Civic Intelligence

Curry College

990 • Fiscal year 2019 • EIN 04-2199867

Jun 01, 2018 to May 31, 2019 • Filed on Apr 01, 2020

1071 Blue Hill AvenueMilton, MA 02186

(617) 333-2302

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Down

$230,792,405

Down $12,577,761 (-5.2%) from 2018

Net Assets

Down

$138,977,575

Down $9,729,865 (-6.5%) from 2018

Liabilities

Down

$91,814,830

Down $2,847,896 (-3.0%) from 2018

Revenue And Expenses

Revenue

Down

$112,670,248

Down $7,311,223 (-6.1%) from 2018

Expenses

Up

$119,272,440

Up $939,157 (+0.8%) from 2018

Net Income

Down

-$6,602,192

Down $8,250,380 (-501%) from 2018

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

2019

Assets$230,792,405
Liabilities$91,814,830
Net Assets$138,977,575

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

2019

Revenue$112,670,248
Expenses$119,272,440
Net Income-$6,602,192
Jump To
Filing Snapshot
Filing Period
Jun 1, 2018 to May 31, 2019
Signed
Apr 1, 2020
Return Version
2018v3.1
Gross Receipts
$125,622,617
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$100,737,868$110,280,554▲ $9,542,686
Investments in Publicly Traded Securities$99,689,666$98,597,738▼ $1,091,928
Savings and Temporary Cash Investments$31,532,309$17,948,485▼ $13,583,824
Accounts Receivable$2,428,893$2,034,331▼ $394,562
Pledges and Grants Receivable$1,562,130$1,168,775▼ $393,355
Prepaid Expenses and Deferred Charges$590,499$615,695▲ $25,196
Other Notes and Loans Receivable, Net$172,762$145,097▼ $27,665
Cash and Non-Interest-Bearing Accounts$1,831$1,730▼ $101
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$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$243,370,166$230,792,405▼ $12,577,761
Other Assets Total$6,654,208$0▼ $6,654,208
Liabilities
Tax Exempt Bond Liabilities$82,323,406$79,239,695▼ $3,083,711
Accounts Payable and Accrued Expenses$8,786,452$8,741,907▼ $44,545
Deferred Revenue$3,397,872$3,670,347▲ $272,475
Other Liabilities$154,996$162,881▲ $7,885
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$94,662,726$91,814,830▼ $2,847,896
Net Assets / Fund Balance
Unrestricted Net Assets$144,132,334$134,548,089▼ $9,584,245
Temporarily Rstr Net Assets$3,058,486$2,768,954▼ $289,532
Permanently Rstr Net Assets$1,516,620$1,660,532▲ $143,912
Total Net Assets Fund Balance$148,707,440$138,977,575▼ $9,729,865
Total Liabilities and Net Assets / Fund Balance$243,370,166$230,792,405▼ $12,577,761

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$80,054,015$55,692,077$135,746,092
Equipment$3,109,298$29,804,904$32,914,202
Other Land Buildings$24,444,528$6,409,176$30,853,704
Land$2,672,481-$2,672,481
Leasehold Improvements$232$361,125$361,357

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2018$100,165,348$349,905▼ $1,438,322-$98,588,024
2017$103,174,746$641,359▲ $8,916,876$12,411,167$100,165,348
2016$95,876,423$584,263▲ $12,189,465$5,357,080$103,174,746
2015$94,824,961$2,176,608▼ $799,812$239,086$95,876,423
2014$90,423,929$705,469▲ $6,154,441$2,108,983$95,076,133
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Kenneth K Quigley JrPresidentFT$447,924$74,614$522,538
David M RosatiVP of Finance & CFOFT$309,614$52,503$362,117
David SzczerbackiVP of Academic Affairs/provostFT$253,479$26,546$280,025
Christopher M LawsonVP INST'L ADvncmt (thru 12/18)FT$221,233$44,262$265,495
Steven P GunningProfessorFT$186,044$49,914$235,958
Susan W PenniniVP of Institutional PlanningFT$189,859$33,213$223,072
Anthony J Fabrizio JrProfessorFT$196,461$26,393$222,854
silas n pearmanprofessorFT$180,447$26,515$206,962

Highest Paid Contractors

ContractorServicesLocationCompensation
Windover ConstructionConstruction66 CHERRY HILL DRIVE, Beverly, MA 01915$13,015,671
sodexo inc and affiliatesfood service9801 washington boulevard, Gaithersburg, MD 20878$4,909,725
McGarr Service Corporationjanitorial service233 NEEDHAM STREET, Newton, MA 02464$1,879,173
Royall and CompanyEnrollment Mgmt.1920 EAST PARHAM ROAD, Richmond, VA 23228$791,555
5 Horizons digitial LLCMarketing Print1017 Turnpike Street Suite 33, Canton, MA 02021$440,714
Revenue and Support

Revenue Composition

Contributions and Grants
$731,470
Program Service Revenue
$107,289,919
Investment Income
$2,440,212
Other Revenue
$2,208,647
All Other Contributions
$715,505
Change in Net Assets
$-6,602,192

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$140,513Fair Market Value (FMV)
Total Noncash Contributions5$140,513-

Audited Revenue Reconciliation

Revenue per Audited Statements
$73,142,102
Revenue Not Reported on Financial Statements
$39,528,146
Revenue Not Reported on Form 990
$1,586,327
Other Revenue Adjustments
$39,162,778
Total Revenue per Audited Statements
$74,728,429
Total Revenue per Form 990
$112,670,248
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$49,410,247
Grants and Similar Amounts Paid$39,355,319
Other Expenses$30,506,874
Total Fundraising Expense$1,130,238
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$39,120,953--$39,120,953
Other Salaries and Wages$34,625,738$2,646,251$372,653$37,644,642
Depreciation Depletion$6,221,099$333,345$91,418$6,645,862
Other Employee Benefits$4,972,266$548,104$54,493$5,574,863
Occupancy$4,917,151$557,745$66,462$5,541,358
Office Expenses$2,808,507$195,182$31,083$3,034,772
Payroll Taxes$2,440,341$269,004$26,745$2,736,090
Pension Plan Contributions$2,125,635$234,314$23,296$2,383,245
Interest$1,999,607$98,422$56,675$2,154,704
Conferences and Meetings$1,593,009$139,651$66,444$1,799,104
Fees for Services Other$1,184,287$220,483$298,173$1,702,943
Information Technology$1,011,767$63,404$2,046$1,077,217
Current Officers, Directors, Trustees, and Key Employees$257,464$813,943-$1,071,407
Advertising$1,008,865$27,237$22,170$1,058,272
Travel$603,087$94,997$13,043$711,127
Insurance$8,814$524,421-$533,235
Other Expenses$69,502$375,814$5,298$450,614
Fees for Service Investment Mgmnt Fees-$365,368-$365,368
Grants to Domestic Orgs$192,541--$192,541
Fees for Services Legal-$157,671-$157,671
Fees for Services Accounting-$110,704-$110,704
Foreign Grants$41,825--$41,825
Royalties$4,968--$4,968
Total Functional Expenses$110,187,641$7,954,561$1,130,238$119,272,440

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$119,272,440
Total Expenses per Audited Statements$84,458,294
Expenses per Audited Statements$79,744,294
Expenses Not Reported on Financial Statements$39,528,146
Other Expense Adjustments$39,162,778
Expenses Not Reported on Form 990$4,714,000
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Town of MiltonMilton, MAGOV'TMilton Pilot$100,000
Cape Cod Baseball LeagueHarwichport, MA501(c)(3)Sponsorship$30,000
Rodman Ride for KidsFoxboro, MA501(c)(3)Sponsorship$22,500
Milton Library FoundationMilton, MA501(c)(3)Sponsorship$15,000
Milton Foundation for EducationMilton, MA501(c)(3)Sponsorship$10,000
Milton High School BoostersMilton, MA501(c)(3)Sponsorship$7,500
New England Council IncBoston, MA501(c)(6)Sponsorship$7,500

International Summary

Offices
0
Employees
0
Spending
$68,925

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)GrantmakingScholarships00$41,825
Europe (Including Iceland and Greenland)Program ServicesStudy Abroad00$27,100
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$31,430
Fundraising Direct Expenses$22,013
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
hockey golf$24,560$19,010$1,450$17,560
football golf$18,870$12,420$800$11,620
Total Events$43,430$31,430$22,013$9,417
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
Government Advances - Student$162,881

Bond Issues

BondIssuerIssuedIssue PricePurpose
AMassachusetts Development Finance Agency2013-12-20$42,000,000See description in part vi
CMassachusetts Development Finance Agency2016-03-21$27,700,418See description in part vi
BMassachusetts Development Finance Agency2015-01-30$15,350,000See description in part vi
DMassachusetts Development Finance Agency2016-06-14$9,799,582See description in part vi

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$42,150,123$23,629,724$9,495,000$429,290
C$27,700,418$27,534,945$1,857,572$165,473
B$15,350,000$15,209,040$2,885,317$140,960
D$10,025,612$0$701,900$67,253

Bond Financing Compliance

No rebate due
Yes
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
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

Form 990, Part VI, 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.

Form 990, Part VI, Lines 15A & 15B

Curry College maintains a compensation policy which covers all employees. When determining initial salaries, the following are considered: level of essential functions and responsibilities, required education, skills and relevant experience, both internal and external equity and budgeted amount. In reviewing salaries of existing employees, additional considerations include a substantial and permanent change in job duties, the change involves increase levels of responsibilities in terms of decision-making and problem solving, job complexity and/or additional knowledge and skills required. Changes to a position can occur as the result of organizational changes, both internal and external equity and availability of budgeted funds. The Office of Human Resources regularly reviews the external market to ensure the College is compensating positions competitively. Market data comes from a variety of generally accepted benchmarking sources. In addition, research is conducted on hiring ranges for appropriate matches at local and other higher education institutions. Different aspects of data are collected depending on the position being reviewed in order to ensure an appropriate compensation comparison. The compensation of the President is reviewed and approved by the Board of Trustees and there is contemporaneous documentation of the deliberation and decision.

Form 990, Part VI, 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

Filer Name
Curry College
EIN
04-2199867
In Care Of
% DAVID ROSATI VP FINANCE & C
Phone
6173332302
Address
1071 BLUE HILL AVENUE, MILTON, MA 02186

Signing Officer

Name
David Rosati
Title
CFO
Phone
6173332302
Signed
2020-04-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kenneth K Quigley Jr
Formed
1879
Legal Domicile
Ma
Voting Board Members
18
Independent Board Members
17
Employees
1,741
Volunteers
95

Preparer

Firm
Grant Thornton Llp
Address
75 State Street, BOSTON, MA 02109
Preparer
Erin Couture
Phone
6177237900
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 4D

ACADEMIC SUPPORT - CURRY COLLEGE ACADEMICALLY SUPPORTS STUDENTS WITH OUR ACADEMIC ENRICHMENT CENTER AND CAMPUS LIBRARY. Form 990, Part V, Line 1A The number from 2018 Form 1096 Box 3 includes 3,023 Forms 1098-T. FORM 990, PART VI, LINE 11B THE FORM 990 WAS PREPARED BY THE COLLEGE'S INDEPENDENT TAX FIRM WITH INFORMATION PROVIDED BY MANAGEMENT AND REVIEWED BY THE CHIEF FINANCIAL OFFICER, THE DIRECTOR OF FINANCE, AND THE CONTROLLER. 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.

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 tax-exempt organization as described in section 501(c)(3) of the internal revenue code (the "code"), and is generally exempt from income taxes pursuant to section 501(a) of the code. Accordingly, it is generally not subject to income taxes except to the extent it has taxable income from activities that are not related to its exempt purpose. 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 2D and Part XII, Line 2D

For purposes of 990 reporting, income appropriated under spending policy of $4,714,000 is not included on the statement of revenues nor the statement of functional expenses.

Schedule D, Part XI, Line 4B and Part XII, Line 4B

Total revenue per the audited financial statements is presented net of institutional scholarships. For purposes of 990 reporting, total revenues and expenses are reported gross. Therefore, a difference is reflected in the reconciliation due to institutional scholarships of $39,162,778.

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IRS990/Desc0INSTRUCTION - FOUNDED IN 1879, CURRY COLLEGE IS A 140 YEAR OLD PRIVATE, INDEPENDENT INSTITUTUTION GRANTING UNDERGRADUATE AND GRADUATE DEGREES TO A COMBINED ENROLLMENT OF APPROXIMATELY 3,300 FULL AND PART TIME STUDENTS. THE COLLEGE OFFERS 26 UNDERGRADUATE DEGREES AND FIVE MASTERS DEGREES. THE COLLEGE DRAWS ITS STUDENTS FROM 33 STATES AND 24 COUNTRIES. THE COMBINED FACULTY AND STAFF AT CURRY TOTAL APPROXIMATELY 824.
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

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