| MISSION STATEMENT |
FORM 990, PART I, LINE 1 AND PART III, LINE 1 WILLIAMS SEEKS TO PROVIDE THE FINEST POSSIBLE LIBERAL ARTS EDUCATION BY NURTURING IN STUDENTS THE ACADEMIC AND CIVIC VIRTUES, AND THEIR RELATED TRAITS OF CHARACTER. WILLIAMS IS COMMITTED TO THE CENTRAL ENDEAVOR OF ACADEMIC EXCELLENCE IN A COMMUNITY OF LEARNING THAT COMPRISES STUDENTS, FACULTY AND STAFF, AND DRAWS ON THE ENGAGEMENT OF ALUMNI AND PARENTS. WILLIAMS ASKS ALL ITS STUDENTS TO UNDERSTAND THAT AN EDUCATION AT WILLIAMS SHOULD NOT BE REGARDED AS A PRIVILEGE DESTINED TO CREATE FURTHER PRIVILEGE, BUT AS A PRIVILEGE THAT CREATES OPPORTUNITIES TO SERVE SOCIETY AT LARGE, AND IMPOSES THE RESPONSIBILITY TO DO SO. AT THE SAME TIME, BEING ITSELF PRIVILEGED BY ITS HISTORY AND CIRCUMSTANCES, WILLIAMS UNDERSTANDS ITS OWN RESPONSIBILITY TO CONTRIBUTE BY THOUGHT AND EXAMPLE TO THE WORLD OF HIGHER EDUCATION. |
| PROGRAM SERVICE ACCOMPLISHMENTS |
FORM 990, PART III, LINE 4A WILLIAMS IS AN INDEPENDENT LIBERAL ARTS COLLEGE FOR APPROXIMATELY 2,000 FULL-TIME UNDERGRADUATE AND 50 GRADUATE STUDENTS WHO COME FROM ALL OF THE 50 STATES AND MANY FOREIGN COUNTRIES. THE WILLIAMS CURRICULUM OFFERS STUDY IN THE HUMANITIES, THE SOCIAL SCIENCES AND THE NATURAL SCIENCES AND COMBINES A BROAD EDUCATION WITH KNOWLEDGE OF ONE FIELD IN DEPTH. THE COLLEGE OFFERS THE BACHELOR OF ARTS DEGREE AT THE UNDERGRADUATE LEVEL. IN ADDITION, MASTER OF ARTS PROGRAMS IN POLICY ECONOMICS AND HISTORY OF ART ARE OFFERED. |
| GOVERNING BODY AUTHORITY |
FORM 990, PART VI, SECTION A, LINE 1A WILLIAMS COLLEGE'S GOVERNING BODY AND GOVERNING DOCUMENTS DELEGATE AUTHORITY ON A LIMITED SCOPE TO AN EXECUTIVE COMMITTEE CONSISTING OF THE BOARD CHAIR, THE PRESIDENT OF THE COLLEGE, AND 5-7 OTHER BOARD MEMBERS SELECTED ANNUALLY BY THE CHAIR AND PRESIDENT ACTING JOINTLY. |
| REVIEW PROCESS FOR FORM 990 |
FORM 990, PART VI, LINE 11A WORKING WITH PRICEWATERHOUSECOOPERS, LLP ("PWC"), THE FORM 990 IS PREPARED FOR REVIEW BY SENIOR MANAGEMENT AND THE AUDIT COMMITTEE. PWC SIGNS THE RETURN AS PAID PREPARER. A FINAL FORM 990 EXCLUDING THE NAMES OF ANONYMOUS DONORS AND THE AMOUNTS FOR CERTAIN ANONYMOUS DONORS WAS THEN DISTRIBUTED TO THE FULL BOARD BEFORE FILING WITH THE IRS. |
| CONFLICT OF INTEREST |
FORM 990, PART VI, SECTION B, LINE 12C TRUSTEES ARE REQUIRED TO COMPLETE A CONFLICT OF INTEREST DISCLOSURE ANNUALLY. THE DISCLOSURE FORMS ARE REVIEWED BY THE CHAIR OF THE AUDIT COMMITTEE. TRUSTEES HAVING A CONFLICT OF INTEREST ON ANY MATTER THAT COMES BEFORE THE BOARD, OR ANY COMMITTEE OF THE BOARD, FOR ACTION RECUSE THEMSELVES FROM PARTICIPATING IN THE DECISION. EMPLOYEES ARE REQUIRED TO COMPLETE A CONFLICT OF INTEREST DISCLOSURE FORM ANNUALLY. DISCLOSURES ARE REVIEWED BY DEPARTMENT HEADS AND SENIOR STAFF. ANY EMPLOYEE WITH A CONFLICT OF INTEREST WOULD BE PRECLUDED FROM INVOLVEMENT IN DECISION MAKING OR FINANCIAL DEALINGS WITH THE ENTITY OR RELATIONSHIP GIVING RISE TO THE CONFLICT. TRUSTEES AND EMPLOYEES ARE REQUIRED TO REPORT ANY MID-YEAR CHANGES TO THE PRESIDENT'S OFFICE AND THEIR SUPERVISOR RESPECTIVELY. |
| PROCESS FOR DETERMINING COMPENSATION |
FORM 990, PART VI, SECTION B, LINE 15 WILLIAMS COLLEGE ASSIGNS THE DUTY OF SETTING EXECUTIVE COMPENSATION TO THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. THE EXECUTIVE COMMITTEE SELECTS A SUBSET OF THE COMMITTEE TO SERVE AS AN INDEPENDENT COMPENSATION COMMITTEE THAT ANNUALLY REVIEWS THE COMPENSATION OF THE PRESIDENT. THIS COMMITTEE CONSIDERS COMPENSATION SURVEYS, MARKET DATA AND ANALYSES. THE COMMITTEE'S DELIBERATIONS ARE NOTED. THE COMPENSATION OF THE ORGANIZATION'S OTHER OFFICERS AND KEY EMPLOYEES IS DETERMINED BY THE PRESIDENT. THE PRESIDENT CONSIDERS COMPENSATION SURVEYS, MARKET DATA AND ANALYSES. The President's deliberations and decisions are also documented. |
| PUBLIC INSPECTION |
FORM 990, PART VI, SECTION C, LINE 18 THE FORM 990 IS AVAILABLE UPON REQUEST, ON THE COLLEGE WEBSITE, AND ON GUIDESTAR.ORG. |
| GOVERNING DOCUMENTS |
FORM 990, PART VI, SECTION C, LINE 19 Williams College's governing documents, conflict of interest policy, and financial statements are posted on the College website. |
| INVESTMENT EXPENSES |
FORM 990, PART IX, LINES 5 AND 11F INVESTMENT EXPENSES ARE REPORTED NET WITH INVESTMENT INCOME, CONSISTENT WITH FINANCIAL STATEMENT REPORTING. |
| OTHER CHANGES IN NET ASSETS |
FORM 990, PART XI, LINE 9 LIFE INCOME PAYMENTS AND CHANGE IN PRESENT VALUE $(3,769,899) GAIN AND NET SETTLEMENT ON INTEREST RATE SWAPS $ 3,788,514 INVESTMENT INCOME ON SPLIT INTEREST AGREEMENTS $ 1,637,371 CHANGE IN NET ASSETS NOT OWNED BY COLLEGE $ 62,561 GAIN OR LOSS ON RETIREMENT OF LONG TERM DEBT $ 1,808,908 ___________ TOTAL $ 3,527,455 |
Attach to Form 990 or 990-EZ.