Seven Hills Foundation Inc
- Assets
- $199.7m
- Revenue
- $23.6m
- Investments
- $2.0m
- Employees
- 4,713
- Location
- Worcester, MA
- Founding
- 03/1999
- Data as of
- 06/2021
- EIN
- 04-3293659
Organization Overview
Seven Hills Foundation Inc is located in Worcester, MA. The organization was established in 1999. According to its NTEE Classification (P82) the organization is classified as: Developmentally Disabled Centers, under the broad grouping of Human Services and related organizations. As of 06/2022, Seven Hills Foundation Inc employed 4,713 individuals. This organization is a parent organization of an affiliated group for tax-exemption purposes. Seven Hills 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 06/2021, Seven Hills Foundation Inc generated $23.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.1% each year. All expenses for the organization totaled $17.8m during the year ending 06/2021. While expenses have increased by 6.0% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE MANAGEMENT AND OVERSIGHT TO THE TWENTY-THREE AFFILIATES UNDER COMMON CONTROL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE MANAGEMENT AND OVERSIGHT TO THE TWENTY-THREE AFFILIATES UNDER COMMON CONTROL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John N Altomare ESQ Chair | OfficerTrustee | 2 | $0 |
David Simon Director | Trustee | 2 | $0 |
Dr David Paydarfar Director | Trustee | 2 | $0 |
Dr Tammy Murray Member-At-Large | Trustee | 2 | $0 |
Frances Polito Director | Trustee | 2 | $0 |
Eric Batista Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Netsmart Technologies It/software | 6/29/22 | $243,274 |
Focus Technology It/software | 6/29/22 | $160,000 |
Bollus Lynch Audit | 6/29/22 | $140,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,956,571 |
| Investment income | $1,519,218 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $474,379 |
| Net Gain/Loss on Asset Sales | $2,729,795 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $23,647,266 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,307,981 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,178,596 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $2,414,975 |
| Payroll taxes | $495,409 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $350,714 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $118,271 |
| Fees for services: Other | $0 |
| Advertising and promotion | $214,188 |
| Office expenses | $311,405 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,203,353 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $660,904 |
| Interest | $581,135 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $858,477 |
| Insurance | $204,957 |
| All other expenses | $0 |
| Total functional expenses | $17,837,725 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $398,531 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $78,676 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $24,691 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Investments—publicly traded securities | $59,109,970 |
| Investments—other securities | $1,997,047 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $18,161,934 |
| Total assets | $199,694,162 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $84,049,097 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $16,660,094 |
| Unsecured mortgages and notes payable | $10,000,000 |
| Other liabilities | $12,642,528 |
| Total liabilities | $123,351,719 |
| 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 | $76,342,443 |