Worcester State Foundation Inc
- Assets
- $45.6m
- Revenue
- $7.2m
- Investments
- $491.9k
- Employees
- 0
- Location
- Worcester, MA
- Founding
- 12/1993
- Data as of
- 06/2021
- EIN
- 22-3248067
Organization Overview
Worcester State Foundation Inc is located in Worcester, MA. The organization was established in 1993. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, 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. Worcester State 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 06/2021, Worcester State Foundation Inc generated $7.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 15.2% each year . All expenses for the organization totaled $2.0m during the year ending 06/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE CORPORATION IS OPERATED FOR THE PURPOSE OF RENDERING FINANCIAL AID TO PROSPECTIVE AND CURRENT STUDENTS OF WORCESTER STATE UNIVERSITY; TO PROMOTE AND SUPPORT THE EDUCATIONAL AND OTHER LEGAL ACTIVITIES FOR THE BENEFIT OF WORCESTER STATE UNIVERSITY AND ITS CONSTITUENCY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES FUNDS TO WORCESTER STATE UNIVERSITY FOR EXPENSES RELATED TO VARIOUS CAPITAL PROJECTS AND FUNDING OF VARIOUS EDUCATIONAL PROGRAMS AND INSTITUTES. INCLUDING LATINO EDUCATON INSTITUTE AND AN INTERNSHIP PROGRAM AS WELL AS VARIOUS OTHER PROGRAMS.
SCHOLARSHIPS: TRANSFER OF FUNDS TO WORCESTER STATE UNIVERSITY FOR SCHOLARSHIPS AND AWARDS AWARDED TO STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Craig A Bovaird Immediate Past Chair | OfficerTrustee | 2 | $0 |
Ann L Debaisio Chair | OfficerTrustee | 2 | $0 |
Kevin T Campbell Vice-Chair | OfficerTrustee | 2 | $0 |
Marybeth Campbell Director | Trustee | 2 | $0 |
Edward L Sherr Treasurer | OfficerTrustee | 2 | $0 |
Thomas M Mcnamara President/clerk | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,413,831 |
| Investment income | $1,029,811 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,743,374 |
| Net Income from Fundraising Events | -$20,301 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,166,785 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $625,826 |
| 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 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 | $45,820 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $20,174 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $34,784 |
| Insurance | $12,924 |
| All other expenses | $0 |
| Total functional expenses | $2,032,248 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $39,337 |
| Savings and temporary cash investments | $1,395,540 |
| Pledges and grants receivable | $1,094,449 |
| 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 | $11,542 |
| Investments—publicly traded securities | $41,146,180 |
| Investments—other securities | $491,933 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $708,308 |
| Total assets | $45,638,804 |
| Accounts payable and accrued expenses | $66,291 |
| Grants payable | $0 |
| 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 | $470,666 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,000,917 |
| Total liabilities | $1,537,874 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $44,100,930 |