Salve Regina University
- Assets
- $216.0m
- Revenue
- $125.9m
- Investments
- $44.4m
- Employees
- 1,474
- Location
- Newport, RI
- Founding
- 03/1946
- Data as of
- 06/2021
- EIN
- 05-0259080
Organization Overview
Salve Regina University is located in Newport, RI. The organization was established in 1946. According to its NTEE Classification (B43) the organization is classified as: Universities, under the broad grouping of Education and related organizations. As of 06/2021, Salve Regina University employed 1,474 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Salve Regina 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 06/2021, Salve Regina University generated $125.9m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $119.6m during the year ending 06/2021. While expenses have increased by 3.0% 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
AS AN ACADEMIC COMMUNITY THAT WELCOMES PEOPLE OF ALL BELIEFS, (SEE SCHEDULE O FOR CONTINUATION) SALVE REGINA UNIVERSITY, A CATHOLIC INSTITUTION FOUNDED BY THE SISTERS OF MERCY, SEEKS WISDOM AND PROMOTES UNIVERSAL JUSTICE. THE UNIVERSITY, THROUGH TEACHING AND RESEARCH, PREPARES MEN AND WOMEN FOR RESPONSIBLE LIVES BY IMPARTING AND EXPANDING KNOWLEDGE, DEVELOPING SKILLS AND CULTIVATING ENDURING VALUES. THROUGH LIBERAL ARTS AND PROFESSIONAL PROGRAMS, STUDENTS DEVELOP THEIR ABILITIES FOR THINKING CLEARLY AND CREATIVELY, ENHANCE THEIR CAPACITY FOR SOUND JUDGMENT, AND PREPARE FOR THE CHALLENGE OF LEARNING THROUGHOUT THEIR LIVES. IN KEEPING WITH THE TRADITIONS OF THE SISTERS OF MERCY, AND RECOGNIZING THAT ALL PEOPLE ARE STEWARDS OF GOD'S CREATION, THE UNIVERSITY ENCOURAGES STUDENTS TO WORK FOR A WORLD THAT IS HARMONIOUS, JUST AND MERCIFUL.
Describe the Organization's Program Activity:
SALVE REGINA UNIVERSITY (THE "UNIVERSITY"), LOCATED IN NEWPORT, RHODE ISLAND, IS A SMALL COMPREHENSIVE CATHOLIC UNIVERSITY WHICH OPENED IN 1947 AND IS ACCREDITED BY THE NEW ENGLAND COMMISSION OF HIGHER EDUCATION, INC., FORMERLY KNOWN AS THE NEW ENGLAND ASSOCIATION OF SCHOOLS AND COLLEGES. THE UNIVERSITY WAS FOUNDED BY AND CONTINUES TO BE SPONSORED BY THE SISTERS OF MERCY. THE UNIVERSITY ENROLLS APPROXIMATELY 2,700 MEN AND WOMEN IN A VARIETY OF ACADEMIC PROGRAMS. THE UNIVERSITY'S STUDENT POPULATION IS PREDOMINATELY FROM THE NORTHEAST REGION OF THE UNITED STATES. THE UNDERGRADUATE PROGRAMS ARE BASED ON THE LIBERAL ARTS. THE UNIVERSITY OFFERS BACCALAUREATE AND MASTER DEGREES, A CERTIFICATE OF ADVANCED GRADUATE STUDY AND A PH.D. IN HUMANITIES AND INTERNATIONAL RELATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kelli J Armstrong President | OfficerTrustee | 35 | $349,085 |
William Hall VP Administration/cfo | Officer | 35 | $268,256 |
Nancy Schreiber Provost | Officer | 35 | $219,625 |
Michael Semenza VP University Relations/advanement | Officer | 35 | $208,760 |
James Ludes Executive Director Pell Center | Officer | 35 | $171,834 |
Michael Grandchamp Associate VP Finance | 35 | $163,457 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sodexo Food/custodial Service | 6/29/21 | $4,746,933 |
Carnegie Dartlettt Marketing Services | 6/29/21 | $667,825 |
Cisco Networking Services | 6/29/21 | $472,099 |
Clinical Research Sequencing Platform Covid Testing | 6/29/21 | $617,500 |
I Design Online Program Management | 6/29/21 | $471,233 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,056,536 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,893,817 |
| Noncash contributions included in lines 1a–1f | $60,145 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,950,353 |
| Total Program Service Revenue | $112,820,910 |
| Investment income | $991,274 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $85,252 |
| Net Gain/Loss on Asset Sales | $3,793,146 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $125,875,129 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $46,387,907 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,765,535 |
| Compensation of current officers, directors, key employees. | $854,920 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $30,947,540 |
| Pension plan accruals and contributions | $2,067,694 |
| Other employee benefits | $4,944,541 |
| Payroll taxes | $2,389,006 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $80,284 |
| Fees for services: Accounting | $103,284 |
| Fees for services: Lobbying | $24,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $604,104 |
| Fees for services: Other | $2,737,887 |
| Advertising and promotion | $856,815 |
| Office expenses | $345,948 |
| Information technology | $2,075,916 |
| Royalties | $0 |
| Occupancy | $5,347,658 |
| Travel | $637,370 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,058,371 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,482,922 |
| Insurance | $1,204,889 |
| All other expenses | $1,630,843 |
| Total functional expenses | $119,623,702 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,017,412 |
| Savings and temporary cash investments | $17,811,019 |
| Pledges and grants receivable | $1,519,045 |
| Accounts receivable, net | $1,109,521 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,877,438 |
| Inventories for sale or use | $46,799 |
| Prepaid expenses and deferred charges | $407,267 |
| Net Land, buildings, and equipment | $93,135,304 |
| Investments—publicly traded securities | $46,847,781 |
| Investments—other securities | $44,434,719 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,810,308 |
| Total assets | $216,016,613 |
| Accounts payable and accrued expenses | $7,863,030 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $35,880,577 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $621,018 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $8,753,563 |
| Total liabilities | $53,118,188 |
| Net assets without donor restrictions | $131,499,458 |
| Net assets with donor restrictions | $31,398,967 |
| 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 | $216,016,613 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Salve Regina University has recieved totaling $154,000.
| Awarding Organization | Amount |
|---|---|
Lily Haseotes Bentas And Efthemios J Bentas Foundation Inc Palm Beach, FL PURPOSE: GENERAL PURPOSES | $150,000 |
Palen-Klar Uw Schisp Fd Dallas, TX PURPOSE: SCHOLARSHIPS | $4,000 |
Endowment Analysis
| Beg. Balance | $63,213,000 |
| Earnings | $18,583,000 |
| Net Contributions | $2,632,000 |
| Other Expense | $2,275,000 |
| Grants | $520,000 |
| Ending Balance | $81,633,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Quinnipiac University Hamden, CT | $1,807,258,104 | $531,949,834 |
Brandeis University Waltham, MA | $1,811,655,582 | $399,602,478 |
Johnson & Wales University Providence, RI | $913,541,997 | $403,272,641 |
Worcester Polytechnic Institute Worcester, MA | $1,164,375,963 | $384,496,935 |
Sacred Heart University Fairfield, CT | $1,111,844,397 | $421,283,865 |
Suffolk University Boston, MA | $875,177,190 | $328,281,555 |
Fairfield University Fairfield, CT | $941,659,821 | $361,744,489 |
University Of New Haven West Haven, CT | $439,200,046 | $316,134,084 |
Trustees Of The Smith College Northampton, MA | $3,541,477,640 | $481,505,110 |
University Of Hartford West Hartford, CT | $471,525,353 | $291,863,480 |
Simmons University Boston, MA | $504,770,000 | $234,956,189 |
Roger Williams University Bristol, RI | $273,380,421 | $203,415,186 |