Civic Intelligence

Curry College

990 • Fiscal year 2014 • EIN 04-2199867

Jun 01, 2013 to May 31, 2014 • Filed on Apr 01, 2015

1071 Blue Hill AvenueSuiteMilton, MA 02186

(617) 333-2302

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

64th percentile

0.46x

Higher debt load relative to assets than 64% of similar nonprofits.

2014 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2014

Liabilities / Revenue

73rd percentile

0.98x

Higher debt load relative to revenue than 73% of similar nonprofits.

2014 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2014

Net Margin

57th percentile

7.8%

Higher net margin than 57% of similar nonprofits.

2014 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2014

Top Officer Pay

59th percentile

$545,522

Higher top officer pay than 59% of similar nonprofits.

Top officer pay equals 0.5% of source-year revenue.

2014 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2014

Asset Growth

79th percentile

14%

Faster asset growth than 79% of similar nonprofits.

2014 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2013 to 2014

Revenue Growth

64th percentile

9.1%

Faster revenue growth than 64% of similar nonprofits.

2014 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2013 to 2014

Assets

Up

$227,948,040

Up $27,530,772 (+14%) from 2013

Net Assets

Up

$122,113,202

Up $11,545,934 (+10%) from 2013

Liabilities

Up

$105,834,838

Up $15,984,838 (+18%) from 2013

Revenue

Up

$108,142,186

Up $8,993,692 (+9.1%) from 2013

Expenses

Up

$99,715,243

Up $5,208,544 (+5.5%) from 2013

Net Income

Up

$8,426,943

Up $3,785,148 (+82%) from 2013

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$300M$200M$100M$0Assets 2010: $167,805,919Liabilities 2010: $93,335,966Net Assets 2010: $74,469,9532010Assets 2011: $180,553,878Liabilities 2011: $91,763,539Net Assets 2011: $88,790,3392011Assets 2012: $188,010,277Liabilities 2012: $93,044,544Net Assets 2012: $94,965,7332012Assets 2013: $200,417,268Liabilities 2013: $89,850,000Net Assets 2013: $110,567,2682013Assets 2014: $227,948,040Liabilities 2014: $105,834,838Net Assets 2014: $122,113,2022014Assets 2015: $230,887,180Liabilities 2015: $99,398,622Net Assets 2015: $131,488,5582015Assets 2016: $223,470,035Liabilities 2016: $93,150,999Net Assets 2016: $130,319,0362016Assets 2017: $240,507,450Liabilities 2017: $97,781,837Net Assets 2017: $142,725,6132017Assets 2018: $243,370,166Liabilities 2018: $94,662,726Net Assets 2018: $148,707,4402018Assets 2019: $230,792,405Liabilities 2019: $91,814,830Net Assets 2019: $138,977,5752019Assets 2020: $221,721,488Liabilities 2020: $87,984,234Net Assets 2020: $133,737,2542020Assets 2021: $237,224,848Liabilities 2021: $84,325,497Net Assets 2021: $152,899,3512021Assets 2022: $220,105,546Liabilities 2022: $79,792,417Net Assets 2022: $140,313,1292022Assets 2023: $200,026,590Liabilities 2023: $78,107,871Net Assets 2023: $121,918,7192023Assets 2024: $197,493,914Liabilities 2024: $76,915,300Net Assets 2024: $120,578,6142024Assets 2025: $186,146,272Liabilities 2025: $73,565,876Net Assets 2025: $112,580,3962025

Highlighted filing

2014

Assets$227,948,040
Liabilities$105,834,838
Net Assets$122,113,202

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$150M$100M$50M$0-$50MExpenses 2010: $79,244,2462010Revenue 2011: $91,971,447Expenses 2011: $83,089,581Net Income 2011: $8,881,8662011Expenses 2012: $88,865,6292012Revenue 2013: $99,148,494Expenses 2013: $94,506,699Net Income 2013: $4,641,7952013Revenue 2014: $108,142,186Expenses 2014: $99,715,243Net Income 2014: $8,426,9432014Revenue 2015: $119,941,333Expenses 2015: $105,761,704Net Income 2015: $14,179,6292015Revenue 2016: $113,958,341Expenses 2016: $108,369,788Net Income 2016: $5,588,5532016Revenue 2017: $117,826,457Expenses 2017: $114,051,337Net Income 2017: $3,775,1202017Revenue 2018: $119,981,471Expenses 2018: $118,333,283Net Income 2018: $1,648,1882018Revenue 2019: $112,670,248Expenses 2019: $119,272,440Net Income 2019: -$6,602,1922019Revenue 2020: $111,196,597Expenses 2020: $118,544,727Net Income 2020: -$7,348,1302020Revenue 2021: $113,985,160Expenses 2021: $118,338,230Net Income 2021: -$4,353,0702021Revenue 2022: $116,112,495Expenses 2022: $116,220,372Net Income 2022: -$107,8772022Revenue 2023: $102,903,444Expenses 2023: $118,858,006Net Income 2023: -$15,954,5622023Revenue 2024: $110,181,696Expenses 2024: $122,397,986Net Income 2024: -$12,216,2902024Revenue 2025: $113,526,139Expenses 2025: $126,500,818Net Income 2025: -$12,974,6792025

Highlighted filing

2014

Revenue$108,142,186
Expenses$99,715,243
Net Income$8,426,943
Jump To
Filing Snapshot
Filing Period
Jun 1, 2013 to May 31, 2014
Signed
Apr 1, 2015
Return Version
2013v4.0
Gross Receipts
$108,450,679
Mission and Program Overview

Mission

Curry college is an inclusive community of diverse learners and educators, committed to continuing our legacy of developing effective communicators with reflective and critical thinking skills.

To educate and graduate students prepared to engage in successful careers and active citizenship with a global perspective.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$90,085,937$93,295,573▲ $3,209,636
Investments in Publicly Traded Securities$76,045,016$90,334,295▲ $14,289,279
Investments Other Securities$21,392,879$18,064,593▼ $3,328,286
Accounts Receivable$1,309,882$1,302,723▼ $7,159
Savings and Temporary Cash Investments$625,424$869,941▲ $244,517
Prepaid Expenses and Deferred Charges$838,235$851,961▲ $13,726
Pledges and Grants Receivable$200,000$242,500▲ $42,500
Other Notes and Loans Receivable, Net$224,601$238,884▲ $14,283
Cash and Non-Interest-Bearing Accounts$219,533$75,466▼ $144,067
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$200,417,268$227,948,040▲ $27,530,772
Other Assets Total$9,475,761$22,672,104▲ $13,196,343
Liabilities
Tax Exempt Bond Liabilities$74,789,214$88,209,876▲ $13,420,662
Accounts Payable and Accrued Expenses$11,311,707$14,013,689▲ $2,701,982
Deferred Revenue$2,715,580$2,546,466▼ $169,114
Other Liabilities$1,033,499$1,064,807▲ $31,308
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Total Liabilities$89,850,000$105,834,838▲ $15,984,838
Net Assets / Fund Balance
Unrestricted Net Assets$105,710,120$116,745,601▲ $11,035,481
Temporarily Rstr Net Assets$3,136,255$3,543,173▲ $406,918
Permanently Rstr Net Assets$1,720,893$1,824,428▲ $103,535
Total Net Assets Fund Balance$110,567,268$122,113,202▲ $11,545,934
Total Liabilities and Net Assets / Fund Balance$200,417,268$227,948,040▲ $27,530,772

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$81,534,181$34,086,099$115,620,280
Equipment$4,209,598$19,549,121$23,758,719
Other Land Buildings$4,877,091$6,037,546$10,914,637
Land$2,672,481-$2,672,481
Leasehold Improvements$2,222$359,135$361,357
Other Assets Org$16,916,145--
Other Securities$7,554,994--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2013$76,016,943$4,514,485▲ $10,284,278$307,459$90,423,929
2012$61,535,483$2,484,100▲ $12,382,502$296,979$76,016,943
2011$57,473,904$5,311,436▼ $859,624$338,281$61,535,483
2010$40,738,024$9,569,256▲ $7,513,959$274,068$57,473,904
2009$29,415,831$6,317,688▲ $5,341,688$279,652$40,738,024
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Kenneth K Quigley JrPresidentFT$395,660$149,862$545,522
Dr Salvatore a BalsamoTrustee-$485,379$60,143$545,522
Richard F SullivanChief Financial OfficerFT$275,719$131,840$407,559
Anthony M Campo EsqChair-$361,581$45,978$407,559
Christopher M LawsonVP Institutional AdvancementFT$185,580$94,320$279,900
Dr Ruth Ellen FitchTrustee-$242,647$37,253$279,900
Susan W PenniniInterim Chief Academic OfficerFT$170,658$64,962$235,620
Dr Melvin B DrapkinVice Chair-$206,432$29,188$235,620
Maryellen M KileyDean of Student AffairsFT$139,173$79,575$218,748
David K HemenwayTrustee-$184,743$34,005$218,748
Jane FidlerDean of AdmissionsFT$135,629$72,177$207,806
W Patrick HughesTrustee-$188,831$18,975$207,806
Mary DunnDirector of Human ServicesFT$144,191$60,543$204,734
John W KeithClerk-$170,378$34,356$204,734
Ruth ShermanDean of Continuing EducationFT$150,333$51,496$201,829
Vincent J LombardoTrustee-$186,521$15,308$201,829

Highest Paid Contractors

ContractorServicesLocationCompensation
Royall And CompanyStudent Recruitment-$436,796
Loomis Sayles Company LPInvestment Mgmt-$343,475
Grant Thornton LLPAudit & Tax-$160,944
Holland Knight LLPLegal-$156,760
Locke Lord LLPLegal-$146,430
Revenue and Support

Revenue Composition

Contributions and Grants
$1,238,028
Program Service Revenue
$98,818,386
Investment Income
$6,215,685
Other Revenue
$1,870,087
All Other Contributions
$1,194,666
Change in Net Assets
$8,426,943

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded5$50,234Fair Market Value (FMV)
Total Noncash Contributions5$50,234-

Audited Revenue Reconciliation

Revenue per Audited Statements
$83,248,837
Revenue Not Reported on Financial Statements
$24,893,349
Revenue Not Reported on Form 990
$4,689,687
Other Revenue Adjustments
$24,504,136
Total Revenue per Audited Statements
$87,938,524
Total Revenue per Form 990
$108,142,186
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$45,350,915
Other Expenses$29,677,090
Grants and Similar Amounts Paid$24,687,238
Total Fundraising Expense$960,392
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$31,530,951$2,231,764$193,590$33,956,305
Grants to Domestic Individuals$24,470,286--$24,470,286
Depreciation Depletion$6,018,827$189,525$99,943$6,308,295
Other Employee Benefits$4,987,607$465,554$64,278$5,517,439
Occupancy$4,375,426$212,508$80,440$4,668,374
Interest$3,340,584$189,019$115,216$3,644,819
Office Expenses$2,726,182$438,650$39,309$3,204,141
Payroll Taxes$2,272,350$212,106$29,285$2,513,741
Pension Plan Contributions$1,978,999$184,724$25,505$2,189,228
Conferences and Meetings$1,613,444$172,273$73,868$1,859,585
Current Officers, Directors, Trustees, and Key Employees$226,019$732,503$215,680$1,174,202
All Other Expenses$585,320$495,169$876$1,081,365
Advertising$973,090$74,459$14,543$1,062,092
Travel$916,679$102,683$13,503$1,032,865
Other Expenses$743,130$238,642$-11,491$981,772
Insurance$9,777$697,436-$707,213
Information Technology$615,164$39,478$1,421$656,063
Fees for Service Investment Mgmnt Fees-$389,213-$389,213
Fees for Services Legal-$303,196-$303,196
Grants to Domestic Orgs$183,102--$183,102
Fees for Services Other$106,614$5,151$215$111,980
Fees for Services Accounting-$107,277-$107,277
Foreign Grants$33,850--$33,850
Royalties$4,557--$4,557
Total Functional Expenses$89,985,535$8,769,316$960,392$99,715,243

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$99,715,243
Total Expenses per Audited Statements$76,392,590
Expenses per Audited Statements$74,821,894
Expenses Not Reported on Financial Statements$24,893,349
Other Expense Adjustments$24,504,136
Expenses Not Reported on Form 990$1,570,696
International Activity

International Summary

Offices
0
Employees
0
Spending
$80,830

International Compliance

Foreign grant records maintained
Yes
Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
Europe (Including Iceland and Greenland)Program ServicesStudy Abroad00$80,830
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$33,165
Fundraising Direct Expenses$21,770
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Event 2$25,490$19,330$630$18,700
Event 1$20,280$13,835$180$13,655
Total Events$45,770$33,165$21,770$11,395
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Student Deposits$765,769
Government Advances - Student$261,353
Agency Funds$37,685

Bond Issues

BondIssuerIssuedIssue PricePurpose
D04-34318142013-12-20$42,000,000See description in part vi
C04-34318142006-08-16$35,514,127See description in part vi
B04-34318142005-05-27$19,671,813See description in part vi
A04-34318142003-06-25$9,348,682Construction of residence hall

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
D$42,078,756$23,629,724$1,630,000$323,785
C$38,607,651$561,377$3,565,000$444,458
B$20,137,803$214,196$3,695,000$272,741
A$9,511,733$721,067$9,500,000$187,967

Bond Financing Compliance

No rebate due
Yes
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Part VI, Section B, Line 11B

The form 990 was prepared by the college's controller and reviewed by the chief financial officer as well as the college's independent tax firm. A complete copy of the 990 was provided to all board members for their review prior to the form 990 being submitted to the internal revenue service.

Part VI, Section B, Line 12C

The college has two conflict of interest policies, one that covers all board members and a second that covers all employees. Both policies are under the oversight of the board of trustees. The college distributes an annual questionnaire to be completed by officers and the board of trustees. The cfo and/or president review potential conflicts of interest by employees and all non-interested trustees review potential conflicts of interest by trustees. The person with the potential conflict would provide information to the board or cfo/president as applicable. In the case of trustees with a potential conflict of interest, they would leave the board meeting during the discussion of, and the vote on, the transaction or arrangement which resulted in the conflict.

Part VI, Section B, Lines 15A & B

The college has a compensation policy which covers the ceo (president), cfo, and all other senior management. For the ceo and cfo positions, an independent consultant is engaged to prepare a report that compares the compensation of these positions to peer institutions, other not for profit organizations as well as to the general industry. For all other senior management positions, the director of human resources utilizes survey information to provide comparability data. The processes are undertaken on an annual basis, most recent august 2014 and 2013. The compensation for these individuals is approved by the finance and physical facilities committee of the board of trustees, and there is contemporaneous documentation of the deliberation and decisions regarding compensation.

Part VI, Section C, Line 19

The college makes its governing documents, conflict of interest policy, and financial statements available to the public on request.

Filing and Contact Details

Filer

EIN
04-2199867
In Care Of
% RICHARD F SULLIVAN CFO
Phone
6173332302

Signing Officer

Name
Richard F Sullivan
Title
CFO
Phone
6173332302
Signed
2015-04-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Richard F Sullivan
Formed
1879
Legal Domicile
Ma
Voting Board Members
18
Independent Board Members
17
Employees
1,706
Volunteers
68

Preparer

Preparer
Robert J Butler Jr
Phone
6173332302
Supplemental Narrative

Additional Explanations

Part III Line 4D

Academic support - curry college academically supports students with our academic enrichment center and campus library. In addition, the campus is connected by a network that links all academic facilities and residence halls enabling students direct access to e-mail, library sources and the internet.

Part X1, Line 9

Other changes in net assets or fund balances: loss on extinguishhment of debt = $1,570,696

Financial Statement Notes

Schedule D Part V, Line 4

The college intends to use all of its endowment funds in support of its exempt purpose. Externally restricted funds will be used in a manner consistent with donor restrictions, including scholarships, facilities and various student services. The specific use of unrestricted funds will be as approved by the college's governing board on needs identified at the time.

Schedule D, Part X, Line 2

The College is a not-for-profit organization as described in Section 501(c)(3) of the Internal Revenue Code, as amended (the Code), and is generally exempt from income taxes pursuant to Section 501(a) of the Code. The College is required to assess uncertain tax positions and has determined that there were no such positions that are material to the financial statements.

SCHEDULE D, PART XI, LINE 4B and PART XII, LINE 4B

Total revenue per the audited financial statements is presented net of institutional scholarships and investment management fees. For purposes of 990 reporting, total revenues and expenses per the audited financial statements have been grossed up by institutional scholarships of $24,504,136.

Schedule D, Part XII, Line 2D

For purposes of 990 reporting, total functional expenses represents all operating expenses of the college. Form 990, part ix does not include the loss on extinguishhment of debt in the amount of $1,570,696 that is reported on the college's audited statement of activities.

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IRS990/Desc0INSTRUCTION - Founded in 1879, Curry College is a 134-year old private, independent institution granting undergraduate and graduate degrees to a combined enrollment of approximately 3,800 students. The College offers 22 undergraduate degrees and four masters degrees. The College draws its students from 32 states and 13 countries. The combined faculty and staff at Curry total approximately 900.
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IRS990/Form990PartVIISectionAGrp/TitleTxt20INTERIM CHIEF ACADEMIC OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt21VP Institutional Advancement
IRS990/Form990PartVIISectionAGrp/TitleTxt22Dean of Student Affairs
IRS990/Form990PartVIISectionAGrp/TitleTxt23DEAN OF ADMISSIONS
IRS990/Form990PartVIISectionAGrp/TitleTxt24DIRECTOR OF HUMAN SERVICES
IRS990/Form990PartVIISectionAGrp/TitleTxt25Dean of Continuing Education
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IRS990/MissionDesc0Curry College is an inclusive community of diverse learners and educators, committed to continuing our legacy of developing effective communicators with reflective and critical thinking skills.
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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$186$73.6$113$114$127$13.0
2024Detailed filing. Detailed filing data is available for this year.$197$76.9$121$110$122$12.2
2023Detailed filing. Detailed filing data is available for this year.$200$78.1$122$103$119$16.0
2022Detailed filing. Detailed filing data is available for this year.$220$79.8$140$116$116$0.11
2021Detailed filing. Detailed filing data is available for this year.$237$84.3$153$114$118$4.35
2020Detailed filing. Detailed filing data is available for this year.$222$88.0$134$111$119$7.35
2019Detailed filing. Detailed filing data is available for this year.$231$91.8$139$113$119$6.60
2018Detailed filing. Detailed filing data is available for this year.$243$94.7$149$120$118$1.65
2017Detailed filing. Detailed filing data is available for this year.$241$97.8$143$118$114$3.78
2016Detailed filing. Detailed filing data is available for this year.$223$93.2$130$114$108$5.59
2015Detailed filing. Detailed filing data is available for this year.$231$99.4$131$120$106$14.2
2014Detailed filing. Detailed filing data is available for this year.$228$106$122$108$99.7$8.43
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$200$89.9$111$99.1$94.5$4.64
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$188$93.0$95.0$88.9
2011Summary only. Only limited summary data is available for this year.$181$91.8$88.8$92.0$83.1$8.88
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$168$93.3$74.5$79.2