2021-05-13T07:44:08-05:00 2020-06-30 366055558 GRANT THORNTON LLP 757 THIRD AVENUE 9TH FLOOR NEW YORK NY 10017 990 2019-07-01 520591691 WASHINGTON COLLEGE WASH 4107787204 300 WASHINGTON AVENUE CHESTERTOWN MD 216201197 LAURA JOHNSON VP OF FINANCE 4107787204 2021-05-13 1 DANIEL ROMANO P00504182 2125990100 2019 2022-09-23 18:48:47Z WAYNE POWELL PRESIDENT 300 WASHINGTON AVENUE CHESTERTOWN MD 216201197 177901384 0 X WWW.WASHCOLL.EDU X 1782 MD SEE SCHEDULE O. 36 35 1527 421 -42378 0 17278716 25655671 75091378 68915945 6895020 7267495 1184332 1013187 100449446 102852298 32371770 33084635 0 0 37050453 32607309 85291 0 1471773 32705402 31859779 102212916 97551723 -1763470 5300575 453240948 454444953 79201496 78640694 374039452 375804259 X SEE SCHEDULE O. 0 0 82610592 33084635 58886883 SEE SCHEDULE O. 0 0 10678208 SEE SCHEDULE O. 241533 0 337832 SEE SCHEDULE O. 0 0 0 82852125 1 1 0 0 0 0 1 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 0 0 0 1 0 0 0 0 1 280 0 1 1527 1 1 1 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1.00 0.00 X X 0 0 0 RICHARD L CREIGHTON CO-VICE CHAIR 1.00 0.00 X X 0 0 0 ANN HORNER CO-VICE CHAIR 1.00 0.00 X X 0 0 0 LYNN L BERGESON SECRETARY 1.00 0.00 X X 0 0 0 GEOFFREY M ROGERS SR TREASURER 1.00 0.00 X X 0 0 0 PATRICK WILLIAM ALLENDER MEMBER 1.00 0.00 X 0 0 0 THAD BENCH MEMBER 1.00 0.00 X 0 0 0 MARC BUNTING MEMBER 1.00 0.00 X 0 0 0 NORRIS W COMMODORE JR MEMBER 1.00 0.00 X 0 0 0 JAYNE CONROY MEMBER 1.00 0.00 X 0 0 0 THOMAS C CROUSE JR MEMBER 1.00 0.00 X 0 0 0 H LAWRENCE CULP JR MEMBER 1.00 0.00 X 0 0 0 PETER VAN DYKE MEMBER 1.00 0.00 X 0 0 0 THOMAS H GALE MEMBER 1.00 0.00 X 0 0 0 RICHARD B GRIEVES MEMBER 1.00 0.00 X 0 0 0 WILLIAM HARVEY MEMBER 1.00 0.00 X 0 0 0 JEFFREY HORSTMAN MEMBER 1.00 0.00 X 0 0 0 KIRK B JOHNSON MEMBER 1.00 0.00 X 0 0 0 JIM LIM MEMBER 1.00 0.00 X 0 0 0 REBECCA LOREE MEMBER 1.00 0.00 X 0 0 0 THOMAS H MADDUX MEMBER 1.00 0.00 X 0 0 0 PETER MALLER MEMBER 1.00 0.00 X 0 0 0 WILLIAM MILLER MEMBER 1.00 0.00 X 0 0 0 EDWARD P NORDBERG MEMBER 1.00 0.00 X 0 0 0 REGIS DE 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475131 475131 MEALS AND ENTERTAINMENT 341453 274397 18606 48450 5273394 3195182 1988751 89461 97551723 82852125 13227825 1471773 29906336 39027498 5878649 3893749 1551193 2686717 68503 59569 899956 865096 300037121 119084627 184991495 180952494 159939442 143423616 70005374 83536214 453240948 454444953 4888296 2397338 1231331 2201461 64649363 62457782 8432506 11584113 79201496 78640694 X 122615597 130842812 251423855 244961447 374039452 375804259 453240948 454444953 X 5300575 -439165 -3096603 X 0 1 X 1 1 1 X 21421797 20884007 24110148 17278716 25655671 109350339 21421797 20884007 24110148 17278716 25655671 109350339 7624948 101725391 449869 445022 580004 969591 444485 2888971 49736 27524 47265 95855 606847 827227 113066537 386013940 0.89970 0.84210 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: FUNDRAISING EVENTS - 2015 AMOUNT: $ 49,736. 2016 AMOUNT: $ 27,524. 2017 AMOUNT: $ 47,265. 2018 AMOUNT: $ 95,855. 2019 AMOUNT: $ 761. MISCELLANEOUS - 2015 AMOUNT: $ 0. 2016 AMOUNT: $ 0. 2017 AMOUNT: $ 0. 2018 AMOUNT: $ 0. 2019 AMOUNT: $ 606,086. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 16 4.00 8 4 1 1 1 X X 0 236685309 5631681 5902540 7141988 6037918 235039624 232154292 5575749 11813731 9853952 3004511 236685309 217575352 8253377 18765781 7610194 4830024 232154292 198135420 9559010 20228586 5815564 4532100 217575352 204240520 11635309 -7682919 5771738 4285752 198135420 0.02940 0.71040 0.26020 0 0 20682233 20682233 243671425 95586639 148084786 35304858 23497988 11806870 378605 378605 180952494 HEDGE FUNDS 53993835 C REAL ESTATE 7504058 C LIMITED PARTNERSHIPS 22038321 C 83536214 FUNDS HELD FOR OTHERS 797528 ANNUITIES PAYABLE 503320 INTEREST RATE SWAP 10283265 11584113 X 65527860 -439165 -36181238 -36620403 102148263 704796 -761 704035 102852298 63763053 761 761 63762292 704796 33084635 33789431 97551723 PART II, LINE 9: CONSERVATION EASEMENTS WASHINGTON COLLEGE HAS NOT REPORTED EASEMENTS IN THE FINANCIAL STATEMENTS. TWO BUILDINGS WERE PURCHASED AND BOOKED AT COST AND 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. HYNSON RINGGOLD HOUSE EASEMENTS INCLUDES THE INTERIOR MOLDINGS. HYNSON RINGGOLD AND CUSTOM HOUSE(S) EASEMENTS INCLUDE THE INTERIORS. PART III, LINE 4: DESCRIPTION OF ORGANIZATION'S COLLECTIONS 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. PART V, LINE 4: INTENDED USES OF ENDOWMENT FUNDS 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. PART X, LINE 2: FIN 48 FOOTNOTE (ASC 740) UNDER PROVISIONS OF THE INTERNAL REVENUE CODE SECTION 501(C)(3) AND APPLICABLE INCOME TAX REGULATIONS OF THE STATE OF MARYLAND, THE COLLEGE IS EXEMPT FROM TAXES ON INCOME, OTHER THAN UNRELATED BUSINESS INCOME. UNDER PROVISIONS OF THE INTERNAL REVENUE CODE SECTION 501(C)(3) AND APPLICABLE INCOME TAX REGULATIONS OF THE STATE OF MARYLAND, THE COLLEGE IS EXEMPT FROM TAXES ON INCOME, OTHER THAN UNRELATED BUSINESS INCOME. THE COLLEGE RECOGNIZES OR DERECOGNIZES A TAX POSITION BASED ON A "MORE LIKELY THAN NOT" THRESHOLD. THIS APPLIES TO POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE COLLEGE DOES NOT BELIEVE ITS FINANCIAL STATEMENTS INCLUDE ANY MATERIAL UNCERTAIN TAX POSITIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT- INTEREST AGREEMENTS -20,404. CHANGE IN FMV OF INTEREST RATE SWAP -3,076,199. GRANTS, SCHOLARSHIPS, AND OTHER TUITION DISCOUNTS -33,084,635. PART XI, LINE 4B - OTHER ADJUSTMENTS: RECLASS OF SPECIAL EVENT EXPENSES -761. PART XII, LINE 2D - OTHER ADJUSTMENTS: RECLASS OF SPECIAL EVENT EXPENSES 761. PART XII, LINE 4B - OTHER ADJUSTMENTS: GRANTS, SCHOLARSHIPS AND OTHER TUITION DISCOUNTS 33,084,635. 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 PROVIDED IN THE STUDENT HANDBOOK, THE FACULTY HANDBOOK, THE STAFF HANDBOOK, THE COLLEGE CATALOG, AND ON THE COLLEGE'S WEBSITE. SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES ANNUAL GRANTS FROM FEDERAL, STATE AND LOCAL AGENCIES. 1 EAST ASIA AND THE PACIFIC 0 0 GRANTMAKING 372453 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 GRANTMAKING 268148 MIDDLE EAST AND NORTH AFRICA 0 0 GRANTMAKING 142911 SOUTH AMERICA 0 0 GRANTMAKING 117754 SOUTH ASIA 0 0 GRANTMAKING 105608 SUB-SAHARAN AFRICA 0 0 GRANTMAKING 61000 RUSSIA AND NEIGHBORING STATES 0 0 GRANTMAKING 49752 NORTH AMERICA 0 0 GRANTMAKING 30000 CENTRAL AMERICA AND THE CARIBBEAN 0 0 GRANTMAKING 10895 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 1320213 NORTH AMERICA 0 0 INVESTMENTS 1840449 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 463150 0 0 0 0 0 0 1147626 3634707 4782333 GRANTS AND SCHOLARSHIPS EAST ASIA AND THE PACIFIC 55 372453 ACCT. CREDIT GRANTS AND SCHOLARSHIPS EUROPE (INCLUDING ICELAND AND GREENLAND) 23 268148 ACCT. CREDIT GRANTS AND SCHOLARSHIPS MIDDLE EAST AND NORTH AFRICA 15 142911 ACCT. CREDIT GRANTS AND SCHOLARSHIPS SOUTH AMERICA 13 117754 ACCT. CREDIT GRANTS AND SCHOLARSHIPS SOUTH ASIA 13 105608 ACCT. CREDIT GRANTS AND SCHOLARSHIPS SUB-SAHARAN AFRICA 7 61000 ACCT. CREDIT GRANTS AND SCHOLARSHIPS RUSSIA AND NEIGHBORING STATES 4 49752 ACCT. CREDIT GRANTS AND SCHOLARSHIPS NORTH AMERICA 2 30000 ACCT. CREDIT GRANTS AND SCHOLARSHIPS CENTRAL AMERICA AND THE CARIBBEAN 5 10895 ACCT. CREDIT 1 0 1 1 1 0 PART I, LINE 2: PROCEDURE FOR MONITORING USE OF GRANT FUNDS OUTSIDE U.S. WASHINGTON COLLEGE AWARDED $1,158,521 IN SCHOLARSHIPS FOR 6/30/20. 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, AND WORK/STUDY 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. PART III ACCOUNTING METHOD: PART IV: FOREIGN FORMS WASHINGTON COLLEGE INVESTS IN DOMESTIC AND FOREIGN INVESTMENT VEHICLES THAT MAY OWN AN INTEREST IN A FOREIGN CORPORATION, PASSIVE FOREIGN INVESTMENT COMPANY, OR FOREIGN PARTNERSHIP. NEVERTHELESS, WASHINGTON COLLEGE'S ACTIVITIES MAY NOT REACH THE THRESHOLDS REQUIRED FOR FILING THE FORMS 926, 5471, 8621 OR 8865. TO THE EXTENT SUCH A FORM WAS COMPLETED, IT HAS BEEN FILED WITH WASHINGTON COLLEGE'S FORM 990-T. ATHLETICS 34033 33272 761 761 34033 33272 761 761 761 0 1 EMPLOYEE WAIVERS 14 781916 GRANTS AND SCHOLARSHIPS 957 31144198 PART I, LINE 2: PROCEDURE FOR MONITORING USE OF GRANTS FUNDS INSIDE U.S. WASHINGTON COLLEGE AWARDED $31,144,198 IN SCHOLARSHIPS FOR 6/30/20. 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, AND WORK/STUDY ARE AVAILABLE TO FULL-TIME UNDERGRADUATE STUDENTS WHO DEMONSTRATE FINANCIAL NEED AND WHO MEET THE COLLEGE'S ADMISSION CRITERIA. IN ADDITION TO COLLEGE-SPONSORED FINANCIAL AID, ELIGIBLE STUDENTS CAN RECEIVE ASSISTANCE FROM FEDERAL, STATE, AND INDEPENDENT AID PROGRAMS. GRANT AND SCHOLARSHIP ASSISTANCE FROM ALL SOURCES IS FIRST APPLIED TO FULL-TIME TUITION CHARGES. GRANT AND SCHOLARSHIP ASSISTANCE IN EXCESS OF TUITION IS THEN APPLIED TO DIRECT COLLEGE CHARGES FOR FEES, AND ON CAMPUS ROOM AND BOARD. THE FEDERAL GOVERNMENT MAKES FFELP FUNDS AVAILABLE TO UNDERGRADUATE STUDENTS TO ATTEND POST-SECONDARY INSTITUTIONS. ELIGIBILITY IS BASED ON FINANCIAL NEED, AND APPLICATION IS THROUGH THE NORMAL FINANCIAL AID APPLICATION PROCESS OF WASHINGTON COLLEGE. X X X 1 1 X X X X 0 0 0 0 0 0 0 0 1 1 KURT LANDGRAF PRESIDENT/MEMBER 400000 0 0 0 7235 0 28846 0 0 0 436081 0 0 0 SUSANNAH SUTLEY VP ADVANCEMENT & ALUMNI 218583 0 0 0 19895 0 35875 0 21043 0 295396 0 0 0 MARK HAMPTON EXECUTIVE VP (THRU 09/2019) 220933 0 0 0 7473 0 38538 0 14194 0 281138 0 0 0 PATRICE DIQUINZIO PROVOST & DEAN 200545 0 0 0 10572 0 40000 0 8844 0 259961 0 0 0 LORNA HUNTER VP ENROLLMENT 206888 0 0 0 8530 0 15023 0 13483 0 243924 0 0 0 SARAH FEYERHERM VP STUDENT AFFAIRS 157847 0 25000 0 8261 0 36925 0 8484 0 236517 0 0 0 JOHN SEIDEL DIRECTOR, CES 165084 0 0 0 8573 0 37750 0 15199 0 226606 0 0 0 LAURA JOHNSON VP FINANCE 157851 0 0 0 8115 0 25285 0 22123 0 213374 0 0 0 VICTOR SENSENIG CHIEF OF STAFF & VP PLANNING 139032 0 0 0 5015 0 35985 0 22393 0 202425 0 0 0 VALERIE RICHARD ASSOC VP FACILITES 145469 0 0 0 1923 0 22140 0 8724 0 178256 0 0 0 LISA MARX DIRECTOR OF HEALTH SERVICES 131679 0 0 0 4130 0 29128 0 3359 0 168296 0 0 0 ADAM GOODHEART DIRECTOR, STARR CENTER 124017 0 0 0 5750 0 22056 0 8611 0 160434 0 0 0 PART I, LINE 1A HOUSING ALLOWANCE OR RESIDENCE THE PRESIDENT OF WASHINGTON COLLEGE IS PROVIDED HOUSING AS A CONDITION OF HIS/HER EMPLOYMENT. A HOUSE IS PROVIDED ON CAMPUS FOR THE CONVENIENCE OF THE COLLEGE TO ENABLE THE PRESIDENT TO RESPOND TO EMERGENT SITUATIONS 24/7. 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. PERSONAL SERVICES THE PRESIDENT OF THE COLLEGE RECEIVED NOMINAL HOUSEKEEPING AND CHAUFFER SERVICES. THE PERSONAL SERVICES ARE PROVIDED AS A BUSINESS NEED. HOUSEKEEPING SERVICES ARE FOR CLEANING THE COMMON AREAS USED FOR COLLEGE BUSINESS ONLY. THE CHAUFFER SERVICES ARE PROVIDED ONLY DURING BUSINESS HOURS TO ALLOW THE PRESIDENT TO WORK ELECTRONICALLY WHILE TRAVELING, THOUGH SUCH INSTANCES ARE NOT COMMON. PART I, LINE 8 THE PRESIDENT FOR THE ORGANIZATION HAS AN EMPLOYMENT CONTRACT WHICH MEETS THE INITIAL CONTRACT REQUIREMENTS OF TREAS. REG. 53.4958-4T(A)(3). FURTHER, THE ORGANIZATION'S BOARD TOOK STEPS TO ENSURE THAT IT FOLLOWED PROPER PROCEDURES TO ESTABLISH THE REBUTTABLE PRESUMPTION OF REASONABLENESS ON ALL COMPENSATION PAID TO HIM. A TOWN OF CHESTERTOWN MARYLAND 526000783 2013-07-20 57684000 REFUND 2009 AND 2010 BONDS 0 1 0 B TOWN OF CHESTERTOWN MARYLAND 526000783 2015-11-24 20206000 CAPITAL CONSTRUCTION 0 1 0 A 9724000 57684000 369000 57315000 1 0 1 1 B 825000 20206000 208134 19997866 0 0 1 1 A 0 0 1 1 0 0.03260 0.03260 0 0 1 B 0 0 1 1 0 0 0 1 A 0 1 0 0 1 1 RBCPNC 25.000000000000 0 0 0 0 1 B 0 1 0 0 0 0 0 0 1 A 1 B 1 X 500 ESTIMATE X 1 5277538 APPRAISAL X EQUIPMENT 3 12021 ESTIMATE X PLANTS/LANDSCAPING 2 4026 ESTIMATE X AUCTION ITEMS 3 3000 ESTIMATE X OFFICE SUPPLIES 1 174 COST 0 1 0 PART I, COLUMN (B): NUMBER OF CONTRIBUTIONS THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTIONS IN COLUMN (B). FORM 990, PART I, LINE 1, DESCRIPTION OF ORGANIZATION MISSION: TO DEVELOP IN ITS STUDENTS THE HABITS OF ANALYTIC THOUGHT, AESTHETIC INSIGHT, IMAGINATION, ETHICAL SENSITIVITY, AND TO ENRICH THE CULTURAL AND INTELLECTUAL LIFE. FORM 990, PART III, LINE 1, DESCRIPTION OF ORGANIZATION MISSION: WASHINGTON COLLEGE CHALLENGES AND INSPIRES EMERGING CITIZEN LEADERS TO DISCOVER LIVES OF PURPOSE AND PASSION. CORE VALUES WE SHARE THESE VALUES OF OUR FOUNDING PATRON, GEORGE WASHINGTON: INTEGRITY, DETERMINATION, CURIOSITY, CIVILITY, LEADERSHIP, AND MORAL COURAGE. WE OFFER ACADEMIC RIGOR AND SELF-DISCOVERY IN A SUPPORTIVE, RESIDENTIAL COMMUNITY OF WELL-QUALIFIED, DIVERSE, AND MOTIVATED INDIVIDUALS. WE DEVELOP IN OUR STUDENTS HABITS OF ANALYTIC THOUGHT AND CLEAR COMMUNICATION, AESTHETIC INSIGHT, ETHICAL SENSITIVITY, AND CIVIC RESPONSIBILITY. UNHURRIED CONVERSATION AND CLOSE CONNECTIONS WITH AN EXCEPTIONAL FACULTY AND STAFF COMPLEMENT A BROAD CURRICULUM OF STUDY. A BEAUTIFUL CAMPUS, READY ACCESS TO EXCITING CITIES AND THE CHESAPEAKE BAY, AND ENGAGEMENT WITH CULTURES AND COMMUNITIES LOCALLY AND AROUND THE WORLD AFFORD OUR STUDENTS AMPLE RESOURCES AND OPPORTUNITIES FOR PERSONAL EXPLORATION AND SHARED CHALLENGES. WE PREPARE OUR STUDENTS FOR RICH AND FULFILLING LIVES; FOR MYRIAD AND UNPREDICTABLE OPPORTUNITIES; FOR A LIFETIME OF LEARNING, LEADERSHIP, AND PRODUCTIVE ENDEAVOR. OUR VISION THE ENDURING VALUES OF WASHINGTON COLLEGE - CRITICAL THINKING, EFFECTIVE COMMUNICATION, AND MORAL COURAGE - MOVE THE WORLD. FORM 990, PART III, LINE 4A, DESCRIPTION OF PROGRAM SERVICE: WASHINGTON COLLEGE'S ACHIEVEMENTS INCLUDE SUCCEEDING AS AN INSTITUTION OF HIGHER EDUCATION PROMOTING HABITS OF ANALYTIC THOUGHT, AESTHETIC INSIGHT, IMAGINATION, ETHICAL SENSITIVITY AND CLARITY OF EXPRESSION WHILE SUCCESSFULLY GRADUATING STUDENTS AT A RATE OF 64% IN 4 YEARS. THE COLLEGE ENDEAVORS TO PREPARE ITS GRADUATES FOR FURTHER EDUCATION AND PRODUCTIVE CAREERS. WITH 40 MAJORS AND ACADEMIC PROGRAMS TO CHOOSE FROM, OVER 1,550 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. FORM 990, PART III, LINE 4B, DESCRIPTION OF PROGRAM SERVICE: 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 MEALS PLANS WITH ADDITIONAL OPTIONS FOR MEAL EQUIVALENCIES. CASUAL DINING IS LOCATED ON THE FIRST FLOOR OF THE COMMONS. OPERATING UNTIL LATE EVENING, OPTIONS INCLUDE MONDO SUBS, MARTHA'S KITCHEN, AND THE CAMPUS COFFEE BAR, JAVA GEORGE. FORM 990, PART III, LINE 4C, DESCRIPTION OF PROGRAM SERVICE: WASHINGTON COLLEGE USES ITS 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. FORM 990, PART VI, SECTION B, LINE 10B: WRITTEN POLICIES FOR CHAPTERS, BRANCHES, OR AFFILIATES WASHINGTON COLLEGE CURRENTLY HAS TEN ACTIVE ALUMNI CHAPTERS OPERATING THROUGHOUT THE U.S. AND ACTIVELY SEEKS NEW GEOGRAPHIC AREAS OF INTEREST. THESE CHAPTERS ARE ORGANIZED AND SUPPORTED BY THE ALUMNI RELATIONS AND ANNUAL GIVING OFFICE STAFF IN ORDER TO STRENGTHEN CONNECTIONS BETWEEN ALUMNI AND WITH THE COLLEGE. ALUMNI CHAPTERS HAVE AT LEAST ONE ANNUAL GATHERING FACILITATED BY VOLUNTEERS AND STAFF WHICH IS TYPICALLY FUNDED BY THE COLLEGE'S OPERATING BUDGET. ADDITIONALLY, CHAPTERS MAY CHOOSE TO PARTAKE IN FUNDRAISING THAT BENEFITS THE COLLEGE'S MISSION AND SUPPORTS ITS APPROVED PRIORITIES. ALL FUNDRAISING EFFORTS FLOW THROUGH THE OFFICE OF COLLEGE ADVANCEMENT. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 REVIEW PROCESS 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, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY MONITORING & ENFORCEMENT ALL COVERED PERSONS SHALL DISCLOSE IN WRITING ANY POSSIBLE CONFLICT OF INTEREST WITH REGARD TO A PROPOSED TRANSACTION OR ARRANGEMENT, AS WELL AS ALL MATERIAL FACTS RELATED THERETO, TO THE BOARD AND TO THE APPROPRIATE BOARD COMMITTEE, IF ANY, AT THE EARLIEST PRACTICAL TIME. AFTER A POSSIBLE CONFLICT OF INTEREST HAS BEEN DISCLOSED, THE BOARD OR COMMITTEE SHALL DISCUSS AND, IF NECESSARY, INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT. ULTIMATELY, THE BOARD OR COMMITTEE SHALL DETERMINE WHETHER THE COLLEGE CAN OBTAIN A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT WITH REASONABLE EFFORTS FROM A PERSON THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST AND, IF SUCH ALTERNATIVE TRANSACTION OR ARRANGEMENT IS NOT FEASIBLE, WHETHER THE PROPOSED TRANSACTION OR ARRANGEMENT IS IN THE COLLEGE'S BEST INTEREST AND WILL NOT COMPROMISE OR HAVE THE APPEARANCE OF COMPROMISING THE COLLEGE'S ACADEMIC AND FISCAL INTEGRITY. THE INTERESTED PERSON SHALL REFRAIN FROM PARTICIPATING IN THE DISCUSSION CONCERNING (AND FROM VOTING ON) THE ISSUE THAT PRESENTS THE CONFLICT OF INTEREST OR THE APPEARANCE OF A CONFLICT OF INTEREST, AND MAY BE ASKED TO LEAVE THE MEETING DURING DISCUSSION OF AND/OR THE VOTE ON THE ISSUE. FORM 990, PART VI, SECTION B, LINE 15 PROCESS FOR DETERMINING COMPENSATION 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). IN 2012 THE BOARD REVISED THE GOAL TO COMPENSATE FACULTY ON A RANK BY RANK AVERAGE OF PRIVATE INDEPENDENT COLLEGES. A SIMILAR STANDARD FOR STAFF WAS DEVELOPED IN 2007 IN PARTNERSHIP WITH WATSON WYATT. ALSO IN 2012, THE COLLEGE PARTNERED WITH SIBSON TO CONDUCT A MARKET SALARY ANALYSIS OF ALL STAFF POSITIONS. AS A RESULT WE HAVE ADOPTED AND IMPLEMENTED A REVISED MARKET BASED STAFF SALARY STRUCTURE WHICH HAS 15 PAY LEVELS AND APPLIES TO BOTH EXEMPT AND NON EXEMPT STAFF. WASHINGTON COLLEGE HAS REVISED IT COMPENSATION PHILOSOPHY TO READ AS FOLLOWS: WASHINGTON COLLEGE PROVIDES EMPLOYEES WITH A TOTAL COMPENSATION PACKAGE, COMPRISED OF BOTH SALARY AND BENEFITS, THAT RECOGNIZES AND REWARDS PERFORMANCE AND PRODUCTIVITY WHILE MAINTAINING A COMPETITIVE MARKET POSITION AND INTERNAL EQUITY. IN SUPPORT OF THE COLLEGE'S MISSION WE ENDEAVOR TO PROVIDE A LEVEL OF COMPENSATION, BOTH CASH AND BENEFITS, TO ATTRACT, MOTIVATE AND RETAIN THE QUALITY OF WORKFORCE NECESSARY FOR THE ACHIEVEMENT OF THE COLLEGE'S GOALS. THE COMPENSATION PROGRAM SHALL BE CONSISTENT, RESPONSIVE, TRANSPARENT, AND EQUITABLE. THE COLLEGE IS COMMITTED TO A MERITOCRACY. OUR PERFORMANCE MANAGEMENT PROGRAM IS DESIGNED TO INCREASE THE PERSONAL AND PROFESSIONAL EFFECTIVENESS OF OUR STAFF INCLUDING PROVIDING STAFF WITH CLEAR PERFORMANCE EXPECTATIONS AND DEVELOPMENTAL OPPORTUNITIES. WE PROVIDE LEADERS WITH THE TOOLS AND TRAINING TO ENABLE THEM TO BUILD EFFECTIVE TEAMS AND LEAD SUCCESSFULLY INCLUDING COACHING PERFORMANCE AND MAKING SOUND COMPENSATION DECISIONS. THE PHILOSOPHY IS ACCOMPLISHED BY MAINTAINING ACCURATE JOB DESCRIPTIONS ON ALL POSITIONS AND BENCHMARKING JOBS AGAINST COMPARABLE POSITIONS IN THE MARKET. MARKET DATA IS DEVELOPED FROM NATIONAL DATA BASES, CUPA-HR SURVEYS AND LOCAL MARKET SURVEYS. DECISIONS REGARDING COMPENSATION PROGRAMS AND INDIVIDUAL PAY DECISIONS WILL BE MADE BASED ON THE ABOVE OBJECTIVES AS WELL AS THE COLLEGE'S FINANCIAL SITUATION. EACH SPRING, THE CHIEF OF STAFF PREPARES AN ANALYSIS OF COMPENSATION PROVIDED TO COMPETITOR IIB COLLEGE PRESIDENTS USING DATA ANALYSIS CONDUCTED BY THE COLLEGE AND UNIVERSITY PERSONNEL ASSOCIATION (CUPA-HR). THE RESULTING SPREADSHEET IS PROVIDED TO THE VICE-CHAIR, ALONG WITH THE EXECUTIVE MARKET-BASED LEVEL RANGE, TO INFORM ANY PAY ADJUSTMENT RECOMMENDATION THAT MIGHT EMERGE FROM THE SUBCOMMITTEE'S ANNUAL ASSESSMENT OF THE PRESIDENT'S PERFORMANCE. THE REPORT OF THE SUBCOMMITTEE, ALONG WITH ANY PAY ADJUSTMENT RECOMMENDATION, IS PRESENTED TO THE FULL BOARD OF VISITORS AND GOVERNORS FOR REVIEW AND APPROVAL IN EXECUTIVE SESSION. ANY DECISION BY THE BOARD OF VISITORS AND GOVERNORS IS RECORDED IN THE MINUTES OF THAT MEETING. FORM 990, PART VI, SECTION C, LINE 19 HOW DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC 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 9: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS -20,404. CHANGE IN FMV OF INTEREST RATE SWAP -3,076,199. 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