The Franklin W. Olin College of Engineering (colloquially Olin College or simply Olin) is a private undergraduate engineering college located in Needham, Massachusetts (near Boston), adjacent to the Babson College campus. Olin College is noted in the engineering community for its youth, small size, project-based curriculum, and large endowment funded primarily by the F. W. Olin Foundation. The College currently awards the half-tuition Olin Scholarship to each admitted student. Unlike many institutions, Olin College does not have separate academic departments. Consequently, no separate budgets exist for different majors or subject areas. All faculty members hold five-year renewable contracts with no opportunity for tenure. The college was accredited by the regional accreditation board NEASC on December 6, 2006. Olin's degree programs in Electrical/Computer Engineering, Mechanical Engineering, and Engineering received accreditation from the Engineering Accreditation Commission of Accreditation Board for Engineering and Technology (ABET) on August 31, 2007.