2024-05-15T11:55:06-05:00 2023-06-30 043037870 BOLLUS LYNCH LLP 89 SHREWSBURY STREET WORCESTER MA 01604 990 2022-07-01 223248067 WORCESTER STATE FOUNDATION INC WORC 5087938033 486 CHANDLER STREET WORCESTER MA 01602 EDWARD L SHERR TREASURER 5087938033 2024-05-15 1 EDWARD SHERR 999009999 0 BARBARA E KING P00005629 5087557107 2024-05-15 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z EDWARD L SHERR 486 CHANDLER STREET WORCESTER MA 01602 12177973 0 X N/A X 1994 MA THE CORPORATION IS OPERATED FOR THE PURPOSE OF RENDERING FINANCIAL AID TO PROSPECTIVE AND CURRENT STUDENTS OF WORCESTER STATE UNIVERSITY; TO PROMOTE AND SUPPORT THE EDUCATIONAL AND OTHER LEGAL ACTIVITIES FOR THE BENEFIT OF WORCESTER STATE UNIVERSITY AND ITS CONSTITUENCY. 46 46 0 376 -8045 0 2489396 7686429 0 0 1403642 545428 -14007 19717 3879031 8251574 2009923 1828229 0 0 0 0 0 0 0 278720 148386 2288643 1976615 1590388 6274959 39235883 48675342 1349329 1550006 37886554 47125336 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. 0 0 1086677 1004837 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. 823392 823392 SCHOLARSHIPS: TRANSFER OF FUNDS TO WORCESTER STATE UNIVERSITY FOR SCHOLARSHIPS AND AWARDS AWARDED TO STUDENTS. 1910069 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 X 46 46 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 0 0 0 MA X ASHLEY COURTOIS 5089298939 486 CHANDLER STREET WORCESTER MA 01602 CRAIG A BOVAIRD IMMEDIATE PAST CHAIR 2.00 X X 0 0 0 ANN L DEBAISIO CHAIR 2.00 X X 0 0 0 KEVIN T CAMPBELL VIE CHAIR 2.00 X X 0 0 0 MARYBETH CAMPBELL DIRECTOR 2.00 X 0 0 0 EDWARD L SHERR TREASURER 2.00 X X 0 0 0 THOMAS M MCNAMARA PRESIDENT/CLERK 2.00 40.00 X X 0 222838 0 JOHN R BUCKLEY III DIRECTOR 2.00 X 0 0 0 GRETA BAJRAMI CAMPOVERDE DIRECTOR 2.00 X 0 0 0 DAVID E BEDARD DIRECTOR 2.00 X 0 0 0 JOHN P BRISSETTE DIRECTOR 2.00 X 0 0 0 MARY BURKE FALLON DIRECTOR 2.00 X 0 0 0 DANIEL F FIGUEIREDO DIRECTOR 2.00 X 0 0 0 GEOVANNA I DIAZ DIRECTOR 2.00 X 0 0 0 ALLEN J FALKE DIRECTOR 2.00 X 0 0 0 CHRISTOPHER J GRONDIN DIRECTOR 2.00 X 0 0 0 JENNIFER BEATON DIRECTOR 2.00 X 0 0 0 MARYANNE M HAMMOND DIRECTOR 2.00 X 0 0 0 WARREN D HAYDEN DIRECTOR 2.00 X 0 0 0 ALAN I GORDON DIRECTOR 2.00 X 0 0 0 DEREK CANTON DIRECTOR 2.00 X 0 0 0 SANDRA HUBBARD DIRECTOR 2.00 X 0 0 0 HELDER MACHADO DIRECTOR 2.00 X 0 0 0 DOROTHY J MANNING DIRECTOR 2.00 X 0 0 0 ROSANNE MATULAITIS DIRECTOR 2.00 X 0 0 0 MICHAEL J MILLS DIRECTOR 2.00 X 0 0 0 SATYA MITRA DIRECTOR 2.00 X 0 0 0 ROBERT MORTON DIRECTOR 2.00 X 0 0 0 SUZANNE NEBELUNG DIRECTOR 2.00 X 0 0 0 BARBARA MAHONEY DIRECTOR 2.00 X 0 0 0 ALAN O OSMOWLOWSKI DIRECTOR 2.00 X 0 0 0 SAMANTHA SANTIAGO DIRECTOR 2.00 X 0 0 0 ROBIN J QUILL ASSISTANT TREASURER 2.00 X X 0 0 0 GREGG H ROSEN DIRECTOR 2.00 X 0 0 0 SHAREN C SHIPLEY DIRECTOR 2.00 X 0 0 0 ROBERT J SPAIN DIRECTOR 2.00 X 0 0 0 PETER J STAITI DIRECTOR 2.00 X 0 0 0 GEORGE W TETLER III DIRECTOR 2.00 X 0 0 0 ROBERT C MAILLOUX DIRECTOR 2.00 X 0 0 0 RANDAL D WEBBER DIRECTOR 2.00 X 0 0 0 CATHERYN M MCEVOY DIRECTOR 2.00 X 0 0 0 JAMES GLICKMAN VICE-CHAIR 2.00 X X 0 0 0 ANDREW NGO EX OFFICIO 2.00 X 0 0 0 SETH PITTS DIRECTOR 2.00 X 0 0 0 DINA NICHOLS DIRECTOR 2.00 X 0 0 0 BARRY MALONEY EX OFFICIO 2.00 X 0 0 0 OMOZUANVBO AISIKU DIRECTOR 2.00 X 0 0 0 KIMBERLY SALMON DIRECTOR 2.00 X 0 0 0 0 222838 0 0 0 1 0 0 135337 7551092 17082 7686429 974963 974963 3479782 3909317 -429535 -429535 -429535 3755 135337 17082 -13327 -13327 OTHER REVENUE 41089 41089 CUTLER INVESTMENT FUND 900001 2506 2506 HARBOURVEST 2022 GLOBAL FUN 900001 -10551 -10551 33044 8251574 -388446 -8045 961636 1004837 1004837 823392 823392 48046 48046 18500 18500 34785 34785 11396 11396 OTHER EXPENSES 35659 35659 1976615 1910069 66546 0 7912 43932 1911193 3480116 952527 4462846 25731 4362 1087419 405474 716730 681945 34453846 37894070 499574 697141 668370 1410930 39235883 48675342 96508 146374 450668 429771 802153 973861 1349329 1550006 X 3979975 4250178 33906579 42875158 37886554 47125336 39235883 48675342 X 6274959 2987823 -24000 X 0 1 X 1 0 X 2088137 3605136 2413831 3833583 7686429 19627116 2088137 3605136 2413831 3833583 7686429 19627116 3884829 15742287 1513187 -73511 4773185 1403642 545428 8161931 41089 41089 27830136 0.56570 0.52400 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 28260022 2818884 2882464 769175 33192195 33432895 934728 -5331999 775602 28260022 24774970 1054893 8271385 668353 33432895 23958549 869573 450586 503738 24774970 23102524 472835 841311 458121 23958549 0.00000 0.71890 0.28110 0 0 252800 252800 834619 405474 429145 681945 CHARITABLE GIFT ANNUITY 72061 AGENCY FUNDS HELD 5509 FUNDS HELD FOR THE CRAFT CENTER 896291 973861 11403798 2987823 236447 -24000 3200270 8203528 48046 48046 8251574 2165016 236447 236447 1928569 48046 48046 1976615 PART V, LINE 4: THE FOUNDATION'S ENDOWMENT CONSISTS OF INDIVIDUAL DONOR RESTRICTED FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. ITS ENDOWMENT INCLUDES BOTH DONOR RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE FOUNDATION TO FUNCTION AS ENDOWMENTS. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED OR LEGAL RESTRICTIONS. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, THE FOUNDATION CLASSIFIES AS DONOR RESTRICTED NET ASSETS (A) THE ORIGINAL VALUE OF GIFTS DONATED TO THE PERMANENT ENDOWMENT, (B) THE ORIGINAL VALUE OF SUBSEQUENT GIFTS TO THE PERMANENT ENDOWMENT, AND (C) ACCUMULATIONS TO THE PERMANENT ENDOWMENT MADE IN ACCORDANCE WITH THE DIRECTION OF THE APPLICABLE DONOR GIFT INSTRUMENT AT THE TIME THE ACCUMULATION IS ADDED TO THE FUND. THE REMAINING PORTION OF THE DONOR-RESTRICTED ENDOWMENT FUND THAT IS NOT CLASSIFIED AS NON-EXPENDABLE NET ASSETS IS CLASSIFIED AS EXPENDABLE NET ASSETS UNTIL THOSE AMOUNTS ARE APPROPRIATED FOR EXPENDITURE BY THE FOUNDATION IN A MANNER CONSISTENT WITH THE STANDARD OF PRUDENCE PRESCRIBED BY STATE LAW. IN ACCORDANCE WITH THE UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT, THE FOUNDATION MAY CONSIDER THE FOLLOWING FACTORS IN MAKING A DETERMINATION TO APPROPRIATE OR ACCUMULATE DONOR-RESTRICTED ENDOWMENT FUNDS: THE DURATION AND PRESERVATION OF THE FUND; THE PURPOSES OF THE FOUNDATION AND THE DONOR-RESTRICTED ENDOWMENT FUND; GENERAL ECONOMIC CONDITIONS; THE POSSIBLE EFFECT OF INFLATION AND DEFLATION; THE EXPECTED TOTAL RETURN FROM INCOME AND THE APPRECIATION OF INVESTMENTS; OTHER RESOURCES OF THE FOUNDATION; AND THE INVESTMENT POLICIES OF THE FOUNDATION. THE FOUNDATION HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ITS BOARD-DESIGNATED AND OTHER ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING FOR ITS PROGRAMS WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. UNDER THIS POLICY, AS APPROVED BY THE BOARD, THE ENDOWMENT ASSETS ARE INVESTED IN A PORTFOLIO OF DEBT AND EQUITY SECURITIES WITH THE OBJECTIVE OF ACHIEVING LONG-TERM CAPITAL APPRECIATION WHILE MODERATING THE LEVEL OF INVESTMENT RISK. ACTUAL RETURNS IN ANY GIVEN YEAR MAY VARY FROM THIS AMOUNT. TO SATISFY ITS LONG-TERM RATE-OF-RETURN OBJECTIVES, THE FOUNDATION RELIES ON A TOTAL RETURN STRATEGY IN WHICH INVESTMENT RETURNS ARE ACHIEVED THROUGH BOTH CAPITAL APPRECIATION (REALIZED AND UNREALIZED) AND CURRENT YIELD (INTEREST, DIVIDENDS AND NET RENTAL INCOME). THE FOUNDATION HAS INVESTED PRIMARILY IN DEBT AND EQUITY SECURITIES THAT TARGET A DIVERSIFIED ASSET ALLOCATION THAT PLACES A GREATER EMPHASIS ON EQUITY-BASED INVESTMENTS TO ACHIEVE ITS LONG-TERM RETURN OBJECTIVES WITHIN PRUDENT RISK CONSTRAINTS. THE FOUNDATION HAS A POLICY OF APPROPRIATING FOR DISTRIBUTION QUARTERLY, AS NEEDED, AMOUNTS TO WORCESTER STATE UNIVERSITY FOR THE PURPOSE OF SCHOLARSHIPS, AWARDS, AND OTHER GENERAL EXPENSES. IN ESTABLISHING THIS POLICY, THE FOUNDATION CONSIDERED THE LONG-TERM EXPECTED RETURN ON ITS ENDOWMENT. THIS IS CONSISTENT WITH THE FOUNDATION'S OBJECTIVE TO MAINTAIN THE PURCHASING POWER OF ITS ENDOWMENT. FROM TIME TO TIME, THE FAIR VALUE OF ASSETS ASSOCIATED WITH INDIVIDUAL DONOR-RESTRICTED ENDOWMENT FUNDS MAY FALL BELOW THE LEVEL THAT THE DONOR IMPOSED RESTRICTIONS REQUIRE THE FOUNDATION TO RETAIN AS A FUND OF PERPETUAL DURATION. THERE WERE NO SUCH DEFICIENCIES AT JUNE 30, 2021. PART XI, LINE 2D - OTHER ADJUSTMENTS: LOSS ON UNCOLLECTIBLE CONTRIBUTIONS RECEIVABLE -24,000. X X X X X X AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY GOLF TOURNMENT 139092 135337 3755 13365 3717 139092 135337 3755 13365 3717 17082 -13327 1 WORCESTER STATE UNIVERSITY 486 CHANDLER STREET WORCESTER MA 01602 042760551 SECTION 501(C)(3) 1004837 0 GAAP FINANCIAL ASSISTANCE IN OPERATION OF HIGHER LEVEL PUBLIC EDUCATION SCHOLARSHIPS & AWARDS 419 823392 0 PART I, LINE 2: SCHOLARSHIPS ARE AWARDED THROUGH THE SCHOLARSHIP COMMITTEE. 0 0 0 0 0 0 0 0 0 THOMAS M MCNAMARA PRESIDENT/CLERK 0 222838 0 0 0 0 0 0 0 0 0 222838 0 0 SCHEDULE J, PART II THE WAGES REFLECTED AS COMPENSATION TO BOARD PRESIDENT ARE PAID BY WORCESTER STATE UNIVERSITY FOR SERVICES PROVIDED TO THE UNIVERSITY AND NOT FOR SERVICES PERFORMED FOR THE FOUNDATION. X 4 226005 FAIR MARKET VALUE X AUCTION ITEMS 6 0 FMV 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B THE FOUNDATION WILL HAVE THE AUDIT COMMITTEE CHAIR REVIEW THE DRAFT OF FORM 990 BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS REVIEWS THE ORGANIZATION'S CONFLICT OF INTEREST POLICY ANNUALLY IN ORDER TO ENSURE THAT THE ORGANIZATION'S BOARD OF DIRECTORS, OFFICERS, AND EMPLOYEES ARE REGULARLY AND CONSISTENTLY MONITORING AND ENFORCING IT. FORM 990, PART VI, SECTION B, LINE 15 THE FOUNDATION DOES NOT HAVE EMPLOYEES ONLY VOLUNTEERS WHO ARE NOT COMPENSATED. AS A RESULT, THE FOUNDATION DOES NOT HAVE A PROCESS FOR DETERMINING COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 THESE DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: LOSS ON UNCOLLECTIBLE CONTRIBUTIONS RECEIVABLE -24,000. WORCESTER STATE FOUNDATION REAL ESTATE LLC 486 CHANDLER STREET WORCESTER MA 01602 262781572 REAL ESTATE HOLDING ENTITY MA 41103 730239 WORCESTER STATE FOUNDATION INC WORCESTER STATE UNIVERSITY 486 CHANDLER STREET WORCESTER MA 01602 042760551 PUBLIC INSTITUTION OF HIGHER LEARNING MA SECTION 115 LINE 2 0 THE WORCESTER CENTER FOR CRAFTS 25 SAGAMORE ROAD WORCESTER MA 01605 042105859 INSTRUCTIONAL FOR EDUCATION WITH CRAFTS MA 501(C)(3) 509(A)(2) WORCESTER STATE FOUNDATION 1 WSF REAL ESTATE INC 486 CHANDLER STREET WORCESTER MA 01602 473110682 OWNS REAL ESTATE RENTED TO WORCESTER STATE UNIVERSITY MA 501(C)(3) 509(A)(3) WORCESTER STATE FOUNDATION 1 0 0 0 1 1 0 0 0 0 0 0 0 0 1 1 0 0 0 1 WORCESTER CENTER FOR CRAFTS E 896291 WSF REAL ESTATE INC D 1338414 WORCESTER CENTER FOR CRAFTS S 178899 ENDOWMENT FUND WORCESTER STATE UNIVERSITY O 236447