Worcester Polytechnic Institute
- Assets
- $1.2b
- Revenue
- $384.5m
- Investments
- $271.3m
- Employees
- 3,944
- Location
- Worcester, MA
- Founding
- 08/1934
- Data as of
- 06/2020
- EIN
- 04-2121659
Organization Overview
Worcester Polytechnic Institute is located in Worcester, MA. The organization was established in 1934. According to its NTEE Classification (B43) the organization is classified as: Universities, under the broad grouping of Education and related organizations. As of 06/2021, Worcester Polytechnic Institute employed 3,944 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Worcester Polytechnic Institute 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 06/2020, Worcester Polytechnic Institute generated $384.5m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $390.9m during the year ending 06/2020. While expenses have increased by 3.6% 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.
Since 2015, Worcester Polytechnic Institute has awarded 252 individual grants totaling $37,786,303. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
WORCESTER POLYTECHNIC INSTITUTE WAS FOUNDED IN 1865 TO CREATE AND CONVEY (CONTINUED ON SCHEDULE O)THE LATEST SCIENCE AND ENGINEERING KNOWLEDGE IN WAYS THAT ARE MOST BENEFICIAL FOR SOCIETY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE UNIVERSITY PROVIDES EDUCATION IN THE FIELDS OF SCIENCE, TECHNOLOGY, ENGINEERING AND MATHEMATICS TO APPROXIMATELY 4,900 UNDERGRADUATE AND 2,000 GRADUATE STUDENTS. IN ADDITION, HOUSING AND BOARD AUXILIARY SERVICES ARE PROVIDED FOR APPROXIMATELY 1,900 STUDENTS. DURING FISCAL YEAR 2021, THE UNIVERSITY AWARDED 1,016 BACHELOR, 742 MASTER AND 62 PHD DEGREES. STUDENTS EMERGE FROM THE UNIVERSITY'S UNIQUE EXPERIENCE READY TO TAKE ON SOME OF THE MOST DIFFICULT CHALLENGES IN SCIENCE AND TECHNOLOGY. MORE IMPORTANTLY, THEY UNDERSTAND HOW THEIR WORK CAN TRULY IMPACT SOCIETY AND IMPROVE LIVES.
AT THE UNIVERSITY, 221 FACULTY AND POST DOC RESEARCHERS, AND 546 STUDENTS ARE ENGAGED IN CUTTING-EDGE RESEARCH ACROSS A BROAD RANGE OF DISCIPLINES. THE UNIVERSITY RECEIVES RESEARCH FUNDING FROM A VARIETY OF SOURCES, PRIMARILY FROM GOVERNMENTAL ORGANIZATIONS SUCH AS THE NATIONAL SCIENCE FOUNDATION, DEPARTMENT OF DEFENSE, NATIONAL INSTITUTE OF HEALTH AND OTHER FEDERAL AGENCIES. RESEARCH AT THE UNIVERSITY HAS A DECIDEDLY APPLIED FOCUS, WITH WORK FOCUSED ON PROBLEMS THAT ARE BOTH INTERESTING AND IMPORTANT. THE RESULT IS NEW KNOWLEDGE, NEW INNOVATIONS, AND TECHNOLOGICAL ADVANCES THAT ATTACK SOME OF THE MAJOR CHALLENGES OF OUR TIME.
THE UNIVERSITY'S GRADUATE STUDIES DIVISION PROVIDES TAILOR-MADE PROGRAMS TO APPROXIMATELY 370 STUDENTS, MAINLY AT CORPORATE STUDENT SITES, USING INDUSTRY EXPERTS AND DEDICATED PROGRAM SUPPORT STAFF. THIS PRACTICAL APPROACH ADDS VALUE BY PROVIDING CLIENTS WITH KNOWLEDGE AND SKILLS THAT CAN BE DIRECTLY APPLIED TO THEIR REAL-WORLD JOB CHALLENGES. ADDITIONALLY DURING FISCAL YEAR 2021, APPROXIMATELY 535 INDIVIDUALS PARTICIPATED IN ONE OR MORE PROFESSIONAL WORKSHOPS OR SHORT COURSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Laurie Leshin President | OfficerTrustee | 40 | $990,672 |
William Mcavoy VP University Advancement | 40 | $571,124 | |
Jeffrey Solomon Treasurer, Executive Vp, CFO | Officer | 40 | $493,020 |
David Bunis Secretary & General Counsel | Officer | 40 | $449,315 |
Winston Soboyejo Provost | Officer | 40 | $443,922 |
Jamal Yagoobi Dept Head Mechanical Eng | 40 | $353,091 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Consigli Construction Company Inc Construction | 6/29/21 | $28,185,511 |
Shawmut Design & Construction Construction | 6/29/21 | $6,001,674 |
The Broad Institute Professional Svcs | 6/29/21 | $6,734,375 |
Cutler Associates Inc Construction | 6/29/21 | $3,560,538 |
Gensler Professional Svcs | 6/29/21 | $2,684,576 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $33,087,495 |
| Investment income | $5,865,103 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $223,551 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$4,409,090 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $22,302 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $384,496,935 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $96,457,967 |
| Grants and other assistance to Foreign Orgs/Individuals | $844,403 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $6,118,132 |
| Compensation to disqualified persons | $183,166 |
| Other salaries and wages | $136,803,602 |
| Pension plan accruals and contributions | $11,076,781 |
| Other employee benefits | $17,609,474 |
| Payroll taxes | $8,221,124 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,480,926 |
| Fees for services: Accounting | $279,885 |
| Fees for services: Lobbying | $236,805 |
| Fees for services: Fundraising | $182,012 |
| Fees for services: Investment Management | $418,993 |
| Fees for services: Other | $13,360,082 |
| Advertising and promotion | $933,799 |
| Office expenses | $3,563,008 |
| Information technology | $8,211,589 |
| Royalties | $0 |
| Occupancy | $11,225,842 |
| Travel | $5,971,933 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,556,182 |
| Interest | $10,825,943 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $23,655,626 |
| Insurance | $851,016 |
| All other expenses | $0 |
| Total functional expenses | $390,932,284 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $45,846,725 |
| Pledges and grants receivable | $31,535,514 |
| Accounts receivable, net | $4,721,228 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $15,716,862 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $7,713,471 |
| Investments—publicly traded securities | $246,915,718 |
| Investments—other securities | $271,343,887 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $107,053,483 |
| Total assets | $1,164,375,963 |
| Accounts payable and accrued expenses | $39,139,857 |
| Grants payable | $0 |
| Deferred revenue | $14,742,957 |
| Tax-exempt bond liabilities | $342,787,988 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $4,814,287 |
| Unsecured mortgages and notes payable | $61,283,880 |
| Other liabilities | $49,785,850 |
| Total liabilities | $512,554,819 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $651,821,144 |
Grants Awarded
Over the last fiscal year, Worcester Polytechnic Institute has awarded $6,798,485 in support to 43 organizations.
| Grant Recipient | Amount |
|---|---|
Auburn, MA PURPOSE: RESEARCH | $1,537,361 |
Shrewsbury, MA PURPOSE: RESEARCH | $772,570 |
Irvine, CA PURPOSE: RESEARCH | $548,640 |
BOSTON ENGINEERING CORPORATION PURPOSE: OTHER | $306,329 |
WESTED PURPOSE: RESEARCH | $273,248 |
Cambridge, MA PURPOSE: RESEARCH | $254,087 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that Worcester Polytechnic Institute has recieved totaling $52,175.
| Awarding Organization | Amount |
|---|---|
Spirol International Charitable Foundation Inc Danielson, CT PURPOSE: PLEDGE KOEHL MERIT SCHOLARSHIP | $40,000 |
Everett & Doris Bernardo Family Foundation Elgin, IL PURPOSE: COLLEGE EDUCATION | $5,000 |
Emma F Makinson Trust C351 Dallas, TX PURPOSE: SCHOLARSHIPS | $3,000 |
Halbert Joseph Tua Scholarships Dallas, TX PURPOSE: SCHOLARSHIPS | $3,000 |
Roberts-Purple Scholarship Dallas, TX PURPOSE: SCHOLARSHIP | $1,175 |
Endowment Analysis
| Beg. Balance | $484,367,049 |
| Earnings | $160,615,648 |
| Net Contributions | $10,106,274 |
| Other Expense | $14,726,206 |
| Grants | $9,447,238 |
| Ending Balance | $630,915,527 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Fordham University Bronx, NY | $2,430,141,698 | $953,892,663 |
Rochester Institute Of Technology Rochester, NY | $2,526,196,996 | $1,071,324,345 |
St Johns University New York Jamaica, NY | $1,703,677,283 | $798,473,536 |
Rensselaer Polytechnic Institute Troy, NY | $1,598,843,813 | $653,047,178 |
Rockefeller University New York, NY | $4,263,008,941 | $535,346,959 |
The New School New York, NY | $1,263,076,833 | $558,997,855 |
Hofstra University Hempstead, NY | $1,538,245,078 | $606,887,297 |
American University Of Beirut New York, NY | $1,902,791,001 | $608,300,843 |
Quinnipiac University Hamden, CT | $1,807,258,104 | $531,949,834 |
Brandeis University Waltham, MA | $1,811,655,582 | $399,602,478 |
Johnson & Wales University Providence, RI | $913,541,997 | $403,272,641 |
Bar Ilan University In Israel New York, NY | $542,311,841 | $462,229,998 |