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← PENNSYLVANIAS STATE SYSTEM OF HIGHER EDUCATION FOUNDATION

Form 990 for tax year 2022

Filed by PENNSYLVANIAS STATE SYSTEM OF HIGHER EDUCATION FOUNDATION.

Totals

Total revenue
$2,493,469
Total expenses
$1,798,477
Contributions and grants received
$2,162,909
Grants paid
$1,013,801
Program service revenue
$216,000
Investment income
$114,560
Other revenue
$0
Total assets, end of year
$10,933,847
Total liabilities, end of year
$4,588,188
Net assets or fund balances, end of year
$6,345,659
Program services expenses (Part IX)
$1,560,973
Management and general expenses
$171,186
Fundraising expenses
$66,318
Program service expenses (Part III)
$1,560,973

Program services were 86.8% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1a · Federated campaigns

    $17,296

  • 1e · Government grants (contributions)

    $699,482

  • 1f · All other contributions, gifts and grants

    $1,446,131

  • 1g · Noncash contributions included above

    $546,500

  • 2a · Program service revenue: PASSHE SPC

    total $216,000 · related or exempt $216,000

  • 3 · Investment income

    total $117,233 · related or exempt $117,233

  • 7a · Gross sales of assets other than inventory

    securities $30,000

  • 7b · Less cost or other basis and sales expenses

    securities $32,673

  • 7c · Gain or loss

    securities -$2,673

  • 7d · Net gain or loss

    total -$2,673 · related or exempt -$2,673

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $756,551 · program services $756,551

  • 2 · Grants to domestic individuals

    total $257,250 · program services $257,250

  • 5 · Compensation of officers, directors and key employees

    total $91,195 · program services $71,004 · management and general $6,643 · fundraising $13,548

  • 7 · Other salaries and wages

    total $201,931 · program services $157,221 · management and general $14,710 · fundraising $30,000

  • 8 · Pension plan contributions

    total $10,446 · program services $8,134 · management and general $760 · fundraising $1,552

  • 9 · Other employee benefits

    total $1,207 · program services $940 · management and general $88 · fundraising $179

  • 10 · Payroll taxes

    total $22,237 · program services $17,314 · management and general $1,619 · fundraising $3,304

  • 11c · Fees: accounting

    total $41,893 · program services $31,806 · management and general $9,645 · fundraising $442

  • 11f · Fees: investment management

    total $30,000 · program services $22,776 · management and general $6,907 · fundraising $317

  • 11g · Fees: other

    total $293,445 · program services $222,785 · management and general $67,560 · fundraising $3,100

  • 13 · Office expenses

    total $49,129 · program services $13,876 · management and general $21,377 · fundraising $13,876

  • 14 · Information technology

    total $27,672 · management and general $27,672

  • 17 · Travel

    total $4,774 · program services $1,316 · management and general $3,458

  • 19 · Conferences, conventions and meetings

    total $6,735 · management and general $6,735

  • 23 · Insurance

    total $3,193 · management and general $3,193

  • 24a · Other expenses: DUES & SUBSCRIPTIONS

    total $819 · management and general $819

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $909,402 · end of year $5,242,764

  • 3 · Pledges and grants receivable

    end of year $168,784

  • 4 · Accounts receivable

    end of year $38,500

  • 10a · Land, buildings and equipment: cost or other basis

    $528,595

  • 10c · Land, buildings and equipment, net

    end of year $528,595

  • 11 · Investments: publicly traded securities

    beginning of year $3,720,116 · end of year $4,955,204

  • 17 · Accounts payable and accrued expenses

    end of year $116,062

  • 25 · Other liabilities

    end of year $4,472,126

  • 27 · Net assets without donor restrictions

    beginning of year $2,950,912 · end of year $4,188,128

  • 28 · Net assets with donor restrictions

    beginning of year $1,678,606 · end of year $2,157,531

Mission and programs · 2022

Mission

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.

  • THE MISSION OF THE PASSHE FOUNDATION 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 COMPTETITIVE TO STUDENTS ATTENDING THE 10 UNIVERSITIES OF PENNSYLVANIA'S STATE SYSTEM OF HIGHER EDUCATION. DURING THE 2022-23 FISCAL YEAR, THE FOUNDATION AWARDED 567 SCHOLARSHIPS TOTALING 829,117. THESE SCHOLARSHIPS IMPROVE ACCESS TO AND AFFORDABILITY OF HIGHER EDUCATION, ENSURING STUDENTS PERSISTENT 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 INTO MIDDLE CLASS AND THUS ACHIEVED ECONOMIC MOBILITY AND 63% REMAIN WORKING IN PA.

    Expenses $1,188,912 · Grants $950,401

  • IN SUPPORT OF UNIVERSITY EXCELLENCE, THE FOUNDATION IDENTIFIES AND ACQUIRES RESOURCES TO SUPPORT SYSTEM-WIDE INITIATIVES AND MULTI-CAMPUS INITIATIVES. DURING THE 2022-23 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.

    Expenses $372,061 · Grants $63,400 · Revenue $216,000

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Miller Edelyn Lynn

    CHAIR

    Total calculated
    $0
    Hours/week
    5

  • Steck Matthew J

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    5

  • Alexander Marion Carey

    SECRETARY

    Total calculated
    $0
    Hours/week
    5

  • D'Angelo Gail M

    TREASURER

    Total calculated
    $0
    Hours/week
    5

  • Kerr David S

    ASSISTANT TR

    Total calculated
    $0
    Hours/week
    5

  • Perez-Brantley David

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Bright Jinaki Z

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Cook Ashley

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Frisby-Greenwood Donna

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Haddock Joseph

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Helmer Andrew

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jones Andrea

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Lynch Blake

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Skotedis Crystal

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Taylor David N

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Troxell Wyatt

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Varano Michael

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kelly Lieblein

    DIRECTOR EME

    Total calculated
    $0
    Hours/week
    1

  • Bolger John

    DIRECTOR EME

    Total calculated
    $0
    Hours/week
    1

  • Lyttle Kim E

    DIRECTOR EME

    Total calculated
    $0
    Hours/week
    1

  • Pritchard Cynthia 1023

    FORMER PRES

    Total calculated
    $165,035
    From this org
    $139,733
    From related orgs
    $0
    Other
    $25,302
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $139,733
    Bonus
    not reported
    Other
    not reported
    Deferred
    $6,987
    Nontaxable benefits
    $18,315
    Filer's total
    $165,035

  • Scherer Shelley

    PRESIDENT &

    Total calculated
    $0
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

  • MILLERSVILLE UNIVERSITY

    $88,027

    BOG ER AID FUND

  • MANSFIELD UNIVERSITY

    $55,500

    MANSFIELD UNI SCLSHP

  • PASSHE BOARD OF STUDENT GOVT PRESIDENTS

    $6,498

    BRD OF STDNT GVT PRE

Provenance

Return type
form_990
Tax year
2022
Filed
8 November 2023
IRS schema version
2022v5.0
Source object
202303189349300725

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