Yale University in New Haven, Connecticut (CT)

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Yale University
Employer Identification Number (EIN)060646973
Name of OrganizationYale University
AddressPO BOX 208314, New Haven, CT 06520-8314
ActivitiesPrivate school, School, college, trade school, etc.
SubsectionEducational Organization
Ruling Date10/1992
DeductibilityContributions are deductible
FoundationOrganization which receives a substantial part of its support from a governmental unit or the general public
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period06/2013
Assets$50,000,000 to greater
Income$50,000,000 to greater
Filing Requirement990 (all other) or 990EZ return
Asset Amount$28,911,175,542
Amount of Income$7,943,643,646
Form 990 Revenue Amount$3,688,471,185
National Taxonomy of Exempt Entities (NTEE)Educational Institutions and Related Activities: University or Technological Institute


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Amount of income in 2013: $7,943,643,646
This organization: 

 $7,943,643,646
Other organizations performing similar types of work: 

 $136,725,850

Assets in 2013: $28,911,175,542
Yale University: 

 $28,911,175,542
Other organizations performing similar types of work: 

 $239,530,668

Expenses in 2013: $3,318,422,271
This organization: 

 $3,318,422,271
Other organizations performing similar types of work: 

 $107,808,210

Income to expenses ratio in 2013: 2.4
Yale University: 

 2.4
Other organizations performing similar types of work: 

 1.1

Expenses allocated to program services in 2007: 88.1%
Yale University: 

 88.1%
Other organizations performing similar types of work: 

 85.4%

Number of employees in 2013: 27,824
This organization: 

 27,824
Other organizations performing similar types of work: 

 1,977

Employees paid over $100,000 in 2013: 11.8%
Yale University: 

 11.8%
Other organizations performing similar types of work: 

 0.0%

Grants share in income in 2013: 23.0%
This organization: 

 23.0%
Other organizations performing similar types of work: 

 9.1%

Financial snapshot ($)

Revenue for 2013

Assets at the end of 2013

Functional expenses for 2013

Checklist
20122013
Is the organization described in section 501(c)(3) or 4947(a)(1) (other than a private foundation)?YesYes
Is the organization required to complete Schedule B, Schedule of Contributors?YesNo
Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to candidates for public office?NoNo
Did the organization engage in lobbying activities, or have a section 501(h) election in effect during the tax year?YesYes
Is the organization a section 501(c)(4), 501(c)(5), or 501(c)(6) organization that receives membership dues, assessments, or similar amounts as defined in Revenue Procedure 98-19?NoNo
Did the organization maintain any donor advised funds or any similar funds or accounts for which donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts?YesYes
Did the organization receive or hold a conservation easement, including easements to preserve open space, the environment, historic land areas, or historic structures?NoNo
Did the organization maintain collections of works of art, historical treasures, or other similar assets?YesYes
Did the organization report an amount for escrow or custodial account liability; serve as a custodian or provide credit counseling, debt management, credit repair, or debt negotiation services?YesYes
Did the organization, directly or through a related organization, hold assets in temporarily restricted endowments, permanent endowments, or quasi-endowments?YesYes
Did the organization report an amount for land, buildings, and equipment?YesYes
Did the organization report an amount for investments-other securities that is 5% or more of its total assets?YesYes
Did the organization report an amount for investments-program related that is 5% or more of its total assets?NoNo
Did the organization report an amount for other assets that is 5% or more of its total assets?NoNo
Did the organization report an amount for other liabilities?YesYes
Did the organization's separate or consolidated financial statements for the tax year include a footnote that addresses the organization's liability for uncertain tax positions under FIN 48 (ASC 740)?NoNo
Did the organization obtain separate, independent audited financial statements for the tax year?NoNo
Was the organization included in consolidated, independent audited financial statements for the tax year?YesYes
Is the organization a school described in section 170(b)(1)(A)(ii)?YesYes
Did the organization maintain an office, employees, or agents outside of the United States?YesYes
Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraising, business, investment, and program service activities outside the United States, or aggregate foreign investments valued at $100,000 or more?YesYes
Did the organization report more than $5,000 of grants or other assistance to or for any foreign organization?YesYes
Did the organization report more than $5,000 of aggregate grants or other assistance to or for foreign individuals?YesYes
Did the organization report a total of more than $15,000 of expenses for professional fundraising services?NoNo
Did the organization report more than $15,000 total of fundraising event gross income and contributions?YesYes
Did the organization report more than $15,000 of gross income from gaming activities?YesYes
Did the organization operate one or more hospital facilities?NoNo
Did the organization attach a copy of its audited financial statements?NoNo
Did the organization report more than $5,000 of grants or other assistance to any domestic organization or domestic government?YesYes
Did the organization report more than $5,000 of grants or other assistance to or for domestic individuals?YesYes
Did the organization answer 'Yes' about compensation of the organization's current and former officers, directors, trustees, key employees, and highest compensated employees?YesYes
Did the organization have a tax-exempt bond issue with an outstanding principal amount of more than $100,000 as of the last day of the year, that was issued after December 31, 2002?YesYes
Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception?NoNo
Did the organization maintain an escrow account other than a refunding escrow at any time during the year to defease any tax-exempt bonds?NoNo
Did the organization act as an 'on behalf of' issuer for bonds outstanding at any time during the year?NoNo
Did the organization engage in an excess benefit transaction with a disqualified person during the year?NoNo
Is the organization aware that it engaged in an excess benefit transaction with a disqualified person in a prior year, and that the transaction has not been reported on any of the organization's prior Forms 990 or 990-EZ?NoNo
Did the organization report any amount for receivables from or payables to any current or former officers, directors, trustees, key employees, highest compensated employees, or disqualified persons?YesYes
Did the organization provide a grant or other assistance to an officer, director, trustee, key employee, substantial contributor or employee thereof, a grant selection committee member, or to a 35% controlled entity or family member of any of these persons?YesYes
Was the organization a party to a business transaction with one of the following parties
A current or former officer, director, trustee, or key employee?NoNo
A family member of a current or former officer, director, trustee, or key employee?YesYes
An entity of which a current or former officer, director, trustee, or key employee (or a family member thereof) was an officer, director, trustee, or direct or indirect owner?YesYes
Did the organization receive more than $25,000 in non-cash contributions?YesYes
Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified conservation contributions?YesYes
Did the organization liquidate, terminate, or dissolve and cease operations?NoNo
Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets?NoNo
Did the organization own 100% of an entity disregarded as separate from the organization under Regulations sections 301.7701-2 and 301.7701-3?YesYes
Was the organization related to any tax-exempt or taxable entity?YesYes
Did the organization have a controlled entity within the meaning of section 512(b)(13)?YesYes
Did the organization make any transfers to an exempt non-charitable related organization?NoNo
Did the organization conduct more than 5% of its activities through an entity that is not a related organization and that is treated as a partnership for federal income tax purposes?NoNo
Statements Regarding Other IRS Filings and Tax Compliance
201120122013
The number reported in Box 3 of Form 109610,88424,649
The number of Forms W-2G00
Did the organization comply with backup withholding rules for reportable payments to vendors and reportable gaming (gambling) winnings to prize winners?YesYes
The number of employees reported on Form W-3, Transmittal of Wage and Tax Statements, filed for the calendar year ending with or within the year covered by this return27,43227,824
Did the organization file all required federal employment tax returns?YesYes
Did the organization have unrelated business gross income of $1,000 or more during the year?YesYesYes
Has it filed a Form 990-T for this year?YesYes
At any time during the calendar year, did the organization have an interest in, or a signature or other authority over, a financial account in a foreign country (such as a bank account, securities account, or other financial account)?YesYes
Was the organization a party to a prohibited tax shelter transaction at any time during the tax year?NoNo
Did any taxable party notify the organization that it was or is a party to a prohibited tax shelter transaction?NoNo
Did the organization file Form 8886-T?NoNo
Does the organization have annual gross receipts that are normally greater than $100,000, and did the organization solicit any contributions that were not tax deductible as charitable contributions?NoNo
Did the organization include with every solicitation an express statement that such contributions or gifts were not tax deductible?NoNo
Did the organization receive a payment in excess of $75 made partly as a contribution and partly for goods and services provided to the payor?YesYes
Did the organization notify the donor of the value of the goods or services provided?YesYes
Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required to file Form 8282?YesNo
Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?NoNo
Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract?NoNo
If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 as required?NoNo
If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a Form 1098-C?NoYes
Did a donor advised fund maintained by the sponsoring organization have excess business holdings at any time during the year?NoNo
Did the sponsoring organization make any taxable distributions under section 4966?NoNo
Did the sponsoring organization make a distribution to a donor, donor advisor, or related person?NoNo
Initiation fees and capital contributions$0$0$0
Gross receipts for public use of club facilities $0$0$0
Gross income from members or shareholders$0$0$0
Gross income from other sources$0$0$0
Is the organization filing Form 990 in lieu of Form 1041?NoNo
The amount of tax-exempt interest received or accrued during the year$0$0
Is the organization licensed to issue qualified health plans in more than one state?NoNo
The amount of reserves the organization is required to maintain by the states in which the organization is licensed to issue qualified health plans$0$0
The amount of reserves on hand$0$0
Did the organization receive any payments for indoor tanning services during the tax year?NoNo
Has it filed a Form 720 to report these payments?NoNo
Compensation of Officers, Directors, Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors
20122013
Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees
Total reportable compensation from the organization$17,079,208$20,381,433
Total reportable compensation from related organizations$0$0
Total estimated amount of other compensation from the organization and related organizations$2,092,044$2,061,772
Total number of individuals who received more than $100,000 of reportable compensation from the organization2,7522,874
Total number of independent contractors who received more than $100,000 of compensation from the organization365414
Statement of Revenue
201120122013
Total revenue$3,488,705,694$3,627,023,737$3,688,471,185
Contributions, Gifts, Grants and Other Similar Amounts$1,239,645,403$863,987,731$846,509,395
Program Service Revenue$1,143,599,732$1,249,450,501$1,347,807,723
541900$541,416,081$615,610,734
Colleges, Universities, and Professional Schools $496,415,575$518,780,926
541700$84,246,060$83,643,610
541700$35,759,123$39,991,214
Book Publishers $35,175,628$31,423,057
All other program service revenue$56,438,034$58,358,182
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$399,175,628$384,275,984$449,498,112
Income from investment of tax-exempt bond proceeds$107,059$9,916$1,756
Royalties$17,668,639$21,228,637$8,189,160
Net rental income$2,058,643$3,578,928$4,369,646
Gross rents (Real / Personal)$14,188,123 / $0$14,299,089 / $0$15,358,959 / $0
Less: rental expenses (Real / Personal)$12,129,480 / $0$10,720,161 / $0$10,989,313 / $0
Rental income or (loss) (Real / Personal)$2,058,643 / $0$3,578,928 / $0$4,369,646 / $0
Net gain/loss from sales of assets other than inventory$618,787,155$1,051,544,396$976,086,789
Gross amount from sales of assets other than inventory (Securities / Other)$2,050,041,045 / $2,423,615,301$2,122,141,281 / $2,725,704,595$1,812,451,148 / $3,407,562,616
Less: cost or other basis and sales expenses (Securities / Other)$2,046,967,603 / $1,807,901,588$1,942,704,950 / $1,853,596,530$1,802,754,146 / $2,441,172,829
Gain or (loss) (Securities / Other)$3,073,442 / $615,713,713$179,436,331 / $872,108,065$9,697,002 / $966,389,787
Net income/loss from fundraising events$-87,372$-10,702$51,286
Gross income from fundraising events$289,974$276,221$301,853
Less: direct expenses$377,346$286,923$250,567
Net income/loss from gaming activities$15,150$10,055$13,417
Gross income from gaming activities$22,520$16,625$19,023
Less: direct expenses$7,370$6,570$5,606
Net income/loss from sales of inventory$0$0$0
Miscellaneous Revenue$67,735,657$52,948,291$55,943,901
Educational Support Services$29,461,843$31,603,102
221000$10,996,118$10,859,829
Parking Lots and Garages $9,484,458$10,465,735
All other revenue$3,005,872$3,015,235
Statement of Functional Expenses
201120122013
Total functional expenses$2,966,657,595$3,110,478,699$3,318,422,271
Grants and other assistance to domestic organizations and domestic governments$56,774,232$50,514,774
Grants and other assistance to domestic individuals$319,746,239$326,038,146
Grants and other assistance to foreign organizations, foreign governments, and foreign individuals$19,394,454$17,400,384
Benefits paid to or for members$0$0
Compensation of current officers, directors, trustees, and key employees$15,051,594$16,464,256$14,932,309
Compensation not included above, to disqualified persons$12,883,994$12,251,056
Other salaries and wages$1,227,267,061$1,294,099,549$1,378,757,926
Pension plan accruals and contributions$98,335,477$112,743,382
Other employee benefits$248,977,016$299,172,321
Payroll taxes$78,138,343$81,293,821$82,410,491
Fees for services (non-employees)
Management$0$0
Legal$4,859,016$4,631,713
Accounting$1,489,017$2,053,341
Lobbying$48,953$113,370
Professional fundraising services$0$0$0
Investment management fees$71,691,838$97,372,515
Other$60,009,568$66,629,057
Advertising and promotion$2,613,720$3,043,582
Office expenses$20,310,424$22,214,816
Information technology$36,151,814$38,849,183
Royalties$4,063,047$69,205
Occupancy$68,019,930$80,498,963
Travel$46,691,272$48,880,264
Payments of travel or entertainment expenses for any federal, state, or local public officials$10,382$7,890
Conferences, conventions, and meetings$5,131,025$4,454,882
Interest$89,444,008$91,402,180
Payments to affiliates$4,027,183$0
Depreciation, depletion, and amortization$229,211,704$237,960,859
Insurance$18,988,150$16,413,287
Other expenses$74,085,726$70,429,285
Other expenses$42,682,925$39,234,177
Other expenses$37,954,999$38,042,136
Other expenses$13,029,848$14,147,467
Other expenses$131,995,112$147,753,310
Balance Sheet
201120122013
Total assets$27,801,734,697$28,321,347,357$28,911,175,542
Cash - non-interest-bearing$8,687,540$15,460,156
Savings and temporary cash investments$524,314,065$273,641,928
Pledges and grants receivable, net$513,632,221$474,584,945
Accounts receivable, net$105,515,925$127,247,294
Loans and other receivables from current and former officers, directors, trustees, key employees, and highest compensated employees$0$0
Loans and other receivables from other disqualified persons, persons described in section 4958(c)(3)(B), and contributing employers and sponsoring organizations of section 501(c)(9) voluntary employees' beneficiary organizations$720,569$125,235
Notes and loans receivable, net$145,008,101$148,778,187
Inventories for sale or use$16,518,402$16,317,745
Prepaid expenses and deferred charges$41,230,004$21,152,539
Land, buildings, and equipment: cost or other basis$4,163,149,318$4,260,463,890
Investments - publicly traded securities$4,426,630,424$3,954,966,616
Investments - other securities$17,999,374,610$19,248,317,889
Investments - program-related$23,498,738$27,505,800
Intangible assets$0$0
Other assets$353,067,440$342,613,318
Total liabilities$7,198,628,984$8,255,409,586$6,973,893,909
Accounts payable and accrued expenses$314,503,535$361,715,777
Grants payable$3,733,782$3,599,640
Deferred revenue$83,300,576$87,681,883
Tax-exempt bond liabilities$2,675,323,126$2,665,369,875$2,657,127,658
Escrow or custodial account liability$1,960,994$1,659,869
Loans and other payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified persons$0$0
Secured mortgages and notes payable to unrelated third parties$0$0$0
Unsecured notes and loans payable to unrelated third parties$1,307,761,763$1,308,004,207$808,416,119
Other liabilities (including federal income tax, payables to related third parties, and other liabilities)$3,878,536,617$3,053,692,963
Total net assets or fund balances$20,603,105,713$20,065,937,771$21,937,281,633
Unrestricted net assets$2,961,469,627$3,624,985,807
Temporarily restricted net assets$14,057,703,557$15,117,189,673
Permanently restricted net assets$3,046,764,587$3,195,106,153
Capital stock or trust principal, or current funds$0$0
Paid-in or capital surplus, or land, building, or equipment fund$0$0
Retained earnings, endowment, accumulated income, or other funds$0$0$0
Reason for Public Charity Status (for 2013)
The organization is not a private foundation because it is:A school described in section 170(b)(1)(A)(ii)
Number of organizations supported0
Sum of amounts of support$0
Revenue, Expenses, and Changes in Net Assets or Fund Balances
20002001200220032004200520062007
Total revenue$2,973,834,088$2,809,255,892$2,072,817,983$2,591,749,232$3,448,898,026$3,306,303,037$4,083,253,497$4,302,364,411
Contributions, gifts, grants, and similar amounts received$636,004,855$574,399,674$557,855,297$626,526,286$835,457,551$758,229,529$819,997,137$847,901,300
Contributions to donor advised funds$28,197,049$45,750,762
Direct public support$360,603,570$269,286,126$225,423,612$255,853,031$446,630,484$373,351,919$407,768,656$391,384,646
Indirect public support$0$0$0$0$0$0$0$0
Government contributions (grants)$275,401,285$305,113,548$332,431,685$370,673,255$388,827,067$384,877,610$384,031,432$410,765,892
Program service revenue including government fees and contracts$526,605,429$555,253,290$575,299,970$607,220,173$639,506,397$707,455,036$758,098,636$919,465,121
Membership dues and assessments$0$0$0$0$0$0$0$0
Interest on savings and temporary cash investments$0$0$0$0$0$7,940,165$11,444,200$2,408,885
Dividends and interest from securities$187,511,278$119,222,114$96,196,630$82,272,745$93,527,701$105,253,689$74,035,175$79,858,058
Net rental income or (loss)$12,670,349$23,656,787$15,150,144$12,408,545$-2,815,270$4,113,612$1,984,111$607,890
Gross rents$40,612,488$46,671,795$29,743,384$21,433,494$5,694,128$13,587,014$15,193,172$13,903,421
Less: rental expenses$27,942,139$23,015,008$14,593,240$9,024,949$8,509,398$9,473,402$13,209,061$13,295,531
Other investment income$135,832,609$230,167,992$193,162,687$245,337,649$374,214,003$396,547,335$586,435,188$585,866,226
Gain or (loss) from sales of assets other than inventory$1,447,750,391$1,284,417,060$603,428,437$979,551,303$1,470,952,317$1,290,635,467$1,809,219,303$1,861,854,108
Gross amount from sales of assets other than inventory$1,447,750,391$1,284,417,060$603,428,437$979,551,303$1,470,952,317$10,097,633,826$12,387,178,916$8,662,992,764
Less: cost or other basis and sales expenses$0$0$0$0$0$8,806,998,359$10,577,959,613$6,801,138,656
Net income or (loss) from special events and activities$0$0$0$0$0$0$0$0
Gross revenue$0$0$0$0$0$0$0$0
Less: direct expenses other than fundraising expenses$0$0$0$0$0$0$0$0
Gross profit or (loss) from sales of inventory$0$0$0$0$0$0$0$0
Gross sales of inventory, less returns and allowances$0$0$0$0$0$0$0$0
Less: cost of goods sold$0$0$0$0$0$0$0$0
Other revenue$27,459,177$22,138,975$31,724,818$38,432,531$38,055,327$36,128,204$22,039,747$4,402,823
Total expenses$1,402,532,201$1,585,578,556$1,663,279,396$1,759,026,063$1,868,843,432$2,040,950,653$2,224,409,092$2,612,418,784
Program services$1,324,731,556$1,506,505,147$1,578,922,015$1,671,642,672$1,783,759,114$1,886,766,537$2,019,071,159$2,301,141,427
Management and general$59,676,459$60,662,963$65,354,272$67,179,565$60,693,999$122,051,024$164,962,192$268,320,971
Fundraising$18,124,186$18,410,446$19,003,109$20,203,826$24,390,319$32,133,092$40,375,741$42,956,386
Payments to affiliates$0$0$0$0$0$0$0$0
Net assets or fund balances at end of year$11,675,893,604$11,542,413,374$12,027,930,373$13,747,084,223$16,233,455,747$19,198,886,313$23,696,188,624$23,887,324,228
Excess or (deficit) for the year$1,571,301,887$1,223,677,336$409,538,587$832,723,169$1,580,054,594$1,265,352,384$1,858,844,405$1,689,945,627
Net assets or fund balances at beginning of year$10,765,563,048$11,675,893,604$11,542,413,374$12,027,930,373$13,747,084,223$16,233,455,747$19,198,886,313$23,696,188,624
Other changes in net assets or fund balances$-660,971,331$-1,357,157,566$75,978,412$886,430,681$906,316,930$1,700,078,182$2,638,457,906$-1,498,810,023
Statement of Functional Expenses (for 2007)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$2,612,418,784$2,301,141,427$268,320,971$42,956,386
Grants paid from donor advised funds$0
Other grants and allocations$230,061,224
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$9,176,073$128,458$8,497,555$550,060
Compensation of former officers, directors, key employees, etc.$971,696$633,892$16,656$321,148
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$10,332,231$5,893,210$4,439,021$0
Salaries and wages of employees not included above$1,047,387,806$971,693,380$55,767,983$19,926,443
Pension plan contributions not included above$70,291,966$65,240,365$3,736,455$1,315,146
Employee benefits not included above$168,722,255$156,192,377$8,476,733$4,053,145
Payroll taxes$64,046,340$59,731,758$3,178,775$1,135,807
Professional fundraising fees$0$0$0$0
Accounting fees$1,343,742$16,191$1,327,551$0
Legal fees$8,739,411$572,157$8,167,254$0
Supplies$128,353,298$122,893,595$5,020,247$439,456
Telephone$6,465,080$2,729,079$3,436,753$299,248
Postage and shipping$13,158,367$8,972,108$3,523,348$662,911
Occupancy$115,706,276$112,112,138$2,333,267$1,260,871
Equipment rental and maintenance$17,295,134$15,128,381$1,990,287$176,466
Printing and publications$4,644,213$722,283$3,014,931$906,999
Travel$38,377,553$34,738,270$2,566,121$1,073,162
Conferences, conventions, and meetings$3,946,880$3,509,671$321,611$115,598
Interest$87,764,250$83,173,029$3,540,600$1,050,621
Depreciation, depletion, etc.$164,951,233$154,827,821$6,921,840$3,201,572
Other expenses not covered above$420,683,756$272,172,040$142,043,983$6,467,733
Balance Sheets
20002001200220032004200520062007
Total assets$13,069,227,604$13,166,314,374$14,057,047,259$15,739,983,224$18,311,962,748$23,363,339,829$28,324,069,000$30,761,611,000
Cash - non-interest-bearing$10,817,679$7,452,716$3,917,178$5,322,302$9,255,640$7,380,316$13,680,502$11,380,571
Savings and temporary cash investments$228,927,317$263,478,103$416,910,272$445,300,763$468,060,639$359,146,293$226,156,190$176,380,768
Accounts receivable less allowance for doubtful accounts$51,165,995$60,568,488$60,118,458$64,476,024$58,519,520$82,110,164$90,899,615$91,157,701
Pledges receivable less allowance for doubtful accounts$159,791,208$205,600,486$208,408,905$209,358,652$383,956,009$364,863,419$442,926,673$481,617,000
Grants receivable$34,680,145$36,405,471$38,479,450$35,210,618$50,962,215$48,031,061$66,544,899$59,478,299
Receivables from current and former officers, directors, trustees, and key employees$0$0$0$0$0$0$450,002$350,003
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$437,105
Other notes and loans receivable less allowance for doubtful accounts$85,504,216$81,318,054$68,761,423$55,580,126$55,018,999$76,855,755$73,920,183$78,588,502
Inventories for sale or use$13,056,915$14,045,635$13,780,000$13,921,000$11,656,140$12,868,000$14,993,449$20,108,734
Prepaid expenses and deferred charges$8,526,104$9,571,804$7,501,787$8,243,355$10,479,381$12,624,000$10,885,000$13,237,000
Investments - publicly-traded securities$6,049,716,455$6,142,068,774
Investments - other securities$4,456,866,891$3,820,682,715$4,160,509,910$4,862,711,092$4,747,074,647$7,268,256,154$460,332,328$404,046,941
Investments - land, buildings, and equipment less accumulated depreciation$1,784,619,972$2,270,263,972$2,425,809,000$2,518,495,000$3,875,555,000$65,653,338$67,437,647$65,853,067
Investments - other$4,510,957,260$4,330,227,352$4,428,757,150$5,170,429,612$6,107,863,768$12,309,674,531$17,603,757,272$19,693,028,581
Land, buildings, and equipment less accumulated depreciation$1,582,517,507$1,853,209,387$1,986,110,291$2,095,186,752$2,263,169,287$2,486,929,361$2,746,373,000$3,199,648,000
Other assets, including program-related investments$141,796,395$213,490,191$237,983,435$255,747,928$270,391,503$268,947,437$455,995,785$324,229,954
Total liabilities$1,393,334,000$1,623,901,000$2,029,116,886$1,992,899,001$2,078,507,001$4,164,453,516$4,627,880,376$6,874,286,772
Accounts payable and accrued expenses$304,382,283$269,980,932$321,435,939$182,378,492$233,187,597$232,536,925$291,244,000$318,133,128
Grants payable$0$0$0$0$0$15,703,000$19,393,000$20,469,000
Deferred revenue$64,660,081$61,553,321$60,263,473$56,621,419$57,379,250$62,908,651$78,011,723$80,690,245
Loans from officers, directors, trustees, and key employees$0$0$0$0$0$0$0$0
Tax-exempt bond liabilities$723,465,000$923,460,320$1,273,537,307$1,273,614,294$1,273,691,282$1,584,551,098$1,584,257,329$2,197,949,057
Mortgages and other notes payable$300,284,585$299,779,464$299,348,345$331,505,174$309,202,084$403,902,191$370,374,058$869,292,570
Other liabilities$542,051$69,126,963$74,531,822$148,779,622$205,046,788$1,864,851,651$2,284,600,266$3,387,752,772
Total liabilities and net assets/fund balances$13,069,227,604$13,166,314,374$14,057,047,259$15,739,983,224$18,311,962,748$23,363,339,829$28,324,069,000$30,761,611,000
Total net assets or fund balances$11,675,893,604$11,542,413,374$12,027,930,373$13,747,084,223$16,233,455,747$19,198,886,313$23,696,188,624$23,887,324,228
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
20002001200220032004200520062007
Total revenue$2,973,834,088$2,809,255,892$2,072,817,983$2,591,749,232$3,448,898,026$3,306,303,037$4,083,253,497$4,302,364,411
Total revenue, gains, and other support per audited financial statements$2,256,168,000$1,286,599,000$2,036,541,000$3,423,160,000$4,312,871,000$4,977,113,000$6,650,636,729$2,506,922,000
Other expenses$-722,887,590$-1,525,021,137$-43,855,414$826,455,444$855,966,469$1,661,842,339$2,554,707,481$-1,808,154,351
Net unrealized gains on investments$-660,886,377$-1,357,457,558$75,958,368$885,886,176$906,321,303$1,700,078,611$2,609,575,324$-1,318,685,021
Donated services and use of facilities$0$0$0$0$0$0$0$0
Recoveries of prior year grants$0$0$0$0$0$0$0$0
Other$-62,001,213$-167,563,579$-119,813,782$-59,430,732$-50,354,834$-38,236,272$-54,867,843$-489,469,330
Other revenue$-5,221,502$-2,364,245$-7,578,431$-4,955,324$-8,006,505$-8,967,624$-12,675,751$-12,711,940
Investment expenses$0$0$0$0$0$0$0$0
Other$-5,221,502$-2,364,245$-7,578,431$-4,955,324$-8,006,505$-8,967,624$-12,675,751$-12,711,940
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
20002001200220032004200520062007
Total expenses$1,402,532,201$1,585,578,556$1,663,279,396$1,759,026,063$1,868,843,432$2,040,950,653$2,224,409,092$2,612,418,784
Total expenses and losses per audited financial statements$1,334,912,960$1,426,988,999$1,543,176,000$1,675,908,000$1,786,940,000$1,963,572,000$2,108,514,308$2,314,450,000
Other revenue$15,043,759$13,375,385$20,757,253$18,484,192$20,183,011$22,382,162$26,955,926$28,966,571
Donated services and use of facilities$0$0$0$0$0$0$0$0
Prior year adjustments$0$0$0$0$0$0$0$0
Losses$0$0$0$0$0$0$0$0
Other$15,043,759$13,375,385$20,757,253$18,484,192$20,183,011$22,382,162$26,955,926$28,966,571
Other expenses$82,663,000$171,964,942$140,860,649$101,602,255$102,086,443$99,760,815$142,850,710$326,935,355
Investment expenses$0$0$0$0$0$0$0$0
Other$82,663,000$171,964,942$140,860,649$101,602,255$102,086,443$99,760,815$142,850,710$326,935,355
Current Officers, Directors, Trustees, and Key Employees
Average hours per week devoted to positionCompensationContributions to employee benefit plans & deferred compensation plansExpense account and other allowances
40$911,250$268,082$21,251
40$485,000$34,950$14,200
40$455,000$33,703$7,100
40$506,360$30,762$0
40$406,960$36,609$36,750
40$510,229$30,449$867
40$470,000$31,699$0
40$2,832,878$1,535,874$20,975
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings19
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?Yes
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?No
Does the organization have a written conflict of interest policy?Yes
Former Officers, Directors, Trustees, and Key Employees That Received Compensation or Other Benefits
Loans and AdvancesCompensationContributions to employee benefit plans & deferred compensation plansExpense account and other allowances
$0$0$4,646$0
$0$266,834$31,257$0
$0$250,500$37,114$0
$0$266,833$30,084$0
$0$2,904$3,102$0
$0$0$7,473$0
$0$243$5,952$0
$0$18,421$0$0
$0$0$3,968$0
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?Yes
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?No
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?Yes
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Did the organization acquire a direct or indirect interest in any applicable insurance contract?No
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?No
Number of employees employed in the pay period that includes March 12, 200616,663
Analysis of Income-Producing Activities (for 2007)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$-54,381,846$2,595,017,571$913,827,386
Program service revenue
Program service revenue 1000000$000$0$405,399,403
Program service revenue 2Medical and diagnostic laboratories$522,38800$0$372,805,612
Program service revenue 3000000$0Income from research conducted by a college, university, or hospital (section 512(b)(8))$50,961,568$0
Program service revenue 4000000$000$0$33,786,000
Program service revenue 5Golf courses and country clubs$1,242,194Royalty income excluded by section 512(b)(2)$4,261,131$17,811,693
$0$0$405,399,403
Medical and diagnostic laboratories$522,388$0$372,805,612
$0$0$33,786,000
$0Income from research conducted by a college, university, or hospital (section 512(b)(8))$50,961,568$0
$0Royalty income excluded by section 512(b)(2)$4,261,131$0
Golf courses and country clubs$1,208,699$0$4,642,155
$0$0$6,900,672
$0$0$939,130
$0$0$2,044,448
$0$0$126,094
Gift, novelty, and souvenir stores$32,945$0$3,159,194
Medical equipment and supplies manufacturing$550$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$0Income from research conducted by a college, university, or hospital (section 512(b)(8))$32,675,132$0
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$2,408,885$0
Dividends and interest from securities000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$79,858,058$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$0Real property rental income that does not depend on the income or profits derived by the person leasing the property and is excluded by section 512(b)(3)$607,890$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment incomeUnrelated debt-financed activities other than rental of real estate$4,944,193Gain (or loss, to the extent allowed) from the sale of investments and other non-inventory property and from certain property acquired from financial institutions that are in conservatorship or receivership (sections 512(b)(5) and 512(b)(16)(A))$580,922,033$0
Gain or (loss) from sales of assets other than inventory999999$29,398,586Gain (or loss, to the extent allowed) from the sale of investments and other non-inventory property and from certain property acquired from financial institutions that are in conservatorship or receivership (sections 512(b)(5) and 512(b)(16)(A))$1,832,455,522$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenueOther activities related to real estate$-90,489,207Section 501(c)(3) organization - Income from an activity carried on primarily for the convenience of the organization's members, students, patients, visitors, officers, or employees (hospital parking lot or museum cafeteria, for example) (section 513(a)(2))$10,867,352$84,024,678
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2007)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
200763076100%$167,091,926$3,693,320,685
000000000100%$142,980,922$3,511,165,525
412046537100%$328,668,661$2,843,559,248
94310669287%$80,543,999$836,259,104
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2007)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$1,739,976$926,064$0
$1,400,949$37,174$0
$875,365$326,983$0
$755,767$286,530$0
$870,449$28,177$0
Total number of other employees paid over $50,0007,141
Statements About Activities (for 2007)
Expenses paid or incurred in connection with the lobbying activities$630,450
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?No
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?No
Did the organization maintain any donor advised funds?Yes
Did the organization make any taxable distributions under section 4966?No
Did the organization make a distribution to a donor, donor advisor, or related person?No
The total number of donor advised funds owned at the end of the tax year$8
The aggregate value of assets held in all donor advised funds owned at the end of the tax year$112,880,746
The total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts$0
The aggregate value of assets held in all funds or accounts included above at the end of the tax year$0
Reason for Non-Private Foundation Status
The organization is not a private foundation because it isSchool
Support Schedule
19992000200120022003200420052006
Total$0$0$0$0$0$0$0$0
Gifts, grants, and contributions received$0$0$0$0$0$0$0$0
Membership fees received$0$0$0$0$0$0$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$0$0$0$0$0$0$0$0
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$0$0$0$0$0$0$0$0
Net income from unrelated business activities not included above$0$0$0$0$0$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0$0$0$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0$0$0$0$0$0
Other income$0$0$0$0$0$0$0$0
Lobbying Expenditures by Electing Public Charities (for 2007)
Total exempt purpose expenditures$2,612,418,784
Total lobbying expenditures$630,450
Total lobbying expenditures to influence public opinion (grassroots lobbying)$15,271
Total lobbying expenditures to influence a legislative body (direct lobbying)$615,179
Other exempt purpose expenditures$2,611,788,334
Lobbying nontaxable amount$1,000,000
Grassroots nontaxable amount$250,000
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Number of organizations performing similar types of work
Alaska1
Alabama4
Arkansas1
Arizona2
California36
Colorado5
Connecticut9
District of Columbia6
Delaware2
Florida10
Georgia10
Hawaii2
Iowa7
Illinois19
Indiana6
Kansas4
Kentucky4
Louisiana4
Massachusetts19
Maryland7
Maine2
Michigan11
Minnesota5
Missouri9
Mississippi1
North Carolina11
North Dakota1
Nebraska2
New Hampshire3
New Jersey12
New York37
Ohio20
Oklahoma5
Oregon5
Pennsylvania29
Rhode Island3
South Carolina2
Tennessee6
Texas20
Utah1
Virginia11
Vermont3
Washington9
Wisconsin8
West Virginia2
International20
Total396

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