Fairfield University

Overview

Mission

To establish, organize, maintain and conduct an institution for secondary, undergraduate and graduate education in the state of Connecticut, and to perform such other works of education, charity and religion. See schedule o.

What it reported doing in 2024

Auxiliary services: auxiliary services include the costs of room and board for approximately 3,925 full-time undergraduate students living on campus in residence halls, townhouses, and apartment complexes residing on a 200-acre campus. Graduate student housing is also offered in independent off-campus houses, and in apartment style residence halls.

Operating model

Revenue model
Other-operating. 84% of the money available for current operations came from other operating revenue.
Distribution model
Hybrid. The nonprofit split its reported program spending across 65% for direct work, and 35% for grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

Nonprofit profile at a glance

EIN
060646623
IRS 990 coverage
2009–2024
Forms available
Form 990 2024, Form 990-T 2024
Headquarters
Fairfield, CT, USA
Phone
2032544000
Rating
80
Verdict
STRONG
Rating confidence
Standard
Sector
University or Technological Institute

Official website

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. The filing reports few safeguards for money sent abroad and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 72
  • Transparency & Controls: 78
  • Accountability: 94
  • Sustainability: 75
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 74.7%; rating input score 75
  • Program expense ratio: 83.5%; rating input score 83
  • Fundraising efficiency: $6.22 raised per $1 spent on fundraising; rating input score 28; 28th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: 1 of 8 controls in place; rating input score 12
    • Claims monitoring procedures: Pass
    • Requires narrative reports: Fail
    • Conducts field audits: Fail
    • May suspend future funding: Fail
    • Requires financial reports: Fail
    • Conducts site visits: Fail
    • Requires grant agreements: Fail
    • May require repayment: Fail
  • Grant itemization coverage: 100%; rating input score 100; 77th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 90.3%; rating input score 90; 36th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 15.2%; rating input score 82; 82nd percentile among comparable filings
  • Total-asset coverage ratio: 2.75; rating input score 72; 72nd percentile among comparable filings
  • Liabilities to assets ratio: 0.27; rating input score 59; 59th percentile among comparable filings
  • Officer compensation ratio: 1.3%; rating input score 68; 68th percentile among comparable filings

Growth

  • Program expense growth: 5.2% per year; rating input score 100; 43rd percentile among comparable filings
  • Revenue growth: 5.6% per year; rating input score 100; 48th percentile among comparable filings
  • Asset growth: 5.4% per year; rating input score 100; 40th percentile among comparable filings

Details

  • Where the money goes: 74.7% of revenue deployed · 83.5% of spending went to programs
  • Governance: 28 of 31 board members independent · 9 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $395.6M in reported program spending
  • Leadership: top reported pay $1.1M · 42 people listed · 4 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $43.8M reported
  • Consistency: 53 of 53 current checks pass
  • Schedules: 13 filed schedules · includes major donors, foreign activity, grants, and executive pay
  • Filing history: 16 annual filings from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 12 filed money-flow records
  • Related organizations: Filed and resolved organization relationships.
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Leadership & pay

42 people listed

Highest reported compensation

  • MARK R NEMEC PHD (PRESIDENT): $1,095,361 total reported compensation
  • CHRISTINE SIEGEL (PROVOST & SR VP ACADEMICS): $611,114 total reported compensation
  • PAUL SCHLICKMANN (VP OF ATHLETICS): $583,996 total reported compensation

Source: IRS Form 990. Selected filing: FY2024.