Civic Intelligence

Quinnipiac University

990 • Fiscal year 2015 • EIN 06-0646701

Jul 01, 2014 to Jun 30, 2015 • Filed on May 16, 2016

275 Mount Carmel AvenueHamden, CT 06518-1908

(203) 582-8200

Siviq Scores

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

Liabilities / Assets

57th percentile

0.44x

Higher debt load relative to assets than 57% of similar nonprofits.

2015 filings • 501(c)3 • $1B+ nonprofits • Source year 2015

Liabilities / Revenue

80th percentile

1.40x

Higher debt load relative to revenue than 80% of similar nonprofits.

2015 filings • 501(c)3 • $1B+ nonprofits • Source year 2015

Net Margin

44th percentile

7.1%

Higher net margin than 44% of similar nonprofits.

2015 filings • 501(c)3 • $1B+ nonprofits • Source year 2015

Top Officer Pay

45th percentile

$1,469,589

Higher top officer pay than 45% of similar nonprofits.

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

2015 filings • 501(c)3 • $1B+ nonprofits • Source year 2015

Asset Growth

34th percentile

1.5%

Faster asset growth than 34% of similar nonprofits.

2015 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2014 to 2015

Revenue Growth

32nd percentile

1.8%

Faster revenue growth than 32% of similar nonprofits.

2015 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2014 to 2015

Assets

Up

$1,331,686,737

Up $19,504,590 (+1.5%) from 2014

Net Assets

Up

$750,063,783

Up $14,072,331 (+1.9%) from 2014

Liabilities

Up

$581,622,954

Up $5,432,259 (+0.9%) from 2014

Revenue

Up

$416,338,900

Up $7,204,239 (+1.8%) from 2014

Expenses

Up

$386,680,494

Up $11,419,073 (+3.0%) from 2014

Net Income

Down

$29,658,406

Down $4,214,834 (-12%) from 2014

Historical Trend

Balance Sheet Trend

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

$2.0B$1.5B$1.0B$500M$0Assets 2010: $1,096,035,998Liabilities 2010: $593,814,806Net Assets 2010: $502,221,1922010Assets 2011: $1,166,197,072Liabilities 2011: $566,571,415Net Assets 2011: $599,625,6572011Assets 2012: $1,178,433,813Liabilities 2012: $563,809,356Net Assets 2012: $614,624,4572012Assets 2013: $1,228,784,217Liabilities 2013: $561,206,702Net Assets 2013: $667,577,5152013Assets 2014: $1,312,182,147Liabilities 2014: $576,190,695Net Assets 2014: $735,991,4522014Assets 2015: $1,331,686,737Liabilities 2015: $581,622,954Net Assets 2015: $750,063,7832015Assets 2016: $1,369,908,272Liabilities 2016: $630,024,815Net Assets 2016: $739,883,4572016Assets 2017: $1,478,875,993Liabilities 2017: $628,350,997Net Assets 2017: $850,524,9962017Assets 2018: $1,547,141,912Liabilities 2018: $619,900,231Net Assets 2018: $927,241,6812018Assets 2019: $1,573,571,385Liabilities 2019: $604,995,955Net Assets 2019: $968,575,4302019Assets 2020: $1,589,887,299Liabilities 2020: $524,761,296Net Assets 2020: $1,065,126,0032020Assets 2021: $1,807,258,104Liabilities 2021: $499,459,271Net Assets 2021: $1,307,798,8332021Assets 2022: $1,727,162,039Liabilities 2022: $489,460,044Net Assets 2022: $1,237,701,9952022Assets 2023: $1,889,769,630Liabilities 2023: $537,037,181Net Assets 2023: $1,352,732,4492023Assets 2024: $1,981,792,376Liabilities 2024: $508,914,300Net Assets 2024: $1,472,878,0762024

Highlighted filing

2015

Assets$1,331,686,737
Liabilities$581,622,954
Net Assets$750,063,783

Operations Trend

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

$600M$400M$200M$0Expenses 2010: $245,505,7682010Expenses 2011: $281,350,4702011Expenses 2012: $313,977,5062012Revenue 2013: $376,522,378Expenses 2013: $330,541,859Net Income 2013: $45,980,5192013Revenue 2014: $409,134,661Expenses 2014: $375,261,421Net Income 2014: $33,873,2402014Revenue 2015: $416,338,900Expenses 2015: $386,680,494Net Income 2015: $29,658,4062015Revenue 2016: $444,719,813Expenses 2016: $398,254,220Net Income 2016: $46,465,5932016Revenue 2017: $474,412,614Expenses 2017: $429,463,818Net Income 2017: $44,948,7962017Revenue 2018: $576,155,570Expenses 2018: $463,180,003Net Income 2018: $112,975,5672018Revenue 2019: $525,577,539Expenses 2019: $473,353,199Net Income 2019: $52,224,3402019Revenue 2020: $499,698,237Expenses 2020: $468,561,968Net Income 2020: $31,136,2692020Revenue 2021: $531,949,834Expenses 2021: $486,620,067Net Income 2021: $45,329,7672021Revenue 2022: $533,471,085Expenses 2022: $491,789,250Net Income 2022: $41,681,8352022Revenue 2023: $541,824,099Expenses 2023: $500,797,570Net Income 2023: $41,026,5292023Revenue 2024: $595,343,168Expenses 2024: $537,208,272Net Income 2024: $58,134,8962024

Highlighted filing

2015

Revenue$416,338,900
Expenses$386,680,494
Net Income$29,658,406
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
May 16, 2016
Return Version
2014v6.0
Gross Receipts
$532,235,630
Mission and Program Overview

Mission

To build the university of the future with a strategy propelling us from our storied past toward an ambitious, inclusive & innovative future by preparing graduates as enlightened global citizens equipped for the challenges & opportunities of 21st-century careers. (sch o) we are a community that embraces positive change, inclusive excellence, kindness and generosity of spirit with a commitment to lift the communities in which we live. Our students, faculty and staff are bold and curious, innovators and explorers. We partner with employers to understand and prepare graduates who meet their talent and technological needs, we embrace lifelong learning, and we pursue learning and scholarship that asks and addresses significant societal and scientific questions.

Provide higher education.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$929,474,379$929,011,864▼ $462,515
Investments in Publicly Traded Securities$288,772,752$317,872,430▲ $29,099,678
Investments Other Securities$62,099,056$52,688,725▼ $9,410,331
Pledges and Grants Receivable$11,468,220$9,755,797▼ $1,712,423
Accounts Receivable$7,554,438$9,078,887▲ $1,524,449
Other Notes and Loans Receivable, Net$3,517,297$3,601,884▲ $84,587
Prepaid Expenses and Deferred Charges$1,857,681$1,818,263▼ $39,418
Savings and Temporary Cash Investments$523,558$1,360,901▲ $837,343
Cash and Non-Interest-Bearing Accounts$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$1,312,182,147$1,331,686,737▲ $19,504,590
Other Assets Total$6,914,766$6,497,986▼ $416,780
Liabilities
Tax Exempt Bond Liabilities$459,956,017$448,687,973▼ $11,268,044
Other Liabilities$50,040,055$63,442,830▲ $13,402,775
Accounts Payable and Accrued Expenses$46,599,364$37,833,471▼ $8,765,893
Deferred Revenue$19,419,604$31,516,873▲ $12,097,269
Mortgage Notes Payable Secured by Investment Property$175,655$141,807▼ $33,848
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Total Liabilities$576,190,695$581,622,954▲ $5,432,259
Net Assets / Fund Balance
Unrestricted Net Assets$694,642,729$706,166,561▲ $11,523,832
Permanently Rstr Net Assets$30,322,015$33,828,014▲ $3,505,999
Temporarily Rstr Net Assets$11,026,708$10,069,208▼ $957,500
Total Net Assets Fund Balance$735,991,452$750,063,783▲ $14,072,331
Total Liabilities and Net Assets / Fund Balance$1,312,182,147$1,331,686,737▲ $19,504,590

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$753,926,848$152,993,190$906,920,038
Equipment$44,544,684$80,123,487$124,668,171
Land$99,265,051-$99,265,051
Other Land Buildings$31,275,281$21,301,779$52,577,060
Leasehold Improvements$0$0$0

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2014$348,869,043$2,846,130▲ $19,732,281$0$367,874,617
2013$315,199,341$5,795,967▲ $31,769,986$0$348,869,043
2012$272,087,523$866,185▲ $43,899,321$0$315,199,341
2011$277,466,413$1,156,190▼ $5,007,118$0$272,087,523
2010$223,494,676$954,430▲ $54,420,393$0$277,466,413
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
John LaheyPresidentPT$848,000$327,672$1,175,672
Mark ThompsonExecutive Vice President & ProvostPT$480,000$97,468$577,468
Patrick HealySenior Vice President for FinancePT$452,000$87,032$539,032
Thomas MooreMen's Basketball CoachFT$400,000$111,614$511,614
Donald WeinbachVice President for Development & Alumni AffairsFT$425,000$78,842$503,842
Bruce KoepenDean of the School of MedicineFT$428,655$67,508$496,163
Joan Isaac MohrVice President for Admissions and Financial AidFT$385,000$79,339$464,339

Board Members and Trustees

NameTitle
Richard P HowardChairman
Carlton L HighsmithVice Chairman
David R NelsonVice Chairman
William C WeldonVice Chairman
Albert A CanosaBoard Member
Alexander AlexiadesBoard Member
Arthur Rice EsqBoard Member
Brian E SpearsBoard Member
Christian Sauska SrBoard Member
Debbie CasanovaBoard Member
Dennis P FlanaganBoard Member
Donald P CalcagniniBoard Member
Eugene R SingerBoard Member
Gabriel FerrucciBoard Member
Hugh F Keefe EsqBoard Member
Jennifer ToreyBoard Member
John C AbellaBoard Member
John R AntoninoBoard Member
Kenneth NeilsonBoard Member
MS KolyBoard Member
Marcus R McCravenBoard Member
Mark StandishBoard Member
Marybeth NoonanBoard Member
Patricia FarrellBoard Member
Patrick BaumgartenBoard Member
Paula A Moynahan MDBoard Member
Richard Silver EsqBoard Member
Robert J Hauser JrBoard Member
Tariq FaridBoard Member
Terry W GoodwinBoard Member
William EuilleBoard Member
William L Ayers JrBoard Member
William T Platt JrBoard Member
Barbara M BeeverSecretary

Highest Paid Contractors

ContractorServicesLocationCompensation
CenterbrookArchitect67 Main Street, PO Box 955, Centerbrook, CT 06409$8,238,283
ANC Sports Enterprises LLCSports Consultants2 Manhattanville Rd Suite 402, Purchase, NY 10577$3,088,798
Frenkel Benefits LLCBenefits Consultants350 Hudson St 4th Floor, New York, NY 10014$1,856,698
PAC Group LLCConstructionPO Box 52, Harwinton, CT 06791$1,226,734
Wiggin & DanaLawyersOne Century Tower, New Haven, CT 06508$413,473
Revenue and Support

Revenue Composition

Contributions and Grants
$8,127,101
Program Service Revenue
$377,481,944
Investment Income
$30,729,855
Other Revenue
$0
All Other Contributions
$5,085,198
Change in Net Assets
$29,658,406
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$150,123,901
Other Expenses$125,284,425
Grants and Similar Amounts Paid$111,272,168
Total Fundraising Expense$4,725,673
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$91,533,743$20,335,386$2,837,121$114,706,250
Grants to Domestic Orgs$111,272,168--$111,272,168
Depreciation Depletion$23,166,790$3,454,285$0$26,621,075
Occupancy$20,989,910$1,416,098$0$22,406,008
Interest$18,288,849$2,994,073$0$21,282,922
Other Employee Benefits$13,992,956$3,918,098$692,029$18,603,083
Payroll Taxes$6,312,206$1,460,513$179,134$7,951,853
Pension Plan Contributions$5,719,842$1,229,808$198,362$7,148,012
Information Technology$4,200,916$2,443,017$52,669$6,696,602
Conferences and Meetings$3,959,973$1,558,901$347,502$5,866,376
Office Expenses$4,141,935$1,094,979$136,174$5,373,088
Insurance$1,235,379$2,804,928$0$4,040,307
Fees for Service Investment Mgmnt Fees$0$2,480,539$0$2,480,539
Other Expenses$1,910,024$0$0$1,910,024
Current Officers, Directors, Trustees, and Key Employees$0$1,714,703$0$1,714,703
Advertising$1,048,306$388,895$0$1,437,201
Fees for Services Legal$0$541,066$0$541,066
Fees for Services Accounting$0$123,400-$123,400
Total Functional Expenses$328,029,492$53,925,329$4,725,673$386,680,494
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Payable to related entity$52,580,710
Deposits$7,815,750
Refundable government advances for loan programs$2,700,637
Annuities payable$345,733

Bond Issues

BondIssuerIssuedIssue PricePurpose
CState of Connecticut Health and Educational2008-09-03$166,862,211Provide funds to construct a new residence hall, student center and parking garage.
BState of Connecticut Health and Educational2007-12-20$142,822,649Provide funds to construct new residence hall, student center, and parking garage.
AState of Connecticut Health and Educational2006-12-13$72,974,244Provide funds to construct new residence hall and other improvements
DState of Connecticut Health and Educational2008-04-22$67,455,076Provide funds to defease previously issued bonds
AState of Connecticut Health and Educational2008-04-22$54,086,147Provide funds to defease previously issued bonds.

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
C$171,431,222$0$0$2,492,023
B$152,908,835$0$0$2,404,648
A$75,861,454$0$0$2,013,867
D$67,455,076$467,578$64,650,000$2,337,498
A$54,086,147$375,563$0$2,014,584

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
Yes
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 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
Yes
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 prepared by Quinnipiac University administrators and reviewed by the CFO and the President, who is a member of the board.

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

Senior management and Trustees of Quinnipiac University are required to complete an annual Conflict of Interest Disclosure form. Senior management forms are held by the President of the University; those of Trustees are held by the Chairman of the Board of Trustees of Quinnipiac University. Senior management identifies additional employees, particularly those who are involved in making purchases for the University or approving business relationships with the University, to complete the disclosure form.

Form 990, Part VI, Section B, Line 15

The Personnel Committee of Quinnipiac University facilitates the evaluation process and salary review of the President and Vice Presidents of the University. The Committee meets on a regular basis at least two times each year to evaluate the performance of the President and Vice Presidents based on the success or failure of meeting their approved annual goals and objectives. Their salary adjustments based on merit are tied to this evaluation, comparative salary data from similar institutions and recommendations of the President or, in the case of the President, the Committee. The Committee has authority as delegated to it by the full Board of Trustees to execute and amend the contracts for the President and Vice Presidents of the University.

Form 990, Part VI, Section C, Line 19

These documents are available upon request.

Filing and Contact Details

Filer

Filer Name
Quinnipiac University
EIN
06-0646701
Phone
2035828200
Address
275 Mount Carmel Avenue, Hamden, CT 06518-1908

Signing Officer

Name
John Lahey
Title
President
Phone
2035828700
Signed
2016-05-16

Organization Details

Principal Officer
Dr John L Lahey
Formed
1929
Legal Domicile
Ct
Voting Board Members
36
Independent Board Members
32
Employees
4,859
Volunteers
0
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

Non-operating costs associated with restructuring.

Financial Statement Notes

Schedule D, Part III, Line 4

Art from the Great Irish Famine provide for an enhanced scholarly understanding of a significant historical event.

Schedule D, Part V, Line 4

Endowment is to provide income for program services and to provide for future operations and capital projects

Schedule D, Part X, Line 2

The Internal Revenue Service has ruled that the University is a Section 501(c)(3) organization, exempt from Federal income tax under Section 501(a) of the Internal Revenue Code (the "IRC"). The University has been classified as a publicly supported organization under Section 509(a)(1) of the IRC and qualifies for the maximum charitable contribution deduction by donors. The University is also exempt from State of Connecticut income taxes. Accounting principles generally accepted in the United States of America require management to evaluate tax positions taken and recognize a tax liability (or asset) if the University has any uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service. Management has analyzed the tax positions taken by the University and has concluded that as of June 30, 2015 and 2014, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosures in the financial statements. The University is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. Federal tax years ended June 30, 2012 through 2015 remain open for audit under the various statutes of limitations.

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IRS990/Form990PartVIISectionAGrp/PersonNm1Barbara M Beever
IRS990/Form990PartVIISectionAGrp/PersonNm2Carlton L Highsmith
IRS990/Form990PartVIISectionAGrp/PersonNm3David R Nelson
IRS990/Form990PartVIISectionAGrp/PersonNm4William C Weldon
IRS990/Form990PartVIISectionAGrp/PersonNm5John C Abella
IRS990/Form990PartVIISectionAGrp/PersonNm6Alexander Alexiades
IRS990/Form990PartVIISectionAGrp/PersonNm7John R Antonino
IRS990/Form990PartVIISectionAGrp/PersonNm8William L Ayers Jr
IRS990/Form990PartVIISectionAGrp/PersonNm9Patrick Baumgarten
IRS990/Form990PartVIISectionAGrp/PersonNm10Donald P Calcagnini
IRS990/Form990PartVIISectionAGrp/PersonNm11Albert A Canosa
IRS990/Form990PartVIISectionAGrp/PersonNm12Debbie Casanova
IRS990/Form990PartVIISectionAGrp/PersonNm13William Euille
IRS990/Form990PartVIISectionAGrp/PersonNm14Tariq Farid
IRS990/Form990PartVIISectionAGrp/PersonNm15Patricia Farrell
IRS990/Form990PartVIISectionAGrp/PersonNm16Gabriel Ferrucci
IRS990/Form990PartVIISectionAGrp/PersonNm17Dennis P Flanagan
IRS990/Form990PartVIISectionAGrp/PersonNm18Terry W Goodwin
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IRS990/Form990PartVIISectionAGrp/PersonNm20Hugh F Keefe Esq
IRS990/Form990PartVIISectionAGrp/PersonNm21MS Koly
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IRS990/Form990PartVIISectionAGrp/PersonNm23Paula A Moynahan MD
IRS990/Form990PartVIISectionAGrp/PersonNm24Kenneth Neilson
IRS990/Form990PartVIISectionAGrp/PersonNm25Marybeth Noonan
IRS990/Form990PartVIISectionAGrp/PersonNm26William T Platt Jr
IRS990/Form990PartVIISectionAGrp/PersonNm27Arthur Rice Esq
IRS990/Form990PartVIISectionAGrp/PersonNm28Christian Sauska Sr
IRS990/Form990PartVIISectionAGrp/PersonNm29Richard Silver Esq
IRS990/Form990PartVIISectionAGrp/PersonNm30Eugene R Singer
IRS990/Form990PartVIISectionAGrp/PersonNm31Brian E Spears
IRS990/Form990PartVIISectionAGrp/PersonNm32Mark Standish
IRS990/Form990PartVIISectionAGrp/PersonNm33Jennifer Torey
IRS990/Form990PartVIISectionAGrp/PersonNm34John Lahey
IRS990/Form990PartVIISectionAGrp/PersonNm35Patrick Healy
IRS990/Form990PartVIISectionAGrp/PersonNm36Mark Thompson
IRS990/Form990PartVIISectionAGrp/PersonNm37Bruce Koepen
IRS990/Form990PartVIISectionAGrp/PersonNm38Donald Weinbach
IRS990/Form990PartVIISectionAGrp/PersonNm39Thomas Moore
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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1,982$509$1,473$595$537$58.1
2023Detailed filing. Detailed filing data is available for this year.$1,890$537$1,353$542$501$41.0
2022Detailed filing. Detailed filing data is available for this year.$1,727$489$1,238$533$492$41.7
2021Detailed filing. Detailed filing data is available for this year.$1,807$499$1,308$532$487$45.3
2020Detailed filing. Detailed filing data is available for this year.$1,590$525$1,065$500$469$31.1
2019Detailed filing. Detailed filing data is available for this year.$1,574$605$969$526$473$52.2
2018Detailed filing. Detailed filing data is available for this year.$1,547$620$927$576$463$113
2017Detailed filing. Detailed filing data is available for this year.$1,479$628$851$474$429$44.9
2016Detailed filing. Detailed filing data is available for this year.$1,370$630$740$445$398$46.5
2015Detailed filing. Detailed filing data is available for this year.$1,332$582$750$416$387$29.7
2014Detailed filing. Detailed filing data is available for this year.$1,312$576$736$409$375$33.9
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,229$561$668$377$331$46.0
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,178$564$615$314
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,166$567$600$281
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,096$594$502$246