2011-05-10T14:52:42-04:00 2010-06-30 GRANT THORNTON LLP 666 THIRD AVENUE NEW YORK NY 100174011 990 2009-07-01 520591691 Washington College WASH 4107787224 300 WASHINGTON AVENUE CHESTERTOWN MD 216201197 JAMES MANARO 4107787224 2011-05-04 true 2125429609 2009 2016-02-24 21:20:13Z MITCHELL B REISS PRESIDENT 300 WASHINGTON AVENUE CHESTERTOWN MD 216201197 315900767 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 34 33 1401 17 -32253 -167127 12869543 8010249 43788042 64418527 3823669 6261142 2684841 619618 63166095 79309536 6104392 18497038 0 0 27070135 26684113 0 0 2128976 24884730 23802272 58059257 68983423 5106838 10326113 321804333 330833977 79940892 77678917 241863441 253155060 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 49146075 18497038 57092757 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. 5679990 0 7325440 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, Coyote Jack's Grill, and the campus coffee bar, Java George. 54826065 true true false true false true true 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 false false false true true false false true true true false false true 217 0 true 1401 true true true false false false false true true false false false true 34 33 true true false false false false false true true false false true true true true false true true true false X X PENELOPE FARLEY CONTROLLER 4107787224 409 WASHINGTON AVENUE CHESTERTOWN MD 21620 L Baird Tipson through 63010 55.0 X X 301243 0 30044 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 David G Burton 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 Benjamin G Kohl 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 Eric B Wentworth 2.0 X 0 0 0 John R Whitmore 2.0 X 0 0 0 Albert JA Young 2.0 X 0 0 0 Joseph L Holt 55.0 X 123646 0 16716 James V Manaro 55.0 X 235457 0 21302 Elizabeth B Herman 55.0 X 205513 0 23097 Christopher Ames 55.0 X 175686 0 15620 Mela Dutka 55.0 X 129328 0 15770 Billie S Dodge 55.0 X 128927 0 17708 Kevin L Coveney 55.0 X 116506 0 14886 Bryan L Matthews 55.0 X 98456 0 15615 Meredith D Hadaway 55.0 X 90010 0 14028 Ruth Shoge 55.0 X 79964 0 13862 John L Seidel 55.0 X 128971 0 16869 Donald A Munson 55.0 X 119225 0 15216 Terrence H Scout 55.0 X 118379 0 15483 Penelope L H Farley 55.0 X 117165 0 9581 2168476 0 255797 24 false true false ROYALL COMPANY 1920 E PARHAM RD RICHMOND VA 23228 CONSULTING 366990 ROY KIRBY SONS INC 1421 CLARKVIEW RD BALTIMORE MD 21209 CONSTRUCTION 356139 SODEXO INC 10400 FERNWOOD ROAD BETHESDA MD 20817 MAINTENANCE SERVICES 246918 SUSTAINAMETRIX LLC 1101 EAST 33RD ST BALTIMORE MD 21218 CONTRACTOR 232227 DATATEL INC 4375 FAIR LAKES COURT FAIRFAX VA 220339952 CONSULTING 203821 9 535 2649040 5360674 182656 8010249 TUITION AND FEES 900099 48416892 48416892 ROOM AND BOARD 900099 9157322 9157322 CONFERENCES & CATERING 532000 1483492 1314861 168631 AUXILIARY ENTERPRISES 900099 5360821 5338148 22673 64418527 263463 263463 0 0 62855 62855 62855 62855 242547772 22925 236370112 202906 6177660 -179981 5997679 5997679 57311 18213 39098 39098 0 0 BOOKSTORE 900099 147079 147079 ATHLETIC PROGRAMS 900099 67498 67498 GIS PROGRAM 900099 19385 19385 283703 -223557 507260 517665 79309536 64227223 -32253 7104317 0 18497038 18497038 0 0 1990251 866783 708698 414770 0 19971122 15083064 3885468 1002590 1175554 846793 233863 94898 2000444 463805 1423591 113048 1546742 1127549 326853 92340 0 106656 106656 227550 227550 0 0 640194 640194 2835193 1914254 878979 41960 84150 73659 10291 200 193175 20519 172656 0 0 2815799 2646851 140790 28158 1006363 893657 90798 21908 0 96108 77630 11958 6520 2799131 2799131 0 6731266 5564701 1164358 2207 531618 13387 518231 REPAIRS & MAINT 1205192 359696 845496 SUPPLIES 1665365 1081283 494231 89851 BOOKS & RESEARCH SUPPLIES 536743 536743 PRINTING & PUBLICATIONS 370665 229200 43828 97637 MEALS & ENTERTAINMENT 1142558 456599 564758 121201 814546 633529 179329 1688 68983423 54826065 12028382 2128976 29672453 23193859 1960629 1221859 1820110 1648686 1377199 1538095 0 0 212762 461564 199525819 56865151 140172872 142660668 79078175 65219577 54597987 94228787 12912146 660882 321804333 330833977 7126990 3582291 924954 924954 1317301 1686066 64800000 63460000 400000 0 5371647 8025606 79940892 77678917 X 98027768 92743955 55499509 65686731 88336164 94724374 241863441 253155060 321804333 330833977 X false true true X true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED true 7488 7488 Lobbying Schedule C, Part II-B Washington College paid a lobbying firm to assist in higher education legislative issues, including obtaining government appropriations. In addition, Washington College 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 X false 141540971 1417518 15758104 6766185 151950408 175476640 513207 -27365609 7083267 141540971 0.04000 0.62000 0.34000 false false 3679327 3679327 168140328 44411741 123728587 13463240 12453410 1009830 14242924 14242924 142660668 HEDGE FUNDS 49717031 F REAL ESTATE 33096405 F HODSON SCHOLARSHIP FOUNDATION 7288324 F LIMITED PARTNERSHIPS 72445 F SHORT-TERM INVESTMENTS 4054582 F 94228787 0 FUNDS HELD FOR OTHERS 329986 ANNUITIES PAYABLE 587801 INTEREST RATE SWAP 7107819 8025606 79309536 68983423 10326113 2598208 5800 -1638502 965506 11291619 63225423 2598208 5800 2485045 5089053 58136370 640194 20532972 21173166 79309536 51933804 1447016 1447016 50486788 640194 17856441 18496635 68983423 CONSERVATION EASEMENTS FORM 990, SCHEDULE D, PART II, LINE 9 COLLECTIONS OF ART, HISTORICAL TREASURES, OR OTHER SIMILAR ASSETS FORM 990, SCHEDULE D, PART III ENDOWMENT FUNDS FORM 990, SCHEDULE D, PART V, LINE 4 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 (159,655) CHANGE IN VALUE OF ASSETS HELD BY OTHERS (878,374) CHANGE IN FAIR VALUE OF INTEREST RATE SWAP 2,676,531 --------- TOTAL LINE 2 1,638,502 ========= RECONCILIATION OF REVENUE FORM 990, SCHEDULE D, PART XII LINE 2 - OTHER REVENUE INCLUDED ON BOOKS BUT NOT ON RETURN SPECIAL EVENTS EXPENSES 18,213 COST OF GOODS SOLD 1,428,803 CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 159,655 CHANGE IN VALUE OF ASSETS HELD BY OTHERS 878,374 --------- TOTAL LINE 2 2,485,045 ========= LINE 4 - OTHER REVENUE INCLUDED ON RETURN BUT NOT ON BOOKS SCHOLARSHIPS 2,946,794 GRANTS AND ALLOCATIONS 2,370,315 TUITION DISCOUNTS 12,190,724 CHANGE IN FAIR VALUE OF INTEREST RATE SWAP 2,676,531 LOSS ON REFINANCING OF DEBT 348,608 ---------- TOTAL LINE 4 20,532,972 ========== RECONCILIATION OF EXPENSES FORM 990, SCHEDULE D, PART XIII LINE 2 - OTHER EXPENSES INCLUDED ON BOOKS BUT NOT ON RETURN SPECIAL EVENTS EXPENSES 18,213 COST OF GOODS SOLD 1,428,803 --------- TOTAL LINE 2 1,447,016 ========= LINE 4 - OTHER EXPENSES INCLUDED ON RETURN BUT NOT ON BOOKS SCHOLARSHIPS 2,946,794 GRANTS AND ALLOCATIONS 2,370,315 TUITION DISCOUNTS 12,190,724 LOSS ON REFINANCING OF DEBT 348,608 ---------- TOTAL LINE 4 17,856,441 ========== true true true THE RACIALLY NONDISCRIMINATORY POLICY IS PROVIDED IN THE STUDENT HANDBOOK, THE FACULTY HANDBOOK AND THE STAFF HANDBOOK. true true true true false false false false false false false false true false THE COLLEGE RECEIVES ANNUAL GRANTS FROM FEDERAL, STATE AND LOCAL AGENCIES. true Hall of Fame 13840 13840 7745 655 Sho Men Golf 9418 9418 761 4700 1 34053 34053 4352 57311 57311 8506 9707 18213 39098 true employee waivers 40 858665 FMV tuition grants and scholarships 1028 17638373 GRANTS AND ASSISTANCE IN THE UNITED STATES FORM 990, SCHEDULE I, LINE 2 Washington College awarded $18,497,038 in scholarships for 6/30/10. 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 FEELP 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 true true X X X X false false false false false false false false false L Baird Tipson through 63010 296483 0 0 0 4760 0 22000 0 8044 0 331287 0 0 0 James V Manaro 227897 0 0 0 7560 0 13579 0 7723 0 256759 0 0 0 Elizabeth B Herman 204967 0 0 0 546 0 15467 0 7630 0 228610 0 0 0 Christopher Ames 175235 0 0 0 451 0 7585 0 8035 0 191306 0 0 0 COMPENSATION INFORMATION FORM 990, SCHEDULE J, PART I LINE 1A - Washington College provides a home to live in for the President and his family. LIEN 1B - The President of Washington College is provided housing as a condition of his employment. TOWN OF CHESTERTOWN MARYLAND 526000783 166630aa1 2008-05-08 65500000 BOND REFUND 1997 AND 2004/BUILDING true false TOWN OF CHESTERTOWN MARYLAND 526000783 166630aa1 2009-10-29 30000000 REFUNDING OF 2008 BONDS false false 65500000 19476956 751626 45271418 2009 true false true true 30000000 30000000 true false true true false false true false true 0.00000 0.00380 0.00380 true false false true false true 0.00000 0.00360 0.00360 true false true true RBCRBS 30. false false true false true false false false true X 43 176856 cost or sale price X ADVERTISING 5 5800 FAIR MARKET VALUE 0 false true true FORM 990, SCHEDULE M, LINE 32 THE ORGANIZATION USES A THIRD PARTY BROKER TO CASH STOCK CONTRIBUTIONS. 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 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 13 Washington College is in the process of implementing a written whistleblower policy. 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 The organization's financial statements, governing documents and conflict of interest policy are made available to the public upon written request. Form 990, Schedule K, Part I Part I - The 2009 bond issue partially refunded the 2008 bond issue. The 2008 bonds are marked as "defeased" since a portion was defeased by the 2009 issue and a portion remained outstanding at the end of the reporting period. The following bonds were refunded: Name Issue Date Town of Chestertown, Maryland October 29, 2009 Part II, Line 5 - Issuance Costs from Proceeds The following amounts make up the total issuance costs reported on Part II, Line 5: Issuance Costs 563,100 Credit Enhancement Costs 188,526 ------- Total 751,626 ======= Form 990, Schedule K, Part II, Line 3 Part II, Line 3, Column A - Proceeds in refunding or defeasance escrows: $19,476,956 was deposited into the account but it was paid out on 7/1/08. Accordingly, at the end of the reporting period no proceeds were held in refunding or defeasance escrows. Part II, Line 3, Column A - Proceeds in refunding or defeasance 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 or defeasance escrows. Form 990, Schedule K, Part II, Line 5 The following amounts make up the total issuance costs reported on Part II, Line 5: Issuance Costs 563,100 Credit Enhancement Costs 188,526 ------- Total 751,626 ======= WC Water LLC 300 Washington Ave Chestertown MD 21620 270886807 Real Estate MD 0 4221635 Chestertown Residential LLC 1421 Clarkview Road Baltimore MD 21209 264539355 Real Estate MD Investment 0 8117910 false false false false false false false false false false false false false false false false false false false false