SCHEDULE R
(Form 990)
Department of the Treasury
Internal Revenue Service
Related Organizations and Unrelated Partnerships
MediumBulletComplete if the organization answered "Yes" on Form 990, Part IV, line 33, 34, 35b, 36, or 37.
MediumBulletAttach to Form 990.
MediumBullet Information about Schedule R (Form 990) and its instructions is at www.irs.gov/form990.

OMB No. 1545-0047
2014
Open to Public Inspection
Name of the organization
Trustees of the University of Pennsylvania
 
Employer identification number

23-1352685
Part I
Identification of Disregarded Entities Complete if the organization answered "Yes" on Form 990, Part IV, line 33.
(a)
Name, address, and EIN (if applicable) of disregarded entity


(b)
Primary activity


 		(c)
Legal domicile (state
or foreign country)

 		(d)
Total income


 		(e)
End-of-year assets


 		(f)
Direct controlling
entity
(1) RA CITRUS-HEIGHT REMAINDERCO LLC
6162 SAN JUAN AVE
CITRUS HEIGHTS,CA95610
13-4018559 		REMAINDER CA 0 0 N/A
(2) RA FLINT REMAINDERCO LLC
5014 CLIO ROAD
FLINT,MI48501
13-4018594 		REMAINDER MI 0 0 N/A
(3) RA GIBBSTOWN REMAINDERCO LLC
380 HARMONY ROAD
GIBBSTOWN,NJ08027
23-1352685 		REMAINDER NJ 0 0 N/A
(4) RA BLYTHE REMAINDERCO LLC
890 EAST HOBSON WAY
BLYTHE,CA92225
23-1352685 		REMAINDER CA 0 0 N/A
(5) RA CLAREMONT REMAINDERCO LLC
45-99 WASHINGTON STREET
CLAREMONT,NH03743
23-1352685 		REMAINDER NH 0 0 N/A
(6) UNIV OF PENN USA FOUNDATION LTD
19 NORCOTT ROAD
LONDON,ENGLANDN167EJ
UK
98-0387770 		CHARITY UK -1,356,985 798,865 TRUSTEES
 
(7) UNIV OF PENN HK FND LIMITED
ROOM 8 7F K WAH CENTRE
191 JAVA RD
ROOM 8 7F K WAH CENTRE
HONG KONG,HONG KONGHK
CH
98-1062727 		CHARITY CH -6,109 643,682 TRUSTEES
 
(8) LEARNING ALLIANCE LLC
1398 WLIMINGTON PIKE
WEST CHESTER,PA19383
56-2351966 		EDUCATIONAL PA 39,417 2,813,921 TRUSTEES
 
(9) RA03 NEW OXFORD REMAINDERCO LLC
5675 YORK ROAD
NEW OXFORD,PA17350
23-1352685 		REMAINDER PA 0 0 N/A
Part II
Identification of Related Tax-Exempt Organizations Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related tax-exempt organizations during the tax year.
(a)
Name, address, and EIN of related organization


(b)
Primary activity


 		(c)
Legal domicile (state
or foreign country)

 		(d)
Exempt Code section


 		(e)
Public charity status
(if section 501(c)(3))

 		(f)
Direct controlling
entity

 		(g)
Section 512(b)(13) controlled entity?
Yes No
(1)ABRAMSON INSTITUTE
1086 PENLLYN BLUE BELL PIKE

BLUE BELL,PA19422
23-2929823 		MED RESEARCH PA 501(C)(3) 4 N/A
 
No
(2)CLINICAL CARE ASSOCIATES OF UPHS
250 KING OF PRUSSIA RD 4TH FL

RADNOR,PA19087
23-2729852 		HEALTHCARE PA 501 (C) (3) 9 TRUSTEES
 
Yes
 
(3)UNIVERSITY CLUB AT PENN INC
3611 WALNUT STREET

PHILADELPHIA,PA19104
23-6299508 		FAC. CLUB PA 501(C)(3) 11, A TRUSTEES
 
Yes
 
(4)FRANKLIN SPECIALTY PHYSICIANS
3451 WALNUT STREET

PHILADELPHIA,PA19104
23-2992715 		SUPPORT ORG PA 501 (C) (3) 11, B PA HOSPITAL
 
Yes
 
(5)OAP INC
3451 WALNUT STREET ROOM 329

PHILADELPHIA,PA19104
23-1986931 		SUPPORT ORG PA 501 (C) (3) 11, A TRUSTEES
 
Yes
 
(6)PENN CENTER FOR REHAB AND CARE
3609 CHESTNUT STREET

PHILADELPHIA,PA19104
23-2422635 		HEALTHCARE PA 501 (C) (3) 3 PMC
 
Yes
 
(7)PENN CLUB OF NEW YORK INC
30 WEST 44TH STREET

NEW YORK,NY10036
23-2726687 		CLUB NY 501 (C) (7) N/A N/A
 
No
(8)PENN PRAXIS INC
210 SOUTH 34TH STREET

PHILADELPHIA,PA19104
75-2974931 		SUPPORT ORG PA 501 (C) (3) 11, A TRUSTEES
 
Yes
 
(9)PENN PRESS INC
3905 SPRUCE STREET

PHILADELPHIA,PA19107
23-1876142 		PUBLISHING PA 501(C)(3) 11, A TRUSTEES
 
Yes
 
(10)PENNSYLVANIA HOSPITAL OF UPHS
800 SPRUCE STREET

PHILADELPHIA,PA19107
31-1538725 		HEALTHCARE PA 501(C)(3) 3 TRUSTEES
 
Yes
 
(11)PGH DEVELOPMENT CORP
426 CURIE BLVD

PHILADELPHIA,PA19104
23-2351015 		SUPPORT ORG PA 501(C)(3) 11, A N/A
 
No
(12)PHOENIXVILLE HOSPITAL OF UPHS
3001 MARKET STREET 3RD FLOOR

PHILADELPHIA,PA19104
23-2901089 		SUPPORT ORG PA 501(C)(3) 3 TRUSTEES
 
Yes
 
(13)PRESBYTERIAN ANESTHESIOLOGY FOUNDATION
51 NORTH 39TH STREET

PHILADELPHIA,PA19104
23-2561573 		SUPPORT ORG PA 501(C)(3) 11, A PMC
 
Yes
 
(14)PRESBYTERIAN MEDICAL CENTER OF UPHS
51 NORTH 39TH STREET

PHILADELPHIA,PA19104
23-2810852 		HEALTHCARE PA 501(C)(3) 3 TRUSTEES
 
Yes
 
(15)THE ASC TRUST OF THE UNIV OF PA
1500 MARKET ST STE 3500E

PHILADELPHIA,PA19102
81-0550464 		SUPPORT ORG PA 501(C)(3) 11, D N/A
 
No
(16)UPENN INTERNATIONAL
3451 WALNUT STREET SUITE 731

PHILADELPHIA,PA19104
45-4985731 		SUPPORT ORG PA 501(C)(3) 11, A TRUSTEES
 
Yes
 
(17)THE CHESTER COUNTY HOSPITAL
701 EAST MARSHALL STREET

WEST CHESTER,PA19380
23-0469150 		HOSPITAL PA 501(C)(3) 3 CCH&HS
 
Yes
 
(18)NEIGHBORHOOD HEALTH AGENCIES INC
795 EAST MARSHALL STREET

WEST CHESTER,PA19380
23-2324782 		NURSING PA 501(C)(7) 11, A CCH&HS
 
Yes
 
(19)NEIGHBORHOOD VISITING NURSE ASSOCIATION
795 EAST MARSHALL STREET

WEST CHESTER,PA19380
23-1352243 		NURSING PA 501(C)(3) 9 CCH&HS
 
Yes
 
(20)NEIGHBORHOOD LEAGUE HEALTH SERVICES
795 EAST MARSHALL STREET

WEST CHESTER,PA19380
23-2324787 		HEALTH SERVICES PA 501(C)(3) 9 CCH & HS
 
Yes
 
(21)CHESTER COUNTY HOSPITAL & HEALTH SYSTEM
701 EAST MARSHALL STREET

WEST CHESTER,PA19380
26-4233321 		MANAGEMENT SERVICES PA 501(C)(3) 11, A TRUSTEES
 
Yes
 
(22)UPENN MASTER RETIREMENT TRUST
3451 WALNUT STREET ROOM 305

PHILADELPHIA,PA19106
04-3574136 		RETIRE TRUST PA 501(A) N/A TRUSTEES
 
Yes
 
(23)CARL V S PATTERSON 19 UN OF PA
CO PNC BANK 620 LIBERTY AVE

PITTSBURGH,PA15222
23-6415355 		SUPPORT TRUST PA 4947(A)(1) N/A N/A
 
No
(24)MORRIS EST LYDIA T DECD TW
1525 W WT HARRIS BLVD

CHARLOTTE,NC28262
23-6210940 		SUPPORT TRUST PA 501(C)(3) 11, C N/A
 
No
(25)PRESBYTERIAN MULTI-SPECIALTY GROUP
51 NORTH 39TH STREET

PHILADELPHIA,PA19104
23-2723154 		HEALTHCARE PA 501(C)(3) 9 PMC
 
Yes
 
(26)PRESBYTERIAN PERSONAL CARE RESIDENCE
51 NORTH 39TH STREET

PHILADELPHIA,PA19104
23-2294713 		HEALTHCARE PA 501(C)(3) 11,A PMC
 
Yes
 
(27)SS HUEBNER FOUNDATION FOR
INSURANCE EDUCATION3000 STEINBERG HALL

PHILADELPHIA,PA19104
23-6297325 		EDUCATIONAL SUPPORT PA 501(C)(3) 11, A N/A
 
No
(28)UNIVERSITY CITY ASSOCIATES INC
3451 WALNUT STREET ROOM 329

PHILADELPHIA,PA19104
23-3021159 		SUPPORT ORG PA 501(C)(3) 11, A TRUSTEES
 
Yes
 
(29)UPENN RETIREE BENEFITS TRUST
3451 WALNUT STREET ROOM 329

PHILADELPHIA,PA19104
23-2769744 		BENEFITS PA 501(C)(3) 11, A TRUSTEES
 
Yes
 
(30)WISSAHICKON HOSPICE OF UPHS
150 MONUMENT ROAD SUITE 300

BALA CYNWYD,PA19004
23-2152662 		HOSPICE CARE PA 501(C)(3) 9 TRUSTEES
 
 
 
(31)WOMEN'S AND CHILDREN'S HEALTH SERVICES
700 SPRUCE STREET

PHILADELPHIA,PA19106
23-2248956 		HEALTHCARE PA 501(C)(3) 3 PA HOSPITAL
 
Yes
 
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50135Y
Schedule R (Form 990) 2014
Page 2
Schedule R (Form 990) 2014
Page 2
Part III
Identification of Related Organizations Taxable as a Partnership Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a partnership during the tax year.
(a)
Name, address, and EIN of
related organization



 		(b)
Primary activity




 		(c)
Legal
domicile
(state or foreign
country)


 		(d)
Direct controlling
entity



 		(e)
Predominant income(related, unrelated, excluded from tax under sections 512-514)

(f)
Share of total income




 		(g)
Share of end-of-year
assets



 		(h)
Disproprtionate allocations?




 		(i)
Code V-UBI
amount in box 20 of
Schedule K-1
(Form 1065)
 		(j)
General or
managing
partner?



 		(k)
Percentage
ownership
Yes No Yes No
(1) NEIGHBRHD PRES & DEV FUND LP

240 NEW YORK DR STE 1
Fort Washington,PA19034
 RENTAL PA UCA
  		Unrelated 0 0   No 0   No 0 %
(2) SISU CAP PRIV EQUITY FUND B

1 RED PLACE W1K 6PL
London   W1K 6PL
UK
INVESTMENT UK TRUSTEES
  		Excluded -1,100,263 2,584,412   No 0   No 56.98 %
(3) SISU CAP PRIV EQUITY FUND E

1 RED PLACE
London   W1K 6PL
UK
INVESTMENT UK TRUSTEES
  		Excluded -17,668 2,735,283   No 0   No 74.548 %
(4) DVG 1740 FUND LP

ONE FAWCETT PLACE
Greenwich,CT06830
80-0961539 		INVESTMENT CT TRUSTEES
  		Excluded 965,774 165,234,028   No 0   No 100 %
(5) GALLOPAVO LP

2000 MCKINNEY AVE STE 2125
Dallas,TX75201
46-4621967 		INVESTMENT TX TRUSTEES
  		Excluded -18,675,282 81,819,504   No 0   No 100 %
(6) SRP INVESTORS FUND A LP

2001 ROSS AVE SUITE 2800
Dallas,TX75201
 INVESTMENT TX TRUSTEES
  		Excluded -51,228 1,400,919   No 0   No 94.261 %
(7) FERN HILL LLC

2001 ROSS AVE SUITE 2800
West Chester,PA19380
23-3005147 		RENTAL PA THHS
  		Excluded 0 0   No 0   No 0 %
(8) OAKLANDS WAY MEDICAL BUILDING

929 SOUTH HIGH STREET
West Chester,PA19380
 RENTAL PA THHS
  		Excluded 0 0   No 0   No 0 %
(9) FERN HILL PARTNERSHIP III LP

929 SOUTH HIGH STREET
West Chester,PA19380
 RENTAL PA THHS
  		Excluded 0 0   No 0   No 0 %
(10) SPRUCE MRI ASSOCIATES

801 SPRUCE STREET - LOWER LEVEL
Philadelphia,PA19107
 INVESTMENT PA PAH
  		Excluded 0 0   No 0   No 0 %
Part IV
Identification of Related Organizations Taxable as a Corporation or Trust Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a corporation or trust during the tax year.
(a)
Name, address, and EIN of
related organization
 		(b)
Primary activity
 		(c)
Legal
domicile
(state or foreign
country)
 		(d)
Direct controlling
entity
 		(e)
Type of entity
(C corp, S corp,
or trust) 		(f)
Share of total income
 		(g)
Share of end-of-year
assets
 		(h)
Percentage
ownership
 		(i)
Section 512(b)(13) controlled entity?
Yes No
(1) CLINICAL HEALTH CARE ASSOC

250 KING OF PRUSSIA ROAD 4TH FLOOR
RADNOR,PA190875220
23-2865181 		PHYS MGMT PA CCA
  		C 0 0 0 % Yes  
(2) DELANCEY CORPORATION

510 WALNUT STREET SUITE 420
PHILADELPHIA,PA19106
23-2060159 		RENTAL PA CCA
  		C 0 0 0 % Yes  
(3) FRANKLIN CASUALTY INSURANCE CO

PO BOX 350
BURLINGTON,VT054010530
04-3378984 		INSURANCE VT TRUSTEES
  		C -162,732 30,586,057 100 % Yes  
(4) PENN TOWER HOTEL INC

3401 WALNUT STREET SUITE 440A
PHILADELPHIA,PA19104
23-2812573 		HOTEL/RESTAURANT PA TRUSTEES
  		C 726,373 12,418,559 100 % Yes  
(5) PRESBYTERIAN MEDICAL SERVICES

39TH AND MARKET STREET
PHILADELPHIA,PA19104
23-2307991 		HEALTHCARE PA PMC
  		C 0 0 0 % Yes  
(6) QUAKER INSURANCE COMPANY LTD

3451 WALNUT ST ROOM 329
PHILADELPHIA,PA19104
30-0708282 		SELF INSURANCE BD TRUSTEES
  		C 7,144,638 181,717,374 100 % Yes  
(7) PENN WHARTON CONSULTING (BEIJING) CO LTD

CHINA WORLD TOWER 1
14F 100004 CHAOYANG DIST
BEIJING   100000
CH
EDUCATION CH UPENN INTERNATIONAL
  		C 0 0 0 % Yes  
(8) NAYA 1740 FUND LTD

PO BOX 309
UGLAND HOUSE   KY11104
CJ
RENTAL CJ TRUSTEES
  		C     100 % Yes  
(9) PINE RIVER 1740 TACTICAL FUND LTD

PO BOX 309
UGLAND HOUSE   KY1-1104
CJ
98-1110518 		INVESTMENT CJ TRUSTEES
  		C     100 %   No
(10) PINE RIVER 1740 FUND LTD

PO BOX 309
UGLAND HOUSE   KY1-1104
CJ
98-1110661 		INVESTMENTS CJ TRUSTEES
  		C 0 0 0 % Yes  
(11) THE PAM 1740 FUND LTD

PO BOX 309
UGLAND HOUSE   KY1-1104
CJ
INVESTMENTS CJ TRUSTEES
  		C 0 0 100 % Yes  
(12) PROFESSIONAL PROVIDERS INC

701 E MARSHALL STREET
WEST CHESTER,PA19380
23-3076589 		PHYSICIAN SERV. PA CCH&HS
  		C 0 0 0 %   No
(13) CHESTER COUNTY OBGYN ASSOCIATES INC

701 E MARSHALL STREET
WEST CHESTER,PA19380
30-0073633 		OBGYN SERVICES PA CCH&HS
  		C 0 0 0 % Yes  
(14) TURK'S HEAD HEALTH SERVICES

701 EAST MARSHALL STREET
WEST CHESTER,PA19380
23-2329753 		MEDICAL SERVICES PA CCH & HS
  		C 0 0 0 % Yes  
(15) CHARITABLE REMAINDER TRUSTS (65)

3451 Walnut Street
Room 305
Philadelphia,PA19104
 N/A PA N/A
 T 0 0 0 %   No
Schedule R (Form 990) 2014
Page 3
Schedule R (Form 990) 2014
Page 3
Part V
Transactions With Related Organizations Complete if the organization answered "Yes" on Form 990, Part IV, line 34, 35b, or 36.
Note. Complete line 1 if any entity is listed in Parts II, III, or IV of this schedule.
Yes
No
1 During the tax year, did the orgranization engage in any of the following transactions with one or more related organizations listed in Parts II-IV?
a Receipt of (i) interest, (ii) annuities, (iii) royalties, or (iv) rent from a controlled entity .....................
1a
Yes
 
b Gift, grant, or capital contribution to related organization(s) ............................
1b
Yes
 
c Gift, grant, or capital contribution from related organization(s) ............................
1c
 
No
d Loans or loan guarantees to or for related organization(s) ............................
1d
Yes
 
e Loans or loan guarantees by related organization(s) ............................
1e
 
No
f Dividends from related organization(s) ............................
1f
 
No
g Sale of assets to related organization(s) ............................
1g
 
No
h Purchase of assets from related organization(s) ............................
1h
 
No
i Exchange of assets with related organization(s) ............................
1i
 
No
j Lease of facilities, equipment, or other assets to related organization(s) .......................
1j
 
No
k Lease of facilities, equipment, or other assets from related organization(s) ......................
1k
Yes
 
l Performance of services or membership or fundraising solicitations for related organization(s) .....................
1l
 
No
m Performance of services or membership or fundraising solicitations by related organization(s) .................
1m
 
No
n Sharing of facilities, equipment, mailing lists, or other assets with related organization(s) ...................
1n
Yes
 
o Sharing of paid employees with related organization(s) ............................
1o
Yes
 
p Reimbursement paid to related organization(s) for expenses ............................
1p
Yes
 
q Reimbursement paid by related organization(s) for expenses ............................
1q
Yes
 
r Other transfer of cash or property to related organization(s) ............................
1r
Yes
 
s Other transfer of cash or property from related organization(s) ............................
1s
Yes
 
2
If the answer to any of the above is "Yes," see the instructions for information on who must complete this line, including covered relationships and transaction thresholds.
(a)
Name of related organization 		(b)
Transaction
type (a-s) 		(c)
Amount involved 		(d)
Method of determining amount involved
(1) DVG 1740 FUND LP

 b 120,000,000 fmv
(2) FRANKLIN CASUALTY INSURANCE CO

 r 43,235,872 FMV
(3) PENN PRAXIS INC

 o 521,236 fmv
(4) PENN TOWER HOTEL INC

 a-i 1,500,000 fmv
(5) PENNSYLVANIA HOSPITAL OF UPHS

 k 40,826,490 fmv
(6) PRESBYTERIAN MEDICAL CENTER OF UPHS

 k 64,869,110 FMV
(7) SRP INVESTORS FUND A LP

 b 1,457,854 fmv
(8) UPENN INTERNATIONAL

 b 33,504,292 fmv
(9) THE PAM 1740 FUND LTD

 b 93,792,754 FMV
(10) UPENN RETIREE BENEFITS TRUST

 b 93,792,754 FMV
(11) WISSAHICKON HOSPICE OF UPHS

 o 2,810,780 FMV
Schedule R (Form 990) 2014
Page 4
Schedule R (Form 990) 2014
Page 4
Part VI
Unrelated Organizations Taxable as a Partnership Complete if the organization answered "Yes" on Form 990, Part IV, line 37.
Provide the following information for each entity taxed as a partnership through which the organization conducted more than five percent of its activities (measured by total assets or gross revenue) that was not a related organization. See instructions regarding exclusion for certain investment partnerships.
(a)
Name, address, and EIN of entity 		(b)
Primary activity 		(c)
Legal domicile
(state or foreign
country) 		(d)
Predominant income (related, unrelated, excluded from tax under sections 512-514)

(e)
Are all partners
section
501(c)(3)
organizations? 		(f)
Share of total income




 		(g)
Share of
end-of-year
assets 		(h)
Disproprtionate allocations? 		(i)
Code V-UBI
amount in box 20
of Schedule K-1
(Form 1065) 		(j)
General or
managing
partner? 		(k)
Percentage
ownership
Yes No Yes No Yes No






























Schedule R (Form 990) 2014
Page 5
Schedule R (Form 990) 2014
Page 5
Part VII
Supplemental Information
Provide additional information for responses to questions on Schedule R (see instructions).
Return Reference Explanation
Schedule R, Part IV SCHEDULE R, PART IV, LINE 4 DETAIL OF LEGAL DOMICLES FOR CHARITABLE REMAINDER TRUSTS AS OF JUNE 30, 2015, THE TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA (THE "UNIVERSITY") HELD INTERESTS IN 2 CHARITABLE REMAINDER TRUSTS IN FLORIDA, 1 CHARITABLE REMAINDER TRUST IN NEW YORK AND 62 CHARITABLE REMAINDER TRUSTS IN PENNSYLVANIA WHERE THE UNIVERSITY HAD MORE THAN 50% OF THE BENEFICIAL INTERESTS IN THE TRUSTS.
Schedule R (Form 990) 2014

Additional Data


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