2016-05-10T11:15:36-07:00 2015-06-30 990 2014-07-01 520591613 GOUCHER COLLEGE GOUC 4103376000 1021 Dulaney Valley Road Baltimore MD 21204 Lynne Lochte VP Finance and Admin. 4103376000 2016-05-09 2014 2016-08-17 19:52:53Z Jose Antonio Bowen 1021 Dulaney Valley Road Towson MD 21204 127285327 0 X www.goucher.edu X 1885 MD Goucher College is dedicated to a liberal arts education that prepares students within a broad, humane perspective for a life of inquiry, creativity, and critical and analytical thinking. 40 39 1913 1459 717542 0 9416871 10265011 74203562 78058658 9880203 8839029 2277859 1928325 95778495 99091023 26540134 29501817 0 0 40413504 40167341 0 37250 2674596 32165800 32797261 99119438 102503669 -3340943 -3412646 393657064 387418902 102470949 107925481 291186115 279493421 Goucher College is dedicated to a liberal arts education that prepares students within a broad, humane perspective for a life of inquiry, creativity, and critical and analytical thinking. 0 0 78163370 28528545 71257054 The College provided an undergraduate Arts and Sciences education to 1,471 students. 6234467 973272 6073340 The College provided a graduate education to 643 students. 705783 0 718049 The College provided credit and non-credit continuing studies course work for 776 participants. 312246 0 397535 The College provides summer programming to a variety of constituencies. 312246 0 397535 85415866 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 1 1 0 0 0 1 1 1 1 0 0 0 0 0 0 0 1 0 1 0 0 0 0 1 0 0 0 1 3661 0 1 1913 1 1 1 1 BD 0 0 0 1 1 0 0 0 0 X 40 39 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 AR FL MA MI NJ NY OH OK OR WA X Ronald Alex Antkowiak 4103376060 1021 Dulaney Valley Road Baltimore MD 21204 Bruce D Alexander Trustee Emeritus 0 0 X 0 0 0 Patricia K Batza-Class of 91 Trustee 2 0 X 0 0 0 David I Bavar Trustee 2 0 X 0 0 0 Ethel Weber Berney - Class of 46 Trustee Emerita 0 0 X 0 0 0 John M Bond Jr Trustee Emeritus 1 0 X 0 0 0 Winifred Cohn Borden-Class of 66 Trustee Emerita 1 0 X 0 0 0 Robert R Bowie Jr Trustee 1 0 X 0 0 0 Melinda J Burdette-Class of 72 Trustee 2 0 X 0 0 0 William Couper-Class of 03 Parent Trustee 3 0 X 0 0 0 Lynn Toby Fisher-Class of 71 Trustee 4 0 X 0 0 0 Hilda E Ford Trustee Emerita 0 0 X 0 0 0 Norma Lynn Fox-Class of 76 Trustee 8 0 X 0 0 0 Elaine K Freeman Trustee 2 0 X 0 0 0 Ronald E Geesey Trustee Emeritus 0 0 X 0 0 0 Jon Gould-Class of 2013 Trustee 1 0 X 0 0 0 Ann Burgunder Greif-Class of 39 Trustee Emerita 0 0 X 0 0 0 Alice Falvey Greif-Class of 51 Trustee 2 0 X 0 0 0 Edmund F Haile Trustee Emeritus 0 0 X 0 0 0 Carla Diane Hayden Trustee 2 2 X 0 0 0 Sally M Herman-Class of 68 Trustee 3 0 X 0 0 0 Fern Karesh Hurst-Class of 68 Trustee Emerita 0 0 X 0 0 0 Miriam Brown Hutchins-Class of 73 Trustee 2 0 X 0 0 0 Mary Bloom Hyman-Class of 71 Trustee Emerita 2 0 X 0 0 0 Kathryn Allamong Jacob Class of 72 Trustee 2 0 X 0 0 0 Miriam E Katowitz-Class of 73 Trustee 4 0 X 0 0 0 Steven Michael Klepper-Class of 97 Trustee 2 0 X 0 0 0 Dorothy B Krug-Class of 41 Trustee Emerita 0 0 X 0 0 0 Florence Beck Kurdle-Class of 61 Trustee 2 0 X 0 0 0 Ruth Shapiro Lenrow-Class of 74 Trustee 4 0 X 0 0 0 David Richard Loevner Trustee Emeritus 1 0 X 0 0 0 Nancy Helen Marcus-Class of 72 Trustee 3 0 X 0 0 0 Jennifer Margolis Marquez -Class 01 Trustee 2 0 X 0 0 0 Rachel Martin-Class of 2014 Trustee 2 0 X 0 0 0 Sally J Michel-Class of 60 Trustee 0 0 X 0 0 0 Michiko Yoshida Mitarai-Class of 66 Trustee Emerita 1 0 X 0 0 0 Percy Thomas Moore-Class of 95 Trustee 2 0 X 0 0 0 Paul Powell-Class of 2003 Trustee 2 0 X 0 0 0 Robert J Proutt Trustee 4 0 X 0 0 0 William E Pugh II-Class of 94 Trustee 4 0 X 0 0 0 Anica Donnan Rawnsley-Class of 51 Trustee Emerita 0 0 X 0 0 0 Russell R Reno Jr Trustee Emeritus 2 0 X 0 0 0 Henry A Rosenberg Jr Trustee Emeritus 0 0 X 0 0 0 Ralph Segall Trustee 3 0 X 0 0 0 Lisa Pagliaro Selz Class of 73 Trustee 2 0 X 0 0 0 Robin Fogel Shaivitz-Class of 72 Trustee 2 0 X 0 0 0 J Richard Thomas Sr Trustee Emeritus 0 0 X 0 0 0 George E Thomsen Trustee Emeritus 2 0 X 0 0 0 Stewart Thomsen Trustee 2 0 X 0 0 0 Betsy Leebron Tutelman-Class of 74 Trustee 2 0 X 0 0 0 Theodore Venetoulis Trustee 2 0 X 0 0 0 Stacy Brown Vermylen Class of 73 Trustee 3 0 X 0 0 0 Marilyn Southard Warshawsky-Class68 Trustee 3 0 X 0 0 0 Jenna C Way Class of 12 Trustee 1 0 X 0 0 0 Toby Wertheim-Class of 68 Trustee 2 0 X 0 0 0 Wendy S White Class of 72 Trustee 3 0 X 0 0 0 Jerrian Myers Wilson Class of 62 Trustee 2 0 X 0 0 0 Margaret Messler Winslow-Classof69 Trustee 2 0 X 0 0 0 Toni Perlman Young-Class of 67 Trustee Emerita 1 0 X 0 0 0 Jose' Antonio Bowen President 40 0 X 167806 0 33545 Marc Roy Provost 40 0 X 187344 0 33545 Laura Burton-Graham Executive Vice President and Legal Counsel 40 0 X 127840 0 21123 William Leimbach Vice President for Information Technology and Planning 40 0 X 157059 0 16866 Margaret-Ann Radford-Wedemeyer Vice President for Development and Alumni Affairs 40 0 X 151875 0 23740 Eric Singer Director of International Studies 40 0 X 148064 0 14504 Barbara Stob General Counsel 40 0 X 139313 0 21057 George Delahunty Faculty 40 0 X 130214 0 22383 Sanford J Ungar Past President effective 7/1/2014 0 0 X 405317 0 43150 1614832 0 229913 9 1 1 0 Bon Appetit Management Co 1021 Dulaney Valley Road Baltimore MD 21204 Food service provider 4746354 Ayers Saint Gross Inc 1040 Hull Street Suite 100 Baltimore MD 21230 Construction design services 997834 The Whiting-Turner Contracting Company 14900 Conference Center Drive Chantilly VA 20151 General contracting services 377535 Wellington Hedge Management 75 State St Boston MA 02109 Investment management services 324701 University Studies Abroad Consortium University of Nevada/Revo 0323 Reno NV 895570323 Educational services - study abroad 270600 32 0 0 108430 0 2045618 8110963 1034071 10265011 Undergraduate tuition, fees, room and board 611310 71257054 71257054 0 0 Graduate tuition fees room and board 611310 6083555 6083555 0 0 Continuing professional education 611310 718049 718049 0 0 0 0 0 0 78058658 2320334 0 0 2320334 0 0 0 0 0 0 0 0 24514 0 16008 0 8506 0 8506 0 0 8506 26357689 8203744 23919024 4123714 2438665 4080030 6518695 0 0 6518695 86190 108430 135558 -49368 0 -49368 Facility rental 531120 343160 343160 0 0 Summer camps 611620 397535 0 397535 0 Pilates center 611699 302769 0 302769 0 925723 908485 17238 0 1969187 99091023 79310303 717542 8798167 0 0 29501817 29501817 0 0 0 0 767201 238202 395350 133649 0 0 0 0 31658000 24483108 5707185 1467707 1406796 1087963 253612 65221 4069860 3230429 657181 182250 2265484 1752040 408413 105031 0 0 0 0 187643 104956 71027 11660 77000 0 77000 0 16094 0 16094 0 37250 37250 1858236 0 1858236 0 1921661 1085760 755655 80246 424818 145364 119402 160052 3040620 2015726 909949 114945 1076433 288312 777097 11024 0 0 0 0 3287364 2163927 1105723 17714 1836800 1687922 64175 84703 0 0 0 0 601779 528720 51245 21814 2869411 2869411 0 0 0 0 0 0 8562746 8048981 428137 85628 476852 0 476852 0 Food Service Costs 4185529 4185529 0 0 Semester Abroad Expense 1601805 1601805 0 0 Miscellaneous - Food 493616 332640 71122 89854 Other - administrative 278854 63254 209752 5848 102503669 85415866 14413207 2674596 15570652 15728810 0 0 1446384 1351966 1273856 1380402 0 0 0 0 2355005 2530341 0 0 368168 240737 222414302 92799378 134541488 129614924 167766924 171827263 58978738 53299353 477302 469900 0 0 10878547 10975206 393657064 387418902 6321490 6802744 0 0 3001952 2870800 80069078 85128929 0 0 0 0 0 0 0 0 13078429 13123008 102470949 107925481 X 100668577 94559035 107216217 99985095 83301321 84949291 291186115 279493421 393657064 387418902 X -3412646 -8605264 0 0 0 325216 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 1 0 0 0 0 1 5127 0 1 10967 16094 0 Schedule C, Part II-B, Line 1 Members of Goucher's senior management team, faculty, staff and a select number of students participated in the annual Independent Higher Education Day on February 18, 2015. The event was sponsored by the Maryland Independent College and University Association (MICUA), of which Goucher is a member, and brought college 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 1c through 1i. The organization paid membership dues of $7,068 to the National Association of Independent Colleges and Universities (NAICU) and $65,453 to the Maryland Independent Colleges and Universities Association (MICUA), both of which engage in lobbying activity. NAICU set aside 7 percent of the dues paid to engage in nondeductible lobbying and political expenditures. MICUA set aside 16 percent of the dues paid to engage in nondeductible lobbying and political expenditures. Accordingly, the College has reported an amount equal to 7 percent of the NAICU dues and 16 percent of the MICUA dues paid on line 1i. 0 0 X X X X X Education 0 227559000 2118000 -2073000 3646000 7251000 0 216707000 197497000 3282000 35836000 2893000 6163000 0 227559000 183717000 4914000 17709000 2872000 5971000 0 197497000 188336000 3829000 788000 2889000 6347000 0 183717000 158375000 2071000 38229000 3410000 6929000 0 188336000 0.217 0.373 0.41 1 0 0 11682063 11682063 0 176901638 70312868 106588770 0 0 0 0 0 32519000 22486510 10032490 0 1311601 0 1311601 129614924 28744793 F 24554560 F 53299353 0 Other long-term liabilities 1381026 Refundable advances from the US government 2508780 Payables and deferred revenue under split interest agreements 1158541 Asset retirement obligation 2219285 Obligation under interest rate swap agreement 5855376 13123008 X 70441135 0 0 0 -20062444 -20062444 90503579 0 8587444 8587444 99091023 69793868 0 0 0 105408 105408 69688460 1858237 30956972 32815209 102503669 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, which is owned by the College and are housed in buildings on the campus grounds of Goucher 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 exhibition in the furtherance of the exempt purposes of the College. Schedule D, Part V, Line 4 The endowment of Goucher College generates income to support the College both generally and in specific way designated by our generous donors. Income, allocated across approximately 700 endowment funds, supports both merit and need-based scholarships of undergraduate and graduate students; undergraduate and graduate fellowships; undergraduate and graduate internships; lectureships; the College library; and the College's general operating budget. Schedule D, Part X, Line 1 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 2015 or 2014. Management has analyzed the tax positions taken by the College, and has concluded that as of June 30, 2015 and 2014 there are no uncertain positions taken or expected to be taken that would require recognition or disclosure in the College's financial statements. The College is subject to routine audits by taxing jurisdictions; there are currently no audits in progress for any tax period. 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 2015 or 2014. Management has analyzed the tax positions taken by the College, and has concluded that as of June 30, 2015 and 2014 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 Contra revenue of $28,868,267 related to student financial aid, $1,994,805 related to the cost of study abroad tuition, $93,900 related to student services and $2,137 of bank fees were excluded from revenue and reclassified to expense (included in Part IX). In addition, Endowment assets appropriated for expenditure of $10,896,665 were excluded from revenue. Schedule D, Part XI, Line 4b Includes Endowment related gains (Realized gains of $6,518,695, interest income $2,165,651, net rental income of $8,506) included in Net realized and unrealized gains (losses) on investments in the financial statements, expenses related to fundraising events of $135,558 and reclassified contra expenses of $30,150. Schedule D, Part XII, Line 2d $135,558 of direct expenses related to a fundraising event reclassified to line 7b Fundraising and contra expense of $30,150 was reclassified to other revenue. Schedule D, Part XII, Line 4b Included contra revenue of $29,261,267 related to student financial aid, $1,601,805 related to the cost of study abroad tuition and $93,900 related to the cost of student services. 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 published in the College's academic catalogue, student handbook, and on the 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 (SEOG) Program, Federal Work Study Program, Perkins Loan Program, Federal Direct Student Loans, Federal Direct Parent Loans for Undergraduate Students, Teacher Education Assistance for College and Higher Education. The College also receive grants from the Maryland State Department of Education, Maryland Higher Education Commission and the Maryland Department of General Services. In addition, the College was awarded sponsored research and other program grants funded by NASA and the US Department of Education. Central America and the Caribbean 0 0 Program Services Tuition, room, board and programming expenses for undergraduate students and staff studying abroad. 116231 East Asia and the Pacific 0 0 Program Services Tuition, room, board and programming expenses for undergraduate students and staff studying abroad. 80550 Europe (including Iceland and Greenland) 0 0 Program Services Tuition, room, board and programming expenses for undergraduate students and staff studying abroad. 581912 Middle East and North Africa 0 0 Program Services Tuition, room, board and programming expenses for undergraduate students and staff studying abroad. 8632 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Tuition, room, board and programming expenses for undergraduate students and staff studying abroad. 4254 South America 0 0 Program Services Tuition, room, board and programming expenses for undergraduate students and staff studying abroad. 5446 Sub-Saharan Africa 0 0 Program Services Tuition, room, board and programming expenses for undergraduate students and staff studying abroad. 33158 Central America and the Caribbean 0 0 Investments 11386874 0 0 12217057 1 0 1 1 1 0 Schedule F, Part IV, Line 1 The College, through its investments in various alternative assets, transferred property to a foreign company during the tax year. However, the amount transferred to any single foreign company or percentage owned was below reporting requirements. Accordingly, the College is not required to file Form 926. Schedule F, Part IV, Line 3 The College, through its investments in various alternative assets, has interests 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, though its investments 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 filed 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, had ownership in foreign partnerships. However, the College owned less than 10 percent of any foreign partnership and it did not directly or indirectly transfer greater than $100,000 to any foreign partnership. Accordingly, the College is not required to file Form 8865. X X X X X X 1 Nancy Landrum 6112 Newport Terrace Frederick MD 21701 Nancy Landrum, dba Signature Marketing is tasked with development of strategies, cultivation and solicitation of both individual and grant making organizations, administrative matters and donor stewardship in support of Goucher's Prison Education Partnership. 0 0 24440 -24440 Sherry Welch 5 Somerset Road Catonsville MD 21228 Sherry Welch is tasked with development of strategies, cultivation and solicitation of both individual and grant making organizations, administrative matters and donor stewardship in support of Goucher's Prison Education Partnership. 0 0 6825 -6825 Sherry Welch DBA The Welch Company 5 Somerset Road Catonsville MD 21228 Sherry Welch dba The Welch Company is tasked with development of strategies, cultivation and solicitation of both individual and grant making organizations, administrative matters and donor stewardship in support of Goucher's Prison Education Partnership. 0 0 5985 -5985 0 37250 -37250 AK AL AR AZ CA CO CT DC DE FL GA HI IA ID IL IN KS KY LA MA MD ME MI MN MO MS MT NC ND NE NH NJ NM NV NY OH OK OR PA RI SC SD TN TX UT VA VT WA WI WV WY Alumni Gala 159620 90620 69000 0 0 38070 55554 5500 17134 Golf Fundraiser 35000 17810 17190 0 0 8500 8139 0 2661 0 194620 108430 86190 0 0 46570 63693 5500 19795 135558 -49368 Schedule G, Part I, Line 2b(iv) The Goucher Prison Education Partnership received cash and pledges of $274,747 during the fiscal year. The College recognizes that the development specialist had a very significant role in generating that revenue, but the College is unable to quantify the specific gross receipts allocable to the individual development specialists as fundraising was done in a collaborative environment at the direction and with the assistance of the Goucher Prison Education Partnership Director and the funds were receipted by the College. 1 Undergraduate and graduate student grants and scholarships made by the institution 1869 0 29178565 Cash value Tuition credits Prizes, awards, internships and fellowships 187 323252 0 Cash value Schedule I, Part I, Line 2 Goucher College's 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. As a member of the College Board and in keeping with the principles and practices of the College Scholarship Service, financial aid is awarded to properly qualified candidates on the basis of the financial need of students and their families. Financial need is determined by subtracting the Expected Family Contribution - as calculated on the Free Application for Federal Student Aid (FAFSA) and the Profile Form of the College Scholarship Service - 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 are also overseen by the Office of Student Financial Aid. X X X X 1 1 X X X X 0 1 0 0 0 0 0 0 0 Jose' Antonio Bowen President 157800 0 0 0 10006 0 10938 0 24870 0 203614 0 0 0 Sanford J Ungar Past President effective 7/1/2014 327717 0 0 0 77600 0 16250 0 30686 0 452253 0 0 0 Marc Roy Provost 185886 0 0 0 1458 0 12420 0 22131 0 221895 0 0 0 William Leimbach Vice President for Information Technology and Planning 155657 0 0 0 1402 0 9940 0 7165 0 174164 0 0 0 Laura Burton-Graham Executive Vice President and Legal Counsel 119316 0 0 0 8524 0 8285 0 13026 0 149151 0 0 0 Margaret-Ann Radford-Wedemeyer Vice President for Development and Alumni Affairs 149529 0 0 0 2346 0 9469 0 14499 0 175843 0 0 0 Schedule J, Part I, Line 1a A residence and a personal automobile, along with limited personal services, are provided for the convenience of the President of the College. Personal use of the automobile is included in the President's taxable income as reported on the W-2. From time-to-time, the College paid for transportation services for the President's spouse to attend on-campus events. The College also pays membership dues for a social club used by the President. Schedule J, Part I, Line 4 Distribution from a 457(f) non-qualified plan established for the benefit of the college's outgoing president occurred during the calendar year. A MD Health and Higher Educational Facilities Authority 520936091 574218KW2 2012-08-30 22315289 Refund Series 2004 Revenue Bonds originally issued Aug. 18, 2004. 0 0 0 B MD Health and Higher Educational Facilities Authority 520936091 2012-09-26 52070000 Refund Series 1995, 1997, 1999, 2001 and 2007 Bonds 0 0 0 C MD Health and Higher Educational Facilities Authority 520936091 2012-10-18 15000000 Renovations to the former library and existing building structures. 0 0 0 A 0 0 22315289 469475 0 0 87289 0 0 0 0 0 2005 0 1 1 1 B 3500000 0 52070000 0 0 0 173610 0 0 0 0 0 2009 1 0 1 1 C 0 0 15000000 0 0 0 59001 0 0 14941000 0 0 2013 0 0 1 1 A 0 0 0 0 0 0 0 0 0 1 B 0 0 0 0 0 0 0 0 0 1 C 0 0 0 0 0 0 0 0 0 1 A 0 1 0 0 0 0 0 1 1 B 0 1 0 0 1 0 0 0 1 C 0 1 0 0 1 0 0 0 1 A 1 B 1 C 1 Schedule K, Part I, Column f-09/26/2012 52,070,000 MD Health and Higher Educational Facilities Autho Refunds Series 1995 Bonds (originally issued on 6/15/95); Series 1997 Bonds (originally issued on 9/2/97); Series 1999 Bonds (originally issued on 9/23/99); Series 2001 Bonds (originally issued on 10/1/01); and Series 2007 Bonds (originally issued on 10/31/07). Schedule K, Part III, Line 3a-08/30/2012 22,315,289 MD Health and Higher Educational Facilities Auth The institution allocated equity to finance the cafe portion of the constructed facilities. Therefore, any management of service contracts related to the operation of the facility's cafe do not give rise to private business use since this space was not financed with proceeds of the Bonds. Schedule K, Part IV, Line 6-08/30/2012 22,315,289 MD Health and Higher Educational Facilities Author Total interest earned on the proceeds held past the temporary investment period of 30 days on 2012A was less than $10. Joan Wilterdink Spouse of Key Employee 23178 Teaching wages 0 X 75 414998 Fair market Value X Pledges 568 565913 Pledge Amount X Gift Annuities 3 53161 NRM at date of gift X Horses and Equestrian 5 0 Policy X Event Hosting 3 0 Policy 5 0 1 1 Schedule M, Part I, Line 32b Goucher College used the services of Signature Marketing and Sherry Welch to solicit contributions directly in support of the Goucher Prison Education Partnership. Schedule M, Part I, Line 33 The College received gifts of horses and a saddle for use in its equestrian program. Donors to the College also provided catering, decor and tent rental for Goucher events. Consistent with Goucher's policy, revenue is not recognized for these gifts. Form 990, Part VI, Section B, Line 11b After review by the Audit and Governance Committee, the Form 990, excluding Schedule B (Contributor Information), and Form 990T were distributed electronically to the Board of Trustees on April 20, 2016 for a period of review and comment lasting 7 days. Due to the sensitive nature of the information contained therein, Schedule B was made available only to members of the Audit and Governance Committee and Executive Committee upon request. At the conclusion of the periods of comment and review, a meeting of the Audit and Governance Committee of the Board of Trustees was convened to review and revise (if necessary) the Forms 990 and 990T. The forms were approved for filing by the Audit and Governance Committee of the Board of Trustees on May 6, 2016. Form 990, Part VI, Section B, Line 12c Every trustee, officer, and key employee is provided a copy of the Conflict of Interest Policy each spring, and required to complete an annual disclosure form reporting any actual or potential conflicts of interest. General Counsel of the College reviews the disclosure forms and reports any disclosures to the Audit & Governance 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 General Counsel. The policy directs the Committee to review and update the list of key employees, and the policy itself is reviewed on a regular basis and revised as necessary. Form 990, Part VI, Section B, Line 15 Early each fall, the College President distributes to the Board of Trustees the President's Goals and Objectives ("Goals and Objectives") for the current year. Each spring Goucher receives data from the College and University Professional Association (CUPA) on compensation of senior management at comparable institutions, including Goucher's peer group, other local colleges and prospective overlap institutions. The Vice President of Human Resources prepares this information for review by the College President and by the Compensation Committee of the Board. In addition, each spring the Chair of the Board asks Board members to supply the Board Chair and the Chair of the Compensation Committee with any comments a Board member may have on the President's performance with respect to the Goals and Objectives. After reviewing all of these materials, the Compensation Committee meets with the President to review the President's compensation recommendations for senior staff and evaluate the President's performance. The Compensation Committee's role with respect to compensation for senior staff is to determine whether any recommendation from the President includes excess benefits. The Compensation Committee then reviews with the President the President' s performance with respect to the President's Goals and Objectives, and then meets in executive session to determine its recommendation for the President's compensation. This recommendation is then considered by the Executive Committee of the Board of Trustees and final action is taken. The Compensation Committee Chair provides the General Counsel of the College with a confidential report of the deliberations of the Compensation Committee and the Executive Committee and of the Executive Committee's action. This report includes the CUPA comparability data on which the final determinations were based. This process was varied in 2014 because the College elected a new President on July 1, 2014. The President's compensation was determined and negotiated during the nationwide search and interview process for the position. The President's compensation package was compared to nationwide data for incoming presidents at private liberal arts schools and approved by the Board of Trustees. 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. Most College policies and the audited financial statements are also available to the public on the College website, www.goucher.edu. Form 990, Part XI, Line 9 Unrealized gain on interest rate swap agreement of $325,216 Pooled Income Fund (2) 1021 Dulaney Valley Road Baltimore MD 21204 Annuity MD N/A T 0 Charitable Remainder Unitrust (5) 1021 Dulaney Valley Road Baltimore MD 21204 Annuity MD N/A T 0 Charitable Remainder Unitrust (1) 1021 Dulaney Valley Road Baltimore MD 21204 Annuity FL N/A T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 Schedule R, Part V, Line 1s Cash received from Trust at termination of Trust. Amount: $103,189