2013-05-15T11:31:29-07:00 2012-06-30 990 2011-07-01 520591613 GOUCHER COLLEGE GOUC 4103376000 1021 Dulaney Valley Road Baltimore MD 21204 W Thomas Phizacklea 4103376000 2013-05-15 2011 2016-02-25 16:41:14Z Sanford J Ungar 1021 Dulaney Valley Road Baltimore MD 21204 111036741 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. 49 48 1994 873 751253 -53466 9210364 13693745 67107340 66593106 4374971 4678495 1925214 2835298 82617889 87800644 20729218 20788332 0 0 37456951 38362879 0 0 3016550 28033333 28513637 86219502 87664848 -3601613 135796 357233000 350046036 102875000 102188859 254358000 247857177 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 65372531 20104401 60401932 The college provided an undergraduate Arts and Sciences education to 1,446 students. 4065746 684111 5575054 The college provided a graduate education to 727 students. 429235 0 616120 The college provided credit and non-credit continuting studies course work for 529 participants. 0 0 0 69867512 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 1 0 0 0 0 1 3202 0 1 1994 1 1 1 1 BD 0 0 0 1 1 0 0 0 0 X 49 48 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 X Ronald Alex Antkowiak 4103376060 1021 Dulaney Valley Road Baltimore MD 21204 Kimara Leigh Ahnert - Class of 91 1 X 0 0 0 Bruce D Alexander 0 X 0 0 0 Joe N Ballard 1 X 0 0 0 Patricia Kay Batza -Class of 91 8 X 0 0 0 David I Bavar 1 X 0 0 0 Ethel Weber Berney - Class of 46 1 X 0 0 0 John M Bond Jr 3.00 X 0 0 0 Winifred Cohn Borden-Class of 66 1 X 0 0 0 Edward F Brennan-Class of 07 Parent 3 X 0 0 0 Robert Lee Bull Jr-Class of 93 1 X 0 0 0 Melinda J Burdette-Class of 72 1 X 0 0 0 Suzanne Fineman Cohen-Class of 56 1 X 0 0 0 William Couper-Class of 03 Parent 1 X 0 0 0 Pierce B Dunn 8 X 0 0 0 Kathryn Ellis Class of 86 1 X 0 0 0 Janet T Farrell-Class of 73 1 X 0 0 0 Lynn Toby Fisher-Class of 71 3 X 0 0 0 Hilda E Ford 0 X 0 0 0 Norma Lynn Fox-Class of 76 8 X 0 0 0 Elaine K Freeman 1 X 0 0 0 Ronald E Geesey 1 X 0 0 0 Monica McTeague Gillespie 1 X 0 0 0 Ann Burgunder Greif-Class of 39 0 X 0 0 0 Alice Falvey Greif-Class of 51 1 X 0 0 0 Edmund F Haile 1 X 0 0 0 Carla Diane Hayden 1 X 0 0 0 Sally M Herman-Class of 68 3 X 0 0 0 Linda Himmelberger Class of 74 1 X 0 0 0 Ellen Lipton Hollander-Class of 71 1 X 0 0 0 Fern Karesh Hurst-Class of 68 1 X 0 0 0 Miriam Brown Hutchins-Class of 73 1 X 0 0 0 Mary Bloom Hyman-Class of 71 1 X 0 0 0 Miriam E Katowitz-Class of 73 3 X 0 0 0 Elizabeth K Knight-Class of 09 1 X 0 0 0 Dorothy B Krug-Class of 41 1 X 0 0 0 Florence Beck Kurdle-Class of 61 16 X 0 0 0 Ruth Shapiro Lenrow-Class of 74 2 X 0 0 0 David Richard Loevner 1 X 0 0 0 Nancy Helen Marcus-Class of 72 1 X 0 0 0 Sally J Michel-Class of 60 2 X 0 0 0 Michiko Yoshida Mitarai-Class of 66 1 X 0 0 0 Percy Thomas Moore-Class of 95 1 X 0 0 0 Thomas O Nuttle 0 X 0 0 0 William E Pugh II-Class of 94 1 X 0 0 0 Anica Donnan Rawnsley-Class of 51 0 X 0 0 0 Russell R Reno Jr 1 X 0 0 0 Maria Amelia Rodriguez-Class of 49 1 X 0 0 0 Henry A Rosenberg Jr 1 X 0 0 0 Ralph Schonenbach Class of 94 0 X 0 0 0 Ralph Segall 2 X 0 0 0 Lisa Selz Class of 73 1 X 0 0 0 Robin Fogel Shaivitz-Class of 72 1 X 0 0 0 SaraKay Sherman Smullens-Classof62 3 X 0 0 0 Stephen Richard Speicher-Classof10 1 X 0 0 0 Elizabeth Sullivan Class of 2011 1 X 0 0 0 J Richard Thomas Sr 0 X 0 0 0 George E Thomsen 2 X 0 0 0 Barbara Elise Van Winkle-Classof76 1 X 0 0 0 Theodore Venetoulis 1 X 0 0 0 Marilyn Southard Warshawsky-Class68 8 X 0 0 0 Toby Wertheim-Class of 68 2 X 0 0 0 Margaret Messler Winslow-Classof69 3 X 0 0 0 Toni Perlman Young-Class of 67 2 X 0 0 0 Sanford J Ungar 40 X 335646 0 0 W Thomas Phizacklea 40 X 179241 0 0 Marc Roy 40 X 183562 0 0 Janet Mulderrig 40 X 164797 0 0 William Leimbach 40 X 151168 0 0 Gail Edmonds 40 X 135472 0 0 Chrystelle Bond 40 X 125935 0 0 1275821 0 0 36 0 1 0 Bon Appetit Management Co 1021 Dulaney Valley Road Baltimore MD 21204 Food service provider 3917873 The Whiting-Turner Contracting Company 14900 Conference Center Drive Chantilly VA 20151 General contracting services 2625546 CareFirst BlueCross BlueShield and CareFirst BlueChoice 10455 Mill Run Circle Owings Mills MD 21117 Insurance products and services 2556318 Benefit Design Group LLC 600 Washington Avenue Towson MD 21204 Insurance brokerage services 1567783 Ziger Snead LLP 1006 Morton Street Baltimore MD 21201 Architectural Services 818374 28 0 0 0 0 2388444 11305301 4773372 13693745 Undergraduate tuition, room, and board 611310 60401932 60401932 0 0 Graduate tuition, room, and board 611310 5575054 5575054 0 0 Continuing professional education 611310 616120 616120 0 0 0 0 0 0 66593106 222905 0 514 222391 0 0 0 0 0 0 0 0 0 0 23923800 3767887 21381045 1855052 2542755 1912835 4455590 0 8411 4447179 0 2835298 80691 742328 2012279 2835298 87800644 66673797 751253 6681849 0 0 20788332 20788332 0 0 0 0 826842 218945 480767 127130 0 0 0 0 30433529 22509851 6406308 1517370 1063182 783988 222583 56611 3893934 2920509 782146 191279 2145392 1600161 440665 104566 0 0 0 0 83476 0 83476 0 97000 0 97000 0 13433 0 13433 0 0 0 822482 0 822482 0 1480189 1000960 292160 187069 390426 247793 81768 60865 3443685 2307539 1032801 103345 1015731 207576 800913 7242 0 0 0 0 3252161 2169937 1080800 1424 1970118 1702648 41231 226239 0 0 0 0 512349 474316 24514 13519 3506978 3419304 87674 0 0 0 0 0 6852795 5345180 1164975 342640 401183 0 401183 0 Food 507984 351954 85097 70933 Dues and subscriptions 394616 180964 207334 6318 Food service costs 3746840 3633327 113513 0 Staff development 22191 4228 17963 0 87664848 69867512 14780786 3016550 6289000 9538755 0 0 3232000 4536542 2691000 2130180 2563000 2388549 915000 929567 202694101 74003822 132260000 128690279 146271000 133418471 51685000 57619303 2365000 2271407 8962000 8522983 357233000 350046036 6615000 5875568 0 0 3572000 3558695 78934000 75686723 13754000 17067873 102875000 102188859 X 92593000 85014114 84750000 83678378 77015000 79164685 254358000 247857177 357233000 350046036 X 135796 -6636619 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 1 0 0 0 0 1 1329 0 1 12104 13433 0 SchC_P2B_S00_L01 Schedule C, Part II-B, Line 1 The organization paid membership dues of $6,107 to the National Association of Independent Colleges and Universities (NAICU) and $61,776 to the Maryland Independent Colleges and Universities Association (MICUA), both of which engage in lobbying activity. NAICU set aside 6 percent of the dues paid to engage in inondeductible lobbying and political expenditures. MICUA set aside 19 percent of the dues paid to engage in nondeductible lobbying and political expenditures. Accordingly, the college has reported an amount equal to 6 percent of the NAICU dues and 19 percent of the MICUA dues paid on line 1i. 0 0 X X X X X Education 0 188336000 3829000 788000 2889000 6347000 0 183717000 158375000 2071000 38229000 3410000 6929000 0 188336000 149443000 3471000 15739000 3241000 7037000 0 158375000 201483000 3165000 -45127000 3061439 7016561 0 149443000 0.22 0.78 0 1 0 0 10495856 10495856 0 160513922 51588758 108925164 0 0 0 0 0 28254039 22415064 5838975 0 3430284 0 3430284 128690279 27442336 F 30176967 F 57619303 Deposits with bond trustees 2271407 F 2271407 0 Other long-term liabilities 1060410 Refundable advances from the US government 2391141 Payables and deferred revenues under split interest agreements 1195761 Asset retirement obligation 2574089 Obligation under interest rate swap agreement 9846472 17067873 87800644 87664848 135796 3325324 0 0 0 3306148 6631472 6767268 71811785 0 0 0 9236473 9236473 62575312 0 25225332 25225332 87800644 66239928 0 0 0 0 0 66239928 822482 20602438 21424920 87664848 SchD_P03_S00_L01 Schedule D, Part III, Line 1 The college did not disclose its collection and related policies in the financial statements. SchD_P03_S00_L04 Schedule D, Part III, Line 4 The Goucher College art collection comprises works of fine art and decorative art, including two-dimensional and three-dimensional art objects and miscellaneous objects of value, which are 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. SchD_P05_S00_L04 Schedule D, Part V, Line 4 The endowment of Goucher College generates income to support the college both generally and in specific ways 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 library; as well as the college's general operating budget. SchD_P10_S00_L02 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 2012 or 2011. Management has analyzed the tax positions taken by the College, and has concluded that as of June 30, 2012 and 2011 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. SchD_P11_S00_L08 Schedule D, Part XI, Line 8 Other changes in net assets includes unrealized losses on the change in market value of the college's interest rate swap agreement totaling $3,306,148. SchD_P12_S00_L02d Schedule D, Part XII, Line 2d $9,236,473 of endowment assets appropriated for expenditure are excluded from the reporting of revenues on this form. SchD_P12_S00_L04b Schedule D, Part XII, Line 4b Revenues per the audited financial statements were increased for the grants and scholarhips reported in Part X of the Form 990 ($20,515,073), for realized gains on investments ($4,455,015), for contra-expense items reclassed to revenues ($93,693), for contra-revenue items reclassed to expenses ($6,026), for interest income from trusts reported in Part VIII of the return ($150,616), and for investment income offsetting investment expenses ($16,948). SchD_P13_S00_L04b Schedule D, Part XIII, Line 4b $20,515,073 of tuition discount reported as a contra-revenue in the audited financial statements was moved to the statement of functional expense; $93,693 of contra-expense was moved to the statement of revenues; and $6,026 of contra-expense in the audited financial statements was moved to the statement of revenues. 1 1 1 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 The racially nondiscriminatory policy is published in the college's academic catalogue, student handbook, and on the website. SchE_P01_S00_L06 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, National Science and Math Access to Retain Talent Grant Program, Academic Competitive Grant Program, and the Perkins Loan Program. The college also receives 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 project grants by the U.S. Department of Justice, the U.S. Department of Housing and Urban Development, the National Science Foundation, National Institutes of Health, NASA, and the U.S. 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. 123812 East Asia and the Pacific 0 0 Program Services Tuition, room, board and programming expenses for undergraduate students and staff studying abroad. 38984 Europe (including Iceland and Greenland) 0 0 Program Services Tuition, room, board, and programming expenses for undergraduate students and staff studying abroad. 495965 Central America and the Caribbean 0 0 Investments 12761308 0 0 13420069 1 0 1 1 1 0 SchF_P04_S00_L01 Schedule F, Part IV, Line 1 Although the college, through its investment in various alternative asset strategies, has transferred property to a foreign company during the tax year, the amount transferred to a single foreign company or percentage owned was below reporting requirement. As such, the college was not required to file Form 926. SchF_P04_S00_L03 Schedule F, Part IV, Line 3 Although the college, through its investment in various alternative asset strategies, has interests in foreign corporations, the college's interest in any single foreign corporation was less than a 10 percent interest. As such, the college is not required to file Form 5471. SchF_P04_S00_L04 Schedule F, Part IV, Line 4 The college, by virtue of its investment in certain alternative investment strategies 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. Consequently, the college is not required to file Form 8621. SchF_P04_S00_L05 Schedule F, Part IV, Line 5 The college, by virtue of its investment in certain alternative assets, had ownership in foreign partnerships. However, in all but two cases the college owned less than 10 percent of a foreign partnership nor was its investment in any single foreign partnership greater than $100,000; the 10 percent or $100,000 thresholds are the minimums for filing. In two instances, the thresholds for filing were met; however, the general partner's filing of Form 8865 with its return alleviated the college's responsibility for filing with this return. 1 Undergraduate and graduate student grants and scholarhips made by the institution. 2434 1975247 18508789 Cash value Tuition credits Prizes, awards, internships, and fellowships 225 304297 0 Cash value SchI_P01_S00_L02 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 caclulated 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 1 1 X X X X 0 0 0 0 0 0 0 0 0 Sanford J Ungar 335646 0 0 0 0 0 31658 0 33511 0 400815 0 0 0 W Thomas Phizacklea 179241 0 0 0 0 0 8033 0 15425 0 202699 0 0 0 Marc Roy 183562 0 0 0 0 0 8204 0 15431 0 207197 0 0 0 Janet Mulderrig 164797 0 0 0 0 0 7169 0 246 0 172212 0 0 0 William Leimbach 151168 0 0 0 0 0 5753 0 226 0 157147 0 0 0 SchJ_P01_S00_L01a 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. The college also pays membership dues for a social club used by the president. MD Health & Higher Ed Fac Authority (2004) 520936091 574217TC9 2004-08-18 21808859 Finance the cost of a 70,000 square foot 185 bed residence hall 0 0 0 MD Health & Higher Ed Fac Authority (2007) 520936091 574217H32 2007-10-31 31285000 Construction of a 100,000 square foot facility: library, academic, and social spaces 0 0 0 0 0 22806126 2271407 922343 0 332341 0 0 19421663 0 0 2005 0 0 1 1 1525000 0 32262336 0 373927 0 523148 17407 0 31347854 0 0 2009 0 0 1 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 1 0 0 0 0 X SchK_P02_S00_L04 Schedule K, Part II, Line 4 Gross proceeds in reserve funds includes $667,526 allocable to the Debt Service Interest Fund as of June 30, 2012. SchK_P02_S00_L08 Schedule K, Part II, Line 8 Issue B (2007 Bonds): Issuance costs from proceeds include $17,407 used to pay the initial letter of credit maintenance fee. Other than payment for the first fee, such fees are not paid from proceeds. SchK_P03_S00_L03a Schedule K, Part III, Line 3a Issue B (2007 Bonds): The Institution allocated equity to finance the cafe portion of the constructed facilities. Therefore, any management or 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. SchK_P04_S00_L01 Schedule K, Part IV, Line 1 Issue A (2004 Bonds): The college is not required to file an IRS Form 8038-T with respect to the Bonds. The arbitrage rebate calculations prepared for the Bonds as of the Bonds' five-year anniversary date indicated that no rebate liability accrued with respect to the Bonds. Therefore, a rebate payment was not required. Issue B (2007 Bonds): The Bonds have not reached their first five year anniversary date. Therefore, IRS Form 8038-T has not been filed. Joan Wilterdink Spouse of key employee 21533 Teaching wages 0 William Couper Serves as an officer, director key empoloyee, or a member of an entity doing business with school 256600 Bank service charges and letter of credit fees 0 X 62 280799 FMV at date of gift X Pledges 398 4469510 Pledge Amount X Gift Annuities 2 23063 NRV at date of gift X Horses and equipment 5 0 Appraisal X Landscaping materials 2 0 Sales Receipt X Gift Card 1 0 Sales Receipt 4 0 1 1 SchM_P01_S00_L32b Schedule M, Part I, Line 32b PNC, a third party financial institution, serves as custodian for the college's stock securities account. There is a standing order to liquidate all securities when received. Generally, that order is carried out within a few days of receipt, limiting any gains or loss on the sale of securities. SchM_P01_S00_L33 Schedule M, Part I, Line 33 The college received gifts of horses for use in its equestrian program. Revenue is not recognized for these gifts. F990_P06_S0B_L11b 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 9, 2013 for a period of reveiw and comment lasting three weeks. 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 period 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 prior to recommending it for approval to the Executive Committee. The forms were approved for filing by the Executive Committee of the Board of Trustees on May 15, 2013. F990_P06_S0B_L12c 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 such 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. F990_P06_S0B_L15 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 at comparable institutions, including Goucher's peer group, other local colleges, and prospective overlap institutions. The Human Resources Director prepares these figures 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 or the Chair of the Compensation Committee with any comments a Board member may have on the President's performance with respect to the President's Goals and Objectives. After reviewing all of these materials, the Compensation Committee meets with the President to review 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 Goals and Objectives, and then meets in executive session to determine its recommendation to the Executive Committee of the Board as to the President's compensation for the next fiscal year. The Executive Committee then acts on that recommendation. 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. F990_P06_S0C_L19 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. F990_P11_S00_L05 Form 990, Part XI, Line 5 $3,306,148 of other decreases in net assets was attributable to an increase in the value of the interest rate swap agreements; $3,330,471 of other decreases in net assets was attributable to unrealized losses on investments. Pooled Income Fund (2) 1021 Dulaney Valley Road Baltimore MD 21204 Annuity MD N/A T Charitable Remainder Unitrust (4) 1021 Dulaney Valley Road Baltimore MD 21204 Annuity MD N/A T Charitable Remainder Unitrust (1) 1021 Dulaney Valley Road Baltimore MD 21204 Annuity FL N/A T Charitable Remainder Unitrust (1) 1021 Dulaney Valley Road Baltimore MD 21204 Annuity CT N/A T Charitable Remainder Unitrust (1) 1021 Dulaney Valley Road Baltimore MD 21204 Annuity NY N/A T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0