2021-03-03T15:10:01-06:00 2020-06-30 410746749 CLIFTONLARSONALLEN LLP 610 W GERMANTOWN PIKE SUITE 400 PLYMOUTH MEETING PA 19462 990 2019-07-01 233030893 PENNSYLVANIA COLLEGE OF OPTOMETRY FOUNDATION PENN 2157801400 8360 OLD YORK ROAD ELKINS PARK PA 19027 DONALD C KATES VP FINANCE 2157801400 2021-03-01 1 CONNIE M LIRA P00481097 2156433900 2021-03-01 2019 2022-09-23 18:48:47Z DR MICHAEL H MITTELMAN 8360 OLD YORK ROAD ELKINS PARK PA 19027 13723942 0 X SALUS.EDU/GIVING X 1999 PA TO SUPPORT THE MISSION OF ITS PARENT ORGANIZATION, SALUS UNIVERSITY 7 7 0 7 0 0 2827888 1761674 0 0 3380282 2398323 2170 2468 6210340 4162465 187334 227569 0 0 0 0 0 0 54111 2476278 2760647 2663612 2988216 3546728 1174249 51482268 51823419 2920613 3142561 48561655 48680858 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 2307509 227569 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 OVER $227,569 IN ENDOWED SCHOLARSHIPS AND $111,326 IN PATIENT CARE. $211,546 SUPPORT FOR FACULTY DEVELOPMENT AND OVER $1.5 MILLION IN INSTITUTIONAL SUPPORT. 2307509 1 1 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 1 0 0 1 0 0 0 1 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 0 0 0 0 0 0 1 1 0 0 0 0 0 0 X 7 7 0 1 0 0 1 1 0 1 0 0 0 0 1 1 1 1 1 0 0 0 PA X DONALD C KATES 2157801240 8360 OLD YORK ROAD ELKINS PARK PA 19027 MS JO SURPIN CHAIR 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 JANE SCACCETTI TREASURER 1.00 1.00 X X 0 0 0 MR KEITH D IGNOTZ DIRECTOR 1.00 1.00 X 0 0 0 MS REBECCA DELIA DIRECTOR 1.00 1.00 X 0 0 0 MS TERRI ALBERTSON DIRECTOR 1.00 1.00 X 0 0 0 DR MARK BOAS DIRECTOR TO DEC 2019 1.00 1.00 X 0 2000 0 DR MICHAEL H MITTELMAN PRESIDENT 1.00 45.00 X 0 466756 54629 MR DONALD C KATES VP FINANCE 1.00 45.00 X 0 213274 41476 0 682030 96105 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 205571 2 146417 750000 865257 1761674 1001434 1001434 10900834 9503945 1396889 1396889 1396889 60000 146417 57532 2468 2468 4162465 0 0 2400791 227569 227569 255000 255000 244427 244427 185617 58448 127169 8937 1764 7173 1544 1544 ENDOWMENT SPENDING 1656688 1656688 INSTITUTIONAL SUPPORT 191845 146760 45085 216589 216280 309 2988216 2307509 626596 54111 1813764 1755040 288681 234111 48896140 49378879 483683 455389 51482268 51823419 9920 2910693 3142561 2920613 3142561 X 39465246 38915917 9096409 9764941 48561655 48680858 51482268 51823419 1174249 -1055046 0 X 0 1 X 1 1 1 X X 1 SALUS UNIVERSITY 231413680 2 0 2307509 0 1 2307509 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 46254055 983421 1036248 1656688 46617036 24807417 20839667 2125455 1518484 46254055 23361107 427117 1849435 830242 24807417 21186946 113903 2848168 787910 23361107 21969063 614107 -515525 880699 21186946 0.84660 0.06590 0.08750 0 0 0 DUE TO RELATED PARTY 2977910 GIFT ANNUITY LIABILITY 100058 DUE TO ALUMNI ASSOCIATION 64593 3142561 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 1956969 0 0 0 0 0 0 1956969 0 1956969 0 0 0 1 0 0 PART III ACCOUNTING METHOD: 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 THE FORM 8621. LOOKING OUT FOR KIDS BANQUET 206417 146417 60000 14248 27000 4106 12178 206417 146417 60000 14248 27000 4106 12178 57532 2468 1 SALUS UNIVERSITY 8360 OLD YORK ORAD ELKINS PARK PA 19027 231413680 501(C)(3) 227569 0 SUPPORT SCHOLARSHIPS 1 0 PART I, LINE 2: THE FOUNDATION PROVIDES SCHOLARSHIPS TO STUDENTS MATRICULATING AT SALUS UNIVERSITY; THEREFORE, ALL FUNDS GRANTED ARE USED TO DEFRAY THE COST OF TUITION AND PAID DIRECTLY TO SALUS UNIVERSITY, AS SUCH NO FURTHER MONITORING OF THE PROPER USE OF THE SCHOLARSHIPS IS DEEMED NECESSARY. SALUS UNIVERSITY AND THE FOUNDATION SHARE COMMON BOARD OVERSIGHT AND MANAGEMENT WHICH ALLOWS FOR THE FOUNDATION TO FURTHER SEE THE PROPER ALLOCATION OF GRANT AND SCHOLARSHIP FUNDS. 0 0 0 0 0 0 0 0 0 DR MICHAEL H MITTELMAN PRESIDENT 0 416756 0 50000 0 0 0 46596 0 8033 0 521385 0 0 MR DONALD C KATES VP FINANCE 0 213274 0 0 0 0 0 22749 0 18727 0 254750 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 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, 2020 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 FULL COPY OF THE FORM 990 IS MADE AVAILABLE TO THE BOARD CHAIR AND MANAGEMENT OF SALUS UNIVERSITY. A REDACTED COPY IS MADE AVAILABLE TO 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 PROVIDED THE OPPORTUNITY TO REVIEW THE REDACTED FORM 990 PRIOR TO IT BEING FILED. THE ONLY REDACTION IS OF THE SCHEDULE B NAME AND ADDRESS INFORMATION OF ONE DONOR WHO REQUESTED TO REMAIN ANONYMOUS, THIS REDACTION IS BEING CONDUCTED SOLELY TO HONOR TO THE BEST OF THE FOUNDATION'S ABILITY THE DONOR'S WISHES. 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. 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 CONFLICT OF INTEREST POLICY IS MADE AVAILABLE ON THE WEBSITE. THE GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. SALUS UNIVERSITY 8368 OLD YORK ROAD ELKINS PARK PA 19027 231413680 EDUCATION PA 501(C)(3) LINE 2 N/A 0 0 1 1 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 0