Attach to Form 990 or Form 990-EZ.
Go to
www.irs.gov/Form990 for instructions and the latest information.
| (i) Name of supported organization | (ii) EIN | (iii) Type of organization (described on lines 1- 10 above (see instructions)) | (iv) Is the organization listed in your governing document? | (v) Amount of monetary support (see instructions) | (vi) Amount of other support (see instructions) | |
|---|---|---|---|---|---|---|
| Yes | No | |||||
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Total |
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Calendar year
(or fiscal year beginning in)
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(a) 2019 | (b) 2020 | (c) 2021 | (d) 2022 | (e) 2023 | (f) Total | |
|---|---|---|---|---|---|---|---|
| 1 | Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grant.") .. | ||||||
| 2 | Tax revenues levied for the organization's benefit and either paid to or expended on its behalf .... | ||||||
| 3 | The value of services or facilities furnished by a governmental unit to the organization without charge.. | ||||||
| 4 | Total. Add lines 1 through 3 | ||||||
| 5 | The portion of total contributions by each person (other than a governmental unit or publicly supported organization) included on line 1 that exceeds 2% of the amount shown on line 11, column (f) .. | ||||||
| 6 | Public support. Subtract line 5 from line 4. | ||||||
Calendar year
(or fiscal year beginning in)
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(a) 2019 | (b) 2020 | (c) 2021 | (d) 2022 | (e) 2023 | (f) Total | |
|---|---|---|---|---|---|---|---|
| 7 | Amounts from line 4.. | ||||||
| 8 | Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources... | ||||||
| 9 | Net income from unrelated business activities, whether or not the business is regularly carried on.. | ||||||
| 10 | Other income. Do not include gain or loss from the sale of capital assets (Explain in Part VI.).. | ||||||
| 11 | Total support. Add lines 7 through 10 | ||||||
Calendar year (or fiscal
year beginning in) ![]() |
(a) 2019 | (b) 2020 | (c) 2021 | (d) 2022 | (e) 2023 | (f) Total | |
|---|---|---|---|---|---|---|---|
| 1 | Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.") . | ||||||
| 2 | Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose | ||||||
| 3 | Gross receipts from activities that are not an unrelated trade or business under section 513 ..... | ||||||
| 4 | Tax revenues levied for the organization's benefit and either paid to or expended on its behalf... | ||||||
| 5 | The value of services or facilities furnished by a governmental unit to the organization without charge | ||||||
| 6 | Total. Add lines 1 through 5 | ||||||
| 7a | Amounts included on lines 1, 2, and 3 received from disqualified persons | ||||||
| b | Amounts included on lines 2 and 3 received from other than disqualified persons that exceed the greater of $5,000 or 1% of the amount on line 13 for the year. | ||||||
| c | Add lines 7a and 7b.. | ||||||
| 8 | Public support. (Subtract line 7c from line 6.) | ||||||
Calendar year
(or fiscal year beginning in)
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(a) 2019 | (b) 2020 | (c) 2021 | (d) 2022 | (e) 2023 | (f) Total | |
|---|---|---|---|---|---|---|---|
| 9 | Amounts from line 6... | ||||||
| 10a | Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources.. | ||||||
| b | Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975. | ||||||
| c | Add lines 10a and 10b. | ||||||
| 11 | Net income from unrelated business activities not included on line 10b, whether or not the business is regularly carried on. | ||||||
| 12 | Other income. Do not include gain or loss from the sale of capital assets (Explain in Part VI.) .. | ||||||
| 13 | Total support. (Add lines 9, 10c, 11, and 12.).. | ||||||
| Section A - Adjusted Net Income | (A) Prior Year |
(B) Current Year (optional) |
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| 1 | Net short-term capital gain | 1 | ||||
| 2 | Recoveries of prior-year distributions | 2 | ||||
| 3 | Other gross income (see instructions) | 3 | ||||
| 4 | Add lines 1 through 3 | 4 | ||||
| 5 | Depreciation and depletion | 5 | ||||
| 6 | Portion of operating expenses paid or incurred for production or collection of gross income or for management, conservation, or maintenance of property held for production of income (see instructions) | 6 | ||||
| 7 | Other expenses (see instructions) | 7 | ||||
| 8 | Adjusted Net Income (subtract lines 5, 6 and 7 from line 4) | 8 | ||||
| Section B - Minimum Asset Amount | (A) Prior Year |
(B) Current Year (optional) |
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| 1 | Aggregate fair market value of all non-exempt-use assets (see instructions for short tax year or assets held for part of year): | 1 | ||||
| a | Average monthly value of securities | 1a | ||||
| b | Average monthly cash balances | 1b | ||||
| c | Fair market value of other non-exempt-use assets | 1c | ||||
| d | Total (add lines 1a, 1b, and 1c) | 1d | ||||
| e |
Discount claimed for blockage or other factors (explain in detail in Part VI): |
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| 2 | Acquisition indebtedness applicable to non-exempt use assets | 2 | ||||
| 3 | Subtract line 2 from line 1d | 3 | ||||
| 4 | Cash deemed held for exempt use. Enter 0.015 of line 3 (for greater amount, see instructions). | 4 | ||||
| 5 | Net value of non-exempt-use assets (subtract line 4 from line 3) | 5 | ||||
| 6 | Multiply line 5 by 0.035 | 6 | ||||
| 7 | Recoveries of prior-year distributions | 7 | ||||
| 8 | Minimum Asset Amount (add line 7 to line 6) | 8 | ||||
| Section C - Distributable Amount | Current Year | |||||
| 1 | Adjusted net income for prior year (from Section A, line 8, Column A) | 1 | ||||
| 2 | Enter 85% of line 1 | 2 | ||||
| 3 | Minimum asset amount for prior year (from Section B, line 8, Column A) | 3 | ||||
| 4 | Enter greater of line 2 or line 3 | 4 | ||||
| 5 | Income tax imposed in prior year | 5 | ||||
| 6 | Distributable Amount. Subtract line 5 from line 4, unless subject to emergency temporary reduction (see instructions) | 6 | ||||
| Section D - Distributions | Current Year | |
|---|---|---|
| 1 Amounts paid to supported organizations to accomplish exempt purposes | 1 | |
|
2
Amounts paid to perform activity that directly furthers exempt purposes of supported organizations, in excess of income from activity |
2 | |
| 3 Administrative expenses paid to accomplish exempt purposes of supported organizations | 3 | |
| 4 Amounts paid to acquire exempt-use assets | 4 | |
| 5 Qualified set-aside amounts (prior IRS approval required - provide details in Part VI) | 5 | |
| 6 Other distributions (describe in Part VI). See instructions | 6 | |
| 7Total annual distributions. Add lines 1 through 6. | 7 | |
|
8
Distributions to attentive supported organizations to which the organization is responsive (provide details in Part VI). See instructions |
8 | |
| 9 Distributable amount for 2023 from Section C, line 6 | 9 | |
| 10 Line 8 amount divided by Line 9 amount | 10 | |
| Section E - Distribution Allocations (see instructions) |
(i) Excess Distributions |
(ii) Underdistributions Pre-2023 |
(iii) Distributable Amount for 2023 |
|
|---|---|---|---|---|
| 1 Distributable amount for 2023 from Section C, line 6 | ||||
|
2
Underdistributions, if any, for years prior to 2023 (reasonable cause required-- explain in Part VI).
See instructions. |
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| 3 Excess distributions carryover, if any, to 2023: | ||||
| a From 2018....... | ||||
| b From 2019....... | ||||
| c From 2020....... | ||||
| d From 2021....... | ||||
| e From 2022....... | ||||
| fTotal of lines 3a through e | ||||
| g Applied to underdistributions of prior years | ||||
| h Applied to 2023 distributable amount | ||||
|
i
Carryover from 2018 not applied (see instructions) |
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| j Remainder. Subtract lines 3g, 3h, and 3i from line 3f. | ||||
| 4Distributions for 2023 from Section D, line 7: | ||||
| $ | ||||
| a Applied to underdistributions of prior years | ||||
| b Applied to 2023 distributable amount | ||||
| c Remainder. Subtract lines 4a and 4b from line 4. | ||||
|
5
Remaining underdistributions for years prior to 2023, if any. Subtract lines 3g and 4a from line 2. If the amount is greater than zero, explain in Part VI. See instructions. |
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|
6
Remaining underdistributions for 2023. Subtract lines 3h and 4b from line 1. If the amount is greater than zero, explain in Part VI. See instructions. |
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7 Excess distributions carryover to 2024. Add lines 3j and 4c. |
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| 8 Breakdown of line 7: | ||||
| a Excess from 2019..... | ||||
| b Excess from 2020..... | ||||
| c Excess from 2021..... | ||||
| d Excess from 2022..... | ||||
| e Excess from 2023..... | ||||
| Facts And Circumstances Test |
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| Return Reference | Explanation |
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| Software ID: | |
| Software Version: |
| Return Reference | Explanation |
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| SCHEDULE E, PART I, LINE 3 | THE UNIVERSITY'S NON-DISCRIMINATION POLICY IS PUBLISHED IN SALUS MAGAZINE, SALUS VIEW BOOK, THE STUDENT HANDBOOK, THE APPLICATION FOR ADMISSIONS, AND IS MADE PUBLICLY AVAILABLE ON THE UNIVERSITY'S WEBSITE HOMEPAGE. SALUS VIEW BOOK IS DISTRIBUTED BY ADMISSIONS TO POTENTIAL APPLICANTS |
| SCHEDULE E, PART I, LINE 6 | STUDENTS MAY RECEIVE FUNDING FROM THE FEDERAL GOVERNMENT IN THE FORM OF DIRECT UNSUBSIDIZED STUDENT LOANS, GRADUATE PLUS LOANS AND FEDERAL WORK STUDY AWARDS. SCHOLARSHIPS AND GRANT ASSISTANCE MAY COME FROM A VARIETY OF SOURCES INCLUDING INSTITUTIONAL, PRIVATE AND GOVERNMENTAL PROGRAMS. |
| Software ID: | |
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| Return Reference | Explanation |
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| FORM 990, PART III, LINE 3 | ON JUNE 28, 2024, THE MIDDLE STATES COMMISSION ON HIGHER EDUCATION (MSCHE) APPROVED SALUS UNIVERSITY'S MERGER WITH DREXEL UNIVERSITY,A PUBLIC CHARITY. SALUS UNIVERSITY FILED A STATEMENT OF MERGER WITH THE COMMONWEALTH OF PENNSYLVANIA, WHICH APPROVED THE MERGER TO BE EFFECTIVE END OF DAY JUNE 30, 2024. THE MERGER STILL REQUIRES UNITED STATES DEPARTMENT OF EDUCATION (USDE) APPROVAL. THE TRANSACTION REFLECTS RECENT, TWO-STEP USDE GUIDANCE: CURRENT: IN THE CURRENT, PRE-TRANSACTION STATE, DREXEL UNIVERSITY, A PENNSYLVANIA NONPROFIT CORPORATION, OWNS AND CONTROLS DREXEL UNIVERSITY, A NONPROFIT INSTITUTION ACCREDITED BY MSCHE, WHICH EXISTS AND OPERATES SEPARATELY FROM SALUS UNIVERSITY, A PENNSYLVANIA NONPROFIT CORPORATION, THAT OWNS AND CONTROLS SALUS UNIVERSITY, A NONPROFIT INSTITUTION ACCREDITED BY MSCHE. STEP ONE (MERGER): UPON MSCHE APPROVAL, DREXEL UNIVERSITY, THE PENNSYLVANIA NONPROFIT CORPORATION, WILL OWN AND CONTROL BOTH DREXEL UNIVERSITY, A NONPROFIT INSTITUTION ACCREDITED BY MSCHE, AND SALUS UNIVERSITY, A NONPROFIT INSTITUTION TEMPORARILY ACCREDITED BY MSCHE. THE BOARD OF TRUSTEES OF SALUS UNIVERSITY, THE PENNSYLVANIA NONPROFIT CORPORATION, WILL DISSOLVE, AND THREE OF ITS MEMBERS WILL BE APPOINTED TO THE BOARD OF TRUSTEES OF DREXEL UNIVERSITY, THE PENNSYLVANIA NONPROFIT CORPORATION. THE PRESIDENT OF SALUS UNIVERSITY, THE NONPROFIT INSTITUTION TEMPORARILY ACCREDITED BY MSCHE, WILL REPORT TO THE DREXEL PRESIDENT WITH DOTTED LINE REPORTING TO THE BOARD OF TRUSTEES OF DREXEL UNIVERSITY, THE PENNSYLVANIA NONPROFIT CORPORATION. STEP TWO (CLOSURE): PRIOR TO USDE APPROVAL, SALUS UNIVERSITY'S ACADEMIC PROGRAMS AND FINANCIAL AID PROCESSES WILL OPERATE INDEPENDENTLY OF DREXEL UNIVERSITY AND SALUS UNIVERSITY WILL CONTINUE TO GRANT DEGREES. POST-MERGER/CLOSURE: UPON USDE APPROVAL, SALUS UNIVERSITY, THE NONPROFIT INSTITUTION, WILL BECOME AN ADDITIONAL LOCATION OF DREXEL UNIVERSITY, THE NONPROFIT INSTITUTION ACCREDITED BY MSCHE, AND WILL SURRENDER ITS DEGREE-GRANTING AUTHORITY. ITS ACADEMIC PROGRAMS AND FINANCIAL AID PROCESSES WILL BE ADMINISTERED BY DREXEL UNIVERSITY. |
| FORM 990, PART VI, SECTION A, LINE 1A | THE EXECUTIVE COMMITTEE SHALL BE COMPRISED OF THE CHAIRPERSON OF THE BOARD OF TRUSTEES WHO SHALL ALSO BE THE CHAIR OF THE COMMITTEE, THE PRESIDENT OF THE UNIVERSITY, AND THE CHAIRPERSONS OF EACH STANDING COMMITTEE OF THE BOARD WHO SHALL BE APPOINTED FOR A TERM OF ONE YEAR BY THE CHAIRPERSON OF THE BOARD. THE PRIMARY RESPONSIBILITY OF THE EXECUTIVE COMMITTEE IS TO STRENGTHEN THE BOARD'S PERFORMANCE BY HELPING IT FUNCTION EFFICIENTLY AND EFFECTIVELY. ITS BROAD POWERS SHALL BE USED ONLY AS NECESSARY AND APPROPRIATE ON ROUTINE BUSINESS OR EMERGENCY MATTERS THAT CANNOT OR SHOULD NOT BE DELAYED UNTIL THE BOARD'S NEXT REGULARLY SCHEDULED MEETING OR UNTIL A SPECIAL MEETING OF THE BOARD SHOULD BE CALLED AS SPECIFIED IN THE BYLAWS. THE COMMITTEE SHALL HAVE ALL POWERS OF THE BOARD OF TRUSTEES ON ALL MATTERS EXCEPT FOR THE FOLLOWING, WHICH SHALL BE RESERVED FOR THE BOARD: PRESIDENTIAL SELECTION AND TERMINATION, PRESIDENT'S COMPENSATION, TRUSTEE AND BOARD OFFICER SELECTION, CHARTER AND BYLAW AMENDMENT, CHANGING THE UNIVERSITY'S MISSION, INCURRING CORPORATE INDEBTEDNESS, APPROVAL OF ANNUAL BUDGET AND CONFERRAL OF DEGREES. THE EXECUTIVE COMMITTEE MEETS IN PERSON OR VIA CONFERENCE FOR MONTHLY UPDATES. |
| FORM 990, PART VI, SECTION A, LINE 4 | ON JUNE 28, 2024, THE UNIVERSITY FILED A STATEMENT OF MERGER WITH THE PENNSYLVANIA DEPARTMENT OF STATE TO REPORT ITS MERGER WITH DREXEL UNIVERSITY, AN UNRELATED PUBLIC CHARITY. THIS MERGER WAS EFFECTIVE JUNE 30, 2024. |
| FORM 990, PART VI, SECTION B, LINE 11B | THE FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM WITH INFORMATION PROVIDED BY MANAGEMENT. THE BOARD REVIEWS THE FORM 990 PRIOR TO IT BEING FILED WITH THE INTERNAL REVENUE SERVICE. |
| FORM 990, PART VI, SECTION B, LINE 12C | EACH OFFICER, DIRECTOR, TRUSTEE AND KEY EMPLOYEE OF THE UNIVERSITY IS REQUIRED TO ANNUALLY DISCLOSE ANY CONFLICTS OF INTEREST THAT ARISE BY VIRTUE OF THEIR EMPLOYMENT, BOARD SERVICE, OR POSITION WITH THE UNIVERSITY. THE UNIVERSITY MONITORS COMPLIANCE WITH ITS CONFLICT OF INTEREST POLICY THROUGH AN ANNUAL QUESTIONNAIRE/DISCLOSURE STATEMENT THAT IS DISTRIBUTED TO THESE INDIVIDUALS. POTENTIAL CONFLICTS ARE REVIEWED BY THE PRESIDENT'S OFFICE AND COUNSEL, AND PRESENTED TO THE AUDIT AND COMPLIANCE COMMITTEE FOR DETERMINATION IF AN ACTUAL CONFLICT EXISTS. IN ADDITION TO THE QUESTIONNAIRE, ALL TRANSACTIONS ARE SUBJECT TO INTERNAL SIGN OFF REQUIREMENTS BASED ON AMOUNTS; ANY TRANSACTIONS ABOVE $5,000 ARE REVIEWED BY THE PRESIDENT OR BY THE CHIEF OF STAFF, IF THE PRESIDENT IS NOT AVAILABLE; THIS REVIEW CONSIDERS POSSIBLE CONFLICTS. IF A CONFLICT WERE TO ARISE, DEPENDING ON THE NATURE OF THE CONFLICT, THE INDIVIDUAL WOULD EITHER BE RECUSED FROM MATTERS INVOLVING THE CONFLICT OR COULD BE REQUIRED TO ELIMINATE THE CONFLICT OR RESIGN. IF A CONFLICT WERE TO BE IDENTIFIED AFTER THE TRANSACTION OCCURRED IT WOULD BE THOROUGHLY REVIEWED TO ENSURE NO TRANSGRESSION OR PRIVATE INUREMENT AND CORRECTIVE ACTION (IF NEEDED) WOULD TAKE PLACE. ACTUAL CONFLICTS OF INTEREST AND RELATED RESTRICTIONS FOR STAFF (OTHER THAN THE PRESIDENT) ARE DOCUMENTED IN THE PRESIDENT'S OFFICE; ACTUAL CONFLICTS OF INTEREST AND RELATED RESTRICTIONS FOR TRUSTEES ARE DOCUMENTED IN BOARD MINUTES. THE CONFLICT OF INTEREST POLICY INCLUDES A DUTY TO DISCLOSE ANY CHANGES IN CIRCUMSTANCES THAT ARISE TO CREATE A NEW POTENTIAL CONFLICT OF INTEREST OR CHANGE OR ELIMINATE A PREVIOUSLY DISCLOSED CONFLICT. |
| FORM 990, PART VI, SECTION B, LINE 15A | THE PRESIDENT IS THE ORGANIZATION'S TOP MANAGEMENT OFFICIAL. THE PRESIDENT'S COMPENSATION IS DETERMINED BY THE EXECUTIVE COMMITTEE OF THE BOARD. IN DETERMINING COMPENSATION, THE BOARD RELIES UPON COMPARABILITY DATA OF INSTITUTIONS SIMILARLY SITUATED TO SALUS UNIVERSITY. THE DELIBERATIONS TO DETERMINE THE PRESIDENT'S COMPENSATION AND THE FINAL DETERMINATION ITSELF ARE DOCUMENTED IN THE BOARD COMMITTEE'S MINUTES. THIS PROCESS OCCURS ANNUALLY AND WAS LAST COMPLETED IN 2023. |
| FORM 990, PART VI, SECTION C, LINE 19 | THE ORGANIZATION DOES NOT MAKE ITS GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC. THE CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE MADE AVAILABLE ON THE SALUS WEBSITE. |
| FORM 990, PART XI, LINE 9: | TRANSFER OF NET ASSETS UPON MERGER -26,427,491. |
| Software ID: | |
| Software Version: |