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Nonprofiteer
← UNIVERSITY OF MASSACHUSETTS FOUNDATION INC

Form 990 for tax year 2024

Filed by UNIVERSITY OF MASSACHUSETTS FOUNDATION INC.

Totals

Total revenue
$172,508,463
Total expenses
$52,686,406
Contributions and grants received
$89,479,146
Grants paid
$32,209,329
Program service revenue
$5,963,632
Investment income
$77,046,575
Other revenue
$19,110
Total assets, end of year
$2,798,247,960
Total liabilities, end of year
$1,267,032,390
Net assets or fund balances, end of year
$1,531,215,570
Program services expenses (Part IX)
$32,209,329
Management and general expenses
$17,922,159
Fundraising expenses
$2,554,918
Program service expenses (Part III)
$32,209,329

Program services were 61.1% 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)

    $10,237,252

  • 1f · All other contributions, gifts and grants

    $79,241,894

  • 1g · Noncash contributions included above

    $1,739,918

  • 2a · Program service revenue: ASSET MGMT FOR UNIV.

    total $5,963,632 · related or exempt $5,963,632

  • 3 · Investment income

    total $16,708,660 · unrelated business $91,044 · excluded $16,617,616

  • 7a · Gross sales of assets other than inventory

    securities $466,959,621

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

    securities $406,621,706

  • 7c · Gain or loss

    securities $60,337,915

  • 7d · Net gain or loss

    total $60,337,915 · unrelated business $56,405 · excluded $60,281,510

  • 11a · Other revenue: MISC. RELATED FUNCTION REV.

    total $19,110 · excluded $19,110

  • 11e · Other revenue, total

    $19,110

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $32,209,329 · program services $32,209,329

  • 5 · Compensation of officers, directors and key employees

    total $4,468,210 · management and general $4,468,210

  • 7 · Other salaries and wages

    total $4,841,361 · management and general $4,814,926 · fundraising $26,435

  • 8 · Pension plan contributions

    total $273,950 · management and general $269,056 · fundraising $4,894

  • 9 · Other employee benefits

    total $743,681 · management and general $736,299 · fundraising $7,382

  • 10 · Payroll taxes

    total $418,186 · management and general $414,341 · fundraising $3,845

  • 11b · Fees: legal

    total $198,420 · management and general $198,420

  • 11c · Fees: accounting

    total $198,000 · management and general $198,000

  • 11d · Fees: lobbying

    total $91,000 · management and general $91,000

  • 11e · Fees: professional fundraising services

    total $36,000 · fundraising $36,000

  • 11f · Fees: investment management

    total $2,713,994 · management and general $2,713,994

  • 11g · Fees: other

    total $3,163,279 · management and general $3,144,630 · fundraising $18,649

  • 12 · Advertising and promotion

    total $102,250 · fundraising $102,250

  • 13 · Office expenses

    total $903,641 · management and general $829,147 · fundraising $74,494

  • 14 · Information technology

    total $2,720,679 · management and general $466,621 · fundraising $2,254,058

  • 16 · Occupancy

    total $392,649 · management and general $392,649

  • 17 · Travel

    total $548,039 · management and general $524,269 · fundraising $23,770

  • 19 · Conferences, conventions and meetings

    total $32,793 · management and general $29,652 · fundraising $3,141

  • 22 · Depreciation, depletion and amortization

    total $425,742 · management and general $425,742

  • 23 · Insurance

    total $125,175 · management and general $125,175

  • 24a · Other expenses: AGENCY ALLOCATED COMPEN

    total -$1,919,972 · management and general -$1,919,972

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $532,471 · end of year $729,201

  • 3 · Pledges and grants receivable

    beginning of year $120,540,166 · end of year $139,829,842

  • 4 · Accounts receivable

    beginning of year $18,000 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,862,282 · end of year $1,410,314

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

    $23,601,163

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

    $5,042,212

  • 10c · Land, buildings and equipment, net

    beginning of year $14,556,893 · end of year $18,558,951

  • 11 · Investments: publicly traded securities

    beginning of year $370,065,173 · end of year $836,122,755

  • 12 · Investments: other securities

    beginning of year $1,942,692,598 · end of year $1,798,070,558

  • 15 · Other assets

    beginning of year $3,538,403 · end of year $3,526,339

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,296,924 · end of year $4,963,475

  • 19 · Deferred revenue

    beginning of year $12,711,247 · end of year $12,440,662

  • 21 · Escrow or custodial account liability

    beginning of year $1,138,651,192 · end of year $1,245,169,176

  • 25 · Other liabilities

    beginning of year $4,139,598 · end of year $4,459,077

  • 27 · Net assets without donor restrictions

    beginning of year $67,951,105 · end of year $77,047,074

  • 28 · Net assets with donor restrictions

    beginning of year $1,227,055,920 · end of year $1,454,168,496

Mission and programs · 2024

Mission

THE MISSION OF THE UNIVERSITY OF MASSACHUSETTS FOUNDATION, INC. IS TO FOSTER AND PROMOTE THE GROWTH, PROGRESS AND GENERAL WELFARE OF THE UNIVERSITY OF MASSACHUSETTS AS STATED IN THE ORIGINAL 1950 ARTICLES OF ORGANIZATION. THE FOUNDATION RECEIVES, INVESTS AND DISBURSES PRIVATE & PUBLIC GIFTS FOR THE BENEFIT OF THE UNIVERSITY OF MASSACHUSETTS AND ITS EDUCATIONAL MISSION.

  • THE UNIVERSITY OF MASSACHUSETTS FOUNDATION, INC. INVESTS FUNDS FOR THE BENEFIT OF THE UNIVERSITY OF MASSACHUSETTS AND TO PROMOTE THE GENERAL WELFARE OF HIGHER EDUCATION IN THE COMMONWEALTH OF MASSACHUSETTS. THE FOUNDATION'S SUPPORT INCLUDES BUT IS NOT LIMITED TO SCHOLARSHIP AND EDUCATION PROGRAMS AND GENERAL PROGRAM SUPPORT.

    Expenses $32,209,329 · Grants $32,209,329 · Revenue $5,963,632

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • ROBERT J MANNING

    DIRECTOR/CHAIR

    Total calculated
    $0
    Hours/week
    1

  • VICTOR WOOLRIDGE

    DIRECTOR/TREASURER

    Total calculated
    $0
    Hours/week
    1

  • MARIA D FURMAN

    DIRECTOR/SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • NATHAN P CHESLEY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JOSE J CORTEZ

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • KATHERINE P CRAVEN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • EDWARD H D'ALELIO

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JOSE F DEMEDEIROS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DANIEL E FEDER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • GRACE K FEY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • WARREN J ISABELLE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • PHILIP W JOHNSTON

    DIRECTOR (UNTIL 4/25)

    Total calculated
    $0
    Hours/week
    1

  • R NORMAN PETERS ESQ

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • PAUL T QUISTBERG

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ROBERT R REITANO

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • SUZANNE L STEFANY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JAMES R JULIAN JR

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $1,173,502
    From this org
    $1,014,591
    From related orgs
    $0
    Other
    $158,911
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $744,591
    Bonus
    $240,000
    Other
    $30,000
    Deferred
    $114,500
    Nontaxable benefits
    $44,411
    Filer's total
    $1,173,502

  • BARRY MORRISON

    CHIEF FINANCIAL OFFICER

    Total calculated
    $501,577
    From this org
    $404,666
    From related orgs
    $0
    Other
    $96,911
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $332,470
    Bonus
    $62,196
    Other
    $10,000
    Deferred
    $54,500
    Nontaxable benefits
    $42,411
    Filer's total
    $501,577

  • PAUL DAWLEY

    GENERAL COUNSEL

    Total calculated
    $451,898
    From this org
    $355,810
    From related orgs
    $0
    Other
    $96,088
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $290,010
    Bonus
    $55,800
    Other
    $10,000
    Deferred
    $54,500
    Nontaxable benefits
    $41,588
    Filer's total
    $451,898

  • JONATHAN GIBBONS

    CHIEF INVESTMENT OFFICER

    Total calculated
    $1,777,237
    From this org
    $1,469,690
    From related orgs
    $0
    Other
    $307,547
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $641,381
    Bonus
    $231,035
    Other
    $597,274
    Deferred
    $265,535
    Nontaxable benefits
    $42,012
    Filer's total
    $1,777,237

  • KATHERINE D TARGETT

    CHIEF DIGITAL INFORMATION OFFICER

    Total calculated
    $277,248
    From this org
    $248,215
    From related orgs
    $0
    Other
    $29,033
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $233,015
    Bonus
    $15,200
    Other
    $0
    Deferred
    $24,846
    Nontaxable benefits
    $4,187
    Filer's total
    $277,248

  • GEOFFREY BOWES

    MANAGING DIRECTOR, INVESTMENT TEAM

    Total calculated
    $743,752
    From this org
    $563,826
    From related orgs
    $0
    Other
    $179,926
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $326,437
    Bonus
    $103,350
    Other
    $134,039
    Deferred
    $137,850
    Nontaxable benefits
    $42,076
    Filer's total
    $743,752

  • DEREK WADE

    DIRECTOR OF INVESTMENT OPERATIONS

    Total calculated
    $407,835
    From this org
    $312,757
    From related orgs
    $0
    Other
    $95,078
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $239,033
    Bonus
    $58,341
    Other
    $15,383
    Deferred
    $51,781
    Nontaxable benefits
    $43,297
    Filer's total
    $407,835

  • HSUNGWEN CHANG

    DIRECTOR OF INVESTMENT (UNTIL 9/25)

    Total calculated
    $400,775
    From this org
    $292,734
    From related orgs
    $0
    Other
    $108,041
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $248,849
    Bonus
    $34,886
    Other
    $8,999
    Deferred
    $65,505
    Nontaxable benefits
    $42,536
    Filer's total
    $400,775

  • QING WAN

    CONTROLLER

    Total calculated
    $257,958
    From this org
    $193,106
    From related orgs
    $0
    Other
    $64,852
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $174,906
    Bonus
    $18,200
    Other
    $0
    Deferred
    $20,482
    Nontaxable benefits
    $44,370
    Filer's total
    $257,958

  • WILLIAM K CHASE

    SR. DIR. OF IT INFRASTRUCTER & SECURITY

    Total calculated
    $210,416
    From this org
    $190,305
    From related orgs
    $0
    Other
    $20,111
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $173,255
    Bonus
    $17,050
    Other
    $0
    Deferred
    $19,030
    Nontaxable benefits
    $1,081
    Filer's total
    $210,416

  • THERESA CURRY

    VP FOR DEV & CE (UNTIL 1/25)

    Total calculated
    $195,317
    From this org
    $180,963
    From related orgs
    $0
    Other
    $14,354
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $77,625
    Bonus
    $16,500
    Other
    $86,838
    Deferred
    $7,898
    Nontaxable benefits
    $6,456
    Filer's total
    $195,317

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 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment
  • 7 · Other non-fixed payments

Answered no

  • 4b · Supplemental nonqualified retirement plan
  • 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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 4A
THE FORMER VP OF DEVELOPMENT RECIEVED SEVERANCE PAYMENT OF $86,100 IN CALENDAR YEAR 2024.
PART I, LINE 7
THE INVESTMENT OFFICE REPORTED EMPLOYEES WERE PROVIDED A NONFIXED PAYMENT BASED ON FACTORS SUCH AS LEADERSHIP AND MANAGEMENT. OTHER REPORTED EMPLOYEES WERE PROVIDED A NONFIXED PAYMENT IN THE FORM OF A PERFORMANCE-BASED BONUS. THESE AMOUNTS ARE REPORTED IN PART II, COLUMN B(II).
PART II, COLUMN (D) NONTAXABLE BENEFITS:
THE AMOUNTS REPORTED INCLUDE EMPLOYER AND EMPLOYEE PAID NONTAXABLE BENEFITS FOR HEALTH, DENTAL, AND VISION INSURANCE; AS WELL AS LIFE, AD&D, AND DISABILITY INSURANCE.

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

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 (4)

    T · CHARITABLE REMAINDER TRUSTS · MA · controlled entity

    Directly controlled by UNIVERSITY OF MASSACHUSETTS FOUNDATION

  • POOLED INCOME FUND (2)

    T · POOLED INCOME FUND · MA · controlled entity

    Directly controlled by UNIVERSITY OF MASSACHUSETTS FOUNDATION

Provenance

Return type
form_990
Tax year
2024
Filed
15 May 2026
IRS schema version
2024v5.5
Source object
202601359349306395

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