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Nonprofiteer
← UNIVERSITY OF MASSACHUSETTS FOUNDATION INC

Form 990 for tax year 2022

Filed by UNIVERSITY OF MASSACHUSETTS FOUNDATION INC.

Totals

Total revenue
$113,438,486
Total expenses
$46,052,746
Contributions and grants received
$73,320,621
Grants paid
$22,807,596
Program service revenue
$0
Investment income
$27,535,735
Other revenue
$12,582,130
Total assets, end of year
$1,147,511,717
Total liabilities, end of year
$22,034,620
Net assets or fund balances, end of year
$1,125,477,097
Program services expenses (Part IX)
$22,807,596
Management and general expenses
$19,302,325
Fundraising expenses
$3,942,825
Program service expenses (Part III)
$22,807,596

Program services were 49.5% 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)

    $8,436,575

  • 1f · All other contributions, gifts and grants

    $64,884,046

  • 1g · Noncash contributions included above

    $1,101,396

  • 3 · Investment income

    total $10,792,579 · unrelated business $42,518 · excluded $10,750,061

  • 7a · Gross sales of assets other than inventory

    securities $454,488,196

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

    securities $437,745,040

  • 7c · Gain or loss

    securities $16,743,156

  • 7d · Net gain or loss

    total $16,743,156 · excluded $16,743,156

  • 11a · Other revenue: INVESTMENT MANAGEMENT

    total $12,582,130 · related or exempt $12,582,130

  • 11e · Other revenue, total

    $12,582,130

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $22,807,596 · program services $22,807,596

  • 5 · Compensation of officers, directors and key employees

    total $2,210,770 · management and general $1,778,397 · fundraising $432,373

  • 7 · Other salaries and wages

    total $1,229,944 · management and general $965,729 · fundraising $264,215

  • 8 · Pension plan contributions

    total $122,994 · management and general $96,573 · fundraising $26,421

  • 9 · Other employee benefits

    total $184,491 · management and general $144,859 · fundraising $39,632

  • 10 · Payroll taxes

    total $110,695 · management and general $86,916 · fundraising $23,779

  • 11b · Fees: legal

    total $195,530 · management and general $195,530

  • 11c · Fees: accounting

    total $185,167 · management and general $185,167

  • 11d · Fees: lobbying

    total $83,000 · management and general $83,000

  • 11f · Fees: investment management

    total $11,028,585 · management and general $11,028,585

  • 11g · Fees: other

    total $2,287,644 · management and general $2,038,719 · fundraising $248,925

  • 12 · Advertising and promotion

    total $64,637 · fundraising $64,637

  • 13 · Office expenses

    total $505,703 · management and general $474,762 · fundraising $30,941

  • 14 · Information technology

    total $2,644,431 · management and general $183,993 · fundraising $2,460,438

  • 16 · Occupancy

    total $315,908 · management and general $315,908

  • 17 · Travel

    total $1,012,685 · management and general $748,336 · fundraising $264,349

  • 19 · Conferences, conventions and meetings

    total $366,171 · management and general $279,056 · fundraising $87,115

  • 22 · Depreciation, depletion and amortization

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

  • 23 · Insurance

    total $137,849 · management and general $137,849

  • 24a · Other expenses: BAD DEBT EXPENSE

    total $133,204 · management and general $133,204

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    end of year $640,815

  • 2 · Savings and temporary cash investments

    beginning of year $1,787,228 · end of year $2

  • 3 · Pledges and grants receivable

    beginning of year $170,929,064 · end of year $153,423,959

  • 4 · Accounts receivable

    beginning of year $872,657 · end of year $54,225

  • 9 · Prepaid expenses and deferred charges

    beginning of year $4,055,700 · end of year $1,601,412

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

    $19,173,363

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

    $4,190,728

  • 10c · Land, buildings and equipment, net

    beginning of year $15,212,528 · end of year $14,982,635

  • 11 · Investments: publicly traded securities

    beginning of year $300,535,028 · end of year $360,140,608

  • 12 · Investments: other securities

    beginning of year $495,014,904 · end of year $612,942,107

  • 15 · Other assets

    beginning of year $0 · end of year $3,725,954

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,303,465 · end of year $4,352,627

  • 19 · Deferred revenue

    beginning of year $11,844,588 · end of year $13,499,468

  • 25 · Other liabilities

    beginning of year $2,335,384 · end of year $4,182,525

  • 27 · Net assets without donor restrictions

    beginning of year $51,261,487 · end of year $58,852,002

  • 28 · Net assets with donor restrictions

    beginning of year $919,662,185 · end of year $1,066,625,095

Mission and programs · 2022

Mission

TO FOSTER AND PROMOTE THE GROWTH, PROGRESS AND GENERAL WELFARE OF THE UNIVERSITY OF MASSACHUSETTS AS STATED IN THE ORIGINAL 1950 ARTICLES OF ORGANIZATION. TO INVEST PRIVATE SUPPORT FOR THE BENEFIT OF THE UNIVERSITY OF MASSACHUSETTS.

Activities or mission (Part I)

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 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 INCLUDING, BUT NOT LIMITED TO SUPPORT OF THE SCHOLARSHIP AND EDUCATION PROGRAMS AND GENERAL PROGRAM SERVICES EXPENDITURES.

    Expenses $22,807,596 · Grants $22,807,596 · Revenue $12,582,130

As filed on the 2022 return.

Listed in Part VII

  • Nathan P Chesley

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jose J Cortez

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Katherine P Craven

    DIRECTOR (AS OF JAN. 2023)

    Total calculated
    $0
    Hours/week
    1

  • Jose F Demederios

    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

    Total calculated
    $0
    Hours/week
    1

  • R Norman Peters Esq

    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

  • Robert J Manning

    VICE CHAIR (AS OF JULY 2022)

    Total calculated
    $0
    Hours/week
    1

  • Victor Woolridge

    TREASURER (AS OF JULY 2022)

    Total calculated
    $0
    Hours/week
    1

  • Edward H D'Alelio

    CHAIR

    Total calculated
    $0
    Hours/week
    3

  • Maria D Furman

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • James R Julian Jr

    CEO (AS OF AUG. 2022)

    Total calculated
    $415,540
    From this org
    $366,862
    From related orgs
    $0
    Other
    $48,678
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $197,247
    Bonus
    $165,000
    Other
    $4,615
    Deferred
    $30,500
    Nontaxable benefits
    $18,178
    Filer's total
    $415,540

  • Theresa Curry Vp Develop

    CONSTITUENT ENGMT/ASSOC GEN COUNSEL

    Total calculated
    $317,639
    From this org
    $288,031
    From related orgs
    $0
    Other
    $29,608
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $279,723
    Bonus
    $0
    Other
    $8,308
    Deferred
    $19,165
    Nontaxable benefits
    $10,443
    Filer's total
    $317,639

  • Paul Dawley

    GENERAL COUNSEL (AS OF JULY 2022)

    Total calculated
    $136,237
    From this org
    $109,997
    From related orgs
    $0
    Other
    $26,240
    Hours/week
    40

  • Barry F Morrison

    CFO (AS OF AUG. 2022)

    Total calculated
    $113,545
    From this org
    $103,077
    From related orgs
    $0
    Other
    $10,468
    Hours/week
    40

  • Michael Barone

    INTERIM CFO (UNTIL JULY 2022)

    Total calculated
    $0
    Hours/week
    40

  • Jonathan Gibbons

    CHIEF INVESTMENT OFFICER

    Total calculated
    $1,853,235
    From this org
    $1,287,531
    From related orgs
    $0
    Other
    $565,704
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $548,117
    Bonus
    $739,414
    Other
    $0
    Deferred
    $531,910
    Nontaxable benefits
    $33,794
    Filer's total
    $1,853,235

  • Geoffrey Bowes

    MANAGING DIRECTOR, INVESTMENT TEAM

    Total calculated
    $765,634
    From this org
    $508,823
    From related orgs
    $0
    Other
    $256,811
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $316,433
    Bonus
    $192,390
    Other
    $0
    Deferred
    $230,210
    Nontaxable benefits
    $26,601
    Filer's total
    $765,634

  • Linda Liang

    DIR OF OPERATIONS (UNTIL SEPT. 2022)

    Total calculated
    $232,726
    From this org
    $201,813
    From related orgs
    $0
    Other
    $30,913
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $148,390
    Bonus
    $53,423
    Other
    $0
    Deferred
    $14,839
    Nontaxable benefits
    $16,074
    Filer's total
    $232,726

  • Sarah McDonnel

    ASSISTANT GENERAL COUNSEL

    Total calculated
    $132,960
    From this org
    $120,790
    From related orgs
    $0
    Other
    $12,170
    Hours/week
    40

  • Maura O'Keefe

    SENIOR FOUNDATION ASSOCIATE

    Total calculated
    $129,147
    From this org
    $114,562
    From related orgs
    $0
    Other
    $14,585
    Hours/week
    40

  • Christopher Youlden

    INVMT. ASSOCIATE (UNTIL APR. 2022)

    Total calculated
    $109,701
    From this org
    $101,529
    From related orgs
    $0
    Other
    $8,172
    Hours/week
    40

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

  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 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 7
THE BONUSES TO THE CHIEF INVESTMENT OFFICER, JONATHAN GIBBONS, AND MANAGING DIRECTOR, INVESTMENT TEAM, GEOFFREY BOWES, ARE SUBJECTIVE AND QUALITATIVE AND IS BASED ON FACTORS SUCH AS LEADERSHIP AND MANAGEMENT. THE CEO, DIRECTOR OF OPERATIONS, ASSISTANT GENERAL COUNSEL, AND FORMER INVESTMENT ASSOCIATE, LISTED ON FORM 990, PART VII, RECEIVED A NON-FIXED PAYMENT IN THE FORM OF A PERFORMANCE BASED BONUS DURING THE 2022 YEAR.

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

  • UNIVERSITY OF MASSACHUSETTS

    $22,807,596

    SEE PART IV

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 INC

  • POOLED INCOME FUND (2)

    T · POOLED INCOME FUND · MA · controlled entity

    Directly controlled by UNIVERSITY OF MASSACHUSETTS FOUNDATION INC

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202431369349310888

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