Babson makes a significant financial impact on local communities, and is committed to partnering with community members and organizations throughout the year to create sustainable economic and social value.
Babson and our affiliated programs contributed nearly $23 million to the economies of Wellesley and Needham during the 2013–2014 fiscal year, including direct and indirect contributions.
Direct Financial Contributions
Babson purchases a significant amount of products and services from Wellesley and Needham businesses each year. This fiscal year, Babson spent $5,664,793 in Wellesley and $1,701,224 in Needham (including credit card sales). The total spent in Wellesley includes a $75,000 payment in lieu of taxes to the town.
The North Hill retirement community in Needham, located on land owned by Babson, paid $635,000 in property taxes to the town of Needham.
State Education Leader
Katherine Craven, Babson’s chief administrative officer (CAO) and former executive director of the UMass Building Authority, was one of three veteran education professionals appointed to the State Board of Elementary and Secondary Education by former Governor Deval Patrick. Craven, who was named CAO by Babson this year, is filling the business seat on the board.
Indirect Financial Contributions
- Babson is a Wellesley Chamber of Commerce board member and provides financial support to Chamber activities.
- The College contributed to the Wellesley parade.
- $1,837,500 is the estimated amount spent annually both on campus and in the local community by Babson’s 2,100 undergraduate students.
- 02457 is the ZIP code of the full-service Babson Park Post Office (operating rent-free in a Babson-owned building).
- Babson Executive Conference Center (BECC) has provided nearly $500,000 to the Wellesley and Needham economies during the 2013–2014 fiscal year:
- $212,979 in services and products purchased from Needham and Wellesley businesses
- $217,559 payroll budget for residents of Needham and Wellesley
- $61,471 paid to Wellesley for room occupancy taxes, licenses, and fees
- Babson uses local vendors and contractors whenever possible:
- $18.5 million investment in building projects
- $13.3 million investment in plant maintenance
- Babson College and Wellesley College provide support to the Wellesley Community Children’s Center (WCCC), a child care center serving families from both the Needham and Wellesley communities. During the 2013–2014 fiscal year, WCCC served seven children from Needham and 56 from Wellesley. Seventeen children have a parent who works or studies at Babson.
- Boston Sports Clubs (BSC) in Wellesley, a recreation facility owned by Babson and leased to Town Sports International, regularly purchases products and services from Wellesley and Needham vendors.
1,340 / Total employees who patronize local businesses
99 Residents of Wellesley / 66 Residents of Needham—That equals about 12 percent of the College’s employees and $13 million of the annual payroll budget.
For a list of available positions at Babson, visit www.babson.edu/jobs
Educational Financial Support
- $15,000 in Wellesley town scholarships awarded to one student
- $30,000 in Needham town scholarships awarded to five students
- $3,750 donated to the Wellesley Education Foundation for the annual Wellesley Spelling Bee