Wentworth Institute Of Technology
- Assets
- $447.7m
- Revenue
- $183.1m
- Investments
- $55.3m
- Employees
- 2,199
- Location
- Boston, MA
- Founding
- 11/1929
- Data as of
- 06/2021
- EIN
- 04-1958460
Organization Overview
Wentworth Institute Of Technology is located in Boston, MA. The organization was established in 1929. According to its NTEE Classification (B43) the organization is classified as: Universities, under the broad grouping of Education and related organizations. As of 06/2022, Wentworth Institute Of Technology employed 2,199 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wentworth Institute Of Technology is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2021, Wentworth Institute Of Technology generated $183.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.0% each year. All expenses for the organization totaled $182.7m during the year ending 06/2021. While expenses have increased by 1.8% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
WENTWORTH INSTITUTE OF TECHNOLOGY IS A NATIONALLY RECOGNIZED PRIVATE COEDUCATIONAL AND RESIDENTIAL UNIVERSITY OF HIGHER EDUCATION WITH A MISSION TO EMPOWER, INSPIRE AND INNOVATE THROUGH EXPERIENTIAL LEARNING WITH A CORE PURPOSE OF CAREER SUCCESS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WENTWORTH INSTITUTE OF TECHNOLOGY, INC. (THE "UNIVERSITY") LOCATED IN BOSTON, MASSACHUSETTS IS A PRIVATE, COEDUCATIONAL INSTITUTION FOUNDED IN 1904 AND ACCREDITED BY THE NEW ENGLAND COMMISSION OF HIGHER EDUCATION, INC. AMONG OTHER ACCREDITING BODIES. THE UNIVERSITY PROVIDES ACADEMIC, RESIDENTIAL AND OTHER SERVICES TO A DIVERSE STUDENT POPULATION OF APPROXIMATELY 4,200, PREDOMINATELY FROM THE NORTHEAST REGION OF THE UNITED STATES, AS WELL AS FROM APPROXIMATELY 30 U.S. STATES AND 70 FOREIGN COUNTRIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark A Thompson President | OfficerTrustee | 40 | $724,930 |
Ian Lapp Senior VP Acad. Affairs & Provost (until 12/9/21) | Officer | 40 | $306,423 |
Robert L Totino VP For Finance & CFO | Officer | 40 | $270,945 |
Elizabeth Herbert VP For Institutional Advancement | Officer | 40 | $270,448 |
David Gilmore Associate VP For Finance | 40 | $181,225 | |
Jose Sanchez Dean College Of Eng. & Computer Science | 40 | $212,884 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ug2 Llc Custodial Services | 6/29/22 | $3,103,797 |
Sodexo Operations Llc Dining Services & Catering | 6/29/22 | $2,096,222 |
Chartwells Dining Services Dining Services & Catering | 6/29/22 | $1,667,905 |
Clinical Research Sequencing Platform Llc Covid Testing Services | 6/29/22 | $1,288,406 |
Medexpress Urgent Care On Site Health Clinic | 6/29/22 | $1,049,641 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $18,685,942 |
| Investment income | $987,653 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $921,776 |
| Net Gain/Loss on Asset Sales | $2,476,306 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $183,064,697 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $57,644,061 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $3,258,330 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $53,234,941 |
| Pension plan accruals and contributions | $2,627,676 |
| Other employee benefits | $5,231,886 |
| Payroll taxes | $4,234,401 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $189,318 |
| Fees for services: Accounting | $173,958 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $379,773 |
| Fees for services: Other | $6,949,135 |
| Advertising and promotion | $1,299,102 |
| Office expenses | $1,974,175 |
| Information technology | $3,112,629 |
| Royalties | $0 |
| Occupancy | $7,724,382 |
| Travel | $242,060 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $135,622 |
| Interest | $4,722,172 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $18,248,373 |
| Insurance | $1,025,217 |
| All other expenses | $0 |
| Total functional expenses | $182,700,083 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,666,365 |
| Savings and temporary cash investments | $25,000,836 |
| Pledges and grants receivable | $3,995,709 |
| Accounts receivable, net | $3,816,174 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,476,671 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,431,475 |
| Investments—publicly traded securities | $97,965,663 |
| Investments—other securities | $55,300,209 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,482,619 |
| Total assets | $447,728,362 |
| Accounts payable and accrued expenses | $6,993,034 |
| Grants payable | $0 |
| Deferred revenue | $14,764,953 |
| Tax-exempt bond liabilities | $129,541,725 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $15,935,735 |
| Total liabilities | $167,235,447 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $280,492,915 |