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.
James M. Muse ’83, Chair
Gina V. Deschamps ’92, 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)
Peggy L. Carl, Director, Athletics & Recreation, Salem State University (voting)
Joseph M. Wamness ’00G, President, Salem State University Alumni
Cynthia McGurren ’83, Vice President, Institutional Advancement and
Executive Director, Salem State University Foundation (non-voting)
Albert DiVirgilio ’64 & ’66G
Annalisa C. DiPalma
Kim Gassett-Schiller ’83
Bruce P. Potter ‘79
Robert M. Riley ’00
Deirdre A. Sartorelli ’83
Jacob S. Segal
Frank J. Sparicio ’53
Daniel J. Urman
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, 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.
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 GrowthFunds managed by Eastern Wealth Management
Endowment Asset AllocationFunds managed by Eastern Wealth Management