The President’s Report on Philanthropy and Endowments (2019–2020)

THE PRESIDENT’S REPORT ON PHILANTHROPY AND ENDOWMENTS 2019–2020

TABLE OF CONTENTS

2 | Messages from the President and Campaign Chair 4 | A Year in Giving 6 | A Gift to the Future 7 | Stepping Up, MASCing Up 8 | No Lion is Alone 10 | For the Frontline 12 | Celebrating the Class of 2020 14 | We Play All 16 | What’s Now, What’s Next 18 | Philanthropy Awards 22 | Endowment and Philanthropy Summary 30 | Campaign Executive Committee

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A MESSAGE FROM THE PRESIDENT During a year when what we knew about our world, our future, and ourselves never stopped changing, the loyalty and generosity of the Penn State family remained steadfast. Like every family, we struggled with disagreements and disappointments, and like every family in 2020, we faced challenges together that we had never faced before. When the fiscal year ended on June 30, however, the numbers told the story of our enduring Penn State spirit: alumni and friends had committed more than $381.3 million in support to the University.

That total represents a third consecutive year of breaking our own record for new gifts and pledges, but it represents much more. Over four major campaigns, the support of our alumni and friends has been the force behind our rise to the top rank of public institutions nationwide. It is the strength that is empowering us to lead the way through the current crises facing our nation and our global society, and it is the inspiration as we plan for the brighter future ahead.

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In the pages that follow, you will learn how a gift from two beloved Penn Staters who met here on the cusp of WWII has helped us rise to the demands of our own historical moment.

We celebrate the triumph of our newest graduates over personal hardship, thanks to private support, and the establishment of new programs and scholarships that will create even more diverse communities on our campuses.

This report honors the generosity of alumni, corporate partners, and other donors who have stepped forward for the students and the communities we serve, and it offers affirmation for all of us who know that Penn State and Penn Staters will emerge even stronger from this year.

Thank you for being an invaluable member of the Penn State family. Our connection is not virtual—it is real—and it endures across the miles and across the generations. I look forward to welcoming you back to our campuses when we can do so safely, but until then, I wish you continuing health, peace, and Penn State pride.

E Eric J. Barron President, The Pennsylvania State University

A MESSAGE FROM THE CAMPAIGN CHAIR

“I just want to thank you for everything you’ve done—you don’t know how much this means to me.”

“Thank you so much for all of your help. Not only do I appreciate it, but my entire family does.”

“You are helping more than you know.”

Those are the real words of students who received help from the Student Care & Advocacy Emergency Fund this year, but they express what I want to say to all of you about your support for Penn State. You are helping more than you know—not only through the more than $650,000 that was raised to help students who lost jobs and faced other financial hardships because of COVID-19, but also through your gifts to scholarships and research, program funds and faculty endowments. Your generosity remains vital to the quality of our education and the strength of our community.

At a time when some institutions across the country have had to close their doors or curtail their goals and ambitions, your faith in our future has also sustained the momentum of our current campaign, A Greater Penn State for 21st Century Excellence, and its vision of the University as a higher education leader. As a result of all your support, we raised the campaign goal to $2.1 billion last November and extended the timeline by one year. Right now, it’s hard to imagine what the world will look like when A Greater Penn State concludes in June 2022, but I know that this institution will be immeasurably stronger because of your contributions and enthusiasm for this campaign.

There is still a hard road ahead—for the campaign, for our students, and for the entire Penn State community. We will certainly honor our commitment to donors like you to use your support for the purposes you designated, and so the dramatic impact of COVID-19 on our revenue and budget cannot be addressed by philanthropy alone. But private support is absolutely essential to ensuring that we fulfill our mission of education, research, and service, at the highest possible level, as we prepare to address whatever challenges the future may present us.

My thoughts are with all of you who are facing previously unimaginable losses and profound challenges, and, like all of you, my family and I look forward with great anticipation to a time when we can return to our usual celebrations and interactions as the strong and great community we are. Thank you for your continuing support of that community. You are helping more than you know.

Rick Sokolov ’71 Volunteer Chair, A Greater Penn State for 21st Century Excellence

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A YEAR IN GIVING

The record-breaking commitment total in 2019–2020 was driven by gifts received and celebrated throughout the year. Here are top stories from the Philanthropy at Penn State newsletter. To join the mailing list, please send a request to philanthropy@psu.edu. You can also look for @RaisePennState on Instagram, Twitter, and Facebook to stay up to date on all the ways that Penn Staters are supporting our institution.

JULY 2019 Designed by leading 20th century architect Robert Charles Venturi Jr., the former Oak Building will become a stateof-the-art new home for the School of Hospitality Management, thanks to a $4 million gift from the J. Willard and Alice S. Marriott Foundation, which will rename the building and launch critical renovations.

AUGUST 2019 It was a landmark month for the College of Engineering, which announced a $4 million gift from Raj and Jeannette Mittra to create funds for electrical engineering students and faculty, and a $2.5 million estate commitment from Andrew and Katherine Kartalis to support the expansion and renovation of the college’s facilities.

SEPTEMBER 2019 The Palmer Museum of Art received a bequest of nearly 200 artworks collected by Barbara and James Palmer, including the painting shown above, Georgia O’Keefe’s Lake George. The collection, combined with 450 works previously given, ranks the Palmers as the single largest contributors of art to the museum, which will continue to bear their name when it moves into a new home in 2023.

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OCTOBER 2019 New generations of business leaders will be equipped for the challenges of a global and interconnected society thanks to a $5 million commitment from 1981 alumni Scott and Marcy Tarriff (shown above with Dean Charles H. Whiteman and President Eric Barron) to create the Tarriff Center for Business Ethics and Social Responsibility in the Smeal College of Business.

NOVEMBER 2019 When Dallas Krapf’s father was treated at Penn State Health Milton S. Hershey Medical Center, the family found strength and hope in the center’s pastoral care—and now other families will be offered the same comfort in the new Dallas and Di Krapf Interfaith Chapel, made possible by a $1 million gift from Dallas and Diane Krapf.

DECEMBER 2019 Even as they were still working through Thanksgiving leftovers, Penn Staters stepped up and made more than 7,600 gifts through the national #GivingTuesday campaign, an annual effort that spanned December 2 and 3 and raised more than $710,000 in support for Penn State scholarships, student organizations, research, athletics, and more.

JANUARY 2020 Created by WPSU-TV and supported by a $585,000 grant from the New York Life Foundation, the Speaking Grief initiative is helping families to cope with loss and helping communities to start a nationwide conversation about grief through a onehour documentary, a website, and other important resources.

FEBRUARY 2020 A $15.5 million commitment from the A. James & Alice B. Clark Foundation, paired with a $10 million investment from the University, created the A. James Clark Scholars Program in the College of Engineering, opening the door to a world-class engineering education for high-achieving students with financial need.

MARCH 2020 Alumni and friends across the country began to step forward for students hit hard by the personal and economic impact of the COVID-19 pandemic, and the Student Care & Advocacy Emergency Fund will ultimately raise more than $650,000 in aid for urgent needs before the end of the fiscal year, with longtime supporters Ed and Helen Hintz leading the way through a $100,000 gift.

APRIL 2020 In December, longtime Penn State Behrend men’s basketball coach Dave Niland earned his 500th career victory— and in April, the campus announced that more than fifty fans, friends, and former players had united to honor his achievements with an endowment that will provide important support to the Division III team.

MAY 2020 Mark Gruskin, an alumnus of Penn State Greater Allegheny and a faculty member at Penn State Lehigh Valley, increased his estate commitment to the University, with a total of $3.5 million ultimately to benefit those campuses through support for endowed faculty funds and scholarships.

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JUNE 2020 Students at Penn State Altoona will also benefit from a remarkable bequest: a scholarship, funded through a $100,000 outright gift and a $1.25 million estate commitment from alumnus Dennis McDonald, who also committed funds to the Smeal College of Business, the University Libraries, and the Penn State Blue Band.

A GIFT TO THE FUTURE

When J. Lloyd Huck and Dorothy Foehr Huck met as Penn State undergraduates in the early 1940s, the life sciences were on the cusp of advances that would change the world, from the use of antibiotics to the discovery of the human genome. Their own studies—Lloyd as the only Chemistry major in his graduating class after he returned from service in WWII, Dottie as a Home Economics major focused on nutrition—inspired them with a lifelong interest in how research could improve health and quality of life. Over the many decades of their marriage and Lloyd’s career in the pharmaceutical industry, the couple invested millions in their alma mater’s leadership in fields ranging from infectious disease dynamics to ecology.

Lloyd and Dottie (shown at right) ultimately gave more than $40 million to programs and facilities across the University, and in 2002, Penn State named the Huck Institutes of the Life Sciences in their honor.

Nearly two decades later, the Hucks’ generosity made it possible for Penn State researchers to respond rapidly to the COVID-19 crisis. With funding that came in part from an endowment they created, the Huck Institutes of the Life Sciences announced a seed grant program on

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March 3, and forty-eight faculty teams across the University received support for a wide range of urgent needs, from strategies that quickly identify mutations in the virus to treatments that jumpstart immune cells to combat inflammation in the lungs. Descriptions of all the funded projects are available at huck.psu.edu. Although the Hucks have now passed on—Lloyd in 2012, Dottie in 2014—their Penn State legacy may lead to lives saved around the world.

STEPPING UP, MASCING UP Within the span of two weeks in March, as COVID-19 was just beginning to take hold in the United States, Timothy W. Simpson went from enjoying a spring break at the beach with his family to rallying hundreds of researchers across the University and the Commonwealth to bring together their expertise in countless fields and their will to make a difference on the frontline of the pandemic. Simpson, a professor of mechanical and industrial engineering and engineering design, launched the Manufacturing and Sterilization for COVID-19 (MASC) initiative with help from Penn State colleagues and leaders who shared his sense of urgency.

Using seed funding from the Dal Pezzo InnovaDr. Neerav Goyal, a physician at the Milton S. Hershey Medical Center, tests out a 3D-printed filtration mask prototype. Photo credit: Jason Plotkin tion Fund for Entrepreneurial Initiatives in the College of Engineering that he oversees in the Harold & Inge Marcus Department of Industrial & Manufacturing Engineering, Simpson was able to secure matching kits, and mobile sterilization units that could help medical facilities resources from offices across the University, including Penn State and nursing homes to maximize reuse of PPE. This fall, the initiative College of Medicine, and MASC jumped into action. Almost 400 faculty, will engage returning Penn State students in design and fabrication of staff, and students have joined with each other and with corporate partMASC projects. MASC’s daily leadership calls sparked a collaboration ners spread across the Commonwealth on efforts that have resulted in: between the Center for Supply Chain Research in the Smeal College of Business and Penn State College of Medicine that has led to a project, ■ Production of 750,000 face shields with Universal Protective Packagled by Dr. Nikki Osevala and funded by a $22.9 million grant from the ing, Inc. in Mechanicsburg, Pennsylvania Pennsylvania Department of Human Services, to assist skilled nursing ■ A collaboration between engineers and artists at University Park and and long-term care facilities in south-central Pennsylvania in the fight physicians and surgeons at Penn State Health to design and create against COVID-19. Simpson is now on a well-earned sabbatical, and the 3D-printed filtration masks initiative is led by Erika Swift (Center for Medical Innovation, Penn State ■ An isolation booth to protect nurses and staff working in University College of Medicine), Mary Frecker (Riess Chair, College of Engineering), Health Services at University Park, designed and deployed by Penn and Mike Hickner (Associate Director, Materials Research Institute). This State architects and engineers interdisciplinary dream team reflects the continuing MASC commitment ■ Enclosures designed and made in the Applied Research Laboratory to uniting Penn State in the fight against the COVID-19 crisis. to keep pediatric cardiologists safe at Penn State Health Milton S. Hershey Medical Center “It is the power of partnership ■ A mask and filtration media testing rig developed as a collaboration and the diversity of our ideas between Penn State engineers and the Materials Research Institute, and our people that make Penn available for users both within and outside the University ■ Gowns patterned and sewn by costume designers in the College of State the great institution that Arts and Architecture, sealed and packaged in the Meats Lab in the it is, and I am lucky to be a part College of Agricultural Sciences, and sterilized by gamma rays in the of it.”

Breazeale Nuclear Reactor in the College of Engineering Timothy W. Simpson, Paul Morrow MASC is continuing to pursue improvements to personal protective equipment (PPE), 3D-printed hand sanitizer dispenser conversion

Professor of Engineering Design and Manufacturing 7

NO LION IS ALONE

Half of all Penn State students sometimes go hungry because they can’t access affordable food. That’s the finding of a survey conducted by a College of Agricultural Sciences student team through the UNESCO Youth as Researchers program. The results tally with nationwide trends: a report from the U.S. Government Accountability Office last year indicated that more than a third of college students across the country are food insecure. The problem is especially great at institutions like Penn State that are committed to enrolling students for whom higher education can change their economic destiny. Twenty percent of undergraduates across the University are the first generation in their families to attend college, and the number is even higher at many campuses. These students and others, such as those from low-income households and parents returning to school to create better lives for their families, often face financial burdens and obligations that force them to choose between covering educational costs and putting food on the table. Those choices have become even harder for households coping with the financial fallout of COVID-19.

Penn State and Penn Staters have committed themselves to help. Last fall’s Tackle Hunger Challenge pitted Penn State and Ohio State against each other in a battle to see which school’s supporters could give more to support campus food pantries—and the Blue and White triumphed, with more than 10,000 donors and nearly $214,000 raised during the weeklong effort. In early 2020, the University launched the Task Force for Food and Housing Security to consider how best to help students who are struggling to meet their basic needs. And food pantry volunteers like those shown at right are helping students to focus on all the opportunities of the Penn State experience, instead of worrying where their next meal is coming from.

To learn more about how you can help to address food insecurity among Penn State students, visit thelionspantry.psu.edu.

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“Hunger is an issue that students shouldn’t fight alone.

Food is a necessity, but many students may not be able to prioritize it. Support from our community can help to take some of the burden off our students’ shoulders.”

Abisha Ebenezer, Penn State Abington

“As a student, the stresses of financial aid and keeping up with classes are already a huge worry. To think that some students have to deal with that and also think about where their next meal will come from is unacceptable.”

Justin Jones, Penn State Harrisburg

“I fight against student food insecurity because we, as students, are already under a lot of stress with our classes,

“It’s important to provide access to resources that meet student needs both in the classroom and beyond.

Volunteering is one of the ways that I can give back in a way that truly matters.”

Erica Willis, Penn State Greater Allegheny

schoolwork, possible jobs, internships, and clubs. Why should hunger play a part in that?”

Isaac Cherico, Penn State DuBois “Knowing that there are students who are struggling with food insecurity made me want to find a solution. Asking for help isn’t easy, so letting students know that their struggles are known and that we’re trying to help is important.”

Thi Tran, Penn State Behrend

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FOR THE FRONTLINE

Nearly a century after it began as a local meat market in Carlisle, Pennsylvania, The GIANT Company and its namesake grocery stores are a familiar presence throughout the mid-Atlantic. The company, deeply rooted in central Pennsylvania, has focused its philanthropy on connecting families for a better future. Over the last twenty-five years, GIANT has given more than $11 million to Penn State Health Milton S. Hershey Medical Center, and the company was Children’s Miracle Network’s top corporate partner for 2019–2020. This spring, as the pandemic unfolded, GIANT stepped up again to support those on the frontline, serving the Phil Guarno drops off meals from local restaurants for employees working on Easter Sunday.

He delivered meals to employees for thirty-five days in a row.

“I’m just trying to do my little part to bring something positive in a negative time. And I hope to make people aware that we have a world-class medical center in our backyard, and it’s an honor to help them.”

—Phil Guarno

same communities where it got its start. The company gave $50,000 to initiate the medical center’s COVID-19 response fund. And when the annual celebrations of National Nurses Week and National Hospital Week arrived in May, so did the GIANT Airstream trailer, full of free flowers, beauty products, snacks, and other gifts for medical workers.

Many other national and local businesses, as well as countless community members and groups, also came forward to help Penn State Health meet the demands of the pandemic. The Hershey Company offered 22,000 square feet of warehouse space for the storage of masks, gowns, and sanitizer, and it provided chocolate treats for staff. Phil Guarno, owner of Fenicci’s in Hershey, rallied the community to support fellow restaurateurs to make meals for healthcare workers.

Sheetz, UTZ, Revittle, and many others provided snacks. Companies—including Volvo, TE Connectivity, Poole & Kent, and Bass Pro Shops—donated personal protective equipment from their own supplies. Hershey Entertainment & Resorts provided hotel rooms for healthcare workers completing concurrent shifts. And one innovative child celebrated his twelfth birthday by giving some staff a special gift—custom N95 masks he 3D printed himself.

Staff, students, and faculty of Penn State Health and Penn State College of Medicine also banded together to support each other and the surrounding communities. The Families in Need COVID Relief Fund, started by medical students and advisor Dr. Susan Borys and her colleagues, raised nearly $50,000 to help those facing food insecurity due to COVID-19 and its economic impact in the region. Senior leaders personally committed more than $500,000 to support employees and students who have experienced unforeseen financial difficulty during this time. All of these contributions, and so many others, prove that WE ARE stronger together.

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(Left) Employees from The Hershey Company and Chocolate World help maintain COVID-19 supplies the company stored at its warehouse for Penn State Health. (Below) The GIANT Company opens up their Airstream to give free products to healthcare workers during National Nurses Week.

(Bottom) Staff from the COVID-19 unit at Penn State Health Milton S. Hershey Medical Center share their gratitude.

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CELEBRATING THE CLASS OF 2020

Hats off to the University’s newest graduates, who persevered through an unprecedented spring semester and summer term to participate in virtual commencements in the midst of of a global pandemic. Many also faced personal challenges on the path to their degrees, and philanthropy helped these students and thousands more to join the ranks of proud Penn Staters this year.

“Seeing my peers have their light-bulb moments in intimidating courses gives me the satisfaction that they can also teach others.

It is for this reason I would like to teach mathematics when I retire from active duty.”

NROTC Battalion Sergeant Major Prince Koomson joined the U.S. military soon after his family emigrated from Ghana in 2012, and he is in his seventh year of active service, including two combat deployments aboard the USS George W. Bush. He enrolled at Penn State after being selected to be trained as a pilot through a program that required him to earn a bachelor’s degree. He graduated this summer as a Mathematics major. Along the way, he discovered a passion for tutoring his fellow service members and classmates in math and physics, even as he supported his siblings through the illness and after the death of their father. Koomson was the runner-up for this year’s Outstanding Adult Student Award, a grant created by Leslie Laing, director for Adult Learner Programs and Services and student advocacy specialist in the Division of Student Affairs at Penn State.

“My time at Penn State has been immensely transformative. I will look back on these years as some of the best of my life, and I’m honored and humbled to be selected as the college marshal. It all doesn’t even feel real.”

Daniela Claudio Pagán overcame financial challenges, a language barrier, a natural disaster, and, finally, a global pandemic to graduate this spring as the student marshal for the College of Arts and Architecture. Born and raised in Puerto Rico, she fell in love with Penn State from online photos, but it took support from the Bunton-Waller Fellows Program, the Hockenberry and Parker Scholarship in the College of Arts and Architecture, and other awards for her to enroll. After working hard in her courses and on her English language skills, she gained admittance to the competitive Graphic Design major, and thanks to scholarship support, she was able to stay focused on her studies even as her family coped with Hurricane Maria in 2017. As a senior, she received the Vaughan Family Open Doors Scholarship in the College of Arts and Architecture. Daniela returned to Puerto Rico when the University Park campus closed because of COVID-19, but she was proud to celebrate her graduation in May. 12

“This is the beginning, not the end. I want to go where I can make a difference, and all that I have been able to experience at Penn State York has prepared me for it.”

Mindy Gruzin grew up in the foster care system and graduated from high school at the age of 16. A job as a medical assistant and the birth of her son made her realize that she wanted to do more—for him, for herself, and for patients. At the age of 27, she went back to school, enrolling first at Harrisburg Area Community College and then at Penn State York, where she earned a bachelor’s degree in psychology and pursued research opportunities in biology. With the help of scholarships and awards, including the Cheryl J. Plumb Memorial Scholarship, the Mary S. Fritz Trustee Scholarship, and the Rodney A. Erickson Discovery Grant, she graduated summa cum laude, and this fall, she’s beginning her studies toward an M.D. at Geisinger Commonwealth School of Medicine on a full-ride scholarship.

FROM STRUGGLE TO STRENGTH Through their senior class gift, this year’s graduates are helping to ensure that other students will receive support and care to cope with the aftermath of COVID-19 and other challenges. Last fall, Penn State seniors voted to create a new endowment for Counseling and Psychological Services. Other Penn Staters are welcome to join in funding the endowment, honoring the class of 2020, and helping future students to thrive. Learn more at app.mobilecause.com/vf/ClassGift2020.

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WE PLAY ALL

At press time, Coach James Franklin is preparing to lead the Nittany Lions back onto the field for the reinstated Big Ten season, but he and his wife, Fumi, are also leading the way to an even more important victory: creating a stronger and more diverse Penn State community.

Last autumn, the couple created the Franklin Family Undergraduate Endowed Scholarship in Educational Equity for undergraduates who are the first generation in their family to attend college, who are from lower-income households, and whose race, ethnic, cultural, gender, and/ or national background are underrepresented at the University. The Franklins invited others to join them in supporting the endowment, and in early July, they announced that they had reached their goal of creating a fund that would provide a full-tuition scholarship every year in perpetuity, with a total of $462,500 raised.

“Increasing access for underrepresented populations will continue to enhance the diversity of the Penn State student body. We can’t wait for Penn State to welcome these students. Together WE can make a difference.”

James and Fumi Franklin

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The Franklins also inspired donors to give more than $287,000 to The Franklin Family Renaissance Scholarship, which honored the coach’s selection as the 2019 Renaissance Fund honoree. For forty-three years, the Renaissance Fund has celebrated an individual or a couple who has contributed significantly to the University and State College communities. Renaissance Scholarships benefit those high-achieving students with the greatest financial need, who might not otherwise be able to pursue a Penn State degree. Through this fund and their own scholarship support, the Franklins are inspiring other Penn Staters to join with them in opening the doors of the University to students from every background.

THE EDUCATIONAL EQUITY MATCHING PROGRAM Created in response to the national reckoning with questions of race and justice, the Educational Equity Matching Program has offered alumni and friends the opportunity to partner with the University in creating a more diverse, equitable, and inclusive Penn State.

Announced in late June, the program allowed

donors to tap an initial $10 million in University matching funds to multiply the impact of new scholarships for students whose gender, race, ethnic, cultural, and/or national background contribute to the diversity of the Penn State community. Response was so enthusiastic that alumni and friends had claimed the full $10 million in support by the end of September. The program has now concluded, but the University has provided additional funds to allow donors currently holding a proposal for an Educational Equity Scholarship to affirm their commitment to future generations of students by December 31, 2020. Even after the matching funds are exhausted, however, supporters are encouraged to create new Educational Equity Scholarships, helping us to fulfill our historic land-grant mission to reach all citizens of the Commonwealth and drive transformation across the institution and the larger world.

LESSONS FROM OUR HISTORY The Educational Equity Matching Program reflects the same Penn State promise embodied in the traditional “WE ARE” cheer dating back to 1948. The undefeated and racially integrated Penn State football team earned a berth in that year’s Cotton Bowl against Southern Methodist University in Dallas, Texas—a city that, at the time, was segregated. When SMU suggested that Penn State should not allow its Black teammates to take the field, the story has it that the team captain, Steve Suhey, responded, “We play all or we play none…we are Penn State!”

Among the scholarships that have received a 2:1 match from the Educational Equity Matching Program are endowments benefiting students in the Bunton-Waller Program, named in honor of the University’s first female and male Black graduates. The program supports undergraduates who, like Mildred Settle Bunton and Calvin Hoffman Waller, enhance Penn State’s broad and diverse student population. Selected by all colleges and many campuses across the University on the basis of professional and academic potential as well as personal background, Bunton-Waller participants receive both financial and academic support, and the sense of community created by the program helps students to thrive throughout their undergraduate studies and beyond.

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WHAT’S NOW WHAT’S NEXT Philanthropy and other forms of partnership are helping the Penn State community to face the challenges of the fall semester—and look toward a brighter future.

When the class of 2020 voted to create an endowment for Counseling and Psychological Services (CAPS) at the University (see page 13), they were following in the footsteps of the class of 2016, which established its own fund to support the mental health of Penn State students. That gift and others have helped CAPS to create resources such as the Red Folder, a guide to help faculty identify when a student is in distress, and to convert its in-person services to virtual so that CAPS can continue to meet students where they are, both figuratively and literally.

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Penn State students and alumni in the performing arts were hit hard by the closure of theaters and the disappearance of other opportunities to share their talents with audiences. To help, Penn State Centre Stage created a virtual venue so the show could go on. In May and August, episodes of The Living Room Project presented performances and interviews with Penn Staters who danced, sang, and acted their ways into the hearts and homes of online viewers. The project also raised support that has helped students in need, allowing them to stay enrolled this fall. Penn State Centre Stage is now offering a virtual season of performances focused on diversity, equity, and inclusion at sites.psu.edu/pscsvirtual/

Experiences outside the classroom, such as internships and research, have become an essential part of a Penn State education, preparing undergraduates to hit the ground running in their careers. When COVID-19 closed Penn State campuses and many of the companies and organizations where students pursue these activities, the University’s Student Engagement Network quickly came up with a way to keep the learning going. Through its Remote Innovation Grants, it connected dozens of students with companies such as Deloitte and Verizon for virtual opportunities this summer—and the program was such a success that it’s continuing this fall, with philanthropy and partnership from corporate leaders.

A past Corporate Partner of the Year award-winner, Lockheed Martin traditionally hosts an annual event at the University Park campus to recruit Penn State students for a wide range of opportunities at the technology pioneer, with more than 1,400 alumni now on staff. The global pandemic hasn’t cancelled demand for talented, well-trained candidates: in September, Lockheed Martin hosted a virtual recruiting event to familiarize students with internships and full-time positions and select applicants for interviews. Its experts also offered guidance on resume-writing and other skills to help students succeed not just at Lockheed Martin but throughout their careers.

The Textbook and Educational Resource Endowment has historically provided educational materials in the University Libraries for students who can’t afford to buy their own.

Through a #GivingTuesday effort last December, more than $34,000 was added to the fund through gifts from 144 donors and a match from the Penn State Bookstore. That support, along with the Libraries’ Future Fund, was vital when the University shifted to remote instruction in March, providing access for students and faculty to digital resources and technology like that typically available in the Tombros McWhirter Knowledge Commons (see below). The Textbook and Educational Resource Endowment continues to be invaluable this fall as the Libraries aim to keep the Penn State community connected to its collections and to each other.

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PHILANTHROPY AWARDS This award recognizes an individual or family who has demonstrated exceptional generosity in the promotion and support of The Pennsylvania State University. The recipients of this award, through their philanthropy and service, have helped shape the University’s future and improve the quality of life for the student body, faculty, and staff.

PHILANTHROPIST OF THE YEAR: DR. KEIKO MIWA ROSS Through her remarkable generosity, Dr. Keiko Miwa Ross has demonstrated that it is not necessary to be a Penn State graduate to be a true Penn Stater, and she is a leading philanthropist to the University and a committed supporter of cultural experiences, resources, and facilities that serve both the Penn State community and the public. She has given more than $14 million to areas across the University Park campus, including a $7.5 million gift that pushed the new Palmer Museum of Art building project past the threshold necessary to create the landmark facility. Born and raised in Japan, Ross was an educational pioneer in her native country and one of the nation’s first female undergraduates.

She completed her education in the United States, receiving her bachelor of arts degree and, later, her master’s and doctoral degrees in education from universities in Washington State. Through her work, she met S. Thomas Ross, director of an American-Japanese joint venture company. They were married the following year and lived in Japan until 1977, when Thomas was assigned to New York. Dr. Ross became an American citizen,

and the Rosses ultimately settled in State College; Thomas passed away in 2013. She continues to live at the Village at Penn State, and her philanthropy is having a visible impact across the campus so near to her home. In the University Libraries, she has named the Dr. Keiko Miwa Ross Garden Terrace, a new student-centered study and gathering space that includes an outdoor garden, and the Dr. Keiko Miwa Ross Global News Center, which provides access to international news collections. At The Arboretum at Penn State’s Pollinator and Bird Garden, a pond and observation steps in the new space will also bear her name. A supporter of WPSU-TV, Ross

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provided essential funding for the replacement of the station’s aging transmitter system last year. The most dramatic celebration of Ross’s philanthropy on the University Park campus will be the naming of the new Palmer Museum of Art lobby and the unique, elevated and glassenclosed corridor connecting the facility’s main building and its education and administration wing. As a community member who has chosen to invest in University resources that benefit countless citizens and families in our region, Ross has affirmed not only her own philanthropic leadership, but also her commitment to Penn State’s land-grant mission to serve all the people of the Commonwealth.

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.

FUNDRAISING VOLUNTEERS OF THE YEAR: GAIL AND DENNIS JACKMAN Through their leadership and their example, Gail and Dennis Jackman have shaped the University’s vision for the Greater Penn State campaign and encouraged many other Penn Staters to give back to their alma mater. The Jackmans’ shared commitment to Penn State began on the University Park campus, where the couple met as undergraduates. After completing a bachelor’s degree in sociology (1976) and a graduate degree in business at Cornell University, Dennis pursued a career that culminated in his role as global senior vice president for policy and external affairs at CSL Behring, an international biotherapies company. Gail earned her bachelor’s degree in individual and family studies and consumer studies in 1977, followed by a master’s degree in consumer economics at Cornell, and founded Reach Research, a marketing and consumer research firm. The Jackmans began their volunteer service by joining the Rock Ethics Institute’s External Advisory Board in 2008 and furthering the institute’s mission to advance ethical leadership. In 2012, the Jackmans joined the College of the Liberal Arts Development Council, and they participated in the college’s campaign planning committee for the Greater Penn State fundraising campaign. Gail and Dennis are also members of the selection committee for Penn State’s new Perreault Fellows Program, an undergraduate global leadership and internship program funded by CSL Limited CEO Paul Perreault and his wife, Beverly. Dennis supported CSL’s growing involvement at Penn State, including the company’s $4.92 million dollar gift to establish the CSL Behring Fermentation Facility at Penn State. Dennis also served as an inaugural member of the McCourtney Institute for Democracy Board of Visitors. He received the Liberal Arts Outstanding Alumnus Award in 2012 and was named an Alumni Fellow by the Penn State Alumni Association in 2018. In addition to their service to the College of the Liberal Arts, the Jackmans have committed their personal philanthropy to enhancing opportunities and education within the college through the Dennis and Gail Jackman Trustee Scholarship in Honor of Frank Jackman and Aubryn Atchley; the Dennis J. Jackman and Gail Atchley Jackman Graduate Endowment in Honor of Dean Susan Welch; the Dennis and Gail Jackman-McCourtney Endowed Career Development Professorship in the college’s new School of Public Policy; and the Dennis and Gail Atchley Jackman Dean’s Fund to encourage innovative learning and research projects by faculty and students.

Through their service and philanthropy, the Jackmans have touched every part of the Penn State mission, from the student experience to groundbreaking scholarly research, shaping the future of the University.

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CORPORATE PARTNER OF THE YEAR: ERIE INSURANCE

This award celebrates corporate partners that have demonstrated exceptional commitment in promotion and support of Penn State, excellent track records of philanthropy and research, and active engagement of students and alumni in the workplace and the classroom.

Through more than twenty years of partnership with Penn State, Erie Insurance has shown its deep commitment to the people and communities of northwest Pennsylvania. Headquartered in Erie, the company is a national leader in auto, home, business, and life insurance, with nearly six million policies currently in force across twelve states and the District of Columbia, and it is a Fortune 500 company rated A+ (superior) by A.M. Best. Its most significant philanthropic contributions to the University have been to priorities at Penn State Erie, The Behrend College, where they have given more than $2 million to create scholarships, offer enrichment opportunities for students, and fund youth educational outreach programs across the campus. In 2018, Erie Insurance pledged $1.5 million to Penn State Behrend to create the Excelerate program. When matched

by University funds, their gift generated more than $4 million toward scholarships for first-year students through the Pathway to Success: Summer Start (PaSSS) program and provided funding for upper-level students to gain experience working with local businesses and nonprofits in the region. The company is also an active and engaged partner on campus, helping to create connections between the Penn State Behrend and Erie communities. Its philanthropy supports the Susan Hirt Hagen

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Center for Community Outreach, Research, and Evaluation (CORE) at Penn State Behrend, which extends the college’s support for local development through research and evaluation services to local organizations. The company has also made annual contributions to career enrichment and student outreach initiatives like Penn State Behrend’s Math Options Career Day and its Women in Engineering program.

Beyond philanthropy, company representatives regularly serve on the Penn State Behrend Council of Fellows as advisers to the college chancellor, and they offer industry expertise and mentorship to students through career development opportunities on campus. With more than 400 University alumni employed at Erie Insurance, our shared values of service and commitment to excellence run deep. We are proud to honor them for their comprehensive philanthropic support and their partnership in fulfilling our land-grant mission in northwest Pennsylvania.

FOUNDATION PARTNER OF THE YEAR: THE HEINZ ENDOWMENTS

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.

The Heinz Endowments, based in Pittsburgh, has become one of our most valued foundation allies through consistent giving and thought partnership. The Heinz family rose to prominence through H.J. Heinz’s founding of the H.J. Heinz Company, a national leader in food processing, in the late nineteenth century. The family’s legacy of giving and community outreach lives on through The Heinz Endowments, which seeks to help the Pittsburgh region prosper through funding toward three priority interests: creativity, learning, and sustainability. The organization’s work centers around the vision of a “Just Pittsburgh” where all are included and everyone who calls southwest Pennsylvania home has a real and meaningful opportunity to thrive. Through more than $9 million in total giving to Penn State, The Heinz Endowments has brought these values to life with philanthropic support and collaboration in developing University programs, research, and social justice initiatives. In 2019, a gift to Penn State Greater Allegheny helped to create the campus’s first blended associate degree in information sciences and technology. Another gift last year helped to jumpstart Penn State Greater Allegheny’s G.A.M.E. (Giving Adolescents Meaningful Experiences), a hybrid mentoring program that offers mental health support, legal counseling, and college prep for teens with prior experience in the criminal justice system. Motivated by our shared commitment to the Pittsburgh region, The Heinz Endowments has supported the Penn State Center Pittsburgh, with their most recent gifts assisting programs that address food security in southwest Pennsylvania. The foundation has extended its philanthropy beyond the region to other University projects in an array of academic units. In recent years, it has supported research on the effects of Marcellus Shale natural gas exploration and development on the forest ecosystem, as well as the College of Education’s Project TEAM, which offers an integrated and sustainable model for classroom teachers to promote team building, antibullying, and leadership development. Other gifts from The Heinz Endowments have been directed toward internships in the Donald P. Bellisario College of Communications, the Pennsylvania Forest Stewards program in the College of Agricultural Sciences, and the Hemingway Letters Project in the College of the Liberal Arts, among others. The foundation’s support for our University is as deep and varied as their commitment to the future of Pittsburgh, the Commonwealth, and the nation. We are honored to recognize them for their partnership in thought and philanthropy, which will help to bring our shared visions to life for generations to come.

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ENDOWMENT AND PHILANTHROPY SUMMARY The Long-Term Investment Pool (LTIP) is Penn State’s investment portfolio into which most of the endowed funds established at the University are invested. This commingled pool operates much like a mutual fund. Each endowment owns units in LTIP, 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 annually a portion of the investment return is spent for the purpose designated by the donor. Thus, an endowed gift today is intended to 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 may maintain their value in real, inflation-adjusted terms, over time. The University’s Board of Trustees has established BASIC ENDOWMENT MANAGEMENT PRINCIPLES four basic investment management principles to guide the University’s 1. Provide sufficient total return on investments to meet the Investment Council.

University’s mission and spending objectives.

2. Focus on long-term performance.

These four principles help to ensure that the spending power of each 3. Accept a reasonable and prudent level of risk while maximizing endowment gift will be maintained in the face of economic fluctuations: total return.

4. Diversify investments to reduce risk.

LTIP ENDOWMENT GIFTS AND OTHER ADDITIONS (Year ending June 30, 2020)

$128.9 182.2 170.7 108.6 94.9 130.3 92.2 73.9 76.2 136.3

’11

’12 ’13

’14 ’15 ’16 ’17

in millions of dollars

22

’18

’19 ’20

6%

12%

16%

AVERAGE ANNUALIZED TOTAL RETURNS

20%

Average Annualized Total Returns for periods ending June 30, 2020 Total returns include interest, dividends, and market price changes less external investment manager fees and some other expenses

46%

9.0%

LTIP ASSET MIX

5.7%

Primary Groups

Strategy Focus

● Public Equity

Global equity U.S. equity

1-year

6.5%

5-year

6.4%

10-year

20-year

Developed international equity Emerging markets equity ● Private Equity

Corporate finance Venture capital

● Diversifying

Hedged strategies Private debt Royalty strategies

● Fixed Income

Public U.S. debt Public non-U.S. debt Cash

● Real Assets

LTIP PERFORMANCE SUMMARY

Commodities Natural resources Real estate Inflation-protected securities Infrastructure

The Penn State endowment portfolio is broadly diversified, with 12 percent in fixed income as of June 30, 2020; 46 percent in public equities (both U.S. and non-U.S.); and 20 percent in private equity. In addition, 6 percent is invested in real assets including real estate, natural resources, and commodities, while 16 percent is invested in diversifying assets (including hedge funds and private credit). The majority of the endowment’s assets are equity-type investments that, over the long term, are expected to generate returns more than inflation to preserve the endowment’s purchasing power for future generations.

In the year ending June 30, 2020, U.S. equity markets posted single-digit returns, with the S&P 500 gaining 7.5 percent; the MSCI All Country World Index ex-US returned -4.8 percent. Fixed income markets represented by the Bloomberg Barclays U.S. Aggregate posted an overall return of 8.7 percent.

As of June 30, 2020, LTIP’s investment return was 5.7 percent over the last year, 6.5 percent per year over the 5-year period, 9.0 percent over the 10-year period, and 6.4 percent over the 20-year period. These annualized investment returns are net of external investment manager fees. These results demonstrate long-term growth even when considering periods of negative investment returns, such as the steep decline at the turn of the century, the downturn a decade ago due to the credit crisis, and the decline during March 2020 due to the impacts of COVID-19.

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.

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Endowment Pool

LTIP’s investments consist of a diversified investment portfolio of public equities and fixed income, private equity, real assets, and other diversifying strategies. In managing our investments, we adhere to a prudent, long-term investment strategy.

The University targets 4.5 percent of LTIP’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.”

Similar Funds

Total Value

$3,265

138

3,403

3,108

138

3,246

2,852

139

2,991

2,624

133

2,758

2,347

124

2,471

2,376

116

2,492

2,285

114

2,399

1,933

96

2,029

1,765

90

1,855

1,708

123

1,831

in millions of dollars

As of the end of fiscal 2020, total endowment assets were valued at $3.4 billion, of which $3.27 billion was invested in LTIP. The other endowment assets, which include charitable remainder trusts, charitable gift annuities, and other life income funds in addition to some donor-restricted funds, represented $138 million; these assets are not invested in LTIP. For the fiscal year ending June 30, 2020, the total endowment assets increased $157 million, and they have increased a cumulative $911 million over the last five years. This amount reflects the impact of investment returns and generous giving, net of consistent support for scholarships and University programs. Over this same period, endowment assets invested in LTIP have provided $543 million of program support, including $126 million in fiscal 2020. ’11

’12

’13

’14

’15

’16

’17

’18

’19

’20

MARKET VALUE OF PENN STATE’S ENDOWMENTS AND SIMILAR FUNDS (Fiscal year ending June 30, 2020) The University reports results for both endowed and similar funds, and for 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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PENN STATE NAMES JOE CULLEN NEW CHIEF INVESTMENT OFFICER In September 2019, Penn State welcomed a new chief investment officer who brings nearly three decades of experience to his role in managing the University’s long-term investment pool (LTIP) for growth and stability. Prior to joining Penn State in 2019, Cullen was the chief investment officer at the Montana Board of Investments. Cullen has also held investment positions at Fidelity Investments, Amherst College, and Lucent Technologies. He earned his bachelor of arts degree at Ripon College and his M.B.A. at Tepper School of Business at Carnegie Mellon University. Cullen is a CFA charterholder, CAIA charterholder, and a Financial Risk Manager—Certified by the Global Association of Risk Professionals.

As Joe embarked upon his new role at Penn State, he said, “Education has been an important part of my life, and I’m excited to join a leading institution like Penn State and support its mission to impact the world through teaching, research, and service. In particular, I’m honored to join the Office of Investment Management to assist in the stewardship of Penn State’s investment funds, as the investment assets are a critical component of the sound financial management of the University’s resources and help the institution to carry out its mission.”

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 it regularly reviews asset allocation, new asset classes, investment strategies, and manager performance.

COUNCIL MEMBERS for Fiscal Year 2019–2020 David J. Gray, Chair Senior Vice President for Finance and Business/Treasurer The Pennsylvania State University

J. Alex Hartzler Managing Partner & Founder WCI Partners, LP

David E. Branigan (*retired effective June 30, 2020) Chief Executive Officer, Office of Investment Management The Pennsylvania State University

Edward R. Hintz Jr. President Hintz Capital Management, Inc.

James P. Brandau Senior Vice President Brown Brothers Harriman & Co.

Joseph B. Markovich Managing Director J.P. Morgan Private Bank

Blake Gall, CFA Founder and President Micro++ Investment Management

Colleen Ostrowski Sr. Vice President and Treasurer Visa

Carmen J. Gigliotti Managing Director (retired) DuPont Capital Management

J. David Rogers Chief Executive Officer J.D. Capital Management, LLC

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8.2%

SOURCES OF GIFTS RECEIVED 2019–2020

Where the $290 million came from 15.7% Sources

Amounts

● Individuals

$290M 25.2%

$147,851,212

Number of donors

210,990

Alumni

66,567,970

57,232

Friends

81,283,242

153,758

● Corporations

73,190,799

4,482

● Foundations

45,580,419

422

● Organizations Total

23,687,438

978

$290,309,868

216,872

50.9%

36.35% .02% .20% .47% .87% 1.23% 7.04%

DESIGNATED PURPOSES OF GIFTS RECEIVED 2019–2020

Where the $290 million went

12.02%

● Property, buildings, equipment

$290M

$105,522,811

● Other purposes*

70,674,956

● Student aid

50,705,036

● Research

34,903,139

● Faculty resources

20,432,546

● Public services and extension

3,561,925

● Academic divisions

2,525,976

● Unrestricted University-wide

1,350,902

● Library resources

583,109

● Physical plant maintenance Total

17.47%

49,468 $290,309,868

*This category includes gifts to the Children’s Miracle Network, THON, multipurpose funds, and gifts awaiting designation by donors.

-4%

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GROWTH IN PRIVATE SUPPORT AND DONOR BASE

$290.3 240.3 322.7 202.9 229.9 226.0 271.1 237.8

$381.3

208.7

372.6

274.8

362.9 304.6 223.9 195.1 342.5 263.6 223.7 353.3

’11

’12

’13

’14 ’15

’16 ’17 ’18

’19 ’20

Gift Receipts

in millions of dollars

216,872 221,587

’11 ’12

New Commitments

221,484

in millions of dollars

222,448 172,140 183,843 190,502 193,393 191,712 183,712

’11 ’12

’13 ’14 ’15

’16 ’17 ’18

’19 ’20

Number of Donors

27

’13 ’14 ’15

’16 ’17 ’18

’19 ’20

SUPPORT FOR PENN STATE STUDENTS

GROWTH IN PHILANTHROPY-FUNDED SCHOLARSHIPS

(Fiscal year ending June 30, 2020) $66,764,254 62,846,746 58,058,184 53,963,443 52,241,547 46,639,345 49,331,066 37,655,516

Information about the full University budget can be found on the Budget Office website at budget.psu.edu/openbudget/default.aspx

42,667,819 39,272,316

’11 ’12

’13 ’14 ’15

’16 ’17 ’18

’19 ’20

.2%

19.8%

$1.24B 22.1%

STUDENT SUPPORT BY CATEGORY 2018–19* Aid type

Total dollars

● Loans

$717,015,888

● Grants

273,434,067

● Scholarships

244,820,950

● Federal Work-Study Total

2,837,200 $1,238,108,105

*2018–2019 is the most recent fiscal year for which complete information is available.

57.9%

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GIFTS DESIGNATED TO SPECIFIC UNITS 2019–2020 Unit

Receipts

Committments

Abington

$839,298

$1,366,192

12,964,566

17,415,284

1,118,310

2,187,584

46,986,899

35,683,251

414,391

376,182

Behrend

6,764,853

8,035,418

Bellisario College of Communications

1,023,447

1,289,095

Berks

1,380,557

1,073,592

654,562

362,588

3,048,460

2,799,893

852,083

614,678

Earth & Mineral Sciences

31,566,601

Eberly College of Science

6,802,209

Education Educational Equity

Agricultural Sciences Altoona Arts & Architecture Beaver

Brandywine

THE STATE’S SHARE OF PENN STATE’S BUDGET Year

Total Budget*

State Appropriation** Percent of Total

2019–20

$6,809,655,000

$323,792,000

4.8%

2018–19

6,485,590,000

313,967,000

4.8%

34,965,591

2017–18

5,675,676,000

304,823,000

5.4%

15,361,245

2016–17

5,141,704,000

301,833,000

5.9%

2,823,495

7,103,310

2,913,571

1,358,279

2015–16

4,901,693,000

294,949,000

6.0%

34,630,359

58,971,655

2014–15

4,638,793,000

277,931,000

6.0%

Fayette, The Eberly Campus

716,591

641,579

2013–14

4,415,596,000

275,931,000

6.3%

Great Valley

449,273

414,534

2012–13

4,264,764,000

272,431,000

6.3%

Greater Allegheny

426,614

801,293

Harrisburg

4,575,161

5,184,017

2011–12

4,121,627,000

272,431,000

6.6%

Hazleton

1,450,783

2,105,212

2010–11

4,016,443,000

333,863,000

8.3%

Dickinson School of Law DuBois

Engineering

Health & Human Development Hershey Information Sciences & Technology Intercollegiate Athletics Lehigh Valley Liberal Arts Mont Alto

5,745,562

5,817,978

48,389,820

53,895,321

1,086,352

835,234

11,498,809

16,568,455

653,529

618,168

13,411,443

15,271,293

514,910

709,158

New Kensington

1,108,577

1,088,992

Nursing

5,774,388

1,014,724

387,144

168,943

3,695,751

8,069,092

472,204

444,352

Online Education Outreach Penn State Law Schreyer Honors College

2,571,382

4,490,171

Schuylkill

807,200

244,886

Scranton

281,160

208,925

Shenango

203,318

81,542

Smeal College of Business

6,959,765

32,585,402

Student Affairs

1,941,300

3,895,570

Undergraduate Education

3,321,866

3,194,145

University Libraries

2,149,945

2,608,883

15,250,806

30,550,885

730,941

667,808

University-wide Wilkes-Barre York TOTAL

951,613

183,271

$290,309,868

$381,323,670

*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.

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CAMPAIGN EXECUTIVE COMMITTEE

Fiscal Year 2019–2020

Richard S. Sokolov ’71 Lib, Chair

Richard H. Bard ’69 Eng

E. Lee Beard ’99h

James S. Broadhurst ’65 Lib

Richard K. Dandrea ’77 Lib

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

James B. Ingram ’79 Agr Vice Chair

William A. Jaffe ’60 Com

Martha B. Jordan ’76 Bus Vice Chair

Gregory T. Lucier ’86 Eng

J. Roger Moyer Jr. ’70 Bus

Arthur J. Nagle ’61 Lib

Robert E. Poole ’72 Bus

Eric J. Barron President, Penn State

David J. Gray Senior Vice President for Finance and Business/ Treasurer, Penn State

Nicholas P. Jones Executive Vice President and Provost, Penn State

O. Richard Bundy III Vice President for Development and Alumni Relations, Penn State

EX OFFICIO MEMBERS

Thomas J. Sharbaugh ’73 Bus

Richard K. Struthers ’77 Bus

Peter G. Tombros ’64, ’68g Agr, Vice Chair

30

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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

@RaisePennState

The Pennsylvania State University is committed to the policy that all persons shall have equal access to programs, facilities, admission and employment without regard to personal characteristics not related to ability, performance, or qualifications as determined by University policy or by state or federal authorities. It is the policy of the University to maintain an academic and work environment free of discrimination, including harassment. The Pennsylvania State University prohibits discrimination and harassment against any person because of age, ancestry, color, disability or handicap, genetic information, national origin, race, religious creed, sex, sexual orientation, gender identity, or veteran status and retaliation due to the reporting of discrimination or harassment. Discrimination, harassment, or retaliation against faculty, staff, or students will not be tolerated at The Pennsylvania State University. Direct all inquiries regarding this Nondiscrimination Policy to the Affirmative Action Director, The Pennsylvania State University, 328 Boucke Building, University Park, PA 16802-2801: tel. 814-863-0471/TTY. U. Ed. DEV 20-03 ajs

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