Civic Intelligence

Mcmaster University Ontario

990 • Fiscal year 2024 • EIN 23-7213309

May 01, 2023 to Apr 30, 2024 • Filed on Jan 14, 2025

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

64th percentile

0.43x

Higher debt load relative to assets than 64% of similar nonprofits.

2024 filings • 501(c)3 • $1B+ nonprofits • Source year 2024

Liabilities / Revenue

76th percentile

1.11x

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

2024 filings • 501(c)3 • $1B+ nonprofits • Source year 2024

Net Margin

59th percentile

9.1%

Higher net margin than 59% of similar nonprofits.

2024 filings • 501(c)3 • $1B+ nonprofits • Source year 2024

Top Officer Pay

9th percentile

$482,011

Higher top officer pay than 9% of similar nonprofits.

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

2024 filings • 501(c)3 • $1B+ nonprofits • Source year 2024

Asset Growth

23rd percentile

3.4%

Faster asset growth than 23% of similar nonprofits.

2024 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2023 to 2024

Revenue Growth

30th percentile

6.2%

Faster revenue growth than 30% of similar nonprofits.

2024 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2023 to 2024

Assets

Up

$2,928,683,253

Up $95,967,095 (+3.4%) from 2023

Net Assets

Up

$1,677,352,685

Up $265,522,519 (+19%) from 2023

Liabilities

Down

$1,251,330,568

Down $169,555,424 (-12%) from 2023

Revenue

Up

$1,123,040,065

Up $65,942,005 (+6.2%) from 2023

Expenses

Up

$1,021,245,651

Up $76,667,518 (+8.1%) from 2023

Net Income

Down

$101,794,414

Down $10,725,513 (-9.5%) from 2023

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

2024

Assets$2,928,683,253
Liabilities$1,251,330,568
Net Assets$1,677,352,685

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

2024

Revenue$1,123,040,065
Expenses$1,021,245,651
Net Income$101,794,414
Jump To
Filing Snapshot
Filing Period
May 1, 2023 to Apr 30, 2024
Signed
Jan 14, 2025
Return Version
2023v6.0
Gross Receipts
$1,134,875,683
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$1,292,954,780$1,391,839,808▲ $98,885,028
Land, Buildings, and Equipment, Net$1,006,202,681$1,017,033,318▲ $10,830,637
Savings and Temporary Cash Investments$306,380,910$253,075,076▼ $53,305,834
Accounts Receivable$66,755,781$97,124,982▲ $30,369,201
Pledges and Grants Receivable$90,766,681$84,515,495▼ $6,251,186
Investments Program Related$34,312,123$49,263,058▲ $14,950,935
Cash and Non-Interest-Bearing Accounts$17,062,896$18,148,554▲ $1,085,658
Prepaid Expenses and Deferred Charges$12,132,125$12,147,534▲ $15,409
Inventories for Sale or Use$5,794,668$5,186,236▼ $608,432
Receivables From Officers Etc$353,513$349,192▼ $4,321
Other Notes and Loans Receivable, Net$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Investments Other Securities$0$0→ $0
Intangible Assets$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$2,832,716,158$2,928,683,253▲ $95,967,095
Other Assets Total$0$0→ $0
Liabilities
Other Liabilities$934,197,967$766,158,882▼ $168,039,085
Unsecured Notes Loans Payable$310,231,993$306,541,539▼ $3,690,454
Accounts Payable and Accrued Expenses$158,699,367$161,016,296▲ $2,316,929
Deferred Revenue$17,756,665$17,613,851▼ $142,814
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$1,420,885,992$1,251,330,568▼ $169,555,424
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$859,091,913$1,084,402,008▲ $225,310,095
Net Assets With Donor Restrictions$552,738,253$592,950,677▲ $40,212,424
Total Net Assets Fund Balance$1,411,830,166$1,677,352,685▲ $265,522,519
Total Liabilities and Net Assets / Fund Balance$2,832,716,158$2,928,683,253▲ $95,967,095

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$816,820,891$466,921,288$1,283,742,179
Equipment$67,248,654$270,267,714$337,516,368
Other Land Buildings$55,224,066$235,375,381$290,599,447
Land$65,295,359-$65,295,359
Leasehold Improvements$12,444,348$25,150,589$37,594,937

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$555,808,355$24,141,302▲ $44,371,068$3,474,432$603,621,748
2022$530,150,624$24,658,249▲ $31,558,969$4,549,556$564,376,615
2021$602,754,690$16,466,615▼ $36,617,710$4,565,599$561,927,148
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
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Mohit BhandariChair, Department of SurgeryFT$468,210$52,234$482,011
Salim YusufProfessorFT$354,269$95,923$394,030
Claudia EmersonProfessorFT$347,428$35,350$383,861
PAUL O'BYRNEVP Faculty of Health SciencesFT$301,721$75,249$366,154
David FarrarPresident/Vice-ChancellorFT$294,496$64,154$363,885
Susan TigheProvost/VP Academic/boardFT$260,264$30,421$326,739
Saher FazilatVP - Operations and FinanceFT$254,634$35,407$324,744
Leonard WavermanProfessorFT$303,019$65,142$320,310
Karen MossmanVP ResearchFT$240,261$60,308$320,027
John KeltonProfessorFT$284,147$58,488$316,865
Deborah MartinActing VP Univ. AdvancementFT$191,565$34,815$273,262
Roger CouldreyFormer VP-AdminsitrationFT$221,413$67,038$249,671
Andy KnightsActing VP ResearchFT$211,735$12,224$244,599
Dina BrooksBoard MemberFT$200,302$29,157$229,989
Saara GreeneBoard MemberFT$143,066$10,883$169,490
Brenda VrkljanBoard MemberFT$142,833$8,878$167,805
Catherine AndersonBoard MemberFT$137,822$10,816$163,984
Susan GallowayBoard MemberFT$140,187$28,881$162,109
Andrea Beth Thyret-kiddSecretary of the BoardFT$129,135$11,027$153,367
Mehdi NarimaniBoard MemberFT$118,251$22,735$140,986
Lili LitwinVP University AdvancementFT$118,809$17,499$136,308
Sarrah LalBoard MemberFT$55,763$1,145$56,908
Lisa Christine BrownBoard MemberFT$14,761$37$14,798
Mamdouh ShoukriBoard Member--$3,343$3,343

Board Members and Trustees

NameTitle
Jane AllenChair of Board
Jennifer RoweVice-Chair of the Board
Barry HillBoard Member
Bradley MerkelBoard Member
Cierra PittariBoard Member
David FeatherBoard Member
David HuctwithBoard Member
Emma ApatuBoard Member
Fareen SamjiBoard Member
Joseph MancinelliBoard Member
Justin BoyeBoard Member
Kevin NyeBoard Member
Mary Lou MaherBoard Member
Michael FerencichBoard Member
Natalia LishchynaBoard Member
Nicole Agyei-OdameBoard Member
Robert WalkerBoard Member
Ryan ClarkeBoard Member
Sandra CruickshanksBoard Member
Skylar WangBoard Member
Stephen ElopBoard Member
Sylvia StankovicBoard Member
Wayne PurbooBoard Member
Santee SmithChancellor

Highest Paid Contractors

ContractorServicesLocationCompensation
Baker Mckenzie LLPLegal Fees181 BAY STREET SUITE 2100 PO BOX, Toronto, ONTARIO, Ca$3,276,161
ToucheAdvertising ExpenseSTE 400 3575 BOUL ST LAURENT, Montreal, QUEBEC, Ca$1,521,963
Blackrock Asset Managment CdaManagement Fees161 BAY STREET SUITE 2500, Toronto, ONTARIO, Ca$693,954
Cubane Consulting Canada Pty LtdConsulting130 ADELAIDE ST W STE 1920, Toronto, ON, Ca$602,533
Aljanex Medical Consultants LimitedRoyalty Expense1 BALMORAL AVE UNIT 906, Toronto, ON, Ca$529,560
Revenue and Support

Revenue Composition

Contributions and Grants
$525,106,967
Program Service Revenue
$332,947,356
Investment Income
$99,001,094
Other Revenue
$165,984,648
All Other Contributions
$164,876,702
Change in Net Assets
$101,794,414

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 Traded49$4,246,709Closing Price
Books and Publications-$380,049Indep. Appraisal
Works of Art5$99,234Indep. Appraisal
Other Non Cash Contri Table3$28,480Indep. Appraisal
Other Non Cash Contri Table6$3,515Annual Premium
Total Noncash Contributions63$4,757,987-

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,123,040,065
Total Revenue per Audited Statements
$1,123,040,065
Total Revenue per Form 990
$1,123,040,065
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$636,581,501
Other Expenses$312,561,672
Grants and Similar Amounts Paid$72,102,478
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$509,672,435--$509,672,435
Foreign Grants$71,639,563--$71,639,563
Office Expenses$71,155,869--$71,155,869
Depreciation Depletion$69,995,557--$69,995,557
Payroll Taxes$44,665,947--$44,665,947
All Other Expenses$40,849,826--$40,849,826
Pension Plan Contributions$38,955,197--$38,955,197
Other Employee Benefits$38,123,654--$38,123,654
Occupancy$22,418,364--$22,418,364
Travel$16,454,372--$16,454,372
Interest$13,426,646--$13,426,646
Other Expenses$5,846,507$13,271,866-$13,271,866
Information Technology$9,279,419--$9,279,419
Fees for Services Management$7,417,802--$7,417,802
Advertising$5,175,656--$5,175,656
Current Officers, Directors, Trustees, and Key Employees$5,164,268--$5,164,268
Fees for Services Legal$5,123,634--$5,123,634
Royalties$3,271,806--$3,271,806
Fees for Service Investment Mgmnt Fees$3,256,208--$3,256,208
Insurance$2,933,902--$2,933,902
Grants to Domestic Orgs$462,915--$462,915
Fees for Services Accounting$386,476--$386,476
Total Functional Expenses$1,007,973,785$13,271,866$0$1,021,245,651

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,021,245,649
Total Expenses per Audited Statements$1,021,245,649
Total Expenses per Form 990$1,021,245,649
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Duke University-501(c)(3)Sub-grant$72,433
University of Maryland - College ParkCollege Park, MD501(c)(3)Sub-grant$71,540
University of ColoradoDenver, CO, CA501(c)(3)Sub-grant$61,383
Walter Reed Army Institute of ResearchDenver, CO501(c)(3)Sub-grant$61,296
University of New YorkBuffaloAlbany, NY501(c)(3)Sub-grant$46,286
NewYorkInstitute of TechnologySilver Spring, MD501(c)(3)Sub-grant$32,666
Emory UniversityAtlanta, GA501(c)(3)Sub-grant$31,690
University of IllinoisChicago, IL501(c)(3)sub-grant$24,306
Utah State UniversitySeattle, WA501(c)(3)Sub-grant$20,398
University of WisconsinMilwaukee, WI501(c)(3)Sub-grant$19,329
Texas A&M Engineering Experiment StationTexas, TX501(c)(3)Sub-Grant$11,220
Syracuse UniversitySyracuse, NY501(c)(3)Sub-grant$5,184
University of ArkansasLittle Rock, AR501(c)(3)Sub-grant$5,184

International Summary

Offices
1
Employees
16,213
Spending
$1,007,973,785

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 Research116,213$1,007,973,785
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
Receivables from Officers, Directors, Trustees, and Key Employees$353,513$349,192▼ $4,321
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Deferred Contributions$398,350,065
Deferred Capital Contributions$312,189,728
Accrued Employee Future Benefit$55,619,089
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), honorary governors, and the chair, vice-chair(s), and university secretary 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 in implementing and 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/(loss)

Description Total Related Unrelated Excluded Revenue/(Loss) Exempt Rev Business Rev Revenue/(Loss) Investment Income/(Loss) $99,001,094 $99,001,094

Filing and Contact Details

Filer

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

Signing Officer

Name
Saher Fazilat
Title
VP-operation-finance
Phone
9055259140
Signed
2025-01-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Saher Fazilat
Formed
1976
Legal Domicile
CA
Voting Board Members
36
Independent Board Members
20
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 END 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 Supplemental Information to Form 990 or 990-EZ OMB No. 1545-0047 SCHEDULE IS RECORDED AS UNRESTRICTED REVENUE AND TRANSFERRED TO INTERNAL ENDOWMENTS

Part XI - Line 9 - Other Changes in Net Assets

EXTERNAL ENDOWMENT CONTRIBUTIONS: CONTRIBUTIONS $ 24,032,437 PROTECTION OF CAPITAL $ 17,042,879 REMEASUREMENTS & OTHER ITEMS $ 144,996,667 Total NET ASSETS CHANGES $ 186,071,984 In addition fx adjustment resulting from conversion of CAD amounts to USD amounts for 990 reporting is included here.

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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Filings

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
2024Detailed filing. Detailed filing data is available for this year.$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
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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