2024-05-08T17:03:41-07:00 2023-06-30 990 2022-07-01 520591613 GOUCHER COLLEGE GOUC 4103376000 1021 Dulaney Valley Road Baltimore MD 21204 Noel Ward AVP for Finance and Controller 4103376132 2024-05-08 Noel Ward 999009999 1 1 11 1 AAL2 X 2022 2023-04-26 12:10:37Z Kent Deveraux 1021 Dulaney Valley Road Towson MD 21204 103447531 0 X www.goucher.edu X 1885 MD Goucher College provides an innovative liberal arts education that prepares students with a broad, humane perspective for a life of inquiry, creativity, and critical and analytical thinking. 41 40 1249 242 -229244 -229244 19369740 13779121 70861038 67118512 4948891 2890618 2993626 797314 98173295 84585565 35846687 34254562 0 0 35729157 37075544 0 0 2508373 33775235 36928954 105351079 108259060 -7177784 -23673495 435635122 430325294 122914127 127538587 312720995 302786707 Goucher College provides an innovative liberal arts education that prepares students with a broad, humane perspective for a life of inquiry, creativity, and critical and analytical thinking. The College's vision is to become a top-100 national liberal arts college known for offering a transformational education that delivers graduates who can solve complex problems within a diverse, global community. 0 0 82368800 33012865 60303794 The College provided an Undergraduate Arts and Sciences education to 988 students. Goucher's academic philosophy is focused on 3Rs: relationships, resilience, and reflection, and coursework reflects the core values of a liberal arts education: proficiency in English composition and in a foreign language, solid foundations in history, abstract reasoning, scientific discovery and experimentation, problem-solving, social structures, and environmental sustainability. A highlight of Goucher's unique liberal arts curriculum is the requirement that all undergraduates must study abroad at least once before graduation, making the College among the first in the nation to make such a bold move in globalized education. Goucher strives to educate the whole student and promotes a broad education over narrow career training. This gives graduates a wide range of professional options and increased ability to take advantage of new opportunities in developing fields-and even the capability to change careers. Goucher students master a range of knowledge, including the communication, critical thinking, and quantitative reasoning skills that U.S. employers overwhelmingly say they want job candidates to have. 6175363 1241697 6185243 The College provided a graduate education to 726 students. The Welch Center for Graduate and Professional Studies offers a diverse range of academic programs, including: Master of Arts and Master of Fine Arts degrees in areas such as education, teaching, historic preservation, arts administration, cultural sustainability, digital arts, nonfiction, management, and environmental sustainability, plus a post-baccalaureate premedical program. These programs are led by industry leaders who help students strengthen their skills, add to their knowledge base, and create professional opportunities wherever their passions lead. 447368 0 629475 The College provided credit and non-credit continuing studies course work for 643 participants. Goucher is home to the College Board's Advanced Placement (AP) Summer Institute, training teachers in AP courses from across the country and around the world. The Advanced Placement Summer Institute allows teachers to earn graduate credit while gaining College Board-certified preparation in most subject areas offered through AP programs. 0 0 0 88991531 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 1 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 1 3753 0 1249 1 1 1 1 BD 0 0 0 0 0 0 0 0 0 0 X 41 40 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AK AR CO DC MA MD MI NH NJ NV NY OH OK OR SC WA X Noel Ward 4103376132 1021 Dulaney Valley Road Baltimore MD 21204 Kent Devereaux President 40 0 X X 418853 0 167385 David Valentine VP for Finance and Administration 40 0 X 250911 0 39877 Michele Y Ewing VP for Advancement 40 0 X 232308 0 41619 Elaine Meyer-Lee Provost 40 0 X 226198 0 31225 Jonathan Lindsay VP for Enrollment Management 40 0 X 201273 0 20137 Aarika Camp Vice President of Student Affairs 40 0 X 176257 0 31225 Erik Thompson VP for Campus Operations 40 0 X 190927 0 5690 Robert Smith Associate VP and Deputy Chief Information Officer 40 0 X 159792 0 31116 Kristi Yowell Associate VP for Human Resources 40 0 X 166358 0 8879 Noel Ward Associate VP of Finance and Controller 40 0 X 166449 0 8412 David Grossman Associate Professor 40 0 X 140695 0 6343 Michelle Hammond AVP for the Library and Learning Commons 40 0 X 121813 0 1604 Lisa Lyden Stromberg Class of 1983 Trustee, Chair 25 0 X X 0 0 0 William E Pugh II Class of 1994 Trustee, Vice Chair 20 0 X X 0 0 0 Janet Farrell Class of 1973 Trustee, Treasurer 10 0 X X 0 0 0 Dr Jocelyn Reader Class of 2002 Trustee, Secretary 10 0 X X 0 0 0 Tara Abdullah-Nri Class of 2022 Trustee 5.00 0 X 0 0 0 Kimara Ahnert Class of 1991 Trustee 5 0 X 0 0 0 Patricia Batza Class of 1991 Trustee 5 0 X 0 0 0 Robert Lee Bull Jr Class of 1993 Trustee 10 0 X 0 0 0 Kara Byrne Bundy Class of 2002 Trustee 5 0 X 0 0 0 Melinda J Burdette Class of 1972 Trustee 10 0 X 0 0 0 Tinisha J Cheatham Trustee 5 0 X 0 0 0 Richard J Davis Trustee 5 0 X 0 0 0 Dante Disparte Class of 2000 Trustee 5 0 X 0 0 0 Elizabeth Ellers Class of 1981 Trustee 5 0 X 0 0 0 Leda Fuller Favor Class of 1979 Trustee 5 0 X 0 0 0 Stefano Fiore Class of 2022 Trustee 5 0 X 0 0 0 Deanna Galer Class of 2017 Trustee 5 0 X 0 0 0 Damon Highsmith Class of 2003 Trustee 5 0 X 0 0 0 Linda K Himmelberger Class of 1974 Trustee 5 0 X 0 0 0 Miriam Brown Hutchins Class of 1973 Trustee 5 0 X 0 0 0 Miriam E Katowitz Class of 1973 Trustee 5 0 X 0 0 0 Ruth Shapiro Lenrow Class of 1974 Trustee 5 0 X 0 0 0 Marcus Loveland Trustee 5 0 X 0 0 0 Antonia Pettit Class of 2020 Trustee 5 0 X 0 0 0 Alice G Pinderhughes Class of 1973 Trustee 5 0 X 0 0 0 Cindy Plavier-Truitt Class of 1986 Trustee 5 0 X 0 0 0 Faye Polayes Class of 1973 Trustee 5 0 X 0 0 0 Rosana Roig Class of 1978 Trustee 5 0 X 0 0 0 Madalyn Romberger Class of 2021 Trustee 5 0 X 0 0 0 Jonathan Schoenfeld Class of 1997 Trustee 5 0 X 0 0 0 Carolyn Schwarz Trustee 5 0 X 0 0 0 Ralph M Segall Trustee 5 0 X 0 0 0 Jodie H Slaughter Class of 1979 Trustee 5 0 X 0 0 0 Stewart Thomsen Trustee 5 0 X 0 0 0 Marilyn S Warshawsky Class of 1968 Trustee 5 0 X 0 0 0 Craig Watson Trustee 5 0 X 0 0 0 Betsy Weingarten Class of 1988 Trustee 5 0 X 0 0 0 Jonathan Wexler Class of 1994 Trustee 5 0 X 0 0 0 Wendy S White Class of 1972 Trustee 5 0 X 0 0 0 Margaret M Winslow Class of 1969 Trustee 5 0 X 0 0 0 2451834 0 393512 32 0 1 0 Bon Appetit Management Co 1021 Dulaney Valley Road Baltimore MD 21204 Food service provider 4420525 Incline Alchemy Inc 575 Double Eagle Court Ste 220 Reno NV 89521 Management Information System Consultant 1744015 EAB Global Inc 2445 M Street NW Washington DC 20037 Educational Consultant 765973 Educators Advancement Group Inc dba K-12 Teachers Alliance 20624 Abbey Woods Court North Frankfort IL 60423 Program 569650 Workday 6110 Stoneridge Mall Road Pleasanton CA 94588 Management Information System Consultant 506270 42 0 0 17049 0 5655369 8106703 314026 13779121 Undergraduate Tuition, Room & Board 611310 60303794 60303794 0 0 Graduate Tuition, Room & Board 611310 6185243 6185243 0 0 Continuing Professional Education 611310 629475 629475 0 0 0 0 0 0 67118512 1418074 0 -489887 1907961 59675 0 0 59675 0 0 0 0 489347 0 529374 0 -40027 0 -40027 0 16111 -56138 17997447 1629386 15387449 2826515 2609998 -1197129 1412869 0 2234 1410635 8550 17049 35125 -26575 0 -26575 0 0 0 0 0 0 132668 83503 49165 0 0 49165 Summer Camp 611620 9633 0 9633 0 Pilates 611699 164827 0 164827 0 Pool 713940 67838 0 67838 0 572453 0 0 572453 814751 84585565 67118512 -229244 3917176 0 0 34165305 34165305 89257 89257 0 0 1704481 620813 680458 403210 0 0 0 0 28775979 20795703 6753861 1226415 972360 647782 256463 68115 3419702 2497452 817972 104278 2203022 1557790 530880 114352 0 0 0 0 550882 285869 263195 1818 128471 0 128471 0 19010 0 19010 0 0 0 1234905 0 1234905 0 5147145 3890682 1048543 207920 500663 117140 315422 68101 2945604 2424777 464306 56521 1719052 49061 1666491 3500 0 0 0 0 3657038 2732959 860462 63617 1528640 1443488 50763 34389 0 0 0 0 191760 162076 20815 8869 3985043 3982146 2897 0 0 0 0 0 8707820 8185351 435391 87078 893104 0 893104 0 Food Service Costs 4250627 4250627 0 0 Study Abroad 207317 207317 0 0 Food 519307 369611 94872 54824 Other Administrative 742566 516325 220875 5366 0 0 0 0 108259060 88991531 16759156 2508373 6978829 4490874 1210732 1215008 1593880 2126762 5970721 2482373 0 0 0 0 0 0 0 0 1665104 2484493 311367154 149341590 166210177 162025564 152358689 160064820 89826014 80353956 3400898 5612428 0 0 6420078 9469016 435635122 430325294 7828939 7036176 0 0 2663045 2300278 100229606 106162762 0 0 0 0 0 2800000 0 0 12192537 9239371 122914127 127538587 X 90680270 79499935 222040725 223286772 312720995 302786707 435635122 430325294 X -23673495 10378755 0 0 -288 3360740 X 0 1 X 1 1 1 X 9611723 10189472 23481871 19369740 13799121 76451927 0 0 0 0 0 0 0 0 0 0 0 0 9611723 10189472 23481871 19369740 13799121 76451927 9899480 66552447 3238763 2214272 1389826 1065047 1925779 9833687 0 0 0 0 0 0 715079 655328 164469 2748901 713671 4997448 91283062 376180479 0.72908 0.69686 X Schedule A, Part II, Line 10 Includes other revenue RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 1 0 0 0 0 1 8530 0 1 10480 19010 0 Schedule C, Part II-B, Line 1 Members of Goucher's senior management team, faculty, staff and a select number of students participate in the annual Independent Higher Education Day. The event was sponsored by the Maryland Independent College and University Association(MICUA), of which Goucher is a member, and brought students and administrators from across the state to Maryland's capital for a briefing and visits with elected officials. In addition, members of Goucher's staff met with elected officials on behalf of the College. The associated compensation for these activities is reported on line 1g. The organization paid membership dues of $7,906 to the National Association of Independent Colleges and Universities (NAICU) and $62,039 to the Maryland Independent Colleges and Universities Association (MICUA), both of which engage in lobbying activity. NAICU set aside approximately 7% of the dues paid to engage in non-deductible lobbying and political expenditures. MICUA set aside approximately 16% of the dues paid to engage in non-deductible lobbying and political expenditures. Accordingly, the College has reported an equal amount on line 1i. 0 0 X X X X X Education 0 243311000 4964000 11220000 5360000 14365000 0 239770000 259341000 5677000 -9759000 4879000 7069000 0 243311000 191378000 73947000 5993000 4842000 7135000 0 259341000 203430000 2548000 2599000 4658000 12541000 0 191378000 214921000 1330000 7470000 4547000 15744000 0 203430000 0.138 0.411 0.451 1 0 0 14780348 14780348 0 261353851 123415738 137938113 0 0 0 0 0 32311765 25925852 6385913 0 2921190 0 2921190 162025564 0 0 Hedge Funds 20931210 F Limited Partnership Interests 59422746 F 80353956 0 Other long-term liabilities 5432888 Refundable advances from U.S. government 265997 Asset retirement obligation 2098708 Payables and deferred revenues under split interest arrangements 1441778 9239371 X 63791000 10378755 0 0 -31761647 -21382892 85173892 0 -588327 -588327 84585565 73725000 0 0 0 588327 588327 73136673 0 35122387 35122387 108259060 Schedule D, Part III, Line 1 The College did not disclose its collection and related policies in its financial statements. Schedule D, Part III, Line 4 The College art collection is comprised of works of fine art, including two-dimensional and three-dimensional art objects and miscellaneous objects of value. The art collection is owned by the College. Art objects are housed in buildings or on the campus grounds of the 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 furtherance of the exempt purposes of the College. Schedule D, Part V, Line 4 The endowment of Goucher College generated income to support the College both generally and in specific ways designated by our generous donors. Income, allocated across approximately 730 endowments, supports both merit and need-based scholarships of undergraduate and graduate students, fellowships, internships, professorships, lectureships, the College library, and the College's general operating budget. 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 2023 or 2022. Management has analyzed the tax positions taken by the College and has concluded that as of June 30, 2023, and 2022, 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. Schedule D, Part XI, Line 2d Includes student financial aid of $33,629,034, KTA Revenue Share of $335,950, investment fees $1,234,905, unrealized gain on swap agreement of ($2,465,000), gain on extinguishment of debt of ($895,740), the reclassification of intercompany revenue against expenses of ($77,503), and rounding of $1. Schedule D, Part XI, Line 4b Rental expenses of ($529,374), fundraising expenses of ($35,125), interest from investment of tax-exempt bond proceeds $59,675, and cost of good sold of ($83,503) presented net within revenues. Schedule D, Part XII, Line 2d Rental expenses of $529,374, fundraising expenses of $35,125, interest from investment of tax-exempt bond proceeds $59,675, and cost of goods sold of $83,503 presented net within revenues. Schedule D, Part XII, Line 4b Includes student financial aid of $33,629,034, revenue share of $335,950 paid to a service provider, investment fees of $1,234,906, and reclassification of intercompany revenue of ($77,503). 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 The racially nondiscriminatory policy is published in the College's academic catalog, student handbook and on the website. 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 Grant Program, Federal Work Study Program, Perkins Loan Program, Federal Direct Student Loans, and Teacher Education Assistance for College and Higher Education. The College also received grants from the Maryland State Department of Education, Maryland Higher Education Commission and participates in the Maryland Sellinger Program. In addition, the College was awarded sponsored research and other program grants funded by the National Science Foundation, National Institute of Health, National Endowment for the Humanities, US Department of State, and the US Department of Education. 1 Central America and the Caribbean 0 0 Investments Investments 6729685 Central America and the Caribbean 0 0 Program Services Educational Supplies 5451 East Asia and the Pacific 0 0 Program Services Educational supplies 34710 Europe (including Iceland and Greenland) 0 0 Program Services Educational supplies 106007 Middle East and North Africa 0 0 Program Services Educational supplies 565 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Educational supplies 5165 South America 0 0 Program Services Educational supplies 3828 South Asia 0 0 Program Services Educational supplies 4526 Sub-Saharan Africa 0 0 Program Services Educational supplies 4345 0 0 6894282 Student Financial Aid Europe (including Iceland and Greenland) 9 89257 Credit to student account 0 1 0 1 1 1 0 Schedule F, Part I, Line 2 The College provides institutional grant funds limited to need-based and merit-based assistance to its students while they participate in study abroad experiences. In general, grants are credited into the student's tuition account. Financial need is determined by subtracting the expected family contribution - as calculated on the Free Application of Federal Student Aid (FAFSA) - 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 is also overseen by the Office of Student Financial Aid, in cooperation with the Office of Global Education. Schedule F, Part IV, Line 1 The College, through its investment in various alternative assets, has transfers to foreign corporations during the year. The organization has transferred funds to foreign corporations through its alternative investment vehicles and will be filing Forms 926 with their Form 990T. Schedule F, Part IV, Line 3 The College, through its investment in various alternative assets, has interests in foreign corporations. However, the College's interest in any single foreign corporation was less than 10 percent. Accordingly, the College is not required to file Form 5471. Schedule F, Part IV, Line 4 The College, through its investment in various alternative assets 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 files Form 8621 on its investors' behalf. Accordingly, the College is not required to file Form 8621. Schedule F, Part IV, Line 5 The College, through its investment in various alternative assets, has ownership in foreign partnerships. However, the College owned less than 10% of any single foreign partnership and it did not directly or indirectly transfer greater than $100,000 to any foreign partnership. Accordingly, the College is not required to file Form 8865. Golf Tournament 14315 8090 6225 0 0 17679 3237 2940 0 Jewell Robinson Dinner 11284 8959 2325 0 0 0 9995 0 1274 0 25599 17049 8550 0 0 17679 13232 2940 1274 35125 -26575 1 Undergraduate and graduate grants, scholarships, and discounts 1539 33539777 0 Cash Value Prizes, awards, internships, and fellowships 221 366880 0 Cash Value HEERF Grant - Emergency Fund 481 258648 0 Cash Value Schedule I, Part I, Line 2 Goucher College's institutional 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. Financial need is determined by subtracting the Expected Family Contribution - as calculated on the Free Application for Federal Student Aid (FAFSA) 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 is also overseen by the Office of Student Financial Aid. X X X X 1 1 X X X 0 1 0 0 0 0 0 1 0 Kent Devereaux President 311780 0 0 0 107073 0 115250 0 52135 0 586238 0 100000 0 David Valentine VP for Finance and Administration 249736 0 0 0 1175 0 12814 0 27063 0 290788 0 0 0 Michele Y Ewing VP for Advancement 231281 0 0 0 1028 0 12045 0 29574 0 273928 0 0 0 Elaine Meyer-Lee Provost 224848 0 0 0 1350 0 11533 0 19692 0 257423 0 0 0 Jonathan Lindsay VP for Enrollment Management 191056 0 0 0 10216 0 0 0 20137 0 221409 0 0 0 Erik Thompson VP for Campus Operations 190058 0 0 0 870 0 5690 0 0 0 196618 0 0 0 Aarika Camp Vice President of Student Affairs 175671 0 0 0 586 0 4529 0 11463 0 192249 0 0 Robert Smith Associate VP and Deputy Chief Information Officer 139080 0 20000 0 711 0 7299 0 23817 0 190907 0 0 0 Kristi Yowell Associate VP for Human Resources 146249 0 20000 0 109 0 7363 0 1516 0 175237 0 0 0 Noel Ward Associate VP of Finance and Controller 146287 0 20000 0 162 0 7343 0 1069 0 174861 0 0 0 Schedule J, Part I, Line 1a A residence and limited personal services are provided for the convenience of the College and as a condition of employment. A housing allowance of $28,000 is included in the President's non-taxable compensation. The club memberships provide President Devereaux with access to conveniently located and cost-efficient spaces for meetings with donors, which may take place over meals, as well as reciprocal club spaces domestically and internationally. The University Club in New York, where many donors and trustees live, also offers a reduced price for overnight accommodations in comparison to area hotels. This club has a specific membership tier and reduced fee for college and university presidents that reflects the non-profit status of these institutions. All expenses incurred and billed to the College at these clubs are exclusively for College business. Club dues of $6,722 is included a non-taxable fringe benefit. In addition, the College provides a de minims gross-up payment to senior staff to cover the tax impact of long-term disability insurance. Schedule J, Part I, Line 4 The College provides a deferred compensation plan (the Plan) pursuit to 457(f) of the Internal Revenue Code of 1986, as amended, for the benefit of the President. The Plan provides additional compensation for his continued service, by the payment of a deferred compensation amount. The amount, as provided under his contract, is credited to an account on July 1, accrues interest monthly, and is paid in September following the close of the fiscal year. The amount vests as of the payment date, and is forfeited in the event of voluntarily termination of employment, or termination for cause. Schedule J, Part I, Line 7 In calendar year 2022, the College paid appreciation and retention bonus to three individuals that led the system implementation of the Workday Platform for HCM, Finance and Payroll. The bonus was an acknowledgement of their leadership and the additional responsibilities assumed during the implementation. A MD Health and Higher Educational Facilities Authority Goucher College Issue Series 2017A 520936091 5742182H5 2017-06-20 60565232 Refund MHHEFA Series 2012B and 2012C bonds, dated 8/2012 0 0 0 B MD Health and Higher Educational Facilities Authority Series 2022 520936091 2022-08-01 48854000 Refunding the refunded bonds and financing and refinancing the 2022 Project 0 0 0 A 1860000 0 60565232 1122428 0 0 1068599 0 0 0 60488631 0 2017 1 0 1 1 B 0 0 48854000 0 0 0 0 0 0 4263287 40367196 4283192 1 0 0 1 A 0 0 1 1 0 0 0 0 0 0 1 B 0 0 1 1 0 0 0 0 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 1 0 0 1 0 0 0 1 A 1 B 1 Schedule K, Part IV, Line 2c-06/20/2017 60,565,232 MD Health and Higher Educational Facilities Autho Hilltop Securities prepared Goucher College's MHHEFA Series 2017A rebate calculation as of 10/26/21 and determined no rebate was due. X 1 0 policy X 26 314026 NYSE X Horse 4 0 policy 4 0 1 0 Schedule M, Part I The number reported in column (b) represents the number of items contributed, except for line 9 - securities, where all securities donated on one day by the same donor were counted as one contribution. Schedule M, Part I, Line 33 It is the policy of the College to record works of art, books, horses and other non-cash gifts received at a book value of zero. Form 990, Part VI, Section B, Line 11b After review by the Audit and Risk Committee, the complete Form 990 and Form 990T were distributed electronically to all members of the Board of Trustees for a period of review and comment lasting 7 days. At the conclusion of the period of comment and review, a meeting of the Audit and Risk Committee of the Board of Trustees was convened to review and revise (if necessary) Form 990 and 990T. The Forms were approved for Filing by the Audit and Risk Committee of the Board of Trustees on May 8, 2024 Form 990, Part VI, Section B, Line 12c Every trustee, officer and key employee is provided a copy of the Conflict of Interest Policy annually and required to complete an annual disclosure form reporting any known material financial or other interest of the trustee, officer or key employee or a family member in any transaction or business relationship the College has or is considering, including material financial or other interests in any outside entity involved in such transaction or relationship. The CFO and/or Director of Risk Management, Insurance & Contracts reviews the disclosure forms and reports any disclosures to the Audit and Risk Committee of the Board of Trustees. Committee members then determine what, if any, action should be taken as to each disclosure and these actions are implemented by the CFO and/or Director of Risk Management, Insurance & Contracts. The policy directs the committee to review and update the list of the key employees, and the policy itself is reviewed on a regular basis and revised as necessary. Form 990, Part VI, Section B, Line 15 Goucher College uses the median of relevant national markets to determine salary for positions. The national comparison market was established based on institution type (private, not-for-profit Baccalaureate: Arts & Science Focus institutions in the U.S.), total enrollment (750 - 2,500), total expenses ($50M - $125M), total FTE (300-750), and Degree of Urbanization (excludes rural institutions). After conducting a geographic analysis on cost of labor, the College applied a 5% premium to account for the Baltimore cost of labor difference against the U.S. average for all positions. For staff positions, the median of the market for private, independent colleges using CUPA-HR salary survey data was used, along with two general industry salary surveys, Comp Analyst and Willis Towers Watson. For faculty positions, the median of the market for private, independent colleges using CUPA-HR salary survey data was used based on rank and discipline as defined by the four-digit Classification net of Instructional Programs (CIP) code; two-digit codes were used when four-digit data was not available. This compensation philosophy was discussed and agreed to by the President's Cabinet. A Presidential performance review form is used by the Board to evaluate the president's performance. A copy of the report is maintained by the Associate Vice President for Human Resources. 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. Some policies are also available on the College website. Form 990, Part XI, Line 9 Changes in fair value of interest rate swap agreement $2,465,000 and Gain on extinguishment of debt of $895,740. Pooled Income Fund (2) 1021 Dulaney Valley Road Baltimore MD 21204 Annuity MD N/A T 0 Charitable Remainder Unitrust (3) 1021 Dulaney Valley Road Baltimore MD 21204 Annuity MD N/A T 0 Charitable Remainder Trust (1) 1021 Dulaney Valley Road Baltmore MD 21204 Annuity FL N/A T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0