2014-05-03T12:30:15-07:00 2013-06-30 990 2012-07-01 061519057 FRANKLIN W OLIN COLLEGE OF ENGINEERING INC FRAN 7812922300 1000 Olin Way Needham MA 024921200 Stephen P Hannabury 7812922401 2014-05-02 2012 2015-11-30 17:44:51Z Richard K Miller 1000 Olin Way Needham MA 024921200 1397497296 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. 16 15 370 70 -203352 0 2696186 3201479 17676824 18829385 7944498 4836465 1206924 1661817 29524432 28529146 10636329 10118153 0 0 14095230 14607540 0 0 1628312 23291159 23491357 48022718 48217050 -18498286 -19687904 455084982 461300682 184381198 179054768 270703784 282245914 X 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. 1 0 37613630 10118153 20016222 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. 277362 0 317312 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 FY13, the Collaboratory hosted 63 programs (mainly visits and workshops) that involved representatives from 98 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 37890992 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 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 395 0 1 370 1 1 1 0 0 0 0 1 1 1 1 0 0 0 X 16 15 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 CA MA X Stephen P Hannabury Executive VP & Treasurer 7812922401 1000 Olin Way Needham MA 024921200 William B Norden 8 X X 0 0 0 Carla L Gude 6 X X 0 0 0 George R Berbeco 4 X 0 0 0 Thomas Cecil 4 X 0 0 0 Sunlin Chou 4 X 0 0 0 Tamara P Davis 4 X 0 0 0 Sherwin Greenblatt 4 X 0 0 0 Paul C Jennings 4 X 0 0 0 R Douglas Kahn 4 X 0 0 0 Robert N McBurney 4 X 0 0 0 Lawrence W Milas 4 X 0 0 0 Susan Fredholm Murphy 4 X X 0 0 0 Douglas G Rauch 4 X 0 0 0 Howard H Stevenson 4 X 0 0 0 Kenneth R Stokes 4 X 0 0 0 Richard K Miller 40 X X 395870 0 99855 Stephen P Hannabury 40 X 259621 0 67435 Marguerite Burke 40 0 X 37344 0 4239 Roger Crafts 40 X 164995 0 59583 Joanne M Kossuth 40 X 220143 0 37705 Thomas Krimmel 40 X 262702 0 40243 Vincent Manno 40 X 286177 0 24847 Charles S Nolan 40 X 226681 0 35885 Patricia Gallagher 40 X 142756 0 38121 Gill A Pratt 40 X 179929 0 16550 Mark Somerville 40 X 162082 0 37658 Lynn A Stein 40 X 191562 0 11855 Jonathan D Stolk 40 X 140872 0 26259 2670734 0 500235 33 0 1 0 Aramark Facilities Services 1101 Market Street Philadelphia PA 19107 Facility services management 2349289 Sodexo Inc and Affiliates 9801 Washington Boulevard Gaithersburg MD 20878 Facility services management 1584022 Integration Partners Corp 24 Hartwell Avenue Lexington MA 02421 IT Consultant 1537788 Summit Rock Advisors 9 West 37th Street 12th Floor New York NY 10019 Investment fees 821254 Babson College 231 Forest Street Babson Park MA 02457 Shared administrative services 760003 10 0 0 0 0 946095 2255384 260261 3201479 Student tuition/fees 611310 18829385 18829385 0 0 18829385 2293726 0 -236533 2530259 0 0 0 0 0 0 0 0 287613 0 129945 0 157668 0 157668 0 33181 124487 1371380944 0 1368837976 229 2542968 -229 2542739 0 0 2542739 0 Other Income 611310 1504149 1504149 0 0 0 0 0 0 1504149 28529146 20333534 -203352 5197485 15762 15762 9995138 9995138 107253 107253 0 0 2444478 635533 1245175 563770 0 0 0 0 9669496 6648204 2494964 526328 581690 399938 150090 31662 1130239 777089 291629 61521 781637 500169 227337 54131 0 0 0 0 20067 0 20067 0 90325 0 90325 0 0 0 0 0 0 0 1449110 1449110 0 4247699 3915954 261658 70087 19587 13255 6332 0 1249297 853233 363840 32224 855729 311838 541917 1974 0 0 0 0 815549 751854 50238 13457 797816 556296 164646 76874 0 0 0 0 251181 54480 193383 3318 5444305 5019105 335369 89831 0 0 0 0 5223136 4814999 321960 86177 147547 0 147547 0 Dining services 1210504 1210504 0 0 Debt management fees 537517 495537 33111 8869 Books, Magazines and Subscriptions 463614 449777 9610 4227 Dues and Membership 228741 46435 180371 1935 439633 318639 119067 1927 48217050 37890992 8697746 1628312 1781533 2353148 0 0 779390 736740 750846 874951 0 0 0 0 29856 31128 0 0 1033977 1277961 156685082 53398867 106617682 103286215 0 0 340192711 351083740 0 0 0 0 3898987 1656799 455084982 461300682 4648190 4159519 0 0 399058 573512 148977104 150772594 0 0 0 0 0 0 0 0 30356846 23549143 184381198 179054768 X 12492078 8840361 255935553 270680720 2276153 2724833 270703784 282245914 455084982 461300682 X -19687904 26680325 0 0 0 4549709 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 0 0 0 SchC_P2B_S00_L01 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. 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 469570393 44430 -118844517 0 22110000 0 328660306 0.0074 0.0078 0.9848 0 0 0 14604513 14604513 0 129512591 45614348 83898243 0 1877095 840359 1036736 0 10680883 6944160 3736723 0 10000 0 10000 103286215 Equity funds 86776649 F fixed funds 48591546 F Real assets funds 16692029 F Hedge funds 152218042 F Private equity funds 12688946 F Venture equity funds 11612942 F Cash and cash equivalents 22503586 F 351083740 0 Interest rate agreements 13549143 Taxable bonds 10000000 23549143 X 48337624 26680325 0 0 0 26680325 21657299 1449110 5422737 6871847 28529146 36795494 0 0 0 0 0 36795494 1449110 9972446 11421556 48217050 SchD_P05_S00_L04 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. SchD_P10_S00_L02 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. SchD_P11_S00_L04b Schedule D, Part XI, Line 4b Financial Aid $10,102,391; Rental expenses -$129,945; Change in FMV interest agreements -$6,807,703; Loss on extinguishment of debt $2,258,222; Fixed assets disposals -$228; Total to Schedule D, Part XI, Line 4b $5,422,737. SchD_P12_S00_L04b Schedule D, Part XII, Line 4b Financial Aid $10,102,391; Rental expenses -$129,945; Total to Schedule D, Part XII, Line 4b $9,972,446. 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SchE_P01_S00_L03 Schedule E, Part I, Line 3 The College includes a statement of it racially nondiscriminatory policy in all 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. SchE_P01_S00_L06 Schedule E, Part I, Line 6 Federal grantor/pass-through grantor/program or cluster title and federal expenditures: Total Department of Education: $734,312. Total National Science Foundation: $657,323. Total National Aeronautics and Space Administration: $24,821 Total Department of Defense: $82,231. Total Department of Health and Human Services: $119,300. Total USAID Foreign Assistance for Programs Overseas: $62,420. 1 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Conference 2900 Europe (including Iceland and Greenland) 0 0 Program Services Conference 15667 East Asia and the Pacific 0 0 Program Services Conference 40468 Middle East and North Africa 0 0 Program Services Class project teaching locals. 9313 South America 0 0 Program Services Conference 1134 South Asia 0 0 Program Services Class project teaching locals. 22354 Sub-Saharan Africa 0 0 Program Services Class project teaching locals 16802 Central America and the Caribbean 0 0 Grantmaking Grants to recipients located in region. 10500 South Asia 0 0 Grantmaking Grants to recipients located in region. 10500 Europe (including Iceland and Greenland) 0 0 Grantmaking Grants to recipients located in region. 42000 East Asia and the Pacific 0 0 Grantmaking Grants to recipients located in region. 31500 Middle East and North Africa 0 0 Grantmaking Grants to recipients located in region. 10500 Central America and the Caribbean 0 0 Investments 1085571 0 0 1299209 Scholarships Central America and the Caribbean 1 0 Credit to account 10500 FMV Scholarships South Asia 1 0 Credit to account 10500 FMV Scholarships Europe (including Iceland and Greenland) 4 0 Credit to account 42000 FMV Scholarships East Asia and the Pacific 3 0 Credit to account 31500 FMV Scholarships Middle East and North Africa 1 0 Credit to account 10500 FMV 1 0 1 1 0 0 SchF_P01_S00_L02 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. SchF_P01_S00_L03 Schedule F, Part I, Line 3 All amounts are calculated based on Generally Accepted Accounting Principles (GAAP). 1 Olin scholarships 340 0 8417362 Fair market value Tuition discounts Need based aid 96 0 1530353 Fair market value Tuition discounts Supplemental Educational Opportunity Grant required match 9 0 6206 Fair market value Tuition discounts Scholarships 9 0 41217 Fair market value Tuition discounts SchI_P01_S00_L02 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 1 0 Richard K Miller 372403 0 0 0 23467 0 26404 0 73451 0 495725 0 0 0 Stephen P Hannabury 239941 0 0 0 19680 0 44573 0 22862 0 327056 0 0 0 Roger Crafts 163196 0 0 0 1798 0 13478 0 46105 0 224577 0 0 0 Joanne M Kossuth 218102 0 0 0 2041 0 18539 0 19166 0 257848 0 0 0 Thomas Krimmel 259443 0 0 0 3259 0 21451 0 18792 0 302945 0 0 0 Vincent Manno 261438 0 5000 0 19739 0 24230 0 617 0 311024 0 0 Charles S Nolan 217461 0 0 0 9219 0 26880 0 9005 0 262565 0 0 0 Patricia Gallagher 141459 0 0 0 1297 0 11723 0 26399 0 180878 0 0 Gill A Pratt 179571 0 0 0 359 0 14549 0 2001 0 196480 0 0 0 Mark Somerville 111282 0 0 0 50801 0 10561 0 27097 0 199741 0 0 0 Lynn A Stein 131736 0 0 0 59826 0 11505 0 351 0 203418 0 0 0 Jonathan D Stolk 102663 0 0 0 38209 0 8024 0 18236 0 167132 0 0 0 Marguerite Burke 37321 0 0 0 23 0 2549 0 0 0 39893 0 0 0 SchJ_P01_S00_L01a 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 service at the president 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, 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. SchJ_P01_S00_L03 Schedule J, Part I, Line 3 On an annual basis, most recently in July 2013, the Executive Committee of the Board of Trustees reviews the President's salary. As part of their review, they consider comparable market data for the President's position, based on other engineering and liberal arts schools as reported in a salary survey published by CUPA (College and University Personnel Association). They also use data from CUPA on Boston-area private colleges and universities, and at least three other sources of data. SchJ_P01_S00_L07 Schedule J, Part I, Line 7 Received bonus. 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 0.0035 0.008 0.0115 0 0 1 B 0 1 1 1 1 1 0.0065 0.0049 0.0114 0 0 1 C 0 1 1 1 1 1 0 0.0081 0.0081 0 0 1 A 0 1 0 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 10 239728 ave.high/low on date sold X 2 20533 food donation 0 0 1 0 F990_P03_S00_L02 Form 990, Part III, Line 2 Olin College's mission states that the College is dedicated to the discovery and development of the most effective educational approaches and aspires to serve as a model for others. In fact, the founding precepts of the College state that the (F.W. Olin) Foundation, Inc. does "...not seek to establish a generic undergraduate engineering college - one that will simply offer programs similar to many others around the country. Olin College is intended to be different - not for the mere sake of being different - but to be an important and constant contributor to the advancement of engineering education in America and throughout the world, and through its graduates, to do good for humankind." In furtherance of these principles, Olin views itself as a learning lab for innovation in engineering education, and its latest initiative, "the Collaboratory", is dedicated to co-designing transformational education experiences with other institutions. As such, Olin hosts visits, runs programs and faculty/student exchanges, and engages in partnerships with numerous other colleges and universities. For example, during the year ended June 30, 2013, the College entered into an agreement with Insper, a not-for-profit school of business, economics and engineering in Brazil, to collaborate in creating a new and innovative engineering school in Brazil. Under the agreement, Olin College will provide workshops, consulting and assistance in several academic and operational areas, including program development, faculty hiring and admissions. Olin will help Insper create a new curriculum based on pedagogical approaches developed at Olin, which emphasize hands-on learning and entrepreneurial thinking as a way of producing graduates characterized by their creativity and ability to devise innovative solutions to problems. Olin has also developed partnerships with other universities, including helping to redesign the first-year learning experience at University of Illinois at Urbana-Champaign, and a faculty exchange program with The University of Texas at El Paso. In so doing, Olin College furthers its dual missions of offering an innovative engineering program to talented undergraduate students, and playing a leading role in the transformation of engineering education in the U.S. and abroad. Olin's unique mission of revolutionizing engineering education is dependent on the intertwining efforts of the college, which graduates some of the country's most sought after engineering innovators and continually improves pedagogical practices, and its Collaboratory, which helps to spread those practices to the rest of the educational world. F990_P06_S0A_L06 Form 990, Part VI, Section A, Line 6 See responses to questions 7a and 7b. F990_P06_S0A_L07a 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. F990_P06_S0A_L07b 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. F990_P06_S0B_L11b 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. F990_P06_S0B_L12c 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. F990_P06_S0B_L15 Form 990, Part VI, Section B, Line 15 On an annual basis, most recently in July 2013, the Executive Committee of the Board of Trustees reviews the President's salary. As part of their review, they consider comparable market data for the President's position, based on other engineering and liberal arts schools as reported in a salary survey published by CUPA (College and University Personnel Association). They also use data from CUPA on Boston-area private colleges and universities, and at least three other sources of data. On an annual basis, most recently in July 2013, the Key Employees and Officers are reviewed and compared with market data. Human Resources obtains market data from a list of 13 comparable higher education institutions on an annual basis and compares the current salaries to the market data. We will make salary adjustments if necessary to bring employees to at least 80-85% of comparable market data. In addition, salaries of the Key Employees are compared to the CUPA salary survey as described above. This comparison to the CUPA data is reviewed by the Chairman of the Board to determine whether any market adjustments are necessary. Key Employees and Officers are eligible to receive merit increases most years, based on performance, with the same criteria as other employees. The decisions regarding market adjustments are approved by independent persons and all deliberations and decisions are substantiated contemporaneously. F990_P06_S0C_L19 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. F990_P11_S00_L09 Form 990, Part XI, Line 9 Chang in FMV investment rate agreement: $6,807,703 Loss on extinguishment of debt: -$2,258,222 Fixed Assets disposals: $228 Total to Form 990, Part XI, Line 9: $4,549,709.