2020-05-11T08:30:36-07:00 2019-06-30 990 2018-07-01 041958460 WENTWORTH INSTITUTE OF TECHNOLOGY INC WENT 6179894328 550 Huntington Avenue Boston MA 021155998 Robert Totino VP for Finance/CFO 6179894328 2020-05-11 173.48.178.239 2018 2021-01-29 14:40:06Z Mark A Thompson 550 Huntington Avenue Boston MA 021155998 191550902 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 2812 150 134875 111819 14875321 5873929 169378186 174949573 18906905 4798212 955494 1121250 204115906 186742964 47246143 49086856 0 0 64782713 68864699 0 0 4327221 58356664 61701098 170385520 179652653 33730386 7090311 430458871 434446766 188393410 185466067 242065461 248980699 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 156845420 49086856 175251775 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 66 foreign countries. 0 0 0 156845420 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 1 0 0 0 1 0 0 0 0 0 0 0 0 1 X 154 0 1 2812 1 1 1 1 GM 0 0 0 1 1 0 0 0 0 0 0 X 26 25 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 David A Gilmore 6179894328 550 Huntington Avenue Boston MA 021155998 P Michael Masterson Chair 4 0 X X 0 0 0 Gregory B Janey Vice Chair 4 0 X X 0 0 0 Jerome H Casey Treasurer 4 0 X X 0 0 0 Robert C Murray Secretary 4 0 X X 0 0 0 George A Abe Trustee 4 0 X 0 0 0 Mark R Bamforth Trustee 4 0 X 0 0 0 Elizabeth C Biron Trustee (As of 6/1/19) 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 4 0 X 0 0 0 Peter J Davoren Trustee 4 0 X 0 0 0 Robert DeBenedetto Trustee 4 0 X 0 0 0 Daniel T Flatley Trustee 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 Ryan E Hutchins Trustee 4 0 X 0 0 0 Kenneth Isaacs Trustee (Until 2/6/19) 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 Gary J Miller Trustee 4 0 X 0 0 0 Candace Naste Trustee (Until 5/31/19) 4 0 X 0 0 0 John Pini Trustee 4 0 X 0 0 0 Sylvia T Price Trustee 4 0 X 0 0 0 Michele A Whitham Trustee 4 0 X 0 0 0 Mark A Thompson President (As of 6/1/19) 40 0 X X 0 0 0 Zorica Pantic President (Until 5/31/19) 40 0 X X 557794 0 38019 Robert L Totino Vice President for Finance & CFO 40.00 0 X 277972 0 55399 Eric Overstrom Senior VP Academic Affairs & Provost 40 0 X 342932 0 49954 Keiko S Broomhead Vice President for Enrollment Management 40 0 X 199838 0 42018 Amy Intille Vice President of Executive Affairs 40 0 X 185017 0 17082 Vishvas Paradkar VP for Information Tech (As of 4/2/18) 40 0 X 184621 0 16500 Paula S Sakey Vice President for Institutional Advancement 40 0 X 267761 0 25888 Linda Shinomoto VP for Human Resources (As of 2/5/18) 40 0 X 191843 0 45262 David Wahlstrom Vice President for Business 40 0 X 206763 0 86035 Annamaria Wenner Vice President Student Affairs & Dean of Students 40 0 X 182796 0 25418 Frederick F Driscoll Dean College of Engineering & Technology 40 0 X 212400 0 21407 Carol Estes-Schwartz Assoc. Vice President Institutional Advancement 40 0 X 175871 0 17433 Patrick F Hafford Dean College of Arts & Sciences 40 0 X 178658 0 33460 Dianne K Plummer Assoc. VP for Enrollment Management 40 0 X 170116 0 21248 Cindy P Stevens Professor 40 0 X 195738 0 24789 3530120 0 519912 143 0 1 0 Gilbane Building Company Corp 7 Jackson Walkway Providence RI 02903 Construction contractor 31494730 Chartwells Dining Services 2 International Drive Rye Brook NY 10573 Dining services & catering 5399750 TG Gallagher Inc 309 Waverley Oaks Road Suite 200 Waltham MA 02452 Construction contractor 3589787 UG2 LLC 116 Huntington Avenue 12th Fl Boston MA 02116 Custodial services 2477658 EMCOR Services Inc 80 Hawes Way Stoughton MA 020721163 Construction contractor 1354345 57 0 0 69600 0 1246484 4557845 387308 5873929 Tuition and fees 611310 139467106 139467106 0 0 Room and board related 611310 35482467 35482467 0 0 0 0 0 0 174949573 1704844 0 109821 1595023 0 0 0 0 0 0 0 0 817401 0 0 0 817401 0 817401 0 0 817401 7598241 231987 4391852 345008 3206389 -113021 3093368 0 25054 3068314 72725 69600 71078 1647 0 1647 0 0 0 0 0 0 0 0 0 0 0 0 Miscellaneous 900099 302202 302202 0 0 0 0 0 0 302202 186742964 175251775 134875 5482385 0 0 48508972 48508972 577884 577884 0 0 3777309 858622 2625732 292955 0 0 0 0 52052062 44533809 5112877 2405376 3927186 3166749 547913 212524 5081246 4097344 708925 274977 4026896 3247152 561824 217920 0 0 0 0 395845 0 395845 0 95690 0 95690 0 0 0 0 0 0 0 232272 0 232272 0 4831940 3478356 1201006 152578 1773201 1573916 122302 76983 2275328 1161108 1053703 60517 2251151 1761899 377289 111963 0 0 0 0 8894299 8606865 255395 32039 1303501 1173497 85108 44896 0 0 0 0 709311 561235 97736 50340 4393480 4045065 348415 0 0 0 0 0 16829692 16301989 479010 48693 847776 0 847776 0 Cafeteria services 5187416 5049609 118270 19537 Repairs and maintenance 5216963 5048614 152756 15593 Printing and publications 1150210 342887 720390 86933 Study abroad 1086958 1086958 0 0 4226065 1662890 2339778 223397 179652653 156845420 18480012 4327221 10199819 8901120 33782799 36167209 4329602 4163960 2267227 2329454 0 0 0 0 4082944 3510017 0 0 2530476 2287021 437079636 179494037 240250361 257585599 62347300 63641281 53223446 55460323 0 0 0 0 17444897 400782 430458871 434446766 14603916 13089864 0 0 16458554 16597009 144547987 139765050 0 0 0 0 0 0 0 0 12782953 16014144 188393410 185466067 X 195300014 200086817 16456441 17918851 30309006 30975031 242065461 248980699 430458871 434446766 X 7090311 2825944 0 0 0 -3001017 X 0 1 X 1 1 1 X 11329222 6426896 4373736 14875321 5873929 42879104 0 0 0 0 0 0 0 0 0 0 0 0 11329222 6426896 4373736 14875321 5873929 42879104 14920759 27958345 2313873 1836637 2474926 2315302 2522245 11462983 173873 0 14752 151577 112819 453021 63904 94905 106975 71925 72725 410434 55205542 826093413 0.50644 0.47592 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 175325432 175325432 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 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 91461836 2052036 766281 1325808 2780985 433642 89739718 0.663 0.236 0.101 0 0 0 13392323 13392323 0 361899811 142592960 219306851 0 0 0 0 0 51061616 30852398 20209218 0 10725886 6048679 4677207 257585599 Global equity funds 11787170 F International equity funds 7488669 F Fixed income funds 10230509 F Hedged equity funds 16643583 F Private real asset funds 1092668 F Private equity and venture funds 8217724 F 55460323 0 Interest rate swap obligations 9051093 Perkins and other government 3810349 Post-retirement benefit obligations 2263265 Asset retirement obligations 742989 Charitable annuity obligations 146448 16014144 X 137360137 2825944 0 0 -3001017 -175073 137535210 232272 48975482 49207754 186742964 130444899 0 0 0 0 0 130444899 232272 48975482 49207754 179652653 Schedule D, Part V, Line 4 The university's endowment consists of approximately 151 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 rolling three-year average fair market value of the endowment. For the fiscal years ended 2019, 2018 and 2017, the Board of Trustees has designated only a portion of the university's Board-designated endowment funds for support of current operations and did not apply the full 5% draw. 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 $3,001,017. Schedule D, Part XI, Line 4b Student financial aid grants to individuals $49,086,856 plus net gain from fundraising events $1,647 less net loss on disposal of assets $113,021. Schedule D, Part XII, Line 4b Student financial aid grants to individuals $49,086,856 plus net gain from fundraising events $1,647 less net loss on disposal of assets $113,021. 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 66 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 942919 South America 0 0 Program Services Study abroad 77392 East Asia and the Pacific 0 0 Program Services Study abroad 32974 Sub-Saharan Africa 0 0 Program Services Study abroad 13610 Europe (including Iceland and Greenland) 0 0 Grantmaking 577884 Central America and the Caribbean 0 0 Investments 22905942 2 2 24550721 Scholarships Europe (including Iceland and Greenland) 89 0 NA 577884 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. Alumni Golf Tournament 142325 69600 72725 0 0 37640 18092 0 15346 0 0 142325 69600 72725 0 0 37640 18092 0 15346 71078 1647 1 Scholarships to students. 3705 0 47616258 Other Reduction to student account balance for tuition owed to the university. Scholarships to students. 74 0 892714 Other Reduction to student account balance for room owed to the university. 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 0 1 0 0 0 0 0 1 0 Zorica Pantic President (Until 5/31/19) 428610 0 49500 0 79684 0 27500 0 10519 0 595813 0 0 0 Robert L Totino Vice President for Finance & CFO 252786 0 23800 0 1386 0 26500 0 28899 0 333371 0 0 0 Eric Overstrom Senior VP Academic Affairs & Provost 306933 0 28350 0 7649 0 27500 0 22454 0 392886 0 0 0 Keiko S Broomhead Vice President for Enrollment Management 176873 0 17100 0 5865 0 19064 0 22954 0 241856 0 0 0 Amy Intille Vice President of Executive Affairs 169919 0 14500 0 598 0 17000 0 82 0 202099 0 0 0 Vishvas Paradkar VP for Information Tech (As of 4/2/18) 165000 0 19000 0 621 0 16500 0 0 0 201121 0 0 0 Paula S Sakey Vice President for Institutional Advancement 244306 0 22100 0 1355 0 24500 0 1388 0 293649 0 0 0 Linda Shinomoto VP for Human Resources (As of 2/5/18) 178800 0 10000 0 3043 0 18981 0 26281 0 237105 0 0 0 David Wahlstrom Vice President for Business 186983 0 17800 0 1980 0 19700 0 66335 0 292798 0 0 0 Annamaria Wenner Vice President Student Affairs & Dean of Students 166913 0 15300 0 583 0 17000 0 8418 0 208214 0 0 0 Frederick F Driscoll Dean College of Engineering & Technology 203005 0 0 0 9395 0 20378 0 1029 0 233807 0 0 0 Carol Estes-Schwartz Assoc. Vice President Institutional Advancement 174330 0 0 0 1541 0 17433 0 0 0 193304 0 0 0 Patrick F Hafford Dean College of Arts & Sciences 176344 0 0 0 2314 0 18564 0 14896 0 212118 0 0 0 Dianne K Plummer Assoc. VP for Enrollment Management 166447 0 2000 0 1669 0 17000 0 4248 0 191364 0 0 0 Cindy P Stevens Professor 195320 0 0 0 418 0 16371 0 8418 0 220527 0 0 0 Schedule J, Part I, Line 1a President Pantic was provided with a $4,167 monthly housing allowance, and the entire amount was treated as taxable compensation. President Pantic was provided with a university vehicle until March 31, 2018 for business use and any personal miles were treated as taxable compensation. Schedule J, Part I, Line 1b The amount of the housing allowance for President Pantic 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 President Pantic participated in a 457(f) Supplemental Executive Retirement Plan and no amounts were deferred on her behalf during fiscal year 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 1 0 0 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 22, 2019 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 - - 41932 Dependent scholarship Tuition X 7 101146 Fair market value X Discounted equipment 31 236162 Fair market value X Equipment 36 50000 Fair market value 0 0 1 0 Schedule M, Part I, Line 33 The university is disclosing the number of contributions of publicly traded securities. These contributions may be comprised of one or more securities. The university received thirty-one pieces of equipment through a discount on purchase and thirty-six pieces of gifted equipment. Form 990, Part V, Line 2a The total number of employees includes faculty and staff of 1,193 and student employees of 1,619. 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 Prior to the beginning of fiscal year 2019, under the university's bylaws, the Corporation consisted of persons called Corporators. New Trustees and incumbent members of the Board of Trustees who were eligible for re-election were elected at the Corporation's annual meeting duly called at which a quorum was present by a majority of the Corporators present at such meeting. The bylaws were amended to change the word Corporation to Institute and also eliminated the voting rights of Corporators. New Trustees and incumbent members of the Board of Trustees who are eligible for re-election are now elected by an affirmative vote of two-thirds of the Trustees. 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 $3,001,017.