SCHEDULE D
(Form 990)
Department of the Treasury
Internal Revenue Service
Supplemental Financial Statements
SchDMd Bullet Complete if the organization answered "Yes," on Form 990,
Part IV, line 6, 7, 8, 9, 10, 11a, 11b, 11c, 11d, 11e, 11f, 12a, or 12b.
SchDMd Bullet Attach to Form 990.
Information about Schedule D (Form 990) and its instructions is at www.irs.gov/form990.
OMB No. 1545-0047
2014
Open to Public Inspection
Name of the organization
CARNEGIE MELLON UNIVERSITY
 
Employer identification number

25-0969449
Part I
Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts. Complete if the organization answered "Yes" to Form 990, Part IV, line 6.
(a) Donor advised funds (b) Funds and other accounts
1 Total number at end of year ....    
2 Aggregate value of contributions to (during year)    
3 Aggregate value of grants from (during year)    
4 Aggregate value at end of year .....    
5
Did the organization inform all donors and donor advisors in writing that the assets held in donor advised
funds are the organization's property, subject to the organization's exclusive legal control? ...........
6
Did the organization inform all grantees, donors, and donor advisors in writing that grant funds can be
used only for charitable purposes and not for the benefit of the donor or donor advisor, or for any other purpose conferring impermissible private benefit? ...................
Part II
Conservation Easements. Complete if the organization answered "Yes" to Form 990, Part IV, line 7.
1
Purpose(s) of conservation easements held by the organization (check all that apply).
2
Complete lines 2a through 2d if the organization held a qualified conservation contribution in the form of a conservation easement on the last day of the tax year.
Held at the End of the Year
a Total number of conservation easements ... 2a  
b Total acreage restricted by conservation easements ... 2b  
c Number of conservation easements on a certified historic structure included in (a) ..... 2c  
d Number of conservation easements included in (c) acquired after 8/17/06, and not on a historic structure listed in the National Register ... 2d  
3
Number of conservation easements modified, transferred, released, extinguished, or terminated by the organization during the
tax year SchDMd Bullet  
4
Number of states where property subject to conservation easement is located SchDMd Bullet  
5
Does the organization have a written policy regarding the periodic monitoring, inspection, handling of violations, and enforcement of the conservation easements it holds? ............
6
Staff and volunteer hours devoted to monitoring, inspecting, and enforcing conservation easements during the year
SchDMd Bullet  
7
Amount of expenses incurred in monitoring, inspecting, and enforcing conservation easements during the year
SchDMd Bullet $  
8
Does each conservation easement reported on line 2(d) above satisfy the requirements of section 170(h)(4)(B)(i) and section 170(h)(4)(B)(ii)? .............................
9
In Part XIII, describe how the organization reports conservation easements in its revenue and expense statement, and
balance sheet, and include, if applicable, the text of the footnote to the organization’s financial statements that describes
the organization’s accounting for conservation easements.
Part III
Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets.
Complete if the organization answered "Yes" to Form 990, Part IV, line 8.
1a
If the organization elected, as permitted under SFAS 116 (ASC 958), not to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide, in Part XIII, the text of the footnote to its financial statements that describes these items.
b
If the organization elected, as permitted under SFAS 116 (ASC 958), to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide the following amounts relating to these items:
(i)
Revenue included in Form 990, Part VIII, line 1 .........................SchDMd Bullet $ 180,000
(ii)
Assets included in Form 990, Part X ...............................SchDMd Bullet $ 4,851,167
2
If the organization received or held works of art, historical treasures, or other similar assets for financial gain, provide the
following amounts required to be reported under SFAS 116 (ASC 958) relating to these items:
a
Revenue included in Form 990, Part VIII, line 1 ..........................SchDMd Bullet $  
b
Assets included in Form 990, Part X ...............................SchDMd Bullet $  
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 52283D
Schedule D (Form 990) 2014
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Schedule D (Form 990) 2014
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Part III
Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued)
3
Using the organization’s acquisition, accession, and other records, check any of the following that are a significant use of its collection items (check all that apply):
a
d
b
e
 
c
4
Provide a description of the organization’s collections and explain how they further the organization’s exempt purpose in
Part XIII.
5
During the year, did the organization solicit or receive donations of art, historical treasures or other similar
assets to be sold to raise funds rather than to be maintained as part of the organization’s collection?...
Part IV
Escrow and Custodial Arrangements. Complete if the organization answered "Yes" to Form 990, Part IV, line 9, or reported an amount on Form 990, Part X, line 21.
1a
Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets not
included on Form 990, Part X? ....................................
b If "Yes," explain the arrangement in Part XIII and complete the following table: Amount
c Beginning balance .. 1c  
d Additions during the year ...... 1d  
e Distributions during the year ...... 1e  
f Ending balance ...... 1f  
2a
Did the organization include an amount on Form 990, Part X, line 21, for escrow or custodial account liability?
b
If "Yes," explain the arrangement in Part XIII. Check here if the explanation has been provided in Part XIII ........
Part V
Endowment Funds. Complete if the organization answered "Yes" to Form 990, Part IV, line 10.
(a)Current year (b)Prior year (c)Two years back (d)Three years back (e)Four years back
1a Beginning of year balance .... 1,249,218,977 1,074,468,210 985,941,144 1,016,165,364 814,125,852
b Contributions ... 54,373,142 35,015,698 38,204,270 21,673,502 31,589,202
c Net investment earnings, gains, and losses 87,372,305 189,493,030 96,048,173 -5,097,016 221,701,643
d Grants or scholarships ... 12,834,311 10,989,003 10,321,487 10,587,113 11,613,363
e Other expenditures for facilities
and programs ... 		39,323,039 37,261,560 33,981,202 34,925,046 38,194,929
f Administrative expenses .... 1,935,320 1,507,398 1,422,688 1,288,547 1,443,039
g End of year balance ...... 1,336,871,754 1,249,218,977 1,074,468,210 985,941,144 1,016,165,366
2
Provide the estimated percentage of the current year end balance (line 1g, column (a)) held as:
a
Board designated or quasi-endowment SchDMd Bullet18.410 %
b
Permanent endowment SchDMd Bullet45.890 %
c
Temporarily restricted endowment SchDMd Bullet35.700 %
The percentages in lines 2a, 2b, and 2c should equal 100%.
3a
Are there endowment funds not in the possession of the organization that are held and administered for the
organization by:

Yes
No
(i) unrelated organizations .................
3a(i)
 
No
(ii) related organizations .................
3a(ii)
Yes
 
b
If "Yes" to 3a(ii), are the related organizations listed as required on Schedule R? .........
3b
Yes
 
4
Describe in Part XIII the intended uses of the organization's endowment funds.
Part VI
Land, Buildings, and Equipment.
Complete if the organization answered 'Yes' to Form 990, Part IV, line 11a. See Form 990, Part X, line 10.
Description of property (a) Cost or other basis
(investment) 		(b)Cost or other basis (other) (c) Accumulated depreciation (d) Book value
1a Land ...   46,773,898 46,773,898
b Buildings   993,481,801 512,178,383 481,303,418
c Leasehold improvements   19,107,842 12,823,736 6,284,106
d Equipment ...   241,527,019 144,472,194 97,054,825
e Other ...   171,974,038 55,976,749 115,997,289
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).)..SchDMdBullet 747,413,536
Schedule D (Form 990) 2014
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Schedule D (Form 990) 2014
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Part VII
Investments—Other Securities. Complete if the organization answered 'Yes' to Form 990, Part IV, line 11b. See Form 990, Part X, line 12.
(a) Description of security or category
(including name of security)		 (b)Book value (c)Method of valuation :
Cost or end-of-year market value
(1)Financial derivatives    
(2)Closely-held equity interests    
(3)Other
(A) REAL ESTATE 		66,468,258 F

(B) VENTURE CAP. & PRIV. EQ 		324,277,090 F

(C) AGGRESSIVE, DISTRESSED & ARBITRAGE FIXED INCOME 		18,880,161 F

(D) NATURAL RESOURCES 		87,068,270 F

(E) HEDGE FUNDS 		224,726,221 F

(F) LOCAL REGION 		2,604,281 F

(G) EMERGING MARKET 		145,010,155 F


Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)Small Bullet 869,034,436
Part VIII
Investments—Program Related. Complete if the organization answered 'Yes' to Form 990, Part IV, line 11c. See Form 990, Part X, line 13.
(a) Description of investment (b) Book value (c) Method of valuation:
Cost or end-of-year market value








Total. (Column (b) must equal Form 990, Part X, col.(B) line 13.)Small Bullet  
Part IX
Other Assets. Complete if the organization answered 'Yes' to Form 990, Part IV, line 11d. See Form 990, Part X, line 15.
(a) Description (b) Book value








Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)...........Small Bullet  
Part X
Other Liabilities. Complete if the organization answered 'Yes' to Form 990, Part IV, line 11e or 11f. See Form 990, Part X, line 25.
1.(a) Description of liability (b) Book value
Federal income taxes  
CONTRACT RETENTIONS 5,103,566
GATE STUDENT LOAN PROGRAM 756,155
ASSET RETIREMENT OBLIGATION-FIN 47 5,049,531
FEDERAL LOAN PROGRAMS & STUDENT DEPOSITS 14,622,753
PRESENT VALUE OF ANNUITIES DUE 14,301,319
SWAP AGREEMENTS/CONTRACTS 34,881,182
FEDERAL, STATE, AND LOCAL TAXES PAYABLE 792,739
MISC. OTHER LIABILITIES 732,753
AGENCY FUNDING 60,258
PV ANNUITIES FOR PROPERTY ACQS 1,943,296
Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)Small Bullet 78,243,552
2. Liability for uncertain tax positions. In Part XIII, provide the text of the footnote to the organization's financial statements that reports the organization's liability for uncertain tax positions under FIN 48 (ASC 740). Check here if the text of the footnote has been provided in Part XIII
Schedule D (Form 990) 2014
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Schedule D (Form 990) 2014
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Part XI Reconciliation of Revenue per Audited Financial Statements With Revenue per Return Complete if the organization answered 'Yes' to Form 990, Part IV, line 12a.
1 Total revenue, gains, and other support per audited financial statements ....... 1 1,240,020,548
2 Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a Net unrealized gains (losses) on investments .... 2a 5,938,020
b Donated services and use of facilities ......... 2b 10,813,465
c Recoveries of prior year grants ........... 2c  
d Other (Describe in Part XIII.) ............ 2d 14,353,875
e Add lines 2a through 2d ..................... 2e 31,105,360
3 Subtract line 2e from line 1.................. 3 1,208,915,188
4 Amounts included on Form 990, Part VIII, line 12, but not on line 1:
a Investment expenses not included on Form 990, Part VIII, line 7b . 4a  
b Other (Describe in Part XIII.) ........... 4b 136,769,052
c Add lines 4a and 4b.................... 4c 136,769,052
5 Total revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ...... 5 1,345,684,240
Part XII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return. Complete if the organization answered 'Yes' to Form 990, Part IV, line 12a.
1 Total expenses and losses per audited financial statements ........... 1 1,078,388,164
2 Amounts included on line 1 but not on Form 990, Part IX, line 25:
a Donated services and use of facilities ......... 2a 10,813,465
b Prior year adjustments ............ 2b  
c Other losses ................ 2c  
d Other (Describe in Part XIII.) ............ 2d 26,898,300
e Add lines 2a through 2d.................... 2e 37,711,765
3 Subtract line 2e from line 1................... 3 1,040,676,399
4 Amounts included on Form 990, Part IX, line 25, but not on line 1:
a Investment expenses not included on Form 990, Part VIII, line 7b .. 4a  
b Other (Describe in Part XIII.) ............ 4b 133,419,819
c Add lines 4a and 4b..................... 4c 133,419,819
5 Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ...... 5 1,174,096,218

Part XIII
Supplemental Information
Provide the descriptions required for Part II, lines 3, 5, and 9; Part III, lines 1a and 4; Part IV, lines 1b and 2b; Part V, line 4; Part X, line 2; Part XI, lines 2d and 4b; and Part XII, lines 2d and 4b. Also complete this part to provide any additional information.
Return Reference Explanation
PART III, LINE 4: WORKS OF FINE OR DECORATIVE ARTS ARE COLLECTED AND EXHIBITED BY CARNEGIE MELLON UNIVERSITY TO ENHANCE THE QUALITY OF LIFE ON CAMPUS, TO STIMULATE EDUCATION AND RESEARCH, AND TO PRESERVE SUCH WORKS FOR POSTERITY.
PART V, LINE 4: THE CARNEGIE MELLON ENDOWMENT IS A COLLECTION OF INDIVIDUAL FUNDS PRIMARILY ESTABLISHED BY DONORS AND MANAGED BY THE UNIVERSITY AS A POOLED SET OF ASSETS. IN ACCORDANCE WITH THE PENNSYLVANIA ACT 141 AND DONOR INTENT, THE UNIVERSITY SPENDS A PREDETERMINED PORTION OF THE ENDOWMENT INCOME EACH YEAR ON FACULTY SUPPORT, STUDENT SUPPORT, AND GENERAL UNIVERSITY SUPPORT.
PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 3,071,761. SUBSIDIARY REVENUE 16,853,175. RENTAL EXPENSE 521,080. CHANGE IN SWAP VALUE NET OF INTEREST EXP -5,750,814. TRANSLATION ADJUSTMENT & OTHER -341,327.
PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 128,814,805. INVESTMENT MANAGER FEES 4,472,379. LOSS ON SALE OF ASSETS -211,006. GIFT-IN-KIND DONATIONS REVERSAL -74,526. UNCOLLECTIBLE PLEDGE WRITE OFFS 3,991,236. NET LOSS FROM FUNDRAISING EVENTS -186,115. LAMME DISTRIBUTION 55,188. MPC ACCRUAL -92,909.
PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 3,071,761. SUBSIDIARY EXPENSE 23,305,459. RENTAL EXPENSE 521,080.
PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 128,814,805. INVESTMENT MANAGER FEES 4,472,379. TRANSLATION ADJUSTMENT & OTHER 343,641. LOSS ON SALE OF ASSETS -211,006.
PART XII: RECONCILIATION OF REVENUE PER AUDITED FINANCIAL STATEMENTS WITH REVENUE PER RETURN AND PART XIII - RECONCILIATION OF EXPENSES PER AUDITED FINANCIAL STATEMENTS WITH EXPENSES PER RETURN: LINE 1 OF EACH PART RESPECTIVELY CONSISTS OF CONSOLIDATED NUMBERS FROM THE AUDITED FINANCIAL STATEMENTS AND RECONCILES TO THE STAND-ALONE (SEPARATE BASIS) REVENUE AND EXPENSES AS REPORTED ON THE FORM 990, PART I, LINE 12.
PART X, LINE 2: ALTHOUGH THERE IS NO FOOTNOTE ON THE AUDITED FINANCIAL STATEMENTS REGARDING FIN 48 (ASC 740), CARNEGIE MELLON DOES PERFORM AN ANNUAL FIN 48 (ASC 740) REVIEW TO ANALYZE ALL TAX POSITIONS AS REQUIRED. FOR THE FISCAL YEAR ENDED JUNE 30, 2015, CARNEGIE MELLON HAS ASSESSED ALL UNCERTAIN TAX POSITIONS AND HAS DETERMINED THEM TO BE IMMATERIAL. THE UNIVERSITY'S STATEMENTS OF FINANCIAL POSITION DO NOT INCLUDE ANY LIABILITIES ASSOCIATED WITH UNCERTAIN TAX POSITIONS.
Schedule D (Form 990) 2014


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