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← PENNSYLVANIAS STATE SYSTEM OF HIGHER EDUCATION FOUNDATION

Form 990 for tax year 2023

Filed by PENNSYLVANIAS STATE SYSTEM OF HIGHER EDUCATION FOUNDATION.

Totals

Total revenue
$3,560,509
Total expenses
$2,643,401
Contributions and grants received
$2,897,632
Grants paid
$1,583,290
Program service revenue
$214,517
Investment income
$448,360
Other revenue
$0
Total assets, end of year
$11,316,664
Total liabilities, end of year
$3,697,259
Net assets or fund balances, end of year
$7,619,405
Program services expenses (Part IX)
$2,123,388
Management and general expenses
$360,980
Fundraising expenses
$159,033
Program service expenses (Part III)
$2,123,388

Program services were 80.3% 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.

  • 1a · Federated campaigns

    $3,727

  • 1e · Government grants (contributions)

    $228,626

  • 1f · All other contributions, gifts and grants

    $2,665,279

  • 1g · Noncash contributions included above

    $18,700

  • 2a · Program service revenue: PASSHE SPC

    total $214,517 · related or exempt $214,517

  • 3 · Investment income

    total $144,259 · related or exempt $144,259

  • 7a · Gross sales of assets other than inventory

    securities $688,814

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

    securities $384,713

  • 7c · Gain or loss

    securities $304,101

  • 7d · Net gain or loss

    total $304,101 · related or exempt $304,101

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,139,284 · program services $1,139,284

  • 2 · Grants to domestic individuals

    total $444,006 · program services $444,006

  • 5 · Compensation of officers, directors and key employees

    total $179,486 · program services $125,548 · management and general $24,137 · fundraising $29,801

  • 7 · Other salaries and wages

    total $248,026 · program services $173,490 · management and general $33,355 · fundraising $41,181

  • 8 · Pension plan contributions

    total $11,019 · program services $7,708 · management and general $1,482 · fundraising $1,829

  • 9 · Other employee benefits

    total $24,512 · program services $17,146 · management and general $3,296 · fundraising $4,070

  • 10 · Payroll taxes

    total $31,449 · program services $21,998 · management and general $4,229 · fundraising $5,222

  • 11b · Fees: legal

    total $9,414 · program services $5,493 · management and general $1,345 · fundraising $2,576

  • 11c · Fees: accounting

    total $24,275 · program services $14,166 · management and general $3,467 · fundraising $6,642

  • 11f · Fees: investment management

    total $30,000 · program services $17,507 · management and general $4,284 · fundraising $8,209

  • 11g · Fees: other

    total $208,422 · program services $121,628 · management and general $29,764 · fundraising $57,030

  • 13 · Office expenses

    total $56,499 · program services $20,491 · management and general $36,008

  • 14 · Information technology

    total $17,675 · program services $14,861 · management and general $2,814

  • 17 · Travel

    total $11,459 · program services $62 · management and general $11,397

  • 19 · Conferences, conventions and meetings

    total $2,621 · management and general $2,621

  • 23 · Insurance

    total $5,339 · management and general $5,339

  • 24a · Other expenses: LOSS -BLDG HELD FOR SALE

    total $193,785 · management and general $193,785

  • 24b · Other expenses: DUES & SUBSCRIPTIONS

    total $6,130 · management and general $3,657 · fundraising $2,473

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $5,242,764 · end of year $4,679,749

  • 3 · Pledges and grants receivable

    beginning of year $168,784 · end of year $537,102

  • 4 · Accounts receivable

    beginning of year $38,500 · end of year $36,000

  • 9 · Prepaid expenses and deferred charges

    end of year $2,595

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

    $350,000

  • 10c · Land, buildings and equipment, net

    beginning of year $528,595 · end of year $350,000

  • 11 · Investments: publicly traded securities

    beginning of year $4,955,204 · end of year $5,711,218

  • 17 · Accounts payable and accrued expenses

    beginning of year $116,062 · end of year $102,361

  • 25 · Other liabilities

    beginning of year $4,472,126 · end of year $3,594,898

  • 27 · Net assets without donor restrictions

    beginning of year $4,188,128 · end of year $4,603,427

  • 28 · Net assets with donor restrictions

    beginning of year $2,157,531 · end of year $3,015,978

Mission and programs · 2023

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 PASSHE FOUNDATION SERVES AS THE FUNDRAISING ARM OF THE STATE SYSTEM OFFICE OF THE CHANCELLOR AND LEADS CONSORTIA FUNDRAISING EFFORTS ON BEHALF OF MULTI-UNIVERSITY PROJECTS AND INITIATIVES. THE FOUNDATION'S MISSION 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 COMPETITIVE TO STUDENTS ATTENDING THE 10 UNIVERSITIES OF PENNSYLVANIA'S STATE SYSTEM OF HIGHER EDUCATION. DURING THE 2023-24 FISCAL YEAR, THE FOUNDATION AWARDED 994 SCHOLARSHIPS TOTALING 1,461,100. THESE SCHOLARSHIPS IMPROVE ACCESS TO AND AFFORDABILITY OF HIGHER EDUCATION, ENSURING STUDENTS PERSIST 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 TO MIDDLE-CLASS AND THUS ACHIEVED ECONOMIC MOBILITY AND 63% REMAIN WORKING IN PA.

    Expenses $1,786,398 · Grants $1,489,953

  • IN SUPPORT OF UNIVERSITY EXCELLENCE, THE FOUNDATION IDENTIFIES AND ACQUIRES RESOURCES TO SUPPORT SYSTEM-WIDE INITIATIVES AND MULTI-CAMPUS INITIATIVES. THE PASSHE FOUNDATION WORKED CLOSELY WITH STATE SYSTEM LEADERSHIP TO SECURE FUNDS TO KICK-START AN INITIATIVE TO EMBED REAL WORLD WORK EXPERIENCE INTO THE ACADEMIC CURRICULUM THROUGH A MULTI-UNIVERSITY PILOT PROGRAM WHICH WILL BE LAUNCHED THROUGHOUT THE STATE SYSTEM'S 10 UNIVERSITIES AND 14 CAMPUSES IN THE 2027-28 ACADEMIC YEAR. DURING THE 2023-24 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 $336,990 · Grants $93,337 · Revenue $214,517

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

Listed in Part VII

  • Kerr David S

    CHAIR

    Total calculated
    $0
    Hours/week
    5

  • Steck Matthew J

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    5

  • Cook Ashley

    SECRETARY

    Total calculated
    $0
    Hours/week
    5

  • D'Angelo Gail M

    TREASURER

    Total calculated
    $0
    Hours/week
    5

  • Skotedis Crystal

    ASSISTANT TR

    Total calculated
    $0
    Hours/week
    5

  • Alexander Marian C

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Perez-Brantley David

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Bright Jinaki Z

    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

  • Miller Lynn

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Taylor David N

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Topoleski Linda

    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

  • Scherer Shelley

    PRESIDENT &

    Total calculated
    $113,444
    From this org
    $95,192
    From related orgs
    $0
    Other
    $18,252
    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.

Grants on this return

  • SHIPPENSBURG UNIVERSITY

    $10,000

    WBL GRANT

  • SLIPPERY ROCK UNIVERSITY

    $10,000

    WBL GRANT

  • EAST STROUDSBURG UNIVERSITY

    $10,000

    WBL GRANT

  • COMMONWEALTH UNIVERSITY

    $10,000

    WBL GRANT

Provenance

Return type
form_990
Tax year
2023
Filed
17 December 2024
IRS schema version
2023v5.0
Source object
202403529349300930

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