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About Us
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The strong majority of all real estate managed by Cummings Properties in Woburn, not yet including TradeCenter 128, is beneficially owned by and is operated for the benefit of Cummings Foundation, Inc. (CFI). The Cummings family has also donated all of the Company's land and buildings in Burlington, Marlborough, Medford, Somerville, Stoneham, Wakefield, and Wilmington, Massachusetts to the Foundation.
CFI invested $6.3 million in creating Woburn's not-for-profit New Horizons at Choate assisted living community. In 2003, the Foundation built the large brick comfort station at Horn Pond.
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Cummings Foundation has contributed hundreds of thousands of dollars (each) to the Woburn Boys and Girls Club, to VNA Hospice Care, Inc. of Woburn, to Supportive Living, Inc. of Woburn, and to the Woburn YMCA, as well as $500,000 to Winchester Community Music School. Every year its other very local gifts total additional hundreds of thousands of dollars more.
Beyond Woburn, the organization invested more than $10 million to create and expand the New Horizons in Marlborough assisted living community.
It built a new 12,000 square foot teen center in Beverly to honor our late executive vice president, Douglas Stephens. More than $400,000 in scholarship funds to Woburn High School students have honored the memory of our late president, James L. McKeown.
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After earlier endowing the Cummings Family Chair in Business Entrepreneurship at Tufts University, CFI entered a very unique relationship in 2004 with Tufts through CFI's newest operating subsidiary, Veterinary School at Tufts, LLC (VST). Through VST, the Foundation has committed a minimum of $50 million in financial assistance to the very prestigious Cummings School of Veterinary Medicine at Tufts University. The first veterinarians to enter the School after its renaming, graduated in May 2009.
Although CFI does not currently consider grant applications, it anticipates that it will create a Massachusetts grant-making arm within the next few years. Its immediate $1 billion endowment objective suffered a major setback in 2008, but the Foundation remains hopeful of reaching that level no later than 2013. Its net assets as of April 2009 are about $700 million. This consists primarily of debt-free commercial real estate.
Directly or otherwise, William S. and Joyce M. Cummings of Winchester, Massachusetts provided the Foundation's financial base. Joyce is a former hospital dietitian who graduated from the University of Alabama and completed her dietetic internship at Massachusetts General Hospital. Among other activities, she has been a director of VNA Hospice Care, Inc. and Winchester Community Music School, and president of ENKA Society of Winchester, as well as co-chair of Winchester Friends of VNA Hospice Care, Inc. She is also a former trustee of Massachusetts Eye and Ear Infirmary, and chaired the women's golf program at Winchester Country Club.
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Bill founded Cummings Properties, LLC (CPL) and several dozen other Massachusetts commercial real estate firms, and is involved in numerous community activities. He is a 1958 graduate and a trustee emeritus of Tufts University, and was also an overseer of Tufts Medical School.
He has also served as an elected member and as chairman of the Winchester Planning Board, and as a director of Winchester Country Club, Winchester Hospital and the former Tanners National Bank in Woburn. He is president of not-for-profit New Horizons at Choate in Woburn and the much larger New Horizons at Marlborough retirement communities, and was founding publisher of three community newspapers. Bill is also president of Cummings Foundation, Inc., and in 2006 received an honorary Doctorate from Tufts University.
From its beginnings in 1969 in Woburn, Massachusetts, CPL has evolved into one of Boston's most prominent, full service commercial real estate development firms. CPL and Cummings Realty, LLC currently operate nearly 10 million square feet of Massachusetts office space in 10 metropolitan Boston communities. It is one of the most financially solid real estate firms in the country, employing more than 300 regular, full-time staff.
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