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Nonprofiteer
← NEW ENGLAND COLLEGE OF OPTOMETRY

Form 990 for tax year 2024

Filed by NEW ENGLAND COLLEGE OF OPTOMETRY.

Totals

Total revenue
$31,939,924
Total expenses
$26,376,482
Contributions and grants received
$1,106,055
Grants paid
$1,625,029
Program service revenue
$26,197,869
Investment income
$3,466,307
Other revenue
$1,169,693
Total assets, end of year
$96,585,845
Total liabilities, end of year
$12,778,878
Net assets or fund balances, end of year
$83,806,967
Program services expenses (Part IX)
$18,807,411
Management and general expenses
$7,146,545
Fundraising expenses
$422,526
Program service expenses (Part III)
$18,807,411

Program services were 71.3% 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.

  • 1e · Government grants (contributions)

    $143,446

  • 1f · All other contributions, gifts and grants

    $962,609

  • 1g · Noncash contributions included above

    $77,370

  • 2a · Program service revenue: TUITION AND FEES

    total $25,342,442 · related or exempt $25,342,442

  • 2b · Program service revenue: RESEARCH GRANTS AND CONTRACTS

    total $775,439 · related or exempt $775,439

  • 2c · Program service revenue: CONTINUING PROFESSIONAL EDUCATION

    total $40,838 · related or exempt $40,838

  • 2d · Program service revenue: INTERNATIONAL STUDIES

    total $39,150 · related or exempt $39,150

  • 3 · Investment income

    total $2,717,916 · excluded $2,717,916

  • 7a · Gross sales of assets other than inventory

    securities $20,302,175

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

    securities $19,553,784

  • 7c · Gain or loss

    securities $748,391

  • 7d · Net gain or loss

    total $748,391 · excluded $748,391

  • 10a · Gross sales of inventory

    $3,812

  • 10b · Cost of goods sold

    $5,694

  • 10c · Net income from sales of inventory

    total -$1,882 · related or exempt -$1,882

  • 11a · Other revenue: ADMINISTRATIVE FEE CHARGED TO AFF

    total $995,000 · related or exempt $995,000

  • 11b · Other revenue: GAIN ON TERMINATION OF PERKINS LO

    total $43,682 · related or exempt $43,682

  • 11c · Other revenue: INTEREST INCOME ON STUDENT LOANS

    total $22,985 · related or exempt $22,985

  • 11d · All other revenue

    total $109,908 · related or exempt $109,908

  • 11e · Other revenue, total

    $1,171,575

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $1,586,234 · program services $1,586,234

  • 3 · Grants to foreign organizations and individuals

    total $38,795 · program services $38,795

  • 5 · Compensation of officers, directors and key employees

    total $2,352,997 · program services $501,180 · management and general $1,851,817

  • 7 · Other salaries and wages

    total $9,515,867 · program services $6,718,799 · management and general $2,594,346 · fundraising $202,722

  • 8 · Pension plan contributions

    total $877,718 · program services $528,459 · management and general $333,149 · fundraising $16,110

  • 9 · Other employee benefits

    total $1,200,852 · program services $723,013 · management and general $455,799 · fundraising $22,040

  • 10 · Payroll taxes

    total $907,881 · program services $546,620 · management and general $344,598 · fundraising $16,663

  • 11b · Fees: legal

    total $28,520 · program services $9,804 · management and general $18,716

  • 11c · Fees: accounting

    total $58,707 · management and general $58,707

  • 11d · Fees: lobbying

    total $33,000 · management and general $33,000

  • 11g · Fees: other

    total $677,626 · program services $239,638 · management and general $435,988 · fundraising $2,000

  • 12 · Advertising and promotion

    total $151,519 · program services $17,258 · management and general $125,211 · fundraising $9,050

  • 13 · Office expenses

    total $33,506 · program services $14,372 · management and general $17,990 · fundraising $1,144

  • 14 · Information technology

    total $638,642 · program services $102,094 · management and general $533,693 · fundraising $2,855

  • 16 · Occupancy

    total $847,488 · program services $256,378 · management and general $591,110

  • 17 · Travel

    total $226,736 · program services $154,285 · management and general $53,334 · fundraising $19,117

  • 19 · Conferences, conventions and meetings

    total $355,787 · program services $215,599 · management and general $112,370 · fundraising $27,818

  • 20 · Interest

    total $61,119 · program services $44,278 · management and general $15,157 · fundraising $1,684

  • 22 · Depreciation, depletion and amortization

    total $1,398,568 · program services $1,010,104 · management and general $349,618 · fundraising $38,846

  • 23 · Insurance

    total $349,110 · program services $2,420 · management and general $346,690

  • 24a · Other expenses: EDUCATIONAL SERVICE FEE

    total $3,795,230 · program services $3,795,230

  • 24b · Other expenses: PRINTING & PUBLICATIONS

    total $241,256 · program services $229,662 · management and general $4,023 · fundraising $7,571

  • 24c · Other expenses: DUES & MEMBERSHIP

    total $204,652 · program services $80,079 · management and general $124,246 · fundraising $327

  • 24d · Other expenses: ALLOCATION OF FACILITIE

    total $0 · program services $1,577,929 · management and general -$1,623,740 · fundraising $45,811

  • 24e · All other expenses

    total $794,672 · program services $415,181 · management and general $370,723 · fundraising $8,768

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $10,080,890 · end of year $8,837,617

  • 3 · Pledges and grants receivable

    beginning of year $157,572 · end of year $74,581

  • 4 · Accounts receivable

    beginning of year $679,746 · end of year $628,917

  • 7 · Other notes and loans receivable

    beginning of year $6,775,224 · end of year $6,693,014

  • 9 · Prepaid expenses and deferred charges

    beginning of year $928,079 · end of year $1,215,532

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

    $37,945,641

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

    $29,116,878

  • 10c · Land, buildings and equipment, net

    beginning of year $7,203,984 · end of year $8,828,763

  • 11 · Investments: publicly traded securities

    beginning of year $61,149,745 · end of year $69,669,003

  • 15 · Other assets

    beginning of year $1,126,994 · end of year $638,418

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,681,379 · end of year $1,929,034

  • 19 · Deferred revenue

    beginning of year $2,605,008 · end of year $2,442,992

  • 20 · Tax-exempt bond liabilities

    beginning of year $2,800,000 · end of year $2,215,000

  • 25 · Other liabilities

    beginning of year $6,440,579 · end of year $6,191,852

  • 27 · Net assets without donor restrictions

    beginning of year $60,331,388 · end of year $68,829,381

  • 28 · Net assets with donor restrictions

    beginning of year $14,243,880 · end of year $14,977,586

Mission and programs · 2024

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. 538 STUDENTS WERE ENROLLED DURING THE YEAR ENDED 06/30/2025.

    Expenses $17,310,448 · Grants $1,586,234 · Revenue $26,512,135

  • 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 MAINTAINS AN INTERNATIONAL REPUTATION IN CLINICALLY RELEVANT AREAS OF RESEARCH INCLUDING MYOPIA, PEDIATRIC, LOW VISION REHABILITATION, AND VISION SCIENCE. FACULTY ACTIVELY ENGAGE IN RESEARCH SUPPORTED BY THE NIH, OTHER FEDERAL AGENCIES, FOUNDATIONS, AND INDUSTRY PARTNERS, WHILE MENTORING GRADUATE AND PROFESSIONAL STUDENTS WHO PARTICIPATE IN THESE PROJECTS. IN FY2025 THE COLLEGE RECEIVED REVENUE FROM 21 GRANTS AND CONTRACTS, 9 OF WHICH WERE SPONSORED BY U.S. DEPARTMENT OF HEALTH AND HUMAN SERVICES.

    Expenses $1,249,225 · Revenue $775,439

  • 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, ISRAEL, AND SPAIN IN FY2025.

    Expenses $218,847 · Grants $38,795 · Revenue $39,150

  • CONTINUING PROFESSIONAL EDUCATION - THE COLLEGE PROVIDES PATIENT-CENTERED, CLINICALLY RELEVANT EDUCATION TO SUPPORT LIFELONG LEARNING FOR OPTOMETRISTS.

    Expenses $28,891 · Revenue $40,838

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

Listed in Part VII

  • Howard Purcell

    PRESIDENT

    Total calculated
    $714,722
    From this org
    $651,662
    From related orgs
    $0
    Other
    $63,060
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $487,509
    Bonus
    $156,512
    Other
    $7,641
    Deferred
    $31,050
    Nontaxable benefits
    $32,010
    Filer's total
    $714,722

  • Athanasios Panorgias

    TRUSTEE/PROFESSOR

    Total calculated
    $207,162
    From this org
    $177,697
    From related orgs
    $0
    Other
    $29,465
    Hours/week
    40 + 3 related

    Schedule J breakdown matched by us

    Base
    $176,954
    Bonus
    $0
    Other
    $743
    Deferred
    $15,172
    Nontaxable benefits
    $14,293
    Filer's total
    $207,162

  • Richard Heller

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    3 + 3 related

  • Dorothy L Hitchmoth

    BOARD VICE CHAIR

    Total calculated
    $0
    Hours/week
    3 + 3 related

  • Myron Allukian Jr

    TRUSTEE

    Total calculated
    $0
    Hours/week
    3 + 3 related

  • Linda Bennett

    TRUSTEE

    Total calculated
    $0
    Hours/week
    3 + 3 related

  • Karen Eng

    TRUSTEE

    Total calculated
    $0
    Hours/week
    3 + 3 related

  • Alan Glazier

    TRUSTEE

    Total calculated
    $0
    Hours/week
    3 + 3 related

  • Kristen Griebel

    TRUSTEE

    Total calculated
    $0
    Hours/week
    3 + 3 related

  • Anne Kavanagh

    TRUSTEE

    Total calculated
    $0
    Hours/week
    3 + 3 related

  • Jonathan Marcus

    TRUSTEE

    Total calculated
    $0
    Hours/week
    3 + 3 related

  • Robert Meenan

    TRUSTEE

    Total calculated
    $0
    Hours/week
    3 + 3 related

  • Melvin Ming

    TRUSTEE

    Total calculated
    $0
    Hours/week
    3 + 3 related

  • Andrew Morgenstern

    TRUSTEE

    Total calculated
    $0
    Hours/week
    3 + 3 related

  • Rachel Negris

    TRUSTEE

    Total calculated
    $0
    Hours/week
    3 + 3 related

  • Susan Primo

    TRUSTEE

    Total calculated
    $0
    Hours/week
    3 + 3 related

  • Valarie Ricciardi

    TRUSTEE

    Total calculated
    $0
    Hours/week
    3 + 3 related

  • John Stefanini

    TRUSTEE

    Total calculated
    $0
    Hours/week
    3 + 3 related

  • Traci Logan

    TREASURER/EVP/COO

    Total calculated
    $560,451
    From this org
    $517,308
    From related orgs
    $0
    Other
    $43,143
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $412,658
    Bonus
    $77,679
    Other
    $26,971
    Deferred
    $31,050
    Nontaxable benefits
    $12,093
    Filer's total
    $560,451

  • Mollie S Forman

    SECRETARY/MANAGER

    Total calculated
    $99,770
    From this org
    $77,484
    From related orgs
    $0
    Other
    $22,286
    Hours/week
    40

  • Addy R Reiter

    ASST SECRETARY/OFFICE MANAGER

    Total calculated
    $81,013
    From this org
    $54,672
    From related orgs
    $0
    Other
    $26,341
    Hours/week
    40

  • Erik M Weissberg

    VP/DEAN

    Total calculated
    $331,862
    From this org
    $307,902
    From related orgs
    $0
    Other
    $23,960
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $260,490
    Bonus
    $46,026
    Other
    $1,386
    Deferred
    $23,455
    Nontaxable benefits
    $505
    Filer's total
    $331,862

  • Gary Y Chu

    VP/PROFESSIONAL AFFAIRS

    Total calculated
    $225,264
    From this org
    $204,786
    From related orgs
    $0
    Other
    $20,478
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $203,289
    Bonus
    $0
    Other
    $1,497
    Deferred
    $18,476
    Nontaxable benefits
    $2,002
    Filer's total
    $225,264

  • Shawne K Gillies

    DIR FACILITIES/CAMPUS PLNG

    Total calculated
    $186,190
    From this org
    $157,819
    From related orgs
    $0
    Other
    $28,371
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $133,339
    Bonus
    $0
    Other
    $24,480
    Deferred
    $14,552
    Nontaxable benefits
    $13,819
    Filer's total
    $186,190

  • Stacy A Lyons

    PROFESSOR

    Total calculated
    $216,302
    From this org
    $177,543
    From related orgs
    $0
    Other
    $38,759
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $173,154
    Bonus
    $2,775
    Other
    $1,614
    Deferred
    $15,952
    Nontaxable benefits
    $22,807
    Filer's total
    $216,302

  • Peter Maddocks

    EXEC DIR FIN OPERATIONS

    Total calculated
    $212,578
    From this org
    $182,902
    From related orgs
    $0
    Other
    $29,676
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $157,956
    Bonus
    $50
    Other
    $24,896
    Deferred
    $16,633
    Nontaxable benefits
    $13,043
    Filer's total
    $212,578

  • Steven B Koevary

    PROFESSOR

    Total calculated
    $211,636
    From this org
    $185,018
    From related orgs
    $0
    Other
    $26,618
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $175,882
    Bonus
    $6,632
    Other
    $2,504
    Deferred
    $15,525
    Nontaxable benefits
    $11,093
    Filer's total
    $211,636

  • Aurora Denial

    PROFESSOR

    Total calculated
    $199,046
    From this org
    $161,504
    From related orgs
    $0
    Other
    $37,542
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $159,215
    Bonus
    $0
    Other
    $2,289
    Deferred
    $14,782
    Nontaxable benefits
    $22,760
    Filer's total
    $199,046

  • Bina J Patel

    PROFESSOR

    Total calculated
    $187,925
    From this org
    $162,224
    From related orgs
    $0
    Other
    $25,701
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $160,737
    Bonus
    $0
    Other
    $1,487
    Deferred
    $14,608
    Nontaxable benefits
    $11,093
    Filer's total
    $187,925

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 AND TREASURER/EVP/COO 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.

Provenance

Return type
form_990
Tax year
2024
Filed
13 March 2026
IRS schema version
2024v5.5
Source object
202610769349301206

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