TY 2024 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

2024

Open to Public Inspection

A For the 2024 calendar year, or tax year beginning 07-01-2024 , and ending 06-30-2025

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

CName of organization
THE MEDICAL COLLEGE OF WISCONSIN INC

% PAMELA J STANICK

Doing business as

Number and street (or P.O. box if mail is not delivered to street address)
8701 Watertown Plank Road

Room/suite

City or town, state or province, country, and ZIP or foreign postal code
Milwaukee, WI532263548

D Employer identification number

39-0806261

E Telephone number

G Gross receipts $ 2,320,552,925

F Name and address of principal officer:
JOHN R RAYMOND SR MD
8701 Watertown Plank Road
Milwaukee,WI532263548

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

Website:

http://www.mcw.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: 1918

M State of legal domicile: WI

Part I

Summary

1	Briefly describe the organization’s mission or most significant activities: THE MEDICAL COLLEGE OF WISCONSIN (MCW) IS A DISTINGUISHED LEADER AND INNOVATOR IN THE EDUCATION AND DEVELOPMENT OF THE NEXT GENERATION OF PHYSICIANS, (CONTINUED IN SCHEDULE O)
2	Check this box
3	Number of voting members of the governing body (Part VI, line 1a) ........	3	28
4	Number of independent voting members of the governing body (Part VI, line 1b) .....	4	24
5	Total number of individuals employed in calendar year 2024 (Part V, line 2a) ......	5	8,196
6	Total number of volunteers (estimate if necessary) .............	6	26
7a	Total unrelated business revenue from Part VIII, column (C), line 12 ........	7a	-4,125,170
b	Net unrelated business taxable income from Form 990-T, Part I, line 11 .........	7b	36,308

		Prior Year	Current Year
8	Contributions and grants (Part VIII, line 1h) .........	222,011,817	226,082,409
9	Program service revenue (Part VIII, line 2g) .........	1,305,967,100	1,399,529,898
10	Investment income (Part VIII, column (A), lines 3, 4, and 7d ) ....	76,648,855	128,610,509
11	Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e)	2,813,370	4,111,323
12	Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12)	1,607,441,142	1,758,334,139
13	Grants and similar amounts paid (Part IX, column (A), lines 1–3 )...	64,474,204	65,670,189
14	Benefits paid to or for members (Part IX, column (A), line 4).....	0	0
15	Salaries, other compensation, employee benefits (Part IX, column (A), lines 5–10)	1,225,313,002	1,296,679,542
16a	Professional fundraising fees (Part IX, column (A), line 11e) .....	115,703	25,548
b	Total fundraising expenses (Part IX, column (D), line 25) 8,129,022
17	Other expenses (Part IX, column (A), lines 11a–11d, 11f–24e)....	294,727,149	319,926,669
18	Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25)	1,584,630,058	1,682,301,948
19	Revenue less expenses. Subtract line 18 from line 12.......	22,811,084	76,032,191
		Beginning of Current Year	End of Year
20	Total assets (Part X, line 16).............	3,274,618,395	3,469,802,142
21	Total liabilities (Part X, line 26).............	817,754,846	800,602,172
22	Net assets or fund balances. Subtract line 21 from line 20.....	2,456,863,549	2,669,199,970

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 (2024)

Form 990 (2024)

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: THE MEDICAL COLLEGE OF WISCONSIN (MCW) IS A DISTINGUISHED LEADER AND INNOVATOR IN THE EDUCATION AND DEVELOPMENT OF THE NEXT GENERATION OF PHYSICIANS, (CONTINUED IN SCHEDULE O)

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 $ 155,373,919 including grants of $ 20,411,800 ) (Revenue $ 117,261,513 )
	SEE SCHEDULE O

4b	(Code: ) (Expenses $ 379,314,578 including grants of $ 35,803,628 ) (Revenue $ 85,964,437 )
	SEE SCHEDULE O

4c	(Code: ) (Expenses $ 984,389,706 including grants of $ 244,861 ) (Revenue $ 1,194,943,995 )
	SEE SCHEDULE O

4d	Other program services (Describe in Schedule O.)
	(Expenses $ 28,473,199 including grants of $ 9,209,900 ) (Revenue $ 1,359,953 )
4e	Total program service expenses1,547,551,402

Form 990 (2024)

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 Click to see attachment

List of Attached Documents:

// Content

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

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 Click to see attachment

List of Attached Documents:

// Content

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

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

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 Click to see attachment

List of Attached Documents:

// Content

....

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

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

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 Click to see attachment

List of Attached Documents:

// Content

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

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:

// Content

.......

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 Click to see attachment

List of Attached Documents:

// Content

.......

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 Click to see attachment

List of Attached Documents:

// Content

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

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 Click to see attachment

List of Attached Documents:

// Content

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

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

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

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. .... Click to see attachment

List of Attached Documents:

// Content

Yes

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................... Click to see attachment

List of Attached Documents:

// Content

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 (2024)

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

Yes

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 .... Click to see attachment

List of Attached Documents:

// Content

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....................... Click to see attachment

List of Attached Documents:

// Content

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

...........

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

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

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...................... Click to see attachment

List of Attached Documents:

// Content

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..................... Click to see attachment

List of Attached Documents:

// Content

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

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............. Click to see attachment

List of Attached Documents:

// Content

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 Click to see attachment

List of Attached Documents:

// Content

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 ..

3,328

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 (2024)

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

8,196

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)? ..

If "Yes," enter the name of the foreign country:
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? .........................

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 (2024)

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

Yes

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

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

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

HI , KY , MD , MA , MI , NH , NY , OR , PA , SC , WI

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:
PAMELA J STANICK8701 WATERTOWN PLANK RD MILWAUKEE,WI53226 (414) 955-8665

Form 990 (2024)

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) MAX C LEE MD...................................................................... ASST PROF-NEUROSURGERY	40.0 ................. 0.0				X	2,518,112	0	62,894
(2) MICHAEL EDWARD MITCHELL MD...................................................................... CHIEF, PROF-PED CARDIAC SURG	1.0 ................. 39.0				X	1,951,025	0	64,441
(3) JOHN R RAYMOND SR MD...................................................................... TRUSTEE/PRESIDENT AND CEO	40.0 ................. 0.0	X	X			1,637,184	0	310,119
(4) SAMAN SHABANI MD...................................................................... ASST PROF-NEUROSURGERY	40.0 ................. 0.0				X	1,872,699	0	68,180
(5) ABDEL ALQWASMI MD...................................................................... PHYSICIAN-HEMATOLOGY/ONCOLOGY	40.0 ................. 0.0				X	1,808,484	0	68,163
(6) JOSEPH E KERSCHNER MD...................................................................... SEE SCHEDULE O FOR TITLE	39.5 ................. 0.5	X	X			1,583,187	0	193,612
(7) MATTHEW COOPER MD...................................................................... CHIEF, PROF-TRANSPLANT SURGERY	40.0 ................. 0.0				X	1,523,101	0	64,441
(8) DAVID KING MD...................................................................... TRUSTEE	40.0 ................. 0.0	X				1,190,917	0	61,180
(9) MATTHEW LESTER...................................................................... EXEC VP-FINANCE & ADMIN, COO	40.0 ................. 0.0		X			859,882	0	150,396
(10) DEBORAH M COSTAKOS MD...................................................................... SEE SCHEDULE O FOR TITLE	35.0 ................. 5.0		X			858,747	0	51,887
(11) CHERYL A MAURANA PHD...................................................................... SEE SCHEDULE O FOR TITLE	40.0 ................. 0.0		X			757,864	0	90,790
(12) M AILEEN SHINAMAN JD...................................................................... SR VP-GENERAL COUNSEL/ASST SEC	40.0 ................. 0.0		X			679,078	0	69,119
(13) MARA LORD PHD...................................................................... SR VP-CHF STRATEGY & GRWTH OFF	40.0 ................. 0.0		X			616,416	0	112,056
(14) SHELISA DALTON...................................................................... CHIEF FINANCIAL OFFICER	40.0 ................. 0.0		X			589,325	0	113,035
(15) DAVID A MARGOLIS MD...................................................................... SEE SCHEDULE O FOR TITLE	30.0 ................. 10.0			X		632,913	0	54,769
(16) ADRIENNE MITCHELL...................................................................... SR VP-HR, CHIEF PEOPLE OFFICER	40.0 ................. 0.0		X			542,368	0	122,114
(17) KEVIN R REGNER MD...................................................................... SEE SCHEDULE O FOR TITLE	40.0 ................. 0.0			X		546,960	0	48,472

Form 990 (2024)

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) DAVID HOTCHKISS........................................................................ VP-INFORMATION SERVICES, CIO	40.0 .......................0.0		X			465,702	0	105,678
(19) JASON E KRAISS........................................................................ VP-INST ADVANCEMENT, CDO	40.0 .......................0.0		X			448,637	0	101,106
(20) GREGORY M WESLEY JD........................................................................ SEE SCHEDULE O FOR TITLE	40.0 .......................0.0		X			457,558	0	64,820
(21) CURT D SIGMUND PHD........................................................................ TRUSTEE	40.0 .......................0.0	X				463,687	0	51,627
(22) ROY L SILVERSTEIN MD........................................................................ SEE SCHEDULE O FOR TITLE	40.0 .......................0.0			X		432,359	0	53,705
(23) KEVIN M EIDE........................................................................ VP-FIN PLANNING/DATA ANALYTICS	40.0 .......................0.0		X			374,496	0	96,135
(24) PAMELA J STANICK........................................................................ VP-FINANCE & TREASURY	40.0 .......................0.0		X			372,586	0	72,540
(25) TENNILLE SIFUENTES........................................................................ VP-CORP COMPLIANCE/RISK MGT	40.0 .......................0.0		X			334,354	0	95,022
(26) JEFFREY BORNEMANN........................................................................ VP-FACILITIES & OP TO 3/2/25	40.0 .......................0.0		X			339,891	0	89,352
(27) GEORGE MACKINNON III PHD........................................................................ DEAN, SCHOOL OF PHARMACY	40.0 .......................0.0		X			371,682	0	56,117
(28) SUSAN MELCHER........................................................................ VP-TOTAL REWARDS/HR ANALYTICS	40.0 .......................0.0		X			346,708	0	69,438
(29) C GREER JORDAN PHD........................................................................ VP-ANCHOR PARTNERSHIPS	40.0 .......................0.0		X			335,642	0	69,984
(30) DAISY SAHOO PHD........................................................................ DEAN, SCHOOL OF GRAD STUDIES	40.0 .......................0.0		X			339,099	0	62,456
(31) NATHAN BERKEN........................................................................ VP-GOVERNMENT RELATIONS	40.0 .......................0.0		X			268,773	0	88,749
(32) KIMARA ELLEFSON........................................................................ FORMER INTERIM VP-HR	40.0 .......................0.0				X	288,454	0	52,717
(33) MARY REINKE........................................................................ VP-MARKETING & COMMUNICATIONS	40.0 .......................0.0		X			268,622	0	45,217
(34) JENNIFER S BULTMAN........................................................................ SEE SCHEDULE O FOR TITLE	40.0 .......................0.0		X			243,548	0	55,824
(35) RAVINDRA P MISRA PHD........................................................................ FMR DEAN, SCHOOL OF GRAD STUD	40.0 .......................0.0				X	212,683	0	31,746
(36) JOHN T NEWSOME JD........................................................................ FMR SR VP-GEN COUNSEL/ASST SEC	10.0 .......................0.0				X	140,563	0	0
(37) ELIZABETH BRENNER........................................................................ TRUSTEE/CHAIR	3.0 .......................0.0	X	X			0	0	0
(38) PHILIP B FLYNN........................................................................ TRUSTEE/IMMEDIATE PAST CHAIR	1.0 .......................0.0	X	X			0	0	0
(39) JOHN DONOFRIO........................................................................ TRUSTEE/VICE CHAIR	2.0 .......................0.0	X	X			0	0	0
(40) JACQUELINE HERD-BARBER........................................................................ TRUSTEE/SECRETARY	1.0 .......................0.0	X	X			0	0	0
(41) JON D HAMMES........................................................................ TRUSTEE/TREASURER	1.0 .......................0.0	X	X			0	0	0
(42) CHRISTY L BROWN........................................................................ TRUSTEE	1.0 .......................0.0	X				0	0	0
(43) BARBARA CALKINS MD........................................................................ TRUSTEE	1.0 .......................0.0	X				0	0	0
(44) LINDA G GORENS-LEVEY........................................................................ TRUSTEE	1.0 .......................0.0	X				0	0	0
(45) PAUL W GRIEPENTROG........................................................................ TRUSTEE	1.0 .......................0.0	X				0	0	0
(46) JOHN M GROGAN........................................................................ TRUSTEE	1.0 .......................0.0	X				0	0	0
(47) NANCY HERNANDEZ........................................................................ TRUSTEE	1.0 .......................0.0	X				0	0	0
(48) TED D KELLNER........................................................................ TRUSTEE	1.0 .......................0.0	X				0	0	0
(49) DAVID LUBAR........................................................................ TRUSTEE	1.0 .......................0.0	X				0	0	0
(50) GREGORY S MARCUS........................................................................ TRUSTEE	1.0 .......................0.0	X				0	0	0
(51) ANTHONY MCHENRY........................................................................ TRUSTEE	1.0 .......................0.0	X				0	0	0
(52) CHRIS MISKEL........................................................................ TRUSTEE	1.0 .......................0.0	X				0	0	0
(53) JUSTIN L MORTARA PHD........................................................................ TRUSTEE	1.0 .......................0.0	X				0	0	0
(54) JANIS M ORLOWSKI MD........................................................................ TRUSTEE	1.0 .......................0.0	X				0	0	0
(55) GIL PERI........................................................................ TRUSTEE AS OF 8/12/24	1.0 .......................0.0	X				0	0	0
(56) WARREN D PIERSON........................................................................ TRUSTEE	1.0 .......................0.0	X				0	0	0
(57) R JAN PIROZZOLO-MELLOWES........................................................................ TRUSTEE	1.0 .......................0.0	X				0	0	0
(58) AUSTIN RAMIREZ........................................................................ TRUSTEE	1.0 .......................0.0	X				0	0	0
(59) KRISTINA M ROPELLA PHD........................................................................ TRUSTEE	1.0 .......................0.0	X				0	0	0
(60) STEVE SCHWAB MD........................................................................ TRUSTEE	1.0 .......................0.0	X				0	0	0
(61) RICH TENNESSEN........................................................................ TRUSTEE	1.0 .......................0.0	X				0	0	0
(62) PEGGY TROY........................................................................ TRUSTEE TO 8/11/24	1.0 .......................0.0	X				0	0	0
(63) BRIAN S COWPERTHWAITE........................................................................ VP-FACILITIES &OP AS OF 3/3/24	40.0 .......................0.0		X			0	0	0

1b	Sub-Total..............
c	Total from continuation sheets to Part VII, Section A..
d	Total (add lines 1b and 1c).........	23,517,641	0	2,346,301

Total number of individuals (including but not limited to those listed above) who received more than $100,000 of reportable compensation from the organization 2,993

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
M A MORTENSON CO, 115 S 84TH STREET SUITE 400 MILWAUKEE,WI53214	CONSTRUCTION SERVICE	59,103,256
FROEDTERT HEALTH MEDICAL GROUP, 9200 W WISCONSIN AVENUE MILWAUKEE,WI53226	PHYSICIAN/SHARED SVC	17,527,730
NATIONAL MARROW DONOR PROGRAM, 500 N 5TH STREET MINNEAPOLIS,MN55401	RESEARCH SUBCONTRACT	16,438,925
FROEDTERT MEMORIAL LUTHERAN HOSPITA, 9200 W WISCONSIN AVENUE MILWAUKEE,WI53226	CONTRACTUAL SERVICES	15,044,490
FROEDTERT THEDACARE HEALTH INC, 9200 W Wisconsin Ave MILWAUKEE,WI53226	CONTRACTUAL SERVICES	12,677,844
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 201

Form 990 (2024)

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	772,490
d	Related organizations		1d
e	Government grants (contributions)		1e	178,136,261

f	All other contributions, gifts, grants, and similar amounts not included above		1f	47,173,658

g	Noncash contributions included in lines 1a - 1f:$		1g	1,473,529

h Total. Add lines 1a-1f.......		226,082,409

		Business Code
2a	CLINICAL PRACTICE PLAN REVENUE	621110	769,595,620	769,582,021	13,599
b	PHYSICIAN CONTRACTS/AFFILIATE SVCS	621110	327,461,776	327,461,776
c	MEDICARE/MEDICAID PAYMENTS	621110	138,490,818	138,490,818
d	MEDICAL INSTRUCTION TUITION AND FEES	611600	90,853,035	90,853,035
e	NON-GOVERNMENTAL GRANTS AND CONTRACTS	541700	68,711,273	68,711,273
f	All other program service revenue.		4,417,376	4,417,376
g	Total. Add lines 2a–2f .....		1,399,529,898

3 Investment income (including dividends, interest, and othersimilar amounts) ......			39,979,981		-4,776,074	44,756,055
4 Income from investment of tax-exempt bond proceeds			4,254			4,254
5 Royalties...........			3,761,733			3,761,733
			(i) Real	(ii) Personal
6a	Gross rents	6a	4,671,053
b	Less: rental expenses	6b	4,326,184
c	Rental income or (loss)	6c	344,869	0
d	Net rental income or (loss).......			344,869			344,869
			(i) Securities	(ii) Other
7a	Gross amount from sales of assets other than inventory	7a	641,626,862	4,649,573
b	Less: cost or other basis and sales expenses	7b	557,572,463	77,698
c	Gain or (loss)	7c	84,054,399	4,571,875
d	Net gain or (loss).........			88,626,274		557,505	88,068,769
8a	Gross income from fundraising events (not including $ 772,490of contributions reported on line 1c). See Part IV, line 18 ....
			8a	60,638
b	Less: direct expenses ...		8b	135,717
c	Net income or (loss) from fundraising events..			-75,079			-75,079
9a	Gross income from gaming activities. See Part IV, line 19 ...
			9a	0
b	Less: direct expenses ...		9b	0
c	Net income or (loss) from gaming activities..			0
10a	Gross sales of inventory, less returns and allowances ..
			10a	186,524
b	Less: cost of goods sold ..		10b	106,724
c	Net income or (loss) from sales of inventory..			79,800		79,800

Business Code
11a
b
c
d	All other revenue ....
e	Total. Add lines 11a–11d ......			0
12	Total revenue. See instructions.....			1,758,334,139	1,399,516,299	-4,125,170	136,860,601

Form 990 (2024)

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 ....	46,204,480	46,204,480
2	Grants and other assistance to domestic individuals. See Part IV, line 22 ...........	18,628,267	18,628,267
3	Grants and other assistance to foreign organizations, foreign governments, and foreign individuals. See Part IV, lines 15 and 16. .............	837,442	837,442
4	Benefits paid to or for members .......	0
5	Compensation of current officers, directors, trustees, and key employees ...........	18,970,453	5,919,635	12,150,303	900,515
6	Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) .........	4,244,145	3,931,700	312,445
7	Other salaries and wages........	1,059,342,926	1,009,634,934	45,456,979	4,251,013
8	Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) ....	58,842,846	55,644,736	2,923,579	274,531
9	Other employee benefits .......	96,106,574	91,721,835	4,027,166	357,573
10	Payroll taxes ...........	59,172,598	55,503,753	3,365,904	302,941
11	Fees for services (non-employees):
a	Management ......	0
b	Legal .........	1,404,706	789,216	615,490
c	Accounting ...........	832,103		832,103
d	Lobbying ...........	299,716	284,470	15,246
e	Professional fundraising services. See Part IV, line 17	25,548			25,548
f	Investment management fees ......	10,594,691		10,594,691
g	Other (If line 11g amount exceeds 10% of line 25, column (A) amount, list line 11g expenses on Schedule O)	99,920,426	88,519,976	10,584,866	815,584
12	Advertising and promotion ....	2,930,443	2,894,686		35,757
13	Office expenses .......	7,286,822	5,908,419	1,234,883	143,520
14	Information technology ......	27,010,333	5,573,152	20,943,976	493,205
15	Royalties ..	1,346,936	1,346,936
16	Occupancy ...........	41,197,144	38,065,825	3,079,302	52,017
17	Travel ............	9,678,714	9,187,461	328,829	162,424
18	Payments of travel or entertainment expenses for any federal, state, or local public officials .	0
19	Conferences, conventions, and meetings ....	10,645,969	10,270,361	306,760	68,848
20	Interest ...........	10,259,183	9,341,358	917,825
21	Payments to affiliates .......	0
22	Depreciation, depletion, and amortization ..	33,079,127	30,233,496	2,803,095	42,536
23	Insurance ...	1,390,280	281,933	1,101,161	7,186
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	MEDICAL & RESEARCH SUPPLIES	24,671,250	24,671,250
b	RESIDENTS & FELLOWS	13,140,395	13,140,395
c	DUES & SUBSCRIPTIONS	10,874,508	9,824,552	1,039,613	10,343
d	EQUIPMENT & MAINTENANCE	5,085,901	4,813,634	267,244	5,023
e	All other expenses	8,278,022	4,377,500	3,720,064	180,458
25	Total functional expenses. Add lines 1 through 24e	1,682,301,948	1,547,551,402	126,621,524	8,129,022
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 (2024)

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 ........			31,024	1	25,467
2	Savings and temporary cash investments .........			203,566,112	2	213,660,573
3	Pledges and grants receivable, net ......			79,596,791	3	76,231,957
4	Accounts receivable, net .............			189,362,736	4	190,578,225
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 .......
				0	5	0
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 ...........			0	7	0
8	Inventories for sale or use ............			57,482	8	49,856
9	Prepaid expenses and deferred charges ......			9,613,005	9	16,953,298
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a	946,180,178
b	Less: accumulated depreciation	10b	566,622,542	333,665,824	10c	379,557,636
11	Investments—publicly traded securities .			635,965,570	11	702,312,095
12	Investments—other securities. See Part IV, line 11 .....			1,583,665,177	12	1,680,449,880
13	Investments—program-related. See Part IV, line 11 ..			58,034,506	13	74,759,881
14	Intangible assets ...............			15,088,927	14	15,921,687
15	Other assets. See Part IV, line 11 ...........			165,971,241	15	119,301,587
16	Total assets. Add lines 1 through 15 (must equal line 33)...			3,274,618,395	16	3,469,802,142

17	Accounts payable and accrued expenses .....	206,191,888	17	209,444,324
18	Grants payable ...	0	18	0
19	Deferred revenue .........	65,097,314	19	51,067,956
20	Tax-exempt bond liabilities .........	455,511,792	20	442,459,564
21	Escrow or custodial account liability. Complete Part IV of Schedule D	0	21	0
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 ..	8,354,468	23	8,293,679
24	Unsecured notes and loans payable to unrelated third parties ..	0	24	0
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	82,599,384	25	89,336,649
26	Total liabilities. Add lines 17 through 25..	817,754,846	26	800,602,172

	Organizations that follow FASB ASC 958, check here and complete lines 27, 28, 32, and 33.
27	Net assets without donor restrictions ..........	1,570,692,465	27	1,728,931,322
28	Net assets with donor restrictions ...........	886,171,084	28	940,268,648
	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 ...........	2,456,863,549	32	2,669,199,970
33	Total liabilities and net assets/fund balances ........	3,274,618,395	33	3,469,802,142

Form 990 (2024)

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) ............

1,758,334,139

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

1,682,301,948

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

76,032,191

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

2,456,863,549

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

138,870,881

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

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

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

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

-2,566,651

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

2,669,199,970

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 (2024)

Additional Data

Software ID:
Software Version:

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

2024

Open to Public
Inspection

Name of the organization

THE MEDICAL COLLEGE OF WISCONSIN INC

Employer identification number

39-0806261

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) 2024

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) 2020	(b) 2021	(c) 2022	(d) 2023	(e) 2024	(f) Total
1	Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grant.") ..	240,236,197	224,509,895	214,545,386	222,011,817	226,082,409	1,127,385,704
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	240,236,197	224,509,895	214,545,386	222,011,817	226,082,409	1,127,385,704
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.						1,127,385,704

Section B. Total Support

Calendar year (or fiscal year beginning in)		(a) 2020	(b) 2021	(c) 2022	(d) 2023	(e) 2024	(f) Total
7	Amounts from line 4..	240,236,197	224,509,895	214,545,386	222,011,817	226,082,409	1,127,385,704
8	Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources...	31,482,806	33,299,295	32,225,265	41,490,084	53,193,095	191,690,545
9	Net income from unrelated business activities, whether or not the business is regularly carried on..				141,887	0	141,887
10	Other income. Do not include gain or loss from the sale of capital assets (Explain in Part VI.)..	0	29,582	52,790	48,944	60,638	191,954
11	Total support. Add lines 7 through 10						1,319,410,090

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

6,105,818,954

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 2024 (line 6, column (f) divided by line 11, column (f)) .........

85.446 %

Public support percentage for 2023 Schedule A, Part II, line 14 ...............

86.770 %

16a

33 1/3% support test—2024. 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—2023. 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—2024. 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—2023. 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) 2024

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) 2020	(b) 2021	(c) 2022	(d) 2023	(e) 2024	(f) Total
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
7a	Amounts included on lines 1, 2, and 3 received from disqualified persons
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.
c	Add lines 7a and 7b..
8	Public support. (Subtract line 7c from line 6.)

Section B. Total Support

Calendar year (or fiscal year beginning in)		(a) 2020	(b) 2021	(c) 2022	(d) 2023	(e) 2024	(f) Total
9	Amounts from line 6...
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.
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.) ..
13	Total support. (Add lines 9, 10c, 11, and 12.)..

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 2024 (line 8, column (f) divided by line 13, column (f)) .........

Public support percentage from 2023 Schedule A, Part III, line 15 ...............

Section D. Computation of Investment Income Percentage

Investment income percentage for 2024 (line 10c, column (f) divided by line 13, column (f)) ......

Investment income percentage from 2023 Schedule A, Part III, line 17 .............

19a

33 1/3% support tests-2024. 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—2023. 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) 2024

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) 2024

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) 2024

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) 2024

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 2024 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-2024	(iii) Distributable Amount for 2024
1 Distributable amount for 2024 from Section C, line 6
2 Underdistributions, if any, for years prior to 2024 (reasonable cause required-- explain in Part VI). See instructions.
3 Excess distributions carryover, if any, to 2024:
a From 2019.......
b From 2020.......
c From 2021.......
d From 2022.......
e From 2023.......
fTotal of lines 3a through e
g Applied to underdistributions of prior years
h Applied to 2024 distributable amount
i Carryover from 2019 not applied (see instructions)
j Remainder. Subtract lines 3g, 3h, and 3i from line 3f.
4Distributions for 2024 from Section D, line 7:
$
a Applied to underdistributions of prior years
b Applied to 2024 distributable amount
c Remainder. Subtract lines 4a and 4b from line 4.
5 Remaining underdistributions for years prior to 2024, 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 2024. 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 2025. Add lines 3j and 4c.
8 Breakdown of line 7:
a Excess from 2020.....
b Excess from 2021.....
c Excess from 2022.....
d Excess from 2023.....
e Excess from 2024.....

Schedule A (Form 990) (2024)

Schedule A (Form 990) 2024

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, Section B, Line 10	OTHER INCOME INCLUDES GROSS INCOME FROM FUNDRAISING EVENTS.

Schedule A (Form 990) 2024

Additional Data

Software ID:
Software Version:

- TIN:

Schedule B
(Form 990)
(Rev. January 2025)

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

Name of the organization

THE MEDICAL COLLEGE OF WISCONSIN INC

Employer identification number

39-0806261

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 ......... Right Arrow

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) (Rev. 1-2025)

Schedule B (Form 990) (Rev. 1-2025) Page 2

Name of organization THE MEDICAL COLLEGE OF WISCONSIN INC

Part I	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) (Rev. 1-2025)

Schedule B (Form 990) (Rev. 1-2025)

Page 3

Name of organization THE MEDICAL COLLEGE OF WISCONSIN INC		Employer identification number 39-0806261

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) (Rev. 1-2025)

Schedule B (Form 990) (Rev. 1-2025)

Page 4


Name of organization THE MEDICAL COLLEGE OF WISCONSIN INC			Employer identification number 39-0806261
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) (Rev. 1-2025)

Additional Data

Software ID:
Software Version:

- 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

2024

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.
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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 MEDICAL COLLEGE OF WISCONSIN INC

Employer identification number

39-0806261

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) 2024

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).
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.)		(b) Affiliated group totals
1a	Total lobbying expenditures to influence public opinion (grass roots lobbying) ......................
b	Total lobbying expenditures to influence a legislative body (direct lobbying) ........................
c	Total lobbying expenditures (add lines 1a and 1b) ............................................................
d	Other exempt purpose expenditures ...............................................................................
e	Total exempt purpose expenditures (add lines 1c and 1d) ..................................................
f	Lobbying nontaxable amount. Enter the amount from the following table in both columns.
	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) .................................................
h	Subtract line 1g from line 1a. If zero or less, enter -0-. ................................................
i	Subtract line 1f from line 1c. If zero or less, enter -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) 2021	(b) 2022	(c) 2023	(d) 2024	(e) Total

2a	Lobbying nontaxable amount

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

c	Total lobbying expenditures

d	Grassroots nontaxable amount

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

f	Grassroots lobbying expenditures

Schedule C (Form 990) 2024

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

(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? ...........................................................................................................

Yes

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

Yes

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

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

Yes

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

Yes

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

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

Yes

347,660

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

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

Yes

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

347,660

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, Part II-B, Lines 1a to 1h	MCW attempted to influence legislative and administrative action of the State of Wisconsin, the federal government, and local governments in areas that relate to MCW's missions. The areas of legislative action were: education, research, health, public health, patient care, and healthcare practice issues, community engagement, insurance, budget, tax, and permit/citing-related issues. Administrative action included contacts to federal and state executive agencies and local governmental agency-related departments. MCW met with, called, and had virtual meetings with elected and agency officials. Contacts included written and electronic communications and testifying before committees. MEMBERS OF THE MCW BOARD OF TRUSTEES, AS VOLUNTEERS TO THE ORGANIZATION, OCCASIONALLY ASSIST MCW IN ADVOCATING WITHIN THE PUBLIC POLICY AREAS IDENTIFIED ABOVE. LOBBYING EXPENDITURES FOR IN HOUSE LOBBYIST'S COMPENSATION AND FRINGE BENEFITS AND EXTERNAL LOBBYIST'S CONTRACT FEES AND EXPENSES TOTALED $347,660.
Schedule C, Part II-B, Line 1i	MCW pays membership dues to member organizations which may engage in lobbying activities. Therefore, an insubstantial portion of the dues may be attributable to lobbying activities.

Return Reference

Explanation

Schedule C, Part II-B, Lines 1a to 1h

MCW attempted to influence legislative and administrative action of the State of Wisconsin, the federal government, and local governments in areas that relate to MCW's missions. The areas of legislative action were: education, research, health, public health, patient care, and healthcare practice issues, community engagement, insurance, budget, tax, and permit/citing-related issues. Administrative action included contacts to federal and state executive agencies and local governmental agency-related departments. MCW met with, called, and had virtual meetings with elected and agency officials. Contacts included written and electronic communications and testifying before committees. MEMBERS OF THE MCW BOARD OF TRUSTEES, AS VOLUNTEERS TO THE ORGANIZATION, OCCASIONALLY ASSIST MCW IN ADVOCATING WITHIN THE PUBLIC POLICY AREAS IDENTIFIED ABOVE. LOBBYING EXPENDITURES FOR IN HOUSE LOBBYIST'S COMPENSATION AND FRINGE BENEFITS AND EXTERNAL LOBBYIST'S CONTRACT FEES AND EXPENSES TOTALED $347,660.

Schedule C, Part II-B, Line 1i

MCW pays membership dues to member organizations which may engage in lobbying activities. Therefore, an insubstantial portion of the dues may be attributable to lobbying activities.

Schedule C (Form 990) 2024

Additional Data

Software ID:
Software Version:

- 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

Open to Public Inspection

Name of the organization

THE MEDICAL COLLEGE OF WISCONSIN INC

Employer identification number

39-0806261

Part I

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

		(a) Donor advised funds	(b) Funds and other accounts
1	Total number at end of year .........
2	Aggregate value of contributions to (during year)
3	Aggregate value of grants from (during year)
4	Aggregate value at end of year ........

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

(ii)

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

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) (Rev. 1-2025)

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

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 ....	1,797,176,221	1,639,354,931	1,512,540,654	1,626,374,943	1,233,714,567
b	Contributions ...	20,498,358	15,710,835	27,332,023	187,184,453	22,691,492
c	Net investment earnings, gains, and losses	200,790,196	228,397,254	176,994,522	-248,734,898	407,314,289
d	Grants or scholarships ...	2,381,548	1,936,134	1,708,295	1,664,728	1,635,348
e	Other expenditures for facilities and programs ...	71,126,524	75,833,915	69,513,145	43,064,397	27,162,823
f	Administrative expenses ....	8,823,928	8,516,750	6,290,828	7,554,719	8,547,234
g	End of year balance ......	1,936,132,775	1,797,176,221	1,639,354,931	1,512,540,654	1,626,374,943

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

Board designated or quasi-endowment right arrow

60.000 %

Permanent endowment right arrow

24.000 %

Term endowment right arrow

16.000 %

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)

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

3a(ii)

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

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 .....	9,300,860		9,300,860
b	Buildings ....	462,726,177	304,536,142	158,190,035
c	Leasehold improvements	21,365,709	17,662,352	3,703,357
d	Equipment ....	315,030,085	243,475,860	71,554,225
e	Other .....	137,757,347	948,188	136,809,159
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).)..				379,557,636

Schedule D (Form 990) (Rev. 1-2025)

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) COMMINGLED BOND & EQUITY FUNDS	919,988,998	F
(B) HEDGE FUNDS	428,930,220	F
(C) PRIVATE ASSETS	330,404,289	F
(D) GUARANTEED INVSTMENT CONTRACTS	1,047,456	F
(E) OTHER	78,917	F
(E)
(F)
(G)
(H)
Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)	1,680,449,880

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	0
LONG-TRM OPERATNG LEASE OBLIGATIONS	77,586,827
INTEREST RATE SWAP AGREEMENT	3,274,397
US GOVT SPONSORED LOAN FUND	8,475,425






Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)	89,336,649
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) (Rev. 1-2025)

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 V, Line 4

MCW's ENDOWMENT FUNDS HAVE BEEN ESTABLISHED FOR THE FOLLOWING PURPOSES: 1) PROVIDE FUNDING FOR ACTIVITIES THAT SUPPORT THE MISSIONS OF EDUCATION, RESEARCH, PATIENT CARE AND COMMUNITY ENGAGEMENT. 2) PROVIDE A REVENUE SOURCE FOR ENDOWED PURPOSES SUCH AS SCHOLARSHIPS, STUDENT LOANS, PROFESSORSHIPS, AND PROGRAM ENHANCEMENTS. 3) PROVIDE A REVENUE SOURCE FOR CAPITAL REQUIREMENTS. 4) PROVIDE A REVENUE SOURCE FOR INITIATIVES OF THE ADVANCING A HEALTHIER WISCONSIN PROGRAM. 5) PROVIDE A REVENUE SOURCE FOR PROGRAMS, ACTIVITIES, CONTINGENCIES AND OTHER PURPOSES AS THE BOARD OF TRUSTEES MAY CONSIDER APPROPRIATE. SCHEDULE D, PART VII THE GUARANTEED INVESTMENT CONTRACTS ARE ASSETS OF A FROZEN SECTION 457 DEFINED CONTRIBUTION RETIREMENT PLAN.

Schedule D, Part X, Line 2

FASB ASC 740 FOOTNOTE: MCW applies the standards for accounting for uncertainty in income taxes contained in FASB ASC Topic 740, Income Taxes (ASC Topic 740). ASC Topic 740 addresses the determination of how tax benefits resulting from tax positions taken or expected to be taken on a tax return should be recorded in the consolidated financial statements. Under ASC Topic 740, the tax benefit from an uncertain tax position is recognized if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. MCW does not have a liability for unrecognized tax benefits as of June 30, 2025.

Schedule D (Form 990) (Rev. 1-2025)

Additional Data

Software ID:
Software Version:

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SCHEDULE E(Form 990)
(Rev. January 2025)

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 instructions and the latest information.

OMB No. 1545-0047Open to Public Inspection

Name of the organization

THE MEDICAL COLLEGE OF WISCONSIN INC

Employer identification number

39-0806261

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 in 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 in Part II. . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

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

Cat. No. 50085D

Schedule E (Form 990) (Rev. 1-2025)

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

PART I, LINE 3

MCW HAS CLEAR AND CONSISTENT POLICIES WHICH PROHIBIT DISCRIMINATION ON THE BASIS OF RACE, COLOR, NATIONAL ORIGIN AND OTHER PROTECTED CLASSES, AND IT IMPLEMENTS THESE POLICIES ACROSS ADMISSIONS AS WELL AS OTHER ACADEMIC DECISIONS. MCW VALUES MERIT-BASED RECRUITMENT PRACTICES THAT ATTRACT QUALIFIED STUDENTS FROM VARIOUS BACKGROUNDS. MCW'S NON-DISCRIMINATION POLICY AND NOTICE OF COMPLIANCE WITH LAWS IS PUBLICIZED ON EVERY WEBPAGE OF MCW'S WEBSITE AND IN ITS BROCHURES AND PUBLICATIONS. THE CURRENT (2026) STATEMENT ON MCW'S WEBSITE READS AS FOLLOWS: **Non-Discrimination, Anti-Harassment, and Legal Compliance Statement** The Medical College of Wisconsin (MCW) is committed to fostering a diverse community of outstanding faculty, staff, and students, as well as ensuring equal educational opportunity, employment, and access to services, programs, and activities, without regard to an individual's race, color, national origin, religion, age, disability, sex, gender identity/expression, sexual orientation, marital status, pregnancy, predisposing genetic characteristic, military status, or other legally protected classification. MCW maintains full compliance with all applicable federal, state, and local laws and regulations in pursuit of our missions. Consistent with federal guidance, we affirm our commitment to individual merit, fairness, and equal treatment in all aspects of academic and institutional decision-making. MCW's policies, federal and state laws, and regulations prohibit unlawful discrimination and harassment. Employees, learners, students, applicants, or other members of the MCW community (including but not limited to vendors, visitors, and guests) may not be subjected to harassment that is prohibited by law or treated adversely or retaliated against based upon a protected characteristic.

PART I, Line 6a

MCW receives research grants and contracts from several governmental agencies, including but not limited to, the Department of Health and Human Services, the national institutes of health, the Department of Defense, the Department of Transportation, the Department of Veterans' Affairs, and the State of Wisconsin. Many MCW students are eligible to receive federal student financial aid, including but not limited to, the Federal Primary Care Student Loan Program. In addition, federally guaranteed loans are issued to students of MCW through the Department of Education's Direct Loan Program. The State of Wisconsin provides tuition assistance to medical students who are Wisconsin residents.

Schedule E (Form 990) (Rev. 1-2025)

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE F(Form 990)
(Rev. January 2025)

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

Open to Public Inspection

Name of the organization
THE MEDICAL COLLEGE OF WISCONSIN INC

Employer identification number

39-0806261

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		(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	Grantmaking		8,500
	Central America and the Caribbean	Program Services	RESEARCH	1,541
	Central America and the Caribbean	Program Services	SEMINARS/CONFERENCES	24,123
	Central America and the Caribbean	Program Services	MEDICAL MISSION TRIP	8,606
	Central America and the Caribbean	Program Services	GLOBAL HEALTH	3,348
	Central America and the Caribbean	Investments		1,312,670,692
	East Asia and the Pacific	Grantmaking		8,027
	East Asia and the Pacific	Program Services	RESEARCH	500
	East Asia and the Pacific	Program Services	SEMINARS/CONFERENCES	148,939
	East Asia and the Pacific	Program Services	GLOBAL HEALTH	4,500
	Europe (Including Iceland and Greenland)	Grantmaking		652,085
	Europe (Including Iceland and Greenland)	Program Services	RESEARCH	933,922
	Europe (Including Iceland and Greenland)	Program Services	SEMINARS/CONFERENCES	499,270
	Europe (Including Iceland and Greenland)	Program Services	GLOBAL HEALTH	12,079
	Europe (Including Iceland and Greenland)	Investments		15,838,365
	Middle East and North Africa	Program Services	SEMINARS/CONFERNCES	12,231
	North America	Grantmaking		137,450
	North America	Program Services	RESEARCH	96,266
	North America	Program Services	SEMINARS/CONFERENCES	194,004
	North America	Program Services	GLOBAL HEALTH	1,692
	Russia and the Newly Independent States	Program Services	RESEARCH	3,865
	South America	Program Services	SEMINARS/CONFERENCES	51,647
	South America	Program Services	GLOBAL HEALTH	12,018
	South Asia	Program Services	RESEARCH	7,328
	South Asia	Program Services	SEMINARS/CONFERENCES	31,866
	South Asia	Program Services	GLOBAL HEALTH	20,911
	Sub-Saharan Africa	Grantmaking		31,380
	Sub-Saharan Africa	Program Services	RESEARCH	110,726
	Sub-Saharan Africa	Program Services	SEMINARS/CONFERENCES	49,146
	Sub-Saharan Africa	Program Services	GLOBAL HEALTH	150,101
3a	Sub-total ....			1,330,964,178
b	Total from continuation sheets to Part I ...			760,950
c	Totals (add lines 3a and 3b)			1,331,725,128

For Paperwork Reduction Act Notice, see the Instructions for Form 990.Cat. No. 50082W Schedule F (Form 990) (Rev. 1-2025)

Schedule F (Form 990) (Rev. 1-2025)

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
Europe (Including Iceland and Greenland)	RESEARCH SUBAWARD	162,094	Wire
East Asia and the Pacific	RESEARCH SUBAWARD	8,027	Wire
Central America and the Caribbean	RESEARCH SUBAWARD	8,500	Wire
Sub-Saharan Africa	RESEARCH SUBAWARD	26,379	Wire
Europe (Including Iceland and Greenland)	RESEARCH SUBAWARD	303,460	Wire
Europe (Including Iceland and Greenland)	RESEARCH SUBAWARD	184,465	Wire
North America	RESEARCH SUBAWARD	123,112	Check
North America	RESEARCH SUBAWARD	14,339	Check

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 .......	8
3	Enter total number of other organizations or entities .......................	0

Schedule F (Form 990) (Rev. 1-2025)

Schedule F (Form 990) (Rev. 1-2025)Page 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.

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

Schedule F (Form 990) (Rev. 1-2025)

Page 4

Part IV

Foreign Forms

Schedule F (Form 990) (Rev. 1-2025)

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	MCW IS THE RECIPIENT OF FEDERAL AND NON-FEDERAL GRANT FUNDS. SOME OF THE GRANT AWARDS ARE SUBAWARDED TO QUALIFIED FOREIGN ORGANIZATIONS (SUBRECIPIENTS) TO CARRY OUT A PART OF THE PROJECT, BASED ON THE REQUIREMENTS OF THE PRIME AWARD. TO MONITOR THE USE OF GRANT FUNDS UNDER THE SUBAWARDS, MCW ENTERS INTO SIGNED SUBAWARD AGREEMENTS WHICH CONTAIN THE TERMS AND CONDITIONS OF THE SUBAWARD RELATIONSHIP. THE SUBAWARD AGREEMENTS REQUIRE THAT PRIOR TO REIMBURSEMENT OF EXPENSES THE SUBRECIPIENT MUST PROVIDE A CERTIFIED INVOICE TO MCW. BEFORE APPROVAL OF AN INVOICE FOR PAYMENT, MCW VERIFIES THAT THE INVOICE AND SUPPORTING DOCUMENTATION SUBMITTED BY THE SUBRECIPIENT ARE IN LINE WITH THE APPROVED SUBAWARD BUDGET AND THAT THE COST DETAIL PRESENTED PROVIDES REASONABLE ASSURANCE THAT COSTS TO BE REIMBURSED ARE ALLOWABLE, ALLOCABLE, AND REASONABLE. WORK PERFORMED BY THE SUBRECIPIENT IS MONITORED TO DETERMINE THAT PROGRESS IS BEING MADE TOWARD THE GOALS AND OBJECTIVES OF THE SUBAWARD. AS FOREIGN ENTITIES ARE NOT SUBJECT TO SINGLE AUDITS, FOREIGN SUBRECIPIENTS ARE REQUIRED TO SUBMIT A SUBRECIPIENT QUESTIONNAIRE THAT DESCRIBES THEIR ACCOUNTING PRACTICES WITH REGARD TO THE SUBAWARD. BASED ON THE QUESTIONNAIRE, MCW ASSESSES THE RISK OF THE ORGANIZATION AND PERFORMS ADDITIONAL MONITORING TASKS AS APPROPRIATE.
SCHEDULE F, PARTS I and II - ACCOUNTING METHOD	EXPENDITURES PER REGION AND RESEARCH SUBAWARDS ARE REPORTED ON AN ACCRUAL BASIS, WHICH IS THE METHOD USED TO ACCOUNT FOR THEM IN THE ORGANIZATION'S FINANCIAL STATEMENTS.

Schedule F (Form 990) (Rev. 1-2025)

Additional Data

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SCHEDULE G (Form 990)
(Rev. January 2025)

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

Open to Public Inspection

Name of the organization
THE MEDICAL COLLEGE OF WISCONSIN INC

Employer identification number

39-0806261

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)		(ii) Activity	(iii) Did fundraiser have custody or control of contributions?		(iv) Gross receipts from activity	(v) Amount paid to (or retained by) fundraiser listed in col. (i)	(vi) Amount paid to (or retained by) organization
			Yes	No
	THE GOBEL GROUP LLC PO BOX 2011 WEST CHESTER, PA19380	FUNDRAISING CONSULTING		No	0	24,860	0









Total . . . . . . . . . . . . . . . . . . . .					0	24,860	0

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.

All States

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

Cat. No. 50083H

Schedule G (Form 990) (Rev. 1-2025)

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 DINNER (event type)	(b) Event #2 (event type)	(c) Other events 0 (total number)	(d) Total events (add col. (a) through col. (c))
1	Gross receipts . . . . .	833,128	0	0	833,128
2	Less: Contributions . . . .	772,490	0	0	772,490
3	Gross income (line 1 minus line 2) . . . . . .	60,638	0	0	60,638

4	Cash prizes . . . . .	0	0	0	0
5	Noncash prizes . . . .	0	0	0	0
6	Rent/facility costs . . . .	14,737	0	0	14,737
7	Food and beverages . . .	69,206	0	0	69,206
8	Entertainment . . . .	35,474	0	0	35,474
9	Other direct expenses . . .	16,300	0	0	16,300
10	Direct expense summary. Add lines 4 through 9 in column (d) . . . . . . . . . .				135,717
11	Net income summary. Subtract line 10 from line 3, column (d). . . . . . . . . .				-75,079

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) (Rev. 1-2025)

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

8701 Watertown Plank Road Milwaukee, WI53226

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) (Rev. 1-2025)

Additional Data

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

Schedule I
(Form 990)
(Rev. January 2025)

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 instructions and the latest information.

OMB No. 1545-0047

Open to Public
Inspection

Name of the organization
THE MEDICAL COLLEGE OF WISCONSIN INC

Employer identification number
39-0806261

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) 16TH ST COMMUNITY HEALTH CENTER 1337 S 16TH ST 2ND FLR MILWAUKEE,WI53204	39-1180475	501(c)(3)	158,354				RES SUB/AHW
(2) AFRICAN AMERICAN BREASTFEEDING NETWORK 619 W WALNUT ST MILWAUKEE,WI53005	46-2196368	501(c)(3)	31,057				RES SUB/COMM ENG
(3) AGNESIAN HEALTHCARE INC 430 E DIVISION ST FOND DU LAC,WI54935	39-0807236	501(c)(3)	30,842				ADVANCE HEALTH WI
(4) AIDS FOUNDATION OF CHICAGO 200 W JACKSON BLVD 2100 CHICAGO,IL60606	36-3412054	501(c)(3)	113,261				RESEARCH SUBAWARD
(5) AIDS TASKFORCE OF GREATER CLEVELAND 3210 EUCLID AVENUE CLEVELAND,OH44115	34-1433612	501(c)(3)	13,892				RESEARCH SUBAWARD
(6) ALMA CENTER INC 2821 N 4TH STREET MILWAUKEE,WI53212	36-4530524	501(c)(3)	257,065				COMM ENG SUBAWARD
(7) AMERICAN CANCER SOCIETY INC 3380 CHASTAIN MEADOW PKY KENNESAW,GA30144	13-1788491	501(c)(3)	73,288				ADVANCE HEALTH WI
(8) ARBOR PLACE INC 4076 KOTHLOW AVE MENOMINEE,WI54751	39-1266548	501(c)(3)	159,533				COMM ENG SUB/AHW
(9) AUGUSTA UNIVERSITY RESEARCH INST INC 1120 15TH STREET AUGUSTA,GA30912	58-1418202	501(c)(3)	15,235				RESEARCH SUBAWARD
(10) AURORA HEALTH CARE INC 750 W VIRGINIA STREET MILWAUKEE,WI53234	39-1442285	501(c)(3)	21,827				ADVANCE HEALTH WI
(11) BECKMAN RESEARCH INST THE CITY OF HOPE 1450 E DUARTE RD DUARTE,CA91010	95-3432210	501(c)(3)	681,660				RESEARCH SUBAWARD
(12) BEMBE DRUM & DANCE 4407 S Adams Ave MILWAUKEE,WI53207	83-2248589	501(c)(3)	104,040				ADVANCE HEALTH WI
(13) BOSTON CHILDRENS HOSPITAL 300 LONGWOOD AVENUE BOSTON,MA02215	04-2774441	501(c)(3)	1,281,661				RESEARCH SUBAWARD
(14) CASE WESTERN RESERVE UNIVERSITY 10900 EUCLID AVENUE CLEVELAND,OH44106	34-1018992	501(c)(3)	295,034				RESEARCH SUBAWARD
(15) CENTER FOR HEALTHCARE CAREERS OF SE WI 1200 N Mayfair Rd 430 MILWAUKEE,WI53226	83-2138132	501(c)(3)	36,679				ADVANCE HEALTH WI
(16) CENTER FOR SUICIDE AWARENESS INC 316 EAST 14TH ST KAUKAUNA,WI54130	46-1223558	501(c)(3)	23,211				ADVANCE HEALTH WI
(17) CHAPMAN UNIVIVERSITY 1 UNIVERSITY DR ORANGE,CA92866	95-1643992	501(c)(3)	154,512				RESEARCH SUBAWARD
(18) CHILDRENS HOSPITAL OF PHILADELPHIA 3401 CIVIC CTR BLVD PHILADELPHIA,PA19104	23-2237932	501(c)(3)	7,800				RESEARCH SUBAWARD
(19) CHILDRENS HOSPITAL OF WISCONSIN 9000 W WISCONSIN AVENUE MILWAUKEE,WI53201	39-0812532	501(c)(3)	430,838				AHW/HIV CARE
(20) CHILDRENS RESEARCH INSTITUTE 111 MICHIGAN AVE NW WASHINGTON,DC20010	52-1654453	501(c)(3)	163,658				RESEARCH SUBAWARD
(21) CITY OF GREEN BAY 100 NORTH JEFFERSON ST GREEN BAY,WI54301	39-6005458	GOVT	475,038				COMM ENG SUBAWARD
(22) CITY OF RACINE 730 WASHINGTON AVE RACINE,WI53403	39-6005581	GOVT	521,967				COMM ENG SUBAWARD
(23) COLUMBIA UNIVERSITY 615 WEST 131ST ST NEW YORK,NY10027	13-5598093	501(c)(3)	19,883				TRANSFRM MED EDUC
(24) COMMUNITY THE PO BOX 100392 MILWAUKEE,WI53210	47-2343697	501(c)(3)	37,570				ADVANCE HEALTH WI
(25) COMMUNITY SMILES DENTAL 210 NW Barstow St WAUKESHA,WI53188	30-0436162	501(c)(3)	43,202				ADVANCE HEALTH WI
(26) COMMUNITY WATER SERVICES INC 1836 W FOND DU LAC AVE MILWAUKEE,WI53205	86-2352474	501(c)(3)	77,982				ADVANCE HEALTH WI
(27) CONCORDIA UNIVERSITY WISCONSIN 12800 N LAKE SHORE DRIVE MEQUON,WI53097	39-0833608	501(c)(3)	82,031				RES SUB/AHW
(28) CORE EL CENTRO INC 130 W BRUCE ST FL3 MILWAUKEE,WI53204	39-2042797	501(c)(3)	25,126				ADVANCE HEALTH WI
(29) CREIGHTON UNIVERSITY 2500 California Plz OMAHA,NE68178	47-0376583	501(c)(3)	6,177				TRANSFRM MED EDUC
(30) DARTMOUTH COLLEGE 11 ROPE FERRY ROAD HANOVER,NH03755	02-0222111	501(c)(3)	333,196				RES SUB/MED EDUC
(31) DARTMOUTH-HITCHCOCK CLINIC 1 Medical Center Dr LEBANON,NH03756	22-2715483	501(c)(3)	141,569				RESEARCH SUBAWARD
(32) DIVERSE AND RESILIENT INC 2439 N Holton Street MILWAUKEE,WI53212	30-0084616	501(c)(3)	6,593				ADVANCE HEALTH WI
(33) DOMINICAN CENTER FOR WOMEN INC 2470 W Locust St MILWAUKEE,WI53206	41-1685734	501(c)(3)	21,613				ADVANCE HEALTH WI
(34) DUKE UNIVERSITY 324 BLACKWELL ST BLDG 850 DURHAM,NC27701	56-0532129	501(c)(3)	167,946				RES SUB/AHW/EDUC
(35) EAU CLAIRE CITY-COUNTY HLTH DEPARTMENT 720 2ND AVENUE EAU CLAIRE,WI54703	39-6005436	GOVT	59,263				ADVANCE HEALTH WI
(36) EDWARD VIA VIRGINIA COLLEGE OSTEOPATHIC MED 2265 KRAFT DRIVE BLACKSBURG,VA24060	54-2052107	501(c)(3)	33,315				TRANSFRM MED EDUC
(37) EL BETHEL CHURCH 5401 W Good Hope Rd MILWAUKEE,WI53223	39-1704274	501(c)(3)	6,620				ADVANCE HEALTH WI
(38) ELEKTA INC 400 PERIMETER CTR TERRACE ATLANTA,GA30346	58-1524221	OTHER	31,674				RESEARCH SUBAWARD
(39) EMMES CORPORATION THE 401 N WASHINGTON ST ROCKVILLE,MD20850	54-1058268	OTHER	3,571,931				RESEARCH SUBAWARD
(40) EMORY UNIVERSITY 1599 CLIFTON ROAD ATLANTA,GA30322	58-0566256	501(c)(3)	48,535				TRANSFRM MED EDUC
(41) EMPLOY MILWAUKEE 2342 N 27TH ST MILWAUKEE,WI53210	39-1636835	501(c)(3)	75,439				ADVANCE HEALTH WI
(42) FAMILY SERVICES OF NORTHEAST WISCONSIN INC 300 CROOK STREET GREEN BAY,WI54301	39-0827320	501(c)(3)	339,115				COMM ENG SUBAWARD
(43) FIRST 5 FOX VALLEY INC 1001 W KENNEDY AVENUE KIMBERLY,WI54136	85-3772281	501(c)(3)	181,833				COMM ENG SUB/AHW
(44) FOOD FOR HEALTH 2007 N MLK Jr Drive MILWAUKEE,WI53212	88-2338789	501(c)(3)	20,723				ADVANCE HEALTH WI
(45) FOODRIGHT INC 777 E Wisconsin MILWAUKEE,WI53202	47-3976982	501(c)(3)	49,591				ADVANCE HEALTH WI
(46) FOUNDATIONS HEALTH AND WHOLENESS INC 1061 W MASON STREET GREEN BAY,WI54303	39-1047205	501(c)(3)	34,730				ADVANCE HEALTH WI
(47) FROEDTERT MEMORIAL LUTHERAN HOSPITAL 9200 W WISCONSIN AVE MILWAUKEE,WI53226	39-6105970	501(c)(3)	32,802				COMM ENG SUB/AHW
(48) GENERAL DYNAMICS INFORMATION TECH INC 3150 Fairview Pk Dr FALL CHURCH,CA22042	54-1194322	OTHER	113,414				RESEARCH SUBAWARD
(49) GENEVA FOUNDATION 917 PACIFIC AVENUE NO 600 TACOMA,WA98402	91-1593913	501(c)(3)	197,127				RESEARCH SUBAWARD
(50) GEORGETOWN UNIVERSITY 37TH AND O STREETS NW WASHINGTON,DC20057	53-0196603	501(c)(3)	75,062				TRANSFRM MED EDUC
(51) GRAND AVENUE CLUB INC 210 E MICHIGAN ST MILWAUKEE,WI53202	39-1708177	501(c)(3)	16,514				ADVANCE HEALTH WI
(52) GREAT RIVERS UNITED WAY INC 1855 EAST MAIN STREET ONALASKA,WI54650	39-0848188	501(c)(3)	106,959				ADVANCE HEALTH WI
(53) GREEN COUNTY DEVELOPMENT CORP 1016 16th Ave MONROE,WI53566	39-1749682	GOVT	7,254				ADVANCE HEALTH WI
(54) GUNDERSEN LUTHERAN MEDICAL FOUNDATION INC 1900 SOUTH AVENUE LA CROSSE,WI54601	39-1249705	501(c)(3)	161,257				COMM ENG SUB/AHW
(55) H LEE MOFFITT CANCER CTR & RESEARCH INST 12902 MAGNOLIA DRIVE TAMPA,FL33612	59-2451713	501(c)(3)	11,909				RESEARCH SUBAWARD
(56) HEALTH CARE EDUCATION AND TRAINING INC 445 N PENNSYLVANIA INDIANAPOLIS,IN46204	35-1910772	501(c)(3)	12,700				ADVANCE HEALTH WI
(57) HEALTH RESEARCH INC ROSWELL PARK CANCER INS ELM CARLTON STREETS BUFFALO,NY14263	14-1402155	501(c)(3)	19,477				RESEARCH SUBAWARD
(58) HENRY M JACKSON FNDN FOR THE ADV OF MIL MED 6720A ROCKLEDGE DR 100 BETHESDA,MD20817	52-1317896	501(c)(3)	149,170				RESEARCH SUBAWARD
(59) HEROES FOR HEALTHCARE INC 2514 S 102ND ST STE 340 MILWAUKEE,WI53227	82-1335449	501(c)(3)	81,731				ADVANCE HEALTH WI
(60) HERZING UNIVERSITY LTD 275 W WISCONSIN AVE 210 MILWAUKEE,WI53203	27-1503981	501(c)(3)	19,668				ADVANCE HEALTH WI
(61) HMONG AMERICAN CENTER INC 1109 6TH STREET WAUSAU,WI54403	39-1459824	501(c)(3)	35,432				ADVANCE HEALTH WI
(62) HOLA INC 500 N First St Ste 8000 WAUSAU,WI54403	93-3015015	501(c)(3)	14,365				ADVANCE HEALTH WI
(63) HOPE HOUSE OF MILWAUKEE INC 209 Orchard St MILWAUKEE,WI53204	39-1592900	501(c)(3)	5,217				RESEARCH SUBAWARD
(64) HOUSE OF GRACE MINISTRIES W195 N17324 ENGLISH OAKS JACKSON,WI53037	20-8369864	OTHER	6,038				ADVANCE HEALTH WI
(65) HYDROPONICS STEM PROGRAM 1345 N Jefferson St 517 MILWAUKEE,WI53202	000000000	OTHER	9,215				ADVANCE HEALTH WI
(66) IMAGING BIOMETRICS LLC 13416 WATERTWN PLANK RD ELM GROVE,WI53122	56-2633169	OTHER	40,092				RESEARCH SUBAWARD
(67) INDIANA UNIVERSITY 509 E THIRD STREET BLOOMINGTON,IN47401	35-6001673	GOVT	475,668				RESEARCH SUBAWARD
(68) INPOWER SOLUTONS LLC 2003 W CAPITOL DRIVE MILWAUKEE,WI53206	83-4437907	OTHER	7,000				ADVANCE HEALTH WI
(69) INTER TRIBAL COUNCIL OF MICHIGAN INC 2956 ASHMUN ST SAULT STE MARIE,MI49783	38-1893519	501(c)(3)	15,247				RESEARCH SUBAWARD
(70) KAISER FOUNDATION RESEARCH INSTITUTE 1 Kaizer Plz OAKLAND,CA94612	94-1105628	501(c)(3)	91,819				RESEARCH SUBAWARD
(71) KENOSHA COMMUNITY HEALTH CENTER INC 4536 22nd Ave KENOSHA,WI53143	39-1789874	501(c)(3)	48,977				ADVANCE HEALTH WI
(72) KENOSHA YMCA 7101 53RD ST KENOSHA,WI53144	39-0826296	501(c)(3)	272,908				COMM ENG SUBAWARD
(73) LA CROSSE MEDICAL HEALTH SCIENCE CONSORTIUM 1725 STATE STREET LA CROSSE,WI54601	39-1804725	501(c)(3)	65,167				ADVANCE HEALTH WI
(74) LAC COURTE OREILLES BAND LAKE SUP CHIPPEWA 13394 W TREPANIA RD HAYWARD,WI54843	39-1165322	OTHER	281,431				COMM ENG SUBAWARD
(75) LAUREATE INSTITUTE FOR BRAIN RESEARCH 6655 SOUTH YALE AVENUE TULSA,OK74136	73-1328881	501(c)(3)	102,987				RESEARCH SUBAWARD
(76) LAWRENCE LIVERMORE NATL SECURITY LLC 7000 EAST AVE L335 LIVERMORE,CA94550	20-5624386	501(c)(3)	134,971				RESEARCH SUBAWARD
(77) LAWRENCE UNIVERSITY OF WISCONSIN PO Box 559 APPLETON,WI53912	39-0806297	501(c)(3)	36,599				ADVANCE HEALTH WI
(78) LOUISIANA STATE UNIV HLTH SCIENCES CTR 1501 Kings HWY SHREVEPORT,LA71103	72-0702002	GOVT	94,491				RESEARCH SUBAWARD
(79) LOYOLA UNIVERSITY OF CHICAGO 820 N MICHIGAN AVE CHICAGO,IL60611	36-1408475	501(c)(3)	253,657				RESEARCH SUBAWARD
(80) MAINEHEALTH 22 BRAMHALL STREET PORTLAND,ME04102	01-0238552	501(c)(3)	30,994				RESEARCH SUBAWARD
(81) MALAIKA EARLY LEARNING CENTER 125 W AUER AVE MILWAUKEE,WI53212	39-2021628	501(c)(3)	123,496				COMM ENG SUBAWARD
(82) MARATHON COUNTY 500 FOREST STREET WAUSAU,WI54403	39-6005716	GOVT	73,794				ADVANCE HEALTH WI
(83) MARQUETTE UNIVERSITY PO BOX 1881 MILWAUKEE,WI53201	39-0806251	501(c)(3)	1,892,075				RES SUB/AHW/TRAIN
(84) MARSHALL UNIVERSITY RESEARCH CORPORATION ONE JOHN MARSHALL DR HUNTINGTON,WV25755	55-0683361	501(c)(3)	150,043				RESEARCH SUBAWARD
(85) MARSHFIELD CLINIC 1000 NORTH OAK AVE MARSHFIELD,WI54449	39-0452970	501(c)(3)	26,637				COMM ENG SUB/AHW
(86) MATC FOUNDATION INC 700 W State Street M100 MILWAUKEE,WI53233	39-1341603	501(c)(3)	10,513				ADVANCE HEALTH WI
(87) MAYO CLINIC 200 FIRST STREET SW ROCHESTER,MN55905	41-6011702	501(c)(3)	189,296				RES SUB/MED EDUC
(88) MEDICAL UNIVERSITY OF SOUTH CAROLINA 19 HAGWOOD AVE STE 608 CHARLESTON,SC29425	57-6000722	GOVT	46,483				RESEARCH SUBAWARD
(89) MENTAL HEALTH AMERICA OF WISCONSIN 600 W VIRGINIA ST 502 MILWAUKEE,WI53204	39-0827843	501(c)(3)	82,457				ADVANCE HEALTH WI
(90) METASTAR INC 2909 LANDMARK PL MADISON,WI53713	39-1332612	501(c)(3)	104,772				RESEARCH SUBAWARD
(91) METCALFE PARK COMMUNITY BRIDGES INC 3624 W NORTH AVE MILWAUKEE,WI53208	81-2101846	501(c)(3)	19,912				ADVANCE HEALTH WI
(92) MICHIGAN STATE UNIVERSITY 426 AUDITORIUM RD EAST LANSING,MI48824	38-6005984	GOVT	401,970				RES SUB/MED EDUC
(93) MILWAUKEE AREA HEALTH EDUCATION CENTER 2224 W KILBOURN AVE MILWAUKEE,WI53233	39-1749908	501(c)(3)	191,056				ADVANCE HEALTH WI
(94) MILWAUKEE COUNTY WAR MEMORIAL CTR INC 750 N LINCOLN MEM DR MILWAUKEE,WI53202	39-0985297	501(c)(3)	73,152				ADVANCE HEALTH WI
(95) MILWAUKEE PUBLIC SCHOOLS 5225 WEST VLIET STREET MILWAUKEE,WI53208	39-6003457	GOVT	223,607				RESEARCH SUBAWARD
(96) MILWAUKEE SCHOOL OF ENGINEERING 1025 N BROADWAY ST MILWAUKEE,WI53202	39-0477970	501(c)(3)	117,444				RESEARCH SUBAWARD
(97) MOUNT SINAI HOSPITAL 1 Gustave L Levy PL NEW YORK,NY10029	13-1624096	501(c)(3)	26,540				RESEARCH SUBAWARD
(98) NATIONAL ALLIANCE ON MENTAL ILLNESS WISC 4233 W BELTLINE HWY MADISON,WI53711	39-1397227	501(c)(3)	20,287				ADVANCE HEALTH WI
(99) NATIONAL MARROW DONOR PROGRAM 500 N 5TH STREET MINNEAPOLIS,MN55401	84-0865803	501(c)(3)	10,826,064				RESEARCH SUBAWARD
(100) NATL ASSN OF CTY & CITY HLTH OFFICIALS 1201 I St NW STE 400 WASHINGTON,DC20005	52-1426663	501(c)(3)	9,425				RESEARCH SUBAWARD
(101) NE WI AREA HEALTH EDUCATION CENTER INC 925 SOUTH 15TH STREET MANITOWOC,WI54220	39-1825838	501(c)(3)	16,791				ADVANCE HEALTH WI
(102) NEW YORK UNIVERSITY SCHOOL OF MEDICINE 105 E 17TH STREET NEW YORK,NY10003	13-5562308	501(c)(3)	102,513				RESEARCH SUBAWARD
(103) NORTH CAROLINA STATE UNIVERSITY 2701 SULLIVAN DR 240 RALEIGH,NC27695	56-6000756	GOVT	8,170				ADVANCE HEALTH WI
(104) NORTHLAKES COMMUNITY CLINIC 7665 US HIGHWAY 2 IRON RIVER,WI54847	35-2297925	501(c)(3)	90,594				ADVANCE HEALTH WI
(105) NORTHWESTERN UNIVERSITY 633 NORTH CLARK STREET EVANSTON,IL60208	36-2167817	501(c)(3)	137,143				RESEARCH SUBAWARD
(106) OHIO STATE UNIVERSITY RESEARCH FOUNDATION 1960 KENNY ROAD COLUMBUS,OH43210	31-6401599	501(c)(3)	97,479				RESEARCH SUBAWARD
(107) OKLAHOMA STATE UNIV CENTER HEALTH SCIENCES 1111 W 17TH STREET TULSA,OK74107	73-1383996	GOVT	49,257				RESEARCH SUBAWARD
(108) OZAUKEE FOOD ALLIANCE PO Box 80304 SAUKVILLE,WI53080	45-3248143	501(c)(3)	5,837				ADVANCE HEALTH WI
(109) PEOPLE FIRST WISCONSIN PO BOX 170894 MILWAUKEE,WI53217	39-2024297	501(c)(3)	8,812				ADVANCE HEALTH WI
(110) PLANNED PARENTHOOD OF WISCONSIN INC 302 NORTH JACKSON MILWAUKEE,WI53202	39-0863391	501(c)(3)	80,883				COMM ENG SUBAWARD
(111) PROGRESSIVE COMMUNITY HEALTH CENTERS 3522 WEST LISBON AVENUE MILWAUKEE,WI53208	39-1958810	501(c)(3)	125,060				COMM ENG SUBAWARD
(112) PURDUE UNIVERSITY 2550 NORTHWESTERN AVE W LAFAYETTE,IN47906	35-6002041	GOVT	8,163				RESEARCH SUBAWARD
(113) RACINE COUNTY 730 WISCONSIN AVE RACINE,WI53403	39-6005734	GOVT	12,626				ADVANCE HEALTH WI
(114) RECTOR AND VISITORS UNIV OF VIRGINIA 1001 N EMMET ST CHARLOTTESVILLE,VA22903	54-6001796	501(c)(3)	977,502				RESEARCH SUBAWARD
(115) REDEFINING LIFE SERVICES INC 3808 N 60th St MILWAUKEE,WI53216	82-5470081	501(c)(3)	9,250				ADVANCE HEALTH WI
(116) RESEARCH FOUNDATION FOR STATE UNIV OF NY PO BOX 9 ALBANY,NY12201	14-1368361	501(c)(3)	97,301				RESEARCH SUBAWARD
(117) RHODE ISLAND HOSPITAL 593 EDDY ST PROVIDENCE,RI02903	05-0258954	501(c)(3)	9,828				RESEARCH SUBAWARD
(118) ROCK COUNTY 51 SOUTH MAIN STREET JANESVILLE,WI53545	39-6005736	GOVT	19,938				ADVANCE HEALTH WI
(119) ROCK RIVER COMMUNITY CLINIC 1461 W MAIN ST STE B WHITEWATER,WI53190	20-5297560	501(c)(3)	19,146				ADVANCE HEALTH WI
(120) RUSH UNIVERSITY MEDICAL CENTER 1700 W VAN BUREN ROOM 150 CHICAGO,IL60612	36-2174823	501(c)(3)	11,253				RESEARCH SUBAWARD
(121) SANFORD BURNHAM PREBYS MED DISCOVERY INST 10901 N TORREY PINES RD LA JOLLA,CA92037	51-0197108	501(c)(3)	746,024				RESEARCH SUBAWARD
(122) SAUK COUNTY HEALTH DEPARTMENT 505 BROADWAY ST STE 372 BARABOO,WI53913	39-6005740	GOVT	84,284				COMM ENG SUB/AHW
(123) SHALOM HEALTH CARE CENTER INC 3400 LAFAYETTE RD INDIANAPOLIS,IN46222	06-1645027	501(c)(3)	53,620				RESEARCH SUBAWARD
(124) SLOAN-KETTERING INST FOR CANCER RESCH 1275 YORK AVENUE NEW YORK,NY10065	13-1624182	501(c)(3)	209,270				RESEARCH SUBAWARD
(125) SOJOURNER FAMILY PEACE CENTER INC 619 W WALNUT STREET MILWAUKEE,WI53212	39-1276210	501(c)(3)	13,886				ADVANCE HEALTH WI
(126) SOUTHEAST ASIAN HEALING CENTER INC 2814 SYENE RD MADISON,WI53713	83-2393889	501(c)(3)	273,707				COMM ENG SUBAWARD
(127) SOUTHWESTRN WISCONSIN COMMUNITY ACTION PROG 149 N IOWA STREET DODGEVILLE,WI53533	39-1053511	501(c)(3)	28,382				ADVANCE HEALTH WI
(128) SPECIAL OLYMPICS OF WISCONSIN 2310 Crossroads Dr 1000 MADISON,WI53718	39-1176591	501(c)(3)	41,259				ADVANCE HEALTH WI
(129) ST JUDE CHILDRENS RESEARCH HOSPITAL 332 N LAUDERDALE ST MEMPHIS,TN38105	62-0646012	501(c)(3)	7,259				RESEARCH SUBAWARD
(130) STANFORD UNIVERSITY 3145 PORTER DRIVE PALO ALTO,CA94304	94-1156365	501(c)(3)	95,269				RESEARCH SUBAWARD
(131) STREETLIFE COMMUNITIES INC 4250 N 137TH ST BROOKFIELD,WI53005	47-4457146	501(c)(3)	13,574				RECOVERY SUPPORT
(132) STRYV365 INC 633 E Locust St MILWAUKEE,WI53212	84-4055860	501(c)(3)	23,237				ADVANCE HEALTH WI
(133) SUPPORTING FAMILIES TOGETHER ASSOCIATION 700 RAYOVAC DRIVE STE 6 MADISON,WI53711	36-5263016	501(c)(3)	302,273				COMM ENG SUBAWARD
(134) TEXAS A&M HEALTH SCIENCE CTR COL OF MED 400 Hvy Mtchl Pkwy S COLL STATION,TX77845	74-2907553	GOVT	155,510				RESEARCH SUBAWARD
(135) TIMESLIPS CREATIVE STORYTELLING INC 4461 N LAKE DRIVE MILWAUKEE,WI53211	46-1810756	501(c)(3)	29,317				ADVANCE HEALTH WI
(136) TOGETHER FOR JACKSON COUNTY KIDS 227 S 11TH ST BLACK RIVER FALLS,WI54615	39-6005703	GOVT	40,087				ADVANCE HEALTH WI
(137) TRANSLATIONAL GENOMICS RESEARCH INSTITUTE 445 N 5TH ST STE 600 PHOENIX,AZ85004	75-3065445	501(c)(3)	25,111				RESEARCH SUBAWARD
(138) TUFTS UNIVERSITY 169 HOLLAND STREET SUMERVILLE,MA02144	04-2103634	501(c)(3)	348,439				RESEARCH SUBAWARD
(139) TULANE UNIVERSITY 6823 ST CHARLES AVE NEW ORLEANS,LA70118	72-0423889	501(c)(3)	46,374				RESEARCH SUBAWARD
(140) UNEHEALTH 985075 NEBRASKA MEDICAL CTR OMAHA,NE68198	47-0771713	501(c)(3)	135,238				RESEARCH SUBAWARD
(141) UNITED WAY FOX CITIES INC 1455 MIDWAY ROAD MENASHA,WI54952	39-0912895	501(c)(3)	434,830				COMM ENG SUBAWARD
(142) UNIVERSITY OF ALABAMA AT BIRMINGHAM 1530 3RD AVENUE SOUTH BIRMINGHAM,AL35294	63-6005396	GOVT	12,187				RESEARCH SUBAWARD
(143) UNIV OF ARKANSAS FOR MEDICAL SCIENCES 4301 W MARKHAM ST LITTLE ROCK,AR72205	71-6046242	GOVT	9,136				RESEARCH SUBAWARD
(144) UNIVERSITY OF ARIZONA 1303 E UNIVERSITY BLVD TUCSON,AZ85719	86-6004791	GOVT	153,547				RESEARCH SUBAWARD
(145) UNIVERSITY OF CALIFORNIA DAVIS PO BOX 989062 WEST SACRAMENTO,CA95798	94-6036494	GOVT	270,630				RESEARCH SUBAWARD
(146) UNIVERSITY OF CALIFORNIA SAN DIEGO 9500 GILMAN DRIVE LA JOLLA,CA92093	95-6006144	GOVT	658,452				RESEARCH SUBAWARD
(147) UNIVERSITY OF CALIFORNIA SAN FRANCISCO 1855 FOLSOM STREET 425 SAN FRAN,CA94143	94-6036493	GOVT	1,127,367				RES SUB/AHW/EDUC
(148) UNIVERSITY OF CHICAGO 6054 S DREXEL AVENUE CHICAGO,IL60637	36-2177139	501(c)(3)	54,813				RESEARCH SUBAWARD
(149) UNIVERSITY OF FLORIDA PO BOX 113200 GAINESVILLE,FL32611	59-6002052	GOVT	619,955				RESEARCH SUBAWARD
(150) UNIVERSITY OF ILLINOIS 506 SOUTH WRIGHT STREET URBANA,IL61801	37-6000511	GOVT	371,884				RESEARCH SUBAWARD
(151) UNIVERSITY OF IOWA 105 JESSUP HALL IOWA CITY,IA52242	42-6004813	GOVT	94,158				RESEARCH SUBAWARD
(152) UNIVERSITY OF KANSAS MED CNTR RESEARCH INST 3901 RAINBOW BLVD KANSAS CITY,KS66160	48-1108830	501(c)(3)	11,866				TRANSFRM MED EDUC
(153) UNIVERSITY OF MARYLAND 620 W LEXINGTON STREET BALTIMORE,MD21201	52-6002033	GOVT	477,501				RESEARCH SUBAWARD
(154) UNIVERSITY OF MICHIGAN 1000 VICTORS WAY STE 1A ANN ARBOR,MI48108	38-6006309	GOVT	224,421				RESEARCH SUBAWARD
(155) UNIVERSITY OF MINNESOTA 200 OAK ST SE STE 450 MINNEAPOLIS,MN55455	41-6007513	GOVT	32,244				RES SUB/AHW
(156) UNIVERSITY OF MISSOURI SYSTEM 118 UNIVERSITY HALL COLUMBIA,MO65211	43-6003859	GOVT	115,111				RESEARCH SUBAWARD
(157) UNIVERSITY OF OKLAHOMA HEALTH SCIENCES CNTR 865 RESEARCH PKWY OKLAHOMA CITY,OK73104	75-1563627	GOVT	184,288				RESEARCH SUBAWARD
(158) UNIVERSITY OF PENNSYLVANIA 3451 WALNUT ST PHILADELPHIA,PA19104	23-1352685	501(c)(3)	129,077				RESEARCH SUBAWARD
(159) UNIVERSITY OF PITTSBURGH 123 UNIVERSITY PLACE PITTSBURGH,PA15235	25-0965591	GOVT	95,433				RES SUB/MED EDUC
(160) UNIV OF PITTSBURGH MEDICAL CENTER 600 Grant St 58th Fl PITTSBURGH,PA15219	25-0965480	GOVT	64,005				TRANSFRM MED EDUC
(161) UNIVERSITY OF ROCHESTER 1325 MT HOPE AVENUE ROCHESTER,NY14620	16-0743209	501(c)(3)	34,340				RESEARCH SUBAWARD
(162) UNIVERSITY OF TENNESSEE 5620 Merchants Ctr Blvd KNOXVILLE,TN37912	62-6001636	GOVT	79,530				RESEARCH SUBAWARD
(163) UNIVERSITY OF TEXAS AT AUSTIN PO BOX 7159 AUSTIN,TX78713	74-6000203	GOVT	53,278				TRANSFRM MED EDUC
(164) UNIV OF TEXAS HEALTH SCIENCE CENTER HOUSTON 7000 FANNIN UCT 1006 HOUSTON,TX77030	74-1761309	GOVT	52,604				RESEARCH SUBAWARD
(165) UNIV OF TEXAS HEALTH SCIENCE CENTER TYLER 11937 US HIGHWAY 271 TYLER,TX75708	75-6001354	GOVT	57,324				TRANSFRM MED EDUC
(166) UNIV OF TEXAS SOUTHWESTERN MEDICAL CTR 5323 HARRY HINES BOULEVARD DALLAS,TX75390	75-6002868	GOVT	6,543				RESEARCH SUBAWARD
(167) UNIVERSITY OF TOLEDO 2801 W BANCROFT ST TOLEDO,OH43606	34-6401483	GOVT	147,267				RESEARCH SUBAWARD
(168) UNIVERSITY OF UTAH 75 SOUTH 2000 EAST SALT LAKE CITY,UT84112	87-6000525	GOVT	90,262				RESEARCH SUBAWARD
(169) UNIVERSITY OF WASHINGTON 3903 BROOKLYN AVENUE SEATTLE,WA98105	91-6001537	GOVT	202,392				RES SUB/COMM ENG
(170) UNIVERSITY OF WI HOSPITAL AND CLINICS AUTH 1675 HIGHWAY AVENUE MADISON,WI53792	39-1835630	GOVT	636,083				COMM ENG SUBAWARD
(171) UNIVERSITY OF WISCONSIN MADISON 21 N PARK ST SUITE 6401 MADISON,WI53715	39-6006492	GOVT	2,017,300				RES/AHW/EDUC/HIV
(172) UNIVERSITY OF WISCONSIN MILWAUKEE PO BOX 413 MILWAUKEE,WI53201	39-1805963	GOVT	531,255				RES SUB/AHW/TRAIN
(173) UNIVERSITY OF WISCONSIN WHITEWATER 800 WEST MAIN ST WHITEWATER,WI53190	39-1805963	GOVT	11,745				ADVANCE HEALTH WI
(174) UWM RESEARCH FOUNDATION INC 1440 EAST NORTH AVENUE MILWAUKEE,WI53202	20-8297675	501(c)(3)	8,789				RESEARCH SUBAWARD
(175) VANDERBILT UNIVERSITY 2301 VANDERBILT PLACE NASHVILLE,TN37240	62-0476822	501(c)(3)	10,426				TRANSFRM MED EDUC
(176) VERNON MEMORIAL HEALTHCARE INC 507 SOUTH MAIN STREET VIROQUA,WI54665	39-0806404	501(c)(3)	310,521				COMM ENG SUBAWARD
(177) VERSITI WISCONSIN INC PO BOX 2178 MILWAUKEE,WI53201	39-0807235	501(c)(3)	1,877,041				RES SUB/AHW
(178) WASHINGTON UNIVERSITY 700ROSEDALE AVE BOX1034 ST LOUIS,MO63112	43-0653611	501(c)(3)	358,899				RESEARCH SUBAWARD
(179) WAYNE STATE UNIVERSITY 5700 CASS AVENUE DETROIT,MI48202	38-6028429	GOVT	825,013				RESEARCH SUBAWARD
(180) WELLO INC 340 N BROADWAY 400 GREEN BAY,WI54303	85-4126872	501(c)(3)	74,970				ADVANCE HEALTH WI
(181) WESLEY COMMUNITY CENTER INC 1300 S 10TH ST PHOENIX,AZ85034	86-0133770	501(c)(3)	111,199				RESEARCH SUBAWARD
(182) WI CHILD ABUSE & NEGLECT PREVENTION BOARD 201 W Washington Ave 815 MADISON,WI53703	26-4260611	GOVT	29,389				ADVANCE HEALTH WI
(183) WINNEBAGO COUNTY 112 OTTER AVE OSHKOSH,WI54901	39-6005760	GOVT	179,789				ADVANCE HEALTH WI
(184) WISCONSIBS INC 211 E FRANKLIN ST APPLETON,WI54911	39-1942794	501(c)(3)	21,771				ADVANCE HEALTH WI
(185) WISCONSIN ACAD OF NUTRITION AND DIETETICS 563 CARTER CT STE B KIMBERLY,WI54136	23-7032400	501(c)(3)	18,205				ADVANCE HEALTH WI
(186) WISCONSIN ASSOC OF SOBER HOUSING (WASH) 223 W Wisconsin Ave B WAUKESHA,WI53186	83-2081206	501(c)(3)	21,185				ADVANCE HEALTH WI
(187) WISCONSIN COLLAB FOR HLTHCARE QUALITY 4809 S BILTMORE LANE MADISON,WI53718	55-0848113	OTHER	42,794				ADVANCE HEALTH WI
(188) WISCONSIN COMMUNITY SERVICES INC 3732 W WISC AVE NO 200 MILWAUKEE,WI53208	39-0808464	501(c)(3)	66,483				AHW/RECOVERY
(189) WISCONSIN COUNCIL OF CHURCHES INC 30 W Mifflin St Ste 602 MADISON,WI53703	39-0893722	501(c)(3)	93,774				ADVANCE HEALTH WI
(190) WISCONSIN INSTITUTE FOR HEALTHY AGING 1414 MacArthur Rd Ste B MADISON,WI53714	27-3001041	501(c)(3)	11,250				RESEARCH SUBAWARD
(191) WISCONSIN LITERACY INC 211 S PATERSON ST STE 260 MADISON,WI53703	39-1628898	501(c)(3)	15,325				ADVANCE HEALTH WI
(192) WISCONSIN MEDICAL SOCIETY INC 330 EAST LAKESIDE STREET MADISON,WI53701	39-0634758	501(c)(3)	89,765				COMM ENG SUB/AHW
(193) WISCONSIN PUBLIC HEALTH ASSN 702 EISENHOWER DR STE A KIMBERLY,WI54136	39-6084243	501(c)(3)	10,000				ADVANCE HEALTH WI
(194) WISCONSIN WOMENS HEALTH FOUNDATION 2503 TODD DRIVE MADISON,WI53713	39-1900678	501(c)(3)	115,529				ADVANCE HEALTH WI
(195) WISHOPE INC 223 WISCONSIN AVE WAUKESHA,WI53186	83-3544716	501(c)(3)	84,030				ADVANCE HEALTH WI
(196) WORKFORCE RESOURCE INC 401 TECHNOLOGY DR EAST MENOMONIE,WI54751	39-1455735	501(c)(3)	59,207				ADVANCE HEALTH WI
(197) YALE UNIVERSITY 333 CEDAR ST I-100 SHM NEW HAVEN,CT06520	06-0646973	501(c)(3)	29,663				RESEARCH SUBAWARD
(198) RESEARCH TRAINEE STIPENDS			1,152,577
(199) OTHER STUDENT STIPENDS			15,073
(200) MEDICAL STUDENT TRAVELHOUSING ALLOWANCE			214,413
(201) STUDENT AWARDS			197,495
(202) MEDICAL STUDENT SCHOLARSHIPS				6,446,495	BOOK	SCHOLARSHIPS
(203) GRADUATE SCHOOL SCHOLARSHIPS				10,373,759	BOOK	SCHOLARSHIPS
(204) PHARMACY SCHOOL SCHOLARSHIPS				228,455	BOOK	SCHOLARSHIPS
(205) INSTITUT PASTEUR			162,094				RESEARCH SUBAWARD

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

188

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) Rev. 1-2025

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) RESEARCH TRAINEE STIPENDS	450	1,152,577
(2) OTHER STUDENT STIPENDS	10	15,073
(3) MEDICAL STUDENT TRAVEL/HOUSING ALLOWANCE	66	214,413
(4) STUDENT AWARDS	191	197,495
(5) MEDICAL STUDENT SCHOLARSHIPS	545		6,446,495	BOOK	SCHOLARSHIPS
(6) GRADUATE SCHOOL SCHOLARSHIPS	475		10,373,759	BOOK	SCHOLARSHIPS
(7) PHARMACY SCHOOL SCHOLARSHIPS	79		228,455	BOOK	SCHOLARSHIPS
(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 I, Line 2

MEDICAL, GRADUATE AND PHARMACY SCHOOL SCHOLARSHIPS ARE APPLIED DIRECTLY TO STUDENTS' ACCOUNTS AT MCW. MCW MAINTAINS RECORDS TO JUSTIFY THE AWARD DECISIONS, INCLUDING THE FINANCIAL AID ELIGIBILITY OF THE RECIPIENTS. In support of its research and community engagement missions, MCW is the recipient of Federal and non federal grant funds. Some of the grant awards are subawarded to qualified organizations (subrecipients) to carry out part of the project based on the requirements of the prime award. MCW's community engagement mission is further complemented by its Advancing a Healthier Wisconsin (AHW) endowment under which funds are awarded to qualified organizations to support initiatives dedicated to improving the health of Wisconsin residents and reducing disparities statewide. AHW funds are awarded under the oversight of the MCW Consortium on Public and Community Health, Inc., a related organization. LASTLY, AS PART OF MCW'S EDUCATION MISSION, THE KERN NATIONAL NETWORK FOR FLOURISHING IN HEALTH AWARDS FUNDS TO A NATIONAL NETWORK OF MEDICAL SCHOOLS WHO ARE COLLABORATING WITH A SHARED VISION TO TRANSFORM MEDICAL EDUCATION USING THE CONCEPTS OF CHARACTER, CARING AND PRACTICAL WISDOM TO PROMOTE FLOURISHING IN MEDICINE AND ACROSS THE HEALTH ECOSYSTEM. To monitor the use of funds awarded to organizations, MCW enters into signed subaward agreements which contain the terms and conditions of the subaward relationship. The subaward agreements require that prior to reimbursement of expenses, the subrecipient provides a certified invoice to MCW. Before approval of an invoice for payment, MCW verifies that the invoice and any supporting documentation submitted by the subrecipient are in line with the approved subaward budget and that the cost detail presented provides reasonable assurance that costs to be reimbursed are allowable, allocable, and reasonable. WORK PERFORMED BY THE SUBRECIPIENT IS MONITORED TO DETERMINE THAT PROGRESS IS BEING MADE TOWARD THE GOALS AND OBJECTIVES OF THE SUBAWARD. MCW obtains an annual Single Audit report, or a financial audit report or subrecipient questionnaire for organizations not subject to Single Audit requirements, to ensure that audit findings do not exist which would impact awarded funds. In cases where an audit is not required or if audit findings are noted, MCW assesses the risk of the organization and performs additional monitoring tasks as appropriate.

Schedule I (Form 990) Rev. 1-2025

Additional Data

Software ID:
Software Version:

- TIN:

Schedule J
(Form 990)
(Rev. January 2025)

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

Open to Public Inspection

Name of the organization

THE MEDICAL COLLEGE OF WISCONSIN INC

Employer identification number

39-0806261

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) (Rev. 1-2025)

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)
1MAX C LEE MD ASST PROF-NEUROSURGERY	(i) (ii)	1,467,893 ------------- 0	1,025,977 ------------- 0	24,242 ------------- 0	27,600 ------------- 0	35,294 ------------- 0	2,581,006 ------------- 0	0 ------------- 0
2MICHAEL EDWARD MITCHELL MD CHIEF, PROF-PED CARDIAC SURG	(i) (ii)	1,766,217 ------------- 0	150,000 ------------- 0	34,808 ------------- 0	27,600 ------------- 0	36,841 ------------- 0	2,015,466 ------------- 0	0 ------------- 0
3JOHN R RAYMOND SR MD TRUSTEE/PRESIDENT AND CEO	(i) (ii)	1,204,722 ------------- 0	374,462 ------------- 0	58,000 ------------- 0	280,158 ------------- 0	29,961 ------------- 0	1,947,303 ------------- 0	0 ------------- 0
4SAMAN SHABANI MD ASST PROF-NEUROSURGERY	(i) (ii)	849,978 ------------- 0	1,022,235 ------------- 0	486 ------------- 0	27,600 ------------- 0	40,580 ------------- 0	1,940,879 ------------- 0	0 ------------- 0
5ABDEL ALQWASMI MD PHYSICIAN-HEMATOLOGY/ONCOLOGY	(i) (ii)	877,007 ------------- 0	930,937 ------------- 0	540 ------------- 0	27,600 ------------- 0	40,563 ------------- 0	1,876,647 ------------- 0	0 ------------- 0
6JOSEPH E KERSCHNER MD SEE SCHEDULE O FOR TITLE	(i) (ii)	1,115,551 ------------- 0	274,639 ------------- 0	192,997 ------------- 0	164,920 ------------- 0	28,692 ------------- 0	1,776,799 ------------- 0	112,723 ------------- 0
7MATTHEW COOPER MD CHIEF, PROF-TRANSPLANT SURGERY	(i) (ii)	1,288,929 ------------- 0	231,850 ------------- 0	2,322 ------------- 0	27,600 ------------- 0	36,841 ------------- 0	1,587,542 ------------- 0	0 ------------- 0
8DAVID KING MD TRUSTEE	(i) (ii)	1,045,951 ------------- 0	109,860 ------------- 0	35,106 ------------- 0	27,600 ------------- 0	33,580 ------------- 0	1,252,097 ------------- 0	0 ------------- 0
9MATTHEW LESTER EXEC VP-FINANCE & ADMIN, COO	(i) (ii)	673,895 ------------- 0	160,548 ------------- 0	25,439 ------------- 0	112,702 ------------- 0	37,694 ------------- 0	1,010,278 ------------- 0	0 ------------- 0
10DEBORAH M COSTAKOS MD SEE SCHEDULE O FOR TITLE	(i) (ii)	728,860 ------------- 0	127,565 ------------- 0	2,322 ------------- 0	27,600 ------------- 0	24,287 ------------- 0	910,634 ------------- 0	0 ------------- 0
11CHERYL A MAURANA PHD SEE SCHEDULE O FOR TITLE	(i) (ii)	508,915 ------------- 0	183,502 ------------- 0	65,447 ------------- 0	60,404 ------------- 0	30,386 ------------- 0	848,654 ------------- 0	30,457 ------------- 0
12M AILEEN SHINAMAN JD SR VP-GENERAL COUNSEL/ASST SEC	(i) (ii)	531,339 ------------- 0	116,394 ------------- 0	31,345 ------------- 0	66,660 ------------- 0	2,459 ------------- 0	748,197 ------------- 0	0 ------------- 0
13MARA LORD PHD SR VP-CHF STRATEGY & GRWTH OFF	(i) (ii)	466,485 ------------- 0	64,697 ------------- 0	85,234 ------------- 0	88,130 ------------- 0	23,926 ------------- 0	728,472 ------------- 0	45,600 ------------- 0
14SHELISA DALTON CHIEF FINANCIAL OFFICER	(i) (ii)	491,183 ------------- 0	84,458 ------------- 0	13,684 ------------- 0	78,882 ------------- 0	34,153 ------------- 0	702,360 ------------- 0	0 ------------- 0
15DAVID A MARGOLIS MD SEE SCHEDULE O FOR TITLE	(i) (ii)	567,274 ------------- 0	62,075 ------------- 0	3,564 ------------- 0	27,600 ------------- 0	27,169 ------------- 0	687,682 ------------- 0	0 ------------- 0
16ADRIENNE MITCHELL SR VP-HR, CHIEF PEOPLE OFFICER	(i) (ii)	433,053 ------------- 0	81,771 ------------- 0	27,544 ------------- 0	83,633 ------------- 0	38,481 ------------- 0	664,482 ------------- 0	0 ------------- 0
17KEVIN R REGNER MD SEE SCHEDULE O FOR TITLE	(i) (ii)	493,760 ------------- 0	51,771 ------------- 0	1,429 ------------- 0	27,600 ------------- 0	20,872 ------------- 0	595,432 ------------- 0	0 ------------- 0
18DAVID HOTCHKISS VP-INFORMATION SERVICES, CIO	(i) (ii)	375,662 ------------- 0	67,636 ------------- 0	22,404 ------------- 0	66,941 ------------- 0	38,737 ------------- 0	571,380 ------------- 0	0 ------------- 0
19JASON E KRAISS VP-INST ADVANCEMENT, CDO	(i) (ii)	370,740 ------------- 0	42,290 ------------- 0	35,607 ------------- 0	64,246 ------------- 0	36,860 ------------- 0	549,743 ------------- 0	0 ------------- 0
20GREGORY M WESLEY JD SEE SCHEDULE O FOR TITLE	(i) (ii)	296,642 ------------- 0	63,289 ------------- 0	97,627 ------------- 0	61,162 ------------- 0	3,658 ------------- 0	522,378 ------------- 0	51,163 ------------- 0
21CURT D SIGMUND PHD TRUSTEE	(i) (ii)	398,952 ------------- 0	39,575 ------------- 0	25,160 ------------- 0	27,600 ------------- 0	24,027 ------------- 0	515,314 ------------- 0	0 ------------- 0
22ROY L SILVERSTEIN MD SEE SCHEDULE O FOR TITLE	(i) (ii)	345,637 ------------- 0	64,102 ------------- 0	22,620 ------------- 0	27,600 ------------- 0	26,105 ------------- 0	486,064 ------------- 0	0 ------------- 0
23KEVIN M EIDE VP-FIN PLANNING/DATA ANALYTICS	(i) (ii)	303,859 ------------- 0	55,004 ------------- 0	15,633 ------------- 0	59,142 ------------- 0	36,993 ------------- 0	470,631 ------------- 0	0 ------------- 0
24PAMELA J STANICK VP-FINANCE & TREASURY	(i) (ii)	316,710 ------------- 0	53,491 ------------- 0	2,385 ------------- 0	59,631 ------------- 0	12,909 ------------- 0	445,126 ------------- 0	0 ------------- 0
25TENNILLE SIFUENTES VP-CORP COMPLIANCE/RISK MGT	(i) (ii)	275,934 ------------- 0	52,231 ------------- 0	6,189 ------------- 0	55,642 ------------- 0	39,380 ------------- 0	429,376 ------------- 0	0 ------------- 0
26JEFFREY BORNEMANN VP-FACILITIES & OP TO 3/2/25	(i) (ii)	268,166 ------------- 0	54,121 ------------- 0	17,604 ------------- 0	56,452 ------------- 0	32,900 ------------- 0	429,243 ------------- 0	0 ------------- 0
27GEORGE MACKINNON III PHD DEAN, SCHOOL OF PHARMACY	(i) (ii)	316,157 ------------- 0	33,844 ------------- 0	21,681 ------------- 0	27,600 ------------- 0	28,517 ------------- 0	427,799 ------------- 0	0 ------------- 0
28SUSAN MELCHER VP-TOTAL REWARDS/HR ANALYTICS	(i) (ii)	292,568 ------------- 0	51,192 ------------- 0	2,948 ------------- 0	46,509 ------------- 0	22,929 ------------- 0	416,146 ------------- 0	0 ------------- 0
29C GREER JORDAN PHD VP-ANCHOR PARTNERSHIPS	(i) (ii)	283,273 ------------- 0	49,810 ------------- 0	2,559 ------------- 0	55,661 ------------- 0	14,323 ------------- 0	405,626 ------------- 0	0 ------------- 0
30DAISY SAHOO PHD DEAN, SCHOOL OF GRAD STUDIES	(i) (ii)	285,322 ------------- 0	37,581 ------------- 0	16,196 ------------- 0	26,611 ------------- 0	35,845 ------------- 0	401,555 ------------- 0	0 ------------- 0
31NATHAN BERKEN VP-GOVERNMENT RELATIONS	(i) (ii)	227,717 ------------- 0	40,280 ------------- 0	776 ------------- 0	47,022 ------------- 0	41,727 ------------- 0	357,522 ------------- 0	0 ------------- 0
32KIMARA ELLEFSON FORMER INTERIM VP-HR	(i) (ii)	262,651 ------------- 0	25,060 ------------- 0	743 ------------- 0	23,379 ------------- 0	29,338 ------------- 0	341,171 ------------- 0	0 ------------- 0
33MARY REINKE VP-MARKETING & COMMUNICATIONS	(i) (ii)	225,050 ------------- 0	40,138 ------------- 0	3,434 ------------- 0	43,985 ------------- 0	1,232 ------------- 0	313,839 ------------- 0	0 ------------- 0
34JENNIFER S BULTMAN SEE SCHEDULE O FOR TITLE	(i) (ii)	207,185 ------------- 0	35,259 ------------- 0	1,104 ------------- 0	29,856 ------------- 0	25,968 ------------- 0	299,372 ------------- 0	0 ------------- 0
35RAVINDRA P MISRA PHD FMR DEAN, SCHOOL OF GRAD STUD	(i) (ii)	191,978 ------------- 0	19,222 ------------- 0	1,483 ------------- 0	17,241 ------------- 0	14,505 ------------- 0	244,429 ------------- 0	0 ------------- 0
36JOHN T NEWSOME JD FMR SR VP-GEN COUNSEL/ASST SEC	(i) (ii)	115,563 ------------- 0	25,000 ------------- 0	------------- 0	------------- 0	------------- 0	140,563 ------------- 0	0 ------------- 0

Schedule J (Form 990) (Rev. 1-2025)

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 1	MCW PAID BUSINESS SOCIAL CLUB MEMBERSHIP DUES ON BEHALF OF TWO OFFICERS DURING CALENDAR YEAR 2024. THESE MEMBERSHIPS ARE USED FOR MONTHLY BOARD AND COMMITTEE MEETINGS AND FOR OTHER BUSINESS MEETINGS. PERSONAL USE OF THE CLUB BY THESE INDIVIDUALS IS REPORTED TO MCW AND IS TREATED AS A TAXABLE EVENT TO THE INDIVIDUALS. MCW PROVIDED DISCRETIONARY SPENDING ACCOUNTS TO FOUR OFFICERS. THE SPENDING ACCOUNTS ARE NOT PART OF AN ACCOUNTABLE PLAN AND ARE FULLY TAXABLE TO THESE INDIVIDUALS.
SCHEDULE J, PART I, LINE 4B	MCW MAINTAINS A SECTION 457(F) SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN FOR CERTAIN ELIGIBLE EMPLOYEES (THE PLAN). TWENTY INDIVIDUALS LISTED ON FORM 990, PART VII CURRENTLY PARTICIPATE IN THE PLAN. UNDER THE PLAN, MCW CONTRIBUTES A DEFINED AMOUNT FOR EACH PARTICIPANT BASED ON A PERCENTAGE OF EACH PARTICIPANT'S BASE SALARY. PARTICIPANTS GENERALLY VEST IN THEIR CONTRIBUTIONS FOR A SPECIFIC PLAN YEAR ON THE LAST DAY OF THE THIRD PLAN YEAR FOLLOWING THAT PLAN YEAR FOR EACH PLAN YEAR THEY ARE A PARTICIPANT. HOWEVER, IF A PARTICIPANT REACHES AGE 62 AND HAS PARTICIPATED IN THREE PLAN YEARS, THE PARTICIPANT BECOMES FULLY VESTED IN ALL CONTRIBUTIONS AT THE END OF THAT PLAN YEAR AND THEIR FUTURE CONTRIBUTIONS VEST ANNUALLY THEREAFTER. DISTRIBUTIONS ARE MADE TO THE ELIGIBLE PARTICIPANTS IN A SINGLE, LUMP SUM PAYMENT WHEN CONTRIBUTIONS BECOME VESTED. DURING CALENDAR YEAR 2024, THREE PARTICIPANTS MET THE VESTING REQUIREMENT FOR PLAN YEAR ENDED 6/30/21 AND RECEIVED LUMP SUM PAYMENTS UNDER THE PLAN AS FOLLOWS: JOSEPH E. KERSCHNER, MD-$140,001; MARA LORD, PHD-$54,827; AND GREGORY M. WESLEY, JD-$61,522. ONE PARTICIPANT HAD MET THE AGE THRESHOLD IN A PRIOR YEAR AND RECEIVED AN ANNUAL LUMP SUM PAYMENT FOR PLAN YEAR ENDED 6/30/24 UNDER THE PLAN AS FOLLOWS: CHERYL MAURANA, PHD-$65,446. A separate supplemental nonqualified retirement agreement under Section 457(f) has been established for John R. Raymond, Sr., MD (the agreement). Under the agreement, MCW contributes a defined amount based on a percentage of his base salary FOR EACH PLAN YEAR. The contributions become vested upon completion of Dr. Raymond's term of employment with MCW, plus any period following such employment when Dr. Raymond is engaged as a consultant with respect to services of the kind performed as President and CEO of MCW, and a period of two years following the later of the termination of his services as CEO or completion of such consultant services. Distribution under the agreement will be made in a single, lump sum payment when contributions become vested.
SCHEDULE J, PART I, LINE 7	SELECTED OFFICERS AND OTHER LISTED PERSONS ARE ELIGIBLE FOR INCENTIVE COMPENSATION BASED ON QUANTIFIABLE METRICS APPROVED IN ADVANCE. A PORTION OF SUCH COMPENSATION IS SUBJECT TO THE DISCRETION OF THE NOMINATING AND GOVERNANCE COMMITTEE OF THE BOARD OF TRUSTEES, OR DELEGATED BY THE NOMINATING AND GOVERNANCE COMMITTEE TO THE PRESIDENT, PROVOST & EXECUTIVE VP, OR EXECUTIVE VP-FINANCE & ADMINISTRATION.
SCHEDULE J, PART II	David King, MD, is compensated as Chair and Professor of Orthopaedic Surgery, not for his role as Trustee. Curt D. Sigmund, PhD, is compensated as Chair and Professor of Physiology, not for his role as Trustee. Ravindra P. Misra, PhD, is compensated as Associate Provost and Professor of Biochemistry, not for his former role as Dean, School of Graduate Studies. JOHN T. NEWSOME, JD, IS COMPENSATED AS SPECIAL ADVISOR, NOT FOR HIS FORMER ROLE AS SENIOR VP-GENERAL COUNSEL AND ASSISTANT SECRETARY. KIMARA ELLEFSON IS COMPENSATED AS NATIONAL DIRECTOR OF STRATEGY AND PARTNERSHIPS, KERN NATIONAL NETWORK FOR FLOURISHING IN HEALTH, NOT FOR HER FORMER ROLE AS INTERIM VP-HR.

Schedule J (Form 990) (Rev. 1-2025)

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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

Open to Public
Inspection

Name of the organization
THE MEDICAL COLLEGE OF WISCONSIN INC

Employer identification number
39-0806261

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	WHEFA SERIES 2008B	39-1337855	97710BDK5	09-04-2008	67,500,000	REFUND WHEFA 2004B2 SERIES		X		X		X
B	WHEFA SERIES 2014B	39-1337855	000000000	12-16-2014	13,930,000	REFUND WHEFA 2010 SERIES		X		X		X
C	WHEFA SERIES 2016	39-1337855	97712DPV2	05-11-2016	177,101,039	CONSTR FAC/CAP PROJ/REF 2008A SER		X		X		X
D	WHEFA SERIES 2018	39-1337855	000000000	09-06-2018	55,000,000	RENOV CAPITAL PROJECTS AND EQUIP		X		X		X
	WHEFA SERIES 2022	39-1337855	97712JER0	02-03-2022	193,207,398	CONSTR FAC/CAP PROJ/REF 2008A SER		X		X		X

Part Ⅱ

Proceeds

	A		B		C		D
	1 Amount of bonds retired ..................	1,025,000		9,730,000		21,390,000		17,470,000
2 Amount of bonds legally defeased ..............	0		0		0		0
3 Total proceeds of issue ..................	67,501,101		13,930,000		178,028,867		55,860,694
4 Gross proceeds in reserve funds .............	0		0		2,276		0
5 Capitalized interest from proceeds .............	0		0		6,349,729		1,419,120
6 Proceeds in refunding escrows ...............	0		0		0		0
7 Issuance costs from proceeds ...............	474,412		178,377		1,570,242		277,007
8 Credit enhancement from proceeds .............	676,689		0		0		0
9 Working capital expenditures from proceeds .............	0		7,200		0		0
10 Capital expenditures from proceeds .............	0		0		100,545,136		54,164,567
11 Other spent proceeds .............	66,350,000		13,744,423		69,563,760		0
12 Other unspent proceeds .............	0		0		0		0
13 Year of substantial completion .............					2017		2022
	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) (Rev. 1-2025)

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
2 Are there any lease arrangements that may result in private business use of bond-financed property? ...............	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
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
c Are there any research agreements that may result in private business use of bond-financed property? .............	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
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 ....	0.075 %		0 %		0.202 %		0.215 %
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 %
6 Total of lines 4 and 5 .............	0.075 %				0.202 %		0.215 %
7 Does the bond issue meet the private security or payment test? ...		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
b If "Yes" to line 8a, enter the percentage of bond-financed property sold or disposed of. ..	0.081 %
c If "Yes" to line 8a, was any remedial action taken pursuant to Regulations sections 1.141-12 and 1.145-2? .............	X					X		X
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

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) (Rev. 1-2025)

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 ..........	Goldman Sachs		0		0		0
c Term of hedge .........	2520 %
d Was the hedge superintegrated? ......		X
e Was the hedge terminated? ........		X
5a Were gross proceeds invested in a guaranteed investment contract (GIC)?		X		X		X		X
b Name of provider ..........	0		0		0		0
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 I

THE SERIES 2016 BONDS WERE ISSUED TO FUND THE CONSTRUCTION OF A PROFESSIONAL OFFICE BUILDING, TO FUND RENOVATION PROJECTS AND TO ADVANCE-REFUND A PORTION OF THE SERIES 2008A BONDS. THE SERIES 2016 BONDS WERE INCLUDED ON TWO FORM 8038'S UPON ISSUANCE. ONE FORM 8038 REPORTED THE NEW AMOUNTS BORROWED AND THE OTHER REPORTED THE REFUNDING OF THE SERIES 2008A BONDS. THE ISSUE PRICE LISTED ON SCHEDULE K, PART I, FOR SERIES 2016 REPRESENTS THE TOTAL ISSUE PRICE REPORTED ON THE TWO FORM 8038'S. IN ADDITION, THE FINAL CUSIP NUMBER LISTED ON SCHEDULE K, PART I, FOR SERIES 2016 REPRESENTS THE LATEST OF THE CUSIP NUMBERS REPORTED ON THE TWO FORM 8038'S. THE CUSIP NUMBER REPORTED ON THE OTHER FORM 8038 IS 97712DPS9. THE SERIES 2022 BONDS WERE ISSUED TO FUND THE CONSTRUCTION OF A CANCER RESEARCH BUILDING, TO FUND RENOVATION PROJECTS AND TO REFUND THE REMAINING PORTION OF THE SERIES 2008A BONDS. SCHEDULE K, PART II, LINE 3 DIFFERENCES BETWEEN THE ISSUE PRICE AND THE TOTAL PROCEEDS OF THE BOND ISSUE FOR SERIES 2008B, SERIES 2016, SERIES 2018, AND SERIES 2022 RELATE TO INVESTMENT EARNINGS ON CONSTRUCTION AND ISSUANCE COST RESERVE FUNDS.

SCHEDULE K, PART III

Part III of Schedule K was prepared to account for funds used for new projects (post-December 31, 2002) of each bond issue and does not include any portion which refunded pre-December 31, 2002 bond issues. Schedule K, Part III, LINES 3B & 3D MCW utilizes internal counsel to review its management contracts, service contracts and research agreements relating to financed assets. SCHEDULE K, PART IV, LINE 2C, GROUP 1 COLUMN A - A REBATE COMPUTATION WAS PERFORMED ON 10/24/2023. COLUMN B - A REBATE COMPUTATION WAS PERFORMED ON 1/16/2025. COLUMN C - A REBATE COMPUTATION WAS PERFORMED ON 5/27/2021. COLUMN D - A REBATE COMPUTATION WAS PERFORMED ON 9/29/2023.

Schedule K (Form 990) (Rev. 1-2025)

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Schedule K
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Information on Tax-Exempt Bonds

OMB No. 1545-0047

Open to Public
Inspection

Name of the organization
THE MEDICAL COLLEGE OF WISCONSIN INC

Employer identification number
39-0806261

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	WHEFA SERIES 2008B	39-1337855	97710BDK5	09-04-2008	67,500,000	REFUND WHEFA 2004B2 SERIES		X		X		X
B	WHEFA SERIES 2014B	39-1337855	000000000	12-16-2014	13,930,000	REFUND WHEFA 2010 SERIES		X		X		X
C	WHEFA SERIES 2016	39-1337855	97712DPV2	05-11-2016	177,101,039	CONSTR FAC/CAP PROJ/REF 2008A SER		X		X		X
D	WHEFA SERIES 2018	39-1337855	000000000	09-06-2018	55,000,000	RENOV CAPITAL PROJECTS AND EQUIP		X		X		X
	WHEFA SERIES 2022	39-1337855	97712JER0	02-03-2022	193,207,398	CONSTR FAC/CAP PROJ/REF 2008A SER		X		X		X

Part Ⅱ

Proceeds

	A		B		C		D
	1 Amount of bonds retired ..................	1,025,000		9,730,000		21,390,000		17,470,000
2 Amount of bonds legally defeased ..............	0		0		0		0
3 Total proceeds of issue ..................	67,501,101		13,930,000		178,028,867		55,860,694
4 Gross proceeds in reserve funds .............	0		0		2,276		0
5 Capitalized interest from proceeds .............	0		0		6,349,729		1,419,120
6 Proceeds in refunding escrows ...............	0		0		0		0
7 Issuance costs from proceeds ...............	474,412		178,377		1,570,242		277,007
8 Credit enhancement from proceeds .............	676,689		0		0		0
9 Working capital expenditures from proceeds .............	0		7,200		0		0
10 Capital expenditures from proceeds .............	0		0		100,545,136		54,164,567
11 Other spent proceeds .............	66,350,000		13,744,423		69,563,760		0
12 Other unspent proceeds .............	0		0		0		0
13 Year of substantial completion .............					2017		2022
	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) (Rev. 1-2025)

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
2 Are there any lease arrangements that may result in private business use of bond-financed property? ...............	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
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
c Are there any research agreements that may result in private business use of bond-financed property? .............	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
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 ....	0.075 %		0 %		0.202 %		0.215 %
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 %
6 Total of lines 4 and 5 .............	0.075 %				0.202 %		0.215 %
7 Does the bond issue meet the private security or payment test? ...		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
b If "Yes" to line 8a, enter the percentage of bond-financed property sold or disposed of. ..	0.081 %
c If "Yes" to line 8a, was any remedial action taken pursuant to Regulations sections 1.141-12 and 1.145-2? .............	X					X		X
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

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) (Rev. 1-2025)

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 ..........	Goldman Sachs		0		0		0
c Term of hedge .........	2520 %
d Was the hedge superintegrated? ......		X
e Was the hedge terminated? ........		X
5a Were gross proceeds invested in a guaranteed investment contract (GIC)?		X		X		X		X
b Name of provider ..........	0		0		0		0
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 I

SCHEDULE K, PART III

Schedule K (Form 990) (Rev. 1-2025)

Additional Data

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Schedule L
(Form 990)
(Rev. January 2025)

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

Open to Public Inspection

Name of the organization

THE MEDICAL COLLEGE OF WISCONSIN INC

Employer identification number

39-0806261

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




Total ............... $

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	(b) Relationship between interested person and the organization	(c) Amount of assistance	(d) Type of assistance	(e) Purpose of assistance

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

Cat. No. 50056A

Schedule L (Form 990) (Rev. 1-2025)

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) CASEY M CALKINS MD	SPOUSE OF TRUSTEE	903,697	PROFESSOR-PEDIATRIC SURGERY		No
(2) KAREN J MACKINNON RPH	SPOUSE OF OFFICER	181,414	ASSISTANT PROFESSOR-PHARMACY		No
(3) MELISSA L MARGOLIS	CHILD OF KEY EMPLOYEE	128,685	APP INPATIENT		No

Part V

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

Return Reference	Explanation

Schedule L (Form 990) (Rev. 1-2025)

Additional Data

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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

2024

Open to Public Inspection

Name of the organization

THE MEDICAL COLLEGE OF WISCONSIN INC

Employer identification number

39-0806261

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 ....
2 Art—Historical treasures .
3 Art—Fractional interests ..
4 Books and publications ..
5 Clothing and household goods .......
6 Cars and other vehicles ..
7 Boats and planes ....
8 Intellectual property ...
9 Securities—Publicly traded .	X	24	1,279,994	Selling price
10 Securities—Closely held stock .
11 Securities—Partnership, LLC, or trust interests ....
12 Securities—Miscellaneous ..
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 ( Research Equipment )	X	1	191,163	Cost/Selling price
26 Other ( Sports Tickets )	X	2	840	Cost/Selling price
27 Other ( Training Equipment )	X	1	1,532	Cost/Selling price
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

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) (2024)

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)	The amounts listed in Column (B) for all property types represent total number of contributions received, not individual items contributed.

Schedule M (Form 990) (2024)

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE O
(Form 990)
(Rev. January 2025)
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 instructions and the latest information.

OMB No. 1545-0047

Open to Public
Inspection

Name of the organization

THE MEDICAL COLLEGE OF WISCONSIN INC

Employer identification number

39-0806261

Return Reference	Explanation
FORM 990, PART I & III, LINE 1 - CONTINUED	SCIENTISTS, PHARMACISTS, AND HEALTH PROFESSIONALS; MCW DISCOVERS AND TRANSLATES NEW KNOWLEDGE IN THE BIOMEDICAL AND HEALTH SCIENCES; MCW PROVIDES CUTTING EDGE, COLLABORATIVE PATIENT CARE OF THE HIGHEST QUALITY; AND MCW IMPROVES THE HEALTH OF THE COMMUNITIES IT SERVES.
FORM 990, PART III, LINE 4A	Education - Approximately 1,675 students are enrolled in degree-granting educational programs at MCW. This includes 1,039 medical students, 458 graduate students, 127 pharmacy students, and 53 Master of Science in Anesthesia students. MCW faculty supervise more than 700 physicians in residency training and 200 physicians in fellowship training through the Medical College of Wisconsin Affiliated Hospitals, Inc. Additionally, scientists are engaged in postdoctoral research fellowship training through the MCW School of Graduate Studies and MCW provided more than 3,725 hours of Continuing Medical Education-accredited activities and awarded more than 101,400 credits to physicians and other health professionals. The MCW School of Medicine, with campuses in Milwaukee, Green Bay and Central Wisconsin, provides an innovative approach to academic medicine that prepares its students to excel in their fields and instills a responsibility to administer compassionate, equitable, and culturally competent care. The MCW School of Pharmacy is preparing the next generation of pharmacists to engage in team-based, patient-centered care in a multitude of practice settings by training in advanced practice skills and providing extensive exposure to a variety of clinical settings and world-class research activities.
FORM 990, PART III, LINE 4B	Research - MCW is a major national research center and the second largest research institution in Wisconsin. In fiscal year 2025, MCW invested $428.1 million in research, teaching, training and related purposes which will lead to improved patient care and health outcomes. This total includes $130.7 million from the National Institutes of Health (NIH). MCW ranks in the top third of U.S. medical schools in NIH research support. MCW's research enterprise is focused on strategic, prioritized areas of research involving interdisciplinary collaboration among scientists and physicians with the goal of rapidly translating discoveries into advances for patient care. MCW scientists lead biomedical and population health advancements through laboratory research, clinical trials and community engaged research. MCW faculty conducted approximately 5,000 research studies, including clinical trials, and reported 31 new discoveries and inventions to MCW's Office of Technology Development. The portfolio includes 416 active technologies covered by more than 590 pending and issued U.S. and foreign patents.
FORM 990, PART III, LINE 4C	Patient Care - Approximately 1,920 MCW physicians and 1,830 nurse practitioners, physician assistants, and other health care practitioners provide adult patient care as the Medical College Physicians and pediatric patient care through Children's Specialty Group, a joint venture with Children's Hospital and Health System. The MCW physician practice includes doctors in every specialty and subspecialty of medicine. MCW providers, physician assistants, nurse practitioners and other health care practitioners care for more than 520,000 patients, representing approximately 5.2 million patient visits annually. MCW has a policy of providing health care services without charge, or at amounts less than established rates, to patients who are unable to pay and who meet certain eligibility criteria established in MCW's community care policy. In fiscal year 2025, the estimated direct and indirect costs incurred by MCW to provide services under MCW's community care policy were $11.7 million. MCW physicians and practitioners provide patient care at three major affiliate locations - Froedtert & MCW regional health network facilities in partnership with Froedtert THEDACARE Health, Children's Wisconsin facilities, and the Clement J. Zablocki VA Medical Center - and many other hospitals and clinics throughout Wisconsin.
FORM 990, PART III, LINE 4D	Community Engagement - MCW's Community Engagement mission focuses on building productive partnerships between MCW and communities across Wisconsin and beyond. Through these partnerships, MCW and its community collaborators work together to have a greater impact on addressing Wisconsin's most pressing issues affecting health. MCW faculty and staff are engaged in more than 4,030 community engagement activities, involving hundreds of community partners, groups, and organizations, to advance the health of people and communities throughout metro Milwaukee and Wisconsin.
FORM 990, PART VI, LINE 1A	MCW'S BOARD OF TRUSTEES CONTAINS AN EXECUTIVE COMMITTEE WHICH IS ELECTED BY THE BOARD AND CONSISTS OF THE CHAIR, PRESIDENT, SECRETARY, TREASURER, THE CHAIRS OF THE OTHER BOARD COMMITTEES, THE IMMEDIATE PAST CHAIR, THE VICE CHAIR AND AT-LARGE MEMBERS OF THE BOARD SO ELECTED. THE EXECUTIVE COMMITTEE HAS AND MAY EXERCISE, WHEN THE BOARD OF TRUSTEES IS NOT IN SESSION, ALL THE POWERS OF THE BOARD IN THE MANAGEMENT OF THE BUSINESS AND AFFAIRS OF MCW.
FORM 990, PART VI, LINE 2	1) LINDA G. GORENS-LEVEY AND DAVID LUBAR, TRUSTEES - BUSINESS RELATIONSHIP 2) GREGORY S. MARCUS AND AUSTIN RAMIREZ, TRUSTEES - BUSINESS RELATIONSHIP
FORM 990, PART VI, SECTION A, LINE 4	A SIGNIFICANT CHANGE TO THE BYLAWS MADE SINCE THE PRIOR FORM 990 WAS FILED IS AS FOLLOWS: THE GENERAL COUNSEL SHALL AUTOMATICALLY BE APPOINTED TO AND SERVE IN THE ROLE OF ASSISTANT SECRETARY TO THE BOARD.
FORM 990, PART VI, LINE 7A	TWO OF THE TRUSTEES OF MCW ARE APPOINTED BY THE GOVERNOR OF THE STATE OF WISCONSIN, AFTER THE ADVICE AND CONSENT OF THE STATE SENATE. THE PRESIDENT AND CHIEF EXECUTIVE OFFICER OF CHILDREN'S HOSPITAL AND HEALTH SYSTEM, INC., SERVES AS TRUSTEE OF MCW AS LONG AS S/HE REMAINS IN OFFICE. THE BALANCE OF THE TRUSTEES ARE ELECTED BY MAJORITY VOTE OF THE TRUSTEES THEN IN OFFICE.
FORM 990, PART VI, LINE 11B	THE FORM 990 WAS PREPARED WITH THE ASSISTANCE OF PWC US TAX LLP, MCW'S EXTERNAL TAX PREPARERS, AND A FINAL DRAFT WAS REVIEWED BY THE VP OF FINANCE & TREASURY AND THE CHIEF FINANCIAL OFFICER. AN OVERVIEW OF THE FINAL DRAFT OF FORM 990 WAS PRESENTED TO THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES BY PWC US TAX LLP AND SENIOR MANAGEMENT. A FINAL COPY OF FORM 990 WAS PROVIDED TO THE ENTIRE BOARD OF TRUSTEES PRIOR TO FILING WITH THE IRS.
FORM 990, PART VI, LINE 12C	MCW HAS A CONFLICT OF INTEREST POLICY WHICH REQUIRES EMPLOYEES AND BOARD MEMBERS TO REPORT ANNUALLY ON CONFLICTS OF INTEREST FOR THEMSELVES AND FAMILY MEMBERS. EMPLOYEE DISCLOSURE FORMS ARE REVIEWED BY THE CORPORATE COMPLIANCE OFFICE. IN ADDITION, IF THERE IS A POTENTIAL CONFLICT DURING THE YEAR, THE EMPLOYEE MUST SUBMIT A WRITTEN REQUEST FOR APPROVAL TO THE CORPORATE COMPLIANCE OFFICE PRIOR TO UNDERTAKING THE ACTIVITY. THE CORPORATE COMPLIANCE OFFICE DETERMINES IF THE ACTIVITY COMPLIES WITH MCW POLICIES AND/OR WHETHER A POTENTIAL CONFLICT OF INTEREST EXISTS. DURING REVIEW OF THE PROPOSED ACTIVITY, THE CORPORATE COMPLIANCE OFFICE MAY SEEK GUIDANCE FROM EXECUTIVE LEADERSHIP OR THE GENERAL COUNSEL'S OFFICE AS DEEMED NECESSARY. WRITTEN APPROVAL OR DISAPPROVAL IS THEN PROVIDED. MCW'S GENERAL COUNSEL AND THE NOMINATING AND GOVERNANCE COMMITTEE OF THE BOARD OF TRUSTEES MAY REVIEW THE DISCLOSURE FORMS IF THEY RELATE TO A BOARD MEMBER. DISCLOSED CONFLICTS BECOME A MATTER OF BOARD RECORD THROUGH THE ANNUAL DISCLOSURE FORM. ANY CONFLICTS ALSO MUST BE DISCLOSED WHEN THE INTEREST BECOMES A MATTER OF BOARD OR BOARD COMMITTEE ACTION. IF A CONFLICT OF INTEREST ARISES FOR A MEMBER OF THE BOARD OF TRUSTEES WHILE THE BOARD OR ITS COMMITTEES ARE CONSIDERING, AUTHORIZING, OR RATIFYING A CONTRACT OR OTHER MATTER, THE BOARD MEMBER MUST EXCLUDE HIMSELF/HERSELF FROM THE DELIBERATIONS AND VOTE AND THE MINUTES OF THE MEETING MUST REFLECT THAT A DISCLOSURE WAS MADE, THE ABSTENTION FROM VOTING, AND THE DETERMINATION THAT THE PROPOSED CONTRACT OR TRANSACTION IS FAIR AND REASONABLE TO MCW.
FORM 990, PART VI, LINES 15A & 15B	As delegated by the Board of Trustees, the Nominating and Governance Committee of the Board of Trustees annually reviews and approves the compensation for, and transactions with, the President and CEO and certain officers. The Nominating and Governance Committee's oversight role includes, but is not limited to, establishing and reviewing MCW executive compensation philosophy and strategy, evaluating the performance of the President, accepting the President's performance evaluations of certain officers, determining compensation levels based on these performance reviews, receiving reports from outside advisors to provide objective and impartial compensation data and to express an opinion on total compensation reasonableness, and approving the charters of MCW's committees charged with reviewing compensation. Approval of compensation decisions for the President and certain officers is documented in the minutes of the Nominating and Governance Committee and reported to the Board of Trustees. Compensation decisions for all other officers and key employees are delegated to and reviewed and approved annually by the MCW Institutional Compensation Committee or its Executive Committee based on performance assessment and budgetary guidelines, utilizing external compensation data from various sources to evaluate comparability to market compensation trends. In the event of any conflict of interest, the review is referred to the Nominating and Governance Committee for consideration. Approval of compensation decisions and recommendations is documented in the minutes of the respective committees.
FORM 990, PART VI, LINE 19	MCW DOES NOT MAKE ITS GOVERNING DOCUMENTS OR CONFLICT OF INTEREST POLICY AVAILABLE TO THE GENERAL PUBLIC. FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC THROUGH POSTING ON MCW'S WEBSITE.
FORM 990, PART VII, SECTION A	Joseph E. Kerschner, MD, stepped down from his roles as Trustee, Executive VP, Provost, and Dean of the School of Medicine effective 12/31/24. After this date, he served as Emeritus Dean and Professor in the Departments of Otolaryngology and Communication Sciences and Microbiology & Immunology. Deborah M. Costakos, MD, served as Chair and Professor of Ophthalmology and Visual Sciences until 1/1/25 when she was named Interim Dean of the School of Medicine. Cheryl A. Maurana, PhD, was named Interim Provost on 1/1/25 in addition to maintaining her previous role as Senior VP for Strategic Academic Partnerships. Gregory M. Wesley, JD, served as Senior VP for Strategic Alliances and Business Development until 7/31/24. Jennifer S. Bultman served as Chief of Staff, Office of the President, until 8/1/24 when she was appointed VP-Strategic Planning and Implementation while also continuing her role as Chief of Staff. DAVID A. MARGOLIS, MD, SERVED AS INTERIM CHAIR AND PROFESSOR OF PEDIATRICS PRIOR TO BEING APPOINTED CHAIR OF PEDIATRICS EFFECTIVE 2/1/24. Roy L. Silverstein, MD, stepped down from the role of Chair of Medicine effective 1/31/24. After this date, he continues to serve as Professor in the Department of Medicine. KEVIN R. REGNER, MD, PROFESSOR OF MEDICINE AND CHIEF, DIVISION OF NEPHROLOGY, WAS APPOINTED INTERIM CHAIR OF MEDICINE EFFECTIVE 2/1/24. David King, MD, is compensated as Chair and Professor of Orthopaedic Surgery, not for his role as Trustee. Curt D. Sigmund, PhD, is compensated as Chair and Professor of Physiology, not for his role as Trustee. Ravindra P. Misra, PhD, is compensated as Associate Provost and Professor of Biochemistry, not for his former role as Dean, School of Graduate Studies. John T. Newsome, JD, is compensated as Special Advisor, not for his former role as Senior VP-General Counsel and Assistant Secretary. Kimara Ellefson is compensated as National Director of Strategy and Partnerships, Kern National Network for Flourishing in Health, not for her former role as Interim VP-HR. JOSEPH E. KERSCHNER, MD; DEBORAH M. COSTAKOS, MD; DAVID A. MARGOLIS, MD; AND MICHAEL EDWARD MITCHELL, MD; are compensated for both their academic role at MCW and their physician role at Children's Specialty Group, Inc. (CSG), a related organization. Work hours related to their role at MCW are reflected above the dotted line and work hours related to CSG are reflected below the dotted line. MCW uses a standard 40 hour work week as a representation of a full-time employee.
FORM 990, PART XI, LINE 9	CHANGE IN FAIR VALUE OF INTEREST RATE SWAP: ($615,839) CHANGE IN FAIR VALUE OF CHARITABLE TRUSTS: $176,071 INTERCOMPANY TRANSFER: ($2,126,883) TOTAL: ($2,566,651)

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

Cat. No. 51056K

Schedule O (Form 990) (Rev. 1-2025)

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE R
(Form 990)
(Rev. January 2025)

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

Open to Public Inspection

Name of the organization

THE MEDICAL COLLEGE OF WISCONSIN INC

Employer identification number

39-0806261

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) MCW SPECIALISTS LLC 8701 WATERTOWN PLANK RD MILWAUKEE,WI53226 81-5310239	SUPPORT SERV	WI	0	0	MCW

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)Children's Specialty Group Inc 999 North 92nd St STE C740 Milwaukee,WI53226 39-1990012	Pediatrics	WI	501(c)(3)	12a-I	NA		No
(2)MCW Affiliated Hospitals Inc 8701 Watertown Plank Rd Milwaukee,WI53226 39-1341366	GRAD MED EDUC	WI	501(C)(3)	12a-I	NA		No
(3)FORENSIC SCIENCE & PROT MED COLLAB INC 8701 WATERTOWN PLANK RD MILWAUKEE,WI53226 92-1417742	FACILITY DEV	WI	501(C)(3)	12c-III	NA		No

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

Cat. No. 50135Y

Schedule R (Form 990) (Rev. 1-2025)

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) Children's Hlth Network of WI LLC 8701 Watertown Plank Rd Milwaukee,WI53226	Health Care	WI	NA	Related	0	0		No	0	Yes		50.000 %
(2) Drexel Town Sq Surg Center LLC 9200 W Wisconsin Avenue Milwaukee,WI53226 81-4904300	Surgery Center	WI	Froed Hlth ASC	Related	183,995	1,960,298		No	0	Yes		49.000 %
(3) FMLH MCW Real Estate Ventures LLC 9200 W Wisconsin Avenue Milwaukee,WI53226 26-0629591	Real Estate	WI	NA	Related	472,449	17,746,012		No	0	Yes		50.000 %
(4) Froedtert & MCW ACO LLC 8710 Watertown Plank Rd Milwaukee,WI53226 83-3159534	Health Care	WI	NA	Related	-58,034	360,681		No	0	Yes		50.000 %
(5) Froedtert & MCW Network LLC 9200 W Wisconsin Avenue Milwaukee,WI53226 81-4382585	Health Care	WI	NA	Related	-7,440,750	11,097,744		No	0	Yes		50.000 %
(6) Froedtert Surgery Center LLC 9200 W Wisconsin Avenue Milwaukee,WI53226 20-1499345	Surgery Center	WI	Froed Hlth ASC	Related	4,457,683	11,215,801		No	0	Yes		49.000 %
(7) Menomonee Falls ASC LLC W180 N8045 Town Hall Road Menomonee Falls,WI53051 39-1745697	Surgery Center	WI	Froed Hlth ASC	Related	583,963	7,764,821		No	0	Yes		49.000 %
(8) MRMC Land Bank LLC 8700 Watertown Plank Rd Wauwatosa,WI53226 85-0519151	Real Estate	WI	NA	Related	8,766	4,995,056		No	0	Yes		33.330 %
(9) ThriveOn King LLC 8701 Watertown Plank Rd Milwaukee,WI53226 99-2406599	Bldg Leasing	WI	NA	Related	-713,478	12,904,217		No	0	Yes		50.000 %
(10) West Bend Surgery Center LLC 3200 Pleasant Valley Rd West Bend,WI53095 39-1954169	Surgery Center	WI	Froed Hlth ASC	Related	1,510,233	9,675,846		No	0	Yes		49.000 %

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) Blue & Green I Condo Association Inc 8701 Watertown Plank Rd Milwaukee,WI53226 26-2355106	Building Mgmt	WI	MCW	C Corp	0	0	69.000 %	Yes
(2) MCW Prof Liability Insurance Program 8701 Watertown Plank Rd Milwaukee,WI53226 39-6484662	INSURANCE	WI	MCW	Trust	1,083,091	12,071,210	100.000 %	Yes
(3) MCW CONSORTIUM ON PUBLIC & COMM HLTH INC 8701 WATERTOWN PLANK RD MILWAUKEE,WI53226	AHW OVERSIGHT	WI	MCW	C CORP	0	0	89.000 %	Yes
(4) CHARITABLE REMAINDER TRUST (1)	SUPPORT	WI	MCW	TRUST				Yes

Schedule R (Form 990) (Rev. 1-2025)

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

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

Yes

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

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) ......................

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

Yes

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

Yes

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

Yes

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

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

Yes

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) MCW Prof Liability Insurance Program	Q	3,659,745	CASH BASIS
(2) MCW Prof Liability Insurance Program	R	2,126,883	CASH BASIS

Schedule R (Form 990) (Rev. 1-2025)

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) (Rev. 1-2025)

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) (Rev. 1-2025)

Additional Data

Software ID:
Software Version:

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