2021-05-11T16:23:59-07:00 2020-06-30 990 2019-07-01 010211497 PRESIDENT & TRUSTEES OF COLBY COLLEGE PRES 2078594127 4120 Mayflower Hill Waterville ME 04901 Douglas Terp VP for Administration & CFO 2078594770 2021-05-12 2019 2022-09-23 18:48:47Z David A Greene 4120 Mayflower Hill Waterville ME 04901 486515000 0 X www.colby.edu X 1821 ME Education 34 33 3294 2000 -126000 0 72820000 74975000 145717000 146401000 66331000 70732000 137000 258000 285005000 292366000 43984179 46300775 0 0 87085000 91137000 0 0 7037000 79814821 74858225 210884000 212296000 74121000 80070000 1822747000 1856024000 324898000 314439000 1497849000 1541585000 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 173838000 46300775 146401000 Post secondary education: Instruction of 2,003 undergraduate students in 2019/20. 487 were graduated in the 2019/20 year. This includes expenditures for faculty, dormitories and dining, student and academic support services, campus maintenance services and other related costs. 0 0 0 173838000 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 3210 0 1 3294 1 1 1 1 FR SP 0 0 0 1 1 0 0 0 0 1 0 X 34 33 0 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 1070819 0 230937 O'Donnell Hugh J Associate VP & Chief Investment Officer 40 0 X 663703 0 137448 Terp Douglas C Vice President for Administration and CFO 40 0 X 391978 0 50355 McGadney C Andrew Vice President and Dean of Student Advancement 40 0 X 329063 0 76799 Uchida Richard Y Vice President, General Counsel and Secretary of the College 40 0 X 317386 0 33668 Burrell-McRae Karlene Dean of the College 40 0 X 276309 0 48430 McFadden Margaret T Provost and Dean of Faculty 40 0 X 273750 0 47445 Proto Matthew T VP for Enrollment and Communications and Dean of Admissions and Financial Aid 40 0 X 252970 0 39684 Maisel L Sandy Professor 40 0 X 245923 0 33247 Phillips Jane B VP for College and Student Advancement 40 0 X 247500 0 24276 Clark Brian J Vice President of Planning 40 0 X 218580 0 41499 Berkner Paul D Medical Director 40 0 X 222529 0 31454 Jackson Ruth J Vice President and Chief of Staff 40 0 X 207925 0 45305 Corwin Sharon L Director of Museum of Art 40 0 X 226098 0 23658 Glazer Lee Director of the Lunder Institute for American Art 40 0 X 212250 0 25740 Gibson Mary Ellis Professor 40 0 X 203903 0 28868 Lugo Daniel G VP for College and Student Advancement 40 0 X 177927 0 29162 Saunders Steven E Professor 40 0 X 174481 0 25429 Wisecup Michael D Vice President and Director of Athletics Athletics 40 0 X 173755 0 0 Rosengren Eric Chair of the Board 5 0 X X 0 0 0 Packman Jeffrey N Vice Chair of the Board 5 0 X 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 Bronstein Sheri 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 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'Neill III John J Trustee 5 0 X 0 0 0 Powers M Jane 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 Smith Carl L Trustee 5 0 X 0 0 0 Soules Jason Trustee 5 0 X 0 0 0 Stanton Jessica D'Ercole Trustee 5 0 X 0 0 0 Thakor Sunil H 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 Wolff Anne Clarke Trustee 5 0 X 0 0 0 5886849 0 973404 180 1 1 0 Consigli Construction Co Inc 15 Franklin Street Portland ME 04101 Construction 64901274 Bon Appetit Management Co 198 College Hill Road Clinton NY 13323 Food Services 10063623 Cianbro Corporation PO Box 1000 Pittsfield ME 04967 Construction 2392440 Sasaki Associates Inc 64 Pleasant St Watertown MA 02472 Architectural 1722392 Landry French Construction Co 160 Pleasant Hill Road Scarborough ME 04074 Construction 1257646 35 0 0 0 0 2426000 72549000 28699000 74975000 Tuition and fees 611310 119667000 119667000 0 0 Auxiliary 611710 25322000 25322000 0 0 Summer Programs 900099 454000 0 454000 0 Physical Fitness Facility 713940 2000 0 2000 0 956000 956000 0 0 146401000 13099000 0 0 13099000 0 0 0 0 0 0 0 0 74000 0 0 0 74000 0 74000 0 0 74000 204420000 47362000 183649000 10500000 20771000 36862000 57633000 0 -582000 58215000 0 184000 0 0 184000 184000 292366000 145945000 -126000 71572000 96775 96775 41859000 41859000 4345000 4345000 0 0 4426894 1080734 2686784 659376 12593 12593 0 0 65181513 54130673 8002216 3048624 3966000 3111000 637000 218000 12850000 10315000 1845000 690000 4700000 3826000 617000 257000 12044000 10293000 1555000 196000 343000 168000 175000 0 244000 0 244000 0 0 0 0 0 0 0 7386000 0 7386000 0 0 0 0 0 0 0 0 0 12293000 11179000 821000 293000 3167000 1630000 1537000 0 0 0 0 0 6454000 5518000 748000 188000 4394000 3273000 812000 309000 0 0 0 0 0 0 0 0 7113000 6041000 877000 195000 0 0 0 0 12296000 10062000 1827000 407000 2551000 2257000 275000 19000 Dues and Memberships 1379000 929000 343000 107000 Staff Recruitment 433000 411000 19000 3000 On-Campus Meals and Lodging 1764000 1061000 315000 388000 2997225 2239225 699000 59000 212296000 173838000 31421000 7037000 0 0 58450000 50347000 180114000 184111000 7789121 4445469 126879 134531 0 0 1490000 888000 691000 1110000 3341000 2507000 832121000 193360000 552628000 638761000 278787000 235517000 733343000 734732000 0 0 0 0 5987000 3471000 1822747000 1856024000 45383000 29536000 0 0 1582000 4225000 117491000 25000000 0 0 0 0 104735000 200498000 0 0 55707000 55180000 324898000 314439000 X 472479000 500906000 1025370000 1040679000 1497849000 1541585000 1822747000 1856024000 X 80070000 -29653000 0 0 0 -6681000 X 0 1 X 1 1 1 X 30159000 92306000 185132000 72820000 74975000 455392000 0 0 0 0 0 0 0 0 0 0 0 0 30159000 92306000 185132000 72820000 74975000 455392000 195992000 259400000 9353000 10560000 13469000 14081000 13173000 60636000 0 0 0 0 0 0 137000 696000 62000 31000 184000 1110000 517138000 675639000 0.50161 0.52742 X Schedule A, Part I, Line 7 The basis of Colby's public charity status has been and continues to be its qualification 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 37000 37000 0 Schedule C, Part II-B, Line 1 The College paid $37,000 in dues to various organizations, some portion of which may be used for lobbying in connection with issues that impact higher education. 786000 216977000 0 0 X X X X 0 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 745957000 15243000 -8382000 12461000 22789000 6909000 710659000 0.255 0.387 0.358 0 0 0 194000 194000 0 367017000 161731000 205286000 0 47051000 25814000 21237000 0 7219000 3139000 4080000 0 410640000 2676000 407964000 638761000 Fixed Income Securities 82496000 F Global Equity Funds 145356000 F Hedge Funds 201297000 F Venture Capital Funds 162157000 F Buyout Funds 85445000 F Real Estate Funds 20585000 F Natural Resources Funds 17924000 F Other Investments 19472000 F 734732000 0 Government advances for student loans 409000 Annuity obligations 10076000 Post retirement benefit obligation 38747000 Asset retirement obligation 5948000 55180000 X 255360000 -29653000 0 0 33000 -29620000 284980000 7386000 0 7386000 292366000 204943000 0 0 0 0 0 204943000 7386000 -33000 7353000 212296000 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. Schedule D, Part XI, Line 2d Other (negative) expense- $33,000 Schedule D, Part XII, Line 4b Other (negative) expense- ($33,000) 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 7 Program Services Study Abroad Program 1097000 Central America and the Caribbean 0 2 Program Services Study Abroad Program 92000 South Asia 0 1 Program Services Study Abroad Program 78000 Sub-Saharan Africa 0 1 Program Services Study Abroad Program 39000 Europe (including Iceland and Greenland) 0 0 Grantmaking 2983000 East Asia and the Pacific 0 0 Grantmaking 857000 South America 0 0 Grantmaking 174000 Central America and the Caribbean 0 0 Grantmaking 172000 Sub-Saharan Africa 0 0 Grantmaking 159000 Central America and the Caribbean 0 0 Investments 65053000 Europe (including Iceland and Greenland) 0 0 Investments 10280000 Sub-Saharan Africa 0 0 Investments 6619000 2 11 87603000 Scholarships Europe (including Iceland and Greenland) 78 2983000 check 0 Scholarships East Asia and the Pacific 23 857000 check 0 Scholarships South America 4 174000 check 0 Scholarships Central America and the Caribbean 4 172000 check 0 Scholarships Sub-Saharan Africa 4 159000 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 Reg Arts & Comm Ctr Waterville Creates 177 Main Street Waterville ME 04901 010505433 501(c)(3) 29275 0 general support Waterville Opera House Assoc 93 Main Street Waterville ME 04901 510159481 501(c)(3) 25000 0 general support Central Maine Growth Council 50 Elm Street Waterville ME 04901 010546258 501(c)(6) 20000 0 general support Mid-Maine Global Forum PO Box 2636 Waterville ME 04901 010514420 501(c)(3) 12500 0 general support Children's Discovery Museum 7 Eustis Parkway Waterville ME 04901 010437848 501(c)(3) 10000 0 general support 4 1 Scholarships to students 866 0 41859000 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 692312 0 273753 0 104754 0 126302 0 104635 0 1301756 0 135003 0 Burrell-McRae Karlene Dean of the College 260509 0 0 0 15800 0 24353 0 24077 0 324739 0 0 0 Clark Brian J Vice President of Planning 203200 0 10000 0 5380 0 18622 0 22877 0 260079 0 0 0 Jackson Ruth J Vice President and Chief of Staff 207925 0 0 0 0 0 19094 0 26211 0 253230 0 0 0 McFadden Margaret T Provost and Dean of Faculty 273750 0 0 0 0 0 25677 0 21768 0 321195 0 0 0 McGadney C Andrew Vice President and Dean of Student Advancement 329063 0 0 0 0 0 26302 0 50497 0 405862 0 0 0 Phillips Jane B VP for College and Student Advancement 232500 0 0 0 15000 0 0 0 24276 0 271776 0 0 0 Proto Matthew T VP for Enrollment and Communications and Dean of Admissions and Financial Aid 252970 0 0 0 0 0 16807 0 22877 0 292654 0 0 0 Terp Douglas C Vice President for Administration and CFO 380010 0 0 0 11968 0 26302 0 24053 0 442333 0 0 0 Uchida Richard Y Vice President, General Counsel and Secretary of the College 291750 0 0 0 25636 0 11943 0 21725 0 351054 0 0 0 Wisecup Michael D Vice President and Director of Athletics Athletics 166786 0 0 0 6969 0 0 0 0 0 173755 0 0 0 O'Donnell Hugh J Associate VP & Chief Investment Officer 387665 0 271421 0 4618 0 114603 0 22845 0 801152 0 137500 0 Lugo Daniel G VP for College and Student Advancement 177542 0 0 0 385 0 16056 0 13105 0 207088 0 0 0 Saunders Steven E Professor 174481 0 0 0 0 0 15750 0 9679 0 199910 0 0 0 Maisel L Sandy Professor 240307 0 0 0 5616 0 22333 0 10915 0 279171 0 0 0 Corwin Sharon L Director of Museum of Art 226098 0 0 0 0 0 20912 0 2746 0 249756 0 0 0 Berkner Paul D Medical Director 222377 0 0 0 151 0 20540 0 10915 0 253983 0 0 0 Glazer Lee Director of the Lunder Institute for American Art 182250 0 0 0 30000 0 0 0 25740 0 237990 0 0 0 Gibson Mary Ellis Professor 200903 0 0 0 3000 0 18392 0 10476 0 232771 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 advanced 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, including by the President, Officers (2) and other employees, 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 off-set 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 2019 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 2019 under the program totaled $88,301. Schedule J, Part I, Line 7 Brian J Clark (Vice President of Planning) received a performance bonus approved by the President and the Board Affairs Committee. This amount is 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 39600 7920 0 1 1 David A Greene President Education Loan X 41000 16400 0 1 1 David A Greene President Education Loan X 27735 16641 0 1 1 David A Greene President Education Loan X 42584 25550 0 1 1 David A Greene President Education Loan X 42473 33978 0 1 1 David A Greene President Education Loan X 42553 34042 0 1 1 134531 Stephanie K Proto Spouse of officer 12593 compensation 0 X 21 786000 qualified appraisals X 116 27913000 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 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 web-site 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 web-site. 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 ($2,003,000), Loss on extinguishment of debt ($4,986,000) and Change in annuity and life income funds $308,000. 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