2011-05-03T09:21:17-05:00 2010-06-30 CBIZ Tofias 350 Massachusetts Avenue Cambridge MA 02139 990 2009-07-01 061519057 FRANKLIN W OLIN COLLEGE OF ENGINEERING INC FRAN 7812922300 OLIN WAY NEEDHAM MA 024921200 Stephen Hannabury 7812922401 2011-04-08 1 JOSEPH M GISO MST 6177610600 2011-04-08 2009 2016-02-24 21:20:13Z Richard K Miller OLIN WAY NEEDHAM MA 024921200 265776778 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 15 320 56 0 -48003 2118420 2281149 14929362 16631596 -23179659 9098376 1052993 1118872 -5078884 29129993 10898251 12132030 0 12252839 12649073 0 1006976 30837529 23800662 53988619 48581765 -59067503 -19451772 457083220 458492332 178035826 178563405 279047394 279928927 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 37855515 12132030 17647484 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 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. 37855515 1 1 0 1 0 0 0 0 1 1 1 0 1 0 1 0 1 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 368 0 320 1 0 1 0 0 0 0 0 0 0 0 16 15 1 0 1 0 0 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 MA CA X STEPHEN P HANNABURY executive VP 7812922401 OLIN WAY NEEDHAM MA 024921200 William B Norden 8.00 X X 0 0 0 Cara 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 William R Cotter 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 Robert N McBurney 4.00 X 0 0 0 Lawrence W Milas 4.00 X X 0 0 0 John W Prados 4.00 X 0 0 0 Douglas G Rauch 4.00 X X 0 0 0 Richard K Miller 40.00 X X 348000 0 113628 Stephen P Hannabury 40.00 X 246498 0 49229 christine Kelly 40.00 X 85529 0 15539 Michael Moody 40.00 X 228976 0 74655 Charles Nolan 40.00 X 213181 0 34913 Joanne M Kossuth 40.00 X 196747 0 37050 Thomas Krimmel 40.00 X 247221 0 53126 Roger Crafts 40.00 X 155822 0 51170 John Bourne 40.00 X 237588 0 35734 Stephen Holt 40.00 X 177494 0 20130 David V Kerns 40.00 X 164722 0 39061 David Barrett 40.00 X 136521 0 12776 Ronald Guerriero 40.00 X 131048 0 11073 2569347 0 548084 27 0 1 0 CommonFund 15 old danbury road milton CT 06897 investment services 2518567 Aramark Facilities Services 1101 market street philadelphia PA 19107 facility services management 1508604 Sodexo Inc & Affiliates 9801 washington boulevard gaithersburg MD 20878 facility services management 1419737 Babson College 231 forest street babson park MA 02457 shared administrative services 869698 4 378837 1902312 62718 2281149 STUDENT tuition/FEES 611310 16631596 16631596 16631596 5478519 5478519 114247 11263 102984 102984 102984 240241953 13426 236635522 3606431 13426 3619857 3619857 OTHER INCOME 611310 1015888 1015888 1015888 29129993 17647484 0 9201360 11586030 11586030 546000 546000 1684400 542185 891986 250229 8480520 5973234 2090486 416800 878202 543954 258394 75854 935368 599905 241823 93640 670583 429824 196755 44004 53167 53167 100849 100849 2706158 2706158 2212099 2059243 147547 5309 18271 12192 5554 525 1297669 795573 477665 24431 816330 300131 514236 1963 899337 837193 59986 2158 572180 404326 127046 40808 287714 38525 240371 8818 5301151 4934841 353587 12723 718122 244444 473678 5407888 5034203 360706 12979 142515 142515 Dining services 1171122 1171122 debt management fees 713918 664587 47618 1713 equipment rental & Main 606496 564587 40453 1456 books, magazines & subs 397255 389639 4508 3108 other expenses 175870 82361 93504 5 202551 101416 90682 10453 48581765 37855515 9719274 1006976 1526662 1725971 48548 57036 380946 1041947 701712 668178 28402 52241 490296 769581 154939805 38780117 120280799 116159688 328660305 335557332 4965550 2460358 457083220 458492332 4173528 2760902 246555 240631 148831059 148879740 24784684 26682132 178035826 178563405 X 11821294 12262252 265135062 265501657 2091038 2165018 279047394 279928927 457083220 458492332 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 Part II-B, Line 1i: Explanation of Other Lobbying Activities: 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. 328660306 174055 28622971 21900000 335557332 469570393 44430 -118844517 22110000 328660306 0.00570 0.00650 0.98780 0 0 14604513 14604513 129512990 32463785 97049205 1303796 535719 768077 9504772 5780613 3724159 13734 13734 116159688 equity funds 114339398 F non-marketable real assets 3918186 F directional & relative value funds 98685329 F fixed funds 73409687 F short-term investments 31900 F real assets 26536506 F non-marketable equity 18636326 F 335557332 DEPOSITS WITH BOND TRUSTEES 94462 UNAMORTIZED BOND ISSUANCE COSTS 2365896 2460358 INTEREST RATE AGREEMENT 16682132 Taxable Bonds 10000000 26682132 29129993 48581765 -19451772 19524595 2706158 -1897448 20333305 881533 36533821 19524595 19524595 17009226 12120767 12120767 29129993 35652288 1897448 1897448 33754840 2706158 12120767 14826925 48581765 Part V, Line 4: Description of Intended Use of Endowment Funds: 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. Part X: Description of Uncertain Tax Positions Under FIN 48: 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 a 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: -1897448. Part XII, Line 4b - Other Adjustments: financial aid: 12132030. rental expenses : -11263. Part XIII, Line 2d - Other Adjustments: CHANGE IN FMV INTEREST RATE AGREEMENT: 1897448. Part XIII, Line 4b - Other Adjustments: financial aid: 12132030. rental expenses: -11263. 1 1 1 The College includes a statement of non-discrimination in all brochures and on their website. The College does not discriminate on the basis of race, color, creed, national or ethnic origin, gender, religion, disability, age, sexual orientation, disabled veteran status, veteran of the Vietnam Era status, marital or citizenship status (except in those special circumstances permitted or mandated by law). 1 1 1 1 0 0 0 0 0 0 0 0 1 0 FEDERAL GRANTOR/PASS-THROUGH GRANTOR/PROGRAM OR CLUSTER TITLEAND FEDERAL EXPENDITURES:TOTAL DEPARTMENT OF EDUCATION: $455,868TOTAL NATIONAL SCIENCE FOUNDATION: $233,748TOTAL NATIONAL AERONAUTICS AND SPACE ADMINISTRATION: $27,059TOTAL DEPARTMENT OF DEFENSE: $70,502TOTAL NATIONAL INSTITUTE OF STANDARDS TECHNOLOGY: $5,426TOTAL DEPARTMENT OF HEALTH AND HUMAN SERVICES: $20,844 1 1 Central America and the Caribbean 0 0 grants to recipients located in region grantmaking & scholarships 36400 North America 0 0 grants to recipients located in region grantmaking & scholarships 72800 Europe (Including Iceland & Greenland) 0 0 grants to recipients located in region grantmaking & scholarships 72800 East Asia and the Pacific 0 0 grants to recipients located in region grantmaking & scholarships 254800 Middle East and North Africa 0 0 grants to recipients located in region grantmaking & scholarships 36400 South Asia 0 0 grants to recipients located in region grantmaking & scholarships 72800 0 0 546000 scholarships Central America and the Caribbean 1 36400 credit to account scholarships North America 2 72800 credit to account scholarships Europe (Including Iceland & Greenland) 2 72800 credit to account scholarships East Asia and the Pacific 7 254800 credit to account scholarships Middle East and North Africa 1 36400 credit to account scholarships South Asia 2 72800 credit to account Procedure for Monitoring Grants Outside the U.S.: Schedule F, Part I, Line 2: All accepted students currently receive a full Olin tuition scholarship which is credited directly to thier student accounts. 1 Olin Scholarships 333 11365690 Need based aid 35 144849 supplemental educational opportunity grant required match 15 6156 scholarships 14 69335 Procedure for Monitoring Grants in the U.S.: Part I, Line 2: Schedule I, Part I, Line 2: All accepted students currently receive a full Olin tuition scholarship which is credited directly to thier student accounts. X X X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 Richard K Miller 341492 0 0 0 6508 0 28513 0 85115 0 461628 0 0 0 Stephen P Hannabury 242263 0 0 0 4235 0 47659 0 1570 0 295727 0 0 0 Michael Moody 227247 0 0 0 1729 0 23179 0 51476 0 303631 0 0 0 Charles Nolan 210468 0 0 0 2713 0 27737 0 7176 0 248094 0 0 0 Joanne M Kossuth 195047 0 0 0 1700 0 21911 0 15139 0 233797 0 0 0 Thomas Krimmel 244759 0 0 0 2462 0 28047 0 25079 0 300347 0 0 0 Roger Crafts 154959 0 0 0 863 0 16931 0 34239 0 206992 0 0 0 John Bourne 169712 0 0 0 67876 0 19031 0 16703 0 273322 0 0 0 Stephen Holt 173691 0 0 0 3803 0 18747 0 1383 0 197624 0 0 0 David V Kerns 163816 0 0 0 906 0 23918 0 15143 0 203783 0 0 0 Part I, Line 1a The President, the VP of Academic Affairs, 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 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. Massachusetts development finance agency 043431814 57583ft84 2003-08-13 64543027 Campus Contruction 0 0 massachusetts development finance agency 043431814 57583rzG3 2008-09-04 84000000 Refunding of series A-1 & A-2 0 0 65185071 89642 2100320 62995109 2010 0 0 1 1 84000156 83285156 715050 2004 1 0 1 1 0 0 1 1 1 0.00900 0.01100 0.02000 1 0 0 1 1 1 0.00000 0.00800 0.00800 1 0 0 0 na 0 na 1 0 0 1 0 na 0 na 0 1 Richard Miller babson college board member richard miller, president of franklin w. olin college of engineering, inc. also serves on the babson college board of trustees. 0 Lawrence Milas babson college board member lawrence milas, trustee of franklin w. olin college of engineering, inc. also serves on the babson college board of overseers. 0 X 8656 fmv X 5 51448 avg. high/low on date X other property 1 2614 receipts 0 0 1 0 Form 990, Part VI, Section A, line 2 Two officers of the organization have a business relationship with Babson College, a member of the Boston Consortium for Higher Education, of which Olin College is also a member. Form 990, Part VI, Section A, line 4 The Bylaws were amended at the May 2010 Board of Trustees meeting. Significant changes included: - Adding to the Board's responsibilities: "Regularly monitor the quality of the academic program and the career paths of Olin graduates" - Allowing for electronic transmission of required notifications, including notification of meetings and distribution of minutes - Clarifying term limits for Trustees - Defining the President's Council - Defining Officers of the College - Defining Terms, Authority and Responsibilities of the Other Officers - Changing the minimum number of Board meetings each year from four to three - Allowing non-trustee committee members the right to vote at committee meetings - Requiring all Committees to keep minutes of committee meetings and to distribute these to all Trustees on a regular basis - Allowing Founding Trustees to attend and vote at Executive Sessions of committee meetings except the Executive Committee meetings - Moving the responsibility for assessing the quality and effectiveness of committee work from the Executive Committee to the Governance Committee - Expanding the definition of family members for the conflict of interest policy to include other household members - Changing who appoints the committee responsible for periodic review of the Bylaws - Making various other miscellaneous changes to the wording of the Bylaws, which did not change the meaning of the affected sections 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. 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. Form 990, Part VI, Section B, line 15 On an annual basis, most recently in august 2010 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 august 2010, the salaries of the Key Employees 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 are eligible to receive merit increases most years, based on performance, with the same criteria as other employees. 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. Form 990, Part XI, Line 2c: The organization has a committee that is responsible under its governing documents or through delegation by its governing body for (i) overseeing the audit of the financial statements, and (ii) the selection of an independent accountant that audited the statements. This process has not changed from the prior year. Schedule K: Part I, Line 1A, Column F: Bond Issuance paid for a portion of all buildings on campus, including the following buildings in full: East Hall Dorm and Large Project Building. Part I, Line 1b, Column F: Series A-1 and A-2 were issued on 8/13/2003 Part II, line 4, Column A: All remaining proceeds were expended by October 2010. Part II, Line 5, Column A: Includes $1,385,148 for bond issuance premium and $715,171 for other issuance costs. Part II, Line 5, Column B: Includes $42,392 for letter of credit fees and $672,658 for other issuance costs. Part II, Line 8, Column B: The project funded with the refunded bonds (a-1 and a-2) was completed in 2004. Part IV, Line 5, Column A: A rebate calculation was performed and there was no positive arbitrage.