The University of Pennsylvania is a private Ivy League research university in Philadelphia, Pennsylvania, U.S. It is one of nine colonial colleges and was chartered prior to the U.S. Declaration of Independence when Benjamin Franklin, the university's founder and first president, advocated for an educational institution that trained leaders in academia, commerce, and public service. Penn identifies as the fourth oldest institution of higher education in the United States, though this representation is challenged by other universities, as Franklin first convened the board of trustees in 1749, arguably making it the fifth oldest institution of higher education in the U.S.

The Ivy League is an American collegiate athletic conference of eight private research universities in the Northeastern United States. The term Ivy League is used more broadly to refer to the eight schools that belong to the league, which are globally-renowned as elite colleges associated with academic excellence, highly selective admissions, and social elitism. The term was used as early as 1933, and it became official in 1954 following the formation of the Ivy League athletic conference.