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Nonprofiteer
← LASELL UNIVERSITY

Form 990 for tax year 2023

Filed by LASELL UNIVERSITY.

Totals

Total revenue
$81,014,237
Total expenses
$68,536,596
Contributions and grants received
$6,252,958
Grants paid
$12,235,197
Program service revenue
$52,119,014
Investment income
$22,306,976
Other revenue
$335,289
Total assets, end of year
$129,643,451
Total liabilities, end of year
$67,332,619
Net assets or fund balances, end of year
$62,310,832
Program services expenses (Part IX)
$59,208,738
Management and general expenses
$6,756,228
Fundraising expenses
$2,571,630
Program service expenses (Part III)
$59,208,738

Program services were 86.4% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $4,118,716

  • 1f · All other contributions, gifts and grants

    $2,134,242

  • 1g · Noncash contributions included above

    $904,811

  • 2a · Program service revenue: TUITION & FEES

    total $34,261,103 · related or exempt $34,261,103

  • 2b · Program service revenue: ROOM & BOARD

    total $12,733,624 · related or exempt $12,733,624

  • 2c · Program service revenue: MGMT FEE/RENT FROM TAX-EXEMPT AFF

    total $2,000,117 · related or exempt $2,000,117

  • 2d · Program service revenue: CONNECTED LEARNING/ED.

    total $1,477,416 · related or exempt $1,477,416

  • 2e · Program service revenue: FACILITY REVENUE

    total $875,730 · related or exempt $875,730

  • 2f · All other program service revenue

    total $771,024 · related or exempt $362,674 · excluded $408,350

  • 3 · Investment income

    total $1,227,647 · excluded $1,227,647

  • 6a · Gross rents

    real property $343,212

  • 6b · Less rental expenses

    real property $158,896

  • 6c · Rental income or loss

    real property $184,316

  • 6d · Net rental income or loss

    total $184,316 · excluded $184,316

  • 7a · Gross sales of assets other than inventory

    securities $11,240,880 · other assets $21,083,682

  • 7b · Less cost or other basis and sales expenses

    securities $11,244,233 · other assets $1,000

  • 7c · Gain or loss

    securities -$3,353 · other assets $21,082,682

  • 7d · Net gain or loss

    total $21,079,329 · excluded $21,079,329

  • 10a · Gross sales of inventory

    $33,342

  • 10b · Cost of goods sold

    $19,746

  • 10c · Net income from sales of inventory

    total $13,596 · excluded $13,596

  • 11a · Other revenue: PUBLIC SAFETY DETAIL REVENUE

    total $130,673 · related or exempt $130,673

  • 11b · Other revenue: ALUMNI EVENTS

    total $6,704 · related or exempt $6,704

  • 11e · Other revenue, total

    $137,377

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $12,097,165 · program services $12,097,165

  • 3 · Grants to foreign organizations and individuals

    total $138,032 · program services $138,032

  • 5 · Compensation of officers, directors and key employees

    total $850,738 · management and general $613,920 · fundraising $236,818

  • 7 · Other salaries and wages

    total $23,725,385 · program services $20,143,296 · management and general $2,265,201 · fundraising $1,316,888

  • 8 · Pension plan contributions

    total $920,108 · program services $749,549 · management and general $138,521 · fundraising $32,038

  • 9 · Other employee benefits

    total $3,170,977 · program services $2,702,990 · management and general $237,728 · fundraising $230,259

  • 10 · Payroll taxes

    total $1,993,708 · program services $1,599,512 · management and general $253,806 · fundraising $140,390

  • 11b · Fees: legal

    total $64,382 · management and general $64,382

  • 11c · Fees: accounting

    total $148,352 · management and general $148,352

  • 11e · Fees: professional fundraising services

    total $176,830 · fundraising $176,830

  • 11f · Fees: investment management

    total $126,575 · management and general $126,575

  • 11g · Fees: other

    total $1,689,570 · program services $988,563 · management and general $596,853 · fundraising $104,154

  • 12 · Advertising and promotion

    total $1,388,706 · program services $1,359,265 · management and general $29,441

  • 13 · Office expenses

    total $1,229,686 · program services $863,525 · management and general $227,011 · fundraising $139,150

  • 14 · Information technology

    total $1,566,730 · program services $357,731 · management and general $1,137,205 · fundraising $71,794

  • 16 · Occupancy

    total $6,012,410 · program services $5,721,484 · management and general $290,926

  • 17 · Travel

    total $686,995 · program services $640,170 · management and general $17,284 · fundraising $29,541

  • 19 · Conferences, conventions and meetings

    total $58,517 · program services $32,858 · management and general $25,659

  • 20 · Interest

    total $1,732,566 · program services $1,665,055 · management and general $67,511

  • 22 · Depreciation, depletion and amortization

    total $4,491,064 · program services $4,200,468 · management and general $287,002 · fundraising $3,594

  • 23 · Insurance

    total $787,898 · program services $764,967 · management and general $22,931

  • 24a · Other expenses: CAFETERIA FOOD SERVICE

    total $3,770,804 · program services $3,770,804

  • 24b · Other expenses: MEALS AND ENTERTAINMENT

    total $441,736 · program services $392,780 · management and general $31,786 · fundraising $17,170

  • 24c · Other expenses: ANNUITY PAYMENTS

    total $35,300 · management and general $35,300

  • 24d · Other expenses: PROFESSIONAL DEVELOPMEN

    total $19,851 · program services $16,413 · management and general $2,527 · fundraising $911

  • 24e · All other expenses

    total $1,212,511 · program services $1,004,111 · management and general $136,307 · fundraising $72,093

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $7,205 · end of year $8,901

  • 2 · Savings and temporary cash investments

    beginning of year $4,384,634 · end of year $15,044,160

  • 3 · Pledges and grants receivable

    beginning of year $695,349 · end of year $1,126,150

  • 4 · Accounts receivable

    beginning of year $1,545,568 · end of year $1,751,871

  • 7 · Other notes and loans receivable

    beginning of year $20 · end of year $1,143

  • 9 · Prepaid expenses and deferred charges

    beginning of year $677,291 · end of year $838,717

  • 10a · Land, buildings and equipment: cost or other basis

    $166,554,979

  • 10b · Land, buildings and equipment: accumulated depreciation

    $88,958,742

  • 10c · Land, buildings and equipment, net

    beginning of year $80,416,249 · end of year $77,596,237

  • 11 · Investments: publicly traded securities

    beginning of year $27,772,085 · end of year $23,201,908

  • 12 · Investments: other securities

    beginning of year $139,737 · end of year $144,694

  • 15 · Other assets

    beginning of year $4,169,470 · end of year $9,929,670

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,001,112 · end of year $5,251,125

  • 19 · Deferred revenue

    beginning of year $5,357,322 · end of year $4,061,348

  • 20 · Tax-exempt bond liabilities

    beginning of year $58,754,273 · end of year $57,345,064

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $110,102

  • 25 · Other liabilities

    beginning of year $667,960 · end of year $564,980

  • 27 · Net assets without donor restrictions

    beginning of year $31,303,249 · end of year $43,282,169

  • 28 · Net assets with donor restrictions

    beginning of year $17,723,692 · end of year $19,028,663

Mission and programs · 2023

Mission

WE IMMERSE STUDENTS IN EXPERIENTIAL AND COLLABORATIVE LEARNING THAT FOSTERS LIFELONG INTELLECTUAL EXPLORATION AND SOCIAL RESPONSIBILITY.

  • LASELL UNIVERSITY IS A COMPREHENSIVE COEDUCATIONAL UNIVERSITY WHICH OFFERS PROFESSIONALLY ORIENTED BACHELOR'S AND MASTER'S DEGREE PROGRAMS, INCLUDING MORE THAN 25 ACADEMIC MAJORS.OUR STUDENTS ARE GIVEN THE OPPORTUNITY TO PRACTICE AND PREPARE FOR THE REAL WORLD THROUGH A PROJECT-BASED AND PROBLEM-BASED APPROACH TO TEACHING, THROUGH EXPOSURE TO DIVERSE CULTURES AND PEOPLES, THROUGH THE DEVELOPMENT OF CRITICAL SKILLS SUCH AS WRITING AND SPEAKING IN FRONT OF GROUPS, AND THROUGH CONFRONTATION WITH ETHICAL AND MORAL QUESTIONS.LASELL UNIVERSITY IS KNOWN FOR HELPING STUDENTS MAKE THE CONNECTION BETWEEN CLASSROOM LESSONS AND REAL LIFE THROUGH HANDS-ON ACTIVITIES SUCH AS INTERNSHIPS, PRACTICAL, SERVICE LEARNING, AND MEANINGFUL PROJECTS. CONNECTED LEARNING AT LASELL UNIVERSITY INVOLVES STUDENTS DIRECTLY AND ACTIVELY IN THE FIELDS THEY ARE LEARNING. IN ALL MAJORS, STUDENTS EXPLORE REAL ISSUES, EVENTS, PROBLEMS, AND SOLUTIONS. LASELL UNIVERSITY FACULTY ARE COMMITTED TO CREATIVELY INTEGRATING CHALLENGING COURSEWORK WITH PRACTICAL EXPERIENCE IN AN ENVIRONMENT THAT FOSTERS LIFELONG INTELLECTUAL EXPLORATION, ACTIVE CITIZENSHIP AND SOCIAL RESPONSIBILTIY.

    Expenses $57,289,127 · Grants $12,235,197 · Revenue $48,472,143

  • PROVIDED MANAGEMENT AND EDUCATIONAL SERVICES AND LEASED LAND TO LASELL VILLAGE, INC., A TAX-EXEMPT AFFILIATE, FUNCTIONS THAT ARE INTEGRAL TO THE CONDUCT OF THE EXEMPT FUNCTIONS OF LASELL VILLAGE, INC.

    Expenses $900,508 · Revenue $2,000,117

  • PROVIDED FACILITIES FOR OTHER EDUCATIONAL ORGANIZATIONS TO CONDUCT EDUCATIONAL PROGRAMS AND TO PROVIDE HOUSING TO STUDENTS.

    Expenses $667,368 · Revenue $875,730

  • PROVIDED COLLABORATIVE POLICE AND INFORMATION TECHNOLOGY SERVICES WITH ANOTHER LOCAL COLLEGE, FUNCTIONS THAT ARE INTEGRAL TO THE CONDUCT OF THE EXEMPT FUNCTIONS OF THAT COLLEGE, WITH THE GOAL OF PROVIDING QUALITY SERVICES TO EACH COLLEGE CAMPUS IN A COST EFFECTIVE MANNER.

    Expenses $351,735 · Revenue $500,051

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Gerry Deroche

    CHAIR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Lori Hindle

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Peter Schulte

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Joe Maraia

    CLERK

    Total calculated
    $0
    Hours/week
    1

  • Karl Vasiloff

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Rena Clark

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • John Doran

    TRUSTEE (UNTIL OCT. 2023)

    Total calculated
    $0
    Hours/week
    1

  • Susan Dunne

    TRUSTEE (UNTIL OCT. 2023)

    Total calculated
    $0
    Hours/week
    1

  • Carlos Fonseca

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • David Hill

    TRUSTEE (UNTIL OCT. 2023)

    Total calculated
    $0
    Hours/week
    1

  • Keon Holmes

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Brad Kates

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Mercedes Kelemen

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Debby Mahoney

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • David McInnis

    TRUSTEE (UNTIL OCT. 2023)

    Total calculated
    $0
    Hours/week
    1

  • John McKenna

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Laurie Pascal

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Ubin Pokharel

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Heidi Raffone

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Victoria Rakov

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Bryan Ward

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Judith Wittenberg

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Greg Holman

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Andrew Maylor

    ASST TREAS, VP FINANCE & OPS & CFO

    Total calculated
    $216,121
    From this org
    $214,719
    From related orgs
    $0
    Other
    $1,402
    Hours/week
    40 + 10 related

    Schedule J breakdown matched by us

    Base
    $213,531
    Bonus
    $0
    Other
    $1,188
    Deferred
    $0
    Nontaxable benefits
    $1,402
    Filer's total
    $216,121

  • Eric Turner

    PRESIDENT

    Total calculated
    $387,644
    From this org
    $295,545
    From related orgs
    $0
    Other
    $92,099
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $288,459
    Bonus
    $0
    Other
    $7,086
    Deferred
    $47,500
    Nontaxable benefits
    $44,599
    Filer's total
    $387,644

  • Henry Pugh

    ASST CLERK, EXEC ASST TO PRESIDENT

    Total calculated
    $117,212
    From this org
    $79,884
    From related orgs
    $0
    Other
    $37,328
    Hours/week
    40 + 1 related

  • Chrystal Porter

    PROVOST

    Total calculated
    $273,144
    From this org
    $221,500
    From related orgs
    $0
    Other
    $51,644
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $221,230
    Bonus
    $0
    Other
    $270
    Deferred
    $17,515
    Nontaxable benefits
    $34,129
    Filer's total
    $273,144

  • Chelsea Gwyther

    VP DEVELOPMENT AND ALUMNI RELATIONS

    Total calculated
    $247,595
    From this org
    $229,852
    From related orgs
    $0
    Other
    $17,743
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $229,438
    Bonus
    $0
    Other
    $414
    Deferred
    $17,239
    Nontaxable benefits
    $504
    Filer's total
    $247,595

  • Zehra Abid-Wood

    VP LASELL VILLAGE

    Total calculated
    $235,452
    From this org
    $205,250
    From related orgs
    $0
    Other
    $30,202
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $205,042
    Bonus
    $0
    Other
    $208
    Deferred
    $0
    Nontaxable benefits
    $30,202
    Filer's total
    $235,452

  • Jennifer Okeeffe

    CHIEF OF STAFF AND GENERAL COUNSEL

    Total calculated
    $229,682
    From this org
    $201,257
    From related orgs
    $0
    Other
    $28,425
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $200,987
    Bonus
    $0
    Other
    $270
    Deferred
    $15,341
    Nontaxable benefits
    $13,084
    Filer's total
    $229,682

  • Eric Knox

    AVP OF FINANCE & CONTROLLER

    Total calculated
    $191,822
    From this org
    $177,292
    From related orgs
    $0
    Other
    $14,530
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $176,104
    Bonus
    $0
    Other
    $1,188
    Deferred
    $13,297
    Nontaxable benefits
    $1,233
    Filer's total
    $191,822

  • Michael Alexander

    FORMER PRESIDENT

    Total calculated
    $744,005
    From this org
    $715,734
    From related orgs
    $0
    Other
    $28,271
    Hours/week
    40 + 10 related

    Schedule J breakdown matched by us

    Base
    $207,660
    Bonus
    $0
    Other
    $508,074
    Deferred
    $20,555
    Nontaxable benefits
    $7,716
    Filer's total
    $744,005

  • Derek Pinto

    FORMER ASST TREASURER, VP ADMIN.

    Total calculated
    $104,705
    From this org
    $104,705
    From related orgs
    $0
    Other
    $0
    Hours/week
    40 + 10 related

    Schedule J breakdown matched by us

    Base
    $104,466
    Bonus
    $0
    Other
    $239
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $104,705

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINES 4A-B
DURING THE CALENDAR YEAR ENDED DECEMBER 31, 2023 THE UNIVERSITY PAID SEVERANCE RELATED COMPENSATION TO MICHAEL ALEXANDER IN THE AMOUNT OF $438,975. THE AMOUNT IS INCLUDED AS REPORTABLE COMPENSATION. DURING THE CALENDAR YEAR ENDED DECEMBER 31, 2023 THE UNIVERSITY CREDITED RETIREMENT PLANS PURSUANT TO SECTION 457(F) OF THE INTERNAL REVENUE CODE FOR CERTAIN EMPLOYEES, AS FOLLOWS: ERIC TURNER, $20,000

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • CHARITABLE REMAINDER TRUSTS (2)

    T · INVESTMENTS · MA · controlled entity

    Directly controlled by LASELL UNIVERSITY

  • TRUST

    T · INVESTMENTS · MA · 100% owned · share of assets $683,457 · controlled entity

    Directly controlled by LASELL UNIVERSITY

  • TRUST

    T · INVESTMENTS · MA · 100% owned · share of assets $1,489,901 · controlled entity

    Directly controlled by LASELL UNIVERSITY

Provenance

Return type
form_990
Tax year
2023
Filed
9 May 2025
IRS schema version
2023v6.0
Source object
202511339349303226

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