2022-05-10T09:57:39-07:00 2021-06-30 990 2020-07-01 540505922 UNIVERSITY OF LYNCHBURG UNIV 4345448428 1501 Lakeside Drive Lynchburg VA 24501 Christopher L Burnley VP for Business & Finance 4345448428 2022-05-10 1 11 1 AAL2 X 2020 2022-09-23 18:48:47Z Christopher L Burnley 1501 Lakeside Drive Lynchburg VA 24501 154957070 0 X www.lynchburg.edu X 1903 VA University of Lynchburg, a private coeducational institution founded in 1903 in covenant with the Christian Church (Disciples of Christ), offers distinctive undergraduate, graduate and doctoral programs that reflect its commitment to teaching and learning, scholarship, and service to the broader community. 35 34 1684 0 5069 0 4352730 5966776 106590638 111685820 6127801 10443895 -175322 344942 116895847 128441433 40658241 40205568 0 0 48218005 48656366 97974 222541 2158199 27937011 27120201 116911231 116204676 -15384 12236757 240911893 282672888 75759088 73480315 165152805 209192573 The University of Lynchburg offers distinctive undergraduate, graduate, and doctoral programs that reflect its commitment to teaching and learning, scholarship, and service to the broader community. The mission of the University is to develop students with strong character and balanced perspectives and to prepare them for engagement in a global society and for effective leadership in civic, professional, and spiritual dimensions of life. The University provides its students with a wide range of rigorous educational experiences delivered through multiple modes of instruction. 0 0 68685176 40205568 122468325 Includes student instruction and scholarships. For the Fall 2020, there were 1,822 undergraduates, 870 graduates for a total enrollment of 2,692 students. 12263697 0 0 Includes auxiliary enterprises (such as dining services, student housing, campus store, and other snack bar areas). 13922919 0 0 Includes other institutional services (such as information technology, interest expense, and other allocated expenses) that support student instruction. 14148611 0 0 Includes student services and academic support, including but not limited to, enrollment services, registrar, health and counseling services, student activities, sports, recreation, the University's library, art gallery, academic advising, career services, and other support services. 14148611 0 0 109020403 1 1 0 1 0 0 1 1 0 1 1 1 0 0 1 0 1 0 1 0 1 0 1 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 1 0 0 0 1 3730 0 1 1684 1 1 1 0 0 0 1 1 0 0 0 0 0 0 0 X 35 34 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 VA X Christopher L Burnley 4345448100 1501 Lakeside Drive Lynchburg VA 24501 Kenneth R Garren President of the University through 6/30/20 50 0 X 325167 0 28427 Alison Morrison-Shetlar President of the University from 7/1/20 60 0 X 207963 0 30304 Stephen E Bright VP for Business and Finance and Treasurer 50 0 X 202039 0 30536 Jeremy Welsh Director/Professor of Physician Assistant Medicine 60 0 X 202653 0 23923 Michael Bonnette SR VP for Institutional Advancement 50 0 X 180123 0 30346 Allison Jablonski Provost 55 0 X 173258 0 17062 A Russell Smith Director/Professor Physical Therapy 50 0 X 153827 0 25742 Nancy Hubbard Professor/Dean, College of Business 40 0 X 148582 0 30100 David Murphy Professor 50 0 X 149275 0 26047 Rita A Detwiler VP for Enrollment Management 50 0 X 138134 0 26957 Howard Bush Professor 50 0 X 139575 0 21516 Atul Gupta Professor (through 6/30/20) 40 0 X 143580 0 12119 Aaron Smith VP and Dean for Student Development 50 0 X 125534 0 29120 Michael Allen Trustee 1 0 X 0 0 0 Charles W Berry Trustee 1 0 X 0 0 0 Hannah Besanceney Trustee 1 0 X 0 0 0 Melanie Biermann Trustee 1 0 X 0 0 0 Christopher L Boyd Trustee 1 0 X 0 0 0 David C Boyle Trustee 1 0 X 0 0 0 Howard M Butler Trustee 1 0 X 0 0 0 E Stewart Coleman Trustee 1 0 X 0 0 0 Stephen L Crank Trustee 1 0 X 0 0 0 Beverly E Dalton Trustee 1 0 X 0 0 0 Richard O Danker Trustee 1 0 X 0 0 0 MaryJane Dolan Trustee 1 0 X 0 0 0 Julie P Doyle Trustee 1 0 X 0 0 0 Darlene D Edwards Trustee 1 0 X 0 0 0 Pauline B Flint Trustee 1 0 X 0 0 0 Suzanne F Flynn Trustee 1 0 X 0 0 0 Joan Foster Trustee 1 0 X 0 0 0 Michael A Gillette Trustee 1 0 X 0 0 0 Ramon B Goings Trustee 1 0 X 0 0 0 Bryant A Haskins Trustee/Corporate Officer 2 0 X X 0 0 0 Jamar Hawkins Trustee 0 0 X 0 0 0 Jay Hopkins Trustee 1 0 X 0 0 0 Terry H Jamerson Trustee 1 0 X 0 0 0 Robert Lemon Jr Trustee/Corporate Officer 5 0 X X 0 0 0 Nathaniel X Marshall Trustee 1 0 X 0 0 0 Andrew J McKenna Trustee 1 0 X 0 0 0 Gary Mignogna Trustee 1 0 X 0 0 0 Margaret A Miller Trustee 1 0 X 0 0 0 C Davis Nelsen II Trustee 1 0 X 0 0 0 Kathryn M Pumphrey Trustee/Corporate Officer 2 0 X X 0 0 0 David Rosser Trustee 1 0 X 0 0 0 Verna R Sellers Trustee 1 0 X 0 0 0 Gillian Stoettner Trustee 1 0 X 0 0 0 Andrew J Tatom III Trustee/Corporate Officer 2 0 X X 0 0 0 Francesca Vasquez Trustee 1 0 X 0 0 0 Lee C Verrone Trustee 1 0 X 0 0 0 2289710 0 332199 49 0 1 0 L G Flint Inc 3008 Forest Hills Circle Lynchburg VA 24501 Campus renovations 1291634 Commonfund 15 Old Danbury Road Wilton CT 06897 Investment Services 686410 Spider Investments The Richmond Fund 6802 Paragon Place Richmond VA 23230 Investment Management 409430 Ruffalo Noel-Levitz 1025 Kirkwood Parkway SW Cedar Rapids IA 52404 Enrollment and Financial Aid Consulting 169254 Jamerson-Lewis Construction 1306 Stephenson Ave Lynchburg VA 24501 Campus renovations 106195 7 0 0 13010 38723 1161117 4753926 757894 5966776 Tuition and Fees 611310 90414106 90414106 0 0 Auxiliary Services 900099 14746091 14746091 0 0 Miscellaneous Income 900099 2368344 2368344 0 0 Auxiliary - External Catering 900099 5069 0 5069 0 COVID-19 Relief - Federal Funds 900099 4152210 4152210 0 0 0 0 0 0 111685820 887632 887632 0 0 0 0 0 0 15286 15286 0 0 0 0 0 0 0 0 0 0 0 0 36066828 1275 26504034 7806 9562794 -6531 9556263 9556263 0 0 5060 13010 3797 1263 0 1263 0 0 0 0 0 0 0 0 0 0 0 0 Change in Interest Rate Swap Agreement 900099 328393 328393 0 0 0 0 0 0 328393 128441433 122468325 5069 1263 0 0 39894971 39894971 310597 310597 0 0 1516337 452993 894038 169306 0 0 0 0 35615966 33333834 1273753 1008379 2589396 2423743 92178 73475 6348334 5856720 302042 189572 2586333 2361624 143830 80879 0 0 0 0 176422 0 176422 0 66446 0 66446 0 0 0 0 0 222541 222541 1204574 0 1204574 0 0 0 0 0 172683 149921 15751 7011 1487175 894950 489087 103138 853749 716511 41158 96080 0 0 0 0 3218239 3135342 44782 38115 623818 574073 24826 24919 0 0 0 0 0 0 0 0 2569919 2569919 0 0 0 0 0 0 5812003 5812003 0 0 70200 70200 0 0 Food Purchases 1650724 1650724 0 0 Campus Store Purchases 317841 317841 0 0 Auxillaries/Other 2909887 2909887 0 0 CARES Act Financial Aid to Students 1360852 1360852 0 0 4625669 4223698 257187 144784 116204676 109020403 5026074 2158199 25100 25100 10353064 16579095 2097595 3373812 5116951 4624495 0 0 0 0 585690 404000 764209 615857 921321 995733 184018584 79017488 106505733 105001096 91704603 117777826 22712698 32803798 0 0 0 0 124929 472076 240911893 282672888 6371782 5922647 0 0 6065131 6145601 59492842 58298498 0 0 0 0 1962903 1804406 0 0 1866430 1309163 75759088 73480315 X 66368533 78069883 98784272 131122690 165152805 209192573 240911893 282672888 X 12236757 31564668 0 0 0 238343 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 0 0 1 3301 3301 0 Schedule C, Part II-B, Line 1 The University is a member of the Council of Independent Colleges in Virginia (CICV) which supports Virginia Private Colleges and Universities by advocating public policy positions and monitoring legislation impacting the higher education community. CICV provides a voice for Virginia's independent higher education community and advocates on behalf of schools, students, and their families at the Virginia Assembly, in Congress, before boards, agencies, and commissions. CICV estimates that 10.03% of the FY 20-21 dues ($32,911) was used for lobbying. The University's President is a member of NAICU (National Association of Independent Colleges and Universities), CICV (see above), and VFIC (Virginia Foundation for Independent Colleges). When these organizations hold meetings, there are often local and state legislators in attendance. The President will from time to time engage in discussions with these legislators as a normal course of attending these meetings. X 1 491 0 0 0 1 1 0 0 1 639750 639750 0 0 X X X X 0 109345579 2123242 40072319 2610118 2092952 0 146838070 112958188 472594 -69134 2477729 1538340 0 109345579 109661075 1140361 6891795 2372550 2362493 0 112958188 104441838 759702 8927289 2297455 2170299 0 109661075 96635479 625264 11256265 2056714 2018456 0 104441838 0.1975 0.3285 0.474 1 0 0 4367249 4367249 0 149659770 60614662 89045108 0 8767731 5007144 3760587 0 19762654 12698324 7064330 0 1461180 697358 763822 105001096 F Hedge Funds 5973663 F Private Capital 17416414 F Distressed Debt 49536 F Real Estate 4731889 F Natural Resources 4632296 F 32803798 0 US Gov't grants refundable 441497 Interest rate swap agreement liability 867666 1309163 118399072 31564668 0 0 -39967225 -8402557 126801629 1204574 435230 1639804 128441433 74359304 0 0 0 -435230 -435230 74794534 1204574 40205568 41410142 116204676 Schedule D, Part II, Line 5 The Virginia Outdoors Foundation has the responsibility to enter the property from time to time (usually on an annual basis) for purposes of inspection and enforcement of the terms of the easement after permission from and reasonable notice has been given to the University. The Foundation has the right to bring an action at law or in equity to enforce the restrictions as outlined in the easement. This right specifically includes the right to require restoration of the property to a condition of compliance with the terms of the easement as existed on the date of the gift(s) of the easement. A report is received from the Virginia Outdoors Foundation detailing their visit and addresses any issues that might arise. The University has a full-time Director of the Claytor Nature Center (the Farm) who is responsible for working with the Virginia Outdoors Foundation. Schedule D, Part II, Line 9 The Virginia Outdoors Foundation easement was included with a gift of a 470 acre farm received in 1998. In December of 2016, an additional 21 adjacent acres were donated to be added to the easement. Both gifts were substantiated by a real estate appraisal report and recorded as an asset of the University on the Statement of Financial Position and as gift revenue on the Statement of Activities when received. Schedule D, Part III, Line 4 The University's permanent art collection includes paintings, drawings, prints, and sculptures by Pierre Daura, works by Virginia folk artist Queena Dillard Stovall, works by Lynchburg artist Georgia Morgan, African art, photographs by Andy Warhol, works from the Rafael Alfonso Umana collection, and numerous other works by American and European artists. The mission of the Daura Gallery is to serve the University and the community by providing opportunities for learning, enjoyment, and personal growth by strengthening the creative and curricular life of the University and by encouraging interdisciplinary affiliation of the visual arts with diverse academic disciplines. On June 30, 2016, the University acquired Historic Sandusky. The mission of Historic Sandusky is to preserve and interpret the Sandusky site as a public museum in Lynchburg, Virginia, and to collect, preserve, and disseminate information about the history of Sandusky, its inhabitants, and the role of Lynchburg in the Civil War. The acquisition included a collection of Lynchburg and Civil War artifacts including, but not limited to, original letters, photographs, portraits, firearms, furniture, musical instruments, books and other historic items and documents. These items are preserved and intended to provide opportunities to enrich the learning experience for University of Lynchburg students and the broader community. Schedule D, Part V, Line 4 The University's endowment includes 1) funds that offer a comprehensive financial aid program for students demonstrating financial need, academic merit, and special leadership traits, 2) funds that support Distinguished Chairs, Professorships, and special lectureships, 3) funds that offer numerous special programs to benefit students, faculty, staff and the broader community which are diverse in focus and create unique learning opportunities, and 4) funds that offer financial support to the University's annual operating budget. Schedule D, Part XI, Line 2d Includes Financial Aid ($40,205,568) and Change in Value of Split Interest Agreements (-$238,343) Schedule D, Part XI, Line 4b Rebranding expenses $435,230 Schedule D, Part XII, Line 2d Rebranding expenses $435,230 Schedule D, Part XII, Line 4b Financial Aid to students $40,205,568 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 The University has published its notice of non-discriminatory policy of staff and students through newspaper media. In addition, the University's website and catalogue include a statement that the University of Lynchburg does not discriminate on the basis of race, color, national origin, disability, age, sexual orientation, gender identity, pregnancy, marital status, or religion in its activities, including admission to and employment by the University. Schedule E, Part I, Line 6 University of Lynchburg was the recipient of various grants and contracts from the Federal Government and the State of Virginia supporting student financial aid and other University programs in the 2020-21 fiscal year. These awards were received from the US Department of Education, the US Department of Justice, and the State Council of Higher Education in Virginia. Schedule E, Part I, Line 6a University of Lynchburg was the recipient of various grants and contracts from the Federal Government and the State of Virginia supporting student financial aid and other University programs in the 2020-21 fiscal year. These awards were received from the US Department of Education, the US Department of Justice, and the State Council of Higher Education for Virginia. 1 Sub-Saharan Africa 0 0 Program Services Mission trip to Uganda 8000 East Asia and the Pacific 0 0 Program Services Refund to student in Japan 1550 East Asia and the Pacific 0 0 Program Services Student project in Japan 3250 Sub-Saharan Africa 0 0 Grantmaking Financial Aid - Applied to tuition and fees 122130 Central America and the Caribbean 0 0 Grantmaking Financial Aid - Applied to tuition and fees 21546 South America 0 0 Grantmaking Financial Aid - Applied to tuition and fees 11490 East Asia and the Pacific 0 0 Grantmaking Financial Aid - Applied to tuition and fees 39995 South Asia 0 0 Grantmaking Financial Aid - Applied to tuition and fees 65021 Middle East and North Africa 0 0 Grantmaking Financial Aid - Applied to tuition and fees 21915 Russia and the newly independent States 0 0 Grantmaking Financial Aid - Applied to tuition and fees 28500 0 0 323397 Unfunded Institutional Aid Sub-Saharan Africa 9 122130 Applied to billed tuition and fees 0 Unfunded Institutional Aid Central America and the Caribbean 2 21546 Applied to billed tuition and fees 0 Unfunded Institutional Aid South America 1 11490 Applied to billed tuition and fees Unfunded Institutional Aid East Asia and the Pacific 4 39995 Applied to billed tuition and fees Unfunded Institutional Aid South Asia 2 65021 Applied to billed tuition and fees Unfunded Institutional Aid Middle East and North Africa 1 21915 Applied to billed tuition and fees Unfunded Institutional Aid Russia and the newly independent States 1 28500 Applied to billed tuition and fees 0 0 0 0 0 0 Schedule F, Part I, Line 2 The University of Lynchburg does not provide grants and other assistance to organizations outside the United States. Financial Aid is awarded to students who attend the University and whose citizenship is outside the United States. This aid is based upon need and merit and is applied to each student's billed tuition and fees account. The University uses the College Board's PowerFaids software to manage its financial aid database and awarding procedures. X X X X X X X 1 Graham-Pelton 39 Beechwood Road Summit NJ 07901 Consultant for the University of Lynchburg Office of Advancement for the purpose of guidance for a capital campaign. 0 0 143341 -143341 McAllister and Quinn 1368 N Washington Ave Scranton PA 18509 Consultant for the University of Lynchburg Office of Advancement for particular assistance in Grant-writing. 0 0 79200 -79200 0 222541 -222541 All States Seamster Golf Tournament 18070 13010 5060 0 0 3797 0 0 0 0 0 18070 13010 5060 0 0 3797 0 0 0 3797 1263 1 Non-funded Financial Aid 2020 37993573 0 0 Funded Financial Aid 101 1901398 0 Schedule I, Part I, Line 2 Within the limits of available resources, the University makes every effort to make financial aid opportunities available to needy and academically eligible students. Students must be enrolled in full-time undergraduate or graduate degree programs to be considered for University academic scholarships, grants, and/or need-based financial aid. With the exception of some academic scholarships and graduate aid, students who wish to apply for grants, loans, or work-study must submit the Free Application for Federal Student Aid (FAFSA). Awards are considered on the basis of financial need and/or a student's academic profile. Awards are packaged using a combination of grants and scholarships, loans, and work-study assignments. Students must be in good academic standing and achieve the minimum standards of academic progress. The University uses the College Board's PowerFaids software to manage our financial aid database and awarding procedures. X 1 1 X X X X X 1 0 0 0 0 0 0 0 0 Kenneth R Garren President of the University through 6/30/20 325167 0 0 0 0 0 19459 0 8968 0 353594 0 0 0 Alison Morrison-Shetlar President of the University from 7/1/20 207963 0 0 0 0 0 15937 0 14367 0 238267 0 0 0 Stephen E Bright VP for Business and Finance and Treasurer 202039 0 0 0 0 0 19214 0 11322 0 232575 0 0 0 Michael Bonnette SR VP for Institutional Advancement 180123 0 0 0 0 0 16856 0 13490 0 210469 0 0 0 Allison Jablonski Provost 173258 0 0 0 0 0 14675 0 2387 0 190320 0 0 0 Rita A Detwiler VP for Enrollment Management 138134 0 0 0 0 0 13421 0 13536 0 165091 0 0 0 Aaron Smith VP and Dean for Student Development 125534 0 0 0 0 0 10908 0 18212 0 154654 0 0 0 Jeremy Welsh Director/Professor of Physician Assistant Medicine 202653 0 0 0 0 0 18544 0 5379 0 226576 0 0 0 A Russell Smith Director/Professor Physical Therapy 153827 0 0 0 0 0 14562 0 11180 0 179569 0 0 0 Nancy Hubbard Professor/Dean, College of Business 148582 0 0 0 0 0 13444 0 16656 0 178682 0 0 0 David Murphy Professor 149275 0 0 0 0 0 12033 0 14014 0 175322 0 0 0 Howard Bush Professor 139575 0 0 0 0 0 12240 0 9276 0 161091 0 0 0 Atul Gupta Professor 143580 0 0 0 0 0 6284 0 5834 0 155698 0 0 0 Schedule J, Part I, Line 1a As outlined in the President's contract with the University, the President is required to live in a house provided by the University. The house is physically located on the University's campus. Schedule J, Part I, Line 3 The Compensation Committee of the Board of Trustees approves the President's written employment contract on an annual basis. This written employment contract is approved by the full Board of Trustees and documented in the minutes. As deemed necessary by the Compensation Committee, an independent consultant may be used for input regarding the President's salary level as compared to other positions. Schedule J, Part I, Line 4 Atul Gupta, former faculty and a highest paid employee, terminated employment on 6/30/2020. A Virginia College Building Authority 541249154 2010-12-21 8837932 Provides funds to refund a prior issue dtd 1/22/04 and other debt obligations 0 0 0 B Economic Development Authority of the City of Lynchburg Virginia 541225193 55123RAR7 2013-06-27 24308295 Refund two prior outstanding issues and Student Center expansion 1 0 0 C Economic Development Authority of the City of Roanoke Virginia 541106038 770080AV1 2018-05-09 37298455 Construction of New Residence Hall and refunding prior debt dated 10/17/18 and 12/20/17 0 0 0 A 4459057 0 8837932 0 0 0 100088 0 0 0 8737844 0 2010 1 0 1 1 B 6716525 0 24308295 0 12581 0 397452 0 0 9986853 13911409 0 2014 1 0 1 1 C 263971 0 37298455 0 614062 0 472732 0 0 4156938 32054723 0 2019 1 0 1 1 A 0 1 0 0 0.0009 0 0.0009 1 0 1 B 0 1 0 0 0.0034 0 0.0034 1 0 1 C 0 0 0 0 0 0 0 1 0 1 A 0 0 0 1 1 1 SunTrust Bank 24 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 C 0 0 0 1 0 0 0 0 1 Schedule K, Part IV, Line 2c-12/21/2010 8,837,932 Virginia College Building Authority There is no rebate due. Schedule K, Part IV, Line 2c-06/27/2013 24,308,295 Economic Development Authority of the City of Lyn There is no rebate due. Schedule K, Part IV, Line 2c-05/09/2018 37,298,455 Economic Development Authority of There is no rebate due. Sheila Garren Family member of University Officer 6267 Compensation paid as an employee of the University 0 L G Flint Construction Owner is a family member of a Trustee of the University 1291634 Campus renovations 0 Centra Health A Trustee of the University is also a Board Member for Centra Health 127271 Partnership opportunities and clinical experience for Nursing, PA Medicine and DMSc students 0 All Points EAP Marketing Coordinater for All Points EAP is a family member of a Trustee of the University 17394 Business provides counseling services for employees of the University 0 X 6 638100 Opinion of experts X 20 FMV X 20 167594 Avg hi/low on gift date X 3 1650 Opinion of experts X Horses for Equestrian Program 2 105000 Opinion of experts X Sunglasses for Men's Lacrosse Team 1 8344 FMV - invoice provided X Endless swimming pool 1 4500 FMV X Bicylces 2 200 FMV X Plants for University Garden 1 80 FMV 8 0 1 0 Form 990, Part VI, Section B, Line 11b The Tax Form 990 is internally prepared by the Senior Accountant - Endowment, Investments, and Cash Management, and reviewed by the Controller and Vice President for Business and Finance. The Form 990 is then sent to be reviewed by the following Trustees: Chair of the Board, Chair of the Budget and Finance Committee, and all members of the Audit Committee. These Trustees review the document and notify the Business Office of their approval within three business days. The completed Tax Form 990 is then emailed (or sent overnight) to all Trustees. The Business Office executes and submits the Form 990 to the IRS electronically. Schedule B, Schedule of Contributors, is not included in the information sent to the Trustees to maintain confidentiality for the University's donors. Form 990, Part VI, Section B, Line 12c As outlined in the University's By-laws, the Board prohibits conflicts of interest by its Trustees and University Officers in particular matters under consideration by the Board, in accordance with the Conflict-of-Interest policy for Trustees and University Officers. Each Trustee and University Officer is asked to 1) review the Conflict-of-Interest policy annually; 2) disclose any possible personal, familial or business relationships that could reasonably give rise to conflict involving the University; 3) acknowledge by his or her signature that he or she is in compliance with the letter and spirit of the policy. If a conflict is suspected or confirmed, the matter shall be discussed between the committee chair, the Board Chair, and the Trustee in question, to determine if any specific vote by the Trustee should be recanted and if said Trustee should be involved with any future discussion on the topic. Should the matter not be resolved by the committee chair, the Board Chair, and the Trustee in question, ultimate enforcement of any conflict will be determined by the Executive Committee as may be appropriate. The completed Conflict-of-Interest forms are monitored and maintained in the President's office. Form 990, Part VI, Section B, Line 15 The compensation for all faculty and staff (except the University President) is set on an annual basis in keeping with the University's salary plan that was adopted after a year-long study in 2005-06. The President's salary is set by the University's Compensation Committee. The committee is led by the Board Chair and includes several other Board members who have been appointed to the committee by the Board Chair. The purpose of the committee is to review the President's job performance and determine the appropriate salary to recommend to the full Board of Trustees. The Trustees meet in Executive session during the annual May meeting to receive the report of the Compensation Committee and act on their recommendation. The actions of the Board while in Executive session are documented in the minutes of the meeting. In October of 2010, the University obtained the service of an independent consultant to analyze the President's compensation from approximately ten to fifteen comparator colleges/universities. In fiscal year 2015-16, a new study was performed by an independent consultant to review the compensation of senior management and the President and recommend to the Compensation Committee where any adjustments were necessary. In recent years, the compensation for new VP salaries has often been recommended by the search firm or committee. Other VP salaries may be adjusted accordingly. Form 990, Part VI, Section C, Line 19 The documents are made available to the public upon request to the President of the University or the Vice President for Business and Finance. Form 990, Part XI, Line 9 Change in value of split interest agreements ($238,343) Historic Sandusky Foundation Inc 757 Sandusky Drive Lynchburg VA 24502 542014523 Preserve and maintain historical property VA 501(c)(3) 9 University of Lynchburg in Virginia 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 Historic Sandusky Foundation Inc o 46901 The University shares a paid faculty position with Historic Sandusky. This faculty member is the Director of Historic Sandusky and also teaches courses at the University. We estimate that 75% of the Director's salary should be considered a transaction with the related organization. This transaction represents 75% of the Director's salary. Schedule R, Part I The University of Lynchburg holds 100% of the assets of Historic Sandusky. All revenues and expenses, assets and liabilities are recorded in the University's audited Financial Statements and Form 990.