2012-04-24T15:28:22-04:00 2011-06-30 GRANT THORNTON LLP 2001 MARKET STREET SUITE 3100 PHILADELPHIA PA 19103 990 2010-07-01 233030893 Pennsylvania College of Optometry Foundation PENN 2157801240 8360 OLD YORK ROAD ELKINS PARK PA 19027 Donald Kates 2157801240 2012-04-24 true 2155614200 2010 2016-02-24 21:20:13Z TOM LEWIS 8360 OLD YORK ROAD ELKINS PARK PA 19027 8675901 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 0 0 0 802752 1330568 0 0 -1291248 1809100 14090 8717 -474406 3148385 87413 56240 0 0 31881 32850 0 0 0 1451434 1605065 1570728 1694155 -2045134 1454230 28291560 34121886 930867 510475 27360693 33611411 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 813347 56240 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. 813347 true true 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 false false false true 0 0 0 false false false false false false false false false false X 8 6 false true false false false false false true true false false true true true true true true true true false X DONALD KATES 2157801240 8360 OLD YORK ROAD ELKINS PARK PA 19027 X X CARL POLSKY 1.0 X 0 0 0 MARK BOAS 1.0 X 0 15100 0 WILLIAM COLLINS 1.0 X 0 0 0 BARRY FARKAS 1.0 X 0 0 0 A MICHAEL IATESTA 1.0 X 0 0 0 JO SURPIN 1.0 X 0 0 0 Jane Scaccetti 1.0 X 0 0 0 Thomas Lewis 10.0 X X 0 332026 36684 0 347126 36684 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 156030 2 57475 1273093 220 1330568 0 638211 0 0 638211 0 0 6655297 5484408 1170889 1170889 1170889 6825 57475 27615 -20790 -20790 45000 15493 29507 29507 0 0 3148385 0 0 1817817 0 56240 56240 0 0 32850 32850 0 0 0 0 0 255000 255000 0 0 0 0 156030 156030 0 0 15385 15385 0 0 0 0 0 0 0 0 0 0 THE EYE INSTITUTE RENOVATION 608581 342402 266179 SALUS UNIV NEW PROGRAM DEVEL 331514 186518 144996 MINORITY RECRUITMENT PROGRAM 119182 67055 52127 INSTRUCTION 50500 50500 INSTITUTIONAL SUPPORT 47881 47881 20992 14516 6476 1694155 813347 880808 0 784826 600606 525645 1012467 26981089 32508813 28291560 34121886 9425 12008 921442 498467 930867 510475 X 21406275 26493090 2369090 3445891 3585328 3672430 27360693 33611411 28291560 34121886 X 1454230 4796488 X false true true X true true X X X X false false false SALUS UNIVERSITY 231413680 02 true true true 56240 1 56240 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 15969601 71024 3812739 557797 19295567 14690431 71125 1807200 599155 15969601 18010487 386051 -3608680 97427 14690431 0.75000 0.18000 0.07000 false false 0 DUE TO ALUMNI ASSOCIATION 91942 DUE FROM THE COLLEGE 406525 498467 3148385 1694155 1454230 4796488 4796488 6250718 7775711 4796488 43108 4839596 2936115 156030 56240 212270 3148385 1524993 43108 43108 1481885 156030 56240 212270 1694155 Endowment Funds Form 990, Schedule D, Part V 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 XII Line 2d - Revenue Included on Books but not on Return Special Events Expenses 27,615 Other Gaming Expenses 15,493 --------- Total Line 2d 43,108 ========= Line 4b - Revenue Included on Return but not on Books Scholarships 56,240 --------- Total Line 4b 56,240 ========= Reconciliation of Expenses Form 990, Schedule D, Part XIII Line 2d - Expenses Included on Books but not on Return Special Events Expenses 27,615 Other Gaming Expenses 15,493 --------- Total Line 2d 43,108 ========= Line 4b - Expenses Included on Return but not on Books Scholarships 56,240 --------- Total Line 4b 56,240 ========= TEI Fundraiser 53081 46256 6825 25389 Reunion 11219 11219 2226 0 64300 57475 6825 27615 27615 -20790 45000 15493 false 45000 15493 15493 29507 PA true false false false 1.00000 Lynne Corboy false Lynne Corboy 0 Oversees special event functions X false true SCHOLARSHIPS 54 56240 SCHOLARSHIPS FORM 990, 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 Thomas Lewis 0 310026 0 0 0 22000 0 26950 0 9734 0 368710 0 0 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. FORM 990, PART VI, LINE 3 The Foundation has delegated the management responsibilities over its 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, PART VI, LINE 11 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. FORM 990, PART VI, LINE 12 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. FORM 990, PART VI, LINES 13 & 14 The Foundation operates under the whistleblower and document retention policies of its related organization, Salus University. FORM 990, PART VI, LINE 15 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. 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 Unrealized gains on investments 4,796,488 HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:CARL POLSKY TITLE:TREASURER HOURS:2 HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:MARK BOAS TITLE:DIRECTOR HOURS:2 HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:WILLIAM COLLINS TITLE:Vice President HOURS:2 HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:BARRY FARKAS TITLE:DIRECTOR HOURS:1 HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:A MICHAEL IATESTA TITLE:SECRETARY HOURS: HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:JO SURPIN TITLE:Chairman HOURS:2 HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Jane Scaccetti TITLE:director HOURS:1 HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Thomas Lewis TITLE:President HOURS:25 SALUS UNIVERSITY 8360 OLD YORK ROAD ELKINS PARK PA 19027 231413680 EDUCATION PA 501(c)(3) 2 NA 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 true true true true true false true false SALUS UNIVERSITY L 255000 SALUS UNIVERSITY O 545027 SALUS UNIVERSITY Q 56240