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 233030893 Pennsylvania College of Optometry Foundation PENN 2157801240 8360 OLD YORK ROAD ELKINS PARK PA 19027 Donald Kates 2011-05-06 true Grant Thornton LLP 2155614200 2009 2016-02-24 21:20:13Z TOM LEWIS 8360 OLD YORK ROAD ELKINS PARK PA 19027 9085502 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 656106 802752 0 0 169975 -1291248 27214 14090 853295 -474406 62860 87413 0 0 31881 31881 0 0 0 891231 1451434 985972 1570728 -132677 -2045134 25816993 28291560 868228 930867 24948765 27360693 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 728398 87413 0 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. 728398 true true false false 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 true 0 0 0 false false false false false false false false false false 8 6 false true false false false false false true true false false true true true true true true true true false PA X PATRICK J SWEENEY 2157801240 8360 OLD YORK ROAD ELKINS PARK PA 19027 X CARL POLSKY 1.0 X 0 0 0 MARK BOAS 1.0 X 0 16250 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 701186 37371 0 717436 37371 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 143162 2 56935 745817 802752 0 586395 0 0 586395 0 0 7644865 9522508 -1877643 -1877643 -1877643 6490 56935 22110 -15620 -15620 45000 15290 29710 29710 0 0 -474406 0 0 -1277158 0 87413 87413 0 0 31881 31881 0 0 0 0 0 255000 255000 0 0 0 0 143162 143162 0 0 7802 3466 4336 0 0 0 0 0 0 0 0 0 0 INSTITUTIONAL SUPPORT 71736 71736 PATIENT CARE SUPPORT 26695 26695 INSTRUCTION 50000 50000 BANK SERVICE CHARGES 6885 6885 0 MISCELLANEOUS 890154 457207 432947 1570728 728398 842330 0 974173 784826 492407 525645 24350413 26981089 25816993 28291560 13418 9425 854810 921442 868228 930867 X 19712746 21406275 1851992 2369090 3384027 3585328 24948765 27360693 25816993 28291560 X false true true X false X X X X false false false SALUS UNIVERSITY 231413680 02 true true true 87413 1 87413 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 14690431 71125 1807200 599155 15969601 18010487 386051 -3608680 97427 14690431 0.76000 0.21000 0.03000 false false 0 DUE TO ALUMNI ASSOCIATION 79382 DUE FROM THE COLLEGE 842060 921442 -474406 1570728 -2045134 4457063 4457063 2411929 3789482 4457063 37400 4494463 -704981 143162 87413 230575 -474406 1377553 37400 37400 1340153 143162 87413 230575 1570728 Endowment Funds Form 990, Schedule D, Part V 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 22,110 Other Gaming Expenses 15,290 --------- Total Line 2d 37,400 ========= Line 4b - Revenue Included on Return but not on Books Scholarships 87,413 --------- Total Line 4b 87,413 ========= Reconciliation of Expenses Form 990, Schedule D, Part XIII Line 2d - Expenses Included on Books but not on Return Special Events Expenses 22,110 Other Gaming Expenses 15,290 --------- Total Line 2d 37,400 ========= Line 4b - Expenses Included on Return but not on Books Scholarships 87,413 --------- Total Line 4b 87,413 ========= TEI Fundraiser 48323 41833 6490 22110 Reunion 15102 15102 0 63425 56935 6490 22110 22110 -15620 45000 15290 false 45000 15290 15290 29710 PA true false false false 1.00000 Lynne Corboy false Lynne Corboy 0 Oversees special event functions X false true SCHOLARSHIPS 39 87413 SCHOLARSHIPS FORM 990, SCHEDULE I, PART I, LINE 2 The PeYnsylvania 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 279187 0 400000 0 21999 0 27459 0 9912 0 738557 0 400000 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 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, 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. SALUS UNIVERSITY 8360 OLD YORK ROAD ELKINS PARK PA 19027 231413680 EDUCATION PA 501(c)(3) 2 PENNSYLVANIA EAR INSTITUTE 8360 OLD YORK ROAD ELKINS PARK PA 19027 202888384 CLINICAL EDU PA 501(c)(3) 11 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 489087 SALUS UNIVERSITY Q 87413