2016-05-13T09:20:11-05:00 2015-06-30 GRANT THORNTON LLP 2001 MARKET STREET SUITE 700 PHILADELPHIA PA 19103 990 2014-07-01 233030893 Pennsylvania College of Optometry Foundation % DONALD KATES PENN 2157801240 8360 Old York Road Elkins Park PA 19027 DONALD KATES VICE PRESIDENT FOR FINANCE 2157801240 2016-05-13 true Frank Giardini P00532355 2155614200 2014 2016-08-17 19:52:53Z Dr Michael Mittelman 8360 Old York Road Elkins Park PA 19027 4221934 false X www.salus.edu/optometry X 1999 PA THE FOUNDATION'S PRIMARY EXEMPT PURPOSE IS TO SUPPORT THE MISSION OF ITS PARENT ORGANIZATION,SALUS UNIVERSITY, THROUGH FUNDRAISING ENDEAVORS AND THE HOLDING OF INVESTMENTS. 8 6 0 6 0 0 511518 427727 0 0 1224942 933463 -3463 23047 1732997 1384237 125861 111635 0 0 35900 36980 0 0 0 1341598 848591 1503359 997206 229638 387031 42899371 41626113 2319652 2009963 40579719 39616150 THE FOUNDATION'S PRIMARY EXEMPT PURPOSE IS TO SUPPORT THE EDUCATIONAL MISSION OF ITS PARENT ORGANIZATION, SALUS UNIVERSITY, THROUGH FUNDRAISING ENDEAVORS AND THE HOLDING OF INVESTMENTS. false false 544436 111635 The Foundation's primary exempt purpose is to 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 to Salus. 544436 true true false false false false false false false true false false false false true true false true false false false false false false true true false false true true false false false false false false false false false false false false false true false true false true 0 0 0 false false false false false true true false false false false X 8 6 false false false false false false false true true false false true true true true true true true true false PA X DONALD KATES 2157801240 8360 OLD YORK ROAD Elkins Park PA 19027 Dr Thomas Lewis Executive Director 1.0 25.0 X 0 375741 31735 Dr Mark Boas Director 1.0 1.0 X 0 21050 0 Carl A Polsky Treasurer 1.0 2.0 X X 0 0 0 Dr I William Collins Vice President 1.0 1.0 X 0 0 0 Dr Barry J Farkas Director 1.0 1.0 X 0 0 0 Craig Cassey Secretary 1.0 1.0 X X 0 0 0 Jo Surpin Chairman 1.0 2.0 X X 0 0 0 Jane Scaccetti Director 1.0 1.0 X 0 0 0 Dr Michael Mittelman President 7.0 32.0 X X 0 294305 8361 Donald Kates Vice President - Finance 1.0 39.0 X 0 183848 38881 0 874944 78977 0 false true false Salus University 8360 Old York Road ELKINS PARK PA 19027 Management Services 255000 Hirtle Callahan Co 300 Barr Harbor Drive Suite 500 W CONSHOCHOCKEN PA 19428 Consulting 189213 2 87584 340143 427727 0 975752 975752 0 0 0 0 0 2751900 2794189 -42289 -42289 -42289 21555 87584 43508 -21953 -21953 45000 45000 45000 0 0 1384237 956510 0 111635 111635 0 0 0 0 36980 36980 0 0 0 255000 255000 0 0 0 0 189213 189213 0 0 13527 13527 0 0 0 0 0 0 0 0 0 0 PROGRAM AND ACADEMIC SUPPORT 142351 142351 INSTITUTIONAL SUPPORT 162864 162864 PATIENT CARE SUPPORT 23739 23739 RESEARCH 53340 53340 8557 8557 997206 544436 452770 0 0 0 1388532 791808 794722 600373 0 0 0 0 0 0 0 0 0 0 0 0 0 40716117 40233932 0 0 0 0 0 0 0 0 42899371 41626113 11828 12067 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2307824 1997896 2319652 2009963 X 32376017 31740921 4137674 3710373 4066028 4164856 40579719 39616150 42899371 41626113 387031 -1204149 -146451 X false true X true true true X X X 1 SALUS UNIVERSITY 231413680 2 true 111635 0 1 111635 0 true false false false false false false false false false false false false false false true false RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 22922913 144945 -272976 825819 21969063 20564011 479437 2466462 586997 22922913 18706833 171677 2259678 574177 20564011 19295567 40244 -261107 367871 18706833 15969601 71024 3812739 557797 19295567 0.73000 0.17000 0.10000 false false 0 DUE TO ALUMNI ASSOCIATION 72122 DUE FROM THE COLLEGE 1771246 GIFT ANNUITY LIABILITY 154528 1997896 X -210540 -1204149 -244923 -1449072 1238532 189213 -43508 145705 1384237 606578 43508 43508 563070 189213 244923 434136 997206 Intended Uses of Endowment Funds Schedule D, Part V, Line 4 The 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. Income Taxes Form 990, Schedule D, Part X, Line 2 The University follows the accounting guidance for uncertainties in income tax positions which requires that a tax position be recognized or derectognized 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. As of June 30, 2015, the tax years ended June 30, 2012 through June 30, 2014 for federal tax jurisdiction remain open for examination. Reconciliation of Revenue Form 990, Schedule D, Part XI Line 2d - Revenue Included on Books but not on Return Non-operating Income/Expense Re-class (244,923) Line 4b - Revenue Included on Form 990 but not on Line 1 Special Events Expenses (43,508) Reconciliation of Expenses Form 990, Schedule D, Part XII Line 2d - Expenses Included on Books but not on Return Special Events Expenses 43,508 Line 4b - Expenses Included on Form 990 but not on Line 1 Non-operating Income/Expense Re-class 244,923 TEI Fundraiser 93199 87584 5615 4039 13467 1592 22169 Reunion 15940 15940 2241 0 109139 87584 21555 4039 13467 1592 24410 43508 -21953 false false 45000 false 45000 45000 PA true false false false 1.00000 director of institutional advanceme 8360 old york road elkins park PA 19027 false false true Scholarships 111635 Procedure for Monitoring Use of Grant Funds Inside U.S. Schedule I, Part I, Line 2 The Pennsylvania College of Optometry Foundation provides scholarships to students matriculating at the Pennsylvania College of Optometry; therefore, all funds granted are used to defray the cost of tuition and no further monitoring of the grants is required. false true false false false false false false false Dr Thomas Lewis Executive Director 0 375741 0 0 0 0 0 19579 0 12156 0 407476 0 0 Dr Michael Mittelman President 0 294305 0 0 0 0 0 7113 0 1248 0 302666 0 0 Donald Kates Vice President - Finance 0 183848 0 0 0 0 0 19959 0 18922 0 222729 0 0 SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN FORM 990, SCHEDULE J, PART I, LINE 4B DURING THE FISCAL YEAR ENDED JUNE 30, 2015, THE FOLLOWING INDIVIDUALS PARTICIPATED IN THE UNIVERSITY'S SUPPLEMENTAL NONQUALIFIED PLAN: -DR. MICHAEL MITTELMAN TAX-EXEMPT BONDS Form 990, Part IV, Line 24A THE PENNSYLVANIA COLLEGE OF OPTOMETRY FOUNDATION IS A CO-OBLIGOR ON THE TAX-EXEMPT BONDS ISSUED TO ITS PARENT ORGANIZATION, SALUS UNIVERSITY. SINCE THE FOUNDATION HOLDS THE UNIVERSITY'S ENDOWMENT, IT WAS DETERMINED THAT THE FOUNDATION SHOULD BE A CO-OBLIGOR ON THE BOND. Delegation of Control over Management Duties Form 990, Part VI, Line 3 The Foundation has delegated the management responsibilities over its considerable investments to the Finance Committee of its parent organization, Salus University. The Finance committee has, in turn, hired Hirtle Callaghan, an independent consulting firm, to manage the Foundation's investments. Form 990 Review Process Form 990, Part VI, Line 11b The Foundation's Form 990 was prepared by Grant Thornton LLP in conjunction with the University's financial department. A copy of the draft Form 990 was made available to the Finance Committee and the entire Board of Directors on a secured website maintained by the organization. Each Board Member was provided ample opportunity to comment on the information contained in the 990 prior to its filing with the Internal Revenue Service. Conflict of Interest Policy Monitoring & Enforcement Form 990, Part VI, Line 12c Each officer, director, trustee and key employee of the Foundation is required to annually disclose any conflicts of interest that arise by virtue of their employment, 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 investigated immediately by an ad hoc committee established for just such purpose. WHISTLEBLOWER/DOCUMENT RETENTION POLICIES Form 990, Part VI, Lines 13 & 14 The Foundation Operates under the Whistleblower and Document Retention policies of its related organization, Salus University. Process for Determining Compensation Form 990, Part VI, Line 15b The Foundation does not compensate any of the individuals reported in Part VII of the Form 990; all compensation is paid by a related organization, Salus University. The processes for determining the compensation of those individuals is reported on that organization's annual Form 990. The committee which oversees the compensation of the president is currently the Executive Committee of the board. DOCUMENTS MADE AVAILABLE TO THE PUBLIC Form 990, Part VI, Line 19 The organization makes its Form 990 available to the public by retaining a copy at its place of business. The Form 990 is likewise published on the internet at www.guidestar.org. The organization's financial statements and governing documents are not ordinarily made available to the public but, if requested, will be provided at management's discretion. Reconciliation of Net Assets FORM 990, PART XI, LINE 9 AFS Difference Salus University 8360 Old York Road Elkins Park PA 19027 231413680 Education PA 501(c)(3) 02 NA false Pennsylvania Ear Institute 8360 Old York Road Elkins Park PA 19027 202888384 Clinical Edu PA 501(c)(3) 11-I SALUS false false false false false false false false false false false false true true true true true true true false