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Salem State Foundation

2019-2020 Foundation Board of Directors 08.29.19

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. 


Additional Information about the Foundation

Foundation News and Events

Foundation Board


Kathleen L. Skrabut, President

Annalisa Di Palma, Vice President

Jeffrey V. Cicolini ’94, Treasurer

Andrea C. Liftman '75G, Secretary


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

Midge G. DeSimone '76, Board of Trustees, Salem State University (voting)

Debra Lee Surface ’05, ‘19G, President, Salem State University Alumni Association (voting)

Cheryl W. Crounse, Vice President, Institutional Advancement and Executive Director, Salem State University Foundation (non-voting)


Kim Gassett-Schiller ’83, '18H

Louis J. George ’89

Richard J. Gilmartin '76

David C. Gravel ‘78

Virginia C. Lyons '16

Paul A. Petrowski ’66

Kate E. Reid

Joanne Ricciardiello '68, '19H

Stephen A. Rollins Jr.

Jacob S. Segal '17H

David D. Surface '88

Justin A. Young

Elaine A. Zetes ‘88G

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
  • 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
  • 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
  • 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
  • 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 do the following:

  • Manage an endowment
  • Increase annual disbursements to academic and administrative departments
  • Cultivate and steward a culture of philanthropy

Funds managed by Eastern Wealth Management

  • 2021 Endowment Asset Allocation Pie Chart: International Equities 7%, Cash and short term Securities 4%, US Treasury Notes and Bonds 2%, Corporate Bonds 29%, US Equities 58%

    Endowment Asset Allocation

    as of June 30, 2021
  • FY22 Endowment Market Value Growth 2012-2021

    Endowment Market Value Growth

    FY2012 - FY2021

Foundation Facts

  • $5.1M

    Raised in the last year!
  • 187%

    Scholarship growth over the last decade!
  • $41.7M

    Endowment market as of June 30, 2021
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