2013-05-07T13:14:39-07:00 2012-06-30 990 2011-07-01 061519057 FRANKLIN W OLIN COLLEGE OF ENGINEERING INC FRAN 7812922300 1000 Olin Way Needham MA 024921200 Stephen P Hannabury 7812922401 2013-05-01 2011 2016-02-25 16:41:14Z Richard K Miller 1000 Olin Way Needham MA 024921200 244393576 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. 16 14 344 66 12573 0 2170191 2696186 17846866 17676824 24954110 7944498 1167878 1206924 46139045 29524432 11928097 10636329 0 0 13555306 14095230 0 0 1329255 23478045 23291159 48961448 48022718 -2822403 -18498286 490219363 455084982 173820997 184381198 316398366 270703784 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 College seeks to redefine engineering as a profession of innovation encompassing 1) the consideration of human and societal needs; 2) the creative design of engineering systems; and 3) the creation of value through entrepreneurial effort and philanthropy. The College is dedicated to the discovery and development of the most effective educational approaches and aspires to serve as a model for others. 0 0 38370743 10636329 18789174 Franklin W. Olin College of Engineering, Inc. (the College) was founded in 1997 by the F.W. Olin Foundation Inc. and graduated its first class in May 2006. The College is an independent nonsectarian college offering undergraduate programs leading toward degrees in engineering. There are approximately 340 students drawn from around the world. The campus is located in Needham, Massachusetts. Every admitted student receives an eight semester full or half tuition merit scholarship over four years. The College is accredited by the New England Association of Schools and Colleges (NEASC) and the College's three degree programs are accredited by ABET, the accrediting organization for engineering programs. 0 0 0 38370743 1 1 0 1 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 1 0 1 0 0 0 0 1 1 1 1 1 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 1 396 0 1 344 1 1 1 0 0 0 0 0 0 0 0 0 X 16 14 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 CA MA X Stephen P Hannabury Executive VP & Treasurer 7812922401 1000 Olin Way Needham MA 024921200 X William B Norden 8 X X 0 0 0 Carla L Gude 6 X X 0 0 0 Elizabeth G Armstrong 4 X 0 0 0 George R Berbeco 4 X 0 0 0 Tullio Cedraschi 4 X 0 0 0 Sunlin Chou 4 X 0 0 0 Tamara P Davis 4 X 0 0 0 C Scott Gibson 4 X 0 0 0 Sherwin Greenblatt 4 X 0 0 0 Paul C Jennings 4 X 0 0 0 R Douglas Kahn 4 X 0 0 0 Robert N McBurney 4 X 0 0 0 Lawrence W Milas 4 X 0 0 0 Douglas G Rauch 4 X X 0 0 0 Kenneth R Stokes 4 X 0 0 0 Richard K Miller 40 X X 379811 0 104184 Stephen P Hannabury 40 X 257802 0 21157 Christine Kelly 40 X 87860 0 15269 Thomas Krimmel 40 X 255778 0 39230 Charles Nolan 40 X 220075 0 27081 Joanne M Kossuth 40 X 207432 0 36000 Roger Crafts 40 X 161059 0 51173 Stephen Holt 40 X 180889 0 15797 Lynn A Stein 40 X 170786 0 11046 Mark Somerville 40 X 142063 0 35631 Joseph McDonald 40 X 149606 0 20297 Gill A Pratt 40 X 150420 0 13991 2363581 0 390856 37 0 1 0 CommonFund 15 Old Danbury Road Milton CT 06897 Investment services 2001713 Aramark Facilities Services 1101 Market Street Philadelphia PA 19107 Facility services management 1923624 Sodexo Inc and Affiliates 9801 Washington Boulevard Gaithersburg MD 20878 Facility services management 1453014 Babson College 231 Forest Street Babson Park MA 02457 Shared administrative services 815045 Royall & Co 1920E Parham Road Richmond VA 232282206 Admissions marketing 207222 10 0 0 0 0 1094546 1601640 71873 2696186 Student tuition/fees 611310 17676824 17676824 0 0 0 0 0 0 17676824 6323680 0 15179 6308501 0 0 0 0 0 0 0 0 121944 0 27370 0 94574 0 94574 0 -2606 97180 216319774 142818 214698956 142818 1620818 0 1620818 0 0 1620818 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other income 611310 1112350 1112350 0 0 0 0 0 0 1112350 29524432 18789174 12573 8026499 12974 12974 10223605 10223605 399750 399750 1966632 406328 1014058 546246 0 9813019 7208913 2110659 493447 569703 418520 122536 28647 990899 727942 213130 49827 754977 500255 205166 49556 69016 69016 93885 93885 2001713 2001713 4132523 3860190 262415 9918 25081 12299 12782 1169880 844428 299782 25670 869735 335946 533789 846372 791381 52958 2033 804480 604238 109339 90903 188687 42729 144298 1660 4765104 4451084 302584 11436 5339106 4987259 339033 12814 148386 148386 Dining services 1224870 1224870 0 0 Debt management fees 598532 559089 38007 1436 Books, magazines, and subscriptions 476183 464400 8122 3661 Dues and Membership 176729 53757 121262 1710 360877 240786 119800 291 48022718 38370743 8322720 1329255 1525374 1781533 57168 0 1018987 779390 691379 750846 0 0 0 0 28636 29856 0 0 1101441 1033977 154923268 48305586 111340218 106617682 0 0 370458650 340192711 0 0 0 0 3997510 3898987 490219363 455084982 4259134 4648190 0 0 353460 399058 148928422 148977104 0 0 0 0 0 0 0 0 20279981 30356846 173820997 184381198 X 13168647 12492078 300968921 255935553 2260798 2276153 316398366 270703784 490219363 455084982 X -18498286 -27196296 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 0 0 0 SchC_P2B_S00_L01 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 may engage in lobbying activites. Therefore, an undetermined portion of the dues paid by the College to AICUM may be attributable to lobbying activities. 369064795 14462 -11203019 0 19663840 0 338212398 335557332 96048 55402008 0 21990593 0 369064795 328660306 174055 28622971 0 21900000 0 335557332 469570393 44430 -118844517 0 22110000 0 328660306 0.0092 0.0067 0.9841 0 0 0 14604513 14604513 0 129512591 41302576 88210015 0 1658805 697991 960814 0 9081119 6305019 2776100 0 66240 0 66240 106617682 Equity funds 117921171 F Fixed funds 54497933 F Real assets funds 23217817 F Hedge funds 71576828 F Private equity funds 10205801 F Venture capital funds 12398577 F Cash and cash equivalents 50374584 F 340192711 0 Interest rate agreement 20356846 Taxable bonds 10000000 30356846 29524432 48022718 -18498286 -17119431 0 0 0 -10076865 -27196296 -45694582 -10269562 -17119431 0 0 0 -17119431 6849869 2001713 20672850 22674563 29524432 35425020 0 0 0 0 0 35425020 2001713 10595985 12597698 48022718 SchD_P05_S00_L04 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. SchD_P10_S00_L02 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. SchD_P11_S00_L08 Schedule D, Part XI, Line 8 Change in FMV interest rate agreement: $10,076,865 SchD_P12_S00_L04b Schedule D, Part XII, Line 4b Financial Aid: $10,623,355 Rental expenses: -$27,370 Change in FMV interest agreement: $10,076,865 Total to Schedule D, Part XII, Line 4b: $20,672,850. SchD_P13_S00_L04b Schedule D, Part XIII, Line 4b Financial Aid: $10,623,355 Rental expenses: -$27,370 Total Schedule D, Part XIII, Line 4b: $10,595,985. 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SchE_P01_S00_L03 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, and on their website. Further, the College includes a reference to its racially nondiscriminatory policy in written advertising that it uses as a means of informing prospective students 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. SchE_P01_S00_L06 Schedule E, Part I, Line 6 Federal grantor/pass-through grantor/program or cluster title and federal expenditures: Total Department of Education: $633,301 Total National Science Foundation: $555,196 Total National Aeronautics and Space Adminstration: $35,222 Total Department of Defense: $383,641 Total Department of Health and Human Services National Institutes of Health: $117,378 Total Institute of Museum and Library Services: $3,110 1 South America 0 0 Grantmaking Grants to recipients located in the region. 39000 South America 0 0 Program Services Conference 8886 Europe (including Iceland and Greenland) 0 0 Grantmaking Grants to recipients located in the region 204750 Europe (including Iceland and Greenland) 0 0 Program Services Conference 12170 East Asia and the Pacific 0 0 Grantmaking Grants to recipients located in the region 136500 East Asia and the Pacific 0 0 Program Services Conference 38582 Middle East and North Africa 0 0 Grantmaking Grants to recipients located in the region 19500 Middle East and North Africa 0 0 Program Services Class project teaching locals 30387 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Conference 7631 South Asia 0 0 Program Services Class project teaching locals 14496 Sub-Saharan Africa 0 0 Program Services Class project teaching locals 13857 Central America and the Caribbean 0 0 Investments 78256184 0 0 78781943 Scholarships South America 2 0 Credit to account 39000 FMV Scholarships Europe (including Iceland and Greenland) 9 0 Credit to account 204750 FMV Scholarships East Asia and the Pacific 6 0 Credit to account 136500 FMV Scholarships Middle East and North Africa 3 0 Credit to account 19500 FMV 1 0 1 1 0 0 SchF_P01_S00_L02 Schedule F, Part I, Line 2 All students admitted to Olin are awarded a substantial merit scholarship. Students admitted prior to fall 2010 received a 100% scholarship, and the students admitted in or after fall 2010 receive a 50% scholarship. All scholarships are applied directly to the student's account to reduce tuition charged. Students receive the scholarship even for terms spent studying abroad. SchF_P01_S00_L03 Schedule F, Part I, Line 3 All amounts are calculated based on Generally Accepted Accounting Principles (GAAP). 1 X Olin scholarships 328 0 8923814 Fair market value Tuition discounts Need based aid 80 0 1239622 Fair market value Tuition discounts Suplemental Educational Opportunity Grant required match 8 0 5187 Fair market value Tuition discounts Scholarships 10 0 54982 Fair market value Tuition discounts SchI_P01_S00_L02 Schedule I, Part I, Line 2 All accepted students currently received either a full or half Olin tuition scholarship which is credited directly to their student accounts. It it used only to offset tuition charges. X X X X 1 1 X X X X X X 1 0 0 0 0 0 0 0 0 Richard K Miller 354321 0 0 0 25490 0 19841 0 84343 0 483995 0 0 0 Thomas Krimmel 252570 0 0 0 3208 0 20248 0 18982 0 295008 0 0 0 Stephen P Hannabury 238686 0 0 0 19116 0 19467 0 1690 0 278959 0 0 0 Charles Nolan 217076 0 0 0 2998 0 18383 0 8698 0 247155 0 0 0 Joanne M Kossuth 205429 0 0 0 2003 0 17438 0 18562 0 243432 0 0 0 Roger Crafts 159322 0 0 0 1738 0 13158 0 38015 0 212233 0 0 0 Gill A Pratt 150143 0 0 0 277 0 11949 0 2041 0 164410 0 0 0 Stephen Holt 177850 0 0 0 3039 0 14427 0 1369 0 196685 0 0 0 Lynn A Stein 126499 0 0 0 44287 0 10683 0 363 0 181832 0 0 0 Joseph McDonald 62148 0 0 0 87458 0 5020 0 15277 0 169903 0 0 0 Mark Somerville 103084 0 0 0 38979 0 9714 0 25917 0 177694 0 0 0 SchJ_P01_S00_L01a Schedule J, Part I, Line 1a See Schedule O. SchJ_P01_S00_L03 Schedule J, Part I, Line 3 On an annual basis, most recently in October 2012, the Executive Committee of the Board of Trustees reviews the President's salary. As part of their review, they consider comparable market data for the President's position, based on other engineering and liberal arts schools as reported in a salary survey published by CUPA (College and University personnel Association). They also use data from CUPA on Boston-area private colleges and universities, and at least three other sources of data. SchJ_P01_S00_L04 Schedule J, Part I, Line 4 Paid Joseph McDonald for Severance in amount of $51,237.33. Massachusetts Development Finance Agency 043431814 57583FT84 2003-08-13 64543027 Campus Construction 0 0 0 Massachusetts Development Finance Agency 043431814 57583RZG3 2008-09-04 84000000 Refunding of Series A-1 & A-2 0 0 0 0 0 65185071 0 0 0 715172 1385148 0 63084751 0 0 2010 0 0 1 1 0 0 84000156 0 0 83285106 672658 42392 0 0 0 0 2004 1 0 1 1 0 1 1 1 1 1 0.0023 0.011 0.0133 1 0 1 1 1 1 1 0.008 0.008 1 0 0 0 0 1 0 0 1 0 0 0 1 X SchK_P02_S00_L03 Schedule K, Part II, Line 3 Proceeds of each issue are different than the issue price in Part I. column E, because the proceeds include interest earned. SchK_P04_S00_L05 Schedule K, Part IV, Line 5 Column A: A rebate calculation was performed and there was no positive arbitrage. See Part V See Part V 39000 Financial aid SchL_P03_S00_L00 Schedule L, Part III Amount of grant: $39,000. Type of assistance: financial aid. X 7 71873 ave. high/low on date sold 0 0 1 0 F990_P06_S0A_L06 Form 990, Part VI, Section A, Line 6 See responses to questions 7a and 7b. F990_P06_S0A_L07a Form 990, Part VI, Section A, Line 7a In recognition of the establishment of the College by the F W Olin Foundation Inc and its Directors, and also to fulfill certain requirements of the Endowment Grant Agreement with the Foundation, the College has a special class of members ("Founding members") who have special rights and responsibilities regarding their election to the Board, the election of the Chairman of the Board, and the approval of certain changes in the bylaws and other matters. There are currently two remaining Founding members. The Founding members shall remain as such until their death or resignation. F990_P06_S0A_L07b Form 990, Part VI, Section A, Line 7b The Founding members, acting by a majority of their number then in office, also have the following powers: (1) to approve, in advance, any proposed amendment to the bylaws that would in any way alter or affect article II and article III, or the rights and privileges of the Founding members, Founding Trustees and alternate Founding Trustees, as otherwise provided in the bylaws; (2) to approve, in advance, any proposed amendment to the College's articles of organization, (3) to approve, in advance, any proposed merger or consolidation of the College, (4) to approve, in advance, any proposed sale of all or substantially all of the assets of the College (except endowment and other investment assets at fair market value), (5) until May 15, 2017, or until the earlier death of the survivor of the two remaining Founding members, whichever first occurs, to elect the Chair of the Board in accordance with the Endowment Grant Agreement, and (6) by unanimous vote, must approve any changes to the Founding precepts. F990_P06_S0B_L11b Form 990, Part VI, Section B, Line 11b The Form 990 is reviewed in detail with the Trustee Audit Committee prior to filing, and is posted on a secure internal web portal for all Trustees to review prior to filing. All Trustees are emailed a link to the internal web portal and notified that the Form 990 is available for review on that site. F990_P06_S0B_L12c Form 990, Part VI, Section B, Line 12c All Officers, Trustees and Key Employees 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 exising contract, transaction, or arrangement with the College prior to the start of any negotiations with respect to such matter. Such disclosures are reviewed by the Chairperson and Clerk of the Board. Final review of such situations 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. F990_P06_S0B_L15 Form 990, Part VI, Section B, Line 15 On an annual basis, most recently in October 2012, the Executive Committee of the Board of Trustees reviews the President's salary. As part of their review, they consider comparable market data for the President's position, based on other engineering and liberal arts schools as reported in a salary survey published by CUPA (College and University Personnel Association). They also use data from CUPA on Boston-area private colleges and universities, and at least three other sources of data. On an annual basis, most recently in June 2012, the salaries of the key employees and Officers are reviewed and compared with market data. Human Resources obtains market data from a list of 13 comparable higher education institutions on an annual basis and compares the current salaries to the market data. We will make salary adjustments if necessary to bring employees to at least 80-85% of comparable market data. In addition, salaries of the key employees are compared to the CUPA salary survey as described above. This comparison to the CUPA data is reviewed by the Chairman of the Board to determine whether any market adjustments are necessary. Key employees and Officers are eligible to receive merit increases most years, based on performance, with the same criteria as other employees. The decisions regarding market adjustments are approved by independent persons, and all deliberations and decisions are substantiated contemporaneously. F990_P06_S0C_L19 Form 990, Part VI, Section C, Line 19 The organizing documents, conflict of interest policy and financial statements are available to the public upon request. The audited financial statements and Form 990 are available via the Massachusetts Attorney General's website. The audited financial statements are also posted on the organization's website. The Form 990 is also available on www.guidestar.org. F990_P07_S0A_L01a Form 990, Part VII, Section A, Line 1a The President, and the Dean of Student Life are provided non-taxable housing as a condition of employment. The College pays for landscaping and cleaning services at the president's house, which is owned by the College, due to the fact that certain College functions are held at the President's house. The benefit is not taxable to the President, it is part of the house maintenance. The College maintains a membership at a country club, under the name of the President. Certain officers and key employees are provided with a cell phone allowance which is grossed up. F990_P11_S00_L05 Form 990, Part XI, Line 5 Net unrealized gains on investments: -$17,119,431 Change in FMV investment rate agreement: -$10,076,865 Total to Form 990, Part XI, Line 5: -$27,196,296