2012-05-14T12:48:46-05:00 2011-06-30 CBIZ TOFIAS 500 BOYLSTON STREET BOSTON MA 02116 990 2010-07-01 061519057 FRANKLIN W OLIN COLLEGE OF ENGINEERING INC FRAN 7812922300 1000 OLIN WAY NEEDHAM MA 024921200 STEPHEN HANNABURY 7812922401 2012-05-02 1 CRAIG KLEIN 6177610600 2010 2016-02-24 21:20:13Z X RICHARD K MILLER 1000 OLIN WAY NEEDHAM MA 024921200 427579631 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 14 364 58 -69430 -69430 2281149 2170191 16631596 17846866 9098376 24954110 1118872 1167878 29129993 46139045 12132030 11928097 0 0 12649073 13555306 0 0 1262107 23800662 23478045 48581765 48961448 -19451772 -2822403 458492332 490219363 178563405 173820997 279928927 316398366 X 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 38591382 11928097 18909625 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. 38591382 1 1 0 1 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 1 401 0 1 364 1 1 1 0 0 0 0 0 1 1 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 MA CA X STEPHEN P HANNABURY EXECTIVE VP 7812922401 1000 OLIN WAY NEEDHAM MA 024921200 WILLIAM B NORDEN 8.00 X X 0 0 0 CARLA L GUDE 6.00 X X 0 0 0 ELIZABETH G ARMSTRONG 4.00 X 0 0 0 GEORGE R BERBECO 4.00 X 0 0 0 TULLIO CEDRASCHI 4.00 X 0 0 0 SUNLIN CHOU 4.00 X 0 0 0 TAMARA P DAVIS 4.00 X 0 0 0 C SCOTT GIBSON 4.00 X 0 0 0 SHERWIN GREENBLATT 4.00 X 0 0 0 PAUL C JENNINGS 4.00 X 0 0 0 R DOUGHLAS KAHN 4.00 X 0 0 0 ROBERT N MCBURNEY 4.00 X 0 0 0 LAWRENCE W MILAS 4.00 X 0 0 0 DOUGLAS G RAUCH 4.00 X X 0 0 0 KENNETH R STOKES 4.00 X 0 0 0 RICHARD K MILLER 40.00 X X 355606 0 119451 STEPHEN P HANNABURY 40.00 X 251333 0 44745 CHRISTINE KELLY 40.00 X 86259 0 16164 CHARLES NOLAN 40.00 X 217450 0 37912 JOANNE M KOSSUTH 40.00 X 200850 0 38293 THOMAS KRIMMEL 40.00 X 252985 0 53809 ROGER CRAFTS 40.00 X 157128 0 52436 GILL A PRATT 40.00 X 153684 0 17571 STEPHEN HOLT 40.00 X 149407 0 16805 LYNN A STEIN 40.00 X 148087 0 12663 JONATHAN D STOLK 40.00 X 134829 0 25144 RONALD GUERRIERO 40.00 X 171115 0 18064 2278733 0 453057 35 0 1 0 COMMONFUND 15 OLD DANBURY ROAD MILTON CT 06897 INVESTMENT SERVICES 2360969 ARAMARK FACILITIES SERVICES 1101 MARKET STREET PHILADELPHIA PA 19107 FACILITY SERVICES MANAGEMENT 1504385 SODEXO INC & AFFILIATES 9801 WASHINGTON BOULEVARD GAITHERSBURG MD 20878 FACILITY SERVICES MANAGEMENT 1424038 BABSON COLLEGE 231 FOREST STREET BABSON PARK MA 02457 SHARED ADMINISTRATIVE SERVICES 906470 ROYALL & CO 1920 E PARHAM RD RICHMOND VA 232282206 ADMISSIONS MARKETING 232523 9 665534 1504657 149240 2170191 STUDENT TUITION/FEES 611310 17846866 17846866 0 17846866 7771477 -69430 7840907 126075 20956 105119 105119 105119 397890342 711921 380686571 733059 17203771 -21138 17182633 17182633 OTHER INCOME 611310 1062759 1062759 1062759 46139045 18909625 -69430 25128659 18175 18175 11452522 11452522 457400 457400 1875988 385225 953020 537743 9316652 6629081 2205257 482314 685561 487797 162273 35491 936165 666110 221591 48464 740940 477188 213702 50050 111944 111944 121387 121387 2485394 2485394 3123131 2907322 208313 7496 13646 6792 6854 1171911 684000 471135 16776 833097 314272 518725 100 890165 828655 59374 2136 687398 503445 147360 36593 131603 55023 74421 2159 5150773 4794854 343557 12362 5356649 4986504 357289 12856 143609 143609 DINING SERVICES 1159605 1159605 DEBT MANAGEMENT FEES 725858 675701 48415 1742 EQUIPMENT RENTAL AND MA 543892 506309 36278 1305 BOOKS, MAGAZINES & SUBS 437569 428698 5862 3009 DUES AND MEMEBERSHIP 224529 60487 152734 11308 165885 106217 59465 203 48961448 38591382 9107959 1262107 1725971 1525374 57036 57168 1041947 1018987 668178 691379 52241 28636 769581 1101441 154596720 43256502 116159688 111340218 335557332 370458650 2460358 3997510 458492332 490219363 2760902 4259134 240631 353460 148879740 148928422 26682132 20279981 178563405 173820997 X 12262252 13168647 265501657 300968921 2165018 2260798 279928927 316398366 458492332 490219363 X -2822403 39291842 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 EXPLANATION OF OTHER LOBBYING ACTIVITIES: PART II-B, LINE 1I: 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. 335557332 96048 55402008 21990593 369064795 328660306 174055 28622971 21900000 335557332 469570393 44430 -118844517 22110000 328660306 0.00700 0.00610 0.98690 0 0 14604513 14604513 129512591 36782705 92729886 1441673 578137 863536 9012863 5895660 3117203 25080 25080 111340218 EQUITY FUNDS 148111374 F FIXED FUNDS 61391182 F REAL ASSETS FUNDS 27162466 F HEDGE FUNDS 113202458 F PRIVATE EQUITY FUNDS 7523699 F VENTURE CAPITAL FUNDS 11192042 F CASH AND CASH EQUIVALENTS 1875429 F 370458650 INTEREST RATE AGREEMENT 10279981 TAXABLE BONDS 10000000 20279981 46139045 48961448 -2822403 32889691 6402151 39291842 36469439 71056527 32889691 32889691 38166836 2485394 5486815 7972209 46139045 34587088 0 34587088 2485394 11888966 14374360 48961448 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: 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. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: 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. PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN FMV INTEREST RATE AGREEMENT 6,402,151. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 11,909,922. RENTAL EXPENSES -20,956. CHANGE IN FMV INTEREST RATE AGREEMENT -6,402,151. PART XIII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 11,909,922. RENTAL EXPENSES -20,956. 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION 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. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 FEDERAL GRANTOR/PASS-THROUGH GRANTOR/PROGRAM OR CLUSTER TITLE AND FEDERAL EXPENDITURES: TOTAL DEPARTMENT OF EDUCATION: $654,347 TOTAL NATIONAL SCIENCE FOUNDATION: $336,707 TOTAL NATIONAL AERONAUTICS AND SPACE ADMINISTRATION: $44,744 TOTAL DEPARTMENT OF DEFENSE: $181,006 TOTAL NATIONAL INSTITUTE OF STANDARDS TECHNOLOGY: $4,047 TOTAL INSTITUE OF MUSEUM AND LIBRARY SERVICES $1,890 TOTAL DEPARTMENT OF HEALTH AND HUMAN SERVICES: $91,302 1 CENTRAL AMERICA AND THE CARIBBEAN 0 0 GRANTS TO RECIPIENTS LOCATED IN THE REGION 19000 NORTH AMERICA 0 0 GRANTS TO RECIPIENTS LOCATED IN THE REGION 18200 NORTH AMERICA 0 0 PROGRAM SERVICES CONFERENCE 11882 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 GRANTS TO RECIPIENTS LOCATED IN THE REGION 220000 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES CONFERENCE 9693 EAST ASIA AND THE PACIFIC 0 0 GRANTS TO RECIPIENTS LOCATED IN THE REGION 163800 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES CONFERENCE 37499 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES CONFERENCE 6985 SOUTH AMERICA 0 0 PROGRAM SERVICES CONFERENCE 11830 SOUTH ASIA 0 0 GRANTS TO RECIPIENTS LOCATED IN THE REGION 18200 SOUTH ASIA 0 0 PROGRAM SERVICES CONFERENCE 13380 SUB-SAHARAN AFRICA 0 0 GRANTS TO RECIPIENTS LOCATED IN THE REGION 18200 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES CONFERENCE 9489 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTING 135086343 0 0 0 0 0 0 487059 135157442 135644501 SCHOLARSHIPS CENTRAL AMERICA AND THE CARIBBEAN 1 CREDIT TO ACCOUNT 19000 FMV SCHOLARSHIPS NORTH AMERICA 1 CREDIT TO ACCOUNT 18200 FMV SCHOLARSHIPS EUROPE (INCLUDING ICELAND & GREENLAND) 12 CREDIT TO ACCOUNT 220000 FMV SCHOLARSHIPS EAST ASIA AND THE PACIFIC 9 CREDIT TO ACCOUNT 163800 FMV SCHOLARSHIPS SOUTH ASIA 1 CREDIT TO ACCOUNT 18200 FMV SCHOLARSHIPS SUB-SAHARAN AFRICA 1 CREDIT TO ACCOUNT 18200 FMV 1 0 1 1 0 0 PROCEDURE FOR MONITORING GRANTS OUTSIDE THE U.S.: SCHEDULE F, PART I, LINE 2: ALL STUDENTS ADMITTED TO OLIN ARE AWARDED A SUBSTANTIAL MERIT SCHOLARSHIP. STUDENTS ADMINTTED 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. METHOD USED TO ACCCOUNT FOR EXPENDITURES: SCHEDULE F, PART I, LINE 3: ALL AMOUNTS ARE CALCULATED BASED ON GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP). 1 X OLIN SCHOLARSHIPS 325 10650094 FAIR MARKET VALUE TUITION DISCOUNTS NEED BASED AID 58 746373 FAIR MARKET VALUE TUITION DISCOUNTS SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT REQUIRED MATCH 16 6055 FAIR MARKET VALUE TUITION DISCOUNTS SCHOLARSHIPS 10 50000 FAIR MARKET VALUE TUITION DISCOUNTS PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: ALL ACCEPTED STUDENTS CURRENTLY RECEIVE EITHER A FULL OR HALF OLIN TUITION SCHOLARSHIP WHICH IS CREDITED DIRECTLY TO THIER STUDENT ACCOUNTS. IT IS USED ONLY TO OFFSET TUITION CHARGES. X X X X 1 1 X X X X 0 0 0 0 0 0 0 1 0 RICHARD K MILLER 348762 0 0 0 6844 0 29737 0 89714 0 475057 0 0 0 STEPHEN P HANNABURY 244669 0 2425 0 4239 0 43099 0 1646 0 296078 0 0 0 CHARLES NOLAN 212471 0 2120 0 2859 0 30237 0 7675 0 255362 0 0 0 JOANNE M KOSSUTH 196870 0 2000 0 1980 0 22104 0 16189 0 239143 0 0 0 THOMAS KRIMMEL 247321 0 2500 0 3164 0 27741 0 26068 0 306794 0 0 0 ROGER CRAFTS 156253 0 0 0 875 0 17111 0 35325 0 209564 0 0 0 GILL A PRATT 146947 0 0 0 6737 0 15549 0 2022 0 171255 0 0 0 STEPHEN HOLT 146011 0 0 0 3396 0 15346 0 1459 0 166212 0 0 0 LYNN A STEIN 120475 0 0 0 27612 0 12321 0 342 0 160750 0 0 0 JONATHAN D STOLK 96206 0 0 0 38623 0 9896 0 15248 0 159973 0 0 0 RONALD GUERRIERO 168333 0 0 0 2782 0 18064 0 0 0 189179 0 0 0 PART I, 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 HOME. THE BENEFIT IS NOT TAXABLE TO THE PRESIDENT, IT IS PART OF THE HOUSE MAINTENANCE. THE COLLEGE MAINTAINS A MEMBERSHIP AT TWO COUNTRY CLUBS, UNDER THE NAMES OF THE PRESIDENT AND THE VP OF DEVELOPMENT. CERTAIN OFFICERS AND KEY EMPLOYEES ARE PROVIDED WITH A CELL PHONE ALLOWANCE WHICH IS GROSSED UP. PART I, LINE 7 CERTAIN OFFICERS AND KEY EMPLOYEES RECEIVED BONUSES. THE BONUS AMOUNTS WERE DETERMINED BASED UPON A SUBJECTIVE REVIEW OF THEIR PERFORMANCE. MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 57583FT84 2003-08-13 64543027 CAMPUS CONTRUCTION 0 0 0 MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 57583RZG3 2008-09-04 84000000 REFUNDING OF SERIES A-1 & A-2 0 0 0 65185071 715172 1385148 63084751 2010 0 0 1 1 84000156 83285106 672658 42392 2004 1 0 1 1 0 1 1 1 1 0.00460 0.01100 0.01560 1 0 1 1 1 1 0.00000 0.00800 0.00800 1 0 0 0 NA 0 NA 1 0 0 1 0 0 NA 0 1 PART II, LINE 3 - PROCEEDS OF EACH ISSUE ARE DIFFERENT THAN THE ISSUE PRICE IN PART I, COLUME E BECAUSE THE PROCEEDS INCLUDES INTEREST EARNED. PART IV, LINE 5, COLUMN A: A REBATE CALCULATION WAS PERFORMED AND THERE WAS NO POSITIVE ARBITRAGE. 38000 FINANCIAL AID X 5 42003 AVG. HIGH/LOW ON DATE X 1 107237 FMV 1 0 1 0 FORM 990, PART VI, SECTION A, LINE 6 SEE RESPONSES TO QUESTIONS 7A AND 7B. 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 THESE BYLAWS AND OTHER MATTERS. THERE ARE CURRENTLY TWO REMAINING FOUNDING MEMBERS. THE FOUNDING MEMBERS SHALL REMAIN AS SUCH UNTIL THEIR DEATH OR RESIGNATION. 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. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS REVIEWED IN DETAIL WITH THE 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. FORM 990, PART VI, SECTION B, LINE 12C ALL OFFICERS, TRUSTEES AND KEY EMPLOYEES ARE REQUIRED TO DISCLOSE ANNUALLY 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. 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. FORM 990, PART VI, SECTION B, LINE 15 ON AN ANNUAL BASIS, MOST RECENTLY IN NOVEMBER 2011 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 A 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 MARCH 2011, 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 AND OFFICERS 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. 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 32,889,691. CHANGE IN FMV INTEREST RATE AGREEMENT 6,402,151. TOTAL TO FORM 990, PART XI, LINE 5: 39,291,842.