2011-05-13T07:40:54-05:00 2010-06-30 CBIZ Tofias 350 Massachusetts Avenue Cambridge MA 02139 990 2009-07-01 041958460 WENTWORTH INSTITUTE OF TECHNOLOGY INC WENT 6179894325 550 HUNTINGTON AVENUE BOSTON MA 021155998 Robert L Totino 6179894325 2011-05-10 1 Craig Klein 6177610600 2009 2016-02-24 21:20:13Z Zorica Pantic 550 HUNTINGTON AVENUE BOSTON MA 021155998 196066627 0 X WWW.WIT.EDU X 1904 MA POST SECONDARY EDUCATIONAL SERVICES. 24 23 2451 150 0 -29058 1751671 2082443 94767813 101330540 -186927 1374469 573520 818373 96906077 105605825 16482972 18464289 0 39781369 44056251 0 2255486 42129090 39363001 98393431 101883541 -1487354 3722284 248387646 254096431 127039215 127432416 121348431 126664015 post secondary educational services. 0 0 84146817 18464289 101486717 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 3,754 day students and 431 evening and weekend students. 84146817 1 1 0 1 0 0 0 0 1 1 0 1 1 1 1 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 1 115 0 2451 1 1 1 1 GM FR 0 0 0 1 1 0 0 0 24 23 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 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 ERIC KNOX 6179894477 550 HUNTINGTON AVENUE BOSTON MA 021155998 Zorica Pantic 40.00 X X 380609 0 45489 David Kruger 7.00 X X 0 0 0 Michael Anthony 7.00 X X 0 0 0 Kenneth Roberts 7.00 X X 0 0 0 Carole Wedge 7.00 X X 0 0 0 Faraj Aalaei 7.00 X 0 0 0 Edward Bond Jr 7.00 X 0 0 0 George Chamillard 7.00 X 0 0 0 Michael Corbett 7.00 X 0 0 0 Dana DeMatteo 7.00 X 0 0 0 Daniel Flatley 7.00 X 0 0 0 Stephen Fusi 7.00 X 0 0 0 Phillip Hooper 7.00 X 0 0 0 Wayne Johnson 7.00 X 0 0 0 John Kelleher 7.00 X 0 0 0 Christine Keville 7.00 X 0 0 0 Daniel Larson 7.00 X 0 0 0 Howard Levine 7.00 X 0 0 0 Neil Moses 7.00 X 0 0 0 Keith Peden 7.00 X 0 0 0 Donald Pogorzelski 7.00 X 0 0 0 Sylvia Price 7.00 X 0 0 0 Richard Sheridan Sr 7.00 X 0 0 0 gary b walker 7.00 X 0 0 0 John Heinstadt 40.00 X 223448 0 32414 Brenda Cross-Sanchez 40.00 X 206527 0 20839 Richard Fontaine 40.00 X 195432 0 22218 Michael Kupferman 40.00 X 175188 0 37511 Keiko Broomhead 40.00 X 169685 0 23566 Russell Pinizzotto 40.00 X 167119 0 32560 George Chryssis 40.00 X 152855 0 16250 Anne Gill 40.00 X 151643 0 16890 David Wahlstrom 40.00 X 133562 0 31562 Robert l Totino 40.00 X 130778 0 36273 Glenn Wiggins 40.00 X 178938 0 35503 Sandeep Dilwali 40.00 X 129825 0 47249 Leon Cort 40.00 X 113370 0 53066 Frederick Driscoll 40.00 X 145388 0 14669 Seyed Noorian 40.00 X 125231 0 29363 2779598 0 495422 54 0 1 0 Chartwells Dining Service 3 International Drive Rye Brook NY 10573 Food Service Catering 3169616 Sungard Higher Education Inc 2300 Maitland Center Pkwy Maitland FL 32751 Information Tech. Management 2556965 Unicco 265 Grove Street Auburndale MA 24660 Custodial and landscaping services 1563737 SRC Roofing Incorporated 166 Brook Road Quincy MA 02169 Roofing and repairs 716328 John Ryan Company Incorporated 149 Camelot Drive Plymouth MA 02360 Electrical contracting 470617 28 55285 650199 1376959 527831 2082443 TUITION AND FEES 900099 80260109 80260109 ROOM AND BOARD AND REL 900099 21070431 21070431 101330540 2274606 2274606 118793 118793 719891 719891 719891 719891 89134664 168250 90242626 79218 -1107962 89032 -1018930 -1018930 81263 55285 138958 -57695 -57695 MISCELLANEOUS 900099 156177 156177 156177 105605825 101486717 0 2036665 18319289 18319289 145000 145000 2889996 470633 2006065 413298 33037080 27895758 4234382 906940 2530432 1998391 439030 93011 3028068 2398192 518257 111619 2570675 2030173 446012 94490 157451 5000 152451 236483 236483 22360 22360 168054 168054 1847035 1291305 412867 142863 771543 731823 39720 2103392 854340 1162343 86709 1374514 4626 1369888 6281193 5992723 244075 44395 654179 509640 117462 27077 424223 306341 107515 10367 2592549 2193053 399496 12170600 11611653 472925 86022 512342 319 512023 cafeteria services 3122871 2954504 75560 92807 equipment rental/maint. 2947394 2812032 114530 20832 bank/credit card fees 907006 5755 901251 printing & publications 599186 540789 5927 52470 memberships 523795 139572 381703 2520 1946831 935906 940859 70066 101883541 84146817 15481238 2255486 415070 116719 15750769 26021596 430828 302964 1346980 1082585 4365849 4387439 1410400 1306636 225238736 95179220 124846304 130059516 10000279 10290267 66779877 66796355 565632 628699 22475658 13103655 248387646 254096431 4738695 5730367 7807689 8006018 92550000 90130000 21942831 23566031 127039215 127432416 X 94870691 98251801 15806459 16955157 10671281 11457057 121348431 126664015 248387646 254096431 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 0 0 22360 22360 22360 22360 99605695 99605695 99628055 99628055 1000000 1000000 250000 250000 0 0 0 0 1000000 1000000 1000000 1000000 4000000 6000000 75896 75041 22360 173297 250000 250000 250000 250000 1000000 1500000 66779877 862282 3068650 516603 3229797 168054 66796355 91070763 1135645 -20925860 627418 3722862 150391 66779877 0.75300 0.16070 0.08630 0 0 13925545 13925545 172854195 68673139 104181056 32010562 22190191 9820371 6448434 4315890 2132544 130059516 CASH EQUIVALENTS 382858 F MUTUAL FUNDS - EQUITIES 35653660 F MUTUAL FUNDS - FIXED INCOME 10925896 F LIMITED PARTNERSHIPS - REAL ESTATE 581560 F LIMITED PARTNERSHIPS - OTHER 17073849 F HEDGED FUNDS 2178532 F 66796355 INTEREST IN EXTERNALLY MANAGED CRUTS 926893 DEPOSITS FOR FUTURE DEBT PAYMENTS 6734132 CASH RESTRICTED FOR FUTURE PROPERTY ACQUISITIONS 3408323 INTEREST IN EXTERNALLY MANAGED TRUSTS 555619 INVESTMENT IN SECTION 457(B) PLAN 53380 DUE FROM W.I.T. REALTY CORP. 1425308 13103655 CHARITABLE ANNUITY OBLIGATIONS 6085327 INTEREST RATE SWAP OBLIGATIONS 9725312 ASSET RETIREMENT OBLIGATIONS 1763470 POST-RETIREMENT OBLIGATIONS 2569656 PERKINS AND OTHER GOVERNMENT OBLIGATIONS 3422266 23566031 105605825 101883541 3722284 4287640 -2694340 1593300 5315584 88906648 4287640 -2364474 1923166 86983482 168054 18454289 18622343 105605825 83591064 329866 329866 83261198 168054 18454289 18622343 101883541 Part V, Line 4: Description of Intended Use of Endowment Funds: The Institute's endowment consists of 117 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. Part X: Description of Uncertain Tax Positions Under FIN 48: 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 a 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: -2694340. Part XII, Line 2d - Other Adjustments: Loss on sale of property and equipment: -89033. fundraising event expenses: 138958. Adjustment to annuity obligations: 279941. unrealized loss on interest rate swap obligations: -2694340. Part XII, Line 4b - Other Adjustments: Student financial aid - grants to individuals: 18454289. Part XIII, Line 2d - Other Adjustments: Loss on sale of property and equipment: -89033. fundraising event expenses: 138958. Adjustment to annuity obligations: 279941. Part XIII, Line 4b - Other Adjustments: Student financial aid - grants to individuals: 18454289. 1 1 1 All institute publications, newspaper and media advertising contain statements regarding the non-discriminatory and equal opportunity policies. 1 1 1 1 0 0 0 0 0 0 0 0 1 0 THE INSTITUTE ADMINISTERS DISBURSEMENT OF FUNDS FOR FEDERAL PROGRAMS INCLUDING PERKINS (FORMALLY NDSL), SEOG, PELL, AND FWS AND DISBURSEMENTS FROM VARIOUS STATE GOVERNMENTS LOCATED THROUGHOUT THE USA. 1 1 Europe (Including Iceland & Greenland) 2 2 PROGRAM SERVICES STUDY ABROAD PROGRAM FOR approximately 100 STUDENTS 666443 Central America and the Caribbean investments Europe (Including Iceland & Greenland) 2 2 grants 145000 4 4 811443 scholarships Europe (Including Iceland & Greenland) 41 n/a 145000 scholarships fmv 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 GOLF TOURNAMENT 51660 26560 25100 9814 18690 16182 3725 president's GOLF TOURNAMENT 59525 28725 30800 764 19395 8318 2602 3 25363 25363 12156 26081 21231 136548 55285 81263 10578 38085 36656 26081 27558 138958 -57695 1 SCHOLARSHIPS 2897 18319289 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 0 0 0 0 0 0 1 0 Zorica Pantic 368871 0 0 0 11738 0 24500 0 20989 0 426098 0 0 0 John Heinstadt 219563 0 0 0 3885 0 22491 0 9923 0 255862 0 0 0 Brenda Cross-Sanchez 205584 0 0 0 943 0 20584 0 255 0 227366 0 0 0 Richard Fontaine 193306 0 0 0 2126 0 19593 0 2625 0 217650 0 0 0 Michael Kupferman 170813 0 2500 0 1875 0 18004 0 19507 0 212699 0 0 0 Keiko Broomhead 168845 0 0 0 840 0 17492 0 6074 0 193251 0 0 0 Russell Pinizzotto 165862 0 0 0 1257 0 16154 0 16406 0 199679 0 0 0 George Chryssis 151320 0 0 0 1535 0 0 0 16250 0 169105 0 0 0 Anne Gill 150253 0 0 0 1390 0 15195 0 1695 0 168533 0 0 0 David Wahlstrom 131522 0 1000 0 1040 0 13900 0 17662 0 165124 0 0 0 Robert l Totino 128888 0 1000 0 890 0 13900 0 22373 0 167051 0 0 0 Glenn Wiggins 178550 0 0 0 388 0 18534 0 16969 0 214441 0 0 0 Sandeep Dilwali 129593 0 0 0 232 0 12449 0 34800 0 177074 0 0 0 Leon Cort 112097 0 1000 0 273 0 11914 0 41152 0 166436 0 0 0 Frederick Driscoll 143897 0 0 0 1491 0 14415 0 254 0 160057 0 0 0 Seyed Noorian 124038 0 1000 0 193 0 11700 0 17663 0 154594 0 0 0 Part I, Line 1a Housing allowance - zorica pantic - $47,250. 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 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. MDFA 043431814 57583RTL9 2007-11-30 50155000 REFUND MDFA series 2003 bonds 0 0 MDFA 043431814 57583RTM7 2007-11-30 14635000 REFUND MDFA series 2005 bonds 0 0 MDFA 043431814 57583RYC3 2008-06-11 30060000 REFUND MDFA series 2000 bonds 0 0 50155000 3668221 49829000 326000 2007 1 0 1 1 14635000 878179 14528782 106218 2007 1 0 1 1 30060000 29687076 372924 2008 1 0 1 1 0 0 0 0 0 0.00000 0.00000 0.00000 1 0 0 0 0 0 0.00000 0.00000 0.00000 1 0 0 0 0 0 0.00000 0.00000 0.00000 1 0 1 1 morgan stanley 29.800000000000 0 0 0 0 1 1 bank of new york 29.900000000000 0 0 0 0 1 1 wachovia bank na 31.000000000000 0 0 0 X 5 514062 QUOTED MARKET PRICE X gift certificates 7 865 face value X other equpment 2 4654 list price provided by donors X construction supplies 1 8250 contract price provided by donors 0 1 0 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, and 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. Once the Executive Committee makes the recommendation for the officers, the President will inform the Human Resources Department to implement the changes. The Vice President of Finance/Assistant Treasurer will submit the salary recommendation for the President to the Human Resources Department. Form 990, Part VI, Section C, line 19 The form 990 and audited financial statements are available via the massachusetts attorney general's website and www.guidestar.org. The governing documents and conflict of interest policy are available upon written or electronic request. schedule k - supplemental information on tax exempt bonds part ii line #5 - issuance costs of proceeds mdfa cusip# 57583rtl9: proceeds used for credit enhancement costs included on line #5, column A: $31,961. Proceeds used for bond issuance costs included on line #5, column A: $294,039. mdfa cusip# 57583rtm7: proceeds used for credit enhancement costs included on line #5, column B: $9,326. Proceeds used for bond issuance costs included on line #5, column B: $96,892. mdfa cusip# 57583RYC3: proceeds used for credit enhancement costs included on line #5, column C: $102,816. Proceeds used for bond issuance costs included on line #5, column C: $270,108. Form 990, Schedule R, PArt IV: the full names of charitable trusts disclosed on schedule r have been omitted to protect the privacy of the donors. such information shall be available to the internal revenue service upon request. WIT REALTY CORP 550 HUNTINGTON AVE BOSTON MA 02115 043105106 Ownership of real estate properties MA 501(C)(2) n/a N/A charitable remainder trust 550 HUNTINGTON AVENUE boston MA 02115 776114891 charitable trust MA N/A T 871198 0.64260 trust 550 HUNTINGTON AVENUE boston MA 02115 046498556 trust MA N/A T 555619 1.00000 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 1 WIT REALTY CORP D 1425308 WIT REALTY CORP R 9890492