New England Institute Of Technology
- Assets
- $436.9m
- Revenue
- $84.8m
- Investments
- $231.8m
- Employees
- 767
- Location
- East Greenwich, RI
- Founding
- 03/1970
- Data as of
- 06/2021
- EIN
- 05-0312747
Organization Overview
New England Institute Of Technology is located in East Greenwich, RI. The organization was established in 1970. According to its NTEE Classification (B40) the organization is classified as: Higher Education, under the broad grouping of Education and related organizations. As of 06/2021, New England Institute Of Technology employed 767 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New England 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, New England Institute Of Technology generated $84.8m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $76.2m during the year ending 06/2021. While expenses have increased by 1.8% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF NEW ENGLAND INSTITUTE OF TECHNOLOGY (NEIT) IS DESCRIBED IN SCHEDULE O*THE MISSION OF NEW ENGLAND INSTITUTE OF TECHNOLOGY (NEIT) IS TO PROVIDE SPECIALIZED UNDERGRADUATE AND GRADUATE DEGREE PROGRAMS WHICH PREPARE STUDENTS FOR PROFESSIONAL AND TECHNICAL CAREERS. THROUGH THE COMBINATION OF PROFESSIONAL AND TECHNICAL COURSES AND AN INTEGRATED LIBERAL ARTS CORE, ACADEMIC PROGRAMS EMPHASIZE THE RELEVANCE OF CONTINUOUS LEARNING TO PERSONAL AND PROFESSIONAL GROWTH. UPON SUCCESSFUL COMPLETION, GRADUATES ARE PREPARED TO ENTER THE WORKFORCE OR TO CONTINUE THEIR EDUCATION. AS AN EXTENSION OF THE PRIMARY MISSION, NEIT OFFERS THE OPPORTUNITY TO PURSUE PROFESSIONAL AND TECHNOLOGICAL STUDIES TO SATISFY PERSONAL INTERESTS.AS AN INSTITUTION PRIMARILY DEVOTED TO TEACHING, NEIT PROVIDES OPPORTUNITIES FOR STUDENTS FROM DIVERSE EDUCATIONAL BACKGROUNDS AND WITH VARYING LEVELS OF ABILITY TO STUDY IN A VARIETY OF TECHNOLOGICAL FIELDS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GENERAL AND TECHNICAL EDUCATION SERVICES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cheryl C Connors Senior V.P. & Treasurer | Officer | 50 | $945,060 |
Richard I Gouse President & Trustee | OfficerTrustee | 55 | $877,643 |
Scott Freund Exec. Vice Pres. | Officer | 50 | $398,163 |
Douglas Sherman Jr Senior V.P. & Provost | Officer | 50 | $298,813 |
Alan I Resnick Vice President | Officer | 50 | $284,073 |
Kenneth F Jalbert Vice President | Officer | 50 | $253,163 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $97,857 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $97,857 |
| Total Program Service Revenue | $74,650,663 |
| Investment income | $2,567,724 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $7,479,871 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $84,796,115 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $11,485,476 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $3,411,458 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $24,398,369 |
| Pension plan accruals and contributions | $920,492 |
| Other employee benefits | $3,200,156 |
| Payroll taxes | $2,080,692 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $106,521 |
| Fees for services: Accounting | $106,992 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,333,453 |
| Fees for services: Other | $1,142,215 |
| Advertising and promotion | $2,312,716 |
| Office expenses | $3,423,389 |
| Information technology | $1,413,315 |
| Royalties | $0 |
| Occupancy | $5,224,721 |
| Travel | $10,067 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,188,475 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,340,867 |
| Insurance | $558,194 |
| All other expenses | $135,571 |
| Total functional expenses | $76,178,155 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,677,501 |
| Savings and temporary cash investments | $28,032,897 |
| Pledges and grants receivable | $617,141 |
| Accounts receivable, net | $2,426,265 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $150,090 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $158,958,723 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $231,763,710 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,307,252 |
| Total assets | $436,933,579 |
| Accounts payable and accrued expenses | $11,717,658 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $91,090,276 |
| 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 | $2,261,224 |
| Total liabilities | $105,069,158 |
| Net assets without donor restrictions | $330,375,247 |
| Net assets with donor restrictions | $1,489,174 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $436,933,579 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that New England Institute Of Technology has recieved totaling $199,026.
| Awarding Organization | Amount |
|---|---|
The Champlin Foundation Pittsburgh, PA PURPOSE: TECHNOLOGY EQUIPMENT FOR MULTIPLE DEPARTMENTS | $187,870 |
Paul G Arpin Charitable Tr Essex, CT PURPOSE: PROGRAM SERVICES | $5,000 |
Blais Foundation Shrewsbury, MA PURPOSE: TO PROVIDE SCHOLARSHIPS. | $3,200 |
Arthur G Eastman Memorial Scholarship Fund Bridgeport, CT PURPOSE: EDUCATION | $2,050 |
Lucy C Ayers Memorial Foundation Westerly, RI PURPOSE: NURSING PROGRAM | $906 |
Endowment Analysis
| Beg. Balance | $212,926,431 |
| Earnings | $40,140,639 |
| Net Contributions | $103,327 |
| Other Expense | -$623,190 |
| Ending Balance | $252,547,207 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
New England Institute Of Technology East Greenwich, RI | $436,933,579 | $84,796,115 |
Benjamin Franklin Institute Of Technology Boston, MA | $15,070,208 | $17,077,730 |
Montserrat College Of Art Inc Beverly, MA | $16,506,023 | $17,973,351 |
Urban College Of Boston A Two Year College Inc Boston, MA | $2,648,182 | $7,626,014 |
Consortium For Advanced Studies Abroad Providence, RI | $1,494,580 | $2,843,422 |
Andover Newton Theological School Wayland, MA | $4,688,013 | $16,291 |
Beyond Conflict Inc Boston, MA | $3,388,180 | $2,249,772 |
Bridgeport International Academy Inc Bridgeport, CT | $1,007,406 | $1,103,219 |
Association Of Independent Colleges Of Art And Design Inc Providence, RI | $795,638 | $1,309,462 |
Clemente Course In The Humanities Inc Wellesley, MA | $283,630 | $314,523 |
Marion & Jasper Whiting Foundation Boston, MA | $4,347,923 | $415,513 |
Henry C Lee Institute Of Forensic Science Inc West Haven, CT | $3,850,709 | $241,401 |