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Salem State Foundation
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
The Salem State Foundation was incorporated in 1977 as a 501(c)(3) 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.
The Salem State University Foundation has earned the GuideStar 2020 Silver Seal of Transparency. Now our community can tangibly see our commitment to financial accountability. Check out our updated #NonprofitProfile on GuideStar.
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)
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)
Annalisa C. DiPalma
Kim Gassett-Schiller ’83, '18H
Louis J. George ’89
Donna M. Katzman '78, '98G
Andrea C. Liftman '75G
Virginia C. Lyons '16
Kate E. Reid
Joanne Ricciardiello '68, '19H
Jacob S. Segal '17H
David D. Surface '88
Justin A. Young
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
- 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 of more than $28.2 million
- Increase annual disbursements to academic and administrative departments
- Cultivate and steward a culture of philanthropy
Funds managed by Eastern Wealth Management
Endowment Asset Allocation