2023-05-11T14:00:47-07:00 2022-06-30 990 2021-07-01 041958460 WENTWORTH INSTITUTE OF TECHNOLOGY INC WENT 6179894325 550 Huntington Avenue Boston MA 021155998 Robert Totino VP for Finance/CFO 6179894328 2023-05-11 1 11 1 AAL2 2021 2023-04-26 12:10:37Z Mark A Thompson 550 Huntington Avenue Boston MA 021155998 218049621 0 X WWW.WIT.EDU X 1904 MA Wentworth Institute of Technology is a nationally recognized private coeducational and residential university of higher education with a mission to empower, inspire and innovate through experiential learning with a core purpose of career success. 26 25 2199 150 133075 37346 18685942 10581263 159712940 175123722 3463959 7174112 1201856 1036972 183064697 193916069 57644061 63352893 0 0 68587234 71146359 0 0 3754830 56468788 60848095 182700083 195347347 364614 -1431278 447728362 436166327 167235447 172087053 280492915 264079274 Wentworth Institute of Technology is a nationally recognized private coeducational and residential university of higher education with a mission to empower, inspire and innovate through experiential learning with a core purpose of career success. 0 0 168618699 63352893 175332217 Wentworth Institute of Technology, Inc. (the "university") located in Boston, Massachusetts is a private, coeducational institution founded in 1904 and accredited by the New England Commission of Higher Education, Inc. among other accrediting bodies. The university provides academic, residential and other services to a diverse student population of approximately 4,200, predominately from the Northeast region of the United States, as well as from approximately 30 U.S. states and 70 foreign countries. 0 0 0 168618699 1 1 0 1 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 1 1 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 X 84 0 1 2199 1 1 1 1 GM 0 0 0 1 1 0 0 0 0 0 0 X 26 25 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AL AR GA IL KS KY MA MD MI MN MS NH NJ NM NY OR PA RI SC TN UT VA WI WV X Robert L Totino 6179894325 Attn Finance Office 550 Huntington Avenue Boston MA 021155998 Mark A Thompson President 40 0 X X 724930 0 59672 Ian Lapp Senior VP Acad. Affairs & Provost (Until 12/9/21) 40 0 X 306423 0 42570 Robert L Totino VP for Finance & CFO 40 0 X 270945 0 49627 Elizabeth Herbert VP for Institutional Advancement 40 0 X 270448 0 17116 David Gilmore Associate VP for Finance 40 0 X 181225 0 92858 Jose Sanchez Dean College of Eng. & Computer Science 40 0 X 212884 0 50877 Lynn McCormick VP General Counsel 40 0 X 237121 0 26567 Vishvas Paradkar VP of Technology & CIO 40 0 X 216994 0 40464 Cindy P Stevens Prof. & Interim Dean College of Arts & Sciences 40 0 X 225157 0 24681 Krtistin R Tichenor VP for Enrollment Management 40 0 X 206694 0 39366 Masoud Olia Professor 40 0 X 182799 0 53252 David Wahlstrom VP for Business 40 0 X 193285 0 40089 Leonard Anderson Associate Professor 40 0 X 196849 0 31514 Nicole G Price VP for Diversity Equity & Inclusion 40 0 X 171304 0 22404 Amy Intille VP for Executive Affairs 40 0 X 178767 0 11246 Annamaria Wenner VP Student Affairs & Dean of Students 40 0 X 168420 0 20176 Michelle Davis FMR VP Chief Marketing Officer (Until 4/1/21) 40 0 X 176036 0 7395 Mary Ellen Keeney FMR Interim VP Human Resources (Until 6/4/21) 40 0 X 101214 0 0 Melanie DeSantis VP EE Relations & Engagement (As of 8/16/21) 40 0 X 74375 0 6037 Gregory B Janey Chair 4 0 X X 0 0 0 Jerome H Casey Vice Chair 4 0 X X 0 0 0 Rosemarie A Conti Treasurer 4 0 X X 0 0 0 Ryan E Hutchins Secretary 4 0 X X 0 0 0 David C Blittersdorf Trustee 4 0 X 0 0 0 Anthony Bond Trustee (As of 5/12/22) 4 0 X 0 0 0 Michael Carragher Trustee (As of 5/12/22) 4 0 X 0 0 0 Stephen F Fusi Trustee 4 0 X 0 0 0 Eric Greene Trustee 4 0 X 0 0 0 Rick Grundy Trustee 4 0 X 0 0 0 Paul A Guarracino Trustee 4 0 X 0 0 0 Anil Jha Trustee 4 0 X 0 0 0 Douglas J Karam Trustee 4 0 X 0 0 0 Christine Keville Trustee 4 0 X 0 0 0 Lawrence LaFreniere Trustee 4 0 X 0 0 0 John M Lynch Trustee 4 0 X 0 0 0 Kathleen MacNeil Trustee 4 0 X 0 0 0 P Michael Masterson Trustee 4 0 X 0 0 0 Travis McCready Trustee 4 0 X 0 0 0 Gary J Miller Trustee 4 0 X 0 0 0 Robert C Murray Trustee 4 0 X 0 0 0 John Pini Trustee 4 0 X 0 0 0 Michael Santora Trustee (As of 5/12/22) 4 0 X 0 0 0 Al Spagnolo Trustee 4 0 X 0 0 0 Kenneth Turner Trustee 4 0 X 0 0 0 4295870 0 635911 156 1 1 0 UG2 LLC 116 Huntington Avenue 12th Fl Boston MA 02116 Custodial services 3103797 Sodexo Operations LLC 9801 Washingtonian Blvd Gaithersburg MD 20878 Dining services & catering 2096222 Chartwells Dining Services 2 International Drive Rye Brook NY 10573 Dining services & catering 1667905 Clinical Research Sequencing Platform LLC 415 Main St Cambridge MA 02142 COVID testing services 1288406 MedExpress Urgent Care 423 Fortress Blvd Morgantown WV 26508 On site health clinic 1049641 29 0 0 201973 0 8988761 1390529 7516 10581263 Tuition and fees 611310 141926453 141926453 0 0 Room and board related 611310 33197269 33197269 0 0 0 0 0 0 175123722 1478163 0 68035 1410128 0 0 0 0 0 0 0 0 827882 0 0 0 827882 0 827882 0 0 827882 29690464 0 23806689 187826 5883775 -187826 5695949 0 65040 5630909 139632 201973 139037 595 0 595 Miscellaneous 900099 208495 208495 0 0 0 0 0 0 208495 193916069 175332217 133075 7869514 0 0 62694238 62694238 658655 658655 0 0 4010832 918329 2775079 317424 0 0 0 0 54169240 45146960 6970579 2051701 3926964 3128216 591931 206817 4889457 3900119 794361 194977 4149866 3310178 674204 165484 0 0 0 0 865552 0 865552 0 128546 0 128546 0 0 0 0 0 0 0 451388 0 451388 0 7017984 4852872 2150293 14819 776841 687740 40633 48468 2383461 1320985 1016328 46148 3309449 2667986 536068 105395 0 0 0 0 8919710 7734042 1164055 21613 961573 879690 50724 31159 0 0 0 0 539592 473949 41658 23985 4498974 4305352 193622 0 0 0 0 0 17981615 17417793 511796 52026 1101481 0 1101481 0 Dining Services 4082485 3957302 39470 85713 Repairs and Maintenance 3374032 2925532 440324 8176 Memberships 931405 227518 698484 5403 Printing and Publication 904717 180735 609138 114844 2619290 1230508 1128104 260678 195347347 168618699 22973818 3754830 10666365 12121962 25000836 28430037 3995709 2896093 3816174 3976396 0 0 0 0 2476671 2253786 0 0 3431475 3897086 449749485 218739779 237592641 231009706 97965663 83027787 55300209 63696313 0 0 0 0 7482619 4857161 447728362 436166327 6993034 9677358 0 0 14764953 16400416 129541725 124130429 0 0 0 0 0 0 0 0 15935735 21878850 167235447 172087053 X 211563539 202448474 68929376 61630800 280492915 264079274 447728362 436166327 X -1431278 -23030098 0 0 0 8047735 X 0 1 X 1 1 1 X 14875321 5873929 11754853 18685942 10581263 61771308 0 0 0 0 0 0 0 0 0 0 0 0 14875321 5873929 11754853 18685942 10581263 61771308 9865173 51906135 2315302 2522245 2657720 1965917 2238010 11699194 151577 112819 0 0 0 264396 71925 72725 0 0 139632 284282 74019180 851546948 0.70125 0.62561 X Schedule A, Part I, Line 7 The basis of Wentworth Institute of Technology, Inc.'s public charity status has been and continues to be its qualification as a school described in Section 170(b)(1)(A)(ii). The university has checked box 7 on Schedule A, Part I and completed Schedule A, Part II in order to demonstrate its qualification to follow the special rule for abbreviated reporting of contributions on Form 990, Schedule B. Schedule A, Part II, Line 10 The amount includes gross income from fundraising events. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 191592517 191592517 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 0 0 0 0 0 250000 250000 250000 250000 1000000 1500000 0 0 0 0 0 149799889 15365942 -15186540 1878126 3742817 460963 143897385 116512860 4666891 34376563 1728824 3640130 387471 149799889 116142475 1812582 3792721 1465188 3411365 358365 116512860 112633959 685283 6762759 1260609 2439017 239900 116142475 94092355 12368817 8089953 1280916 327821 308429 112633959 0.642 0.266 0.092 0 0 0 13392323 13392323 0 372393138 178151237 194241901 0 0 0 0 0 49812407 34142069 15670338 0 14151617 6446473 7705144 231009706 Global equity funds 8442212 F International equity funds 6415730 F Fixed income funds 3187211 F Hedged equity funds 21883148 F Public real asset funds 4251117 F Private real asset funds 2576679 F Private equity and venture funds 16940216 F 63696313 Deferred lease revenue 15000000 Perkins and other government 1971088 Obligation on interest rate swap agreements 1844365 Accumulated postretirement benefit obligation 1800470 Asset retirement obligations 882122 Obligation on operating leases 263867 Obligation on charitable annuity agreements 116938 21878850 X 120087316 -23030098 0 0 8047735 -14982363 135069679 451388 58395002 58846390 193916069 136500957 0 0 0 0 0 136500957 451388 58395002 58846390 195347347 Schedule D, Part V, Line 4 The university's endowment consists of approximately 205 donor-restricted and 11 board-restricted individual funds established for a variety of purposes for the furtherance of the educational mission of the university. The Board of Trustees has established a spending rate of 5% of a trailing twelve-quarter average fair value of the endowment. Earnings from the endowed funds are predominately used for scholarship, teaching, and program expenses. Schedule D, Part X, Line 2 The university accounts for the effect of any uncertain tax positions based on a "more likely than not" threshold to the recognition of the tax positions being sustained based on the technical merits of the position under scrutiny by the applicable taxing authority. If a tax position or positions are deemed to result in uncertainties of those positions, the unrecognized tax benefit is estimated based on a "cumulative probability assessment" that aggregates the estimated tax liability for all uncertain tax positions. The university has identified its tax status as a tax-exempt entity and its determinations over which of its revenues are related and unrelated as its only significant tax positions. However, the university has determined that such tax positions do not result in an uncertainty requiring recognition. The university is not currently under examination by any taxing jurisdiction. The university's Federal and state tax returns are generally open to examination for three years following the date filed. Schedule D, Part XI, Line 2d Unrealized gain on interest rate swaps $8,047,735 Schedule D, Part XI, Line 4b Student financial aid grants to individuals $58,582,233 plus net income from fundraising events of $595 less net loss on disposal of assets $187,826 Schedule D, Part XII, Line 4b Student financial aid grants to individuals $58,582,233 plus net income from fundraising events of $595 less net loss on disposal of assets $187,826. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 The university's student population is predominately from the Northeast region of the United States, as well as from approximately 30 other U.S. States and territories and 70 foreign countries. The university follows a racially nondiscriminatory policy as to its students and enrolls students of racial minority groups in meaningful numbers. Schedule E, Part I, Line 6 The university administers disbursements of funds for Federal programs including Perkins Loans, Direct Loans, SEOG, Pell, and Federal Work Study and the Higher Education Emergency Relief Fund (HEERF III) disbursements from various state governments located throughout the USA. 1 Europe (including Iceland and Greenland) 1 1 Program Services Study Abroad 138154 Sub-Saharan Africa 0 0 Program Services Study abroad 26577 Europe (including Iceland and Greenland) 0 0 Grantmaking 658655 Central America and the Caribbean 0 0 Investments 29136677 1 1 29960063 Scholarships Europe (including Iceland and Greenland) 94 0 NA 658655 Tuition offset FMV 1 0 1 1 1 0 Schedule F, Part I, Line 2 All grants are applied directly to the student's account to cover a portion of the student's tuition. Alumni Golf Tournament 341605 201973 139632 0 0 83794 40236 0 15007 0 0 341605 201973 139632 0 0 83794 40236 0 15007 139037 595 1 Scholarships to students 3715 0 56876580 Other Reduction to student account balance for tuition owed to the university Scholarships to students 78 0 1046998 Other Reduction to student account balance for room and board owed to the university HEERF III to provide emergency financial aid grants to students 4027 4770660 0 FMV Schedule I, Part I, Line 2 The university's Office of Financial Aid monitors all recipients of scholarship awards to determine both initial and continuing eligibility based on the criteria for each type of award, which may include academic performance, financial need and criteria established by donors of endowed scholarship funds, etc. X 0 1 X X X X X X 1 0 0 0 0 0 0 1 0 Mark A Thompson President 526233 0 110000 0 88697 0 29000 0 30672 0 784602 0 0 0 Ian Lapp Senior VP Acad. Affairs & Provost (Until 12/9/21) 300037 0 5000 0 1386 0 18983 0 23587 0 348993 0 0 0 Robert L Totino VP for Finance & CFO 264512 0 5000 0 1433 0 17849 0 31778 0 320572 0 0 0 Elizabeth Herbert VP for Institutional Advancement 264062 0 5000 0 1386 0 16963 0 153 0 287564 0 0 0 David Gilmore Associate VP for Finance 179545 0 0 0 1680 0 11681 0 81177 0 274083 0 0 0 Jose Sanchez Dean College of Eng. & Computer Science 212397 0 0 0 487 0 14176 0 36701 0 263761 0 0 0 Lynn McCormick VP General Counsel 231568 0 5000 0 553 0 16215 0 10352 0 263688 0 0 0 Vishvas Paradkar VP of Technology & CIO 199751 0 5000 0 12243 0 13887 0 26577 0 257458 0 0 0 Cindy P Stevens Prof. & Interim Dean College of Arts & Sciences 223801 0 0 0 1356 0 12872 0 11809 0 249838 0 0 0 Krtistin R Tichenor VP for Enrollment Management 199508 0 5000 0 2186 0 13098 0 26268 0 246060 0 0 0 Masoud Olia Professor 181736 0 0 0 1063 0 19361 0 33891 0 236051 0 0 0 David Wahlstrom VP for Business 185164 0 5000 0 3121 0 12291 0 27798 0 233374 0 0 0 Leonard Anderson Associate Professor 196046 0 0 0 803 0 17935 0 13579 0 228363 0 0 0 Nicole G Price VP for Diversity Equity & Inclusion 165371 0 5000 0 933 0 6404 0 16000 0 193708 0 0 0 Amy Intille VP for Executive Affairs 172819 0 5000 0 948 0 11086 0 160 0 190013 0 0 0 Annamaria Wenner VP Student Affairs & Dean of Students 162520 0 5000 0 900 0 10354 0 9822 0 188596 0 0 0 Michelle Davis FMR VP Chief Marketing Officer (Until 4/1/21) 50654 0 0 0 125382 0 0 0 7395 0 183431 0 0 0 Mary Ellen Keeney FMR Interim VP Human Resources (Until 6/4/21) 101214 0 0 0 0 0 0 0 0 0 101214 0 0 0 Schedule J, Part I, Line 1a President Thompson was provided with a $6,250 monthly housing allowance, and the entire amount is treated as taxable compensation. Schedule J, Part I, Line 1b The amount of the housing allowance for the President is included in a written employment contract that was approved by the Executive Committee of the Board of Trustees. The amount was determined partly based from salary surveys. Schedule J, Part I, Line 4 Former VP Chief Marketing Officer Davis received severance in the amount of $105,526 on April 29, 2021, as a result of separation from the university on April 1, 2021. Schedule J, Part I, Line 7 Merit based compensation may be granted as either a salary increase or a one-time bonus. Qualifications for receiving a bonus include performance exceeding expectations or taking on additional duties due to staff vacancies or temporary absences. In the case of employees below the level of Division Heads, the bonus amount is determined by consultation between the Division Head and the Office of Employee Relations and Engagement. In the case of Division Heads and other Officers, the bonus amount (if any) is determined via the same process as other compensation for Officers and other key employees including review by the Executive Committee of the Board of Trustees. A Massachusetts Development Finance Agency 043431814 000000000 2013-02-15 69865000 Refunding MDFA 2008 Series Bonds & construction of new residence hall 0 0 0 B Massachusetts Development Finance Agency 043431814 000000000 2015-04-09 46280000 Refunding MDFA 2007 Series Bonds 0 0 0 C Massachusetts Development Finance Agency 043431814 57584XJ36 2017-02-16 45000680 Construction of new academic building 0 0 0 A 0 0 69865000 0 0 0 685740 0 0 44309260 24870000 0 2014 1 0 1 1 B 0 0 46280000 0 0 0 447723 0 0 0 45832277 0 2015 1 0 1 1 C 0 0 45000680 0 0 0 446505 0 0 44554175 0 0 2018 0 0 1 1 A 0 1 1 1 0 0.0018 0 0.0018 0 0 1 B 0 0 1 1 0 0.0045 0 0.0045 0 0 1 C 0 0 1 1 0 0 0 0 0 0 1 A 0 0 0 1 1 1 See Part VI 31 0 0 0 0 1 B 0 0 0 1 1 1 See Part VI 29.8 0 0 0 0 1 C 0 0 0 1 0 0 0 0 1 A 1 B 1 C 1 Schedule K, Part IV, Line 2c-02/15/2013 69,865,000 Massachusetts Development The date of the last rebate computation was on March 4, 2022 and no rebate liability exists. Schedule K, Part IV, Line 2c-04/09/2015 46,280,000 Massachusetts Development The date of the last rebate computation was on March 4, 2022 and no rebate liability exists. Schedule K, Part IV, Line 2c-02/16/2017 45,000,680 Massachusetts Development The date of the last rebate computation was on June 30, 2022 and no rebate liability exists. Schedule K, Part IV, Line 4b-02/15/2013 69,865,000 Massachusetts Development Name of providers: Wells Fargo and RBS Citizens Schedule K, Part IV, Line 4b-04/09/2015 46,280,000 Massachusetts Development Names of providers: Morgan Stanley and Bank of New York Schedule K, Part IV, Line 4c-02/15/2013 69,865,000 Massachusetts Development Term of hedges: 31 Years and 18 Years Form 990, Part V, Line 2a The total number of employees includes faculty and staff of 1,106 and student employees of 1,093. Form 990, Part VI, Section A, Line 2 Trustee Gregory B. Janey and Trustee Ryan E. Hutchins have a business relationship. Form 990, Part VI, Section B, Line 11b A draft copy of the Form 990 is provided to all members of the university's Audit Committee for their review and approval prior to its filing. After approval by the Audit Committee, but before it is filed, the Form 990 is posted on the university's secure web portal for Trustees. All Trustees are sent an email to let them know that the Form 990 is available on the secure portal for their review. Form 990, Part VI, Section B, Line 12c The university annually distributes, via email and other electronic means, a copy of the conflict of interest policy and related disclosure forms. The university monitors the replies to ensure that it receives replies from all appropriate Trustees, Officers, Faculty and Staff per the requirements of the policy. Disclosures of potential conflicts of interest are reported to both the Executive and Audit Committees for disposition. The policy also reminds all individuals that they are required to disclose any potential conflicts of interest that may arise at any time after completion of the disclosure form. When an actual or potential conflict of interest is found to exist, the conflicted individual may be prohibited from participating in deliberations and decisions relating to their transaction. Form 990, Part VI, Section B, Line 15 Compensation of the Officers and other key employees of the university must allow Wentworth to attract the best individuals for each position. That compensation shall be reviewed by the Executive Committee of the Board of Trustees to ensure that compensation packages are appropriate in the marketplace, that the university has a rebuttable presumption of reasonableness, and that the university does not violate the intermediate sanctions provisions of the Internal Revenue Code. In order to determine market value, Wentworth hired compensation consultants in 2021 who conducted a market analysis of these positions. This analysis includes data from peer institutions. In addition, Wentworth participates in several salary surveys which are used to evaluate the competitiveness of the university's salaries. On an annual basis, the President shall provide the Executive Committee of the Board of Trustees all proposed Officer compensation for the new calendar year. The Executive Committee shall determine the appropriateness of the Officer salaries. The Vice President of Finance/CFO works with the Executive Committee to approve the President's salary. The Executive Committee shall document in the minutes of the meeting all actions taken and data used to determine salary. Once the Executive Committee makes the recommendations for the Officers, the President will inform the Human Resources Department to implement the changes. The Vice President of Finance/CFO will submit the salary recommendations for the President to the Human Resources Department. Form 990, Part VI, Section C, Line 19 The university's Form 990 and audited financial statements are available via the Massachusetts Attorney General's website. The governing documents and conflict of interest policy are available upon written or electronic request. Form 990, Part XI, Line 9 Unrealized gain on interest rate swaps $8,047,735