Fairfield University
- Assets
- $1.1b
- Revenue
- $341.8m
- Investments
- $102.3m
- Employees
- 3,362
- Location
- Fairfield, CT
- Founding
- 10/1943
- Data as of
- 06/2021
- EIN
- 06-0646623
Organization Overview
Fairfield University is located in Fairfield, CT. The organization was established in 1943. According to its NTEE Classification (B43) the organization is classified as: Universities, under the broad grouping of Education and related organizations. As of 06/2022, Fairfield University employed 3,362 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fairfield 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 06/2021, Fairfield University generated $341.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $329.3m during the year ending 06/2021. While expenses have increased by 3.0% 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 DEVELOP THE CREATIVE INTELLECTUAL POTENTIAL OF ITS STUDENTS, SEE SCHEDULE O.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HIGHER LEARNING: FAIRFIELD UNIVERSITY IS AN INSTITUTE OF HIGHER LEARNING WITH UNDERGRADUATE, GRADUATE, DOCTORATE AND CONTINUING EDUCATION ACADEMIC PROGRAMS INCLUDING STUDENTS RESIDING ON CAMPUS AND INCLUDES A COLLEGE PREPARATORY SCHOOL. SEE SCHEDULE O.
AUXILIARY SERVICES: AUXILIARY SERVICES INCLUDE THE COSTS OF ROOM AND BOARD FOR APPROXIMATELY 3,416 FULL-TIME UNDERGRADUATE STUDENTS LIVING ON CAMPUS IN RESIDENCE HALLS, TOWNHOUSES, AND APARTMENT COMPLEXES RESIDING ON A 200 ACRE CAMPUS. GRADUATE STUDENT HOUSING IS ALSO OFFERED IN INDEPENDENT OFF-CAMPUS HOUSES, AND IN APARTMENT STYLE RESIDENCE HALLS.
OTHER ACTIVITIES: A VARIETY OF STUDENT SERVICES INCLUDING ARTS AND ENTERTAINMENT AT THE QUICK CENTER, STUDENT ACTIVITIES FOR CLUB SPORTS, AND OTHER ITEMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark R Nemec President | OfficerTrustee | 45 | $637,957 |
Nancy A Altobello Trustee | Trustee | 5 | $0 |
Rev John F Baldovin Sj Trustee | Trustee | 1 | $0 |
Kevin P Cannon Trustee | Trustee | 1 | $0 |
Carlos M Cardoso Trustee | Trustee | 5 | $0 |
Frank J Carroll III Trustee | Trustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Gilbane Building Company Construction | 6/29/22 | $30,869,362 |
Aramark Services Inc Dining Service | 6/29/22 | $14,819,264 |
Pac Group Llc Construction | 6/29/22 | $7,519,084 |
Abm Industry Group Llc Janitorial | 6/29/22 | $4,804,426 |
Sodexo Operations Llc Dining Service | 6/29/22 | $2,413,734 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $25,478,475 |
| Investment income | $8,144,904 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $277,600 |
| Net Gain/Loss on Asset Sales | $2,686,303 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $341,786,596 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $93,460,567 |
| Grants and other assistance to Foreign Orgs/Individuals | $4,226,265 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $4,711,155 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $96,879,829 |
| Pension plan accruals and contributions | $3,247,648 |
| Other employee benefits | $21,508,133 |
| Payroll taxes | $6,776,717 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $796,740 |
| Fees for services: Accounting | $300,586 |
| Fees for services: Lobbying | $39 |
| Fees for services: Fundraising | $164,782 |
| Fees for services: Investment Management | $190,942 |
| Fees for services: Other | $19,627,695 |
| Advertising and promotion | $2,106,621 |
| Office expenses | $7,352,354 |
| Information technology | $4,788,966 |
| Royalties | $0 |
| Occupancy | $10,609,562 |
| Travel | $1,316,616 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $194,396 |
| Interest | $11,701,996 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $25,174,980 |
| Insurance | $1,617,061 |
| All other expenses | $0 |
| Total functional expenses | $329,252,732 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,020 |
| Savings and temporary cash investments | $87,770,436 |
| Pledges and grants receivable | $29,534,242 |
| Accounts receivable, net | $2,121,948 |
| 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 | $0 |
| Investments—publicly traded securities | $366,420,075 |
| Investments—other securities | $102,313,290 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $25,132,252 |
| Total assets | $1,075,022,921 |
| Accounts payable and accrued expenses | $50,301,480 |
| Grants payable | $1,752,346 |
| Deferred revenue | $9,041,756 |
| Tax-exempt bond liabilities | $276,510,834 |
| 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 | $1,118,849 |
| Total liabilities | $338,725,265 |
| 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 | $736,297,656 |