Civic Intelligence

Curry College

990 • Fiscal year 2022 • EIN 04-2199867

Jun 01, 2021 to May 31, 2022 • Filed on Apr 18, 2023

1071 Blue Hill AvenueMilton, MA 02186

(617) 333-2302

Siviq Scores

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

Liabilities / Assets

59th percentile

0.36x

Higher debt load relative to assets than 59% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2022

Liabilities / Revenue

63rd percentile

0.69x

Higher debt load relative to revenue than 63% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2022

Net Margin

30th percentile

-0.1%

Higher net margin than 30% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2022

Top Officer Pay

51st percentile

$474,734

Higher top officer pay than 51% of similar nonprofits.

Top officer pay equals 0.4% of source-year revenue.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2022

Asset Growth

28th percentile

-7.2%

Faster asset growth than 28% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2021 to 2022

Revenue Growth

43rd percentile

1.9%

Faster revenue growth than 43% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2021 to 2022

Assets

Down

$220,105,546

Down $17,119,302 (-7.2%) from 2021

Net Assets

Down

$140,313,129

Down $12,586,222 (-8.2%) from 2021

Liabilities

Down

$79,792,417

Down $4,533,080 (-5.4%) from 2021

Revenue

Up

$116,112,495

Up $2,127,335 (+1.9%) from 2021

Expenses

Down

$116,220,372

Down $2,117,858 (-1.8%) from 2021

Net Income

Up

-$107,877

Up $4,245,193 (+98%) from 2021

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

2022

Assets$220,105,546
Liabilities$79,792,417
Net Assets$140,313,129

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

2022

Revenue$116,112,495
Expenses$116,220,372
Net Income-$107,877
Jump To
Filing Snapshot
Filing Period
Jun 1, 2021 to May 31, 2022
Signed
Apr 18, 2023
Return Version
2021v4.2
Gross Receipts
$130,078,043
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 engage students in successful careers and active citizenship with a global perspective.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$104,438,628$100,569,437▼ $3,869,191
Investments in Publicly Traded Securities$103,671,275$91,414,240▼ $12,257,035
Savings and Temporary Cash Investments$24,994,261$21,447,652▼ $3,546,609
Pledges and Grants Receivable$768,133$3,491,630▲ $2,723,497
Accounts Receivable$2,504,045$2,389,430▼ $114,615
Prepaid Expenses and Deferred Charges$746,109$622,133▼ $123,976
Other Notes and Loans Receivable, Net$101,267$169,894▲ $68,627
Cash and Non-Interest-Bearing Accounts$1,130$1,130→ $0
Total Assets$237,224,848$220,105,546▼ $17,119,302
Liabilities
Tax Exempt Bond Liabilities$72,799,906$69,054,074▼ $3,745,832
Accounts Payable and Accrued Expenses$8,086,925$7,213,315▼ $873,610
Deferred Revenue$3,217,616$3,036,387▼ $181,229
Other Liabilities$221,050$488,641▲ $267,591
Total Liabilities$84,325,497$79,792,417▼ $4,533,080
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$146,815,361$131,543,665▼ $15,271,696
Net Assets With Donor Restrictions$6,083,990$8,769,464▲ $2,685,474
Total Net Assets Fund Balance$152,899,351$140,313,129▼ $12,586,222
Total Liabilities and Net Assets / Fund Balance$237,224,848$220,105,546▼ $17,119,302

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$90,740,615$71,468,574$162,209,189
Equipment$2,856,590$33,922,102$36,778,692
Other Land Buildings$3,944,157$7,764,380$11,708,537
Land$2,672,481-$2,672,481
Leasehold Improvements$355,594$469,581$825,175

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$99,259,350$4,504,598▼ $8,154,892$5,540,940$89,891,840
2020$90,354,283$620,193▲ $30,087,623$21,705,212$99,259,350
2019$93,874,024$550,684▲ $4,362,864$8,345,826$90,354,283
2018$100,165,348$349,905▼ $1,438,322$4,714,000$93,874,024
2017$103,174,746$641,359▲ $8,916,876$12,411,167$100,165,348
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Kenneth K Quigley JrPresidentFT$413,124$61,610$474,734
David M RosatiExecutive Vice President/CFOFT$309,430$39,237$348,667
David SzczerbackiExe VP of Academic Affairs/provostFT$245,792$15,091$260,883
Debra a Petrizzo WilkinsProfessorFT$220,987$26,303$247,290
Steven P GunningProfessorFT$203,858$38,322$242,180
Anthony J Fabrizio JrProfessorFT$196,871$33,095$229,966
Elizabeth Delano DykasProfessorFT$187,642$30,306$217,948
Sarah S MurrayVP of Institutional AdvancementFT$181,297$27,154$208,451

Highest Paid Contractors

ContractorServicesLocationCompensation
Sodexo INC And AffiliatesFood Services9801 WASHINGTON BLVD, Gaithersburg, MD 20878$3,870,867
Mcgarr Service CorporationJanitorial Services233 NEEDHAM STREET, Newton, MA 02464$1,670,461
Pivotal Builders INCConstruction189 LORING AVENUE, Salem, MA 01970$815,332
Triad Advertising GroupMarketing1017 TURNPIKE STREET, Canton, MA 02021$644,471
Absolute General Contracting INCConstruction75 STANDISH ROAD, Milton, MA 02186$393,166
Revenue and Support

Revenue Composition

Contributions and Grants
$10,197,875
Program Service Revenue
$100,636,511
Investment Income
$5,019,419
Other Revenue
$258,690
All Other Contributions
$4,817,626
Change in Net Assets
$-107,877

Audited Revenue Reconciliation

Revenue per Audited Statements
$75,478,262
Revenue Not Reported on Financial Statements
$40,634,233
Revenue Not Reported on Form 990
$-12,478,345
Other Revenue Adjustments
$40,047,654
Total Revenue per Audited Statements
$62,999,917
Total Revenue per Form 990
$116,112,495
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$42,921,581
Salaries, Compensation, and Employee Benefits$41,997,972
Other Expenses$31,300,819
Total Fundraising Expense$1,073,139
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$42,751,609--$42,751,609
Other Salaries and Wages$29,421,671$2,125,262$487,464$32,034,397
Depreciation Depletion$6,667,908$375,759$91,379$7,135,046
Occupancy$4,728,052$341,768$61,763$5,131,583
Other Employee Benefits$4,540,067$497,949$74,459$5,112,475
Office Expenses$2,908,861$282,498$43,245$3,234,604
Payroll Taxes$2,153,751$236,221$35,322$2,425,294
Fees for Services Other$1,636,889$533,454$97,916$2,268,259
Interest$1,983,135$83,281$48,243$2,114,659
Information Technology$1,414,173$68,574$3,739$1,486,486
Conferences and Meetings$1,304,080$62,774$62,969$1,429,823
Pension Plan Contributions$1,225,547$134,417$20,099$1,380,063
Advertising$1,091,277$64,931$12,779$1,168,987
Current Officers, Directors, Trustees, and Key Employees$252,131$793,612-$1,045,743
Insurance$5,589$738,444-$744,033
Fees for Service Investment Mgmnt Fees-$586,579-$586,579
Travel$420,059$53,242$14,250$487,551
All Other Expenses$65,087$355,421$35$420,543
Grants to Domestic Orgs$155,472--$155,472
Other Expenses$38,925$114,190$1,359$154,474
Fees for Services Legal$8,080$133,464-$141,544
Fees for Services Accounting-$36,750-$36,750
Foreign Grants$14,500--$14,500
Royalties$4,174--$4,174
Total Functional Expenses$107,376,286$7,770,947$1,073,139$116,220,372

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$116,220,372
Expenses per Audited Statements$75,586,139
Total Expenses per Audited Statements$75,586,139
Expenses Not Reported on Financial Statements$40,634,233
Other Expense Adjustments$40,047,654
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Town of MiltonMilton, MAGOV'TMilton Pilot$110,000
Cape Cod Baseball LeagueHarwichport, MA501(c)(3)Sponsorship$15,000
Milton Foundation for EducationMilton, MA501(c)(3)Sponsorship$10,000
Rodman Ride for KidsFoxboro, MA501(c)(3)Sponsorship$10,000
The New England Council IncBoston, MA501(c)(3)Sponsorship$10,000

International Summary

Offices
0
Employees
0
Spending
$7,172,798

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
Central America and the CaribbeanInvestments-00$7,124,308
Europe (including Iceland & Greenland)Program ServicesStudy Abroad00$33,990
Europe (including Iceland & Greenland)GrantmakingScholarships00$14,500
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$27,264
Fundraising Direct Expenses$19,582
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Hockey Golf$25,580$17,858-$17,858
Football Golf$15,100$9,406-$9,406
Total Events$40,680$27,264$19,582$7,682
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Government Advances - Student Loans$488,641

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$9,799,542See description in part vi

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$42,150,123$23,629,724$14,790,000$429,290
C$27,700,418$27,534,945$3,834,364$165,473
B$15,350,000$15,209,040$4,809,446$140,960
D$10,025,612-$1,397,807$67,253

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 35% controlled entity
No
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, Section B, 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.

Form 990, 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.

Form 990, Part VI, Section B, Line 15

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, 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

Filer Name
Curry College
EIN
04-2199867
Phone
6173332302
Address
1071 BLUE HILL AVENUE, MILTON, MA 02186

Signing Officer

Name
David Rosati
Title
VP of Finance & CFO
Phone
6173332302
Signed
2023-04-18
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
1,324
Volunteers
60

Preparer

Firm
Grant Thornton Llp
Address
75 STATE ST 13TH FLOOR, BOSTON, MA 02109
Preparer
Erin Couture
Phone
6177237900
Supplemental Narrative

Additional Explanations

FORM 990, PART V, LINE 1A:

The number from 2021 form 1096 box 3 includes 3,344 forms 1098-t.

Financial Statement Notes

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.

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.

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 $40,047,654.

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Desc0INSTRUCTION - FOUNDED IN 1879, CURRY COLLEGE IS A 143 YEAR OLD PRIVATE, INDEPENDENT INSTITUTUTION GRANTING UNDERGRADUATE AND GRADUATE DEGREES TO A COMBINED ENROLLMENT OF APPROXIMATELY 2,200 FULL AND PART TIME STUDENTS. THE COLLEGE OFFERS 38 UNDERGRADUATE DEGREES AND SIX MASTERS DEGREES. THE COLLEGE DRAWS ITS STUDENTS FROM 30 STATES AND 18 COUNTRIES. THE COMBINED FACULTY AND STAFF AT CURRY TOTAL APPROXIMATELY 765.
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IRS990/Form990PartVIISectionAGrp/TitleTxt1CHAIRPERSON
IRS990/Form990PartVIISectionAGrp/TitleTxt2VICE CHAIR
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IRS990/Form990PartVIISectionAGrp/TitleTxt22PROFESSOR
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Document Assets

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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
Peer Organizations

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