2022-05-12T09:56:14-07:00 2021-06-30 990 2020-07-01 010211497 PRESIDENT & TRUSTEES OF COLBY COLLEGE PRES 2078595522 4120 Mayflower Hill Waterville ME 04901 Douglas Terp VP for Administration & CFO 2078594770 2022-05-12 1 11 1 AAL2 X 2020 2022-09-23 18:48:47Z David A Greene 4120 Mayflower Hill Waterville ME 04901 498283000 0 X www.colby.edu X 1821 ME Education 36 35 2610 2000 0 0 74975000 42028000 146401000 160237000 70732000 87661000 258000 198000 292366000 290124000 46300775 51328748 0 0 91137000 92791000 0 0 6762010 74858225 86328252 212296000 230448000 80070000 59676000 1856024000 2242751000 314439000 311504000 1541585000 1931247000 Colby seeks to provide a unique educational experience and a broad acquaintance with human knowledge to enable each student to fulfill his or her own unique potential. 0 0 188607456 51328748 160238000 Post secondary education: Instruction of 2,155 undergraduate students in 2020/21. 523 were graduated in the 2020/21 year. This includes expenditures for faculty, dormitories and dining, student and academic support services, campus maintenance services and other related costs. 0 0 0 188607456 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 1 0 0 1 3154 0 1 2610 1 1 1 1 FR SP 0 0 0 0 0 0 0 0 1 0 X 36 35 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 OK X Douglas C Terp 2078594774 4120 Mayflower Hill Waterville ME 04901 Greene David A President 40 0 X X 1115711 0 232966 O'Donnell Hugh J Associate VP & Chief Investment Officer 40 0 X 483020 0 206693 Terp Douglas C Vice President for Administration and CFO 40 0 X 403757 0 53451 McGadney C Andrew Vice President and Dean of Student Advancement 40 0 X 334125 0 55217 Uchida Richard Y Vice President, General Counsel and Secretary of the College 40 0 X 301000 0 50155 McFadden Margaret T Provost and Dean of Faculty 40 0 X 286000 0 51378 Burrell-McRae Karlene Dean of the College 40 0 X 282370 0 48093 Proto Matthew T VP for Enrollment and Communications and Dean of Admissions and Financial Aid 40 0 X 271620 0 49237 Phillips Jane B VP for College and Student Advancement 40 0 X 266000 0 38742 Clark Brian J Vice President of Planning 40 0 X 213000 0 43379 Jackson Ruth J Vice President and Chief of Staff 40 0 X 214050 0 41336 Colhoun Sandy Chief Campaign Officer 40 0 X 206000 0 42454 Maisel L Sandy Professor 40 0 X 208068 0 29631 Gibson Mary Ellis Professor 40 0 X 206917 0 29941 Sibunruang Harris Director Investments 40 0 X 189770 0 39655 Flowers Kimberly Exec Director Public Affairs 40 0 X 193667 0 19924 Wisecup Michael D Vice President and Director of Athletics 40 0 X 206720 0 0 Rosengren Eric Chair of the Board 5 0 X X 0 0 0 Thakor Sunil H Vice Chair of the Board 5 0 X X 0 0 0 Wolff Anne Clarke Vice Chair of the Board 5 0 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 Boland Susan E Trustee 5 0 X 0 0 0 Boulos Joseph F 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 Diamond Robert E Trustee 5 0 X 0 0 0 Decosta Eric Trustee 5 0 X 0 0 0 Earle Steven M Trustee 5 0 X 0 0 0 Epstein David S 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 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 McVey Richard M Trustee 5 0 X 0 0 0 O'Donnell Timothy Trustee 5 0 X 0 0 0 O'Neill III John J 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 Rouse Peter M Trustee 5 0 X 0 0 0 Rothschild Marieke 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 Ward Laura P Trustee 5 0 X 0 0 0 Walter Amy Trustee 5 0 X 0 0 0 Williams Tanya E Trustee 5 0 X 0 0 0 5381795 0 1032252 176 0 1 0 Consigli Construction Co Inc 15 Franklin Street Portland ME 04101 Construction 41051830 Landry French Construction CO 160 Pleasant Hill Road Scarborough ME 04074 Construction 17321278 Bon Appetit Management Co 198 College Hill Road Clinton NY 13323 Food Services 7909132 Clinical Research Sequencing Platfo 415 Main Street Cambridge MA 02142 Laboratory 5279079 William Rawn Assoc Architects Inc 10 Post Office Square Suite 1010 Boston MA 02109 Architecture 2520260 36 0 0 0 0 7036000 34992000 19079000 42028000 Tuition and fees 611310 128368000 128368000 0 0 Auxiliary 611710 31297000 31297000 0 0 572000 572000 0 0 160237000 12487000 0 0 12487000 0 0 0 0 0 0 0 0 70000 0 0 0 70000 0 70000 0 0 70000 224213000 59120000 194358000 13801000 29855000 45319000 75174000 0 0 75174000 0 128000 0 0 128000 128000 290124000 160237000 0 87859000 179748 179748 50408000 50408000 741000 741000 0 0 4765827 1225085 2783589 757153 42718 42718 0 0 65982603 53076808 9757013 3148782 3913852 3112845 572932 228075 13319000 10671000 1938000 710000 4767000 3743000 755000 269000 22151000 17437000 4033000 681000 902000 228000 667000 7000 267000 0 267000 0 0 0 0 0 0 0 8163000 0 8163000 0 0 0 0 0 0 0 0 0 10573000 9599000 694000 280000 4370000 2458000 1808000 104000 0 0 0 0 9334000 8846000 478000 10000 617000 546000 62000 9000 0 0 0 0 0 0 0 0 7641000 6838000 574000 229000 0 0 0 0 14564000 13355000 1209000 0 3180000 2774000 405000 1000 Staff Recruitment 214000 148000 60000 6000 Dues and Memberships 1732000 1146000 408000 178000 On-Campus Meals and Lodging 722000 310000 273000 139000 1898252 1722252 171000 5000 230448000 188607456 35078534 6762010 0 0 50347000 32925000 184111000 150802000 4445469 11539596 134531 176404 0 0 888000 681000 1110000 892000 2507000 2420000 865845000 193590000 638761000 672255000 235517000 274530000 734732000 1092743000 0 0 0 0 3471000 3787000 1856024000 2242751000 29536000 29115000 0 0 4225000 2788000 25000000 25000000 0 0 0 0 200498000 200540000 0 0 55180000 54061000 314439000 311504000 X 500906000 594490000 1040679000 1336757000 1541585000 1931247000 1856024000 2242751000 X 59676000 332890000 0 0 0 -2904000 X 0 1 X 1 1 1 X 92306000 185132000 72820000 74975000 42028000 467261000 0 0 0 0 0 0 0 0 0 0 0 0 92306000 185132000 72820000 74975000 42028000 467261000 190841000 276420000 10560000 13469000 14081000 13173000 12557000 63840000 0 0 0 0 0 0 696000 62000 31000 184000 70000 1043000 532144000 714636000 0.51945 0.50161 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 70000 70000 0 Schedule C, Part II-B, Line 1 The College paid $70,000 in dues to various organizations, some portion of which may be used for lobbying in connection with issues that impact higher education. 1959000 220648000 0 0 X X X X 0 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 710659000 14971000 90040000 13142000 20951000 6448000 775129000 0.25 0.271 0.479 0 0 0 194000 194000 0 544389000 164362000 380027000 0 56680000 21553000 35127000 0 9879000 4647000 5232000 0 254703000 3028000 251675000 672255000 Fixed Income Securities 141772000 F Global Equity Funds 182504000 F Hedge Funds 225676000 F Venture Capital Funds 301187000 F Buyout Funds 168110000 F Real Estate Funds 25680000 F Natural Resources Funds 24782000 F Other Investments 23032000 F 1092743000 0 Government advances for student loans 175000 Annuity obligations 10198000 Post retirement benefit obligation 37450000 Asset retirement obligation 6238000 54061000 X 614851000 332890000 0 0 0 332890000 281961000 8163000 0 8163000 290124000 222285000 0 0 0 0 0 222285000 8163000 0 8163000 230448000 Schedule D, Part III, Line 4 Founded in 1959 and now comprising five wings, nearly 10,000 works, and more than 38,000 square feet of exhibition space, the Colby College Museum of Art has built an important collection that specializes in American and contemporary art with additional, select collections of Chinese antiquities, European paintings, and works on paper. The Museum serves as a teaching resource for Colby College and is a major cultural destination for the residents of Maine and visitors to the state. 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 3 Program Services Study abroad program 287000 Russia and the newly independent States 0 0 Program Services Study abroad program 26000 Europe (including Iceland and Greenland) 0 0 Grantmaking 562000 East Asia and the Pacific 0 0 Grantmaking 179000 Central America and the Caribbean 0 0 Investments 74628000 Europe (including Iceland and Greenland) 0 0 Investments 13751000 Sub-Saharan Africa 0 0 Investments 7581000 2 3 97014000 Scholarships Europe (including Iceland and Greenland) 9 562000 check 0 Scholarships East Asia and the Pacific 5 179000 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 Central Maine Growth Council 50 Elm Street Waterville ME 04901 010546258 501(c)(6) 65309 0 General support Waterville Creates 10 Water Street Suite 106 Waterville ME 04901 010505433 501(c)(3) 47000 0 General support City of Waterville One Common Street Waterville ME 04901 016000037 20000 0 General support Kennebec Valley Council of Governments 17 Main Street Fairfield ME 04937 010488478 501(c)(3) 10000 0 General support The Maine Center for Public Interest Reporting PO Box 284 Hallowell ME 04347 272623867 501(c)(3) 10000 0 General support The Equal Justice Initiative 122 Commerce Street Montgomery AL 36104 631135091 501(c)(3) 9606 0 General support National Black Child Development Institute 8455 Colesville Road Suite 910 Silver Spring MD 20910 520908178 501(c)(3) 9295 0 General support Maine Inside Out PO Box 15168 Portland ME 04112 830462687 501(c)(3) 8538 0 General support 7 1 Scholarships to students 935 0 50408000 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 at the bursar's office to offset academic charges. X X X X 1 1 X X X X X X 0 1 0 0 0 0 0 1 0 Greene David A President 722125 0 150213 0 243373 0 126302 0 106664 0 1348677 0 117095 0 Terp Douglas C Vice President for Administration and CFO 390020 0 1000 0 12737 0 26802 0 26649 0 457208 0 0 0 McGadney C Andrew Vice President and Dean of Student Advancement 333125 0 1000 0 0 0 26802 0 28415 0 389342 0 0 0 Uchida Richard Y Vice President, General Counsel and Secretary of the College 300000 0 1000 0 0 0 26802 0 23353 0 351155 0 0 0 McFadden Margaret T Provost and Dean of Faculty 285000 0 1000 0 0 0 26802 0 24576 0 337378 0 0 0 Burrell-McRae Karlene Dean of the College 265620 0 16750 0 0 0 24864 0 23229 0 330463 0 0 0 Proto Matthew T VP for Enrollment and Communications and Dean of Admissions and Financial Aid 270620 0 1000 0 0 0 25364 0 23873 0 320857 0 0 0 Phillips Jane B VP for College and Student Advancement 250000 0 1000 0 15000 0 13302 0 25440 0 304742 0 0 0 Clark Brian J Vice President of Planning 212000 0 1000 0 0 0 19502 0 23877 0 256379 0 0 0 Jackson Ruth J Vice President and Chief of Staff 213050 0 1000 0 0 0 19607 0 21729 0 255386 0 0 0 Wisecup Michael D Vice President and Director of Athletics 205000 0 1720 0 0 0 0 0 0 0 206720 0 0 0 O'Donnell Hugh J Associate VP & Chief Investment Officer 294338 0 24154 0 164528 0 193102 0 18525 0 694647 0 161366 0 Colhoun Sandy Chief Campaign Officer 205000 0 1000 0 0 0 18802 0 23652 0 248454 0 0 0 Maisel L Sandy Professor 202915 0 1000 0 4153 0 18594 0 11037 0 237699 0 0 0 Gibson Mary Ellis Professor 205917 0 1000 0 0 0 18589 0 11352 0 236858 0 0 0 Sibunruang Harris Director Investments 188770 0 1000 0 0 0 13654 0 26001 0 229425 0 0 0 Flowers Kimberly Exec Director Public Affairs 166667 0 11000 0 16000 0 0 0 19924 0 213591 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 for travel by the President, funded by way of a restricted gift. 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. None of the benefits were 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 President David A. Greene participates in a deferred compensation arrangement. The amount earned in calendar year 2020 under the program totaled $100,000. Hugh J. O'Donnell (Associate VP & Chief Investment Officer) participates in a deferred compensation arrangement. The amount earned in calendar year 2020 under the program totaled $166,300. Schedule J, Part I, Line 7 All officers, a key employee, and the five highest compensated received a performance bonus approved by the President and the Board Affairs Committee. These amounts are disclosed in Schedule J, Part II, (B), (ii). 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 41000 8200 0 1 1 David A Greene President Education Loan X 27735 11094 0 1 1 David A Greene President Education Loan X 42584 17034 0 1 1 David A Greene President Education Loan X 42473 25484 0 1 1 David A Greene President Education Loan X 42553 25532 0 1 1 David A Greene President Education Loan X 50838 40670 0 1 1 David A Greene President Education Loan X 60490 48390 0 1 1 176404 Stephanie K Proto Spouse of officer 42718 Compensation 0 X 24 1959000 Qualified appraisals X 124 17120000 IRS valuation on gift date 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 Post-retirement benefit cost change $603,000, Write-off of assets ($2,943,000), Change in annuity and life income funds ($564,000) 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 764000 17493000 The President & Trustees of Colby College Elm City 173 LLC 4120 Mayflower Hill Waterville ME 04901 474313598 Real Estate Development ME 259000 5318000 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 1434000 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 (24) 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 10000 Cash transactions