2011-05-13T09:13:44-05:00 2010-06-30 GRANT THORNTON LLP 2001 MARKET STREET SUITE 3100 PHILADELPHIA PA 19103 990 2009-07-01 231413680 SALUS UNIVERSITY SALU 2157801400 8360 OLD YORK ROAD ELKINS PARK PA 19027 DONALD KATES 2157801400 2011-05-06 true Grant Thornton LLP 2155614200 2009 2016-02-24 21:20:13Z DR THOMAS LEWIS PRESIDENT 8360 OLD YORK RD ELKINS PARK PA 19027 34612433 false X WWW.SALUS.EDU X 1919 PA TO EDUCATE HEALTH CARE PROFESSIONALS AND EDUCATORS, CONDUCT RESEARCH AND PROVIDE PATIENT CARE AND REHABILITATIVE SERVICES THAT ADVANCE THE WELFARE OF THE PUBLIC WORLDWIDE. 21 20 638 0 0 0 3910205 3418521 27012124 27524147 56466 461613 1812057 1657378 32790852 33061659 828310 825374 0 0 20468642 21801725 28754 31768 392956 11907129 10034998 33232835 32693865 -441983 367794 79695079 82944943 41960695 42602015 37734384 40342928 THE MISSION OF SALUS UNIVERSITY IS TO EDUCATE HEALTH CARE PROFESSIONALS AND EDUCATORS, CONDUCT RESEARCH AND PROVIDE PATIENT CARE AND REHABILITATIVE SERVICES THAT ADVANCE THE WELFARE OF THE PUBLIC WORLDWIDE. false false 15930379 825374 21773732 SALUS UNIVERSITY is a four year post graduate educational institution. The UNIVERSITY programs lead to doctoral degrees in Optometry and Audiology and Masters degrees in Medical Science, Low Vision Rehabilitation and others. The UNIVERSITY enrolls approximately 800 students. During the year over 210 students earned degrees. 4994658 0 2888734 THE UNIVERSITY OPERATES two CLINICAL TEACHING FACILITies FOR THE VARIOUS PROGRAMS. APPROXIMATELY 300 STUDENTS ARE TRAINED ANNUALLY. THE CLINICS PROVIDE EYECARE and ear care to approximately 45,000 PATIENTS A YEAR. 2861681 0 2861681 The UNIVERSITY receives federal, state and private grants to support basic research, clinical research, specialized training and student financial aid. These amounts are expended pursuant to the grant agreement. 23786718 true true false true false false false false true true false true true false true false false true false false false false true true true true false false false false false false false false false false false false false false true true false false true 188 0 true 638 true false false false false false false false false false 21 20 false false false false false false false true true false false true true true true true true true true false X DONALD KATES VP FOR FINANCE 2157801240 8360 OLD YORK RD ELKINS PARK PA 19027 Thomas Lewis 35.0 X X 701186 0 37371 Jo Surpin 1.0 X 0 0 0 Dan Abramowicz 1.0 X 0 0 0 Barry J Farkas 1.0 X 0 0 0 Carl A Polsky 1.0 X 0 0 0 I William Collins 1.0 X 0 0 0 Mark Boas 1.0 X 16250 0 0 Andrew Buzzelli 35.0 X 103142 0 19333 Craig Cassey 1.0 X 0 0 0 Robert Cole 1.0 X 0 0 0 Richard DePiano 1.0 X 0 0 0 Christopher Dezzi 1.0 X 0 0 0 David Dozack 1.0 X 0 0 0 Shirley Gregory 1.0 X 0 0 0 Keith D Ignotz 1.0 X 0 0 0 Leslie Littman 1.0 X 0 0 0 Joseph Marshall III 1.0 X 0 0 0 Ian McWherter 1.0 X 0 0 0 Mindy Posoff 1.0 X 0 0 0 Elois G Rogers-Phillips 1.0 X 0 0 0 Jane Scaccetti 1.0 X 0 0 0 Harvey Wolbransky 1.0 X 0 0 0 Donald Kates 35.0 X 132920 0 24949 Anthony DiStefano 35.0 X 216772 0 31880 Susan Oleszewski 35.0 X 165758 0 23159 Linda Casser 35.0 X 182421 0 21614 LARRY MCCLURE 35.0 X 143233 0 23915 PIERRETTE DAYHAW-BARKER 35.0 X 160069 0 18836 LORRAINE LOMBARDI 35.0 X 163902 0 19530 AUDREY SMITH 35.0 X 164997 0 20813 2150650 0 241400 24 false true false JAMES J CLEARKIN INC 110 FRANKLIN AVENUE CHELTENHAM PA 19012 CONSTRUCTION 1044469 Edward B O'Reilly Associates 30 W Highland Avenue PHILADELPHIA PA 19118 HVAC 154257 FOX ROTHSCHILD LLP 2000 MARKET STREET 10TH FLOOR PHILADELPHIA PA 19103 ATTORNEY 116900 3 3394668 23853 3418521 TUITION 900099 24597531 24597531 PATIENT CARE - NET 900099 2888734 2888734 EDUCATION SALES AND SERVICES 900099 37882 37882 27524147 461613 0 461613 0 0 1525037 1079639 445398 445398 445398 0 0 0 1025743 471135 554608 554608 MANAGEMENT FEE - FOUNDATION 900099 255000 255000 HAFTER CENTER FEES 900099 130475 130475 BOOKSTORE COMMISSION 900099 18647 18647 253250 253250 657372 33061659 27654622 0 1988516 0 825374 825374 0 0 1118801 1118801 0 15335554 13100426 2119939 115189 1255417 981560 264264 9593 2961931 2315815 623482 22634 1130022 883730 237925 8367 0 65639 9572 56067 55660 55660 0 31768 31768 0 1122084 543401 577423 1260 0 683205 511284 164924 6997 193116 32270 160813 33 0 870534 870534 404487 376557 23077 4853 0 56958 54455 1945 558 0 0 1414410 1414410 406642 288242 118400 GRANT EXPENSES 2861681 2861681 EQUIPMENT RENTAL AND MAINTENAN 860181 373270 479132 7779 PRINTING AND PUBLICATIONS 533933 370991 89368 73574 MATERIALS COSTS 186283 186283 DEBT SERVICE 109536 109536 210649 71807 28491 110351 32693865 23786718 8514191 392956 10334883 12334425 2444542 3346733 15786125 14061017 225104 258055 109598 64444 47436647 23436352 23759557 24000295 24948765 27360693 2086505 1519281 79695079 82944943 2417874 2273885 5842993 6021936 11395000 10725000 22304828 23581194 41960695 42602015 X 32563696 34429984 1666284 2201407 3504404 3711537 37734384 40342928 79695079 82944943 X false true true X true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 20680 20680 32585185 32605865 1000000 250000 1000000 1000000 1000000 1000000 4000000 6000000 60800 58560 22560 20680 162600 250000 250000 250000 250000 1000000 1500000 14690431 71125 1807200 599155 15969601 18010487 386051 -3608680 97427 14690431 0.76000 0.21000 0.03000 false true true 2139778 2139778 29653058 12269703 17383355 13800598 11166649 2633949 1843213 1843213 24000295 0 0 GOVERNMENT ADVANCES 13886948 POST RETIREMENT BENEFITS 8127000 MISCELLANEOUS 1567246 23581194 33061659 32693865 367794 2346543 2346543 2714337 36647975 4411690 4411690 32236285 825374 825374 33061659 33933638 2065147 2065147 31868491 825374 825374 32693865 Endowment Funds Form 990, Schedule D, Part V The endowment funds are held by Pennsylvania College of Optometry Foundation, a related tax-exempt organization. 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. 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 derecognized based on a "more likely than not" threshhold. This applies to positions taken or expected to be taken in a tax return. The University does not believe its consolidated financial statements include uncertain tax positions. Reconciliation of Net Assets Form 990, Schedule D, Part XI, Line 8 Income from Foundation 2,411,929 AU Clinic - PEI Net Loss (65,386) --------- Total Line 2d 2,346,543 ========= Reconciliation of Revenue Form 990, Schedule D, Part XII Line 2d - Revenue Included on Books but not on Return Rent Expense 1,079,639 Cost of Goods Sold 471,135 AU Clinic - PEI Income 448,987 Income from Foundation 2,411,929 --------- Total Line 2d 4,411,690 ========= Line 4b - Revenue Included on Return but not on Books Scholarships 825,374 --------- Total Line 4b 825,374 ========= Reconciliation of Expenses Form 990, Schedule D, Part XIII Line 2d - Expenses Included on Books but not on Return Rent Expense 1,079,639 Cost of Goods Sold 471,135 AU Clinic - PEI Expenses 514,373 --------- Total Line 2d 2,065,147 ========= Line 4b - Expenses Included on Return but not on Books Scholarships 825,374 --------- Total Line 4b 825,374 ========= true true true THE UNIVERSITY HAS A WRITTEN POLICY ESTABLISHING ITS NON-DISCRIMINATION POLICY. IT IS PUBLISHED IN THE STUDENT HANDBOOK AND ON THE APPLICATIO FOR ADMISSIONS. true true true true false false false false false false false false true false THE UNIVERSITY RECEIVES FUNDING FROM GOVERNMENTAL AGENCIES FOR STUDENT TUITION ASSISTANCE IN ACCORDANCE WITH PROGRAMS SUCH AS SDS- SCHOLARSHIPS FOR DISADVANTAGED STUDENTS. true East Asia and the Pacific 0 1 Program Services teaching 92793 Europe (Including Iceland and Greenland) 0 0 Program Services teaching 438778 Middle East and North Africa 0 0 Program Services teaching 91191 0 1 622762 Schedule F, Part I, Line 2 Salus 4th year students spend time in clinical "externships" learning the practice of optometry. One site is located in Singapore. A faculty member, who spends part of the year residing in Singapore, is assigned to supervise the activity. Salus has no facilities (owned or leased) in Singapore. X true RUFFALO CODY solicitor false 75858 31768 44090 75858 31768 44090 PA 8360 Old York Road Elkins Park PA 19027 true SCHOLARSHIPS 164 825374 GRANTS AND ASSISTANCE IN THE UNITED STATES FORM 990, SCHEDULE I, PART I, LINE 2 The University provides scholarships to students matriculating at the University; therefore, all funds granted are used to defray the cost of tuition and no further monitoring of the grants is required. X true true X X X false true false false false false false false false Thomas Lewis 279187 0 400000 0 21999 0 27459 0 9912 0 738557 0 400000 0 Donald Kates 130970 0 0 0 1950 0 15037 0 9912 0 157869 0 0 0 Anthony DiStefano 201865 0 0 0 14907 0 21968 0 9912 0 248652 0 0 0 Susan Oleszewski 149390 0 0 0 16368 0 17147 0 6012 0 188917 0 0 0 Linda Casser 176231 0 0 0 6190 0 15302 0 6012 0 203735 0 0 0 LARRY MCCLURE 124113 0 0 0 19120 0 14003 0 9912 0 167148 0 0 0 PIERRETTE DAYHAW-BARKER 150469 0 0 0 9600 0 12824 0 6012 0 178905 0 0 0 LORRAINE LOMBARDI 147402 0 0 0 16500 0 13518 0 6012 0 183432 0 0 0 AUDREY SMITH 142997 0 0 0 22000 0 14801 0 6012 0 185810 0 0 0 Compensation Information Form 990, Schedule J, Part I Line 1 - The University pays for the President's country club fees. This fringe benefit is taxable to the President and properly substantiated. Line 4b - The President's employment agreement includes certain deferred compensation to be payable upon his retirement. During calendar year 2009, revisions to Section 409A of the IRS Code resulted in certain of that compensation becoming taxable to the President in 2009, even though it was not received by him. The Board of Trustees' compensation committee decided that it would be preferable to make the deferred payment during 2009 since the tax was due, to match the payment with the tax due. Salus University - Series 2007 231413680 70917PHG7 2007-06-28 12500000 Renovation of Optometry Clinic true true 12500000 0 0 4022738 0 0 1152289 2011 true false false true false false true false true 0.01600 0.00000 0.01600 true false true false false true false FORM 990, PART VI, LINE 11 The University'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 electronic filing with the Internal Revenue Service. FORM 990, PART VI, LINE 12 Each officer, director, trustee and key employee of the University is required to annually disclose any conflicts of interest that arise by virtue of their employment, board service, or position with the University. The University 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, LINE 15 The President is the organization's top management official. The President's compensation is determined by the executive committee of the board. In determining compensation, the Board relies upon comparability data of institutions similarly situated to Salus University. The deliberations to determine the President's Compensation are documented in the Board Committee's minutes. Compensation paid to other officers or key employees of the organization is determined by the President of the University in consultation with the Director of Human Resources. When necessary, they will utilize independent comparability data to benchmark a reasonable salary for these individuals. 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. Bond Issues Schedule K The University qualified for a three-year temporary period for the construction project that was a part of this issue. Due to unanticipated circumstances beyond the University's control impacting construction, including the economic downturn in 2008 and 2009, and certain subsurface issue on the property, the project is not scheduled to be completed until 11/2011. The University caused the unspent bond proceeds to be yield restricted upon the expiration of the three-year temporary period. PA College of Optometry Foundation 8360 old york road elkins park PA 19027 233030893 fundraising PA 501(c)(3) 11 na Pennsylvania Ear Institute 8360 old york road elkins park PA 19027 202888384 healthcare PA 501(c)(3) 11 na false false false false false false false false true false true true true true true false false true PENNSYLVANIA COLLEGE OF OPTOMETRY FOUNDATION K 255000 PENNSYLVANIA COLLEGE OF OPTOMETRY FOUNDATION P 489087 PENNSYLVANIA COLLEGE OF OPTOMETRY FOUNDATION R 87413 PENNSYLVANIA EAR INSTITUTE O 514343