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Worcester State Foundation INC FY2021 filing

Tax-deductible

Worcester, MA501(c)(3)Since 1994EducationEIN 22-3248067Revenue $7.2M in FY2021

On file with the IRS486 Chandler St, 01602-2861 · Worcester, MATax-exempt since Dec 1993College/university support org — 170(b)(1)(A)(iv)

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The mission of the Worcester State Foundation is to promote the growth and progress of Worcester State university beyond what is possible with State funding.

501(c)(3) charity; gifts are tax-deductible.
97¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2021 · 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 $2.9M a year · 57% 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
97%
of spending
Looks good: 97% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
8 mo
of spending, in cash
Looks good: 8.5 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
2
named funders · $65K
Fine: 2 funders name it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$1.5M
3% of total assets
Looks good: liabilities are 3% of assets; 50% or less.
Pt X · Ln 26
Independent board members
46
of 46 voting members
Looks good: 46 of 46 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$7.2M
+138% vs prior year
Spent
$2.0M
To programs
97%
Net assets
$44.1M
By yearFY2020–FY2024
Revenue
$7.2M
FY2021▲ +138%
Tap a bar for its year
Revenue by fiscal year
FY2020$3.0M
FY2021$7.2M
FY2022$3.9M
FY2023$8.3M
FY2024$3.3M
FY2024$15.1M
Expenses
$2.0M
FY2021-0.5%
Tap a bar for its year
Expenses by fiscal year
FY2020$2.0M
FY2021$2.0M
FY2022$2.3M
FY2023$2.0M
FY2024$2.8M
FY2024$3.1M
Net assets
$44.1M
FY2021▲ +31%
Tap a bar for its year
Net assets by fiscal year
FY2020$33.6M
FY2021$44.1M
FY2022$37.9M
FY2023$47.1M
FY2024$52.1M
FY2024$59.3M

From the FY2021 Form 990 (year ending June 2021) · figures checked against the IRS filing · see the original

Form 990 (PDF) Claim
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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Dec 1993.

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

Where the money goes

97 cents of each dollar spent went to programs.

Program services 97% · $2.0M Management & general 3% · $66K

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

46 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
Craig a Bovaird
Immediate Past Chair
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Thomas M McNamara
President/Clerk
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Worcester State Foundation INC 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 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Provides financial aid and support for students and educational activities at Worcester State University.

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Provided by the organization

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2 programs · $2.0M · in their own filed words · FY2020
01

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.

$1.3Mprogram expense
02

Scholarships

Transfer of funds to worcester state university for scholarships and awards awarded to students.

$626Kprogram 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$55K
Reliant Foundation INCFY2025$10K
Total grants receivedfrom 2 funders$65K
Grants paid · 12 grants · $13.3M · 2019–2024
Worcester State UniversityFY2024$1,938,154
Unitemized GrantFY2024$1,022,182
Worcester State UniversityFY2023$1,641,957
Unitemized GrantFY2023$1,059,135
Worcester State UniversityFY2022$1,004,837
Unitemized GrantFY2022$823,392
Worcester State UniversityFY2021$1,238,943
Unitemized GrantFY2021$770,980
Worcester State UniversityFY2020$1,292,720
Unitemized GrantFY2020$625,826
Worcester State UniversityFY2019$1,319,700
Unitemized GrantFY2019$606,382

By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$7.2M
Ln 12
Investment incomeLn 3$4.8M
Gifts and grantsLn 1h$2.4M
Money outPt IX
$2.0M
Ln 25
Programscol B$2.0M
Managementcol C$66K
Owns and owesPt X
$44.1M
net assets · Ln 32
Cash and savingsLn 1–2$1.4M
Total assetsLn 16$45.6M
LiabilitiesLn 26$1.5M
PeoplePt VI, VII
46
listed · VII A
PaidVII A0
Voting boardVI 1a46
IndependentVI 1b46
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$2.4M
Noncash giftsLn 1g$21K
Fundraising eventsLn 1c$214K
Investment incomeLn 3$4.8M
Gains on assetsLn 7$3.7M
Total revenueLn 12$7.2M
Assets in detailPt X, end of year
CashLn 1$39K
SavingsLn 2$1.4M
Cash and savings togetherLn 1–2$1.4M
InvestmentsLn 11–13$41.6M
Land, buildings, equipmentLn 10c$752K
Other assetsLn 15$708K
Total assetsLn 16$45.6M
LiabilitiesLn 26$1.5M
Net assetsLn 32$44.1M
OperationsPt I, VI
EmployeesI 50
VolunteersI 6359
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$1.2M$1.4M
InvestmentsLn 11–13$30.6M$41.6M
Land, buildings, equipmentLn 10c$786K$752K
Total assetsLn 16$34.6M$45.6M
LiabilitiesLn 26$1.0M$1.5M
Net assetsLn 32$33.6M$44.1M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$1.3M$1.3M
Grants to domestic individualsLn 2$626K$626K
Investment management feesLn 11f$46K$46K
InterestLn 20$20K$20K
Depreciation, depletion and amortizationLn 22$35K$35K
InsuranceLn 23$13K$13K
Total functional expensesLn 25$2.0M$2.0M$66K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $3.3M$2.8M$504K$52.1M 990 PDF
FY2023 $8.3M$2.0M$6.3M$47.1M 990 PDF
FY2022 $3.9M$2.3M$1.6M$37.9M 990 PDF
FY2021 Viewing $7.2M$2.0M$5.1M$44.1M 990 PDF
FY2020 $3.0M$2.0M$974K$33.6M 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 FY2021 990 (6 parts)
Part I · Summary $7,166,785 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $3,109,355$2,413,831
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year −$73,511$4,773,185
I-11 Other revenuePrior year −$20,069−$20,231
I-12 Total revenuePrior year $3,015,775$7,166,785
I-13 Grants and similar amounts paidPrior year $1,926,082$1,918,546
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $115,528$113,702
I-18 Total expensesPrior year $2,041,610$2,032,248
I-19 Revenue less expensesPrior year $974,165$5,134,537
Part VI · Governance 46 of 46 board members independent, 2 to look at
VI-1a Voting members of the governing body46
VI-1b Independent voting members46
VI-13 Written whistleblower policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $7,166,785 across 9 lines filed
VIII-1c Fundraising events$213,932
VIII-1f All other contributions, gifts and grants$2,199,899
VIII-1g Noncash contributions (included above)$20,874
VIII-1h Total contributions, gifts and grants$2,413,831
VIII-3 Investment incomeExcluded from tax $1,029,811$1,029,811
VIII-7 Net gain or loss on sales of assetsRelated to mission $3,743,374$3,743,374
VIII-8 Net income from fundraising eventsExcluded from tax −$20,301−$20,301
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Unrelated business $70$70
VIII-12 Total revenueRelated to mission $3,743,374 · Unrelated business $70 · Excluded from tax $1,009,510$7,166,785
Part IX · Statement of functional expenses $2,032,248 across 6 lines filed
IX-1 Grants to domestic organizationsPrograms $1,292,720$1,292,720
IX-2 Grants to domestic individualsPrograms $625,826$625,826
IX-11f Investment management feesManagement $45,820$45,820
IX-20 InterestManagement $20,174$20,174
IX-22 Depreciation, depletion and amortizationPrograms $34,784$34,784
IX-23 InsurancePrograms $12,924$12,924
IX-25 Total functional expensesPrograms $1,966,254 · Management $65,994 · Fundraising $0$2,032,248
Part X · Balance sheet $45,638,804 assets, 16 lines filed
X-1 Cash, non-interest-bearingStart of year $42,511$39,337
X-2 Savings and temporary cash investmentsStart of year $1,161,597$1,395,540
X-3 Pledges and grants receivableStart of year $1,264,200$1,094,449
X-9 Prepaid expenses and deferred chargesStart of year $10,616$11,542
X-10c Land, buildings and equipment, netStart of year $786,299$751,515
X-11 Publicly traded securitiesStart of year $30,192,669$41,146,180
X-12 Other securitiesStart of year $357,440$491,933
X-15 Other assetsStart of year $756,822$708,308
X-16 Total assetsStart of year $34,572,154$45,638,804
X-17 Accounts payable and accrued expensesStart of year $53,091$66,291
X-25 Other liabilitiesStart of year $474,769$1,000,917
X-26 Total liabilitiesStart of year $1,017,698$1,537,874
X-27 Net assets without donor restrictionsStart of year $3,955,690$4,876,531
X-28 Net assets with donor restrictionsStart of year $29,598,766$39,224,399
X-32 Total net assets or fund balancesStart of year $33,554,456$44,100,930
X-33 Total liabilities and net assetsStart of year $34,572,154$45,638,804
Part XI · Reconciliation of net assets $44,100,930 net assets at year end
XI-1 Total revenue$7,166,785
XI-2 Total expenses$2,032,248
XI-3 Revenue less expenses$5,134,537
XI-4 Net assets at start of year$33,554,456
XI-5 Net unrealized gains (losses) on investments$5,404,424
XI-9 Other changes in net assets$7,513
XI-10 Net assets at end of year$44,100,930

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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