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← BENJAMIN FRANKLIN CUMMINGS INSTITUTE OF TECHNOLOGY

Form 990 for tax year 2024

Filed by BENJAMIN FRANKLIN CUMMINGS INSTITUTE OF TECHNOLOGY.

Totals

Total revenue
$26,514,755
Total expenses
$23,902,540
Contributions and grants received
$13,816,246
Grants paid
$5,305,163
Program service revenue
$12,373,440
Investment income
$121,837
Other revenue
$203,232
Total assets, end of year
$49,978,288
Total liabilities, end of year
$35,304,367
Net assets or fund balances, end of year
$14,673,921
Program services expenses (Part IX)
$17,840,387
Management and general expenses
$5,386,986
Fundraising expenses
$675,167
Program service expenses (Part III)
$17,840,387

Program services were 74.6% 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)

    $5,626,653

  • 1f · All other contributions, gifts and grants

    $8,189,593

  • 1g · Noncash contributions included above

    $583,547

  • 2a · Program service revenue: TUITION AND FEES

    total $11,574,270 · related or exempt $11,574,270

  • 2b · Program service revenue: AUXILIARY INCOME

    total $92,145 · related or exempt $92,145

  • 2c · Program service revenue: STUDENT PROVISIONS

    total $707,025 · related or exempt $707,025

  • 3 · Investment income

    total $121,837 · excluded $121,837

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

    total $0

  • 5 · Royalties

    total $0

  • 6a · Gross rents

    real property $89,000

  • 6c · Rental income or loss

    real property $89,000 · personal property $0

  • 6d · Net rental income or loss

    total $89,000 · excluded $89,000

  • 7a · Gross sales of assets other than inventory

    securities $569,325

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

    securities $569,325

  • 7d · Net gain or loss

    total $0

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0

  • 11a · Other revenue: OTHER INCOME

    total $114,232 · excluded $114,232

  • 11e · Other revenue, total

    $114,232

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,223,307 · program services $1,223,307

  • 2 · Grants to domestic individuals

    total $4,081,856 · program services $4,081,856

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $542,765 · program services $374,142 · management and general $144,188 · fundraising $24,435

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $7,787,269 · program services $5,466,398 · management and general $1,961,552 · fundraising $359,319

  • 8 · Pension plan contributions

    total $178,918 · program services $109,562 · management and general $63,731 · fundraising $5,625

  • 9 · Other employee benefits

    total $1,032,999 · program services $623,188 · management and general $376,574 · fundraising $33,237

  • 10 · Payroll taxes

    total $594,070 · program services $429,284 · management and general $135,225 · fundraising $29,561

  • 11a · Fees: management

    total $2,908,048 · program services $2,177,870 · management and general $584,172 · fundraising $146,006

  • 11b · Fees: legal

    total $120,788 · management and general $120,788

  • 11c · Fees: accounting

    total $79,290 · management and general $79,290

  • 11d · Fees: lobbying

    total $69,962 · management and general $69,962

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $7,756 · management and general $7,756

  • 11g · Fees: other

    total $244,591 · program services $183,177 · management and general $49,134 · fundraising $12,280

  • 12 · Advertising and promotion

    total $286,449 · program services $275,318 · fundraising $11,131

  • 13 · Office expenses

    total $196,350 · program services $69,908 · management and general $112,749 · fundraising $13,693

  • 14 · Information technology

    total $462,676 · program services $454,444 · management and general $2,599 · fundraising $5,633

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $352,293 · program services $35,962 · management and general $316,331

  • 17 · Travel

    total $39,070 · program services $30,931 · management and general $5,153 · fundraising $2,986

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $63,610 · program services $49,900 · management and general $11,267 · fundraising $2,443

  • 20 · Interest

    total $3,482 · management and general $3,482

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $587,759 · management and general $587,759

  • 23 · Insurance

    total $146,686 · management and general $146,686

  • 24a · Other expenses: EQUIPMENT RENTAL

    total $1,312,835 · program services $1,232,657 · management and general $80,160 · fundraising $18

  • 24b · Other expenses: STUDENT PROVISIONS

    total $575,958 · program services $575,958

  • 24c · Other expenses: STUDENT SERVICES

    total $299,501 · program services $299,501

  • 24d · Other expenses: BAD DEBT

    total $291,304 · management and general $291,304

  • 24e · All other expenses

    total $412,948 · program services $147,024 · management and general $237,124 · fundraising $28,800

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,741,133 · end of year $5,952,620

  • 2 · Savings and temporary cash investments

    beginning of year $0 · end of year $0

  • 3 · Pledges and grants receivable

    beginning of year $2,570,785 · end of year $1,324,528

  • 4 · Accounts receivable

    beginning of year $3,080,293 · end of year $3,605,979

  • 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 $31,673,000 · end of year $31,673,000

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $107,312 · end of year $75,806

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

    $12,971,416

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

    $7,808,606

  • 10c · Land, buildings and equipment, net

    beginning of year $3,391,293 · end of year $5,162,810

  • 11 · Investments: publicly traded securities

    beginning of year $1,646,137 · end of year $2,070,904

  • 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 $21,240 · end of year $112,641

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,576,266 · end of year $2,224,101

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $8,512,313 · end of year $8,562,900

  • 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 $23,079,668 · end of year $24,442,246

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $1,240 · end of year $75,120

  • 27 · Net assets without donor restrictions

    beginning of year $3,367,907 · end of year $7,065,657

  • 28 · Net assets with donor restrictions

    beginning of year $8,693,799 · end of year $7,608,264

Mission and programs · 2024

Mission

BENJAMIN FRANKLIN CUMMINGS INSTITUTE OF TECHNOLOGY IS AN AFFORDABLE, URBAN COLLEGE SERVING THE BOSTON REGION AND COMMITTED TO STUDENT SUCCESS AND CAREER READINESS IN TECHNOLOGY FIELDS. THROUGH PERSONALIZED SUPPORT, HANDS-ON LEARNING, AND INDUSTRY-INFORMED CURRICULA, BENJAMIN FRANKLIN CUMMINGS INSTITUTE OF TECHNOLOGY PREPARES GRADUATES FOR WORK, LIFE-LONG LEARNING, AND CITIZENSHIP.

Activities or mission (Part I)

BENJAMIN FRANKLIN CUMMINGS INSTITUTE OF TECHNOLOGY'S mission is to deliver transformative technical and trade education that leads to economic advancement.

  • Benjamin Franklin Cummings Institute of Technology (Franklin Cummings Tech) offers programs that align with job opportunities in high-growth fields like clean energy, robotics, automation, construction management, and biotech. Franklin Cummings Tech achieved an operating surplus in the past four consecutive fiscal years. Total operating dollars raised were up 34% over last fiscal year. For fiscal year 2025 net tuition revenue represented 33% of total operating revenue and contributions and grants represented 62% of revenue with the remaining 4% coming from other income. Franklin Cummings Tech currently has approximately 147 full and part-time faculty and staff. Franklin Cummings Tech believes in making personalized, flexible education affordable and accessible for everyone, creating a more equitable and resilient Greater Boston through access to family-sustaining income. During the year the college served a total of 1,125 students, a 12% increase over last year with 55% traditional students, 29% in the newly created division of workforce development and continuing studies, and 16% in early college programs. During Fiscal year 2023 Franklin Cummings Tech received all its approvals for the development of a new campus in the Nubian Square neighborhood of Boston. In March of 2024 the college closed on its bridge financing and construction began on the new campus. It also closed on a New Market Tax Credit program which will net $9.3 million towards the project costs. As of June 30, 2025, the College incurred a total of $42,824,126 in development and construction costs. Construction is expected to be completed in the fall of 2025.

    Expenses $17,840,387 · Grants $5,305,163 · Revenue $12,373,440

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

Listed in Part VII

  • Aisha Francis PhD

    President & CEO

    Total calculated
    $350,796
    From this org
    $314,502
    From related orgs
    $0
    Other
    $36,294
    Hours/week
    35 + 1 related

    Schedule J breakdown matched by us

    Base
    $241,052
    Bonus
    $73,450
    Other
    $0
    Deferred
    $16,423
    Nontaxable benefits
    $19,871
    Filer's total
    $350,796

  • Michael Goldstein

    CHIEF INNOVATION OFFICER

    Total calculated
    $177,790
    From this org
    $156,684
    From related orgs
    $0
    Other
    $21,106
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $156,684
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $21,106
    Filer's total
    $177,790

  • Marvin Loiseau

    Dean of Academics/Stdnt Affair

    Total calculated
    $172,341
    From this org
    $156,860
    From related orgs
    $0
    Other
    $15,481
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $156,860
    Bonus
    $0
    Other
    $0
    Deferred
    $7,987
    Nontaxable benefits
    $7,494
    Filer's total
    $172,341

  • Kevin Hepner

    Chief Financial Officer

    Total calculated
    $163,902
    From this org
    $152,467
    From related orgs
    $0
    Other
    $11,435
    Hours/week
    35 + 1 related

    Schedule J breakdown matched by us

    Base
    $152,467
    Bonus
    $0
    Other
    $0
    Deferred
    $7,763
    Nontaxable benefits
    $3,672
    Filer's total
    $163,902

  • Jackie Cornog

    Chief of Staff

    Total calculated
    $140,377
    From this org
    $114,803
    From related orgs
    $0
    Other
    $25,574
    Hours/week
    35

  • Alan Blair

    Controller

    Total calculated
    $124,773
    From this org
    $111,471
    From related orgs
    $0
    Other
    $13,302
    Hours/week
    35

  • James Dellot

    Prof of Auto Tech, & Prg Chr

    Total calculated
    $124,259
    From this org
    $118,002
    From related orgs
    $0
    Other
    $6,257
    Hours/week
    35

  • Turahn Dorsey

    Chair Board of Trustees

    Total calculated
    $0
    Hours/week
    5 + 1 related

  • Rahkeem Morris

    Vice Chair

    Total calculated
    $0
    Hours/week
    5

  • Marisa Meldonian MPH

    Vice Chair

    Total calculated
    $0
    Hours/week
    5

  • Claire Wadlington

    Treasurer

    Total calculated
    $0
    Hours/week
    5 + 1 related

  • Maureen Pompeo

    Clerk

    Total calculated
    $0
    Hours/week
    5 + 1 related

  • Peter Bauer

    Trustee

    Total calculated
    $0
    Hours/week
    2

  • Rodger Brown

    Trustee

    Total calculated
    $0
    Hours/week
    2

  • Mary Churchill PhD

    Trustee

    Total calculated
    $0
    Hours/week
    2

  • Chenita Daughtry

    Trustee

    Total calculated
    $0
    Hours/week
    2

  • TIFFANY DOTSON PhD

    Trustee

    Total calculated
    $0
    Hours/week
    2

  • Caroline Fay

    Trustee

    Total calculated
    $0
    Hours/week
    2

  • Chris Jones PhD

    Trustee

    Total calculated
    $0
    Hours/week
    2

  • Rachel Kaprielian

    Trustee

    Total calculated
    $0
    Hours/week
    2

  • Paul Macrina

    Trustee

    Total calculated
    $0
    Hours/week
    2

  • Stetson Marshall

    Trustee

    Total calculated
    $0
    Hours/week
    2

  • Trinh Nguyen

    City of Boston Rep.

    Total calculated
    $0
    Hours/week
    2

  • Fernando Rodriguez-Villa

    Trustee

    Total calculated
    $0
    Hours/week
    2

  • Andrew Tarsy

    Trustee

    Total calculated
    $0
    Hours/week
    2

  • Rahul Yarala

    Trustee

    Total calculated
    $0
    Hours/week
    2

  • Anna Yu

    Trustee

    Total calculated
    $0
    Hours/week
    2

  • John F Donohue

    Trustee

    Total calculated
    $0
    Hours/week
    2

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 · Form 990 of other organizations
  • 3 · Approval by the board or compensation committee

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

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.

Provenance

Return type
form_990
Tax year
2024
Filed
3 March 2026
IRS schema version
2024v5.2
Source object
202630649349301228

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