Washington College

“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, 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.”

“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.”

“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.”

“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.”

“FORM 990, PART IX, LINE 9 CHANGE IN FAIR MARKET VALUE OF INTEREST RATE SWAP $3,818,727 Change in value of split-interest agreements $56,800 ----------- Total $3,875,527”