Husson University
- Assets
- $150.3m
- Revenue
- $86.5m
- Investments
- $0.0
- Employees
- 1,351
- Location
- Bangor, ME
- Founding
- 08/1964
- Data as of
- 06/2022
- EIN
- 01-0271210
Organization Overview
Husson University is located in Bangor, ME. The organization was established in 1964. According to its NTEE Classification (B50) the organization is classified as: Graduate & Professional Schools, under the broad grouping of Education and related organizations. As of 06/2022, Husson University employed 1,351 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Husson University is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Husson University generated $86.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.3% each year. All expenses for the organization totaled $81.8m during the year ending 06/2022. While expenses have increased by 4.0% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
EDUCATIONAL INSTITUTION
Describe the Organization's Program Activity:
FOR MORE THAN 120 YEARS, HUSSON UNIVERSITY HAS PREPARED FUTURE LEADERS TO ADDRESS THE CHALLENGES OF TOMORROW THROUGH INNOVATIVE UNDERGRADUATE AND GRADUATE DEGREES.WITH A COMMITMENT TO DELIVERING AFFORDABLE CLASSROOM, ONLINE AND EXPERIENTIAL LEARNING OPPORTUNITIES, HUSSON UNIVERSITY HAS COME TO REPRESENT SUPERIOR VALUE IN HIGHER EDUCATION. OUR BANGOR CAMPUS PROVIDES ADVANCED KNOWLEDGE IN BUSINESS, HEALTH, PHARMACY, SCIENCE AND HUMANITIES, AS WELL AS COMMUNICATION. IN ADDITION, HUSSON UNIVERSITY HAS A ROBUST ONLINE LEARNING PROGRAM.CONTINUED ON SCHEDULE O. ACCORDING TO A RECENT ANALYSIS OF TUITION AND FEES BY U.S. NEWS & WORLD REPORT, HUSSON UNIVERSITY IS ONE OF THE MOST AFFORDABLE PRIVATE COLLEGES IN NEW ENGLAND. EDUCATION AT HUSSON UNIVERSITY PRODUCES RESULTS. ACCORDING TO THE MOST RECENT SURVEY DATA, 96 PERCENT OF HUSSON UNIVERSITY GRADUATES ARE EMPLOYED OR ENROLLED IN GRADUATE SCHOOL WITHIN ONE YEAR OF COMPLETING THEIR DEGREES.HUSSON UNIVERSITY IS REGIONALLY ACCREDITED BY THE NEW ENGLAND COUNCIL OF HIGHER EDUCATION (NECHE). REGIONAL ACCREDITATION APPLIES TO ALL PROGRAMS. THE UNIVERSITY IS ALSO ACCREDITED BY THE INTERNATIONAL ACCREDITATION COUNCIL FOR BUSINESS EDUCATION (IACBE), THE COMMISSION ON COLLEGIATE NURSING EDUCATION (CCNE), THE ACCREDITATION COUNCIL FOR OCCUPATIONAL THERAPY (ACOTE), THE COMMISSION ON ACCREDITATION IN PHYSICAL THERAPY EDUCATION (CAPTE), THE ACCREDITATION COUNCIL FOR PHARMACY EDUCATION (ACPE), AND THE COUNCIL FOR ACCREDITATION OF COUNSELING AND RELATED EDUCATIONAL PROGRAM (CACREP), WITH APPROVAL BY THE MAINE DEPARTMENT OF EDUCATION AND NATIONAL BOARD FOR CERTIFIED COUNSELORS FOR ITS TEACHER EDUCATION AND SCHOOL COUNSELING PROGRAMS RESPECTIVELY.
AUXILIARY SERVICESTHE AUXILIARY SERVICES DEPARTMENT PROVIDES A VARIETY OF SUPPORT SERVICES DESIGNED TO ENHANCE THE HUSSON EDUCATIONAL AND STUDENT EXPERIENCE FOR THE UNIVERSITY. SERVING A DIVERSE SET OF STAKEHOLDERS, AUXILIARY SERVICES WORKS TO ENSURING THE CONTINUED SUCCESS OF THE UNIVERSITY IN A FISCALLY RESPONSIBLE MANNER WHILE REDUCING RISK FOR THE INSTITUTION.CONTINUED ON SCHEDULE O. SERVICES PROVIDED BY THIS DEPARTMENT INCLUDE DINING, MAINTENANCE, CUSTODIAL, ENVIRONMENTAL HEALTH, SAFETY, SECURITY, GROUNDS KEEPING, THE BOOKSTORE, AND CAPITAL FACILITY PROJECT MANAGEMENT.DINING SERVICES SEEKS TO PROVIDE A VARIETY OF WHOLESOME, NUTRITIOUS FOODS THAT MEET THE DIVERSE NEEDS OF THE HUSSON UNIVERSITY COMMUNITY.HUSSON OFFERS A VARIETY OF HOUSING OPTIONS FOR OVER 1,000 STUDENTS WHICH INCLUDES HART HALL, CARLISLE HALL, BELL HALL, THE DARLING LEARNING CENTER, AND THE TOWNHOUSES. THE LIVING LEARNING CENTER CAN HOUSE UP TO 240 STUDENTS. EACH SUITE IN THE DARLING LEARNING CENTER FEATURES SUITE-STYLE LIVING FOR FOUR STUDENTS. THREE TOWNHOUSE BUILDINGS HAVE ROOM FOR 72 STUDENTS. EACH TOWNHOUSE HAS SIX TWO-STORY FULLY FURNISHED APARTMENTS. THE CAMPUS ALSO INCLUDES THE DYKE CENTER FOR FAMILY BUSINESS, GRACIE THEATRE, NEWMAN GYMNASIUM, SWAN CENTER, WELLNESS LEARNING CENTER, THE WEBBER POOL, AS WELL AS NUMEROUS ATHLETIC FIELDS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John M Rohman Chair | OfficerTrustee | 8 | $0 |
Daniel R Hutchins Vice Chair | OfficerTrustee | 8 | $0 |
Albert W Allen Trustee | Trustee | 4 | $0 |
Earl C Black Trustee | Trustee | 4 | $0 |
John P Boucher Trustee | Trustee | 4 | $0 |
Brock R Bradford Trustee | Trustee | 4 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sheridan Corporation Construction Services | 6/29/22 | $4,704,546 |
Education Dynamics Llc Admin & Marketing | 6/29/22 | $1,587,404 |
Decibel Media Llc Advertising | 6/29/22 | $697,395 |
Cyr Bus Line Transportation | 6/29/22 | $351,020 |
Wiley Edu Llc Educational Services | 6/29/22 | $267,766 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $8,801,248 |
| All other contributions, gifts, grants, and similar amounts not included above | $5,289,879 |
| Noncash contributions included in lines 1a–1f | $186,614 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $14,091,127 |
| Total Program Service Revenue | $68,966,465 |
| Investment income | $181,132 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $57,616 |
| Net Gain/Loss on Asset Sales | $2,762,127 |
| Net Income from Fundraising Events | $17,892 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $86,528,834 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $22,690,815 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $972,351 |
| Compensation of current officers, directors, key employees. | $895,476 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $29,000,345 |
| Pension plan accruals and contributions | $1,101,424 |
| Other employee benefits | $4,043,411 |
| Payroll taxes | $1,994,444 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $100,394 |
| Fees for services: Accounting | $65,130 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $29,235 |
| Fees for services: Other | $6,964,927 |
| Advertising and promotion | $0 |
| Office expenses | $1,432,759 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,673,845 |
| Travel | $1,311,822 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $97,476 |
| Interest | $763,624 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,873,375 |
| Insurance | $321,242 |
| All other expenses | $0 |
| Total functional expenses | $81,846,145 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,497,488 |
| Savings and temporary cash investments | $21,955,141 |
| Pledges and grants receivable | $6,713,597 |
| Accounts receivable, net | $1,107,531 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $19,135 |
| Inventories for sale or use | $89,153 |
| Prepaid expenses and deferred charges | $727,801 |
| Net Land, buildings, and equipment | $80,830,427 |
| Investments—publicly traded securities | $35,384,593 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $496,438 |
| Other assets | $461,447 |
| Total assets | $150,282,751 |
| Accounts payable and accrued expenses | $6,321,553 |
| Grants payable | $0 |
| Deferred revenue | $3,529,510 |
| Tax-exempt bond liabilities | $17,939,688 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $10,438,806 |
| Unsecured mortgages and notes payable | $6,034,970 |
| Other liabilities | $1,117,246 |
| Total liabilities | $45,381,773 |
| Net assets without donor restrictions | $77,431,691 |
| Net assets with donor restrictions | $27,469,287 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $150,282,751 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Southern New Hampshire University Manchester, NH | $1,413,400,967 | $1,091,579,648 |
Husson University Bangor, ME | $150,282,751 | $86,528,834 |
Maine College Of Health Professions Lewiston, ME | $8,546,985 | $5,250,072 |
Faith School Of Theology Charleston, ME | $3,781,923 | $1,598,096 |
Upper Valley Graduate School Of Education Lebanon, NH | $14,499 | $224,194 |
Maine Society Of Certified Public Accountants Portland, ME | $696,900 | $195,271 |
Association Of Medical Directors Of Information Systems Keene, NH | $494,995 | $0 |