Metropolitan Bridgeport Inc
- Assets
- $20.6m
- Revenue
- $32.5k
- Investments
- $0.0
- Employees
- 1,070
- Location
- Bridgeport, CT
- Founding
- 12/1947
- Data as of
- 06/2022
- EIN
- 06-0646936
Organization Overview
Metropolitan Bridgeport Inc is located in Bridgeport, CT. The organization was established in 1947. According to its NTEE Classification (B43) the organization is classified as: Universities, under the broad grouping of Education and related organizations. As of 06/2022, Metropolitan Bridgeport Inc employed 1,070 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Metropolitan Bridgeport 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, Metropolitan Bridgeport Inc generated $32.5k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (69.7%) each year. All expenses for the organization totaled $3.5m during the year ending 06/2022. 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
METROPOLITAN BRIDGEPORT INC. CEASED PROVIDING EDUCATIONAL SERVICES. (SEE SCHEDULE O)PRIOR TO THE SALE OF ITS ASSETS, METROPOLITAN BRIDGEPORT INC (FKA UNIVERSITY OF BRIDGEPORT) (THE UNIVERSITY) OFFERED CAREER ORIENTED UNDERGRADUATE, GRADUATE, AND PROFESSIONAL DEGREES AND PROGRAMS FOR PEOPLE SEEKING PERSONAL AND PROFESSIONAL GROWTH. THE UNIVERSITY PROMOTED ACADEMIC EXCELLENCE, PERSONAL RESPONSIBILITY, AND COMMITMENT TO SERVICE. DISTINCTIVE CURRICULA IN AN INTERNATIONAL, CULTURALLY DIVERSE, SUPPORTIVE LEARNING ENVIRONMENT PREPARED GRADUATES FOR LIFE AND LEADERSHIP IN AN INCREASINGLY INTERCONNECTED WORLD. THE UNIVERSITY IS INDEPENDENT AND NON-SECTARIAN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ON MAY 21, 2021, THE UNIVERSITY OF BRIDGEPORT SOLD SUBSTANTIALLY ALL OF ITS ASSETS TO GOODWIN UNIVERSITY INC. (GOODWIN), A CONNECTICUT NONSTOCK CORPORATION, THE NEW UNIVERSITY OF BRIDGEPORT, INC. (NEW UB), A CONNECTICUT NONSTOCK CORPORATION AND SUBSIDIARY OF GOODWIN UNIVERSITY, AND SOUND EDUCATION, LLC, (PAIER COLLEGE) A CONNECTICUT LIMITED LIABILITY COMPANY FORMED BY PAIER COLLEGE. (SEE SCHEDULE O)IN ORDER TO AVOID THE CONFUSION THAT THE NEW UNIVERSITY OF BRIDGEPORT AND THE UNIVERSITY OF BRIDGEPORT MIGHT CAUSE, AND TO EMPHASIZE THAT THE NEW UNIVERSITY OF BRIDGEPORT WOULD CONTINUE TO OFFER MOST OF THE PROGRAMS THAT THE UNIVERSITY OF BRIDGEPORT HAD OFFERED, THE UNIVERSITY OF BRIDGEPORT CHANGED ITS NAME TO METROPOLITAN BRIDGEPORT INC. ON JUNE 28, 2021.THE ONGOING MISSION OF METROPOLITAN BRIDGEPORT INC. CONSISTS OF THE CONDUCT OF WIND DOWN OPERATIONS THAT ARE THE RESPONSIBILITY OF OLD UB WHICH WERE NOT ASSUMED BY GOODWIN, INCLUSIVE OF PHASING OUT CERTAIN RETIREMENT PLANS, SETTLING CERTAIN LIABILITIES, PROCESSING AND PAYING UNEMPLOYMENT BENEFITS INCURRED BY EMPLOYEES OF OLD UB, ENSURING COMPLIANCE WITH CERTAIN TAX FILINGS, PHASING OUT OF REMAINING PERKINS LOANS, TRANSFERRING CONTRACTS THAT GOODWIN WILL MAINTAIN, AND TRANSFERRING NET ASSETS WITH DONOR RESTRICTIONS TO GOODWIN.PRIOR TO THE SALE, THE ORGANIZATION WAS AN INDEPENDENT AND NONSECTARIAN INTERNATIONAL ACADEMIC INSTITUTION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Berchem Trustee | Trustee | 1 | $0 |
David D'addario Trustee | Trustee | 1 | $0 |
Bruce T Silverstone Trustee | Trustee | 1 | $0 |
Kevin C Leahy Trustee | Trustee | 1 | $0 |
Michael Kolakowski Trustee | Trustee | 1 | $0 |
Sean M Carroll Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
C&w Facility Services Inc Building & Grounds Maintenance | 6/29/21 | $3,140,502 |
Sodexo Operations Campus Food Services | 6/29/21 | $2,920,269 |
Bba Solutions Parnership Group Llc Student Services - Student Textbooks | 6/29/21 | $2,838,226 |
Ariste Advisors Llc Financial Advisory/ Consulting Services | 6/29/21 | $1,779,034 |
Securitas Security Security Services | 6/29/21 | $1,486,418 |
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 | $5 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5 |
| Total Program Service Revenue | $16,190 |
| Investment income | $6,944 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $9,349 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $32,488 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| 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 | $60,554 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $429,057 |
| Payroll taxes | $197,287 |
| Fees for services: Management | $1,350,000 |
| Fees for services: Legal | $187,771 |
| Fees for services: Accounting | $301,904 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $20 |
| Fees for services: Other | $279,491 |
| Advertising and promotion | $5,370 |
| Office expenses | $33,276 |
| Information technology | $5,225 |
| Royalties | $0 |
| Occupancy | $12,543 |
| Travel | $13,092 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,081 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,561 |
| All other expenses | $80,068 |
| Total functional expenses | $3,474,717 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $17,650,935 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $302,829 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,649,954 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $40,892 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $20,644,610 |
| Accounts payable and accrued expenses | $9,508,241 |
| Grants payable | $2,863,448 |
| Deferred revenue | $0 |
| 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 | $15,000 |
| Total liabilities | $12,386,689 |
| Net assets without donor restrictions | $2,143,438 |
| Net assets with donor restrictions | $6,114,483 |
| 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 | $20,644,610 |