Form 990 for tax year 2022
Filed by NEW ENGLAND COLLEGE OF OPTOMETRY.
Totals
- Total revenue
- $29,864,825
- Total expenses
- $25,334,160
- Contributions and grants received
- $1,005,260
- Grants paid
- $1,621,408
- Program service revenue
- $26,377,133
- Investment income
- $1,348,597
- Other revenue
- $1,133,835
- Total assets, end of year
- $79,714,056
- Total liabilities, end of year
- $14,251,736
- Net assets or fund balances, end of year
- $65,462,320
- Program services expenses (Part IX)
- $18,378,821
- Management and general expenses
- $6,149,405
- Fundraising expenses
- $805,934
- Program service expenses (Part III)
- $18,378,821
Program services were 72.5% 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)
$117,803
-
1f · All other contributions, gifts and grants
$887,457
-
2a · Program service revenue: TUITION AND FEES
total $24,153,575 · related or exempt $24,153,575
-
2b · Program service revenue: RESEARCH GRANTS
total $1,969,361 · related or exempt $1,969,361
-
2c · Program service revenue: CONTINUING PROFESSIONAL EDUCATION
total $132,679 · related or exempt $132,679
-
2d · Program service revenue: INTERNATIONAL STUDIES
total $121,518 · related or exempt $121,518
-
3 · Investment income
total $1,860,998 · excluded $1,860,998
-
7a · Gross sales of assets other than inventory
securities $11,206,643
-
7b · Less cost or other basis and sales expenses
securities $11,613,090 · other assets $105,954
-
7c · Gain or loss
securities -$406,447 · other assets -$105,954
-
7d · Net gain or loss
total -$512,401 · excluded -$512,401
-
10a · Gross sales of inventory
$115,992
-
10b · Cost of goods sold
$113,613
-
10c · Net income from sales of inventory
total $2,379 · related or exempt $2,379
-
11a · Other revenue: ADMINISTRATIVE FEE CHARGED TO AFF
total $920,000 · related or exempt $920,000
-
11b · Other revenue: GAIN ON TERMINATION OF PERKINS LO
total $92,225 · related or exempt $92,225
-
11c · Other revenue: INTEREST INCOME ON STUDENT LOANS
total $17,481 · related or exempt $17,481
-
11d · All other revenue
total $101,750 · related or exempt $101,750
-
11e · Other revenue, total
$1,131,456
Functional expenses
Part IX, the statement of functional expenses.
-
2 · Grants to domestic individuals
total $1,597,518 · program services $1,597,518
-
3 · Grants to foreign organizations and individuals
total $23,890 · program services $23,890
-
5 · Compensation of officers, directors and key employees
total $2,163,330 · program services $723,351 · management and general $1,439,979
-
7 · Other salaries and wages
total $8,805,861 · program services $5,967,145 · management and general $2,426,450 · fundraising $412,266
-
8 · Pension plan contributions
total $775,486 · program services $464,961 · management and general $278,822 · fundraising $31,703
-
9 · Other employee benefits
total $1,061,150 · program services $636,237 · management and general $381,531 · fundraising $43,382
-
10 · Payroll taxes
total $853,223 · program services $511,570 · management and general $306,772 · fundraising $34,881
-
11b · Fees: legal
total $63,666 · program services $22,708 · management and general $40,186 · fundraising $772
-
11c · Fees: accounting
total $71,778 · management and general $71,778
-
11d · Fees: lobbying
total $36,060 · management and general $36,060
-
11g · Fees: other
total $1,803,830 · program services $1,243,757 · management and general $481,521 · fundraising $78,552
-
12 · Advertising and promotion
total $50,113 · program services $17,875 · management and general $32,238
-
13 · Office expenses
total $42,937 · program services $23,099 · management and general $17,663 · fundraising $2,175
-
14 · Information technology
total $562,540 · program services $122,180 · management and general $439,463 · fundraising $897
-
16 · Occupancy
total $720,217 · program services $250,480 · management and general $469,737
-
17 · Travel
total $230,312 · program services $158,069 · management and general $58,933 · fundraising $13,310
-
19 · Conferences, conventions and meetings
total $341,115 · program services $201,392 · management and general $47,544 · fundraising $92,179
-
20 · Interest
total $89,092 · program services $64,560 · management and general $22,079 · fundraising $2,453
-
22 · Depreciation, depletion and amortization
total $1,335,527 · program services $959,760 · management and general $338,190 · fundraising $37,577
-
23 · Insurance
total $287,092 · management and general $287,092
-
24a · Other expenses: EDUCATIONAL SERVICE FEE
total $3,229,560 · program services $3,229,560
-
24b · Other expenses: PRINTING AND PUBLICATIO
total $238,306 · program services $228,819 · management and general $4,419 · fundraising $5,068
-
24c · Other expenses: DUES AND MEMBERSHIPS
total $179,275 · program services $61,852 · management and general $117,122 · fundraising $301
-
24d · Other expenses: ALLOCATION OF FACILITIE
total $0 · program services $1,418,494 · management and general -$1,459,676 · fundraising $41,182
-
24e · All other expenses
total $772,282 · program services $451,544 · management and general $311,502 · fundraising $9,236
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $9,106,926 · end of year $7,952,736
-
3 · Pledges and grants receivable
beginning of year $696,308 · end of year $413,674
-
4 · Accounts receivable
beginning of year $619,175 · end of year $1,065,987
-
7 · Other notes and loans receivable
beginning of year $7,137,583 · end of year $7,136,870
-
9 · Prepaid expenses and deferred charges
beginning of year $1,111,968 · end of year $847,355
-
10a · Land, buildings and equipment: cost or other basis
$37,817,827
-
10b · Land, buildings and equipment: accumulated depreciation
$29,932,578
-
10c · Land, buildings and equipment, net
beginning of year $8,002,196 · end of year $7,885,249
-
11 · Investments: publicly traded securities
beginning of year $46,606,787 · end of year $53,163,986
-
15 · Other assets
beginning of year $933,577 · end of year $1,248,199
-
17 · Accounts payable and accrued expenses
beginning of year $2,170,713 · end of year $1,297,702
-
19 · Deferred revenue
beginning of year $2,715,627 · end of year $2,754,077
-
20 · Tax-exempt bond liabilities
beginning of year $3,910,000 · end of year $3,365,000
-
25 · Other liabilities
beginning of year $6,837,737 · end of year $6,834,957
-
27 · Net assets without donor restrictions
beginning of year $45,592,196 · end of year $51,942,782
-
28 · Net assets with donor restrictions
beginning of year $12,988,247 · end of year $13,519,538
Mission and programs · 2022
Mission
SEE SCHEDULE OTHE MISSION OF NEW ENGLAND COLLEGE OF OPTOMETRY IS TO CHANGE THE WAY PEOPLE SEE THE WORLD.WE DO SO BY:- INTEGRATING INNOVATIVE EDUCATION WITH EARLY AND DIVERSE CLINICAL EXPERIENCES TO PREPARE TODAY'S OPTOMETRISTS FOR TOMORROW'S OPTOMETRY.- ADVANCING THE FRONTIERS OF OPTOMETRIC KNOWLEDGE THROUGH EVIDENCE-BASED RESEARCH AND THEN APPLYING THIS KNOWLEDGE TO IMPROVE PATIENTS' LIVES WORLDWIDE.- CULTIVATING COMPASSIONATE CARE OF THE HIGHEST LEVEL OF PROFICIENCY, INTEGRITY, AND PROFESSIONALISM; INFLUENCING PUBLIC POLICY; EXPANDING ACCESS TO COMPREHENSIVE AND SPECIALTY OPTOMETRIC SERVICES; AND EMPHASIZING A SENSITIVITY TO THE HEALTH AND SOCIAL WELFARE OF DIVERSE COMMUNITIES.
Activities or mission (Part I)
CHANGING THE WAY PEOPLE SEE THE WORLD THROUGH OPTOMETRIC EDUCATION, DISCOVERY AND SERVICE.
-
OPTOMETRIC EDUCATION (DIDACTIC INSTRUCTION AND CLINICAL TRAINING) - THE NEW ENGLAND COLLEGE OF OPTOMETRY IS AN INDEPENDENT GRADUATE SCHOOL THAT EDUCATES STUDENTS TO BECOME OUTSTANDING DOCTORS OF OPTOMETRY WHO EXEMPLIFY PROFESSIONALISM AND COMPASSION IN THE COMMUNITIES IN WHICH THEY SERVE. THE CURRICULUM OPTIMIZES THE SYNERGISTIC RELATIONSHIP BETWEEN THE DIDACTIC AND CLINICAL EXPERIENCE, UTILIZING BOTH TRADITIONAL AND INNOVATIVE PEDAGOGICAL PRACTICES TO ENSURE A LEARNING EXPERIENCE THAT IS STUDENT-CENTERED AND ENGAGING, AND REFLECTIVE OF THE EVOLVING LANDSCAPE OF EYE CARE, HEALTHCARE, AND HEALTHCARE POLICY. 553 STUDENTS WERE ENROLLED DURING THE YEAR ENDED 06/30/2023
Expenses $16,489,782 · Grants $1,597,518 · Revenue $25,287,410
-
RESEARCH - THE COLLEGE ADVANCES THE FRONTIERS OF OPTOMETRIC KNOWLEDGE AND TRANSLATES THAT KNOWLEDGE TO IMPROVE PATIENTS' LIVES WORLDWIDE BY REDUCING VISION LOSS AND TRANSFORMING THE DELIVERY OF EYE CARE. NECO HAS AN INTERNATIONAL REPUTATION IN CLINICALLY RELEVANT AREAS OF RESEARCH INCLUDING MYOPIA, LOW VISION REHABILITATION, AND PEDIATRICS. NECO FACULTY PROVIDES EXCELLENT TEACHING AND RESEARCH, WITH SUPPORT FROM THE NIH, OTHER GOVERNMENT AGENCIES, FOUNDATIONS, AND INDUSTRY. STUDENT PARTICIPATION IN RESEARCH GRADUATE PROGRAMS IS ENCOURAGED, WITH MENTORSHIP FROM FACULTY. IN FY2023 THE COLLEGE RECEIVED REVENUE FROM 22 GRANTS AND CONTRACTS, 10 OF WHICH WERE SPONSORED BY THE NATIONAL INSTITUTES OF HEALTH.
Expenses $1,578,433 · Revenue $1,969,361
-
INTERNATIONAL PROGRAMS - THE NEW ENGLAND COLLEGE OF OPTOMETRY IS COMMITTED TO THE DEVELOPMENT OF PARTNERSHIPS AND EDUCATIONAL PROGRAMS THAT ADVANCE THE QUALITY OF VISION AND EYE CARE GLOBALLY THROUGH PARTNERSHIPS AND SPONSORSHIPS WITH COLLEGES AND UNIVERSITIES IN EUROPE, ASIA AND THE MIDDLE EAST. NECO FACULTY HAVE PLAYED A KEY ROLE IN EXTENDING OPTOMETRIC EDUCATION TO OTHER COUNTRIES, INCLUDING CHINA, GERMANY, ISRAEL, SOUTH AFRICA, AND SPAIN IN FY2023.
Expenses $237,289 · Grants $23,890 · Revenue $121,518
-
CONTINUING PROFESSIONAL EDUCATION AND CONFERENCES - THE COLLEGE PROVIDES PATIENT-CENTERED, CLINICALLY RELEVANT EDUCATION TO SUPPORT LIFELONG LEARNING FOR OPTOMETRISTS.
Expenses $73,317 · Revenue $132,679
As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Myron Allukian Jr DDS MPHMYRON ALLUKIAN JR DDS MPH
TRUSTEE
- Total calculated
- $0
- Hours/week
- 3 + 3 related
-
Linda Bennett OdLINDA BENNETT OD
TRUSTEE
- Total calculated
- $0
- Hours/week
- 3 + 3 related
-
Ronald R Ferrucci OdRONALD R FERRUCCI OD
TRUSTEE
- Total calculated
- $0
- Hours/week
- 3 + 3 related
-
Alan Glazier OdALAN GLAZIER OD
TRUSTEE
- Total calculated
- $0
- Hours/week
- 3 + 3 related
-
Kristen Griebel OdKRISTEN GRIEBEL OD
BOARD CHAIR
- Total calculated
- $0
- Hours/week
- 3 + 3 related
-
Richard Heller JDRICHARD HELLER JD
BOARD VICE CHAIR
- Total calculated
- $0
- Hours/week
- 3 + 3 related
-
Dorothy L Hitchmoth OdDOROTHY L HITCHMOTH OD
TRUSTEE
- Total calculated
- $0
- Hours/week
- 3 + 3 related
-
Stephen N Kirnon MBA EdDSTEPHEN N KIRNON MBA EDD
TRUSTEE (UNTIL 10/15/22)
- Total calculated
- $0
- Hours/week
- 3 + 3 related
-
Janet LabreckJANET LABRECK
TRUSTEE (UNTIL 12/01/22)
- Total calculated
- $23,333
- From this org
- $23,333
- From related orgs
- $0
- Other
- $0
- Hours/week
- 3 + 3 related
-
Colin L Leitch MdivCOLIN L LEITCH MDIV
TRUSTEE
- Total calculated
- $0
- Hours/week
- 3 + 3 related
-
Robert Meenan MD MPH MBAROBERT MEENAN MD MPH MBA
TRUSTEE
- Total calculated
- $0
- Hours/week
- 3 + 3 related
-
Rachel Negris OdRACHEL NEGRIS OD
TRUSTEE
- Total calculated
- $0
- Hours/week
- 3 + 3 related
-
Valarie RicciardiVALARIE RICCIARDI
TRUSTEE
- Total calculated
- $0
- Hours/week
- 3 + 3 related
-
Robert Ryan CPA CgmaROBERT RYAN CPA CGMA
TRUSTEE (UNTIL 10/15/22)
- Total calculated
- $0
- Hours/week
- 3 + 3 related
-
Richard N Small CPARICHARD N SMALL CPA
TRUSTEE (UNTIL 10/15/22)
- Total calculated
- $0
- Hours/week
- 3 + 3 related
-
Joseph P Zolner EdDJOSEPH P ZOLNER EDD
TRUSTEE
- Total calculated
- $0
- Hours/week
- 3 + 3 related
-
Howard PurcellHOWARD PURCELL
PRESIDENT
- Total calculated
- $634,709
- From this org
- $573,960
- From related orgs
- $0
- Other
- $60,749
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $457,133
- Bonus
- $112,524
- Other
- $4,303
- Deferred
- $27,450
- Nontaxable benefits
- $33,299
- Filer's total
- $634,709
-
Athanasios PanorgiasATHANASIOS PANORGIAS
TRUSTEE/PROFESSOR
- Total calculated
- $170,153
- From this org
- $144,157
- From related orgs
- $0
- Other
- $25,996
- Hours/week
- 40 + 3 related
Schedule J breakdown matched by us
- Base
- $142,539
- Bonus
- $1,000
- Other
- $618
- Deferred
- $12,775
- Nontaxable benefits
- $13,221
- Filer's total
- $170,153
-
Jon Marcus CFP AifJON MARCUS CFP AIF
TRUSTEE
- Total calculated
- $0
- Hours/week
- 3 + 3 related
-
Melvin Ming CPAMELVIN MING CPA
TRUSTEE
- Total calculated
- $0
- Hours/week
- 3 + 3 related
-
Andrew Morgenstern Od Faao FnapANDREW MORGENSTERN OD FAAO FNAP
TRUSTEE
- Total calculated
- $0
- Hours/week
- 3 + 3 related
-
Susan Primo OdSUSAN PRIMO OD
TRUSTEE
- Total calculated
- $0
- Hours/week
- 3 + 3 related
-
Traci LoganTRACI LOGAN
TREASURER/EVP/COO/CFO
- Total calculated
- $514,245
- From this org
- $473,574
- From related orgs
- $0
- Other
- $40,671
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $383,043
- Bonus
- $66,180
- Other
- $24,351
- Deferred
- $27,450
- Nontaxable benefits
- $13,221
- Filer's total
- $514,245
-
Ashley TortoraASHLEY TORTORA
SECRETARY/ADMIN MANAGER
- Total calculated
- $85,496
- From this org
- $68,510
- From related orgs
- $0
- Other
- $16,986
- Hours/week
- 40
-
Erik M WeissbergERIK M WEISSBERG
VP/DEAN
- Total calculated
- $303,418
- From this org
- $281,117
- From related orgs
- $0
- Other
- $22,301
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $242,048
- Bonus
- $37,669
- Other
- $1,400
- Deferred
- $21,796
- Nontaxable benefits
- $505
- Filer's total
- $303,418
-
Gary Y ChuGARY Y CHU
VP PROFESSIONAL AFFAIRS
- Total calculated
- $218,774
- From this org
- $199,982
- From related orgs
- $0
- Other
- $18,792
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $190,638
- Bonus
- $8,200
- Other
- $1,144
- Deferred
- $17,292
- Nontaxable benefits
- $1,500
- Filer's total
- $218,774
-
Kristen B FillionKRISTEN B FILLION
ASSOC DEAN CLINICAL AFFAIR
- Total calculated
- $222,749
- From this org
- $174,946
- From related orgs
- $0
- Other
- $47,803
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $172,575
- Bonus
- $1,000
- Other
- $1,371
- Deferred
- $15,937
- Nontaxable benefits
- $31,866
- Filer's total
- $222,749
-
Shawne K GilliesSHAWNE K GILLIES
DIR FACILITIES/CAMPUS PLNG
- Total calculated
- $176,464
- From this org
- $150,537
- From related orgs
- $0
- Other
- $25,927
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $128,622
- Bonus
- $1,000
- Other
- $20,915
- Deferred
- $13,686
- Nontaxable benefits
- $12,241
- Filer's total
- $176,464
-
Steven B KoevarySTEVEN B KOEVARY
PROFESSOR
- Total calculated
- $218,617
- From this org
- $191,950
- From related orgs
- $0
- Other
- $26,667
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $184,267
- Bonus
- $5,145
- Other
- $2,538
- Deferred
- $15,446
- Nontaxable benefits
- $11,221
- Filer's total
- $218,617
-
Peter MaddocksPETER MADDOCKS
EXEC DIR FIN OPERATIONS
- Total calculated
- $198,695
- From this org
- $170,768
- From related orgs
- $0
- Other
- $27,927
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $146,721
- Bonus
- $1,000
- Other
- $23,047
- Deferred
- $15,406
- Nontaxable benefits
- $12,521
- Filer's total
- $198,695
-
Fuensanta Vera-DiazFUENSANTA VERA-DIAZ
PROFESSOR
- Total calculated
- $193,745
- From this org
- $169,699
- From related orgs
- $0
- Other
- $24,046
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $167,993
- Bonus
- $1,000
- Other
- $706
- Deferred
- $12,825
- Nontaxable benefits
- $11,221
- Filer's total
- $193,745
-
Stacy LyonsSTACY LYONS
PROFESSOR
- Total calculated
- $199,402
- From this org
- $162,482
- From related orgs
- $0
- Other
- $36,920
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $159,964
- Bonus
- $1,000
- Other
- $1,518
- Deferred
- $14,684
- Nontaxable benefits
- $22,236
- Filer's total
- $199,402
-
Jill LundJILL LUND
DIR ENTERPRISE TECH
- Total calculated
- $192,204
- From this org
- $160,537
- From related orgs
- $0
- Other
- $31,667
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $145,961
- Bonus
- $4,704
- Other
- $9,872
- Deferred
- $13,332
- Nontaxable benefits
- $18,335
- Filer's total
- $192,204
-
Nicole B QuinnNICOLE B QUINN
FORMER TRUSTEE/PROFESSOR
- Total calculated
- $179,353
- From this org
- $133,594
- From related orgs
- $0
- Other
- $45,759
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $131,575
- Bonus
- $1,200
- Other
- $819
- Deferred
- $12,593
- Nontaxable benefits
- $33,166
- Filer's total
- $179,353
-
Elizabeth DaviesELIZABETH DAVIES
FORMER OFFICER/EXEC DIR HR (UNTIL 01/20/2023)
- Total calculated
- $205,823
- From this org
- $167,474
- From related orgs
- $0
- Other
- $38,349
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $165,824
- Bonus
- $0
- Other
- $1,650
- Deferred
- $17,568
- Nontaxable benefits
- $20,781
- Filer's total
- $205,823
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
- 1a · Health or social club dues or initiation fees
- 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
- 1b · Written policy on the line-1a expenses
- 2 · Substantiation required before reimbursing expenses
- 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 1A
- MEMBERSHIP DUES WERE PAID ON BEHALF OF THE COLLEGE'S PRESIDENT TO A SOCIAL CLUB USED PRIMARILY FOR BUSINESS PURPOSES.
- PART I, LINE 7
- CERTAIN PERFORMANCE BASED BONUSES WERE PAID FOLLOWING APPROVAL BY THE PRESIDENT AND/OR SENIOR MANAGEMENT.
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.
-
501(C)(3) · EYE CARE PROVIDER · MA · controlled entity
Directly controlled by NEW ENGLAND COLLEGE OF OPTOMETRY
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 8 February 2024
- IRS schema version
- 2022v5.0
- Source object
- 202420719349301157
Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.
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