF ADDITIONAL BENEFITS FIRST CLASS OR CHARTER TRAVEL THE MODE OF AIR TRAVEL UTILIZED BY UNIVERSITY EMPLOYEES IS EXPECTED TO BE THE LEAST COSTLY OPTION, CONSISTENT WITH THE ITINERARY AND PARTICULAR UNIVERSITY BUSINESS PURPOSE INVOLVED. ON FEDERALLY FUNDED PROJECTS, COMPLIANCE WITH THE FLY AMERICA ACT TAKES PRECEDENCE OVER CHOOSING A LESS EXPENSIVE FOREIGN CARRIER. IN CERTAIN LIMITED CIRCUMSTANCES, CERTAIN INDIVIDUALS MAY TRAVEL FIRST CLASS. ANY FIRST CLASS EXCEPTIONS TO THE UNIVERSITY'S POLICY ARE SUBJECT TO APPROPRIATE REVIEW AND APPROVAL. TRAVEL FOR COMPANIONS TRAVEL EXPENSES OF A SPOUSE (OR DEPENDENT) MAY BE PROVIDED BY THE UNIVERSITY AS A REGULAR BUSINESS EXPENSE ONLY IF THE TRAVEL SERVES A "BONA FIDE BUSINESS PURPOSE" OF THE UNIVERSITY. FURTHER, TRAVEL EXPENSES FOR SPOUSES AND DEPENDENTS ARE ALLOWABLE DURING THE INTERVIEW PROCESS PRIOR TO AN EMPLOYMENT OFFER, SINCE EMPLOYMENT IS CONSIDERED A FAMILY DECISION. TAX INDEMNIFICATION AND GROSS-UP PAYMENTS THE UNIVERSITY MAY PROVIDE TAX GROSS-UP PAYMENTS UNDER CERTAIN CIRCUMSTANCES WITH APPROPRIATE APPROVAL. THE UNIVERSITY DOES NOT GENERALLY PROVIDE TAX INDEMNIFICATIONS. HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE/HEALTH OR SOCIAL CLUB DUES/PERSONAL SERVICES AS A CONDITION OF EMPLOYMENT, THE PRESIDENT IS REQUIRED TO LIVE IN A HOME ON THE UNIVERSITY'S CAMPUS WHICH IS FURNISHED AND MAINTAINED AT THE UNIVERSITY'S EXPENSE. THE UNIVERSITY ALSO PROVIDES A HEALTH/SOCIAL CLUB MEMBERSHIP TO BE USED BY THE PRESIDENT IN CONNECTION WITH THEIR DUTIES. THE PRESIDENT IS RESPONSIBLE FOR ANY PERSONAL USE OF THE CLUB MEMBERSHIP, HOUSEHOLD STAFF OR OTHER PERSONAL EXPENSES INCURRED. --------------------

SCHEDULE J, PART I, LINE 4B

SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN PARTICIPATION THE TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA (THE "UNIVERSITY") MAINTAINS A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN ("SERP") DESIGNED FOR SENIOR ADMINISTRATORS AND DEANS OF THE UNIVERSITY AS DESIGNATED BY THE BOARD OF TRUSTEES WHO HAVE MADE THE 5% EMPLOYEE CONTRIBUTION TO THE UNIVERSITY'S 403(B) PLAN, HAVE UNIVERSITY COMPENSATION OVER CERTAIN IRS PROSCRIBED THRESHOLDS, AND ARE ACTIVELY EMPLOYED BY THE UNIVERSITY WHEN THE CONTRIBUTION IS MADE. VESTING IN THE SERP OCCURS AFTER EACH THREE YEARS OF PARTICIPATION AND UPON THE OCCURRENCE OF CERTAIN EVENTS (ATTAINMENT OF AGE 65, DEATH, DISABILITY, OR INVOLUNTARY TERMINATION WITHOUT "CAUSE"). CONTRIBUTIONS FOR THOSE WHO HAVE REACHED AGE 65 WILL BE FULLY VESTED WHEN MADE. UPON REACHING A VESTING DATE, PARTICIPANTS WILL AUTOMATICALLY RECEIVE A "PARTIAL" DISTRIBUTION WHICH WILL BE WITHHELD TO SATISFY THE TAX CONSEQUENCES OF VESTING. THE BALANCE OF VESTED SERP ACCOUNTS WILL REMAIN IN THE PLAN AND WILL BE DISTRIBUTED (PLUS OR MINUS INVESTMENT EARNINGS/LOSSES) UPON TERMINATION OF EMPLOYMENT. PARTICIPANTS WHO VOLUNTARILY TERMINATE BEFORE VESTING WILL FORFEIT THE BALANCE IN THEIR ACCOUNTS. THE FOLLOWING INDIVIDUALS LISTED ON FORM 990, PART VII, SECTION A, LINE 1A PARTICIPATED IN THE UNIVERSITY SERP PLAN DURING THE YEAR AND/OR RECEIVED EMPLOYER PAID AMOUNTS DURING THE YEAR: ANDERSON, KATHLEEN - NO DISTRIBUTION AMMON, PETER - NO DISTRIBUTION ASCH, DAVID - NO DISTRIBUTION CITRO, MICHAEL - NO DISTRIBUTION COOPER, JEFFREY - NO DISTRIBUTION COWENHOVEN, ANNA - NO DISTRIBUTION DILEO, RUSSELL - NO DISTRIBUTION DINGFIELD, MARK - NO DISTRIBUTION HEUER, JOHN J. - NO DISTRIBUTION HOWARD, CHARLES - NO DISTRIBUTION HUSSON, JAMES - NO DISTRIBUTION JACKSON, JOHN - NO DISTRIBUTION LEWIS, TREVOR - NO DISTRIBUTION LOPEZ, STACEY - NO DISTRIBUTION MACCARTHY, STEPHEN - $128,155 MITCHELL, JOANN - NO DISTRIBUTION MURPHY, THOMAS - NO DISTRIBUTION NARVEKAR, MEDHA - NO DISTRIBUTION PAPAGEORGE, ANN - NO DISTRIBUTION PELLICANO, GREGORY - NO DISTRIBUTION SCALES, MICHAEL - NO DISTRIBUTION WHITE, WENDY S. - NO DISTRIBUTION WITT, MARIE - NO DISTRIBUTION IN ADDITION, THE FOLLOWING INDIVIDUAL LISTED ON FORM 990, PART VII, SECTION A, LINE 1A HAS A VESTED BALANCE IN THE SERP WHICH WILL BE RECEIVED UPON SEPARATION: CARNAROLI, CRAIG -------------------- THE UNIVERSITY ALSO MAINTAINS ADDITIONAL DISCRETIONARY SUPPLEMENT EXECUTIVE RETIREMENT PLANS FOR SENIOR EXECUTIVES AS A RETENTION TO THEIR COMMITMENT TO THE UNIVERSITY OF PENNSYLVANIA. CONTRIBUTIONS ARE MADE ANNUALLY AT THE SOLE DISCRETION OF THE UNIVERSITY, AS LONG AS THE INDIVIDUAL IS AN ACTIVE EMPLOYEE. VESTING IN THESE ACCOUNTS OCCURS AFTER EACH THREE YEAR PARTICIPATION AND UPON THE OCCURRENCE OF CERTAIN EVENTS (ATTAINMENT OF AGE 65, DEATH, DISABILITY, OR INVOLUNTARY TERMINATION WITHOUT "CAUSE"). CONTRIBUTIONS FOR THOSE WHO HAVE REACHED AGE 65 WILL BE FULLY VESTED WHEN MADE. UPON REACHING A VESTING DATE, PARTICIPANTS WILL AUTOMATICALLY RECEIVE THE BALANCE OF THE VESTED SERP ACCOUNT (PLUS OR MINUS INVESTMENT EARNINGS/LOSSES). PARTICIPANTS WHO VOLUNTARILY TERMINATE BEFORE VESTING WILL FORFEIT THE BALANCE IN THEIR ACCOUNTS. THE FOLLOWING INDIVIDUALS LISTED ON FORM 990, PART VII, SECTION A, LINE 1A PARTICIPATED IN THE ADDITIONAL DISCRETIONARY SUPPLEMENT EXECUTIVE RETIREMENT PLAN DURING THE YEAR AND/OR RECEIVED EMPLOYER PAID AMOUNTS DURING THE YEAR: AMMON, PETER - $2,573,248 CARNAROLI, CRAIG - $2,424,990 JAMESON, J. LARRY - $632,635 MAGILL, M. ELIZABETH - $283,442 -------------------- THE UNIVERSITY OF PENNSYLVANIA HEALTH SYSTEM (THE "HEALTH SYSTEM") MAINTAINS A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN ("SERP") DESIGNED FOR SENIOR ADMINISTRATORS OF THE HEALTH SYSTEM, AS DESIGNATED BY THE BOARD OF TRUSTEES, WHO ARE ACTIVELY EMPLOYED BY THE HEALTH SYSTEM WHEN THE CONTRIBUTIONS ARE MADE. VESTING IN THE SERP OCCURS AFTER EACH THREE YEARS OF PARTICIPATION AND UPON THE OCCURRENCE OF CERTAIN EVENTS (ATTAINMENT OF AGE 65, DEATH, DISABILITY, OR INVOLUNTARY TERMINATION WITHOUT "CAUSE"). CONTRIBUTIONS FOR THOSE WHO HAVE REACHED AGE 65 WILL BE FULLY VESTED WHEN MADE. UPON REACHING A VESTING DATE, PARTICIPANTS WILL AUTOMATICALLY RECEIVE A FULL DISTRIBUTION WHICH IS TAXABLE AS EARNED INCOME. PARTICIPANTS WHO VOLUNTARILY TERMINATE BEFORE VESTING WILL FORFEIT THE BALANCE IN THEIR ACCOUNTS. THE FOLLOWING INDIVIDUALS LISTED ON FORM 990, PART VII, SECTION A, LINE 1A PARTICIPATED IN THE HEALTH SYSTEM SERP PLAN DURING THE YEAR AND/OR RECEIVED EMPLOYER PAID AMOUNTS DURING THE YEAR: CUNNINGHAM, REGINA - $166,360 KASPER, KEITH - $189,584 PUCHTLER, JULIA - $66,211 SESTITO, JOHN - $216,549 VOLPE, MICHELE - $176,800 -------------------- THE HEALTH SYSTEM ALSO MAINTAINS A SERP DESIGNED FOR THE CHIEF EXECUTIVE OFFICER OF THE HEALTH SYSTEM. VESTING IN THE SERP OCCURS ON JUNE 30, 2027 OR UPON THE OCCURRENCE OF CERTAIN EVENTS (DEATH, DISABILITY, OR INVOLUNTARY TERMINATION WITHOUT "CAUSE"). UPON REACHING A VESTING DATE, PARTICIPANTS WILL AUTOMATICALLY RECEIVE A FULL DISTRIBUTION WHICH IS TAXABLE AS EARNED INCOME. PARTICIPANTS WHO VOLUNTARILY TERMINATE BEFORE VESTING WILL FORFEIT THE BALANCE IN THEIR ACCOUNTS. THE FOLLOWING INDIVIDUALS LISTED ON FORM 990, PART VII, SECTION A, LINE 1A PARTICIPATED IN THE HEALTH SYSTEM SERP PLAN DURING THE YEAR AND/OR RECEIVED EMPLOYER PAID AMOUNTS DURING THE YEAR: KEVIN MAHONEY - NO DISTRIBUTION -------------------- THE HEALTH SYSTEM ALSO MAINTAINS A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN DESIGNED FOR SENIOR FACULTY OF THE SCHOOL OF MEDICINE OF THE UNIVERSITY, AS DESIGNATED BY THE BOARD OF TRUSTEES, WHO ARE ACTIVELY EMPLOYED BY THE UNIVERSITY WHEN THE CONTRIBUTIONS ARE MADE (THE "CPUP SERP"). VESTING IN THE MED SERP OCCURS AFTER EVERY TEN YEARS OF PARTICIPATION AND UPON THE OCCURRENCE OF CERTAIN EVENTS (ATTAINMENT OF AGE 60, DEATH, DISABILITY, OR INVOLUNTARY TERMINATION WITHOUT "CAUSE"). CONTRIBUTIONS FOR THOSE WHO HAVE REACHED AGE 60 (WITH 2 OR MORE YEARS OF PARTICIPATION) WILL BE FULLY VESTED WHEN MADE. UPON REACHING A VESTING DATE, TAXES OWED WILL BE WITHDRAWN FROM THE PLAN, AND THE REMAINING AFTER-TAX BALANCE WILL REMAIN IN THE PLAN. PARTICIPANTS WILL AUTOMATICALLY RECEIVE A FULL DISTRIBUTION THE SUMMER AFTER THE YEAR IN WHICH THEY TERMINATE EMPLOYMENT, AT WHICH TIME ANY EARNINGS NOT YET TAXED WILL BE TREATED AS TAXABLE INCOME. PARTICIPANTS WHO VOLUNTARILY TERMINATE BEFORE VESTING WILL FORFEIT THE NON-VESTED BALANCE IN THEIR ACCOUNTS. THE FOLLOWING INDIVIDUALS LISTED ON FORM 990, PART VII, SECTION A, LINE 1A PARTICIPATED IN THE CPUP SERP PLAN DURING THE YEAR: ASCH, DAVID - NO DISTRIBUTION MARCOTTE, PAUL, MD - NO DISTRIBUTION WELCH, WILLIAM, MD - NO DISTRIBUTION YOSHOR, DANIEL, MD - NO DISTRIBUTION --------------------

SCHEDULE J, PART I, LINE 7

PROVISION OF NON-FIXED PAYMENTS THE TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA PROVIDES DISCRETIONARY BONUS AND/OR INCENTIVE COMPENSATION PAYMENTS TO ELIGIBLE EMPLOYEES. PAYMENTS MADE TO ANY DISQUALIFIED PERSON, AS DESCRIBED IN INTERNAL REVENUE CODE SECTION 4958, ARE APPROVED BY THE COMPENSATION COMMITTEE THROUGH THE PROCESS DESCRIBED IN FORM 990, PART VI, SECTION B, LINE 15. -----------------

SCHEDULE J, PART II

ADDITIONAL DETAIL REGARDING CERTAIN COMPENSATION REPORTED N. SCOTT ADZICK, MD AND JESSE TAYLOR, MD, ALL HOLD ACADEMIC APPOINTMENTS AT THE TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA (THE "UNIVERSITY") WHILE PERFORMING CLINICAL PRACTICE DUTIES AT A NEARBY, UNRELATED, THIRD PARTY, CHILDREN'S HOSPITAL (THE "THIRD PARTY HOSPITAL"). FOR ADMINISTRATIVE SIMPLICITY PURPOSES, THE UNIVERSITY PROVIDES THE PAYROLL FUNCTION FOR BOTH PORTIONS OF THESE PHYSICIANS' SALARIES. THE THIRD PARTY HOSPITAL THEN REIMBURSES THE UNIVERSITY FOR THE CLINICAL PORTIONS OF THE PHYSICIANS' SALARIES.

Disregarded entities

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

• UNIV OF PENN (HK) FND LIMITED

  CHARITY · HK · income $8,324,624 · assets $123,336

  Directly controlled by TRUSTEES

• UNIV OF PENN USA FOUNDATION LTD

  CHARITY · UK · income $9,786,186 · assets $1,336,520

  Directly controlled by TRUSTEES

• TRUSTEES OF THE UNIV OF PENN LTD

  EDUCATION · BC · income $2,108,828 · assets $437,726

  Directly controlled by TRUSTEES

Related partnerships

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

• PDCP 1740 FUND LP

  EXCLUDED FROM TAX · INVESTMENT · IL · 100% owned · share of income $28,918,420 · share of assets $264,054,822

  Directly controlled by TRUSTEES

• CYRUS 1740 FUND LP

  EXCLUDED FROM TAX · INVESTMENT · NY · 97.173% owned · share of income $3,054,545 · share of assets $44,571,785

  Directly controlled by TRUSTEES

• CYRUS 1740 MASTER FUND LP

  N/A · INVESTMENT · CJ

  Directly controlled by NA

• DVG 1740 FUND LP

  EXCLUDED FROM TAX · INVESTMENT · CT · 98.557% owned · share of income $56,009,165 · share of assets $67,750,416

  Directly controlled by TRUSTEES

• EAST MARSHALL STREET PARTNERSHIP LP

  N/A · INVESTMENT · PA

  Directly controlled by NA

• FERN HILL PARTNERSHIP III LP

  N/A · RENTAL · PA

  Directly controlled by NA

• FERN HILL LLC

  N/A · RENTAL · PA

  Directly controlled by NA

• GALLOPAVO LP

  EXCLUDED FROM TAX · INVESTMENT · TX · 92.483% owned · share of income $1,989,598 · share of assets $65,955,408

  Directly controlled by TRUSTEES

• JOG V C LIMITED PARTNERSHIP

  EXCLUDED FROM TAX · INVESTMENT · CA · 99.999% owned · share of income $62,409 · share of assets $12,432,624

  Directly controlled by TRUSTEES

• JOG VI C LIMITED PARTNERSHIP

  EXCLUDED FROM TAX · INVESTMENT · CA · 100% owned · share of income $1,272 · share of assets $17,119,422

  Directly controlled by TRUSTEES

• KINGSTOWN 1740 FUND LP

  EXCLUDED FROM TAX · INVESTMENT · NY · 100% owned · share of income $17,571,046 · share of assets $63,045,703

  Directly controlled by TRUSTEES

• LANCASTER PET PARTNERSHIP LLP

  N/A · MEDICAL SERVICES · PA

  Directly controlled by NA

• LG HEALTH COMM CARE COLLAB II

  N/A · ACO · PA

  Directly controlled by NA

• LG HEALTH COMMUNITY CARE COLLABORATIVE

  N/A · ACO · PA

  Directly controlled by NA

• MRI GROUP LLP

  N/A · MEDICAL SERVICES · PA

  Directly controlled by NA

• NEIGHBRHD PRES & DEV FUND LP

  N/A · RENTAL · PA

  Directly controlled by NA

• OAKLANDS WAY MEDICAL BUILDING ASSOCIATES

  N/A · RENTAL · PA

  Directly controlled by NA

• SRP INVESTORS FUND A LP

  EXCLUDED FROM TAX · INVESTMENT · TX · 88.616% owned · share of income -$3,626,526 · share of assets $94,029,277

  Directly controlled by TRUSTEES

• ST-TO RIBBIT OPPORTUNITY V LLC

  EXCLUDED FROM TAX · INVESTMENT · CA · 62.264% owned · share of income $0 · share of assets $16,512,050

  Directly controlled by TRUSTEES

• TURK'S HEAD SURGERY CENTER

  N/A · MEDICAL SERVICES · PA

  Directly controlled by NA

• UNIVERSA BLACK SWAN PROTECTION PROTOCOL

  EXCLUDED FROM TAX · INVESTMENT · FL · 100% owned · share of income $0 · share of assets $28,722,728

  Directly controlled by TRUSTEES

• AXIS UKA GP LLC

  EXCLUDED FROM TAX · INVESTMENT · PA · 50% owned · share of income -$142 · share of assets $69,526 · general or managing partner

  Directly controlled by TRUSTEES

• LIFT RE PRTNRS FUND II LP

  EXCLUDED FROM TAX · INVESTMENT · CA · 98.522% owned · share of income -$5,062,603 · share of assets $270,200,151

  Directly controlled by TRUSTEES

• BEXP II (PARALLEL) LP

  EXCLUDED FROM TAX · INVESTMENT · TX · 57.172% owned · share of income $27,768,543 · share of assets $124,724,588

  Directly controlled by TRUSTEES

• FORERUNNER BUILDERS F-G LP

  EXCLUDED FROM TAX · INVESTMENT · CA · 100% owned · share of income $0 · share of assets $11,592,000

  Directly controlled by TRUSTEES

• GCM CARRIAGE SPV LP

  EXCLUDED FROM TAX · INVESTMENT · NY · 69.444% owned · share of income $0 · share of assets $50,000,000

  Directly controlled by TRUSTEES

• INITIALIZED CBH SPV LLC

  EXCLUDED FROM TAX · INVESTMENT · CA · 51.546% owned · share of income $0 · share of assets $2,981,031

  Directly controlled by TRUSTEES

• SAILINGSTONE GLOBAL NATURAL RESOURCES

  EXCLUDED FROM TAX · INVESTMENT · TX · 70.284% owned · share of income $9,454,706 · share of assets $118,551,967

  Directly controlled by TRUSTEES

• AUSTIN 512 LP

  EXCLUDED FROM TAX · INVESTMENT · TX · 63.641% owned · share of income $29,098,842 · share of assets $14,599,437

  Directly controlled by TRUSTEES

• BLACKSTONE REAL ESTATE PARTNERS VIITE5

  EXCLUDED FROM TAX · INVESTMENT · NY · 49.531% owned · share of income -$39,953 · share of assets $2,860,182

  Directly controlled by TRUSTEES

• KEYFRAME 1740 FUND LP

  EXCLUDED FROM TAX · INVESTMENT · NY · 91.591% owned · share of income -$2,643,938 · share of assets $72,485,338

  Directly controlled by TRUSTEES

• LIFT RE PRTNRS FUND III LP

  EXCLUDED FROM TAX · INVESTMENT · CA · 97.246% owned · share of income -$8,684,199 · share of assets $215,494,669

  Directly controlled by TRUSTEES

• NEUBERGER BERMAN HEDGED CRYPTOCURRENCY

  EXCLUDED FROM TAX · INVESTMENT · NY · 43.3% owned · share of income $13,012,085 · share of assets $29,704,292

  Directly controlled by TRUSTEES

Related corporations and trusts

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

• ARCM 1740 LTD

  C-CORP · INVESTMENTS · CJ · 100% owned · share of income $0 · share of assets $81,441 · controlled entity

  Directly controlled by TRUSTEES

• CLINICAL HEALTH CARE ASSOC OF NJ PC

  C-CORP · PHYS MGMT · PA · controlled entity

  Directly controlled by CCA

• DELANCEY CORPORATION

  C-CORP · RENTAL · PA · controlled entity

  Directly controlled by PA HOSPITAL

• FRANKLIN CASUALTY INSURANCE CO

  C-CORP · INSURANCE · VT · 100% owned · share of income $558,547 · share of assets $41,395,036 · controlled entity

  Directly controlled by TRUSTEES

• NAYA 1740 FUND LTD

  C-CORP · INVESTMENTS · CJ · 100% owned · share of income $54,811,390 · share of assets $468,840,416 · controlled entity

  Directly controlled by TRUSTEES

• PENN MEDICINE LONDON LIMITED

  LIMITED COMPANY · NETWORKING · UK · controlled entity

  Directly controlled by UPENN INT'L

• PENN WHARTON CONSULTING (BEIJING) CO LTD

  C-CORP · BUS. CONSULTING · CH · controlled entity

  Directly controlled by UPENN INT'L

• PHI PHARMACY INC

  C-CORP · INACTIVE · NJ · controlled entity

  Directly controlled by PHCS HOLDING

• PRINCETON HEALTH INC & SUBS

  C-CORP · MEDICAL · NJ · controlled entity

  Directly controlled by PHCS HOLDING

• QUAKER INSURANCE COMPANY LTD

  C-CORP · SELF-INSURANCE · BD · 100% owned · share of income $56,411,580 · share of assets $271,211,733 · controlled entity

  Directly controlled by TRUSTEES

• THE PAM 1740 FUND LTD

  C-CORP · INVESTMENTS · CJ · 100% owned · share of income $120,781,206 · share of assets $597,203,425 · controlled entity

  Directly controlled by TRUSTEES

• TURK'S HEAD HEALTH SERVICES INC

  C-CORP · MEDICAL SERVICES · PA · controlled entity

  Directly controlled by CCH&HS

• UPENN HOSPITALITY INC

  C-CORP · INVESTMENTS · PA · 100% owned · share of income $13,321,333 · share of assets $33,835,286 · controlled entity

  Directly controlled by TRUSTEES

• CYRUS 1740 FUND LTD

  LIMITED COMPANY · INVESTMENTS · CJ · 100% owned · share of income $25,039,531 · share of assets $161,034,552 · controlled entity

  Directly controlled by TRUSTEES

• CLINICAL HEALTHCARE ASSOC OF NJ SP PC

  C-CORP · PHYS MGMT · PA · controlled entity

  Directly controlled by CCA

• DH PHYSICIANS AMBULATORY SERVICES

  C-CORP · MEDICAL SERVICES · PA · controlled entity

  Directly controlled by DHP

• COVERED BRIDGE RECIP RISK RETENTION GRP

  C-CORP · FINANCIAL VEHICLE · SC · controlled entity

  Directly controlled by DH

• FRANKLIN HOLDINGS 1740 FUND LTD

  LIMITED COMPANY · INVESTMENTS · CJ · 100% owned · share of income $0 · share of assets $0 · controlled entity

  Directly controlled by TRUSTEES

• CHARITABLE REMAINDER TRUSTS (48)

  REMAINDER TRUST · N/A · PA

  Directly controlled by NA