2015-02-25T07:37:27-06:00 2014-06-30 KPMG LLP 1676 International Drive McLean VA 22102 990 2013-07-01 540505977 WASHINGTON AND LEE UNIVERSITY % DEBORAH Z CAYLOR WASH 5404588400 204 W WASHINGTON STREET Suite LEXINGTON VA 24450 STEVEN G MCALLISTER VP FOR FINANCE AND TREASURER 5404588400 2015-02-19 true RAYMOND LY P01205643 5404588400 2013 2016-02-25 16:41:14Z KENNETH P RUSCIO 204 W Washington Street LEXINGTON VA 24450 528999583 false X www.wlu.edu X 1749 VA WASHINGTON AND LEE PROVIDES A LIBERAL ARTS COLLEGE EDUCATION TO ALMOST 1,800 UNDERGRADUATE STUDENTS & OFFERS JD & LMM DEGREES TO OVER 400 LAW STUDENTS EACH YEAR. 35 34 2478 1370 2818472 1880764 55445299 40372780 117532242 120620324 26321846 32955547 31135 34045 199330522 193982696 39249230 42074789 0 0 84799450 88982143 0 0 5173574 58373843 62184175 182422523 193241107 16907999 741589 1740052311 1917503821 207337842 246689255 1532714469 1670814566 X SEE SCHEDULE O. false false 611310 137491724 42074789 119624425 PROVIDING A LIBERAL ARTS EDUCATION - SEE SCHEDULE O 137491724 true true false true false false true true false true true true false false true true false true true false true false true false false false false true true true true false false false false false true false false false false true true false false false true false false false true 3969 0 true 2478 true true true true CJ false false false false false false false false X 35 34 true false false false false false false true true false false true true true true true true true false false VA X DEBORAH Z CAYLOR 5404588400 204 W WASHINGTON STREET LEXINGTON VA 244502116 X J DONALD CHILDRESS RECTOR 6.0 X 0 0 0 ROBERT M BALENTINE JR TRUSTEE 4.0 X 0 0 0 DANA J BOLDEN TRUSTEE 4.0 X 0 0 0 MARY C CHOKSI TRUSTEE 4.0 X 0 0 0 FREDERICK E COOPER TRUSTEE 4.0 X 0 0 0 ROGERS L CRAIN TRUSTEE 4.0 X 0 0 0 EDWIN M CRAWFORD TRUSTEE 4.0 X 0 0 0 BLAIR H DAVIS TRUSTEE 4.0 X 0 JAMES E DUNN JR TRUSTEE 4.0 X DWIGHT H EMANUELSON JR TRUSTEE 4.0 X C DOUGLAS FUGE TRUSTEE 4.0 X BENJAMIN S GAMBILL JR TRUSTEE 4.0 X J BAKER GENTRY JR TRUSTEE 4.0 X ROBERT J GREY JR TRUSTEE 4.0 X BERNARD C GRIGSBY II TRUSTEE 4.0 X R ALLEN HAIGHT TRUSTEE 4.0 X CLAY T JACKSON TRUSTEE 4.0 X SALLY P LAWRENCE TRUSTEE 4.0 X MICHAEL R MCALEVEY TRUSTEE 4.0 X MARSHALL B MILLER JR TRUSTEE 4.0 X MICHAEL J MISSAL TRUSTEE 4.0 X JESSINE A MONAGHAN TRUSTEE 4.0 X B CRAIG OWENS TRUSTEE 4.0 X WILLIAM E PRITCHARD III TRUSTEE 4.0 X BENNETT L ROSS TRUSTEE 4.0 X ROBERT E SADLER JR TRUSTEE 4.0 X WARREN A STEPHENS TRUSTEE 4.0 X TODD L SUTHERLAND TRUSTEE 4.0 X SARAH NASH SYLVESTER TRUSTEE 4.0 X ROWAN GP TAYLOR TRUSTEE 4.0 X JOHN W VARDAMAN TRUSTEE 4.0 X THOMAS R WALL IV TRUSTEE 4.0 X WILLIAM M WEBSTER IV TRUSTEE 4.0 X DALLAS HAGEWOOD WILT TRUSTEE 4.0 X KENNETH P RUSCIO President of the University 40.0 X X 512446 108558 JAMES D FARRAR JR Secretary of the University 40.0 X 149839 27784 STEVEN G MCALLISTER Vice president 40.0 X 279228 98560 DENNIS W CROSS Vice president 40.0 X 334216 69381 NORA V DEMLEITNER Dean 40.0 X 371678 47457 WILLIAM M HARTOG III Dean 40.0 X 206516 31071 JOHN H HOOGAKKER EXECUTIVE DIRECTOR 40.0 X 214567 32700 LYMAN PQ JOHNSON LAW PROFESSOR 40.0 X 266459 35292 DAVID MILLON LAW PROFESSOR 40.0 X 298546 37828 JAMES E MOLITERNO LAW PROFESSOR 40.0 X 281065 38193 LARRY C PEPPERS DEAN 40.0 X 269688 36125 ADAM B SPENCER LAW PROFESSOR 40.0 X 302361 36778 3486609 0 599727 169 false true false KJELLSTROM AND LEE INC 1607 OWNBY LANE RICHMOND VA 23220 CONSTRUCTION 4156828 MAKENA CAPITAL LP 2755 SAND HILL ROAD MENLO PARK CA 94025 INVESTMENT MGMT 3348755 TAYLOR PARRISH INC 710 PERRY ST RICHMOND VA 23224 CONSTRUCTION 11263526 SMBW PLLC 111 VIRGINIA ST RICHMOND VA 23219 ARCHITECTS 923385 CANNON WASHINGTON INC 3030 CLARENDON BLVD ARLINGTON VA 22201 ARCHITECTS 555934 23 2289202 38083578 5399833 40372780 TUITION AND FEES 611710 99215700 98913406 302294 AUXILIARY SERVICES 611710 19454519 18760914 693605 OTHER MISCELLANEOUS INCOME 611710 1950105 1950105 120620324 1226685 0 1226685 0 34045 0 34045 0 0 0 366745749 335016887 31728862 31728862 1822573 29906289 0 0 0 0 193982696 119624425 2818472 31167019 120500 120500 39312137 39312137 2642152 2642152 0 4103649 1305980 2351338 446331 0 64095945 48767596 12439610 2888739 5538985 3972760 1261056 305169 10696562 6780329 3499109 417124 4547002 3178626 1148441 219935 553879 151722 402157 45614 12495 33119 188970 51764 137206 0 0 3863143 1044398 2818745 1892366 499791 1324751 67824 53629 30725 21629 1275 6128632 3803421 2277745 47466 3577044 1900806 1638515 37723 0 6427541 883633 5516270 27638 6373928 4944084 901452 528392 0 2553432 2151593 399329 2510 7251560 4487265 2764295 0 12135433 7509406 4626027 912167 102281 809886 COST OF SALES FOR AUXILIARY SE 4709306 6964 4702342 DUES AND SUBSCRIPTIONS 1692825 1497028 188789 7008 POSTAGE AND PRINTING 2249631 1539968 539094 170569 ALL OTHER EXPENSES 1575075 794300 774904 5871 193241107 137491724 50575809 5173574 15849 18723 9702929 4823170 50120825 49027484 1554173 2390767 1385918 1143837 0 0 50565959 52609286 1253834 1315300 3223686 3444792 404924927 173507224 222537643 231417703 201237809 285015316 1175430652 1250484443 9450445 16459093 0 0 13572589 19353907 1740052311 1917503821 11419306 12618833 0 0 2460586 2041536 124707172 157686526 0 0 0 0 0 0 0 0 68750778 74342360 207337842 246689255 X 298093360 323486597 370203500 443810620 864417609 903517349 1532714469 1670814566 1740052311 1917503821 741589 137358508 X X false true X true true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true 118325 118325 false SUPPLEMENTAL INFORMATION PART IV THE ORGANIZATION PAYS MEMBERSHIP DUES TO MEMBER ORGANIZATIONS INCLUDING CICV (COUNCIL OF INDEPENDENT COLLEGES IN VIRGINIA) AND NAICU (NATIONAL ASSOCIATION OF INDEPENDENT COLLEGES AND UNIVERSITIES) WHICH MAY ENGAGE IN LOBBYING ACTIVITIES. THEREFORE A PORTION OF THE DUES MAY BE ATTRIBUTABLE TO LOBBYING ACTIVITIES. X X 1 68.90 0 0 0 1 false 230500 3451182 X X X X false 915770122 20451320 131552378 22009313 18499015 1110007 1026155485 837376444 36616570 80728579 21051995 17065077 834399 915770122 843495312 21004089 9296583 19867458 15938352 613730 837376444 720126922 47398524 109234336 18188354 14591348 484768 843495312 624679572 51083389 78983121 16279445 13642350 4697365 720126922 0.24000 0.43000 0.33000 true false 5730451 5730451 333567665 128409773 205157892 10501518 4716398 5785120 46918935 35399430 11519505 8206358 4981623 3224735 231417703 LIMITED PARTNERSHIP INTERESTS 798716222 F FUNDS HELD IN TRUST BY OTHERS 451768221 F 1250484443 0 STUDENT AND OTHER DEPOSITS 765483 U.S. GOVERNMENT GRANTS REFUNDA 1984794 SPLIT INTEREST AGREEMENT OBLIG 54133854 POSTRETIREMENT BENEFIT OBLIGAT 15079989 ASSET RETIREMENT OBLIGATIONS 1235819 CAPITAL LEASE OBLIGATIONS 1142421 74342360 X 286038160 137358508 137358508 148679652 3348755 41954289 45303044 193982696 147938063 147938063 3348755 41954289 45303044 193241107 SCHED D-Supplemental Info PART II QUESTION 9 THE SINGLE CONSERVATION EASEMENT HELD BY THE UNIVERSITY WAS AQUIRED 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, Q4 - PROVIDE A DESCRIPTION OF THE ORGANIZATIONS COLLECTIONS AND EXPLAIN HOW THEY FURTHER THE ORGANIZATION'S EXEMPT PURPOSE: THE UNIVERSITY COLLECTIONS OF ART AND HISTORY (UCAH) AT WASHINGTON AND LEE UNIVERSITY, WHICH REPORTS TO THE VICE PRESIDENT FOR ADVANCEMENT, SUPPORTS THE UNIVERSITY AS AN INTERDISCIPLINARY TEACHING RESOURCE THROUGH THE PRESERVATION, STUDY, INTERPRETATION AND EXHIBITION OF ITS COLLECTIONS UCAH IS COMPOSED OF THREE AREAS THAT ARE ADMINISTERED COLLECTIVELY BY THE DIRECTOR OF UCAH: THE LEE CHAPEL & MUSEUM (LC&M) WAS CREATED IN 1928 IN THE LOWER LEVEL OF THE ORIGINAL COLLEGE CHAPEL, WHICH WAS DESIGNATED A NATIONAL HISTORIC LANDMARK IN 1963. THE LEE CHAPEL COLLECTION IS A UNIQUE AND NATIONALLY SIGNIFICANT LEGACY COLLECTION (FORMED EARLY, WITHOUT PLANNING) THAT WAS GIVEN AND BEQUEATHED TO WASHINGTON AND LEE UNIVERSITY BY LEE FAMILY AND FRIENDS, MUCH OF WHICH WAS ACQUIRED BETWEEN 1897 AND 1928. IT INCLUDES THE WASHINGTON-CUSTIS-LEE COLLECTION OF EARLY AMERICAN PORTRAITS, AS WELL AS HISTORICAL OBJECTS (PERSONAL ARTIFACTS, MILITARY EQUIPMENT, MATERIAL CULTURE, AND FURNISHINGS) RELATED TO THESE IMPORTANT VIRGINIA FAMILIES, AND ESPECIALLY TO GEORGE WASHINGTON, BENEFACTOR OF WASHINGTON ACADEMY, AND ROBERT E. LEE, 11 FURNISHINGS AND CONTENTS OF LEE'S OFFICE AS PRESIDENT (1868-1870), AS WELL AS A SMALL COLLECTION OF HISTORICAL OBJECTS RELATED TO THE HISTORY OF WASHINGTON AND LEE UNIVERSITY. THE REEVES CENTER WAS ESTABLISHED IN 1967 FROM A BEQUEST BY EUCHLIN AND LOUISE REEVES. THE REEVES CENTER CARES FOR, DISPLAYS AND INTERPRETS W&L'S CERAMIC COLLECTION. THE REEVES COLLECTION OF CERAMICS CONTAINS OVER 3,000 PIECES OF CERAMICS MADE IN ASIA, EUROPE, AND THE AMERICAS OVER FOUR MILLENNIA. THE COLLECTION HAS TWO AREAS OF SPECIAL STRENGTH: THE COLLECTION OF CHINESE EXPORT PORCELAIN MADE FOR THE EUROPEAN AND AMERICAN MARKET BETWEEN 1500 AND 1900, WHICH IS ESTIMATED TO BE THE FOURTH LARGEST IN THE NATION, AND THE COLLECTION OF BRITISH AND CONTINENTAL EUROPEAN EARTHENWARE, STONEWARE, AND PORCELAIN MADE BETWEEN 1600 AND 1900. THE REEVES ALSO MAINTAINS THE UNIVERSITY'S NON-CERAMIC ASIAN ART, AS WELL AS HOUSES THE GOTTWALD GALLEY, DISPLAYING THE PAINTINGS OF LOUISE HERRESHOFF. THE ART COLLECTION IS HOUSED THROUGHOUT THE UNIVERSITY CAMPUS. IT ORIGINATED IN 1874 WITH A GIFT OF FIVE IMPORTANT EARLY AMERICAN PORTRAITS FROM NEWTON MERCER AND EXPANDED GREATLY IN 1884 FROM A LARGE BEQUEST BY VINCENT BRADFORD. SINCE THAT TIME, THE ART COLLECTIONS INCLUDE A SIGNIFICANT COLLECTION OF WESTERN EUROPEAN AND AMERICAN PAINTINGS, WORKS ON PAPER, AND SCULPTURE, WITH PARTICULAR STRENGTH IN 19TH CENTURY AMERICAN LANDSCAPES AND 20TH CENTURY PRINTS. PART V, Q4-DESCRIBE THE INTENDED USES OF THE ORGANIZATION'S ENDOWMENT FUND 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 EDUCATING A STUDENT, ENDOWMENT FUNDS SUPPLEMENT THE COST OF FACULTY SALARIES AND EDUCATIONAL PROGRAMS. THE ENDOWMENT AND CURRENT CONTRIBUTIONS PROVIDE 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 -COMMUNITY LEGAL CLINIC, -THE SHEPHERD POVERTY PROGRAM > ATHLETIC PROGRAMS > BUILDINGS AND GROUNDS MAINTENANCE AND IMPROVEMENTS PART X, FIN 48 FOOTNOTE FROM AUDITED FINANCIAL STATEMENTS THE UNIVERSITY DOES NOT BELIEVE THAT THERE ARE ANY UNRECOGNIZED TAX BENEFITS OR COSTS THAT SHOULD BE RECORDED IN THE CONSOLIDATED FINANCIAL STATEMENTS. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN REFLECTED IN THE CONSOLIDATED FINANCIAL STATEMENTS. PART XII - RECONCILIATION OF REVENUE PER AUDITED FINANCIAL STATEMENTS WITH REVENUE PER RETURN. EXPLANATION FOR OTHER ADJUSTMENTS AND PART XIII -RECONCILIATION: THE UNIVERSITY PROVIDED A TOTAL OF $41,954,289 IN FINANCIAL AID TO STUDENTS, WHICH IS INCLUDED IN NET REVENUES ON THE AUDITED FINANCIAL STATEMENTS. DONOR FUNDED STUDENT FINANCIAL AID, A REDUCTION TO "TUITION AND FEES" $22,009,313 INSTITUTIONALLY FUNDED STUDENT FINANCIAL AID, A REDUCTION TO "TUITION AND FEES" $17,786,637 INSTITUTIONALLY FUNDED STUDENT FINANCIAL AID, A REDUCTION TO "AUXILIARY ENTERPRISES" $2,158,339 ........... $41,954,289 true true true true true true true false false false false false false false false true false true PART I, Q3: ALL POLICIES, INCLUDING THE UNIVERSITY'S NONDISCRIMINATION/EEO STATEMENT ARE POSTED TO THE UNIVERSITY WEB SITE. ALL PROSPECTIVE STUDENTS RECEIVE SOLICITATION MATERIALS THAT STATE THE UNIVERSITIES NONDISCRIMINATION POLICIES, INCLUDING NON-RACIAL DISCRIMINATION. ANNUALLY, THE PRESIDENT OF 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. PART I, Q6: THE UNIVERSITY ADMINISTERS FEDERAL LOAN AND GRANTS TO STUDENTS THROUGH PROGRAMS SUCH AS PELL AND PERKINS. DURING THE TAX YEAR ENDED JUNE 30, 2014, THE UNIVERSITY HELD FEDERAL GRANTS WITH FEDERAL DEPARTMENTS SUCH AS THE NATIONAL ENDOWMENT FOR THE ARTS, NATIONAL SCIENCE FOUNDATION, AND U.S. DEPARTMENT OF AGRICULTURE. true Central America and the Caribbean Grantmaking 286545 East Asia and the Pacific Grantmaking 578303 Europe (Including Iceland and Greenland) Grantmaking 190798 Middle East and North Africa Grantmaking 109662 North America Grantmaking 220920 Russia and the Newly Independent States Grantmaking 180240 South America Grantmaking 298747 South Asia Grantmaking 284300 Sub-Saharan Africa Grantmaking 492637 Central America and the Caribbean Program Services STUDY ABROAD 22194 East Asia and the Pacific Program Services STUDY ABROAD 55737 Europe (Including Iceland and Greenland) Program Services STUDY ABROAD 634979 Central America and the Caribbean Investments 10839877 14194939 14194939 SCHOLARSHIP Central America and the Caribbean 5 286545 SCHOLARSHIP BOOK SCHOLARSHIP East Asia and the pacific 13 578303 SCHOLARSHIP BOOK SCHOLARSHIP Europe (Including Iceland and Greenland) 4 190798 SCHOLARSHIP BOOK SCHOLARSHIP Middle East and North Africa 2 109662 SCHOLARSHIP BOOK SCHOLARSHIP North America 5 220920 SCHOLARSHIP BOOK SCHOLARSHIP Russia and the Newly Independent States 3 180240 SCHOLARSHIP BOOK SCHOLARSHIP South America 7 298747 SCHOLARSHIP BOOK SCHOLARSHIP South Asia 5 284300 SCHOLARSHIP BOOK SCHOLARSHIP Sub-Saharan Africa 8 492637 SCHOLARSHIP BOOK true false true true true false SCHED 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 2013-2014 THE UNIVERSITY PROVIDED DOMESTIC FINANCIAL AID TO SUPPORT 1325 STUDENTS. 52 OF THOSE STUDENTS WERE CITIZENS OF OTHER COUNTRIES AS REPORTED IN SCHEDULE F. true CONCERNED CITIZENS OF GLASGOW 25 Northridge Lane GLASGOW VA 24555 541548440 501(c)(3) 7500 Program Service CITY OF LEXINGTON - FIRE AND RESCUE 708 S Main Street LEXINGTON VA 24450 53000 Program Service ROCKBRIDGE AREA RELIEF ASSOCIATION INC 350 SPOTSWOOD DR LEXINGTON VA 24450 237303807 501(c)(3) 10000 Program Service 3 Student Financial Aid 1325 39312137 book SEE PART IV 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 2013-2014 THE UNIVERSITY PROVIDED DOMESTIC FINANCIAL AID TO SUPPORT 1325 STUDENTS. X X X true true X X X false true false false false false false false false KENNETH P RUSCIO President of the University 410094 102352 25500 83058 621004 JAMES D FARRAR JR Secretary of the University 149839 15444 12340 177623 STEVEN G MCALLISTER Vice president 279228 25500 73060 377788 DENNIS W CROSS Vice president 334216 25500 43881 403597 NORA V DEMLEITNER Dean 371678 35429 12028 419135 WILLIAM M HARTOG III Dean 206516 20831 10240 237587 LYMAN PQ JOHNSON LAW PROFESSOR 266459 25500 9792 301751 DAVID MILLON LAW PROFESSOR 298546 25500 12328 336374 JAMES E MOLITERNO LAW PROFESSOR 281065 25500 12693 319258 LARRY C PEPPERS DEAN 269688 25500 10625 305813 ADAM B SPENCER LAW PROFESSOR 302361 25500 11278 339139 JOHN H HOOGAKKER EXECUTIVE DIRECTOR 214567 20705 11995 247267 SCHEDULE J, PART I, LINE 1 THE UNIVERSITY PRESIDENT RESIDES IN ON-CAMPUS HOUSING AS A CONDITION OF HIS EMPLOYMENT FOR THE CONVENIENCE OF THE UNIVERSITY. THE VALUE OF THIS ON-CAMPUS HOUSING IS $58,305 FOR THE FISCAL YEAR ENDED 6-30-14 AND 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. TRAVEL EXPENSE OF LESS THAN $5,000 WAS PAID FOR THE PRESIDENT'S SPOUSE TO ATTEND MULTIPLE FUNDRAISING AND BOARD OF TRUSTEE FUNCTIONS DURING THE FISCAL YEAR. 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 FISCAL YEAR ENDED 6-30-14, $105,950 WAS CONTRIBUTED TO THIS PLAN AND IS INCLUDED ABOVE IN PART II, COLUMN B. A INDUSTRIAL DEVELOPMENT AUTHORITY OF ROCKBRIDGE 541284598 999999999 2003-03-31 3950000 REDUCE OUTSTANDING DEBT false false false B INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF 546001392 52976TAF4 2010-09-24 1500000 VARIOUS CAPITAL IMPROVEMENTS false false false C VIRGINIA COLLEGE BUILDING AUTHORITY 541249154 927781NC2 2006-08-10 20446543 ENERGY AND CAPITAL PROJECTS false false false A 0 0 3950000 0 0 3950000 0 0 0 3950000 0 0 2003 false false true true B 0 0 1500000 0 0 0 205607 0 0 12924000 0 0 2011 false false true true C 0 0 20377187 0 0 4847048 274495 0 0 15325000 0 0 2008 false false true true A false false false false 0 false false false true B false false false false 0 false false false true C false false false false 0 false false false true A true true true SUNTRUST CAP MARKET 15. false false false 0 false true B true true false 0 false 0 false true C true true false 0 false 0 false true A true B true C true JAMES D FARRAR JR MORTGAGE FOR HOME X 240000 181860 false false true STEVEN G MCALLISTER MORTGAGE FOR HOME X 203794 87753 false false true KENNETH P RUSCIO MORTGAGE FOR HOME X 300000 191982 false false true DENNIS W CROSS MORTGAGE FOR HOME X 57525 48879 false false true DAVID MILLON MORTGAGE FOR HOME X 300000 243851 false false true JAMES E MOLITERNO MORTGAGE FOR HOME X 300000 194690 false false true JOHN H HOOGAKKER MORTGAGE FOR HOME X 207000 194822 false false true 1143837 PART II - LOANS TO AND/OR 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 LEXINGTON 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 6/30/14, THE UNIVERSITY HAD 261 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 1 225000 APPRAISAL X 5500 APPRAISAL X 65 5109333 SELLING PRICE X EQUEST. HORSES 2 60000 APPRAISAL 4 false true false FORM 990, PART III MISSION 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. 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. PART VI - GOVERNANCE, MANAGEMENT, AND DISCLOSURE PART VI, QUESTION 2 FAMILY OR BUSINESS RELATIONSHIPS THE COMPANIES OF TWO TRUSTEES HAVE PARTICIPATED TOGETHER IN OIL AND GAS INVESTMENTS. ONE TRUSTEE OWNS AN INTEREST IN AN OIL COMPANY THAT DOES BUSINESS WITH ANOTHER TRUSTEE'S COMPANY. THE UNIVERSITY HAS NO INVOLVEMENT WITH EITHER COMPANY. ONE TRUSTEE'S INSURANCE BUSINESS PROVIDES SERVICES TO A COMPANY FOR WHICH ANOTHER TRUSTEE IS PRINCIPAL. BOTH COMPANIES RECEIVE FAIR MARKET VALUE FOR THE SERVICES PROVIDED. THE UNIVERSITY ALSO RECEIVES FAIR MARKET VALUE RATES FROM THE COMPANY FOR WHICH THE TRUSTEE IS PRINCIPAL. PART VI - GOVERNANCE, MANAGEMENT, AND DISCLOSURE PART VI, QUESTION 11 990 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 SUBCOMMITTEE OF THE FINANCE COMMITTEE REVIEWS AND APPROVES THE FORM 990, AFTER WHICH A COPY IS provided TO THE ENTIRE BOARD OF TRUSTEES. PART VI - GOVERNANCE, MANAGEMENT, AND DISCLOSURE PART VI, QUESTION 12 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) OR CHAIR OF THE AUDIT SUBCOMMITTEE OF THE FINANCE COMMITTEE (FOR EMPLOYEE DISCLOSURES) REGARDING ANY POTENTIAL CONFLICTS OF INTEREST AMONG THESE PERSONS. THE TRUSTEESHIP COMMITTEE FOR TRUSTEES AND INTERESTED PERSONS AND THE AUDIT SUBCOMMITTEE 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 UNMANAGEBLE 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 SUBCOMMITTEE. 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. PART VI - GOVERNANCE, MANAGEMENT, AND DISCLOSURE PART VI, QUESTION 15 EXECUTIVE COMPENSATION THE POLICY ON "GUIDELINES FOR REVIEWING EXECUTIVE COMPENSATION" OUTLINES THE PROCESS TO BE FOLLOWED. THE BOARD OF TRUSTEES EXECUTIVE COMMITTEE IS CHARGED WITH THOROUGHLY REVIEWING THE PRESIDENT'S COMPENSATION, AS WELL AS, ASSESSING AND APPROVING THE REASONABLENESS OF THE COMPENSATION. AFTER REVIEW AND RECOMMENDATION, WHICH INCLUDES EVALUATION OF MARKET AND COMPARISON TO PEER SCHOOLS, THE FULL BOARD OF TRUSTEES APPROVES COMPENSATION FOR THE PRESIDENT. THEY ALSO CONDUCT 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. PART VI - GOVERNANCE, MANAGEMENT, AND DISCLOSURE PART VI, QUESTION 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 PART XII - FINANCIAL STATEMENTS AND REPORTING IN YEARS PRIOR TO TAX YEAR 2010, THE FINANCIAL STATEMENTS OF THE UNIVERSITY HAVE BEEN REPORTED ON A SEPARATE BASIS, AS NO OTHER AFFILIATES EXISTED. ON NOVEMBER 15, 2010, COLONNADE RESTORATION, LLC, A VIRGINIA LIMITED LIABILITY COMPANY AND CONTROLLED AFFILIATE OF THE UNIVERSITY, WAS FORMED FOR THE PURPOSE OF RESTORING, REHABILITATING, CONSTRUCTING AND DEVELOPING THE HISTORIC BUILDINGS ON THE UNIVERSITY GROUNDS KNOWN COLLECTIVELY AS THE COLONNADE. COLONNADE RESTORATION, LLC WAS FORMED SO THAT THE RENOVATION EXPENDITURES INCURRED ON THE REHABILITATION PROJECTS DESIGNATED BY THE VIRGINIA DEPARTMENT OF HISTORIC RESOURCES WILL SUPPORT VIRGINIA HISTORIC TAX CREDITS CERTIFIED TO COLONNADE RESTORATION, LLC FOR ALLOCATION TO ITS MEMBERS. THE UNIVERSITY HAS NO MEMBERSHIP INTEREST IN COLONNADE RESTORATION, LLC BUT RATHER CONTROLS THE AFFILIATE THROUGH VARIOUS LEASING ARRANGEMENTS. Charitable remainder trusts (59) C/0 BNY MELLON NA PO BOX 185 Pittsburgh PA 152300185 CRUT VA W&L UNIVERSITY Trust false Charitable lead trusts (3) C/0 BNY MELLON NA PO BOX 186 Pittsburgh PA 152300185 CLAT VA W&L UNIVERSITY Trust false Pooled income fund C/0 BNY MELLON NA PO BOX 187 Pittsburgh PA 152300185 546123755 CRAT VA W&L UNIVERSITY Trust false Annuities (10) C/0 BNY MELLON NA PO BOX 188 Pittsburgh PA 152300185 CRAT VA W&L UNIVERSITY Trust false true false true false false false false false false false false false false false false false false false false PART IV, LINE (1), COLUMN (C) LEGAL DOMICILE OF TRUST THE CHARITABLE REMAINDER TRUSTS ARE LEGALLY DOMICILED IN GA, LA, TX, AND VA