Civic Intelligence

Salem State University Alumni Association and Foundation Inc.

990 • Fiscal year 2024 • EIN 04-2620632

Jul 01, 2023 to Jun 30, 2024 • Filed on Jan 31, 2025

352 Lafayette StreetSalem, MA 01970

(978) 542-7590

Siviq Scores

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

Liabilities / Assets

12th percentile

0.01x

Higher debt load relative to assets than 12% of similar nonprofits.

2024 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2024

Liabilities / Revenue

13th percentile

0.06x

Higher debt load relative to revenue than 13% of similar nonprofits.

2024 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2024

Net Margin

94th percentile

67%

Higher net margin than 94% of similar nonprofits.

2024 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2024

Top Officer Pay

24th percentile

$218,435

Higher top officer pay than 24% of similar nonprofits.

Top officer pay equals 1.3% of source-year revenue.

2024 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2024

Asset Growth

90th percentile

28%

Faster asset growth than 90% of similar nonprofits.

2024 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2023 to 2024

Revenue Growth

44th percentile

6.6%

Faster revenue growth than 44% of similar nonprofits.

2024 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2023 to 2024

Assets

Up

$80,264,774

Up $17,674,528 (+28%) from 2023

Net Assets

Up

$79,324,010

Up $17,312,392 (+28%) from 2023

Liabilities

Up

$940,764

Up $362,136 (+63%) from 2023

Revenue

Up

$17,102,070

Up $1,054,377 (+6.6%) from 2023

Expenses

Down

$5,660,442

Down $2,157,988 (-28%) from 2023

Net Income

Up

$11,441,628

Up $3,212,365 (+39%) from 2023

Historical Trend

Balance Sheet Trend

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

$100M$50M$0Assets 2011: $21,528,740Liabilities 2011: $301,672Net Assets 2011: $21,227,0682011Assets 2012: $26,919,089Liabilities 2012: $269,825Net Assets 2012: $26,649,2642012Assets 2013: $29,534,338Liabilities 2013: $274,547Net Assets 2013: $29,259,7912013Assets 2014: $31,359,422Liabilities 2014: $253,771Net Assets 2014: $31,105,6512014Assets 2015: $32,502,694Liabilities 2015: $381,887Net Assets 2015: $32,120,8072015Assets 2016: $31,362,599Liabilities 2016: $350,587Net Assets 2016: $31,012,0122016Assets 2017: $37,487,625Liabilities 2017: $298,981Net Assets 2017: $37,188,6442017Assets 2018: $38,682,754Liabilities 2018: $289,184Net Assets 2018: $38,393,5702018Assets 2019: $39,307,160Liabilities 2019: $386,677Net Assets 2019: $38,920,4832019Assets 2020: $41,281,839Liabilities 2020: $865,247Net Assets 2020: $40,416,5922020Assets 2021: $56,116,935Liabilities 2021: $712,439Net Assets 2021: $55,404,4962021Assets 2022: $50,036,671Liabilities 2022: $795,274Net Assets 2022: $49,241,3972022Assets 2023: $62,590,246Liabilities 2023: $578,628Net Assets 2023: $62,011,6182023Assets 2024: $80,264,774Liabilities 2024: $940,764Net Assets 2024: $79,324,0102024Assets 2025: $87,033,273Liabilities 2025: $864,483Net Assets 2025: $86,168,7902025

Highlighted filing

2024

Assets$80,264,774
Liabilities$940,764
Net Assets$79,324,010

Operations Trend

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

$20M$15M$10M$5.0M$0-$5.0MRevenue 2011: $2,838,906Expenses 2011: $1,262,334Net Income 2011: $1,576,5722011Expenses 2012: $1,539,7272012Revenue 2013: $3,343,852Expenses 2013: $1,514,811Net Income 2013: $1,829,0412013Revenue 2014: $5,032,903Expenses 2014: $4,949,431Net Income 2014: $83,4722014Revenue 2015: $4,275,825Expenses 2015: $2,506,452Net Income 2015: $1,769,3732015Revenue 2016: $3,149,534Expenses 2016: $3,467,429Net Income 2016: -$317,8952016Revenue 2017: $7,147,654Expenses 2017: $2,707,465Net Income 2017: $4,440,1892017Revenue 2018: $3,642,736Expenses 2018: $2,810,319Net Income 2018: $832,4172018Revenue 2019: $3,836,657Expenses 2019: $3,040,968Net Income 2019: $795,6892019Revenue 2020: $3,732,036Expenses 2020: $3,019,972Net Income 2020: $712,0642020Revenue 2021: $13,334,644Expenses 2021: $3,362,968Net Income 2021: $9,971,6762021Revenue 2022: $9,786,265Expenses 2022: $5,834,074Net Income 2022: $3,952,1912022Revenue 2023: $16,047,693Expenses 2023: $7,818,430Net Income 2023: $8,229,2632023Revenue 2024: $17,102,070Expenses 2024: $5,660,442Net Income 2024: $11,441,6282024Revenue 2025: $11,803,565Expenses 2025: $5,822,290Net Income 2025: $5,981,2752025

Highlighted filing

2024

Revenue$17,102,070
Expenses$5,660,442
Net Income$11,441,628
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Jan 31, 2025
Return Version
2023v6.0
Gross Receipts
$18,293,227
Mission and Program Overview

Mission

To help salem state university meet its needs and goals by raising and managing contributions.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$35,528,122$54,093,029▲ $18,564,907
Investments Other Securities$18,826,369$13,844,041▼ $4,982,328
Pledges and Grants Receivable$4,525,835$6,370,129▲ $1,844,294
Savings and Temporary Cash Investments$500,000$5,657,960▲ $5,157,960
Prepaid Expenses and Deferred Charges$76,486$158,702▲ $82,216
Cash and Non-Interest-Bearing Accounts$3,133,434$140,913▼ $2,992,521
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
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$62,590,246$80,264,774▲ $17,674,528
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$578,628$940,764▲ $362,136
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$578,628$940,764▲ $362,136
Net Assets / Fund Balance
Net Assets With Donor Restrictions$58,962,163$75,402,073▲ $16,439,910
Net Assets Without Donor Restrictions$3,049,455$3,921,937▲ $872,482
Total Net Assets Fund Balance$62,011,618$79,324,010▲ $17,312,392
Total Liabilities and Net Assets / Fund Balance$62,590,246$80,264,774▲ $17,674,528

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$0$30,431$30,431
Other Securities$55,194--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$52,003,770$10,520,551▲ $5,580,753-$68,105,074
2022$38,541,444$10,578,491▲ $2,883,835-$52,003,770
2021$46,148,676$1,077,622▼ $8,684,854-$38,541,444
2020$33,015,025$6,803,237▲ $6,330,414-$46,148,676
2019$31,996,271$340,623▲ $678,131-$33,015,025
Compensation and Service Providers

Highest Paid Contractors

ContractorServicesLocationCompensation
Boston AdvisorsInvestment Services125 WASHINGTON STREET, Salem, MA 01970$161,298
Eastern BankInvestment Services-$146,008
Revenue and Support

Revenue Composition

Contributions and Grants
$14,038,516
Program Service Revenue
$0
Investment Income
$3,063,554
Other Revenue
$0
All Other Contributions
$13,482,961
Change in Net Assets
$11,441,628

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded5$166,168fAIR MARKET VALUE
Clothing and Household Goods-$5,735Fair Market Value
Total Noncash Contributions5$171,903-

Audited Revenue Reconciliation

Revenue per Audited Statements
$16,794,763
Revenue Not Reported on Financial Statements
$307,307
Revenue Not Reported on Form 990
$5,925,317
Other Revenue Adjustments
$1
Total Revenue per Audited Statements
$22,720,080
Total Revenue per Form 990
$17,102,070
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$4,840,140
Other Expenses$820,302
Total Fundraising Expense$128,222
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$3,586,146--$3,586,146
Grants to Domestic Individuals$1,253,994--$1,253,994
Fees for Service Investment Mgmnt Fees-$307,306-$307,306
Fees for Services Other-$26,672$55,277$81,949
Fees for Services Accounting-$20,200-$20,200
Other Expenses$13,327$15,698$69,479$15,698
All Other Expenses$352$7,200$2,789$10,341
Office Expenses-$5,786$677$6,463
Insurance-$3,885-$3,885
Conferences and Meetings-$3,352-$3,352
Total Functional Expenses$4,882,800$649,420$128,222$5,660,442

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$5,660,442
Total Expenses per Audited Statements$5,407,689
Expenses per Audited Statements$5,353,136
Expenses Not Reported on Financial Statements$307,306
Expenses Not Reported on Form 990$54,553
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
salem state universitysalem, MA115support the university and its mission.$3,580,411
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
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
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

FORM 990, PART VI, SECTION B, LINE 11B:

The foundation provided a copy of the form 990 by email to the executive director, president, treasurer, and the full board of directors for review prior to filing the return.

FORM 990, PART VI, SECTION B, LINE 12C:

The foundation requests annual updates of any conflicts of interests and reviews the information for each individual.

FORM 990, PART VI, SECTION C, LINE 19:

Salem state university foundation upon request from the public authority, faxes the information requested to the appropriate authority.

Filing and Contact Details

Filer

Filer Name
Salem State University Alumni Association
EIN
04-2620632
In Care Of
% MANDY RAY
Phone
9785427590
Address
352 Lafayette Street, Salem, MA 01970

Signing Officer

Name
Mandy Ray
Title
Executive Director
Phone
9785427591
Signed
2025-01-31
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mandy Ray
Formed
1977
Legal Domicile
Ma
Voting Board Members
29
Independent Board Members
29
Employees
0
Volunteers
30

Preparer

Firm
Withumsmithbrownpc
Address
4600 EAST WEST HWY 900, BETHESDA, MD 20814-3423
Preparer
Richard Ruvelson
Phone
3012726000
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C

The foundation has an audit committee whose purpose is the oversight and review of the audited financial statements and selection of an independent accountant. This process has not been changed from the prior year.

FORM 990, PART XI, LINE 9, CHANGES IN NET ASSETS:

Recovery of losses on pledge receivables $1,000,000

Financial Statement Notes

Part V, Line 4:

The intended use of the endowment funds is to support the programs of the foundation.

Part X, Line 2:

Salem state university alumni association and foundation, inc. Is exempt from federal income taxes under section 501(c)(3) of the internal revenue code and therefore has made no provision for federal income taxes in the accompanying financial statements. As a not-for-profit entity exempt from income taxes, the foundation may, however, be subject to tax on unrelated business income. Accounting principles generally accepted in the united states of america require an entity to assess the probability that a tax position has a "more likely than not" sustainability after review by tax authorities. If a tax position is deemed not to meet this threshold, any unrecognized tax benefits and costs are estimated and recognized. Tax returns are routinely open for review by the tax authorities for three years from their due date. In certain circumstances the statute of limitations may remain open indefinitely.

Part XI, Line 4B:

Added $1 for rounding purposes.

PART XI, LINE 2D:

Recovery of losses on pledge receivable $1,000,000

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IRS990/Form990PartVIISectionAGrp/PersonNm19Jake J Cotter
IRS990/Form990PartVIISectionAGrp/PersonNm20Alicia Y Depena
IRS990/Form990PartVIISectionAGrp/PersonNm21Anthony DiVirgilio
IRS990/Form990PartVIISectionAGrp/PersonNm22Julianna W Donovan
IRS990/Form990PartVIISectionAGrp/PersonNm23Judith Josephs
IRS990/Form990PartVIISectionAGrp/PersonNm24Josephine E Kennedy
IRS990/Form990PartVIISectionAGrp/PersonNm25James J Lampassi Jr
IRS990/Form990PartVIISectionAGrp/PersonNm26Patricia M Libby
IRS990/Form990PartVIISectionAGrp/PersonNm27Robert H Millwee
IRS990/Form990PartVIISectionAGrp/PersonNm28Lillian T Pinard
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IRS990/Form990PartVIISectionAGrp/TitleTxt1TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt2Chair
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IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR-AT-LARGE
IRS990/Form990PartVIISectionAGrp/TitleTxt5VICE chair
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt22Director
IRS990/Form990PartVIISectionAGrp/TitleTxt23Director
IRS990/Form990PartVIISectionAGrp/TitleTxt24Director
IRS990/Form990PartVIISectionAGrp/TitleTxt25Director
IRS990/Form990PartVIISectionAGrp/TitleTxt26Director
IRS990/Form990PartVIISectionAGrp/TitleTxt27Director
IRS990/Form990PartVIISectionAGrp/TitleTxt28Director
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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.$87.0$0.86$86.2$11.8$5.82$5.98
2024Detailed filing. Detailed filing data is available for this year.$80.3$0.94$79.3$17.1$5.66$11.4
2023Detailed filing. Detailed filing data is available for this year.$62.6$0.58$62.0$16.0$7.82$8.23
2022Detailed filing. Detailed filing data is available for this year.$50.0$0.80$49.2$9.79$5.83$3.95
2021Detailed filing. Detailed filing data is available for this year.$56.1$0.71$55.4$13.3$3.36$9.97
2020Detailed filing. Detailed filing data is available for this year.$41.3$0.87$40.4$3.73$3.02$0.71
2019Detailed filing. Detailed filing data is available for this year.$39.3$0.39$38.9$3.84$3.04$0.80
2018Detailed filing. Detailed filing data is available for this year.$38.7$0.29$38.4$3.64$2.81$0.83
2017Detailed filing. Detailed filing data is available for this year.$37.5$0.30$37.2$7.15$2.71$4.44
2016Detailed filing. Detailed filing data is available for this year.$31.4$0.35$31.0$3.15$3.47$0.32
2015Detailed filing. Detailed filing data is available for this year.$32.5$0.38$32.1$4.28$2.51$1.77
2014Detailed filing. Detailed filing data is available for this year.$31.4$0.25$31.1$5.03$4.95$0.08
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$29.5$0.27$29.3$3.34$1.51$1.83
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$26.9$0.27$26.6$1.54
2011Summary only. Only limited summary data is available for this year.$21.5$0.30$21.2$2.84$1.26$1.58