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Salem State Foundation

2019-2020 Foundation Board of Directors

About the Foundation

Working with the university and other partners, the foundation operates under the leadership of a 19-member board of directors comprised of alumni and community leaders who take their roles seriously as stewards of contributed private funds. 

...More about the Foundation

The Salem State Foundation was incorporated in 1977 as a 501(c)(3) private, not-for-profit organization. Classified as tax-exempt by the IRS, the foundation’s purpose is to raise and manage charitable gifts in support of the university through active fundraising and advocacy.

Foundation Board


Gina V. Deschamps ’92G, President

Frederick L. Cavanaugh ’69, Vice President

Kathleen L. Skrabut, Vice President

Jeffrey V. Cicolini ’94, Treasurer

Paul A. Petrowski ’66 Secretary



John D. Keenan, President, Salem State University (voting)

Teresa 'Teri' Chisholm (voting)

Tracey Hathaway Director, Athletics & Recreation, Salem State University (voting)

Joseph M. Wamness ’00G, President, Salem State University Alumni

Association (voting)

Cheryl W. Crounse, Vice President, Institutional Advancement and

Executive Director, Salem State University Foundation (non-voting)



Rich Blazo

Annalisa C. DiPalma

Kim Gassett-Schiller ’83

Louis J. George ’89

Donna M. Katzman '78, '98G

Bruce P. Potter ’79

Jacob S. Segal  '17H

Michael J. Stockbridge ’99, ’01G

Justin A. Young

Audit/Finance Committee

The powers and duties of the audit/finance committee shall include presenting an annual budget for Board approval at the annual meeting of the Board, and reviewing and recommending for Board action audits, accounting procedures, financial activities, and expenditures.

Board Development Committee

The powers and duties of the board development committee shall include presenting the slate of officers for election at the Annual Meeting; identifying, cultivating and nominating, for election to the Board, directors who meet the needs of the Foundation; facilitating new directors’ orientation; and identifying opportunities for involving directors in Foundation and Salem State University activities.

Fundraising and Engagement Committee

The powers and duties of the fundraising committee shall be identifying prospective donors for cultivation in support of the Foundation and the University; participating in cultivation and solicitation activities under the guidance of Institutional Advancement (“IA”); providing information helpful in prospect research; and actively encouraging Directors of the Board to meet their Director philanthropic contribution responsibilities.

Investment Committee

The powers and duties of the investment committee shall include recommending investment policies for Board approval not less frequently than annually, and reviewing and recommending for Board action the use of financial advisors and managers, spending policies, investment policies, and establishing and managing funds.

Memorandum of Agreement between Salem State University and the Salem State Foundation.

With guidance from our advisors at Eastern Wealth Management the foundation’s Investment Committee invests private contributions in ways that meet the needs of the Salem State community not met through public funding, which today accounts for less than 40 percent of university revenues.

The foundation also works with university partners to

  • Manage an endowment of more than $28.2 million;
  • Increase annual disbursements to academic and administrative departments; and
  • Cultivate and steward a culture of philanthropy.

Funds managed by Eastern Wealth Management

  • Endowment Asset Allocation as of June 30, 2018

    Endowment Asset Allocation

  • Endowment Market Value Growth over 10 Years

    Endowment Growth

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