Educational Foundation Of The Massachusetts Society Of Certified
- Assets
- $1.5m
- Revenue
- $2.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Boston, MA
- Founding
- 09/1966
- Data as of
- 04/2023
- EIN
- 04-6139571
Organization Overview
Educational Foundation Of The Massachusetts Society Of Certified is located in Boston, MA. The organization was established in 1966. According to its NTEE Classification (B03) the organization is classified as: Professional Societies & Associations, 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. Educational Foundation Of The Massachusetts Society Of Certified 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 04/2023, Educational Foundation Of The Massachusetts Society Of Certified generated $2.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.5% each year. All expenses for the organization totaled $2.1m during the year ending 04/2023. While expenses have increased by 1.0% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE EDUCATIONAL FOUNDATION OF THE MSCPA SUPPORTS THE CONTINUING PROFESSIONAL EDUCATION OF MEMBERS OF THE MSCPA, AS WELL AS NON-MEMBERS, BY PROVIDING SEMINARS, CONFERENCES, AND OTHER OFFERINGS WHICH ASSIST IN FULFILLING THE CERTIFICATION REQUIREMENTS REGARDING EDUCATION FOR CPA'S. IN ADDITION, THE FOUNDATION PROVIDES SCHOLARSHIPS, GRANTS, AND OTHER AWARDS TO RECOGNIZE AND ENCOURAGE STUDENTS WHO ARE ACTIVELY PURSUING A CAREER IN ACCOUNTING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CPE PROGRAM PROVIDES A BROAD RANGE OF HIGH-QUALITY, COST EFFECTIVE CONTINUING EDUCATION THAT ASSISTS CPAS IN MEETING STATE LICENSING REQUIREMENTS AND IMPROVING THEIR PROFESSIONAL SKILLS. THE PROGRAM ACCOMPLISHES THIS THROUGH OUR SEMINARS, CONFERENCES, IN-HOUSE CPE, SELF STUDY AND WEBINARS. THE CPE PROGRAM OFFERED OVER 150 SEMINARS, 10 CONFERENCES AND OVER 1,400 WEBINARS DONE IN BOTH LIVE AND VIRTUAL FORMATS. TO ASSIST CPAS THROUGH THE COVID-19 PANDEMIC, THE SOCIETY OFFERED OVER 20 FREE WEBINARS THAT ATTRACTED HUNDREDS OF ATTENDEES.
THE EDUCATIONAL FOUNDATION GRANTS PROGRAM AWARDED 52 SCHOLARSHIPS AND 3 EXAM VOUCHERS TOTALING $175,500 TO ASSIST STUDENTS IN THE PURSUIT OF AN ACCOUNTING DEGREE AND TO HELP OFFSET THE COST ASSOCIATED WITH THE CPA EXAM. THE PROGRAM AWARDED $2,000 TO THE OUTSTANDING EDUCATOR OF THE YEAR FOR THEIR CONTRIBUTIONS TO FURTHERING THE PROFESSION IN ACADEMIA. IN ADDITION, THE FOUNDATION AWARDED $37,344 TO TWO LOCAL COMMUNITY COLLEGES TO SUPPORT THE EXPANSION OF BUSINESS-ORIENTED AND ACCOUNTING FOCUSED INNOVATION PATHWAY AND EARLY COLLEGE PROGRAMS THROUGH HIGH SCHOOL PARTNERSHIPS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John M Micalizzi Chairman | OfficerTrustee | 0.5 | $0 |
Marquis Cooper Director | Trustee | 0.5 | $0 |
Shanikwa D Davis Director | Trustee | 0.5 | $0 |
Mindy Eichler Director | Trustee | 0.5 | $0 |
Santiago A Fernandez-Suarez Director | Trustee | 0.5 | $0 |
Yarice Hidalgo Director | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Surgent Mccoy Cpe Llc Provide Speakers & Cpe Material | 4/29/18 | $143,673 |
Sheraton Framingham Facility Expense | 4/29/18 | $133,735 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $19,855 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $210,042 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $229,897 |
| Total Program Service Revenue | $2,102,921 |
| Investment income | $8,642 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$6,616 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,334,844 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $41,334 |
| Grants and other assistance to domestic individuals. | $177,000 |
| 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 | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $725,000 |
| Advertising and promotion | $0 |
| Office expenses | $17,945 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $5,222 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,013,888 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $47,890 |
| Total functional expenses | $2,091,467 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $267,984 |
| Savings and temporary cash investments | $704,589 |
| Pledges and grants receivable | $26,563 |
| 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 | $52,353 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $451,722 |
| Total assets | $1,503,211 |
| Accounts payable and accrued expenses | $24,906 |
| Grants payable | $175,500 |
| Deferred revenue | $151,436 |
| 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 | $351,842 |
| Net assets without donor restrictions | $1,129,739 |
| Net assets with donor restrictions | $21,630 |
| 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 | $1,503,211 |
Grants Awarded
Over the last fiscal year, Educational Foundation Of The Massachusetts Society Of Certified has awarded $37,344 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
MIDDLESEX COMMUNITY COLLEGE PURPOSE: COLLEGE AWARENESS PROGRAM GRANT | $7,344 |
BRISTOL COMMUNITY COLLEGE FOUNDATION INC PURPOSE: COLLEGE AWARENESS PROGRAM GRANT | $30,000 |