2025-01-31T16:39:56-06:00 2024-06-30 251031723 H2R CPA 875 GREENTREE RD BLDG 7 STE 1000 PITTSBURGH PA 15220 990 2023-07-01 251256915 CLARION UNIVERSITY FOUNDATION INC CLAR 8143931610 840 WOOD STREET CLARION PA 16214 MAX R SMITH EXECUTIVE DIRECTOR 8143931610 2025-01-23 1 0 EDWARD G SCHERER P00953415 4123912920 2025-01-23 2023 2025-03-06 01:10:19Z MAX R SMITH 840 WOOD STREET CLARION PA 16214 6086634 0 X PENNWEST.EDU/CAMPUSES/CLARION/FOUNDATION/INDEX.PH X 1933 PA TO PROVIDE FINANCIAL AND OTHER SUPPORT DEEMED NECESSARY AND APPROPRIATE TO STRENGTHEN THE WELL BEING OF PENNWEST CLARION AND THE TOTAL PENNWEST CLARION COMMUNITY. 14 14 6 83 0 0 2075044 1680284 3823027 4004016 90688 287777 20251 3038 6009010 5975115 1461256 1386225 0 0 412871 452878 0 0 140212 4452304 4638314 6326431 6477417 -317421 -502302 153644479 155028911 91647138 89294611 61997341 65734300 TO PROVIDE FINANCIAL AND OTHER SUPPORT DEEMED NECESSARY AND APPROPRIATE TO STRENGTHEN THE WELL BEING OF PENNSYLVANIA WESTERN UNIVERSITY - CLARION (PENNWEST CLARION) AND THE TOTAL PENNWEST CLARION COMMUNITY. 0 0 3677295 3489229 STUDENT HOUSING:PROGRAMS OF THE FOUNDATION INCLUDE REINHARD VILLAGES, THE STUDENT HOUSING PROJECT AT PENNWEST CLARION ON-CAMPUS RESIDENCE HALLS SUITES - PHASE I AND THE STUDENT HOUSING PROJECT AT PENNWEST CLARION ON-CAMPUS RESIDENCE HALLS SUITES - PHASE II. THESE PROGRAMS INCLUDE RESIDENTIAL BUILDINGS ON THE UNIVERSITY CAMPUS AND PROVIDE LIVING QUARTERS FOR STUDENTS OF THE UNIVERSITY. 639276 174787 FOUNDATION SUPPORTED ACTIVITIES AND PROGRAMS - APPROXIMATELY 100 DIFFERENT PROGRAMS. 1386225 1386225 340000 26 GRANTS FOR SPECIAL PROJECTS BENEFITING STUDENTS, ALUMNI, PERSONNEL, AND THE COLLEGE COMMUNITY.1,976 SCHOLARSHIPS AND AWARDS BENEFITING 646 STUDENTS. 5702796 1 1 0 0 0 0 0 1 0 1 1 0 0 1 1 0 1 0 0 0 0 0 0 0 1 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 30 0 1 6 1 0 0 0 0 0 1 1 0 0 0 0 X 14 14 1 0 0 0 0 1 0 1 1 0 1 0 1 1 1 1 1 1 1 1 0 PA AK CA CO FL KY ME MD MA MI MN NH NJ NY OH OR WI SC UT WA X MAX R SMITH 8143931610 840 WOOD STREET CLARION PA 16214 X ARCHIE PALMORE BOARD MEMBER (THRU JUNE 24) 2.00 X 0 0 0 BRUCE SUKALY TREASURER (THRU JUNE 24) 2.00 X X 0 0 0 CARL D MCMANAMY BOARD MEMBER (THRU JUNE 24) 2.00 X 0 0 0 CAROL TRUSCOTT SECRETARY 2.00 X X 0 0 0 CHRIS ALLISON BOARD MEMBER 2.00 X 0 0 0 GARY CARDAMONE BOARD MEMBER (AS OF JAN 24) 2.00 X 0 0 0 JANE FRANCE PRESIDENT 2.00 X X 0 0 0 JEREMY YOUNG BOARD MEMBER (AS OF JUNE 24) 2.00 X 0 0 0 KEITH KOCHERT BOARD MEMBER (AS OF JUNE 24) 2.00 X 0 0 0 LINDSAY CIGOLE BOARD MEMBER (AS OF JUNE 24) 2.00 X 0 0 0 MAJ GEN PETER J TALLERI BOARD MEMBER 2.00 X 0 0 0 MARK R DEMICH PRESIDENT-ELECT 2.00 X X 0 0 0 PATRICE FLACK BOARD MEMBER (AS OF JUNE 24) 2.00 X 0 0 0 PAUL PALMER BOARD MEMBER 2.00 X 0 0 0 SCOTT BURNS VICE PRESIDENT 2.00 X X 0 0 0 THERESA EDDER BOARD MEMBER (AS OF JAN 24) 2.00 X 0 0 0 TOM BOWMAN BOARD MEMBER/TREASURER (AS OF JAN 24) 2.00 X X 0 0 0 JOHN ZACHERL CONTROLLER/EX-OFFICIO (AS OF JUL 23) 45.00 X 35962 0 946 MAX SMITH EXECUTIVE DIRECTOR/EX-OFFICIO 50.00 X 116961 0 22673 152923 0 23619 1 0 0 0 0 20170 1660114 1680284 STUDENT HOUSING 532000 3489229 3489229 FUNDRAISING SERVICES 722511 340000 340000 PROJECT INCOME 900099 171807 171807 COMMISSIONS 812300 2980 2980 4004016 65627 65627 115897 190318 84065 0 31832 190318 222150 222150 30492 20170 27454 3038 3038 5975115 4004016 0 290815 1386225 1386225 207231 207231 163675 9790 153885 9066 9066 46314 46314 26592 26592 290 290 38986 38986 92547 92547 9842 9842 425960 425960 18879 17000 1879 457 457 3102151 3102151 188559 184541 2009 2009 18026 18026 SUPPLIES 454532 445987 8545 MAINTENANCE CONTRACTS 138203 138203 PROJECT EXPENSES 82855 82855 OTHER 67027 48287 18740 6477417 5702796 634409 140212 1140720 1310513 3913503 5395379 419473 129424 83771832 80916002 63729 72378 7017885 1842789 6784116 5175096 47670732 51336241 9880374 10693878 153644479 155028911 3082278 3823124 17160 30197 44390000 42545000 42355947 41149299 1801753 1746991 91647138 89294611 X 17140952 16328338 44856389 49405962 61997341 65734300 153644479 155028911 X -502302 6253171 -2013910 X X 0 1 X 1 0 X 2298794 2014725 2738605 2075044 1680284 10807452 2298794 2014725 2738605 2075044 1680284 10807452 1886293 8921159 1327898 66219 75697 76209 65627 1611650 12419102 26216617 0.71830 0.69310 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 215331 X 0 43730584 1067577 5301088 1260869 406355 347004 48085021 40626234 1027254 4050051 875275 707144 390536 43730584 46256529 1182495 -5115483 817142 489629 390536 40626234 35763608 2441942 9657191 746847 510265 349100 46256529 35156082 2240241 630442 701282 1233246 328629 35763608 0.00000 1.00000 0.00000 0 0 2974050 2974050 3458326 1480920 1977406 370178 361869 8309 215331 215331 5175096 FUNDS HELD BY TRUSTEE 10399735 ASSETS HELD AT CHARITABLE REMAINDER 294143 10693878 ANNUITIES PAYABLE 1562957 LIABILITIES UNDER UNITRUST AGREEMENT 184034 1746991 X 11171577 6253171 -740924 5512247 5659330 92547 223238 315785 5975115 7434618 1624894 1624894 5809724 92547 575146 667693 6477417 PART III, LINE 4: MAINTAINS VARIOUS COLLECTIONS AND PIECES; HELD AT VARIOUS LOCATIONS THROUGHOUT THE CAMPUS AND IN THE UNIVERSITY'S ART GALLERY; ON DISPLAY TO THE PUBLIC. PART V, LINE 4: THE FOUNDATION ENDOWMENT CONSISTS OF 391 DONOR-RESTRICTED INDIVIDUAL FUNDS ESTABLISHED PRIMARILY FOR SCHOLARSHIPS AND UNIVERSITY PROJECTS AND PROGRAMS. AS REQUIRED BY ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. THE FOUNDATION APPLIES THE PROVISIONS OF THE ACCOUNTING STANDARDS CODIFICATION TOPIC OF PRESENTATION OF FINANCIAL STATEMENTS FOR NOT-FOR-PROFIT ENTITIES. THE TOPIC PROVIDES GUIDANCE ON THE NET ASSET CLASSIFICATION OF DONOR-RESTRICTED ENDOWMENT FUNDS FOR A NOT-FOR-PROFIT ORGANIZATION THAT ARE SUBJECT TO AN ENACTED VERSION OF THE UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT (UPMIFA) AND ALSO REQUIRES DISCLOSURES ABOUT ENDOWMENT FUNDS, BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND BOARD-DESIGNATED ENDOWMENT FUNDS. THE FOUNDATION, AS A NOT- FOR-PROFIT ORGANIZATION RESIDING IN THE COMMONWEALTH OF PENNSYLVANIA, IS NOT SUBJECT TO UPMIFA, BUT IS SUBJECT TO THE ADDITIONAL DISCLOSURE REQUIREMENTS ASSOCIATED WITH THE AFOREMENTIONED TOPIC. INTERPRETATION OF RELEVANT LAW - THE BOARD OF DIRECTORS OF THE FOUNDATION HAS ELECTED TO BE GOVERNED BY THE COMMONWEALTH OF PENNSYLVANIA'S ACT 141 (ACT 141). ACT 141 PERMITS UTILIZATION OF A TOTAL RETURN POLICY THAT ALLOWS A NONPROFIT TO CHOOSE TO TREAT A PERCENTAGE OF THE AVERAGE MARKET VALUE OF THE ENDOWMENT'S PERMANENTLY RESTRICTED INVESTMENTS AS INCOME EACH YEAR. HOWEVER, THE LONG-TERM PRESERVATION OF THE REAL VALUE OF THE ASSETS MUST BE TAKEN INTO CONSIDERATION WHEN THE BOARD ELECTS THE AMOUNT. ON AN ANNUAL BASIS, THE BOARD APPROVES A SPENDING RATE FOR THE ENDOWMENT. IN ACCORDANCE WITH ACT 141, THE FOUNDATION ANNUALLY TRANSFERS A PERCENTAGE OF THE PREVIOUS THREE YEARS' MARKET VALUE AVERAGE OF THE ENDOWMENT FUND. FOR THE YEARS ENDED JUNE 30, 2024 AND 2023, THE FOUNDATION TRANSFERRED 5%, OF WHICH 4% IS TRANSFERRED TO NET ASSETS WITH DONOR RESTRICTIONS AND USED FOR SCHOLARSHIPS AND OTHER RESTRICTED PURPOSES, AND 1% IS TRANSFERRED TO NET ASSETS WITHOUT DONOR RESTRICTIONS AND USED FOR GENERAL OPERATIONS OF THE FOUNDATION. AS A RESULT OF THIS INTERPRETATION, THE FOUNDATION CLASSIFIES AS DONOR-RESTRICTED NET ASSETS (A) THE ORIGINAL VALUE OF GIFTS DONATED TO THE PERMANENT ENDOWMENT, (B) THE ORIGINAL VALUE OF SUBSEQUENT GIFTS TO THE PERMANENT ENDOWMENT, AND (C) ACCUMULATIONS TO THE PERMANENT ENDOWMENT MADE IN ACCORDANCE WITH THE DIRECTION OF THE APPLICABLE DONOR GIFT INSTRUMENT AT THE TIME THE ACCUMULATION IS ADDED TO THE FUND. THE REMAINING PORTION OF THE DONOR-RESTRICTED ENDOWMENT FUND THAT IS NOT CLASSIFIED IN DONOR RESTRICTED NET ASSETS IS CLASSIFIED AS NET ASSETS WITHOUT DONOR RESTRICTION BASED ON THE EXISTENCE OF DONOR RESTRICTIONS OR BY LAW. IN ACCORDANCE WITH ACT 141, THE FOUNDATION HAS ADOPTED A WRITTEN INVESTMENT POLICY, OF WHICH A SECTION SPECIFICALLY RELATES TO THE ENDOWMENT FUND. THE FOUNDATION CONSIDERS THE FOLLOWING FACTORS IN MAKING A DETERMINATION TO APPROPRIATE OR ACCUMULATE DONOR-RESTRICTED ENDOWMENT FUNDS: 1. THE DURATION AND PRESERVATION OF THE FUND 2. THE PURPOSES OF THE FOUNDATION AND THE DONOR-RESTRICTED ENDOWMENT FUND 3. GENERAL ECONOMIC CONDITIONS 4. THE POSSIBLE EFFECT OF INFLATION AND DEFLATION 5. THE EXPECTED TOTAL RETURN FROM INCOME AND THE APPRECIATION OF INVESTMENTS 6. OTHER RESOURCES OF THE FOUNDATION 7. THE INVESTMENT POLICIES OF THE FOUNDATION PART X, LINE 2: INCOME TAX STATUS - UNDER THE PROVISIONS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, THE FOUNDATION IS EXEMPT FROM FEDERAL AND STATE TAXES ON INCOME EXCEPT FOR UNRELATED BUSINESS INCOME, IF ANY. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT INTEREST -165,780. RENTAL EXPENSES NOT NETTED ON 990 -575,144. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES -27,454. BAD DEBT 250,692. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES NOT NETTED ON 990 27,454. IMPAIRMENT OF LONG LIVED ASSETS TO BE SOLD 1,597,440. PART XII, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSE 575,144. ROUNDING 2. GOLF EVENTS 45812 20070 25742 16294 2025 3902 HOMECOMING 4850 100 4750 4850 1 383 50662 20170 30492 16294 2408 8752 27454 3038 1 SCHOLARSHIPS 514 1301186 N/A N/A ASSISTANCE GRANTS 7 4179 N/A N/A NON-INSTRUCTIONAL SCHOLARSHIPS 4 2250 N/A N/A SMITH RV/ATHLETIC SCHOLARSHIPS 59 65709 N/A N/A UNRESTRICTED GRANTS FUND 4 2719 N/A N/A HONORS SCHOLARSHIPS 73 10182 N/A N/A PART I, LINE 2: PROCEDURES FOR MONITORING THE USE OF GRANT FUNDS. ALL SCHOLARSHIPS AND GRANTS ARE APPROVED BY VARIOUS SELECTION COMMITTEES AND REVIEWED BY THE SCHOLARSHIP COORDINATOR OF PENNWEST CLARION. MOST DISBURSEMENTS FOR SUCH SCHOLARSHIPS AND GRANTS ARE MADE DIRECTLY TO THE UNIVERSITY AND PAID ON BEHALF OF THE FOUNDATION, THEREBY BEING ASSURED THAT THE FUNDS ARE USED FOR THE PURPOSE AS AWARDED. AT THE REQUEST OF THE DONOR, THERE ARE A SMALL NUMBER OF GRANTS THAT ARE MADE IN THE FORM OF CASH. A CCIDA - REINHARD 2014D BOND SERIES 251420922 19051VBF7 2014-12-01 23405000 REISSUANCE OF 2003A BONDS 0 0 0 B CCIDA - SUITES I 2019A BOND SERIES 251420922 18051VAR2 2019-10-01 16605000 REFINANCED 2007A BONDS 0 0 0 C CCIDA - SUITES II 2014A BOND SERIES 251420922 18051UAB9 2014-04-01 12905000 CONTRUCTION ON ON-CAMPUS RESIDENCE HALLS SUITES-PHASE II 0 0 0 A 8390000 23405000 490498 1012440 21902062 2014 1 0 1 1 B 20993637 1609481 223799 19160357 2019 1 0 1 1 C 12905000 1040250 1221282 107952 146813 10271439 2014 0 0 1 1 A 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 C 0 0 0 0 0 0 0 A 0 1 0 0 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 C 0 1 0 0 0 0 0 0 1 A 1 B 1 C 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: CCIDA - SUITES I 2019A BOND SERIES DATE THE REBATE COMPUTATION WAS PERFORMED: 01/01/2017 FORM 990, PART VI, SECTION A, LINE 2 JANE FRANCE AND CHRIS ALLISON HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 7A COUNCIL OF TRUSTEES OF THE UNIVERSITY AND ALUMNI ASSOCIATION BOTH APPOINT A BOARD MEMBER. FORM 990, PART VI, SECTION B, LINE 10B THE FOUNDATION EMPLOYEES DIRECT AND OVERSEE ALL THE ACTIVITIES OF THE CLARION UNIVERSITY ALUMNI ASSOCIATION. ALTHOUGH THE FOUNDATION ITSELF DOES NOT HAVE ANY WRITTEN POLICIES AND PROCEDURES THAT GOVERN THIS AFFILIATED ORGANIZATION, THE ALUMNI ASSOCIATION DOES HAVE ITS OWN BY-LAWS BY WHICH IT IS GOVERNED. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE BOARD PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS ARE REQUIRED TO FILE A CONFLICTS OF INTEREST DISCLOSURE STATEMENTS ON AN ANNUAL BASIS. FORM 990, PART VI, SECTION B, LINE 15 THE SALARY OF THE EXECUTIVE DIRECTOR AND ALL OTHER KEY EMPLOYEES ARE REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS. THE HUMAN RESOURCES COMMITTEE OBTAINS APPROPRIATE ANALYSIS PRIOR TO SUBMITTING COMPENSATION TO BOARD FOR APPROVAL. THE COMMITTEE IS RESPONSIBLE FOR DOCUMENTATION OF THIS PROCESS. FORM 990, PART VI, SECTION C, LINE 19 ALL GOVERNING DOCUMENTS ARE MADE AVALIABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART VII, SECTION A, LINE 1A: THE FOLLOWING PERSONS WILL SERVE AS EX-OFFICIO MEMBERS OF THE BOARD OF DIRECTORS: - EXECUTIVE DIRECTOR - CONTROLLER - ASSISTANT SECRETARY - INTERIM PRESIDENT, PENNSYLVANIA WESTERN UNIVERSITY - VICE PRESIDENT (FOR ADVANCEMENT), PENNWEST CLARION - PRESIDENT OR DESIGNEE OF THE CLARION UNIVERSITY ALUMNI ASSOCIATION FORM 990, PART XI, LINE 9: CHANGE IN SPLIT INTEREST -165,780. IMPAIRMENT OF LONG LIVED ASSETS -1,597,440. ROUNDING 2. BAD DEBT -250,692. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM PRIOR YEAR. PENNSYLVANIA WESTERN UNIVERSITY HIGHER EDUCATION - PUBLIC UNIVERSITY PA COMMONWEALTH OF PENNSYLVANIA 0 CHARITABLE REMAINDER TRUST (3) TRUST PA N/A T 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 PENNSYLVANIA WESTERN UNIVERSITY C 340000 CASH