2022 Mayo Clinic 990 Public
2022 Mayo Clinic 990 Public
990 Return of Organization Exempt From Income Tax OMB No. 1545-0047
Form 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.
2022
Department of the Treasury Open to Public
Internal Revenue Service Go to www.irs.gov/Form990 for instructions and the latest information. Inspection
A For the 2022 calendar year, or tax year beginning and ending
B Check if C Name of organization D Employer identification number
applicable:
Address
change MAYO CLINIC
Name
change Doing business as 41-6011702
Initial
return Number and street (or P.O. box if mail is not delivered to street address) Room/suite E Telephone number
Final
return/ 200 FIRST STREET SW TAX 507-538-1297
termin-
ated City or town, state or province, country, and ZIP or foreign postal code G Gross receipts $ 14,473,593,274.
Amended
return ROCHESTER, MN 55905 H(a) Is this a group return
Applica-
tion F Name and address of principal officer: GIANRICO FARRUGIA, M.D. for subordinates? ~~ Yes X No
pending
SAME AS C ABOVE H(b) Are all subordinates included? Yes No
I Tax-exempt status: X 501(c)(3) 501(c) ( ) (insert no.) 4947(a)(1) or 527 If "No," attach a list. See instructions
J Website: WWW.MAYOCLINIC.ORG H(c) Group exemption number 5983
K Form of organization: X Corporation Trust Association Other L Year of formation: 1919 M State of legal domicile: MN
Part I Summary
1 Briefly describe the organization's mission or most significant activities: PATIENT CARE, RESEARCH AND
Activities & Governance
EDUCATION
2 Check this box if the organization discontinued its operations or disposed of more than 25% of its net assets.
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 16
5 Total number of individuals employed in calendar year 2022 (Part V, line 2a) ~~~~~~~~~~~~~~~~ 5 29136
6 Total number of volunteers (estimate if necessary) ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 6 928
7 a Total unrelated business revenue from Part VIII, column (C), line 12 ~~~~~~~~~~~~~~~~~~~~ 7a 916,217,531.
b Net unrelated business taxable income from Form 990-T, Part I, line 11 7b 122,337,721.
Prior Year Current Year
8 Contributions and grants (Part VIII, line 1h) ~~~~~~~~~~~~~~~~~~~~~ 2,825,326,266. 2,389,724,888.
Revenue
9 Program service revenue (Part VIII, line 2g) ~~~~~~~~~~~~~~~~~~~~~ 4,089,305,003. 4,050,774,292.
10 Investment income (Part VIII, column (A), lines 3, 4, and 7d) ~~~~~~~~~~~~~ 1,021,883,730. 592,500,111.
11 Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e) ~~~~~~~~ 56,726,005. 42,354,919.
12 Total revenue - add lines 8 through 11 (must equal Part VIII, column (A), line 12) 7,993,241,004. 7,075,354,210.
13 Grants and similar amounts paid (Part IX, column (A), lines 1-3) ~~~~~~~~~~~ 540,559,805. 323,566,414.
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) ~~~ 2,842,196,781. 3,087,079,075.
Expenses
16a Professional fundraising fees (Part IX, column (A), line 11e) ~~~~~~~~~~~~~~ 617,878. 902,800.
b Total fundraising expenses (Part IX, column (D), line 25) 51,238,052.
17 Other expenses (Part IX, column (A), lines 11a-11d, 11f-24e) ~~~~~~~~~~~~~ 2,389,744,925. 2,266,407,337.
18 Total expenses. Add lines 13-17 (must equal Part IX, column (A), line 25) ~~~~~~~ 5,773,119,389. 5,677,955,626.
19 Revenue less expenses. Subtract line 18 from line 12 2,220,121,615. 1,397,398,584.
Fund Balances
2 Did the organization undertake any significant program services during the year which were not listed on the
prior Form 990 or 990-EZ? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Yes X No
If "Yes," describe these new services on Schedule O.
3 Did the organization cease conducting, or make significant changes in how it conducts, any program services?~~~~~~ Yes X No
If "Yes," describe these changes on Schedule O.
4 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 $ 4,231,360,455. including grants of $ 253,195,203. ) (Revenue $ 4,023,668,447. )
PATIENT CARE (SEE SCHEDULE O FOR DESCRIPTION)
Check if Schedule O contains a response or note to any line in this Part VI ••••••••••••••••••••••••••• X
Section A. Governing Body and Management
Yes No
1a Enter the number of voting members of the governing body at the end of the tax year ~~~~~~ 1a 28
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 on Schedule O.
b Enter the number of voting members included on line 1a, above, who are independent ~~~~~~ 1b 16
2 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? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 2 X
3 Did the organization delegate control over management duties customarily performed by or under the direct supervision
of officers, directors, trustees, or key employees to a management company or other person? ~~~~~~~~~~~~~~~ 3 X
4 Did the organization make any significant changes to its governing documents since the prior Form 990 was filed? ~~~~~ 4 X
5 Did the organization become aware during the year of a significant diversion of the organization's assets? ~~~~~~~~~ 5 X
6 Did the organization have members or stockholders? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 6 X
7a 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? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 7a X
b Are any governance decisions of the organization reserved to (or subject to approval by) members, stockholders, or
persons other than the governing body? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 7b X
8 Did the organization contemporaneously document the meetings held or written actions undertaken during the year by the following:
a The governing body? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 8a X
b Each committee with authority to act on behalf of the governing body? ~~~~~~~~~~~~~~~~~~~~~~~~~~ 8b X
9 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 on Schedule O ••••••••••••••••• 9 X
Section B. Policies (This Section B requests information about policies not required by the Internal Revenue Code.)
Yes No
10a Did the organization have local chapters, branches, or affiliates? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 10a X
b 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 X
11a Has the organization provided a complete copy of this Form 990 to all members of its governing body before filing the form? 11a X
b 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 X
b Were officers, directors, or trustees, and key employees required to disclose annually interests that could give rise to conflicts? ~~~~~~ 12b X
c Did the organization regularly and consistently monitor and enforce compliance with the policy? If "Yes," describe
on Schedule O how this was done ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 12c X
13 Did the organization have a written whistleblower policy? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 13 X
14 Did the organization have a written document retention and destruction policy? ~~~~~~~~~~~~~~~~~~~~~~ 14 X
15 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?
a The organization's CEO, Executive Director, or top management official ~~~~~~~~~~~~~~~~~~~~~~~~~~ 15a X
b Other officers or key employees of the organization ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 15b X
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 X
b 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 X
Section C. Disclosure
17 List the states with which a copy of this Form 990 is required to be filed SEE SCHEDULE O
18 Section 6104 requires an organization to make its Forms 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 X Upon request Other (explain on Schedule O)
19 Describe on 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.
20 State the name, address, and telephone number of the person who possesses the organization's books and records
CORPORATE TAX - 507-538-1297
200 FIRST STREET SW, ROCHESTER, MN 55905
232006 12-13-22 Form 990 (2022)
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Form 990 (2022) MAYO CLINIC 41-6011702 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.
¥ 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, and 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) (B) (C) (D) (E) (F)
Name and title Average Position Reportable Reportable Estimated
(do not check more than one
hours per box, unless person is both an compensation compensation amount of
officer and a director/trustee)
week Individual trustee or director from from related other
(list any the organizations compensation
hours for organization (W-2/1099-MISC/ from the
Highest compensated
Institutional trustee
employee
below organizations
Former
Officer
line)
FARRUGIA M.D., GIANRICO 1.00
TRUSTEE/PRESIDENT/CEO 40.00 X X 0. 3,636,091. 84,251.
GRAY M.D., RICHARD J. 1.00
TRUSTEE/VP 40.00 X X 0. 1,999,424. 73,274.
THIELEN M.D., KENT R. 1.00
TRUSTEE/VP 40.00 X X 0. 2,006,672. 82,342.
GORMAN, PAUL A. 1.00
TREASURER 40.00 X 0. 1,715,056. 86,692.
ZORN, CHRISTINA K. 1.00
TRUSTEE/VP 40.00 X X 0. 1,530,674. 71,810.
DAHLEN, DENNIS E. 1.00
CFO 40.00 X 0. 1,481,402. 92,474.
KRAUSS M.D., WILLIAM E. 40.00
PHYSICIAN 0.00 X 1,463,000. 0. 76,257.
LANZINO M.D., GIUSEPPE 40.00
PHYSICIAN 0.00 X 1,452,631. 0. 78,463.
MURPHY, JOSHUA B. 1.00
SECY 40.00 X 0. 1,402,046. 83,935.
PICHELMANN M.D., MARK A. 40.00
CHAIR-NWWI NEUROSURGERY 0.00 X 1,405,818. 0. 64,961.
WILLIAMS M.D., AMY W. 1.00
TRUSTEE 40.00 X 0. 1,397,374. 72,259.
MARSH M.D., W. RICHARD 40.00
DIR-SPINE CENTER 0.00 X 1,378,411. 0. 39,627.
CLARKE M.D., MICHELLE J. 40.00
PHYSICIAN 0.00 X 1,327,940. 0. 53,586.
GORES M.D., GREGORY J. 40.00
EXECUTIVE DEAN OF RESEARCH 0.00 X 1,301,223. 0. 39,974.
WILLIAMSON, MARY J. 40.00
CAO-MCS 0.00 X 1,096,580. 0. 78,248.
OTLEY M.D., CLARK C. 40.00
PHYSICIAN 0.00 X 1,078,010. 0. 81,918.
AMMASH M.D., NASER M. 0.00
FORMER KEY EMPLOYEE 40.00 X 0. 1,036,062. 75,598.
232007 12-13-22 Form 990 (2022)
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Part VII Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees (continued)
(A) (B) (C) (D) (E) (F)
Name and title Average Position Reportable Reportable Estimated
(do not check more than one
hours per box, unless person is both an compensation compensation amount of
officer and a director/trustee)
week from from related other
(list any
Highest compensated
related
Institutional trustee
(W-2/1099-MISC/ 1099-NEC) organization
organizations 1099-NEC) and related
Key employee
below
employee
organizations
Former
Officer
line)
MENKOSKY, PAULA E. 1.00
ASST SECY 40.00 X 0. 1,011,448. 81,544.
HARPER JR., M.D., CHARLES M. 40.00
TRUSTEE 0.00 X 1,042,860. 0. 38,634.
PAGNANO M.D., MARK W. 40.00
CHAIR-ORTHOPEDICS 0.00 X 923,369. 0. 81,668.
SHAH M.D., VIJAY 40.00
CHAIR-ROCH INTERN MED 0.00 X 930,719. 0. 73,536.
CALLSTROM M.D., MATTHEW R. 40.00
TRUSTEE 0.00 X 920,062. 0. 78,978.
RIHAL M.D., CHARANJIT S. 40.00
TRUSTEE 0.00 X 901,460. 0. 84,702.
MORICE M.D., WILLIAM G. 40.00
CHAIR-LAB MED & PATH 0.00 X 866,742. 0. 78,296.
ARNETT, JENNIFER P. 40.00
CHIEF DEVELOPMENT OFFICER 0.00 X 877,526. 0. 36,563.
HARA M.D., AMY K. 1.00
TRUSTEE 40.00 X 0. 817,162. 74,377.
1b Subtotal ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 16,966,351. 18,033,411. 1,863,967.
c Total from continuation sheets to Part VII, Section A ~~~~~~~~~~~ 15,922,829. 5,395,612. 2,151,643.
d Total (add lines 1b and 1c) ••••••••••••••••••••••~•• 32,889,180. 23,429,023. 4,015,610.
2 Total number of individuals (including but not limited to those listed above) who received more than $100,000 of reportable
compensation from the organization 6,603
Yes No
3 Did the organization list any former officer, director, trustee, key employee, or highest compensated employee on
line 1a? If "Yes," complete Schedule J for such individual ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 3 X
4 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~~~~~~~~~~~~~ 4 X
5 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 •••••••••••••••••••••••• 5 X
Section B. Independent Contractors
1 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) (B) (C)
Name and business address Description of services Compensation
MAYO FOUNDATION FOR MEDICAL EDUCATION & RES PROCUREMENT & MED SUPPORT
200 FIRST STREET SW, ROCHESTER, MN 55905 SERVICES 615,782,948.
MAYO CLINIC JACKSONVILLE
4500 SAN PABLO ROAD, JACKSONVILLE, FL 32224 MEDICAL SUPPORT SERVICES 3,766,309.
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 2
SEE PART VII, SECTION A CONTINUATION SHEETS Form 990 (2022)
232008 12-13-22
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Form 990 MAYO CLINIC 41-6011702
Part VII Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees (continued)
(A) (B) (C) (D) (E) (F)
Name and title Average Position Reportable Reportable Estimated
hours (check all that apply) compensation compensation amount of
per from from related other
week the organizations compensation
Institutional trustee
related and related
Key employee
organizations organizations
below
Former
Officer
line)
CAMILLERI M.D., MICHAEL 40.00
FORMER KEY EMPLOYEE 0.00 X 841,962. 0. 41,116.
WALD M.D., JOHN T. 40.00
FORMER KEY EMPLOYEE 0.00 X 777,809. 0. 88,222.
KENDRICK M.D., MICHAEL L. 40.00
CHAIR-SURGERY 0.00 X 787,711. 0. 73,225.
KHAN, RITA G. 0.00
FORMER KEY EMPLOYEE 40.00 X 0. 758,025. 58,776.
FONSECA M.D., RAFAEL 1.00
TRUSTEE 40.00 X 0. 734,769. 78,773.
LEIBOVICH M.D., BRADLEY C. 40.00
PHYSICIAN 0.00 X 734,499. 0. 75,874.
DOWDY M.D., SEAN C. 40.00
CHIEF VALUE OFFICER 0.00 X 732,595. 0. 70,342.
LOFTUS M.D., CONOR G. 40.00
FORMER KEY EMPLOYEE 0.00 X 720,718. 0. 65,795.
DIDEHBAN, ROSHANAK 1.00
TRUSTEE 40.00 X 489,841. 246,295. 36,358.
GALANIS M.D., EVANTHIA 40.00
EXECUTIVE DEAN OF DEVELOPMENT 0.00 X 696,670. 0. 70,863.
GERTZ M.D., MORIE A. 40.00
FORMER KEY EMPLOYEE 0.00 X 726,233. 0. 38,084.
MCLAUGHLIN M.D., SARAH A. 1.00
TRUSTEE 40.00 X 0. 682,925. 35,344.
BROWN M.D., MICHAEL J. 40.00
PHYSICIAN 0.00 X 644,181. 0. 73,027.
CIMA M.D., ROBERT R. 40.00
PHYSICIAN 0.00 X 640,358. 0. 74,102.
OKUNO M.D., SCOTT H. 40.00
FORMER KEY EMPLOYEE 0.00 X 632,334. 0. 75,447.
LUETMER M.D., PATRICK H. 40.00
FORMER KEY EMPLOYEE 0.00 X 661,260. 0. 45,164.
FRANK M.D., IGOR 40.00
PHYSICIAN 0.00 X 631,768. 0. 67,305.
KHAN M.D., AMIR R. 40.00
PHYSICIAN 0.00 X 603,303. 0. 73,915.
PETERS M.D., STEVE G. 40.00
PHYSICIAN 0.00 X 614,018. 0. 40,312.
GAZELKA M.D., HALENA M. 1.00
FORMER KEY EMPLOYEE 40.00 X 584,084. 21,184. 56,096.
232201
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Form 990 MAYO CLINIC 41-6011702
Part VII Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees (continued)
(A) (B) (C) (D) (E) (F)
Name and title Average Position Reportable Reportable Estimated
hours (check all that apply) compensation compensation amount of
per from from related other
week the organizations compensation
Institutional trustee
related and related
Key employee
organizations organizations
below
Former
Officer
line)
FAMUYIDE M.B.B.S., ABIMBOLA O. 40.00
TRUSTEE 0.00 X 565,818. 0. 74,824.
FRANCIS, JAMES R. 1.00
ASST TREASURER 40.00 X 0. 547,728. 89,905.
HORLOCKER M.D., TERESE T. 40.00
PHYSICIAN 0.00 X 593,169. 0. 38,669.
DUNN, AJANI N. 1.00
ASST SECY 40.00 X 0. 535,956. 64,190.
HAYES M.D., SHARONNE N. 40.00
FORMER KEY EMPLOYEE 0.00 X 510,672. 0. 64,856.
LUCCHINETTI M.D., CLAUDIA F. 40.00
TRUSTEE 0.00 X 490,858. 0. 77,982.
DIETER, HEIDI L. 40.00
CHAIR-RESEARCH ADMIN 0.00 X 490,358. 0. 50,076.
POE, JOHN D. 1.00
CHAIR-EDUCATION ADMIN 40.00 X 53,273. 408,559. 61,725.
DIASIO M.D., ROBERT B. 40.00
FORMER KEY EMPLOYEE 0.00 X 453,641. 0. 34,018.
HUBERT, SHERRY L. 1.00
ASST SECY 40.00 X 0. 386,410. 83,003.
NARR M.D., BRADLY J. 40.00
FORMER KEY EMPLOYEE 0.00 X 411,331. 0. 39,916.
NORBY, SUSAN M. 0.00
FORMER OFFICER 40.00 X 0. 364,249. 72,191.
BOLTON, JEFFREY W. 0.00
FORMER OFFICER 40.00 X 0. 406,549. 0.
CAINE, NATALIE A. 40.00
CAO-ROCHESTER 0.00 X 343,552. 0. 57,644.
GREENE M.D., EDDIE L. 40.00
TRUSTEE 0.00 X 315,382. 0. 66,907.
BROWN, WILLIAM A. 1.00
ASST TREASURER 40.00 X 0. 270,854. 37,597.
HAEFLINGER, RICKY J. 40.00
FORMER OFFICER 0.00 X 175,431. 0. 0.
ALIX, JAY 5.00
TRUSTEE 0.00 X 0. 13,491. 0.
POWELL, MICHAEL K. 5.00
TRUSTEE/CHAIR 0.00 X X 0. 9,137. 0.
STEER M.D., RANDOLPH C. 5.00
TRUSTEE 0.00 X 0. 3,881. 0.
232201
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Form 990 MAYO CLINIC 41-6011702
Part VII Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees (continued)
(A) (B) (C) (D) (E) (F)
Name and title Average Position Reportable Reportable Estimated
hours (check all that apply) compensation compensation amount of
per from from related other
week the organizations compensation
Institutional trustee
related and related
Key employee
organizations organizations
below
Former
Officer
line)
ROBERTS, ROBIN R. 5.00
TRUSTEE 0.00 X 0. 2,529. 0.
BAKER JR., DOUGLAS M. 5.00
TRUSTEE 0.00 X 0. 2,360. 0.
BAICKER, KATHERINE 5.00
TRUSTEE 0.00 X 0. 711. 0.
BILICIC, GEORGE W. 5.00
TRUSTEE 0.00 X 0. 0. 0.
BURNS, URSULA M. 5.00
TRUSTEE 0.00 X 0. 0. 0.
DAVIS, RICHARD K. 5.00
TRUSTEE 0.00 X 0. 0. 0.
DI PIAZZA JR., SAMUEL A. 5.00
TRUSTEE 0.00 X 0. 0. 0.
GERBERDING M.D., JULIE L. 5.00
TRUSTEE 0.00 X 0. 0. 0.
HALVORSON, GEORGE C. 5.00
TRUSTEE 0.00 X 0. 0. 0.
MULALLY, ALAN R. 5.00
TRUSTEE 0.00 X 0. 0. 0.
PERETSMAN, NANCY B. 5.00
TRUSTEE 0.00 X 0. 0. 0.
ROTHBLATT A., MARTINE 5.00
TRUSTEE 0.00 X 0. 0. 0.
SCHMIDT, ERIC E. 5.00
TRUSTEE 0.00 X 0. 0. 0.
SWEENEY, ANNE M. 5.00
TRUSTEE 0.00 X 0. 0. 0.
TOMM, CHARLES B. 5.00
TRUSTEE 0.00 X 0. 0. 0.
232201
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Part VIII Statement of Revenue
Check if Schedule O contains a response or note to any line in this Part VIII •••••••••••••••••••••••••
(A) (B) (C) (D)
Total revenue Related or exempt Unrelated Revenue excluded
function revenue business revenue from tax under
sections 512 - 514
36,239.
Contributions, Gifts, Grants
and Other Similar Amounts
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Part XI Reconciliation of Net Assets
Check if Schedule O contains a response or note to any line in this Part XI •••••••••••••••••••••••••••• X
1 Total revenue (must equal Part VIII, column (A), line 12) ~~~~~~~~~~~~~~~~~~~~~~~~~~ 1 7,075,354,210.
2 Total expenses (must equal Part IX, column (A), line 25) ~~~~~~~~~~~~~~~~~~~~~~~~~~ 2 5,677,955,626.
3 Revenue less expenses. Subtract line 2 from line 1 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 3 1,397,398,584.
4 Net assets or fund balances at beginning of year (must equal Part X, line 32, column (A)) ~~~~~~~~~~ 4 10,377,752,525.
5 Net unrealized gains (losses) on investments ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 5 -1,840,274,638.
6 Donated services and use of facilities ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 6
7 Investment expenses ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 7
8 Prior period adjustments ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 8
9 Other changes in net assets or fund balances (explain on Schedule O) ~~~~~~~~~~~~~~~~~~ 9 2,594,592,207.
10 Net assets or fund balances at end of year. Combine lines 3 through 9 (must equal Part X, line 32,
column (B)) •••••••••••••••••••••••••••••••••••••••••••••••• 10 12,529,468,678.
Part XII Financial Statements and Reporting
Check if Schedule O contains a response or note to any line in this Part XII ••••••••••••••••••••••••••• X
Yes No
1 Accounting method used to prepare the Form 990: Cash X Accrual Other
If the organization changed its method of accounting from a prior year or checked "Other," explain on Schedule O.
2a Were the organization's financial statements compiled or reviewed by an independent accountant? ~~~~~~~~~~~~ 2a X
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
b Were the organization's financial statements audited by an independent accountant? ~~~~~~~~~~~~~~~~~~~ 2b X
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 X Consolidated basis Both consolidated and separate basis
c 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?~~~~~~~~~~~~~~~ 2c X
If the organization changed either its oversight process or selection process during the tax year, explain on Schedule O.
3a 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? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 3a X
b If "Yes," did the organization undergo the required audit or audits? If the organization did not undergo the required audit
or audits, explain why on Schedule O and describe any steps taken to undergo such audits •••••••••••••••• 3b X
Form 990 (2022)
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SCHEDULE A OMB No. 1545-0047
Total
LHA For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ. 232021 12-09-22 Schedule A (Form 990) 2022
Schedule A (Form 990) 2022 MAYO CLINIC 41-6011702 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
fails to qualify under the tests listed below, please complete Part III.)
Section A. Public Support
Calendar year (or fiscal year beginning in) (a) 2018 (b) 2019 (c) 2020 (d) 2021 (e) 2022 (f) Total
1 Gifts, grants, contributions, and
membership fees received. (Do not
include any "unusual grants.") ~~
2 Tax revenues levied for the organ-
ization's benefit and either paid to
or expended on its behalf ~~~~
3 The value of services or facilities
furnished by a governmental unit to
the organization without charge ~
4 Total. Add lines 1 through 3 ~~~
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) ~~~~~~~~~~~~
6 Public support. Subtract line 5 from line 4.
Section B. Total Support
Calendar year (or fiscal year beginning in) (a) 2018 (b) 2019 (c) 2020 (d) 2021 (e) 2022 (f) Total
7 Amounts from line 4 ~~~~~~~
8 Gross income from interest,
dividends, payments received on
securities loans, rents, royalties,
and income from similar sources ~
9 Net income from unrelated business
activities, whether or not the
business is regularly carried on ~
10 Other income. Do not include gain
or loss from the sale of capital
assets (Explain in Part VI.) ~~~~
11 Total support. Add lines 7 through 10
12 Gross receipts from related activities, etc. (see instructions) ~~~~~~~~~~~~~~~~~~~~~~~ 12
13 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 •••••••••••••••••••••••••••••••••••••••••••••••
Section C. Computation of Public Support Percentage
14 Public support percentage for 2022 (line 6, column (f), divided by line 11, column (f)) ~~~~~~~~~~~ 14 %
15 Public support percentage from 2021 Schedule A, Part II, line 14 ~~~~~~~~~~~~~~~~~~~~~ 15 %
16a 33 1/3% support test - 2022. 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 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
b 33 1/3% support test - 2021. 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 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
17a 10% -facts-and-circumstances test - 2022. 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 ~~~~~~~~~~~~~~~~~
b 10% -facts-and-circumstances test - 2021. 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 ~~~~~~~~~~~
18 Private foundation. If the organization did not check a box on line 13, 16a, 16b, 17a, or 17b, check this box and see instructions •••••
Schedule A (Form 990) 2022
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Schedule A (Form 990) 2022 MAYO CLINIC 41-6011702 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) 2018 (b) 2019 (c) 2020 (d) 2021 (e) 2022 (f) Total
1 Gifts, grants, contributions, and
membership fees received. (Do not
include any "unusual grants.") ~~ 1975507156. 2194234892. 2422520612. 2825326266. 2389724888. 11807313814.
2 Gross receipts from admissions,
merchandise sold or services per-
formed, or facilities furnished in
any activity that is related to the
organization's tax-exempt purpose 3390245417. 3324127662. 3408043003. 3197736676. 3191523521. 16511676279.
3 Gross receipts from activities that
are not an unrelated trade or bus-
iness under section 513 ~~~~~ 17,480,366. 17,097,585. 9,994,115. 12,809,372. 8,121,798. 65,503,236.
4 Tax revenues levied for the organ-
ization'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 ~~~ 5383232939. 5535460139. 5840557730. 6035872314. 5589370207. 28384493329.
7 a Amounts included on lines 1, 2, and
3 received from disqualified persons 0.
b Amounts included on lines 2 and 3 received
from other than disqualified persons that
exceed the greater of $5,000 or 1% of the
amount on line 13 for the year ~~~~~~ 0.
c Add lines 7a and 7b ~~~~~~~ 0.
8 Public support. (Subtract line 7c from line 6.) 28384493329.
Section B. Total Support
Calendar year (or fiscal year beginning in) (a) 2018 (b) 2019 (c) 2020 (d) 2021 (e) 2022 (f) Total
9 Amounts from line 6 ~~~~~~~ 5383232939. 5535460139. 5840557730. 6035872314. 5589370207. 28384493329.
10a Gross income from interest,
dividends, payments received on
securities loans, rents, royalties,
and income from similar sources ~ 54,704,231. 230,253,855. 200,743,329. 271,179,894. 239,752,060. 996,633,369.
b Unrelated business taxable income
(less section 511 taxes) from businesses
acquired after June 30, 1975 ~~~~ 78,762,106. 114,491,776. 180,609,096. 160,531,494. 118,746,266. 653,140,738.
c Add lines 10a and 10b ~~~~~~ 133,466,337. 344,745,631. 381,352,425. 431,711,388. 358,498,326. 1649774107.
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 5,805,837. 5,805,837.
assets (Explain in Part VI.) ~~~~
13 Total support. (Add lines 9, 10c, 11, and 12.) 5522505113. 5880205770. 6221910155. 6467583702. 5947868533. 30040073273.
14 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 ••••••••••••••••••••••••••••••••••••••••••••••••••••••
Section C. Computation of Public Support Percentage
15 Public support percentage for 2022 (line 8, column (f), divided by line 13, column (f)) ~~~~~~~~~~~ 15 94.49 %
16 Public support percentage from 2021 Schedule A, Part III, line 15 •••••••••••••••••••• 16 94.97 %
Section D. Computation of Investment Income Percentage
17 Investment income percentage for 2022 (line 10c, column (f), divided by line 13, column (f)) ~~~~~~~~ 17 5.49 %
18 Investment income percentage from 2021 Schedule A, Part III, line 17 ~~~~~~~~~~~~~~~~~~ 18 4.97 %
19 a 33 1/3% support tests - 2022. 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 ~~~~~~~~~~~~ X
b 33 1/3% support tests - 2021. 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 ~~~~~~
20 Private foundation. If the organization did not check a box on line 14, 19a, or 19b, check this box and see instructions ••••••••••
232023 12-09-22 Schedule A (Form 990) 2022
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Schedule A (Form 990) 2022 MAYO CLINIC 41-6011702 Page 4
Part IV Supporting Organizations
(Complete only if you checked a box on line 12 of Part I. If you checked box 12a, Part I, complete Sections A
and B. If you checked box 12b, Part I, complete Sections A and C. If you checked box 12c, Part I, complete
Sections A, D, and E. If you checked box 12d, Part I, complete Sections A and D, and complete Part V.)
Section A. All Supporting Organizations
Yes No
1 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. 1
2 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). 2
3a Did the organization have a supported organization described in section 501(c)(4), (5), or (6)? If "Yes," answer
lines 3b and 3c below. 3a
b 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. 3b
c 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. 3c
4a 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. 4a
b 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. 4b
c 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. 4c
5a 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). 5a
b 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? 5b
c Substitutions only. Was the substitution the result of an event beyond the organization's control? 5c
6 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. 6
7 Did the organization provide a grant, loan, compensation, or other similar payment to a substantial contributor
(as 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). 7
8 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). 8
9a 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. 9a
b 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. 9b
c 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. 9c
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
b 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
232024 12-09-22 Schedule A (Form 990) 2022
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Schedule A (Form 990) 2022 MAYO CLINIC 41-6011702 Page 5
Part IV Supporting Organizations (continued)
Yes No
11 Has the organization accepted a gift or contribution from any of the following persons?
a 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
b A family member of a person described on line 11a above? 11b
c A 35% controlled entity of a person described on line 11a or 11b above? If "Yes" to line 11a, 11b, or 11c, provide
detail in Part VI. 11c
Section B. Type I Supporting Organizations
Yes No
1 Did the governing body, members of the governing body, officers acting in their official capacity, or membership of one or
more supported organizations have the power to regularly appoint or elect at least a majority of the organization's officers,
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 officers, directors, or trustees were allocated among the
supported organizations and what conditions or restrictions, if any, applied to such powers during the tax year. 1
2 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. 2
Section C. Type II Supporting Organizations
Yes No
1 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). 1
Section D. All Type III Supporting Organizations
Yes No
1 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? 1
2 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). 2
3 By reason of the relationship described on 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. 3
Section E. Type III Functionally Integrated Supporting Organizations
1 Check the box next to the method that the organization used to satisfy the Integral Part Test during the year(see instructions).
a The organization satisfied the Activities Test. Complete line 2 below.
b The organization is the parent of each of its supported organizations. Complete line 3 below.
c The organization supported a governmental entity. Describe in Part VI how you supported a governmental entity (see instructions).
2 Activities Test. Answer lines 2a and 2b below. Yes No
a 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. 2a
b 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. 2b
3 Parent of Supported Organizations. Answer lines 3a and 3b below.
a 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. 3a
b 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. 3b
232025 12-09-22 Schedule A (Form 990) 2022
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Schedule A (Form 990) 2022 MAYO CLINIC 41-6011702 Page 6
Part V Type III Non-Functionally Integrated 509(a)(3) Supporting Organizations
1 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.
(B) Current Year
Section A - Adjusted Net Income (A) Prior 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
(B) Current Year
Section B - Minimum Asset Amount (A) Prior 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):
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
1 Adjusted net income for prior year (from Section A, line 8, column A) 1
2 Enter 0.85 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
7 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) 2022
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Schedule A (Form 990) 2022 MAYO CLINIC 41-6011702 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
7 Total 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 2022 from Section C, line 6 9
10 Line 8 amount divided by line 9 amount 10
(i) (ii) (iii)
Section E - Distribution Allocations (see instructions) Excess Distributions Underdistributions Distributable
Pre-2022 Amount for 2022
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Schedule A (Form 990) 2022 MAYO CLINIC 41-6011702 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.)
MISCELLANEOUS
WHILE THE IRS DETERMINED THAT MAYO CLINIC QUALIFIES UNDER LINE 10, AN
1/3% OF ITS SUPPORT FROM GROSS INVESTMENT INCOME AND UNRELATED BUSINESS
SECTION 170(B)(1)(A)(VI).
2022
(Form 990) Attach to Form 990 or Form 990-PF.
Department of the Treasury
Go to www.irs.gov/Form990 for the latest information.
Internal Revenue Service
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
property) from any one contributor. Complete Parts I and II. See instructions for determining a contributor's total contributions.
Special Rules
X For an organization described in section 501(c)(3) filing Form 990 or 990-EZ that met the 33 1/3% support test of the regulations under
sections 509(a)(1) and 170(b)(1)(A)(vi), that checked Schedule A (Form 990), 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 (entering
"N/A" in column (b) instead of the contributor name and address), 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 ~~~~~~~~~~~~~~~~~ $
Caution: An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990), 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 990-PF, Part I, line 2, to certify
that it doesn't meet the filing requirements of Schedule B (Form 990).
LHA For Paperwork Reduction Act Notice, see the instructions for Form 990, 990-EZ, or 990-PF. Schedule B (Form 990) (2022)
223451 11-15-22
Schedule B (Form 990) (2022) Page 2
Name of organization Employer identification number
Part I Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
1 Person X
Payroll
$ 1,001,213,546. Noncash
(Complete Part II for
noncash contributions.)
2 Person X
Payroll
$ 301,001,096. Noncash
(Complete Part II for
noncash contributions.)
3 Person X
Payroll
$ 126,047,125. Noncash
(Complete Part II for
noncash contributions.)
4 Person X
Payroll
$ 105,579,024. Noncash
(Complete Part II for
noncash contributions.)
5 Person X
Payroll
$ 100,000,000. Noncash
(Complete Part II for
noncash contributions.)
6 Person X
Payroll
$ 60,739,754. Noncash
(Complete Part II for
noncash contributions.)
223452 11-15-22 Schedule B (Form 990) (2022)
26
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Schedule B (Form 990) (2022) Page 3
Name of organization Employer identification number
Part II Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a)
(c)
No. (b) (d)
FMV (or estimate)
from Description of noncash property given Date received
(See instructions.)
Part I
(a)
(c)
No. (b) (d)
FMV (or estimate)
from Description of noncash property given Date received
(See instructions.)
Part I
(a)
(c)
No. (b) (d)
FMV (or estimate)
from Description of noncash property given Date received
(See instructions.)
Part I
(a)
(c)
No. (b) (d)
FMV (or estimate)
from Description of noncash property given Date received
(See instructions.)
Part I
(a)
(c)
No. (b) (d)
FMV (or estimate)
from Description of noncash property given Date received
(See instructions.)
Part I
(a)
(c)
No. (b) (d)
FMV (or estimate)
from Description of noncash property given Date received
(See instructions.)
Part I
$
223453 11-15-22 Schedule B (Form 990) (2022)
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Schedule B (Form 990) (2022) Page 4
Name of organization Employer identification number
(a) No.
from (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
Part I
(a) No.
from (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
Part I
(a) No.
from (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
Part I
(Form 990)
For Organizations Exempt From Income Tax Under section 501(c) and section 527 2022
Complete if the organization is described below. Attach to Form 990 or Form 990-EZ. Open to Public
Department of the Treasury
Internal Revenue Service Go to www.irs.gov/Form990 for instructions and the latest information. 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
¥ Section 501(c)(3) organizations: Complete Parts I-A and B. Do not complete Part I-C.
¥ Section 501(c) (other than section 501(c)(3)) organizations: Complete Parts I-A and C below. Do not complete Part I-B.
¥ 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
¥ 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.
¥ 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
¥ Section 501(c)(4), (5), or (6) organizations: Complete Part III.
Name of organization Employer identification number
MAYO CLINIC 41-6011702
Part I-A Complete if the organization is exempt under section 501(c) or is a section 527 organization.
1 Provide a description of the organization's direct and indirect political campaign activities in Part IV.
2 Political campaign activity expenditures ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ $
3 Volunteer hours for political campaign activities ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ. Schedule C (Form 990) 2022
LHA
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Schedule C (Form 990) 2022 MAYO CLINIC 41-6011702 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 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 if the filing organization checked box A and "limited control" provisions apply.
(a) Filing (b) Affiliated group
Limits on Lobbying Expenditures
organization's totals
(The term "expenditures" means amounts paid or incurred.) totals
Calendar year
(a) 2019 (b) 2020 (c) 2021 (d) 2022 (e) Total
(or fiscal year beginning in)
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Schedule C (Form 990) 2022 MAYO CLINIC 41-6011702 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 (a) (b)
of the lobbying activity.
Yes No Amount
1 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:
a Volunteers? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ X
b Paid staff or management (include compensation in expenses reported on lines 1c through 1i)? ~ X
c Media advertisements? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ X
d Mailings to members, legislators, or the public? ~~~~~~~~~~~~~~~~~~~~~~~~~ X
e Publications, or published or broadcast statements? ~~~~~~~~~~~~~~~~~~~~~~ X
f Grants to other organizations for lobbying purposes? ~~~~~~~~~~~~~~~~~~~~~~ X
g Direct contact with legislators, their staffs, government officials, or a legislative body? ~~~~~~ X
h Rallies, demonstrations, seminars, conventions, speeches, lectures, or any similar means? ~~~~ X
i Other activities? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ X 313,085.
j Total. Add lines 1c through 1i ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 313,085.
2a Did the activities in line 1 cause the organization to be not described in section 501(c)(3)? ~~~~ X
b If "Yes," enter the amount of any tax incurred under section 4912 ~~~~~~~~~~~~~~~~
c If "Yes," enter the amount of any tax incurred by organization managers under section 4912 ~~~
d 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 No
1 Were substantially all (90% or more) dues received nondeductible by members? ~~~~~~~~~~~~~~~~~ 1
2 Did the organization make only in-house lobbying expenditures of $2,000 or less? ~~~~~~~~~~~~~~~~ 2
3 Did the organization agree to carry over lobbying and political campaign activity expenditures from the prior year? 3
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."
1 Dues, assessments and similar amounts from members ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 1
2 Section 162(e) nondeductible lobbying and political expenditures (do not include amounts of political
expenses for which the section 527(f) tax was paid).
a Current year ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 2a
b Carryover from last year ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 2b
c Total ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 2c
3 Aggregate amount reported in section 6033(e)(1)(A) notices of nondeductible section 162(e) dues ~~~~~~~~ 3
4 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
expenditures next year?~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 4
5 Taxable amount of lobbying and political expenditures. See instructions ••••••••••••••••••••• 5
Part IV Supplemental Information
Provide the descriptions required for Part I-A, line 1; Part I-B, line 4; Part I-C, line 5; Part II-A (affiliated group list); Part II-A, lines 1 and 2 (See
instructions); and Part II-B, line 1. Also, complete this part for any additional information.
PART II-B, LINE 1, LOBBYING ACTIVITIES:
DURING 2022, MAYO CLINIC (MAYO) OFFICIALS HAD MEETINGS AND CONTACTS
AS WELL AS WASHINGTON, D.C., ST. PAUL, MN AND OTHER MAYO CLINIC SITE
ATTRIBUTABLE TO LOBBYING.
7 Amount of expenses incurred in monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
8 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
9 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.
1a 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.
b 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 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ $
(ii) Assets included in Form 990, Part X ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ $
2 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:
a Revenue included on Form 990, Part VIII, line 1 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ $
b Assets included in Form 990, Part X ••••••••••••••••••••••••••••••••••••• $
LHA For Paperwork Reduction Act Notice, see the Instructions for Form 990. Schedule D (Form 990) 2022
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Schedule D (Form 990) 2022 MAYO CLINIC 41-6011702 Page 2
Part III Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets(continued)
3 Using the organization's acquisition, accession, and other records, check any of the following that make significant use of its
collection items (check all that apply):
a X Public exhibition d Loan or exchange program
b Scholarly research e Other
c Preservation for future generations
4 Provide a description of the organization's collections and explain how they further the organization's exempt purpose in Part XIII.
5 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 X 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.
1a 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
2a Did the organization include an amount on Form 990, Part X, line 21, for escrow or custodial account liability? ~~~~~ Yes No
b If "Yes," explain the arrangement in Part XIII. Check here if the explanation has been provided on 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 ~~~~~~~ 6,117,351,716. 5,061,662,985. 4,427,091,907. 3,852,237,495. 3,649,041,615.
b Contributions ~~~~~~~~~~~~~~ 113,233,718. 90,896,164. 171,083,411. 155,829,477. 232,064,809.
c Net investment earnings, gains, and losses -545,428,302. 1,143,091,782. 647,792,722. 461,221,455. 59,629,160.
d Grants or scholarships ~~~~~~~~~
e Other expenditures for facilities
and programs ~~~~~~~~~~~~~ 196,565,988. 178,299,215. 184,305,055. 42,196,520. 88,498,089.
f Administrative expenses ~~~~~~~~
g End of year balance ~~~~~~~~~~ 5,488,591,144. 6,117,351,716. 5,061,662,985. 4,427,091,907. 3,852,237,495.
2 Provide the estimated percentage of the current year end balance (line 1g, column (a)) held as:
a Board designated or quasi-endowment 46.3500 %
b Permanent endowment 32.1200 %
c Term endowment 21.5300 %
The percentages on lines 2a, 2b, and 2c should equal 100%.
3a Are there endowment funds not in the possession of the organization that are held and administered for the
organization by: Yes No
(i) Unrelated organizations ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 3a(i) X
(ii) Related organizations ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 3a(ii) X
b If "Yes" on line 3a(ii), are the related organizations listed as required on Schedule R? ~~~~~~~~~~~~~~~~~~~~ 3b
4 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 (b) Cost or other (c) Accumulated (d) Book value
basis (investment) basis (other) depreciation
1a Land ~~~~~~~~~~~~~~~~~~~~ 110,386,995. 110,386,995.
b Buildings ~~~~~~~~~~~~~~~~~~ 1,979,600,985. 1,265,323,083. 714,277,902.
c Leasehold improvements ~~~~~~~~~~ 70,020,467. 45,182,876. 24,837,591.
d Equipment ~~~~~~~~~~~~~~~~~ 1,624,703,551. 1,171,417,007. 453,286,544.
e Other •••••••••••••••••••• 210,183,211. 210,183,211.
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10c.) ••••••••••••••• 1,512,972,243.
Schedule D (Form 990) 2022
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Schedule D (Form 990) 2022 MAYO CLINIC 41-6011702 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) MAYO POOLED INVESTMENTS 13,905,311,661. END-OF-YEAR MARKET VALUE
(B) QUALIFIED PENSION PLAN 2,163,957,768. END-OF-YEAR MARKET VALUE
(C)
(D)
(E)
(F)
(G)
(H)
Total. (Col. (b) must equal Form 990, Part X, col. (B) line 12.) 16,069,269,429.
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. (Col. (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) INVESTMENTS IN SUBSIDIARIES 526,491,755.
(2) CONTRIBUTED ASSETS PENDING DISPOSAL 80,828,573.
(3) ART 3,167,394.
(4) TRUSTS 139,320,970.
(5) DEFERRED INCOME TAX ASSET 18,641,137.
(6) OTHER LONG TERM ASSETS 244,224,703.
(7) ASSETS HELD FOR DISSOLUTION 307,505.
(8) TECH BASED VENTURES 38,829,388.
(9) BOND-RELATED TRUSTEE HELD INVEST 44,778,159.
Total. (Column (b) must equal Form 990, Part X, col. (B) line 15.) ••••••••••••••••••••••••••••• 1,578,054,092.
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
(2) DUE TO AFFILIATES 3,175,406,333.
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col. (B) line 25.) ••••••••••••••••••••••••••••• 3,175,406,333.
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 FASB ASC 740. Check here if the text of the footnote has been provided in Part XIII• X
Schedule D (Form 990) 2022
THESE ITEMS ARE UNIQUE IN NATURE AND ARE HELD ON DISPLAY FOR THE BENEFIT
MAYO'S FOUNDERS RECOGNIZED THAT CARING FOR THE WHOLE PATIENT EXTENDS
BEYOND TREATING PHYSICAL AILMENTS. SINCE ITS INCEPTION, MAYO HAS USED
HUMANIZE THE MEDICAL ENVIRONMENT AND COMPLEMENT THE BELIEF THAT RESTORING
THE MIND AND SPIRIT IS AN IMPORTANT PART OF MAKING THE BODY WELL. WORKS
HERITAGE AND RESPECT FOR THE DIVERSITY OF PATIENTS, VISITORS AND STAFF.
PART V, LINE 4:
THE ENDOWMENT FUNDS PROVIDE A STABLE FUNDING SOURCE FOR RESEARCH AND
EDUCATION PROGRAMS.
PART X, LINE 2:
FINANCIAL STATEMENTS:
MOST OF THE INCOME RECEIVED BY THE CLINIC AND ITS SUBSIDIARIES IS EXEMPT
FROM TAXATION UNDER SECTION 501(A) OF THE INTERNAL REVENUE CODE. SOME OF
ITS SUBSIDIARIES ARE TAXABLE ENTITIES, AND SOME OF THE INCOME RECEIVED BY
INCOME. THE CLINIC AND ITS SUBSIDIARIES FILE INCOME TAX RETURNS IN THE
THROUGH 2020 REMAIN OPEN IN MAJOR U.S. TAXING JURISDICTIONS IN WHICH THE
THE INTERNAL REVENUE SERVICE (IRS) PERFORMED AN EXAMINATION OF THE TAX AND
ASSESSED $12 MILLION IN TAXES FOR YEARS 2003-2012. THE RESULTS OF THIS
Schedule D (Form 990) 2022
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Part XIII Supplemental Information (continued)
2019, THE COURT ISSUED A SUMMARY JUDGMENT IN FAVOR OF THE CLINIC. THE IRS
APPEALED THIS DECISION AND ON MAY 13, 2021, THE EIGHT CIRCUIT COURT OF
APPEALS REVERSED THE SUMMARY JUDGMENT AND REMANDED THE CASE TO THE U.S.
DISTRICT COURT FOR TRIAL. THE CASE WAS TRIED IN 2022 AND THE U.S.
RESULT OF THE RULING DUE TO THE IRS HAVING UNTIL FEBRUARY 2023 TO APPEAL.
THE CLINIC HAS REDUCED THE RESERVE FOR UNCERTAIN TAX POSITIONS BY $2
MILLION, INCLUDING INTEREST AND PENALTIES, DURING THE YEAR ENDED DECEMBER
31, 2022. AS OF DECEMBER 31, 2022 AND 2021, THE RESERVE TOTALED $11
SIGNIFICANT CHANGE IN THE RESERVE WILL OCCUR OVER THE NEXT 12 MONTHS.
(Form 990) Complete if the organization answered "Yes" on Form 990, Part IV, line 13, or
Form 990-EZ, Part VI, line 48.
2022
Department of the Treasury Attach to Form 990 or Form 990-EZ. Open to Public
Internal Revenue Service Go to www.irs.gov/Form990 for the latest information. Inspection
Name of the organization Employer identification number
MAYO CLINIC 41-6011702
Part I
YES NO
1 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? ~~~~~~~~~~~~~~~~~~~~~~~~ 1 X
2 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? 2 X
3 Has the organization publicized its racially nondiscriminatory policy on its primary publicly accessible Internet
homepage at all times during its tax 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 ~~~~~~~~~ 3 X
THE RACIALLY NONDISCRIMINATORY POLICY OF THE MAYO CLINIC
COLLEGE OF MEDICINE AND SCIENCE, WHICH DRAWS STUDENTS FROM
ACROSS THE UNITED STATES AND AROUND THE WORLD, IS MADE
AVAILABLE IN ALL OF ITS PUBLISHED DOCUMENTS AND WEBSITE TO
ANY INTERESTED APPLICANTS.
4 Does the organization maintain the following?
a Records indicating the racial composition of the student body, faculty, and administrative staff? ~~~~~~~~~~~~~~ 4a X
b Records documenting that scholarships and other financial assistance are awarded on a racially nondiscriminatory basis? ~ 4b X
c Copies of all catalogues, brochures, announcements, and other written communications to the public dealing
with student admissions, programs, and scholarships? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 4c X
d Copies of all material used by the organization or on its behalf to solicit contributions? ~~~~~~~~~~~~~~~~~~~ 4d X
If you answered "No" to any of the above, please explain. If you need more space, use Part II.
5 Does the organization discriminate by race in any way with respect to:
a Students' rights or privileges? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 5a X
b Admissions policies? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 5b X
c Employment of faculty or administrative staff? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 5c X
d Scholarships or other financial assistance? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 5d X
e Educational policies? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 5e X
f Use of facilities? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 5f X
g Athletic programs? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 5g X
h Other extracurricular activities? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 5h X
If you answered "Yes" to any of the above, please explain. If you need more space, use Part II.
6 a Does the organization receive any financial aid or assistance from a governmental agency? ~~~~~~~~~~~~~~~~ 6a X
b Has the organization's right to such aid ever been revoked or suspended? ~~~~~~~~~~~~~~~~~~~~~~~~~ 6b X
If you answered "Yes" on either line 6a or line 6b, explain on Part II.
7 Does the organization certify that it has complied with the applicable requirements of sections 4.01 through
4.05 of Rev. Proc. 75-50, 1975-2 C.B. 587, as modified by Rev. Proc. 2019-22, 2019-22 I.R.B. 1260, covering
racial nondiscrimination? If "No," explain on Part II •••••••••••••••••••••••••••••••••••• 7 X
LHA For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ. Schedule E (Form 990) 2022
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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.
FROM THE STATE OF MINNESOTA FOR MAYO CLINIC ALIX SCHOOL OF MEDICINE
PARENT PLUS AND GRADPLUS) ARE AVAILABLE FOR STUDENTS IN THE MAYO CLINIC
2 For grantmakers. Describe in Part V the organization's procedures for monitoring the use of its grants and other assistance outside the
United States.
3 Activities per Region. (The following Part I, line 3 table can be duplicated if additional space is needed.)
(a) Region (b) Number of (c) Number of (d) Activities conducted in the region (e) If activity listed in (d) (f) Total
offices employees, (by type) (such as, fundraising, pro- is a program service, expenditures
agents, and for and
in the region independent gram services, investments, grants to describe specific type
contractors investments
recipients located in the region) of service(s) in the region in the region
in the region
EUROPE (INCLUDING
ICELAND AND
GREENLAND) 0 893 TRAVEL 3,358,421.
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Schedule F (Form 990) MAYO CLINIC 41-6011702 Page 1
Part I Continuation of Activities per Region. (Schedule F (Form 990), Part I, line 3)
(a) Region (b) Number of (c) Number of (d) Activities conducted in region (e) If activity listed in (d) (f) Total
offices employees or (by type) (i.e., fundraising, is a program service, expenditures
in the region agents in program services, grants to describe specific type for region
region recipients located in the region) of service(s) in region
EUROPE (INCLUDING
ICELAND AND
GREENLAND) 0 5 PROGRAM SERVICES PATIENT CARE 97,530.
EUROPE (INCLUDING
ICELAND AND
GREENLAND) 0 1 PROGRAM SERVICES RESEARCH 107,043.
EDUCATION CONFERENCE -
NORTH AMERICA 0 2 PROGRAM SERVICES MAYO SPONSOR 221,616.
EUROPE (INCLUDING
ICELAND AND
GREENLAND) 1 0 INVESTMENTS 646,315,337.
Totals ••••••••• |
232181
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Part I Continuation of Activities per Region. (Schedule F (Form 990), Part I, line 3)
(a) Region (b) Number of (c) Number of (d) Activities conducted in region (e) If activity listed in (d) (f) Total
offices employees or (by type) (i.e., fundraising, is a program service, expenditures
in the region agents in program services, grants to describe specific type for region
region recipients located in the region) of service(s) in region
Totals ••••••••• |
232181
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Schedule F (Form 990) MAYO CLINIC 41-6011702 Page 1
Part I Continuation of Activities per Region. (Schedule F (Form 990), Part I, line 3)
(a) Region (b) Number of (c) Number of (d) Activities conducted in region (e) If activity listed in (d) (f) Total
offices employees or (by type) (i.e., fundraising, is a program service, expenditures
in the region agents in program services, grants to describe specific type for region
region recipients located in the region) of service(s) in region
EUROPE (INCLUDING
ICELAND AND
GREENLAND) 0 0 PROGRAM SERVICES RESEARCH 0.
EUROPE (INCLUDING
ICELAND AND EDUCATION CONFERENCE -
GREENLAND) 0 1 PROGRAM SERVICES MAYO SPONSOR 6,475.
EUROPE (INCLUDING
ICELAND AND
GREENLAND) 0 0 FUNDRAISING 0.
EUROPE (INCLUDING
ICELAND AND
GREENLAND) 0 0 INVESTMENTS EXPENSE 13,998,633.
232181
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Schedule F (Form 990) 2022 MAYO CLINIC 41-6011702 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.
232072 10-17-22 47
Schedule F (Form 990) MAYO CLINIC 41-6011702 Page 2
Part II Continuation of Grants and Other Assistance to Organizations or Entities Outside the United States. (Schedule F (Form 990), Part II, line 1)
1 (g) Amount of (h) Description (i) Method of
(b) IRS code section (d) Purpose of (e) Amount (f) Manner of
(a) Name of organization (c) Region non-cash of non-cash valuation (book, FMV,
and EIN (if applicable) grant of cash grant cash disbursement assistance assistance appraisal, other)
SOUTH ASIA -
AFGHANISTAN,
BANGLADESH,
BHUTAN, INDIA, 52,056. 0.
EAST ASIA AND THE
PACIFIC -
AUSTRALIA,
BRUNEI, BURMA, 249,743. 0.
EUROPE (INCLUDING
ICELAND &
GREENLAND) -
ALBANIA, ANDORRA, 160,485. 0.
EUROPE (INCLUDING
ICELAND &
GREENLAND) -
ALBANIA, ANDORRA, 28,000. 0.
NORTH AMERICA -
CANADA AND
MEXICO, BUT NOT
THE UNITED STATES 72,912. 0.
NORTH AMERICA -
CANADA AND
MEXICO, BUT NOT
THE UNITED STATES 228,974. 0.
EUROPE (INCLUDING
ICELAND &
GREENLAND) -
ALBANIA, ANDORRA, 67,343. 0.
NORTH AMERICA -
CANADA AND
MEXICO, BUT NOT
THE UNITED STATES 62,500. 0.
SUB-SAHARAN
AFRICA 40,103. 0.
232182
04-01-22 48
Schedule F (Form 990) MAYO CLINIC 41-6011702 Page 2
Part II Continuation of Grants and Other Assistance to Organizations or Entities Outside the United States. (Schedule F (Form 990), Part II, line 1)
1 (g) Amount of (h) Description (i) Method of
(b) IRS code section (d) Purpose of (e) Amount (f) Manner of
(a) Name of organization (c) Region non-cash of non-cash valuation (book, FMV,
and EIN (if applicable) grant of cash grant cash disbursement assistance assistance appraisal, other)
EUROPE (INCLUDING
ICELAND &
GREENLAND) 275,000. 0.
EUROPE (INCLUDING
ICELAND &
GREENLAND) 22,538. 0.
EUROPE (INCLUDING
ICELAND &
GREENLAND) 70,000. 0.
EUROPE (INCLUDING
ICELAND &
GREENLAND) 20,000. 0.
EUROPE (INCLUDING
ICELAND &
GREENLAND) 78,107. 0.
EUROPE (INCLUDING
ICELAND &
GREENLAND) 85,401. 0.
232182
04-01-22 49
Schedule F (Form 990) 2022 MAYO CLINIC 41-6011702 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.
(c) Number of (d) Amount of (e) Manner of (f) Amount of (g) Description of (h) Method of
(a) Type of grant or assistance (b) Region recipients cash grant cash disbursement noncash noncash assistance valuation
assistance (book, FMV,
appraisal, other)
232073 10-17-22 50
Schedule F (Form 990) 2022 MAYO CLINIC 41-6011702 Page 4
Part IV Foreign Forms
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) ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ X 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 X 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) ~~~~~~~~~~~~~~~~~~~~~~~~~~~ X 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) ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ X 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) ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ X 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) ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ X Yes No
232074 10-17-22
51
15101113 136378 MAYOCLINIC 2022.03050 MAYO CLINIC MAYOCLI1
Schedule F (Form 990) 2022 MAYO CLINIC 41-6011702 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.
PART I, LINE 2:
PROCEDURES FOR MONITORING THE USE OF GRANT FUNDS AS THE SAME PROCEDURES
BASED ON WHERE PAYMENTS WERE REMITTED. OUR CURRENT REPORTING SYSTEM DOES
PART I, LINE 3:
ACCRUAL METHOD
FORM 5713 HAS BEEN FILED BY THE FOLLOWING MEMBERS OF THE CONTROLLED
GROUP:
UNDER THE CONSTRUCTIVE OWNERSHIP RULES OF IRC SECTIONS 958(A) AND (B),
232075 10-17-22 Schedule F (Form 990) 2022
52
15101113 136378 MAYOCLINIC 2022.03050 MAYO CLINIC MAYOCLI1
Schedule F (Form 990) 2022 MAYO CLINIC 41-6011702 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.
OF FORMS 5471 FOR THESE CFCS BY OTHER U.S. TAXPAYERS IDENTIFIED BELOW
ID NUMBER OF U.S. TAX RETURN WITH FORMS 5471 WAS FILED: 41-6011702
IRS SERVICE CENTER WHERE U.S. TAX RETURN WAS OR WILL BE FILED: OGDEN,
UT
ID NUMBER OF U.S. TAX RETURN WITH FORMS 5471 WAS FILED: 41-1506440
IRS SERVICE CENTER WHERE U.S. TAX RETURN WAS OR WILL BE FILED: OGDEN,
UT
UNDER THE CONSTRUCTIVE OWNERSHIP RULES OF IRC SECTIONS 958(A) AND (B),
OTHER U.S. TAXPAYERS IDENTIFIED BELOW WHO HAVE THE SAME FILING
REQUIREMENT.
232075 10-17-22 Schedule F (Form 990) 2022
53
15101113 136378 MAYOCLINIC 2022.03050 MAYO CLINIC MAYOCLI1
Schedule F (Form 990) 2022 MAYO CLINIC 41-6011702 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.
ID NUMBER OF U.S. TAX RETURN WITH FORMS 8865 WAS FILED: 41-6011702
IRS SERVICE CENTER WHERE U.S. TAX RETURN WAS OR WILL BE FILED: OGDEN,
UT
(Form 990) Complete if the organization answered "Yes" on Form 990, Part IV, line 17, 18, or 19, or if the
organization entered more than $15,000 on Form 990-EZ, line 6a. 2022
Department of the Treasury Attach to Form 990 or Form 990-EZ. Open to Public
Internal Revenue Service
Go to www.irs.gov/Form990 for instructions and the latest information. Inspection
Name of the organization Employer identification number
MAYO CLINIC 41-6011702
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.
1 Indicate whether the organization raised funds through any of the following activities. Check all that apply.
a X Mail solicitations e X Solicitation of non-government grants
b X Internet and email solicitations f X Solicitation of government grants
c X Phone solicitations g Special fundraising events
d X In-person solicitations
2 a 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? X Yes No
b 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.
LHA For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ. Schedule G (Form 990) 2022
SEE PART IV FOR CONTINUATIONS
232081 10-27-22
55
15101113 136378 MAYOCLINIC 2022.03050 MAYO CLINIC MAYOCLI1
Schedule G (Form 990) 2022 MAYO CLINIC 41-6011702 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 (b) Event #2 (c) Other events
(d) Total events
(add col. (a) through
col. (c))
(event type) (event type) (total number)
Revenue
8 Entertainment ~~~~~~~~~~~~~~
9 Other direct expenses ~~~~~~~~~~
10 Direct expense summary. Add lines 4 through 9 in column (d) ~~~~~~~~~~~~~~~~~~~~~~~~~~
11 Net income summary. Subtract line 10 from line 3, column (d) ••••••••••••••••••••••••••
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.
(b) Pull tabs/instant (d) Total gaming (add
(a) Bingo (c) Other gaming
Revenue
8 Net gaming income summary. Subtract line 7 from line 1, column (d) •••••••••••••••••••••••
10a Were any of the organization's gaming licenses revoked, suspended, or terminated during the tax year?~~~~~~~~~ Yes No
b If "Yes," explain:
56
15101113 136378 MAYOCLINIC 2022.03050 MAYO CLINIC MAYOCLI1
Schedule G (Form 990) 2022 MAYO CLINIC 41-6011702 Page 3
11 Does the organization conduct gaming activities with nonmembers?~~~~~~~~~~~~~~~~~~~~~~~~~~~ Yes No
12 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? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Yes No
13 Indicate the percentage of gaming activity conducted in:
a The organization's facility ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 13a %
b An outside facility ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 13b %
14 Enter the name and address of the person who prepares the organization's gaming/special events books and records:
Name
Address
15a Does the organization have a contract with a third party from whom the organization receives gaming revenue? ~~~~~~ Yes No
b If "Yes," enter the amount of gaming revenue received by the organization $ and the amount
of gaming revenue retained by the third party $
c If "Yes," enter name and address of the third party:
Name
Address
Name
17 Mandatory distributions:
a Is the organization required under state law to make charitable distributions from the gaming proceeds to
retain the state gaming license? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Yes No
b Enter the amount of distributions required under state law to be distributed to other exempt organizations or spent in the
organization's own exempt activities during the tax year $
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.
(I) ADDRESS OF FUNDRAISER: 10435 NEW YORK AVE, DES MOINES, IA 50322
232101 10-31-22 59
Schedule I (Form 990) MAYO CLINIC 41-6011702 Page 1
Part II Continuation of Grants and Other Assistance to Domestic Organizations and Domestic Governments (Schedule I (Form 990), Part II.)
(a) Name and address of (b) EIN (c) IRC section (d) Amount of (e) Amount of (f) Method of (g) Description of (h) Purpose of grant
organization or government if applicable cash grant noncash valuation non-cash assistance or assistance
assistance (book, FMV,
appraisal, other)
MCHS--FAIRMONT
800 MEDICAL CENTER DRIVE, PO BOX 8 SUPPORT CHARITABLE
FAIRMONT, MN 56031 41-0760836 501(C)(3) 2,034,091. 0. PROGRAMS
DUKE UNIVERSITY
324 BLACKWELL ST WASHIN BLDG NO 85 SUPPORT CHARITABLE
DURHAM, NC 27701 56-0532129 501(C)(3) 1,478,633. 0. PROGRAMS
THE TRUSTEES OF COLUMBIA
UNIVERSITY IN THE CITY OF NEW YORK
- 615 WEST 131ST STREET MC 8741 - SUPPORT CHARITABLE
NEW YORK, NY 10027 13-5598093 501(C)(3) 1,342,994. 0. PROGRAMS
EMORY UNIVERSITY
1599 CLIFTON ROAD 3RD FLOOR 3101 SUPPORT CHARITABLE
ATLANTA, GA 30322 58-0566256 501(C)(3) 1,264,696. 0. PROGRAMS
232241
04-01-22 60
Schedule I (Form 990) MAYO CLINIC 41-6011702 Page 1
Part II Continuation of Grants and Other Assistance to Domestic Organizations and Domestic Governments (Schedule I (Form 990), Part II.)
(a) Name and address of (b) EIN (c) IRC section (d) Amount of (e) Amount of (f) Method of (g) Description of (h) Purpose of grant
organization or government if applicable cash grant noncash valuation non-cash assistance or assistance
assistance (book, FMV,
appraisal, other)
INDIANA UNIVERSITY
1001 E THIRD STREET
BLOOMINGTON, IN 47405-7005 35-6001673 STATE OF IN 858,252. 0. SUPPORT RESEARCH PROGRAM
YALE UNIVERSITY
PO BOX 208239 SUPPORT CHARITABLE
NEW HAVEN, CT 06520 06-0646973 501(C)(3) 801,518. 0. PROGRAMS
TRUSTEES OF THE UNIVERSITY OF
PENNSYLVANIA - 3451 WALNUT STREET
SUITE 305 - PHILADELPHIA, PA SUPPORT CHARITABLE
19104-6284 23-1352685 501(C)(3) 645,497. 0. PROGRAMS
232241
04-01-22 61
Schedule I (Form 990) MAYO CLINIC 41-6011702 Page 1
Part II Continuation of Grants and Other Assistance to Domestic Organizations and Domestic Governments (Schedule I (Form 990), Part II.)
(a) Name and address of (b) EIN (c) IRC section (d) Amount of (e) Amount of (f) Method of (g) Description of (h) Purpose of grant
organization or government if applicable cash grant noncash valuation non-cash assistance or assistance
assistance (book, FMV,
appraisal, other)
MAINEHEALTH
22 BRAMHALL STREET SUPPORT CHARITABLE
PORTLAND, ME 04102 01-0238552 501(C)(3) 415,238. 0. PROGRAMS
232241
04-01-22 62
Schedule I (Form 990) MAYO CLINIC 41-6011702 Page 1
Part II Continuation of Grants and Other Assistance to Domestic Organizations and Domestic Governments (Schedule I (Form 990), Part II.)
(a) Name and address of (b) EIN (c) IRC section (d) Amount of (e) Amount of (f) Method of (g) Description of (h) Purpose of grant
organization or government if applicable cash grant noncash valuation non-cash assistance or assistance
assistance (book, FMV,
appraisal, other)
WASHINGTON UNIVERSITY
700 ROSEDALE AVENUE CB 1034 SUPPORT CHARITABLE
SAINT LOUIS, MO 63112 43-0653611 501(C)(3) 382,683. 0. PROGRAMS
SANFORD BURNHAM PREBYS MEDICAL
DISCOVERY INSTITUTE - 10901 NORTH
TORREY PINES ROAD - LA JOLLA, CA SUPPORT CHARITABLE
92037 51-0197108 501(C)(3) 353,229. 0. PROGRAMS
UNIVERSITY OF WASHINGTON
4333 BROOKLYN AVE NE
SEATTLE, WA 98195 91-6001537 STATE OF WA 346,792. 0. SUPPORT RESEARCH PROGRAM
UNIVERSITY OF UTAH
201 PRESIDENTS CIRCLE RM 411
SALT LAKE CITY, UT 84112 87-6000525 STATE OF UT 287,999. 0. SUPPORT RESEARCH PROGRAM
Schedule I (Form 990)
232241
04-01-22 63
Schedule I (Form 990) MAYO CLINIC 41-6011702 Page 1
Part II Continuation of Grants and Other Assistance to Domestic Organizations and Domestic Governments (Schedule I (Form 990), Part II.)
(a) Name and address of (b) EIN (c) IRC section (d) Amount of (e) Amount of (f) Method of (g) Description of (h) Purpose of grant
organization or government if applicable cash grant noncash valuation non-cash assistance or assistance
assistance (book, FMV,
appraisal, other)
HEALTHPARTNERS INSTITUTE
8170 33RD AVENUE SOUTH SUPPORT CHARITABLE
MINNEAPOLIS, MN 55440-1309 41-1670163 501(C)(3) 261,306. 0. PROGRAMS
NFERENCE INC
ONE MAIN STREET STE 400
CAMBRIDGE, MA 02142 46-1833049 - 261,216. 0. SUPPORT RESEARCH PROGRAM
UNIVERSITY OF FLORIDA
207 GRINTER HALL
GAINESVILLE, FL 32611 59-6002052 STATE OF FL 236,924. 0. SUPPORT RESEARCH PROGRAM
THE BOARD OF TRUSTEES OF THE
UNIVERSITY OF ILLINOIS - 506 S
WRIGHT ST RM 209 - URBANA, IL
61801 37-6000511 STATE OF IL 228,895. 0. SUPPORT RESEARCH PROGRAM
Schedule I (Form 990)
232241
04-01-22 64
Schedule I (Form 990) MAYO CLINIC 41-6011702 Page 1
Part II Continuation of Grants and Other Assistance to Domestic Organizations and Domestic Governments (Schedule I (Form 990), Part II.)
(a) Name and address of (b) EIN (c) IRC section (d) Amount of (e) Amount of (f) Method of (g) Description of (h) Purpose of grant
organization or government if applicable cash grant noncash valuation non-cash assistance or assistance
assistance (book, FMV,
appraisal, other)
UNIVERSITY OF WISCONSIN-MADISON
21 N PARK STREET SUITE 6401
MADISON, WI 53715 39-6006492 STATE OF WI 219,779. 0. SUPPORT RESEARCH PROGRAM
ARIZONA ASSOCIATION OF COMMUNITY
HEALTH CENTERS INC - 700 E
JEFFERSON STREET SUITE 100 - SUPPORT CHARITABLE
PHOENIX, AZ 85034 86-0494702 501(C)(3) 214,000. 0. PROGRAMS
VANDERBILT UNIVERSITY
PMB 406310 2301 VANDERBILT PLACE SUPPORT CHARITABLE
NASHVILLE, TN 37240 62-0476822 501(C)(3) 212,861. 0. PROGRAMS
UNIVERSITY OF ROCHESTER
BOX 278893 SUPPORT CHARITABLE
ROCHESTER, NY 14627 16-0743209 501(C)(3) 205,187. 0. PROGRAMS
232241
04-01-22 65
Schedule I (Form 990) MAYO CLINIC 41-6011702 Page 1
Part II Continuation of Grants and Other Assistance to Domestic Organizations and Domestic Governments (Schedule I (Form 990), Part II.)
(a) Name and address of (b) EIN (c) IRC section (d) Amount of (e) Amount of (f) Method of (g) Description of (h) Purpose of grant
organization or government if applicable cash grant noncash valuation non-cash assistance or assistance
assistance (book, FMV,
appraisal, other)
INDESIGN LLC
8225 E 56TH ST
INDIANAPOLIS, IN 46216 35-2003601 - 178,892. 0. SUPPORT RESEARCH PROGRAM
232241
04-01-22 66
Schedule I (Form 990) MAYO CLINIC 41-6011702 Page 1
Part II Continuation of Grants and Other Assistance to Domestic Organizations and Domestic Governments (Schedule I (Form 990), Part II.)
(a) Name and address of (b) EIN (c) IRC section (d) Amount of (e) Amount of (f) Method of (g) Description of (h) Purpose of grant
organization or government if applicable cash grant noncash valuation non-cash assistance or assistance
assistance (book, FMV,
appraisal, other)
UNIVERSITY OF ALABAMA AT
BIRMINGHAM - 701 S 20TH ST -
BIRMINGHAM, AL 35294 63-6005396 STATE OF AL 155,941. 0. SUPPORT RESEARCH PROGRAM
232241
04-01-22 67
Schedule I (Form 990) MAYO CLINIC 41-6011702 Page 1
Part II Continuation of Grants and Other Assistance to Domestic Organizations and Domestic Governments (Schedule I (Form 990), Part II.)
(a) Name and address of (b) EIN (c) IRC section (d) Amount of (e) Amount of (f) Method of (g) Description of (h) Purpose of grant
organization or government if applicable cash grant noncash valuation non-cash assistance or assistance
assistance (book, FMV,
appraisal, other)
NORTHWESTERN UNIVERSITY
633 CLARK ST SUPPORT CHARITABLE
EVANSTON, IL 60208 36-2167817 501(C)(3) 116,904. 0. PROGRAMS
THE UNIVERSITY OF TEXAS
SOUTHWESTERN MEDICAL CENTER AT
DALLAS - 5323 HARRY HINES BLVD -
DALLAS, TX 75390-0860 75-6002868 STATE OF TX 116,225. 0. SUPPORT RESEARCH PROGRAM
232241
04-01-22 68
Schedule I (Form 990) MAYO CLINIC 41-6011702 Page 1
Part II Continuation of Grants and Other Assistance to Domestic Organizations and Domestic Governments (Schedule I (Form 990), Part II.)
(a) Name and address of (b) EIN (c) IRC section (d) Amount of (e) Amount of (f) Method of (g) Description of (h) Purpose of grant
organization or government if applicable cash grant noncash valuation non-cash assistance or assistance
assistance (book, FMV,
appraisal, other)
COLLIDER FOUNDATION
14 4TH ST SW SUPPORT CHARITABLE
ROCHESTER, MN 55902 83-1815046 501(C)(3) 100,000. 0. PURPOSE
BIOKIER INC
105 GREEN WILLOW CT
CHAPEL HILL, NC 27514-5211 26-3596494 - 99,761. 0. SUPPORT RESEARCH PROGRAM
UNIVERSITY OF PITTSBURGH
116 ATWOOD STREET SUITE 201 SUPPORT CHARITABLE
PITTSBURGH, PA 15260 25-0965591 501(C)(3) 96,370. 0. PROGRAMS
MCHS--LAKE CITY
500 WEST GRANT STREET SUPPORT CHARITABLE
LAKE CITY, MN 55041 41-1906820 501(C)(3) 95,798. 0. PROGRAMS
232241
04-01-22 69
Schedule I (Form 990) MAYO CLINIC 41-6011702 Page 1
Part II Continuation of Grants and Other Assistance to Domestic Organizations and Domestic Governments (Schedule I (Form 990), Part II.)
(a) Name and address of (b) EIN (c) IRC section (d) Amount of (e) Amount of (f) Method of (g) Description of (h) Purpose of grant
organization or government if applicable cash grant noncash valuation non-cash assistance or assistance
assistance (book, FMV,
appraisal, other)
UNIVERSITY OF MIAMI
PO BOX 248106 SUPPORT CHARITABLE
CORAL GABLES, FL 33124 59-0624458 501(C)(3) 89,556. 0. PROGRAMS
232241
04-01-22 70
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Part II Continuation of Grants and Other Assistance to Domestic Organizations and Domestic Governments (Schedule I (Form 990), Part II.)
(a) Name and address of (b) EIN (c) IRC section (d) Amount of (e) Amount of (f) Method of (g) Description of (h) Purpose of grant
organization or government if applicable cash grant noncash valuation non-cash assistance or assistance
assistance (book, FMV,
appraisal, other)
OLMSTED OUTREACH
PO BOX 882 SUPPORT CHARITABLE
ROCHESTER, MN 55903 41-1941871 501(C)(3) 70,000. 0. PROGRAMS
232241
04-01-22 71
Schedule I (Form 990) MAYO CLINIC 41-6011702 Page 1
Part II Continuation of Grants and Other Assistance to Domestic Organizations and Domestic Governments (Schedule I (Form 990), Part II.)
(a) Name and address of (b) EIN (c) IRC section (d) Amount of (e) Amount of (f) Method of (g) Description of (h) Purpose of grant
organization or government if applicable cash grant noncash valuation non-cash assistance or assistance
assistance (book, FMV,
appraisal, other)
UNIVERSITY OF MARYLAND
620 W LEXINGTON STREET
BALTIMORE, MD 21201 52-6002033 STATE OF MD 66,716. 0. SUPPORT RESEARCH PROGRAM
UNIVERSITY OF CHICAGO
6054 S DREXEL AVENUE SUPPORT CHARITABLE
CHICAGO, IL 60637 36-2177139 501(C)(3) 64,843. 0. PROGRAMS
232241
04-01-22 72
Schedule I (Form 990) MAYO CLINIC 41-6011702 Page 1
Part II Continuation of Grants and Other Assistance to Domestic Organizations and Domestic Governments (Schedule I (Form 990), Part II.)
(a) Name and address of (b) EIN (c) IRC section (d) Amount of (e) Amount of (f) Method of (g) Description of (h) Purpose of grant
organization or government if applicable cash grant noncash valuation non-cash assistance or assistance
assistance (book, FMV,
appraisal, other)
OLMSTED COUNTY
151 4TH STREET SE
ROCHESTER, MN 55904 41-6005859 CTY OF OLMSTED 60,000. 0. SUPPORT RESEARCH PROGRAM
BANNER HEALTH
2901 N CENTRAL AVE SUITE 160 SUPPORT CHARITABLE
PHOENIX, AZ 85012 45-0233470 501(C)(3) 54,779. 0. PROGRAMS
ARCHINOETICS LLC
700 BISHOP STREET
HONOLULU, HI 96813 20-1347328 - 54,067. 0. SUPPORT RESEARCH PROGRAM
MCHS--AUSTIN FOUNDATION
1000 FIRST DRIVE N.W. SUPPORT CHARITABLE
AUSTIN, MN 55912 30-0107471 501(C)(3) 53,428. 0. PROGRAMS
POSSABILITIES OF SOUTHERN
MINNESOTA - 1808 3RD AVENUE SE - SUPPORT CHARITABLE
ROCHESTER, MN 55904 41-0853397 501(C)(3) 52,000. 0. PURPOSE
Schedule I (Form 990)
232241
04-01-22 73
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Part II Continuation of Grants and Other Assistance to Domestic Organizations and Domestic Governments (Schedule I (Form 990), Part II.)
(a) Name and address of (b) EIN (c) IRC section (d) Amount of (e) Amount of (f) Method of (g) Description of (h) Purpose of grant
organization or government if applicable cash grant noncash valuation non-cash assistance or assistance
assistance (book, FMV,
appraisal, other)
ELDER NETWORK
1130 1/2 7TH ST NW SUITE 205 SUPPORT CHARITABLE
ROCHESTER, MN 55901 41-1704390 501(C)(3) 50,000. 0. PROGRAMS
FRIENDS OF OXBOW
PO BOX 6552 SUPPORT CHARITABLE
ROCHESTER, MN 55903 41-1440844 501(C)(3) 50,000. 0. PURPOSE
GROWING HOME
2100 CAMPUS DRIVE SUPPORT CHARITABLE
ROCHESTER, MN 55904 36-4798224 501(C)(3) 50,000. 0. PURPOSE
232241
04-01-22 74
Schedule I (Form 990) MAYO CLINIC 41-6011702 Page 1
Part II Continuation of Grants and Other Assistance to Domestic Organizations and Domestic Governments (Schedule I (Form 990), Part II.)
(a) Name and address of (b) EIN (c) IRC section (d) Amount of (e) Amount of (f) Method of (g) Description of (h) Purpose of grant
organization or government if applicable cash grant noncash valuation non-cash assistance or assistance
assistance (book, FMV,
appraisal, other)
JEREMIAH PROGRAM
615 FIRST AVENUE NE NO 210 SUPPORT CHARITABLE
MINNEAPOLIS, MN 55413 41-1801834 501(C)(3) 45,000. 0. PROGRAMS
DIVERSITY COUNCIL
1130-1/2 7TH ST NW STE 204 SUPPORT CHARITABLE
ROCHESTER, MN 55901 41-1709139 501(C)(3) 41,000. 0. PROGRAMS
EXERCISABILITIES INC
2530 N BROADWAY AVE SUPPORT CHARITABLE
ROCHESTER, MN 55906 45-5214117 501(C)(3) 40,000. 0. PROGRAMS
Schedule I (Form 990)
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Part II Continuation of Grants and Other Assistance to Domestic Organizations and Domestic Governments (Schedule I (Form 990), Part II.)
(a) Name and address of (b) EIN (c) IRC section (d) Amount of (e) Amount of (f) Method of (g) Description of (h) Purpose of grant
organization or government if applicable cash grant noncash valuation non-cash assistance or assistance
assistance (book, FMV,
appraisal, other)
GEORGETOWN UNIVERSITY
37TH AND O STREETS NW SUPPORT CHARITABLE
WASHINGTON, DC 20057 53-0196603 501(C)(3) 38,077. 0. PROGRAMS
CHARLOTTE-MECKLENBURG HOSPITAL
AUTHORITY - 1000 BLYTHE BLDV -
CHARLOTTE, NC 28203 56-0529945 STATE OF NC 37,313. 0. SUPPORT RESEARCH PROGRAM
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Part II Continuation of Grants and Other Assistance to Domestic Organizations and Domestic Governments (Schedule I (Form 990), Part II.)
(a) Name and address of (b) EIN (c) IRC section (d) Amount of (e) Amount of (f) Method of (g) Description of (h) Purpose of grant
organization or government if applicable cash grant noncash valuation non-cash assistance or assistance
assistance (book, FMV,
appraisal, other)
RECOVERY IS HAPPENING
25 16TH STREET NE SUPPORT CHARITABLE
ROCHESTER, MN 55906 45-1259706 501(C)(3) 33,557. 0. PURPOSE
MASSACHUSETTS INSTITUTE OF
TECHNOLOGY - 77 MASSACHUSETTS
AVENUE NE49-3142 - CAMBRIDGE, MA SUPPORT CHARITABLE
02139 04-2103594 501(C)(3) 33,518. 0. PROGRAMS
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Part II Continuation of Grants and Other Assistance to Domestic Organizations and Domestic Governments (Schedule I (Form 990), Part II.)
(a) Name and address of (b) EIN (c) IRC section (d) Amount of (e) Amount of (f) Method of (g) Description of (h) Purpose of grant
organization or government if applicable cash grant noncash valuation non-cash assistance or assistance
assistance (book, FMV,
appraisal, other)
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Part II Continuation of Grants and Other Assistance to Domestic Organizations and Domestic Governments (Schedule I (Form 990), Part II.)
(a) Name and address of (b) EIN (c) IRC section (d) Amount of (e) Amount of (f) Method of (g) Description of (h) Purpose of grant
organization or government if applicable cash grant noncash valuation non-cash assistance or assistance
assistance (book, FMV,
appraisal, other)
CITY OF ROCHESTER
201 4TH STREET SE
ROCHESTER, MN 55904 41-6005494 CITY OF ROCHESTE 25,000. 0. SUPPORT RESEARCH PROGRAM
MINNESOTA HEALTHSOLUTIONS
CORPORATION - 861 E HENNEPIN AVE
STE 440 - MINNEAPOLIS, MN 55414 20-4428357 - 22,755. 0. SUPPORT RESEARCH PROGRAM
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Part II Continuation of Grants and Other Assistance to Domestic Organizations and Domestic Governments (Schedule I (Form 990), Part II.)
(a) Name and address of (b) EIN (c) IRC section (d) Amount of (e) Amount of (f) Method of (g) Description of (h) Purpose of grant
organization or government if applicable cash grant noncash valuation non-cash assistance or assistance
assistance (book, FMV,
appraisal, other)
MYALGIC ENCEPHALOMYELITIS ACTION
NETWORK INC - 1217 WILSHIRE
BOULEVARD NO 3639 - SANTA MONICA, SUPPORT CHARITABLE
CA 90403 47-4011296 501(C)(3) 20,350. 0. PROGRAMS
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Part II Continuation of Grants and Other Assistance to Domestic Organizations and Domestic Governments (Schedule I (Form 990), Part II.)
(a) Name and address of (b) EIN (c) IRC section (d) Amount of (e) Amount of (f) Method of (g) Description of (h) Purpose of grant
organization or government if applicable cash grant noncash valuation non-cash assistance or assistance
assistance (book, FMV,
appraisal, other)
SANFORD RESEARCH
PO BOX 5039 RTE 5218 SUPPORT CHARITABLE
SIOUX FALLS, SD 57117 46-0450378 501(C)(3) 18,516. 0. PROGRAMS
DIGNITY HEALTH
185 BERRY STREET SUITE 300 SUPPORT CHARITABLE
SAN FRANCISCO, CA 94107 94-1196203 501(C)(3) 15,165. 0. PROGRAMS
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Part II Continuation of Grants and Other Assistance to Domestic Organizations and Domestic Governments (Schedule I (Form 990), Part II.)
(a) Name and address of (b) EIN (c) IRC section (d) Amount of (e) Amount of (f) Method of (g) Description of (h) Purpose of grant
organization or government if applicable cash grant noncash valuation non-cash assistance or assistance
assistance (book, FMV,
appraisal, other)
USAGAINSTALZHEIMER'S
1101 K STREET NW NO 400 SUPPORT CHARITABLE
WASHINGTON, DC 20005 45-0672514 501(C)(3) 15,003. 0. PROGRAMS
ROCHESTER REPERTORY
103 7TH STREET NE SUPPORT CHARITABLE
ROCHESTER, MN 55906 41-1540218 501(C)(3) 15,000. 0. PURPOSE
232241
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Part II Continuation of Grants and Other Assistance to Domestic Organizations and Domestic Governments (Schedule I (Form 990), Part II.)
(a) Name and address of (b) EIN (c) IRC section (d) Amount of (e) Amount of (f) Method of (g) Description of (h) Purpose of grant
organization or government if applicable cash grant noncash valuation non-cash assistance or assistance
assistance (book, FMV,
appraisal, other)
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Part II Continuation of Grants and Other Assistance to Domestic Organizations and Domestic Governments (Schedule I (Form 990), Part II.)
(a) Name and address of (b) EIN (c) IRC section (d) Amount of (e) Amount of (f) Method of (g) Description of (h) Purpose of grant
organization or government if applicable cash grant noncash valuation non-cash assistance or assistance
assistance (book, FMV,
appraisal, other)
BOLDER OPTIONS
2100 STEVENS AVE S SUPPORT CHARITABLE
MINNEAPOLIS, MN 55404 41-1909408 501(C)(3) 10,000. 0. PURPOSE
SERVEMINNESOTA
120 SOUTH 6TH STREET NO 2260 SUPPORT CHARITABLE
MINNEAPOLIS, MN 55402 41-2010058 501(C)(3) 10,000. 0. PURPOSE
IGNITE AFTERSCHOOL
1400 VAN BUREN ST NE SUPPORT CHARITABLE
MINNEAPOLIS, MN 55413 47-4834387 501(C)(3) 10,000. 0. PURPOSE
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Part II Continuation of Grants and Other Assistance to Domestic Organizations and Domestic Governments (Schedule I (Form 990), Part II.)
(a) Name and address of (b) EIN (c) IRC section (d) Amount of (e) Amount of (f) Method of (g) Description of (h) Purpose of grant
organization or government if applicable cash grant noncash valuation non-cash assistance or assistance
assistance (book, FMV,
appraisal, other)
CHARTERHOUSE, INC.
200 FIRST STREET S.W. SUPPORT CHARITABLE
ROCHESTER, MN 55905 41-1405254 501(C)(3) 7,695. 0. PROGRAMS
ST CLOUD HOSPITAL
1406 SITH AVENUE NORTH SUPPORT CHARITABLE
ST. CLOUD, MN 56303 41-0695596 501(C)(3) 6,336. 0. PROGRAMS
Schedule I (Form 990)
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Part II Continuation of Grants and Other Assistance to Domestic Organizations and Domestic Governments (Schedule I (Form 990), Part II.)
(a) Name and address of (b) EIN (c) IRC section (d) Amount of (e) Amount of (f) Method of (g) Description of (h) Purpose of grant
organization or government if applicable cash grant noncash valuation non-cash assistance or assistance
assistance (book, FMV,
appraisal, other)
MATTER
7005 OXFORD STREET MEDICAL SUPPORT CHARITABLE
ST. LOUIS PARK, MN 55426 37-1441658 501(C)(3) 0. 427,315.FMV SUPPLIES PROGRAMS
MEDICAL MISSIONS
2655 NORTHWINDS PKWY MEDICAL SUPPORT CHARITABLE
ALPHARETTA, GA 30009 27-1917502 501(C)(3) 0. 52,865.FMV SUPPLIES PROGRAMS
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Schedule I (Form 990) 2022 MAYO CLINIC 41-6011702 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 (c) Amount of (d) Amount of non- (e) Method of valuation (f) Description of noncash assistance
recipients cash grant cash assistance (book, FMV, appraisal, other)
Part IV Supplemental Information. Provide the information required in Part I, line 2; Part III, column (b); and any other additional information.
PART I, LINE 2:
AS A PRIVATE TRUST FOR THE PUBLIC GOOD, MAYO IS DEDICATED TO GIVING BACK TO
THE COMMUNITIES IN WHICH ITS EMPLOYEES LIVE AND WORK. MAYO INVESTS
CAPITAL GRANTS ARE MONITORED FOR ACHIEVEMENT OF STATED GOALS WITHIN THE
MONITORED AFTER THE FUNDS HAVE BEEN DISBURSED; HOWEVER, ADDITIONAL FUNDING
GRANTS.
PASS-THROUGH ENTITIES.
MEDICAL STUDENT STIPENDS ARE PAID TO THE STUDENTS OF THE MAYO CLINIC
COLLEGE OF MEDICINE AND SCIENCE TO HELP OFFSET THE COST OF THE STUDENT'S
(Form 990) For certain Officers, Directors, Trustees, Key Employees, and Highest
Compensated Employees
Complete if the organization answered "Yes" on Form 990, Part IV, line 23.
2022
Department of the Treasury Attach to Form 990. Open to Public
Internal Revenue Service Go to www.irs.gov/Form990 for instructions and the latest information. Inspection
Name of the organization Employer identification number
MAYO CLINIC 41-6011702
Part I Questions Regarding Compensation
Yes No
1a Check the appropriate 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.
X First-class or charter travel Housing allowance or residence for personal use
X Travel for companions Payments for business use of personal residence
X Tax indemnification and gross-up payments Health or social club dues or initiation fees
Discretionary spending account X Personal services (such as maid, chauffeur, chef)
b 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 ~~~~~~~~~~~ 1b X
2 Did the organization require substantiation prior to reimbursing or allowing expenses incurred by all directors,
trustees, and officers, including the CEO/Executive Director, regarding the items checked on line 1a? ~~~~~~~~~~~~ 2 X
3 Indicate which, if any, of the following the 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.
X Compensation committee Written employment contract
X Independent compensation consultant X Compensation survey or study
X Form 990 of other organizations X Approval by the board or compensation committee
4 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:
a Receive a severance payment or change-of-control payment? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 4a X
b Participate in or receive payment from a supplemental nonqualified retirement plan? ~~~~~~~~~~~~~~~~~~~~ 4b X
c Participate in or receive payment from an equity-based compensation arrangement? ~~~~~~~~~~~~~~~~~~~~ 4c X
If "Yes" to any of lines 4a-c, list the persons and provide the applicable amounts for each item in Part III.
Only section 501(c)(3), 501(c)(4), and 501(c)(29) organizations must complete lines 5-9.
5 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:
a The organization? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 5a X
b Any related organization? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 5b X
If "Yes" on line 5a or 5b, describe in Part III.
6 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:
a The organization? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 6a X
b Any related organization? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 6b X
If "Yes" on line 6a or 6b, describe in Part III.
7 For persons listed on Form 990, Part VII, Section A, line 1a, did the organization provide any nonfixed payments
not described on lines 5 and 6? If "Yes," describe in Part III ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 7 X
8 Were any amounts reported on Form 990, Part VII, paid or accrued 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 ~~~~~~~~~~~ 8 X
9 If "Yes" on line 8, did the organization also follow the rebuttable presumption procedure described in
Regulations section 53.4958-6(c)? ••••••••••••••••••••••••••••••••••••••••••••• 9
LHA For Paperwork Reduction Act Notice, see the Instructions for Form 990. Schedule J (Form 990) 2022
232111 10-18-22
90
15101113 136378 MAYOCLINIC 2022.03050 MAYO CLINIC MAYOCLI1
Schedule J (Form 990) 2022 MAYO CLINIC 41-6011702 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 aren't 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.
(B) Breakdown of W-2 and/or 1099-MISC and/or 1099-NEC (C) Retirement and (D) Nontaxable (E) Total of columns (F) Compensation
compensation other deferred benefits (B)(i)-(D) in column (B)
(A) Name and Title (i) Base (ii) Bonus & (iii) Other compensation reported as deferred
compensation incentive reportable on prior Form 990
compensation compensation
FARRUGIA M.D., GIANRICO (i) 0. 0. 0. 0. 0. 0. 0.
TRUSTEE/PRESIDENT/CEO (ii) 2,894,309. 0. 741,782. 45,200. 39,051. 3,720,342. 0.
GRAY M.D., RICHARD J. (i) 0. 0. 0. 0. 0. 0. 0.
TRUSTEE/VP (ii) 1,662,172. 0. 337,252. 38,938. 34,336. 2,072,698. 0.
THIELEN M.D., KENT R. (i) 0. 0. 0. 0. 0. 0. 0.
TRUSTEE/VP (ii) 1,666,603. 0. 340,069. 46,442. 35,900. 2,089,014. 0.
GORMAN, PAUL A. (i) 0. 0. 0. 0. 0. 0. 0.
TREASURER (ii) 831,217. 737,643. 146,196. 50,632. 36,060. 1,801,748. 0.
ZORN, CHRISTINA K. (i) 0. 0. 0. 0. 0. 0. 0.
TRUSTEE/VP (ii) 1,352,248. 0. 178,426. 35,962. 35,848. 1,602,484. 0.
DAHLEN, DENNIS E. (i) 0. 0. 0. 0. 0. 0. 0.
CFO (ii) 1,326,278. 0. 155,124. 56,527. 35,947. 1,573,876. 0.
KRAUSS M.D., WILLIAM E. (i) 1,206,203. 0. 256,797. 48,573. 27,684. 1,539,257. 0.
PHYSICIAN (ii) 0. 0. 0. 0. 0. 0. 0.
LANZINO M.D., GIUSEPPE (i) 1,201,063. 0. 251,568. 44,008. 34,455. 1,531,094. 0.
PHYSICIAN (ii) 0. 0. 0. 0. 0. 0. 0.
MURPHY, JOSHUA B. (i) 0. 0. 0. 0. 0. 0. 0.
SECY (ii) 1,162,409. 0. 239,637. 45,082. 38,853. 1,485,981. 0.
PICHELMANN M.D., MARK A. (i) 1,218,043. 0. 187,775. 32,347. 32,614. 1,470,779. 0.
CHAIR-NWWI NEUROSURGERY (ii) 0. 0. 0. 0. 0. 0. 0.
WILLIAMS M.D., AMY W. (i) 0. 0. 0. 0. 0. 0. 0.
TRUSTEE (ii) 1,209,322. 0. 188,052. 63,336. 8,923. 1,469,633. 0.
MARSH M.D., W. RICHARD (i) 1,123,766. 0. 254,645. 12,200. 27,427. 1,418,038. 0.
DIR-SPINE CENTER (ii) 0. 0. 0. 0. 0. 0. 0.
CLARKE M.D., MICHELLE J. (i) 1,202,943. 0. 124,997. 29,483. 24,103. 1,381,526. 0.
PHYSICIAN (ii) 0. 0. 0. 0. 0. 0. 0.
GORES M.D., GREGORY J. (i) 1,074,182. 0. 227,041. 12,200. 27,774. 1,341,197. 0.
EXECUTIVE DEAN OF RESEARCH (ii) 0. 0. 0. 0. 0. 0. 0.
WILLIAMSON, MARY J. (i) 926,412. 0. 170,168. 38,629. 39,619. 1,174,828. 0.
CAO-MCS (ii) 0. 0. 0. 0. 0. 0. 0.
OTLEY M.D., CLARK C. (i) 881,648. 0. 196,362. 44,702. 37,216. 1,159,928. 0.
PHYSICIAN (ii) 0. 0. 0. 0. 0. 0. 0.
Schedule J (Form 990) 2022
232112 10-18-22 91
Schedule J (Form 990) 2022 MAYO CLINIC 41-6011702 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 aren't 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.
(B) Breakdown of W-2 and/or 1099-MISC and/or 1099-NEC (C) Retirement and (D) Nontaxable (E) Total of columns (F) Compensation
compensation other deferred benefits (B)(i)-(D) in column (B)
(A) Name and Title (i) Base (ii) Bonus & (iii) Other compensation reported as deferred
compensation incentive reportable on prior Form 990
compensation compensation
AMMASH M.D., NASER M. (i) 0. 0. 0. 0. 0. 0. 0.
FORMER KEY EMPLOYEE (ii) 413,941. 0. 622,121. 52,861. 22,737. 1,111,660. 0.
MENKOSKY, PAULA E. (i) 0. 0. 0. 0. 0. 0. 0.
ASST SECY (ii) 839,482. 20,000. 151,966. 48,196. 33,348. 1,092,992. 0.
HARPER JR., M.D., CHARLES M. (i) 673,709. 0. 369,151. 12,200. 26,434. 1,081,494. 0.
TRUSTEE (ii) 0. 0. 0. 0. 0. 0. 0.
PAGNANO M.D., MARK W. (i) 785,193. 0. 138,176. 45,724. 35,944. 1,005,037. 0.
CHAIR-ORTHOPEDICS (ii) 0. 0. 0. 0. 0. 0. 0.
SHAH M.D., VIJAY (i) 763,209. 0. 167,510. 41,360. 32,176. 1,004,255. 0.
CHAIR-ROCH INTERN MED (ii) 0. 0. 0. 0. 0. 0. 0.
CALLSTROM M.D., MATTHEW R. (i) 758,030. 0. 162,032. 53,268. 25,710. 999,040. 0.
TRUSTEE (ii) 0. 0. 0. 0. 0. 0. 0.
RIHAL M.D., CHARANJIT S. (i) 723,645. 0. 177,815. 51,299. 33,403. 986,162. 0.
TRUSTEE (ii) 0. 0. 0. 0. 0. 0. 0.
MORICE M.D., WILLIAM G. (i) 755,425. 0. 111,317. 45,212. 33,084. 945,038. 0.
CHAIR-LAB MED & PATH (ii) 0. 0. 0. 0. 0. 0. 0.
ARNETT, JENNIFER P. (i) 866,865. 0. 10,661. 13,347. 23,216. 914,089. 0.
CHIEF DEVELOPMENT OFFICER (ii) 0. 0. 0. 0. 0. 0. 0.
HARA M.D., AMY K. (i) 0. 0. 0. 0. 0. 0. 0.
TRUSTEE (ii) 702,507. 0. 114,655. 37,140. 37,237. 891,539. 0.
CAMILLERI M.D., MICHAEL (i) 635,519. 0. 206,443. 12,200. 28,916. 883,078. 0.
FORMER KEY EMPLOYEE (ii) 0. 0. 0. 0. 0. 0. 0.
WALD M.D., JOHN T. (i) 669,390. 0. 108,419. 53,419. 34,803. 866,031. 0.
FORMER KEY EMPLOYEE (ii) 0. 0. 0. 0. 0. 0. 0.
KENDRICK M.D., MICHAEL L. (i) 667,130. 0. 120,581. 40,404. 32,821. 860,936. 0.
CHAIR-SURGERY (ii) 0. 0. 0. 0. 0. 0. 0.
KHAN, RITA G. (i) 0. 0. 0. 0. 0. 0. 0.
FORMER KEY EMPLOYEE (ii) 732,379. 0. 25,646. 39,970. 18,806. 816,801. 0.
FONSECA M.D., RAFAEL (i) 0. 0. 0. 0. 0. 0. 0.
TRUSTEE (ii) 540,243. 0. 194,526. 43,071. 35,702. 813,542. 0.
LEIBOVICH M.D., BRADLEY C. (i) 621,534. 0. 112,965. 43,146. 32,728. 810,373. 0.
PHYSICIAN (ii) 0. 0. 0. 0. 0. 0. 0.
Schedule J (Form 990) 2022
232112 10-18-22 92
Schedule J (Form 990) 2022 MAYO CLINIC 41-6011702 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 aren't 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.
(B) Breakdown of W-2 and/or 1099-MISC and/or 1099-NEC (C) Retirement and (D) Nontaxable (E) Total of columns (F) Compensation
compensation other deferred benefits (B)(i)-(D) in column (B)
(A) Name and Title (i) Base (ii) Bonus & (iii) Other compensation reported as deferred
compensation incentive reportable on prior Form 990
compensation compensation
DOWDY M.D., SEAN C. (i) 654,963. 0. 77,632. 34,805. 35,537. 802,937. 0.
CHIEF VALUE OFFICER (ii) 0. 0. 0. 0. 0. 0. 0.
LOFTUS M.D., CONOR G. (i) 647,129. 0. 73,589. 33,067. 32,728. 786,513. 0.
FORMER KEY EMPLOYEE (ii) 0. 0. 0. 0. 0. 0. 0.
DIDEHBAN, ROSHANAK (i) 426,643. 0. 63,198. 24,409. 8,424. 522,674. 0.
TRUSTEE (ii) 208,701. 0. 37,594. 0. 3,525. 249,820. 0.
GALANIS M.D., EVANTHIA (i) 602,061. 0. 94,609. 38,258. 32,605. 767,533. 0.
EXECUTIVE DEAN OF DEVELOPMENT (ii) 0. 0. 0. 0. 0. 0. 0.
GERTZ M.D., MORIE A. (i) 529,421. 0. 196,812. 12,200. 25,884. 764,317. 0.
FORMER KEY EMPLOYEE (ii) 0. 0. 0. 0. 0. 0. 0.
MCLAUGHLIN M.D., SARAH A. (i) 0. 0. 0. 0. 0. 0. 0.
TRUSTEE (ii) 619,782. 0. 63,143. 28,219. 7,125. 718,269. 0.
BROWN M.D., MICHAEL J. (i) 563,885. 0. 80,296. 37,828. 35,199. 717,208. 0.
PHYSICIAN (ii) 0. 0. 0. 0. 0. 0. 0.
CIMA M.D., ROBERT R. (i) 557,874. 0. 82,484. 42,648. 31,454. 714,460. 0.
PHYSICIAN (ii) 0. 0. 0. 0. 0. 0. 0.
OKUNO M.D., SCOTT H. (i) 561,421. 0. 70,913. 48,793. 26,654. 707,781. 0.
FORMER KEY EMPLOYEE (ii) 0. 0. 0. 0. 0. 0. 0.
LUETMER M.D., PATRICK H. (i) 540,785. 0. 120,475. 12,213. 32,951. 706,424. 0.
FORMER KEY EMPLOYEE (ii) 0. 0. 0. 0. 0. 0. 0.
FRANK M.D., IGOR (i) 570,034. 0. 61,734. 33,283. 34,022. 699,073. 0.
PHYSICIAN (ii) 0. 0. 0. 0. 0. 0. 0.
KHAN M.D., AMIR R. (i) 534,074. 0. 69,229. 41,519. 32,396. 677,218. 0.
PHYSICIAN (ii) 0. 0. 0. 0. 0. 0. 0.
PETERS M.D., STEVE G. (i) 535,766. 0. 78,252. 12,200. 28,112. 654,330. 0.
PHYSICIAN (ii) 0. 0. 0. 0. 0. 0. 0.
GAZELKA M.D., HALENA M. (i) 498,687. 0. 85,397. 6,100. 16,420. 606,604. 0.
FORMER KEY EMPLOYEE (ii) 21,140. 0. 44. 32,985. 591. 54,760. 0.
FAMUYIDE M.B.B.S., ABIMBOLA O. (i) 474,595. 0. 91,223. 49,995. 24,829. 640,642. 0.
TRUSTEE (ii) 0. 0. 0. 0. 0. 0. 0.
FRANCIS, JAMES R. (i) 0. 0. 0. 0. 0. 0. 0.
ASST TREASURER (ii) 488,877. 0. 58,851. 61,591. 28,314. 637,633. 0.
Schedule J (Form 990) 2022
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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 aren't 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.
(B) Breakdown of W-2 and/or 1099-MISC and/or 1099-NEC (C) Retirement and (D) Nontaxable (E) Total of columns (F) Compensation
compensation other deferred benefits (B)(i)-(D) in column (B)
(A) Name and Title (i) Base (ii) Bonus & (iii) Other compensation reported as deferred
compensation incentive reportable on prior Form 990
compensation compensation
HORLOCKER M.D., TERESE T. (i) 525,625. 0. 67,544. 12,204. 26,465. 631,838. 0.
PHYSICIAN (ii) 0. 0. 0. 0. 0. 0. 0.
DUNN, AJANI N. (i) 0. 0. 0. 0. 0. 0. 0.
ASST SECY (ii) 527,713. 0. 8,243. 26,454. 37,736. 600,146. 0.
HAYES M.D., SHARONNE N. (i) 413,634. 0. 97,038. 39,565. 25,291. 575,528. 0.
FORMER KEY EMPLOYEE (ii) 0. 0. 0. 0. 0. 0. 0.
LUCCHINETTI M.D., CLAUDIA F. (i) 436,001. 0. 54,857. 48,467. 29,515. 568,840. 0.
TRUSTEE (ii) 0. 0. 0. 0. 0. 0. 0.
DIETER, HEIDI L. (i) 458,071. 0. 32,287. 38,059. 12,017. 540,434. 0.
CHAIR-RESEARCH ADMIN (ii) 0. 0. 0. 0. 0. 0. 0.
POE, JOHN D. (i) 53,063. 0. 210. 1,604. 4,870. 59,747. 0.
CHAIR-EDUCATION ADMIN (ii) 406,614. 0. 1,945. 36,197. 19,054. 463,810. 0.
DIASIO M.D., ROBERT B. (i) 372,459. 0. 81,182. 6,188. 27,830. 487,659. 0.
FORMER KEY EMPLOYEE (ii) 0. 0. 0. 0. 0. 0. 0.
HUBERT, SHERRY L. (i) 0. 0. 0. 0. 0. 0. 0.
ASST SECY (ii) 366,166. 0. 20,244. 48,423. 34,580. 469,413. 0.
NARR M.D., BRADLY J. (i) 309,378. 0. 101,953. 12,200. 27,716. 451,247. 0.
FORMER KEY EMPLOYEE (ii) 0. 0. 0. 0. 0. 0. 0.
NORBY, SUSAN M. (i) 0. 0. 0. 0. 0. 0. 0.
FORMER OFFICER (ii) 347,885. 0. 16,364. 42,628. 29,563. 436,440. 0.
BOLTON, JEFFREY W. (i) 0. 0. 0. 0. 0. 0. 0.
FORMER OFFICER (ii) 0. 0. 406,549. 0. 0. 406,549. 35,921.
CAINE, NATALIE A. (i) 341,246. 0. 2,306. 21,086. 36,558. 401,196. 0.
CAO-ROCHESTER (ii) 0. 0. 0. 0. 0. 0. 0.
GREENE M.D., EDDIE L. (i) 286,967. 0. 28,415. 42,105. 24,802. 382,289. 0.
TRUSTEE (ii) 0. 0. 0. 0. 0. 0. 0.
BROWN, WILLIAM A. (i) 0. 0. 0. 0. 0. 0. 0.
ASST TREASURER (ii) 266,298. 0. 4,556. 10,086. 27,511. 308,451. 0.
HAEFLINGER, RICKY J. (i) 0. 0. 175,431. 0. 0. 175,431. 0.
FORMER OFFICER (ii) 0. 0. 0. 0. 0. 0. 0.
(i)
(ii)
Schedule J (Form 990) 2022
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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.
COST OF A FIRST CLASS TICKET AND THE AMOUNT IS GROSSED UP AND TREATED AS
TAXABLE INCOME.
IN 2022, MATTHEW R. CALLSTROM M.D., IGOR FRANK M.D. AND EVANTHIA GALANIS
M.D. WERE PROVIDED BUSINESS/FIRST-CLASS TRAVEL. THE TRAVEL WAS NOT TREATED
SPOUSES CAN ACCOMPANY THEM TO THE SITE OF BOARD MEETINGS AND FOR OTHER
M.D., ROBIN R. ROBERTS AND RANDOLPH C. STEER M.D. RECEIVED SPOUSAL TRAVEL,
232113 10-18-22 95
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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.
THE AWARD. ONE OR MORE LISTED PERSONS RECEIVED AN AWARD, WHICH WAS TREATED
THE PERSONAL SERVICES THAT WERE PROVIDED ARE INCOME TAX PREPARATION
SERVICES THAT, IN ACCORDANCE WITH MAYO POLICY, ARE AVAILABLE TO MAYO CLINIC
PENSION PLAN TO INCOME ABOVE THE INTERNAL REVENUE CODE QUALIFIED PLAN LIMIT
Schedule J (Form 990) 2022
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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.
IN SECTION 401(A)(17). STARTING JANUARY 1, 2011, ALL SRP BENEFITS ARE PAID
COLUMN (B)(III).
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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.
232113 10-18-22 98
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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.
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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.
POE, JOHN D. $0
ARRANGEMENT:
Schedule J (Form 990) 2022
PART II:
ORGANIZATION.
(Form 990) Complete if the organization answered "Yes" on Form 990, Part IV, line 24a. Provide descriptions, 2022
Department of the Treasury explanations, and any additional information in Part VI. Open to Public
Internal Revenue Service Attach to Form 990. Go to www.irs.gov/Form990 for instructions and the latest information. Inspection
Name of the organization Employer identification number
MAYO CLINIC 41-6011702
Part I Bond Issues SEE PART VI FOR COLUMN (F) CONTINUATIONS
(a) Issuer name (b) Issuer EIN (c) CUSIP # (d) Date issued (e) Issue price (f) Description of purpose (g) Defeased (h) On behalf (i) Pooled
of issuer financing
Yes No Yes No Yes No
CONSTRUCTION OF HEALTH
A CITY OF ROCHESTER, MINNESOTA 41-6005494 771902FE8 04/10/08 330,000,000.CARE FACILITIES & REFUND X X X
REFUND 1992 AND 2001
B CITY OF ROCHESTER, MINNESOTA 41-6005494 771902GA5 05/05/11 293,208,150.BONDS X X X
CONSTRUCTION OF HEALTH
C CITY OF ROCHESTER, MINNESOTA 41-6005494 771902GW7 05/08/14 120,000,000.CARE FACILITIES X X X
CONSTRUCTION OF HEALTH
D CITY OF ROCHESTER, MINNESOTA 41-6005494 771902GB3 12/31/15 494,267.CARE FACILITIES X X X
Part II Proceeds
A B C D
1 Amount of bonds retired •••••••••••••••••••••••••••••• 130,000,000. 135,494,267.
2 Amount of bonds legally defeased •••••••••••••••••••••••••
3 Total proceeds of issue ••••••••••••••••••••••••••••••• 325,948,187. 293,208,150. 120,012,445. 494,267.
4 Gross proceeds in reserve funds ••••••••••••••••••••••••••
5 Capitalized interest from proceeds ••••••••••••••••••••••••• 8,864,264. 310,855.
6 Proceeds in refunding escrows ••••••••••••••••••••••••••
7 Issuance costs from proceeds ••••••••••••••••••••••••••• 2,230,808. 2,088,829. 400,343.
8 Credit enhancement from proceeds ••••••••••••••••••••••••
9 Working capital expenditures from proceeds ••••••••••••••••••••
10 Capital expenditures from proceeds •••••••••••••••••••••••• 87,603,115. 119,301,247.
11 Other spent proceeds ••••••••••••••••••••••••••••••• 227,250,000. 291,119,321. 494,267.
12 Other unspent proceeds ••••••••••••••••••••••••••••••
13 Year of substantial completion ••••••••••••••••••••••••••• 2010 2011 2016 2016
Yes No Yes No Yes No Yes No
14 Were the bonds issued as part of a refunding issue of tax-exempt bonds (or,
if issued prior to 2018, a current refunding issue)? •••••••••••••••••• X X X X
15 Were the bonds issued as part of a refunding issue of taxable bonds (or, if
issued prior to 2018, 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
LHA For Paperwork Reduction Act Notice, see the Instructions for Form 990. Schedule K (Form 990) 2022
(Form 990) Complete if the organization answered "Yes" on Form 990, Part IV, line 24a. Provide descriptions, 2022
Department of the Treasury explanations, and any additional information in Part VI. Open to Public
Internal Revenue Service Attach to Form 990. Go to www.irs.gov/Form990 for instructions and the latest information. Inspection
Name of the organization Employer identification number
MAYO CLINIC 41-6011702
Part I Bond Issues SEE PART VI FOR COLUMN (F) CONTINUATIONS
(a) Issuer name (b) Issuer EIN (c) CUSIP # (d) Date issued (e) Issue price (f) Description of purpose (g) Defeased (h) On behalf (i) Pooled
of issuer financing
Yes No Yes No Yes No
(Form 990) Complete if the organization answered "Yes" on Form 990, Part IV, line 24a. Provide descriptions, 2022
Department of the Treasury explanations, and any additional information in Part VI. Open to Public
Internal Revenue Service Attach to Form 990. Go to www.irs.gov/Form990 for instructions and the latest information. Inspection
Name of the organization Employer identification number
MAYO CLINIC 41-6011702
Part I Bond Issues SEE PART VI FOR COLUMN (F) CONTINUATIONS
(a) Issuer name (b) Issuer EIN (c) CUSIP # (d) Date issued (e) Issue price (f) Description of purpose (g) Defeased (h) On behalf (i) Pooled
of issuer financing
Yes No Yes No Yes No
REFUND 2012 AND 2015
A CITY OF ROCHESTER, MINNESOTA 41-6005494 771902HM8 04/12/22 305,570,347.BONDS AND CONSTRUCTION X X X
D
Part II Proceeds
A B C D
1 Amount of bonds retired ••••••••••••••••••••••••••••••
2 Amount of bonds legally defeased •••••••••••••••••••••••••
3 Total proceeds of issue ••••••••••••••••••••••••••••••• 306,357,339.
4 Gross proceeds in reserve funds ••••••••••••••••••••••••••
5 Capitalized interest from proceeds ••••••••••••••••••••••••• 6,735,393.
6 Proceeds in refunding escrows ••••••••••••••••••••••••••
7 Issuance costs from proceeds ••••••••••••••••••••••••••• 1,518,194.
8 Credit enhancement from proceeds ••••••••••••••••••••••••
9 Working capital expenditures from proceeds ••••••••••••••••••••
10 Capital expenditures from proceeds •••••••••••••••••••••••• 49,693,357.
11 Other spent proceeds ••••••••••••••••••••••••••••••• 204,031,250.
12 Other unspent proceeds •••••••••••••••••••••••••••••• 44,379,146.
13 Year of substantial completion •••••••••••••••••••••••••••
Yes No Yes No Yes No Yes No
14 Were the bonds issued as part of a refunding issue of tax-exempt bonds (or,
if issued prior to 2018, a current refunding issue)? •••••••••••••••••• X
15 Were the bonds issued as part of a refunding issue of taxable bonds (or, if
issued prior to 2018, an advance refunding issue)? ••••••••••••••••• X
16 Has the final allocation of proceeds been made? •••••••••••••••••• X
17 Does the organization maintain adequate books and records to support the
final allocation of proceeds? •••••••••••••••••••••••••••• X
LHA For Paperwork Reduction Act Notice, see the Instructions for Form 990. Schedule K (Form 990) 2022
(Form 990) Complete if the organization answered "Yes" on Form 990, Part IV, line 25a, 25b, 26, 27, 28a,
28b, or 28c, or Form 990-EZ, Part V, line 38a or 40b. 2022
Department of the Treasury Attach to Form 990 or Form 990-EZ. Open To Public
Internal Revenue Service Go to www.irs.gov/Form990 for instructions and the latest information. Inspection
Name of the organization Employer identification number
MAYO CLINIC 41-6011702
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 (b) Relationship between disqualified (d) Corrected?
(a) Name of disqualified person person and organization (c) Description of transaction
Yes No
2 Enter the amount of tax incurred by the organization managers or disqualified persons during the year under
section 4958 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ $
3 Enter the amount of tax, if any, on line 2, above, reimbursed by the organization ~~~~~~~~~~~~~~~~~~ $
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 (c) Amount of (d) Type of (e) Purpose of
interested person and assistance assistance assistance
the organization
MERIT SCHOLARSHI 30,000.SCHOLARSHIP
LHA For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ. Schedule L (Form 990) 2022
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112
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Schedule L (Form 990) 2022 MAYO CLINIC 41-6011702 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 (c) Amount of (d) Description of (e) Sharing of
organization's
person and the organization transaction transaction revenues?
Yes No
EMANUEL, ELIZABETH M. FAMILY MEMBER OF FO 88,616.EMPLOYMENT X
FAMUYIDE, OMOLOLA O. FAMILY MEMBER OF TR 109,942.EMPLOYMENT X
GORMAN, ELLEN K. FAMILY MEMBER OF OF 32,860.EMPLOYMENT X
KENDRICK, CONNER D. FAMILY MEMBER OF KE 51,768.EMPLOYMENT X
LAMER M.D., TIM J. FAMILY MEMBER OF KE 617,511.EMPLOYMENT X
LARSON M.D., MARK V. FAMILY MEMBER OF TR 777,138.EMPLOYMENT X
LUETMER M.D., MARIANNE T. FAMILY MEMBER OF FO 276,782.EMPLOYMENT X
MIDTHUN M.D., DAVID E. FAMILY MEMBER OF TR 631,533.EMPLOYMENT X
NEAL M.D., LONZETTA FAMILY MEMBER OF TR 49,786.EMPLOYMENT X
PETERS M.D., MARGOT S. FAMILY MEMBER OF KE 338,694.EMPLOYMENT X
Part V Supplemental Information.
Provide additional information for responses to questions on Schedule L (see instructions).
MERIT SCHOLARSHIP
(Form 990)
Complete if the organizations answered "Yes" on Form 990, Part IV, lines 29 or 30.
2022
Department of the Treasury Attach to Form 990. Open to Public
Internal Revenue Service
Go to www.irs.gov/Form990 for instructions and the latest information. Inspection
Name of the organization Employer identification number
MAYO CLINIC 41-6011702
Part I Types of Property
(a) (b) (c) (d)
Check if Number of Noncash contribution Method of determining
applicable contributions or amounts reported on noncash contribution amounts
items contributed Form 990, Part VIII, line 1g
1 Art - Works of art ~~~~~~~~~~~~~ X 1 EXPERTS
2 Art - Historical treasures ~~~~~~~~~
3 Art - Fractional interests ~~~~~~~~~~
4 Books and publications ~~~~~~~~~~ X 0.EXPERTS
5 Clothing and household goods ~~~~~~ X 0.EXPERTS
6 Cars and other vehicles ~~~~~~~~~~ X 1 280,000.EXPERTS
7 Boats and planes ~~~~~~~~~~~~~
8 Intellectual property ~~~~~~~~~~~
9 Securities - Publicly traded ~~~~~~~~ X 242 26,240,936.MEAN MARKET VALUE
10 Securities - Closely held stock ~~~~~~~
11 Securities - Partnership, LLC, or
trust interests ~~~~~~~~~~~~~~
12 Securities - Miscellaneous ~~~~~~~~ X 2 5,310,830.EXPERTS
13 Qualified conservation contribution -
Historic structures ~~~~~~~~~~~~
14 Qualified conservation contribution - Other~
15 Real estate - Residential ~~~~~~~~~ X 2 567,700.EXPERTS
16 Real estate - Commercial ~~~~~~~~~ X 4 2,977,529.EXPERTS
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 ( JEWELRY ) X 1 8,902.EXPERTS
26 Other ( EQUIPMENT ) X 1 2,800.EXPERTS
27 Other ( TOYS, GAMES, ET ) X 6 0.EXPERTS
28 Other ( FURNITURE ) X 2 0.EXPERTS
29 Number of Forms 8283 received by the organization during the tax year for contributions
for which the organization completed Form 8283, Part V, Donee Acknowledgement ~~~~ 29 5
Yes No
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 3 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 X
b If "Yes," describe the arrangement in Part II.
31 Does the organization have a gift acceptance policy that requires the review of any nonstandard contributions? ~~~~~~ 31 X
32a Does the organization hire or use third parties or related organizations to solicit, process, or sell noncash
contributions? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 32a X
b If "Yes," describe in Part II.
33 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.
LHA For Paperwork Reduction Act Notice, see the Instructions for Form 990. Schedule M (Form 990) 2022
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Schedule M (Form 990) 2022 MAYO CLINIC 41-6011702 Page 2
Part II Supplemental 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.
CONTRIBUTIONS. FOR REAL ESTATE GIFTS, MAYO CONTRACTS WITH REALTORS AND
BROKERS; FOR STOCK AND SECURITY GIFTS MAYO UTILIZES SEVERAL DIFFERENT
BROKERS AND BROKERAGE FIRMS; FOR TANGIBLE PERSONAL PROPERTY, MAYO USES
COMMISSION-BASED.
ACCOUNTING PRINCIPLES (SFAS 116), MAYO CLINIC DID NOT RECOGNIZE REVENUE
118
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OMB No. 1545-0047
Supplemental Information to Form 990 or 990-EZ
2022
SCHEDULE O
(Form 990) Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
Department of the Treasury Attach to Form 990 or Form 990-EZ. Open to Public
Internal Revenue Service Go to www.irs.gov/Form990 for the latest information. Inspection
Name of the organization Employer identification number
MAYO CLINIC 41-6011702
GROUP RETURN (MAYO CLINIC GROUP RETURN - EIN: 38-3952644) WAS FILED
1.6033-2(A)(2)(II)(F), (G) AND (H) ON ITS FORM 990 FOR THE 2022 TAX
PATIENT CARE:
CONSISTENT WITH MAYO CLINIC'S PRIMARY VALUE - THE NEEDS OF THE PATIENT
MAYO CLINIC IS ALSO THE SOLE MEMBER OF MAYO CLINIC ARIZONA AND MAYO
HEALTH CARE CLOSE TO HOME, AND ALSO SUPPORTED BY THE HIGHLY SPECIALIZED
MISSION AND CULTURE OF PROVIDING FOR THE HEALTH CARE NEEDS OF THE
MAYO CLINIC HAS REINFORCED ITS LEADERSHIP IN PATIENT CARE, RESEARCH AND
MAYO CLINIC REMAINS TOP-RANKED IN QUALITY MORE THAN ANY OTHER HEALTH
FOR MEDICARE & MEDICAID SERVICES OVERALL HOSPITAL QUALITY STAR RATINGS,
PERIOD, MAYO CLINIC WAS AGAIN RANKED AS HAVING THE NO. 1 HOSPITAL IN
MAYO CLINIC OFFERS BOTH SPECIALTY AND PRIMARY CARE IN ITS COMMUNITY
ENGAGE PATIENTS, KEEP THEM HEALTHY, SUPPORT PATIENT WELLNESS GOALS AND
COMMUNITY CARE (MMOCC) ARE AIMED AT IMPROVING THE QUALITY OF LIFE FOR
EACH YEAR, PEOPLE FROM ALL 50 STATES AND APPROXIMATELY 130 COUNTRIES
PATIENT VISITS WERE RECORDED BY MAYO CLINIC AND ITS AFFILIATED HOSPITAL
IN ROCHESTER, MN. TOTAL PATIENT VISITS FOR MAYO CLINIC AND ITS
FEES. CHARITY CARE IS ALSO PROVIDED FOR PATIENTS THAT ARE FINANCIALLY
TOTAL INCLUDES $53 MILLION IN CHARITY CARE AND $613 MILLION IN UNPAID
PORTIONS OF MEDICAID AND OTHER INDIGENT CARE PROGRAMS FOR PEOPLE WHO
COMMUNITIES.
THE MAIN GOAL OF THE NETWORK IS TO HELP PEOPLE GAIN THE BENEFITS OF
INDIA, INDONESIA, MEXICO, SAUDI ARABIA, AND THE UNITED ARAB EMIRATES.
THROUGH THE MAYO CLINIC CARE NETWORK, MILLIONS OF PATIENTS AND THEIR
232212 10-28-22 Schedule O (Form 990) 2022
123
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Schedule O (Form 990) 2022 Page 2
Name of the organization Employer identification number
MAYO CLINIC 41-6011702
CARE TEAMS HAVE ACCESS TO MAYO CLINIC KNOWLEDGE, CLINICAL PROTOCOLS AND
THEIR INTEGRATION MAKES THE MAYO CLINIC LIBRARIES AMONG THE MOST
RESEARCH.
MEDICAL RESEARCH:
AND THE FINDINGS FROM RESEARCH FLOW BACK INTO THE PRACTICE TO IMPROVE
HEALTH AND WELLBEING OF NOT JUST MAYO CLINIC PATIENTS, BUT ALSO THE
DURING 2022, MAYO CLINIC, IN CONJUNCTION WITH ITS AFFILIATES, HAD OVER
INSTITUTIONAL REVIEW BOARD AND OVER 10,600 RESEARCH AND REVIEW ARTICLES
BENEFACTORS.
MEDICAL EDUCATION:
LEARNING AND A COMMITTED QUEST FOR NEW KNOWLEDGE ARE INTEGRAL FUNCTIONS
ENSURE THE MAYO MODEL OF CARE IS PERPETUATED AND SHARED BROADLY. MAYO
ONLY ON HELPING THE PATIENT, BUT ALSO IMPROVING THE HEALTH CARE SYSTEM;
CARE.
STUDENTS ACROSS ALL CAMPUSES ARE SOME OF THE FIRST NATIONWIDE TO TRAIN
THE MAYO CLINIC ALIX SCHOOL OF MEDICINE STUDENTS WAS RANKED NO. 14 IN
THE NATION FOR THE BEST MEDICAL SCHOOL FOR RESEARCH FOR THE 2022-2023
TOUCHPOINTS ANNUALLY.
MAYO CLINIC COLLEGE OF MEDICINE AND SCIENCE ALSO HAS INITIATED MAYO
LEARNING ALSO FACILITATES THE ABILITY FOR MAYO CLINIC TO SHARE AND
DELIVERY WITHIN EACH OF THE SCHOOLS WITHIN THE COLLEGE. THE COLLEGE HAS
CLINICAL JOURNAL IN GENERAL AND INTERNAL MEDICINE AND AMONG THE MOST
MAYO CLINIC PROCEEDINGS HAS BEEN CONTINUOUSLY PUBLISHED SINCE 1926 AND
HAS AN IMPACT FACTOR OF 8.9, RANKING IT #20 OUT OF 167 JOURNALS IN THE
UNITED KINGDOM
THE BOARD OF TRUSTEES, BROAD AUTHORITY TO EXERCISE THE POWERS OF THE BOARD
TRUSTEE:
DIDEHBAN, ROSHANAK,
TRUSTEE:
DIDEHBAN, ROSHANAK,
TRUSTEE:
**********************
MAYO FOUNDATION FOR MEDICAL EDUCATION AND RESEARCH AND OTHER RELATED
ACTIONS MAY BE TAKEN WITHOUT A MEETING IF THE VOTES THAT WOULD BE REQUIRED
THE BOARD OF GOVERNORS ALONG WITH DEFINING WHICH OFFICERS MUST SIGN AND
COMMITTEES ARE APPROVED BY THE GOVERNANCE & NOMINATING COMMITTEE VERSUS THE
WAS AMENDED SO ACTIONS MAY BE TAKEN WITHOUT A MEETING IF THE VOTES THAT
THE FORM 990 IS PREPARED BY MAYO CORPORATE TAX. THE TAX RETURN GOES
232212 10-28-22 Schedule O (Form 990) 2022
134
15101113 136378 MAYOCLINIC 2022.03050 MAYO CLINIC MAYOCLI1
Schedule O (Form 990) 2022 Page 2
Name of the organization Employer identification number
MAYO CLINIC 41-6011702
THROUGH TWO LEVELS OF REVIEW WITHIN THE CORPORATE TAX UNIT AND IS REVIEWED
A COPY OF THE FORM 990 IS THEN PROVIDED TO EACH MEMBER OF MAYO CLINIC'S
ALL CURRENT AND FORMER OFFICERS, DIRECTORS, TRUSTEES, KEY EMPLOYEES AND
990 ARE ASKED TO COMPLETE AN "ANNUAL TAX AND COMPLIANCE DISCLOSURE" FORM.
THIS INFORMATION IS REVIEWED BY BOTH THE CORPORATE TAX DEPARTMENT AND THE
THE POLICY ARE THE SUBJECT OF ONGOING REVIEW AND ACTION THROUGH THE OFFICE
REVIEW BOARD.
CONFLICTS.
MAYO CLINIC AND ITS AFFILIATES HAVE A COORDINATED PROCESS FOR REVIEWING AND
STAFF AND SENIOR ADMINISTRATIVE LEADERSHIP, ALONG WITH ALLIED HEALTH STAFF.
IN ADDITION TO ANY REVIEW AND APPROVAL THAT MAY TAKE PLACE AT THE LOCAL
THE COMPENSATION AND BENEFITS OF THE CEO AND SEVERAL OTHER OFFICERS AND KEY
EMPLOYEES OF MAYO CLINIC AND MAYO CLINIC GROUP WERE REVIEWED AND APPROVED
CLINIC HEALTH SYSTEM LOCATIONS, ARE REVIEWED AND APPROVED BY THE MAYO
BOARD OF TRUSTEES. THIS GROUP REVIEWS AND APPROVES THE COMPENSATION AND
RANGES FOR VARIOUS POSITIONS, LEVELS, AND SPECIALTIES. THE COMMITTEE USES
REVIEW AND DOCUMENTS DECISIONS IN ITS REVIEW AND DOCUMENTS DECISIONS IN ITS
MINUTES.
IS MADE.
FORM 990, PART VI, LINE 17, LIST OF STATES RECEIVING COPY OF FORM 990:
AL,AK,AR,CA,CT,FL,GA,IL,IN,KS,KY,MD,MA,MI,MN,MS,NH,NJ,NY,NC,NM,OK,OR,PA,RI
TN,UT,VA,WV,WI,SD,SC,AZ,DE,HI,ID,IA,LA,ME,WA,WY,VT,TX,NE,NV,MO,MT
OF STATE'S OFFICE OR UPON REQUEST FROM MAYO CLINIC. BYLAWS AND OTHER
GOVERNANCE DOCUMENTS ARE AVAILABLE UPON REQUEST FOR PURPOSES THAT MAYO
UPON REQUEST.
MAYO CLINIC'S CONSOLIDATED FINANCIAL STATEMENTS AND FEDERAL FORM 990 ARE
TOTAL OTHER FEES ON FORM 990, PART IX, LINE 11G, COL A 866,418,809.
232221
04-01-22 141
Schedule R (Form 990) MAYO CLINIC 41-6011702
232222
04-01-22 143
Schedule R (Form 990) 2022 MAYO CLINIC 41-6011702 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) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k)
Legal
Name, address, and EIN Primary activity domicile Direct controlling Predominant income Share of total Share of Disproportionate Code V-UBI General or Percentage
of related organization (state or entity (related, unrelated, income end-of-year allocations?
amount in box managing ownership
foreign excluded from tax under assets 20 of Schedule partner?
country) sections 512-514) Yes No K-1 (Form 1065) Yes No
Part IV Identification of Related Organizations Taxable as a Corporation or Trust. Complete if the organization answered "Yes" on Form 990, Part IV, line 34, because it had one or more related
organizations treated as a corporation or trust during the tax year.
(a) (b) (c) (d) (e) (f) (g) (h) (i)
Section
Name, address, and EIN Primary activity Legal domicile Direct controlling Type of entity Share of total Share of Percentage 512(b)(13)
of related organization (state or entity (C corp, S corp, income end-of-year ownership controlled
foreign entity?
country) or trust) assets
Yes No
MAYO CLINIC SUPPORT SERVICES, TEXAS -
47-1751102, 200 FIRST STREET S.W.,
ROCHESTER, MN 55905 HEALTH SERVICES TX MAYO CLINIC C CORP 24,179. 97,055. 100.00% X
MAYO CLINIC UK, LTD.
3 MORE LONDON RIVERSIDE UNITED
LONDON, UNITED KINGDOM INVESTMENT ACTIVITIES KINGDOM MAYO CLINIC C CORP -354,376. 53,564,506. 100.00% X
MAYO HOLDING COMPANY - 41-1578020
200 FIRST STREET S.W.
ROCHESTER, MN 55905 HOLDING COMPANY MN MAYO CLINIC C CORP 202,535. 52,722,196. 100.00% X
MAYO INSURANCE COMPANY, LTD.
200 FIRST STREET S.W. CAYMAN
ROCHESTER, MN 55905 SELF INSURANCE POOL ISLANDS MAYO CLINIC C CORP 31,086,198. 165,023,745. 100.00% X
RESOUNDANT, INC. - 46-1661978
421 1ST AVE SW, SUITE 204W MANUFACTURING MEDICAL
ROCHESTER, MN 55902 DEVICE COMPONENT MN MFMER C CORP X
232162 09-14-22 144 Schedule R (Form 990) 2022
Schedule R (Form 990) MAYO CLINIC 41-6011702
CHARITABLE LEAD TRUST CHARITABLE TRUST CA MAYO CLINIC TRUST 1,461,972. 10,403,293. 89.00% X
PERPETUAL TRUST CHARITABLE TRUST LA MAYO CLINIC TRUST 140,910. 1,997,463. 100.00% X
CHARITABLE REMAINDER TRUST CHARITABLE TRUST AZ MAYO CLINIC TRUST 0. 142,609. 60.00% X
CHARITABLE REMAINDER TRUST CHARITABLE TRUST CO MAYO CLINIC TRUST 0. 782,871. 100.00% X
232224
04-01-22 145
Schedule R (Form 990) MAYO CLINIC 41-6011702
CHARITABLE REMAINDER TRUST CHARITABLE TRUST MA MAYO CLINIC TRUST 0. 184,019. 100.00% X
CHARITABLE REMAINDER TRUST CHARITABLE TRUST TX MAYO CLINIC TRUST 0. 162,531. 100.00% X
232224
04-01-22 147
Schedule R (Form 990) 2022 MAYO CLINIC 41-6011702 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 No
1 During the tax year, did the organization 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 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 1a X
b Gift, grant, or capital contribution to related organization(s) ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 1b X
c Gift, grant, or capital contribution from related organization(s) ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 1c X
d Loans or loan guarantees to or for related organization(s) ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 1d X
e Loans or loan guarantees by related organization(s) ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 1e X
Part V Continuation of Transactions With Related Organizations (Schedule R (Form 990), Part V, line 2)
232225
04-01-22 149
Schedule R (Form 990) MAYO CLINIC 41-6011702
Part V Continuation of Transactions With Related Organizations (Schedule R (Form 990), Part V, line 2)
232225
04-01-22 150
Schedule R (Form 990) MAYO CLINIC 41-6011702
Part V Continuation of Transactions With Related Organizations (Schedule R (Form 990), Part V, line 2)
232225
04-01-22 151
Schedule R (Form 990) MAYO CLINIC 41-6011702
Part V Continuation of Transactions With Related Organizations (Schedule R (Form 990), Part V, line 2)
232225
04-01-22 152
Schedule R (Form 990) MAYO CLINIC 41-6011702
Part V Continuation of Transactions With Related Organizations (Schedule R (Form 990), Part V, line 2)
232225
04-01-22 153
Schedule R (Form 990) MAYO CLINIC 41-6011702
Part V Continuation of Transactions With Related Organizations (Schedule R (Form 990), Part V, line 2)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
232225
04-01-22 154
Schedule R (Form 990) 2022 MAYO CLINIC 41-6011702 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) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k)
Are all
Name, address, and EIN Primary activity Legal domicile Predominant income partners sec. Share of Share of Dispropor-Code V-UBI General or Percentage
of entity (state or foreign (related, unrelated, 501(c)(3)
total end-of-year amount in box 20 managing ownership
tionate
excluded from tax under orgs.? of Schedule K-1 partner?
allocations?
country) sections 512-514) Yes No income assets Yes No (Form 1065) Yes No
Contents
Independent auditor's report 2
Board of Trustees
Mayo Clinic
Opinion
We have audited the consolidated financial statements of Mayo Clinic (“the Clinic”), which
comprise the consolidated statements of financial position as of December 31, 2022 and 2021, and
the related consolidated statements of activities and cash flows for the years then ended, and the
related notes (collectively referred to as the “financial statements”).
In our opinion, the accompanying financial statements present fairly, in all material respects, the
financial position of the Clinic at December 31, 2022 and 2021, and the results of its operations
and its cash flows for the years then ended in accordance with accounting principles generally
accepted in the United States of America.
We conducted our audits in accordance with auditing standards generally accepted in the United
States of America (GAAS). Our responsibilities under those standards are further described in the
Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are
required to be independent of the Clinic and to meet our other ethical responsibilities in accordance
with the relevant ethical requirements relating to our audits. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with accounting principles generally accepted in the United States of America, and for
the design, implementation, and maintenance of internal control relevant to the preparation and
fair presentation of financial statements that are free of material misstatement, whether due to fraud
or error.
In preparing the financial statements, management is required to evaluate whether there are
conditions or events, considered in the aggregate, that raise substantial doubt about the Clinic’s
ability to continue as a going concern for one year after the date that the financial statements are
issued.
2302-4193470 2
A member firm of Ernst & Young Global Limited
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free of material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute
assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will
always detect a material misstatement when it exists. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Misstatements are considered material if there is a substantial likelihood that, individually or in
the aggregate, they would influence the judgment made by a reasonable user based on the financial
statements.
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the financial statements, whether
due to fraud or error, and design and perform audit procedures responsive to those risks.
Such procedures include examining, on a test basis, evidence regarding the amounts and
disclosures in the financial statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Clinic’s internal control. Accordingly, no such
opinion is expressed.
• Conclude whether, in our judgment, there are conditions or events, considered in the
aggregate, that raise substantial doubt about the Clinic’s ability to continue as a going
concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other
matters, the planned scope and timing of the audit, significant audit findings, and certain internal
control-related matters that we identified during the audit.
2302-4193470 3
A member firm of Ernst & Young Global Limited
Other Information
Management is responsible for the other information. The other information comprises the
Management Discussion and Analysis but does not include the financial statements and our
auditor’s report thereon. Our opinion on the financial statements does not cover the other
information, and we do not express an opinion or any form of assurance thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information and consider whether a material inconsistency exists between the other information
and the financial statements, or the other information otherwise appears to be materially misstated.
If, based on the work performed, we conclude that an uncorrected material misstatement of the
other information exists, we are required to describe it in our report.
February 17, 2023
2302-4193470 4
A member firm of Ernst & Young Global Limited
Consolidated Statements of Financial Position
December 31, 2022 and 2021 (In Millions)
2022 2021
Assets
Current assets:
Cash and cash equivalents $ 64 $ 46
Accounts receivable for medical services 1,842 1,826
Other receivables 759 648
Other current assets 386 317
Total current assets 3,051 2,837
Current liabilities:
Accounts payable $ 752 $ 768
Accrued payroll 849 818
Accrued employee benefits 176 168
Deferred revenue 64 62
Long-term variable-rate debt 620 620
Other current liabilities 470 509
Total current liabilities 2,931 2,945
Net assets:
Without donor restrictions 14,808 12,431
With donor restrictions 5,063 5,236
Total net assets 19,871 17,667
5
Consolidated Statements of Activities
Years Ended December 31, 2022 and 2021 (In Millions)
2022 2021
Without With Without With
Donor Donor Donor Donor
Restrictions Restrictions Total Restrictions Restrictions Total
Revenue, gains, and other support:
Medical service revenue $ 13,781 $ — $ 13,781 $ 13,310 $ — $ 13,310
Grants and contracts 666 — 666 613 — 613
Investment return allocated to current activities 250 23 273 217 24 241
Contributions available for current activities 75 268 343 181 253 434
Other 1,227 — 1,227 1,131 — 1,131
Net assets released from restrictions 337 (337) — 430 (430) —
Total revenue, gains, and other support 16,336 (46) 16,290 15,882 (153) 15,729
Expenses:
Salaries and benefits 9,170 — 9,170 8,661 — 8,661
Supplies and services 5,377 — 5,377 4,767 — 4,767
Depreciation and amortization 624 — 624 619 — 619
Facilities 350 — 350 326 — 326
Finance and investment 174 — 174 144 — 144
Total expenses 15,695 — 15,695 14,517 — 14,517
Income (loss) from current activities 641 (46) 595 1,365 (153) 1,212
Pension and other postretirement benefit adjustments 2,859 — 2,859 1,728 — 1,728
Increase (decrease) in net assets 2,377 (173) 2,204 4,415 887 5,302
Net assets at beginning of year 12,431 5,236 17,667 8,016 4,349 12,365
Net assets at end of year $ 14,808 $ 5,063 $ 19,871 $ 12,431 $ 5,236 $ 17,667
6
Consolidated Statements of Cash Flows
Years Ended December 31, 2022 and 2021 (In Millions)
2022 2021
Cash flows from operating activities:
Cash from medical services $ 12,827 $ 12,283
Cash from external lab services 938 957
Cash from grants and contracts 658 616
Cash from benefactors 345 368
Cash from other activities 1,140 1,030
Cash for salaries and benefits (8,822) (8,350)
Cash for supplies, services, and facilities (5,798) (5,136)
Interest and dividends received 196 222
Interest paid (144) (126)
Income taxes paid (33) (63)
Net cash provided by operating activities 1,307 1,801
7
Mayo Clinic
Basis of presentation: Included in the Clinic’s consolidated financial statements are all of its wholly
owned or wholly controlled subsidiaries. All significant intercompany transactions have been eliminated in
consolidation. In addition, these statements follow generally accepted accounting principles applicable to
the not-for-profit industry as described in the Financial Accounting Standards Board (FASB) Accounting
Standards Codification (ASC) Topic 958, Not-for Profit Entities.
Use of estimates: The preparation of financial statements in conformity with U.S. generally accepted
accounting principles (GAAP) requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities at the date of the financial statements. Estimates also affect the
reported amounts of revenue and expenses during the reporting period. Actual results could differ from
those estimates.
Effective January 1, 2022, the Clinic adopted FASB Accounting Standards Update (ASU) No. 2020-07,
Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets (Topic 958).
This ASU required presentation of contributed nonfinancial assets as a separate line in the consolidated
statement of activities, apart from contributions of cash or other financial assets. The adoption of this ASU
did not materially impact the consolidated financial statements.
Cash and cash equivalents: Cash and cash equivalents include currency on hand, demand deposits
with banks or other financial institutions, and short-term investments with maturities of three months or
less from the date of purchase, which are not managed by the Clinic’s investment managers.
Accounts receivable for medical services: Accounts receivable for medical services are based upon
the estimated amounts expected to be paid from patients and third-party payors.
Inventories: Inventories, consisting primarily of medical supplies and pharmaceuticals, are stated at the
lower of cost or net realizable value.
Investments: Investments in equity and debt securities, including alternative investments, are recorded
at fair value (Notes 4 and 6). Fair value is the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at the measurement date.
Realized gains and losses are calculated based on the average cost method. Investment income or loss
(including realized and unrealized gains and losses on investments, interest, and dividends) is included in
the consolidated statements of activities.
8
Mayo Clinic
Alternative investments (principally limited partnership interests in absolute return, hedge, private equity,
real estate and natural resources funds) represent the Clinic’s ownership interest in the respective
partnership, which is valued at fair value based on net asset value (NAV) obtained from fund manager
statements and historically audited financial statements. The investments in alternative investments may
individually expose the Clinic to securities lending, short sales, and trading in futures and forward contract
options and other derivative products. The Clinic’s risk is limited to the investment’s carrying value.
It is the Clinic’s intent to maintain a long-term investment portfolio to support research, education and
other activities. Accordingly, the total investment return is reported in the consolidated statements of
activities in two categories. The investment return allocated to current activities is determined by a
formula, which involves allocating five percent of a three-year moving average of investments related to
endowments, and the matching of financing costs for the assets required for operations. Management
believes this return is approximately equal to the real return that the Clinic expects to earn on its
investments over the long term. The unallocated investment return, included in noncurrent and other
items in the consolidated statements of activities, represents the difference between the total investment
return and the amount allocated to current activities, net of investment costs.
Property, plant, and equipment: Property, plant, and equipment are carried at cost if purchased or at
fair value on the date received through affiliation or donation, less accumulated depreciation. Plant and
equipment are depreciated over their estimated useful lives, ranging from three to fifty years using the
straight-line method. Depreciation expense includes amortization of assets recorded under capital leases.
Costs associated with the development and installation of internal-use software are accounted for in
accordance with Intangibles—Goodwill and Other, Internal-Use Software (Subtopic 350-40) of the FASB
ASC. Accordingly, internal-use software costs are expensed or capitalized and amortized according to the
provisions of the accounting standard.
Leases: The Clinic determines if an arrangement is a lease at inception. Operating leases are included
in other long-term assets, other current liabilities, and other long-term liabilities in the consolidated
statements of financial position. Finance leases are included in property, plant, and equipment, other
current liabilities, and other long-term liabilities in the consolidated statements of financial position.
Right-of-use (ROU) assets represent the right to use an underlying asset for the lease term, and lease
liabilities represent the obligation to make lease payments arising from the lease. ROU assets and
liabilities are recognized at the commencement date, based on the present value of lease payments over
the lease term. As most of the leases do not provide an implicit rate, the Clinic uses an incremental
borrowing rate based on the information available at the commencement date in determining the present
value of lease payments. The implicit rate is used when readily determinable. The ROU asset also
includes any lease payments made and excludes lease incentives. The lease term may include options to
extend or terminate the lease when it is reasonably certain the Clinic will exercise the option.
The Clinic defines a short-term lease as any lease arrangement with a lease term of twelve months or
less that does not include an option to purchase the underlying asset. Short-term lease payments are
recognized as expense on a straight-line basis over the lease term and variable lease payments in the
period in which the obligation is incurred.
The Clinic has lease arrangements with lease and non-lease components, which are generally accounted
for separately, except the Clinic has elected the practical expedient to not separate non-lease
components for real estate leases. Additionally, for certain equipment leases, the Clinic applies a portfolio
approach to effectively account for the ROU assets and liabilities.
9
Mayo Clinic
Deferred revenue: Deferred revenue consists of payments received in advance for grant, subscription,
and tuition revenue. Deferred revenues are subsequently recognized as revenue in accordance with the
Clinic’s revenue recognition policies.
Deferred compensation: The Clinic offers eligible employees a nonqualified, tax-deferred compensation
retirement plan. Employees defer compensation into the plan on a pretax basis. The compensation
deferred under this plan is credited with earnings and losses as determined by the rate of return on
investments selected by the plan participants. Each participant is fully vested in all deferred
compensation and those earnings credited to their individual accounts. The amounts deferred under this
plan is an unsecured obligation of the Clinic. The balances are reflected in investments and other long-
term liabilities in the consolidated statements of financial position. The related investment return is
reported in unallocated investment return, net, with a corresponding gain/loss representing benefit
expense/income reported in the other - noncurrent section of the consolidated statements of activities.
Asset retirement obligations: The Clinic accounts for the estimated cost of legal obligations associated
with long-lived asset retirements in accordance with Asset Retirement and Environmental Obligations
(Topic 410) of the FASB ASC. The asset retirement liability, recorded in other long-term liabilities, is
accreted to the present value of the estimated future costs of these obligations at the end of each period.
Net assets: Net assets, revenues, gains, and losses are classified based on the existence or absence of
donor or grantor-imposed restrictions. Accordingly, net assets and changes therein are classified and
reported as follows:
Net Assets Without Donor Restrictions - Net assets available for use in general operations and not
subject to donor restrictions. The governing board has designated, from net assets without donor
restrictions, net assets for an operating reserve and board-designated endowment.
Net Assets With Donor Restrictions - Net assets subject to donor-imposed restrictions. Some donor-
imposed restrictions are temporary in nature, such as those that will be met by the passage of time or
other events specified by the donor. Other donor-imposed restrictions are perpetual in nature, where the
donor stipulates that resources be maintained in perpetuity. Gifts of long-lived assets and gifts of cash
restricted for the acquisition on long-lived assets are recognized as revenue when received. Donor-
imposed restrictions are released when a restriction expires, that is, when the stipulated time has
elapsed, when the stipulated purpose for which the resource was restricted has been fulfilled, or both.
Medical service revenue: Medical service revenue is reported at the amount that reflects the
consideration to which the Clinic expects to be entitled in exchange for providing patient care.
Grants and contracts: Reciprocal grants and contracts revenue is recognized when the expenses have
been incurred for the purpose specified by the grantor or in accordance with the terms of the agreement.
Contributed grants and contracts revenue is recorded as conditions are met or immediately if deemed an
unconditional contribution. Grant and contract amounts due to the Clinic are included in other receivables.
Charity and uncompensated care: The Clinic provides health care services to patients who meet
certain criteria under its Charity Care Policy without charge or at amounts less than established rates.
Since the Clinic does not pursue collection of these amounts, they are not reported as revenue. The
estimated cost of providing these services was $54 and $49 in 2022 and 2021, respectively, calculated by
multiplying the ratio of cost to gross charges for the Clinic by the gross uncompensated charges
associated with providing care to charity patients. In addition to the charges related to the direct patient
care provided under the Clinic’s Charity Care Policy, the Clinic has programs offered to benefit the
broader community and other governmental reimbursement programs. The Clinic also participates in
10
Mayo Clinic
various state Medicaid programs for indigent patients. The estimated unreimbursed cost of providing
services related to Medicaid programs totaled $613 and $601 in 2022 and 2021, respectively.
Contributions: The Clinic classifies contributions that are available for current activities as revenue,
based on the lack of specific donor restriction or the presence of donor restrictions and the ability of the
Clinic to meet those restrictions within the year. Contributions of a perpetual nature or not available for
current activities are classified in noncurrent and other items in the consolidated statements of activities.
Development expenses of $54 ($32 allocated to current and $22 allocated to noncurrent) and $48 ($26
allocated to current and $22 allocated to noncurrent) were incurred in 2022 and 2021, respectively. The
current portion is recorded in expenses, and the noncurrent portion is netted against contributions not
available for current activities in the consolidated statements of activities. Unconditional promises to give
and contributions are reported at fair value at the time of the gift. An allowance for uncollectible pledges
receivable is estimated, based on a combination of historical experience and specific identification.
Conditional promises to give are recognized at fair value when the barriers to entitlement are overcome or
the possibility that a condition will not be met is remote.
The Clinic periodically receives works of art from various benefactors. These items are unique in nature
and are held on display for the benefit and enjoyment of the Clinic’s patients. It is the Clinic’s policy to
neither capitalize contributed works of art nor record the related contribution revenue.
Income from current activities: The Clinic’s policy is to include in income from current activities all
medical service and other revenue, grants and contracts, investment return allocated to current activities,
contributions available for current activities, net assets released from restrictions, and substantially all
expenses. Contributions not available for current activities, unallocated investment return, income tax
expense, benefit credit, and those items not expected to recur on a regular basis are included in
noncurrent and other items in the consolidated statements of activities.
Noncontrolling interest in subsidiaries: The Clinic attributed income of $33 and $9 for the years
ended December 31, 2022 and 2021, respectively, to noncontrolling interests based on the ownership
percentage of the noncontrolling interests in certain of the Clinic’s consolidated subsidiaries. These
amounts are recognized in net assets without donor restrictions on the consolidated statements of
financial position. The balance in net assets without donor restrictions as of December 31, 2022 and 2021
was $68 and $36, respectively.
Subsequent events: The Clinic evaluated events and transactions occurring subsequent to December
31, 2022 through February 17, 2023, the date of issuance of the consolidated financial statements. During
this period, there were no subsequent events requiring recognition in the consolidated financial
statements. Additionally, there were no unrecognized events requiring disclosure.
11
Mayo Clinic
Financial assets available for general expenditure within one year of the consolidated statement of
financial position date are composed of the following at December 31:
2022 2021
Cash and cash equivalents $ 64 $ 46
Accounts receivable 1,842 1,826
Promises to give 319 294
Grants receivable 145 134
Other receivables 295 220
Investments 10,495 11,234
Total financial assets available within one year $ 13,160 $ 13,754
As part of a liquidity management plan, the Clinic has a policy to structure its financial assets to be
available as its general expenditures, liabilities, and other obligations come due. Cash in excess of daily
requirements is invested in short-term investments. In the event of an unanticipated liquidity need, the
Clinic has $300 of available lines of credit for working capital (see Note 9 - Financing).
The Clinic's endowment funds consist of donor-restricted endowments and funds designated by the board
as endowment. Income from endowments is restricted for specific purposes. As described in Note 13 -
Endowment, under the Clinic spending policy, $280 from the endowments was available as of January 1,
2023 and $247 from the endowments was available at January 1, 2022.
Performance obligations are determined based on the nature of the services provided by the Clinic.
Revenue for performance obligations satisfied over time is recognized based on actual charges incurred
in relation to total expected (or actual) charges. The Clinic believes that this method provides a faithful
depiction of the transfer of services over the term of the performance obligation based on the inputs
needed to satisfy the obligation. Generally, performance obligations satisfied over time relate to patients
in the Clinic's hospital receiving inpatient acute care services. The Clinic measures the performance
obligation from admission into the hospital to the point when it is no longer required to provide services to
that patient, which is generally at the time of discharge. Revenue for performance obligations satisfied at
a point in time is recognized when goods or services are provided and the Clinic does not believe it is
required to provide additional goods or services to the patient.
Because all of its performance obligations relate to contracts with a duration of less than one year, the
Clinic has elected to apply the optional exemption provided in Revenue from Contracts with Customers
(Topic 606-10-50-14(a)) and, therefore, is not required to disclose the aggregate amount of the
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The Clinic determines the transaction price based on standard charges for goods and services provided
to patients, reduced by contractual adjustments provided to third-party payors, discounts provided to
uninsured patients in accordance with the Clinic’s policy, and/or implicit price concessions based on
historical collection experience.
Agreements with third-party payors typically provide for payments at amounts less than established
charges. A summary of the payment arrangements with major third-party payors follows:
• Medicare: Certain inpatient acute care services are paid at prospectively determined rates per
discharge based on clinical, diagnostic, and other factors. Certain services are paid based on
cost-reimbursement methodologies subject to certain limits. Physician services are paid based
upon established fee schedules. Outpatient services are paid using prospectively determined
rates.
• Medicaid: Reimbursements for Medicaid services are generally paid at prospectively determined
rates per discharge, per occasion of service, or per covered member.
• Other: Payment agreements with certain commercial insurance carriers, health maintenance
organizations, and preferred provider organizations provide for payment using prospectively
determined rates per discharge, discounts from established charges, and prospectively
determined daily rates.
Laws and regulations concerning government programs, including Medicare and Medicaid, are complex
and subject to varying interpretation. As a result of investigations by governmental agencies, various
health care organizations have received requests for information and notices regarding alleged
noncompliance with those laws and regulations which, in some instances, have resulted in organizations
entering into significant settlement agreements. Compliance with such laws and regulations may also be
subject to future government review and interpretation, as well as significant regulatory action, including
fines, penalties, and potential exclusion from the related programs. There can be no assurance that
regulatory authorities will not challenge the Clinic’s compliance with these laws and regulations, and it is
not possible to determine the impact (if any) such claims or penalties would have upon the Clinic. In
addition, the contracts that the Clinic has with commercial payors also provide for retroactive audit and
review of claims.
Generally, patients who are covered by third-party payors are responsible for related deductibles and
coinsurance, which vary in amount. The Clinic also provides services to uninsured patients, and offers
those uninsured patients a discount, either by policy or law, from standard charges. The Clinic estimates
the transaction price for patients with deductibles and coinsurance and from those who are uninsured,
based on historical experience and current market conditions. The initial estimate of the transaction price
is determined by reducing the standard charge by any contractual adjustments, discounts, and implicit
price concessions. Subsequent changes to the estimate of the transaction price are generally recorded as
adjustments to medical service revenue in the period of the change. For the years ended December 31,
2022 and 2021, revenue recognized due to changes in its estimates of transaction price concessions for
performance obligations satisfied in prior years was $14 and $6, respectively. Subsequent changes that
are determined to be the result of an adverse change in the patient’s ability to pay are recorded as bad
debt expense. Bad debt expense for the years ended December 31, 2022 and 2021, was not significant.
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Patients who meet the Clinic’s criteria for charity care are provided care without charge or at amounts less
than established rates. Such amounts which are determined to qualify as charity care are not reported as
revenue.
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The composition of medical service revenue based on the regions of the country in which the Clinic
operates, its lines of business, and timing of revenue recognition for the years ended December 31, 2022
and 2021, are as follows:
Hospital revenue includes a variety of services mainly covering inpatient procedures requiring overnight
stays or outpatient operations that require anesthesia or use of complex diagnostic and surgical
equipment, as well as emergency care for traumas and other critical conditions. Clinic revenue includes
services mainly focused on the care of outpatients covering primary and specialty health care needs. The
Clinic's practice is to record certain radiology, pathology, and other hospital related services in the
Midwest region as clinic revenue in the amount of $1,024 and $973 for the years ended December 31,
2022 and 2021, respectively. Examples of revenue at the time services are rendered include clinical
services, lab and transport, and services transferred over time include hospital and senior care revenue.
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2022 2021
Medicare $ 3,634 $ 3,377
Medicaid 565 475
Contract 7,916 7,705
Other, including self-pay 1,666 1,753
Total $ 13,781 $ 13,310
The Clinic’s practice is to assign a patient to the primary payor and not reflect other uninsured balances
(for example, coinsurance and deductibles) as self-pay. Therefore, the payors listed above contain patient
responsibility components, such as coinsurance and deductibles.
Financing component:
The Clinic has elected the practical expedient allowed under FASB ASU 2014-09, Revenue from
Contracts with Customers (Topic 606-10-32-18) and does not adjust the promised amount of
consideration from patients and third-party payors for the effects of a significant financing component due
to the Clinic’s expectation that the period between the time the service is provided to a patient and the
time that the patient or a third-party payor pays for that service will be one year or less. However, the
Clinic does, in certain instances, enter into payment agreements with patients that allow payments in
excess of one year. For those cases, the financing component is not deemed to be significant to the
contract.
Level 1: Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or
liabilities in active markets.
Level 2: Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active
markets, and inputs that are observable for the asset or liability, either directly or indirectly, for
substantially the same term of the financial instrument.
Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value
measurement.
A financial instruments categorization within the valuation hierarchy is based upon the lowest level of
input that is significant to the fair value measurement. The Clinic’s policy is to recognize transfers in and
transfers out as of the actual date of the event or change in circumstances that caused the transfer. There
were no significant transfers or activity within Levels for the years ended December 31, 2022 and 2021.
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The following tables present the financial instruments carried at fair value as of December 31, 2022 and
2021, by caption on the consolidated statements of financial position categorized by the valuation
hierarchy and NAV:
Investments:
Cash and cash equivalents 1,258 72 — — 1,330
Fixed-income securities:
U.S. government — 1,956 — — 1,956
U.S. government agencies — 711 — — 711
U.S. corporate — 836 — — 836
Foreign — 58 — — 58
Common and preferred stocks:
U.S. 942 — — — 942
Foreign 646 — 20 — 666
Funds:
Fixed income 327 — — — 327
Equities 1,049 662 — — 1,711
Less securities under lending
agreement (68) — — — (68)
Investments at NAV — — — 8,719 8,719
Total investments 4,154 4,295 20 8,719 17,188
Liabilities:
Securities lending payable $ 3 $ — $ — $ — 3
Total liabilities at fair value $ 3 $ — $ — $ — $ 3
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Investments:
Cash and cash equivalents 2,593 238 — — 2,831
Fixed-income securities:
U.S. government — 566 — — 566
U.S. government agencies — 551 — — 551
U.S. corporate — 832 — — 832
Foreign — 74 — — 74
Common and preferred stocks:
U.S. 1,077 — — — 1,077
Foreign 658 — 24 — 682
Funds:
Fixed income 448 — — — 448
Equities 1,021 702 — — 1,723
Less securities under lending
agreement (95) — — — (95)
Investments at NAV — — — 9,237 9,237
Total investments 5,702 2,963 24 9,237 17,926
Liabilities:
Securities lending payable $ 6 $ — $ — $ — 6
Total liabilities at fair value $ 6 $ — $ — $ — $ 6
The following is a description of the Clinic’s valuation methodologies for assets and liabilities measured at
fair value. Fair value for Level 1 is based upon quoted market prices. Fair value for Level 2 is based on
quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in
markets that are not active, and model-based valuation techniques for which all significant assumptions
are observable in the market or can be corroborated by observable market data for substantially the full
term of the assets and liabilities. Inputs are obtained from various sources, including market participants,
dealers, and brokers. Level 3 primarily consists of trusts recorded at fair value based on the underlying
value of the assets in the trust or discounted cash flow of the expected payment streams.
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The trusts reported as Level 3 are primarily perpetual trusts managed by third parties invested in stocks,
mutual funds, and fixed-income securities that are traded in active markets with observable inputs and,
since the Clinic will never receive the trust assets, these perpetual trusts are reported as Level 3. In
addition, technology-based ventures, composed primarily of shares in start-up companies, are recorded
at fair value based on inputs relying on factors such as the financial performance of the company, sales
performance, financial projections, sales projections, management representation, industry
developments, market analysis, and any other pertinent factors that would affect the fair value or based
on the quoted price of an otherwise identical unrestricted security of the same issuer, adjusted for the
effect of the restriction.
The methods described above and those recorded at NAV may produce a fair value calculation that may
not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Clinic
believes its valuation methods are appropriate and consistent with other market participants, the use of
different methodologies or assumptions to determine the fair value of certain financial instruments could
result in a different estimate of fair value at the reporting date.
The following information pertains to those alternative investments recorded at NAV in accordance with
Fair Value Measurement (Topic 820) of the FASB ASC.
At December 31, 2022, alternative investments recorded at NAV consisted of the following:
Redemption Redemption
Fair Unfunded Frequency (If Notice
Value Commitment Currently Eligible) Period
Absolute return/hedge funds (a) $ 3,705 $ 194 Monthly to annually 30–90 days
Private partnerships (b) 5,014 1,744
Total alternative investments $ 8,719 $ 1,938
At December 31, 2021, alternative investments recorded at NAV consisted of the following:
Redemption Redemption
Fair Unfunded Frequency (If Notice
Value Commitment Currently Eligible) Period
Absolute return/hedge funds (a) $ 4,167 $ 151 Monthly to annually 30–90 days
Private partnerships (b) 5,070 1,635
Total alternative investments $ 9,237 $ 1,786
(a) This category includes investments in absolute return/hedge funds, which are actively managed
commingled investment vehicles that derive the majority of their returns from factors other than the
directional flow of the markets in which they invest. Representative strategies include high-yield
credit, distressed debt, merger arbitrage, relative value, and long-short equity strategies. The fair
values of the investments in this category have been estimated using the NAV per share of the
investments. Investments in this category generally carry “lockup” restrictions that do not allow
investors to seek redemption in the first year after acquisition. Following the initial lockup period,
liquidity is generally available monthly, quarterly, or annually following a redemption request. Over
90 percent of the investments in this category have at least annual liquidity.
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From time to time, the Clinic invests directly in certain derivative contracts that do not qualify for hedge
accounting and are recorded at fair value in investments. Changes in fair value are reported as a
component of net unrealized gains or losses in the investment returns. These contracts are used in the
Clinic’s investment management program to minimize certain investment risks. During the years ended
December 31, 2022 and 2021, the realized and unrealized loss from derivative contracts was not
significant.
The Clinic uses various external investment managers to diversify the investments. The largest allocation
to any investment strategy manager as of December 31, 2022 and 2021 was $801 (6.3 percent) and $831
(6.1 percent), respectively.
The Clinic is required to maintain funds held by trustees under bond indentures and other arrangements.
The trustee-held investments, which primarily consist of mutual funds, were $976 and $1,044,
respectively, at December 31, 2022 and 2021, which includes segregated investments for deferred
compensation plans of $929 and $1,041 at December 31, 2022 and 2021, respectively.
At December 31, 2022 and 2021, cash and mutual funds included segregated investments owned by
Mayo Foundation for Medical Education and Research, a wholly owned subsidiary of the Clinic, for gift
annuity reserves of $101 and $131, respectively.
The Clinic had internally designated investment balances of $2,978 and $3,392 at December 31, 2022
and 2021, respectively, for research, education, and capital replacement and expansion.
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The Clinic holds certain investments in unconsolidated entities accounted for in accordance with FASB
Subtopic 323, Investments - Equity Method and Joint Ventures. The investments are presented as other
long-term assets in the consolidated statements of financial position. The Clinic's interest in the
investment income is reflected in the accompanying consolidated statements of operations.
The following table presents investments in unconsolidated entities as of December 31, 2022 and 2021:
The Clinic entered into a joint venture agreement with Abu Dhabi Health Services Company PJSC to
operate Sheikh Shakhbout Medical City (SSMC), a 741-bed hospital in the United Arab Emirates. In
addition to the joint venture agreement, the Clinic has entered into a hospital expertise agreement, brand
license agreement, and research contribution agreement with SSMC. The joint venture has an initial
commitment period of twenty years and may be extended by ten years. The Clinic had a $150 conditional
pledge from Sheikh Shakhbout Medical City at December 31, 2022 and 2021.
In July 2021, the Clinic entered into a joint venture agreement with Kaiser Permanente to invest in
Medically Home to allow more patients to receive acute care and recovery services in the comfort,
convenience, and safety of their homes.
The summarized financial position and results of operations for significant entities accounted for under the
equity method as of and for the years ended consisted of the following:
2022 2021
As of December 31
Total assets $ 920 $ 794
Total liabilities $ 222 $ 194
Partners equity/net assets $ 698 $ 600
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At December 31, 2022 and 2021, the aggregate market value of securities on loan under securities
lending agreements totaled $68 and $95, respectively, and the total value of the collateral supporting the
securities was $70 and $98, respectively, which represents 103% of the value of the securities on loan at
December 31, 2022 and 2021. The cash portion of the collateral supporting the securities as of December
31, 2022 and 2021 was $3 and $6, respectively. The cash portion is presented in other current assets
and other current liabilities in the consolidated statements of financial position. Noncash collateral
provided to the Clinic is not recorded in the consolidated statements of financial position, as the collateral
may not be sold or repledged. The Clinic’s claim on such collateral is limited to the market value of loaned
securities. In the event of nonperformance by the other parties to the securities lending agreements, the
Clinic could be exposed to a loss.
2022 2021
The above costs and accumulated depreciation include costs for capitalized software, including costs
capitalized in accordance with Intangibles—Goodwill and Other, Internal-Use Software (Topic 350) of the
FASB ASC. The total cost for capitalized software was $893 and $874 at December 31, 2022 and 2021,
respectively. The total accumulated amortization was $647 and $581 at December 31, 2022 and 2021,
respectively. Amortization expense for capitalized software was $74 and $80 for 2022 and 2021,
respectively.
The Internal Revenue Service (IRS) performed an examination of the tax and information returns of the
Clinic and two subsidiaries and ultimately assessed $12 in taxes for years 2003-2012. The results of this
audit were ultimately litigated in the U.S. District Court. On August 6, 2019, the Court issued a summary
judgment in favor of the Clinic. The IRS appealed this decision and on May 13, 2021, the Eighth Circuit
Court of Appeals reversed the summary judgment and remanded the case to the U.S. District Court for
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Current—federal $ 23 $ 21
Current—state 6 5
29 26
Cash payments for income taxes were $33 and $63 for the years ended December 31, 2022 and 2021,
respectively.
The Clinic records deferred income taxes due to temporary differences between financial reporting and
tax reporting for certain assets and liabilities of its taxable activities. The following is a summary of the
components of deferred taxes as of December 31:
2022 2021
Deferred compensation $ 9 $ 13
Pension — 9
Postretirement benefits 2 6
Net operating loss 6 18
Other 6 8
Total deferred tax asset 23 54
The Clinic had federal net operating losses of $20 and $51 at December 31, 2022 and 2021, respectively.
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The Tax Cuts and Jobs Act (TCJA), enacted on December 22, 2017 repealed Net Operating Loss (NOL)
carrybacks while permitting indefinite carryforwards. The Coronavirus Aid, Relief and Economic Security
Act enacted on March 27, 2020 temporarily suspended TCJA repeal of NOL carrybacks allowing for NOLs
arising in tax years beginning after December 31, 2017 and before January 1, 2021 to be carried back to
the five taxable years preceding the taxable year of such loss. During 2022 the Clinic was able to utilize
$50 of the NOLs arising in tax years beginning after December 31, 2018 and before January 1, 2022. Of
the remaining NOLS, $9 will be carried back and the remaining $11 will be carried forward.
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Note 9. Financing
Long-term debt at December 31 consisted of the following:
2022 2021
City of Rochester, Minnesota Revenue Bonds issued in various
series, subject to variable interest rates to a maximum rate of
15.00% (the average rate was 1.27% in 2022 and 0.08% in 2021),
principal due in varying amounts from 2028 through 2052 Variable $ 545 $ 545
City of Rochester, Minnesota Revenue Bonds originally issued at
variable interest rate, converted in 2017 to fixed interest rate of
2.20% based on a provision to increase the rate if the federal tax
rate is decreased, the rate has been adjusted to 2.67% effective
January 1, 2018 through 2027, principal due in varying amounts
from 2022 through 2032 Fixed 163 200
City of Rochester, Minnesota Revenue Bonds originally issued with
fixed interest rate of 4.74%, converted in 2020 to fixed interest rate
of 1.54% until 2030, principal due in varying amounts from 2033
through 2038 Fixed 130 130
City of Rochester, Minnesota Revenue Bonds issued in various
series with fixed rate of interest of 4.00%, principal due in varying
amounts from 2044 through 2048 Fixed 200 400
City of Rochester, Minnesota Health Care Facilities Revenue
Refunding Bonds, series 2016B, issued with fixed interest rate of
5.00%, an effective rate of 2.97% in 2022 and 2021 after
amortization of premium, principal due in varying amounts from
2029 through 2036 (unamortized premium of $46 in 2022 and $50
in 2021) Fixed 220 220
City of Rochester, Minnesota Health Care Facilities Revenue Bonds,
series 2022, issued in various series with fixed interest rates
ranging from 3.25% to 5.00%, an effective rate of 3.74% in 2022
after amortization of premium principal due in varying amounts
from 2039 through 2057 (unamortized net premium of $16 in 2022) Fixed 289 —
Industrial Development Authority of the City of Phoenix, Arizona
issued in various series, subject to variable interest rates to a
maximum rate of 10.00% (the average rate was 0.96% in 2022 and
0.02% in 2021), principal due in varying amounts from 2048
through 2052 Variable 180 180
City of Jacksonville, Florida Health Care Facilities Revenue
Refunding Bonds, series 2016, issued in various series, subject to
variable interest rates to a maximum rate of 10.00% (the average
rate was 1.32% in 2022 and 0.13% in 2021), principal due in
varying amounts from 2033 through 2047 Variable 125 125
Mayo Clinic Taxable Bonds issued with fixed interest rates ranging
from 3.20% to 4.13%, principal due in varying amounts from 2039
through 2061 Fixed 1,450 1,450
Fixed-rate notes and bonds, payable to financial companies, interest
rates at 1.80% to 4.71%, principal due in varying amounts from
2025 through 2062 Fixed 1,115 915
The Industrial Development Authority of the City of Phoenix, Arizona
Health Care Facilities Revenue Bonds, series 2022, issued in
various series with fixed interest rates ranging from 3.75% to
4.00%, an effective rate of 3.80% in 2022 after amortization of
premium, principal due in varying amounts from 2053 to 2057
(unamortized net premium of $3 in 2022) Fixed 298 —
Other notes payable 12 12
Unamortized discounts and premiums, net 66 46
Debt issuance cost (16) (13)
4,777 4,210
Long-term variable-rate debt classified as current (620) (620)
Current maturities included in other current liabilities (36) (38)
Long-term debt, net of current portion $ 4,121 $ 3,552
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The Clinic’s outstanding revenue bond issues are limited obligations of various issuing authorities payable
solely by the Clinic pursuant to loan agreements between the borrowing entities and the issuing
authorities. Under various financing agreements, the Clinic must meet certain operating and financial
performance covenants.
At December 31, 2022, the $850 of variable-rate bonds consisted of variable-rate demand revenue
bonds. In conjunction with the issuance of the variable-rate demand revenue bonds, the Clinic has
entered into various bank standby purchase and credit agreements in the amount of $230 of which $140
will expire in January 2024 and $90 will expire in January 2025. Under the terms of these agreements, the
bank will make liquidity loans to the Clinic in the amount necessary to purchase a portion of the variable-
rate demand revenue bonds if not remarketed. The liquidity loans would be payable over a three- to five-
year period, with the first payment due after December 31, 2023. The Clinic has provided self-liquidity for
the remaining $620 of variable-rate demand revenue bonds, which have been classified as current in the
accompanying consolidated statements of financial position.
The $220 fixed-rate revenue bonds Series 2016B are not callable. The remaining fixed-rate interest
revenue bonds are callable from 2023 to 2058 at the option of the Clinic, at a redemption price of 100
percent of the principal amount or at a price based on U.S. Treasury rates at the time of redemption.
In April 2021, the Clinic issued bonds in the amount of $500 with a 3.20 percent fixed rate of interest. The
bonds are due in 2061 and will be used for general corporate purposes.
On April 12, 2022 the Clinic issued fixed rate bonds in the amount of $587 ($200 refunding and $387 new
debt issuance) at various coupon rates yielding 3.76 percent to maturity. The bonds are due in 2057 and
the new debt will be used for construction projects.
On May 5, 2022, the Clinic entered into a private placement debt agreement with an insurance company
for $200 at 3.26 percent maturing in 2058. The funds will be used for general corporate purposes.
The following are scheduled maturities of long-term debt for each of the next five years, assuming the
variable-rate demand revenue bonds are remarketed and the standby purchase agreements are
renewed. As described above, if such bonds are not remarketed, $620 may be due in 2023 and $230 may
be due in years from 2024 to 2025.
Interest payments on long-term debt, net of amounts capitalized for 2022 and 2021, totaled $132 and
$118, respectively. The amount of interest capitalized, net of related interest income, was $8 and $3
during 2022 and 2021. Interest expense totaled $144 and $121 for 2022 and 2021, respectively.
At December 31, 2022 and 2021, the Clinic had unsecured lines of credit available with banks that totaled
$530, with varying renewable terms and interest up to 2.50 percent over various published rates. There
were no amounts drawn during the years ended December 31, 2022 and 2021.
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Total lease expense for the years ended December 31 consisted of the following:
2022 2021
Operating lease expense $ 34 $ 34
Consolidated supplemental cash flow information related to leases as of December 31 consisted of the
following:
2022 2021
Cash paid for amounts included in the measurement
of lease liabilities:
Operating cash flows for operating leases $ 60 $ 55
Operating cash flows for finance leases $ 1 $ 1
Financing cash flows for finance leases $ 7 $ 6
Consolidated supplemental statement of financial position information related to leases as of the years
ended December 31 consisted of the following:
2022 2021
Operating leases:
Right-of-use assets $ 141 $ 151
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Maturities of lease liabilities for the next five years and thereafter consist of the following:
Operating Finance
2023 $ 27 $ 7
2024 24 5
2025 20 3
2026 18 2
2027 15 1
Thereafter 70 2
Minimum lease payments 174 20
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Board-designated funds are subject to expenditure for the following purposes for the years ended
December 31:
2022 2021
Research $ 1,365 $ 1,545
Education 312 358
Buildings and equipment 3 4
Charity care 12 14
Clinical 162 190
Other 1,124 1,281
Total designation for specified purpose $ 2,978 $ 3,392
2022 2021
Quasi-endowments $ 2,830 $ 3,218
Professional liability reserve 119 141
Other $ 29 $ 33
Total $ 2,978 $ 3,392
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The Clinic receives contributions in support of research, education, and clinical activities. Net assets with
donor restrictions were available for the following purposes at December 31:
2022 2021
Subject to expenditure for specified purposes:
Research $ 582 $ 497
Education 59 46
Buildings and equipment 245 174
Charity care 30 30
Clinical 74 65
Other 30 53
Total expenditure for specified purposes 1,020 865
Endowments:
Perpetual in nature:
Research 1,233 1,140
Education 304 270
Charity care 14 14
Clinical 222 215
Other 31 33
Pledges and trusts 270 274
Total perpetual in nature 2,074 1,946
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Net assets were released from donor restrictions as expenditures were made, which satisfied the
following restricted purposes for the years ended December 31:
2022 2021
Research $ 180 $ 188
Education 25 22
Buildings and equipment 36 197
Other 96 23
Total net assets released from donor restrictions $ 337 $ 430
The Clinic’s endowment consists of approximately 2,300 individual funds established for a variety of
purposes. The endowment includes both donor-restricted endowment funds and funds designated by the
Board of Trustees to function as endowments (quasi-endowments). Net assets associated with
endowment funds, including quasi endowments, are classified and reported based on the existence or
absence of donor-imposed restrictions. The Board of Trustees retains the right to re-designate quasi
endowments for other purposes.
The Board of Trustees of the Clinic has interpreted the Minnesota State Prudent Management of
Institutional Funds Act (SPMIFA) as requiring the preservation of the fair value of the original gift as of the
gift date of the donor-restricted endowment funds, absent explicit donor stipulations to the contrary. As a
result of this interpretation, the Clinic retains in perpetuity: (a) the original value of gifts donated to the
permanent endowment, (b) the original value of subsequent gifts to the perpetual endowment, and (c)
accumulations to the perpetual endowment made in accordance with the direction of the applicable donor
gift instrument at the time the accumulation is added to the fund.
In accordance with SPMIFA, the Clinic considers the following factors in making a determination to
appropriate or accumulate donor-restricted funds:
The Clinic has adopted investment and spending policies for endowment assets that attempt to provide a
predictable stream of funding to programs supported by its endowment, while seeking to maintain
purchasing power of the endowment assets. Endowment assets include those assets of donor-restricted
funds that the Clinic must hold in perpetuity or for a donor-specified period(s), as well as quasi-
endowments. Under this policy, as approved by the Board of Trustees, the endowment assets are
invested in a manner that is intended to produce a real return, net of inflation and investment
management costs, of at least five percent over the long term. Actual returns in any given year may vary
from this amount.
To satisfy its long-term rate-of-return objectives, the Clinic relies on a total return strategy in which
investment returns are achieved through both capital appreciation (realized and unrealized) and current
yield (interest and dividends). The Clinic targets a diversified asset allocation that places a greater
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emphasis on equity-based and alternative investments to achieve its long-term objective within prudent
risk constraints.
The Clinic has a policy of appropriating for distribution each year five percent of its endowment fund’s
moving average fair value over the prior 36 months as of September 30 of the preceding year in which the
distribution is planned. In establishing this policy, the Clinic considered the long-term expected return on
its endowment. Accordingly, over the long term, the Clinic expects the current spending policy to allow its
endowment to grow at an average of the long-term rate of inflation. This is consistent with the Clinic’s
objective to maintain the purchasing power of the endowment assets held in perpetuity or for a specific
term, as well as to provide additional real growth through new gifts and investment return.
At December 31, 2022, the endowment net asset composition by type of fund consisted of the following:
Without Donor With Donor
Restrictions Restrictions Total
Changes in endowment net assets for the year ended December 31, 2022, consisted of the following:
Investment return:
Investment income 32 34 66
Net depreciation (realized and unrealized) (330) (356) (686)
Total investment return (298) (322) (620)
Other changes:
Transfers to create quasi-endowments 56 56
Endowment net assets, end of year $ 2,830 $ 3,401 $ 6,231
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At December 31, 2021, the endowment net asset composition by type of fund consisted of the following:
Without Donor With Donor
Restrictions Restrictions Total
Changes in endowment net assets for the year ended December 31, 2021, consisted of the following:
Investment return:
Investment income 40 42 82
Net appreciation (realized and unrealized) 581 640 1,221
Total investment return 621 682 1,303
Other changes:
Transfers to create quasi endowments 22 — 22
Endowment net assets, end of year $ 3,218 $ 3,722 $ 6,940
At December 31, outstanding pledges from various corporations, foundations, and individuals, included in
other receivables and other long-term assets, were as follows:
2022 2021
Pledges due:
In less than one year $ 319 $ 294
In one to five years 367 399
In more than five years 64 35
750 728
Allowance for uncollectible pledges and discounts (38) (34)
Total $ 712 $ 694
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Mayo Clinic
Estimated cash flows from pledge receivables due after one year are discounted using a risk-adjusted
rate, ranging from 1 percent to 6 percent, that is commensurate with the pledges due dates and
established in the year the pledge is received.
The Clinic has received interests in various trusts, primarily split-interest, which are included in other long-
term assets. The trusts are recorded at fair value, based on the underlying value of the assets in the trust
or discounted cash flow using a risk-adjusted discount rate of 3.12 percent and 2.91 percent at December
31, 2022 and 2021, respectively. During the years ended December 31, 2022 and 2021, there were no
contributions recorded related to the split-interest trusts. The balance of the expected payment streams
was $204 and $207 at December 31, 2022 and 2021, respectively.
The expenses reported in the consolidated statements of activities for the years ended December 31,
2022 and 2021 supported the following programs and functions:
2022
2021
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Mayo Clinic
Included in other changes in unrestricted net assets at December 31, 2022 and 2021, are the following
amounts, respectively, that have not yet been recognized in net periodic cost: unrecognized actuarial
losses of $137 and $3,053 and unrecognized prior service benefit of $63 and $109. Actuarial losses are
amortized as a component of net periodic pension cost, only if the losses exceed ten percent of the
greater of the projected benefit obligation or the fair value of plan assets. Unrecognized prior service
benefits are amortized on a straight-line basis over the estimated life of plan participants.
Changes in plan assets and benefit obligations recognized in unrestricted net assets during 2022 and
2021 included the following:
2022 2021
Pension plans:
Obligations and funded status: The following is a summary of the changes in the benefit obligation and
plan assets, the resulting funded status of the qualified and nonqualified pension plans, and accumulated
benefit obligation as of and for the years ended December 31:
2022 2021
Change in projected benefit obligation:
Benefit obligation, beginning of year $ 12,194 $ 12,360
Service cost 690 691
Interest cost 370 350
Actuarial (gain) loss (4,381) (302)
Benefits paid (1,058) (905)
Settlements (6) —
Estimated benefit obligation at end of year $ 7,809 $ 12,194
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Mayo Clinic
2022 2021
Amounts recognized in the consolidated statements of financial position consist of the following at
December 31:
2022 2021
Components of net periodic benefit cost are as follows for the years ended December 31:
2022 2021
Plan assets: The largest of the pension funds is the Mayo Clinic Master Retirement Trust Plan, which
holds $9,864 of the $9,965 in combined plan assets at December 31, 2022, and $11,765 of the $11,903 in
combined plan assets at December 31, 2021. The investment policies described below apply to the Mayo
Clinic Master Retirement Trust Plan (the Plan).
The Plan employs a global, multi-asset approach in managing its retirement plan assets. This approach is
designed to maximize risk-adjusted returns over a long-term investment horizon, consistent with the
nature of the pension liabilities being funded. The plan asset portfolio’s target allocation for total return
investment strategies, which include public equities, private equities, absolute return, and real assets, is
82.5 percent. The portfolio’s target fixed-income exposure is 17.5 percent. The fixed-income exposure
may include the use of long-term interest rate swap contracts structured to increase the portfolio’s interest
rate sensitivity and thereby provide a hedge of the plan liabilities resulting from falling long-term interest
rates. Investments in private equities, real assets, and absolute return strategies are held to improve
diversification and thereby enhance long-term, risk-adjusted returns. However, recognizing that these
investments are not as liquid as publicly traded stocks and bonds, portfolio investment policies limit
overall exposure to these assets. The portfolio’s allocation to private equities and real assets is limited to
a maximum of 30 percent (with a target allocation of 22.5 percent), and exposure to absolute return
strategies is limited to a maximum of 35 percent (with a target of 27.5 percent). The Clinic reviews
performance, asset allocation, and risk management reports for plan asset portfolios on a monthly basis.
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Mayo Clinic
The fair values of the Plan’s assets at December 31, 2021, by asset category, are as follows:
Quoted Prices
in Active Significant Significant
Markets for Observable Unobservable
Identical Assets Inputs Inputs
Assets (Level 1) (Level 2) (Level 3) NAV Total
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Mayo Clinic
A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of
input that is significant to the fair value measurement. The Clinic’s policy is to recognize transfers in and
transfers out as of the actual date of the event or change in circumstances that caused the transfer. There
were no significant transfers in 2022 or 2021.
The methods described above and those recorded at NAV may produce a fair value calculation that may
not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan
believes its valuation methods are appropriate and consistent with other market participants, the use of
different methodologies or assumptions to determine the fair value of certain financial instruments could
result in a different estimate of fair value at the reporting date.
The following information pertains to those alternative investments recorded at NAV in accordance with
Fair Value Measurement (Topic 820) of the FASB ASC.
At December 31, 2022, alternative investments recorded at NAV consisted of the following:
Redemption Redemption
Fair Unfunded Frequency (If Notice
Value Commitment Currently Eligible) Period
Absolute return/hedge funds (a) $ 3,493 $ 116 Monthly to annually 30–90 days
Private partnerships (b) 3,567 1,369
$ 7,060 $ 1,485
At December 31, 2021, alternative investments recorded at NAV consisted of the following:
Redemption Redemption
Fair Unfunded Frequency (If Notice
Value Commitment Currently Eligible) Period
Absolute return/hedge funds (a) $ 3,996 $ 151 Monthly to annually 30–90 days
Private partnerships (b) 3,760 1,245
$ 7,756 $ 1,396
(a) This category includes investments in absolute return/hedge funds, which are actively managed
commingled investment vehicles that derive the majority of their returns from factors other than the
directional flow of the markets in which they invest. Representative strategies include high-yield
credit, distressed debt, merger arbitrage, relative value, and long-short equity strategies. The fair
values of the investments in this category have been estimated using the NAV per share of the
investments. Investments in this category generally carry “lockup” restrictions that do not allow
investors to seek redemption in the first year after acquisition. Following the initial lockup period,
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Mayo Clinic
(b) This category includes limited partnership interests in closed-end funds that focus on venture capital,
private equity, real estate, and resource-related strategies. The fair values of the investments in this
category have been estimated using the NAV of the Plan’s ownership interest in partners’ capital.
These investments cannot be redeemed with the funds. Distributions from each fund will be received
as the underlying investments of the funds are liquidated. It is estimated that the underlying assets of
most funds will generally be liquidated over a seven- to ten-year period.
Obligations and funded status: A summary of the changes in the benefit obligation and plan assets and
the resulting funded status of the other postretirement plans is as follows as of and for the years ended
December 31:
2022 2021
Change in projected benefit obligation:
Benefit obligation at beginning of year $ 1,138 $ 1,228
Service cost 7 9
Interest cost 34 32
Plan participants contributions 41 35
Medicare subsidy 2 3
Actuarial (gain) (255) (82)
Benefits paid (100) (87)
Estimated benefit obligation at end of year $ 867 $ 1,138
Amounts recognized in the consolidated statements of financial position for postretirement benefits
consist of the following at December 31:
2022 2021
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Mayo Clinic
2022 2021
Service cost $ 7 $ 9
Interest cost 34 32
Amortization of:
Unrecognized prior service benefit 4 —
Unrecognized net actuarial loss 20 32
Net periodic benefit cost for other postretirement benefits $ 65 $ 73
The Clinic has concluded that the prescription drug benefits under its defined benefit postretirement plan
are actuarially equivalent to Medicare Part D under the Medicare Modernization Act (the Act) and that the
Clinic will receive the subsidy available under the Act.
The following reflects the expected future Medicare Part D subsidy receipts:
Plan trend rates are the annual rates of increase expected for the benefits payable from the plan; these
rates include health care cost trends plus the leveraging effect of plan design. The assumed plan trend
rate is 5.50 percent.
Assumptions: Weighted average assumptions used to determine pension and postretirement benefit
obligations at the measurement date are as follows:
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Mayo Clinic
The change in the discount rate from 3.12% to 5.77% for the pension plans and from 3.04% to 5.68% for
the other postretirement plans had the net effect of decreasing the projected benefit obligations by $5,222
for the year ended December 31, 2022.
The Clinic utilizes a building block approach in determining the expected long-term rate of return for its
plan assets. First, historical data on individual asset class returns are studied. Next, the historical
correlation among and between asset class returns is studied under both normal conditions and in times
of market turbulence. Then, various mixes of asset classes are considered under multiple long-term
investment scenarios. Finally, after considering liquidity concerns related to the use of certain alternative
asset classes, the plan sponsor selects the portfolio blend that it believes will produce the highest
expected long-term return on a risk-adjusted basis.
Cash flows:
Contributions: The Clinic expects to contribute $283 to its pension plans in 2023.
Estimated future benefit payments: The following benefit payments, which reflect expected future
service, as appropriate, are expected to be paid:
Pension Postretirement
Benefits Benefits
Years ending December 31:
2023 $ 499 $ 58
2024 508 59
2025 526 60
2026 544 62
2027 566 63
2028–2032 3,019 325
In addition to the defined benefit plans, the Clinic sponsors various defined contribution benefit plans.
Expense recognized by the Clinic for those plans was $131 and $124 for 2022 and 2021, respectively.
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Mayo Clinic
The Clinic’s general and professional liability as reported in the accompanying consolidated statements of
financial position was $159 and $133 at December 31, 2022 and 2021, respectively. Provisions for the
general and professional liability risks are based on an actuarial estimate of losses using the Clinic’s
actual loss data, adjusted for industry trends and current conditions, and considering an evaluation of
claims by the Clinic’s legal counsel. The provision includes estimates of ultimate costs for both reported
claims and claims incurred but not reported.
Activity in the liability is summarized as follows for the years ended December 31:
2022 2021
Note 18. Other Receivables, Other Current and Long-Term Assets, and Other Current and Long-
Term Liabilities
At December 31, other receivables consisted of the following:
2022 2021
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Mayo Clinic
Note 18. Other Receivables, Other Current and Long-Term Assets, and Other Current and Long-
Term Liabilities (Continued)
2022 2021
2022 2021
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Mayo Clinic
Note 18. Other Receivables, Other Current and Long-Term Assets, and Other Current and Long-
Term Liabilities (Continued)
2022 2021
Other taxes $ 87 $ 83
Current portion of long-term disability 49 42
Current portion of professional and general liability 43 38
Current maturities of long-term debt 36 38
Short-term disability 30 36
Real estate tax accrual 28 28
Refunds/recoupments 24 21
Operating lease liability 23 25
Accrued interest 20 15
Oil and gas liability 15 81
Medicare settlements liability 13 34
Current portion of workers' compensation liability 11 11
Finance lease liability 6 6
Other 85 51
Total other current liabilities $ 470 $ 509
2022 2021
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Mayo Clinic
2022 2021
While the Clinic is self-insured for a substantial portion of its general and workers’ compensation liabilities,
the Clinic maintains commercial insurance coverage against catastrophic loss. Additionally, the Clinic
maintains a self-insurance program for its long-term disability coverage. The provision for estimated self-
insured claims includes estimates of the ultimate costs for both reported claims and claims incurred but
not reported.
The Clinic is a defendant in various lawsuits arising in the ordinary course of business and records an
estimated liability for probable claims. Although the outcome of these lawsuits cannot be predicted with
certainty, management believes the ultimate disposition of such matters will not have a material effect on
the Clinic’s consolidated financial position or consolidated statement of activities.
In March 2020, the World Health Organization declared the novel coronavirus disease (COVID-19) a
pandemic. The Center for Disease Control confirmed its spread to the United States and declared a
national public health emergency. The Clinic was well-prepared and continues to treat patients with
COVID-19 across the organization, especially those with serious or complex medical conditions.
However, COVID-19 could still negatively affect the operating margins and financial results of the Clinic,
as the duration of the pandemic is unknown.
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