2022-05-16T16:29:08-05:00 2021-06-30 410746749 CLIFTONLARSONALLEN LLP 2523 US HIGHWAY 27 S SEBRING FL 338704926 990 2020-07-01 520591691 WASHINGTON COLLEGE WASH 4107787204 300 WASHINGTON AVENUE CHESTERTOWN MD 216201197 LAURA M JOHNSON AVP OF FINANCE & ADMIN 4107787204 2022-05-16 1 LAURA JOHNSON 999009999 KRISTINA HIMROD P01544190 8633851577 2022-05-16 0 AAL1 IAL1 2020 2022-09-23 18:48:47Z DR MICHAEL J SOSULSKI 300 WASHINGTON AVENUE CHESTERTOWN MD 216201197 152799901 0 X WWW.WASHCOLL.EDU X 1782 MD WASHINGTON COLLEGE CHALLENGES AND INSPIRES EMERGING CITIZEN LEADERS TO DISCOVER LIVES OF PURPOSE AND PASSION. 35 35 1193 255 44843 46471 25655671 13460258 68915945 52714646 7267495 26865806 1013187 570247 102852298 93610957 33084635 29297802 0 0 32607309 27564691 0 0 1134022 31859779 29114313 97551723 85976806 5300575 7634151 454444953 509587236 78640694 74993293 375804259 434593943 X WASHINGTON COLLEGE CHALLENGES AND INSPIRES EMERGING CITIZEN LEADERS TO DISCOVER LIVES OF PURPOSE AND PASSION.CORE VALUESWE SHARE THESE VALUES OF OUR FOUNDING PATRON, GEORGE WASHINGTON: INTEGRITY, DETERMINATION, CURIOSITY, CIVILITY, LEADERSHIP, AND MORALCOURAGE. WE OFFER ACADEMIC RIGOR AND SELF-DISCOVERY IN A SUPPORTIVE, RESIDENTIAL COMMUNITY OF WELL-QUALIFIED, DIVERSE, AND MOTIVATEDINDIVIDUALS. WE DEVELOP IN OUR STUDENTS HABITS OF ANALYTIC THOUGHT AND CLEAR COMMUNICATION, AESTHETIC INSIGHT, ETHICAL SENSITIVITY, AND CIVIC RESPONSIBILITY. 0 0 73605584 29297802 49844602 WASHINGTON COLLEGE'S ACHIEVEMENTS INCLUDE SUCCEEDING AS AN INSTITUTION OF HIGHER EDUCATION PROMOTING HABITS OF ANALYTIC THOUGHT, AESTHETIC INSIGHT, IMAGINATION, ETHICAL SENSITIVITY AND CLARITY OF EXPRESSION WHILE SUCCESSFULLY GRADUATING STUDENTS AT A RATE OF 64% IN 4 YEARS. THE COLLEGE ENDEAVORS TO PREPARE ITS GRADUATES FOR FURTHER EDUCATION AND PRODUCTIVE CAREERS. WITH 40 MAJORS AND ACADEMIC PROGRAMS TO CHOOSE FROM, OVER 1,550 STUDENTS CAN DEVISE A COURSE OF STUDY THAT FITS THEIR INTELLECTUAL INTERESTS AND CAREER ASPIRATIONS. IN ADDITION TO TRADITIONAL FIELDS OF STUDY, THEY MAY CHOOSE AN AREA OF CONCENTRATION IN FIELDS SUCH AS BEHAVIORAL NEUROSCIENCE, CLINICAL PSYCHOLOGY OR EAST ASIAN STUDIES, AMONG OTHERS. THE COLLEGE ALSO OFFERSPROFESSIONAL PREPARATION TRACKS IN PREMEDICAL STUDIES AND PRE-LAW, AS WELL AS DUAL DEGREE PROGRAMS IN ENGINEERING, NURSING AND PHARMACY. 2904129 WASHINGTON COLLEGE'S RESIDENTIAL LIFE PROGRAM PROVIDES STUDENTS WITH OPPORTUNITIES AND EXPERIENCES THAT HELP THEM TO DEVELOP RESPONSIBILITIES BOTH TO THEMSELVES AND TO THEIR FELLOW STUDENTS. IT ATTEMPTS TO PROVIDE A RELAXING AND CALM ATMOSPHERE FOR STUDY AND DAY-TO-DAY LIVING. INDEED, LIVING ON-CAMPUS IS TRULY THE "OTHER-HALF" OF A COLLEGE EDUCATION. WITH APPROXIMATELY 27 DORMS TO CHOOSE FROM, STUDENTS HAVE CHOICES OF SINGLE, DOUBLES OR TRIPLES IN EACH ROOM/UNIT. HODSON HALL HOUSES THE DINING FACILITIES FOR WASHINGTON COLLEGE. THE MAIN DINING HALL SEATS 500 ON TWO LEVELS. STUDENTS, FACULTY AND STAFF FIND MADE-TO-ORDER MEALS ALONG WITH SELF-SERVE OPTIONS ALLOWING FOR A CUSTOMIZED DINING EXPERIENCE. STUDENTS CHOOSE FROM FIVE MEALS PLANS WITH ADDITIONAL OPTIONS FOR MEAL EQUIVALENCIES. CASUAL DINING IS LOCATED ON THE FIRST FLOOR OF THE COMMONS. OPERATING UNTIL LATE EVENING, OPTIONS INCLUDE MONDO SUBS, MARTHA'S KITCHEN, AND THE CAMPUS COFFEE BAR, JAVA GEORGE. 114158 158713 WASHINGTON COLLEGE USES ITS FACILITIES DURING SUMMER MONTHS TO FACILITATE EDUCATIONAL EXPERIENCES FOR YOUNGER K-12 STUDENTS. THESE STUDENTS ARE GIVEN AN OPPORTUNITY TO PARTICIPATE IN SUMMER CAMPS RANGING FROM SCIENCES, MATHEMATICS AND HANDS ON PROJECTS. THESE CAMPS LAST ANYWHERE FROM FOUR DAYS TO THREE WEEKS AND ARE MANAGED BY OTHER OUTSIDE NONPROFIT ORGANIZATIONS. 73719742 1 1 0 0 0 0 1 1 0 1 1 1 0 0 1 1 1 0 1 0 1 0 1 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 273 0 1193 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 35 35 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X LAURA JOHNSON VP OF FINANCE 4107787204 300 WASHINGTON AVENUE CHESTERTOWN MD 216201197 STEPHEN T GOLDING CHAIR 1.00 X X 0 0 0 RICHARD L CREIGHTON VICE CHAIR 1.00 X X 0 0 0 WILLIAM J HARVEY VICE CHAIR 1.00 X X 0 0 0 VALARIE A SHEPPARD SECRETARY 1.00 X X 0 0 0 PATRICK WILLIAM ALLENDER TREASURER 1.00 X X 0 0 0 LYNN L BERGESON MEMBER 1.00 X 0 0 0 THAD BENCH MEMBER 1.00 X 0 0 0 MARC BUNTING MEMBER 1.00 X 0 0 0 NORRIS W COMMODORE JR MEMBER 1.00 X 0 0 0 THOMAS C CROUSE MEMBER 1.00 X 0 0 0 H LAWRENCE CULP JR MEMBER 1.00 X 0 0 0 REGIS DE RAMEL MEMBER 1.00 X 0 0 0 L MYRTON GAINES II MEMBER 1.00 X 0 0 0 THOMAS H GALE MEMBER 1.00 X 0 0 0 RICHARD B GRIEVES MEMBER 1.00 X 0 0 0 KIRK B JOHNSON MEMBER 1.00 X 0 0 0 HONG JIM LIM MEMBER 1.00 X 0 0 0 REBECCA CORBIN LOREE MEMBER 1.00 X 0 0 0 PETER MALLER MEMBER 1.00 X 0 0 0 WILLIAM S SHEP MILLER MEMBER 1.00 X 0 0 0 EDWARD P NORDBERG MEMBER 1.00 X 0 0 0 WAYNE B POWELL MEMBER 1.00 X 0 0 0 BERT W REIN MEMBER 1.00 X 0 0 0 BRANDON RIKER MEMBER 1.00 X 0 0 0 HUGH SHERMAN MEMBER 1.00 X 0 0 0 RALPH SNYDERMAN MEMBER 1.00 X 0 0 0 DARYL L SWANSTROM MEMBER 1.00 X 0 0 0 JOHN H TIMKEN MEMBER 1.00 X 0 0 0 DONALD C TOMASSO MEMBER 1.00 X 0 0 0 DEBORAH MOXLEY TURNER MEMBER 1.00 X 0 0 0 PETER VAN DYKE MEMBER 1.00 X 0 0 0 ELIZABETH WAREHIME MEMBER 1.00 X 0 0 0 RICK WHEELER MEMBER 1.00 X 0 0 0 RICHARD D WOOD MEMBER 1.00 X 0 0 0 ALBERT JA JAY YOUNG MEMBER 1.00 X 0 0 0 KURT LANDGRAF PRESIDENT 55.00 X X 389301 0 0 LAURA JOHNSON VP FOR FINANCE & ADMINISTRATION 55.00 X 171203 0 17572 VICTOR SENSENIG CHIEF OF STAFF/VP FOR PLANNING & POLICY 55.00 X 140289 0 17572 SUSANNAH C SUTLEY VP, ADVANCEMENT, ALUMNI AFFAIRS & CONSTITUENT ENGA 55.00 X 216319 0 17572 PATRICE DIQUINZIO PROVOST & DEAN OF THE COLLEGE 55.00 X 205020 0 7302 LORNA HUNTER VICE PRESIDENT ENROLLMENT MANAGEMENT 55.00 X 199721 0 13170 SARAH FEYERHERM VICE PRESIDENT AND DEAN OF STUDENTS 55.00 X 151204 0 7302 JOHN SEIDEL DIRECTOR, CES 55.00 X 170211 0 13170 LISA MARX DIRECTOR OF HEALTH SERVICES 55.00 X 132962 0 0 VICTOR COSTA ASSISTANT VP FOR FACILITIES 55.00 X 128000 0 0 DOUGLAS LEVIN DEPUTY DIRECTOR AND CHIEF INNOVATION OFFICER, CES 55.00 X 118762 0 7302 RICHARD DEPROSPO PROFESSOR OF ENGLISH 55.00 X 114196 0 8755 2137188 0 109717 26 0 1 0 ELLUCIAN COMPANY LP 62578 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 CLOUD SERVICES MANAGEMENT 1534904 THE WHITING - TURNER CONTRACTING CO P 0 BOX 17596 BALTIMORE MD 21297 CONSTRUCTION 792170 WHITEBOARD COMMUNICATIONS LLC 37 WEST AVENUE STE 204 WAYNE PA 19087 STUDENT SEARCH 279200 LYRASIS PO BOX 100125 COLUMBIA SC 29202 SUBSCRIPTIONS - DIGITAL LIBRARY 107899 REGISTRY FOR COLLEGE & UNIV PRESIDE 3 CENTENNIAL DRIVE STE 320 PEABODY MA 01960 CONTRACTED SERVICES 105116 5 4979907 8480351 6537 13460258 TUITION AND FEES 900099 49620370 49620370 AUXILIARY ENTERPRISES 900099 2922402 2922402 CONFERENCES & CATERING 532000 171874 127031 44843 52714646 211129 211129 44542 0 44542 44542 44542 85290974 552647 58354773 834171 26936201 -281524 26654677 26654677 MISCELLANEOUS INCOME 900099 288064 288064 GIS PROGRAM 900099 149016 149016 BOOKSTORE 900099 49089 49089 39536 39536 525705 93610957 52907444 44843 27198412 28670968 28670968 626834 626834 23052658 19856211 2532493 663954 2922461 2384316 401706 136439 1589572 1369426 156498 63648 222266 222266 85885 85885 623646 623646 5449739 4265001 1029803 154935 22455 9486 12969 582517 534094 22983 25440 3691907 2325819 1366088 121935 109864 8154 3917 2984192 1969567 1014625 8865303 6193618 2666297 5388 610793 404263 206530 REPAIRS & MAINTENANCE 1920326 1559004 335604 25718 SUPPLIES 931962 851079 66781 14102 BOOKS & RESEARCH SUPPLI 480175 480175 PRINTING & PUBLICATION 462844 427766 3664 31414 2058368 1374100 675201 9067 85976806 73719742 11123042 1134022 39027498 33787310 3893749 2630395 2686717 2044208 59569 49968 865096 1652137 301911033 127767541 180952494 174143492 143423616 152764737 83536214 138764989 0 3750000 454444953 509587236 2397338 4232271 2201461 2075043 62457782 60169200 11584113 8516779 78640694 74993293 X 130842812 125115744 244961447 309478199 375804259 434593943 454444953 509587236 X 7634151 47981465 3174068 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 16 4.00 8 4 1 1 1 X X 0 235039624 5294003 73591590 313925217 236685309 5631681 5902540 7141988 6037918 235039624 232154292 5575749 11813731 9853952 3004511 236685309 217575352 8253377 18765781 7610194 4830024 232154292 198135420 9559010 20228586 5815564 4532100 217575352 0.03410 0.55600 0.40990 0 0 20279083 20279083 245067950 102369114 142698836 35707697 25398427 10309270 856303 856303 174143492 HEDGE FUNDS 73785862 F REAL ESTATE 8355457 F LIMITED PARTNERSHIPS 56623670 F 138764989 FUNDS HELD FOR OTHERS 696060 ANNUITIES PAYABLE 429699 INTEREST RATE SWAP 7391020 8516779 X 114845042 47981465 -26123734 21857731 92987311 623646 623646 93610957 56055358 -29297802 -29297802 85353160 623646 623646 85976806 PART II, LINE 9: WASHINGTON COLLEGE HAS NOT REPORTED EASEMENTS IN THE FINANCIAL STATEMENTS. PART III, LINE 4: WASHINGTON COLLEGE HOLDS A SIGNIFICANT PLACE IN THE HISTORY OF AMERICAN HIGHER EDUCATION AS THE FIRST COLLEGE OF THE NEW NATION. PART X, LINE 2: UNDER PROVISIONS OF THE INTERNAL REVENUE CODE SECTION 501(C)(3) AND APPLICABLE INCOME TAX REGULATIONS OF THE STATE OF MARYLAND, THE COLLEGE IS EXEMPT FROM TAXES ON INCOME, OTHER THAN UNRELATED BUSINESS INCOME. THE COLLEGE RECOGNIZES OR DERECOGNIZES A TAX POSITION BASED THRESHOLD. THIS APPLIES TO POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE COLLEGE DOES NOT BELIEVE ITS FINANCIAL STATEMENTS INCLUDE ANY MATERIAL UNCERTAIN TAX POSITIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS 281,823. CHANGE IN FAIR VALUE OF INTEREST RATE SWAPS 2,892,245. GRANTS, SCHOLARSHIPS, AND OTHER TUITION DISCOUNTS -29,297,802. PART XII, LINE 2D - OTHER ADJUSTMENTS: GRANTS, SCHOLARSHIPS, AND OTHER TUITION DISCOUNTS -29,297,802. 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 RACIALLY NONDISCRIMINATORY POLICY IS PROVIDED IN THE STUDENT HANDBOOK, THE FACULTY HANDBOOK, THE STAFF HANDBOOK, THE COLLEGE CATALOG, AND ON THE COLLEGE'S WEBSITE. SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES ANNUAL GRANTS FROM FEDERAL, STATE AND LOCAL AGENCIES. 1 0 0 0 0 0 0 0 0 0 GRANTS AND SCHOLARSHIPS EUROPE (INCLUDING ICELAND & GREENLAND) 12 47100 ACCOUNT CREDIT GRANTS AND SCHOLARSHIPS NORTH AMERICA 6 60000 ACCOUNT CREDIT GRANTS AND SCHOLARSHIPS EAST ASIA AND THE PACIFIC 5 37000 ACCOUNT CREDIT GRANTS AND SCHOLARSHIPS SUB-SAHARAN AFRICA 1 2000 ACCOUNT CREDIT GRANTS AND SCHOLARSHIPS SOUTH ASIA 14 189856 ACCOUNT CREDIT GRANTS AND SCHOLARSHIPS EAST ASIA AND THE PACIFIC 10 89063 ACCOUNT CREDIT GRANTS AND SCHOLARSHIPS RUSSIA AND NEIGHBORING STATES 8 75000 ACCOUNT CREDIT GRANTS AND SCHOLARSHIPS MIDDLE EAST AND NORTH AFRICA 4 48000 ACCOUNT CREDIT GRANTS AND SCHOLARSHIPS SUB-SAHARAN AFRICA 10 80815 ACCOUNT CREDIT 1 0 1 1 1 0 PART I, LINE 2: WASHINGTON COLLEGE OFFERS SEVERAL TYPES OF FINANCIAL AID TO HELP QUALIFIED FULL-TIME UNDERGRADUATE STUDENTS MEET THEIR COLLEGE EXPENSES. COLLEGE-SPONSORED TUITION SCHOLARSHIPS, TUITION GRANTS, AND WORK/STUDY ARE AVAILABLE TO FULL-TIME UNDERGRADUATE STUDENTS WHO DEMONSTRATE FINANCIAL NEED AND WHO MEET THE COLLEGE'S ADMISSION CRITERIA. IN ADDITION TO COLLEGE-SPONSORED FINANCIAL AID, ELIGIBLE STUDENTS CAN RECEIVE ASSISTANCE FROM FEDERAL, STATE, AND INDEPENDENT AID PROGRAMS. GRANT AND SCHOLARSHIP ASSISTANCE FROM ALL SOURCES IS FIRST APPLIED TO FULL-TIME TUITION CHARGES. GRANT AND SCHOLARSHIP ASSISTANCE IN EXCESS OF TUITION IS THEN APPLIED TO DIRECT COLLEGE CHARGES FOR FEES, AND ON CAMPUS ROOM AND BOARD. THE FEDERAL GOVERNMENT MAKES FFELP FUNDS AVAILABLE TO UNDERGRADUATE STUDENTS TO ATTEND POST-SECONDARY INSTITUTIONS. ELIGIBILITY IS BASED ON FINANCIAL NEED, AND APPLICATION IS THROUGH THE NORMAL FINANCIAL AID APPLICATION PROCESS OF WASHINGTON COLLEGE. PART III ACCOUNTING METHOD: 0 EMPLOYEE WAIVERS 14 460378 0 N/A N/A GRANTS AND SCHOLARSHIPS 1463 28210590 0 N/A N/A PART I, LINE 2: WASHINGTON COLLEGE OFFERS SEVERAL TYPES OF FINANCIAL AID TO HELP QUALIFIED FULL-TIME UNDERGRADUATE STUDENTS MEET THEIR COLLEGE EXPENSES. COLLEGE-SPONSORED TUITION SCHOLARSHIPS, TUITION GRANTS, AND WORK/STUDY ARE AVAILABLE TO FULL-TIME UNDERGRADUATE STUDENTS WHO DEMONSTRATE FINANCIAL NEED AND WHO MEET THE COLLEGE'S ADMISSION CRITERIA. IN ADDITION TO COLLEGE-SPONSORED FINANCIAL AID, ELIGIBLE STUDENTS CAN RECEIVE ASSISTANCE FROM FEDERAL, STATE, AND INDEPENDENT AID PROGRAMS. GRANT AND SCHOLARSHIP ASSISTANCE FROM ALL SOURCES IS FIRST APPLIED TO FULL-TIME TUITION CHARGES. GRANT AND SCHOLARSHIP ASSISTANCE IN EXCESS OF TUITION IS THEN APPLIED TO DIRECT COLLEGE CHARGES FOR FEES, AND ON CAMPUS ROOM AND BOARD. THE FEDERAL GOVERNMENT MAKES FFELP FUNDS AVAILABLE TO UNDERGRADUATE STUDENTS TO ATTEND POST-SECONDARY INSTITUTIONS. ELIGIBILITY IS BASED ON FINANCIAL NEED, AND APPLICATION IS THROUGH THE NORMAL FINANCIAL AID APPLICATION PROCESS OF WASHINGTON COLLEGE. X X X 1 1 X X X X 1 0 0 0 0 0 0 0 1 0 KURT LANDGRAF PRESIDENT 389301 0 0 0 0 0 0 0 0 0 389301 0 0 0 SUSANNAH C SUTLEY VP, ADVANCEMENT, ALUMNI AFFAIRS & CO 216319 0 0 0 0 0 0 0 17572 0 233891 0 0 0 LORNA HUNTER VICE PRESIDENT ENROLLMENT MANAGEMENT 199721 0 0 0 0 0 0 0 13170 0 212891 0 0 0 PATRICE DIQUINZIO PROVOST & DEAN OF THE COLLEGE 205020 0 0 0 0 0 0 0 7302 0 212322 0 0 0 LAURA JOHNSON VP FOR FINANCE & ADMINISTRATION 171203 0 0 0 0 0 0 0 17572 0 188775 0 0 0 JOHN SEIDEL DIRECTOR, CES 170211 0 0 0 0 0 0 0 13170 0 183381 0 0 0 SARAH FEYERHERM VICE PRESIDENT AND DEAN OF STUDENTS 151204 0 0 0 0 0 0 0 7302 0 158506 0 0 0 VICTOR SENSENIG CHIEF OF STAFF/VP FOR PLANNING & POL 140289 0 0 0 0 0 0 0 17572 0 157861 0 0 0 PART I, LINE 1A HOUSING ALLOWANCE OR RESIDENCE THE PRESIDENT OF WASHINGTON COLLEGE IS PROVIDED HOUSING AS A CONDITION OF THE COLLEGE TO ENABLE THE PRESIDENT TO RESPOND TO EMERGENT SITUATIONS 24/7. HEALTH OR SOCIAL CLUB DUES THE PRESIDENT OF WASHINGTON COLLEGE IS REIMBURSED THE COST OF SOCIAL CLUB DUES. TO THE EXTENT THAT THE PRESIDENT USES THE CLUB FOR PERSONAL PURPOSES, THE VALUE OF THE BENEFIT IS INCLUDED IN HIS/HER TAXABLE INCOME. PERSONAL SERVICES THE PRESIDENT OF THE COLLEGE RECEIVED NOMINAL HOUSEKEEPING AND CHAUFFER SERVICES. THE PERSONAL SERVICES ARE PROVIDED AS A BUSINESS NEED. HOUSEKEEPING SERVICES ARE FOR CLEANING THE COMMON AREAS USED FOR COLLEGE BUSINESS ONLY. THE CHAUFFER SERVICES ARE PROVIDED ONLY DURING BUSINESS HOURS TO ALLOW THE PRESIDENT TO WORK ELECTRONICALLY WHILE TRAVELING, THOUGH SUCH INSTANCES ARE NOT COMMON. PART I, LINE 4A PATRICIA DIQUINZIO, PROVOST, RECEIVED SEVERANCE IN THE AMOUNT OF $200,000 PURSUANT TO A SEPARATION AGREEMENT BETWEEN THE DEAN AND THE COLLEGE. PART I, LINE 8 THE PRESIDENT FOR THE ORGANIZATION HAS AN EMPLOYMENT CONTRACT WHICH MEETS THE INITIAL CONTRACT REQUIREMENTS OF TREAS. REG. 53.4958-4T(A)(3). FURTHER, PROCEDURES TO ESTABLISH THE REBUTTABLE PRESUMPTION OF REASONABLENESS ON ALL THE ORGANIZATION'S BOARD TOOK STEPS TO ENSURE THAT IT FOLLOWED PROPER COMPENSATION PAID TO HIM. A TOWN OF CHESTERTOWN MARYLAND 526000783 2013-07-20 57684000 REFUND 2009 AND 2010 BONDS 0 1 0 B TOWN OF CHESTERTOWN MARYLAND 526000783 2015-11-24 20206000 CAPITAL CONSTRUCTION 0 1 0 A 9724000 57684000 369000 57315000 1 0 1 1 B 825000 20206000 208134 19997866 0 0 1 1 A 0 0 1 1 0 0.03260 0.03260 0 0 1 B 0 0 1 1 0 0 0 1 A 0 1 0 0 1 1 RBCPNC 25.000000000000 0 0 0 0 1 B 0 1 0 0 1 0 0 0 1 A 1 B 1 FORM 990, PART I, LINE 1 UNHURRIED CONVERSATION AND CLOSE CONNECTIONS WITH AN EXCEPTIONAL FACULTY AND STAFF COMPLEMENT A BROAD CURRICULUM OF STUDY. A BEAUTIFUL CAMPUS, READY ACCESS TO EXCITING CITIES AND THE CHESAPEAKE BAY, AND ENGAGEMENT WITH CULTURES AND COMMUNITIES LOCALLY AND AROUND THE WORLD AFFORD OUR STUDENTS AMPLE RESOURCES AND OPPORTUNITIES FOR PERSONAL EXPLORATION AND SHARED CHALLENGES. WE PREPARE OUR STUDENTS FOR RICH AND FULFILLING LIVES; FOR MYRIAD AND UNPREDICTABLE OPPORTUNITIES; FOR A LIFETIME OF LEARNING, LEADERSHIP, AND PRODUCTIVE ENDEAVOR. OUR VISION THE ENDURING VALUES OF WASHINGTON COLLEGE - CRITICAL THINKING, EFFECTIVE COMMUNICATION, AND MORAL COURAGE - MOVE THE WORLD. FORM 990, PART VI, SECTION B, LINE 11B MANAGEMENT REVIEWS THE DRAFT OF THE 990 FOR ACCURACY AND RECONCILEMENT TO THE AUDITED FINANCIAL STATEMENTS. ONCE THIS REVIEW IS FINAL, A DRAFT COPY OF THE 990 IS PROVIDED TO THE CHAIRMAN OF THE BOARD AND THE AUDIT COMMITTEE CHAIRMAN FOR REVIEW AND COMMENTS FOR A 7 DAY PERIOD. A COPY OF THE DRAFT FORM 990 IS ALSO CIRCULATED TO THE FULL BOARD OF TRUSTEES FOR DISCUSSION AND COMMENT. EACH BOARD MEMBER IS PROVIDED AMPLE OPPORTUNITY TO COMMENT ON THE INFORMATION CONTAINED IN THE 990. AFTER APPROVAL OF THE 990, THE TAX PREPARER IS NOTIFIED TO FINALIZE THE RETURN FOR FILING. A FINAL 990 PRESENTATION SUMMARY IS PRESENTED TO ALL THE BOARD MEMBERS. FORM 990, PART VI, SECTION B, LINE 12C ALL COVERED PERSONS SHALL DISCLOSE IN WRITING ANY POSSIBLE CONFLICT OF INTEREST WITH REGARD TO A PROPOSED TRANSACTION OR ARRANGEMENT, AS WELL AS ALL MATERIAL FACTS RELATED THERETO, TO THE BOARD AND TO THE APPROPRIATE BOARD COMMITTEE, IF ANY, AT THE EARLIEST PRACTICAL TIME. AFTER A POSSIBLE CONFLICT OF INTEREST HAS BEEN DISCLOSED, THE BOARD OR COMMITTEE SHALL DISCUSS AND, IF NECESSARY, INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT. ULTIMATELY, THE BOARD OR COMMITTEE SHALL DETERMINE WHETHER THE COLLEGE CAN OBTAIN A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT WITH REASONABLE EFFORTS FROM A PERSON THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST AND, IF SUCH ALTERNATIVE TRANSACTION OR ARRANGEMENT IS NOT FEASIBLE, WHETHER THE PROPOSED TRANSACTION OR ARRANGEMENT IS IN THE COLLEGE'S BEST INTEREST AND WILL NOT COMPROMISE OR HAVE THE APPEARANCE OF COMPROMISING THE COLLEGE'S ACADEMIC AND FISCAL INTEGRITY. THE INTERESTED PERSON SHALL REFRAIN FROM PARTICIPATING IN THE DISCUSSION CONCERNING (AND FROM VOTING ON) THE ISSUE THAT PRESENTS THE CONFLICT OF INTEREST OR THE APPEARANCE OF A CONFLICT OF INTEREST, AND MAY BE ASKED TO LEAVE THE MEETING DURING DISCUSSION OF AND/OR THE VOTE ON THE ISSUE. FORM 990, PART VI, SECTION B, LINE 15 SINCE THE 1980S, WASHINGTON COLLEGE HAS PURSUED A BOARD-AUTHORIZED ASPIRATION TO COMPENSATE FACULTY, ON AVERAGE, AT THE ALL-RANKS AVERAGE OF INSTITUTIONS WITH A CARNEGIE CLASSIFICATION OF IIB (PRIVATE, INDEPENDENT). IN 2012 THE BOARD REVISED THE GOAL TO COMPENSATE FACULTY ON A RANK BY RANK AVERAGE OF PRIVATE INDEPENDENT COLLEGES. A SIMILAR STANDARD FOR STAFF WAS DEVELOPED IN 2007 IN PARTNERSHIP WITH WATSON WYATT. ALSO IN 2012, THE COLLEGE PARTNERED WITH SIBSON TO CONDUCT A MARKET SALARY ANALYSIS OF ALL STAFF POSITIONS. AS A RESULT WE HAVE ADOPTED AND IMPLEMENTED A REVISED MARKET BASED STAFF SALARY STRUCTURE WHICH HAS 15 PAY LEVELS AND APPLIES TO BOTH EXEMPT AND NON EXEMPT STAFF. WASHINGTON COLLEGE HAS REVISED IT COMPENSATION PHILOSOPHY TO READ AS FOLLOWS: WASHINGTON COLLEGE PROVIDES EMPLOYEES WITH A TOTAL COMPENSATION PACKAGE, COMPRISED OF BOTH SALARY AND BENEFITS, THAT RECOGNIZES AND REWARDS PERFORMANCE AND PRODUCTIVITY WHILE MAINTAINING A COMPETITIVE MARKET POSITION AND INTERNAL EQUITY. IN SUPPORT OF THE COLLEGE'S MISSION WE ENDEAVOR TO PROVIDE A LEVEL OF COMPENSATION, BOTH CASH AND BENEFITS, TO ATTRACT, MOTIVATE AND RETAIN THE QUALITY OF WORKFORCE NECESSARY FOR THE ACHIEVEMENT OF THE COLLEGE'S GOALS. THE COMPENSATION PROGRAM SHALL BE CONSISTENT, RESPONSIVE, TRANSPARENT, AND EQUITABLE. THE COLLEGE IS COMMITTED TO A MERITOCRACY. OUR PERFORMANCE MANAGEMENT PROGRAM IS DESIGNED TO INCREASE THE PERSONAL AND PROFESSIONAL EFFECTIVENESS OF OUR STAFF INCLUDING PROVIDING STAFF WITH CLEAR PERFORMANCE EXPECTATIONS AND DEVELOPMENTAL OPPORTUNITIES. WE PROVIDE LEADERS WITH THE TOOLS AND TRAINING TO ENABLE THEM TO BUILD EFFECTIVE TEAMS AND LEAD SUCCESSFULLY INCLUDING COACHING PERFORMANCE AND MAKING SOUND COMPENSATION DECISIONS. THE PHILOSOPHY IS ACCOMPLISHED BY MAINTAINING ACCURATE JOB DESCRIPTIONS ON ALL POSITIONS AND BENCHMARKING JOBS AGAINST COMPARABLE POSITIONS IN THE MARKET. MARKET DATA IS DEVELOPED FROM NATIONAL DATA BASES, CUPA-HR SURVEYS AND LOCAL MARKET SURVEYS. DECISIONS REGARDING COMPENSATION PROGRAMS AND INDIVIDUAL PAY DECISIONS WILL BE MADE BASED ON THE ABOVE OBJECTIVES AS WELL AS THE COLLEGE'S FINANCIAL SITUATION. EACH SPRING, THE CHIEF OF STAFF PREPARES AN ANALYSIS OF COMPENSATION PROVIDED TO COMPETITOR IIB COLLEGE PRESIDENTS USING DATA ANALYSIS CONDUCTED BY THE COLLEGE AND UNIVERSITY PERSONNEL ASSOCIATION (CUPA-HR). THE RESULTING SPREADSHEET IS PROVIDED TO THE VICE-CHAIR, ALONG WITH THE EXECUTIVE MARKET-BASED LEVEL RANGE, TO INFORM ANY PAY ADJUSTMENT RECOMMENDATION THAT MIGHT EMERGE FROM THE SUBCOMMITTEE'S ANNUAL ASSESSMENT OF THE PRESIDENT'S PERFORMANCE. THE REPORT OF THE SUBCOMMITTEE, ALONG WITH ANY PAY ADJUSTMENT RECOMMENDATION, IS PRESENTED TO THE FULL BOARD OF VISITORS AND GOVERNORS FOR REVIEW AND APPROVAL IN EXECUTIVE SESSION. ANY DECISION BY THE BOARD OF VISITORS AND GOVERNORS IS RECORDED IN THE MINUTES OF THAT MEETING. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S FINANCIAL STATEMENTS, GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT 281,823. CHANGE IN FMV OF INTEREST RATE SWAP 2,892,245. WC WATER LLC 300 WASHINGTON AVENUE CHESTERTOWN MD 21620 270886807 REAL ESTATE MD 0 0 WASHINGTON COLLEGE CHESTERTOWN RESIDENTIAL LLC 300 WASHINGTON AVENUE CHESTERTOWN MD 21620 264539355 REAL ESTATE MD 0 0 WASHINGTON COLLEGE