2013-05-15T11:22:32-05:00 2012-06-30 263753134 CBIZ TOFIAS 500 BOYLSTON STREET BOSTON MA 02116 990 2011-07-01 041958460 WENTWORTH INSTITUTE OF TECHNOLOGY INC WENT 6179894325 550 HUNTINGTON AVENUE BOSTON MA 021155998 ROBERT L TOTINO 6179894325 2013-05-10 1 CRAIG KLEIN P00734640 6177610600 2011 2016-02-24 21:20:13Z ZORICA PANTIC 550 HUNTINGTON AVENUE BOSTON MA 021155998 158088509 0 X WWW.WIT.EDU X 1904 MA POST SECONDARY EDUCATIONAL SERVICES. 25 23 2608 150 -59983 -59983 2385787 2771299 104961318 113205874 5072098 3684371 1141815 1159652 113561018 120821196 21233559 27576400 0 0 46647757 49097056 0 0 2751244 38738387 38561131 106619703 115234587 6941315 5586609 271111862 274151210 124858077 133864751 146253785 140286459 POST SECONDARY EDUCATIONAL SERVICES. 0 0 97530980 27576400 113393174 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 4,000 DAY, EVENING AND WEEKEND STUDENTS. 97530980 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 0 0 0 1 1 0 0 0 0 1 1 0 0 0 1 130 0 1 2608 1 1 1 1 GM FR 0 0 0 1 1 0 0 0 0 X 25 23 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 0 1 1 0 MA AL AK AZ AR CO GA IL KS KY ME MD MI MN MS MO NH NJ NM NY ND OH OK OR PA RI SC TN UT VA WA WV WI X SARA LAWARE 6179894477 550 HUNTINGTON AVENUE BOSTON MA 021155998 ZORICA PANTIC 40.00 X X 407473 0 64129 MICHAEL T ANTHONY 7.00 X X 0 0 0 P MICHAEL MASTERSON 7.00 X X 0 0 0 NEIL MOSES 7.00 X X 0 0 0 CHRISTINE KEVILLE 7.00 X X 0 0 0 JOHN W BLAISDELL 7.00 X 0 0 0 EDWARD A BOND JR 7.00 X 0 0 0 GEORGE W CHAMILLARD 7.00 X 0 0 0 ROSEMARIE A CONTI 7.00 X 0 0 0 MICHAEL CORBETT 7.00 X 0 0 0 DANIEL T FLATLEY 7.00 X 0 0 0 STEPHEN F FUSI 7.00 X 0 0 0 PHILLIP R HOOPER 7.00 X 0 0 0 RYAN E HUTCHINS 7.00 X 0 0 0 WAYNE C JOHNSON 7.00 X 0 0 0 JOHN D KELLEHER 7.00 X 0 0 0 DAVID W KRUGER 7.00 X 0 0 0 HOWARD V LEVINE 7.00 X 0 0 0 KEITH J PEDEN 7.00 X 0 0 0 DONALD E POGORZELSKI 7.00 X 0 0 0 SLYVIA T PRICE 7.00 X 0 0 0 KENNETH D ROBERTS 7.00 X 0 0 0 RICHARD D SHERIDAN SR 7.00 X 0 0 0 CAROLE C WEDGE 7.00 X 0 0 0 MICHELE A WHITHAM 7.00 X 0 0 0 ROBERT L TOTINO 40.00 X 185691 0 44079 RUSSELL PINIZZOTTO 40.00 X 242365 0 44194 BRENDA CROSS-SANCHEZ 40.00 X 206320 0 27800 KEIKO BROOMHEAD 40.00 X 171064 0 6214 DAVID WAHLSTROM 40.00 X 181784 0 40544 ANNE GILL 40.00 X 155869 0 17294 GLEN WIGGINS 40.00 X 185779 0 39026 MICHAEL KUPFERMAN 40.00 X 178198 0 43004 FREDERICK DRISCOLL 40.00 X 162813 0 16263 MARK HASSO 40.00 X 153693 0 23486 PATRICK HAFFORD 40.00 X 145231 0 35711 2376280 0 401744 95 0 1 0 SHAWMUT DESIGN & CONSTRUCTION 560 HARRISON AVE STE 200 BOSTON MA 02118 CONSTRUCTION 13293602 BOND BROTHERS 145 SPRING STREET EVERETT MA 02149 CONSTRUCTION 12128110 CHARTWELLS DINING SERVICES 3 INTERNATIONAL DRIVE RYE BROOK NY 10573 FOOD SERVICE CATERING 3400779 COLUMBIA CONSTRUCTION COMPANY 100 RIVERPARK DRIVE NORTH READING MA 01864 CONSTRUCTION 2442105 UGL SERVICES UNICCO OPERATIONS 275 GROVE STREET 3-200 AUBURNDALE MA 02466 JANITORIAL SERVICE 1884955 61 45400 715687 2010212 78185 2771299 TUITION AND FEES 900099 90465700 90465700 ROOM/BOARD & RELATED 900099 22740174 22740174 113205874 2244307 -59983 2304290 931731 0 931731 931731 931731 38553633 93615 36528935 678249 2024698 -584634 1440064 1440064 100750 45400 60129 40621 40621 MISCELLANEOUS 900099 187300 187300 187300 120821196 113393174 -59983 4716706 27271450 27271450 304950 304950 2004643 299452 1274030 431161 38117603 31165263 5888829 1063511 2854057 2238212 509523 106322 3235390 2537261 577601 120528 2885363 2262763 515112 107488 205984 205984 269309 269309 267782 267782 2732460 1950556 538072 243832 916699 859931 53627 3141 2280685 934664 1115132 230889 132995 30620 102276 99 6660572 6354679 258816 47077 1432497 1292477 99243 40777 446476 326400 104912 15164 1872830 1586351 286479 11017108 10511136 428103 77869 521082 13356 506721 1005 CAFETERIA SERVICES 3489783 3362468 83165 44150 REPAIRS/MAINTENANCE 3191941 3045348 124032 22561 BANK/CREDIT CARD FEES 978873 95715 883158 MEMBERSHIPS 562410 171657 389848 905 1581645 916271 470609 194765 115234587 97530980 14952363 2751244 2106497 1343758 31729174 22440539 320125 442652 1351955 675267 4013871 3923430 1657579 1837708 267846068 109419800 129247668 158426268 9861943 77477975 74417358 600607 572516 12744468 10071714 271111862 274151210 6763234 11104385 9237474 9935492 87630000 85030000 21227369 27794874 124858077 133864751 X 114396648 116150702 19610447 11381414 12246690 12754343 146253785 140286459 271111862 274151210 X 5586609 -11553935 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 112483343 112483343 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 75041 22360 378 0 97779 250000 250000 250000 250000 1000000 1500000 77477975 885161 -478107 579154 2620735 267782 74417358 66796355 656501 13629380 758587 2616673 229001 77477975 66779877 862282 3068650 516603 3229797 168054 66796355 91070763 1135645 -20925860 627418 3722862 150391 66779877 0.74880 0.16020 0.09100 0 0 13925545 13925545 181860187 79300742 102559445 33623479 25574683 8048796 38436857 4544375 33892482 158426268 CASH EQUIVALENTS 189217 F MUTUAL FUNDS - EQUITIES 38980197 F MUTUAL FUNDS - FIXED INCOME 11692684 F LIMITED PARTNERSHIPS - OTHER 20324275 F HEDGED FUNDS 3230985 F 74417358 CHARITABLE ANNUITY OBLIGATIONS 4785970 INTEREST RATE SWAP OBLIGATIONS 15162842 ASSET RETIREMENT OBLIGATIONS 1875143 POST-RETIREMENT OBLIGATIONS 2467416 PERKINS AND OTHER GOVERNMENT OBLIGATIONS 3503503 27794874 120821196 115234587 5586609 -4290983 -7262952 -11553935 -5967326 82067842 -4290983 -7202823 -11493806 93561648 267782 26991766 27259548 120821196 88035168 60129 60129 87975039 267782 26991766 27259548 115234587 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE INSTITUTE'S ENDOWMENT CONSISTS OF 120 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. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: 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 AS ITS ONLY SIGNIFICANT TAX POSITION; HOWEVER, THE INSTITUTE HAS DETERMINED THAT SUCH TAX POSITION DOES 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 8 - OTHER ADJUSTMENTS: UNREALIZED LOSS ON INTEREST RATE SWAP OBLIGATIONS -7,262,952. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES 60,129. UNREALIZED LOSS ON INTEREST RATE SWAPS -7,262,952. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID - GRANTS TO INDIVIDUALS 27,576,400. LOSS ON SALE OF PROPERTY AND EQUIPMENT -584,634. PART XIII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES 60,129. PART XIII, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID - GRANTS TO INDIVIDUALS 27,576,400. LOSS ON SALE OF PROPERTY AND EQUIPMENT -584,634. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 ALL INSTITUTE PUBLICATIONS, NEWSPAPER AND MEDIA ADVERTISING CONTAIN STATEMENTS REGARDING THE NON-DISCRIMINATORY AND EQUAL OPPORTUNITY POLICIES. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 THE INSTITUTE ADMINISTERS DISBURSEMENT OF FUNDS FOR FEDERAL PROGRAMS INCLUDING PERKINS (FORMERLY NDSL), SEOG, PELL, AND FWS AND DISBURSEMENTS FROM VARIOUS STATE GOVERNMENTS LOCATED THROUGHOUT THE USA. 1 EUROPE (INCLUDING ICELAND & GREENLAND) 2 2 PROGRAM SERVICES STUDY ABROAD PROGRAM FOR APPROXIMATELY 100 STUDENTS 481706 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 9381055 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 GRANTMAKING 304950 2 2 0 0 2 2 10167711 0 10167711 SCHOLARSHIPS EUROPE (INCLUDING ICELAND & GREENLAND) 83 N/A 304950 CREDIT TO STUDENT ACCOUNT FMV 1 0 1 1 0 0 PROCEDURE FOR MONITORING GRANTS OUTSIDE THE U.S.: SCHEDULE F, PART I, LINE 2: ALL GRANTS ARE APPLIED DIRECTLY TO THE STUDENT'S ACCOUNTS TO COVER A PORTION OF THE STUDENT'S TUITION. ALUMNI TOURNAMENT 100750 15100 85650 313 22439 PRESIDENT'S CUP 45400 30300 15100 939 36438 146150 45400 100750 1252 58877 60129 40621 1 SCHOLARSHIPS 3148 27271450 OTHER SCHOLARSHIPS PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: 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, 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 347593 0 0 0 59880 0 40000 0 24129 0 471602 0 0 0 ROBERT L TOTINO 175382 0 10000 0 309 0 18700 0 25379 0 229770 0 0 0 RUSSELL PINIZZOTTO 214736 0 25000 0 2629 0 22500 0 21694 0 286559 0 0 0 BRENDA CROSS-SANCHEZ 201000 0 5000 0 320 0 20800 0 7000 0 234120 0 0 0 KEIKO BROOMHEAD 170785 0 0 0 279 0 0 0 6214 0 177278 0 0 0 DAVID WAHLSTROM 171086 0 10000 0 698 0 18200 0 22344 0 222328 0 0 0 ANNE GILL 154306 0 0 0 1563 0 15600 0 1694 0 173163 0 0 0 GLEN WIGGINS 184506 0 0 0 1273 0 19282 0 19744 0 224805 0 0 0 MICHAEL KUPFERMAN 174490 0 0 0 3708 0 18704 0 24300 0 221202 0 0 0 FREDERICK DRISCOLL 159823 0 0 0 2990 0 16008 0 255 0 179076 0 0 0 MARK HASSO 148074 0 4000 0 1619 0 13765 0 9721 0 177179 0 0 0 PATRICK HAFFORD 144209 0 0 0 1022 0 15317 0 20394 0 180942 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 12. NO AMOUNTS WERE CREDITED TO DR. PANTIC IN 2011. 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. MASS DEVELOPMENT FINANCE AGENCY 043431814 57583FV99 2007-11-30 19109055 REFUND MDFA SERIES 2003 BONDS 0 0 0 MASS DEVELOPMENT FINANCE AGENCY 043431814 57583RES0 2007-11-30 14635000 REFUND MDFA SERIES 2005 BONDS 0 0 0 MASS DEVELOPMENT FINANCE AGENCY 043431814 57583RYC3 2008-06-10 30060000 REFUND MDFA SERIES 2000 BONDS 0 0 0 MASS DEVELOPMENT FINANCE AGENCY 043431814 57583FV99 2007-11-30 31045945 REFUND MDFA SERIES 2003 BONDS 0 0 0 19109055 1363190 112029 12177 17621659 2007 1 0 1 1 14635000 900031 96891 9326 13628751 2007 1 0 1 1 30060000 270108 102816 29687076 2008 1 0 1 1 31045945 2214736 182010 19784 28629415 2007 1 0 1 1 0 0 1 0 0 0.00980 0.00000 0.00980 1 0 0 1 0 0 0.00000 0.00000 0.00000 1 0 0 1 0 0 0.00520 0.00520 1 0 0 1 0 0 0.00700 0.00700 1 0 1 1 MORGAN STANLEY 29.800000000000 0 0 0 0 0 0 1 1 BANK OF NEW YORK 29.800000000000 0 0 0 0 0 0 1 0 0 0 0 0 1 1 MORGAN STANLEY 29.800000000000 0 0 0 0 0 SCHEDULE K, PART V: AS OF JUNE 30, 2012, THE INSTITUTE HAD NOT ESTABLISHED WRITTEN PROCEDURES TO ENSURE THAT VIOLATIONS OF FEDERAL TAX REQUIREMENTS ARE TIMELY IDENTIFIED AND CORRECTED THROUGH THE VOLUNTARY CLOSING AGREEMENT PROGRAM IF SELF-REMEDIATION IS NOT AVAILABLE. HOWEVER, THE INSTITUTE EXPECTS TO ADOPT SUCH WRITTEN PROCEDURES IN MAY, 2013. BOND BROTHERS INC SEE BELOW 12128110 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 A CONTRACT FOR CONSTRUCTION SERVICES WITH BOND BROTHERS, INC., WHOSE CEO, EDWARD BOND, JR. 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 24828 LIST PRICE PROVIDED X 9 37517 QUOTED MARKET PRICE X NETWORK EQUIPMENT 2 5850 LIST PRICE PROVIDED BY DONORS X GIFT CERT. 26 6554 FACE VALUE X SUPPLIES 1 2026 LIST PRICE PROVIDED BY DONORS X OTHER 5 1410 FACE VALUE 0 0 1 0 METHOD FOR DETERMINING NUMBER OF CONTRIBUTORS: 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 ROSEMARIE CONTI HAVE A BUSINESS RELATIONSHIP. 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 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 THE 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 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. THE EXECUTIVE COMMITTEE SHALL DOCUMENT IN THE MINUTES OF THE MEETING ALL ACTIONS TAKEN AND DATA USED TO DETERMINE SALARY. 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 VI, SECTION B, LINE 14: THE ORGANIZATION MAINTAINS AND FOLLOWS A WRITTEN DOCUMENT RETENTION AND DESTRUCTION POLICY IN EFFECT FOR ALL MAJOR DEPARTMENTS/DIVISIONS. THE ORGANIZATION CHECKED "NO" TO THIS QUESTION IN ITS FORM 990 BECAUSE NOT ALL POLICIES HAVE BEEN APPROVED BY THE BOARD. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -4,290,983. UNREALIZED LOSS ON INTEREST RATE SWAP OBLIGATIONS -7,262,952. TOTAL TO FORM 990, PART XI, LINE 5: -11,553,935. TRUST TRUST MA N/A T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0