Independent University Alumni Association At Lowell Inc
- Assets
- $9.1m
- Revenue
- $284.2k
- Investments
- $8.8m
- Employees
- 1
- Location
- Lowell, MA
- Founding
- 06/1952
- Data as of
- 06/2023
- EIN
- 04-2052723
Organization Overview
Independent University Alumni Association At Lowell Inc is located in Lowell, MA. The organization was established in 1952. According to its NTEE Classification (Z99) the organization is classified as: Unknown, under the broad grouping of Unknown and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Independent University Alumni Association At Lowell Inc 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 06/2023, Independent University Alumni Association At Lowell Inc generated $284.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (8.7%) each year. All expenses for the organization totaled $328.6k during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (1.5%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIPS AND GRANTS PROVIDED TO UNIVERSITY STUDENTS
UNIVERSITY OF MASSACHUSETTS FOUNDATION FOR SCHOLARSHIPS TO BE PROVIDED TO UNIVERSITY STUDENTS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Margaret Shanahan Executive Director | 35 | $53,840 | |
Kevin Shanahan President | 1 | $0 | |
Michael Alpert Vice President | 1 | $0 | |
Patricia Rivard Gardner Treasurer | 1 | $0 | |
Davis Lee Secretary | 1 | $0 | |
Walter Dawson Director | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $3,298 |
| Interest on Savings | $0 |
| Dividends & Interest | $280,404 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $455 |
| Total Revenue | $284,157 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $53,840 |
| Other employee salaries and wages | $4,039 |
| Pension plans, employee benefits | $2,010 |
| Interest | $0 |
| Taxes | $8,726 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $48,614 |
| Total operating and administrative expenses | $137,589 |
| Contributions, gifts, grants paid | $191,000 |
| Total expenses and disbursements | $328,589 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $42,522 |
| Savings and temporary cash investments | $237,178 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $9,120,997 |
| Accounts payable and accrued expenses | $12,364 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $4,813 |
| Total liabilities | $17,177 |
Grants Awarded
Over the last fiscal year, Independent University Alumni Association At Lowell Inc has awarded $196,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
UNIVERSITY OF MASSACHUSETTS FOUNDATION INC PURPOSE: PROVIDE ANNUAL SCHOLARSHIPS TO UNIVERSITY STUDENTS | $150,000 |
UNIVERSITY OF MASSACHUSETTS LOWELL PURPOSE: GRANTS FOR UMASS LOWELL PROGRAMS, ORGANIZATIONS, AND DEPARTMENTS | $41,000 |
VARIOUS INDIVIDUALS PURPOSE: PROVIDE ANNUAL SCHOLARSHIPS TO UNIVERSITY STUDENTS;ACCRUED IN PRIOR YEAR,PAID IN CURRENT YEAR | $5,000 |