2024-05-15T15:53:29-05:00 2023-06-30 410746749 CLIFTONLARSONALLEN LLP 901 NORTH GLEBE ROAD SUITE 200 ARLINGTON VA 22203 990 2022-07-01 520591691 WASHINGTON COLLEGE WASH 4107787784 300 WASHINGTON AVENUE CHESTERTOWN MD 216201197 TERI SIMMONS DEPUTY CFO 4107787204 2024-05-15 1 TERI SIMMONS 999009999 0 ROBERT WILLIAMS P01345960 5712279500 2024-05-15 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z DR MICHAEL J SOSULSKI 300 WASHINGTON AVENUE CHESTERTOWN MD 216201197 174111635 0 X WWW.WASHCOLL.EDU X 1782 MD WASHINGTON COLLEGE CHALLENGES AND INSPIRES EMERGING CITIZEN LEADERS TO DISCOVER LIVES OF PURPOSE AND PASSION. 32 31 1203 267 -364856 179132 22634199 17694758 61304647 60129111 46847634 13723495 796173 2835199 131582653 94382563 30302039 30603110 0 0 28276896 34387601 0 0 1778151 34336601 36426709 92915536 101417420 38667117 -7034857 475865680 490986375 72038274 85812464 403827406 405173911 X WASHINGTON COLLEGE CHALLENGES AND INSPIRES EMERGING CITIZEN LEADERS TO DISCOVER LIVES OF PURPOSE AND PASSION.CORE VALUESWE 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. 0 0 83217372 30603110 47800310 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 IN 4 YEARS. THE COLLEGE ENDEAVORS TO PREPARE ITS GRADUATES FOR FURTHER EDUCATION AND PRODUCTIVE CAREERS. WITH MANY MAJORS AND ACADEMIC PROGRAMS TO CHOOSE FROM, 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. 259885 0 624343 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. 0 0 11704458 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. 83477257 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 1 376 0 1 1203 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 32 31 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA MD X TERI SIMMONS DEPUTY CFO 4107787784 300 WASHINGTON AVENUE CHESTERTOWN MD 21620 STEPHEN T GOLDING CHAIR 1.00 X X 0 0 0 WILLIAM J HARVEY VICE CHAIR 1.00 X X 0 0 0 RICHARD D WOOD VICE CHAIR 1.00 X X 0 0 0 RICHARD L CREIGHTON IMMEDIATE PAST VICE CHAIR 1.00 X X 0 0 0 VALARIE A SHEPPARD SECRETARY 1.00 X X 0 0 0 RICHARD WHEELER TREASURER 1.00 X X 0 0 0 THAD BENCH MEMBER 1.00 X 0 0 0 MARC BUNTING MEMBER 1.00 X 0 0 0 NORRIS W COMMODORE JR MEMBER 1.00 X 0 0 0 THOMAS C CROUSE MEMBER 1.00 X 0 0 0 H LAWRENCE CULP JR MEMBER 1.00 X 0 0 0 REGIS ANTONIN DE RAMEL MEMBER 1.00 X 0 0 0 L MYRTON GAINES II MEMBER 1.00 X 0 0 0 MARGARET JACKS MEMBER 1.00 X 0 0 0 KIRK B JOHNSON MEMBER 1.00 X 0 0 0 HONG JIM LIM MEMBER 1.00 X 0 0 0 REBECCA CORBIN LOREE MEMBER 1.00 X 0 0 0 PETER MALLER MEMBER 1.00 X 0 0 0 WILLIAM S SHEP MILLER MEMBER 1.00 X 0 0 0 EDWARD P NORDBERG MEMBER 1.00 X 0 0 0 BERT W REIN MEMBER 1.00 X 0 0 0 BRANDON RIKER MEMBER 1.00 X 0 0 0 HUGH SHERMAN MEMBER 1.00 X 0 0 0 RALPH SNYDERMAN MEMBER 1.00 X 0 0 0 DARYL L SWANSTROM MEMBER 1.00 X 0 0 0 JOHN H TIMKEN MEMBER 1.00 X 0 0 0 DONALD C TOMASSO MEMBER 1.00 X 0 0 0 DEBORAH MOXLEY TURNER MEMBER 1.00 X 0 0 0 JANICE WALKER MEMBER 1.00 X 0 0 0 ELIZABETH WAREHIME MEMBER 1.00 X 0 0 0 MICHAEL WOODFOLK MEMBER 1.00 X 0 0 0 MICHELLE GIBBONS-NEFF MEMBER 1.00 X 0 0 0 NAYEF SAMHAT MEMBER 1.00 X 0 0 0 MICHAEL SOSULSKI PRESIDENT 55.00 X X 403599 0 49302 EDWARD PATRICK VP FOR FINANCE & ADMIN (AS OF 01/23) 55.00 X 240917 0 15981 SUSANNAH C SUTLEY VP, ADVANCEMENT, ALUMNI AF 55.00 X 260868 0 21689 LORNA HUNTER VICE PRESIDENT ENROLLMENT 55.00 X 212047 0 17413 SARAH FEYERHERM VICE PRESIDENT OF STUDENT AFFAIRS 55.00 X 161871 0 11657 MICHAEL HARVEY PROVOST & DEAN OF THE COLLEGE 55.00 X 164477 0 26962 JOHN SEIDEL DIRECTOR, CES 55.00 X 184238 0 17511 VICTOR SENSENIG CHIEF OF STAFF/VP FOR PLANNING 55.00 X 146066 0 20583 LISA MARX DIRECTOR OF HEALTH SERVICE 55.00 X 138171 0 2530 SHEKAYLA HOOKS NURSE PRACTITIONER 55.00 X 129574 0 11585 ADAM GOODHEART DIRECTOR OF THE STARR CENTER 55.00 X 126743 0 11659 LAURA JOHNSON THRU 062023 AVP FOR FINANCE & ADMINISTRATION 55.00 X 107606 0 0 2276177 0 206872 27 1 1 0 ELLUCIAN COMPANY LP 62578 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 SOFTWARE SERVICES 1526765 OSPREY CUSTOM CARPENTRY 6008 CHURCH HILL ROAD CHESTERTOWN MD 21620 CONSTRUCTION SERVICES 1139995 TRILLIUM HOLDINGS PO BOX 15007 PORTLAND ME 04112 ENERGY CHARGES 1066905 BSC GROUP LLC 114 BAY STREET BUILDING B EASTON MD 21601 ACCOUNTING SERVICES 419192 MAGOTHY TECHNOLOGY LLC 108 6TH AVE NE GLEN BURNIE MD 21060 SOFTWARE SERVICES 402625 14 22672 6542358 11129728 27758 17694758 TUITION AND FEES 900099 47296511 47296511 AUXILIARY ENTERPRISES 900099 12832600 12515872 316728 60129111 182682 -681584 864266 77949 0 77949 77949 77949 93258303 11582 79729072 0 13529231 11582 13540813 13540813 0 22672 0 0 MISCELLANEOUS INCOME 900099 2757250 2757250 2757250 94382563 59812383 -364856 17240278 22057 22057 29670414 29670414 910639 910639 1540446 498352 761805 280289 120009 120009 26665136 22681681 3131399 852056 712290 584010 100107 28173 3456554 2863482 459505 133567 1893166 1577573 241062 74531 18177 14427 3750 151821 151821 1047153 1047153 8096013 5317678 2673600 104735 173523 144263 23360 5900 465022 395710 24765 44547 4475033 2742138 1730912 1983 1286822 1212245 45630 28947 1960609 1294015 666594 8688267 6258244 2427724 2299 965688 584239 381449 REPAIRS & MAINTENANCE 2737644 2131210 555105 51329 SUPPLIES 1692290 1514223 143493 34574 PURCHASES 1238206 1238206 PRINTING & PUBLICATION 544795 459320 21502 63973 2885646 2329507 484891 71248 101417420 83477257 16162012 1778151 33030486 17903306 6394599 6229825 1438366 2587033 48606 47016 1306157 1524459 317838151 145100035 170170019 172738116 140705820 142886315 122771627 132138915 0 14931390 475865680 490986375 3480585 6225986 630080 523352 66723761 63449802 1203848 15613324 72038274 85812464 X 117441716 119080074 286385690 286093837 403827406 405173911 475865680 490986375 X -7034857 8350818 30544 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 1 1 X X 0 273011325 6640830 20638335 19155154 281135336 299835141 12099808 -23644635 15278989 273011325 235039624 5294003 73591590 14090076 299835141 236685309 5631681 5902540 7141988 6037918 235039624 232154292 5575749 11813731 9853952 3004511 236685309 0.02910 0.00000 0.97079 0 0 22438016 22438016 252327110 116435531 135891579 39095722 28664504 10431218 3977303 3977303 172738116 LIMITED PARTNERSHIPS 86243812 F HEDGE FUNDS 38511347 F REAL ESTATE 7383756 F 132138915 FINANCING LEASE LIABILITY 13833413 FUNDS HELD FOR OTHERS 816957 OPERATING LEASE LIABILITY 575635 ANNUITIES PAYABLE 387319 15613324 X 71608243 8350818 -30077985 -21727167 93335410 1047153 1047153 94382563 70261738 0 70261738 1047153 30108529 31155682 101417420 PART II, LINE 9: WASHINGTON COLLEGE HAS NOT REPORTED EASEMENTS IN THE FINANCIAL STATEMENTS. PART III, LINE 4: WASHINGTON COLLEGE HOLDS A SIGNIFICANT PLACE IN THE HISTORY OF AMERICAN HIGHER EDUCATION AS THE FIRST COLLEGE OF THE NEW NATION. 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 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 30,544. GRANTS, SCHOLARSHIPS, AND OTHER TUITION DISCOUNTS -30,108,529. PART XII, LINE 4B - OTHER ADJUSTMENTS: GRANTS, SCHOLARSHIPS, AND OTHER TUITION DISCOUNTS 30,108,529. 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 CENTRAL AMERICA AND THE CARIBBEAN 0 0 GRANTMAKING GRANTMAKING 43295 EAST ASIA AND THE PACIFIC 0 0 GRANTMAKING GRANTMAKING 78000 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 GRANTMAKING GRANTMAKING 62653 NORTH AMERICA 0 0 GRANTMAKING GRANTMAKING 60000 RUSSIA AND NEIGHBORING STATES 0 0 GRANTMAKING GRANTMAKING 84539 SOUTH ASIA 0 0 GRANTMAKING GRANTMAKING 378052 SOUTH AMERICA 0 0 GRANTMAKING GRANTMAKING 48000 SUB-SAHARAN AFRICA 0 0 GRANTMAKING GRANTMAKING 156100 0 0 0 0 0 0 910639 0 910639 0 0 GRANTS AND SCHOLARSHIPS CENTRAL AMERICA AND THE CARIBBEAN 1 43295 OTHER 0 GRANTS AND SCHOLARSHIPS EAST ASIA AND THE PACIFIC 3 78000 OTHER 0 GRANTS AND SCHOLARSHIPS EUROPE (INCLUDING ICELAND & GREENLAND) 2 62653 OTHER 0 GRANTS AND SCHOLARSHIPS NORTH AMERICA 2 60000 OTHER 0 GRANTS AND SCHOLARSHIPS RUSSIA AND NEIGHBORING STATES 2 84539 OTHER 0 GRANTS AND SCHOLARSHIPS SOUTH AMERICA 2 48000 OTHER 0 GRANTS AND SCHOLARSHIPS SOUTH ASIA 10 378052 OTHER 0 GRANTS AND SCHOLARSHIPS SUB-SAHARAN AFRICA 4 156100 OTHER 0 1 0 1 0 1 0 PART I, LINE 2: 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: SPORTS FUNDRAISERS 22672 22672 22672 22672 1 GRANTS AND SCHOLARSHIPS 887 29197890 0 N/A N/A EMPLOYEE WAIVERS 19 472524 0 N/A N/A PART I, LINE 2: 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, COLUMN (B): PER FINANCIAL AID RECORDS X X X 1 1 X X X X 1 1 0 0 0 0 0 0 1 0 MICHAEL SOSULSKI PRESIDENT 403599 0 0 0 0 0 34177 0 15125 0 452901 0 0 0 SUSANNAH C SUTLEY VP, ADVANCEMENT, ALUMNI AF 260868 0 0 0 0 0 3549 0 18140 0 282557 0 0 0 EDWARD PATRICK VP FOR FINANCE & ADMIN (AS OF 01/23) 220417 0 0 0 20500 0 3553 0 12428 0 256898 0 0 0 LORNA HUNTER VICE PRESIDENT ENROLLMENT 212047 0 0 0 0 0 3281 0 14132 0 229460 0 0 0 JOHN SEIDEL DIRECTOR, CES 184238 0 0 0 0 0 2551 0 14960 0 201749 0 0 0 MICHAEL HARVEY PROVOST & DEAN OF THE COLLEGE 164477 0 0 0 0 0 2671 0 24291 0 191439 0 0 0 SARAH FEYERHERM VICE PRESIDENT OF STUDENT AFFAIRS 161871 0 0 0 0 0 2514 0 9143 0 173528 0 0 0 VICTOR SENSENIG CHIEF OF STAFF/VP FOR PLANNING 146066 0 0 0 0 0 2443 0 18140 0 166649 0 0 0 LAURA JOHNSON THRU 062023 AVP FOR FINANCE & ADMINISTRATION 107606 0 0 0 0 0 0 0 0 0 107606 0 0 0 PART I, LINE 1A THE PRESIDENT OF WASHINGTON COLLEGE IS PROVIDED HOUSING AS A CONDITION OF EMPLOYMENT TO ENABLE THE PRESIDENT TO RESPOND TO EMERGENT SITUATIONS 24/7. 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. THE PRESIDENT OF THE COLLEGE RECEIVES NOMINAL HOUSEKEEPING AND CHAUFFER SERVICES. 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, LINES 4A-B NAME: LORNA HUNTER, DESCRIPTION: VP OF ENROLLMENT, CURRENT YEAR AMOUNT: $93,851. PLAN DESCRIPTION: SEVERANCE NAME: MICHAEL SOSULSKI, DESCRIPTION: PRESIDENT, CURRENT YEAR AMOUNT: $28,000. PLAN DESCRIPTION: COLLEGE CONTRIBUTION TO THE PRESIDENT'S 457(F) PLAN. 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, PROCEDURES TO ESTABLISH THE REBUTTABLE PRESUMPTION OF REASONABLENESS ON ALL THE ORGANIZATION'S BOARD TOOK STEPS TO ENSURE THAT IT FOLLOWED PROPER 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 16659000 57684000 369000 57315000 1 0 1 1 B 3351000 20206000 208134 19997866 0 0 1 1 A 0 0 1 1 0 0.03260 0.00000 0.03260 0 0 1 B 0 0 1 1 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 0 0 1 1 RBCPNC 25.000000000000 0 0 0 0 1 B 0 1 0 0 1 0 0 0 1 A 1 B 1 X 3 21366 FMV X DISCOUNTS ON PURCHASES 3 2575 FMV X EPSON STYLUS INKJET PRINTER 1 1999 FMV X BAND FOR THE FISH FRY 1 1200 FMV X CUTTER AND WORK TABLE 1 320 FMV X ATHEY GOLD TOURNAMENT SNACKS 1 298 FMV 0 0 1 0 PART I, COLUMN (B): THE AMOUNT REPORTED IN COLUMN B REPRESENTS THE NUMBER OF ITEMS RECEIVED. FORM 990, PART VI, SECTION B, 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. FORM 990, PART VI, SECTION B, 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. FORM 990, PART VI, SECTION B, LINE 15 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 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 AGREEMENT 30,544. WC WATER LLC 300 WASHINGTON AVENUE CHESTERTOWN MD 21620 270886807 REAL ESTATE MD WASHINGTON COLLEGE