2014-05-13T13:13:59-05:00 2013-06-30 KPMG LLP 1676 International Drive McLean VA 22102 990 2012-07-01 540505977 WASHINGTON AND LEE UNIVERSITY % DEBORAH Z CAYLOR WASH 5404588400 204 W WASHINGTON STREET Suite LEXINGTON VA 24450 STEVEN G MCALLISTER 5404588400 2014-05-12 true 7032868000 2012 2015-11-30 17:44:51Z KENNETH P RUSCIO 204 W Washington Street LEXINGTON VA 24450 419209440 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. COPY OF THE MISSION STMT CAN BE FOUND IN SCH O. 34 33 2410 1365 2417231 1556620 36363544 55445299 109140256 117532242 108580164 26321846 0 31135 254083964 199330522 35979345 39249230 0 0 81390587 84799450 0 0 4758103 55429977 58373843 172799909 182422523 81284055 16907999 1635596621 1740052311 203587794 207337842 1432008827 1532714469 X SEE SCHEDULE O. false false 611310 131483649 39171230 117563375 PROVIDING A LIBERAL ARTS EDUCATION - SEE SCHEDULE O 131483649 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 492 0 true 2410 true true true true CJ false false false false false false false false X 34 33 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 6.0 X 0 0 0 ROBERT M BALENTINE JR 4.0 X 0 0 0 MARY C CHOKSI 4.0 X 0 0 0 FREDERICK E COOPER 4.0 X 0 0 0 ROGERS L CRAIN 4.0 X 0 0 0 EDWIN M CRAWFORD 4.0 X 0 0 0 BLAIR H DAVIS 4.0 X 0 0 0 JAMES E DUNN JR 4.0 X 0 0 0 DWIGHT H EMANUELSON JR 4.0 X 0 0 0 ROWAN GP TAYLOR 4.0 X 0 0 0 J SCOTT FECHNAY 4.0 X 0 0 0 C DOUGLAS FUGE 4.0 X 0 0 0 BENJAMIN S GAMBILL JR 4.0 X 0 0 0 J BAKER GENTRY JR 4.0 X 0 0 0 ROBERT J GREY JR 4.0 X 0 0 0 BERNARD C GRIGSBY II 4.0 X 0 0 0 CLAY T JACKSON 4.0 X 0 0 0 RICHARD ALLEN HAIGHT 4.0 X 0 0 0 PETER C KEEFE 4.0 X 0 0 0 SALLY P LAWRENCE 4.0 X 0 0 0 MARSHALL B MILLER 4.0 X 0 0 0 MICHAEL J MISSAL 4.0 X 0 0 0 JESSINE A MONAGHAN 4.0 X 0 0 0 HARRY J PHILLIPS JR 4.0 X 0 0 0 WILLIAM E PRITCHARD III 4.0 X 0 0 0 BENNETT L ROSS 4.0 X 0 0 0 ROBERT E SADLER JR 4.0 X 0 0 0 WARREN A STEPHENS 4.0 X 0 0 0 SARAH NASH SYLVESTER 4.0 X 0 0 0 JOHN W VARDAMAN JR 4.0 X 0 0 0 THOMAS R WALL IV 4.0 X 0 0 0 WILLIAM M WEBSTER IV 4.0 X 0 0 0 DALLAS HAGEWOOD WILT 4.0 X 0 0 0 KENNETH P RUSCIO 40.0 X 498473 0 125414 JAMES D FARRAR JR 40.0 X 140589 0 26127 STEVEN G MCALLISTER 40.0 X 273088 0 48626 DENNIS W CROSS 40.0 X 325708 0 64656 MARK H GRUNEWALD 40.0 X 273170 0 35110 ROBERT A STRONG 40.0 X 234712 0 70519 JOHN H HOOGAKKER 40.0 X 210172 0 31348 FRANK A MIRIELLO 40.0 X 260585 0 35433 ADAM B SPENCER 40.0 X 268656 0 35388 DAVID MILLON 40.0 X 287110 0 36866 JAMES E MOLITERNO 40.0 X 261981 0 36860 LARRY C PEPPERS 40.0 X 263216 0 35389 3297460 0 581736 166 false true false KJELLSTROM AND LEE INC 1607 OWNBY LANE RICHMOND VA 23220 CONSTRUCTION 3104058 MAKENA CAPITAL LP 2755 SAND HIL ROAD SUITE 200 MENLO PARK CA 94025 INVESTMENT MGMT 3126603 HANBURY EVANS WRIGHT VLATTAS 120 ATLANTIC ST NORFOLK VA 23514 CONSTRUCTION 1289986 CENERGESTIC INC 5950 SHERRY LN STE 900 DALLAS TX 75225 ENERGY MANAGEMENT 438000 LEXCON LLC 713 THORNHILL RD LEXINGTON VA 244502222 CONSTRUCTION 294744 30 1893121 53552178 8799245 55445299 TUITION AND FEES 611710 97427131 97077387 349744 AUXILIARY SERVICES 611710 19694395 19081473 612922 OTHER MISC INCOME 611710 410716 410716 117532242 1300252 0 1300252 0 31135 0 31135 0 0 0 244900512 219878918 25021594 25021594 1454565 23567029 0 0 0 0 199330522 116569576 2417231 24898416 127995 127995 37048477 37048477 2072758 2072758 0 3559582 934968 2228671 395943 0 62044891 46355698 13055433 2633760 5303591 4116736 919039 267816 9555154 5881429 3330344 343381 4336232 2996885 1141949 197398 951985 317723 623913 10349 31541 10868 20319 354 217437 74920 140077 2440 0 0 3408206 2377971 1030235 1811333 624112 1166893 20328 89255 51384 37281 590 5501910 3674235 1792958 34717 3413828 1643813 1749570 20445 0 6275039 916373 5315832 42834 6359348 4794256 994170 570922 0 2517411 2158470 353073 5868 5315225 3697802 1617423 0 11273906 7843256 3430650 808521 103458 705063 COST OF SALES FOR AUXILIARY SE 5038439 11603 5026836 DUES AND SUBSCRIPTIONS 1527457 1348069 171583 7805 POSTAGE AND PRINTING 2196536 1445689 548249 202598 ALL OTHER EXPENSES 1636466 854701 781210 555 182422523 131483649 46180771 4758103 X 14212 15849 6488139 9702929 53923498 50120825 1871755 1554173 1344465 1385918 0 0 59326484 50565959 1185683 1253834 3293230 3223686 384121755 161584112 222186726 222537643 173728793 201237809 1104222198 1175430652 4510928 9450445 0 0 3500510 13572589 1635596621 1740052311 11816341 11419306 0 0 2767287 2460586 127589308 124707172 0 0 0 0 0 0 0 0 61414858 68750778 203587794 207337842 X 273371911 298093360 333209921 370203500 825426995 864417609 1432008827 1532714469 1635596621 1740052311 X 16907999 83797643 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 false SUPPLEMNTAL INFORMATION PART IV THE ORGANIZATION PAYS MEMBERSHIP DUES TO MEMBER ORGANIZATIONS INCLUDING NACUBO AND SACS, 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 82435 3146632 X X X X false 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 723303610 55838562 -117744092 15292823 20203500 1222185 624679572 0.23000 0.47000 0.30000 true false 5730451 5730451 316707220 123686202 193021018 10176141 4273738 5902403 43855208 33624172 10231036 7652735 7652735 222537643 LIMITED PARTNERSHIP INTERESTS 745845107 F FUNDS HELD IN TRUST BY OTHERS 429585545 F 1175430652 0 STUDENT AND OTHER DEPOSITS 842475 U.S. GOVERNMENT GRANTS REFUNDA 2021187 SPLIT INTEREST AGREEMENT OBLIG 49706512 POSTRETIREMENT BENEFIT OBLIGAT 14560665 ASSET RETIREMENT OBLIGATIONS 1039980 CAPITAL LEASE OBLIGATIONS 579959 68750778 X 241479728 83797642 599402 84397044 157082684 3126603 39121235 42247838 199330522 140774087 599402 599402 140174685 3126603 39121235 42247838 182422523 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 POSSESSES ART COLLECTIONS, INCLUDING THE WASHINGTON-CUSTIS-LEE PORTRAITS, THE VINCENT L. BRADFORD COLLECTION OF 19TH- CENTURY AMERICAN PAINTINGS, THE THOMAS F. TORREY II COLLECTION OF LANDSCAPE PAINTINGS, THE STAN KAMEN COLLECTION OF WESTERN ART, THE SYDNEY AND FRANCES LEWIS COLLECTION OF 20TH-CENTURY ART, AND THE JACOB AND BERNICE WEINSTEIN COLLECTION OF MODERN ART, THE MR. AND MRS. EUCHLIN D. REEVES COLLECTION OF 17TH-, 18TH-, CHINESE EXPORT PORCELAIN. THE SPECIAL COLLECTIONS OF THE JAMES G. LEYBURN LIBRARY INCLUDE RARE BOOKS, MANUSCRIPTS, AND THE UNIVERSITY'S ARCHIVES. THE COLLECTION EMPHASIS IS ON THE HISTORY OF THE UNIVERSITY AND ROCKBRIDGE COUNTY, GENERALS LEE AND WASHINGTON, AND THE SHENANDOAH VALLEY. THE WATSON PAVILION FOR ASIAN ARTS, HOUSES CHINESE, JAPANESE, AND KOREAN CERAMICS, BRONZES, AND JADES, AS WELL AS, AN AUTHENTIC JAPANESE TEA ROOM. THE MUSEUM AND ART COLLECTIONS ARE USED BY STUDENTS IN ART AND ART HISTORY, CULTURAL STUDIES, HISTORY, LANGUAGES, AND OTHER CLASSES TO ENHANCE THEIR EDUCATIONAL EXPERIENCE. 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, TAX ASSISTANCE 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 $39,121,035 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" $21,051,995 INSTITUTIONALLY FUNDED STUDENT FINANCIAL AID, A REDUCTION TO "TUITION AND FEES" $16,956,155 INSTITUTIONALLY FUNDED STUDENT FINANCIAL AID, A REDUCTION TO "AUXILIARY ENTERPRISES" $1,113,035 ........... $39,121,185 RECONCILIATION: THE UNIVERSITY PROVIDED A TOTAL OF $599,402 OF POST-RETIREMENT BENEFITS WHICH IS INCLUDED IN NET REVENUES ON THE AUDITED FINANCIAL STATEMENTS BUT NOT IN THE FORM 990. true true true true true true true false false false false false false false false true false true PART 1, 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. PART 1, Q6: THE UNIVERSITY ADMINISTERS FEDERAL LOAN AND GRANTS TO STUDENTS THROUGH PROGRAMS SUCH AS PELL AND PERKINS. DURING THE TAX YEAR ENDED JUNE 30, 2013, THE UNIVERSITY HELD FEDERAL GRANTS WITH FEDERAL DEPARTMENTS SUCH AS THE DEPARTMENT OF EDUCATION, DEPARTMENT OF HEALTH AND HUMAN SERVICES, NATIONAL SCIENCE FOUNDATION, U.S. FISH AND WILDLIFE SERVICES, AND U.S. GEOLOGICAL SURVEY. true East Asia and the Pacific Grantmaking 547858 Europe (Including Iceland and Greenland) Grantmaking 96550 Middle East and North Africa Grantmaking 109573 North America Grantmaking 119450 Russia and the Newly Independent States Grantmaking 61820 South America Grantmaking 397873 South Asia Grantmaking 137766 Sub-Saharan Africa Grantmaking 601868 Central America and the Caribbean Program Services Study Abroad 33125 Europe (Including Iceland and Greenland) Program Services Study Abroad 269576 South America Program Services Study Abroad 53014 Central America and the Caribbean Investments 10330889 12759362 12759362 SCHOLARSHIP Central America and the Caribbean 0 0 SCHOLARSHIP BOOK SCHOLARSHIP East Asia and the pacific 12 547858 SCHOLARSHIP BOOK SCHOLARSHIP Europe (Including Iceland and Greenland) 2 96550 SCHOLARSHIP BOOK SCHOLARSHIP Middle East and North Africa 2 109573 SCHOLARSHIP BOOK SCHOLARSHIP North America 2 119450 SCHOLARSHIP BOOK SCHOLARSHIP Russia and the Newly Independent States 1 61820 SCHOLARSHIP BOOK SCHOLARSHIP South America 7 397873 SCHOLARSHIP BOOK SCHOLARSHIP South Asia 3 137766 SCHOLARSHIP BOOK SCHOLARSHIP Sub-Saharan Africa 10 601868 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 2012-2013 THE UNIVERSITY PROVIDED DOMESTIC FINANCIAL AID TO SUPPORT 326 LAW STUDENTS AND 930 UNDERGRADUATES FOR A TOTAL OF 1256 STUDENTS. 39 OF THOSE STUDENTS WERE CITIZENS OF OTHER COUNTRIES AS REPORTED IN SCHEDULE F. true Rockbridge Area Health Center 25 Northridge Lane Lexington VA 24450 541642220 501(c)(3) 27500 Program Service City of Lexington - Fire and Rescue 708 S Main Street Lexington VA 24450 53000 Program Service Rockbridge Area Relief Association 350 Spottswood Drive Lexington VA 24450 237303807 501(c)(3) 6000 Program Service 3 Student Financial Aid 1256 37048477 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 2012-2013 THE UNIVERSITY PROVIDED DOMESTIC FINANCIAL AID TO SUPPORT 326 LAW STUDENTS AND 930 UNDERGRADUATES FOR A TOTAL OF 1256 STUDENTS. X X X true true X X X true true false false false false false false false KENNETH P RUSCIO 398370 0 0 0 100103 0 25000 0 100414 0 623887 0 0 0 JAMES D FARRAR JR 140589 0 0 0 0 0 14480 0 11647 0 166716 0 0 0 STEVEN G MCALLISTER 273088 0 0 0 0 0 25000 0 23626 0 321714 0 0 0 FRANK A MIRIELLO 46657 0 0 0 213928 0 4862 0 30571 0 296018 0 0 0 ADAM B SPENCER 268656 0 0 0 0 0 25000 0 10388 0 304044 0 0 0 DAVID MILLON 287110 0 0 0 0 0 25000 0 11866 0 323976 0 0 0 JAMES E MOLITERNO 261981 0 0 0 0 0 25000 0 11860 0 298841 0 0 0 LARRY C PEPPERS 263216 0 0 0 0 0 25000 0 10389 0 298605 0 0 0 DENNIS W CROSS 325708 0 0 0 0 0 25000 0 39656 0 390364 0 0 0 MARK H GRUNEWALD 273170 0 0 0 0 0 25000 0 10110 0 308280 0 0 0 ROBERT A STRONG 234712 0 0 0 0 0 23484 0 47035 0 305231 0 0 0 JOHN H HOOGAKKER 210172 0 0 0 0 0 20250 0 11098 0 241520 0 0 0 SCHED J - SUPPLEMENTAL INFO 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 6-30-13 AND IS 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. PART I, LINE 4A IN 2012, THE UNIVERSITY MADE A SEVERANCE PAYMENT TO FRANK MIRIELLO IN THE AMOUNT OF $213,928. PART I, LINE 4B THE UNIVERSITY PRESIDENT PARTICIPATES IN A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN SPONSORED BY THE UNIVERSITY. FOR THE FISCAL YEAR ENDED 6-30-13, $100,103 WAS CONTRIBUTED TO THIS PLAN AND IS INCLUDED ABOVE IN PART II, COLUMN B. A INDUSTRIAL DEVELOPMENT AUTHORITY OF ROCKBRIDGE COU 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 15000000 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 15000000 0 0 0 205607 0 0 12924000 0 0 2011 false false true true C 0 0 20337187 0 0 4847048 274495 0 0 15325000 0 0 2008 false false true true A false false false false false false 0 false false false true B false false false false false false 0 false false false true C false false 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 EMPLOYEE MORTGAGE FOR HOME X 240000 188128 false false true STEVEN G MCALLISTER EMPLOYEE MORTGAGE FOR HOME X 203794 99947 false false true KENNETH P RUSCIO EMPLOYEE MORTGAGE FOR HOME X 300000 213099 false false true DENNIS W CROSS EMPLOYEE MORTGAGE FOR HOME X 57525 50188 false false true DAVID MILLON EMPLOYEE MORTGAGE FOR HOME X 300000 253008 false false true JAMES E MOLITERNO EMPLOYEE MORTGAGE FOR HOME X 300000 239167 false false true JOHN H HOOGAKKER EMPLOYEE MORTGAGE FOR HOME X 207000 199496 false false true FRANK A MIRIELLO EMPLOYEE MORTGAGE FOR HOME X 200000 142885 false false true 1385918 PART II - LOANS TO AND/OR FROM INTERESTED PERSONS ALL OF WASHINGTON AND LEE'S FULL-TIME EXEMPT EMPLOYEES ARE ELIGIBLE TO APPLY FOR A UNIVERSITY HOUSING LOAN. 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 HOUSING LOAN IS INCLUDED IN EMPLOYEE W-2'S, AS APPLICABLE, EACH YEAR. AS OF 6/30/13, THE UNIVERSITY HAD OVER 260 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 82435 APPRAISAL X 70 8716810 SELLING PRICE 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 VI - GOVERNANCE, MANAGEMENT, AND DISCLOSURE PART VI, QUESTION 2 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 TRUSTEES COMPANY. THE UNIVERSITY HAS NO INVOLVEMENT WITH EITHER COMPANY. THE UNIVERSITY HAS A BUSINESS RELATIONSHIP WITH A LOCAL BANKING FIRM, BB&T. ONE UNIVERSITY TRUSTEE IS THE PRESIDENT OF THE TENNESSEE /ALABAMA BB&T, WHICH HAS NO DIRECT INVOLVEMNET WITH WASHINGTON AND LEE UNIVERSITY. PART VI - GOVERNANCE, MANAGEMENT, AND DISCLOSURE PART VI, QUESTION 11 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 MADE AVAILABLE TO THE ENTIRE BOARD OF TRUSTEES. PART VI - GOVERNANCE, MANAGEMENT, AND DISCLOSURE PART VI, QUESTION 12 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 UNIVERSITY 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 INTERSTED PERSONS AND THE AUDIT SUBCOMMITTEE FOR EMPLOYEES, HAVE THE AUTHORITY TO OVERSEE AND DECIDE WHETHER A 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. THE GENERAL COUNSEL WILL MAKE A PERMANENT RECORD OF DISCLOSED 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 AND RESOLVE 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 THE POLICY ON GUIDELINES FOR REVIEWING EXECUTIVE COMPENSATION OUTLINES THE PROCESS TO BE FOLLOWED. THE BOARD OF TRUSTEES EXECUTIVE COMMITTEE IS CHARGED TO THOROUGHLY REVIEW THE PRESIDENT'S COMPENSATION, AS WELL AS, ASSESS AND APPROVE 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 PRESIDENTS 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 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 CAN BE REQUESTED 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. PART III - PROGRAM SERVICE ACCOMPLISHMENTS LINE 4A THE NINTH OLDEST INSTITUTION OF HIGHER EDUCATION IN AMERICA, 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. OFFERING 37 UNDERGRADUATE MAJORS AND 22 MINORS, INCLUDING A NUMBER OF INTERDISCIPLINARY PROGRAMS, THE UNIVERSITY PRIDES ITSELF ON THE DEPTH AND BREADTH OF OUR CURRICULUM, IN WHICH TRADITIONAL LIBERAL ARTS COURSES ARE AUGMENTED BY OFFERINGS FROM THE ONLY FULLY-ACCREDITED BUSINESS SCHOOL AND FULLY-ACCREDITED JOURNALISM PROGRAM AMONG THE NATION'S TOP-TIER LIBERAL ARTS COLLEGES. THE SCHOOL OF LAW, ONE OF THE SMALLEST NATIONALLY RECOGNIZED LEGAL PROGRAMS IN THE COUNTRY AT ABOUT 400 STUDENTS, HAS ITS OWN DEAN AND FACULTY. IT OFFERS THE JURIS DOCTOR DEGREE AND, FOR INTERNATIONAL LAW GRADUATES, THE MASTER OF LAWS DEGREE IN UNITED STATES LAW. Charitable remainder trusts (59) C/0 BNY MELLON NA PO BOX 185 Pittsburgh PA 152300185 CRUT W&L UNIVERSITY Trust false Charitable lead trusts (4) 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 (8) 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 LEGAL DOMICILE OF TRUST PART IV, LINE (1), COLUMN (C) THE CHARITABLE REMAINDER TRUSTS ARE LEGALLY DOMICILED IN GA, LA, TX, AND VA.