About two weeks ago the annual student-run celebration that is Penn State'sThon raised more than $12.3 million.

In recent years the dance marathon officially the Penn State IFC/ Panhellenic Dance Marathon has became a financial behemoth, generating tens of millions of dollars for the Penn State Milton S. Hershey Medical Center, and therefore for Penn State.

So what happens with all that money?

The money Thon raises is directed into The Four Diamonds Fund, a separate entity at the Hershey Medical Center.

Neither Thon nor The Four Diamonds Fund are independently registered nonprofits. Both are considered part of Penn State University, from which they derive their nonprofit status.

That means that neither Thon nor The Four Diamonds Fund are required to file IRS form 990s charities' typical financial reporting form or any other documents making their financial information public. A few years ago, after the Centre Daily Times newspaper raised concerns about the lack of public information available about the organizations, Thonand The Four Diamonds Fund began issuing annual reports on their respective websites.

When asked why Thon isn't a separately incorporated entity, Cat Powers, Thon spokeswoman, initially said that because Thon is a university affiliated organization that benefits the University, therefore we fall under PSU's Tax ID. This is why we cannot be a separate nonprofit.

However, the Penn State Alumni Association, which also is related to Penn State and benefits Penn State, is registered as a separate 501c3 and does file an annual 990.

When asked about that, Powers said Thon has never pursued 501c3 status because we never found it necessary to do so.

A charity's 990 can vary depending on the size and financial complexity of a nonprofit.

See the rest here:
How Thon funds cancer research, family support at Penn State Milton S. Hershey Medical Center