Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $2,000,000

• 1f · All other contributions, gifts and grants

  $23,282,069

• 1g · Noncash contributions included above

  $1,547,907

• 2a · Program service revenue: TUITION AND FEES

  total $351,555,370 · related or exempt $351,555,370

• 2b · Program service revenue: SPONSORED RESEARCH

  total $50,247,991 · related or exempt $50,247,991

• 2c · Program service revenue: AUXILIARY OPERATIONS

  total $44,097,630 · related or exempt $44,097,630

• 2d · Program service revenue: OTHER OPER. SOURCES

  total $5,678,807 · related or exempt $5,678,807

• 2e · Program service revenue: OTHER EDUC. OPERATIONS

  total $3,034,779 · related or exempt $3,034,779

• 3 · Investment income

  total $11,115,822 · unrelated business $1,040,986 · excluded $10,074,836

• 5 · Royalties

  total $263,109 · excluded $263,109

• 7a · Gross sales of assets other than inventory

  securities $652,118

• 7b · Less cost or other basis and sales expenses

  securities $640,918

• 7c · Gain or loss

  securities $11,200

• 7d · Net gain or loss

  total $11,200 · excluded $11,200

• 11a · Other revenue: LOSS INT RATE AGREEMNT

  total -$516,878 · excluded -$516,878

• 11e · Other revenue, total

  -$516,878

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $8,161,353 · program services $8,161,353

• 2 · Grants to domestic individuals

  total $144,171,767 · program services $144,171,767

• 3 · Grants to foreign organizations and individuals

  total $2,023,375 · program services $2,023,375

• 5 · Compensation of officers, directors and key employees

  total $4,092,098 · program services $555,405 · management and general $2,850,229 · fundraising $686,464

• 7 · Other salaries and wages

  total $158,477,955 · program services $123,060,531 · management and general $30,470,345 · fundraising $4,947,079

• 8 · Pension plan contributions

  total $11,123,640 · program services $8,485,936 · management and general $2,329,332 · fundraising $308,372

• 9 · Other employee benefits

  total $22,528,286 · program services $14,230,806 · management and general $7,259,809 · fundraising $1,037,671

• 10 · Payroll taxes

  total $9,546,387 · program services $7,282,690 · management and general $1,999,049 · fundraising $264,648

• 11b · Fees: legal

  total $966,043 · program services $13,154 · management and general $952,706 · fundraising $183

• 11c · Fees: accounting

  total $336,709 · program services $43,176 · management and general $292,727 · fundraising $806

• 11d · Fees: lobbying

  total $180,000 · management and general $180,000

• 11e · Fees: professional fundraising services

  total $226,064 · fundraising $226,064

• 11f · Fees: investment management

  total $1,175,212 · management and general $1,175,212

• 11g · Fees: other

  total $20,739,400 · program services $18,833,901 · management and general $1,843,897 · fundraising $61,602

• 12 · Advertising and promotion

  total $2,633,091 · program services $2,154,350 · management and general $463,428 · fundraising $15,313

• 13 · Office expenses

  total $3,917,272 · program services $2,765,257 · management and general $1,050,243 · fundraising $101,772

• 14 · Information technology

  total $9,141,170 · program services $1,214,539 · management and general $7,702,339 · fundraising $224,292

• 16 · Occupancy

  total $11,244,360 · program services $9,475,023 · management and general $1,579,067 · fundraising $190,270

• 17 · Travel

  total $8,636,853 · program services $8,104,949 · management and general $405,288 · fundraising $126,616

• 19 · Conferences, conventions and meetings

  total $3,456,541 · program services $2,682,425 · management and general $638,299 · fundraising $135,817

• 20 · Interest

  total $10,563,524 · program services $7,871,957 · management and general $2,509,305 · fundraising $182,262

• 22 · Depreciation, depletion and amortization

  total $36,640,303 · program services $30,547,131 · management and general $5,588,744 · fundraising $504,428

• 23 · Insurance

  total $1,691,035 · program services $131,306 · management and general $1,559,710 · fundraising $19

• 24a · Other expenses: RESEARCH AND TRAINING

  total $14,867,527 · program services $14,325,136 · management and general $529,776 · fundraising $12,615

• 24b · Other expenses: REPAIRS AND MAINTENANCE

  total $8,514,984 · program services $6,442,839 · management and general $1,959,117 · fundraising $113,028

• 24c · Other expenses: LAB EQUIPMENT/SUPPLIES

  total $3,365,953 · program services $3,164,198 · management and general $195,238 · fundraising $6,517

• 24d · Other expenses: BOOKS AND PERIODICALS

  total $2,707,907 · program services $26,977 · management and general $2,675,907 · fundraising $5,023

• 24e · All other expenses

  total $4,190,106 · program services $2,417,484 · management and general $1,765,963 · fundraising $6,659

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $10,891,223 · end of year $2,350,802

• 3 · Pledges and grants receivable

  beginning of year $38,738,013 · end of year $37,859,979

• 4 · Accounts receivable

  beginning of year $3,780,747 · end of year $4,798,335

• 7 · Other notes and loans receivable

  beginning of year $16,581,223 · end of year $15,992,928

• 9 · Prepaid expenses and deferred charges

  beginning of year $10,004,607 · end of year $8,550,475

• 10a · Land, buildings and equipment: cost or other basis

  $973,331,517

• 10b · Land, buildings and equipment: accumulated depreciation

  $434,257,030

• 10c · Land, buildings and equipment, net

  beginning of year $518,518,734 · end of year $539,074,487

• 11 · Investments: publicly traded securities

  beginning of year $164,550,268 · end of year $133,144,281

• 12 · Investments: other securities

  beginning of year $539,936,441 · end of year $590,830,476

• 15 · Other assets

  beginning of year $16,473,359 · end of year $15,576,788

• 17 · Accounts payable and accrued expenses

  beginning of year $28,027,077 · end of year $36,947,269

• 19 · Deferred revenue

  beginning of year $11,900,772 · end of year $12,478,224

• 20 · Tax-exempt bond liabilities

  beginning of year $319,284,987 · end of year $274,237,779

• 23 · Secured mortgages and notes payable

  beginning of year $205,179 · end of year $258,378

• 24 · Unsecured notes and loans payable

  beginning of year $76,629,920 · end of year $98,228,303

• 25 · Other liabilities

  beginning of year $84,139,152 · end of year $75,842,582

• 27 · Net assets without donor restrictions

  beginning of year $350,722,767 · end of year $364,826,323

• 28 · Net assets with donor restrictions

  beginning of year $448,564,761 · end of year $485,359,693

The filer's explanations (Part III)

PART I, LINE 1A

THE UNIVERSITY HAS PROVIDED THESE BENEFITS PER WRITTEN POLICIES AFTER FULL SUBSTANTIATION OF THE ITEMS. THE FOLLOWING AMOUNTS ARE NOT INCLUDED IN COMPENSATION TAXABLE TO THE EMPLOYEE: BEGINNING APRIL OF 2023, THE UNIVERSITY PROVIDED HOUSING ON CAMPUS TO THE PRESIDENT AS A CONDITION OF EMPLOYMENT AND FOR THE CONVENIENCE OF THE UNIVERSITY, INCLUDING HOUSEKEEPING TO MAINTAIN THE APPEARANCE OF THE RESIDENCE FOR UNIVERSITY FUNCTIONS. THROUGH MARCH OF 2023, ONE OFFICER RESIDED IN UNIVERSITY HOUSING. THE OFFICER PAID RENT DIRECTLY TO THE UNIVERSITY.

PART I, LINES 4A-B

LINE 4A - ONE LISTED INDIVIDUAL RECEIVED PAYMENTS INCLUDED IN SCH J, PART II, COLUMN BIII AS PART OF THE SEPARATION AGREEMENT WITH THE INSTITUTE. LINE 4B - THE INSTITUTE HAS A LONG TERM INCENTIVE PLAN (LTIP) TO PROVIDE DEFERRED BONUSES TO CERTAIN LISTED INDIVIDUALS. AMOUNTS PAID UNDER THE LTIP IN 2023 ARE INCLUDED ON SCHEDULE J, COLUMN (B)(II). ADDITIONAL DETAILS REGARDING THE PLAN ARE INCLUDED IN RESPONSE SCHEDULE J, PART I, LINE 7. NO AMOUNTS WERE CONTRIBUTED TO THE PLAN IN CALENDAR YEAR 2023. ONE INDIVIDUAL IS SUBJECT TO A DEFERRED BONUS ARRANGEMENT. AMOUNTS ACCRUED UNDER THE ARRANGEMENT ARE INCLUDED IN SCHEDULE J, PART II, COLUMN C.

PART I, LINE 7

THE COMPENSATION COMMITTEE OF THE UNIVERSITY'S BOARD OF TRUSTEES HAS A PAY-FOR-PERFORMANCE COMPENSATION PHILOSOPHY IN DETERMINING EXECUTIVE COMPENSATION. A PLAN THAT IS PART OF THE PHILOSOPHY IS THE EXECUTIVE INCENTIVE COMPENSATION PLAN. EXECUTIVES ARE ELIGIBLE FOR PERFORMANCE-BASED PAY. THE PAYMENT OF A PERFORMANCE BONUS IS DEPENDENT UPON ACHIEVEMENT OF DEFINED GOALS AND OBJECTIVES, APPROVED BY THE PRESIDENT AND COMPENSATION COMMITTEE. THE PRESIDENT MAY RECEIVE A PERFORMANCE-BASED INCENTIVE SUBJECT TO THE TERMS AND PROVISIONS LISTED IN THE CONTRACT.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• GATEWAY PARK LLC

  REAL EST. DEV · MA · income $546,436 · assets $0

  Directly controlled by WPI

• LANCASTER ISLAND LLC

  REAL ESTATE · MA · income $0 · assets $0

  Directly controlled by SEE PART VI

• SAGAMORE GROVE LLC

  REAL ESTATE · MA · income $0 · assets $0

  Directly controlled by SEE PART VI

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• CHARITABLE REMAINDER TRUSTS (23)

  T · CHAR TRUSTS · MA · controlled entity