Independent University Alumni
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.
Independent University Alumni at a glance
In short: Independent University Alumni gave $169K across 2 grants in 2025 (avg $85K), mostly in Massachusetts. Source: 2025 IRS Form 990-PF.
- Annual giving (2025)
- $169,000
- -94.9% vs 2024
- Grants made (2025)
- 2
- -33.3% vs 2024
- Average grant
- $84,500
- -92.3% vs 2024
- Median grant
- $84,500
- Total assets
- $6,701,385
- +5.2% vs 2024
- Primary geography
- Massachusetts (100% of itemized 2025 grant dollars)
- Latest 990 filing
- Form 990-PF, 2025 View filing
Data from IRS Form 990-PF, 2025; updated September 2026.
Who Independent University Alumni funds
How this funder distributes its grants
Top Recipients
Top 2 recipients in 2025
The largest 2025 recipient was University of Massachusetts ($150K). Together the top 2 received $169K.
Grant Size Distribution
11 grants across all recorded years
The most common grant size was in the $100–250K range: 5 grants of 11 (45%).
Geographic Focus
Where this funder awards grants
Grant Distribution by State
Share of 2025 grant dollars across all 2 itemized grants.
States
Cities
How Independent University Alumni gives
- Giving fell 94% from 2022 to 2025. Method
From the foundation's IRS Form 990-PF filings. Methodology.
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2021 to 2025, annual grant giving ranged from $160K (2021) to $3.3M (2024). In 2025 it made 2 grants totaling $169K.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| University of Massachusetts Newton, MA | Annual scholarships for students | $150,000 |
| University of Massachusetts Lowell Lowell, MA | Grants for UMass Lowell programs | $19,000 |
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Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Qualifying Distributions | Net Investment Income |
|---|---|---|---|---|---|---|---|
| 2025 | $6,701,385 | $238,692 | $297,560 | $169,000 | 2 | $255,358 | $190,820 |
| 2024 | $6,372,817 | $285,348 | $3,391,474 | $3,286,443 | 3 | $3,389,928 | $263,233 |
| 2023 | $9,120,997 | $284,157 | $328,589 | $196,000 | 3 | $641,512 | $239,847 |
| 2022 | $8,771,831 | $2,511,963 | $3,185,863 | $3,051,865 | 2 | $6,228,564 | $2,488,804 |
| 2021 | $11,591,378 | $452,021 | $319,294 | $160,000 | 1 | — | $289,863 |
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
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.
Data update history
(6)
When this profile's IRS filing data changed on Grantable
- Updated Form 990-PF for fiscal year 2021 (received by the IRS October 19, 2021)
- Updated Form 990-PF for fiscal year 2022 (received by the IRS May 3, 2023)
- Updated Form 990-PF for fiscal year 2023 (received by the IRS March 4, 2024)
- Updated Form 990-PF for fiscal year 2024 (received by the IRS May 14, 2025)
- Added Form 990-PF for fiscal year 2025 (received by the IRS May 14, 2026)
- IRS filings on file for fiscal years 2021–2024
Live grants for the work Independent University Alumni funds
Education Open opportunities, soonest deadline first.
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