2025-05-06T11:38:42-05:00 2024-06-30 231909723 MCKONLY & ASBURY LLP 415 FALLOWFIELD ROAD CAMP HILL PA 17011 990 2023-07-01 237007734 LOCK HAVEN UNIVERSITY FOUNDATION LOCK 5704842383 10 SUSQUEHANNA AVE LOCK HAVEN PA 17745 JENNIFER RITER BOARD CHAIR 5704842383 2025-05-02 1 1 ALYSSA N IRISH P02389116 7177617910 2025-05-02 2023 2025-03-06 01:10:19Z JENNIFER RITER 10 SUSQUEHANNA AVE LOCK HAVEN PA 17745 11095516 0 X WWW.LHUFOUNDATION.ORG X 1967 PA TO GENERATE AND MANAGE RESOURCES FOR THE BENEFIT OF COMMONWEALTH UNIVERSITY - LOCK HAVEN AND ITS STUDENTS. 15 15 47 0 12766 0 2446855 2750537 770086 931779 863365 964859 41179 90906 4121485 4738081 1158613 1121178 0 0 476813 848108 0 0 659266 1000709 1113812 2636135 3083098 1485350 1654983 29009293 28073676 12649306 8931751 16359987 19141925 TO GENERATE AND MANAGE RESOURCES FOR THE BENEFIT OF COMMONWEALTH UNIVERSITY - LOCK HAVEN AND ITS STUDENTS. 0 0 691701 639325 SUPPORT OF COMMONWEALTH UNIVERSITY - LOCK HAVEN'S ACADEMIC PROGRAMS BASED ON THE UNIVERSITY CASE FOR SUPPORT WHICH INCLUDES FACILITY UPGRADES, FACULTY ENHANCEMENTS, GLOBAL HONORS PROGRAMS, INTERNATIONAL EDUCATION, SCIENCE EDUCATION AND STUDENT ENHANCEMENTS AND INTERCOLLEGIATE ATHLETICS. 1121178 1121178 SUPPORT OF STUDENT SCHOLARSHIPS AND AWARDS BASED ON DONOR DESIGNATION AND CRITERIA. THE ORGANIZATION AWARDS NEARLY 400 ANNUAL SCHOLARSHIPS AND AWARDS TO BOTH FRESHMEN AND UPPERCLASSMEN BASED ON NEED AND MERIT. OWN AND OPERATE TWO STUDENT HOUSING PROJECTS (EVERGREEN COMMONS AND THE FOUNDATION VILLAGE AT CLEARFIELD) FOR THE BENEFIT OF LOCK HAVEN OR ITS STUDENTS. 1812879 1 1 0 0 0 0 0 1 0 1 1 0 0 0 1 0 1 0 0 0 0 0 0 0 1 0 0 1 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 7 0 47 0 1 1 0 0 0 0 0 0 0 0 0 X 15 15 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 PA X DANIEL CUMMINGS - ASSOC DIRECTOR OF FINANCE & ACCOUNTING 5704842383 10 SUSQUEHANNA AVE LOCK HAVEN PA 17745 JENNIFER RITER CHAIR 4.00 X X 0 0 0 MILTON STAN ALLEN VICE CHAIR 0.50 X X 0 0 0 JAMES BERKEBILE SECRETARY 0.50 X X 0 0 0 JEFFREY PARKER TREASURER 1.00 X X 0 0 0 RONALD BOWES MEMBER 0.50 X 0 0 0 DONALD CALCAGNI FINANCE COMMITTEE CHAIR 0.50 X 0 0 0 FRANCIS CONDINO ADVANCEMENT COMMITTEE CHAIR 0.50 X 0 0 0 ANN DELCOLLO MEMBER 0.00 X 0 0 0 JOSEPH KOEHLER GOVERNANCE COMMITTEE CHAIR 0.50 X 0 0 0 ROBERT LOMISON MEMBER 0.00 X 0 0 0 PEGGY MCFARLAND MEMBER 0.00 X 0 0 0 ED SHIFFLETT MEMBER 0.00 X 0 0 0 POLLY SPANGLER MEMBER 0.00 X 0 0 0 THANE TURNER MEMBER 0.00 X 0 0 0 EDWARD WRIGHT MEMBER 0.00 X 0 0 0 ASHLEY KOSER EXECUTIVE DIRECTOR 37.50 X 100652 0 39667 100652 0 39667 1 0 0 0 0 810 2749727 140660 2750537 CONTRACTED SERVICES 561000 900000 900000 OTHER UNIVERSITY PROGRAMS 611710 31779 19013 12766 931779 621916 621916 1980881 2287211 -306330 -306330 -306330 4314673 3971730 342943 342943 342943 469088 810 98494 370594 370594 DUES, COMMISSION AND GUAANTEES 900099 26642 26642 26642 4738081 639325 12766 1335453 1077760 1077760 43418 43418 140319 529 65886 73904 553505 2911 144181 406413 108094 108094 46190 795 45395 5735 1353 4382 43450 7000 36450 161076 66363 94713 9058 5098 3960 1958 923 1035 539 539 40084 21898 18186 EQUIPMENT AND SUPPLIES 337220 292772 10799 33649 HOUSING, MEALS, AND TRA 219815 186941 32874 MISCELLANEOUS 69896 19529 5616 44751 ATHLETIC EVENTS 63866 63866 161115 21723 75677 63715 3083098 1812879 610953 659266 99371 916011 2854552 490220 866381 1764489 22308 69465 37647 37470 75609 68439 18953377 13435558 5974617 5517819 18718540 18752102 360268 457661 29009293 28073676 426930 1093004 40329 32911 10121615 0 1301406 7443705 419934 0 339092 362131 12649306 8931751 X -6402188 -7051745 22762175 26193670 16359987 19141925 29009293 28073676 X 1654983 1439427 -74370 -238102 X X 0 1 X 1 0 X 1166799 1100417 1178482 1178482 2749727 7373907 1166799 1100417 1178482 1178482 2749727 7373907 7373907 410770 336508 365962 526402 621916 2261558 9635465 0.76530 0.73950 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 270635 X X X 0 12309454 409623 2099267 403234 436748 13978362 11939122 162358 1568744 610318 396707 12663200 14118478 194231 -1702809 447186 223593 11939122 10687972 690343 4131286 417337 973787 14118478 11208016 130000 105515 412123 343436 10687972 0 0 1077341 1077341 15366996 11163023 4203973 2431475 2272535 158940 77565 77565 5517819 SPLIT INTEREST AGREEMENTS 362131 362131 X 8323485 1439427 -66864 1372563 6950922 74370 -2287211 -2212841 4738081 5370309 2287211 2287211 3083098 0 3083098 PART III, LINE 4: THE FOUNDATION MAINTAINS A DONATED COLLECTION OF OIL PAINTINGS AND BLACK/WHITE ETCHINGS BY JOHN SLOAN.IN ADDITION, THE FOUNDATION DISPLAYS DONATED PORTRAITS IN THE DURRWACHTER ALUMNI CONFERENCE CENTER. IN ACCORDANCE WITH ITS MISSION TO GENERATE AND MANAGE RESOURCES FOR THE BENEFIT OF COMMONWEALTH UNIVERSITY - LOCK HAVEN AND ITS STUDENTS, THE COLLECTIONS ARE USED BY THE UNIVERSITY FOR EDUCATION, INCLUDING FOR LOAN OR EXCHANGE PROGRAMS, AND PRESERVES THE HISTORY OF THE FOUNDATION AND THE UNIVERSITY. PART V, LINE 4: THE INTENDED USE OF THE FOUNDATION'S ENDOWMENT FUNDS ARE DRIVEN BY THE DONOR'S INTENT. AT JUNE 30, 2022, $6,504,757 OF THE TOTAL $11,475,729 ENDOWMENT NET ASSETS ARE FOR SCHOLARSHIPS. THE REMAINING ENDOWMENT NET ASSETS ARE FOR PROGRESS OF DESIGNATED DEPARTMENTS OR PROJECTS AND CHARITABLE GIFTS PAYABLE IN FUTURE PERIODS. PART X, LINE 2: THE FOUNDATION IS A NOT-FOR-PROFIT CORPORATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS EXEMPT FROM FEDERAL INCOME TAXES ON ITS EXEMPT INCOME UNDER SECTION 501(A) OF THE INTERNAL REVENUE CODE. THE FOUNDATION IS SUBJECT TO FEDERAL TAX ON THE UNRELATED BUSINESS TAXABLE INCOME THAT MAY RESULT FROM CERTAIN RENTAL ACTIVITIES, HOWEVER, NO TAX LIABILITY WAS INCURRED FOR THE YEAR ENDED JUNE 30, 2024. THE FOUNDATION ADHERES TO THE PROVISIONS OF FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ACCOUNTING STANDARDS CODIFICATION (ASC) 740, INCOME TAXES (ASC 740). ASC 740 ESTABLISHES RULES FOR RECOGNIZING AND MEASURING TAX POSITIONS IN AN INCOME TAX RETURN, INCLUDING DISCLOSURES OF UNCERTAIN TAX POSITIONS (UTPS). ASC 740 MANDATES THAT ORGANIZATIONS EVALUATE ALL MATERIAL INCOME TAX POSITIONS FOR PERIODS THAT REMAIN OPEN UNDER APPLICABLE STATUTES OF LIMITATION, AS WELL AS POSITIONS EXPECTED TO BE TAKEN IN FUTURE RETURNS. THE UTP RULES THEN IMPOSE A RECOGNITION THRESHOLD ON EACH TAX POSITION. AN ORGANIZATION CAN RECOGNIZE AN INCOME TAX BENEFIT ONLY IF THE POSITION HAS A "MORE LIKELY THAN NOT" (I.E. MORE THAN 50 PERCENT) CHANCE OF BEING SUSTAINED ON ITS TECHNICAL MERITS. DURING 2024, THE FOUNDATION HAS TAKEN NO MATERIAL TAX POSITIONS ON ITS APPLICABLE TAX FILINGS THAT DO NOT MEET THE MORE LIKELY THAN NOT THRESHOLD. AS A RESULT, NO AMOUNT FOR UTPS HAS BEEN INCLUDED IN THE FINANCIAL STATEMENTS. THE FOUNDATION IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. THE FOUNDATION BELIEVES IT IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR YEARS PRIOR TO FISCAL YEAR ENDED JUNE 30, 2021. PART XI, LINE 2D - OTHER ADJUSTMENTS: OTHER PROGRAMS -66,864. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES -2,287,211. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 2,287,211. WRESTLING NATIONALS TICKETS 54335 54335 51700 ALUMNI GOLF TOURNAMENT 18071 18071 1158 2210 3138 1655 5 55147 810 54337 10246 3712 632 127553 810 126743 11404 2210 6850 53987 74451 52292 0 COMMONWEALTH UNIVERSITY OF PENNSYLVANIA 400 E 2ND STREET BLOOMSBURG PA 17815 232738930 1004436 0 COST SCHOLARSHIPS & AID - SUPPORT OF UNIVERSITY PROGRAMS, STUDENT AND FACULTY SCHOLARSHIPS AND AWARDS, FUNDS TO ASSIST WITH CAPITAL IMPROVEMENTS STUDENT AND FACULTY SCHOLARSHIPS AND AWARDS 10 2525 0 COST PART I, LINE 2: THE FOUNDATION SCHOLARSHIP PROGRAM IS HELD DURING THE SPRING SEMESTER PROVIDING RECOGNITION AND FINANCIAL ASSISTANCE TO STUDENTS WHO ARE SELECTED USING A RANGE OF CRITERIA. RECIPIENTS ARE CHOSEN BY UNIVERSITY DEPARTMENT COMMITTEES WHICH ESTABLISH THEIR OWN PROCESSES, POLICIES AND PROCEDURES WHILE ADHERING TO ORIGINAL DONOR INTENT. X 1 110652 FMV X NONCASH CONTRIBUTIONS 126 30008 FMV 0 0 0 FORM 990, PART VI, SECTION A, LINE 3 THE FOUNDATION ENGAGES A MANAGEMENT COMPANY TO OPERATE THE EVERGREEN COMMONS STUDENT HOUSING PROJECT. FORM 990, PART VI, SECTION B, LINE 11B THE FIRST DRAFT OF THE FORM 990 IS REVIEWED BY THE CHIEF FINANCIAL OFFICER WITH THE PAID PREPARER. THE SECOND DRAFT IS REVIEWED BY THE FINANCE COMMITTEE, AS PRESENTED BY THE PAID PREPARER. THE THIRD DRAFT IS PROVIDED TO THE BOARD OF DIRECTORS, PREFERABLY ELECTRONICALLY, PRIOR TO THE NEXT REGULARLY SCHEDULED MEETING OF THE BOARD OF DIRECTORS. THE FINAL DRAFT OF THE FORM 990 IS APPROVED OR DENIED BY THE BOARD OF DIRECTORS. AFTER FINAL APPROVAL BY THE BOARD OF DIRECTORS, THE FINAL FORM 990 WILL BE FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS REQUIRES EACH DIRECTOR AND EMPLOYEE TO ANNUALLY (1) REVIEW THE CONFLICT OF INTEREST POLICY; (2) DISCLOSE ANY POSSIBLE PERSONAL FAMILIAL, OR BUSINESS RELATIONSHIPS THAT REASONABLY COULD GIVE RISE TO A CONFLICT INVOLVING THE FOUNDATION OR UNIVERSITY; AND (3) ACKNOWLEDGE BY HIS OR HER SIGNATURE THAT HE OR SHE WILL ACT IN ACCORDANCE WITH THE LETTER AND SPIRIT OF THIS POLICY. INFORMATION PROVIDED ON THE ANNUAL FORM SHALL BE HELD IN CONFIDENCE EXCEPT WHEN, AFTER CONSULTATION WITH THE MEMBER, THEFOUNDATION OR UNIVERSITY BEST INTERESTS WOULD BE SERVED BY DISCLOSURE. FORM 990, PART VI, SECTION B, LINE 15 A RECOMMENDATION FOR THE ANNUAL COMPENSATION IS DEVELOPED BY THE EXECUTIVE COMMITTEE, WHO USES SALARY SURVEYS AND MARKET COMPARISONS FOR COMPARABLE POSITIONS TO IDENTIFY REASONABLE COMPENSATION AND BENEFIT LEVELS. THIS RECOMMENDATION IS PRESENTED TO THE BOARD OF DIRECTORS FOR REVIEW AND APPROVAL. FORM 990, PART VI, SECTION C, LINE 19 THE FOUNDATION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE ON THEIR WEBSITE. WHEN A WRITTEN REQUEST IS RECEIVED FOR PUBLIC INSPECTION OF THE FINANCIAL STATEMENTS, THE EXECUTIVE DIRECTOR, A COMMITTEE OF THE BOARD OF DIRECTORS, AND/OR THE BOARD OF DIRECTORS WILL EVALUATE THE FACTS AND CIRCUMSTANCES SPECIFIC TO THE INDIVIDUAL REQUEST TO DETERMINE IF THE REQUEST WILL BE GRANTED IN ACCORDANCE WITH APPLICABLE LAW. FORM 990, PART XI, LINE 9: LOSS ON EXTINGUISHMENT OF DEBT -171,238. CHANGE IN VALUE OF CHARITABLE REMAINDER TRUST -47,461. CHANGE IN VALUE OF ANNUITY -19,403. FORM 990, PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM PRIOR YEARS.