MERRIMACK COLLEGE

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1947

Legal Domicile

Principal Officer

CHRISTOPHER E HOPEY

Phone

9788375000

Tax Period

2022-07-01 to 2023-06-30

MERRIMACK COLLEGE, founded in 1947, is a major nonprofit in the Education sector that reported $291.2M in total revenue in fiscal year 2022. Expenses of $278.5M left a modest 4% surplus.

Mission

MERRIMACK COLLEGE IS A COMPREHENSIVE, CATHOLIC AUGUSTINIAN INSTITUTION THAT PROVIDES RIGOROUS UNDERGRADUATE, PROFESSIONAL AND GRADUATE PROGRAMS FOR STUDENTS.

Program Service Accomplishments

Program 1

Expenses: $164,873,570 Revenue: $218,755,493

EDUCATIONAL INSTRUCTION: MERRIMACK COLLEGE OFFERS UNDERGRADUATE AND GRADUATE DEGREES IN THE LIBERAL ARTS, BUSINESS, SCIENCE AND ENGINEERING, NURSING AND HEALTH SCIENCES, AND EDUCATION PROGRAMS. THE COLLEGE COMMUNITY INCLUDES OVER 4,000 UNDERGRADUATE STUDENTS AND OVER 1,500 GRADUATE STUDENTS.

Program 2

Expenses: $33,001,856 Revenue: $55,877,850

AUXILIARY SERVICES: A PRIMARILY RESIDENTAL COLLEGE, MERRIMACK HOUSES STUDENTS IN A VARIETY OF LIVING ARRANGEMENTS, FROM RESIDENCE HALLS FOR FIRST-YEAR STUDENTS TO APARTMENTS FOR SENIORS. RESIDENTIAL LIFE PROVIDES A LIVING/LEARNING ENVIRONMENT, PROMOTING PERSONAL GROWTH AND ENCOURAGING STUDENTS TO DEVELOP THEIR WHOLE SELVES. MERRIMACK DINING SERVICE SEEKS TO PROVIDE THE FINEST QUALITY MEALS AND SERVICES TO THE ENTIRE MERRIMACK COMMUNITY: STUDENTS, FACULTY, STAFF AND GUESTS. THE COLLEGE ALSO HAS ATHLETIC FACILITIES, INCLUDING SOFTBALL, FOOTBALL, BASKETBALL, ICE RINKS, BOAT HOUSE, AND TRACK AND FIELD FACILITIES.

Program 3

Expenses: $38,833,392

STUDENT SERVICES: MERRIMACK COLLEGE PROVIDES VARIOUS SERVICES TO THE STUDENT BODY, INCLUDING COUNSELING, CAREER GUIDANCE, FINANCIAL AID, REGISTRAR, STUDENT ACTIVITIES, CAMPUS MINISTRY, HEALTH...

STUDENT SERVICES: MERRIMACK COLLEGE PROVIDES VARIOUS SERVICES TO THE STUDENT BODY, INCLUDING COUNSELING, CAREER GUIDANCE, FINANCIAL AID, REGISTRAR, STUDENT ACTIVITIES, CAMPUS MINISTRY, HEALTH SERVICES AND ATHLETIC PROGRAMS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2022)

Revenue Breakdown

Contributions & Grants $13,019,435

Program Service Revenue $270,164,815

Investment Income $2,909,235

Other Revenue $5,148,706

TOTAL REVENUE $291,242,191

Expense Breakdown

Grants Paid $111,425,791

Salaries & Benefits $82,939,823

Fundraising Expenses $3,011,615

Program Expenses $254,301,882

Other Expenses $84,148,624

TOTAL EXPENSES $278,514,238

Year-over-Year Comparison

	2022	2021	Change
Revenue	$291,242,191	$276,620,541	+0.1%
Expenses	$278,514,238	$262,422,038	+0.1%
Net Income	$12,727,953	$14,198,503	-0.1%

Key Indicators

✗ Grants to Organizations ✓ Grants to Individuals ✓ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

2173

Volunteers

100

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✓ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✓ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$2,516,315

Total Directors

$1,275,519

Key Employees

$376,020

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CHRISTOPHER E HOPEY PHD	PRESIDENT	40.00	Officer Director	$1,130,736	$144,783	$1,275,519
JOHN T BOYCE	CHAIR	1.00	Officer Director	$0	$0	$0
KEVIN LUCEY	VICE CHAIR	1.00	Officer Director	$0	$0	$0
REV DAVID A CREGAN OSA PHD	VICE CHAIR	1.00	Officer Director	$0	$0	$0
MARYBETH MCINNIS ESQ	VICE CHAIR	1.00	Officer Director	$0	$0	$0
KAREN J CAMBRAY	TREASURER	1.00	Officer Director	$0	$0	$0
JOANNE BENTLEY	TRUSTEE	1.00	Director	$0	$0	$0
BRUCE BOUCHARD	TRUSTEE	1.00	Director	$0	$0	$0
PETER CAULO	TRUSTEE	1.00	Director	$0	$0	$0
ALVIN M CHAPITAL III	TRUSTEE	1.00	Director	$0	$0	$0
REV FRANCIS J HORN OSA JCD	TRUSTEE	1.00	Director	$0	$0	$0
DENNIS LEONARD	TRUSTEE	1.00	Director	$0	$0	$0
PAUL MUCCI	TRUSTEE	1.00	Director	$0	$0	$0
REV ARTHUR PURCARO OSA	TRUSTEE	1.00	Director	$0	$0	$0
KEVIN RHODES	TRUSTEE	1.00	Director	$0	$0	$0
KEVIN ROUTHIER	TRUSTEE	1.00	Director	$0	$0	$0
PATRICK J SULLIVAN	TRUSTEE	1.00	Director	$0	$0	$0
JAMES E SCAMMON	TRUSTEE	1.00	Director	$0	$0	$0
MARQUES TORBERT	TRUSTEE	1.00	Director	$0	$0	$0
VERY REV ROBERT HAGAN OSA	TRUSTEE	1.00	Director	$0	$0	$0
MICHAEL P ARCIDI	TRUSTEE	1.00	Director	$0	$0	$0
MATTHEW CARPENTER-DENNIS ESQ	TRUSTEE	1.00	Director	$0	$0	$0
LYNNE CHASE	TRUSTEE	1.00	Director	$0	$0	$0
FRANCIS DUANE	TRUSTEE	1.00	Director	$0	$0	$0
REV KEVIN DEPRINZIO OSA PHD	TRUSTEE	1.00	Director	$0	$0	$0
MICHAEL J FRANCO ESQ	TRUSTEE	1.00	Director	$0	$0	$0
JEFFREY DOGGETT EDD	EVP/CFO & COO	40.00	Officer	$633,550	$82,102	$715,652
NICHOLAS MCDONALD ESQ	SECRETARY/VP/GENERAL COUNSEL	40.00	Officer	$312,550	$23,163	$335,713
CAITLYN BOSWORTH	ACTING/ASST SECRETARY (EFF JUNE 23)	40.00	Officer	$146,913	$42,518	$189,431
JOHN CONDON PHD	VP, ACADEMIC AFFAIRS & PROVOST	40.00	Key Emp	$320,516	$55,504	$376,020
LEILA C RICE	VP, DEVELOPMENT & ALUMNI RELATIONS	40.00	Highest	$335,013	$56,258	$391,271
ANDREW MAYLOR	VP & CHIEF BUSINESS OFFICER	40.00	Highest	$293,064	$50,347	$343,411
JEREMY GIBSON	DIRECTOR OF ATHLETICS	40.00	Highest	$300,833	$55,280	$356,113
PATRICIA A SENDALL	PROFESSOR EMERITA	40.00	Highest	$309,510	$37,212	$346,722
NAIRA CAMPBELL-KYUREGHYAN	PROFESSOR	40.00	Highest	$298,510	$33,154	$331,664

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$291,242,191	$278,514,238	$380,055,246	$12,727,953
2022	$276,620,541	$262,422,038	$336,077,023	$14,198,503
2021	$259,690,431	$240,536,507	$325,006,014	$19,153,924
2020	$233,932,785	$222,531,333	$276,990,380	$11,401,452
2019	$216,093,052	$206,334,218	$267,280,022	$9,758,834
2018	$193,635,633	$184,520,061	$261,030,125	$9,115,572