Independent University Alumni

Private foundation · Grantmaker Lowell, MA EIN: 04-2052723
AcademicsStudentsEducationStudent servicesAlumni relations

Independent University Alumni is a private foundation focused on Academics, based in Lowell, MA. IRS filing data is available from 2021 through 2025. As of 2025, the organization holds $6.7M in total assets. In 2025, it awarded 2 grants totaling $169K. Net investment income was $191K.

Key facts about Independent University Alumni

In short: Independent University Alumni gave $169K across 2 grants in 2025 (avg $85K), mostly in Massachusetts. Source: 2025 IRS Form 990-PF.

EIN
04-2052723
Latest 990 filing
Form 990-PF, 2025
Annual giving (2025)
$169,000
Grants made (2025)
2
Average grant
$84,500
Median grant
$84,500
Total assets
$6,701,385
Primary geography
Massachusetts (100% of itemized 2025 grant dollars)

Data from IRS Form 990-PF, 2025; updated September 2026.

Financial Overview

From 2025 IRS Form 990-PF · View filing

Total Assets

$6.7M

+5.2% YoY

Annual Giving

$169K

-94.9% YoY

Grant Count

2

-33.3% YoY

Avg Grant Size

$85K

-92.3% YoY

How Independent University Alumni gives

  • Giving fell 94% from 2022 to 2025. Method

From the foundation's IRS Form 990-PF filings. Methodology.

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Geographic Focus

Where this funder awards grants

Grant Distribution by State

1state

Share of 2025 grant dollars across all 2 itemized grants.

Cities

LowellNewtonNewtown

Giving Over Time

Total grant dollars and number of grants per year

$0$1M$2M$3M$4M1 grant2021 2 grants2022 3 grants2023 3 grants2024 2 grants2025

From 2021 to 2025, annual grant giving ranged from $160K (2021) to $3.3M (2024). In 2025 it made 2 grants totaling $169K.

Grant Insights

How this funder distributes its grants

Top Recipients

Top 2 recipients in 2025

University of Massachusetts: $150KUniversity of Massachusetts$150KUniversity of Massachusetts Lowell: $19KUniversity of MassachusettsLowell$19K

The largest 2025 recipient was University of Massachusetts ($150K). Together the top 2 received $169K.

Grant Size Distribution

11 grants across all recorded years

4<$50K$50–100K5$100–250K$250–500K$500K–1M2$1–5M$5M+

The most common grant size was in the $100–250K range: 5 grants of 11 (45%).

Giving History

Grant recipients and amounts by year

RecipientPurposeAmount
University of Massachusetts Newton, MAAnnual scholarships for students$150,000
University of Massachusetts Lowell Lowell, MAGrants for UMass Lowell programs$19,000

Financial History

Multi-year comparison from IRS filings

Revenue
Expenses
Qualifying Distributions
Net Investment Income
$0$2M$4M$6M$8M2021 2022 2023 2024 2025
Metric202520242023
Total Assets$6,701,385$6,372,817$9,120,997
Revenue$238,692$285,348$284,157
Expenses$297,560$3,391,474$328,589
Qualifying Distributions$255,358$3,389,928$641,512
Net Investment Income$190,820$263,233$239,847

Data update history

When this profile's IRS filing data changed on Grantable

  1. Updated Form 990-PF for fiscal year 2021 (received by the IRS October 19, 2021)
  2. Updated Form 990-PF for fiscal year 2022 (received by the IRS May 3, 2023)
  3. Updated Form 990-PF for fiscal year 2023 (received by the IRS March 4, 2024)
  4. Updated Form 990-PF for fiscal year 2024 (received by the IRS May 14, 2025)
  5. Added Form 990-PF for fiscal year 2025 (received by the IRS May 14, 2026)
  6. IRS filings on file for fiscal years 2021–2024

Leadership & Key People

Officers and directors from IRS filings

Independent University Alumni is led by Margaret Shanahan, Executive Director since 2025 (on filings since 2021); 1 of 14 officers listed in 2025 is compensated.

Officers on the 2025 filing

  • Margaret Shanahan

    Executive Director

    Executive Director → Executive Di, 2024

    Executive Di → Executive Director, 2025

    On filings since 2021

    40 hrs/week

    $45K (2021) → $54K (2025)

  • Kevin D. Shanahan

    President

    On filings since 2021

    1 hr/week

    No compensation reported

  • George L. Duggan

    Director

    On filings since 2021

    1 hr/week

    No compensation reported

  • Hae-Young Christina Joo

    Director

    On filings since 2021

    1 hr/week

    No compensation reported

  • Joseph Vecchione

    Director

    On filings since 2021

    1 hr/week

    No compensation reported

  • Mary Ann Kitrosser

    Director

    On filings since 2021

    1 hr/week

    No compensation reported

  • Richard Donaldson

    Director

    On filings since 2021

    1 hr/week

    No compensation reported

  • Richard Russell

    Director

    Past President → Director, 2022

    On filings since 2021

    1 hr/week

    No compensation reported

  • Thomas Vaughn

    Director

    On filings since 2021

    1 hr/week

    No compensation reported

  • Valerie King

    Director

    On filings since 2021

    1 hr/week

    No compensation reported

  • Walter F. Dawson

    Director

    On filings since 2021

    1 hr/week

    No compensation reported

  • Michael Alpert

    Vice President

    On filings since 2021

    1 hr/week

    No compensation reported

  • Davis Lee

    Secretary

    On filings since 2022

    1 hr/week

    No compensation reported

  • Patricia Rivard Gardner

    Treasurer

    On filings since 2022

    1 hr/week

    No compensation reported

Former officers (6)
  • Former: Davis Le (2021) — Secretary
  • Former: Drucilla Fitzgerald (2021) — Director
  • Former: James Swartz (2021) — Director
  • Former: Mary Gail Jaggers (2021) — Director
  • Former: Patricia Rivard-Gardner (2021) — Treasurer
  • Former: Thomas O'Donnell (2021) — Director

Data from IRS Form 990 filings, 2021–2025. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.

Compensation Overview

From 2025 IRS filing

Margaret Shanahan — Executive Director: $54KMargaret ShanahanExecutive Director$54K

The highest reported compensation on the 2025 filing was $54K, to Margaret Shanahan (Executive Director).

Frequently asked questions about Independent University Alumni

How much does Independent University Alumni give each year?

Independent University Alumni gave $169K across 2 grants in 2025, according to its 2025 IRS Form 990-PF. In 2024 it gave $3.3M across 3 grants.

How large is Independent University Alumni?

Independent University Alumni reported $6.7M in total assets on its 2025 IRS Form 990-PF. Its revenue that year was $239K.

What is Independent University Alumni?

Independent University Alumni is a private foundation focused on Academics, based in Lowell, MA. It holds $6.7M in total assets as of 2025.

Where does Independent University Alumni operate?

Independent University Alumni has awarded grants in Massachusetts.

What is Independent University Alumni's EIN?

Independent University Alumni's EIN (Employer Identification Number) is 04-2052723. IRS Form 990 filing data is available on this page for 2021–2025.

Data last updated September 2026. Sourced from IRS Form 990-PF filings.

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