Franklin W Olin College Of Engineering Inc
- Assets
- $541.4m
- Revenue
- $38.1m
- Investments
- $312.4m
- Employees
- 407
- 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 06/2022, Franklin W Olin College Of Engineering Inc employed 407 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 7 years the organization has increased revenue by an average of 2.6% each year. All expenses for the organization totaled $55.0m during the year ending 06/2021. While expenses have increased by 1.5% per year over the past 7 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
990
Mission & Program ActivityExcerpts From the 990 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:
Part 3 - Line 4a
FOUNDED IN 1997, FRANKLIN W. OLIN COLLEGE OF ENGINEERING, INC. (OLIN OR THE COLLEGE) IS AN UNDERGRADUATE ENGINEERING INSTITUTION WITH A MISSION TO TRANSFORM ENGINEERING EDUCATION TOWARD A WORLD IN WHICH ENGINEERING SERVES EVERYONE. THE COLLEGE HAS APPROXIMATELY 356 STUDENTS FROM AROUND THE WORLD AND HAS ATTRACTED 863 APPLICANTS FOR THE FALL 2022 ENTERING CLASS. OLIN'S INNOVATIVE APPROACH TO ENGINEERING EDUCATION STRESSES PROJECT-BASED, INTERDISCIPLINARY LEARNING AND FOCUSES ON HELPING ENGINEERS UNDERSTAND THE REAL-WORLD IMPACT OF THEIR WORK, AS WELL AS DEVELOP SKILLS TO TACKLE THE WORLD'S MOST IMPORTANT PROBLEMS, AND BE PASSIONATE ABOUT SERVING PEOPLE, SOCIETY, AND THE PLANET. 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 IS COMMITTED TO ADVANCING A VISION OF ENGINEERING FOR EVERYONE THROUGH IMPACT-CENTERED EDUCATION, WHICH FOCUSES NOT ONLY ON PREPARING STUDENTS TO HAVE IMPACT BUT ALSO ON ENGAGING STUDENTS IN CREATING AUTHENTIC IMPACT AND IN MAKING THE WORLD A BETTER PLACE. AS PART OF THIS STRATEGY, OLIN ENGAGES IN COLLABORATIVE ACTIVITIES WITH INDUSTRY PARTNERS, COMMUNITY ORGANIZATIONS, AND ACADEMIC INSTITUTIONS AROUND THE WORLD (INCLUDING NEIGHBORING BABSON AND WELLESLEY COLLEGES). OLIN'S EXTERNALLY FACING PROGRAMS INCLUDE FACULTY DEVELOPMENT WORKSHOPS, EDUCATIONAL CONSULTING SERVICES, AND LIFELONG LEARNING EXPERIENCES FOR ALUMNI AND ENGINEERING PROFESSIONALS. THROUGH THESE PROGRAMS AND PARTNERSHIPS, OLIN FULFILLS ITS ASPIRATION TO BE AN IMPORTANT AND CONSTANT CONTRIBUTOR TO THE ADVANCEMENT OF ENGINEERING EDUCATION AND TO DO GOOD FOR HUMANKIND.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gilda Barabino Trustee(ex-Officio)/president | OfficerTrustee | 50 | $719,564 |
Mark Somerville Provost | Officer | 50 | $295,257 |
Richard K Miller President Emeritus(since July 2020) | 50 | $256,548 | |
Patricia Gallagher VP For Fa & CFO & Treasurer- Until Nov 2021 | Officer | 50 | $233,102 |
Alisha Sarang-Sieminski Dean Of The College (since June 2021) | Officer | 50 | $202,084 |
Jeremy Goodman VP For Administration Services And Innovation | Officer | 50 | $196,800 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Summit Rock Advisors Investment Advisors & Mgmt | 6/29/22 | $2,886,411 |
Aramark Facilities Services Facilities Mgmt Svcs | 6/29/22 | $2,812,069 |
Rebecca's Commissary Inc Dining Services | 6/29/22 | $847,190 |
Babson College Shared Administration | 6/29/22 | $595,956 |
North Country Roofing Llc Building Contractors | 6/29/22 | $424,293 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,275,866 |
| 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 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 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 | $0 |
| 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 |
| 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 | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $361,590,466 |
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 |
|---|---|
UNIVERSITY OF NEW HAVEN PURPOSE: Research Workshop Support | $15,000 |
HUMAN RIGHTS INITIATIVE OF NORTH TEXAS INC PURPOSE: General Program Support | $7,413 |
HOME OF HOPE INC PURPOSE: Support construction of Brightbox ray projectors | $6,000 |