New England College Of Optometry
- Assets
- $64.1m
- Revenue
- $27.0m
- Investments
- $0.0
- Employees
- 298
- Location
- Boston, MA
- Founding
- 01/1948
- Data as of
- 06/2020
- EIN
- 04-1591060
Organization Overview
New England College Of Optometry is located in Boston, MA. The organization was established in 1948. According to its NTEE Classification (B42) the organization is classified as: Undergraduate Colleges, under the broad grouping of Education and related organizations. As of 06/2021, New England College Of Optometry employed 298 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New England College Of Optometry is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2020, New England College Of Optometry generated $27.0m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.6% each year. All expenses for the organization totaled $21.4m during the year ending 06/2020. While expenses have increased by 0.4% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
CHANGING THE WAY PEOPLE SEE THE WORLD THROUGH OPTOMETRIC EDUCATION, DISCOVERY AND SERVICE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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. 550 STUDENTS WERE ENROLLED DURING THE YEAR ENDED 06/30/2021.
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 FY2021 THE COLLEGE RECEIVED REVENUE FROM 22 GRANTS AND CONTRACTS, 9 OF WHICH WERE SPONSORED BY THE NATIONAL INSTITUTES OF HEALTH.
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 GERMANY IN FY2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Howard Purcell President | OfficerTrustee | 40 | $490,217 |
Traci Logan Treasurer/evp/coo/cfo | Officer | 40 | $415,979 |
Erik M Weissberg Vp/dean | Officer | 40 | $247,393 |
Gary Y Chu VP Professional Affairs | 40 | $182,947 | |
Steven B Koevary Professor | 40 | $173,128 | |
Kristen B Fillion Assoc Dean Clinical Affairs | 40 | $161,889 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Crsp Llc (Broad Institute) Covid-19 Testing | 6/29/21 | $225,000 |
Stealing Share Incorporated Marketing - Brand Development | 6/29/21 | $163,800 |
Jones Architecture Inc Architecture And Design | 6/29/21 | $157,007 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $573,568 |
| Investment income | $1,053,014 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $352,213 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$14,757 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $27,018,548 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $1,089,723 |
| Grants and other assistance to Foreign Orgs/Individuals | $19,743 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,236,185 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,027,600 |
| Pension plan accruals and contributions | $637,173 |
| Other employee benefits | $799,654 |
| Payroll taxes | $654,320 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $36,086 |
| Fees for services: Accounting | $95,796 |
| Fees for services: Lobbying | $12,871 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $662,528 |
| Advertising and promotion | $100,167 |
| Office expenses | $42,918 |
| Information technology | $285,232 |
| Royalties | $0 |
| Occupancy | $745,501 |
| Travel | $142,637 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $150,445 |
| Interest | $127,527 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,438,812 |
| Insurance | $195,946 |
| All other expenses | $0 |
| Total functional expenses | $21,444,654 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,712,447 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $112,635 |
| Accounts receivable, net | $365,782 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $7,622,426 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $374,937 |
| Investments—publicly traded securities | $36,642,868 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,501,203 |
| Total assets | $64,092,870 |
| Accounts payable and accrued expenses | $1,098,900 |
| Grants payable | $0 |
| Deferred revenue | $2,447,389 |
| Tax-exempt bond liabilities | $4,940,000 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $7,397,621 |
| Total liabilities | $15,883,910 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $48,208,960 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that New England College Of Optometry has recieved totaling $70,570.
| Awarding Organization | Amount |
|---|---|
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $50,500 |
Community Foundation Of Collier County Naples, FL PURPOSE: ARTS, CULTURE, & HUMANITIES | $20,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $70 |
Endowment Analysis
| Beg. Balance | $10,434,269 |
| Earnings | $2,367,928 |
| Admin Expense | $9,084 |
| Net Contributions | $45,509 |
| Other Expense | $200,250 |
| Grants | $171,481 |
| Ending Balance | $12,466,891 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Albertus Magnus College New Haven, CT | $71,777,424 | $46,097,293 |
Vaughn College Of Aeronautics And Technology East Elmhurst, NY | $105,761,771 | $41,818,773 |
Cambridge College Inc Boston, MA | $83,415,943 | $41,615,020 |
College Of Our Lady Of The Elms Chicopee, MA | $76,626,054 | $46,446,695 |
Concordia College At Bronxville Bronxville, NY | $58,273,921 | $38,883,009 |
Cazenovia College Cazenovia, NY | $61,316,762 | $34,879,477 |
Paul Smiths College Of Arts And Sciences Paul Smiths, NY | $83,057,888 | $35,545,491 |
Houghton University Houghton, NY | $128,730,517 | $37,909,785 |
Metropolitan College Of New York New York, NY | $94,231,360 | $30,133,687 |
Kings College New York, NY | $28,690,287 | $25,449,174 |
Wells College Aurora, NY | $79,137,888 | $23,598,312 |
The Trustees Of Anatolia College Boston, MA | $103,946,256 | $27,292,105 |