TY 2023 Form 990

- TIN:

Form990

Department of the TreasuryInternal Revenue Service

Return of Organization Exempt From Income Tax

Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except private foundations)

Do not enter social security numbers on this form as it may be made public.

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2023

Open to Public Inspection

A For the 2023 calendar year, or tax year beginning 07-01-2023 , and ending 06-30-2024

BCheck if applicable: Address change Name change Initial return Final return/terminated Amended return Application pending

CName of organization
The Trustees of Princeton University

Doing business as
Princeton University

Number and street (or P.O. box if mail is not delivered to street address)
701 Carnegie Center Suite 445

Room/suite

City or town, state or province, country, and ZIP or foreign postal code
Princeton, NJ08540

D Employer identification number

21-0634501

E Telephone number

G Gross receipts $ 3,130,811,731

F Name and address of principal officer:
Christopher Eisgruber
One Nassau Hall
Princeton,NJ08544

Tax-exempt status: 501(c)(3) 501(c) ( ) (insert no.) 4947(a)(1) or 527

Website:

www.princeton.edu

H(a)

Is this a group return for
subordinates? Yes No

H(b)

Are all subordinates
included?

Yes No

If "No," attach a list. See instructions.

H(c)

Group exemption number

K Form of organization: Corporation Trust Association Other

L Year of formation: 1746

M State of legal domicile: NJ

Part I

Summary

1	Briefly describe the organization’s mission or most significant activities: PRINCETON UNIVERSITY IS A PRIVATE NOT-FOR-PROFIT, NONSECTARIAN INSTITUTION OF HIGHER LEARNING AND A WORLD-RENOWNED RESEARCH INSTITUTION.
2	Check this box
3	Number of voting members of the governing body (Part VI, line 1a) ........	3	37
4	Number of independent voting members of the governing body (Part VI, line 1b) .....	4	34
5	Total number of individuals employed in calendar year 2023 (Part V, line 2a) ......	5	16,660
6	Total number of volunteers (estimate if necessary) .............	6	27,000
7a	Total unrelated business revenue from Part VIII, column (C), line 12 ........	7a	83,567,289
b	Net unrelated business taxable income from Form 990-T, Part I, line 11 .........	7b	0

		Prior Year	Current Year
8	Contributions and grants (Part VIII, line 1h) .........	761,141,000	787,334,000
9	Program service revenue (Part VIII, line 2g) .........	591,782,000	628,647,000
10	Investment income (Part VIII, column (A), lines 3, 4, and 7d ) ....	1,907,052,000	1,616,831,000
11	Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e)	351,190,000	64,011,000
12	Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12)	3,611,165,000	3,096,823,000
13	Grants and similar amounts paid (Part IX, column (A), lines 1–3 )...	509,542,799	618,934,900
14	Benefits paid to or for members (Part IX, column (A), line 4).....		0
15	Salaries, other compensation, employee benefits (Part IX, column (A), lines 5–10)	1,244,281,000	1,390,790,000
16a	Professional fundraising fees (Part IX, column (A), line 11e) .....		0
b	Total fundraising expenses (Part IX, column (D), line 25) 38,428,000
17	Other expenses (Part IX, column (A), lines 11a–11d, 11f–24e)....	876,262,201	875,461,100
18	Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25)	2,630,086,000	2,885,186,000
19	Revenue less expenses. Subtract line 18 from line 12.......	981,079,000	211,637,000
		Beginning of Current Year	End of Year
20	Total assets (Part X, line 16).............	41,548,353,000	42,839,034,000
21	Total liabilities (Part X, line 26).............	5,326,169,000	6,719,933,000
22	Net assets or fund balances. Subtract line 21 from line 20.....	36,222,184,000	36,119,101,000

Part II

Signature Block

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than officer) is based on all information of which preparer has any knowledge.

Sign Here

	Signature of officer	Date

	Type or print name and title

Paid Preparer Use Only

Print/Type preparer's name

Preparer's signature

Date

Check if
self-employed

PTIN

Firm's name

Firm's EIN

Firm's address

Phone no.

May the IRS discuss this return with the preparer shown above? See Instructions. ..........YesNo

For Paperwork Reduction Act Notice, see the separate instructions.

Cat. No. 11282Y Form 990 (2023)

Form 990 (2023)

Page 2

Part III

Statement of Program Service Accomplishments

Check if Schedule O contains a response or note to any line in this Part III..............

Briefly describe the organization’s mission: RESEARCH, EDUCATION AND GENERAL - PRINCETON UNIVERSITY IS A PRIVATE NOT-FOR-PROFIT, NON-SECTARIAN INSTITUTION OF HIGHER LEARNING WITH APPROXIMATELY 5,600 UNDERGRADUATE AND 3,300 GRADUATE STUDENTS. 2,400 STUDENTS GRADUATED IN THE 2023-2024 ACADEMIC YEAR. AS A WORLD-RENOWNED RESEARCH UNIVERSITY, PRINCETON SEEKS TO ACHIEVE THE HIGHEST LEVELS OF DISTINCTION IN THE DISCOVERY AND TRANSMISSION OF KNOWLEDGE AND UNDERSTANDING, AT THE SAME TIME, PRINCETON IS DISTINCTIVE AMONG RESEARCH UNIVERSITIES IN ITS COMMITMENT TO UNDERGRADUATE TEACHING.

Did the organization undertake any significant program services during the year which were not listed on
the prior Form 990 or 990-EZ? ..................... Yes No

If "Yes," describe these new services on Schedule O.

Did the organization cease conducting, or make significant changes in how it conducts, any program
services? ........................... Yes No

If "Yes," describe these changes on Schedule O.

Describe the organization’s program service accomplishments for each of its three largest program services, as measured by expenses. Section 501(c)(3) and 501(c)(4) organizations are required to report the amount of grants and allocations to others, the total expenses, and revenue, if any, for each program service reported.


4a	(Code: ) (Expenses $ 1,064,143,000 including grants of $ 104,743,000 ) (Revenue $ 3,809,000 )
	RESEARCH-ONE OF THE WORLD'S GREAT RESEARCH CENTERS, PRINCETON UNIVERSITY IS THE SITE OF PIONEERING WORK ACROSS ALL ACADEMIC AREAS. EVERY MEMBER OF THE FACULTY IS ENGAGED IN SCHOLARLY RESEARCH; EACH YEAR THE MEMBERS OF THE FACULTY PUBLISH MORE THAN 3,000 SCHOLARLY DOCUMENTS. IN ADDITION, GRADUATE STUDENTS AND UPPERCLASS UNDERGRADUATES PURSUE INDEPENDENT RESEARCH. EXTERNAL SOURCES FUNDED 1,740 SEPARATE PROJECTS IN 2023-24 AS WELL AS THE PRINCETON PLASMA PHYSICS LAB.; THERE WERE 994 SPONSORED PROJECTS IN THE NATURAL SCIENCES, 556 IN ENGINEERING AND APPLIED SCIENCE, 172 IN THE HUMANITIES AND SOCIAL SCIENCES, AND 18 IN NON-ACADEMIC AREAS.

4b	(Code: ) (Expenses $ 922,118,000 including grants of $ 376,011,000 ) (Revenue $ 526,324,000 )
	EDUCATION - PRINCETON UNIVERSITY IS A PRIVATE NOT-FOR-PROFIT, NON-SECTARIAN INSTITUTION OF HIGHER LEARNING WITH APPROXIMATELY 5,600 UNDERGRADUATE AND 3,300 GRADUATE STUDENTS. 2,400 STUDENTS GRADUATED IN THE 2023-2024 ACADEMIC YEAR. AS A WORLD-RENOWNED RESEARCH UNIVERSITY, PRINCETON SEEKS TO ACHIEVE THE HIGHEST LEVELS OF DISTINCTION IN THE DISCOVERY AND TRANSMISSION OF KNOWLEDGE AND UNDERSTANDING. AT THE SAME TIME, PRINCETON IS DISTINCTIVE AMONG RESEARCH UNIVERSITIES IN ITS COMMITMENT TO UNDERGRADUATE TEACHING.

4c	(Code: ) (Expenses $ 165,499,000 including grants of $ 38,314,000 ) (Revenue $ 115,721,000 )
	AUXILIARY ACTIVITIES-PRINCETON UNIVERSITY FURNISHES SERVICES TO THE CAMPUS COMMUNITY INCLUDING HOUSING, DINING, AND CONFERENCE AND EVENT SERVICES TO APPROXIMATELY 9,000 STUDENTS, 1,300 FACULTY, 6,800 STAFF, AS WELL AS THE PUBLIC. ONE OF PRINCETON'S DEFINING CHARACTERISTICS IS ITS SMALL, RESIDENTIAL COMMUNITY THAT OFFERS A WEALTH OF ACADEMIC, EXTRACURRICULAR AND CAMPUS LIFE OPPORTUNITIES FOR STUDENTS. NEARLY ALL OF THE UNIVERSITY'S UNDERGRADUATES AND 70 PERCENT OF GRADUATE STUDENTS LIVE ON CAMPUS. THE UNIVERSITY ALSO OFFERS A VARIETY OF HOUSING AND DINING PROGRAMS FOR FACULTY AND STAFF.

	(Code: ) (Expenses $ 433,092,000 including grants of $ 59,227,000 ) (Revenue $ )
	OTHER PROGRAM SERVICES - INCLUDES ACADEMIC SUPPORT ACTIVITIES SUCH AS ACADEMIC ADMINISTRATION, RESEARCH ADMINISTRATION, AND THE PRINCETON UNIVERSITY ART MUSEUM; STUDENT SERVICES SUCH AS ADMISSION, FINANCIAL AID, REGISTRAR, CAREER SERVICES, HEALTH SERVICES AND ATHLETICS; AND PUBLIC SERVICE.

4d	Other program services (Describe in Schedule O.)
	(Expenses $ 433,092,000 including grants of $ 59,227,000 ) (Revenue $ )
4e	Total program service expenses2,584,852,000

Form 990 (2023)

Page 3

Part IV

Checklist of Required Schedules

Yes

Is the organization described in section 501(c)(3) or 4947(a)(1) (other than a private foundation)? If "Yes," complete Schedule A Click to see attachment

List of Attached Documents:

// Content

.....................

Yes

Is the organization required to complete Schedule B, Schedule of Contributors? See instructions. Click to see attachment

List of Attached Documents:

// Content

...

Yes

Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to candidates for public office? If "Yes," complete Schedule C, Part I.............

Section 501(c)(3) organizations. Did the organization engage in lobbying activities, or have a section 501(h) election in effect during the tax year? If "Yes," complete Schedule C, Part II Click to see attachment

List of Attached Documents:

// Content

.........

Yes

Is the organization a section 501(c)(4), 501(c)(5), or 501(c)(6) organization that receives membership dues, assessments, or similar amounts as defined in Rev. Proc. 98-19? If "Yes," complete Schedule C, Part III..

Did the organization maintain any donor advised funds or any similar funds or accounts for which donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts? If "Yes," complete Schedule D, Part I Click to see attachment

List of Attached Documents:

// Content

.........................

Yes

Did the organization receive or hold a conservation easement, including easements to preserve open space,
the environment, historic land areas, or historic structures? If "Yes," complete Schedule D, Part II....

Did the organization maintain collections of works of art, historical treasures, or other similar assets? If "Yes,"
complete Schedule D, Part III Click to see attachment

List of Attached Documents:

// Content

..............

Yes

Did the organization report an amount in Part X, line 21 for escrow or custodial account liability; serve as a custodian for amounts not listed in Part X; or provide credit counseling, debt management, credit repair, or debt negotiation services? If "Yes," complete Schedule D, Part IV..............

Did the organization, directly or through a related organization, hold assets in temporarily restricted endowments, permanent endowments, or quasi endowments? If "Yes," complete Schedule D, Part V Click to see attachment

List of Attached Documents:

// Content

......

Yes

If the organization’s answer to any of the following questions is "Yes," then complete Schedule D, Parts VI, VII, VIII, IX, or X, as applicable.

Did the organization report an amount for land, buildings, and equipment in Part X, line 10? If "Yes," complete
Schedule D, Part VI. Click to see attachment

List of Attached Documents:

// Content

...................

11a

Yes

Did the organization report an amount for investments—other securities in Part X, line 12 that is 5% or more of its total assets reported in Part X, line 16? If "Yes," complete Schedule D, Part VII Click to see attachment

List of Attached Documents:

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.......

11b

Yes

Did the organization report an amount for investments—program related in Part X, line 13 that is 5% or more of its total assets reported in Part X, line 16? If "Yes," complete Schedule D, Part VIII.......

11c

Did the organization report an amount for other assets in Part X, line 15 that is 5% or more of its total assets reported in Part X, line 16? If "Yes," complete Schedule D, Part IX............

11d

Did the organization report an amount for other liabilities in Part X, line 25? If "Yes," complete Schedule D, Part X Click to see attachment

List of Attached Documents:

// Content

11e

Yes

Did the organization’s separate or consolidated financial statements for the tax year include a footnote that addresses the organization’s liability for uncertain tax positions under FIN 48 (ASC 740)? If "Yes," complete Schedule D, Part X Click to see attachment

List of Attached Documents:

// Content

11f

Yes

12a

Did the organization obtain separate, independent audited financial statements for the tax year? If "Yes," complete
Schedule D, Parts XI and XII......................

12a

Was the organization included in consolidated, independent audited financial statements for the tax year? If "Yes," and if the organization answered "No" to line 12a, then completing Schedule D, Parts XI and XII is optional Click to see attachment

List of Attached Documents:

// Content

12b

Yes

Is the organization a school described in section 170(b)(1)(A)(ii)? If "Yes," complete Schedule E Click to see attachment

List of Attached Documents:

// Content

Yes

14a

Did the organization maintain an office, employees, or agents outside of the United States? .....

14a

Yes

Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraising, business, investment, and program service activities outside the United States, or aggregate foreign investments valued at $100,000 or more? If "Yes," complete Schedule F, Parts I and IV......... Click to see attachment

List of Attached Documents:

// Content

14b

Yes

Did the organization report on Part IX, column (A), line 3, more than $5,000 of grants or other assistance to or for any foreign organization? If “Yes,” complete Schedule F, Parts II and IV..... Click to see attachment

List of Attached Documents:

// Content

Yes

Did the organization report on Part IX, column (A), line 3, more than $5,000 of aggregate grants or other assistance to or for foreign individuals? If “Yes,” complete Schedule F, Parts III and IV... Click to see attachment

List of Attached Documents:

// Content

Yes

Did the organization report a total of more than $15,000 of expenses for professional fundraising services on Part IX, column (A), lines 6 and 11e? If "Yes," complete Schedule G, Part I. See instructions. ....

Did the organization report more than $15,000 total of fundraising event gross income and contributions on Part VIII, lines 1c and 8a? If "Yes," complete Schedule G, Part II............ Click to see attachment

List of Attached Documents:

// Content

Yes

Did the organization report more than $15,000 of gross income from gaming activities on Part VIII, line 9a? If "Yes," complete Schedule G, Part III...................

20a

Did the organization operate one or more hospital facilities? If "Yes," complete Schedule H....

20a

If "Yes" to line 20a, did the organization attach a copy of its audited financial statements to this return?

20b

Did the organization report more than $5,000 of grants or other assistance to any domestic organization or domestic government on Part IX, column (A), line 1? If “Yes,” complete Schedule I, Parts I and II..... Click to see attachment

List of Attached Documents:

// Content

Yes

Form 990 (2023)

Page 4

Part IV

Checklist of Required Schedules (continued)

Yes

Did the organization report more than $5,000 of grants or other assistance to or for domestic individuals on Part IX, column (A), line 2? If “Yes,” complete Schedule I, Parts I and III........ Click to see attachment

List of Attached Documents:

// Content

Yes

Did the organization answer "Yes" to Part VII, Section A, line 3, 4, or 5, about compensation of the organization’s current and former officers, directors, trustees, key employees, and highest compensated employees? If "Yes," complete Schedule J....................... Click to see attachment

List of Attached Documents:

// Content

Yes

24a

Did the organization have a tax-exempt bond issue with an outstanding principal amount of more than $100,000 as of the last day of the year, that was issued after December 31, 2002? If “Yes,” answer lines 24b through 24d and complete Schedule K. If “No,” go to line 25a............... Click to see list of attachments

List of Attached Documents:

// Content

24a

Yes

Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception?...

24b

Did the organization maintain an escrow account other than a refunding escrow at any time during the year
to defease any tax-exempt bonds? ...............

24c

Did the organization act as an "on behalf of" issuer for bonds outstanding at any time during the year?...

24d

25a

Section 501(c)(3), 501(c)(4), and 501(c)(29) organizations. Did the organization engage in an excess benefit transaction with a disqualified person during the year? If "Yes," complete Schedule L, Part I ....

25a

Is the organization aware that it engaged in an excess benefit transaction with a disqualified person in a prior year, and that the transaction has not been reported on any of the organization’s prior Forms 990 or 990-EZ? If "Yes," complete Schedule L, Part I.......................

25b

Did the organization report any amount on Part X, line 5 or 22 for receivables from or payables to any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons? If "Yes," complete Schedule L, Part II Click to see attachment

List of Attached Documents:

// Content

...........

Yes

Did the organization provide a grant or other assistance to any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or employee thereof, a grant selection committee member, or to a 35% controlled entity (including an employee thereof) or family member of any of these persons?

If "Yes," complete

Schedule L, Part III Click to see attachment

List of Attached Documents:

// Content

.........................

Yes

Was the organization a party to a business transaction with one of the following parties (see the Schedule L, Part IV instructions for applicable filing thresholds, conditions, and exceptions):

A current or former officer, director, trustee, key employee, creator or founder, or substantial contributor? If "Yes," complete Schedule L, Part IV......................

28a

A family member of any individual described in line 28a? If "Yes," complete Schedule L, Part IV..... Click to see attachment

List of Attached Documents:

// Content

28b

Yes

A 35% controlled entity of one or more individuals and/or organizations described in line 28a or 28b? If "Yes," complete Schedule L, Part IV.....................

28c

Did the organization receive more than $25,000 in non-cash contributions? If "Yes," complete Schedule M.. Click to see attachment

List of Attached Documents:

// Content

Yes

Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified conservation contributions? If "Yes," complete Schedule M ................. Click to see attachment

List of Attached Documents:

// Content

Yes

Did the organization liquidate, terminate, or dissolve and cease operations? If "Yes," complete Schedule N, Part I

Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets? If "Yes," complete Schedule N, Part II........................

Did the organization own 100% of an entity disregarded as separate from the organization under Regulations sections 301.7701-2 and 301.7701-3? If "Yes," complete Schedule R, Part I............ Click to see attachment

List of Attached Documents:

// Content

Yes

Was the organization related to any tax-exempt or taxable entity? If "Yes," complete Schedule R, Part II, III, or IV, and Part V, line 1......................... Click to see attachment

List of Attached Documents:

// Content

Yes

35a

Did the organization have a controlled entity within the meaning of section 512(b)(13)?

35a

Yes

If ‘Yes’ to line 35a, did the organization receive any payment from or engage in any transaction with a controlled entity within the meaning of section 512(b)(13)? If "Yes," complete Schedule R, Part V, line 2 ... Click to see attachment

List of Attached Documents:

// Content

35b

Yes

Section 501(c)(3) organizations. Did the organization make any transfers to an exempt non-charitable related organization? If "Yes," complete Schedule R, Part V, line 2.............

Did the organization conduct more than 5% of its activities through an entity that is not a related organization and that is treated as a partnership for federal income tax purposes? If "Yes," complete Schedule R, Part VI

Did the organization complete Schedule O and provide explanations on Schedule O for Part VI, lines 11b and 19? Note. All Form 990 filers are required to complete Schedule O. ............

Yes

Part V

Statements Regarding Other IRS Filings and Tax Compliance
Check if Schedule O contains a response or note to any line in this Part V...........

Yes

Enter the number reported in box 3 of Form 1096. Enter -0- if not applicable ..

9,807

Enter the number of Forms W-2G included on line 1a. Enter -0- if not applicable .

Did the organization comply with backup withholding rules for reportable payments to vendors and reportable gaming (gambling) winnings to prize winners? ..................

Yes

Form 990 (2023)

Page 5

Part V

Statements Regarding Other IRS Filings and Tax Compliance (continued)

Enter the number of employees reported on Form W-3, Transmittal of Wage and
Tax Statements, filed for the calendar year ending with or within the year covered by this return ..................

16,660

If at least one is reported on line 2a, did the organization file all required federal employment tax returns?

Yes

Did the organization have unrelated business gross income of $1,000 or more during the year?...

Yes

If “Yes,” has it filed a Form 990-T for this year? If “No” to line 3b, provide an explanation in Schedule O...

Yes

At any time during the calendar year, did the organization have an interest in, or a signature or other authority over, a financial account in a foreign country (such as a bank account, securities account, or other financial account)? ..

Yes

If "Yes," enter the name of the foreign country: HK , IN , EI , JA , AS , PL , RS , SZ , UK , BR , CA , CI , CH , CY , GM , GR
See instructions for filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).

Was the organization a party to a prohibited tax shelter transaction at any time during the tax year? ..

Did any taxable party notify the organization that it was or is a party to a prohibited tax shelter transaction?

If "Yes," to line 5a or 5b, did the organization file Form 8886-T? ............

Does the organization have annual gross receipts that are normally greater than $100,000, and did the organization solicit any contributions that were not tax deductible as charitable contributions? ...

If "Yes," did the organization include with every solicitation an express statement that such contributions or gifts were not tax deductible? ......................

Organizations that may receive deductible contributions under section 170(c).

Did the organization receive a payment in excess of $75 made partly as a contribution and partly for goods and services provided to the payor? ....................

Yes

If "Yes," did the organization notify the donor of the value of the goods or services provided? .....

Yes

Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required to file Form 8282? .........................

Yes

If "Yes," indicate the number of Forms 8282 filed during the year ....

Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?

Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ..

If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 as required? ......................

If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a Form 1098-C? ..........................

Sponsoring organizations maintaining donor advised funds. Did a donor advised fund maintained by the sponsoring organization have excess business holdings at any time during the year? ........

Sponsoring organizations maintaining donor advised funds.

Did the sponsoring organization make any taxable distributions under section 4966?........

Did the sponsoring organization make a distribution to a donor, donor advisor, or related person?...

Section 501(c)(7) organizations. Enter:

Initiation fees and capital contributions included on Part VIII, line 12 ...

10a

Gross receipts, included on Form 990, Part VIII, line 12, for public use of club facilities

10b

Section 501(c)(12) organizations. Enter:

Gross income from members or shareholders .........

11a

Gross income from other sources. (Do not net amounts due or paid to other sources against amounts due or received from them.) ..........

11b

12a

Section 4947(a)(1) non-exempt charitable trusts. Is the organization filing Form 990 in lieu of Form 1041?

12a

If "Yes," enter the amount of tax-exempt interest received or accrued during the year.

12b

Section 501(c)(29) qualified nonprofit health insurance issuers.

Is the organization licensed to issue qualified health plans in more than one state? .........
Note. See the instructions for additional information the organization must report on Schedule O.

13a

Enter the amount of reserves the organization is required to maintain by the states in which the organization is licensed to issue qualified health plans ....

13b

Enter the amount of reserves on hand ............

13c

14a

Did the organization receive any payments for indoor tanning services during the tax year?.....

14a

If "Yes," has it filed a Form 720 to report these payments? If "No," provide an explanation in Schedule O..

14b

Is the organization subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or excess parachute payment(s) during the year? ....................
If "Yes," see the instructions and file Form 4720, Schedule N.

Yes

Is the organization an educational institution subject to the section 4968 excise tax on net investment income? ..
If "Yes," complete Form 4720, Schedule O.

Yes

Section 501(c)(21) organizations. Did the trust, or any disqualified or other person engage in any activities that would result in the imposition of an excise tax under section 4951, 4952, or 4953? ..
If "Yes," complete Form 6069.

Form 990 (2023)

Page 6

Part VI

Governance, Management, and Disclosure. For each "Yes" response to lines 2 through 7b below, and for a "No" response to lines 8a, 8b, or 10b below, describe the circumstances, processes, or changes in Schedule O. See instructions.

Check if Schedule O contains a response or note to any line in this Part VI..............

Section A. Governing Body and Management

Yes

Enter the number of voting members of the governing body at the end of the tax year

If there are material differences in voting rights among members of the governing body, or if the governing body delegated broad authority to an executive committee or similar committee, explain in Schedule O.

Enter the number of voting members included in line 1a, above, who are independent

Did any officer, director, trustee, or key employee have a family relationship or a business relationship with any other officer, director, trustee, or key employee? .................

Did the organization delegate control over management duties customarily performed by or under the direct supervision of officers, directors or trustees, or key employees to a management company or other person? .

Did the organization make any significant changes to its governing documents since the prior Form 990 was filed? .

Yes

Did the organization become aware during the year of a significant diversion of the organization’s assets? .

Did the organization have members or stockholders? ................

Did the organization have members, stockholders, or other persons who had the power to elect or appoint one or more members of the governing body? ....................

Yes

Are any governance decisions of the organization reserved to (or subject to approval by) members, stockholders, or persons other than the governing body? ...................

Did the organization contemporaneously document the meetings held or written actions undertaken during the year by the following:

The governing body? .......................

Yes

Each committee with authority to act on behalf of the governing body? ............

Yes

Is there any officer, director, trustee, or key employee listed in Part VII, Section A, who cannot be reached at the organization’s mailing address? If "Yes," provide the names and addresses in Schedule O.......

Section B. Policies (This Section B requests information about policies not required by the Internal Revenue Code.)

Yes

10a

Did the organization have local chapters, branches, or affiliates? ............

10a

Yes

If "Yes," did the organization have written policies and procedures governing the activities of such chapters, affiliates, and branches to ensure their operations are consistent with the organization's exempt purposes?

10b

Yes

11a

Has the organization provided a complete copy of this Form 990 to all members of its governing body before filing the form? ............................

11a

Yes

Describe on Schedule O the process, if any, used by the organization to review this Form 990. .....

12a

Did the organization have a written conflict of interest policy? If "No," go to line 13.......

12a

Yes

Were officers, directors, or trustees, and key employees required to disclose annually interests that could give rise to conflicts? ..........................

12b

Yes

Did the organization regularly and consistently monitor and enforce compliance with the policy? If "Yes," describe on Schedule O how this was done...................

12c

Yes

Did the organization have a written whistleblower policy? ...............

Yes

Did the organization have a written document retention and destruction policy? .........

Yes

Did the process for determining compensation of the following persons include a review and approval by independent persons, comparability data, and contemporaneous substantiation of the deliberation and decision?

The organization’s CEO, Executive Director, or top management official ...........

15a

Yes

Other officers or key employees of the organization ................

15b

Yes

If "Yes" to line 15a or 15b, describe the process on Schedule O. See instructions.

16a

Did the organization invest in, contribute assets to, or participate in a joint venture or similar arrangement with a taxable entity during the year? ......................

16a

Yes

If "Yes," did the organization follow a written policy or procedure requiring the organization to evaluate its participation in joint venture arrangements under applicable federal tax law, and take steps to safeguard the organization’s exempt status with respect to such arrangements? ............

16b

Yes

Section C. Disclosure

List the states with which a copy of this Form 990 is required to be filed

CA , IN , NH , WA , WV

Section 6104 requires an organization to make its Form 1023 (1024 or 1024-A, if applicable), 990, and 990-T (section 501(c)(3)s only) available for public inspection. Indicate how you made these available. Check all that apply.

Own website Another's website Upon request Other (explain in Schedule O)

Describe in Schedule O whether (and if so, how) the organization made its governing documents, conflict of interest policy, and financial statements available to the public during the tax year.

State the name, address, and telephone number of the person who possesses the organization's books and records:
Kenneth Molinaro Princeton University701 Carnegie Center Suite 445 Princeton,NJ08540 (609) 258-3080

Form 990 (2023)

Page 7

Part VII

Compensation of Officers, Directors,Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors

Check if Schedule O contains a response or note to any line in this Part VII..............

Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees

1a Complete this table for all persons required to be listed. Report compensation for the calendar year ending with or within the organization’s tax year.
RoundBullet

List all of the organization’s current officers, directors, trustees (whether individuals or organizations), regardless of amount
of compensation. Enter -0- in columns (D), (E), and (F) if no compensation was paid.

List all of the organization’s current key employees, if any. See the instructions for definition of "key employee."

List the organization’s five current highest compensated employees (other than an officer, director, trustee or key employee)
who received reportable compensation (box 5 of Form W-2, box 6 of Form 1099-MISC, and/or box 1 of Form 1099-NEC) of more than $100,000 from the organization and any related organizations.

List all of the organization’s former officers, key employees, or highest compensated employees who received more than $100,000
of reportable compensation from the organization and any related organizations.

List all of the organization’s former directors or trustees that received, in the capacity as a former director or trustee of the
organization, more than $10,000 of reportable compensation from the organization and any related organizations.

See the instructions for the order in which to list the persons above.

Check this box if neither the organization nor any related organization compensated any current officer, director, or trustee.

(A) Name and title	(B) Average hours per week (list any hours for related organizations below dotted line)	(C) Position (do not check more than one box, unless person is both an officer and a director/trustee)		(D) Reportable compensation from the organization (W-2/1099-MISC/1099-NEC)	(E) Reportable compensation from related organizations (W-2/1099-MISC/1099-NEC)	(F) Estimated amount of other compensation from the organization and related organizations
(A) Name and title
(1) Christopher Eisgruber...................................................................... PRESIDENT	50.0 ................. 0.0	X	X	1,400,103	0	123,243
(2) Anthony HP Lee...................................................................... Trustee	5.0 ................. 0	X		0	0	0
(3) Beth F Cobert...................................................................... Trustee	6.0 ................. 0	X		0	0	0
(4) Blair W Effron...................................................................... Trustee	6.0 ................. 0	X		0	0	0
(5) Bradford L smith...................................................................... Trustee	6.0 ................. 0	X		0	0	0
(6) Carla B Vernon...................................................................... Trustee	5.0 ................. 0	X		0	0	0
(7) Carol Quillen...................................................................... Trustee	5.0 ................. 0	X		0	0	0
(8) Elizabeth Prus Myers...................................................................... Trustee	5.0 ................. 0	X		0	0	0
(9) Gordon P Ritter...................................................................... Trustee	5.0 ................. 0	X		0	0	0
(10) Heather K Gerken...................................................................... Trustee	6.0 ................. 0.0	X		0	0	0
(11) Henri R Ford...................................................................... TRUSTEE	5.0 ................. 0	X		0	0	0
(12) Jackie Y Ying...................................................................... Trustee	5.0 ................. 0	X		0	0	0
(13) Jackson A Artis...................................................................... Trustee	5.0 ................. 0	X		0	0	0
(14) Janeria A Easley...................................................................... TRUSTEE	5.0 ................. 0	X		0	0	0
(15) Jos B Alvarez...................................................................... Trustee	5.0 ................. 0	X		0	0	0
(16) Joshua B Bolten...................................................................... Trustee	5.0 ................. 0	X		0	0	0
(17) Kamil Ali-Jackson...................................................................... Trustee	5.0 ................. 0	X		1,000	0	0

Form 990 (2023)

Page 8

Part VII

Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees (continued)

(A) Name and title	(B) Average hours per week (list any hours for related organizations below dotted line)	(C) Position (do not check more than one box, unless person is both an officer and a director/trustee)					(D) Reportable compensation from the organization (W-2/1099-MISC/1099-NEC)	(E) Reportable compensation from related organizations (W-2/1099-MISC/1099-NEC)	(F) Estimated amount of other compensation from the organization and related organizations
(A) Name and title
(18) Kathryn Roth-Douquet........................................................................ Trustee	5.0 .......................0	X					0	0	0
(19) Kathy F Kiely........................................................................ TRUSTEE	5.0 .......................0	X					0	0	0
(20) Kimberly H Johnson........................................................................ Trustee	6.0 .......................0	X					0	0	0
(21) Lori Fouch........................................................................ Trustee	7.0 .......................0	X					0	0	0
(22) Louise S Sams........................................................................ TRUSTEE	10.0 .......................0	X					0	0	0
(23) Marisa J Demeo........................................................................ Trustee	5.0 .......................0	X					0	0	0
(24) Melissa H Wu........................................................................ Trustee	6.0 .......................0	X					0	0	0
(25) Morgan A smith........................................................................ Trustee	5.0 .......................0	X					0	0	0
(26) Mutemwa R Masheke........................................................................ Trustee	5.0 .......................0	X					0	0	0
(27) Nandi O Leslie........................................................................ Trustee	5.0 .......................0	X					0	0	0
(28) Naomi I Hess........................................................................ Trustee	5.0 .......................0	X					0	0	0
(29) Paul A Maeder........................................................................ Trustee	5.0 .......................0	X					0	0	0
(30) Pete Briger........................................................................ Trustee	5.0 .......................0	X					0	0	0
(31) Philip Murphy........................................................................ TRUSTEE	5.0 .......................0	X					0	0	0
(32) Philip U Hammarskjold........................................................................ TRUSTEE	8.0 .......................0	X					0	0	0
(33) Robert J Hugin........................................................................ trustee	5.0 .......................0	X					0	0	0
(34) Sarah E Stein........................................................................ Trustee	8.0 .......................0	X					0	0	0
(35) Timothy M Kingston........................................................................ Trustee	5.0 .......................0	X					0	0	0
(36) Yan Huo........................................................................ Trustee	5.0 .......................0	X					0	0	0
(37) Yolandra Gomez........................................................................ Trustee	5.0 .......................0	X					0	0	0
(38) Andrew Golden........................................................................ president of the Princeton University Investment Company (Through 6/30/24)	50.0 .......................0.0		X				14,589,970	0	72,090
(39) Catherine Callow-Wright........................................................................ Executive Vice President (As of 7/24/23)	50.0 .......................0		X				574,133	0	55,926
(40) Chad Klaus........................................................................ vice president for university services	50.0 .......................0		X				486,296	0	64,498
(41) Daren Hubbard........................................................................ Vice President for Information Technology and CIO (As of 1/3/24)	50.0 .......................0		X				0	0	0
(42) Gadi Dechter........................................................................ vice president for communications and government affairs	50.0 .......................0		X				587,791	0	67,786
(43) Hilary Parker........................................................................ Vice President and Secretary	50.0 .......................0		X				499,591	0	61,449
(44) James Dominick........................................................................ VP for info. tech. and CIO (Through 12/31/23)	50.0 .......................0		X				595,572	0	68,768
(45) James Matteo........................................................................ vice president for finance and treasurer	50.0 .......................0.0		X				654,148	0	67,706
(46) Jennifer Rexford........................................................................ Provost	50.0 .......................0		X				871,868	5,000	75,090
(47) Kevin Heaney........................................................................ vice president for advancement	50.0 .......................0		X				743,319	0	103,859
(48) KyuJung Whang........................................................................ VICE PRESIDENT FOR FACILITIES	50.0 .......................0		X				557,940	0	59,005
(49) Nilufer Shroff........................................................................ vice president and chief audit and compliance officer	50.0 .......................0		X				465,628	0	56,726
(50) Ramona Romero........................................................................ vice president and general counsel	50.0 .......................0		X				874,789	0	92,825
(51) Romy Riddick........................................................................ Vice President for Human Resources	50.0 .......................0		X				471,216	0	59,980
(52) Vincent Tuohey........................................................................ President of PRINCO (As of 3/1/24)	50.0 .......................0		X				0	0	0
(53) W Rochelle Calhoun........................................................................ vice president for campus life	50.0 .......................0		X				548,179	0	93,625
(54) Gene Andrew Jarrett........................................................................ Dean of the Faculty	50.0 .......................1.0			X			753,417	0	72,074
(55) Jill Dolan........................................................................ Dean of the College (Through 6/30/24)	50.0 .......................0			X			514,162	0	58,926
(56) Pablo Debenedetti........................................................................ Dean for Research (Through 8/27/23)	50.0 .......................0			X			532,197	0	65,823
(57) Peter Schiffer........................................................................ Dean for Research (As of 8/28/23)	50.0 .......................0			X			186,884	0	27,662
(58) Rodney Priestley........................................................................ dean of the Graduate School	50.0 .......................0			X			489,803	0	98,199
(59) Edward Karns........................................................................ managing director of PRINCO	50.0 .......................0				X		2,405,033	0	77,435
(60) Jennifer Birmingham........................................................................ managing director of PRINCO	50.0 .......................0				X		1,862,580	0	512,858
(61) Jonathan Erickson........................................................................ managing director of PRINCO	50.0 .......................0.0				X		2,924,859	0	460,284
(62) Susan Butler Ciniglio........................................................................ managing director of PRINCO	50.0 .......................0				X		1,524,080	0	576,050
(63) Tae Kyoon Kim........................................................................ managing director of PRINCO	50.0 .......................0				X		2,017,118	0	587,355
(64) Charlotte Treby Williams........................................................................ former executive vice president	50.0 .......................0					X	827,820	0	61,485
(65) Deborah Prentice........................................................................ Former Provost	50.0 .......................0.0					X	230,370	0	33,245
(66) Lianne Sullivan-Crowley........................................................................ Former vice president for human resources, Emeritus	50.0 .......................0					X	226,912	0	47,397
(67) Sanjeev Kulkarni........................................................................ Professor, Former Dean of the Faculty	50.0 .......................0					X	659,952	1,000	66,411
(68) Sarah-Jane Leslie........................................................................ Professor, Former Dean of the Graduate School	50.0 .......................0					X	628,654	0	62,004

1b	Sub-Total..............
c	Total from continuation sheets to Part VII, Section A..
d	Total (add lines 1b and 1c).........	39,705,384	6,000	3,929,784

Total number of individuals (including but not limited to those listed above) who received more than $100,000 of reportable compensation from the organization 3,085

Yes

Did the organization list any former officer, director or trustee, key employee, or highest compensated employee on line 1a? If "Yes," complete Schedule J for such individual ..............

Yes

For any individual listed on line 1a, is the sum of reportable compensation and other compensation from the organization and related organizations greater than $150,000? If "Yes," complete Schedule J for such
individual...........................

Yes

Did any person listed on line 1a receive or accrue compensation from any unrelated organization or individual for services rendered to the organization? If "Yes," complete Schedule J for such person ........

Section B. Independent Contractors

Complete this table for your five highest compensated independent contractors that received more than $100,000 of compensation from the organization. Report compensation for the calendar year ending with or within the organization’s tax year.

(A) Name and business address	(B) Description of services	(C) Compensation
Frederick Fisher and Partners 12248 Santa Monica Blvd Los Angeles,CA90025	Architecture	10,496,440
General Atomics PO BOX 85608 SAN DIEGO,CA92186	RESEARCH AND DESIGN	9,354,978
Perma-Fix Environmental Services Inc 1093 Commerce Park Drive Oak Ridge,TN37830	Demolition and Disposal	7,809,291
Hanbury Evans Wright Vlattas & Co PO Box 3518 Norfolk,VA23514	Architecture	6,194,907
COOPER ROBERTSON & PARTNERS ARCHITECTS LLP 123 WILLIAM STREET New York,NY10038	Architecture	5,198,197
2 Total number of independent contractors (including but not limited to those listed above) who received more than $100,000 of compensation from the organization 1,093

Form 990 (2023)

Page 9

Part VIII

Statement of Revenue

Check if Schedule O contains a response or note to any line in this Part VIII.............

(A)
Total revenue

(B)
Related or
exempt
function
revenue

(D)
Revenue
excluded from
tax under sections
512 - 514

1a	Federated campaigns..		1a
b	Membership dues..		1b
c	Fundraising events..		1c	429,485
d	Related organizations		1d
e	Government grants (contributions)		1e	455,777,000

f	All other contributions, gifts, grants, and similar amounts not included above		1f	331,127,515

g	Noncash contributions included in lines 1a - 1f:$		1g	50,288,792

h Total. Add lines 1a-1f.......		787,334,000

		Business Code
2a	Tuition and Fees	900099	512,654,000	512,654,000
b	Sales and Services of Auxiliary Activities	900099	115,721,000	115,721,000
c	Advertising	511120	272,000		272,000
d
e
f	All other program service revenue.		0	0	0	0
g	Total. Add lines 2a–2f .....		628,647,000

3 Investment income (including dividends, interest, and othersimilar amounts) ......			1,612,397,000		83,290,841	1,529,106,159
4 Income from investment of tax-exempt bond proceeds			360,000			360,000
5 Royalties...........			3,809,000	3,809,000
			(i) Real	(ii) Personal
6a	Gross rents	6a	13,348,000
b	Less: rental expenses	6b	7,636,000
c	Rental income or (loss)	6c	5,712,000	0
d	Net rental income or (loss).......			5,712,000			5,712,000
			(i) Securities	(ii) Other
7a	Gross amount from sales of assets other than inventory	7a	25,691,000	4,425,000
b	Less: cost or other basis and sales expenses	7b	21,637,000	4,405,000
c	Gain or (loss)	7c	4,054,000	20,000
d	Net gain or (loss).........			4,074,000			4,074,000
8a	Gross income from fundraising events (not including $ 429,485of contributions reported on line 1c). See Part IV, line 18 ....
			8a	72,125
b	Less: direct expenses ...		8b	310,731
c	Net income or (loss) from fundraising events..			-238,606			-238,606
9a	Gross income from gaming activities. See Part IV, line 19 ...
			9a
b	Less: direct expenses ...		9b
c	Net income or (loss) from gaming activities..
10a	Gross sales of inventory, less returns and allowances ..
			10a
b	Less: cost of goods sold ..		10b
c	Net income or (loss) from sales of inventory..

Business Code
11a	Other Revenue		211110	54,728,606	13,670,000	4,448	41,054,158
b
c
d	All other revenue ....			0	0	0	0
e	Total. Add lines 11a–11d ......			54,728,606
12	Total revenue. See instructions.....			3,096,823,000	645,854,000	83,567,289	1,580,067,711

Form 990 (2023)

Page 10

Part IX

Statement of Functional Expenses

Section 501(c)(3) and 501(c)(4) organizations must complete all columns. All other organizations must complete column (A).Check if Schedule O contains a response or note to any line in this Part IX..............

Do not include amounts reported on lines 6b, 7b, 8b, 9b, and 10b of Part VIII.		(A) Total expenses	(B) Program service expenses	(C) Management and general expenses	(D) Fundraising expenses

1	Grants and other assistance to domestic organizations and domestic governments. See Part IV, line 21 ....	59,226,923	59,226,923
2	Grants and other assistance to domestic individuals. See Part IV, line 22 ...........	519,067,839	519,067,839
3	Grants and other assistance to foreign organizations, foreign governments, and foreign individuals. See Part IV, lines 15 and 16. .............	40,640,138	40,640,138
4	Benefits paid to or for members .......
5	Compensation of current officers, directors, trustees, and key employees ...........	32,089,000	6,847,000	24,391,000	851,000
6	Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) .........	2,357,000	1,466,000	891,000
7	Other salaries and wages........	1,054,653,000	819,054,000	215,654,000	19,945,000
8	Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) ....	88,129,000	79,096,000	7,212,000	1,821,000
9	Other employee benefits .......	148,107,000	133,602,000	11,489,000	3,016,000
10	Payroll taxes ...........	65,455,000	58,746,000	5,356,000	1,353,000
11	Fees for services (non-employees):
a	Management ......	1,300,000	919,000	381,000
b	Legal .........	8,400,000	1,218,000	7,159,000	23,000
c	Accounting ...........	1,337,000	13,000	1,324,000
d	Lobbying ...........	422,000		422,000
e	Professional fundraising services. See Part IV, line 17
f	Investment management fees ......	1,875,000		1,875,000
g	Other (If line 11g amount exceeds 10% of line 25, column (A) amount, list line 11g expenses on Schedule O)	198,604,000	99,114,000	96,053,000	3,437,000
12	Advertising and promotion ....	9,318,000	6,215,000	1,290,000	1,813,000
13	Office expenses .......	99,350,000	93,705,000	5,256,000	389,000
14	Information technology ......	18,731,000	12,020,000	6,441,000	270,000
15	Royalties ..	1,921,000	1,921,000
16	Occupancy ...........	80,714,000	15,918,000	64,509,000	287,000
17	Travel ............	45,271,000	40,610,000	2,993,000	1,668,000
18	Payments of travel or entertainment expenses for any federal, state, or local public officials .
19	Conferences, conventions, and meetings ....	10,516,000	9,659,000	838,000	19,000
20	Interest ...........	132,856,000	79,247,000	53,609,000
21	Payments to affiliates .......
22	Depreciation, depletion, and amortization ..	210,884,000	188,435,000	21,824,000	625,000
23	Insurance ...	8,871,000	277,000	8,593,000	1,000
24	Other expenses. Itemize expenses not covered above (List miscellaneous expenses in line 24e. If line 24e amount exceeds 10% of line 25, column (A) amount, list line 24e expenses on Schedule O.)
a	Subcontracts	41,691,000	41,597,000	94,000	0
b	Other Expenses	3,400,100	118,190,100	-115,704,000	914,000
c	Operation&Maintenance Allocation	0	158,048,000	-160,044,000	1,996,000
d
e	All other expenses	0	0	0	0
25	Total functional expenses. Add lines 1 through 24e	2,885,186,000	2,584,852,000	261,906,000	38,428,000
26	Joint costs. Complete this line only if the organization reported in column (B) joint costs from a combined educational campaign and fundraising solicitation. Check here if following SOP 98-2 (ASC 958-720).

Form 990 (2023)

Page 11

Part X

Balance Sheet

Check if Schedule O contains a response or note to any line in this Part IX..............

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

1	Cash–non-interest-bearing ........			42,404,000	1	32,291,000
2	Savings and temporary cash investments .........			507,315,000	2	364,074,000
3	Pledges and grants receivable, net ......			562,069,000	3	539,965,000
4	Accounts receivable, net .............			37,354,000	4	5,689,000
5	Loans and other receivables from any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons .......
				5,815,333	5	5,280,880
6	Loans and other receivables from other disqualified persons (as defined under section 4958(f)(1)), and persons described in section 4958(c)(3)(B) ...
				0	6	0
7	Notes and loans receivable, net ...........			466,815,053	7	482,728,491
8	Inventories for sale or use ............			8,127,000	8	6,577,000
9	Prepaid expenses and deferred charges ......			12,921,000	9	8,954,000
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a	9,201,399,000
b	Less: accumulated depreciation	10b	2,661,933,000	5,740,647,000	10c	6,539,466,000
11	Investments—publicly traded securities .			958,600,000	11	212,000,000
12	Investments—other securities. See Part IV, line 11 .....			33,141,322,000	12	34,573,674,000
13	Investments—program-related. See Part IV, line 11 ..			0	13
14	Intangible assets ...............			3,140,000	14	4,000
15	Other assets. See Part IV, line 11 ...........			61,823,614	15	68,330,629
16	Total assets. Add lines 1 through 15 (must equal line 33)...			41,548,353,000	16	42,839,034,000

17	Accounts payable and accrued expenses .....	437,782,000	17	451,817,000
18	Grants payable ...	0	18
19	Deferred revenue .........	53,747,000	19	48,791,000
20	Tax-exempt bond liabilities .........	2,162,428,000	20	3,614,113,000
21	Escrow or custodial account liability. Complete Part IV of Schedule D	0	21
22	Loans and other payables to any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons .........
		0	22	0
23	Secured mortgages and notes payable to unrelated third parties ..	34,212,000	23	32,517,000
24	Unsecured notes and loans payable to unrelated third parties ..	1,831,085,000	24	1,775,763,000
25	Other liabilities (including federal income tax, payables to related third parties, and other liabilities not included on lines 17 - 24). Complete Part X of Schedule D	806,915,000	25	796,932,000
26	Total liabilities. Add lines 17 through 25..	5,326,169,000	26	6,719,933,000

	Organizations that follow FASB ASC 958, check here and complete lines 27, 28, 32, and 33.
27	Net assets without donor restrictions ..........	16,436,876,000	27	16,474,504,000
28	Net assets with donor restrictions ...........	19,785,308,000	28	19,644,597,000
	Organizations that do not follow FASB ASC 958, check here and complete lines 29 through 33.
29	Capital stock or trust principal, or current funds .....		29
30	Paid-in or capital surplus, or land, building or equipment fund ...		30
31	Retained earnings, endowment, accumulated income, or other funds		31
32	Total net assets or fund balances ...........	36,222,184,000	32	36,119,101,000
33	Total liabilities and net assets/fund balances ........	41,548,353,000	33	42,839,034,000

Form 990 (2023)

Page 12

Part XI

Reconcilliation of Net Assets

Check if Schedule O contains a response or note to any line in this Part XI..............

Total revenue (must equal Part VIII, column (A), line 12) ............

3,096,823,000

Total expenses (must equal Part IX, column (A), line 25) ............

2,885,186,000

Revenue less expenses. Subtract line 2 from line 1 ..............

211,637,000

Net assets or fund balances at beginning of year (must equal Part X, line 32, column (A)) ..

36,222,184,000

Net unrealized gains (losses) on investments ...............

-314,388,000

Donated services and use of facilities .................

Investment expenses .....................

Prior period adjustments .....................

Other changes in net assets or fund balances (explain in Schedule O) ........

-332,000

Net assets or fund balances at end of year. Combine lines 3 through 9 (must equal Part X, line 32, column (B))

36,119,101,000

Part XII

Financial Statements and Reporting

Check if Schedule O contains a response or note to any line in this Part XII.............

Yes

Accounting method used to prepare the Form 990: Cash Accrual Other
If the organization changed its method of accounting from a prior year or checked "Other," explain on
Schedule O.

Were the organization’s financial statements compiled or reviewed by an independent accountant?

If ‘Yes,’ check a box below to indicate whether the financial statements for the year were compiled or reviewed on a separate basis, consolidated basis, or both:

Separate basis Consolidated basis Both consolidated and separate basis

Were the organization’s financial statements audited by an independent accountant?

Yes

If ‘Yes,’ check a box below to indicate whether the financial statements for the year were audited on a separate basis, consolidated basis, or both:

Separate basis Consolidated basis Both consolidated and separate basis

If "Yes," to line 2a or 2b, does the organization have a committee that assumes responsibility for oversight of the audit, review, or compilation of its financial statements and selection of an independent accountant?

Yes

If the organization changed either its oversight process or selection process during the tax year, explain in Schedule O.

As a result of a federal award, was the organization required to undergo an audit or audits as set forth in the Uniform Guidance, 2 C.F.R. Part 200, Subpart F?

Yes

If "Yes," did the organization undergo the required audit or audits? If the organization did not undergo the required audit or audits, explain why in Schedule O and describe any steps taken to undergo such audits.

Yes

Form 990 (2023)

Additional Data

Software ID:	23017437
Software Version:	2023v6.0

Form 990, Special Condition Description:

Special Condition Description

- TIN:

SCHEDULE A
(Form 990)

Department of the Treasury
Internal Revenue Service

Public Charity Status and Public Support

Complete if the organization is a section 501(c)(3) organization or a section 4947(a)(1) nonexempt charitable trust.
right arrow

Attach to Form 990 or Form 990-EZ.
right arrow

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2023

Open to Public
Inspection

Name of the organization

The Trustees of Princeton University

Employer identification number

21-0634501

Part I

Reason for Public Charity Status (All organizations must complete this part.) See instructions.

The organization is not a private foundation because it is: (For lines 1 through 12, check only one box.)

A church, convention of churches, or association of churches described in section 170(b)(1)(A)(i).

A school described in section 170(b)(1)(A)(ii). (Attach Schedule E (Form 990).)

A hospital or a cooperative hospital service organization described in section 170(b)(1)(A)(iii).

A medical research organization operated in conjunction with a hospital described in section 170(b)(1)(A)(iii). Enter the hospital's name, city, and state:

An organization operated for the benefit of a college or university owned or operated by a governmental unit described in section 170(b)(1)(A)(iv). (Complete Part II.)

A federal, state, or local government or governmental unit described in section 170(b)(1)(A)(v).

An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in section 170(b)(1)(A)(vi). (Complete Part II.)

A community trust described in section 170(b)(1)(A)(vi). (Complete Part II.)

An agricultural research organization described in 170(b)(1)(A)(ix) operated in conjunction with a land-grant college or university or a non-land grant college of agriculture. See instructions. Enter the name, city, and state of the college or university:

An organization that normally receives: (1) more than 33 1/3% of its support from contributions, membership fees, and gross receipts from activities related to its exempt functions—subject to certain exceptions, and (2) no more than 33 1/3% 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). (Complete Part III.)

An organization organized and operated exclusively to test for public safety. See section 509(a)(4).

An organization organized and operated exclusively for the benefit of, to perform the functions of, or to carry out the purposes of one or more publicly supported organizations described in section 509(a)(1) or section 509(a)(2). See section 509(a)(3). Check the box on lines 12a through 12d that describes the type of supporting organization and complete lines 12e, 12f, and 12g.

Type I. A supporting organization operated, supervised, or controlled by its supported organization(s), typically by giving the supported organization(s) the power to regularly appoint or elect a majority of the directors or trustees of the supporting organization. You must complete Part IV, Sections A and B.

Type II. A supporting organization supervised or controlled in connection with its supported organization(s), by having control or management of the supporting organization vested in the same persons that control or manage the supported organization(s). You must complete Part IV, Sections A and C.

Type III functionally integrated. A supporting organization operated in connection with, and functionally integrated with, its supported organization(s) (see instructions). You must complete Part IV, Sections A, D, and E.

Type III non-functionally integrated. A supporting organization operated in connection with its supported organization(s) that is not functionally integrated. The organization generally must satisfy a distribution requirement and an attentiveness requirement (see instructions). You must complete Part IV, Sections A and D, and Part V.

Check this box if the organization received a written determination from the IRS that it is a Type I, Type II, Type III functionally integrated, or Type III non-functionally integrated supporting organization.

Enter the number of supported organizations ...............................

Provide the following information about the supported organization(s).

(i) Name of supported organization	(ii) EIN	(iv) Is the organization listed in your governing document?		(v) Amount of monetary support (see instructions)	(vi) Amount of other support (see instructions)
(i) Name of supported organization	(ii) EIN	Yes	No	(v) Amount of monetary support (see instructions)	(vi) Amount of other support (see instructions)


Total

For Paperwork Reduction Act Notice, see the Instructions for
Form 990 or 990-EZ.

Cat. No. 11285F

Schedule A (Form 990) 2023

Page 2

Part II

Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi)
(Complete only if you checked the box on line 5, 7, or 8 of Part I or if the organization failed to qualify under Part III. If the organization failed to qualify under the tests listed below, please complete Part III.)

Section A. Public Support

Calendar year (or fiscal year beginning in)		(a) 2019	(b) 2020	(c) 2021	(d) 2022	(e) 2023	(f) Total
1	Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grant.") ..	693,643,000	727,560,000	835,410,000	761,141,000	787,334,000	3,805,088,000
2	Tax revenues levied for the organization's benefit and either paid to or expended on its behalf ....						0
3	The value of services or facilities furnished by a governmental unit to the organization without charge..						0
4	Total. Add lines 1 through 3	693,643,000	727,560,000	835,410,000	761,141,000	787,334,000	3,805,088,000
5	The portion of total contributions by each person (other than a governmental unit or publicly supported organization) included on line 1 that exceeds 2% of the amount shown on line 11, column (f) ..						0
6	Public support. Subtract line 5 from line 4.						3,805,088,000

Section B. Total Support

Calendar year (or fiscal year beginning in)		(a) 2019	(b) 2020	(c) 2021	(d) 2022	(e) 2023	(f) Total
7	Amounts from line 4..	693,643,000	727,560,000	835,410,000	761,141,000	787,334,000	3,805,088,000
8	Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources...	210,829,000	157,289,000	312,136,000	240,831,000	281,717,000	1,202,802,000
9	Net income from unrelated business activities, whether or not the business is regularly carried on..						0
10	Other income. Do not include gain or loss from the sale of capital assets (Explain in Part VI.)..	24,845,188	36,139,109	39,274,472	32,972,013	54,728,606	187,959,388
11	Total support. Add lines 7 through 10						5,195,849,388

Gross receipts from related activities, etc. (see instructions) ..................

2,678,794,000

First 5 years. If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a section 501(c)(3) organization, check this box and stop here ........................................ right arrow

Section C. Computation of Public Support Percentage

Public support percentage for 2023 (line 6, column (f) divided by line 11, column (f)) .........

73.23 %

Public support percentage for 2022 Schedule A, Part II, line 14 ...............

74.22 %

16a

33 1/3% support test—2023. If the organization did not check the box on line 13, and line 14 is 33 1/3% or more, check this box
and stop here. The organization qualifies as a publicly supported organization ....................... right arrow

33 1/3% support test—2022. If the organization did not check a box on line 13 or 16a, and line 15 is 33 1/3% or more, check this
box and stop here. The organization qualifies as a publicly supported organization ..................... right arrow

17a

10%-facts-and-circumstances test—2023. If the organization did not check a box on line 13, 16a, or 16b, and line 14 is 10% or more, and if the organization meets the "facts-and-circumstances" test, check this box and stop here. Explain in Part VI how the organization meets the "facts-and-circumstances" test. The organization qualifies as a publicly supported organization ............ right arrow

10%-facts-and-circumstances test—2022. If the organization did not check a box on line 13, 16a, 16b, or 17a, and line 15 is 10% or more, and if the organization meets the "facts-and-circumstances" test, check this box and stop here. Explain in Part VI how the organization meets the "facts-and-circumstances" test. The organization qualifies as a publicly supported organization ............ right arrow

Private foundation. If the organization did not check a box on line 13, 16a, 16b, 17a, or 17b, check this box and see
instructions ..................................................... right arrow

Schedule A (Form 990) 2023

Page 3

Part III

Support Schedule for Organizations Described in Section 509(a)(2)
(Complete only if you checked the box on line 10 of Part I or if the organization failed to qualify under Part II. If the organization fails to qualify under the tests listed below, please complete Part II.)

Section A. Public Support

Calendar year (or fiscal year beginning in)		(a) 2019	(b) 2020	(c) 2021	(d) 2022	(e) 2023
1	Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.") .
2	Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose
3	Gross receipts from activities that are not an unrelated trade or business under section 513 .....
4	Tax revenues levied for the organization's benefit and either paid to or expended on its behalf...
5	The value of services or facilities furnished by a governmental unit to the organization without charge
6	Total. Add lines 1 through 5	0	0	0	0	0
7a	Amounts included on lines 1, 2, and 3 received from disqualified persons	0	0	0	0	0
b	Amounts included on lines 2 and 3 received from other than disqualified persons that exceed the greater of $5,000 or 1% of the amount on line 13 for the year.	0	0	0	0	0
c	Add lines 7a and 7b..	0	0	0	0	0
8	Public support. (Subtract line 7c from line 6.)

Section B. Total Support

Calendar year (or fiscal year beginning in)		(a) 2019	(b) 2020	(c) 2021	(d) 2022	(e) 2023
9	Amounts from line 6...	0	0	0	0	0
10a	Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources..
b	Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975.
c	Add lines 10a and 10b.	0	0	0	0	0
11	Net income from unrelated business activities not included on line 10b, whether or not the business is regularly carried on.
12	Other income. Do not include gain or loss from the sale of capital assets (Explain in Part VI.) ..	0	0	0	0	0
13	Total support. (Add lines 9, 10c, 11, and 12.)..	0	0	0	0	0

First 5 years. If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a section 501(c)(3) organization, check this box and stop here................................................. right arrow

Section C. Computation of Public Support Percentage

Public support percentage for 2023 (line 8, column (f) divided by line 13, column (f)) .........

0 %

Public support percentage from 2022 Schedule A, Part III, line 15 ...............

0 %

Section D. Computation of Investment Income Percentage

Investment income percentage for 2023 (line 10c, column (f) divided by line 13, column (f)) ......

0 %

Investment income percentage from 2022 Schedule A, Part III, line 17 .............

0 %

19a

33 1/3% support tests-2023. If the organization did not check the box on line 14, and line 15 is more than 33 1/3%, and line 17 is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization ....... right arrow

33 1/3 % support tests—2022. If the organization did not check a box on line 14 or line 19a, and line 16 is more than 33 1/3% and line 18 is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization ..... right arrow

Private foundation. If the organization did not check a box on line 14, 19a, or 19b, check this box and see instructions .... right arrow

Schedule A (Form 990) 2023

Page 4

Part IV

Supporting Organizations

(Complete only if you checked a box on line 12 of Part I. If you checked box 12a, of Part I, complete Sections A and B. If you checked box 12b, of Part I, complete Sections A and C. If you checked box 12c, of Part I, complete Sections A, D, and E. If you checked box12d, of Part I, complete Sections A and D, and complete Part V.)

Section A. All Supporting Organizations

Yes

Are all of the organization’s supported organizations listed by name in the organization’s governing documents?
If "No," describe in Part VI how the supported organizations are designated. If designated by class or purpose,
describe the designation. If historic and continuing relationship, explain.

Did the organization have any supported organization that does not have an IRS determination of status under section 509(a)(1) or (2)? If "Yes," explain in Part VI how the organization determined that the supported organization was described in section 509(a)(1) or (2).

Did the organization have a supported organization described in section 501(c)(4), (5), or (6)? If "Yes," answer lines 3b and 3c below.

Did the organization confirm that each supported organization qualified under section 501(c)(4), (5), or (6) and satisfied the public support tests under section 509(a)(2)? If "Yes," describe in Part VI when and how the organization made the determination.

Did the organization ensure that all support to such organizations was used exclusively for section 170(c)(2)(B) purposes? If "Yes," explain in Part VI what controls the organization put in place to ensure such use.

Was any supported organization not organized in the United States ("foreign supported organization")? If “Yes” and if you checked box 12a or 12b in Part I, answer lines 4b and 4c below.

Did the organization have ultimate control and discretion in deciding whether to make grants to the foreign supported organization? If “Yes,” describe in Part VI how the organization had such control and discretion despite being controlled or supervised by or in connection with its supported organizations.

Did the organization support any foreign supported organization that does not have an IRS determination under sections 501(c)(3) and 509(a)(1) or (2)? If “Yes,” explain in Part VI what controls the organization used to ensure that all support to the foreign supported organization was used exclusively for section 170(c)(2)(B) purposes.

Did the organization add, substitute, or remove any supported organizations during the tax year? If “Yes,” answer lines 5b and 5c below (if applicable). Also, provide detail in Part VI, including (i) the names and EIN numbers of the supported organizations added, substituted, or removed; (ii) the reasons for each such action; (iii) the authority under the organization's organizing document authorizing such action; and (iv) how the action was accomplished (such as by amendment to the organizing document).

Type I or Type II only. Was any added or substituted supported organization part of a class already designated in the organization's organizing document?

Substitutions only. Was the substitution the result of an event beyond the organization's control?

Did the organization provide support (whether in the form of grants or the provision of services or facilities) to anyone other than (i) its supported organizations, (ii) individuals that are part of the charitable class benefited by one or more of its supported organizations, or (iii) other supporting organizations that also support or benefit one or more of the filing organization’s supported organizations? If “Yes,” provide detail in Part VI.

Did the organization provide a grant, loan, compensation, or other similar payment to a substantial contributor (defined in section 4958(c)(3)(C)), a family member of a substantial contributor, or a 35% controlled entity with regard to a substantial contributor? If “Yes,” complete Part I of Schedule L (Form 990) .

Did the organization make a loan to a disqualified person (as defined in section 4958) not described on line 7? If “Yes,” complete Part I of Schedule L (Form 990).

Was the organization controlled directly or indirectly at any time during the tax year by one or more disqualified persons, as defined in section 4946 (other than foundation managers and organizations described in section 509(a)(1) or (2))? If “Yes,” provide detail in Part VI.

Did one or more disqualified persons (as defined on line 9a) hold a controlling interest in any entity in which the supporting organization had an interest? If “Yes,” provide detail in Part VI.

Did a disqualified person (as defined on line 9a) have an ownership interest in, or derive any personal benefit from, assets in which the supporting organization also had an interest? If “Yes,” provide detail in Part VI.

10a

Was the organization subject to the excess business holdings rules of section 4943 because of section 4943(f) (regarding certain Type II supporting organizations, and all Type III non-functionally integrated supporting organizations)? If “Yes,” answer line 10b below.

10a

Did the organization have any excess business holdings in the tax year? (Use Schedule C, Form 4720, to determine whether the organization had excess business holdings).

10b

Schedule A (Form 990) 2023

Page 5

Part IV

Supporting Organizations (continued)

Yes

Has the organization accepted a gift or contribution from any of the following persons?

A person who directly or indirectly controls, either alone or together with persons described on lines 11b and 11c below, the governing body of a supported organization?

11a

A family member of a person described on 11a above?

11b

A 35% controlled entity of a person described on line 11a or 11b above? If “Yes” to 11a, 11b, or 11c, provide detail in Part VI.

11c

Section B. Type I Supporting Organizations

Yes

Did the officers, directors, trustees, or membership of one or more supported organizations have the power to regularly appoint or elect at least a majority of the organization’s directors or trustees at all times during the tax year? If “No,” describe in Part VI how the supported organization(s) effectively operated, supervised, or controlled the organization’s activities. If the organization had more than one supported organization, describe how the powers to appoint and/or remove directors or trustees were allocated among the supported organizations and what conditions or restrictions, if any, applied to such powers during the tax year.

Did the organization operate for the benefit of any supported organization other than the supported organization(s) that operated, supervised, or controlled the supporting organization? If “Yes,” explain in Part VI how providing such benefit carried out the purposes of the supported organization(s) that operated, supervised or controlled the supporting organization.

Section C. Type II Supporting Organizations

Yes

Were a majority of the organization’s directors or trustees during the tax year also a majority of the directors or trustees of each of the organization’s supported organization(s)? If “No,” describe in Part VI how control or management of the supporting organization was vested in the same persons that controlled or managed the supported organization(s).

Section D. All Type III Supporting Organizations

Yes

Did the organization provide to each of its supported organizations, by the last day of the fifth month of the organization’s tax year, (i) a written notice describing the type and amount of support provided during the prior tax year, (ii) a copy of the Form 990 that was most recently filed as of the date of notification, and (iii) copies of the organization’s governing documents in effect on the date of notification, to the extent not previously provided?

Were any of the organization’s officers, directors, or trustees either (i) appointed or elected by the supported organization(s) or (ii) serving on the governing body of a supported organization? If "No," explain in Part VI how the organization maintained a close and continuous working relationship with the supported organization(s).

By reason of the relationship described in line 2 above, did the organization’s supported organizations have a significant voice in the organization’s investment policies and in directing the use of the organization’s income or assets at all times during the tax year? If "Yes," describe in Part VI the role the organization’s supported organizations played in this regard.

Section E. Type III Functionally-Integrated Supporting Organizations

Check the box next to the method that the organization used to satisfy the Integral Part Test during the year (see instructions):

The organization satisfied the Activities Test. Complete line 2 below.

The organization is the parent of each of its supported organizations. Complete line 3 below.

The organization supported a governmental entity. Describe in Part VI how you supported a government entity (see instructions)

Activities Test. Answer lines 2a and 2b below.

Yes

Did substantially all of the organization’s activities during the tax year directly further the exempt purposes of the supported organization(s) to which the organization was responsive? If "Yes," then in Part VI identify those supported organizations and explain how these activities directly furthered their exempt purposes, how the organization was responsive to those supported organizations, and how the organization determined that these activities constituted substantially all of its activities.

Did the activities described on line 2a, above constitute activities that, but for the organization’s involvement, one or more of the organization’s supported organization(s) would have been engaged in? If "Yes," explain in Part VI the reasons for the organization’s position that its supported organization(s) would have engaged in these activities but for the organization’s involvement.

Parent of Supported Organizations. Answer lines 3a and 3b below.

Did the organization have the power to regularly appoint or elect a majority of the officers, directors, or trustees of each of the supported organizations?If "Yes" or "No", provide details in Part VI.

Did the organization exercise a substantial degree of direction over the policies, programs and activities of each of its supported organizations? If "Yes," describe in Part VI. the role played by the organization in this regard.

Schedule A (Form 990) 2023

Page 6

Part V

Type III Non-Functionally Integrated 509(a)(3) Supporting Organizations

Check here if the organization satisfied the Integral Part Test as a qualifying trust on Nov. 20, 1970 (explain in Part VI). See instructions. All other Type III non-functionally integrated supporting organizations must complete Sections A through E.

	Section A - Adjusted Net Income		(A) Prior Year	(B) Current Year (optional)
1	Net short-term capital gain	1
2	Recoveries of prior-year distributions	2
3	Other gross income (see instructions)	3
4	Add lines 1 through 3	4
5	Depreciation and depletion	5
6	Portion of operating expenses paid or incurred for production or collection of gross income or for management, conservation, or maintenance of property held for production of income (see instructions)	6
7	Other expenses (see instructions)	7
8	Adjusted Net Income (subtract lines 5, 6 and 7 from line 4)	8

	Section B - Minimum Asset Amount		(A) Prior Year	(B) Current Year (optional)
1	Aggregate fair market value of all non-exempt-use assets (see instructions for short tax year or assets held for part of year):	1
a	Average monthly value of securities	1a
b	Average monthly cash balances	1b
c	Fair market value of other non-exempt-use assets	1c
d	Total (add lines 1a, 1b, and 1c)	1d
e	Discount claimed for blockage or other factors (explain in detail in Part VI):
2	Acquisition indebtedness applicable to non-exempt use assets	2
3	Subtract line 2 from line 1d	3
4	Cash deemed held for exempt use. Enter 0.015 of line 3 (for greater amount, see instructions).	4
5	Net value of non-exempt-use assets (subtract line 4 from line 3)	5
6	Multiply line 5 by 0.035	6
7	Recoveries of prior-year distributions	7
8	Minimum Asset Amount (add line 7 to line 6)	8

	Section C - Distributable Amount		Current Year
1	Adjusted net income for prior year (from Section A, line 8, Column A)	1
2	Enter 85% of line 1	2
3	Minimum asset amount for prior year (from Section B, line 8, Column A)	3
4	Enter greater of line 2 or line 3	4
5	Income tax imposed in prior year	5
6	Distributable Amount. Subtract line 5 from line 4, unless subject to emergency temporary reduction (see instructions)	6

Check here if the current year is the organization's first as a non-functionally-integrated Type III supporting organization (see instructions)

Schedule A (Form 990) 2023

Page 7

Part V

Type III Non-Functionally Integrated 509(a)(3) Supporting Organizations(continued)

Section D - Distributions		Current Year
1 Amounts paid to supported organizations to accomplish exempt purposes	1
2 Amounts paid to perform activity that directly furthers exempt purposes of supported organizations, in excess of income from activity	2
3 Administrative expenses paid to accomplish exempt purposes of supported organizations	3
4 Amounts paid to acquire exempt-use assets	4
5 Qualified set-aside amounts (prior IRS approval required - provide details in Part VI)	5
6 Other distributions (describe in Part VI). See instructions	6
7Total annual distributions. Add lines 1 through 6.	7
8 Distributions to attentive supported organizations to which the organization is responsive (provide details in Part VI). See instructions	8
9 Distributable amount for 2023 from Section C, line 6	9
10 Line 8 amount divided by Line 9 amount	10

Section E - Distribution Allocations (see instructions)		(i) Excess Distributions	(ii) Underdistributions Pre-2023	(iii) Distributable Amount for 2023
1 Distributable amount for 2023 from Section C, line 6
2 Underdistributions, if any, for years prior to 2023 (reasonable cause required-- explain in Part VI). See instructions.
3 Excess distributions carryover, if any, to 2023:
a From 2018.......
b From 2019.......
c From 2020.......
d From 2021.......
e From 2022.......
fTotal of lines 3a through e
g Applied to underdistributions of prior years
h Applied to 2023 distributable amount
i Carryover from 2018 not applied (see instructions)
j Remainder. Subtract lines 3g, 3h, and 3i from line 3f.
4Distributions for 2023 from Section D, line 7:
$
a Applied to underdistributions of prior years
b Applied to 2023 distributable amount
c Remainder. Subtract lines 4a and 4b from line 4.
5 Remaining underdistributions for years prior to 2023, if any. Subtract lines 3g and 4a from line 2. If the amount is greater than zero, explain in Part VI. See instructions.
6 Remaining underdistributions for 2023. Subtract lines 3h and 4b from line 1. If the amount is greater than zero, explain in Part VI. See instructions.
7 Excess distributions carryover to 2024. Add lines 3j and 4c.
8 Breakdown of line 7:
a Excess from 2019.....
b Excess from 2020.....
c Excess from 2021.....
d Excess from 2022.....
e Excess from 2023.....

Schedule A (Form 990) (2023)

Schedule A (Form 990) 2023

Page 8

Part VI

Supplemental Information. Provide the explanations required by Part II, line 10; Part II, line 17a or 17b; Part III, line 12; Part IV, Section A, lines 1, 2, 3b, 3c, 4b, 4c, 5a, 6, 9a, 9b, 9c, 11a, 11b, and 11c; Part IV, Section B, lines 1 and 2; Part IV, Section C, line 1; Part IV, Section D, lines 2 and 3; Part IV, Section E, lines 1c, 2a, 2b, 3a and 3b; Part V, line 1; Part V, Section B, line 1e; Part V Section D, lines 5, 6, and 8; and Part V, Section E, lines 2, 5, and 6. Also complete this part for any additional information. (See instructions).

Facts And Circumstances Test

Return Reference	Explanation
Schedule A, Part II, Line 10 Other Income	DESCRIPTION - , COLUMN A - 24845188.0, COLUMN B - 36139109.0, COLUMN C - 39274472.0, COLUMN D - 32972013.0, COLUMN E - 54728606.0, COLUMN F - XXX-XX-XXXX.0;

Schedule A (Form 990) 2023

Additional Data

Software ID:	23017437
Software Version:	2023v6.0

- TIN:

Schedule B
(Form 990)

Department of the Treasury
Internal Revenue Service

Schedule of Contributors

Attach to Form 990, 990-EZ, or 990-PF.

Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2023

Name of the organization

The Trustees of Princeton University

Employer identification number

21-0634501

Organization type (check one):

Filers of:

Section:

Form 990 or 990-EZ

501(c)( ) (enter number) organization

4947(a)(1) nonexempt charitable trust not treated as a private foundation

527 political organization

Form 990-PF

501(c)(3) exempt private foundation

4947(a)(1) nonexempt charitable trust treated as a private foundation

501(c)(3) taxable private foundation

Check if your organization is covered by the General Rule or a Special Rule.
Note: Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.

General Rule

For an organization filing Form 990, 990-EZ, or 990-PF that received, during the year, contributions totaling $5,000 or more (in money or other property) from any one contributor. Complete Parts I and II. See instructions for determining a contributor's total contributions.

Special Rules

For an organization described in section 501(c)(3) filing Form 990 or 990-EZ that met the 33¹/3% support test of the regulations
under sections 509(a)(1) and 170(b)(1)(A)(vi), that checked Schedule A (Form 990 or 990-EZ), Part II, line 13, 16a, or 16b, and that received from any one contributor, during the year, total contributions of the greater of (1) $5,000 or (2) 2% of the amount on (i) Form 990, Part VIII, line 1h, or (ii) Form 990-EZ, line 1. Complete Parts I and II.

For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, total contributions of more than $1,000 exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals. Complete Parts I, II, and III.

For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, contributions exclusively for religious, charitable, etc., purposes, but no such contributions totaled more than $1,000. If this box is checked, enter here the total contributions that were received during the year for an exclusively religious, charitable, etc., purpose. Don't complete any of the parts unless the General Rule applies to this organization because it received nonexclusively religious, charitable, etc., contributions totaling $5,000 or more during the year ......... Arrow Bullet

Caution: An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its Form 990-EZ
or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
990-EZ, or 990-PF).

For Paperwork Reduction Act Notice, see the Instructions
for Form 990, 990-EZ, or 990-PF.

Cat. No. 30613XSchedule B (Form 990) (2023)

Schedule B (Form 990) (2023) Page 2

Name of organization The Trustees of Princeton University

Part I Contributors	Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
RESTRICTED	,	$ RESTRICTED	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
Schedule B (Form 990) (2023)

Schedule B (Form 990) (2023)

Page 3

Name of organization The Trustees of Princeton University		Employer identification number 21-0634501

Part II	Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
Schedule B (Form 990) (2023)

Schedule B (Form 990) (2023)

Page 4


Name of organization The Trustees of Princeton University			Employer identification number 21-0634501
Part III Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) $ Use duplicate copies of Part III if additional space is needed.

(a)
No. from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a)
No. from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a)
No. from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a)
No. from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

Schedule B (Form 990) (2023)

Additional Data

Software ID:	23017437
Software Version:	2023v6.0

- TIN:

SCHEDULE C
(Form 990)

Department of the Treasury
Internal Revenue Service

Political Campaign and Lobbying Activities

For Organizations Exempt From Income Tax Under section 501(c) and section 527

right arrow

Complete if the organization is described below. right arrow

Attach to Form 990 or Form 990-EZ.
right arrow

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2022

Open to Public
Inspection

If the organization answered "Yes" on Form 990, Part IV, Line 3, or Form 990-EZ, Part V, line 46 (Political Campaign Activities), then
Round Bullet

Section 501(c)(3) organizations: Complete Parts I-A and B. Do not complete Part I-C.
Round Bullet

Section 501(c) (other than section 501(c)(3)) organizations: Complete Parts I-A and C below. Do not complete Part I-B.
Round Bullet

Section 527 organizations: Complete Part I-A only.
If the organization answered "Yes" on Form 990, Part IV, Line 4, or Form 990-EZ, Part VI, line 47 (Lobbying Activities), then
Round Bullet

Section 501(c)(3) organizations that have filed Form 5768 (election under section 501(h)): Complete Part II-A. Do not complete Part II-B.
Round Bullet

Section 501(c)(3) organizations that have NOT filed Form 5768 (election under section 501(h)): Complete Part II-B. Do not complete Part II-A.
If the organization answered "Yes" on Form 990, Part IV, Line 5 (Proxy Tax) (see separate instructions) or Form 990-EZ, Part V, line 35c (Proxy Tax) (see separate instructions), then
Round Bullet

Section 501(c)(4), (5), or (6) organizations: Complete Part III.

Name of the organization

The Trustees of Princeton University

Employer identification number

21-0634501

Part I-A

Complete if the organization is exempt under section 501(c) or is a section 527 organization.

Provide a description of the organization’s direct and indirect political campaign activities in Part IV. See instructions for definition of “political campaign activities."

Political campaign activity expenditures. See instructions .................................................................... right arrow

Volunteer hours for political campaign activities. See instructions ..................................................................

Part I-B

Complete if the organization is exempt under section 501(c)(3).

Enter the amount of any excise tax incurred by the organization under section 4955 ................................ right arrow

Enter the amount of any excise tax incurred by organization managers under section 4955 ....................... right arrow

If the organization incurred a section 4955 tax, did it file Form 4720 for this year? .........................................

Yes No

Was a correction made? ......................................................................................................................

Yes No

If "Yes," describe in Part IV.

Part I-C

Complete if the organization is exempt under section 501(c), except section 501(c)(3).

Enter the amount directly expended by the filing organization for section 527 exempt function activities ..... right arrow

Enter the amount of the filing organization's funds contributed to other organizations for section 527 exempt function activities ............................................................................................................................ right arrow

Total exempt function expenditures. Add lines 1 and 2. Enter here and on Form 1120-POL, line 17b........... right arrow

Did the filing organization file Form 1120-POL for this year? ...................................................................

Yes No

Enter the names, addresses and employer identification number (EIN) of all section 527 political organizations to which the filing
organization made payments. For each organization listed, enter the amount paid from the filing organization’s funds. Also enter the amount of political contributions received that were promptly and directly delivered to a separate political organization, such as a separate segregated fund or a political action committee (PAC). If additional space is needed, provide information in Part IV.

(a) Name	(b) Address	(c) EIN	(d) Amount paid from filing organization's funds. If none, enter -0-.	(e) Amount of political contributions received and promptly and directly delivered to a separate political organization. If none, enter -0-.
1
2
3
4
5
6

For Paperwork Reduction Act Notice, see the instructions for Form 990.

Cat. No. 50084S

Schedule C (Form 990) 2022

Page 2

Part II-A

Complete if the organization is exempt under section 501(c)(3) and filed Form 5768 (election under section 501(h)).

A Check right arrow

if the filing organization belongs to an affiliated group (and list in Part IV each affiliated group member's name, address, EIN, expenses, and share of excess lobbying expenditures). Click to see attachment

List of Attached Documents:

// Content

B Check right arrow

if the filing organization checked box A and "limited control" provisions apply.

Limits on Lobbying Expenditures (The term "expenditures" means amounts paid or incurred.)		(a) Filing organization's totals	(b) Affiliated group totals
1a	Total lobbying expenditures to influence public opinion (grass roots lobbying) ......................		0
b	Total lobbying expenditures to influence a legislative body (direct lobbying) ........................	422,205	422,205
c	Total lobbying expenditures (add lines 1a and 1b) ............................................................	422,205	422,205
d	Other exempt purpose expenditures ...............................................................................	2,885,186,000	2,927,692,788
e	Total exempt purpose expenditures (add lines 1c and 1d) ..................................................	2,885,608,205	2,928,114,993
f	Lobbying nontaxable amount. Enter the amount from the following table in both columns.	1,000,000	1,000,000
	If the amount on line 1e, column (a) or (b) is:The lobbying nontaxable amount is:
	Not over $500,00020% of the amount on line 1e.
	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.

g	Grassroots nontaxable amount (enter 25% of line 1f) .................................................	250,000	250,000
h	Subtract line 1g from line 1a. If zero or less, enter -0-. ................................................	0	0
i	Subtract line 1f from line 1c. If zero or less, enter -0-. ................................................	0	0
j	If there is an amount other than zero on either line 1h or line 1i, did the organization file Form 4720 reporting section 4911 tax for this year? ...................................................................................................................		Yes No

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 separate instructions for lines 2a through 2f.)
Lobbying Expenditures During 4-Year Averaging Period
	Calendar year (or fiscal year beginning in)	(a) 2019	(b) 2020	(c) 2021	(d) 2022	(e) Total

2a	Lobbying nontaxable amount	1,000,000	1,000,000	1,000,000	1,000,000	4,000,000

b	Lobbying ceiling amount (150% of line 2a, column(e))					6,000,000

c	Total lobbying expenditures	400,237	396,838	487,895	422,205	1,707,175

d	Grassroots nontaxable amount	250,000	250,000	250,000	250,000	1,000,000

e	Grassroots ceiling amount (150% of line 2d, column (e))					1,500,000

f	Grassroots lobbying expenditures	0	0	0	0	0

Schedule C (Form 990) 2022

Page 3

Part II-B

Complete if the organization is exempt under section 501(c)(3) and has NOT filed Form 5768 (election under section 501(h)).

For each "Yes" response on lines 1a through 1i below, provide in Part IV a detailed description of the lobbying activity.

(a)

Yes|No

(b)

Amount

During the year, did the filing organization attempt to influence foreign, national, state or local legislation, including any attempt to influence public opinion on a legislative matter or referendum, through the use of:

Volunteers? ...........................................................................................................

Paid staff or management (include compensation in expenses reported on lines 1c through 1i)? ........

Media advertisements? ...................................................................................................

Mailings to members, legislators, or the public? .............................................................................

Publications, or published or broadcast statements? ...........................................................

Grants to other organizations for lobbying purposes? ..........................................................

Direct contact with legislators, their staffs, government officials, or a legislative body? .......................

Rallies, demonstrations, seminars, conventions, speeches, lectures, or any similar means? ..................

Other activities? ...................................................................................................................

Total. Add lines 1c through 1i ....................................................................................................

Did the activities in line 1 cause the organization to be not described in section 501(c)(3)? .....

If "Yes," enter the amount of any tax incurred under section 4912 ...........................................

If "Yes," enter the amount of any tax incurred by organization managers under section 4912 ...................

If the filing organization incurred a section 4912 tax, did it file Form 4720 for this year? ........................

Part III-A

Complete if the organization is exempt under section 501(c)(4), section 501(c)(5), or section 501(c)(6).

Yes

Were substantially all (90% or more) dues received nondeductible by members? ...............................................

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

Did the organization agree to carry over lobbying and political expenditures from the prior year? .................................

Part III-B

Complete if the organization is exempt under section 501(c)(4), section 501(c)(5), or section 501(c)(6) and if either (a) BOTH Part III-A, lines 1 and 2, are answered "No" OR (b) Part III-A, line 3, is answered “Yes."

Dues, assessments and similar amounts from members ......................................................................

Section 162(e) nondeductible lobbying and political expenditures (do not include amounts of political expenses for which the section 527(f) tax was paid).

Current year .............................................................................................................................

Carryover from last year ............................................................................................................

Total ...........................................................................................................................................

Aggregate amount reported in section 6033(e)(1)(A) notices of nondeductible section 162(e) dues .

If notices were sent and the amount on line 2c exceeds the amount on line 3, what portion of the excess does the organization agree to carryover to the reasonable estimate of nondeductible lobbying and political expenditure next year? ......................................................................................................................

Taxable amount of lobbying and political expenditures. See Instructions .........................................

Part IV

Supplemental Information

Provide the descriptions required for Part l-A, line 1; Part l-B, line 4; Part l-C, line 5; Part II-A (affiliated group list); Part II-A, lines 1 and 2 (see instructions), and Part ll-B, line 1. Also, complete this part for any additional information.

Return Reference	Explanation

Schedule C (Form 990) 2022

Additional Data

Software ID:	23017437
Software Version:	2023v6.0

- TIN:

SCHEDULE D
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Financial Statements

Complete if the organization answered "Yes," on Form 990,
Part IV, line 6, 7, 8, 9, 10, 11a, 11b, 11c, 11d, 11e, 11f, 12a, or 12b.
right arrow

Attach to Form 990.
right arrow

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2022

Open to Public Inspection

Name of the organization

The Trustees of Princeton University

Employer identification number

21-0634501

Part I

Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts. Complete if the organization answered "Yes" on Form 990, Part IV, line 6.

		(b) Funds and other accounts
1	Total number at end of year .........	1
2	Aggregate value of contributions to (during year)
3	Aggregate value of grants from (during year)
4	Aggregate value at end of year ........	161,932

Did the organization inform all donors and donor advisors in writing that the assets held in donor advised funds are the organization’s property, subject to the organization’s exclusive legal control? ............

Yes No

Did the organization inform all grantees, donors, and donor advisors in writing that grant funds can be used only for charitable purposes and not for the benefit of the donor or donor advisor, or for any other purpose conferring impermissible private benefit? ...................................

Yes No

Part II

Conservation Easements.
Complete if the organization answered "Yes" on Form 990, Part IV, line 7.

Purpose(s) of conservation easements held by the organization (check all that apply).

Preservation of land for public use (e.g., recreation or education) Preservation of an historically important land area

Protection of natural habitat Preservation of a certified historic structure

Preservation of open space

Complete lines 2a through 2d if the organization held a qualified conservation contribution in the form of a conservation easement on the last day of the tax year.


a	Total number of conservation easements ......................	2a
b	Total acreage restricted by conservation easements ....................	2b
c	Number of conservation easements on a certified historic structure included in (a) .....	2c
d	Number of conservation easements included in (c) acquired after July 25, 2006, and not on a historic structure listed in the National Register ...	2d

Number of conservation easements modified, transferred, released, extinguished, or terminated by the organization during the
tax year right arrow

Number of states where property subject to conservation easement is located right arrow

Does the organization have a written policy regarding the periodic monitoring, inspection, handling of violations, and enforcement of the conservation easements it holds? ............

Yes No

Staff and volunteer hours devoted to monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
right arrow

Amount of expenses incurred in monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
right arrow

Does each conservation easement reported on line 2(d) above satisfy the requirements of section 170(h)(4)(B)(i) and section 170(h)(4)(B)(ii)? .............................

Yes No

In Part XIII, describe how the organization reports conservation easements in its revenue and expense statement, and
balance sheet, and include, if applicable, the text of the footnote to the organization’s financial statements that describes
the organization’s accounting for conservation easements.

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets.
Complete if the organization answered "Yes" on Form 990, Part IV, line 8.

If the organization elected, as permitted under FASB ASC 958, not to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide, in Part XIII, the text of the footnote to its financial statements that describes these items.

If the organization elected, as permitted under FASB ASC 958, to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide the following amounts relating to these items:

(i)

Revenue included on Form 990, Part VIII, line 1 ......................... right arrow

$ 1,097,281

(ii)

Assets included in Form 990, Part X ............................... right arrow

$ 352,582,869

If the organization received or held works of art, historical treasures, or other similar assets for financial gain, provide the
following amounts required to be reported under FASB ASC 958 relating to these items:

Revenue included on Form 990, Part VIII, line 1 .......................... right arrow

Assets included in Form 990, Part X ............................... right arrow

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 52283D

Schedule D (Form 990) 2022

Page 2

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued)

Using the organization’s acquisition, accession, and other records, check any of the following that are a significant use of its collection items (check all that apply):

Public exhibition

Loan or exchange programs

Scholarly research

Other DIGITAL COLLECTIONS

Preservation for future generations

Provide a description of the organization’s collections and explain how they further the organization’s exempt purpose in
Part XIII.

During the year, did the organization solicit or receive donations of art, historical treasures or other similar
assets to be sold to raise funds rather than to be maintained as part of the organization’s collection?...

Yes No

Part IV

Escrow and Custodial Arrangements. Complete if the organization answered "Yes" on Form 990, Part IV, line 9, or reported an amount on Form 990, Part X, line 21.

Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets not
included on Form 990, Part X? ....................................

Yes No


b	If "Yes," explain the arrangement in Part XIII and complete the following table:		Amount
c	Beginning balance .............................	1c
d	Additions during the year ............................	1d
e	Distributions during the year ..........................	1e
f	Ending balance ................................	1f

Did the organization include an amount on Form 990, Part X, line 21, for escrow or custodial account liability? ...

Yes No

If "Yes," explain the arrangement in Part XIII. Check here if the explanation has been provided in Part XIII ....

Part V

Endowment Funds.
Complete if the organization answered "Yes" on Form 990, Part IV, line 10.

		(a) Current year	(b) Prior year	(c) Two years back	(d) Three years back	(e) Four years back

1a	Beginning of year balance ....	33,380,863,000	35,126,217,000	37,026,442,000	25,944,283,000	25,499,645,000
b	Contributions ...	486,964,000	556,921,000	117,556,000	651,218,000	432,263,000
c	Net investment earnings, gains, and losses	1,222,278,000	-689,719,000	-489,044,000	11,883,451,000	1,428,455,000
d	Grants or scholarships ...	298,023,000	285,910,000	287,352,000	232,613,000	253,351,000
e	Other expenditures for facilities and programs ...	1,339,146,000	1,289,030,000	1,203,493,000	1,192,252,000	1,136,033,000
f	Administrative expenses ....	51,071,000	37,616,000	37,892,000	27,645,000	26,696,000
g	End of year balance ......	33,401,865,000	33,380,863,000	35,126,217,000	37,026,442,000	25,944,283,000

Provide the estimated percentage of the current year end balance (line 1g, column (a)) held as:

Board designated or quasi-endowment right arrow

44 %

Permanent endowment right arrow

8 %

Term endowment right arrow

48 %

The percentages on lines 2a, 2b, and 2c should equal 100%.

Are there endowment funds not in the possession of the organization that are held and administered for the
organization by:

Yes

(i) Unrelated organizations .................

3a(i)

Yes

(ii) Related organizations .................

3a(ii)

Yes

If "Yes" on 3a(ii), are the related organizations listed as required on Schedule R? .........

Yes

Describe in Part XIII the intended uses of the organization's endowment funds.

Part VI

Land, Buildings, and Equipment.
Complete if the organization answered "Yes" on Form 990, Part IV, line 11a. See Form 990, Part X, line 10.

Description of property		(a) Cost or other basis (investment)	(b) Cost or other basis (other)	(c) Accumulated depreciation	(d) Book value

1a	Land .....	16,000,000	129,989,000		145,989,000
b	Buildings ....		7,708,570,000	2,129,409,000	5,579,161,000
c	Leasehold improvements
d	Equipment ....		508,542,000	300,467,000	208,075,000
e	Other .....		838,298,000	232,057,000	606,241,000
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).)..					6,539,466,000

Schedule D (Form 990) 2022

Page 3

Part VII

Investments - Other Securities.
Complete if the organization answered "Yes" on Form 990, Part IV, line 11b. See Form 990, Part X, line 12.

(a) Description of security or category (including name of security)	(b) Book value	(c) Method of valuation: Cost or end-of-year market value
(1) Financial derivatives.........
(2) Closely-held equity interests........
(3) Other (A) INVESTMENTS LTD. PARTNERSHIPS	33,447,716,000
(B) BOND PROCEEDS AWAITING DRAWDOWN	850,434,000
(C) PLANNED GIVING INVESTMENTS	158,500,000
(D) OTHER SECURITIES	117,024,000
(D)
(E)
(F)
(G)
(H)
Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)	34,573,674,000

Part VIII

Investments - Program Related. Complete if the organization answered 'Yes' on Form 990, Part IV, line 11c. See Form 990, Part X, line 13.

(a) Description of investment	(b) Book value	(c) Method of valuation: Cost or end-of-year market value

(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 13.)

Part IX

Other Assets.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 11d. See Form 990, Part X, line 15.

(a) Description				(b) Book value

(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)...........

Part X

Other Liabilities.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 11e or 11f. See Form 990, Part X, line 25.

1.(a) Description of liability	(b) Book value
(1) Federal income taxes
DEPOSITS HELD IN CUSTODY FOR OTHERS	147,973,000
LIABILITY UNDER PLANNED GIVING AGREEMENTS	85,138,000
POST RETIREMENT BENEFITS	552,521,000
OTHER LIABILITIES	11,300,000





Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)	796,932,000
2. Liability for uncertain tax positions. In Part XIII, provide the text of the footnote to the organization's financial statements that reports the organization's liability for uncertain tax positions under FIN 48 (ASC 740). Check here if the text of the footnote has been provided in Part XIII

Schedule D (Form 990) 2022

Page 4

Part XI Reconciliation of Revenue per Audited Financial Statements With Revenue per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1	Total revenue, gains, and other support per audited financial statements .......		1
2	Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a	Net unrealized gains (losses) on investments ....	2a
b	Donated services and use of facilities .........	2b
c	Recoveries of prior year grants ...........	2c
d	Other (Describe in Part XIII.) ...........	2d
e	Add lines 2a through 2d .....................		2e
3	Subtract line 2e from line 1..................		3
4	Amounts included on Form 990, Part VIII, line 12, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b .	4a
b	Other (Describe in Part XIII.) ...........	4b
c	Add lines 4a and 4b....................		4c
5	Total revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ......		5

Part XII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1	Total expenses and losses per audited financial statements ...........		1
2	Amounts included on line 1 but not on Form 990, Part IX, line 25:
a	Donated services and use of facilities .........	2a
b	Prior year adjustments ............	2b
c	Other losses ................	2c
d	Other (Describe in Part XIII.) ...........	2d
e	Add lines 2a through 2d....................		2e
3	Subtract line 2e from line 1...................		3
4	Amounts included on Form 990, Part IX, line 25, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b ..	4a
b	Other (Describe in Part XIII.) ...........	4b
c	Add lines 4a and 4b.....................		4c
5	Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ......		5

Part XIII

Supplemental Information

Provide the descriptions required for Part II, lines 3, 5, and 9; Part III, lines 1a and 4; Part lV, lines 1b and 2b; Part V, line 4; Part X, line 2; Part XI, lines 2d and 4b; and Part XII, lines 2d and 4b. Also complete this part to provide any additional information.

Return Reference	Explanation
Schedule D, Part III, Line 1a Org. Maint. Coll. of Art, Hist. Treasures, or Other Sim. Assets	Works of art, literary works, historical treasures, and artifacts that are part of a collection are protected, preserved, and held for public exhibition, education, and research in furtherance of public service. Collections are not capitalized, and contributed collection items are not recognized as revenues in the University's consolidated financial statements.
Schedule D, Part III, Line 4 Collections of art - description of collections	THE PRIMARY MISSION OF PRINCETON UNIVERSITY ART MUSEUM ("PUAM") IS TO EFFECTIVELY SUPPORT AND ENHANCE THE UNIVERSITY'S GOALS OF TEACHING, RESEARCH, AND SERVICE. THE MUSEUM DOES THIS THROUGH THE STUDY, PRESERVATION, CONSERVATION, EXHIBITION, AND DEVELOPMENT OF ITS COLLECTIONS. THROUGH DIRECT AND SUSTAINED ACCESS TO ORIGINAL WORKS OF ART, AND BY COLLABORATING WITH FACULTY, STUDENTS, AND STAFF FROM THE DEPARTMENT OF ART AND ARCHAEOLOGY AND MANY OTHER DISCIPLINES, THE MUSEUM CONTRIBUTES TO THE DEVELOPMENT OF CRITICAL THINKING AND VISUAL LITERACY AT PRINCETON. AS ONE OF THE FINEST CULTURAL RESOURCES IN THE STATE OF NEW JERSEY, THE MUSEUM ALSO HAS A CLEAR COMMITMENT TO SERVE THE LOCAL COMMUNITY, THE REGION, AND BEYOND. THE MUSEUM MAKES ITS COLLECTIONS AND EXHIBITIONS ACCESSIBLE TO A WIDE PUBLIC. ALL AUDIENCES ARE ENCOURAGED TO PARTICIPATE IN PUAM'S PRINCIPAL ACTIVITIES THROUGH SPECIFIC PROGRAMS AND OUTREACH INITIATIVES. SCHOLARLY EXHIBITIONS, PUBLICATIONS, SYMPOSIA, AND AN ACTIVE LOAN PROGRAM EXTEND THE MUSEUM'S REACH TO A NATIONAL AND INTERNATIONAL AUDIENCE, ASSURING ITS CONTINUING VITALITY AND ACTIVE PARTICIPATION IN THE UNIVERSITY'S PRIMARY COMMITMENT TO ADVANCE AND IMPART KNOWLEDGE. PRINCETON UNIVERSITY LIBRARY'S SPECIAL COLLECTIONS DEPARTMENT, LOCATED IN THE HARVEY S. FIRESTONE LIBRARY AND THE SEELEY G. MUDD MANUSCRIPT LIBRARY, IS ONE OF THE PREMIER REPOSITORIES OF ITS KIND. ITS HOLDINGS SPAN FIVE MILLENNIA AND FIVE CONTINENTS, AND INCLUDE AROUND 300,000 RARE OR SIGNIFICANT PRINTED WORKS; 45,000 LINEAR FEET OF TEXTUAL MATERIALS, RANGING FROM CUNEIFORM TABLETS TO CONTEMPORARY MANUSCRIPTS; A COLLECTION OF PRINTS, DRAWINGS, PHOTOGRAPHS, MAPS,110,000 COINS, AND OTHER VISUAL MATERIALS; THE COTSEN CHILDREN'S LIBRARY; AND THE PRINCETON UNIVERSITY ARCHIVES. SPECIAL COLLECTIONS UNDERTAKES A GREAT DEAL OF DIGITIZATION OF THESE MATERIALS AS A MEANS OF DISSEMINATING HOLDINGS TO THE WORLD. THESE COLLECTIONS SUPPORT SCHOLARSHIP, RESEARCH, FACULTY AND STUDENTS, AND HELP FURTHER THE OVERALL MISSION OF THE UNIVERSITY.
Schedule D, Part V, Line 4 Intended uses of endowment funds	ENDOWMENT FUNDS ARE DESIGNATED BY DONORS OR THE UNIVERSITY TO SUPPORT SCHOOLS OR DEPARTMENTS OF THE UNIVERSITY, OFTEN FOR SPECIFIC PURPOSES SUCH AS PROFESSORSHIPS, RESEARCH, FACULTY SUPPORT, SCHOLARSHIPS AND FELLOWSHIPS, ATHLETICS, LIBRARY AND ART MUSEUM, BUILDING CONSTRUCTION, AND OTHER SPECIFIC PURPOSES.
Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote	The University is a not-for-profit organization as described in Section 501(c)(3) of the Internal Revenue Code and is exempt from income taxes on related income. The University files U.S. federal and various state and local tax returns. The statute of limitations on the University's U.S. federal tax returns remains open for the years ended June 30, 2021 through the present. On December 22, 2017, the Tax Cuts and Jobs Act (TCJA) was enacted. TCJA impacts the University in several ways, including imposing excise taxes on certain excess compensation and net investment income, establishing new rules for calculating unrelated business taxable income. The University has reflected the tax assets, liabilities, and payables in the consolidated financial statements based on reasonable estimates under the regulatory guidance on the TCJA. ASC 740, Income Taxes, prescribes the minimum recognition threshold that a tax position must meet in connection with accounting for uncertainties in income tax positions taken, or expected to be taken, by an entity before being measured and recognized in the consolidated financial statements. The University continues to evaluate its tax positions pursuant to the principles of ASC 740, and has determined that there is no material impact on the University's consolidated financial statements.

Schedule D (Form 990) 2022

Additional Data

Software ID:	23017437
Software Version:	2023v6.0

- TIN:

SCHEDULE E(Form 990)

Department of the Treasury
Internal Revenue Service

Schools

Complete if the organization answered "Yes" on Form 990,
Part IV, line 13, or Form 990-EZ, Part VI, line 48.
Right pointing arrow large image

Attach to Form 990 or Form 990-EZ.
Right pointing arrow large image

Go to www.irs.gov/Form990EZ for the latest information.

OMB No. 1545-0047 2023Open to Public Inspection

Name of the organization

The Trustees of Princeton University

Employer identification number

21-0634501

Part I

YES

Does the organization have a racially nondiscriminatory policy toward students by statement in its charter, bylaws,

other governing instrument, or in a resolution of its governing body? . . . . . . . . . . . . . . . . . .

Yes

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? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

Has the organization publicized its racially nondiscriminatory policy on its primary publicly accessible Internet homepage at

all times during its taxable year in a manner reasonably expected to be noticed by visitors to the homepage, or 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? If "Yes," please

describe. If "No," please explain. If you need more space use Part II. . . . . . . . . . . . . . . . . . .

Yes

Does the organization maintain the following?

Records indicating the racial composition of the student body, faculty, and administrative staff? . . . . . . . . .

Yes

Records documenting that scholarships and other financial assistance are awarded on a racially nondiscriminatory

basis? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

Copies of all catalogues, brochures, announcements, and other written communications to the public dealing

with student admissions, programs, and scholarships? . . . . . . . . . . . . . . . . . . . . . . .

Yes

Copies of all material used by the organization or on its behalf to solicit contributions? . . . . . . . . . . . .

Yes

If you answered "No" to any of the above, please explain. If you need more space, use Part II.

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

Students' rights or privileges? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Admissions policies? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Employment of faculty or administrative staff? . . . . . . . . . . . . . . . . . . . . . . . . .

Scholarships or other financial assistance? . . . . . . . . . . . . . . . . . . . . . . . . . .

Educational policies? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Use of facilities? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Athletic programs? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other extracurricular activities? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

If you answered "Yes" to any of the above, please explain. If you need more space, use Part II.

Does the organization receive any financial aid or assistance from a governmental agency? . . . . . . . . . .

Yes

Has the organization's right to such aid ever been revoked or suspended? . . . . . . . . . . . . . . . .

If you answered "Yes" to either line 6a or line 6b, explain on Part II.

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, as modified by Rev. Proc. 2019-22, 2019-22 I.R.B. 1260, covering racial nondiscrimination? If "No," explain on Part II. . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 50085D

Schedule E (Form 990) (2023)

Page 2

Part II

Supplemental Information. Provide the explanations required by Part I, lines 3, 4d, 5h, 6b, and 7, as applicable. Also provide
any other additional information. See instructions.

Return Reference

Explanation

Schedule E, Part I, Line 3 RACIALLY NONDISCRIMINATORY POLICY

INFORMATION ON PRINCETON'S EQUAL OPPORTUNITY POLICY AND NONDISCRIMINATION STATEMENT, AND A LINK TO FURTHER INFORMATION, CAN BE FOUND ON THE UNIVERSITY'S HOMEPAGE. ALL INCOMING FRESHMEN RECEIVE A COPY OF "RIGHTS, RULES, RESPONSIBILITES" IN THE MAIL DURING THE SUMMER BEFORE THEY MATRICULATE. ALL OTHER STUDENTS RECEIVE THIS PUBLICATION AT FALL REGISTRATION. THIS PUBLICATION, WHICH CONTAINS THE UNIVERSITY'S POLICY REGARDING EQUAL OPPORTUNITY AND NONDISCRIMINATION STATEMENT, IS ALSO AVALAIBLE ON THE UNIVERSITY'S WEBSITE. PRINCETON UNIVERSITY DOES NOT HAVE A STUDENT SOLICITATION PROGRAM. INDIVIDUALS WHO REQUEST INFORMATION ABOUT UNDERGRADUATE ADMISSION RECEIVE A COPY OF THE ADMISSION "VIEWBOOK CAN DOWNLOAD THE MATERIALS ONLINE. GRADUATE ADMISSION INFORMATION CAN BE VIEWED ON THE GRADUATE SCHOOL WEBSITE.

Schedule E, Part I, Line 6(a) FINANCIAL AID OR ASSISTANCE FROM A GOVERNMENT

THE UNIVERSITY RECEIVES SIGNIFICANT RESEARCH GRANT FUNDS FROM THE FEDERAL GOVERNMENT. THIS AMOUNT IS INCLUDED IN FORM 990, PART 1, LINE 8.

Schedule E (Form 990) (2023)

Additional Data

Software ID:	23017437
Software Version:	2023v6.0

- TIN:

SCHEDULE F(Form 990)

Department of the Treasury
Internal Revenue Service

Statement of Activities Outside the United States

Complete if the organization answered "Yes" to Form 990, Part IV, line 14b, 15, or 16. Right arrow

Attach to Form 990. Right arrow

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2023

Open to Public Inspection

Name of the organization
The Trustees of Princeton University

Employer identification number

21-0634501

Part I

General Information on Activities Outside the United States. Complete if the organization answered "Yes" on Form 990, Part IV, line 14b.

For grantmakers. Does the organization maintain records to substantiate the amount of its grants and

other assistance, the grantees’ eligibility for the grants or assistance, and the selection criteria used

to award the grants or assistance? . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

For grantmakers. Describe in Part V the organization’s procedures for monitoring the use of its grants and other assistance outside the United States.

Activites per Region. (The following Part I, line 3 table can be duplicated if additional space is needed.)

(a) Region		(b) Number of offices in the region	(c) Number of employees, agents, and independent contractors in the region	(d) Activities conducted in region (by type) (such as, fundraising, program services, investments, grants to recipients located in the region)	(e) If activity listed in (d) is a program service, describe specific type of service(s) in the region	(f) Total expenditures for and investments in the region
	Central America and the Caribbean	0	121	Program Services	RES,EDU,TRAVEL,CONSULT	299,374
	East Asia and the Pacific	3	1,144	Program Services	RES,EDU,TRAVEL,CONSULT	7,625,992
	Europe (Including Iceland and Greenland)	7	5,408	Program Services	RES,EDU,TRAVEL,CONSULT	20,336,598
	Middle East and North Africa	0	150	Program Services	RES,EDU,TRAVEL,CONSULT	1,606,934
	North America (Canada & Mexico only)	0	587	Program Services	RES,EDU,TRAVEL,CONSULT	1,820,494
	Russia and Neighboring States	0	31	Program Services	RES,EDU,TRAVEL,CONSULT	110,092
	South America	0	366	Program Services	RES,EDU,TRAVEL,CONSULT	1,709,224
	South Asia	0	128	Program Services	RES,EDU,TRAVEL,CONSULT	1,121,881
	Sub-Saharan Africa	1	290	Program Services	RES,EDU,TRAVEL,CONSULT	6,009,551
	Central America and the Caribbean	0	0	Investments		8,632,214,960
	North America (Canada & Mexico only)	0	0	Investments		320,675,329
	East Asia and the Pacific	0	0	Investments		26,976,708
	Europe (Including Iceland and Greenland)	0	0	Investments		663,069,175
	Sub-Saharan Africa	0	0	Investments		2,045,111,662



3a	Sub-total ....	11	8,225			11,728,687,974
b	Total from continuation sheets to Part I ...	0	0			0
c	Totals (add lines 3a and 3b)	11	8,225			11,728,687,974

For Paperwork Reduction Act Notice, see the Instructions for Form 990.Cat. No. 50082W Schedule F (Form 990) 2023

Schedule F (Form 990) 2023

Page 2

Part II

Grants and Other Assistance to Organizations or Entities Outside the United States. Complete if the organization answered "Yes" on Form 990, Part IV, line 15, for any recipient who received more than $5,000. Part II can be duplicated if additional space is needed.

(c) Region	(d) Purpose of grant	(e) Amount of cash grant	(f) Manner of cash disbursement	(h) Description of noncash assistance	(i) Method of valuation (book, FMV, appraisal, other)
Central America and the Caribbean	RES/EDU/TRAV	65,177	CHECK	N/A	N/A
East Asia and the Pacific	RES/EDU/TRAV	4,187,355	CHECK	N/A	N/A
Europe (Including Iceland and Greenland)	RES/EDU/TRAV	10,268,370	CHECK	N/A	N/A
Middle East and North Africa	RES/EDU/TRAV	859,409	CHECK	N/A	N/A
North America (Canada & Mexico only)	RES/EDU/TRAV	954,188	CHECK	N/A	N/A
Russia and Neighboring States	RES/EDU/TRAV	20,285	CHECK	N/A	N/A
South America	RES/EDU/TRAV	549,821	CHECK	N/A	N/A
South Asia	RES/EDU/TRAV	457,344	CHECK	N/A	N/A
Sub-Saharan Africa	RES/EDU/TRAV	4,829,982	CHECK	N/A	N/A

2	Enter total number of recipient organizations listed above that are recognized as charities by the foreign country, recognized as tax-exempt by the IRS, or for which the grantee or counsel has provided a section 501(c)(3) equivalency letter .......	110
3	Enter total number of other organizations or entities .......................	314

Schedule F (Form 990) 2023

Schedule F (Form 990) 2023Page 3

Part III

Grants and Other Assistance to Individuals Outside the United States. Complete if the organization answered "Yes" on Form 990, Part IV, line 16.

Part III can be duplicated if additional space is needed.

	(b) Region	(c) Number of recipients	(d) Amount of cash grant	(e) Manner of cash disbursement
SCHOLARSHIP/FELLOWSHIP	Central America and the Caribbean	47	234,197	CREDIT
SCHOLARSHIP/FELLOWSHIP	East Asia and the Pacific	379	3,438,637	CREDIT
SCHOLARSHIP/FELLOWSHIP	Europe (Including Iceland and Greenland)	972	10,068,228	CREDIT
SCHOLARSHIP/FELLOWSHIP	Middle East and North Africa	85	747,525	CREDIT
SCHOLARSHIP/FELLOWSHIP	North America (Canada & Mexico only)	134	866,306	CREDIT
SCHOLARSHIP/FELLOWSHIP	Russia and Neighboring States	13	89,807	CREDIT
SCHOLARSHIP/FELLOWSHIP	South America	187	1,159,403	CREDIT
SCHOLARSHIP/FELLOWSHIP	South Asia	105	664,537	CREDIT
SCHOLARSHIP/FELLOWSHIP	Sub-Saharan Africa	190	1,179,569	CREDIT

Schedule F (Form 990) 2023

Page 4

Part IV

Foreign Forms

Schedule F (Form 990) 2023

Page 5

Part V

Supplemental Information
Provide the information required by Part I, line 2 (monitoring of funds); Part I, line 3, column (f) (accounting method; amounts of investments vs. expenditures per region); Part II, line 1 (accounting method); Part III (accounting method); and Part III, column (c) (estimated number of recipients), as applicable. Also complete this part to provide any additional information. See instructions.

ReturnReference	Explanation
Schedule F, Part I, Line 2 Procedures for monitoring use of grant funds	THE UNIVERSITY PROVIDES THE NECESSARY INSTITUTIONAL REVIEW AND APPROVAL WHICH IS REQUIRED PRIOR TO THE AWARDING OF GRANT FUNDS OUTSIDE THE U.S. GRANT AWARDS ARE NOT AUTHORIZED FOR PROJECTS THAT HAVE NOT BEEN PROPERLY APPROVED BY THE UNIVERSITY. THE OFFICE OF RESEARCH AND PROJECT ADMINISTRATION (ORPA) PROVIDES GUIDANCE ON EXPORT CONTROLS, FOREIGN TRAVEL VOUCHER POLICIES, APPROVAL VERIFICATIONS, FOREIGN TRAVEL CHECKLISTS, AND FEDERAL AVIATION ADMINISTRATION WAIVER CHECKLISTS. ORPA COMPLETES THE RESTRICTED PARTY SCREENING PROCESS FOR PAYMENTS TO FOREIGN ORGANIZATIONS AND INDIVIDUALS. THE UNIVERSITY ALSO MAINTAINS A TRAVEL REGISTRATION DATABASE WHICH INFORMS USERS OF POTENTIALLY RELEVANT EXPORT CONTROL LAWS AND SIMILAR CONCERNS WHEN THEY REGISTER FOR TRAVEL TO PARTICULAR DESTINATIONS. IN ORDER TO MONITOR AND ENSURE APPROPRIATE USE OF NON-U.S. GRANT FUNDS, THE UNIVERSITY ANALYZES ALL PROJECT RESULTS AND PREPARES FINANCIAL REPORTS THAT ARE REVIEWED AT BOTH THE PROGRAM AND CENTRAL OFFICE LEVELS.
Schedule F, Part I, Line 3 Method used to account for expenditures on org's financial statements	CENTRAL AMERICA AND THE CARIBBEAN-Accrual; EAST ASIA AND THE PACIFIC-Accrual,; EUROPE (INCLUDING ICELAND AND GREENLAND)-Accrual,; MIDDLE EAST AND NORTH AFRICA-Accrual; NORTH AMERICA (CANADA & MEXICO ONLY)-Accrual,; RUSSIA AND NEIGHBORING STATES-Accrual; SOUTH AMERICA-Accrual; SOUTH ASIA-Accrual; SUB-SAHARAN AFRICA-Accrual,
Schedule F, Part II, Line 1 Method used to account for expenditures on org's financial statements	CENTRAL AMERICA AND THE CARIBBEAN-Accrual; EAST ASIA AND THE PACIFIC-Accrual; EUROPE (INCLUDING ICELAND AND GREENLAND)-Accrual; MIDDLE EAST AND NORTH AFRICA-Accrual; NORTH AMERICA (CANADA & MEXICO ONLY)-Accrual; RUSSIA AND NEIGHBORING STATES-Accrual; SOUTH AMERICA-Accrual; SOUTH ASIA-Accrual; SUB-SAHARAN AFRICA-Accrual
Schedule F, Part III Method used to account for expenditures on org's financial statements	CENTRAL AMERICA AND THE CARIBBEAN -Accrual EAST ASIA AND THE PACIFIC -Accrual EUROPE (INCLUDING ICELAND AND GREENLAND) -Accrual MIDDLE EAST AND NORTH AFRICA -Accrual NORTH AMERICA (CANADA & MEXICO ONLY) -Accrual RUSSIA AND NEIGHBORING STATES -Accrual SOUTH AMERICA -Accrual SOUTH ASIA -Accrual SUB-SAHARAN AFRICA -Accrual

Schedule F (Form 990) 2023

Additional Data

Software ID:	23017437
Software Version:	2023v6.0

- TIN:

SCHEDULE G (Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Information Regarding
Fundraising or Gaming Activities

Complete if the organization answered "Yes" on Form 990, Part IV, lines 17, 18, or 19, or if the organization entered more than $15,000 on Form 990-EZ, line 6a. right arrow

Attach to Form 990 or Form 990-EZ.
right arrow

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2023

Open to Public Inspection

Name of the organization
The Trustees of Princeton University

Employer identification number

21-0634501

Part I

Fundraising Activities.Complete if the organization answered "Yes" on Form 990, Part IV, line 17.

Form 990-EZ filers are not required to complete this part.

Indicate whether the organization raised funds through any of the following activities. Check all that apply.

a	Mail solicitations	e	Solicitation of non-government grants
b	Internet and email solicitations	f	Solicitation of government grants
c	Phone solicitations	g	Special fundraising events
d	In-person solicitations

Did the organization have a written or oral agreement with any individual (including officers, directors, trustees

or key employees listed in Form 990, Part VII) or entity in connection with professional fundraising services?

YesNo

If "Yes," list the 10 highest paid individuals or entities (fundraisers) pursuant to agreements under which the fundraiser is
to be compensated at least $5,000 by the organization.

(i) Name and address of individual or entity (fundraiser)	(iii) Did fundraiser have custody or control of contributions?
	Yes	No










Total . . . . . . . . . . . . . . . . . . . .

List all states in which the organization is registered or licensed to solicit contributions or has been notified it is exempt from registration or licensing.

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 50083H

Schedule G (Form 990) 2023

Page 2

Part II

Fundraising Events. Complete if the organization answered "Yes" on Form 990, Part IV, line 18, or reported more than $15,000 of fundraising event contributions and gross income on Form 990-EZ, lines 1 and 6b. List events with gross receipts greater than $5,000.

		(a) Event #1 PUAM Gala (event type)	(b) Event #2 PUAM Fall Ball (event type)	(c) Other events (total number)	(d) Total events (add col. (a) through col. (c))
1	Gross receipts . . . . .	365,385	136,225		501,610
2	Less: Contributions . . . .	324,325	105,160		429,485
3	Gross income (line 1 minus line 2) . . . . . .	41,060	31,065	0	72,125

4	Cash prizes . . . . .
5	Noncash prizes . . . .
6	Rent/facility costs . . . .	4,694	4,979	9,673
7	Food and beverages . . .	113,030	68,830	181,860
8	Entertainment . . . .	7,000	21,600	28,600
9	Other direct expenses . . .	43,545	47,053	90,598
10	Direct expense summary. Add lines 4 through 9 in column (d) . . . . . . . . . .			310,731
11	Net income summary. Subtract line 10 from line 3, column (d). . . . . . . . . .			-238,606

Part III

Gaming. Complete if the organization answered "Yes" on Form 990, Part IV, line 19, or reported more than $15,000 on Form 990-EZ, line 6a.

		(a) Bingo	(b) Pull tabs/Instant bingo/progressive bingo	(c) Other gaming	(d) Total gaming (add col.(a) through col.(c))
1	Gross revenue . . . . .

2	Cash prizes . . . . .
3	Noncash prizes . . . .
4	Rent/facility costs . . . .
5	Other direct expenses . . .

Volunteer labor . . . .

	Yes %
	No

	Yes %
	No

	Yes %
	No

Direct expense summary. Add lines 2 through 5 in column (d) . . . . . . . . . . right arrow

Net gaming income summary. Subtract line 7 from line 1, column (d). . . . . . . . . right arrow

Enter the state(s) in which the organization conducts gaming activities:

Is the organization licensed to conduct gaming activities in each of these states? . . . . . . . .

YesNo

If "No," explain:

10a

Were any of the organization's gaming licenses revoked, suspended or terminated during the tax year? . . .

YesNo

If "Yes," explain:

Schedule G (Form 990) 2023

Page 3

Does the organization conduct gaming activities with nonmembers? . . . . . . . . . . .

YesNo

Is the organization a grantor, beneficiary or trustee of a trust or a member of a partnership or other entity

formed to administer charitable gaming? . . . . . . . . . . . . . . . . .

YesNo

Indicate the percentage of gaming activity conducted in:

The organization's facility . . . . . . . . . . . . . . . . . .

13a

An outside facility . . . . . . . . . . . . . . . . . . . .

13b

Enter the name and address of the person who prepares the organization's gaming/special events books and records:

Name

Address

15a

Does the organization have a contract with a third party from whom the organization receives gaming

revenue? . . . . . . . . . . . . . . . . . . . . . . . .

YesNo

If "Yes," enter the amount of gaming revenue received by the organization right arrow

$ and the

amount of gaming revenue retained by the third party right arrow

$ .

If "Yes," enter name and address of the third party:

Name

Address

Gaming manager information:

Name

Gaming manager compensation right arrow

Description of services provided right arrow

Director/officer Employee Independent contractor

Mandatory distributions:

Is the organization required under state law to make charitable distributions from the gaming proceeds to

retain the state gaming license? . . . . . . . . . . . . . . . . . . .

YesNo

Enter the amount of distributions required under state law distributed to other exempt organizations or spent

in the organization's own exempt activities during the tax year right arrow

Part IV

Supplemental Information. Provide the explanations required by Part I, line 2b, columns (iii) and (v); and Part III, lines 9, 9b, 10b, 15b, 15c, 16, and 17b, as applicable. Also provide any additional information. See instructions.

Return Reference	Explanation

Schedule G (Form 990) 2023

Additional Data

Software ID:	23017437
Software Version:	2023v6.0

- TIN:

Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

Schedule I
(Form 990)

Department of the Treasury
Internal Revenue Service

Grants and Other Assistance to Organizations,
Governments and Individuals in the United States

Complete if the organization answered "Yes," on Form 990, Part IV, line 21 or 22.
lBullet

Attach to Form 990.
lBullet

Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2023

Open to Public
Inspection

Name of the organization
The Trustees of Princeton University

Employer identification number
21-0634501

Part I

General Information on Grants and Assistance

Does the organization maintain records to substantiate the amount of the grants or assistance, the grantees' eligibility for the grants or assistance, and
the selection criteria used to award the grants or assistance? ........................

Yes No

Describe in Part IV the organization's procedures for monitoring the use of grant funds in the United States.

Part II

Grants and Other Assistance to Domestic Organizations and Domestic Governments. Complete if the organization answered "Yes" on Form 990, Part IV, line 21, for any recipient

that received more than $5,000. Part II can be duplicated if additional space is needed.

(a) Name and address of organization or government	(b) EIN	(c) IRC section (if applicable)	(d) Amount of cash grant	(e) Amount of non-cash assistance	(f) Method of valuation (book, FMV, appraisal, other)	(g) Description of noncash assistance	(h) Purpose of grant or assistance
(1) S&G Foundation Incorporation po box 15201 albany,NY12212	36-4193183	501(C)(3)	37,844,141				CONTRIBUTION
(2) MUNICIPALITY OF PRINCETON 401 WITHERSPOON ST PRINCETON,NJ08540	30-0746654	GOVERNMENT	9,500,000				CONTRIBUTION
(3) PRINCETON PUBLIC SCHOOLS 25 VALLEY ROAD PRINCETON,NJ08540	22-1817947	GOVERNMENT	2,795,000				CONTRIBUTION
(4) COMMUNITY FOUNDATION OF NEW JERSEY 35 KNOX HILL ROAD MORRISTOWN,NJ07963	22-2281783	501(C)(3)	1,444,800				CONTRIBUTION
(5) County of Mercer 640 S Broad St Trenton,NJ08611	21-6000856	Government	1,361,700				CONTRIBUTION
(6) PRINCETON FIRE DEPARTMENT 400 WITHERSPOON ST PRINCETON,NJ08540	30-0746654	GOVERNMENT	1,220,000				CONTRIBUTION
(7) MARY J GOREE LAS ANIMAS CTY SCHLRSHP 1873 S Bellaire St Ste 1540 DENVER,CO80222	27-5026539	501(C)(3)	758,175				CONTRIBUTION
(8) LEADERSHIP ENT FOR A DIVERSE AMERICA 121 W 36th Street 207 NEW YORK,NY10018	33-1071771	501(C)(3)	610,000				CONTRIBUTION
(9) ENVIRONMENTAL DEFENSE FUND 257 PARK AVENUE SOUTH NEW YORK,NY10010	11-6107128	501(C)(3)	503,662				CONTRIBUTION
(10) TRIANGLE CLUB OF PRINCETON UNIVERSITY 91 UNIVERSITY PLACE PRINCETON,NJ08540	21-0846217	501(c)(3)	442,039				CONTRIBUTION
(11) MCCARTER THEATRE COMPANY 91 UNIVERSITY PLACE PRINCETON,NJ08540	21-0724198	501(C)(3)	407,267				CONTRIBUTION
(12) PRINCETON FIRST AID & RESCUE SQUAD INC 2 MOUNT LUCAS ROAD PRINCETON,NJ08540	23-7140015	501(C)(3)	258,000				CONTRIBUTION
(13) THE YWCA PRINCETON INC 59 PAUL ROBESON PLACE PRINCETON,NJ08540	21-0635056	501(C)(3)	200,000				CONTRIBUTION
(14) WEST WINDSOR TOWNSHIP 271 CLARKSVILLE RD WEST WINDSOR,NJ08550	21-6001354	GOVERNMENT	198,876				CONTRIBUTION
(15) AMERICAN UNIVERSITY OF BEIRUT 3 DAG HAMMARSKJOLD PLZ NEW YORK,NY10017	13-5596846	501(C)(3)	175,000				CONTRIBUTION
(16) THE WILDERNESS SOCIETY 1801 Pennsylvania Ave NW Suite 200 WASHINGTON,DC20006	53-0167933	501(C)(3)	154,495				CONTRIBUTION
(17) ROSEFITZGERALDKENNEDYGREENWAY CONSERVANCYINC 185KNEELANDSTREET BOSTON,MA02111	20-1678932	501(C)(3)	154,495				CONTRIBUTION
(18) CLIMATE CENTRAL INC 1 PALMER SQ STE 330 PRINCETON,NJ08542	26-1797336	501(C)(3)	147,011				CONTRIBUTION
(19) 101 INC 151MOORESTREET PRINCETON,NJ08540	23-7057664	501(C)(3)	100,000				CONTRIBUTION
(20) Housing Initiatives of Princeton 33MERCERSTREET PRINCETON,NJ08540	27-6983137	501(C)(3)	100,000				CONTRIBUTION
(21) BROADMEAD SWIM CLUB INC 9047 FRIST CAMPUS CENTER PRINCETON,NJ08544	22-1811024	501(C)(7)	90,860				CONTRIBUTION
(22) GREATER TRENTON INC 102 BARRACKS ST TRENTON,NJ08608	26-1307260	501(C)(3)	50,000				CONTRIBUTION
(23) FREEDOM READS 2666 STATE STREET STE 5A HAMDEN,CT06517	87-3023665	501(C)(3)	36,000				CONTRIBUTION
(24) UNITEDSTATESFUNDFORUNICEF 125 maiden lane - 10th floor new york,NY10038	13-1760110	501(C)(3)	30,428				CONTRIBUTION
(25) THEFRIENDSandFOUNDATIONOFTHE PRINCETON PUBLICLIBRARYINC 65WitherspoonStreet PRINCETON,NJ08542	22-3494366	501(C)(3)	30,000				CONTRIBUTION
(26) THE ARTS COUNCIL OF PRINCETON 102 WITHERSPOON ST PRINCETON,NJ08542	22-6108090	501(C)(3)	28,000				CONTRIBUTION
(27) INSTITUTE FOR ADVANCED STUDY -LOUIS BAMBERGER & MRS FELIX FULD FOUNDATION 1 EINSTEIN DRIVE PRINCETON,NJ08540	21-0634988	501(c)(3)	25,592				CONTRIBUTION
(28) PRINCETON HEALTHCARE SYSTEM FOUNDATION INC ONE PLAINSBORO ROAD PLAINSBORO,NJ08536	22-2225911	501(C)(3)	20,000				CONTRIBUTION
(29) American National Red Cross 43118THSTREETNW washington,DC20006	53-0196605	501(C)(3)	20,000				CONTRIBUTION
(30) THE WATERSHED INSTITUTE 31 TITUS MILL RD PENNINGTON,NJ08534	21-0649717	501(C)(3)	15,000				CONTRIBUTION
(31) UNITED WAY OF GREATER MERCER COUNTY 3444 Quaker Bridge Rd Bldg 3 Hamilton,NJ08619	21-0683073	501(C)(3)	11,940				CONTRIBUTION
(32) ReformedChurchOfHighlandPark AffordableHousingCorp 1921SouthSecondAvenue HighlandPark,NJ08904	20-5012410	501(C)(3)	10,000				CONTRIBUTION
(33) LEADERSHIP ENT FOR A DIVERSE AMERICA 121 West 36th Street 207 NEW YORK,NY10018	33-1071771	501(C)(3)		484,443	FMV	CONFERENCE SERVICES	CONTRIBUTION

Enter total number of section 501(c)(3) and government organizations listed in the line 1 table ................. Bullet Image

Enter total number of other organizations listed in the line 1 table ........................ . Bullet Image

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50055P

Schedule I (Form 990) 2023

Page 2

Part III

Grants and Other Assistance to Domestic Individuals. Complete if the organization answered "Yes" on Form 990, Part IV, line 22.
Part III can be duplicated if additional space is needed.

(a) Type of grant or assistance	(b) Number of recipients	(c) Amount of cash grant	(d) Amount of noncash assistance	(e) Method of valuation (book, FMV, appraisal, other)	(f) Description of noncash assistance

(1) UNDERGRADUATE SCHOLARSHIPS - TUITION	5498	206,958,573
(2) UNDERGRADUATE SCHOLARSHIPS NON-TUIT.	3709	50,761,174
(3) GRADUATE - FELLOWSHIPS FOR TUITION	3006	169,052,390
(4) GRADUATE - FELLOWSHIPS FOR NON-TUITION	1813	92,295,702
(4)
(5)
(6)
(7)

Part IV

Supplemental Information. Provide the information required in Part I, line 2; Part III, column (b); and any other additional information.

Return Reference

Explanation

Schedule I, Part II SUB-AWARDS

IN FURTHERANCE OF ITS RESEARCH ACTIVITIES, PRINCETON UNIVERSITY MAKES SUB-AWARDS TO OTHER INSTITUTIONS THAT PERFORM RESEARCH IN CONNECTION WITH RESEARCH GRANTS AWARDED TO PRINCETON UNIVERSITY. PRINCETON UNIVERSITY DOES NOT CATEGORIZE THESE SUB-AWARDS AS "GRANTS AND OTHER ASSISTANCE" FOR FORM 990 REPORTING, SINCE THE RECIPIENT ORGANIZATIONS PERFORM RESEARCH SERVICES FOR THE UNIVERSITY AND ARE CONSIDERED INDEPENDENT CONTRACTORS WHICH SERVE THE DIRECT NEEDS OF THE UNIVERSITY. DURING THE YEAR ENDED JUNE 30, 2024, PRINCETON UNIVERSITY MADE SUB-AWARD PAYMENTS TO 354 RECIPIENT ORGANIZATIONS TOTALING $41,693,883.

Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds.

THE UNIVERSITY HAS AGREEMENTS WITH VARIOUS GOVERNMENT AGENCIES REGARDING ANNUAL CONTRIBUTIONS. ALSO, EACH YEAR THE UNIVERSITY MAKES NUMEROUS SMALL CONTRIBUTIONS TO COMMUNITY ORGANIZATIONS. THE UNIVERSITY'S DEPARTMENT OF COMMUNITY AND REGIONAL AFFAIRS REVIEWS REQUESTS FROM LOCAL NON-PROFITS, AND LOOKS TO PROVIDE PROGRAM SUPPORT FOR ORGANIZATIONS IN THE PRINCETON AREA WHO PROVIDE IMPORTANT SERVICES AND RESOURCES TO THE COMMUNITY. ALL CONTRIBUTIONS ARE EVALUATED TO ASSURE THAT THEY SUPPORT THE PRINCETON COMMUNITY AT LARGE. THE UNIVERSITY'S PACE CENTER FOR CIVIC ENGAGEMENT PROVIDES GRANTS AND SUPPORT EFFORTS BY STUDENTS, FACULTY, STAFF, AND ALUMNI TO IDENTIFY AND ADDRESS ISSUES OF PUBLIC CONCERN, TO BE ACTIVELY ENGAGED CITIZENS, AND TO PRACTICE EFFECTIVE PUBLIC LEADERSHIP FOR THE PURPOSE OF BUILDING STRONGER COMMUNITIES AND SOCIETIES THROUGHOUT THE WORLD. THE UNDERGRADUATE FINANCIAL AID DEPARTMENT MAINTAINS THE RECORDS RELATED TO THE UNDERGRADUATE NEED-BASED GRANTS. THE PROCEDURE IS AS FOLLOWS: THE STUDENTS APPLY ANNUALLY FOR GRANTS BASED ON THEIR FAMILIES' FINANCIAL CIRCUMSTANCES. EACH APPLICATION IS THEN REVIEWED TO DETERMINE THE AMOUNT OF GRANT THAT IS NEEDED. THE GRANTS ARE PROVIDED FROM APPROPRIATE SOURCES AND APPLIED TO EACH STUDENT'S PRINCETON BILL FOR TUITION, FEES, ROOM, BOARD AND OTHER CHARGES. AT THE TIME OF ADMISSION, GRADUATE STUDENT FELLOWSHIPS ARE AWARDED ON THE BASIS OF A COMBINATION OF ACADEMIC MERIT AND FINANCIAL NEED. ALL STUDENTS MUST REMAIN IN GOOD ACADEMIC STANDING IN ORDER TO RECEIVE FUNDING. STUDENTS IN CERTAIN PROGRAMS RECEIVE RESEARCH GRANTS AFTER THEIR FIRST YEAR OF STUDY, WHILE OTHER STUDENTS RECEIVE FELLOWSHIPS FOR THE DURATION OF THEIR PROGRAM. GRADUATE STUDENT FELLOWSHIPS ARE FUNDED THROUGH A COMBINATION OF UNIVERSITY RESOURCES INCLUDING ENDOWMENT, GENERAL UNIVERSITY FUNDS, AND/OR DEPARTMENTAL RESOURCES.

Schedule I (Form 990) 2023

Additional Data

Software ID:	23017437
Software Version:	2023v6.0

- TIN:

Schedule J
(Form 990)

Department of the Treasury
Internal Revenue Service

Compensation Information

For certain Officers, Directors, Trustees, Key Employees, and Highest
Compensated Employees
medium right arrow graphic

Complete if the organization answered "Yes" on Form 990, Part IV, line 23.
medium right arrow graphic

Attach to Form 990.
medium right arrow graphic

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2023

Open to Public Inspection

Name of the organization

The Trustees of Princeton University

Employer identification number

21-0634501

Part I

Questions Regarding Compensation

Yes

Check the appropiate box(es) if the organization provided any of the following to or for a person listed on Form
990, Part VII, Section A, line 1a. Complete Part III to provide any relevant information regarding these items.

First-class or charter travel Housing allowance or residence for personal use

Travel for companions Payments for business use of personal residence

Tax idemnification and gross-up payments Health or social club dues or initiation fees

Discretionary spending account Personal services (e.g., maid, chauffeur, chef)

If any of the boxes on Line 1a are checked, did the organization follow a written policy regarding payment or reimbursement or provision of all of the expenses described above? If "No," complete Part III to explain .....

Yes

Did the organization require substantiation prior to reimbursing or allowing expenses incurred by all
directors, trustees, officers, including the CEO/Executive Director, regarding the items checked on Line 1a? ....

Yes

Indicate which, if any, of the following the filing organization used to establish the compensation of the
organization's CEO/Executive Director. Check all that apply. Do not check any boxes for methods
used by a related organization to establish compensation of the CEO/Executive Director, but explain in Part III.

Compensation committee Written employment contract

Independent compensation consultant Compensation survey or study

Form 990 of other organizations Approval by the board or compensation committee

During the year, did any person listed on Form 990, Part VII, Section A, line 1a, with respect to the filing organization or a related organization:

Receive a severance payment or change-of-control payment? .............

Participate in, or receive payment from, a supplemental nonqualified retirement plan? .........

Yes

Participate in, or receive payment from, an equity-based compensation arrangement? .........

If "Yes" to any of lines 4a-c, list the persons and provide the applicable amounts for each item in Part III.

Only 501(c)(3), 501(c)(4), and 501(c)(29) organizations must complete lines 5-9.

For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the revenues of:

The organization? ....................

Any related organization? .......................

If "Yes," on line 5a or 5b, describe in Part III.

For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the net earnings of:

The organization? ..................

Any related organization? ......................

If "Yes," on line 6a or 6b, describe in Part III.

For persons listed on Form 990, Part VII, Section A, line 1a, did the organization provide any nonfixed
payments not described in lines 5 and 6? If "Yes," describe in Part III ............

Yes

Were any amounts reported on Form 990, Part VII, paid or accured pursuant to a contract that was
subject to the initial contract exception described in Regulations section 53.4958-4(a)(3)? If "Yes," describe
in Part III ..........................

If "Yes" on line 8, did the organization also follow the rebuttable presumption procedure described in Regulations section 53.4958-6(c)? .........................

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50053T

Schedule J (Form 990) 2023

Page 2

Part II

Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees. Use duplicate copies if additional space is needed.

For each individual whose compensation must be reported on Schedule J, report compensation from the organization on row (i) and from related organizations, described in the
instructions, on row (ii). Do not list any individuals that are not listed on Form 990, Part VII.
Note. The sum of columns (B)(i)-(iii) for each listed individual must equal the total amount of Form 990, Part VII, Section A, line 1a, applicable column (D) and (E) amounts for that individual.

(A) Name and Title		(B) Breakdown of W-2, 1099-MISC compensation, and/or 1099-NEC			(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)	(F) Compensation in column (B) reported as deferred on prior Form 990
(A) Name and Title		(i) Base compensation	(ii) Bonus & incentive compensation	(iii) Other reportable compensation	(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)
1Christopher Eisgruber PRESIDENT	(i) (ii)	1,256,317 ------------- 0	0 ------------- 0	143,786 ------------- 0	40,369 ------------- 0	82,874 ------------- 0	1,523,346 ------------- 0	0 ------------- 0
2Deborah Prentice Former Provost	(i) (ii)	229,479 ------------- 0	0 ------------- 0	891 ------------- 0	25,644 ------------- 0	7,601 ------------- 0	263,615 ------------- 0	0 ------------- 0
3Lianne Sullivan-Crowley Former vice president for human resources, Emeritus	(i) (ii)	225,521 ------------- 0	0 ------------- 0	1,391 ------------- 0	18,131 ------------- 0	29,266 ------------- 0	274,309 ------------- 0	0 ------------- 0
4Charlotte Treby Williams former executive vice president	(i) (ii)	747,158 ------------- 0	0 ------------- 0	80,662 ------------- 0	40,369 ------------- 0	21,116 ------------- 0	889,305 ------------- 0	0 ------------- 0
5W Rochelle Calhoun vice president for campus life	(i) (ii)	485,138 ------------- 0	0 ------------- 0	63,041 ------------- 0	40,369 ------------- 0	53,256 ------------- 0	641,804 ------------- 0	0 ------------- 0
6James Dominick VP for info. tech. and CIO (Through 12/31/23)	(i) (ii)	552,530 ------------- 0	0 ------------- 0	43,042 ------------- 0	40,369 ------------- 0	28,399 ------------- 0	664,340 ------------- 0	0 ------------- 0
7Andrew Golden president of the Princeton University Investment Company (Through 6/30/24)	(i) (ii)	1,149,272 ------------- 0	13,312,965 ------------- 0	127,733 ------------- 0	40,369 ------------- 0	31,721 ------------- 0	14,662,060 ------------- 0	11,889,024 ------------- 0
8Kevin Heaney vice president for advancement	(i) (ii)	680,346 ------------- 0	0 ------------- 0	62,973 ------------- 0	40,369 ------------- 0	63,490 ------------- 0	847,178 ------------- 0	0 ------------- 0
9Chad Klaus vice president for university services	(i) (ii)	460,845 ------------- 0	0 ------------- 0	25,451 ------------- 0	40,369 ------------- 0	24,129 ------------- 0	550,794 ------------- 0	0 ------------- 0
10James Matteo vice president for finance and treasurer	(i) (ii)	562,113 ------------- 0	0 ------------- 0	92,035 ------------- 0	40,369 ------------- 0	27,337 ------------- 0	721,854 ------------- 0	0 ------------- 0
11Ramona Romero vice president and general counsel	(i) (ii)	790,579 ------------- 0	0 ------------- 0	84,210 ------------- 0	40,369 ------------- 0	52,456 ------------- 0	967,614 ------------- 0	0 ------------- 0
12Nilufer Shroff vice president and chief audit and compliance officer	(i) (ii)	445,149 ------------- 0	0 ------------- 0	20,479 ------------- 0	40,369 ------------- 0	16,357 ------------- 0	522,354 ------------- 0	0 ------------- 0
13Hilary Parker Vice President and Secretary	(i) (ii)	476,450 ------------- 0	0 ------------- 0	23,141 ------------- 0	40,369 ------------- 0	21,080 ------------- 0	561,040 ------------- 0	0 ------------- 0
14KyuJung Whang VICE PRESIDENT FOR FACILITIES	(i) (ii)	520,982 ------------- 0	0 ------------- 0	36,958 ------------- 0	40,369 ------------- 0	18,636 ------------- 0	616,945 ------------- 0	0 ------------- 0
15Gadi Dechter vice president for communications and government affairs	(i) (ii)	534,540 ------------- 0	0 ------------- 0	53,251 ------------- 0	40,369 ------------- 0	27,417 ------------- 0	655,577 ------------- 0	0 ------------- 0
16Romy Riddick Vice President for Human Resources	(i) (ii)	451,412 ------------- 0	0 ------------- 0	19,804 ------------- 0	40,369 ------------- 0	19,611 ------------- 0	531,196 ------------- 0	0 ------------- 0
17Jennifer Rexford Provost	(i) (ii)	767,073 ------------- 5,000	0 ------------- 0	104,795 ------------- 0	40,369 ------------- 0	34,721 ------------- 0	946,958 ------------- 5,000	0 ------------- 0
18Catherine Callow-Wright Executive Vice President (As of 7/24/23)	(i) (ii)	359,590 ------------- 0	0 ------------- 0	214,543 ------------- 0	40,369 ------------- 0	15,557 ------------- 0	630,059 ------------- 0	0 ------------- 0
19Sanjeev Kulkarni Professor, Former Dean of the Faculty	(i) (ii)	468,518 ------------- 1,000	0 ------------- 0	191,434 ------------- 0	40,369 ------------- 0	26,042 ------------- 0	726,363 ------------- 1,000	0 ------------- 0
20Sarah-Jane Leslie Professor, Former Dean of the Graduate School	(i) (ii)	477,495 ------------- 0	0 ------------- 0	151,159 ------------- 0	40,369 ------------- 0	21,635 ------------- 0	690,658 ------------- 0	0 ------------- 0
21Pablo Debenedetti Dean for Research (Through 8/27/23)	(i) (ii)	496,518 ------------- 0	0 ------------- 0	35,679 ------------- 0	40,369 ------------- 0	25,454 ------------- 0	598,020 ------------- 0	0 ------------- 0
22Jill Dolan Dean of the College (Through 6/30/24)	(i) (ii)	484,295 ------------- 0	0 ------------- 0	29,867 ------------- 0	40,369 ------------- 0	18,557 ------------- 0	573,088 ------------- 0	0 ------------- 0
23Gene Andrew Jarrett Dean of the Faculty	(i) (ii)	640,226 ------------- 0	0 ------------- 0	113,191 ------------- 0	40,369 ------------- 0	31,705 ------------- 0	825,491 ------------- 0	0 ------------- 0
24Rodney Priestley dean of the Graduate School	(i) (ii)	415,795 ------------- 0	0 ------------- 0	74,008 ------------- 0	40,369 ------------- 0	57,830 ------------- 0	588,002 ------------- 0	0 ------------- 0
25Peter Schiffer Dean for Research (As of 8/28/23)	(i) (ii)	182,012 ------------- 0	0 ------------- 0	4,872 ------------- 0	18,521 ------------- 0	9,141 ------------- 0	214,546 ------------- 0	0 ------------- 0
26Jennifer Birmingham managing director of PRINCO	(i) (ii)	781,095 ------------- 0	1,003,580 ------------- 0	77,905 ------------- 0	463,235 ------------- 0	49,623 ------------- 0	2,375,438 ------------- 0	920,080 ------------- 0
27Jonathan Erickson managing director of PRINCO	(i) (ii)	701,454 ------------- 0	2,152,729 ------------- 0	70,676 ------------- 0	355,959 ------------- 0	104,325 ------------- 0	3,385,143 ------------- 0	1,790,039 ------------- 0
28Edward Karns managing director of PRINCO	(i) (ii)	428,892 ------------- 0	1,975,520 ------------- 0	621 ------------- 0	40,369 ------------- 0	37,066 ------------- 0	2,482,468 ------------- 0	1,408,520 ------------- 0
29Tae Kyoon Kim managing director of PRINCO	(i) (ii)	671,204 ------------- 0	1,284,805 ------------- 0	61,109 ------------- 0	559,947 ------------- 0	27,408 ------------- 0	2,604,473 ------------- 0	1,174,805 ------------- 0
30Susan Butler Ciniglio managing director of PRINCO	(i) (ii)	671,011 ------------- 0	792,729 ------------- 0	60,340 ------------- 0	548,449 ------------- 0	27,601 ------------- 0	2,100,130 ------------- 0	0 ------------- 0

Schedule J (Form 990) 2023

Page 3

Part III

Supplemental Information

Provide the information, explanation, or descriptions required for Part I, lines 1a, 1b, 3, 4a, 4b, 4c, 5a, 5b, 6a, 6b, 7, and 8, and for Part II. Also complete this part for any additional information.

Return Reference	Explanation
Schedule J, Part I, Line 1a First-class or charter travel	UNDER THE UNIVERSITY EXPENSE GUIDELINES, EMPLOYEES MAY TRAVEL AT FARES OTHER THAN COACH CLASS FOR SPECIAL HEALTH OR OTHER BUSINESS REASONS AS APPROVED BY THE EXECUTIVE VP OR THE DEAN OF THE FACULTY, OR IN THE CASE OF THE PRESIDENT, BY THE COMPENSATION COMMITTEE.
Schedule J, Part I, Line 1a Travel for companions	UNDER THE UNIVERSITY EXPENSE GUIDELINES, SPOUSAL/PARTNER TRAVEL IS PERMISSIBLE IN RARE INSTANCES WHEN THE PRESENCE OF A SPOUSE/PARTNER IS REQUIRED BY THE UNIVERSITY TO FURTHER AN INSTITUTIONAL BUSINESS PURPOSE AS APPROVED BY THE EXECUTIVE VP OR THE DEAN OF THE FACULTY.
Schedule J, Part I, Line 1a Tax indemnification and gross-up payments	THE UNIVERSITY MAY PROVIDE TAX GROSS-UP PAYMENTS UNDER CERTAIN CIRCUMSTANCES AS APPROVED BY THE COMPENSATION COMMITTEE, PRESIDENT, PROVOST, EXECUTIVE VICE PRESIDENT, VICE PRESIDENT FOR HUMAN RESOURCES, OR THE DEAN OF THE FACULTY. THE UNIVERSITY DOES NOT PROVIDE TAX INDEMNIFICATIONS.
Schedule J, Part I, Line 1a Housing allowance or residence for personal use	THE UNIVERSITY REQUIRES ITS PRESIDENT, DEAN OF THE GRADUATE SCHOOL, AND VP FOR CAMPUS LIFE TO LIVE IN ITS OFFICIAL UNIVERSITY RESIDENCES FOR THE UNIVERSITY'S CONVENIENCE AND AS A CONDITION OF EMPLOYMENT. THE UNIVERSITY EMPLOYS STAFF TO SUPPORT BUSINESS EVENTS AT THE OFFICIAL RESIDENCES.
Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan	THE PRESIDENT AND THE MANAGING DIRECTORS OF PRINCETON UNIVERSITY INVESTMENT COMPANY, A UNIVERSITY DEPARTMENT, PARTICIPATED IN AND RECEIVED COMPENSATION FROM NONQUALIFIED UNFUNDED 457(F) INCENTIVE COMPENSATION PLANS WHICH PROVIDE FOR THE DEFERRAL OF COMPENSATION (WHICH AMOUNT CAN INCREASE OR DECREASE SUBSTANTIALLY DEPENDING ON THE PERFORMANCE OF CERTAIN MARKET BENCHMARKS), UNTIL SUCH COMPENSATION IS NO LONGER SUBJECT TO A SUBSTANTIAL RISK OF FORFEITURE.
Schedule J, Part I, Line 7 Non-fixed payments	THE PRESIDENT AND THE MANAGING DIRECTORS OF PRINCETON UNIVERSITY INVESTMENT COMPANY, A UNIVERSITY DEPARTMENT, RECEIVED INCENTIVE COMPENSATION FROM THE UNIVERSITY BASED ON INVESTMENT RESULTS RELATIVE TO VARIOUS BENCHMARK INDICES, PEER GROUP PERFORMANCE AND A DISCRETIONARY FACTOR.
Schedule J, Part II, Column (F) PRIOR YEAR COMPENSATION	THE AMOUNTS REPORTED IN COLUMN (F) ONLY REFLECT COMPENSATION REPORTED IN COLUMN (B) THAT WAS ALREADY REPORTED AS DEFERRED COMPENSATION ON PRIOR YEAR RETURNS. THEREFORE, A SUBSTANTIAL AMOUNT OF COLUMN (B) BONUSES, WHICH WERE PAID IN THE CURRENT-YEAR, ARE DOUBLE-REPORTED AS THESE BONUSES WERE PREVIOUSLY SHOWN IN PRIOR YEAR TAX RETURNS AS COLUMN (C) DEFERRED COMPENSATION.

Schedule J (Form 990) 2023

Additional Data

Software ID:	23017437
Software Version:	2023v6.0

- TIN:

Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

Schedule K
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Information on Tax-Exempt Bonds

Complete if the organization answered "Yes" to Form 990, Part Ⅵ, line 24a. Provide descriptions,
explanations, and any additional information in Part Ⅵ.
Attach to Form 990.
Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2023

Open to Public
Inspection

Name of the organization
The Trustees of Princeton University

Employer identification number
21-0634501

Part Ⅰ

Bond Issues

(a) Issuer name		(b) Issuer EIN	(c) CUSIP #	(d) Date issued	(e) Issue price	(f) Description of purpose	(g) Defeased		(h) On behalf of issuer		(i) Pool financing
(a) Issuer name		(b) Issuer EIN	(c) CUSIP #	(d) Date issued	(e) Issue price	(f) Description of purpose	Yes	No	Yes	No	Yes	No
A	New Jersey Educational Facilities Authority	22-1829511	6460657Z9	01-16-2014	219,254,544	Funds-RefundCP,Maint,Equip,Constr&Pay Issuance		X		X		X
B	New Jersey Educational Facilities Authority	22-1829511	646066HR4	05-15-2015	187,083,313	Fin Current Refund & Defeasance of O/S Notes & Pay Issuance Costs		X		X		X
C	New Jersey Educational Facilities Authority	22-1829511	646066JQ4	05-15-2015	169,793,154	Funds-RefundCP,Maint,Equip,Constr&Pay Issuance		X		X		X
D	New Jersey Educational Facilities Authority	22-1829511	646066RS1	04-05-2016	278,301,862	Funds-Refund CP, Maint,Equip,Constr&PayIssuance,Fin Current Refund & Defeasance of O/S Notes & Pay		X		X		X
	New Jersey Educational Facilities Authority	22-1829511	646066P79	04-04-2017	395,919,758	Fin Current / Adv Refund & Defeasance of O/S Notes & Pay Issuance Costs		X		X		X
	New Jersey Educational Facilities Authority	22-1829511	646066S50	04-04-2017	162,455,632	Funds-Maint,Equip,Constr&Pay Issuance		X		X		X
	New Jersey Educational Facilities Authority	22-1829511	6460665P1	12-27-2017	423,797,743	Fin Current / Adv Refund & Defeasance of O/S Notes & Pay Issuance Costs		X		X		X
	New Jersey Educational Facilities Authority	22-1829511	646067BT4	04-08-2021	300,323,818	Funds-Maint,Equip,Constr&Pay Issuance		X		X		X
	New Jersey Educational Facilities Authority	22-1829511	646067CP1	04-08-2021	204,607,322	Fin Current Refund & Defeasance of O/S Notes & Pay Issuance Costs		X		X		X
	New Jersey Educational Facilities Authority	22-1829511	646067EJ3	05-17-2022	165,832,500	Funds-Maint,Equip,Constr&Pay Issuance		X		X		X
	New Jersey Educational Facilities Authority	22-1829511	646067EK0	05-17-2022	173,946,000	Funds-Maint,Equip,Constr&Pay Issuance		X		X		X
	New Jersey Educational Facilities Authority	22-1829511	646067HR2	03-06-2024	1,502,416,836	Funds-Maint,Equip,Constr&Pay Issuance		X		X		X
	NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY	22-1829511	646067HE1	04-03-2024	174,531,855	Fin Current Refund & Defeasance of O/S Notes & Pay Issuance Costs		X		X		X
	NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY	22-1829511	64606R4R2	06-03-2024	50,000,000	Commercial Paper Notes-Fin Constr		X		X		X
	New Jersey Educational Facilities Authority	22-1829511	64606R4S0	06-10-2024	14,800,000	Commercial Paper Notes-Fin Constr		X		X		X

Part Ⅱ

Proceeds

	A		B		C		D
	1 Amount of bonds retired ..................	23,800,000		102,290,000		22,195,000		95,640,000
2 Amount of bonds legally defeased ..............	176,200,000
3 Total proceeds of issue ..................	219,254,544		187,083,313		169,793,154		278,301,862
4 Gross proceeds in reserve funds .............
5 Capitalized interest from proceeds .............
6 Proceeds in refunding escrows ...............
7 Issuance costs from proceeds ...............	566,750		344,045		330,250		516,889
8 Credit enhancement from proceeds .............
9 Working capital expenditures from proceeds .............
10 Capital expenditures from proceeds .............	219,033,044		163,099,604		169,633,981		131,539,458
11 Other spent proceeds .............	395,261,595		186,905,020		423,092,082		146,515,022
12 Other unspent proceeds .............
13 Year of substantial completion .............	2014		2019		2016		2017
	Yes	No	Yes	No	Yes	No	Yes	No
14 Were the bonds issued as part of a current refunding issue of tax-exempt bonds (or, if issued prior to 2020, a current refunding issue)? ........		X	X			X	X
15 Were the bonds issued as part of an advance refunding issue of taxable bonds (or, if issued prior to 2020, an advance refunding issue)? ........		X		X		X		X
16 Has the final allocation of proceeds been made? ..........	X		X		X		X
17 Does the organization maintain adequate books and records to support the final allocation of proceeds? ..................	X		X		X		X

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50193E

Schedule K (Form 990) 2023

Page 2

Part Ⅲ

Private Business Use

	A		B		C		D
	Yes	No	Yes	No	Yes	No	Yes	No
1 Was the organization a partner in a partnership, or a member of an LLC, which owned property financed by tax-exempt bonds? .............		X		X		X		X
2 Are there any lease arrangements that may result in private business use of bond-financed property? ...............	X		X		X		X
3a Are there any management or service contracts that may result in private business use of bond-financed property? .............	X		X		X		X
b If "Yes" to line 3a, does the organization routinely engage bond counsel or other outside counsel to review any management or service contracts relating to the financed property?	X		X		X		X
c Are there any research agreements that may result in private business use of bond-financed property? .............	X		X		X		X
d If "Yes" to line 3c, does the organization routinely engage bond counsel or other outside counsel to review any research agreements relating to the financed property?	X		X		X		X
4 Enter the percentage of financed property used in a private business use by entities other than a section 501(c)(3) organization or a state or local government ....	0 %		0 %		0 %		0 %
5 Enter the percentage of financed property used in a private business use as a result of unrelated trade or business activity carried on by your organization, another section 501(c)(3) organization, or a state or local government .........	0 %		0 %		0 %		0 %
6 Total of lines 4 and 5 .............	0 %		0 %		0 %		0 %
7 Does the bond issue meet the private security or payment test? ...		X		X		X		X
8a Has there been a sale or disposition of any of the bond-financed property to a nongovernmental person other than a 501(c)(3) organization since the bonds were issued?.............		X		X		X		X
b If "Yes" to line 8a, enter the percentage of bond-financed property sold or disposed of. ..
c If "Yes" to line 8a, was any remedial action taken pursuant to Regulations sections 1.141-12 and 1.145-2? .............
9 Has the organization established written procedures to ensure that all nonqualified bonds of the issue are remediated in accordance with the requirements under Regulations sections 1.141-12 and 1.145-2? ........	X		X		X		X

Part Ⅳ

Arbitrage

	A		B		C		D
	Yes	No	Yes	No	Yes	No	Yes	No
1 Has the issuer filed Form 8038-T, Arbitrage Rebate, Yield Reduction and Penalty in Lieu of Arbitrage Rebate? ...		X		X		X		X
2 If "No" to line 1, did the following apply? ....
a Rebate not due yet? .......		X		X		X		X
b Exception to rebate? ........	X		X		X		X
c No rebate due? .........		X		X		X		X
If "Yes" to line 2c, provide in Part Ⅵ the date the rebate computation was performed ......
3 Is the bond issue a variable rate issue? .....		X		X		X		X

Schedule K (Form 990) 2023

Page 3

Part Ⅳ

Arbitrage (Continued)

	A		B		C		D
	Yes	No	Yes	No	Yes	No	Yes	No
4a Has the organization or the governmental issuer entered into a qualified hedge with respect to the bond issue?		X		X		X		X
b Name of provider ..........
c Term of hedge .........
d Was the hedge superintegrated? ......
e Was the hedge terminated? ........
5a Were gross proceeds invested in a guaranteed investment contract (GIC)?		X		X		X		X
b Name of provider ..........
c Term of GIC .........
d Was the regulatory safe harbor for establishing the fair market value of the GIC satisfied? ........
6 Were any gross proceeds invested beyond an available temporary period?		X		X		X		X
7 Has the organization established written procedures to monitor the requirements of section 148? ...	X		X		X		X

Part Ⅴ

Procedures To Undertake Corrective Action

	A		B		C		D
	Yes	No	Yes	No	Yes	No	Yes	No
Has the organization established written procedures to ensure that violations of federal tax requirements are timely identified and corrected through the voluntary closing agreement program if self-remediation is not available under applicable regulations?	X		X		X		X

Part Ⅵ

Supplemental Information. Provide additional information for responses to questions on Schedule K. (See instructions).

Return Reference	Explanation
Schedule K, Part II, Line 3 DIFFERENCE BETWEEN PROCEEDS AND ISSUE PRICE	FOR ALL BOND ISSUANCES, ANY DIFFERENCE BETWEEN THE TOTAL PROCEEDS AND THE ISSUE PRICE IS DUE TO INVESTMENT EARNINGS INCLUDED IN TOTAL PROCEEDS.
Schedule K, Part III, Line 3d ENGAGEMENT OF BOND COUNSEL	THE UNIVERSITY ENGAGED BOND COUNSEL THROUGH THE NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY, THE CONDUIT ISSUER OF THE BONDS, AND ALSO ENGAGED ITS INTERNAL OFFICE OF GENERAL COUNSEL TO REVIEW CONTRACTS AND AGREEMENTS RELATING TO THE FINANCED PROPERTY.
Schedule K, Part IV, Line 2c REBATE DUE	FOR ALL BOND ISSUANCES, THE NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY, THE CONDUIT ISSUER OF THE BONDS, MONITORED DEBT SERVICE AT 6/30/24 TO DETERMINE IF REBATE WAS DUE.

Schedule K (Form 990) 2023

Additional Data

Software ID:	23017437
Software Version:	2023v6.0

- TIN:

Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

Schedule K
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Information on Tax-Exempt Bonds

OMB No. 1545-0047

2023

Open to Public
Inspection

Name of the organization
The Trustees of Princeton University

Employer identification number
21-0634501

Part Ⅰ

Bond Issues

(a) Issuer name		(b) Issuer EIN	(c) CUSIP #	(d) Date issued	(e) Issue price	(f) Description of purpose	(g) Defeased		(h) On behalf of issuer		(i) Pool financing
(a) Issuer name		(b) Issuer EIN	(c) CUSIP #	(d) Date issued	(e) Issue price	(f) Description of purpose	Yes	No	Yes	No	Yes	No
A	New Jersey Educational Facilities Authority	22-1829511	6460657Z9	01-16-2014	219,254,544	Funds-RefundCP,Maint,Equip,Constr&Pay Issuance		X		X		X
B	New Jersey Educational Facilities Authority	22-1829511	646066HR4	05-15-2015	187,083,313	Fin Current Refund & Defeasance of O/S Notes & Pay Issuance Costs		X		X		X
C	New Jersey Educational Facilities Authority	22-1829511	646066JQ4	05-15-2015	169,793,154	Funds-RefundCP,Maint,Equip,Constr&Pay Issuance		X		X		X
D	New Jersey Educational Facilities Authority	22-1829511	646066RS1	04-05-2016	278,301,862	Funds-Refund CP, Maint,Equip,Constr&PayIssuance,Fin Current Refund & Defeasance of O/S Notes & Pay		X		X		X
	New Jersey Educational Facilities Authority	22-1829511	646066P79	04-04-2017	395,919,758	Fin Current / Adv Refund & Defeasance of O/S Notes & Pay Issuance Costs		X		X		X
	New Jersey Educational Facilities Authority	22-1829511	646066S50	04-04-2017	162,455,632	Funds-Maint,Equip,Constr&Pay Issuance		X		X		X
	New Jersey Educational Facilities Authority	22-1829511	6460665P1	12-27-2017	423,797,743	Fin Current / Adv Refund & Defeasance of O/S Notes & Pay Issuance Costs		X		X		X
	New Jersey Educational Facilities Authority	22-1829511	646067BT4	04-08-2021	300,323,818	Funds-Maint,Equip,Constr&Pay Issuance		X		X		X
	New Jersey Educational Facilities Authority	22-1829511	646067CP1	04-08-2021	204,607,322	Fin Current Refund & Defeasance of O/S Notes & Pay Issuance Costs		X		X		X
	New Jersey Educational Facilities Authority	22-1829511	646067EJ3	05-17-2022	165,832,500	Funds-Maint,Equip,Constr&Pay Issuance		X		X		X
	New Jersey Educational Facilities Authority	22-1829511	646067EK0	05-17-2022	173,946,000	Funds-Maint,Equip,Constr&Pay Issuance		X		X		X
	New Jersey Educational Facilities Authority	22-1829511	646067HR2	03-06-2024	1,502,416,836	Funds-Maint,Equip,Constr&Pay Issuance		X		X		X
	NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY	22-1829511	646067HE1	04-03-2024	174,531,855	Fin Current Refund & Defeasance of O/S Notes & Pay Issuance Costs		X		X		X
	NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY	22-1829511	64606R4R2	06-03-2024	50,000,000	Commercial Paper Notes-Fin Constr		X		X		X
	New Jersey Educational Facilities Authority	22-1829511	64606R4S0	06-10-2024	14,800,000	Commercial Paper Notes-Fin Constr		X		X		X

Part Ⅱ

Proceeds

	A		B		C		D
	1 Amount of bonds retired ..................	23,800,000		102,290,000		22,195,000		95,640,000
2 Amount of bonds legally defeased ..............	176,200,000
3 Total proceeds of issue ..................	219,254,544		187,083,313		169,793,154		278,301,862
4 Gross proceeds in reserve funds .............
5 Capitalized interest from proceeds .............
6 Proceeds in refunding escrows ...............
7 Issuance costs from proceeds ...............	566,750		344,045		330,250		516,889
8 Credit enhancement from proceeds .............
9 Working capital expenditures from proceeds .............
10 Capital expenditures from proceeds .............	219,033,044		163,099,604		169,633,981		131,539,458
11 Other spent proceeds .............	395,261,595		186,905,020		423,092,082		146,515,022
12 Other unspent proceeds .............
13 Year of substantial completion .............	2014		2019		2016		2017
	Yes	No	Yes	No	Yes	No	Yes	No
14 Were the bonds issued as part of a current refunding issue of tax-exempt bonds (or, if issued prior to 2020, a current refunding issue)? ........		X	X			X	X
15 Were the bonds issued as part of an advance refunding issue of taxable bonds (or, if issued prior to 2020, an advance refunding issue)? ........		X		X		X		X
16 Has the final allocation of proceeds been made? ..........	X		X		X		X
17 Does the organization maintain adequate books and records to support the final allocation of proceeds? ..................	X		X		X		X

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50193E

Schedule K (Form 990) 2023

Page 2

Part Ⅲ

Private Business Use

	A		B		C		D
	Yes	No	Yes	No	Yes	No	Yes	No
1 Was the organization a partner in a partnership, or a member of an LLC, which owned property financed by tax-exempt bonds? .............		X		X		X		X
2 Are there any lease arrangements that may result in private business use of bond-financed property? ...............	X		X		X		X
3a Are there any management or service contracts that may result in private business use of bond-financed property? .............	X		X		X		X
b If "Yes" to line 3a, does the organization routinely engage bond counsel or other outside counsel to review any management or service contracts relating to the financed property?	X		X		X		X
c Are there any research agreements that may result in private business use of bond-financed property? .............	X		X		X		X
d If "Yes" to line 3c, does the organization routinely engage bond counsel or other outside counsel to review any research agreements relating to the financed property?	X		X		X		X
4 Enter the percentage of financed property used in a private business use by entities other than a section 501(c)(3) organization or a state or local government ....	0 %		0 %		0 %		0 %
5 Enter the percentage of financed property used in a private business use as a result of unrelated trade or business activity carried on by your organization, another section 501(c)(3) organization, or a state or local government .........	0 %		0 %		0 %		0 %
6 Total of lines 4 and 5 .............	0 %		0 %		0 %		0 %
7 Does the bond issue meet the private security or payment test? ...		X		X		X		X
8a Has there been a sale or disposition of any of the bond-financed property to a nongovernmental person other than a 501(c)(3) organization since the bonds were issued?.............		X		X		X		X
b If "Yes" to line 8a, enter the percentage of bond-financed property sold or disposed of. ..
c If "Yes" to line 8a, was any remedial action taken pursuant to Regulations sections 1.141-12 and 1.145-2? .............
9 Has the organization established written procedures to ensure that all nonqualified bonds of the issue are remediated in accordance with the requirements under Regulations sections 1.141-12 and 1.145-2? ........	X		X		X		X

Part Ⅳ

Arbitrage

	A		B		C		D
	Yes	No	Yes	No	Yes	No	Yes	No
1 Has the issuer filed Form 8038-T, Arbitrage Rebate, Yield Reduction and Penalty in Lieu of Arbitrage Rebate? ...		X		X		X		X
2 If "No" to line 1, did the following apply? ....
a Rebate not due yet? .......		X		X		X		X
b Exception to rebate? ........	X		X		X		X
c No rebate due? .........		X		X		X		X
If "Yes" to line 2c, provide in Part Ⅵ the date the rebate computation was performed ......
3 Is the bond issue a variable rate issue? .....		X		X		X		X

Schedule K (Form 990) 2023

Page 3

Part Ⅳ

Arbitrage (Continued)

	A		B		C		D
	Yes	No	Yes	No	Yes	No	Yes	No
4a Has the organization or the governmental issuer entered into a qualified hedge with respect to the bond issue?		X		X		X		X
b Name of provider ..........
c Term of hedge .........
d Was the hedge superintegrated? ......
e Was the hedge terminated? ........
5a Were gross proceeds invested in a guaranteed investment contract (GIC)?		X		X		X		X
b Name of provider ..........
c Term of GIC .........
d Was the regulatory safe harbor for establishing the fair market value of the GIC satisfied? ........
6 Were any gross proceeds invested beyond an available temporary period?		X		X		X		X
7 Has the organization established written procedures to monitor the requirements of section 148? ...	X		X		X		X

Part Ⅴ

Procedures To Undertake Corrective Action

	A		B		C		D
	Yes	No	Yes	No	Yes	No	Yes	No
Has the organization established written procedures to ensure that violations of federal tax requirements are timely identified and corrected through the voluntary closing agreement program if self-remediation is not available under applicable regulations?	X		X		X		X

Part Ⅵ

Supplemental Information. Provide additional information for responses to questions on Schedule K. (See instructions).

Return Reference	Explanation
Schedule K, Part II, Line 3 DIFFERENCE BETWEEN PROCEEDS AND ISSUE PRICE	FOR ALL BOND ISSUANCES, ANY DIFFERENCE BETWEEN THE TOTAL PROCEEDS AND THE ISSUE PRICE IS DUE TO INVESTMENT EARNINGS INCLUDED IN TOTAL PROCEEDS.
Schedule K, Part III, Line 3d ENGAGEMENT OF BOND COUNSEL	THE UNIVERSITY ENGAGED BOND COUNSEL THROUGH THE NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY, THE CONDUIT ISSUER OF THE BONDS, AND ALSO ENGAGED ITS INTERNAL OFFICE OF GENERAL COUNSEL TO REVIEW CONTRACTS AND AGREEMENTS RELATING TO THE FINANCED PROPERTY.
Schedule K, Part IV, Line 2c REBATE DUE	FOR ALL BOND ISSUANCES, THE NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY, THE CONDUIT ISSUER OF THE BONDS, MONITORED DEBT SERVICE AT 6/30/24 TO DETERMINE IF REBATE WAS DUE.

Schedule K (Form 990) 2023

Additional Data

Software ID:	23017437
Software Version:	2023v6.0

- TIN:

Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

Schedule K
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Information on Tax-Exempt Bonds

OMB No. 1545-0047

2023

Open to Public
Inspection

Name of the organization
The Trustees of Princeton University

Employer identification number
21-0634501

Part Ⅰ

Bond Issues

(a) Issuer name		(b) Issuer EIN	(c) CUSIP #	(d) Date issued	(e) Issue price	(f) Description of purpose	(g) Defeased		(h) On behalf of issuer		(i) Pool financing
(a) Issuer name		(b) Issuer EIN	(c) CUSIP #	(d) Date issued	(e) Issue price	(f) Description of purpose	Yes	No	Yes	No	Yes	No
A	New Jersey Educational Facilities Authority	22-1829511	6460657Z9	01-16-2014	219,254,544	Funds-RefundCP,Maint,Equip,Constr&Pay Issuance		X		X		X
B	New Jersey Educational Facilities Authority	22-1829511	646066HR4	05-15-2015	187,083,313	Fin Current Refund & Defeasance of O/S Notes & Pay Issuance Costs		X		X		X
C	New Jersey Educational Facilities Authority	22-1829511	646066JQ4	05-15-2015	169,793,154	Funds-RefundCP,Maint,Equip,Constr&Pay Issuance		X		X		X
D	New Jersey Educational Facilities Authority	22-1829511	646066RS1	04-05-2016	278,301,862	Funds-Refund CP, Maint,Equip,Constr&PayIssuance,Fin Current Refund & Defeasance of O/S Notes & Pay		X		X		X
	New Jersey Educational Facilities Authority	22-1829511	646066P79	04-04-2017	395,919,758	Fin Current / Adv Refund & Defeasance of O/S Notes & Pay Issuance Costs		X		X		X
	New Jersey Educational Facilities Authority	22-1829511	646066S50	04-04-2017	162,455,632	Funds-Maint,Equip,Constr&Pay Issuance		X		X		X
	New Jersey Educational Facilities Authority	22-1829511	6460665P1	12-27-2017	423,797,743	Fin Current / Adv Refund & Defeasance of O/S Notes & Pay Issuance Costs		X		X		X
	New Jersey Educational Facilities Authority	22-1829511	646067BT4	04-08-2021	300,323,818	Funds-Maint,Equip,Constr&Pay Issuance		X		X		X
	New Jersey Educational Facilities Authority	22-1829511	646067CP1	04-08-2021	204,607,322	Fin Current Refund & Defeasance of O/S Notes & Pay Issuance Costs		X		X		X
	New Jersey Educational Facilities Authority	22-1829511	646067EJ3	05-17-2022	165,832,500	Funds-Maint,Equip,Constr&Pay Issuance		X		X		X
	New Jersey Educational Facilities Authority	22-1829511	646067EK0	05-17-2022	173,946,000	Funds-Maint,Equip,Constr&Pay Issuance		X		X		X
	New Jersey Educational Facilities Authority	22-1829511	646067HR2	03-06-2024	1,502,416,836	Funds-Maint,Equip,Constr&Pay Issuance		X		X		X
	NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY	22-1829511	646067HE1	04-03-2024	174,531,855	Fin Current Refund & Defeasance of O/S Notes & Pay Issuance Costs		X		X		X
	NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY	22-1829511	64606R4R2	06-03-2024	50,000,000	Commercial Paper Notes-Fin Constr		X		X		X
	New Jersey Educational Facilities Authority	22-1829511	64606R4S0	06-10-2024	14,800,000	Commercial Paper Notes-Fin Constr		X		X		X

Part Ⅱ

Proceeds

	A		B		C		D
	1 Amount of bonds retired ..................	23,800,000		102,290,000		22,195,000		95,640,000
2 Amount of bonds legally defeased ..............	176,200,000
3 Total proceeds of issue ..................	219,254,544		187,083,313		169,793,154		278,301,862
4 Gross proceeds in reserve funds .............
5 Capitalized interest from proceeds .............
6 Proceeds in refunding escrows ...............
7 Issuance costs from proceeds ...............	566,750		344,045		330,250		516,889
8 Credit enhancement from proceeds .............
9 Working capital expenditures from proceeds .............
10 Capital expenditures from proceeds .............	219,033,044		163,099,604		169,633,981		131,539,458
11 Other spent proceeds .............	395,261,595		186,905,020		423,092,082		146,515,022
12 Other unspent proceeds .............
13 Year of substantial completion .............	2014		2019		2016		2017
	Yes	No	Yes	No	Yes	No	Yes	No
14 Were the bonds issued as part of a current refunding issue of tax-exempt bonds (or, if issued prior to 2020, a current refunding issue)? ........		X	X			X	X
15 Were the bonds issued as part of an advance refunding issue of taxable bonds (or, if issued prior to 2020, an advance refunding issue)? ........		X		X		X		X
16 Has the final allocation of proceeds been made? ..........	X		X		X		X
17 Does the organization maintain adequate books and records to support the final allocation of proceeds? ..................	X		X		X		X

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50193E

Schedule K (Form 990) 2023

Page 2

Part Ⅲ

Private Business Use

	A		B		C		D
	Yes	No	Yes	No	Yes	No	Yes	No
1 Was the organization a partner in a partnership, or a member of an LLC, which owned property financed by tax-exempt bonds? .............		X		X		X		X
2 Are there any lease arrangements that may result in private business use of bond-financed property? ...............	X		X		X		X
3a Are there any management or service contracts that may result in private business use of bond-financed property? .............	X		X		X		X
b If "Yes" to line 3a, does the organization routinely engage bond counsel or other outside counsel to review any management or service contracts relating to the financed property?	X		X		X		X
c Are there any research agreements that may result in private business use of bond-financed property? .............	X		X		X		X
d If "Yes" to line 3c, does the organization routinely engage bond counsel or other outside counsel to review any research agreements relating to the financed property?	X		X		X		X
4 Enter the percentage of financed property used in a private business use by entities other than a section 501(c)(3) organization or a state or local government ....	0 %		0 %		0 %		0 %
5 Enter the percentage of financed property used in a private business use as a result of unrelated trade or business activity carried on by your organization, another section 501(c)(3) organization, or a state or local government .........	0 %		0 %		0 %		0 %
6 Total of lines 4 and 5 .............	0 %		0 %		0 %		0 %
7 Does the bond issue meet the private security or payment test? ...		X		X		X		X
8a Has there been a sale or disposition of any of the bond-financed property to a nongovernmental person other than a 501(c)(3) organization since the bonds were issued?.............		X		X		X		X
b If "Yes" to line 8a, enter the percentage of bond-financed property sold or disposed of. ..
c If "Yes" to line 8a, was any remedial action taken pursuant to Regulations sections 1.141-12 and 1.145-2? .............
9 Has the organization established written procedures to ensure that all nonqualified bonds of the issue are remediated in accordance with the requirements under Regulations sections 1.141-12 and 1.145-2? ........	X		X		X		X

Part Ⅳ

Arbitrage

	A		B		C		D
	Yes	No	Yes	No	Yes	No	Yes	No
1 Has the issuer filed Form 8038-T, Arbitrage Rebate, Yield Reduction and Penalty in Lieu of Arbitrage Rebate? ...		X		X		X		X
2 If "No" to line 1, did the following apply? ....
a Rebate not due yet? .......		X		X		X		X
b Exception to rebate? ........	X		X		X		X
c No rebate due? .........		X		X		X		X
If "Yes" to line 2c, provide in Part Ⅵ the date the rebate computation was performed ......
3 Is the bond issue a variable rate issue? .....		X		X		X		X

Schedule K (Form 990) 2023

Page 3

Part Ⅳ

Arbitrage (Continued)

	A		B		C		D
	Yes	No	Yes	No	Yes	No	Yes	No
4a Has the organization or the governmental issuer entered into a qualified hedge with respect to the bond issue?		X		X		X		X
b Name of provider ..........
c Term of hedge .........
d Was the hedge superintegrated? ......
e Was the hedge terminated? ........
5a Were gross proceeds invested in a guaranteed investment contract (GIC)?		X		X		X		X
b Name of provider ..........
c Term of GIC .........
d Was the regulatory safe harbor for establishing the fair market value of the GIC satisfied? ........
6 Were any gross proceeds invested beyond an available temporary period?		X		X		X		X
7 Has the organization established written procedures to monitor the requirements of section 148? ...	X		X		X		X

Part Ⅴ

Procedures To Undertake Corrective Action

	A		B		C		D
	Yes	No	Yes	No	Yes	No	Yes	No
Has the organization established written procedures to ensure that violations of federal tax requirements are timely identified and corrected through the voluntary closing agreement program if self-remediation is not available under applicable regulations?	X		X		X		X

Part Ⅵ

Supplemental Information. Provide additional information for responses to questions on Schedule K. (See instructions).

Return Reference	Explanation
Schedule K, Part II, Line 3 DIFFERENCE BETWEEN PROCEEDS AND ISSUE PRICE	FOR ALL BOND ISSUANCES, ANY DIFFERENCE BETWEEN THE TOTAL PROCEEDS AND THE ISSUE PRICE IS DUE TO INVESTMENT EARNINGS INCLUDED IN TOTAL PROCEEDS.
Schedule K, Part III, Line 3d ENGAGEMENT OF BOND COUNSEL	THE UNIVERSITY ENGAGED BOND COUNSEL THROUGH THE NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY, THE CONDUIT ISSUER OF THE BONDS, AND ALSO ENGAGED ITS INTERNAL OFFICE OF GENERAL COUNSEL TO REVIEW CONTRACTS AND AGREEMENTS RELATING TO THE FINANCED PROPERTY.
Schedule K, Part IV, Line 2c REBATE DUE	FOR ALL BOND ISSUANCES, THE NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY, THE CONDUIT ISSUER OF THE BONDS, MONITORED DEBT SERVICE AT 6/30/24 TO DETERMINE IF REBATE WAS DUE.

Schedule K (Form 990) 2023

Additional Data

Software ID:	23017437
Software Version:	2023v6.0

- TIN:

Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

Schedule K
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Information on Tax-Exempt Bonds

OMB No. 1545-0047

2023

Open to Public
Inspection

Name of the organization
The Trustees of Princeton University

Employer identification number
21-0634501

Part Ⅰ

Bond Issues

(a) Issuer name		(b) Issuer EIN	(c) CUSIP #	(d) Date issued	(e) Issue price	(f) Description of purpose	(g) Defeased		(h) On behalf of issuer		(i) Pool financing
(a) Issuer name		(b) Issuer EIN	(c) CUSIP #	(d) Date issued	(e) Issue price	(f) Description of purpose	Yes	No	Yes	No	Yes	No
A	New Jersey Educational Facilities Authority	22-1829511	6460657Z9	01-16-2014	219,254,544	Funds-RefundCP,Maint,Equip,Constr&Pay Issuance		X		X		X
B	New Jersey Educational Facilities Authority	22-1829511	646066HR4	05-15-2015	187,083,313	Fin Current Refund & Defeasance of O/S Notes & Pay Issuance Costs		X		X		X
C	New Jersey Educational Facilities Authority	22-1829511	646066JQ4	05-15-2015	169,793,154	Funds-RefundCP,Maint,Equip,Constr&Pay Issuance		X		X		X
D	New Jersey Educational Facilities Authority	22-1829511	646066RS1	04-05-2016	278,301,862	Funds-Refund CP, Maint,Equip,Constr&PayIssuance,Fin Current Refund & Defeasance of O/S Notes & Pay		X		X		X
	New Jersey Educational Facilities Authority	22-1829511	646066P79	04-04-2017	395,919,758	Fin Current / Adv Refund & Defeasance of O/S Notes & Pay Issuance Costs		X		X		X
	New Jersey Educational Facilities Authority	22-1829511	646066S50	04-04-2017	162,455,632	Funds-Maint,Equip,Constr&Pay Issuance		X		X		X
	New Jersey Educational Facilities Authority	22-1829511	6460665P1	12-27-2017	423,797,743	Fin Current / Adv Refund & Defeasance of O/S Notes & Pay Issuance Costs		X		X		X
	New Jersey Educational Facilities Authority	22-1829511	646067BT4	04-08-2021	300,323,818	Funds-Maint,Equip,Constr&Pay Issuance		X		X		X
	New Jersey Educational Facilities Authority	22-1829511	646067CP1	04-08-2021	204,607,322	Fin Current Refund & Defeasance of O/S Notes & Pay Issuance Costs		X		X		X
	New Jersey Educational Facilities Authority	22-1829511	646067EJ3	05-17-2022	165,832,500	Funds-Maint,Equip,Constr&Pay Issuance		X		X		X
	New Jersey Educational Facilities Authority	22-1829511	646067EK0	05-17-2022	173,946,000	Funds-Maint,Equip,Constr&Pay Issuance		X		X		X
	New Jersey Educational Facilities Authority	22-1829511	646067HR2	03-06-2024	1,502,416,836	Funds-Maint,Equip,Constr&Pay Issuance		X		X		X
	NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY	22-1829511	646067HE1	04-03-2024	174,531,855	Fin Current Refund & Defeasance of O/S Notes & Pay Issuance Costs		X		X		X
	NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY	22-1829511	64606R4R2	06-03-2024	50,000,000	Commercial Paper Notes-Fin Constr		X		X		X
	New Jersey Educational Facilities Authority	22-1829511	64606R4S0	06-10-2024	14,800,000	Commercial Paper Notes-Fin Constr		X		X		X

Part Ⅱ

Proceeds

	A		B		C		D
	1 Amount of bonds retired ..................	23,800,000		102,290,000		22,195,000		95,640,000
2 Amount of bonds legally defeased ..............	176,200,000
3 Total proceeds of issue ..................	219,254,544		187,083,313		169,793,154		278,301,862
4 Gross proceeds in reserve funds .............
5 Capitalized interest from proceeds .............
6 Proceeds in refunding escrows ...............
7 Issuance costs from proceeds ...............	566,750		344,045		330,250		516,889
8 Credit enhancement from proceeds .............
9 Working capital expenditures from proceeds .............
10 Capital expenditures from proceeds .............	219,033,044		163,099,604		169,633,981		131,539,458
11 Other spent proceeds .............	395,261,595		186,905,020		423,092,082		146,515,022
12 Other unspent proceeds .............
13 Year of substantial completion .............	2014		2019		2016		2017
	Yes	No	Yes	No	Yes	No	Yes	No
14 Were the bonds issued as part of a current refunding issue of tax-exempt bonds (or, if issued prior to 2020, a current refunding issue)? ........		X	X			X	X
15 Were the bonds issued as part of an advance refunding issue of taxable bonds (or, if issued prior to 2020, an advance refunding issue)? ........		X		X		X		X
16 Has the final allocation of proceeds been made? ..........	X		X		X		X
17 Does the organization maintain adequate books and records to support the final allocation of proceeds? ..................	X		X		X		X

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50193E

Schedule K (Form 990) 2023

Page 2

Part Ⅲ

Private Business Use

	A		B		C		D
	Yes	No	Yes	No	Yes	No	Yes	No
1 Was the organization a partner in a partnership, or a member of an LLC, which owned property financed by tax-exempt bonds? .............		X		X		X		X
2 Are there any lease arrangements that may result in private business use of bond-financed property? ...............	X		X		X		X
3a Are there any management or service contracts that may result in private business use of bond-financed property? .............	X		X		X		X
b If "Yes" to line 3a, does the organization routinely engage bond counsel or other outside counsel to review any management or service contracts relating to the financed property?	X		X		X		X
c Are there any research agreements that may result in private business use of bond-financed property? .............	X		X		X		X
d If "Yes" to line 3c, does the organization routinely engage bond counsel or other outside counsel to review any research agreements relating to the financed property?	X		X		X		X
4 Enter the percentage of financed property used in a private business use by entities other than a section 501(c)(3) organization or a state or local government ....	0 %		0 %		0 %		0 %
5 Enter the percentage of financed property used in a private business use as a result of unrelated trade or business activity carried on by your organization, another section 501(c)(3) organization, or a state or local government .........	0 %		0 %		0 %		0 %
6 Total of lines 4 and 5 .............	0 %		0 %		0 %		0 %
7 Does the bond issue meet the private security or payment test? ...		X		X		X		X
8a Has there been a sale or disposition of any of the bond-financed property to a nongovernmental person other than a 501(c)(3) organization since the bonds were issued?.............		X		X		X		X
b If "Yes" to line 8a, enter the percentage of bond-financed property sold or disposed of. ..
c If "Yes" to line 8a, was any remedial action taken pursuant to Regulations sections 1.141-12 and 1.145-2? .............
9 Has the organization established written procedures to ensure that all nonqualified bonds of the issue are remediated in accordance with the requirements under Regulations sections 1.141-12 and 1.145-2? ........	X		X		X		X

Part Ⅳ

Arbitrage

	A		B		C		D
	Yes	No	Yes	No	Yes	No	Yes	No
1 Has the issuer filed Form 8038-T, Arbitrage Rebate, Yield Reduction and Penalty in Lieu of Arbitrage Rebate? ...		X		X		X		X
2 If "No" to line 1, did the following apply? ....
a Rebate not due yet? .......		X		X		X		X
b Exception to rebate? ........	X		X		X		X
c No rebate due? .........		X		X		X		X
If "Yes" to line 2c, provide in Part Ⅵ the date the rebate computation was performed ......
3 Is the bond issue a variable rate issue? .....		X		X		X		X

Schedule K (Form 990) 2023

Page 3

Part Ⅳ

Arbitrage (Continued)

	A		B		C		D
	Yes	No	Yes	No	Yes	No	Yes	No
4a Has the organization or the governmental issuer entered into a qualified hedge with respect to the bond issue?		X		X		X		X
b Name of provider ..........
c Term of hedge .........
d Was the hedge superintegrated? ......
e Was the hedge terminated? ........
5a Were gross proceeds invested in a guaranteed investment contract (GIC)?		X		X		X		X
b Name of provider ..........
c Term of GIC .........
d Was the regulatory safe harbor for establishing the fair market value of the GIC satisfied? ........
6 Were any gross proceeds invested beyond an available temporary period?		X		X		X		X
7 Has the organization established written procedures to monitor the requirements of section 148? ...	X		X		X		X

Part Ⅴ

Procedures To Undertake Corrective Action

	A		B		C		D
	Yes	No	Yes	No	Yes	No	Yes	No
Has the organization established written procedures to ensure that violations of federal tax requirements are timely identified and corrected through the voluntary closing agreement program if self-remediation is not available under applicable regulations?	X		X		X		X

Part Ⅵ

Supplemental Information. Provide additional information for responses to questions on Schedule K. (See instructions).

Return Reference	Explanation
Schedule K, Part II, Line 3 DIFFERENCE BETWEEN PROCEEDS AND ISSUE PRICE	FOR ALL BOND ISSUANCES, ANY DIFFERENCE BETWEEN THE TOTAL PROCEEDS AND THE ISSUE PRICE IS DUE TO INVESTMENT EARNINGS INCLUDED IN TOTAL PROCEEDS.
Schedule K, Part III, Line 3d ENGAGEMENT OF BOND COUNSEL	THE UNIVERSITY ENGAGED BOND COUNSEL THROUGH THE NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY, THE CONDUIT ISSUER OF THE BONDS, AND ALSO ENGAGED ITS INTERNAL OFFICE OF GENERAL COUNSEL TO REVIEW CONTRACTS AND AGREEMENTS RELATING TO THE FINANCED PROPERTY.
Schedule K, Part IV, Line 2c REBATE DUE	FOR ALL BOND ISSUANCES, THE NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY, THE CONDUIT ISSUER OF THE BONDS, MONITORED DEBT SERVICE AT 6/30/24 TO DETERMINE IF REBATE WAS DUE.

Schedule K (Form 990) 2023

Additional Data

Software ID:	23017437
Software Version:	2023v6.0

- TIN:

Schedule L
(Form 990)

Department of the Treasury
Internal Revenue Service

Transactions with Interested Persons

Complete if the organization answered "Yes" on Form 990, Part IV, lines 25a, 25b, 26, 27, 28a, 28b, or 28c, or Form 990-EZ, Part V, line 38a or 40b.
Attach to Form 990 or Form 990-EZ.
Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2023

Open to Public Inspection

Name of the organization

The Trustees of Princeton University

Employer identification number

21-0634501

Part I

Excess Benefit Transactions (section 501(c)(3), section 501(c)(4), and section 501(c)(29) organizations only).
Complete if the organization answered "Yes" on Form 990, Part IV, line 25a or 25b, or Form 990-EZ, Part V, line 40b.

1(a) Name of disqualified person	(c) Description of transaction	(d) Corrected?
1(a) Name of disqualified person	(c) Description of transaction	Yes	No

Enter the amount of tax incurred by the organization managers or disqualified persons during the year under section 4958. ........................... $

Enter the amount of tax, if any, on line 2, above, reimbursed by the organization ........ $

Part II

Loans to and/or From Interested Persons.
Complete if the organization answered "Yes" on Form 990-EZ, Part V, line 38a, or Form 990, Part IV, line 26; or if the organization reported an amount on Form 990, Part X, line 5, 6, or 22

(a) Name of interested person	(b) Relationship with organization	(c) Purpose of loan	(d) Loan to or from the organization?		(e) Original principal amount	(f) Balance due	(g) In default?		(h) Approved by board or committee?		(i) Written agreement?
(a) Name of interested person	(b) Relationship with organization	(c) Purpose of loan	To	From	(e) Original principal amount	(f) Balance due	Yes	No	Yes	No	Yes	No
(1) Callow-Wright CATHERINE	Officer	MORTGAGE		X	830,216	477,865		No		No	Yes
(2) HEANEY KEVIN	OFFICER	MORTGAGE		X	713,475	614,771		No		No	Yes
(3) KLAUS CHAD	OFFICER	MORTGAGE		X	474,835	347,962		No		No	Yes
(4) KULKARNI SANJEEV	FORMER KEY EMPLOYEE	MORTGAGE		X	800,000	731,974		No		No	Yes
(5) MATTEO JAMES	OFFICER	MORTGAGE		X	500,113	466,064		No		No	Yes
(6) ROMERO RAMONA	OFFICER	MORTGAGE		X	880,000	753,890		No		No	Yes
(7) WHANG KYUJUNG	OFFICER	MORTGAGE		X	560,040	328,377		No		No	Yes
(8) FERPA PROTECTED	TRUSTEE	EDUCATIONAL		X	2,254	1,548		No		No	Yes
(9) PRIESTLEY RODNEY	KEY EMPLOYEE	MORTGAGE		X	390,032	330,716		No		No	Yes
(10) Priestley Rodney	KEY EMPLOYEE	Recruitment		X	500,000	75,000		No		No	Yes
(11) Leslie Sarah-Jane	Former Key Employee	Mortgage		X	665,740	119,263		No		No	Yes
(12) Dechter Gadi	officer	Mortgage		X	850,050	831,824		No		No	Yes
(13) Jarrett Gene Andrew	Key Employee	Recruitment		X	230,000	161,000		No		No	Yes
(14) FERPA PROTECTED	FORMER OFFICER	PARENT LOAN		X	160,000	40,626		No		No	Yes
Total ............... $						5,280,880

Part III

Grants or Assistance Benefiting Interested Persons.
Complete if the organization answered "Yes" on Form 990, Part IV, line 27.

(a) Name of interested person	(c) Amount of assistance	(d) Type of assistance	(e) Purpose of assistance
(1) NOT REQUIRED	34,213	SCHOLARSHIPS	EDUCATION

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 50056A

Schedule L (Form 990) 2023

Page 2

Part IV

Business Transactions Involving Interested Persons.
Complete if the organization answered "Yes" on Form 990, Part IV, line 28a, 28b, or 28c.

(a) Name of interested person	(b) Relationship between interested person and the organization	(c) Amount of transaction	(d) Description of transaction	(e) Sharing of organization's revenues?
(a) Name of interested person		(c) Amount of transaction	(d) Description of transaction	Yes	No
(1) STACY WOLF	SPOUSE OF KEY EMPLOYEE	249,005	COMPENSATION AS AN EMPLOYEE		No
(2) MARK JOHNSTON	SPOUSE OF FORMER KEY EMPLOYEE	393,597	COMPENSATION AS AN EMPLOYEE		No
(3) JEREMY IAN ADELMAN	SPOUSE OF FORMER OFFICER	77,151	COMPENSATION AS AN EMPLOYEE		No
(4) ANNABELLE PRIESTLEY	SPOUSE OF KEY EMPLOYEE	45,636	COMPENSATION AS AN EMPLOYEE		No
(5) Robert Lussier	Spouse of Officer	120,789	COMPENSATION AS AN EMPLOYEE		No
(6) Anne Howard Dechter	Spouse of Officer	29,039	COMPENSATION AS AN EMPLOYEE		No
(7) Sharon Schiffer	Spouse of Key Employee	278,281	COMPENSATION AS AN EMPLOYEE		No
(8) Christopher Kuenne	Spouse of Former Officer	86,176	COMPENSATION AS AN EMPLOYEE		No

Part V

Supplemental Information
Provide additional information for responses to questions on Schedule L (see instructions).

Return Reference	Explanation
Schedule L, Part II LOANS TO AND/OR FROM INTERESTED PERSONS	IN ACCORDANCE WITH A MORTGAGE LOAN PROGRAM, THE UNIVERSITY PROVIDES HOME FINANCING ASSISTANCE ON RESIDENTIAL PROPERTIES IN THE AREA SURROUNDING THE UNIVERSITY TO ELIGIBLE EMPLOYEES, INCLUDING OFFICERS AND KEY EMPLOYEES, UNDER THE AUTHORITY OF RESOLUTIONS ADOPTED BY THE COMMITTEE ON FINANCE OF THE BOARD OF TRUSTEES.

Schedule L (Form 990) 2023

Additional Data

Software ID:	23017437
Software Version:	2023v6.0

- TIN:

SCHEDULE M
(Form 990)

Department of the Treasury

Internal Revenue Service

Noncash Contributions

Complete if the organizations answered "Yes" on Form 990, Part IV, lines 29 or 30.
Right pointing arrow large image

Attach to Form 990.
Right pointing arrow large image

Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2023

Open to Public Inspection

Name of the organization

The Trustees of Princeton University

Employer identification number

21-0634501

Part I

Types of Property

	(a) Check if applicable	(b) Number of contributions or items contributed	(c) Noncash contribution amounts reported on Form 990, Part VIII, line 1g	(d) Method of determining noncash contribution amounts
1 Art—Works of art ....	X	55	1,097,281	Other - See Part II
2 Art—Historical treasures .
3 Art—Fractional interests ..
4 Books and publications ..	X		17,551	Other
5 Clothing and household goods .......
6 Cars and other vehicles ..
7 Boats and planes ....
8 Intellectual property ...
9 Securities—Publicly traded .
10 Securities—Closely held stock .
11 Securities—Partnership, LLC, or trust interests ....
12 Securities—Miscellaneous ..	X	689	49,063,955	Other - See Part II
13 Qualified conservation contribution—Historic structures .....
14 Qualified conservation contribution—Other ...
15 Real estate—Residential .
16 Real estate—Commercial ..
17 Real estate—Other ...
18 Collectibles .....
19 Food inventory ...
20 Drugs and medical supplies .
21 Taxidermy ......
22 Historical artifacts ....
23 Scientific specimens ..
24 Archeological artifacts ...
25 Other ( Miscellaneous )	X	8	110,005	Other - SEE PART II
26 Other ( )
27 Other ( )
28 Other ( )

Number of Forms 8283 received by the organization during the tax year for contributions
for which the organization completed Form 8283, Part IV, Donee Acknowledgement

Yes

30a

During the year, did the organization receive by contribution any property reported in Part I, lines 1 through 28, that it must hold for at least three years from the date of the initial contribution, and which isn't required to be used for exempt purposes for the entire holding period? ...................

30a

If "Yes," describe the arrangement in Part II.

Does the organization have a gift acceptance policy that requires the review of any nonstandard contributions?

Yes

32a

Does the organization hire or use third parties or related organizations to solicit, process, or sell noncash

contributions? ..........................

32a

Yes

If "Yes," describe in Part II.

If the organization didn't report an amount in column (c) for a type of property for which column (a) is checked,

describe in Part II.

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 51227J

Schedule M (Form 990) (2023)

Page 2

Part IISupplemental Information. Provide the information required by Part I, lines 30b, 32b, and 33, and whether the organization is reporting in Part I, column (b), the number of contributions, the number of items received, or a combination of both. Also complete this part for any additional information.

Return Reference	Explanation
Schedule M, Part I COLUMN B - NUMBER OF CONTRIBUTIONS	AMOUNT REPRESENTS THE NUMBER OF INDIVIDUAL TRANSACTIONS OF NON-CASH CONTRIBUTIONS RECEIVED.
Schedule M, Part I LINES 1, 4, 15, & 25- TYPE OF PROPERTY	METHOD OF DETERMINING REVENUES FOR Art Work, Books & Publications, and OTHER (Miscellaneous) ARE BASED ON APPRAISAL AND OTHER VALUATION METHODS.
Schedule M, Part I, Line 12 SECURITIES	SECURITIES-MISCELLANEOUS INCLUDES BOTH MARKETABLE AND NON-MARKETABLE SECURITIES. REVENUES FOR MARKETABLE SECURITY CONTRIBUTIONS ARE VALUED BASED ON QUOTED MARKET PRICES. REVENUES FOR NON-MARKETABLE SECURITY CONTRIBUTIONS ARE VALUED BASED ON DISCOUNTED CASH FLOW AND OTHER VALUATION APPROACHES.
Schedule M, Part I, Line 32b Third parties used to solicit, process, or sell noncash contributions	BROKERS ARE USED TO SELL CONTRIBUTED SECURITIES. THE ORGANIZATION DOES NOT USE THIRD PARTIES TO SOLICIT NONCASH CONTRIBUTIONS.

Schedule M (Form 990) (2023)

Additional Data

Software ID:	23017437
Software Version:	2023v6.0

- TIN:

SCHEDULE O
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
Attach to Form 990 or 990-EZ.
Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2023

Open to Public
Inspection

Name of the organization

The Trustees of Princeton University

Employer identification number

21-0634501

Return Reference	Explanation
Form 990, Part III, Line 4d Description of other program services	(Expenses $ 433,092,000 including grants of $ 59,227,000) OTHER PROGRAM SERVICES - INCLUDES ACADEMIC SUPPORT ACTIVITIES SUCH AS ACADEMIC ADMINISTRATION, RESEARCH ADMINISTRATION, AND THE PRINCETON UNIVERSITY ART MUSEUM; STUDENT SERVICES SUCH AS ADMISSION, FINANCIAL AID, REGISTRAR, CAREER SERVICES, HEALTH SERVICES AND ATHLETICS; AND PUBLIC SERVICE.
Form 990, Part VI, Line 4 Significant changes to organizational documents	THE FOLLOWING SIGNIFICANT CHANGE WAS MADE TO THE ORGANIZATION'S BYLAWS EFFECTIVE NOVEMBER 18, 2023: AMENDMENTS TO CLARIFY THE DELEGATION OF CERTAIN INVESTMENT AUTHORITY BY THE BOARD AND THE FINANCE COMMITTEE.
Form 990, Part VI, Line 7a Members or stockholders electing members of governing body	THE PRINCETON UNIVERSITY BOARD OF TRUSTEES CONSISTS OF NOT MORE THAN 40 MEMBERS. THIRTEEN MEMBERS ARE ALUMNI TRUSTEES WHO ARE ELECTED BY THE ALUMNI MEMBERS OF THE UNIVERSITY AND SERVE FOUR-YEAR TERMS. FOUR ALUMNI TRUSTEES ARE ELECTED BY THE JUNIOR AND SENIOR CLASSES AND THE TWO MOST RECENTLY GRADUATED UNDERGRADUATE CLASSES. NINE OF THESE ALUMNI TRUSTEES ARE ELECTED THROUGH AN ALUMNI-WIDE ELECTION OVERSEEN BY THE COMMITTEE TO NOMINATE ALUMNI TRUSTEES. ALUMNI TRUSTEES HAVE THE SAME RIGHTS AND POWERS AS OTHER TRUSTEES.
Form 990, Part VI, Line 11b Review of form 990 by governing body	THE FORM 990 IS PREPARED BY THE UNIVERSITY'S OFFICE OF FINANCE & TREASURY AND IS REVIEWED BY MANAGEMENT. THE SCHEDULE J COMPENSATION INFORMATION IS REVIEWED BY THE COMPENSATION COMMITTEE AND THE ENTIRE FORM 990 IS REVIEWED BY THE AUDIT & COMPLIANCE COMMITTEE AT A MEETING PRIOR TO ITS FILING WITH THE IRS. A DRAFT COPY OF THE FORM, ALONG WITH SUPPLEMENTARY INFORMATION, IS PROVIDED IN ELECTRONIC FORM TO THE COMMITTEES IN ADVANCE OF THE MEETINGS, AND THE DRAFT IS REVISED SUBSEQUENTLY, AS NECESSARY. THE FULL BOARD OF TRUSTEES IS PROVIDED ACCESS TO THE FINAL DRAFT FORM PRIOR TO THE FILING DATE, ALLOWING SUFFICIENT TIME FOR REVIEW.
Form 990, Part VI, Line 12c Conflict of interest policy	ON AN ANNUAL BASIS, ALL TRUSTEES ARE PROVIDED WITH A COPY OF THE CONFLICT OF INTEREST POLICY FOR TRUSTEES AND A STATEMENT OF COMPLIANCE AFFIRMATION WHICH THEY ARE REQUIRED TO SIGN AND RETURN TO THE OFFICE OF THE VICE PRESIDENT AND SECRETARY. WHERE QUESTIONS ARISE ABOUT POTENTIAL CONFLICTS OF INTEREST OR THE POSSIBLE PERCEPTION OF SUCH CONFLICTS, THE POLICY REQUIRES THAT THOSE ISSUES BE BROUGHT TO THE CHAIR OF THE TRUSTEE COMMITTEE ON COMPENSATION FOR RESOLUTION. ON AN ANNUAL BASIS, THE VICE PRESIDENT OF HUMAN RESOURCES, THE DEAN OF THE FACULTY, AND THE DIRECTOR OF THE PRINCETON PLASMA PHYSICS LABORATORY ("PPPL") ARE RESPONSIBLE FOR ENSURING COMPLIANCE WITH THE UNIVERSITY'S CONFLICT OF INTEREST POLICIES BY ALL EMPLOYEES HIRED THROUGH THEIR RESPECTIVE UNITS. ALL OFFICE HEADS, MANAGERS OF DEPARTMENTS, PROGRAMS, CENTERS, AND INSTITUTES, AND ACADEMIC DEPARTMENT CHAIRS ARE REMINDED OF THEIR OBLIGATION TO ENSURE COMPLIANCE IN THEIR FUNCTIONAL AREAS. ALL EMPLOYEES ARE REQUIRED TO REVIEW THE CONFLICT OF INTEREST POLICIES, WHICH ARE PROVIDED TO THEM ONLINE, AND TO COMPLETE A DISCLOSURE FORM ACKNOWLEDGING THAT THEY HAVE REVIEWED THE POLICIES AND REQUIRING THAT ANY CONFLICTS OR POTENTIAL CONFLICTS BE DISCLOSED. ALL DISCLOSED CONFLICTS ARE REVIEWED BY THE APPLICABLE OFFICE HEAD, MANAGER OR DEPARTMENT CHAIR, AND THEN BROUGHT TO THE RESPECTIVE VICE PRESIDENT OF HUMAN RESOURCES, THE DEAN OF THE FACULTY, OR THE DIRECTOR OF THE PPPL FOR FURTHER REVIEW AND RESOLUTION. CONFLICT DISCLOSURE FORMS COMPLETED BY OFFICERS ARE REVIEWED BY THE PRESIDENT OF THE UNIVERSITY AND BY THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES; THE PRESIDENT'S DISCLOSURE FORM IS REVIEWED BY THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES, AND DISCLOSED CONFLICTS, IF ANY, ARE APPROPRIATELY RESOLVED.
Form 990, Part VI, Line 15a Process to establish compensation of top management official	THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES MEETS EVERY SPRING TO SET THE PRESIDENT'S COMPENSATION. THE COMPENSATION COMMITTEE HAS AN INDEPENDENT COMPENSATION CONSULTANT WHO PROVIDES ALL OF THE COMPARABILITY DATA FOR THE PRESIDENT'S POSITION. WITH THIS INFORMATION, THE COMMITTEE THEN DETERMINES THE PRESIDENT'S COMPENSATION. THE SECRETARY TO THE COMMITTEE TAKES NOTES DURING THE MEETINGS AND WRITES THE MINUTES REFLECTING THE REVIEW, DELIBERATION AND DECISION PROCESSES.
Form 990, Part VI, Line 15b Process to establish compensation of other employees	THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES MEETS EVERY SPRING TO SET COMPENSATION LEVELS FOR CERTAIN CORPORATE OFFICERS AND TO REVIEW THE COMPENSATION OF OTHER OFFICERS AND KEY EMPLOYEES. THE HUMAN RESOURCES DEPARTMENT PROVIDES THE COMMITTEE WITH MARKET COMPARABILITY DATA FOR THE REMAINING OFFICERS AND KEY EMPLOYEES. THE COMMITTEE DISCUSSES AND REVIEWS THE RECOMMENDED COMPENSATION OF SUCH INDIVIDUALS WITH THE PRESIDENT. THE SECRETARY TO THE COMMITTEE TAKES NOTES DURING THE MEETINGS AND WRITES THE MINUTES REFLECTING THE REVIEW, DELIBERATION AND DECISION PROCESSES.
Form 990, Part VI, Line 19 Required documents available to the public	THE CONFLICT OF INTEREST POLICY AND THE FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC THROUGH PRINCETON UNIVERSITY'S WEBSITE.
Form 990, Part VII, Section A, Line 1a, Column (B) AVERAGE HOURS PER WEEK	CERTAIN OFFICERS OF THE TRUSTEES OF PRINCETON UNIVERSITY ALSO SERVE ON THE BOARDS OF RELATED ORGANIZATIONS: STANLEY J. SEEGER HELLENIC FUND, FORRESTAL INVESTMENT CORPORATION, PRINCETON UNIVERSITY PRESS, AND FORRESTAL AGRICULTURAL CORPORATION. THE AVERAGE HOURS PER WEEK THAT THESE OFFICERS DEVOTE TO THE RELATED ORGANIZATIONS DURING THE YEAR IS LESS THAN ONE HOUR A WEEK OR MONTH.
Form 990, Part X, Line 27 Net Assets without donor restrictions	INCLUDED IN LINE 27, Net Assets without donor restrictions, IS A NON-CONTROLLING INTEREST OF $172,353,447.
Form 990, Part XI, Line 9 Other changes in net assets or fund balances	NET PERIODIC BENEFIT COST OTHER THAN SERVICE COST - -8445000; OTHER POST-RETIREMENT BENEFIT CHANGES - 8113000;
SCHEDULE F, PART I - PART II & PART III, BEST AVAILABLE INFORMATION	THE UNIVERSITY ACCOUNTS FOR ALL FOREIGN EXPENDTURES ON THE ORGANIZATION FINANCIAL STATEMENTS IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES. ACTIVITIES OUTSIDE THE UNITED STATES HAVE BEEN IDENTIFIED ON A REASONABLE EFFORTS BASIS WHERE SUCH ACTIVITIES WERE NOT TRACKED SEPARATELY UNDER THE UNIVERSITY'S CURRENT ACCOUNTING PROCEDURES. THESE REASONABLE EFFORTS INCLUDED REVIEWS OF FINANCIAL RECORDS, INTERVIEWS WITH UNIVERSITY PERSONNEL, REVIEW OF THE UNIVERSITY'S WEBSITE AND PUBLICATIONS, ETC. EXPENDITURES BY REGION IN PART I, COLUMN (F) ARE BASED ON ACTUAL EXPENDITURES WHERE AVAILABLE UNDER CURRENT ACCOUNTING PROCEDURES. THE ESTIMATE FOR PART I LINE 3 COLUMN(C) AND PART III COLUMN (C) IS BASED ON THE BEST AVAILABLE DATA.
SCHEDULE F, PART I, LINE 3 - ACTIVITIES CONDUCTED IN REGION	PURSUANT TO IRS GUIDANCE, PART I, LINE 3, COLUMN D DETAIL FOR EACH TYPE OF ACTIVITY CONDUCTED OUTSIDE THE UNITED STATES FOR EACH REGION IS SHOWN ON A SEPARATE LINE. PART I, LINE 3, COLUMN E PROGRAM SERVICES INCLUDE RESEARCH, EDUCATION, TRAVEL, CONSULTING, CONFERENCES, WORKSHOPS, FELLOWSHIP RESEARCH, AND STUDY ABROAD PROGRAMS.
SCHEDULE F, PART II - LINES 2&3,BEST AVAIL. INFO.FOR TOTAL NUMBER OF TAX-EXEMPT REC. ORG.&OTHER ORG	BOTH THE TOTAL NUMBER OF RECIPIENT ORGANIZATIONS LISTED ABOVE THAT ARE RECOGNIZED AS CHARITIES BY THE FOREIGN COUNTRY, AS WELL AS THE TOTAL NUMBER OF OTHER ORGANIZATIONS OR ENTITIES HAVE BEEN IDENTIFIED ON A REASONABLE EFFORTS BASIS WHERE SUCH ORGANIZATIONS WERE NOT TRACKED SEPARATELY UNDER THE UNIVERSITY'S CURRENT ACCOUNTING PROCEDURES. THESE REASONABLE EFFORTS INCLUDED REVIEWS OF UNIVERSITY FINANCIAL RECORDS AND HISTORICAL SURVEYS OF PAST RECIPIENT ORGANIZATIONS ENGAGED IN ACTIVITIES OUTSIDE THE U.S.
SCHEDULE F, PART II - SUB-AWARDS	IN FURTHERANCE OF ITS RESEARCH ACTIVITIES, PRINCETON UNIVERSITY MAKES SUB-AWARDS TO OTHER FOREIGN INSTITUTIONS THAT PERFORM RESEARCH IN CONNECTION WITH RESEARCH GRANTS AWARDED TO PRINCETON UNIVERSITY. PRINCETON UNIVERSITY DOES NOT CATEGORIZE THESE SUB-AWARDS AS "FOREIGN ACTIVITIES" FOR FORM 990, SCHEDULE F REPORTING, SINCE THE FOREIGN RECIPIENT ORGANIZATIONS PERFORM RESEARCH SERVICES FOR THE UNIVERSITY AND ARE CONSIDERED INDEPENDENT CONTRACTORS WHICH SERVE THE DIRECT NEEDS OF THE UNIVERSITY.

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 51056K

Schedule O (Form 990) 2023

Additional Data

Software ID:	23017437
Software Version:	2023v6.0

- TIN:

SCHEDULE R
(Form 990)

Department of the Treasury
Internal Revenue Service

Related Organizations and Unrelated Partnerships

Complete if the organization answered "Yes" on Form 990, Part IV, line 33, 34, 35b, 36, or 37.
Attach to Form 990.
Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2023

Open to Public Inspection

Name of the organization

The Trustees of Princeton University

Employer identification number

21-0634501

Part I

Identification of Disregarded Entities. Complete if the organization answered "Yes" on Form 990, Part IV, line 33.

(a) Name, address, and EIN (if applicable) of disregarded entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Total income	(e) End-of-year assets	(f) Direct controlling entity
(1) PRINCETON CHARITABLE FOUNDATION LIMITED 19 OLD BAILEY LONDONEC4M7EG UK 98-0591811	CHARITY	UK	27,465,782	1,303,805	PRINCETON UNIVERSITY
(2) PRINCETON INTERNATIONAL LLC 701 Carnegie Center Princeton,NJ08540 46-2973166	PROGRAMS	DE	405,242	8,549	PRINCETON UNIVERSITY
(3) FORRESTAL LLC 701 Carnegie Center Princeton,NJ08540 46-4991582	HOLDING	DE	0	0	PRINCETON UNIVERSITY
(4) MTP HOLDINGS LLC 701 Carnegie Center Princeton,NJ08540 47-2275689	HOLDING	NJ	0	0	PRINCETON UNIVERSITY
(5) PRINCETON IN ATHENS LLC 701 Carnegie Center Princeton,NJ08540 81-3650537	PROGRAMS	DE	50,000	791	PRINCETON UNIVERSITY
(6) WITHERSPOON NLV LLC 22 CHAMBERS ST SUITE 300 Princeton,NJ08542 82-1783629	HOLDING	DE	0	0	PRINCETON UNIVERSITY
(7) PRINCETON INNOVATION CENTER LLC PRINCETON U NEW SOUTH BLDG Princeton,NJ08542 82-3630269	PROGRAMS	DE	1,458,320	2,171,901	PRINCETON UNIVERSITY
(8) PROSPECT HOUSE ASSOC OF PRINCETON U 26 COLLEGE ROAD WEST Princeton,NJ08540 82-5289662	SOCIAL CLUB	NJ	2,255,458	5,415	PRINCETON UNIVERSITY
(9) Princeton Hong Kong Charitable Foundation Limited 701 Carnegie Center Princeton,NJ08540 98-1543048	CHARITY	HK	1,435,330	563,271	Princeton University
(10) 158 LLC 22 CHAMBERS ST STE 300 PRINCETON,NJ08542 87-4705521	Holding	DE	9,526,661	363,352,008	PRINCETON UNIVERSITY
(11) FRANKLIN GOTHIC LLC 22 CHAMBERS ST STE 300 PRINCETON,NJ08542 87-4667621	HOLDING	DE	-7,108,929	53,406,909	PRINCETON UNIVERSTIY

Part II

Identification of Related Tax-Exempt Organizations. Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related tax-exempt organizations during the tax year.

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Exempt Code section	(e) Public charity status (if section 501(c)(3))	(f) Direct controlling entity	(g) Section 512(b)(13) controlled entity?
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Exempt Code section	(e) Public charity status (if section 501(c)(3))	(f) Direct controlling entity	Yes	No
(1)FORRESTAL INVESTMENT CORPORATION 701 Carnegie Center Suite 445 Princeton,NJ08540 22-2968912	HOLDING CO.	NJ	501(c)(2)		PRINCETON UNIVERSITY	Yes
(2)STANLEY J SEEGER HELLENIC FUND 701 Carnegie Center Suite 445 Princeton,NJ08540 22-2266810	PROGRAMS	NJ	501(c)(3)	Type I	PRINCETON UNIVERSITY	Yes
(3)FORRESTAL AGRICULTURAL CORPORATION 701 Carnegie Center Suite 445 Princeton,NJ08540 36-3625291	INVESTMENTS	IA	501(c)(3)	Type I	PRINCETON UNIVERSITY	Yes
(4)PRINCETON UNIVERSITY ALUMNI ORGANIZATION 701 Carnegie Center Suite 445 Princeton,NJ08540 22-2711242	ALUMNI	NJ	501(c)(3)	10	NA		No
(5)PRINCETON UNIVERSITY PRESS 41 WILLIAM STREET Princeton,NJ08540 21-0634483	PUBLICATIONS	NJ	501(c)(3)	Type I	PRINCETON UNIVERSITY	Yes
(6)PRINCETON IN AFRICA INC Louis A Simpson Intl Build Princeton University Princeton,NJ08544 22-3824520	PROGRAMS	NJ	501(c)(3)	Type I	PRINCETON UNIVERSITY	Yes
(7)PRINCETON IN ISHIKAWA INC 211 JONES HALL PRINCETON UNIV Princeton,NJ08544 22-3563022	PROGRAMS	NJ	501(c)(3)	Type I	PRINCETON UNIVERSITY	Yes
(8)PRINCETON IN BEIJING INC 211 JONES HALL Princeton University Princeton,NJ08544 22-3779722	PROGRAMS	NJ	501(c)(3)	Type I	PRINCETON UNIVERSITY	Yes
(9)FOUNDING FATHERS PAPERS INC 701 Carnegie Center Suite 445 Princeton,NJ08540 22-2365602	RESEARCH/PUBLICATION	NJ	501(c)(3)	Type I	NA		No
(10)RESEARCH COLLECTIONS AND PRESERVATION CONSORTIUM 701 Carnegie Center Suite 445 Princeton,NJ08540 22-3751732	BOOK STORAGE	NJ	501(c)(3)	Type I	NA		No
(11)PRINCETON UNIVERSITY ATHENS CENTER 3 TIMARCHOU STREET PANGKRATI,ATHENS11600 GR	PROGRAMS	GR			PRINCETON IN ATHENSLLC	Yes
(12)DIETRICH FOUNDATION USX TOWER 600 GRANT STNO 5360 PITTSBURGH,PA15219 36-4711746	GRANTMAKING	PA	501(c)(3)	Type I	NA		No
(13)EUGENE HIGGINS CHARITABLE TRUST PO BOX 1802 PROVIDENCE,RI02901 13-6073358	GRANTMAKING	RI	501(c)(3)	Type III-O	NA		No
(14)CATHARINE D SHARPE CHARITABLE TRUST 3 Radnor Corporate Ctr Ste 450 WAYNE,PA19087 23-2057737	GRANTMAKING	PA	501(c)(3)	Type III-O	NA		No
(15)Mpala Wildlife Foundation Inc 221 Nassau Hall Princeton,NJ08544 52-1656147	Programs	MD	501(c)(3)	Type I	Princeton University	Yes
(16)Mpala Research Centre PO Box 555 - 10400 Nanyuki KE	PROGRAMS	KE			Princeton University	Yes

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50135Y

Schedule R (Form 990) 2023

Page 2

Part III

Identification of Related Organizations Taxable as a Partnership. Complete if the organization answered "Yes" on Form 990, Part IV, line 34, because it had one or more related organizations treated as a partnership during the tax year.

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Predominant income(related, unrelated, excluded from tax under sections 512-514)	(f) Share of total income	(g) Share of end-of-year assets	(h) Disproprtionate allocations?		(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	(j) General or managing partner?		(k) Percentage ownership
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity		(f) Share of total income	(g) Share of end-of-year assets	Yes	No	(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	Yes	No	(k) Percentage ownership
(1) ALEXANDER STREET PARTNERS LTD 4306 PABLO OAKS COURT JACKSONVILLE,FL32224 59-3374725	INVESTMENT	FL	NA	Excluded	42,736,777	378,871,431		No			No
(2) Altravue Fund I-P LP 11747 NE 1ST STREET STE 205 BELLEVUE,WA98005 86-3598132	INVESTMENT	WA	NA	Excluded	-9,531,674	245,172,018		No			No
(3) BPI LTD 103 S CHURCH STPO BOX 1034 GT GR CJ	INVESTMENT	CJ	NA	Excluded	98,188,260	807,777,866		No			No
(4) Balboa Retail Fund III LP 93-3282750	INVESTMENT	DE	NA	Excluded	0	0		No			No
(5) DYNAMO BRASIL I LLC 2711 CENTERVILLE ROAD SUITE 400 WILMINGTON,DE19808 98-0515400	INVESTMENT	DE	NA	Excluded	-32,151,632	280,667,012		No			No
(6) Fall Line Farms Fund III LP 119 South B Street Suite B San Mateo,CA94401 87-1580660	Investment	DE	NA	Excluded	0	6,013,183		No			No
(7) Farallon Capital Institutional Partners III LP ONE MARITIME PLAZA SUITE 2100 SAN FRANCISCO,CA94111 94-3253905	INVESTMENT	DE	NA	Excluded	47,507,789	775,474,919		No	2,700,272		No
(8) GC Venture(s) LLC 20 UNIVERSITY RD SUITE 450 CAMBRIDGE,MA02138 81-4449331	INVESTMENT	MA	NA	Excluded	0	28,262,159		No			No
(9) GMO Amplified Equity Dislocation Solution Fund LP 40 Rowes Wharf Boston,MA02110	INVESTMENT	DE	NA	Excluded	530,990,413	1,029,968,387		No	114,694,574		No
(10) HHLR CF Feeder II LP 98-1634221	INVESTMENT	CJ	NA	Excluded	-27,869,083	168,445,073		No			No
(11) Kindred Follow-On I LP 660 4th Street 656 San Francisco,CA94107 87-1451996	INVESTMENT	DE	NA	Excluded	40,861	9,737,405		No			No
(12) Kindred Selector I LP 660 4th Street 656 San Francisco,CA94107 87-2435866	INVESTMENT	DE	NA	Excluded	51,314	59,837,276		No			No
(13) Kindred Ventures CH 1 LP 660 4th Street 656 san Francisco,CA94107 86-1433701	INVESTMENT	DE	NA	Excluded	788	8,497,902		No			No
(14) Kindred Ventures CH 2 LP 660 4th Street 656 san Francisco,CA94107 87-3143029	INVESTMENT	DE	NA	Excluded	403	21,084,022		No			No
(15) Merlone Geier Partners Affiliated XI-A LP 425 CALIFORNIA STREET 10TH FLOOR san Francisco,CA94104 88-2785190	INVESTMENT	DE	na	Excluded	-340,916	11,399,075		No	-120,344		No
(16) NW UK Regional (No2) LP 1819 WAZEE ST 2ND FL DENVER,CO80202 98-1208214	INVESTMENT	CO	NA	Excluded	432	2,507,735		No			No
(17) PB INSTITUTIONAL LP 10 ST JAMES AVE STE 1700 BOSTON,MA02116 04-3425688	INVESTMENT	DE	NA	Excluded	13,094,196	1,216,754,069		No	-8,644,725		No
(18) PETROTIGER I LTD 1 HOUSTON CENTER 1221 MCKINNEY 3700 HOUSTON,TX77010 76-0230203	INVESTMENT	TX	NA	Excluded	12,111,283	9,305,524		No			No
(19) SPB Partners LP 717 Fifth Avenue 16th Floor New York,NY10022 92-2653013	INVESTMENT	DE	NA	Excluded	53,543,907	554,183,820		No	4,149,570		No
(20) THE ORANGE PARTNERS FUND LTD PO BOX 309GT UGLAND HOUSE GRAND CAYMAN,CA CJ	INVESTMENT	CJ	NA	Excluded	122,061,286	769,257,646		No			No
(21) Tigris Realty Partners LP 50 MAIN STREET SUITE 970 WHITE PLAINS,NY10606 81-2932006	INVESTMENT	NY	NA	Excluded	-1,221,849	90,254,042		No			No
(22) VARDE FUND VI-A LP 8500 NORMANDALE LAKE BLVD SUITE 1500 MINNEAPOLIS,MN55437 41-2022693	INVESTMENT	DE	NA	Excluded	16,930,868	305,300,498		No	91,388		No
(23) Verso Investment Partners I LP 1700 Montgomery St Suite 108 SAN FRANCISCO,CA94111 87-4292444	INVESTMENT	DE	NA	Excluded	23,093,356	513,948,606		No			No
(24) WHITECREST PARTNERS LP 222 BERKELEY STREET 21ST FL BOSTON,MA02116 04-3585396	INVESTMENT	DE	NA	Excluded	35,842,758	887,895,157		No	-2,429,294		No

Part IV

Identification of Related Organizations Taxable as a Corporation or Trust. Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a corporation or trust during the tax year.

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Type of entity (C corp, S corp, or trust)	(f) Share of total income	(g) Share of end-of-year assets	(h) Percentage ownership	(i) Section 512(b)(13) controlled entity?
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Type of entity (C corp, S corp, or trust)	(f) Share of total income	(g) Share of end-of-year assets	(h) Percentage ownership	Yes	No
(1) CHARITABLE REMAINDER TRUSTS (213)	INVESTMENT		VARIOUS	Trust
(2) CHARITABLE LEAD TRUSTS (9)	INVESTMENT		VARIOUS	Trust
(3) POOLED FUNDS (96)	INVESTMENT		VARIOUS	Trust
(4) CHARITABLE GIFT ANNUITIES (205)	INVESTMENT		VARIOUS	Trust
(5) PRINCETON BEIJING CONSULTING CO LTD B-203BEIJING RUNZE HNO3 HEQING HAIDIAN D.BEIJING100000 CH	PROGRAMS	CH	PRINCETON INTERNATIONAL LLC	C Corporation	129,361	198,201	100 %	Yes
(6) Mpala Ranch Limited PO Box 555 - 10400 Nanyuki KE	PROGRAMS	KE	Mpala Wildlife Foundation Inc	C Corporation	271,239	505,985	99.99 %	Yes
(7) GMO Resources Transition Fund 40 Rowes Wharf Boston,MA02110	INVESTMENT	MA	VARIOUS	C Corporation	-88,008,197	117,889,475	100 %		No

Schedule R (Form 990) 2023

Page 3

Part V

Transactions With Related Organizations. Complete if the organization answered "Yes" on Form 990, Part IV, line 34, 35b, or 36.

Note. Complete line 1 if any entity is listed in Parts II, III, or IV of this schedule.

Yes

1 During the tax year, did the orgranization engage in any of the following transactions with one or more related organizations listed in Parts II-IV?

a Receipt of (i) interest, (ii) annuities, (iii) royalties, or (iv) rent from a controlled entity .....................

Yes

b Gift, grant, or capital contribution to related organization(s) ............................

Yes

c Gift, grant, or capital contribution from related organization(s) ............................

Yes

d Loans or loan guarantees to or for related organization(s) ............................

e Loans or loan guarantees by related organization(s) ............................

f Dividends from related organization(s) ............................

g Sale of assets to related organization(s) ............................

h Purchase of assets from related organization(s) ............................

i Exchange of assets with related organization(s) ............................

j Lease of facilities, equipment, or other assets to related organization(s) .......................

Yes

k Lease of facilities, equipment, or other assets from related organization(s) ......................

Yes

l Performance of services or membership or fundraising solicitations for related organization(s) .....................

m Performance of services or membership or fundraising solicitations by related organization(s) .................

n Sharing of facilities, equipment, mailing lists, or other assets with related organization(s) ...................

Yes

o Sharing of paid employees with related organization(s) ............................

Yes

p Reimbursement paid to related organization(s) for expenses ............................

q Reimbursement paid by related organization(s) for expenses ............................

Yes

r Other transfer of cash or property to related organization(s) ............................

Yes

s Other transfer of cash or property from related organization(s) ............................

Yes

If the answer to any of the above is "Yes," see the instructions for information on who must complete this line, including covered relationships and transaction thresholds.

(a) Name of related organization	(b) Transaction type (a-s)	(c) Amount involved	(d) Method of determining amount involved
(1) Stanley J Seeger Hellenic Fund	C	2,934,568	CASH
(2) Princeton University Press	K	628,823	CASH
(3) Princeton University Press	Q	54,786	CASH
(4) Princeton University Press	B	14,456,855	CASH
(5) Princeton University Press	R	4,365,214	CASH
(6) Princeton in Africa Inc	B	53,837	CASH
(7) Princeton in Beijing Inc	B	228,144	CASH
(8) Princeton University Athens Center	B	50,000	CASH
(9) Mpala Research Centre	B	2,656,198	CASH
(10) BPI Ltd	S	200,000,000	CASH
(11) Dynamo Brasil I LLC	S	44,087,205	CASH
(12) Fall Line Farms Fund III LP	B	2,973,285	CASH
(13) Farallon Capital Institutional Partners III LP	S	104,990,005	CASH
(14) HHLR CF Feeder II LP	S	50,000,000	CASH
(15) Kindred Selector I LP	B	7,500,000	CASH
(16) Kindred Selector I LP	S	12,375,000	CASH
(17) Kindred Ventures CH 2 LP	B	341,727	CASH
(18) Merlone Geier Partners Affiliated XI-A LP	B	701,579	CASH
(19) PB Institutional Limited Partnership	S	150,000,000	CASH
(20) PetroTiger I	S	8,514,742	CASH
(21) SPB Partners LP	B	374,691,448	CASH
(22) The Orange Partners Fund (Parvus)	S	148,402,090	CASH
(23) Tigris Realty Partners LP	S	87,047,598	CASH
(24) Varde Fund VI-A LP (The)	S	41,130,000	CASH
(25) Whitecrest Partners LP	B	2,100,000	CASH
(26) Whitecrest Partners LP	S	49,700,562	CASH
(27) GMO Resources Transition Fund	B	9,789,611	CASH
(28) GMO Resources Transition Fund	S	249,939,051	CASH
(29) GMO AMPLIFIED EQUITY DISLOCATION SOLUTION FUND LP	B	841,014,560	CASH
(30) GMO AMPLIFIED EQUITY DISLOCATION SOLUTION FUND LP	S	250,000,000	CASH

Schedule R (Form 990) 2023

Page 4

Part VI

Unrelated Organizations Taxable as a Partnership. Complete if the organization answered "Yes" on Form 990, Part IV, line 37.

Provide the following information for each entity taxed as a partnership through which the organization conducted more than five percent of its activities (measured by total assets or gross revenue) that was not a related organization. See instructions regarding exclusion for certain investment partnerships.

(a) Name, address, and EIN of entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	(e) Are all partners section 501(c)(3) organizations?		(f) Share of total income	(g) Share of end-of-year assets	(h) Disproprtionate allocations?		(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	(j) General or managing partner?		(k) Percentage ownership
(a) Name, address, and EIN of entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	Yes	No	(f) Share of total income	(g) Share of end-of-year assets	Yes	No	(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	Yes	No	(k) Percentage ownership

Schedule R (Form 990) 2023

Page 5

Part VII

Supplemental Information

Provide additional information for responses to questions on Schedule R. See instructions.

Return Reference	Explanation

Schedule R (Form 990) 2023

Additional Data

Software ID:	23017437
Software Version:	2023v6.0

- TIN:

TY 2023 AffiliatedGroupSchedule

Name:

The Trustees of Princeton University

EIN:

21-0634501

Software ID:

23017437

Software Version:

2023v6.0

Affiliated Group Business Name:

The Trustees of Princeton University

Address. Either US or Foreign Type:

701 Carnegie Center Suite 445
Princeton, NJ08540

EIN:

21-0634501

Electing Organization Checkbox:

Total Grassroots Lobbying:

Total Direct Lobbying:

422,205

Total Lobbying Expenditures:

422,205

Other Exempt Purpose Expenditures:

2,885,186,000

Total Exempt Purpose Expenditures:

2,885,608,205

Lobbying Nontaxable Amount:

1,000,000

Grassroots Nontaxable Amount:

250,000

Tot Lobbying Grassroot Minus Non Tx:

Tot Lobby Expend Mns Lobbying Non Tx:

Share Of Excess Lobbying:

Affiliated Group Business Name:

TRUSTEES OF PRINCETON UNIVERSITY-ALUMNI ORGANIZATIONS AND CLASSES

Address. Either US or Foreign Type:

701 Carnegie Center
Princeton, NJ08540

EIN:

22-2711242

Electing Organization Checkbox:

Total Grassroots Lobbying:

Total Direct Lobbying:

Total Lobbying Expenditures:

Other Exempt Purpose Expenditures:

1,544,772

Total Exempt Purpose Expenditures:

1,544,772

Lobbying Nontaxable Amount:

227,239

Grassroots Nontaxable Amount:

56,810

Tot Lobbying Grassroot Minus Non Tx:

Tot Lobby Expend Mns Lobbying Non Tx:

Share Of Excess Lobbying:

Affiliated Group Business Name:

FORRESTAL AGRICULTURAL CORPORATION

Address. Either US or Foreign Type:

701 Carnegie Center
Princeton, NJ08540

EIN:

36-3625291

Electing Organization Checkbox:

Total Grassroots Lobbying:

Total Direct Lobbying:

Total Lobbying Expenditures:

Other Exempt Purpose Expenditures:

Total Exempt Purpose Expenditures:

Lobbying Nontaxable Amount:

Grassroots Nontaxable Amount:

Tot Lobbying Grassroot Minus Non Tx:

Tot Lobby Expend Mns Lobbying Non Tx:

Share Of Excess Lobbying:

Affiliated Group Business Name:

FORRESTAL INVESTMENT CORPORATION

Address. Either US or Foreign Type:

701 Carnegie Center
Princeton, NJ08540

EIN:

22-2968912

Electing Organization Checkbox:

Total Grassroots Lobbying:

Total Direct Lobbying:

Total Lobbying Expenditures:

Other Exempt Purpose Expenditures:

Total Exempt Purpose Expenditures:

Lobbying Nontaxable Amount:

Grassroots Nontaxable Amount:

Tot Lobbying Grassroot Minus Non Tx:

Tot Lobby Expend Mns Lobbying Non Tx:

Share Of Excess Lobbying:

Affiliated Group Business Name:

FOUNDING FATHERS PAPERS INC

Address. Either US or Foreign Type:

701 Carnegie Center
Princeton, NJ08540

EIN:

22-2365602

Electing Organization Checkbox:

Total Grassroots Lobbying:

Total Direct Lobbying:

Total Lobbying Expenditures:

Other Exempt Purpose Expenditures:

649,533

Total Exempt Purpose Expenditures:

649,533

Lobbying Nontaxable Amount:

122,430

Grassroots Nontaxable Amount:

30,607

Tot Lobbying Grassroot Minus Non Tx:

Tot Lobby Expend Mns Lobbying Non Tx:

Share Of Excess Lobbying:

Affiliated Group Business Name:

PRINCETON UNIVERSITY PRESS

Address. Either US or Foreign Type:

41 WILLIAM STREET
PRINCETON, NJ08540

EIN:

21-0634483

Electing Organization Checkbox:

Total Grassroots Lobbying:

Total Direct Lobbying:

Total Lobbying Expenditures:

Other Exempt Purpose Expenditures:

29,842,179

Total Exempt Purpose Expenditures:

29,842,179

Lobbying Nontaxable Amount:

1,000,000

Grassroots Nontaxable Amount:

250,000

Tot Lobbying Grassroot Minus Non Tx:

Tot Lobby Expend Mns Lobbying Non Tx:

Share Of Excess Lobbying:

Affiliated Group Business Name:

STANLEY J SEEGER HELLENIC FUND

Address. Either US or Foreign Type:

701 Carnegie Center
Princeton, NJ08540

EIN:

22-2266810

Electing Organization Checkbox:

Total Grassroots Lobbying:

Total Direct Lobbying:

Total Lobbying Expenditures:

Other Exempt Purpose Expenditures:

2,934,568

Total Exempt Purpose Expenditures:

2,934,568

Lobbying Nontaxable Amount:

296,728

Grassroots Nontaxable Amount:

74,182

Tot Lobbying Grassroot Minus Non Tx:

Tot Lobby Expend Mns Lobbying Non Tx:

Share Of Excess Lobbying:

Affiliated Group Business Name:

THE RESEARCH COLLECTIONS AND PRESERVATION CONSORTIUM

Address. Either US or Foreign Type:

701 Carnegie Center
Princeton, NJ08540

EIN:

22-3751732

Electing Organization Checkbox:

Total Grassroots Lobbying:

Total Direct Lobbying:

Total Lobbying Expenditures:

Other Exempt Purpose Expenditures:

7,535,736

Total Exempt Purpose Expenditures:

7,535,736

Lobbying Nontaxable Amount:

526,787

Grassroots Nontaxable Amount:

131,697

Tot Lobbying Grassroot Minus Non Tx:

Tot Lobby Expend Mns Lobbying Non Tx:

Share Of Excess Lobbying:

1	Was the organization a U.S. transferor of property to a foreign corporation during the tax year? If "Yes," the organization may be required to file Form 926, Return by a U.S. Transferor of Property to a Foreign Corporation (see Instructions for Form 926). . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	Yes	No
2	Did the organization have an interest in a foreign trust during the tax year? If "Yes," the organization may be required to separately file Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts, and/or Form 3520-A, Annual Information Return of Foreign Trust With a U.S. Owner (see Instructions for Forms 3520 and 3520-A; don't file with Form 990). . . . . . . . . . . . . . . . . . . . . . . .	Yes	No
3	Did the organization have an ownership interest in a foreign corporation during the tax year? If "Yes," the organization may be required to file Form 5471, Information Return of U.S. Persons with Respect to Certain Foreign Corporations. (see Instructions for Form 5471). . . . . . . . . . . . . . . . . . . . . . . . . . . .	Yes	No
4	Was the organization a direct or indirect shareholder of a passive foreign investment company or a qualified electing fund during the tax year? If “Yes,” the organization may be required to file Form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund. (see Instructions for Form 8621) .	Yes	No
5	Did the organization have an ownership interest in a foreign partnership during the tax year? If "Yes," the organization may be required to file Form 8865, Return of U.S. Persons with Respect to Certain Foreign Partnerships (see Instructions for Form 8865). . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	Yes	No
6	Did the organization have any operations in or related to any boycotting countries during the tax year? If "Yes," the organization may be required to separately file Form 5713, International Boycott Report (see Instructions for Form 5713; don't file with Form 990).. . . . . . . . . . . . . . . . . . . . . . . . . . . .	Yes	No