2012-05-01T13:34:58-05:00 2011-06-30 GRANT THORNTON LLP 666 THIRD AVENUE NEW YORK NY 100174011 990 2010-07-01 520591691 Washington College WASH 4107787224 300 WASHINGTON AVENUE CHESTERTOWN MD 216201197 James Manaro 4107787224 2012-04-29 true 2125990100 2010 2016-02-24 21:20:13Z MITCHELL B REISS PRESIDENT 300 WASHINGTON AVENUE CHESTERTOWN MD 216201197 178981737 false X WWW.WASHCOLL.EDU X 1782 MD to develop in its students the habits of analytic thought, aesthetic insight, imagination, ethical sensitivity, and clarity of expression & to enrich the cultural and intellectual life of its regional community 31 30 1551 49 95783 -32896 8010249 10404228 64418527 64355876 6261142 7300101 619618 708966 79309536 82769171 18497038 21786252 0 0 26684113 27870434 0 0 1772879 23802272 26670670 68983423 76327356 10326113 6441815 330833977 354281446 77678917 75446151 253155060 278835295 X IN 1782, GEORGE WASHINGTON AGREED TO GIVE HIS NAME TO WASHINGTON COLLEGE, AN INDEPENDENT INSTITUTION OF THE LIBERAL ARTS AND SCIENCES ON THE CHESTER RIVER, AT THE EDGE OF THE CHESAPEAKE BAY. HERE THE COLLEGE'S FOUNDER, WILLIAM SMITH, SOUGHT TO CREATE AN ENVIRONMENT IN WHICH STUDENTS WOULD THINK "CLOSELY AND JUSTLY," DEVELOP THE ARTS OF "WRITING, SPEAKING, ACTING, AND LIVING WELL" AND THUS BE FREED FROM "ALL PREJUDICES, WITH RELATIONS TO IDLE DISPUTES, DISTINCTIONS, AND OPINIONS, TILL LIBERAL EDUCATION AND RIPE JUDGMENT SHOULD MAKE THEM CAPABLE OF THINKING FOR THEMSELVES." MORE THAN TWO CENTURIES LATER, WASHINGTON COLLEGE CONTINUES TO AFFIRM THESE IDEALS. WASHINGTON COLLEGE SEEKS TO DEVELOP IN ITS STUDENTS THE HABITS OF ANALYTIC THOUGHT, AESTHETIC INSIGHT, IMAGINATION, ETHICAL SENSITIVITY, AND CLARITY OF EXPRESSION. THESE QUALITIES OF MIND ARE THE RESULT OF EXCELLENT TEACHING, OF ACTIVE INQUIRY, AND OF A WIDE RANGE OF EXPERIENCES AND SOCIAL INTERACTIONS IN AN INTIMATE COMMUNITY OF CULTU false false 55128360 21786252 53638484 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 75% in 4 years. The College endeavors to prepare its graduates for further education and productive careers. With 44 majors and academic programs to choose from, over 1370 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. 5384176 0 8100786 Washington College's Residential Life program provides students with opportunities and experiences that help them to develop responsibilities both to themselves and to their fellow students. It attempts to provide a relaxing and calm atmosphere for study and day-to-day living. Indeed, living on-campus is truly the "other-half" of a college education. With approximately 27 dorms to choose from, students have choices of single, doubles or triples in each room/unit. Hodson Hall houses the dining facilities for Washington College. The main dining hall seats 500 on two levels. Students, faculty and staff find made-to-order meals along with self-serve options allowing for a customized dining experience. Students choose from five meal 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, Coyote Jack's Grill, and the campus coffee bar, Java George. 1717254 0 2583701 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. 62229790 true true false true 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 false true false false true true false false true true true false false false true 234 0 true 1551 true true true false false false false true true false false false true false X 31 30 true true false false false true false true true false false true true true true true true true true false X PENELOPE FARLEY CONTROLLER 4107787224 409 WASHINGTON AVENUE CHESTERTOWN MD 21620 Mitchell Reiss 55.0 X X 165455 0 51635 Edward P Nordberg 10.0 X 0 0 0 H Lawrence Culp Jr 10.0 X 0 0 0 Linda J Spire 10.0 X 0 0 0 Dessie M Moxley 10.0 X 0 0 0 Patrick Allendar 2.0 X 0 0 0 Norris W Commodore 2.0 X 0 0 0 Richard Creighton 2.0 X 0 0 0 Thomas C Crouse Jr 2.0 X 0 0 0 Peter D Davenport 2.0 X 0 0 0 Regis de Ramel 2.0 X 0 0 0 Murray Drabkin 2.0 X 0 0 0 John G Eckenrode 2.0 X 0 0 0 Thomas H Gale 2.0 X 0 0 0 Stephen T Golding 2.0 X 0 0 0 Richard B Grieves 2.0 X 0 0 0 Nina R Houghton 2.0 X 0 0 0 Benjamin H Johnson 2.0 X 0 0 0 Beth K Leaman 2.0 X 0 0 0 Thomas H Maddux 2.0 X 0 0 0 Geoffrey M Rogers Sr 2.0 X 0 0 0 Alfred P Shockley 2.0 X 0 0 0 Ralph Snyderman 2.0 X 0 0 0 Daryl L Swanstrom 2.0 X 0 0 0 John H Timken 2.0 X 0 0 0 Donald C Tomasso 2.0 X 0 0 0 Deborah M Turner 2.0 X 0 0 0 Peter Van Dyke 2.0 X 0 0 0 Matthew T Weir 2.0 X 0 0 0 John R Whitmore 2.0 X 0 0 0 Albert JA Young 2.0 X 0 0 0 James V Manaro 55.0 X 262234 0 31885 Christopher Ames 55.0 X 193534 0 23022 Joseph L Holt 55.0 X 149645 0 17313 Elizabeth B Herman 55.0 X 246198 0 20675 Kevin L Coveney 55.0 X 125708 0 15460 Mela Dutka 55.0 X 140288 0 15890 Meredith D Hadaway 55.0 X 97946 0 15164 Barbara Heck 55.0 X 97120 0 21725 Bryan L Matthews 55.0 X 109246 0 27611 Billie S Dodge 55.0 X 151138 0 18398 Ruth Shoge 55.0 X 91923 0 21281 Richard Gillin 55.0 X 155265 0 9100 John L Seidel 55.0 X 142915 0 20549 George Spilich 55.0 X 135317 0 19217 Donald Munson 55.0 X 138024 0 16159 Terrence Scout 55.0 X 130743 0 19878 L Baird Tipson 40.0 X 337332 0 37522 2870031 0 402484 26 true true false ROY KIRBY SONS INC 1421 CLARKVIEW RD BALTIMORE MD 21209 CONSTRUCTION 693942 CHARTWELLS PO BOX 91337 CHICAGO IL 60693 DINING MANAGER 551372 ROYALL COMPANY 1920 E PARHAM RD RICHMOND VA 23228 CONSULTING 466574 RUFF ROOFERS INC 1420 KNECHT ROAD BALTIMORE MD 21227 CONSTRUCTION 305960 SODEXO INC 10400 FERNWOOD ROAD BETHESDA MD 20817 MAINTENANCE SERVICES 283574 12 2524441 7879787 539038 10404228 TUITION AND FEES 611710 53638484 53638484 ROOM AND BOARD 721310 8100786 8100786 CONFERENCES & CATERING 722320 1821125 1684711 136414 AUXILIARY ENTERPRISES 900099 795481 762576 32905 64355876 734863 -73536 808399 0 0 64125 64125 64125 64125 100779216 1968943 94165045 2017876 6614171 -48933 6565238 6565238 92080 29645 62435 62435 0 0 BOOKSTORE 451211 119497 119497 GIS PROGRAM 900099 72374 72374 ATHLETIC PROGRAMS 711210 42306 42306 348229 348229 582406 82769171 64186557 95783 8082603 0 21786252 21786252 0 0 2061269 745881 916314 399074 0 20531522 16138512 3659796 733214 1197456 852253 276652 68551 2566009 828058 1641361 96590 1514178 1108619 334633 70926 0 81462 81462 52950 52950 0 0 716873 716873 2498705 1588164 828906 81635 106359 79661 25998 700 479558 145858 298702 34998 0 0 3282895 3083512 168719 30664 2261420 1774883 355731 130806 0 104369 81251 13149 9969 3114221 3114221 0 7244427 6193744 1048714 1969 521802 4977 516825 REPAIRS & MAINT 1421436 403438 1017998 SUPPLIES 1328951 794995 527712 6244 BOOKS & RESEARCH SUPPLIES 534904 534904 STUDENT CLUBS 458553 458553 PRINTING & PUBLICATIONS 370969 204103 80365 86501 2090816 1591078 478700 21038 76327356 62229790 12324687 1772879 27248441 23977449 1221859 1559633 1648686 727222 1538095 1367875 461564 504241 207653366 61699281 142660668 145954085 65219577 111723016 90174205 67916559 660882 551366 330833977 354281446 3582291 4191010 924954 924954 1686066 1658561 63460000 62100000 8025606 6571626 77678917 75446151 X 92743955 96625864 65686731 82334616 94724374 99874815 253155060 278835295 330833977 354281446 X 6441815 19238420 X false true true X true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X false false false false false true 8892 true false false 8892 false Lobbying Schedule C, Part II-B Washington Colege is a member of MICUA, a regional membership organization, which has allocated a portion of their dues as lobbying. X X 11 4.00 8 0 0 1 true 2.00 0 X X false 151950408 5107912 24243852 6984458 174317714 141540971 1417518 15758104 6766185 151950408 175476640 513207 -27365609 7083267 141540971 0.05000 0.57000 0.38000 false false 8069248 8069248 168600758 49262759 119337999 13915023 5585401 8329622 17068337 6851121 10217216 145954085 HEDGE FUNDS 37946168 F REAL ESTATE 29912348 F HODSON SCHOLARSHIP FOUNDATION 27810 F LIMITED PARTNERSHIPS 30233 F 67916559 0 FUNDS HELD FOR OTHERS 330177 ANNUITIES PAYABLE 561245 INTEREST RATE SWAP 5680204 6571626 82769171 76327356 6441815 17707909 1530511 19238420 25680235 82264610 17707909 140331 3250155 21098395 61166215 716873 20886083 21602956 82769171 56584375 140331 1719644 1859975 54724400 716873 20886083 21602956 76327356 CONSERVATION EASEMENTS FORM 990, SCHEDULE D, PART II, LINE 9 Washington College has not reported easements in its financial statements. Two buildings were purchased and booked at cost - these have written easements on them. Nine buildings fall within the Chestertown, Maryland historic 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. All buildings were booked at cost. COLLECTIONS OF ART, HISTORICAL TREASURES, OR OTHER SIMILAR ASSETS FORM 990, 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. ENDOWMENT FUNDS FORM 990, SCHEDULE D, PART V, LINE 4 The Endowment Fund of Washington College is invested to provide an annual 5% (3 Yr rolling average) return to be used for scholarships, building maintenance, program enhancements, chair salary supplements, athletic support, books and educational prizes. INCOME TAXES FORM 990, SCHEDULE D, PART X, LINE 2 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. RECONCILIATION OF CHANGE IN NET ASSETS FORM 990, SCHEDULE D, PART XI, LINE 8 CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 102,896 CHANGE IN FAIR VALUE OF INTEREST RATE SWAP 1,427,615 --------- TOTAL LINE 2 1,530,511 ========= RECONCILIATION OF REVENUE FORM 990, SCHEDULE D, PART XII LINE 2 - OTHER REVENUE INCLUDED ON BOOKS BUT NOT ON RETURN SPECIAL EVENTS EXPENSES 29,645 COST OF GOODS SOLD 1,689,999 CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 102,896 CHANGE IN FAIR VALUE OF INTEREST RATE SWAP 1,427,615 --------- TOTAL LINE 2 3,250,155 ========= LINE 4 - OTHER REVENUE INCLUDED ON RETURN BUT NOT ON BOOKS SCHOLARSHIPS/GRANTS/TUITION DISCOUNTS 20,886,083 ---------- TOTAL LINE 4 20,886,083 ========== RECONCILIATION OF EXPENSES FORM 990, SCHEDULE D, PART XIII LINE 2 - OTHER EXPENSES INCLUDED ON BOOKS BUT NOT ON RETURN SPECIAL EVENTS EXPENSES 29,645 COST OF GOODS SOLD 1,689,999 --------- TOTAL LINE 2 1,719,644 ========= LINE 4 - OTHER EXPENSES INCLUDED ON RETURN BUT NOT ON BOOKS SCHOLARSHIPS/GRANTS/TUITION DISCOUNTS 20,886,083 ---------- TOTAL LINE 4 20,886,083 ========== true true true true true true true false false false false false false false false true false true Schedule E, Line 3 THE RACIALLY NONDISCRIMINATORY POLICY IS PROVIDED IN THE STUDENT HANDBOOK, THE FACULTY HANDBOOK AND THE STAFF HANDBOOK. Schedule E, Line 6a THE COLLEGE RECEIVES ANNUAL GRANTS FROM FEDERAL, STATE AND LOCAL AGENCIES. Baseball Fruit 10402 10402 4853 Golf Outing 10383 10383 8125 657 2716 7 71295 71295 1103 6755 2746 2690 92080 92080 1103 19733 3403 5406 29645 62435 true employee waivers 72 900169 FMV tuition grants and scholarships 1696 20886083 GRANTS AND ASSISTANCE IN THE UNITED STATES FORM 990, SCHEDULE I, LINE 2 Washington College awarded $21,786,252 in scholarships for 6/30/11. 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 true true X X X true false false false false false false false false Mitchell Reiss 164333 0 0 0 1122 0 11540 0 40095 0 217090 0 0 0 L Baird Tipson 22000 0 0 0 315332 0 22850 0 14672 0 374854 0 0 0 James V Manaro 247388 0 0 0 14846 0 17362 0 14523 0 294119 0 0 0 Christopher Ames 192844 0 0 0 690 0 9408 0 13614 0 216556 0 0 0 Joseph L Holt 144195 0 0 0 5450 0 9383 0 7930 0 166958 0 0 0 Elizabeth B Herman 187804 0 0 0 58394 0 13087 0 7588 0 266873 0 0 0 Mela Dutka 140191 0 0 0 97 0 9755 0 6135 0 156178 0 0 0 Billie S Dodge 150448 0 0 0 690 0 9712 0 8686 0 169536 0 0 0 Richard Gillin 154998 0 0 0 267 0 8559 0 541 0 164365 0 0 0 John L Seidel 142489 0 0 0 426 0 9670 0 10879 0 163464 0 0 0 George Spilich 135040 0 0 0 277 0 8400 0 10817 0 154534 0 0 0 Donald Munson 137490 0 0 0 534 0 8360 0 7799 0 154183 0 0 0 Terrence Scout 130466 0 0 0 277 0 8349 0 11529 0 150621 0 0 0 COMPENSATION INFORMATION FORM 990, SCHEDULE J, PART I LINE 1A - Housing Allowance - Washington College provides a home to live in for the President and his family. 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 1B - 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. Part I, Line 4a The following individuals received severance payments in calendar year 2010. Beth Herman $51,555 L. Baird Tipson $298,069 These amounts are reported in Schedule J, Part II, column (b)(iii). TOWN OF CHESTERTOWN MARYLAND 526000783 166630AA1 2008-05-08 65500000 REFUNDING OF 2008 BONDS true true false TOWN OF CHESTERTOWN MARYLAND 526000783 2009-10-29 30000000 REFUNDING OF 2008 BONDS false true false TOWN OF CHESTERTOWN MARYLAND 526000783 2010-09-17 30000000 REFUNDING OF 2008 BONDS true 0 19476956 65500000 0 0 0 563100 188526 0 45271418 0 0 true false true true 0 0 30000000 0 0 30000000 0 0 0 0 0 0 true false true true 0 3460000 3460000 0 0 0 0 0 0 0 0 0 true false true true false false true false true 0.00300 0.00000 0.00300 true false false true false true 0.00300 0.00000 0.00300 true false false true false true 0.00300 0.00000 0.00300 true false true true RBC PNC 30. false false false false true false true true TBCPNC 30. false false false false true false true true RBCPNC 30. false false false false true Form 990, Schedule K, Part II, Line 3 Part II, Line 6, Column A - Proceeds in refunding escrows: $30,000,000 was deposited into the account but it was paid out on 10/29/09. Accordingly, at the end of the reporting period no proceeds were held in refunding escrows. L BARID TIPSON EX-PRESIDENT 18500 SALE OF AUTOMOBILE false X 1 10845 BLUE BOOK VALUE X 1 67890 APPRAISAL X 1 2000 ANNUAL COST AT FMV X 19 404436 FMV X 7 38563 FMV X VARIOUS EQUIPMENT 10 9155 THRIFT SHOP VALUE X COMPUTER 1 3999 FMV X BOAT SLIP 1 2150 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. Form 990, Part VI, Line 2 Board Members, Peter Davenport and Linda Spire, have a family relationship. Form 990, Part VI, Line 3 Chartwell provides food service management and Sodexho provides buildings and grounds management for the College. Chartwell provides a chef and director; all other employees are employees of the College. Sodexho provides a director; all other employees are employees of the College. Barnes & Noble provides management services to the College's bookstore. Barnes & Noble provides the manager. All other employees are employees of the College. Form 990, Part VI, Line 7A The alumni elect 12 Board members and the Governor of Maryland appoints 12 board members. Form 990, Part VI, Line 11 Management reviews the draft of the 990 for accuracy and reconcilement to the audited financial statements. Once this review is final, a draft copy of the 990 is provided to the Chairman of the Board and the Audit Committee Chairman for review and comments for a 7 day period. A copy of the draft Form 990 is also circulated to the full Board of Trustees for discussion and comment. Each Board Member is provided ample opportunity to comment on the information contained in the 990. After approval of the 990, the tax preparer is notified to finalize the return for filing. A final 990 presentation summary is presented to all the Board members. Form 990, Part VI, 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 practicable time. After a possible conflict of interest has been disclosed, the Board or committee shall discuss and, if necessary, investigate alternatives to the proposed transaction or arrangement. Ultimately, the Board or committee shall determine whether the College can obtain a more advantageous transaction or arrangement with reasonable efforts from a person that would not give rise to a conflict of interest and, if such alternative transaction or arrangement is not feasible, whether the proposed transaction or arrangement is in the College's best interest and will not compromise or have the appearance of compromising the College's academic and fiscal integrity. The interested person shall refrain from participating in the discussion concerning and from voting on the issue that presents the conflict of interest or the appearance of a conflict of interest, and may be asked to leave the meeting during discussion of and/or the vote on the issue. Form 990, Part VI, Line 15 Since the 1980s, Washington College has pursued a Board-authorized aspiration to compensate faculty, on average, at the all-ranks average of institutions with a Carnegie classification of IIB (private, independent). However, a similar standard for administrative staff was not in operation. To develop such a norm, the College retained the services of Watson Wyatt, a global human resources consulting firm, to assist in establishing a new staff compensation program. Based upon staff focus groups, a thorough review of staff position descriptions, and a benchmarking of then current staff pay levels with the competitive marketplace, Watson Wyatt developed, and the administration implemented, the following Compensation Philosophy: Washington College's staff compensation programs are designed to be competitive with peer institutions and comparable, premier employers. Our programs are designed to reward performance and contributions that lead to improved operational results. o Following best practices and to ensure competitiveness, Washington College builds our pay opportunities around the median of the target market. (Market is defined as either comparator IIB colleges or the local labor market depending on the position.) o Individual pay determinations involve consideration of incumbents' experience, performance, and contributions. o The College is committed to 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. Decisions regarding compensation programs, as well as individual pay decisions, will be made based on the above objectives as well as the College's financial situation. Each spring, the Chief of Staff prepares an analysis of compensation provided to competitor IIB college presidents using data analysis conducted by the college and university personnel association (CUPA-HR). The resulting spreadsheet is provided to the Vice-Chair, along with the Executive Market-Based Level Range, to inform any pay adjustment recommendation that might emerge from the subcommittee's annual assessment of the president's performance. The report of the subcommittee, along with any pay adjustment recommendation, is presented to the full Board of Visitors and Governors for review and approval in Executive Session. Any decision by the Board of Visitors and Governors is recorded in the minutes of that meeting. Form 990, Part VI, Line 19 Washington College posts Form 990 on its website. The organization's financial statements, governing documents and conflict of interest policy are made available to the public upon written request. Form 990, Part XI, Line 5 Reconciliation of Net Assets Net unrealized gains on investments 17,707,909 CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 102,896 CHANGE IN FAIR VALUE OF INTEREST RATE SWAP 1,427,615 ---------- TOTAL LINE 5 19,238,420 ========== WC Water LLC 300 Washington Ave Chestertown MD 21620 270886807 Real Estate MD 0 4389921 Chestertown Residential LLC 1421 Clarkview Road Baltimore MD 21209 264539355 Real Estate MD Investment 0 8227960 false false 0.90000 false false false false false false false false false false false false false false false false false false