2025-03-21T06:01:30-05:00 2024-06-30 390859910 BAKER TILLY ADVISORY GROUP LP 1570 FRUITVILLE PIKE SUITE 400 LANCASTER PA 17601 990 2023-07-01 233054174 WEST CHESTER UNIVERSITY FOUNDATION WEST 6104362868 202 CARTER DRIVE WEST CHESTER PA 19382 CHRIS GERENZA CFO 6104362868 2025-03-20 1 1 KERRI N BOGDA CPA P00760402 7177404863 2025-03-06 2023 2025-03-06 01:10:19Z DEBRA CORNELIUS 202 CARTER DRIVE WEST CHESTER PA 19382 22570368 0 X WWW.WCUFOUNDATION.ORG X 2000 PA PROMOTE THE CHARITABLE, SCIENTIFIC, AND EDUCATIONAL INTERESTS OF WEST CHESTER UNIVERSITY. 16 16 40 213 16090 14300 7701351 11986061 4783224 4649955 -766434 1968490 108463 10654 11826604 18615160 4688429 4517208 0 0 3368049 3631575 0 0 1859697 2579115 3918710 10635593 12067493 1191011 6547667 56039087 65719791 2726299 2552339 53312788 63167452 X THE FOUNDATION WAS FORMED TO PROMOTE THE CHARITABLE, SCIENTIFIC, AND EDUCATIONAL INTERESTS OF WEST CHESTER UNIVERSITY. THE FOUNDATION ACHIEVES THIS BY SOLICITING FUNDS AND OTHER PROPERTY IN ACCORDANCE WITH PRIORITIES ESTABLISHED BY THE UNIVERSITY. 0 0 7767942 4517208 4649955 THE FOUNDATION'S PROGRAM SERVICE ACCOMPLISHMENTS DURING FISCAL YEAR JUNE 30,2024 WERE: THE FOUNDATION RAISED OVER $15 MILLION IN CONTRIBUTIONS FOR WEST CHESTER UNIVERSITY:-OF THE $15M, REAL ESTATE TOTALING $6.6M WAS DONATED TO THE FOUNDATION TO FULLFILL THE GRANTOR'S DESIRE TO COMMIT THE PROPERTY TO A CHARITABLE PURPOSE AND, IN DOING SO, FURTHER THE MISSION OF THE FOUNDATION. THE FOUNDATION PLANS TO LIQUIDATE THE PROPERTIES THROUGH A FUTURE SALE TO A THIRD-PARTY BUYER. THE NET PROCEEDS FROM THE SALE WOULD BE TRANSFERRED TO THE UNIVERSITY OR USED BY THE FOUNDATION ON BEHALF OF WCU, AS THE UNIVERSITY MAY DIRECT.- OVER $2 MILLION OF THE $15 MILLION RAISED WAS DIRECTED TO ENDOWMENTS FOR THE BENEFIT OF FUTURE STUDENT SCHOLARSHIPS AND FUTURE SUPPORT FOR UNIVERSITY PROGRAMS AND ACTIVITIES. $1.76 MILLION IN SCHOLARSHIPS WERE AWARDED TO APPROXIMATELY 1,100 STUDENTS BASED ON CRITERIA DETERMINED BY DONORS. MANY OF THE SCHOLARSHIP RECIPIENTS COULD NOT EXPERIENCE THE OPPORTUNITIES AND BENEFITS OF A HIGH QUALITY WEST CHESTER UNIVERSITY. 7767942 1 1 0 1 0 0 0 0 0 1 1 0 0 0 1 1 0 1 0 0 0 0 0 0 1 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 0 0 1 118 0 40 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 16 16 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AK CA CO DC FL KY MD MA MI ME MN ND NV NH NY OH OR OK PA SC UT WA WI X X CHRIS GERENZA CFO 6104362534 202 CARTER DRIVE WEST CHESTER PA 19382 DR JOAN M KAMINSKI PRESIDENT 0.20 0.20 X X 0 0 0 DR JOHN H BAKER PRESIDENT (UNTIL 07/23) 0.20 0.20 X X 0 0 0 ROBERT PLUCIENIK VICE PRESIDENT 0.20 0.20 X X 0 0 0 KEITH BEALE TREASURER 0.20 0.20 X X 0 0 0 DR SANDRA F MATHER SECRETARY 0.20 0.20 X X 0 0 0 DR DAWN APGAR TRUSTEE 0.20 0.20 X 0 0 0 ERIC BOSSARD TRUSTEE 0.20 0.20 X 0 0 0 COL DEBORAH J CHASE TRUSTEE 0.20 0.20 X 0 0 0 DAVID FLAMER TRUSTEE 0.20 0.20 X 0 0 0 DR MAURY HOBERMAN TRUSTEE 0.20 0.20 X 0 0 0 MATTHEW HOLLIDAY TRUSTEE 0.20 0.20 X 0 0 0 JESSICA KIENLE TRUSTEE 0.20 0.20 X 0 0 0 MICHAEL MELE TRUSTEE 0.20 0.20 X 0 0 0 THOMAS E MILLS IV TRUSTEE 0.20 0.20 X 0 0 0 JACQUI NORTH TRUSTEE 0.20 0.20 X 0 0 0 DOUGLAS A PACITTI TRUSTEE 0.20 0.20 X 0 0 0 WILLIAM SCOTTOLINE TRUSTEE 0.20 0.20 X 0 0 0 DR STANLEY YAROSEWICK TRUSTEE (UNTIL 01/24) 0.20 0.20 X 0 0 0 EDWARD N COLLISON TRUSTEE (UNTIL 07/23) 0.20 0.20 X 0 0 0 MAY VAN TRUSTEE (UNTIL 07/23) 0.20 0.20 X 0 0 0 RANDALL WARREN TRUSTEE (UNTIL 07/23) 0.20 0.20 X 0 0 0 DEBRA CORNELIUS EXECUTIVE DIRECTOR 31.50 13.50 X 157806 67631 35949 CHRISTINA GERENZA CFO 18.00 27.00 X 64182 96272 29911 JILL E SISKIND SR. DIRECTOR OF DEVELOPMENT 45.00 0.00 X 121413 0 27753 MOLLY CLARK DAVIS SR. DIR. ALUMNI ENG./ANNUAL GIVING 45.00 0.00 X 125652 0 35730 469053 163903 129343 3 0 1 0 ARAMARK SERVICES INC 700 SOUTH HIGH ST WEST CHESTER PA 19383 FACILITIES MANAGEMENT 199995 UNDER THE SUN PRODUCTIONS INC 423 COLLEGE AVENUE WEST CHESTER PA 19382 PRODUCTION SERVICES 118128 2 242319 11743742 6888090 11986061 CONTRACT REVENUE 611710 4642805 4642805 SPONSORSHIP REVENUE 611710 7150 7150 4649955 1831789 15103 1816686 22637 9147 13490 13490 987 12503 3887065 3750364 136701 136701 136701 105227 242319 195697 -90470 -90470 OTHER MISC INCOME 900099 50442 50442 ALUMNI ASSOCIATION 900099 18897 18897 ATHLETICS 900099 18295 18295 87634 18615160 4649955 16090 1963054 2754352 2754352 1762856 1762856 804302 178162 626140 2083937 719581 276527 1087829 185225 62915 23792 98518 334370 123172 25193 186005 223741 70302 63517 89922 550275 550275 9587 9587 24877 24877 136229 136229 332126 280070 11287 40769 69675 62550 192 6933 261173 155989 49842 55342 186437 79891 104498 2048 137021 8047 128974 1198383 1182381 3 15999 74307 74307 254120 254120 54478 6145 48293 40 UBIT 118 118 MEALS AND ENTERTAINMENT 411587 172446 12426 226715 LICENSES, FEES, DEV 80937 24180 12695 44062 PRIZES AND AWARDS 52708 52708 84672 72195 6962 5515 12067493 7767942 2439854 1859697 2436462 3413114 12625916 10313374 4678764 2691744 985 1519 449068 184955 7370118 3269498 4308694 4100620 26943102 32042675 2834777 2787242 1760785 10185082 56039087 65719791 584098 641153 2024390 1801341 117811 109845 2726299 2552339 X 6072260 6077570 47240528 57089882 53312788 63167452 56039087 65719791 X 6547667 3761476 -454479 X 0 1 X 1 0 X 4789131 7970526 9077404 7701351 11986061 41524473 4789131 7970526 9077404 7701351 11986061 41524473 8133505 33390968 1059439 1148301 2984520 1890090 1834401 8916751 733 1784 14300 16817 103648 91725 319331 272030 192861 979595 51437636 16993380 0.64920 0.76360 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER REVENUE - 2020 AMOUNT: $ 34,806. 2021 AMOUNT: $ 167,721. 2022 AMOUNT: $ 132,792. 2023 AMOUNT: $ 87,634. NON-CHARITABLE FUNDRAISING RECEIPTS - 2019 AMOUNT: $ 78,151. 2020 AMOUNT: $ 56,919. 2021 AMOUNT: $ 151,610. 2022 AMOUNT: $ 139,238. 2023 AMOUNT: $ 105,227. BAD DEBT RECOVERY - 2019 AMOUNT: $ 25,497. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 12067493 37365404 12067493 37365404 753375 1000000 188344 250000 0 0 0 0 1000000 1000000 1000000 1000000 4000000 6000000 250000 250000 250000 250000 1000000 1500000 30452441 2044197 3523186 486057 933786 34599981 26092198 3243722 2459416 468305 874590 30452441 29684985 1244281 -3564911 468978 803179 26092198 21775112 2950280 5650041 379913 310535 29684985 20522287 944943 911113 379913 223318 21775112 0.00000 0.78000 0.22000 1 0 379085 379085 6378544 2657009 3721535 612489 612489 0 4100620 SPLIT-INTEREST AGREEMENTS 1540336 OTHER ASSETS 6045 DUE FROM AFFILIATE 120744 RIGHT OF USE ASSET 3398 REAL ESTATE HELD FOR SALE 8514559 10185082 LEASE LIABILITY 3398 CHARITABLE GIFT ANNUITY 106447 109845 X 22457085 3761476 -124395 3637081 18820004 -204844 -204844 18615160 12602421 671157 671157 11931264 136229 136229 12067493 PART V, LINE 4: FIFTY-SIX PERCENT OF THE ENDOWMENT FUNDS ARE USED TO PROVIDE SCHOLARSHIPS AND FINANCIAL AID TO WEST CHESTER UNIVERSITY STUDENTS. FORTY-FOUR PERCENT OF THE ENDOWMENT FUNDS ARE USED TO PROVIDE OPERATING FUNDS FOR VARIOUS WEST CHESTER UNIVERSITY DEPARTMENTS. PART X, LINE 2: MANAGEMENT HAS EVALUATED SUBSTANTIVE TAX POSITIONS TAKEN BY THE FOUNDATION AS OF JUNE 30, 2024 AND 2023. A TAX POSITION IS RECOGNIZED AS A BENEFIT ONLY IF IT IS "MORE-LIKELY-THAN-NOT" THAT THE TAX POSITION WOULD BE SUSTAINED IN A TAX EXAMINATION, WITH A TAX EXAMINATION BEING PRESUMED TO OCCUR. THE AMOUNT RECOGNIZED IS THE LARGEST AMOUNT OF TAX BENEFIT THAT HAS A LIKELIHOOD OF BEING REALIZED ON EXAMINATION OF MORE THAN 50 PERCENT. FOR TAX POSITIONS NOT MEETING THE "MORE-LIKELY-THAN-NOT" TEST, NO TAX BENEFIT IS RECORDED. MANAGEMENT BELIEVES NO SIGNIFICANT UNCERTAIN TAX POSITIONS EXIST, EITHER INDIVIDUALLY OR IN THE AGGREGATE, THAT WOULD GIVE RISE TO THE NONRECOGNITION OF AN EXISTING TAX BENEFIT. AS OF JUNE 30, 2024 AND 2023, THE FOUNDATION HAD NO MATERIAL UNRECOGNIZED TAX BENEFITS OR LIABILITIES. THE FOUNDATION'S AND USH'S FEDERAL EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURNS FOR 2023, 2022 AND 2021 REMAIN SUBJECT TO EXAMINATION BY THE IRS, GENERALLY FOR THREE YEARS AFTER THE DATE THE RETURNS WERE FILED. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS 61,834. INVESTMENT FEES -136,229. WRITE-OFF OF PLEDGE NOT PAID FOR RAM STATUE -50,000. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES -195,697. RENTAL EXPENSES -9,147. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 195,697. UNCOLLECTIBLE PLEDGES 466,313. RENTAL EXPENSES 9,147. PART XII, LINE 4B - OTHER ADJUSTMENTS: INVESTMENT FEES 136,229. SCHEDULE D, PARTS XI, XII AND XIII THE ORGANIZATION DID NOT PARTICIPATE IN SEPARATE, STAND-ALONE AUDITED FINANCIAL STATEMENTS. CONSOLIDATING SCHEDULES ARE LOCATED IN THE BACK OF THE CONSOLIDATED AUDITED FINANCIAL STATEMENTS. SCHEDULE D PARTS XI, XII, AND XIII, ALTHOUGH NOT REQUIRED, HAVE BEEN PREPARED TO RECONCILE THESE CONSOLIDATING SCHEDULES TO THE FINANCIAL INFORMATION ON THIS FORM 990. PRESIDENTIAL GALA 181201 151526 29675 7058 63837 38057 KILLINGER EVENT 30958 23288 7670 12546 6390 9 134948 67505 67443 1583 55301 10925 347107 242319 104788 8641 131684 55372 195697 -90909 1 WEST CHESTER UNIVERSITY OF PENNSYLVANIA 700 SOUTH HIGH STREET WEST CHESTER PA 19383 232417773 170(C)(1) 2432221 80784 COST AND APPRAISALS DONATIONS TO BE USED IN THE OPERATIONS OF THE UNIVERSITY TO PROMOTE THE VARIOUS EXEMPT PURPOSES OF WEST CHESTER UNIVERSITY WEST CHESTER UNIVERSITY STUDENT SERVICES INC WCU SYKES UNION BLDG E ROSEDALE WEST CHESTER PA 19383 232490021 501(C)(3) 234427 0 TO PROMOTE THE VARIOUS EXEMPT PURPOSES OF STUDENT SERVICES, INC. 2 0 SCHOLARSHIP FOR STUDENTS OF WEST CHESTER UNIVERSITY. 1057 1762856 PART I, LINE 2: GRANTS AND OTHER ASSISTANCE INCLUDE AWARDS, PRIZES, STIPENDS, SCHOLARSHIPS, AND SIMILAR PAYMENTS AND DISTRIBUTIONS THAT THE FOUNDATION MAKES TO WEST CHESTER UNIVERSITY, ITS AFFILIATES, AND ITS STUDENTS. WRITTEN GUIDELINES FOR EACH RESTRICTED FUND DEFINE THE DONOR-RESTRICTED PURPOSE AND PARAMETERS OF THE FUND. DISBURSEMENTS FROM THESE FUNDS REQUIRE THE RECIPIENT TO SUBMIT VERIFIABLE AND INDEPENDENT DOCUMENTATION THAT MEET THE GUIDELINE CRITERIA. THE SUBMISSION IS VERIFIED BY FOUNDATION STAFF FOR COMPLIANCE WITH THE GUIDELINES PRIOR TO DISBURSEMENT TO THE RECIPIENT. PART II: WEST CHESTER UNIVERSITY FOUNDATION DISTRIBUTES DONOR-RESTRICTED FUNDS TO WEST CHESTER UNIVERSITY TO USE FOR CAPITAL PROJECTS. THE FOUNDATION ALSO DISTRIBUTES DONOR RESTRICTED FUNDS TO DESIGNATED AFFILIATED ENTITIES OF WEST CHESTER UNIVERSITY. ALL ENTITIES THAT RECEIVE FUNDS FROM WEST CHESTER UNIVERSITY FOUNDATION HAVE INTERNAL CONTROLS TO ENSURE MONIES ARE PROPERLY ALLOCATED AND USED. ON OCCASION WEST CHESTER UNIVERSITY FOUNDATION PROVIDES SMALL GRANTS TO OTHER NON-PROFIT ORGANIZATIONS. THE FOUNDATION MAKES EVERY EFFORT TO OBTAIN INDEPENDENT VERIFICATION THAT THE FUNDS WERE USED IN COMPLIANCE WITH THE FOUNDATION'S EXPECTATIONS. X X X X 0 0 0 0 0 0 0 0 0 DEBRA CORNELIUS EXECUTIVE DIRECTOR 157806 67631 0 0 0 0 14660 6283 10504 4502 182970 78416 0 0 CHRISTINA GERENZA CFO 64182 96272 0 0 0 0 5962 8944 6002 9003 76146 114219 0 0 MOLLY CLARK DAVIS SR. DIR. ALUMNI ENG./ANNUAL GIVING 125652 0 0 0 0 0 11673 0 24057 0 161382 0 0 0 X 180 COST X 10 168109 NYSE X 2 6600000 APPRAISAL X 25 23775 PURCHASE PRICE X SOFTWARE/EQUIPMENT 7 68081 COST X RAFFLE ITEMS AND PRIZES 4 26490 COST X SUPPLIES 2 1455 COST 0 1 0 PART I, COLUMN (B): THE NUMBERS IN COLUMN B REPRESENT THE NUMBER OF ITEMS CONTRIBUTED. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE IS COMPOSED OF THE OFFICERS OF THE WCU FOUNDATION BOARD OF TRUSTEES AND THE (NON-VOTING) CEO AND CFO OF WCU FOUNDATION. THE EXECUTIVE COMMITTEE IS AUTHORIZED TO ACT FOR THE BOARD BETWEEN ITS REGULAR MEETINGS. THE EXECUTIVE COMMITTEE HAS AND MAY EXERCISE ALL OF THE POWERS AND AUTHORITY OF THE BOARD IN THE MANAGEMENT OF THE FOUNDATION. FORM 990, PART VI, SECTION B, LINE 11B THE CHIEF FINANCIAL OFFICER REVIEWS THE 990 DRAFT IN DETAIL AND CHANGES ARE SENT TO THE TAX PREPARER. ONCE THE FINAL 990 HAS BEEN APPROVED BY THE CHIEF FINANCIAL OFFICER, THE DRAFT 990 IS PROVIDED TO EACH TRUSTEE FOR REVIEW AND COMMENTS IN ADVANCE OF THE FILING DEADLINE. ONCE THE TRUSTEES HAVE HAD TIME TO REVIEW THE RETURN, THE FORM 990 IS FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY CONFLICT-OF-INTEREST FORMS ARE COMPLETED BY EACH TRUSTEE AND OFFICER DISCLOSING CIRCUMSTANCES THAT MIGHT DISSUADE THEM FROM ACTING IN THE BEST INTEREST OF WEST CHESTER UNIVERSITY FOUNDATION. IN ADDITION, TRUSTEES SHALL MAKE PROMPT AND FULL DISCLOSURE TO THE BOARD OF A PROSPECTIVE SITUATION THAT MAY INVOLVE A CONFLICT OF INTEREST AS SOON AS THAT CONFLICT IS KNOWN. THIS DISCLOSURE SHOULD BE MADE A MATTER OF THE RECORD, EITHER THROUGH AN ANNUAL PROCEDURE OR WHEN THE INTEREST BECOMES A MATTER OF BOARD ACTION. IF A CONFLICT OF INTEREST SHOULD ARISE, THE CEO AND THE BOARD MEMBER SHOULD PROMPTLY RESOLVE THE MATTER AND THE RESOLUTION SHOULD BE RECORDED IN THE MINUTES OF THE BOARD. TRUSTEES WITH CONFLICTS SHALL REMOVE THEMSELVES FROM NEGOTIATIONS, DECISIONS, DELIBERATIONS, OR VOTES INVOLVING THE CONFLICT. THIS SHALL NOT BE CONSTRUED AS PREVENTING THE TRUSTEE FROM STATING HIS POSITION IN THE MATTER OR FROM ANSWERING PERTINENT QUESTIONS FROM THE BOARD WHEN HIS/HER KNOWLEDGE MAY BE OF ASSISTANCE. FAMILY AND BUSINESS RELATIONSHIPS ARE EXPLICITLY MENTIONED IN THE POLICY AS SOURCES OF POTENTIAL CONFLICTS. MANAGERS AND EMPLOYEES ARE EXPECTED TO VOLUNTEER CONFLICTS OF INTEREST AS THEY ARISE TO THE CEO. THE CEO DETERMINES WHETHER A CONFLICT OF INTEREST EXISTS, AND REQUESTS THE MANAGER OR EMPLOYEE TO RECUSE HIM/HER FROM TOPICS AND VOTING ON ISSUES RELATED TO THE CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 THE CEO'S COMPENSATION IS APPROVED IN ADVANCE BY THE BOARD OF TRUSTEES' GOVERNANCE AND NOMINATING COMMITTEE. PRIOR TO MAKING THE DETERMINATION, BOARD MEMBERS ARE INVITED TO OFFER FEEDBACK TO THE COMMITTEE ON THE PERFORMANCE-BASED GOALS ESTABLISHED FOR THE POSITION. THE COMMITTEE EVALUATES COMPENSATION DATA OF AT LEAST THREE COMPARABLE ORGANIZATIONS IN SIMILAR COMMUNITIES FOR SIMILAR SERVICE. THE COMMITTEE DOCUMENTS THE BASIS FOR ITS DECISION CONCURRENTLY WITH MAKING THE DETERMINATION. COMPENSATION LEVELS MAY BE DEFINED IN THE CEO'S EMPLOYMENT CONTRACT. THE CHIEF FINANCIAL OFFICER AND OTHER KEY EMPLOYEES' COMPENSATION ARE EVALUATED BY THE BOARD AS PART OF THE BUDGETING PROCESS USED TO DETERMINE THE COMPENSATION FOR THE ORGANIZATION'S EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS 61,834. UNCOLLECTIBLE PLEDGES -466,313. WRITE-OFF OF PLEDGE NOT PAID FOR RAM STATUE -50,000. UNIVERSITY STUDENT HOUSING LLC PO BOX 541 WEST CHESTER PA 19381 820571540 STUDENT HOUSING PA 501(C)(3) LINE 12A, I WEST CHESTER UNIVERSITY FOUNDATION 1 0 0 0 1 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 UNIVERSITY STUDENT HOUSING LLC D 120744 COST UNIVERSITY STUDENT HOUSING LLC O 200000 COST UNIVERSITY STUDENT HOUSING LLC Q 273325 COST UNIVERSITY STUDENT HOUSING 202 CARTER DRIVE WEST CHESTER PA 19382 820571540 0 0 0 0 0 0 0 0 0 0