Assumption University
- Assets
- $237.8m
- Revenue
- $116.9m
- Investments
- $15.8m
- Employees
- 1,107
- Location
- Worcester, MA
- Founding
- 07/1953
- Data as of
- 05/2023
- EIN
- 04-2105776
Organization Overview
Assumption University is located in Worcester, MA. The organization was established in 1953. According to its NTEE Classification (B42) the organization is classified as: Undergraduate Colleges, under the broad grouping of Education and related organizations. As of 05/2023, Assumption University employed 1,107 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Assumption University 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 05/2023, Assumption University generated $116.9m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.7% each year. All expenses for the organization totaled $122.0m during the year ending 05/2023. While expenses have increased by 1.4% per year over the past 8 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
HIGHER EDUCATION OF MEN AND WOMEN. ASSUMPTION UNIVERSITY STRIVES TO FORM GRADUATES KNOWN FOR CRITICAL INTELLIGENCE, THOUGHTFUL CITIZENSHIP AND COMPASSIONATE SERVICE.
Describe the Organization's Program Activity:
HIGHER EDUCATION: PROVIDES COLLEGE DEGREE PROGRAMS AT THE UNDERGRADUATE AND GRADUATE LEVEL. THE UNIVERSITY AWARDED 450 UNDERGRADUATE DEGREES AND 148 GRADUATE DEGREES AT ITS 2023 COMMENCEMENT.
AUXILIARY ENTERPRISES: PROVIDED ON CAMPUS HOUSING TO APPROXIMATELY 1,800 STUDENTS.
AUXILIARY ENTERPRISES: PROVIDED BOARD, BOOKS, ETC. TO APPROXIMATELY 2,000 STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Francesco Cesareo President (thru 6/30/22) | OfficerTrustee | 40 | $662,266 |
Suzanne M Besnia ESQ Trustee (as Of 10/1/22) | Trustee | 2 | $0 |
Richard P Burke Jr Trustee | Trustee | 2 | $0 |
Sharon Brovelli Trustee | Trustee | 2 | $0 |
Carl M Cafaro Trustee | Trustee | 2 | $0 |
Rev Alex A Castro Aa Trustee (thru 5/6/23) | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sodexo Inc & Affiliates Dining And Facilities Services | 5/30/23 | $6,987,357 |
Dynamic Campus Solutions Information Tech Services | 5/30/23 | $2,405,142 |
Jjbafaro Inc Construction | 5/30/23 | $471,912 |
3 Enrollment Marketing Enrollment And Marketing | 5/30/23 | $460,785 |
Setter Advertising Marketing | 5/30/23 | $365,028 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $6,242,661 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,819,672 |
| Noncash contributions included in lines 1a–1f | $676,960 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,062,333 |
| Total Program Service Revenue | $103,836,251 |
| Investment income | $2,993,053 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $148,859 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $116,907,832 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $300,000 |
| Grants and other assistance to domestic individuals. | $50,714,359 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,667,492 |
| Compensation of current officers, directors, key employees. | $397,936 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $28,296,278 |
| Pension plan accruals and contributions | $1,739,288 |
| Other employee benefits | $7,356,343 |
| Payroll taxes | $2,152,972 |
| Fees for services: Management | $11,622,496 |
| Fees for services: Legal | $139,905 |
| Fees for services: Accounting | $128,598 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $17,979 |
| Fees for services: Investment Management | $124,088 |
| Fees for services: Other | $871,138 |
| Advertising and promotion | $1,057,119 |
| Office expenses | $630,059 |
| Information technology | $3,488,302 |
| Royalties | $0 |
| Occupancy | $1,944,571 |
| Travel | $428,765 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $650,590 |
| Interest | $682,522 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,924,829 |
| Insurance | $1,073,289 |
| All other expenses | $0 |
| Total functional expenses | $121,995,531 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $86,795 |
| Savings and temporary cash investments | $15,836,595 |
| Pledges and grants receivable | $3,203,880 |
| Accounts receivable, net | $968,595 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $219,526 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,457,252 |
| Net Land, buildings, and equipment | $106,588,557 |
| Investments—publicly traded securities | $91,564,695 |
| Investments—other securities | $15,831,439 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,068,775 |
| Total assets | $237,826,109 |
| Accounts payable and accrued expenses | $6,566,604 |
| Grants payable | $0 |
| Deferred revenue | $5,502,573 |
| Tax-exempt bond liabilities | $33,376,707 |
| 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 | $2,178,152 |
| Total liabilities | $47,624,036 |
| Net assets without donor restrictions | $143,168,074 |
| Net assets with donor restrictions | $47,033,999 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $237,826,109 |
Grants Awarded
Over the last fiscal year, Assumption University has awarded $305,100 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
KARS4KIDS INC PURPOSE: GENERAL PURPOSE | $5,100 |
THE AUGUSTINIANS OF THE ASSUMPTION PURPOSE: GENERAL PURPOSE | $300,000 |