Salem State University Foundation Inc
- Assets
- $50.0m
- Revenue
- $9.8m
- Investments
- $14.2m
- Employees
- 0
- Location
- Salem, MA
- Founding
- 08/1977
- Data as of
- 06/2022
- EIN
- 04-2620632
Organization Overview
Salem State University Foundation Inc is located in Salem, MA. The organization was established in 1977. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Salem State University Foundation Inc 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, Salem State University Foundation Inc generated $9.8m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 17.6% each year . All expenses for the organization totaled $5.8m during the year ending 06/2022. While expenses have increased by 7.7% 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO HELP SALEM STATE UNIVERSITY MEET ITS NEEDS AND GOALS BY RAISING AND MANAGING CONTRIBUTIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GRANTS AND ALLOCATIONS MADE TO STUDENTS OF SALEM STATE UNIVERSITY AND DEPARTMENTS WITHIN SALEM STATE UNIVERSITY WHICH IS IN ACCORDANCE WITH THE FOUNDATION'S EXEMPT PURPOSE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeffrey Cicolini Treasurer | OfficerTrustee | 1 | $0 |
Annalisa Di Palma Vice President | OfficerTrustee | 1 | $0 |
Andrea C Liftman Secretary | OfficerTrustee | 1 | $0 |
Kathy L Skrabut President | OfficerTrustee | 1 | $0 |
Cheryl Crounse Executive Director | Officer | 7.5 | $0 |
Mary G Desimone Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $6,909,563 |
| Noncash contributions included in lines 1a–1f | $406,986 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,909,563 |
| Total Program Service Revenue | $129,163 |
| Investment income | $942,605 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,804,934 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,786,265 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,567,114 |
| Grants and other assistance to domestic individuals. | $1,119,267 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $18,752 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $235,622 |
| Fees for services: Other | $157,415 |
| Advertising and promotion | $0 |
| Office expenses | $1,368 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $428 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $4,209 |
| All other expenses | $20,170 |
| Total functional expenses | $5,834,074 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,688,520 |
| Savings and temporary cash investments | $163,386 |
| Pledges and grants receivable | $7,296,831 |
| Accounts receivable, net | $0 |
| 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 | $172,308 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $24,557,443 |
| Investments—other securities | $14,158,183 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $50,036,671 |
| Accounts payable and accrued expenses | $690,354 |
| Grants payable | $0 |
| Deferred revenue | $104,920 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $795,274 |
| Net assets without donor restrictions | $2,865,625 |
| Net assets with donor restrictions | $46,375,772 |
| 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 | $50,036,671 |
Grants Recieved
Over the last fiscal year, we have identified 14 grants that Salem State University Foundation Inc has recieved totaling $348,634.
| Awarding Organization | Amount |
|---|---|
Jewish Communal Fund New York, NY PURPOSE: GENERAL SUPPORT | $250,000 |
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $25,800 |
Rogers Family Foundation Boston, MA PURPOSE: FOR LAWRENCE UPWARD BOUND PROGRAMMING COSTS | $21,000 |
Essex County Community Foundation Incorporated Danvers, MA | | $14,800 |
Raymond James Charitable Endowment Fund St Petersberg, FL PURPOSE: GENERAL SUPPORT | $10,000 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $8,926 |
Endowment Analysis
| Beg. Balance | $46,148,676 |
| Earnings | -$8,684,854 |
| Net Contributions | $1,077,622 |
| Ending Balance | $38,541,444 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Hunter College Foundation Inc New York, NY | $144,509,988 | $37,248,838 |
The American Friends Of Winchester College New York, NY | $259,900 | $15,435,931 |
Friends Of@ascend Charter Schools Inc Brooklyn, NY | $51,013,536 | $16,135,870 |
Equitable Facilities Fund Inc New York, NY | $843,754,758 | $34,535,002 |
Dudley Square Realty Corporation Boston, MA | $98,074,702 | $123 |
Auxiliary Campus Enterprises And Services State University College Alfred, NY | $11,814,689 | $16,740,654 |
College Of Staten Island Auxiliary Services Corp Inc Staten Island, NY | $62,695,629 | $9,780,570 |
American Friends Of The National Gallery London Inc New York, NY | $305,852,204 | $2,300,126 |
Auxiliary Services Corporation Of Suny Cortland Cortland, NY | $19,099,097 | $10,450,642 |
The Roosevelt Institute New York, NY | $39,947,474 | $14,561,739 |
Empire Commons Student Housing Inc Albany, NY | $47,889,992 | $16,000,956 |
Prep For Prep New York, NY | $67,702,952 | $11,458,262 |