2012-03-28T08:54:53-07:00 2011-06-30 990 2010-07-01 042104258 GORDON COLLEGE GORD 9788674883 255 Grapevine Road Wenham MA 01984 Michael Ahearn 9788674013 2012-03-28 2010 2016-02-24 21:20:13Z D Michael Lindsay 255 Grapevine Road Wenham MA 01984 84195755 0 X www.gordon.edu X 1889 MA Gordon College strives to graduate men and women distinguished by intellectual maturity and Christian character, committed to a lifestyle of servanthood and prepared for leadership roles in their homes, workplaces, churches and communities worldwide. Our primary activity is to provide an undergraduate liberal arts education. 25 23 1026 0 0 0 6616969 11812799 56720874 57170166 381667 1631676 36455 77187 63755965 70691828 14193524 14951411 0 0 29185809 30582188 30000 0 2525185 21906592 21665067 65315925 67198666 -1559960 3493162 109981117 115869401 53672156 52328771 56308961 63540630 Gordon College strives to graduate men and women distinguished by intellectual maturity and Christian character committed to a lifestyle of servanthood and prepared for leadership roles in their homes, workplaces, churches and communities worldwide. Our primary activity is to provide an undergraduate liberal arts education. 0 0 43450642 14922924 43735730 Higher Education: Our largest program service is providing education and instruction to individuals giving them an opportunity to earn a degree. Gordon College is the only nondenominational Christian liberal arts college in New England. It offers 38 majors and confers 3 separate undergraduate degrees; Bachelor of Arts, Bachelor of Science and Bachelor Music. Undergraduate enrollment of approximately 1520 students is drawn from 44 states and 35 countries. In 2010-11, Gordon College issued 392 degrees (with a six-year graduation rate of 71.5 percent). Gordon had a faculty to student ratio of 13.6 with 69 percent of the students from outside Massachusetts. Of the 101 full-time faculty, 77 percent have earned doctorates. Gordon College students can take advantage of a wide variety of off-campus programs, both domestic and abroad. During 2010-11, over 140 students participated in off-campus programs. 671525 27987 827933 Higher Education: Gordon College has graduate programs in education and music education conferring degrees in Masters of Education in Curriculum and Instruction and Masters of Music Education. In 2010-11, the total of unduplicated graduate students was 412. Gordon College conferred 28 masters degrees in 2011. 15015225 500 12606503 Auxiliary programs related to the educational process for dormitory housing, food service, bookstore, Lavida outdoor experience, balance and mobility center, summer athletic camps and other summer programs. There were 1260 resident students in the fall semester 2010 and 1138 in the spring semester 2011. 0 0 0 59137392 1 1 0 1 0 1 0 0 1 1 1 1 0 0 1 1 1 0 1 1 1 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 1 1 0 0 0 1 247 0 1 1026 1 0 1 IT 0 0 0 1 1 1 3 0 0 0 1 0 X 25 23 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X X Kimberlie Mather Controller 9788674048 Gordon College Wenham MA 01984 Judith M Dean 1 X 0 0 0 Gregory Groover 1 X 0 0 0 Bronwyn Loring III 5 X 0 0 0 Harold L Myra 1 X 0 0 0 David C Schultz 5 X 0 0 0 Herman J Smith Jr 5 X 0 0 0 Suannah Young 1 X 0 0 0 John M Gurley 1 X 0 0 0 Kurt Keilhacker 5 X 0 0 0 Steven Krook 1 X 0 0 0 Ava Memmen 1 X 0 0 0 Thomas L Phillips 2 X 0 0 0 Dale Fowler 1 X 0 0 0 Peter Herschend 1 X 0 0 0 Raymond Lee 1 X 0 0 0 Roberto Miranda 1 X 0 0 0 Bradford H Warner 2 X 0 0 0 Mary Shahian 1.5 X 0 0 0 Daniel Cho 2 X 0 0 0 Lisa Forkner 1 X 0 0 0 Joseph Krivickas 2 X 0 0 0 Samuel Schreiner III 1 X 0 0 0 Aaron Shin 1 X 0 0 0 Carrie Tibbles MD 1 X 0 0 0 Kirk Ware 1 X 0 0 0 R Judson Carlberg 60 X 260540 0 58673 Mark Sargent 60 X 152500 0 15770 Daniel Tymann 60 X 124565 0 18330 Michael Ahearn 60 X 140737 0 15871 Stanley Gaede 60 X 107542 0 15366 Barry Loy 60 X 102951 0 16838 L Daniel Russ 60 X 111592 0 16704 C Thomas Brooks 60 X 105482 0 3552 1105909 0 161104 8 0 1 0 Wellington Trust Company NA 75 State Street Boston MA 02109 Investment Management 134175 Grant Thornton LLP 33960 Treasury Center Chicago IL 606943900 Auditing services 150945 2 0 0 3920 0 721450 11087429 4470776 11812799 Student Tuition and Fees 611310 43900880 43900880 0 0 Residence Hall Revenue 611310 7212698 7212698 0 0 Board Plan Revenue 611310 2454576 2454576 0 0 Summer Programs 611310 943927 943927 0 0 Balance and Mobility Center 621340 431905 431905 0 0 2226180 2226180 0 0 57170166 815187 0 0 815187 0 0 0 0 0 0 0 0 61848 0 0 0 61848 0 61848 0 0 61848 14316755 0 13500266 0 816489 0 816489 0 0 816489 19000 3920 3661 15339 0 15339 0 0 0 0 0 0 0 0 0 0 0 0 0 70691828 57170166 0 1708863 0 0 13647763 13647763 1303648 1303648 0 0 796918 0 765247 31671 236931 208536 0 28395 21867405 16744567 3840172 1282666 793600 606592 137543 49465 5327516 3922785 1073940 330791 1559818 1152018 310335 97465 0 0 0 0 60846 0 60846 0 209028 0 209028 0 537 537 0 0 0 0 136710 0 136710 0 2566025 1769262 746006 50757 141922 89475 2010 50437 2025592 1337080 343186 345326 1192516 668311 512731 11474 0 0 0 0 4822554 4668067 125259 29228 1615469 1391543 136787 87139 0 0 0 0 57092 55932 1160 0 13284 13284 0 0 0 0 0 0 6024874 5655942 333519 35413 306621 73914 228503 4204 Food Service 1314694 1314694 0 0 Special Events 340344 172685 100265 67394 Student Organizations 173986 173986 0 0 Professional Development 145264 121476 23693 95 Allocation of Physical Plant 0 3171409 -3173479 2070 517709 873886 -377372 21195 67198666 59137392 5536089 2525185 1398587 434167 1880153 1289929 1565820 5981991 853986 1413465 0 0 0 0 0 0 76585 85683 355234 439822 148935154 75894330 75189439 73040824 7793209 8245339 16653731 21091259 2989991 2851319 0 0 1224382 995603 109981117 115869401 1447370 1520312 0 0 1430125 1819509 40058308 39105510 249309 262402 0 0 215099 358221 0 0 10271945 9262817 53672156 52328771 X 32066873 32059577 6976249 13351833 17265839 18129220 56308961 63540630 109981117 115869401 X 3493162 3738507 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 537 537 64672944 64673481 1000000 250000 0 0 0 1000000 1000000 1000000 3000000 4500000 0 81099 81078 537 162714 0 250000 250000 250000 750000 1125000 0 0 0 0 0 0 1 0 0 0 0 0 50370 1 1 0 1 29062217 1075726 4071953 751459 585442 0 32872995 26526253 913915 3072574 903807 546718 0 29062217 34168996 298841 -6886186 740711 314687 0 26526253 0.1736 0.8237 0.0027 0 0 5052 854072 859124 0 115395296 49016629 66378667 0 0 0 0 0 21802731 19068291 2734440 0 10878003 7809410 3068593 73040824 0 F 21091259 F 21091259 0 Conditional asset retirement obligations 381667 Fair value of interest rate swap agreement 4819069 Perkins Loan advances 2615205 Annuity payment obligations 1446876 9262817 70691828 67198666 3493162 3016199 0 0 0 722308 3738507 7231669 58848970 3016199 0 0 199877 3216076 55632894 136710 14922224 15058934 70691828 51617301 0 0 0 -522431 -522431 52139732 136710 14922224 15058934 67198666 SchD_P04_S00_L02b Schedule D, Part IV, Line 2b The College maintains custodial or "pass through" accounts for Federal student loans, Pell grant and state grants. Funds are held in these accounts until distributed to individual students. The College also maintains custodial accounts for student government and student ministry groups and activities. SchD_P05_S00_L04 Schedule D, Part V, Line 4 The intended use of endowment funds is driven by donor restrictions on our endowments. Approximately 56 percent of appropriated revenues this year were in scholarship awards. 27 percent of revenues supported general activities and physical plant. The remaining 17 percent was allocated to instructional activities and academic support programs. Distributions of income are made using a total return method. We use a spending rate of 5 percent of the 3 year rolling average of the fair market value of the investments. SchD_P10_S00_L02 Schedule D, Part X, Line 2 The College is recognized as an organization exempt from income tax under Section 501(c)(3) of the Internal Revenue Code. However, certain activities of exempt organizations, to the extent profitable, may be subject to federal and state taxation as unrelated business income. Accordingly, no provision for income taxes has been made in these financial statements. The College recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The College has applied this more-likely-than-not threshold to all tax positions for which the statute of limitations remained open and determined there were no material unrecognized tax benefits as of that date. In addition there have been no material changes in unrecognized benefits since adoption. It is the College's policy to record estimated interest and penalties (if any) as part of management and general expense. Management believes that the College's income tax returns for fiscal years 2007 and prior are no longer subject to examination by taxing authorities. SchD_P11_S00_L08 Schedule D, Part XI, Line 8 Schedule D, Part XI, Line 8 - Included in this figure is the change in value of interest rate swap agreements of 957,776 and the change in split interest agreements of (235,468). SchD_P12_S00_L02d Schedule D, Part XII, Line 2d Schedule D, Part XII, Line 2d - This figure includes the FWS apportionment budget allocation of 196,216 included in income on the financial statements and the golf tournament expenses of 3,661 included in expense on the financial statements. SchD_P12_S00_L04b Schedule D, Part XII, Line 4b Schedule D, Part XII, Line 4b - Included here are: scholarships and grants of 14,401,067 treated as tuition discount on the financial statements; FSEOG and FWS of 521,157 treated as pass through activity on the financial statements and not reflected in income. SchD_P13_S00_L02d Schedule D, Part XIII, Line 2d Schedule D, Part XIII, Line 2d - This figure includes: FWS apportionment budget allocation of 196,216 included in income on the financial statements; golf tournament expenses of 3,661 included in expense on the financial statements; change in fair value of split interest agreements of 235,468; change in fair value of interest rate swap agreements of (957,776). SchD_P13_S00_L04b Schedule D, Part XIII, Line 4b Schedule D, Part XIII, Line 4b - Included here are: scholarships and grants of 14,401,067 treated as tuition discount on the financial statements; FSEOG and FWS of 521,157 treated as pass through activity on the financial statements and not reflected in expense. 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SchE_P01_S00_L03 Schedule E, Part I, Line 3 We draw a substantial percentage of our students from New England and the north eastern states and follow a racially nondiscriminatory policy as to our students. Because of this, we believe that the publicity requirement is satisfied by complying with section 4.02. Because we are an interdenominational Christian college, our market appeal is to a smaller segment of the general population. Given the technology available today, we have invested in our web site as the way to reach the most students. Our promotional activities and recruiting efforts in each geographic area are designed to inform students of all racial segments interested in a Christian college of the availability of Gordon College. SchE_P01_S00_L06 Schedule E, Part I, Line 6 Gordon College receives Title IV funds for aid to students from the Department of Education for Federal Work Study, FSEOG, Federal Pell grant and other Federal student aid grant programs. 1 Europe (including Iceland and Greenland) 1 8 Program Services We offer semester based programs in Italy and France. Expenditures are reported using accrual based accounting. Employee compensation is processed through our campus payroll system. Other program costs are managed by the Program Director (Italy) and the coordinator (France). Funds are wired periodically at the request of the program leaders and approved by the Global Education administrator. The program leaders pay local expenses. Expense documentation is submitted to the Controller's Office which is reviewed by the assistant controller or controller. Costs recorded at the time of the wires are primarily for tuition, room, board and incidentals of the students. We also offer International Seminar courses which are run for 2-4 week periods on a particular subject related to that country. In country expenses are for food, lodging, transportation and entrance fees. Expenses must be documented and submitted to the Controller's Office for review. 453762 East Asia and the Pacific 0 0 Program Services We offered International Seminar courses which are run for 2-4 week periods on a particular subject related to that country. In country expenses are for food, lodging, transportation and entrance fees. Expenses must be documented and submitted to the Controller's Office for review. This year a program in China Business was offered. The Global Education Office also approved a student to attend a non-Gordon program at Yonsei University. Funds were sent on behalf of the student directly to the program. 37648 Central America and the Caribbean 0 0 Program Services We offer International Seminar courses which are run for 2-4 week periods on a particular subject related to that country. In country expenses are for food, lodging, transportation and entrance fees. Expenses must be documented and submitted to the Controller's Office for review. This year a program in Honduras Kinesiology was offered. 3800 Central America and the Caribbean 0 0 Program Services Missions and service learning trips: Goal of trips is to help students serve overseas for a period of time ranging from 3-10 weeks over semester or summer breaks. They are student led/staff advised. In country costs are for food, housing, transportation and service project expenses. Where possible, funds are wired for these costs based on approvals from the Dean of Chapel. Per Diem advances based on State Department rates are issued to trip leaders to pay in country costs. Trip leaders must document the expenses with detailed itineraries and have approval from the Dean of Chapel. 12500 South Asia 0 0 Program Services Missions and service learning trips: Goal of trips is to help students serve overseas for a period of time ranging from 3-10 weeks over semester or summer breaks. They are student led/staff advised. In country costs are for food, housing, transportation and service project expenses. Where possible, funds are wired for these costs based on approvals from the Dean of Chapel. Per Diem advances based on State Department rates are issued to trip leaders to pay in country costs. Trip leaders must document the expenses with detailed itineraries and have approval from the Dean of Chapel. 17492 Sub-Saharan Africa 0 0 Program Services Missions and service learning trips: Goal of trips is to help students serve overseas for a period of time ranging from 3-10 weeks over semester or summer breaks. They are student led/staff advised. In country costs are for food, housing, transportation and service project expenses. Where possible, funds are wired for these costs based on approvals from the Dean of Chapel. Per Diem advances based on State Department rates are issued to trip leaders to pay in country costs. Trip leaders must document the expenses with detailed itineraries and have approval from the Dean of Chapel. 35110 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Missions and service learning trips: Goal of trips is to help students serve overseas for a period of time ranging from 3-10 weeks over semester or summer breaks. They are student led/staff advised. In country costs are for food, housing, transportation and service project expenses. Where possible, funds are wired for these costs based on approvals from the Dean of Chapel. Per Diem advances based on State Department rates are issued to trip leaders to pay in country costs. Trip leaders must document the expenses with detailed itineraries and have approval from the Dean of Chapel. 500 Europe (including Iceland and Greenland) 0 0 Grantmaking 106000 Central America and the Caribbean 0 0 Grantmaking 72800 South Asia 0 0 Grantmaking 74040 Middle East and North Africa 0 0 Grantmaking 24365 Sub-Saharan Africa 0 0 Grantmaking 126811 East Asia and the Pacific 0 0 Grantmaking 725474 North America (including Canada and Mexico, but not the United States) 0 0 Grantmaking 63120 South America 0 0 Grantmaking 82038 Russia and the newly independent States 0 0 Grantmaking 29000 1 8 1864460 Scholarships and grants Europe (including Iceland and Greenland) 7 106000 credit to student bill 0 Scholarships and grants Central America and the Caribbean 4 72800 credit to student bill 0 Scholarships and grants South Asia 3 74040 credit to student bill 0 Scholarships and grants Middle East and North Africa 2 24365 credit to student bill 0 Scholarships and grants Sub-Saharan Africa 5 126811 credit to student bill 0 Scholarships and grants East Asia and the Pacific 34 725474 credit to student bill 0 Scholarships and grants North America (including Canada and Mexico, but not the United States) 4 63120 credit to student bill 0 Scholarships and grants South America 5 82038 credit to student bill 0 Scholarships and grants Russia and the newly independent States 1 29000 credit to student bill 0 0 0 0 0 0 0 SchF_P01_S00_L02 Schedule F, Part I, Line 2 Schedule F, Part I, Line 2 - Grants and scholarships to international students are treated as tuition discounts and are applied as accounting credits on each student's bill. They are not paid directly to the student. Merit scholarships are awarded based on academic criteria and are renewed annually based on satisfactory GPA requirements that are verified by the Registrar's Office. Donated scholarship funds are awarded based on criteria provided by donors. Specific eligibility is verified annually by the Registrar's Office, Admissions and the Financial Aid Office. Need based grants are awarded based on the student's determined financial need. The College uses information provided by the CSS Profile of the College Board as well as home equity and business value. The grant amount is carried forward from year to year unless there is a significant change in determined financial need. SchF_P01_S00_L03 Schedule F, Part I, Line 3 We offer semester based programs in Italy and France. Expenditures are reported using accrual based accounting. Employee compensation is processed through our campus payroll system. Other program costs are managed by the Program Director (Italy) and the coordinator (France). Funds are wired periodically at the request of the program leaders and approved by the Global Education administrator. The program leaders pay local expenses. Expense documentation is submitted to the Controller's Office which is reviewed by the assistant controller or controller. Costs recorded at the time of the wires are primarily for tuition, room, board and incidentals of the students. We also offer International Seminar courses which are run for 2-4 week periods on a particular subject related to that country. In country expenses are for food, lodging, transportation and entrance fees. Expenses must be documented and submitted to the Controller's Office for review. Missions and service learning trips: Goal of trips is to help students serve overseas for a period of time ranging from 3-10 weeks over semester or summer breaks. They are student led/staff advised. In country costs are for food, housing, transportation and service project expenses. Where possible, funds are wired for these costs based on approvals from the Dean of Chapel. Per Diem advances based on State Department rates are issued to trip leaders to pay in country costs. Trip leaders must document the expenses with detailed itineraries and have approval from the Dean of Chapel. Highlander Golf Tournament 19520 3920 15600 0 0 3625 0 0 36 0 0 19520 3920 15600 0 0 3625 0 0 36 3661 11939 1 Scholarships and grants to Gordon College students 1318 13125906 0 Federal SEOG Grants to students 203 162460 0 Federal Work Study 402 214216 0 Federal SMART Grant 16 56000 0 Federal Academic Competitive Grant 90 72481 0 Federal TEACH Grants 5 16000 0 Dr. Marvin Wilson Award for Teaching 1 700 0 SchI_P01_S00_L02 Schedule I, Part I, Line 2 Gordon College awards three types of grants/scholarships: merit scholarships, need-based grants and endowment funded restricted scholarships. Merit scholarships are awarded based on the incoming student's academic criteria determined by the Admissions Office. These scholarships are renewed annually by verification of the Registrar's Office that cumulative GPA requirements are met. Need-based grants are awarded based on the student's determined financial need. We determine financial need using information provided by the FAFSA, with the addition of home equity and business value. We practice level-funding of the need-based grants to future years unless there is a significant change in determined financial need. Endowment funded restricted scholarships are awarded based on criteria established by donors. The criteria information on specific eligible students is provided by the Registrar, Admissions and Financial Aid Offices. Students are evaluated annually to verify they continue to meet the donor criteria for an endowment award. X X X 1 1 X X X X 0 1 0 0 0 0 0 0 0 R Judson Carlberg 231892 0 0 0 28648 0 3353 0 55320 0 319213 0 0 Mark Sargent 135520 0 0 0 16980 0 2634 0 13136 0 168270 0 0 Michael Ahearn 116008 0 0 0 24729 0 2355 0 13516 0 156608 0 0 SchJ_P01_S00_L01a Schedule J, Part I, Line 1a Travel for companions: Occasionally spouses of officers accompany them on business trips for the College. In order to be treated as a working condition fringe benefit, the College requires substantiation of the trip as a bonafide business expense for both the officer and the spouse. If there is no business purpose for the spouse, the spousal travel is treated as taxable income to the officer or the officer reimburses the College. One officer incurred spousal travel and all the travel was treated as nontaxable. Housing allowance or residence for personal use: One listed person received this benefit. The President is required to live in on-campus housing for hosting purposes and 24/7 availability to the campus community. Because of this requirement, it is excluded from wages under Section 119 of the IRS code. The housing value included in non-taxable compensation was $36,836. This figure was based on rental values in our area as provided by an independent consultant. Health or social club dues or initiation fees: One listed person received this benefit. The President is required by the Board to have a Harvard Club membership provided by the College. It was used for business purposes only and none of it was treated as taxable compensation. SchJ_P01_S00_L04 Schedule J, Part I, Line 4 Some officers and highly compensated employees participated in a 457(f) deferred compensation plan. Each participant must be judged by the executive committee of the board to have attained goals at the end of the fiscal year and funds must be available in the College budget in order for a deposit to be made for the participant in the 457(f) plan. After funds are deposited, there is a substantial risk of forfeiture for a 3 year period based on continued employment by the participant. After the 3 year period, funds are disbursed to the participant. No additional funds were added in FY 2010-11. Massachusetts Development Financy Agency 043431814 2009-10-15 30000000 Refunding of prior issuances (original date of issuances; July 10, 2001, Aug 1, 2002, Jan 1, 2007) 0 0 0 Massachusetts Development Finance Agency 043431814 2010-01-04 10000000 Conversion of prior issuances (dated 10/15/2009) 0 0 0 0 0 30000000 0 0 0 469827 0 0 0 0 0 2008 1 0 1 1 0 0 10000000 0 0 0 0 0 0 0 0 0 2008 1 0 1 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 1 0 1 1 Bank of America RBS Citizens Bank 26.2 0 0 0 0 1 0 1 1 Bank of America RBS Citizens Bank 26.2 0 0 0 0 1 SchK_P02_S00_L06 Schedule K, Part II, Line 6 The balance of the escrow account was $0 as of the reporting date. An escrow acccount was used at the time of the issuance until 11/16/2009 per the bond agreement. SchK_P04_S00_L03c Schedule K, Part IV, Line 3c In Part IV, Line 3c; the College has multiple interest rate swap agreements, with terms (in years) 10, 20, 26.2, 10, and 19 for the $30,000,000 issuance and terms (in years) 10, 20, 26.2, and 10 for the $10,000,000 issuance. Gordon College put in the longest swap term in line 3c, since we are only able to input one term. Related to substantial contributor son of substantial contributor 9000 Deans Scholarship Related to substantial contributor son of substantial contributor 12000 AJ Gordon Scholarship Related to substantial contributor daughter of substantial contributor 9000 Deans Scholarship Janice Carlberg Spouse of President 28395 Employment compensation 0 Arlene Sargent Spouse of Provost 22033 Employment compensation 0 Jennifer Memmen Daughter of trustee 47224 Employment compensation 0 Sarah Smith Granddaughter of trustee 37388 Employment compensation 0 Jonathan Tymann Brother of Executive Vice President 100406 Employment compensation 0 X 0 cost of donated property X 0 cost of donated property X 3 211392 fair market value X 23 4257450 fair market value on date of receipt X 1 100 fair market value X Rounds of golf 3 880 fair market value X Tickets 4 475 fair market value X Service - Art of Healing 1 250 fair market value X Ipod 1 229 fair market value 0 0 1 1 SchM_P01_S00_L32b Schedule M, Part I, Line 32b Schedule M, Part I, Line 32b - Stock gifts are received and sold by Wells Fargo Advisors, LLC, 138 Conant Street, Beverly, MA 01915. SchM_P01_S00_L33 Schedule M, Part I, Line 33 Lines 4 and 5: Revenues were not reported because the gifts were not given a value as appraisals were unavailable. F990_P06_S0A_L02 Form 990, Part VI, Section A, Line 2 Our chairman of the board, Kurt Keilhacker, is also chairman of the board of The Veritas Forum where another trustee, Daniel Cho, serves as executive director. F990_P06_S0B_L11a Form 990, Part VI, Section B, Line 11a The controller prepares the 990 and submits it for review to the vice president for finance and the president. This year the 990 has also been reviewed by tax advisors from a national accounting firm. Once the 990 is approved by the president and vice president, it is provided to the board before filing. It is then signed by the vice president for finance and filed electronically. F990_P06_S0B_L12c Form 990, Part VI, Section B, Line 12c An annual Disclosure Form delineating conflicts is distributed to all trustees at the annual board meeting and must be signed by each trustee. A copy is mailed to any trustee that is absent and must be signed and returned. Trustees must recuse themselves from any discussion of or vote on any issue involving conflicts of interest. Key employees and officers must also sign an annual conflict of interest form which clearly delineates conflicts of interest. College counsel monitors and reviews the conflict of interest statements. The president's office collects and maintains them. F990_P06_S0B_L15 Form 990, Part VI, Section B, Line 15 The executive committee of the board serves as the compensation committee for the president's position. CCC and CCCU compensation studies of college presidents are reviewed by the committee and the salary is set by committee vote. The president has an annual review by the committee and is judged based on attainment of goals for the year. The president submits compensation comparability data for the provost, vice president for finance and executive vice president positions. Compensation increases for officers are based upon job performance and independent studies for comparables. Minutes are kept of the process and the committee vote. In fiscal year 2011, there was a freeze on salary increases and none of the officers received a raise. The last review process took place in August 2011. F990_P06_S0C_L19 Form 990, Part VI, Section C, Line 19 Our governing documents are available upon request. Our conflict of interest policy is available on our public web site. Our financial statements are available upon request and copies are maintained in the College library. F990_P11_S00_L05 Form 990, Part XI, Line 5 Other changes in net assets include: Change in fair value of split interest agreements (235,468); Interest rate swap fair value adjustment 957,776; Unrealized gains on investments 3,016,199. Gordon College Foundation 255 Grapevine Road Wenham MA 01984 222610484 Advise on land use MA 501(c)(3) 9 Gordon College 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0