2016-05-10T16:02:01-05:00 2015-06-30 GRANT THORNTON LLP 75 STATE STREET BOSTON MA 02109 990 2014-07-01 042121659 Worcester Polytechnic Institute % CHARLENE BELLOWS WORC 5088315577 100 Institute Road Worcester MA 01609 Jeffrey Solomon CFO 5088315577 2016-05-16 true Robert J Butler Jr P00037953 6177237900 2014 2016-08-17 19:52:53Z Laurie Leshin 100 Institute Road Worcester MA 01609 315331517 false 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. 29 26 3939 1075 -634598 -820284 18592750 31452693 256560600 277637959 2799624 2691656 0 261849 277952974 312044157 71601856 83091835 0 0 122211574 130999139 0 0 5215498 88471751 93444017 282285181 307534991 -4332207 4509166 863535367 872836583 300786517 305954138 562748850 566882445 X 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. (cont. on sch. o) false false 219719522 73045991 243248062 The university provides education in the fields of science, technology, engineering and mathematics to approximately 4,300 undergraduate and 2,300 graduate students. In addition, housing and board auxiliary services is provided for approximately 2,100 students. During fiscal year 2015, the university awarded 958 bachelor, 681 master and 42 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. 4479055 0 6329729 The university's corporate and professional education division provides tailor-made programs to approximately 587 students, mainly at corporate student 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 2015, approximately 1,157 individuals participated in one or more professional workshops or short courses. 27956522 10045844 28060168 At the university, 119 faculty members and 304 students are engaged in cutting-edge research across a broad range of disciplines. The university receives research funding from a variety of sources, primarily from governmental organizations such as the National Science Foundation, Department of Defense, National Institute of Health and other federal agencies. Research at the university 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. 252155099 true true false true false false false true false true true true false false true true false true true true true true true false false false false true true true true false false false false false false true false false false true false false false true true true true false false true 5868 0 true 3939 true true true false false false false false false false false false X 29 26 false false false false false false false true true false false true true true true true true true true false MA X X CHARLENE BELLOWS 5088315577 100 INSTITUTION ROAD WORCESTER MA 01609 Andrew Aberdale Trustee 2.0 0.0 X 0 0 0 Michael Aspinwall Trustee 2.0 0.0 X 0 0 0 James Baum Trustee 2.0 0.0 X 0 0 0 Curtis Carlson Trustee 2.0 0.0 X 0 0 0 Michael Dolan Trustee 2.0 0.0 X 0 0 0 Daniel Farrar Trustee 2.0 0.0 X 0 0 0 Henry Fitzgerald Trustee 2.0 0.0 X 0 0 0 William Fitzgerald Trustee 2.0 0.0 X 0 0 0 Steven Halstedt Trustee 2.0 0.0 X 0 0 0 David Heebner Trustee 2.0 0.0 X 0 0 0 Debora Jackson Trustee 2.0 0.0 X 0 0 0 Stuart Kazin Trustee 2.0 0.0 X 0 0 0 Laurie Leshin President beginning June 2014 40.0 1.0 X X 317732 0 90660 Francesca Maltese Vice Chairman and Trustee 2.0 0.0 X X 0 0 0 Robert Martin Trustee 2.0 0.0 X 0 0 0 Erica Mason Trustee 2.0 0.0 X 0 0 0 Neil McDonough Trustee 2.0 0.0 X 0 0 0 Linda McGoldrick Trustee 2.0 0.0 X 0 0 0 John Mollen Trustee 2.0 0.0 X 0 0 0 Philip Morgan Trustee 2.0 0.0 X 0 0 0 George Oliver Vice Chairman and Trustee 2.0 0.0 X X 0 0 0 Karen Tegan Padir Trustee 2.0 0.0 X 0 0 0 Donald Peterson Trustee 2.0 0.0 X 0 0 0 Mark Russell Trustee 2.0 0.0 X 0 0 0 Philip Ryan Chairman 6/14;Fmr interim pres 2.0 1.0 X X 230239 0 30942 Stephen Spinelli Jr Trustee served thru Oct 2014 2.0 0.0 X 0 0 0 Joan Bolduc Szkutak Trustee 2.0 0.0 X 0 0 0 Richard Willett II Trustee 2.0 0.0 X 0 0 0 Dorothea Wong Trustee 2.0 0.0 X 0 0 0 Michael Zarrilli Trustee 2.0 0.0 X 0 0 0 Charlene Bellows Associate Treasurer,Controller 40.0 1.0 X 122085 0 23838 A Tracy Hassett Assistant Secretary, VP HR 40.0 0.0 X 268088 0 59897 Stephanie Pasha Secretary, AVP, Chief of Staff 40.0 0.0 X 125497 0 23523 Jeffrey Solomon Treasurer & Executive VP & CFO 40.0 1.0 X 506526 0 158510 Bruce Bursten Provost, SVP Acad Affairs 6/15 40.0 0.0 X 0 0 0 Stephen Flavin VP Academic and Corporate Dev 40.0 0.0 X 444933 0 112869 William McAvoy VP University Advancement 40.0 0.0 X 303296 0 91391 Eric Overstrom Provost, SVP Acad Affairs 5/15 40.0 0.0 X 438509 0 99574 Kristin Tichenor Senior VP Enrollment Mgmt 40.0 0.0 X 387064 0 103991 Diran Apelian Professor Mechanical Enginrng 40.0 0.0 X 346368 0 47415 David Cyganski Interim Dean of Engineering 40.0 0.0 X 336556 0 89880 Karen Oates Kashmanian Dean of Arts and Sciences 40.0 0.0 X 316363 0 34367 Mark Rice Professor 40.0 0.0 X 369318 0 51169 Joseph Sarkis Dept. Head School of Business 40.0 0.0 X 328897 0 93266 Dennis Berkey Former President thru May 2013 0.0 0.0 X 327756 0 3693 5169227 0 1114985 261 true true false Goody Clancy 420 Boylston Street BOSTON MA 02116 Architectural Design 569918 PricewaterhouseCoopers LLp 185 Asylum Street Suite 2400 HARTFORD CT 06103 Audit 234370 Prime Buchholz 273 Corporate Drive Suite 250 PORTSMOUTH NH 03801 Invest. Consulting 202292 KVAssociates 303 Congress Street BOSTON MA 02210 project management 179905 Bowditch Dewey 311 Main Street WORCESTER MA 01615 legal 173764 62 2654438 28798255 3238327 31452693 TUITION AND FEES 611710 217180691 217180691 AUXILIARY OPERATIONS 611710 27186527 27186527 SPONSORED RESEARCH 611710 28060168 28060168 OTHER EDUCATIONAL OPERATIONS 611710 2593506 2425899 167607 OTHER OPERATING SOURCES 611710 2617067 2617067 277637959 4643900 -802205 5446105 0 0 261849 261849 0 0 0 1335116 0 3287360 0 -1952244 0 -1952244 -1952244 0 0 0 0 312044157 277470352 -634598 3755710 9733225 9733225 72703831 72703831 654779 654779 0 3870268 710936 2299698 859634 0 99485685 78105241 18531022 2849422 8356660 6409463 1654970 292227 13033870 6042079 6774347 217444 6252656 4795716 1238289 218651 0 568346 2250 566096 0 216300 216300 126000 126000 0 484000 484000 10606168 8766676 1744148 95344 1993113 1213434 752149 27530 3600830 2188613 1238221 173996 4679945 1048392 3618160 13393 0 0 0 0 10038298 8712140 1326158 0 3800273 3129748 487502 183023 0 0 0 0 3675050 2137330 1414067 123653 8811356 8096468 714888 0 0 20777692 18391266 2386426 0 697128 609293 87835 RESEARCH AND TRAINING 9713161 8615706 1058064 39391 REPAIRS AND MAINTENANCE 5599303 4968198 598929 32176 LAB EQUIPMENT/OTHER SUPPLIES 3230399 3031113 197588 1698 BOOKS AND PERIODICALS 2365321 6942 2358179 200 2461334 2082260 291358 87716 307534991 252155099 50164394 5215498 0 0 18098551 23721721 11438944 15130329 3505023 3757298 0 0 0 0 23107112 22115858 0 0 8483040 9349348 502714025 197676092 307915480 305037933 201059267 204792102 261757023 258655056 0 0 0 0 28170927 30276938 863535367 872836583 21915099 24829518 0 0 9986760 10351175 224155907 224486812 0 0 0 0 12656295 5175305 0 6469028 32072456 34642300 300786517 305954138 X 282208812 276043233 121771484 118775437 158768554 172063775 562748850 566882445 863535367 872836583 X 4509166 1305360 -2149623 468692 X false true X true true true X 24301741 21507246 26201813 18592750 31452693 122056243 0 0 24301741 21507246 26201813 18592750 31452693 122056243 19480700 102575543 5488760 4459098 4760695 4825468 4905749 24439770 0 0 146496013 1186146454 0.70019 0.74880 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 126000 126000 306924991 307050991 1000000 250000 1000000 1000000 1000000 1000000 4000000 6000000 270677 316980 285734 126000 999391 250000 250000 250000 250000 1000000 1500000 0 0 0 0 0 Schedule C, Part II-A, Line 1b Lobbying expenditures are for the purpose of identifying funding opportunities at the federal and state level to support educational and research programs and to develop strategic research partnerships with government organizations. 0 0 X X false 416207100 16935708 5211050 6495947 12549054 0 419308857 372171561 5952523 56534087 7028961 11422110 0 416207100 345205532 6883711 37972313 5305650 12584345 0 372171561 360262058 4575797 -926220 5507413 13198690 0 345205532 298817690 13864150 67761399 6117617 14063564 0 360262058 0.42600 0.33800 0.23600 false false 9675322 9675322 407869258 155593063 252276195 15673522 4205050 11468472 61529070 37877979 23651091 7966853 7966853 305037933 REAL ESTATE 30351219 F PRIVATE EQUITY FUNDS 28224407 F EQUITY SECURITIES 7254618 F FIXED INCOME SECURITIES 254149 F EQUITY FUNDS 145296596 F FIXED INCOME FUNDS 47274067 F 258655056 0 SPLIT INTEREST AGREEMENTS 9774206 FUNDS HELD FOR OTHERS 3880891 REFUNDABLE GOVERNMENT LOAN FUNDS 9014870 ASSET RETIREMENT OBLIGATIONS 2373767 INTEREST RATE AGREEMENTS 9598566 34642300 X 240772218 1305360 0 0 -72577299 -71271939 312044157 0 0 0 312044157 234489000 0 0 0 -73045991 -73045991 307534991 307534991 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. 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. Schedule D, Part V, Line 4 The intended use of the endowment funds is to support the programs of the university, including scholarships, faculty teaching and research, library resources, and maintenance. The university has adopted investment and spending policies for its endowment and similar funds that attempt to provide a predictable stream of funding for its programs. To satisfy its long-term rate-of-return objectives, the university relies on a total return approach in which investment returns are achieved through both capital appreciation (realized and unrealized gains) and current yield. To achieve its long-term objectives within prudent risk parameters, the university targets a diversified asset allocation. The university observes a spending rule with respect to total return (interest, dividends, and appreciation) on investments of the endowments and similar funds. Under the spending rule, the university appropriated 4.9% of its endowment and similar funds' average unit fair value for the previous twelve quarters, one year removed, for the year ended June 30, 2015. 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. Schedule D, Part XI, Line 2d Net unrealized gain on beneficial interest in trusts $1,235,782 Change in value of split-interest agreements -$236,432 Net unrealized losses on interest rate agreements -$530,658 Scholarships -$73,045,991 ________________________________________________________________ total -$72,577,299 Schedule D, Part XII, Line 2d Scholarships -$73,045,991 true true true true true true true false false false false false false false false true false true Schedule E, Part I, Line 3 The university draws a substantial percentage of its students nationally and makes its anti-discrimination policy known to all segments of the general community it serves by including a statement on its website, and in all brochures and catalogs dealing with student admissions, programs, and scholarships. It is the policy of the university to provide each qualified individual - regardless of race, sex, age, color, national origin, religion, genetic identity, disability, gender identity or expression, marital or parental status, sexual orientation, transgender status, veteran status, or any other protected status - the opportunity to participate in the university's educational and employment programs and activities in a discrimination and harassment-free environment, in accordance with state and federal laws, including Title VI of the Civil Rights Act of 1964, Section 504 of the Rehabilitation Act of 1973, Title IX of the Education Amendments of 1972, and the Age Discrimination Act of 1975. Furthermore, the university prohibits and will not tolerate unlawful discrimination or harassment. Unlawful discrimination or harassment consists of treating a person differently in any university program or activity based on their race, sex, age, color, national origin, religion, genetic identity, disability, gender identity or expression, marital or parental status, sexual orientation, transgender status, veteran status, or any other protected status. This includes, for example, the display or circulation of written or electronic materials or pictures degrading to either gender or to racial, ethnic, or religious groups; and verbal abuse or insults directed at or made in the presence of members of a racial, ethnic, or minority group. The university prohibits and will not tolerate any form of retaliation against persons who have complained about, or participated in an investigation of a complaint about, unlawful discrimination or harassment. Schedule E, Part I, Line 6 The university receives financial assistance from the U.S. Government in the form of 34A Title IV aid. true Europe (Including Iceland and Greenland) 8 1 Program Services See Part V 625000 East Asia and the Pacific 6 6 Program Services See Part V 559000 Sub-Saharan Africa 2 0 Program Services See Part V 129000 Central America and the Caribbean 1 1 Program Services See Part V 115000 Middle East and North Africa 1 1 Program Services See Part V 64000 South America 1 1 Program Services See Part V 19000 Russia and the Newly Independent States 1 1 Program Services See Part V 14000 South Asia 1 0 Program Services See Part V 6000 Central America and the Caribbean Investments 51500000 Europe (Including Iceland and Greenland) Investments 42900000 Europe (Including Iceland and Greenland) Grantmaking 122800 East Asia and the Pacific Grantmaking 122570 Sub-Saharan Africa Grantmaking 55600 Central America and the Caribbean Grantmaking 14880 Middle East and North Africa Grantmaking 8120 Russia and the Newly Independent States Grantmaking 7870 South America Grantmaking 5320 South Asia Grantmaking 5000 21 11 21 11 96268160 5000 96273160 Europe (Including Iceland and Greenland) energy production research 312619 wire transfr 0 1 Scholarships Europe (Including Iceland and Greenland) 71 122800 CREDITED 0 Scholarships East Asia and the Pacific 70 122570 CREDITED 0 Scholarships Sub-Saharan Africa 33 55600 CREDITED 0 Scholarships Central America and the Caribbean 18 14880 CREDITED 0 Scholarships Middle East and North Africa 8 8120 CREDITED 0 Scholarships Russia and the Newly Independent States 7 7870 CREDITED 0 Scholarships South America 2 5320 CREDITED 0 Scholarships South Asia 1 5000 CREDITED 0 true false true true true false Schedule F, Part I, Line 2 procedure for monitoring use of grants to organizations outside the united states 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 federal agency reports on grants. procedure for monitoring use of grants to individuals outside the united states 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. The university also undergoes an independent A-133 audit to ensure compliance with these requirements. Schedule F, Part I, Line 3 Europe (including Iceland and Greenland) Student projects in Albania, Denmark, England, France, Germany, Greece, Hungary, and Italy focus on environmental, socioeconomic, artistic, cultural and technical concerns specific to the region. East Asia and the Pacific Student projects in Australia, China, Japan, New Zealand and Thailand involve addressing problems important to the local communities, including sustainable development, health and human services and environmental issues. Sub-Saharan Africa Student projects in South Africa and Namibia focus on sustainable development. Central America and the Caribbean Student projects in Costa Rica and Panama focus on environmental, socioeconomic, cultural and technical concerns specific to the region. Middle East and North Africa Student projects in Morocco involve the study of Islamic history and cultural and societal issues South America The university offers the Buenos Aires Language and Culture Immersion providing students a unique opportunity to coalesce language and culture in the real-world setting of Argentina. Student projects in Paraguay focus on poverty elimination efforts. Russia and Neighboring States Student projects in Russia help address local problems by working on a variety of technological, human resources, cultural and environmental projects. South Asia Student projects in Mandi, India include collaborative projects with the Indian Institute of Technology, a leader in science and technology education, knowledge, creation, and innovation for a sustainable society. Other projects include engaging community agencies, local governmental agencies, and non-governmental organizations on issues primarily of sustainability. Schedule F, Part III Scholarships to participate in student projects outside of the United States are credited to the students' accounts. true Acoustic MedSystems Inc 208 Burwash Ave Savoy IL 61874 371365835 347207 Research Albany Medical Center 47 New Scotland Ave Albany NY 122083479 141338310 501 (c)(3) 25175 Research Brown University 75 Waterman St Providence RI 02906 050258809 501 (c)(3) 108058 Research Carnegie Mellon University 500 Forbes Avenue Pittsburgh PA 15213 250969449 501 (c)(3) 765827 Research Columbia University 116th Street and Broadway New York NY 10027 135598093 501 (c)(3) 407640 Research Data Driven Instruction LLC 730 Main St Bolton MA 01740 454894325 101101 Research DE Technologies 100 Queens Drive King of Prussia PA 19406 232728684 24990 Research Deep Reach Technology Inc 14121 Cardinal Lane Houston TX 77079 274013962 663535 Research Edison Welding Institute Inc 1250 Arthur E Adams Dr Columbus OH 43260 311119893 24770 Research H F Webster Engineering Services 525 Univ Loop St 211 Rapid City SD 57701 208291879 827423 Research Kent State University 800 E Summit St Kent OH 44240 316402079 501 (c)(3) 46409 Research Lowell Public Schools 375 Merrimack Street Lowell MA 01852 046001396 Gov't 51808 Research Malden Public Schools 20 Pleasant Street Malden MA 02148 046001398 Gov't 22952 Research Medway Middle School 45 Holliston Street Medway MA 02053 046001217 Gov't 10000 Research Membrane Technology and Research Inc 1360 Willow Rd STE 103 Menlo Park CA 94025 942795892 25230 Research Northeastern University 360 Huntington Avenue Boston MA 02115 041679980 501 (c)(3) 1387513 Research Northwestern University 633 Clark Street Evanston IL 60208 362167817 501 (c)(3) 8368 Research Rice University 6100 Main St MS70 Houston TX 77005 741109620 501 (c)(3) 23454 Research South Dakota School of Mines and Technology 501 E St Joseph St Rapid City SD 57701 466000364 501 (c)(3) 453284 Research T3 Scientific LLC 1839 Noble Road Saint Paul MN 55112 383845717 173791 Research Technology Metals Research LLC 180 S W Av 150 Carpentersville IL 60110 271655783 1451476 Research Temple University 1938 Liacras Wk2 fl Philadelphia PA 19122 231365971 501 (c)(3) 1281477 Research UMass Donahue Institute 100 Venture Way Hadley MA 01035 043167352 501 (c)(3) 13815 Research United Technologies Research Center 200 Hogan Road Bangor ME 04401 010327434 287877 Research University of Illinois 842 W Taylor St Chicago IL 60607 376000511 501 (c)(3) 35196 Research University of Maryland 3112 Lee Bldng College Park MD 20742 526002033 501 (c)(3) 119999 Research University of Massachusetts Amherst 100 Venture Way Hadley MA 01035 043167352 501 (c)(3) 424177 Research University of Massachusetts Medical 55 Lake Ave North Worcester MA 01655 043167352 501 (c)(3) 512349 Research University of Notre Dame 724 Grace Hill Notre Dame IN 46556 350868188 501 (c)(3) 11530 Research University of Washington 1100 NE45TH Str Ste 300 Seattle WA 98105 916001534 501 (c)(3) 74010 Research Western Washington University 516 High Street Bellingham WA 982281420 916000562 501 (c)(3) 16003 Research 21 10 Scholarships 3867 72703831 0 Schedule I, Part I, Line 2 procedure for monitoring use of grants to organizations in the united states 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 federal agency reports on grants. procedure for monitoring use of grants to individuals in the united states 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. The university also undergoes an independent A-133 audit to ensure compliance with these requirements. X X X X true true X X X X X true true false false false false false true false Laurie Leshin President beginning June 2014 317507 0 0 0 225 0 33102 0 57558 0 408392 0 0 0 Philip Ryan Chairman 6/14;Fmr interim pres 227664 0 0 0 2575 0 0 0 30942 0 261181 0 0 0 A Tracy Hassett Assistant Secretary, VP HR 240900 0 26738 0 450 0 54689 0 5208 0 327985 0 18600 0 Jeffrey Solomon Treasurer & Executive VP & CFO 416516 0 89320 0 690 0 85137 0 73373 0 665036 0 62350 0 Stephen Flavin VP Academic and Corporate Dev 378833 0 65650 0 450 0 86958 0 25911 0 557802 0 52950 0 William McAvoy VP University Advancement 302006 0 0 1290 0 70380 0 21011 0 394687 0 0 0 Eric Overstrom Provost, SVP Acad Affairs 5/15 436529 0 0 1980 0 73283 0 26291 0 538083 0 0 0 Kristin Tichenor Senior VP Enrollment Mgmt 336982 0 49392 0 690 0 79195 0 24796 0 491055 0 35325 0 Diran Apelian Professor Mechanical Enginrng 342558 0 0 0 3810 0 26140 0 21275 0 393783 0 0 0 David Cyganski Interim Dean of Engineering 335266 0 0 0 1290 0 24207 0 65673 0 426436 0 0 0 Karen Oates Kashmanian Dean of Arts and Sciences 314383 0 0 0 1980 0 25382 0 8985 0 350730 0 0 0 Mark Rice Professor 365508 0 0 0 3810 0 25107 0 26062 0 420487 0 0 0 Joseph Sarkis Dept. Head School of Business 328207 0 0 0 690 0 26603 0 66663 0 422163 0 0 0 Dennis Berkey Former President thru May 2013 0 0 0 0 327756 0 0 0 3693 0 331449 0 0 0 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) Philip Ryan: value of personal use of university provided housing on campus as a condition of employment and for the convenience of the university, including housekeeping to maintain the appearance of the residence for university functions, $26,926 (b) Laurie Leshin: First class travel, $3,488; value of personal use of university provided housing on campus as a condition of employment and for the convenience of the university, including housekeeping to maintain the appearance of the residence for university functions, $37,697; and social club dues for the benefit of the university, $3,223 (c) Eric Overstrom: social club dues for the benefit of the university, $3,698. Schedule J, Part I, Line 4 Line 4a - President Dennis Berkey's service ended in May 2013. His agreement provided for 13 months of severance payments. The final payment was made in June 2014. Line 4b - The following excess retirement contributions (reported in Schedule J, Part II, column C) were earned in calendar year 2014 and subject to a substantial risk of forfeiture until 6/30/17: (a) Jeffrey Solomon: $17,930; (b) Eric Overstrom: $15,950; (c) Stephen Flavin: $13,750; (d) Kristin Tichenor: $9,020; and (d) William McAvoy: $5,324. 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. A 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 2014 are included in deferred compensation as follows: (a) Jeffrey Solomon: $41,800; (b) Eric Overstrom: $32,000; (c) Stephen Flavin: $47,500; (d) Kristin Tichenor: $42,125; (e) William McAvoy: $37,925; and (f) A Tracy Hassett: $29,600. Any additional amounts for excess retirement contributions are disclosed on Schedule J, Part I, Line 4b. A Massachusetts Development Finance Agency 043431814 57583rnt8 2007-06-28 86922372 Constr. of dorm/refund 1997 series false false false B Massachusetts Development Finance Agency 043431814 57583rtx3 2008-04-09 48995000 Refunding of series 2003&2005 false false false C Massachusetts Development Finance Agency 043431814 57583rs48 2010-01-27 56074338 rec ctr constr./other renovations false false false D massachusetts development finance agency 043431814 57583ust6 2012-10-30 43369451 constr. of dorm/other renovations false false false A 7905000 0 86984724 0 1379419 0 1120319 1013000 0 40019339 43452647 0 2008 true false true true B 2520000 0 48995000 0 0 0 325962 19038 0 0 48650000 0 2008 true false true true C 0 0 56087474 0 5808410 0 603966 0 0 49675098 0 0 2013 false false true true D 0 0 43372690 0 1360189 0 530536 0 0 40185080 0 1296885 false false false true A false true true true false 0.00500 0.00500 false false false true B false true true true true true 0 false false false true C false true false false 0 false false false true D false false false false 0 false false false true A false false false true false false 0 false 0 false true B false false true false true true Deutsche & Barclays 20. false false false 0 false true C false false false true false false 0 false 0 false true D false true false false false false 0 false 0 false true A true B true C true D true Schedule K, Part I, column F For Bond Issue A (Series 2007), Series 1997-I and II were issued March 20, 1997 and June 25, 1997, respectively. For Bond Issue B (Series 2008A), Series 2003 and 2005 were issued July 30, 2003 and August 3, 2005, respectively. Schedule K, Part II, Line 3 For Bond Issue A (Series 2007), total proceeds of issue include investment earnings of $62,352. For Bond Issue C (Series 2010), total proceeds of issue include investment earnings of $13,136. For Bond Issue D (Series 2012), total proceeds of issue include investment earnings of $3,239. Schedule K, Part II, Line 11 For Bond Issue A (Series 2007), the other spent proceeds are the current refunding proceeds of the issue. For Bond Issue B (series 2008A), the other spent proceeds are the current refunding proceeds of the issue. Schedule K, Part II, Line 12 For Bond Issue D (Series 2012), the construction of a residence hall was completed as of August 2013. Other renovations on the main campus were completed in the Fall of 2015. For Bond Issue A (Series 2014), private placement "draw-down bonds", other unspent proceeds includes $1,440,000 and $400,000 to be drawn on or before September 1, 2015 and 2016, respectively. Schedule K, Part IV, Line 2c FOR BOND ISSUE A (SERIES 2007), THE REBATE CALCULATION WAS PERFORMED as of AUGUST 24, 2012. FOR BOND ISSUE C (SERIES 2010), THE REBATE CALCULATION WAS PERFORMED as of AUGUST 31, 2014. A Massachusetts Development Finance Agency 043431814 2014-08-28 4622000 renovations to existing facilities false false false A 72756 0 4622000 0 0 0 61330 0 0 599153 0 3961517 false false false true A false false false false 0 false false false true A false true false false true false 0 false 0 false true A true na n/a 5000 scholarship merit Schedule L, Part III, Line 1 grants benefitting interested persons the college granted a merit scholarship to a student who is the child of a current board trustee. the college ensured the grant was awarded based on merit to the eligible student, who met the required academic standing. the trustee does not have any influence in the decision making process for awarding scholarships. X 40 1562356 Fair Market Value X 6 1552125 Fair Market Value X lab supplies 4 21321 Fair Market Value X lab equipment 4 81065 Fair Market Value X general equipment 3 16460 Fair Market Value X software 1 5000 Fair Market Value false true false Schedule M, Part I, Lines 25-28 The number of contributions is disclosed in Column B. Form 990, Part I, Line 20 The university has elected to file Form 990 on a consolidated basis, a basis consistent with its audited financial statements, and has included the activity of Washburn Park Inc., a separate 501(c)(3) organization which also filed Form 990 for the year ended June 30, 2015. For the fiscal year ended June 30, 2015, Washburn Park Inc had net assets of $34,396,450; revenue of $719,079; and expenses of $2,867,794. Form 990, Part III, Line 1 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.(http://www.wpi.edu/about/mission.html) 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 with the IRS. Form 990, Part VI, Section B, Line 12c As part of the university's conflict of interest policy, all university trustees, officers, 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 understood the policy; (c) agree to comply with the policy and; (d) understand that the university, as a tax-exempt organization, must restrict its activities primarily to those for which its tax-exempt status was granted. Additionally, as part of the annual disclosure statement process, trustees, officers and key employees of the university are asked to outline in a separate letter any potential conflicts of interest and any significant 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. Form 990, Part VI, Section B, Line 15 The process for determining compensation for the university's president and other top management is modeled after the requirements in Federal Regulations 53.4958-6(a), rebuttable presumption that a transaction is not an excess benefit transaction, to establish the presumption of reasonable compensation. Compensation is reviewed and approved by the compensation committee 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. 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). Form 990, Part XI, Line 8 The university revised the prior year Refundable government loan funds liability to correct for errors in the financial reporting of its liability for the Perkins federal revolving loan program, -$2,149,623. Form 990, Part XI, Line 9 Net unrealized gain on beneficial interest in trusts $1,235,782 Change in value of split-interest agreements -$236,432 Net unrealized losses on interest rate agreements -$530,658 __________________________________________________________________ Total $468,692 Gateway Park LLC 100 Institute Road Worcester MA 01609 043494779 Real Est. Dev MA 502919 8070000 WPI Lancaster Island LLC 100 Institute Road Worcester MA 01609 001108846 Real Est. Dev MA 0 0 Washburn Par Washburn Park Inc 100 Institute Road Worcester MA 01609 271189816 Infrastructur MA 501 (c)(3) Line 9 WPI true Charitable Remainder Trusts (32) 100 Institute Road Worcester MA 01609 Charitable Trusts MA NA T true false false false true false false false false false false true false false false true false false false false Washburn Park Inc d 5082566 Cost Washburn Park Inc k 449636 FMV