Who Profits From Springfield, MA's Western New England U.?-Part 1

According to the 2020 U.S. census data, at least 27 per cent of the 153,000 people who reside in Springfield, Massachusetts are currently considered to be economically impoverished. Yet, according to its Form 990 financial filing for 2019, between July 1, 2019 and June 30, 2020, the federal tax-exempted and "non-profit" Western New England University [WNE] paid out to individuals the following total annual compensations:

1. WNE President Anthony S. Caprio was paid a total annual compensation of $678,117 (which included a bonus of $41,300 under variable cash compensation plan for the president). In addition, according to WNE's Form 990 financial filing, WNE President Caprio also received "a housing allowance" and was "reimbursed for snow removal and lawn care.";

2. WNE College of Engineering Dean Hossein Cheraghi was paid a total annual compensation of $257,309;

3. WNE VP for Academic Affairs Linda E. Jones was paid a total annual compensation of $249,334;

4. WNE School of Law Dean Sudha Setty was paid a total annual compensation of $247,868;

5. WNE School of Law Associate Dean and Professor of Law Frederick D. Royal was paid a total annual compensation of $237,707;

6. WNE College of Business Dean Sharianne Walker was paid a total annual compensation of $233,696;

7. WNE Professor of Law Eric J. Gouvin was paid a total annual compensation of $227,278; and

8. WNE VP for Fiance and Administration Richard A. Wagner was paid a total annual compensation of $213,146.

In the section of its Form 990 financial filing for 2019 that lists "Business transactions involving interested persons," WNE also indicates that, between July 1, 2019 and June 30, 2020, a "Substantial Contributor" that is a "Food Service Vendor" was paid $5,737,045 by WNE; and in the section of its financil filing for 2019 that indicates some of the "independent contractors" who received more than $100,000 from WNE between July 1, 2019 and June 30, 2020, it notes that the Dallas-based food service vendor, Aramark Corporation, received $5,949,375 from federally-tax-exempted WNE during this same period.

In addition, in the "Business transaction involving interested persons" section of its Form 990 financial filing for 2019, WNE also indicates that Y. Bogle, a "spouse", apparently, of WNE Trustee Neville S. Bogle (a manager of Traveler's Insurance Companies) was also an employee of WNE who was paid $83,913 between July 1, 2019 and June 30, 2020 by WNE.

The MassMutual Financial Group's corporate headquarters at 1295 Street in Springfield, Massachusetts "is a hub for business strategy," according to MassMutual's website (although MassMutual also has corporate offices in Boston, NYC, Phoenix and in Enfield, CT). And, coincidentally, WNE's board of trustees chair in recent years, Kenneth M. Rickson, was a former VP for Sales Risk Management of MassMutual Financial Group. In addition, another member of WNE's board of trustees in recent years, Wendy A. Benson, has been MassMutual Financial Group's Head of Wealth Management in recent years.

While 27 per cent of the 153,000 people (25 per cent of whom are Black residents) living in Springfield, Massachusetts were still economically impoverished in 2020, the WNE-linked Springfield, Massachusetts-based MassMutual ranked 123 on the Forbes 500 list of corporations and managed $228 billion in invested assets in 2020.

On June 30, 2021 MassMutual owned over $22 billion common stocks, over $117 billion in bonds, and over $18 billion in derivatives. And during the first six months of 2021, the Springfield-based and WNE-linked insurance and investment company earned over $9.6 billion in insurance premium income and over $4.1 billion in net investment income, at the same time 27 per cent of Springfield residents remained economically impoverished. Yet during the first six months of 2021, only $131 million in federal income taxes were paid by MassMutual on the billions of dollars of income it earned from premiums and investments during this same period of time. (end of part 1. To be continued)