Civic Intelligence

The Bridgewater State University Foundation

990 • Fiscal year 2024 • EIN 22-2678005

Jul 01, 2023 to Jun 30, 2024 • Filed on May 15, 2025

Organization Profilewww.bridgew.edu/alumni/about/bsu-foundation
26 Summer StreetBridgewater, MA 02325

(508) 531-2691

Siviq Scores

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

Liabilities / Assets

11th percentile

0.01x

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

2024 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2024

Liabilities / Revenue

14th percentile

0.06x

Higher debt load relative to revenue than 14% of similar nonprofits.

2024 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2024

Net Margin

86th percentile

39%

Higher net margin than 86% of similar nonprofits.

2024 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2024

Top Officer Pay

32nd percentile

$257,416

Higher top officer pay than 32% of similar nonprofits.

Top officer pay equals 2.5% of source-year revenue.

2024 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2024

Asset Growth

76th percentile

15%

Faster asset growth than 76% of similar nonprofits.

2024 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2023 to 2024

Revenue Growth

88th percentile

63%

Faster revenue growth than 88% of similar nonprofits.

2024 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets11th percentile

Assets

Up

$70,342,148

Up $8,989,582 (+15%) from 2023

Net Assets

Up

$69,689,562

Up $8,579,631 (+14%) from 2023

Liabilities

Up

$652,586

Up $409,951 (+169%) from 2023

Revenue And Expenses
Liabilities / Revenue14th percentileNet Margin86th percentile

Revenue

Up

$10,332,528

Up $3,987,040 (+63%) from 2023

Expenses

Up

$6,314,041

Up $948,765 (+18%) from 2023

Net Income

Up

$4,018,487

Up $3,038,275 (+310%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth76th percentile

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

$80M$60M$40M$20M$0Assets 2011: $21,919,422Liabilities 2011: $440,494Net Assets 2011: $21,478,9282011Assets 2012: $23,325,133Liabilities 2012: $175,639Net Assets 2012: $23,149,4942012Assets 2013: $25,186,083Liabilities 2013: $221,256Net Assets 2013: $24,964,8272013Assets 2014: $30,055,805Liabilities 2014: $292,604Net Assets 2014: $29,763,2012014Assets 2015: $32,092,925Liabilities 2015: $268,633Net Assets 2015: $31,824,2922015Assets 2016: $33,036,677Liabilities 2016: $549,736Net Assets 2016: $32,486,9412016Assets 2017: $36,951,859Liabilities 2017: $826,460Net Assets 2017: $36,125,3992017Assets 2018: $48,073,449Liabilities 2018: $824,561Net Assets 2018: $47,248,8882018Assets 2019: $50,190,648Liabilities 2019: $824,095Net Assets 2019: $49,366,5532019Assets 2020: $51,223,236Liabilities 2020: $2,141,756Net Assets 2020: $49,081,4802020Assets 2021: $58,369,881Liabilities 2021: $135,553Net Assets 2021: $58,234,3282021Assets 2022: $55,255,899Liabilities 2022: $238,893Net Assets 2022: $55,017,0062022Assets 2023: $61,352,566Liabilities 2023: $242,635Net Assets 2023: $61,109,9312023Assets 2024: $70,342,148Liabilities 2024: $652,586Net Assets 2024: $69,689,5622024

Highlighted filing

2024

Assets$70,342,148
Liabilities$652,586
Net Assets$69,689,562
Open 2024 Filing

Operations Trend

Revenue Growth88th percentile

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

$15M$10M$5.0M$0-$5.0MRevenue 2011: $1,856,442Expenses 2011: $979,380Net Income 2011: $877,0622011Expenses 2012: $925,5082012Expenses 2013: $1,622,3582013Revenue 2014: $2,063,042Expenses 2014: $1,387,640Net Income 2014: $675,4022014Revenue 2015: $4,813,709Expenses 2015: $1,595,978Net Income 2015: $3,217,7312015Revenue 2016: $3,454,065Expenses 2016: $1,885,722Net Income 2016: $1,568,3432016Revenue 2017: $3,297,915Expenses 2017: $2,023,893Net Income 2017: $1,274,0222017Revenue 2018: $12,599,851Expenses 2018: $2,197,495Net Income 2018: $10,402,3562018Revenue 2019: $3,866,908Expenses 2019: $2,167,337Net Income 2019: $1,699,5712019Revenue 2020: $2,500,474Expenses 2020: $3,076,931Net Income 2020: -$576,4572020Revenue 2021: $3,495,548Expenses 2021: $2,928,325Net Income 2021: $567,2232021Revenue 2022: $8,431,786Expenses 2022: $4,098,012Net Income 2022: $4,333,7742022Revenue 2023: $6,345,488Expenses 2023: $5,365,276Net Income 2023: $980,2122023Revenue 2024: $10,332,528Expenses 2024: $6,314,041Net Income 2024: $4,018,4872024

Highlighted filing

2024

Revenue$10,332,528
Expenses$6,314,041
Net Income$4,018,487
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 15, 2025
Return Version
2023v6.0
Gross Receipts
$16,580,180
Mission and Program Overview

Mission

To assist bridgewater state university in achieving its goal of excellence in its major functions of teaching learning and research in those educational areas where little or no state funding is available to the institution.

SEE SCHEDULE O.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$54,208,663$63,239,388▲ $9,030,725
Land, Buildings, and Equipment, Net$4,364,493$5,113,294▲ $748,801
Cash and Non-Interest-Bearing Accounts$479,918$994,659▲ $514,741
Pledges and Grants Receivable$1,664,334$885,785▼ $778,549
Prepaid Expenses and Deferred Charges$164,403$61,266▼ $103,137
Savings and Temporary Cash Investments$325,555$47,756▼ $277,799
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$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$61,352,566$70,342,148▲ $8,989,582
Other Assets Total$145,200$0▼ $145,200
Liabilities
Other Liabilities$51,117$439,964▲ $388,847
Accounts Payable and Accrued Expenses$191,518$212,622▲ $21,104
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$242,635$652,586▲ $409,951
Net Assets / Fund Balance
Net Assets With Donor Restrictions$40,747,601$49,457,588▲ $8,709,987
Net Assets Without Donor Restrictions$20,362,330$20,231,974▼ $130,356
Total Net Assets Fund Balance$61,109,931$69,689,562▲ $8,579,631
Total Liabilities and Net Assets / Fund Balance$61,352,566$70,342,148▲ $8,989,582

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,807,602$886,410$2,694,012
Leasehold Improvements$1,852,403$143,670$1,996,073
Land$1,338,351-$1,338,351
Other Land Buildings$114,938-$114,938
Equipment$0$56,505$56,505
Other Securities$1,449--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$40,747,601$7,562,143▲ $5,118,487-$49,457,588
2022$35,530,168$4,788,989▲ $4,465,019-$40,747,601
2021$34,523,069$6,154,400▼ $3,200,235-$35,530,168
2020$25,320,926$1,946,064▲ $8,434,338-$34,523,069
2019$24,985,146$1,589,767▲ $278,343-$25,320,926
Compensation and Service Providers
Top Officer Pay32nd percentile

Employees

NameTitleFull / Part TimeOtherTotal
Scott EnosDirector of Ops & Logistics, A&DPT$146,571$146,571

Board Members and Trustees

NameTitle
David RumrillBoard Chairperson
Joseph St LaurentPast President
Phyllis Klock1st Vice Chairperson
Thomas Magee2nd Vice Chairperson
Aenis HarrisDirector
Christopher CooneyDirector
Daniel SmithDirector
George GurleyDirector
Jack BadavasDirector
John DiSantoDirector
Lori HindleDirector
Louis RicciardiDirector
Ohene AsareDirector
Wayne LombardiDirector
Elizabeth DubuqueExec. Director, Alumni and Dev
Ellen Cuttle OliverExec. Dir./chief Dev. Ofc. A&d
Sharon MutrieSecretary
Ann UlettTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Russell InvestmentsInvestment Mgmt1301 2nd Avenue 18th Floor, Seattle, WA 98101$328,286
What on Earth Publishing LLCPublishing Company30 RIDGE ROAD UNIT B, Greenbelt, MD 20770$155,000
PA Narsasian Landscaping IncLandscaping356 Turnpike St, South Easton, MA 02375$107,949
Revenue and Support

Revenue Composition

Contributions and Grants
$7,906,106
Program Service Revenue
$0
Investment Income
$2,478,623
Other Revenue
$-52,201
All Other Contributions
$7,904,206
Change in Net Assets
$4,018,487

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$150,155Fair Market Value (FMV)
Works of Art5$148,700Fair Market Value (FMV)
Other Non Cash Contri Table1$4,500Fair Market Value (FMV)
Total Noncash Contributions8$303,355-

Audited Revenue Reconciliation

Revenue per Audited Statements
$10,004,662
Revenue Not Reported on Financial Statements
$327,866
Revenue Not Reported on Form 990
$6,252,442
Total Revenue per Audited Statements
$16,257,104
Total Revenue per Form 990
$10,332,528
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$4,914,436
Other Expenses$1,399,605
Total Fundraising Expense$241,648
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$3,167,269--$3,167,269
Grants to Domestic Individuals$1,747,167--$1,747,167
Fees for Service Investment Mgmnt Fees-$327,866-$327,866
Occupancy-$287,750-$287,750
Depreciation Depletion-$175,120-$175,120
Information Technology-$112,742-$112,742
Fees for Services Other-$86,949-$86,949
Conferences and Meetings-$44,500-$44,500
Insurance-$41,184-$41,184
Travel-$37,634-$37,634
Office Expenses-$19,591$13,061$32,652
Fees for Services Accounting-$16,986-$16,986
Other Expenses-$6,150$228,587$6,150
Fees for Services Management-$1,485-$1,485
Total Functional Expenses$4,914,436$1,157,957$241,648$6,314,041

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$7,677,473
Total Expenses per Form 990$6,314,041
Expenses per Audited Statements$5,986,175
Expenses Not Reported on Form 990$1,691,298
Expenses Not Reported on Financial Statements$327,866
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Bridgewater State UniversityBridgewater, MA115support of the university$3,018,569
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$52,201
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$390,008
Annuity Payable$49,956
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:

“The foundation's executive director/chief development officer, vice president of finance and comptroller detail review the 990 prior to filing. The 990 is made avaliable to all board members through a secure internet portal. Once approved, the form 990 is filed with the internal revenue service.”

FORM 990, PART VI, SECTION B, LINE 12C:

“Officers, directors and key employees disclose any interests that could give rise to conflicts on an annual basis at the annual meeting. Compliance and enforcement is monitored at the annual meeting and mandated by massachusetts law.”

FORM 990, PART VI, SECTION C, LINE 19:

“AVAILABLE UPON REQUEST.”

Filing and Contact Details

Filer

Filer Name
Bridgewater State University Foundation
EIN
22-2678005
In Care Of
% ELLEN OLIVER
Phone
5085312691
Address
26 Summer Street, Bridgewater, MA 02325

Signing Officer

Name
Doug Shropshire
Title
VP of Finance
Phone
5085312236
Signed
2025-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Doug Shropshire
Formed
1984
Legal Domicile
Ma
Voting Board Members
16
Independent Board Members
16
Employees
0
Volunteers
17

Preparer

Firm
Withumsmithbrownpc
Address
4600 EAST WEST HWY 900, BETHESDA, MD 20814-3423
Preparer
Richard Ruvelson
Phone
3012726000
Supplemental Narrative

Additional Explanations

FORM 990, PART I, LINE 1:

“To assist bridgewater state university in achieving its goal of excellence in its major functions of teaching, learning, and research in those educational areas where little or no state funding is available to the institution.”

FORM 990, PART XII, LINE 2C:

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

Financial Statement Notes

PART X, LINE 2:

“The Foundation has been notified by the 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.”

part XI and XII, line 2D:

“Fundraising direct expenses - $52,201.”

PART V, LINE 4:

“The intended use of the endowment fund is to support the programs of the foundation.”

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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/TitleTxt52nd Vice Chairperson
IRS990/Form990PartVIISectionAGrp/TitleTxt6Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt7Treasurer
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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
$70,342,148
Liabilities
$652,586
Net assets
$69,689,562
Revenue
$10,332,528
Expenses
$6,314,041
Net income
$4,018,487
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$70.3$0.65$69.7$10.3$6.31$4.02
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$61.4$0.24$61.1$6.35$5.37$0.98
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$55.3$0.24$55.0$8.43$4.10$4.33
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$58.4$0.14$58.2$3.50$2.93$0.57
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$51.2$2.14$49.1$2.50$3.08$0.58
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$50.2$0.82$49.4$3.87$2.17$1.70
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$48.1$0.82$47.2$12.6$2.20$10.4
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$37.0$0.83$36.1$3.30$2.02$1.27
2016Detailed filing. Detailed filing data is available for this year.$33.0$0.55$32.5$3.45$1.89$1.57
2015Detailed filing. Detailed filing data is available for this year.$32.1$0.27$31.8$4.81$1.60$3.22
2014Detailed filing. Detailed filing data is available for this year.$30.1$0.29$29.8$2.06$1.39$0.68
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$25.2$0.22$25.0$1.62
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$23.3$0.18$23.1$0.93
2011Summary only. Only limited summary data is available for this year.$21.9$0.44$21.5$1.86$0.98$0.88