2012-05-07T13:24:53-04:00 2011-06-30 PricewaterhouseCoopers LLP 2001 MARKET ST SUITE 1700 PHILADELPHIA PA 19103 990 2010-07-01 231352683 SWARTHMORE COLLEGE SWAR 6103288676 500 COLLEGE AVENUE SWARTHMORE PA 190811306 SUZANNE P WELSH 2012-05-07 true 2673303000 2010 2016-02-24 21:20:13Z SUZANNE P WELSH 500 COLLEGE AVENUE SWARTHMORE PA 19081 846196821 false X www.swarthmore.edu X 1864 PA SEE ATTACHMENT 2 38 37 2511 1518 -470094 -1138687 13836000 14994000 73275000 76456000 45549095 86154388 6869358 7706779 139529453 185311167 24347000 25995000 0 0 69305128 71696780 0 62792 4051811 52888522 53478857 146540650 151233429 -7011197 34077738 1609116000 1868531000 227839000 226279000 1381277000 1642252000 SWARTHMORE COLLEGE IS AN INSTITUTION DEDICATED TO THE FINEST UNDERGRADUATE EDUCATION, COMMITTED TO MAKING A SIGNIFICANT INTELLECTUAL CONTRIBUTION, AND RESOLVED TO BE A MICROCOSM OF, AND PREPARE LEADERSHIP FOR A MORE JUST WORLD. OUR MISSION IS TO PROVIDE AN EDUCATIONAL EXPERIENCE THAT HAS AT ITS CORE A COMMITMENT TO BOTH INTELLECTUAL RIGOR AND TO THE RESPONSIBILITY TO USE THAT RIGOR TO ADVANCE THE CONDITIONS OF HUMANITY. THE COLLEGE SEEKS TO DO THIS THROUGH AN EXCEPTIONAL ACADEMIC PROGRAM AND SUPPORTED BY PURPOSEFUL EXPERIENCES OUTSIDE OF THE CLASS ROOM. CENTRAL TO THE COLLEGE'S MISSION IS THE RECOGNITION OF THE FACT THAT STUDENTS LEARN BOTH INSIDE AND OUTSIDE THE CLASSROOM. false false 116079383 25995000 76456000 Swarthmore is a co-educational College of Liberal Arts and Engineering. The average enrollment for fiscal year 2010-2011 was 1,524 (90 of which were studying abroad). Of the total student population, 1,413 come from across the United States while 111 come from various foreign nations. The College strives to make it possible for all admitted students to attend Swarthmore regardless of their financial circumstances and to enable them to complete their4 education if financial reversals take place. Approximately 52% of the student body received financial aid from the College in fiscal year ending June 30, 2011. The College is committed to meeting all demonstrated financial need through scholarship and student employment. Demonstrated need is assessed by careful review of families' financial circumstances. Swarthmore College is committed to the principle of equal opportunity for all qualified persons, without discrimination against any person by reason of sex, race, color, age, religion, national origin, handicap, or sexual orientation. This policy is consistent with relevant governmental statues and regulations, including those pursuant to Title IX of the federal Education Amendments of 1972 and Section 504 of the Federal Rehabilitation Act of 1973. 116079383 true true false true false false false true false true true true false false true false true true true true true false false true false false false false true true true true true true false false true false true true false true true false false false true true true false false true 2136 0 true 2511 true true true true FR false false false false false false false false X 38 37 true false false false false false false true true false false true true true true true true true true false PA X EILEEN PETULA 6103288399 500 COLLEGE AVENUE SWARTHMORE PA 190811306 BARBARA W MATHER 6.0 X 0 0 0 JORGE AGUILAR 2.0 X 0 0 0 JENNY HOURIHAN BAILIN 2.0 X 0 0 0 RICHARD A BARASCH 4.0 X 0 0 0 DULANY OGDEN BENNETT 4.0 X 0 0 0 JANET SMITH DICKERSON 2.0 X 0 0 0 DAVID GELBER 4.0 X 0 0 0 RHONDA RESNICK COHEN 2.0 X 0 0 0 LEWIS H LAZARUS 2.0 X 0 0 0 NEIL R GRABOIS 4.0 X 0 0 0 SAMUEL L HAYES III 2.0 X 0 0 0 JAMES C HORMEL 2.0 X 0 0 0 HAROLD KALKSTEIN 2.0 X 0 0 0 GILES K KEMP 4.0 X 0 0 0 FREDERICK W KYLE 2.0 X 0 0 0 JANE LANG 2.0 X 0 0 0 SUSAN B LEVINE 4.0 X 0 0 0 BENNETT LORBER 4.0 X 0 0 0 JORGE MUNOZ 2.0 X 0 0 0 CHRISTOPHER M NIEMCZEWSKI 4.0 X 0 0 0 SIBELLA CLARK PEDDER 2.0 X 0 0 0 JOHN A RIGGS 4.0 X 0 0 0 CARL RUSSO 2.0 X 0 0 0 ELIZABETH H SCHEUER 2.0 X 0 0 0 ROBIN M SHAPIRO 2.0 X 0 0 0 SALEM SHUCHMAN 2.0 X 0 0 0 DAVID W SINGLETON 4.0 X 0 0 0 MARTHA SPANNINGER 2.0 X 0 0 0 THOMAS E SPOCK 4.0 X 0 0 0 DANIELLE TOALTOAN 2.0 X 0 0 0 JOSEPH L TURNER 2.0 X 0 0 0 TRACEY E PATILLO 2.0 X 0 0 0 GUSTAVO SCHWED 2.0 X 0 0 0 SUSAN S MORRISON 2.0 X 0 0 0 SOHAIL BENGALI 2.0 X 0 0 0 NATHANIEL AK ERSKINE 2.0 X 0 0 0 THOMAS WT HARTNETT 2.0 X 0 0 0 LUCINDA LEWIS 2.0 X 0 0 0 JAMES LOVELACE 2.0 X 0 0 0 ERIC S ADLER 2.0 X 0 0 0 CATHERINE RIVLIN 2.0 X 0 0 0 SABRINA MARTINEZ 2.0 X 0 0 0 JACOB J KRICH 2.0 X 0 0 0 EUGENE M LANG 2.0 X 0 0 0 JULIE LANGE HALL 2.0 X 0 0 0 JEROME KOHLBERG 2.0 X 0 0 0 ELIZABETH J MCCORMACK 2.0 X 0 0 0 MARGE PEARLMAN SCHEUER 2.0 X 0 0 0 J LAWRENCE SHANE 2.0 X 0 0 0 REBECCA S CHOPP 60.0 X 511438 0 163749 SUZANNE P WELSH 60.0 X 284601 0 50740 CONSTANCE C HUNGERFORD 60.0 X 250297 0 73398 MAURICE G ELDRIDGE 60.0 X 221260 0 46863 STEPHEN D BAYER 60.0 X 213895 0 47375 MARK C AMSTUTZ 60.0 X 198555 0 47884 C STUART HAIN 60.0 X 188345 0 31158 JAMES L BOCK III 60.0 X 181199 0 43334 MELANIE E YOUNG 60.0 X 168859 0 34794 NANCY NOWICKI NICELY 60.0 X 139140 0 38022 GARIKAI CAMPBELL 60.0 X 136201 0 35748 LORI ANN JOHNSON 40.0 X 101311 0 18249 H ELIZABETH BRAUN 60.0 X 83053 0 62805 JEANNE MARACEK 40.0 X 350133 0 26721 ROBINSON G HOLLISTER 40.0 X 201245 0 42556 ALLEN SCHNEIDER 40.0 X 178783 0 41917 NELSON A MACKEN 40.0 X 174673 0 40691 PETER J COLLINGS 40.0 X 174347 0 35398 DAVID W FRASER 0.0 X 161686 0 8966 3919021 0 890368 119 true true false CAMBRIDGE ASSOCIATES LLC PO BOX 10317 UNIONDALE NY 11555 INVESTMENT ADVISORS 789587 HAMILTON LANE ADVISORS LLC ONE BELMONT AVENUE SUITE 900 BALA CYNWYD PA 19004 INVESTMENT ADVISORS 527000 MARSHFIELD ASSOCIATES 21 DUPONT CIRCLE NW - SUITE 500 WASHINGTON DC 20036 INVESTMENT ADVISORS 185608 PRICEWATERHOUSECOOPERS LLP PO BOX 7247-8001 PHILADELPHIA PA 19170 ACCOUNTING 151267 SCHNADER HARRISON SEGAL LEWIS LLP 1600 MARKET STREET PHILADELPHIA PA 19103 LEGAL 132349 6 1929000 13065000 3048537 14994000 TUITION & FEES 611600 60666000 60666000 ROOM & BOARD 611600 15790000 15790000 76456000 47598337 47598337 0 360212 360212 1330522 1090571 239951 239951 239951 699489821 659795083 39694738 -1138687 38556051 -1138687 39694738 0 0 0 SUMMER PROGRAMS 713990 668593 668593 AUXILIARY SERVICES 900099 6438023 6438023 7106616 185311167 76456000 -470094 94331261 0 25995000 25995000 0 0 3352371 1751176 1601195 0 50924275 38205886 10787039 1931350 4662681 3512887 978838 170956 8991738 6153163 2541913 296662 3765715 2806762 824604 134349 0 121588 121588 217692 217692 0 62792 62792 4676000 4676000 3526384 2031030 1108220 387134 809338 162646 574299 72393 4543239 3497272 944167 101800 2852983 2008815 782518 61650 0 2383250 1834976 476760 71514 2235020 1657701 383764 193555 0 1342053 927511 362186 52356 7197852 5542346 1439570 215936 0 6982995 5376906 1396599 209490 708374 708374 FOREIGN STUDIES 3395884 3395884 ANNUITY PAYMENTS 2216708 1885568 331140 BOOKSTORE RELATED 713424 713424 EQUIP PURCH, RENTAL, & MAINT 3021307 1844438 1156994 19875 OTHER 6534766 6067618 397149 69999 151233429 116079383 31102235 4051811 25507000 32433000 20593000 18223000 2029000 1227000 752043 727820 16953957 15443180 557218 572210 4797782 3336790 337761000 105021000 235215000 232740000 616854000 732581000 685764000 831210000 93000 37000 1609116000 1868531000 14878000 14116000 1856000 2222000 176117000 173617000 874000 865000 34114000 35459000 227839000 226279000 X 546586000 628075000 657744000 834746000 176947000 179431000 1381277000 1642252000 1609116000 1868531000 X 34077738 226897262 X true true true X true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false true 38925 false true 9684 48609 false false PART II-B, LINE 1G & 1I THIRD PARTY SERVICES WERE PROVIDED TO SWARTHMORE COLLEGE ASSOCIATED WITH IDENTIFYING AND PURSUING PUBLIC FUNDING AT THE FEDERAL, STATE, AND LOCAL LEVELS IN SUPPORT OF THE TOWN CENTER WEST PROJECT. THE LOBBYING EXPENSES NOTED ABOVE WERE AMORTIZED (AND NOT EXPENSED DURING THE FISCAL YEAR). AS A RESULT, THERE IS NO EXPENSE FIGURE REPORTED FOR "LOBBYING" IN PART IX, LINE 11D. PART II-B, LINE 1I SWARTHMORE COLLEGE IS A MEMBER OF THE CONSORTIUM OF FINANCING HIGHER EDUCATION (COFHE) AND THE LOBBYING EXPENSE ASSOCIATED WITH THIS MEMBERSHIPS IS $48. 4591000 4591000 X X X false 1249254000 2716000 307084000 10931000 34964000 4676000 1508483000 1128675000 1746000 169566000 10704000 35621000 4408000 1249254000 1412609000 12283000 -234040000 12544000 44593000 5040000 1128675000 0.36000 0.59000 0.05000 false false 4927000 0 4927000 278274000 0 67345000 210929000 17938000 0 16401000 1537000 32031000 0 21275000 10756000 4591000 0 0 4591000 232740000 FIXED INCOME 34171000 F PUBLIC EQUITY 132625000 F REAL ASSETS 107575000 F PRIVATE EQUITY 356400000 F MARKETABLE ALTERNATIVES 198509000 F OTHER 1930000 F 831210000 0 DEFERRED PAYMENTS 35459000 35459000 185311167 151233429 34077738 226832262 65000 226897262 260975000 382628000 226832262 226832262 155795738 4676000 24839429 29515429 185311167 121653000 121653000 4676000 24904429 29580429 151233429 SCHEDULE D EXPLANATIONS PART III, LINE 4 THE COLLEGE MAINTAINS A SMALL PERMANENT COLLECTION OF ART THAT IS USED IN TEACHING (E.G., COURSES IN STUDIO ART AND ART HISTORY) AND PROVIDES STUDENTS WITH RESEARCH OPPORTUNITIES. PART XI, LINE 8 LINE 8, OTHER: THIS FIGURE REPRESENTS THE "CHANGE IN PRESENT VALUE OF LIFE INCOME FUNDS" FOR THE FISCAL YEAR: (511,000) LINE 8, OTHER: THIS FIGURE REPRESENTS THE "CHANGE IN OTHER POST RETIREMENT BENEFITS" FOR THE FISCAL YEAR: 576,000 PART XII LINE 4B: LINE 4B, OTHER: THIS FIGURE REPRESENTS THE FOLLOWING: COSTS OF RENTAL HOUSING (1,090,571) CHANGE IN PRESENT VALUE OF LIFE INCOME FUND (65,000) STUDENT AID 25,995,000 TOTAL 24,839,429 PART XIII, LINE 4B LINE 4B, OTHER: THIS FIGURE REPRESENTS THE FOLLOWING: COST OF RENTAL HOUSING (1,090,571) STUDENT AID 25,995,000 TOTAL 24,904,429 true true true true true true true false false false false false false false false true false true LINE 3 THE COLLEGE'S RACIALLY NON-DISCRIMINATORY POLICY IS INCLUDED IN ALL PRINTED AND BROADCAST ADVERTISING AS WELL AS IN THE COLLEGE CATALOGS. IT IS ALSO IN PRINT IN VARIOUS LOCATIONS ON CAMPUS. East Asia and the Pacific 0 0 Program Services STUDY ABROAD 70013 Europe (Including Iceland and Greenland) 0 1 Program Services STUDY ABROAD 1035719 Middle East and North Africa 0 0 Program Services STUDY ABROAD 204900 North America 0 0 Program Services STUDY ABROAD 8889 South America 0 0 Program Services STUDY ABROAD 192400 Sub-Saharan Africa 0 0 Program Services STUDY ABROAD 31512 0 1 0 1 1543433 1543433 true false true true true false true MARTS AND LUNDY 1200 WALL STREET 1200 WALL STREET LYNDHURST NJ 07071 GENERAL CONSULTING false 13065000 54492 13010508 CONSTANCE CARTER 520 CLARKS LANE 520 CLARKS LANE WEST CHESTER PA 19382 GRANT CONSULTING false 9000 8300 700 13074000 62792 13011208 All States true SWARTHMORE COLLEGE FUNDS/SCHOLARSHIPS 795 25995000 N/A N/A SCHEDULE I EXPLANATION PART III ALL SWARTHMORE COLLEGE SCHOLARSHIPS ARE DISBURSED/POSTED ELECTRONICALLY (AND INTERNALLY) DIRECTLY TO THE STUDENTS ACCOUNT. FURTHERMORE, STUDENTS WHO RECEIVED SAID AID ARE UNABLE TO WITHDRAWAL IT FROM THEIR STUDENT ACCOUNT. X X X X X true true X X X X X false false false false false false false false false REBECCA S CHOPP 511438 0 0 0 0 0 61088 0 102661 0 675187 0 SUZANNE P WELSH 284601 0 0 0 0 0 0 0 50740 0 335341 0 CONSTANCE C HUNGERFORD 250297 0 0 0 0 29842 0 43556 0 323695 0 MAURICE G ELDRIDGE 221260 0 0 0 0 0 0 0 46863 0 268123 0 STEPHEN D BAYER 213895 0 0 0 0 0 0 0 47375 0 261270 0 MARK C AMSTUTZ 198555 0 0 0 0 0 0 0 47884 0 246439 0 C STUART HAIN 188345 0 0 0 0 0 0 0 31158 0 219503 0 JAMES L BOCK III 181199 0 0 0 0 0 0 0 43334 0 224533 0 MELANIE E YOUNG 168859 0 0 0 0 0 0 0 34794 0 203653 0 NANCY NOWICKI NICELY 139140 0 0 0 0 0 0 0 38022 0 177162 0 GARIKAI CAMPBELL 136201 0 0 0 0 0 0 0 35748 0 171949 0 DAVID W FRASER 0 0 0 0 161686 0 0 0 8966 0 170652 0 JEANNE MARACEK 90664 0 0 0 259469 0 0 0 26721 0 376854 0 ROBINSON G HOLLISTER 201245 0 0 0 0 0 0 0 42566 0 243811 0 ALLEN SCHNEIDER 178783 0 0 0 0 0 0 0 41917 0 220700 0 NELSON A MACKEN 174673 0 0 0 0 0 0 0 40691 0 215364 0 PETER J COLLINGS 174347 0 0 0 0 0 0 0 35398 0 209745 0 Schedule J Supplemental Information Part III, Line 1a First Class Travel - In general, it is the college's policy that first class travel is not authorized for college employees traveling on college business. However, in recognition that the president typically works during flights, attends directly to business upon arrival, and cannot schedule in time for adequate rest, the board of managers has approved the use of first class travel for the president on domestic and international flights over three hours in length. This policy extends to the president's spouse when he or she accompanies the president on business travel. For all other employees (faculty and staff), first class travel must be pre-approved by the president or his/her designate. Travel for companions - In certain authorized circumstances the college will pay, or will reimburse for the travel, meals and expenses of the spouse/partner of an employee under the college's accountable plan. Reimbursements are considered taxable income to the employee unless the companion travel is 1) for a bona fide business purpose, 2) directly benefits the college, and 3) is properly documented and approved. Any spouse/partner travel other than the president must be approved, in advance, by the president or his/her designate. Tax gross-up - Retirement payments to employees may include a gross-up for a portion of the benefits paid. Residence Requirement - As a condition of employment the President and the Dean of Students maintained their full time residence in College-provided housing and used the residence for College business and entertainment purposes. Social club dues - Membership dues were provided to two New York University clubs to be used primarily for business purposes (entertainment / travel). Additional Information for Part II of Schedule J. REBECCA S. CHOPP - DEFERRED COMPENSATION FIGURE IS A RESULT OF ACCRUED LEAVE COMPENSATION AND BENEFITS. REBECCA S. CHOPP - NON-TAXABLE BENEFITS FIGURE INCLUDES A HOUSING ALLOWANCE. SEE "RESIDENCE REQUIREMENT" ABOVE. CONSTANCE C. HUNGERFORD - DEFERRED COMPENSATION FIGURE IS A RESULT OF ACCRUED LEAVE COMPENSATION AND BENEFITS. DAVID W. FRASER - OTHER REPORTABLE COMPENSATION FIGURE WAS A SUPPLEMENTAL RETIREMENT PLAN. JEANNE MARACEK -OTHER REPORTABLE COMPENSATION FIGURE WAS AN EARLY RETIREMENT PAYMENT. SWARTHMORE COLLEGE BOROUGH AUTHORITY 232243929 870000FJ0 2006-12-20 79638446 SEE SCHEDULE O false false false SWARTHMORE COLLEGE BOROUGH AUTHORITY 232243929 870000GH3 2008-04-30 27925671 SEE SCHEDULE O false false false SWARTHMORE COLLEGE BOROUGH AUTHORITY 232243929 870000GJ9 2009-07-29 9453814 SEE SCHEDULE O false false false SWARTHMORE COLLEGE BOROUGH AUTHORITY 232243929 870000GN0 2011-06-29 30383328 SEE SCHEDULE 0 false false false 79638446 656894 78981552 false true true true 27925671 325671 27600000 true false true true 9453814 189076 9264738 true false true true 30383328 330328 30053000 true false true true false false false false false 0.01370 0.01370 true false false false false false true false false false false false true false false false false false true false false false false false true JAMES L BOCK III MORTGAGE X 340000 272594 false true true MAURICE G ELDRIDGE MORTGAGE X 197022 121870 false true true MELANIE E YOUNG MORTGAGE X 350000 333356 false true true 727820 MARSHFIELD ASSOCIATES SEE SCHEDULE O 185608 INVESTMENT MANAGEMENT FEES false HANS OBERDIEK SEE SCHEDULE O 147224 FACULTY MEMBER false X 125000 INDEPEN. APPRAISAL X 124 2923537 FAIR MARKET VALUE 0 false true true SCHEDULE M EXPLANATIONS THE COLLEGE MAINTAINS ACCOUNTS AT SEVERAL BROKERAGE FIRMS TO FACILITATE THE SALE OF ANY NON-CASH CONTRIBUTIONS IT MAY RECEIVE. THE COLLEGE IS REPORTING THE NUMBER OF CONTRIBUTIONS MADE (NOT THE NUMBER OF ITEMS RECEIVED). FORM 990 EXPLANATIONS PART VI, LINE 2 EUGENE M. LANG AND JANE LANG (FAMILY RELATIONSHIP). MARGE PEARLMAN SCHEUER AND ELIZABETH H. SCHEUER (FAMILY RELATIONSHIP). PART VI, LINE 11 & 11A Annually, the 990 is provided to the Audit Subcommittee, the Finance Committee, and the Board of Managers for their review prior to its submission. PART VI, LINE 12C Swarthmore College has two conflict of interest policies--one for its Board members and one for employees. Each year all members of the Board receive a survey reminding them of the policy and requesting disclosure of business and charitable affiliations, transactions with the College, and any possible conflicts. Likewise, all supervisory staff of the College receives a survey reminding them of the employee conflict of interest policy and asking them for other business and charitable affiliations, transactions with the College, and any possible conflicts for themselves or any member of the staff reporting to them. The Audit Subcommittee of the Board of Managers receives a summary of all responses and addresses possible conflicts which arise. PART VI, LINE 15B For each compensated officer, director, trustee and key employee, the independent compensation committee of the Board meets to review certain comparative data that is provided by an independent consultant. The compensation committee of the Board then meets with the President regarding the performance of each officer, director, trustee and key employee (excluding the President) and receives recommendations about raises for each of them. The compensation committee of the Board then meets separately to determine the compensation for each officer, director, trustee and key employee. This process is completed annually. For the President, the compensation committee of the Board also meets to review certain comparative data that is provided by an independent consultant. After reviewing said information, the compensation committee of the Board meets to determine the President's compensation. This process is completed annually. PART VI, LINE 19 The College makes its governing documents AND FORM 990 available upon request. THE COLLEGE MAKES IT CONFLICT OF INTEREST POLICY AVAILABLE VIA THE COLLEGE'S WEBSITE. THE COLLEGE MAKES IT FINANCIAL STATEMENTS AVAILABLE VIA THE COLLEGE'S WEBSITE. SCHEDULE K, COLUMN (F) - DESCRIPTION OF PURPOSE FOR TAX-EXEMPT BONDS ISSUED: Part I, Line A: The proceeds of the bonds issued on 12/20/2006 were used to advance refund a portion of the Swarthmore College Revenue Bonds, Series of 1998, issued on 7/1/98, to advance refund a portion of the Swarthmore College Revenue Bonds, Series of 2001, issued on 7/25/01, and to fund the costs of issuing the 2006A Bonds. Part I, Line B: The proceeds of the bonds issued on 4/30/2008 were used to refund the Swarthmore College Revenue Bonds, Series B of 2006, variable auction rates notes issued on 12/20/06, and to fund the costs of issuing the 2008 Bonds. Part I, Line C: The proceeds of the bonds issues on 7/29/2009 were used to refund a portion of the Swarthmore College Revenue Bonds, Series 1998, issued on 7/1/1998, and to fund the costs of issuing the 2009 Bonds. Part I, Line D: The proceeds of the bonds issued on 6/29/2011 were used to refund a portion of the Swarthmore College Revenue Bonds, Series 2001, issued on 7/25/2001, and to fund the costs of issuing the 2011 Bonds. SCHEDULE K, PART II, LINE 8 - "YEAR OF SUBSTANTIAL COMPLETION" Each of these bonds solely refunded prior issues so that year of substantial completion has not been entered. SCHEDULE L, PART IV - BUSINESS TRANSACTIONS INVOLVING INTERESTED PERSONS: MARSHFIELD ASSOCIATES - OWNERSHIP INTEREST BY BOARD MEMBER CHRISTOPHER M. NIEMCZEWSKI & FAMILY. HANS OBERDIEK - MEMBER OF FACULTY & SPOUSE OF OFFICER CONSTANCE C. HUNGERFORD. 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