Noorda-COM (proposed) has been created as a “Program Related Investment” or PRI. A PRI is a mission or social investment foundations make in order to achieve their philanthropic goals. Like grants, PRIs are vehicles for making inexpensive capital available to organizations that are addressing social or environmental concerns. Unlike grants, PRIs are expected to be repaid, with at least a modest rate of return. Once repaid, PRIs are reused for other charitable purposes.
PRIs emerged as a formal philanthropic activity in response to the Tax Reform Act of 1969. Private foundations are allowed to make “program-related investments” that may generate limited or no financial return, provided they met three criteria:
- The investment’s primary purpose must be to advance the foundation’s charitable objectives;
- Neither the production of income nor appreciation of property can be a significant purpose; and
- The funds cannot be used directly or indirectly to lobby or for political purposes.
April of 2016, the Treasury Department published final regulations for program-related investments or PRI’s. PRI’s allow investments by private foundations when the primary purpose is to accomplish one or more of a foundation’s 501(c)(3) exempt purposes. This PRI designation is what allows Not-for-Profit foundations to invest in what is in essence under the tax codes, a for-profit or proprietary venture. It is under this structure the Utah-based Ray and Tye Noorda Foundation, who have funded several Utah medical institutions, committed $50 million to the creation of the proposed Noorda College of Osteopathic Medicine (Noorda-COM).
Noorda-COM (proposed) centers on a set of guiding principles. These allow for all voices to be heard in our decisions, yet remain grounded in our mission, vision, and values. They are the basis of our curricular, pedagogical, and administrative decisions. We, as an institute, hope to never lose sight of learning and never confuse profit for growth. The work of Noorda-COM (proposed) centers around the following nine guiding principles:
- People matter most, our students are at the center of all that we do.
- Quality academic programs and excellence in teaching are our priorities.
- Strong moral character, ethical decision-making, and mutual respect are embedded in all that we do.
- Diversity is an essential element of the Noorda-COM (proposed) experience.
- Technology and innovation are positioned to enhance learning and improve operational efficiency.
- College resources are applied to achieve the highest quality in our students, faculty, and programs.
- Financial decisions are driven by balancing costs with stabilizing student debt.
- Investments in people are made in the form of fair compensation and individual opportunities of growth.
- A culture of service to our community guides our relationships.
Noorda-COM Admissions
www.studentdoctor.net
