2023-05-15T14:38:34-07:00 2022-06-30 990 2021-07-01 010211497 PRESIDENT & TRUSTEES OF COLBY COLLEGE PRES 2078594769 4120 Mayflower Hill Waterville ME 04901 Nicole Labbe-Trufant VP and Chief Financial Officer 2078594770 2023-05-09 1 11 1 AAL2 X 2021 2023-04-26 12:10:37Z David A Greene 4120 Mayflower Hill Waterville ME 04901 936826000 0 X www.colby.edu X 1821 ME Education 35 33 2776 2000 0 0 42028000 89039000 160237000 173142000 87661000 140964000 198000 118000 290124000 403263000 51328748 50853871 0 0 92791000 97097418 0 0 8836264 86328252 112194711 230448000 260146000 59676000 143117000 2242751000 2249032000 311504000 409310000 1931247000 1839722000 Colby seeks to provide a unique educational experience and a broad acquaintance with human knowledge to enable each student to fulfill their own unique potential. 0 0 202515537 50854000 173142000 Post secondary education: Instruction of 2,262 undergraduate students in 2021/22. In the 2021/22 year, 529 students graduated, and an estimated 230 students studied away. 87.45% complete the degree within five years; the student/faculty ratio is 10:1. This includes expenditures for faculty, dormitories and dining, student and academic support services, campus maintenance services and other related costs. 0 0 0 202515537 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 3304 0 1 2776 1 1 1 1 FR SP 0 0 0 0 0 0 0 0 1 1 X 35 33 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 OK X Alicia Gardiner 2078595522 4120 Mayflower Hill Waterville ME 04901 Greene David A President 40 0 X X 1328313 0 339526 Terp Douglas C Vice President for Administration and CFO 40 0 X 462014 0 54291 Shufrin Deborah Associate VP and Chief Investment Officer 40 0 X 450000 0 8332 Uchida Richard Y Vice President, General Counsel and Secretary of the College 40 0 X 350000 0 51039 McFadden Margaret T Provost and Dean of Faculty 40 0 X 330010 0 52527 Burrell-McRae Karlene Dean of the College 40 0 X 309160 0 71047 Proto Matthew T VP and Chief Institutional Advancement Officer 40 0 X 302438 0 54011 Sibunruang Harris Director Investments 40 0 X 265150 0 47687 Phillips Jane B VP for College and Student Advancement 40 0 X 250000 0 50122 Terrassa Jacqueline Director, Museum of Art 40 0 X 273505 0 11109 Clark Brian J Vice President of Planning 40 0 X 231080 0 46619 Jackson Ruth J Vice President and Chief of Staff 40 0 X 224025 0 43110 Gouvea Fernando Professor 40 0 X 205433 0 47522 Colhoun Sandy Chief Campaign Officer 40 0 X 208180 0 44104 Flowers Kimberly Exec Director Public Affairs 40 0 X 218750 0 17215 Wisecup Michael D Vice President and Director of Athletics 40 0 X 213920 0 11080 McGadney C Andrew VP and Dean of Student Advancement until 06/21 40 0 X 172969 0 41700 Epstein David S Trustee, Part-time instructor 5 0 X 5000 0 0 Powers Jane M Chair of the Board 5 0 X X 0 0 0 Boland Susan E Vice Chair of the Board 5 0 X X 0 0 0 O'Neill III John J Vice Chair of the Board 5 0 X X 0 0 0 Alfond William Trustee 5 0 X 0 0 0 Allen Brenda Trustee 5 0 X 0 0 0 Bengochea Armando Trustee 5 0 X 0 0 0 Boulos Joseph F Trustee 5 0 X 0 0 0 Brunet Christian M Trustee 5 0 X 0 0 0 Buck Alexander K Trustee 5 0 X 0 0 0 Burns Sara J 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 Crook Jr James H Trustee 5 0 X 0 0 0 Cummings Stephen E Trustee 5 0 X 0 0 0 Cyker Nancy Donahue Trustee 5 0 X 0 0 0 Dailey Coy R Trustee 5 0 X 0 0 0 Decosta Eric Trustee 5 0 X 0 0 0 Diamond Robert E Trustee 5 0 X 0 0 0 Dinneen Jacklyn D Trustee 5 0 X 0 0 0 Earle Steven M Trustee 5 0 X 0 0 0 Eustis Sarah E Trustee 5 0 X 0 0 0 Forese James A Trustee 5 0 X 0 0 0 Gordon Michael L Trustee 5 0 X 0 0 0 Haynes Tionna C Trustee 5 0 X 0 0 0 Hoopes Jr Robert R Trustee 5 0 X 0 0 0 Huntt Shaquan Trustee 5 0 X 0 0 0 Koester Michael E Trustee 5 0 X 0 0 0 Lawry Seth W Trustee 5 0 X 0 0 0 Leff Miguel Trustee 5 0 X 0 0 0 Lunder Paula Crane Trustee 5 0 X 0 0 0 Lyons John F Trustee 5 0 X 0 0 0 McVey Richard M Trustee 5 0 X 0 0 0 O'Donnell Timothy Trustee 5 0 X 0 0 0 Packman Jeffrey N Trustee 5 0 X 0 0 0 Pulver David Trustee 5 0 X 0 0 0 Roosevelt Catherine Trustee 5 0 X 0 0 0 Rosengren Eric Trustee 5 0 X 0 0 0 Rothschild Marieke Trustee 5 0 X 0 0 0 Rouse Peter M Trustee 5 0 X 0 0 0 Smith Carl L Trustee 5 0 X 0 0 0 Stanton Jessica D'Ercole Trustee 5 0 X 0 0 0 Thakor Sunil H Vice Chair of the Board 5 0 X 0 0 0 Tharakan Joerose Trustee 5 0 X 0 0 0 Walter Amy Trustee 5 0 X 0 0 0 Ward Laura P Trustee 5 0 X 0 0 0 Williams Tanya E Trustee 5 0 X 0 0 0 Woodfork Joshua C Trustee 5 0 X 0 0 0 5799947 0 991041 188 1 1 0 Consigli Construction Co Inc 15 Franklin Street Portland ME 04101 Construction 16402000 Landry French Construction CO 160 Pleasant Hill Road Scarborough ME 04074 Construction 13655000 Bon Appetit Management Co 198 College Hill Road Clinton NY 13323 Food Services 9219000 Cianbro Corporation 101 Cianbro Square Pittsfield ME 04967 Construction 6091000 William Rawn Assoc Architects Inc 10 Post Office Square Suite 1010 Boston MA 02109 Architecture 3141000 31 0 0 0 0 2342000 86697000 23388000 89039000 Tuition and fees 611310 136372000 136372000 0 0 Auxiliary 611710 34645000 34645000 0 0 2125000 2125000 0 0 173142000 18482000 0 0 18482000 0 0 0 0 0 0 0 0 75000 0 0 0 75000 0 75000 0 0 75000 526843000 129202000 500432000 33131000 26411000 96071000 122482000 0 0 122482000 0 43000 0 0 43000 43000 403263000 173142000 0 141082000 173871 173871 46748000 46748000 3932000 3932000 0 0 5407149 1501897 2626022 1279230 52288 52288 0 0 68835961 54712614 11929030 2194317 3979414 3223973 642737 112704 13877606 11443183 1805410 629013 4945000 3924000 789000 232000 23742000 19129000 3132000 1481000 3682000 441000 3239000 2000 231000 0 231000 0 0 0 0 0 0 0 14649000 0 14649000 0 0 0 0 0 0 0 0 0 13315000 12271000 1024000 20000 4312000 2410000 1873000 29000 0 0 0 0 10355000 8013000 1805000 537000 4548000 3746000 624000 178000 0 0 0 0 0 0 0 0 9712000 8819000 664000 229000 0 0 0 0 15638000 14380000 1258000 0 3711000 2893000 817000 1000 On-Campus Meals and Lodging 2772000 341000 1076000 1355000 Dues and Membership 1938000 1070000 355000 513000 Staff Recruitment 202000 135000 28000 39000 3387711 3155711 227000 5000 260146000 202515537 48794199 8836264 0 0 32925000 65553000 150802000 151755000 11539596 7293564 176404 213436 0 0 681000 537000 892000 830000 2420000 4178000 953309000 209587000 672255000 743722000 274530000 261334000 1092743000 1010681000 0 0 0 0 3787000 2935000 2242751000 2249032000 29290000 34706000 0 0 2788000 2209000 25000000 25000000 0 0 200540000 300586000 0 0 53886000 46809000 311504000 409310000 X 594490000 627369000 1336757000 1212353000 1931247000 1839722000 2242751000 2249032000 X 143117000 -240814000 0 0 0 6172000 X 0 1 X 1 1 1 X 185132000 72820000 74975000 42028000 89039000 463994000 0 0 0 0 0 0 0 0 0 0 0 0 185132000 72820000 74975000 42028000 89039000 463994000 157888000 306106000 13469000 14081000 13173000 12557000 18557000 71837000 0 0 0 0 0 0 62000 31000 184000 128000 43000 448000 536279000 761123000 0.57080 0.5473 X Schedule A, Part I, Line 7 The basis of Colby's public charity status has been and continues to be its qualifications 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 81000 81000 0 Schedule C, Part II-B, Line 1 The College paid $81,000 in dues to various organizations, some portion of which may be used for lobbying in connection with issues that impact higher education. 627000 225566000 0 0 X X X X 0 1257738000 24890000 -96510000 18182000 30836000 14649000 1122451000 878323000 25511000 408898000 15807000 31024000 8163000 1257738000 869927000 21646000 37842000 14992000 28714000 7386000 878323000 828013000 19097000 74096000 14490000 30155000 6634000 869927000 775129000 16883000 84136000 13884000 27237000 7014000 828013000 0.244 0.327 0.429 0 0 0 10249000 10249000 0 550459000 173299000 377160000 0 63918000 25000000 38918000 0 11479000 7496000 3983000 0 317204000 3792000 313412000 743722000 0 0 Fixed Income Securities 132725000 F Global Equity Funds 194710000 F Hedge Funds 202087000 F Venture Capital Funds 241582000 F Buyout Funds 144417000 F Real Estate Funds 38850000 F Natural Resources Funds 32064000 F Other Investments 24246000 F 1010681000 0 Post retirement benefit obligation 30862000 Annuity Obligations 9397000 Asset Retirement Obligation 6550000 46809000 X 147800000 -240814000 0 0 0 -240814000 388614000 14649000 0 14649000 403263000 245497000 0 0 0 0 0 245497000 14649000 0 14649000 260146000 Schedule D, Part III, Line 4 Founded in 1959, the Colby College Museum of Art is a teaching museum, a destination for American art, and a place for education and engagement with local, national, and global communities. Part of Colby College, the museum is located in Waterville, Maine, and actively contributes to Colby's curricular and co-curricular programs and to the region's quality of life. It inspires connections between art and people through distinctive exhibitions, programs, and publications and through an outstanding collection that emphasizes American art and contemporary art within holdings that span cultures and time periods. The Colby Museum actively seeks to increase diversity, equity, inclusion, and access across all of its work and to advocate for the community value of art, artists, and museums in engaging with today's most vital questions. 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. 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 8 Program Services Study Abroad Programs 834000 Central America and the Caribbean 0 1 Program Services Study Abroad Program 44000 Middle East and North Africa 0 1 Program Services Study Abroad Program 32000 Europe (including Iceland and Greenland) 0 0 Grantmaking 3308000 East Asia and the Pacific 0 0 Grantmaking 428000 South America 0 0 Grantmaking 110000 Sub-Saharan Africa 0 0 Grantmaking 75000 Middle East and North Africa 0 0 Grantmaking 11000 Central America and the Caribbean 0 0 Investments 238413000 Europe (including Iceland and Greenland) 0 0 Investments 38648000 Sub-Saharan Africa 0 0 Investments 9132000 2 10 291035000 Scholarships Europe (including Iceland and Greenland) 78 3308000 check 0 Scholarships East Asia and the Pacific 8 428000 check 0 Scholarships South America 2 110000 check 0 Scholarships Sub-Saharan Africa 1 75000 check 0 Scholarships Middle East and North Africa 1 11000 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 Creates 10 Water Street Waterville ME 04901 010505433 501(c)(3) 96500 0 General support Central Maine Growth Council 50 Elm Street Waterville ME 04901 010546258 501(c)(6) 41871 0 General support City of Waterville One Common Streett Waterville ME 04901 016000037 Government 30000 0 General support Alfond Youth Center 126 North St Waterville ME 04901 043341661 501(c)(3) 5500 0 General support 3 1 Scholarships to students 865 0 46748000 Book 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 to offset academic charges. X X X X 1 1 X X X X X X 1 1 0 0 0 0 0 1 0 Greene David A President 861063 0 198713 0 268537 0 226802 0 112724 0 1667839 0 145689 0 Terp Douglas C Vice President for Administration and CFO 409525 0 40000 0 12489 0 26802 0 27489 0 516305 0 0 0 Shufrin Deborah Associate VP and Chief Investment Officer 450000 0 0 0 0 0 0 0 8332 0 458332 0 0 0 Uchida Richard Y Vice President, General Counsel and Secretary of the College 315000 0 35000 0 0 0 26802 0 24237 0 401039 0 0 0 McFadden Margaret T Provost and Dean of Faculty 310010 0 20000 0 0 0 26802 0 25725 0 382537 0 0 0 Burrell-McRae Karlene Dean of the College 289160 0 20000 0 0 0 26802 0 44245 0 380207 0 0 0 Proto Matthew T VP and Chief Institutional Advancement Officer 302438 0 0 0 0 0 28802 0 25209 0 356449 0 0 0 Sibunruang Harris Director Investments 176760 0 38390 0 50000 0 20978 0 26709 0 312837 0 0 0 Phillips Jane B VP for College and Student Advancement 10417 0 0 0 239583 0 23302 0 26820 0 300122 0 0 0 Terrassa Jacqueline Director, Museum of Art 235005 0 0 0 38500 0 0 0 11109 0 284614 0 0 0 Clark Brian J Vice President of Planning 231080 0 0 0 0 0 21410 0 25209 0 277699 0 0 0 Jackson Ruth J Vice President and Chief of Staff 224025 0 0 0 0 0 20705 0 22405 0 267135 0 0 0 Gouvea Fernando Professor 205433 0 0 0 0 0 18845 0 28677 0 252955 0 0 0 Colhoun Sandy Chief Campaign Officer 208180 0 0 0 0 0 19120 0 24984 0 252284 0 0 0 Flowers Kimberly Exec Director Public Affairs 202750 0 0 0 16000 0 0 0 17215 0 235965 0 0 0 Wisecup Michael D Vice President and Director of Athletics 213200 0 0 0 720 0 11080 0 0 0 225000 0 0 0 McGadney C Andrew VP and Dean of Student Advancement 166563 0 0 0 6406 0 26802 0 14898 0 214669 0 0 0 Schedule J, Part I, Line 1a First-class or charter travel - First-class is not authorized for employees traveling on College business without advance 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 approved the limited use of first-class travel for the President when traveling on College business. Charter travel was used on a limited basis to provide travel for certain Trustees to attend meetings on campus. Travel for companions - Travel for companions is permitted only when the companion's travel is directly in furtherance of the College's business purposes. Tax indemnification and gross-up payments - Payments are made on the President's behalf relating to personal insurance policies and are included in his imputed income. The College grosses up this amount to offset the impact on net pay. 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, and was not treated as taxable compensation in accordance with applicable law. Housing is provided to the Dean of the College and is not a required condition of employment; therefore, this benefit is treated as taxable compensation in accordance with applicable law. Schedule J, Part I, Line 3 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 Board Affairs 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 4 An officer voluntarily concluded employment in 2021; salary continuation payments were made under the term of their employment agreement. President David A. Greene participates in a deferred compensation arrangement. The amount earned in calendar year 2021 under the program totaled $200,000. Schedule J, Part I, Line 7 Certain officers and employees received a performance bonus approved by the President and the Board Affairs Committee. These amounts were disclosed in Schedule J, Part II, (B), (ii). Key employee in the investment office has an incentive performance related bonus based in part on the investment performance of the Colby College endowment. A Maine Health & Higher Educational Facilities Authority 010314384 000000000 2019-06-11 25000000 Facilities 0 0 0 A 0 0 25000000 0 0 0 0 0 0 25000000 0 0 2020 0 0 1 1 A 0 0 0 0 0 0 0 0 0 1 A 0 1 0 0 0 0 0 0 1 A 1 David A Greene President Education Loan X 27735 5547 0 1 1 David A Greene President Education Loan X 42584 8517 0 1 1 David A Greene President Education Loan X 42473 16988 0 1 1 David A Greene President Education Loan X 42553 17020 0 1 1 David A Greene President Education Loan X 37313 22387 0 1 1 David A Greene President Education Loan X 74015 44409 0 1 1 David A Greene President Education Loan X 47463 37970 0 1 1 David A Greene President Education Loan X 75747 60598 0 1 1 213436 Stephanie K Proto Spouse of officer 52288 Compensation & benefits 0 X 14 627000 Qualified appraisals X 110 14606000 IRS valuation on gift date X 1 8000000 Qualified appraisal X Supplies 3 155000 Fair market value 8 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 VI, Section A, Line 2 Trustees Jack O'Neill, Tim O'Donnell, and James Crook are co-investors in limited partnerships, of which they each own more than a 10% interest. 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 website 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 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, 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 Board Affairs 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 Board Affairs 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 website. Other governing documents and the conflict of interest policy are made available to the public upon request. Form 990, Part XI, Line 9 Postretirement benefit cost change $6,107,000; Net change in annuity and life income funds $65,000 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 2142000 17628000 The President & Trustees of Colby College Elm City 173 LLC 4120 Mayflower Hill Waterville ME 04901 474313598 Real Estate Development ME 234000 5208000 The President & Trustees of Colby College Elm City 20 LLC 4120 Mayflower Hill Waterville ME 04901 474888049 Real Estate Development ME 0 0 The President & Trustees of Colby College Elm City 13 LLC 4120 Mayflower Hill Waterville ME 04901 475277633 Real Estate Development ME 0 683000 The President & Trustees of Colby College Elm City 14 LLC 4120 Mayflower Hill Waterville ME 04901 810865849 Real Estate Development ME 0 0 The President & Trustees of Colby College Elm City 93 LLC 4120 Mayflower Hill Waterville ME 04901 843982685 Real Estate Development ME 0 10108000 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 I The President & Trustees of Colby College 1 Mayflower Hill Broadcasting WMHB 4000 Mayflower Hill Waterville ME 04901 141876184 operation of radio station ME 501(c)(3) 7 The President & Trustees of Colby College 1 Charitable Remainder Trust (19) 4120 Mayflower Hill Waterville ME 04901 Charitable Remainder Unitrust ME Colby T 1 Charitable Remainder Annuity Trust (1) 4120 Mayflower Hill Waterville ME 04901 Charitable Remainder Annuity Trust ME Colby T 1 Colby College Pooled Income Fund B (1) 4120 Mayflower Hill Waterville ME 04901 Pooled Income Fund ME Colby T 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Mayflower Hill Broadcasting WMHB b 11000 Cash transactions