2014-05-13T12:23:31-05:00 2013-06-30 GRANT THORNTON LLP 2001 MARKET STREET SUITE 700 PHILADELPHIA PA 19103 990 2012-07-01 233030893 Pennsylvania College of Optometry Foundation % DONALD KATES PENN 2157801240 8360 Old York Road Suite Elkins Park PA 19027 DONALD KATES 2157801240 2014-05-12 true 2155614200 2012 2015-11-30 17:44:51Z Dr Michael H Mittelman 8360 Old York Road Elkins Park PA 19027 4511190 false X www.salus.edu/optometry X 1999 PA 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. 8 6 0 6 0 0 814430 480674 0 0 2323263 3978326 15386 -6889 3153079 4452111 86447 124695 0 0 33840 34850 0 0 0 1266658 1444949 1386945 1604494 1766134 2847617 33523727 36643489 1138717 1295311 32385010 35348178 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 1166671 124695 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. 1166671 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 X DONALD KATES 2157801240 8360 OLD YORK ROAD Elkins Park PA 19027 X Dr Thomas L Lewis 7.0 33.0 X X 0 456960 33834 Dr Mark Boas 1.0 1.0 X 0 14000 0 Carl A Polsky 1.0 1.0 X 0 0 0 Dr I William Collins 1.0 1.0 X 0 0 0 Dr Barry J Farkas 1.0 1.0 X 0 0 0 A Michael Iatesta 1.0 X 0 0 0 Jo Surpin 1.0 1.0 X 0 0 0 Jane Scaccetti 1.0 1.0 X 0 0 0 0 470960 33834 0 false true false Salus University 8360 Old York Road ELKINS PARK PA 19027 Management services 255000 Hirtle Callaghan Co 300 Barr Harbor Drive Suite 500 Wes CONSHOHOCKEN PA 19428 Consulting 167365 2 83230 397444 480674 0 758938 758938 0 0 0 0 0 3219388 3219388 7190 83230 44079 -36889 -36889 45000 15000 30000 30000 0 0 4452111 3971437 0 124695 124695 0 0 34850 34850 0 0 0 0 0 255000 255000 0 0 0 0 167365 167365 0 0 40399 34560 5839 0 0 0 0 0 0 0 0 0 0 PROGRAM AND ACADEMIC DVLMNT 748899 748899 INSTITUTIONAL SUPPORT 45234 45234 PATIENT CARE SUPPORT 82182 82182 RESEARCH 51770 51770 54100 44481 9619 1604494 1166671 437823 0 0 0 903630 662738 997593 832603 0 0 0 0 0 0 0 0 0 0 0 0 0 31622504 35148148 0 0 0 0 0 0 0 0 33523727 36643489 10524 28568 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1128193 1266743 1138717 1295311 X 25439361 28032636 3226846 3478151 3718803 3837391 32385010 35348178 33523727 36643489 X 2847617 115551 X false true X true true true X X X X false false false SALUS UNIVERSITY 231413680 02 true true true 124695 1 124695 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 18706833 171677 2259678 574177 20564011 19295567 40244 -261107 367871 18706833 15969601 71024 3812739 557797 19295567 14690431 71125 1807200 599155 15969601 18010487 386051 -3608680 97427 14690431 0.75000 0.17000 0.08000 false false 0 DUE TO ALUMNI ASSOCIATION 91585 DUE FROM THE COLLEGE 1175158 1266743 X 3392566 -951259 -951259 4343825 167365 -59079 108286 4452111 544949 59079 59079 485870 167365 951259 1118624 1604494 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. 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 (951,259) Line 4b - Revenue Included on Form 990 but not on Line 1 Special Events Expenses (44,079) Other Gaming Expenses (15,000) -------- Total (59,079) Reconciliation of Expenses Form 990, Schedule D, Part XII Line 2d - Expenses Included on Books but not on Return Special Events Expenses 44,079 Other Gaming Expenses 15,000 -------- Total 59,079 Line 4b - Expenses Included on Form 990 but not on Line 1 Non-operating Income/Expense Re-class 951,259 TEI Fundraiser 78420 71230 7190 10983 3356 632 29108 Reunion 12000 12000 0 90420 83230 7190 10983 3356 632 29108 44079 -36889 false false 45000 15000 false 45000 15000 15000 30000 PA true false false false 1.00000 Lynne Corboy 8360 Old York Road Elkins Park PA 19027 false Lynne Corboy 0 OvBrsees special event functions X false true Scholarships 124695 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 Foundation; therefore, all funds granted are used to defray the cost of tuition and no further monitoring of the grants is required. false false false false false false false false false Dr Thomas L Lewis 0 289960 0 150000 0 17000 0 23907 0 9927 0 490794 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. How Documents are 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, governing documents and conflict of interest policy are not ordinarily made available to the public, but, if requested, will be provided at management's discretion. FORM 990, PART XI, LINE 5 Reconciliation of Net Assets AFS Difference 115,551 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 Salus false false false false false false false false false false false true true true true true false true false Salus University l 255000 FMV Salus University o 748899 FMV Salus University q 124695 FMV