2018-05-09T09:01:52-07:00 2017-06-30 990 2016-07-01 010211497 PRESIDENT & TRUSTEES OF COLBY COLLEGE PRES 2078594127 4120 Mayflower Hill Waterville ME 04901 Douglas Terp VP for Administration & CFO 2078594770 2018-05-09 2016 2022-09-23 18:48:47Z David A Greene 4120 Mayflower Hill Waterville ME 04901 388274000 0 X www.colby.edu X 1821 ME Education 31 30 2879 2000 569000 -627000 30159000 92306000 121425000 126658000 52428000 39880000 190000 805000 204202000 259649000 31507552 34884383 0 0 75916000 80177000 0 0 7225000 69009448 71685617 176433000 186747000 27769000 72902000 1345920000 1481774000 278322000 282376000 1067598000 1199398000 Colby seeks to provide a unique educational experience and a broad acquaintance with human knowledge to enable each student to fulfill his or her own unique potential. 0 0 150525000 34854383 126658000 Post secondary education: Instruction of 1,879 undergraduate students in 2016/17. 481 were graduated in the 2016/17 year. This includes expenditures for faculty, dormitories and dining, student and academic support services, campus maintenance services and other related costs. 0 0 0 150525000 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 0 1 1 1 1 0 1 0 0 0 0 1 1 1 1 0 0 0 0 0 1 0 0 1 0 1 1 0 0 1 1 1 1 0 0 1 X 3166 0 1 2879 1 1 1 1 SP FR UK 0 0 0 1 1 0 0 0 0 X 31 30 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 OK X Ruben L Rivera 2078594127 4120 Mayflower Hill Waterville ME 04901 Greene David A President 40 0 X X 634317 0 198336 Rosengren Eric Chair of the Board 5 0 X X 0 0 0 Biddle Leslie Dougherty Vice Chair of the Board 5 0 X X 0 0 0 Packman Jeffrey N Vice Chair of the Board 5 0 X X 0 0 0 Alfond William L Trustee 5 0 X 0 0 0 Boland Susan B Trustee 5 0 X 0 0 0 Boulos Joseph F Trustee 5 0 X 0 0 0 Buck Jr Alexander K Trustee 5 0 X 0 0 0 Cotter William R Trustee 5 0 X 0 0 0 Crawford James B Trustee 5 0 X 0 0 0 Crook Jr James H Trustee 5 0 X 0 0 0 Diamond Robert E Trustee 5 0 X 0 0 0 Earle Steven M Trustee 5 0 X 0 0 0 Forese James A Trustee 5 0 X 0 0 0 Gordon Michael L Trustee 5 0 X 0 0 0 Hoopes Jr Robert R Trustee 5 0 X 0 0 0 Krensky Harry F Trustee 5 0 X 0 0 0 Lawry Seth W Trustee 5 0 X 0 0 0 Lunder Paula Crane Trustee 5 0 X 0 0 0 McVey Richard M Trustee 5 0 X 0 0 0 Morgan Betsy L Trustee 5 0 X 0 0 0 Oates Jr William A Trustee 5 0 X 0 0 0 O'Neill III John J Trustee 5 0 X 0 0 0 Papadellis Randy Trustee 5 0 X 0 0 0 Powers M Jane Trustee 5 0 X 0 0 0 Pulver David Trustee 5 0 X 0 0 0 Reed Kathleen Pinard Trustee 5 0 X 0 0 0 Richardson Lou Trustee 5 0 X 0 0 0 Roosevelt Catherine Trustee 5 0 X 0 0 0 Rouse Peter M Trustee 5 0 X 0 0 0 Silverman Moses Trustee 5 0 X 0 0 0 Snyder Edward A Trustee 5 0 X 0 0 0 Thakor Sunil H Trustee 5 0 X 0 0 0 Tharakan Joerose Trustee 5 0 X 0 0 0 Walter Amy E Trustee 5 0 X 0 0 0 Wolff Anne Clarke Trustee 5 0 X 0 0 0 Burrell-McRae Karlene Dean of the College 40 0 X 132497 0 25804 Clark Brian J Vice President of Planning 40 0 X 159025 0 27780 Jackson Ruth J Vice President for Communications 40 0 X 175606 0 47003 Kletzer Lori G Provost and Dean of Faculty 40 0 X 266996 0 46384 Lugo Daniel G VP for College and Student Advancement 40 0 X 321081 0 24476 McGadney Andrew Vice President and Secretary of the College 40 0 X 323776 0 33040 Proto Matthew T VP & Dean of Admissions and Financial Aid 40 0 X 206985 0 21326 Terp Douglas C Vice President for Administration and CFO 40 0 X 342419 0 47928 O'Donnell Hugh J Associate VP & Chief Investment Officer 40 0 X 428257 0 147238 Amundsen Minakshi M Assistant VP for Facilities and Campus Planning 40 0 X 178956 0 23876 Maisel L Sandy Professor 40 0 X 229373 0 31001 Mackenzie G Calvin Professor 40 0 X 222879 0 28896 Yeterian Edward H Professor 40 0 X 211648 0 30980 Berkner Paul D Medical Director 40 0 X 203074 0 42384 Corwin Sharon L Director of Museum of Art 40 0 X 196305 0 21386 Saunders Steven E Professor 40 0 X 161401 0 23716 Terhune James S Vice President for Strategic Initiatives 40 0 X 203364 0 43679 4597959 0 865233 141 1 1 0 Sodexo Operations LLC PO Box 5035 Boston MA 02107 Food Services 4324302 Bon Appetit Management Co 198 College Hill Road Clinton NY 13323 Food Services 3516971 Sasaki Associates Inc 64 Pleasant St Watertown MA 02472 Architectural 3453367 Consigli Construction Co Inc 15 Franklin Street Portland ME 04101 Construction 2226324 R A D Corp 171 VFW Drive Rockland MA 02370 Construction 1144243 35 0 0 0 0 1944000 90362000 32397000 92306000 Tuition and fees 611310 97909000 97909000 0 0 Auxiliary 611710 26887000 26887000 0 0 Summer Programs 900099 469000 0 469000 0 Physical Fitness Facility 713940 2000 0 2000 0 1391000 1391000 0 0 126658000 10451000 0 0 10451000 0 0 0 0 1000 0 0 1000 108000 0 0 0 108000 0 108000 0 0 108000 118841000 39213000 106726000 21899000 12115000 17314000 29429000 0 98000 29331000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Recovery of bad debt 525990 655000 0 0 655000 41000 0 0 41000 696000 259649000 126187000 569000 40587000 194383 194383 32448000 32448000 2242000 2242000 0 0 3421136 670018 2152058 599060 105751 105751 0 0 55330113 45755231 6963942 2610940 3424000 2714000 566000 144000 13925000 11041000 2056000 828000 3971000 3201000 554000 216000 11489000 9466000 1425000 598000 666000 520000 136000 10000 164000 0 164000 0 0 0 0 0 0 0 6517000 0 6517000 0 0 0 0 0 0 0 0 0 13385000 12079000 921000 385000 2611000 1345000 1164000 102000 0 0 0 0 6390000 5143000 1118000 129000 4551000 3472000 747000 332000 0 0 0 0 0 0 0 0 7771000 6512000 1008000 251000 0 0 0 0 11000000 8866000 1708000 426000 2141000 1807000 313000 21000 Dues and Memberships 1058000 653000 341000 64000 Staff Recruitment 466000 390000 76000 0 On-Campus Meals and Lodging 2162000 1047000 668000 447000 1314617 853617 399000 62000 186747000 150525000 28997000 7225000 0 0 47711000 44787000 46751000 72966000 1297000 7861400 351600 220384 0 0 2826000 2322000 692000 610000 1454000 1672000 535523000 159692000 343269000 375831000 256509000 281923000 636726400 687625216 0 0 0 0 8333000 5956000 1345920000 1481774000 16307000 22752000 0 0 1330000 1736000 98182000 96640000 0 0 0 0 104672000 104693000 0 0 57831000 56555000 278322000 282376000 X 358054000 385291000 314722000 383514000 394822000 430593000 1067598000 1199398000 1345920000 1481774000 X 72902000 56563000 0 0 0 2335000 X 0 1 X 1 1 1 X 20834000 48149000 23598000 30159000 92306000 215046000 0 0 0 0 0 0 0 0 0 0 0 0 20834000 48149000 23598000 30159000 92306000 215046000 62527000 152519000 7629000 7881000 6768000 9353000 10560000 42191000 64000 0 0 0 0 64000 1389000 461000 307000 137000 696000 2990000 260291000 587086000 0.58596 0.70575 X Schedule A, Part I, Line 7 The basis of Colby's public charity status has been and continues to be its qualification as a school described in section 170(B)(1)(A)(II). The organization has checked box 7 on Schedule A, Part I and completed Schedule A, Part II in order to demonstrate its qualification to follow the special rule for abbreviated reporting of contributions on Form 990, Schedule B. Schedule A, Part II, Line 10 Form 990, Part VIII, Line 11d RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 19000 19000 0 Schedule C, Part II-B, Line 1 The College paid $19,000 in dues to various organizations, some portion of which may be used for lobbying in connection with issues that impact higher education. 2886000 160128000 0 0 X X X X 0 710659000 14971000 90040000 13142000 20951000 6448000 775129000 745957000 15243000 -8382000 12461000 22789000 6909000 710659000 740631000 8906000 34111000 10757000 22144000 4790000 745957000 649992000 11053000 111503000 8740000 18618000 4559000 740631000 599557000 8558000 71383000 8626000 15993000 4887000 649992000 0.276 0.326 0.398 0 0 0 194000 194000 0 296665000 137979000 158686000 0 38897000 20316000 18581000 0 3375000 1250000 2125000 0 196392000 147000 196245000 375831000 Fixed Income Securities 98702000 F Global Equity Funds 152580000 F Hedge Funds 185583000 F Venture Capital Funds 105609000 F Buyout Funds 59583000 F Real Estate Funds 24708000 F Natural Resources Funds 40063000 F Other Investments 20797216 F 687625216 Government Advances for Student Loans 1745000 Annuity Obligations 11878000 Post Retirement Benefit Obligations 37783000 Asset Retirement Obligation 5149000 56555000 X 309379000 56563000 0 0 -316000 56247000 253132000 6517000 0 6517000 259649000 179836000 0 0 0 0 0 179836000 6517000 394000 6911000 186747000 Schedule D, Part III, Line 4 Founded in 1959 and now comprising five wings, nearly 8,000 works, and more than 38,000 square feet of exhibition space, the Colby College Museum of Art has built an important collection that specializes in American and contemporary art with additional, select collections of Chinese antiquities, European paintings, and works on paper. The Museum serves as a teaching resource for Colby College and is a major cultural destination for the residents of Maine and visitors to the state. Schedule D, Part V, Line 4 The College's endowment funds provide income and support for the furtherance of the educational mission of the College. 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 effect is estimated based on a "cumulative probability assessment" that aggregates the estimated tax liability for all uncertain tax positions. The College has a number of tax positions, none of which 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 2d Accretion of asset retirement obligation $78,000, Other expense ($394,000) Schedule D, Part XII, Line 4b Other expense $394,000 1 1 1 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 all brochures and catalogs dealing with student admissions, programs and scholarships. Schedule E, Part I, Line 6 The College receives government grants for financial aid to students, faculty research, support of various innovative academic programs and energy related projects. 1 Europe (including Iceland and Greenland) 2 6 Program Services Study Abroad Program 811000 Central America and the Caribbean 0 1 Program Services Study Abroad Program 66000 South America 0 1 Program Services Study Abroad Program 60000 Sub-Saharan Africa 0 1 Program Services Study Abroad Program 47000 Russia and the newly independent States 0 0 Program Services Study Abroad Program 20000 Europe (including Iceland and Greenland) 0 0 Grantmaking 1508000 East Asia and the Pacific 0 0 Grantmaking 280000 South America 0 0 Grantmaking 193000 Sub-Saharan Africa 0 0 Grantmaking 116000 Central America and the Caribbean 0 0 Grantmaking 105000 Middle East and North Africa 0 0 Grantmaking 40000 Central America and the Caribbean 0 0 Investments 60265000 Sub-Saharan Africa 0 0 Investments 6626000 Europe (including Iceland and Greenland) 0 0 Investments 3586000 2 9 73723000 Scholarships Europe (including Iceland and Greenland) 42 1508000 check 0 Scholarships East Asia and the Pacific 8 280000 check 0 Scholarships South America 6 193000 check Scholarships Sub-Saharan Africa 4 116000 check 0 Scholarships Central America and the Caribbean 4 105000 check 0 Scholarships Russia and the newly independent States 1 40000 check 0 1 0 1 1 1 0 Schedule F, Part I, Line 2 Grants to students are made in accordance with Federal and Institutional Financial Aid policies. The grant funds are used for academic course work for foreign study-abroad. The Registrar's Office determines that academic standards are met before academic credit is received by the student. 1 Maine Film Center 10 Railroad Square Waterville ME 04901 010419284 501(c)(3) 32669 0 general support Waterville Main Street PO Box 945 Waterville ME 04901 010544901 501(c)(3) 30000 0 general support City of Waterville Inc One Common Street Waterville ME 04901 016000037 30000 0 general support Carrabassett Valley Academy 3197 Carrabassett Dr Carrabassett Valley ME 04947 010384633 501(c)(3) 25000 0 general support Waterville Opera House Assoc 93 Main Street Waterville ME 04901 510159481 501(c)(3) 20000 0 general support Central Maine Growth Council 50 Elm Street Waterville ME 04901 010546258 15000 0 general support Waterville Reg Arts & Comm Ctr Waterville Creates 177 Main Street Waterville ME 04901 010505433 501(c)(3) 10000 0 general support Kennebec Montessori School PO Box 405 Fairfield ME 04937 010340713 501(c)(3) 10000 0 general support Alfond Youth Center 126 North Street Waterville ME 04901 043341661 501(c)(3) 8650 0 general support KVCS-Waterville Public Schools 25 Messalonskee Ave Waterville ME 04901 611592446 7000 0 general support Sacred Heart Soup Kitchen Inc 70 Pleasant Street Waterville ME 04901 461553586 501(c)(3) 6064 0 general support 10 1 Scholarships to students 778 0 32448000 Book Credit to student accounts Schedule I, Part I, Line 2 Grants to governments and organizations are made and monitored by College personnel in support of local community relations. College's Grants to individuals are made and monitored in accordance with Federal and Institutional Financial Aid policies. Amounts are applied to student accounts as credits to the bill at the bursar's office to offset academic charges. X X 1 1 X X X X X X 0 1 0 0 0 0 0 0 0 Greene David A President 548631 0 0 0 85686 0 124802 0 73534 0 832653 0 0 0 Burrell-McRae Karlene Dean of the College 113497 0 0 0 19000 0 14745 0 11059 0 158301 0 0 0 Clark Brian J Vice President of Planning 146723 0 0 0 12302 0 6537 0 21242 0 186804 0 0 0 Jackson Ruth J Vice President for Communications 175606 0 0 0 0 0 16662 0 30341 0 222609 0 0 0 Kletzer Lori G Provost and Dean of Faculty 251996 0 0 0 15000 0 24280 0 22104 0 313380 0 0 0 Lugo Daniel G VP for College and Student Advancement 299356 0 0 0 21725 0 0 0 24476 0 345557 0 0 0 McGadney Andrew Vice President and Secretary of the College 293776 0 0 0 30000 0 8563 0 24476 0 356815 0 0 0 Proto Matthew T VP & Dean of Admissions and Financial Aid 190006 0 0 0 16979 0 0 0 21326 0 228311 0 0 0 Terp Douglas C Vice President for Administration and CFO 331843 0 0 0 10576 0 24802 0 23126 0 390347 0 0 0 O'Donnell Hugh J Associate VP & Chief Investment Officer 335457 0 92800 0 0 0 122986 0 24252 0 575495 0 0 0 Amundsen Minakshi M Assistant VP for Facilities and Campus Planning 163956 0 0 0 15000 0 0 0 23876 0 202832 0 0 0 Maisel L Sandy Professor 223999 0 0 0 5374 0 20874 0 10128 0 260375 0 0 0 Mackenzie G Calvin Professor 218006 0 0 0 4873 0 19968 0 8928 0 251775 0 0 0 Yeterian Edward H Professor 207086 0 0 0 4562 0 19346 0 11634 0 242628 0 0 0 Berkner Paul D Medical Director 203074 0 0 0 0 0 19257 0 23126 0 245457 0 0 0 Corwin Sharon L Director of Museum of Art 196305 0 0 0 0 0 18116 0 3270 0 217691 0 0 0 Saunders Steven E Professor 161401 0 0 0 0 0 14536 0 9180 0 185117 0 0 0 Terhune James S Vice President for Strategic Initiatives 203364 0 0 0 0 0 18552 0 25127 0 247043 0 0 0 Schedule J, Part I, Line 1a First-class or charter travel- First-class is not authorized for employees traveling on College business, without advanced approval by the President or appropriate Vice President. In recognition that the President typically works during flights and attends directly to College business upon arrival, the Board of Trustees has approved the limited use of first-class travel for the President when traveling on College business. Charter travel was used on a limited basis for travel, including by the President, Officers (4) and other employees, funded by way of a restricted gift. Travel for companions- Travel for companions is permitted only when the companion's travel is directly in furtherance of the College's business purposes. No such travel occurred in 2016. Housing allowance or residence- Housing is provided to the President as a required condition of employment. All benefits were provided in accordance with written College policies. None of the benefits were treated as taxable compensation in accordance with applicable law. Schedule J, Part I, Line 3 The Board of Trustees has enacted procedures to establish a presumption that the total compensation offered to officers and key employees is reasonable, consistent with Internal Revenue Code Section 4958 and applicable regulations. These procedures include: a decision-making committee comprised solely of trustees who are independent and free of conflict of interest (the Executive Committee); reliance on market comparability data; use of independent compensation consultants, as needed; and documentation of the committee's work. Schedule J, Part I, Line 4 President David A. Greene participates in a deferred compensation arrangement. The amount earned in calendar year 2016 under the program totaled $100,000. Hugh O'Donnell (Associate VP & Chief Investment Officer) participates in a deferred compensation arrangement. The amount earned in calendar year 2016 under the program totaled $98,184. A Maine Health & Higher Educational Facilities Authority 010314384 560427RB4 2012-01-19 27670000 Facilities 0 0 0 B Maine Health & Higher Educational Facilities Authority 010314384 560427C87 2014-05-07 72998075 See General Explanation 0 0 0 A 0 0 31378403 0 0 13710871 416524 0 0 17251008 0 0 2014 0 1 1 1 B 0 0 72998075 0 0 54873219 624856 0 0 17500000 0 0 2017 0 1 1 1 A 0 0 1 1 0 0.002 0 0.002 0 0 1 B 0 0 1 1 0 0.007 0 0.007 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 1 0 0 0 0 0 0 1 A 1 B 1 Schedule K, Part I, Column f-05/07/2014 72,998,075 Maine Health & Higher Educational Facilities Auth Purpose- Defeasance of Series 2005, 2006G, 2007A, 2007B, 2008C, 2010B Bonds and Construction of Facilities. Schedule K, Part IV, Line 2c-01/19/2012 27,670,000 Maine Health & Higher Educational Facilities Auth Rebate calculation was performed 1/31/17. Daniel G Lugo Officer Mortgage on primary residence X 189900 180784 0 1 1 David A Greene President Education Loan X 39600 39600 0 1 1 220384 Ken Kletzer Spouse of officer 25120 compensation 0 Sarah Kletzer Family member of officer 27519 compensation 0 Camille McGadney Spouse of officer 14559 compensation 0 Marnie Terhune Spouse of former officer 38553 compensation 0 Schedule L, Part II Mortgages to officers are issued in accordance with a program available to all continuing faculty and staff. X 24 2886000 qualified appraisals X 127 29509000 IRS valuation on gift date X Educational Materials 4 2000 Cost of donated materials 0 1 1 Schedule M, Part I, Line 32b The College utilizes financial services firms to assist with the sales of publicly traded securities, real estate and other similar non-cash gifts. All transactions are conducted at arms-length and for good and sufficient consideration. The amounts in Part I, column B reflect the total number of contributions. Form 990, Part V, Line 4b Spain, France, United Kingdom (England, Northern Ireland, Scotland and Wales) Form 990, Part VI, Section B, Line 11b The return is reviewed by an independent accounting firm and the audit subcommittee of the Board of Trustees. The College provides an electronic copy of the full IRS Form 990 via a password protected web-site on which the form may be viewed by all voting members of the Board of Trustees prior to filing. The College notifies Board members that the Form 990 is available for review on that site. Form 990, Part VI, Section B, Line 12c Conflict of Interest questionnaire is completed annually by all members of the Board of Trustees, all Officers and all Key Employees. The completed questionnaires are reviewed by College management and any potential conflicts are discussed with the Audit Subcommittee of the Board of Trustees. The Audit Subcommittee will enforce compliance with the Conflict of Interest policy. Any individual with a conflict of interest is prohibited from participating in deliberations and decisions involving the transaction. Form 990, Part VI, Section B, Line 15 For the President's compensation, a comparison to peer institutions is undertaken annually. In addition, an independent compensation consultant is engaged to assess the reasonableness of the compensation amount. The President's compensation amount is reviewed and approved annually by the Executive Committee of the Board of Trustees. For all other Officers and Key Employees, a comparison to peer institutions is undertaken annually. The College President will recommend the annual compensation amounts for all other Officers and Key Employees, which are reviewed and approved annually by the Executive Committee of the Board of Trustees. Compensation of the President, Officers and Key Employees is set by independent persons and documented contemporaneously. Form 990, Part VI, Section C, Line 19 Annual financial statement is available on Colby's public web-site. Other governing documents and the conflict of interest policy are made available to the public upon request. Form 990, Part XI, Line 9 Post Retirement benefit cost change $3,030,000, Accretion of asset retirement obligation $78,000, Change in annuity and life income funds ($773,000). Elm City LLC 4120 Mayflower Hill Waterville ME 04901 473103849 Real Estate Development ME 0 0 The President & Trustees of Colby College Elm City 9 LLC 4120 Mayflower Hill Waterville ME 04901 474327488 Real Estate Development ME 0 1053000 The President & Trustees of Colby College Elm City 173 LLC 4120 Mayflower Hill Waterville ME 04901 474313598 Real Estate Development ME 0 3624000 The President & Trustees of Colby College Elm City 20 LLC 4120 Mayflower Hill Waterville ME 04901 474888049 Real Estate Development ME 0 108000 The President & Trustees of Colby College Elm City 13 LLC 4120 Mayflower Hill Waterville ME 04901 475277633 Real Estate Development ME 0 598000 The President & Trustees of Colby College Elm City 14 LLC 4120 Mayflower Hill Waterville ME 04901 810865849 Real Estate Development ME 0 177000 The President & Trustees of Colby College Colby College Charitable Trust 4120 Mayflower Hill Waterville ME 04901 010529787 supporting organization ME 501(c)(3) support org- Type I The President & Trustees of Colby College 1 Mayflower Hill Broadcasting WMHB 4000 Mayflower Hill Waterville ME 04901 141876184 operation of radio station ME 501(c)(3) 7 The President & Trustees of Colby College 1 Charitable Remainder Trust (29) 4120 Mayflower Hill Waterville ME 04901 Charitable Remainder Unitrust ME Colby T 1 Charitable Remainder Annuity Trust (1) 4120 Mayflower Hill Waterville ME 04901 Charitable Remainder Annuity Trust ME Colby T 1 Colby College Pooled Income Fund B (1) 4120 Mayflower Hill Waterville ME 04901 Pooled Income Fund ME Colby T 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Mayflower Hill Broadcasting WMHB b 20000 Cash transactions