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← UNIVERSITY OF MASSACHUSETTS FOUNDATION INC

Form 990 for tax year 2023

Filed by UNIVERSITY OF MASSACHUSETTS FOUNDATION INC.

Totals

Total revenue
$102,206,758
Total expenses
$46,122,528
Contributions and grants received
$60,159,642
Grants paid
$26,715,828
Program service revenue
$5,452,995
Investment income
$36,512,266
Other revenue
$81,855
Total assets, end of year
$1,315,154,794
Total liabilities, end of year
$20,147,769
Net assets or fund balances, end of year
$1,295,007,025
Program services expenses (Part IX)
$26,715,828
Management and general expenses
$16,542,256
Fundraising expenses
$2,864,444
Program service expenses (Part III)
$26,715,828

Program services were 57.9% 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)

    $10,011,623

  • 1f · All other contributions, gifts and grants

    $50,148,019

  • 1g · Noncash contributions included above

    $3,413,967

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

    total $5,452,995 · related or exempt $5,452,995

  • 3 · Investment income

    total $19,654,522 · unrelated business $125,001 · excluded $19,529,521

  • 7a · Gross sales of assets other than inventory

    securities $311,388,406

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

    securities $294,530,662

  • 7c · Gain or loss

    securities $16,857,744

  • 7d · Net gain or loss

    total $16,857,744 · unrelated business -$81,214 · excluded $16,938,958

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

    total $81,855 · related or exempt $81,855

  • 11e · Other revenue, total

    $81,855

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $26,715,828 · program services $26,715,828

  • 5 · Compensation of officers, directors and key employees

    total $3,563,561 · management and general $3,237,663 · fundraising $325,898

  • 7 · Other salaries and wages

    total $4,390,649 · management and general $4,149,117 · fundraising $241,532

  • 8 · Pension plan contributions

    total $324,573 · management and general $306,115 · fundraising $18,458

  • 9 · Other employee benefits

    total $398,994 · management and general $332,793 · fundraising $66,201

  • 10 · Payroll taxes

    total $358,614 · management and general $326,624 · fundraising $31,990

  • 11b · Fees: legal

    total $277,323 · management and general $277,323

  • 11c · Fees: accounting

    total $216,630 · management and general $216,630

  • 11d · Fees: lobbying

    total $65,000 · management and general $65,000

  • 11f · Fees: investment management

    total $3,147,625 · management and general $3,147,625

  • 11g · Fees: other

    total $2,515,558 · management and general $2,489,143 · fundraising $26,415

  • 12 · Advertising and promotion

    total $129,853 · fundraising $129,853

  • 13 · Office expenses

    total $410,908 · management and general $383,367 · fundraising $27,541

  • 14 · Information technology

    total $2,306,124 · management and general $391,696 · fundraising $1,914,428

  • 16 · Occupancy

    total $330,922 · management and general $330,922

  • 17 · Travel

    total $405,683 · management and general $329,225 · fundraising $76,458

  • 19 · Conferences, conventions and meetings

    total $20,480 · management and general $14,810 · fundraising $5,670

  • 22 · Depreciation, depletion and amortization

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

  • 23 · Insurance

    total $118,461 · management and general $118,461

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $640,815 · end of year $532,471

  • 2 · Savings and temporary cash investments

    beginning of year $2 · end of year $0

  • 3 · Pledges and grants receivable

    beginning of year $153,423,959 · end of year $120,540,166

  • 4 · Accounts receivable

    beginning of year $54,225 · end of year $18,000

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,601,412 · end of year $1,862,282

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

    $19,173,363

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

    $4,616,470

  • 10c · Land, buildings and equipment, net

    beginning of year $14,982,635 · end of year $14,556,893

  • 11 · Investments: publicly traded securities

    beginning of year $360,140,608 · end of year $370,065,173

  • 12 · Investments: other securities

    beginning of year $612,942,107 · end of year $804,041,406

  • 15 · Other assets

    beginning of year $3,725,954 · end of year $3,538,403

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,352,627 · end of year $3,296,924

  • 19 · Deferred revenue

    beginning of year $13,499,468 · end of year $12,711,247

  • 25 · Other liabilities

    beginning of year $4,182,525 · end of year $4,139,598

  • 27 · Net assets without donor restrictions

    beginning of year $58,852,002 · end of year $67,951,105

  • 28 · Net assets with donor restrictions

    beginning of year $1,066,625,095 · end of year $1,227,055,920

Mission and programs · 2023

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 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 $26,715,828 · Grants $26,715,828 · Revenue $5,534,850

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

Listed in Part VII

  • ROBERT J MANNING

    DIRECTOR/CHAIR (AS OF 1/1/24)

    Total calculated
    $0
    Hours/week
    1

  • EDWARD H D'ALELIO

    DIRECTOR (& CHAIR THRU 12/31/23)

    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

  • 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

    Total calculated
    $0
    Hours/week
    1

  • R NORMAN PETERS ESQ

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • PAUL T QUISTBERG

    DIRECTOR (AS OF 1/1/24)

    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
    $1,050,221
    From this org
    $962,107
    From related orgs
    $0
    Other
    $88,114
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $688,607
    Bonus
    $228,500
    Other
    $45,000
    Deferred
    $33,000
    Nontaxable benefits
    $55,114
    Filer's total
    $1,050,221

  • THERESA CURRY VP DEVELOP

    CONSTITUENT ENGMT/ASSO. GEN COUNSEL (THRU 1/2024

    Total calculated
    $392,131
    From this org
    $327,255
    From related orgs
    $0
    Other
    $64,876
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $281,107
    Bonus
    $33,981
    Other
    $12,167
    Deferred
    $33,000
    Nontaxable benefits
    $31,876
    Filer's total
    $392,131

  • BARRY MORRISON

    CHIEF FINANCIAL OFFICER

    Total calculated
    $331,403
    From this org
    $298,525
    From related orgs
    $0
    Other
    $32,878
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $262,725
    Bonus
    $25,800
    Other
    $10,000
    Deferred
    $30,154
    Nontaxable benefits
    $2,724
    Filer's total
    $331,403

  • PAUL DAWLEY

    GENERAL COUNSEL

    Total calculated
    $348,005
    From this org
    $281,007
    From related orgs
    $0
    Other
    $66,998
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $251,007
    Bonus
    $25,000
    Other
    $5,000
    Deferred
    $28,750
    Nontaxable benefits
    $38,248
    Filer's total
    $348,005

  • JONATHAN GIBBONS

    CHIEF INVESTMENT OFFICER

    Total calculated
    $1,600,448
    From this org
    $978,492
    From related orgs
    $0
    Other
    $621,956
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $579,608
    Bonus
    $0
    Other
    $398,884
    Deferred
    $582,085
    Nontaxable benefits
    $39,871
    Filer's total
    $1,600,448

  • GEOFFREY BOWES

    MANAGING DIRECTOR, INVESTMENT TEAM

    Total calculated
    $776,419
    From this org
    $591,415
    From related orgs
    $0
    Other
    $185,004
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $310,553
    Bonus
    $118,875
    Other
    $161,987
    Deferred
    $151,875
    Nontaxable benefits
    $33,129
    Filer's total
    $776,419

  • DEREK WADE

    DIRECTOR OF INVESTMENT OPERATIONS

    Total calculated
    $345,393
    From this org
    $270,763
    From related orgs
    $0
    Other
    $74,630
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $231,107
    Bonus
    $39,656
    Other
    $0
    Deferred
    $41,184
    Nontaxable benefits
    $33,446
    Filer's total
    $345,393

  • HSUNGWEN CHANG

    DIRECTOR OF INVESTMENT

    Total calculated
    $318,637
    From this org
    $246,829
    From related orgs
    $0
    Other
    $71,808
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $231,204
    Bonus
    $15,625
    Other
    $0
    Deferred
    $40,668
    Nontaxable benefits
    $31,140
    Filer's total
    $318,637

  • QING WAN

    CONTROLLER

    Total calculated
    $238,756
    From this org
    $187,694
    From related orgs
    $0
    Other
    $51,062
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $169,607
    Bonus
    $18,087
    Other
    $0
    Deferred
    $19,159
    Nontaxable benefits
    $31,903
    Filer's total
    $238,756

  • WILLIAM K CHASE

    SR. DIR. OF IT INFRASTRUCTURE & SECURITY

    Total calculated
    $196,595
    From this org
    $178,250
    From related orgs
    $0
    Other
    $18,345
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $162,750
    Bonus
    $15,500
    Other
    $0
    Deferred
    $17,825
    Nontaxable benefits
    $520
    Filer's total
    $196,595

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 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 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 INVESTMENT OFFICE REPORTED EMPLOYEES WERE PROVIDED A NONFIXED PAYMENT BASED ON FACTORS SUCH AS LEADERSHIP AND MANAGEMENT. OTHER REPORTED EMPLOYEES WERE PROVIDED A NON-FIXED 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
2023
Filed
15 May 2025
IRS schema version
2023v6.0
Source object
202541359349312684

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