Skip to content
Nonprofiteer
← FITCHBURG STATE UNIVERSITY FOUNDATION INC

Form 990 for tax year 2023

Filed by FITCHBURG STATE UNIVERSITY FOUNDATION INC.

Totals

Total revenue
$4,334,913
Total expenses
$1,768,699
Contributions and grants received
$2,942,690
Grants paid
$1,207,060
Program service revenue
$31,122
Investment income
$1,330,733
Other revenue
$30,368
Total assets, end of year
$36,292,559
Total liabilities, end of year
$428,592
Net assets or fund balances, end of year
$35,863,967
Program services expenses (Part IX)
$1,667,856
Management and general expenses
$98,607
Fundraising expenses
$2,236
Program service expenses (Part III)
$1,667,856

Program services were 94.3% 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.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $1,925

  • 1d · Related organizations

    $0

  • 1e · Government grants (contributions)

    $555,555

  • 1f · All other contributions, gifts and grants

    $2,385,210

  • 1g · Noncash contributions included above

    $0

  • 2a · Program service revenue: See Schedule O

    total $31,122 · related or exempt $31,122 · unrelated business $0 · excluded $0

  • 2b · Program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 2c · Program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 2d · Program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 2e · Program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $621,821 · related or exempt $0 · unrelated business $0 · excluded $621,821

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6a · Gross rents

    real property $0 · personal property $0

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 7a · Gross sales of assets other than inventory

    securities $5,098,095 · other assets $0

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

    securities $4,389,183 · other assets $0

  • 7c · Gain or loss

    securities $708,912 · other assets $0

  • 7d · Net gain or loss

    total $708,912 · related or exempt $0 · unrelated business $0 · excluded $708,912

  • 8a · Fundraising events: gross income

    $31,720

  • 8a · Fundraising events: contributions included on line 1c

    $1,925

  • 8b · Fundraising events: direct expenses

    $26,791

  • 8c · Net income from fundraising events

    total $4,929 · unrelated business $0 · excluded $4,929

  • 9a · Gaming: gross income

    $31,821

  • 9b · Gaming: direct expenses

    $6,382

  • 9c · Net income from gaming

    total $25,439 · related or exempt $0 · unrelated business $0 · excluded $25,439

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11a · Other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11b · Other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11c · Other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $626,284 · program services $626,284

  • 2 · Grants to domestic individuals

    total $580,776 · program services $580,776

  • 3 · Grants to foreign organizations and individuals

    total $0 · program services $0

  • 4 · Benefits paid to or for members

    total $0 · program services $0

  • 5 · Compensation of officers, directors and key employees

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 6 · Compensation of disqualified persons

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 7 · Other salaries and wages

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 8 · Pension plan contributions

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 9 · Other employee benefits

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 10 · Payroll taxes

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11a · Fees: management

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11b · Fees: legal

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11c · Fees: accounting

    total $19,000 · program services $0 · management and general $19,000 · fundraising $0

  • 11d · Fees: lobbying

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11e · Fees: professional fundraising services

    total $0 · fundraising $0

  • 11f · Fees: investment management

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11g · Fees: other

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 12 · Advertising and promotion

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 13 · Office expenses

    total $75,528 · program services $53,908 · management and general $19,384 · fundraising $2,236

  • 14 · Information technology

    total $127,802 · program services $127,802 · management and general $0 · fundraising $0

  • 15 · Royalties

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 16 · Occupancy

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 17 · Travel

    total $10,817 · program services $10,817 · management and general $0 · fundraising $0

  • 18 · Travel or entertainment for public officials

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $37,410 · program services $37,410 · management and general $0 · fundraising $0

  • 20 · Interest

    total $12,626 · program services $0 · management and general $12,626 · fundraising $0

  • 21 · Payments to affiliates

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $23,639 · program services $12,369 · management and general $11,270 · fundraising $0

  • 23 · Insurance

    total $36,327 · program services $0 · management and general $36,327 · fundraising $0

  • 24a · Other expenses: Community Services

    total $27,578 · program services $27,578 · management and general $0 · fundraising $0

  • 24b · Other expenses: Speakers and cultural programs

    total $157,602 · program services $157,602 · management and general $0 · fundraising $0

  • 24c · Other expenses: Outside Services

    total $33,310 · program services $33,310 · management and general $0 · fundraising $0

  • 24d · Other expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 24e · All other expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 26 · Joint costs (an allocation of the lines above)

    total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,454 · end of year $200

  • 2 · Savings and temporary cash investments

    beginning of year $2,888,621 · end of year $4,422,153

  • 3 · Pledges and grants receivable

    beginning of year $1,563,577 · end of year $689,332

  • 4 · Accounts receivable

    beginning of year $57,736 · end of year $74,743

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $27,793 · end of year $5,544

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

    $1,454,320

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

    $1,011,652

  • 10c · Land, buildings and equipment, net

    beginning of year $466,307 · end of year $442,668

  • 11 · Investments: publicly traded securities

    beginning of year $25,615,426 · end of year $30,043,044

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $664,173 · end of year $614,875

  • 17 · Accounts payable and accrued expenses

    beginning of year $60,554 · end of year $41,626

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $80,000

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $297,981 · end of year $281,176

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $25,380 · end of year $25,790

  • 27 · Net assets without donor restrictions

    beginning of year $2,852,882 · end of year $3,110,104

  • 28 · Net assets with donor restrictions

    beginning of year $28,048,290 · end of year $32,753,863

Mission and programs · 2023

Mission

To support the educational endeavor of Fitchburg State University

Activities or mission (Part I)

To support the educational endeavors of Fitchburg State University

  • Support the education endeavors of FSU

    Expenses $872,638 · Grants $845,060 · Revenue $23,386

  • support of academic departments

    Expenses $731,747 · Grants $362,000

  • Alumni Events and Cultural Programs

    Expenses $63,471 · Revenue $7,736

As filed on the 2023 return.

Listed in Part VII

  • Nicholas D Smith

    Director

    Total calculated
    $0
    Hours/week
    0.2

  • John T Garten

    Director

    Total calculated
    $0
    Hours/week
    0.2

  • Donata Martin

    Director

    Total calculated
    $0
    Hours/week
    0.2

  • Barbara Mahoney

    Director

    Total calculated
    $0
    Hours/week
    0.2

  • Lorie Martiska

    Director

    Total calculated
    $0
    Hours/week
    0.2

  • Mark Lambert

    Director

    Total calculated
    $0
    Hours/week
    0.2

  • Mary Beth Jokela

    Director

    Total calculated
    $0
    Hours/week
    0.2

  • Marc Dohan

    Director

    Total calculated
    $0
    Hours/week
    0.2

  • Anthony J Mercadante

    Treasurer Audit Chair

    Total calculated
    $0
    Hours/week
    0.5

  • John P Mahan

    Clerk

    Total calculated
    $0
    Hours/week
    0.5

  • Anna M Clementi

    Director

    Total calculated
    $0
    Hours/week
    0.2

  • Eric Gregoire

    Director

    Total calculated
    $0
    Hours/week
    0.2

  • Patricia Pistone

    Director

    Total calculated
    $0
    Hours/week
    0.2

  • Richard S Lapidus

    President

    Total calculated
    $297,403
    From this org
    $0
    From related orgs
    $273,255
    Other
    $24,148
    Hours/week
    10 + 30 related

    Schedule J breakdown matched by us

    Base
    $0 + $273,255 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $24,148 related
    Filer's total
    $0 + $297,403 related

  • Jay D Bry

    VP of Finance Administration

    Total calculated
    $216,496
    From this org
    $0
    From related orgs
    $201,371
    Other
    $15,125
    Hours/week
    10 + 30 related

    Schedule J breakdown matched by us

    Base
    $0 + $201,371 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $15,125 related
    Filer's total
    $0 + $216,496 related

  • Jeffrey Wolfman

    vP Advancement

    Total calculated
    $202,799
    From this org
    $0
    From related orgs
    $168,487
    Other
    $34,312
    Hours/week
    10 + 30 related

    Schedule J breakdown matched by us

    Base
    $0 + $168,487 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $34,312 related
    Filer's total
    $0 + $202,799 related

  • Patricia Marshall

    VP Academic Affairs Provost

    Total calculated
    $221,745
    From this org
    $0
    From related orgs
    $197,597
    Other
    $24,148
    Hours/week
    0.2 + 39.8 related

    Schedule J breakdown matched by us

    Base
    $0 + $197,597 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $24,148 related
    Filer's total
    $0 + $221,745 related

  • Laura Bayless

    VP Student Affairs

    Total calculated
    $197,700
    From this org
    $0
    From related orgs
    $163,388
    Other
    $34,312
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $163,388 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $34,312 related
    Filer's total
    $0 + $197,700 related

  • Nadimpalli Mahadev

    Professor

    Total calculated
    $232,969
    From this org
    $0
    From related orgs
    $198,657
    Other
    $34,312
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $198,657 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $34,312 related
    Filer's total
    $0 + $232,969 related

  • Paul Weizer

    Professor

    Total calculated
    $199,733
    From this org
    $0
    From related orgs
    $170,137
    Other
    $29,596
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $170,137 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $29,596 related
    Filer's total
    $0 + $199,733 related

  • Jessica Murdoch

    VP of HR Payroll

    Total calculated
    $182,225
    From this org
    $0
    From related orgs
    $158,077
    Other
    $24,148
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $158,077 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $24,148 related
    Filer's total
    $0 + $182,225 related

  • Natalia Kourtonina

    Professor

    Total calculated
    $206,128
    From this org
    $0
    From related orgs
    $190,649
    Other
    $15,479
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $190,649 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $15,479 related
    Filer's total
    $0 + $206,128 related

  • Xuzhou Chen

    Professor

    Total calculated
    $205,981
    From this org
    $0
    From related orgs
    $205,981
    Other
    $0
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $205,981 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $205,981 related

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

None.

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
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

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

  • Fitchburg State University

    $362,000

    Contribution

  • Fitchburg State University

    $101,762

    Intern Incentive Program

  • Fitchburg State University

    $72,357

    Diversity programming SGA clubs

  • Fitchburg State University

    $57,871

    Cultural Events

  • Fitchburg State University

    $25,000

    Diversity Program Speakers

  • St Anna Parish

    $5,000

    Language studies

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.

Provenance

Return type
form_990
Tax year
2023
Filed
3 March 2025
IRS schema version
2023v6.0
Source object
202520629349300507

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.