2026-05-08T09:15:39-07:00 2025-06-30 990 2024-07-01 520591613 GOUCHER COLLEGE GOUC 4103376000 1021 Dulaney Valley Road Baltimore MD 21204 Noel Ward AVP for Finance and Controller 4103376132 2026-05-08 1 2024 2025-03-06 01:10:19Z Kent Devereaux 1021 Dulaney Valley Road Baltimore MD 21204 181923665 0 X www.goucher.edu X 1885 MD Goucher College provides an innovative liberal arts education that prepares students with a broad, humane perspective for a life of inquiry, creativity, and critical and analytical thinking. 31 30 1243 226 321236 0 67499783 25498990 66180376 70481179 5252955 20297623 620480 1067780 139553594 117345572 34892743 38166102 0 0 38873199 38819673 0 0 2510399 37151903 37226493 110917845 114212268 28635749 3133304 477504242 491172321 125464640 123706709 352039602 367465612 Goucher College provides an innovative liberal arts education that prepares students with a broad, humane perspective for a life of inquiry, creativity, and critical and analytical thinking. The College's vision is to become a top-100 national liberal arts college known for offering a transformational education that delivers graduates who can solve complex problems within a diverse, global community. 0 0 87664055 36957870 64176687 The College provided an Undergraduate Arts and Sciences education to 981 students. Goucher's academic philosophy is focused on 3Rs: relationships, resilience, and reflection, and coursework reflects the core values of a liberal arts education: proficiency in English composition and in a foreign language, solid foundations in history, abstract reasoning, scientific discovery and experimentation, problem-solving, social structures, and environmental sustainability. A highlight of Goucher's unique liberal arts curriculum is the requirement that all undergraduates must study abroad at least once before graduation, making the College among the first in the nation to make such a bold move in globalized education. Goucher strives to educate the whole student and promotes a broad education over narrow career training. This gives graduates a wide range of professional options and increased ability to take advantage of new opportunities in developing fields-and even the capability to change careers. Goucher students master a range of knowledge, including the communication, critical thinking, and quantitative reasoning skills that U.S. employers overwhelmingly say they want job candidates to have. 6153914 1208232 5871940 The College provided a graduate education to 478 students. The Welch Center for Graduate and Professional Studies offers a diverse range of academic programs, including: Master of Arts and Master of Fine Arts degrees in areas such as education, teaching, historic preservation, arts administration, cultural sustainability, digital arts, nonfiction, management, and environmental sustainability, plus a post-baccalaureate premedical program. These programs are led by industry leaders who help students strengthen their skills, add to their knowledge base, and create professional opportunities wherever their passions lead. 399854 0 432552 The College provided credit and non-credit continuing studies course work for 510 participants. Goucher is home to the College Board's Advanced Placement (AP) Summer Institute, training teachers in AP courses from across the country and around the world. The Advanced Placement Summer Institute allows teachers to earn graduate credit while gaining College Board-certified preparation in most subject areas offered through AP programs. 0 0 0 94217823 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 1 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 1 2336 0 1243 1 1 1 1 BD CJ 0 0 0 1 1 0 0 0 0 0 0 X 31 30 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AK CA CO DC FL LA MA MD MI MT NH NJ NV NY OH OK OR SC WA X Brian Hutzley 4103373128 1021 Dulaney Valley Road Baltimore MD 21204 Kent Devereaux President 40.00 0.00 X X 341097 0 92658 Elaine Meyer-Lee Provost 40.00 0.00 X 233448 0 34781 Michele Y Ewing VP for Advancement 40.00 0.00 X 249851 0 10383 Noel Ward Associate VP of Finance and Controller 40.00 0.00 X 187760 0 45922 Lisa Van Riper VP of Marketing and Communications 40.00 0.00 X 193882 0 38375 Aarika Camp VP of Student Affairs 40.00 0.00 X 192713 0 21620 Erik Thompson VP for Campus Operations 40.00 0.00 X 196782 0 8227 Isabel Moreno-Lopez Associate Provost for Undergraduate Studies and Professor 40.00 0.00 X 143709 0 36244 Tania Rachkoskie Associate VP for Enrollment Management 40.00 0.00 X 145686 0 32482 Justin Smith Associate VP for Student Well-Being and Dean of Students 40.00 0.00 X 143783 0 10973 Brian Hutzley Senior VP for Finance and Operations/CFO 40.00 0.00 X 124075 0 8263 Cindy Plavier-Truitt Class of 1988 Trustee, Chair 25.00 0.00 X X 0 0 0 Faye Polayes Class of 1973 Trustee, Vice Chair 20.00 0.00 X X 0 0 0 Janet Farrell Class of 1973 Trustee, Treasurer 10.00 0.00 X X 0 0 0 Alice G Pinderhughes Class of 1973 Trustee, Secretary 10.00 0.00 X X 0 0 0 Tara Abdullah-Nri Class of 2022 Trustee 5.00 0.00 X 0 0 0 Deidre Bosley Trustee 5.00 0.00 X 0 0 0 Robert Lee Bull Jr Class of 1993 Trustee 5.00 0.00 X 0 0 0 Melinda J Burdette Class of 1972 Trustee 5.00 0.00 X 0 0 0 Tinisha J Cheatham Trustee 5.00 0.00 X 0 0 0 Marc Cousins Class of 1995 Trustee 5.00 0.00 X 0 0 0 Cordelia Edwards Class of 2024 Trustee 5.00 0.00 X 0 0 0 Elizabeth Ellers Class of 1981 Trustee 5.00 0.00 X 0 0 0 Leda Fuller Favor Class of 1979 Trustee 5.00 0.00 X 0 0 0 Dr Stefano Fiore Trustee 5.00 0.00 X 0 0 0 Ellen Gardner Class of 1983 Trustee 5.00 0.00 X 0 0 0 Adam Gross Trustee 5.00 0.00 X 0 0 0 Damon Highsmith Class of 2003 Trustee 5.00 0.00 X 0 0 0 Dr Linda Himmelberger Class of 1974 Trustee 5.00 0.00 X 0 0 0 Miriam Brown Hutchins Class of 1973 Trustee 5.00 0.00 X 0 0 0 Miriam E Katowitz Class of 1973 Trustee 5.00 0.00 X 0 0 0 Marcus Loveland Trustee 5.00 0.00 X 0 0 0 Dr Michael Okoroafor Trustee 5.00 0.00 X 0 0 0 Ruth Rathblott Class of 1991 Trustee 5.00 0.00 X 0 0 0 Dr Jocelyn Reader Class of 2002 Trustee 5.00 0.00 X 0 0 0 Kim Shaffir Class of 1983 Trustee 5.00 0.00 X 0 0 0 Lisa Lyden Stromberg Class of 1983 Trustee 5.00 0.00 X 0 0 0 Stewart Thomsen Trustee 5.00 0.00 X 0 0 0 Marilyn S Warshawsky Class of 1968 Trustee 5.00 0.00 X 0 0 0 Craig Watson Trustee 5.00 0.00 X 0 0 0 Jonathan Wexler Class of 1994 Trustee 5.00 0.00 X 0 0 0 2152786 0 339928 55 0 1 0 Bon Appetit Management Co 1021 Dulaney Valley Road Baltimore MD 21204 Food service provider 4798537 Centers LLC 1220 19th Street Suite 400 Washington DC 20036 Event planning and management services 760960 Securitas Security Services USA Inc 9 Campus Drive Parisppany NJ 07054 Security Service Provider 542202 Workday 6110 Stoneridge Mall Road Pleasanton CA 94588 Management Information System Consultant 472103 Educators Advancement Group Inc dba K-12 Teachers Alliance 20624 Abbey Woods Court North Frankfort IL 60423 Program 412112 36 0 0 21800 0 5064147 20413043 1079474 25498990 Undergraduate Tuition, Room & Board 611310 64176687 64176687 0 0 Graduate Tuition, Room & Board 611310 5871940 5871940 0 0 Continuing Professional Education 611310 432552 432552 0 0 0 0 0 0 70481179 3169299 0 -71146 3240445 206006 0 0 206006 0 0 0 0 949233 0 872298 0 76935 0 76935 0 58963 17972 76696367 3829122 62027366 1575805 14669001 2253317 16922318 0 0 16922318 9925 21800 33539 -23614 0 -23614 0 0 0 0 0 0 96025 69085 26940 0 0 26940 Pilates 713940 276401 0 276401 0 Pool 713940 57018 0 57018 0 Development Fee 611310 200000 0 0 200000 454100 0 0 454100 987519 117345572 70481179 321236 21044167 0 0 37845132 37845132 320970 320970 0 0 1900095 654584 875358 370153 0 0 0 0 30477543 22205661 6819061 1452821 744638 439262 268399 36977 3430312 2408315 941206 80791 2267085 1596008 550137 120940 0 0 0 0 422129 179487 239670 2972 157151 0 157151 0 15911 0 15911 0 0 0 2260263 0 2260263 0 3499994 2600255 801102 98637 619269 112531 451598 55140 2715192 2349394 327453 38345 3246570 2026452 1220035 83 0 0 0 0 1950585 1428798 483613 38174 886125 828648 33486 23991 0 0 0 0 161932 142681 17990 1261 4038404 3727528 287686 23190 0 0 0 0 9163099 8613313 458155 91631 972393 0 972393 0 Food Service Costs 4585704 4585704 0 0 Study Abroad 836423 836423 0 0 Other Administrative 1002425 748932 252560 933 Food 692924 567745 50819 74360 0 0 0 0 114212268 94217823 17484046 2510399 2211241 4262400 1220711 1221029 3236135 8753566 2427873 2229642 0 0 0 0 0 0 0 0 2406886 2367904 321481300 166436320 155441287 155044980 188388418 187289229 83338499 110771111 5735254 5135728 0 0 33097938 14096732 477504242 491172321 5636195 6875035 0 0 2496053 2962718 106145277 105862637 0 0 0 0 2800000 0 0 0 8387115 8006319 125464640 123706709 X 68052974 53062696 283986628 314402916 352039602 367465612 477504242 491172321 X 3133304 13265010 0 0 0 -972304 X 0 1 X 1 1 1 X 23481871 19369740 13779121 67499783 25498990 149629505 0 0 0 0 0 0 0 0 23481871 19369740 13779121 67499783 25498990 149629505 71213431 78416074 1389826 1065047 1925779 2323935 4304028 11008615 0 0 0 0 164469 2748901 705121 675126 750125 5043742 165681862 335203735 0.47329 0.50208 X Schedule A, Part II, Line 10 Includes income from other revenue ($664,025), fundraising events ($9,925) and inventory ($96,025) RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 1 0 0 0 0 1 5971 0 1 9940 15911 0 Schedule C, Part II-B, Line 1 Members of Goucher's senior management team, faculty, staff and a select number of students participate in the annual Independent Higher Education Day. The event was sponsored by the Maryland Independent College and University Association (MICUA), of which Goucher is a member, and brought students and administrators from across the state to Maryland's capital for a briefing and visits with elected officials. In addition, members of Goucher's staff met with elected officials on behalf of the College. The associated compensation for these activities is reported on lines 1g. The organization paid membership dues of $7,713 to the National Association of Independent Colleges and Universities (NAICU) and $58,752 to the Maryland Independent Colleges and Universities Association (MICUA), both of which engage in lobbying activity. NAICU set aside approximately 7% of the dues paid to engage in non-deductible lobbying and political expenditures. MICUA set aside approximately 16% of the dues paid to engage in non-deductible lobbying and political expenditures. Accordingly, the College has reported an equal amount on line 1i. 0 0 X X X X X Education 0 292650000 3933000 29991000 5913000 20567000 0 300094000 239770000 49324000 22508000 5896000 13056000 0 292650000 243311000 4964000 11220000 5360000 14365000 0 239770000 259341000 5677000 -9759000 4879000 7069000 0 243311000 191378000 73947000 5993000 4842000 7135000 0 259341000 0.062 0.506 0.432 1 0 0 14780348 14780348 0 261749957 138640174 123109783 0 0 0 0 0 34323356 27796146 6527210 0 10627639 0 10627639 155044980 0 0 Hedge Funds 41317269 F Limited Partnership Interest 69453842 F 110771111 0 Payables and deferred revenues under split interest arrangements 981243 Asset retirement obligation 2198443 Other long-term liabilities 4826633 8006319 X 90460000 13265010 0 0 -41124893 -27859883 118319883 0 -974311 -974311 117345572 75034000 0 0 0 974321 974321 74059679 0 40152589 40152589 114212268 Schedule D, Part III, Line 1 The College did not disclose its collection and related policies in its financial statements. Schedule D, Part III, Line 4 The College art collection is comprised of works of fine art, including two-dimensional and three-dimensional art objects and miscellaneous objects of value. The art collection is owned by the College. Art objects are housed in buildings or on the campus grounds of the College or are loaned by the College to other institutions. The collection includes sculptures, prints, photographs, drawings, paintings, and other artistic objects. The collection is used for scholarly research, education, and public exhibitions in furtherance of the exempt purposes of the College. Schedule D, Part V, Line 4 The endowment of Goucher College generated income to support the College both generally and in specific ways designated by our generous donors. Income, allocated across approximately 700 endowments, supports both merit and need-based scholarships of undergraduate and graduate students; fellowships; internships; professorships; lectureships; the College library; and the College's general operating budget. Schedule D, Part X, Line 2 The College is qualified as a not-for-profit organization under section 501(c)(3) of the Internal Revenue Code, as amended. Accordingly, the College is not subject to income taxes except to the extent it has taxable income from activities that are not related to its exempt purpose. No provision for income taxes was required for 2025 or 2024. Management has analyzed the tax positions taken by the College and has concluded that as of June 30, 2025, and 2024, there are no uncertain positions taken or expected to be taken that would require recognition or disclosure in the accompanying financial statements. The College is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax period in progress. Schedule D, Part XI, Line 2d Includes student financial aid of $37,644,826, Revenue share of $315,489 paid to a service provider, investment fees of $2,260,263, unrealized loss on swap agreement of $972,304 and the reclcassification of intercompany revenue against expenses of ($67,989). Schedule D, Part XI, Line 4b Includes rental expenses of ($872,298), fundraising expenses of ($33,539), cost of good sold of ($69,085), presented net within revenues and a rounding difference of $611. Schedule D, Part XII, Line 2d Includes rental expenses of $872,298, fundraising expenses of $33,539, cost of good sold of $69,085, presented net within revenues and a rounding difference of ($601). Schedule D, Part XII, Line 4b Includes student financial aid of $37,644,826, Revenue share of $315,489 paid to a service provider, investment fees of $2,260,263 and the reclcassification of intercompany revenue against expenses of ($67,989). 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 The College's racially nondiscriminatory policy is published in the academic catalog, student handbook, and on the Colleges' website. Schedule E, Part I, Line 6 The College participates in the following federal programs which provide financial aid to undergraduate and graduate students: Pell Grant Program, Supplemental Educational Opportunity Grant Program, Federal Work Study Program, Perkins Loan Program, Federal Direct Student Loans, and Teacher Education Assistance for College and Higher Education. The College also received grants from the Maryland State Department of Education, Maryland Higher Education Commission and participates in the Maryland Sellinger Program. In addition, the College was awarded sponsored research and other program grants funded by the National Science Foundation, National Institute of Health, National Endowment for the Humanities, and the US Department of Education. 1 Central America and the Caribbean 0 0 Investments Investments 66648702 Central America and the Caribbean 0 0 Program Services Tuition, room, board, program 119273 East Asia and the Pacific 0 0 Program Services Tuition, room, board, program 179769 Europe (including Iceland and Greenland) 0 0 Program Services Tuition, room, board, program 584123 Middle East and North Africa 0 0 Program Services Tuition, room, board, program 10398 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Program 30559 South America 0 0 Program Services Tuition, room, board, program 8458 South Asia 0 0 Program Services Tuition, room, board, program 47090 Sub-Saharan Africa 0 0 Program Services Tuition, room, board, program 7965 0 0 67636337 Student Financial Aid Central America and the Caribbean 15 45145 credit to student account 0 cash value Student Financial Aid East Asia and the Pacific 19 76496 credit to student account 0 cash value Student Financial Aid Europe (including Iceland and Greenland) 9 185329 credit to student account 0 cash value Student Financial Aid Sub-Saharan Africa 4 14000 credit to student account 0 cash value 1 0 1 1 1 0 Schedule F, Part I, Line 2 Goucher College provides institutional grant funds limited to need-based and merit-based financial assistance to its students while they participate in study abroad experiences. Goucher College's comprehensive program of need-based and merit-based financial assistance is managed by the Office of Student Financial Aid, in cooperation with the Office of Global Education. Financial need is determined by subtracting the Student Aid Index as calculated on the Free Application for Federal Student Aid (FAFSA) from the student's total cost of attendance. Financial aid is awarded for one year only and must be renewed annually. Need-based aid is renewed to continuing students who demonstrate need and who are making satisfactory progress toward their degrees. Institutional merit-based scholarship requirements vary depending on the award. Compliance with those requirements is also overseen by the Office of Student Financial Aid, in cooperation with the Office of Global Education. Schedule F, Part IV, Line 1 The College, through its investment in various alternative assets, has transfers to foreign corporations during the year. The organization has transferred funds to foreign corporations through its alternative investment vehicles and will be filing Forms 926 with their Form 990T. Schedule F, Part IV, Line 3 The College, through its investment in various alternative assets, has interest in foreign corporations. However, the College's interest in any single foreign corporation was less than 10 percent. Accordingly, the College is not required to file Form 5471. Schedule F, Part IV, Line 4 The College, through its investment in various alternative assets and common collective trusts, was a direct or indirect shareholder of a passive foreign investment company or qualifying electing fund. In these cases, the investment manager files Form 8621 on its investors' behalf. Accordingly, the College is not required to file Form 8621. Schedule F, Part IV, Line 5 The College, through its investment in various alternative assets, holds interests in foreign partnerships. Although the College owned less than 10 percent of any single foreign partnership, during the tax year it directly or indirectly transferred more than $100,000 to one or more foreign partnerships. Accordingly, the College is required to file Form 8865 and has complied with the applicable filing requirements. Golf Tournament 11400 6075 5325 0 0 0 6095 6660 3430 Jewel Robinson Dinner 20325 15725 4600 0 210 0 14768 0 2376 0 31725 21800 9925 0 210 0 20863 6660 5806 33539 -23614 1 Undergraduate and graduate grants, scholarships, and discounts 1579 37323856 0 Cash Value Prizes, awards, internships, and fellowships 302 521276 0 Cash Value Schedule I, Part I, Line 2 Goucher College's institutional grant funds are limited to need-based and merit-based financial assistance for attendance at the College. Goucher College's comprehensive program of need-based and merit-based financial assistance is managed by the Office of Student Financial Aid. Financial need is determined by subtracting the Expected Family Contribution - as calculated on the Free Application for Federal Student Aid (FAFSA) from the student's total cost of attendance. Financial aid is awarded for one year only and must be renewed annually. Need-based aid is renewed to continuing students who demonstrate need and who are making satisfactory progress toward their degrees. Institutional merit-based scholarship requirements vary depending on the award. Compliance with those requirements is also overseen by the Office of Student Financial Aid. X X X X 1 1 X X X 0 1 0 0 0 0 0 0 0 Kent Devereaux President 336542 0 0 0 4555 0 60781 0 33238 0 435116 0 0 0 Elaine Meyer-Lee Provost 231957 0 0 0 1491 0 9920 0 24861 0 268229 0 0 0 Michele Y Ewing VP for Advancement 248782 0 0 0 1069 0 10361 0 23 0 260235 0 0 0 Erik Thompson VP for Campus Operations 195850 0 0 0 932 0 8156 0 71 0 205009 0 0 0 Lisa Van Riper VP of Marketing and Communications 192628 0 0 0 1254 0 6468 0 89207 0 289557 0 0 0 Aarika Camp VP of Student Affairs 191919 0 0 0 794 0 8134 0 13486 0 214333 0 0 0 Noel Ward Associate VP of Finance and Controller 187394 0 0 0 366 0 7491 0 38431 0 233682 0 0 0 Tania Rachkoskie Associate VP for Enrollment Management 145409 0 0 0 277 0 5875 0 28512 0 180073 0 0 0 Justin Smith Associate VP for Student Well-Being and Dean of Students 143684 0 0 0 99 0 0 0 10973 0 154756 0 0 0 Isabel Moreno-Lopez Associate Provost for Undergraduate Studies and Professor 143242 0 0 0 467 0 5790 0 30454 0 179953 0 0 0 Schedule J, Part I, Line 1a A residence and limited personal services are provided for the convenience of the College and as a condition of employment. A housing allowance of $29,705 is included in the President's non-taxable compensation. The club memberships provide President Devereaux with access to conveniently located and cost-efficient spaces for meetings with donors, which may take place over meals, as well as reciprocal club spaces domestically and internationally. The University Club in New York, where many donors and trustees live, also offers a reduced price for overnight accommodations in comparison to area hotels. This club has a specific membership tier and reduced fee for college and university presidents that reflects the non-profit status of these institutions. All expenses incurred and billed to the College at these clubs are exclusively for College business. Club dues of $1,361 is included a non-taxable fringe benefit. In addition, the College provides a de minims gross-up payment to senior staff to cover the tax impact of long-term disability insurance. Schedule J, Part I, Line 4 The College provides a deferred compensation plan (the Plan) pursuit to 457(f) of the Internal Revenue Code of 1986, as amended, for the benefit of the President. The Plan provides additional compensation for his continued service, by the payment of a deferred compensation amount. The amount, as provided under his contract, is credited to an account on July 1, accrues interest monthly. Amounts accrued through June 30, 2023 was payable in September following the fiscal year end. Beginning July 1, 2023, amounts accrued are payable in September 2027. The amount vests as of the payment date, and is forfeited in the event of voluntarily termination of employment, or termination for cause. A MD Health and Higher Educational Facilities Authority Goucher College Issue Series 2017A 520936091 5742182H5 2017-06-20 60565232 Refund MHHEFA Series 2012A and 2017B bonds and finance certain capital projects 0 0 0 B MD Health and Higher Educational Facilities Authority Series 2022 520936091 2022-08-01 48854000 Refunding the refunded bonds and financing and refinancing the 2022 Project 0 0 0 A 1860000 0 60565232 1122474 0 0 1068599 0 0 0 60488631 0 2017 1 0 1 1 B 257000 0 49265656 0 0 0 0 0 0 5066094 40367196 4013254 2026 1 0 0 1 A 0 0 1 1 0 0 0 0 0 0 1 B 0 0 1 1 0 0 0 0 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 1 0 0 1 0 0 0 1 A 1 B 1 Schedule K, Part II, Line 3-06/20/2017 60,565,232 MD Health and Higher Educational Facilities Author Total proceeds of issue includes interest Schedule K, Part IV, Line 2c-06/20/2017 60,565,232 MD Health and Higher Educational Facilities Autho Hilltop Securities prepared Goucher College's MHHEFA Series 2017A rebate calculation as of 10/26/21 and determined no rebate was due. X 2 0 policy X 29 1079474 NYSE X Horse 4 0 policy X Equestrian program items 1 0 policy 7 0 1 0 Schedule M, Part I The number reported in column (b) represents the number of items contributed, except for line 9 - securities, where all securities donated on one day by the same donor were counted as one contribution. Schedule M, Part I, Line 33 It is the policy of the College to record works of art, books, horses and other non-cash gifts received at a book value of zero. Form 990, Part VI, Section B, Line 11b The complete Form 990 was electronically distributed to all members of the Board of Trustees for a period of review and comment lasting 7 days. In addition, the Form 990 was reviewed and approved for filing by the Audit and Risk Management Committee upon completion of the Board of Trustee review. Form 990, Part VI, Section B, Line 12c Every trustee, officer and key employee is provided a copy of the Conflict-of-Interest Policy annually and required to complete an annual disclosure form reporting any known material financial or other interest of the trustee, officer or key employee or a family member in any transaction or business relationship the College has or is considering, including material financial or other interests in any outside entity involved in such transaction or relationship. The CFO and/or Director of Risk Management, Insurance & Contracts reviews the disclosure forms and reports any disclosures to the Audit and Risk Committee of the Board of Trustees. Committee members then determine what, if any, action should be taken as to each disclosure and these actions are implemented by the CFO and/or Director of Risk Management, Insurance & Contracts. The policy directs the committee to review and update the list of the key employees, and the policy itself is reviewed on a regular basis and revised as necessary. Form 990, Part VI, Section B, Line 15 Goucher College uses the median of relevant national markets to determine salary for positions. The national comparison market was established based on institution type (private, not-for-profit Baccalaureate: Arts & Science Focus institutions in the U.S.), total enrollment (750 - 2,500), total expenses ($50M - $125M), total FTE (300-750), and Degree of Urbanization (excludes rural institutions). After conducting a geographic analysis on cost of labor, the College applied a 5% premium to account for the Baltimore cost of labor difference against the U.S. average for all positions. For staff positions, the median of the market for private, independent colleges using CUPA-HR salary survey data was used, along with two general industry salary surveys, Comp Analyst and Willis Towers Watson. For faculty positions, the median of the market for private, independent colleges using CUPA-HR salary survey data was used based on rank and discipline as defined by the four-digit Classification net of Instructional Programs (CIP) code; two-digit codes were used when four-digit data was not available. This compensation philosophy was discussed and agreed to by the President's Cabinet. A Presidential performance review form is used by the Board to evaluate the president's performance. A copy of the report is maintained by the Associate Vice President for Human Resources. Form 990, Part VI, Section C, Line 19 The governing documents, conflict of interest policy, and audited financial statements are available to the public upon request. Some policies are also available on the College website. Form 990, Part XI, Line 9 Change in fair value of interest rate swap agreement $-972,304 Pooled Income Fund (2) 1021 Dulaney Valley Road Baltimore MD 21204 Annuity MD N/A T 0 Charitable Remainder Unitrust (3) 1021 Dulaney Valley Road Baltimore MD 21204 Annuity MD N/A T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0