2020-05-15T10:19:12-05:00 2019-06-30 PricewaterhouseCoopers LLP 101 SEAPORT BLVD SUITE 500 BOSTON MA 02210 990 2018-07-01 061043412 WHITEHEAD INSTITUTE FOR BIOMEDICAL RESEARCH % JULIA FANTASIA WHIT 6172585000 455 MAIN STREET CAMBRIDGE MA 021421479 JULIA FANTASIA CFO 6172585113 2020-05-15 true PAUL TANIS P01441612 6175305000 155.201.35.58 04363820201365000031 2020-05-15 P 4DACC48D01B39045C9198F6713EBD5745B0BE673 B8FEEE8C2AC7F1E10E33774D0E0893560D8CE164 2018 2020-09-23 17:36:50Z DAVID PAGE 455 MAIN STREET CAMBRIDGE MA 021421479 141457162 false X WWW.WI.MIT.EDU X 1981 MA SEE SCHEDULE O. 15 14 367 14 -587095 -874446 32935474 41491136 1740021 2779377 26968518 29003121 8549461 10711372 70193474 83985006 2154657 1666208 0 0 29355992 29363753 0 0 1631920 40561111 41939571 72071760 72969532 -1878286 11015474 627527372 650160818 88298266 84570824 539229106 565589994 X SEE SCHEDULE O. false false 58595817 1666208 2779377 WHITEHEAD INSTITUTE FOR BIOMEDICAL RESEARCH IS AN INDEPENDENT NONPROFIT RESEARCH AND TEACHING INSTITUTION LOCATED IN CAMBRIDGE, MASSACHUSETTS. THE INSTITUTE WAS INCORPORATED IN 1981 TO PROMOTE AND EXPAND HUMAN KNOWLEDGE IN THE BIOMEDICAL AND OTHER SCIENTIFIC FIELDS WITH THE ULTIMATE GOAL OF IMPROVING HUMAN HEALTH AND WELL-BEING. THE RESEARCH OF THE INSTITUTE FOCUSES ON BASIC BIOLOGICAL PROCESSES INVESTIGATED MAINLY FROM A MOLECULAR OR CELLULAR PERSPECTIVE. RESEARCH IS CONDUCTED IN SEVERAL AREAS, INCLUDING CANCER, NEURODEGENERATIVE DISEASES, REGENERATIVE BIOLOGY, IMMUNOLOGY AND GENETICS. THE RESEARCH OF THE INSTITUTE IS CONDUCTED UNDER THE LEADERSHIP OF PRINCIPAL INVESTIGATORS WHO HOLD JOINT APPOINTMENTS TO THE FACULTIES OF THE INSTITUTE AND MASSACHUSETTS INSTITUTE OF TECHNOLOGY ("MIT") (THE "INSTITUTE FACULTY"). THE MEMBERS OF THE INSTITUTE FACULTY ARE RECOGNIZED LEADERS IN THEIR FIELDS. THE INSTITUTE FACULTY INCLUDE TWO RECIPIENTS OF THE NATIONAL MEDAL OF SCIENCE, FOUR HOWARD HUGHES MEDICAL INSTITUTE INVESTIGATORS, EIGHT MEMBERS OF THE NATIONAL ACADEMY OF SCIENCES AND FOUR MEMBERS OF THE NATIONAL ACADEMY OF MEDICINE. FOR MORE THAN THREE DECADES, WHITEHEAD INSTITUTE HAS MAINTAINED A STEADFAST COMMITMENT TO SCIENCE EDUCATION AND OUTREACH BY OFFERING PROGRAMS TO ENHANCE SCIENCE TEACHING AND LEARNING FOR THE ENTIRE COMMUNITY. WITH A VARIETY OF PROGRAMS RANGING IN SCOPE FROM LECTURES AND WORKSHOPS FOR TEACHERS AND STUDENTS TO SPECIAL EVENTS FOR NON-SCIENTISTS, WHITEHEAD OFFERS ITS PARTICIPANTS FIRST-HAND EXPOSURE TO STATE-OF-THE-ART RESEARCH. THESE PROGRAMS INCLUDE: SEMINAR SERIES FOR HIGH SCHOOL TEACHERS - THIS MONTHLY PROGRAM PROVIDES EDUCATORS AND OPPORTUNITY TO EXPLORE TOPICS AT THE FOREFRONT OF BIOMEDICAL RESEARCH. THE SERIES BEGINS IN OCTOBER AND LECTURES ARE HELD THE FIRST MONDAY OF EVERY MONTH THROUGH JUNE. SPRING LECTURE SERIES FOR HIGH SCHOOL STUDENTS - THIS PROGRAM, HELD DURING THE PUBLIC SCHOOL SPRING VACATION WEEK, FEATURES LECTURES FROM LEADING SCIENTIFIC EXPERTS, HANDS-ON LABORATORY DEMONSTRATIONS, VISITS TO LOCAL BIOTECHNOLOGY COMPANIES, AND INTERACTIONS WITH YOUNG WHITEHEAD INSTITUTE SCIENTISTS. SUMMER SCIENCE PROGRAM FOR MIDDLE SCHOOL STUDENTS - WHITEHEAD INSTITUTE HAS DEVELOPED IMMERSIVE, TWO WEEK-LONG PROGRAMS FOR RISING 7TH AND 8th GRADERS FEATURING HANDS-ON ACTIVITIES, CLASSROOM LESSONS, AND INTERACTIONS WITH SCIENTISTS. TWO SUCH SESSIONS ARE HELD IN JULY AND AUGUST. PUBLIC PROGRAM COLLABORATIONS - WHITEHEAD INSTITUTE ROUTINELY PARTNERS WITH VARIOUS RESEARCH INSTITUTIONS AND BIOTECHNOLOGY ORGANIZATIONS IN COORDINATING EDUCATIONAL PROGRAMMING FOR HIGH SCHOOL STUDENTS, TEACHERS, AND SCIENTISTS. 58595817 true true false true false false false true false true true true false false true true true false false false true false false false false false false true false true true false false false false false false false false false false true false false false false false false false false true 196 0 true 367 true true true false false false false false false false false false false false X 15 14 true false false false false false false true true false false true true true true true true true false false MA X JULIA FANTASIA 6172585113 455 MAIN STREET CAMBRIDGE MA 021421479 DR DAVID PAGE DIRECTOR/PRESIDENT 40.0 0.0 X X 374446 0 0 DR CHARLES ELLIS DIRECTOR/BOARD CHAIR 2.0 0.0 X X 0 0 0 MS SUSAN WHITEHEAD DIRECTOR/BOARD VICE CHAIR 2.0 0.0 X X 0 0 0 MS BRIT D'ARBELOFF DIRECTOR 2.0 0.0 X 0 0 0 MR JONATHAN GOLDSTEIN DIRECTOR 2.0 0.0 X 0 0 0 DR ROBERT LANGER DIRECTOR 2.0 0.0 X 0 0 0 DR MARK LAPMAN DIRECTOR 2.0 0.0 X 0 0 0 DR PHILLIP SHARP DIRECTOR 2.0 0.0 X 0 0 0 MR JOHN WHITEHEAD DIRECTOR 2.0 0.0 X 0 0 0 MR PETER WHITEHEAD DIRECTOR 2.0 0.0 X 0 0 0 DR ANDREW LO DIRECTOR 2.0 0.0 X 0 0 0 DR ARTHUR SCHLEIFER DIRECTOR 2.0 0.0 X 0 0 0 MS AMY SCHULMAN DIRECTOR 2.0 0.0 X 0 0 0 DR PAUL L JOSKOW DIRECTOR 2.0 0.0 X 0 0 0 MS SARAH WILLIAMSON DIRECTOR 2.0 0.0 X 0 0 0 MR MICHAEL BONNEY DIRECTOR (END 9/2018) 2.0 0.0 X 0 0 0 MR MARTIN MULLINS VICE PRESIDENT 40.0 0.0 X 436612 0 41115 MS CAROLINE ROMANO ASST SECRETARY 40.0 0.0 X 74232 0 13902 MS JULIA FANTASIA CFO & TREASURER 40.0 0.0 X 252205 0 44741 DR MONICA GERBER SECRETARY 40.0 0.0 X 107414 0 19801 DR ROBERT WEINBERG MEMBER (FACULTY) 40.0 0.0 X 311453 0 51558 DR RUDOLF JAENISCH MEMBER (FACULTY) 40.0 0.0 X 328778 0 51908 DR RICHARD YOUNG MEMBER (FACULTY) 40.0 0.0 X 318143 0 57653 DR HAZEL SIVE MEMBER (FACULTY) 40.0 0.0 X 324582 0 55983 MS SHARON STANCZAK VP Institutional Advancement 40.0 0.0 X 305101 0 54764 2832966 0 391425 57 false true false THE INVESTMENT FUND FOR FOUNDATIONS 170 N Radnor Chester Rd 300 RADNOR PA 19087 INVESTMENT MANAGER 1565046 MORSE BARNES-BROWN 230 3rd Ave4th Floor WALTHAM MA 02451 LEGAL FIRM 450868 Salt Creek Catering 15 Brewer Lane READING MA 01867 catering services 495168 PIDC CONSTRUCTION CORP 25 BIRCH STREET MILFORD MA 01757 construction 10443177 PriceWaterhouseCoopers 101 Seaport Blvd BOSTON MA 02210 ACCOUNTING SERVICES 272987 13 17494901 23996235 100199 41491136 SCIENTIFIC SERVICES 541900 2779377 2779377 2779377 8599445 -587095 9186540 0 8929626 8929626 815200 539308 275892 0 275892 275892 77336524 56932848 20403676 20403676 20403676 0 0 0 0 0 0 0 0 0 PROCESSING FEES FOR ADMIN ROYALTIES 900099 279106 279106 TERMINATED LEASE PAYMENT 900099 1000000 1000000 INTEREST 900099 154978 154978 71770 71770 1505854 83985006 2779377 -587095 40301588 1666208 1666208 0 0 0 1108370 154272 954098 0 20229769 15561673 3637703 1030393 1879207 1384072 404390 90745 4718459 3639658 872710 206091 1427948 1051711 307283 68954 0 949667 869375 79237 1055 251881 251881 0 0 1859554 1859554 1765748 1081035 610468 74245 14834 11483 3101 250 408623 261685 128152 18786 837856 273016 561476 3364 4835352 4835352 2449606 2128957 320649 346190 256220 54208 35762 0 496920 309181 142571 45168 3091280 2763671 327609 0 4730970 4111694 619276 287458 249830 37628 LAB SUPPLIES 8190169 8189533 636 FELLOWSHIPS 3005697 3005697 EQUIP PURCH/RENT REPAIR MAIN 3938693 2992777 921754 24162 OTHER LAB EXPENSES 2632873 2636451 -3578 1846200 1162266 650989 32945 72969532 58595817 12741795 1631920 0 5765924 12336039 7351778 4899810 11330777 1392498 1658921 0 0 0 0 355241 322024 0 0 1171415 1154628 151294711 85603536 57474680 65691175 8047393 18885971 537945523 533779870 0 0 0 0 3904773 4219750 627527372 650160818 2818848 1044401 0 0 3383635 1419859 32198464 31089940 0 0 0 0 0 0 44814284 44821072 5083035 6195552 88298266 84570824 X 506249956 521988569 13828645 24450920 19150505 19150505 539229106 565589994 627527372 650160818 X 11015474 16110598 -765184 X false true X true true true X 37140292 45139530 38473117 32935474 41491136 195179549 0 0 37140292 45139530 38473117 32935474 41491136 195179549 0 195179549 15935891 17710287 16306988 17705105 18344271 86002542 34648 34648 351325 131831 325274 387212 1505854 2701496 283918235 9770182 0.68745 0.67369 X SCHEDULE A, PART II, LINE 10: THE TOTAL AMOUNT REPORTED ON LINE 10 INCLUDES PROCESSING FEES FOR ADMINISTRATION OF ROYALTIES AND OTHER MISCELLANEOUS ADMINISTRATIVE INCOME. 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SEC. 304847220 F HEDGE FUNDS - ABSOLUTE RETURN 51694214 F PRIVATE EQUITY- FUNDS OF FUNDS 137231836 F PRIVATE EQUITY - INDUSTRY/VAR 4757664 F PRIVATE EQUITY - REAL ESTATE 12855462 F MONEY MARKET FUND 22393474 F 533779870 0 POST RETIREMENT HEALTH BENEFIT 2010312 DEFERRED COMPENSATION PLANS 4139941 CHARITABLE GIFT ANNUITY LIABIL 45299 6195552 X 100634911 16110597 539308 16649905 83985006 83985006 73508840 539308 539308 72969532 72969532 SCHEDULE D, PART III, LINE 4: THE INSTITUTE'S ART COLLECTION WAS PURCHASED WITH A GIFT FROM ITS FOUNDER, EDWIN C. WHITEHEAD. THE COLLECTION CONSISTS OF 79 ARTWORKS EXECUTED IN OIL, ACRYLIC, WATERCOLOR AND MIXED MEDIA, PRINTS AND PHOTOGRAPHY. THE COLLECTION'S PURPOSE IS TO HELP CREATE/FOSTER A STIMULATING ENVIRONMENT THAT PROMOTES AN INNOVATIVE CULTURE TO ACHIEVE THE MISSION OF THE INSTITUTE. SCHEDULE D, PART V, LINE 4: THE INSTITUTE'S ENDOWMENT FUNDS ARE USED TO UNDERWRITE THE RESEARCH PROGRAM OF THE INSTITUTE AS WELL AS TO FUND THE ADMINISTRATION AND OPERATION OF THE INSTITUTE. THE INSTITUTE HAS ADOPTED ENDOWMENT INVESTMENT AND SPENDING POLICIES THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO THE INSTITUTE'S MISSION, SUPPORTED BY ITS ENDOWMENT, WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF ENDOWMENT ASSETS. THESE POLICIES DETERMINE THE AMOUNT THAT MAY BE DRAWN FROM ITS ENDOWMENT FUNDS. THE INSTITUTE DRAWS FUNDS FOR RESEARCH AND OPERATIONS, AS APPROVED BY THE BOARD, FROM TOTAL INVESTMENTS. SCHEDULE D, PART X, LINE 2: WHITEHEAD INSTITUTE FOR BIOMEDICAL RESEARCH ("THE INSTITUTE") DID NOT REPORT A LIABILITY FOR UNCERTAIN TAX POSITIONS. THE INSTITUTE'S FIN 48 FOOTNOTE IS AS FOLLOWS: THE INSTITUTE IS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE INSTITUTE COMPLIES WITH AUTHORITATIVE GUIDANCE AND ACCOUNTING FOR AND DISCLOSURE OF UNCERTAINTY IN TAX POSITIONS. THE TAX CUTS AND JOBS ACT (THE "ACT") WAS ENACTED ON DECEMBER 22, 2017. THE ACT IMPACTS THE INSTITUTE IN SEVERAL WAYS INCLUDING INCREASES TOUNRELATED BUSINESS TAXABLE INCOME (UBTI) BY THE AMOUNT OF CERTAIN FRINGE BENEFITS FOR WHICH A DEDUCTION IS NOT ALLOWED, CHANGES TO THE NET OPERATING LOSS RULES, REPEAL OF THE ALTERNATIVE MINIMUM TAX (AMT), AND THE COMPUTATION OF UBTI SEPARATELY FOR EACH UNRELATED TRADE OR BUSINESS. FURTHER, THE ACT REDUCES THE U.S. FEDERAL CORPORATE TAX RATE AND FEDERAL CORPORATE UNRELATED BUSINESS INCOME TAX RATE FROM 35% TO 21%. THE OVERALL IMPACT OF THE ACT REMAINS UNCERTAIN AND THE FULL IMPACT OF THE ACT WILL NOT BE KNOWN UNTIL FURTHER REGULATORY GUIDANCE IS PROVIDED TO ASSIST THE INSTITUTE WITH CALCULATING ANY RELATED INCOME TAX LIABILITIES. THE INSTITUTE CONTINUES TO EVALUATE THE IMPACT OF TAX REFORM ON THE ORGANIZATION. SCHEDULE D, PART XI, LINE 2D: RENTAL EXPENSES - $539,308 SCHEDULE D, PART XII, LINE 2D: RENTAL EXPENSES - $539,308 Central America and the Caribbean Investments 56686755 56686755 56686755 true false true true true false true BOSTON UNIVERSITY 25 BUICK STREET BOSTON MA 02215 042103547 501(C)(3) 87677 N/A N/A RESEARCH SUBAWARDS DANA-FARBER CANCER INSTITUTE 450 BROOKLINE AVENUE BROOKLINE MA 02215 042263040 501(C)(3) 888450 N/A N/A RESEARCH SUBAWARDS HARVARD UNIVERSITY 1350 MASS AVENUE CAMBRIDGE MA 02138 042103580 501(C)(3) 244812 N/A N/A RESEARCH SUBAWARDS BOSTON CHILDREN'S HOSPITAL 300 LONGWOOD AVENUE BOSTON MA 02115 042774441 501(C)(3) 25848 N/A N/A RESEARCH SUBAWARDS MASSACHUSETTS INSTITUTE OF TECHNOLOGY 77 Massachusetts Ave Cambridge MA 02139 042103634 501(C)(3) 264547 N/A N/A RESEARCH SUBAWARD MASS GENERAL HOSPITAL 55 FRUIT ST BOSTON MA 02114 041564655 501(c)(3) 78297 N/A N/A RESEARCH SUBAWARD BRIGHAM AND WOMEN'S HOSPITAL 75 FRANCIS ST BOSTON MA 02115 042312909 501(C)(3) 71841 N/A N/A RESEARCH SUBAWARD 7 SCHEDULE I, PART I, LINE 2 GRANT FUNDS ARE MANAGED IN ACCORDANCE WITH THE INSTITUTE'S RULES AND REGULATIONS. EXPENDITURES ARE REVIEWED TO ENSURE THAT THE COSTS INCURRED AND CHARGED TO A PARTICULAR GRANT ARE IN COMPLIANCE WITH THE INSTITUTE'S POLICIES AND GRANTOR REQUIREMENTS. X true true X X X X false false false false false false false true false DR DAVID PAGE DIRECTOR/PRESIDENT 0 0 0 0 374446 0 0 0 0 0 374446 0 0 0 MR MARTIN MULLINS VICE PRESIDENT 392902 0 25000 0 18710 0 31058 0 10057 0 477727 0 0 0 DR ROBERT WEINBERG MEMBER (FACULTY) 300999 0 0 0 10454 0 31058 0 20500 0 363011 0 0 0 DR RUDOLF JAENISCH MEMBER (FACULTY) 316065 0 0 0 12713 0 31058 0 20850 0 380686 0 0 0 DR RICHARD YOUNG MEMBER (FACULTY) 278903 0 0 0 39240 0 31058 0 26595 0 375796 0 0 0 DR HAZEL SIVE MEMBER (FACULTY) 253836 0 0 0 70746 0 29557 0 26426 0 380565 0 0 0 MS JULIA FANTASIA CFO & TREASURER 204035 0 47500 0 670 0 23174 0 21567 0 296946 0 0 0 MS SHARON STANCZAK VP Institutional Advancement 270766 0 30000 0 4335 0 31058 0 23706 0 359865 0 0 0 SCHEDULE J, PART I, LINES 1A & 1B: WHITEHEAD INSTITUTE HAS A BOARD COMPENSATION COMMITTEE, WHICH HAS A CHARTER. IN ADDITION, WHITEHEAD HAS AN EXECUTIVE COMPENSATION POLICY. DAVID PAGE'S HOUSING ALLOWANCE IS IN ACCORDANCE WITH THE COMPENSATION COMMITTEE CHARTER AND EXECUTIVE COMPENSATION POLICY. SCHEDULE J, PART I, LINE 7 & PART II, COLUMN (B)(II): THE BONUS REPORTED IN COLUMN B(II) FOR MR. MARTIN MULLINS REPRESENTS A NON-FIXED PAYMENT MADE TO MR. MARTIN MULLINS IN RECOGNITION OF MEETING CERTAIN PERFORMANCE GOALS FOR CALENDAR YEAR 2018. THE BONUS REPORTED IN COLUMN B(II) FOR MS. JULIA FANTASIA REPRESENTS A NON-FIXED PAYMENT MADE TO MS. JULIA FANTASIA IN RECOGNITION OF WORK PERFORMED IN THE ROLE OF CFO. THE BONUS REPORTED IN COLUMN B(II) FOR MS. SHARON STANCZAK REPRESENTS NON-FIXED PAYMENTS MADE TO MS. SHARON STANCZAK IN RECOGNITION OF WORK PERFORMED IN THE ROLE OF VP OF INSTITUTIONAL ADVANCEMENT OVER TWO PERFORMANCE YEARS. MS. CAROLINE ROMANO ALSO RECEIVED A NON-FIXED BONUS PAYMENT IN RECOGNITION OF MEETING CERTAIN PERFORMANCE GOALS. THIS AMOUNT IS INCLUDED IN FORM 990, PART VII, SECTION A, COLUMN (D). A MASS DEVELOPMENT FINANCE AGENCY 043431814 57583UEV6 2011-07-01 43581560 Capital and Equpment purchases false true false A 11120000 0 43581560 0 0 0 581560 0 0 10000000 33000000 0 2014 false true true true A false false false false false false 0.00000 0.00000 0.00000 false false 0.00000 false true A false false false true false false 0 false 0 false true A true FORM 990, SCHEDULE K, PART I, COLUMN F, LINE A: DESCRIPTION OF PURPOSE: BUILDING IMPROVEMENTS AND EQUIPMENT PURCHASES; REFUND OF 1993 AND 1995 BONDS. SCHEDULE K, PART III: THE INSTITUTE MONITORS THE USE OF BOND-FINANCED FACILITIES AND EQUIPMENT AND HAS DETERMINED THAT IT HAS NO MANAGEMENT OR SERVICE CONTRACTS, RESEARCH CONTRACTS, UNRELATED TRADE OR BUSINESS ACTIVITIES, OR OTHER ACTIVITIES WITH RESPECT TO BOND-FINANCED EQUIPMENT OR FACILITIES THAT WOULD RESULT IN PRIVATE BUSINESS USE. SCHEDULE K, PART IV, COLUMN A, LINE 2C: A REBATE COMPUTATION WAS PERFORMED ON 08/04/2014. X 3 100199 SALE PROCEEDS AT FMV 0 false true false SCHEDULE M, COLUMN B: THE INSTITUTE IS REPORTING THE NUMBER OF CONTRIBUTIONS. FORM 990, PART I, LINE 1 & PART III, LINE 1: ORGANIZATION'S MISSION: WHITEHEAD INSTITUTE FOR BIOMEDICAL RESEARCH ("THE INSTITUTE") ENGAGES IN BIOMEDICAL RESEARCH AND EDUCATION TO FOSTER THE UNDERSTANDING OF BIOLOGICAL SYSTEMS, ORGANISMS, AND PROCESSES, WITH THE ULTIMATE GOAL OF IMPROVING HUMAN HEALTH AND WELL-BEING. FORM 990, PART I, LINE 6: THE INSTITUTE DOES NOT FORMALLY TRACK VOLUNTEERS, BUT HAS INCLUDED THE NUMBER OF BOARD MEMBERS THAT ARE UNCOMPENSATED. FORM 990, PART VI, LINE 2: JOHN, PETER, AND SUSAN WHITEHEAD (ALL DIRECTORS) HAVE A FAMILY RELATIONSHIP AND A BUSINESS RELATIONSHIP. AMY SCHULMAN, PHILLIP SHARP AND MICHAEL BONNEY HAVE A BUSINESS RELATIONSHIP. FORM 990, PART VI, LINE 11B: THE PROCESS FOR THE FORM 990 INCLUDES REVIEW BY SENIOR MANAGEMENT AND THE INDEPENDENT EXTERNAL TAX CONSULTANTS. THE FULL BOARD, INCLUDING THE AUDIT COMMITTEE, RECEIVES A FINAL COPY OF THE FORM 990 BEFORE IT IS FILED. FORM 990, PART VI, LINE 12C: PROMPTLY AFTER THE END OF EACH FISCAL YEAR OF THE INSTITUTE (JUNE 30), AND IMMEDIATELY FOLLOWING ELECTION TO THE BOARD, OR AS AN OFFICER, FOR THE FIRST TIME, DIRECTORS AND OFFICERS SHALL SUBMIT TO THE VICE PRESIDENT, OR SUCH PERSON AS THE DIRECTORS MAY DESIGNATE, A COMPLETED DISCLOSURE STATEMENT REPORTING INFORMATION SPECIFICALLY REQUESTED IN THE STATEMENT AND ALSO REPORTING ON BEHALF OF THEMSELVES, THEIR FAMILY MEMBERS, AND ORGANIZATIONS WITH WHICH THEY HAVE A BUSINESS RELATIONSHIP, ANY ACTUAL OR PLANNED BUSINESS OR OTHER TRANSACTION OR RELATIONSHIP THAT DIRECTLY OR INDIRECTLY INVOLVES THE INSTITUTE OR THAT FOR SOME OTHER REASON COULD BE CONSTRUED AS A CONFLICT OF INTEREST BECAUSE IT MIGHT AFFECT THEIR INDEPENDENT, UNBIASED JUDGMENT WHEN CARRYING OUT THEIR DUTIES FOR THE INSTITUTE. IF A MATTER COMES BEFORE THE BOARD OR ANY COMMITTEE OF THE BOARD IN WHICH A DIRECTOR HAS AN INTEREST (EITHER DIRECTLY OR INDIRECTLY), SUCH DIRECTOR SHOULD WITHDRAW FROM DISCUSSION AND VOTING WHEN THE BOARD OR COMMITTEE ACTS ON SUCH MATTER. CONFLICTS OF INTEREST ARE MONITORED BY THE VICE PRESIDENT AND DIRECTOR WHO ADVISE THE CHAIRMAN OF THE BOARD. FORM 990, PART VI, LINE 15: A COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS ANNUALLY REVIEWS AND RECOMMENDS CHANGES TO THE PRESIDENT'S COMPENSATION BASED UPON PERFORMANCE AGAINST MULTI-YEAR GOALS. THE PRESIDENT REVIEWS THE SENIOR MANAGEMENT SALARIES AND REPORTS TO THE BOARD OF DIRECTORS. FACULTY SALARIES ARE SET BY MASSACHUSETTS INSTITUTE OF TECHNOLOGY ON AN ANNUAL BASIS. ALL OTHER OFFICER SALARIES ARE PART OF A RAISE POOL THAT IS DETERMINED ANNUALLY AND APPROVED BY THE BOARD OF DIRECTORS AS PART OF THE BUDGET APPROVAL PROCESS. BENCHMARK AND INDUSTRY SURVEYS ARE REVIEWED FOR ALL WHITEHEAD POSITIONS. FORM 990, PART VI, LINE 19: THE INSTITUTE'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: OTHER CHANGES IN NET ASSETS OR FUND BALANCES: POST-RETIREMENT RELATED CHANGES: $-765,184 TOTAL OTHER CHANGES IN NET ASSETS OR FUND BALANCES: $-765,184