2023-04-25T09:14:46-05:00 2022-06-30 410746749 CLIFTONLARSONALLEN LLP TWO INTERNATIONAL PLACE 22ND FLOOR BOSTON MA 02110 990 2021-07-01 233030893 PENNSYLVANIA COLLEGE OF OPTOMETRY FOUNDATION PENN 2157801400 8360 OLD YORK ROAD ELKINS PARK PA 19027 DONALD C KATES VP FINANCE 2157801400 2023-04-11 1 DONALD KATES 999009999 LAURA J KENNEY P00202198 6177170831 2023-04-11 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z DR MICHAEL H MITTELMAN 8360 OLD YORK ROAD ELKINS PARK PA 19027 22960798 0 X SALUS.EDU/GIVING X 1999 PA TO SUPPORT THE MISSION OF ITS PARENT ORGANIZATION, SALUS UNIVERSITY 7 7 0 9 0 4734 1486251 4027719 0 0 2225803 6044349 0 0 3712054 10072068 167380 2536152 0 0 0 0 0 0 28551 2764832 563694 2932212 3099846 779842 6972222 63978471 55532338 3931134 2914479 60047337 52617859 THE EXEMPT PURPOSE OF THE PENNSYLVANIA COLLEGE OF OPTOMETRY FOUNDATION (FOUNDATION) IS TO SUPPORT SALUS UNIVERSITY, A 501(C)(3) PUBLIC CHARITY, THROUGH FUNDRAISING ENDEAVORS AND THE HOLDING OF INVESTMENTS. 0 0 2541731 2536152 0 SUPPORT THE ONGOING EDUCATIONAL OPERATIONS OF SALUS UNIVERSITY. IN THIS REGARD, THE FOUNDATION'S SOLE PROGRAM IS TO RAISE FUNDS TO PROVIDE STUDENT SCHOLARSHIPS, RESEARCH, INDIGENT PATIENT CARE, AND INSTITUTIONAL SUPPORT. PROVIDED SUPPORT TO SALUS UNIVERSITY FOR $208,051 IN ENDOWED SCHOLARSHIPS AND OVER $2 MILLION IN INSTITUTIONAL SUPPORT. 2541731 1 1 0 0 0 0 0 0 0 1 0 1 0 0 1 1 0 1 0 0 1 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 X 7 7 1 1 0 0 1 1 0 1 0 0 0 1 1 1 1 1 1 0 0 0 PA X DONALD C KATES 2157801240 8360 OLD YORK ROAD ELKINS PARK PA 19027 DR MICHAEL H MITTELMAN PRESIDENT 1.00 45.00 X 0 384809 37535 MR DONALD C KATES VP FINANCE 1.00 45.00 X 0 223072 42001 MS REBECCA DELIA CHAIR DEC 2021; TREASURER 1.00 1.00 X X 0 0 0 DR DAN ABRAMOWICZ VICE CHAIR 1.00 1.00 X X 0 0 0 DR CRAIG CASSEY SECRETARY 1.00 1.00 X X 0 0 0 MS EMILY TURNER TREASURER AS OF FEB 2022 1.00 1.00 X X 0 0 0 MS CAROLYN FORCINA DIRECTOR 1.00 1.00 X 0 0 0 MS JOYCE KOH DIRECTOR 1.00 1.00 X 0 0 0 MR KEITH D IGNOTZ DIRECTOR 1.00 1.00 X 0 0 0 MS JO SURPIN CHAIR TO DEC 2021 1.00 1.00 X X 0 0 0 MS TERRI ALBERTSON DIRECTOR;TREAS DEC '21-FEB '22 1.00 1.00 X X 0 0 0 0 607881 79536 0 0 1 0 SALUS UNIVERSITY 8360 OLD YORK ROAD ELKINS PARK PA 19027 ADMINISTRATIVE AND MANAGEMENT SERVICES 255000 HIRTLE CALLAGHAN CO 300 BARR HARBOR DRIVE SUITE 500 CONSHOHOCKEN PA 19428 INVESTMENT MANAGEMENT SERVICES 231896 2 3000000 1027719 4027719 1103205 1103205 17829874 12888730 4941144 4941144 4941144 10072068 0 0 6044349 2536152 2536152 255000 255000 274564 274564 5579 5579 28551 28551 3099846 2541731 529564 28551 2603751 1578300 381445 341049 49004019 42986527 11818033 10430982 171223 195480 63978471 55532338 3931134 2914479 3931134 2914479 X 48073759 41796562 11973578 10821297 60047337 52617859 63978471 55532338 6972222 -14401700 0 X 0 1 X 1 1 1 X X 1 SALUS UNIVERSITY 231413680 2 1 2541731 0 1 2541731 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 57407910 3574092 -8147168 211925 1850472 50772437 46617036 702306 11760147 180585 1490994 57407910 46254055 983421 1036248 128063 1528625 46617036 24807417 20839667 2125455 108085 1410399 46254055 23361107 427117 1849435 86962 743280 24807417 0.83110 0.10310 0.06580 0 0 0 ALTERNATIVE INVESTMENTS 10430982 F 10430982 DUE TO RELATED PARTY 2759849 GIFT ANNUITY LIABILITY 65545 DUE TO ALUMNI ASSOCIATION 57909 DUE TO STUDENT COUNCIL FUND 25376 OTHER LIABILITIES 5800 2914479 X PART V, LINE 4: THE PENNSYLVANIA COLLEGE OF OPTOMETRY FOUNDATION'S ENDOWMENT CONSISTS OF A PORTFOLIO OF ACTIVELY MANAGED FUNDS ESTABLISHED TO PROVIDE BOTH A SOURCE OF OPERATING FUNDS AS WELL AS LONG-TERM FINANCIAL STABILITY. THE ENDOWMENT INCLUDES BOTH DONOR RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS OR QUASI ENDOWMENTS. ENDOWMENT FUNDS MAY HAVE PURPOSE RESTRICTIONS ON USE OF THE INCOME, SUCH AS SCHOLARSHIPS, PROFESSORSHIPS, AND RESEARCH. BOARD DESIGNATED FUNDS ARE DIRECTED TO SUPPORT THE OPERATIONS OF THE SALUS UNIVERSITY. PART X, LINE 2: THE ORGANIZATION HAS BEEN GRANTED TAX-EXEMPT STATUS AS A NOT-FOR-PROFIT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND FILES FEDERAL TAX FORM 990, RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX, ANNUALLY FOR INFORMATIONAL PURPOSES. ACCORDINGLY, NO PROVISION FOR INCOME TAXES IS REQUIRED IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS. THE ORGANIZATION FOLLOWS THE ACCOUNTING GUIDANCE FOR UNCERTAINTIES IN INCOME TAX POSITIONS, WHICH REQUIRES THAT A TAX POSITION BE RECOGNIZED OR DERECOGNIZED BASED ON A "MORE-LIKELY-THAN-NOT" THRESHOLD. THIS APPLIES TO POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE ORGANIZATION DOES NOT BELIEVE ITS CONSOLIDATED FINANCIAL STATEMENTS INCLUDE ANY MATERIAL UNCERTAIN TAX POSITIONS. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS N/A 1855098 0 0 0 0 0 0 1855098 0 1855098 1 0 1 1 1 0 PART III ACCOUNTING METHOD: PART IV, LINE 3: AS PART OF THE FOUNDATION'S INVESTMENT PORTFOLIO, THERE IS AN OWNERSHIP INTEREST IN FOREIGN CORPORATION(S). THE FOUNDATION'S OWNERSHIP INTEREST DOES NOT REQUIRE FILING OF FORM 5471. PART IV, LINE 4: AS PART OF THE FOUNDATION'S INVESTMENT PORTFOLIO, THERE IS AN OWNERSHIP INTEREST IN PASSIVE FOREIGN INVESTMENT COMPANIES (PFIC). THE FOUNDATION'S INTEREST DOES NOT INCLUDE ACTIVITY OR AN OWNERSHIP INTEREST THAT REQUIRES FILING OF FORM 8621. 1 SALUS UNIVERSITY 8360 OLD YORK ROAD ELKINS PARK PA 19027 231413680 501(C)(3) 2536152 0 SCHOLARSHIPS ($208,051), PATIENT CARE ($159,363), AND INSTITUTIONAL SUPPORT ($2,168,738) 1 0 PART I, LINE 2: THE FOUNDATION PROVIDES SUPPORT TO SALUS UNIVERSITY TO PROVIDE SCHOLARSHIPS TO STUDENTS MATRICULATING AT THE UNIVERSITY; THEREFORE, ALL FUNDS GRANTED ARE USED TO DEFRAY THE COST OF TUITION AND PAID DIRECTLY TO THE UNIVERSITY, AS SUCH NO FURTHER MONITORING OF THE PROPER USE OF THE SCHOLARSHIPS IS DEEMED NECESSARY. THE FOUNDATION ALSO PROVIDES SUPPORT TO SALUS UNIVERSITY FOR PATIENT CARE AND INSTITUTIONAL EXPENSES. SALUS UNIVERSITY AND THE FOUNDATION SHARE COMMON BOARD OVERSIGHT AND MANAGEMENT WHICH ALLOWS FOR THE FOUNDATION TO FURTHER SEE THE PROPER ALLOCATION OF THESE FUNDS. 0 0 0 0 0 0 0 0 0 DR MICHAEL H MITTELMAN PRESIDENT 0 299740 0 33671 0 51398 0 29423 0 8112 0 422344 0 0 MR DONALD C KATES VP FINANCE 0 217603 0 5469 0 0 0 23200 0 18801 0 265073 0 0 PART I, LINE 3: THE FOUNDATION DOES NOT HAVE ANY PAID EMPLOYEES. ALL COMPENSATION REPORTED ON SCHEDULE J IS PAID BY A RELATED PARTY. THE RELATED PARTY UTILIZES THE FOLLOWING TO ENSURE ALL COMPENSATION IS REASONABLE: COMPENSATION COMMITTEE, COMPENSATION SURVEY/STUDY AND APPROVAL BY THEIR BOARD OF TRUSTEES. FORM 990, PART VI, SECTION A, LINE 2 THE COMPENSATED OFFICERS HAVE A BUSINESS RELATIONSHIP WITH ALL BOARD MEMBERS AS THEY ARE EMPLOYED BY A RELATED ORGANIZATION THAT ALL BAORD MEMBERS ALSO SERVE. FORM 990, PART VI, SECTION A, LINE 3 THE FOUNDATION CONTRACTS WITH SALUS UNIVERSITY, A 501(C)(3) PUBLIC CHARITY, TO PERFORM CERTAIN MANAGEMENT AND ADMINISTRATIVE SERVICES. MANAGEMENT SERVICES INCLUDE, BUT ARE NOT LIMITED TO: PLANNING AND EXECUTING BUDGETS AND FINANCIAL OPERATIONS, AND SUPERVISING EXEMPT OPERATIONS. DR. MICHAEL H. MITTELMAN IS THE PRESIDENT OF THE FOUNDATION'S BOARD OF DIRECTORS AND RECEIVES NO COMPENSATION FOR THOSE SERVICES. DR. MITTELMAN IS ALSO A FULL-TIME EMPLOYEE OF SALUS UNIVERSITY FOR WHICH HE IS COMPENSATED BY SALUS UNIVERSITY AS REPORTED IN FORM 990, PART VII, SECTION A. NO COMPENSATION IS PAID TO DR. MITTELMAN BY THE FOUNDATION. THE FOUNDATION PAID SALUS UNIVERSITY $255,000 IN THE FISCAL YEAR ENDED JUNE 30, 2022 FOR MANAGEMENT AND ADMINISTRATIVE SERVICES. FORM 990, PART VI, SECTION A, LINE 6 SALUS UNIVERSITY, A 501(C)(3) PUBLIC CHARITY, IS THE SOLE MEMBER OF THE FOUNDATION. FORM 990, PART VI, SECTION A, LINE 7A THE TOP MANAGEMENT OFFICIAL OF SALUS UNIVERSITY, AKA THE PRESIDENT, IS REQUIRED TO BE AN EX-OFFICIO MEMBER AND OFFICER OF THE FOUNDATION'S BOARD. THE REMAINING FOUNDATION BOARD MEMBERS ARE ELECTED BY A MAJORITY VOTE OF THE MEMBERS OF THE BOARD OF TRUSTEES OF SALUS UNIVERSITY. FORM 990, PART VI, SECTION A, LINE 8B THE FOUNDATION DOES NOT HAVE ANY COMMITTEES THAT HAVE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM AND THEN A COPY OF THE FORM 990 IS MADE AVAILABLE TO MANAGEMENT AND THE AUDIT COMMITTEE OF SALUS UNIVERSITY ON A SECURE NETWORK. EACH COMMITTEE MEMBER IS PROVIDED THE OPPORTUNITY TO COMMENT ON THE INFORMATION CONTAINED IN THE FORM 990 PRIOR TO FILING. THE FULL BOARD IS ALSO PROVIDED A COMPLETE COPY OF THE FORM 990 PRIOR TO IT BEING FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C EACH OFFICER, DIRECTOR AND TRUSTEE OF THE FOUNDATION IS REQUIRED TO ANNUALLY DISCLOSE ANY CONFLICTS OF INTEREST THAT ARISE BY VIRTUE OF THEIR BOARD SERVICE OR POSITION WITH THE FOUNDATION. THE FOUNDATION MONITORS COMPLIANCE WITH ITS CONFLICT OF INTEREST POLICY THROUGH AN ANNUAL QUESTIONNAIRE/DISCLOSURE STATEMENT THAT IS DISTRIBUTED TO THESE INDIVIDUALS. POTENTIAL CONFLICTS ARE REVIEWED BY COUNSEL AND PRESENTED TO THE AUDIT AND COMPLIANCE COMMITTEE FOR DETERMINATION IF AN ACTUAL CONFLICT EXISTS. IF A CONFLICT WERE TO ARISE THE INDIVIDUAL(S) IN CONFLICT WOULD RECUSE THEMSELVES FROM THE DELIBERATION AND FINAL VOTE. THE CONFLICT OF INTEREST POLICY INCLUDES A DUTY TO DISCLOSE ANY CHANGES IN CIRCUMSTANCES THAT ARISE TO CREATE A NEW POTENTIAL CONFLICT OF INTEREST OR CHANGE OR ELIMINATE A PREVIOUSLY DISCLOSED CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 THE FOUNDATION DOES NOT COMPENSATE ANY INDIVIDUALS REPORTED ON FORM 990, PART VII, SECTION A. ALL COMPENSATION IS PAID BY SALUS UNIVERSITY, A RELATED 501(C)(3) PUBLIC CHARITY. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION DOES NOT MAKE ITS GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC. THE CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE MADE AVAILABLE ON THE SALUS WEBSITE. SALUS UNIVERSITY 8360 OLD YORK ROAD ELKINS PARK PA 19027 231413680 EDUCATION PA 501(C)(3) LINE 2 N/A 0 0 1 1 0 1 0 0 0 0 0 0 1 1 1 1 1 1 1 0