2025-05-15T12:44:25-05:00 2024-06-30 410746749 CLIFTONLARSONALLEN LLP TWO INTERNATIONAL PLACE 22ND FLOOR BOSTON MA 02110 990 2023-07-01 231413680 SALUS UNIVERSITY SALU 2157801400 3201 ARCH STREET 400 PHILADELPHIA PA 19104 DR MICHAEL H MITTELMAN PRESIDENT 2157801400 2025-05-14 1 1 LAURA J KENNEY P00202198 6177170831 2025-05-14 2023 2025-03-06 01:10:19Z X X DR MICHAEL H MITTELMAN 8360 OLD YORK ROAD ELKINS PARK PA 19027 62015440 0 X WWW.SALUS.EDU X 1919 PA ADVANCING INTEGRATED HEALTH CARE THROUGH INNOVATIVE EDUCATION, RESEARCH AND CLINICAL SERVICES X 20 18 920 20 0 0 5475823 6361976 50307014 52336433 103313 95702 1186559 1288856 57072709 60082967 3499532 3476850 0 0 36361417 36001573 7210 0 723410 19201619 20848821 59069778 60327244 -1997069 -244277 69668806 0 42997038 0 26671768 0 X THE MISSION OF SALUS UNIVERSITY IS TO ADVANCE INTEGRATED HEALTH CARE THROUGH INNOVATIVE EDUCATION, RESEARCH AND CLINICAL SERVICES. 0 1 36879750 3476850 48452212 POST GRADUATE PROGRAM: SALUS UNIVERSITY IS A POST GRADUATE EDUCATIONAL INSTITUTION. THE UNIVERSITY PROGRAMS LEAD TO DOCTORAL DEGREES IN OPTOMETRY, AUDIOLOGY, AND OCCUPATIONAL THERAPY, A PHD IN BIOMEDICINE, AND MASTER'S DEGREES IN MEDICAL SCIENCE, OCCUPATIONAL THERAPY, SPEECH AND LANGUAGE, LOW VISION REHABILITATION, AND OTHERS. THE UNIVERSITY ENROLLED 1,296 STUDENTS. DURING THE YEAR, 485 STUDENTS EARNED DEGREES, 35 EARNED CERTIFICATIONS, AND 7 STUDENTS COMPLETED NON-DEGREE STUDIES. 9215424 0 3939301 CLINICAL PROGRAM: THE UNIVERSITY OPERATES THREE CLINICAL TEACHING FACILITIES. APPROXIMATELY 700 STUDENTS ARE TRAINED ANNUALLY. THE CLINICS PROVIDED EYE CARE, EAR CARE, AND SPEECH AND LANGUAGE REHABILITATION TO OVER 40,000 PATIENTS. 1448897 0 0 RESEARCH PROGRAM: THE UNIVERSITY RECEIVES FEDERAL, STATE, AND PRIVATE GRANTS TO SUPPORT BASIC RESEARCH, CLINICAL RESEARCH, SPECIALIZED TRAINING, AND STUDENT FINANCIAL AID. THESE AMOUNTS ARE EXPENDED PURSUANT TO THE GRANT AGREEMENT. 47544071 1 1 0 1 0 0 0 0 0 1 0 0 0 0 0 1 0 1 1 0 1 0 1 0 0 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 1 1 0 0 1 300 0 1 920 1 0 0 0 0 0 0 0 0 0 0 0 0 X 20 18 0 0 1 0 0 0 0 1 1 1 0 1 1 1 1 1 1 1 0 0 PA AK MD MA MI NH NY SC WA CO CA X DR MICHAEL H MITTELMAN 2157801280 8360 OLD YORK ROAD ELKINS PARK PA 19027 DR MICHAEL H MITTELMAN PRESIDENT 45.00 1.00 X X 420663 0 36913 DR RADHIKA ARAVAMUDHAN DEAN COLLEGE OF AUDIOLOGY 35.00 0.00 X 297768 0 39765 DR MELISSA TREGO DEAN COLLEGE OF OPTOMETRY 35.00 0.00 X 279199 0 38394 DR MITCHELL SCHEIMAN DEAN RESEARCH 35.00 0.00 X 275004 0 24217 MR DONALD C KATES VP FINANCE 45.00 1.00 X 231044 0 44575 DR MELISSA VITEK ASST PROFESSOR & DIRECTOR OF GISP 45.00 0.00 X 240458 0 19295 DR JAMES CALDWELL DEAN STUDENT AFFAIRS/ASSOC PROVOST 45.00 0.00 X 217699 0 34049 DR BARRY ECKERT FORMER KEY EMPLOYEE 0.00 0.00 X 207355 0 38109 MS ELIZABETH MOY CHIEF OF STAFF 45.00 0.00 X 193319 0 42020 DR GERARD O'SULLIVAN VICE PRESIDENT AND PROVOST 35.00 0.00 X 220795 0 1842 MR JOHN GAAL VP CLINIC OPERATIONS 45.00 0.00 X 192999 0 21822 DR CAITLYN FOY TRUSTEE/FACULTY REPRESENTATIVE 1.00 0.00 X X 112179 0 27616 MS REBECCA DELIA CHAIR 1.00 1.00 X X 0 0 0 DR DANIEL 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 1.00 1.00 X X 0 0 0 MS STELLA LEE ASSISTANT SECRETARY 1.00 0.00 X 0 0 0 MS TERRI ALBERTSON TRUSTEE 1.00 0.00 X 0 0 0 DR THOMAS BEEMAN TRUSTEE 1.00 0.00 X 0 0 0 MR CHRISTOPHER DEZZI TRUSTEE 1.00 0.00 X 0 0 0 MR READE FAHS TRUSTEE 1.00 0.00 X 0 0 0 MS CAROLYN FORCINA TRUSTEE 1.00 1.00 X 0 0 0 DR KATHLEEN KINSLOW TRUSTEE 1.00 0.00 X 0 0 0 MS JOYCE KOH TRUSTEE 1.00 1.00 X 0 0 0 MR SEAN LEWIS TRUSTEE 1.00 0.00 X 0 0 0 MR DANIEL LIBERMAN TRUSTEE 1.00 0.00 X 0 0 0 MS DANA MATTINGLY TRUSTEE 1.00 1.00 X 0 0 0 MR WILLIAM MCCUNE TRUSTEE 1.00 0.00 X 0 0 0 MS SARAH MITCHELL TRUSTEE 1.00 0.00 X 0 0 0 MS MICHELE PALOS-SAMSI TRUSTEE 1.00 0.00 X 0 0 0 MS SHANNON TORNOE TRUSTEE 1.00 0.00 X 0 0 0 DR DERRICK ARTIS TRUSTEE TO JANUARY 2024 1.00 0.00 X 0 0 0 MR KEITH D IGNOTZ TRUSTEE TO JANUARY 2024 1.00 1.00 X 0 0 0 MS JO SURPIN TRUSTEE TO JANUARY 2024 1.00 0.00 X 0 0 0 2888482 0 368617 105 1 1 0 PATRIOT CONSTRUCTION INC 950 CALCON HOOK ROAD SUITE 25 SHARON HILL PA 19079 CONSTRUCTION SERVICES 2167381 PIONEER INTERNATIONAL INC 361 AIRPORT DRIVE JOLIET IL 60431 CONSTRUCTION SERVICES 713980 METZ CULINARY MANAGEMENT TWO WOODLAND DRIVE DALLAS PA 18612 DINING MANAGEMENT SERVICES 518660 GRADUATE PROGRAM RECRUITMENT SOLUTIONS 121 N MAIN ST STE 109 SOUDERTON PA 18964 RECRUITMENT SERVICES 387329 NEXTGEN HEALTHCARE INC PO BOX 809390 CHICAGO IL 60680 HEALTHCARE SOFTWARE SERVICES 386867 18 3012533 2719171 630272 6361976 TUITION 611310 48452212 48452212 PATIENT CARE 611310 3884221 3884221 52336433 95702 95702 1150614 833552 317062 317062 317062 46200 19075 27125 27125 1134926 1079846 55080 55080 HAFTER FEES 900099 264401 264401 MANAGEMENT FEE 900099 255000 255000 370188 370188 889589 60082967 52391513 0 1329478 3459001 3459001 17849 17849 2943689 913414 2030275 24462423 22493749 1659085 309589 2468967 2180201 259209 29557 3866306 3343734 477661 44911 2260188 1937969 296494 25725 170925 4110 166815 106575 106575 2188004 1725709 278148 184147 409326 26982 382344 1108053 925755 115874 66424 2882114 1546469 1335645 3690826 2537704 1153122 553114 491622 61492 443678 388351 55327 272596 167101 105495 2906617 2054979 851638 637729 339684 298045 MAINTENANCE 3078174 1257563 1820611 EVENT EXPENSES 429621 152412 277209 PATIENT CARE 409501 409501 0 EQUIPMENT 32189 32189 0 1529779 1138023 328699 63057 60327244 47544071 12059763 723410 500 0 13590151 0 0 4369475 0 0 0 0 104460 0 1079125 0 0 38905297 0 0 0 8806953 0 0 2812845 0 69668806 0 2956055 6939470 12965035 346077 19790401 0 42997038 0 X 14856486 0 11815282 0 26671768 0 69668806 0 X -244277 -26427491 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 118000 118000 60209244 60327244 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 108860 90500 121000 118000 438360 250000 250000 250000 250000 1000000 1500000 54505338 29277 7612237 1766700 209045 60171107 50772437 1278688 4399110 299589 1645308 54505338 57407910 3574092 -8147168 211925 1850472 50772437 46617036 702306 11760147 180585 1490994 57407910 46254055 983421 1036248 128063 1528625 46617036 0.82560 0.09210 0.08230 0 1 1 0 X PART V, LINE 4: THE ENDOWMENT FUNDS ARE HELD BY PENNSYLVANIA COLLEGE OF OPTOMETRY FOUNDATION, A RELATED TAX-EXEMPT ORGANIZATION. 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 UNIVERSITY. PART X, LINE 2: THE UNIVERSITY HAS BEEN GRANTED TAX-EXEMPT STATUS AS A NONPROFIT 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 UNIVERSITY 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 UNIVERSITY DOES NOT BELIEVE ITS CONSOLIDATED FINANCIAL STATEMENTS INCLUDE ANY MATERIAL UNCERTAIN TAX POSITIONS. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE UNIVERSITY'S NON-DISCRIMINATION POLICY IS PUBLISHED IN SALUS MAGAZINE, SALUS VIEW BOOK, THE STUDENT HANDBOOK, THE APPLICATION FOR ADMISSIONS, AND IS MADE PUBLICLY AVAILABLE ON THE UNIVERSITY'S WEBSITE HOMEPAGE. SALUS VIEW BOOK IS DISTRIBUTED BY ADMISSIONS TO POTENTIAL APPLICANTS SCHEDULE E, PART I, LINE 6 STUDENTS MAY RECEIVE FUNDING FROM THE FEDERAL GOVERNMENT IN THE FORM OF DIRECT UNSUBSIDIZED STUDENT LOANS, GRADUATE PLUS LOANS AND FEDERAL WORK STUDY AWARDS. SCHOLARSHIPS AND GRANT ASSISTANCE MAY COME FROM A VARIETY OF SOURCES INCLUDING INSTITUTIONAL, PRIVATE AND GOVERNMENTAL PROGRAMS. 1 SUB-SAHARAN AFRICA - ANGOLA, BENIN, BOTSWANA, BURKINA FASO, 0 0 SCHOLARSHIPS TO RECIPIENTS LOCATED IN THE REGION 17849 0 0 0 0 0 0 17849 0 17849 SCHOLARSHIP SUB-SAHARAN AFRICA 1 17849 APPLIED TO STUDENT'S TUITION ACCOUNT N/A N/A 0 0 0 0 0 0 PART I, LINE 2: THE UNIVERSITY PROVIDES SCHOLARSHIPS AND OTHER SUPPORT TO STUDENTS MATRICULATING AT THE UNIVERSITY; THEREFORE, NO FUNDS ARE PAID DIRECTLY TO RECIPIENTS, RATHER ALL FUNDS GRANTED ARE USED TO DEFRAY THE COST OF TUITION AND NO FURTHER MONITORING OF THE GRANTS IS REQUIRED. 46200 15750 3325 0 46200 15750 3325 19075 27125 PA 1 0 1 0 1.00000 0.00000 JACQUELINE PATTERSON VP INSTITUTIONAL ADVANCEMENT 8360 OLD YORK ROAD ELKINS PARK PA 19027 0 JACQUELINE PATTERSON VP INSTITUTIONAL ADVANCEMENT 0 THE GAMING MANAGER COORDINATES THE ANNUAL ALUMNI ASSOCIATION RAFFLE. X 0 1 UNIVERSITY SCHOLARSHIPS 317 2459081 0 N/A N/A OTHER STUDENT SUPPORT 134 999920 0 N/A N/A PART I, LINE 2: THE UNIVERSITY PROVIDES SCHOLARSHIPS AND OTHER SUPPORT TO STUDENTS MATRICULATING AT THE UNIVERSITY; THEREFORE, NO FUNDS ARE PAID DIRECTLY TO RECIPIENTS, RATHER ALL FUNDS GRANTED ARE USED TO DEFRAY THE COST OF TUITION AND NO FURTHER MONITORING OF THE GRANTS IS REQUIRED. X 0 0 X X X 1 0 0 0 0 0 0 1 0 DR MICHAEL H MITTELMAN PRESIDENT 370827 0 20000 0 29836 0 34427 0 2486 0 457576 0 0 0 DR RADHIKA ARAVAMUDHAN DEAN COLLEGE OF AUDIOLOGY 242784 0 0 0 54984 0 22551 0 17214 0 337533 0 0 0 DR MELISSA TREGO DEAN COLLEGE OF OPTOMETRY 277978 0 0 0 1221 0 28806 0 9588 0 317593 0 0 0 DR MITCHELL SCHEIMAN DEAN RESEARCH 267215 0 0 0 7789 0 22085 0 2132 0 299221 0 0 0 MR DONALD C KATES VP FINANCE 229878 0 0 0 1166 0 24592 0 19983 0 275619 0 0 0 DR MELISSA VITEK ASST PROFESSOR & DIRECTOR OF GISP 178935 0 0 0 61523 0 18119 0 1176 0 259753 0 0 0 DR JAMES CALDWELL DEAN STUDENT AFFAIRS/ASSOC PROVOST 216020 0 0 0 1679 0 22864 0 11185 0 251748 0 0 0 DR BARRY ECKERT FORMER KEY EMPLOYEE 6125 0 0 0 201230 0 21792 0 16317 0 245464 0 0 0 MS ELIZABETH MOY CHIEF OF STAFF 183319 0 10000 0 0 0 19962 0 22058 0 235339 0 0 0 DR GERARD O'SULLIVAN VICE PRESIDENT AND PROVOST 219059 0 0 0 1736 0 0 0 1842 0 222637 0 0 0 MR JOHN GAAL VP CLINIC OPERATIONS 186057 0 0 0 6942 0 19592 0 2230 0 214821 0 0 0 PART I, LINE 1A: TRAVEL FOR COMPANIONS THE UNIVERSITY PROVIDED REIMBURSEMENT OF $1,936 TO DR. MICHAEL H. MITTELMAN, PRESIDENT, FOR HIS SPOUSE TO TRAVEL FOR CERTAIN MEETINGS. THIS IS INCLUDED IN THE AMOUNT REPORTED ON SCHEDULE J, PART II, COLUMN (B)(III). PART I, LINE 4A: DR. BARRY ECKERT, FORMER KEY EMPLOYEE, WAS PAID SEVERANCE IN THE AMOUNT OF $200,244, WHICH IS INCLUDED IN THE AMOUNT REPORTED ON SCHEDULE J, PART II, COLUMN (B)(III). PART I, LINE 7: BONUS AND INCENTIVE COMPENSATION IS DISCRETIONARY AND AWARDED BASED ON INDIVIDUAL PROJECT ACTIVITY AS REVIEWED BY THE SUPERVISOR AND VP, FINANCE. A NORTH PENN HEALTH HOSPITAL AND EDUCATION AUTHORITY 232130191 2020-11-30 13969732 REFUNDING 2016 BOND 0 1 0 A 1283458 13969732 3041648 10928084 2022 1 0 1 1 A 0 0 1 1 1 1 0.00000 0.00000 0.00000 0 0 1 A 0 1 0 0 0 0 0 0 1 A 1 TRANSFER OF NET ASSETS UPON MERGER 2024-06-30 26427491 BOOK VALUE 231352630 DREXEL UNIVERSITY 3141 CHESTNUT STREET PHILADELPHIA PA 19104 501(C)(3) 1 1 0 0 1 1 1 1 1 0 PART I, LINE 6C: DREXEL UNIVERSITY HAS ASSUMED THE TAX-EXEMPT BOND AND IS REPORTING IT ON ITS FORM 990. PART I, LINE 2A AND 2B: 1) DR. MICHAEL H. MITTELMAN, OFFICER & TRUSTEE AT SALUS UNIVERSITY, BECAME AN EMPLOYEE & TRUSTEE AT DREXEL UNIVERSITY.2) MR. DONALD C. KATES, OFFICER AT SALUS UNIVERSITY, BECAME AN EMPLOYEE AT DREXEL UNIVERSITY.3) MS. ELIZABETH MOY, KEY EMPLOYEE AT SALUS UNIVERSITY, BECAME AN EMPLOYEE AT DREXEL UNIVERSITY.4) DR. GERARD O'SULLIVAN, KEY EMPLOYEE AT SALUS UNIVERSITY, BECAME AN EMPLOYEE AT DREXEL UNIVERSITY.5) MR. JOHN GAAL, KEY EMPLOYEE AT SALUS UNIVERSITY, BECAME AN EMPLOYEE AT DREXEL UNIVERSITY.6) DR. CAITLYN FOY, TRUSTEE AT SALUS UNIVERSITY, BECAME AN EMPLOYEE AT DREXEL UNIVERSITY.7) MS. REBECCA DELIA, OFFICER & TRUSTEE AT SALUS UNIVERSITY, BECAME A TRUSTEE AT DREXEL UNIVERSITY.8) DR. THOMAS BEEMAN, TRUSTEE AT SALUS UNIVERSITY, BECAME A TRUSTEE AT DREXEL UNIVERSITY. FORM 990, PART III, LINE 3 ON JUNE 28, 2024, THE MIDDLE STATES COMMISSION ON HIGHER EDUCATION (MSCHE) APPROVED SALUS UNIVERSITY'S MERGER WITH DREXEL UNIVERSITY,A PUBLIC CHARITY. SALUS UNIVERSITY FILED A STATEMENT OF MERGER WITH THE COMMONWEALTH OF PENNSYLVANIA, WHICH APPROVED THE MERGER TO BE EFFECTIVE END OF DAY JUNE 30, 2024. THE MERGER STILL REQUIRES UNITED STATES DEPARTMENT OF EDUCATION (USDE) APPROVAL. THE TRANSACTION REFLECTS RECENT, TWO-STEP USDE GUIDANCE: CURRENT: IN THE CURRENT, PRE-TRANSACTION STATE, DREXEL UNIVERSITY, A PENNSYLVANIA NONPROFIT CORPORATION, OWNS AND CONTROLS DREXEL UNIVERSITY, A NONPROFIT INSTITUTION ACCREDITED BY MSCHE, WHICH EXISTS AND OPERATES SEPARATELY FROM SALUS UNIVERSITY, A PENNSYLVANIA NONPROFIT CORPORATION, THAT OWNS AND CONTROLS SALUS UNIVERSITY, A NONPROFIT INSTITUTION ACCREDITED BY MSCHE. STEP ONE (MERGER): UPON MSCHE APPROVAL, DREXEL UNIVERSITY, THE PENNSYLVANIA NONPROFIT CORPORATION, WILL OWN AND CONTROL BOTH DREXEL UNIVERSITY, A NONPROFIT INSTITUTION ACCREDITED BY MSCHE, AND SALUS UNIVERSITY, A NONPROFIT INSTITUTION TEMPORARILY ACCREDITED BY MSCHE. THE BOARD OF TRUSTEES OF SALUS UNIVERSITY, THE PENNSYLVANIA NONPROFIT CORPORATION, WILL DISSOLVE, AND THREE OF ITS MEMBERS WILL BE APPOINTED TO THE BOARD OF TRUSTEES OF DREXEL UNIVERSITY, THE PENNSYLVANIA NONPROFIT CORPORATION. THE PRESIDENT OF SALUS UNIVERSITY, THE NONPROFIT INSTITUTION TEMPORARILY ACCREDITED BY MSCHE, WILL REPORT TO THE DREXEL PRESIDENT WITH DOTTED LINE REPORTING TO THE BOARD OF TRUSTEES OF DREXEL UNIVERSITY, THE PENNSYLVANIA NONPROFIT CORPORATION. STEP TWO (CLOSURE): PRIOR TO USDE APPROVAL, SALUS UNIVERSITY'S ACADEMIC PROGRAMS AND FINANCIAL AID PROCESSES WILL OPERATE INDEPENDENTLY OF DREXEL UNIVERSITY AND SALUS UNIVERSITY WILL CONTINUE TO GRANT DEGREES. POST-MERGER/CLOSURE: UPON USDE APPROVAL, SALUS UNIVERSITY, THE NONPROFIT INSTITUTION, WILL BECOME AN ADDITIONAL LOCATION OF DREXEL UNIVERSITY, THE NONPROFIT INSTITUTION ACCREDITED BY MSCHE, AND WILL SURRENDER ITS DEGREE-GRANTING AUTHORITY. ITS ACADEMIC PROGRAMS AND FINANCIAL AID PROCESSES WILL BE ADMINISTERED BY DREXEL UNIVERSITY. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE SHALL BE COMPRISED OF THE CHAIRPERSON OF THE BOARD OF TRUSTEES WHO SHALL ALSO BE THE CHAIR OF THE COMMITTEE, THE PRESIDENT OF THE UNIVERSITY, AND THE CHAIRPERSONS OF EACH STANDING COMMITTEE OF THE BOARD WHO SHALL BE APPOINTED FOR A TERM OF ONE YEAR BY THE CHAIRPERSON OF THE BOARD. THE PRIMARY RESPONSIBILITY OF THE EXECUTIVE COMMITTEE IS TO STRENGTHEN THE BOARD'S PERFORMANCE BY HELPING IT FUNCTION EFFICIENTLY AND EFFECTIVELY. ITS BROAD POWERS SHALL BE USED ONLY AS NECESSARY AND APPROPRIATE ON ROUTINE BUSINESS OR EMERGENCY MATTERS THAT CANNOT OR SHOULD NOT BE DELAYED UNTIL THE BOARD'S NEXT REGULARLY SCHEDULED MEETING OR UNTIL A SPECIAL MEETING OF THE BOARD SHOULD BE CALLED AS SPECIFIED IN THE BYLAWS. THE COMMITTEE SHALL HAVE ALL POWERS OF THE BOARD OF TRUSTEES ON ALL MATTERS EXCEPT FOR THE FOLLOWING, WHICH SHALL BE RESERVED FOR THE BOARD: PRESIDENTIAL SELECTION AND TERMINATION, PRESIDENT'S COMPENSATION, TRUSTEE AND BOARD OFFICER SELECTION, CHARTER AND BYLAW AMENDMENT, CHANGING THE UNIVERSITY'S MISSION, INCURRING CORPORATE INDEBTEDNESS, APPROVAL OF ANNUAL BUDGET AND CONFERRAL OF DEGREES. THE EXECUTIVE COMMITTEE MEETS IN PERSON OR VIA CONFERENCE FOR MONTHLY UPDATES. FORM 990, PART VI, SECTION A, LINE 4 ON JUNE 28, 2024, THE UNIVERSITY FILED A STATEMENT OF MERGER WITH THE PENNSYLVANIA DEPARTMENT OF STATE TO REPORT ITS MERGER WITH DREXEL UNIVERSITY, AN UNRELATED PUBLIC CHARITY. THIS MERGER WAS EFFECTIVE JUNE 30, 2024. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM WITH INFORMATION PROVIDED BY MANAGEMENT. THE BOARD REVIEWS THE FORM 990 PRIOR TO IT BEING FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C EACH OFFICER, DIRECTOR, TRUSTEE AND KEY EMPLOYEE OF THE UNIVERSITY IS REQUIRED TO ANNUALLY DISCLOSE ANY CONFLICTS OF INTEREST THAT ARISE BY VIRTUE OF THEIR EMPLOYMENT, BOARD SERVICE, OR POSITION WITH THE UNIVERSITY. THE UNIVERSITY 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 THE PRESIDENT'S OFFICE AND COUNSEL, AND PRESENTED TO THE AUDIT AND COMPLIANCE COMMITTEE FOR DETERMINATION IF AN ACTUAL CONFLICT EXISTS. IN ADDITION TO THE QUESTIONNAIRE, ALL TRANSACTIONS ARE SUBJECT TO INTERNAL SIGN OFF REQUIREMENTS BASED ON AMOUNTS; ANY TRANSACTIONS ABOVE $5,000 ARE REVIEWED BY THE PRESIDENT OR BY THE CHIEF OF STAFF, IF THE PRESIDENT IS NOT AVAILABLE; THIS REVIEW CONSIDERS POSSIBLE CONFLICTS. IF A CONFLICT WERE TO ARISE, DEPENDING ON THE NATURE OF THE CONFLICT, THE INDIVIDUAL WOULD EITHER BE RECUSED FROM MATTERS INVOLVING THE CONFLICT OR COULD BE REQUIRED TO ELIMINATE THE CONFLICT OR RESIGN. IF A CONFLICT WERE TO BE IDENTIFIED AFTER THE TRANSACTION OCCURRED IT WOULD BE THOROUGHLY REVIEWED TO ENSURE NO TRANSGRESSION OR PRIVATE INUREMENT AND CORRECTIVE ACTION (IF NEEDED) WOULD TAKE PLACE. ACTUAL CONFLICTS OF INTEREST AND RELATED RESTRICTIONS FOR STAFF (OTHER THAN THE PRESIDENT) ARE DOCUMENTED IN THE PRESIDENT'S OFFICE; ACTUAL CONFLICTS OF INTEREST AND RELATED RESTRICTIONS FOR TRUSTEES ARE DOCUMENTED IN BOARD MINUTES. 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 15A THE PRESIDENT IS THE ORGANIZATION'S TOP MANAGEMENT OFFICIAL. THE PRESIDENT'S COMPENSATION IS DETERMINED BY THE EXECUTIVE COMMITTEE OF THE BOARD. IN DETERMINING COMPENSATION, THE BOARD RELIES UPON COMPARABILITY DATA OF INSTITUTIONS SIMILARLY SITUATED TO SALUS UNIVERSITY. THE DELIBERATIONS TO DETERMINE THE PRESIDENT'S COMPENSATION AND THE FINAL DETERMINATION ITSELF ARE DOCUMENTED IN THE BOARD COMMITTEE'S MINUTES. THIS PROCESS OCCURS ANNUALLY AND WAS LAST COMPLETED IN 2023. 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. FORM 990, PART XI, LINE 9: TRANSFER OF NET ASSETS UPON MERGER -26,427,491. PENNSYLVANIA COLLEGE OF OPTOMETRY FOUNDATION 8360 OLD YORK ROAD ELKINS PARK PA 19027 233030893 SUPPORT SALUS UNIVERSITY PA 501(C)(3) LINE 12A, I SALUS UNIVERSITY 1 0 0 1 1 0 0 0 0 0 0 0 1 1 1 1 1 1 0 0 PENNSYLVANIA COLLEGE OF OPTOMETRY FOUNDATION C 3012533 CASH VALUE PENNSYLVANIA COLLEGE OF OPTOMETRY FOUNDATION D 3289474 CASH VALUE PENNSYLVANIA COLLEGE OF OPTOMETRY FOUNDATION L 255000 VALUE OF SERVICES