2024-10-15T14:38:53-05:00 2024-06-30 760754060 MURPHY EDWARDS GONCALVES & FERRERA PC 144 TURNPIKE ROAD SUITE 200 SOUTHBOROUGH MA 01772 990 2023-07-01 042742666 FRAMINGHAM STATE UNIVERSITY FOUNDATION INC FRAM 5086264668 100 STATE STREET FRAMINGHAM MA 01701 JAMES HASTINGS TREASURER 5086264012 2024-10-14 1 0 JENNIFER FERRERA P00714924 5082297900 2023 2024-10-15 13:58:12Z ERIC GUSTAFSON 100 STATE STREET FRAMINGHAM MA 01701 6350339 0 X N/A X 1983 MA SEE PART III, LINE 1. 22 22 0 0 0 0 1649703 1637486 0 0 407438 462756 36444 0 2093585 2100242 1489597 1465445 0 0 0 0 0 0 150981 343955 371242 1833552 1836687 260033 263555 15376898 16801842 -13244 10933 15390142 16790909 TO RECEIVE AND MAINTAIN FUNDS TO BE USED IN THE BEST INTEREST OF FRAMINGHAM STATE UNIVERSITY FOR THE DEVELOPMENT, PROMOTION AND BENEFIT OF THE UNIVERSITY AND ITS STUDENTS. 0 0 1495266 1465445 PROVIDE SCHOLARSHIPS AND AWARDS TO BENEFIT FRAMINGHAM STATE UNIVERSITY AND ITS STUDENTS. 1495266 1 1 0 0 0 0 0 1 0 1 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 1 0 1 4 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 22 22 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 0 0 0 MA X ERIC GUSTAFSON 5086264668 100 STATE STREET FRAMINGHAM MA 01701 DR ROBERT BONNEVIE DIRECTOR 1.00 X 0 0 0 ELAINE MARTIN DIRECTOR 1.00 X 0 0 0 CLAIRE ESTEN DIRECTOR 1.00 X 0 0 0 KEVIN FOLEY DIRECTOR 1.00 X 0 0 0 ROBERT FIELDS DIRECTOR 1.00 X 0 0 0 KATHLEEN FREEMAN VICE PRESIDENT 1.00 X X 0 0 0 MICHAEL GATLIN PRESIDENT 1.00 X X 0 0 0 HON BARBARA GARDNER DIRECTOR 1.00 X 0 0 0 MARGARET GUARDIANI CLERK 1.00 X X 0 0 0 JAMES HASTINGS TREASURER 1.00 X X 0 0 0 DR HELEN HEINEMAN DIRECTOR 1.00 X 0 0 0 PERVEZ MAZEED DIRECTOR 1.00 X 0 0 0 JOSEPH PALOWICH JR DIRECTOR 1.00 X 0 0 0 ROBERT POWER DIRECTOR 1.00 X 0 0 0 DR DANIEL REMILLARD DIRECTOR 1.00 X 0 0 0 JOAN MURTAUGH DIRECTOR 1.00 X 0 0 0 MICHELLE MURPHY DIRECTOR 1.00 X 0 0 0 DAVID WEINBERG DIRECTOR 1.00 X 0 0 0 DENNIS ALVES DIRECTOR 1.00 X 0 0 0 STEVE DEVINE DIRECTOR 1.00 X 0 0 0 DR DUC LE DIRECTOR 1.00 X 0 0 0 JUAN RODRIGUEZ DIRECTOR 1.00 X 0 0 0 ERIC GUSTAFSON EXECUTIVE DIRECTOR 40.00 X 0 160998 69551 0 160998 69551 0 0 1 0 0 1637486 22857 1637486 313467 313467 4396898 2488 4250097 0 146801 2488 149289 2488 146801 2100242 2488 0 460268 393955 393955 1071490 1071490 1250 1250 57262 57262 67373 67373 20200 20200 34054 34054 2126 2126 COMPREHENSIVE CAMPAIGN 150981 150981 DANFORTH MUSEUM EXPENSE 29821 29821 MISCELLANEOUS 8175 8175 1836687 1495266 190440 150981 148499 82092 38221 52863 804211 743843 4170 2768 14365875 15892905 15922 27371 15376898 16801842 15015 10933 -28259 0 -13244 10933 X 7386223 8165459 8003919 8625450 15390142 16790909 15376898 16801842 X 263555 1137211 1 X 0 1 X 1 0 X 601214 1276722 1620031 1649703 1637486 6785156 601214 1276722 1620031 1649703 1637486 6785156 2391953 4393203 256521 254302 270284 291663 313467 1386237 8171393 0.53760 0.70400 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X 0 15390142 1639974 1530107 1178842 316424 274048 16790909 14131122 1692028 1340534 1071125 454184 248233 15390142 15363937 1679373 -1410914 941022 315933 244319 14131122 12054776 1368415 3096480 765701 166794 223239 15363937 11938563 649629 518056 726818 101453 223201 12054776 0.48000 0.27000 0.25000 0 0 0 3207104 1137211 37024 1174235 2032869 67373 67373 2100242 1806338 37024 37024 1769314 67373 67373 1836687 PART III, LINE 1A: THE FOUNDATION ENTERED INTO AN AGREEMENT DURING OCTOBER OF 2017 WITH THE DANFORTH MUSEUM TO CREATE THE "DANFORTH ART CENTER AT FRAMINGHAM STATE UNIVERSITY". UNDER THE TERMS OF THE AGREEMENT, THE FOUNDATION ACQUIRED THE ART COLLECTION IN THE FORM OF A CONTRIBUTION. IN RETURN, THE FOUNDATION, TOGETHER WITH THE UNIVERSITY, HAVE ASSUMED RESPONSIBILITY FOR THE COLLECTION, INCLUDING BUT NOT LIMITED TO ITS CARE, MAINTENANCE, STORAGE, PROTECTION, PRESERVATION, DISPLAY, MANAGEMENT, CATALOGING, AND INSURANCE. IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, THE FOUNDATION HAS NOT ELECTED TO RECORD THE ART COLLECTION AS AN ASSET ON THE BALANCE SHEET. PURCHASES OF COLLECTION ITEMS ARE RECORDED AS DECREASES IN UNRESTRICTED NET ASSETS IN THE YEAR IN WHICH THE ITEMS ARE ACQUIRED, OR AS TEMPORARILY OR PERMANENTLY RESTRICTED NET ASSETS IF THE ASSETS USED TO PURCHASE THE ITEMS ARE RESTRICTED BY DONORS. CONTRIBUTED COLLECTION ITEMS ARE NOT REFLECTED ON THE FINANCIAL STATEMENTS. PROCEEDS FROM DEACCESSIONS OR INSURANCE RECOVERIES ARE REFLECTED AS INCREASES IN THE APPROPRIATE NET ASSET CLASSES. PART III, LINE 4: THE COLLECTION INCLUDES APPROXIMATELY 3,000 PAINTINGS, SCULPTURES, PRINTS, MULTIMEDIA, AND OTHER WORKS OF ART. DONATIONS AND ACQUISITIONS OF COLLECTIONS ARE NOT REQUIRED TO BE RECOGNIZED SINCE THEY ARE ADDED TO THE COLLECTIONS THAT ARE HELD FOR PUBLIC EXHIBITION AND EDUCATION IN FURTHERANCE OF PUBLIC SERVICE RATHER THAN FINANCIAL GAIN; ARE PROTECTED, KEPT, ENCUMBERED, CARED FOR AND PRESERVED; AND ARE SUBJECT TO A POLICY THAT REQUIRES THE PROCEEDS FROM SALES OF COLLECTION ITEMS TO BE USED TO ACQUIRE OTHER ITEMS FOR COLLECTION. PART V, LINE 4: THE INTENDED PURPOSE OF THE ENDOWMENT FUND IS TO SUPPORT SCHOLARSHIPS AND AWARDS TO STUDENTS OF FRAMINGHAM STATE UNIVERSITY. 1 FRAMINGHAM STATE UNIVERSITY 100 STATE STREET FRAMINGHAM MA 01701 043154529 393955 0 VARIOUS PROGRAMS SCHOLARSHIPS AND WORK STUDIES FOR STUDENTS ATTENDING FRAMINGHAM STATE UNIVERSITY. 315 1071490 PART I, LINE 2: THE BOARD OF DIRECTORS AUTHORIZES SCHOLARSHIP FUND APPROPRIATIONS. THE EXECUTIVE DIRECTOR OVERSEES THE FINANCIAL AID OFFICE IN THE PROCESS OF APPROVING APPLICATIONS FOR SPECIFIC ASSISTANCE TO INDIVIDUALS WHO ARE ELIGIBLE BASED ON SPECIFIC CRITERIA. 0 0 0 0 0 0 0 0 0 ERIC GUSTAFSON EXECUTIVE DIRECTOR 0 160998 0 0 0 0 0 0 0 69551 0 230549 0 0 X 32 0 GAAP - NO VALUE 0 1 0 PART I, LINE 33: IN ACCORDANCE WITH GAAP, THE FOUNDATION DOES NOT RECOGNIZE THE CONTRIBUTIONS OF ART WORK. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE FORM 990 IS PROVIDED TO THE FINANCE COMMITTEE OF THE BOARD OF DIRECTORS. IT IS REVIEWED AND APPROVED PRIOR TO FILING OF THE RETURN. FORM 990, PART VI, SECTION B, LINE 12C THE FOUNDATION HAS A WRITTEN CONFLICT OF INTEREST POLICY THAT HAS BEEN REVIEWED AND ADOPTED BY THE BOARD OF DIRECTORS. NEW BOARD MEMBERS ARE PROVIDED A COPY OF THE POLICY. FORM 990, PART VI, SECTION C, LINE 18 ALL REQUIRED DOCUMENTS THAT ARE TO BE MADE AVAILABLE TO THE GENERAL PUBLIC ARE AVAILABLE UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 ALL REQUIRED DOCUMENTS THAT ARE TO BE MADE AVAILABLE TO THE GENERAL PUBLIC ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: ROUNDING ADJUSTMENT 1. FRAMINGHAM STATE UNIVERSITY 100 STATE STREET FRAMINGHAM MA 01701 046002284 UNIVERSITY MA 501(C)(3) 170(B)(1)(A)(V) N/A 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 FRAMINGHAM STATE UNIVERSITY FOR THE BENEFIT OF SCHOLARSHIP RECIPIENTS B 1071490 EXPENSES PAID FRAMINGHAM STATE UNIVERSITY FOUNDATION O NO PYMT FOR SHARED EMPLOYEES FRAMINGHAM STATE UNIVERSITY P 150981 EXPENSES PAID FRAMINGHAM STATE UNIVERSITY GRANT AWARDS B 393955 EXPENSES PAID