Civic Intelligence

Massachusetts Bay Community College Foundation Inc

EIN 22-2581930 • 501(c)3 • Wellesley HILLS, MA

Profile

The mission of the foundation is to assist massachusetts bay community college further develop educational excellence by securing new resources, maximizing return on existing resources, acting as ambassadors to the community and complementing and resourcing the work of the college's trustees and staff on shaping the future.

50 Oakland StreetWellesley HILLS, MA 02481

n/A

Siviq Scores

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

Liabilities / Assets

19th percentile

0.01x

Higher debt load relative to assets than 19% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Liabilities / Revenue

24th percentile

0.04x

Higher debt load relative to revenue than 24% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Net Margin

6th percentile

-46%

Higher net margin than 6% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Top Officer Pay

23rd percentile

$0

Higher top officer pay than 23% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Asset Growth

30th percentile

-1.6%

Faster asset growth than 30% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Revenue Growth

6th percentile

-44%

Faster revenue growth than 6% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets19th percentile

Assets

Down

$6,952,962

Down $110,768 (-1.6%) from 2023

Liabilities

Down

$52,053

Down $34,121 (-40%) from 2023

Net Assets

Down

$6,900,909

Down $76,647 (-1.1%) from 2023

Operations
Liabilities / Revenue24th percentileNet Margin6th percentile

Revenue

Down

$1,449,428

Down $1,136,467 (-44%) from 2023

Expenses

Down

$2,119,026

Down $350,805 (-14%) from 2023

Net Income

Down

-$669,598

Down $785,662 (-677%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth30th percentile

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

$8.0M$6.0M$4.0M$2.0M$0Assets 2011: $3,887,030Liabilities 2011: $7,817Net Assets 2011: $3,879,2132011Assets 2012: $3,889,212Liabilities 2012: $5,228Net Assets 2012: $3,883,9842012Assets 2013: $4,293,741Liabilities 2013: $59,487Net Assets 2013: $4,234,2542013Assets 2014: $4,887,846Liabilities 2014: $9,868Net Assets 2014: $4,877,9782014Assets 2015: $5,032,394Liabilities 2015: $5,468Net Assets 2015: $5,026,9262015Assets 2016: $4,955,207Liabilities 2016: $20,016Net Assets 2016: $4,935,1912016Assets 2017: $5,527,743Liabilities 2017: $500Net Assets 2017: $5,527,2432017Assets 2018: $5,801,524Liabilities 2018: $0Net Assets 2018: $5,801,5242018Assets 2019: $5,975,805Liabilities 2019: $86,500Net Assets 2019: $5,889,3052019Assets 2020: $6,766,347Liabilities 2020: $300,000Net Assets 2020: $6,466,3472020Assets 2021: $7,841,424Liabilities 2021: $183,333Net Assets 2021: $7,658,0912021Assets 2022: $6,708,548Liabilities 2022: $113,580Net Assets 2022: $6,594,9682022Assets 2023: $7,063,730Liabilities 2023: $86,174Net Assets 2023: $6,977,5562023Assets 2024: $6,952,962Liabilities 2024: $52,053Net Assets 2024: $6,900,9092024

Highlighted filing

2024

Assets$6,952,962
Liabilities$52,053
Net Assets$6,900,909
Open 2024 Filing

Operations Trend

Revenue Growth6th percentile

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

$3.0M$2.0M$1.0M$0-$1.0MExpenses 2011: $306,1372011Expenses 2012: $268,6562012Expenses 2013: $388,0692013Revenue 2014: $427,293Expenses 2014: $359,721Net Income 2014: $67,5722014Revenue 2015: $436,677Expenses 2015: $361,904Net Income 2015: $74,7732015Revenue 2016: $331,730Expenses 2016: $335,215Net Income 2016: -$3,4852016Revenue 2017: $464,990Expenses 2017: $383,962Net Income 2017: $81,0282017Revenue 2018: $671,105Expenses 2018: $575,812Net Income 2018: $95,2932018Revenue 2019: $589,729Expenses 2019: $634,310Net Income 2019: -$44,5812019Revenue 2020: $1,601,262Expenses 2020: $945,800Net Income 2020: $655,4622020Revenue 2021: $923,254Expenses 2021: $803,440Net Income 2021: $119,8142021Revenue 2022: $1,230,055Expenses 2022: $1,246,423Net Income 2022: -$16,3682022Revenue 2023: $2,585,895Expenses 2023: $2,469,831Net Income 2023: $116,0642023Revenue 2024: $1,449,428Expenses 2024: $2,119,026Net Income 2024: -$669,5982024

Highlighted filing

2024

Revenue$1,449,428
Expenses$2,119,026
Net Income-$669,598
Open 2024 Filing

Filings

Most recent year

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

Open filing
Assets
$6,952,962
Liabilities
$52,053
Net assets
$6,900,909
Revenue
$1,449,428
Expenses
$2,119,026
Net income
-$669,598
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$6.95$0.05$6.90$1.45$2.12$0.67
2023Detailed filing. Detailed filing data is available for this year.$7.06$0.09$6.98$2.59$2.47$0.12
2022Detailed filing. Detailed filing data is available for this year.$6.71$0.11$6.59$1.23$1.25$0.02
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.84$0.18$7.66$0.92$0.80$0.12
2020Detailed filing. Detailed filing data is available for this year.$6.77$0.30$6.47$1.60$0.95$0.66
2019Detailed filing. Detailed filing data is available for this year.$5.98$0.09$5.89$0.59$0.63$0.04
2018Detailed filing. Detailed filing data is available for this year.$5.80$0.00$5.80$0.67$0.58$0.10
2017Detailed filing. Detailed filing data is available for this year.$5.53$0.00$5.53$0.46$0.38$0.08
2016Detailed filing. Detailed filing data is available for this year.$4.96$0.02$4.94$0.33$0.34$0.00
2015Detailed filing. Detailed filing data is available for this year.$5.03$0.01$5.03$0.44$0.36$0.07
2014Detailed filing. Detailed filing data is available for this year.$4.89$0.01$4.88$0.43$0.36$0.07
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.29$0.06$4.23$0.39
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.89$0.01$3.88$0.27
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.89$0.01$3.88$0.31
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Nov 15, 2024
Return Version
2023v6.0
Gross Receipts
$6,988,763
Mission and Program Overview

Mission

The foundation board enhances the vitality of the college by promoting investment from external sources, growing the endowment, awarding scholarships, and creating partnerships for learning. In so doing, the foundation seeks to be a catalyst for transforming the college by supporting educational excellence and achievement.

To provide scholarships and college fundraising.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$5,522,671$6,528,465▲ $1,005,794
Cash and Non-Interest-Bearing Accounts$571,782$211,912▼ $359,870
Accounts Receivable$889,666$157,391▼ $732,275
Pledges and Grants Receivable$79,611$46,695▼ $32,916
Prepaid Expenses and Deferred Charges$0$8,499▲ $8,499
Other Notes and Loans Receivable, Net$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Land, Buildings, and Equipment, Net$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$7,063,730$6,952,962▼ $110,768
Other Assets Total$0$0→ $0
Liabilities
Other Liabilities$86,174$48,000▼ $38,174
Accounts Payable and Accrued Expenses$0$4,053▲ $4,053
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$86,174$52,053▼ $34,121
Net Assets / Fund Balance
Net Assets With Donor Restrictions$5,536,638$5,171,037▼ $365,601
Net Assets Without Donor Restrictions$1,440,918$1,729,872▲ $288,954
Total Net Assets Fund Balance$6,977,556$6,900,909▼ $76,647
Total Liabilities and Net Assets / Fund Balance$7,063,730$6,952,962▼ $110,768

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$5,207,892$459,892▲ $667,876$326,224$6,009,436
2022$5,064,751-▲ $511,004$367,863$5,207,892
2021$6,228,805-▼ $933,573$230,481$5,064,751
2020$5,310,997-▲ $1,307,862$390,054$6,228,805
2019$5,562,396-▲ $133,473$384,872$5,310,997
Compensation and Service Providers
Top Officer Pay23rd percentile

Board Members and Trustees

NameTitle
Rebecca KannamChair
Howard FerrisVice Chair
David KennedyDirector
James J MckenzieDirector
Jean DyerDirector
Joseph AsayaDirector
Stacy OkadaDIrector
Thomas W CleverdonDirector
Todd OfenlochDirector
Tony LoftisDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$1,320,138
Program Service Revenue
$0
Investment Income
$129,290
Other Revenue
$0
All Other Contributions
$1,320,138
Change in Net Assets
$-669,598

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
Other Non Cash Contri Table27$2,700Fair Market Value (FMV)
Other Non Cash Contri Table1$55Cost
Total Noncash Contributions28$2,755-

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,423,401
Revenue Not Reported on Financial Statements
$26,027
Revenue Not Reported on Form 990
$770,003
Total Revenue per Audited Statements
$2,193,404
Total Revenue per Form 990
$1,449,428
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$2,066,397
Other Expenses$52,629
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$2,066,397--$2,066,397
Fees for Service Investment Mgmnt Fees-$26,027-$26,027
Fees for Services Accounting-$20,938-$20,938
Office Expenses-$2,997-$2,997
Conferences and Meetings-$2,167-$2,167
Insurance-$500-$500
Total Functional Expenses$2,066,397$52,629$0$2,119,026

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,270,051
Total Expenses per Form 990$2,119,026
Expenses per Audited Statements$2,092,999
Expenses Not Reported on Form 990$177,052
Expenses Not Reported on Financial Statements$26,027
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Massachusetts Bay Community CollegeWellesley, MA115Program Support$2,066,397
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
Due to Affiliate$48,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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 form 990 will be reviewed by the board of trustees or will be delegated to a subcommittee where a member of the finance and audit committee will review the return for completeness and accuracy. Once the form 990 has been approved by the board of trustees or a member of the finance and audit committee, the form 990 then can be filed with the internal revenue service and the massachusetts attorney general's office.”

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

“The foundation conducts periodic reviews to ensure that the conflict of interest policy is being adhered to. These reviews address whether compensation arrangements and benefits are reasonable and are the results of arm's length bargaining and whether partnership and joint venture arrangements and arrangements with management's service organizations and with the college conform to written policies, are properly recorded, reflect reasonable payments for goods and services, further the foundation's charitable purposes, and do not result in impermissible private benefit. If the foundation deems it necessary, they may also use outside experts to perform these reviews.”

Form 990, Part VI, Section C, Line 19

“The foundation makes all of its governing documents, including a conflict of interest policy and financial statements available to the public upon request. These documents can be requested via the office of administration and finance.”

Form 990, Part VII, Section A

“Massachusetts bay community college foundation has no employees. The foundation instead uses employees of massachusetts bay community college, a related organization. A portion of the salary for the bookkeeper was assumed by the foundation.”

Filing and Contact Details

Filer

Filer Name
Massachusetts Bay Community College
EIN
22-2581930
In Care Of
% STEPHEN BACCARI COMPTROLLER
Phone
7812393000
Address
50 Oakland Street, Wellesley HILLS, MA 02481

Signing Officer

Name
Rebecca Kannam
Title
Director & Chair
Phone
7812393000
Signed
2024-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Rebecca Kannam
Formed
1984
Legal Domicile
Ma
Voting Board Members
10
Independent Board Members
10
Employees
0
Volunteers
123

Preparer

Firm
Withumsmithbrownpc
Address
4600 EAST WEST HWY 900 BETHESDA, BETHESDA, MD 20814-3423
Preparer
Richard Ruvelson
Phone
6172273333
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

“Finance and audit committee the organization has a finance and audit committee whose purpose is the oversight and review of the audited financial statements and selection of an independent accountant. The process has not been changed from the prior year.”

Financial Statement Notes

PART V, LINE 4:

“The intended use of the foundation's endowment funds are to support the foundation's programs including, but not limited to, providing scholarships to the students of massachusetts bay community college as well as supporting the academic and programmatic goals of the college.”

PART X, LINE 2:

“The foundation has been notified by thr internal revenue service that it meets the qualifications to be classified as a tax-exempt entity under section 501(c)(3) of the internal revenue code. 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.”

Raw XML AppendixShowing 400 of 569 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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