SALVE REGINA UNIVERSITY

EIN: 050259080 501(c)(3) Education

NEWPORT, RI

Total Revenue
$136,593,065
Total Expenses
$135,367,026
Total Assets
$221,864,570
Net Assets
$172,800,942
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1934
Legal Domicile
RI
Principal Officer
DR KELLI J ARMSTRONG
Phone
4013412142
Tax Period
2022-07-01 to 2023-06-30

SALVE REGINA UNIVERSITY, founded in 1934, is a major nonprofit in the Education sector that reported $136.6M in total revenue in fiscal year 2022.

Mission

AS AN ACADEMIC COMMUNITY THAT WELCOMES PEOPLE OF ALL BELIEFS, (SEE SCHEDULE O FOR CONTINUATION) SALVE REGINA UNIVERSITY, A CATHOLIC INSTITUTION FOUNDED BY THE SISTERS OF MERCY, SEEKS WISDOM AND PROMOTES UNIVERSAL JUSTICE. THE UNIVERSITY, THROUGH TEACHING AND RESEARCH, PREPARES STUDENTS FOR RESPONSIBLE LIVES BY IMPARTING AND EXPANDING KNOWLEDGE, DEVELOPING SKILLS AND CULTIVATING ENDURING VALUES. THROUGH LIBERAL ARTS AND PROFESSIONAL PROGRAMS, STUDENTS DEVELOP THEIR ABILITIES FOR THINKING CLEARLY AND CREATIVELY, ENHANCE THEIR CAPACITY FOR SOUND JUDGMENT, AND PREPARE FOR THE CHALLENGE OF LEARNING THROUGHOUT THEIR LIVES. IN KEEPING WITH THE TRADITIONS OF THE SISTERS OF MERCY, AND RECOGNIZING THAT ALL PEOPLE ARE STEWARDS OF GOD'S CREATION, THE UNIVERSITY ENCOURAGES STUDENTS TO WORK FOR A WORLD THAT IS HARMONIOUS, JUST AND MERCIFUL.

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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%)

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Financial Overview (2022)

Revenue Breakdown

Contributions & Grants $8,254,316
Program Service Revenue $125,049,149
Investment Income $2,739,646
Other Revenue $549,954
TOTAL REVENUE $136,593,065

Expense Breakdown

Grants Paid $52,639,849
Salaries & Benefits $47,550,313
Fundraising Expenses $2,205,833
Program Expenses $119,916,487
Other Expenses $35,176,864
TOTAL EXPENSES $135,367,026

Year-over-Year Comparison

2022 2021 Change
Revenue $136,593,065 $142,488,013 0.0%
Expenses $135,367,026 $128,010,860 +0.1%
Net Income $1,226,039 $14,477,153 -0.9%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
31
Independent Members
30
Employees
1549
Volunteers
50

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
6
$855,748
Total Directors
30
$467,382
Key Employees
6
$1,447,968
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
DAVID BAZARSKY TRUSTEE 1.00
Director
$0 $0 $0
LILY BENTAS TRUSTEE 1.00
Director
$0 $0 $0
DENNIS ALGERE TRUSTEE 1.00
Director
$0 $0 $0
MARY ANN DILLON RSM TRUSTEE 1.00
Director
$0 $0 $0
TIMOTHY BURNS TRUSTEE 1.00
Director
$0 $0 $0
CHRISTINE KAVANAGH RSM TRUSTEE 1.00
Director
$0 $0 $0
BERNARD MCKAY TRUSTEE 1.00
Director
$0 $0 $0
CHERYL MROZOWSKI TRUSTEE, CHAIR 1.00
Officer Director
$0 $0 $0
MARYPATRICIA MURPHY RSM TRUSTEE, SECRETARY/TREASURER 1.00
Officer Director
$0 $0 $0
DAVID NELSON TRUSTEE 1.00
Director
$0 $0 $0
PAUL PERRAULT TRUSTEE 1.00
Director
$0 $0 $0
KATHLEEN WALGREEN TRUSTEE 1.00
Director
$0 $0 $0
NANCY CARDOZA TRUSTEE 1.00
Director
$0 $0 $0
DAVID LOCKE TRUSTEE 1.00
Director
$0 $0 $0
ROBERT MORAN JR TRUSTEE, VICE CHAIR 1.00
Officer Director
$0 $0 $0
MICHAEL STAFF TRUSTEE 1.00
Director
$0 $0 $0
JULIA UPTON RSM TRUSTEE 1.00
Director
$0 $0 $0
DENICE SPERO TRUSTEE 1.00
Director
$0 $0 $0
WILLIAM LUCEY TRUSTEE 1.00
Director
$0 $0 $0
JOHN SULLIVAN TRUSTEE 1.00
Director
$0 $0 $0
SUSAN MOORADIAN TRUSTEE 1.00
Director
$0 $0 $0
GERALD LAVALLEE TRUSTEE 1.00
Director
$0 $0 $0
JACQUELINE MARIE KIESLICH RSM TRUSTEE 1.00
Director
$0 $0 $0
KELLI J ARMSTRONG PRESIDENT 35.00
Officer Director
$376,503 $90,879 $467,382
HELEN DORFLINGER RYAN TRUSTEE 1.00
Director
$0 $0 $0
WANDA BLAKE TRUSTEE 1.00
Director
$0 $0 $0
ANNE WALLACE JUGE TRUSTEE 1.00
Director
$0 $0 $0
SARAH RODGERS MCNEILL TRUSTEE 1.00
Director
$0 $0 $0
MADHERE-WEIL SHIRLEY TRUSTEE 1.00
Director
$0 $0 $0
ALDRICH KATHERINE TRUSTEE 1.00
Director
$0 $0 $0
N/A TRUSTEE 1.00
$0 $0 $0
M THERESE ANTONE RSM CHANCELLOR 35.00
Officer
$0 $147,181 $147,181
MICHAEL GRANDCHAMP VP FOR OPERATIONS/CFO 35.00
Officer
$200,812 $40,373 $241,185
MICHAEL SEMENZA VP UNIVERSITY RELATIONS 35.00
Key Emp
$159,474 $23,890 $183,364
JAMES LUDES EXECUTIVE DIRECTOR PELL CENTER 35.00
Key Emp
$173,026 $82,583 $255,609
JAMES FOWLER VP FOR STUDENT ENROLLMENT 35.00
Key Emp
$171,015 $43,558 $214,573
NANCY SCHREIBER PROVOST 35.00
Key Emp
$234,208 $37,991 $272,199
MAELYNN PATTEN CHIEF ADVANCEMENT OFFICER 35.00
Key Emp
$251,243 $50,206 $301,449
LETIZIA GAMBRELLE BOONE VP FOR STUDENT DEVELOPMENT 35.00
Key Emp
$168,903 $51,871 $220,774
ERIC MILNER DIRECTOR OF FACILITY/GROUNDS 35.00
Highest
$153,475 $13,658 $167,133
STEVEN RODENBORN DEAN OF UNDERGRADUATE STUDIES 35.00
Highest
$149,929 $41,429 $191,358
IRVING BRUCKSTEIN CHIEF INFORMATION OFFICER 35.00
Highest
$160,703 $42,197 $202,900
DAVID ALTOUNIAN VICE PROVOST GRAD.PROF PGM 35.00
Highest
$154,330 $34,650 $188,980
SANDRA ANTHOINE ASST VP FOR DEVELOPMENT 35.00
Highest
$155,474 $23,113 $178,587
WILLIAM HALL FORMER VP ADMINISTRATION/CFO 35.00
$262,037 $47,485 $309,522
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 $136,593,065 $135,367,026 $221,864,570 $1,226,039
2022 $142,488,013 $128,010,860 $217,395,157 $14,477,153
2021 $125,875,129 $119,623,702 $216,016,613 $6,251,427
2020 $118,742,613 $114,589,956 $192,416,863 $4,152,657
2019 $107,645,941 $108,248,213 $189,378,218 $-602,272
2018 $113,144,336 $110,784,686 $189,737,653 $2,359,650
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