PASSHE Foundation

Legal name: Pennsylvania's State System of Higher Education Foundation

Nonprofit profile at a glance

EIN
222686249
IRS 990 coverage
2015–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024
Location
Harrisburg, PA, US
Phone
7177204056
Rating
80
Verdict
STRONG
Rating confidence
Moderate
Sector
Fund Raising and/or Fund Distribution

Official website

Reported finances

Revenue
$3,419,401
Expenses
$3,331,819
Assets
$11,323,411
Liabilities
$3,027,982

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

17 people listed

Executive titles in this filing

  • SHELLEY SCHERER (PRESIDENT & CEO)

Highest reported compensation

  • SHELLEY SCHERER (PRESIDENT & CEO): $203,146 total reported compensation
  • SUSANNE WALKER (FINANCE MANAGER): $89,472 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To secure and disburse public and private funds that enhance and support the goals of the Board of Governors and Pennsylvania's State System

What it reported doing in 2024

The passhe foundation exists to power Pennsylvania's talent pipeline, advance university excellence, and forge partnerships to advance Pennsylvania's talent strategy, as the fundraising arm of Pennsylvania's state system of higher education. Passhe foundation is a strategic partner of the state system office of the chancellor, leads consortia fundraising efforts on behalf of multi-university projects and initiatives, and serves as a convener to bring together leaders and organizations from the public and private sector. In support of powering Pennsylvania's talent pipeline, the foundation secures funds for and manages programs awarding scholarships and emergency grants that are need-based, industry-focused, and academically competitive to students attending the 10 universities of Pennsylvania's state system of higher education. During the 2024-25 fiscal year, the foundation awarded 1,065 scholarships and emergency grants, totaling $1,640,211. These scholarships improve access to and affordability of higher education, ensuring students persist through to graduation and attain a degree. One-third of the state system's students come from low-income households. A similar percentage are the first generation in their families to go to college. The foundation's scholarship program not only reduces the cost burden of a post-secondary education but also reduces their student loan debt. State system students fuel pa's economic vitality. Ten years after graduation, 75% of low-income students have moved into middle-class and thus achieved economic mobility and 63% remain in working in pa.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Grant intermediary. The nonprofit sent 85% of its reported program spending out as grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 81
  • Transparency & Controls: 71
  • Accountability: 95
  • Sustainability: 51
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 80.9%; rating input score 81
  • Program expense ratio: 89.4%; rating input score 89
  • Fundraising efficiency: $17.44 raised per $1 spent on fundraising; rating input score 55; 55th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 2.6%; rating input score 43; 43rd percentile among comparable filings
  • Total-asset coverage ratio: 3.4; rating input score 77; 77th percentile among comparable filings
  • Liabilities to assets ratio: 0.27; rating input score 37; 37th percentile among comparable filings
  • Officer compensation ratio: 8.8%; rating input score 34; 34th percentile among comparable filings

Growth

  • Program expense growth: 19.3% per year; rating input score 100; 84th percentile among comparable filings
  • Revenue growth: 16.5% per year; rating input score 100; 84th percentile among comparable filings
  • Asset growth: 16.5% per year; rating input score 100; 77th percentile among comparable filings

Details

  • What they do: 2 programs and campaigns described on the official site · 1 operating location identified
  • Where the money goes: 80.9% of revenue deployed · 89.4% of spending went to programs
  • Governance: 15 of 15 board members independent · 8 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $3M in reported program spending
  • Leadership: top reported pay $203K · 17 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 32 of 32 current checks pass
  • Schedules: 6 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 9 filing years from 2015 to 2024
  • Contacts: How to reach this organization
  • Money network: 7 filed money-flow records
  • Related organizations: 5 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Financial Efficiency: Fundraising efficiency scored 55/100.
  • Moderate — Sustainability: Operating margin scored 43/100.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • Moderate — Sustainability: Officer compensation ratio scored 34/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 37/100.