Civic Intelligence

Mcmaster University Ontario

990 • Fiscal year 2021 • EIN 23-7213309

May 01, 2020 to Apr 30, 2021 • Filed on Mar 10, 2022

1280 Main St WHamilton, Ontario L8S 4L8CA

(905) 525-9140

Siviq Scores

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

Liabilities / Assets

66th percentile

0.46x

Higher debt load relative to assets than 66% of similar nonprofits.

2021 filings • 501(c)3 • $1B+ nonprofits • Source year 2021

Liabilities / Revenue

76th percentile

1.27x

Higher debt load relative to revenue than 76% of similar nonprofits.

2021 filings • 501(c)3 • $1B+ nonprofits • Source year 2021

Net Margin

66th percentile

18%

Higher net margin than 66% of similar nonprofits.

2021 filings • 501(c)3 • $1B+ nonprofits • Source year 2021

Top Officer Pay

7th percentile

$390,592

Higher top officer pay than 7% of similar nonprofits.

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

2021 filings • 501(c)3 • $1B+ nonprofits • Source year 2021

Asset Growth

83rd percentile

29%

Faster asset growth than 83% of similar nonprofits.

2021 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2020 to 2021

Revenue Growth

55th percentile

14%

Faster revenue growth than 55% of similar nonprofits.

2021 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2020 to 2021

Assets

Up

$2,732,885,632

Up $621,259,465 (+29%) from 2020

Net Assets

Up

$1,469,009,360

Up $616,810,944 (+72%) from 2020

Liabilities

Up

$1,263,876,272

Up $4,448,521 (+0.4%) from 2020

Revenue

Up

$993,781,325

Up $125,116,903 (+14%) from 2020

Expenses

Up

$816,512,834

Up $16,737,300 (+2.1%) from 2020

Net Income

Up

$177,268,491

Up $108,379,603 (+157%) from 2020

Historical Trend

Balance Sheet Trend

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

$4.0B$3.0B$2.0B$1.0B$0Assets 2010: $1,802,347,903Liabilities 2010: $1,182,881,473Net Assets 2010: $619,466,4302010Assets 2011: $1,837,464,428Liabilities 2011: $1,180,836,653Net Assets 2011: $656,627,7752011Assets 2012: $1,994,379,806Liabilities 2012: $1,280,506,880Net Assets 2012: $713,872,9262012Assets 2013: $2,160,259,161Liabilities 2013: $1,302,746,507Net Assets 2013: $857,512,6542013Assets 2014: $2,053,129,506Liabilities 2014: $1,203,285,571Net Assets 2014: $849,843,9352014Assets 2015: $1,850,052,810Liabilities 2015: $1,113,466,458Net Assets 2015: $736,586,3522015Assets 2016: $1,894,291,521Liabilities 2016: $1,269,132,133Net Assets 2016: $625,159,3882016Assets 2017: $1,893,435,165Liabilities 2017: $1,079,246,154Net Assets 2017: $814,189,0112017Assets 2018: $2,130,818,791Liabilities 2018: $1,188,885,946Net Assets 2018: $941,932,8452018Assets 2019: $2,157,926,693Liabilities 2019: $1,248,388,587Net Assets 2019: $909,538,1062019Assets 2020: $2,111,626,167Liabilities 2020: $1,259,427,751Net Assets 2020: $852,198,4162020Assets 2021: $2,732,885,632Liabilities 2021: $1,263,876,272Net Assets 2021: $1,469,009,3602021Assets 2022: $2,782,562,539Liabilities 2022: $1,448,417,761Net Assets 2022: $1,334,144,7782022Assets 2023: $2,832,716,158Liabilities 2023: $1,420,885,992Net Assets 2023: $1,411,830,1662023Assets 2024: $2,928,683,253Liabilities 2024: $1,251,330,568Net Assets 2024: $1,677,352,6852024Assets 2025: $3,062,492,760Liabilities 2025: $1,192,016,363Net Assets 2025: $1,870,476,3972025

Highlighted filing

2021

Assets$2,732,885,632
Liabilities$1,263,876,272
Net Assets$1,469,009,360

Operations Trend

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

$1.5B$1.0B$500M$0Expenses 2010: $761,655,3202010Expenses 2011: $827,869,9212011Expenses 2012: $872,412,1292012Expenses 2013: $874,964,1262013Revenue 2014: $917,658,932Expenses 2014: $873,884,171Net Income 2014: $43,774,7612014Revenue 2015: $861,667,100Expenses 2015: $793,322,897Net Income 2015: $68,344,2032015Revenue 2016: $725,510,452Expenses 2016: $703,392,626Net Income 2016: $22,117,8262016Revenue 2017: $829,498,175Expenses 2017: $731,430,182Net Income 2017: $98,067,9932017Revenue 2018: $868,055,077Expenses 2018: $771,177,438Net Income 2018: $96,877,6392018Revenue 2019: $905,716,672Expenses 2019: $786,530,518Net Income 2019: $119,186,1542019Revenue 2020: $868,664,422Expenses 2020: $799,775,534Net Income 2020: $68,888,8882020Revenue 2021: $993,781,325Expenses 2021: $816,512,834Net Income 2021: $177,268,4912021Revenue 2022: $954,591,107Expenses 2022: $912,403,954Net Income 2022: $42,187,1532022Revenue 2023: $1,057,098,060Expenses 2023: $944,578,133Net Income 2023: $112,519,9272023Revenue 2024: $1,123,040,065Expenses 2024: $1,021,245,651Net Income 2024: $101,794,4142024Revenue 2025: $1,115,308,465Expenses 2025: $999,465,567Net Income 2025: $115,842,8982025

Highlighted filing

2021

Revenue$993,781,325
Expenses$816,512,834
Net Income$177,268,491
Jump To
Filing Snapshot
Filing Period
May 1, 2020 to Apr 30, 2021
Signed
Mar 10, 2022
Return Version
2020v4.1
Gross Receipts
$998,709,154
Mission and Program Overview

Mission

At mcmaster university our purpose is the discovery, communication and preservation of knowledge. In our teaching, research, and scholarship, we are committed to creativity, innovation and excellence. We value integrity, quality, inclusiveness and teamwork in everything we do. We inspire critical thinking, personal growth, and a passion for lifelong learning. We serve the social, cultural, and economic needs of our community and our society.

See Schedule O - attachment 1

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$944,634,076$1,314,434,676▲ $369,800,600
Land, Buildings, and Equipment, Net$868,767,074$1,002,422,466▲ $133,655,392
Savings and Temporary Cash Investments$131,748,382$231,496,947▲ $99,748,565
Pledges and Grants Receivable$68,066,139$70,383,394▲ $2,317,255
Accounts Receivable$40,459,382$49,657,306▲ $9,197,924
Investments Program Related$22,076,923$29,743,590▲ $7,666,667
Cash and Non-Interest-Bearing Accounts$12,485,981$15,761,498▲ $3,275,517
Prepaid Expenses and Deferred Charges$18,802,301$13,811,152▼ $4,991,149
Inventories for Sale or Use$4,585,909$5,174,603▲ $588,694
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
Intangible Assets$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$2,111,626,167$2,732,885,632▲ $621,259,465
Other Assets Total$0$0→ $0
Liabilities
Other Liabilities$942,636,953$886,165,242▼ $56,471,711
Unsecured Notes Loans Payable$192,959,022$218,470,492▲ $25,511,470
Accounts Payable and Accrued Expenses$107,877,786$138,658,527▲ $30,780,741
Deferred Revenue$15,953,990$20,582,011▲ $4,628,021
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$1,259,427,751$1,263,876,272▲ $4,448,521
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$408,380,302$853,448,921▲ $445,068,619
Net Assets With Donor Restrictions$443,818,114$615,560,440▲ $171,742,326
Total Net Assets Fund Balance$852,198,416$1,469,009,360▲ $616,810,944
Total Liabilities and Net Assets / Fund Balance$2,111,626,167$2,732,885,632▲ $621,259,465

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$749,269,027$420,571,429$1,169,840,456
Equipment$59,264,143$285,059,015$344,323,158
Other Land Buildings$67,117,623$228,297,110$295,414,733
Leasehold Improvements$54,536,426$35,733,008$90,269,434
Land$72,235,246-$72,235,246

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$471,692,171$8,796,277▲ $116,404,815$4,285,605$577,793,205
2019$487,264,497$6,546,255▼ $13,850,475$4,104,003$461,916,733
2018$477,613,119$7,865,194▲ $24,498,138$2,686,001$494,404,010
2017$477,468,315$10,748,709▲ $20,309,811$3,575,340$492,185,887
2016$410,557,036$6,811,089▲ $60,661,638$3,239,365$463,102,430
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Salim YusufN/aFT$110,843$279,749$390,592
PAUL O'BYRNEVP Faculty of Health SciencesFT$296,964$80,903$377,867
Leonard WavermanN/aFT$327,439$4,483$331,922
David FarrarPresident/Vice ChancellorFT$258,762$70,191$328,953
Mick BhatiaN/aFT$288,850$24,381$313,231
Gerard WrightN/aFT$288,403$24,380$312,783
David WilkinsonN/aFT$272,607$24,124$296,731
Angelo MikrogianakisN/aFT$31,981$264,198$296,179
John KeltonN/aFT$255,084$39,250$294,334
Akbar PanjuN/aFT$181,768$112,260$294,028
Mary WilliamsVP University AdvancementFT$213,795$53,233$267,028
Karen MossmanVP ResearchFT$213,349$53,073$266,422
Roger CouldreyVP AdministrationFT$219,725$45,811$265,536
Susan Searles GirouxN/aFT$210,900$50,813$261,713
Robert BakerN/aFT$214,967$24,256$239,223
Mohit BhandariN/aFT$127,266$106,327$233,593
Deborah MartinN/aFT$176,597$50,142$226,739
Mark Andrew CrowtherN/aFT$102,795$112,699$215,494
Dina BrooksBoard MemberFT$173,315$35,879$209,194
Rafael KleimanBoard MemberFT$176,775$24,432$201,207
Timothy Davidsonn/aFT$169,107$24,441$193,548
Lehana ThabaneBoard MemberFT$148,494$35,279$183,773
Stanley PorterN/aFT$159,686$23,476$183,162
Lia BronsardBoard MemberFT$155,370$24,183$179,553
Carlos FilipeBoard MemberFT$151,465$24,420$175,885
Robert PeltonN/aFT$172,935$2,357$175,292
Michele GeorgeN/aFT$150,554$24,171$174,725
Juliet DanielBoard MemberFT$150,243$22,497$172,740
Deborah SlobodaBoard MemberFT$143,693$28,368$172,061
Herbert SchellhornN/aFT$144,626$24,168$168,794
Alison HollowayN/aFT$142,351$24,165$166,516
Laura ParkerBoard MemberFT$128,355$21,796$150,151
Joseph Kimn/aFT$123,462$26,059$149,521
Melissa C PoolBoard MemberFT$134,087$15,384$149,471
Jonathan SchertzerN/aFT$122,068$22,641$144,709
Mark StewartN/aFT$114,217$22,191$136,408
Susan TigheVP Academic/board MemberFT$116,058$11,769$127,827
Andrea Thyret-kiddSecretaryFT$105,080$18,393$123,473
Leah AllanBoard MemberFT$80,941$14,447$95,388
Anne NiecN/aFT$31,981$56,023$88,004
Patricia McnivenN/aFT$2,698$76,977$79,675
Brad Coburnn/aFT$60,537$12,006$72,543
Elizabeth WayN/aFT$60,030$11,105$71,135
Zeeshan AhmedN/aFT$19,329$502$19,831
Ghada SasaBoard MemberFT$9,001$245$9,246

Board Members and Trustees

NameTitle
Bradley MerkelChair
Jane AllenVice Chair
Connie StefankiewiczBoard Member
David FeatherBoard Member
David HorwoodBoard Member
David HuctwithBoard Member
Emoke SzathmaryBoard Member
Fareen SamjiBoard Member
Jeff ColesBoard Member
Jennifer RoweBoard member
Joseph MancinelliBoard Member
Kevin NyeBoard Member
Lisa BrownBoard Member
Michael FerencichBoard Member
Neil SkeldingBoard Member
Paul DouglasBoard Member
Rebecca JamiesonBoard Member
Robert WalkerBoard Member
Ryan ClarkeBoard Member
Sandra CruickshanksBoard Member
Sean DonnellyBoard Member
Stephanie MclartyBoard Member
Zeina HassanBoard Member
Santee SmithChancellor

Highest Paid Contractors

ContractorServicesLocationCompensation
ToucheAdvertising ExpensePO BOX 466 STATION D, Ottawa, ONTARIO, Ca$2,330,181
Baker Mckenzie LLPLegal FeesPO BOX 33183, Newark, NJ 07188-0183, Ca$2,071,257
Kpmg LLPAudit/Consulting FeePO BOX 4348 STATION A, Toronto, ONTARIO, Ca$825,157
Gowling Wlg Canada LLPLegal Fees-$744,789
Morgan Stanley Investment MgmtInvestment ManagemenSTE 400 3575 BOUL ST LAURENT, Montreal, QUEBEC, Ca$606,479
Revenue and Support

Revenue Composition

Contributions and Grants
$438,764,920
Program Service Revenue
$324,610,870
Investment Income
$152,132,650
Other Revenue
$78,272,885
All Other Contributions
$108,548,629
Change in Net Assets
$177,268,491

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 Traded53$1,123,107Closing Price
Other Non Cash Contri Table1$295,095Indep. Appraisal
Books and Publications-$34,935Indep. Appraisal
Other Non Cash Contri Table8$9,044Annual Premium
Works of Art1$3,614Indep. Appraisal
Total Noncash Contributions63$1,465,795-

Audited Revenue Reconciliation

Revenue per Audited Statements
$993,781,326
Total Revenue per Audited Statements
$993,781,326
Total Revenue per Form 990
$993,781,326
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$530,156,632
Other Expenses$227,640,227
Grants and Similar Amounts Paid$58,715,975
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$418,112,011--$418,112,011
Depreciation Depletion$63,101,314--$63,101,314
Foreign Grants$58,373,499--$58,373,499
Pension Plan Contributions$51,542,942--$51,542,942
Office Expenses$43,885,972--$43,885,972
All Other Expenses$32,660,513--$32,660,513
Payroll Taxes$30,157,147--$30,157,147
Other Employee Benefits$27,414,367--$27,414,367
Occupancy$14,205,152--$14,205,152
Other Expenses$4,165,526$11,995,721-$11,995,721
Interest$10,093,979--$10,093,979
Information Technology$7,451,864--$7,451,864
Fees for Services Management$5,718,137--$5,718,137
Advertising$4,368,305--$4,368,305
Fees for Services Legal$4,235,474--$4,235,474
Current Officers, Directors, Trustees, and Key Employees$2,930,165--$2,930,165
Travel$2,744,015--$2,744,015
Fees for Service Investment Mgmnt Fees$2,341,015--$2,341,015
Insurance$2,177,264-$0$2,177,264
Royalties$1,445,863--$1,445,863
Grants to Domestic Orgs$342,476--$342,476
Fees for Services Accounting$306,347--$306,347
Total Functional Expenses$804,517,113$11,995,721$0$816,512,834

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$816,512,836
Total Expenses per Audited Statements$816,512,836
Total Expenses per Form 990$816,512,836
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
The RSRCH Inst at Nationwide Children's HospitalDetroit, MI501(c)(3)sub-grant$179,013
University of ColoradoDenver, CO501(c)(3)Sub-grant$115,097
Vanderbilt UniversityAshvile, TN501(c)(3)Sub-grant$14,899
University of BuffaloBuffalo, NY501(c)(3)Sub-grant$14,123
University of MemphisMemphis, TN501(c)(3)sub-grant$12,626
St Luke's University Health NetworkBethlehem, PA501(c)(3)Sub-grant$5,377

International Summary

Offices
1
Employees
12,993
Spending
$804,517,115

International Compliance

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

International Activities

RegionActivityServicesOfficesEmployeesSpending
North AmericaProgram ServicesOperating Research112,993$804,517,115
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
Deferred Capital Contributions$391,319,495
Deferred Contributions$356,524,217
Accrued Employee Future Benefi$138,321,530
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
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

Part VI Line 7(A)

The Nominating Committee of the Board shall consider and recommend to the Board persons to be elected under Section 8(1)(b) of the 1976 Act, the membership and Chairs of Board Committees (and Vice-Chair if appropriate), Board members to serve on University / Hospital Liaison Committees, Honorary Governors, and the Chair, Vice-Chair(s), and Secretary of the Board, and such other offices as may be referred to the Committee by the Board.

PART VI Line 11(B)

Form 990 is provided to the controller of financial affairs for review prior to filing. The controller of financial affairs will review the return for accuracy and completeness.

PART VI Line 15(A)&(B)

The university has a remuneration committee whose primary function is to recommend to the board policies regarding salaries, wages, benefits and other forms of remuneration and to provide advice, as necessary, to the university administration administering such policies.

PART VI Lines 18 & 19

The organization's governing documents, conflict of interest policies, and financial statements are made available via the university's website or upon request from public.

Part VII

No reportable compensation from related organizations. Certain officers are also officers/directors of related organizations by virtue of their respective positions at mcmaster university. The number of hours devoted to related organizations' affairs are undetermined as responsibilities are performed on a need basis.

Part VIII - Investment Income

Description Total Related Unrelated Excluded Revenue Exempt Rev Business Rev Revenue Investment Income $152,132,650 $152,132,650

Filing and Contact Details

Filer

Filer Name
McMaster University
EIN
23-7213309
In Care Of
% DEIDRE HENNE
Phone
9055259140
Address
CA

Signing Officer

Name
Saher Fazilat
Title
VP-operation-finance
Phone
9055259140
Signed
2022-03-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Saher Fazilat
Formed
1976
Legal Domicile
CA
Voting Board Members
37
Independent Board Members
24
Employees
0
Volunteers
300

Preparer

Firm
Kpmg Llp
Address
CA
Preparer
Kathleen Li
Phone
9055238200
Supplemental Narrative

Additional Explanations

PART III Line 4(D)

Other program services include: Internal endowments: unrestricted contributions including unspent investment income which have been restricted by action of the Board. External endowments: external contributions, the principal of which is non-expendable pursuant to the restrictions by the donor, and income retained under the endowment capital protection policy. Externally restricted investment income to the extent it is allocated is included with deferred contributions and recognized as revenue when the related expenses are incurred. Unrestricted investment income is recognized as revenue during the period in which it is earned. Investment income from internal endowments is recorded as unrestricted revenue and transferred to internal endowments.

PART XI Line 9

EXTERNAL ENDOWMENT CONTRIBUTIONS: CONTRIBUTIONS: $ 8,750,764 PROTECTIONS OF CAPITAL: $ 74,061,736 REMEASUREMENT & OTHER ITEMS: $213,077,628 Subtotal for Net Asset Changes due to External Endowment Contributions: $295,890,128 Total NET ASSET CHANGES: $295,890,128

Financial Statement Notes

Part III & V

PART III: Collections of all kinds (i.e., books, archives, art in the Museum) are used for education, research purposes and public enjoyment. PART V #4: The investment income earned from endowment funds provide sources of funding for scholarships and bursaries and endowed chair sponsorship of faculty positions.

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Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$3,062$1,192$1,870$1,115$999$116
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2,929$1,251$1,677$1,123$1,021$102
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2,833$1,421$1,412$1,057$945$113
2022Detailed filing. Detailed filing data is available for this year.$2,783$1,448$1,334$955$912$42.2
2021Detailed filing. Detailed filing data is available for this year.$2,733$1,264$1,469$994$817$177
2020Detailed filing. Detailed filing data is available for this year.$2,112$1,259$852$869$800$68.9
2019Detailed filing. Detailed filing data is available for this year.$2,158$1,248$910$906$787$119
2018Detailed filing. Detailed filing data is available for this year.$2,131$1,189$942$868$771$96.9
2017Detailed filing. Detailed filing data is available for this year.$1,893$1,079$814$829$731$98.1
2016Detailed filing. Detailed filing data is available for this year.$1,894$1,269$625$726$703$22.1
2015Detailed filing. Detailed filing data is available for this year.$1,850$1,113$737$862$793$68.3
2014Detailed filing. Detailed filing data is available for this year.$2,053$1,203$850$918$874$43.8
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$2,160$1,303$858$875
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,994$1,281$714$872
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,837$1,181$657$828
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,802$1,183$619$762