Northeastern University FY2023 filing

Tax-deductible

Boston, MA501(c)(3)Since 1898EducationEIN 04-1679980

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501(c)(3) charity; gifts are tax-deductible.
90¢ of each $1 spent went to programs.
$14.7M paid to officers and key staff.
Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2023 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $209.8M a year · 9% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
90%
of spending
Looks good: 90% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$14.7M
to officers and key staff · 0.6% of spending
Looks good: pay to officers and key staff is 1% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
2 mo
of spending, in cash
Fine: 1.9 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
29
named funders · $1.1M
Looks good: 29 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$2.3B
38% of total assets
Looks good: liabilities are 38% of assets; 50% or less.
Pt X · Ln 26
Independent board members
34
of 35 voting members
Looks good: 34 of 35 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$2.6B
+8% vs prior year
Spent
$2.5B
To programs
90%
Net assets
$3.7B
By yearFY2020–FY2024
Revenue
$2.6B
FY2023▲ +8%
Revenue by fiscal year
FY2020$1.9B
FY2021$2.1B
FY2022$2.4B
FY2023$2.6B
FY2024$3.0B
FY2024$3.2B
Expenses
$2.5B
FY2023▲ +15%
Expenses by fiscal year
FY2020$1.7B
FY2021$1.8B
FY2022$2.1B
FY2023$2.5B
FY2024$2.8B
FY2024$3.1B
Net assets
$3.7B
FY2023▲ +7%
Net assets by fiscal year
FY2020$2.2B
FY2021$2.7B
FY2022$3.5B
FY2023$3.7B
FY2024$4.1B
FY2024$4.3B

From the FY2023 Form 990 (year ending June 2023) · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Apr 1995.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

90 cents of each dollar spent went to programs.

Program services 90% · $2.2B Management & general 8% · $205.8M Fundraising 2% · $41.0M

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

57 people listed on the 990; $14.7M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
President/Trustee
$1,678,748Pt VII · Sec A
Provost & SVP
$977,817Pt VII · Sec A
SVP of University Advancement
$944,117Pt VII · Sec A
SVP Finance and Treasurer
$929,193Pt VII · Sec A
Chief Enrl Off. (eff 6/22)
$910,847Pt VII · Sec A
SVP & Gen Counsel
$726,394Pt VII · Sec A
Exec. Dir - Institute for Ai
$717,757Pt VII · Sec A
George D Behrakis Chair
$690,609Pt VII · Sec A

Joseph E Aoun’s $2.2M as President/Trustee is at the 91st percentile of top reported officer pay among 674 $100M+ education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2024FY2023FY2022FY2021FY2020
Joseph E Aoun$2,220,000$1,831,836$1,678,748$2,568,096$1,117,958$1,338,276
Diane N Macgillivray$1,108,421$1,019,739$944,117$1,242,785$735,210$1,073,403
Ralph C Martin II——$363,614$1,227,042$719,415$785,033
David Madigan$1,172,788$1,056,069$977,817$931,137$483,179—
Satyajit Dattagupta$1,130,658$1,015,257$910,847———
Thomas Nedell$1,129,671$1,033,794$929,193$919,600$907,579$690,360
David De Cremer$1,096,905$551,754————
Usama M Fayyad$804,098$1,061,427$717,757$793,692——

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See Northeastern University executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes
  • Loans to or from officersSch L · Pt II1 listed

Programs and updates

Educates students through academic programs and provides housing and related services.

Provided by the organization

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3 programs · $1.3B · in their own filed words · FY2022
01

Instruction northeastern enables 48,335 students to fulfill their educational goals by providing teaching and advising that result in the granting of associate, bachelor, master and doctoral degrees in a variety of academic disciplines.

$629.3Mprogram expense
02

Student financial aid Northeastern awards grants and scholarships to students from several sources: federal and state governments, institutionally-funded and endowment/donor funded. The Office of Student Financial Services administers financial aid and is committed to working with students to identify financial aid options that can help…

$504.6Mprogram expense
03

Auxiliary enterprises northeastern provides student housing in 34 residential buildings and other related program services.

$177.7Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2025
See all 29 funders →
Grants paid · 925 grants · $263.3M · 2019–2024
US Ignite INCDC · FY2024$6,842,860
University of Massachusetts-AmherstFY2024$2,454,010
University of North TexasFY2024$1,999,473
Integrated Solutions for SystemsFY2024$1,684,303
University of PittsburghPA · FY2024$1,486,583
University of South FloridaFY2024$1,140,915
Trustees of Boston UniversityMA · FY2024$1,134,585
Indiana UniversityIN · FY2024$952,744
Recinto De Ciencias MedicasFY2024$600,355
Rutgers the State UniversityNJ · FY2024$585,717
University of FloridaFL · FY2024$583,268
University of WashingtonFY2024$543,790
See all 925 grants →

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$2.6B
Ln 12
Fees for servicesLn 2g$2.2B
Gifts and grantsLn 1h$340.1M
Investment incomeLn 3$48.0M
Money outPt IX
$2.5B
Ln 25
Programscol B$2.2B
Managementcol C$205.8M
Fundraisingcol D$41.0M
Owns and owesPt X
$3.7B
net assets · Ln 32
Cash and savingsLn 1–2$389.0M
Total assetsLn 16$6.0B
LiabilitiesLn 26$2.3B
PeoplePt VI, VII
57
listed · VII A
PaidVII A23
Voting boardVI 1a35
IndependentVI 1b34
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$340.1M
Government grantsLn 1e$234.2M
Noncash giftsLn 1g$28.1M
Fundraising eventsLn 1c$155K
Fees for servicesLn 2g$2.2B
Investment incomeLn 3$48.0M
Other incomeLn 4–11$13.7M
Gains on assetsLn 7$6.5M
Total revenueLn 12$2.6B
Assets in detailPt X, end of year
CashLn 1$59.6M
SavingsLn 2$329.4M
Cash and savings togetherLn 1–2$389.0M
InvestmentsLn 11–13$2.06B
Land, buildings, equipmentLn 10c$2.66B
Other assetsLn 15$474.1M
Total assetsLn 16$6.0B
LiabilitiesLn 26$2.3B
Net assetsLn 32$3.7B
OperationsPt I, VI
EmployeesI 525,790
VolunteersI 6509
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$311.5M$389.0M
InvestmentsLn 11–13$1.85B$2.06B
Land, buildings, equipmentLn 10c$2.48B$2.66B
Total assetsLn 16$5.46B$5.97B
LiabilitiesLn 26$1.99B$2.25B
Net assetsLn 32$3.47B$3.72B
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$43.1M$43.1M
Grants to domestic individualsLn 2$504.6M$504.6M
Grants and assistance to foreign recipientsLn 3$1.3M$1.3M
Benefits paid to or for membersLn 4$0
Pay of current officers, directors and key staffLn 5$12.3M$3.6M$7.5M$1.3M
Pay of disqualified personsLn 6$2.0M$2.0M
Other salaries and wagesLn 7$818.6M$744.3M$57.4M$17.0M
Pension plan contributionsLn 8$45.4M$40.9M$3.5M$996K
Other employee benefitsLn 9$88.0M$79.2M$7.8M$944K
Payroll taxesLn 10$48.5M$43.7M$3.8M$1.1M
Management feesLn 11a$860K$860K
Legal feesLn 11b$8.7M$495K$8.2M
Accounting feesLn 11c$1.3M$1.3M
Lobbying feesLn 11d$1.2M$1.2M$4K
Professional fundraising feesLn 11e$0
Investment management feesLn 11f$3.6M$3.6M
Other fees for servicesLn 11g$23.2M$23.2M$10K$10K
Advertising and promotionLn 12$27.0M$20.6M$6.4M$15K
Office expensesLn 13$62.3M$53.9M$6.0M$2.4M
Information technologyLn 14$84.5M$53.7M$30.8M
RoyaltiesLn 15$69K$68K$300
OccupancyLn 16$148.6M$140.1M$7.9M$622K
TravelLn 17$53.1M$50.1M$1.9M$1.1M
Travel and entertainment for public officialsLn 18$0
Conferences, conventions and meetingsLn 19$4.9M$4.2M$481K$261K
InterestLn 20$40.6M$38.4M$1.7M$503K
Payments to affiliatesLn 21$0
Depreciation, depletion and amortizationLn 22$120.1M$98.3M$16.8M$5.0M
InsuranceLn 23$13.2M$6.7M$6.6M
Other expenses (24a–d)Ln 24$171.6M$155.1M$14.0M$2.5M
All other expensesLn 24e$131.6M$104.1M$20.1M$7.4M
Total functional expensesLn 25$2.46B$2.21B$205.8M$41.0M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $3.0B$2.8B$223.6M$4.1B 990 PDF
FY2023 Viewing $2.6B$2.5B$125.7M$3.7B 990 PDF
FY2022 $2.4B$2.1B$246.5M$3.5B 990 PDF
FY2021 $2.1B$1.8B$213.6M$2.7B 990 PDF
FY2020 $1.9B$1.7B$239.6M$2.2B 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2023 990 (4 parts)
Part VIII · Statement of revenue $2,586,227,003 across 13 lines filed
Lines not itemized here account for $13,403 of total revenue; see the IRS return.
VIII-1c Fundraising events$154,580
VIII-1e Government grants$234,195,328
VIII-1f All other contributions, gifts and grants$105,748,672
VIII-1g Noncash contributions (included above)$28,079,061
VIII-1h Total contributions, gifts and grants$340,098,580
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $2,178,459,636 · Excluded from tax $6,036,867$2,184,496,503
VIII-3 Investment incomeUnrelated business $2,786,633 · Excluded from tax $38,623,232$41,409,865
VIII-5 RoyaltiesExcluded from tax $390,615$390,615
VIII-6 Net rental income or lossExcluded from tax $8,721,666$8,721,666
VIII-7 Net gain or loss on sales of assetsExcluded from tax $6,536,137$6,536,137
VIII-8 Net income from fundraising eventsExcluded from tax $84,921$84,921
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Unrelated business $4,475,313$4,475,313
VIII-12 Total revenueRelated to mission $2,178,459,636 · Unrelated business $7,261,946 · Excluded from tax $60,406,841$2,586,227,003
Part IX · Statement of functional expenses $2,460,539,353 across 31 lines filed
IX-1 Grants to domestic organizationsPrograms $43,051,339$43,051,339
IX-2 Grants to domestic individualsPrograms $504,607,293$504,607,293
IX-3 Grants and assistance to foreign recipientsPrograms $1,293,635$1,293,635
IX-4 Benefits paid to or for members$0
IX-5 Pay of current officers, directors and key staffPrograms $3,572,178 · Management $7,479,350 · Fundraising $1,291,093$12,342,621
IX-6 Pay of disqualified personsPrograms $2,028,073$2,028,073
IX-7 Other salaries and wagesPrograms $744,252,507 · Management $57,372,745 · Fundraising $16,963,456$818,588,708
IX-8 Pension plan contributionsPrograms $40,912,669 · Management $3,536,457 · Fundraising $996,119$45,445,245
IX-9 Other employee benefitsPrograms $79,234,406 · Management $7,839,780 · Fundraising $943,517$88,017,703
IX-10 Payroll taxesPrograms $43,672,930 · Management $3,777,799 · Fundraising $1,063,374$48,514,103
IX-11a Management feesPrograms $859,699$859,699
IX-11b Legal feesPrograms $494,623 · Management $8,230,628$8,725,251
IX-11c Accounting feesManagement $1,296,398$1,296,398
IX-11d Lobbying feesPrograms $1,190,149 · Management $4,361$1,194,510
IX-11e Professional fundraising fees$0
IX-11f Investment management feesManagement $3,603,162$3,603,162
IX-11g Other fees for servicesPrograms $23,219,699 · Management $9,656 · Fundraising $9,775$23,239,130
IX-12 Advertising and promotionPrograms $20,611,261 · Management $6,417,544 · Fundraising $14,882$27,043,687
IX-13 Office expensesPrograms $53,928,524 · Management $6,026,259 · Fundraising $2,393,015$62,347,798
IX-14 Information technologyPrograms $53,730,747 · Management $30,804,727$84,535,474
IX-15 RoyaltiesPrograms $68,449 · Management $300$68,749
IX-16 OccupancyPrograms $140,102,234 · Management $7,860,030 · Fundraising $621,654$148,583,918
IX-17 TravelPrograms $50,116,396 · Management $1,892,868 · Fundraising $1,127,375$53,136,639
IX-18 Travel and entertainment for public officials$0
IX-19 Conferences, conventions and meetingsPrograms $4,200,339 · Management $480,993 · Fundraising $261,040$4,942,372
IX-20 InterestPrograms $38,380,946 · Management $1,702,579 · Fundraising $503,403$40,586,928
IX-21 Payments to affiliates$0
IX-22 Depreciation, depletion and amortizationPrograms $98,342,870 · Management $16,755,216 · Fundraising $4,954,031$120,052,117
IX-23 InsurancePrograms $6,668,699 · Management $6,574,832$13,243,531
IX-24 Other expenses (24a–d)Programs $155,133,754 · Management $13,981,371 · Fundraising $2,467,804$171,582,929
IX-24e All other expensesPrograms $104,120,497 · Management $20,120,446 · Fundraising $7,367,398$131,608,341
IX-25 Total functional expensesPrograms $2,213,793,916 · Management $205,767,501 · Fundraising $40,977,936$2,460,539,353
Part X · Balance sheet $5,973,617,000 assets, 24 lines filed
Asset lines not itemized here account for $12,937,000; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $41,991,000$59,565,000
X-2 Savings and temporary cash investmentsStart of year $269,496,000$329,404,000
X-3 Pledges and grants receivableStart of year $236,262,000$215,457,000
X-4 Accounts receivableStart of year $151,006,000$154,616,000
X-8 Inventories for sale or useStart of year $0$0
X-9 Prepaid expenses and deferred chargesStart of year $12,265,000$13,359,000
X-10c Land, buildings and equipment, netStart of year $2,483,383,000$2,655,840,000
X-11 Publicly traded securitiesStart of year $754,921,000$785,048,000
X-12 Other securitiesStart of year $1,099,811,000$1,273,323,000
X-13 Program-related investmentsStart of year $0$0
X-14 Intangible assetsStart of year $0$0
X-15 Other assetsStart of year $389,366,000$474,068,000
X-16 Total assetsStart of year $5,456,278,000$5,973,617,000
X-17 Accounts payable and accrued expensesStart of year $254,393,000$288,220,000
X-18 Grants payableStart of year $15,304,000$19,233,000
X-19 Deferred revenueStart of year $227,604,000$218,268,000
X-20 Tax-exempt bond liabilitiesStart of year $548,720,000$734,770,000
X-24 Unsecured notes and loans payableStart of year $29,238,000$55,105,000
X-25 Other liabilitiesStart of year $424,345,000$452,134,000
X-26 Total liabilitiesStart of year $1,985,024,000$2,253,150,000
X-27 Net assets without donor restrictionsStart of year $2,355,652,000$2,496,513,000
X-28 Net assets with donor restrictionsStart of year $1,115,602,000$1,223,954,000
X-32 Total net assets or fund balancesStart of year $3,471,254,000$3,720,467,000
X-33 Total liabilities and net assetsStart of year $5,456,278,000$5,973,617,000
Part XI · Reconciliation of net assets $3,720,467,000 net assets at year end
XI-1 Total revenue$2,586,227,003
XI-2 Total expenses$2,460,539,353
XI-3 Revenue less expenses$125,687,650
XI-4 Net assets at start of year$3,471,254,000
XI-5 Net unrealized gains (losses) on investments$90,589,350
XI-8 Prior period adjustments−$5,874,000
XI-9 Other changes in net assets$38,810,000
XI-10 Net assets at end of year$3,720,467,000

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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