2017-05-10T08:05:14-05:00 2016-06-30 GRANT THORNTON LLP 666 THIRD AVENUE NEW YORK NY 10017 990 2015-07-01 520591691 WASHINGTON COLLEGE % PENELOPE FARLEY CONTROLLER WASH 4107787224 300 Washington Avenue Chestertown MD 216201197 MARK HAMPTON VP For Fin. & Admin. 4107787224 2017-05-02 true Daniel Romano P00504182 2125990100 2015 2021-01-29 14:40:06Z Sheila C Bair President 300 Washington Avenue Chestertown MD 216201197 142691701 false X www.washcoll.edu X 1782 MD TO DEVELOP IN ITS STUDENTS THE HABITS OF ANALYTIC THOUGHT, AESTHETIC INSIGHT, IMAGINATION, ETHICAL SENSITIVITY, AND TO ENRICH THE CULTURAL AND INTELLECTUAL LIFE. 37 36 1633 64 55354 -78558 22387601 21421797 74708796 76218553 11695670 3686846 1369994 1752439 110162061 103079635 26007608 26802851 0 0 33903049 34305426 0 0 2786587 32213301 31857551 92123958 92965828 18038103 10113807 395240391 414349630 70563908 93322326 324676483 321027304 X 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 UNPREDIC false false 72326971 26802851 60937451 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. 6983297 13288521 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. 970966 1828637 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. 80281234 true true false true false false true true false true true true false false true true true false true false true false true false true false false false true true true false false false false false false false false false false true false false false true false false false false true 403 0 true 1633 true true true false false false false true true false false false false X 37 36 true false false false false false false true true false false true true true true true true true true false X X PENELOPE FARLEY CONTROLLER 4107787224 515 WASHINGTON AVE Chestertown MD 21620 H Lawrence Culp Jr Chairman 1.0 0.0 X X 0 0 0 Richard L Creighton Co-Vice Chair 1.0 0.0 X X 0 0 0 Ann Horner Co-Vice Chair 1.0 0.0 X X 0 0 0 Lynn L Bergeson Secretary 1.0 0.0 X X 0 0 0 Geoffrey M Rogers Sr Treasurer 1.0 0.0 X X 0 0 0 Patrick William Allender Member 1.0 0.0 X 0 0 0 Norris W Commodore Jr Member 1.0 0.0 X 0 0 0 Jayne Conroy Member 1.0 0.0 X 0 0 0 Thomas C Crouse Jr Member 1.0 0.0 X 0 0 0 Peter D Davenport Member - End 6/1/16 1.0 0.0 X 0 0 0 Peter Van Dyke Member 1.0 0.0 X 0 0 0 John G Eckenrode Member 1.0 0.0 X 0 0 0 Thomas H Gale Member 1.0 0.0 X 0 0 0 Stephen T Golding Member 1.0 0.0 X 0 0 0 Richard B Grieves Member 1.0 0.0 X 0 0 0 William Harvey Member 1.0 0.0 X 0 0 0 Nina Rodale Houghton Member 1.0 0.0 X 0 0 0 Marcia Ann Invernizzi Member 1.0 0.0 X 0 0 0 Margaret Goldstein Janney Member 1.0 0.0 X 0 0 0 Kirk B Johnson Member 1.0 0.0 X 0 0 0 Beth Kahn Leaman Member 1.0 0.0 X 0 0 0 Jim Lim Member 1.0 0.0 X 0 0 0 Rebecca Loree Member 1.0 0.0 X 0 0 0 Thomas H Maddux Member 1.0 0.0 X 0 0 0 William Miller Member 1.0 0.0 X 0 0 0 Deborah Moxley Turner Member 1.0 0.0 X 0 0 0 Edward P Nordberg Member 1.0 0.0 X 0 0 0 Regis de Ramel Member 1.0 0.0 X 0 0 0 Bert Rein Member 1.0 0.0 X 0 0 0 Dr Henry F Sears Member 1.0 0.0 X 0 0 0 Ralph Snyderman Member 1.0 0.0 X 0 0 0 Daryl L Swanstrom Member 1.0 0.0 X 0 0 0 John H Timken Member 1.0 0.0 X 0 0 0 Donald C Tomasso Member 1.0 0.0 X 0 0 0 Matthew T Weir Member 1.0 0.0 X 0 0 0 John R Whitmore Member 1.0 0.0 X 0 0 0 Albert JA Young Member 1.0 0.0 X 0 0 0 Sheila Bair President - Beg 8/1/15 55.0 0.0 X X 171100 0 13268 Mark C Hampton VP Fin & Admin 55.0 0.0 X 230137 0 30506 Jack Griswold Interim President- End 7/31/15 55.0 0.0 X 184615 0 646 Joseph L Holt Chief of Staff 55.0 0.0 X 138734 0 20782 Xavier Cole VP & Dean of Student Affairs 55.0 0.0 X 156912 0 30609 Satya Dattagupta VP Admissions & Enroll Mgmt 55.0 0.0 X 231503 0 21820 Emily Chamlee-Wright Provost 55.0 0.0 X 200596 0 31953 John L Seidel Director of Enviro Studies 55.0 0.0 X 142889 0 22328 Richard L Gillin Professor of English 55.0 0.0 X 142065 0 27007 Terrance Scout Assoc Prof Bus Mgmt 55.0 0.0 X 191231 0 35019 Lisa Marx Director Of Health Services 55.0 0.0 X 133375 0 10689 Adam Goodheart Director of American Studies 55.0 0.0 X 134481 0 18103 Gary Grant VP OF ADVANCEMENT - END 5/6/15 55.0 0.0 X 119981 0 13791 2177619 0 276521 33 true true false The Whiting - Turner Contracting Co PO Box 17596 BALTIMORE MD 21297 Construction 18468839 The Efficiency Network LLC 1501 Reedsdale Street Suite 401 PITTSBURGH PA 15233 Construction 660504 Chartwells Compass Group Usa PO Box 417632 BOSTON MA 02241 Food 518585 Ayers Saint Gross Inc 1040 Haul Street BALTIMORE MD 21230 Construction 478629 Yerkes Construction Co LLC 112-C South Cross Street CHESTERTOWN MD 21620 Construction 380660 49 8117479 13304318 162867 21421797 TUITION AND FEES 900099 60535456 60535456 ROOM AND BOARD 900099 13288521 13288521 CONFERENCES & CATERING 532000 1992582 1828637 163945 AUXILIARY ENTERPRISES 900099 401994 401994 76218553 307407 -108591 415998 0 0 33871 33871 0 33871 33871 42973304 5900 39202584 397181 3770720 -391281 3379439 3379439 49736 12301 37435 37435 0 0 OTHER 900099 1151125 1151125 ATHLETIC PROGRAMS 900099 220435 220435 GIS PROGRAMS 900099 206263 206263 103310 103310 1681133 103079635 77735741 55354 3866743 0 25472382 25472382 1330469 1330469 0 1433578 589011 546728 297839 0 25971076 22080501 2552402 1338173 1455935 1202611 159371 93953 3551554 2884123 469860 197571 1893283 1598712 183108 111463 0 136144 136144 144353 144353 7381 7381 0 868611 868611 3865529 2820325 838826 206378 177489 113618 61224 2647 660536 553916 56965 49655 0 0 4110431 3622827 483935 3669 1697375 1584063 61653 51659 0 197070 141047 46390 9633 2219798 2219798 0 7716331 6778660 870249 67422 727660 5073 722587 SUPPLIES 3061671 2699731 325242 36698 REPAIRS & MAINT 1509135 1056758 433759 18618 MEALS & ENTERTAINMENT 1464008 709487 572450 182071 BOOKS & RESEARCH SUPPLIES 781176 781176 2512853 2036946 356769 119138 92965828 80281234 9898007 2786587 0 0 29371275 39644231 2345241 4336556 914984 1424371 0 0 0 0 144723 117633 0 0 558885 495244 259193558 89443016 152787602 169750542 138061417 127542374 70715238 70506756 0 0 0 0 341026 531923 395240391 414349630 6590490 7510809 0 0 1817532 1768743 52659000 71368000 0 0 0 0 0 0 0 0 9496886 12674774 70563908 93322326 X 106286832 104612384 99262405 85692597 119127246 130722323 324676483 321027304 395240391 414349630 X 10113807 -10544846 -3218140 X false true X true true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X false false false false false false false true 7381 false false 7381 false false Direct and Indirect Political Campaign Activities Schedule C, Part II-B Washington College lobbies through MICUA, a regional membership organization, which has allocated a portion of their dues as lobbying. X X 15 4.00 8 4 1 true 2.00 true X X false 204240520 11635309 -7682919 5771738 4285752 198135420 204581397 7952730 1130615 4553576 4870646 204240520 182183193 4161707 26903405 5207371 3459537 204581397 167366847 3973728 19149483 4938028 3368837 182183193 174317714 2873791 -2733164 7061494 30000 167366847 0.04000 0.66000 0.30000 false false 19653365 19653365 187867146 71837463 116029683 25992805 17605553 8387252 25680242 25680242 169750542 HEDGE FUNDS 37513729 F REAL ESTATE 23522781 F LIMITED PARTNERSHIPS 9470246 F 70506756 0 INTEREST RATE SWAP 11314242 ANNUITIES PAYABLE 699945 FUNDS HELD FOR OTHERS 660587 12674774 X 62964554 -10544846 -28713919 -39258765 102223319 868617 -12301 856316 103079635 66613733 12301 12301 66601432 868617 25495779 26364396 92965828 CONSERVATION EASEMENTS Schedule D, Part II, Line 9 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. DESCRIPTION OF ORGANIZATION'S COLLECTIONS 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. INTENDED USES OF ENDOWMENT FUNDS 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. Fin 48 Footnote (ASC 740) Schedule D, Part X, Line 2 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. Supplemental Description - Other Schedule D, Part XI, Line 2d CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS $ (33,299) Change in Fair Market Value of interest Rate Swap (3,184,841) Grants, Scholarships and tuition discounts (25,495,779) ------------ Total (28,713,919) ============ Supplemental Description - Other Schedule D, Part XI, Line 4b RECLASS - SPECIAL EVENT EXPENSES $(12,301) Supplemental Description - Other Schedule D, Part XII, Line 2D RECLASS - SPECIAL EVENT EXPENSES $12,301 Supplemental Description - Other Schedule D, Part XII, Line 4b Grants, Scholarships and tuition discounts $25,495,779 true true true true true true true false false false false false false false false true false true PUBLICATION OF RACIALLY NONDISCRIMINATORY POLICY 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. GOVERNMENT ASSISTANCE Schedule E, Part I, Line 6a THE COLLEGE RECEIVES ANNUAL GRANTS FROM FEDERAL, STATE AND LOCAL AGENCIES. true Europe (Including Iceland and Greenland) Grantmaking 109000 East Asia and the Pacific Grantmaking 654625 Middle East and North Africa Grantmaking 354344 South America Grantmaking 17500 South Asia Grantmaking 195000 1330469 1330469 Grants and Scholarships Europe (Including Iceland and Greenland) 6 109000 Grants and Scholarships East Asia and the Pacific 5 654625 Grants and Scholarships Middle East and North Africa 9 354344 Grants and Scholarships South America 1 17500 Grants and Scholarships South Asia 11 195000 true false false true false false PROCEDURE FOR MONITORING USE OF GRANT FUNDS OUTSIDE U.S. Schedule F, Part I, Line 2 Washington College awarded $25,495,780 in scholarships for 6/30/16. 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. Washburn McGoldrick Inc fundraising consultant false Swim Conference 7443 7443 356 Fld Hockey Conf 2650 2650 24 39643 39643 11945 49736 49736 11945 356 12301 37435 true Employee Waivers 25 1307072 Grants and Scholarships 1253 24165310 PROCEDURE FOR MONITORING USE OF GRANT FUNDS INSIDE U.S. Schedule I, Part I, Line 2 Washington College awarded $25,495,780 in scholarships for 6/30/16. 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 X X true true X X X X false false false false false false false false false Mark C Hampton VP Fin & Admin 229420 0 0 0 717 0 17261 0 13245 0 260643 0 0 0 Jack Griswold Interim President- End 7/31/15 184615 0 0 0 0 0 0 0 646 0 185261 0 0 0 Joseph L Holt Chief of Staff 138017 0 0 0 717 0 12486 0 8296 0 159516 0 0 0 Xavier Cole VP & Dean of Student Affairs 156445 0 0 0 467 0 17620 0 12989 0 187521 0 0 0 Satya Dattagupta VP Admissions & Enroll Mgmt 231254 0 0 0 249 0 9608 0 12212 0 253323 0 0 0 Emily Chamlee-Wright Provost 200129 0 0 0 467 0 17998 0 13955 0 232549 0 0 0 John L Seidel Director of Enviro Studies 142293 0 0 0 596 0 10717 0 11611 0 165217 0 0 0 Richard L Gillin Professor of English 141169 0 0 0 896 0 26338 0 669 0 169072 0 0 0 Terrance Scout Assoc Prof Bus Mgmt 190677 0 0 0 554 0 23469 0 11550 0 226250 0 0 0 Adam Goodheart Director of American Studies 134416 0 0 0 65 0 9336 0 8767 0 152584 0 0 0 Sheila Bair President - Beg 8/1/15 169538 0 0 0 1562 0 6923 0 6345 0 184368 0 0 0 Gary Grant VP OF ADVANCEMENT - END 5/6/15 119689 292 6914 6877 133772 Compensation Information Schedule J, 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. Travel for Companions The president's husband is expected to join the president on bona fide college business and other purposes for the benefit of the college on occasion. The college recognizes this is a benefit to the business and will cover those qualified expenses. Tax Indemnification and Gross-ups payments Certain Officers of Washington College receive minor tax gross-up payments, amounts of which are included as taxable compensation and disclosed in column B (III). 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. A TOWN OF CHESTERTOWN MARYLAND 526000783 2013-07-30 57684000 REFUND 2009 AND 2010 BONDS false true false B TOWN OF CHESTERTOWN MARYLAND 526000783 2015-11-24 20206000 Capital Construction false true false A 0 0 57684000 0 0 0 369000 0 0 0 57315000 0 true false true true B 0 0 20206000 0 0 0 208134 0 0 19997866 0 0 false false false true A false false true true false 0.04420 0.04420 false false false true B false false true true false 0 false false false true A false true true true RBCPNC 25. false false false 0 false true B false true false false 0 false 0 false true A true B true X 1 1700 FMV X 8 13190 FMV X Software 2 144705 FMV X Rent 1 3200 FMV X Awards 2 72 FMV 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 these securities. WRITTEN POLICIES FOR CHAPTERS, BRANCHES, OR AFFILIATES Form 990, Part VI, Line 10b 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 REVIEW PROCESS Form 990, Part VI, Line 11b 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. CONFLICT OF INTEREST POLICY MONITORING & ENFORCEMENT 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 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. PROCESS FOR DETERMINING COMPENSATION FORM 990, PART VI, LINES 15A AND 15B Since the 1980's, 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. HOW DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC 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. Change in Net Assets and Fund Balances Form 990, Part IX, Line 9 CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS $ (33,299) Change in Fair Market Value of interest Rate Swap (3,184,841) ----------- Total (3,218,140) =========== WC WATER LLC 300 WASHINGTON ST CHESTERTOWN MD 21620 270886807 REAL ESTATE MD 0 0 WC CHESTERTOWN RESIDENTIAL LLC 300 WASHINGTON ST CHESTERTOWN MD 21620 264539355 REAL ESTATE MD 0 0 WC