2024-05-01T12:32:38-07:00 2023-06-30 990 2022-07-01 061519057 FRANKLIN W OLIN COLLEGE OF ENGINEERING INC FRAN 7812922300 1000 Olin way Needham MA 024921200 Donna Golemme VP for Finance and Administration 7812922417 2024-05-01 Donna Golemme 999009999 1 1 11 1 AAL2 X 2022 2023-04-26 12:10:37Z Gilda Barabino 1000 Olin Way Needham MA 02492 107478974 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. 15 14 430 162 611084 0 5059084 3726502 26653518 26181213 8139725 2032648 760440 1042796 40612767 32983159 13966084 13718089 0 0 17385920 19946727 0 0 1413419 26452163 26131835 57804167 59796651 -17191400 -26813492 496793977 487410086 171047227 167501827 325746750 319908259 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 47045596 13718089 26707107 Founded in 1997, Franklin W. Olin College of Engineering, Inc. (Olin or the College) is an undergraduate engineering institution with a mission to transform engineering education toward a world in which engineering serves everyone. The College has approximately 373 students from around the world and has attracted 928 applicants for the fall 2023 entering class. Olin's innovative approach to engineering education stresses project-based, interdisciplinary learning and focuses on helping engineers understand the real-world impact of their work, as well as develop skills to tackle the world's most important problems, and be passionate about serving people, society, and the planet. Every admitted student receives an eight semester half tuition merit scholarship over four years. The College is accredited by the New England Commission of Higher Education (formerly a part of New England Association of Schools and Colleges) and the College's three degree programs are accredited by ABET, the accrediting organization for engineering programs. 178187 0 313459 Olin is committed to advancing a vision of Engineering for Everyone through impact-centered education, which focuses not only on preparing students to have impact but also on engaging students in creating authentic impact and in making the world a better place. As part of this strategy, Olin engages in collaborative activities with industry partners, community organizations, and academic institutions around the world (including neighboring Babson and Wellesley Colleges). Olin's externally facing programs include faculty development workshops, educational consulting services, and lifelong learning experiences for alumni and engineering professionals. Through these programs and partnerships, Olin fulfills its aspiration to be an important and constant contributor to the advancement of engineering education and to do good for humankind. 0 0 0 47223783 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 1 512 0 1 430 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 15 14 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 CA MA MI X Donna Golemme 7812922416 1000 Olin way Needham MA 024921200 Gilda Barabino Trustee(Ex-Officio)/President 50 X X 768343 0 53507 Mark Somerville Provost 50 X 301797 0 65147 Donna Golemme VP for Finance & Administration 50 X 304683 0 53886 Anne-Marie Dorning VP of Marketing and Communication 50 X 194213 0 54806 Alisha Sarang-Sieminski Dean of the College 50 X 194641 0 52900 Jeremy Goodman Former VP Admin Services & Innovation 50 X 190245 0 46533 Emily Roper-Doten Dean Admission and Financial Aid (until June '23) 50 X 177052 0 52591 Caitrin Lynch Dean of Faculty 50 X 171897 0 56476 Lauren Taaffe Vice President & Chief of Staff 50 X 211129 0 16230 Jennifer Edmonds Associate Vice President for Finance & Controller 50 X 168771 0 51243 Joanne Pratt Professor 50 X 162966 0 55294 Richard Osterberg Chief Information Officer 50 X 185829 0 30188 Charles Jason Woodard Dean of External Programs and Partnerships 50 X 159176 0 52323 Jessica Townsend Former Interim Acad VP for Ext Eng 50 X 157006 0 38850 Beverly Wyse Chair 4 X X 0 0 0 Jeannie Diefenderfer Vice Chair 2 X X 0 0 0 Gregory Marra Clerk (until Oct 2022) 2 X X 0 0 0 Richard T Roca Clerk (since Oct 2022) 2 X X 0 0 0 Maia Bittner Trustee 2 X 0 0 0 Al Bunshaft Trustee (since May 2023) 2 X 0 0 0 Chee Chew Trustee 2 X 0 0 0 Michael A Coleman Trustee (until Oct 2022) 2 X 0 0 0 Lee Edwards Trustee 2 X 0 0 0 Sherwin Greenblatt Trustee (until Oct 2022) 2 X 0 0 0 Scott Harris Trustee 2 X 0 0 0 Bruce Herring Trustee 2 X 0 0 0 George Milne Jr Trustee 2 X 0 0 0 Venky Narayanamurti Trustee 2 X 0 0 0 William B Norden Trustee 2 X 0 0 0 Lynn Pasquerella Trustee 2 X 0 0 0 Michael Sutton Trustee (since Feb 2022) 2 X 0 0 0 Nina Saberi Trustee (until Oct 2022) 2 X 0 0 0 3347748 0 679974 67 1 1 0 Summit Rock Advisors 9 West 57th Street 12th Floor New York NY 10019 Investment Advisors & Mgmt 2496564 Aramark Facilities Services PO Box 33170 Newark NJ 07188 Facilities Mgmt Svcs 2495991 ZVI Construction LLC 6909 SW 18th Street Ste A103 Boca Raton FL 33433 Building Contractors 1171277 Rebecca's Commissary Inc 99 South Bedford Street Suite 7 Bedford MA 01803 Dining Services 925646 Babson College 231 Forest Street Babson Park MA 02457 Shared Administration 581571 7 0 0 0 0 641548 3084954 234797 3726502 Student tuition and fees 611310 25867754 25867754 0 0 External engagement revenue 611310 313459 313459 0 0 0 0 0 0 26181213 3856960 0 252819 3604141 0 0 0 0 0 0 0 0 362441 0 158998 0 203443 0 203443 0 108376 95067 72488435 24070 74307318 29499 -1818883 -5429 -1824312 0 249889 -2074201 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 839353 839353 0 0 839353 32983159 27020566 611084 1625007 14913 14913 13077173 13077173 626003 626003 0 0 2074067 311789 1165894 596384 0 0 0 0 14054447 10948755 2922762 182930 870492 646579 209148 14765 1901357 1295337 570702 35318 1046364 719683 299019 27662 0 0 0 0 141770 0 141770 0 118125 0 118125 0 0 0 0 0 0 0 2090593 0 2090593 0 5391761 3850683 1176354 364724 97913 16602 81311 0 1269366 800821 381280 87265 1078111 397189 676941 3981 0 0 0 0 7035974 6660408 367935 7631 737017 561498 132344 43175 0 0 0 0 87519 78297 9110 112 0 0 0 0 0 0 0 0 4169081 4010774 153716 4591 331370 12 331358 0 dining & facility magmt services 1620130 1620130 0 0 books/magazines 271837 261701 10101 35 student stipends 484400 482000 2400 0 maintenance & repairs 381724 351879 29516 329 825144 491557 289070 44517 59796651 47223783 11159449 1413419 2605775 53133 2574332 6169410 241840 235043 830975 834703 0 0 0 0 11149 12967 0 0 2079144 2253598 163612897 95889179 69377781 67723718 121477696 69099863 297595285 340655776 0 0 0 0 0 371875 496793977 487410086 5027443 5435648 0 0 1268875 1117691 147769979 147626174 0 0 0 0 0 0 0 0 16980930 13322314 171047227 167501827 X 42015779 38233722 283730971 281674537 325746750 319908259 496793977 487410086 X -26813492 16944510 0 0 0 4030491 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 6432 6432 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. $6,432 dues were paid in FY23, the College continues to be a member of the association. 419072981 350394 16875683 13701356 12842063 0 409755639 455637223 368173 -16481353 13704354 6746708 0 419072981 369736884 638709 108539149 10617386 12660133 0 455637223 383956119 666153 10524512 12405309 13004591 0 369736884 384059113 152668 20368897 11749488 8875071 0 383956119 0.0199 0.0209 0.9592 0 0 0 14604513 14604513 0 133247648 84768332 48479316 0 0 0 0 0 13441651 11046756 2394895 0 2319085 74091 2244994 67723718 Equity Funds 93283143 F Fixed income funds 51263352 F Real Asset funds 2752163 F Hedge Funds 84835517 F Private equity funds 91831066 F Venture capital funds 16690535 F 340655776 Interest rate agreement 3322314 Taxable bonds 10000000 13322314 X 38325209 16944510 0 0 0 16944510 21380699 2090593 9511867 11602460 32983159 44163700 0 0 0 0 0 44163700 2090593 13542358 15632951 59796651 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: $13,701,356 Rental expenses: -$158,998 Mark to Market Swap : -$4,030,491 Total to Schedule D, Part XI, Line 4b: $9,511,867. Schedule D, Part XII, Line 4b Financial Aid: $13,701,356 Rental expenses: -$158,998 Total to Schedule D, Part XII, Line 4b: $13,542,358. 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 This question is marked "No" because the policy statement is not located on the College's homepage. However, the College includes a statement of its racially nondiscriminatory policy in its brochures and catalogues dealing with student admissions, programs and scholarships, and on its website, olin.edu at https://www.olin.edu/admission. Further, the College includes a reference to its racially nondiscriminatory policy in written advertising that it uses as a means of informing prospective students and the general public 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: $871,693. US Department of Commerce: $25,004. National Aeronautics and Space Administration: $47,845. Total National Science Foundation: $415,470. National Institutes of Health: $126,473. US Bureau of Reclamation: $11,081. Department of Defense: $15,675. Total $1,513,241. 1 Central America and the Caribbean 0 0 Investments 196390107 Europe (including Iceland and Greenland) 0 0 Program Services teaching away 2059 Europe (including Iceland and Greenland) 0 0 Program Services faculty research project 1412 Europe (including Iceland and Greenland) 0 0 Program Services conferences 25609 North America (including Canada and Mexico, but not the United States) 0 0 Program Services conferences 1478 Central America and the Caribbean 0 0 Program Services prospective p-ship 244 East Asia and the Pacific 0 0 Program Services conferences 2486 South Asia 0 0 Grantmaking Grants awarded to individuals 500 Sub-Saharan Africa 0 0 Grantmaking Grants awarded to individuals 1320 East Asia and the Pacific 0 0 Grantmaking Grants awarded to recipients 156611 Europe (including Iceland and Greenland) 0 0 Grantmaking Grants awarded to recipients 410292 Central America and the Caribbean 0 0 Grantmaking Grants awarded to recipients 14320 Middle East and North Africa 0 0 Grantmaking Grants awarded to recipients 23867 South Asia 0 0 Grantmaking Grants awarded to recipients 9547 South America 0 0 Grantmaking Grants awarded to recipients 9547 0 0 197049399 Scholarship East Asia and the Pacific 7 156611 Credit to Student Account Fair Market Value Scholarship Europe (including Iceland and Greenland) 22 410292 Credit to Student Account Fair Market Value Scholarship Central America and the Caribbean 1 14320 Credit to Student Account Fair Market Value Scholarship Middle East and North Africa 3 23867 Credit to Student Account Fair Market Value Scholarship South Asia 2 9547 Credit to Student Account Fair Market Value Scholarship South America 2 9547 Credit to Student Account Fair Market Value Grants awarded to individuals South Asia 1 500 purchasing card Grants awarded to individuals Sub-Saharan Africa 3 1320 purchasing card 1 0 1 1 0 0 Schedule F, Part I, Line 2 Olin College provides all accepted students with merit scholarships which cover half of their tuition and are credited directly to their student accounts. The scholarships are only used to offset tuition charges. The college provides assistance to certain not-for-profit organizations that support the College and/or have similar beliefs. The assistance is considered a donation. 1 Rise Against Hunger 4801 Glenwood Avenue Suite 200 Raleigh NC 27612 161541024 501(c)(3) 10000 General Program Support 1 0 Olin Tuition Scholarship 332 0 9465167 Fair Market Value Tuition Discounts Need Based Financial Aid 121 0 3515908 Fair Market Value Tuition Discounts Supplemental Education Opportunity Grant - Federal Aid Requested 27 0 8338 Fair Market Value Tuition Discounts Room Scholarships for Residential Resources 8 0 87760 Fair Market Value Room Discounts Schedule I, Part I, Line 2 Olin College provides all accepted students with merit scholarships which cover half of their tuition and are credited directly to their student accounts. The scholarships are only used to offset tuition charges. The college provides assistance to certain not-for-profit organizations that support the college and/or have similar beliefs. The assistance is considered a donation. X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 Gilda Barabino Trustee(Ex-Officio)/President 596894 0 0 0 171449 0 22875 0 30632 0 821850 0 0 0 Donna Golemme VP for Finance & Administration 301808 0 0 0 2875 0 21661 0 32225 0 358569 0 0 0 Mark Somerville Provost 299657 0 0 0 2140 0 22875 0 42272 0 366944 0 0 0 Lauren Taaffe Vice President & Chief of Staff 209090 0 0 0 2039 0 15682 0 548 0 227359 0 0 0 Anne-Marie Dorning VP of Marketing and Communication 180639 0 0 0 13575 0 15290 0 39517 0 249021 0 0 0 Alisha Sarang-Sieminski Dean of the College 193584 0 0 0 1057 0 15290 0 37610 0 247541 0 0 0 Jeremy Goodman Former VP Admin Services & Innovation 183201 0 0 0 7044 0 14796 0 31737 0 236778 0 0 0 Emily Roper-Doten Dean Admission and Financial Aid (until June '23) 176102 0 0 0 950 0 14391 0 38200 0 229643 0 0 0 Richard Osterberg Chief Information Officer 166795 0 0 0 19034 0 14312 0 15877 0 216018 0 0 0 Caitrin Lynch Dean of Faculty 126703 0 0 0 45195 0 11414 0 45062 0 228374 0 0 0 Jennifer Edmonds Associate Vice President for Finance & Controller 168771 0 0 0 0 0 13567 0 37676 0 220014 0 0 0 Charles Jason Woodard Dean of External Programs and Partnerships 116197 0 0 0 42979 0 10888 0 41435 0 211499 0 0 0 Joanne Pratt Professor 122775 0 0 0 40191 0 10722 0 44573 0 218261 0 0 0 Jessica Townsend Formr Inter Acad VP for Ext Eng/Current Professor 103850 0 0 0 53156 0 8679 0 30171 0 195856 0 0 0 Schedule J, Part I, Line 1a The President received a housing allowance of $100,000 for the calendar year 2022 while the on-campus President's home was being redesigned and renovated. This amount is included in Other Reportable Compensation. All officers are provided with a cell phone allowance which is grossed up. A MDFA Series C2 & C3 043431814 57583RZG3 2008-09-04 84000000 Refunding of Series A-1 & A-2 0 0 0 B MDFA Series D 043431814 2013-05-09 38255000 Partial Refunding of Series C2 & C3 0 0 0 C MDFA E 043431814 57583UVPO 2013-05-09 65553326 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 187552 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 0.0017 0.008 0.0097 0 0 1 B 0 1 1 1 1 1 0.0032 0.0049 0.0081 0 0 1 C 0 1 1 1 1 1 0.002 0.0081 0.0101 0 0 1 A 0 0 0 1 1 0 0 0 1 B 0 0 0 1 0 0 0 0 1 C 0 0 0 1 0 0 0 0 1 A 1 B 1 C 1 Schedule K, Part IV, Line 2c-09/04/2008 84,000,000 MDFA Series C2 & C3 06/30/2023 Schedule K, Part IV, Line 2c-05/09/2013 38,255,000 MDFA Series D 06/30/2023 Schedule K, Part IV, Line 2c-05/09/2013 65,553,326 MDFA E 06/30/2023 X 6 169074 FMV X Kinova lightweight robot & accessories 1 54473 Price Quote from Kinova Inc. X Piano 1 11250 Appraisal 0 0 1 0 Schedule M, Part I, Line 33 In Part I, Line 9 column (b) the College reported the number of contributions. Publicly traded securities are valued at the average of the high and low value on the date received. Form 990, Part VI, Section B, Line 11b The College's core Form 990 and related schedules were reviewed by the Audit Committee of the Board of Trustees, senior management, and a paid tax consultant. All feedback from the above parties was incorporated in the form. Prior to filing with the IRS, the final Form 990 is distributed to the full board for review through an email link to the college's intranet. 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 ______________________________________________________________________________________________Form 990, Part VI, Section B, Line 15a The College engages an independent external consulting firm to benchmark compensation data from comparable higher education institutions for the President of the College. The Executive Committee of the Board of Trustees is provided the market data for discussion and recommendation for change in salary. The President's compensation is approved by the Executive Committee, all of whom are independent. ______________________________________________________________________________________________Form 990, Part VI, Section B, Line 15b Human Resources conducts and documents an annual review of compensation for staff, including Officers of the College. The compensation review process for all staff positions, including Officers, includes comparing market and salary survey data from independent professional sources. New Officer positions are benchmarked for comparable salaries with peer higher education institutions. The percentage increase in salary for staff, including Officers, is approved as part of the annual budget process by the Finance & Facilities Committee of the Board of Trustees and full Board of Trustees. Any Officer promotion, bonus and change in salary beyond the standard staff increase is approved by the Executive Committee of the Board of Trustees. All trustees are independent of the College. 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 by-laws are also available via the organization's and Massachusetts Attorney General's websites. Form 990, Part XI, Line 9 Change in FMV interest rate agreement: $4,030,491