2017-12-18T09:05:20-07:00 2016-06-30 990 2015-07-01 010211497 PRESIDENT & TRUSTEES OF COLBY COLLEGE PRES 2078594127 4120 Mayflower Hill Waterville ME 04901 Douglas Terp VP for Administration & CFO 2078594770 2017-12-18 2015 2021-01-29 14:40:06Z X David A Greene 4120 Mayflower Hill Waterville ME 04901 397523000 0 X www.colby.edu X 1821 ME Education 33 32 2802 2000 335000 -819000 23598000 30159000 116681000 121425000 73469000 52428000 368000 190000 214116000 204202000 29601600 31507552 0 0 71769000 75916000 0 0 5970000 62561400 69009448 163932000 176433000 50184000 27769000 1380336000 1345920000 280262000 278322000 1100074000 1067598000 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 140096000 31507552 121425000 Post secondary education: Instruction of 1,857 undergraduate students in 2015/16. 504 were graduated in the 2015/16 year. This includes expenditures for faculty, dormitories and dining, student and academic support services, campus maintenance services and other related costs. 0 0 0 140096000 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 3135 0 1 2802 1 1 1 1 SP FR UK 0 0 0 1 1 0 0 0 0 X 33 32 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 599773 0 134724 Diamond Robert E Chair of the Board 5 0 X X 0 0 0 Uchida Richard Y Vice Chair of the Board 5 0 X X 0 0 0 Alfond William L Trustee 5 0 X 0 0 0 Biddle Leslie Dougherty 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 Burrell-McRae Karlene Trustee 5 0 X 0 0 0 Causey Julie Sands 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 Earle Steven M Trustee 5 0 X 0 0 0 Forese James A Trustee 5 0 X 0 0 0 Goldfarb William H Trustee 5 0 X 0 0 0 Gordon Michael L 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 Morgan Betsy L Trustee 5 0 X 0 0 0 Oates Jr William A Trustee 5 0 X 0 0 0 Packman Jeffrey N 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 Pugh Lawrence R 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 Rosengren Eric 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 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 Terp Douglas C Vice President for Administration and CFO 40 0 X 325237 0 45162 Lugo Daniel G VP for College and Student Advancement 40 0 X 233472 0 15573 Proto Matthew T VP & Dean of Admissions and Financial Aid 40 0 X 131048 0 10278 Terhune James S VP for Student Affairs and Dean of Students 40 0 X 196965 0 41741 Kletzer Lori G Provost and Dean of Faculty 40 0 X 260961 0 49887 Jackson Ruth J Vice President for Communications 40 0 X 150052 0 36842 McGadney Andrew Vice President and Secretary of the College 40 0 X 312362 0 22910 O'Donnell Hugh J Associate VP & Chief Investment Officer 40 0 X 414186 0 135482 Maisel L Sandy Professor 40 0 X 226575 0 30128 Mackenzie G Calvin Professor 40 0 X 217378 0 27938 Yeterian Edward H Professor 40 0 X 214200 0 29120 Berkner Paul D Medical Director 40 0 X 198377 0 40049 Corwin Sharon L Director of Museum of Art 40 0 X 197795 0 20534 Cowdrey Teresa E Dean of Admissions 40 0 X 121075 0 0 Saunders Steven E Professor 40 0 X 166368 0 23274 3965824 0 663642 123 1 1 0 Sodexo Operations LLC PO Box 5035 Boston MA 02107 Food Services 6905126 R A D Corp 171 VFW Drive Rockland MA 02370 Construction 4851357 PC Construction Compnay 193 Tilley Drive South Burlington VT 05403 Construction 3881043 Mayberry Builders 30 Libby Hill Rd Oakland ME 04963 Construction 1272540 Consigli Construction Co Inc 15 Franklin Street Portland ME 04101 Construction 601879 32 0 0 0 0 1900000 28259000 6020000 30159000 Tuition and fees 611310 94400000 94400000 0 0 Auxiliary 611710 25728000 25728000 0 0 Summer Programs 900099 181000 0 181000 0 Physical Fitness Facility 713940 3000 0 3000 0 1113000 1113000 0 0 121425000 9300000 0 0 9300000 0 0 0 0 1000 0 0 1000 52000 0 0 0 52000 0 52000 0 0 52000 165572000 70877000 150461000 42860000 15111000 28017000 43128000 0 151000 42977000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 137000 0 0 137000 137000 204202000 121241000 335000 52467000 191552 191552 27733000 27733000 3583000 3583000 0 0 2891477 397593 1921691 572193 0 0 0 0 52200523 43627407 6153309 2419807 3299000 2708000 443000 148000 13780000 10901000 1991000 888000 3745000 3046000 496000 203000 10529000 8367000 2016000 146000 333000 180000 127000 26000 162000 0 162000 0 0 0 0 0 0 0 6909000 0 6909000 0 0 0 0 0 0 0 0 0 13306000 12117000 872000 317000 2862000 1781000 1052000 29000 0 0 0 0 5332000 4287000 940000 105000 3930000 3301000 420000 209000 0 0 0 0 0 0 0 0 7501000 6164000 1118000 219000 0 0 0 0 10782000 8562000 1856000 364000 1872000 1569000 289000 14000 Dues and Memberships 871000 569000 221000 81000 Staff Recruitment 377000 289000 88000 0 On-Campus Meals and Lodging 1842000 0 1689000 153000 Loan write-off 1000000 0 1000000 0 1401448 722448 603000 76000 176433000 140096000 30367000 5970000 0 0 43077000 47711000 49615000 46751000 2709000 1297000 588281 351600 0 0 4305000 2826000 681000 692000 1133000 1454000 492228000 148959000 331009000 343269000 294491000 256509000 641694719 636726400 0 0 0 0 11033000 8333000 1380336000 1345920000 16367000 16307000 0 0 1074000 1330000 99570000 98182000 0 0 0 0 104696000 104672000 0 0 58555000 57831000 280262000 278322000 X 366541000 358054000 349088000 314722000 384445000 394822000 1100074000 1067598000 1380336000 1345920000 X 27769000 -59718000 0 0 0 -527000 X 0 1 X 1 1 1 X 16334000 20834000 48149000 23598000 30159000 139074000 0 0 0 0 0 0 0 0 0 0 0 0 16334000 20834000 48149000 23598000 30159000 139074000 11628000 127446000 7231000 7629000 7881000 6768000 9353000 38862000 0 64000 0 0 0 64000 289000 1389000 461000 307000 137000 2583000 180583000 565000000 0.70575 0.69676 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 31000 31000 0 Schedule C, Part II-B, Line 1 The College paid $31,000 in dues to various organizations, some portion of which may be used for lobbying in connection with issues that impact higher education. 627000 148566000 0 0 X X X X 0 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 611441000 5639000 9876000 8308000 14482000 4609000 599557000 0.28 0.331 0.389 0 0 0 194000 194000 0 293557000 129394000 164163000 0 38586000 18651000 19935000 0 2009000 789000 1220000 0 157882000 125000 157757000 343269000 Fixed Income Securities 91305000 F Global Equity Funds 117245000 F Hedge Funds 166237000 F Venture Capital Funds 103621000 F Buyout Funds 56577000 F Real Estate Funds 37987000 F Natural Resources Fund 44161000 F Other Investments 19593400 F 636726400 Government Advances for Student Loans 2326000 Annuity Obligations 12239000 Post Retirement Benefit Obligation 38287000 Asset Retirement Obligation 4979000 57831000 X 136505000 -59718000 0 0 -1070000 -60788000 197293000 6909000 0 6909000 204202000 168373000 0 0 0 0 0 168373000 6909000 1151000 8060000 176433000 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 $81,000, Other expense ($1,151,000) Schedule D, Part XII, Line 4b Other expense $1,151,000 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 994000 Central America and the Caribbean 0 2 Program Services Study Abroad Program 82000 Russia and the newly independent States 0 0 Program Services Study Abroad Program 36000 South America 0 1 Program Services Study Abroad Program 26000 Europe (including Iceland and Greenland) 0 0 Grantmaking 2251000 East Asia and the Pacific 0 0 Grantmaking 477000 South America 0 0 Grantmaking 401000 Sub-Saharan Africa 0 0 Grantmaking 340000 Central America and the Caribbean 0 0 Grantmaking 66000 South Asia 0 0 Grantmaking 48000 Central America and the Caribbean 0 0 Investments 50928000 Sub-Saharan Africa 0 0 Investments 6010000 Europe (including Iceland and Greenland) 0 0 Investments 3646000 2 9 65305000 Scholarships Europe (including Iceland and Greenland) 59 2251000 check 0 Scholarships East Asia and the Pacific 13 477000 check 0 Scholarships South America 13 401000 check 0 Scholarships Sub-Saharan Africa 9 340000 check 0 Scholarships Central America and the Caribbean 3 66000 check 0 Scholarships South Asia 1 48000 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) 34000 0 general support Waterville Main Street PO Box 945 Waterville ME 04901 010544901 501(c)(3) 30200 0 general support Waterville Opera House Assoc 93 Main Street Waterville ME 04901 510159481 501(c)(3) 21085 0 general support KVCS-Waterville Public Schools 25 Messalonskee Ave Waterville ME 04901 611592446 21000 0 general support Georges River Land Trust 8 North Main Street Suite 200 Rockland ME 04841 010424837 501(c)(3) 20000 0 general support Central Maine Growth Council 50 Elm Street Waterville ME 04901 010546258 15000 0 general support Friends of Quarry Road PO Box 362 Fairfield ME 04937 273918525 501(c)(3) 15000 0 general support Mid-Maine Homeless Shelter PO Box 2612 Waterville ME 04901 010425115 501(c)(3) 10767 0 general support Waterville Reg Arts & Comm Ctr Waterville Creates 177 Main Street Waterville ME 04901 010505433 501(c)(3) 10000 0 general support University of Chicago PO Box 4110 Carol Stream IL 601974110 362177139 501(c)(3) 7500 0 general support Hardy Girls Healthy Women Inc 177 Main Street Waterville ME 049030821 010538121 501(c)(3) 7000 0 general support 9 2 Scholarships to students 706 0 27733000 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 X 1 1 X X X X X X 0 1 0 0 0 0 0 0 0 Greene David A President 513762 0 0 0 86011 0 100000 0 34724 0 734497 0 0 0 Terp Douglas C Vice President for Administration and CFO 315624 0 0 0 9613 0 24802 0 20360 0 370399 0 0 0 Lugo Daniel G VP for College and Student Advancement 206775 0 0 0 26697 0 0 0 15573 0 249045 0 0 0 Proto Matthew T VP & Dean of Admissions and Financial Aid 109590 0 0 0 21458 0 0 0 10278 0 141326 0 0 0 Terhune James S VP for Student Affairs and Dean of Students 196965 0 0 0 0 0 17927 0 23814 0 238706 0 0 0 Kletzer Lori G Provost and Dean of Faculty 245961 0 0 0 15000 0 23308 0 26579 0 310848 0 0 0 Jackson Ruth J Vice President for Communications 150052 0 0 0 0 0 14082 0 22760 0 186894 0 0 0 McGadney Andrew Vice President and Secretary of the College 282362 0 0 0 30000 0 0 0 22910 0 335272 0 0 0 O'Donnell Hugh J Associate VP & Chief Investment Officer 325081 0 88700 0 405 0 113502 0 21980 0 549668 0 0 0 Maisel L Sandy Professor 221358 0 0 0 5217 0 20639 0 9489 0 256703 0 0 0 Mackenzie G Calvin Professor 212654 0 0 0 4724 0 19649 0 8289 0 245316 0 0 0 Yeterian Edward H Professor 210028 0 0 0 4172 0 19484 0 9636 0 243320 0 0 0 Berkner Paul D Medical Director 198377 0 0 0 0 0 18789 0 21260 0 238426 0 0 0 Corwin Sharon L Director of Museum of Art 187795 0 0 0 10000 0 17264 0 3270 0 218329 0 0 0 Cowdrey Teresa E Dean of Admissions 121075 0 0 0 0 0 0 0 0 0 121075 0 0 0 Saunders Steven E Professor 164696 0 0 0 1672 0 14745 0 8529 0 189642 0 0 0 Schedule J, Part I 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 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 President, CFO 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. 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 4 President David A. Greene participates in a deferred compensation arrangement. The amount earned in calendar year 2015 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 2015 under the program totaled $88,700. 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 1 1 1 1 B 0 0 72998075 0 0 54873219 624856 0 0 17500000 0 0 2015 1 1 0 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 1 0 0 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 Maine Health & Higher Educational Facilities Auth - Purpose- Defeasance of Series 2005, 2006G, 2007A, 2007B, 2008C, 2010B Bonds and Construction of Facilities. Daniel G Lugo Officer Mortgage on primary residence X 189900 185622 0 1 1 Andrew McGadney Officer Mortgage on primary residence X 172800 165978 0 1 1 351600 Ken Kletzer Spouse of officer 75360 compensation 0 Marnie Terhune Spouse of officer 53650 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 627000 qualified appraisals X 128 5362000 IRS valuation on gift date X Educational Materials 8 31000 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, Header, Line B Reason for amending: Form 990 is amended to report deferred compensation earned by Hugh O'Donnell which was inadvertently omitted from the originally filed return. The amounts that were amended are: Part VII, Section A, column F was increased by $88,700 (from $46,782 to $135,482), Schedule J, Part II, Column C was increased by $88,700 (from $24,802 to $113,502) and Schedule J, Part II, Column E was increased by $88,700 (from $460,968 to $549,668). 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 ($127,000), Accretion of asset retirement obligation $81,000, Change in annuity and life income funds ($481,000). Elm City LLC 4120 Mayflower Hill Waterville ME 04901 473103849 Real Estate Development ME 0 537000 The President & Trustees of Colby College Elm City 9 LLC 4120 Mayflower Hill Waterville ME 04901 474327488 Real Estate Development ME 0 218000 The President & Trustees of Colby College Elm City 173 LLC 4120 Mayflower Hill Waterville ME 04901 474313598 Real Estate Development ME 0 239000 The President & Trustees of Colby College Elm City 20 LLC 4120 Mayflower Hill Waterville ME 04901 474888049 Real Estate Development ME 0 116000 The President & Trustees of Colby College Elm City 13 LLC 4120 Mayflower Hill Waterville ME 04901 475277633 Real Estate Development ME 0 438000 The President & Trustees of Colby College Elm City 14 LLC 4120 Mayflower Hill Waterville ME 04901 810865849 Real Estate Development ME 0 183000 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 (25) 4120 Mayflower Hill Waterville ME 04901 Charitable Remainder Unitrust ME N/A T 1 Charitable Remainder Annuity Trust (1) 4120 Mayflower Hill Waterville ME 04901 Charitable Remainder Annuity Trust ME N/A T 1 Colby College Pooled Income Fund B (1) 4120 Mayflower Hill Waterville ME 04901 Pooled Income Fund ME N/A T 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Colby College Charitable Trust c 9380 Cash transaction