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Schedule K
(Form 990)
Department of the Treasury
Internal Revenue Service
Supplemental Information on Tax-Exempt Bonds
SchKMediumBullet Complete if the organization answered "Yes" to Form 990, Part Ⅵ, line 24a. Provide descriptions,
explanations, and any additional information in Part Ⅵ.
SchKMediumBullet Attach to Form 990.
SchKMediumBulletGo to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
2021
Open to Public
Inspection
Name of the organization
University of Chicago
 
Employer identification number
36-2177139
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
Yes No Yes No Yes No
A IEFA 50000000 ADJ RATE REV BONDS SERIES 2003B
  		52-1297563 4520017E4 08-28-2003 50,000,000 (SEE SUPPLEMENTAL INFORMATION)   X   X   X
B IFA 100000000 ADJ Rate REV BONDS SERIES 2004B
  		86-1091967 45200BHH4 11-10-2004 100,000,000 (SEE SUPPLEMENTAL INFORMATION)   X   X   X
C IFA 80000000 ADJ RATE REV REFUND BONDS 2004C
  		86-1091967 45200BJG4 11-30-2004 80,000,000 (SEE SUPPLEMENTAL INFORMATION)   X   X   X
D IFA XXX-XX-XXXX ADJ RATE REV Bonds SERIES 2008
  		86-1091967 45200FEG0 04-03-2008 123,604,000 (SEE SUPPLEMENTAL INFORMATION)   X   X   X
IFA XXX-XX-XXXX REVENUE BONDS SERIES 2014A
  		86-1091967 45203HB68 08-12-2014 644,509,246 (SEE SUPPLEMENTAL INFORMATION)   X   X   X
IFA XXX-XX-XXXX REVENUE BONDS SERIES 2015A
  		86-1091967 45203H3H3 09-10-2015 452,070,011 (SEE SUPPLEMENTAL INFORMATION) X     X   X
IFA XXX-XX-XXXX REVENUE BONDS SERIES 2018A
  		86-1091967 45204ED70 03-07-2018 128,797,725 (SEE SUPPLEMENTAL INFORMATION)   X   X   X
IFA XXX-XX-XXXX REVENUE BONDS SERIES 2020A
  		86-1091967 45204FAE5 03-18-2020 185,652,910 (SEE SUPPLEMENTAL INFORMATION)   X   X   X
IFA 219240000 REVENUE BONDS SERIES 2021A
  		86-1091967 45204FHB4 07-06-2021 281,361,151 (SEE SUPPLEMENTAL INFORMATION)   X   X   X
Part Ⅱ
Proceeds
A B C D
1 Amount of bonds retired .................. 22,096,000 39,913,000 3,538,000 39,844,000
2 Amount of bonds legally defeased ..............   152,475,000    
3 Total proceeds of issue .................. 50,141,933 102,437,189 80,000,000 123,604,000
4 Gross proceeds in reserve funds .............        
5 Capitalized interest from proceeds .............        
6 Proceeds in refunding escrows ...............        
7 Issuance costs from proceeds ............... 274,223 469,999 463,838 752,575
8 Credit enhancement from proceeds .............        
9 Working capital expenditures from proceeds ............. 26,731     18,032
10 Capital expenditures from proceeds ............. 49,867,710 101,967,190 56,173,450  
11 Other spent proceeds ............. 467,372,655 250,464,004 79,536,162 122,851,425
12 Other unspent proceeds .............        
13 Year of substantial completion ............. 2006 2010 2004 2008
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) 2021

Schedule K (Form 990) 2021
Page 2
Part Ⅲ
Private Business Use
A B C D
Yes No Yes No Yes No Yes No
1 Was the organization a partner in a partnership, or a member of an LLC, which owned property financed by tax-exempt bonds? .............   X   X   X   X
2 Are there any lease arrangements that may result in private business use of bond-financed property? ...............   X   X X   X  
3a Are there any management or service contracts that may result in private business use of bond-financed property? ............. X   X   X   X  
b If "Yes" to line 3a, does the organization routinely engage bond counsel or other outside counsel to review any management or service contracts relating to the financed property? X   X   X   X  
c Are there any research agreements that may result in private business use of bond-financed property? ............. X   X   X   X  
d If "Yes" to line 3c, does the organization routinely engage bond counsel or other outside counsel to review any research agreements relating to the financed property? X   X   X   X  
4 Enter the percentage of financed property used in a private business use by entities other than a section 501(c)(3) organization or a state or local government ....SchKMediumBullet 0.1 % 0.1 % 0 % 0 %
5 Enter the percentage of financed property used in a private business use as a result of unrelated trade or business activity carried on by your organization, another section 501(c)(3) organization, or a state or local government ......... SchKMediumBullet 0 % 0 % 0 % 0 %
6 Total of lines 4 and 5 ............. 0.1 % 0.1 % 0 % 0 %
7 Does the bond issue meet the private security or payment test? ...   X   X   X   X
8a Has there been a sale or disposition of any of the bond-financed property to a nongovernmental person other than a 501(c)(3) organization since the bonds were issued?.............   X X     X   X
b If "Yes" to line 8a, enter the percentage of bond-financed property sold or disposed of. .. 0.14 % 0.01 %   0.04 %
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   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) 2021

Schedule K (Form 990) 2021
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 ..........  
  		 
  		MORGAN STANLEY CAPITAL
  		MERRIL LYNCH CAPITAL
 
c Term of hedge .........     3460 % 3280 %
d Was the hedge superintegrated? ......           X   X
e Was the hedge terminated? ........           X   X
5a Were gross proceeds invested in a guaranteed investment contract (GIC)?   X   X   X   X
b Name of provider ..........  
  		 
  		 
  		 
 
c Term of GIC .........        
d Was the regulatory safe harbor for establishing the fair market value of the GIC satisfied? ........                
6 Were any gross proceeds invested beyond an available temporary period?   X   X   X   X
7 Has the organization established written procedures to monitor the requirements of section 148? ... X   X   X   X  
Part Ⅴ
Procedures To Undertake Corrective Action
--------------------------------------------------------------------------------------------------------------- A B C D
Yes No Yes No Yes No Yes No
Has the organization established written procedures to ensure that violations of federal tax requirements are timely identified and corrected through the voluntary closing agreement program if self-remediation is not available under applicable regulations? X   X   X   X  
Part Ⅵ
Supplemental Information. Provide additional information for responses to questions on Schedule K. (See instructions).
Return Reference Explanation
Schedule K, Part II, Line 3 PART II, LINE 3 SERIES 2003B: THE DIFFERENCE BETWEEN THE ISSUE PRICE AND TOTAL PROCEEDS OF THE ISSUE IS THE INTEREST EARNED ON INVESTMENTS OF $141,933. SERIES 2004B: THE DIFFERENCE BETWEEN THE ISSUE PRICE AND TOTAL PROCEEDS OF THE ISSUE IS THE INTEREST EARNED ON INVESTMENTS OF $2,437,189. SERIES 2014A: THE DIFFERENCE BETWEEN THE ISSUE PRICE AND THE TOTAL PROCEEDS OF THE ISSUE IS THE INTEREST EARNED ON INVESTMENTS OF $3,893. SERIES 2015A: THE DIFFERENCE BETWEEN THE ISSUE PRICE AND THE TOTAL PROCEEDS OF THE ISSUE IS THE INTEREST EARNED ON INVESTMENTS OF $248,056. SERIES 2018A: THE DIFFERENCE BETWEEN THE ISSUE PRICE AND THE TOTAL PROCEEDS OF THE ISSUE IS THE INTEREST EARNED ON INVESTMENTS OF $482,872. SERIES 2020A: THE DIFFERENCE BETWEEN THE ISSUE PRICE AND THE TOTAL PROCEEDS OF THE ISSUE IS THE INTEREST EARNED ON INVESTMENTS OF $18,032.
Schedule K, Part II, Line 11 PART II, LINE 11 SERIES 2004C: THE OTHER SPENT PROCEEDS ARE THE REFUNDING PROCEEDS OF THE ISSUE THAT ARE NO LONGER IN ESCROW. SERIES 2008: THE OTHER SPENT PROCEEDS ARE THE REFUNDING PROCEEDS OF THE ISSUE THAT ARE NO LONGER IN ESCROW. SERIES 2014A: THE OTHER SPENT PROCEEDS ARE THE REFUNDING PROCEEDS OF THE ISSUE THAT ARE NO LONGER IN ESCROW. SERIES 2015A: THE OTHER SPENT PROCEEDS ARE THE REFUNDING PROCEEDS OF THE ISSUE THAT ARE NO LONGER IN ESCROW. SERIES 2018A: THE OTHER SPENT PROCEEDS ARE THE REFUNDING PROCEEDS OF THE ISSUE THAT ARE NO LONGER IN ESCROW. SERIES 2020A: THE OTHER SPENT PROCEEDS ARE THE REFUNDING PROCEEDS OF THE ISSUE THAT ARE NO LONGER IN ESCROW. SERIES 2021A: THE OTHER SPENT PROCEEDS ARE THE REFUNDING PROCEEDS OF THE ISSUE THAT ARE NO LONGER IN ESCROW.
Schedule K, Part I, Column (f) DESCRIPTION OF PURPOSE $50,000,000 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY ADJUSTABLE RATE REVENUE BONDS, THE UNIVERSITY OF CHICAGO, SERIES 2003B, (F) DESCRIPTION OF PURPOSE: TO FINANCE, REFINANCE OR REIMBURSE THE UNIVERSITY FOR COSTS FOR EDUCATIONAL FACILITIES INCLUDING THE PLANNING, DESIGN AND CONSTRUCTION OF A NEW GRADUATE SCHOOL OF BUSINESS BUILDING, A NEW INTERDIVISIONAL RESEARCH BUILDING AND A NEW ATHLETICS AND RECREATION CENTER, THE ACQUISITION AND IMPLEMENTATION OF CHILLED WATER DISTRIBUTION AND ELECTRICAL REPLACEMENTS, THE EXPANSION OF THE STEAM PLANT, THE RENOVATION AND EXPANSION OF THE LAW SCHOOL, THE RENOVATION OF THE UNIVERSITY'S INTERNATIONAL HOUSE AND ALUMNI CENTER, THE RENOVATION, IMPROVING AND EQUIPPING OF THE UNIVERSITY'S BIOLOGICAL SCIENCE DIVISION AND THE COMPLETION OF VARIOUS OTHER CAMPUS RENOVATIONS AND IMPROVEMENTS AND (ii) PAY COSTS OF ISSUANCE $100,000,000 ILLINOIS FINANCE AUTHORITY ADJUSTABLE RATE REVENUE BONDS, THE UNIVERSITY OF CHICAGO, SERIES 2004B, (F) DESCRIPTION OF PURPOSE: TO FINANCE, REFINANCE AND REIMBURSE THE UNIVERSITY FOR COSTS of certain Educational Facilities under the Act, including a new Graduate School of Business Building, a new research building, a new interdivisional research building, new residence halls, and other renovations and replacements and (ii) pay costs of ISSUANCE. $80,000,000 ILLINOIS FINANCE AUTHORITY ADJUSTABLE RATE REVENUE REFUNDING BONDS, THE UNIVERSITY OF CHICAGO, SERIES 2004C, (F) DESCRIPTION OF PURPOSE: TO Advance Refund the Series 2001A Bonds Dated: 10/04/2001 and (ii) pay costs of issuance $123,604,000 ILLINOIS FINANCE AUTHORITY ADJUSTABLE RATE REVENUE BONDS, THE UNIVERSITY OF CHICAGO, SERIES 2008, (F) DESCRIPTION OF PURPOSE: To Refund the Series 1998A Bonds Dated: 07/01/1998 and (ii) pay costs of issuance $650,000,000 ILLINOIS FINANCE AUTHORITY REVENUE BONDS, THE UNIVERSITY OF CHICAGO, SERIES 2014A, (F) DESCRIPTION OF PURPOSE: TO FINANCE, REFINANCE AND REIMBURSE THE UNIVERSITY FOR for costs of certain Educational Facilities, (ii) Advance refund the Series 2008B Bonds Dated: 01/07/2009 and (iii) pay costs of issuance. $415,825,000 ILLINOIS FINANCE AUTHORITY REVENUE BONDS, THE UNIVERSITY OF CHICAGO, SERIES 2015A, (F) DESCRIPTION OF PURPOSE: TO Finance, Refinance, and Reimburse the University for costs of Certain Educational Facilities, (ii) Advance Refund and Defease the Revenue Bonds Series 2007 Dated: 06/28/2007 and (iii) pay costs of issuance $114,705.000 ILLINOIS FINANCE AUTHORITY REVENUE BONDS, THE UNIVERSITY OF CHICAGO, SERIES 2018A, (F) DESCRIPTION OF PURPOSE: TO Finance, Refinance, and Reimburse the University for costs of Certain Educational Facilities, (ii) refinance the Taxable Commercial Paper Notes, Series A used to refinance the Series 2001B-3 and (iii) pay costs of issuance $164,555,000 ILLINOIS FINANCE AUTHORITY REVENUE BONDS, THE UNIVERSITY OF CHICAGO, SERIES 2020A, (F) DESCRIPTION OF PURPOSE: TO refinance a Taxable Line of Credit used to refinance the 2001B-1 and 2001B-2 bond issues (ii) to refinance the Taxable 2020 Commercial Paper Notes and (iii) pay costs of issuance xxxxxx ILLINOIS FINANCE AUTHORITY REVENUE BONDS, THE UNIVERSITY OF CHICAGO, SERIES 2021A, (F) DESCRIPTION OF PURPOSE: TO Refund a portion of the outstanding Series 2012A Bonds Dated: 02/02/2012 and (ii) pay costs of issuance
Schedule K, Part III Bond 2004C and 2008 All issues refunded by the 2004C issue are either prior to 12/31/2002 or through a series of refunding that refund an issue prior to 12/31/2002. Accordingly, this issue is exempt from Part III reporting. All issues refunded by the 2008 issue are either prior to 12/31/2002 or through a series of refunding that refund an issue prior to 12/31/2002. Accordingly, this issue is exempt from Part III reporting.
Schedule K, Part IV, Line 2c COLUMN A Issuer name: IEFA 50,000,000 ADJ RATE REV BONDS SERIES 2003B The calculation for computing no rebate due was performed on 04/02/2009
Schedule K, Part IV, Line 2c COLUMN B Issuer name: IFA 100,000,000 ADJ Rate REV BONDS SERIES 2004B The calculation for computing no rebate due was performed on 12/22/2009
Schedule K, Part IV, Line 2c COLUMN C Issuer name: IFA 80,000,000 ADJ RATE REV REFUND BONDS 2004C The calculation for computing no rebate due was performed on 12/22/2011
Schedule K, Part IV, Line 2c COLUMN D Issuer name: IFA 123,604,000 ADJ RATE REV Bonds SERIES 2008 The calculation for computing no rebate due was performed on 03/26/2013
Schedule K, Part IV, Line 2c COLUMN A Issuer name: IFA 573,645,000 REVENUE BONDS SERIES 2014A The calculation for computing no rebate due was performed on 08/29/2019
Schedule K, Part IV, Line 2c COLUMN B Issuer name: IFA 415,825,000 REVENUE BONDS SERIES 2015A The calculation for computing no rebate due was performed on 10/22/2020
Schedule K (Form 990) 2021

Additional Data


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