PRESIDENT’S REPORT ON PHILANTHROPY AND ENDOWMENTS 2017–2018
On April 20, the University celebrated the early progress of A Greater Penn State for 21st Century Excellence with an Evening of Discovery that highlighted the campaign’s impact across the University. On the cover: Members of the Blue Band wait to be revealed by a dramatic curtain drop at the event’s finale. On these pages: After the curtain fell, the band ushered an audience of nearly 1,200 to a strolling supper and interactive kiosks hosted by Penn State students and faculty.
TABLE OF CONTENTS Discovering Penn State’s Future 2 Greater and Greater 4 The Year in Philanthropy 6 Open Doors 8 Create Transformative Experiences 12 Impact the World 16 Philanthropy Awards 20 Endowment Overview 24 Investment Management Update 26 University Budget Summaries 28 Campaign Executive Committee 32
DISCOVERING PENN STATE’S FUTURE The University celebrates the campaign’s early success
When A Greater Penn State for 21st Century Excellence began on July 1, 2016, it represented a new vision for both the University and for fundraising campaigns. Tied closely to the Penn State strategic plan and guided by the ambitions of our faculty, students, and supporters, it laid out a five-year, $1.6 billion map to our future as a land-grant institution. With the help of our alumni and friends, we will become A Greater Penn State by fulfilling three key imperatives: Open Doors: ensuring access for talented students of every background Create Transformative Experiences: providing the opportunities that allow students and faculty to discover their full potential Impact the World: tackling the Commonwealth’s and the world’s most pressing problems These imperatives have already inspired 339,458 alumni and friends to join with Penn State and support the campaign. On April 20, the University welcomed nearly 1,000 of these donors, along with volunteer leaders from every campus and college, to a celebration of the campaign’s early successes. In the pages that follow, you’ll learn more about the record-breaking results achieved in 2017–2018 and meet some of the students and faculty who shared their stories at the Evening of Discovery.
Thanks to your support, WE ARE… 30th
Ranked among U.S. institutions in the 2018–19 Center for World University Rankings.
$927
The site for million in research expenditures during 2017–18—a new institutional record.
#2
The university in the country for graduating CEOs, behind only Stanford.
Thank you for your own role in creating A Greater Penn State. Your generosity to people and programs across the University has made us an international leader in education and research, an engine for economic development, and a destination for students from both the Commonwealth and around the world who embrace every opportunity Penn State offers. With your continued support, Penn State and Penn Staters will continue to lead the way far into the 21st century, and beyond.
Home to an intercollegiate athletics program among the top 15 in the nation, as ranked by the NACDA Learfield Director’s Cup, for success on the field—with a 3.15 GPA off the field last spring.
E
The nation’s ‘most powerful college network,’ whose graduates “continue to shape their school’s reputation through career success, fame, and mentorships,” according to College Magazine.
Eric J. Barron President, The Pennsylvania State University
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GREATER AND GREATER… Campaign helps Penn State to break fundraising records
As the Evening of Discovery came to a close, I had the pleasure and the honor of taking the stage at the Bryce Jordan Center to share exciting news: less than two years into A Greater Penn State for 21st Century Excellence, alumni and friends had already given nearly $660 million to open doors, create transformative experiences, and impact the world. By June 30, that figure had risen to more than $713 million, putting the campaign almost 45 percent of the way toward the overall goal of $1.6 billion. That success was driven by a year of recordbreaking results in several key measures. The highest commitment total in Penn State’s history—$362.9 million in new gifts and pledges that will be fulfilled in the future—will create powerful momentum through the rest of the campaign. The University also smashed the prior record for cash receipts during a single fiscal year, with a total of $322.7 million. The
“
previous highs were set in 2010–2011, with $353.2 million in commitments and $274.8 million in receipts. More details about this year’s fundraising results are available starting on page 28. The impressive totals in 2017–2018 are just the foundation for future fundraising. We’re focused on securing at least $300 million in commitments each and every year until the campaign concludes on June 30, 2021. Ambitious? Yes, but that’s never stopped this University, its graduates, and its supporters. We will all be even prouder to be Penn Staters when A Greater Penn State for 21st Century Excellence achieves its goal.
Rick Sokolov ’71 Campaign Chair
I’ve never been prouder to be a Penn Stater than I am tonight… —Rick Sokolov ’71, Campaign Chair
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Campaign Progress As of June 30, 2018
44.6%
TIME ELAPSED: 40% Total Progress
Current progress: $ 713,100,000 Goal: $1,600,000,000
44.5%
41.9%
64.7%
Open Doors
Create Transformative Experiences
Impact the World
Current progress: $222,600,000 Goal: $500,000,000
Current progress: $ 94,200,000 Goal: $225,000,000
Current progress: Goal:
$307,300,000 $475,000,000
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THE YEAR IN PHILANTHROPY Throughout 2017–2018, the University shared good news about the campaign with the Penn State community and the public. Here are top stories from each month of the campaign’s successful second year. To stay up to date on giving to the University, you can subscribe to the monthly “Philanthropy at Penn State” newsletter by sending an email to philanthropy@psu.edu, and you can look for @RaisePennState on Instagram, Twitter, and Facebook.
July 2017 “One of the greatest gifts my parents gave me was my Penn State education,” said Jane Filby Leipold, who earned an undergraduate degree at University Park and an MBA from Penn State Harrisburg. That education became the foundation for a successful business career, and Leipold pledged an estate gift last year for scholarships and career services that will help Penn State Harrisburg students, especially women and those from underrepresented communities, to follow in her footsteps. August 2017 As A Greater Penn State for 21st Century Excellence entered its second year, longtime volunteer leader and University supporter Rick Sokolov stepped forward to take the helm as campaign chair. A 1971 alumnus of Penn State, he is the president and chief operating officer of Simon Property Group, the largest publicly traded real estate company in North America. With his wife and fellow Penn State graduate, Susan, he has supported programs across the University, and the couple made a landmark gift to name and endow the Sokolov-Miller Family Financial and Life Skills Center in April 2018. September 2017 York business leader and philanthropist Don Graham has long been an advocate for entrepreneurs in the region, and his support helped to found the Graham Center for Entrepreneurial
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Leadership Studies at Penn State York in 2013. Last year, he deepened his commitment to the campus and the business community with a gift to create a new home for the center and increase its endowment, earning a 1:1 match from the University’s Economic Development Incentive Matching Program, available through the end of the campaign for targeted projects and programs driving prosperity in the Commonwealth. October 2017 On October 20, the University officially dedicated the Donald P. Bellisario College of Communications with its namesake, television legend Donald P. Bellisario, in attendance. Bellisario’s $30 million gift—the largest to the campaign so far and one of the five largest in Penn State’s history—will enhance facilities and programs for students preparing for careers in digital storytelling and media. The gift also created a scholarship fund for communications students, with first preference for those, like Bellisario, who have served in the military. Construction on the Donald P. Bellisario Media Center is slated to begin in December 2018. November 2017 After watching her parents decline from Alzheimer’s and Parkinson’s disease, Class of 1996 graduate Jennifer DiVittorio created the Mark and Sharon Robb Research Fund in the Eberly College of Science. That 2016 gift has supported efforts by Gong Chen, the Verne M. Willaman Chair in Life Sciences, to discover treatments and cures. In 2017, DiVittorio created a new endowment, the Robb Family Graduate Fellowship, to fund emerging academic stars in the field of brain repair research. DiVittorio said, “Giving to Penn State so I can potentially help others with these diseases will be my real success.” December 2017 As Americans
OCT
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recovered from Thanksgiving dinners and Black Friday shopping, Penn Staters stepped up on #GivingTuesday to participate in the national day of philanthropy and support the institution. In December, the University announced that a record-breaking $1 million was committed by Penn State alumni and friends on November 27 and 28 to a range of academic programs, student groups, and other fundraising priorities. The event was a special success among young alumni from the last decade, and Penn State will kick off this year’s #GivingTuesday challenges early on Monday, November 26, 2018. January 2018 Alvin Snowiss and his late wife, Jean, were founding board members of the Palmer Museum of Art, and over the years, their gifts have helped the museum to form a nationally renowned collection of American art. In January, the Palmer Museum announced a donation of three new works from Alvin Snowiss: watercolors by Charles Demuth and John La Farge and an oil painting by Arthur B. Davies. Snowiss said, “Growing up in Lock Haven, Jean and I never had an art course. We contribute to the museum because we feel that art is something to be seen.” February 2018 With one of the largest gifts in the history of Penn State Berks, alumni Irvin and Lois Cohen and Victor and Dena Hammel created a program that will offer scholarships, mentoring, and educational opportunities to new generations of leaders. The Cohen-Hammel Fellows Program will help the campus to recruit outstanding students across all academic disciplines and support their growth into engaged, ethical citizens with strong ties to the community, encouraging them to remain in the Reading region after graduation. March 2018 “My Penn State education provided me with the foundation for a rewarding career, and now I want to invest in other Penn State students to have the same opportunities that
I was afforded,” said Thomas F. Zenty III on making the largest gift in the history of Penn State Scranton. His commitment created two new scholarship endowments: a fund for Lackawanna County students with financial need who are pursuing degrees in health-related disciplines, and an Open Doors Scholarship targeted to students in the PaSSS program. Both gifts earned matching support from campaign matching programs (learn more on page 10). April 2018 Nearly 1,200 Penn State donors, volunteers, and friends gathered at the Bryce Jordan Center on April 20 to celebrate the early successes of A Greater Penn State for 21st Century Excellence. The Evening of Discovery highlighted the achievements of students and faculty that have been made possible through philanthropy, and it pointed the way forward for the rest of the campaign, which continues through June 30, 2021. May 2018 Penn State President Eric J. Barron and his wife, Molly Barron, led the way for A Greater Penn State with their own gifts, announced this month: The Alice Battistini Open Doors Scholarship, named in honor of their granddaughter, will support one of President Barron’s signature initiatives, the Open Doors Scholarship Program, and the Staff Excellence Award will benefit high-achieving Penn State employees. The gifts reflect President Barron’s institutional priorities, as well as the couple’s personal passions. June 2018 Charles H. “Skip” Smith, the Penn State alumnus and philanthropist whose giving has fueled the creation and supported the growth of The Arboretum at Penn State, made a major new gift to enrich this University resource. Smith and his sons, David, Jeffry, and John, committed funds to launch construction of the Bird Garden in the Arboretum, which will be designed to attract birds year-round and educate the Arboretum’s many visitors.
JAN
APR
FEB
MAR
MAY
JUN
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OPEN DOORS
Jonathan Adrien PATHWAYS TO SUCCESS: SUMMER START
One of the most powerful voices during the Evening of Discovery was Jonathan Adrien, who is studying information technology and cybersecurity as a sophomore at Penn State Brandywine. Jon’s parents, both Haitian immigrants, have always instilled in him the value of getting a good education, but he knew that the demands of an institution like Penn
“As an IT student at Brandywine, I’ve discovered that if you want to make an impact on your life… your community… and your world… you can’t sit back and just wait for things to happen.”Jonathan Adrien
State could be a challenge. That’s why he enrolled in Pathways to Success: Summer Start, one of the programs targeted by the campaign’s Open Doors Scholarship Program (see right). In the summer before his first year at the campus, Jon took classes that gave him a running start in his academic program, experienced the support and mentorship of other students and faculty, and learned about all the opportunities that the University had to offer. Because of his PaSSS experience, Jon had the drive and the ability to become a student leader in his very first year at Penn State Brandywine, participating in THON and serving as a Lion Ambassador. He devoted this summer to PaSSS, too, as both a student and a peer mentor. “It has given me so much joy to represent this University—not just at the Evening of Discovery, but every day,” says Jon. “Penn State is meant for everyone, every type of person. Whether you’re rich, poor, any color, any background, the University welcomes you. Penn State prepares you for the world because it represents the world through its richness in diversity and inclusion. I tell every high school student I meet to go to Penn State.”
Pathway to Success: Summer Start (PaSSS) helps entering students at several Penn State campuses, including University Park, make the transition to college in the summer before their first year, providing them with scholarships and connecting them with mentors. Participants take courses and acclimate to campus life during the summer, and they are guaranteed a job on campus or within the community for the summer or fall. Successful students have the opportunity to participate in a second session during the following summer, allowing them to earn up to eighteen credits before their sophomore year. PaSSS is one of the programs Penn State has pioneered to help students graduate on time and on track to success, with less educational debt, and more than 300 alumni and friends have secured matching funds from the University for scholarships targeted to this and the other Open Doors programs. Learn more on the next page.
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OPEN DOORS Service and Success The Open Doors Scholarship Program is already having an impact in the lives of Penn State students like Sergeant Jacquiline Cana, a veteran and now Army reservist in her senior year at Penn State’s Eberly College of Science. She plans to complete her degree in biology, take a gap year to study for the MCAT, and return to the military as a physician after earning her M.D.—all ambitions that would not have been possible without the Dr. Edwin L. Hemwall Open Doors Scholarship she received through the Complete Penn State program.
Q: What path led you to Penn State? A:
I grew up in Atlantic City, New Jersey, and I went straight into the military after I graduated from high school in 2010. When I completed my mobilization in 2014, I started my education at
The Power of Partnership The matching programs have been so successful that donors have already secured the full pool of University funds, and the programs have been concluded. Matching support is still available for economic development initiatives; learn more on page 18.
Open Doors Scholarship Program To support students in one of several programs designed to accelerate progress toward graduation, limit educational debt, and keep students on track to their degrees The First-Time Endowed Scholarship Donor Matching Program To encourage alumni and friends to create scholarships for students with financial need Leadership Scholarship Program For donors with the capacity to make gifts of $1 million or more to scholarships for students with financial need Graduate Matching Scholarship Program To provide support to rising academic stars in graduate programs across Penn State
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2017–2018 MATCH LEVEL
ENDOWMENTS CREATED AS OF 6/30/18
2:1
334
$53.1 million
1:1
133
$22.9 million
1:1
5
$22.8 million
1:1
29
$10.8 million
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TOTAL IMPACT
Temple University, but I visited my boyfriend’s calculus class at Penn State Abington, and I fell in love with the family environment. I really found my home at Penn State. When I transferred to University Park, the transition was really easy because of all the services and organizations that are available for veterans here.
students, alumni, and even its fans. It is the closest thing to the camaraderie that I have felt in the Army.
Q: What have you valued most about your experience
I had used part of my G.I. Bill benefits to become certified as a medical assistant before I started Penn State, and I hadn’t realized that I wouldn’t be eligible for help with tuition during my senior year. I got the news when I was with my unit at West Point over the summer, training new cadets and struggling with both personal and professional challenges. Everyone at the University was so helpful, especially the Student Care and Advocacy Office, and I wouldn’t have been able to enroll for my senior year without the support I received from my college and the Complete Penn State program. I can’t put into words how grateful I am, and I plan to create a scholarship myself someday so that people like me can get to where they need to be.
at the University?
A:
Coming to Penn State, you may think you know what you want to do with your life, but there are so many people here with different experiences—professors who are excited about their research, students from overseas—that it broadens your own experience and helps you to see new possibilities for yourself. Through philanthropy, Penn State has created such a diverse community, but at the same time, there’s a deep connection that’s shared between Penn State
Q: Why did the Dr. Edwin L. Hemwall Open Doors Scholarship matter to you?
A:
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CREATE TRANSFORMATIVE EXPERIENCES
The Global Health Minor From infectious diseases that spread across borders to medical crises that affect the international economy, the future of human health is global, and the Global Health minor, featured at the Evening of Discovery, is preparing Penn Staters to meet challenges around the world. Based in the College of Health and Human Development but available to undergraduates across University Park, the Global Health Minor allows students to customize a 21-credit program of study to their interests in fields ranging from public policy to epidemiology. Through the program, students develop: £ Understanding of the complexity of contemporary global health issues £ Personal and professional skills in intercultural communication £ Preparedness for occupations that demand interdisciplinary and global thinking skills and perspectives To complete the minor, students must complete a supervised five-week fieldwork experience that enhances their ability to communicate and engage across cultures and understand the needs of communities very different from their own. So far, the Global Health minor has taken Penn State undergraduates to South Africa, Tanzania, and Senegal, as well as to Ojibwe reservations in Minnesota, and more opportunities are under development. More than 120 students have graduated with a Global Health minor and gone on to studies and careers in medicine, nursing, public health, and related fields both in the United States and abroad. Support from the For the Field, For the Future fund has helped a number of these students with the cost of their fieldwork, and philanthropy can give others the opportunity to learn how they can be global health leaders.
“Global health can be in your backyard. While living with and studying the Ojibwe, a Native American people, we saw communities, here in the United States, that are struggling with issues people may think only happen in underserved populations overseas.” Steve Hanna ’18, Biobehavioral Health major, now a fellow at the Groundwork Center for Resilient Communities
“I could not be more grateful for the time that I spent in Senegal learning about different healthcare systems. I was able to once again apply what I learned both in the field and in the classroom while I volunteered in India this summer, and I’m excited to carry those lessons into my current job.” Clarisse Solis ’18, Immunology and Infectious Disease major, now working in HIV research at Johns Hopkins
CREATE TRANSFORMATIVE EXPERIENCES Global Engagement | Arts & Humanities | Digital Innovation
Star Power Throughout the Evening of Discovery, students from Penn State’s Musical Theatre program sang and danced their way through a celebration of private support—and the professionalism of their performance is proof of philanthropy’s impact. Penn State donors have helped the program to become one of the best in country. From scholarships that let talented students dedicate themselves to their craft to funds that sponsor travel to Broadway auditions, visits by acclaimed theatre professionals, and commissioning of new musicals tailored to Penn State talent, alumni and friends continue to be the supporting cast for these emerging stars.
FPO
Exploring Perceptions In the twenty-first century, we now have more tools and opportunities for shared progress than ever before—and for shared understanding, too. A Greater Penn State is asking alumni and friends to invest in the arts and humanities as a pathway to reflection and communication about fundamental values and experiences. At the Evening of Discovery, the 2017– 2018 Penn State Laureate Andrew Belser presented “FaceAge,” a multimedia installation that encourages viewers to connect across the generations. Belser, a professor of movement, voice, and acting, brought together colleagues from the arts, gerontology, nursing, and the humanities to create an interwoven video dialogue between young people and older adults on a wide range of topics. “FaceAge” has been exhibited across the Commonwealth, and Belser is now planning a national tour. It’s a powerful example of the role that the arts and humanities can play in bridging disciplines and communities. Learn more at faceage.org.
“I never really concerned
“These stories that you
myself with getting older, leave behind. Maybe and as a result, some of
that’s who you are,
my older years were the
that’s what you are…”
happiest of my life.” David
Caleb
? Thwarting Digital Thieves Through the Create Transformative Experiences
er Honors Scholar, brought to Liu: it’s easy to
imperative, the campaign is helping Penn State
attack a program if it’s always vulnerable in the
to lead the way for our digital future. On April
same places, the way that a burglar can plan to
20, undergraduate Alejandro Cuevas and his
get into a house through a broken window. You
faculty adviser, information sciences and tech-
can make a program more secure by shifting its
nology professor Peng Liu, presented the same
weak spots in ways that hackers can’t predict—
groundbreaking cybersecurity research that
the equivalent of moving windows so that a
they’ll share with the Department of Defense
burglar doesn’t know where to break in.
later this fall. The concept that Cuevas, a Schrey-
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IMPACT THE WORLD
“Penn State’s ambition to be the Energy University isn’t powered by any fossil or renewable fuel. It is powered by people, and in large part, by philanthropy…”
Tom Richard
ON THE ENERGY UNIVERSITY Tom Richard, who delivered these remarks at the Evening of Discovery, is the director of the Penn State Institutes of Energy and the Environment and a professor of agricultural and biological engineering. Energy is a Pennsylvania tradition. It has been one of the top three industries of the Commonwealth since colonial times. It’s a field where Penn State has been a leader for over a century. And for this century, it is our ambition to be the best Energy University in the world. Pennsylvania forests powered the iron industry for the American colonies. Pennsylvania coal powered the industrial revolution. Our state is the birthplace of the oil industry. And the world’s first commercial nuclear power plant was built in Shippingport, Pennsylvania. Today, Pennsylvania’s natural gas, renewables, batteries, and grid technologies are powering yet another energy revolution: clean, abundant, safe, and affordable energy, an engine for economic development. Energy is also a Penn State tradition. Since our founding, we have educated students about energy, and today we have more energy degree programs than any other university in the United States. Our energy research impact is second in the nation overall, and first in interdisciplinary alternative energy. We are the only university ranked in the top five for scholarly output across all areas of fossil energy, renewables and nucle-
ar, smart grid and efficiency, economics and policy, and the impact of energy on the environment. Our students are growing the workforce for new energy systems—a sector of the economy that already has over seven million jobs. We are using our own facilities as a living laboratory, studying and teaching our students about the best new ideas in heat and power, batteries, smart grid, building efficiency, and transportation. We are doing groundbreaking work in many areas of energy, including with shale gas, bioenergy, batteries, and wind. We at Penn State are also leading the Global Building Network, a worldwide consortium designed to transform the building sector—one third of the global economy, where we spend 70 percent of our time, and where we know we can reduce global greenhouse gas emissions by 40 percent, increase worker performance by 10 percent, improve human health, and do so at nearly the same first cost. But Penn State’s ambition to be the Energy University isn’t powered by any fossil or renewable fuel. It is powered by people, and in large part, by philanthropy—by gifts that enable us to reinvent the way energy is created and consumed…gifts that empower us to impact the world in new and fundamental ways. So, thank you for your interest and your support for this groundbreaking initiative. Through the Energy University, we can improve the lives of millions of people, here in Pennsylvania and around the globe.
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IMPACT THE WORLD Partnering for a Healthier Future When Kathryn Schmitz took the stage at the Evening of Discovery, she shared more than her own groundbreaking work on the relationship between exercise and improved cancer treatment outcomes. She spoke on behalf of faculty and students across the University who represent Penn State’s potential for leadership in the field of human health, one of the campaign’s top priorities. From gold nanoparticles that literally blow up cancer cells when triggered by infrared light to human organs manufactured on 3-D printers, their breakthroughs may be our best hope for longer, healthier lives. In the years ahead, Penn State plans to capitalize on the existing strengths of seven major interdisciplinary research institutes—Penn State Cancer Institute, the Huck Institutes of the Life Sciences, the Materials Research Institute, the Clinical and Translational Science Institute, the Institute for Cyberscience, the Social Science Research Institute, and the Institutes of Energy and the Environment—to encourage further partnerships among the University’s hundreds of researchers in biomedical and health-related fields. If you would like to receive a copy of a recently released white paper about the Penn State Collaborative for Biomedical and Health Sciences, please contact Robert P. Jackson, assistant vice president for principal gifts, at rpj25@psu.edu. “Philanthropy can help researchers like me to pursue bold ideas and to share them with physicians and patients across the U.S. Across Penn State, faculty members and students are on the verge of important breakthroughs in human health. Through your support, you can be our partners in creating better and longer lives for millions. Together, we can impact the world, one patient, one life at a time.” —Kathryn H. Schmitz, Penn State College of Medicine professor of epidemiology and associate director of population sciences for Penn State Cancer Institute
Invent. Invest. Impact. As a land-grant institution, Penn State is not only committed to educating new generations of students—it’s also helping to create a vibrant economy for them to enter when they graduate. Through the Invent Penn State initiative, now in its third year of encouraging entrepreneurship and innovation across the Commonwealth, the University is partnering with communities, faculty and students, and aspiring business leaders to launch new start-ups and turn great ideas into great products and services. Alumni and friends are investing in the Commonwealth’s future, too, and their gifts are securing matching support from the University through the campaign. Each of Penn State’s twenty-one Innovation Hubs and LaunchBoxes—centers that respond to the specific needs of their service areas, with support for entrepreneurship and manufacturing—has the opportunity to earn a $1 million match from the University if donors contribute a total of $1 million to its endowment. Through the Economic Development Incentive Matching Program, donors can earn a 1:1 match for gifts supporting specific programs or scholarships that promote economic development through the creation of new businesses and jobs. Here are some landmark gifts received so far:
PENN STATE BEHREND
ALTOONA LAUNCHBOX
GRAHAM CENTER FOR
HAPPY VALLEY
Both Penn State Behrend
Supported by the Hite
ENTREPRENEURIAL
LAUNCHBOX
and the Erie Insurance
Family
LEADERSHIP STUDIES AT
Powered by PNC
Group have long been
In June, Penn State
PENN STATE YORK
With a $1 million gift from
engines of economic
Altoona celebrated a $1
York business leader Don
PNC Bank, the downtown
growth in northwest-
million gift from longtime
Graham saw the potential
State College LaunchBox
ern Pennsylvania. The
local business leader Lee
for Penn State’s leadership
became the first to secure
insurance industry leader
Hite and his family to
in economic development
a $1 million match from
is now deepening its part-
endow its LaunchBox.
back in 2013, when he
University funds for its
nership with the campus
Opened in 2017, the
made a landmark gift to
programs supporting
through two gifts that
innovation hub graduated
create the Graham Center.
entrepreneurship and
have secured 1:1 matches
24 start-ups in just its first
In 2017, he renewed his
business development.
from the University: an
year, and it continues to
commitment to the pros-
This year, Happy Valley
Open Doors Scholarship
offer no-cost support to
perity of the region with
LaunchBox hosted par-
and an endowment for
aspiring entrepreneurs
support for constructing a
ticipants in one of Invent
the Erie Insurance Student
in the community and an
new center facility and for
Penn State’s signature
Professional Development
accelerator program—The
an endowment, matched
initiatives: The Summer
and Industry Engagement
Bootcamp—which gives
by the University, to fund
Founders Program, which
Fund, which will support
participants a shot at a
the center’s programs for
connects teams of Penn
opportunities like intern-
$10,000 prize for their
students who want to be-
State students with the
ships and research that
new businesses.
come Pennsylvania’s next
mentors and resources to
connect Behrend students
generation of business
launch their own busi-
with regional businesses.
leaders.
nesses, such as the mobile blood-testing applications and pet-proof trash cans designed by this year’s participants.
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PHILANTHROPY AWARDS
Philanthropists of the Year: Donald and Vivienne Bellisario This award recognizes an individual or couple who has demonstrated exceptional generosity in the promotion and support of The Pennsylvania State University.
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Television legend Donald Bellisario began his path to prominence at Penn State, and now he and his wife, Vivienne, are helping Penn State communications students to become media pioneers themselves. Born during the Great Depression in western Pennsylvania, Don launched his remarkable career after graduating from Penn State. He first enrolled in 1953 but left to serve in the U.S. Marine Corps. He returned four years later with his young family, earned his degree in journalism, and worked for the Centre Daily Times. After graduation, Bellisario built a reputation as an innovator and leader in advertising. After rising to the rank of senior vice president of the famous Bloom Agency, he made the leap, during the mid-1970s, to Hollywood. There he became a hit maker whose creations included Magnum P.I., JAG, Airwolf, Quantum Leap, and NCIS. His work has been honored with the prestigious Edgar Allan Poe Award for writing and multiple Emmy Award nominations. He was awarded a star on the Hollywood Walk of Fame in 2004, and he was named 2001 Producer of the Year by the Caucus for Producers, Writers, and Directors. In 2017, Don and Viv expressed their appreciation for Don’s academic home with an historic $30 million commitment to the College of Communications, which inspired the University to rename the college in Don’s honor. At the heart of the Belliarios’ landmark gift is a scholarship fund for communications students, with first preference given to undergraduates who, like Don, are U.S. military veterans, active duty service members, reservists, and members of the National Guard. The Bellisarios also created an endowment to support faculty leadership and innovative programs to provide “real-world,” hands-on experience for undergraduates. In addition, the gift will help the University to build the Donald P. Bellisario Media Center to serve as a creative hub for communications students and, together with the Carnegie Building, the home of the Bellisario College. Beyond elevating Penn State’s status as a world-class public university, the Bellisarios have inspired the Penn State community to work hard, to dream big, and never to forget one’s roots.
The Presid e nt ’s Re po rt o n Phi la nt hr opy a n d E n d ow m en ts 201 8
Fundraising Volunteer of the Year: James Ingram As the president of Bartlett Tree Experts, a Connecticut-based tree care company with 142 offices in four countries, Jim Ingram sits atop a large and successful organization, yet he has never forgotten his Penn State roots. Jim’s relationship with Penn State began with a job with the Forest Resources Laboratory at University Park. He then began his college education at Penn State Mont Alto as a student of forestry, during which time he served both as an instructor of forestry and an instructor of counseling for the campus’ resident assistants. As he continued his education back at University Park—ultimately earning a bachelor’s degree in general agriculture from the College of Agricultural Sciences in 1983—he continued his tenure as an instructor of counseling. Jim has remained committed to his alma mater and Penn State’s Commonwealth campuses ever since. Today, Jim is leading the efforts of Penn State’s Commonwealth campuses to raise significant support during A Greater Penn State for 21st Century Excellence as chair of Commonwealth campus campaigns. To date, the fifteen campuses Jim oversees have collectively raised more than $42 million, contributing to the University’s record-breaking fundraising results in fiscal year 2017–18. Jim previously demonstrated his strength as a volunteer leader through his service as chair of Penn State Mont Alto’s efforts in For the Future: The Campaign for Penn State Students, leading the campus in exceeding its $5 million goal by raising $5.4 million. Through the years, Jim and his wife, Barbara Ingram, a 1985 graduate of the Smeal College of Business, have raised friends and funds for Penn State Mont Alto by underwriting an annual football tailgate at the Nittany Lion Inn to bring together campus supporters and cultivate Penn State pride. Jim and Barbara have also led by example with generous gifts to support Penn State Mont Alto—including a gift through Bartlett Tree to create a forestry research plot at the campus—and every one of Penn State’s other Commonwealth campuses, Intercollegiate Athletics, and The Arboretum at Penn State. Jim and Barbara reside in Westport, Connecticut, and have two adult children, Jack and Sage.
The award recognizes an individual, couple, 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.
Corporate Partner of the Year: EY EY is committed to building a better working world through its own actions and by engaging with like-minded organizations and individuals, and Penn State is fortunate to be one of those organizations. Headquartered in London, England, EY (formerly known as Ernst & Young) is one of the world’s largest professional services organizations, a powerhouse with massive global impact. For more than three decades, Ernst & Young LLP, the EY member firm in the US, has helped power our students and faculty toward success through a multifaceted engagement with the University. The firm’s generous philanthropic investments, now totaling nearly $2 million, range from such early gifts as the Ernst & Young Professorship in Accounting, created in 1989, to more recent recurring gifts through corporate partner programs in the College of Information Sciences and Technology (IST) and the Smeal College of Business that provide vital discretionary funding. In addition, EY US is a strong supporter of Penn State’s diversity efforts. The firm has hosted, sponsored, or participated in such events as a multi-college Diversity Roundtable and, in the Smeal College, the Striving Toward Awareness and Respect for Tomorrow (S.T.A.R.T.) Conference and the Powerful Women Paving the Way Conference; it also sponsors multiple diversity-related student organizations. EY consistently ranks in the top five companies for full-time placement of our students and currently employs more than seven hundred Penn State alumni. EY truly stands out in the area of student engagement and recruitment, with efforts that reach far beyond accounting and finance to include students in other business majors, engineering, and IST, as well as international and Commonwealth campus students. EY representatives engage with students not just at career fairs, but also through career-preparation workshops and programming, through the diversity efforts described above, and much more. As a result, students get to know EY not just as a brand and a potential employer, but also as individuals willing to take the time and effort to foster relationships here. In all of these ways, EY is truly building a better working world through its association with Penn State, and we look forward to seeing that relationship develop for many years to come.
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 need, and impact across Penn State.
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Foundation Partner of the Year: John E. Morgan Foundation This award recognizes a foundation 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 need, and impact across Penn State.
Jim Zigmant, President of the John E. Morgan Foundation
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Over more than twenty years of giving, the John E. Morgan Foundation has become one of Penn State’s most important and generous foundation benefactors. John E. Morgan, who died in 2001 at age eighty-nine, earned prominence in the textile industry with his late-1950s invention of the waffle stitch, used in the manufacture of thermal underwear and blankets. He sold his company in 1984 and retired to a second career as a philanthropist, and his foundation carries on the tradition of giving he established. Perhaps most notable in the Morgan Foundation’s philanthropy to Penn State is the breadth of its support across the University. The foundation has directed its most substantial gifts to the Penn State Health Milton S. Hershey Medical Center. The foundation gave $6 million to the Penn State Children’s Hospital Building Campaign—among the largest commitments to that campaign—which created a top-ranked facility that serves children from around the state, including the nation’s most populous rural regions. Subsequently, the foundation has fostered accessibility and excellence in the College of Medicine through scholarship support totaling $3 million. The Morgan Foundation has also invested heavily in students and programs at campuses serving eastern Pennsylvania. In 1982, Mr. Morgan himself provided much of the funding for the auditorium that bears his name at Penn State Schuylkill, and since then, the Morgan Foundation has twice provided funding for renovations. During the For the Future campaign, the foundation created $1 million Trustee Scholarships at each of the Schuylkill, Berks, and Hazleton campuses; these gifts activated a Penn State match to help students with significant financial need. More recently, the foundation has sought to leverage Penn State funds by committing challenge grants to create scholarships supporting STEM students at the University Park, Schuylkill, Berks, and Hazleton campuses, and to enable upgrades to the Penn State Schuylkill Classroom Building. Through this remarkable giving history, the John E. Morgan Foundation has truly earned its place as Penn State’s first Foundation Partner of the Year, and it continues to embody Mr. Morgan’s incomparable generosity of spirit.
Th e Presid e nt ’s Re po rt o n Phi la nt hr opy a n d E n d ow m e n ts 201 8
ENDOWMENT OVERVIEW The Long-Term Investment Pool (LTIP) is Penn State’s investment portfolio into which endowed funds (Endowment Pool) established at the University are invested. This commingled pool 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 a mutual fund, the value of each unit at the time funds are invested in the pool determines how many units an individual fund acquires. 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. 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.
GIFTS AND OTHER ADDITIONS
(fiscal year ending June 30, 2018)
2. Focus on long-term performance. 170.7
3. Accept a reasonable and prudent level of risk while maximizing “total” return. 136.3
130.3
4. Diversify investments to reduce risk.
108.6 94.9
92.2 76.2 73.9
61.2 62.5
’09
’10
’11
in millions of dollars
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Th e Presid e nt ’s Re po rt o n Phi la nt hr opy a n d E n d ow m e n ts 201 8
’12
’13
’14
’15
’16
’17
’18
10%
Long-Term Investment Performance of
3%
Endowment Penn State’s endowment earned an investment return of 7.8 percent for the twelve months end-
12%
ed June 30, 2018, 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
50%
short-term fluctuations and generate positive returns over long periods of time. Net of all fees and expenses, the Penn State endowment has averaged investment returns of 6.6 percent per year over the last ten years, and 7.0 percent over the last twenty years, allowing the endowment to maintain steady, inflation-adjusted spend-
25 %
ing and to achieve long-term intergenerational equity.
ENDOWMENT ASSET MIX 7.8%
n Public Equity n Private Capital n Fixed Income n Commodities n Diversifying
7.9% 7.0% 6.6%
The Penn State endowment portfolio is broadly diversified, with 12 percent in fixed income as of June 30, 2018; 50 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. In addition, 3 percent is invested in commodities, while 10 percent is invested in diversifying assets. 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, 2018, U.S. equity markets posted double-digit returns, with the S&P 500 gaining 14.4 percent; the MSCI All Country World Index ex-US returned 7.3 percent. Fixed income markets posted an overall return of -0.4 percent.
1-year
5-year
10-year 20-year
AVERAGE ANNUALIZED TOTAL RETURNS Fiscal year ending June 30, 2018 (Net of fees) Total returns include interest, dividends, and market appreciation.
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INVESTMENT MANAGEMENT UPDATE Penn State’s endowment investments consist of a diversified investment 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 University’s spending policy of using rolling five-year average balances is intended to smooth out the “peaks” and “troughs” in the investment markets, saving 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 2018, endowment and similar funds were valued at $2.99 billion, of which $2.85 billion was invested in the Long-Term Investment Pool. Similar funds, which include charitable remainder trusts, charitable gift annuities, and other life income funds in addition to some donor-restricted funds, represented $139 million in assets that are not directly invested in the Long-Term Investment Pool.
For the fiscal year ending June 30, 2018, the endowment increased by $227 million, and the total endowment has increased a cumulative $831 million over the last five years. Over this same period, the endowment has provided $459 million of program support, including $105 million in fiscal 2018. These amounts reflect the impact of investment returns and generous giving, net of consistent support for scholarships and University programs. For fiscal 2018, the endowment’s investment return was 7.8 percent and has averaged 7.9 percent per year over the last five years. In the longer term, Penn State’s endowment has averaged 7.0 percent per year, net of gifts and expenses, since June 30, 1998. These results demonstrate long-term growth across various financial ups and downs, such as the bull market of the 1990s, the steep decline at the turn of the century and subsequent economic recovery, and the more recent downturn due to the credit crisis. Penn State’s diversified approach has allowed the endowment to support program spending, such as scholarships and faculty positions, while maintaining real, inflation-adjusted growth for future generations.
MARKET VALUE OF PENN STATE’S ENDOWMENTS AND SIMILAR FUNDS (Fiscal year ending June 30, 2018) Endowment Pool
Similar Funds
Total Value
$ 1,184 $ 97 $ 1,281 2009 1,341 98 2010 1,708
1,439
123 2011
1,831
1,765 90 2012
1,855
1,933
2,029
96 2013
2,285 114 2,399 2014 2,376 116 2015
2,492
2,347 124 2,471 2016 2,624 133 2,758 2017 2,852 139 2,991 2018 in millions of dollars
2017
The University reports results for both endowed and similar funds, and for non-endowed funds, as commingled assets of the LongTerm Investment Pool (LTIP). The non-endowed funds, formerly invested in Penn State’s operating pool of fixed-income securities, have been commingled with endowed funds to strategically fund the University’s liability covering post-retirement health care benefits for Penn State retirees. Additional income realized from the transfer to the LTIP relieves the University’s operating budget of this ongoing obligation. Penn State’s accounting practices follow the guidelines of the Financial Accounting Standards Board.
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PENN STATE INVESTMENT COUNCIL 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 regularly reviews asset allocation, new asset classes, investment strategies, and manager performance.
COUNCIL MEMBERS for Fiscal Year 2016–17 David J. Gray, Chair Senior Vice President for Finance and Business/Treasurer The Pennsylvania State University David E. Branigan Chief Executive Officer, Office of Investment Management The Pennsylvania State University Blake Gall, CFA Founder and President MicroPlusPlus Investment Management Carmen J. Gigliotti Managing Director (retired) DuPont Capital Management
Gary A. Glynn President and Chief Investment Officer (retired) US Steel & Carnegie Pension Fund J. Alex Hartzler Managing Partner & Founder WCI Partners, LP Edward R. Hintz Jr. President Hintz Capital Management Inc.
Joseph B. Markovich Managing Director J.P. Morgan Private Bank Colleen Ostrowski Senior Vice President and Treasurer Visa J. David Rogers Chief Executive Officer J.D. Capital Management, LLC
Ira Lubert Chairman and Co-Founder Independence Capital Partners and Lubert Adler Partners, L.P.
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UNIVERSITY BUDGET AND PHILANTHROPY SUMMARY .4%
% 5.3
4.5%
INCOME (Fiscal year ending June 30, 2018) dollars in thousands
8%
% 39
11.8%
n Medical Center/Clinic*
$2,214,641
n Tuition and fees
1,756,419
n Restricted funds
670,679
n Auxiliary enterprises
451,982
n State appropriation
302,823
n Philanthropy and other
257,266
n Agriculture (federal)
21,866
Total
$5,675,676
*Includes state and federal medical assistance funds provided through the Pennsylvania Department of Public Welfare Agriculture
Agriculture
Philanthropy and other 31%
Philanthropy and other
State appropriation
State appropriation
1.2%
2%
2.5%
4% 4.
Auxiliary enterprises EXPENDITURE
%
2.6
Auxiliary enterprises
Funds (Fiscal Restricted year ending June 30, 2018)
Restricted Funds
7.0%
39%
dollars in thousands
Tuition/Fees n Medical Center/Clinic
$2,214,641
Tuition/Fees n Instruction
842,144
n Research Hospital
613,778
n Auxiliary enterprise
451,982
Hospital
7.6%
n Academic support
434,180
n Institutional support
398,985
n Physical plant
251,632
n Public service
145,709
n Student services
%
8.0
n Penn College
n Student aid
14.9%
10. 8%
Student AidAid Student Total
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Th e Presid e nt ’s Re po rt o n Phi la nt hr opy a n d E n d ow m en ts 201 8
111,568 70,935 $5,675,676
Pennsylvania College of Technology Pennsylvania College of Technology Public Service Public Service
28
140,122
Student services Student services Physical Plant
6.6%
SOURCES OF GIFTS RECEIVED 2017–18 Where the $323 million came from
11. 7%
Sources
n Individuals Alumni 47.2%
Amounts
214,344
64,598
48,669,047
149,746
111,353,477
n Foundations
37,893,519
Number of donors
103,589,720
n Corporations n Organizations
$152,258,767
Friends
Organizations Total Organizations
34 .5%
449
21,218,010 $322,723,773
5,596
1,095
221,484
Foundations
Foundations
Corporations
Corporations
Individuals
Individuals
.5% .1%
1.4% 1.6%
DESIGNATED PURPOSES OF GIFTS RECEIVED 2017–18
% .7 10
Where the $323 million went
.2% 27
n Property, buildings, equipment
$87,907,192
n Other purposes*
79,110,657
n Student aid
n Faculty resources
37,581,863
n Research
11.6%
■ Academic divisions
72,052,804 34,468,329
n Public services and extension
5,053,038
4,463,186
n Unrestricted University-wide
1,765,090
n Library resources
283,204
n Physical plant maintenance Total
38,410 $322,723,773
*This category includes gifts to the Children’s Miracle Network, THON, multipurpose funds, and gifts awaiting designation by donors.
22
.5% 24
.3%
library library
unrestricted
unrestricted
Public Service
Public Service
Academic Divisions
Academic Divisions
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Research
Research
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GROWTH IN PRIVATE SUPPORT AND DONOR BASE
322.7 274.8
271.1 237.8
182.1
’09
203.4
’10
226.0 229.9
208.7
’11
’12
202.9
’13
’14
’15
’16
’17
’18
Gift receipts
in millions of dollars
353.3
362.9
342.5 304.6
265.2
273.8
263.6 223.9
223.7 195.1
173.0
’09
’10
’11
’12
’13
’14
’15
’16
’17
’18
New commitments
in millions of dollars
222,448 221,484
191,712 185,183
’09
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193,393 190,502 183,843 172,140
183,712
181,918
’10
’11
’12
’13
’14
’15
’16
’17
The Presid e nt ’s Re po rt o n Phi la nt hr opy a n d E n d ow m e n ts 201 8
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Number of donors
GIFTS DESIGNATED TO SPECIFIC UNITS 2017–18 Unit
Amount
Unit
Amount
Abington
$1,044,107
Hershey
Agricultural Sciences
16,481,889
Information Sciences & Technology
57,457,200 985,499
Altoona
4,617,846
Intercollegiate Athletics
25,544,496
Arts & Architecture
5,267,001
Lehigh Valley
215,911
347,253
Liberal Arts
10,847,761
10,278,164
Mont Alto
565,158
Berks
1,126,676
New Kensington
Brandywine
484,889
Nursing
Bellisario College of Communications
31,156,576
Outreach
Dickinson School of Law
2,727,973
Penn State Law 204,415
DuBois
2,092,973
Schreyer Honors College
Beaver Behrend
Earth & Mineral Sciences
30,680,985
Eberly College of Science
12,057,904
538,365 1,500,825 5,066,406 3,029,578
Schuylkill
399,129
Scranton
685,798
Education
3,864,913
Shenango
189,077
Educational Equity
2,857,908
Smeal College of Business
7,530,825
Student Affairs
1,085,680
Engineering
42,201,365
Fayette, The Eberly Campus
333,389
Undergraduate Education
4,918,416
Great Valley
234,038
University Libraries
6,449,514
Greater Allegheny
503,719
University-wide
15,247,493
Harrisburg
2,076,171
Wilkes-Barre
Hazleton
2,050,632
York
Health & Human Development
6,388,487
TOTAL
348,289 1,039,080 $322,723,773
THE STATE’S SHARE OF PENN STATE’S BUDGET Year
Total Budget*
State Appropriation**
2018–19
$6,485,590,000
2017–18
5,675,676,000
2016–17
2015–16 2014–15
2013–14
4,901,693,000
4,638,793,000
4,264,764,000
2011–12
4,121,627,000
4,415,596,000
2009–10
304,823,000
2012–13
2010–11
$ 313,967,000***
5,141,704,000
3,761,608,000
4.8%
5.4%
301,833,000
5.9%
294,949,000
6.0%
277,931,000
6.0%
275,931,000
6.3%
272,431,000
6.3%
272,431,000
6.6%
333,863,000
8.3%
333,863,000
9.0%
4,016,443,000
Percent of Total
*Prior to 2017–18, total budget included the Penn State Milton S. Hershey Medical Center. Beginning in 2017–18, all operations of Penn State Health are included. Beginning in 2018-19, total budget includes permanent and temporary funds. **Excludes state and federal medical assistance funding provided to Penn State Milton S. Hershey Medical Center through the Pennsylvania Department of Human Services. ***Estimated. T h e P r es i d en t ’s R e p ort on P h i l a n t h r opy a n d E n d ow me nts 2 018
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CAMPAIGN EXECUTIVE COMMITTEE
Fiscal Year 2017–18
Richard S. Sokolov ’71 Lib Chair
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Richard H. Bard ’69 Eng
E. Lee Beard ’99h
James S. Broadhurst ’65 Lib
Richard K. Dandrea ’77 Lib
James B. Ingram ’79 Agr Vice Chair
William A. Jaffe ’60 Com
Martha B. Jordan ’76 Bus Vice Chair
Gregory T. Lucier ’86 Eng
The Presid e nt ’s R e po rt o n Phi la nt hr opy a n d E n d ow m e n ts 201 8
Bryon G. Deysher ’77 Bus
Robert E. Fenza ’80 A&A Vice Chair
Elizabeth A. Fetter ’80 Com
Naren K. Gursahaney ’83 Eng
Edward R. Hintz ’59 Bus
Helen S. Hintz ’60 HHD
J. Roger Moyer Jr. ’70 Bus
Arthur J. Nagle ’61 Lib
Robert E. Poole ’72 Bus
Thomas J. Sharbaugh ’73 Bus
Richard K. Struthers ’77 Bus
Peter G. Tombros ’64, ’68g Agr Vice Chair
Nicholas P. Jones Executive Vice President and Provost, The Pennsylvania State University
O. Richard Bundy III Vice President for Development and Alumni Relations, The Pennsylvania State University
EX OFFICIO MEMBERS
Eric J. Barron President, The Pennsylvania State University
David J. Gray Senior Vice President for Finance and Business/Treasurer, The Pennsylvania State University
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This publication can also be found on the web at: raise.psu.edu/presidents-report-on-philanthropy-and-endowments For more information about philanthropy at Penn State, contact: O. Richard Bundy III Vice President for Development and Alumni Relations The Pennsylvania State University 116 Old Main University Park, PA 16802-1501 814-863-4826
orb100@psu.edu
Photos in this report were provided by: Michelle Bixby Kirstin Gebhart Mark Golaszewski Manning Photography
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