2022-05-12T12:22:26-05:00 2021-06-30 135565207 KPMG LLP 8350 BROAD STREET SUITE 900 MCLEAN VA 22102 990 2020-07-01 540505977 WASHINGTON AND LEE UNIVERSITY WASH 5404588400 204 W WASHINGTON STREET LEXINGTON VA 24450 STEVEN G MCALLISTER VP FOR FIN AND TREAS 5404588400 2022-05-11 1 STEVEN MCALLISTER 999009999 JONATHAN LIST P01679255 7032868000 2022-05-10 3 AAL1 IAL1 2020 2022-09-23 18:48:47Z WILLIAM C DUDLEY 204 W WASHINGTON STREET LEXINGTON VA 24450 514816284 0 X WWW.WLU.EDU X 1749 VA SEE SCHEDULE OWASHINGTON AND LEE PROVIDES A LIBERAL ART COLLEGE EDUCATION TO APPROXIMATELY 1,800 UNDERGRADUATE STUDENTS & OFFERS JD & LLM STUDIES TO APPROXIMATELY 400 LAW STUDENTS EACH YEAR. 30 29 2435 1800 -1660634 2221899 49258971 37949672 135611159 140975231 1299732 79553422 29591 27457 186199453 258505782 57225613 58493375 0 0 110051017 103343551 0 0 5037346 73887472 77304076 241164102 239141002 -54964649 19364780 2101751936 2582500341 275115322 281567989 1826636614 2300932352 X SEE SCHEDULE OMISSION STATEMENT OF WASHINGTON AND LEE UNIVERSITY: WASHINGTON AND LEE UNIVERSITY PROVIDES A LIBERAL ARTS EDUCATION THAT DEVELOPS STUDENTS' CAPACITY TO THINK FREELY, CRITICALLY, AND HUMANELY AND TO CONDUCT THEMSELVES WITH HONOR, INTEGRITY, AND CIVILITY. GRADUATES WILL BE PREPARED FOR LIFE-LONG LEARNING, PERSONAL ACHIEVEMENT, RESPONSIBLE LEADERSHIP, SERVICE TO OTHERS, AND ENGAGED CITIZENSHIP IN A GLOBAL AND DIVERSE SOCIETY. 0 0 170765988 58493375 140975231 PROVIDING A LIBERAL ARTS EDUCATION - SEE SCHEDULE O. 170765988 1 1 0 1 0 0 1 1 0 1 1 1 0 0 1 1 1 0 1 0 1 0 1 0 0 0 0 1 1 1 1 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 1 0 0 0 1 3019 0 1 2435 1 1 1 1 CJ 0 0 0 0 0 0 0 0 0 1 X 30 29 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 VA X CELIA A KOVAC 5404588400 204 W WASHINGTON STREET LEXINGTON VA 244502116 WILLIAM C DUDLEY PRESIDENT AND TRUSTEE 40.00 0.00 X X 628152 0 94217 MICHAEL R MCALEVEY RECTOR 6.00 0.00 X 0 0 0 DAVID A LEHMAN TRUSTEE 4.00 0.00 X 0 0 0 WANGDALI C BACDAYAN TRUSTEE 4.00 0.00 X 0 0 0 JAMES L BALDWIN TRUSTEE 4.00 0.00 X 0 0 0 DANA J BOLDEN TRUSTEE 4.00 0.00 X 0 0 0 SCOTT B BOYD TRUSTEE 4.00 0.00 X 0 0 0 JOHN P CASE III TRUSTEE 4.00 0.00 X 0 0 0 MARY C CHOKSI TRUSTEE 4.00 0.00 X 0 0 0 J LAWRENCE CONNOLLY TRUSTEE 4.00 0.00 X 0 0 0 ROGERS L CRAIN TRUSTEE 4.00 0.00 X 0 0 0 JAMES E DUNN JR TRUSTEE 4.00 0.00 X 0 0 0 CHRISTOPHER C DYSON TRUSTEE 4.00 0.00 X 0 0 0 GEORGE D JOHNSON III TRUSTEE 4.00 0.00 X 0 0 0 CHRISTOPHER H WILLIAMS TRUSTEE 4.00 0.00 X 0 0 0 WILLIAM M TOLES TRUSTEE 4.00 0.00 X 0 0 0 LIZANNE THOMAS TRUSTEE 4.00 0.00 X 0 0 0 ROWAN GP TAYLOR TRUSTEE 4.00 0.00 X 0 0 0 TODD L SUTHERLAND TRUSTEE 4.00 0.00 X 0 0 0 JAMES R SMALL TRUSTEE 4.00 0.00 X 0 0 0 CLIFFORD K HOLEKAMP TRUSTEE 4.00 0.00 X 0 0 0 ELLEN F ROGOWSKI TRUSTEE 4.00 0.00 X 0 0 0 JOHN W ROBINSON III TRUSTEE 4.00 0.00 X 0 0 0 BRODIE GREGORY RIORDAN TRUSTEE 4.00 0.00 X 0 0 0 LAURIE A RACHFORD TRUSTEE 4.00 0.00 X 0 0 0 WILLIAM B PAYNE TRUSTEE 4.00 0.00 X 0 0 0 B CRAIG OWENS TRUSTEE 4.00 0.00 X 0 0 0 JOSEPH W LUTER IV TRUSTEE 4.00 0.00 X 0 0 0 ANDREA K WAHLQUIST TRUSTEE 4.00 0.00 X 0 0 0 HELEN H SANDERS TRUSTEE 4.00 0.00 X 0 0 0 JAMES D FARRAR JR SECRETARY 40.00 0.00 X 192347 0 33321 STEVEN G MCALLISTER TREASURER 40.00 0.00 X 354881 0 48375 LENA HILL DEAN 40.00 0.00 X 248085 0 40938 ROBERT D STRAUGHAN DEAN 40.00 0.00 X 275961 0 43420 BRANT J HELLWIG DEAN 40.00 0.00 X 377120 0 76143 ELIZABETH OLIVER INTERIM PROVOST 40.00 0.00 X 286822 0 32595 THOMAS JENNINGS VICE PRESIDENT 40.00 0.00 X 166776 0 17935 BRIAN C MURCHISON LAW PROFESSOR 40.00 0.00 X 305908 0 42474 JAMES E MOLITERNO LAW PROFESSOR 40.00 0.00 X 246263 0 37877 MARK A DRUMBL LAW PROFESSOR 40.00 0.00 X 239728 0 24392 SCOTT HOOVER PROFESSOR 40.00 0.00 X 264982 0 53269 ALIAA BASSIOUNY PROFESSOR 40.00 0.00 X 231532 0 37210 DENNIS CROSS FORMER VICE PRESIDENT 40.00 0.00 X 464908 0 48629 MARC CONNER FORMER PROVOST 40.00 0.00 X 182263 0 24106 4465728 0 654901 187 1 1 0 MAKENA CAPITAL LP 2755 SAND HILL ROAD SUITE 200 MENLO PARK CA 94025 INVESTMENT MGMT 9025976 KJELLSTROM AND LEE INC 1607 OWNBY LANE RICHMOND VA 23220 CONSTRUCTION 3618331 THE WHITING-TURNER CONTRACTING CO 3000 E JOPPA ROAD BALTIMORE MD 21286 CONSTRUCTION 3454215 RCA LABORATORY SERVICES LLC 4060 INNSLAKE DRIVE GLEN ALLEN VA 23060 MEDICAL SERVICES 2810185 WORKDAY INC 6110 STONERIDGE MALL ROAD PLEASANTON CA 94588 SOFTWARE DVLPMT 2229089 39 2466361 35483311 11863623 37949672 TUITION AND FEES 611710 119378834 119378834 AUXILIARY SERVICES 611710 21276785 20560882 715903 OTHER MISCELLANEOUS INCOME 611710 319612 319612 0 140975231 732542 732542 27457 27457 335131382 256310502 78820880 78820880 -2376537 81197417 258505782 140259328 -1660634 81957416 637215 637215 54259940 54259940 3596220 3596220 4468635 1744800 2324972 398863 77065553 53709856 19894206 3461491 5203737 3611465 1341366 250906 11010986 6604838 4054508 351640 5594640 3793133 1538271 263236 3101700 2214436 887264 105133 75059 30074 160762 114775 45987 9047112 6459118 2587994 8646691 4838890 3781298 26503 91849 31737 58771 1341 3196382 1490778 1685241 20363 3318908 1606100 1682105 30703 6731982 3339299 3368306 24377 763300 690595 64510 8195 1393530 901444 462718 29368 7645513 3534922 4110591 19649647 11373540 8276107 1305264 175545 1125199 4520 COST OF SALES FOR AUX. 4181836 14 4181822 DUES AND SUBSCRIPTIONS 2072022 1693357 368773 9892 POSTAGE AND PRINTING 1070428 238665 686287 145476 4822017 4030247 781298 10472 239141002 170765988 63337668 5037346 45484 43834 9900665 12027570 38690489 34379512 5986353 5400644 497092 792278 56357789 52309703 1651814 1213377 4261444 4894777 613839968 270126147 347400648 343713821 191844692 262482398 1439030410 1844720628 5993875 6525674 91181 13996125 2101751936 2582500341 17834547 10841655 1407186 1965096 163678265 157975799 37383651 37398179 54811673 73387260 275115322 281567989 X 370067837 450631046 1456568777 1850301306 1826636614 2300932352 2101751936 2582500341 19364780 454930958 0 X X 0 1 X 1 1 1 X 32919342 36167038 28847238 49258971 37949672 185142261 32919342 36167038 28847238 49258971 37949672 185142261 81770187 103372074 600755 326178 864021 655372 759999 3206325 4171323 74001 18745 0 4264069 192612655 671603417 0.53670 0.51150 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 182480 182480 0 SCHEDULE C, PART II-B, LINE 11 THE ORGANIZATION PAYS MEMBERSHIP DUES TO MEMBER EDUCATIONAL ORGANIZATIONS INCLUDING NACUBO (NATIONAL ASSOCIATION OF COLLEGES AND UNIVERSITY BUSINESS OFFICERS), NAICU (NATIONAL ASSOCIATION OF INDEPENDENT COLLEGES AND UNIVERSITIES), CICV (COUNCIL OF INDEPENDENT COLLEGES IN VIRGINIA), AND ASC (ASSOCIATED COLLEGES OF THE SOUTH) THAT MAY ENGAGE IN LOBBYING ACTIVITIES. THEREFORE, A PORTION OF THE DUES MAY BE ATTRIBUTABLE TO DE MINIMIS LOBBYING ACTIVITIES. X X 1 69.00 1 0 88450 5212139 X X X X X TEACHING 0 1150749702 18096758 392372476 30080863 26116953 967907 1504053213 1142350304 30029504 33655213 29416051 23470757 2398511 1150749702 1129016644 16640954 49843425 27682735 24181390 1286594 1142350304 1069842192 15238678 94504129 25901000 23865791 801564 1129016644 995373361 15514799 108933011 25603498 23275461 1110020 1069832192 0.22000 0.37000 0.41000 1 0 6123664 6123664 487526288 202816065 284710223 23100995 10941986 12159009 71456099 48021137 23434962 25632922 8346959 17285963 343713821 LIMITED PARTNERSHIP INTERESTS 1256352377 F FUNDS HELD IN TRUST BY OTHERS 588368251 F 1844720628 SPLIT INTEREST AGREEMENT OBLIGATIONS 32807221 POST RETIREMENT BENEFIT OBLIGATION 23417401 OPERATING LEASE LIABILITIES 14155591 STUDENT AND OTHER DEPOSITS 1453708 OTHER OBLIGATIONS 1039677 US GOVERNMENT GRANTS REFUNDABLE 513662 73387260 X 646554604 454930958 454930958 191623646 9025976 57856160 66882136 258505782 172258866 0 172258866 9025976 57856160 66882136 239141002 PART II, LINE 9: THE SINGLE CONSERVATION EASEMENT HELD BY THE UNIVERSITY WAS ACQUIRED THROUGH THE PURCHASE OF PROPERTY ADJACENT TO THE UNIVERSITY IN DECEMBER 2010. THE PROPERTY IS HELD AS LAND ON THE BOOKS OF THE UNIVERSITY AND THUS NOT DEPRECIATED. NO REVENUE IS EARNED FROM THE PROPERTY. MAINTENANCE COSTS ARE INCURRED AS NORMAL OPERATING EXPENSES OF THE UNIVERSITY. PART III, LINE 4: THE ORGANIZATION'S EXEMPT PURPOSE: THE MUSEUMS AT WASHINGTON AND LEE UNIVERSITY (WLU), WHICH REPORTS TO THE DIRECTOR OF INSTITUTIONAL HISTORY, SUPPORTS THE UNIVERSITY AS AN INTERDISCIPLINARY TEACHING RESOURCE THROUGH THE PRESERVATION, STUDY, INTERPRETATION, AND EXHIBITION OF ITS COLLECTIONS. THE MUSEUMS ALSO ADVANCE LEARNING THROUGH DIRECT ENGAGEMENT WITH COLLECTIONS; FACILITATE AN INTERDISCIPLINARY APPRECIATION OF ART, HISTORY, AND CULTURE; AND INSPIRE LEADERSHIP IN THE MUSEUM FIELDS. THE MUSEUMS AT WLU IS COMPOSED OF THREE AREAS THAT ARE ADMINISTERED COLLECTIVELY BY THE DIRECTOR: THE UNIVERSITY CHAPEL WAS BUILT IN 1868; IN 1883 AN ANNEX WAS ADDED TO THE BUILDING TO HOUSE VALENTINE'S STATUE OF ROBERT E. LEE AND THE LEE FAMILY CRYPT. A FEW DECADES LATER, A FOUNDATIONAL BEQUEST OF ART WAS DONATED BY VINCENT BRADFORD AND STILL LATER A COLLECTION OF WASHINGTON-CUSTIS-LEE PORTRAITS WERE ADDED TO THE GALLERIES. A MUSEUM WAS ADDDED IN 1928 IN THE LOWER LEVEL OF THE ORIGINAL COLLEGE CHAPEL. THE CHAPEL ALSO CONTAINS FURNISHINGS AND CONTENTS OF LEE'S OFFICE AS PRESIDENT (1868-1870), AS WELL AS A MODEST COLLECTION OF HISTORICAL OBJECTS RELATED TO THE HISTORY OF WASHINGTON AND LEE UNIVERSITY. IN 1961, THE CHAPEL WAS DESIGNATED A NATIONAL HISTORIC LANDMARK. AND IN 2021 THE BUILDING WAS RENAMED "UNIVERSITY CHAPEL & GALLERIES." THE REEVES MUSEUM OF CERAMICS SHOWCASES ONE OF THE COUNTRY'S LARGEST AND FINEST COLLECTIONS OF CERAMICS. HUNDREDS OF PIECES OF ASIAN, EUROPEAN, AND AMERICAN CERAMICS SPANNING SOME 4,000 YEARS TELL STORIES OF DESIGN, TECHNOLOGY, AND TRADE AND ILLUSTRATE HOW PEOPLE DRANK, DINED AND DECORATED THEIR HOMES OVER THE PAST FIVE CENTURIES. THE COLLECTION IS ON DISPLAY IN THE REEVES AND IN THE ADJOINING WATSON GALLERIES AND IS USED IN A WIDE RANGE OF UNIVERSITY CLASSES INCLUDING ART HISTORY, CHEMISTRY, AND POLITICS. ALSO LOCATED IN THE REEVES IS THE ELISABETH S. GOTTWALD GALLERY, WHICH HIGHLIGHTS THE WORK OF LOUISE HERRESHOFF REEVES (1876-1967), AN EARLY-20TH CENTURY AMERICAN PAINTER NOTED FOR HER IMPRESSIONIST AND FAUVIST WORKS. THE WLU ART COLLECTION BEGAN WITH A BEQUEST OF SIX PORTRAITS IN 1874 AND HAS GROWN TO INCLUDE AN ECLECTIC COLLECTION OF ABOUT 7500 WORKS OF FINE AND DECORATIVE ARTS FROM AROUND THE GLOBE, INCLUDING THE AMERICAS, EUROPE, AND EAST ASIA. PAINTINGS, PRINTS AND SCULPTURE ARE ON DISPLAY IN ACADEMIC SPACES THROUGHOUT CAMPUS AND ARE USED AS TEACHING TOOLS BY VARIOUS ACADEMIC DEPARTMENTS. PART V, LINE 4: ENDOWMENT IS A TERM USED COMMONLY TO REFER TO THE RESOURCES THAT HAVE BEEN RESTRICTED BY THE DONOR OR DESIGNATED BY THE BOARD OF TRUSTEES THAT WILL BE INVESTED TO PROVIDE FUTURE REVENUE TO SUPPORT THE UNIVERSITY'S ACTIVITIES. BECAUSE TUITION AND FEES REVENUE DOES NOT COVER THE ENTIRE COST OF EDUCATION FOR A STUDENT, ENDOWMENT FUNDS SUPPLEMENT THE COST OF FACULTY SALARIES AND EDUCATIONAL PROGRAMS. THE ENDOWMENT AND CURRENT CONTRIBUTIONS SUPPORT SCHOLARSHIPS AND FINANCIAL ASSISTANCE TO STUDENTS. THE UNIVERSITY ENDOWMENT ALSO PROVIDES FUNDS FOR THE FOLLOWING AREAS > LIBRARY MAINTENANCE AND ACQUISITIONS > FACULTY RESEARCH > PROGRAM COSTS FOR AREAS SUCH AS - ENVIRONMENTAL STUDIES PROGRAM - THE SHEPHERD POVERTY PROGRAM > ATHLETIC PROGRAMS > BUILDINGS AND GROUNDS MAINTENANCE AND IMPROVEMENTS PART X, LINE 2: FIN 48 FOOTNOTE FROM AUDITED FINANCIAL STATEMENTS: THE WASHINGTON AND LEE UNIVERSITY HAS BEEN CLASSIFIED AS AN ORGANIZATION DESCRIBED UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND THUS EXEMPT FROM FEDERAL INCOME TAXES ON ACTIVITIES RELATED TO ITS EXEMPT PURPOSE. THE UNIVERSITY DOES NOT BELIEVE THAT THERE ARE ANY UNRECOGNIZED TAX BENEFITS OR COSTS THAT SHOULD BE RECORDED IN THE FINANCIAL STATEMENTS. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN REFLECTED IN THE FINANCIAL STATEMENTS. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID EXPENSES 57,856,160. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID EXPENSES 57,856,160. PART XI, LINE 4A - OTHER ADJUSTMENTS: INVESTMENT MANAGEMENT FEES $9,025,976 PART XII, LINE 4A - OTHER ADJUSTMENTS: INVESTMENT MANAGEMENT FEES $9,025,976 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 SEE SUPPLEMENTAL PAGE SCHEDULE E, PART I, Q3 ALL POLICIES, INCLUDING THE UNIVERSITY'S NONDISCRIMINATION / EEO STATEMENT ARE POSTED TO THE UNIVERSITY WEBSITE. ALL PROSPECTIVE STUDENTS RECEIVE SOLICITATION MATERIALS THAT OUTLINE THE UNIVERSITY'S NONDISCRIMINATION POLICIES, INCLUDING BUT NOT LIMITED TO DISCRIMINATION ON THE BASIS OF RACE. ANNUALLY, THE UNIVERSITY BROADCASTS THE NONDISCRIMINATION POLICY AND REINFORCES SUPPORT FOR THE UNIVERSITY COMMUNITY TO FOLLOW POLICY. THERE IS ALSO ONGOING CAMPUS-WIDE ORIENTATION AND TRAINING OCCURS ON WHERE ONE CAN FIND POLICIES AND RESOURCES. SCHEDULE E, PART I, Q6 THE UNIVERSITY ADMINISTERS FEDERAL LOANS AND GRANTS TO STUDENTS THROUGH DEPARTMENT OF EDUCATION PROGRAMS SUCH AS PELL AND PERKINS. DURING THE TAX YEAR ENDED JUNE 30, 2021, THE UNIVERSITY HOLDS FEDERAL GRANTS WITH DEPARTMENTS SUCH AS NATIONAL SCIENCE FOUNDATION, DEPARTMENT OF THE INTERIOR, AND THE NATIONAL ENDOWMENT FOR THE HUMANITIES. 1 CENTRAL AMERICA AND THE CARIBBEAN 0 0 GRANTMAKING 135766 EAST ASIA AND THE PACIFIC 0 0 GRANTMAKING 614681 EUROPE 0 0 GRANTMAKING 509761 MIDDLE EAST AND NORTH AFRICA 0 0 GRANTMAKING 388406 NORTH AMERICA 0 0 GRANTMAKING 42500 RUSSIA AND NEIGHBORING STATES 0 0 GRANTMAKING 259122 SOUTH AMERICA 0 0 GRANTMAKING 42554 SOUTH ASIA 0 0 GRANTMAKING 826306 SUB-SAHARAN AFRICA 0 0 GRANTMAKING 777124 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENT 184017 0 0 0 0 0 0 2819096 961141 3780237 SCHOLARSHIP CENTRAL AMERICA AND THE CARIBBEAN 3 135766 STUDENT ACCOUNT CREDIT SCHOLARSHIP EAST ASIA AND THE PACIFIC 13 614681 STUDENT ACCOUNT CREDIT SCHOLARSHIP EUROPE 8 509761 STUDENT ACCOUNT CREDIT SCHOLARSHIP MIDDLE EAST AND NORTH AFRICA 6 388406 STUDENT ACCOUNT CREDIT SCHOLARSHIP NORTH AMERICA 1 42500 STUDENT ACCOUNT CREDIT SCHOLARSHIP RUSSIA AND THE NEIGHBORING STATES 4 259122 STUDENT ACCOUNT CREDIT SCHOLARSHIP SOUTH AMERICA 1 42554 STUDENT ACCOUNT CREDIT SCHOLARSHIP SOUTH ASIA 12 826306 STUDENT ACCOUNT CREDIT SCHOLARSHIP SUB-SAHARAN AFRICA 11 777124 STUDENT ACCOUNT CREDIT 1 0 1 1 1 0 PART III ACCOUNTING METHOD: SCHEDULE F - SUPPLEMENTAL INFO THE UNIVERSITY ISSUES GRANTS AND OTHER FINANCIAL ASSISTANCE TO STUDENTS, WHICH ALLOWS STUDENTS TO FURTHER THEIR EDUCATION. GRANTED FUNDS ARE CREDITED TO THE STUDENT'S UNIVERSITY BILLING ACCOUNT AND APPLIED TO TUITION, FEES, AND OTHER COSTS OF EDUCATION. IN FISCAL YEAR 2020-2021 THE UNIVERSITY PROVIDED DOMESTIC FINANCIAL AID TO SUPPORT 1,335 STUDENTS. 59 OF THOSE STUDENTS WERE CITIZENS OF OTHER COUNTRIES AS REPORTED IN SCHEDULE F. 1 OMICRON DELTA KAPPA SOCIETY INC 224 MCLAUGHLIN STREET LEXINGTON VA 24450 611216165 501(C)(3) 20000 PROGRAM SERVICE LEXINGTON RETIREMENT COMMUNITY INC 160 KENDAL DRIVE LEXINGTON VA 24450 541795871 501(C)(3) 20000 PROGRAM SERVICE CITY OF LEXINGTON VA 300 E WASHINGTON ST LEXINGTON VA 24450 546001392 567397 PAYMENT IN LIEU OF TAXES 3 0 STUDENT FINANCIAL AID 1276 54259970 BOOK SCHEDULE I - SUPPLEMENTAL INFO THE UNIVERSITY ISSUES GRANTS AND OTHER FINANCIAL ASSISTANCE TO STUDENTS, WHICH ALLOWS STUDENTS TO FURTHER THEIR EDUCATION. GRANTED FUNDS ARE CREDITED TO THE STUDENT'S UNIVERSITY BILLING ACCOUNT AND APPLIED TO TUITION, FEES, AND OTHER COSTS OF EDUCATION. IN FISCAL YEAR 2020-2021 THE UNIVERSITY PROVIDED DOMESTIC FINANCIAL AID TO SUPPORT 1,276 STUDENTS. X X 1 1 X X X 0 1 0 0 0 0 0 0 0 WILLIAM C DUDLEY PRESIDENT AND TRUSTEE 628152 0 0 0 0 0 28500 0 65717 0 722369 0 0 0 DENNIS CROSS FORMER VICE PRESIDENT 464908 0 0 0 0 0 29250 0 19379 0 513537 0 0 0 BRANT J HELLWIG DEAN 377120 0 0 0 0 0 28500 0 47643 0 453263 0 0 0 STEVEN G MCALLISTER TREASURER 354881 0 0 0 0 0 29250 0 19125 0 403256 0 0 0 BRIAN C MURCHISON LAW PROFESSOR 305908 0 0 0 0 0 26800 0 15674 0 348382 0 0 0 ELIZABETH OLIVER INTERIM PROVOST 286822 0 0 0 0 0 24681 0 7914 0 319417 0 0 0 ROBERT D STRAUGHAN DEAN 275961 0 0 0 0 0 24595 0 18825 0 319381 0 0 0 SCOTT HOOVER PROFESSOR 264982 0 0 0 0 0 22317 0 30952 0 318251 0 0 0 LENA HILL DEAN 248085 0 0 0 0 0 22531 0 18407 0 289023 0 0 0 JAMES E MOLITERNO LAW PROFESSOR 246263 0 0 0 0 0 22071 0 15806 0 284140 0 0 0 ALIAA BASSIOUNY PROFESSOR 231532 0 0 0 0 0 19088 0 18122 0 268742 0 0 0 MARK A DRUMBL LAW PROFESSOR 239728 0 0 0 0 0 23499 0 893 0 264120 0 0 0 JAMES D FARRAR JR SECRETARY 192347 0 0 0 0 0 17150 0 16171 0 225668 0 0 0 MARC CONNER FORMER PROVOST 182263 0 0 0 0 0 15300 0 8806 0 206369 0 0 0 THOMAS JENNINGS VICE PRESIDENT 166776 0 0 0 0 0 10437 0 7498 0 184711 0 0 0 SCHEDULE J, PART I, LINE 1A THE PRESIDENT RESIDES IN ON-CAMPUS HOUSING AS A CONDITION OF EMPLOYMENT FOR THE CONVENIENCE OF THE UNIVERSITY. THE VALUE OF THIS ON-CAMPUS HOUSING IS $46,070 FOR TWELVE MONTHS AND IS INCLUDED AS A NON-TAXABLE BENEFIT ABOVE IN PART II, COLUMN D. THE RESIDENCE IS USED FOR UNIVERSITY-RELATED BUSINESS AND ENTERTAINMENT PURPOSES ON A REASONABLE AND CONTINUAL BASIS. THE UNIVERSITY ALSO PAYS CLUB DUES OF LESS THAN $250 PER MONTH FOR THE PRESIDENT AND FOR THE VICE PRESIDENT OF ADVANCEMENT AND COMMUNICATIONS. THE CLUB MEMBERSHIPS ARE USED PREDOMINANTLY FOR UNIVERSITY BUSINESS. THE ABOVE BENEFITS WERE TREATED AS TAXABLE INCOME WHEN APPROPRIATE. SCHEDULE J, PART I, LINE 4B THE UNIVERSITY PRESIDENT PARTICIPATES IN A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN SPONSORED BY THE UNIVERSITY. FOR THE CALENDAR YEAR 2020, $28,500 WAS CONTRIBUTED TO THIS PLAN AND IS INCLUDED ABOVE IN PART II, COLUMN C. A VIRGINIA COLLEGE BUILDING AUTHORITY 541249154 9277817B4 2015-04-22 36897502 BUILD DORMS, CAP PROJECTS, REFUNDING 2006 0 0 0 B INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF LEXINGTON VIRGINIA 546001392 52976TBG1 2018-08-07 36076396 CAPITAL PROJECTS, REFUNDING 2010 0 0 0 C INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF LEXINGTON VIRGINIA 546001392 000000000 2018-08-07 15110000 REFUNDING 2015B 0 0 0 A 3860000 30459673 6437829 308692 30234883 2017 0 0 1 1 B 1010000 22356396 13720000 338078 22018319 2019 0 0 1 1 C 105685 15004315 105685 2018 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 0 1 1 0 NA 0 0 0 NA 0 0 1 B 0 1 0 1 1 0 NA 0 0 0 NA 0 0 1 C 0 1 0 1 1 0 NA 0 0 0 NA 0 0 1 A 1 B 1 C 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: VIRGINIA COLLEGE BUILDING AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 05/24/2017 ISSUER NAME: INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF LEXINGTON, VIR DATE THE REBATE COMPUTATION WAS PERFORMED: 09/11/2020 ISSUER NAME: INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF LEXINGTON, VIR DATE THE REBATE COMPUTATION WAS PERFORMED: 11/07/2019 PART VI THE REBATE COMPUTATION WAS LAST PERFORMED ON NOVEMBER 7, 2019 AND SEPTEMBER 11, 2020 FOR THE INDUSTRIAL DEVELOPMENT AUTHORITY-LEXINGTON CITY BONDS.THE REBATE COMPUTATION WAS LAST PERFORMED ON MAY 24, 2017 FOR VIRGINIA COLLEGE BUILDING AUTHORITY BOND. JAMES D FARRAR JR EMPLOYEE HOME MORTGAGE X 240000 129331 0 0 1 LENA HILL EMPLOYEE HOME MORTGAGE X 450000 375850 0 0 1 ALIAA BASSIOUNY EMPLOYEE HOME MORTGAGE X 300000 287097 0 0 1 792278 PART II - LOANS TO AND/R FROM INTERESTED PERSONS WASHINGTON AND LEE PROVIDES HOUSING LOANS TO FULL-TIME EMPLOYEES. SUCH LOANS MAY BE USED TO PURCHASE, BUILD, OR IMPROVE A PRINCIPAL RESIDENCE IN THE LEXINGTON ROCKBRIDGE COUNTY AREA. INTEREST RATES ON LOANS ARE 25 PERCENT LESS THAN THE INTEREST RATE CHARGED BY LOCAL FINANCIAL INSTITUTIONS FOR RESIDENTIAL MORTGAGE LOANS. IMPUTED INTEREST INCOME RELATED TO A UNIVERSITY-PROVIDED HOUSING LOAN IS INCLUDED IN EMPLOYEE W-2S, AS APPLICABLE, EACH YEAR.AS OF JUNE 30, 2021, THE UNIVERSITY HAD 270 EMPLOYEES WITH HOME LOANS OUTSTANDING. THE LOAN PROGRAM IS APPROVED BY THE BOARD OF TRUSTEES AND REVIEWED AS PART OF THE INVESTMENT PORTFOLIO OF THE UNIVERSITY BY THE INVESTMENT COMMITTEE. X 12 88450 APPRAISAL X 161 11775173 SELLING PRICE 2 0 1 0 PART I, COLUMN (B): THIS COLUMN REPRESENTS THE NUMBER OF CONTRIBUTIONS, NOT THE NUMBER OF ITEMS RECEIVED. FORM 990, PART III, LINE 4A PROGRAM SERVICE ACCOMPLISHMENTS FOUNDED IN 1749, WASHINGTON AND LEE UNIVERSITY IS NAMED FOR TWO OF THE MOST INFLUENTIAL MEN IN AMERICAN HISTORY: GEORGE WASHINGTON, WHOSE GENEROUS ENDOWMENT OF $20,000 IN 1796 HELPED THE FLEDGLING SCHOOL (THEN KNOWN AS LIBERTY HALL ACADEMY) SURVIVE, AND ROBERT E. LEE, WHOSE PRESIDENCY AND INNOVATIVE LEADERSHIP BROUGHT THE UNIVERSITY INTO THE NATIONAL LIMELIGHT. WASHINGTON AND LEE IS A SMALL, PRIVATE, LIBERAL ARTS UNIVERSITY NESTLED BETWEEN THE BLUE RIDGE AND ALLEGHENY MOUNTAINS IN LEXINGTON, VA. IT IS THE NINTH OLDEST INSTITUTION OF HIGHER LEARNING IN THE NATION. WASHINGTON AND LEE IS COMPOSED OF TWO UNDERGRADUATE DIVISIONS, THE COLLEGE AND THE WILLIAMS SCHOOL OF COMMERCE, ECONOMICS, AND POLITICS; AND A GRADUATE SCHOOL OF LAW. THE MUDD CENTER FOR ETHICS IS A RESOURCE FOR STUDENTS AND FACULTY AT ALL THREE SCHOOLS. THE SCHOOL OF LAW IS HOME TO THE CENTER FOR LAW AND HISTORY, THE FRANCIS LEWIS LAW CENTER, AND THE TRANSNATIONAL LAW INSTITUTE. FORM 990, PART VI, SECTION A, LINE 2 FAMILY OR BUSINESS RELATIONSHIPS A TRUSTEE HAS DISCLOSED THAT SHE IS CHIEF LEGAL OFFICER AND EXECUTIVE VICE PRESIDENT AT THE CORPORATE OFFICES OF ONE OF THE LOCAL LEXINGTON BANKS. THE UNIVERSITY HAS A RELATIONSHIP WITH THIS BANK THROUGH THE SERIES 2003 BONDS. HOWEVER, THE TRUSTEE WAS NOT ON THE BOARD AT THE TIME THE SERIES 2003 BONDS WERE ISSUED. IN ADDITION, THE SERIES 2003 BONDS WERE PAID IN FULL DURING THE UNIVERSITY'S 2017-2018 FISCAL YEAR. IN 2019, THIS BANK MERGED WITH ANOTHER LOCAL BANK (BANK2) THAT THE UNIVERSITY USES AS ITS MAIN BANKING RELATIONSHIP. THE UNIVERSITY USE OF BANK2 WAS DONE THROUGH A COMPETITIVE RFP PROCESS. FORM 990, PART VI, SECTION B, LINE 11B 990 REVIEW THE 990 IS PREPARED BY THE UNIVERSITY BUSINESS OFFICE AND REVIEWED BY MANAGEMENT. AN OUTSIDE ACCOUNTING AND TAX FIRM COMPILES THE 990 FORMS AND PROVIDES ADDITIONAL CLARIFICATION. THE AUDIT COMMITTEE REVIEWS AND APPROVES THE FORM 990, AFTER WHICH A COPY IS DISTRIBUTED THROUGH A CONFIDENTIAL WEB PORTAL TO THE ENTIRE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY THE CONFLICT OF INTEREST AND TRANSACTIONS WITH INTERESTED PERSONS POLICY IMPOSES A CONTINUING OBLIGATION TO DISCLOSE POTENTIAL CONFLICTS TO THE OFFICE OF GENERAL COUNSEL OF THE UNIVERSITY. THE CONTROLLER WILL ADVISE THE CHAIR OF THE TRUSTEESHIP COMMITTEE (FOR TRUSTEE AND INTERESTED PERSON DISCLOSURES) AND CHAIR OF THE AUDIT COMMITTEE (FOR EMPLOYEE DISCLOSURES) REGARDING ANY POTENTIAL CONFLICTS OF INTEREST AMONG THESE PERSONS. THE TRUSTEESHIP COMMITTEE FOR TRUSTEES AND INTERESTED PERSONS AND THE AUDIT COMMITTEE FOR EMPLOYEES, HAVE THE AUTHORITY TO OVERSEE AND DECIDE WHETHER AN INDIVIDUAL COVERED UNDER THE POLICY SHOULD DISCLOSE HIS OR HER INTEREST TO THE BOARD AND RECUSE HIM OR HERSELF IN MATTERS WHERE A POTENTIAL CONFLICT MAY EXIST. THEY ALSO DECIDE WHETHER ANY DISCLOSED POTENTIAL CONFLICTS RISE TO THE LEVEL OF EXCESS BENEFIT TRANSACTIONS OR UNMANAGEABLE CONFLICTS. THE GENERAL COUNSEL WILL MAKE A PERMANENT RECORD OF DISCLOSED POTENTIAL CONFLICTS, WHICH IS AVAILABLE TO ANY TRUSTEE OR OTHER PERSONS AUTHORIZED BY THE CHAIR OF THE TRUSTEESHIP COMMITTEE AND AUDIT COMMITTEE. THE POLICY DEFINES THE MEANS TO DISCLOSE, RESOLVE AND MANAGE REAL, APPARENT OR POTENTIAL CONFLICTS. A CONFLICT OF INTEREST POLICY IS IN PLACE FOR ALL OTHER EMPLOYEES AND FINANCIAL AND FINANCIAL AID PERSONNEL REVIEW THEIR RESPECTIVE CODES OF CONDUCT/ETHICS ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15A EXECUTIVE COMPENSATION THE POLICY ON GUIDELINES FOR REVIEWING EXECUTIVE COMPENSATION OUTLINES THE PROCESS TO BE FOLLOWED. THE BOARD OF TRUSTEES, OR ITS EXECUTIVE COMMITTEE, IS CHARGED WITH THOROUGHLY REVIEWING THE PRESIDENT'S COMPENSATION, AS WELL AS ASSESSING AND APPROVING THE REASONABLENESS OF THE COMPENSATION. THE REVIEW OF PRESIDENTIAL COMPENSATION INCLUDES EVALUATION OF MARKET DATA AND COMPARISON TO PEER SCHOOLS. THE FULL BOARD OF TRUSTEES APPROVES COMPENSATION FOR THE PRESIDENT. THE BOARD ALSO CONDUCTS A THOROUGH REVIEW OF THE PRESIDENT'S PERFORMANCE FROM THE PRIOR YEAR AT THIS TIME. THE UNIVERSITY GENERAL COUNSEL RECORDS MINUTES OF THE MEETINGS REGARDING THE PRESIDENT'S COMPENSATION, AND RETAINS COPIES OF THE PERFORMANCE REVIEWS. FOR OTHER EXECUTIVES AND OFFICERS, THE PRESIDENT AND EXECUTIVE DIRECTOR OF HUMAN RESOURCES REVIEW FINANCIAL BUDGETS, EMPLOYEE PERFORMANCE, AND BENCHMARK DATA FOR SIMILAR POSITIONS AT PEER SCHOOLS TO DETERMINE REASONABLENESS OF COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 AVAILABILITY OF DOCUMENTS THE UNIVERSITY MAKES ITS GOVERNANCE DOCUMENTS, SUCH AS THE CHARTER AND BYLAWS, AVAILABLE ON THE UNIVERSITY WEBSITE UNDER THE OFFICE OF GENERAL COUNSEL, POLICIES AND LEGAL NOTICES, BOARD POLICIES AND STATEMENTS. THE CONFLICT OF INTEREST POLICIES, STATEMENT OF ETHICAL PRINCIPLES, CODES OF CONDUCT/ETHICS ARE ALSO POSTED AT THE SAME WEBSITE ADDRESS. FINANCIAL STATEMENTS ARE SUMMARIZED ON THE OFFICE OF THE TREASURER WEB PAGE. COPIES OF AUDITED FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST FROM THE UNIVERSITY TREASURER. THE UNIVERSITY WEBSITE IS WWW.WLU.EDU CHARITABLE REMAINDER TRUST (47) C/O BNY MELLON NA PO BOX 185 PITTSBURGH PA 15230 CRUT VA W&L UNIVERSITY T 1 CHARITABLE LEAD TRUSTS (2) C/O BNY MELLON NA PO BOX 186 PITTSBURGH PA 15230 CLAT VA W&L UNIVERSITY T 1 POOLED INCOME FUND C/O BNY MELLON NA PO BOX 187 PITTSBURGH PA 15230 546123755 CRAT VA W&L UNIVERSITY T 1 ANNUIIES (4) C/O BNY MELLON NA PO BOX 188 PITTSBURGH PA 15230 546291330 CRAT VA W&L UNIVERSITY T 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FORM 990 PART IV, LINE (1), COLUMN (C) LEGAL DOMICILE OF TRUST THE CHARITABLE REMAINDER TRUSTS ARE LEGALLY DOMICILED IN DC, FL, GA, KY, MA, MD, MO, NC, NH, NJ, OH, PA, SC, TN, TX, VA, VT, WY.