The ASC Trust at the University of Southern California

EIN: 776216147 501(c)(3) Health Care

Philadelphia, PA

Total Revenue
$8,453,257
Total Expenses
$7,749,187
Total Assets
$114,861,433
Net Assets
$114,861,433
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Financial Trends

Organization Details

Formation Year
2002
Legal Domicile
PA
Principal Officer
John R Latourette
Phone
2155757000
Tax Period
2023-07-01 to 2024-06-30

The ASC Trust at the University of Southern California, founded in 2002, is a community nonprofit in the Health Care sector that reported $8.5M in total revenue in fiscal year 2023. Revenue decreased 10% compared to the prior year. Expenses of $7.7M left a modest 8% surplus.

Mission

To support the Annenberg School for Communication and Journalism at the University of Southern California

Program Service Accomplishments

Program 1
Expenses: $7,749,187 Revenue: $8,543,257

The Annenberg School for Communication Trust at the University of Southern California (hereinafter the Trust) is a charitable trust established under the laws of the Commonwealth of Pennsylvania...

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The Annenberg School for Communication Trust at the University of Southern California (hereinafter the Trust) is a charitable trust established under the laws of the Commonwealth of Pennsylvania exclusively for the benefit of the Annenberg School for Communication and Journalism at the University of Southern California (hereinafter the Annenberg School), which is the school for the study of communications at the University of Southern California, an organization described in Sections 501(c)(3) and 170(b)(1)(A)(ii) of the Internal Revenue Code (Code), located in Los Angeles, California. The Annenberg School is a component part of the University of Southern California and is governed and operated by the Trustees of the University of Southern California. The Trust is a tax-exempt organization under Section 501(c)(3) of the Code and a supporting organization under Section 509(a)(3) of the Code. Pursuant to an IRS Determination letter dated February 7, 2011, the Trust is classified as a Type III supporting organization. The activities of the Trust are limited to the trustees making distributions of principal and income of the Trust to the Annenberg School. This Form 990 is being filed for a taxable year beginning July 1, 2023 and ending June 30, 2024. Distibutions to the University of Southern California were made during the Trusts taxable year in the amount of $7,739,782.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $0
Investment Income $8,265,156
Other Revenue $188,101
TOTAL REVENUE $8,453,257

Expense Breakdown

Grants Paid $7,739,782
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $7,739,782
Other Expenses $9,405
TOTAL EXPENSES $7,749,187

Year-over-Year Comparison

2023 2022 Change
Revenue $8,453,257 $9,405,848 -0.1%
Expenses $7,749,187 $7,021,269 +0.1%
Net Income $704,070 $2,384,579 -0.7%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
5
Independent Members
4
Employees
N/A
Volunteers
N/A

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
0
$0
Total Directors
5
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Dean Willow Bay Trustee 1.00
Director
$0 $0 $0
Wallis Annenberg Trustee 1.00
Director
$0 $0 $0
David Ulich Trustee 1.00
Director
$0 $0 $0
Howard C Deshong III Trustee 1.00
Director
$0 $0 $0
John R Latourette Trustee 1.00
Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 No data No data No data No data
2024 $8,453,257 $7,749,187 $114,861,433 $704,070
2023 $9,405,848 $7,021,269 $114,157,363 $2,384,579
2022 $8,374,768 $6,115,310 $111,772,784 $2,259,458
2021 $7,165,174 $6,132,263 $109,513,326 $1,032,911
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