2015-05-11T11:21:47-07:00 2014-06-30 990 2013-07-01 010211497 PRESIDENT & TRUSTEES OF COLBY COLLEGE PRES 2078594127 4120 Mayflower Hill Waterville ME 04901 Douglas Terp VP for Administration & CFO 2078594770 2015-05-12 2013 2016-03-07 17:11:31Z David A Greene 4120 Mayflower Hill Waterville ME 04901 288624000 0 X www.colby.edu X 1821 ME Education 31 29 2754 2000 136000 -680000 20834000 48149000 111386000 111615000 42093000 45270000 1558000 659000 175871000 205693000 27300673 28367148 0 0 65164000 67976000 0 0 5567000 53352327 53517852 145817000 149861000 30054000 55832000 1126405000 1267797000 155011000 175681000 971394000 1092116000 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 122882000 28367148 111404000 Post secondary education: Instruction of 1,820 undergraduate students in 2013/14. 477 were graduated in the 2013/14 year. This includes expenditures for faculty, dormitories and dining, student and academic support services, campus maintenance services and other related costs. 0 0 0 122882000 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 1 1 0 1 0 0 0 0 1 1 1 1 0 0 0 0 0 1 0 0 1 1 1 1 0 0 0 1 1 0 0 0 1 X 3069 0 1 2754 1 1 1 1 SP FR UK 0 0 0 1 1 0 0 0 0 X 31 29 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X Ruben L Rivera 2078594127 4120 Mayflower Hill Waterville ME 04901 Adams William D President 40 0 X X 454034 0 81222 Diamond Robert E Chair of the Board 5 0 X 0 0 0 Uchida Richard Y Vice Chair of the Board 5 0 X 0 0 0 Alfond William L Trustee 5 0 X 0 0 0 Biddle Leslie Dougherty Trustee 5 0 X 0 0 0 Boland Susan B Trustee 5 0 X 0 0 0 Boulos Joseph F Trustee 5 0 X 0 0 0 Buck Jr Alexander K Trustee 5 0 X 0 0 0 Causey Julie Sands Trustee 5 0 X 0 0 0 Connolly Ann Marie Trustee 5 0 X 0 0 0 Corbett Rebecca Littleton 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 Goldfarb William H Trustee 5 0 X 0 0 0 Hoopes Jr Robert R Trustee 5 0 X 0 0 0 Krensky Harry F Trustee 5 0 X 0 0 0 Lawry Seth W Trustee 5 0 X 0 0 0 Lunder Paula Crane Trustee 5 0 X 0 0 0 Montgoris William Trustee 5 0 X 0 0 0 Morgan Betsy L Trustee 5 0 X 0 0 0 Packman Jeffrey N Trustee 5 0 X 0 0 0 Papadellis Randy Trustee 5 0 X 0 0 0 Powers M Jane Trustee 5 0 X 0 0 0 Pugh Lawrence R Trustee 5 0 X 0 0 0 Pulver David Trustee 5 0 X 0 0 0 Reed Kathleen Pinard Trustee 5 0 X 0 0 0 Richardson Lou Trustee 5 0 X 0 0 0 Rosengren Eric Trustee 5 0 X 0 0 0 Silverman Moses Trustee 5 0 X 0 0 0 Siritunga Dilan Trustee 5 0 X 0 0 0 Terrell Charles Trustee 5 0 X 0 0 0 Tharakan Joerose Trustee 5 0 X 0 0 0 Walter Amy E Trustee 5 0 X 0 0 0 Terp Douglas C VP Administration & CFO 40 0 X 285568 0 41786 Cowdrey Teresa E Dean of Admissions 40 0 X 232399 0 30934 Terhune James S VP Student Affairs 40 0 X 174032 0 58285 Baker Sally A Secretary of the Corporation 40 0 X 167804 0 25136 Kletzer Lori G VP Acad Affairs 40 0 X 262483 0 46317 Kiser Michael D Vice President for Communications 40 0 X 197452 0 22311 Greene David A President- effective 7/1/14 0 0 X 300000 0 0 O'Donnell Hugh J Associate VP & Chief Investment Officer 40 0 X 350197 0 19794 Reinhardt Douglas E Assoc VP Inv. 40 0 X 203590 0 28389 Mackenzie G Calvin Professor 40 0 X 201466 0 25438 Yeterian Edward H Professor 40 0 X 194700 0 25588 Maisel L Sandy Professor 40 0 X 179409 0 23962 Cole F Russell Professor 40 0 X 168944 0 24501 Nelson Randy A Professor 40 0 X 162200 0 22383 3534278 0 476046 113 0 1 0 H P Cummings Construction Co Inc PO Box 297 Winthrop ME 04364 Construction 8604678 Sodexo Operations LLC PO Box 5035 Boston MA 02107 Food Services 6211354 Consigli Construction Co Inc 15 Franklin Street Portland ME 04101 Construction 6100573 Allied Cook Construction Corp PO Box 1396 Portland ME 04104 Construction 5002429 Ouellet Associates Inc 56 Bibber Parkway Brunswick ME 04011 Construction 640879 31 0 0 0 0 1683000 46466000 16924000 48149000 Tuition and fees 611310 86326000 86326000 0 0 Auxiliary 611710 23946000 23946000 0 0 Summer Programs 900099 307000 0 307000 0 Physical Fitness Facility 713940 3000 0 3000 0 1033000 1033000 0 0 111615000 7782000 0 0 7782000 0 0 0 0 2000 0 0 2000 97000 0 0 0 97000 0 97000 0 0 97000 72243000 48176000 60872000 22059000 11371000 26117000 37488000 0 -174000 37662000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 560000 99000 0 461000 560000 205693000 111404000 136000 46004000 145148 145148 25574000 25574000 2648000 2648000 0 0 2645801 401420 1936557 307824 0 0 0 0 48189199 40259580 5666443 2263176 3035000 2524000 363000 148000 10644000 8560000 1440000 644000 3462000 2844000 438000 180000 8420000 6677000 1200000 543000 215000 86000 117000 12000 163000 0 163000 0 0 0 0 0 0 0 4559000 0 4559000 0 0 0 0 0 0 0 0 0 12156000 11108000 684000 364000 2037000 1029000 990000 18000 0 0 0 0 6021000 5267000 635000 119000 3375000 2691000 427000 257000 0 0 0 0 0 0 0 0 2812000 2495000 252000 65000 0 0 0 0 9032000 7406000 1291000 335000 1609000 1383000 208000 18000 Dues and Memberships 621000 359000 216000 46000 Staff Recruitment 333000 276000 57000 0 On-campus meals and lodging 1172000 349000 656000 167000 Miscellaneous 992852 799852 113000 80000 149861000 122882000 21412000 5567000 0 0 41653000 41522000 132301000 49012000 2178000 1795000 554000 233730 0 0 8689000 9071270 746000 713000 1994000 2028000 448749000 128978000 200987000 319771000 171880000 209880000 538985000 599310000 26438000 34461000 1126405000 1267797000 16460000 15451000 0 0 999000 734000 87958000 101812000 0 0 0 0 0 4665000 0 0 49594000 53019000 155011000 175681000 X 333841000 363925000 293388000 352858000 344165000 375333000 971394000 1092116000 1126405000 1267797000 X 55832000 73104000 0 0 0 -8214000 X 0 1 X 1 1 1 X 29898000 22558000 16334000 20834000 48149000 137773000 0 0 0 0 0 0 0 0 0 0 0 0 29898000 22558000 16334000 20834000 48149000 137773000 7866000 129907000 6414000 7569000 7231000 7629000 7881000 36724000 0 0 0 64000 0 64000 356000 157000 289000 1389000 461000 2652000 177213000 527000000 0.73306 0.6545 X 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 11000 11000 0 Schedule C, Part II-B, Line 1 The College paid $11,000 in dues to various organizations, some portion of which may be used for lobbying in connection with issues that impact higher education. 12557000 142718000 0 0 X X X X 1 649992000 11053000 111503000 8740000 18618000 4559000 740631000 599557000 8558000 71383000 8626000 15993000 4887000 649992000 611441000 5639000 9876000 8308000 14482000 4609000 599557000 502076000 13587000 125042000 7418000 16566000 5280000 611441000 452990000 8014000 67154000 7484000 13244000 5354000 502076000 0.291 0.283 0.426 0 0 0 194000 194000 0 264751000 112652000 152099000 0 28465000 15625000 12840000 0 1237000 612000 625000 0 154102000 89000 154013000 319771000 Global Equity 127302000 F Equity Long-Short Hedge Funds 74636000 F Absolute Return Hedge Funds 113460000 F Venture Capital- Partnerships 92528000 F Buyout- Partnerships 66817000 F Real Estate- Partnerships 51744000 F Natural Resources- Partnerships 18462000 F Natural Resources- Marketable 17244000 F Total Investment Receivables 311000 F Short and Long Term Cash and Equivalents 36806000 F 599310000 Government advances for student loans 5158000 Annuity obligations 12633000 Post retirement benefit obligation 30555000 Asset retirement obligation 4673000 53019000 X 273621000 73104000 0 0 -617000 72487000 201134000 4559000 0 4559000 205693000 144680000 0 0 0 0 0 144680000 4559000 622000 5181000 149861000 Schedule D, Part III, Line 4 Founded in 1959 and now comprising five wings, nearly 8,000 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 and 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 Accretion of asset retirement obligation $5,000, Other expense ($523,000), Medicare prescription reimbursement ($99,000) Schedule D, Part XII, Line 4b Medicare prescription reimbursement $99,000 , Other expense $523,000 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 catalogues 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 5 Program Services Study Abroad Program 904000 Central America and the Caribbean 0 2 Program Services Study Abroad Program 74000 Russia and the newly independent States 0 0 Program Services Study Abroad Program 59000 Europe (including Iceland and Greenland) 0 0 Grantmaking 1516000 East Asia and the Pacific 0 0 Grantmaking 416000 South America 0 0 Grantmaking 359000 Sub-Saharan Africa 0 0 Grantmaking 159000 Central America and the Caribbean 0 0 Grantmaking 82000 South Asia 0 0 Grantmaking 81000 Middle East and North Africa 0 0 Grantmaking 35000 Central America and the Caribbean 0 0 Investments 69718000 Europe (including Iceland and Greenland) 0 0 Investments 3481000 2 7 76884000 Scholarships Europe (including Iceland and Greenland) 48 1516000 check 0 Scholarships East Asia and the Pacific 12 416000 check 0 Scholarships South America 11 359000 check 0 Scholarships Sub-Saharan Africa 4 159000 check 0 Scholarships Central America and the Caribbean 2 82000 check 0 Scholarships South Asia 3 81000 check 0 Scholarships Middle East and North Africa 1 35000 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 City of Waterville Inc One Common Street Waterville ME 04901 016000037 government entity 63333 0 general support Waterville Main Street PO Box 945 Waterville ME 04901 010544901 501(c)(3) 26365 0 general support Maine Film Center 10 Railroad Square Waterville ME 04901 010419284 501(c)(3) 25250 0 general support Waterville Opera House Assoc 93 Main Street Waterville ME 04901 510159481 501(c)(3) 15000 0 general support The Jackson Laboratory 600 Main Street Bar Harbor ME 04609 010211513 501(c)(3) 10000 0 general support Hardy Girls Healthy Women Inc PO Box 821 Waterville ME 04903 010538121 501(c)(3) 5200 0 general support 6 0 Scholarships to students 715 0 25574000 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 1 1 X X X X X X 0 1 0 0 0 0 0 0 1 1 Adams William D President 433147 0 0 0 20888 0 48802 0 32420 0 535257 0 0 Terp Douglas C VP Administration 277312 0 0 0 8256 0 23802 0 17984 0 327354 0 0 0 Cowdrey Teresa E Dean of Admissions 207399 0 0 0 25000 0 12550 0 18384 0 263333 0 0 0 Terhune James S VP Student Affairs 174032 0 0 0 0 0 16454 0 41831 0 232317 0 0 0 Baker Sally A Secretary of the Corporation 167804 0 0 0 0 0 15404 0 9732 0 192940 0 0 Kletzer Lori G VP Acad Affairs 242483 0 0 0 20000 0 21417 0 24900 0 308800 0 0 0 Kiser Michael D Vice President for Communications 164152 0 0 0 33300 0 4327 0 17984 0 219763 0 0 0 O'Donnell Hugh J Associate VP & Chief Investment Officer 296395 0 0 0 53802 0 0 0 19794 0 369991 0 0 Reinhardt Douglas E Assoc VP Inv. 199185 0 0 0 4405 0 18553 0 9836 0 231979 0 0 0 Mackenzie G Calvin Professor 197253 0 0 0 4213 0 18109 0 7329 0 226904 0 0 0 Yeterian Edward H Professor 190777 0 0 0 3923 0 17524 0 8064 0 220288 0 0 0 Maisel L Sandy Professor 176916 0 0 0 2493 0 16126 0 7836 0 203371 0 0 0 Cole F Russell Professor 166474 0 0 0 2470 0 14517 0 9984 0 193445 0 0 0 Nelson Randy A Professor 159815 0 0 0 2385 0 14427 0 7956 0 184583 0 0 0 Greene David A President- effective 7/1/14 0 0 0 0 300000 0 0 0 0 0 300000 0 0 0 Schedule J, Part I, Line 1a First-class or charter travel- William D. Adams. The College pays a $300 membership fee which allows the traveler access to flight upgrades when seats are available. The College also pays a small upgrade fee for the upgraded flight. Travel for companions- William D. Adams. Travel for companions is solely permitted when the companion's travel is in furtherance of the College's business purposes. Housing allowance or residence- William D. Adams. Housing allowance provided as a working condition fringe benefit. All benefits were provided in accordance with written College policies. None of the benefits were treated as taxable compensation. Schedule J, Part I, Line 4 President William D. Adams participates in a deferred compensation arrangement. The amount earned in fiscal year 2014 under the program totaled $25,000. Schedule J, Part I, Line 8 David A. Greene was elected to serve as President of the College effective July 1, 2014. Amounts listed in Part II, Line B(iii) of Schedule J include one time payments, pursuant to an initial contract, made in connection with the transition of his employment from his previous employer to the College. Schedule J, Part II Line 15- David A. Greene was elected to serve as President of the College effective July 1, 2014. Amounts listed in Part II, Line B(iii) of Schedule J include one time payments made in connection with the transition of his employment from his previous employer to the College. A Maine Health & Higher Educational Facilities Authority 010314384 560427RB4 2012-01-19 27670000 Facilities 0 0 0 B Maine Health & Higher Educational Facilities Authority 010314384 560427C87 2014-05-07 72998075 See General Explanation 0 0 0 A 0 0 31378403 0 0 13710871 416524 0 0 17251008 0 0 2014 1 1 1 1 B 0 0 72998075 0 0 54873219 624856 0 0 17500000 0 0 2015 1 1 0 1 A 0 0 1 1 0 0.002 0 0.002 0 0 1 B 0 0 1 1 0 0.009 0 0.009 0 0 1 A 0 1 0 0 0 0 0 0 1 B 0 1 0 0 0 0 0 0 1 A 1 B 1 Schedule K, Part I, Column f-05/07/2014 72,998,075 Maine Health & Higher Educational Facilities Auth Purpose- Defeasance of Series 2005, 2006G, 2007A, 2007B, 2008C, 2010B Bonds and Construction of Facilities. Teresa Cowdrey Officer mortgage on personal residence X 250000 233730 0 1 1 233730 Martha Reinhardt spouse of key employee 16209 compensation 0 Thomas H Lee Partners Trustee Seth W Lawry 357372 Asset Management Services 0 Schedule L, Part IV Trustee Seth W Lawry is a managing director at Thomas H Lee Partners but was not directly involved in providing asset management services to the College. X 20 12557000 qualified appraisals X 126 4360000 IRS valuation on gift date X Educational Materials 9 7000 Cost of donated materials 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 V, Line 4b Spain, France, United Kingdom (England, Northern Ireland, Scotland and Wales) Form 990, Part VI, Section A, Line 3 Grenzebach Glier and Associates- Management and oversight of the entire Development Office function, including supervising personnel and planning and executing budgets and financial operations. 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 A 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, each year 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 Executive 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 Executive 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 17 The College is not required to file Form 990 in any state. 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 ($846,000), Accretion of asset retirement obligation $5,000, Change in annuity and life income funds ($1,563,000), Loss on early extinguishment of debt ($5,810,000) Colby College Charitable Trust 4120 Mayflower Hill Waterville ME 04901 010529787 supporting organization ME 501(c)(3) support org- Type II N/A 1 Mayflower Hill Broadcasting WMHB 4000 Mayflower Hill Waterville ME 04901 141876184 operation of radio station ME 501(c)(3) 7 N/A 1 Charitable Remainder Trust (29) 4120 Mayflower Hill Waterville ME 04901 Charitable Remainder Unitrust ME N/A T 1 Charitable Remainder Annuity Trust (1) 4120 Mayflower Hill Waterville ME 04901 Charitable Remainder Annuity Trust ME N/A T 1 Colby College Pooled Income Fund B (1) 4120 Mayflower Hill Waterville ME 04901 Pooled Income Fund ME N/A T 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0