Salem State University Alumni Association and Foundation Inc (EIN 042620632) - Form 990 Financial Analysis & Trantor Score

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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

1977

Legal Domicile

Principal Officer

MANDY RAY

Phone

9785427253

Tax Period

2024-07-01 to 2025-06-30

Salem State University Alumni Association and Foundation Inc, founded in 1977, is a mid-sized nonprofit in the Education sector that reported $11.8M in total revenue in fiscal year 2024. Revenue fell 31% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $6.0M, a strong 51% operating margin.

Mission

TO HELP SALEM STATE UNIVERSITY MEET ITS NEEDS AND GOALS BY RAISING AND MANAGING CONTRIBUTIONS.

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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 (2024)

Revenue Breakdown

Contributions & Grants $4,269,201

Program Service Revenue $0

Investment Income $7,534,364

Other Revenue $0

TOTAL REVENUE $11,803,565

Expense Breakdown

Grants Paid $4,733,170

Salaries & Benefits $0

Fundraising Expenses $220,894

Program Expenses $4,781,650

Other Expenses $1,089,120

TOTAL EXPENSES $5,822,290

Year-over-Year Comparison

	2024	2023	Change
Revenue	$11,803,565	$17,102,070	-0.3%
Expenses	$5,822,290	$5,660,442	+0.0%
Net Income	$5,981,275	$11,441,628	-0.5%

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

N/A

Volunteers

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

$542,892

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Cheryl Webster	Executive Director, Term.10/24	7.5	Officer	$0	$9,111	$204,841
Mandy Ray	Executive Director Eff. 10/24	7.5	Officer	$0	$30,262	$185,841
Nicole Bousquet	Senior Dir./Fdn Controller	33.5	Officer	$0	$12,229	$152,210
Jeffrey Cicolini	Treasurer	1.0	Officer Director	$0	$0	$0
Annalisa Di Palma	Chair	1.0	Officer Director	$0	$0	$0
Nancy A Dias	DireCTOR	1.0	Director	$0	$0	$0
Kim Gassett-Schiller	Director-at-Large	1.0	Director	$0	$0	$0
Louis J George	Vice Chair	1.0	Officer Director	$0	$0	$0
Richard J Gilmartin	Director	1.0	Director	$0	$0	$0
David C Gravel	Director, Term. 04/25	1.0	Director	$0	$0	$0
John D Keenan	Director	1.0	Director	$0	$0	$0
Andrea C Liftman	Director	1.0	Director	$0	$0	$0
Virginia C Lyons	Secretary	1.0	Officer Director	$0	$0	$0
Joanne Mendes	DireCTOR	1.0	Director	$0	$0	$0
Michael D Procopio	Director, Term. 09/24	1.0	Director	$0	$0	$0
Katherine E Reid	Director	1.0	Director	$0	$0	$0
Stephen A Rollins Jr	Director	1.0	Director	$0	$0	$0
C David Surface	Director, Term. 04/25	1.0	Director	$0	$0	$0
Elaine A Zetes	Director	1.0	Director	$0	$0	$0
Erik J Champy	Director	1.0	Director	$0	$0	$0
Jake J Cotter	Director	1.0	Director	$0	$0	$0
Alicia Y Depena	Director	1.0	Director	$0	$0	$0
Anthony DiVirgilio	Director	1.0	Director	$0	$0	$0
Julianna W Donovan	Director	1.0	Director	$0	$0	$0
Judith Josephs	Director	1.0	Director	$0	$0	$0
Josephine E Kennedy	Director	1.0	Director	$0	$0	$0
James J Lampassi Jr	Director	1.0	Director	$0	$0	$0
Patricia M Libby	Director	1.0	Director	$0	$0	$0
Robert H Millwee	Director	1.0	Director	$0	$0	$0
Lillian T Pinard	Director, Term. 04/25	1.0	Director	$0	$0	$0
Yaqin Zhu	Director	1.0	Director	$0	$0	$0
Craig E Goryl	Director - Eff. 07/24	1.0	Director	$0	$0	$0
Adam M Lord	Director - Eff. 07/24	1.0	Director	$0	$0	$0
Judith L Thomas	Director, Eff. 07/24	1.0	Director	$0	$0	$0

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	$11,803,565	$5,822,290	$87,033,273	$5,981,275
2024	$17,102,070	$5,660,442	$80,264,774	$11,441,628
2023	$16,047,693	$7,818,430	$62,590,246	$8,229,263
2022	$9,786,265	$5,834,074	$50,036,671	$3,952,191
2021	$13,334,644	$3,362,968	$56,116,935	$9,971,676
2020	$3,732,036	$3,019,972	$41,281,839	$712,064
2019	$3,836,657	$3,040,968	$39,307,160	$795,689
2018	$3,642,736	$2,810,319	$38,682,754	$832,417

Salem State University Alumni Association and Foundation Inc