Nichols College: Nonprofit Profile, Financials & Form 990 (EIN 04-2104778)

Revenue by fiscal year
FY2020	$67.6M
FY2021	$61.7M
FY2022	$60.7M
FY2023	$60.7M
FY2024	$61.1M
FY2025	$64.8M

Expenses by fiscal year
FY2020	$59.3M
FY2021	$58.2M
FY2022	$59.8M
FY2023	$63.8M
FY2024	$65.7M
FY2025	$68.3M

Net assets by fiscal year
FY2020	$82.4M
FY2021	$93.2M
FY2022	$87.6M
FY2023	$87.3M
FY2024	$86.2M
FY2025	$86.2M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jan 1943.

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

Where the money goes

86 cents of each dollar spent went to programs.

86%

13%

Program services 86% · $58.5M Management & general 13% · $8.9M Fundraising 1% · $945K

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

39 people listed on the 990; $1.8M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII

William Pieczynski

President

$304,294Pt VII · Sec A

Kevin Mentzer

Faculty

$205,291Pt VII · Sec A

Robert Lavigne

VP for Operations

$199,403Pt VII · Sec A

Daniel Borgia

Provost

$196,271Pt VII · Sec A

Darcy Vangel

VP for Human Resources

$178,022Pt VII · Sec A

Edward Crowley

Former CFO

$170,529Pt VII · Sec A

Jack Hayes

VP of Athletics

$168,142Pt VII · Sec A

Mauri Pelto

Associate Provost and Accr

$156,511Pt VII · Sec A

William Pieczynski’s $304K as President is at the 66th percentile of top reported officer pay among 3683 $10–100M 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

Name	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Glenn Sulmasy	—	$528,484	$526,728	$245,466	—	—
Susan Engelkemeyer	—	—	—	$393,040	$413,526	$461,604
William Pieczynski	$304,294	$267,141	$176,390	$213,714	$156,066	$158,368
Kevin Mentzer	$205,291	$187,620	$174,400	—	—	—
Robert Lavigne	$199,403	$199,243	$185,266	$174,962	$146,659	$150,474
Daniel Borgia	$196,271	$192,298	$113,348	—	—	—
William Boffi	—	—	—	$195,604	$164,020	$163,446
Darcy Vangel	$178,022	$171,167	—	—	—	—

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 Nichols College 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

Programs and updates

Offers career-focused business and liberal arts education, with graduate degrees and adult programs.

Provided by the organization

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1 program · $58.5M · in their own filed words · FY2024

01

Nichols college provides education to approximately 2,000 degree-seeking students including 1,072 full time students, leading to associates, bachelors, and masters degrees, primarily in business. Approximately 807 of the 1,072 full time day students are provided with food and housing.

$58.5Mprogram 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

Greater Worcester Community Foundation INCFY2025$17K

Spencer Educational Foundation INCFY2025$8K

Mildred E Gates Tr Uw Cl 14gFY2025$2K

Total grants receivedfrom 3 funders$27K

See all 3 funders →

Grants paid · 6 grants · $134.7M · 2019–2024

Unitemized GrantFY2024$25,063,220

Unitemized GrantFY2023$22,839,017

Unitemized GrantFY2022$21,583,487

Unitemized GrantFY2021$21,594,361

Unitemized GrantFY2020$21,617,020

Unitemized GrantFY2019$22,031,489

By the numbers

The FY2025 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$64.8M

Ln 12

Fees for servicesLn 2g$61.2M

Gifts and grantsLn 1h$3.4M

Investment incomeLn 3$221K

Money outPt IX

$68.3M

Ln 25

Programscol B$58.5M

Managementcol C$8.9M

Fundraisingcol D$945K

Owns and owesPt X

$86.2M

net assets · Ln 32

Cash and savingsLn 1–2$1.9M

Total assetsLn 16$108.8M

LiabilitiesLn 26$22.6M

PeoplePt VI, VII

39

listed · VII A

PaidVII A10

Voting boardVI 1a29

IndependentVI 1b29

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$3.4M

Government grantsLn 1e$691K

Noncash giftsLn 1g$35K

Fundraising eventsLn 1c$72K

Fees for servicesLn 2g$61.2M

Investment incomeLn 3$221K

Gains on assetsLn 7−$803K

Total revenueLn 12$64.8M

Assets in detailPt X, end of year

CashLn 1$553K

SavingsLn 2$1.4M

Cash and savings togetherLn 1–2$1.9M

InvestmentsLn 11–13$42.5M

Land, buildings, equipmentLn 10c$60.2M

Other assetsLn 15$1.5M

Total assetsLn 16$108.8M

LiabilitiesLn 26$22.6M

Net assetsLn 32$86.2M

OperationsPt I, VI

EmployeesI 5826

VolunteersI 6110

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

Line	Start FY25	End FY25
Cash and savingsLn 1–2	$4.6M	$1.9M
InvestmentsLn 11–13	$41.7M	$42.5M
Land, buildings, equipmentLn 10c	$63.8M	$60.2M
Total assetsLn 16	$114.3M	$108.8M
LiabilitiesLn 26	$28.1M	$22.6M
Net assetsLn 32	$86.2M	$86.2M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic individualsLn 2	$25.1M	$25.1M
Pay of current officers, directors and key staffLn 5	$920K		$920K
Other salaries and wagesLn 7	$15.8M	$13.1M	$2.2M	$542K
Other employee benefitsLn 9	$3.5M	$2.5M	$869K	$95K
Payroll taxesLn 10	$1.1M	$888K	$206K	$37K
Legal feesLn 11b	$107K		$107K
Accounting feesLn 11c	$74K		$74K
Investment management feesLn 11f	$106K		$106K
Other fees for servicesLn 11g	$650K	$526K	$120K	$4K
Advertising and promotionLn 12	$456K	$264K	$193K
OccupancyLn 16	$5.0M	$4.7M	$312K	$17K
TravelLn 17	$1.9M	$1.5M	$258K	$102K
InterestLn 20	$758K	$728K	$27K	$3K
Depreciation, depletion and amortizationLn 22	$4.6M	$4.4M	$164K	$19K
InsuranceLn 23	$560K	$115K	$445K
Other expenses (24a–d)Ln 24	$7.0M	$4.4M	$2.6M	$57K
All other expensesLn 24e	$790K	$419K	$303K	$69K
Total functional expensesLn 25	$68.3M	$58.5M	$8.9M	$945K

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest Viewing	$64.8M	$68.3M	−$3.6M	$86.2M	990 PDF
FY2024	$61.1M	$65.7M	−$4.6M	$86.2M	990 PDF
FY2023	$60.7M	$63.8M	−$3.1M	$87.3M	990 PDF
FY2022	$60.7M	$59.8M	$918K	$87.6M	990 PDF
FY2021	$61.7M	$58.2M	$3.5M	$93.2M	990 PDF
FY2020	$67.6M	$59.3M	$8.4M	$82.4M	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 FY2025 990 (6 parts)

Part I · Summary $64,752,135 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $2,144,858$3,389,002

I-9 Program service revenuePrior year $56,828,568$61,164,492

I-10 Investment incomePrior year $2,107,139$220,518

I-11 Other revenuePrior year −$5,083−$21,877

I-12 Total revenuePrior year $61,075,482$64,752,135

I-13 Grants and similar amounts paidPrior year $22,839,017$25,063,220

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $20,617,277$21,325,608

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $22,236,054$21,938,891

I-18 Total expensesPrior year $65,692,348$68,327,719

I-19 Revenue less expensesPrior year −$4,616,866−$3,575,584

Part VI · Governance 29 of 29 board members independent, 1 to look at

VI-1a Voting members of the governing body29

VI-1b Independent voting members29

VI-2 Family or business relationship among officers or directorsYes

VI-12a Written conflict of interest policyYes

VI-13 Written whistleblower policyYes

VI-14 Document retention and destruction policyYes

VI-15a Process for setting top official's payYes

Part VIII · Statement of revenue $64,752,135 across 10 lines filed

VIII-1c Fundraising events$72,204

VIII-1e Government grants$690,997

VIII-1f All other contributions, gifts and grants$2,625,801

VIII-1g Noncash contributions (included above)$35,377

VIII-1h Total contributions, gifts and grants$3,389,002

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $61,164,492$61,164,492

VIII-3 Investment incomeExcluded from tax $1,023,221$1,023,221

VIII-7 Net gain or loss on sales of assetsExcluded from tax −$802,703−$802,703

VIII-8 Net income from fundraising eventsExcluded from tax −$21,877−$21,877

VIII-12 Total revenueRelated to mission $61,164,492 · Unrelated business $0 · Excluded from tax $198,641$64,752,135

Part IX · Statement of functional expenses $68,327,719 across 17 lines filed

IX-2 Grants to domestic individualsPrograms $25,063,220$25,063,220

IX-5 Pay of current officers, directors and key staffManagement $920,221$920,221

IX-7 Other salaries and wagesPrograms $13,083,103 · Management $2,190,097 · Fundraising $542,151$15,815,351

IX-9 Other employee benefitsPrograms $2,495,240 · Management $869,203 · Fundraising $94,845$3,459,288

IX-10 Payroll taxesPrograms $887,598 · Management $205,719 · Fundraising $37,431$1,130,748

IX-11b Legal feesManagement $107,337$107,337

IX-11c Accounting feesManagement $74,482$74,482

IX-11f Investment management feesManagement $106,338$106,338

IX-11g Other fees for servicesPrograms $525,746 · Management $119,833 · Fundraising $4,078$649,657

IX-12 Advertising and promotionPrograms $263,627 · Management $192,661$456,288

IX-16 OccupancyPrograms $4,656,051 · Management $311,902 · Fundraising $17,069$4,985,022

IX-17 TravelPrograms $1,508,625 · Management $258,095 · Fundraising $101,505$1,868,225

IX-20 InterestPrograms $727,917 · Management $27,251 · Fundraising $3,079$758,247

IX-22 Depreciation, depletion and amortizationPrograms $4,375,497 · Management $163,807 · Fundraising $18,505$4,557,809

IX-23 InsurancePrograms $115,140 · Management $444,707$559,847

IX-24 Other expenses (24a–d)Programs $4,410,893 · Management $2,557,057 · Fundraising $57,336$7,025,286

IX-24e All other expensesPrograms $418,635 · Management $302,571 · Fundraising $69,147$790,353

IX-25 Total functional expensesPrograms $58,531,292 · Management $8,851,281 · Fundraising $945,146$68,327,719

Part X · Balance sheet $108,811,740 assets, 15 lines filed

Asset lines not itemized here account for $35,723; see the IRS return.

X-1 Cash, non-interest-bearingStart of year $962,857$553,221

X-2 Savings and temporary cash investmentsStart of year $3,653,030$1,392,206

X-3 Pledges and grants receivableStart of year $733,184$803,225

X-4 Accounts receivableStart of year $1,906,361$1,766,944

X-10c Land, buildings and equipment, netStart of year $63,826,734$60,228,260

X-11 Publicly traded securitiesStart of year $41,732,050$42,526,122

X-15 Other assetsStart of year $1,407,137$1,506,039

X-16 Total assetsStart of year $114,285,033$108,811,740

X-17 Accounts payable and accrued expensesStart of year $1,155,756$1,224,397

X-25 Other liabilitiesStart of year $3,209,374$2,217,995

X-26 Total liabilitiesStart of year $28,131,733$22,635,109

X-27 Net assets without donor restrictionsStart of year $47,921,324$45,837,660

X-28 Net assets with donor restrictionsStart of year $38,231,976$40,338,971

X-32 Total net assets or fund balancesStart of year $86,153,300$86,176,631

X-33 Total liabilities and net assetsStart of year $114,285,033$108,811,740

Part XI · Reconciliation of net assets $86,176,631 net assets at year end

XI-1 Total revenue$64,752,135

XI-2 Total expenses$68,327,719

XI-3 Revenue less expenses−$3,575,584

XI-4 Net assets at start of year$86,153,300

XI-5 Net unrealized gains (losses) on investments$3,594,648

XI-9 Other changes in net assets$4,267

XI-10 Net assets at end of year$86,176,631

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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