2023-04-21T08:11:15-07:00 2022-06-30 990 2021-07-01 061519057 FRANKLIN W OLIN COLLEGE OF ENGINEERING INC FRAN 7812922300 1000 Olin way Needham MA 024921200 Donna Golemme VP for Finance and Administration 7812922417 2023-04-24 1 11 1 AAL2 2021 2023-04-26 12:10:37Z Gilda Barabino 1000 Olin Way Needham MA 024921200 91071997 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. 17 16 407 190 68843 0 4275866 5059084 18500256 26653518 14639888 8139725 675215 760440 38091225 40612767 10628806 13966084 0 0 20725256 17385920 26738 0 1201372 23662096 26452163 55042896 57804167 -16951671 -17191400 541438077 496793977 179847611 171047227 361590466 325746750 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 46049397 13966084 26884305 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 356 students from around the world and has attracted 863 applicants for the fall 2022 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. 106541 374604 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 46155938 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 0 0 0 0 0 0 0 0 0 1 496 0 1 407 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 17 16 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA MA MI X Donna Golemme 7812922416 1000 Olin way Needham MA 024921200 Gilda Barabino Trustee(Ex-Officio)/President 50 X X 719564 0 38218 Mark Somerville Provost 50 X 295257 0 52947 Richard K Miller President Emeritus(since July 2020) 50 X 256548 0 22993 Patricia Gallagher VP for FA & CFO & Treasurer- until Nov 2021 50 X 233102 0 41745 Alisha Sarang-Sieminski Dean of the College (since June 2021) 50 X 202084 0 40747 Jeremy Goodman VP for Administration Services and Innovation 50 X 196800 0 41623 Anne-Marie Dorning VP of Marketing and Communication 50 X 192235 0 42100 Beth Kramer Vice President for Advancement (until July 2021) 50 X 221851 0 12234 Lauren Taaffe Vice President & Chief of Staff 50 X 205768 0 13738 Emily Roper-Doten Dean of Admission and Financial Aid 50 X 173785 0 40592 Jessica Townsend Interim Academic VP External Eng-until Sept 2021 50 X 171402 0 39734 Richard Osterberg Chief Information Officer 50 X 181998 0 25414 Jonathan Stolk Professor 50 X 161256 0 37449 Charles Jason Woodard Dean of External Programs and Partnerships 50 X 156307 0 37672 Rae-Anne Butera Dean of Student Affairs (until May 2021) 50 X 148282 0 39234 David Barrett Professor 50 X 159001 0 15254 Caitrin Lynch Dean of Faculty 50 X 163486 0 10745 Donna Golemme VP for Finance & Administration (since Dec 2021) 50 X 17885 0 0 Kenneth R Stokes Chair (until Oct 2021) 4 X X 0 0 0 Beverly Wyse Vice Chair (until Oct 2021) Chair (since Oct 2021) 4.00 X X 0 0 0 Gregory Marra Clerk 2 X X 0 0 0 Maia Bitner Trustee 2 X 0 0 0 Chee Chew Trustee 2 X 0 0 0 Michael A Coleman Trustee 2 X 0 0 0 Jeannie Diefenderfer Trustee 2 X 0 0 0 Lee Edwards Trustee 2 X 0 0 0 Sherwin Greenblatt Trustee 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 James Plummer Trustee (until Oct 2021) 2 X 0 0 0 Richard T Roca Trustee 2 X 0 0 0 Nina Saberi Trustee 2 X 0 0 0 3856611 0 552439 64 1 1 0 Summit Rock Advisors 9 West 57th Street 12th Floor New York NY 10019 Investment Advisors & Mgmt 2886411 Aramark Facilities Services PO Box 33170 Newark NJ 07188 Facilities Mgmt Svcs 2812069 Rebecca's Commissary Inc 99 South Bedford Street Suite 7 Bedford MA 01803 Dining Services 847190 Babson College 231 Forest Street Babson Park MA 02457 Shared Administration 595956 North Country Roofing LLC 64 Ames Street Brockton MA 02302 Building Contractors 424293 12 0 0 0 0 1528141 3530943 15801 5059084 Student tuition and fees 611310 26278914 26278914 0 0 External engagement revenue 611310 374604 374604 0 0 0 0 0 0 26653518 3629851 0 31393 3598458 0 0 0 0 0 0 0 0 218626 0 63577 0 155049 0 155049 0 37450 117599 54905527 0 50395653 0 4509874 0 4509874 0 0 4509874 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 605391 605391 0 0 605391 40612767 27258909 68843 8225931 22843 22843 13717468 13717468 225773 225773 0 0 2487679 921887 932669 633123 0 0 0 0 11760821 9431470 2089608 239743 759234 585380 158689 15165 1494989 1053977 403257 37755 883197 635168 217681 30348 0 0 0 0 123278 2883 120395 0 99207 0 99207 0 0 0 0 0 2498710 0 2498710 0 5515979 3903929 1508408 103642 98167 14397 83770 0 1145313 702292 410532 32489 1116436 464444 639205 12787 0 0 0 0 6920174 6571951 340695 7528 500975 316759 135222 48994 0 0 0 0 114064 75664 35036 3364 0 0 0 0 0 0 0 0 4321634 4157534 159340 4760 254188 0 254188 Dining/Facilities Mgmt Services 1774589 1764963 9316 310 Book, Mags & Subscriptions 268687 266439 2191 57 Student Stipends 450360 450360 0 0 Maintenance/Repairs 322909 280097 42567 245 927493 590260 306171 31062 57804167 46155938 10446857 1201372 2546459 2605775 3363503 2574332 363878 241840 1030605 830975 0 0 0 0 9312 11149 0 0 2322019 2079144 160972040 91594259 72282298 69377781 143247318 121477696 312389906 297595285 0 0 0 0 3882779 0 541438077 496793977 5926383 5027443 0 0 1738876 1268875 147913785 147769979 0 0 0 0 0 0 0 0 24268567 16980930 179847611 171047227 X 44353775 42015779 317236691 283730971 361590466 325746750 541438077 496793977 X -17191400 -22057174 0 0 0 3404858 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 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. No dues were paid in FY22 as the fees were prepaid in FY21. The College continues to be a member of the association. 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 376279011 367015 27575186 11468230 8693869 0 384059113 0.027 0.0138 0.9592 0 0 0 14604513 14604513 0 132741609 81044414 51697195 0 0 0 0 0 13017446 10489069 2528377 0 608472 60776 547696 69377781 Equity Funds 81643671 F Fixed Income 18688326 F Real Asset Funds 3971220 F Hedge Funds 79204801 F Private Equity 93540524 F Venture Capital Funds 20546743 F 297595285 Interest rate agreement 6980930 Taxable bonds 10000000 16980930 X 5820964 -22057174 0 0 0 -22057174 27878138 2498710 10235919 12734629 40612767 41664680 0 0 0 0 0 41664680 2498710 13640777 16139487 57804167 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: $13,704,354 Rental expenses: -$63,577 Mark to Market Swap : -$3,404,858 Total to Schedule D, Part XI, Line 4b: $10,235,919. Schedule D, Part XII, Line 4b Financial Aid: $13,704,354 Rental expenses: -$63,577 Total to Schedule D, Part XII, Line 4b: $13,640,777. 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: $985,385. Total Federal Emergency Management Agency: $483,044. US Department of Commerce: $66,523. National Aeronautics and Space Administration: $106,142. Total National Science Foundation: $539,850. Institute of Museum and Library Services: $4,200. National Institutes of Health: $56,111. US Bureau of Reclamation: $19,978. Department of Defense: $15,782. Total $2,277,015. 1 Central America and the Caribbean 0 0 Investments 179427377 Europe (including Iceland and Greenland) 0 0 Program Services faculty research project 82 Middle East and North Africa 0 0 Program Services faculty research project 2880 Europe (including Iceland and Greenland) 0 0 Program Services conferences 2066 North America (including Canada and Mexico, but not the United States) 0 0 Program Services conferences 11006 Europe (including Iceland and Greenland) 0 0 Grantmaking Grants awarded to recipients 209996 East Asia and the Pacific 0 0 Grantmaking Grants awarded to recipient 13903 South America 0 0 Grantmaking Grants awarded to individuals 898 Sub-Saharan Africa 0 0 Grantmaking Grants awarded to individuals 976 0 0 179669184 Scholarship Europe (including Iceland and Greenland) 8 209996 Credit to Student Account Fair Market Value Scholarship East Asia and the Pacific 1 13903 Credit to Student Account Fair Market Value 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 Massachusetts Institute of Technology 77 Massachusetts Avenue Cambridge MA 02139 042103594 501(c)(3) 20000 Donation to MIT (Prof. John H. Lienhard V) for their share of the Bureau of Reclamation's More Water Less Concentrate Challenge prize. 1 0 Olin Tuition Scholarship 352 0 9823703 Fair Market Value Tuition Discounts Need Based Financial Aid 129 0 3564168 Fair Market Value Tuition Discounts Supplemental Education Opportunity Grant - Federal Aid Requested 27 0 7384 Fair Market Value Tuition Discounts Room Scholarships for Residential Resources 8 0 85200 Fair Market Value Room Discounts Federal Aid 100 236513 0 Fair Market Value HEERF IDIN donation 1 500 0 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 X 1 0 0 0 0 0 0 1 0 Gilda Barabino Trustee(Ex-Officio)/President (since July 2020) 577333 0 0 0 142231 0 21750 0 16468 0 757782 0 0 0 Mark Somerville Provost 281550 0 0 0 13707 0 21750 0 31197 0 348204 0 0 0 Richard K Miller Trustee(Ex-Officio)/President (until July 2020) 197086 0 0 0 59462 0 15619 0 7373 0 279540 0 0 0 Patricia Gallagher VP for Financial Affair & CFO & Treasurer (until Nov 2021) 205781 0 0 0 27321 0 16055 0 25689 0 274846 0 0 0 Alisha Sarang-Sieminski Dean of the College (new positn since June 2021) 195401 0 0 0 6683 0 15652 0 25096 0 242832 0 0 0 Jeremy Goodman VP for Admin Srvcs&Innovatn(new positn since Jan2019) 179080 0 9435 0 8285 0 14365 0 27258 0 238423 0 0 0 Anne-Marie Dorning VP of Marketing and Communication (new positn Jan 2021) 166184 0 0 0 26051 0 14832 0 27268 0 234335 0 0 0 Beth Kramer Vice President for Advancement (until July 2021) 143325 0 0 0 78526 0 11603 0 631 0 234085 0 0 0 Lauren Taaffe Vice President & Chief of Staff 202500 0 0 0 3268 0 13226 0 512 0 219506 0 0 0 Emily Roper-Doten Dean of Admission and Financial Aid 172061 0 0 0 1724 0 13972 0 26620 0 214377 0 0 0 Jessica Townsend Interim Academic VP for External Engagement (until Sept 2021) 160888 0 0 0 10514 0 13281 0 26454 0 211137 0 0 0 Richard Osterberg Chief Information Officer 159913 0 0 0 22085 0 13895 0 11519 0 207412 0 0 0 Jonathan Stolk Professor 138993 0 0 0 22263 0 11148 0 26301 0 198705 0 0 0 Charles Jason Woodard Dean of External Programs and Partnerships 113389 0 0 0 42918 0 10313 0 27359 0 193979 0 0 0 Rae-Anne Butera Dean of Student Affairs (until May 2021) 73062 0 0 0 75220 0 5758 0 33476 0 187516 0 0 0 David Barrett Professor 138638 0 0 0 20363 0 11906 0 3348 0 174255 0 0 0 Caitrin Lynch Dean of Faculty 123315 0 0 0 40171 0 10482 0 263 0 174231 0 0 0 Schedule J, Part I, Line 1a The President received a housing allowance of $100,000 for the calendar year 2021 while the on-campus President's home was being redesigned and renovated. This amount is included in Other Reportable Compensation. As a condition of employment and for the convenience of the College, the Dean of Student Affairs is required to reside in College-provided housing. The estimated fair market rental value of the College-provided housing is $16,667 for the first five months of 2021 calendar year. This amount is not included as taxable wages and is disclosed as a part of Nontaxable Benefits. All officers are provided with a cell phone allowance which is grossed up. Schedule J, Part I, Line 4 Two former officers left in 2021 and received severance payments of $45,526 and $56,698. Schedule J, Part I, Line 7 Jeremy Goodman received a bonus in recognition of his work related to the pandemic during the 2020-2021 academic year. 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 84100156 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 0.0024 0.008 0.0104 0 0 1 B 0 1 1 1 1 1 0.0043 0.0049 0.0092 0 0 1 C 0 1 1 1 1 1 0.0012 0.0081 0.0093 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 - 06/30/2022 Schedule K, Part IV, Line 2c-05/09/2013 38,255,000 MDFA Series D - 06/30/2022 Schedule K, Part IV, Line 2c-05/09/2013 65,553,326 MDFA E - 06/30/2022 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 The salaries of the president and all executive staff were reviewed by an external, nationally recognized consultant in FY20. The firm based their analysis based on market comparisons drawn from a blend of national and regional comparison groups that include highly ranked colleges and universities with comparably high admission requirements and from national and regional institutions that are comparable to Olin in terms of finances, academic programs, reputation and mission. General industry data was also included for those positions that are not unique to higher education. For each group, the consultant analyzed base salary, total cash compensation and total compensation for the 25th, 50th, 75th and 90th percentiles. Using this data, compensation for the President is set by the Board of Trustees and compensation for senior officers is set by the President and reviewed and approved by the Executive Committee of the Board of Trustees. For FY21 and FY22, the College applied an appropriate aging factor to the FY20 analysis and also consulted other market data as needed. 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 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: $3,404,858