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← PENNSYLVANIA COLLEGE OF OPTOMETRY FOUNDATION

Form 990 for tax year 2023

Filed by PENNSYLVANIA COLLEGE OF OPTOMETRY FOUNDATION.

Totals

Total revenue
$4,516,037
Total expenses
$3,717,810
Contributions and grants received
$1,117,158
Grants paid
$3,012,533
Program service revenue
$0
Investment income
$3,398,879
Other revenue
$0
Total assets, end of year
$0
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$0
Program services expenses (Part IX)
$3,172,520
Management and general expenses
$545,290
Fundraising expenses
$0
Program service expenses (Part III)
$3,172,520

Program services were 85.3% 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.

  • 1f · All other contributions, gifts and grants

    $1,117,158

  • 3 · Investment income

    total $1,517,717 · unrelated business $3,315 · excluded $1,514,402

  • 7a · Gross sales of assets other than inventory

    securities $9,677,660

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

    securities $7,796,498

  • 7c · Gain or loss

    securities $1,881,162

  • 7d · Net gain or loss

    total $1,881,162 · excluded $1,881,162

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $3,012,533 · program services $3,012,533

  • 11a · Fees: management

    total $255,000 · management and general $255,000

  • 11f · Fees: investment management

    total $290,290 · management and general $290,290

  • 24e · All other expenses

    total $159,987 · program services $159,987

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    end of year $0

  • 2 · Savings and temporary cash investments

    beginning of year $38,142 · end of year $0

  • 3 · Pledges and grants receivable

    beginning of year $234,155 · end of year $0

  • 4 · Accounts receivable

    end of year $0

  • 5 · Loans and receivables from officers and key people

    end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 7 · Other notes and loans receivable

    end of year $0

  • 8 · Inventories for sale or use

    end of year $0

  • 9 · Prepaid expenses and deferred charges

    end of year $0

  • 10c · Land, buildings and equipment, net

    end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $47,323,640 · end of year $0

  • 12 · Investments: other securities

    beginning of year $10,826,977 · end of year $0

  • 13 · Investments: program-related

    end of year $0

  • 14 · Intangible assets

    end of year $0

  • 15 · Other assets

    beginning of year $161,444 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,078,166

  • 25 · Other liabilities

    beginning of year $1,485,252 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $43,374,461 · end of year $0

  • 28 · Net assets with donor restrictions

    beginning of year $11,646,479 · end of year $0

Mission and programs · 2023

Mission

THE EXEMPT PURPOSE OF THE PENNSYLVANIA COLLEGE OF OPTOMETRY FOUNDATION (FOUNDATION) IS TO SUPPORT SALUS UNIVERSITY, A 501(C)(3) PUBLIC CHARITY, THROUGH FUNDRAISING ENDEAVORS AND THE HOLDING OF INVESTMENTS.

Activities or mission (Part I)

TO SUPPORT THE MISSION OF ITS PARENT ORGANIZATION, SALUS UNIVERSITY

  • 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 $1,766,700 IN ENDOWED SCHOLARSHIPS, $269,410 IN PATIENT CARE, AND $976,423 IN INSTITUTIONAL SUPPORT.

    Expenses $3,172,520 · Grants $3,012,533

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Dr Michael H Mittelman

    PRESIDENT

    Total calculated
    $457,576
    From this org
    $0
    From related orgs
    $420,663
    Other
    $36,913
    Hours/week
    1 + 45 related

    Schedule J breakdown matched by us

    Base
    $0 + $370,827 related
    Bonus
    $0 + $20,000 related
    Other
    $0 + $29,836 related
    Deferred
    $0 + $34,427 related
    Nontaxable benefits
    $0 + $2,486 related
    Filer's total
    $0 + $457,576 related

  • Ms Rebecca Delia

    CHAIR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Dr Daniel Abramowicz

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Dr Craig Cassey

    SECRETARY

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Ms Emily Turner

    TREASURER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Ms Carolyn Forcina

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Mr Keith D Ignotz

    DIRECTOR TO JANUARY 2024

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Ms Joyce Koh

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Ms Dana Mattingly

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Mr Donald C Kates

    VP FINANCE

    Total calculated
    $275,619
    From this org
    $0
    From related orgs
    $231,044
    Other
    $44,575
    Hours/week
    1 + 45 related

    Schedule J breakdown matched by us

    Base
    $0 + $229,878 related
    Bonus
    $0
    Other
    $0 + $1,166 related
    Deferred
    $0 + $24,592 related
    Nontaxable benefits
    $0 + $19,983 related
    Filer's total
    $0 + $275,619 related

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

The filer's explanations (Part III)

PART I, LINE 3:
THE FOUNDATION DOES NOT HAVE ANY PAID EMPLOYEES. ALL COMPENSATION REPORTED ON SCHEDULE J PART II IS PAID BY A RELATED PARTY. THE RELATED PARTY UTILIZES THE FOLLOWING TO ENSURE ALL COMPENSATION IS REASONABLE: COMPENSATION COMMITTEE, COMPENSATION SURVEY/STUDY, AND APPROVAL BY ITS BOARD OF TRUSTEES.

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

  • SALUS UNIVERSITY

    $3,012,533

    SCHOLARSHIPS ($1,766,700), PATIENT CARE ($269,410), AND INSTITUTIONAL SUPPORT ($976,423)

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Assets distributed on this return

Schedule N, as filed: what the organization did with its assets when it liquidated or dissolved, or disposed of more than a quarter of them, and who received them. A recipient with an EIN is usually a successor organization; filers also list expenses such as legal fees here.

  • DREXEL UNIVERSITY

    $61,040,793

    Liquidation · TRANSFER OF NET ASSETS UPON MERGER · Jun 30, 2024 · 501(C)(3)

Provenance

Return type
form_990
Tax year
2023
Filed
14 May 2025
IRS schema version
2023v6.0
Source object
202531359349308248

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