Bidding Adieu to Longtime Financial Chief, Don Kates

When Don Kates, CPA, joined the finance department of the Pennsylvania College of Optometry (PCO) in 1992, the day-to-day operations were on steady footing and the institution’s leadership — then president Thomas Lewis, OD ‘70, PhD, FAAO; Anthony Di Stefano, OD ‘73, MEd, MPH, FAAO, vice president and dean of Academic Affairs, and chief financial officer Pat Sweeney — were developing the new strategic plan for PCO.  

According to Kates, PCO was, in a sense, a family operation.  

“The institution was a close-knit organization, where people had known each other for a while because it was a place where they stayed,” said Kates, who graduated from Penn State with an accounting degree and initially started his career at Coopers and Lybrand, one of the oldest accounting firms in the U.S. “I was coming from a large accounting firm and it was a good change for me.”   

And, it was that close-knit community at PCO that kept Kates in his job, eventually rising to CFO at Salus University, which PCO established in 2008, for a total of 32 years. That, and there was always something interesting going on from a higher education financial standpoint.  

Kates witnessed immense growth during his tenure, but he said the one crucial decision that changed the trajectory of PCO was the purchase of the Elkins Park, Pennsylvania, campus in 1996.  

“It was a big risk. Only one bank would lend enough money for the purchase of the campus but not to fund the necessary renovations,” he said. “The condition from the bank required PCO to raise $1 million on its own for the renovation before the bank would lend any additional funds.”  

The leadership and the Board of Trustees did just that. And, not only did the alumni step up, but in a big way. The institution raised $7 million for the renovation, and it was full speed ahead toward an expanded future for PCO.   

“Once everyone saw the campus, the alumni stepped up and supported the new vision and the model that Tom (Lewis) presented,” said Kates. “That opened up the door for future growth and new programs.” 

 Moving forward and in the last decade, Salus University completed a master facilities plan, which included a strategic campus improvements with renovations of the Learning Resource Center, the Clinical Procedures Lab, addition of a Patient Simulation Lab, a new Orthotics and Prosthetics Lab, and the café /student lounge spaces.  

“It was exciting to be involved with making this all work financially alongside a dynamic leadership team,” said Kates.  

He jokes at the fact that he was 15 years into his tenure at PCO/Salus and was still considered “the new guy” because there were so many in leadership at the institution for more than 25, 30, or 40 years.   

But after more than three decades, it was time for a new challenge and a change of scenery beckoned.  

“My children graduated from college, and it was time to consider my next chapter,” he said. “So after 32 exciting years working at Salus with amazing colleagues, I decided it was time for a change.”  

Kates is now the new Chief Financial Officer at the Philadelphia Area Independent School Business Officers Association (PAISBOA) Health Benefit Trust, a consortium of 150 private schools created to purchase health insurance. 

At his going away dinner, president Michael Mittelman, OD ‘80, MPH, MBA, FAAO, FACHE, announced the Salus board appointed Kates as the one and only, Chief Financial Officer Emeritus.