SALVE REGINA UNIVERSITY

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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

1934

Legal Domicile

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, SALVE REGINA UNIVERSITY, A CATHOLIC INSTITUTION FOUNDED BY THE SISTERS OF MERCY, SEEKS WISDOM AND PROMOTES UNIVERSAL JUSTICE. THE UNIVERSITY, THROUGH TEACHING AND RESEARCH, (SEE SCHEDULE O FOR CONTINUATION) PREPARES MEN AND WOMEN 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.

Program Service Accomplishments

Program 1

Expenses: $119,916,487 Revenue: $125,049,149

SALVE REGINA UNIVERSITY (THE "UNIVERSITY"), LOCATED IN NEWPORT, RHODE ISLAND, IS A CATHOLIC UNIVERSITY WHICH OPENED IN 1947 AND IS ACCREDITED BY THE NEW ENGLAND COMMISSION OF HIGHER EDUCATION, INC...

SALVE REGINA UNIVERSITY (THE "UNIVERSITY"), LOCATED IN NEWPORT, RHODE ISLAND, IS A CATHOLIC UNIVERSITY WHICH OPENED IN 1947 AND IS ACCREDITED BY THE NEW ENGLAND COMMISSION OF HIGHER EDUCATION, INC., FORMERLY KNOWN AS THE NEW ENGLAND ASSOCIATION OF SCHOOLS AND COLLEGES. THE UNIVERSITY WAS FOUNDED BY AND CONTINUES TO BE SPONSORED BY THE SISTERS OF MERCY. THE UNIVERSITY ENROLLS APPROXIMATELY 2,700 MEN AND WOMEN IN A VARIETY OF ACADEMIC PROGRAMS. THE UNIVERSITY'S STUDENT POPULATION IS PREDOMINATELY FROM THE NORTHEAST REGION OF THE UNITED STATES. THE UNDERGRADUATE PROGRAMS ARE BASED ON THE LIBERAL ARTS. THE UNIVERSITY OFFERS BACCALAUREATE AND MASTER DEGREES, A CERTIFICATE OF ADVANCED GRADUATE STUDY AND A PH.D. IN HUMANITIES AND INTERNATIONAL RELATIONS.

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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 $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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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

1549

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

$855,748

Total Directors

$467,382

Key Employees

$1,447,968

Highest Compensated

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