Pennsylvania College Optometry Foundation
- Assets
- $55.5m
- Revenue
- $10.1m
- Investments
- $10.4m
- Employees
- 0
- Location
- Elkins Park, PA
- Founding
- 04/2000
- Data as of
- 06/2022
- EIN
- 23-3030893
Organization Overview
Pennsylvania College Optometry Foundation is located in Elkins Park, PA. The organization was established in 2000. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Pennsylvania College Optometry Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Pennsylvania College Optometry Foundation generated $10.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 22.1% each year . All expenses for the organization totaled $3.1m during the year ending 06/2022. While expenses have increased by 23.5% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO SUPPORT THE MISSION OF ITS PARENT ORGANIZATION, SALUS UNIVERSITY
Describe the Organization's Program Activity:
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. PROVIDED SUPPORT TO SALUS UNIVERSITY FOR $208,051 IN ENDOWED SCHOLARSHIPS AND OVER $2 MILLION IN INSTITUTIONAL SUPPORT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Michael H Mittelman President | Officer | 1 | $0 |
Mr Donald C Kates VP Finance | Officer | 1 | $0 |
Ms Rebecca Delia Chair Dec 2021; Treasurer | OfficerTrustee | 1 | $0 |
Dr Dan Abramowicz Vice Chair | OfficerTrustee | 1 | $0 |
Dr Craig Cassey Secretary | OfficerTrustee | 1 | $0 |
Ms Emily Turner Treasurer As Of Feb 2022 | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Salus University Administrative And Management Services | 6/29/22 | $255,000 |
Hirtle Callaghan Co Investment Management Services | 6/29/22 | $231,896 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $3,000,000 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,027,719 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,027,719 |
| Total Program Service Revenue | $0 |
| Investment income | $1,103,205 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $4,941,144 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,072,068 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,536,152 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $255,000 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $274,564 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $5,579 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $28,551 |
| Total functional expenses | $3,099,846 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,578,300 |
| Pledges and grants receivable | $341,049 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $42,986,527 |
| Investments—other securities | $10,430,982 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $195,480 |
| Total assets | $55,532,338 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,914,479 |
| Total liabilities | $2,914,479 |
| Net assets without donor restrictions | $41,796,562 |
| Net assets with donor restrictions | $10,821,297 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $55,532,338 |
Grants Awarded
Over the last fiscal year, Pennsylvania College Optometry Foundation has awarded $750,610 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
SALUS UNIVERSITY PURPOSE: SUPPORT TO THE INSTITUTION | $668,280 |
SALUS UNIVERSITY PURPOSE: PATIENT CARE ASSISTANCE | $7,330 |
SALUS UNIVERSITY PURPOSE: RESEARCH PROFESSORSHIP | $75,000 |