2013-05-08T14:59:29-05:00 2012-06-30 KPMG LLP 1676 International Drive McLean VA 22102 990 2011-07-01 540505977 WASHINGTON AND LEE UNIVERSITY % DEBORAH Z CAYLOR WASH 5404588400 UNIVERSITY PLACE LEXINGTON VA 24450 STEVEN G MCALLISTER 2013-04-02 true 7032868000 2011 2016-02-25 16:41:14Z KENNETH P RUSCIO UNIVERSITY PLACE LEXINGTON VA 24450 254083964 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. 33 32 2327 1350 1518972 769095 37431271 36363544 103301039 109140256 29364591 108580164 3847426 0 173944327 254083964 32563239 35979345 0 0 79647539 81390587 0 0 4709626 48169833 55429977 160380611 172799909 13563716 81284055 1598398222 1635596621 207985937 203587794 1390412285 1432008827 X SEE SCHEDULE O. false false 611310 121706741 35979345 109140256 PROVIDING A LIBERAL ARTS EDUCATION - SEE SCHEDULE O 0 0 0 121706741 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 false true true true false false false false false true false false false false true true false false false true false false false false true 486 0 true 2327 true true true false false false false false false false false false X 33 32 false 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 WASHINGTON AND LEE UNIVERSITY 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 J HAGOOD ELLISON JR 4.0 X 0 0 0 DWIGHT H EMANUELSON JR 4.0 X 0 0 0 JORGE E ESTRADA 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 THOMAS N MCJUNKIN 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 ALSTON PARKER WATT 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 JOHN A WOLF 4.0 X 0 0 0 KENNETH P RUSCIO 40.0 X X 801432 0 121110 JAMES D FARRAR JR 40.0 X 135533 0 60328 STEVEN G MCALLISTER 40.0 X 266091 0 59747 DENNIS W CROSS 40.0 X 318162 0 61973 HOWARD DOBIN 40.0 X 208610 0 31094 MARK H GRUNEWALD 40.0 X 297012 0 34723 WILLIAM M HARTOG 40.0 X 199064 0 29773 ROBERT A STRONG 40.0 X 213955 0 66978 LYMAN PQ JOHNSON 40.0 X 273670 0 33943 DAVID MILLON 40.0 X 286167 0 35695 JAMES E MOLITERNO 40.0 X 254767 0 34193 BRIAN C MURCHISON 40.0 X 254980 0 34783 LARRY C PEPPERS 40.0 X 257010 0 33958 3766453 0 638298 146 false true false KJELLSTROM AND LEE INC 1607 OWNBY LANE RICHMOND VA 23220 CONSTRUCTION 6792246 MAKENA CAPITAL LP 2755 SAND HILL ROAD SUITE 200 MENLO PARK CA 94025 INVESTMENT MGMT 1350477 LEXINGTON SOLAR LC 219 CHURCH STREET STAUNTON VA 24401 LEASE PREPAYMENT 2268499 BRANCH ASSOCIATES INC 5732 AIRPORT ROAD NORTHWEST ROANOKE VA 24012 CONSTRUCTION 431210 CENERGISTIC INC 5950 SHERRY LANE SUITE 900 DALLAS TX 75225 ENERGY MANAGEMENT 401500 26 2352965 34010579 4346486 36363544 TUITION AND FEES 611710 89996320 89749059 247261 AUXILIARY SERVICES 611710 18489758 17956497 533261 OTHER MISC INCOME 611710 654178 654178 109140256 108580164 738450 107841714 0 0 0 0 0 0 0 254083964 108359734 1518972 107841714 0 33691225 33691225 2288120 2288120 0 4404751 1437035 2587581 380135 0 57814436 42878889 12331146 2604401 5302764 3711327 1334391 257046 9636141 6005588 3301665 328888 4232495 2918854 1118052 195589 713811 289479 418961 5371 37305 17987 18976 342 143591 69233 73040 1318 0 0 1512879 992171 520708 1796445 798336 977542 20567 58478 43203 13335 1940 4647650 3434609 1174525 38516 3504630 1721153 1767844 15633 0 6677406 864966 5763099 49341 6157819 4562094 972301 623424 0 1357528 1019802 332120 5606 5291074 3266709 2024365 0 10575557 6529349 4046208 864900 103910 760990 COST OF SALES FOR AUXILIARY SE 4661234 3202 4658032 DUES AND SUBSCRIPTIONS 1543169 1359943 176073 7153 POSTAGE AND PRINTING 2339757 1536276 633642 169839 ALL OTHER EXPENSES 3546744 2163281 1378946 4517 172799909 121706741 46383542 4709626 13482 14212 6318690 6488139 58355394 53923498 2989942 1871755 1935673 1344465 0 0 57725918 59326484 1135705 1185683 892058 3293230 372846164 150659438 220014660 222186726 183882517 173728793 1061986951 1104222198 1441467 4510928 0 0 1705765 3500510 1598398222 1635596621 12282106 11816341 0 0 2144881 2767287 130944866 127589308 0 0 0 0 0 0 0 0 62614084 61414858 207985937 203587794 X 279144922 273371911 345388118 333209921 765879245 825426995 1390412285 1432008827 1598398222 1635596621 81284055 -39687513 X X false true true X 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 0.00 0 70975 2945582 X X X X false 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 0.24000 0.47000 0.29000 true false 5730451 5730451 300627097 114199217 186427880 9888200 3794171 6094029 42790044 32666050 10123994 13810372 13810372 222186726 LIMITED PARTNERSHIP INTERESTS 680045414 F FUNDS HELD IN TRUST BY OTHERS 424176784 F 1104222198 0 STUDENT AND OTHER DEPOSITS 708436 U.S. GOVERNMENT GRANTS REFUNDA 2008626 SPLIT INTEREST AGREEMENT OBLIG 42527483 POSTRETIREMENT BENEFIT OBLIGAT 15053887 ASSET RETIREMENT OBLIGATIONS 1116426 61414858 254083964 172799909 81284055 -39687512 -39687512 41596543 177573023 -39687512 506393 -39181119 216754142 1350477 35979345 37329822 254083964 135976480 506393 506393 135470087 1350477 35979345 37329822 172799909 SCHED D-Supplemental Info PART II QUESTION 9 THE SINGLE CONSERVATION EASEMENT HELD BY THE UNIVERSITY WAS ACQUIRED 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 $35,979,345 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" $19,867,458 INSTITUTIONALLY FUNDED STUDENT FINANCIAL AID, A REDUCTION TO "TUITION AND FEES" $14,223,235 INSTITUTIONALLY FUNDED STUDENT FINANCIAL AID, A REDUCTION TO "AUXILIARY ENTERPRISES" $1,888,652 ........... 35,979,345 RECONCILIATION: THE UNIVERSITY PROVIDED A TOTAL OF $506,393 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, 2012, 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 551620 Europe (Including Iceland and Greenland) Grantmaking 243811 Middle East and North Africa Grantmaking 211664 North America Grantmaking 64815 Russia and the Newly Independent States Grantmaking 115857 South America Grantmaking 379155 South Asia Grantmaking 244072 Sub-Saharan Africa Grantmaking 477126 2288120 2288120 SCHOLARSHIP Cent. America/Caribbean 0 0 SCHOLARSHIP BOOK SCHOLARSHIP East Asia and the pacifi 14 551620 551620 SCHOLARSHIP BOOK SCHOLARSHIP Europe/Iceland/Greenland 5 243811 243811 SCHOLARSHIP BOOK SCHOLARSHIP Middle East/North Africa 5 211664 211664 SCHOLARSHIP BOOK SCHOLARSHIP North America 2 64815 64815 SCHOLARSHIP BOOK SCHOLARSHIP Russia 3 115856 115856 SCHOLARSHIP BOOK SCHOLARSHIP South America 7 379155 379155 SCHOLARSHIP BOOK SCHOLARSHIP South Asia 5 244072 244072 SCHOLARSHIP BOOK SCHOLARSHIP Sub-Saharan Africa 10 477127 477127 SCHOLARSHIP BOOK true false true true true false SCHED F-Supplemental Info.docx 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 2011-2012 THE UNIVERSITY PROVIDED DOMESTIC FINANCIAL AID TO SUPPORT 256 LAW STUDENTS AND 891 UNDERGRADUATES FOR A TOTAL OF 1147 STUDENTS. 51 OF THOSE STUDENTS WERE CITIZENS OF OTHER COUNTRIES AS REPORTED IN SCHEDULE F. true Student Financial Aid 1096 33691225 book 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 2011-2012 THE UNIVERSITY PROVIDED DOMESTIC FINANCIAL AID TO SUPPORT 254 LAW STUDENTS AND 842 UNDERGRADUATES FOR A TOTAL OF 1096 STUDENTS. X X X true true X X false true false false false false false false false KENNETH P RUSCIO 390553 0 0 0 410879 0 24500 0 96610 0 922542 0 164072 0 JAMES D FARRAR JR 135533 0 0 0 0 0 14126 0 46202 0 195861 0 0 0 STEVEN G MCALLISTER 266091 0 0 0 0 0 24500 0 35247 0 325838 0 0 0 LYMAN PQ JOHNSON 273670 0 0 0 0 0 24500 0 9443 0 307613 0 0 0 DAVID MILLON 286167 0 0 0 0 0 24500 0 11195 0 321862 0 0 0 JAMES E MOLITERNO 254767 0 0 0 0 0 24500 0 9693 0 288960 0 0 0 BRIAN C MURCHISON 254980 0 0 0 0 0 24500 0 10283 0 289763 0 0 0 LARRY C PEPPERS 257010 0 0 0 0 0 24500 0 9458 0 290968 0 0 0 DENNIS W CROSS 318162 0 0 0 0 0 24500 0 37473 0 380135 0 0 0 HOWARD DOBIN 208610 0 0 0 0 0 21037 0 10057 0 239704 0 0 0 MARK H GRUNEWALD 297012 0 0 0 0 0 24500 0 10223 0 331735 0 0 0 WILLIAM M HARTOG 199064 0 0 0 0 0 20042 0 9731 0 228837 0 0 0 ROBERT A STRONG 213955 0 0 0 0 0 21500 0 45478 0 280933 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 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 IN 2011-12. 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 4B THE UNIVERSITY PRESIDENT PARTICIPATES IN A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN SPONSORED BY THE UNIVERSITY, WHICH HAS BEEN DISCLOSED IN PRIOR YEAR 990 REPORTS. AFTER FIVE YEARS OF PARTICIPATION, ON JUNE 30, 2011, THE PRESIDENT BECAME VESTED IN THE PLAN. AS A RESULT FIVE YEARS OF CURRENT AND PRIOR YEAR RETIREMENT PLAN CONTRIBUTIONS OF $410,879 ARE INCLUDED IN PART II, COLUMN B(III). ALSO COLUMN F LISTS $164,072, WHICH RELATES TO THE SAME SUPPLEMENTAL NON-QUALIFIFED RETIREMENT PLAN INDUSTRIAL DEVELOPMENT AUTHORITY OF ROCKBRIDGE COU 541284598 999999999 2003-03-31 3950000 REDUCE OUTSTANDING DEBT false false false INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF 546001392 52976TAF4 2010-09-24 15000000 VARIOUS CAPITAL IMPROVEMENTS false false false VIRGINIA COLLEGE BUILDING AUTHORITY 541249154 927781NC2 2006-08-10 20446543 ENERGY AND CAPITAL PROJECTS false false false 0 0 3950000 0 0 3950000 0 0 0 0 0 0 2003 false false true true 0 0 15000000 0 0 0 205607 0 0 12294000 0 0 2012 false false false true 0 0 20377187 0 0 4847048 274495 0 0 15325000 0 0 2008 false false true true false false false false false false 0.00000 0.00000 0.00000 true false false false false false false 0 true false false false false false false 0.00000 0.00000 0.00000 true true true true SUNTRUST MARKETS 15. false false false 0 false false true true false 0 false 0 false false true true false 0 false 0 false false X JAMES D FARRAR JR MORTGAGE FOR HOME X 240000 194126 false false true STEVEN G MCALLISTER MORTGAGE FOR HOME X 181000 111596 false false true KENNETH P RUSCIO MORTGAGE FOR HOME X 300000 233232 false false true DENNIS W CROSS MORTGAGE FOR HOME X 57525 51445 false false true ROBERT A STRONG MORTGAGE FOR HOME X 134100 46340 false false true DAVID MILLON MORTGAGE FOR HOME X 300000 261754 false false true JAMES E MOLITERNO MORTGAGE FOR HOME X 300000 282047 false false true BRIAN C MURCHISON MORTGAGE FOR HOME X 203000 163925 false false true 1344465 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 6/30/12, THE UNIVERSITY HAD OVER 280 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 2500 APPRAISAL X 38475 APPRAISAL X 81 4275511 SELLING PRICE X COMPETITION HORSES 2 30000 APPRAISAL 3 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 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 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 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. COLONNADE RESTORATION, LLC IS CONSIDERED A CONTROLLED AFFILIATE FOR GAAP REPORTING PURPOSES BUT NOT FOR 990 TAX REPORTING. PART III - PROGRAM SERVICE ACCOMPLISHMENTS LINE 4A PROVIDING A LIBERAL ARTS EDUCATION: 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 UNDERGRADUATE INSTITUTION OFFERS 40 MAJORS, 20 MINORS AND MORE THAN 1,100 COURSES-AN ENVIABLE CURRICULUM FOR A SCHOOL OF ONLY 1,770 UNDERGRADUATE STUDENTS. W&L ALSO FEATURES 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. AS ONE OF THE NATION'S BEST TEACHING COLLEGES, W&L PLACES A HIGH PRIORITY ON RECRUITING AND RETAINING A TOP-NOTCH FACULTY. VIRTUALLY ALL OF THE UNIVERSITY'S PROFESSORS HOLD THE PH.D. DEGREE OR EQUIVALENT EARNED DOCTORAL DEGREE, AND ALL FACULTY MEMBERS ARE ACTIVE IN CONTINUING SELF-DEVELOPMENT AS SCHOLARS AND TEACHERS. THERE ARE NO TEACHING ASSISTANTS. THE AVERAGE CLASS SIZE IS 16 STUDENTS, AND NEARLY ONE-FOURTH OF ALL CLASSES HAVE NO MORE THAN 10 STUDENTS. THE STUDENT-TO-FACULTY RATIO IS 9:1. W&L IS ALSO NOTABLE FOR ITS NATIONAL AND INTERNATIONAL STUDENT BODY. W&L'S STUDENTS LIVE IN 48 STATES AND THE DISTRICT OF COLUMBIA AND HOLD CITIZENSHIPS IN 47 OTHER COUNTRIES. Charitable remainder trusts (59) C/0 BNY MELLON NA PO BOX 185 Pittsburgh PA 152300185 CRUT W&L UNIVERSITY Trust Charitable lead trusts (4) C/0 BNY MELLON NA PO BOX 186 Pittsburgh PA 152300185 CLAT VA W&L UNIVERSITY Trust Pooled income fund C/0 BNY MELLON NA PO BOX 187 Pittsburgh PA 152300185 546123755 CRAT VA W&L UNIVERSITY Trust Annuities (9) C/0 BNY MELLON NA PO BOX 188 Pittsburgh PA 152300185 CRAT VA W&L UNIVERSITY Trust false false false 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.