efile GRAPHIC p rint - DO NOT PROCESS As Filed Data - DLN: 93493134012526 Return of Organization Exempt From Income Tax OMB No 1545-0047 Form 990 Under section 501(c), 527, or 4947 ( a)(1) of the Internal Revenue Code ( except private foundations) 2O1 3 Do not enter Social Security numbers on this form as it may be made public By law, the IRS Department of the Treasury Open generally cannot redact the information on the form Internal Revenue Service Inspection - Information about Form 990 and its instructions is at www.IRS.gov/form990 For the 2013 calendar year, or tax year beginning 07-01-2013 , 2013, and ending 06-30-2014 C Name of organization B Check if applicable D Employer identification number UNIVERSITY OF ROCHESTER F Address change 16-0743209 Doing Business As F Name change fl Initial return Number and street (or P 0 box if mail is not delivered to street address) Room/suite E Telephone number 910 GENESES STREET p Terminated (585)275-2800 F Amended return City or town, state or province, country, and ZIP or foreign postal code ROCHESTER, NY 146113847 1 Application pending G Gross receipts $ 4,133,004,346 F Name and address of principal officer H(a) Is this a group return for JOEL S SELIGMAN subordinates? (-Yes No 208 WALLIS HALL ROCHESTER,NY 14627 H(b) Are all subordinates 1Yes(-No included? I Tax-exempt status F 501(c)(3) 1 501(c) ( ) I (insert no ) (- 4947(a)(1) or F_ 527 If "No," attach a list (see instructions) J Website : - www rochester edu H(c) Group exemption number 0- K Form of organization F Corporation 1 Trust F_ Association (- Other 0- L Year of formation 1850 M State of legal domicile NY Summary 1 Briefly describe the organization's mission or most significant activities PROVISION OF HIGHER EDUCATION IN THE LIBERAL ARTS AND SCIENCES, MEDICINE AND DENTISTRY, NURSING AND MUSIC, AS WELL AS MAINTAINING THE STRONG MEMORIAL HOSPITAL w 2 Check this box Of- if the organization discontinued its operations or disposed of more than 25% of its net assets 3 Number of voting members of the governing body (Part VI, line 1a) . 3 50 of :2 4 Number of independent voting members of the governing body (Part VI, line 1 b) . 4 44 5 Total number of individuals employed in calendar year 2013 (Part V, line 2a) . 5 28,551 6 Total number of volunteers (estimate if necessary) 6 7,073 7aTotal unrelated business revenue from Part VIII, column (C), line 12 . 7a 10,953 b Net unrelated business taxable income from Form 990-T, line 34 . 7b -3,013,862 Prior Year Current Year 8 Contributions and grants (Part VIII, line 1h) . 368,529,261 356,349,742 9 Program service revenue (Part VIII, line 2g) . 2,225,089,513 2,366,474,111 N 10 Investment income (Part VIII, column (A), lines 3, 4, and 7d . 132,076,317 117,138,508 11 Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e) 25,248,793 27,286,495 12 Total revenue-add lines 8 through 11 (must equal Part VIII, column (A), line 12) . 2,750,943,884 2,867,248,856 13 Grants and similar amounts paid (Part IX, column (A), lines 1-3) 162,473,998 177,930,185 14 Benefits paid to or for members (Part IX, column (A), line 4) . 0 0 15 Salaries, other compensation, employee benefits (Part IX, column (A), lines 5-10) 1,606,722,641 1,676,283,529 16a Professional fundraising fees (Part IX, column (A), line 11e) 280,432 391,353 b Total fundraising expenses (Part IX, column (D), line 25) 0-41,676,525 LLJ 17 Other expenses (Part IX, column (A), lines 11a-11d, 11f-24e) . 886,457,310 921,931,552 18 Total expenses Add lines 13-17 (must equal Part IX, column (A), line 25) 2,655,934,381 2,776,536,619 19 Revenue less expenses Subtract line 18 from line 12 95,009,503 90,712,237 Beginning of Current End of Year Year 20 Total assets (Part X, l i n e 1 6 ) . 4,385,214,942 4,954,770,249 M % TS 21 Total l i a b i l i t i e s (Part X, l i n e 2 6 ) . 1,668,708,570 1,878,140,871 ZLL 22 Net assets or fund balances Subtract line 21 from line 20 2,716,506,372 3,076,629,378 lijaW Signature Block Under penalties of perjury, I declare that I have examined this return, includin my knowledge and belief, it is true, correct, and complete Declaration of preps preparer has any knowledge Signature of officer Sign Here HOLLY G CRAWFORD SRVP ADM IN/FIN & CFO Type or print name and title Print/Type preparer's name Preparers signature ANTONIO C RUSSO Paid Firm's name 1- PricewaterhouseCoopers LLP Pre pare r Use Only Firm's address -2001 MARKET ST SUITE 1700 PHILADELPHIA, PA 19103 May the IRS discuss this return with the preparer shown above? (see instructs For Paperwork Reduction Act Notice, see the separate instructions. Form 990 (2013) Page 2 Statement of Program Service Accomplishments Check if Schedule 0 contains a response or note to any line in this Part III .F 1 Briefly describe the organization's mission PROVISION OF HIGHER EDUCATION IN THE LIBERAL ARTS AND SCIENCES, MEDICINE AND DENTISTRY, NURSING AND MUSIC, AS WELL AS OPERATING AND MAINTAINING THE STRONG MEMORIAL HOSPITAL 2 Did the organization undertake any significant program services during the year which were not listed on the prior Form 990 or 990-EZ? . fl Yes F No If "Yes," describe these new services on Schedule 0 3 Did the organization cease conducting, or make significant changes in how it conducts, any program services? . F Yes F No If "Yes," describe these changes on Schedule 0 4 Describe the organization's program service accomplishments for each of its three largest program services, as measured by expenses Section 501(c)(3) and 501(c)(4) organizations are required to report the amount of grants and allocations to others, the total expenses, and revenue, if any, for each program service reported 4a (Code ) (Expenses $ 592,911,736 including grants of $ 177,904,185 ) (Revenue $ 457,418,250 EDUCATIONAL ACTIVITIES - THE UNIVERSITY IS COMPRISED OF SIX SCHOOLS OFFERING PROGRAMS FROM UNDERGRADUATE TO POST-DOCTORAL DEGREES THESE ARE THE SCHOOL OF ARTS AND SCIENCES, THE HAJIM SCHOOL OF ENGINEERING, THE WARNER SCHOOL OF EDUCATION AND HUMAN DEVELOPMENT, EASTMAN SCHOOL OF MUSIC, SIMON GRADUATE SCHOOL OF BUSINESS ADMINISTRATION, SCHOOL OF NURSING, AND SCHOOL OF MEDICINE AND DENTISTRY THERE ARE ALSO A NUMBER OF IMPORTANT CENTERS OF ACADEMIC EXCELLENCE, FOR EXAMPLE, THE INSTITUTE OF OPTICS, THE LABORATORY FOR LASER ENERGETICS, THE WILMOT CANCER CENTER, AND THE FLAUM EYE INSTITUTE THE FULL-TIME FACULTY OF THE SCHOOL OF MEDICINE AND DENTISTRY PROVIDE CLINICAL SERVICES AS PART OF THE ACADEMIC MEDICAL PROGRAM, THIS ACTIVITY OCCURS 100 PERCENT WITHIN THE MEDICAL SCHOOL AND IS INTERNALLY ORGANIZED AND SUPERVISED AS URMFG OR UNIVERSITY OF ROCHESTER MEDICAL FACULTY GROUP THERE ARE 1,329 FULL-TIME TENURED FACULTY MEMBERS AND 10,606 UNDERGRADUATE AND GRADUATE STUDENTS ENROLLED IN THE UNIVERSITY THE UNIVERSITY HAS ALWAYS PLACED FINANCIAL AID FOR ITS STUDENTS AMONG ITS HIGHEST PRIORITIES THE AVERAGE SCHOLARSHIP COVERS ABOUT 40 PERCENT OF THE COST OF ATTENDING THE UNIVERSITY OF ROCHESTER THE UNIVERSITY IS COMMITTED TO OFFERING THE HIGHEST QUALITY EDUCATION TO ITS STUDENTS, REGARDLESS OF THEIR ECONOMIC CIRCUMSTANCES OR BACKGROUND FOR EXAMPLE, THE UNIVERSITY HAS A PROGRAM TO EXPAND HIGHER EDUCATION OPPORTUNITIES FOR STUDENTS FROM THE ROCHESTER CITY SCHOOL DISTRICT (RCSD), A DISTRICT WITH ONE OF THE HIGHEST POVERTY AND SCHOOL DROPOUT RATES IN NEW YORK STATE THE UNIVERSITY PROVIDES $25,000 PER YEAR FOR FOUR YEARS TO EVERY GRADUATE OF THE SCHOOL DISTRICT WHO IS ADMITTED TO THE UNIVERSITY'S COLLEGE OF ARTS, SCIENCES AND ENGINEERING, THIS IS EQUIVALENT TO AN AWARD OF $100,000 FOR EACH STUDENT THROUGH THE ENDOWMENT, THE UNIVERSITY PERPETUATES AND ENHANCES ITS EDUCATIONAL, RESEARCH, CLINICAL CARE PROGRAMS AND PUBLIC SERVICE MISSIONS THIS COMMITMENT REQUIRES AN ENDOWMENT PAYOUT OF 5 9 PERCENT CALCULATED ON A ROLLING FIVE-YEAR AVERAGE OF THE ENDOWMENT'S MARKET VALUE THE UNIVERSITY'S ENDOWMENT CONSISTS LARGELY OF INDIVIDUAL FUNDS THANKS TO THE GENEROSITY OF CHARITABLE DONORS THE DONORS OF THESE GIFTS OFTEN SPECIFY AND RESTRICT THE PURPOSES FOR WHICH THE INCOME MAY BE SPENT TO ENSURE LONG-TERM BENEFITS 4b (Code ) (Expenses $ 284,559,668 including grants of $ 0 ) (Revenue $ 91,312,899 ) SPONSORED RESEARCH ACTIVITIES - THE UNIVERSITY IS A CENTER FOR PROGRAMS OF RESEARCH MUCH OF THE RESEARCH IS FUNDED IN SUBSTANTIAL PART BY PRIVATE AND GOVERNMENTAL AGENCIES RESEARCH IS UNDERTAKEN IN THE PUBLICS' INTEREST AND ALL RESULTS ARE AVAILABLE TO THE PUBLIC DURING THE 2013-2014 FISCAL YEAR, THERE WERE 5,578 GRANTS AND CONTRACTS IN EFFECT THAT TOTALED $344,622,203 IN REVENUE 4c (Code ) ( Expenses $ 1,624,607,048 including grants of $ 0 ) (Revenue $ 1,746,294,121 ) SERVICES OF HOSPITAL AND CLINICS- THE UNIVERSITY OF ROCHESTER (THE "UNIVERSITY") TO SUPPORT THE TEACHING AND RESEARCH MISSIONS OF ITS SCHOOL OF MEDICINE AND DENTISTRY AND ITS SCHOOL OF NURSING OPERATES A TERTIARY CARE, TEACHING HOSPITAL THAT PROVIDES HEALTH CARE SERVICES THROUGH ITS INPATIENT, OUTPATIENT AND EMERGENCY FACILITIES THE MEDICAL STAFF OF THE HOSPITAL IS THE FACULTY OF THE SCHOOL OF MEDICINE AND DENTISTRY THE ACADEMIC DEPARTMENT CHAIRS ALSO FUNCTION AS THE DEPARTMENT HEADS OF THE MEDICAL SERVICES IN THE HOSPITAL THERE ARE EXTENSIVE INTERN AND RESIDENT PROGRAMS THE HOSPITAL PROVIDES CARE REGARDLESS OF THE PATIENT'S ABILITY TO PAY FOR SERVICES THERE WERE 271,452 PATIENT DAYS AND 1,361,273 EMERGENCY AND CLINICAL VISITS DURING THE 2013-2014 FISCAL YEAR IN ADDITION TO BEING A TEACHING FACILITY, THE HOSPITAL OPERATES IN A CHARITABLE MANNER CONSISTENT WITH THE REQUIREMENTS OF INTERNAL REVENUE CODE SECTION 501(C)(3) AND THE "COMMUNITY