Civic Intelligence

University of Massachusetts Foundation Inc

EIN 04-6013152 • 501(c)3 • Newton, MA

Profile

To foster and promote the growth, progress and general welfare of the university of massachusetts as stated in the original 1950 articles of organization. To invest private support for the benefit of the university of massachusetts.

100 Carlson Avenue Building 12Newton, MA 02459

www.umassp.edu/FOUNDATION

Siviq Scores

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

Liabilities / Assets

9th percentile

0.02x

Higher debt load relative to assets than 9% of similar nonprofits.

501(c)3 • $1B+ nonprofits • Source year 2024

Liabilities / Revenue

20th percentile

0.20x

Higher debt load relative to revenue than 20% of similar nonprofits.

501(c)3 • $1B+ nonprofits • Source year 2024

Net Margin

92nd percentile

55%

Higher net margin than 92% of similar nonprofits.

501(c)3 • $1B+ nonprofits • Source year 2024

Top Officer Pay

41st percentile

$1,600,448

Higher top officer pay than 41% of similar nonprofits.

Top officer pay equals 1.6% of source-year revenue.

501(c)3 • $1B+ nonprofits • Source year 2024

Asset Growth

80th percentile

15%

Faster asset growth than 80% of similar nonprofits.

501(c)3 • $1B+ nonprofits • Annualized from 2023 to 2024

Revenue Growth

7th percentile

-9.9%

Faster revenue growth than 7% of similar nonprofits.

501(c)3 • $1B+ nonprofits • Annualized from 2023 to 2024

Assets

Up

$1,315,154,794

Up $167,643,077 (+15%) from 2023

Liabilities

Down

$20,147,769

Down $1,886,851 (-8.6%) from 2023

Net Assets

Up

$1,295,007,025

Up $169,529,928 (+15%) from 2023

Revenue

Down

$102,206,758

Down $11,231,728 (-9.9%) from 2023

Expenses

Up

$46,122,528

Up $69,782 (+0.2%) from 2023

Net Income

Down

$56,084,230

Down $11,301,510 (-17%) from 2023

Trend Graphs

Balance Sheet Trend

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

$1.5B$1.0B$500M$0Assets 2011: $366,761,300Liabilities 2011: $7,495,742Net Assets 2011: $359,265,5582011Assets 2012: $370,524,806Liabilities 2012: $5,762,006Net Assets 2012: $364,762,8002012Assets 2013: $399,603,111Liabilities 2013: $5,316,700Net Assets 2013: $394,286,4112013Assets 2014: $460,140,697Liabilities 2014: $5,009,460Net Assets 2014: $455,131,2372014Assets 2015: $473,965,653Liabilities 2015: $5,573,892Net Assets 2015: $468,391,7612015Assets 2016: $470,604,215Liabilities 2016: $4,790,172Net Assets 2016: $465,814,0432016Assets 2017: $542,558,498Liabilities 2017: $3,977,571Net Assets 2017: $538,580,9272017Assets 2018: $581,671,426Liabilities 2018: $3,738,103Net Assets 2018: $577,933,3232018Assets 2019: $612,317,731Liabilities 2019: $3,792,083Net Assets 2019: $608,525,6482019Assets 2020: $642,455,669Liabilities 2020: $7,246,755Net Assets 2020: $635,208,9142020Assets 2021: $842,030,994Liabilities 2021: $6,046,557Net Assets 2021: $835,984,4372021Assets 2022: $988,407,109Liabilities 2022: $17,483,437Net Assets 2022: $970,923,6722022Assets 2023: $1,147,511,717Liabilities 2023: $22,034,620Net Assets 2023: $1,125,477,0972023Assets 2024: $1,315,154,794Liabilities 2024: $20,147,769Net Assets 2024: $1,295,007,0252024

Highlighted filing

2024

Assets$1,315,154,794
Liabilities$20,147,769
Net Assets$1,295,007,025

Operations Trend

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

$400M$300M$200M$100M$0Revenue 2011: $39,411,691Expenses 2011: $17,255,705Net Income 2011: $22,155,9862011Revenue 2012: $39,901,172Expenses 2012: $22,686,709Net Income 2012: $17,214,4632012Revenue 2013: $38,624,455Expenses 2013: $18,622,024Net Income 2013: $20,002,4312013Revenue 2014: $44,571,608Expenses 2014: $17,059,654Net Income 2014: $27,511,9542014Revenue 2015: $55,826,719Expenses 2015: $25,095,177Net Income 2015: $30,731,5422015Revenue 2016: $39,589,745Expenses 2016: $24,637,297Net Income 2016: $14,952,4482016Revenue 2017: $72,672,824Expenses 2017: $23,620,843Net Income 2017: $49,051,9812017Revenue 2018: $54,705,103Expenses 2018: $29,309,752Net Income 2018: $25,395,3512018Revenue 2019: $46,371,956Expenses 2019: $28,589,662Net Income 2019: $17,782,2942019Revenue 2020: $48,530,151Expenses 2020: $28,054,629Net Income 2020: $20,475,5222020Revenue 2021: $57,111,837Expenses 2021: $28,773,419Net Income 2021: $28,338,4182021Revenue 2022: $315,298,982Expenses 2022: $29,200,176Net Income 2022: $286,098,8062022Revenue 2023: $113,438,486Expenses 2023: $46,052,746Net Income 2023: $67,385,7402023Revenue 2024: $102,206,758Expenses 2024: $46,122,528Net Income 2024: $56,084,2302024

Highlighted filing

2024

Revenue$102,206,758
Expenses$46,122,528
Net Income$56,084,230

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,315$20.1$1,295$102$46.1$56.1
2023Detailed filing. Detailed filing data is available for this year.$1,148$22.0$1,125$113$46.1$67.4
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$988$17.5$971$315$29.2$286
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$842$6.05$836$57.1$28.8$28.3
2020Detailed filing. Detailed filing data is available for this year.$642$7.25$635$48.5$28.1$20.5
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$612$3.79$609$46.4$28.6$17.8
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$582$3.74$578$54.7$29.3$25.4
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$543$3.98$539$72.7$23.6$49.1
2016Detailed filing. Detailed filing data is available for this year.$471$4.79$466$39.6$24.6$15.0
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$474$5.57$468$55.8$25.1$30.7
2014Detailed filing. Detailed filing data is available for this year.$460$5.01$455$44.6$17.1$27.5
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$400$5.32$394$38.6$18.6$20.0
2012Summary only. Only limited summary data is available for this year.$371$5.76$365$39.9$22.7$17.2
2011Summary only. Only limited summary data is available for this year.$367$7.50$359$39.4$17.3$22.2
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 15, 2025
Return Version
2023v6.0
Gross Receipts
$396,737,420
Mission and Program Overview

Mission

To foster and promote the growth, progress and general welfare of the university of massachusetts as stated in the original 1950 articles of organization. To invest private support for the benefit of the university of massachusetts.

The mission of the university of massachusetts foundation, inc. Is to foster and promote the growth, progress and general welfare of the university of massachusetts as stated in the original 1950 articles of organization. The foundation receives, invests and disburses private gifts for the benefit of the university of massachusetts and its educational mission.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$612,942,107$804,041,406▲ $191,099,299
Investments in Publicly Traded Securities$360,140,608$370,065,173▲ $9,924,565
Pledges and Grants Receivable$153,423,959$120,540,166▼ $32,883,793
Land, Buildings, and Equipment, Net$14,982,635$14,556,893▼ $425,742
Prepaid Expenses and Deferred Charges$1,601,412$1,862,282▲ $260,870
Cash and Non-Interest-Bearing Accounts$640,815$532,471▼ $108,344
Accounts Receivable$54,225$18,000▼ $36,225
Savings and Temporary Cash Investments$2$0▼ $2
Total Assets$1,147,511,717$1,315,154,794▲ $167,643,077
Other Assets Total$3,725,954$3,538,403▼ $187,551
Liabilities
Deferred Revenue$13,499,468$12,711,247▼ $788,221
Other Liabilities$4,182,525$4,139,598▼ $42,927
Accounts Payable and Accrued Expenses$4,352,627$3,296,924▼ $1,055,703
Total Liabilities$22,034,620$20,147,769▼ $1,886,851
Net Assets / Fund Balance
Net Assets With Donor Restrictions$1,066,625,095$1,227,055,920▲ $160,430,825
Net Assets Without Donor Restrictions$58,852,002$67,951,105▲ $9,099,103
Total Net Assets Fund Balance$1,125,477,097$1,295,007,025▲ $169,529,928
Total Liabilities and Net Assets / Fund Balance$1,147,511,717$1,315,154,794▲ $167,643,077

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$11,405,953$4,616,470$16,022,423
Land$3,150,940-$3,150,940
Other Securities$803,487,406--
Closely Held Equity Interests$554,000--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$907,349,041$86,608,251▲ $132,681,759$0$1,100,838,223
2022$739,368,047$88,925,731▲ $101,330,356$-56,581$907,349,041
2021$752,775,857$137,043,285▼ $14,211,409$141,660$739,368,047
2020$552,052,478$19,576,038▲ $195,834,717$139,918$752,775,857
2019$533,837,450$19,925,437▲ $12,198,932$139,656$552,052,478
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jonathan GibbonsChief Investment OfficerFT$579,608$1,020,840$1,600,448
James R Julian JrChief Executive OfficerFT$688,607$361,614$1,050,221
Geoffrey BowesManaging Director, Investment TeamFT$310,553$465,866$776,419
Theresa Curry Vp DevelopConstituent Engmt/asso. Gen Counsel (thru 1/2024FT$327,255$64,876$392,131
Theresa Curry Vp DevelopConstituent Engmt/asso. Gen Counsel-$281,107$111,024$392,131
Paul DawleyGeneral CounselFT$251,007$96,998$348,005
Derek WadeDirector of Investment OperationsFT$231,107$114,286$345,393
Barry MorrisonChief Financial OfficerFT$262,725$68,678$331,403
Hsungwen ChangDirector of InvestmentFT$231,204$87,433$318,637
Qing WanControllerFT$169,607$69,149$238,756
William K ChaseSr. Director of It Infrastructure & SecurityFT$178,250$18,345$196,595
William K ChaseSr. Director of It Infrastructure & Secu-$162,750$33,845$196,595

Board Members and Trustees

NameTitle
EDWARD H D'ALELIODirector (& Chair Thru 12/31/23)
Robert J ManningDirector/chair (as of 1/1/24)
Daniel E FederDirector
Grace K FeyDirector
Jose F DemedeirosDirector
Jose J CortezDirector
Katherine P CravenDirector
Nathan P ChesleyDirector
Philip W JohnstonDirector
R Norman Peters EsqDirector
Robert R ReitanoDirector
Suzanne L StefanyDirector
Warren J IsabelleDirector
Paul T QuistbergDirector (as of 1/1/24)
Maria D FurmanDirector/secretary
Victor WoolridgeDirector/treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Sales ForceIt Subscriptions And ServicePO BOX 203141, Dallas, TX 75320-3141$924,753
Ellucian Company LPIt Subscriptions And Service62578 COLLECTIONS CENTER DRIVE, Chicago, IL 60693-0625$659,966
Evertrue INCIt Subscriptions And ServicePO BOX 675011, Detroit, MI 48267-5011$574,000
Gravyty Technologies INCIt Subscriptions And ServiceLOCKBOX 5320 PO BOX 660367, Dallas, TX 75266-0367$510,000
Anthology INC Of MissouriIt Subscriptions And ServicePO BOX 850001, Orlando, FL 32885-9909$427,171
Revenue and Support

Revenue Composition

Contributions and Grants
$60,159,642
Program Service Revenue
$5,452,995
Investment Income
$36,512,266
Other Revenue
$81,855
All Other Contributions
$50,148,019
Change in Net Assets
$56,084,230

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 Traded36$3,413,967Fair Market Value (FMV)
Total Noncash Contributions36$3,413,967-

Audited Revenue Reconciliation

Revenue per Audited Statements
$95,385,293
Revenue Not Reported on Financial Statements
$6,821,465
Revenue Not Reported on Form 990
$253,849,174
Other Revenue Adjustments
$3,673,840
Total Revenue per Audited Statements
$349,234,467
Total Revenue per Form 990
$102,206,758
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$26,715,828
Other Expenses$10,370,309
Salaries, Compensation, and Employee Benefits$9,036,391
Total Fundraising Expense$2,864,444
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$26,715,828--$26,715,828
Other Salaries and Wages-$4,149,117$241,532$4,390,649
Current Officers, Directors, Trustees, and Key Employees-$3,237,663$325,898$3,563,561
Fees for Service Investment Mgmnt Fees-$3,147,625-$3,147,625
Fees for Services Other-$2,489,143$26,415$2,515,558
Information Technology-$391,696$1,914,428$2,306,124
Depreciation Depletion-$425,742-$425,742
Office Expenses-$383,367$27,541$410,908
Travel-$329,225$76,458$405,683
Other Employee Benefits-$332,793$66,201$398,994
Payroll Taxes-$326,624$31,990$358,614
Occupancy-$330,922-$330,922
Pension Plan Contributions-$306,115$18,458$324,573
Fees for Services Legal-$277,323-$277,323
Fees for Services Accounting-$216,630-$216,630
Advertising--$129,853$129,853
Insurance-$118,461-$118,461
Fees for Services Lobbying-$65,000-$65,000
Conferences and Meetings-$14,810$5,670$20,480
Total Functional Expenses$26,715,828$16,542,256$2,864,444$46,122,528

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$179,704,539
Expenses Not Reported on Form 990$140,403,476
Total Expenses per Form 990$46,122,528
Expenses per Audited Statements$39,301,063
Expenses Not Reported on Financial Statements$6,821,465
Other Expense Adjustments$3,673,840
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
University of MassachusettsBoston, MAState of MaSee Part Iv$26,652,041
Berkshire Health Systems IncPittsfield, MA501(c)(3)To Support Medical Education at Berkshire Medcial Center$54,641

International Summary

Offices
0
Employees
0
Spending
$587,955,836

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
Yes
Foreign partnership interest
Yes
Interest in foreign trust
No
Passive foreign investment company interest
Yes
Transfers to foreign corporations
Yes

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the CaribbeanInvestments-00$498,894,862
Europe (including Iceland & Greenland)Investments-00$85,522,070
East Asia and the PacificInvestments-00$2,202,220
North AmericaInvestments-00$1,236,429
Middle East and North AfricaInvestments-00$100,255
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
Yes
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Obligations to Beneficiaries of Split-interest Agreements$2,716,353
Lease Liability$1,423,245
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 is reviewed by the audit and compliance committee and distributed to the full board prior to its filing with the irs.

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

The members of the board of directors and officers are required to complete an annual conflict of interest statement that acknowledges that they have read and understand the policy. On this statement, they are required to list any potential conflict. Responses are gathered by foundation counsel. Foundation counsel and the chair of the audit and compliance committee review the responses and identify any potential conflicts. The directors and officers are also required to supplement their responses in the event that any additional potential conflicts arise during the year. When a director or officer becomes aware of a proposed covered transaction under the policy, he or she has a duty to take the following actions: a) immediately disclose the existence or circumstances of such covered transaction to the foundation's board of directors in writing; b) refrain from using his or her personal influence to encourage the foundation to enter into the covered transaction; and c) physically excuse himself or herself from any discussions regarding the covered transaction except to answer questions, including board discussions and decisions on the subject.

Form 990, Part VI, Section B, Line 15

The board of directors, through its governance and compensation committee (the "committee"), reviews all compensation matters relative to executives to ensure compliance with federal regulations concerning executive compensation. Competitive surveys provided by a top-tier compensation and benefits advisory firm(s) are utilized to help perform research and compensation recommended market ranges for each executive position. Annual performance evaluations are also utilized, discussed, and reviewed within the foundation and then communicated to the committee to ensure reasonableness of compensation to allow for market competitive renumeration and sound retention practices. The deliberations and decisions are contemporaneously documented. The executive team includes the chief executive officer, general counsel, chief digital information officer, chief investment officer, and the chief financial officer. The compensation set for the ceo is determined by the committee including the chairman of the board, and the compensation for other executives is determined by the ceo and communicated with the committee annually.

Form 990, Part VI, Section C, Line 19

The organization makes its governing documents, conflict of interest policy, financial statements, and form 990 available to the public upon request for the same period of disclosure as set forth in section 6104(d). In addition, the form 990 without schedule b is available via candid (formerly known as guidestar) and the office of the massachusetts attorney general's website.

Filing and Contact Details

Filer

Filer Name
University of Massachusetts Foundation
EIN
04-6013152
Phone
7819125015
Address
100 CARLSON AVENUE BUILDING 12, NEWTON, MA 02459

Signing Officer

Name
Barry F Morrison
Title
Chief Financial Officer
Phone
7819128020
Signed
2025-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
James R Julian Jr
Formed
1950
Legal Domicile
Ma
Voting Board Members
15
Independent Board Members
15
Employees
38
Volunteers
16

Preparer

Firm
Kpmg Llp
Address
60 SOUTH STREET, BOSTON, MA 02111
Preparer
Kristin Anderson
Phone
6179881000
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Current use fund withdrawals -182,841. Transfer to other funds -178,880. Adjustment to contributions receivable -3,038,770.

Financial Statement Notes

PART IV, LINE 1B:

The organization holds and manages investments on behalf of the university of massachusetts and on behalf of the edward m. Kennedy institute.

PART V, LINE 4:

The foundation's endowment funds are to be spent within the established criteria for the fund in support of the scholarship and education programs of the university of massachusetts.

PART X, LINE 2:

The foundation is an organization described in section 501(c)(3) of the internal revenue code, as amended (the "code"), and is generally exempt from income taxes pursuant to section 501(a) of the code, except to the extent the foundation has unrelated business income. The foundation is required to assess uncertain tax positions and has determined that there were no such positions that were material to the financial statements as of june 30, 2024 or june 30, 2023.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Agency fund revenue 137,002,985.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Reclassification of revenue amounts net with expenses on financial statement 3,673,840.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Agency fund expenses 30,546,757. Activity related to assets held on behalf of edward m. Kennedy institute 1,753,958. Activity related to assets held on behalf of university 103,798,578. Current use fund withdrawals 976,533. Transfers to other funds 288,880. Adjustment to pledge receivable 3,038,770.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Reclassification of expense amounts net with revenue on financial statements 3,673,840.

Raw XML AppendixShowing 400 of 1,039 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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