Sacred Heart University
- Assets
- $1.3b
- Revenue
- $476.9m
- Investments
- $49.7m
- Employees
- 5,072
- Location
- Fairfield, CT
- Founding
- 02/1964
- Data as of
- 06/2022
- EIN
- 06-0776644
Organization Overview
Sacred Heart University is located in Fairfield, CT. The organization was established in 1964. 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, Sacred Heart University employed 5,072 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sacred Heart 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 06/2022, Sacred Heart University generated $476.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.5% each year. All expenses for the organization totaled $400.0m during the year ending 06/2022. While expenses have increased by 7.0% 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE UNIVERSITY IS A CO-EDUCATIONAL INSTITUTION OF HIGHER LEARNING OFFERING UNDERGRADUATE, GRADUATE AND DOCTORAL DEGREES, AS WELL AS CONTINUING EDUCATION IN A VARIETY OF DISCIPLINES, WITH A COMMITMENT TO LEADERSHIP IN CATHOLIC HIGHER EDUCATION.
Describe the Organization's Program Activity:
SACRED HEART CONTINUES TO OFFER A WIDE RANGE OF UNDERGRADUATE AND GRADUATE PROGRAMS. REGARDLESS OF WHAT UNDERGRADUATE PROGRAM OR GRADUATE PROGRAMS ARE CHOSEN, OUR FOCUS ON ACADEMIC OPPORTUNITIES - ROOTED IN THE CATHOLIC INTELLECTUAL TRADITIONS AND THE PRINCIPLES OF ENGAGED LEARNING - CREATES AN ABSORBING, CUSTOMIZED EDUCATIONAL EXPERIENCE FOR EACH STUDENT.
OTHER GENERAL AND AUXILIARY SERVICES
SACRED HEART UNIVERSITY'S STUDENT FINANCIAL ASSISTANCE OFFICE IS COMMITTED TO HELPING STUDENTS AND THEIR FAMILIES FIND THE MOST AFFORDABLE OPTIONS AVAILABLE FOR ATTENDING COLLEGE. FOR FULL-TIME UNDERGRADUATE STUDENTS, THERE ARE BASICALLY TWO TYPES OF FINANCIAL ASSISTANCES: FIRST, TRADITIONAL MERIT OR NEED-BASED AID; AND SECOND, A RANGE OF OTHER OPTIONS OPEN TO STUDENTS AND THEIR FAMILIES WHETHER THEY QUALIFY FOR TRADITIONAL AID OR NOT. SEVERAL FINANCIAL ASSISTANCE OPTIONS ARE ALSO AVAILABLE TO QUALIFIED PART-TIME UNDERGRADUATE STUDENTS AND GRADUATE STUDENTS.
SACRED HEART UNIVERSITY IS COMMITTED TO SERVING THE NEEDS OF ITS DIVERSE STUDENT POPULATION BY OFFERING AN ARRAY OF SERVICES DESIGNED TO ENSURE STUDENT SUCCESS. THESE SERVICES, PROVIDED THROUGH ACADEMIC ADVISING, STUDENT LIFE, CAREER SERVICES, JANDRISEVITS LEARNING CENTER, THE OFFICE OF SPECIAL SERVICES, AND THE WELLNESS CENTER, AIM TO SERVICE STUDENT IN A MANNER THAT IS CONSISTENT WITH THE MISSION. THE UNIVERSITY ALSO PROMOTES ACTIVE ENGAGED LEARNING OUTSIDE OF THE CLASSROOM. OUT ATHLETICS PROGRAMS ARE ABOUT MORE THAN JUST COMPETITION AND WINNING, THEY ARE BUILT ON LONGSTANDING TRADITION OF HELPING OUR STUDENT- ATHLETES REALIZE THEIR POTENTIAL, STRENGTHEN THEIR CHARACTER, AND EMPOWER THEIR MIND WHILE DEVELOPING SELF-CONFIDENCE AND VALUABLE LEADERSHIP SKILLS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John J Petillo PHD President | OfficerTrustee | 35 | $1,186,855 |
Mary-Ann Bunting Trustee | Trustee | 1 | $0 |
Katie Burke Trustee | Trustee | 1 | $0 |
Patrick Carolan MD Trustee | Trustee | 1 | $0 |
Susan Davis RN Edd Fache Secretary | OfficerTrustee | 1 | $0 |
Charles Firlotte Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Chartwell's Higher Education Co Boa Food Services | 6/29/22 | $14,102,177 |
Southeast Service Corporation Janitorial Services | 6/29/22 | $5,052,751 |
Wiley Edu Llc Online Education Services | 6/29/22 | $4,985,484 |
The S-l-a-m Collaborative Inc Architectural Services | 6/29/22 | $3,203,905 |
Dattco Inc Transportation Services | 6/29/22 | $1,791,027 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $563,540 |
| Related organizations | $0 |
| Government grants | $17,639,534 |
| All other contributions, gifts, grants, and similar amounts not included above | $20,015,741 |
| Noncash contributions included in lines 1a–1f | $537,001 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $38,218,815 |
| Total Program Service Revenue | $428,326,581 |
| Investment income | $8,907,129 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $173,520 |
| Net Gain/Loss on Asset Sales | $1,393,812 |
| Net Income from Fundraising Events | -$144,147 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $476,875,710 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $100,000 |
| Grants and other assistance to domestic individuals. | $115,813,953 |
| Grants and other assistance to Foreign Orgs/Individuals | $67,995 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $4,215,045 |
| Compensation of current officers, directors, key employees. | $2,754,983 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $102,767,001 |
| Pension plan accruals and contributions | $4,814,236 |
| Other employee benefits | $19,177,353 |
| Payroll taxes | $7,108,881 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $332,872 |
| Fees for services: Accounting | $231,440 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $419,513 |
| Fees for services: Investment Management | $733,826 |
| Fees for services: Other | $28,942,180 |
| Advertising and promotion | $1,494,938 |
| Office expenses | $7,505,471 |
| Information technology | $4,072,480 |
| Royalties | $0 |
| Occupancy | $13,187,419 |
| Travel | $8,392,906 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $399,475 |
| Interest | $14,604,235 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $23,561,693 |
| Insurance | $3,004,372 |
| All other expenses | $6,336,298 |
| Total functional expenses | $399,996,051 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $141,336,327 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $8,052,568 |
| Accounts receivable, net | $658,823 |
| 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 | $5,911,580 |
| Net Land, buildings, and equipment | $717,226,964 |
| Investments—publicly traded securities | $191,147,580 |
| Investments—other securities | $49,741,761 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $153,052,149 |
| Total assets | $1,267,127,752 |
| Accounts payable and accrued expenses | $65,197,805 |
| Grants payable | $0 |
| Deferred revenue | $56,351,731 |
| Tax-exempt bond liabilities | $439,013,265 |
| 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 | $40,696,787 |
| Total liabilities | $601,259,588 |
| Net assets without donor restrictions | $608,334,737 |
| Net assets with donor restrictions | $57,533,427 |
| 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 | $1,267,127,752 |
Grants Awarded
Over the last fiscal year, Sacred Heart University has awarded $30,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
HISPANIC FEDERATION PURPOSE: DONATION | $10,000 |
HABITAT FOR HUMANITY OF COASTAL FAIRFIELD COUNTY PURPOSE: DONATION | $20,000 |