2014-05-06T15:53:44-07:00 2013-06-30 990 2012-07-01 042121659 Worcester Polytechnic Institute WORC 5088315577 100 Institute Road Worcester MA 01609 Jeffrey Solomon 5088315288 2014-05-09 2012 2015-11-30 17:44:51Z Jeffrey Solomon 100 Institute Road Worcester MA 01609 263984562 0 X www.wpi.edu X 1865 MA Worcester Polytechnic Institute was founded in 1865 to create and convey the latest science and engineering knowledge in ways that are most beneficial for society. 32 27 3618 605 35675 -85236 21507246 26201813 217347649 233093975 4330644 4688774 0 0 243185539 263984562 67228106 72843859 0 0 106549459 116749981 0 0 6138659 65613056 76306407 239390621 265900247 3794918 -1915685 745923526 818579977 274385674 308352501 471537852 510227476 The university educates talented men and women in engineering, science, management, and humanities in preparation for careers of professional practice, civic contribution, and leadership, facilitated by active lifelong learning. This educational process is true to the founders' directive to create, to discover, and to convey knowledge at the frontiers of academic inquiry for the betterment of society. Knowledge is created and discovered in the scholarly activities of faculty and students ranging across educational methodology, professional practice, and basic research. Knowledge is conveyed through scholarly publication and instruction. Adopted by the Board of Trustees, May 22, 1987. (http://www.wpi.edu/about/mission.html) 0 0 184136333 70004125 209358400 The university provides education in the fields of science, technology, engineering and mathmatics to approximately 4,100 undergraduate and 2,200 graduate students. In addition, student housing and board auxiliary services) is provided for approximately 1,700 students. During fiscal year 2013, the university awarded 884 bachelor, 568 master and 41 PHD degrees. Students emerge from the university's unique experience ready to take on some of the most difficult challenges in science and technology. More importantly, they understand how their work can truly impact society and improve lives. 5201599 5769740 The university's corporate and professional education division provides tailor-made programs to approximately 580 students, mainly at corporate client sites, using industry experts and dedicated program support staff. This practical approach adds value by providing clients with knowledge and skills that can be directly applied to their real-world job challenges. Additionally during fiscal year 2013, approximately 780 individuals participated in one or more professional workshops or short courses. 20630093 2839734 17858239 At the university, 120 faculty members and 290 students are engaged in cutting-edge research across a broad range of disciplines. Funding for this research is mainly from the U.S. Government (National Science Foundation, Department of Defense, National Institute of Health and other federal agencies) as well as from corporations. Research at the univeristy has a decidedly applied focus, with work focused on problems that are both interesting and important. The result is new knowledge, new innovations, and technological advances that attack some of the major challenges of our time. 0 0 0 209968025 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 0 1 1 1 1 1 1 0 0 0 0 1 1 1 1 0 0 0 0 0 0 1 0 0 1 1 0 0 0 1 1 1 1 0 0 1 5658 0 1 3618 1 1 1 0 0 0 0 0 0 0 0 0 X 32 27 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X X Charlene Bellows 5088315577 100 Institute Road Worcester MA 01609 Jennifer Davis Carey 2 0 X 0 0 0 Curtis Carlson 2 0 X 0 0 0 Richard Connelly Jr 2 0 X 0 0 0 Michael Dolan 2 0 X 0 0 0 Daniel Farrar 2 0 X 0 0 0 Henry Fitzgerald 2 0 X 0 0 0 William Fitzgerald 2 0 X 0 0 0 Warner Fletcher 0 0 X 0 0 0 Steven Halstedt 2 0 X 0 0 0 David Heebner 2 0 X 0 0 0 Debora Jackson 2 0 X 0 0 0 Stuart Kazin 2 0 X 0 0 0 Francesca Maltese 2 0 X 0 0 0 Robert Martin 2 0 X 0 0 0 Neil McDonough 2 0 X 0 0 0 Linda McGoldrick 2 0 X 0 0 0 John Mollen 2 0 X 0 0 0 Philip Morgan 2 0 X 0 0 0 George Oliver 2 0 X 0 0 0 Karen Tegan Padir 2 0 X 0 0 0 Donald Peterson 2 0 X 0 0 0 Stephen Rubin 2 0 X 0 0 0 Frederick Rucker 2 0 X 0 0 0 Philip Ryan 2 0 X X 0 0 0 Stephen Spinelli Jr 2 0 X 0 0 0 Joan Bolduc Szkutak 2 0 X 0 0 0 Sophie Vandebroek 2 0 X 0 0 0 Richard Willett II 2 0 X 0 0 0 Dorothea Wong 2 0 X 0 0 0 Glenn Yee 2 0 X 0 0 0 Michael Zarrilli 2 0 X 0 0 0 Dennis Berkey 40 1 X X 798198 0 116896 Jeffrey Solomon 40 1 X 465721 0 110258 Stephanie Pasha 40 0 X 121100 0 18560 A Tracy Hassett 40 0 X 241090 0 56256 Charlene Bellows 40 1 X 111024 0 17540 Eric Overstrom 40 0 X 415416 0 94609 Stephen Flavin 40 0 X 355215 0 103998 Kristen Tichenor 40 0 X 333419 0 82023 Wiliam McAvoy 40 0 X 277317 0 39395 Mark Rice 40 0 X 383302 0 36151 Selcuk Guceri 40 0 X 360889 0 50049 Diran Apelian 40 0 X 318444 0 40227 Janet Richardson 40 0 X 312641 0 29843 Karen Oates Kashmanian 40 0 X 306589 0 32382 John Orr 40 0 X 227293 0 30704 5027658 0 858891 223 1 1 0 Gilbane Building Company 7 Jackson Walkway Providence RI 02903 Construction management 23339756 Daniel O'Connell's Sons Inc 480 Hampden Street Holyoke MA 01040 Construction management 14373887 Chartwells Compass Group 2400 Yorkmont Road Charlotte NC 28217 Food service 6394035 Cutler Associates Inc 43 Harvard Street Worcester MA 01609 Construction management 2212524 Integration Partners Corporation 24 Hartwell Avenue Lexington MA 02421 Network services 1794299 88 0 0 0 0 6000946 20200867 3712851 26201813 Tuition and fees 611600 188846887 188846887 0 0 Auxiliary operations 611600 22076326 22076326 0 0 Sponsored research 611600 17858239 17858239 0 0 Other educational operations 713940 2085438 1977842 107596 0 Other operating sources 611600 2227085 2227085 0 0 0 0 0 0 233093975 4688026 0 -71921 4759947 748 0 0 748 0 0 0 0 0 0 0 0 0 0 263984562 232986379 35675 4760695 2819734 2819734 69716495 69716495 307630 307630 4805777 692134 2740180 1373463 89294369 71348479 14868500 3077390 6734432 5187909 1263507 283016 10312367 5880267 4169338 262762 5603036 4316331 1051236 235469 0 844398 14557 829841 219692 7012 212555 125 316980 316980 0 390000 390000 9050796 7179601 1711558 159637 1638039 826175 803797 8067 0 4308508 992055 3294944 21509 0 8041155 7183498 854567 3090 3368478 2882394 335059 151025 0 2845897 1884431 716099 245367 8626392 16 8626376 0 16734239 14849778 1884461 605063 13742 591321 Repairs and maintenace 4546478 3995317 551046 115 Lab equipment and other supplies 4320226 3756637 496484 67105 Research and teaching 3226850 2786435 425114 15301 Books and periodicals 2153953 11069 2142884 0 5069263 3316329 1517716 235218 265900247 209968025 49793563 6138659 37914567 15896000 13338338 13782713 5880888 4257499 23276970 23492228 5388048 6706059 469875316 170705433 249316902 299169883 156442385 171022556 229154527 245991484 25210901 38261555 745923526 818579977 27075190 25892154 9614646 9141621 184084861 226379246 15718129 14218662 37892848 32720818 274385674 308352501 X 234250258 256278090 92499607 102404135 144787987 151545251 471537852 510227476 745923526 818579977 X -1915685 35728487 0 0 0 4876822 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 316980 316980 259785668 260102648 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 234371 296604 270677 316980 1118632 250000 250000 250000 250000 1000000 1500000 0 0 0 0 0 0 0 X X 0 345205532 6883711 37972313 5305650 12584345 0 372171561 360262058 4575797 -926220 5507413 13198690 0 345205532 298817690 13864150 67761399 6117617 14063564 0 360262058 279218880 8973190 31544552 6424672 14494260 0 298817690 368133078 7107921 -76056500 6325864 13639755 0 279218880 0.44 0.335 0.225 0 0 0 7935320 7935320 0 366110283 137007374 229102909 0 14451810 6062912 8388898 0 46682008 27635147 19046861 0 34695895 0 34695895 299169883 0 0 Real estate 28709520 F Private equity funds 31757646 F Equity securities 6305123 F Fixed income securities 275807 F Equity funds 127045717 F Fixed income funds 51897671 F 245991484 0 Split interest agreements 10671704 Funds held for others 3613662 Refundable government loan funds 6791609 Asset retirement obligations 2374859 Interest rate agreements 9268984 32720818 X 232569644 35728487 0 0 -67143405 -31414918 263984562 0 0 0 263984562 193880432 0 0 0 -72019815 -72019815 265900247 0 0 0 265900247 SchD_P03_S00_L01 Schedule D, Part III, Line 1 Due to the immateriality of the university's collections of art or historical treasures, these assets are not disclosed in the financial statements. SchD_P03_S00_L04 Schedule D, Part III, Line 4 The university holds a Charles Dickens collection, a Bernard Brenner sculpture collection, a rare book and manuscript collection, as well as other works of art. These pieces are used by the faculty to further their research and curriculum. SchD_P05_S00_L04 Schedule D, Part V, Line 4 The intended use of the endowment funds are to support the programs of the university, including scholarships, faculty teaching and research, library resources, maintenance, etc. SchD_P10_S00_L02 Schedule D, Part X, Line 2 The university is generally exempt from federal and state income taxes. Management annually reviews for uncertain tax positions along with any related interest and penalties and believes that the university has no uncertain tax positions that would have a material adverse effect, individually or in the aggregate, upon the university's consolidated statements of financial position, or the related consolidated statements of activities, or cash flows. SchD_P11_S00_L02d Schedule D, Part XI, Line 2d Net unrealized gain on beneficial interest in trusts, $1,179,788; Change in value of split-interest agreements, -$595,372; Net unrealized and realized gains on interest rate agreements, $2,276,304; Scholarships, -$70,004,125 SchD_P12_S00_L02d Schedule D, Part XII, Line 2d Net realized loss on interest rate agreements, -$2,015,690; Scholarships, -$70,004,125 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SchE_P01_S00_L03 Schedule E, Part I, Line 3 The university draws a substantial percentage of its students nationally and makes its racially non-discriminatory policy known to all segments of the general community it serves by including a statement of its racially non-discriminatory policy in all its brochures and catalogs dealing with student admissions, programs, and scholarships. SchE_P01_S00_L06 Schedule E, Part I, Line 6 The university receives financial assistance from the U.S. Government in the form of 34A Title IV aid. 1 Central America and the Caribbean 2 1 Program Services Student projects in Panama and Costa Rica focus on environmental and civil engineering, environmental conservation and sustainable development. 111000 East Asia and the Pacific 7 4 Program Services Student projects in Thailand, China, Japan, New Zealand and Australia involve addressing problems important to the local communities, inlcluding sustainable development, health and human services and environmental issues. 507000 Europe (including Iceland and Greenland) 6 2 Program Services Student projects in Denmark, Hungary, Germany, Ireland, Italy and the United Kingdom focus on environmental, socioeconomic, artistic, cultural and technical concerns specific to the region. 627000 Middle East and North Africa 1 0 Program Services Student projects in Morocco involve the study of islamic history and cultural and societal issues. 31000 Sub-Saharan Africa 2 1 Program Services In South Africa and Namibia, student projects focus on sustainable development. 112000 North America (including Canada and Mexico, but not the United States) 1 0 Program Services Student projects in Canada focus on the research and development of various sustainability topics in the buildings and infrastructure industry. 20000 Europe (including Iceland and Greenland) 0 0 Investments Endowment investments 58700000 Central America and the Caribbean 0 0 Investments Endowment investments 37500000 19 8 97608000 North America (including Canada and Mexico, but not the United States) Medical research 20000 check 1 0 Scholarships Central America and the Caribbean 38 35440 cash payment Scholarships East Asia and the Pacific 56 60840 cash payment Scholarships Europe (including Iceland and Greenland) 96 147550 cash payment Scholarships Middle East and North Africa 11 8500 cash payment Scholarships Sub-Saharan Africa 30 35300 cash payment 1 0 1 1 1 0 SchF_P01_S00_L02 Schedule F, Part I, Line 2 The university actively monitors all federally sponsored research grants through both its Office of Sponsored Programs (OSP) and its research accounting office. OSP is responsible for monitoring pre-award activities and certain post-award activities, such as human subject participation guidelines, animal research guidelines and export restrictions, among others. The research accounting office monitors all post-award financial activity, including allowability of costs and preparation and submission of required federal agency reports on grants. The university also undergoes an independent A-133 audit to ensure compliance with these requirements. 1 Brown University 75 Waterman St Providence RI 02906 050258809 501 ( c ) ( 3 ) 12028 Research Carnegie Mellon University 500 Forbes Avenue Pittsburgh PA 15213 250969449 501 ( c ) ( 3 ) 29179 Research Clark University 950 Main St Worcester MA 01606 042111203 501 ( c ) ( 3 ) 10295 Research Columbia University PO Box 29789 General Post Office New York NY 100879789 135598093 501 ( c ) ( 3 ) 48431 Research Data Driven Instruction LLC 730 Main St Bolton MA 01740 454894325 17338 Research Fire Protection Research Foundation 1 Batterymatch Park Quincy MA 02169 521256543 501 ( c ) ( 3 ) 16009 Research Harvard University 1350 Massachusetts Avenue Cambridge MA 02138 042103580 501 ( c ) ( 3 ) 10484 Research Hudson Public Schools 155 Apsley Street Hudson MA 01749 046001188 16874 Research Kent State University PO Box 5190 Kent OH 442420001 316402079 501 ( c ) ( 3 ) 209604 Research Medway Middle School 45 Holliston Street Medway MA 02053 046001217 17094 Research Northeastern University 360 Huntington Avenue Boston MA 02115 041679980 501 ( c ) ( 3 ) 106671 Research Reading Memorial High School 82 Oakland Road Reading MA 01867 046001277 17780 Research Reliant Medical Group Inc 640 Lincoln St Worcester MA 01605 042472266 501 ( c ) ( 3 ) 11505 Research Rice University 6100 Main St MS 70 Houston TX 77005 741109620 501 ( c ) ( 3 ) 7918 Research Temple University 1938 Liacouras Walk 2nd Floor Philadelphia PA 191226027 231365971 501 ( c ) ( 3 ) 1719232 Research Town of Reading 82 Oakland Road Reading MA 01864 046001277 101408 Research Umass Donahue Institute 100 Venture Way Hadley MA 01035 043167352 501 ( c ) ( 3 ) 72965 Research University of Illinois 842 W Taylor St Chicago IL 60607 376000511 501 ( c ) ( 3 ) 71420 Research University of Mass Medical School 55 Lake Ave North Worcester MA 01655 043167352 501 ( c ) ( 3 ) 50797 Research University of North Dakota 264 Centennial Dr Grand Forks ND 58202 456002491 501 ( c ) ( 3 ) 116329 Research Washington University 700 Rosedale Ave Box 1034 St Louis MO 631121408 430653611 501 ( c ) ( 3 ) 152604 Research 15 6 Scholarships 3585 69716495 SchI_P01_S00_L02 Schedule I, Part I, Line 2 The university actively monitors all federally sponsored research grants through both its Office of Sponsored Programs (OSP) and its research accounting office. OSP is responsible for monitoring pre-award activities and certain post-award activities, such as human subject participation guidelines, animal research guidelines and export restrictions, among others. The research accounting office monitors all post-award financial activity, including allowability of costs and preparation and submission of required federal agency reports on grants. The university also undergoes an independent A-133 audit to ensure compliance with these requirements. The university requires all students seeking need-based financial aid and scholarships to complete a financial aid application and the Free Application for Federal Student Aid (FAFSA) form. The university's financial aid staff are trained in the requirements of awarding Title IV funds to students and are required to adhere to these requirements. X X X X 1 1 X X X X X X 1 1 0 0 0 0 0 1 0 Dennis Berkey 658998 0 139200 0 0 0 27615 0 89281 0 915094 0 0 0 Jeffrey Solomon 391792 0 73929 0 0 0 92020 0 18238 0 575979 0 55300 0 A Tracy Hassett 219700 0 21390 0 0 0 44798 0 11458 0 297346 0 16000 0 Eric Overstrom 415416 0 0 0 0 0 78287 0 16322 0 510025 0 0 0 Stephen Flavin 355215 0 0 0 0 0 83160 0 20838 0 459213 0 0 0 Kristen Tichenor 300833 0 32586 0 0 0 68985 0 13038 0 415442 0 24375 0 Wiliam McAvoy 277317 0 0 0 0 0 26702 0 12693 0 316712 0 0 0 Mark Rice 383302 0 0 0 0 0 23113 0 13038 0 419453 0 0 0 Selcuk Guceri 360889 0 0 0 0 0 35161 0 14888 0 410938 0 0 0 Diran Apelian 318444 0 0 0 0 0 27278 0 12949 0 358671 0 0 0 Janet Richardson 157573 0 37632 0 117436 0 24261 0 5582 0 342484 0 0 0 Karen Oates Kashmanian 306589 0 0 0 0 0 26798 0 5584 0 338971 0 0 0 John Orr 183310 0 43983 0 0 0 17787 0 12917 0 257997 0 32900 0 SchJ_P01_S00_L01a Schedule J, Part I, Line 1a The university has provided these benefits per written policies after full substantiation of the items. The following amounts are not included in compensation taxable to the employee: (a) Dennis Berkey: First class travel, $16,512; spousal travel for bona fide business purposes, $6,738; value of personal use of university provided housing, $47,199; and social club dues, $11,145. (b) Eric Overstrom: social club dues, $3,284. SchJ_P01_S00_L04 Schedule J, Part I, Line 4 Line 4a - Janet Richardson's service ended in October 2012. Her agreement provides for 24 months of severance payments. During the fiscal year ended June 30, 2013, Ms. Richardson received severance in the amount of $225,436. President Dennis Berkey's service ended in May 2013. His agreement provides for 13 months of severance payments. During the fiscal year ended June 30, 2013, Dr. Berkey received severence in the amount of $47,500. Line 4b - The following excess retirement contributions were earned in calendar year 2012 and subject to a substantial risk of forfeiture until 6/30/15: (a) Jeffrey Solomon: $15,620; (b) Eric Overstrom: $13,750; (c) Stephen Flavin: $11,550; and (c) Kristin Tichenor: $4,400. SchJ_P01_S00_L07 Schedule J, Part I, Line 7 The compensation committee of the university's Board of Trustees has a pay-for-performance compensation philosophy in determining executive compensation. The president is eligible for a performance incentive based on performance criteria set by the committee. In calendar year 2012, the payment was $139,200. Another plan that is part of the philosophy is the "VP Retention Plan". Each year, a vice president may earn up to 12.5% of salary and excess retirement contributions, subject to a three year risk of forfeiture. These amounts are all non-fixed payments. VP incentives earned during calendar year 2012 are included in deferred compensation as follows: (a) Jeffrey Solomon: $49,000; (b) Eric Overstrom: $37,500; (c) Stephen Flavin: $44,375; (d) Kristin Tichenor: $36,250; and (e) A Tracy Hassett: $21,000. Any additional amounts for excess retirement contributions are as disclosed, Schedule J, Part I, Line 4b. A Massachusetts Development Finance Agency 043431814 57583RNT8 2007-06-28 86922372 Construction of a residence hall and refunding of Series 1997-I and II bonds. 0 0 0 B Massachusetts Development Finance Agency 043431814 57583RTX3 2008-04-09 48995000 Refunding of Series 2003 and 2005 bonds 0 0 0 C Massachusetts Development Finance Agency 043431814 57583RS48 2010-01-27 56074338 Construction of a recreation center and other renovations on the main campus 0 0 0 D Massachusetts Development Finance Agency 043431814 57583UST6 2012-10-30 43369451 Construction of a residence hall and other renovations on the main campus 0 0 0 A 4310000 0 86984724 0 1379419 0 1120319 1013000 0 40019339 43452647 0 2008 1 0 1 1 B 1750000 0 48995000 0 0 0 325962 19038 0 0 48650000 0 2008 1 0 1 1 C 0 0 56087474 0 5808410 0 603996 0 0 49675098 0 0 2013 0 0 1 1 D 0 0 43371755 0 607269 0 530536 0 0 26869630 0 15364320 0 0 0 1 A 0 1 1 1 0 0.005 0 0.005 0 0 1 B 0 1 1 1 1 1 0 0 0 0 0 1 C 0 0 0 0 0 0 0 0 0 1 D 0 0 0 0 0 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 0 1 0 1 1 Deutsche & Barclays 26.8 0 0 0 0 1 C 0 1 0 0 0 0 0 0 1 D 0 1 0 0 0 0 0 0 1 A 1 B 1 C 1 D 1 SchK_P02_S00_L03 Schedule K, Part II, Line 3 For Bond Issues A, C, and D, total proceeds of issue include investment earnings of $62,352, $13,136 and $2,304, respectively. SchK_P02_S00_L11 Schedule K, Part II, Line 11 For Bond Issues A and B, the other spent proceeds are the current refunding proceeds of the issue. SchK_P04_S00_L02c Schedule K, Part IV, Line 2c For Bond Issue A, the rebate calculation was performed on August 24, 2012. NA NA 2500 Scholarship Merit TIAA CREF Trustee Donald Peterson is a director of TIAA CREF. 9955632 TIAA CREF holds a portion of the assets of the university's defined contribution plan, including elective employee contributions. 0 The O'Connell Companies Trustee Francesca Maltese is a shareholder of The O'Connell Companies. 28546946 During FY 2013, the university made payments of $29,122,078 to subsidiaries of The O'Connell Companies and received revenue of $575,132. The university paid $28,257,303 to Daniel O'Connell's Sons, Inc (DOC) for construction services. DOC is a subsidiary of The O'Connell Companies. The university paid $864,775 to 50 Prescott Street LLC: $100,522 for construction services and $764,253 for office space. The university received $575,132 in lease revenue from 50 Prescott Street LLC. O'Connell Development Group, a subsidiary of The O'Connell Companies, is the sole general manager and member of 50 Prescott Street LLC. 0 Simplex Grinnell Trustee George Oliver is President and CEO of Tyco International, LTD. 133237 Simplex Grinnell is a subsidiary of Tyco International, LTD. During fiscal year 2013, the university made payments to Simplex Grinnell for fire protection services and systems. 0 X 84 1848693 fair market value X 1 421833 fair market value X 7 188465 fair market value X Lab equipment 4 445100 cost X Software 2 364911 cost X General equipment 13 260695 cost X Supplies 5 97462 cost X Furniture and fixtures 9 85692 cost 0 0 1 0 F990_P06_S0B_L11b Form 990, Part VI, Section B, Line 11b Prior to filing Form 990, management reviews the completed Federal Form 990 with tax advisors from a national accounting firm and the audit committee of the Board of Trustees. After approval by the audit committee, management provides the form to all trustees for review prior to filing. F990_P06_S0B_L12c Form 990, Part VI, Section B, Line 12c As part of the university's conflict of interest policy, all university trustees and key employees (as defined under IRS rules) are required to submit annually a conflict of interest disclosure statement, in which they affirm that they: (a) have received a copy of the university conflict of interest policy; (b) have read and understand the policy; (c) agree to comply with the policy and; (d) understand that the university, as a tax-exempt organization, must restrict it activities primarily to those for which its tax-exempt status was granted. Additionally, as part of the annual disclosure statement process, trustees and key employees of the university are asked to outline in a separate letter any possible conflict of interest and any signficant financial interest with the university or any university-related entity. All annual disclosure statements are submitted to the university compliance officer, who reviews them, consolidates the comments and presents a report to the audit committee. Upon receipt of the compliance officer's report, the audit committee reviews the findings and takes any necessary and appropriate action. The audit committee then reports to the Board of Trustees on the findings and any actions taken by the committee. Any trustee with a conflict of interest recuses himself or herself from any Board or committee decisions related to that conflict. F990_P06_S0B_L15 Form 990, Part VI, Section B, Line 15 The process for determining compensation for the university's chief executive officer and other top management is modeled after the requirements in Internal Revenue Code Section 4958 to establish the presumption of reasonable compensation. Compensation is reviewed and approved by a compensation committtee of the Board of Trustees comprised of independent persons. By engaging an independent compensation consultant, the committee considers comparable market data from published surveys and Federal Form 990s of comparable organizations in evaluating the compensation for each individual. The committee conducts a review of this comparability data, sets compensation within a range of comparable organizations, and documents its deliberation and discussion in minutes that are retained with the other governance materials of the university. F990_P06_S0C_L19 Form 990, Part VI, Section C, Line 19 The university maintains copies of its governing documents, conflict of interest policy, and financial statements on its website (www.wpi.edu). F990_P11_S00_L09 Form 990, Part XI, Line 9 Net unrealized gain on beneficial interest in trusts, $1,179,788; Change in value of split-interest agreements, -$595,372; Net unrealized gains on interest rate agreements, $4,291,994; Other, $412 Newgate Properties LLC 100 Institute Road Worcester MA 01609 203150492 Real estate development MA 217343 33046739 Worcester Polytechnic Institute 75 Grove Street 100 Institute Road Worcester MA 01609 260370842 Real estate development MA 0 1771295 Worcester Polytechnic Institute Gateway Park LLC 100 Institute Road Worcester MA 01609 043494779 Real estate development MA 506913 7796199 Worcester Polytechnic Institute Lancaster Island LLC 100 Institute Road Worcester MA 01609 001108846 Real estate development MA 0 0 Worcester Polytechnic Institute Washburn Park Inc 100 Institute Road Worcester MA 01609 271189816 Parking garage facility MA 501 (c)(3) Line 9 Worcester Polytechnic Institute 1 Charitable remainder trusts (33) 100 Institute Road Worcester MA 01609 Charitable trusts MA N/A T 0 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 Washburn Park Inc d 4950746 Cost Washburn Park Inc k 183600 Fair market value