Cornell University
- Assets
- $17.4b
- Revenue
- $6.1b
- Investments
- $8.4b
- Employees
- 40,978
- Location
- Ithaca, NY
- Founding
- 10/1951
- Data as of
- 06/2021
- EIN
- 15-0532082
Organization Overview
Cornell University is located in Ithaca, NY. The organization was established in 1951. According to its NTEE Classification (B43) the organization is classified as: Universities, under the broad grouping of Education and related organizations. As of 06/2021, Cornell University employed 40,978 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cornell University is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2021, Cornell University generated $6.1b in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 5.7% each year. All expenses for the organization totaled $5.4b during the year ending 06/2021. While expenses have increased by 4.2% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Cornell University has awarded 2,103 individual grants totaling $561,186,156. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
EDUCATION, RESEARCH, MEDICAL SERVICES AND OTHER PUBLIC SERVICES.
Describe the Organization's Program Activity:
CORNELL UNIVERSITY IS RENOWNED FOR ITS ACADEMIC RIGOR, INTELLECTUAL VIBRANCY, ENTREPRENEURIAL CHARACTER, AND THE DIVERSITY AND QUALITY OF ITS CURRICULA AND AREAS OF MULTIDISCIPLINARY RESEARCH AND STUDY. THE UNIVERSITY'S UNDERGRADUATE, GRADUATE, PROFESSIONAL, POST-DOCTORAL, AND CONTINUING EDUCATION PROGRAMS HAVE A GLOBAL REPUTATION FOR EXCELLENCE AND INNOVATION. CORNELL'S MAIN CAMPUS IS IN ITHACA, NEW YORK, WITH THE CAMPUSES OF WEILL CORNELL MEDICAL COLLEGE AND CORNELL TECH IN NEW YORK CITY. CONTINUE ON SCHEDULE O
MEDICAL SERVICES, INCLUDING THE TRAINING AND EDUCATION OF PHYSICIANS, IS A PRIMARY COMPONENT OF THE UNIVERSITY'S MISSION. CORNELL IS COMMITTED TO EXCELLENCE IN PATIENT CARE, SCIENTIFIC DISCOVERY, AND THE EDUCATION OF FUTURE PHYSICIANS IN NEW YORK CITY AND AROUND THE WORLD. THE DOCTORS AND SCIENTISTS OF WEILL CORNELL MEDICINE -FACULTY FROM WEILL CORNELL MEDICAL COLLEGE, WEILL CORNELL GRADUATE SCHOOL OF MEDICAL SCIENCES, AND THE WEILL CORNELL PHYSICIAN ORGANIZATION- PROVIDE CLINICAL CARE AND RESEARCH THAT CONNECT PATIENTS TO THE LATEST TREATMENT INNOVATIONS AND PREVENTION STRATEGIES.
CORNELL HAS A LONG TRADITION OF COMBINING SCHOLARLY WORK AND LEADERSHIP IN RESEARCH -BOTH BASIC AND APPLIED- WITH PUBLIC SERVICE AND ENGAGEMENT IN NEW YORK STATE AND AROUND THE WORLD. REVENUES FROM SPONSORED AWARDS INCLUDE $723,783,000 IN DIRECT SUPPORT AND $199,281,000 IN INDIRECT COST RECOVERY. REVENUES ALSO INCLUDE GRANT AND CONTRACT REVENUE TO SUPPORT PUBLIC OUTREACH AND INSTRUCTION, THE SINGLE LARGEST PORTION IS RELATED TO RESEARCH.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Zev Rosenwarks MD Academic Professor | 55 | $7,643,320 | |
Hey-Joo Kang MD Associate Professor - Clinical | 55 | $4,719,958 | |
Leonard Girardi MD Academic Chair | 55 | $4,057,179 | |
Philip Stieg MD Academic Chair | 55 | $3,826,547 | |
Steven Spandorfer MD Associate Professor - Clinical | 55 | $3,393,241 | |
Augustine Mk Choi MD Provost For Medl Affrs & Dean | Officer | 55 | $2,261,498 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
575 Lex Property Owner Llc Consulting | 6/29/21 | $13,592,047 |
Bny Mellon Investments | 6/29/21 | $36,952,901 |
Lechase Construction Services Llc Construction | 6/29/21 | $6,078,725 |
Gemini Consulting Services Llc Consulting | 6/29/21 | $7,891,943 |
J A Jennings Inc Real Estate Mgmt | 6/29/21 | $5,607,243 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $688,026 |
| Fundraising events | $457,700 |
| Related organizations | $27,106,021 |
| Government grants | $19,930,692 |
| All other contributions, gifts, grants, and similar amounts not included above | $612,128,000 |
| Noncash contributions included in lines 1a–1f | $17,182,713 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $660,310,439 |
| Total Program Service Revenue | $4,627,366,695 |
| Investment income | $79,932,572 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $31,475,800 |
| Net Rental Income | $1,678,297 |
| Net Gain/Loss on Asset Sales | $700,181,267 |
| Net Income from Fundraising Events | -$250,606 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $4,763,447 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,105,457,911 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $86,150,141 |
| Grants and other assistance to domestic individuals. | $491,826,211 |
| Grants and other assistance to Foreign Orgs/Individuals | $158,308,652 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $11,653,850 |
| Compensation of current officers, directors, key employees. | $3,114,452 |
| Compensation to disqualified persons | $302,950 |
| Other salaries and wages | $2,377,330,217 |
| Pension plan accruals and contributions | $111,586,789 |
| Other employee benefits | $428,507,541 |
| Payroll taxes | $110,916,318 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $12,931,235 |
| Fees for services: Accounting | $1,900,516 |
| Fees for services: Lobbying | $537,552 |
| Fees for services: Fundraising | $626,400 |
| Fees for services: Investment Management | $36,952,901 |
| Fees for services: Other | $412,491,697 |
| Advertising and promotion | $0 |
| Office expenses | $55,305,755 |
| Information technology | $39,267,608 |
| Royalties | $22,382,133 |
| Occupancy | $228,534,471 |
| Travel | $6,842,374 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,284,595 |
| Interest | $82,439,730 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $300,458,036 |
| Insurance | $58,871,243 |
| All other expenses | $47,572,208 |
| Total functional expenses | $5,392,092,121 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $208,686,965 |
| Savings and temporary cash investments | $522,923,956 |
| Pledges and grants receivable | $751,345,090 |
| Accounts receivable, net | $544,934,746 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $55,161,420 |
| Inventories for sale or use | $9,570,092 |
| Prepaid expenses and deferred charges | $76,543,983 |
| Net Land, buildings, and equipment | $4,190,153,331 |
| Investments—publicly traded securities | $1,832,540,753 |
| Investments—other securities | $8,441,917,787 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $766,766,048 |
| Total assets | $17,400,544,171 |
| Accounts payable and accrued expenses | $772,613,828 |
| Grants payable | $30,026,780 |
| Deferred revenue | $239,394,021 |
| Tax-exempt bond liabilities | $945,410,000 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $4,451,067 |
| Unsecured mortgages and notes payable | $689,890,000 |
| Other liabilities | $1,674,251,320 |
| Total liabilities | $4,356,037,016 |
| Net assets without donor restrictions | $3,878,274,744 |
| Net assets with donor restrictions | $9,166,232,411 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $17,400,544,171 |
Grants Awarded
Over the last fiscal year, Cornell University has awarded $84,387,330 in support to 247 organizations.
| Grant Recipient | Amount |
|---|---|
Santa Cruz, CA PURPOSE: Research | $3,457,965 |
New York, NY PURPOSE: Research | $3,071,640 |
Baltimore, MD PURPOSE: Research | $2,248,046 |
New Brunswick, NJ PURPOSE: Research | $1,681,983 |
Ann Arbor, MI PURPOSE: Research | $1,602,573 |
Redwood City, CA PURPOSE: Research | $1,602,513 |
Grants Recieved
Over the last fiscal year, we have identified 20 grants that Cornell University has recieved totaling $428,381.
| Awarding Organization | Amount |
|---|---|
Origin Spring Foundation Belmont, MA PURPOSE: GENERAL BUDGET | $150,000 |
Chau Family Charitable Foundation La Habra Hts, CA PURPOSE: CONTRIBUTION TO THE UNIVERSITY RESEARCH, DISCOVERY, PUBLIC ENGAGEMENT AND CREATIVITY. | $100,000 |
John T And Jane A Wiederhold Foundation Torrington, CT PURPOSE: SOS CORNELL STUDENT TEACHING PROGRAM | $42,646 |
Marjorie And Irwin Nat Pincus Fund Philadelphia, PA PURPOSE: GENERAL FUND | $40,000 |
Wallace Genetic Foundation Ii Inc Washington, DC PURPOSE: INTERNATIONALAGRICULTUREPROGRAMS | $25,000 |
Wm C & Mariee S Shank Charitable Trust Dallas, TX PURPOSE: UNRESTRICTED GENERAL | $11,835 |
Endowment Analysis
| Beg. Balance | $6,678,526,938 |
| Earnings | $2,704,871,491 |
| Admin Expense | $64,776,030 |
| Net Contributions | $212,788,526 |
| Other Expense | $242,703,854 |
| Grants | $58,390,650 |
| Ending Balance | $9,230,316,421 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Fordham University Bronx, NY | $2,430,141,698 | $953,892,663 |
Rochester Institute Of Technology Rochester, NY | $2,526,196,996 | $1,071,324,345 |
St Johns University New York Jamaica, NY | $1,703,677,283 | $798,473,536 |
Villanova University Villanova, PA | $2,287,455,797 | $872,271,471 |
Rensselaer Polytechnic Institute Troy, NY | $1,598,843,813 | $653,047,178 |
Rockefeller University New York, NY | $4,263,008,941 | $535,346,959 |
Lehigh University Bethlehem, PA | $3,057,301,515 | $713,288,867 |
The New School New York, NY | $1,263,076,833 | $558,997,855 |
Hofstra University Hempstead, NY | $1,538,245,078 | $606,887,297 |
American University Of Beirut New York, NY | $1,902,791,001 | $608,300,843 |
Quinnipiac University Hamden, CT | $1,807,258,104 | $531,949,834 |
Seton Hall University South Orange, NJ | $890,349,000 | $473,034,000 |