2012-03-29T07:56:16-05:00 2011-06-30 KPMG LLP 1676 International Drive McLean VA 22102 990 2010-07-01 540505977 WASHINGTON AND LEE UNIVERSITY WASH 5404588400 UNIVERSITY PLACE LEXINGTON VA 24450 STEVEN G MCALLISTER 2012-03-22 true 7032868000 2010 2016-02-24 21:20:13Z KENNETH P RUSCIO UNIVERSITY PLACE LEXINGTON VA 24450 173944327 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 2248 1400 2436839 346718 31076847 37431271 98802504 103301039 32861631 29364591 569966 3847426 163310948 173944327 28960957 32563239 0 0 79584478 79647539 0 0 4787670 51487994 48169833 160033429 160380611 3277519 13563716 1387416640 1598398222 195680110 207985937 1191736530 1390412285 X SEE SCHEDULE O. false false 611310 113071623 32563239 103301039 TO PROVIDE HIGHER EDUCATION. 0 0 0 113071623 true true false 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 424 0 true 2248 true true true false false false false false false false false false X 34 33 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 FREDERICK E COOPER 4.0 X 0 0 0 EDWIN M CRAWFORD 4.0 X 0 0 0 BLAIR H DAVIS 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 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 BENNETT L ROSS 4.0 X 0 0 0 ROBERT E SADLER JR 4.0 X 0 0 0 MARTIN E STEIN 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 383046 0 212393 JAMES D FARRAR JR 40.0 X 132120 0 48822 STEVEN G MCALLISTER 40.0 X 260238 0 57229 JUNE R APRILLE 40.0 X 340729 0 29572 DENNIS W CROSS 40.0 X 311260 0 35379 HOWARD DOBIN 40.0 X 204441 0 30356 MARK H GRUNEWALD 40.0 X 254654 0 33678 TIMOTHY S JOST 40.0 X 260604 0 63863 DAVID MILLON 40.0 X 268527 0 35525 JAMES E MOLITERNO 40.0 X 256278 0 33099 LARRY C PEPPERS 40.0 X 252185 0 33715 SCOTT E SUNDBY 40.0 X 250844 0 68746 3174926 0 682377 144 false true false KJELLSTROM AND LEE INC 1607 OWNBY LANE RICHMOND VA 23220 CONSTRUCTION 8030409 MAKENA CAPITAL LP 2755 SAND HILL ROAD SUITE 200 MENLO PARK CA 94025 INVESTMENT MGMT 2076798 GLAVE AND HOLMES ASSOCIATES PC 801 EAST MAIN STREET RICHMOND VA 23223 ARCHITECTURAL 980439 Sports Construction Group LLC 10303 Brecksville Road Brecksville OH 44141 CONSTRUCTION 540170 Eneractive Solutions LLC 700 Mattison Avenue Asbury Park NJ 07712 Professional Service 430327 14 2133624 35297647 8332986 37431271 TUITION AND FEES 900099 85368698 85205398 163300 AUXILIARY SERVICES 611710 17292989 16777901 515088 OTHER MISC INCOME 611710 639352 639352 103301039 29364591 1758451 27606140 0 0 0 0 0 0 MISCELLANEOUS 611710 3847426 3847426 3847426 173944327 102622651 2436839 31453566 0 29645007 29645007 2918232 2918232 0 3857303 1237486 2273178 346639 0 57131400 42494935 12065794 2570671 5277260 3706014 1326996 244250 9335866 5897792 3114870 323204 4045710 2827705 1029731 188274 552592 283857 229510 39225 12109 5908 5208 993 211426 103157 90936 17333 0 0 2076798 1412223 664575 1363255 614565 644340 104350 58976 39807 19119 50 0 2613865 1101318 1478638 33909 0 6781016 852299 5866177 62540 5391808 3851830 907043 632935 0 1207319 928120 275154 4045 5193268 3531422 1661846 0 8039976 4984785 3055191 922502 92819 829683 COST OF SALES FOR AUXILIARY SE 4608387 14756 4593631 0 DUES AND SUBSCRIPTIONS 1434581 1262886 166006 5689 POSTAGE AND PRINTING 2258953 1425197 661126 172630 TEACHING AND OTHER SUPPLIES 4004087 3015119 954888 34080 ALL OTHER EXPENSES 1438915 824384 607678 6853 160380611 113071623 42521318 4787670 14271 13482 4314263 6318690 80255017 58355394 1399614 2989942 2080198 1935673 58967419 57725918 1102697 1135705 768355 892058 362250358 142235698 207306826 220014660 139596950 183882517 886560855 1061986951 3383621 1441467 1666554 1705765 1387416640 1598398222 9849051 12282106 2324928 2144881 119429385 130944866 64076746 62614084 195680110 207985937 X 245204514 279144922 290151397 345388118 656380619 765879245 1191736530 1390412285 1387416640 1598398222 X 13563716 185112039 X X false true true X true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 1 68.90 0 0 0 1 false 0.00 0 0 2666478 X X X X false 720126922 47398524 109234336 18188354 14591348 484768 843495312 624679572 51083389 78983121 16279445 13642350 4697365 720126922 723303610 55838562 -117744092 15292823 20203500 1222185 624679572 0.24000 0.44000 0.32000 true false 5730451 5730451 290044678 105014110 185030568 8977647 3439787 5537860 40809958 33781801 7028157 16687624 0 16687624 220014660 LIMITED PARTNERSHIP INTERESTS 687350041 F FUNDS HELD IN TRUST BY OTHERS 374636910 F 1061986951 0 STUDENT AND OTHER DEPOSITS 950656 U.S. GOVERNMENT GRANTS REFUNDABLE 2049977 SPLIT INTEREST AGREEMENT OBLIGATIONS 43544305 POSTRETIREMENT BENEFIT OBLIGATION 14742054 ASSET RETIREMENT OBLIGATIONS 1327092 62614084 173944327 160380611 13563716 185112039 185112039 198675755 324381022 185112039 -35307 185076732 139304290 2076798 32563239 34640037 173944327 125705267 -35307 -35307 125740574 2076798 32563239 34640037 160380611 PART II, Q9 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. THE EASEMENT IS AN AGRICULTURE AND FOREST EASEMENT. PART III, Q4 - PROVIDE A DESCRIPTION OF THE ORGANIZATIONS COLLECTIONS AND EXPLAIN HOW THEY FURTHER THE ORGANIZATIONS 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 TEAROOM. 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 AND STAFF TO DO RESEARCH AND DEVELOP EDUCATIONAL PROGRAMS > PROGRAM COSTS FOR AREAS SUCH AS LEGAL CLINICS AND A TAX CLINIC > PROGRAM COSTS FOR AREAS SUCH AS INTERNSHIPS AND THE SHEPHERD POVERTY PROGRAM > ATHLETIC PROGRAMS, EQUIPMENT, AND TRAVEL EXPENSES > MAINTENANCE AND IMPROVEMENTS FOR BUILDINGS AND GROUNDS . PART X, FIN 48 FOOTNOTE FROM AUDITED FINANCIAL STATEMENTS NO FOOTNOTE WAS NEEDED IN THE UNIVERSITY'S AUDITED FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2011 RELATED TO FIN 48. UNIVERSITY DOES NOT BELIEVE ITS FINANCIAL STATEMENTS INCLUDE OR REFLECT ANY UNCERTAIN TAX POSITIONS. 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 $32,563,239 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" $18,188,354 INSTITUTIONALLY FUNDED STUDENT FINANCIAL AID, A REDUCTION TO "TUITION AND FEES" $12,978,444 INSTITUTIONALLY FUNDED STUDENT FINANCIAL AID, A REDUCTION TO "AUXILIARY ENTERPRISES" $1,396,441 ........... 32,563,239 RECONCILIATION: THE UNIVERSITY PROVIDED A TOTAL OF $35,307 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, 2011, 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 Central America and the Caribbean Grantmaking 0 East Asia and the Pacific Grantmaking 1002915 Europe (Including Iceland and Greenland) Grantmaking 496553 Middle East and North Africa Grantmaking 211626 North America Grantmaking 87516 Russia and the Newly Independent States Grantmaking 227608 South America Grantmaking 365629 South Asia Grantmaking 212406 Sub-Saharan Africa Grantmaking 313979 2918232 2918232 SCHOLARSHIP Cent. America/Caribbean 0 0 SCHOLARSHIP BOOK SCHOLARSHIP East Asia/Pacific 23 1002915 SCHOLARSHIP BOOK SCHOLARSHIP Europe/Iceland/Greenland 10 496553 SCHOLARSHIP BOOK SCHOLARSHIP Middle East/North Africa 4 211626 SCHOLARSHIP BOOK SCHOLARSHIP North America 3 87516 SCHOLARSHIP BOOK SCHOLARSHIP Russia 5 227608 SCHOLARSHIP BOOK SCHOLARSHIP South America 8 365629 SCHOLARSHIP BOOK SCHOLARSHIP South Asia 5 212406 SCHOLARSHIP BOOK SCHOLARSHIP Sub-Saharan Africa 6 313979 SCHOLARSHIP BOOK true false true true true false PART I, LINE 1 IN FISCAL YEAR 2010-2011 THE UNIVERSITY PROVIDED FINANCIAL AID TO SUPPORT 265 LAW STUDENTS AND 823 UNDERGRADUATES FOR A TOTAL OF 1088 STUDENTS. 64 OF THOSE STUDENTS WERE CITIZENS OF OTHER COUNTRIES AS REPORTED IN SCHEDULE F. true STUDENT FINANCIAL AID 1024 29645007 Book PART I, LINE 1 THE UNIVERSITY ISSUES GRANTS AND OTHER FINANCIAL ASSISTANCE TO STUDENTS, WHICH ALLOWS STUDENTS TO FURTHER THEIR EDUCATION. GRANTED FUNDS ARE CREDITED TO THE STUDENTS UNIVERSITY BILLING ACCOUNT AND APPLIED TO TUITION, FEES, AND OTHER COSTS OF EDUCATION. IN FISCAL YEAR 2010-2011 THE UNIVERSITY PROVIDED DOMESTIC FINANCIAL AID TO SUPPORT 261 LAW STUDENTS AND 763 UNDERGRADUATES FOR A TOTAL OF 1024 STUDENTS. X X X true true X X false true false false false false false false false KENNETH P RUSCIO 383046 0 0 0 0 0 112583 0 99810 0 595439 0 0 0 JAMES D FARRAR JR 132120 0 0 0 0 0 14024 0 34798 0 180942 0 0 0 STEVEN G MCALLISTER 260238 0 0 0 0 0 24519 0 32710 0 317467 0 0 0 TIMOTHY S JOST 260604 0 0 0 0 0 24500 0 39363 0 324467 0 0 0 DAVID MILLON 268527 0 0 0 0 0 24542 0 10983 0 304052 0 0 0 JAMES E MOLITERNO 256278 0 0 0 0 0 24500 0 8599 0 289377 0 0 0 LARRY C PEPPERS 252185 0 0 0 0 0 24500 0 9215 0 285900 0 0 0 SCOTT E SUNDBY 250844 0 0 0 0 0 24553 0 44193 0 319590 0 0 0 JUNE R APRILLE 340729 0 0 0 0 0 24500 0 5072 0 370301 0 0 0 DENNIS W CROSS 311260 0 0 0 0 0 24500 0 10879 0 346639 0 0 0 HOWARD DOBIN 204441 0 0 0 0 0 20885 0 9471 0 234797 0 0 0 MARK H GRUNEWALD 254654 0 0 0 0 0 24500 0 9178 0 288332 0 0 0 SCHEDULE J SUPPLEMENTAL INFORMATION PART I, LINE 1 AS IS GENERALLY ACCEPTED IN HIGHER EDUCATION, THE UNIVERSITY PRESIDENT IS REQUIRED TO LIVE IN HOUSING PROVIDED ON CAMPUS AND IS PROVIDED A UNIVERSITY VEHICLE. TRAVEL EXPENSE OF $3,374 WAS PAID FOR THE PRESIDENT'S SPOUSE TO TRAVEL TO OVER TEN UNIVERSITY FUNDRAISING AND BOARD OF TRUSTEE FUNCTIONS IN 2010-11. THE UNIVERSITY ALSO PAYS SOCIAL CLUB DUES OF LESS THAN $300 PER MONTH FOR THE PRESIDENT AND FOR THE VICE PRESIDENT OF ADVANCEMENT AND COMMUNICATIONS. PART I, LINE 4B THE UNIVERSITY PRESIDENT PARTICIPATES IN A SUPPLEMENTAL, NON-QUALIFIED RETIREMENT PLAN SPONSORED BY THE UNIVERSITY. IN 2010, $88,049 WAS CONTRIBUTED TO THIS PLAN AND IS INCLUDED ABOVE IN PART II, COLUMN C - RETIREMENT AND OTHER DEFERRED COMPENSATION. INDUSTRIAL DEVELOPMENT AUTHORITY OF ROCKBRIDGE COU 541284598 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 3950000 3950000 2003 false false true true 15000000 205607 15000000 2011 false false false true 20377187 4847048 274495 15325000 2008 false false true true false false false false false 0.00000 0.00000 0.00000 true false false false false false 0.00000 0.00000 0.00000 true false false false false false 0.00000 0.00000 0.00000 true true true false 15. false false false NA false false true true false NA false NA false false true true false NA false NA false false JAMES D FARRAR JR MORTGAGE FOR HOME X 240000 199866 false false true STEVEN G MCALLISTER MORTGAGE FOR HOME X 203794 122727 false false true KENNETH P RUSCIO MORTGAGE FOR HOME X 300000 252428 false false true JUNE R APRILLE MORTGAGE FOR HOME X 300000 225304 false false true DENNIS W CROSS MORTGAGE FOR HOME X 57525 52653 false false true HOWARD DOBIN MORTGAGE FOR HOME X 375000 341382 false false true TIMOTHY S JOST MORTGAGE FOR HOME X 76500 31347 false false true DAVID MILLON MORTGAGE FOR HOME X 300000 270108 false false true JAMES E MOLITERNO MORTGAGE FOR HOME X 300000 288093 false false true SCOTT E SUNDBY MORTGAGE FOR HOME X 200000 151765 false false true 1935673 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 6/30/11, THE UNIVERSITY HAD OVER 300 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 2 7988 APPRAISAL X 66685 APPRAISAL X 7650 APPRAISAL X 55 6974298 SELLING PRICE X 6 1276365 INITIAL GIFT VALUE 5 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. THE OFFICE OF GENERAL COUNSEL WEBSITE IS: WWW.COUNSEL.WLU 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 PRIOR YEARS, 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 XI - RECONCILIATION OF NET ASSETS LINE 5 - OTHER CHANGES IN NET ASSETS NET UNREALIZED GAINS ON INVESTMENTS $185,112,039 ____________ TOTAL $185,112,039 LEAD TWB C/0 BNY MELLON NA PO BOX 185 PITTSBURGH PA 152300185 546370988 CLAT VA W&L UNIVERSITY T 362543 15187924 1.00000 LEAD TWB 2 C/0 BNY MELLON NA PO BOX 186 PITTSBURGH PA 152300185 277102612 CLAT VA W&L UNIVERSITY T 0 927483 1.00000 LEAD EW C/0 BNY MELLON NA PO BOX 187 PITTSBURGH PA 152300185 566382203 CLAT VA W&L UNIVERSITY T 237000 3882 1.00000 LEAD JJB C/0 BNY MELLON NA PO BOX 188 PITTSBURGH PA 152300185 586291330 CLAT VA W&L UNIVERSITY T 1763 0 1.00000 LEAD AD C/0 BNY MELLON NA PO BOX 189 PITTSBURGH PA 152300185 586275809 CLAT VA W&L UNIVERSITY T 3000 66110 1.00000 LEAD JJM C/0 BNY MELLON NA PO BOX 190 PITTSBURGH PA 152300185 597246425 CLAT VA W&L UNIVERSITY T 49312 1022209 1.00000 ANNUITY BA C/0 BNY MELLON NA PO BOX 191 PITTSBURGH PA 152300185 586274004 CRAT VA W&L UNIVERSITY T 0 453745 1.00000 ANNUITY BEH C/0 BNY MELLON 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