This is a follow-up to my earlier post about Old Main's failure to comply with the Pennsylvania Right-To-Know Law.
The big story this year is not what is in the report; it is what isn't in the report. The bulk of the report is an IRS Form 990. This year for the first time the University had to report payments to family members of trustees, officers and key employees in the form of business dealings in the excess of $100k and compensation in excess of $10k. Old Main acknowledged the existence of such individuals and it is obvious that Sandra Spanier, for one, satisfies the criteria. However, the University did not provide details on the payments citing an ordinary course of business exemption. The problem is that the instructions for filing out Schedule L, where the detail are to be reported, explicitly states that the ordinary course of business exemption does not apply.
The University announced yesterday that it will file a revised RTK with the Commonwealth on Friday which will correct the omission in the original report. A copy of the revised report will posted on the Penn State Web site.