Wentworth Institute Of Technology
- Assets
- $423.7m
- Revenue
- $189.0m
- Investments
- $48.7m
- Employees
- 2,199
- Location
- Boston, MA
- Founding
- 11/1929
- Data as of
- 06/2020
- 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 06/2021, 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 06/2020, Wentworth Institute Of Technology generated $189.0m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.7% each year. All expenses for the organization totaled $185.5m during the year ending 06/2020. While expenses have increased by 2.4% per year over the past 6 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
2020
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 4,300, 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 | $619,382 |
Cindy P Stevens Prof. & Interim Dean College Of Arts & Sciences | 40 | $262,598 | |
Robert L Totino VP For Finance & CFO | Officer | 40 | $249,491 |
Keiko S Broomhead Fmr VP For Enrollment Mgmt (until 1/14/20) | 40 | $221,254 | |
Patrick F Hafford Dean College Arts & Sci. & Prof. (until 9/28/20) | 40 | $213,204 | |
Lynn Mccormick VP General Counsel | Officer | 40 | $210,955 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Chartwells Dining Services Dining Services & Catering | 6/29/21 | $2,808,341 |
Clinical Research Sequencing Platform Llc Covid Testing Services | 6/29/21 | $2,750,000 |
Ug2 Llc Custodial Services | 6/29/21 | $2,435,051 |
Sga Architecture & Design Services | 6/29/21 | $1,401,242 |
Consigli Construction Company Construction Contractor | 6/29/21 | $1,291,526 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $11,754,853 |
| Investment income | $1,741,293 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $874,296 |
| Net Gain/Loss on Asset Sales | $3,211,917 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $189,040,117 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $52,548,627 |
| Grants and other assistance to Foreign Orgs/Individuals | $370,349 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $3,422,258 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $54,792,475 |
| Pension plan accruals and contributions | $4,291,008 |
| Other employee benefits | $4,524,067 |
| Payroll taxes | $4,257,972 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $277,712 |
| Fees for services: Accounting | $131,650 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $350,649 |
| Fees for services: Other | $5,589,658 |
| Advertising and promotion | $1,724,203 |
| Office expenses | $2,102,571 |
| Information technology | $3,448,776 |
| Royalties | $0 |
| Occupancy | $8,176,117 |
| Travel | $1,086,106 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $504,527 |
| Interest | $5,113,378 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $19,000,941 |
| Insurance | $889,193 |
| All other expenses | $0 |
| Total functional expenses | $185,502,558 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,923,007 |
| Savings and temporary cash investments | $27,939,770 |
| Pledges and grants receivable | $6,068,489 |
| Accounts receivable, net | $3,261,768 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,902,595 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,940,460 |
| Investments—publicly traded securities | $70,622,626 |
| Investments—other securities | $48,707,470 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $423,680,198 |
| Accounts payable and accrued expenses | $9,282,128 |
| Grants payable | $0 |
| Deferred revenue | $12,703,140 |
| Tax-exempt bond liabilities | $134,695,852 |
| 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 | $18,876,335 |
| Total liabilities | $175,557,455 |
| 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 | $248,122,743 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Wentworth Institute Of Technology has recieved totaling $3,000.
| Awarding Organization | Amount |
|---|---|
Baker-Adams Scholarship Fund 059-1265282 Dallas, TX PURPOSE: SCHOLARSHIP | $3,000 |
Endowment Analysis
| Beg. Balance | $116,512,860 |
| Earnings | $34,376,563 |
| Admin Expense | $387,471 |
| Net Contributions | $4,666,891 |
| Other Expense | $3,640,130 |
| Grants | $1,728,824 |
| Ending Balance | $149,799,889 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Fordham University Bronx, NY | $2,430,141,698 | $953,892,663 |
Rochester Institute Of Technology Rochester, NY | $2,526,196,996 | $1,071,324,345 |
St Johns University New York Jamaica, NY | $1,703,677,283 | $798,473,536 |
Rensselaer Polytechnic Institute Troy, NY | $1,598,843,813 | $653,047,178 |
Rockefeller University New York, NY | $4,263,008,941 | $535,346,959 |
The New School New York, NY | $1,263,076,833 | $558,997,855 |
Hofstra University Hempstead, NY | $1,538,245,078 | $606,887,297 |
American University Of Beirut New York, NY | $1,902,791,001 | $608,300,843 |
Quinnipiac University Hamden, CT | $1,807,258,104 | $531,949,834 |
Brandeis University Waltham, MA | $1,811,655,582 | $399,602,478 |
Johnson & Wales University Providence, RI | $913,541,997 | $403,272,641 |
Bar Ilan University In Israel New York, NY | $542,311,841 | $462,229,998 |