Framingham State University Foundation Inc
- Assets
- $14.4m
- Revenue
- $3.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Framingham, MA
- Founding
- 04/1982
- Data as of
- 06/2022
- EIN
- 04-2742666
Organization Overview
Framingham State University Foundation Inc is located in Framingham, MA. The organization was established in 1982. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Framingham State University Foundation 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 06/2022, Framingham State University Foundation Inc generated $3.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 13.4% each year . All expenses for the organization totaled $1.6m during the year ending 06/2022. While expenses have increased by 6.6% per year over the past 7 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
SEE PART III, LINE 1.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE SCHOLARSHIPS AND AWARDS TO BENEFIT FRAMINGHAM STATE UNIVERSITY AND ITS STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Hastings Treasurer | OfficerTrustee | 1 | $0 |
Robert Ramrath President | OfficerTrustee | 1 | $0 |
Kathleen Freeman Vice President | OfficerTrustee | 1 | $0 |
Dr Robert Bonnevie Clerk | OfficerTrustee | 1 | $0 |
Eric Gustafson Executive Director | Officer | 40 | $0 |
Derek Canton Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,620,031 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,620,031 |
| Total Program Service Revenue | $0 |
| Investment income | $212,490 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $57,794 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,260,758 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,151,073 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $427,872 |
| Grants and other assistance to domestic individuals. | $809,720 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $42,757 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $63,463 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,108 |
| All other expenses | $0 |
| Total functional expenses | $1,564,737 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $406,717 |
| Savings and temporary cash investments | $412,673 |
| Pledges and grants receivable | $508,696 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $9,515 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $13,038,123 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $13,212 |
| Total assets | $14,388,936 |
| Accounts payable and accrued expenses | $4,365 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| 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 | $253,449 |
| Total liabilities | $257,814 |
| Net assets without donor restrictions | $6,704,685 |
| Net assets with donor restrictions | $7,426,437 |
| 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 | $14,388,936 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Framingham State University Foundation Inc has recieved totaling $4,662.
| Awarding Organization | Amount |
|---|---|
Mutual One Charitable Foundation Framingham, MA PURPOSE: GENERAL SUPPORT | $4,662 |
Endowment Analysis
| Beg. Balance | $15,363,937 |
| Earnings | -$1,410,914 |
| Admin Expense | $244,319 |
| Net Contributions | $1,679,373 |
| Other Expense | $315,933 |
| Grants | $941,022 |
| Ending Balance | $14,131,122 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Hunter College Foundation Inc New York, NY | $144,509,988 | $37,248,838 |
The American Friends Of Winchester College New York, NY | $259,900 | $15,435,931 |
Friends Of@ascend Charter Schools Inc Brooklyn, NY | $51,013,536 | $16,135,870 |
Equitable Facilities Fund Inc New York, NY | $843,754,758 | $34,535,002 |
Dudley Square Realty Corporation Boston, MA | $98,074,702 | $123 |
Auxiliary Campus Enterprises And Services State University College Alfred, NY | $11,814,689 | $16,740,654 |
College Of Staten Island Auxiliary Services Corp Inc Staten Island, NY | $62,695,629 | $9,780,570 |
American Friends Of The National Gallery London Inc New York, NY | $305,852,204 | $2,300,126 |
Auxiliary Services Corporation Of Suny Cortland Cortland, NY | $19,099,097 | $10,450,642 |
The Roosevelt Institute New York, NY | $39,947,474 | $14,561,739 |
Empire Commons Student Housing Inc Albany, NY | $47,889,992 | $16,000,956 |
Prep For Prep New York, NY | $67,702,952 | $11,458,262 |