2017-05-04T09:05:33-07:00 2016-06-30 990 2015-07-01 041958460 WENTWORTH INSTITUTE OF TECHNOLOGY INC WENT 6179894328 550 Huntington Avenue Boston MA 021155998 Robert Totino VP for Finance/CFO 6179894328 2017-05-04 2015 2021-01-29 14:40:06Z Zorica Pantic 550 Huntington Avenue Boston MA 021155998 195574443 0 X www.wit.edu X 1904 MA Wentworth Institute of Technology is a nationally recognized private co-educational and residential institute of higher education with a mission to empower, inspire and innovate through experiential learning with a core purpose of career success. 23 21 2909 150 -20089 -51591 11329222 6426896 154227527 161302504 6655939 2362181 529359 643245 172742047 170734826 44433301 46766690 0 0 55554960 58761092 0 0 3278581 51793536 55650610 151781797 161178392 20960250 9556434 348994461 353326983 159707545 163362855 189286916 189964128 Wentworth Institute of Technology is a nationally recognized private co-educational and residential institute of higher education with a mission to empower, inspire and innovate through experiential learning with a core purpose of career success. 0 0 137395161 46766690 161635509 Wentworth Institute of Technology (the "Institute") is a nationally recognized private co-educational and residential institute of higher education, located in Boston, Massachusetts and is accredited by the New England Association of Schools and Colleges. Founded in 1904, the Institute opened its doors in 1911. The Institute offers Masters degrees, Cooperative Baccalaureate degrees, Associate degrees, and Certificate Programs in the disciplines of Architecture, Design, Engineering, Management, Science and Technology. The Institute provides academic, residential and other services to a diverse student population of approximately 4,500 day, evening and weekend students. 0 0 0 137395161 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 1 1 0 0 0 0 1 1 0 0 0 1 X 138 0 1 2909 1 1 1 1 FR GM 0 0 0 1 1 0 0 0 0 X 23 21 1 0 0 0 1 1 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 OK 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 Keith J Peden Vice Chair 4 0 X X 0 0 0 Jerome H Casey Treasurer 4 0 X X 0 0 0 Gregory B Janey Secretary 4 0 X X 0 0 0 Michael T Anthony Former Chair and current Trustee 4 0 X X 0 0 0 Kenneth D Roberts Former Treasurer (Until 9/17/15) 4 0 X X 0 0 0 Christine Keville Former Secretary and current Trustee 4 0 X X 0 0 0 George A Abe Trustee 4 0 X 0 0 0 John W Blaisdell 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 4 0 X 0 0 0 Douglas J Karam Trustee 4 0 X 0 0 0 John M Lynch Trustee 4 0 X 0 0 0 Ivana Magovcevic-Liebisch 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 Adam Palmer Trustee 4 0 X 0 0 0 John Pini Trustee 4 0 X 0 0 0 Donald E Pogorzelski Trustee 4 0 X 0 0 0 Michele A Whitham Trustee 4 0 X 0 0 0 George W Chamillard Trustee (Until 9/17/15) 4 0 X 0 0 0 Michael Corbett Trustee (Until 9/17/15) 4 0 X 0 0 0 Wayne C Johnson Trustee (Until 9/17/15) 4 0 X 0 0 0 Zorica Pantic President 40 0 X X 532747 0 63138 Robert L Totino Vice President for Finance & CFO 40 0 X 240269 0 52342 Richard S Hansen Vice President for Academic Affairs & Provost 40 0 X 131733 0 0 Keiko S Broomhead Vice President for Enrollment Management 40 0 X 196476 0 25092 Anne M Gill Vice President for Human Resources 40 0 X 184771 0 19442 Paula S Sakey Vice President for Institutional Advancement 40 0 X 229223 0 24214 Mark Staples Vice President for Information Technology 40 0 X 211700 0 43031 David Wahlstrom Vice President for Business 40 0 X 199594 0 88931 Frederick F Driscoll Dean College of Engineering & Technology 40 0 X 206639 0 21886 Patrick F Hafford Dean College of Arts & Sciences 40 0 X 207836 0 43135 Charles Hotchkiss Dean College of Arch, Design & Constr. Mgmt. 40 0 X 149068 0 37480 Cindy P Stevens Professor 40 0 X 205294 0 25321 Leslie Vaughan Assoc. Vice President for Information Technology 40 0 X 148634 0 56840 Russell Pinizzotto Vice President for Academic Affairs & Provost 0 0 X 103431 0 21369 2947415 0 522221 116 1 1 0 Chartwells Dining Services 2 International Drive Rye Brook NY 10573 Dining services & catering 4854004 UG2 LLC 1 International Pl Ste 1402 Boston MA 02110 Custodial services 2465390 Bond Brothers Inc 145 Spring Street Everett MA 02149 Construction services 2365268 Royall and Company 1920 E Parham Road Richmond VA 23228 Student marketing services 720714 Collegiate Press Astor Station PO 230160 Boston MA 02123 Copy and mail services 707475 52 0 0 104334 0 1222188 5100374 263627 6426896 Tuition and fees 611310 129655228 129655228 0 0 Room and board and related 611310 31647276 31647276 0 0 0 0 0 0 161302504 1537181 0 -56946 1594127 0 0 0 0 0 0 0 0 299456 0 0 0 299456 0 299456 0 0 299456 25361926 218570 23959957 795539 1401969 -576969 825000 0 36857 788143 94905 104334 84121 10784 0 10784 0 0 0 0 0 0 0 0 0 0 0 0 Miscellaneous 900099 333005 333005 0 0 0 0 0 0 333005 170734826 161635509 -20089 2692510 0 0 46174430 46174430 592260 592260 0 0 2327302 567988 1554194 205120 0 0 0 0 46319721 37410340 7218368 1691013 3441628 2779648 536336 125644 3180640 2568859 495665 116116 3491801 2820171 544155 127475 0 0 0 0 273791 0 273791 0 114730 0 114730 0 0 0 0 0 0 0 496310 0 496310 0 6302467 3653567 2266237 382663 1209423 1154924 54499 0 2967304 1158704 1606067 202533 208769 122186 81498 5085 0 0 0 0 8544987 8269245 250202 25540 1714605 1520815 149847 43943 0 0 0 0 558281 382381 153850 22050 3619073 3237919 381154 0 0 0 0 0 14296895 13835541 418622 42732 834667 9829 824838 0 Repairs/maintenance 6023536 5829157 176375 18004 Cafeteria services 4612304 4016815 504847 90642 Memberships 784133 202351 579212 2570 Bank/credit card fees 597797 0 597797 0 2491538 1088031 1226056 177451 161178392 137395161 20504650 3278581 6422595 7928207 37802630 36573925 5504699 5563137 2163743 2885896 0 0 0 0 4511713 4537403 0 0 2261245 2316385 352377655 146835897 197605464 205541758 51596536 46439048 39776412 40212859 0 0 0 0 1349424 1328365 348994461 353326983 8507451 11343656 0 0 16026404 16514543 111953652 108290414 0 0 0 0 0 0 0 0 23220038 27214242 159707545 163362855 X 150903382 153266202 19710515 16831839 18673019 19866087 189286916 189964128 348994461 353326983 X 9556434 -4005646 0 0 0 -4873576 X 0 1 X 1 1 1 X 2771299 4891960 3058774 11329222 6426896 28478151 0 0 0 0 0 0 0 0 0 0 0 0 2771299 4891960 3058774 11329222 6426896 28478151 8983687 19494464 3236021 3075578 3083475 2313873 1836637 13545584 0 0 0 0 0 0 100750 89274 93210 63904 94905 442043 42465778 689059433 0.45906 0.55324 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 Institute 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 157899811 157899811 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 89739718 724232 -1537781 1436758 2880264 496310 84112837 91461836 2052036 766281 1325808 2780985 433642 89739718 81890151 549451 13302572 1045574 2842846 391918 91461836 74417358 949104 10539177 908980 2716573 389935 81890151 77477975 885161 -478107 579154 2620735 267782 74417358 0.7083 0.1944 0.0973 0 0 0 13392323 13392323 0 273586026 111117217 162468809 0 0 0 0 0 44172194 30264659 13907535 0 21227112 5454021 15773091 205541758 Hedged equity funds 21162886 F Private equity and venture funds 6263485 F International equity funds 6243231 F Fixed income funds 4428428 F Commodity funds 2114829 F 40212859 0 Charitable annuity obligations 3435103 Interest rate swap obligations 16205693 Asset retirement obligations 1236967 Post-retirement obligations 2599050 Perkins and other government 3737429 27214242 X 115158789 -4005646 0 0 -4873576 -8879222 124038011 496310 46200505 46696815 170734826 114481577 0 0 0 0 0 114481577 496310 46200505 46696815 161178392 Schedule D, Part V, Line 4 The Institute's endowment consists of approximately 122 donor-restricted and 12 board-restricted individual funds established for a variety of purposes for the furtherance of the educational mission of the Institute. The Board of Trustees has established a spending rate of 5% of a rolling three-year average fair market 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 Institute 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 Institute 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 Institute has determined that such tax positions do not result in an uncertainty requiring recognition. The Institute is not currently under examination by any taxing jurisdiction. The Institute'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 $4,873,576. Schedule D, Part XI, Line 4b Student financial aid grants to individuals $46,766,690 plus net income from fundraising events $10,784 less loss on disposal of assets $576,969. Schedule D, Part XII, Line 4b Student financial aid grants to individuals $46,766,690 plus net income from fundraising events $10,784 less loss on disposal of assets $576,969. 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 Institute's student population is predominately from the Northeast region of the United States, as well as from approximately 29 other U.S. States and territories and 60 foreign countries. The Institute 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 Institute 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 program for approximately 123 students 814729 Europe (including Iceland and Greenland) 0 0 Grantmaking 592260 Central America and the Caribbean 0 0 Investments 13277364 2 2 14684353 Scholarships Europe (including Iceland and Greenland) 93 0 N/A 592260 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 Tourney 80784 33406 47378 0 0 28700 10621 0 11541 President's Golf Tourney 118455 70928 47527 0 0 19250 10026 0 3983 0 199239 104334 94905 0 0 47950 20647 0 15524 84121 10784 1 Scholarships to students. 3825 0 46174430 Other Reduction to student account balance for tuition owed to the Institute. Schedule I, Part I, Line 2 The Institute'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 386499 0 0 0 146248 0 52813 0 10325 0 595885 0 83154 0 Robert L Totino Vice President for Finance & CFO 229279 0 10000 0 990 0 24260 0 28082 0 292611 0 0 0 Richard S Hansen Vice President for Academic Affairs & Provost 108333 0 0 0 23400 0 0 0 0 0 131733 0 0 0 Keiko S Broomhead Vice President for Enrollment Management 188285 0 7500 0 691 0 19398 0 5694 0 221568 0 0 0 Anne M Gill Vice President for Human Resources 177001 0 5000 0 2770 0 17404 0 2038 0 204213 0 0 0 Paula S Sakey Vice President for Institutional Advancement 217999 0 10000 0 1224 0 22019 0 2195 0 253437 0 0 0 Mark Staples Vice President for Information Technology 202017 0 7500 0 2183 0 21128 0 21903 0 254731 0 0 0 David Wahlstrom Vice President for Business 187552 0 10000 0 2042 0 19922 0 69009 0 288525 0 0 0 Frederick F Driscoll Dean College of Engineering & Technology 194061 0 2000 0 10578 0 19632 0 2254 0 228525 0 0 0 Patrick F Hafford Dean College of Arts & Sciences 203052 0 2000 0 2784 0 21232 0 21903 0 250971 0 0 0 Charles Hotchkiss Dean College of Arch, Design & Constr. Mgmt. 146505 0 1000 0 1563 0 15577 0 21903 0 186548 0 0 0 Cindy P Stevens Professor 202770 0 2100 0 424 0 13146 0 12175 0 230615 0 0 0 Leslie Vaughan Assoc. Vice President for Information Technology 144846 0 2240 0 1548 0 15853 0 40987 0 205474 0 0 0 Russell Pinizzotto Vice President for Academic Affairs & Provost 100532 0 0 0 2899 0 10555 0 10814 0 124800 0 0 0 Schedule J, Part I, Line 1a President Pantic and Vice President for Academic Affairs & Provost Hansen are provided with a $4,167 and $3,600 monthly housing allowance, respectively, and the entire amounts are treated as taxable compensation. President Pantic is provided with an Institute vehicle for business use and any personal miles are treated as taxable compensation. Schedule J, Part I, Line 1b The amount of the housing allowance for the President and the Vice President for Academic Affairs & Provost are included in written employment contracts that were approved by the Executive Committee of the Board of Trustees. The amounts were determined partly based from salary surveys. Schedule J, Part I, Line 4 In fiscal years 2013, 2014 and 2015 payments totaling $75,000 were made to a 457(f) Supplemental Executive Retirement Plan on behalf of President Pantic. Such amounts, together with interest of $8,154, vested on May 31, 2015 and were reported as taxable compensation. In addition, the President was entitled to and received 100% of the account in a single lump sum payment on this date. In fiscal year 2016, an accrual of $25,000, plus interest of $1,313, was made to a 457(f) Supplemental Executive Retirement Plan on behalf of President Pantic. 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 2013-02-15 69865000 Refunding MDFA 2008 Series Bonds & construction of new residence hall 0 0 0 B Massachusetts Development Finance Agency 043431814 2015-04-09 46280000 Refunding MDFA 2007 Series Bonds 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 A 0 1 1 1 0 0.0039 0 0.0039 0 0 1 B 0 0 1 1 0 0.0045 0 0.0045 0 0 1 A 0 1 0 0 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 A 1 B 1 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 - - 44700 Dependent scholarship Tuition Bond Brothers Inc See below 2365268 Construction services 0 Schedule L, Part IV The Institute engages in activities in the normal course of business with organizations whose Officers, Directors or Trustees may be Officers, Directors or Trustees of the Institute. As such, the Institute had contracts for construction services with Bond Brothers, Inc. whose President, Robert Murray is a Trustee of the Institute. This contract resulted from a competitive bid process and through the normal procurement process. The Institute's decision to award the construction contract to Bond Brothers, Inc. was made in consultation with the Institute's independent Audit Committee Chair. X 15 253695 fair market value X Equipment 2 9932 fair market value 0 0 1 0 Schedule M, Part I, Line 9 The Institute 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 1,186 and student employees of 1,723. Form 990, Part VI, Section A, Line 2 Corporator and former Trustee Edward A. Bond and Trustee Robert C. Murray have a business relationship. Trustee Gregory B. Janey and Trustee Ryan E. Hutchins have a business relationship. Trustee Paul A. Guarracino and Trustee Adam Palmer have a business relationship. Form 990, Part VI, Section A, Line 6 Under the Institute's bylaws, the Corporation consists of persons called Corporators. New Trustees and incumbent members of the Board of Trustees who are eligible for re-election shall be elected at the Corporation's annual meeting duly called at which a quorum is present by a majority of the Corporators present at such meeting. Form 990, Part VI, Section A, Line 7a Under the Institute's bylaws, the Corporation consists of persons called Corporators. New Trustees and incumbent members of the Board of Trustees who are eligible for re-election shall be elected at the Corporation's annual meeting duly called at which a quorum is present by a majority of the Corporators present at such meeting. Form 990, Part VI, Section B, Line 11b A draft copy of the Form 990 is provided to all members of the Institute'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 Institute'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 Institute annually distributes, via email and other electronic means, a copy of the conflict of interest policy and related disclosure forms. The Institute monitors the replies to ensure that it receives replies form all appropriate Corporators, 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 Institute 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 Institute has a rebuttable presumption of reasonableness, and that the Institute does not violate the intermediate sanctions provisions of the Internal Revenue Code. In order to determine market value, Wentworth hired compensation consultants in 2014 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 Institute'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 Institute'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 $4,873,576. Charitable Remainder Trust 550 Huntington Avenue Boston MA 02115 Trust MA N/A T 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0