The President’s Report on Philanthropy and Endowments 2010–2011
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Message from the President
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Message from the Campaign Chair
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Ensuring Student Opportunity
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Enhancing Honors Education
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Enriching the Student Experience
Building Faculty Strength & Capacity Fostering Discovery & Creativity
Sustaining a Tradition of Quality Concepts in Philanthropy
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Philanthropy Awards & Honors
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University Budget Summaries
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Endowment Overview
Campaign Executive Committee
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hen the University began For the Future: The Campaign for Penn State Students in 2007, we were inspired not just by the vision of what our institution might achieve, but also by the knowledge of what Penn State’s earlier fundraising efforts had already accomplished. The University’s first two campaigns were extraordinary successes, securing vital support for our students and programs and establishing a culture of philanthropy among our alumni and friends. The Campaign for Penn State and A Grand Destiny set high standards, but they also made us ambitious and confident as we entered the new campaign.
This year, with the For the Future campaign now past the halfway mark, we have had cause once again to reflect on the history of philanthropy at Penn State. During 2010–2011, we received a record-breaking $353 million in new commitments to the campaign—more than was raised during the entirety of The Campaign for Penn State. Total commitments to For the Future: The Campaign for Penn State Students stand at $1.38 billion—more than was raised during the entirety of the Grand Destiny campaign. On behalf of the University, I thank all of you who challenged us through your gifts to the first two campaigns, as well as everyone who has helped us to rise to that challenge during For the Future. Our 2010–2011 totals include the largest individual gift ever received by the University, an $88 million commitment from Terry and Kim Pegula to create a state-of-the-art, multipurpose ice arena on the University Park campus and launch NCAA Division I hockey at Penn State. But our totals also reflect more than 308,000 other gifts, from $20 and $25 online contributions from new graduates to sevenfigure scholarship funds created by grateful alumni who credit their success to a Penn State education. Every one of these gifts is helping to create powerful momentum toward the goals of the For the Future campaign, and every one will make a difference for our students and our institution. In this report, you’ll find more details about the campaign’s progress as well as information about the University’s careful stewardship of past gifts from our alumni and friends. More than ever before, our mission of education, research, and service depends upon the resources we receive through philanthropy, and Penn State is committed to protecting and managing those resources so that we can fulfill our supporters’ vision for the University. We are now poised to write a new chapter in the history of Penn State philanthropy. Just as the first two campaigns set the standards that our alumni and friends have surpassed in the past year, the generosity of our supporters during For the Future: The Campaign for Penn State Students will be a challenge to every generation of Penn Staters that follows. Thank you for sharing your ambition for Penn State and For the Future. Sincerely,
Graham B. Spanier, President The Pennsylvania State University
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hat does it mean to be a Penn Stater today? Whether you’re a graduate or a member of a community touched by the University’s programs, you know that it’s more than a blue and white sweatshirt on game days. It’s even more than an appreciation of our long service to the Commonwealth and the country, our tradition of loyalty and pride. Today’s Penn Staters are looking forward as well as back, thinking about how they—and our institution—can change the future. Leadership has become an essential part of the Penn State identity, and in this edition of the President’s Report on Philanthropy and Endowments, we’re highlighting the ways in which philanthropic leaders are making it possible for our students and faculty to become leaders, too.
In the pages that follow, you’ll meet undergraduates of extraordinary ambition and promise and the donors who are helping them to pursue their academic and personal goals. Scholarships remain the top priority of For the Future: The Campaign for Penn State Students, and support from our alumni and friends is critical to ensuring that students from every economic background can not only earn a degree, but also take advantage of all the opportunities for growth and leadership that Penn State offers. Two stories showcase the role of philanthropy in helping the University’s faculty, whether they’re pursuing advanced scholarship in economics or cutting-edge research in cancer care, to lead the way in their fields. You’ll also read about a gift that honors a Penn State icon and puts our broadcasting program ahead of our peers. Several of the Penn Staters profiled in these stories have offered not just their support, but also their service, to our fundraising efforts. As the chair of For the Future: The Campaign for Penn State Students, I have the honor of working closely with many volunteers, and our progress toward the goals of the campaign is testimony to their remarkable dedication. Leadership isn’t proven through solitary achievements. It is what we accomplish together—as alumni, friends, and supporters of Penn State—that matters. To help our donors to connect with our institution and their loved ones, Penn State is pioneering a new approach to giving: the Pennsylvania State University Charitable Gift Fund. We are the first Big Ten school to offer this kind of donor-advised fund, which provides a convenient alternative to family foundations and maximizes tax benefits and philanthropic flexibility for our supporters. On page 21, you’ll learn more about this opportunity for donors to lead the way with their own giving and encourage their children and others to follow in their footsteps. I am deeply grateful for the leadership that you have already shown through your generosity to the University, and I hope that you will help us to communicate the importance of philanthropy to an even wider audience. Please consider sharing this report with your family and friends and encouraging them to join in For the Future: The Campaign for Penn State Students. With their help, and yours, we can be the leaders that our students need and deserve. Sincerely,
Peter G. Tombros, Chair For the Future: The Campaign for Penn State Students The President’s Report on Philanthropy and Endowments
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The articles in this report not only tell the stories behind important gifts to the University—they also highlight ideas and approaches that have enabled many donors to fulfill their philanthropic goals. To learn more, please see the Concepts in Philanthropy section, which begins on page 18.
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or senior Esther Na, every day at Penn State is overflowing. Not only is she pursuing a program that will let her graduate next spring with both her undergraduate degree and a master’s in accounting, she has served as the public relations chair for the student accounting society, and she is a leader in Korean Students for Christ and an active member of Ascend, a group for Asian and Pacific Islander students pursuing careers in finance and accounting. She also helps her family, who immigrated to the United States from South Korea when she was in the fifth grade, with their business in Lansdale, Pennsylvania.
That’s an attitude which delights John K. ’60 and Frances Tsui, who created the scholarship a decade ago to help Asian American students like Esther with strong academic records and demonstrated financial need. “When I was an undergraduate in the 1950s, there weren’t a lot of Asian Americans at Penn State, and my experience outside the classroom was waiting tables to help pay for my degree,” says Jack Tsui. “If this scholarship can create a more diverse community at the University and give students the freedom to take advantage of everything that community has to offer, we couldn’t be happier.”
Peter Lin, a sophomore majoring in Electrical Engineering and Computer Science, grew up right in State College, but the John K. Tsui Scholarship has helped him to experience his hometown institution in new ways. “My parents have already had to send my brother to college, so scholarships really make a difference for them and for me,” he says. “I’m so thankful that I can focus on school and be a part of clubs on campus, and I’ve also met a lot of new people from all over the country and the world. I wouldn’t have time to do that if I were working a couple of jobs to pay for my tuition.”
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Jack, a longtime leader in the banking industry, and Frances have made education one of their top philanthropic priorities. In Hawaii, where they have lived for almost three decades, the couple supports a wide range of educational institutions and organizations. Their gifts to Penn State also include the John K. Tsui Honors Scholarship, which assists students whose backgrounds contribute to the diversity of both the Schreyer Honors College and Penn State as a whole.
Time—to study, to explore, to grow—is what the Tsuis hope to give every recipient of their scholarships. Since 2001, when the couple created the endowment, more than thirty undergraduates have received support, often throughout all four years of their Penn State education. “We’re deeply moved by many of the letters that we get from students,” says Jack, whose experience as a donor has led him to volunteer as a member of the For the Future: The Campaign for Penn State Students executive committee. “When we read that our scholarship helped to change someone’s life, it makes us feel even more fortunate that we are in a position to be able to give back. Penn State helped me to get to this point in life, and it’s very rewarding to be able to start others on their paths, too.”
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“Our experience has taught me that opportunities shouldn’t be taken for granted,” says Esther, who has accepted a post-graduation position at PricewaterhouseCoopers. “The John K. Tsui Scholarship has given me the opportunity to challenge myself at Penn State, and I’m not going to waste it.”
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ensuring student opportunity
A Hawaii couple’s scholarships create new opportunities for students—and a more diverse Penn State.
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Esther Na (left), Jack and Frances Tsui (below), Peter Lin (below left)
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Remembering what scholarships meant to him, an honors alumnus supports Schreyer Scholars in the sciences.
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Now Eric and his wife, Tara, are encouraging new generations of students with the Eric and Tara Keiter Honors Scholarship, which became the first of its kind in the Eberly College of Science when the Keiters established the endowment in 2008. Eric’s own experience in the University Scholars program, the predecessor of the Schreyer Honors College, inspired the Keiters to target their support to Schreyer Scholars facing financial barriers to earning their science degrees.
Tara Keiter, a graduate of the University of Massachusetts Amherst, says that the couple was also motivated by their commitment to public higher education. “Eric and I both attended state universities, and we believe in their mission of providing access,” she says. “We know that scholarships—even a thousand dollars here, two thousand dollars there—really matter in keeping the door to higher education open.” The Keiters’ scholarship has been invaluable for Ben Taylor, a senior Mathematics major from Altoona. “My family doesn’t cover any of my college expenses, and both the academic and the financial support I receive as a Schreyer Scholar helped me to choose Penn State and focus on my future,” he says. “I’ve been challenged by my coursework and by faculty who really take an interest in my education, and now I’m planning to attend graduate school and become a mathematician. I wouldn’t have that ambition without my experience here, and I wouldn’t have that freedom with a big burden of debt.” Richard Robinett advises Schreyer Scholars in his role as director of undergraduate studies in the Department of Physics, and he has seen the impact of students like Ben and scholarships like the Keiters’ in the Eberly College of Science. “The Schreyer Honors College can help students to make an early commitment to excellence and leadership in the sciences,” he says. “The presidents of our undergraduate organizations are often Schreyer Scholars, and many honors students are graduating with multiple research publications. They’re able to be important members of our scientific community not only because of their abilities, but also because of the support that honors scholarships provide.” Dr. Robinett sees important parallels between the enterprise of science and the impact of philanthropy. “They’re both a means of paying it forward,” he says. “Those of us engaged in basic research aren’t necessarily trying to perfect the next important device, process, or product—we’re trying to increase understanding in ways that will inspire others to go on and make new discoveries. Those who make gifts to higher education are inspiring new generations of students to give back not only to their institutions but also to the larger world.”
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“The Eberly College of Science offers the opportunities of a world-class institution, and the Schreyer Honors College helps students to have the same experience they might find in the Ivy League,” says Eric. “There are very talented high school students out there who can’t afford this kind of education without scholarship support.”
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ric Keiter still recalls the day that he opened his mailbox and found a letter from Penn State offering him a scholarship. “I was shocked and thrilled,” says Eric, who earned a bachelor’s degree in chemistry in 1986 and a master’s degree at Columbia University before pursuing a career on Wall Street. “Beyond the money, which was very helpful to me and my family, the scholarship meant that someone had recognized my potential to succeed and my willingness to work hard. I remember how that made me feel.”
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For Eric Keiter, philanthropy is also an opportunity to experience the same thrill he felt when he got that letter from Penn State. “When we meet the students whom we have been able to help, it reminds me how important scholarship support was in my own life,” says Eric, who now serves on the Eberly College of Science campaign committee. “There’s great satisfaction in knowing we can do that for someone else, and the feeling is hard to beat.”
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Ben Taylor (right), Tara and Eric Keiter (below)
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“Agriculture has really evolved over the past 100 years, and family farms like ours must continue to evolve if we’re going to feed a growing world population,” she says. “Farming today is a high-tech, business-oriented occupation that needs the same kind of leaders as other industries. Thanks to the Edgar and Dorothy Fehnel Leadership Development Scholarship and other funds, I’ve never had to turn down an opportunity to grow as a leader.” What leadership means has changed dramatically in the sixty years since Edgar Fehnel ’54 left his own family farm in Northampton County, Pennsylvania, to enroll as a freshman at Penn State, says the retired Eli Lilly vice president. “Back then, we all thought that the ‘command’ style of leadership was most effective,” recalls Ed, who now lives in Indianapolis with his wife, Dottie. “It wasn’t until the 1980s, when I helped to develop a training program for our executives overseas, that I realized what a complex set of skills a real leader needs, including the ability to assist others in cultivating their own abilities. It’s the type of leadership that Penn State’s College of Agricultural Sciences is encouraging today, and we’re very glad to help in that effort with our scholarship.”
“We’re not among the Warren Buffets of this world, so to make a difference, we’ve got to zero in and pick a few things to support that are most meaningful to us,” says Ed. “Scholarships are an easy choice, especially when we go back year after year to the college’s annual scholarship banquet and see how seriously students take the opportunities they’re given.” Terri Woodling, another 2011 graduate who received the Fehnel Leadership Development Scholarship, has used some of the funds to travel to 4-H group meetings, where she shares
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The Edgar and Dorothy Fehnel Leadership Development Scholarship is awarded to undergraduates in the College of Agricultural Sciences who are exploring different leadership styles within a range of social, cultural, political, and organizational contexts, with first preference given to students who are majoring in Agricultural and Extension Education with the Leadership Development and Communication Option. The Fehnels have also created endowments for students in the college’s Agroecology and Dairy and Animal Science programs, as well as scholarships at the Herron School of Art and Design in Indianapolis.
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hen Anne Hartman thinks about her future in agriculture, the 2011 graduate sees far beyond her day-to-day work managing calves on her family’s Bernville, Pennsylvania dairy farm. With a major in Agricultural Sciences and minors in Agribusiness Management, Animal Sciences, International Agriculture, and Leadership Development, Anne is prepared to contribute to a changing industry.
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enriching the student experience
Today’s Penn State students prepare to be tomorrow’s agricultural leaders, thanks to scholarship support.
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what she’s learned in her equine science and leadership development classes. “People look up to me because I’m a Penn Stater,” she says. “Everything I’ve done as a college student, from watching a mare give birth to traveling to Ireland, has helped me to become a better leader, and now I want to pass that on. The Fehnels are helping me to do that, and I’m so grateful.”
Terri Woodling (above), Anne Hartman (below), Ed and Dotty Fehnel (opposite)
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“Why anyone decides to be a college professor, I don’t know,” she admits. “These are very talented people who could have applied their abilities to careers on Wall Street, who could have done something more beneficial to their personal bottom lines. They’re clearly not motivated by money, though. It’s got to be the desire to investigate and learn and pass on their knowledge to the next generation. If we can keep these brilliant minds at our University, we’ll all benefit in the long run.” That’s why Linda and Jonathan established the Strumpf Early Career Professorship in Economics, one of the first endowments created through Penn State’s Faculty Endowment Challenge. Launched in 2009, the program provides a 1:2 match from University funds for gifts that endow positions for faculty members in the first decade of their careers. The awards rotate to new recipients every three years, helping academic departments to recruit rising stars and enabling the holders of Early Career Professorships to jumpstart their professional careers. “This is a very competitive market for great young scholars, and we need all the tools we can get to compete for top talent,” says Barry W. Ickes, a professor of economics who has served in the department since 1983. “The pressures on young faculty are great, and financial support at this crucial time in their careers—to develop their research programs, to perform well in the classroom, to connect with colleagues and present their work—can be critical.” Sung Jae Jun, assistant professor of economics, is the first recipient of the Strumpf Early Career Professorship, and he has found that there’s another, less tangible aspect of the position as well. “My name is now recognized as a named professor both inside and outside of Penn State,” says Dr. Jun, whose work focuses on methodological issues that arise in empirical economics. “I get more respect from my students and my colleagues. Every line on the vitae is valuable for young academics, and I’m honored to be the Strumpf Early Career Professor.” It’s not only the recipient’s reputation that benefits from an endowed faculty position, says Linda Strumpf. Bringing academic stars to the University helps to increase the value of a Penn State degree, too. “Great professors enhance the prestige of an institution through their research and teaching,” she says. “As a result, our students get more attention when they apply to graduate schools or jobs, and the education that they get from top faculty makes them more successful professionals and better ambassadors for the University. That’s good for all of us who are Penn Staters.”
Linda and Jonathan Strumpf (opposite, above), Sung Jae Jun (opposite, below)
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inda Strumpf ’69 understands the economics of good causes. The former vice president and chief investment officer of the Ford Foundation and the retired CIO of the Helmsley Charitable Trust, Linda has spent her career—and her free time, as a volunteer for many nonprofits and as a member of Penn State’s Board of Trustees and Investment Council—helping to get resources to individuals and organizations in need. With husband Dr. Jonathan Strumpf ’69, a school psychologist, she’s taken a special interest in education. There’s one thing, though, that Linda doesn’t understand.
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An alumni couple’s investment in young faculty yields great returns—and earns matching funds from Penn State.
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A grateful patient and his family help others to find hope through their support for leukemia research.
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o home and get your affairs in order. You’ve got three weeks to live.”
More than four years after George and Leone Graham heard those words from specialists who diagnosed George’s profound fatigue and rapid weight loss as the symptoms of leukemia, the retired business owner and passionate photographer is going strong. The Grahams, who divide their time between Sanibel, Florida, and Bryn Athyn, Pennsylvania, love every minute that they spend with their four children, twelve grandchildren, and two (soon to be three) great-grandchildren. And every minute feels like a gift that they have received from Dr. Thomas P. Loughran Jr., professor of medicine and director of Penn State Hershey Cancer Institute. “He gave me hope at a time when no one else did,” says George. “That’s why we give our support to Dr. Loughran’s research.” As a fellow at Fred Hutchinson Cancer Research Center and the University of Washington Medical Center in the mid-1980s, Dr. Loughran discovered a type of leukemia that perpetuates itself as large granular lymphocytes. Also known as LGLs, these white blood cells don’t behave like their normal siblings, fighting infections in the body and then returning to rest. Instead, LGLs remain active and clone in the patient’s blood, causing inflammation similar to rheumatoid arthritis and a range of other symptoms. In fact, LGL leukemia is often misdiagnosed as rheumatoid arthritis or as one of several other conditions. It can be tough for patients to get the right diagnosis—and the right treatment. “LGL leukemia is still not widely recognized even by hematologists and oncologists,” says Dr. Loughran, who came to Penn State in 2003. Since his arrival, Hershey Medical Center has become a destination and a resource for patients with the disease and their physicians. Soon after George’s diagnosis, one of his doctors found information about Dr. Loughran’s work on the Internet and referred him to Penn State Cancer Institute. “The clock was ticking, and Dr. Loughran managed to see us very quickly. He looked at the blood tests, and he told George, ‘You will live, you will get better.’ That was the first good news we had heard in a long time,” recalls Leone. Dr. Loughran started George on a regimen of immunosuppressive medications and steroids, and his leukemia has now been in remission for three years. The Grahams were so impressed with the success of the treatment and with Dr. Loughran’s commitment to both discovery and patient care that they began to make gifts, both on their own and through a family foundation, to support his work. “The Grahams are helping us to keep graduate students in our laboratory and maintain an international registry of LGL leukemia patients, which provides critical information and samples for our research,” says Dr. Loughran. “Their support is also helping us to further our partnerships with Penn State faculty specializing in physics, genetic sequencing, and nanomedicine. LGL leukemia may be a rare disease, but what we learn about these cells can have an impact on how we understand and treat a whole range of autoimmune diseases.”
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The Grahams come back to Penn State Cancer Institute every six months to monitor George’s condition, and they’re excited about the interdisciplinary community that is taking shape there. “All of the scientists, whether they’re studying leukemia or breast cancer, take the same elevator, work in the same labs,” says Leone. “They’re swapping ideas that might someday cure cancer. We’re looking forward to seeing—and being a part of—what they achieve.”
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George and Leone Graham (above), Dr. Thomas P. Loughran Jr. (below)
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A thirty-year-old friendship leads to an exciting future for aspiring sports broadcasters at Penn State.
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t sounds like a typical Penn State story: Two kids sit next to each other at freshman orientation and become fast friends, sharing good times, tough classes, and a few road trips to Nittany Lions games in an orange Volkswagen Beetle. What’s not so typical: One of them will go on to become the best known voice of his alma mater’s acclaimed athletic program, and the other will go on to name a groundbreaking facility in his honor. “At least it’s not a memorial,” jokes Steve Jones, whose career as the play-by-play announcer for Penn State football and men’s basketball has stretched over more than 900 games and made him one of the most widely respected broadcasters in college sports. Among his biggest fans: Rick and Sue Barry, the San Rafael, California couple whose gift to create the Steve Jones Student Sports Broadcasting Complex honors the long friendship between Rick and Steve and helps aspiring broadcasters to follow in the latter’s footsteps. “Steve always dreamed of being a Penn State sports announcer, but since we graduated in 1980, he’s become a legend,” says Rick, who met Steve on their first day at the Wilkes-Barre campus. Both completed their degrees at University Park, Steve in speech communication and broadcasting, Rick in political
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Steve Jones and Joe Paterno (left), Rick and Sue Barry (opposite)
17 science. While Steve stayed to build his broadcasting career at Penn State, Rick went on to become the managing member and portfolio manager of California-based Eastbourne Capital Management, from which he retired last year. Over the last decade, Rick and Sue Barry have become leading supporters of the University, and their gift to create the Steve Jones Student Sports Broadcasting Complex is the latest in a series of commitments to both University Park and Penn State Wilkes-Barre programs. “We are thrilled to be able to celebrate what Steve has done for the University, its fans, and its students,” says Rick. “We also feel so fortunate to be able to make this investment in a facility that will really change the opportunities available to Penn State students. We know that in a few years, we’ll be turning on ESPN and seeing graduates who were trained in this complex.” The Steve Jones Student Sports Broadcasting Complex will be the first facility of its kind in the Big Ten: a complete production center that will give students experience with state-of-the-art equipment and allow them to hit the ground running in post-Penn State careers ranging from play-by-play announcer to video engineer to producer. Located in historic Rec Hall, the complex includes two control rooms, an editing lab, an HD viewing room, and a media room for press conferences and other events. It will enable Penn State students, working alongside Intercollegiate Athletics staff, to produce original broadcasts for the Big Ten Network, including Penn State volleyball games and wrestling matches, as well as in-game entertainment, instant replays, and live video for the fans attending events in Rec Hall. “In the past, the Big Ten Network has been able to send a truck to Rec Hall seven or eight times a year,” says Jim Nachtman, director of broadcast operations for Penn State Intercollegiate Athletics. “There are seventy-five live events in Rec Hall every year, though. With the Steve Jones Students Sports Broadcasting Complex, we’ll be able to provide the network and Penn State fans with the programming they want, and we’ll be able to provide our students with the ability to walk into any job and say, ‘I’ve worked a hundred live events. I can handle this.’”
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Sue Barry hopes that kind of experience will inspire graduates to find their own ways to give back. “I have seen how much Rick’s time at Penn State—not only what he learned, but the people he met, the friendships he made—has meant to him and how it has shaped his life,” she says. “I think that happens for many Penn State students, and I hope that they reflect on how they can support the University. There are so many options, so many different facets of Penn State that can benefit from philanthropy.” For Steve Jones, it’s the impact of the Barrys’ giving, beyond the personal honor, that matters most. “I’m extremely humbled and touched that my name will be on this facility, but I’m even more moved by the investment that Rick and Sue have made in our students,” says Steve. “We’re going to have the bestprepared sports broadcasting graduates in the country. What the heck could be better than that?”
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Targeting scholarship support “This is where I came from, this is where I can make a difference,” says Ed Fehnel of the three scholarships that he and his wife, Dottie, have created in Penn State’s College of Agricultural Sciences. Both the Fehnels and the Tsuis have targeted their support to students with whom they feel a strong personal connection, and the University offers a wide range of scholarship programs so that donors can tailor awards to achieve their personal and philanthropic goals. Broad criteria give Penn State the most flexibility in helping students with the greatest need, but alumni and friends can choose to designate their scholarships for students in a specified college or at a particular campus, and they can express preferences for recipients with certain majors, co-curricular activities, or geographic and ethnic backgrounds (to the extent permitted by law). These preferences are documented at the time that a scholarship is created, and the Office of Student Aid is committed to honoring the wishes of Penn State donors and directing support to students who match an endowment’s criteria as closely as possible. To learn more about the many options for creating scholarships at Penn State, please visit
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concepts in philanthropy
giveto.psu.edu/scholarships.
Giving at any age Eric and Tara Keiter laugh when anyone refers to them as “young donors,” but the couple, who are both under 50, recognizes that they don’t fit the stereotype of philanthropists. “We know that many people wait until later to make major gifts,” says Tara. “We’re fortunate enough to be able to create a scholarship now, though, and why wait when you can be making a difference in someone’s life?” An increasing number of alumni and friends are joining the Keiters in making early commitments to the University. Those donors who have the means to make immediate gifts will be able to see the impact of their gifts over many years; Penn State supporters can also choose some of the many deferred giving options available, such as designating the University as the beneficiary on retirement accounts and insurance policies. The Office of Gift Planning can provide details about these options, as well as suggestions about how to work with your financial adviser on your long-term philanthropic plans. To arrange for a free and confidential session with a Gift Planning professional, please contact 1-888-800-9170 or giftplanning@psu.edu. University matching programs For Linda Strumpf, a former Economics major, the math and the meaning of Penn State’s gift matching programs just make sense. “Everyone wants to have the biggest possible impact with their giving,” she says. “If the University is willing to invest its own funds in professorships or scholarships, we want to make those our priorities, too.” The Strumpfs were among the first to establish an Early Career Professorship through the Faculty Endowment Challenge, and they were also the inaugural donors to the Liberal Arts Centennial Graduate Matching Challenge, creating a fund for graduate students in the Department of Psychology’s Child Study Center. They have also endowed several scholarships at Penn State, including three Trustee Scholarships. All of these gifts have secured matching support from the University, which has created a number of programs that encourage alumni and friends to become its partners in supporting top academic priorities. To learn more about how you can increase the impact of your support and leverage matching funds from the University, please visit giveto.psu.edu/support. Family foundations and donor-advised funds George and Leone Graham have not only directed their own personal giving to Dr. Thomas Loughran’s leukemia research at the Hershey Medical Center; they have also helped to secure grants from the Asplundh Family Foundation, created by Leone’s family to support a range of medical, educational, and religious institutions and organizations. “Cancer has had an impact on so many families, including ours,” says Leone. “Through the foundation, we’re able to help people like Dr. Loughran who have made a difference for us and who will make a difference for others.” Family foundations are nonprofit grant-making bodies that allow families (and other individuals whom they appoint or elect) to direct shared resources to the causes that matter most to them. In 2011, Penn State launched a new option for donors who would like the advantages of a family foundation without the
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complexity, expense, and administrative burden of creating their own nonprofit: the Pennsylvania State University Charitable Gift Fund (PSUCGF), a donor-advised fund that offers many tax benefits as well as a structure and online tools for engaging members of a family in philanthropic decisionmaking. You can learn more about the PSUCGF on page 21. Ways to support research “In this time of government budget cuts, it can be very tough to secure funding for medical research,” says Dr. Thomas Loughran. “We’re facing a dilemma: we can’t pursue promising ideas without support, but agencies require solid preliminary findings before they award grants. Philanthropy can make it possible for us to get the results that get the funding, and we can move forward much more quickly.” Annual gifts from donors like the Grahams, as well as grants from the Asplundh Family Foundation and similar entities, are increasingly important for Penn State researchers pursuing innovative investigations in fields ranging from nanomedicine to sustainable energy. Endowed funds and positions for faculty can also be a critical component in establishing strong research programs at the University. “Each of the Penn State Cancer Institute’s three named professors has told me that the endowment played a major role in their decision to come to Penn State,” says Dr. Loughran. “These individuals are star researchers who are investing the endowment income in their laboratories and their teams, getting us closer to important new discoveries.” To learn more about the impact of philanthropy on Penn State’s leadership in research, please visit giveto.psu.edu/discovery.
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Honoring others through philanthropy The Steve Jones Student Sports Broadcasting Complex isn’t the first gift from the Barrys that recognizes someone important in Rick’s life. His gratitude to John R. Murphy, director of student and enrollment services at Penn State Wilkes-Barre during Rick’s time there, led to the endowment of a student award in John’s honor and the creation of the John R. Murphy Student Services Center at the campus. “I’m fortunate to have had a successful business career that enabled me to make these gifts, but I’m humbled by people like John and Steve who have given so much to Penn State,” says Rick. “Instead of attaching my own name to the center, I’d much rather have students walk by it twenty years from now and ask who John Murphy was.” Donors may choose to name endowments or facilities after Penn State faculty and staff members who have been important in their education, family members or friends, business associates—anyone whose life, achievements, and values they wish to recognize. Penn State works with donors to ensure that the story behind their gift is shared and celebrated, whether through statements that are passed on to each new recipient of a scholarship, press releases and public announcements of major gifts, or commemorative plaques and other appropriate signage at University facilities.
DEFERRED GIVING 2002–2011 (Fiscal year ending June 30) 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
2011
00
10 10
20 20
30 30
4040
50 50
34.2
in millions of dollars
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ENDOWMENT CATEGORY
MINIMUM GIFT
Academic Endowments Dean’s Chair Department Naming Department Head’s Chair Faculty Chair Professorship Early Career Professorship
$ 5,000,000 $ 5,000,000 $ 3,000,000 $ 2,000,000 $ 1,000,000 $ 500,000
Student Endowments Graduate Fellowship Distinguished Graduate Fellowship Honors Scholarship Undergraduate Scholarship Destiny Scholarship Enrichment Scholarship Trustee Scholarship Renaissance Scholarship
$ 250,000 $ 250,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000 $ 30,000
Program Endowments Lectureship Research Program Support Libraries Awards
$ 100,000 $ 50,000 $ 25,000 $ 25,000 $ 20,000
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The Pennsylvania State University Charitable Gift Fund Creating connections for Penn State supporters
Alumni and friends who want a simple, cost-effective way to maximize the impact and tax benefits of their philanthropy now have a new option: the Pennsylvania State University Charitable Gift Fund, a donoradvised fund (DAF) that allows Penn State supporters to invest their charitable dollars and direct contributions to both the University and other nonprofit organizations.
21
“Penn Staters are recognized around the country for their commitment to giving back—not just to the University, but also to countless charities in their communities and around the globe,” says Rodney P. Kirsch, senior vice president for development and alumni relations. “The Pennsylvania State University Charitable Gift Fund was created to help these generous individuals and their families to manage and simplify their philanthropic activities. This launch comes after years of research and preparation, and we are proud to be offering our supporters one of the most innovative approaches to giving available today.” Through the Pennsylvania State University Charitable Gift Fund (PSUCGF), donors can make gifts of cash, appreciated assets such as securities or real estate, and other resources to a fund that is invested and administered on their behalf by the University’s partners, investment firm Kaspick & Company and DAF technology and services provider Crown Philanthropic Solutions LLC. An account can be established with a gift of $25,000, and it can be increased with additional contributions that each meet a $1,000 minimum. Donors may choose to have their gifts invested in one of eight options, much like mutual funds, that reflect different growth and income strategies. Gifts can be counted as tax-deductible as soon as they are committed to the fund, allowing donors to manage the impact of significant tax events. Donors may wait to direct their support until they have defined their philanthropic priorities, but at least 50 percent of the distributions from each donor’s account must ultimately come to the University. “For many alumni and friends, this fund will offer an important alternative to other approaches to charitable giving,” says Michael J. Degenhart, director of gift planning. “Gifts to the fund can be made when they will be most financially advantageous for the donor while allowing for tremendous flexibility in the timing and targeting of charitable support. By partnering with one of the leading DAF technology solutions in the industry, we are also able to offer supporters a unique range of online tools that make giving easier, simpler, and more gratifying than ever.” Individuals who create an account through the PSUCGF will have access to Crown’s DonorFirst dashboard environment, a secure, web-based system that makes it possible for donors to track contributions and distributions, research and receive content about both Penn State and external grantees, and direct their support, twenty-four hours a day, from any location. Donors can also invite other family members or friends to use the dashboard to communicate and share ideas about individual and family philanthropy. “By minimizing the challenges and maximizing the benefits of giving, both financial and personal, we hope that the Pennsylvania State University Charitable Gift Fund will make the experience of philanthropy even more rewarding for our supporters,” says Kirsch. “We see this fund as a way to encourage the Penn State spirit of philanthropy and to help our supporters connect with the people and the causes that matter most to them.” For more information about the Pennsylvania State University Charitable Gift Fund, please contact Michael J. Degenhart, director of gift planning, at 1-888-800-9170 or giftplanning@psu.edu.
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philanthropy awards & honors
Each year, the Division of Development and Alumni Relations honors those individuals and companies that have been instrumental in our fundraising success. In 2011, we celebrated the following award winners. Philanthropists of the Year: Terrence M. and Kim Pegula 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.
Terry and Kim Pegula believe that Penn State can be a powerhouse—not only in hockey, a sport that is one of their family’s driving passions, but also in the lives and communities of Pennsylvanians. In 2010, when the Pegulas made a commitment—the largest single gift in Penn State history—to build a new state-of-the-art ice arena and launch NCAA Division I hockey at the University, they were making a commitment to the region that has supported their own success. Terry, who earned his degree in petroleum and natural gas engineering from Penn State in 1973, borrowed $7,500 from his parents in the early 1980s to start an independent energy exploration and development firm. Kim, a graduate of Houghton College, became involved with the company in 1991, and when the Pegulas sold East Resources, Inc., last year, they had built it into one of the largest privately held companies in the country. Their gratitude to Terry’s alma mater and their loyalty to the Commonwealth led them to make a gift that will transform Penn State’s ability to serve both sports fans and families throughout our region. The Pegula Ice Arena will be the only major rink in an 80-mile radius and an engine for economic development. It will not only be the home to the University’s new NCAA Division I men’s and women’s hockey teams; the multi-purpose facility with two sheets of ice will also offer new opportunities for Penn State figure skaters, recreational and high school teams, and central Pennsylvania families. When the first puck drops in 2013, it will be the beginning of a new Ice Age in Happy Valley, one that wouldn’t have happened without the unparalleled generosity of Terry and Kim Pegula. Fundraising Volunteer of the Year: Bill Jaffe This award recognizes individuals or groups that have served as fundraising volunteers, teachers, or mentors while demonstrating exceptional commitment and leadership in building philanthropic support for The Pennsylvania State University.
Bill Jaffe made his first gift to Penn State in 1961, a year after he graduated from the University with a degree in journalism. Five decades later, he’s still giving—and through his example and his leadership, he’s encouraging others to give, too. As the current chair of the President’s Club, Bill has helped the University to find new ways to honor and increase the organization’s membership, made up of donors whose annual gifts to Penn State total $2,500 or more. He also serves on the executive committee of For the Future: The Campaign for Penn State Students and the board of the Penn State
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Renaissance Fund, which provides scholarships for talented students in need. These responsibilities are only the latest in Bill’s long history as a fundraising volunteer, which stretches back to the University’s first major effort, The Campaign for Penn State; he was also a member of the Intercollegiate Athletics committee in the Grand Destiny campaign. Bill and his wife, Honey, herself an honorary alumna of the University, have committed their personal support to areas across Penn State, including the performing and fine arts, the College of Communications, public broadcasting, and Intercollegiate Athletics. Their gifts reflect their dedication to strengthening Penn State’s presence in central Pennsylvania, where the Jaffes settled in 1995 after careers that took them all over the United States. Bill remains the principal of human resources consulting firm The Jaffe Group, even as he has deepened his service to the University. Beyond his fundraising roles, he has offered his time and expertise to the College of Communications Alumni Society board, Penn State Hillel, the Parent and Family Advisory Board, and the Penn State Alumni Association, among others. A past recipient of Alumni Fellow and Alumni Association Volunteer of the Year honors, Bill remains one of the University’s most active and committed leaders.
23
Corporate Partner of the Year: Toshiba/Westinghouse This award recognizes a corporation that has demonstrated extraordinary generosity in promotion 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.
For more than fifty years, Westinghouse has helped to define the modern role of corporations in higher education through its involvement at Penn State and other institutions, and when the company’s heritage of leadership in the power industries was connected with the Toshiba Group in 2006, the relationship between Penn State and Toshiba/Westinghouse soon became a new model for a new era in corporate partnership. In the 1980s and 1990s, Westinghouse helped to pioneer a broad range of initiatives at the University, including the computer engineering program and the Penn State Educational Partnership Program, which enhances opportunity and diversity in the Commonwealth’s schools. With the late Robert Kirby, retired chairman of the Westinghouse board, the Westinghouse Foundation established an endowed chair in electrical engineering, and Penn State’s Environmental Resource Research Institute and nuclear engineering program also benefited from the corporation’s philanthropy. In 2003, Westinghouse celebrated its long history of recruiting Penn Staters to join their workforce with a gift to the Bank of America Career Services Building. Today, almost 1,000 of the University’s alumni work for Toshiba/Westinghouse, and their achievements helped to inspire a landmark commitment from the company in 2008: a $2 million gift to establish the Toshiba/Westinghouse Excellence Fund. The largest grant to a U.S. institution that had been made since Toshiba’s acquisition of Westinghouse, the fund will support international projects for the capstone design course in nuclear engineering and create the Toshiba/Westinghouse Undergraduate Research Fellows and Toshiba/Westinghouse Graduate Fellows Programs. It will also launch a Toshiba/Westinghouse/ Penn State Day that will honor and deepen the long and remarkable partnership between the company and the University.
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Endowed gifts are held by Penn State in perpetuity. The initial gift is invested, and a portion of the average annual investment return is spent for the purpose designated by the donor. The remaining income is added to the principal as protection against inflation. Thus an endowed gift today will have relatively the same value for future generations.
24
Penn State’s endowment portfolio, into 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 the pool, just as an individual would purchase shares in a mutual fund. As with mutual funds, the value of each unit at the time funds are invested in the pool determines how many units an individual fund acquires.
endowment overview
Penn State strives to be a good steward of its endowed gifts and follows a prudent management philosophy in investing these gifts so that they maintain their value in real, inflation-adjusted terms over time. The University’s Board of Trustees has established four basic endowment management principles to guide the University’s Investment Council. These four principles ensure that the spending power of each endowment gift will be maintained in the face of economic fluctuations. Basic Endowment Management Principles 1. Provide sufficient current and future income to meet the University’s spending objectives and enhance its mission. 2. Focus on long-term performance. 3. Accept a reasonable and prudent level of risk while maximizing “total” return. 4. Diversify investments to reduce risk.
GIFTS TO ENDOWMENT (Fiscal year ending June 30)
150 150
136.3
120 120 90
90 69.1
60
72.8
70.2 56.5
60
51.4
61.2 62.5
55.2
42.4
30
30
’02
’03
’04
’05
’06
’07
’08
’09
’10
’11
in millions of dollars
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MARKET VALUE OF PENN STATE’S ENDOWMENTS AND SIMILAR FUNDS
(Fiscal year ending June 30) Endowment Pool
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
0
Similar Funds
$ 965
842 101 882 83 1,007 100 1,128 103 1,280 110 1,537 132 1,488 128 1,184 97 1,342 98 1,708 123
in millions of dollars
Total Value
1,107
25
(1.11 billion)
1,231 (1.23 billion) 1,390 (1.39 billion) 1,669 (1.67 billion) 1,616 (1.62 billion) 1,281 (1.28 billion) 1,439 (1.44 billion) 1,831 (1.83 billion)
500 n Endowment Pool
n Similar Funds1000
1500
2000
Investment Management Update Penn State’s endowment investments consist of a diversified portfolio of public equities, bonds, private capital, and hedge funds in addition to real assets. In managing our investments, we adhere to a prudent, rational, long-term strategy that seeks to maintain steady growth while minimizing the effects of volatile market fluctuations. The University provides 4.5 percent of the pooled endowment’s five-year average market value for spending on scholarships and educational programs. The use of a rolling five-year average helps to balance out the “peaks” and “troughs” in the investment markets and effectively “banks” a portion of the earnings in the good years to offset the less profitable years. This provides generous current spending while preserving future purchasing power, which is known as “intergenerational equity.” As of the end of fiscal 2011, endowment and similar funds were valued at $1.83 billion, of which $1.71 billion was invested in the Endowment Pool. Similar funds, which include charitable remainder trusts, charitable gift annuities, and other life income funds in addition to some donor-restricted funds, represented $122.7 million in assets that are not directly invested in the Endowment Pool. For the year ending June 30, 2011, the endowment increased by $392 million, with a cumulative increase of $161 million over the last five years. Over this same period, the endowment has provided $313 million of program support, including $66 million in fiscal 2011. These amounts reflect the impact of investment returns and generous giving, including consistent support for scholarships and University programs.
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ENDOWMENT ASSET MIX | Where Penn State invested its endowed funds
(Fiscal year ending June 30, 2011)
26 24% 59%
n Public Equities n Fixed Income Private Capital n Private Capital 17% Fixed Income The Penn State endowment portfolio is broadly diversified, with 17 percent fixed income as of June 30, 2011; 59 percent Public Equities in public equities (both U.S. and non-U.S.); and 24 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, generate returns in excess of inflation in order to preserve the endowment’s purchasing power for future generations. In the year ending June 30, 2011, global equity markets continued the rally that began in March of 2008, and U.S. equities led the world indexes with the S&P 500 gaining 30.7 percent while MSCI All Country World Index ex-US rose 30.3 percent. Fixed income markets provided a fourth consecutive year of positive returns and posted an overall return of 3.9 percent.
Tina Hay
Looking forward, increased levels of debt worldwide have heightened concerns about sustainable growth in the developed world, while faster-growing, less-developed countries are more concerned with possible natural resource shortages and potential inflation. Whatever the outcome, Penn State’s diversified endowment portfolio continues to be appropriately invested for long-term growth and sustainable spending.
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Penn State Investment Council
(Net of fees) Total returns include interest, dividends, and market appreciation
Penn State’s Board of Trustees created the Investment Council in response to the University’s increasing asset base and complex investment strategies. The council provides direct oversight of the endowment and long-term investment program, and it regularly reviews asset allocation, new asset classes, investment strategies, and manager performance.
25
AVERAGE ANNUALIZED TOTAL RETURNS FOR PERIODS ENDING JUNE 30, 2011
20
23.2%
27
COUNCIL MEMBERS 15
Gary C. Shultz, chair* Interim senior vice president for finance and business/ treasurer, The Pennsylvania State University David Branigan Executive director, Office of Investment Management, The Pennsylvania State University
10
8.8% 6.5% 5.9%
0
5
Timothy J. Crowe Managing director, Anchor Point Capital LLC 20-year 10-year 5-year 1-year
Carmen Gigliotti Managing director, Private Market Group, DuPont Capital Management Gary A. Glynn President and chief investment officer (retired), US Steel & Carnegie Pension Fund Edward R. Hintz Jr. President, Hintz Capital Management
Long-Term Investment Performance of Endowment Penn State’s endowment earned an investment return of 23.2 percent, excluding the impact of new gifts and spending. While stock market returns often fluctuate from year to year, the endowment’s well-diversified portfolio can weather short-term fluctuations and generate positive returns over long periods of time. Net of all fees and expenses, the Penn State endowment has averaged 6.5 percent per year over the last ten years, and 8.8 percent over the last twenty years, allowing the endowment to maintain steady inflation-adjusted spending and to achieve long-term intergenerational equity.
Arthur D. Miltenberger* Vice president and chief financial officer (retired), R.K. Mellon & Sons Colleen Ostrowski Vice president and treasurer, ITT Corporation J. David Rogers Chief executive officer, J.D. Capital Management Linda B. Strumpf Chief investment officer (retired), The Helmsley Charitable Trust *Al Horvath resigned from his position at the University effective September 15, 2011; Gary Schultz agreed to serve as senior vice president on an interim basis and will also serve as chair of the Penn State Investment Council. Arthur Miltenberger has stepped down as a member of the Penn State Investment Council effective September 2011 after eleven years of service.
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INCOME (Fiscal year ending June 30)
28
university budget summaries
0.4% 0.5% 4.6% 7.9%
dollars in thousands
34.2% 8.5%
16.5%
n Tuition and fees n Medical Center/Clinic* n Restricted funds** n Auxiliary enterprises n State appropriation n Philanthropy and other n Agriculture (federal) n Federal Stimulus Funds
$1,371,988 1,105,409 661,462 340,710 318,072 183,016 19,995 15,791
Federal Stimulus Total
$4,016,443
*IncludesAgriculture $13,136,000 in state and federal medical assistance funds, provided by the Pennsylvania Dept. of Public Welfare
27.5%
** Primarily sponsored contracts and research grants Philanthropy and other
State appropriation Auxiliary enterprises
EXPENDITURE (Fiscal year ending June 30)
3.6%
2.5% 1.2% 2.8%
Restricted Funds
27.5%
Medical Center/Clinic
dollars in thousands
n Medical Center/Clinic $1,105,409 n Instruction 716,533 Tuition and Fees n Research 594,868 n Auxiliary enterprise 340,710 n Academic support 339,803 n Institutional support 304,538 n Physical plant 211,440 n Public service 143,233 n Student services 112,531 17.8% n Pennsylvania StudentCollege Aid of Technology 100,387 n Student aid 46,991
5.3% 7.6%
8.5%
8.5% 14.8%
Total Pennsylvania College of Technology$4,016,443
Student services Public Service Physical Plant
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Institutional Support Academic Support
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THE STATE’S SHARE OF PENN STATE’S BUDGET YEAR
TOTAL BUDGET
STATE APPROPRIATION
2011–12
$4,121,627,000
2010–11
4,016,443,000
2009–10
3,761,608,000
333,863,000*
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%
PERCENT OF TOTAL
$272,431,000*
6.6%
333,863,000*
8.3%
29
9.0%
*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 2010–11
|
Where the $274.8 million came from
7.5% 11.1%
Sources
n Individuals
Amounts
Alumni
$170,537,336
Friends
n Corporations n Foundations n Organizations
19.3%
Total
62.1%
Number of donors
175,132
131,421,878
74,450
39,115,458
100,682
53,108,816
6,286
30,474,261
455
20,711,628
1,839
$274,832,041 183,712
Organizations Foundations Corporations Indivuals
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DESIGNATED PURPOSES OF GIFTS RECEIVED 2010–11 | Where the $274.8 million went .11% .38% 1.70% .01% 1.89% 4.12%
9.7%
30
Purposes
27.79%
12.72%
21.99%
19.59%
Amounts
n Property, buildings, equipment $76,384,690 n Other purposes* 53,829,208 n Student aid 60,422,491 n Research 34,960,682 n Faculty resources 26,666,797 n Four Diamonds Fund 11,332,398 n Academic divisions 5,206,156 n Public services and extension 4,669,058 n Unrestricted University-wide 1,038,853 n Library resources 290,800 n Physical Physical plant plant maintenance maintenance 30,908 Total
$274,832,041
Library resources *This category includes gifts to the Children’s Miracle Network, multipurpose funds, and gifts awaiting designation by donors. Unrestricted University-wide Public services and extension
GIFTS DESIGNATED TO SPECIFIC UNITS 2010–11 UNIT
AMOUNT
Abington 400,644
Academic divisions Four Diamonds Fun UNIT
35,256,843
Intercollegiate Athletics Research Lehigh Valley
83,000,518
Liberal Arts Aid MontStudent Alto
19,525,020
New Kensington other purposes Outreach
376,493 6,551,951
1,841,389
Research & Graduate School
1,026,037
Dickinson School of Law
808,834
Properties, Equip Schreyer HonorsBldgs, College
4,948,194
DuBois
324,980
Schuylkill
Agricultural Sciences
7,919,738
Altoona
1,697,803
Arts & Architecture
17,704,577
Beaver Behrend Berks Brandywine Communications
Earth & Mineral Sciences
437,486 6,627,329 391,383 219,969
2,254,019 117,654 733,466
592,515
13,604,867
Shenango
250,453
The Eberly College of Science
5,836,682
The Smeal College of Business
7,582,036
Education
3,034,634
Student Affairs
1,002,790
Undergraduate Education
5,444,282
University Libraries
2,090,601
University-wide
9,083,589
Educational Equity Engineering Fayette, The Eberly Campus Great Valley
478,990 18,820,768 433,174 87,065
Wilkes-Barre
381,783
Greater Allegheny
407,952
Worthington Scranton
985,560
Harrisburg
890,271
York
685,775
Hazleton
433,564
Health & Human Development
10,540,363
TOTAL
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AMOUNT
Hershey faculty resources Information Sciences & Technology
$274,832,041
2010–11
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GROWTH IN PRIVATE SUPPORT AND DONOR BASE
300
300
250
250
200
200
274.8
190.3
180.7 181.3
203.4
31
Gift receipts
181.5 182.1
165.2 151.3
150
150
100
100
400
400
350
350
300
300
250
250
200
200
130.9
’02 ’03 ’04 ’05 in millions of dollars
’06
’07
’08
’09
’10
’11
353.3
150
284.7
265.2
273.8
New commitments 200.9
196.4 170.3
150
277.5
163.4
’02 ’03 ’04 in millions of dollars
173.0
’05
’06
’07
’08
’09
’10
’11
185,183 183,712 181,918 163,111
200000200,000
143,517 132,791 132,931 120,680
150000150,000
Number of donors
122,539 124,519
100000100,000
’02
’03
’04
’05
’06
’07
’08
’09
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campaign executive committee
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Peter G. Tombros Campaign Chair
John M. Arnold At-large Member
E. Lee Beard Campaign Vice Chair Chair, Campus Committees
Richard J. Barry At-large Member
Edward J. Beckwith Chair, Planned Giving Advisory Council
Dennis P. Brenckle Chair, The Penn State Milton S. Hershey Medical Center Campaign Committee
James S. Broadhurst Past Chair, Board of Trustees, The Pennsylvania State University Linda J. Gall Chair, Stewardship Committee
Martha B. Jordan Chair, Annual Giving Committee William A. Jaffe At-large Member
Steve A. Garban Chair, Board of Trustees, The Pennsylvania State University
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Edward R. Hintz Honorary Campaign Chair
2010–11
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Edward P. Junker III At-large Member
Arthur J. Nagle Honorary Campaign Chair
Jeffery L. King At-large Member
Joseph V. Paterno Honorary Campaign Chair
Bruce R. Miller Campaign Vice Chair Chair, College Committees
Robert E. Poole Chair, Leadership Gifts Committee
Catherine Shultz Rein Chair, Corporate Relations Committee Douglas L. Rock At-large Member William A. Schreyer Honorary Campaign Chair (deceased)
Richard K. Struthers At-large Member John P. Surma Jr. At-large Member John K. Tsui At-large Member
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Ex Officio Members
Graham B. Spanier President, The Pennsylvania State University Rodney A. Erickson Executive Vice President and Provost, The Pennsylvania State University
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Gary C. Shultz Interim Senior Vice President for Finance and Business/Treasurer, The Pennsylvania State University Rodney P. Kirsch Senior Vice President for Development and Alumni Relations, The Pennsylvania State University
2010–11
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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
rpk6@psu.edu
FPO
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