2016-05-06T15:26:14-05:00 2015-06-30 263753134 CBIZ TOFIAS 500 BOYLSTON STREET BOSTON MA 02116 990 2014-07-01 041958460 WENTWORTH INSTITUTE OF TECHNOLOGY INC WENT 6179894325 550 HUNTINGTON AVENUE BOSTON MA 021155998 ROBERT L TOTINO VICE PRESIDENT FOR FINANCE 6179894325 2016-05-03 1 CRAIG KLEIN P00734640 6177610600 2016-05-03 2014 2016-08-17 19:52:53Z ZORICA PANTIC 550 HUNTINGTON AVENUE BOSTON MA 021155998 200054572 0 X WWW.WIT.EDU X 1904 MA POST SECONDARY EDUCATIONAL SERVICES. 25 23 2813 150 246260 172873 3058774 11329222 133730882 154227527 4608969 6655939 1162917 529359 142561542 172742047 36151646 44433301 0 0 52498585 55554960 0 0 2533790 47086547 51793536 135736778 151781797 6824764 20960250 335695129 349958963 160154742 160672047 175540387 189286916 POST SECONDARY EDUCATIONAL SERVICES. 0 0 130073830 44433301 154262732 WENTWORTH INSTITUTE OF TECHNOLOGY IS A NATIONALLY RECOGNIZED PRIVATE CO-EDUCATIONAL AND RESIDENTIAL INSTITUTE OF HIGHER EDUCATION THAT OFFERS MASTERS DEGREE, COOPERATIVE BACCALAUREATE DEGREE, ASSOCIATE DEGREE, AND CERTIFICATE PROGRAMS IN THE DISCIPLINES OF SCIENCE, ARCHITECTURE, DESIGN, ENGINEERING, MANAGEMENT AND TECHNOLOGY. THE INSTITUTE WAS FOUNDED IN 1904 AND OPENED ITS DOORS IN 1911. EDUCATION SERVICES WERE PROVIDED FOR APPROXIMATELY 4,500 DAY, EVENING AND WEEKEND STUDENTS. 130073830 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 1 133 0 1 2813 1 1 1 1 GM FR 0 0 0 1 1 0 0 0 0 X 25 23 1 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA AL AK AZ AR GA IL KS KY MD MI MN MS MO NH NJ NM NY OK OR PA RI SC TN UT VA WV WI CO ME OH X DAVID A GILMORE CPA 6179894328 550 HUNTINGTON AVENUE BOSTON MA 021155998 ZORICA PANTIC PRESIDENT 40.00 X X 442580 0 82224 MICHAEL T ANTHONY CHAIRMAN 7.00 X X 0 0 0 P MICHAEL MASTERSON VICE CHAIRMAN 7.00 X X 0 0 0 KENNETH D ROBERTS TREASURER 7.00 X X 0 0 0 CHRISTINE KEVILLE SECRETARY 7.00 X X 0 0 0 GEORGE A ABE TRUSTEE 7.00 X 0 0 0 JOHN W BLAISDELL TRUSTEE 7.00 X 0 0 0 JEROME H CASEY TRUSTEE 7.00 X 0 0 0 GEORGE W CHAMILLARD TRUSTEE 7.00 X 0 0 0 MICHAEL CORBETT TRUSTEE 7.00 X 0 0 0 DANIEL T FLATLEY TRUSTEE 7.00 X 0 0 0 STEPHEN F FUSI TRUSTEE 7.00 X 0 0 0 KENNETH ISSACS TRUSTEE 7.00 X 0 0 0 RYAN E HUTCHINS TRUSTEE 7.00 X 0 0 0 GREGORY B JANEY TRUSTEE 7.00 X 0 0 0 WAYNE C JOHNSON TRUSTEE 7.00 X 0 0 0 DOUGLAS J KARAM TRUSTEE 7.00 X 0 0 0 JOHN M LYNCH TRUSTEE 7.00 X 0 0 0 IVANA MAGOVCEVIC-LIEBISCH TRUSTEE 7.00 X 0 0 0 JOHN PINI TRUSTEE 7.00 X 0 0 0 GARY J MILLER TRUSTEE 7.00 X 0 0 0 ROBERT C MURRAY TRUSTEE 7.00 X 0 0 0 KEITH J PEDEN TRUSTEE 7.00 X 0 0 0 DONALD E POGORZELSKI TRUSTEE 7.00 X 0 0 0 MICHELE A WHITHAM TRUSTEE 7.00 X 0 0 0 PHILLIP R HOOPER TRUSTEE (UNTIL 9/11/14) 7.00 X 0 0 0 DAVID W KRUGER TRUSTEE (UNTIL 9/11/14) 7.00 X 0 0 0 HOWARD V LEVINE TRUSTEE (UNTIL 9/11/14) 7.00 X 0 0 0 SYLVIA T PRICE TRUSTEE (UNTIL 9/11/14) 7.00 X 0 0 0 ROBERT L TOTINO VP FINANCE 40.00 X 197636 0 49846 RUSSELL PINIZZOTTO VP ACADEMIC AFFAIRS & PROVOST 40.00 X 246608 0 50013 PAULA SAKEY VP INSTITUTIONAL ADVANCEMENT 40.00 X 126405 0 20372 KEIKO BROOMHEAD VP ENROLLMENT 40.00 X 185233 0 24394 DAVID WAHLSTROM VP BUSINESS 40.00 X 193602 0 76534 ANNE GILL VP HUMAN RESOURCES 40.00 X 166984 0 17944 MARK STAPLES VP TECHNOLOGY SERVICES 40.00 X 200136 0 43664 MICHAEL PANKIEVICH AVP PHYSICAL FACILITIES 40.00 X 145094 0 14307 FREDERICK DRISCOLL DEAN 40.00 X 196210 0 18972 CINDY P STEVENS PROFESSOR 40.00 X 184673 0 36475 PATRICK HAFFORD DEAN 40.00 X 187321 0 43055 MASOUD OLIA PROFESSOR 40.00 X 141841 0 40421 GLENN WIGGINS FORMER DEAN 40.00 X 193146 0 41857 2807469 0 560078 109 1 1 0 BOND BROTHERS 145 SPRING STREET EVERETT MA 02149 CONSTRUCTION 9191658 CHARTWELLS DINING SERVICES 3 INTERNATIONAL DRIVE RYE BROOK NY 10573 FOOD SERVICE CATERING 4779245 EDUCATORS HEALTH LLC 123 INTERSTATE DRIVE WEST SPRINGFIELD MA 01089 HEALTHCARE PROGRAMS 4274992 UGL SERVICES UNICCO OPERATIONS 4002 SOLUTIONS CTR CHICAGO MA 60677 CLEANING SERVICES 2417144 COLUMBIA CONSTRUCTION COMPANY 100 RIVERPARK DRIVE NORTH READING MA 01864 CONSTRUCTION 1281579 77 76696 863442 10389084 547450 11329222 TUITION AND FEES 900099 123261871 123261871 ROOM/BOARD & RELATED 900099 30965656 30965656 154227527 1809759 -15150 1824909 504114 0 504114 504114 504114 31886369 198472 27238661 0 4647708 198472 4846180 261410 4584770 63904 76696 73864 -9960 -9960 MISCELLANEOUS 900099 35205 35205 35205 172742047 154262732 246260 6903833 43926643 43926643 506658 506658 2364860 509380 1628615 226865 43206788 35527047 6464718 1215023 3484964 2755785 618915 110264 3285673 2598192 583522 103959 3212675 2540468 570558 101649 379906 379906 299930 299930 433462 433462 4072544 2527455 1253469 291620 1059810 1029870 29940 2646556 1015153 1469852 161551 221803 58798 140398 22607 8291876 8024298 242794 24784 1748317 1540752 170440 37125 591053 384088 186957 20008 3237357 2897878 339479 13603629 13164640 398328 40661 945163 5391 938543 1229 REPAIRS/MAINTENANCE 6103363 5906407 178713 18243 CAFETERIA SERVICES 4586610 4128609 401076 56925 BANK/CREDIT CARD FEES 763202 763202 MEMBERSHIPS 724060 210951 510395 2714 2084895 815367 1170965 98563 151781797 130073830 19174177 2533790 5679005 6422595 25396963 37802630 583972 5504699 3024768 2163743 4305868 4511713 1738169 2261245 333406529 135801065 194402003 197605464 53104992 50546733 39254892 40826215 591877 964502 7612620 1349424 335695129 349958963 16336071 8507451 14861773 16026404 107636778 112918154 21320120 23220038 160154742 160672047 X 144543054 150903382 16172604 19710515 14824729 18673019 175540387 189286916 335695129 349958963 X 20960250 -6046201 -1167520 X 0 1 X 1 1 1 X 2385787 2771299 4891960 3058774 11329222 24437042 2385787 2771299 4891960 3058774 11329222 24437042 2245238 22191804 3562528 3236021 3075578 3083475 2313873 15271475 57045 100750 89274 93210 63904 404183 40112700 632552146 0.55320 0.42270 X FORM 990, 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 ORGANIZATION 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. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 149251522 149251522 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 250000 250000 250000 250000 1000000 1500000 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 66796355 656501 13629380 758587 2616673 229001 77477975 0.71550 0.17480 0.10970 0 0 13392323 13392323 271919272 102176448 169742824 40676928 28413685 12263243 7418006 5210932 2207074 197605464 INTERNATIONAL EQUITY FUNDS 6922044 F MUTUAL FUNDS - FIXED INCOME 4007679 F PRIVATE EQUITY & MUTUAL FUNDS 27403317 F HEDGED FUNDS 2493175 F 40826215 CHARITABLE ANNUITY OBLIGATIONS 3785276 INTEREST RATE SWAP OBLIGATIONS 11332117 ASSET RETIREMENT OBLIGATIONS 1790689 POST-RETIREMENT OBLIGATIONS 2584555 PERKINS AND OTHER GOVERNMENT OBLIGATIONS 3727401 23220038 X 120538555 -6046201 -1092056 -7138257 127676812 433462 44631773 45065235 172742047 106792026 75464 75464 106716562 433462 44631773 45065235 151781797 PART V, LINE 4: THE INSTITUTE'S ENDOWMENT CONSISTS OF 134 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. THE ENDOWMENT INCLUDES BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. 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 ENDOWED FUNDS ARE USED PRIMARILY TO AWARD SCHOLARSHIPS TO STUDENTS. 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. PART XI, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES 73,864. UNREALIZED LOSS ON INTEREST RATE SWAPS -1,167,520. OTHER EXPENSES NETTED WITH REVENUES 1,600. PART XI, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID - GRANTS TO INDIVIDUALS 44,433,301. GAIN ON DISPOSAL OF ASSETS 198,472. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES 73,864. OTHER EXPENSES NETTED WITH REVENUES 1,600. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID - GRANTS TO INDIVIDUALS 44,433,301. GAIN ON DISPOSAL OF ASSETS 198,472. 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 26 OTHER U.S. STATES AND TERRITORIES AND 53 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 DISBURSEMENT 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. 0 EUROPE (INCLUDING ICELAND & GREENLAND) 2 2 PROGRAM SERVICES STUDY ABROAD PROGRAM FOR APPROXIMATELY 100 STUDENTS 1160289 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 GRANTMAKING 506658 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 11720971 2 2 0 0 2 2 13387918 0 13387918 SCHOLARSHIPS EUROPE (INCLUDING ICELAND & GREENLAND) 75 N/A 506658 CREDIT TO STUDENT ACCOUNT FMV 1 0 1 1 0 0 PART I, LINE 2: ALL GRANTS ARE APPLIED DIRECTLY TO THE STUDENT'S ACCOUNT TO COVER A PORTION OF THE STUDENT'S TUITION. ALUMNI TOURNAMENT 56900 22959 33941 42207 PRESIDENT'S CUP 83700 53737 29963 31657 140600 76696 63904 73864 73864 -9960 1 SCHOLARSHIPS 3761 0 43926643 OTHER SCHOLARSHIPS 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, 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 379443 0 0 0 63137 0 71194 0 11030 0 524804 0 0 0 ROBERT L TOTINO VP FINANCE 185909 0 11000 0 727 0 20000 0 29846 0 247482 0 0 0 RUSSELL PINIZZOTTO VP ACADEMIC AFFAIRS & PROVOST 227678 0 15000 0 3930 0 24000 0 26013 0 296621 0 0 0 KEIKO BROOMHEAD VP ENROLLMENT 179305 0 5500 0 428 0 23700 0 694 0 209627 0 0 0 DAVID WAHLSTROM VP BUSINESS 179137 0 12500 0 1965 0 19000 0 57534 0 270136 0 0 0 ANNE GILL VP HUMAN RESOURCES 160806 0 4000 0 2178 0 16250 0 1694 0 184928 0 0 0 MARK STAPLES VP TECHNOLOGY SERVICES 191534 0 6500 0 2102 0 20150 0 23514 0 243800 0 0 0 MICHAEL PANKIEVICH AVP PHYSICAL FACILITIES 142934 0 0 0 2160 0 14307 0 0 0 159401 0 0 0 FREDERICK DRISCOLL DEAN 186912 0 0 0 9298 0 18717 0 255 0 215182 0 0 0 CINDY P STEVENS PROFESSOR 184439 0 0 0 234 0 12961 0 23514 0 221148 0 0 0 PATRICK HAFFORD DEAN 185442 0 0 0 1879 0 19541 0 23514 0 230376 0 0 0 MASOUD OLIA PROFESSOR 141428 0 0 0 413 0 15287 0 25134 0 182262 0 0 0 GLENN WIGGINS FORMER DEAN 191438 0 0 0 1708 0 20151 0 21706 0 235003 0 0 0 PART I, LINE 1A HOUSING ALLOWANCE - ZORICA PANTIC - $50,000. THE ENTIRE AMOUNT IS TREATED AS TAXABLE COMPENSATION. 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 ON DATA FROM SALARY SURVEYS. PART I, LINE 4B ZORICA PANTIC PARTICIPATED IN A SECTION 457(F) SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN DURING FY 15. $25,000 WAS CONTRIBUTED TO THE PLAN IN CALENDAR 2014. ADDITIONALLY, $2,694 OF INTEREST WAS EARNED ON THE PRESIDENT'S SECTION 457(F) PLAN BALANCE IN CALENDAR 2014. 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 MASS DEVELOPMENT FINANCE AGENCY 043431814 2013-02-15 69865000 REFUND MDFA 2008 SERIES BONDS AND CONSTRUCT RESIDENCE HALL 0 0 0 B MASS DEVELOPMENT FINANCE AGENCY 043431814 2015-04-09 46280000 REFUND MDFA SERIES 2007 SERIES A AND B BONDS 0 0 0 A 69865000 685740 69179260 2014 1 0 1 1 B 46280000 447723 45832277 2015 1 0 1 1 A 0 1 1 1 0 0.00390 0.00390 0 0 1 B 0 0 1 1 0 0.00450 0.00450 0 0 1 A 0 1 0 0 1 1 SEE PART VI 0 0 0 0 1 B 0 1 0 0 1 1 SEE PART VI 0 0 0 0 1 A 1 B 1 SCHEDULE K, PART IV, ARBITRAGE, LINE 4B & 4C: BOND (A) 4B. NAME OF PROVIDER: WELLS FARGO/RBS CITIZENS 4C. TERM OF HEDGE: 31 YEARS/10 YEARS BOND (B) 4B. NAME OF PROVIDER: MORGAN STANLEY/BANK OF NEW YORK 4C. TERM OF HEDGE: 29.8 YEARS 32980 DEPENDENT SCHOLARSHIP TUITION BOND BROTHERS INC SEE BELOW 9191658 SEE BELOW 0 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 DECISION TO AWARD THE CONSTRUCTION CONTRACT TO BOND BROTHERS, INC. WAS MADE IN CONSULTATION WITH THE INSTITUTE'S INDEPENDENT AUDIT COMMITTEE CHAIRMAN. X 11 547450 QUOTED MARKET PRICE 0 0 1 0 PART I, COLUMN (B): THE NUMBER REPORTED IN COLUMN (B) OF SCHEDULE M REPRESENTS THE NUMBER OF CONTRIBUTIONS OF EACH ITEM. FORM 990, PART VI, SECTION A, LINE 2 CORPORATOR AND FORMER TRUSTEE EDWARD A. BOND AND TRUSTEE ROBERT MURRAY HAVE A BUSINESS RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 6 UNDER THE ORGANIZATION'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 ORGANIZATION'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 11 A DRAFT COPY OF THE FORM 990 IS PROVIDED TO ALL MEMBERS OF THE ORGANIZATION'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. WE MONITOR THE REPLIES TO ENSURE THAT WE RECEIVE REPLIES FROM 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 COMMITEE 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 INERMEDIATE 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 WE USE TO EVALUATE THE COMPETITIVENESS OF OUR 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/ASSISTANT TREASURER WILL SUBMIT THE SALARY RECOMMENDATIONS FOR THE PRESIDENT TO THE HUMAN RESOURCES DEPARTMENT. FORM 990, PART VI, SECTION C, LINE 19 THE 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 -1,167,520. CHARITABLE REMAINDER TRUST 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