2013-05-10T07:55:52-05:00 2012-06-30 GRANT THORNTON LLP 666 THIRD AVENUE NEW YORK NY 100174011 990 2011-07-01 520591691 WASHINGTON COLLEGE % PENELOPE FARLEY CONTROLLER WASH 4107787224 300 Washington Ave Chestertown MD 216201197 James Manaro 2013-05-06 true 2125990100 2011 2016-02-24 21:20:13Z Mitchell B Reiss President 300 Washington Avenue Chestertown MD 21620 114555549 false X www.washcoll.edu X 1782 MD TO DEVELOP IN ITS STUDENTS THE HABITS OF ANALYTIC THOUGHT, AESTHETIC INSIGHT, IMAGINATION, ETHICAL SENSITIVITY, AND TO ENRICH THE CULTURAL AND INTELLECTUAL LIFE. 34 33 1556 13 -218506 -394914 10404228 10225801 64355876 69890970 7300101 2506772 708966 960730 82769171 83584273 21786252 22042997 0 0 27870434 31141026 0 0 1920842 26670670 28723991 76327356 81908014 6441815 1676259 354281446 348300188 75446151 79957941 278835295 268342247 Washington College challenges and inspires emerging citizen leaders to discover lives of purpose and passion. Core Values We share these values of our founding patron, George Washington: integrity, determination, curiosity, civility, leadership, and moral courage. We offer academic rigor and self-discovery in a supportive, residential community of well-qualified, diverse, and motivated individuals. We develop in our students habits of analytic thought and clear communication, aesthetic insight, ethical sensitivity, and civic responsibility. 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 unpredic false false 63865583 22042997 56356917 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 1550 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 offers professional preparation tracks in premedical studies and pre-law, as well as dual degree programs in engineering, nursing and pharmacy. 7071473 10924239 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 WC. 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. 1718820 2353800 Washington College uses it 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. 72655876 true true false true false false true true false true true true false false true true true false true false false false false false true false false false true true true false false false false false false true true false false true true false false true false true true false false true X 317 0 true 1556 true true true false false false false true true false false false true false false false false false X 34 33 false false false true false false false true true false false true true true true true true true true false X X PENELOPE FARLEY CONTROLLER 4107787224 515 WASHINGTON AVE Chestertown MD 21620 Edward P Nordberg 1.0 X X 0 0 0 H Lawrence Culp Jr 1.0 X X 0 0 0 Nina Rodale Houghton 1.0 X X 0 0 0 Geoffrey M Rogers Sr 1.0 X X 0 0 0 Patrick William Allender 1.0 X 0 0 0 Norris W Commodore Jr 1.0 X 0 0 0 Richard L Creighton 1.0 X 0 0 0 Thomas C Crouse Jr 1.0 X 0 0 0 Peter D Davenport 1.0 X 0 0 0 Regis de Ramel 1.0 X 0 0 0 Murray Drabkin 1.0 X 0 0 0 John G Eckenrode 1.0 X 0 0 0 Thomas H Gale 1.0 X 0 0 0 Stephen T Golding 1.0 X 0 0 0 Richard B Grieves 1.0 X 0 0 0 Michael Holtzman 1.0 X 0 0 0 Margaret Goldstein Janney 1.0 X 0 0 0 Benjamin H Johnson 1.0 X 0 0 0 Beth Kahn Leaman 1.0 X 0 0 0 Thomas H Maddux 1.0 X 0 0 0 Dessie M Moxley 1.0 X 0 0 0 Mitchell B Reiss 55.0 X X 327133 0 36051 Rebecca W Rimel 1.0 X 0 0 0 Dr Henry F Sears 1.0 X 0 0 0 Alfred P Shockley 1.0 X 0 0 0 Ralph Snyderman 1.0 X 0 0 0 Daryl L Swanstrom 1.0 X 0 0 0 John H Timken 1.0 X 0 0 0 Donald C Tomasso 1.0 X 0 0 0 Deborah Moxley Turner 1.0 X 0 0 0 Peter Van Dyke 1.0 X 0 0 0 Matthew T Weir 1.0 X 0 0 0 John R Whitmore 1.0 X 0 0 0 Albert JA Young 1.0 X 0 0 0 James V Manaro 55.0 X 242792 0 28300 Mela Dutka 55.0 X 131867 0 17182 Billie S Dodge 55.0 X 132236 17939 Kevin L Coveney 55.0 X 133405 17780 Joseph L Holt 55.0 X 127245 0 17578 John L Seidel 55.0 X 134237 0 19747 Richard L Gillin 55.0 X 129589 0 9806 George J Spilich 55.0 X 121676 18374 DONALD A MUNSON 55.0 X 121401 0 12891 PENELOPE L FARLEY 55.0 X 120200 0 10910 Chris Ames 55.0 X 189450 0 20463 Lynn B Tipson 0.0 X 159072 0 17930 2070303 0 244951 27 true true false Roy Kirby Sons 1403 Rome Rd BALTIMORE MD 21227 Construction 4091684 Luzon Inc 222 Thies Rd SEWELL NJ 08080 Remediation 1762543 Royall Company 1920 E Parham Rd RICHMOND VA 23228 Adm Consulting 468916 Ellucian 4375 Fair Lakes Court FAIRFAX VA 22033 Sftwr Consulting 458081 Sodexo Inc PO Box 536922 ATLANTA GA 30353 Management 319020 15 2679255 7546546 316088 10225801 TUITION AND FEES 900099 56356917 56356917 ROOM AND BOARD 900099 10924239 10924239 CONFERENCES & CATERING 532000 1621645 1392391 229254 AUXILIARY ENTERPRISES 900099 988169 961409 26760 69890970 150676 -474520 625196 0 0 74128 74128 74128 74128 33282507 3000 30413898 515513 2868609 -512513 2356096 2356096 77606 41865 35741 35741 0 0 BOOKSTORE 900099 113087 113087 ATHLETIC PROGRAMS 900099 84909 84909 GIS PROGRAM 900099 295859 295859 357006 357006 850861 83584273 69634956 -218506 3942022 0 22042997 22042997 0 0 1672448 536035 850126 286287 24000 24000 22552268 19903634 1660799 987835 1271810 1040143 160952 70715 3938898 2522839 1286836 129223 1681602 1468986 135045 77571 429020 429020 103129 103129 195143 195143 5113 5113 0 859849 855019 4830 2145087 1769415 243976 131696 126745 100110 26635 462337 341676 83786 36875 0 0 3772687 3487960 242497 42230 2267242 1582116 605984 79142 0 95058 62369 32689 3087128 3087128 0 7200986 6824035 376951 559188 559188 REPAIRS & MAINT 1436897 1105153 331744 SUPPLIES 1453107 1330706 113356 9045 BOOKS & RESEARCH SUPPLIES 783326 783326 PRINTING & PUBLICATIONS 363556 193111 111099 59346 3378393 3190098 177418 10877 81908014 72655876 7331296 1920842 0 0 23977449 20947341 1559633 505815 727222 900034 0 0 0 0 1367875 1100117 0 0 504241 718651 215501512 66020140 145954085 149481372 111723016 111439652 67916559 62675989 0 0 0 0 551366 531217 354281446 348300188 4191010 3905639 924954 924954 1658561 1597423 62100000 60405669 0 0 0 0 0 0 0 0 6571626 13124256 75446151 79957941 X 96625864 91517612 82334616 74135170 99874815 102689465 278835295 268342247 354281446 348300188 X 1676259 -12169307 X false true true X true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X false true true false false false false true 5113 false false 5113 false false Direct and Indirect Political Campaign Activities Schedule C, Part II-b Washington College lobbies through MICUA, a regional membership organization, which has allocated a portionof their dues as lobbying. X X 13 4.00 8 2 1 true 2.00 true X X false 174317714 2873791 -2733164 7061494 30000 167366847 151950408 5107912 24243852 6984458 174317714 141540971 1417518 15758104 6766185 151950408 175476640 513207 -27365609 7083267 141540971 0.05000 0.34000 0.61000 false false 0 18787098 18787098 0 171156124 53680907 117475217 0 20529736 12339233 8190503 0 5028554 0 5028554 149481372 HEDGE FUNDS 33556296 F REAL ESTATE 29088952 F HODSON SCHOLARSHIP FOUNDATION 18323 F LIMITED PARTNERSHIPS 12418 F 62675989 0 FUNDS HELD FOR OTHERS 328368 ANNUITIES PAYABLE 515057 INTEREST RATE SWAP 12280831 13124256 83584273 81908014 1676259 -5559888 -6609419 -12169307 -10493048 49383834 -5559888 -28682416 -34242304 83626138 -41865 -41865 83584273 59876882 41865 41865 59835017 22072997 22072997 81908014 Conservation easements Schedule D, Part II, Line 9 It has not reported easments in the f/s. Two buildings were purchased and booked at cost - these have written easements on them. Nine buildings fall within the Chestertown, Maryland historice district - which regulates their exterior appearance. Eight of these buildings are deemed historical by the State of Maryland and exteriors must be approved for modifications. Hynson Ringgold House includes the interior moldings. Description of Organization's Collections Schedule D, Part III, Line 4 Washington College holds a significant place in the history of American higher education. Our heritage as the first College of the new nation lives today in our commitment to educating confident citizens and leaders capable of advancing the democratic and civic traditions of the Founding Fathers. The College has numerous works of art, music and history that are used or viewed daily in our commitment to education. Intended Uses of Endowment Funds Schedule D, Part V, Line 4 The Endowment Fund of WC is invested to provide an annual 5% (3 yr rolling average) return to be used for scholarships, building maintenance, program enhancements, chair salarey supplements, athletic support, books, and educational prizes. Supplemental Description - Other Schedule D, Part XI, Line 8 Change in value of Split Interest Agreements $ (8,792) Change in Fair Market Value of interest Rate Swap (6,600,627) ---------------- Total $ (6,609,419) Supplemental Description - Other Schedule D, Part XII, Line 2d Change in value of Split Interest Agreements $ (8,792) Change in Fair Market Value of interest Rate Swap (6,600,627) Uncollected Gifts (30,000) Grants, Scholarships and tuition discounts (22,042,997) -------------- Total $(28,682,416) Supplemental Description - Other Schedule D, Part XII, Line 4b Reclass - Special Event Expenses $41,865 Supplemental Description - Other Schedule D, Part XIII, Line 2d Reclass - Special Events Expense $41,865 Supplemental Description - Other Schedule D, Part XIII, Line 4b Uncollected Gifts $ 30,000 Grants, Scholarships and tuition discounts 22,042,997 -------------- Total $ 22,072,997 Schedule D, Part X: Fin 48 Footnote 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 on a "more likely than not" 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. true true true true true true true false false false false false false false false true false true Publication of Racially Nondiscriminatory Policy 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. Government Assistance Schedule E, Part I, Line 6a THE COLLEGE RECEIVES ANNUAL GRANTS FROM FEDERAL, STATE AND LOCAL AGENCIES Fruit Sale 29733 29733 25514 Annual Golfing 8151 8151 6329 268 24 39722 39722 3016 1365 1958 3415 77606 77606 3016 7694 2226 28929 41865 35741 true Employee Waivers 87 1131540 Grants and Scholarships 1285 20911457 Procedure for Monitoring Use of Grant Funds Inside U.S. Schedule I, Part I, Line 2 Washington College awarded $22,042,997 in scholarships for 6/30/12. 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, work/study, and low-interest loans 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 X X true true X X X X true false false false false false false false false Mitchell B Reiss 316404 0 0 0 10729 0 23734 0 12317 0 363184 0 James V Manaro 225960 0 0 0 16832 0 17471 0 10829 0 271092 0 Chris Ames 182112 0 0 0 7338 0 10132 0 10331 0 209913 0 Lynn B Tipson 0 0 0 0 159072 0 11796 0 6134 0 177002 0 John L Seidel 129894 0 0 0 4343 0 9782 0 9965 0 153984 0 Billie S Dodge 128116 0 4120 9821 8118 150175 Kevin L Coveney 129067 0 4338 9723 8057 151185 Compensation Information Schedule J, Part I Line 1A - Travel for Companions The College Reimbures reasonable and necessary business travel expenses for the spouse of the president when accompanying the president on offical college business. Line 1A - Tax Indemnification and Gross-ups payments Certain Officers of Washington College receive minor tax gross-up payments. LINE 1A - Housing Allowance or Residence The President of Washington College is provided housing as a condition of his employment. A house is provided on campus for the convenience of the College to enable the President to respond to emergent situations 24/7. LINE 1A - 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. Line 1A - Personal Services The President of the College received nominal housekeeping and chauffer services. Severence Schedule J, Part I, Line 4 The following individual received severance payments in calendar year 2012: Lynn B. Tipson $152,333 These amounts are reported in Schedule J, Part II, column B(iii). TOWN OF CHESTERTOWN MARYLAND 526000783 2009-10-29 30000000 REFUND 2008 BOND false true false TOWN OF CHESTERTOWN MARYLAND 526000783 2010-09-17 30000000 REFUND 2008 BOND false true false 2685000 0 30000000 0 1069409 0 302240 0 0 22635709 5992642 0 2010 true false true true 0 0 30000000 0 1069409 0 302240 0 0 22635709 5992642 0 2010 true false true true false false true true false 0 true false false true true false 0 true false true true RBC 30. false false false 0 false true false true true RBC 30. false false false 0 false true Elisabeth Reiss Presidents wife 24000 Payroll false Elisabeth Reiss Business Transaction Involving Interested Persons Elisabeth Reis is the President's wife and receives a nominal pay for dedicated work to WC and to President while they are traveling together on occasion. X 289981 FMV X 1 26107 FMV X 37 805480 FMV X 4 2911 FMV X Boat Slip Rental 1 2150 FMV X Landscaping 1 2138 FMV X Annual Software Use 1 2000 FMV X Supplies 2 616 FMV 1 false true true Schedule M, Part I, Line 32a To the extent that washington college receives donations of securities, various third party brokers are tasked with selling those securities. Significant Diversion of Assets Form 990, Part VI, Line 5 During the year the College discovered a misappropriation of assets of approximately $256,697. The employee involved in the misappropriation was terminated and indicted and the College is seeking restitution on the full amount. Written Policies for Chapters, Branches, or Affiliates Form 990, Part VI, Line 10b Washington College currently has ten active Alumni Chapters operating throughout the U.S. and actively seeks new geographic areas of interest. These Chapters are organized and supported by the Alumni Relations and Annual Giving Office staff in order to strengthen connections between alumni and with the College. Alumni Chapters have at least one annual gathering facilitated by volunteers and staff which is typically funded by the College's operating budget. Additionally, Chapters may choose to partake in fundraising that benefits the College's mission and supports its approved priorities. All fundraising efforts flow through the Office of College Advancement. Form 990 Review Process Form 990, Part VI, Line 11b Management reviews the draft of the 990 for accuracy and reconciliation 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. Conflict of Interest Policy Monitoring & Enforcement Form 990, Part VI, 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. Process for Determining Compensation Form 990, Part VI, Lines 15a and 15b Since the 1980's, 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. How Documents are Made Available to the Public Form 990, Part VI, 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 IX, Line 5 Change in Net Assets Net unrealized Loss on investments $(5,559,888) Change in value of split interest agreements (8,792) Change in fair value of interest swap (6,600,627) ----------- Total $(12,169,307) WC WATER LLC 300 WASHINGTON ST CHESTERTOWN MD 21620 270886807 REAL ESTATE MD 0 6549371 WC CHESTERTOWN RESIDENTIAL LLC 300 WASHINGTON ST CHESTERTOWN MD 21620 264539355 REAL ESTATE MD 0 12400000 WC false false false false false false true false false false false false false false false false false false CHESTERTOWN RESIDENTIAL LLC g 1000000 PURCHASE