PUBLIC DISCLOSURE COPY EXTENDED TO MAY 16, 2016 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) 2014 Department of the Treasury | Do not enter social security numbers on this form as it may be made public. Open to Public Internal Revenue Service | Information about Form 990 and its instructions is at www.irs.gov/form990. Inspection A For the 2014 calendar year, or tax year beginning JUL 1, 2014 and ending JUN 30, 2015 B Check if C Name of organization D Employer identification number applicable: Address change YALE UNIVERSITY Name change Doing business as 06-0646973 Initial return Number and street (or P.O. box if mail is not delivered to street address) Room/suite E Telephone number Final return/ PO BOX 208239 (203)432-5530 termin- ated City or town, state or province, country, and ZIP or foreign postal code G Gross receipts $ 11,199,355,037. Amended return NEW HAVEN, CT 06520-8239 H(a) Is this a group return Applica- tion F Name and address of principal officer:PETER SALOVEY for subordinates? ~~ Yes X No pending PO BOX 208229, NEW HAVEN, CT 06520-8229 H(b) Are all subordinates included? Yes No I Tax-exempt status: X 501(c)(3) 501(c) ( )§(insert no.) 4947(a)(1) or 527 If "No," attach a list. (see instructions) J Website: | WWW.YALE.EDU H(c) Group exemption number | K Form of organization: X Corporation Trust Association Other | L Year of formation: 1701 M State of legal domicile: CT Part I Summary 1 Briefly describe the organization's mission or most significant activities: TO CREATE, PRESERVE, AND DISSEMINATE KNOWLEDGE 2 Check this box | 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 19 4 Number of independent voting members of the governing body (Part VI, line 1b) ~~~~~~~~~~~~~~ 4 18 5 Total number of individuals employed in calendar year 2014 (Part V, line 2a) ~~~~~~~~~~~~~~~~ 5 28141 6 Total number of volunteers (estimate if necessary) ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 6 7300 7 a Total unrelated business revenue from Part VIII, column (C), line 12 ~~~~~~~~~~~~~~~~~~~~ 7a 3,819,630. Activities & Governance b Net unrelated business taxable income from Form 990-T, line 34 7b -6,349,246. Prior Year Current Year 8 Contributions and grants (Part VIII, line 1h) ~~~~~~~~~~~~~~~~~~~~~ 878,354,797. 910,761,374. 9 Program service revenue (Part VIII, line 2g) ~~~~~~~~~~~~~~~~~~~~~ 1,463,978,643. 1,614,941,369. 10 Investment income (Part VIII, column (A), lines 3, 4, and 7d) ~~~~~~~~~~~~~ 2,061,253,109. 2,862,573,168. Revenue 11 Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e) ~~~~~~~~ 74,047,019. 73,396,614. 12 Total revenue - add lines 8 through 11 (must equal Part VIII, column (A), line 12) 4,477,633,568. 5,461,672,525. 13 Grants and similar amounts paid (Part IX, column (A), lines 1-3) ~~~~~~~~~~~ 400,582,698. 414,401,358. 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) ~~~ 1,954,127,182. 2,043,522,950. 16a Professional fundraising fees (Part IX, column (A), line 11e)~~~~~~~~~~~~~~ 0. 0. b Total fundraising expenses (Part IX, column (D), line 25) | 42,473,951. Expenses 17 Other expenses (Part IX, column (A), lines 11a-11d, 11f-24e) ~~~~~~~~~~~~~ 1,068,907,359. 1,055,874,554. 18 Total expenses. Add lines 13-17 (must equal Part IX, column (A), line 25) ~~~~~~~ 3,423,617,239. 3,513,798,862. 19 Revenue less expenses. Subtract line 18 from line 12 1,054,016,329. 1,947,873,663. Beginning of Current Year End of Year 20 Total assets (Part X, line 16) ~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 32,031,841,267. 34,133,509,535. 21 Total liabilities (Part X, line 26) ~~~~~~~~~~~~~~~~~~~~~~~~~~~ 6,911,189,027. 7,451,141,173. Net Assets or Fund Balances 22 Net assets or fund balances. Subtract line 21 from line 20 25,120,652,240. 26,682,368,362. Part II Signature Block Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than officer) is based on all information of which preparer has any knowledge. Sign = Signature of officer Date Here STEPHEN C. MURPHY, VP FOR FINANCE AND CFO = Type or print name and title Print/Type preparer's name Preparer's signature Date Check PTIN if Paid self-employed Preparer Firm's name Firm's EIN Use Only Firm's address 9 9 9 Phone no. May the IRS discuss this return with the preparer shown above? (see instructions) Yes No 432001 11-07-14 LHA For Paperwork Reduction Act Notice, see the separate instructions. Form 990 (2014) SEE SCHEDULE O FOR ORGANIZATION MISSION STATEMENT CONTINUATION PUBLIC DISCLOSURE COPY PUBLIC DISCLOSURE COPY Form 990 (2014) YALE UNIVERSITY 06-0646973 Page 2 Part III Statement of Program Service Accomplishments Check if Schedule O contains a response or note to any line in this Part III X 1 Briefly describe the organization's mission: SEE SCHEDULE O 2 Did the organization undertake any significant program services during the year which were not listed on the prior Form 990 or 990-EZ? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Yes X No If "Yes," describe these new services on Schedule O. 3 Did the organization cease conducting, or make significant changes in how it conducts, any program services?~~~~~~ Yes X No If "Yes," describe these changes on Schedule O. 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 $ 1,599,895,635. including grants of $ 3,458,376. )(Revenue $ 1,373,723,816. ) INSTRUCTION: THE PROGRAM SERVICE COSTS INCLUDE SALARIES, FRINGE BENEFITS AND SUPPLIES OF TEACHING APPROXIMATELY 12,300 STUDENTS INCLUDING 5,453 UNDERGRADUATES, 2,926 GRADUATE STUDENTS AND 3,933 PROFESSIONAL SCHOOL STUDENTS. A FACULTY OF MORE THAN 4,400 TEACH AND ADMINISTER PROGRAMS ACROSS A RANGE OF DISCIPLINES IN THE SCIENCES AND ENGINEERING, THE SOCIAL SCIENCES, THE HUMANITIES, AND THE VARIOUS LEARNED PROFESSIONS. MORE THAN 80 MAJORS ARE AVAILABLE IN THE UNDERGRADUATE COLLEGE AND MORE THAN 35 DIFFERENT DEGREE PROGRAMS ARE OFFERED BY THE UNIVERSITY. - CONTINUED ON SCHEDULE O. 4b (Code: ) (Expenses $ 494,588,000. including grants of $ 57,608,385. )(Revenue $ 72,491,114. ) RESEARCH: THE UNIVERSITY ENGAGES IN EXTENSIVE RESEARCH IN MEDICINE, THE PHYSICAL SCIENCES, THE SOCIAL SCIENCES AND HUMANITIES. THE UNIVERSITY'S RESEARCH ACTIVITIES ARE AIMED AT THE ADVANCEMENT OF KNOWLEDGE AS WELL AS TRAINING STUDENTS IN THE RESEARCH PROCESS. INCLUDED AMONG THE UNIVERSITY'S OUTSTANDING RESEARCH FACILITIES ARE LABORATORIES AND OTHER FACILITIES DEVOTED TO RESEARCH IN GEOLOGY, CHEMISTRY, BIOLOGY, ENGINEERING AND APPLIED SCIENCE, ANTHROPOLOGY, PALEONTOLOGY, PSYCHOLOGY, MOLECULAR AND STRUCTURAL BIOLOGY, NUCLEAR STRUCTURE, CHILD DEVELOPMENT, SOCIAL POLICY, BIOSPHERIC STUDIES AND NUMEROUS BIOMEDICAL SCIENCES, TO NAME BUT A FEW. 4c (Code: ) (Expenses $ 662,482,649. including grants of $ 350,603,596. )(Revenue $ 78,082,859. ) STUDENT FINANCIAL AID AND SERVICES: YALE COLLEGE ADMITS STUDENTS FOR THEIR ACADEMIC AND PERSONAL PROMISE WITHOUT REGARD TO THEIR ABILITY TO PAY. YALE IS COMMITTED TO A NEED-BLIND ADMISSIONS POLICY AND MEETS 100% OF DEMONSTRATED NEED FOR ALL STUDENTS REGARDLESS OF CITIZENSHIP. BY COMMITTING TO AN ADMISSIONS POLICY THAT DOES NOT CONSIDER A STUDENT'S ABILITY TO PAY, AND BY MEETING THE FULL FINANCIAL NEED OF ALL ADMITTED STUDENTS (WITH NO LOANS REQUIRED), YALE ENSURES THAT IT IS ACCESSIBLE TO THE MOST TALENTED STUDENTS FROM AROUND THE WORLD, REGARDLESS OF THEIR FAMILY'S INCOME. WITH THIS POLICY, YALE STRIVES TO CREATE A LEARNING ENVIRONMENT THAT INCORPORATES THE WIDEST POSSIBLE RANGE OF STUDENT BACKGROUNDS. - CONTINUED ON SCHEDULE O. 4d Other program services (Describe in Schedule O.) (Expenses $ 416,175,995. including grants of $ 2,731,001.)(Revenue $ 114,604,918.) 4e Total program service expenses | 3,173,142,279. Form 990 (2014) 432002 11-07-14 PUBLIC DISCLOSURE COPY Form 990 (2014) YALE UNIVERSITY 06-0646973 Page 3 Part IV Checklist of Required Schedules Yes No 1 Is the organization described in section 501(c)(3) or 4947(a)(1) (other than a private foundation)? If "Yes," complete Schedule A~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 1 X 2 Is the organization required to complete Schedule B, Schedule of Contributors? ~~~~~~~~~~~~~~~~~~~~~~ 2 X 3 Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to candidates for public office? If "Yes," complete Schedule C, Part I ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 3 X 4 Section 501(c)(3) organizations. Did the organization engage in lobbying activities, or have a section 501(h) election in effect during the tax year? If "Yes," complete Schedule C, Part II ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 4 X 5 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? If "Yes," complete Schedule C, Part III ~~~~~~~~~~~~~~ 5 X 6 Did the organization