2013-02-11T09:35:47-07:00 2012-06-30 990 2011-07-01 042104258 GORDON COLLEGE GORD 9788674883 255 Grapevine Road Wenham MA 01984 Michael Ahearn 9788674013 2013-02-11 2011 2016-03-07 17:11:31Z D Michael Lindsay Gordon College 255 Grapevine Road Wenham MA 01984 82798697 0 X www.gordon.edu X 1889 MA Gordon College strives to graduate men and women distinguished by intellectual maturity and Christian character, committed to a lifestyle of servanthood and prepared for leadership roles in their homes, workplaces, churches and communities worldwide. Our primary activity is to provide an undergraduate liberal arts education. 29 27 903 0 0 0 11812799 11043241 57170166 62155073 1631676 716045 77187 -2246 70691828 73912113 14951411 17264607 0 0 30582188 32496826 0 0 2394628 21665067 21754588 67198666 71516021 3493162 2396092 115869401 115801843 52328771 53624266 63540630 62177577 Gordon College strives to graduate men and women distinguished by intellectual maturity and Christian character committed to a lifestyle of servanthood and prepared for leadership roles in their homes, workplaces, churches and communities worldwide. Our primary activity is to provide an undergraduate liberal arts education. 0 0 47276422 17249207 47111527 Higher Education: Our largest program service is providing education and instruction to individuals giving them an opportunity to earn a degree. Gordon College is the only nondenominational Christian liberal arts college in New England. It offers 38 majors and confers 3 separate undergraduate degrees; Bachelor of Arts, Bachelor of Science and Bachelor of Music. Undergraduate enrollment of approximately 1553 students is drawn from 40 states and 37 countries. In 2011-12, Gordon College issued 340 undergraduate degrees (with a six-year graduation rate of 73.9%). Gordon had a faculty to student ratio of 15.4 with 70% of the students from outside Massachusetts. Of the 96 full-time faculty, 80% have earned doctorates. Gordon College students can take advantage of a wide variety of off-campus programs, both domestic and abroad. During 2011-12, 202 students participated in off-campus programs and short-term international seminars. 15095316 0 13815595 Auxiliary programs related to the educational process for dormitory housing, food service, bookstore, Lavida outdoor experience, balance and mobility center, summer athletic camps and other summer programs. There were 1329 resident students in the fall semester 2011 and 1250 in the spring semester 2012. 761312 15400 1227951 Higher Education: Gordon College has graduate programs in education and music education conferring degrees in Masters of Education in Curriculum and Instruction and Masters of Music Education. In 2011-12, the total of unduplicated graduate students was 593 drawn from 17 states and one country. Gordon College conferred 36 masters degrees in 2011. 0 0 0 63133050 1 1 0 1 0 1 0 0 1 1 1 1 0 0 1 1 1 0 1 1 1 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 1 1 0 0 0 1 256 0 1 903 1 0 1 IT 0 0 0 1 1 1 1 0 0 1 0 X 29 27 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X Kimberlie Mather Controller 9788674048 Gordon College Wenham MA 01984 Judith M Dean 1 X 0 0 0 Gregory Groover 1 X 0 0 0 Bronwyn Loring III 5 X 0 0 0 Harold L Myra 1 X 0 0 0 David C Schultz 5 X 0 0 0 Herman J Smith Jr 5 X 0 0 0 Suannah Young 1 X 0 0 0 John M Gurley 1 X 0 0 0 Kurt Keilhacker 5 X 0 0 0 Steven Krook 1 X 0 0 0 Ava Memmen 1 X 0 0 0 Thomas L Phillips 2 X 0 0 0 Dale Fowler 1 X 0 0 0 Peter Herschend 1 X 0 0 0 Raymond Lee 1 X 0 0 0 Roberto Miranda 1 X 0 0 0 Bradford H Warner 2 X 0 0 0 Mary Shahian 1.5 X 0 0 0 Daniel Cho 2 X 0 0 0 Lisa Forkner 1 X 0 0 0 Joseph Krivickas 2 X 0 0 0 Samuel Schreiner III 1 X 0 0 0 Aaron Shin 1 X 0 0 0 Carrie Tibbles MD 1 X 0 0 0 Kirk Ware 1 X 0 0 0 David Beatty 1 X 0 0 0 Laura Fastie-Grapshi 1 X 0 0 0 Gordon Hall 1 X 0 0 0 Cherie Harder 1 X 0 0 0 D Michael Lindsay 60 X 126286 0 37281 Mark Sargent 60 X 160593 0 24344 Daniel Tymann 60 X 139840 0 23607 Michael Ahearn 60 X 140060 0 23317 Stanley Gaede 60 X 107803 0 19780 Barry Loy 60 X 113980 0 21261 L Daniel Russ 60 X 111707 0 20579 C Thomas Brooks 60 X 111295 0 6106 Richard Sweeney 60 X 112756 0 22943 R Judson Carlberg 40 X 270333 0 50560 1394653 0 249778 10 1 1 0 Wellington Trust Company NA 75 State Street Boston MA 02109 Investment Management 140920 Grant Thornton LLP 33960 Treasury Center Chicago IL 606943900 Auditing services 156015 2 0 0 180410 0 400873 10461958 1825458 11043241 Student Tuition and Fees 611310 47599429 47599429 0 0 Residence Hall Revenue 611310 8014847 8014847 0 0 Board Plan 611310 2859863 2859863 0 0 Summer Programs 611310 772432 772432 0 0 Balance and Mobility Center 621340 547845 547845 0 0 2360657 2360657 0 0 62155073 625170 0 0 625170 0 0 0 0 0 0 0 0 66153 0 0 0 66153 0 66153 0 0 66153 8718430 164800 8543408 248947 175022 -84147 90875 0 0 90875 25830 180410 94229 -68399 0 -68399 0 73912113 62155073 0 713799 0 0 15594789 15594789 1669818 1669818 0 0 793000 0 758237 34763 215379 203379 0 12000 22894069 17441625 4278881 1173563 931659 709095 171263 51301 6049616 4420601 1304108 324907 1613103 1185720 339693 87690 0 0 0 0 38685 0 38685 0 114277 0 114277 0 1237 1237 0 0 0 0 140082 0 140082 0 2470209 1743496 624573 102140 200337 93343 1816 105178 2404919 1739706 447977 217236 1095254 686640 407887 727 0 0 0 0 4347188 4208157 112727 26304 2541476 2199899 235867 105710 0 0 0 0 57954 57954 0 0 0 0 0 0 0 0 0 0 5930035 5567488 327746 34801 119707 74730 42576 2401 Allocation of Physical Plant 0 3283675 -3287362 3687 Food Service 1463179 1463179 0 0 Student Organizations 194894 194894 0 0 Special Events 426396 192750 141391 92255 208759 400875 -212081 19965 71516021 63133050 5988343 2394628 434167 893209 1289929 3944447 5981991 7995007 1413465 1296813 0 0 0 0 0 0 85683 77148 439822 645335 150590054 81613350 73040824 68976704 8245339 8264394 21091259 19833592 2851319 2832317 0 0 995603 1042877 115869401 115801843 1520312 1343422 0 0 1819509 1838316 39105510 38128578 262402 391749 0 0 358221 409404 0 0 9262817 11512797 52328771 53624266 X 32059577 27168098 13351833 11630050 18129220 23379429 63540630 62177577 115869401 115801843 X 2396092 -3759145 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1237 1237 69120156 69121393 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 81099 81078 537 1237 163951 250000 250000 250000 250000 1000000 1500000 0 0 0 0 0 0 1 0 0 0 0 0 47194 1 1 0 1 32872995 5090612 -694943 792960 613848 0 35861856 29062217 1075726 4071953 751459 585442 0 32872995 26526253 913915 3072574 903807 546718 0 29062217 34168996 298841 -6886186 740711 314687 0 26526253 0.15253 0.77465 0.07282 0 0 5052 854072 859124 0 116430758 52853491 63577267 0 0 0 0 0 22420010 20056583 2363427 0 10880162 8703276 2176886 68976704 0 19833592 F 19833592 Conditional asset retirement obligation 377950 Fair value interest rate swap agreement 7040995 Perkins Loan advances 2616582 Annuity payment obligations 1477270 11512797 73912113 71516021 2396092 -1362125 0 0 0 -2397020 -3759145 -1363053 55561190 -1362125 0 0 385208 -976917 56538107 140082 17233924 17374006 73912113 56924243 0 0 102946 2679282 2782228 54142015 140082 17233924 17374006 71516021 SchD_P04_S00_L02b Schedule D, Part IV, Line 2b The College maintains custodial or "pass through" accounts for Federal student loans, Pell grant and state grants. Funds are held in these accounts until distributed to individual students. The College also maintains custodial accounts for student government and student ministry groups and activities. SchD_P05_S00_L04 Schedule D, Part V, Line 4 The intended use of endowment funds is driven by donor restrictions on our endowments. Approximately 64% of appropriated revenues this year were in scholarship awards. 20% of revenues supported general activities and physical plant. The remaining 16% was allocated to instructional activities and academic support programs. Distributions of income are made using a total return method. We use a spending rate of 5% of the 3 year rolling average of the fair market value of the investments. SchD_P10_S00_L02 Schedule D, Part X, Line 2 FIN 48 Footnote: The College is recognized as an organization exempt from income tax under Section 501(c)(3) of the Internal Revenue Code. However, certain activities of exempt organizations, to the extent profitable, may be subject to federal and state taxation as unrelated business income. Accordingly, no provision for income taxes has been made in these financial statements. The College recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The College has applied this more-likely-than-not threshold to all tax positions for which the statute of limitations remained open and determined there were no material unrecognized tax benefits as of that date. In addition there have been no material changes in unrecognized benefits since adoption. It is the College's policy to record estimated interest and penalties (if any) as part of management and general expense. Management believes that the College's income tax returns for fiscal years 2007 and prior are no longer subject to examination by taxing authorities. SchD_P11_S00_L08 Schedule D, Part XI, Line 8 Included in this figure is the change in value of interest rate swap agreements of (2,221,927) and the change in split interest agreements of (175,093). SchD_P12_S00_L02d Schedule D, Part XII, Line 2d This figure includes the FWS apportionment budget allocation of 188,033 included in income on the financial statements, special events expenses of 94,229 included in expense on the financial statements and loss on disposal of assets of $102,946. SchD_P12_S00_L04b Schedule D, Part XII, Line 4b Included here are: scholarships and grants of 16,835,431 treated as tuition discount on the financial statements; FSEOG and FWS of 398,493 treated as pass through activity on the financial statements and not reflected in income. SchD_P13_S00_L02d Schedule D, Part XIII, Line 2d This figure includes: FWS apportionment budget allocation of 188,033 included in income on the financial statements; special events expenses of 94,229 included in expense on the financial statements; change in fair value of split interest agreements of 175,093; change in fair value of interest rate swap agreements of 2,221,927. SchD_P13_S00_L04b Schedule D, Part XIII, Line 4b Included here are: scholarships and grants of 16,835,431 treated as tuition discount on the financial statements; FSEOG and FWS of 398,493 treated as pass through activity on the financial statements and not reflected in expense. 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SchE_P01_S00_L03 Schedule E, Part I, Line 3 We draw a substantial percentage of our students from New England and the northeastern states and follow a racially nondiscriminatory policy as to our students. Because of this, we believe that the publicity requirement is satisfied by complying with section 4.02. Because we are an interdenominational Christian college, our market appeal is to a smaller segment of the general population. Given the technology available today, we have invested in our web site as the way to reach the most students. Our promotional activities and recruiting efforts in each geographic area are designed to inform students of all racial segments interested in a Christian college of the availability of Gordon College. SchE_P01_S00_L06 Schedule E, Part I, Line 6 Gordon College receives Title IV funds for aid to students from the Department of Education for Federal Work Study, FSEOG, Federal Pell grant and other Federal student aid grant programs. 1 Europe (including Iceland and Greenland) 1 16 Program Services We offer semester based programs in Italy and France. Expenses are reported using accrual based accounting. Employee compensation is processed through our campus payroll system. Other program costs are managed by the Program Director (Italy) and the coordinator (France). Funds are wired at request of program leaders and approved by the Global Education administrator. The program leaders pay local expenses. Expense documentation is submitted to Controller's Office for review. Costs recorded at the time of the wires are for tuition, room, board and incidentals of students. International Seminar courses are run for 2-4 week periods on a subject related to that country. In country expenses are for food, lodging, transportation and entrance fees. Expenses must be documented and submitted to the Controller's Office for review. The Global Ed Office also approves students to attend non-Gordon programs at other organizations or foreign colleges/universities. Funds are sent directly. 1381774 Europe (including Iceland and Greenland) 0 0 Fundraising 47979 Europe (including Iceland and Greenland) 0 0 Program Services Missions and service learning trips: Goal of trips is to help students serve overseas for a period of time ranging from 3-10 weeks over semester or summer breaks. They are student led/staff advised. In country costs are for food, housing, transportation and service project expenses. Where possible, funds are wired for these costs based on approvals from the Dean of Chapel. Per Diem advances based on State Department rates are issued to trip leaders to pay in country costs. Trip leaders must document the expenses with detailed itineraries and have approval from the Dean of Chapel. 15951 Central America and the Caribbean 0 0 Program Services The Global Education Office approves students to attend non-Gordon programs at other organizations or foreign colleges or universities. Funds are sent on behalf of those students directly to those programs. 71096 Central America and the Caribbean 0 0 Program Services Missions and service learning trips: Goal of trips is to help students serve overseas for a period of time ranging from 3-10 weeks over semester or summer breaks. They are student led/staff advised. In country costs are for food, housing, transportation and service project expenses. Where possible, funds are wired for these costs based on approvals from the Dean of Chapel. Per Diem advances based on State Department rates are issued to trip leaders to pay in country costs. Trip leaders must document the expenses with detailed itineraries and have approval from the Dean of Chapel. 77397 South Asia 0 0 Program Services The Global Education Office approves students to attend non-Gordon programs at other organizations or foreign colleges or universities. Funds are sent on behalf of those students directly to those programs. 14250 South Asia 0 0 Program Services Missions and service learning trips: Goal of trips is to help students serve overseas for a period of time ranging from 3-10 weeks over semester or summer breaks. They are student led/staff advised. In country costs are for food, housing, transportation and service project expenses. Where possible, funds are wired for these costs based on approvals from the Dean of Chapel. Per Diem advances based on State Department rates are issued to trip leaders to pay in country costs. Trip leaders must document the expenses with detailed itineraries and have approval from the Dean of Chapel. 34497 Middle East and North Africa 0 0 Program Services We offer International Seminar courses which are run for 2-4 week periods on a particular subject related to that country. In country expenses are for food, lodging, transportation and entrance fees. Expenses must be documented and submitted to the Controller's Office for review. The Global Education Office also approves students to attend non-Gordon programs at other organizations or foreign colleges or universities. Funds are sent on behalf of those students directly to those programs. 137335 Sub-Saharan Africa 0 0 Program Services We offer International Seminar courses which are run for 2-4 week periods on a particular subject related to that country. In country expenses are for food, lodging, transportation and entrance fees. Expenses must be documented and submitted to the Controller's Office for review. The Global Education Office also approves students to attend non-Gordon programs at other organizations or foreign colleges or universities. Funds are sent on behalf of those students directly to those programs. 92979 Sub-Saharan Africa 0 0 Program Services Missions and service learning trips: Goal of trips is to help students serve overseas for a period of time ranging from 3-10 weeks over semester or summer breaks. They are student led/staff advised. In country costs are for food, housing, transportation and service project expenses. Where possible, funds are wired for these costs based on approvals from the Dean of Chapel. Per Diem advances based on State Department rates are issued to trip leaders to pay in country costs. Trip leaders must document the expenses with detailed itineraries and have approval from the Dean of Chapel. 98528 East Asia and the Pacific 0 0 Program Services The Global Education Office approves students to attend non-Gordon programs at other organizations or foreign colleges or universities. Funds are sent on behalf of those students directly to those programs. 149385 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Missions and service learning trips: Goal of trips is to help students serve overseas for a period of time ranging from 3-10 weeks over semester or summer breaks. They are student led/staff advised. In country costs are for food, housing, transportation and service project expenses. Where possible, funds are wired for these costs based on approvals from the Dean of Chapel. Per Diem advances based on State Department rates are issued to trip leaders to pay in country costs. Trip leaders must document the expenses with detailed itineraries and have approval from the Dean of Chapel. 8876 South America 0 0 Program Services Missions and service learning trips: Goal of trips is to help students serve overseas for a period of time ranging from 3-10 weeks over semester or summer breaks. They are student led/staff advised. In country costs are for food, housing, transportation and service project expenses. Where possible, funds are wired for these costs based on approvals from the Dean of Chapel. Per Diem advances based on State Department rates are issued to trip leaders to pay in country costs. Trip leaders must document the expenses with detailed itineraries and have approval from the Dean of Chapel. 30923 South America 0 0 Program Services The Global Education Office approves students to attend non-Gordon programs at other organizations or foreign colleges or universities. Funds are sent on behalf of those students directly to those programs. 58192 Russia and the newly independent States 0 0 Program Services The Global Education Office approves students to attend non-Gordon programs at other organizations or foreign colleges or universities. Funds are sent on behalf of those students directly to those programs. 14042 Europe (including Iceland and Greenland) 0 0 Grantmaking 81284 Central America and the Caribbean 0 0 Grantmaking 139481 South Asia 0 0 Grantmaking 110472 Sub-Saharan Africa 0 0 Grantmaking 210429 East Asia and the Pacific 0 0 Grantmaking 928130 North America (including Canada and Mexico, but not the United States) 0 0 Grantmaking 90730 South America 0 0 Grantmaking 82292 Russia and the newly independent States 0 0 Grantmaking 27000 1 16 3903022 Scholarship and Grants Europe (including Iceland and Greenland) 8 81284 credit to student bill 0 Scholarship and Grants Central America and the Caribbean 7 139481 credit to student bill 0 Scholarship and Grants South Asia 4 110472 credit to student bill 0 Scholarship and Grants Sub-Saharan Africa 9 210429 credit to student bill 0 Scholarship and Grants East Asia and the Pacific 39 928130 credit to student bill 0 Scholarship and Grants North America (including Canada and Mexico, but not the United States) 5 90730 credit to student bill 0 Scholarship and Grants South America 3 82292 credit to student bill 0 Scholarship and Grants Russia and the newly independent States 1 27000 credit to student bill 0 0 0 0 0 0 0 SchF_P01_S00_L02 Schedule F, Part I, Line 2 Grants and scholarships to international students are treated as tuition discounts and are applied as accounting credits on each student's bill. They are not paid directly to the student. Merit scholarships are awarded based on academic criteria and are renewed annually based on satisfactory GPA requirements that are verified by the Registrar's Office. Donated scholarship funds are awarded based on criteria provided by donors. Specific eligibility is verified annually by the Registrar's Office, Admissions and the Financial Aid Office. Need based grants are awarded based on the student's determined financial need. The College uses information provided by the CSS Profile of the College Board. The grant amount is carried forward from year to year unless there is a significant change in determined financial need. Celebration of Faithful Leadership 163910 145360 18550 0 0 17019 23485 800 3487 Business Leader Breakfast - Spring 26330 21962 4368 0 0 7237 8660 17600 1244 1 16000 13088 2912 0 0 2674 10775 400 848 206240 180410 25830 0 0 26930 42920 18800 5579 94229 -68399 1 Scholarships and Grants to Gordon College students 1385 15183013 0 Federal SEOG Grants to students 255 162460 0 Federal Work Study Grants to students 842 206033 0 Federal TEACH Grant 9 30000 0 Dr Marvin Wilson Award for Teaching 1 1000 Mason Scholar award 1 183 0 Jerusalem Athens Forum Award 1 100 0 Elijah Project Grants 11 12000 0 SchI_P01_S00_L02 Schedule I, Part I, Line 2 Gordon College awards three types of grants/scholarships: merit scholarships, need-based grants and endowment funded restricted scholarships. Merit scholarships are awarded based on the incoming student's academic criteria determined by the Admissions Office. These scholarships are renewed annually by verification of the Registrar's Office that cumulative GPA requirements are met. Need-based grants are awarded based on the student's determined financial need. We determine financial need using information provided by the FAFSA. We practice level-funding of the need-based grants to future years unless there is a significant change in determined financial need. Endowment funded restricted scholarships are awarded based on criteria established by donors. The criteria information on specific eligible students is provided by the Registrar, Admissions and Financial Aid Offices. Students are evaluated annually to verify they continue to meet the donor criteria for an endowment award. X X X 1 1 X X X X 0 1 0 0 0 0 0 0 0 R Judson Carlberg 222674 0 0 0 47659 0 12353 0 38207 0 320893 0 9944 0 Mark Sargent 137206 0 0 0 23387 0 8295 0 16049 0 184937 0 6056 0 Daniel Tymann 126943 0 0 0 12897 0 7281 0 16326 0 163447 0 3899 0 D Michael Lindsay 119570 0 0 0 6716 0 6567 0 30714 0 163567 0 0 0 Michael Ahearn 110507 0 0 0 29553 0 7093 0 16224 0 163377 0 0 0 SchJ_P01_S00_L01a Schedule J, Part I, Line 1a Travel for companions: Occasionally spouses of officers accompany them on business trips for the College. In order to be treated as a working condition fringe benefit, the College requires substantiation of the trip as a bonafide business expense for both the officer and the spouse. If there is no business purpose for the spouse, the spousal travel is treated as taxable income to the officer or the officer reimburses the College. One officer incurred spousal travel and all the travel was treated as nontaxable. Housing allowance or residence for personal use: The President is required to live in on-campus housing for hosting purposes and 24/7 availability to the campus community. Because of this requirement, it is excluded from wages under Section 119 of the IRS code. This is reported in the nontaxable compensation amounts for both the President Emeritus and the incoming President listed on the return. Each of them lived in the President's house on campus for 6 months of the calendar year on which the compensation reporting is based for this Form 990. The value of the housing reported for each of them is $18,418, as the annualized amount is $36,836. Health or social club dues or initiation fees: One listed persons received this benefit. The President is required by the Board to have a Harvard Club membership provided by the College. It was used for business purposes only and none of it was treated as taxable compensation. SchJ_P01_S00_L04 Schedule J, Part I, Line 4 Some officers and highly compensated employees participated in a 457(f) deferred compensation plan. Each participant must be judged by the executive committee of the board to have attained goals at the end of the fiscal year and funds must be available in the College budget in order for a deposit to be made for the participant in the 457(f) plan. After funds are deposited, there is a substantial risk of forfeiture for a 3 year period based on continued employment by the participant. After the 3 year period, funds are disbursed and taxed to the participant. All participants have completed the 3 year period and received disbursements or forfeited. No new funds have been added and the plans are now inactive. Massachusetts Development Financy Agency 043431814 2009-10-15 30000000 Refunding of prior issuances (original date of issuances; July 10, 2001, Aug 1, 2002, Jan 1, 2007) 0 0 0 Massachusetts Development Finance Agency 043431814 2010-01-04 10000000 Conversion of prior issuances (dated 10/15/2009) 0 0 0 0 0 30000000 0 0 0 469827 0 0 0 0 0 2008 1 0 1 1 0 0 10000000 0 0 0 0 0 0 0 0 0 2008 1 0 1 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 1 0 1 1 Bank of America RBS Citizens Bank 26.2 0 0 0 0 1 0 1 1 Bank of America RBS Citizens Bank 26.2 0 0 0 0 1 X SchK_P02_S00_L06 Schedule K, Part II, Line 6 The balance of the escrow account was $0 as of the reporting date. An escrow account was used at the time of the issuance until 11/16/2009 per the bond agreement. SchK_P04_S00_L03c Schedule K, Part IV, Line 3c As of June 30, 2012, the College has multiple interest rate swap agreements, with terms (in years) 10, 20, 26.2, 10, and 19 for the $30,000,000 issuance and terms (in years) 10, 20, 26.2, and 10 for the $10,000,000 issuance. Gordon College put in the longest swap term in line 3c, since we are only able to input one term. SchK_P05_S00_L00 Schedule K, Part V At the time of the 2009 bond issuance, written post-issuance compliance procedures had not been enacted. After June 30, 2012, the College did identify a violation of Federal tax requirements related to maintaining ownership of property purchased with bond proceeds. The College enacted post-issuance compliance procedures and subsequently went through the Voluntary Closing Agreement Program. A VCAP agreement has been approved by the IRS, thus resolving the issue. related to trustee son of trustee 9000 Merit scholarship Related to substantial contributor grandson of substantial contributor 22982 Merit scholarship Jonathan Tymann brother of Executive Vice President 125915 employment compensation 0 Jennifer Memmen daughter of trustee 39300 employment compensation 0 Arlyne Sargent spouse of Provost 22033 employment compensation 0 Janice Carlberg spouse of former President 13629 employment compensation 0 X 0 cost of donated property X 0 cost of donated property X 1 90000 fair market value X 98 1735458 fair market value on date of receipt 0 0 1 1 SchM_P01_S00_L32b Schedule M, Part I, Line 32b Stock gifts are received and sold by Wells Fargo Advisors, LLC, 138 Conant Street, Beverly, MA 01915. SchM_P01_S00_L33 Schedule M, Part I, Line 33 Lines 4 and 5: Revenues were not reported because the gifts were not given a value as appraisals were unavailable. F990_P06_S0B_L11b Form 990, Part VI, Section B, Line 11b The controller prepares the 990 and submits it for review to the vice president for finance and the president. This year the 990 has also been reviewed by tax advisors from a national accounting firm. Once the 990 is approved by the president and vice president, it is provided to the board before filing. It is then signed by the vice president for finance and filed electronically. F990_P06_S0B_L12c Form 990, Part VI, Section B, Line 12c An annual Disclosure Form delineating conflicts is distributed to all trustees at the annual board meeting and must be signed by each trustee. A copy is mailed to any trustee that is absent and must be signed and returned. Trustees must recuse themselves from any discussion of or vote on any issue involving conflicts of interest. Key employees and officers must also sign an annual conflict of interest form which clearly delineates conflicts of interest. College counsel monitors and reviews the conflict of interest statements. The president's office collects and maintains them. F990_P06_S0B_L15 Form 990, Part VI, Section B, Line 15 The executive committee of the board serves as the compensation committee for the president's position. CCC and CCCU compensation studies of college presidents are reviewed by the committee and the salary is set by committee vote. The president has an annual review by the committee and is judged based on attainment of goals for the year. The president submits compensation comparability data for the provost, vice president for finance and executive vice president positions. Compensation increases are based upon job performance and the independent studies. Minutes are kept of the process and the committee vote. The last review process took place in 2012. F990_P06_S0C_L19 Form 990, Part VI, Section C, Line 19 Our governing documents are available upon request. Our conflict of interest policy is available on our public web site. Our financial statements are available upon request and copies are maintained in the College library. F990_P11_S00_L05 Form 990, Part XI, Line 5 Other changes in net assets include: Change in fair value of split interest agreements (175,093); Interest rate swap fair value adjustment (2,221,927); Unrealized losses on investments (1,362,125). Gordon College Foundation 255 Grapevine Road Wenham MA 01984 222610484 Advise on land use MA 501(c)(3) 9 Gordon College 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0