2019-05-15T07:40:04-05:00 2018-06-30 540504608 BROWN EDWARDS & COMPANY LLP 1715 PRATT DRIVE SUITE 2700 BLACKSBURG VA 24060 990 2017-07-01 540505941 RANDOLPH COLLEGE RAND 4349478000 2500 RIVERMONT AVENUE LYNCHBURG VA 24053 JONATHAN P TYREE DIRECTOR OF FINANCE AND BUDGET 4349478135 2019-05-10 1 MARK WOOLWINE P00647446 5404433606 2019-05-10 206.248.228.130 2019-05-10 07:21:55 ED P D0156BD46B4B1FE921C9503B1D7FFBF99E37DBAB CE530EA759AC3AF6BB0EECEF8950573E07121913 2017 2019-02-21 02:37:17Z BRADLEY W BATEMAN 2500 RIVERMONT AVENUE LYNCHBURG VA 24503 48805588 0 X WWW.RANDOLPHCOLLEGE.EDU X 1891 VA INSTRUCTION (LIBERAL ARTS HIGHER EDUCATION) - SEE PAGE 2 FOR COMPLETE DESCRIPTION 24 24 860 5 0 -497401 8518421 6893617 30784724 31106736 10681328 10577928 12092 9225 49996565 48587506 14361276 15048370 0 0 767609 803700 0 0 1202540 31371873 31526361 46500758 47378431 3495807 1209075 242260951 247206756 28411962 24461404 213848989 222745352 SEE DETAILED DESCRIPTION OF ORGANIZATION'S PRIMARY MISSION PROVIDED ON SCHEDULE O 0 0 38830321 15048370 31106736 INSTRUCTION: 663 FULL-TIME UNDERGRADUATE AND GRADUATE STUDENTS AND 21 PART-TIME STUDENTS (BASED ON FALL 2017 ENROLLMENT) 38830321 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 1 1 1 1 0 1 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 0 0 0 1 102 0 1 860 1 1 1 1 UK 0 0 0 0 0 0 0 0 X 24 24 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 VA X JONATHAN P TYREE 4349478135 2500 RIVERMONT AVENUE LYNCHBURG VA 24503 CARA SMITH BARNES TRUSTEE 2.00 X 0 0 0 KATHLEEN S GRAVES TRUSTEE 2.00 X 0 0 0 KATHRYN HEATH GRAVES TRUSTEE 2.00 X 0 0 0 CATHY HAVENER GREER TRUSTEE, CHAIR 2.00 X X 0 0 0 ELIZABETH A GRIMM TRUSTEE 2.00 X 0 0 0 JANE J HAMPSON TRUSTEE 2.00 X 0 0 0 HYLAN T HUBBARD III TRUSTEE 2.00 X 0 0 0 ELIZABETH EARLE KOJAIAN TRUSTEE 2.00 X 0 0 0 PAIGE CRIDER LEMAY TRUSTEE 2.00 X 0 0 0 ELIZABETH A MAFFEY TRUSTEE 2.00 X 0 0 0 MARIAN PHILLIPS MANCINI TRUSTEE 2.00 X 0 0 0 BARBARA NIEDLAND MCCARTHY TRUSTEE 2.00 X 0 0 0 F ANDERSON MORSE TRUSTEE 2.00 X 0 0 0 ALLISON GULICK MULLER TRUSTEE 2.00 X 0 0 0 KAREN K PATTERSON TRUSTEE, VICE CHAIR 2.00 X X 0 0 0 EDNA AGUIRRE REHBEIN TRUSTEE 2.00 X 0 0 0 ROBERT S ROBERSON TRUSTEE 2.00 X 0 0 0 DIXIE NASH SAKOLOSKY TRUSTEE 2.00 X 0 0 0 MARC A SCHEWEL TRUSTEE 2.00 X 0 0 0 MARY GRAY SHOCKEY TRUSTEE 2.00 X 0 0 0 ANNE WILKES TUCKER TRUSTEE 2.00 X 0 0 0 RANDALL J WATTS TRUSTEE 2.00 X 0 0 0 HENRY WHITE JR TRUSTEE 2.00 X 0 0 0 KATHERINE CLAY WILLIS TRUSTEE 2.00 X 0 0 0 BRADLEY W BATEMAN COLLEGE PRESIDENT 40.00 X 367584 0 51922 JAMES V MANARO TREASURER/VP OF FINANCE 40.00 X 189856 0 32589 WESLEY R FUGATE SECRETARY/VP AND CHIEF OF 40.00 X 102812 0 26117 CARL A GIRELLI VP ACADEMIC AFFAIRS/DEAN 40.00 X 142749 0 35727 MICHAEL J QUINN VP ENROLLMENT MANAGEMENT 40.00 X 115881 0 35599 PETER SHELDON PROFESSOR OF PHYSICS 40.00 X 109444 0 23657 MATHA E THORNTON VP STUDENT AFFAIRS/DEAN 40.00 X 108937 0 24081 VICTOR M GOSNELL CHIEF TECHNOLOGY OFFICER 40.00 X 107250 0 28996 1244513 0 258688 9 0 1 0 ARAMARK 2500 RIVERMONT AVE LYNCHBURG VA 24503 DINING & CATERING 1996598 SOUTHERN AIR INC 2655 LAKESIDE DRIVE LYNCHBURG VA 24501 CONSTRUCTION 1952089 MOORES ELEC & MECH CONST PO BOX 119 ALTAVISTA VA 24517 MECHANICAL & HEATING 778526 JAMERSON-LEWIS CONSTRUCTION PO BOX 10728 LYNCHBURG VA 24506 CONSTRUCTION 456743 JB MOORE ELECTRICAL CONTRACTOR PO BOX 4306 LYNCHBURG VA 24502 CONSTRUCTION 191146 7 X 439184 6454433 719829 6893617 TUITION AND FEES 611310 23993118 23993118 AUXILIARY SERVICES 611710 6427672 6427672 OTHER 611710 685946 685946 31106736 2002000 2002000 7861122 927711 0 212905 7861122 714806 8575928 8575928 14402 5177 9225 9225 48587506 31106736 0 10587153 X 14761950 14761950 286420 286420 803700 803700 1881124 1881124 INSTRUCTION 10520868 10520868 INSTITUTIONAL SUPPORT 5863286 4660746 1202540 STUDENT SERVICES 5670560 5670560 AUXILIARY SERVICES 4492139 4492139 3098384 3098384 47378431 38830321 7345570 1202540 1410099 2044404 12045715 10789985 5042198 3460506 253471 333878 1113928 1012377 111071100 53466317 56403395 57604783 165405603 171393613 586542 567210 242260951 247206756 1998044 1397309 15797248 14149442 3335697 2060396 7280973 6854257 28411962 24461404 X 84905597 91270946 43407917 44559256 85535475 86915150 213848989 222745352 242260951 247206756 X 1209075 7491473 195815 X 0 1 X 1 1 1 X 0 0 0 0 0 0 0 0 1 1139 1139 0 PART II-B, LINE 1: THE COLLEGE IS A MEMBER OF THE COUNCIL OF INDEPENDENT COLLEGES IN VIRGINIA (CICV) WHICH SUPPORTS VIRGINIA PRIVATE COLLEGES BY ADVOCATING PUBLIC POLICY POSITIONS AND MONITORING LEGISLATION IMPACTING THE INDEPENDENT HIGHER EDUCATION COMMUNITY AND ADVOCATES ON BEHALF OF THE SCHOOLS, STUDENTS AND THEIR FAMILIES AT THE VIRGINIA ASSEMBLY, IN CONGRESS, AND BEFORE AGENCIES, BOARDS, AND COMMISSIONS. CICV ESTIMATES THAT 10.82% OF THE 17-18 DUES ($10,524.12) WAS USED FOR LOBBYING. 3324019 X X X X X INSTRUCTION 0 149277042 1823471 15912147 1971245 8428194 1750212 154863009 143069426 519662 17808613 2334781 8174779 1611099 149277042 156919402 608138 -3399050 3450680 5901384 1707000 143069426 164403755 2424532 2531050 3772355 6756580 1911000 156919402 133072541 941899 43568863 3673230 6854318 2652000 164403755 0.31000 0.53000 0.16000 0 0 695554 695554 69568952 29880120 39688832 26819116 22452438 4366678 13987478 1133759 12853719 57604783 LIMITED PARTNERSHIP 162300342 F EQUITIES 2134308 F ALTERNATIVE INVESTMENTS 33023 F BONDS 2382730 F CASH AND CASH EQUIVALENTS 1271445 F REAL ESTATE 47563 F FUNDS HELD IN TRUST BY OTHERS 3224202 F 171393613 ACCRUED INTEREST PAYABLE 39183 STUDENT DEPOSITS AND OTHER DEFERRED REVENUE 2103820 POST-RETIREMENT HEALTHCARE BENEFIT OBLIGATION 550833 U.S. GOVERNMENT GRANTS REFUNDABLE 504133 TRUST AND ANNUITY OBLIGATIONS 1794672 ASSET RETIREMENT OBLIGATION ASB 1861616 6854257 X 39345300 7491473 195815 7687288 31658012 1881124 15048370 16929494 48587506 30448937 0 30448937 1881124 15048370 16929494 47378431 PART III, LINE 4: THE COLLEGE HAS AN IMPORTANT AMERICAN ART COLLECTION WHICH HAS BEEN ASSEMBLED OVER A PERIOD OF MORE THAN 100 YEARS, THROUGH DIRECT ACQUISITIONS BY THE COLLEGE AS WELL AS DONATIONS. THE PURPOSE OF THE COLLECTION, FROM ITS INCEPTION, HAS BEEN TO ACQUIRE ORIGINAL ART, GENERALLY CONTEMPORARY ART, OF THE HIGHEST QUALITY WHICH IS USED IN SUPPORT OF THE COLLEGE'S EDUCATIONAL MISSION. THIS INCLUDES STUDY AND ANALYSIS OF ARTISTIC TECHNIQUES, IMAGERY AND SUBJECT MATTER, AS WELL AS INSTRUCTION IN HISTORICAL, SCIENTIFIC (BOTH PHYSICAL SCIENCES AND SOCIAL SCIENCES), MUSEUM STUDIES, AND OTHER ACADEMIC DISCIPLINES. ORIGINALLY DISPLAYED THROUGHOUT THE CAMPUS, MOST OF THE COLLECTION IS NOW HELD UNDER CURATORIAL CARE AND SUPERVISION IN A SEPARATE BUILDING THAT IS USED AS AN ART GALLERY, EXHIBITION SPACE AND A LOCATION FOR MUSEUM AND OTHER EDUCATIONAL STUDIES. PART V, LINE 4: THE COLLEGE HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO PROGRAMS SUPPORTED BY ITS ENDOWMENT WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. ENDOWMENT ASSETS INCLUDE THOSE OF DONOR-RESTRICTED FUNDS AND BOARD-DESIGNATED FUNDS. THE FUNDS ARE USED ACCORDING TO DONOR INTENT AND BOARD DESIGNATION TO PROVIDE SUPPORT FOR SCHOLARSHIPS, SALARIES, INSTRUCTION AND RESEARCH, LIBRARY RESOURCES, PRIZES, PHYSICAL PLANT, AND LECTURESHIPS. PART X, LINE 2: THE INTERNAL REVENUE SERVICE HAS RULED THAT THE COLLEGE QUALIFIES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, AND, THEREFORE, IS NOT GENERALLY SUBJECT TO INCOME TAXES UNDER PRESENT TAX LAWS. MANAGEMENT BELIEVES THAT ANY INCOME TAX LIABILITY RESULTING FROM UNRELATED BUSINESS INCOME FOR THE YEARS ENDED JUNE 30, 2018 AND 2017 WOULD NOT HAVE A SIGNIFICANT IMPACT ON THE COLLEGE'S FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN ASSET RETIREMENT OBLIGATION 77,837. CHANGE IN INTEREST RATE SWAP LIABILITY 117,978. PART XI, LINE 4B - OTHER ADJUSTMENTS: STUDENT SCHOLARSHIPS/FINANCIAL AID 15,048,370. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT SCHOLARSHIPS/FINANCIAL AID 15,048,370. 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 COLLEGE PUBLISHES ITS NONDISCRIMINATORY POLICY IN ALL ADMISSION MATERIALS TO PROSPECTIVE STUDENTS AND THE POLICY IS ALSO POSTED ON OUR COLLEGE WEBSITE. SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES GOVERNMENT ASSISTANCE FOR FINANCIAL AID AND OTHER PURPOSES, INCLUDES FEDERAL WORK STUDY (FWS), FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS (FSEOG), AND OTHER FEDERAL GRANTS. 1 EUROPE 1 5 PROGRAM SERVICES INSTRUCTION-READING 324981 EUROPE 0 0 PROGRAM SERVICES FINANCIAL AID 286420 1 5 0 0 1 5 611401 0 611401 FINANCIAL AID EUROPE 18 286420 APPLIED TO STUDENT'S TUITION AND FEES ACCOUNTS 0 0 0 0 0 0 PART I, LINE 3: ACCOUNTING METHOD - ACCRUAL PART I LINE 2: RANDOLPH COLLEGE DOES NOT PROVIDE GRANTS AND OTHER ASSISTANCE TO ORGANIZATIONS OR ENTITIES OUTSIDE THE UNITED STATES. FINANCIAL AID IS AWARDED TO STUDENTS WHO ATTEND THE COLLEGE. THE AID IS BASED UPON NEED AND/OR MERIT AND THEN THE AID IS APPLIED TO EACH STUDENT'S BILLED TUITION AND FEES ACCOUNT. THE COLLEGE USES POWERFAIDS SOFTWARE TO MANAGE ITS FINANCIAL AID DATABASE AND AWARDING PROCEDURES. 1 SCHOLARSHIPS TO STUDENTS 671 14761950 FMV PART I, LINE 2: THE COLLEGE MAINTAINS RECORDS TO ENSURE STUDENT FINANCIAL AID IS AWARDED TO ELIGIBLE STUDENTS BASED ON FEDERAL REGULATIONS OR DONOR RESTRICTIONS. THE COLLEGE AWARDS GRANTS TO STUDENTS BASED ON CRITERIA SET FORTH IN THE INDIVIDUAL SCHOLARSHIPS. "NEED BASED" FEDERAL GRANTS ARE AWARDED BASED ON INFORMATION OBTAINED FROM THE FREE APPLICATION FOR FEDERAL AID (FASFA). X X 1 1 X X X X X X 0 0 0 0 0 0 0 0 0 BRADLEY W BATEMAN COLLEGE PRESIDENT 326253 0 35000 0 6331 0 21600 0 30322 0 419506 0 0 0 JAMES V MANARO TREASURER/VP OF FINANCE 189856 0 0 0 0 0 15390 0 17199 0 222445 0 0 0 CARL A GIRELLI VP ACADEMIC AFFAIRS/DEAN 142749 0 0 0 0 0 12016 0 23711 0 178476 0 0 0 MICHAEL J QUINN VP ENROLLMENT MANAGEMENT 115881 0 0 0 0 0 10050 0 25549 0 151480 0 0 0 A EDA OF CITY OF LYNCHBURG SERIES 2010 541225193 2013-12-03 7086690 REISSUE OF BONDS WHICH REFUNDED PRIOR BOND ISSUANCE 0 0 0 B EDA OF AMHERST COUNTY SERIES 2010 830477842 2013-11-15 5028228 REISSUE OF BONDS WHICH REFINANCED AN ANTIC. NOTE 0 0 0 C IDA OF COUNTY OF CAMPBELL SERIES 2013 521309406 2013-12-19 8547000 REFUNDED PRIOR BOND ISSUANCE AND FINANCED CAP. EXPENDITURES 0 0 0 A 730139 7086690 7086690 2010 1 0 1 1 B 760993 5028228 5028228 2010 1 0 1 1 C 4826400 8547000 84345 721005 7741650 2014 1 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 0 1 A 0 1 1 0 1 0 0 0 1 B 0 1 1 0 1 0 0 0 1 C 0 1 0 0 1 1 BB&T 9.750000000000 0 0 0 0 1 A 1 B 1 C 1 PART 1, LINE A, COLUMN (D) THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF LYNCHBURG, VIRGINIA'S TAX EXEMPT REVENUE BOND (RANDOLPH COLLEGE PROJECTS), SERIES 2010 (THE "2010 LYNCHBURG BOND") WERE ORIGINALLY ISSUED ON JANUARY 28, 2010. ON DECEMBER 3, 2013 (THE "REISSUANCE DATE"), THE 2010 LYNCHBURG BOND WAS DEEMED REISSUED FOR FEDERAL TAX PURPOSES UNDER SECTION 1001 OF THE INTERNAL REVENUE CODE. PART 1, LINE A, COLUMN (F) THE PAR AMOUNT OF THE 2010 LYNCHBURG BOND WAS DEEMED SPENT ON THE REISSUANCE DATE TO REFUND THE 2010 LYNCHBURG BOND THAT WAS OUTSTANDING ON THAT DATE. THE 2010 LYNCHBURG BOND WAS ORIGINALLY ISSUED TO REFUND THE OUTSTANDING PRINCIPAL AMOUNT OF THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF LYNCHBURG, VIRGINIA'S VARIABLE RATE EDUCATIONAL FACILITIES REVENUE BONDS (RANDOLPH-MACON WOMAN'S COLLEGE PROJECT), SERIES 2000 (THE "SERIES 2000 BONDS") AND TO FINANCE COSTS OF ISSUING THE 2010 LYNCHBURG BOND. THE PROCEEDS OF THE SERIES 2000 BOND WERE USED TO FINANCE CERTAIN CAPITAL IMPROVEMENTS AT RANDOLPH COLLEGE'S (THE "BORROWER") FACILITIES, PRIMARILY CONSISTING OF VARIOUS ACADEMIC AND ADMINISTRATIVE FACILITIES AND TO FINANCE COSTS OF ISSUING THE SERIES 2000 BOND. PART II, COLUMN A, LINE 3 THIS AMOUNT REPRESENTS THE PAR AMOUNT OF THE REISSUED 2010 LYNCHBURG BOND, WHICH WAS DEEMED SPENT ON THE REISSUANCE DATE TO REFUND THE 2010 LYNCHBURG BOND THAT WAS OUTSTANDING ON THAT DATE. SEE NOTE RELATED TO PART I, LINE A, COLUMN (F). PART II, COLUMN A, LINE 11 THIS AMOUNT REPRESENTS THE PAR AMOUNT OF THE REISSUED 2010 LYNCHBURG BOND, WHICH WAS DEEMED SPENT ON THE REISSUANCE DATE TO REFUND THE 2010 LYNCHBURG BOND THAT WAS OUTSTANDING ON THAT DATE. SEE NOTE RELATED TO PART I, LINE A, COLUMN (F). PART I, LINE B, COLUMN (D) THE ECONOMIC DEVELOPMENT AUTHORITY OF AMHERST COUNTY, VIRGINIA'S TAX EXEMPT REVENUE BOND (RANDOLPH COLLEGE PROJECTS), SERIES 2010 (THE "2010 AMHERST BOND") WERE ORIGINALLY ISSUED ON JANUARY 28, 2010. ON NOVEMBER 15, 2013 (THE "REISSUANCE DATE"), THE 2010 AMHERST BOND WAS DEEMED REISSUED FOR FEDERAL TAX PURPOSES UNDER SECTION 1001 OF THE INTERNAL REVENUE CODE. PART I, LINE B, COLUMN (F) THE PAR AMOUNT OF THE 2010 AMHERST BOND WAS DEEMED SPENT ON THE REISSUANCE DATE TO REFUND THE 2010 AMHERST BOND THAT WAS OUTSTANDING ON THAT DATE. THE 2010 AMHERST BOND WAS ORIGINALLY ISSUED TO REFUND THE OUTSTANDING PRINCIPAL AMOUNT OF THE ECONOMIC DEVELOPMENT AUTHORITY OF AMHERST COUNTY, VIRGINIA'S REVENUE BOND (RANDOLPH COLLEGE), SERIES 2008 (THE "SERIES 2008 BOND") AND TO FINANCE COSTS OF ISSUING THE 2010 AMHERST BOND. THE PROCEEDS OF THE SERIES 2008 BOND WERE USED TO FINANCE CERTAIN CAPITAL IMPROVEMENTS AT THE BORROWER'S FACILITIES, PRIMARILY CONSISTING OF EXPANSION OF THE EXISTING ATHLETIC FACILITIES AND ROUTINE CAPITAL IMPROVEMENTS AND TO FINANCE COSTS OF ISSUING THE SERIES 2008 BOND. PART II, COLUMN B, LINE 3 THIS AMOUNT REPRESENTS THE PAR AMOUNT OF THE REISSUED 2010 AMHERST BOND, WHICH WAS DEEMED SPENT ON THE REISSUANCE DATE TO REFUND THE 2010 AMHERST BOND THAT WAS OUTSTANDING ON THAT DATE. SEE NOTE RELATED TO PART I, LINE B, COLUMN (F). PART II, COLUMN B, LINE 11 THIS AMOUNT REPRESENTS THE PAR AMOUNT OF THE REISSUED 2010 AMHERST BOND, WHICH WAS DEEMED SPENT ON THE REISSUANCE DATE TO REFUND THE 2010 AMHERST BOND THAT WAS OUTSTANDING ON THAT DATE. SEE NOTE RELATED TO PART I, LINE B, COLUMN (F). X 5 120500 APPRAISED VALUE X 69 569329 AVG HI/LOW ON GIFT DATE X HORSES 2 30000 OPINION OF EXPERTS 3 0 1 0 FORM 990, PART III, LINE 1 SINCE ITS FOUNDING IN 1891 AS RANDOLPH-MACON WOMAN'S COLLEGE, RANDOLPH COLLEGE HAS OFFERED STUDENTS A RIGOROUS EDUCATION IN THE LIBERAL ARTS AND SCIENCES. IN KEEPING WITH ITS MOTTO, VITA ABUNDANTIOR, RANDOLPH COLLEGE PREPARES STUDENTS TO ENGAGE THE WORLD CRITICALLY AND CREATIVELY, LIVE AND WORK HONORABLY, AND EXPERIENCE LIFE ABUNDANTLY. RANDOLPH COLLEGE ENCOURAGES EACH STUDENT TO SET AND MEET HIGH PERSONAL GOALS. CAMPUS LIFE IS GROUNDED IN THE HONOR SYSTEM, WHICH FOSTERS INDIVIDUAL INTEGRITY AND MUTUAL TRUST. AS STUDENTS FROM DIVERSE BACKGROUNDS STUDY AND LIVE TOGETHER, THEY ARE EXPECTED TO RESPECT THE RIGHTS AND DIGNITY OF OTHERS, TO BE OPEN TO CULTURAL DIFFERENCES, AND TO EXERCISE PERSONAL AND SOCIAL RESPONSIBILITY. THEY ARE ENCOURAGED TO DEVELOP CONFIDENCE AND TO PARTICIPATE FULLY IN A COMMUNITY IN WHICH WOMEN AND MEN WORK TOGETHER AND TREAT ONE ANOTHER AS EQUALS. THROUGH EXCELLENCE IN TEACHING, ADVISING, AND SCHOLARSHIP, THE FACULTY PROVIDES THE CHALLENGES REQUISITE TO THE INTELLECTUAL DEVELOPMENT OF EACH STUDENT. WITH FACULTY SUPPORT, THE UNDERGRADUATE STUDENTS DESIGN INDIVIDUALIZED AND COHERENT PROGRAMS OF STUDY THAT COMBINE ACADEMIC AND CO-CURRICULAR COMPONENTS. WHILE EACH STUDENT'S EDUCATIONAL PLAN IS UNIQUE, ALL PROGRAMS OF STUDY FOSTER THESE CAPACITIES: TO THINK CRITICALLY; TO WRITE AND SPEAK WITH CLARITY AND ACCURACY; TO EMPLOY QUANTITATIVE REASONING; TO USE TECHNOLOGY EFFECTIVELY AND ETHICALLY; TO CULTIVATE AN AESTHETIC SENSIBILITY; TO UNDERSTAND KEY DIMENSIONS OF THE HERITAGE OF MORE THAN ONE SOCIETY; TO APPROACH PROBLEMS WITH CREATIVITY AND IMAGINATION; TO WORK BOTH INDEPENDENTLY AND COLLABORATIVELY; AND TO RECOGNIZE THE POWER AND LIMITATIONS OF KNOWLEDGE. THE GRADUATE STUDENTS PURSUE MORE NARROWLY FOCUSED PROGRAMS OF RIGOROUS STUDY DESIGNED TO ADD SPECIALIZED KNOWLEDGE TO THEIR UNDERGRADUATE EDUCATION. THE GRADUATE PROGRAMS ARE DIRECTED BY FACULTY MEMBERS WHO ARE ESPECIALLY KNOWLEDGEABLE ABOUT THE PROFESSIONAL STANDARDS TO BE MET BY THOSE WHO EARN ADVANCED DEGREES. THROUGH THEIR EXPERIENCES AT RANDOLPH COLLEGE, STUDENTS ARE CHALLENGED TO THINK AMBITIOUSLY AND TO PREPARE THOUGHTFULLY FOR THEIR FUTURES IN A DIVERSE SOCIETY AND AN INCREASINGLY COMPLEX WORLD THAT OFFERS THEM EXPANDING OPPORTUNITIES FOR LEADERSHIP, RESPONSIBILITY, AND SERVICE. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WAS REVIEWED BY THE CONTROLLER, DIRECTOR OF FINANCE AND BUDGET AND V.P. FOR FINANCE AND ADMINISTRATION. ALSO, THE FORM 990 WAS PROVIDED TO THE COLLEGE'S BOARD OF TRUSTEES FOR ITS REVIEW AND QUESTIONS AT THE MAY 2019 BOARD MEETING. IN CONSIDERATION OF THE PRIVACY OF OUR DONORS, SCHEDULE B, "SCHEDULE OF CONTRIBUTORS" WAS OMITTED FROM THE 990 COPIES WHICH WERE PROVIDED TO THE GOVERNING BODY FOR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS, OFFICERS, ALL SENIOR STAFF MEMBERS, THE DIRECTOR OF FINANCE AND BUDGET, AND THE CONTROLLER REVIEW, COMPLETE, AND SIGN CONFLICT OF INTEREST FORMS ANNUALLY. THE SECRETARY OF THE BOARD MAINTAINS THESE DOCUMENTS. VOTING MEMBERS OF THE BOARD RECUSE THEMSELVES FROM A VOTE IF A POTENTIAL CONFLICT OF INTEREST EXISTS IN A MATTER. IF THERE IS A QUESTION ABOUT THE EXISTENCE OF A CONFLICT OF INTEREST, THE BYLAWS (ARTICLE 1, SECTION 8D) PROVIDE STANDARDS AND PROCEDURES FOR RESOLVING THE MATTER. FORM 990, PART VI, SECTION B, LINE 15 PROCESS FOR DETERMINING COMPENSATION OF OFFICERS/KEY EMPLOYEES: FOR ALL MEMBERS OF THE COLLEGE'S SENIOR STAFF AND THE PRESIDENT'S DIRECT REPORTS, THE DIRECTOR OF HUMAN RESOURCES PROVIDES COMPARATIVE COMPENSATION DATA FROM THE COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION (CUPA) TO THE PRESIDENT. THE PRESIDENT SHARES THIS INFORMATION WITH THE CHAIR OF THE BOARD OF TRUSTEES AND THE COMPENSATION COMMITTEE, AS NEEDED. THIS INFORMATION IS REVIEWED DURING THE PERFORMANCE ASSESSMENT PROCESS TO DETERMINE SUCH EMPLOYEE'S COMPENSATION. THE BOARD OF TRUSTEES HAS ESTABLISHED IN THE COLLEGE'S BYLAWS A COMPENSATION COMMITTEE, INCLUDING THE CHAIR OF THE BOARD AND OTHER TRUSTEES. THIS COMMITTEE RECOMMENDS ANY COMPENSATION ADJUSTMENTS FOR THE PRESIDENT TO THE EXECUTIVE COMMITTEE OF THE BOARD AND THE RATIONALE THEREIN, AND ANY SUCH COMPENSATION ADJUSTMENTS ARE THEN APPROVED BY THE FULL BOARD. THE COLLEGE'S BOARD OF TRUSTEES (THE "BOARD") HIRED MERCER HUMAN RESOURCES CONSULTING ("MERCER") IN 2015 TO ASSIST IN DETERMINING THE REASONABLENESS OF THE COMPENSATION FOR THE COLLEGE PRESIDENT. USING APPROPRIATE PEER GROUP AND COMPARATIVE MARKET DATA, MERCER ISSUED AN OPINION AFFIRMING THE REASONABLENESS OF THE COMPENSATION PACKAGE. THE ANALYSIS WAS COMPREHENSIVE, UTILIZING MANY SOURCES, INCLUDING THE FORM 990 OF OTHER INSTITUTIONS. THE PRESIDENT ALSO HAS A WRITTEN EMPLOYMENT CONTRACT WHICH INCLUDES THE NECESSARY COMPENSATION PROVISIONS. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE IS A PRIVATE INSTITUTION AND DOES NOT REGULARLY MAKE ITS GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC. FORM 990, PART VIII, LINES 7A TO 7D GAIN ON SALE OF SECURITIES - DETAIL AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 24E "ALL OTHER EXPENSES" CONSISTS SOLELY OF ACADEMIC SUPPORT, IN THE AMOUNT OF $3,098,384. FORM 990, PART XI, LINE 9: CHANGE IN ASSET RETIREMENT OBLIGATION 77,837. CHANGE IN INTEREST RATE SWAP LIABILITY 117,978. INVESTMENT PROPERTIES OF LYNCHBURG LLC 2500 RIVERMONT AVENUE LYNCHBURG VA 24503 541900543 COMMERCIAL REAL ESTATE VA 35580 785565 N/A RMWC ALUMNAE AND RC ALUMNI ASSOC 2500 RIVERMONT AVENUE LYNCHBURG VA 24503 540350944 ALUMNAE(I) CONNECTIONS VA 501(C)(3) 11A-TYPE 1 N/A 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 RMWC ALUMNAE AND RC ALUMNI ASSOCIATION N 47142 FINANCIAL REPORT RMWC ALUMNAE AND RC ALUMNI ASSOCIATION O 252183 FINANCIAL REPORT RMWC ALUMNAE AND RC ALUMNI ASSOCIATION P 311644 FINANCIAL REPORT RMWC ALUMNAE AND RC ALUMNI ASSOCIATION Q 2500 FINANCIAL REPORT RMWC ALUMNAE AND RC ALUMNI ASSOCIATION C 100 FINANCIAL REPORT