Penn State Alumni Association

“The following persons shall be eligible for membership in the association: (1) all persons who have completed one semester or two terms of work in any university program requiring at least two years of completion; (2) all persons who have received an advanced degree from the university; (3) all interns, residents, and fellows of the university's milton s. Hershey medical center; and (4) all post-graduate fellows of the university's colleges who have completed the equivalent of one semester or two terms in an accredited program. Faculty members, present and past, parents of students or of alumni, and other loyal friends of the university shall be admitted to associate membership.”

“Members of the association have the following rights and privileges: (1) to vote in all association elections; (2) to hold office in the association, except as provided in the bylaws; and (3) to be eligible to receive all official publications of the association. Members of the blue & white society (other than those student organization representatives described in the bylaws) and associate members, as those terms are defined in the bylaws, have the privileges of membership except that they may not hold office in the association or vote in assocation elections.”

“The form 990 is reviewed and approved by management prior to filing with the internal revenue service.”

“The organization's articles of incorporation are available to the public via the pennsylvania department of state's website (http://www.dos.pa.gov). Financial information for the organization is made available to the public solely through this form 990. Schedule d to form 990, parts xi-xiii reconciles the financial information reported on form 990 to the organization's financial statements. For periods prior to the fiscal year end covered by this form 990 (june 30, 2014), the organization did not obtain audited financial statements. The organization's bylaws and conflict of interest policy are not made available to the public.”

“Other professional fees: program service expenses 4,047,708. Management and general expenses 1,598,475. Fundraising expenses 0. Total expenses 5,646,183.”

“481(a) adjustment -8,564,650. Unrealized gains and losses to adjust to gaap 12,212,725.”

“The association underwent a financial statement audit from an independent accountant for the current fiscal year. As part of this process, the association elected to change from the cash basis to accrual basis.”