2022-05-10T14:28:51-07:00 2021-06-30 990 2020-07-01 041958460 WENTWORTH INSTITUTE OF TECHNOLOGY INC WENT 6179894325 550 Huntington Avenue Boston MA 021155998 Robert Totino VP for Finance/CFO 6179894328 2022-05-12 1 11 1 AAL2 2020 2022-09-23 18:48:47Z Mark A Thompson 550 Huntington Avenue Boston MA 021155998 224061757 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. 23 22 2199 150 10854 0 11754853 18685942 171091133 159712940 4953210 3463959 1240921 1201856 189040117 183064697 52918976 57644061 0 0 71287780 68587234 0 0 3095902 61295802 56468788 185502558 182700083 3537559 364614 423680198 447728362 175557455 167235447 248122743 280492915 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 159620472 57644061 159993020 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 4,300, 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 159620472 1 1 0 1 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 X 84 0 1 2199 1 1 1 1 GM 0 0 0 0 0 0 0 0 0 0 X 23 22 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 619382 0 55533 Robert L Totino VP for Finance & CFO 40 0 X 249491 0 49885 Cindy P Stevens Prof. & Interim Dean College of Arts & Sciences 40 0 X 262598 0 24745 Vishvas Paradkar VP of Technology & CIO 40 0 X 208787 0 40072 Michelle Davis VP Chief Marketing Officer (Until 4/1/21) 40 0 X 199432 0 44333 Patrick F Hafford Dean College Arts & Sci. & Prof. (Until 9/28/20) 40 0 X 213204 0 30144 David Gilmore Associate VP for Finance 40 0 X 203884 0 38762 Keiko S Broomhead FMR VP for Enrollment Mgmt (Until 1/14/20) 40 0 X 221254 0 4929 David Wahlstrom VP for Business 40 0 X 185325 0 39502 Lynn McCormick VP General Counsel 40 0 X 210955 0 9132 Margaret Card Director of Human Resources (Until 7/29/20) 40 0 X 194255 0 24886 Mary Ellen Keeney Interim VP Human Resources 40 0 X 196500 0 15450 Charles Hotchkiss Dean of College of Arch & Design (Until 9/28/20) 40 0 X 187713 0 21637 David J Fraboni II Inter. VP Inst. Advanc. (As of 1/14/20 until 12/31/20)) 40 0 X 195001 0 11025 Ian Lapp Senior VP Acad. Affairs & Provost (As of 6/8/20) 40 0 X 171164 0 21696 Annamaria Wenner VP Student Affairs & Dean of Students 40 0 X 164469 0 21552 Amy Intille VP for Executive Affairs 40 0 X 167083 0 13402 Paula S Sakey FMR VP for Inst. Advancement (Until 1/14/20) 40 0 X 160719 0 4099 Richard Hansen FMR Interim VP Acad Affairs/Provost (Until 6/8/20) 40 0 X 122917 0 0 Rebecca Eckstein Interim VP for Enroll Mgmt (1/21/20 until 7/27/20) 40 0 X 95229 0 8850 Krtistin R Tichenor VP for Enrollment Management (As of 7/27/20) 40 0 X 82639 0 15199 Nicole G Price VP for Diversity Equity & Inclusion (As of 8/3/20) 40 0 X 63765 0 651 Gregory B Janey Chair 4.00 0.00 X X 0 0 0 Jerome H Casey Vice Chair 4.00 0.00 X X 0 0 0 Rose Conti Treasurer (As of 9/10/20) 4.00 0.00 X X 0 0 0 Robert C Murray Treasurer (Until 9/10/20) & Trustee 4.00 0.00 X X 0 0 0 Ryan E Hutchins Secretary 4.00 0.00 X X 0 0 0 Elizabeth C Biron Trustee (Until 5/13/21) 4.00 0.00 X 0 0 0 John W Blaisdell Trustee (Until 9/10/20) 4.00 0.00 X 0 0 0 David C Blittersdorf Trustee 4.00 0.00 X 0 0 0 Robert DeBenedetto Trustee (Until 12/31/20) 4.00 0.00 X 0 0 0 Stephen F Fusi Trustee 4.00 0.00 X 0 0 0 Eric Greene Trustee (As of 5/13/21) 4.00 0.00 X 0 0 0 Paul A Guarracino Trustee 4.00 0.00 X 0 0 0 Rick Grundy Trustee (As of 5/13/21) 4.00 0.00 X 0 0 0 Anil Jha Trustee 4.00 0.00 X 0 0 0 Douglas J Karam Trustee 4.00 0.00 X 0 0 0 Christine Keville Trustee 4.00 0.00 X 0 0 0 Lawrence LaFreniere Trustee 4.00 0.00 X 0 0 0 John M Lynch Trustee 4.00 0.00 X 0 0 0 Kathleen MacNeil Trustee (As of 2/4/21) 4.00 0.00 X 0 0 0 P Michael Masterson Trustee 4.00 0.00 X 0 0 0 Travis McCready Trustee (As of 2/4/21) 4.00 0.00 X 0 0 0 Gary J Miller Trustee 4.00 0.00 X 0 0 0 John Pini Trustee 4.00 0.00 X 0 0 0 Al Spagnolo Trustee (As of 2/4/21) 4.00 0.00 X 0 0 0 Kenneth Turner Trustee (As of 2/4/21) 4.00 0.00 X 0 0 0 Michele A Whitham Trustee (Until 5/13/21) 4.00 0.00 X 0 0 0 4375766 0 495484 165 1 1 0 Chartwells Dining Services 2 International Drive Rye Brook NY 10573 Dining services & catering 2808341 Clinical Research Sequencing Platform LLC 415 Main St Cambridge MA 02142 COVID testing services 2750000 UG2 LLC 116 Huntington Avenue 12th Fl Boston MA 02116 Custodial services 2435051 SGA 200 High St Boston MA 02110 Architecture & design services 1401242 Consigli Construction Company 72 Sumner St Milford MA 01757 Construction contractor 1291526 55 0 0 0 0 13933882 4752060 1214420 18685942 Tuition and fees 611310 141827014 141827014 0 0 Room and board related 611310 17885926 17885926 0 0 0 0 0 0 159712940 987653 0 -56488 1044141 0 0 0 0 0 0 0 0 921776 0 0 0 921776 0 921776 0 0 921776 43452564 20802 38201413 2795647 5251151 -2774845 2476306 0 67342 2408964 0 Miscellaneous 900099 280080 280080 0 0 0 0 0 0 280080 183064697 159993020 10854 4374881 0 0 57644061 57644061 0 0 0 0 3258330 748566 2287244 222520 0 0 0 0 53234941 45351769 5940710 1942462 2627676 2157638 370565 99473 5231886 4296006 737822 198058 4234401 3476952 597152 160297 0 0 0 0 189318 0 189318 0 173958 0 173958 0 0 0 0 0 0 0 379773 0 379773 0 6949135 5026312 1744670 178153 1299102 1266060 21128 11914 1974175 999796 941500 32879 3112629 2602043 421353 89233 0 0 0 0 7724382 6703468 1000291 20623 242060 237703 1287 3070 0 0 0 0 135622 127892 7065 665 4722172 4414726 307446 0 0 0 0 0 18248373 17676187 519388 52798 1025217 0 1025217 0 Repairs and maintenance 3783969 3278948 494819 10202 Dining services 2520440 2517110 3330 0 Bad debt expense 1053178 0 1053178 0 Memberships 894230 206525 682623 5082 2041055 888710 1083872 68473 182700083 159620472 19983709 3095902 7923007 10666365 27939770 25000836 6068489 3995709 3261768 3816174 0 0 0 0 2902595 2476671 0 0 2940460 3431475 441442351 203849710 253314013 237592641 70622626 97965663 48707470 55300209 0 0 0 0 0 7482619 423680198 447728362 9282128 6993034 0 0 12703140 14764953 134695852 129541725 0 0 0 0 0 0 0 0 18876335 15935735 175557455 167235447 X 194459000 211563539 53663743 68929376 248122743 280492915 423680198 447728362 X 364614 29150252 0 0 0 2855306 X 0 1 X 1 1 1 X 4373736 14875321 5873929 11754853 18685942 55563781 0 0 0 0 0 0 0 0 0 0 0 0 4373736 14875321 5873929 11754853 18685942 55563781 13002958 42560823 2474926 2315302 2522245 2657720 1965917 11936110 14752 151577 112819 0 0 279148 106975 71925 72725 0 0 251625 68030664 841645950 0.62561 0.53154 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 179604181 179604181 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 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 84112837 646895 11319563 1239524 254824 492592 94092355 0.613 0.242 0.145 0 0 0 13392323 13392323 0 370025928 166654201 203371727 0 0 0 0 0 48463740 30953350 17510390 0 9560360 6242159 3318201 237592641 Global equity funds 11574277 F International equity funds 8572813 F Fixed income funds 2967963 F Hedged equity funds 18279718 F Private real asset funds 1513456 F Private equity and venture funds 12391982 F 55300209 0 Obligation on interest rate swap agreements 9892100 Perkins and other government 2390504 Accumulated postretirement benefit obligation 2138070 Asset retirement obligations 811873 Obligation on operating leases 579271 Obligation on charitable annuity agreements 123917 15935735 X 161556052 29150252 0 0 2855306 32005558 129550494 379773 53134430 53514203 183064697 129185880 0 0 0 0 0 129185880 379773 53134430 53514203 182700083 Schedule D, Part V, Line 4 The university's endowment consists of approximately 195 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 $2,855,306 Schedule D, Part XI, Line 4b Student financial aid grants to individuals $55,909,275 less net loss on disposal of assets $2,774,845 Schedule D, Part XII, Line 4b Student financial aid grants to individuals $55,909,275 less net loss on disposal of assets $2,774,845 1 1 0 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 74 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, Federal Work Study and the Higher Education Emergency Relief Fund (HEERF II) disbursements from various state governments located throughout the USA. Europe (including Iceland and Greenland) 1 1 Program Services Study Abroad 70222 Central America and the Caribbean 0 0 Investments 28544469 1 1 28614691 1 0 1 1 0 0 1 Scholarships to students 3784 0 55262524 Other Reduction to student account balance for tuition owed to the university. Scholarships to students. 50 0 646751 Other Reduction to student account balance for room owed to the university. HEERF II to provide emergency financial aid grants to students 1230 1734786 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 531667 0 0 0 87715 0 28500 0 27033 0 674915 0 0 0 Robert L Totino VP for Finance & CFO 248488 0 0 0 1003 0 20069 0 29816 0 299376 0 0 0 Cindy P Stevens Prof. & Interim Dean College of Arts & Sciences 262201 0 0 0 397 0 15804 0 8941 0 287343 0 0 0 Vishvas Paradkar VP of Technology & CIO 197205 0 0 0 11582 0 16661 0 23411 0 248859 0 0 0 Michelle Davis VP Chief Marketing Officer (Until 4/1/21) 196876 0 0 0 2556 0 15983 0 28350 0 243765 0 0 0 Patrick F Hafford Dean of College Arts & Sciences & Professor (Until 9/28/20) 143942 0 0 0 69262 0 15316 0 14828 0 243348 0 0 0 David Gilmore Associate VP for Finance 175113 0 0 0 28771 0 14115 0 24647 0 242646 0 0 0 Keiko S Broomhead FMR VP for Enrollment Mgmt (Until 1/14/20) 9968 0 0 0 211286 0 3110 0 1819 0 226183 0 0 0 David Wahlstrom VP for Business 184406 0 0 0 919 0 14919 0 24583 0 224827 0 0 0 Lynn McCormick VP General Counsel 195592 0 15000 0 363 0 0 0 9132 0 220087 0 0 0 Margaret Card Director of Human Resources (Until 7/29/20) 81414 0 0 0 112841 0 10479 0 14407 0 219141 0 0 0 Mary Ellen Keeney Interim VP Human Resources 196500 0 0 0 0 0 0 0 15450 0 211950 0 0 0 Charles Hotchkiss Dean of College of Arch & Design (Until 9/28/20) 125551 0 0 0 62162 0 14561 0 7076 0 209350 0 0 0 David J Fraboni II Inter. VP Inst. Advanc. (As of 1/14/20 until 12/31/20)) 195001 0 0 0 0 0 0 0 11025 0 206026 0 0 0 Ian Lapp Senior VP for Academic Affairs Provost (As of 6/8/20) 170495 0 0 0 669 0 9613 0 12083 0 192860 0 0 0 Annamaria Wenner VP Student Affairs & Dean of Students 164199 0 0 0 270 0 12874 0 8678 0 186021 0 0 0 Amy Intille VP for Executive Affairs 166726 0 0 0 357 0 12874 0 528 0 180485 0 0 0 Paula S Sakey FMR VP for Inst. Advancement (Until 1/14/20) 14067 0 0 0 146652 0 3963 0 136 0 164818 0 0 0 Richard Hansen FMR Interim VP Acad Affairs/Provost (Until 6/8/20) 122917 0 0 0 0 0 0 0 0 0 122917 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. Interim VP for Enrollment Eckstein, Interim VP for Institutional Advancement Fraboni II, and Interim VP for Human Resources Keeney were provided with temporary off campus housing and parking until March 31, 2020, with a monthly value of approximately $3,550, $3,675 and $5,150, respectively, which were treated as non-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. The temporary off campus housing and parking provided to Interim VP for Enrollment Eckstein, Interim VP for Institutional Advancement Fraboni II, and Interim VP for Human Resources Keeney were pursuant to a written contract approved by the President. Schedule J, Part I, Line 4 Former VP for Enrollment Broomhead received severance in the amount of $190,640 on February 6, 2020, as a result of separation from the university on January 14, 2020. Former VP for Institutional Advancement Sakey received severance in the amount of $120,809 on February 6, 2020, as a result of separation from the university on January 14, 2020. Director of Human Resources Card received severance in the amount of $94,482 on September 17, 2020, as a result of separation from the university on July 29, 2020. Dean of College of Arts & Sciences Hafford received severance in the amount of $45,513 on October 29, 2020, as a result of separation from the university on September 28, 2020. Dean of College of Arch & Design Hotchkiss received severance in the amount of $42,518 on October 29, 2020, as a result of separation from the university on September 28, 2020. 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 Human Resources. 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 1 0 0 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 16, 2021 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 16, 2021 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 Terms of hedges: 31 Years ad 18 Years X 8 1214420 Fair market value 0 0 1 0 Schedule M, Part I, Line 9 The university is disclosing the number of contributions of publicly traded securities. These contributions may be comprised of one or more securities. 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 the Audit Committee 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 Form 990, Part XI, Line 9 - Unrealized gain on interest rate swaps $2,855,306.