PRE S ID E N T ’ S R E P ORT on PH ILA N T H R O P Y a n d E N D OW M E N T S 2015–16
The Transformations Edition
TA B L E O F C O N T E N T S
A Message from President Barron
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Partnering for the Future of Penn State Students
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Investing in Educational Excellence
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Creating a Community of Discovery
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Discovering the Future
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Inspiring Spirit and Pride
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Making Life Better
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The Next Transformations
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Philanthropy Awards
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Endowment Overview
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Investment Management Update
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Penn State Investment Council
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University Budget and Philanthropy Summary
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Penn State Advisory Council on Philanthropy
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Cover: The Hetzel Union Building-Robeson Center, known as “the HUB� to the thousands of students who eat, meet, and study there every day, has been transformed through a renovation that added new lounges, multipurpose spaces, and a dedicated THON store; expanded the Penn State Bookstore; and created a green roof that adds to the beauty of the University Park campus. Opposite: Philanthropy continues to help The Arboretum at Penn State grow into one of the premier university arboreta in the country. Learn more on page 18.
“As we begin our new campaign, we can take inspiration from the transformations of Penn State’s past to imagine an even more ambitious future.”
A MESSAGE FROM PRESIDENT BARRON
Each year, The President’s Report on Philanthropy and Endowments is an opportunity to share with you—the alumni and friends who have created endowments and made major gifts to the University—our success in fundraising over the past twelve months and the impact that your support has had and continues to have at Penn State. While you’ll find that information in the pages which follow, we’re also taking this opportunity to step back and get the long view of how philanthropy has helped Penn State to become the institution that it is today. The theme of this President’s Report is transformation: how gifts from Penn Staters and others have fundamentally altered the ways in which we can fulfill our mission as a land-grant university and our commitment to the students, families, and communities we serve. Philanthropy has changed not only our institution, but also the lives we touch, from students who wouldn’t be able to earn a Penn State degree without scholarship support to the pediatric cancer patients who find the treatment and care they need at Penn State Children’s Hospital. In this report, we’ve highlighted a few examples of extraordinary gifts—like the commitment that launched The Arboretum at Penn State—that have literally changed the landscape of the University. But we’re also celebrating the collective support that allows Penn State to do more and do it better, year after year, like the gifts to the Nittany Lion Club. As we begin our new campaign, we can take inspiration from the transformations of Penn State’s past to imagine an even more ambitious future. We’re aiming to change higher education fundraising itself as well as the University in this pioneering, targeted effort to open doors for students from every background, create transformative experiences that let students and faculty discover their potential to make a difference, and impact the world through our commitment to meeting urgent global needs. The start of this new era in Penn State philanthropy coincides with the end of another: In September, Rodney P. Kirsch, senior vice president for development and alumni relations, stepped down after twenty years of service to the University. Rod has played a central role in helping the entire Penn State community to see giving back as the core of what it means to be a Penn Stater. That legacy will sustain our ability to grow and evolve as an institution far into the future. Thank you for your own role in helping Penn State to become a great public university and inspiring us to set our sights even higher. Sincerely,
E Eric J. Barron President, The Pennsylvania State University
Opposite: The College of Health and Human Development has a new home that also honors its past with a facility, completed last year, which retains both 40,000 square feet and architectural elements from Henderson Building while creating modern, functional spaces for students and faculty.
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PA R T N E R I N G F O R T H E F U T U R E O F P E N N S TAT E S T U D E N T S
The Trustee Matching Scholarship Program
Back in 2002, it was a groundbreaking experiment for Penn State. To meet the growing financial need of undergraduates from lower-income households—first-generation college students, military veterans, returning adults hoping to create better lives for their families—Penn State would ask its alumni and friends to be partners in creating scholarships that paired University funds with income from donor-created endowments. It was a call to action, a declaration of Penn State’s ongoing commitment to its tradition of access and affordability, and an opportunity for donors to make an even greater difference with their support. But would it inspire Penn Staters to give? Fourteen years and more than 1,300 scholarship endowments later, the Trustee Matching Scholarship Program has proven to be one of the most successful fundraising initiatives in the University’s history. More than a thousand donors have rallied to the need of students, creating both scholarships and opportunities as diverse as the Penn State community itself. At Penn State Greater Allegheny, friends and former students of beloved faculty member Sam Zabec joined together to honor his nearly forty years of dedication to the campus with a Trustee Scholarship in his name. The online World Campus can now award Trustee Scholarships to students pursuing their degrees while serving in the military overseas thanks to gifts from several donors. Donors at every level have multiplied the impact of their gifts, from the smaller contributions that together make up the general Trustee Scholarship funds for every college and campus to the landmark $7 million gift from the Lenfest Foundation that endowed scholarships for the program, created by philanthropist Brook J. Lenfest, to help talented Philadelphia-area students pursue Penn State degrees with a combination of financial, academic, and social support. The Lenfest Scholars who share their stories at right represent the students that the Trustee Matching Scholarship Program has helped and will continue to help in perpetuity: nearly 5,000 undergraduates a year, students of ambition and ability who might not otherwise be able to choose Penn State. The Trustee Matching Scholarship Program has succeeded by every measure, and as the “experiment” comes to a close later this year, it will be the inspiration for a new matching program to help the University and donors partner for the future of Penn State students.
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Steven Roy Snipes II, junior Major: Biology Goals: Earn a Ph.D. and become a researcher in biobehavioral health “Before I came to Penn State, I was a shy inner-city kid, but I’ve learned to be a lot more open and interactive. The Lenfest Scholars Program helped me a lot, and not just financially. I’m able to talk with the program’s adviser, Diane Farnsworth, and with the other scholars about how to make the most of my time here, and I’m growing more as a man every day. Not everybody gets this chance, but everybody should.”
Jason Ling, junior Major: Computer Science Goals: Become a software developer and earn an M.B.A. “Going to college isn’t all about books. It’s about exploring and finding out who you can be. I’m helping to create a web-based course for the Chemistry department, I’m participating in a program for undergraduate research in science and engineering, and I’m mentoring another Lenfest Scholar. And I don’t have loans in the back of my head all the time. I can just focus on the opportunities I’ve got here at Penn State.”
Olivia Noble, junior Major: Labor and Employment Relations Goals: Stay at Penn State for a master’s degree program and pursue a career in human resources
Shane Harris, junior Major: Corporate Innovation and Entrepreneurship Goals: Open an accounting practice that supports small business owners in his community
“When I was in high school, I was always stressed about my grades and never got out. Here at Penn State, I’m involved with a mentoring program called Blueprint, and I belong to a club for students in my major. The Lenfest Program has helped me to understand that I need to think about my overall character, not just my grades, and scholarships have given me the freedom to do so many things beyond my classes.”
“In ninth grade, I didn’t think that I would make it to college. I told myself that I was only going on with my education if my mom didn’t have to work past retirement to pay for it. Thanks to the Lenfest Scholarship, she can now say that her son is in college, and she’s so happy. Scholarships can open doors for people like me who didn’t even know the doors were there.”
Tashawna Page, senior Major: Criminology Goals: Earn a J.D. and pursue a career in civil rights and constitutional law “Scholarships have meant everything to me. I’ve seen what people have to do to pay for their education if they don’t have that help. The Lenfest Program is the main reason that I was able to come to college, and it’s also been a family and a support system for me. All I needed was for someone to take a chance on me and say, ‘I believe in you.’ That’s what the Lenfest Program has done.”
I N V E S T I N G I N E D U C AT I O NA L E X C E L L E N C E
The Schreyer Honors College
The late William A. Schreyer ’48 called it “the best investment I ever made,” but the chairman emeritus of financial industry leader Merrill Lynch wasn’t talking about a bluechip stock or a Fortune 500 company. With his wife, Joan, he committed $30 million in 1997 to create a program that would challenge Penn State’s most academically talented students to become leaders with a commitment to global citizenship and civic engagement, and to use their intelligence and drive to make a difference in the larger world. Over the last two decades—and with the support of an additional $25 million commitment from the Schreyers and gifts from many other Penn State alumni and friends—the Schreyer Honors College has become a model for honors education nationwide, offering exceptional students a living/learning environment, one-on-one research with top faculty, enhanced study abroad and service opportunities, and scholarship support. Each year, the Schreyer Honors College enrolls nearly 2,000 Penn State students who go on to advanced degrees and careers in fields ranging from neuroscience to urban planning—and their success and service represent the kind of return that few investments can yield.
The Learning Factory
Why are Penn State engineering graduates in so much demand, with a placement rate that’s among the best in the nation? Employers know that great students can immediately become great employees thanks to the hands-on experience they receive through the Bernard M. Gordon Learning Factory. Both a physical space and a program in the College of Engineering, it connects industry sponsors with seniors who pursue capstone projects designed to meet real-world needs. More than 9,000 students, working in teams, have completed more than 1,800 projects since the program was established in 1994. The program was named in 2007 for the award-winning inventor and philanthropist Bernard M. “Bernie” Gordon, whose career and whose support for the Learning Factory also inspired gifts from Penn State faculty and other donors, in addition to the sponsorship of more than 500 companies over the years.
Abington College Undergraduate Research Activities
It culminates in a weeklong spring event of presentations, poster exhibitions, and art showcases, but the Abington College Undergraduate Research Activities (ACURA) program shapes the experiences of students throughout the academic year—and throughout their careers and lives. Working closely with Penn State Abington faculty members, undergraduates at the campus have had the opportunity to pursue topics ranging, in 2016 alone, from cyber security to breast cancer to the experience of the growing population of international students at the Abington campus. Since 2007, the program has been sponsored in part through an endowment created by Gerald P. Kessler ’65, and many of its alumni have gone on to graduate study and professional positions related to the research experience they gained through ACURA.
The Rogers Family Trading Room
It’s Wall Street in Happy Valley: With real-time stock tickers, advanced trading software, and integrated video conferencing capabilities, the Rogers Family Trading Room gives Smeal College of Business students the opportunity to learn how stock trading and investment management work in a realistic, hands-on setting. Established in 2001 through the generosity of David Rogers ’78 and Patricia Maloney Rogers ’79, the facility was among the first of its kind in higher education, and a 2011 matching challenge by the Rogers family has helped to inspire more than 200 other donors to grow the Trading Room’s endowment and ensure that it continues to offer a state-of-the-art experience to future financial industry leaders.
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I N V E S T I N G I N E D U C AT I O NA L E X C E L L E N C E
Black School of Business
Through their leadership in Erie’s business community, the Black family has helped to transform the region’s economy. And through their philanthropy at Penn State Behrend, they have helped to transform the opportunities the college offers to future business leaders. In 2003, Penn State Behrend received a $20 million gift for its business school from the estate of Samuel L. Black Jr., a pioneering entrepreneur in the insurance industry, and his wife, Irene. Their gift enabled the college to create undergraduate scholarships and graduate fellowships, endow faculty positions in four priority areas, and establish a fund for innovation and outreach. That investment, along with continuing support from their son Samuel “Pat” Black III ’64 and other donors, has made the Sam and Irene Black School of Business one of the top-ranked programs of its kind nationwide and a destination for students from both the Commonwealth and the world who want the very best in business education.
“I was born and raised in Erie, so the Behrend campus has always felt like a second home to me. I knew that I wanted a college where I could get to know my professors, and that’s been the greatest thing about the Black School of Business. My teachers have really cared about my education, and they’re making sure that we all graduate understanding how any field in business, like finance or supply chain, connects with so many other fields, like engineering. That’s what it will be like for us in the real world, and I’m ready for it.” Kelsey Schupp ’16 is now a proposal analyst associate at Lockheed Martin. She was the captain of Penn State Behrend’s CFA Institute Research Challenge Team, which was among the top twenty-one out of a thousand teams in international competition. As an undergraduate, she received several scholarships through the Black School of Business, including the Erie Insurance Group Leadership Scholarship.
“I honestly in a million years never thought that I’d be at a university like Penn State. I was born in Haiti and raised in Florida by my aunt, and I was always a performer, singing and dancing. We were in the dark, though, about auditioning for college programs. We met a wonderful Penn State alumnus who helped me to find the Musical Theatre program. Through the help of so many people and through scholarships, I’m at a school where I can train for my career with wonderful teachers and classmates, but I can also become a well-educated, well-rounded person and learn that there are so many ways, beyond musical theatre, that I can bring something special to the world.” Maria Wirries ’18 was named a finalist in the 2016 National YoungArts Foundation competition, whose previous honorees include Viola Davis and Josh Groban. She has appeared in Penn State productions of Hair and Titanic.
The Musical Theatre Program
The story of Penn State’s Musical Theatre B.F.A. sounds like a Broadway show: In a little place called Happy Valley, a group of accomplished stage professionals take an upstart program and turn it into a star with the help of “angel” investors who see its potential. But that’s exactly what has happened over the two decades since the Musical Theatre B.F.A. was launched. Now recognized as one of the best programs of its kind in the country, with graduates performing on Broadway and around the world, Musical Theatre at Penn State can offer opportunities that wouldn’t have been possible without gifts from many donors: scholarships, master classes with top-billing performers, trips to see the best in New York theatre, travel stipends, and other funds to help graduates land their first roles. With a cast of theatre-loving supporters, talented students, and dedicated faculty, philanthropy has made the Musical Theatre program a hit.
C R E AT I N G A C O M M U N I T Y O F D I S C O V E R Y
The Eberly College of Science
It was a gift without precedent in American higher education: With a single landmark commitment, an academic college received an endowed faculty position in each and every one of its departments. The institution was Penn State’s College of Science. The visionary donors were the Eberly family, who have devoted themselves to the strength of the University over five generations, supporting programs across Penn State. The result was not only the renaming of the Eberly College of Science in their honor, but also a transformation of the college into one of the premier institutions of its kind today. Through the nine faculty endowments the Eberly family created in 1986, inspired in part by the experience of Robert Eberly ’39 as a Penn State science student, the College of Science was able to bring together an extraordinary community of top researchers and educators in fields ranging from astronomy to statistics. These faculty have attracted other scientists as well as undergraduate and graduate students who have gone on to make discoveries and build careers that have enhanced Penn State’s international impact and reputation in the sciences. The Eberly family’s generosity has also inspired many other gifts to the sciences at Penn State, supporting scholarships, research, and facilities.
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As the college celebrates the thirtieth anniversary of the Eberly family’s historic gift this year, it is ranked as one of the top ten academic institutions nationwide in the basic sciences by the National Research Council. And as its community of faculty and students pioneer new understanding from the level of nanoparticles to the vast realm of dark energy at the edge of the universe, the Eberly legacy continues to grow.
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Current holders of the Eberly Family endowed positions include (1) Stephen Benkovic, Eberly Family Chair in Chemistry, a member of the National Academy of Sciences whose studies of enzymes continue to impact the biotech and pharmaceutical industries; (2) Craig Cameron, Eberly Family Chair of Biochemistry and Molecular Biology, who holds several
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patents related to virus prevention and vaccines; (3) Daniel Cosgrove, Eberly Family Chair in Biology, whose research on plant cell growth is advancing understanding of allergens; (4) Abhay Ashtekar, Eberly Family Chair in Physics, directs the Institute for Gravitation and the Cosmos and was elected to the National Academy of Sciences earlier this year; (5)
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Peter Mészáros, Eberly Family Chair in Astronomy, directs the Center for Particle and Gravitational Astrophysics and leads research in gamma ray bursts connected to NASA’s Swift and Fermi missions; (6) Alberto Bressan, Eberly Family Chair in Mathematics, is a fellow of the American Mathematical Society and director of the Center for Interdisciplinary Mathematics,
which fosters collaboration between the Department of Mathematics and other scientific fields; and (7) Andrew Read, Eberly Professor in Biotechnology, was recently elected as a Fellow of the Royal Society and studies the ecology and evolution of infectious disease, with a current focus on malaria.
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C R E AT I N G A C O M M U N I T Y O F D I S C O V E R Y
The University Libraries
From the first volumes contributed by early faculty members to the original Carnegie Library building, the history of Penn State’s University Libraries begins with philanthropy—and private giving has been the force behind their growth into one of the top ten research library systems in the country. When Joe Paterno ’73h and Sue Paterno ’62, both passionate lovers of books who met at the Penn State library, took up the cause of the University Libraries, they inspired thousands of other donors to make gifts at every level. In 2000, the University dedicated the Paterno Library in honor of the family that has been so instrumental in creating the libraries—now more than thirty-seven facilities across twenty-four locations in the Commonwealth—that continue to be the heart of a Penn State education. Today the University Libraries and their supporters are leading the way among higher education institutions, partnering to provide the spaces, resources, and collections—both traditional and digital—that will let Penn Staters become leaders themselves in every field and discipline. In 2012, the Tombros McWhirter Knowledge Commons, made possible by Peter Tombros ’64 ’68g and Ann Tombros and John McWhirter ’62g and Jeanette McWhirter ’69, created a vibrant new learning environment at the heart of the Libraries. Earlier this year, the late Don Hamer ’68, along with his wife, former University librarian Marie Bednar ’83g, made one of his final gifts to the Collaboration Commons, offering spaces for students and faculty to connect with each other and Libraries resources. These gifts and others will help the University Libraries to innovate and inspire even as they pursue their traditional mission.
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The Stuckeman School of Architecture and Landscape Architecture
The late H. Campbell “Cal” Stuckeman, who graduated from Penn State in 1937 with a degree in architecture, always believed that design professionals should work together across disciplinary boundaries. With a $20 million endowment for the Stuckeman School of Architecture and Landscape Architecture, he not only made one of the largest gifts to faculty support in the history of the University; he also made the Stuckeman School a destination for top design experts and scholars who share his commitment to collaboration. Since that 2008 gift, Stuckeman’s support has fueled the exciting interdisciplinary education and research taking place in a pioneering facility that he and his late wife, Eleanor, made possible. Recently named one of Architectural Digest’s top fifteen copper-clad structures in the world, the Stuckeman Family Building was Penn State’s first structure to meet national criteria for certification as environmentally-friendly sustainable architecture and one of the first of its kind on any U.S. university campus. Today the Stuckeman Family Building serves as a model of innovative design and an inspiration to the Penn State faculty and students working together on the next innovations in their fields.
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DISCOVERING THE FUTURE
Four Diamonds Center for Pediatric Cancer Research No transformation matters more than helping a sick
Through their support, Four Diamonds has endowed
child to become a healthy one. And no gifts have had a
several novel pediatric cancer research programs.
greater impact on children and their families battling
Dr. Hong-Gang Wang, pictured below, is one of the
childhood cancer than those to Four Diamonds. Creat-
scientists who receives Four Diamonds funding to
ed in 1972 by the Millard family after their 14-year-old
focus on the creation of new anticancer drugs.
son, Christopher, lost his battle with cancer, the organization helps more than 600 families each year at Penn State Children’s Hospital by providing superior medical care and financial support. Four Diamonds also funds vital research for new pediatric cancer treatments and cures to benefit patients and families around the world. In 1996, it allocated resources to establish the Four Diamonds Center for Pediatric Cancer Research. Today the center supports the work of six lead scientists, forty-two research team members, and thirty-three clinical researchers who drive cutting-edge initiatives to learn more about how cancer forms, how it can be treated, and how treatments can be more effective while minimizing long-term side effects. The key to accelerating these discoveries is consistent financial support. For nearly forty years, Four Diamonds has been the sole beneficiary of the Penn State IFC/Panhellenic Dance Marathon (THONTM). Since 1977, THONTM has raised $137 million to benefit Four Diamonds, empowering 15,000 Penn State students to join the fight to conquer childhood cancer each year.
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The Rock Ethics Institute
Change—in the world and at Penn State—often begins with asking tough, ethical questions about what is right. In 2001, Doug Rock ’68 and his wife, Julie, challenged the University community to ask those questions with a gift to create the Rock Ethics Institute. Based in the College of the Liberal Arts, the Institute integrates ethics initiatives across the University, including partnerships spanning the sciences, engineering, humanities, and social sciences. It has helped to make Penn State a world leader in ethically informed research that guides the Rock’s educational efforts and outreach programs, including its annual Stand Up Awards. In 2015, the awards honored the three Penn State students shown at right—Parker Werns, Melissa McCleery, and Carolyn McDonald—for their courage in advocating for the LGBTQA community, combating sexual violence, and promoting poverty relief in Haiti.
The Huck Institutes of the Life Sciences
Research in the life sciences has been a part of Penn State’s mission from our earliest decades, but the philanthropy of the late alumni J. Lloyd Huck ’46 and Dorothy Foehr Huck ’43 helped to put the University in the forefront of discovery in fields ranging from infectious disease dynamics to ecology. Inspired in part by Lloyd’s career in the pharmaceutical industry, the Hucks invested millions in programs and facilities across the University that supported interdisciplinary research in the life sciences. Their gifts have allowed the University to be part of the rapid revolution of knowledge in the life sciences over the last decade, and in the years ahead, Penn State will be able to pursue leadership in new priority areas like biomedical research and global health security thanks to the enduring support of the Hucks’ endowments.
The Hamer Center for Community Design
Don Hamer ’68, whose support for the University Libraries is celebrated on page 12, was passionate about creating better communities, starting with his own. The philanthropist and entrepreneur, who died earlier this year, directed many gifts from his foundation to both Penn State programs and area organizations committed to improving life for citizens of the region and beyond. That mission is reaching new communities through the Hamer Center for Community Design in the Stuckeman School of Architecture and Landscape Architecture. The center partners Penn State faculty and students with communities, both in the U.S. and overseas, facing challenges such as rural revitalization and transformation of urban landscapes. The StoryMap shown here tracks the impact of Hamer Center projects close to home and around the world.
INSPIRING SPIRIT AND PRIDE
The Nittany Lion Club
Steve Manuel
It’s the team behind the teams: Every year, more than 22,000 alumni and friends honor the dedication and talent of Penn State’s student-athletes through gifts that support everything from scholarships and equipment to travel and facilities. And these donors are honored with membership in the Nittany Lion Club, which recognizes the importance of philanthropy to the experience the University offers both players and fans of Nittany Lion sports. Penn State Intercollegiate Athletics must be self-sustaining, and it depends upon ticket sales, corporate partnerships, media contracts—and private giving. Support from the Nittany Lion Club has helped Penn State to win more national championships over the last decade than any other school in the country, and it provides resources, from medical care to academic support, that enable more than 850 student-athletes each year to succeed on and off the field. In 2016, Penn State finished in the top twenty of the Learfield Directors’ Cup standings for the twentieth year in the twenty-one-year existence of the awards, evidence of philanthropy’s impact across all thirty-one Nittany Lion sports. Above all, the Nittany Lion Club has helped to create a sense of community and pride among not only graduates of the University, but also fans across the Commonwealth and around the world (including those who cheered on the nine Penn Staters who earned medals at this year’s Summer Olympics and Paralympics in Rio). Just as the success of a team depends upon every player, the success of Penn State Intercollegiate Athletics—and of the student-athletes who devote their time, talent, and spirit to representing the University—depends upon the support of the Nittany Lion Club.
Pegula Ice Arena
Sometimes a single play can decide a whole game. In 2010, Terrence M. Pegula ’73 and Kim Pegula made the largest gift in the history of the University to create the Pegula Ice Arena and establish NCAA Division I hockey at Penn State. The Pegulas’ total commitment of $102 million along with the gifts from other fans and friends fulfilled the dreams of fans across the Commonwealth and launched Penn State’s hockey programs at the highest level: In 2015–16, the men’s team finished third in the newly created Big Ten hockey conference (made possible only through the Pegulas’ commitment at Penn State), and the women’s team made it to the semifinals of the College Hockey Association championship. Pegula Ice Arena has also brought the NHL to central Pennsylvania, hosting a pre-season clash that let fans enjoy a professional sports experience right in Happy Valley. Thanks to the Pegulas’ support, it’s been an exciting opening face-off for the future of hockey at Penn State.
M A K IN G L IF E B ET T E R (AN D MO RE BE AUTIFUL , AND MO RE DE L IC IOU S… )
The Arboretum at Penn State
It was a dream one hundred years in the making: an arboretum on Penn State’s University Park campus that would celebrate the beauty of central Pennsylvania while providing a setting in which students, visitors, and families could learn about the natural world. The Board of Trustees contemplated the first plan for a botanical garden in 1907, but it took the vision of Charles H. “Skip” Smith ’48 and his 2007 commitment of $10 million to turn The Arboretum at Penn State into reality. His gift named the H.O. Smith Botanic Gardens, launched construction on the first phase of the Arboretum, and inspired other donors to support the transformation of a 370-acre sweep of land along the north edge of the University Park campus into one of the premier university arboreta in this country. Through the gifts of alumni and friends, including support from the Hintz family (honored on page 22 as the 2016 Philanthropists of the Year) for the Childhood’s Gate Children’s Garden, The Arboretum at Penn State now welcomes thousands of visitors
Palmer Museum of Art
Since 1972, when Penn State’s art museum opened to the public, the University Park campus has been a destination for art lovers of all ages. Renamed for philanthropists Barbara Palmer ’87h and Jim Palmer ’87h, who led the way for a major renovation completed in 1993, and expanded again with the generosity of the Palmers and other donors in 2002, today’s Palmer Museum of Art is one of our region’s greatest cultural assets. Through private giving, the museum is now home to eleven galleries, a print-study room, a 150-seat auditorium, and an outdoor sculpture garden, with free admission for the entire community and visitors to central Pennsylvania. Whether their gifts have come in the form of important works like the twentieth-century American paintings (shown above) from the collection of Lee Maimon ’56 and Barbara Maimon or as a few dollars donated at the door, the supporters of the Palmer Museum of Art have created a landmark facility, an extraordinary collection, and a source of pride for the University and the people of Centre County.
each year—Penn State students and faculty who use it as a living laboratory and classroom, families and teachers who help children to learn about their responsibilities as stewards of our shared resources, citizens and visitors who celebrate together at both private occasions such as weddings and public events like the Music in the Gardens concert shown at left. With the dedication of the Childhood’s Gate Children’s Garden in 2014, and the development of a new garden that will highlight the importance of pollinator species, philanthropy continues to help the Arboretum grow and thrive.
The Berkey Creamery
When students and visitors enjoy a cone of Keeney Beaney Chocolate or Peachy Paterno, they’re tasting Penn State history. A campus creamery was built in 1865 as veterans returned from the Civil War, eager to learn dairy science, and in 1892, the University became the first institution in the country to offer instruction in ice-cream making. Over the decades, the Penn State Creamery not only helped to transform the ice cream industry with its short courses—its alumni have included Ben & Jerry as well as other innovators in the field—but also the experience of Penn Staters. For many, a visit to the University Park campus isn’t complete without a stop at the creamery, renamed in 2000 for the Berkey family. Their support for the construction of the Food Science Building helped to create a new home for the Berkey Creamery and an enduring source of pride and pleasure for the Penn State community.
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T H E N E X T T R A N S F O R M AT I O N S
These recent gifts represent new directions for philanthropy at Penn State: a focus on the student experience, innovative philanthropy that in turn supports innovation, facilities that reflect commitments to sustainability and interdisciplinary collaboration, and investment that helps Penn State to drive economic prosperity in our region and beyond.
Class of 2016 Gift
For every Penn State student, the college experience is a journey—from uncertainty to understanding, from ambition to achievement—but for many, the hardest steps can be the ones leading toward the help they need to thrive and succeed. Each year, more than 3,500 students reach out to Penn State Counseling and Psychological Services (CAPS) at University Park for support as they confront mental health concerns ranging from anxiety and depression to sexual assault and substance abuse. At CAPS, they find a dedicated professional team and potentially life-saving services, including triage and risk evaluation, crisis
Invent Penn State
Penn State has long been the single largest contributor to the economy of the Commonwealth, generating more than $16 billion annually, and it has also been a pioneer in outreach to the regional business community. In 2015, Penn State launched Invent Penn State, a new initiative to create a vibrant entrepreneurial ecosystem with programs such as the Penn State Launchboxes. These business accelerators, initiated or planned at sixteen campus locations, are designed to provide the expertise, mentoring, co-working space, and other support for faculty and students to turn their ideas and innovations into viable companies. Invent Penn State will be a priority in the new campaign, as the University strives to capitalize on the creativity of its academic community and drive economic prosperity across the Commonwealth and the nation.
Crowdfunding of Digi Digits
response, individual and group therapy, and psychiatric treatment. The value of these resources has been recognized by so many students that the Class of 2016 chose to commit their senior gift to creating an endowment for CAPS. An event with therapy dogs, shown left, helped to raise awareness about the gift and the need for psychological services. The students’ generosity was an inspiration for Rodney P. Kirsch ’14h, senior vice president for development and alumni relations, and Michele S. “Mitch” Kirsch, associate dean for student affairs in the Schreyer Honors College. They have made their own gift launching the CAPS Chat program, which brings a counselor into the residence halls and helps students to get the support they need, when and where they need it.
The twenty-some students from programs across the University—engineering, architecture, biology, kinesiology—who are devoting their time to designing and creating a better, lower-cost artificial hand aren’t the only ones who believe in their work and their mission. So do the 141 donors who contributed more than $16,000 to help the group purchase 3-D printers that may ultimately allow the Digi Digits student group to provide children in need with prosthetic devices. The gifts were made through one of Penn State’s newest fundraising strategies, an online giving site that lets alumni and friends join together to support Kickstarter-style campaigns initiated by Penn State students and faculty. At crowdfunding.psu.edu, donors can learn more about current campaigns and connect with what’s happening now at Penn State.
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P H I L A N T H R O P Y A WA R D S
Philanthropists of the Year: The Hintz Family 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. For six decades, Edward R. Hintz ’59 and Helen Skade Hintz ’60 have been a vital part of Penn State—as students, as alumni, and as leaders. Through a lifetime of philanthropy, the couple has transformed areas across the University, becoming some of the most generous donors in Penn State’s history. Their support spans every area of the University, including the colleges where Ed and Helen got their start at Penn State: the Smeal College of Business and the College of Health and Human Development, respectively. Their transformative gifts have helped to launch a range of high-profile University initiatives, programs, and facilities: the Hintz Family Alumni Center, the Presidential Leadership Academy, and the Childhood’s Gate Children’s Garden. Through funds such as the Hintz Scholarship for Encouragement of Student Success, the Hintzes’ philanthropy has also extended lifelines to talented students with financial need. Equally generous with their time and talent, Ed and Helen have held lead volunteer roles through every major fundraising initiative Penn State has undertaken. Ed served as chair of the Grand Destiny campaign from 1996 to 2000, a record-breaking effort that concluded in 2003, and Helen was named Fundraising Volunteer of the Year in 2006 for her own leadership in Grand Destiny and other campaigns. Both Ed and Helen served on the Campaign Executive Committee during For the Future: the Campaign for Penn State Students from 2007–14, helping the University to secure $2.2 billion for Penn State students, faculty, and programs. In addition to a bachelor’s degree from the College of Health and Human Development, Helen holds a master of science degree in nutrition from New York University. A graduate of the Smeal College of Business, Ed holds an MBA from Harvard and is the president of Hintz Capital Management, Inc. They reside in Chatham, New Jersey, and have three daughters, Ginny, Lisa, and Kathryn, all of whom have been involved in the family’s giving. As with their own daughters, Ed and Helen are committed to showing all Penn State students the value of giving back. “We hope to instill the spirit of philanthropy in as many Penn State students as possible,” says Ed, “so that the next generation can continue what we’ve started.”
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Fundraising Volunteers of the Year: Earl and Kay Harbaugh This 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. The son of Franklin County dairy farmers and the first in his family to graduate from college, Earl Harbaugh has used his 1961 degree in general agriculture as the foundation for a long career of entrepreneurial success. Now, as leading volunteers and donors for the College of Agricultural Sciences and the University, Earl and his wife, Kay, are helping future generations of Penn State students achieve their own ambitions. The couple co-chaired the college’s Development Council for the University’s fundraising effort, For the Future: The Campaign for Penn State Students, helping the college to raise more than $90 million. They were instrumental in launching the annual Ag Business Springboard Competition, which challenges students to develop and pitch innovative business plans that address pressing needs in agriculture. Earl has also shared the wisdom gained from his own entrepreneurial journey, serving as a guest speaker at the Annual Extension Educators Conference in 2010. In addition to their tireless volunteer service, the Harbaughs have strengthened the college through their own philanthropy. Their gifts have created the Harbaugh Entrepreneurship Forum, which brings entrepreneurial leaders to campus to interact with and inspire students and faculty; the Harbaugh Scholars Program for Excellence in Teaching and Learning; and the Harbaugh Entrepreneurship Scholar position. They have also supported scholarships, study abroad, and curricular innovations in entrepreneurship and innovation. Earl is the chairman and CEO of Ditch Witch Midwest in Carol Stream, Illinois, a leader in the underground construction industry, and the founder and CEO of four other businesses in Carol Stream: Illini Power Products, Gen Power, Rentals Plus, and First Choice Equipment. A graduate of St. Luke’s School of Nursing and Case Western Reserve University, Kay previously taught obstetrics at St. Vincent School of Nursing. The couple’s commitment to volunteer service has extended beyond the University. Kay has served on the Board of Directors of Delnor Hospital in Geneva, Illinois, and Earl has served as a trustee of Bradley University in Peoria, Illinois. In 1991, Earl was elected president of Associated Equipment Distributors, and during his tenure, he initiated the AED Foundation, which emphasizes education, workforce development, and learning. They split their time between Illinois and Florida, and they have three children, Leanne, Scott, and Mark.
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Corporate Partner of the Year: The Volvo Group 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. The Volvo Group’s partnership with Penn State exemplifies the power of corporate partnerships to drive innovation and create opportunity. Headquartered in Gothenburg, Sweden, the Volvo Group is one of the world’s leading manufacturers of trucks, buses, construction equipment, and marine and industrial engines. Since naming Penn State its first Academic Preferred Partner in the U.S. in 2010, Volvo has built one of the most comprehensive corporate partnerships at our University, one that is working at multiple levels—research, philanthropy, and recruitment. Volvo has sponsored more than $3.3 million in research through multiple units, including the Larson Transportation Institute, the Energy Institute, and the Departments of Mechanical and Nuclear Engineering and Industrial and Manufacturing Engineering. As the company draws benefits from Penn State’s research capacities in such areas as diesel combustion and efficiency, alternative fuels, intelligent transportation systems, and vehicle-driver safety systems, it is strengthening those capacities and spurring technological advancement. For example, Volvo and Penn State recently partnered to kick off the new “Innovation Gateway”: Designed to connect Penn State researchers to the technical challenges and needs of industry, the Innovation Gateway will match Volvo opportunities with the expertise and innovation of Penn State. Volvo also connects with Penn State through philanthropy in many areas, including support for faculty fellowships in mechanical engineering and scholarships in engineering and business; sponsorship of the Learning Factory within the College of Engineering; and vehicle donations for research within the Thomas D. Larson Pennsylvania Transportation Institute. Volvo’s robust recruiting presence at Penn State has likewise allowed benefits to flow both ways. Several co-op and intern students have been placed at nearby Volvo facilities, where they have provided real solutions to Volvo business challenges while preparing themselves for rewarding careers, and today the company employs nearly two hundred Penn State alumni. As the University looks forward to new ways of developing this relationship—through enhanced professional development opportunities, for example—this award recognizes the Volvo Group-Penn State partnership as nothing less than the model for how corporations and institutions can join together for the benefit of students and the larger world.
Opposite: Renamed in 2008 for one of the University’s most respected leaders, the James M. Elliott Building is home to Penn State’s Office of Human Resources. Elliott devoted a career of more than five decades to human resources at Penn State, and the office is carrying on his commitment to excellence with a transformation of its organization.
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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.
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:
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.
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.
Penn State strives to be a good steward of its endowed gifts and follows a prudent management philosophy in investing these
150 136.3
130.3
120
90
94.9
92.2
70.2
60
61.2
55.2
76.2
73.9
’12
’13
62.5
30
0
’07
’08
in millions of dollars
’09
’10
GIFTS TO ENDOWMENT (fiscal year ending June 30)
26
’11
’14
’15
’16
8%
3% 47%
%
In the fiscal year ending June 30, 2016, global equity markets diverged, as U.S. equities outpaced non-U.S. Indexes, with the S&P 500 gaining 4.0 percent and MSCI All Country World Index ex-US returning -10.2 percent. Fixed income markets posted an overall return of 6.0 percent.
20%
22
The Penn State endowment portfolio is broadly diversified with 20 percent in fixed income as of June 30, 2016; 47 percent in public equities (both U.S. and non-U.S.); and 22 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 8 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.
ENDOWMENT ASSET MIX
● Public Equity ● Private Capital ● Fixed Income ● Commodities ● Diversifying
7.7 Long-Term Investment Performance of Endowment Penn State’s endowment earned an investment return of -0.8 percent for the twelve months ending June 30, 2016, 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 investment returns of 6.3 percent per year over the last ten years, and 7.7 percent over the last twenty years, allowing the endowment to maintain steady, inflation-adjusted spending and to achieve long-term intergenerational equity.
6.8
6.3
-0.8 1-year 5-year 10-year 20-year
AVERAGE ANNUALIZED TOTAL RETURNS Fiscal Year ending June 30, 2016 (Net of fees)
Total returns include interest, dividends, and market appreciation.
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I N V E S T M E N T M A NA G E M E N T U P DAT E
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 2016, endowment and similar funds were valued at $2.47 billion, of which $2.35 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, repre-
sented $124 million in assets that are not directly invested in the Long-Term Investment Pool. For the fiscal year ending June 30, 2016, the endowment decreased $28 million, while increasing a cumulative $1,648 million over the last five years. Over this same period, the endowment has provided $397 million of program support, including $95 million in fiscal 2016. These amounts reflect the impact of investment returns and generous giving, net of consistent support for scholarships and University programs. For fiscal 2016, the endowment’s investment return was -0.8 percent and has averaged 6.8 percent per year over the last five years. In the longer term, Penn State’s endowment has averaged 7.7 percent per year, net of gifts and expenses, since June 30, 1996. 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 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) Endowment Pool
Similar Funds
2007 $1,537 $132
Total Value
$ 1,669
2008 1,488 128 1,616 1,184
2009 97 1,281
2010 1,341 98 1,439
2011 1,708 123 1,831 2012 1,765 90 1,855
2013 1,933 96 2,029 2014 2,285 114 2,399 2015 2,376 116 2,492
2016 2,347 124 2,471 in millions of dollars
● Endowment Pool ● Similar Funds
The University now reports results for both endowed and similar funds and non-endowed funds as commingled assets of the Long-Term 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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P E N N S TAT E I N V E S T M E N T C O U N C I L
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 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 Gigliotti Managing Director (retired) DuPont Capital Management Edward R. Hintz Jr. President Hintz Capital Management Inc. Colleen Ostrowski Sr. Vice President and Treasurer Mylan J. David Rogers Chief Executive Officer J.D. Capital Management, LLC Gary A. Glynn President and Chief Investment Officer (retired) US Steel & Carnegie Pension Fund Joseph B. Markovich Managing Director J.P. Morgan Private Bank
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UNIVERSITY BUDGET AND PHILANTHROPY SUMMARY
.4%
(Fiscal year ending June 30, 2016)
%
6.0
4.4%
INCOME dollars in thousands
8.6
%
.7%
33
13.6%
● Medical Center/Clinic* ● Tuition and fees ● Restricted funds ● Auxiliary enterprises ● State appropriation ● Philanthropy and other ● Agriculture (federal) Total
$1,649,693 1,632,162 665,655 420,520 294,949 216,852 21,862 $4,901,693
*Includes state and federal medical assistance funding Agriculture provided through the PA Department of Human Services
33.3%
Philanthropy and other State appropriation Auxiliary enterprises
1.2%
2.3%
2.5%
9%
%
2.7
4.
Restricted Funds EXPENDITURE
Tuition/Fees
(Fiscal year ending June 30, 2016)
Hospital
7.4%
%
33.7
8.6%
1%
9.
dollars in thousands
● Medical Center/Clinic $1,649,693 ● Instruction 804,746 ● Research 548,156 ● Academic support 448,336 ● Auxiliary enterprise 420,520 ● Institutional support 364,522 ● Physical plant 239,206 ● Student service 131,315 ● Public services 123,937 ● Pennsylvania College of Technology 111,042 ● Student aid 60,220 Student Aid Total $4,901,693
% 11.2
.4%
16
Pennsylvania College of Technology Public Service
30
Student services
10. 4%
SOURCES OF GIFTS RECEIVED 2015–16 Where the $230 million came from
13
%
Sources
● Individuals 52.4%
24
% .2
Alumni Friends ● Corporations ● Foundations ● Organizations Organizations Total
Amounts
Number of donors
$ 120,588,832 164,067 87,027,345 67,669 33,561,487 96,398 55,594,094 6,379 29,879,861 452 23,908,036 1,242 $ 229,970,823 172,140
Foundations Corporations Individuals
1.8%
%
4.7
2.2%
.4% .1% .01%
DESIGNATED PURPOSES OF GIFTS RECEIVED 2015–16 Where the $230 million went
14 .5%
8%
32.
6%
17.
● Other purposes* ● Student aid ● Property, buildings, equipment ● Research ● Faculty resources ● Academic divisions ● Public services and extension ● Unrestricted University-wide ● Library resources ● Physical plant maintenance Total
$ 75,430,973 59,424,006 40,518,212 33,415,589 10,914,241 4,970,584 4,243,122 830,372 200,290 23,434 $229,970,823
Physical plant maintenance
*This category includes gifts to the Children’s Miracle Network, THON, multipurpose funds, and gifts awaiting designation by donors.
25.8%
library unrestricted Public svc & ext Academic Div
31
GROWTH IN PRIVATE SUPPORT AND DONOR BASE
274.8
271.1 237.8
190.3
181.5 182.1
’07
’08
208.7
203.4
’09
226.0 229.9
’10
’11
’12
’13
’14
’15
’16
Gift receipts
in millions of dollars
353.3 284.7
277.5
342.5
265.2 273.8
263.6 223.7
195.1
173.0
’07
’08
’09
’10
’11
’12
’13
’14
’15
223.9
’16
New commitments
in millions of dollars
191,712
185,183 143,517
193,393 190,502 183,843 172,140
183,712
181,918
163,111
’07
32
’08
’09
’10
’11
’12
’13
’14
’15
’16
Number of donors
GIFTS DESIGNATED TO SPECIFIC UNITS 2015–16 Amount
Unit
Abington
Agricultural Sciences Altoona
Arts & Architecture Beaver
Behrend
Unit
$638,150
12,311,843
Brandywine Communications
4,622,620
412,821
17,098,878
Eberly College of Science
Education Educational Equity
Engineering
Fayette, The Eberly Campus
Greater Allegheny
Harrisburg Hazleton
Health & Human Development
9,407,682
New Kensington
543,373
214,445 543,205 862,859
Outreach
4,216,005
Schreyer Honors College
1,433,613
Shenango
1,231,462
Penn State Law 885,768
994,774
Schuylkill
10,901,874 1,279,535
Smeal College of Business
2,138,731
967,046
Undergraduate Education
285,948
2,268,948 4,210,742
University Libraries
96,998
12,245,713
University-wide
126,113
Wilkes-Barre
1,844,754
326,704
Worthington Scranton
431,449
446,403
York
9,267,618
524,944
6,375,810
Student Affairs
32,373,749
Great Valley
Liberal Arts
4,533,878
Nursing
1,018,355
Earth & Mineral Sciences
DuBois
30,057,339
Mont Alto
865,344
10,626,227
Intercollegiate Athletics Lehigh Valley
302,704
Dickinson School of Law
36,510,727
Information Sciences & Technology
1,342,821
2,562,486
Berks
Amount
Hershey
620,365
$229,970,823
TOTAL
THE STATE’S SHARE OF PENN STATE’S BUDGET Year
2016–17 2015–16 2014–15
Total Budget
$5,141,704,000
4,901,693,000
4,638,793,000
4,415,596,000
2012–13
4,264,764,000
2011–12
4,121,627,000
2009–10
3,761,608,000
2008–09 3,607,440,000
2007–08
3,411,528,000
2013–14
2010–11 4,016,443,000
State Appropriation*
Percent of Total
$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%
338,375,000
9.4%
334,230,000
9.8%
*Excludes state and federal medical assistance funding provided to Penn State Milton S. Hershey Medical Center through the Pennsylvania Department of Human Services.
33
P E N N S TAT E A DV I S O R Y C O U N C I L O N P H I L A N T H R O P Y
Martha B. Jordan ’76 Bus, Chair
John M. Arnold ’87g Bus
E. Lee Beard ’99h
Robert E. Fenza ’80 A&A, Vice Chair
Elizabeth A. Fetter ’80 Com
Not pictured: Naren Gursahaney ’83 Eng James Ingram ’79 Agr, Vice Chair William A. Jaffe ’60 Com Greg Lucier ’86 Eng J. Roger Moyer Jr. ’70 Bus
Richard S. Sokolov ’71 Lib
34
EX OFFICIO MEMBERS
Richard K. Dandrea ’77 Lib
Bryon G. Deysher ’77 Bus
Robert E. Poole ’72 Bus
Thomas J. Sharbaugh ’73 Bus
Richard K. Struthers ’77 Bus
Peter G. Tombros ’64, ’68g Ag
Eric J. Barron President, The Pennsylvania State University
David J. Gray Senior Vice President for Finance and Business/Treasurer, The Pennsylvania State University
Nicholas P. Jones Executive Vice President and Provost, The Pennsylvania State University
Rodney P. Kirsch Senior Vice President for Development and Alumni Relations, The Pennsylvania State University
35
This publication can also be found on the web at: president.psu.edu/philanthropy For more information about philanthropy at Penn State, contact: David J. Lieb Senior Associate Vice President, University Development The Pennsylvania State University 105 Old Main University Park, PA 16802-1501 814-863-0694
djl120@psu.edu
Photos in this report were provided by: Sue Baker Antonella Crescimbeni Leah Eder Linsey Fagan Robert Frank Cody Goddard Mark Golaszewski Dan Z. Johnson Steve Manuel April Scimio
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