University of Pennsylvania should not be confused with the University of Pennsylvania State University, located in State College The University of Pennsylvania (University of Pennsylvania), commonly known as Penn or UPenn, located in Philadelphia, Pennsylvania, USA is one of the universities prestigious in the world. It is one of eight universities outside the Ivy League and is also part of the U.S. Colonial Universities. Founded in 1740 by Benjamin Franklinand Church and Charitable School of Philadelphia (Church and Charity School of Philadelphia). The university, a private nonprofit, is hosting the prestigious Wharton Business School and the first medical school in the United States. As the first American institution to have more than one option, and for being the first to gain official recognition as a university, is considered technically the first university in the United States. Penn is very selective in admissions for each of its powers.It is currently positioned as the fourth best undergraduate university in the United States, only surpassed by Harvard University, Princeton University, and Yale University, according to the influential U.S. News and World Report. Moreover, Wharton leads the ranking of the British newspaper Financial Times MBA in the world and U.S. News and World Report in undergraduate business in the U.S.. The law school at the University of Pennsylvania is the eighth best in the country while the medical school is the third best by U.S. News and World Report.