Washburn Park Inc

“The form 990 was prepared by tax advisors from a national accounting firm in conjunction with the organization's management. Management reviews the completed form 990 with the tax advisors and the audit committee of the worcester polytechnic institute board of trustees. After approval by the audit committee, management provides the form to all trustees for review prior to filing with the internal revenue service.”

“As part of worcester polytechnic institute's conflict of interest policy, all university trustees, officers and key employees (as defined under irs rules) are required to submit annually a conflict of interest disclosure statement, in which they affirm that they: (a)have received a copy of the university conflict of interest policy; (b)have read and understood the policy; (c)agree to comply with the policy and; (d)understand that the university, as a tax-exempt organization, must restrict its activities primarily to those for which its tax-exempt status was granted. Additionally, as part of the annual disclosure statement process, trustees, officers and key employees of the university are asked to outline in a separate letter any potential conflicts of interest and any significant financial interest with the university or any university-related entity. All annual disclosure statements are submitted to the university compliance officer, who reviews them, consolidates the comments and presents a report to the audit committee. Upon receipt of the compliance officer's report, the audit committee reviews the findings and takes any necessary and appropriate action. The audit committee then reports to the board of trustees on the findings and any actions taken by the committee. Any trustee with a conflict of interest recuses himself or herself from any board or committee decisions related to that conflict.”

“Washburn park, inc. Does not have employees. The process for determining compensation for the president and other top management of worcester polytechnic institute is modeled after the requirements in federal regulations 53.4958-6(a), rebuttable presumption that a transaction is not an excess benefit transaction, to establish the presumption of reasonable compensation. Compensation is reviewed and approved by the leadership development and executive compensation committee of the univeristy's board of trustees comprised of independent persons. By engaging an independent compensation consultant, the committee considers comparable market data from published surveys and federal form 990s of comparable organizations in evaluating the compensation for each individual. The committee conducts a review of this comparability data, sets compensation within a range of comparable organizations, and documents its deliberation and discussion in minutes that are retained with the other governance materials of the university. The most recent compensation study was conducted in 2021.”

“The university maintains copies of its governing documents, conflicts of interest policy, and financial statements on its website (www.wpi.edu).”