2020-06-10T10:55:31-07:00 2019-06-30 990 2018-07-01 061519057 FRANKLIN W OLIN COLLEGE OF ENGINEERING INC FRAN 7812922300 1000 Olin Way Needham MA 024921200 Patricia Gallagher VP Financial Affairs/CFO/Treasurer 7812922416 2020-06-10 66.30.186.208 2018 2020-09-23 17:36:50Z Richard K Miller 1000 Olin Way Needham MA 024921200 83294925 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 16 387 84 252896 111460 3321067 3821194 23435593 22644205 9864934 7403007 1489085 1289861 38110679 35158267 11490758 11781383 0 0 18057402 18614899 130655 120000 1347147 23844099 23685969 53522914 54202251 -15412235 -19043984 479648629 478512867 176041036 180214442 303607593 298298425 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 41133390 11781383 23338044 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 350 students from around the world and has attracted over 900 applicants for the fall 2019 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. 553795 0 364546 Olin College's Collaboratory 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 Collaboratory 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 FY19, the Collaboratory hosted 93 programs (mainly visits and workshops) that involved 416 representatives from 150 other institutions from around the US and the globe. Olin is playing a significant role in the movement to transform educational practice across the globe. 0 0 0 41687185 1 1 0 1 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 1 0 1 1 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 506 0 1 387 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 17 16 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA MA MI X Patricia Gallagher 7812922416 1000 Olin Way Needham MA 024921200 Kenneth R Stokes Chairman 4 X X 0 0 0 George Milne Jr Vice Chairman 2 X X 0 0 0 Chee Chew Trustee 2 X 0 0 0 Rebecca Chopp Trustee (August 2018-May 2019) 2 X 0 0 0 Michael A Coleman Trustee 2 X 0 0 0 Sherwin Greenblatt Trustee (as of October 2018) 2 X 0 0 0 R Douglas Kahn Trustee 2 X 0 0 0 Greg Marra Trustee (as of October 2018) 2 X 0 0 0 Lawrence W Milas Trustee 2 X 0 0 0 William B Norden Trustee 2 X 0 0 0 James Plummer Trustee 2 X 0 0 0 Douglas G Rauch Trustee 2 X 0 0 0 Richard T Roca Trustee 2 X 0 0 0 Nina Saberi Trustee (as of March 2019) 2 X 0 0 0 Polina A Segalova Clerk (as of October 2018)/Trustee 2 X X 0 0 0 Howard H Stevenson Trustee (until October 2018) 2 X 0 0 0 Tiana Veldwisch Clerk (until October 2018)/Trustee 2 X X 0 0 0 Beverly Wyse Trustee 2 X 0 0 0 Richard K Miller Trustee(Ex-Officio)/President 50 X X 488218 0 95399 Stephen P Hannabury Executive Vice President (until March 2019) 50 X 310402 0 42999 Kelly Sutherland Assistant Clerk to the Board of Trustees 50 X 68226 0 26827 Vincent Manno Provost & Dean of Faculty 50 X 336832 0 21291 Alanna Boyd Int VP Dev, Fam & Alum Relatns(until Mar'19) 50 X 143764 0 35105 Beth Kramer VP for Advancement (as of March 2019) 50 X 0 0 0 Michelle Davis Chief Marketing Officer (until August 2018) 50 X 135804 0 29464 Anne-Marie Dorning Int Chief Mktg Officer(Aug 2018-Mar 2019) 50 X 95523 0 10811 Patricia Gallagher VP for Fin Affairs/CFO/Treasurer 50 X 233621 0 45470 Rae-Anne Butera Dean of Student Affairs 50 X 158778 0 86930 Emily Roper-Doten Dean of Admission and Financial Aid 50 X 154577 0 46356 Jeremy Goodman VP Admin Svcs & Innov(as of January 2019) 50 X 122676 0 33030 Mark Somerville Dean of Faculty 50 X 170695 0 39196 Richard Osterberg Chief Information Officer 50 X 172097 0 30262 Robert Martello Professor and Associate Dean 50 X 179163 0 32365 Jonathan Stolk Professor 50 X 176536 0 32916 Sarah S Adams Professor and Associate Dean 50 X 168126 0 33660 Lynn Andrea Stein Professor 50.00 X 158024 0 12016 3273062 0 654097 59 0 1 0 Summit Rock Advisors 9 West 57th Street 12th Floor New York NY 10019 Investment Advisors & Mgmt 2475705 Aramark Facilities Services PO Box 33170 Newark NJ 071880170 Facilities Management Svcs 1984078 Rebecca's Commissary Inc 99 South Bedford Street Suite 7 Bedford MA 01803 Dining Services 841496 Babson College 231 Forest Street Babson Park MA 02457 Shared Administration 586643 Colony Care 11 River Street Wellesley MA 02481 Psychological Counseling 140225 8 0 0 0 0 161758 3659436 3128 3821194 Student tuition and fees 611310 22279659 22279659 0 0 Collaboratory program revenue 611310 364546 364546 0 0 0 0 0 0 22644205 5560249 0 185368 5374881 0 0 0 0 0 0 0 0 359987 0 128511 0 231476 0 231476 0 67528 163948 49850905 0 48008147 0 1842758 0 1842758 0 0 1842758 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other income 611310 1058385 1058385 0 0 0 0 0 0 1058385 35158267 23702590 252896 7381587 31895 31895 11356584 11356584 392904 392904 0 0 2963311 1241270 1138517 583524 0 0 0 0 12348705 8824013 3294565 230127 792923 566599 211547 14777 1523977 1088988 406589 28400 985983 704554 263055 18374 0 0 0 0 133367 0 133367 0 99290 0 99290 0 0 0 0 0 120000 120000 2308021 0 2308021 0 4301714 3094626 1145572 61516 158829 22160 133609 3060 1031733 614466 397388 19879 911189 340598 549397 21194 0 0 0 0 1156998 1113691 23113 20194 850044 674249 136414 39381 0 0 0 0 116755 86118 27173 3464 5509224 5165335 251979 91910 0 0 0 0 4160481 3900781 190291 69409 173271 0 173271 0 Dining Services 1431575 1431575 0 0 Books, Mags & Subscriptions 403632 376856 12292 14484 Loss on Debt Modification 202886 190222 9280 3384 Participant Stipends 188215 188215 0 0 548745 281486 263189 4070 54202251 41687185 11167919 1347147 2521481 2599759 5945935 6418669 785976 488421 838407 851222 0 0 0 0 15448 28886 0 0 2001923 2063865 157157134 79163051 81433552 77994083 144005212 137725987 240255931 246230132 1844764 4111843 479648629 478512867 4198384 4662865 4126024 4052911 148218528 148201395 19498100 23297271 176041036 180214442 X 50594271 48171356 249003102 245941719 4010220 4185350 303607593 298298425 479648629 478512867 X -19043984 15266908 0 0 0 -1532092 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 6111 6111 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. 384059113 152668 20368897 11749488 8875071 0 383956119 376279011 367015 27575186 11468230 8693869 0 384059113 352459509 299588 42045995 10517663 8008418 0 376279011 379430127 309104 -6608688 10001010 10670024 0 352459509 380327532 378808 16919178 9729878 8465513 0 379430127 0.0222 0.0108 0.967 0 0 0 14604513 14604513 0 131307699 70130574 61177125 0 0 0 0 0 10934772 9004367 1930405 0 310150 28110 282040 77994083 0 0 Equity Funds 93679451 F Fixed Income 29819829 F Real Asset Funds 5226055 F Hedge Funds 69056718 F Private Equity 37431050 F Venture Capital Funds 11017029 F 246230132 0 Interest rate agreement 13297271 Taxable bonds 10000000 23297271 X 34761199 15266908 0 0 -202886 15064022 19697177 2308021 13153069 15461090 35158267 40070367 0 0 0 0 0 40070367 2308021 11823863 14131884 54202251 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 2d Loss on Debt Modification -$202,886 Schedule D, Part XI, Line 4b Financial Aid: $11,749,488; Rental expenses: -$128,511; Mark to Market Swap : $1,532,092; Total to Schedule D, Part XI, Line 4b: $13,153,069. Schedule D, Part XII, Line 4b Financial Aid: $11,749,488; Rental expenses: -$128,511; Loss on Debt Modification: $202,886; Total to Schedule D, Part XII, Line 4b: $11,823,863. 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: $912,719. Total National Science Foundation: $141,138. National Endowment for the ARTS: $4,000 Total Department of Defense: $70. Total $1,057,927 1 Europe (including Iceland and Greenland) 0 0 Grantmaking Grants awarded to recipients 319395 East Asia and the Pacific 0 0 Grantmaking Grants awarded to recipients 73509 Europe (including Iceland and Greenland) 0 0 Program Services Class project 2352 Sub-Saharan Africa 0 0 Program Services Class project 45403 East Asia and the Pacific 0 0 Program Services Invited speaker 745 Central America and the Caribbean 0 0 Program Services School/program visit 3510 Europe (including Iceland and Greenland) 0 0 Program Services Speaking at conferences 11467 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Speaking at conferences 6193 Europe (including Iceland and Greenland) 0 0 Program Services Speaking at conferences 8312 Central America and the Caribbean 0 0 Investments 191524739 0 0 191995625 Scholarship Europe (including Iceland and Greenland) 19 319395 Credit to Student Account Fair Market Value Scholarship East Asia and the Pacific 5 73509 Credit to Student Account Fair Market Value 1 0 1 1 0 0 Schedule F, Part I, Line 2 All students admitted to Olin are awarded a 50% tuition scholarship for eight semesters. All scholarships are applied directly to the student's account to reduce tuition charged. Students receive the scholarship even for terms spent studying abroad. Schedule F, Part I, Line 3 All amounts are calculated based on Generally Accepted Accounting Principles (GAAP). X X X X X X 1 The Garrow Company 6419 S Garfield Avenue Willowbrook IL 60527 Consulting 0 0 120000 -120000 0 120000 -120000 MA MI 1 University of New Haven 300 Boston Post Road West Haven CT 06516 060761704 501 (c) 3 15000 Research Workshop Support Human Rights Initiative of North Texas Inc 2801 Swiss Avenue Dallas TX 75204 752842602 501 (c) 3 7413 General Program Support Home of Hope Inc 190 Tobin Clark Drive Hillsborough CA 94010 943342348 501 (c) 3 6000 Support construction of Brightbox ray projectors 3 0 Olin Tuition Scholarship 344 8157425 Fair Market Value Tuition Discounts Need Based Financial Aid 159 3094065 Fair Market Value Tuition Discounts Supplemental Education Opportunity Grant - Federal Aid Requested 23 6990 Fair Market Value Tuition Discounts Yellow Ribbon Program Scholarships 1 1104 Fair Market Value Tuition Discount Room Scholarships For Residential Resources 10 97000 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 0 0 0 0 0 0 0 0 0 Richard K Miller Trustee(Ex-Officio)/President 463562 0 0 0 24656 0 20625 0 74774 0 583617 0 0 0 Stephen P Hannabury Executive Vice President (until March 2019) 288227 0 0 0 22175 0 20625 0 22374 0 353401 0 0 0 Vincent Manno Provost & Dean of Faculty 315030 0 0 0 21802 0 20625 0 666 0 358123 0 0 0 Alanna Boyd Int VP Dev, Fam & Alum Relatns(until Mar'19) 142347 0 0 0 1417 0 11032 0 24073 0 178869 0 0 0 Michelle Davis Chief Marketing Officer (until August 2018) 126217 0 0 0 9587 0 10066 0 19398 0 165268 0 0 0 Patricia Gallagher VP for Fin Affairs/CFO/Treasurer 231531 0 0 0 2090 0 18127 0 27343 0 279091 0 0 0 Rae-Anne Butera Dean of Student Affairs 157011 0 0 0 1767 0 12349 0 74581 0 245708 0 0 0 Emily Roper-Doten Dean of Admission and Financial Aid 152893 0 0 0 1684 0 12371 0 33985 0 200933 0 0 0 Jeremy Goodman VP Admin Svcs & Innov(as of January 2019) 122584 0 0 0 92 0 9592 0 23438 0 155706 0 0 0 Mark Somerville Dean of Faculty 135386 0 0 0 35309 0 11306 0 27890 0 209891 0 0 0 Richard Osterberg Chief Information Officer 152385 0 0 0 19712 0 13290 0 16972 0 202359 0 0 0 Robert Martello Professor and Associate Dean 130318 0 0 0 48845 0 10990 0 21375 0 211528 0 0 0 Jonathan Stolk Professor 132820 0 0 0 43716 0 10296 0 22620 0 209452 0 0 0 Sarah S Adams Professor and Associate Dean 107435 0 0 0 60691 0 10984 0 22676 0 201786 0 0 0 Lynn Andrea Stein Professor 155782 0 0 0 2242 0 11684 0 332 0 170040 0 0 0 Schedule J, Part I, Line 1a As a condition of employment and for the convenience of the College, the President is required to reside in College-provided housing. The College pays 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 $62,000 for the 2018 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 2018 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. 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 Series E 043431814 57583UVPO 2013-05-09 65553326 Refunding of Series B 0 0 0 A 0 0 84000156 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 0.0014 0.008 0.0094 0 0 1 B 0 1 1 1 1 1 0.0026 0.0049 0.0075 0 0 1 C 0 1 1 1 1 1 0 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 06/30/2019 Schedule K, Part IV, Line 2c-05/09/2013 38,255,000 MDFA Series D 06/30/2019 Schedule K, Part IV, Line 2c-05/09/2013 65,553,326 MDFA Series E 06/30/2019 Edhealth LLC see Part V 1710363 See Part V 0 Substantial Contributor Substantial Contributor 1930613 Facility Management Services 0 Schedule L, Part IV Stephen Hannabury, Executive Vice President of Olin College, serves as Chairman of the Board of Managers of Educators Health LLC (EdHealth LLC) and as Chairman of the Subscriber Advisory Committee of Educators Health Insurance Exchange of New England (EdHealth Captive). EdHealth LLC and EdHealth Captive provides the employee health insurance program for Olin College. For the year ended June 30, 2019, Olin College paid $1,710,363 to EdHealth. Form 990, Part VI, Section A, Line 4 During FY19, the College's bylaws were changed to introduce a Young Alumni Trustee designation which more clearly defines the eligibility period for consideration/election and the term of service for Trustees elected under this Article. 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 On an annual basis, the Executive Committee of the Board of Trustees reviews the President's salary. In 2017, a nationally recognized consultant was engaged to conduct a compensation analysis for the President, Vice President and Dean positions. Their analysis was submitted to the Chair of the Board of Trustees in September 2017. The same consultant aged the data for use in 2018 and 2019. There were several executive level transitions in 2018 and 2019, so the 2019 analysis also included additional executive positions. The basis of the analysis is detailed as follows. The firm based their analysis 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 and adjusted the market data to reflect a common effective date of July 1, 2019. The Executive Committee of the Board of Trustees used this data to develop a recommendation for the President's compensation which was reviewed and approved by the full Board of Trustees. The President used this data to develop recommendations for the compensation of the Vice Presidents and Deans which were reviewed and approved by the Executive Committee. 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: -$1,532,092 Extension was filed.