Penn State Alumni Association

“The alumni council (the council) is the governing body of the association and is responsible for its management, control and development in carrying out the mission of the association. The council shall normally meet at least twice each year. Additional or special meetings of the council may be called by the presdient, the executive board or a petition to the president signed by a least a majority of council members. The executive board consists of the president, the immediate past president, the vice president, the chair of the university faculty senate, the president of the university park undergraduate association or the president of the council of commonwealth students governments and at least twelve council members appointed annually by the president, including all chairs of standing committees, a respresentative from the campus alumni societies and a representatve from the college alumni societies. The executive director of the association serves as an ex-officio council member of the executive board without voting privileges. The executive board shall hold at least four meetings a year. The executive board transacts the business of the association in the intervals between council meetings and has all the powers of council, reporting all actions taken at the next meeting of council or sooner as occasion warrants. The executive board makes and presents to the council an annual report and a budget of estimated revenue and expense, and directs the investments and care of all funds and monies of the 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. The organization's bylaws and conflict of interest policy are not made available to the public.”

“Fees for service: program service expenses 134,017. Management and general expenses 282,822. Fundraising expenses 0. Total expenses 416,839. Salary reimbursement to psu: program service expenses 1,090,707. Management and general expenses 581,653. Fundraising expenses 0. Total expenses 1,672,360.”

“Cumulative effect of adoption of asu no. 2014-09 8,166,948. Loss from partnership investment recorded at cost 10,408.”