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Nonprofiteer
← CORPORATION FOR PENN STATE

Form 990 for tax year 2024

Filed by CORPORATION FOR PENN STATE.

Totals

Total revenue
$8,823
Total expenses
$8,859
Contributions and grants received
$8,823
Grants paid
$0
Program service revenue
$0
Investment income
$0
Other revenue
$0
Total assets, end of year
$5,566
Total liabilities, end of year
$5,071
Net assets or fund balances, end of year
$495
Program services expenses (Part IX)
$0
Management and general expenses
$8,859
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 0.0% 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

    $8,823

  • 1g · Noncash contributions included above

    $8,823

  • 8c · Net income from fundraising events

    total $0

Functional expenses

Part IX, the statement of functional expenses.

  • 11g · Fees: other

    total $8,823 · management and general $8,823

  • 13 · Office expenses

    total $36 · management and general $36

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,601 · end of year $5,565

  • 13 · Investments: program-related

    beginning of year $1 · end of year $1

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,071 · end of year $5,071

  • 27 · Net assets without donor restrictions

    beginning of year $531 · end of year $495

Mission and programs · 2024

Mission

The Corporation for Penn State is organized for the exclusive purpose of benefiting and promoting the interests of The Pennsylvania State University.

  • Holding assets and general support for the benefit of The Pennsylvania State University.

As filed on the 2024 return.

Listed in Part VII

  • Neeli Bendapudi

    President

    Total calculated
    $1,629,217
    From this org
    $0
    From related orgs
    $1,569,398
    Other
    $59,819
    Hours/week
    1 + 49 related

    Schedule J breakdown matched by us

    Base
    not reported + $950,000 related
    Bonus
    not reported
    Other
    not reported + $619,398 related
    Deferred
    not reported + $32,051 related
    Nontaxable benefits
    not reported + $27,768 related
    Filer's total
    not reported + $1,629,217 related

  • Sara F Thorndike

    Treasurer

    Total calculated
    $670,435
    From this org
    $0
    From related orgs
    $613,977
    Other
    $56,458
    Hours/week
    1 + 49 related

    Schedule J breakdown matched by us

    Base
    not reported + $601,548 related
    Bonus
    not reported
    Other
    not reported + $12,429 related
    Deferred
    not reported + $32,051 related
    Nontaxable benefits
    not reported + $24,407 related
    Filer's total
    not reported + $670,435 related

  • Tracey L Langkilde

    Interim Vice President

    Total calculated
    $568,663
    From this org
    $0
    From related orgs
    $510,297
    Other
    $58,366
    Hours/week
    1 + 49 related

    Schedule J breakdown matched by us

    Base
    not reported + $505,806 related
    Bonus
    not reported
    Other
    not reported + $4,491 related
    Deferred
    not reported + $32,051 related
    Nontaxable benefits
    not reported + $26,315 related
    Filer's total
    not reported + $568,663 related

  • Michael Wade Smith

    Director

    Total calculated
    $515,379
    From this org
    $0
    From related orgs
    $471,035
    Other
    $44,344
    Hours/week
    1 + 49 related

    Schedule J breakdown matched by us

    Base
    not reported + $461,330 related
    Bonus
    not reported
    Other
    not reported + $9,705 related
    Deferred
    not reported + $32,051 related
    Nontaxable benefits
    not reported + $12,293 related
    Filer's total
    not reported + $515,379 related

  • Justin Schwartz

    Former Vice President

    Total calculated
    $440,116
    From this org
    $0
    From related orgs
    $395,081
    Other
    $45,035
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    not reported + $312,000 related
    Bonus
    not reported
    Other
    not reported + $83,081 related
    Deferred
    not reported + $28,427 related
    Nontaxable benefits
    not reported + $16,608 related
    Filer's total
    not reported + $440,116 related

  • Shannon S Harvey

    Secretary

    Total calculated
    $252,317
    From this org
    $0
    From related orgs
    $172,617
    Other
    $79,700
    Hours/week
    1 + 49 related

    Schedule J breakdown matched by us

    Base
    not reported + $172,617 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported + $70,748 related
    Nontaxable benefits
    not reported + $8,952 related
    Filer's total
    not reported + $252,317 related

  • Jessica Dale

    Assistant Secretary

    Total calculated
    $123,918
    From this org
    $0
    From related orgs
    $97,202
    Other
    $26,716
    Hours/week
    1 + 49 related

  • Eric Barron

    Former President

    Total calculated
    $73,862
    From this org
    $0
    From related orgs
    $73,862
    Other
    $0
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    not reported
    Bonus
    not reported
    Other
    not reported + $73,862 related
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    not reported + $73,862 related

  • Nicholas Jones

    Former Vice President

    Total calculated
    $14,885
    From this org
    $0
    From related orgs
    $14,885
    Other
    $0
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    not reported
    Bonus
    not reported
    Other
    not reported + $14,885 related
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    not reported + $14,885 related

  • Naren K Gursahaney

    Director

    Total calculated
    $0
    Hours/week
    1

  • Kelley Lynch

    Director

    Total calculated
    $0
    Hours/week
    1

  • Matthew Schuyler

    Director

    Total calculated
    $0
    Hours/week
    1

  • Karen Quintos

    Director

    Total calculated
    $0
    Hours/week
    1

  • Tracy A Riegel

    Director

    Total calculated
    $0
    Hours/week
    1

  • Brandon Short

    Director

    Total calculated
    $0
    Hours/week
    1

  • David M Kleppinger

    Chairman of the Board

    Total calculated
    $0
    Hours/week
    1

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

  • 7 · Other non-fixed payments

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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

Other non-fixed payments (Part I, line 7)
Bonuses are based on several individual and organizational variables. Bonuses are calculated, determined, and approved by the related organizational Board as prepared by the compensation committee.
General Explanation Attachment
Part VII/Schedule J reflect directors and officers receiving compensation and benefits from a related organization. All remuneration reported was for services rendered as full-time employees of a related organization and not for services rendered to the filing organization.

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

No itemized grants to organizations on this return.

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • HOSC

    Healthcare · PA · 0% owned

    Directly controlled by Nittany Health

  • CGH Realty

    Real Estate · PA · 0% owned

    Directly controlled by CGH Realty Co

  • Nittany Health Valuehealth Joint

    Healthcare · PA · 0% owned

    Directly controlled by Nittany Health

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • Research Park Management Co

    C Corp · Real Estate · PA · 100% owned · share of income $433,330 · share of assets $1,235,133 · controlled entity

    Directly controlled by Corporation for Penn State

  • Research Park Hotel Co

    C Corp · Hotel Lease · PA · 0% owned

    Directly controlled by Research Park Management

  • Nittany Insurance Co

    C Corp · Insurance · PA · 100% owned

    Directly controlled by Corporation for Penn State

  • PS Research Park Tech

    C Corp · Condo Management · PA · 0% owned

    Directly controlled by Penn State University

  • Nittany Health Inc

    C Corp · Homecare Health · PA · 0% owned

    Directly controlled by Penn State Health

  • CGH Realty Co

    C Corp · Real Estate · PA · 0% owned

    Directly controlled by SJRHN

  • Holy Spirit Ventures I

    C Corp · Real Estate · PA · 0% owned

    Directly controlled by PSHHSMC

Provenance

Return type
form_990
Tax year
2024
Filed
4 March 2026
IRS schema version
2024v5.2
Source object
202640639349300619

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