2020-04-13T08:04:30-05:00 2019-06-30 410746749 CLIFTONLARSONALLEN LLP 610 W GERMANTOWN PIKE STE 400 PLYMOUTH MEETING PA 19462 990 2018-07-01 233030893 PENNSYLVANIA COLLEGE OF OPTOMETRY FOUNDATION PENN 2157801400 8360 OLD YORK ROAD ELKINS PARK PA 19027 DONALD KATES VP FINANCE 2157801400 2020-04-08 1 CONNIE M LIRA P00481097 2156433900 2020-04-08 67.137.57.251 2020-04-08 09:45:48 ED P 9A5FD5A28186C0237ADF311F402C5D3C3A194CA8 B8C5A91B0C86B46BABEED68ABDFA4702EBC342E6 2018 2021-01-29 14:40:06Z DR MICHAEL H MITTELMAN 8360 OLD YORK ROAD ELKINS PARK PA 19027 9366012 0 X WWW.SALUS.EDU/OPTOMETRY X 1999 PA TO SUPPORT THE MISSION OF ITS PARENT ORGANIZATION, SALUS UNIVERSITY 8 7 0 7 0 0 1135100 2827888 0 0 2616311 3380282 20005 2170 3771416 6210340 918067 187334 0 0 0 0 0 0 116620 710427 2476278 1628494 2663612 2142922 3546728 49648267 51482268 3785220 2920613 45863047 48561655 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 1948650 187334 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 $187,300 IN ENDOWED SCHOLARSHIPS AND $124,700 IN PATIENT CARE. $180,700 SUPPORT FOR FACULTY DEVELOPMENT AND OVER $1.5 MILLION IN INSTITUTIONAL SUPPORT. 1948650 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 1 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 X 8 7 0 1 0 0 1 1 0 1 0 0 0 1 1 1 1 1 1 0 0 0 PA X DONALD 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 DR MARK BOAS DIRECTOR 1.00 1.00 X 0 12468 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 MICHAEL H MITTELMAN PRESIDENT 2.00 45.00 X 0 432889 49592 DONALD KATES VP FINANCE 1.00 45.00 X 0 209889 40738 0 655246 90330 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 198449 2 104439 1775000 948449 2827888 1434768 1434768 5041940 3096426 1945514 1945514 1945514 61416 104439 59246 2170 2170 6210340 0 0 3382452 187334 187334 255000 255000 27280 27280 198449 198449 85007 61727 23280 3868 3868 180777 96322 37759 46696 6913 5126 1787 47907 8255 31879 7773 INSTITUTIONAL SUPPORT 1518484 1518484 EQUIPMENT 75255 75255 EVENT EXPENSES 37045 37045 40293 40254 39 2663612 1948650 598342 116620 2648633 1813764 219425 288681 46228302 48896140 551907 483683 49648267 51482268 9920 3785220 2910693 3785220 2920613 X 36870748 39465246 4527063 5301196 4465236 3795213 45863047 48561655 49648267 51482268 X 3546728 -896842 48722 X 0 1 X 1 1 1 X X 1 SALUS UNIVERSITY 231413680 2 0 1948650 0 1 1948650 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 24807417 20839667 2125455 1518484 46254055 23361107 427117 1849435 830242 24807417 21186946 113903 2848168 787910 23361107 21969063 614107 -515525 880699 21186946 22922913 144945 -272976 825819 21969063 0.84740 0.06730 0.08530 0 0 0 DUE TO RELATED PARTY 2707230 GIFT ANNUITY LIABILITY 139594 DUE TO ALUMNI ASSOCIATION 63869 2910693 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. $18,946,892 OF THE CHANGE IN THE CURRENT FISCAL YEAR IS DUE TO THE CHANGE IN DESIGNATION OF INVESTMENT FROM UNRESTRICTED TO BOARD DESIGNATED. 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 2184130 0 0 0 0 0 0 2184130 0 2184130 0 0 0 1 0 0 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 165855 104439 61416 1379 40680 3200 13986 165855 104439 61416 1379 40680 3200 13986 59245 2171 1 SALUS UNIVERSITY 8360 OLD YORK ORAD ELKINS PARK PA 19027 231413680 501(C)(3) 187334 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 378097 0 25000 0 29792 0 41709 0 7883 0 482481 0 0 DONALD KATES VP FINANCE 0 209889 0 0 0 0 0 22390 0 18348 0 250627 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. MARK BOAS FAMILY MEMBER OF BOARD MEMBER 6500 SCHOLARSHIP 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, 2019 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 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 FORM 990 AS IT WILL BE FILED PRIOR TO IT BEING FILED. 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. FORM 990, PART XI, LINE 9: ACTUARIAL ANNUITY ADJUSTMENT 48,722. SALUS UNIVERSITY 8368 OLD YORK ROAD ELKINS PARK PA 19027 231413680 EDUCATION PA 501(C)(3) LINE 2 0 0 1 1 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 0