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Nonprofiteer
← NEW ENGLAND INSTITUTE OF TECHNOLOGY

Form 990 for tax year 2024

Filed by NEW ENGLAND INSTITUTE OF TECHNOLOGY.

Totals

Total revenue
$107,197,170
Total expenses
$87,142,545
Contributions and grants received
$85,525
Grants paid
$15,146,323
Program service revenue
$84,441,962
Investment income
$22,602,499
Other revenue
$67,184
Total assets, end of year
$460,934,552
Total liabilities, end of year
$93,871,598
Net assets or fund balances, end of year
$367,062,954
Program services expenses (Part IX)
$87,142,545
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$87,142,545

Program services were 100.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Listed in Part VII

  • DR WILLIAM CROASDALE

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • JOSEPH DEANGELIS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • FRANCIS X FLAHERTY

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • STEVEN L MELTZER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • PHILLIP KYDD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • ROANNE SRAGOW LICHT

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • LYNETTE LABINGER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • JAMES DIOSSA

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • SETH KURN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • JOEL S KENT

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • RICHARD I GOUSE

    PRESIDENT & TRUSTEE

    Total calculated
    $1,265,000
    From this org
    $1,075,209
    From related orgs
    $0
    Other
    $189,791
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $837,288
    Bonus
    $154,927
    Other
    $82,994
    Deferred
    $163,950
    Nontaxable benefits
    $25,841
    Filer's total
    $1,265,000

  • CHERYL C CONNORS

    SENIOR V.P. & TREASURER

    Total calculated
    $686,483
    From this org
    $537,503
    From related orgs
    $0
    Other
    $148,980
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $526,391
    Bonus
    $0
    Other
    $11,112
    Deferred
    $148,950
    Nontaxable benefits
    $30
    Filer's total
    $686,483

  • SCOTT FREUND

    EXEC. VICE PRES.

    Total calculated
    $538,310
    From this org
    $509,068
    From related orgs
    $0
    Other
    $29,242
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $434,257
    Bonus
    $64,011
    Other
    $10,800
    Deferred
    $20,700
    Nontaxable benefits
    $8,542
    Filer's total
    $538,310

  • KENNETH F JALBERT

    VICE PRESIDENT

    Total calculated
    $334,428
    From this org
    $291,264
    From related orgs
    $0
    Other
    $43,164
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $280,464
    Bonus
    $0
    Other
    $10,800
    Deferred
    $17,322
    Nontaxable benefits
    $25,842
    Filer's total
    $334,428

  • CATHERINE KENNEDY

    VICE PRESIDENT

    Total calculated
    $227,357
    From this org
    $206,380
    From related orgs
    $0
    Other
    $20,977
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $195,580
    Bonus
    $0
    Other
    $10,800
    Deferred
    $11,940
    Nontaxable benefits
    $9,037
    Filer's total
    $227,357

  • STEVEN KITCHIN

    VICE PRESIDENT

    Total calculated
    $189,582
    From this org
    $154,884
    From related orgs
    $0
    Other
    $34,698
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $144,084
    Bonus
    $0
    Other
    $10,800
    Deferred
    $9,110
    Nontaxable benefits
    $25,588
    Filer's total
    $189,582

  • DOUGLAS SHERMAN JR

    SENIOR V.P. & PROVOST

    Total calculated
    $373,402
    From this org
    $329,581
    From related orgs
    $0
    Other
    $43,821
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $288,772
    Bonus
    $30,009
    Other
    $10,800
    Deferred
    $17,979
    Nontaxable benefits
    $25,842
    Filer's total
    $373,402

  • ALAN I RESNICK

    VICE PRESIDENT

    Total calculated
    $338,003
    From this org
    $295,969
    From related orgs
    $0
    Other
    $42,034
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $264,159
    Bonus
    $21,010
    Other
    $10,800
    Deferred
    $16,517
    Nontaxable benefits
    $25,517
    Filer's total
    $338,003

  • AMY GRZYBOWSKI

    VICE PRESIDENT

    Total calculated
    $215,549
    From this org
    $209,003
    From related orgs
    $0
    Other
    $6,546
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $198,203
    Bonus
    $0
    Other
    $10,800
    Deferred
    $5,965
    Nontaxable benefits
    $581
    Filer's total
    $215,549

  • THOMAS FAY

    VICE PRESIDENT/GENERAL COUNSEL

    Total calculated
    $188,334
    From this org
    $186,554
    From related orgs
    $0
    Other
    $1,780
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $175,754
    Bonus
    $0
    Other
    $10,800
    Deferred
    $1,750
    Nontaxable benefits
    $30
    Filer's total
    $188,334

  • JACQUES LAFLAMME

    CIO

    Total calculated
    $212,821
    From this org
    $200,267
    From related orgs
    $0
    Other
    $12,554
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $200,267
    Bonus
    $0
    Other
    $0
    Deferred
    $11,989
    Nontaxable benefits
    $565
    Filer's total
    $212,821

  • HENRY YOUNG

    ASSISTANT PROVOST

    Total calculated
    $256,820
    From this org
    $220,387
    From related orgs
    $0
    Other
    $36,433
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $220,387
    Bonus
    $0
    Other
    $0
    Deferred
    $10,916
    Nontaxable benefits
    $25,517
    Filer's total
    $256,820

  • DARLENE NORET

    ASSISTANT PROVOST

    Total calculated
    $199,026
    From this org
    $173,283
    From related orgs
    $0
    Other
    $25,743
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $173,283
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $25,743
    Filer's total
    $199,026

  • HENRY JOHNSON

    ASSOCIATE PROFESSOR/DEPT. CHAIR

    Total calculated
    $206,042
    From this org
    $175,096
    From related orgs
    $0
    Other
    $30,946
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $175,096
    Bonus
    $0
    Other
    $0
    Deferred
    $5,429
    Nontaxable benefits
    $25,517
    Filer's total
    $206,042

  • ASHLEY AMROL

    NURSING INSTRUCTOR

    Total calculated
    $182,231
    From this org
    $168,774
    From related orgs
    $0
    Other
    $13,457
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $168,774
    Bonus
    $0
    Other
    $0
    Deferred
    $4,915
    Nontaxable benefits
    $8,542
    Filer's total
    $182,231

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Housing allowance or residence for personal use
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception
  • 9 · Followed the rebuttable-presumption procedure

Answered no

  • 1b · Written policy on the line-1a expenses
  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings

The filer's explanations (Part III)

PART I, LINE 1B
THIS RELATES TO A HOUSING ALLOWANCE OF A DEFINED AMOUNT PER THE APPLICABLE EMPLOYMENT AGREEMENTS AND THEREFORE THIS BENEFIT IS NOT GOVERNED BY A SEPARATE POLICY. THE REIMBURSEMENT OF EXPENSES FOR THE COVERED PERSONS ARE SUBJECT TO THE LIMITATIONS AND GUIDELINES STATED IN THEIR APPLICABLE EMPLOYMENT AGREEMENTS AND SUCH EXPENSES ARE SUBJECT TO REVIEW BY A DESIGNEE OF THE BOARD.
PART I, LINE 4B
THE INSTITUTE PROVIDES ANNUAL CREDITS TO A 457(F) NON-QUALIFIED DEFERRED COMPENSATION PLAN FOR RICHARD I. GOUSE ($120,000) AND CHERYL C. CONNORS ($105,000). THE VESTING OF THE SERP BENEFITS IS CONTINGENT UPON EACH PARTICIPANT COMPLETING A SPECIFIED SERVICE PERIOD AND SUBJECT TO A SUBSTANTIAL RISK OF FORFEITURE AS REQUIRED BY SECTION 457(F) OF THE INTERNAL REVENUE CODE. DEFERRED COMPENSATION IN SCHEDULE J ALSO INCLUDES EMPLOYER CONTRIBUTIONS TO A 457B DEFERRED COMPENSATION PLAN FOR RICHARD I. GOUSE AND CHERYL C. CONNORS.
PART I, LINE 7
THE AWARD OF PERFORMANCE INCENTIVE PAMENTS IS CONDUCTED IN CONNECTION WITH A COMPREHENSIVE ANNUAL EVALUATIVE PROCESS ON QUALITATIVE AND QUANTITATIVE METRICS DEEMED APPROPRIATE TO THE RESPECTIVE POSITIONS BY THE COMPENSATION COMMITTEE OF THE BOARD. ONLY CERTAIN SENIOR EXECUTIVE LEVEL POSITIONS ARE ELIGIBLE TO RECEIVE THESE NON-FIXED PAYMENTS, WHICH HAVE PARAMETERS AND LIMITATIONS IN ACCORDANCE WITH THE APPLICABLE EMPLOYMENT AGREEMENTS FOR CERTAIN EXECUTIVES AND THE INSTITUTE'S COMPLIANCE PROCESS FOR EXECUTIVE COMPENSATION UNDER SECTION 4958 OF THE INTERNAL REVENUE CODE. CONSISTENT WITH THE BY-LAWS, THE TERMS FOR EMPLOYMENT OF THE APPLICABLE SENIOR EXECUTIVES WERE APPROVED BY THE COMPENSATION COMMITTEE OF THE BOARD. THE COMPENSATION COMMITTEE RETAINS CONTROL IN DETERMINING AND ASSESSING PROGRESS IN ACHIEVEMENT OF THE RELEVANT METRICS.
SCHEDULE J, PART II, COLUMN B:
INCLUDED IN SCHEDULE J, PART II, COLUMN B(III), OTHER REPORTABLE COMPENSATION, IS A HOUSING ALLOWANCE AND AN AUTOMOBILE ALLOWANCE FOR RICHARD I. GOUSE. THE TERMS GOVERNING THE CALCULATION OF THE HOUSING AND AUTOMOBILE ALLOWANCES ARE DEFINED AND AUTHORIZED IN THE EMPLOYMENT AGREEMENT BETWEEN THE PRESIDENT AND THE INSTITUTE. THE PRESIDENT'S EMPLOYMENT AGREEMENT AS WELL AS ALL SUBSEQUENT AMENDMENTS ARE REVIEWED AND APPROVED BY THE COMPENSATION COMMITTEE OF THE BOARD. INCLUDED IN OTHER REPORTABLE COMPENSATION FOR CHERYL C. CONNORS IS A PAYMENT IN ASSOCIATION WITH AN AUTOMOBILE BENEFIT. THE AMOUNTS LISTED AS OTHER REPORTABLE COMPENSATION FOR THE OTHER 8 SENIOR ADMINISTRATORS REFLECT PAYMENTS IN ASSOCIATION WITH AN AUTOMOBILE BENEFIT.
SCHEDULE J, PART II, COLUMN D:
INCLUDED IN SCHEDULE J, COLUMN D, ARE EMPLOYER BENEFIT COSTS FOR HEALTH, DENTAL, AND LIFE INSURANCE BENEFITS FOR THE 15 INDIVIDUALS LISTED.
SCHEDULE J, PART III:
ALL COMPENSATION ADJUSTMENTS FOR EXECUTIVE EMPLOYEES ARE MADE PURSUANT TO THE OVERSIGHT AND APPROVAL OF THE COMPENSATION COMMITTEE OF THE BOARD AND CONDUCTED IN CONNECTION WITH AN ANNUAL EVALUATION PROCESS.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2024
Filed
7 May 2026
IRS schema version
2024v5.5
Source object
202611289349301156

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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