Wentworth Institute of Technology Inc

“Trustees gregory b. Janey and ryan e. Hutchins have a business relationship.”

“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. All trustees are sent an email to let them know that the form 990 is available on the secure portal for their review.”

“The university annually distributes, via email and other electronic means, a copy of the conflict of interest policy and related disclosure forms. The university monitors the replies to ensure that it receives replies from all appropriate trustees, officers, faculty and staff per the requirements of the policy. Disclosures of potential conflicts of interest are reported to both the executive and audit committees 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 their transaction.”

“Compensation of the officers and other key employees of the university 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 university has a rebuttable presumption of reasonableness, and that the university does not violate the intermediate sanctions provisions of the internal revenue code. In order to determine market value, wentworth hired compensation consultants in 2023 who conducted a market analysis of these positions. This analysis includes data from peer institutions. In addition, wentworth participates in several salary surveys which are used to evaluate the competitiveness of the university's 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 svp of finance & administration 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 recommendations for the officers, the president will inform the human resources department to implement the changes. The svp of finance & administration will submit the salary recommendations for the president to the human resources department.”

“The form 990 and audited financial statements are available via the massachusetts attorney general's website. The governing documents and conflict of interest policy are available upon written or electronic request.”

“Unrealized gain on interest rate swaps 794,601.”