Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $323,894,000

• 1f · All other contributions, gifts and grants

  $358,985,000

• 1g · Noncash contributions included above

  $9,659,000

• 2a · Program service revenue: JPL AND OTHER AWARDS

  total $2,844,187,000 · related or exempt $2,844,187,000

• 2b · Program service revenue: STUDENT TUITION

  total $160,806,000 · related or exempt $160,806,000

• 2c · Program service revenue: USE OF FACILITIES

  total $5,543,000 · related or exempt $5,543,000

• 2d · Program service revenue: SALES AND SERVICES

  total $51,452,000 · related or exempt $29,149,000 · unrelated business $4,640,000 · excluded $17,663,000

• 3 · Investment income

  total $57,017,000 · unrelated business $21,536,000 · excluded $35,481,000

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

  total $0

• 5 · Royalties

  total $2,320,000 · excluded $2,320,000

• 6a · Gross rents

  real property $286,000

• 6b · Less rental expenses

  real property $5,000

• 6c · Rental income or loss

  real property $281,000 · personal property $0

• 6d · Net rental income or loss

  total $281,000 · excluded $281,000

• 7a · Gross sales of assets other than inventory

  securities $877,618,000 · other assets $12,992,000

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

  securities $833,658,000 · other assets $12,259,000

• 7c · Gain or loss

  securities $43,960,000 · other assets $733,000

• 7d · Net gain or loss

  total $44,693,000 · excluded $44,693,000

• 8a · Fundraising events: gross income

  $0

• 8b · Fundraising events: direct expenses

  $0

• 8c · Net income from fundraising events

  total $0

• 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: ADVERTISING & FILMING

  total $116,000 · unrelated business $116,000

• 11b · Other revenue: OTHER GAINS

  total $84,150,000 · excluded $84,150,000

• 11e · Other revenue, total

  $84,266,000

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $121,000 · program services $121,000

• 2 · Grants to domestic individuals

  total $121,583,000 · program services $121,583,000

• 3 · Grants to foreign organizations and individuals

  total $212,000 · program services $212,000

• 4 · Benefits paid to or for members

  total $0 · program services $0

• 5 · Compensation of officers, directors and key employees

  total $12,910,000 · program services $3,682,000 · management and general $6,914,000 · fundraising $2,314,000

• 6 · Compensation of disqualified persons

  total $3,218,000 · program services $2,252,000 · management and general $788,000 · fundraising $178,000

• 7 · Other salaries and wages

  total $1,556,297,000 · program services $1,506,140,000 · management and general $39,645,000 · fundraising $10,512,000

• 8 · Pension plan contributions

  total $147,264,000 · program services $142,885,000 · management and general $3,435,000 · fundraising $944,000

• 9 · Other employee benefits

  total $132,383,000 · program services $118,545,000 · management and general $11,228,000 · fundraising $2,610,000

• 10 · Payroll taxes

  total $99,875,000 · program services $96,650,000 · management and general $2,550,000 · fundraising $675,000

• 11a · Fees: management

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

• 11b · Fees: legal

  total $17,813,000 · program services $5,229,000 · management and general $12,584,000 · fundraising $0

• 11c · Fees: accounting

  total $1,632,000 · program services $0 · management and general $1,632,000 · fundraising $0

• 11d · Fees: lobbying

  total $424,000 · program services $0 · management and general $424,000 · fundraising $0

• 11e · Fees: professional fundraising services

  total $0

• 11f · Fees: investment management

  total $18,522,000 · program services $0 · management and general $18,522,000 · fundraising $0

• 11g · Fees: other

  total $27,396,000 · program services $21,322,000 · management and general $4,828,000 · fundraising $1,246,000

• 12 · Advertising and promotion

  total $409,000 · program services $234,000 · management and general $159,000 · fundraising $16,000

• 13 · Office expenses

  total $414,082,000 · program services $411,928,000 · management and general $340,000 · fundraising $1,814,000

• 14 · Information technology

  total $9,000,000 · program services $7,886,000 · management and general $1,090,000 · fundraising $24,000

• 15 · Royalties

  total $295,000 · program services $276,000 · management and general $18,000 · fundraising $1,000

• 16 · Occupancy

  total $82,767,000 · program services $73,297,000 · management and general $9,066,000 · fundraising $404,000

• 17 · Travel

  total $41,430,000 · program services $40,399,000 · management and general $517,000 · fundraising $514,000

• 18 · Travel or entertainment for public officials

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

• 19 · Conferences, conventions and meetings

  total $11,378,000 · program services $10,925,000 · management and general $368,000 · fundraising $85,000

• 20 · Interest

  total $62,389,000 · program services $61,679,000 · management and general $640,000 · fundraising $70,000

• 21 · Payments to affiliates

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

• 22 · Depreciation, depletion and amortization

  total $95,745,000 · program services $93,333,000 · management and general $2,175,000 · fundraising $237,000

• 23 · Insurance

  total $7,326,000 · program services $7,290,000 · management and general $36,000 · fundraising $0

• 24a · Other expenses: CONTRACT SERVICES

  total $876,639,000 · program services $876,639,000 · management and general $0 · fundraising $0

• 24b · Other expenses: JPL POST EMPLYMNT OBLIGATION

  total -$18,675,000 · program services -$18,675,000 · management and general $0 · fundraising $0

• 24c · Other expenses: INTERNAL ALLOCATIONS

  total $0 · program services $0 · management and general -$5,159,000 · fundraising $5,159,000

• 24d · Other expenses: ENDOWMENT RECOVERY

  total -$17,943,000 · program services $0 · management and general $0 · fundraising -$17,943,000

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 $239,868,000 · end of year $275,327,000

• 3 · Pledges and grants receivable

  beginning of year $147,749,000 · end of year $327,461,000

• 4 · Accounts receivable

  beginning of year $311,044,000 · end of year $359,692,000

• 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 $1,476,410 · end of year $1,667,116

• 8 · Inventories for sale or use

  beginning of year $0 · end of year $0

• 9 · Prepaid expenses and deferred charges

  beginning of year $502,344,000 · end of year $521,797,000

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

  $2,603,805,000

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

  $1,379,665,000

• 10c · Land, buildings and equipment, net

  beginning of year $1,165,563,000 · end of year $1,224,140,000

• 11 · Investments: publicly traded securities

  beginning of year $1,576,240,000 · end of year $1,674,213,000

• 12 · Investments: other securities

  beginning of year $2,391,830,590 · end of year $2,553,769,884

• 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 $0 · end of year $0

• 17 · Accounts payable and accrued expenses

  beginning of year $592,566,000 · end of year $616,265,000

• 18 · Grants payable

  beginning of year $0 · end of year $0

• 19 · Deferred revenue

  beginning of year $70,666,000 · end of year $132,124,000

• 20 · Tax-exempt bond liabilities

  beginning of year $195,000,000 · end of year $195,000,000

• 21 · Escrow or custodial account liability

  beginning of year $84,388,000 · end of year $84,713,000

• 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 $1,384,561,000 · end of year $1,421,716,000

• 25 · Other liabilities

  beginning of year $246,767,000 · end of year $190,751,000

• 27 · Net assets without donor restrictions

  beginning of year $528,841,000 · end of year $706,033,000

• 28 · Net assets with donor restrictions

  beginning of year $3,233,326,000 · end of year $3,591,465,000

The filer's explanations (Part III)

SCHEDULE J, PART I, LINE 1A

FIRST CLASS TRAVEL: PURSUANT TO A WRITTEN POLICY, FIRST CLASS OR BUSINESS TRAVEL IS PERMITTED FOR CERTAIN EMPLOYEES UNDER CERTAIN CIRCUMSTANCES FOR BUSINESS PURPOSES. DURING CALENDAR YEAR 2022, TWO OFFICERS AND TWO HIGHEST COMPENSATED EMPLOYEES RECEIVED FIRST CLASS OR CHARTER TRAVEL BENEFITS. TRAVEL FOR BUSINESS PURPOSES IS NOT INCLUDED IN TAXABLE WAGES. TAX INDEMNIFICATION AND GROSS-UP PAYMENTS: DURING CALENDAR YEAR 2022, ONE OFFICER AND ONE HIGHEST COMPENSATED EMPLOYEE RECEIVED TAX INDEMNIFICATION AND GROSS-UP PAYMENTS. HOUSING ALLOWANCE: HOUSING ALLOWANCES ARE PROVIDED TO CERTAIN OFFICERS, KEY EMPLOYEES, AND HIGHEST COMPENSATED EMPLOYEES AS PART OF THE INSTITUTE'S SALARY SUPPLEMENT HOUSING PROGRAM, WHICH IS GOVERNED BY A WRITTEN POLICY. DURING CALENDAR YEAR 2022, THREE OFFICERS RECEIVED HOUSING ALLOWANCE BENEFITS. PAYMENTS UNDER THIS PROGRAM ARE INCLUDED IN TAXABLE WAGES. ADDITIONALLY, THE PRESIDENT OCCUPIES AN INSTITUTE-OWNED RESIDENCE ON ITS CAMPUS AS A CONDITION OF EMPLOYMENT FOR THE CONVENIENCE OF THE INSTITUTE. THE PRESIDENT'S NONTAXABLE BENEFITS IN SCHEDULE J, PART II, COLUMN (D) INCLUDE $64,771, WHICH IS AN ESTIMATE OF THE ANNUAL RENTAL VALUE OF THE PERSONAL SPACE OCCUPIED IN THAT RESIDENCE.

SCHEDULE J, PART I, LINE 4B

TERMS AND CONDITIONS OF PERFORMANCE COMPENSATION PLANS FOR INVESTMENT PROFESSIONALS: IN 2011, THE INSTITUTE ESTABLISHED A PERFORMANCE COMPENSATION PLAN ("PLAN") TO ASSIST WITH RECRUITMENT AND RETENTION FOR ITS INVESTMENT OFFICE. UNDER THE TERMS OF THE PLAN, PARTICIPANTS ARE ELIGIBLE FOR CERTAIN AWARDS BASED UPON THE PERFORMANCE OF THE INSTITUTE'S INVESTMENT OFFICE EACH CALENDAR YEAR, AS MEASURED BY CERTAIN QUANTITATIVE AND QUALITATIVE FACTORS. IN 2017, THE PLAN WAS SPLIT INTO TWO SEPARATE PERFORMANCE COMPENSATION PLANS, ONE FOR THE CHIEF INVESTMENT OFFICER AND ONE FOR THE INVESTMENT OFFICE STAFF. DURING CALENDAR YEAR 2022, FIVE INDIVIDUALS REPORTED IN SCHEDULE J - SCOTT RICHLAND, PASY WANG, DOUGLAS MACBEAN, ALISTAIR THISTLETHWAITE AND BRIAN CHEN - RECEIVED SUCH COMPENSATION. SCOTT RICHLAND PARTICIPATES IN THE CHIEF INVESTMENT OFFICER PERFORMANCE COMPENSATION PLAN, WHILE PASY WANG, DOUGLAS MACBEAN, ALISTAIR THISTLETHWAITE AND BRIAN CHEN PARTICIPATE IN THE INVESTMENT OFFICE STAFF PERFORMANCE COMPENSATION PLAN. UNDER BOTH PLANS, 50% OF THE AWARDS ARE PAID AFTER THE CONCLUSION OF THE PLAN YEAR (WHICH COINCIDES WITH THE CALENDAR YEAR), WHILE THE REMAINING 50% OF EACH YEAR'S AWARD IS DEFERRED, VESTS AND IS PAID IN THREE ANNUAL INSTALLMENTS, AS ADJUSTED BY THE POSITIVE OR NEGATIVE PERFORMANCE OF THE ENDOWMENT EACH YEAR. UNDER CERTAIN CIRCUMSTANCES, SUBJECT TO A MINIMUM NUMBER OF YEARS OF PARTICIPATION IN THE PLAN, PREVIOUSLY DEFERRED, BUT UNVESTED, AMOUNTS MAY BE PAID TO THE PARTICIPANT BASED UPON THEIR AGE AND LENGTH OF SERVICE ("SPECIAL VESTING"). NO SUCH SPECIAL VESTING OCCURRED IN 2022. FOR PASY WANG, DOUGLAS MACBEAN, ALISTAIR THISTLETHWAITE AND BRIAN CHEN, THE INDIVIDUAL AMOUNTS IN COLUMN B(II) (BONUS AND INCENTIVE COMPENSATION) COMPRISE PLAN CASH AMOUNTS PAID PURSUANT TO THE PLAN DURING CALENDAR YEAR 2022 AND REPRESENT THE AGGREGATE OF 50% OF EACH EMPLOYEE'S RESPECTIVE AWARD FROM CALENDAR YEAR 2021, AS WELL AS INSTALLMENTS OF AMOUNTS DEFERRED FROM PLAN YEARS 2018-2020. SCOTT RICHLAND, HOWEVER, HAD VESTED IN ALL OUTSTANDING DEFERRED AWARDS EFFECTIVE JANUARY 1, 2021 THROUGH SPECIAL VESTING. THEREFORE, THE INDIVIDUAL AMOUNT REPORTED FOR SCOTT RICHLAND IN COLUMN B(II) (BONUS AND INCENTIVE COMPENSATION) ONLY INCLUDES 50% OF HIS AWARD EARNED IN CALENDAR YEAR 2021 AND PAID IN CALENDAR YEAR 2022. FOR SCOTT RICHLAND, DOUGLAS MACBEAN, ALISTAIR THISTLETHWAITE AND BRIAN CHEN, AMOUNTS IN COLUMN C (RETIREMENT AND OTHER DEFERRED COMPENSATION) INCLUDE DEFERRED INCENTIVE COMPENSATION AWARDS EARNED IN CALENDAR YEAR 2022 THAT ARE SUBJECT TO FORFEITURE UNDER CERTAIN CIRCUMSTANCES. SUCH AMOUNTS WOULD BE PAID IN INSTALLMENTS, ALONG WITH ANY PRIOR YEARS' DEFERRALS, IN CALENDAR YEAR 2023 AND BEYOND. FOR PASY WANG, COLUMN C (RETIREMENT AND OTHER DEFERRED COMPENSATION) DOES NOT INCLUDE ANY DEFERRED INCENTIVE COMPENSATION AWARDS BECAUSE, DUE TO HER RESIGNATION FROM THE INSTITUTE DURING CALENDAR YEAR 2022, SHE FORFEITED HER ELIGIBILITY TO RECEIVE HER 2022 AWARD, AS WELL AS ALL PRIOR YEARS' REMAINING DEFERRALS.

SCHEDULE J, PART I, LINE 7

CERTAIN INDIVIDUALS LISTED IN PART II OF SCHEDULE J RECEIVED BONUSES IN RECOGNITION OF EXCELLENT JOB PERFORMANCE OR AS A NEGOTIATED PAYMENT AT THE BEGINNING OF AN EMPLOYMENT ARRANGEMENT. BONUS RECIPIENTS' NAMES AND AMOUNTS PAID ARE SHOWN IN SCHEDULE J, PART II, COLUMN B(II) (BONUS AND INCENTIVE COMPENSATION). SCOTT RICHLAND (CHIEF INVESTMENT OFFICER), PASY WANG (FORMER SENIOR MANAGING DIRECTOR, INVESTMENTS), DOUGLAS MACBEAN (SENIOR MANAGING DIRECTOR, INVESTMENTS), ALISTAIR THISTLETHWAITE (MANAGING DIRECTOR, PUBLIC AND ALTERNATIVE SECURITIES) AND BRIAN CHEN (MANAGING DIRECTOR, PRIVATE INVESTMENTS): THE INSTITUTE OFFERS PERFORMANCE-BASED COMPENSATION TO CERTAIN INVESTMENT PROFESSIONALS BASED UPON THE INSTITUTE'S INVESTMENT PERFORMANCE AND OTHER FACTORS. SEE RESPONSE TO LINE 4B ABOVE.

SCHEDULE J, PART I, LINE 8

LAURIE LESHIN (VP & DIRECTOR, JPL) AND ROBERT KIRSHNER (ASTRONOMY PROFESSOR & EXECUTIVE DIRECTOR, TIO) BOTH RECEIVED FIXED AMOUNTS UNDER INITIAL CONTRACT EXCEPTIONS.

Disregarded entities

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

• CIT MICROPROBE HOLDINGS LLC

  HOLDING CO · NV · income $53,931 · assets $1,448,191

  Directly controlled by CALTECH

Related partnerships

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

• VARAGON FUND I LP

  UNRELATED · INVESTMENTS · TX · 0% owned · share of income $13,818,113 · share of assets $0

  Directly controlled by CALTECH

• SKY FUND V OFFSHORE LP

  UNRELATED · INVESTMENTS · CA · 15.37% owned · share of income $0 · share of assets $12,139,708

  Directly controlled by CALTECH

• MEADOW FUND V QUEENS CO-INVESTMENT LP

  EXCLUDED · INVESTMENTS · NY · 100% owned · share of income $0 · share of assets $25,075,525

  Directly controlled by CALTECH

• GAW CAPITAL GROWTH EQ FUND (FREIGHT)LPF

  EXCLUDED · INVESTMENTS · CA · 53.763% owned · share of income -$28,556 · share of assets $4,955,160

  Directly controlled by CALTECH

• VF1 ROLLOVER FEEDER LLP

  EXCLUDED · INVESTMENTS · NY · 52.281% owned · share of income $204,807 · share of assets $281,804

  Directly controlled by CALTECH

Related corporations and trusts

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

• CRAT (1)

  TRUST · CHARITABLE TRUST · CA · controlled entity

  Directly controlled by CALTECH

• CRUT (110)

  TRUST · CHARITABLE TRUST · CA · controlled entity

  Directly controlled by CALTECH

• SUNRIVER LONG FUND LTD

  C Corp · INVESTING · CJ · 11% owned · share of income -$69,932 · share of assets $14,787,231 · controlled entity

  Directly controlled by CALTECH