Merrimack College
- Assets
- $325.0m
- Revenue
- $259.7m
- Investments
- $6.2m
- Employees
- 2,183
- Location
- North Andover, MA
- Founding
- 03/1947
- Data as of
- 06/2021
- EIN
- 04-2103731
Organization Overview
Merrimack College is located in North Andover, MA. The organization was established in 1947. According to its NTEE Classification (B42) the organization is classified as: Undergraduate Colleges, under the broad grouping of Education and related organizations. As of 06/2022, Merrimack College employed 2,183 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Merrimack College 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 06/2021, Merrimack College generated $259.7m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 6.1% each year. All expenses for the organization totaled $240.5m during the year ending 06/2021. While expenses have increased by 5.8% per year over the past 6 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
MERRIMACK COLLEGE IS A COMPREHENSIVE, CATHOLIC AUGUSTINIAN INSTITUTION OF HIGHER EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATIONAL INSTRUCTION: MERRIMACK COLLEGE OFFERS UNDERGRADUATE AND GRADUATE DEGREES IN THE LIBERAL ARTS, BUSINESS, SCIENCE AND ENGINEERING, NURSING AND HEALTH SCIENCES, AND EDUCATION PROGRAMS. THE COLLEGE COMMUNITY INCLUDES OVER 4,000 UNDERGRADUATE STUDENTS AND OVER 1,000 GRADUATE STUDENTS.
ACADEMIC SUPPORT - MERRIMACK COLLEGE PROVIDES ACADEMIC SUPPORT SERVICES TO ITS STUDENTS AND FACULTY INCLUDING A COMPREHENSIVE LIBRARY, ART GALLERY, CREATIVE WRITING VENUE, ACADEMIC COMPUTING SERVICES, AND ACADEMIC TUTORING.
AUXILIARY SERVICES: A PRIMARILY RESIDENTAL COLLEGE, MERRIMACK HOUSES STUDENTS IN A VARIETY OF LIVING ARRANGEMENTS, FROM RESIDENCE HALLS FOR FIRST-YEAR STUDENTS TO APARTMENTS FOR SENIORS. RESIDENTIAL LIFE PROVIDES A LIVING/LEARNING ENVIRONMENT, PROMOTING PERSONAL GROWTH AND ENCOURAGING STUDENTS TO DEVELOP THEIR WHOLE SELVES. MERRIMACK DINING SERVICE SEEKS TO PROVIDE THE FINEST QUALITY MEALS AND SERVICES TO THE ENTIRE MERRIMACK COMMUNITY: STUDENTS, FACULTY, STAFF AND GUESTS. THE COLLEGE ALSO HAS ATHLETIC FACILITIES, INCLUDING SOFTBALL, FOOTBALL, BASKETBALL, ICE RINKS, BOAT HOUSE, AND TRACK AND FIELD FACILITIES.
STUDENT SERVICES: MERRIMACK COLLEGE PROVIDES VARIOUS SERVICES TO THE STUDENT BODY, INCLUDING COUNSELING, CAREER GUIDANCE, FINANCIAL AID, REGISTRAR, STUDENT ACTIVITIES, CAMPUS MINISTRY, HEALTH SERVICES AND ATHLETIC PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christopher E Hopey PHD President | OfficerTrustee | 40 | $1,000,021 |
John T Boyce Chair | OfficerTrustee | 1 | $0 |
Mary Gorham Franco Vice Chair | OfficerTrustee | 1 | $0 |
Kevin Lucey Vice Chair | OfficerTrustee | 1 | $0 |
Philip M Arcidi Vice Chair | OfficerTrustee | 1 | $0 |
Rev David A Cregan Osa PHD Vice Chair | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Meteor Learning Inc Professional Services | 6/29/22 | $5,574,416 |
Peace Plus Maintenance Corp Janitorial Services | 6/29/22 | $1,200,821 |
On-site Medical Services Llc Medical Services | 6/29/22 | $1,102,581 |
Essex Sign And Painting Painting | 6/29/22 | $827,463 |
Caggiano Consulting Marketing & Design Services | 6/29/22 | $911,922 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $16,159,644 |
| Investment income | $1,271,008 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $4,386,209 |
| Net Income from Fundraising Events | -$12,667 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $259,690,431 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $97,221,799 |
| Grants and other assistance to Foreign Orgs/Individuals | $4,500 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,159,473 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $56,077,614 |
| Pension plan accruals and contributions | $3,366,061 |
| Other employee benefits | $8,868,252 |
| Payroll taxes | $3,936,825 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $421,150 |
| Fees for services: Accounting | $132,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $141,487 |
| Fees for services: Other | $17,134,190 |
| Advertising and promotion | $938,274 |
| Office expenses | $2,119,361 |
| Information technology | $2,623,486 |
| Royalties | $0 |
| Occupancy | $7,723,757 |
| Travel | $412,712 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $170,138 |
| Interest | $4,975,484 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,216,268 |
| Insurance | $1,391,108 |
| All other expenses | $0 |
| Total functional expenses | $240,536,507 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,605 |
| Savings and temporary cash investments | $45,498,918 |
| Pledges and grants receivable | $3,346,526 |
| Accounts receivable, net | $6,612,893 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,051,271 |
| Investments—publicly traded securities | $70,021,657 |
| Investments—other securities | $6,222,970 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $28,422,973 |
| Total assets | $325,006,014 |
| Accounts payable and accrued expenses | $16,694,206 |
| Grants payable | $0 |
| Deferred revenue | $11,282,507 |
| Tax-exempt bond liabilities | $75,704,478 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $52,641,768 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $871,462 |
| Total liabilities | $157,194,421 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $167,811,593 |