2020-04-28T10:40:37-07:00 2019-06-30 990 2018-07-01 540505922 UNIVERSITY OF LYNCHBURG UNIV 4345448428 1501 Lakeside Drive Lynchburg VA 24501 Steve Bright VP for Business & Finance 4345448428 2020-04-28 73.99.177.205 2018 2020-09-23 17:36:50Z Stephen E Bright 1501 Lakeside Drive Lynchburg VA 24501 149313952 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. 33 31 1964 0 127756 0 3602296 5398677 101196851 109612849 7429782 6947183 407572 -116137 112636501 121842572 37913024 40402309 0 0 44999531 47184384 174209 135423 1932004 26604823 27812198 109691587 115534314 2944914 6308258 240072140 251731629 78652985 82663268 161419155 169068361 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 68745663 40402309 116317966 Includes student instruction and scholarships. For the Fall 2018, there were 2,086 undergraduates, 995 graduates for a total enrollment of 3,081 students. 12036397 0 0 Includes auxiliary enterprises (such as dining services, student housing, campus store, and other snack bar areas). 12289339 0 0 Includes other institutional services (such as information technology, interest expense, and other allocated expenses) that support student instruction. 11203475 0 0 Includes student services which consists of enrollment services, registrar, health and counseling services, student activities, sports, and recreation. 4316346 0 0 Includes academic support which consists of the University's library, art gallery, academic advising, career services, and other support services for the academic divisions. 15519821 0 0 108591220 1 1 0 1 0 0 1 1 0 1 1 1 0 0 1 0 1 0 1 1 1 0 1 1 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 1 0 0 0 1 X 4230 0 1 1964 1 1 1 1 ST 0 0 1 1 0 0 0 0 0 0 0 X 33 31 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 VA X Stephen Bright 4345448428 1501 Lakeside Drive Lynchburg VA 24501 Charles W Berry Trustee 1 0 X 0 0 0 Hannah Besanceney Trustee 1 0 X 0 0 0 Melanie Biermann Trustee/Corporate Officer 2 0 X 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 Charles P Collings 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 William K Grogan Trustee 1 0 X 0 0 0 Bryant A Haskins Trustee 1 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 1 0 X 0 0 0 Nathaniel X Marshall Trustee/Corporate Officer 5 0 X X 0 0 0 Andrew J McKenna Trustee 1 0 X 0 0 0 A Patricia Merryman 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 Verna R Sellers Trustee 1 0 X 0 0 0 Andrew J Tatom III Trustee/Corporate Officer 2 0 X X 0 0 0 Lee C Verrone Trustee 1 0 X 0 0 0 Kenneth R Garren President of the College 60 0 X 390552 0 42885 Rita A Detwiler VP for Enrollment Management 55 0 X 133591 0 27533 Stephen E Bright VP for Business and Finance and Treasurer 55 0 X 196960 0 31082 Sally C Selden Provost 60 0 X 154477 0 19838 Michael Bonnette SR VP for Institutional Advancement 50 0 X 173403 0 28716 Hayward Guenard VP and Dean for Student Development 50 0 X 108711 0 23367 A Russell Smith Director/Professor Physical Therapy 50 0 X 153317 0 27435 Atul Gupta Professor/Associate Provost 50 0 X 123000 0 24498 Jeremy Welsh Director/Professor of Physician Assistant Medicine 60 0 X 175958 0 18088 Howard Bush Professor 50 0 X 138096 0 21147 David Murphy Professor 60 0 X 120992 0 24541 1869057 0 289130 29 0 1 0 Jamerson-Lewis Construction 1306 Stephenson Ave Lynchburg VA 24501 Campus renovations and construction 5928116 Dominion Seven Architects 1000 Jefferson Street Suite 2A Lynchburg VA 24504 Architectural design 1354068 Spider Investments The Richmond Fund LLC 6802 Paragon Place Richmond VA 23230 Investment Management 404566 Global Explorers PO Box 3311 Lynchburg VA 24503 Travel/Transportation for Study Abroad 324200 CommonFund PO Box 5493 Boston MA 02206 Investment Management 183708 8 0 0 28404 37416 734811 4598046 750299 5398677 Tuition and Fees 611310 90500199 90500199 0 0 Auxiliary Services 900099 16324678 16324678 0 0 Miscellaneous Income 900099 2660216 2660216 0 0 Auxiliary - Catering 900099 127756 0 127756 0 0 0 0 0 109612849 1828503 1828503 0 0 0 0 0 0 24224 24224 0 0 0 0 0 0 0 0 0 0 0 0 32579051 4300 27450889 13782 5128162 -9482 5118680 5118680 0 0 4882 28404 6709 -1827 0 -1827 0 0 0 0 0 0 0 0 0 0 0 0 Change in interest rate swap agreement 900099 -138534 -138534 0 0 0 0 0 0 -138534 121842572 116317966 127756 -1827 0 0 40125549 40125549 276760 276760 0 0 1454554 445761 899326 109467 0 0 0 0 33912500 31343581 1560125 1008794 2535377 2405085 59323 70969 6732629 6446063 161660 124906 2549324 2356209 117280 75835 0 0 0 0 49573 0 49573 0 72149 0 72149 0 0 0 0 0 135423 135423 1070318 0 1070318 0 0 0 0 0 389273 335103 41051 13119 1205970 968606 124318 113046 802232 733514 10385 58333 0 0 0 0 3525758 3440987 51389 33382 1270735 1043587 117221 109927 0 0 0 0 0 0 0 0 1638432 1638432 0 0 0 0 0 0 4869334 4869334 0 0 59966 0 59966 0 Food Purchases 2181190 2181190 0 0 Indirect Cost Allocations/Auxiliaries/Other 2919767 2919767 0 0 Purchases - Campus Store 1081924 1081924 0 0 6675577 5979768 617006 78803 115534314 108591220 5011090 1932004 25100 25100 33401752 22096577 2213667 1946908 2848993 2340859 0 0 0 0 1156413 850255 919511 803102 757664 1445189 171779297 68408951 82657521 103370346 94840392 95809071 21251127 23044222 0 0 0 0 0 0 240072140 251731629 7185158 12248719 0 0 5352544 5576116 61721249 60626300 0 0 0 0 2677550 2327940 0 0 1716484 1884193 78652985 82663268 X 65842040 69010725 51279279 55230927 44297836 44826709 161419155 169068361 240072140 251731629 X 6308258 1525188 0 0 0 -184240 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 3557 3557 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 independent 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, and before boards, agencies, and commissions. CICV estimates that 10.89% of the FY 18-19 dues ($32,663) 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 0 0 0 0 X X X X 0 109661075 1140361 6891795 2372550 2362493 0 112958188 104441838 759702 8927289 2297455 2170299 0 109661075 96635479 625264 11256265 2056714 2018456 0 104441838 98665977 3786122 -1980017 2028873 1807730 0 96635479 97523495 2784724 1944033 1880525 1705750 0 98665977 0.2 0.42 0.38 1 0 0 4298249 4298249 0 115615337 53127370 62487967 0 8806731 4155236 4651495 0 15409192 10338393 5070799 0 27649788 787952 26861836 103370346 0 0 Hedge Funds 5384891 F Private Capital 10504397 F Distressed Debt 104771 F Real Estate 3846456 F Natural Resources 3203707 F 23044222 US Government grants refundable 884345 Interest rate swap agreement liability 999848 1884193 81256647 1525188 0 0 -40586549 -39061361 120318008 1070318 454246 1524564 121842572 73607441 0 0 0 -454246 -454246 74061687 1070318 40402309 41472627 115534314 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 may 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, 31 works of art 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 ($40,402,309) and Change in Value of Split Interest Agreements ($184,240) Schedule D, Part XI, Line 4b Renaming expenses ($454,246) Schedule D, Part XII, Line 2d Renaming expenses ($454,246) Schedule D, Part XII, Line 4b Financial Aid ($40,402,309) 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 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 2018-19 fiscal year. These awards were received from the US Department of Education and the State Council of Higher Education for Virginia. 1 Central America and the Caribbean 1 1 Program Services St. Lucia Campus Expenses (program discontinued January 2019) 57176 Central America and the Caribbean 0 0 Program Services Travel and other expenses 2696 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Study Abroad to Mexico 1794 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Travel expenses - Canada 220 East Asia and the Pacific 0 0 Program Services Study Abroad - South Korea 1541 East Asia and the Pacific 0 0 Program Services Study Abroad - Viet Nam 1656 South America 0 0 Program Services Study Abroad and travel expenses 18966 Europe (including Iceland and Greenland) 0 0 Program Services Faculty development - Austria 537 Europe (including Iceland and Greenland) 0 0 Program Services Study Abroad - Croatia 2355 Europe (including Iceland and Greenland) 0 0 Program Services Study Abroad and Faculty Development - England/Iceland 8690 Europe (including Iceland and Greenland) 0 0 Program Services Study Abroad - France 1307 Europe (including Iceland and Greenland) 0 0 Program Services Study Abroad - Netherlands 5483 Europe (including Iceland and Greenland) 0 0 Program Services Travel - Faculty Development - Poland 158 Sub-Saharan Africa 0 0 Program Services Study Abroad - Uganda 379 Sub-Saharan Africa 0 0 Grantmaking Financial Aid - Applied to billed tuition and fees 62450 Central America and the Caribbean 0 0 Grantmaking Financial Aid - Applied to billed tuition and fees 53560 South America 0 0 Grantmaking Financial Aid - Applied to billed tuition and fees 21000 East Asia and the Pacific 0 0 Grantmaking Financial Aid - applied to billed tuition and fees 88350 South Asia 0 0 Grantmaking Financial Aid - Applied to billed tuition and fees 29900 Europe (including Iceland and Greenland) 0 0 Grantmaking Financial Aid - Applied to billed tuition and fees 21500 1 1 379718 Unfunded Institutional Aid Sub-Saharan Africa 4 62450 Applied to billed tuition and fees 0 Unfunded Institutional Aid Central America and the Caribbean 2 53560 Applied to billed tuition and fees 0 Unfunded Institutional Aid South America 1 21000 Applied to billed tuition and fees 0 Unfunded Institutional Aid East Asia and the Pacific 4 85950 Applied to billed tuition and fees 0 Funded Institutional Aid East Asia and the Pacific 1 2400 Applied to billed tuition and fees 0 Unfunded Institutional Aid South Asia 1 29900 Applied to billed tuition and fees 0 Unfunded Institutional Aid Europe (including Iceland and Greenland) 1 21500 Applied to billed tuition and fees 0 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 McAllister and Quinn 1368 N Washington Ave Scranton PA 18509 Consultant for the University of Lynchburg Office of Advancement for particular assistance with Grant-writing. 0 0 81787 -81787 Alexander Haas 3520 Piedmont Rd Suite 300 Atlanta GA 30305 Consultant for the University of Lynchburg Office of Advancement for the purpose of studying the feasibility of a capital campaign. 0 0 43331 -43331 Ruffalo Noel P O Box 718 Des Moines IA 503030718 Consultant for the University of Lynchburg Office of Advancement for particular assistance in the area of Annual Giving. 0 0 10305 -10305 0 135423 -135423 AL AZ CA CT DC DE GA HI IA ID IL IN KS KY LA MD ME MN MO MS MT NC ND NE NH NJ NM NY OH OK OR PA RI SD TN TX UT VA VT WI WY Shellenberger Golf Tournament 12106 9319 2787 0 0 0 0 0 3731 Seamster Golf Tournament 21180 19085 2095 0 0 2678 300 0 0 0 33286 28404 4882 0 0 2678 300 0 3731 6709 -1827 1 City of Lynchburg 900 Church Street Lynchburg VA 24504 546001405 Domestic Government 181000 Professional Appraisal - November 6, 2018 3.296 Acres, 1420 Lakeside Drive The University donated this parcel of land adjacent to the campus to the City of Lynchburg for the purpose of a future bridge and roadwork improvements. 1 0 Non-funded Financial Aid 2206 38431218 0 Funded Financial Aid 97 1694331 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 X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 Kenneth R Garren President of the College 390552 0 0 0 0 0 24750 0 18136 0 433438 0 0 0 Michael Bonnette SR VP for Institutional Advancement 173403 0 0 0 0 0 16362 0 12354 0 202119 0 0 0 Hayward Guenard VP and Dean for Student Development 108711 0 0 0 0 0 10908 0 12459 0 132078 0 0 0 Rita A Detwiler VP for Enrollment Management 133591 0 0 0 0 0 12957 0 14575 0 161123 0 0 0 Stephen E Bright VP for Business and Finance and Treasurer 196960 0 0 0 0 0 18651 0 12431 0 228042 0 0 0 Sally C Selden Provost 154477 0 0 0 0 0 14294 0 5544 0 174315 0 0 0 Jeremy Welsh Director/Professor of Physician Assistant Medicine 175958 0 0 0 0 0 12659 0 5429 0 194046 0 0 0 A Russell Smith Director/Professor Physical Therapy 153317 0 0 0 0 0 15371 0 12064 0 180752 0 0 0 David Murphy Professor 120992 0 0 0 0 0 10952 0 13589 0 145533 0 0 0 Howard Bush Professor 138096 0 0 0 0 0 11403 0 9743 0 159242 0 0 0 Atul Gupta Professor/Associate Provost 123000 0 0 0 0 0 12253 0 12245 0 147498 0 0 0 Schedule J, Part I, Line 1a Travel for the President's spouse is provided while travelling for University purposes. She provides bona-fide and University-related business activities. 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. 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 3623848 0 8837932 0 0 0 100088 0 0 0 8737844 0 2010 1 0 1 1 B 5311285 0 24308295 0 12581 0 397452 0 0 1012015 13911409 0 2014 1 0 1 1 C 96074 0 37298455 0 614062 0 472732 0 0 3826265 32054723 330673 2019 1 0 0 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 0 1 1 SunTrust Bank 22 0 0 0 0 1 B 0 0 0 0 0 0 0 0 1 C 0 0 0 0 0 0 0 0 1 Sheila Garren Family member of a University Officer 37784 Compensation paid as an employee of the University 0 Richard Pumphrey Family member of a University Officer 86983 Compensation paid as an employee of the University 0 L G Flint Construction Owner is a family member of a Trustee of the University 84708 Campus construction and renovations 0 Centra Health A Trustee of the University is also a Board Member for Centra Health 155888 Partnership opportunities and clinical experience for Nursing, PA and DMSc students 0 Ernst and Young Foundation A Trustee of the University is a partner/principal at Ernst and Young 11000 Donation 0 X 489 FMV X 12 166479 Avg hi/low on gift date X 1 750000 Opinion of expert X 3 14622 Opinion of expert X Observatory Equipment 1 4065 FMV X Miscellaneous 11 3012 FMV 1 0 1 0 Form 990, Part V, Line 1a Includes tax forms 1099-MISC (164), 1099-R (44), and 1098-T (4,022) Form 990, Part VI, Section B, Line 11b The Tax Form 990 is internally prepared by the Senior Accountant - Endowment and Investments and reviewed by the Controller and VP 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. They 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 in order 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 conflict 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 reasonably could 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 the 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 in 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 of Trustees while in Executive session are documented in the minutes of the meeting. In October 2010, the University obtained the service of an independent consultant to analyze the President's compensation from approximately ten (10) to fifteen (15) 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. 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 (-$184,240) 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 Lynchburg College (St Lucia) Limited No 6 Colony House P O BOX 3038 John Compton Highway Castries St Lucia ST Educational ST University of Lynchburg in Virginia C 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 Historic Sandusky Foundation Inc o 45576 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 amount represents 75% of the Director's salary. Schedule R, Part II 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.