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
2015
Open to Public Inspection
Name of the organization
TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA
 
Employer identification number

23-1352685
Part I
Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts. Complete if the organization answered "Yes" on Form 990, Part IV, line 6.
(a) Donor advised funds (b) Funds and other accounts
1 Total number at end of year .... 3  
2 Aggregate value of contributions to (during year) 0  
3 Aggregate value of grants from (during year) 138,500  
4 Aggregate value at end of year .... 1,645,173  
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" on 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, handling of violations, and enforcing conservation easements during the year
SchDMd Bullet  
7
Amount of expenses incurred in monitoring, inspecting, handling of violations, 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" on 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 on Form 990, Part VIII, line 1 .........................SchDMd Bullet $  
(ii)
Assets included in Form 990, Part X ...............................SchDMd Bullet $  
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 on 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) 2015
Page 2

Schedule D (Form 990) 2015
Page 2
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" on 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" on 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 .... 9,708,105,142 9,168,772,072 7,828,196,789 6,816,978,627 6,254,552,023
b Contributions ... 300,549,705 230,022,469 294,067,500 327,276,890 339,992,512
c Net investment earnings, gains, and losses -161,026,895 638,749,658 1,323,529,783 941,202,272 454,967,092
d Grants or scholarships ... 0 0 0 0 0
e Other expenditures for facilities
and programs ... 		358,308,998 329,439,057 277,022,000 257,261,000 232,533,000
f Administrative expenses .... 0 0 0 0 0
g End of year balance ...... 9,489,318,954 9,708,105,142 9,168,772,072 7,828,196,789 6,816,978,627
2
Provide the estimated percentage of the current year end balance (line 1g, column (a)) held as:
a
Board designated or quasi-endowment SchDMd Bullet45.380 %
b
Permanent endowment SchDMd Bullet34.480 %
c
Temporarily restricted endowment SchDMd Bullet20.140 %
The percentages on 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)
Yes
 
(ii) related organizations .................
3a(ii)
 
No
b
If "Yes" on 3a(ii), are the related organizations listed as required on Schedule R? .........
3b
 
 
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' on 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 ...   282,361,000 282,361,000
b Buildings   6,012,929,000 2,665,983,000 3,346,946,000
c Leasehold improvements        
d Equipment ...   1,522,932,000 1,066,224,000 456,708,000
e Other ...   478,704,000   478,704,000
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).)..SchDMdBullet 4,564,719,000
Schedule D (Form 990) 2015
Page 3

Schedule D (Form 990) 2015
Page 3
Part VII
Investments—Other Securities. Complete if the organization answered 'Yes' on 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) VENTURE CAPITAL & OTHER INVEST 		4,121,528,781 F

(B) REAL ESTATE 		848,963,685 F

(C) INVESTMENT IN SUBSIDIARIES 		44,145,000 F
(C)
(D)
(E)
(F)
(G)
(H)
Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)Small Bullet 5,014,637,466
Part VIII
Investments—Program Related. Complete if the organization answered 'Yes' on 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
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
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' on Form 990, Part IV, line 11d. See Form 990, Part X, line 15.
(a) Description (b) Book value
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
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' on Form 990, Part IV, line 11e or 11f. See Form 990, Part X, line 25.
1.(a) Description of liability (b) Book value
(1) Federal income taxes 0
LIABILITIES ASSOCIATED W/ INV. 333,080,000
DEPOSITS 161,440,000
FEDERAL STUDENT LOAN ADVANCES 80,796,000
ACCRUED RETIREMENT BENEFITS 1,320,510,000
INTERCO DUE TO/(FROM) AFFILIATES -31,035,000
TAXABLE BOND LIABILITY 308,020,000
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)Small Bullet 2,172,811,000
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) 2015
Page 4

Schedule D (Form 990) 2015
Page 4
Part XI Reconciliation of Revenue per Audited Financial Statements With Revenue per Return Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1 Total revenue, gains, and other support per audited financial statements ....... 1  
2 Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a Net unrealized gains (losses) on investments .... 2a  
b Donated services and use of facilities ......... 2b  
c Recoveries of prior year grants ........... 2c  
d Other (Describe in Part XIII.) ............ 2d  
e Add lines 2a through 2d ..................... 2e  
3 Subtract line 2e from line 1.................. 3  
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  
c Add lines 4a and 4b.................... 4c  
5 Total revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ...... 5  
Part XII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1 Total expenses and losses per audited financial statements ........... 1  
2 Amounts included on line 1 but not on Form 990, Part IX, line 25:
a Donated services and use of facilities ......... 2a  
b Prior year adjustments ............ 2b  
c Other losses ................ 2c  
d Other (Describe in Part XIII.) ............ 2d  
e Add lines 2a through 2d.................... 2e  
3 Subtract line 2e from line 1................... 3  
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  
c Add lines 4a and 4b..................... 4c  
5 Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ...... 5  

Part XIII
Supplemental Information
Provide the descriptions required for Part II, lines 3, 5, and 9; Part III, lines 1a and 4; Part lV, 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
SCHEDULE D, PART III, LINE 1A ACCOUNTING FOR COLLECTIONS THE FOLLOWING IS THE TEXT OF THE FOOTNOTE TO THE CONSOLIDATED AUDITED FINANCIAL STATEMENTS: CONTRIBUTIONS OF RARE BOOKS AND OTHER COLLECTIBLES ARE NOT RECORDED FOR FINANCIAL STATEMENT PRESENTATION, WHILE PURCHASES ARE RECORDED AS OTHER OPERATING EXPENSES ON THE CONSOLIDATED STATEMENT OF ACTIVITIES IN THE PERIOD ACQUIRED. --------------- SCHEDULE D, PART III, LINE 4 DESCRIPTION OF COLLECTIONS THE UNIVERSITY CURRENTLY MAINTAINS 14 LIBRARIES. THE COLLECTIONS, AS A WHOLE, INCLUDE INFORMATION FROM NUMEROUS FIELDS OF STUDY. THE UNIVERSITY'S DEPARTMENTAL LIBRARIES ARE GENERALLY SUBJECT SPECIFIC (MATH/PHYSICS/ASTRONOMY, FINE ARTS, BUSINESS, MUSIC, BIOMEDICAL, DENTAL MEDICINE, VETERINARY MEDICINE, ETC.) AND THE VAN PELT-DIETRICH LIBRARY CENTER HOUSES INFORMATION FROM ALL OF THESE AREAS, AS WELL AS THE RARE BOOK COLLECTION AND ALL OF THE HUMANITIES. SUBJECT HOLDINGS INCLUDE PHILOSOPHY, PSYCHOLOGY, RELIGION, HISTORY, GEOGRAPHY, ANTHROPOLOGY, RECREATION, SOCIAL SCIENCE, ECONOMICS, SOCIOLOGY, POLITICAL SCIENCE, LAW, EDUCATION, LITERATURE, SCIENCE, AGRICULTURE, TECHNOLOGY, MILITARY SCIENCE, AND GENERAL BIBLIOGRAPHY. THE LIBRARIES' COLLECTIONS, BOTH PRINT AND ELECTRONIC, DIRECTLY SUPPORT THE RESEARCH AND INSTRUCTION MISSION OF THE UNIVERSITY BY ENSURING ACCESS TO CURRENT AND HISTORICAL INFORMATION. THE UNIVERSITY DOES NOT SOLICIT OR RECEIVE DONATIONS OF ART, HISTORICAL TREASURES OR OTHER SIMILAR ASSETS TO BE SOLD IN ORDER TO RAISE FUNDS RATHER THAN TO BE MAINTAINED AS PART OF THE ORGANIZATION'S COLLECTION. ANY PROSPECTIVE ACCESSIONING OR DEACCESSIONING OF MATERIALS IS REVIEWED BY THE UNIVERSITY OF PENNSYLVANIA MUSEUM OF ARCHAEOLOGY AND ANTHROPOLOGY'S ("MUSEUM") ACQUISITIONS COMMITTEE IN ACCORDANCE WITH THE MUSEUM'S ACQUISITIONS POLICY AND PROCEDURES. ALL OBJECTS CONSIDERED FOR ACQUISITION ARE REVIEWED IN LIGHT OF THE 1970 UNITED NATIONS EDUCATIONAL, SCIENTIFIC, AND CULTURAL ORGANIZATION ("UNESCO") CONVENTION. OBJECTS OFFERED TO THE MUSEUM AND IMPORTED INTO THE UNITED STATES PRIOR TO THE ADOPTION OF THE UNESCO CONVENTION OF 1970 ARE CONSIDERED IN LIGHT OF THE LAWS IN PLACE IN THEIR COUNTRIES OF ORIGIN AT THE TIME OF THEIR DOCUMENTED APPEARANCE IN THE UNITED STATES. ACCESSIONED COLLECTIONS, WHICH ARE DOCUMENTED ARCHAEOLOGICAL AND ETHNOGRAPHIC MATERIAL, ARE ACQUIRED PRIMARILY FOR RESEARCH, EXHIBITION, AND PRESERVATION PURPOSES. THEY ARE ACCESSIONED UNDER THE CARE OF THE CURATORIAL SECTIONS. ARCHIVAL COLLECTIONS, WHICH ARE RECORDS OF EXPEDITIONS, RESEARCH, EXHIBITIONS, OR MUSEUM ADMINISTRATIVE RECORDS IN THE FORM OF EITHER DOCUMENTS OR VISUAL IMAGES (E.G. PHOTOGRAPHS) ARE ACCESSIONED UNDER THE CARE OF THE MUSEUM ARCHIVES. EDUCATIONAL MATERIALS, WHICH ARE OBJECTS WHOSE SOLE USE IS TO FACILITATE VARIOUS EDUCATIONAL PROGRAMS (E.G. OUTREACH PRESENTATIONS, TEACHERS' PACKAGES, OR CHILDREN'S WORKSHOPS) ARE DESIGNATED FOR TOUCHING AND HANDLING, ARE NOT ACCESSIONED AND ARE MANAGED BY THE LEARNING PROGRAMS DEPARTMENT. --------------------
SCHEDULE D, PART V, LINE 4 USE OF ENDOWMENT FUNDS DURING THE YEAR ENDED JUNE 30, 2016, THE UNIVERSITY'S ENDOWMENT CONSISTED OF 5,936 DONOR-RESTRICTED PERMANENT OR TERM ENDOWMENT FUNDS AND 876 UNRESTRICTED ENDOWMENT FUNDS ESTABLISHED BY THE UNIVERSITY'S BOARD OF TRUSTEES TO BE USED IN FURTHERANCE OF THE ORGANIZATION'S TAX-EXEMPT PURPOSES. --------------------
SCHEDULE D, PART X, LINE 1 OTHER LIABILITIES DETAIL THE INTERCOMPANY DUE TO/(FROM) AFFILIATES BALANCE INCLUDES AMOUNTS OWED TO/(DUE FROM) AFFILIATES BASED UPON THE UNIVERSITY'S CENTRAL MANAGEMENT OF THE CASH HELD BY CERTAIN UNIVERSITY AFFILIATES. --------------------
SCHEDULE D, PART X, LINE 2 TEXT OF FIN 48 (ASC 740) FOOTNOTE THE UNIVERSITY REGULARLY EVALUATES ITS TAX POSITION AND DOES NOT BELIEVE IT HAS ANY UNCERTAIN TAX POSITIONS THAT REQUIRE DISCLOSURE OR ADJUSTMENT TO THE CONSOLIDATED FINANCIAL STATEMENTS.
Schedule D (Form 990) 2015


Additional Data


Software ID:  
Software Version: