Civic Intelligence

Bridgewater State University Foundation

EIN 22-2678005 • 501(c)3 • Bridgewater, MA

Profile

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.

26 Summer StreetBridgewater, MA 02325

www.bridgew.edu

Siviq Scores

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

Liabilities / Assets

11th percentile

0.01x

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

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

Liabilities / Revenue

15th percentile

0.06x

Higher debt load relative to revenue than 15% of similar nonprofits.

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

Net Margin

86th percentile

39%

Higher net margin than 86% of similar nonprofits.

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

Top Officer Pay

31st percentile

$257,416

Higher top officer pay than 31% of similar nonprofits.

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

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

Asset Growth

77th percentile

15%

Faster asset growth than 77% of similar nonprofits.

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

Revenue Growth

88th percentile

63%

Faster revenue growth than 88% of similar nonprofits.

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

Assets

Up

$70,342,148

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

Liabilities

Up

$652,586

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

Net Assets

Up

$69,689,562

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

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

Trend Graphs

Balance Sheet Trend

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

$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

Operations Trend

Revenue, expenses, and net income by year, with the latest 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

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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
Latest Detailed Filing

The latest 2024 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2022 below.

Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
May 11, 2023
Return Version
2021v4.2
Gross Receipts
$11,003,457
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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$53,374,043$48,260,407▼ $5,113,636
Land, Buildings, and Equipment, Net$1,688,616$3,360,064▲ $1,671,448
Pledges and Grants Receivable$739,560$1,429,744▲ $690,184
Cash and Non-Interest-Bearing Accounts$1,413,975$1,031,975▼ $382,000
Prepaid Expenses and Deferred Charges$85$65,853▲ $65,768
Accounts Receivable$10,681$0▼ $10,681
Savings and Temporary Cash Investments$17,921$7,856▼ $10,065
Total Assets$58,369,881$55,255,899▼ $3,113,982
Other Assets Total$1,125,000$1,100,000▼ $25,000
Liabilities
Accounts Payable and Accrued Expenses$42,813$153,786▲ $110,973
Other Liabilities$92,740$85,107▼ $7,633
Total Liabilities$135,553$238,893▲ $103,340
Net Assets / Fund Balance
Net Assets With Donor Restrictions$34,523,069$35,530,168▲ $1,007,099
Net Assets Without Donor Restrictions$23,711,259$19,486,838▼ $4,224,421
Total Net Assets Fund Balance$58,234,328$55,017,006▼ $3,217,322
Total Liabilities and Net Assets / Fund Balance$58,369,881$55,255,899▼ $3,113,982

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,419,237$768,583$2,187,820
Land$872,802-$872,802
Other Land Buildings$865,327-$865,327
Leasehold Improvements$202,698$12,487$215,185
Equipment$0$56,505$56,505
Other Securities$50,922--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
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
2018$24,196,077$1,673,178▲ $110,347-$24,985,146
2017$22,199,916$1,584,755▲ $1,415,782-$24,196,077
Compensation and Service Providers

Board Members and Trustees

NameTitle
Joseph St LaurentFoundation Chair
Eugene DurginPast Chair
David Rumrill1st Vice Chair
Jeremy David2nd Vice Chair
Aenis Harris JrDirector
Andrew SullivanDirector
Carrie Kulick-clarkDirector
Christopher CooneyDirector
Clare ColeDirector
Daniel SmithDirector
George GurleyDirector
John DisantoDirector
Kevin CostaDirector
Lisa Bianca BattaglinoDirector
Lori HindleDirector
Louis RicciardiDirector
Ohene AsareDirector
Sharon MutrieDirector
Thomas MageeDirector
Wayne LombardiDirector
David MessalineEmeritus Director
Malika CruikshankStudent Director
Ellen Cuttle OliverChief Development Officer
Phyllis KlockSecretary
Ann UlettTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Ap Whitaker & Sons INCConstruction Contractor652 WEST CENTER STREET, West Bridgewater, MA 02379$743,310
Law Office Of Shannon Resnick PCProperty Acquisition1037 PLEASANT STREET, Bridgewater, MA 02324$680,709
Russell InvestmentsInvestment Management1301 2ND AVENUE 18TH FLOOR, Seattle, WA 98101$254,883
Dennis J Swart Architecture PCArchitecture Consultant175 PARAMOUNT DRIVE SUITE 202, Raynham, MA 02767$142,570
Revenue and Support

Revenue Composition

Contributions and Grants
$7,828,415
Program Service Revenue
$0
Investment Income
$690,609
Other Revenue
$-87,238
All Other Contributions
$7,797,945
Change in Net Assets
$4,333,774

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
Works of Art1$806,030Fair Market Value (FMV)
Securities Publicly Traded1$25,000Fair Market Value (FMV)
Total Noncash Contributions2$831,030-

Audited Revenue Reconciliation

Revenue per Audited Statements
$8,176,903
Revenue Not Reported on Financial Statements
$254,883
Revenue Not Reported on Form 990
$-6,153,667
Total Revenue per Audited Statements
$2,023,236
Total Revenue per Form 990
$8,431,786
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$3,483,132
Other Expenses$614,880
Total Fundraising Expense$14,353
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$2,216,934--$2,216,934
Grants to Domestic Individuals$1,266,198--$1,266,198
Fees for Service Investment Mgmnt Fees-$254,883-$254,883
Occupancy-$174,730-$174,730
Depreciation Depletion-$60,187-$60,187
Fees for Services Other-$54,900-$54,900
Insurance-$29,292-$29,292
Fees for Services Accounting-$15,854-$15,854
Other Expenses--$14,353$14,353
Office Expenses-$6,866-$6,866
Fees for Services Management-$2,704-$2,704
Conferences and Meetings-$1,111-$1,111
Total Functional Expenses$3,483,132$600,527$14,353$4,098,012

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$5,240,558
Total Expenses per Form 990$4,098,012
Expenses per Audited Statements$3,843,129
Expenses Not Reported on Form 990$1,397,429
Expenses Not Reported on Financial Statements$254,883
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Bridgewater State UniversityBridgewater, MA115Support of the University Primarily Through the Annual Fund and Other Donor Designations$1,410,904
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$115,438
Fundraising Gross Income$28,200
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Annuity Payable$84,897
Due to Affiliates$210
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 chief development officer, vice president of finance and comptroller detail reviews 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
Phone
5085312691
Address
26 SUMMER STREET, BRIDGEWATER, MA 02325

Signing Officer

Name
Doug Shropshire
Title
Vice President of Finance
Phone
5085312236
Signed
2023-05-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Doug Shropshire
Formed
1984
Legal Domicile
Ma
Voting Board Members
24
Independent Board Members
23
Employees
0
Volunteers
24

Preparer

Firm
Withum Smith Brown Pc
Address
25 BRAINTREE HILL OFC PK SUITE 102, BRAINTREE, MA 02184
Preparer
Michael J Cosgrove
Phone
3392555396
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Section A, 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 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, LINE 2D - OTHER ADJUSTMENTS:

Fundraising direct expenses reported in expenses on financials, but sch g 115,438.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Fundraising direct expenses reported in expenses on financials, but sch g 115,438.

Part V, Line 4

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

Raw XML AppendixShowing 400 of 749 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.

Path#Value
IRS990/AccountantCompileOrReviewInd00
IRS990/AccountsPayableAccrExpnssGrp/BOYAmt042813
IRS990/AccountsPayableAccrExpnssGrp/EOYAmt0153786
IRS990/AccountsReceivableGrp/BOYAmt010681
IRS990/AccountsReceivableGrp/EOYAmt00
IRS990/ActivitiesConductedPrtshpInd00
IRS990/ActivityOrMissionDesc0TO 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.
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IRS990/BooksInCareOfDetail/PhoneNum05085312691
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IRS990/BooksInCareOfDetail/USAddress/CityNm0BRIDGEWATER
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IRS990/CompensationProcessOtherInd00
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IRS990/ConsolidatedAuditFinclStmtInd01
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IRS990/ContractorCompensationGrp/CompensationAmt2254883
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IRS990/DepreciationDepletionGrp/TotalAmt060187
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IRS990/ForeignActivitiesInd00
IRS990/ForeignFinancialAccountInd00
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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt210
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt220
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt230
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt2466389
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IRS990/Form990PartVIISectionAGrp/PersonNm4KEVIN COSTA
IRS990/Form990PartVIISectionAGrp/PersonNm5MALIKA CRUIKSHANK
IRS990/Form990PartVIISectionAGrp/PersonNm6JEREMY DAVID
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IRS990/Form990PartVIISectionAGrp/PersonNm8EUGENE DURGIN
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IRS990/Form990PartVIISectionAGrp/PersonNm13CARRIE KULICK-CLARK
IRS990/Form990PartVIISectionAGrp/PersonNm14WAYNE LOMBARDI
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IRS990/Form990PartVIISectionAGrp/PersonNm16DAVID MESSALINE
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IRS990/Form990PartVIISectionAGrp/PersonNm18LOUIS RICCIARDI
IRS990/Form990PartVIISectionAGrp/PersonNm19DAVID RUMRILL
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IRS990/Form990PartVIISectionAGrp/PersonNm23ANN ULETT
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IRS990/Form990PartVIISectionAGrp/TitleTxt0DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt1DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5STUDENT DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt62ND VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8PAST CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16EMERITUS DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt191ST VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt21FOUNDATION CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt23TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt24CHIEF DEVELOPMENT OFFICER
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IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
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IRS990/MissionDesc0TO 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.
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