2016-05-10T14:55:45-07:00 2015-06-30 990 2014-07-01 010211497 PRESIDENT & TRUSTEES OF COLBY COLLEGE PRES 2078594127 4120 Mayflower Hill Waterville ME 04901 Douglas Terp VP for Administration & CFO 2078594770 2016-05-10 2014 2016-08-17 19:52:53Z David A Greene 4120 Mayflower Hill Waterville ME 04901 326354000 0 X www.colby.edu X 1821 ME Education 34 33 2726 2000 466000 -541000 48149000 23598000 111615000 116681000 45270000 73469000 659000 368000 205693000 214116000 28367148 29601600 0 0 67976000 71769000 0 0 5327000 53517852 62561400 149861000 163932000 55832000 50184000 1267797000 1382067000 175681000 281993000 1092116000 1100074000 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 132569000 29601600 116681000 Post secondary education: Instruction of 1,847 undergraduate students in 2014/15. 491 were graduated in the 2014/15 year. This includes expenditures for faculty, dormitories and dining, student and academic support services, campus maintenance services and other related costs. 0 0 0 132569000 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 0 0 0 1 X 3035 0 1 2726 1 1 1 1 SP FR UK 0 0 0 1 1 0 0 0 0 X 34 33 0 1 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 277782 0 129400 Diamond Robert E Chair of the Board 5 0 X 0 0 0 Uchida Richard Y Vice Chair of the Board 5 0 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 Connolly Ann Marie 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 Earle Steven M 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 Hoopes Jr Robert R Trustee 5 0 X 0 0 0 Krensky Harry F Trustee 5 0 X 0 0 0 Lunder Paula Crane Trustee 5 0 X 0 0 0 Montgoris William 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 Siritunga Dilan 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 Terp Douglas C Vice President for Administration and CFO 40 0 X 302480 0 43714 Lugo Daniel G VP for College and Student Advancement 40 0 X 0 0 0 Saunders Steven E VP & Dean of Admissions and Financial Aid 40 0 X 145760 0 21333 Proto Matthew T VP & Dean of Admissions and Financial Aid 40 0 X 0 0 0 Cowdrey Teresa E Dean of Admissions 40 0 X 224584 0 22699 Terhune James S VP for Student Affairs and Dean of Students 40 0 X 181297 0 61151 Kletzer Lori G Provost and Dean of Faculty 40 0 X 281973 0 32459 Jackson Ruth J Vice President for Communications 40 0 X 78698 0 28783 Kiser Michael D VP for Communications 40 0 X 145612 0 22826 McGadney Andrew Vice President and Secretary of the College 40 0 X 126575 0 8971 O'Donnell Hugh J Associate VP & Chief Investment Officer 40 0 X 369056 0 34712 Maisel L Sandy Professor 40 0 X 217269 0 28510 Mackenzie G Calvin Professor 40 0 X 207963 0 26661 Yeterian Edward H Professor 40 0 X 199653 0 26644 Corwin Sharon L Director of Museum of Art 40 0 X 188479 0 17544 Shea Dan M Director of Goldfarb Center 40 0 X 184677 0 25822 Adams William D President Emeritus as of July 1, 2014 40 0 X 1272108 0 75269 Baker Sally A Secretary of the Corporation 40 0 X 171760 0 25672 4575726 0 632170 115 1 1 0 Sodexo Operations LLC PO Box 5035 Boston MA 02107 Food Services 6571683 H P Cummings Construction Co Inc PO Box 297 Winthrop ME 04364 Construction 4821643 Consigli Construction Co Inc 15 Franklin Street Portland ME 04101 Construction 3356999 PC Construction Compnay 193 Tilley Drive South Burlington VT 05403 Construction 3182212 Sargent Corp 378 Bennoch Road Stillwater ME 04489 Construction 1534253 38 0 0 0 0 1785000 21813000 5277000 23598000 Tuition and fees 611310 90309000 90309000 0 0 Auxiliary 611710 24876000 24876000 0 0 Summer Programs 900099 288000 0 288000 0 Physical Fitness Facility 713940 3000 0 3000 0 1205000 1205000 0 0 116681000 6707000 0 0 6707000 0 0 0 0 2000 0 0 2000 59000 0 0 0 59000 0 59000 0 0 59000 117176000 61824000 86528000 25710000 30648000 36114000 66762000 0 175000 66587000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 307000 0 0 307000 307000 214116000 116390000 466000 73662000 96600 96600 27130000 27130000 2375000 2375000 0 0 2766074 649398 1794845 321831 0 0 0 0 50085926 41436602 6476155 2173169 3214000 2626000 442000 146000 12084000 9650000 1717000 717000 3619000 2911000 526000 182000 9833000 7632000 1859000 342000 310000 198000 101000 11000 135000 0 135000 0 0 0 0 0 0 0 4790000 0 4790000 0 0 0 0 0 0 0 0 0 14395000 12960000 1104000 331000 2154000 1058000 1068000 28000 0 0 0 0 6275000 5197000 959000 119000 3974000 3175000 575000 224000 0 0 0 0 0 0 0 0 5002000 4254000 621000 127000 0 0 0 0 9797000 7925000 1554000 318000 1883000 1618000 246000 19000 Dues and Memberships 736000 408000 265000 63000 Staff Recruitment 335000 267000 68000 0 On-Campus Meals and Lodging 1607000 108000 1357000 142000 Miscellaneous 1335400 894400 378000 63000 163932000 132569000 26036000 5327000 0 0 41522000 43077000 49012000 49615000 1418000 2709000 233730 588281 0 0 4708000 4305000 713000 681000 2405000 2864000 469423000 138414000 319771000 331009000 148877000 294491000 680233270 641694719 0 0 0 0 18904000 11033000 1267797000 1382067000 15451000 16367000 0 0 734000 1074000 101812000 100532000 0 0 0 0 4665000 105465000 0 0 53019000 58555000 175681000 281993000 X 363925000 366541000 352858000 349088000 375333000 384445000 1092116000 1100074000 1267797000 1382067000 X 50184000 -37585000 0 0 0 -4641000 X 0 1 X 1 1 1 X 22558000 16334000 20834000 48149000 23598000 131473000 0 0 0 0 0 0 0 0 0 0 0 0 22558000 16334000 20834000 48149000 23598000 131473000 12175000 119298000 7569000 7231000 7629000 7881000 6768000 37078000 0 0 64000 0 0 64000 157000 289000 1389000 461000 307000 2603000 171218000 546000000 0.69676 0.73306 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 23000 23000 0 Schedule C, Part II-B, Line 1 The College paid $23,000 in dues to various organizations, some portion of which may be used for lobbying in connection with issues that impact higher education. 656000 144546000 0 0 X X X X 0 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 502076000 13587000 125042000 7418000 16566000 5280000 611441000 0.288 0.293 0.419 0 0 0 194000 194000 0 279814000 120771000 159043000 0 30670000 16959000 13711000 0 1269000 578000 691000 0 157476000 106000 157370000 331009000 Fixed Income Securities 56723000 F Global Equity Funds 102369000 F Hedge Funds 207700000 F Venture Capital Funds 112944000 F Buyout Funds 64786000 F Real Estate Funds 44970000 F Natural Resources Fund 32123000 F Other Investments 20079719 F 641694719 0 Government Advances for Student Loans 5165000 Annuity Obligations 12955000 Post Retirement Benefit Obligation 35616000 Asset Retirement Obligation 4819000 58555000 X 170027000 -37585000 0 0 -1714000 -39299000 209326000 4790000 0 4790000 214116000 157341000 0 0 0 0 0 157341000 4790000 1801000 6591000 163932000 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 $87,000, Other expense ($1,801,000) Schedule D, Part XII, Line 4b Other expense $1,801,000 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 5 Program Services Study Abroad Program 1078000 Central America and the Caribbean 0 1 Program Services Study Abroad Program 79000 South Asia 0 1 Program Services Study Abroad Program 66000 Sub-Saharan Africa 0 1 Program Services Study Abroad Program 29000 Russia and the newly independent States 0 0 Program Services Study Abroad Program 19000 Europe (including Iceland and Greenland) 0 0 Grantmaking 1571000 East Asia and the Pacific 0 0 Grantmaking 349000 South America 0 0 Grantmaking 230000 Sub-Saharan Africa 0 0 Grantmaking 161000 Russia and the newly independent States 0 0 Grantmaking 43000 Central America and the Caribbean 0 0 Grantmaking 21000 Central America and the Caribbean 0 0 Investments 63677000 Sub-Saharan Africa 0 0 Investments 6253000 Europe (including Iceland and Greenland) 0 0 Investments 4696000 2 8 78272000 Scholarships Europe (including Iceland and Greenland) 50 1571000 check 0 Scholarships East Asia and the Pacific 11 349000 check 0 Scholarships South America 12 230000 check 0 Scholarships Sub-Saharan Africa 4 161000 check 0 Scholarships Russia and the newly independent States 1 43000 check 0 Scholarships Central America and the Caribbean 1 21000 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 Waterville Main Street PO Box 945 Waterville ME 04901 010544901 501(c)(3) 30000 0 general support Maine Film Center 10 Railroad Square Waterville ME 04901 010419284 501(c)(3) 21000 0 general support Maine Public Broadcasting Network 1450 Lisbon Street Lewiston ME 04240 223171529 501(c)(3) 15600 0 general support Waterville Opera House Assoc 93 Main Street Waterville ME 04901 510159481 501(c)(3) 15000 general support Central Maine Growth Council 50 Elm Street Waterville ME 04901 010546258 15000 0 general support 4 1 Scholarships to students 707 0 27130000 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 1 0 Greene David A President 236423 0 0 0 41359 0 100000 0 29400 0 407182 0 0 0 Adams William D President Emeritus as of July 1, 2014 220980 0 0 0 1051128 0 49302 0 25967 0 1347377 0 525000 0 Terp Douglas C Vice President for Administration and CFO 293807 0 0 0 8673 0 24302 0 19412 0 346194 0 0 0 Saunders Steven E Vice President & Dean of Admissions and Financial Aid 145760 0 0 0 0 0 13188 0 8145 0 167093 0 0 0 Cowdrey Teresa E Dean of Admissions 224584 0 0 0 0 0 10967 0 11732 0 247283 0 0 0 Terhune James S Vice President for Student Affairs and Dean of Students 181297 0 0 0 0 0 17181 0 43970 0 242448 0 0 0 Kletzer Lori G Provost and Dean of Faculty 236973 0 0 0 45000 0 22343 0 10116 0 314432 0 0 0 Kiser Michael D VP for Communications 135612 0 0 0 10000 0 9885 0 12941 0 168438 0 0 0 Baker Sally A Secretary of the Corporation 171760 0 0 0 0 0 15760 0 9912 0 197432 0 0 0 Maisel L Sandy Professor 212563 0 0 0 4706 0 19705 0 8805 0 245779 0 0 0 Mackenzie G Calvin Professor 203723 0 0 0 4240 0 18756 0 7905 0 234624 0 0 0 Yeterian Edward H Professor 195709 0 0 0 3944 0 17992 0 8652 0 226297 0 0 0 Corwin Sharon L Director of Museum of Art 158479 0 0 0 30000 0 14328 0 3216 0 206023 0 0 0 Shea Dan M Director of Goldfarb Center 146367 0 0 0 38310 0 6410 0 19412 0 210499 0 0 0 O'Donnell Hugh J Associate VP & Chief Investment Officer 310004 0 30000 0 29052 0 13750 0 20962 0 403768 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- In general first-class travel is not authorized for College employees traveling on College business, without 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 authorized the limited use of first class travel for the President when traveling on College business. The College has also paid a modest membership fee allowing the President access to flight upgrades when seats are available. 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 Emeritus William D. Adams participated in a deferred compensation arrangement. The amount earned in calendar year 2014 under the program totaled $25,000. President David A. Greene participates in a deferred compensation arrangement. The amount earned in calendar year 2014 under the program totaled $100,000. Schedule J, Part I, Line 7 Chief Investment Officer Hugh J. O'Donnell received a discretionary bonus of $30,000 which was approved by the Executive Committee of the Board of Trustees. Schedule J, Part II Line Biii- William D. Adams retired as president of Colby College effective July 1, 2014, following a highly successful fourteen-year tenure and was subsequently appointed Chairman of the National Endowment for the Humanities (NEH). President Adams received $220,980 of base compensation under the terms of his employment agreement, $49,302 of retirement and other deferred compensation, and $25,967 of nontaxable benefits. He also received $1,051,128 of other reportable compensation, including: $550,000 of deferred compensation earned over the course of his employment; $53,348 of other taxable payments and, in order to enable President Adams' service as NEH Chair, the College accelerated payment of $447,780 of deferred sabbatical and transition compensation. With respect to deferred compensation benefits, $525,000 was reported when accrued in prior years. The requirement to report the actual payment in 2014 represents double reporting of this compensation. The independent consultant engaged by the Executive Committee reviewed the compensation of President Adams found it to be reasonable. 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 Purpose- Defeasance of Series 2005, 2006G, 2007A, 2007B, 2008C, 2010B Bonds and Construction of Facilities. Teresa Cowdrey Officer Mortgage on primary residence X 250000 228254 0 1 1 Daniel G Lugo Officer Mortgage on primary residence X 189900 189900 0 1 1 Andrew McGadney Officer Mortgage on primary residence X 172800 170127 0 1 1 588281 Marnie Terhune Spouse of officer 12573 compensation 0 X 22 656000 qualified appraisals X 165 4609000 IRS valuation on gift date X Educational Materials 10 12000 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 A, Line 3 Grenzebach Glier and Associates- Management and oversight of the entire Development Office function, including supervising personnel and planning and executing budgets and financial operations. 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 A 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, each year 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 ($3,125,000), Accretion of asset retirement obligation $87,000, Change in annuity and life income funds ($1,603,000) 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 10000 The President & Trustees of Colby College Elm City 173 LLC 4120 Mayflower Hill Waterville ME 04901 474313598 Real Estate Development ME 0 11000 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 II N/A 1 Mayflower Hill Broadcasting WMHB 4000 Mayflower Hill Waterville ME 04901 141876184 operation of radio station ME 501(c)(3) 7 N/A 1 Charitable Remainder Trust (26) 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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0