Franklin W Olin College Of Engineering Inc
- Assets
- $541.4m
- Revenue
- $38.1m
- Investments
- $312.4m
- Employees
- 380
- Location
- Needham, MA
- Founding
- 09/1998
- Data as of
- 06/2021
- EIN
- 06-1519057
Organization Overview
Franklin W Olin College Of Engineering Inc is located in Needham, MA. The organization was established in 1998. According to its NTEE Classification (B42) the organization is classified as: Undergraduate Colleges, under the broad grouping of Education and related organizations. As of 06/2021, Franklin W Olin College Of Engineering Inc employed 380 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Franklin W Olin College Of Engineering Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2021, Franklin W Olin College Of Engineering Inc generated $38.1m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 3.0% each year. All expenses for the organization totaled $55.0m during the year ending 06/2021. While expenses have increased by 1.8% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
HIGHLY SELECTIVE FOUR-YEAR UNDERGRADUATE ENGINEERING COLLEGE WITH A UNIQUE INTERDISCIPLINARY, PROJECT-BASED CURRICULUM EMPHASIZING ENTREPRENEURSHIP, LIBERAL ARTS, AND RIGOROUS SCIENCE AND ENGINEERING FUNDAMENTALS.
Describe the Organization's Program Activity:
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 300 STUDENTS FROM AROUND THE WORLD AND HAS ATTRACTED OVER 900 APPLICANTS FOR THE FALL 2021 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.
OLIN COLLEGE'S EXTERNAL ENGAGEMENT 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 EXTERNAL ENGAGEMENT 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 FY21, EXTERNAL ENGAGEMENT HOSTED 12 VIRTUAL SEMINARS THAT INVOLVED 250 PARTICIPANTS FROM 156 UNIQUE ORGANIZATIONS AND INSTITUTIONS FROM AROUND THE US AND THE GLOBE. IN ADDITION, 72 PEOPLE REGISTERED FOR THE 2021 VIRTUAL SUMMER INSTITUTE, FROM 8 INSTITUTIONS FROM THE U.S. AND 4 OTHER COUNTRIES. OLIN IS PLAYING A SIGNIFICANT ROLE IN THE MOVEMENT TO TRANSFORM EDUCATIONAL PRACTICE ACROSS THE GLOBE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard K Miller President Emeritus (since July 2020) | 50 | $409,179 | |
Gilda Barabino Trustee(ex-Officio)/president (since July 2020) | OfficerTrustee | 50 | $358,106 |
Beth Kramer Vice President For Advancement | Officer | 50 | $267,870 |
Patricia Gallagher VP For Financial Affairs & CFO & Treasurer | Officer | 50 | $246,773 |
Mark Somerville Provost | Officer | 50 | $235,973 |
Vincent Manno Provost Emeritus | 50 | $228,031 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Babson College Shared Administration | 6/29/21 | $620,540 |
Summit Rock Advisors Investment Advisors & Mgmt | 6/29/21 | $2,540,485 |
Aramark Facilities Services Facilities Mgmt Svcs | 6/29/21 | $2,341,148 |
Rebecca's Commissary Inc Dining Services | 6/29/21 | $710,678 |
North Country Roofing Llc Building Contractors | 6/29/21 | $1,244,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,128,179 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,147,687 |
| Noncash contributions included in lines 1a–1f | $50,065 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,275,866 |
| Total Program Service Revenue | $18,500,256 |
| Investment income | $3,546,101 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $97,658 |
| Net Gain/Loss on Asset Sales | $11,093,787 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $38,091,225 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $11,420 |
| Grants and other assistance to domestic individuals. | $10,617,386 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $3,168,377 |
| Compensation of current officers, directors, key employees. | $1,227,056 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $13,121,246 |
| Pension plan accruals and contributions | $845,379 |
| Other employee benefits | $2,554,847 |
| Payroll taxes | $1,035,407 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $77,227 |
| Fees for services: Accounting | $103,751 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $26,738 |
| Fees for services: Investment Management | $2,330,002 |
| Fees for services: Other | $4,775,630 |
| Advertising and promotion | $106,269 |
| Office expenses | $933,424 |
| Information technology | $1,053,152 |
| Royalties | $0 |
| Occupancy | $1,111,368 |
| Travel | $64,941 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $79,850 |
| Interest | $5,509,410 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,441,674 |
| Insurance | $220,146 |
| All other expenses | $456,148 |
| Total functional expenses | $55,042,896 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,546,459 |
| Savings and temporary cash investments | $3,363,503 |
| Pledges and grants receivable | $363,878 |
| Accounts receivable, net | $1,030,605 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $9,312 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,322,019 |
| Net Land, buildings, and equipment | $72,282,298 |
| Investments—publicly traded securities | $143,247,318 |
| Investments—other securities | $312,389,906 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,882,779 |
| Total assets | $541,438,077 |
| Accounts payable and accrued expenses | $5,926,383 |
| Grants payable | $0 |
| Deferred revenue | $1,738,876 |
| Tax-exempt bond liabilities | $147,913,785 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $24,268,567 |
| Total liabilities | $179,847,611 |
| Net assets without donor restrictions | $44,353,775 |
| Net assets with donor restrictions | $317,236,691 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $541,438,077 |
Grants Awarded
Over the last fiscal year, Franklin W Olin College Of Engineering Inc has awarded $28,413 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
West Haven, CT PURPOSE: Research Workshop Support | $15,000 |
Dallas, TX PURPOSE: General Program Support | $7,413 |
Hillsborough, CA PURPOSE: Support construction of Brightbox ray projectors | $6,000 |
Grants Recieved
Over the last fiscal year, we have identified 20 grants that Franklin W Olin College Of Engineering Inc has recieved totaling $1,597,898.
| Awarding Organization | Amount |
|---|---|
Organization Name not Listed PURPOSE: FUNDING FOR PERSONNEL AND EQUIPMENT FOR OLIN SATELLITE + SPECTRUM TECHNOLOGY & POLICY (OSSTP) GROUP AND THE OLIN COLLEGIATE AMATEUR RADIO CLUB (OCARC). | | $671,878 |
Barr Foundation Boston, MA PURPOSE: CLIMATE: TO SUPPORT COMMUNITY-DRIVEN AIR POLLUTION REDUCTION IN ROXBURY | $405,000 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $175,448 |
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $103,850 |
Henry Luce Foundation Inc New York, NY PURPOSE: FRANKLIN W. OLIN COLLEGE OF ENGINEERING - 24 CBL UNDERGRADUATE STEM RESEARCH AWARDS | $64,000 |
Henry Luce Foundation Inc New York, NY PURPOSE: FRANKLIN W. OLIN COLLEGE OF ENGINEERING - 24 CBL UNDERGRADUATE STEM RESEARCH AWARDS | $64,000 |
Endowment Analysis
| Beg. Balance | $369,736,884 |
| Earnings | $108,539,149 |
| Net Contributions | $638,709 |
| Other Expense | $12,660,133 |
| Grants | $10,617,386 |
| Ending Balance | $455,637,223 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Champlain College Inc Burlington, VT | $240,784,775 | $119,718,125 |
Nazareth College Of Rochester Rochester, NY | $299,176,817 | $122,635,159 |
Curry College Milton, MA | $220,105,546 | $116,112,495 |
Cooper Union For The Advancement Of Science And Art New York, NY | $1,192,737,106 | $135,635,048 |
Regis College Weston, MA | $109,512,086 | $107,679,867 |
St Francis College Brooklyn, NY | $411,618,421 | $89,705,791 |
Utica University Utica, NY | $156,931,603 | $105,142,781 |
College Of Mount Saint Vincent Riverdale, NY | $139,449,317 | $110,010,056 |
Manhattanville College Purchase, NY | $105,528,873 | $90,666,523 |
Gordon College Wenham, MA | $215,426,952 | $107,400,748 |
Franklin Pierce University Rindge, NH | $94,215,029 | $91,004,046 |
Lasell University Newton, MA | $146,552,524 | $85,290,352 |