WORCESTER STATE FOUNDATION INC

EIN: 223248067 501(c)(3) Education

WORCESTER, MA

Total Revenue
$8,251,574
Total Expenses
$1,976,615
Total Assets
$48,675,342
Net Assets
$47,125,336
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1994
Legal Domicile
MA
Principal Officer
EDWARD L SHERR
Phone
5087938033
Tax Period
2022-07-01 to 2023-06-30

WORCESTER STATE FOUNDATION INC, founded in 1994, is a community nonprofit in the Education sector that reported $8.3M in total revenue in fiscal year 2022. Revenue surged 113% from the prior year, signaling strong growth momentum. The organization ran a surplus of $6.3M, a strong 76% operating margin.

Mission

THE MISSION OF THE WORCESTER STATE FOUNDATION IS TO PROMOTE THE GROWTH AND PROGRESS OF WORCESTER STATE UNIVERSITY BEYOND WHAT IS POSSIBLE WITH STATE FUNDING.

Program Service Accomplishments

Program 1
Expenses: $1,086,677

PROVIDES FUNDS TO WORCESTER STATE UNIVERSITY FOR EXPENSES RELATED TO VARIOUS CAPITAL PROJECTS AND FUNDING OF VARIOUS EDUCATIONAL PROGRAMS AND INSTITUTES. INCLUDING LATINO EDUCATON INSTITUTE AND AN...

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PROVIDES FUNDS TO WORCESTER STATE UNIVERSITY FOR EXPENSES RELATED TO VARIOUS CAPITAL PROJECTS AND FUNDING OF VARIOUS EDUCATIONAL PROGRAMS AND INSTITUTES. INCLUDING LATINO EDUCATON INSTITUTE AND AN INTERNSHIP PROGRAM AS WELL AS VARIOUS OTHER PROGRAMS.

Program 2
Expenses: $823,392

SCHOLARSHIPS: TRANSFER OF FUNDS TO WORCESTER STATE UNIVERSITY FOR SCHOLARSHIPS AND AWARDS AWARDED TO STUDENTS.

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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 $7,686,429
Program Service Revenue $0
Investment Income $545,428
Other Revenue $19,717
TOTAL REVENUE $8,251,574

Expense Breakdown

Grants Paid $1,828,229
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $1,910,069
Other Expenses $148,386
TOTAL EXPENSES $1,976,615

Year-over-Year Comparison

2022 2021 Change
Revenue $8,251,574 $3,879,031 +1.1%
Expenses $1,976,615 $2,288,643 -0.1%
Net Income $6,274,959 $1,590,388 +2.9%
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

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Liquidity & Cash Position

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Governance

Voting Members
46
Independent Members
46
Employees
N/A
Volunteers
376

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
7
$222,838
Total Directors
47
$222,838
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
CRAIG A BOVAIRD IMMEDIATE PAST CHAIR 2.00
Officer Director
$0 $0 $0
ANN L DEBAISIO CHAIR 2.00
Officer Director
$0 $0 $0
KEVIN T CAMPBELL VIE CHAIR 2.00
Officer Director
$0 $0 $0
MARYBETH CAMPBELL DIRECTOR 2.00
Director
$0 $0 $0
EDWARD L SHERR TREASURER 2.00
Officer Director
$0 $0 $0
THOMAS M MCNAMARA PRESIDENT/CLERK 2.00
Officer Director
$0 $0 $222,838
JOHN R BUCKLEY III DIRECTOR 2.00
Director
$0 $0 $0
GRETA BAJRAMI CAMPOVERDE DIRECTOR 2.00
Director
$0 $0 $0
DAVID E BEDARD DIRECTOR 2.00
Director
$0 $0 $0
JOHN P BRISSETTE DIRECTOR 2.00
Director
$0 $0 $0
MARY BURKE FALLON DIRECTOR 2.00
Director
$0 $0 $0
DANIEL F FIGUEIREDO DIRECTOR 2.00
Director
$0 $0 $0
GEOVANNA I DIAZ DIRECTOR 2.00
Director
$0 $0 $0
ALLEN J FALKE DIRECTOR 2.00
Director
$0 $0 $0
CHRISTOPHER J GRONDIN DIRECTOR 2.00
Director
$0 $0 $0
JENNIFER BEATON DIRECTOR 2.00
Director
$0 $0 $0
MARYANNE M HAMMOND DIRECTOR 2.00
Director
$0 $0 $0
WARREN D HAYDEN DIRECTOR 2.00
Director
$0 $0 $0
ALAN I GORDON DIRECTOR 2.00
Director
$0 $0 $0
DEREK CANTON DIRECTOR 2.00
Director
$0 $0 $0
SANDRA HUBBARD DIRECTOR 2.00
Director
$0 $0 $0
HELDER MACHADO DIRECTOR 2.00
Director
$0 $0 $0
DOROTHY J MANNING DIRECTOR 2.00
Director
$0 $0 $0
ROSANNE MATULAITIS DIRECTOR 2.00
Director
$0 $0 $0
MICHAEL J MILLS DIRECTOR 2.00
Director
$0 $0 $0
SATYA MITRA DIRECTOR 2.00
Director
$0 $0 $0
ROBERT MORTON DIRECTOR 2.00
Director
$0 $0 $0
SUZANNE NEBELUNG DIRECTOR 2.00
Director
$0 $0 $0
BARBARA MAHONEY DIRECTOR 2.00
Director
$0 $0 $0
ALAN O OSMOWLOWSKI DIRECTOR 2.00
Director
$0 $0 $0
SAMANTHA SANTIAGO DIRECTOR 2.00
Director
$0 $0 $0
ROBIN J QUILL ASSISTANT TREASURER 2.00
Officer Director
$0 $0 $0
GREGG H ROSEN DIRECTOR 2.00
Director
$0 $0 $0
SHAREN C SHIPLEY DIRECTOR 2.00
Director
$0 $0 $0
ROBERT J SPAIN DIRECTOR 2.00
Director
$0 $0 $0
PETER J STAITI DIRECTOR 2.00
Director
$0 $0 $0
GEORGE W TETLER III DIRECTOR 2.00
Director
$0 $0 $0
ROBERT C MAILLOUX DIRECTOR 2.00
Director
$0 $0 $0
RANDAL D WEBBER DIRECTOR 2.00
Director
$0 $0 $0
CATHERYN M MCEVOY DIRECTOR 2.00
Director
$0 $0 $0
JAMES GLICKMAN VICE-CHAIR 2.00
Officer Director
$0 $0 $0
ANDREW NGO EX OFFICIO 2.00
Director
$0 $0 $0
SETH PITTS DIRECTOR 2.00
Director
$0 $0 $0
DINA NICHOLS DIRECTOR 2.00
Director
$0 $0 $0
BARRY MALONEY EX OFFICIO 2.00
Director
$0 $0 $0
OMOZUANVBO AISIKU DIRECTOR 2.00
Director
$0 $0 $0
KIMBERLY SALMON DIRECTOR 2.00
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 No data No data No data No data
2024 No data No data No data No data
2023 $8,251,574 $1,976,615 $48,675,342 $6,274,959
2022 $3,879,031 $2,288,643 $39,235,883 $1,590,388
2021 $7,166,785 $2,032,248 $45,638,804 $5,134,537
2020 $3,015,775 $2,041,610 $34,572,154 $974,165
2019 $3,604,598 $1,613,843 $32,840,849 $1,990,755
2018 $6,201,798 $1,569,324 $31,419,242 $4,632,474
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