Form 990 for tax year 2023

Filed by GOUCHER COLLEGE.

Totals

Total revenue: $139,553,594
Total expenses: $110,917,845
Contributions and grants received: $67,499,783
Grants paid: $34,892,743
Program service revenue: $66,180,376
Investment income: $5,252,955
Other revenue: $620,480
Total assets, end of year: $477,504,242
Total liabilities, end of year: $125,464,640
Net assets or fund balances, end of year: $352,039,602
Program services expenses (Part IX): $91,520,149
Management and general expenses: $16,772,871
Fundraising expenses: $2,624,825
Program service expenses (Part III): $91,520,149

Program services were 82.5% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

1a · Federated campaigns

$0
1b · Membership dues

$0
1c · Fundraising events

$33,357
1d · Related organizations

$0
1e · Government grants (contributions)

$5,526,860
1f · All other contributions, gifts and grants

$61,939,566
1g · Noncash contributions included above

$458,780
2a · Program service revenue: Undergraduate Tuition, Room & Board

total $60,176,636 · related or exempt $60,176,636 · unrelated business $0 · excluded $0
2b · Program service revenue: Graduate Tuition, Room & Board

total $5,553,840 · related or exempt $5,553,840 · unrelated business $0 · excluded $0
2c · Program service revenue: Continuing Professional Education

total $449,900 · related or exempt $449,900 · unrelated business $0 · excluded $0
2f · All other program service revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
3 · Investment income

total $1,831,934 · related or exempt $0 · unrelated business -$322,774 · excluded $2,154,708
4 · Income from investment of tax-exempt bond proceeds

total $148,716 · related or exempt $0 · unrelated business $0 · excluded $148,716
5 · Royalties

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
6a · Gross rents

real property $581,352 · personal property $0
6b · Less rental expenses

real property $818,792 · personal property $0
6c · Rental income or loss

real property -$237,440 · personal property $0
6d · Net rental income or loss

total -$237,440 · related or exempt $0 · unrelated business -$254,561 · excluded $17,121
7a · Gross sales of assets other than inventory

securities $17,185,349 · other assets $2,127,153
7b · Less cost or other basis and sales expenses

securities $14,184,080 · other assets $1,856,117
7c · Gain or loss

securities $3,001,269 · other assets $271,036
7d · Net gain or loss

total $3,272,305 · related or exempt $0 · unrelated business $7,879 · excluded $3,264,426
8a · Fundraising events: gross income

$9,020
8a · Fundraising events: contributions included on line 1c

$33,357
8b · Fundraising events: direct expenses

$33,327
8c · Net income from fundraising events

total -$24,307 · unrelated business $0 · excluded -$24,307
9a · Gaming: gross income

$0
9b · Gaming: direct expenses

$0
9c · Net income from gaming

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
10a · Gross sales of inventory

$109,156
10b · Cost of goods sold

$75,519
10c · Net income from sales of inventory

total $33,637 · related or exempt $0 · unrelated business $0 · excluded $33,637
11a · Other revenue: Pilates

total $233,919 · related or exempt $0 · unrelated business $233,919 · excluded $0
11b · Other revenue: Pool

total $48,701 · related or exempt $0 · unrelated business $48,701 · excluded $0
11d · All other revenue

total $565,970 · related or exempt $0 · unrelated business $0 · excluded $565,970
11e · Other revenue, total

$848,590

Functional expenses

Part IX, the statement of functional expenses.

2 · Grants to domestic individuals

total $34,777,179 · program services $34,777,179
3 · Grants to foreign organizations and individuals

total $115,564 · program services $115,564
5 · Compensation of officers, directors and key employees

total $1,551,074 · program services $568,750 · management and general $613,412 · fundraising $368,912
6 · Compensation of disqualified persons

total $0 · program services $0 · management and general $0
7 · Other salaries and wages

total $30,644,476 · program services $22,194,465 · management and general $7,132,169 · fundraising $1,317,842
8 · Pension plan contributions

total $1,234,609 · program services $802,923 · management and general $382,496 · fundraising $49,190
9 · Other employee benefits

total $3,168,883 · program services $2,236,083 · management and general $851,386 · fundraising $81,414
10 · Payroll taxes

total $2,274,157 · program services $1,594,929 · management and general $559,148 · fundraising $120,080
11a · Fees: management

total $0 · program services $0 · management and general $0 · fundraising $0
11b · Fees: legal

total $234,427 · program services $120,501 · management and general $109,650 · fundraising $4,276
11c · Fees: accounting

total $134,721 · management and general $134,721
11d · Fees: lobbying

total $14,013 · management and general $14,013
11f · Fees: investment management

total $1,115,072 · management and general $1,115,072
11g · Fees: other

total $5,398,844 · program services $3,656,182 · management and general $1,460,195 · fundraising $282,467
12 · Advertising and promotion

total $549,486 · program services $129,891 · management and general $359,980 · fundraising $59,615
13 · Office expenses

total $2,281,423 · program services $1,927,427 · management and general $312,803 · fundraising $41,193
14 · Information technology

total $1,572,929 · program services $147,117 · management and general $1,400,812 · fundraising $25,000
15 · Royalties

total $0 · program services $0 · management and general $0 · fundraising $0
16 · Occupancy

total $3,854,222 · program services $3,597,749 · management and general $201,289 · fundraising $55,184
17 · Travel

total $1,050,420 · program services $969,771 · management and general $49,476 · fundraising $31,173
18 · Travel or entertainment for public officials

total $0 · program services $0 · management and general $0 · fundraising $0
19 · Conferences, conventions and meetings

total $209,960 · program services $181,269 · management and general $21,465 · fundraising $7,226
20 · Interest

total $4,013,701 · program services $3,704,727 · management and general $285,926 · fundraising $23,048
21 · Payments to affiliates

total $0 · program services $0 · management and general $0 · fundraising $0
22 · Depreciation, depletion and amortization

total $8,942,719 · program services $8,406,156 · management and general $447,136 · fundraising $89,427
23 · Insurance

total $987,887 · management and general $987,887
24a · Other expenses: Food Service Costs

total $4,331,022 · program services $4,331,022 · management and general $0 · fundraising $0
24b · Other expenses: Study Abroad

total $673,506 · program services $673,506 · management and general $0 · fundraising $0
24c · Other expenses: Food

total $645,691 · program services $526,825 · management and general $61,839 · fundraising $57,027
24d · Other expenses: Other Administration

total $1,141,860 · program services $858,113 · management and general $271,996 · fundraising $11,751

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $4,490,874 · end of year $2,211,241
2 · Savings and temporary cash investments

beginning of year $1,215,008 · end of year $1,220,711
3 · Pledges and grants receivable

beginning of year $2,126,762 · end of year $3,236,135
4 · Accounts receivable

beginning of year $2,482,373 · end of year $2,427,873
5 · Loans and receivables from officers and key people

beginning of year $0 · end of year $0
6 · Loans and receivables from disqualified persons

beginning of year $0 · end of year $0
7 · Other notes and loans receivable

beginning of year $0 · end of year $0
8 · Inventories for sale or use

beginning of year $0 · end of year $0
9 · Prepaid expenses and deferred charges

beginning of year $2,484,493 · end of year $2,406,886
10a · Land, buildings and equipment: cost or other basis

$313,725,597
10b · Land, buildings and equipment: accumulated depreciation

$158,284,310
10c · Land, buildings and equipment, net

beginning of year $162,025,564 · end of year $155,441,287
11 · Investments: publicly traded securities

beginning of year $160,064,820 · end of year $188,388,418
12 · Investments: other securities

beginning of year $80,353,956 · end of year $83,338,499
13 · Investments: program-related

beginning of year $5,612,428 · end of year $5,735,254
14 · Intangible assets

beginning of year $0 · end of year $0
15 · Other assets

beginning of year $9,469,016 · end of year $33,097,938
17 · Accounts payable and accrued expenses

beginning of year $7,036,176 · end of year $5,636,195
18 · Grants payable

beginning of year $0 · end of year $0
19 · Deferred revenue

beginning of year $2,300,278 · end of year $2,496,053
20 · Tax-exempt bond liabilities

beginning of year $106,162,762 · end of year $106,145,277
21 · Escrow or custodial account liability

beginning of year $0 · end of year $0
22 · Loans and payables to officers and key people

beginning of year $0 · end of year $0
23 · Secured mortgages and notes payable

beginning of year $2,800,000 · end of year $2,800,000
24 · Unsecured notes and loans payable

beginning of year $0 · end of year $0
25 · Other liabilities

beginning of year $9,239,371 · end of year $8,387,115
27 · Net assets without donor restrictions

beginning of year $79,499,935 · end of year $68,052,974
28 · Net assets with donor restrictions

beginning of year $223,286,772 · end of year $283,986,628

Mission and programs · 2023

Mission

Goucher College provides an innovative liberal arts education that prepares students with a broad, humane perspective for a life of inquiry, creativity, and critical and analytical thinking. The College's vision is to become a top-100 national liberal arts college known for offering a transformational education that delivers graduates who can solve complex problems within a diverse, global community.

Activities or mission (Part I)

Goucher College provides an innovative liberal arts education that prepares students with a broad, humane perspective for a life of inquiry, creativity, and critical and analytical thinking.

The College provided an Undergraduate Arts and Sciences education to 965 students. Goucher's academic philosophy is focused on 3Rs: relationships, resilience, and reflection, and coursework reflects the core values of a liberal arts education: proficiency in English composition and in a foreign language, solid foundations in history, abstract reasoning, scientific discovery and experimentation, problem-solving, social structures, and environmental sustainability. A highlight of Goucher's unique liberal arts curriculum is the requirement that all undergraduates must study abroad at least once before graduation, making the College among the first in the nation to make such a bold move in globalized education. Goucher strives to educate the whole student and promotes a broad education over narrow career training. This gives graduates a wide range of professional options and increased ability to take advantage of new opportunities in developing fields-and even the capability to change careers. Goucher students master a range of knowledge, including the communication, critical thinking, and quantitative reasoning skills that U.S. employers overwhelmingly say they want job candidates to have.

Expenses $84,289,331 · Grants $33,690,904 · Revenue $60,176,636
The College provided a graduate education to 536 students. The Welch Center for Graduate and Professional Studies offers a diverse range of academic programs, including: Master of Arts and Master of Fine Arts degrees in areas such as education, teaching, historic preservation, arts administration, cultural sustainability, digital arts, nonfiction, management, and environmental sustainability, plus a post-baccalaureate premedical program. These programs are led by industry leaders who help students strengthen their skills, add to their knowledge base, and create professional opportunities wherever their passions lead.

Expenses $6,803,598 · Grants $1,201,839 · Revenue $5,553,840
The College provided credit and non-credit continuing studies course work for 601 participants. Goucher is home to the College Board's Advanced Placement (AP) Summer Institute, training teachers in AP courses from across the country and around the world. The Advanced Placement Summer Institute allows teachers to earn graduate credit while gaining College Board-certified preparation in most subject areas offered through AP programs.

Expenses $427,220 · Revenue $449,990

As filed on the 2023 return.

Listed in Part VII

Kent Devereaux

President

Total calculated

$667,517

From this org

$450,411

From related orgs

$0

Other

$217,106

Hours/week

40

Schedule J breakdown matched by us

Base

$337,030

Bonus

$0

Other

$113,381

Deferred

$162,250

Nontaxable benefits

$55,777

Filer's total

$668,438
Michele Y Ewing

VP for Advancement

Total calculated

$277,073

From this org

$236,567

From related orgs

$0

Other

$40,506

Hours/week

40

Schedule J breakdown matched by us

Base

$235,541

Bonus

$0

Other

$1,026

Deferred

$12,286

Nontaxable benefits

$28,219

Filer's total

$277,072
Elaine Meyer-Lee

Provost

Total calculated

$260,878

From this org

$230,583

From related orgs

$0

Other

$30,295

Hours/week

40

Schedule J breakdown matched by us

Base

$229,143

Bonus

$0

Other

$1,441

Deferred

$11,764

Nontaxable benefits

$18,532

Filer's total

$260,880
Jonathan Lindsay

VP for Enrollment Management

Total calculated

$223,620

From this org

$204,511

From related orgs

$0

Other

$19,109

Hours/week

40

Schedule J breakdown matched by us

Base

$196,561

Bonus

$0

Other

$7,950

Deferred

$0

Nontaxable benefits

$19,109

Filer's total

$223,620
Noel Ward

Associate VP of Finance and Controller

Total calculated

$216,035

From this org

$188,699

From related orgs

$0

Other

$27,336

Hours/week

40

Schedule J breakdown matched by us

Base

$178,489

Bonus

$10,000

Other

$210

Deferred

$8,316

Nontaxable benefits

$19,020

Filer's total

$216,035
Aarika Camp

Vice President of Student Affairs

Total calculated

$215,584

From this org

$185,289

From related orgs

$0

Other

$30,295

Hours/week

40

Schedule J breakdown matched by us

Base

$184,648

Bonus

$0

Other

$642

Deferred

$9,400

Nontaxable benefits

$10,080

Filer's total

$204,770
Lisa Van Riper

VP of Marketing and Communications

Total calculated

$209,127

From this org

$180,411

From related orgs

$0

Other

$28,716

Hours/week

40

Schedule J breakdown matched by us

Base

$179,427

Bonus

$0

Other

$984

Deferred

$5,637

Nontaxable benefits

$23,079

Filer's total

$209,127
Erik Thompson

VP for Campus Operations

Total calculated

$200,405

From this org

$194,276

From related orgs

$0

Other

$6,129

Hours/week

40

Schedule J breakdown matched by us

Base

$193,398

Bonus

$0

Other

$878

Deferred

$6,129

Nontaxable benefits

$0

Filer's total

$200,405
Kristi Yowell

Associate VP for Human Resources

Total calculated

$190,388

From this org

$181,122

From related orgs

$0

Other

$9,266

Hours/week

40

Schedule J breakdown matched by us

Base

$170,906

Bonus

$10,000

Other

$216

Deferred

$7,766

Nontaxable benefits

$1,500

Filer's total

$190,388
Daniele Bananto

Sr. Director of Information Technology App & Projects

Total calculated

$152,348

From this org

$135,672

From related orgs

$0

Other

$16,676

Hours/week

40

Schedule J breakdown matched by us

Base

$130,273

Bonus

$5,000

Other

$399

Deferred

$6,677

Nontaxable benefits

$9,999

Filer's total

$152,348
David Grossman

Associate Professor

Total calculated

$148,138

From this org

$141,734

From related orgs

$0

Other

$6,404

Hours/week

40
German Mora

Associate Provost for Curriculum

Total calculated

$136,699

From this org

$129,588

From related orgs

$0

Other

$7,111

Hours/week

40
Lisa Lyden Stromberg Class of 1983

Trustee, Chair

Total calculated

$0

Hours/week

25
Faye Polayes Class of 1973

Trustee, Vice Chair

Total calculated

$0

Hours/week

20
Janet Farrell Class of 1973

Trustee, Treasurer

Total calculated

$0

Hours/week

10
Jocelyn Reader Class of 2002

Trustee, Secretary

Total calculated

$0

Hours/week

10
Tara Abdullah-Nri Class of 2022

Trustee

Total calculated

$0

Hours/week

5
Patricia Batza Class of 1991

Trustee

Total calculated

$0

Hours/week

5
Robert Lee Bull Jr Class of 1993

Trustee

Total calculated

$0

Hours/week

10
Melinda J Burdette Class of 1972

Trustee

Total calculated

$0

Hours/week

10
Tinisha J Cheatham

Trustee

Total calculated

$0

Hours/week

5
Marc Cousins

Trustee

Total calculated

$0

Hours/week

5
Elizabeth Ellers Class of 1981

Trustee

Total calculated

$0

Hours/week

5
Leda Fuller Favor Class of 1979

Trustee

Total calculated

$0

Hours/week

5
Stefano Fiore Class of 2022

Trustee

Total calculated

$0

Hours/week

5
Deanna Galer Class of 2017

Trustee

Total calculated

$0

Hours/week

5
Linda K Himmelberger Class of 1974

Trustee

Total calculated

$0

Hours/week

5
Miriam Brown Hutchins Class of 1973

Trustee

Total calculated

$0

Hours/week

5
Miriam E Katowitz Class of 1973

Trustee

Total calculated

$0

Hours/week

5
Marcus Loveland

Trustee

Total calculated

$0

Hours/week

5
Dr Michael Okoroafor

Trustee

Total calculated

$0

Hours/week

5
Alice G Pinderhughes Class of 1973

Trustee

Total calculated

$0

Hours/week

5
Rosana Roig Class of 1978

Trustee

Total calculated

$0

Hours/week

5
Madalyn Romberger Class of 2021

Trustee

Total calculated

$0

Hours/week

5
Jonathan Schoenfeld Class of 1997

Trustee

Total calculated

$0

Hours/week

5
Kim Shaffir Class of 1983

Trustee

Total calculated

$0

Hours/week

5
Stewart Thomsen

Trustee

Total calculated

$0

Hours/week

5
Cindy Truitt Class of 1988

Trustee

Total calculated

$0

Hours/week

5
Marilyn S Warshawsky Class of 1968

Trustee

Total calculated

$0

Hours/week

5
Craig Watson

Trustee

Total calculated

$0

Hours/week

5
Betsy Weingarten Class of 1988

Trustee

Total calculated

$0

Hours/week

5
Jonathan Wexler Class of 1994

Trustee

Total calculated

$0

Hours/week

5
Wendy S White Class of 1972

Trustee

Total calculated

$0

Hours/week

5

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

1a · Tax indemnification and gross-up payments
1a · Housing allowance or residence for personal use
1a · Health or social club dues or initiation fees
1a · Personal services (maid, chauffeur, chef)
1b · Written policy on the line-1a expenses
2 · Substantiation required before reimbursing expenses
3 · Compensation committee
3 · Compensation survey or study
3 · Approval by the board or compensation committee
4a · Severance or change-of-control payment
4b · Supplemental nonqualified retirement plan
7 · Other non-fixed payments

Answered no

4c · Equity-based compensation arrangement
5a · Pay contingent on this organization's revenues
5b · Pay contingent on a related organization's revenues
6a · Pay contingent on this organization's net earnings
6b · Pay contingent on a related organization's net earnings
8 · Paid under the initial-contract exception

The filer's explanations (Part III)

Schedule J, Part I, Line 1a: A residence and limited personal services are provided for the convenience of the College and as a condition of employment. A housing allowance of $28,840 is included in the President's non-taxable compensation. The club memberships provide President Devereaux with access to conveniently located and cost-efficient spaces for meetings with donors, which may take place over meals, as well as reciprocal club spaces domestically and internationally. The University Club in New York, where many donors and trustees live, also offers a reduced price for overnight accommodations in comparison to area hotels. This club has a specific membership tier and reduced fee for college and university presidents that reflects the non-profit status of these institutions. All expenses incurred and billed to the College at these clubs are exclusively for College business. Club dues of $3,921 is included a non-taxable fringe benefit. In addition, the College provides a de minims gross-up payment to senior staff to cover the tax impact of long-term disability insurance.
Schedule J, Part I, Line 4: The College provides a deferred compensation plan (the Plan) pursuit to 457(f) of the Internal Revenue Code of 1986, as amended, for the benefit of the President. The Plan provides additional compensation for his continued service, by the payment of a deferred compensation amount. The amount, as provided under his contract, is credited to an account on July 1, accrues interest monthly. Amounts accrued through June 30, 2023 was payable in September following the fiscal year end. Beginning July 1, 2023, amounts accrued are payable in September 2027. The amount vests as of the payment date, and is forfeited in the event of voluntarily termination of employment, or termination for cause. Johnathan Lindsay, the former VP for Enrollment Management, received $36,008 in severance during 2024.
Schedule J, Part I, Line 7: In calendar year 2023, the College paid appreciation and retention bonus to three individuals that led the system implementation of the Workday Platform for HCM, Finance and Payroll. The bonus was an acknowledgement of their leadership and the additional responsibilities assumed during the implementation.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

Pooled Income Fund (2)

T · Annuity · MD
Charitable Remainder Unitrust (3)

T · Annuity · MD

Provenance

Return type: form_990
Tax year: 2023
Filed: 8 May 2025
IRS schema version: 2023v6.0
Source object: 202501289349301625

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