Worcester Polytechnic Institute

Overview

Mission

Wpi transforms lives, turns knowledge into action to confront global challenges, and revolutionizes stem through distinctive and inclusive education, projects and research. (http://www.wpi.edu/about/mission.html)

What it reported doing in 2024

At the university, 244 faculty and post doc researchers, and 632 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.

Operating model

Revenue model
Earned-program. 93% of the money available for current operations came from fees and other program revenue.
Distribution model
Hybrid. The nonprofit split its reported program spending across 62% for direct work, and 38% for grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

Nonprofit profile at a glance

EIN
042121659
IRS 990 coverage
2009–2024
Forms available
Form 990 2024, Form 990-T 2024
Headquarters
Worcester, MA, USA
Phone
5088315000
Rating
81
Verdict
STRONG
Rating confidence
Standard

Official website

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and the filing reports few safeguards for money sent abroad.

Rating breakdown

  • Financial Efficiency: 75
  • Transparency & Controls: 85
  • Accountability: 91
  • Sustainability: 44
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 82.6%; rating input score 83
  • Program expense ratio: 83%; rating input score 83
  • Fundraising efficiency: $2.67 raised per $1 spent on fundraising; rating input score 9; 9th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
  • Pay-setting controls: 5 of 6 controls in place; rating input score 83
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: 2 of 8 controls in place; rating input score 25
    • Claims monitoring procedures: Pass
    • Requires narrative reports: Fail
    • Conducts field audits: Fail
    • May suspend future funding: Fail
    • Requires financial reports: Pass
    • Conducts site visits: Fail
    • Requires grant agreements: Fail
    • May require repayment: Fail
  • Grant itemization coverage: 100%; rating input score 100; 77th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 92.9%; rating input score 93; 41st percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -1.9%; rating input score 19; 19th percentile among comparable filings
  • Total-asset coverage ratio: 2.66; rating input score 71; 71st percentile among comparable filings
  • Liabilities to assets ratio: 0.37; rating input score 47; 47th percentile among comparable filings
  • Officer compensation ratio: 1.2%; rating input score 71; 71st percentile among comparable filings

Growth

  • Program expense growth: 6% per year; rating input score 100; 49th percentile among comparable filings
  • Revenue growth: 5.5% per year; rating input score 100; 48th percentile among comparable filings
  • Asset growth: 4.9% per year; rating input score 100; 35th percentile among comparable filings

Details

  • Where the money goes: 82.6% of revenue deployed · 83% of spending went to programs
  • Governance: 26 of 28 board members independent · 8 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $447.9M in reported program spending
  • Leadership: top reported pay $1.1M · 41 people listed · 5 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $20.6M reported
  • Consistency: 45 of 45 current checks pass
  • Schedules: 14 filed schedules · includes major donors, foreign activity, grants, executive pay, and related organizations
  • Filing history: 15 annual filings from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 73 filed money-flow records
  • Related organizations: 64 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Leadership & pay

41 people listed

Highest reported compensation

  • JINLIU WANG (PRESIDENT): $1,122,817 total reported compensation
  • MICHAEL HORAN (TREASURER, EXECUTIVE VP & CFO): $644,367 total reported compensation
  • LAUREN TURNER (SVP TALENT & INCLUSION, CDO): $611,938 total reported compensation

Source: IRS Form 990. Selected filing: FY2024.