2016-05-03T14:43:40-07:00 2015-06-30 990 2014-07-01 061519057 FRANKLIN W OLIN COLLEGE OF ENGINEERING INC FRAN 7812922300 1000 Olin Way Needham MA 024921200 Patricia Gallagher VP for Financial Affairs and CFO 7812922416 2016-05-03 2014 2016-08-17 19:52:53Z Richard K Miller 1000 Olin Way Needham MA 02492 96504070 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. 18 17 374 80 -124469 -124469 2964675 3118190 20985519 20832470 6332672 8494487 1353664 1295772 31636530 33740919 9919337 9744481 0 0 14837851 15723721 0 0 1856512 24516274 24414411 49273462 49882613 -17636932 -16141694 488302390 483342171 179657870 178488772 308644520 304853399 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 38299655 9744481 20396289 Franklin W. Olin College of Engineering, Inc. (the College) was founded in 1997 by F.W. Olin Foundation Inc. and graduated its first class in May 2006. The College is an independent nonsectarian college offering undergraduate programs leading toward degrees in engineering. There are approximately 350 students drawn from around the world. The campus is located in Needham, Massachusetts. Every admitted student receives an eight semester half tuition merit scholarship over four years. The College is accredited by the New England Association of Schools and Colleges (NEASC) and the College's three degree programs are accredited by ABET, the accrediting organization for engineering programs. 544881 0 1217938 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 FY15, the Collaboratory hosted 92 programs (mainly visits and workshops) that involved representatives from 137 other institutions from around the US and the globe. Olin is playing a significant role in the movement to transform educational practice across the globe, including significant changes to curriculum at twelve institutions. 0 0 0 38844536 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 0 0 0 1 0 0 0 0 0 0 0 0 1 385 0 1 374 1 1 1 0 0 0 0 1 1 0 0 0 0 X 18 17 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 CA MA X Patricia Gallagher 7812922416 Olin College of Engineering 1000 Olin Way Needham MA 02492 William B Norden Chairman 8 X X 0 0 0 Deborah Allinson Trustee 4 X 0 0 0 George R Berbeco Trustee 4 X 0 0 0 Thomas Cecil Trustee/Clerk 4 X X 0 0 0 Sunlin Chou Trustee 4 X 0 0 0 Sherwin Greenblatt Trustee 4 X 0 0 0 Carla L Gude Trustee 4 X 0 0 0 Paul C Jennings Trustee 4 X 0 0 0 R Douglas Kahn Trustee 4 X 0 0 0 Robert N McBurney Trustee 4 X 0 0 0 Lawrence W Milas Trustee 4 X 0 0 0 George Milne Jr Trustee 4 X 0 0 0 Susan Fredholm Murphy Trustee 4 X 0 0 0 James Plummer Trustee 4 X 0 0 0 Douglas G Rauch Trustee 4 X 0 0 0 Howard H Stevenson Trustee 4 X 0 0 0 Kenneth R Stokes Trustee/Vice Chair 6 X X 0 0 0 Beverly Wyse Trustee 4 X 0 0 0 Richard K Miller Trustee/President 40 X X 433240 0 99078 Stephen P Hannabury Executive Vice President & Treasurer 40 X 280380 0 64351 Marguerite Burke Assistant Clerk to the Board of Trustees 40 X 77375 0 8105 Vincent Manno Provost & Dean of Faculty 40 X 307687 0 31966 Mary Kay McFadden VP Development, Family & Alumni Relations 40 X 181608 0 12344 Charles S Nolan Vice President and Dean of Admission 40 X 235608 0 39629 Michelle Davis Chief Marketing Officer 40 X 196747 0 18624 Patricia Gallagher VP for Financial Affairs & Chief Financial Officer 40 X 152990 0 46829 Rae-Anne Butera Dean of Student Affairs 40 X 130081 0 69365 Joanne Kossuth VP Operations & Chief Information Officer 40 X 235059 0 36528 Emily Roper-Doten Dean of Admission and Financial Aid, Starting June 1 2015 40 X 0 0 0 Lynn A Stein Professor and Associate Dean 40 X 201068 0 12207 Mark Somerville Professor and Associate Dean 40 X 168048 0 34593 Jonathan D Stolk Professor 40 X 162369 0 30116 David Barrett Professor 40 X 154093 0 13729 Lauren Taaffe Associate VP Development, Family & Alumni Relations 40 X 142368 0 11183 3058721 0 528647 38 0 1 0 Aramark Facilities Services 1101 Market Street Philadelphia PA 19107 facility services management 2428220 Sodexo Inc and Affiliates 9801 Washington Boulevard Gaithersburg MD 20878 dining services management 1594171 Summit Rock Advisors 9 West 37th Street 12th Floor New York NY 10019 investment management 880049 Babson College 231 Forest Street Babson Park MA 02457 shared administrative service 738046 Royall and Company 1920 E Parham Road Richmond VA 23228 enrollment management 230839 7 0 0 0 0 1106984 2011206 130551 3118190 Student Tuition and Fees 611310 19614532 19614532 0 0 Collaboratory Program Revenue 611310 1217938 1217938 0 0 0 0 0 0 20832470 4427234 0 -203341 4630575 0 0 0 0 0 0 0 0 697490 0 183475 0 514015 0 514015 0 78872 435143 66646929 0 62579676 0 4067253 0 4067253 0 0 4067253 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other Income 611310 781757 781757 0 0 0 0 0 0 781757 33740919 21614227 -124469 9132971 14603 14603 9626503 9626503 103375 103375 0 0 2828222 1013229 1191194 623799 0 0 0 0 10179537 7712040 1844965 622532 636731 426393 165315 45023 1235487 898633 263987 72867 843744 565021 219062 59661 0 0 0 0 225195 0 225195 0 95146 0 95146 0 0 0 0 0 0 0 2466054 0 2466054 0 4071881 3756310 248792 66779 156323 4277 104955 47091 1132918 757432 344567 30919 868449 309943 554233 4273 0 0 0 0 918360 847187 56112 15061 752009 525746 154934 71329 0 0 0 0 227395 89178 132811 5406 5358259 4942994 327390 87875 0 0 0 0 4861031 4484301 297009 79721 171637 0 171637 0 Dining/Facilities Management Fee 1413959 1393758 15926 4275 Books, Magazines and Subscriptions 487885 470875 12613 4397 Debt Management Fees 259573 239456 15860 4257 Dues and Membership 166602 41577 117275 7750 781735 621705 156533 3497 49882613 38844536 9181565 1856512 3796332 4093489 0 0 595547 418855 781484 790112 16236 0 0 29792 30024 0 0 1707675 1891293 156201377 61976858 98653654 94224519 145854167 135532476 235315026 244390937 0 0 0 0 1552477 1970466 488302390 483342171 4144942 5328137 0 0 614053 613594 150558204 150343814 0 0 0 0 0 0 0 0 24340671 22203227 179657870 178488772 X 10589793 10883016 295213993 290818523 2840734 3151860 308644520 304853399 488302390 483342171 X -16141694 10875219 0 0 0 1475354 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 5949 5949 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. 380327532 378808 16919178 0 18195391 0 379430127 349371166 185599 48705068 0 17934301 0 380327532 338212398 164475 30304164 0 19309871 0 349371166 369064795 14462 -11203019 0 19663840 0 338212398 335557332 96048 55402008 0 21990593 0 369064795 0.0138 0.0079 0.9783 0 0 0 14604513 14604513 0 130607238 53994802 76612436 0 0 0 0 0 10640757 7951738 2689019 0 348869 30318 318551 94224519 0 0 Equity Funds 102383700 F Fixed Income 32397816 F Real Asset Funds 8147806 F Hedge Funds 72297939 F Private Equity 15582487 F Venture Capital Funds 13581189 F 244390937 0 Interest Rate Agreement 12203227 Taxable Bonds 10000000 22203227 X 34079035 10875219 0 0 0 10875219 23203816 2466054 8071049 10537103 33740919 37870156 0 0 0 0 0 37870156 2466054 9546403 12012457 49882613 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: $9,729,878 Rental expenses: -$183,475 Mark to Market Swap : -$1,475,354 Total to Schedule D, Part XI, Line 4b: $8,071,049. Schedule D, Part XII, Line 4b Financial Aid: $9,729,878 Rental expenses: -$183,475 Total to Schedule D, Part XII, Line 4b: $9,546,403. 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 their website. Further, the College includes a reference to its racially nondiscriminatory policy in written advertising that it uses as a means of informing prospective students 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: $837,430. Total National Science Foundation: $759,243. Total National Aeronautics and Space Administration: $49,433. Total Department of Defense: $117,007. Total Department of Health and Human Services: $17,677. Total USAID Foreign Assistance for Programs Overseas: $146,184. Total $1,926,974 1 Europe (including Iceland and Greenland) 0 0 Grantmaking Grants awarded to recipients located in the region. 59375 East Asia and the Pacific 0 0 Grantmaking Grants awarded to recipients located in the region 44000 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Conferences 5682 Europe (including Iceland and Greenland) 0 0 Program Services Conferences 27846 East Asia and the Pacific 0 0 Program Services Conferences 13759 Middle East and North Africa 0 0 Program Services Conference 6539 South Asia 0 0 Program Services Class project 2397 Sub-Saharan Africa 0 0 Program Services Class project 25734 Central America and the Caribbean 0 0 Investments 229965 0 0 415297 Scholarship Europe (including Iceland and Greenland) 5 0 Credit to Student Account 59375 Fair Market Value Scholarship East Asia and the Pacific 4 0 Credit to Student Account 44000 Fair Market Value 1 0 1 1 0 0 Schedule F, Part I, Line 2 All students admitted to Olin are awarded a substantial merit scholarship. Students receive a 50% scholarship. 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 Doctors without Borders 333 7th Avenue New York NY 10001 133433452 501(C)(3) 9720 Cash Donation To donate to Doctors Without Borders for their projects and programs. 1 0 Olin Tuition Scholarship 339 7098823 Fair Market Value Tuition Discount Need Based Financial Aid 124 2435238 Fair Market Value Tuition Discount Supplemental Educational Opportunity Grant - Federal Aid Requested Match 15 6222 Fair Market Value Tuition Discounts Room Scholarships for Resident Resources 10 86220 Fair Market Value Room Discounts Schedule I, Part I, Line 2 All accepted students currently received a half Olin tuition scholarship which is credited directly to their student accounts. It is used only to offset tuition charges. X X X X 1 1 X X X X X X 0 0 0 0 0 0 0 0 0 Richard K Miller Trustee/President 407262 0 0 0 25978 0 27185 0 71894 0 532319 0 0 0 Stephen P Hannabury Executive Vice President 259448 0 0 0 20932 0 42521 0 21830 0 344731 0 0 0 Vincent Manno Provost & Dean of Faculty 282169 0 4500 0 21019 0 31455 0 511 0 339654 0 0 0 Mary Kay McFadden VP Development, Family & Alumni Relations 170929 0 0 0 10678 0 6045 0 6299 0 193951 0 0 0 Charles S Nolan VP External Relations and Post Graduate Planning 231228 0 0 0 4380 0 26283 0 13346 0 275237 0 0 0 Joanne Kossuth VP Operations & Chief Information Officer 232983 0 0 0 2076 0 19688 0 16839 0 271586 0 0 0 Michelle Davis Chief Marketing Officer 191458 0 3000 0 2289 0 15525 0 3100 0 215372 0 0 0 Patricia Gallagher VP for Financial Affairs & Chief Financial Officer 150632 0 0 0 2358 0 12877 0 33952 0 199819 0 0 0 Rae-Anne Butera Dean of Student Affairs 128421 0 0 0 1661 0 10369 0 58996 0 199447 0 0 0 Lynn A Stein Professor and Associate Dean 141781 0 0 0 59287 0 11905 0 301 0 213274 0 0 0 Mark Somerville Professor & Associate Dean 118917 0 0 0 49131 0 10493 0 24100 0 202641 0 0 0 Jonathan D Stolk Professor 113867 0 0 0 48502 0 8871 0 21245 0 192485 0 0 0 David Barrett Professor 138332 0 0 0 15761 0 10743 0 2986 0 167822 0 0 0 Lauren Taaffe Associate VP Development, Family & Alumni Relations 135017 0 0 0 7351 0 10897 0 286 0 153551 0 0 0 Schedule J, Part I, Line 1a The President and the Dean of Student Life are provided non-taxable housing as a condition of employment. The College pays for landscaping and cleaning services at the president's house, which is owned by the College, due to the fact that certain College functions are held at the President's house. The benefit is not taxable to the President and it is part of the house maintenance. The College maintained a membership at a country club, under the name of the President, which was terminated as of December 31, 2014. Certain officers are provided with a cell phone allowance which is grossed up. Schedule J, Part I, Line 3 On an annual basis, the Executive Committee of the Board of Trustees reviews the President's salary. Most recently, in August 2014, a nationally recognized consultant was engaged to conduct a compensation analysis for the President, Vice President and Dean positions. Their analysis report was submitted to Board Chair in August 2014. The same data was aged for use in 2015 by the same consultant and the basis of the analysis remained as detailed below. Recognizing the uniqueness of Olin College, they used four groups in their analysis: * National Private Independent Colleges and Universities with Significant Engineering Programs of Comparable Complexity to Olin * National Private Independent Colleges and Universities with Bachelor, Master's or Doctorate Programs of Similar Size * Predominantly Northeast Regional Top Liberal Arts Colleges * Private Independent Colleges and Universities in Massachusetts with Bachelor, Master's or Doctorate Programs of Similar Size. For each group, the consultant analyzed base salary, total cash compensation and total compensation for the 25th, 50th, 75th and 90th percentiles and adjusted the market data to a common effective date of July 1, 2015. A set of Composite Estimated Market Values was calculated to supplement the market values of each individual group. The Executive Committee 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. A Massachusetts Development Finance Agency 043431814 57583RZG3 2008-09-04 84000000 Refunding of Series A-1 & A-2 0 0 0 B Massachusetts Development Finance Agency 043431814 2013-05-09 38255000 Refunding partial of Series C2 & C3 0 0 0 C Massachusetts Development Finance Agency 043431814 57583uvpo 2013-05-09 66553326 Refunding of Series B 0 0 0 A 0 0 84000156 0 0 83285106 672658 42392 0 0 0 0 2004 1 0 1 1 B 0 0 38255000 0 0 38000000 187522 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 0.0026 0.008 0.0106 0 0 1 B 0 1 1 1 1 1 0.0048 0.0049 0.0097 0 0 1 C 0 1 1 1 1 1 0 0.0081 0.0081 0 0 1 A 0 0 1 0 1 0 0 0 1 B 0 1 0 0 0 0 0 0 1 C 0 1 0 0 0 0 0 0 1 A 1 B 1 C 1 X 8 130551 average high/low on date received 0 0 1 0 Schedule M, Part I, Line 9 In Part I, Line 9 column b, the College reported the number of contributions. Form 990, Part VI, Section A, Line 6 See responses to questions 7a and 7b. Form 990, Part VI, Section A, Line 7a In recognition of the establishment of the College by the F W Olin Foundation Inc. and its Directors, and also to fulfill certain requirements of the Endowment Grant Agreement with the Foundation, the College has a special class of members ("Founding members") who have special rights and responsibilities regarding their election to the Board, the election of the Chairman of the Board, and the approval of certain changes in the bylaws and other matters. There are currently two remaining Founding members. The Founding members shall remain as such until their death or resignation. Form 990, Part VI, Section A, Line 7b The Founding members, acting by a majority of their number then in office, also have the following powers: (1) to approve, in advance, any proposed amendment to the bylaws that would in any way alter or affect article II and article III, or the rights and privileges of the Founding members, Founding Trustees and alternate Founding Trustees, as otherwise provided in the bylaws; (2) to approve, in advance, any proposed amendment to the College's articles of organization, (3) to approve, in advance, any proposed merger or consolidation of the College, (4) to approve, in advance, any proposed sale of all or substantially all of the assets of the College (except endowment and other investment assets at fair market value), (5) until May 15, 2017, or until the earlier death of the survivor of the two remaining Founding members, whichever first occurs, to elect the Chair of the Board in accordance with the Endowment Grant Agreement, and (6) by unanimous vote, must approve any changes to the Founding Precepts. Form 990, Part VI, Section B, Line 11b The Form 990 is reviewed in detail with the Trustee Audit Committee prior to filing, and is posted on a secure internal web portal for all Trustees to review prior to filing. All trustees are emailed a link to the internal web portal and notified that the Form 990 is available for review on that site. 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 On an annual basis, the Executive Committee of the Board of Trustees reviews the President's salary. Most recently, in August 2014, a nationally recognized consultant was engaged to conduct a compensation analysis for the President, Vice President and Dean positions. Their analysis report was submitted to Board Chair in August 2014. The same data was aged for use in 2015 by the same consultant and the basis of the analysis remained as detailed below. Recognizing the uniqueness of Olin College, they used four groups in their analysis: * National Private Independent Colleges and Universities with Significant Engineering Programs of Comparable Complexity to Olin * National Private Independent Colleges and Universities with Bachelor, Master's or Doctorate Programs of Similar Size * Predominantly Northeast Regional Top Liberal Arts Colleges * Private Independent Colleges and Universities in Massachusetts with Bachelor, Master's or Doctorate Programs of Similar Size. For each group, the consultant analyzed base salary, total cash compensation and total compensation for the 25th, 50th, 75th and 90th percentiles and adjusted the market data to a common effective date of July 1, 2015. The Executive Committee 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 Form 990 are available via the Massachusetts Attorney General's website. The audited financial statements are also posted on the organization's website. The Form 990 is also available on www.guidestar.org. Form 990, Part XI, Line 9 Change in FMV investment rate agreement: $1,475,354 Total to Form 990, Part XI, Line 9: $1,475,354.