Washington College FY2021 filing

Tax-deductible

Chestertown, MD501(c)(3)Since 1782Colleges & UniversitiesEIN 52-0591691Revenue $93.6M in FY2021

On file with the IRSwashcoll.edu300 Washington Ave, 21620-1438 · Chestertown, MDTax-exempt since Apr 1947School — 170(b)(1)(A)(ii)

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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.

501(c)(3) charity; gifts are tax-deductible.
86¢ of each $1 spent went to programs.
$2.1M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 6
filings with a surplus
Average surplus $17.5M a year · 15% of revenue · last 6 filings
Fine: a surplus in 5 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
86%
of spending
Looks good: 86% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$2.1M
to officers and key staff · 2% of spending
Looks good: pay to officers and key staff is 2% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
5 mo
of spending, in cash
Looks good: 4.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
5
named funders · $48K
Looks good: 5 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$75.0M
15% of total assets
Looks good: liabilities are 15% of assets; 50% or less.
Pt X · Ln 26
Independent board members
35
of 35 voting members
Looks good: 35 of 35 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$93.6M
-9% vs prior year
Spent
$86.0M
To programs
86%
Net assets
$434.6M
By yearFY2020–FY2025
Revenue
$93.6M
FY2021▼ -9%
Tap a bar for its year
Revenue by fiscal year
FY2020$102.9M
FY2021$93.6M
FY2022$131.6M
FY2023$94.4M
FY2024$154.2M
FY2025$132.3M
Expenses
$86.0M
FY2021▼ -12%
Tap a bar for its year
Expenses by fiscal year
FY2020$97.6M
FY2021$86.0M
FY2022$92.9M
FY2023$101.4M
FY2024$112.3M
FY2025$113.4M
Net assets
$434.6M
FY2021▲ +16%
Tap a bar for its year
Net assets by fiscal year
FY2020$375.8M
FY2021$434.6M
FY2022$403.8M
FY2023$405.2M
FY2024$477.4M
FY2025$485.5M

From the FY2021 Form 990 (year ending June 2021) · figures checked against the IRS filing · see the original

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You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Apr 1947.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

86 cents of each dollar spent went to programs.

Program services 86% · $73.7M Management & general 13% · $11.1M Fundraising 1% · $1.1M

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

47 people listed on the 990; $2.1M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
President
$389,301Pt VII · Sec A
VP, Advancement, Alumni Affairs & Constituent Enga
$216,319Pt VII · Sec A
Provost & Dean of the College
$205,020Pt VII · Sec A
Vice President Enrollment Management
$199,721Pt VII · Sec A
VP for Finance & Administration
$171,203Pt VII · Sec A
Director, Ces
$170,211Pt VII · Sec A
Vice President and Dean of Students
$151,204Pt VII · Sec A
Chief of Staff/VP for Planning & Policy
$140,289Pt VII · Sec A

Michael Sosulski’s $554K as President (until 7/31/25) is at the 46th percentile of top reported officer pay among 674 $100M+ education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Michael Sosulski$553,587$441,251$403,599$129,354——
Kurt Landgraf————$389,301$407,235
Susannah C Sutley$270,974$264,053$260,868$208,500$216,319—
Edward Patrick$154,224$254,175$240,917———
Wayne Powell———$253,494——
Susannah Sutley—————$238,478
Mark Hampton—————$228,406
Brian Speer$226,221$211,973————

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Provides a residential liberal arts college education that challenges students to become responsible citizen leaders through academic study and on-campus community living.

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3 programs · $73.7M · in their own filed words · FY2020
01

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 at a rate of 64% in 4 years.

$73.6Mprogram expense
02

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.

$114Kprogram expense
03

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.

Pt IX · col B

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2025
See all 5 funders →
Grants paid · 12 grants · $181.6M · 2019–2024
Unitemized GrantFY2024$32,287,280
Outerarts Maryland INCMD · FY2024$32,709
Unitemized GrantFY2023$29,188,934
Unitemized GrantFY2023$406,711
Unitemized GrantFY2022$29,197,890
Unitemized GrantFY2022$472,524
Unitemized GrantFY2021$29,151,909
Unitemized GrantFY2021$303,617
Unitemized GrantFY2020$28,210,590
Unitemized GrantFY2020$460,378
Unitemized GrantFY2019$31,144,198
Unitemized GrantFY2019$781,916

By the numbers

The FY2021 990, line by line.

1The main four
Money inPt VIII
$93.6M
Ln 12
Fees for servicesLn 2g$52.7M
Investment incomeLn 3$26.9M
Gifts and grantsLn 1h$13.5M
Money outPt IX
$86.0M
Ln 25
Programscol B$73.7M
Managementcol C$11.1M
Fundraisingcol D$1.1M
Owns and owesPt X
$434.6M
net assets · Ln 32
Cash and savingsLn 1–2$33.8M
Total assetsLn 16$509.6M
LiabilitiesLn 26$75.0M
PeoplePt VI, VII
47
listed · VII A
PaidVII A12
Voting boardVI 1a35
IndependentVI 1b35
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$13.5M
Government grantsLn 1e$5.0M
Noncash giftsLn 1g$7K
Fees for servicesLn 2g$52.7M
Investment incomeLn 3$26.9M
Other incomeLn 4–11$570K
Gains on assetsLn 7$26.7M
Total revenueLn 12$93.6M
Assets in detailPt X, end of year
SavingsLn 2$33.8M
Cash and savings togetherLn 1–2$33.8M
InvestmentsLn 11–13$291.5M
Land, buildings, equipmentLn 10c$174.1M
Other assetsLn 15$3.8M
Total assetsLn 16$509.6M
LiabilitiesLn 26$75.0M
Net assetsLn 32$434.6M
OperationsPt I, VI
EmployeesI 51,266
VolunteersI 6329
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$39.0M$33.8M
InvestmentsLn 11–13$227.0M$291.5M
Land, buildings, equipmentLn 10c$181.0M$174.1M
Total assetsLn 16$454.4M$509.6M
LiabilitiesLn 26$78.6M$75.0M
Net assetsLn 32$375.8M$434.6M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$28.7M$28.7M
Grants and assistance to foreign recipientsLn 3$627K$627K
Other salaries and wagesLn 7$23.1M$19.9M$2.5M$664K
Other employee benefitsLn 9$2.9M$2.4M$402K$136K
Payroll taxesLn 10$1.6M$1.4M$156K$64K
Legal feesLn 11b$222K$222K
Accounting feesLn 11c$86K$86K
Investment management feesLn 11f$624K$624K
Other fees for servicesLn 11g$5.4M$4.3M$1.0M$155K
Advertising and promotionLn 12$22K$9K$13K
Office expensesLn 13$583K$534K$23K$25K
OccupancyLn 16$3.7M$2.3M$1.4M
TravelLn 17$122K$110K$8K$4K
InterestLn 20$3.0M$2.0M$1.0M
Depreciation, depletion and amortizationLn 22$8.9M$6.2M$2.7M$5K
InsuranceLn 23$611K$404K$207K
Other expenses (24a–d)Ln 24$3.8M$3.3M$406K$71K
All other expensesLn 24e$2.1M$1.4M$675K$9K
Total functional expensesLn 25$86.0M$73.7M$11.1M$1.1M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $132.3M$113.4M$18.8M$485.5M 990 PDF
FY2024 $154.2M$112.3M$41.9M$477.4M 990 PDF
FY2023 $94.4M$101.4M−$7.0M$405.2M 990 PDF
FY2022 $131.6M$92.9M$38.7M$403.8M 990 PDF
FY2021 Viewing $93.6M$86.0M$7.6M$434.6M 990 PDF
FY2020 $102.9M$97.6M$5.3M$375.8M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2021 990 (6 parts)
Part I · Summary $93,610,957 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $25,655,671$13,460,258
I-9 Program service revenuePrior year $68,915,945$52,714,646
I-10 Investment incomePrior year $7,267,495$26,865,806
I-11 Other revenuePrior year $1,013,187$570,247
I-12 Total revenuePrior year $102,852,298$93,610,957
I-13 Grants and similar amounts paidPrior year $33,084,635$29,297,802
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $32,607,309$27,564,691
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $31,859,779$29,114,313
I-18 Total expensesPrior year $97,551,723$85,976,806
I-19 Revenue less expensesPrior year $5,300,575$7,634,151
Part VI · Governance 35 of 35 board members independent, no flags
VI-1a Voting members of the governing body35
VI-1b Independent voting members35
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $93,610,957 across 10 lines filed
Lines not itemized here account for $39,536 of total revenue; see the IRS return.
VIII-1e Government grants$4,979,907
VIII-1f All other contributions, gifts and grants$8,480,351
VIII-1g Noncash contributions (included above)$6,537
VIII-1h Total contributions, gifts and grants$13,460,258
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $52,669,803 · Unrelated business $44,843$52,714,646
VIII-3 Investment incomeExcluded from tax $211,129$211,129
VIII-6 Net rental income or lossExcluded from tax $44,542$44,542
VIII-7 Net gain or loss on sales of assetsExcluded from tax $26,654,677$26,654,677
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $198,105 · Excluded from tax $288,064$486,169
VIII-12 Total revenueRelated to mission $52,907,444 · Unrelated business $44,843 · Excluded from tax $27,198,412$93,610,957
Part IX · Statement of functional expenses $85,976,806 across 18 lines filed
IX-2 Grants to domestic individualsPrograms $28,670,968$28,670,968
IX-3 Grants and assistance to foreign recipientsPrograms $626,834$626,834
IX-7 Other salaries and wagesPrograms $19,856,211 · Management $2,532,493 · Fundraising $663,954$23,052,658
IX-9 Other employee benefitsPrograms $2,384,316 · Management $401,706 · Fundraising $136,439$2,922,461
IX-10 Payroll taxesPrograms $1,369,426 · Management $156,498 · Fundraising $63,648$1,589,572
IX-11b Legal feesPrograms $222,266$222,266
IX-11c Accounting feesPrograms $85,885$85,885
IX-11f Investment management feesManagement $623,646$623,646
IX-11g Other fees for servicesPrograms $4,265,001 · Management $1,029,803 · Fundraising $154,935$5,449,739
IX-12 Advertising and promotionPrograms $9,486 · Management $12,969$22,455
IX-13 Office expensesPrograms $534,094 · Management $22,983 · Fundraising $25,440$582,517
IX-16 OccupancyPrograms $2,325,819 · Management $1,366,088$3,691,907
IX-17 TravelPrograms $109,864 · Management $8,154 · Fundraising $3,917$121,935
IX-20 InterestPrograms $1,969,567 · Management $1,014,625$2,984,192
IX-22 Depreciation, depletion and amortizationPrograms $6,193,618 · Management $2,666,297 · Fundraising $5,388$8,865,303
IX-23 InsurancePrograms $404,263 · Management $206,530$610,793
IX-24 Other expenses (24a–d)Programs $3,318,024 · Management $406,049 · Fundraising $71,234$3,795,307
IX-24e All other expensesPrograms $1,374,100 · Management $675,201 · Fundraising $9,067$2,058,368
IX-25 Total functional expensesPrograms $73,719,742 · Management $11,123,042 · Fundraising $1,134,022$85,976,806
Part X · Balance sheet $509,587,236 assets, 18 lines filed
Asset lines not itemized here account for $49,968; see the IRS return.
X-2 Savings and temporary cash investmentsStart of year $39,027,498$33,787,310
X-3 Pledges and grants receivableStart of year $3,893,749$2,630,395
X-4 Accounts receivableStart of year $2,686,717$2,044,208
X-9 Prepaid expenses and deferred chargesStart of year $865,096$1,652,137
X-10c Land, buildings and equipment, netStart of year $180,952,494$174,143,492
X-11 Publicly traded securitiesStart of year $143,423,616$152,764,737
X-12 Other securitiesStart of year $83,536,214$138,764,989
X-15 Other assetsStart of year $0$3,750,000
X-16 Total assetsStart of year $454,444,953$509,587,236
X-17 Accounts payable and accrued expensesStart of year $2,397,338$4,232,271
X-19 Deferred revenueStart of year $2,201,461$2,075,043
X-20 Tax-exempt bond liabilitiesStart of year $62,457,782$60,169,200
X-25 Other liabilitiesStart of year $11,584,113$8,516,779
X-26 Total liabilitiesStart of year $78,640,694$74,993,293
X-27 Net assets without donor restrictionsStart of year $130,842,812$125,115,744
X-28 Net assets with donor restrictionsStart of year $244,961,447$309,478,199
X-32 Total net assets or fund balancesStart of year $375,804,259$434,593,943
X-33 Total liabilities and net assetsStart of year $454,444,953$509,587,236
Part XI · Reconciliation of net assets $434,593,943 net assets at year end
XI-1 Total revenue$93,610,957
XI-2 Total expenses$85,976,806
XI-3 Revenue less expenses$7,634,151
XI-4 Net assets at start of year$375,804,259
XI-5 Net unrealized gains (losses) on investments$47,981,465
XI-9 Other changes in net assets$3,174,068
XI-10 Net assets at end of year$434,593,943

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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