Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $1,600,894

• 1e · Government grants (contributions)

  $510,560,836

• 1f · All other contributions, gifts and grants

  $271,829,377

• 1g · Noncash contributions included above

  $11,912,937

• 2a · Program service revenue: TUITION AND FEES

  total $2,075,071,922 · related or exempt $2,075,071,922

• 2b · Program service revenue: AUX SALES & SERVICES

  total $392,755,164 · related or exempt $392,755,164

• 2c · Program service revenue: NON-GOVERNMENT GRANTS

  total $21,307,556 · related or exempt $21,307,556

• 3 · Investment income

  total $76,477,097 · unrelated business $2,256,229 · excluded $74,220,868

• 5 · Royalties

  total $6,719,668 · excluded $6,719,668

• 6a · Gross rents

  real property $16,392,736

• 6b · Less rental expenses

  real property $12,228,555

• 6c · Rental income or loss

  real property $4,164,181

• 6d · Net rental income or loss

  total $4,164,181 · excluded $4,164,181

• 7a · Gross sales of assets other than inventory

  securities $2,336,720,490

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

  securities $2,214,219,149

• 7c · Gain or loss

  securities $122,501,341

• 7d · Net gain or loss

  total $122,501,341 · unrelated business $3,654,195 · excluded $118,847,146

• 8a · Fundraising events: gross income

  $3,068,161

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

  $1,600,894

• 8b · Fundraising events: direct expenses

  $2,663,105

• 8c · Net income from fundraising events

  total $405,056 · excluded $405,056

• 11a · Other revenue: REAL ESTATE AND RENTAL

  total $21,531,353 · unrelated business $21,531,353

• 11b · Other revenue: OTHER SERVICES

  total $4,006,954 · unrelated business $4,006,954

• 11c · Other revenue: ARTS, ENTERTAINMENT, A

  total $1,718,087 · unrelated business $1,718,087

• 11d · All other revenue

  total $3,180,867 · unrelated business $3,180,867

• 11e · Other revenue, total

  $30,437,261

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $109,873,767 · program services $109,873,767

• 2 · Grants to domestic individuals

  total $760,668,086 · program services $760,668,086

• 3 · Grants to foreign organizations and individuals

  total $68,071,994 · program services $68,071,994

• 5 · Compensation of officers, directors and key employees

  total $9,769,309 · program services $8,707,736 · management and general $596,267 · fundraising $465,306

• 6 · Compensation of disqualified persons

  total $442,569 · program services $442,569

• 7 · Other salaries and wages

  total $1,228,581,264 · program services $1,088,656,759 · management and general $114,871,784 · fundraising $25,052,721

• 8 · Pension plan contributions

  total $105,442,421 · program services $93,433,465 · management and general $9,858,818 · fundraising $2,150,138

• 9 · Other employee benefits

  total $182,495,910 · program services $161,711,245 · management and general $17,063,284 · fundraising $3,721,381

• 10 · Payroll taxes

  total $100,988,235 · program services $89,486,571 · management and general $9,442,354 · fundraising $2,059,310

• 11b · Fees: legal

  total $4,145,368 · management and general $4,145,368

• 11c · Fees: accounting

  total $1,064,195 · management and general $1,064,195

• 11d · Fees: lobbying

  total $200,224 · program services $200,224

• 11e · Fees: professional fundraising services

  total $495,480 · fundraising $495,480

• 11f · Fees: investment management

  total $2,406,986 · management and general $2,406,986

• 11g · Fees: other

  total $183,534,521 · program services $138,492,794 · management and general $41,425,915 · fundraising $3,615,812

• 12 · Advertising and promotion

  total $16,300,159 · program services $14,480,441 · management and general $1,679,598 · fundraising $140,120

• 13 · Office expenses

  total $49,105,662 · program services $36,838,556 · management and general $10,451,015 · fundraising $1,816,091

• 14 · Information technology

  total $58,997,496 · program services $53,280,866 · management and general $5,465,825 · fundraising $250,805

• 15 · Royalties

  total $1,676,782 · program services $1,676,782

• 16 · Occupancy

  total $246,590,037 · program services $214,770,113 · management and general $31,807,769 · fundraising $12,155

• 17 · Travel

  total $38,456,340 · program services $34,384,895 · management and general $1,335,126 · fundraising $2,736,319

• 19 · Conferences, conventions and meetings

  total $13,884,862 · program services $12,608,092 · management and general $784,372 · fundraising $492,398

• 22 · Depreciation, depletion and amortization

  total $161,824,458 · program services $153,250,652 · management and general $8,568,637 · fundraising $5,169

• 23 · Insurance

  total $10,152,259 · program services $4,853,551 · management and general $5,298,708

• 24a · Other expenses: RESEARCH & LAB SUPPLIES

  total $39,157,829 · program services $39,157,829 · management and general $0 · fundraising $0

• 24b · Other expenses: BOOKS & PERIODICALS

  total $15,353,394 · program services $15,353,394 · management and general $0

• 24c · Other expenses: DUES & MEMBERSHIPS

  total $7,159,626 · program services $5,841,439 · management and general $1,280,915 · fundraising $37,272

• 24e · All other expenses

  total $2,199,855 · program services $2,145,207 · management and general $36,380 · fundraising $18,268

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 $219,732,441 · end of year $608,023,456

• 3 · Pledges and grants receivable

  beginning of year $154,330,448 · end of year $108,772,067

• 4 · Accounts receivable

  beginning of year $240,385,921 · end of year $371,821,017

• 5 · Loans and receivables from officers and key people

  beginning of year $1,700,000 · end of year $1,700,000

• 7 · Other notes and loans receivable

  beginning of year $10,090,165 · end of year $10,086,695

• 9 · Prepaid expenses and deferred charges

  beginning of year $49,816,480 · end of year $48,625,386

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

  $5,708,045,408

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

  $2,591,873,164

• 10c · Land, buildings and equipment, net

  beginning of year $3,051,788,890 · end of year $3,116,172,244

• 11 · Investments: publicly traded securities

  beginning of year $1,891,701,000 · end of year $1,874,054,322

• 12 · Investments: other securities

  beginning of year $2,773,223,578 · end of year $3,044,028,333

• 15 · Other assets

  beginning of year $93,649,577 · end of year $80,582,495

• 17 · Accounts payable and accrued expenses

  beginning of year $224,872,178 · end of year $338,410,643

• 19 · Deferred revenue

  beginning of year $274,394,052 · end of year $299,888,887

• 20 · Tax-exempt bond liabilities

  beginning of year $1,052,380,000 · end of year $1,518,824,700

• 23 · Secured mortgages and notes payable

  beginning of year $668,146,247 · end of year $514,072,607

• 25 · Other liabilities

  beginning of year $310,760,242 · end of year $241,189,907

• 27 · Net assets without donor restrictions

  beginning of year $3,651,384,781 · end of year $3,864,830,271

• 28 · Net assets with donor restrictions

  beginning of year $2,304,481,000 · end of year $2,486,649,000

The filer's explanations (Part III)

PART I, LINE 1A

(1) REFER TO SCHEDULE J, PART II DISCLOSURE RELATED TO THE HOUSING ALLOWANCE PROVIDED TO PRESIDENT GILLIAM. PROVOST WATERS, FORMER PRESIDENT AD INTERIM KENNETH FREEMAN, AND PROVOST AD INTERIM KENNETH LUTCHEN WERE NOT REQUIRED TO AND THEREFORE DID NOT LIVE IN UNIVERSITY RESIDENCES DURING THEIR TERM. (2) FIRST-CLASS TRAVEL: IN ACCORDANCE WITH THE UNIVERSITY'S TRAVEL AND BUSINESS EXPENSE GUIDELINES, ALL EMPLOYEES ARE REIMBURSED FOR ECONOMY AIRFARE. EXCEPTIONS FOR TRAVEL INVOLVING AN EXTENDED PERIOD OF TIME ARE PERMITTED IN ACCORDANCE WITH THE TERMS OF THE UNIVERSITY'S TRAVEL AND BUSINESS EXPENSE GUIDELINES. THE PRESIDENT'S EMPLOYMENT AGREEMENT ALLOWS FOR FIRST-CLASS TRAVEL. TRAVEL FOR BUSINESS PURPOSES, INCLUDING FIRST-CLASS TRAVEL, IS NOT INCLUDED IN TAXABLE WAGES. PRESIDENT GILLIAM AND FORMER PRESIDENT AD INTERIM FREEMAN ARE THE ONLY INDIVIDUALS REPORTED ON FORM 990, PART VII WHO TRAVELED FIRST-CLASS DURING CALENDAR YEAR 2024. (3) TRAVEL FOR COMPANIONS: IN ACCORDANCE WITH THE UNIVERSITY'S TRAVEL AND BUSINESS EXPENSE GUIDELINES, BOSTON UNIVERSITY ALLOWS COMPANION TRAVEL FOR BONA FIDE BUSINESS PURPOSES. ALL SUCH CASES REQUIRE PRIOR WRITTEN APPROVAL OF AN AUTHORIZED SENIOR EXECUTIVE. THE PRESIDENT'S EMPLOYMENT AGREEMENT ALLOWS FOR SPOUSAL TRAVEL. COMPANION TRAVEL FOR BUSINESS PURPOSES IS NOT INCLUDED IN TAXABLE WAGES. PRESIDENT GILLIAM WAS THE ONLY INDIVIDUAL REPORTED ON FORM 990, PART VII WHO UTILIZED COMPANION TRAVEL DURING CALENDAR YEAR 2024.

PART I, LINE 4B

(1) REFER TO SCHEDULE J, PART II DISCLOSURE RELATED TO THE CONTRIBUTIONS MADE BY THE UNIVERSITY TO AN IRC 457(B) SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN.

PART I, LINE 6

A PORTION OF PUSHKAR MEHRA'S COMPENSATION (AS REPORTED IN SCHEDULE J, PART II, COLUMN (B)(II)) IS BASED ON A PERCENTAGE OF BOSTON UNIVERSITY'S HENRY M. GOLDMAN SCHOOL OF DENTAL MEDICINE ORAL MAXILLOFACIAL SURGERY GROUP REVENUES LESS OPERATING EXPENSES. DR. WILLIAM CREEVY RECEIVES AN ANNUAL BONUS PAYMENT BASED ON PRE-DETERMINED ANNUAL PERFORMANCE METRICS, WITH OPERATING INCOME AS ONE OF THE COMPONENTS.

PART I, LINE 7

AS THE UNIVERSITY'S CHIEF INVESTMENT OFFICER, CLARISSA HUNNEWELL IS ELIGIBLE FOR INCENTIVE COMPENSATION, AT THE APPROVAL OF THE BOARD OF TRUSTEES, BASED IN PART UPON HER SUCCESS IN ACHIEVING CERTAIN PERFORMANCE BENCHMARKS. THIS IS A COMMON COMPONENT OF THE COMPENSATION PACKAGE FOR SUCH POSITIONS.

SCHEDULE J, PART I

XINNING LI, WILLIAM CREEVY, AND CHADI TANNOURY ARE COMPENSATED UNDER A COMMON PAYMASTER AGREEMENT FOR THEIR CLINICAL WORK AT BOSTON MEDICAL CENTER. PUSHKAR MEHRA IS COMPENSATED THROUGH BOSTON UNIVERSITY'S HENRY M. GOLDMAN SCHOOL OF DENTAL MEDICINE (GDSM) DEPARTMENT OF ORAL & MAXILLOFACIAL SURGERY GROUP FOR HIS CLINICAL WORK AT A GDSM PATIENT TREATMENT CENTER, THE BETH ISRAEL DEACONESS MEDICAL CENTER, INC., AND BOSTON MEDICAL CENTER.

SCHEDULE J, PART II

(1) THIS SCHEDULE INCLUDES EACH OF THE UNIVERSITY'S CURRENT AND FORMER OFFICERS, TRUSTEES, KEY EMPLOYEES, AND FIVE MOST HIGHLY COMPENSATED EMPLOYEES FOR WHOM THE SUM OF CALENDAR YEAR 2024 REPORTABLE COMPENSATION AND OTHER COMPENSATION FROM THE ORGANIZATION AND RELATED ENTITIES WAS GREATER THAN $150,000. (2) PRESIDENT BROWN RETIRED FROM HIS ROLE AS PRESIDENT ON JULY 31, 2023, FOLLOWED BY A SABBATICAL PERIOD THROUGH JULY 31, 2024. DURING HIS SABBATICAL, HE RECEIVED CONTINUATION PAYMENTS OF HIS BASE SALARY OF $1,351,500, CONSISTENT WITH HIS EMPLOYMENT AGREEMENT. EFFECTIVE AUGUST 1, 2024, FOLLOWING HIS SABBATICAL, HE CONTINUED HIS EMPLOYMENT AS A FACULTY MEMBER WITH A BASE SALARY OF $450,000. COMPENSATION EARNED DURING HIS SABBATICAL AND AS A FACULTY MEMBER ARE REPORTED IN COLUMN (B)(I) BASE COMPENSATION. AMOUNTS REPORTED IN SCHEDULE J, PART II, COLUMN (B)(III) AS OTHER REPORTABLE COMPENSATION ALSO INCLUDE CONTRIBUTIONS MADE BY THE UNIVERSITY IN CALENDAR YEAR 2024 TO AN IRC SECTION 457(B) SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN TO PROVIDE FUTURE RETIREMENT BENEFITS TO PRESIDENT BROWN (PART I, LINES 4B RESPONSE) IN THE AMOUNT OF $13,417. (3) PROVOST MORRISON RETIRED FROM HER ROLE AS PROVOST ON JUNE 30, 2023, FOLLOWED BY A SABBATICAL PERIOD THROUGH JUNE 30, 2024. DURING HER SABBATICAL, SHE RECEIVED CONTINUATION PAYMENTS OF HER BASE SALARY OF $975,000, CONSISTENT WITH HER EMPLOYMENT AGREEMENT. EFFECTIVE JULY 1, 2024, FOLLOWING HER SABBATICAL, SHE CONTINUED HER EMPLOYMENT AS A FACULTY MEMBER WITH A BASE SALARY OF $731,250. COMPENSATION EARNED DURING HER SABBATICAL AND AS A FACULTY MEMBER ARE REPORTED IN COLUMN (B)(I) BASE COMPENSATION. (4) PRESIDENT GILLIAM WAS PRESIDENT ELECT FROM JANUARY 15, 2024 TO JUNE 30, 2024 AND THEREAFTER BECAME PRESIDENT. AS PART OF HER AGREEMENT, DR. GILLIAM RECEIVED A $170,000 LUMP SUM PAYMENT IN CALENDAR YEAR 2024, TO BE USED FOR MOVING, LEGAL, AND OTHER TRANSITION RELATED EXPENSES. DURING THE FIRST TWO YEARS EMPLOYMENT, DR. GILLIAM IS ENTITLED TO RECEIVE A CASH SUPPLEMENT EACH PAY PERIOD EQUAL TO THE CONTRIBUTION THAT THE UNIVERSITY WOULD HAVE MADE TO THE UNIVERSITY'S INTERNAL REVENUE CODE ("CODE") SECTION 403(B) PLAN BUT FOR SUCH PLAN'S TWO-YEAR WAITING PERIOD. THE TOTAL PAYMENT IN CALENDAR YEAR 2024 WAS $40,022. AS A CONDITION OF EMPLOYMENT AND FOR THE CONVENIENCE OF THE UNIVERSITY, PRESIDENT GILLIAM WAS REQUIRED TO LIVE IN A UNIVERSITY RESIDENCE (HOUSING ALLOWANCE SCHEDULE J, PART I, LINE 1A RESPONSE). AMOUNTS REPORTED IN COLUMN (D) INCLUDE, IN ADDITION TO OTHER NON-TAXABLE BENEFITS FOR PRESIDENT GILLIAM, THE ESTIMATED FAIR MARKET RENTAL VALUE OF THE UNIVERSITY-PROVIDED RESIDENCE, BASED UPON AN INDEPENDENT OPINION OF VALUE AND WITHOUT ANY ALLOCATION OR REDUCTION FOR UNIVERSITY USE OF THE PREMISES IN THE AMOUNT OF $325,102 FOR THE ELEVEN AND A HALF MONTHS OF THE CALENDAR YEAR SHE WAS REQUIRED TO RESIDE IN THE UNIVERSITY RESIDENCE AS PRESIDENT-ELECT AND THEN PRESIDENT.

Disregarded entities

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

• BU (GT) FUNDING LLC

  INVESTMENTS · DE · income $40,306 · assets $0

  Directly controlled by BU TRUSTEES

• PLEASANT VENTURES REALTY TRUST

  REAL ESTATE · MA · income $1,953,351 · assets $7,445,261

  Directly controlled by BU TRUSTEES

• SCARLET CASTLE BRR-I LLC

  INVESTMENTS · MA · income $378,826 · assets $651,323

  Directly controlled by BU TRUSTEES

Related partnerships

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

• EUSA LLP

  RELATED · EDUCATION · NR · 100% owned · share of income $305,674 · share of assets $1,314,094

  Directly controlled by BU EUREUSA UK

• BRIGHTSTAR CAPITAL PARTNERS INFRASERV LP

  UNRELATED · INVESTMENTS · MO · 62.27% owned · share of income $487,182 · share of assets $26,561

  Directly controlled by BU

Related corporations and trusts

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

• 520 COMMONWEALTH AVENUE REAL ESTATE CORP

  C · HOLDING COMPANY · MA · 100% owned · share of assets $44,205 · controlled entity

  Directly controlled by BU TRUSTEES

• 660 CORPORATION

  C · CONVENIENCE STORE · MA · 100% owned · share of income $3,682,577 · share of assets $6,109,942 · controlled entity

  Directly controlled by 520 CORP

• AKEAH INC

  C · EDUCATIONAL SUPPORT · MA · 100% owned · share of income $394,181 · share of assets $430,628 · controlled entity

  Directly controlled by 520 CORP

• BOSTON UNIVERSITY (USA) EUROPE LIMITED

  C · EDUCATIONAL SUPPORT · UK · 100% owned · share of assets $2,258,527 · controlled entity

  Directly controlled by BU (USA) LONDON

• CHARITABLE REMAINDER TRUSTS (12)

  T · SUPPORT · MA

  Directly controlled by BU TRUSTEES

• EUSA (UK) LIMITED

  C · EDUCATIONAL SUPPORT · UK · 100% owned · share of assets $429 · controlled entity

  Directly controlled by BU (USA) LONDON

• SCARLET CASTLE TIR-I LLC

  C · INVESTMENT · MA · 100% owned · share of income -$8,177 · share of assets $89,012 · controlled entity

  Directly controlled by TBU