Yale University

“There are two ex-officio trustees, the governor of connecticut and the lieutenant governor of connecticut. Historically, these individuals do not participate in governance activities at the university and they are reported as independent.”

“During the FYE 6/30/24, a corporation resolution was amended to make more uniform the monetary thresholds for corporation approval of certain transactions, adjust the signature authority of certain officers, and update the position titles or descriptions for a senior vice president and two vice presidents. In addition, during the FYE 6/30/24 the Yale Corporation By-Laws were amended to update the name of the Peabody Museum.”

“The university has a system of internal controls designed to prevent and identify the diversion of its assets. During the fiscal year ended june 30, 2024, the university became aware of inappropriate diversions of university funds totaling approximately $506,000 involving ten university employees, acting separately, who falsely charged and misrepresented personal expenses as business expenses on university- issued purchasing cards. Once the fraud was discovered, yale conducted a thorough internal investigation and concluded that no officers, trustees, disqualified persons, or other employees were complicit in the diversion of these funds. Yale took necessary action which included notifying relevant law enforcement authorities as appropriate, fully cooperating with their investigation, and either terminating the employment of employees involved or subjecting them to disciplinary action pursuant to university policy. Yale has acted to prevent future diversions by further strengthening its financial processes, policies, and internal controls. Specifically, yale has expanded efforts to promote a strong internal control culture, clarify roles and responsibilities, develop a risk-based quality assurance function, provide a robust compliance training program focused on ethics, internal controls, and fraud awareness, and strengthen feedback loops that lead to continuous improvement and accountability. These university-wide initiatives will contribute to advancing a strong culture of financial integrity, accountability, insight and stewardship of yale resources.”

“The governing body includes six alumni trustees who are elected by the alumni.”

“THE FORM 990 WAS REVIEWED BY SENIOR MANAGEMENT. IN ADDITION, THE UNIVERSITY DISTRIBUTED A DRAFT COPY OF FORM 990 TO THE CORPORATION AUDIT COMMITTEE, COMPRISED OF four MEMBERS OF THE UNIVERSITY'S GOVERNING BODY. MEMBERS OF SENIOR MANAGEMENT MET WITH CERTAIN UNIVERSITY OFFICERS AND THE CORPORATION AUDIT COMMITTEE TO DISCUSS THE DRAFT FORM 990 AND ANSWER ANY QUESTIONS PRIOR TO FILING.”

“The yale university conflict of interest policy obligates each officer, trustee, and key employee to promptly disclose any actual or potential conflict of interest as defined in the policy. Each such person must sign a statement annually affirming that he or she has received a copy of the conflict of interest policy, has read and understands the policy, agrees to comply with the policy, and understands that the corporation is charitable and in order to maintain its exemption it must engage primarily in activities which accomplish one or more of its tax-exempt purposes. In connection with any actual or possible conflict of interest, an interested person must disclose the existence of his or her financial interest and be given the opportunity to disclose all material facts to the director and members of the committee with governing board delegated powers considering the proposed transaction or arrangement. After disclosure of a potential conflict of interest, the interested person is excused from the governing board or committee meeting while the determination of a conflict of interest is made, and is recused from participating in any vote on the matter.”

“THE annual PROCESS FOR DETERMINING THE COMPENSATION OF THE PRESIDENT INCLUDED INITIAL REVIEW BY THE COMMITTEE ON COMPENSATION (THE COMPENSATION COMMITTEE) OF THE YALE CORPORATION (YALE UNIVERSITY'S GOVERNING BOARD), A RECOMMENDATION VOTED BY THE COMMITTEE TO THE YALE CORPORATION, AND FULL REVIEW AND VOTE BY THE YALE CORPORATION. BOTH REVIEWS INCLUDED REVIEW OF THE COMPENSATION OF SIMILARLY QUALIFIED INDIVIDUALS IN COMPARABLE POSITIONS AT OTHER UNIVERSITIES, AS COMPILED BY A PROFESSIONAL COMPENSATION CONSULTANT RETAINED BY THE COMPENSATION COMMITTEE FOR THE PURPOSE, AND REVIEW OF INFORMATION ON SUCH COMPARABLE POSITIONS FROM IRS FORMS 990 FOR SIMILAR ORGANIZATIONS; BOTH REVIEWS CONSIDERED SUCH DATA IN LIGHT OF THE PERFORMANCE OF THE PRESIDENT, WHICH WAS REVIEWED BY THE COMPENSATION COMMITTEE AND BY THE YALE CORPORATION. THE PROCEEDINGS OF THE COMPENSATION COMMITTEE AND THE PROCEEDINGS OF THE YALE CORPORATION EACH WERE DOCUMENTED IN MINUTES OF THE RESPECTIVE BODY, CONTEMPORANEOUSLY ADOPTED AND RETAINED IN THE RECORDS OF THE RESPECTIVE BODY, ALONG WITH THE DATA ON COMPARABLE COMPENSATION THAT WAS RELIED UPON.”

“THE annual PROCESS FOR DETERMINING COMPENSATION OF THE OFFICERS CONSISTED OF REVIEW BY THE COMPENSATION COMMITTEE OF THE RECOMMENDATIONS MADE BY THE PRESIDENT, CONSIDERING THE PERFORMANCE OF EACH OFFICER, AND REVIEW OF DATA ON COMPENSATION OF SIMILARLY QUALIFIED INDIVIDUALS IN COMPARABLE POSITIONS AT SIMILAR ORGANIZATIONS, AS COLLECTED BY A PROFESSIONAL COMPENSATION CONSULTANT THROUGH SURVEYS; THE COMPENSATION COMMITTEE VOTED RECOMMENDATIONS ON COMPENSATION OF SUCH INDIVIDUALS TO THE YALE CORPORATION. THE YALE CORPORATION RECEIVED THE RECOMMENDATIONS OF THE COMPENSATION COMMITTEE, AND DISCUSSED THESE WITH THE PRESIDENT, WHO REVIEWED THE PERFORMANCE OF EACH OFFICER WITH THE YALE CORPORATION, AND ALSO THE COMPARABLE COMPENSATION INFORMATION. THE YALE CORPORATION THEN VOTED ON THE COMPENSATION OF EACH OFFICER. THE PROCEEDINGS OF THE COMPENSATION COMMITTEE AND OF THE CORPORATION EACH WERE DOCUMENTED IN MINUTES CONTEMPORANEOUSLY ADOPTED AND RETAINED IN THE RECORDS OF THE RESPECTIVE BODY, ALONG WITH THE DATA ON COMPARABLE COMPENSATION THAT WAS RELIED UPON. OF THE KEY EMPLOYEES, THE COMPENSATION OF THE DEAN, SCHOOL OF MEDICINE WAS RECOMMENDED BY THE PRESIDENT TO THE COMPENSATION COMMITTEE, AND REVIEWED BY THAT COMMITTEE IN CONJUNCTION WITH ITS REVIEW OF THE PERFORMANCE OF THE DEAN AND CONSIDERATION OF DATA ON THE COMPENSATION OF SIMILARLY QUALIFIED INDIVIDUALS IN COMPARABLE POSITIONS AT OTHER INSTITUTIONS COMPILED BY AN INDEPENDENT COMPENSATION CONSULTANT. THE COMPENSATION COMMITTEE VOTED TO APPROVE THE COMPENSATION, AND CONTEMPORANEOUSLY DOCUMENTED ITS PROCEEDINGS IN MINUTES RETAINED IN ITS RECORDS ALONG WITH THE COMPENSATION DATA RELIED UPON. WITH RESPECT TO THE CHIEF INVESTMENT OFFICER, THE COMPENSATION COMMITTEE VOTED TO APPROVE THE COMPENSATION AFTER CONSIDERATION OF THE RECOMMENDATIONS OF THE PRESIDENT AND OF THE FOLLOWING: REVIEW OF THE PERFORMANCE of the Chief Investment Officer, INVESTMENT PERFORMANCE OF THE YALE ENDOWMENT OVER DESIGNATED PERIODS, OTHER PERFORMANCE-RELATED INFORMATION, AND AN ANALYSIS OF THE COMPENSATION OF SIMILARLY QUALIFIED INDIVIDUALS IN COMPARABLE POSITIONS AT TAXABLE AND TAX-EXEMPT ORGANIZATIONS PREPARED BY AN INDEPENDENT COMPENSATION CONSULTANT RETAINED FOR THE PURPOSE. THE COMPENSATION COMMITTEE CONTEMPORANEOUSLY DOCUMENTED ITS PROCEEDINGS IN MINUTES RETAINED IN ITS RECORDS ALONG WITH THE COMPENSATION DATA RELIED UPON. NO MEMBER OF THE YALE CORPORATION WHO HAD A CONFLICT OF INTEREST WITH RESPECT TO A COMPENSATION ARRANGEMENT DESCRIBED ABOVE (I.E., BY VIRTUE OF A FAMILY OR BUSINESS RELATIONSHIP) PARTICIPATED IN THE COMPENSATION COMMITTEE REVIEW OR THE VOTE OF THE YALE CORPORATION WITH RESPECT TO SUCH COMPENSATION ARRANGEMENT.”

“THE UNIVERSITY'S GOVERNING DOCUMENTS, INCLUDING ANY AMENDMENTS, FINANCIAL STATEMENTS AND Institutional STANDARDS OF CONDUCT ARE AVAILABLE ON THE UNIVERSITY'S WEBSITE OR UPON REQUEST.”

“The number of hours reported for each listed person is an estimate. The estimate for trustees includes meeting time and preparation, as well as attendance at certain official university functions during the year, but does not include travel time or attendance at other events as trustees. In many cases, the actual average hours per week for listed persons, other than trustees, exceeded 50 hours.”

“PETER SALOVEY: Professor of Psychology Alexander C. Banker: Sr Director of Finance Murat Gunel: Professor of Neurosurgery & Professor of Genetics & of Neuroscience Nancy J. Brown: Professor of Internal Medicine Alexander E. Dreier: General Counsel & Sr Counselor to the President SCOTT A. STROBEL: PROFESSOR OF MOLECULAR BIOPHYSICS & BIOCHEMISTRY; PROFESSOR OF CHEMISTRY; HOWARD HUGHES MEDICAL INSTITUTE PROFESSOR PERICLES LEWIS: Dean of Yale College; professor of comparative literature Dean Takahashi: Executive Director, Yale Carbon Containment Lab; Professor Adjunct Emeritus of Management BENJAMIN POLAK: PROFESSOR OF ECONOMICS; PROFESSOR OF MANAGEMENT ROBERT J. ALPERN: PROFESSOR OF MEDICINE (NEPHROLOGY) & professor of cellular & molecular physiology Karen Peart: Associate VP, Public Affairs and Communications”

“All other program service revenue - Total Revenue: 43223654, Related or Exempt Function Revenue: 41932778, Unrelated Business Revenue: 1290876, Revenue Excluded from Tax Under Sections 512, 513, or 514: 0;”

“THE AMOUNT REPORTED REPRESENTS DIRECT CASH PAYMENTS MADE DURING THE CALENDAR YEAR 2023 TO INDEPENDENT CONTRACTORS FOR SERVICES. FOR CONSTRUCTION and related SERVICES, THE FEES REPRESENT THE ENTIRE CONTRACT COST.”

“Volunteers support and benefit the university in a wide variety of activities, programs, and services. While yale university does not track the number of its volunteers, the university estimates that the number of volunteers was approximately 15,000 during fye 6/30/24.”

“Yale is committed to improving the world today and for future generations through outstanding research and scholarship, education, preservation, and practice. Yale educates aspiring leaders worldwide who serve all sectors of society. We carry out this mission through the free exchange of ideas in an ethical, interdependent, and diverse community of faculty, staff, students, and alumni.”

“(Expenses $ 826,650,345 including grants of $ 15,993,617)(Revenue $ 135,551,689) OTHER PROGRAM SERVICES INCLUDE ACADEMIC SUPPORT, PUBLIC SERVICE, AND OTHER INSTITUTIONAL SUPPORT.”

“Other expenses include $1,096,618 of state unrelated business income tax.”

“Change in funding status of defined benefit plans - XXX-XX-XXXX; Actuarial adjustments for split interest liability - 2837227;”

“Pursuant to the form instructions, the following is a breakout of amounts reported as investments: central america and the caribbean: investments = $7,805,098,821 expenditures = $63,673,815 east asia and the pacific: investments = $4,650,024 expenditures = $317,012 europe (including iceland and greenland): investments = $1,430,761,138 expenditures = $37,636,304 north america (canada & mexico only): investments = $623,530,911 expenditures = $6,521,096 south america: investments = $0 expenditures = $198,793 south asia: investments = $0 expenditures = $56,421 sub-saharan africa: investments = $196,119,329 expenditures = $0”

“A subaward is an award of financial support from the university to a qualified third party primarily to perform research and other related programmatic efforts under a sponsored research project.”

“The total number reported on line 3 includes tax-exempt organizations and public institutions. Most of the subaward recipients are universities, hospitals, and research institutions.”

“The amounts reported in columns (c) and (d) represent an estimate of total awards for the fiscal year ended june 30, 2024, based on information provided by the university's undergraduate, graduate and professional schools. Some students received more than one award during the fiscal year ended june 30, 2024.”

“This amount is also included in column (e). It is, therefore, double reported in part ii and does not represent additional compensation.”

“This contribution represents a pledge. It is unknown at this time whether the pledge will be satisfied with cash and/or non-cash property.”