2015-05-07T21:19:54-07:00 2014-06-30 990 2013-07-01 042121659 Worcester Polytechnic Institute WORC 5088315577 100 Institute Road Worcester MA 01609 Jeffrey Solomon Executive VP and CFO 5088315288 2015-05-01 2013 2016-02-25 16:41:14Z Laurie Leshin 100 Institute Road Worcester MA 01609 282855272 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 28 3824 605 96477 -67767 26201813 18592750 233093975 256560600 4688774 2799624 0 0 263984562 277952974 72843859 71601856 0 0 116749981 122211574 0 0 5459510 76306407 88471751 265900247 282285181 -1915685 -4332207 818579977 863535367 308352501 300786517 510227476 562748850 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. 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. (Continued on Schedule O) 0 0 198575050 68977866 229258030 The university provides education in the fields of science, technology, engineering and mathematics to approximately 4,200 undergraduate and 2,200 graduate students. In addition, student housing and board auxiliary services is provided for approximately 1,900 students. During fiscal year 2014, the university awarded 883 bachelor, 661 master and 31 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. 5116654 0 6195353 The university's corporate and professional education division provides tailor-made programs to approximately 650 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 2014, approximately 890 individuals participated in one or more professional workshops or short courses. 21268263 2623990 21107217 At the university, 105 faculty members and 299 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. 0 0 0 224959967 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 0 1 1 1 1 0 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 5708 0 1 3824 1 1 1 0 0 0 0 0 0 0 0 0 X 32 28 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 Michael Aspinwall Trustee 2 0 X 0 0 0 James Baum Trustee 2 0 X 0 0 0 Curtis Carlson Trustee 2 0 X 0 0 0 Richard Connelly Jr Trustee served through Feb 2014 2 0 X 0 0 0 Michael Dolan Trustee 2 0 X 0 0 0 Daniel Farrar Trustee 2 0 X 0 0 0 Henry Fitzgerald Trustee 2 0 X 0 0 0 William Fitzgerald Trustee 2 0 X 0 0 0 Warner Fletcher Chairman through May 2014 and Trustee 2 0 X X 0 0 0 Steven Halstedt Trustee 2 0 X 0 0 0 David Heebner Trustee 2 0 X 0 0 0 Debora Jackson Trustee 2 0 X 0 0 0 Stuart Kazin Trustee 2 0 X 0 0 0 Laurie Leshin President as of June 2014 40 0 X X 0 0 0 Francesca Maltese Vice Chairman and Trustee 2 0 X X 0 0 0 Robert Martin Trustee 2 0 X 0 0 0 Erica Mason Trustee 2 0 X 0 0 0 Neil McDonough Trustee 2 0 X 0 0 0 Linda McGoldrick Trustee 2 0 X 0 0 0 John Mollen Trustee 2 0 X 0 0 0 Philip Morgan Trustee 2 0 X 0 0 0 George Oliver Vice Chairman and Trustee 2 0 X X 0 0 0 Karen Tegan Padir Trustee 2 0 X 0 0 0 Donald Peterson Trustee 2 0 X 0 0 0 Frederick Rucker Trustee 2 0 X 0 0 0 Mark Russell Trustee 2 0 X 0 0 0 Philip Ryan Interim President; Chairman June 2014; Trustee 40 1 X X 296096 0 40963 Stephen Spinelli Jr Trustee 2 0 X 0 0 0 Joan Bolduc Szkutak Trustee 2 0 X 0 0 0 Richard Willett II Trustee 2 0 X 0 0 0 Dorothea Wong Trustee 2 0 X 0 0 0 Glenn Yee Trustee 2 0 X 0 0 0 Michael Zarrilli Trustee 2 0 X 0 0 0 Jeffrey Solomon Treasurer and Executive VP and CFO 40 1 X 481727 0 159124 A Tracy Hassett Assistant Secretary and VP Human Resources 40 0 X 255791 0 50126 Stephanie Pasha Secretary and Assistant VP and Chief of Staff 40 0 X 122324 0 21464 Charlene Bellows Associate Treasurer and Controller 40 1 X 114130 0 21054 Eric Overstrom Provost and Senior VP Academic Affairs 40 0 X 427155 0 105498 Stephen Flavin VP Academic and Corporate Development 40 0 X 367043 0 119773 Kristin Tichenor Senior VP Enrollment Management 40 0 X 361268 0 96984 William McAvoy VP University Advancement 40 0 X 296548 0 80264 Mark Rice Vice Provost for Innovation & Entrepreneurship 40 0 X 357582 0 45988 Selcuk Guceri Professor Mechanical Engineering 40 0 X 354177 0 51726 Diran Apelian Professor Mechanical Engineering 40 0 X 340872 0 44109 Karen Oates Kashmanian Dean of Arts and Sciences 40 0 X 311896 0 33278 Jamal Yagoobi Department Head Mechanical Engineering 40 0 X 294826 0 60229 John Orr Former Provost 25 0 X 142558 0 30503 Dennis Berkey Former President served through May 2013 40 1 X 632546 0 73111 5156539 0 1034194 241 1 1 0 Spencer Stuart 21 Custom House Street 8th Floor Boston MA 02110 consulting services 221110 PricewaterhouseCoopers LLP 185 Asylum Street Suite 2400 Hartford CT 06103 audit services 206877 KV Associates Inc 303 Congress Street Boston MA 02210 project management 190477 Fabiani & Company 11001 Pennsylvania Avenue NW Washington DC 20004 consulting services 188595 Bowditch & Dewey 311 Main Street Worcester MA 01615 legal services 171493 52 0 0 0 0 2691364 15901386 4547164 18592750 Tuition and fees 611310 204610592 204610592 0 0 Auxiliary operations 611310 26204408 26204408 0 0 Sponsored research 611310 21107217 21107217 0 0 Other educational operations 611310 1996380 1873390 122990 0 Other operating sources 611310 2642003 2642003 0 0 0 0 0 0 256560600 4796801 0 -26513 4823314 2154 0 0 2154 0 0 0 0 0 0 2902967 0 4902298 0 -1999331 0 -1999331 0 0 -1999331 0 0 277952974 256437610 96477 2826137 2623990 2623990 68653786 68653786 324080 324080 0 0 4176123 621018 2536034 1019071 0 0 0 0 94171424 75183088 16014682 2973654 7122602 5532626 1315117 274859 10755065 6166620 4333520 254925 5986360 4650027 1108525 227808 0 0 0 0 705674 150 705524 0 225605 0 225605 0 285734 0 285734 0 0 0 516000 0 516000 0 10121839 7898381 2132969 90489 1549778 994761 537483 17534 0 0 0 0 4223133 931371 3275113 16649 0 0 0 0 9689634 8426914 1262658 62 3993319 3353617 445763 193939 0 0 0 0 2811907 1955554 768767 87586 8831784 34854 8796930 0 0 0 0 0 19695329 17705610 1989719 0 700831 617667 83164 0 Repairs and maintenance 4533723 4212582 320995 146 Lab equipment and other supplies 4148033 3643306 483554 21173 Research and teaching 7773430 6903603 839931 29896 Books and periodicals 2153294 9103 2144131 60 6512704 4517259 1743786 251659 282285181 224959967 51865704 5459510 0 15896000 18098551 13782713 11438944 4257499 3505023 0 0 23492228 23107112 0 6706059 8483040 496097590 188182110 299169883 307915480 171022556 201059267 245991484 261757023 0 0 38261555 28170927 818579977 863535367 25892154 21915099 0 9141621 9986760 226379246 224155907 0 0 14218662 12656295 0 32720818 32072456 308352501 300786517 X 256278090 282208812 102404135 121771484 151545251 158768554 510227476 562748850 818579977 863535367 X -4332207 55379721 0 0 0 1473860 X 0 1 X 1 1 1 X 22324144 24301741 21507246 26201813 18592750 112927694 22324144 24301741 21507246 26201813 18592750 112927694 9498821 103428873 5657302 5488760 4459098 4760695 4825468 25191323 0 0 0 0 0 0 138119017 1093324192 0.74884 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 285734 285734 224674233 224959967 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 296604 270677 316980 285734 1169995 250000 250000 250000 250000 1000000 1500000 0 0 0 0 0 0 0 X X 0 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 279218880 8973190 31544552 6424672 14494260 0 298817690 0.441 0.312 0.247 0 0 0 9675322 9675322 0 408332520 147777876 260554644 0 17981496 6677424 11304072 0 56357417 33726810 22630607 0 3750835 0 3750835 307915480 0 0 Real estate 28524175 F Private equity funds 28967603 F Equity securities 7455822 F Fixed income securities 265193 F Equity funds 147125736 F Fixed income funds 49418494 F 261757023 0 Split interest agreements 10515369 Funds held for others 3745511 Refundable government loan funds 6791609 Asset retirement obligations 1952059 Interest rate agreements 9067908 32072456 X 265827292 55379721 0 0 -67505403 -12125682 277952974 0 0 0 277952974 213305315 0 0 0 -68979866 -68979866 282285181 0 0 0 282285181 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, maintenance, etc. 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, $1,863,403; Change in value of split-interest agreements, -$592,016; Net unrealized gains on interest rate agreements, $201,076; Scholarships, -$68,977,866 Schedule D, Part XII, Line 2d Scholarships, -$68,977,866; Other, -$2,000 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 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 in all its brochures and catalogs dealing with student admissions, programs, and scholarships. It is the policy of the university that each qualified individual, regardless of (1) race, (2) gender, (3) age, (4) color, (5) national origin, (6) religion, (7) handicap, (8) marital status, (9) sexual orientation, and (10) veteran status, shall have have equal opportunity in the education, employment or services of the university. Furthermore, the university prohibits all forms of retaliation for filing complaints of discrimination. 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 Europe (including Iceland and Greenland) 8 1 Program Services Student projects in Albania, Denmark, England, Germany, Hungary, and Italy focus on environmental, socioeconomic, artistic, cultural and technical concerns specific to the region. 731000 East Asia and the Pacific 6 4 Program Services 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. 624000 Sub-Saharan Africa 2 1 Program Services Student projects in South Africa and Namibia, focus on sustainable development. 188000 Central America and the Caribbean 1 1 Program Services Student projects with a focus on environmental , socioeconomic, cultural and technical concerns specific to the region. 120000 Middle East and North Africa 1 1 Program Services Student projects in Morocco involve the study of Islamic history and cultural and societal issues. 108000 Russia and the newly independent States 1 1 Program Services Student projects in Russia help address local problems by working on a variety of technological, human resources, cultural and environmental projects. 37000 South America 1 0 Program Services 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. 21000 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. 13000 South Asia 1 0 Program Services 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. 20000 Europe (including Iceland and Greenland) Investments 55700000 Central America and the Caribbean Investments 44400000 22 9 101962000 Scholarship East Asia and the Pacific 73 129580 cash payment 0 Scholarship Europe (including Iceland and Greenland) 62 84960 cash payment 0 Scholarship Sub-Saharan Africa 36 62680 cash payment 0 Scholarship Central America and the Caribbean 16 16680 cash payment 0 Scholarship Russia and the newly independent States 6 12300 cash payment 0 Scholarship South Asia 2 10000 cash payment 0 Scholarship Middle East and North Africa 10 7880 cash payment 0 1 0 1 1 1 0 Schedule F, Part I, Line 2 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 III Scholarships to participate in student projects outside of the United States are credited to the students' account. 1 Brown University 75 Waterman St Providence RI 02906 050258809 501 (c)(3) 124728 Research Columbia University PO Box 29789 General Post Office New York NY 100879789 135598093 501 (c)(3) 76237 Research Data Driven Instruction LLC 730 Main St Bolton MA 01740 454894325 108964 Research Deep Reach Technology Inc 14121 Cardinal Lane Houston TX 77079 274013962 160706 Research Fire Protection Research Foundation 1 Batterymatch Park Quincy MA 02169 521256543 501 (c)(3) 15768 Research H F Webster Engineering Services 525 University Loop Suite 211 Rapid City SD 577014036 208291879 131929 Research Kent State University PO Box 5190 Kent OH 442420001 316402079 501 (c)(3) 261897 Research Malden Public Schools 20 Pleasant Street Malden MA 02148 046001398 115 70741 Research Membrane Technology and Research Inc 1360 Willow Road STE 103 Menlo Park CA 94025 942795892 32652 Research Minuteman Regional High School 758 Marrett Road Lexington MA 02421 042485104 501 (c)(3) 20374 Research Northeastern University 360 Huntington Avenue Boston MA 02115 041679980 501 (c)(3) 178193 Research T3 Scientific LLC 1839 Noble Road Saint Paul MN 55112 383845717 94295 Research Technology Metals Research LLC 180 S Western Ave 150 Carpentersville IL 601101738 271655783 353737 Research Temple University 1938 Liacouras Walk 2nd Floor Philadelphia PA 191226027 231365971 501 (c)(3) 492293 Research UMass Donahue Institute 100 Venture Way Hadley MA 01035 043167352 501 (c)(3) 12689 Research University of Central Florida 12201 Research Parkway Suite 501 Orlando FL 328260150 592924021 501 (c)(3) 5943 Research University of Florida 219 Grinter Hall PO Box 115500 Gainesville FL 326115500 596002052 501 (c)(3) 8645 Research University of Illinois 842 W Taylor St Chicago IL 60607 376000511 501 (c)(3) 65318 Research University of Maryland 3112 Lee Building College Park MD 207425141 526002033 501 (c)(3) 25317 Research University of Mass Medical School 55 Lake Ave North Worcester MA 01655 043167352 501 (c)(3) 174353 Research University of Massachusetts Amherst 100 Venture Way Hadley MA 01035 043167352 501 (c)(3) 104017 Research University of Washington 1100 NE 45TH Street Suite 300 Seattle WA 98105 916001534 501 (c)(3) 39304 Research Washington University 700 Rosedale Ave Box 1034 St Louis MO 631121408 430653611 501 (c)(3) 56154 Research 16 7 Scholarship 3757 68653786 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 X 1 1 X X X X X 1 1 0 0 0 0 0 1 0 Philip Ryan Trustee and Interim President 293521 0 0 0 2575 0 0 0 40963 0 337059 0 0 0 Jeffrey Solomon Executive VP and CFO 405338 0 75699 0 690 0 96250 0 62874 0 640851 0 55535 0 A Tracy Hassett Assistant Secretary and VP Human Resources 233016 0 22325 0 450 0 46467 0 3659 0 305917 0 16100 0 Eric Overstrom Provost and Senior VP Academic Affairs 425175 0 0 0 1980 0 80850 0 24648 0 532653 0 0 0 Stephen Flavin VP Academic and Corporate Development 366593 0 0 0 450 0 83477 0 36296 0 486816 0 0 0 Kristin Tichenor Senior VP Enrollment Management 324236 0 36582 0 450 0 76495 0 20489 0 458252 0 26575 0 William McAvoy VP University Advancement 295258 0 0 0 1290 0 59240 0 21024 0 376812 0 0 0 Mark Rice Vice Provost for Innovation & Entrepreneurship 355602 0 0 0 1980 0 23011 0 22977 0 403570 0 0 0 Selcuk Guceri Professor Mechanical Engineering 350367 0 0 0 3810 0 27510 0 24216 0 405903 0 0 0 Diran Apelian Professor Mechanical Engineering 337062 0 0 0 3810 0 24577 0 19532 0 384981 0 0 0 Karen Oates Kashmanian Dean of Arts and Sciences 309916 0 0 0 1980 0 24862 0 8416 0 345174 0 0 0 Jamal Yagoobi Department Head Mechanical Engineering 293536 0 0 0 1290 0 27836 0 32393 0 355055 0 0 0 John Orr Former Provost 140995 0 0 0 1563 0 13687 0 16816 0 173061 0 0 0 Dennis Berkey Former President 247197 0 0 0 385349 0 26125 0 46986 0 705657 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) Dennis Berkey: First class travel, $3,462; spousal travel for bona fide business purposes, $2,728; value of personal use of university provided housing on campus as a condition of employment and for the convenience of the university, including housekeeping and landscaping services to maintain the appearance of the residence for university functions, $26,618; and social club dues for the benefit of the university, $5,627. (b) 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 and landscaping services to maintain the appearance of the residence for university functions, $35,518 (c) Eric Overstrom: social club dues for the benefit of the university, $3,624. Schedule J, Part I, Line 4 Line 4a - 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, 2014, Dr. Berkey received severance in the amount of $665,200. Line 4b - The following excess retirement contributions (reported in Schedule J, Part II, column C) were earned in calendar year 2013 and subject to a substantial risk of forfeiture until 6/30/16: (a) Jeffrey Solomon: $17,050; (b) Eric Overstrom: $14,850; (c) Stephen Flavin: $12,650; (d) Kristin Tichenor: $7,700; and (e) William McAvoy: $4,670. Schedule J, Part I, Line 7 The compensation committee of the university's Board of Trustees has a pay-for-performance compensation philosophy focusing on overall university objectives 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 2013 are included in deferred compensation as follows: (a) Jeffrey Solomon: $51,250; (b) Eric Overstrom: $39,000; (c) Stephen Flavin: $46,250; (d) Kristin Tichenor: $40,625; (e) William McAvoy: $29,745; and (f) A Tracy Hassett: $23,250. 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 6005000 0 86984724 1379419 0 1120319 1013000 40019339 43452647 0 2008 1 0 1 1 B 2160000 0 48995000 0 0 325962 19038 48650000 2008 1 0 1 1 C 0 0 56087474 0 5808410 0 603966 0 0 49675098 0 2013 0 0 1 1 D 0 0 43372581 0 1360189 0 530536 0 0 38187317 0 3294539 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 1 0 0 0.009 0 0.009 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 21 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 Schedule K, Part I, Column f-06/28/2007 86,922,372 Massachusetts Development Finance Agency Series 1997-I and II were issued March 20, 1997 and June 25, 1997, respectively. Schedule K, Part I, Column f-04/09/2008 48,995,000 Massachusetts Development Finance Agency Series 2003 and 2005 were issued July 30, 2003 and August 3, 2005, respectively. Schedule K, Part II, Line 3-06/28/2007 86,922,372 Massachusetts Development Finance Agency For Bond Issue A, total proceeds of issue include investment earnings of $62,352. Schedule K, Part II, Line 3-01/27/2010 56,074,338 Massachusetts Development Finance Agency For Bond Issue C, total proceeds of issue include investment earnings of $13,136. Schedule K, Part II, Line 3-10/30/2012 43,369,451 Massachusetts Development Finance Agency For Bond Issue D, total proceeds of issue include investment earnings of $3,130. Schedule K, Part II, Line 11-06/28/2007 86,922,372 Massachusetts Development Finance Agency For Bond Issues A, the other spent proceeds are the current refunding proceeds of the issue. Schedule K, Part II, Line 11-04/09/2008 48,995,000 Massachusetts Development Finance Agency For Bond Issue B, the other spent proceeds are the current refunding proceeds of the issue. Schedule K, Part IV, Line 2c-06/28/2007 86,922,372 Massachusetts Development Finance Agency 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. 1337489 TIAA CREF holds a portion of the assets of the university's defined contribution plan, including elective employee contributions. Total fees paid totaled $1,337,489. These fees were paid in the ordinary course of business and at arms-lengh. 0 Simplex Grinnell Trustee George Oliver is President and CEO of Tyco International, LTD. 145488 Simplex Grinnell is a subsidiary of Tyco International, LTD. During fiscal year 2014, the university made payments to Simplex Grinnell for fire protection services and systems. All payments are in the ordinary course of business and at arms-length. 0 X 52 2934946 fair market value X 1 747900 fair market value X 4 173253 fair market value X Lab equipment 9 505746 cost X Furniture and fixtures 1 133304 cost X General equipment 2 35029 cost X Software 2 16986 cost 1 0 1 0 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, 2014. For the fiscal year ended June 30, 2014, Washburn Park Inc had net assets of $36,545,165; revenue of $267,083; and expenses of $686,062. Form 990, Part III, Line 1 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) 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 it 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 a 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 9 Net unrealized gain on beneficial interest in trusts, $1,863,403; Change in value of split-interest agreements, -$592,016; Net unrealized gains on interest rate agreements, $201,076; Other, $1,397 Newgate Properties LLC 100 Institute Road Worcester MA 01609 203150492 Real estate development MA 281543 0 Worcester Polytechnic Institute 75 Grove Street LLC 100 Institute Road Worcester MA 01609 260370842 Real estate development MA 0 0 Worcester Polytechnic Institute Gateway Park LLC 100 Institute Road Worcester MA 01609 043494779 Real estate development MA 569060 8077380 Worcester Polytechnic Institute Lancaster Island LLC 100 Institute Road Worcester MA 01609 001108846 Real estate development MA 0 0 Washburn Park Inc Washburn Park Inc 100 Institute Road Worcester MA 01609 271189816 Infrastructure and parking facilities 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 1 0 0 1 0 Washburn Park Inc d 5022420 cost Washburn Park Inc k 183600 fair market value Washburn Park Inc r 33276627 net book value Schedule R, Part I Newgate Properties LLC and 75 Grove Street LLC were dissolved June 24, 2014. Ownership of a life science building and land parcels located in Gateway Park, including ownership of Lancaster Island LLC was transferred to Washburn Park Inc prior to dissolution.