2015-05-14T11:18:20-05:00 2014-06-30 263753134 CBIZ TOFIAS 500 BOYLSTON STREET BOSTON MA 02116 990 2013-07-01 041958460 WENTWORTH INSTITUTE OF TECHNOLOGY INC WENT 6179894325 550 HUNTINGTON AVENUE BOSTON MA 021155998 ROBERT L TOTINO VICE PRESIDENT FOR FINANCE 6179894325 2015-05-12 1 CRAIG KLEIN P00734640 6177610600 2015-05-12 2013 2016-02-25 16:41:14Z ZORICA PANTIC 550 HUNTINGTON AVENUE BOSTON MA 021155998 168365201 0 X WWW.WIT.EDU X 1904 MA POST SECONDARY EDUCATIONAL SERVICES. 26 23 2746 150 51081 0 4891960 3058774 125563792 133730882 2938633 4608969 1189535 1162917 134583920 142561542 31690100 36151646 0 0 51941891 52498585 0 0 2063686 44196264 47086547 127828255 135736778 6755665 6824764 286028546 335695129 125495604 160154742 160532942 175540387 POST SECONDARY EDUCATIONAL SERVICES. 0 0 115073977 36151646 133850897 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 4,200 DAY, EVENING AND WEEKEND STUDENTS. 115073977 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 1 150 0 1 2746 1 1 1 1 GM FR 0 0 0 1 1 0 0 0 0 X 26 23 1 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 0 0 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 X SARA LAWARE 6179894477 550 HUNTINGTON AVENUE BOSTON MA 021155998 ZORICA PANTIC PRESIDENT 40.00 X X 484226 0 78704 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 JOHN W BLAISDELL TRUSTEE 7.00 X 0 0 0 EDWARD A BOND JR 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 PHILLIP R HOOPER 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 DAVID W KRUGER TRUSTEE 7.00 X 0 0 0 HOWARD V LEVINE TRUSTEE 7.00 X 0 0 0 IVANA MAGOVCEVIC-LIEBISCH 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 SYLVIA T PRICE TRUSTEE 7.00 X 0 0 0 CLAYTON TURNBULL TRUSTEE 7.00 X 0 0 0 MICHELE A WHITHAM TRUSTEE 7.00 X 0 0 0 ROBERT L TOTINO VP FINANCE 40.00 X 201509 0 49794 RUSSELL PINIZZOTTO VP ACADEMIC AFFAIRS & PROVOST 40.00 X 250803 0 49283 KEIKO BROOMHEAD VP ENROLLMENT 40.00 X 186679 0 24386 DAVID WAHLSTROM VP BUSINESS 40.00 X 170630 0 69098 ANNE GILL VP HUMAN RESOURCES 40.00 X 167353 0 17937 MARK STAPLES VP TECHNOLOGY SERVICES 40.00 X 198500 0 42950 PAULA SAKEY VP INSTITUTIONAL ADVANCEMENT 40.00 X 0 0 0 MICHAEL PANKIEVICH AVP PHYSICAL FACILITIES 40.00 X 141691 0 14005 GLEN WIGGINS DEAN 40.00 X 193110 0 42857 FREDERICK DRISCOLL DEAN 40.00 X 188487 0 18210 CINDY P STEVENS PROFESSOR 40.00 X 153795 0 36630 PATRICK HAFFORD DEAN 40.00 X 147000 0 39051 BRENDA CROSS-SANCHEZ FORMER VP INSTITUTIONAL ADVANCEMENT 40.00 X 215274 0 12120 2699057 0 495025 86 1 1 0 BOND BROTHERS 145 SPRING STREET EVERETT MA 02149 CONSTRUCTION 28884473 CHARTWELLS DINING SERVICES 3 INTERNATIONAL DRIVE RYE BROOK NY 10573 FOOD SERVICE CATERING 4121688 COLUMBIA CONSTRUCTION COMPANY PO BOX 220 100 RIVERPARK DRIVE NORTH READING MA 01864 CONSTRUCTION 3282203 EDUCATORS HEALTH LLC 123 INTERSTATE DRIVE WEST SPRINGFIELD MA 01089 HEALTHCARE PROGRAMS 2658069 UGL SERVICES UNICCO OPERATIONS 275 GROVE STREET 3-200 AUBURNDALE MA 02466 CLEANING SERVICES 2130059 77 54050 711689 2293035 354114 3058774 TUITION AND FEES 900099 109002831 109002831 ROOM/BOARD & RELATED 900099 24728051 24728051 133730882 2053118 51081 2002037 1030357 0 1030357 1030357 1030357 27994014 284831 25599205 123789 2394809 161042 2555851 2555851 93210 54050 80665 12545 12545 MISCELLANEOUS 900099 120015 120015 120015 142561542 133850897 51081 5600790 35650651 35650651 500995 500995 2131839 306158 1610513 215168 41206878 33777986 6637663 791229 2915941 2222650 624233 69058 3115877 2381541 668857 65479 3128050 2387391 670500 70159 293882 293882 296835 296835 391918 391918 4149675 2451766 1368196 329713 917852 878134 39718 2690710 973835 1479050 237825 146350 22080 123029 1241 7402183 7140908 237077 24198 1642977 1480514 138777 23686 507283 359285 135826 12172 2465165 2116147 349018 12721242 12272220 407436 41586 778626 11602 765040 1984 REPAIRS/MAINTENANCE 5585509 5388357 178893 18259 CAFETERIA SERVICES 4031759 3907565 90813 33381 BANK/CREDIT CARD FEES 924193 5518 918675 MEMBERSHIPS 667733 230175 422189 15369 1472655 608499 750977 113179 135736778 115073977 18599115 2063686 1123796 963811 1492574 583972 953196 3024768 4011604 4305868 1586947 1738169 319423222 125021219 162345034 194402003 22768911 29638896 81890151 91461836 914618 591877 8941715 8983929 286028546 335695129 9279656 16336071 12766370 14861773 82178865 107636778 21270713 21320120 125495604 160154742 X 131159064 144543054 15483042 16172604 13890836 14824729 160532942 175540387 286028546 335695129 X 6824764 9492134 -1309453 X 0 1 X 1 1 1 X 2082443 2385787 2771299 4891960 3058774 15190263 2082443 2385787 2771299 4891960 3058774 15190263 1798010 13392253 3113290 3562528 3236021 3075578 3083475 16070892 81263 57045 100750 89274 93210 421542 31682697 579776131 0.42270 0.40060 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 133673092 133673092 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 378 378 250000 250000 250000 250000 1000000 1500000 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 66779877 862282 3068650 516603 3229797 168054 66796355 0.73140 0.15000 0.11860 0 0 13925545 13925545 220469090 93764827 126704263 35694606 26285287 9409319 49333981 4971105 44362876 194402003 CASH EQUIVALENTS 113605 F MUTUAL FUNDS - EQUITIES 56340709 F MUTUAL FUNDS - FIXED INCOME 7707262 F LIMITED PARTNERSHIPS - OTHER 23996368 F HEDGED FUNDS 3303892 F 91461836 CHARITABLE ANNUITY OBLIGATIONS 3479628 INTEREST RATE SWAP OBLIGATIONS 10164596 ASSET RETIREMENT OBLIGATIONS 1752064 POST-RETIREMENT OBLIGATIONS 2220628 PERKINS AND OTHER GOVERNMENT OBLIGATIONS 3703204 21320120 X 114120282 9492134 -983551 8508583 105611699 391918 36557925 36949843 142561542 99112837 80665 80665 99032172 391918 36312688 36704606 135736778 PART V, LINE 4: THE INSTITUTE'S ENDOWMENT CONSISTS OF 125 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 80,665. UNREALIZED LOSS ON INTEREST RATE SWAPS -1,064,216. PART XI, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID - GRANTS TO INDIVIDUALS 36,151,646. LOSS ON DEBT EXTINGUISHMENT 245,237. GAIN ON DISPOSAL OF ASSETS 161,042. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES 80,665. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID - GRANTS TO INDIVIDUALS 36,151,646. GAIN ON DISPOSAL OF ASSETS 161,042. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 ALL INSTITUTE PUBLICATIONS, NEWSPAPER AND MEDIA ADVERTISING CONTAIN STATEMENTS REGARDING THE NON-DISCRIMINATORY AND EQUAL OPPORTUNITY POLICIES. 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 1102228 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 GRANTMAKING 500995 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 10978864 2 2 0 0 2 2 12582087 0 12582087 SCHOLARSHIPS EUROPE (INCLUDING ICELAND & GREENLAND) 75 N/A 500995 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 57325 10300 47025 41408 PRESIDENT'S CUP 89935 43750 46185 39257 147260 54050 93210 80665 80665 12545 1 SCHOLARSHIPS 3336 0 35650651 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 1 1 0 0 0 0 0 1 0 ZORICA PANTIC PRESIDENT 370497 0 50000 0 63729 0 69313 0 9391 0 562930 0 0 0 ROBERT L TOTINO VP FINANCE 185762 0 15000 0 747 0 19982 0 29812 0 251303 0 0 0 RUSSELL PINIZZOTTO VP ACADEMIC AFFAIRS & PROVOST 227760 0 19000 0 4043 0 23980 0 25303 0 300086 0 0 0 KEIKO BROOMHEAD VP ENROLLMENT 179219 0 7000 0 460 0 23692 0 694 0 211065 0 0 0 DAVID WAHLSTROM VP BUSINESS 152048 0 17500 0 1082 0 18810 0 50288 0 239728 0 0 0 ANNE GILL VP HUMAN RESOURCES 160741 0 4000 0 2612 0 16243 0 1694 0 185290 0 0 0 MARK STAPLES VP TECHNOLOGY SERVICES 191801 0 4500 0 2199 0 20147 0 22803 0 241450 0 0 0 MICHAEL PANKIEVICH AVP PHYSICAL FACILITIES 139914 0 0 0 1777 0 14005 0 0 0 155696 0 0 0 GLEN WIGGINS DEAN 191006 0 0 0 2104 0 20054 0 22803 0 235967 0 0 0 FREDERICK DRISCOLL DEAN 179292 0 0 0 9195 0 17955 0 255 0 206697 0 0 0 CINDY P STEVENS PROFESSOR 153574 0 0 0 221 0 13827 0 22803 0 190425 0 0 0 PATRICK HAFFORD DEAN 145660 0 0 0 1340 0 15598 0 23453 0 186051 0 0 0 BRENDA CROSS-SANCHEZ FORMER VP INSTITUTIONAL ADVANCEMENT 214816 0 0 0 458 0 11197 0 923 0 227394 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, LINES 4A-B BRENDA CROSS-SANCHEZ RECEIVED A SEVERANCE PAYMENT OF $106,080. ZORICA PANTIC PARTICIPATED IN A SECTION 457(F) SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN DURING FY 14. $25,000 WAS CONTRIBUTED TO THE PLAN IN CALENDAR 2013. ADDITIONALLY, $1,313 OF INTEREST WAS EARNED ON THE PRESIDENT'S SECTION 457(F) PLAN BALANCE IN CALENDAR 2013. 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 57583FV99 2007-11-30 19109055 REFUND MDFA SERIES 2003 BONDS 0 0 0 B MASS DEVELOPMENT FINANCE AGENCY 043431814 57583RES0 2007-11-30 14635000 REFUND MDFA SERIES 2005 BONDS 0 0 0 C MASS DEVELOPMENT FINANCE AGENCY 043431814 2013-02-15 69865000 REFUND MDFA SERIES 2008 BONDS AND CONSTRUCT RESIDENCE HALL 0 0 0 D MASS DEVELOPMENT FINANCE AGENCY 043431814 57583FV99 2007-11-30 31045945 REFUND MDFA SERIES 2003 BONDS 0 0 0 A 19109055 1363190 112029 12177 17621659 2007 1 0 1 1 B 14635000 900031 96891 9326 13628751 2007 1 0 1 1 C 69865000 685740 53988538 15190722 2014 1 0 0 1 D 31045945 2214736 182010 19784 28629415 2007 1 0 1 1 A 0 0 1 1 0 0.00980 0.00980 0 0 1 B 0 0 1 1 0 0 0 1 C 0 1 1 1 0 0.00390 0.00390 0 0 1 D 0 0 1 1 0 0.02290 0.02290 0 0 1 A 0 0 0 1 1 1 MORGAN STANLEY 29.800000000000 0 0 0 0 1 B 0 0 0 1 1 1 BANK OF NEW YORK 29.800000000000 0 0 0 0 1 C 0 1 0 0 1 1 SEE PART VI 0 0 0 0 1 D 0 0 0 1 1 1 MORGAN STANLEY 29.800000000000 0 0 0 0 1 A 1 B 1 C 1 D 1 SCHEDULE K, PART IV, ARBITRAGE, LINE 2C: (A) ISSUER NAME: MASS. DEVELOPMENT FINANCE AGENCY DATE THE REBATE COMPUTATION WAS PERFORMED: 09/30/2014 (B) ISSUER NAME: MASS. DEVELOPMENT FINANCE AGENCY DATE THE REBATE COMPUTATION WAS PERFORMED: 09/30/2014 (D) ISSUER NAME: MASS. DEVELOPMENT FINANCE AGENCY DATE THE REBATE COMPUTATION WAS PERFORMED: 09/30/2014 SCHEDULE K, PART IV, ARBITRAGE, LINE 4B & 4C: BOND (C) 4B. NAME OF PROVIDOR: WACHOVIA BANK/RBS CITIZENS 4C. TERM OF HEDGE: 31 YEARS/10 YEARS 25925 DEPENDENT SCHOLARSHIP TUITION BOND BROTHERS INC SEE BELOW 28884473 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 CEO, EDWARD BOND, JR. AND WHOSE PRESIDENT, ROBERT MURRAY ARE BOTH TRUSTEES 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 7 87343 QUOTED MARKET PRICE X 1 266771 NET PRESENT VALUE 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 TRUSTEES EDWARD A. BOND AND 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. IN ORDER TO DETERMINE MARKET VALUE, WENTWORTH HAS HIRED COMPENSATION CONSULTANTS WHO HAVE 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. ALL MEMBERS OF THE EXECUTIVE COMMITTEE ARE INDEPENDENT OF THE INDIVIDUALS WHOSE COMPENSATION IS BEING DETERMINED. THE ORGANIZATION IS CURRENTLY REVISING ITS DOCUMENTATION POLICIES WITH RESPECT TO THE COMPENSATION SETTING PROCESS IN ORDER TO ENSURE COMPLIANCE WITH THE REBUTTABLE PRESUMPTION OF REASONABLENESS PROVISIONS OF INTERNAL REVENUE CODE SECTION 4958 AND THE REGULATIONS THEREUNDER GOING FORWARD. 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 -1,064,216. LOSS ON DEBT EXTINGUIHMENT -245,237. 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