Worcester Polytechnic Institute

Analysis

Worcester Polytechnic Institute is a registered charity in United States, based in Worcester, MA. It received its IRS tax-exemption ruling in August 1934, 92 years ago. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Worcester Polytechnic Institute reported income of $462.7m and spending of $483.0m, spending 104% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $374.1m to $462.7m (+24%), an average of +5.5% a year. Over the whole period it spent 102% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Worcester Polytechnic Institute sits at the 100th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 100th percentile, and in the 100th percentile within MA. Charities of a similar size with the same main cause include St Clair Health Corporation ($456.4m), Rand Corporation ($467.2m) and Jewish Agency for Israel ($455.3m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 5.0% and program service revenue 92% of the total. Compensation of current officers, directors and key employees was $3.4m (0.7% of expenses). Other salaries and wages came to $151.2m. It paid $224k in professional fundraising fees. At year end it held assets of $1.32bn against liabilities of $520.2m, net assets of $799.3m. It reported 4,445 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.