Civic Intelligence

Framingham State University Foundation Inc.

990 • Fiscal year 2024 • EIN 04-2742666

Jul 01, 2023 to Jun 30, 2024 • Filed on Oct 14, 2024

Organization ProfileN/A
100 State StreetFramingham, MA 01701

(508) 626-4668

Siviq Scores

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

Liabilities / Assets

7th percentile

0.00x

Higher debt load relative to assets than 7% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2024

Liabilities / Revenue

8th percentile

0.01x

Higher debt load relative to revenue than 8% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2024

Net Margin

66th percentile

13%

Higher net margin than 66% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2024

Top Officer Pay

64th percentile

$230,549

Higher top officer pay than 64% of similar nonprofits.

Top officer pay equals 11.0% of source-year revenue.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2024

Asset Growth

63rd percentile

9.3%

Faster asset growth than 63% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Revenue Growth

33rd percentile

0.3%

Faster revenue growth than 33% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets7th percentile

Assets

Up

$16,801,842

Up $1,424,944 (+9.3%) from 2023

Net Assets

Up

$16,790,909

Up $1,400,767 (+9.1%) from 2023

Liabilities

Up

$10,933

Up $24,177 (+183%) from 2023

Revenue And Expenses
Liabilities / Revenue8th percentileNet Margin66th percentile

Revenue

Up

$2,100,242

Up $6,657 (+0.3%) from 2023

Expenses

Up

$1,836,687

Up $3,135 (+0.2%) from 2023

Net Income

Up

$263,555

Up $3,522 (+1.4%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth63rd percentile

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

$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

2024

Assets$16,801,842
Liabilities$10,933
Net Assets$16,790,909
Open 2024 Filing

Operations Trend

Revenue Growth33rd percentile

Revenue, expenses, and net income across loaded years, with this 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

2024

Revenue$2,100,242
Expenses$1,836,687
Net Income$263,555
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Oct 14, 2024
Return Version
2023v5.1
Gross Receipts
$6,350,339
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$14,365,875$15,892,905▲ $1,527,030
Pledges and Grants Receivable$804,211$743,843▼ $60,368
Cash and Non-Interest-Bearing Accounts$148,499$82,092▼ $66,407
Savings and Temporary Cash Investments$38,221$52,863▲ $14,642
Prepaid Expenses and Deferred Charges$4,170$2,768▼ $1,402
Total Assets$15,376,898$16,801,842▲ $1,424,944
Other Assets Total$15,922$27,371▲ $11,449
Liabilities
Accounts Payable and Accrued Expenses$15,015$10,933▼ $4,082
Other Liabilities$-28,259$0▲ $28,259
Total Liabilities$-13,244$10,933▲ $24,177
Net Assets / Fund Balance
Net Assets With Donor Restrictions$8,003,919$8,625,450▲ $621,531
Net Assets Without Donor Restrictions$7,386,223$8,165,459▲ $779,236
Total Net Assets Fund Balance$15,390,142$16,790,909▲ $1,400,767
Total Liabilities and Net Assets / Fund Balance$15,376,898$16,801,842▲ $1,424,944

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
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
2019$11,938,563$649,629▲ $518,056$101,453$12,054,776
Compensation and Service Providers
Top Officer Pay64th percentile

Board Members and Trustees

NameTitle
Michael GatlinPresident
Kathleen FreemanVice President
Claire EstenDirector
David WeinbergDirector
Dennis AlvesDirector
Dr Daniel RemillardDirector
Dr Duc LeDirector
Dr Helen HeinemanDirector
Dr Robert BonnevieDirector
Elaine MartinDirector
Hon Barbara GardnerDirector
Joan MurtaughDirector
Joseph Palowich JrDirector
Juan RodriguezDirector
Kevin FoleyDirector
Michelle MurphyDirector
Pervez MazeedDirector
Robert FieldsDirector
Robert PowerDirector
Steve DevineDirector
Eric GustafsonExecutive Director
Margaret GuardianiClerk
James HastingsTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,637,486
Program Service Revenue
$0
Investment Income
$462,756
Other Revenue
$0
All Other Contributions
$1,637,486
Change in Net Assets
$263,555

Noncash Contribution Practices

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

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,032,869
Revenue Not Reported on Financial Statements
$67,373
Revenue Not Reported on Form 990
$1,174,235
Total Revenue per Audited Statements
$3,207,104
Total Revenue per Form 990
$2,100,242
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,465,445
Other Expenses$371,242
Total Fundraising Expense$150,981
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$1,071,490--$1,071,490
Grants to Domestic Orgs$393,955--$393,955
Fees for Service Investment Mgmnt Fees-$67,373-$67,373
Fees for Services Accounting-$57,262-$57,262
Office Expenses-$34,054-$34,054
Fees for Services Other-$20,200-$20,200
Other Expenses$29,821$8,175$150,981$8,175
Insurance-$2,126-$2,126
Fees for Services Legal-$1,250-$1,250
Total Functional Expenses$1,495,266$190,440$150,981$1,836,687

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$1,836,687
Total Expenses per Audited Statements$1,806,338
Expenses per Audited Statements$1,769,314
Expenses Not Reported on Financial Statements$67,373
Expenses Not Reported on Form 990$37,024
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Framingham State UniversityFramingham, MA-Various Programs$393,955
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
2024-10-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Eric Gustafson
Formed
1983
Legal Domicile
Ma
Voting Board Members
22
Independent Board Members
22
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:

“ROUNDING ADJUSTMENT 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 644 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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IRS990/Form990PartVIISectionAGrp/TitleTxt0DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt1DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt6PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8CLERK
IRS990/Form990PartVIISectionAGrp/TitleTxt9TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt22EXECUTIVE DIRECTOR
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IRS990/LocalChaptersInd00
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IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0TO 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.
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IRS990/MoreThan5000KToOrgInd00
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IRS990/OfficerMailingAddressInd00
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IRS990/OrganizationFollowsFASB117Ind0X
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IRS990/OtherExpensesGrp/Desc2MISCELLANEOUS
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt08175
IRS990/OtherExpensesGrp/ProgramServicesAmt029821
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IRS990/OtherExpensesGrp/TotalAmt129821
IRS990/OtherExpensesGrp/TotalAmt28175
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IRS990/PoliticalCampaignActyInd00
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IRS990/PYBenefitsPaidToMembersAmt00
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
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Document Assets

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Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$16,801,842
Liabilities
$10,933
Net assets
$16,790,909
Revenue
$2,100,242
Expenses
$1,836,687
Net income
$263,555
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
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2024 filings • 501(c)3 • $10M-$25M nonprofits