2022-05-03T17:59:41-07:00 2021-06-30 990 2020-07-01 061519057 FRANKLIN W OLIN COLLEGE OF ENGINEERING INC FRAN 7812922300 1000 Olin way Needham MA 024921200 Donna Golemme VP for Finance and Administration 7812922417 2022-05-02 1 11 0 AAL2 X 2020 2022-09-23 18:48:47Z Gilda Barabino 1000 Olin Way Needham MA 024921200 132511772 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. 20 19 380 290 124216 0 5092727 4275866 22399191 18500256 8480524 14639888 1208111 675215 37180553 38091225 12426574 10628806 0 0 19737608 20725256 0 26738 1278620 23363215 23662096 55527397 55042896 -18346844 -16951671 461193357 541438077 185157225 179847611 276036132 361590466 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 41916096 10628806 18935508 Founded in 1997, Franklin W. Olin College of Engineering, Inc. (Olin or the College) is a diversified, gender-balanced undergraduate engineering institution with a dual mission to educate exemplary engineering innovators and to lead the transformation of engineering education. The College has approximately 300 students from around the world and has attracted over 900 applicants for the fall 2021 entering class. Olin's innovative approach to engineering education stresses project-based, interdisciplinary learning and encourages students to take control of their own education. Olin students learn 21st century skills and perspectives through authentic engineering challenges and entrepreneurial experiences. Olin has forged active partnerships with neighboring Babson and Wellesley Colleges and has co-designed transformative educational experiences with a broad range of collaborators from around the globe. 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. 78164 0 142305 Olin College's External Engagement 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 External Engagement 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 FY21, External Engagement hosted 12 virtual seminars that involved 250 participants from 156 unique organizations and institutions from around the US and the globe. In addition, 72 people registered for the 2021 Virtual Summer Institute, from 8 institutions from the U.S. and 4 other countries. Olin is playing a significant role in the movement to transform educational practice across the globe. 0 0 0 41994260 1 1 0 1 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 1 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 1 486 0 1 380 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 20 19 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 Richard K Miller President Emeritus (since July 2020) 50 X 409179 0 66068 Gilda Barabino Trustee(Ex-Officio)/President (since July 2020) 50 X X 358106 0 29011 Patricia Gallagher VP for Financial Affairs & CFO & Treasurer 50 X 246773 0 45157 Beth Kramer Vice President for Advancement 50 X 267870 0 20521 Mark Somerville Provost 50 X 235973 0 47746 Rae-Anne Butera Dean of Student Affairs (until May 2021) 50 X 176067 0 90990 Benjamin Linder Professor 50 X 223014 0 35612 Vincent Manno Provost Emeritus 50 X 228031 0 12820 Lynn Andrea Stein Professor 50 X 216881 0 12482 Jessica Townsend Interim Academic VP for External Engagement 50 X 187137 0 39186 Emily Roper-Doten Dean of Admission and Financial Aid 50 X 173418 0 51138 Jeremy Goodman VP for Admin Services & Innovation 50 X 184415 0 39766 Richard Osterberg Chief Information Officer 50 X 178590 0 28676 Jason Woodard Associate Professor and Associate Dean 50 X 168861 0 35842 Robert Martello Professor 50 X 167664 0 34111 Lauren Taaffe Vice President & Chief of Staff 50 X 178497 0 13641 Anne-Marie Dorning VP of Marketing&Communications (since Jan '21) 50 X 151780 0 17417 Alanna Boyd Former Int VP Dev,Fam & Alum Relations 50 X 118097 0 6605 Kelly Sutherland Assistant Clerk to the Board of Trustees 50 X 76856 0 38892 Kenneth R Stokes Chair 4 X X 0 0 0 Beverly Wyse Vice Chair 2 X X 0 0 0 Polina Segalova Clerk (until October 2020) 2 X X 0 0 0 Gregory Marra Clerk (since Oct 2020) 2 X X 0 0 0 Maia Bittner 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 Lawrence W Milas 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 2 X 0 0 0 Richard T Roca Trustee 2 X 0 0 0 Nina Saberi Trustee 2 X 0 0 0 3947209 0 665681 70 1 1 0 Summit Rock Advisors 9 West 57th Street 12th Floor New York NY 10019 Investment Advisors & Mgmt 2540485 Aramark Facilities Services PO Box 33170 Newark NJ 07188 Facilities Mgmt Svcs 2341148 North Country Roofing LLC 64 Ames Street Brockton MA 02302 Building Contractors 1244000 Rebecca's Commissary Inc 99 South Bedford Street Suite 7 Bedford MA 01803 Dining Services 710678 Babson College 231 Forest Street Babson Park MA 02457 Shared Administration 620540 12 0 0 0 0 1128179 3147687 50065 4275866 Student tuition and fees 611310 18357951 18357951 0 0 External Engagement revenue 611310 142305 142305 0 0 0 0 0 0 18500256 3546101 0 122485 3423616 0 0 0 0 0 0 0 0 124103 0 26445 0 97658 0 97658 0 1731 95927 103576276 1911613 94229392 164710 9346884 1746903 11093787 0 0 11093787 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other Income 611310 577557 577557 0 0 0 0 0 0 577557 38091225 19077813 124216 14613330 11420 11420 10617386 10617386 0 0 0 0 3168377 1220294 1227056 721027 0 0 0 0 13121246 9453288 3582951 85007 845379 609059 230843 5477 2554847 1840656 697639 16552 1035407 745966 282733 6708 0 0 0 0 77227 0 77227 0 103751 0 103751 0 0 0 0 0 26738 26738 2330002 0 2330002 4775630 3410002 1205491 160137 106269 312 104577 1380 933424 614722 305622 13080 1053152 469040 572930 11182 0 0 0 0 1111368 1038968 36862 35538 64941 40382 24042 517 0 0 0 0 79850 51508 26035 2307 5509410 5167180 251844 90386 0 0 0 0 4441674 4165769 203036 72869 220146 0 220146 0 Dining/Facilities Mgmt Svcs 1383430 1383430 0 0 Maintenance/Repairs 378094 354608 17283 6203 Student Stipends 370844 370844 0 0 Books, Mags & Subscriptions 266736 253045 11711 1980 456148 176381 258235 21532 55042896 41994260 11770016 1278620 1806572 2546459 4939848 3363503 937950 363878 1459667 1030605 0 0 0 0 12399 9312 0 0 3170937 2322019 159411122 87128824 75191465 72282298 127475400 143247318 242261484 312389906 0 0 0 0 3937635 3882779 461193357 541438077 5239792 5926383 0 0 2949582 1738876 148057589 147913785 0 0 0 0 0 0 0 0 28910262 24268567 185157225 179847611 X 46129910 44353775 229906222 317236691 276036132 361590466 461193357 541438077 X -16951671 97919166 0 0 0 4586839 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 12864 12864 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. 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 352459509 299588 42045995 10517663 8008418 0 376279011 0.0243 0.0119 0.9638 0 0 0 14604513 14604513 0 132289584 77164026 55125558 0 0 0 0 0 12259238 9917337 2341901 0 257787 47461 210326 72282298 0 0 Equity Funds 115258506 F Fixed Income 30524038 F Real Asset Funds 3366498 F Hedge Funds 81741844 F Private Equity 71295251 F Venture Capital Funds 10203769 F 312389906 0 Interest rate agreement 14268567 Taxable bonds 10000000 24268567 X 127676287 97919166 0 0 0 97919166 29757121 2330002 6004102 8334104 38091225 42121953 0 0 0 0 0 42121953 2330002 10590941 12920943 55042896 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: $10,617,386 Rental expenses: -$26,445 Mark to Market Swap : -$4,586,839 Total to Schedule D, Part XI, Line 4b: $6,004,102. Schedule D, Part XII, Line 4b Financial Aid: $10,617,386 Rental expenses: -$26,445 Total to Schedule D, Part XII, Line 4b: $10,590,941. 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 its website, olin.edu, and specifically at http://www.olin.edu/community/join/equal-opportunity/. 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: $1,164,494. Total National Science Foundation: $479,453. US Department of Commerce: $61,191. National Aeronautics and Space Administration: $47,307 National Institutes of Health: $22,776. US Bureau of Reclamation: $14,446. Department of Defense: $7,996. National Endowment for the ARTS: $3,072 Total $1,800,735 Europe (including Iceland and Greenland) 0 0 Program Services faculty research project 2133 Europe (including Iceland and Greenland) 0 0 Program Services conferences 56 Central America and the Caribbean 0 0 Investments 214560704 0 0 214562893 1 0 1 1 0 0 Schedule F, Part I, Line 3 All amounts are calculated based on Generally Accepted Accounting Principles (GAAP). X X X X X X 1 Martha Kurz Consulting LLC 27 High Street Rockport MA 01966 Consulting 0 0 26738 -26738 0 26738 -26738 MA MI Schedule G, Part I, Line 2b See Schedule G, Part IV, Statement 1 1 Tides Foundation PO Box 29903 San Francisco CA 941290903 510198509 501 (c) 3 7851 General Program Support 1 0 Olin Tuition Scholarship 327 0 7901218 Fair Martket Value Tuition Discounts Need Based Financial Aid 134 0 2645002 Fair Market Value Tuition Discounts Supplemental Education Opportunity Grant - Federal Aid Requested 27 0 7945 Fair Market Value Tuition Discounts Yellow Ribbon Program Scholarship 1 0 1181 Fair Market Value Tuition Discounts Room Scholarships for Residential Resources 7 0 62040 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 X 1 1 X X X X X 1 0 0 0 0 0 0 0 0 Richard K Miller President Emeritus 373221 0 0 0 35958 0 21375 0 44693 0 475247 0 0 0 Gilda Barabino Trustee(Ex-Officio)/President (since July 2020) 279031 0 0 0 79075 0 21375 0 7636 0 387117 0 0 0 Patricia Gallagher VP for Financial Affairs & CFO & Treasurer 244652 0 0 0 2121 0 18949 0 26208 0 291930 0 0 0 Beth Kramer Vice President for Advancement 245700 0 0 0 22170 0 19890 0 631 0 288391 0 0 0 Mark Somerville Provost 233891 0 0 0 2082 0 18378 0 29368 0 283719 0 0 0 Rae-Anne Butera Dean of Student Affairs (until May 2021) 174137 0 0 0 1930 0 13820 0 77170 0 267057 0 0 0 Vincent Manno Provost Emeritus 157515 0 0 0 70516 0 12488 0 332 0 240851 0 0 0 Jessica Townsend Interim Academic VP for External Engagement 183666 0 0 0 3471 0 14635 0 24551 0 226323 0 0 0 Emily Roper-Doten Dean of Admission and Financial Aid 170022 0 0 0 3396 0 13765 0 37373 0 224556 0 0 0 Jeremy Goodman VP for Admin Services & Innovation 176688 0 0 0 7727 0 14153 0 25613 0 224181 0 0 0 Lauren Taaffe Vice President & Chief of Staff 176345 0 0 0 2152 0 13226 0 415 0 192138 0 0 0 Anne-Marie Dorning VP of Marketing&Communications (since Jan '21) 149689 0 0 0 2091 0 11475 0 5942 0 169197 0 0 0 Benjamin Linder Professor 134523 0 0 0 88491 0 11200 0 24414 0 258628 0 0 0 Lynn Andrea Stein Professor 161002 0 0 0 55879 0 12075 0 407 0 229363 0 0 0 Richard Osterberg Chief Information Officer 156791 0 0 0 19799 0 13690 0 14986 0 205266 0 0 0 Jason Woodard Associate Professor and Associate Dean 112887 0 0 0 55974 0 9960 0 25882 0 204703 0 0 0 Robert Martello Professor 133596 0 0 0 34068 0 10583 0 23528 0 201775 0 0 0 Alanna Boyd Former Int VP Dev,Fam & Alum Relations 25004 0 0 0 35948 0 2130 0 72 0 63154 0 0 0 Schedule J, Part I, Line 1a As a condition of employment and for the convenience of the College, the former President was required to reside in College-provided housing. The College paid for the landscaping and cleaning services of the public areas of the President's house since certain College functions are held there. The estimated fair market rental value of the College-provided housing is $31,000 for the first half of the 2020 calendar year. This amount is not included as taxable wages and is disclosed as a part of Nontaxable Benefits. As a condition of employment and for the convenience of the College, the Dean of Student Life is required to reside in College-provided housing. The estimated fair market rental value of the College-provided housing is $40,000 for the 2020 calendar year. This amount is not included as taxable wages and is disclosed as a part of Nontaxable Benefits. The new President received a housing allowance of $50,000 for the second half of calendar 2020. This amount is included in Other Reportable Compensation. All officers are provided with a cell phone allowance which is grossed up. Schedule J, Part I, Line 4 A former officer left in 2020 and received a severance payment of $26,618. 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 0.0016 0.008 0.0096 0 0 1 B 0 1 1 1 1 1 0.0029 0.0049 0.0078 0 0 1 C 0 1 1 1 1 1 0.00 0.0081 0.0081 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 06/30/2021 Schedule K, Part IV, Line 2c-05/09/2013 38,255,000 MDFA Series D 06/30/2021 Schedule K, Part IV, Line 2c-05/09/2013 65,553,326 MDFA E 06/30/2021 X 96 fair market value X 8 49969 see Part II 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 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: $4,586,839 Extension was filed.