Worcester State Foundation Inc

Organization Overview

Worcester State Foundation Inc is located in Worcester, MA. The organization was established in 1993. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, 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. Worcester State 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, Worcester State Foundation Inc generated $7.2m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 18.0% each year . All expenses for the organization totaled $2.0m during the year ending 06/2021. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

THE CORPORATION IS OPERATED FOR THE PURPOSE OF RENDERING FINANCIAL AID TO PROSPECTIVE AND CURRENT STUDENTS OF WORCESTER STATE UNIVERSITY; TO PROMOTE AND SUPPORT THE EDUCATIONAL AND OTHER LEGAL ACTIVITIES FOR THE BENEFIT OF WORCESTER STATE UNIVERSITY AND ITS CONSTITUENCY.

Describe the Organization's Program Activity:

Part 3 - Line 4a

PROVIDES FUNDS TO WORCESTER STATE UNIVERSITY FOR EXPENSES RELATED TO VARIOUS CAPITAL PROJECTS AND FUNDING OF VARIOUS EDUCATIONAL PROGRAMS AND INSTITUTES. INCLUDING LATINO EDUCATON INSTITUTE AND AN INTERNSHIP PROGRAM AS WELL AS VARIOUS OTHER PROGRAMS.


SCHOLARSHIPS: TRANSFER OF FUNDS TO WORCESTER STATE UNIVERSITY FOR SCHOLARSHIPS AND AWARDS AWARDED TO STUDENTS.


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Board, Officers & Key Employees

Name (title)Compensation
Craig A Bovaird
Immediate Past Chair
$0
Ann L Debaisio
Chair
$0
Kevin T Campbell
Vice-Chair
$0
Edward L Sherr
Treasurer
$0
Thomas M Mcnamara
President/clerk
$0
Robin J Quill
Assistant Treasurer
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$213,932
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$2,199,899
Noncash contributions included in lines 1a–1f $20,874
Total Revenue from Contributions, Gifts, Grants & Similar$2,413,831
Total Program Service Revenue$0
Investment income $1,029,811
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $3,743,374
Net Income from Fundraising Events -$20,301
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $7,166,785

Grants Recieved

Over the last fiscal year, we have identified 18 grants that Worcester State Foundation Inc has recieved totaling $369,591.

Awarding OrganizationAmount
Greater Worcester Community Foundation Inc

Worcester, MA

PURPOSE: ASPIRE COMMUNITY ACADEMY (ACA): A COMMUNITY LEARNING HUB

$82,500
Greater Worcester Community Foundation Inc

Worcester, MA

PURPOSE: OPERATING SUPPORT

$50,000
Nellie Mae Education Foundation Inc

Quincy, MA

PURPOSE: CAPACITY BUILDING:: EVALUATION

$50,000
Nellie Mae Education Foundation Inc

Quincy, MA

PURPOSE: LATINO EDUCATION INSTITUTE (LEI) AT WORCESTER STATE UNIVERSITY (WSU): OPERATING SUPPORT

$50,000
Esler Family Foundation

Albany, NY

PURPOSE: GENERAL CHARITABLE

$50,000
Nellie Mae Education Foundation Inc

Quincy, MA

PURPOSE: LATINOS INVOLVED IN DISCOVERING EDUCATIONAL RESOURCES (LIDER) PROGRAM

$25,000
View Grant Recipient Profile

Endowment Analysis

Beg. Balance$24,774,970
Earnings$8,271,385
Net Contributions$1,054,893
Other Expense$668,353
Ending Balance$33,432,895

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