The ASC Trust at the University of Pennsylvania

EIN: 810550464 501(c)(3) Education

Philadelphia, PA

Total Revenue
$9,406,065
Total Expenses
$9,430,131
Total Assets
$122,994,110
Net Assets
$122,994,110
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Financial Trends

Organization Details

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

The ASC Trust at the University of Pennsylvania, founded in 2002, is a community nonprofit in the Education sector that reported $9.4M in total revenue in fiscal year 2023. Net assets of $123.0M represent 157 months of operating reserves.

Mission

To support the Annenberg School for Communication at the University of Pennsylvania

Program Service Accomplishments

Program 1
Expenses: $9,430,131 Revenue: $9,406,065

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

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The Annenberg School for Communication Trust at the University of Pennsylvania (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 at the University of Pennsylvania (hereinafter the Annenberg School), which is the school for the study of communications at the University of Pennsylvania, an organization described in Section 501(c)(3) and 170(b)(1)(A)(ii) of the Internal Revenue Code (Code), located in Philadelphia, Pennsylvania. The Annenberg School is a component part of the University of Pennsylvania and is governed and operated by the Trustees of the University of Pennsylvania. Pursuant to an IRS Determination Letter dated June 6, 2002, 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 November 4, 2010, the Trust is classified as a Type III supporting organzization. The activities of the Trust are limited to the trustees making distributions of principal and income of the Trust to the University of Pennsylvania, exclusively for the benefit of the Annenberg School, pursuant to the Trust instrument. This Form 990 is being filed for a taxable year beginning July 1, 2023 and ending June 30, 2024. Distributions to the University of Pennsylvania were made during the Trusts taxable year in the amount of $9,406,065.

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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 $9,406,065
Other Revenue $0
TOTAL REVENUE $9,406,065

Expense Breakdown

Grants Paid $9,406,065
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $9,406,065
Other Expenses $24,066
TOTAL EXPENSES $9,430,131

Year-over-Year Comparison

2023 2022 Change
Revenue $9,406,065 $9,095,674 +0.0%
Expenses $9,430,131 $9,107,527 +0.0%
Net Income $-24,066 $-11,853 +1.0%
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
6
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Sarah Banet-Weiser Trustee (effective 8/14/23) 1.00
Director
$0 $0 $0
Wallis Annenberg Trustee 1.00
Director
$0 $0 $0
David Ulich Trustee 1.00
Director
$0 $0 $0
Diane Deshong Trustee 1.00
Director
$0 $0 $0
John R Latourette Trustee 1.00
Director
$0 $0 $0
Michael Delli Carpini Trustee (7/1/23-8/13/23) 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 $9,406,065 $9,430,131 $122,994,110 $-24,066
2023 $9,095,674 $9,107,527 $121,191,233 $-11,853
2022 $8,507,152 $8,518,743 $121,203,086 $-11,591
2021 $9,620,834 $9,632,335 $121,214,677 $-11,501
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