Goucher College

“After review by the Audit and Risk Committee, the complete Form 990 and Form 990T were distributed electronically to all members of the Board of Trustees for a period of review and comment lasting 7 days. At the conclusion of the periods of comment and review, a meeting of the Audit and Risk Committee of the Board of Trustees was convened to review and revise (if necessary) the Form 990 and 990T. The Forms were approved for Filing by the Audit and Risk Committee of the Board of Trustees on May 8, 2023.”

“Every trustee, officer and key employee is provided a copy of the Conflict-of-Interest Policy annually and are required to complete an annual disclosure form reporting any known material financial or other interest of the trustee, officer or key employee or a family member in any transaction or business relationship the College has or is considering, including material financial or other interests in any outside entity involved in such transaction or relationship. The CFO and/or Director of Risk Management & Contracts reviews the disclosure forms and reports any disclosures to the Audit and Risk Committee Committee of the Board of Trustees. Committee members then determine what, if any, action should be taken as to each disclosure and these actions are implemented by the CFO and/or Director of Risk Management & Contracts. The policy directs the committee to review and update the list of the key employees, and the policy itself is reviewed on a regular basis and revised, as necessary.”

“Goucher College uses the median of relevant national markets to establish salary ranges for positions. The national comparison market was established based on institution type (private, not-for-profit Baccalaureate: Arts & Science Focus institutions in the U.S.), total enrollment (750 - 2,500), total expenses ($50M - $125M), total FTE (300-750), and Degree of Urbanization (excludes rural institutions). After conducting a geographic analysis on cost of labor, the College applied a 5% premium to account for the Baltimore cost of labor difference against the U.S. average for all positions. For staff positions, the median of the market for private, independent colleges using CUPA-HR salary survey data was used, along with two general industry salary surveys, Comp Analyst and Willis Towers Watson. For faculty positions, the median of the market for private, independent colleges using CUPA-HR salary survey data was used based on rank and discipline as defined by the four-digit Classification of Instructional Programs (CIP) code; two-digit codes were used when four-digit data was not available. This compensation philosophy was discussed and agreed to by President's Cabinet. A Presidential performance review form is used by the Board to evaluate the president's performance. A copy of the report is maintained by the Associate Vice President for Human Resources.”

“The governing documents, conflict of interest policy, and audited financial statements are available to the public upon request. Some policies are also available on the College website.”

“Form 990, Part XI, Line 9 - Changes in fair value of interest rate swap agreement $2,331,705.”