The President’s Report on Philanthropy and Endowments 2009–2010
Table of Contents
A Message from the President 2
A Message from the Campaign Chair 4
Ensuring Student Opportunity 6
Enhancing Honors Education 8
Enriching the Student Experience 10
Building Faculty Strength and Capacity 12
Fostering Discovery and Creativity 14
Sustaining a Tradition of Quality 16
Concepts in Philanthropy 18
Awards and Honors 22
Endowment Overview 24
Investment Management Update 25
University Budget Summaries 28
Campaign Executive Committee 32 A Message from the President
As Penn State’s President, one of my who have been inspired by the campaign’s greatest pleasures is talking with our vision of Penn State as the nation’s most students about what they hope to do student-centered research university. with the degrees they’re working so hard to earn. Whether they aspire to be As of June 30, 2010, gifts and pledges to For physicians or teachers, entrepreneurs or the Future totaled $1.03 billion. These results artists, they have set big goals for them- would be impressive at any time, but we are selves, and thanks to the education that they especially grateful for the loyalty of Penn receive here, they will likely achieve them. State’s supporters during the continuing Inspired by the economic downturn. Ensuring student access ability and am- and opportunity remains the top priority of bition of all our For the Future, and the $203 million received graduates, the Uni- to date in new scholarship support is helping versity has set a big to keep a Penn State education affordable for goal for itself, too: thousands of families hit hard by the finan- raising $2 billion cial crisis. in private support through For the In this report, you’ll find more details about Future: The Cam- our fundraising success in the last year as paign for Penn State well as information about how Penn State has Students. protected and managed the resources that our donors have entrusted to us. Thanks to Thanks to the ex- philanthropy, the University and our students traordinary gener- are thriving even in these difficult times, osity of our alumni and we must work hard to maintain the and friends, we have made vital progress campaign’s momentum as we build financial toward that goal in 2009–2010, breaking old strength for the long term. records and setting new standards for philan- thropy at Penn State. At our official campaign For 155 years, Penn State has been shaped by kick-off in April, we were able to announce the aspirations of students, citizens, and com- that we were more than halfway toward our munities—and by the generosity of alumni $2 billion goal, and photos from that land- and friends who have chosen to support our mark event are featured throughout this pub- institution. Thank you for helping us to aim lication. We have passed other milestones, higher, for the University and For the Future. too. For the first time, the University received more than $200 million in cash gifts from Sincerely, alumni and friends in a single fiscal year. We also had strong results in commitments, rais- ing more than $274 million, the third highest total in our history. These gifts came from a Graham B. Spanier, President record 185,183 donors—alumni and friends The Pennsylvania State University
2 The President’s Report on Philanthropy and Endowments | 2009–10 “For 155 years, Penn State has been shaped by the aspirations of students, citizens, and communities—and by the generosity of alumni and friends who have chosen to support our institution.” A Message from the Campaign Chair
The big picture, the long view, the trees results detailed in this report. All of us know, and the forest: Alumni and friends who though, that the hardest work is still ahead. support the University share a vision that encompasses not only what our institution We must communicate the importance of is today, but what our students—and Penn philanthropy to an even broader audience State—can be in the future. On the cover of if we are to reach the goals of For the Fu- this edition of the President’s Report on Phi- ture, and I hope that you will join us in that lanthropy and Endowments, we’ve featured effort. Just as the donors highlighted here a recent aerial photograph that may give have told their stories of giving, I hope that you a fresh perspective on Old Main, and in you’ll reach out to other Penn Staters and the following pages, we’ve featured stories friends and share your perspective on what of donors whose unique it means to support the University. viewpoints have led them to make extraordinary gifts Philanthropy has changed the way that Penn to Penn State. State looks at itself, as well as how the world looks at us, and it’s changed the way that our Whether they’re look- students look at their own potential to suc- ing through the lens of a ceed. Giving to the University has changed family member’s college the way that I look at myself, too, as part of a experience or a depart- Penn State community that stretches across ment’s illustrious past, the generations and around the world. Thank whether they perceive the you for your own support of Penn State and potential in an innovative your own vision for our future. educational program or a bold new outreach effort, Sincerely, our supporters are seeing the future of the University, and they’re seeing how they can make that future happen. Endowed gifts like those described in these stories embody a special kind of vision, one with no horizon, Peter G. Tombros, Chair no limit to Penn State’s role as a leader, now For the Future: The Campaign for and in perpetuity. Penn State Students
As we work toward achieving the official $2 billion goal of For the Future: The Campaign for Penn State Students, we are asking all of The articles in this report not only tell the sto- the University’s alumni and friends to see a ries behind important gifts to the University— role for themselves in shaping our institu- they also highlight ideas and approaches that tion through philanthropy. 2009–2010 was have enabled many donors to fulfill their philan- one of the most exciting and successful years thropic goals. To learn more about the concepts in the history of Penn State fundraising, and appearing in bold throughout the text, please I am honored to have led the team of dedi- see the Concepts in Philanthropy section, which cated volunteers who achieved the incredible begins on page 18.
4 The President’s Report on Philanthropy and Endowments 2009–10 “Philanthropy has changed the way that Penn State looks at itself, as well as how the world looks at us...” Ensuring Student Opportunity
Support from a State Gratitude is a great muse, says Hannah Morris. Every year, the Public Relations major from Punx- College couple turns the sutawney writes a thank-you letter to express her financial situation of appreciation for the John E. and Judith F. Baillis students from bad to verse. Scholarship, but last fall, she was inspired to pen a two-page poem:
… To receive your scholarship is quite an honor Without your support through college, I’d be a goner…
…We all appreciate the financial assist Your kindness has enabled me to stay on the dean’s list…
…Finding money for college is normally stressing That’s why your scholarship is such a blessing…
“Reading Hannah’s poem was a terrific reminder of why we created the scholarship,” says John Baillis ’58, a retired vice president of software firm Malvern Systems now living in State College. “When I hear that our gift has made it possible for students to enjoy Penn State and develop their potential, it’s very rewarding.”
John and Judith (who passed away in 2005) established the fund to help three different groups of undergraduates. Every year, one Baillis Scholarship goes to a student like Hannah Morris who is a top academic achiever at any Penn State campus, but the couple also wanted to assist students who were facing special challenges to earning a degree.
“Our own daughter didn’t take a direct path through her educa- tion,” says John. “She didn’t decide to go to college until her senior year of high school, so she enrolled in a special program at Penn State Brandywine, the campus closest to our home at the time, to catch up on the courses she needed. After two years, she left school to start a family, but she came back to Penn State when she was 25 years old and finished her degree at University Park. We saw what she went through, and we wanted to help others in her position.”
A second Baillis Scholarship is awarded each year to a student at Penn State Brandywine who has the potential to succeed, but whose academic record doesn’t yet qualify him or her for acceptance in a degree program. The third Baillis Scholarship supports a Brandywine student who is 25 years of age or older or who has been out of high school for four years or more.
“I wanted to set an example for my children—how could I honestly tell them to complete college if I didn’t?” says Taunja Belgrave, a mother of three and a recipient of the Bail- lis Scholarship. She began a degree twenty years ago, but she had to leave school to help support her family when her father died. Now she’s majoring in Human Development and Family Studies at the Brandywine campus, and she hopes to earn a doctorate in clinical psychology and open her own private practice.
“The thought of returning to college after being away for such a long time was terrify- ing, and without scholarships, it would have been a huge financial burden,” Taunja says. “Thanks to the personal support of the Penn State faculty and staff, and the financial sup- port of the Baillis Scholarship, my experience has been wonderful, and I will be able to reach my goals for myself and my family.”
Hannah Morris, who graduated in May and is now working with Habitat for Humanity of Greater Pittsburgh through the AmeriCorps VISTA program, is also on track thanks to the Baillis Scholarship. “I wrote the poem because I wanted to express how much that support has meant to me,” she says. “I’ve been able to concentrate on school and the learning experi- ence instead of focusing on earning money during college, and now I’m moving out into the world with a great degree. I can’t imagine where my life would be right now if it weren’t for Penn State and the Baillis Scholarship.”
John Baillis (above), Taunja Belgrave (opposite, far left), Hannah Morris (opposite, near left)
The President’s Report on Philanthropy and Endowments 2009–10 7 Enhancing Honors Education
It can be a tough road John H. Ball ’55 and Barbara Shoemaker Ball ’56 had always followed the news from their from Philly to Happy alma mater, but one 1997 headline really hit Valley, but two alumni are home. “When we read the announcement about easing the way for some the creation of the Schreyer Honors College and of the city’s most talented its mission of providing exceptional leadership education, it resonated with both us,” says John. students. “We thought, ‘Yes, this is the kind of opportunity that Penn State should be offering,’ and we wanted to make sure that it was available to stu- dents who would truly value the experience.”
The Gladwyne, Pennsylvania couple were among the very first donors to step forward with their own gift to the ambitious new program established by Bill and Joan Schreyer. In 1998, the Balls endowed the Schreyer Honors College Scholarship for Philadelphia Residents, targeting graduates of high schools within the city limits. “I’m sensitive to the challenges faced by impoverished inner-city Philadelphia families because that’s where I come from myself,” says John, who graduated from Central High School and served in the Marine Corps before enrolling at Penn State.
He credits much of his later success as head of a major construction firm to his experience at the University. “Frank Simes, the dean of men, encouraged me to grow as a leader,” he says. “That’s what the Schreyer Honors College was created to do for the University’s best and brightest, and that’s why we wanted to make it possible for Philadelphia students to choose Penn State.”
Joey Traisler, a sophomore majoring in Mathematics, is a current recipient of the Balls’ scholarship. “Thanks to their support, I’m able to get the most out of being in one of the best honors colleges in the country, a fantastic community of intelligent, interesting, and enthusiastic students,” says Joey. “I had the opportunity to meet the Balls last year, and it was amazing to realize that they had chosen to use their own money to make my college experience better.”
The feeling is mutual. “We’ve been very impressed with the students we’ve met over the years,” says John—so impressed that the Balls chose to increase the scholarship’s endow- ment in 2007. John currently serves on the Schreyer Honors College advisory board and campaign committee, and he is encouraging others to support the program and its students. “I tell alumni to learn more about what is happening at Penn State today,” he says. “If they do, they’ll find something as exciting to them as the Schreyer Honors College is to us.”
Barbara and John Ball (opposite, above), Joey Traisler (opposite, below)
8 The President’s Report on Philanthropy and Endowments 2009–10
Enriching the Student Experience
Abington students have They’re studying the Milky Way and re- ligious architecture, breast cancer and their heads in the (hydro- Malcolm X. Their travels have taken them as far gen) clouds and their feet away as Morocco and Easter Island, but close to on the ground, thanks to home, they’re building robots and tagging hawks. a fund supporting under- They’re dedicated researchers, but they aren’t faculty members—yet. As participants in Penn graduate research. State Abington’s undergraduate research program, approximately thirty-five students each year are getting invaluable hands-on experience in their fields, and the Gerald P. Kessler Endowment for Undergraduate Research is helping to take that experience to the next level.
“We’re a small college that does undergraduate research in a big way, and Jerry Kessler’s support is allowing us to create even more research opportunities,” says Dr. Leah Devlin, director of the program. For decades, Abington faculty members had been collaborating informally with interested students, and the campus formalized this research experience a few years ago with the creation of an undergraduate research program that includes an an- nual poster fair and colloquium highlighting what participants have accomplished. In 2007, Jerry, a longtime supporter of the campus and managing director of Wells Fargo Advisors in Jenkintown, Pennsylvania, created an endowment to support the program.
“Any success I’ve had in life has come from following my interests wherever they took me,” says Jerry, who started his education at Penn State Abington and completed a bachelor’s degree in History at University Park in 1965. “I want Abington students to have that same opportunity, and undergraduate research is a way for them to discover what they are capable of achieving.”
10 The President’s Report on Philanthropy and Endowments 2009–10 Funds from the Kessler endowment have been used to create a prize for the research stu- dent who gives the best presentation at the campus undergraduate research colloquium held each fall; the award provides funds so that the student can share his or her work at a national conference. In 2009, Accounting major and Schreyer Scholar Angelisa Cataldo won for her research on how college students balance employment and studying.
“It was an amazing experience for me, and it confirmed my interest in pursuing a Ph.D.,” says Angelisa, who worked with Dr. Lonnie Golden, professor of economics and labor studies, on the project. “The undergraduate research program at Penn State Abington helped me to discover how much I enjoy exploring new ideas, and Mr. Kessler’s support has given me the opportunity to learn even more about the research process and my options for the future.”
The endowment has also provided support for a significant expansion of the spring poster fair into a week of events, as well as student and faculty travel related to research. In recent semesters, Dr. Ann Schmiedekamp, professor of physics, has taken a group of mostly fresh- men and sophomores to the Greenbank National Radio Astronomy Observatory in West Virginia, where they collect data on the movement of hydrogen clouds in the plane of the Milky Way galaxy. “I love being able to show my students something beyond what they’ve learned in their introductory courses,” she says. “It’s a chance for them to understand the scientific enterprise, to learn how you look for answers when there’s no answer key. The Kessler funding offsets the cost for students, so that they have the freedom to choose an experience like this.”
Sophomore Rob Arrowood took part in the most recent trip to the observatory. “It provided me with insight into the problems that scientists face in the field,” says Rob, who plans to complete a degree in aerospace engineering. “In class, we always learn about abstract and ideal situations. This project allowed me to see these concepts in a real setting.”
Jerry, whose gifts to Penn State include un- dergraduate and graduate scholarships in the Smeal College of Business and an undergraduate scholarship at Penn State Abington, thinks that undergraduate research can help both the cam- pus and students like Angelisa and Rob to fulfill their potential. “Opportunities like this program can help us to attract motivated undergraduates who are aiming to do more than punch out their required credits,” he says. “These students are putting a lot into their research, and they’re get- ting a lot out of it, too.”
From left to right: Gerald and Joyce Kessler; Angelisa Cataldo; Rob Arrowood and Dr. Ann Schmiedekamp
The President’s Report on Philanthropy and Endowments 2009–10 11 Building Faculty Strength and Capacity
In the early twentieth century, American An endowment helps a companies began developing the innovations, groundbreaking depart- from assembly lines to automation, that would ment attract faculty make the country an industrial leader, and Penn leadership for an exciting State began training the engineers who would keep those innovations coming. Established in new era in its history. 1909, the Department of Industrial and Manufac- turing Engineering (IME)—now named for supporters Harold ’49 and Inge Marcus—is the oldest of its kind in the world, and its more than 7,000 graduates have gone on to careers in fields as varied as transportation and telecommunications, consumer products and con- struction. Thanks to the success and generosity of its alumni, including Peter Dal Pezzo ’68 and his wife, Angela, the program is now poised for a second century of leadership.
“We are one of the top five IME departments in the country, but Peter and Angela believe that we can do more,” says Dr. Paul Griffin, the Peter and Angela Dal Pezzo Department Head Chair of Industrial and Manufacturing Engineering. “Their support is helping us— and our students—to become more global in our outlook and better prepared to contribute to an even broader range of businesses.”
The Dal Pezzos’ own international perspective grows out of lives that have spanned conti- nents and industries. After graduating from Penn State, Peter began his career at Bethlehem Steel, and he is now retired from his role as a vice president of global security technology manufacturer Pelco. Angela, a native of Switzerland, has a degree in internation- al business and held positions at Pelco as well. Today, their travels take them not only overseas, but also to University Park, where Peter volunteers his time and expertise as a member of the IME department’s Industrial and Professional Advisory Council.
“Through my involvement with the council, I became impressed with the department’s vision for its future and its commitment to creating global engineers— graduates with the skills and understand- ing to contribute on an international level,” says Peter. “Angela and I wanted to help the department fulfill that vision.”
12 The President’s Report on Philanthropy and Endowments 2009–10
The Dal Pezzos’ first major gift to the department created a chair for its head, and the endow- ment was instrumental in Griffin’s recruitment to the University in 2009. “It’s a tough time to be a department head, with enrollment up and resources down,” says Dr. Griffin, who came to Penn State from Georgia Tech. “I knew that with the resources of the Dal Pezzo Department Head Chair, I would be able to create opportunities for our students and faculty that wouldn’t otherwise be possible.”
With funds from the endowment, Dr. Griffin has supported top graduate students and seeded new research ideas, including an undergraduate capstone project focused on energy-efficient manufacturing. Additional gifts from the Dal Pezzos have established three Trustee Scholar- ships in the department and launched the Global Manufacturing and Services Laboratory, where students collaborate on team projects with peers at international universities. “We are so interconnected today, and the greatest gift that you can give someone is the education that will enable them to succeed in the global economy,” says Angela.
The Dal Pezzos hope that their support will lead to “a cycle of excellence,” says Peter. “We want Penn State graduates to have the hands-on experience, the exposure to well-known faculty, the understanding of the latest technology, that will help them to go out, do well, and support the next generation—many generations—of industrial engineers. Penn State has a great tradition in this field, and we want that to continue.”
Peter and Angela Dal Pezzo (opposite); Dr. Paul Griffin Fostering Discovery and Creativity
As a social worker in Cleveland, Ohio, Susan A community leader and a Hirt Hagen met a client whom she couldn’t Penn State Behrend faculty forget. “She was a thirteen-year-old girl pregnant member form a partner- with her second child,” Susan recalls. “My assign- ship for the future of Erie ment was to take her to court so that she could get County. permission to marry the father, but I couldn’t stop asking myself what kind of future was ahead for this family. When children have children, the impact can last for generations.”
Years later, when Susan had returned to her native Erie and, through time, became a com- munity leader—her many achievements include serving as the first female president of the United Way of Erie County and receiving the organization’s highest honor, the Alexis de Tocqueville Award, as well as earning the Distinguished Citizen of the Commonwealth Award from the Pennsylvania Society—she was asked to serve on a committee tackling the problem of teen pregnancy in the region. The group discussed many possible strategies, but Susan was most impressed with the perspective of a faculty member from Penn State Erie, The Behrend College.
“We really hit it off,” says Dr. Carl A. Kallgren III, associate professor of psychology at the campus. “Susan and I agreed that we had to take a research-based approach. We needed to consider the evidence about what works and what doesn’t work, and we needed to create a program that would really make a measurable difference in the lives of youth and in the life of the community.”
That program—the Center for Organizational Research & Evaluation (CORE)—was launched in 1998 with annual funding from Susan Hirt Hagen. Over the next decade, she offered both support and guidance as Dr. Kallgren and a growing team of Penn State staff and students cre- ated programming and services based on the 40 Developmental Assets model of healthy youth development. Based on studies by the Search Institute in Min- neapolis, Minnesota, the model suggests that a range of external and internal strengths, from positive family communication and caring schools to personal integrity and a motivation to achieve, are linked to a young
Susan Hirt Hagen; Dr. Carl A. Kallgren III
14 The President’s Report on Philanthropy and Endowments 2009–10 person’s ability to make good choices.
“Above all, if you give kids a sense of hope and a vision for their future, they won’t drop out of school, and they won’t get pregnant,” says Dr. Kallgren. “The developmental assets ap- proach takes time to implement, though, because it means engag- ing the entire community—so- cial service agencies, schools, neighborhoods, families.”
CORE has helped many local organizations with the research needed to secure funding for their efforts and evaluate their success, and the center has taken an increasingly active role in outreach. In 2005, with the partnership of the United Way of Erie County and other groups, CORE launched the Union City Sustained Healthy Youth Development Project. Targeting one of the county’s most impoverished school districts, Dr. Kallgren and his team have created a comprehensive program to engage students in afterschool clubs, mentor- ing relationships, and other activities designed to connect them with each other and the community. The program has already yielded extraordinary results, including a 55 percent reduction in the high school dropout rate for the last five years—a drop which is estimated to save local, state, and federal government at least $14 million in social services.
“It’s incredibly rewarding to see that kind of impact,” says Dr. Kallgren. “Now we would like to customize the program for other schools throughout the county, and then possibly other areas of Pennsylvania. We can also use this approach to address a wide range of issues, such as alcohol abuse among young people. As we expand our scope, we’ll be seeking philan- thropic partners who want to support our efforts in specific communities and on specific issues, but Susan has been the pioneer, the one who makes everything else possible.”
In 2008, as CORE celebrated its tenth anniversary, Susan endowed the program, now named the Susan Hirt Hagen Center for Community Outreach Research and Evaluation. “The need for healthy youth development isn’t going to go away,” she says. “I don’t want CORE to go away, either. We’re trying to create a cultural shift, and that’s a slow process. It takes time to gain the trust of families and communities. I want the people of Erie County to know that CORE will be their partner in helping every generation of young people to make good choices for their future.”
The President’s Report on Philanthropy and Endowments 2009–10 15 Sustaining a Tradition of Quality
Remembering her own early The nature-loving Udine family settled in State College when their daughter Mar- years, an alumna seeds op- cia was a teenager, and they put down portunities for the youngest roots—literally. “My father was always visitors to The Arboretum at growing some odd thing in the yard, and my Penn State. mother knew where to find every wildflower in Centre County,” recalls Marcia Udine Day ’49. “I always loved walking together through the woods near the Penn State campus. If you learn to care about nature when you’re young, it makes your whole life richer.”
Now Marcia is helping other central Pennsylvania kids to discover their own love for the natural world through an endowment supporting children and youth programs at The Ar- boretum for Penn State. The fund is named for Marcia and her late husband, Robert J. Day ’47, who joined the United States Gypsum Corporation in 1950 and retired as the company’s chairman and CEO forty years later. The couple, who made their home in Illinois, had worked with Penn State in the 1980s to establish two charitable gift annuities, but they were still considering how their support should be used when Robert died in 1998. The Days, who toured many public gardens and arboreta together, had always hoped that Penn State would create one on the University Park campus, and as the progress on the project accelerated in 2007, Marcia committed their support.
Income from the Days’ gift has helped to cover the preliminary design costs of the Chil- dren’s Garden, a space that will be “a year-round learning environment where teachers and families can help children understand what it means to live in this landscape,” says Linda Duerr, director of Penn State’s Child Development Laboratory. She is a member of the team that has worked with the Arboretum director, Dr. Kim Steiner, and design firm EDAW/AECOM to plan the garden. The space will be a microcosm of central Pennsylvania, with child- scale ridges and valleys and a miniature forest and prairie. Linda, who anticipates that the garden will be a regular desti- nation for groups from local and University child care centers, says, “This space can help children to better understand their community and their own role as stewards of the earth that we share.”
Marcia Udine Day
16 The President’s Report on Philanthropy and Endowments 2009–10 The Days’ endowment will continue to support the development of the Chil- dren’s Garden, and Marcia hopes that their gift might inspire another donor to name the space. “It gives me a precious thrill to realize that this land, just down the street from where my family lived in State College, will be preserved in per- petuity for other families,” she says. “It’s a step into the future that will grow, live, and change. That is very gratifying.”
Linda Duerr
The President’s Report on Philanthropy and Endowments 2009–10 17 Concepts in Philanthropy
Scholarship programs at Penn State State’s development staff can help donors to find the scholarship program that will best Scholarships are the top priority of For achieve their personal philanthropic goals, the Future: The Campaign for Penn State such as increasing diversity at the Univer- Students, and the University offers a range sity, encouraging academic excellence, or of opportunities for alumni and friends to honoring the experiences and achievements target their support to the students with of loved ones. “Our daughter loves the fact whom they feel the strongest connection. that we created a scholarship that helps By establishing an endowment through the students like her,” says John Baillis. For a Trustee Matching Scholarship Program, do- full list of Penn State’s scholarship programs nors can not only secure an annual match of and more information about how to create 5 percent of the total pledge or gift creating an endowment that expresses your own val- the endowment; they can also request that ues and interests, please visit: www.giveto. their support be directed to students with psu.edu/scholarships. financial need who meet one other prefer- ence of the donors’ choice, such as academic major, geographic region, or involvement Increasing existing endowments in a particular activity. While creating an endowment with fewer criteria for recipi- As a longtime leader in the construction ents allows for greater flexibility in target- industry, John Ball recognizes the value of ing support where it is most needed, Penn building on a strong foundation. When the
A group from Penn State Abington at the Greenbank National Radio Astronomy Observatory
18 The President’s Report on Philanthropy and Endowments 2009–10 University launched For the Future: The stepping stone, but I want people to think Campaign for Penn State Students in 2007, of it as a first-rate school, a real academic John and his wife Barbara chose to add to the destination,” says Jerry Kessler. “I hope that scholarship fund they had created soon after my gift to support undergraduate research the Schreyer Honors College was established can contribute to that shift.” Endowments a decade earlier. “We had seen the effect for Penn State programs can launch new ini- of our scholarship in the lives of students, tiatives or enhance existing efforts, and they and we knew that the need for support had can be tailored to specific needs and oppor- continued to grow since we made our gift,” tunities, as well as to the interest and ability says John. For many donors like the Balls, of individual donors. With a gift of $25,000 increasing an existing endowment is a mean- or more, alumni and friends can endow ingful way to deepen their philanthropic activities as diverse as literacy outreach, relationship with the University. These gifts volunteer service, study abroad, and public count toward Penn State’s campaign goals, broadcasting. Donors who have the capacity and they can expand the scope and impact to make a landmark gift can endow centers, of an endowment: reaching more students, institutes, and even academic departments. addressing new or greater needs, recognizing By providing permanent support for every- and rewarding a program’s success. Donors thing from lectureships to libraries, program whose financial position has grown stronger endowments are vital to Penn State’s abil- over time can add to their endowments and ity to take on new challenges and fulfill its create an even greater legacy for Penn State enduring commitment to students, citizens, and its students. and the larger world.
Creating program endowments Department head chairs and other faculty endowments The undergraduate research program at Penn State Abington has become a flagship “I want the Department of Industrial and initiative for the campus and a powerful Manufacturing Engineering to be a global example of how philanthropy can change leader, and that means having the right the nature and reputation of the education leader for the program,” says Peter Dal offered by the University. “When I was an Pezzo. “A named department head chair has undergraduate, Penn State Abington was a enabled Penn State to attract some amazing
Deferred Giving 2001–2010 (Fiscal year ending June 30)
2001 26.6 2002 24.3 2003 48.1 2004 30.0 2005 14.4 2006 21.1 2007 25.2 2008 21.5 2009 24.6 2010 27.6 010 1002200330044005500 in millions of dollars
The President’s Report on Philanthropy and Endowments 2009–10 19 candidates for the position, and it also gives programs and students. For some donors, the program more stature both at the Uni- annual gifts offer them important financial versity and in the engineering world.” One flexibility; for others, a fixed-term com- of the most prestigious honors that can be mitment allows them to see the impact of offered to a faculty member, endowed posi- their support before they make an endowed tions allow Penn State to compete not only gift. In 1998, Susan Hirt Hagen was able to with other institutions but also with busi- jumpstart development of the Center for ness, industry, and government for academic Organizational Research and Evaluation by stars. The funds provided by a department committing to three years of funding, and head chair are not used to supplement the she renewed that support over the following salary of the chairholder; instead, they are decade. CORE’s track record of success and strategically directed to high-priority needs her desire to see its efforts continue led her and opportunities across a program, from to endow the center in 2008. “If you have a recruitment of top students and faculty to deep interest in a particular area, you want development of new courses and research to perpetuate that interest forever,” says Su- initiatives. Other types of endowments, san. Penn State’s supporters can enjoy some such as professorships or endowed chairs, of the benefits of both annual funding and can advance the teaching and research of endowments through early activation. extraordinary faculty by covering expenses If donors have committed to creating an en- such as start-up costs for laboratories, sti- dowment through a five-year pledge, estate pends for graduate assistants, or hands-on plan, or other planned gift structures, they research experiences for undergraduates. can activate the fund by committing to a For further details on faculty endowments minimum of five years of annual funding at at Penn State, as well as information on the 5 percent of the endowment’s value, approx- Faculty Endowment Challenge, which of- imately equivalent to its projected payout. fers a 1:2 University match for gifts creating These early activation funds are used for Early Career Professorships, please visit: the same purposes as the endowment, but www.giveto.psu.edu/faculty. they do not become part of the endowment’s principal. Instead, funds go directly to the programs and opportunities the donors Annual funding, endowments, and wish to support, and the endowment itself early activation is established when the donors’ estate is settled or the pledge is fulfilled, creating a Annual funding and endowments both permanent source of income. play a critical role in supporting Penn State
20 The President’s Report on Philanthropy and Endowments 2009–10
Charitable gift annuities and other gift planning vehicles
“These giving structures are unique in that ENDOWMENT CATEGORY MINIMUM GIFT they can be used twice: for your family and for Academic Endowments Penn State,” says Marcia Udine Day, whose Dean’s Chair $ 5,000,000 husband, Robert, took the lead in establishing Department Naming $ 5,000,000 two charitable gift annuities at Penn State in Department Head’s Chair $ 3,000,000 the 1980s. One of the easiest and most popular Faculty Chair $ 2,000,000 ways to make a planned gift to the University, a Professorship $ 1,000,000 charitable gift annuity can be established with Early Career Professorship $ 500,000 a gift of $10,000 or more, and it provides do- nors with guaranteed income for the duration Student Endowments of their lifetimes. The annuity’s payout rate Graduate Fellowship $ 250,000 is established at the time of the gift and never Distinguished Graduate Fellowship $ 250,000 changes, even as the return on other invest- Honors Scholarship $ 50,000 ments fluctuates, and up to two individuals can Undergraduate Scholarship $ 50,000 receive income from the annuity. After their Destiny Scholarship $ 50,000 deaths, the University receives the remainder Enrichment Scholarship $ 50,000 of the annuity and directs the funds to the Trustee Scholarship $ 50,000 Penn State programs and opportunities that Renaissance Scholarship $ 30,000 the donors wished to support. Charitable gift annuities are among the many options avail- Program Endowments able to alumni and friends who wish to make a Lectureship $ 100,000 planned gift to the University. Last year, Penn Research $ 50,000 State received more than $14.4 million from Program Support $ 25,000 charitable gift annuities and other life income Libraries $ 25,000 gifts, and $13.2 million in realized bequests. Awards $ 20,000 These opportunities can help donors to have the greatest possible impact on the University and its students while helping to ensure the financial security of themselves and their loved ones. For more information, please contact Penn State’s Office of Gift Planning (1-888-800- 9170 or [email protected]).
The President’s Report on Philanthropy and Endowments 2009–10 21 Awards and Honors
Each year, the Division of Development and Alumni Relations honors those individuals and companies that have been instrumental in our fundraising success. In 2010, we celebrated the following award winners.
Philanthropists of the Year: Stephen G. and Nancy L. Sheetz
This award recognizes an individual, couple, or family who has demonstrated exceptional generosity in the promotion and support of The Pennsylvania State University. Through their philanthropy, the recipients have helped to shape Penn State’s future and enabled us to better serve students and citizens.
Through their philanthropic and volunteer leadership, Steve and Nancy Sheetz are transforming educational op- portunities in the greater Blair County region where they both grew up. In 2009, the couple made the largest com- mitment in the history of Penn State Altoona to expand its entrepreneurial studies program. Their gift also created the Sheetz Fellows initiative, which takes undergraduate business education beyond the traditional curriculum to cultivate ethical judgment, intercultural awareness, and other skills and attitudes that will help students to become responsible business leaders—the same goal that has driven Steve’s own career as chairman of the board of Sheetz, Inc., one of the nation’s largest family-owned-and-operated convenience store chains. Steve began his education at Penn State Altoona and graduated from the University in 1969 with a bachelor’s degree in business management. A Distinguished Alumnus and an Alumni Fel- low of Penn State, Steve served on the Penn State Board of Trustees from 1995 to 1998. He has also has been a member of the Penn State Altoona advisory board since 1984, and he has chaired several fundraising efforts for the campus. Steve and Nancy have also led by ex- ample with their extraordinary support for Penn State Altoona, including the Sheetz Family Endowed Scholarship and the Sheetz Visiting Lecture Program. In 2010, they increased their commitment to the entrepreneurship center and the Sheetz Fellows, affirming their belief in the potential of Penn State Altoona and its students.
Fundraising Volunteer of the Year: John Curley
This award recognizes an individual or group who has served as fundraising volunteers, teachers, or mentors while demonstrating exceptional commitment and leadership in building philanthropic support for The Pennsylvania State University.
22 The President’s Report on Philanthropy and Endowments 2009–10 For more than twenty years, John Curley has proved that you don’t have to be a graduate of the University to be a dedicated Penn Stater. The first editor of USA Today and the former president, chairman, and CEO of Gannett Co. Inc., John was appointed to the College of Communications Board of Visitors in 1989, and he has continued to offer his expertise to Penn State and its students ever since. In 1999, the graduate of Dick- inson College and Columbia University was named an honor- ary alumnus of Penn State for his achievements and service. Currently, John is Distinguished Professional in Residence and Professor of Journalism in the College of Communications, where he has taught for almost ten years. He helped to found the John Curley Center for Sports Journalism, established in 2003 and named in his honor in 2006. As a volunteer, John has chaired the college’s Board of Visitors for more than a decade, and he served on the Grand Destiny campaign executive committee and the National Council on Penn State Philanthropy. A generous supporter of the College of Communications, he now leads its campaign commit- tee, and he continues to help both the college and the University as a whole to capitalize on their strengths and make important connections with the wider world.
Corporate Partner of the Year: The Dow Chemical Company
This award recognizes a corporation that has demonstrated extraordinary generosity in pro- motion and support of The Pennsylvania State University. Recipients are chosen on the basis of consistency of giving, support to areas of greatest needs, and impact across Penn State.
Over the last two decades, the Dow Chemical Company has set a new standard for corpo- rate philanthropy to Penn State, and the nearly 350 alumni who currently work for Dow are helping to deepen a relationship that continues to benefit both the University and the company. Dow’s support reflects its diversified interests and international leadership in a broad range of science and technology fields. Its gifts to Penn State have spurred innovative research and education in agricultural sciences, chemistry, chemical engineering, earth and mineral sciences, and materials science, and Dow is a member of the Institute for the Study of Business Markets in the Smeal College of Business. The company has also supported the MBNA Career Services Center and invested in recruitment efforts at Penn State. Dow’s employees include loyal former students of the late Dr. Larry Duda, a longtime chemical engineering faculty member whose own career began at Dow. In 2006, the company estab- lished the Dow Chemical Co. and Larry Duda Excellence in Chemical Engineering Fund— at that time, the largest corporate endowment ever created at Penn State. The fund, whose resources directly benefit both students and faculty, honors Dr. Duda’s contributions to the field of chemical engineering and celebrates the unique and enduring partnership between Penn State and the Dow Chemical Company.
The President’s Report on Philanthropy and Endowments 2009–10 23 Endowment Overview
Endowed gifts are held by Penn State in agement philosophy in investing these gifts perpetuity. The initial gift is invested and so that they maintain their value in real, infla- a portion of the average annual investment tion-adjusted terms over time. The Univer- return is spent for the purpose designated by sity’s Board of Trustees has established four the donor. The remaining income is added to basic endowment management principles to the principal as protection against inflation. guide the University’s Investment Council. Thus an endowed gift today will have rela- tively the same value for future generations. These four principles ensure that the spending power of each endowment gift will be main- Penn State’s endowment portfolio, into tained in the face of economic fluctuations. which endowed funds established at the University are invested, is a commingled pool that operates much like a mutual fund. Each endowment owns a number of units in Basic Endowment Management Principles the pool, just as an individual would pur- 1. Provide sufficient current and future in- chase shares in a mutual fund. And as with come to meet the University’s spending a mutual fund, the value of each unit at the objectives and enhance its mission. time funds are invested in the pool deter- 2. Focus on long-term performance. mines how many units an individual fund 3. Accept a reasonable and prudent level of acquires. risk while maximizing “total” return. 4. Diversify investments to reduce risk. Penn State strives to be a good steward of its endowed gifts and follows a prudent man-
gifts to endowment (Fiscal year ending June 30)
80 80 72.8 69.1 70.2 7070 61.2 62.5 58.5 6060 56.5 55.2 51.4 50 50 42.4 4040
3030 2020 1010 0 0 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10
in millions of dollars
24 The President’s Report on Philanthropy and Endowments 2009–10 Investment Mangagement Update
Penn State’s endowment investments spending while preserving future purchasing consist of a diversified portfolio of public power. This is known as “intergenerational equities, bonds, private capital, and hedge equity.” funds in addition to real assets. In managing our investments, we adhere to a prudent, As of the end of fiscal year 2010, endowment rational, long-term strategy that seeks to and similar funds were valued at $1.44 bil- maintain steady growth while minimizing lion, of which $1.34 billion was invested in the effects of volatile market fluctuations. the Endowment Pool. Similar funds, which include charitable remainder trusts, charita- For many years, the University provided 5 ble gift annuities, and other life income funds percent of the pooled endowment’s five-year in addition to some donor-restricted funds, average market value for spending on schol- represented $97.6 million in assets that are arships and educational programs. How- not directly invested in the Endowment Pool. ever, given prospects for modest, long-term investment market returns, the payout rate For the year ending June 30, 2010, the en- has been reduced incrementally over the last dowment increased $158 million, and it has several years, and the rate was lowered to 4.5 increased a cumulative $50 million over the percent for fiscal year 2010. The University’s last five years. Over this same period, the en- spending policy of using rolling five-year dowment has provided $304 million of pro- average balances is intended to smooth out gram support, including $63 million in fiscal the “peaks” and “troughs” in the investment year 2010. These amounts reflect the impact markets, saving a portion of the earnings of investment returns and generous giving, in the good years to offset the less profit- including consistent support for scholarships able years—thus providing generous current and University programs.
Market Value of Penn State’s Endowments and Similar Funds (Fiscal year ending June 30)
Endowment Pool Similar Funds Total Value 2001 899 87 $986 2002 842 101 943 2003 882 83 965 2004 1,007 100 1,107 (1.11 billion) 2005 1,128 103 1,231 (1.23 billion) 2006 1,280 110 1,390 (1.39 billion) 2007 1,537 132 1,669 (1.67 billion) 2008 1,488 128 1,616 (1.62 billion) 2009 1,184 97 1,281 (1.28 billion) 2010 1,342 98 1,439 (1.44 billion)
in millions0 of dollars n Endowment500 Pool n Similar1000 Funds 1500 2000
The President’s Report on Philanthropy and Endowments 2009–10 25 For fiscal year 2010, the endowment’s invest- such as scholarships and faculty positions, ment return was 14.3 percent, and it has aver- while maintaining real, inflation-adjusted aged 4.3 percent per year over the last five growth for the future generations. years. In the longer term, Penn State’s en- dowment has averaged 8.2 percent per year, Looking forward, the steady growth of the net of gifts and expenses, since June 30, 1990. world economy has heightened inflation These results demonstrate long-term growth concerns, especially natural resources such across various financial ups and downs, such as oil and gas. With approximately 15 percent as the bull market of the 1990s, the steep of our investments regarded as inflation- decline at the turn of the century and sub- sensitive, Penn State’s diversified endowment sequent economic recovery, and the recent portfolio continues to be appropriately in- downturn due to the credit crisis. Penn vested for long-term growth and sustainable State’s diversified approach has allowed the spending. endowment to support program spending,
Endowment Asset Mix (Fiscal year ending June 30, 2010)
25% Where Penn State invested its endowed funds 55%
n Public Equities n Fixed Income n Private CapitalPrivate Capital 20% Fixed Income
The Penn State endowment portfolio is broadly diversified,Public Equitieswith 20 percent fixed income as of June 30, 2010; 55 percent in public equities (both U.S. and non-U.S.); and 25 percent in a variety of other (alternative) investments including real estate, private capital, venture capital, and energy. The majority of the endowment’s assets are equity-type investments that, over the long term, gener- ate returns in excess of inflation in order to preserve the endowment’s purchasing power for future generations.
In the year ending June 30, 2010, global equity markets rallied strongly, largely erasing losses in- curred during the twelve months ending June 2009, while fixed income returns were positive for the fourth consecutive year. Bonds, as measured by the Barclays Capital Aggregate Bond Index, earned a total return of 9.5 percent in fiscal year 2010 while public equities, as measured by the MSCI All Country World Index, returned 12.3 percent. Penn State’s private equity is comprised of private part- nership investments, including private equity and venture capital partnerships which returned 22.5 percent and 6.4 percent, respectively.
26 The President’s Report on Philanthropy and Endowments 2009–10 Long-Term Investment Performance of Penn State’s Investment Council Endowment Penn State’s Board of Trustees created Penn State’s endowment earned an invest- the Investment Council in response to ment return of 14.3 percent, excluding the the University’s increasing asset base and impact of new gifts and spending. While complex investment strategies. The council stock market returns often fluctuate from provides direct oversight of the endow- year to year, the endowment’s well-diver- ment and long-term investment program, sified portfolio can weather short-term and it regularly reviews asset allocation, fluctuations and generate consistent posi- new asset classes, investment strategies, tive returns over long periods of time. Net and manager performance. of all fees and expenses, the Penn State endowment has averaged 3.8 percent per Council Members year over the last ten years and 8.2 percent over the last twenty years, allowing the Al Horvath, chair Senior vice president for finance and business/ endowment to maintain steady inflation- treasurer, adjusted spending and to achieve long- The Pennsylvania State University term intergenerational equity. David Branigan Executive director, Office of Investment Man- agement, The Pennsylvania State University
Timothy J. Crowe Managing director, Anchor Point Capital LLC agvera e annualized total returns for periods ending june Carmen Gigliotti 30, 2010 Managing director, Private Market Group, DuPont Capital Management (Net of fees) Total returns include interest, dividends, and Edward R. Hintz Jr. market appreciation 15 President, Hintz Capital Management
14.3% Arthur D. Miltenberger Vice president and chief financial officer (retired),
12 R.K. Mellon & Sons
Colleen Ostrowski Vice president and treasurer, ITT Corporation
8.2% J. David Rogers Chief executive officer, J.D. Capital Management
Gary Schultz Senior vice president for finance and business/ 4.1% treasurer emeritus 3.8% Linda B. Strumpf
369 Chief investment officer, The Helmsley Charitable Trust
20-year 0 10-year 5-year 1-year
The President’s Report on Philanthropy and Endowments 2009–10 27 University Budget Summaries
income (Fiscal year ending June 30) 0.4% 0.5% 4.0% 9.0% Millions of dollars 33.7% n Tuition and fees $1,265.9 8.5% n Medical Center/Clinic 992.2 n Restricted funds* 637.3 n State appropriation 318.1 n Auxiliary enterprises 338.1 n Philanthropy and other 174.3 16.9% n Agriculture (federal) 19.9 n Federal Stimulus Funds 15.8 Total Federal Stimulus $3,761.6
*primarily sponsored contracts and research grants 26.4% Agriculture
Philanthropy and other
Auxiliary enterprises expenditure (Fiscal year ending June 30) State Appropriation 2.9% 1.2% 2.4% Restricted Funds Millions of dollars 4.0% 17.7% n Instruction and academic support $644.6 5.2% Medical Center/Clinic n Medical Center/Clinic 992.2 n Research 566.5 7.5% Tuition and Fees n Auxiliary enterprise 338.1 n Academic support 324.6 n Institutional support 283.1 8.6% n Physical plant 196.3 n Public service 152.2 n Pennsylvania College of Technology 94.1 26.4% n Student services 107.8 9.0% Student Aid n Student aid 44.3 Total $3,761.6 15.1% Student Services
Pennsylvania College of Technology
Public Service
Physical Plant
Institutional Support 28 The President’s Report on Philanthropy and Endowments 2009–10 Academic Support
Auxiliary enterprises
Research
Medical Center/Clinic
Instruction and academic support The State’s Share of Penn State’s Budget
Year total budget state appropriation percent of total 2010–11 $4,016,443,000 $333,863,000* 8.3% 2009–10 3,761,608,000 333,863,000* 9.0% 2008–09 3,607,440,000 338,375,000* 9.4% 2007–08 3,411,528,000 334,230,000* 9.8% 2006–07 3,209,165,000 327,715,000* 10.2% 2005–06 3,044,868,000 312,026,000* 10.2% 2004–05 2,786,403,000 317,179,000 11.4% 2003–04 2,560,309,000 307,844,000 12.0% 2002–03 2,402,717,000 322,592,000 13.4%
*Excludes state and federal medical assistance funding provided to Penn State Milton S. Hershey Medical Center through the Pennsylvania Department of Public Welfare.
Sources of Gifts RecEived 2009–10 | Where the $203.4 million came from
8.1%
Sources Amounts Number of donors 15.6% n Individuals $101,553,945 176,553 49.9% Alumni 65,090,498 76,146 Friends 36,463,447 100,407 n Corporations 53,555,596 6,294 n Foundations 31,729,018 447 n Organizations 16,549,220 1,889 Total $203,387,779 185,183
26.4% Organizations
Foundations
Corporations
Indivuals
The President’s Report on Philanthropy and Endowments 2009–10 29 designated Purposes of gifts received 2009–10 | Where the $203.4 million went
.7% 2.1% .2% 2.7% 3.6% Purposes Amounts 4.8% 23.0% n Property, buildings, equipment $46,868,721 n Research 43,849,904 4.8% n Student aid 38,897,536 n Other* 35,424,304 n Faculty resources 9,824,686 17.4% n Four Diamonds Fund 9,787,221 n Unrestricted to units 7,289,955 n Academic divisions 5,429,480 n Public services & extension 4,186,130 n Unrestricted University-wide 1,446,406 21.6% Library n Library resources 383,436 Total $203,387,779 Unrestricted U Wide 19.1% *This category includes gifts to the Children’s Miracle Network, multipurpose funds, and gifts awaitingPublic designation Service & by Ext donors.
Gifts Designated to Specific Units 2009–10 Academic Div
UNIT Amount UNIT Amount Abington 606,458 Health &Unrestric Humanted Dev toelopment Units 6,228,665 Agricultural Sciences 9,999,494 Hershey Medical Center 33,439,539 Altoona 2,253,351 Info SciencesFour Diamonds & Technology Fund 1,237,756 Arts & Architecture 7,958,595 Intercollegiate Athletics 27,769,836 Beaver 525,990 Lehigh FValleyaculty resources 1 1 9 , 1 1 1 Behrend 4,851,356 Liberal Arts 8,984,030 Berks 307,245 Mont AltoOther 611,885 Brandywine 2,866,860 New Kensington 660,276 Communications 1,931,375 Outreach 5,677,205 Student Aid Dickinson School of Law 7,372,746 Research & Grad School 3,591,949 DuBois 300,794 Schreyer Honors College 2,411,245 Research Earth & Mineral Sciences 13,532,715 Schuylkill 312,835 Eberly College of Science 4,643,661 Shenango 357,650 Education 1,354,577 Smeal CollegeProperties, of BldgBusinesss, Equip 6,990,993 Educational Equity 659,791 Student Affairs 732,474 Engineering 22,551,098 Undergraduate Education 3,407,891 Fayette, The Eberly Campus 864,930 University Libraries 2,113,785 Great Valley 259,762 University-wide 11,195,531 Greater Allegheny 412,996 Wilkes-Barre 394,800 Harrisburg 1,788,835 Worthington Scranton 947,496 Hazleton 712,553 York 447,645 TOTAL $203,387,779
30 The President’s Report on Philanthropy and Endowments 2009–10 250 Growth in Private support and donor base
203.4 200200 190.3 181.3 181.5 182.1 176.9 180.7 165.2 151.3 150150 Gift receipts 130.9
100 100 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 in millions of dollars
300300 284.7 277.5 273.8 265.2
250250 New commitments
200.9 197.9 196.4 200200
170.3 173.0 163.4
150 150 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 in millions of dollars
185,183 181,918 200000200,000 163,111
143,517
132,791 132,931
150000150,000 120,680 Number of donors 122,539 124,519 116,971
100,000 100000 ’10 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10
The President’s Report on Philanthropy and Endowments 2009–10 31 Campaign Executive Committee
Peter G. Tombros Dennis P. Brenckle Steve A. Garban Campaign Chair Chair, The Penn State Chair, Board of Trustees, Milton S. Hershey The Pennsylvania State E. Lee Beard Medical Center University Campaign Vice Chair Campaign Committee Edward R. Hintz Chair, Campus James S. Broadhurst Honorary Campaign Committees Past Chair, Board of Chair Trustees, Edward J. Beckwith The Pennsylvania State Martha B. Jordan Chair, Planned Giving University Chair, Annual Giving Advisory Council Committee Linda J. Gall Chair, Stewardship Committee
32 The President’s Report on Philanthropy and Endowments 2009–10 William A. Jaffe Bruce R. Miller Robert E. Poole William A. Schreyer At-large Member Campaign Vice Chair Chair, Leadership Gifts Honorary Campaign Committee Chair Edward P. Junker III Chair, College At-large Member Committees Catherine Shultz Rein Richard K. Struthers Chair, Corporate At-large Member Arthur J. Nagle Jeffery L. King Relations Committee At-large Member Honorary Campaign John K. Tsui Chair Douglas L. Rock At-large Member At-large Member Joseph V. Paterno Honorary Campaign Chair
The President’s Report on Philanthropy and Endowments 2009–10 33 Ex Officio Members
Graham B. Spanier Albert G. Horvath President, Senior Vice President The Pennsylvania State for Finance and University Business/Treasurer, The Pennsylvania State Rodney A. Erickson University Executive Vice President and Provost, Rodney P. Kirsch The Pennsylvania State Senior Vice President University for Development and Alumni Relations, The Pennsylvania State University
34 The President’s Report on Philanthropy and Endowments 2009–10
This publication can also be found on the Web at: president.psu.edu/philanthropy
For more information about philanthropy at Penn State, contact:
Rodney P. Kirsch Senior Vice President for Development and Alumni Relations
The Pennsylvania State University 116 Old Main University Park, PA 16802-1501
814-863-4826 [email protected]
The Pennsylvania State University is committed to the policy that all persons shall have equal access to programs, facili- ties, admission, and employment without regard to personal characteristics not related to ability, performance, or qualifi- cations as determined by University policy or by state or federal authorities. It is the policy of the University to maintain an academic and work environment free of discrimination, including harassment. The Pennsylvania State University prohibits discrimination and harassment against any person because of age, ancestry, color, disability or handicap, national origin, race, religious creed, sex, sexual orientation, or veteran status. Discrimination or harassment against faculty, staff, or stu- dents will not be tolerated at The Pennsylvania State University. Direct all inquiries regarding the nondiscrimination policy to the Affirmative Action Director, The Pennsylvania StateU niversity, 328 Boucke Building, University Park, PA 16802-5901; Tel 814-865-4700/V, 814-863-1150/TTY.
U. Ed. DEV 10-45 ajs Questions or comments about your report Gifts to your endowment may be sent to may be directed to: the address below or made online at www.giveto.psu.edu Kathleen Rider Director of Stewardship Office of Donor Services [email protected] The Pennsylvania State University 1 Old Main Office of Donor Relations University Park, PA 16802 The Pennsylvania State University 11 Old Main Phone (toll-free): 877-888-5646 University Park, PA 16802 Be sure to include the name of the Phone (toll-free): 877-800-6113 endowment with your gift. The President’s Report on Philanthropy and Endowments | 2009-2010