Civic Intelligence

Framingham State University

EIN 04-2742666 • 501(c)3 • Framingham, MA

Profile

To receive and maintain funds to be used in the best interest of framingham state university for the development, promotion and benefit of the university and its students.

100 State StreetFramingham, MA 01701

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

11th percentile

0.00x

Higher debt load relative to assets than 11% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2025

Liabilities / Revenue

10th percentile

0.01x

Higher debt load relative to revenue than 10% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2025

Net Margin

96th percentile

79%

Higher net margin than 96% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2025

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

91st percentile

41%

Faster asset growth than 91% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2024 to 2025

Revenue Growth

97th percentile

280%

Faster revenue growth than 97% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2024 to 2025

Balance Sheet
Liabilities / Assets11th percentile

Assets

Up

$23,661,699

Up $6,859,857 (+41%) from 2024

Liabilities

Up

$65,755

Up $54,822 (+501%) from 2024

Net Assets

Up

$23,595,944

Up $6,805,035 (+41%) from 2024

Operations
Liabilities / Revenue10th percentileNet Margin96th percentile

Revenue

Up

$7,989,355

Up $5,889,113 (+280%) from 2024

Expenses

Down

$1,680,347

Down $156,340 (-8.5%) from 2024

Net Income

Up

$6,309,008

Up $6,045,453 (+2294%) from 2024

Trend Graphs

Balance Sheet Trend

Asset Growth91st percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$30M$20M$10M$0-$10MAssets 2012: $7,680,927Liabilities 2012: $2,720Net Assets 2012: $7,678,2072012Assets 2013: $8,326,652Liabilities 2013: $107,838Net Assets 2013: $8,218,8142013Assets 2014: $9,196,706Liabilities 2014: $104,441Net Assets 2014: $9,092,2652014Assets 2015: $9,243,765Liabilities 2015: $77,137Net Assets 2015: $9,166,6282015Assets 2016: $9,123,699Liabilities 2016: $305,324Net Assets 2016: $8,818,3752016Assets 2017: $9,705,154Liabilities 2017: $103,692Net Assets 2017: $9,601,4622017Assets 2018: $11,295,226Liabilities 2018: $82,054Net Assets 2018: $11,213,1722018Assets 2019: $12,141,047Liabilities 2019: $202,484Net Assets 2019: $11,938,5632019Assets 2020: $12,117,325Liabilities 2020: $62,549Net Assets 2020: $12,054,7762020Assets 2021: $15,369,657Liabilities 2021: $5,720Net Assets 2021: $15,363,9372021Assets 2022: $14,388,936Liabilities 2022: $257,814Net Assets 2022: $14,131,1222022Assets 2023: $15,376,898Liabilities 2023: -$13,244Net Assets 2023: $15,390,1422023Assets 2024: $16,801,842Liabilities 2024: $10,933Net Assets 2024: $16,790,9092024Assets 2025: $23,661,699Liabilities 2025: $65,755Net Assets 2025: $23,595,9442025

Highlighted filing

2025

Assets$23,661,699
Liabilities$65,755
Net Assets$23,595,944
Open 2025 Filing

Operations Trend

Revenue Growth97th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$8.0M$6.0M$4.0M$2.0M$0Expenses 2012: $423,7512012Revenue 2013: $781,499Expenses 2013: $730,677Net Income 2013: $50,8222013Revenue 2014: $986,805Expenses 2014: $806,984Net Income 2014: $179,8212014Revenue 2015: $1,194,406Expenses 2015: $800,970Net Income 2015: $393,4362015Revenue 2016: $1,306,954Expenses 2016: $1,003,138Net Income 2016: $303,8162016Revenue 2017: $970,078Expenses 2017: $782,732Net Income 2017: $187,3462017Revenue 2018: $2,101,684Expenses 2018: $848,952Net Income 2018: $1,252,7322018Revenue 2019: $1,446,491Expenses 2019: $1,094,220Net Income 2019: $352,2712019Revenue 2020: $1,587,487Expenses 2020: $1,101,787Net Income 2020: $485,7002020Revenue 2021: $2,859,783Expenses 2021: $1,209,605Net Income 2021: $1,650,1782021Revenue 2022: $3,151,073Expenses 2022: $1,564,737Net Income 2022: $1,586,3362022Revenue 2023: $2,093,585Expenses 2023: $1,833,552Net Income 2023: $260,0332023Revenue 2024: $2,100,242Expenses 2024: $1,836,687Net Income 2024: $263,5552024Revenue 2025: $7,989,355Expenses 2025: $1,680,347Net Income 2025: $6,309,0082025

Highlighted filing

2025

Revenue$7,989,355
Expenses$1,680,347
Net Income$6,309,008
Open 2025 Filing

Filings

Most recent year

2025 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$23,661,699
Liabilities
$65,755
Net assets
$23,595,944
Revenue
$7,989,355
Expenses
$1,680,347
Net income
$6,309,008
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$23.7$0.07$23.6$7.99$1.68$6.31
2024Detailed filing. Detailed filing data is available for this year.$16.8$0.01$16.8$2.10$1.84$0.26
2023Detailed filing. Detailed filing data is available for this year.$15.4$0.01$15.4$2.09$1.83$0.26
2022Detailed filing. Detailed filing data is available for this year.$14.4$0.26$14.1$3.15$1.56$1.59
2021Detailed filing. Detailed filing data is available for this year.$15.4$0.01$15.4$2.86$1.21$1.65
2020Detailed filing. Detailed filing data is available for this year.$12.1$0.06$12.1$1.59$1.10$0.49
2019Detailed filing. Detailed filing data is available for this year.$12.1$0.20$11.9$1.45$1.09$0.35
2018Detailed filing. Detailed filing data is available for this year.$11.3$0.08$11.2$2.10$0.85$1.25
2017Detailed filing. Detailed filing data is available for this year.$9.71$0.10$9.60$0.97$0.78$0.19
2016Detailed filing. Detailed filing data is available for this year.$9.12$0.31$8.82$1.31$1.00$0.30
2015Detailed filing. Detailed filing data is available for this year.$9.24$0.08$9.17$1.19$0.80$0.39
2014Detailed filing. Detailed filing data is available for this year.$9.20$0.10$9.09$0.99$0.81$0.18
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.33$0.11$8.22$0.78$0.73$0.05
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.68$0.00$7.68$0.42
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2024 to Jun 30, 2025
Signed
Oct 17, 2025
Return Version
2024v5.2
Gross Receipts
$9,617,484
Mission and Program Overview

Mission

To receive and maintain funds to be used in the best interest of framingham state university for the development, promotion and benefit of the university and its students.

SEE PART III, LINE 1.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$15,892,905$22,119,097▲ $6,226,192
Pledges and Grants Receivable$743,843$1,207,904▲ $464,061
Cash and Non-Interest-Bearing Accounts$82,092$288,971▲ $206,879
Savings and Temporary Cash Investments$52,863$8,293▼ $44,570
Prepaid Expenses and Deferred Charges$2,768$2,860▲ $92
Total Assets$16,801,842$23,661,699▲ $6,859,857
Other Assets Total$27,371$34,574▲ $7,203
Liabilities
Accounts Payable and Accrued Expenses$10,933$65,755▲ $54,822
Total Liabilities$10,933$65,755▲ $54,822
Net Assets / Fund Balance
Net Assets With Donor Restrictions$8,625,450$14,525,255▲ $5,899,805
Net Assets Without Donor Restrictions$8,165,459$9,070,689▲ $905,230
Total Net Assets Fund Balance$16,790,909$23,595,944▲ $6,805,035
Total Liabilities and Net Assets / Fund Balance$16,801,842$23,661,699▲ $6,859,857

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2024$16,790,909$6,893,510▲ $1,512,737$170,677$23,595,944
2023$15,390,142$1,639,974▲ $1,530,107$316,424$16,790,909
2022$14,131,122$1,692,028▲ $1,340,534$454,184$15,390,142
2021$15,363,937$1,679,373▼ $1,410,914$315,933$14,131,122
2020$12,054,776$1,368,415▲ $3,096,480$166,794$15,363,937
Compensation and Service Providers
Top Officer PayScore unavailable

Board Members and Trustees

NameTitle
Michael GatlinPresident
Kathleen FreemanVice President
Ann MuirDirector
Claire EstenDirector
Debra ClevelandDirector
Dennis AlvesDirector
Dr Duc LeDirector
Dr Helen HeinemanDirector
Elaine MartinDirector
Elinor GoodwinDirector
Joan MurtaughDirector
Jospeh PalowichDirector
Juan RodriguezDirector
Kelly SardellaDirector
Kevin FoleyDirector
Maureen RemeikaDirector
Michele SaulisDirector
Michelle MurphyDirector
Pervez MazeedDirector
Robert BonnevieDirector
Robert FieldsDirector
Robert PowersDirector
Serena GilchrestDirector
Steve DevineDirector
Steven WhittemoreDirector
Eric GustafsonExecutive Director
Robert PowerAsst. Treasurer
Margaret GuardianiClerk
James HastingsTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$6,893,328
Program Service Revenue
$0
Investment Income
$1,096,027
Other Revenue
$0
All Other Contributions
$5,939,905
Change in Net Assets
$6,309,008

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 Traded2$4,720,953Fair Market Value (FMV)
Total Noncash Contributions2$4,720,953-

Audited Revenue Reconciliation

Revenue per Audited Statements
$7,910,219
Revenue Not Reported on Financial Statements
$79,136
Revenue Not Reported on Form 990
$552,216
Total Revenue per Audited Statements
$8,462,435
Total Revenue per Form 990
$7,989,355
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,278,607
Other Expenses$401,740
Total Fundraising Expense$217,824
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$1,013,388--$1,013,388
Grants to Domestic Orgs$265,219--$265,219
Fees for Service Investment Mgmnt Fees-$79,135-$79,135
Fees for Services Accounting-$58,017-$58,017
Office Expenses-$38,223-$38,223
Other Expenses-$5,258$217,824$5,258
Insurance-$2,181-$2,181
Fees for Services Other-$1,102-$1,102
Total Functional Expenses$1,278,607$183,916$217,824$1,680,347

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$1,680,347
Total Expenses per Audited Statements$1,657,400
Expenses per Audited Statements$1,601,212
Expenses Not Reported on Financial Statements$79,135
Expenses Not Reported on Form 990$56,188
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Framingham State UniversityFramingham, MA-Various Programs$265,219
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
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

“A copy of the form 990 is provided to the finance committee of the board of directors. It is reviewed and approved prior to filing of the return.”

Form 990, Part VI, Section B, Line 12C

“The foundation has a written conflict of interest policy that has been reviewed and adopted by the board of directors. New board members are provided a copy of the policy.”

Form 990, Part VI, Section C, Line 18

“All required documents that are to be made available to the general public are available upon request.”

Form 990, Part VI, Section C, Line 19

“All required documents that are to be made available to the general public are available upon request.”

Filing and Contact Details

Filer

Filer Name
Framingham State University
EIN
04-2742666
Phone
5086264668
Address
100 STATE STREET, FRAMINGHAM, MA 01701

Signing Officer

Name
James Hastings
Title
Treasurer
Phone
5086264012
Signed
2025-10-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Eric Gustafson
Formed
1983
Legal Domicile
Ma
Voting Board Members
28
Independent Board Members
28
Employees
0
Volunteers
0

Preparer

Firm
Murphy Edwards Goncalves & Ferrera Pc
Address
144 TURNPIKE ROAD SUITE 200, SOUTHBOROUGH, MA 01772
Preparer
Jennifer Ferrera
Phone
5082297900
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“OTHER -1.”

Financial Statement Notes

PART III, LINE 1A:

“The foundation entered into an agreement during october of 2017 with the danforth museum to create the "danforth art center at framingham state university". Under the terms of the agreement, the foundation acquired the art collection in the form of a contribution. In return, the foundation, together with the university, have assumed responsibility for the collection, including but not limited to its care, maintenance, storage, protection, preservation, display, management, cataloging, and insurance. In accordance with generally accepted accounting principles, the foundation has not elected to record the art collection as an asset on the balance sheet. Purchases of collection items are recorded as decreases in unrestricted net assets in the year in which the items are acquired, or as temporarily or permanently restricted net assets if the assets used to purchase the items are restricted by donors. Contributed collection items are not reflected on the financial statements. Proceeds from deaccessions or insurance recoveries are reflected as increases in the appropriate net asset classes.”

PART III, LINE 4:

“The collection includes approximately 3,000 paintings, sculptures, prints, multimedia, and other works of art. Donations and acquisitions of collections are not required to be recognized since they are added to the collections that are held for public exhibition and education in furtherance of public service rather than financial gain; are protected, kept, encumbered, cared for and preserved; and are subject to a policy that requires the proceeds from sales of collection items to be used to acquire other items for collection.”

PART V, LINE 4:

“The intended purpose of the endowment fund is to support scholarships and awards to students of framingham state university.”

Raw XML AppendixShowing 400 of 684 raw XML fields

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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