2021-05-12T12:03:14-07:00 2020-06-30 990 2019-07-01 041958460 WENTWORTH INSTITUTE OF TECHNOLOGY INC WENT 6179894325 550 Huntington Avenue Boston MA 021155998 Robert Totino VP for Finance/CFO 6179894328 2021-05-12 2019 2022-09-23 18:48:47Z Mark A Thompson 550 Huntington Avenue Boston MA 021155998 208227606 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. 20 19 2447 150 4495 -27360 5873929 11754853 174949573 171091133 4798212 4953210 1121250 1240921 186742964 189040117 49086856 52918976 0 0 68864699 71287780 0 0 4435123 61701098 61295802 179652653 185502558 7090311 3537559 434446766 423680198 185466067 175557455 248980699 248122743 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 160647579 51184190 171457758 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 4,400, predominately from the Northeast region of the United States, as well as from approximately 30 U.S. states and 74 foreign countries. 0 0 0 160647579 1 1 0 1 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 1 1 0 1 0 0 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 1 X 100 0 1 2447 1 1 1 1 GM 0 0 0 0 0 0 0 0 0 0 X 20 19 1 0 1 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 Zorica Pantic Former President 40 0 X 818156 0 42168 Mark A Thompson President 40 0 X X 434951 0 43229 Eric Overstrom Former Provost & Senior VP Acad. Affairs 40 0 X 357081 0 39603 Robert L Totino Vice President for Finance & CFO 40 0 X 277887 0 55629 Linda Shinomoto VP for Human Resources (Until 10/9/19) 40 0 X 265995 0 52407 Paula S Sakey Vice President for Institutional Advancement 40 0 X 267626 0 25889 Cindy P Stevens Professor 40 0 X 242019 0 24465 Vishvas Paradkar VP of Technology & CIO 40 0 X 240578 0 22006 Michelle Davis Chief Marketing Officer 40 0 X 202962 0 49034 David Wahlstrom Vice President for Business 40 0 X 206813 0 44879 Patrick F Hafford Dean College of Arts & Sciences 40 0 X 209952 0 39610 Keiko S Broomhead VP for Enrollment Management 40 0 X 199761 0 42176 Annamaria Wenner VP Student Affairs & Dean of Students 40 0 X 182966 0 25465 John W Duggan Dept. Chair Civil Engineering Technology 40 0 X 186748 0 21436 Carol Estes-Schwartz Assoc. VP Institutional Advancement 40 0 X 185515 0 17983 Amy Intille Vice President of Executive Affairs 40 0 X 185354 0 17528 Dianne K Plummer Assoc. VP for Enrollment Management 40 0 X 172505 0 20782 Richard Hansen Interim Provost/VP Acad. Affairs (As of 8/26/19) 40 0 X 88068 0 0 Mary Ellen Keeney Interim VP Human Resources (As of 11/4/19) 40 0 X 33000 0 10034 Gregory B Janey Chair 4 0 X X 0 0 0 Jerome H Casey Vice Chair 4 0 X X 0 0 0 Robert C Murray Treasurer 4 0 X X 0 0 0 Ryan E Hutchins Secretary 4 0 X X 0 0 0 George A Abe Trustee (Until 1/30/20) 4 0 X 0 0 0 Mark R Bamforth Trustee (Until 3/5/20) 4 0 X 0 0 0 Elizabeth C Biron Trustee 4 0 X 0 0 0 John W Blaisdell Trustee 4 0 X 0 0 0 David C Blittersdorf Trustee 4 0 X 0 0 0 Lloyd Carney Trustee (Until 3/4/20) 4 0 X 0 0 0 Peter J Davoren Trustee (Until 9/12/19) 4 0 X 0 0 0 Robert DeBenedetto Trustee 4 0 X 0 0 0 Daniel T Flatley Trustee (Until 9/12/19) 4 0 X 0 0 0 Stephen F Fusi 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 P Michael Masterson Trustee 4 0 X 0 0 0 Gary J Miller Trustee 4 0 X 0 0 0 John Pini Trustee 4 0 X 0 0 0 Sylvia T Price Trustee (Until 9/12/19) 4 0 X 0 0 0 Michele A Whitham Trustee 4 0 X 0 0 0 4757937 0 594323 146 1 1 0 Chartwells Dining Services 2 International Drive Rye Brook NY 10573 Dining services & catering 5764989 Gilbane Building Company Corp 7 Jackson Walkway Providence RI 02903 Construction contractor 3799076 UG2 LLC 116 Huntington Avenue 12th Fl Boston MA 02116 Custodial services 2565768 Lee Kennedy Company Inc 122 Quincy Shore Drive Quincy MA 02171 Construction contractor 2449159 EMCOR Services Inc 80 Hawes Way Stoughton MA 020721163 Construction contractor 889973 68 0 0 0 0 5033276 6721577 36176 11754853 Tuition and fees 611310 142496381 142496381 0 0 Room and board related 611310 28594752 28594752 0 0 0 0 0 0 171091133 1741293 0 -42131 1783424 0 0 0 0 0 0 0 0 874296 0 0 0 874296 0 874296 0 0 874296 22339176 60230 18906689 280800 3432487 -220570 3211917 0 46626 3165291 0 Miscellaneous 900099 366625 366625 0 0 0 0 0 0 366625 189040117 171457758 4495 5823011 0 0 52548627 52548627 370349 370349 0 0 3422258 832052 2204371 385835 0 0 0 0 54792475 45938101 6444482 2409892 4291008 3308534 714104 268370 4524067 3622247 705150 196670 4257972 3459219 592246 206507 0 0 0 0 277712 0 277712 0 131650 0 131650 0 0 0 0 0 0 0 350649 0 350649 0 5589658 2893632 2450934 245092 1724203 1322173 338296 63734 2102571 1520307 487799 94465 3448776 2833651 488227 126898 0 0 0 0 8176117 7708377 423321 44419 1086106 939276 107307 39523 0 0 0 0 504527 426436 63247 14844 5113378 4779664 333714 0 0 0 0 0 19000941 18405158 540808 54975 889193 0 889193 0 Dining Services 3571152 3519515 46602 5035 Repairs and maintenance 4083492 3955452 116225 11815 Printing and publications 894293 169228 615980 109085 Study abroad 835014 835014 0 0 3516370 1260567 2097839 157964 185502558 160647579 20419856 4435123 8901120 7923007 36167209 27939770 4163960 6068489 2329454 3261768 0 0 0 0 3510017 2902595 0 0 2287021 2940460 440682711 187368698 257585599 253314013 63641281 70622626 55460323 48707470 0 0 0 0 400782 0 434446766 423680198 13089864 9282128 0 0 16597009 12703140 139765050 134695852 0 0 0 0 0 0 0 0 16014144 18876335 185466067 175557455 X 200086817 194459000 48893882 53663743 248980699 248122743 434446766 423680198 X 3537559 -699202 0 0 0 -3696313 X 0 1 X 1 1 1 X 6426896 4373736 14875321 5873929 11754853 43304735 0 0 0 0 0 0 0 0 0 0 0 0 6426896 4373736 14875321 5873929 11754853 43304735 13677921 29626814 1836637 2474926 2315302 2522245 2657720 11806830 0 14752 151577 112819 0 279148 94905 106975 71925 72725 0 346530 55737243 843288439 0.53154 0.50644 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 181067435 181067435 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 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 89739718 724232 -1537781 1436758 2880264 496310 84112837 0.641 0.263 0.096 0 0 0 13392323 13392323 0 369382034 154608081 214773953 0 0 0 0 0 45640651 26518458 19122193 0 12267703 6242159 6025544 253314013 Global equity funds 14530090 F International equity funds 6024768 F Fixed income funds 2788271 F Hedged equity funds 15951847 F Private real asset funds 945882 F Private equity and venture funds 8466612 F 48707470 0 Interest rate swap obligations 12747406 Perkins and other government 2984518 Post-retirement benefit obligations 2251466 Asset retirement obligations 778950 Charitable annuity obligations 113995 18876335 X 133330332 -699202 0 0 -3696313 -4395515 137725847 350650 50963620 51314270 189040117 134188288 0 0 0 0 0 134188288 350650 50963620 51314270 185502558 Schedule D, Part V, Line 4 The university's endowment consists of approximately 180 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 loss on interest rate swaps $3,696,313. Schedule D, Part XI, Line 4b Student financial aid grants to individuals $51,184,190 less net loss on disposal of assets $220,570. Schedule D, Part XII, Line 4b Student financial aid grants to individuals $51,184,190 less net loss on disposal of assets $220,570. 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, and Federal Work Study and disbursements from various state governments located throughout the USA. 1 Europe (including Iceland and Greenland) 2 2 Program Services Study Abroad 752448 East Asia and the Pacific 0 0 Program Services Study Abroad 33791 South Asia 0 0 Program Services Study Abroad 24661 Central America and the Caribbean 0 0 Program Services Study Abroad 12000 Sub-Saharan Africa 0 0 Program Services Study Abroad 4704 Europe (including Iceland and Greenland) 0 0 Grantmaking 370349 Central America and the Caribbean 0 0 Investments 22853783 2 2 24051736 Scholarships Europe (including Iceland and Greenland) 73 0 N/A 370349 Tuition offset FMV 1 0 1 1 0 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. 1 Scholarships to students. 3775 0 50379300 Other Reduction to student account balance for tuition owed to the university. Scholarships to students. 56 0 804890 Other Reduction to student account balance for room owed to the university. CARES Act to provide emergency financial aid grants to students. 1869 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 1 0 0 0 0 0 1 0 Mark A Thompson President 311761 0 55000 0 68190 0 28000 0 15229 0 478180 0 0 0 Robert L Totino Vice President for Finance & CFO 252652 0 23850 0 1385 0 26500 0 29129 0 333516 0 0 0 Keiko S Broomhead VP for Enrollment Management 176796 0 17100 0 5865 0 19064 0 23112 0 241937 0 0 0 Michelle Davis Chief Marketing Officer 199902 0 0 0 3060 0 21105 0 27929 0 251996 0 0 0 Amy Intille Vice President of Executive Affairs 169472 0 15300 0 582 0 17000 0 528 0 202882 0 0 0 Vishvas Paradkar VP of Technology & CIO 215341 0 19800 0 5437 0 22000 0 6 0 262584 0 0 0 Paula S Sakey Vice President for Institutional Advancement 244306 0 22100 0 1220 0 24500 0 1389 0 293515 0 0 0 Linda Shinomoto VP for Human Resources (Until 10/9/19) 173413 0 0 0 92582 0 18745 0 33662 0 318402 0 0 0 David Wahlstrom Vice President for Business 186289 0 17800 0 2724 0 19700 0 25179 0 251692 0 0 0 Annamaria Wenner VP Student Affairs & Dean of Students 166897 0 15300 0 769 0 17000 0 8465 0 208431 0 0 0 John W Duggan Dept. Chair Civil Engineering Technology 185108 0 0 0 1640 0 18714 0 2722 0 208184 0 0 0 Carol Estes-Schwartz Assoc. VP Institutional Advancement 179835 0 4081 0 1599 0 17983 0 0 0 203498 0 0 0 Patrick F Hafford Dean College of Arts & Sciences 191342 0 16202 0 2408 0 17674 0 21936 0 249562 0 0 0 Dianne K Plummer Assoc. VP for Enrollment Management 170964 0 0 0 1541 0 17455 0 3327 0 193287 0 0 0 Cindy P Stevens Professor 241552 0 0 0 467 0 16000 0 8465 0 266484 0 0 0 Zorica Pantic Former President 166311 0 71000 0 580845 0 28000 0 14168 0 860324 0 83833 0 Eric Overstrom Former Provost & Senior VP Acad. Affairs 171131 0 0 0 185950 0 17893 0 21710 0 396684 0 0 0 Schedule J, Part I, Line 1a President Thompson and former President Pantic were provided with a $6,250 and $4,167 monthly housing allowance, respectively and the entire amounts were treated as taxable compensation. Interim VP for Human Resources Keeney was provided with temporary off campus housing and parking with a monthly value of approximately $5,000 which was treated as nontaxable compensation. Schedule J, Part I, Line 1b The amount of the housing allowance for the President and former President were included in a written employment contracts that were approved by the Executive Committee of the Board of Trustees. The amounts were determined partly based from salary surveys. The temporary off campus housing and parking provided to the Interim VP for Human Resources were pursuant to a written contract approved by the President. Schedule J, Part I, Line 4 Vice President for Human Resources Shinomoto received severance in the amount of $90,000 on November 14, 2019 as result of separation from the university on October 9, 2019. Former President Pantic received severance in the amount of $450,000 on May 31, 2019 as result of separation from the university on that date. In fiscal years 2016, 2017 and 2018 payments totaling $75,000 were made to a 457(f) Supplemental Executive Retirement Plan on behalf of former President Pantic. Such amounts, together with interest of $8,833, vested on May 31, 2019 and were reported as taxable compensation and the former President was entitled to and received 100% of the account in a single lump sum payment on this date. Payments made to the former President were made in accordance to a written employment contract that was approved by the Executive Committee of the Board of Trustees. Former Provost and Senior VP for Academic Affairs Overstrom received severance in the amount of $181,730 on July 11, 2019 as result of separation from the university on June 3, 2019. 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 10, 2020 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 May 13, 2020 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 Name 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 10 Years - - 8495 Dependent scholarship Tuition X 3 25805 Fair market value X Equipment & Apparel 164 10371 Fair market value 1 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. Schedule M, Part I, Lines 25-28 The university is disclosing the number of items received. Form 990, Part V, Line 2a The total number of employees includes faculty and staff of 1,153 and student employees of 1,294. 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 A, Line 4 On May 7, 2020, the Board of Trustees authorized the university to amend the Bylaws resulting in the following: The consolidation of existing board committees, reducing the current standing committees from nine to six to include: Executive Committee; Academic and Student Affairs Committee; Audit Committee; Advancement Committee; Resources Committee; and Trusteeship & Governance Committee. A reduction to the minimum number of meetings the board is required to hold per year from four to three meetings. Amendment to the language no longer requiring the Treasurer to serve as the Chair of the Finance Committee, and to now serve as a member of the newly-formed Resources Committee. 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 2017 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/Assistant Treasurer 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 loss on interest rate swaps $3,696,313.