9 9 0 Return of Organization Exempt From Income Tax UMHN 7D9 …990s.foundationcenter.org/990_pdf_archive/231/231352685/231352… · M Check 10- u if the organization is not required

M Check 10- u if the organization is not required

L Gross receipts Add lines 6b, 8b, 9b, and 10b to line 12 1 3 , 2 5 8 , 4 8 9 , 9 6 4 . to attach Sch B (Form 990, 990-EZ, or 990-PF) joia Revenue, Expenses, and Changes in Net Assets or Fund Balances (See page 17 of the instructions .)

1 Contributions, gifts, grants, and similar amounts received: a Direct public support , , , , , , , , , , , , , , , , , , , , , , , 1 a 236 , 221,000 . b Indirect public support , , , , , , , , , , , , , , , , , , , _ , ,

. 1 b

c Government contributions (grants) , , , , , , , , , , , , , , , , 1c 548,329 000 . d Total (addlines tathrough 1c) (cash 3 782,983,200 . noncash5 1,566,800 . ) 1d 784,550,000 .

2 Program service revenue including government fees and contracts (from Part VII, line 93) , , , , , , , 2 2,105 , 082 , 000 . 3 Membershi dues and assessments , , , , , . , , , , , , , , , , , , , , , , , , , , , , , , , , 3 C ~tpnvings d temporary cash investments , , , , , , , , , , , , , , , , , , , , , , , , 4

n~e d mtatfrom securities , , , , , , "

, , , , , 5 164 136 000 . 6 a Gros, , , , , , , , , , , , , , , , , , , , , , 6 a

. . . . . . . . . . . . . . . . . . . . . . . 6b c Net &4151M

loss) (subtract line 6b from line 6a) , , , , , , , , , , , , , , , , , , , , , , 6c 11 , 954 , 249 . me (describe t STMT 1 . 7 -44 , 824 , 000 . lei of assets other (A) Securities (B) Other

w- a Inventory -.

. , , , , , , , , , , , , 8 a b Less' cost or other basis and sales expenses , 8 b c Gain or (loss) (attach schedule) , $TVir 1q , 211 , 769,000 . 8 c

__ d Net gain or (loss) (combine line 8c, columns (A) and (B)) , , , , , , , , , , , , , , , , , , , , , , , 8d 211 769 000 . 9 Special events and activities (attach schedule) a Gross revenue (not including $ of

contributions reported on line 1a) , . , , , , , , , , , , 9a 7 , 390 . b Less . direct expenses other than fundraising expenses , , , , , , , , 9b c Net income or (loss) from special events (subtract line 9b from line 9a) " " " " " " " " " " " " " " 9c 7,390 .

10a Gross sales of inventory, less returns and allowances , 10a 23,758,352 . b Less cost of goods sold , , , , , , , , , , , , , , , , , , , , , Ob 12 , 653 , 964 . c Gross profit or (loss) from sales of inventory (attach schedule) (subtract line 10b from line 10a) , , , , , Lo _c 11 , 104 , 388 .

11 Other revenue (from Part VII, line 103) , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , 11 2 , 056 , 973 . 12 Total revenue add lines id, 2, 3, 4, 5, 6c, 7, 8d 9c, 10c, and 11 . . 12 3 245 836 000 . 13 Program services (from fine 44, column (B)) , , , , , , , , , , , , , , , , , , , , , , , , , , , , , 13 2 657 461 790.

y 14 Management and general (from line 44, column (C)) , , , , , , , , , , , , , , , , , , , , , , , , , 14 201 642 476 . a 15 Fundraising (from line 44, column (D)) , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , 75 41 045 , 734 . ,L 16 Payments to affiliates (attach schedule) , , , , , , , . , , , , , , , , , , , , , , , , , , , , , , , 16

17 Total expenses add lines 16 and 44, column A ) . 17 2 , 900 150 000 . w 18 Excess or (deficit) for the year (subtract line 17 from line 12) , , , 18 345, 686,000. a 19 Net assets or fund balances at beginning of year (from line 73, column (A)) , , , , , , , , , , , , , , , 19 4 884 , 001 000 .

20 Other changes in net assets or fund balances (attach explanation) , , , , , ,5TNT ,2 , , , $T14T, 3 , 20 -158 , 260, 000 . Z 21 Net assets or fund balances at end of ear combine lines 18, 19 and 20 " " " 21 5 071 427 000 .

JsA For Paperwork Reduction Act Notice, see the separate instructions . Form 990 (2002) 2E7010 1 000

3 9QC287 1467 V02-8 .1 23-1352685

Form 9 9 0 Return of Organization Exempt From Income Tax UMHN 7D9 _UU47 G~ O 0 f~

Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except black lung LS ~" Department or the treasury benefit trust or private foundation) Internal Revenue Service " The organization may have to use a copy of this return to satisfy state reporting requirements

A For the 2002 calendar ear, or tax ear be innin 07/01 2002 and endin 06 /30 /2003 B check If applicable please C Name Of organization D Employer Identification number

'+ use IRS hang. label or

TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA 23-1352685 c

Name change print or Number and street (or P.O box if mail is not delivered to street address) RoomJsuite E Telephone number

Initial return type see Final return specific 3451 WALNUT STREET ROOM 329 (215)898-8967

Amended ~~~w~_ City or town, state or country, and ZIP + 4 ~ mwaa"ro U teen u return Accrual Appllcallon dons . pending PHILADELPHIA PA 19104-6284 Other (speay) 1

Section 501(c)(3) organizations and 4947(a)(1) nonexempt charitable H and I are not applicable to section 527 organizations trusts must attach a completed Schedule A (Form 990 or 990-EZ). H(a) Is this a group return for affiliates? a Yes Fx-]No

G Web site: I1l`WW, UPENN . EDU H(b) If "Yes," enter number of affiliates " N A J Organization type (check only one) 1 X 501(c) ( 3 ) ~ (insert no ) 4947(a)(1) or 527 H(c) Are all affiliates included? NI Yes ~ No

(If "No," attach a list See mstruclions K Check here 1 if the organization's gross receipts are normally not more than $25,000 The H(d) is this a separate return tied by en

organization need not file a return with the IRS, but if the organization received a Forth 990 Package or anizenon covered b e group ruun9? Yes g No

in the mad, it should file a return without financial data Some states require a complete return. I Enter 4-digit GEN 1 N/A

(Grants and allocations $ 1-3-1-.-9-3-8- .-5- 041 1 2 . 657, 461 b ---------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------------------------

(Grants and allocations $ 1

---------------------------------------------------------------------------

--------------------------------------------------------------------------- (Grants and allocations $ )

d

---------------------------------------------------------------------------

---_-__----------------_--_------_----- -Grants and allocations $ ----------------- e Other program services attach schedule Grants and allocations $

SSA f Total of Program Service Expenses (should equal line 44, column (B), Program services) . , . . " 2, 657, 461, 790 . 2eIo2o i o0o Form 990 (2002)

9QC287 1467 V02-8 .1 23-1352685 4

0 0

23-1352685 Form 990 (2002) Paae 2

Statement of All organizations must complete column (A) Columns (B), (C), and (D) are required for section 501(c)(3) and (4) organizations Functional Expenses and section 4947(a)(1) nonexempt charitable trusts but optional for others (See page 27 of the instructions ) it include amounts reported on line A Total B Program (c)Management D Fundraising ti J21, oti anti , . . 4a ..s o....~ i ( ) .-A .. . . .d -.2'. . ( ) 9

22 Grants and allocations (attach schedule) (cash 3 131, 938, 504. noncasng ~ 22 131, 938, 504 . 131, 938, 504 .

23 Specific assistance to individuals (attach schedule) 23 24 Benefits paid to or for members (attach schedule) 24 25 Compensation of officers, directors, etc 25 7,858,335 . 7,465,148 . 393,187 . 26 Other salaries and wages , , , , , , , 26 1,165, 697, 109 . 1, 091, 575 , 336 . 58,780,067 . _ 15 341, 706 . 27 Pension plan contributions , , , , , , 27 28 Other employee benefits , , , , , , , 28 192, 297, 157 . 184, 779, 435 . 3, 590, 811 . 3, 926, 911 . 29 Payroll taxes , , , , , , , , , , , , , , 29 30 Professional fundraising fees , , , , , 30 8,015,918 . 8,015,918 . 31 Accounting fees , , , , , , , , , , , , 31 1, 769, 311 . 157, 999 . 1 , 611 , 312 . 32 Legal fees , , , , , , , , , , , , , , , 32 8,140,815 . 2,004,269 . 6,117,822 . 18,724 . 33 Supplies , , , , , , , , , , , , , , , , 33 484,127 , 606 . 459,084,407 . 23 , 624,192 . 1,419,007 . 34 Telephone , , , , , , , , , , , , , , , 34 15, 959, 889 . 10 , 801,653 . 4,610,812 . 547, 424 . 35 Postage and shipping , , , , , , , , , 35 11,959,313 . 7,539,150 . 2,519 , 828 . 1,900,335 . 36 Occupancy , , , , , , , , , , , , , , 36 91, 455, 991 . 90, 759, 352 . NONE 696, 639 . 37 Equipment rental and maintenance, , 37 12, 297, 899 . 11, 291, 931 . 855, 934 . 150, 034 . 38 Printing and publications , , , , , , , 38 13 ,338 ,886 . 9,736,053 . 1,144,476 . 2,458,357 . 39 Travel, , , , , , , , , , , , , , , , , , 39 31, 231, 588 . 28,883 , 345 . 837,175 . 1, 511, 068 . 40 Conferences, conventions, and meetings , 40 16, 983, 528 . 13, 575, 446 . 489, 081 . 2, 919, 001 . 41 Interest, , , , , , , , , , , , , , , , , 41 45,706,642 . 40, 926, 759 . 4, 774, 088 . 5,795 . 42 Depreciation, depletion, etc STMT 3B . , 42 139, 275, 332 . 127, 506, 197 . 11, 721, 941 . 47,194 . 43 Other expenses notcovered above (itemize)STMT 4 43a 522,096,177 . 439,436,806 . 80,571,750 . 2,087 621 .

b 43b c 43c d 43d e 43e

44 Total functional expenses (add lines 22 through 43) Organaations completing columns (S)-(D), carry these totals to lines l3-15,

. . , 44 2,900 150 000 .2 657,461,790 . 201,642,476 . 41,045,734 .

Joint Costs . Check " if you are following SOP 98-2 . Are any point costs from a combined educational campaign and fundra~i fiqg solicitation reported in (B) Program services? , , , , , " a Yes X No If "Yes;" enter (i) the aggregate amount of these joint costs $ N A ; (ii) the amount allocated to Program services $

Iii the amount allocated to Management and general $ NIN ; and iv the amount allocated to Fundraisin $ Statement of Program Service Accomplishments See page 24 of the instructions .

What is the organization's primary exempt purposes " EDUCATION, RESEARCH, PATIENT CARE Program Service

Expenses All organizations must describe their exempt purpose achievements m a clear and concise manner. State the number (Required for 501(c)(3) and

of clients served, publications issued, etc. Discuss achievements that are not measurable (Section 501(c)(3) and (4) (4) orgs , and 4947(a)(1)

organizations and 4947(a)(1) nonexempt charitable trusts must also enter the amount of grants and allocations to others ) truss, but optional for

others )

a SEE-STATEMENT-4A

---------------------------------------------------------------------------

0 0 23-1352685

Page 3 Form 990

48a Pledges receivable � � � � � � � � , 48a 382, 184, 000 . b less: allowance for doubtful accounts , , , , , , , 48b 166, 261, 000 .

49 Grants receivable � � � � � � � � � � � � � � . � , 50 Receivables from officers, directors, trustees, and key employees

(attach schedule) � � � � � � � � � � � � � $T14T, 5-7j-51a Other notes and loans receivable (attach

schedule) � � � � � � � � � � , 51a 59,496 ,150 . N b less : allowance for doubtful accounts , , , , , , 51b 2,833,150 .

52 Inventories for sale or use , , , , , , , , , , , , , , , , , , , , , , , , , , , , 53 Prepaid expenses and deferred charges . . . . . . . . . . .

" . . . .

54 Investments - securities (attach schedule) ~~1~ ,8, " F_~ Cost FX-] FMV 55a Investments - land, buildings, and

equipment: basis , , , , , , , , , , , , , , , , , 55a 125,260,923 . b Less : accumulated depreciation (attach

schedule) , , , , , , , , , , , , , , , , , , , , , 5 5 b 56 Investments - other (attach schedule) , , . , . , . , . . STMT. 9 . . 57a Land, buildings, and equipment. basis , , , , ,

. 57a 4, 068, 672, 000 .

b Less : accumulated depreciation STMT-3B

159,026.639 .55c 125,260,923 . 332,624,572 . 56 775,860,117 .

60 Accounts payable and accrued expenses , , , , , , , , , , , , , , , , , , , , 61 Grants payable �� 62 Deferred revenue . . . . . . . . , , . . . . . , . . . . . . . , . . . . . , . . .

d 63 Loans from officers, directors, trustees, and key employees (attach schedule) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

64a Tax-exempt bond liabilities (attach schedule) , , , . , , . , , , . STMT. 1l . '1 b Mortgages and other notes payable (attach schedule) . . . . . . STMT.J~ .

65 Other liabilities (describe " STMT 13 )

14,650,000 . 60 61

49 919 000 . 62

63 87, 058, 000 . 1 64 ;

1,739,000 .

1,082,400,000 . 25,347,000 .

66 Total liabilities (add lines 60 through 65) . . . . . . . , . . . . . . . , . . , . 2, 589, 115, 000 . 66 2 . 398, 771, 000 . Organizations that follow SFAS 117, check here " U and complete lines

67 through 69 and lines 73 and 74 . 67 Unrestricted , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , 2, 546, 112, 000 . 67 2, 673, 748, 000 . 68 Temporarily restricted , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , 993, 591, 000 . 68 983, 298, 000 .

,-~~ 69 Permanently restricted . . . . . . . . . . . . . . . . . . . . . . . . . . . , 1, 344 298, 000 . 69 1 414, 381, 000 . Organizations that do not follow SFAS 117, check here 10 and

complete lines 70 through 74 . 70 Capital stock, trust principal, or current funds , , , , , , , , , , , , , , , , , , 70 71 Paid-in or capital surplus, or land, building, and equipment fund , , , , , , , , 71

y 72 Retained earnings, endowment, accumulated income, or other funds , , , , 72 73 Total net assets or fund balances (add lines 67 through 69 or lines

70 through 72 ; column (A) must equal line 19 ; column (B) must equal line 21) , , , , , , , , 4, 884, 001, 000 . 73 5 ,071, 427, 000 .

74 Total liabilities and net assets / fund balances add lines 66 and 73 . . 7, 473, 116, 000 . 74 7, 470, 198, 000 .

Form 990 is available for public inspection and, for some people, serves as the primary or sole source of information about a particular organization . How the public perceives an organization m such cases may be determined by the information presented on its return . Therefore, please make sure the return is complete and accurate and fully describes, in Part III, the organization's programs and accomplishments .

JSA 2E10301 000

94C287 1467 V02-8 .1 23-1352685 5

1r/ valance Sheets (see page 14 of the instructions .) Note : Where required, attached schedules and amounts within the description

column should be for end-of-year amounts only, 45 Cash - non-interest-bearing . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 Savings and temporary cash investments . , , , . . , , . . . . , . . . . . . .

47a Accounts receivable , , , , , , , , , , , , , , , , 47a 508,781,420 b less : allowance for doubtful accounts , , , , , , 47b 158, 213 866

(A) I I (B) Beginning of year End of year

157, 732, 030 . 46

402,696~107 .47c

216,621,000 .48c

893 .1 50 I 1 .305 .446 .

51

2 374,000 . 53 7,533,284 3,649,244,789 . 54 2,887,189,960

, , , , , , , , , , , , 57b 1,613,782,000 .2,367,048,000 . 57c 2, 454, 890, 000 58 Other assets (describe " STMT 10 ) 58 592 000 . 1 58 83,130 f 80 5

0 0 23-1352685

Page 4 Form 990 (2002)

penses per

-158104000 . $ Add amounts on lines (1) through (4) , , " b

3242477000 . c Line a minus line b , , , , , , , , , " c d Amounts included on line 17,

Form 990 but not on line a: (1) Investment expenses

not included on line

6b, Form 990 , , , ; (2) Other (specify)'

c Line a minus line b " c d Amounts included on line 12,

Form 990 but not on line a: (1) Investment expenses

not included on line

6b, Form 990 , , , # (2) Other (specify):

STMT 14 $ 3,359,000 . $ Add amounts on lines (1) and (2) , , " d 3,359,000 . ~ Add amounts on lines (1) and (2) , , " d

e Total revenue per line 12, Form 990 e Total expenses per line 17, Form 990 line c plus line d . . . . . . . . . . " e 3245836000 . line c plus line d " " " " " " " " " " " e 2900150000 .

[~ List of Officers, Directors, Trustees, and Key Employees (List each one even if not compensated; see page 26 of

75 Did any officer, director, trustee, or key employee receive aggregate compensation of more than $100,000 from your organization and all related organizations, of which more than $10,000 was provided by the related organizations? " E]Yes X No If "Yes ;" attach schedule - see page 26 of the instructions .

Form 990 (2002)

JSA 2E7040 1 000

90C287 1467 V02-8 .1 23-1352685 6

a Total revenue, gains, and other support per audited financial statements , ,

b Amounts included on line a but not on line 12, Form 990 :

(1) Net unrealized gains on investments , , $ -158104000 .

(2) Donated services and use of facilities $

(3) Recoveries of prior year grants , , , , $

(4) Other (specify) :

Add amounts on lines (1) through (4)

a Total expenses and losses per audited financial statements , , , , " a

b Amounts included on line a but not on line 17, Form 990 :

(1) Donated services

and use of facilities ; (2) Prior year adjustments

reported on line 20, Form 990 � � , S

(3) Losses reported on

line 20, Form 990 ; (4) Other (specify).

9QC287 1467 V02-8 .1 23-1352685 7

0 0 rorm yyu ~uu~

Other Information (See page 27 of the instructions . Yes ~No

76 Did the organization engage in any activity not previously reported to the IRS? If "Yes," attach a detailed description of each activity , , 76 X

77 Were any changes made in the organizing or governing documents but not reported to the IRS? , , , , , , , , , , , , , , , , , , , 77 X

If "Yes," attach a conformed copy of the changes. 78a Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return? , , , , , , , , , 78a X

b If "Yes," has it filed a tax return on Form 990-T for this year? , , , , , , , , , , , , , , , , , , , , , , , , . . . . . . . . . . . . . 78b X

79 Was there a liquidation, dissolution, termination, or substantial contraction during the year? If "Yes," attach a statement , , , , , , , , 79 X

80a Is the organization related (other than by association with a statewide or nationwide organization) through common

membership, governing bodies, trustees, officers, etc , to any other exempt or nonexempt organizations . . , . , , , , , , , , , , , , 80a X

b If "Yes," enter the name of the organization No. SEE STATEMENT 30

and check whether it is exempt or nonexempt.

81a Enter direct or indirect political expenditures . See line 81 instructions , , , , , , , , , , , , , , , , 1 81 . NON

b Did the organization file Form 1120-POL for this yeah , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , 81b X

82a Did the organization receive donated services or the use of materials, equipment, or facilities at no charge

or at substantially less than fair rental value? , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , . , . , , , , , , , . . . . 82a X

b If "Yes," you may indicate the value of these items here. Do not include this amount

as revenue in Part I or as an expense in Part II (See instructions in Part III .) , , , , , . , , , , . . . , 82b N/A

83a Did the organization comply with the public inspection requirements for returns and exemption applications? , , , , , , , , , , , , , 83a X

b Did the organization comply with the disclosure requirements relating to quid pro quo contributions , , , , , , , , , , , , , , , , , 83b X

84a Did the organization solicit any contributions or gifts that were not tax deductible? , , , , , , , , , , , , , , , , , , , , , , , , , , 84a X

b If "Yes," did the organization include with every solicitation an express statement that such contributions

or gifts were not tax deductibles , , , , , , , , , , , , , , , , , , , , , , 84b N/

85 501(c)(4), (5), or (6) organizations a Were substantially all dues nondeductible by members? , , , , , , , , , , , , , , , , 853 N

b Did the organization make only in-house lobbying expenditures of $2,000 or less? . , . . . . . , , . , , . , , . , , , , , , 85b N

If "Yes" was answered to either 85a or 85b, do not complete 85c through B5h below unless the organization

received a waver for proxy tax owed for the prior year

c Dues, assessments, and similar amounts from members . , , , , , , , , , , , , , , , , , , , , , , 85c N/A

d Section 162(e) lobbying and political expenditures , , , , , , , , , , , , , , , , , , , , , , , , , 85d N/A

e Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices , , , , , , , , , , , , , , , 85e N/A f Taxable amount of lobbying and political expenditures (line 85d less 85e) , , , , , , , , , 65f N/A

g Does the organization elect to pay the section 6033(e) tax on the amount on line 85f? , , , , , , , , , , , , , , , , , , , , , , , , 85 N

h If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount on line 85f to it reasonable

estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?. . . . , . . . , . . . . 85h N

86 501(c)(7) orgs Enter. a Initiation fees and capital contributions included on line 12 , , , , , , , , , , 8Ba N/A b Gross receipts, included on line 12, for public use of club facilities , , , , B6b N/A

87 501(c)(12) orgs. Enter a Gross income from members or shareholders , , , , , , , , , , , , , , , , 87a N/A b Gross income from other sources (Do not net amounts due or paid to other

sources against amounts due or received from them .) , , , , , , , , , , , , , , , , , , , , , , , , 87b N/A 88 At any time during the year, did the organization own a 50% or greater interest in a taxable corporation or

partnership, or an entity disregarded as separate from the organization under Regulations sections

301 .7701-2 and 301.7701-3? If "Yes," complete Part IX . . . . . . . . . . . . . . , . , , , , . . . , . . , . . . . . , , . . . . , 88 X 89a 501(c)(3) organizations Enter Amount of tax imposed on the organization during the year under

section 4911 " NONE ;section 4912 " NONE : section 4955 10, NONE b 501(c)(3) and 501(c)(4) orgs. Did the organization engage in any section 4958 excess benefit transaction

during the year or did it become aware of an excess benefit transaction from a prior year? If "Yes," attach

a statement explaining each transaction . . . . . . . . . . , . , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , 89b X

c Enter: Amount of tax imposed on the organization managers or disqualified persons during the year under

sections 4912, 4955, and 4958 . . . . . . . . � � � . . , . � � � � � � , _ � � � � � � � , " NONE

d Enter: Amount of tax on line 89c, above, reimbursed by the organization . , . . . , . , . . . . . . . . . . . . , . . . . , . , " NONE

90 a List the states with which a copy of this return is filed lo-PENNSYLVANIA, CALIFORNIA, NEW YORK

b Number of employees employed in the pay period that includes March 12, 2002 (See instructions) , , , , , , , , , , , , , , , , , , 1 90b 1 26866 91 The books are in care of " KENNETH CAMPBELL, COMPTROLLER Telephone no " 215-898-4920

LocatedatIlip. 3451 WALNUT STREET, 3RD FLOOR PHILA . PA ZIP +4 0- 19104-6284

92 Section 4947(a)(1) nonexempt charitable trusts filing Form 990 in lieu of Form 1041- Check here , , . , , , ,

and enter the amount of tax-exempt interest received or accrued during the tax year . N/A

Form 990 (2002)

JSA 2E1041 7 000

Information Regarding Transfers Associated with Personal Benefit Contracts (See page 33 of the instructions .) (a) Did the organization, during the year, receive any funds, directly or indirectly, to pay premiums on a personal benefit contract? Yes g No

(b) Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract? HYes U No

Note : If "Yes" to M J, ale Form 8870 and Form 0 see instructions ) . Under penalties g q I declare the/ I ave examined this return, including accompanying schedules and statements and to the best of my knowledge and beli~f,~t is ~rUe~o~re , and comp t Declaration of preparer (other than officer) is based on all information of which pr9parer has any knowledge

Y11

2E10501 000

9QC287 1467 8 V02-8 .1 23-1352685

a 0

23-1352685

Note : Enter gross amounts unless otherwise Unrelated business income Excluded b section 512, 513, or 514 (E) indicated. p Sc) Related or

Business (B) Ex c usion (~) exempt function 93 Program service revenue' code Amount code Amount

income

a TUITION & FEES 486,065,000 .

b HEALTHCARE REVENUE 1,108,270,000 .

c AUX SALES & SVCS 86,247,000 .

d OTHER EDU SERVICES 611310 22,637,493 . 259,215,507 .

e SPONSORED PROGRAMS 142,647 000 .

f Medicare/Medicaid payments , , . . . .

g Fees and contracts from government agencies .

94 Membership dues and assessments . .

9 5 Interest on savings and temporary cash investments

96 Dividends and interest from securities . 14 164,136 , 000 .

97 Net rental income or (loss) from real estate

a debt-financed property . . . . . . . .

b not debt-financed property . . . . . . 900003 1 , 551 , 002 . 16 10 , 403 , 247 .

98 Net rental income or (loss) from personal property

99 Other investment income . . . , . . . "

531390 -1 , 509 , 407 . 15 -43 , 314 , 593 .

100 Gain or (loss) from sales of assets other than inventory 18 211,769,000 .

101 Net income or (loss) from special events . 12 7 , 390 .

102 Gross profit or (loss) from sales of inventory , , 3 11,104 , 388 .

103 Other revenue. a b MISC PROD SVC REV 900004 187 , 457 . 1,869 516 . c d e

104 Subtotal (add columns (B), (D), and (E)) . . 22,866,545 . 354,105,432 . 1 2 , 084, 314, 023 .

105 Total (add line 104, columns (B), (D), and (E)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . " 2, 461, 286, 000 . Note : Line 105 plus line 1d, Part I, should equal the amount on line 12, Part 1.

Line No . Explain how each activity for which income is reported in column (E) of Part VII contributed importantly to the accomplishment

of the organization's exempt purposes (other than by providing funds for such purposes).

STMT 19

I

(8) I (C) address, and EIN of corporation, Percentage of Nature of activities Total income End -o-year nership, or disregarded entity ownership interest assets

mm 2n_21 % -2 .897 .841_ 49 .137

Please W Sign 1 Si net r of Nicer y Here

V ,

"K., pe or print name and title

Paid Preparers signature'

Preparer's F~~,,S name for yours AIC Use Only .t self-employed), ~ 2003

address, and ZIP + 4 �� ,.*

-en

Dratae-n/

0

Preparels SSN or PTIN (See Gen Inst W)

EIN 10, 13-4008324

Phone no 1 267-330-3000

Form 990 (2002)

SCHEDULE A Organization Exempt Under Section 501(c)(3) OMB No ,545-004 (Form 990 or 990-EZ)

(Except Private Foundation) and Section 501(e), 5010, 501(k), 501(n), or Section 4947(a)(1) Nonexempt Charitable Trust n002

Department or me Treasury Supplementary Information - (See separate instructions .) Internal Revenue Service " MUST be completed by the above organizations and attached to their Form 990 or 990-EZ Name of the organization

TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA 23-1352685

WILLIAM N. KELLEY ----------------- C/O UNIVERSITY OF PENNSYLVANIA

6,000 .

THOMAS_L_-SPRAY __- PROF . SURGERY C/O UNIVERSITY OF PENNSYLVANIA

HSC BUILDERS/CONSTRUCTION MANAGERS

304 NEW MILL LN, EXTON, PA 19341 BUILDERS

PRICFWATERHOUSECOOPER5 LLP

2001 MARKET ST, PHILADELPHIA, PA 19103 ACCT CO Total number of others receiving over $50,000 for professional services . " I 194 For Paperwork Reduction Act Notice, see the Instructions for Forth 990 and Form 990-EZ JSA 2E1210 1 000

90C287 1467 V02-8 .1 23-1352685 9

Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (See page 1 of the instructions . List each one. If there are none, enter "None.")

(a) Name and address of each employee paid more (b) Title and average (d) Contributions to (e) Expense

than $50,000 hours per week (c) Compensation employee benefit plans & account and other

rinvnfwri M nneihnn dnfnrrwri -wnsahnn allnwanewe

249,875 .1 25,686 .

CURTIS SLIPMAN AS30CIAT$ PROFESS R C/O ITY 401 WALNUT ST, OPHILANPAL19104 FULL-TIME ~ 1.133 .714] 36 .283 3

LARRY R. ICAISSR (CPUP) SURGERY C/O UNIVERSITY OF PENNSYLVANIA 3401 WALNUT ST, PHILA PA 19104 ~F"ULL-TIMr 1,065,550 . 34

PAUL J . MARCOTTE _ _ _ _ I (CPIIP) N$IIROSURGS~tY C/O UNIVERSITY OF PENNSYLVANIA 1 3401 WALNUT ST, PHILA PA 19104 FULL-TIME I 1,02

3401 WALNUT ST PHILA PA 19104 FULL-TIME 1 1 000 , 000 . 1 27 589 . Total number of other employees paid over $50,000

. .

. 6109

Compensation of the Five Highest Paid Independent Contractors for Professional Services (See page 2 of the instructions . List each one (whether individuals or firms) . If there are none, enter "None.

(a) Name and address of each independent contractor paid more than $50,000 (b) Type of service (c) Compensation

DRISCOLL, L. F . CO

9 PRESIDENTIAL BLVD BALA CYNWYD PA 19107

CROSS-COUNTRY TRAVCORPS

PO BOX 101013, ATLANTA, GA 30392 NURSING RECRUITER

PROGRESSIVE NURSING

1 BALA PLAZA, BALA CYNWYD, PA 19004 TEMP NURSING STAF

3 .913 .793 .

3 .1

1 .

49,251 .

Schedule A (Form 990 or 980-EZ) 2002

(a) Name(s) of supported organization(s) I (b) Line number from above

9QC287 1467 V02-8 .1 23-1352685 10

0 0

23-1352685 Schedule A (Form 990 or 990-EZ) 2002 Page 2

Statements About Activities See page 2 of the instructions . Yes No 1 During the year, has the organization attempted to influence national, state, or local legislation, including any

attempt to influence public opinion on a legislative matter or referendums If "Yes," enter the total expenses paid

or incurred in connection with the lobbying activities " $ 181,822 . (Must equal amounts online 38,

Part VI-A, or line i or Part VI-B ) 1 X

Organizations that made an election under section 501(h) by fling Forth 5768 must complete Part VI-A Other

organizations checking "Yes ;" must complete Part VI-13 AND attach a statement giving a detailed description of

the lobbying activities

2 During the year, has the organization, either directly or indirectly, engaged in any of the following acts with any

substantial contributors, trustees, directors, officers, creators, key employees, or members of their families, or

with any taxable organization with which any such person is affiliated as an officer, director, trustee, majority

owner, or principal beneficiary? (If the answer to any question is "Yes," attach a detailed statement explaining

the transactions )

a Sale, exchange, or leasing of property , , , , , , , , , , , , , , , , , , , , , , . , , , , , , , , , , , , , , . , . . , , 2a X

STMT 22

b Lending of money or other extension of credits , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , 2 b X

STMT 23

c Furnishing of goods, services, or facilities? , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , . , . , . , . , . . . 2 c X STMT 24

d Payment of compensation (or payment or reimbursement of expenses if more than $1,000) , , , , , , , , , , , , , , . , , ,

e Transfer of any part of its income or assets , , , . , , , , , , , , , . , , , , , , , , , , , , , , , , , , , , , , , . . . . I 2e I I 7t

3 Does the organization make grants for scholarships, fellowships, student loans, etc ? (See Note below ) , , , , , , , , , , , , ,

4 Do you have a section 403(b) annuity plan for your employees? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Note : Attach a statement to explain how the organization determines that individuals or organizations receiving grants

or loans from d in furtherance of its charitable programs "qualify" to receive payments

Reason for Non-Private Foundation Status (See pages 3 through 5 of the instructions .)

The or amzation is not a prroate foundation because it is (Please check only ONE applicable box )

5 A church, convention of churches, or association of churches Section 170(b)(1)(A)(i).

6 X A school Section 170(b)(1)(A)(n) (Also complete Part V )

7 A hospital or a cooperative hospital service organization Section 170(b)(1)(A)(ui)

8 A Federal, state, or local government or governmental unit . Section 170(b)(1)(A)(v) .

9 u A medical research organization operated in conjunction with a hospital Section 170(b)(1)(A)(u). Enter the hospital's name, city, and state

10 El An organization operated for the benefit of a college or university owned or operated by a governmental unit. Section 170(b)(1)(A)(rv).

(Also complete the Support Schedule in Part IV-A ) 11 a E] An organization that normally receives a substantial part of its support from a governmental unit or from the general public

Section 170(b)(1)(A)(w) (Also complete the Support Schedule in Part IV-A.)

111115H A community trust. Section 170(b)(1)(A)(vi) . (Also complete the Support Schedule in Part IV-A.)

12 An organization that normally receives: (1) more than 33 113% of its support from contributions, membership fees, and gross receipts from activities related to its charitable, etc., functions - subject to certain exceptions, and (2) no more than 33 1139'0 of

its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses acquired by the organization after June 30, 1975 See section 509(a)(2) (Also complete the Support Schedule in Part IV-A)

13 F-] An organization that is not controlled by any disqualified persons (other than foundation managers) and supports organizations described in : (1) lines 5 through 12 above; or (2) section 501(c)(4), (5), or (6), if they meet the test of section 509(a)(2) . (See

section 509(a)(3) ) Provide the following information about the supported organizations (See page 5 of the instructions

14 F-] An organization organized and operated to test for public safety Saction 509(a)(4) . (See page 5 of the instructions ) JSA Schedule A (Form 990 or 990-EZ ) 2002 ze~zzo~ o00

9QC287 1467 V02-8 .1 23-1352685 11

0 0

Schedule A Form 990 or 990-EZ 2002 23-1352685 Page 3 [~~ ~ Support Schedule (Complete only if you checked a box on line 10, 11, or 12 .) Use cash method ofacmwtieWPLiCABLE Note : You ma use the worksheet in the instructions for converting from the accrual to the cash method of accounting. Calendar year (or fiscal year beginning In) . a) 2001 (b) 2000 (c 1999 (d 1998 (e Total 15 Gifts, grants, and contributions received. (Do

not include unusual grants . See line 2B .) 18 Membership fees received . . 17 Gross receipts from admissions, merchandise

sold or services performed, or furnishing of

facilities in any activity that is related to the

organization's charitable, etc , purpose . 18 Gross income from interest, dividends,

amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and

unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975

19 Net income from unrelated business activities not included in line 18 " " " " .

20 Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf

21 The value of services or facilities furnished to the organization by a governmental unit

without charge . Do not include the value of services or facilities generally furnished to the public without charge

22 Other income. Attach a schedule Do not include gain or (loss) from sale of capital assets

23 Total of lines 15 through 22 24 Line 23 minus line 17 . . . . . . . . . . . . . .

25 Enter 1% of line 23 26 Organizations described on lines 10 or 11 : a Enter 2% of amount in column (e), line 24 tTQT, AP$IjICA$TrF, , , , p,. 26a

b Prepare a list for your records to show the name of and amount contributed by each person (other than a governmental unit or publicly supported organization) whose total gifts for 1998 through 2001 exceeded the amount shown in line 26a. Do not file this list with your return . Enter the total of all these excess amounts " 26b

c Total support for section 509(a)(1) test Enter line 24, column (e) . . , . . . . . , . . . . , . . . . . . . . . , . . . . . jl~ 26c d Add. Amounts from column (e) for lines . 18 19

22 26b � � � � � � " 26d e Public support (line 26c minus line 26d total) , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , 1 26e f Public support percentage line 26e numerator divided b line 26c denominator . " 26f

27 Organizations described on line 12: a For amounts included in lines 15, 16, and 17 that were received from a "disqualified person," prepare a list for your records to show the name of, and total amounts received in each year from, each "disqualified person ." Do not file this list with your return . Enter the sum of such amounts for each year :

(2001) ---___-_____--_- (2000) ___---___--____-___ (1999) _-_ NOT APPLICABLE _ (1998) _--_____-__---b For any amount included in line 17 that was received from each person (other than "disqualified persons"), prepare a list for your records to

show the name of, and amount received for each year, that was more than the larger of (1) the amount on line 25 for the year or (2) $5,000 (Include in the list organizations described in lines 5 through 11, as well as individuals) Do not file this list with your return . After computing the difference between the amount received and the larger amount described in (1) or (2), enter the sum of these differences (the excess amounts) for each year (2001)

---------------- (2000)

------------------- (1999) ------------------- (1998)---------------

c Add Amounts from column (e) for lines . 15 16 17 20 21 . . . . . . . . . . . . Po- 27c

d Add' Line 27a total . . and line 27b total , , , . . . . . . , . . , , " 27d e Public support (line 27c total minus line 27d total) " " " " " " " " " " . " " " . . . . . . . . . . . . . . . . . . . . " 27e f Total support for section 509(a)(2) test . Enter amount from line 23, column (e) . . . . . . . . . . 00. 1 27f g Public support percentage (line 27e (numerator) divided by line 27f (denominator)) . . , . , , , , . , , . . , , , , , " 27 h Investment Income percentage (line 18, column (e) (numerator) divided by line 27f (denominator) . .

. . 1 I 27h

28 Unusual Grants : For an organization described in line 10, 11, or 12 that received any unusual grants during 1998 through 2001, prepare a list for your records to show, for each year, the name of the contributor, the date and amount of the grant, and a brief description of the nature of the grant Do not file this list with your return . Do not include these grants In line 15.

JSA Schedule A (Form 990 or 990-EZ) 2002 2E1221 1 000

9QC287 1467 V02-8 .1 23-1352685 12

0 0 23-1352685

Schedule A (Form 990 or 990-EZ) 2002 Page 4 Private School Questionnaire (See page 7 of the instructions .) (To be completed ONLY by schools that checked the box on line 6 in Part IV)

29 Does the organization have a racially nondiscriminatory policy toward students by statement in its charter, bylaws, Yes No other governing instrument, or in a resolution of its governing body? , , , , . . . . . , , . , , , , , , , , , , . , , 29 X

30 Does the organization include a statement of its racially nondiscriminatory policy toward students in all its brochures, catalogues, and other written communications with the public dealing with student admissions, programs, and scholarships? . , , , , , , , , , , , , , , , , 30 x

31 Has the organization publicized its racially nondiscriminatory policy through newspaper or broadcast media during the period of solicitation for students, or during the registration period if it has no solicitation program, in a way that makes the policy known to all parts of the general community it serves? . . . , , . . . . . . , . , , , , 31 X If "Yes," please describe ; if "No," please explain . (If you need more space, attach a separate statement .)

STMT 25

----------------------------------------------------------------------------------------------------------------------------------------------------------

32 Does the organization maintain the following : -----------------------------------------------------------------------------a Records indicating the racial composition of the student body, faculty, and administrative staff? . . . , , . . . . 32a X b Records documenting that scholarships and other financial assistance are awarded on a racially nondiscriminatory

basis? 32b X c Copies of all catalogues, brochures, announcements, and other written communications to the public dealing

with student admissions, programs, and scholarships? . . . . . . . . . . . , . . . . . . 32c X d Copies of all material used by the organization or on its behalf ~to solicit contributions? , , . . . _ . . . . , , , , , . 32d X

If you answered "No" to any of the above, please explain . (If you need more space, attach a separate statement.)

-----------------------------------------------------------------------------

33 Does the organization discriminate by race in any way with respect to :

a Students' rights or privileges? , , , , , , , , , , , , , , , , , , , , _ , , , , , , , , , , , , , , , , , , , , , , , , 33a X

b Admissions policies? 33b X

c Employment of faculty or administrative staff? . , . , . . . . . , , , , , . . . . . . , . . , . . . . . . , . . . . . 33c X

d Scholarships or other financial assistance? 33d X

e Educational policies? 33e X

f Use of facilities? 33f X

g Athletic programs? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 X

h Other extracurricular activities? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33h X

If you answered "Yes" to any of the above, please explain . (If you need more space, attach a separate statement .)

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

34a Does the organization receive any financial aid or assistance from a governmental agency? , , . , , . .STMT, 26 34a x

b Has the organization's right to such aid ever been revoked or suspended? . . . , , , . . . . , , . . . . , . , , If you answered "Yes" to either 34a or b, please explain using an attached statement .

35 Does the organization certify that it has complied with the applicable requirements of sections 4.01 through 4.05 of Rev . Proc 75-50, 1975-2 C.B . 587, covering racial nondiscrimination? If "No," attach an explanation .

. 35 X

JSA 2E1230 1 000 Schedule A (Form 990 or 990-EZ) 2002

0 0

Schedule A Form 990 or 990-EZ 2002 23-1352685 Page 5 11 Lobbying Expenditures by Electing Public Charities (See page 9 of the instructions .)

(To be completed ONLY by an eligible organization that filed Form 5768) NOT APPLICABLE Check " a if the organization belongs to an affiliated group . Check " b if you checked "a" and "limited control" provisions apply.

Limits on Lobbying Expenditures

(The term "expenditures" means amounts paid or incurred .)

36 Total lobbying expenditures to influence public opinion (grassroots lobbying)

37 Total lobbying expenditures to influence a legislative body (direct lobbying)

38 Total lobbying expenditures (add lines 36 and 37), , , , , . , , , , , , , , , , , 39 Other exempt purpose expenditures , , , , , , , , , , , , , , , , , , , , , , , , , 40 Total exempt purpose expenditures (add lines 38 and 39)

41 Lobbying nontaxable amount . Enter the amount from the following table - If the amount on line 40 is - The lobbying nontaxable amount is -

Not over $500,000 , , , , , , , , , , , , 20% of the amount on line 40 , , , , , , , , , Over $500,000 but not over $1,000,000 , , , $100,000 plus 15% of the excess over $500,000

Over $1,000,000 but not over $1,500,000 , , $175,000 plus 10% of the excess over $1,000,000 Over $1,500,000 but not over $17,000,000 , , $225,000 plus 5% of the excess over $1,500,000

Over $17,000,000 , , , , , $1,000,000 , . , , . . , , . , ,

42 Grassroots nontaxable amount (enter 25% of line 41) . , . . . ,

43 Subtract line 42 from line 36 . Enter -0- if line 42 is more than line 36 44 Subtract line 41 from line 38 . Enter -0- if line 41 is more than line 38

Affiliated group I To be completed totals for ALL electing

organizations

42

Lobbying Expenditures During 4-Year Averaging Period

2001 2000 1999 Total

Grassroots nontaxable

amount """"""""

Grassroots ceding amount (150% of line 48(e)) Grassroots lobbying

9QC287 1467 V02-8.1 23-1352685 13

1

Caution : If there is an amount on either line 43 or line 44, you must ale Form 4720.1 4-Year Averaging Period Under Section 501(h)

(Some organizations that made a section 501(h) election do not have to complete all of the five columns below. See the instructions for lines 45 through 50 on page 11 of the instructions .)

Calendar year (or fiscal (a) year beginning in) " 2002

Lobbying nontaxable

amount Lobbying ceiling amount (150% of line 45(e))

Lobbying Activity by Nonelecting Public Charities (For reporting only by organizations that did not complete Part VI-A) (See page 11 of the instructions .

During the year, did the organization attempt to influence national, state or local legislation, including any

a

Amount Yes No to influence public opinion on a legislative matter or referendum, through the use of-

a Volunteers . . , . . . . . . . . . , . . . , . . . . . . . . . . . . ,STMT , 27, X b Paid staff or management (Include compensation in expenses reported on lines c~through h .) , , , X STMT 28 c Media advertisements , , , , , , , , , , , , , , , , , , , , , , , , _ , , , , , , . , , , X NONE d Mailings to members, legislators, or the public, , , , , , , , , , , , , , , , , , , , , , , . , , . , , X 9 , 3.90 . e Publications, or published or broadcast statements , , , , , , , , , , , , , , , , , , , , , , , , , , X NONE f Grants to other organizations for lobbying purposes , , , , , , , , , , , , , , , , , , , , , , , , , X 131, 000 . g Direct contact with legislators, their staffs, government officials, or a legislative body , STMT ,29 X 41 , 632 . h Rallies, demonstrations, seminars, conventions, speeches, lectures, or any other means , , , , , , X NONE i Total lobbying expenditures (Add lines c through h .), , , , , , , , , , , , , , , , , , , , , , , , , , 181,822 .

If "Yes" to any of the above, also attach a statement giving a detailed description of the lobbying activities . JsA Schedule A (Form 980 or 990-E2) 2002 2E1240 1 000

52a Is the organization directly or indirectly affiliated with, or related to, one or more tax-exempt organizations described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527? , , , , , , , , , , " F-x] Yes E] No

2E1250 1 000 Schedule A (Form 990 or 990-EZ) 2002

90C287 1467 V02-8 .1 23-1352685 14

r 0 Schedule A (Form 990or990-EZ 2002 23-1352685 Page 6 JjMM Information Regarding Transfers To and Transactions and Relationships With Noncharitable

Exempt Organizations (See page 12 of the instructions .) 51 Did the reporting organization directly or indirectly engage in any of the following with any other organization described in section

501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations? a Transfers from the reporting organization to a noncharitable exempt organization of: Yes No

(i) Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51a ( l ) X (ii) Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . a ii X

b Other transactions : (i) Sales or exchanges of assets with a noncharitable exempt organization . , , , . , . , . , . . , . , , , . , . b( l ) X (ii) Purchases of assets from a noncharitable exempt organization , , , , , , , , , , , , , , , , , , , , , , , , , d ilx (iii) Rental of facilities, equipment, or other assets , , , . , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , b(ill ) x (iv) Reimbursement arrangements � � � � � � � � � � � � � � � � � � � � � b (iv ) X (v) Loans or loan guarantees , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , b (v ) X (vi) Performance of services or membership or fundraising solicitations , , , , , , , , , , , , , , , , , , , , , , b (vi ) X

c Sharing of facilities, equipment, mailing lists, other assets, or paid employees , , . , , , , , , , , , , , , , , , , . c X d If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value of the

goods, other assets, or services given by the reporting organization If the organization received less than fair market value in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received .

(a) (b) (c) (d) Life no . Amount involved Name of noncharitable exempt organization Description of transfers, transactions, end sharing arrangements

51B (111) 1 , 545 , 154 . PENN CLUB, NEW YORK FORGONE RENT

51C NONE PENN CLUB, NEW YORK THE UNIVERSITY'S DEVELOPMENT

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90C287 1467 V02-8 .1 23-1352685 19

0 0 TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA 23-1352685

FORM 990, PART I - OTHER INVESTMENT INCOME c~ao~aoo~~e=e==~====a=~c===o== :om=====a=ten

DESCRIPTION AMOUNT ----------- ------

PARTNERSHIP INCOME AND OTHER INVESTMENT -44,824,000 . ------------

TOTAL -44,824,000 . ____~~=~==sue

STATEMENT 1

STATEMENT 1 A

TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA EIN: 23-1352685 FORM 990, PART I - LINE 8e AND PART VII - ANALYSIS OF INCOME PRODUCING ACTIVITIES, LINE 100, GAIN OR (LOSS) FROM SALES OF ASSETS OTHER THAN INVENTORY; Tax Year Ended June 30, 2003

Gains reported are the result of numerous transactions conducted by the Trustees of the University of Pennsylvania during the year. The breakdown is voluminous . Additional detail relating to these gains is available upon request.

STATEMENT 2

V02-8 .1 23-1352685 9QC287 1467 20

1


FORM 990, PART I - OTHER INCREASES IN FUND BALANCES

DESCRIPTION AMOUNT ----------- ------

TRANSFER TO THE UNIVERSITY 3,203,000 . ------------

TOTAL 3,203,000 . -=o~msmo~~=~

23-1352685

AMOUNT DESCRIPTION

STATEMENT 3

9QC287 1467 V02-8 .1 23-1352685 21

0 TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA

FORM 990, PART I - OTHER DECREASES IN FUND BALANCES

0

UNREALIZED LOSS ON INVESTMENTS PRIOR PERIOD RECLASSIFICATION

158,104,000 . 3,359,000 .

------------ TOTAL 161,463,000 .

STATEMENT 3A

0 0

TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA EIN: 23-1352685 FORM 990, PART II - LINE 22 - GRANTS AND ALLOCATIONS Tax Year Ended June 30, 2003

The University maintains a policy of offering qualified undergraduate applicants admission to the University without regard to financial circumstance. This policy provides financial aid to those admitted in the form of direct grants, loans and employment during the academic year . The total amount of grants and allocations reported are the result of numerous transactions conducted by the Trustees of the University of Pennsylvania during the year . The breakdown is voluminous . Additional detail relating to these grants and allocations is available upon request.

STATEMENT 3B

TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA EIN: 23-1352685 FORM 990, PART II STATEMENT OF FUNCTIONAL EXPENSES, LINE 42 AND PART IV, BALANCE SHEET, LINE 57 a & b ; SCHEDULE OF LAND, BUILDINGS, AND EQUIPMENT TAX YEAR ENDED JUNE 30, 2003

HUP, CPUP & University Corporate TOTAL

LAND 75,088,000 75,088,000 BUILDINGS 2,289,267,000 1,169,142,000 3,458,409,000 CONTENTS 447,437,000 447,437,000 CONSTRUCTION IN PROGRESS 62,649,000 25,089,000 87,738,000

SUBTOTAL 2,874,441,000 1,194,231,000 4,068,672,000

LESS: ACCUMULATED DEPRECIATION (827,755,000) (786,027,000) (1,613,782,000)

PLANT 2,046,686,000 408,204,000 2,454,890,000

THE TRUSTEES RECORDED $139,275,332 OF DEPRECIATION EXPENSE FOR THE YEAR ENDED JUNE 30, 2003 .

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STATEMENT 4A

0 0

TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA El: 23-1352685 FORM 990, PART III - STATEMENT OF PROGRAM SERVICE ACCOMPLISHMENTS Tag Year Ended June 30, 2003

The University of Pennsylvania ("Penn" or "University") is one of the oldest universities in the United States - it traces its origins back to a charity school founded in 1740. It was chartered as a college in 1755, and on May 17, 1757, the University held its first commencement, and graduated a class of seven students . From these early and modest beginnings, the University of Pennsylvania has grown into one of the leading research and educational institutions in the United States and in the world.

The University has a tri-fold mission . It aims to provide a rich and diverse educational environment for its students ; to pioneer research that pushes the boundaries of current human knowledge ; and to provide the latest and the best in patient care at the University health system . The University also sees itself as having a public service mission . The University is home to the University of Pennsylvania Museum of Archaeology and Anthropology, the Institute for Contemporary Art, and the Annenberg Center for the Performing Arts, all of which contribute vitally to enriching the cultural life in Philadelphia . In addition, the University is an active participant in the West Philadelphia neighborhood that is its home.

Education

Academic life at Penn is centered in its twelve schools - the Annenberg School for Communication, the School of Arts and Sciences, the School of Dental Medicine, the Graduate School of Education, the School of Engineering and Applied Science, The School of Design, the Law School, the School of Medicine, the School of Nursing, the School of Social Work, the School of Veterinary Medicine, and the Wharton School . Four of these schools offer undergraduate programs, and all of them offer opportunities for graduate study.

The quality and the diversity of the student body add to the rigor and the uniqueness of a Penn education. The undergraduate class of 2006 was the most selective in the history of the institution. Ninety percent of the students admitted to this class came from the top 10% of their high school graduating class and scored a combined 1,418 on the Scholastic Assessment Test. Penn is also steadfastly committed to maintaining a diverse student body . It firmly believes that a diverse student body brings with it a variety of life-experiences, research interests, and world-views. In keeping with this objective, 35% of the students accepted for admission to the Class of 2006 are of African-American, Asian, Hispanic or Native American origins .

Recently, the University was acknowledged by U.S. News and World Report as having outstanding examples of academic programs that lead to student success . Specifically, Penn tied for first place in the nation for its in-service learning programs . In these programs, volunteering in the community is an instructional strategy - a requirement of a student's coursework . The service informs what happens in class, and vice versa .

0 0

STATEMENT 4A

Research

Research and academic studies at Penn are characterized by their excellence. One measure of the excellence of the research and academic studies conducted at Penn is to consider the awards conferred on Penn faculty . The Penn faculty includes 58 members of the Academy of Arts and Sciences, 41 members of the Institute of Medicine, 36 members of the National Academy of Science, 89 recipients of Guggenheim Fellowships, 10 members of the National Academy of Engineering, seven recipients of the MacArthur Award, five recipients of the Nobel Prize and two Pulitzer Prize winners.

Apart from its excellence, research at the University of Pennsylvania is also characterized by its unique multi-disciplinary focus. All twelve schools of the University are located on the West Philadelphia campus . The physical proximity of these schools encourages and facilitates a cooperative, cross-boundary approach to research. An example is the establishment of the Institute for Research in Cognitive Science, which brings together investigators from the disciplines of Linguistics, Mathematical Logic, Philosophy, Psychology, Computer Science and Neuroscience .

Patient Care

The Hospital of the University of Pennsylvania ("HUP"), the flagship of the University of Pennsylvania Health System's four hospitals, was established in 1874 as a teaching hospital to complement the medical education received by students at the University of Pennsylvania medical school. It has 18 clinical departments and provides training in more than 40 clinical specialties . Major areas of investigation include AIDS, gene therapy, cardiovascular system, chronobiology, dermatology, endocrinology, oncology, and neurology .

The hospital, with 772 licensed patient beds, is a valued health-care resource, especially to people residing in the Greater Philadelphia area . During the course of a year, it admits more than 30,000 patients, and accounts for approximately 530,000 outpatient visits and for over 55,000 emergency room visits . It is the only hospital in this area that performs transplants of all major organs. In keeping with its charitable purpose, HUP accepts patients in serious need of medical care regardless of their financial status . During the year ended June 30, 2003, HCTP, as well as its affiliated Clinical Practices of the University of Pennsylvania, provided approximately $153,786,000 in unreimbursed care . Of this amount, $69,624,000 consisted of charity care and $84,162,000 consisted of services for which no payment will likely be collected based on established rates .

In addition to providing direct patient charity care and in furtherance of its exempt purpose to benefit the community, The University of Pennsylvania Health System operates emergency rooms open to the public 24-hours per day, 7 days per week; maintains research facilities for the study of disease and injuries ; provides facilities for teaching and training various medical personnel; facilitates the advancement of medical and surgical education; and provides various community

STATEMENT 4A

0 0

services such as screenings for the detection of breast, colorectal and skin cancer, cancer support groups, a toll free number for cancer information, free immunization shots, training programs for the City Fire and Police Departments, health education classes, speeches and regularly provides health related information to television and radio news programs and to reporters at newspapers and magazines .

Public Service Mission

The University has a record of service to and engagement with the Philadelphia community that matches its record of academic excellence . Through its cultural institutions, the University of Pennsylvania Museum of Anthropology and Archaeology, the Institute of Contemporary Art, and the Annenberg Center for the Performing Arts, Penn offers cultural enrichment and education to the entire region, with exhibits, programs, and events that span the whole range of human history and endeavor.

Penn has called the western section of Philadelphia its home since 1874 . Penn has taken an active role in revitalizing its home neighborhood through a series of programs known collectively as the West Philadelphia Initiatives. These programs seek to make West Philadelphia a more attractive place to live and work by purchasing goods and services from local businesses, hiring local residents and encouraging existing staff to relocate to the area, encouraging retail development, improving safety and security in partnership with other area institutions, and improving public education through both partnerships with existing public schools and an institutional investment in a new public elementary school near the campus .

Penn's academic philosophy also emphasizes service as essential to learning. Students and faculty practice that philosophy through services and partnerships that engage and benefit residents of low-income communities both in West Philadelphia and throughout the city. Free clinics run by the schools of Dental Medicine, Law, Medicine and Nursing, and the Wharton School offer advice, treatment and services to low-income residents in West and Southwest Philadelphia . Mentoring programs run by Penn institutes and the University-wide Center for Community Partnerships engage faculty and staff with local youth, and Penn students working in partnership with neighborhood residents develop solutions to community problems as part of the curriculum through more than service-learning courses .

0 23-1352685

BORROWER : JOHN . J. HEUER ORIGINAL AMOUNT : 100,000 . DATE OF NOTE : 05/21/1998 MATURITY DATE : 05/21/2010 REPAYMENT TERMS : BALLOON SECURITY PROVIDED : HOME PURPOSE OF LOAN : HOME LOAN DESCRIPTION AND FbN CASH OF CONSIDERATION : 100000

BORROWER : LEROY D . NUNERY ORIGINAL AMOUNT : 200,000 . DATE OF NOTE : 07/30/1999 MATURITY DATE : 07/30/2011 REPAYMENT TERMS : BALLOON SECURITY PROVIDED : HOME PURPOSE OF LOANS HOME LOAN DESCRIPTION AND FW CASH OF CONSIDERATION : 200000

9QC287 1467 V02-8 .1 23-1352685 23

is TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA

FORM 990, PART IV - RECEIVABLES DUE FROM OFFICERS, ETC.

BEGINNING BALANCE DUE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 . ENDING BALANCE DUE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 .

---------------

BORROWER : ROBERT MARTIN ORIGINAL AMOUNT : 100,000 . DATE OF NOTE : 05/29/1998 MATURITY DATE : 05/29/2010 REPAYMENT TERMS : BALLOON SECURITY PROVIDED : HOME PURPOSE OF LOAN : HOME LOAN DESCRIPTION AND FMV CASH OF CONSIDERATION: 100000

BEGINNING BALANCE DUE . . . . . . . . . . . . . . . . . . . . . . . . . ., . . . . . . . . . . 100,000 . ENDING BALANCE DUE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NONE

---------------

BEGINNING BALANCE DUE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ENDING BALANCE DUE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

200,000 . 200,000 .

---------------

STATEMENT 5

0 TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA 23-1352685

BORROWER : JUDITH S . ORIGINAL AMOUNT : INTEREST RATE : DATE OF NOTE : MATURITY DATE : REPAYMENT TERMS : SECURITY PROVIDED : PURPOSE OF LOAN : DESCRIPTION AND FMV OF CONSIDERATION :

RODIN 250,000 .

0 .000300 07/15/1997 06/30/2004

BALLOON NONE EMPLOYEE LOAN CASE 250000

BORROWER : CAROL SCHEMAN ORIGINAL AMOUNT : 100,000 . DATE OF NOTE : 09/07/1994 MATURITY DATE : 09/07/2003 REPAYMENT TERMS : BALLOON SECURITY PROVIDED : HOME PURPOSE OF LOAN : HOME LOAN DESCRIPTION AND FMV CASH OF CONSIDERATION : 100000


9QC287 1467 V02-8 .1 23-1352685 24


---------------


BORROWER : ROBERT L . BARCHI ORIGINAL AMOUNT : 300,000 . DATE OF NOTE : 02/28/2001 MATURITY DATE : 02/28/2013 PURPOSE OF LOAN : SAM LOAN

100,000 . 100,000 .

---------------

300,000 . 300,000 .

---------------

STATEMENT 6

STATEMENT 7

9QC287 1467 V02-8 .7. 23-1352685 25

TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA 23-1352685

BORROWER : ROBERT L. BARCHI ORIGINAL AMOUNT : 56,000 . DATE OF NOTE : 01/03/2001 MATURITY DATE : 01/31/2006 PURPOSE OF LOAN : EMPLOYEE LOAN


---------------

BORROWER : MAUREEN RUSH ORIGINAL AMOUNT : 100,000 .


---------------

BORROWER : WENDY WHITE ORIGINAL AMOUNT : 100 000 .


---------------

BORROWER : CLIFFORD STANLEY ORIGINAL AMOUNT : 105,950 .

BEGINNING BALANCE DUE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NONE ENDING BALANCE DUE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105,950 .

---------------

TOTAL BEGINNING RECEIVABLES DUE FROM OFFICERS, ETC . 1,303,893 .

TOTAL ENDING RECEIVABLES DUE FROM OFFICERS, ETC . 1,305,446 .

0

TOTALS

STATEMENT 8

94C287 1467 V02-8 .1 23-1352685 26

0 1

TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA

FORM 990, PART IV - INVESTMENTS - SECURITIES

DESCRIPTION

SHORT TERM SECURITIES STOCKS BONDS

23-1352685

ENDING HOOK VALUE

546,200,199 . 1, 429 477, 171 .

911,512,590 . ---------------2,887,189,960 .

0

TOTALS

STATEMENT 9

9QC287 1467 V02-8 .1 23-1352685 27


FORM 990, PART IV - INVESTMENTS - OTHER ____~~~===e==aa=asp==~====c==a=_===____

DESCRIPTION

VENTURE CAPITAL & OTHER INVEST INVESTMENT IN SUBSIDIARIES

23-1352685

ENDING BOOK VALUE

761,154,117 . 14,706,000 .

---------------775,860,117 .

u

TOTALS

STATEMENT 10

9QC287 1467 V02-8 .1 23-1352685 28


FORM 990, PART IV - OTHER ASSETS

DESCRIPTION

A/R EMPLOYEE BENEFITS A/R PENSION BENEFIT OTHER INTERCOMPANY A/R OTHER ASSETS

23-1352685

ENDING HOOK VALUE

35,135 . 19,956,294 . 19,169,000 . 43,970,376 .

---------------83 .130,805 .

$ 71,745,000 QuakeRown General Authority Pool Financing Program, 1985 Series A Bonds, (variable interest rate, 2.25% at June 30, 2002); The 1985 Series A Bonds mature on June 1, 2005 and are subject to optional prepayments as stipulated in the loan agreement. The bonds bear a floating rate of interest which is adjusted by the Authority at certain intervals.

$ 55,252,0b0 Washington County Authority Lease Revenue Bonds, Series 1985 A, (variable interest rate, 1 .30% at June 30, 2002); The Series A of 1985 Bonds mature on November 1, 2005 and are subject to advance payments and optional prepayments as stipulated in the Lease Agreement. The Bonds bear a floating rate of interest which is adjusted by the Authority at certain intervals. The Authority has the option to convert the interest rate on the Bonds to a fixed rate .

STATEMENT 11

0 Is

TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA EIN: 23-1352685 FORM 990, PART IV - BALANCE SHEET, LINE 64a, TAX EXEMPT BOND LIABILITIES; TAX YEAR ENDED JUNE 30, 2003

ENDING BOOK VALUE DESCRIPTION $328,935,000 Series A and B of 1996 Bonds, (4.90%-6.00%), net of unamortized discount of 2,400;

The Series A and B of 1996 Bonds are dated April 30, 1996 and mature in varying annual amounts ranging from $11,825,000 in 2000 to $14,110,000 in 2003 with maturities of $8,970,000 in 2021 and $9,590,000 in 2022 .

$190,727,000 PHEFA Series 1998 Revenue Bonds, (4.50%-5.50%), net of unamortized discount of $2,020; The Series of 1998 Bonds mature in varying annual amounts ranging from $1,790,000 in 2000 to $11,245,000 in 2039 . The Bonds are subject to optional redemption by the Authority on or after July 15, 2008 at a redemption price of 100% plus accrued interest. Annual debt service payments to the Authority extending through 2039 range from $11,313,000 in 2000 to $11,554,000 in 2039 .

$ 87,950,000 PHEFA Series A of 1995 Revenue Bonds, (5.3%-7.0%); The Series A and Series B of 1995 Bonds mature in varying annual amounts ranging from $1,720,000 in 2000 to $9,345,000 in 2015 . The Bonds are subject to optional redemption by the Authority on or after September 1, 2005 at a redemption price of 100% plus accrued interest. Annual debt service payments to the Authority extending through 2016 range from $14,098,000 in 2000 to $14,349,000 in 2016 .

$ 90,000,000 The Series B of 1994 Bonds are dated May 18, 1994 and mature in varying amounts ranging from $16,900,000 in 2020 to $19,100,000 in 2024. The Bonds have a variable interest rate (1 .15% at June 30, 2002) which is based on market conditions as determined by the remarketing agent. The Bonds are eligible to be changed to a fixed rate as elected by the University . The Bonds are subject to optional redemption by the University on any scheduled interest payment date or the first day of each rate period (as determined by the elected interest mode in effect) prior to their scheduled maturity at a redemption price of 100% plus accrued interest .

$ 80,000,000 The Series C of 1996 Bonds are dated April 30, 1996 and mature in varying amounts ranging from $9,100,000 in 2023, $9,700,000 in 2024, $30,000,000 in 2025 with a final maturity of $31,200,000 in 2026 . The Bonds have a variable interest rate (1 .15% at June 30, 2002) which is based on market conditions as determined by the remarketing agent. The Bonds are eligible to be changed to a term rate (rate for periods of a year or more) as elected by the University . The Bonds are subject to optional redemption by the University on any scheduled interest payment date or the first day of each rate period (as determined by the elected interest mode in effect) prior to their scheduled maturity at a redemption price of 100% plus accrued interest .

STATEMENT 11

0 0

$ 39,575,000 PHEFA Series B of 1995 Revenue Bonds, (5 .3%-7.0%); The Series A and Series B of 1995 Bonds mature in varying annual amounts ranging from $1,720,000 in 2000 to $9,345,000 in 2015 . The Bonds are subject to optional redemption by the Authority on or after September 1, 2005 at a redemption price of 100% plus accrued interest . Annual debt service, payments to the Authority extending through 2016 range from $14,098,000 in 2000 to $14,349,000 in 2016 .

$ 10,610,000 PHEFA Second Series of 1985 Revenue Bonds, (variable interest rate, 1.73% at June 30, 2002); The Second Series of 1985 Bonds have a variable interest rate which is based on the discount rate of a short-term United States government securities and may be converted to a fixed rate at the Authority's option. The Bonds mature in 2016, subject to earlier redemption by bond holders (prior to conversion to a fixed rate) or the Authority

$ 6,500,000 PHEFA Series of 1990 Revenue Bonds, (variable interest rate, 1 .73% at June 30, 2002) The Series of 1990 Bonds have a variable interest rate which is based on the discount rate of short-term United States government securities and may be converted to a fixed rate at the Authority's option . The Bonds mature on December 1, 2020, subject to earlier redemption by bond holders (prior to conversion to a fixed rate) or the Authority.

$ 32,125,000 The Series A of 1994 Bonds are dated May 1, 1994 and mature in varying amounts ranging from $3,340,000 in 2003 to $5,205,000 in 2010 . The Bonds have stated interest rates that range from 5 .60% to 7.00%. The Bonds are subject to optional redemption by the University on or after January 1, 2004 at redemption prices of 102%, 101% and 100% plus accrued interest for 2004, 2005 and 2006 and thereafter, respectively.

$ 17,362,000 The Series A of 2602 Revenue Bonds, net of unamortized premium of $759,000, have stated interest rates that range from 3.00% to 5.00%.

$ 50,300,000 The Series B of 2002 Revenue Bonds have a stated interest rate of 1 .34%.

$ 253,000 Department of Education Bonds

$ 21,066,000 Various Tax Exempt Capital Leases

1,082.400.000

TOTAL ENDING MORTGAGES AND OTHER NOTES PAYABLE

9QC287 1467 V02-8 .1 23-1352685 30

19,


FORM 990, PART IV - MORTGAGES AND OTHER NOTES PAYABLE

LENDER : MORTGAGES PAYABLE AND OTHER REPAYMENT TERMS : DUE THROUGH 2022


TOTAL BEGINNING MORTGAGEES AND OTHER NOTES PAYABLE

0 23-1352685

43,401,000 . 25,347,000 .

---------------

43,401,000 .

25,347,000 .

STATEMENT 12

TOTALS

STATEMENT 13

9QC287 1467 V02-8 .1 23-1352685 31


FORM 990, PART IV - OTHER LIABILITIES

DESCRIPTION

DEP., ADVANCES, AGENCY FUNDS FEDERAL STUDENT LOAN ADVANCES ACCRUED RETIREMENT BENEFITS COLLATERAL DUE BROKER

23-1352685

ENDING BOOR VALUE

107,534,000 . 78,384,000 .

154,351,000 . 268,686,000 .

--------------- 608,955,000 .

~~o=sss~~=~a~~a


FORM 990, PART IV-A - OTHER REVENUE ON RETURN BUT NOT ON HOOKS

STATEMENT 14

9QC287 1467 V02-8 .1 23-1352685 32

DESCRIPTION

PRIOR PERIOD RECLASSIFICATION

TOTAL

AMOUNT

3,359,000 . ---------------

3,359,000 .

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STATEMENT 18A

0 0

Trustees Mr . James S. Riepe, Chair Mr . Jon M. Huntsman, Sr., Vice Chair Natalie I . Koether, Esq., Vice Chair Mr . Michael L. Tarnopol, Vice Chair Mrs. Madlyn K. Abramson Dr . Edward T. Anderson Mr . Robert S. Blank Dr . Mitchell J. Bluff Mr . Christopher H. Browne Gilbert F. Caseilas, Esq. Mrs. Susan W. Catherwood Mr. L. John Clark David L . Cohen, Esq . Mrs. Lee Spelman Doty Mr. James D . Dunning, Jr . Thomas Ehrlich, Esq . Mr. Robert A Gleason, Jr. Mr. Alan G. Hassenfeld Mr. Andrew R. Heyer Mr. Vernon W. Hill II laurence E. Hirsch, Esq Mr. John C. Hover II Ms . Wendy Evans Joseph, FAIA Mr. Paul K. Kelly Mr . James J . Kim Paul S . Levy, Esq . Mr . Warren Lieberfarb Mrs . Carolyn Hoff Lynch Mr . William L . Mack Arthur Makadon, Esq . Mr . Howard S . Marks Dr . Deborah Marrow Mr . Edward J . Mathias Ms . Andrea Mitchell Mr . David P. Montgomery Lawrence C. Nussdorf, Esq. Mr. Shaun F. O'Malley Mr Ronald O. Perelman Mr. Egbert L. J. Perry Mr. David S. Pottruck Dr. Stanley B. Prusiner Mr. Mitchell I . Quain Ms . Sylvia Miller Rhone Dr. Judith Rodin (ex officio) Hon. Edward Rendell (ex officio) Leonard A. Shapiro, Esq. Mr. Alvin V. Shoemaker Mr. David M. Silfen Mr. Henry R. Sdverman Mr . J. Peter Skirkanich David W. Sweet, Esq. Dr . Susan C. Taylor Mr . George A. Weiss Mr . Paul C. Williams Mr . Mark O. Winkelman Mr . Stephen A. Wynn Dr . Michael D. Zisman Emeritus Hon. Arlin M. Adams Hon. Leonore Annenberg Mr . Walter G. Arader Mr . Gordon S. Bodek Richard P. Brown, Jr., Esq.

\J

Dr. Gloria Twine Chisum Mr. Robert A. Fox Mr . Bruce J. Graham, FAIA John G. Harkins, Jr., Esq. Dr . Ralph Landau Mr. Leonard A. Lauder Mr . Robert P. Levy Mr. A. Bruce Mainwaring Mr. Paul F. Miller, Jr. Anthony S. Minisi, Esq. Mr. John B. Neff Mr. Russell E. Palmer Mrs . Adele K. Schaeffer Mr. Saul P. Steinberg Myles H. Tanenbaum, Esq Dr. P. Roy Vagelos Mr. Raymond H. Welsh Mr. Charles K. Williams II

STATEMENT 18A

0

NOTE: Unless otherwise noted on statements 15 through 18A, all of the above Trustees are uncompensated and provide their services on a part-time basis. Their address is care of the University of Pennsylvania, 3451 Walnut Street, Room 329, Philadelphia, Pa 19104-6205 .


STATEMENT 19

9QC287 1467 V02-8 .1 23-1352685 37

FORM 990, PART VIII - ACCOMPLISHMENT OF EXEMPT PURPOSES

EXPLANATION OF HOW EACH ACTIVITY FOR WHICH INCOME LINE IS REPORTED IN COLUMN (E) 'OF PART VII CONTRIBUTED NO . IMPORTANTLY TO THE ACCOMPLISHMENT OF EXEMPT PURPOSES --- ----------------------------------------------------

93A THIS ACTIVITY CONTRIBUTES IMPORTANTLY TO THE INSTITUTIONAL - PROGRAM WHICH ENABLES STUDENTS TO MEET THEIR EDUCATIONAL

GOALS . 93B THE HEALTHCARE REVENUE CONTRIBUTES IMPORTANTLY TO THE

OVERALL MISSION OF THE HEALTH SYSTEM TO PROVIDE QUALITY HEALTHCARE AND PROFESSIONAL MEDICAL TRAINING TO THE PHILADELPHIA COMMUNITY.

93C, THESE ACTIVITIES CONTRIBUTE TO THE OVERALL EDUCATIONAL WELL- 93D, BEING OF STUDENTS, TO INCLUDE CULTURAL, SOCIAL AND ATHLETIC 93E PROGRAMS .

ALL RESEARCH CONDUCTED IS SUBSTANTIALLY RELATED TO THE ORGANIZATION'S EXEMPT PURPOSE OF PROVIDING MEDICAL EDUCATION, PERFORMING MEDICAL RESEARCH AND PROVIDING PATIENT CARE . FURTHER, IT IS CARRIED ON IN THE PUBLIC INTEREST, BECAUSE THE RESULTS ARE MADE AVAILABLE TO THE PUBLIC . THE RESEARCH AIDS IN THE SCIENTIFIC EDUCATION OF STUDENTS, AND THE RESEARCH IS FOR THE PURPOSE OF DISCOVERING CURES FOR DISEASES .

1038 EACH OF THESE ACTIVITIES CONTRIBUTES IMPORTANTLY TO THE FULLFILLMENT OF THE INSTITUTIONAL CORE EDUCATIONAL MISSION . IN EACH CASE SUCH ACTIVITIES SIGNIFICANTLY COMPLIMENT AND ENHANCE THE BREADTH AND QUALITY OF THE INSTITUTION'S CORE EDUCATIONAL PROGRAMS .

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M N

N O

9QC287 1467 V02-8 .1 23-1352685 40


SCHEDULE A, PART III - EXPLANATION FOR LINE 2B

FOR RECRUITMENT AND RETENTION PURPOSES THE UNIVERSITY HAS MADE LOANS TO CERTAIN OFFICERS AND KEY EMPLOYEES FOR THE PURPOSE OF FINANCING THEIR PRINCIPLE RESIDENCE. ALL LOANS ARE PROPERLY DOCUMENTED AND DISCLOSED FORM 990, PART IV, LINE 50 .

STATEMENT 22

90C287 1467 V02-8 .1 23-1352685 41


SCHEDULE A, PART III - EXPLANATION FOR LINE 2C

DURING THE NORMAL COURSE OF ITS OPERATIONS, AFTER APPROPRIATE REVIEW, THE ORGANIZATION OCCASIONALLY TRANSACTS BUSINESS WITH PERSONS DESCRIBED IN QUESTION 2 . IN THIS REGARD, THE ORGANIZATION ADHERES TO A CONFLICTS OF INTEREST POLICY AND ANY SUCH TRANSACTIONS OCCUR AT AN ARMS-LENGTH BASIS.

STATEMENT 23

90C287 1467 V02-8 .1 23-1352685 42

TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA 0

23-1352685

SCHEDULE A, PART III - EXPLANATION FOR LINE 2D aoa=====~s :~s==a=a=z-====~___~____==:==x==z= :=

SEE FORM 990, PART V

STATEMENT 24

9QC287 1467 V02-8 .1 23-1352685 43


SCHEDULE A, PART V - EXPLANATION FOR LINE 31

THE UNIVERSITY PUBLISHES ITS RACIALLY NONDISCRIMINATORY POLICY IN THE STUDENT CATALOGUE, ON ITS FINANCIAL AID APPLICATIONS AND IN OTHER BROCHURES DESCRIBING THE UNIVERSITY AND ITS SCHOOLS CENTERS, AND INSTITUTES .

STATEMENT 25

90C287 1467 V02-8 .1 23-1352685 44


SCHEDULE A, PART V - EXPLANATION FOR LINE 34A

THE UNIVERSITY OF PENNSYLVANIA, A PRIVATE NON-PROFIT EDUCATIONAL INSTITUTION, RECEIVES DIRECT ANNUAL NON-PREFERRED APPROPRIATIONS FROM THE COMMONWEALTH OF PENNSYLVANIA .

STATEMENT 26

90C287 1467 V02-8 .1 23-1352685 45


SCHEDULE A, PART VI-B - VOLUNTEERS

UNIVERSITY ALUMNI AND TRUSTEES OCCASIONALLY ENGAGE IN ADVOCACY RELATED TO FEDERAL AND STATE APPROPRIATIONS FOR PROGRAMS OF IMPORTANCE TO THE UNIVERSITY .

STATEMENT 27


STATEMENT 28

9QC287 1467 V02-8 .1 23-1352685 46

SCHEDULE A, PART VI-B - PAID STAFF OR MANAGEMENT

THE UNIVERSITY MAINTAINS AN OFFICE OF FEDERAL RELATIONS, WHOSE MAIN FUNCTION IS TO BEEP THE UNIVERSITY COMMUNITY APPRISED OF FEDERAL DEVELOPMENTS THAT MAY HAVE AN IMPACT ON THE UNIVERSITY, INCLUDING PENDING CHANGES TO THE INTERNAL REVENUE CODE, RESEARCH FUNDING, AND ISSUES OF STUDENT AID, AMONG OTHERS . LEGISLATIVE ADVOCACY REPRESENTS A SMALL PORTION OF THAT OFFICE'S RESPONSIBILITY . THE UNIVERSITY OF PENNSYLVANIA, A PRIVATE NON-PROFIT EDUCATIONAL INSTITUTION, RECEIVES DIRECT ANNUAL NON-PREFERRED APPROPRIATIONS FROM COMMONWEALTH OF PENNSYLVANIA . THE AMOUNT AND CONTINUATION OF THESE APPROPRIATIONS ARE NOT GUR.A.ANTEED . THEREFORE, THE UNIVERSITY MAINTAINS OFFICE KNOWN AS COMMONWEALTH RELATIONS TO SUPPORT, JUSTIFY AND COORDINATE THESE APPROPRIATION REQUESTS BEFORE THE STATE EDUCATION DEPARTMENT AND OTHER APPROPRIATE AGENCIES OF THE EXECUTIVE BRANCH, AND THE GENERAL ASSEMBLY . THE MAJORITY OF THIS OFFICE'S EFFORTS ARE RELATED TO ACTIVITIES SUPPORTING THESE APPROPRIATIONS REQUESTS . THE UNIVERSITY OF PENNSYLVANIA HEALTH SYSTEM, THROUGH ITS OFFICE OF GOVERNMENTAL AFFAIRS, CONDUCTED LOBBYING ACTIVITIES WITH RESPECT TO HEALTH CARE RELATED ISSUES AND LEGISLATION . THESE ACTIVITIES INCLUDE MEETING WITH LEGISLATORS THEIR STAFFF, AND GOVERNMENTAL OFFICIALS, CONDUCTING SEMINARS, AS WELL AS MAILINGS AND PUBLICATIONS .

9QC287 1467 V02-8 .1 23-1352685 47


SCHEDULE A, PART VI-B - DIRECT CONTACT WITH LEGISLATORS

IN ADDITION, THIS OFFICE HAS CONDUCTED VERY LITTLE LOBBYING ACTIVITY ON OTHER ISSUES, SUCH AS STUDENT AID AND OTHER PROGRAMS RELATED TO HIGHER EDUCATION. IN CONDUCTION WITH THIS LOBBYING ACTIVITY, THE UNIVERSITY HAS CONTRACTED WITH PROFESSIONAL LOBBYISTS TO CONTACT LEGISLATORS IN CONNECTION WITH THE UNIVERSITY'S ANNUAL APPROPRIATION. THE UNIVERSITY OF PENNSYLVANIA HEALTH SYSTEM, THROUGH ITS OFFICE OF GOVERNMENTAL AFFAIRS CONDUCTED LOBBYING ACTIVITIES WITH RESPECT TO HEALTH CARE RELATED ISSUES AND LEGISLATION. THESE ACTIVITIES INCLUDE MEETING WITH LEGISLATORS, THEIR STAFF, AND GOVERNMENTAL OFFICIALS, CONDUCTING SEMINARS, A3 WELL AS MAILINGS AND PUBLICATIONS .

STATEMENT 29

STATEMENT 30

0 0

RELATED ORGANIZATIONS

NAME EIN # EXEMPT NONEXEMPT Abramson Institute 23-2929823 X Behavioral Health Holding X Chestnut Hall - Group 39 23-170100? X Clinical Care Associates of UPHS 23-2729852 X Clinical Health Care Associates of NJ, P.C . 23-2865181 X Counseling Pro of PAH 23-2343001 X Delanc Corporation 23-2060159 X Faculty Club of the University of Pennsylvania 23-6299508 X First Health - The Health System of PAH First Hospital Insurance Company X Franklin Casualty Insurance Co. 04-3378984 X Franklin Specialty Physicians X Hamilton Square, Inc. 23-2978512 X Learning Alliance LLC 56-2351966 X Maternity Hospital 23-6407608 X OAP, Inc. 23-1986931 X P2B Ventures, Inc. 23-3069744 X Penn Center for Rehab and Care 23-2466352 X Penn Club of New York 23-2726687 X Penn Friends Behavioral Health Svcs Inc. X Penn Praxis, Inc. 74-2974931 X Penn Press 23-1876142 X Penn Tower Hotel, Inc. 23-2812573 X PenNetworks LLC 23-3069745 *** Pennsylvania Hospital of UPHS 31-1538725 X PGH Development Corp. 23-2351015 X Philadelphia Dispensary 23-6407456 X Philadelphia Lying-In Charity 23-6407451 X Phoenixville Hospital of UPHS 23-2901089 X Physician Hospital Organization of PAH 23-2773828 X Presbyterian Anesthesiology Foundation 23-2561573 X Universi ty of Pennsylvania Medical Center of Presbyterian 23-2810852 X Presbyterian Medical Services X Presbyterian Multi-S ecialty Group 23-2723154 X Presbyterian Personal Care Residence 23-2518592 X Preston Maternity Hospital X Quaker Insurance Company X Say Yes to Education Foundation 22-2883885 X SS Huebner Foundation 23-6297325 X Trustees of the University of Pennsylvania 23-1352685 X UCA Realty Group Investments Co . 51-0370817 X University City Associates Inc. 23-1638855 X UPENN Retiree Benefits Trust 23-2769744 X Wissahickon Hospice of UPHS 23-2152662 X

*** - Disregarded Entity

2 Provide the following information for the foreign corporation's accounting period stated above. a Name, address, and identifying number of branch office or agent (if any) in b If a U .S. income tax return was filed, enter :

the United States (i) Taxable income or (loss) (Y) U.S . income tax paid

(after all credits)

N/A NIA

c Name and address of foreign corporation's statutory or resident agent in d Name and address (including corporate department, If applicable) of country of incorporation person (or persons) with custody of the books and records of the foreign

corporation, and the location of such books and records, if different

N/A N/A

Schedule A Stock of the Foreign Corporation Part I -All Classes of Stock

(b) Number of shares issued and outstanding (a) Description of each class of stock (i) Beginning of annual (ti) End of annual

accounting period accounting period

I (d) Indicate whether the (c) Rate of dividend stock Is cumulative or

noncumufaUve

(b) Par value fn functional currency

Form 5471 (Rev 1-2003) For Paperwork Reduction Act Notice, see page 13 of the instructions .

ISA STFFED5635F 1

O infonnation Return of U.S. Persons With " OMB No. 1545-0704

Form 5471 Respect To Certain Foreign Corporations File In Duplicate (Rev. January 2003) " See separate Instructions. (see When and Where

Department of the Treasu ry information furnished for the foreign corporation's annual accounting period (tax year required by To File on page 1 of the Intern al Revenue Service ry section 898) (see instructions) beginning 01 O1 .20 02 , and ending 12/31 , 20 02

Instructions)

Name of person filing this return A Identifying number

TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA 23-1352685 Number, street, and room a suite no. (a P O. bar number d mall is not delivered to street address) B Category of filer (Seepage 1 of the Instructions . Check applicable boz(es)).

3451 WALNUT STREET ROOM 329 1 [1 2[] 3[:] a [E City or town, state, and ZIP code C Enter the total percentage of the foreign corporation's voting stock you

PHILADELPHIA PA 19104 owned at the end of its annum accounting period 100%

Filer's tax year beginning 07/01 , 2o02 , and ending 0630 , 20 0$

D Person(s) on whose behalf this information return Is filed

(1) Name (2) Address (3) Identifying number .̂(4). Check applicable boxes)

Important : Fill in all applicable lines and schedules . All information must be in English . All amounts must be stated in U. S. dollars unless otherwise indicated.

1a Name and address of foreign corporation b Employer identification number, If any

QUAKER INSURANCE COMPANY LTD 3451 WALNUT STREET, ROOM 329 c Country under whose laws Incorporated

d Date of incorporation I e Principal place of business , f Principal business activity I g Principal business activity I h Functional currency code number

Part II -Additional Information for Preferred Stock (To be completed only by Category 1 filers for

(a) Description of each class of Preferred stock (Note: This description should match the corresponding

description entered in Part l, column (a).)

holdi ies.

TRUSTEES OF THE UNIV OF PA 3451 WALNUT ST, ROOM 329 PHILADELPHIA, PA 19104

120,000 1 120,000

I Schedule C I Income Statement (See page 5 of the instructions.) Important : Report all information in functional currency in accordance with U.S . GAAP. Also, report each amount in

U.S . dollars translated from functional currency (using GAAP translation rules) . However, if the functional currency is the U. S . dollar, complete only the U. S . dollars column. See instructions for special rules for DASTM

1a Gross receipts or sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b Returns and allowances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . c Subtract line 1 b from line 1 a . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

0 3 Gross profit (subtract line 2 from line 1c) . . . . . . . . . . . . . . . . . . 4 Dividends 5 Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Gross rents, royalties, and license fees . . . . . . . . . . . . . . . . . . . 7 Net gain or (loss) on sale of capital assets . . . . . . . . . . . . . . . . . 8 Other income (attach schedule) . . . . . STMT . .1 . . . . . . . . . . . . 9 Total income add lines 3 through 8 . . . . . . . . .. . . . .. . . . . . . . .

10 Compensation not deducted elsewhere . . . . . . . . . . . . . . . . . . . 11 Rents, royalties, and license fees . . . . . . . . . . . . . . . . . . . . . . . .

u~ 12 Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 13 Depreciation not deducted elsewhere . . . . . . . . . . . . . . . . . . . . .

14 Depletion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Taxes (exclude provision for income, war profits, and excess profits taxes) . . . . 16 Other deductions (attach schedule - exclude provision for

income, war profits, and excess profits taxes) . . . STMT . 2 . . . 17 Total deductions (add lines 10 through 16) . . . . . . . . . . . . . . . . 18 Net income or (loss) before extraordinary items, prior period

adjustments, and the provision for income, war profits, and o excess profits taxes (subtract fine 17 from line 9) . . . . . . . . . . . .

E 0 19 Extraordinary items and prior period adjustments (see instructions) . . . . . . . . d 20 Provision for income, war profits, and excess profits taxes (see instructions) . . z

1b 1c

9

17

Form 5471 (Rev. 1-2003)

STF FED5635F 2

Form 5471 (Rev. 1-2003)

°Schedule.B] U.S.

(a) Name, address, and identifying number of shareholder

Pace 2 of Foreign Corporation See page 4 of the instructions .

(b) Description of each class of stack held by (c) Number of (d) Number of shares held at shares held at (e) Pro rata share

shareholder (Note: This description should match the of subpart F corresponding description entered in schedule A, beginning of end of annual Income (enter as

Part l, column (a).) annual accounting

a percentage) n. .~~~inri.,n .,o~~ . .~ -rim

21 Current year net income or (loss) per books (combine lines 18 through 20) . . . 1 21

Page 3

5 of instructions.)

(d) In U S. dollars

Form 5471 (Rev. 1-2003)

Schedule E 11 and Excess Profits Taxes Paid or Accrued See a~ Amount of tax

(b) (c) In foreign currency Conversion rate

(a) Name of country or U .S . possession

1 U.S . 2 3 4 5 6 7

8 Total . " NONE �Schedule F Balance Sheet Important : Report all amounts in U.S. dollars prepared and translated in accordance with US. GAAP. See page 5 of the instructions for an exception for DASTM corporations.

(a) ~b) vng of annual End o annual untin erlod accounting do

15.763.414 24.355

13 Total assets 13 Liabilities and Shareholders' Equity

14 Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 15 Other current liabilities (attach schedule) . . . . . . . . . . . . . . . . . . . . . 15 16 Loans from shareholders and other related-De r~ons . . . . . . . . . . . . . 16 17 Other liabilities (attach schedule) . . .STM'1'. . . . . . . . . . . . . . . . . . . . . . . .

4

18 Capital stock: a Preferred stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18a b Common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . 18b

19 Paid-in or capital surplus (attach reconciliation) . . . . . . . . . . . . . . . . 19 20 Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 21 Less cost of treasury stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

Form 5471 (Rev. t-2003)

STF FED5635F 3

Assets

1 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2a Trade notes and accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . 2a b Less allowance for bad debts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2b

3 Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 Other current assets (attach schedule) . . . . . . . . . . . . . . . . . . . . . . . 4 5 Loans to shareholders and other related persons . . . . . . . . . . . . . . . 5 6 Investment in subsidiaries (attach schedule) . . . . . . . . . . . . . . . . . . . 6 7 Other investments (attach schedule) . . . . . . . . . . . . . . . . . . . . . . . . 7 8a Buildings and other depreciable assets . . . . . . . . . . . . . . . . . . . . . . . 8a b Less accumulated depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8b

9a Depletable assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9a b Less accumulated depletion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9b

10 Land (net of any amortization) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 11 Intangible assets :

a Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11a b Organization costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11b c Patents, trademarks, and other intangible assets . . . . . . . . . . . . . . . 11c d Less accumulated amortization for lines 11 a, b, and c . . . . . . . . . . . 111d

12 Other assets (attach schedule) STMT . 3. . . . . . . . . . . . . . . . . . . . . 12

22 Total liabilities and shareholders' equity . . . . . . . . . . . . . . . . . . . . . . 1 22

1 Current year net income or (loss) per foreign books of account . . . . . . . . . . . . . . . . . . . . . . . . .

Net I Net Additions Subtractions

a Capital gains or losses . . . . . . . . . . . . . . b Depreciation and amortization . . . . . . . . c Depletion . . . . . . . . . . . . . . . . . . . . . . . . d Investment or incentive allowance . . . . . e Charges to statutory reserves . . . . . . . . . f Inventory adjustments . . . . . . . . . . . . . . g Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . h Other (attach schedule) . . . . . . . . . . . . .

3 Total net additions . . . . . . . . . . . . . . . . .

5a Current earnings and profits (line 1 plus line 3 minus line 4) . . . . . . . . . . . . . . . . . . . . . . . . . . . 5a b DASTM gain or (loss) for foreign corporations that use DASTM (see instructions) . . . . . . . . . . . 5b c Combine lines 5a and 5b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sc d Current earnings and profits in U.S . dollars (line 5c translated at the appropriate exchange rate

as defined in section 989(b) and the related regulations (see instructions)) . . . . . . . . . . . . . . . . 5d Enter exchange rate used for line 5d

From 5 of instructions.

2 Earnings invested in U.S . property (line 17, Worksheet B in the instructions) . . . . . . . . . . . . . . 3 Previously excluded subpart F income withdrawn from qualified investments (line 6b,

Worksheet C in the instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Previously excluded export trade income withdrawn from investment in export trade assets

(line 7b, Worksheet D in the instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5 Factoring income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7 Dividends received (translated at spot rate on payment date due under section 989(b)(1)) . . . .

8 Exchange gain or (loss) on a distribution of previously taxed income . . . . . . . . . . . . . . . . . . . .

STF FED5635F 4

Yes No 1 During the tax year, did the foreign corporation own at least a 10% interest, directly or indirectly, in any foreign

partnership? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . El Y if "Yes," see page 5 of the instructions for required attachment.

2 During the tax year, did the foreign corporation own an interest in any trust? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1:1 Y 3 During the tax year, did the foreign corporation own any foreign entities that were disregarded as entities separate

from their owners under Regulations sections 301 .7701-2 and 301 .7701-3? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . If "Yes," attach a statement listing the name, country under whose laws the entity was organized, and EIN (if any) of each entity,

'Schedule-H~( Current Earnings and Profits (See page 5 of the instructions.) Important : Enter the amounts on lines 1 through 5c in functional currency.

2 Net adjustments made to line 1 to determine current earnings and profits according to U.S . financial and tax accounting standards (see instructions) :

4 Total net subtractions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1 Subpart F income (line 40b, Worksheet A in the instructions) . . . . . . . . . . . . . . . . . . . . . . . . . .

6 Total of lines 1 through 5 . Enter here and on your income tax return . See page 6 of instructions

Yes No " Was any income of the foreign corporation blocked? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . El N1

Did any such income become unblocked during the tax year (see section 964(b))? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . El W If the answer to either question is "Yes," attach an explanation .

Form 5471 (Rev. 1-2003)

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SCHEDULE M TeLactions Between Controlled Foreign Corporatif (Form 6471) and Shareholders or Other Related Persons OMB No . 1545-0704 (Rev. January 2003) Department of the Treasury Internal Revenue Service " Attach to Form 5471 . See Instructions for Form 5471 . Name of person filing Form 5471 Identifying number

TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA 1 23-1352685 Name of foreign corporation

QUAKER INSURANCE COMPANY LTD Important: Complete a separate Schedule M for each controlled foreign corporation. Enter the totals for each type of transaction that occurred during the annual accounting period between the foreign corporation and the persons listed in columns (b) through (0. All amounts must be stated in U. S. dollars translated from functional currency at the average exchange rate for the foreign corporation's tax year. See page 10 of the instructions .

Enter the relevant functional currency and the exchange rate used throughout this schedule 0~ US DOLLAR 1.00 (e)10% or more U.S . M 10% or more U.S . (c) Any domestic (d) Any other foreign

(a) Transactions corporation or corporation a shareholder of controlled shareholder of any of (b) U.S. person partnership controlled partnership controlled foreign corporation corporation

foreign corporation filing this return by U.S . person filing by U.S . person filing (other than the U.S . controlling the this return this return person filing this return) foreign corporation

1 Sales of stock tntrade (rnedory) . . . . .

2 Sales of properly ngits (paterds, trademarks, etc)

S Compenseflon received for terlnicat managena4 enilineenng, construction, or like services . . .

4 Carmiasions received . . . . .

5 Reris, royalties, aid license fees received

6 Dividends received (exclude deemed distributions wrier subpart F and distnbWons of previously faxed income)

7 IAerest recerved . .

S Premiums received for insurance or reinsurance 17,976,021

a naairesIuwougne . . . . 17 976 021

10 Purdiases of stock m trade (Inventory) .

11 Pulses of tangible limperly other than stock m trade .

12 Pudiases of properly rights (patents, trademarks, etc)

13 Compensation paid for teeJ" managenal, engineering, conshiction, or Yke services . . . .

14 Comnussrons paid .

15 Reds, royalties, and license fees paid . . .

16 Dividends paid . . . .

17 Interest paid

1e aaalines 1ourougnn . NONE

19 Amouts borrowed (entertlie maximum ban balance during ttieyear-seeinstructions NONE

TO Amounts bared (enter the manmum ban balance dtnrq the yeah- see inswdions NONE

For Paperwork Reduction Act Notice, see the Instructions for Form 5471 . isn Schedule M (Form 6471) (Rev. 1-2003) S7F FED5661F

0

311,333 TOTAL OTHER INCOME

STATEMENT 1

0

TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA EIN : 23-1352685 FORM 5471, SCHEDULE C, LINE 8 - OTHER INCOME JUNE 30, 2003

INVESTMENT INCOME 311,333

0

TOTAL OTHER EXPENSES 19,203,892

STATEMENT 2

0

TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA EIN : 23-1352685 FORM 5471, SCHEDULE C, LINE 16 - OTHER DEDUCTIONS JUNE 30, 2003

UNDERWRITING EXPENSES 19,129,759

G & A EXPENSES 74,133

96,343 TOTAL OTHER ASSETS

STATEMENT 3

TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA EIN : 23-1352685 FORM 5471, SCHEDULE F, LINE 12 - OTHER ASSETS JUNE 30, 2003

ACCRUED INVESTMENT INCOME

DEFERRED ACQUISITION COSTS

PREPAID EXPENSES

DECEMBER 31, 2001

96,342

0 J

177,788

STATEMENT 3

0

DECEMBER 31, 2002

66,130

86,658

25,000

JUNE 30, 2002 DECEMBER 31, 2001

TOTAL OTHER LIABILITIES

STATEMENT 4

r TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA EIN : 23-1352685 FORM 5471, SCHEDULE F, LINE 17 - OTHER LIABILITIES JUNE 30, 2003

0

RESERVES 20,593,957 36,628,411

20,593,957 36,628,411

0

OMB No . 1545-0704

File in Duplicate

(see WHEN AND WHERE TO FILE on page 1 of the instructions)

Information Return of U . S . Persons With Respect To Certain Foreign Corporations

10, See separate instructions. Information furnished for the foreign corporation's annual accounting period (tax year required by Department of the Treasury

Internal Revenue Service

Name of person filing this return A identifying number

Number, street, end room a suite no. (a P.O. box number it mall Is not delivered b street address) B Category of filer (See page 1 of the instructions. Check applicable box(es)) : 1[] 2F] 3E] 4F] 5EX

C Enter the total percentage of the foreign corporation's voting stock you owned at the end of its annual accounting period 6.6

City or town, state, and ZIP code

Filer's tax year beginning , and ending

(3) Identifying number (4) Check applicable boxes) Sharehddx Officer Director

(2) Address - (1) Name

d Date of incorporation a Principal place of business f Principal business activity g Principal business activity h Functional currency code number

1/1/1981 BERMUDA 1524150 REINSURANCE US DOLLAR 2 Provide the following information for the foreig n corporation's accounting eriod stated above . a Name, address, and identifying number of branch office or agent (if b If a U.S . Income tax return was filed enter:

any) in the United States (ii) U.S . Income tax paid (i) Taxable income or (loss) (after ell credits)

NONE

(b) Number of shares issued and outstanding (i) Beginning of annual (fl) End of annual

accounting period accounting period (a) Description of each class of stock

Part II - Additional Information for Preferred Stock (To be completed ONLY by Category 1 filers for foreign personal holding companies.) NIA

(a) Description of each class of Preferred stock (d) Indicate whether the NOTE: This descrip tion should match the corresponding (b) Par value in

functional currency (c) Rate of dividend stock Is cumulative or descdpHon entered In Part l, column (a).) noncumulative

(HTn) For Paperwork Reduction Act Notice, see page 13 of the instructions. Form 5471 (Rev. 1-2003)

Form 5471 (Rev. January 2003)

Important: Fill in all applicable lines and schedules. All information MUST be in English. All amounts MUST be stated in U.S. dollars unless otherwise indicated.

is Name and address of foreign corporation b Employer identification number, if any GENESIS LIMITED NONE VICTORIA HALL, VICTORIA STREET c Country under whose laws incorporated

c Name and address of foreign corporation's statutory or resident agent in country of incorporation

APPLEBY, SPURLING & KEMPE CEDAR HOUSE, 41 CEDAR AVENUE HAMILTON, BERMUDA

Stock of the Part 1- All Classes of Stock

d Name and address (including corporate department, if applicable) of person (or persons) with custody of the books and records of the foreign corporation, and the location of such books and records, If different

MARSH MANAGEMENT SERVICES (BERMUDA) LTD VICTORIA HALL, VICTORIA STREET

0 0

Functional Currency I U.S. Dollars

1 a Gross receipts or sales . . . . . . . . . . . . . . . . . . . . . . . . 1a b Returns and allowances . . . . . . . . . . . . . . . . . . . . . . . 1 b c Subtract line 1b from line is . . . . . . . . . . . . . . . . . . . . . . 1c

m 2 Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . , 2 3 Gross profit (subtract line 2 from line 1 c) . . . . . . . . . . . . . . . . . 3 4 Dividends . . . . . . . . . . . . . . . . . . . . , . , . , , . . , 4 5 Interest . . . . . . . . . . . . . , . , . . . . . . , , , , , , , . 5 6 Gross rents, royalties, and license fees . . . . . . . . . . . . . . . . . 6 7 Net gain or (loss) on sale of capital assets . . . . . . . . . . . . . . . . , 7 8 Other income (attach schedule) . . . . . . . . . . . . . . . . . . . . 8

10 Compensation not deducted elsewhere . . . . . . . . . . . . . . . . . . 10 11 Rents, royalties, and license fees . . . . . . . . . . . . . . . . . . . . 11 12 -Interest . . . . . . . . 12 13 Depreciation not deducted elsewhere . . . . . . . . . . . . . . . . . . 13 14 Depletion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 15 Taxes (exclude provision for income, war profits, and excess profits taxes) . . . 15 16 Other deductions (attach schedule - exclude provision for income, war profits,

and excess profits taxes) . . . . . . . . . . . . . STATEMENT 1 16 17 Total deductions add lines 10 throw h 16 .

. 17

18 Net income or (loss) before extraordinary items, prior period adjustments, and d the provision for income, war profits, and excess profits taxes (subtract line

17 from line 9) . . . . . . . . . . . . . . . , . . , , , , , , _ , , 18 19 Extraordinary items and prior period adjustments (see instructions) . . . . . 19 .E 20 Provision for income, war profits, and excess profits taxes (see instructions) . . . 20

z

21 Current ear net income or (loss) per books (combine lines 18 through 201 . . . . 21

Form 5471 (Rev . 1-2oos)

Form 5471 U.S. Shareholders of Foreign Corporation (See page 4 of the instructions .)

(b) Description of each class of stock held by (c) Number of (d) Number of

(e) Pro rata share (a) Name, address, and identifying shareholder (NOTE : This description should match shares held at shares held at of subpart F

number of shareholder the corresponding description entered in Schedule beginning of end of annual income (enter as A, Part I, column (a) .) annual _ _ accounting a percentage)

NIA: NO US SHAREHOLDER OWNERS 10% OR MORE OF

Income Statement (See page 5 of the instructions.) Important: Report all infhrmation in functional currency in accordance with U.S. GAAP. Also, report each amount in

U.S. dollars translated from functional currency (using GAAP translation rules). However, if the functional currency is the U.S. dollar, complete only the U.S. Dollars column . See instructions for special rules for

` Fon

1 2 3 4 5 6

(See page 5 of instructions .)

Amount of tax

(c) (d) Conversion rate In U. S . dollars

Income, War Profits, and Excess Profits Taxes Paid or Accrued

Name of country or U.S . possession ( (b) In

8 Total .

" NOP Balance Sheet

Important: Report ad amounts in U.S. dollars prepared and translated fn accordance with U.S. GAAP. Seepage 5 of the instructions for an exception for DASTM corporations.

a Assets I Beginning of annual I accounting period

1

11

14 Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . 14 15 Other current liabilities (attach schedule) . . . . . . . . . . . . . . . 15 16 Loans from shareholders and other related persons . . . . . . . . . . . . 16 17 Other liabilities (attach schedule) . . . . . . . . . STATEMENT I 17 18 Capital stock:

a Preferred stock . . . . . . . . . . . . . . . . . . . . . . . . . 18a b Common stock . . . . . . . . . . . . . . . . . . . . . . . . . . 18b

79 Paid-in or capital surplus (attach reconciliation) . . . . . . . . . . . . . 19 20 Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . 20 21 Less cost of treasury stock . . . . . . . . . . . . . . . . . . . . . 21

22 Total liabilities and shareholders' eauitv . . . . . . . . . . . . . . . . 22 1 Form 5471 (Rev. 1-2003)

0 J

1 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 a Trade notes and accounts receivable . . . . . . . . . . . . . . . . . 2a b Less allowance for bad debts . . . . . . . . . . . . . . . . . . . . 2b

3 Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 Other current assets (attach schedule) . . . . . . . STATEMENT 1 4 5 Loans to shareholders and other related persons . . . . . . . . . . . . 5 6 Investment in subsidiaries (attach schedule) . . . . . . . . . . . . . . 6 7 Other investments (attach schedule) . . . . . . . . STATEMENT 11 7 8 a Buildings and other depreciable assets . . . . . . . . . . . . . . . . . 8a b Less accumulated depreciation . . . . . . . . . . . . . . . . . . . . 8b

9 a Depletable assets . . . . . . . . . . . . . . . . . . . . . . . . 9a b Less accumulated depletion . . . . . . . . . . . . . . . . . . . . 9b

10 Land (net of any amortization) . . . . . . . . . . . . . . . . . . . . 10 11 Intangible assets:

a Goodwill . . . . . . . . . . . . . . . . . . . . . . . . , . . . 11 b Organization costs . . . . . . . . . . . . . . . . . . . . . . . . lit c Patents, trademarks, and other intangible assets . . . . . . . . . . . . . 11c d Less accumulated amortization for lines 11a, b, and c . . . . . . . . . . . 11c

12 Other assets (attach schedule) . . . . . . . . . . STATEMENT 11 12

13 Total assets . . . . . . . . . . . . . . . . . . . . . . _ . . . . 13 Liabilities and Shareholders' Equity

End of annual accounting period

Form 5471 Rev. 1-2003 UNIVERSITY OF PENNSYLVANIA 23-1352685 Page 4 Other Information

Yes No 0 1 During the tax year, did the foreign corporation own at least a 10% interest, directly or indirectly, in any foreign

partnership? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - D D If "Yes," see page 5 of the instructions for required attachment .

2 During the tax year, did the foreign corporation own an interest in any trust? . . . . . . . . . . . . . . 3 During the tax year, did the foreign corporation own any foreign entities that were disregarded as entities

separate from their owners under Regulations sections 301.7701-2 and 301.7701-3? . . . . . . . . . . . . . 0 MIX I If "Yes," attach a statement listing the name, country under whose laws the entity was organized, and EIN (if any) of each entity.

Current Earnings and Profits (See page 5 of the instructions .) Important: Enter the amounts on lines 1 through 5c in FUNCTIONAL currency. 1 Current year net income or (loss) per foreign books of account . . . . . . . . . . . . . . . . 1 -228,052

2 -Net adjustments made to line 1 to determine current Net Net

earnings and profits according to U.S. financial and tax Additions Subtractions accounting standards (see instructions) :

a capital gains or losses . . . . . . . . . . . . . . 754,834 b Depreciation and amortization . . . . . . . . . . . c Depletion . . . . . . . . . . . . . . . . . . . d Investment or incentive allowance . . . . . . . . . e Charges to statutory reserves . . . . . . . . . . . f Inventory adjustments . . . . . . . . . . . . . . gTaxes . . . . . . . . . . . . . . . . . . . . h Other (attach schedule) . . . . STATEMENT 2 531 .275

3 Total net additions . . . . . . . . . . . . . . . 1 ,286109 4 Total net subtractions . . . . . . . . . . . . . . . . . . . . . . . 5 a Current earnings and profits (line 1 plus line 3 minus line 4) . . . . . . . . . . . . . . . . . 5a 1,058.057 b DASTM gain or (loss) for foreign corporations that use DASTM (see instructions) . . . . . . . . . 5b c Combine lines 5a and 5b . . . . . . . . . . . . . . , . , . . . . . . . . . . . , , 5c 1,058,057 d Current earnings and profits in U.S . dollars (line 5c translated at the appropriate exchange rata as

defined in section 989(b) and the related regulations (see instructions)) . . . . . . . . . . . . . 5d 1,058,057 Enter exchange rate used for fine 5d t 1 .00

Summary of Shareholder's Income From Foreign Corporation - (See page 5 of instructions.) -

1 Subpart F income (line 40b, Worksheet A in the instructions) . . . . . . . . . . . . . . . . .

2 Earnings invested in U.S . property (line 17, Worksheet B in the instructions) . . . . . . . . . . . 3 Previously excluded subpart F income withdrawn from qualified investments (line 6b, Worksheet

C in the instructions) . . . . . . . . . . . . . , . . . , . . . , . , . . , . . . . 4 Previously excluded export trade income withdrawn from investment in export trade assets (line

7b, Worksheet D in the instructions) . . . . . . . . . . . . . . . . . . . . . . . . . .

5 Factoring income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6 Total of lines 1 through 5. Enter here and on your income tax return . See page 6 of instructions . . .

7 Dividends received (translated at spot rate on payment date under section 989(b)(1)) . . . . . .

Yes No " Was any income of the foreign corporation blocked? . . . . . . . . . , . . . . . . . . . . , . . . . " Did any such income become unblocked during the tax year (see section 964(b))? . . . . . . . . . . . . . . . ~ X

If the answer to either question is "Yes' attach an explanation . Form 5471 (Rev . 1-2003)

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Organization or Reorganization of Foreign Corporation, and Acquisitions and

Dispositions of its Stock OMB No. 1sas-o7oa

Attach to Form 5471. See Instructions for Form 5471 .

SCHEDULE O (Form 5471) (Rev. January 2003)

Department of the Treasury Internal Revenue Service Name of person filing Forth 5471 Identifying number

- U . S . Persons Who

(a) Name of U . S . officer or director

Section C - (e)

(d) Number of shares Method of (1) (y)

(a) (b) (c) Name of shareholder(s) filing this schedule Class of stock Date of

acquired acquisition

(tirA) For Paperwork Reduction Act Notice, see the Instructions for Form 5471 .

(3) Constructively

Schedule 0 (Form 5477) (Rev . 1-2003)

Name of foreign corporation GENESIS LIMITED

Important: Complete a SEPARATE Schedule O for each foreign corporation for which information must be reported.

To Be Completed b U . S . Officers and Directors (a) (b) I (c) I

Name of shareholder for whom Identifying number Date of original Date of additional cauisition information is reported Address of shareholder of shareholder 1096 acauis(tion 10% acauisRion

To Be Completed by U. S. Shareholders Note : If this return is required because one or more shareholders became U.S. persons, attach a list showing the names of such persons and the date each became a U.S. person .

Section A - General Shareholder Information (b) (c)

(a) For shareholders latest U. S. income tax return filed, Indicate : Date (if any) shareholder Name, address, and identifying number (1) (2) (3) lost IM hformauon ro- of shareholder(s) filing this schedule Type of return Date return filed

Internal Revenue Service Center turn under section 6048 (enter forth number where filed for the foreign corporation

UNIVERSITY OF PENNSYLVANIA I I I 421 FRANKLIN BLDG., 3451 WALNUT

23-1352685

(b) Address

(c) Social security number

(d) Check appropriate

Officer

2 M

Amount paid or value given (9)

Name and address of person from whom shares acquired

Section D - Disposition of Stock

(b) (c) (d) Class of stock Date of Disposition Method of

disposition

(e) Number of shares disposed of

(1) (2) (3) Directly Indirectly constructively

t Amount received

Section E - Organization or Reorganization of Foreign Corporation

(b) I (c) Identifying number (K any) Date of transfer

(a) Name and address of transferor

(a) If the foreign corporation or a predecessor U.S . corporation filed (or joined with a consolidated group in filing) a U.S . income tax return for any of the last 3 years, attach a statement indicating the year for which a return was filed (and, if applicable, the name of the corporation filing the consolidated return), the taxable income or loss, and the U.S . income tax paid (after all credits). (b) List the date of any reorganization of the foreign corporation that occurred during the last 4 years while any U.S . person held 10% or more in value or vote (directly or indirectly) of the corporation's stock (c) If the foreign corporation is a member of a group constituting a chain of ownership, attach a chart, for each unit of which a shareholder owns 10% or more in value or voting power of the outstanding stock . The chart must indicate the corporation's position in the chain of ownership and the percentages of stock ownership (see page 13 of the instructions for an example) .

Schedule 0 (Form 5471) (Rev. 1-2003)

is 0

(a) Name of shareholder disposing of stock

(s) Name end address of person to whom disposition of stock was made

(d) (e) Assets transferred to foreign corporation Description of assets transferred by, or notes

I or securities issued by, foreign corporation

Description of assets Fair market value Adjusted basis (if trans-

Section F - Additional Information

TOTAL LINE 16, OTHER DEDUCTIONS 3,603,562

TOTAL LINE 17, OTHER LIABILITIES

STATEMENT I

GENESIS LIMITED EIN : NONE

SHAREHOLDER : UNIVERSITY OF PENNSYLVANIA SHAREHOLDER'S EIN: 23-1352685

FORM 5471 . SCHEDULE C, INCOME STATEMENT LINE 16. OTHER DEDUCTIONS

LOSSES INCURRED 2,995,099 MANAGEMENT FEES 177,250 AUDIT FEES 45,432 LETTER OF CREDIT FEES 52,549 BANK CHARGES 2,619 LEGAL & SECRETARIAL FEES 48,040 BERMUDA COMPANY FEES 8,645

_ TRAVEL 108,967 PRINTING & STATIONARY 9,130 INVESTMENT MANAGEMENT FEES 137,345 TELEPHONE, POSTAGE & MISCELLANEOUS EXPENSES 335 CRIME POLICY EXPENSE 7,651 AM BEST FEES 10,500

FORM 5471. SCHEDULE F. BALANCE SHEET

LINE 4. OTHER ASSETS

ACCRUED INTEREST RECEIVABLE PREPAID EXPENSES INVESTMENTS PENDING SETTLEMENT

TOTAL LINE 4, OTHER ASSETS

LINE 7. OTHER INVESTMENTS

CORPORATE SECURITIES GOVERNMENT SECURITIES US MUNICIPALS MUTUAL FUNDS

TOTAL LINE 7, OTHER INVESTMENTS

LINE 12 . OTHER ASSETS

INSURANCE BALANCES RECEIVABLE

TOTAL LINE 12, OTHER ASSETS

LINE 17 . OTHER LIABILITIES

OUTSTANDING LOSSES & LOSS EXPENSES INVESTMENTS PENDING SETTLEMENT

(a) (b) Beginning of annual End of annual accounting period accounting period

293,061 252,965 4,158 6,988

646,056 1,714,557

943,275 1,974,510

9,547,387 8,841,245 14,257,674 16,900,675 2,451,747 2,248,320 8,655,080 10,256,858

34,911,888 38,247,098

159,329 115,082

159,329 115,082

18,983,293 21,293,855 1,105,664 3,763,551

20,088,957 25,057,406

FORM 5471 . SCHEDULE H. CURRENT EARNINGS AND PROFITS

LINE 2h . OTHER ADDITIONS AND SUBTRACTIONS

CHANGE IN LOSS RESERVE DISCOUNT NET ASSESSMENTS - WORKER'S COMPENSATION

TOTAL LINE 2h, OTHER ADDITIONS AND SUBTRACTIONS

STATEMENT 2

GENESIS LIMITED

SHAREHOLDER: UNIVERSITY OF PENNSYLVANIA

EIN: NONE

SHAREHOLDER'S EIN: 23-1352685

Net Net Additions Subtractions

519,248 12,027

531,275 NONE

U 0

" !f you are filing for an Additional (not automatic) 3-Month Extension, complete only Part 11 and check this box , , , , , , , , 1 Note : Only complete Part U N you have already been granted an automatic 3-month extension on a previously filed Form 8868 . " if you are filing for an Automatic 3-Month Extension, complete only Part I (on page 1 ) .

Additional not automatic 3-Month Extension of Time - Must File Ori final and One Co Name of Exempt Organization T'~ Employer Identification number

Type or "'~ print TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA File by the Number, street, and room or suite no If a P O . boX see instructions . extended due date for 3451 WALNUT STREET filing the City, town or post office, state, and ZIP code For a foreign address, see instructions. return . See instructions PHILADELPHIA PA 19104-6284 Check type of return to be filed (File a separate application for each return) : XO Form 990 0 Form 990-EZ 0 Form 990-T (sec . 401(a) or 408(a) trust) orm 1041-A R Form 5227 ~ Form 8870

orm 4720 Form 6069

/4/ '

Director Date Alternate Mailing Address - Enter the address if you want the copy of this application for an additional 3-month extension returned to an address different than the one entered above.

Type or Number and street (include suite, room, or apt. no .) Or a P.O. box number print

City or town, province or state, and country (including postal or ZIP code)

Form 8 (i2-zooo) 9QC287 1467 V02-8 .1 23-1352685 1

Form 8868

For IRS use only

STOP: Do not complete Part 11 if you were not already granted an automatic 3-month extension on a previously filed Form 8868.

" If the organization does not have an office or place of business in the United States, check this box, , , , , , , , , , , , , , , , " U " If this is for a Group Return, enter the organization's four digit Group Exemption Number (GEN N/A . If this is for the whole group, check this box " . If it is for part of the group, check this box " and attach a list with the names and EINs of all members the extension is for. 4 I request an additional 3-month extension of time until 05/17/2004 5 For calendar year , or other tax year beginning 07 /01 /2002 and ending 06/30/2003 6 If this tax year is for less than 12 months, check reason ; Initial return Final return Change in accounting period 7 State in detail why you need the extension ADDITIONAL TIME IS NEEDED IN ORDER TO PREPARE

A COMPLETE AND ACCURATE RETURN .

8a If this application is for Form 990-BL, 990-PF, 990-T, 4720, or 6069, enter the tentative tax, less any nonrefundable credits. See instructions

b If this application is for Form 990-PF, 990-T, 4720, or 6069, enter any refundable credits and estimated tax payments made . Include any prior year overpayment allowed as a credit and any amount paid previously with Form 8868 �� , ��

c Balance Due . Subtract line 8b from line 8a . Include your payment with this form, or, if required, deposit with FTD coupon or, if required, by using EFZPS (Electronic Federal Tax Payment System) . See instructions

Signature and Verification Under penalties of perjury, I declare that I have examined this form, including accompanying schedules and statements, end to the best of my knowledge and belief. It is true, correct, and complete, and that I am authon;s0o prepare this loan

// ,l/ " Notice to Applicant - To Be Completed by the IRS 8 We have approved this application. Please attach this form to the organization's return .

We have not approved this application . However, we have granted a 10-day grace period from the later of the date shown below or the due date of the organization's return (including any prior extensions) . This grace period is considered to be a valid extension of time for elections otherwise required to be made on a timely return . Please attach thi§ form to the organization's return . We have not approved this application. After considering the reasons stated m item 7, we cannot grant your request for an extension of time to file. W e are not granting a 10-day grace period .

8 We cannot consider this application because it was filed after the due date of the return for which an extension was requested. -Other

By.

Name

0

(December 2000)

Department of the Treasury OMB No 1545-1709

" File a separate application for each return

File by the due Number, street, and room or suite no If a P O. box, see instructions . date for filing 3451 WALNUT STREET your return See instructions City, town or post office, state, and ZIP code For a foreign address, see instructions

3a If this application is for Form 990-BL, 990-PF, 990-T, 4720, or 6069, enter the tentative tax, less any nonrefundable credits . See instructions � � � � � . � � � � � � . � . , . � � , . � $

b If this application is for Form 990-PF or 990-T, enter any refundable credits and estimated tax payments made . Include any prior year overpayment allowed as a credit , . , , , , , , , $

c Balance Due . Subtract line 3b from line 3a . Include your payment with this form, or, if required, deposit with FTD coupon or, if required, by using EFTPS (Electronic Federal Tax Payment System). See instructions . $

Signature and Verification Under penalties of perjury, 1 declare that 1 have examined this form, including accompanying schedules and statements, and to the best of my knowledge and ballet it is true, correct, and complete, a9d that I am authorized to prepare this form

Date " OCT " 123 1 Act Notice, see Instruction

9QC287 1467 1 V02-8 .1 23-1352685

Form 8868

0

Application for Extension of Time To File an Exempt Organization Return

If you are fling for an Automatic 3-Month Extension, complete only Part I and check this box , , , , . , , , . , , , , ~ U If you are filing for an Additional (not automatic) 3-Month Extension, complete only Part II (on page 2 of this form) .

Note: Do not complete Part 11 unless you have already been granted an automatic 3-month extension on a previously filed Form 8868.

Automatic 3-Month Extension of Time - Only submit original (no copies needed) Note: Form 990-T corporations requesting an automatic 6-month extension - check this box and complete Part I only . . . , All other corporations (including Form 990-C filers) must use Form 7004 to request an extension of time to file income tax returns . Partnerships, REMICs and trusts must use Form 8736 to request an extension of time to file Form 7065, 7066, or 1049. Type Or Name of Exempt Organization Employer Identification number

print TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA 23-1352685

Check type of return to be flied (file a se crate application for each return): g Form 990 Form 990-T (corporation) Form 4720

Form 990-BL Form 990-T(sec. 401(a) or 408(a) trust) Form 5227 Form 990-EZ Form 990-T (trust other than above) Form 6069

u Form 990-PF ~ Form 1041-A Form 8870

" If the organization does not have an office or place of business in the United States, check this box * 1:1 " If this is for a Group Return, enter the organization's four digit Group Exemption Number (GEN) N/A . .If this is for the whole group, check this box " F-~ . If it is for part of the group, check this box " and attach a list with the names and EINs of all members the extension will cover. 1 I request an automatic 3-month (6-month, for 990-T corporation) extension of time until 02/16 . 2004

to file the exempt organization return for the organization named above . The extension is for the organization's return for. 111. calendar year or

Fx] tax year beginning 07101 . 2002 , and ending 06/30 . 2003

2 If this tax year is for less than 12 months, check reason : 1:1 Initial return 1:1 Final return 0 Change in accounting period

For

JSP. 2F8054 1 000

Forth 8868 (72-2000)

Documents

9 9 0 Return of Organization Exempt From Income Tax UMHN 7D9 …990s.foundationcenter.org/990_pdf_archive/231/231352685/231352… · M Check 10- u if the organization is not required