Cummings Foundation Inc
- Assets
- $2.0b
- Revenue
- $310.8m
- Investments
- $1.9b
- Employees
- 0
- Location
- Woburn, MA
- Founding
- 04/1990
- Data as of
- 12/2022
- EIN
- 04-3073023
Organization Overview
Cummings Foundation Inc is located in Woburn, MA. The organization was established in 1990. According to its NTEE Classification (T23) the organization is classified as: Private Operating Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cummings 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 12/2022, Cummings Foundation Inc generated $310.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 9.2% each year. All expenses for the organization totaled $187.3m during the year ending 12/2022. While expenses have increased by 10.2% per year over the past 8 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.
Since 2014, Cummings Foundation Inc has awarded 242 individual grants totaling $41,537,941. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
SEE GENERAL EXPLANATION ATTACHMENT - CUMMINGS SCHOOL OF VETERINARY MEDICINE
SEE GENERAL EXPLANATION ATTACHMENT - NEW HORIZONS AT MARLBOROUGH
SEE GENERAL EXPLANATION ATTACHMENT - CHS, LLC AT ENDICOTT COLLEGE
SEE GENERAL EXPLANATION ATTACHMENT - NEW HORIZONS AT CHOATE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joyce M Cummings Trustee & Treasurer | 1 | $0 | |
Patricia A Cummings Psy D Trustee & Vice President | 1 | $0 | |
William S Cummings Trustee & President | 1 | $0 | |
Steven Disalvo Trustee | 1 | $0 | |
Anthony P Monaco MD PHD Trustee | 1 | $0 | |
Hon Margot Botsford Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Commonfund | 12/30/22 | $2,374,115 |
Merrill Lynch Trust Co | 12/30/22 | $1,710,606 |
Aveanna Healthcare | 12/30/22 | $1,762,675 |
Strategic Partners Viii Lp | 12/30/22 | $1,277,194 |
Mary Ann Morse At New Horizons | 12/30/22 | $598,988 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $3,756,000 |
| Interest on Savings | $0 |
| Dividends & Interest | $19,619,383 |
| Net Rental Income | $75,292 |
| Net Gain on Sale of Assets | $77,187,762 |
| Capital Gain Net Income | $73,511,800 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $210,145,010 |
| Total Revenue | $310,806,993 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $513,628 |
| Other employee salaries and wages | $58,161,964 |
| Pension plans, employee benefits | $1,366,668 |
| Interest | $0 |
| Taxes | $3,162,460 |
| Depreciation | $511,888 |
| Occupancy | $4,290,116 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $82,189,104 |
| Total operating and administrative expenses | $150,296,560 |
| Contributions, gifts, grants paid | $37,022,600 |
| Total expenses and disbursements | $187,319,160 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,606,319 |
| Savings and temporary cash investments | $15,103,044 |
| Net Accounts receivable | $8,215,439 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $32,828 |
| Prepaid expenses and deferred charges | $387,817 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $1,476,338,494 |
| Net Land, buildings, and equipment | $6,086,011 |
| Other assets | $0 |
| Total assets | $1,970,466,803 |
| Accounts payable and accrued expenses | $1,968,753 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $35,642,774 |
| Total liabilities | $37,611,527 |
Grants Awarded
Over the last fiscal year, Cummings Foundation Inc has awarded $37,022,600 in support to 9 organizations.
| Grant Recipient | Amount |
|---|---|
ST CHARLES BORROMEO PARISH PURPOSE: COMMUNITY WELFARE PROGRAM | $5,000 |
ALZHEIMER'S ASSOCIATION PURPOSE: HEALTH RESEARCH AND PROGRAMS | $2,600 |
DANA-FARBER CANCER INSTITUTE PURPOSE: HEALTH RESEARCH AND PROGRAMS | $10,000 |
WINCHESTER SENIORS ASSOCIATION INC PURPOSE: ELDER SERVICES | $1,000 |
FRIENDS FOREVER PURPOSE: LEADERSHIP PROGRAMS | $1,000 |
MEDFORD JINGLE BELL FESTIVAL PURPOSE: COMMUNITY HEALTHCARE PROGRAM | $1,000 |