2019-04-24T15:40:57-07:00 2018-06-30 990 2017-07-01 061519057 FRANKLIN W OLIN COLLEGE OF ENGINEERING INC FRAN 7812922300 1000 Olin Way Needham MA 024921200 Patricia Gallagher VP Financial Affairs/CFO/Treasurer 7812922416 2019-04-25 208.91.55.173 2017 2019-02-21 02:37:17Z Richard K Miller 1000 Olin Way Needham MA 024921200 114543635 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. 15 14 397 77 288608 2670027 3321067 22199175 23435593 8507018 9864934 1257532 1489085 34633752 38110679 10536525 11490758 0 0 17762311 18057402 46361 130655 1706286 23989314 23844099 52334511 53522914 -17700759 -15412235 473057452 479648629 178403888 176041036 294653564 303607593 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 41088865 11490758 23318418 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 1,000 applicants for the fall 2017 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. 555966 0 1350463 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 FY18, the Collaboratory hosted 100 programs (mainly visits and workshops) that involved representatives from 181 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 41644831 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 1 0 0 0 0 0 0 0 0 1 481 0 1 397 1 1 1 0 0 0 0 0 0 0 0 0 X 15 14 0 0 0 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 Sherwin Greenblatt Vice Chairman (until October 2017) 2 X X 0 0 0 George Milne Jr Trustee/Vice Chairman (Vice Chair as of Oct 2017) 2 X X 0 0 0 Deborah Allinson Trustee (until October 2017) 2 X 0 0 0 Thomas Cecil Trustee/Clerk (until October 2017) 2 X X 0 0 0 Chee Chew Trustee 2 X 0 0 0 Sunlin Chou Trustee (until October 2017) 2 X 0 0 0 Michael A Coleman Trustee 2 X 0 0 0 R Douglas Kahn Trustee 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 Polina A Segalova Trustee 2 X 0 0 0 Howard H Stevenson Trustee 2 X 0 0 0 Tiana Veldwisch Trustee/Clerk (Clerk as of October 2017) 2 X X 0 0 0 Beverly Wyse Trustee 2 X 0 0 0 Richard K Miller Trustee(Ex-Officio)/President 50 X X 483273 0 128256 Stephen P Hannabury Executive Vice President 50 X 307429 0 92588 Marguerite Burke Asst Clerk to the Board of Trustees(until Nov 2017) 50 X 72912 0 8149 Kelly Sutherland Asst Clerk to the Board of Trustees(as of Nov 2017) 50 X 54203 0 24466 Vincent Manno Provost & Dean of Faculty 50 X 333539 0 50656 Catherine Didion VP Dvlpmnt,Fam&Alum Relatns(until March 2018) 50 X 211935 0 42938 Alanna Boyd IntrmVP Dvlpmnt,Fam&Alum Rlatns(as of Mar 2018) 50 X 119648 0 22135 Michelle Davis Chief Marketing Officer 50 X 198010 0 42156 Patricia Gallagher VP for Fin Affairs & CFO & Treasurer 50 X 224710 0 45778 Rae-Anne Butera Dean of Student Life 50 X 144231 0 61897 Emily Roper-Doten Dean of Admission and Financial Aid 50 X 138013 0 45069 Lynn A Stein Professor and Special Advisor to the Provost 50 X 164267 0 12197 Robert Martello Professor and Associate Dean 50 X 176936 0 31739 Jonathan Stolk Professor 50 X 195560 0 32495 David Barrett Professor 50 X 173463 0 14785 Richard Osterberg Chief Information Officer 50 X 165319 0 27792 3163448 0 683096 57 0 1 0 Summit Rock 9 West 57th Street 12th Floor New York NY 10019 Investment Advisors & Mgmt 2320000 Aramark Facilities Services PO Box 33170 Newark NJ 071880170 Facilities Svcs Management 1955028 Rebecca's Commissary Inc 99 South Bedford Street Suite 7 Bedford MA 01803 Dining Services 815482 Babson College 231 Forest Street Babson Park MA 02457 Shared Administration 524608 4 0 0 0 0 472152 2848915 87271 3321067 Student Tuition and fees 611310 22085130 22085130 0 0 Collaboratory Program revenue 611310 1350463 1350463 0 0 0 0 0 0 23435593 4944036 0 239281 4704755 0 0 0 0 0 0 0 0 416337 0 160540 0 255797 0 255797 0 49327 206470 81193314 0 76272416 0 4920898 0 4920898 0 0 4920898 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other Income 611310 1233288 1233288 0 0 0 0 0 0 1233288 38110679 24668881 288608 9832123 22528 22528 11188088 11188088 280142 280142 0 0 2810357 995222 1026237 788898 0 0 0 0 11999793 8670604 3063530 265659 768525 554128 197433 16964 1534906 1111662 389153 34091 943821 611556 282333 49932 0 0 0 0 107675 0 107675 0 103489 0 103489 0 0 0 0 0 130655 130655 2545830 2545830 3954384 3649501 240031 64852 111067 11993 41434 57640 1053759 679371 344560 29828 957603 389693 547112 20798 0 0 0 0 1312281 1211104 79655 21522 847541 642249 153448 51844 0 0 0 0 115993 90130 24915 948 5772781 5327699 350408 94674 0 0 0 0 4574637 4221933 277680 75024 181921 0 181921 0 Dining Services 1325658 1325658 0 0 Books, Magazines and Subscriptions 385266 375493 8739 1034 Participant Stipends 157900 157900 0 0 Dues and membership 115172 60675 53347 1150 221142 67502 152867 773 53522914 41644831 10171797 1706286 2425332 2521481 4781296 5945935 319960 785976 587167 838407 24625 15448 1750414 2001923 156503095 75069543 85466479 81433552 134067811 144005212 242413231 240255931 1221137 1844764 473057452 479648629 4282551 4198384 2764778 4126024 148357333 148218528 22999226 19498100 178403888 176041036 X 13251212 13562455 277754643 286034918 3647709 4010220 294653564 303607593 473057452 479648629 X -15412235 20241511 0 0 0 4124753 X 0 1 X 1 1 1 X 0 0 0 0 0 0 0 0 1 6329 6329 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. 376279011 367015 27575186 0 20162099 0 384059113 352459509 299588 42045995 0 18526081 0 376279011 379430127 309104 -6608688 0 20671034 0 352459509 380327532 378808 16919178 0 18195391 0 379430127 349371166 185599 48705068 0 17934301 0 380327532 0.02 0.0104 0.9696 0 0 0 14604513 14604513 0 131056077 66292560 64763517 0 0 0 0 0 10410565 8607626 1802939 0 431940 169357 262583 81433552 0 0 Equity Funds 94577930 F Fixed Income 31175307 F Real Asset Funds 7021068 F Hedge Funds 68379490 F Private Equity 27757528 F Venture Capital Funds 11344608 F 240255931 0 Taxable bonds 10000000 Interest rate agreement 9498100 19498100 X 48623423 20241511 0 0 0 20241511 28381912 2545830 7182937 9728767 38110679 39669394 0 0 0 0 0 39669394 2545830 11307690 13853520 53522914 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: $11,468,230 Rental expenses: -$160,540 Mark to Market Swap : -$4,124,753 Total to Schedule D, Part XI, Line 4b: $7,182,937. Schedule D, Part XII, Line 4b Financial Aid: $11,468,230 Rental expenses: -$160,540 Total to Schedule D, Part XII, Line 4b: $11,307,690. 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: $872,842. Total National Science Foundation: $277,288. Total National Aeronautics and Space Administration: $41,353. Total Department of Defense: $34,063. Total Department of Interior: $22,188 Total USAID Foreign Assistance for Programs Overseas: $60,007. Total $1,307,741 1 Europe (including Iceland and Greenland) 0 0 Grantmaking Grants awarded to recipients 227625 South America 0 0 Grantmaking Grant awarded to recipient 12150 East Asia and the Pacific 0 0 Grantmaking Grants awarded to recipients 40367 Central America and the Caribbean 0 0 Program Services School visit 495 East Asia and the Pacific 0 0 Program Services Class project 13363 East Asia and the Pacific 0 0 Program Services Conference 6000 Europe (including Iceland and Greenland) 0 0 Program Services Class project 16845 South America 0 0 Program Services Conference 131 South Asia 0 0 Program Services Class projects 10758 South Asia 0 0 Program Services Exchange visitor program 734 Sub-Saharan Africa 0 0 Program Services Class projects 29903 Central America and the Caribbean 0 0 Investments 192612044 0 0 192970415 Scholarship Europe (including Iceland and Greenland) 13 0 227625 Credit to Student Account Fair Market Value Scholarship South America 1 0 12150 Credit to Student Account Fair Market Value Scholarship East Asia and the Pacific 2 0 40367 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 130655 -130655 0 130655 -130655 MA MI 1 Hispanic Federation Inc UNIDOS Program 55 Exchange Place 5th Floor New York NY 10005 133573852 501 (c) 3 10708 Cash Donation To donate to UNIDOS Program, disaster relief and recovery program to support Puerto Rico 1 0 Olin Tuition Scholarship 349 0 8123096 Fair Market Value Tuition Discounts Need Based Financial Aid 134 0 2961407 Fair Market Value Tuition Discounts Supplemental Education Opportunity Grant - Federal Aid Requested 14 0 5668 Fair Market Value Tuition Discounts Yellow Ribbon Program Scholarships 1 0 917 Fair Market Value Tuition Discount Room Scholarships for Residential Resources 10 0 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. 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 459312 0 0 0 23961 0 45482 0 82774 0 611529 0 0 0 Stephen P Hannabury Executive Vice President 285778 0 0 0 21651 0 70431 0 22157 0 400017 0 0 0 Vincent Manno Provost & Dean of Faculty 311765 0 0 0 21774 0 49993 0 663 0 384195 0 0 0 Catherine Didion VP Dvlpmnt,Fam&Alum Relatns(until March 2018) 191498 0 0 0 20437 0 20961 0 21977 0 254873 0 0 0 Michelle Davis Chief Marketing Officer 195206 0 0 0 2804 0 15499 0 26657 0 240166 0 0 0 Patricia Gallagher VP for Fin Affairs & CFO & Treasurer 222644 0 0 0 2066 0 17969 0 27809 0 270488 0 0 0 Rae-Anne Butera Dean of Student Life 142494 0 0 0 1737 0 11114 0 50783 0 206128 0 0 0 Emily Roper-Doten Dean of Admission and Financial Aid 136347 0 0 0 1666 0 11135 0 33934 0 183082 0 0 0 Lynn A Stein Professor and Special Advisor to the Provost 152727 0 0 0 11540 0 11871 0 326 0 176464 0 0 0 Robert Martello Professor and Associate Dean 123742 0 0 0 53194 0 10495 0 21244 0 208675 0 0 0 Jonathan Stolk Professor 128180 0 0 0 67380 0 9948 0 22547 0 228055 0 0 0 David Barrett Professor 139006 0 0 0 34457 0 11535 0 3250 0 188248 0 0 0 Richard Osterberg Chief Information Officer 154741 0 0 0 10578 0 12298 0 15494 0 193111 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 $70,000 for the 2017 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 $30,000 for the 2017 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 033431814 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 187522 0 0 0 67478 0 2013 1 0 1 1 C 0 0 66553326 0 0 65906072 540230 0 0 0 107024 2013 1 0 1 1 A 0 1 1 1 1 1 0.0039 0.008 0.0119 0 0 1 B 0 1 1 1 1 1 0.007 0.0049 0.0119 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 06/30/2018 Schedule K, Part IV, Line 2c-05/09/2013 38,255,000 MDFA Series D 06/30/2018 Schedule K, Part IV, Line 2c-05/09/2013 65,553,326 MDFA Series E 06/30/2018 EdHealth LLC see Part V 1524997 See Part V 0 Substantial Contributor Substantial Contributor 1959643 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, 2018, Olin College paid $1,524,997 to EdHealth. X 7 87271 See Part II 0 0 1 0 Schedule M, Part I, Line 9 Schedule M, Part I, Line 9, column (b) - The college reported the number of contributions. Schedule M, Part I, Line 9, column (d) - 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 On an annual basis, the Executive Committee of the Board of Trustees reviews the President's salary. In July 2017, a nationally recognized consultant was engaged to conduct a compensation analysis for the President, Vice President and Dean positions. Their analysis report was submitted to Board Chair in September 2017. Recognizing the uniqueness of Olin College, they used four groups in their analysis: * National Private Independent Colleges and Universities with Significant Engineering Programs of Comparable Complexity to Olin * National Private Independent Colleges and Universities with Bachelor, Master's or Doctorate Programs of Similar Size * Predominantly Northeast Regional Top Liberal Arts Colleges * Private Independent Colleges and Universities in Massachusetts with Bachelor, Master's or Doctorate Programs of Similar Size. 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 a common effective date of July 1, 2017. A set of Composite Estimated Market Values was calculated to supplement the market values of each individual group. The Executive Committee 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 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: $4,124,753 Extension was filed.