2021-04-29T07:48:24-07:00 2020-06-30 990 2019-07-01 061519057 FRANKLIN W OLIN COLLEGE OF ENGINEERING INC FRAN 7812922300 1000 Olin Way Needham MA 024921200 Patricia Gallagher VP Financial Affairs/CFO/Treasurer 7912922416 2021-04-29 2019 2022-09-23 18:48:47Z Gilda Barabino 1000 Olin Way Needham MA 024921200 100647406 0 X www.Olin.edu X 1997 MA Highly selective four-year undergraduate engineering college with a unique interdisciplinary, project-based curriculum emphasizing entrepreneurship, liberal arts, and rigorous science and engineering fundamentals. 21 20 398 247 253605 0 3821194 5092727 22644205 22399191 7403007 8480524 1289861 1208111 35158267 37180553 11781383 12426574 0 0 18614899 19737608 120000 0 1475863 23685969 23363215 54202251 55527397 -19043984 -18346844 478512867 461193357 180214442 185157225 298298425 276036132 Olin College prepares students to become exemplary engineering innovators who recognize needs, design solutions, and engage in creative enterprises for the good of the world. Olin is dedicated to continual discovery and development of effective learning approaches and environments, and to co-developing educational transformation with collaborators around the globe. 0 0 42292134 12426574 23185508 Founded in 1997, Franklin W. Olin College of Engineering, Inc. (Olin or the College) is a diversified, gender-balanced undergraduate engineering institution with a dual mission to educate exemplary engineering innovators and to lead the transformation of engineering education. The College has approximately 360 students from around the world and has attracted over 900 applicants for the fall 2020 entering class. Olin's innovative approach to engineering education stresses project-based, interdisciplinary learning and encourages students to take control of their own education. Olin students learn 21st century skills and perspectives through authentic engineering challenges and entrepreneurial experiences. Olin has forged active partnerships with neighboring Babson and Wellesley Colleges and has co-designed transformative educational experiences with a broad range of collaborators from around the globe. Every admitted student receives an eight semester half tuition merit scholarship over four years. The College is accredited by the New England Commission of Higher Education (formerly a part of New England Association of Schools and Colleges) and the College's three degree programs are accredited by ABET, the accrediting organization for engineering programs. 273515 0 287280 Olin College's Collaboratory is an expanded effort to accelerate the transformation of engineering education: a nexus for the development and exchange of educational ideas and approaches to change the way engineering is taught across the world. Today's complex global challenges - from sustainability, to cyber security and eradication of disease - require the education of technical innovators who are able to navigate political, economic and cultural boundaries. The Collaboratory initiative has had a tremendous impact in a short period of time through a series of outreach efforts, including visits from colleges, universities, high schools, and policy and business leaders. Its Summer Institute has hosted educators seeking leadership, inspiration, and help in changing their own educational programs. During FY20, the Collaboratory hosted 39 programs (mainly visits and workshops) that involved 192 representatives from 49 other institutions from around the US and the globe. In addition, 304 people registered for the 2020 Virtual Summer Institute, from 126 institutions from the U.S. and 18 other countries. Olin is playing a significant role in the movement to transform educational practice across the globe. 0 0 0 42565649 1 1 0 1 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 1 0 1 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 1 504 0 1 398 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 21 20 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA MA MI X Patricia Gallagher 7812922416 1000 Olin Way Needham MA 024921200 Richard K Miller Trustee(Ex-Officio)/President 50 X X 494828 0 95630 Vincent Manno Provost Emeritus 0 X 347573 0 21664 Patricia Gallagher VP for Fin Affairs/CFO/Treasurer 50 X 244257 0 43886 Mark Somerville Interim Provost and Dean of Faculty 50 X 229554 0 44344 Rae-Anne Butera Dean of Student Affairs 50 X 174624 0 88339 Stephen P Hannabury Executive Vice President Emeritus 0 X 214941 0 38098 Jessica Townsend Int Academic VP for Ext Engagement 50 X 196442 0 36146 Beth Kramer VP for Advancement 50 X 209596 0 15216 Jeremy Goodman VP for Admin Services & Innovation 50 X 183269 0 37555 Emily Roper-Doten Dean of Admission and Financial Aid 50 X 170895 0 48188 Robert Martello Professor and Associate Dean 50 X 173443 0 34780 Jonathan Stolk Professor 50 X 173172 0 33249 Richard Osterberg Chief Information Officer 50 X 175609 0 30601 Lynn Andrea Stein Professor 50 X 181267 0 12278 David Barrett Professor 50 X 168898 0 15072 Anne-Marie Dorning Assoc VP Mktg/Comm, Frmr Int CMO 50 X 150194 0 17463 Alanna Boyd Former Int VP Dev, Fam & Alum Relations 50 X 114182 0 41088 Kelly Sutherland Assistant Clerk to the Board of Trustees 50 X 69743 0 26789 Kenneth R Stokes Chairman 4 X X 0 0 0 George Milne Jr Vice Chairman 2 X X 0 0 0 Polina A Segalova Clerk/Trustee 2 X X 0 0 0 Maia Bittner Trustee (elected May 2020) 2 X 0 0 0 Chee Chew Trustee 2 X 0 0 0 Michael A Coleman Trustee 2 X 0 0 0 Jeannie Diefenderfer Trustee (elected October 2019) 2 X 0 0 0 Lee Edwards Trustee (elected May 2020) 2 X 0 0 0 Sherwin Greenblatt Trustee 2 X 0 0 0 Scott Harris Trustee (elected May 2020) 2 X 0 0 0 Bruce Herring Trustee (elected December 2019) 2 X 0 0 0 R Douglas Kahn Trustee (until October 2019) 2 X 0 0 0 Greg Marra Trustee 2 X 0 0 0 Lawrence W Milas Trustee 2 X 0 0 0 Venky Narayanamurti Trustee (elected May 2020) 2 X 0 0 0 William B Norden Trustee 2 X 0 0 0 Lynn Pasquerella Trustee (elected May 2020) 2 X 0 0 0 James Plummer Trustee 2 X 0 0 0 Douglas G Rauch Trustee (until October 2019) 2 X 0 0 0 Richard T Roca Trustee 2 X 0 0 0 Nina Saberi Trustee 2 X 0 0 0 Tiana Veldwisch Trustee (until October 2019) 2 X 0 0 0 Beverly Wyse Trustee 2 X 0 0 0 3672487 0 680386 63 1 1 0 Summit Rock Advisors 9 West 57th Street 12th Floor New York NY 10019 Investment Advisors & Mgmt Fees 2414418 Aramark Facilities Services PO Box 33170 Newark NJ 07188 Facilities Mgmt Svcs 2039387 Rebecca's Commissary Inc 99 South Bedford Street Suite 7 Bedford MA 01803 Dining Services 830607 Babson College 231 Forest Street Babson Park MA 02457 Shared Administration 579027 Holland and Knight LLP Ten St James Avenue Boston MA 02116 Legal Svcs 232690 9 0 0 0 0 764881 4327846 139473 5092727 Student tution and fees 611310 22111911 22111911 0 0 Collaboratory program revenue 611310 287280 287280 0 0 0 0 0 0 22399191 4196925 0 216101 3980824 0 0 0 0 0 0 0 0 202278 0 67764 0 134514 0 134514 0 37504 97010 67682688 0 63399089 0 4283599 0 4283599 0 0 4283599 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other income 611310 1073597 1073597 0 0 0 0 0 0 1073597 37180553 23472788 253605 8361433 21265 21265 12050136 12050136 355173 355173 0 0 3437529 1534332 1189615 713582 0 0 0 0 12789674 9147970 3432658 209046 822539 588331 220764 13444 1653944 1183003 443907 27034 1033922 739525 277498 16899 0 0 0 0 468092 0 468092 0 110574 0 110574 0 0 0 0 0 0 0 2203900 2203900 4763334 3472394 1130327 160613 103511 6910 93979 2622 880263 542513 303272 34478 957172 372481 570734 13957 0 0 0 0 1025424 978114 29650 17660 683909 453293 131222 99394 0 0 0 0 81900 52129 28423 1348 5286798 4956793 241806 88199 0 0 0 0 4233544 3969283 193633 70628 181576 0 181576 0 Dining/Facilities/Mgmt Svcs 1353009 1353009 0 0 Books, Mags & Subscriptions 393905 378770 13267 1868 Dues and Memberships 159084 38023 119161 1900 Student Stipends 128560 128560 0 0 348660 243642 101827 3191 55527397 42565649 11485885 1475863 2599759 1806572 6418669 4939848 488421 937950 851222 1459667 0 0 0 0 28886 12399 0 0 2063865 3170937 158666798 83475333 77994083 75191465 137725987 127475400 246230132 242261484 0 0 0 0 4111843 3937635 478512867 461193357 4662865 5239792 0 0 4052911 2949582 148201395 148057589 0 0 0 0 0 0 0 0 23297271 28910262 180214442 185157225 X 48171356 46129910 250127069 229906222 298298425 276036132 478512867 461193357 X -18346844 1871750 0 0 0 -5787199 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 6432 6432 0 Schedule C, Part II-B, Line 1 The College is a member of the Association of Independent Colleges and Universities in Massachusetts (AICUM). AICUM is the leading voice on public policy matters relating to independent higher education in Massachusetts. AICUM engages in lobbying activities. Therefore, an undetermined portion of the dues paid by the College to AICUM may be attributable to lobbying activities. 383956119 666153 10524512 12405309 13004591 0 369736884 384059113 152668 20368897 11749488 8875071 0 383956119 376279011 367015 27575186 11468230 8693869 0 384059113 352459509 299588 42045995 10517663 8008418 0 376279011 379430127 309104 -6608688 10001010 10670024 0 352459509 0.0232 0.013 0.9638 0 0 0 14604513 14604513 0 132685447 74039419 58646028 0 0 0 0 0 11252466 9399342 1853124 0 124372 36572 87800 75191465 0 0 Equity Funds 91206325 F Fixed Income 27477672 F Real Asset Funds 3097832 F Hedge Funds 68671853 F Private Equity 43430049 F Venture Capital Funds 8377753 F 242261484 0 Interest Rate Agreement 18910262 Taxable Bonds 10000000 28910262 X 18723660 1871750 0 0 0 1871750 16851910 2203900 18124743 20328643 37180553 40985952 0 0 0 0 0 40985952 2203900 12337545 14541445 55527397 Schedule D, Part V, Line 4 Most of the College's endowment is made up of the Olin Endowment, which is required to be held in perpetuity, subject to the exceptions explained below, in order to fund merit scholarships for all students. The Grant Agreement that created the Olin Endowment provides for its use in certain circumstances, such as for the payment of certain debt service should unrestricted net assets be insufficient for that purpose, and for certain capital outlays. Schedule D, Part X, Line 2 The College accounts for the effect of any uncertain tax positions based on a "more likely than not" threshold to the recognition of the tax positions being sustained based on the technical merits of the position under scrutiny by the applicable taxing authority. If a tax position or positions are deemed to result in uncertainties of those positions, the unrecognized tax benefit is estimated based on a "cumulative probability assessment" that aggregates the estimated tax liability for all uncertain tax positions. The College has identified its tax status as a tax exempt entity as its only significant tax position; however, the College has determined that such tax position does not result in an uncertainty requiring recognition. The College is not currently under examination by any taxing jurisdictions. The College's Federal and State tax returns are generally open for examination for three years following the date filed. Schedule D, Part XI, Line 4b Financial Aid: $12,405,309 Rental expenses: -$67,764 Mark to Market Swap : $5,787,199 Total to Schedule D, Part XI, Line 4b: $18,124,744. Schedule D, Part XII, Line 4b Financial Aid: $12,405,309 Rental expenses: -$67,764 Total to Schedule D, Part XII, Line 4b: $12,337,545. 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 The College includes a statement of its racially nondiscriminatory policy in its brochures and catalogues dealing with student admissions, programs and scholarships, and on its website, olin.edu, and specifically at http://www.olin.edu/community/join/equal-opportunity/. Further, the College includes a reference to its racially nondiscriminatory policy in written advertising that it uses as a means of informing prospective students and the general public of its programs, The College customarily draws a substantial percentage of its students nationwide. The College demonstrates that it follows a racially nondiscriminatory policy by enrolling students of racial minority groups in meaningful numbers. Schedule E, Part I, Line 6 Federal grantor/pass-through grantor/program or cluster title and federal expenditures: Total Department of Education: $1,535,693. Total National Science Foundation: $189,060. US Department of Commerce: $32,004. National Institutes of Health: $20,991. National Aeronautics and Space Administration: $19,901 National Endowment for the ARTS: $2,928 Total $1,800,577 1 Europe (including Iceland and Greenland) 0 0 Grantmaking Grants awarded to recipients 289022 East Asia and the Pacific 0 0 Grantmaking Grants awarded to recipients 66151 Sub-Saharan Africa 0 0 Program Services Class project 24163 East Asia and the Pacific 0 0 Program Services Conferences 2613 Europe (including Iceland and Greenland) 0 0 Program Services Conferences 8545 Central America and the Caribbean 0 0 Investments 187031068 0 0 187421562 Scholarship Europe (including Iceland and Greenland) 17 289022 Credit to Student Account Fair Market Value Scholarship East Asia and the Pacific 5 66151 Credit to Student Account Fair Market Value 1 0 1 1 0 0 Schedule F, Part I, Line 2 All students admitted to Olin are awarded a 50% tuition scholarship for eight semesters. All scholarships are applied directly to the student's account to reduce tuition charged. Students receive the scholarship even for terms spent studying abroad. Schedule F, Part I, Line 3 All amounts are calculated based on Generally Accepted Accounting Principles (GAAP). 1 The Trevor Project PO Box 69232 West Hollywood CA 90069 954681287 501 (c) 3 10713 General Program Support 1 0 Olin Tuition Scholarship 350 8674056 Fair Market Value Tuition Discounts Need Based Financial Aid 157 0 3267896 Fair Market Value Tuition Discounts Supplemental Education Opportunity Grant - Federal Aid Requested 26 7784 Fair Market Value Tuition Discounts Room Scholarships for Residential Resources 10 100400 Fair Market Value Room Discounts Schedule I, Part I, Line 2 Olin College provides all accepted students with merit scholarships which cover half of their tuition and are credited directly to their student accounts. The scholarships are only used to offset tuition charges. The college provides assistance to certain not-for-profit organizations that support the College and/or have similar beliefs. The assistance is considered a donation. X X X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 Richard K Miller Trustee(Ex-Officio)/President 467931 0 0 0 26897 0 21000 0 74630 0 590458 0 0 0 Vincent Manno Provost Emeritus 315030 0 0 0 32543 0 21000 0 664 0 369237 0 0 Patricia Gallagher VP for Fin Affairs/CFO/Treasurer 242144 0 0 0 2113 0 18763 0 25123 0 288143 0 Mark Somerville Interim Provost and Dean of Faculty 203513 0 0 0 26041 0 16496 0 27848 0 273898 0 Rae-Anne Butera Dean of Student Affairs 172826 0 0 0 1798 0 13685 0 74654 0 262963 0 Stephen P Hannabury Executive Vice President Emeritus 202434 0 0 0 12507 0 16663 0 21435 0 253039 0 Jessica Townsend Int Academic VP for Ext Engagement 175218 0 0 0 21224 0 14256 0 21890 0 232588 0 Beth Kramer VP for Advancement 188601 0 0 0 20995 0 14820 0 396 0 224812 0 Jeremy Goodman VP for Admin Services & Innovation 181545 0 0 0 1724 0 14014 0 23541 0 220824 0 Emily Roper-Doten Dean of Admission and Financial Aid 169193 0 0 0 1702 0 13631 0 34557 0 219083 0 Robert Martello Professor and Associate Dean 130780 0 0 0 42663 0 11237 0 23543 0 208223 0 Jonathan Stolk Professor 136899 0 0 0 36273 0 10602 0 22647 0 206421 0 Richard Osterberg Chief Information Officer 155814 0 0 0 19795 0 13555 0 17046 0 206210 0 Lynn Andrea Stein Professor 158897 0 0 0 22370 0 11917 0 361 0 193545 0 David Barrett Professor 136525 0 0 0 32373 0 11673 0 3399 0 183970 0 Anne-Marie Dorning Assoc VP Mktg/Comm, Frmr Int CMO 148191 0 0 0 2003 0 11363 0 6100 0 167657 0 Alanna Boyd Former Int VP Dev, Fam & Alum Relations 113297 0 0 0 885 0 8974 0 32114 0 155270 0 Schedule J, Part I, Line 1a As a condition of employment and for the convenience of the College, the President is required to reside in College-provided housing. The College pays for the landscaping and cleaning services of the public areas of the President's house since certain College functions are held there. The estimated fair market rental value of the College-provided housing is $62,000 for the 2019 calendar year. This amount is not included as taxable wages and is disclosed as a part of Nontaxable Benefits. As a condition of employment and for the convenience of the College, the Dean of Student Life is required to reside in College-provided housing. The estimated fair market rental value of the College-provided housing is $40,000 for the 2019 calendar year. This amount is not included as taxable wages and is disclosed as a part of Nontaxable Benefits. All officers are provided with a cell phone allowance which is grossed up. A MDFA Series C2 & C3 043431814 57583RZG3 2008-09-04 84000000 Refunding of Series A-1 & A-2 0 0 0 B MDFA Series D 043431814 2013-05-09 38255000 Partial Refunding of Series C2 & C3 0 0 0 C MDFA E 043431814 57583UVPO 2013-05-09 65553326 Refunding of Series B 0 0 0 A 0 0 84100156 0 0 83285106 672658 42392 0 0 0 0 2004 1 0 1 1 B 0 0 38255000 0 0 38000000 187552 0 0 0 67478 0 2013 1 0 1 1 C 0 0 66553326 0 0 65906072 540230 0 0 0 107024 0 2013 1 0 1 1 A 0 1 1 1 1 1 0.0014 0.008 0.0094 0 0 1 B 0 1 1 1 1 1 0.0025 0.0049 0.0074 0 0 1 C 0 1 1 1 1 1 0 0.0081 0.0081 0 0 1 A 0 0 0 1 1 0 0 0 1 B 0 0 0 1 0 0 0 0 1 C 0 0 0 1 0 0 0 0 1 A 1 B 1 C 1 Schedule K, Part IV, Line 2c-09/04/2008 84,000,000 MDFA Series C2 & C3 06/30/2020 Schedule K, Part IV, Line 2c-05/09/2013 38,255,000 MDFA Series D 06/30/2020 Schedule K, Part IV, Line 2c-05/09/2013 65,553,326 MDFA E 06/30/2020 Substantial Contributor Substantial Contributor 3249568 Independent Contractor 0 Substantial Contributor Substantial Contributor 1986910 Independent Contractor 0 X 7 79473 see Part II X CNC Mill 1 60000 fair market value 0 0 1 0 Schedule M, Part I, Line 33 In Part I, Line 9 column (b) the College reported the number of contributions. Publicly traded securities are valued at the average of the high and low value on the date received. Form 990, Part VI, Section B, Line 11b The College's core Form 990 and related schedules were reviewed by the Audit Committee of the Board of Trustees, senior management and a paid tax consultant. All feedback from the above parties was incorporated in the form. Prior to filing with the IRS, the final Form 990 is distributed to the full board for review through an email link to the college's intranet. Form 990, Part VI, Section B, Line 12c All Officers and Trustees are required to disclose annually any direct or indirect financial or other material interest which he or she or a family member has or reasonably expects to have in any proposed or existing contract, transaction, or arrangement with the College prior to the start of any negotiations with respect to such matter. Trustee disclosures are reviewed by the Chairperson and Clerk of the Board. Final review of potential Trustee conflicts is made by the full Board, the Executive Committee, or other Board committee having decision-making authority over the substantive matter in question. Any restrictions imposed on persons with a conflict would depend on the nature of the conflict. Form 990, Part VI, Section B, Line 15 The salaries of the president and all executive staff were reviewed by a nationally recognized consultant in FY20. The firm based their analysis on market comparisons drawn from a blend of national and regional comparison groups. They include highly ranked colleges and universities with comparably high admission requirements and from national and regional institutions that are comparable to Olin in terms of finances, academic programs, reputation and mission. General industry data was also included for those positions that are not unique to higher education. For each group, the consultant analyzed base salary, total cash compensation and total compensation for the 25th, 50th, 75th and 90th percentiles. The Executive Committee of the Board of Trustees used this data to develop a recommendation for the President's compensation which was reviewed and approved by the full Board of Trustees. The President used this data to develop recommendations for the compensation of the Vice Presidents and Deans which were reviewed and approved by the Executive Committee. All decisions regarding compensation are approved by independent persons and all deliberations and decisions are substantiated contemporaneously. Form 990, Part VI, Section C, Line 19 The governing documents, conflict of interest policy and financial statements are available to the public upon request. The audited financial statements and by-laws are also available via the organization's and Massachusetts Attorney General's websites. Form 990, Part XI, Line 9 Change in FMV interest rate agreement: -$5,787,199