2012-05-15T08:59:46-05:00 2011-06-30 BROWN EDWARDS & COMPANY LLP PO BOX 10189 LYNCHBURG VA 245060189 990 2010-07-01 540505941 RANDOLPH COLLEGE RAND 4349478000 2500 RIVERMONT AVENUE LYNCHBURG VA 24053 CHRISTOPHER L BURNLEY 4349478114 2012-05-11 1 RYAN MCENTIRE 4349489000 2010 2016-02-24 21:20:13Z JOHN E KLEIN 2500 RIVERMONT AVENUE LYNCHBURG VA 24503 38491062 0 X WWW.RANDOLPHCOLLEGE.EDU X 1891 VA INSTRUCTION (LIBERAL ARTS HIGHER EDUCATION) - SEE PAGE 2 FOR COMPLETE DESCRIPTION 29 29 766 5 1086 -5645 9590515 8945208 18566347 19850589 2813443 9695265 0 0 30970305 38491062 7096640 8017904 0 0 594085 854704 0 0 1249000 24896640 25879787 32587365 34752395 -1617060 3738667 202201945 216594676 34285544 32849768 167916401 183744908 SEE DETAILED DESCRIPTION OF ORGANIZATION'S PRIMARY MISSION PROVIDED ON SCHEDULE O 0 0 28915887 8017904 27977767 INSTRUCTION: 509 FULL-TIME UNDERGRADUATE AND GRADUATE STUDENTS AND 15 PART-TIME STUDENTS (BASED ON FALL 2010 ENROLLMENT) 28915887 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 0 1 1 1 1 1 0 1 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 1 0 0 0 0 1 X 70 0 1 766 1 1 1 1 UK 0 0 0 0 0 0 0 1 1 0 X 29 29 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 VA X CHRISTOPHER L BURNLEY 4349478115 2500 RIVERMONT AVENUE LYNCHBURG VA 24503 X LEE SANFORD AINSLIE 2.00 X 0 0 0 JOSIAH BUNTING III 2.00 X 0 0 0 KATHARINE STARK CALDWELL 2.00 X 0 0 0 KAREN E CAMPBELL 2.00 X 0 0 0 MARY LAURIE JOHNSON CECE 2.00 X 0 0 0 PETER H DEAN 2.00 X 0 0 0 REBECCA R DIXON 2.00 X 0 0 0 REBECCA DUNN 2.00 X 0 0 0 JULIE HUSTON ELLIS 2.00 X 0 0 0 SUSAN BRASELTON FANT 2.00 X 0 0 0 C THOMAS FAULDERS III 2.00 X 0 0 0 CAROLYN B FEATHERINGILL 2.00 X 0 0 0 SUSAN L GENOVESE 2.00 X 0 0 0 DONALD M GILES 2.00 X 0 0 0 LUCY WILLIAMS HOOPER 2.00 X 0 0 0 RODERICK P HOOVER JR 2.00 X 0 0 0 ELIZABETH EARLE KOJAIAN 2.00 X 0 0 0 ELIZABETH A MAFFEY 2.00 X 0 0 0 MARIAN PHILLIPS MANCINI 2.00 X 0 0 0 BARBARA N MCCARTHY 2.00 X 0 0 0 CHARLES W PRYOR JR 2.00 X 0 0 0 MARY M SCOVANNER 2.00 X 0 0 0 MARY GRAY SHOCKEY 2.00 X 0 0 0 CAROLINE A STEPHENS 2.00 X 0 0 0 ALISON KELLER TOWNSEND 2.00 X 0 0 0 ANNE W TUCKER 2.00 X 0 0 0 GAIL WALLER 2.00 X 0 0 0 EUGENIA LIVINGS WELBURN 2.00 X 0 0 0 MARIETTA EDMUNDS ZAKAS 2.00 X 0 0 0 JOHN E KLEIN 40.00 X X X 309188 0 31576 CHRISTOPHER L BURNLEY 40.00 X X 134109 0 30895 DIXIE N SAKOLOSKY 40.00 X 83753 0 18179 JAN MERIWETHER 40.00 X 136163 0 31083 DENNIS STEVENS 40.00 X 131789 0 30654 SARAH L SWAGER 40.00 X 107497 0 21920 KATHLEEN BOWMAN X 140587 0 8660 1043086 0 172967 6 1 1 0 ARAMARK 2500 RIVERMONT AVE LYNCHBURG VA 24503 DINING & CATERING 1518855 SECURITAS SECURITY SERVICES USA INC PO BOX 403412 ATLANTA GA 303843412 SECURITY 417196 COLEMAN-ADAMS CONSTRUCTION INC PO BOX 368 FOREST VA 24551 CONSTRUCTION 340831 RCM&D 555 FAIRMONT AVE TOWSON MD 21286 INSURANCE 270205 MINDPOWER 337 GEORGIA AVE ATLANTA GA 30312 MARKETING SERVICES 162474 8 177029 8768179 374348 8945208 TUITION AND FEES 611710 14651172 14651172 AUXILIARY SERVICES 611710 4481258 4481258 OTHER 611710 704857 704857 BOOKSHOP COMMISSIONS 451211 13302 12216 1086 19850589 1567001 1567001 8128264 8128264 8128264 8128264 38491062 27977767 1086 1567001 7824770 7824770 193134 193134 618983 618983 235721 235721 INSTRUCTION 9205065 9205065 STUDENT SERVICES 5111419 5111419 INSTITUTIONAL SUPPORT 4981804 3732804 1249000 AUXILIARY SERVICES 3900877 3900877 ACADEMIC SUPPORT 2680622 2680622 34752395 28915887 4587508 1249000 4387931 2390278 1756094 6209888 7249247 7292964 426008 575645 1859158 1774867 78684245 39854054 38500518 38830191 147524329 158901342 498660 619501 202201945 216594676 1698274 1533886 24591831 23388846 316042 223017 884409 838143 6794988 6865876 34285544 32849768 X 48775228 51664157 39778466 51829778 79362707 80250973 167916401 183744908 202201945 216594676 X 3738667 12089840 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 16250 2881955 47500 X X X X X INSTRUCTION 0 134963965 779512 22353417 3777440 5815034 2234000 146270420 123757448 6603095 16477067 3389368 6324277 2160000 134963965 152927027 4043391 -20674027 3561898 7588045 1389000 123757448 0.25000 0.75000 0 0 498504 498504 52858149 21636119 31222030 20941600 17948035 2993565 4385992 269900 4116092 38830191 EQUITIES 65930283 F ALTERNATIVE INVESTMENTS 40083523 F BONDS 39638517 F CASH AND CASH EQUIVALENTS 10002008 F REAL ESTATE 287063 F FUNDS HELD IN TRUST BY OTHERS 2959948 F 158901342 ACCRUED INTEREST PAYABLE 176785 STUDENT DEPOSITS AND OTHER DEFERRED REVENUE 854089 POST-RETIREMENT HEALTHCARE BENEFIT OBLIGATION 540993 U.S. GOVERNMENT GRANTS REFUNDABLE 629190 TRUST AND ANNUITY OBLIGATIONS 3041745 ASSET RETIREMENT OBLIGATION (ASBESTOS ABATEMENT) 1623074 6865876 38491062 34752395 3738667 11754299 335541 12089840 15828507 42562998 11754299 335541 12089840 30473158 8017904 8017904 38491062 26734491 0 26734491 8017904 8017904 34752395 PART III, LINE 4: THE COLLEGE HAS AN EXTENSIVE ART COLLECTION WHICH IS MAINTAINED IN AN ART GALLERY UNDER CURATORIAL CARE AND IS USED FOR INSTRUCTION, PUBLIC EXHIBITION, SCHOLARLY RESEARCH, PRESERVATION FOR FUTURE GENERATIONS, AND LOAN AND EXCHANGE PROGRAMS. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: 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. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: 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, 2011 AND 2010 WOULD NOT HAVE A SIGNIFICANT IMPACT ON THE COLLEGE'S RESULTS OF ACTIVITIES. THE FEDERAL FORM 990S OF THE COLLEGE FOR THE FISCAL YEARS 2010, 2009, AND 2008 ARE SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE, GENERALLY FOR THREE YEARS AFTER THEY ARE FILED. PART XI, LINE 8 - OTHER ADJUSTMENTS: GAIN ON FUNDS HELD IN TRUST BY OTHERS 464,020. LOSS ON ASSET RETIREMENT OBLIGATION -62,051. LOSS ON DISPOSAL OF LAND, BUILDINGS, AND EQUIPMENT -41,750. INTEREST RATE SWAP LIABILITY -24,678. PART XII, LINE 2D - OTHER ADJUSTMENTS: GAIN ON FUNDS HELD IN TRUST BY OTHERS 464,020. LOSS ON ASSET RETIREMENT OBLIGATION -62,051. LOSS ON DISPOSAL OF LAND, BUILDINGS, AND EQUIPMENT -41,750. INTEREST RATE SWAP LIABILITY -24,678. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT SCHOLARSHIPS/FINANCIAL AID 8,017,904. PART XIII, LINE 4B - OTHER ADJUSTMENTS: STUDENT SCHOLARSHIPS/FINANCIAL AID 8,017,904. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 THE COLLEGE PUBLISHES ITS NONDICRIMINATORY POLICY IN ALL ADMISSIONS MATERIALS TO PROSPECTIVE STUDENTS AND ON ITS WEB SITE. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES GOVERNMENT ASSISTANCE FOR FINANCIAL AID. TOTAL FEDERAL WORK STUDY (FWS) AND FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS (FSEOG) WERE $177,029. 0 READING, ENGLAND 1 3 PROGRAM SERVICES INSTRUCTION 378140 1 3 0 0 1 3 378140 0 378140 FINANCIAL AID EUROPE 15 193134 INTERNAL TRANSFER TO APPLY FINANCIAL AID TO STUDENTS' ACCOUNTS RECEIVABLE 0 0 0 0 0 0 METHOD USED TO ACCCOUNT FOR EXPENDITURES: SCHEDULE F, PART I, LINE 3: ACCOUNTING METHOD - ACCRUAL OTHER INFORMATION SCHEDULE F, PART V SCHEDULE F, PART III: ACCOUNTING METHOD - ACCRUAL 1 SCHOLARSHIPS TO STUDENTS 524 7824770 FMV PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, 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. OTHER INFORMATION: PART IV: THE COLLEGE AWARDS GRANTS TO STUDENTS BASED ON CRITERIA SET FORTH IN THE INDIVIDUAL SCHOLARSHIPS. "NEED BASED" GRANTS ARE AWARDED BASED ON INFORMATION OBTAINED FROM THE FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA). X X X 1 1 X X X X X X 0 1 0 0 0 0 0 0 0 JOHN E KLEIN 302250 0 0 0 6938 0 0 0 31576 0 340764 0 338539 0 CHRISTOPHER L BURNLEY 134109 0 0 0 0 0 0 0 30895 0 165004 0 158851 0 JAN MERIWETHER 136163 0 0 0 0 0 0 0 31083 0 167246 0 86186 0 DENNIS STEVENS 131789 0 0 0 0 0 0 0 30654 0 162443 0 161319 0 KATHLEEN BOWMAN 140587 0 0 0 0 0 0 0 8660 0 149247 0 128356 0 PART I, LINE 4B COMPENSATION FOR KATHLEEN G. BOWMAN OF $149,247 REPRESENTS A PAYMENT TO HER FROM A DEFERRED COMPENSATION ACCOUNT WHICH WAS REPORTED IN A PREVIOUS FORM 990 FILING. IRS REGULATIONS REQUIRE THE COLLEGE TO REPORT THESE FUNDS TWICE - ONCE WHEN THE DEFERRED COMPENSATION ACCOUNT IS FUNDED AND AGAIN WHEN THE REQUIREMENTS OF THE DEFERRED COMPENSATION AGREEMENT ARE MET AND THE FUNDS ARE ACTUALLY DISBURSED TO MS. BOWMAN. PAYMENT OF THESE FUNDS HAD NO BUDGETARY IMPACT TO THE COLLEGE IN THE YEAR ENDED JUNE 30, 2011. IDA THE CITY OF LYNCHBURG SERIES 2010 541225193 2010-01-28 7542691 REFUNDED PRIOR BOND ISSUANCE 0 0 0 EDA OF AMHERST COUNTY SERIES 2010 830477842 2010-01-28 5681360 REFINANCE ANTIC. NOTE 0 0 0 IDA THE CITY OF LYNCHBURG SERIES 2003 541225193 55123PAT7 2003-06-05 16470000 REFUNDED PRIOR BOND ISSUANCE 0 0 0 7542691 92691 2010 1 0 1 1 5681360 81360 2010 1 0 1 1 16470000 2003 1 0 1 1 0 0 0 0 1 1 0 0 0 0 1 1 0 0 0 0 1 1 1 1 0 0 0 1 1 1 0 0 0 1 1 0 0 0 0 1 MARC A SCHEWEL FORMER TRUSTEE 5442027 INVESTMENTS: FORMER TRUSTEE ALSO SERVES AS A LOCAL BOARD MEMBER OF SUNTRUST BANK WITH WHICH THE COLLEGE HAD INVESTMENTS AS OF JUNE 30, 2011. HOWEVER, THIS MEMBER IS NOT IN A POSITION TO EXERCISE INPUT, AUTHORITY, OR CONTROL OVER THESE ASPECTS OF SUNTRUST BANK'S RELATIONSHIP WITH THE COLLEGE. 0 X 3 16250 OPINION OF EXPERTS X 33 1248146 COST OR SELLING PRICE X HORSES 6 351500 OPINION OF EXPERTS 1 0 1 1 THIRD PARTY USE: PART I, LINE 32B: AS OF JUNE 30, 2011, THE COLLEGE HAS THREE PAINTINGS HELD FOR SALE UNDER AN ARRANGEMENT WITH CHRISTIE'S AUCTION HOUSE. IN ADDITION, THE COLLEGE INFREQUENTLY RECEIVES JEWELRY AS PART OF AN ESTATE GIFT. IN SUCH ISOLATED CIRCUMSTANCES, THE COLLEGE HAS UTILIZED A LOCAL JEWELRY COMPANY OR AN AUCTIONEER TO SELL THESE ITEMS. DESCRIPTION OF ORGANIZATION MISSION: 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 INDEPENDANTLY 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. CONTRIBUTIONS FORM 990, PART V, QUESTIONS 7G AND 7H THE COLLEGE DID NOT RECEIVE CONTRIBUTIONS OF QUALIFIED INTELLECTUAL PROPERTY DURING THE TAX YEAR. THEREFORE, THERE WAS NO FORM 8899 REQUIRED. ADDITIONALLY, THE COLLEGE DID NOT RECEIVE ANY CONTRIBUTION OF PROPERTY THAT WOULD REQUIRE THE COLLEGE TO FILE FORM 1098-C. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 WAS REVIEWED BY THE DIRECTOR OF FINANCE, CONTROLLER, V.P. FOR FINANCE AND ADMINISTRATION, AND COLLEGE PRESIDENT. ALSO, THE FORM 990 WAS PROVIDED TO THE COLLEGE'S BOARD OF TRUSTEES FOR ITS REVIEW AND QUESTIONS AT THE MAY 2012 BOARD MEETING. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS AND OFFICERS 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 QUESTION. IN ADDITION, ALL SENIOR STAFF MEMBERS, THE DIRECTOR OF FINANCE, AND THE CONTROLLER ARE REQUIRED TO REVIEW, COMPLETE, AND SIGN CONFLICT OF INTEREST FORMS ANNUALLY. THE SECRETARY OF THE BOARD ALSO MAINTAINS THESE DOCUMENTS. 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 COLLEGE'S BOARD OF TRUSTEES (THE "BOARD") HIRED MERCER HUMAN RESOURCES CONSULTING ("MERCER") IN 2007 TO ASSIST IN DETERMINING THE REASONABLENESS OF THE INITIAL 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. DURING THE SPRING OF 2009, THE PRESIDENT OF THE BOARD APPOINTED AN AD HOC COMPENSATION COMMITTEE, COMPRISING FOUR BOARD MEMBERS, INCLUDING THE CHAIR OF THE BOARD. THIS COMMITTEE RECOMMENDS ANY COMPENSATION ADJUSTMENTS 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 HAS NOW AMENDED ITS BYLAWS TO ADD THE COMPENSATION COMMITTEE AS A PERMANENT STANDING COMMITTEE OF THE BOARD. 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 VII COMPENSATION FOR KATHLEEN G. BOWMAN OF $149,247 REPRESENTS A PAYMENT TO HER FROM A DEFERRED COMPENSATION ACCOUNT WHICH WAS REPORTED IN A PREVIOUS FORM 990 FILING. IRS REGULATIONS REQUIRE THE COLLEGE TO REPORT THESE FUNDS TWICE - ONCE WHEN THE DEFERRED COMPENSATION ACCOUNT IS FUNDED AND AGAIN WHEN THE REQUIREMENTS OF THE DEFERRED COMPENSATION AGREEMENT ARE MET AND THE FUNDS ARE ACTUALLY DISBURSED TO MS. BOWMAN. PAYMENT OF THESE FUNDS HAD NO BUDGETARY IMPACT TO THE COLLEGE IN THE YEAR ENDED JUNE 30, 2011. GAIN ON SALE OF SECURITIES FORM 990, PART VIII, LINES 7A TO 7D DETAIL AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 6 REPRESENTS PAYMENTS TO KATHLEEN G. BOWMAN FROM A DEFERRED COMPENSATION ACCOUNT WHICH WAS REPORTED IN A PREVIOUS FORM 990 FILING. IRS REGULATIONS REQUIRE THE COLLEGE TO REPORT THESE FUNDS TWICE - ONCE WHEN THE DEFERRED COMPENSATION ACCOUNT IS FUNDED AND AGAIN WHEN THE REQUIREMENTS OF THE DEFERRED COMPENSATION AGREEMENT ARE MET AND THE FUNDS ARE ACTUALLY DISBURSED TO MS. BOWMAN. PAYMENT OF THESE FUNDS HAD NO BUDGETARY IMPACT TO THE COLLEGE IN THE YEAR ENDED JUNE 30, 2011. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 11,754,299. GAIN ON FUNDS HELD IN TRUST BY OTHERS 464,020. LOSS ON ASSET RETIREMENT OBLIGATION -62,051. LOSS ON DISPOSAL OF LAND, BUILDINGS, AND EQUIPMENT -41,750. INTEREST RATE SWAP LIABILITY -24,678. TOTAL TO FORM 990, PART XI, LINE 5: 12,089,840. INVESTMENT PROPERTIES OF LYNCHBURG LLC 2500 RIVERMONT AVENUE LYNCHBURG VA 24503 541900543 COMMERCIAL REAL ESTATE VA 21600 601276 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 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 1 RMWC ALUMNAE AND RC ALUMNI ASSOCIATION M 47142 FINANCIAL REPORT RMWC ALUMNAE AND RC ALUMNI ASSOCIATION N 178414 FINANCIAL REPORT RMWC ALUMNAE AND RC ALUMNI ASSOCIATION O 322702 FINANCIAL REPORT RMWC ALUMNAE AND RC ALUMNI ASSOCIATION P 7021 FINANCIAL REPORT RMWC ALUMNAE AND RC ALUMNI ASSOCIATION R 71783 FINANCIAL REPORT