2015-05-04T10:55:52-07:00 2014-06-30 990 2013-07-01 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 2015-05-01 2013 2016-04-25 22:37:26Z Richard K Miller 1000 Olin Way Needham MA 02492 227908480 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 17 366 79 -174717 -174717 3201479 2964675 18829385 20985519 4836465 6332672 1661817 1353664 28529146 31636530 10118153 9919337 0 0 14607540 14837851 0 0 1729954 23491357 24516274 48217050 49273462 -19687904 -17636932 461300682 488302390 179054768 179657870 282245914 308644520 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 College seeks to redefine engineering as a profession of innovation encompassing 1) the consideration of human and societal needs; 2) the creative design of engineering systems; and 3) the creation of value through entrepreneurial effort and philanthropy. The College is dedicated to the discovery and development of the most effective educational approaches and aspires to serve as a model for others. 0 0 37863878 9919337 20675567 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 full or 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. 581375 0 1194205 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 FY14, the Collaboratory hosted 87 programs (mainly visits and workshops) that involved representatives from 153 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 nine institutions. 0 0 0 38445253 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 1 0 0 0 1 1 1 0 0 0 0 0 0 0 1 409 0 1 366 1 1 1 0 0 0 0 1 1 0 0 0 1 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 Vice President for Finanical Affairs and CFO 7812922416 1000 Olin Way Needham MA 024921200 William B Norden Chairman 8 X X 0 0 0 Carla L Gude Trustee 4 X 0 0 0 George R Berbeco Trustee 4 X 0 0 0 Thomas Cecil Trustee 4 X 0 0 0 Sunlin Chou Trustee 4 X 0 0 0 Tamara P Davis Trustee 4 X 0 0 0 Sherwin Greenblatt 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 Susan Fredholm Murphy Trustee/Clerk 4 X 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 Vice Chair 6 X X 0 0 0 George Milne Jr Trustee 4 X 0 0 0 Beverly Wyse Trustee 4 X 0 0 0 Richard K Miller Trustee/President 40 X X 413510 0 105234 Stephen P Hannabury Executive Vice President & Treasurer 40 X 269488 0 87701 Marguerite Burke Assistant Clerk to the Board of Trustees 40 X 75471 0 7978 Vincent Manno Provost & Dean of Faculty 40 X 291715 0 36534 Thomas Krimmel VP Development, Family & Alumni Relations 40 X 268586 0 45499 Charles S Nolan VP External Relations and Dean of Admission 40 X 232363 0 40202 Joanne Kossuth VP Operations & Chief Information Officer 40 X 229343 0 35502 Michelle Davis Chief Marketing Officer 40 X 189044 0 18237 Mark Somerville Professor & Associate Dean 40 X 186935 0 33666 Lynn A Stein Professor & Associate Dean 40 X 179944 0 4129 Gill Pratt Professor 40 X 173821 0 17028 Jessica Townsend Professor & Associate Dean 40 X 154580 0 18302 Jonathan D Stolk Professor 40 X 153754 0 29036 2818554 0 479048 39 0 1 0 Aramark Facilities Services 1101 Market Street Philadelphia PA 19107 Facility services management 2399184 Sodexo Inc and Affiliates 9801 Washington Boulevard Gaithersburg MD 20878 Dining services management 1577831 Summit Rock Advisors 9 West 37th Street 12th Floor New York NY 10019 Investment Management fees 854468 Babson College 231 Forest Street Babson Park MA 02457 Shared administrative services 627498 Integration Partners Corp 24 Hartwell Avenue Lexington MA 02421 IT Consultant 220970 11 0 0 0 0 1069936 1894739 433597 2964675 Student Tuition and Fees 611310 19791314 19791314 0 0 Collaboratory Program Revenue 611310 1194205 1194205 0 0 0 0 0 0 20985519 5313726 0 -206381 5520107 0 0 0 0 0 0 0 0 584366 0 114955 0 469411 0 469411 0 31664 437747 197175941 0 196156995 0 1018946 0 1018946 0 0 1018946 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other Income 611310 884253 884253 0 0 0 0 0 0 884253 31636530 21869772 -174717 6976800 15299 15299 9731330 9731330 172708 172708 0 0 2202843 704034 955644 543165 0 0 0 0 10223594 7436144 2184480 602970 615942 448006 131609 36327 986641 717635 210816 58190 808831 530037 225162 53632 0 0 0 0 28919 0 28919 0 97746 0 97746 0 0 0 0 0 0 0 2445471 0 2445471 0 4619773 4258969 284578 76226 154899 5041 97666 52192 1188312 764941 371712 51659 874499 310106 564268 125 0 0 0 0 903681 833103 55667 14911 707073 539800 134871 32402 0 0 0 0 278768 56922 218847 2999 5346196 4928658 329326 88212 0 0 0 0 4905136 4522045 302156 80935 147807 0 147807 0 Dining Service 1174222 1174222 0 0 Books, Magazines and Subscriptions 510769 487143 6534 17092 Debt Management 302183 278583 18614 4986 Dues and Membership 170748 37539 121219 11990 660072 492988 165143 1941 49273462 38445253 9098255 1729954 2353148 3796332 0 0 736740 595547 874951 781484 15546 16236 0 0 31128 29792 0 0 1262415 1707675 157141595 58487941 103286215 98653654 0 0 351083740 381169193 0 0 0 0 1656799 1552477 461300682 488302390 4159519 4144942 0 0 573512 614053 150772594 150558204 0 0 0 0 0 0 0 0 23549143 24340671 179054768 179657870 X 8840361 10589793 270680720 295213993 2724833 2840734 282245914 308644520 461300682 488302390 X -17636932 44827066 0 0 0 -791528 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 5753 5753 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. 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 328660306 174055 28622971 0 21900000 0 335557332 0.0116 0.0069 0.9815 0 0 0 14604513 14604513 0 131500504 50718796 80781708 0 0 0 0 0 10967892 7769145 3198747 0 68686 0 68686 98653654 0 0 Equity Fund 92651593 F Fixed Income 50556811 F Hedge Funds 197461369 F Real Asset Funds 9453624 F Private Equity 14966025 F Venture Capital Funds 13434007 F Cash and Cash Equivalent 2645764 F 381169193 0 Taxable Bond 10000000 Interest Rate Agreements 14340671 24340671 X 63437514 44827066 0 0 0 44827066 18610448 2445471 10580611 13026082 31636530 37038908 0 0 0 0 0 37038908 2445471 9789083 12234554 49273462 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: $9,904,038 Rental expenses: -$114,955 Mark to Market Swap: $791,528 Total to Schedule D, Part XI, Line 4b: $10,580,611. Schedule D, Part XII, Line 4b Financial Aid: $9,904,038 Rental expenses: -$114,955 Total to Schedule D, Part XII, Line 4b: $9,789,083. 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 if 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: $928,088. Total National Science Foundation: $710,610. Total National Aeronautics and Space Administration: $21,857. Total Department of Defense: $91,793. Total Department of Health and Human Services: $99,262. Total USAID Foreign Assistance for Programs Overseas: $126,213. Total $1,977,823 1 Europe (including Iceland and Greenland) 0 0 Grantmaking Grants awarded to recipients located in the region. 68349 East Asia and the Pacific 0 0 Grantmaking Grants awarded to recipients located in the region. 104359 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Conferences 302 Europe (including Iceland and Greenland) 0 0 Program Services Conference 24867 East Asia and the Pacific 0 0 Program Services Conference 4898 Middle East and North Africa 0 0 Program Services Class project teaching locals 8931 South America 0 0 Program Services Conference and train and consult locals 20269 South Asia 0 0 Program Services Conferences and class project teaching locals 63924 Central America and the Caribbean 0 0 Program Services Conference 139 Sub-Saharan Africa 0 0 Program Services Class project teaching locals 54658 Russia and the newly independent States 0 0 Program Services Conference 113 Central America and the Caribbean 0 0 Investments 920250 0 0 1271059 Scholarships Europe (including Iceland and Greenland) 4 0 Credit to Student Account 68349 Fair Market Value Scholarships East Asia and the Pacific 7 0 Credit to Student Accounts 104359 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 admitted prior to fall 2010 received a 100% scholarship, and the students admitted in or after fall 2010 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 Engineer Without Borders USA Inc 1031 33rd Street Suite 210 Denver CO 80205 841589324 501(c)(3) 11004 0 Cash Donation To donate to Engineer Without Borders USA for their projects and programs. 1 0 Olin Tuition Scholarships 343 0 7344500 Fair Market Value Tuition Discount Need-Based Financial Aid 135 0 2380642 Fair Market Value Tuition Discount Supplemental Educational Opportunity Grant - Federal Aid Required Match 9 0 5037 Fair Market Value Tuition Discounts Yellow Ribbon Scholarship 1 0 1151 Fair Market Value Tuition Discount Schedule I, Part I, Line 2 All accepted students currently received either a full or 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 406619 0 0 0 6891 0 34065 0 71169 0 518744 0 0 0 Stephen P Hannabury Exective VP & Treasurer 266757 0 0 0 2731 0 66427 0 21275 0 357190 0 0 0 Vincent Manno Provost & Dean of Faculty 288922 0 0 0 2793 0 36044 0 491 0 328250 0 0 0 Thomas Krimmel VP Development, Family & Alumni Relations 261379 0 0 0 7208 0 22367 0 23132 0 314086 0 0 0 Charles S Nolan VP External Affairs & Dean of Admission 228059 0 0 0 4303 0 29982 0 10220 0 272564 0 0 0 Joanne Kossuth VP Operations & Chief Information Officer 227279 0 0 0 2064 0 19215 0 16288 0 264846 0 0 0 Mark Somerville Professor & Associate Dean 115998 0 0 0 70936 0 10365 0 23301 0 220600 0 0 0 Michelle Davis Chief Marketing Officer 186775 0 0 0 2269 0 15153 0 3084 0 207281 0 0 0 Gill Pratt Professor 173462 0 0 0 359 0 13955 0 3074 0 190850 0 0 0 Lynn A Stein Professor & Associate Dean 136145 0 0 0 43799 0 3849 0 280 0 184073 0 0 0 Jonathan D Stolk Professor 111156 0 0 0 42598 0 8661 0 20375 0 182790 0 0 0 Jessica Townsend Professor & Associate Dean 97654 0 0 0 56926 0 8260 0 10041 0 172881 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 maintains a membership at a country club, under the name of the President. Certain officers and key employees 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 report was submitted to Board Chair in August 2014. 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, 2014. 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. Salary increases for other key employees, based on performance, followed the same criteria and process for other employees. 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 0.0038 0.008 0.0118 0 0 1 B 0 1 1 1 1 1 0.0069 0.0049 0.0118 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 Jessica Townsend One of the highest paid employees Employee assistance housing loan X 13500 16236 0 1 1 16236 Educators Health Insurance Exchange of New England (EdHealth Captive) Officer of the College is the President of EdHealth Captive. 250518 Olin is a subscriber of EdHealth Captive. 0 X 15 17264 donor self evaluated X 1 4800 donor provided X 7 411533 ave. high/low on date sold 0 0 1 0 Schedule M, Part I In Part I, Line 1 Column b, the College reported the number of works of art contributed. 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, Trustees and Key Employees 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 report was submitted to Board Chair in August 2014. 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, 2014. 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. Salary increases for other key employees, based on performance, followed the same criteria and process for other employees. 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 organizing 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: -$791,528 Total to Form 990, Part XI, Line 9: -$791,528.