The University of Pennsylvania (also known as UPenn or just Penn) is an ivy league university located in Philadelphia, Pennsylvania. It was founded by Ben Franklin in 1740, and is the oldest university in the United States*. Its 262-acre campus (huge for a city campus!) has 12 graduate schools including the famous Wharton school of Business. Penn has approximately 10,000 undergraduates and another 10,000 or so graduate students, making it the second largest ivy behind Cornell. In addition to its academic pursuits, Penn runs 5 hospitals, and is the home of the famous Penn relays. The annual Penn relays are run on Franklin field, and consist of college, high school, and professional track events. It is held every April and draws track lovers from all along the East Coast as well as teams from Africa, Asia, and Jamaica. Bill Cosby is a perennial fixture at the relays, as is Penn's mascot, the Quaker.

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*As v3rgez points out, other schools such as Harvard and Yale were founded before UPenn. However, it is correct that Penn is the first university - at the time, Harvard and Yale were colleges. Penn was the first institution in the United States to have multiple schools (e.g. a med school, engineering, etc), making it the first American university.