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Worcester Polytechnic Institute Endowment Fund

Name: Worcester Polytechnic Institute

Assets Under Management: $510.2 Million (Source: Worcester Polytechnic Institute on 6/30/2013)

Annual Report: Worcester Polytechnic Institute Consolidated Financial Statements June 30, 2013 and 2012

Portfolio Insights: “Worcester Polytechnic Institute (the “University”), founded in 1865, is the nation’s third oldest private engineering university. Approximately 5,600 undergraduate and graduate students attend the University annually. The University is located in Worcester, Massachusetts and serves a diverse student body from almost every state and over 80 foreign countries.

Investments are reported at fair value and are comprised of the assets of the University’s endowment and similar funds, and split-interest agreements. Endowment funds are subject to the restrictions of gift instruments requiring that the principal be invested in perpetuity and that only income be utilized. Funds functioning as endowment, also known as quasi-endowment funds, have been established by the Board of Trustees for the same purposes as endowment funds. However, any portion of the funds functioning as endowment may be expended with the approval of the Board of Trustees.” (Source)

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Top Worcester Polytechnic Institute Endowment Fund Headlines:

1) May 7, 2012 – Worcester Polytechnic Institute’s endowment growth last year topped the list for area colleges according to a national study.

The study, which is conducted annually by the National Association of College and University Business Officers (NACUBO), tracks the year over year performance of more than 800 public and private colleges nationwide.

While this figure represents only about 20 percent of all colleges and universities in the country, Matt Hamill, Senior Vice President for NACUBO, said the association’s study covers approximately 98 percent of all college endowments in the country, and the total amount of investments had a market value of $408 billion. (Source)

2) The President’s Task Force on Sustainability and Green WPI Committee work to implement campus sustainability efforts. The institute is committed to sustainability through a formal policy and components of the campus master plan. The development office recently created an alumni green fund to support sustainability projects on campus. WPI purchases only EPEAT-certified computers and Energy Star-qualified residential appliances.

WPI has achieved a 5 percent reduction in building energy use since 2005. The institute has installed energy-saving technologies, including energy management systems, temperature control timers, and high-efficiency lighting. WPI also has a power shedding agreement with its utility company to decrease energy consumption during peak hours. (Source)

3) WPI ranked 18th out of the 1,312 colleges and universities in the study with a 20-year net return on investment of $664,900, according to PayScale. The ROI figure refers to an individual’s net earnings in 20 years as a college graduate. According to the report, a WPI education provides graduates with a 7.4 percent annual return on their investment in the 20 years following graduation.

WPI was one of the highest-performing schools in New England, as only Massachusetts Institute of Technology (third; $831,100), Babson College (11th; $716,700), Massachusetts Maritime Academy (12th; $702,100), and Dartmouth College (17th; $666,000) had higher net ROI figures.

“We continue to see that WPI’s project-focused approach to education truly prepares our students well for success in the workforce, which is clearly reflected in this PayScale report,” said Edward J. Connor, WPI’s dean of admissions. “Throughout their years at WPI, students are learning to work in teams and to apply their knowledge and skills to helping solve significant global challenges. This is what allows our graduates to differentiate themselves from other college students.” (Source)

4) Founded in Massachusetts in 1865, Worcester Polytechnic Institute (WPI) is one of the nation’s first engineering and technology universities. Today WPI stays true to its commitment to “create and convey the latest science and engineering knowledge in ways that are most beneficial to society”.

WPI’s 18 academic departments offer more than 50 undergraduate and graduate degree programs in science, engineering, technology, the social sciences, and the humanities and arts, leading to Bachelor, Master and PhD degrees. WPI’s world-class faculty work closely with their students, are involved in cutting edge research, and hold a number of awards- including over a dozen Fulbright Scholars. (Source)

5) Jeffrey S. Solomon is the executive vice president and chief financial officer at WPI. In this capacity, he is responsible for overseeing the accounting and treasury operations, budget and planning, construction, renovation, and maintenance of the university’s physical facilities, investment management, procurement, risk and compliance, WPI Police, and IT and the Unified Digital Campus initiative. Prior to joining WPI, Jeff was at Brandeis University for 11 years, most recently as its vice president, chief investment officer, and chief risk officer. A certified public accountant and a former audit manager at Coopers & Lybrand, Jeff received degrees from Brandeis University and Bentley College. (Source)

About Richard C. Wilson