2024-12-17T13:54:43-05:00 2024-06-30 232213999 HAMILTON & MUSSER PC CPAS 176 CUMBERLAND PARKWAY MECHANICSBURG PA 17055 990 2023-07-01 222686249 PENNSYLVANIA'S STATE SYSTEM OF HIGHER EDUCATION FOUNDATION PENN 7177204056 100 NOBLE BLVD STE 10 1014 CARLISLE PA 17013 SCHERER SHELLEY PRESIDENT & CEO 5/23 7177204056 2024-12-17 true true MATTHEW A WITMER CPA P01282790 7176973888 2024-12-17 2023 2024-10-15 13:58:12Z SCHERER SHELLEY 100 NOBLE BLVD STE 10 1014 CARLISLE PA 17013 3945222 false X WWW.THEPAFOUNDATION.ORG X 1985 PA TO SUPPORT THE EDUCATIONAL MISSION AND ACTIVITIES OF PENNSYLVANIA'S STATE SYSTEM OF HIGHER EDUCATION BY GENERATING PRIVATE SECTOR SUPPORT AND ENGAGING IN OTHER ACTIVITIES TO ADVANCE THE SYSTEM. 18 18 5 18 0 2162909 2897632 216000 214517 114560 448360 0 2493469 3560509 1013801 1583290 0 327016 494492 0 159033 457660 565619 1798477 2643401 694992 917108 10933847 11316664 4588188 3697259 6345659 7619405 X TO SUPPORT THE EDUCATIONAL MISSION AND ACTIVITIES OF PENNSYLVANIA'S STATE SYSTEM OF HIGHER EDUCATION BY GENERATING PRIVATE SECTOR SUPPORT AND ENGAGING IN OTHER ACTIVITIES TO ADVANCE THE SYSTEM. false false 1786398 1489953 THE PASSHE FOUNDATION SERVES AS THE FUNDRAISING ARM OF THE STATE SYSTEM OFFICE OF THE CHANCELLOR AND LEADS CONSORTIA FUNDRAISING EFFORTS ON BEHALF OF MULTI-UNIVERSITY PROJECTS AND INITIATIVES. THE FOUNDATION'S MISSION IS TO SUPPORT STUDENT SUCCESS AND UNIVERSITY EXCELLENCE. IN SUPPORT OF STUDENT SUCCESS, THE FOUNDATION SECURES FUNDS FOR AND MANAGES PROGRAMS AWARDING SCHOLARSHIPS THAT ARE NEED-BASED, INDUSTRY-FOCUSED, AND ACADEMICALLY COMPETITIVE TO STUDENTS ATTENDING THE 10 UNIVERSITIES OF PENNSYLVANIA'S STATE SYSTEM OF HIGHER EDUCATION. DURING THE 2023-24 FISCAL YEAR, THE FOUNDATION AWARDED 994 SCHOLARSHIPS TOTALING 1,461,100. THESE SCHOLARSHIPS IMPROVE ACCESS TO AND AFFORDABILITY OF HIGHER EDUCATION, ENSURING STUDENTS PERSIST THROUGH TO GRADUATION AND ATTAIN A DEGREE. ONE-THIRD OF THE STATE SYSTEM'S STUDENTS COME FROM LOW-INCOME HOUSEHOLDS. A SIMILAR PERCENTAGE ARE THE FIRST GENERATION IN THEIR FAMILIES TO GO TO COLLEGE. THE FOUNDATION'S SCHOLARSHIP PROGRAM NOT ONLY REDUCES THE COST BURDEN OF A POST-SECONDARY EDUCATION BUT ALSO REDUCES THEIR STUDENT LOAN DEBT. STATE SYSTEM STUDENTS FUEL PA'S ECONOMIC VITALITY. TEN YEARS AFTER GRADUATION, 75% OF LOW-INCOME STUDENTS HAVE MOVED TO MIDDLE-CLASS AND THUS ACHIEVED ECONOMIC MOBILITY AND 63% REMAIN WORKING IN PA. 336990 93337 214517 IN SUPPORT OF UNIVERSITY EXCELLENCE, THE FOUNDATION IDENTIFIES AND ACQUIRES RESOURCES TO SUPPORT SYSTEM-WIDE INITIATIVES AND MULTI-CAMPUS INITIATIVES. THE PASSHE FOUNDATION WORKED CLOSELY WITH STATE SYSTEM LEADERSHIP TO SECURE FUNDS TO KICK-START AN INITIATIVE TO EMBED REAL WORLD WORK EXPERIENCE INTO THE ACADEMIC CURRICULUM THROUGH A MULTI-UNIVERSITY PILOT PROGRAM WHICH WILL BE LAUNCHED THROUGHOUT THE STATE SYSTEM'S 10 UNIVERSITIES AND 14 CAMPUSES IN THE 2027-28 ACADEMIC YEAR. DURING THE 2023-24 YEAR, THE FOUNDATION SECURED SPONSORSHIPS TO PROMOTE 1)ENTREPRENEURSHIP VIA THE STATE SYSTEM'S STUDENT BUSINESS START-UP CHALLENGE AND 2)DIVERSITY, INCLUSION, AND EQUITY VIA THE STATE SYSTEM'S DEI SUMMIT. IN ADDITION, THE FOUNDATION DISBURSED FUNDS TO PREVENT DRUG AND ALCOHOL ABUSE VIA A PCCD GRANT, WORKFORCE DEVELOPMENT FOR ADULT LEARNERS IN MULTIPLE INDUSTRIES, AND WASHINGTON CENTER INTERNSHIPS FOR STUDENTS PURSUING CAREERS IN PUBLIC SERVICE. 2123388 true true false false false false false false false true true false false false true true true true false false false false false false false false false true true false false false false false false false false false false false false false false false false false false true 17 0 true 5 true false false false false false false false false false false false false false false X 18 18 false false false false false false false true true false false true true true true true true true false false SUSANNE M WALKER 7177204056 100 NOBLE BLVD STE 10 1014 CARLISLE PA 17013 KERR DAVID S CHAIR 5.00 X X 0 0 0 STECK MATTHEW J VICE CHAIR 5.00 X X 0 0 0 COOK ASHLEY SECRETARY 5.00 X X 0 0 0 D'ANGELO GAIL M TREASURER 5.00 X X 0 0 0 SKOTEDIS CRYSTAL ASSISTANT TR 5.00 X X 0 0 0 ALEXANDER MARIAN C DIRECTOR 1.00 X 0 0 0 PEREZ-BRANTLEY DAVID DIRECTOR 1.00 X 0 0 0 BRIGHT JINAKI Z DIRECTOR 1.00 X 0 0 0 FRISBY-GREENWOOD DONNA DIRECTOR 1.00 X 0 0 0 HADDOCK JOSEPH DIRECTOR 1.00 X 0 0 0 HELMER ANDREW DIRECTOR 1.00 X 0 0 0 JONES ANDREA DIRECTOR 1.00 X 0 0 0 LYNCH BLAKE DIRECTOR 1.00 X 0 0 0 MILLER LYNN DIRECTOR 1.00 X 0 0 0 TAYLOR DAVID N DIRECTOR 1.00 X 0 0 0 TOPOLESKI LINDA DIRECTOR 1.00 X 0 0 0 TROXELL WYATT DIRECTOR 1.00 X 0 0 0 VARANO MICHAEL DIRECTOR 1.00 X 0 0 0 SCHERER SHELLEY PRESIDENT & 40.00 X 95192 0 18252 95192 18252 false false false 3727 228626 2665279 18700 2897632 PASSHE SPC 214517 214517 214517 144259 144259 688814 384713 304101 304101 304101 3560509 662877 1139284 1139284 444006 444006 179486 125548 24137 29801 248026 173490 33355 41181 11019 7708 1482 1829 24512 17146 3296 4070 31449 21998 4229 5222 9414 5493 1345 2576 24275 14166 3467 6642 30000 17507 4284 8209 208422 121628 29764 57030 56499 20491 36008 17675 14861 2814 11459 62 11397 2621 2621 5339 5339 LOSS -BLDG HELD FOR SALE 193785 193785 DUES & SUBSCRIPTIONS 6130 3657 2473 2643401 2123388 360980 159033 5242764 4679749 168784 537102 38500 36000 2595 350000 528595 350000 4955204 5711218 10933847 11316664 116062 102361 4472126 3594898 4588188 3697259 X 4188128 4603427 2157531 3015978 6345659 7619405 10933847 11316664 X 917108 356638 X false true X true false X 1454419 908831 1271067 2162909 2897632 8694858 1454419 908831 1271067 2162909 2897632 8694858 1597701 7097157 84215 74646 98099 117233 144259 518452 9213310 1098995 0.77030 0.69000 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1492887 3050 74770 14007 20950 1535750 1448913 4500 72459 13985 19000 1492887 1396643 10 70523 18263 1448913 1381205 5260 69606 43574 15854 1396643 1358070 11810 55430 44105 1381205 0.74420 0.25580 false false 350000 350000 350000 UNEARNED REVENUE 3594898 3594898 X 3729647 356638 36285 -193785 199138 3530509 30000 30000 3560509 2455901 36285 -193785 -157500 2613401 30000 30000 2643401 SCHEDULE D, PAGE 2, PART V, LINE 4 THE FOUNDATION'S ENDOWMENT CONSISTS OF 11 INDIVIDUAL FUNDS ESTABLISHED TO PROVIDE SCHOLARSHIPS FOR STUDENTS ATTENDING CERTAIN OF THE 10 UNIVERSITIES OF PENNSYLVANIA'S STATE SYSTEM OF HIGHER EDUCATION. SCHEDULE D, PAGE 3, PART X ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT TO EVALUATE TAX POSTIONS TAKEN BY THE FOUNDATION. MANAGEMENT EVALUATED THE TAX POSITIONS TAKEN AND CONCLUDED THAT THE FOUNDATION HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. NO PROVISION OR BENEFIT FOR INCOME TAXES HAS BEEN INCLUDED IN THESE FINANCIAL STATEMENTS. WITH FEW EXCEPTIONS, THE FOUNDATION IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL STATE OR LOCAL TAX AUTHORITIES FOR YEARS BEFORE JUNE 30, 2021. SCHEDULE D, PAGE 4, PART XI, LINE 2D LOSS ON BLDG HELD FOR SALE -193,785 SCHEDULE D, PAGE 4, PART XII, LINE 2D LOSS ON BLDG HELD FOR SALE -193,785 true SHIPPENSBURG UNIVERSITY 1871 OLD MAIN DRIVE SHIPPENSBURG PA 17257 542101819 10000 WBL GRANT SLIPPERY ROCK UNIVERSITY 1 MORROW WAY SLIPPERY ROCK PA 16057 251513539 10000 WBL GRANT EAST STROUDSBURG UNIVERSITY 200 PROSPECT STREET EAST STROUDSBURG PA 18301 232504462 10000 WBL GRANT COMMONWEALTH UNIVERSITY 400 E SECOND STREET BLOOMSBURG PA 17815 232738930 10000 WBL GRANT 1 STUDENT BUSINESS PLAN CMP 3 10531 5000 STUDIO SHELLER SCHOLARSHIP 2 875 M&T SCHOLARSHIP 37 19000 EDITH DAVIS EVE SCHOLRSHP 27 27000 INTERNAT'L EDUC SCHOLARSH 7 14000 PSECU CREDIT UNION INDUST 20 20000 HIGHMARK UNDERGRAD SCHL 218 218000 MINNIE PATTON STAYMAN 21 21000 WELLS FARGO SCHOLARSHIP 19 14500 HERSHEY ENT & RESORTS 12 12000 AT&T STEM SCHOLARSHIP 7 7000 GEISINGER 4 4000 SUPPORTING STUDENT SUCCES 29 29000 THE GIANT COMPANY 20 20000 MISC SCHOLARSHIPS 20 22100 FORM 990, PAGE 2, PART III, LINE 4A THE PASSHE FOUNDATION SERVES AS THE FUNDRAISING ARM OF THE STATE SYSTEM OFFICE OF THE CHANCELLOR AND LEADS CONSORTIA FUNDRAISING EFFORTS ON BEHALF OF MULTI-UNIVERSITY PROJECTS AND INITIATIVES. THE FOUNDATION'S MISSION IS TO SUPPORT STUDENT SUCCESS AND UNIVERSITY EXCELLENCE. IN SUPPORT OF STUDENT SUCCESS, THE FOUNDATION SECURES FUNDS FOR AND MANAGES PROGRAMS AWARDING SCHOLARSHIPS THAT ARE NEED-BASED, INDUSTRY-FOCUSED, AND ACADEMICALLY COMPETITIVE TO STUDENTS ATTENDING THE 10 UNIVERSITIES OF PENNSYLVANIA'S STATE SYSTEM OF HIGHER EDUCATION. DURING THE 2023-24 FISCAL YEAR, THE FOUNDATION AWARDED 994 SCHOLARSHIPS TOTALING 1,461,100. THESE SCHOLARSHIPS IMPROVE ACCESS TO AND AFFORDABILITY OF HIGHER EDUCATION, ENSURING STUDENTS PERSIST THROUGH TO GRADUATION AND ATTAIN A DEGREE. ONE-THIRD OF THE STATE SYSTEM'S STUDENTS COME FROM LOW-INCOME HOUSEHOLDS. A SIMILAR PERCENTAGE ARE THE FIRST GENERATION IN THEIR FAMILIES TO GO TO COLLEGE. THE FOUNDATION'S SCHOLARSHIP PROGRAM NOT ONLY REDUCES THE COST BURDEN OF A POST-SECONDARY EDUCATION BUT ALSO REDUCES THEIR STUDENT LOAN DEBT. STATE SYSTEM STUDENTS FUEL PA'S ECONOMIC VITALITY. TEN YEARS AFTER GRADUATION, 75% OF LOW-INCOME STUDENTS HAVE MOVED TO MIDDLE-CLASS AND THUS ACHIEVED ECONOMIC MOBILITY AND 63% REMAIN WORKING IN PA. FORM 990, PAGE 2, PART III, LINE 4B IN SUPPORT OF UNIVERSITY EXCELLENCE, THE FOUNDATION IDENTIFIES AND ACQUIRES RESOURCES TO SUPPORT SYSTEM-WIDE INITIATIVES AND MULTI-CAMPUS INITIATIVES. THE PASSHE FOUNDATION WORKED CLOSELY WITH STATE SYSTEM LEADERSHIP TO SECURE FUNDS TO KICK-START AN INITIATIVE TO EMBED REAL WORLD WORK EXPERIENCE INTO THE ACADEMIC CURRICULUM THROUGH A MULTI-UNIVERSITY PILOT PROGRAM WHICH WILL BE LAUNCHED THROUGHOUT THE STATE SYSTEM'S 10 UNIVERSITIES AND 14 CAMPUSES IN THE 2027-28 ACADEMIC YEAR. DURING THE 2023-24 YEAR, THE FOUNDATION SECURED SPONSORSHIPS TO PROMOTE 1)ENTREPRENEURSHIP VIA THE STATE SYSTEM'S STUDENT BUSINESS START-UP CHALLENGE AND 2)DIVERSITY, INCLUSION, AND EQUITY VIA THE STATE SYSTEM'S DEI SUMMIT. IN ADDITION, THE FOUNDATION DISBURSED FUNDS TO PREVENT DRUG AND ALCOHOL ABUSE VIA A PCCD GRANT, WORKFORCE DEVELOPMENT FOR ADULT LEARNERS IN MULTIPLE INDUSTRIES, AND WASHINGTON CENTER INTERNSHIPS FOR STUDENTS PURSUING CAREERS IN PUBLIC SERVICE. FORM 990, PAGE 6, PART VI, LINE 11B THE BOARD MEMBERS ALL RECEIVE A NOTIFICATION THAT A DRAFT COPY OF THE 990 FORM IS AVAILABLE FOR REVIEW FOR A 30 DAY PERIOD AT THE FOUNDATION'S OFFICE. IN ADDITION, ANY BOARD MEMBER MAY REQUEST THAT A COPY OF THE DRAFT 990 BE MAILED OR EMAILED TO THEM FOR THEIR REVIEW. AFTER THE 30 DAY REVIEW PERIOD, THE FOUNDATION WILL MAKE ANY NECESSARY CHANGES OR EDITS TO THE 990 FORM AND FILE IT BEFORE THE DUE DATE. FORM 990, PAGE 6, PART VI, LINE 12C BOARD MEMBERS ARE CURRENTLY REQUIRED TO COMPLETE A CONFLICT OF INTEREST FORM ANNUALLY, AND TO INFORM THE FOUNDATION IF AN INTEREST THAT COULD CAUSE A CONFLICT SUBSEQUENTLY OCCURS. IF A CONFLICT IS IDENTIFIED, THE CEO CONFERS WITH THE EXECUTIVE COMMITTEE TO ATTEMPT TO RESOLVE THE CONFLICT. THE BOARD HAS BEEN CONSIDERING THE IMPLEMENTATION OF ANY ANNUAL CONFLICT OF INTEREST DECLARATION. FORM 990, PAGE 6, PART VI, LINE 15A THE FOUNDATION EXECUTIVE COMMITTEE REVIEWS COMPARABLE SALARIES FOR OTHER SIMLAR PA STATE UNIVERSITY FOUNDATIONS WHEN DETERMINING THE COMPENSATION FOR THE FOUNDATION'S PRESIDENT/CEO. HOWEVER, THE FINAL COMPENSATION DETERMINATION HAS NOT BEEN CONTEMPORANEOUSLY DOCUMENTED IN THE BOARD MINUTES TO DATE. FORM 990, PAGE 6, PART VI, LINE 19 ALL DOCUMENTS THAT MUST BE MADE AVAILABLE TO THE GENERAL PUBLIC ARE MADE AVAILABLE UPON WRITTEN REQUEST. OTHER GOVERNING DOCUMENTS ARE GENERALLY NOT MADE AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9 LOSS ON BLDG HELD FOR SALE -193,785 LOSS ON BLDG HELD FOR SALE 193,785