2011-05-16T09:50:57-05:00 2010-06-30 Brown Edwards & Company LLP PO Box 10189 Lynchburg VA 245060189 990 2009-07-01 540505941 RANDOLPH COLLEGE RAND 4349478000 2500 RIVERMONT AVENUE LYNCHBURG VA 24503 CHRISTOPHER L BURNLEY 4349478114 2011-05-12 1 Ryan McEntire 4349489000 2009 2016-02-24 21:20:13Z JOHN E KLEIN 2500 RIVERMONT AVENUE LYNCHBURG VA 24503 30970305 0 X www.randolphcollege.edu X 1891 VA INSTRUCTION (LIBERAL ARTS HIGHER EDUCATION) - SEE PAGE 2 FOR COMPLETE DESCRIPTION) 29 29 766 5 1270 -5101 7973177 9590515 22937601 18566347 -3510833 2813443 0 27399945 30970305 8443770 7096640 0 521125 594085 0 1206848 24921865 24896640 33886760 32587365 -6486815 -1617060 191659576 202201945 35206620 34285544 156452956 167916401 SEE DETAILED DESCRIPTION OF ORGANIZATION'S PRIMARY MISSION PROVIDED ON SCHEDULE O 0 0 26530762 7096640 19247186 INSTRUCTION: 484 FULL-TIME UNDERGRADUATE AND GRADUATE STUDENTS AND 16 PART-TIME STUDENTS (BASED ON FALL 2009 ENROLLMENT) 26530762 1 1 0 0 0 0 1 0 1 1 1 1 1 1 1 0 1 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 1 0 0 0 1 71 0 1 766 1 1 1 1 UK 0 0 0 0 0 0 0 1 1 29 29 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 VA X Christopher L Burnley 4349478115 2500 RIVERMONT AVENUE LYNCHBURG VA 24503 Lee Sanford Ainslie 2.00 X 0 0 0 Katharine Stark Caldwell 2.00 X 0 0 0 Karen E Campbell 2.00 X 0 0 0 Mary Laurie Johnson Cece 2.00 X 0 0 0 Peter H Dean 2.00 X 0 0 0 Rebecca R Dixon 2.00 X 0 0 0 Rebecca Dunn 2.00 X 0 0 0 Julie Huston Ellis 2.00 X 0 0 0 Susan Braselton Fant 2.00 X 0 0 0 C Thomas Faulders III 2.00 X 0 0 0 Carolyn B Featheringill 2.00 X 0 0 0 Susan L Genovese 2.00 X 0 0 0 Donald M Giles 2.00 X 0 0 0 Lucy Williams Hooper 2.00 X 0 0 0 Roderick P Hoover Jr 2.00 X 0 0 0 Elizabeth A Maffey 2.00 X 0 0 0 marian phillips mancini 2.00 X 0 0 0 Barbara n mccarthy 2.00 X 0 0 0 Charles W Pryor Jr 2.00 X 0 0 0 Mary Michels Scovanner 2.00 X 0 0 0 mary gray shockey 2.00 X 0 0 0 Caroline A Stephens 2.00 X 0 0 0 Lynn Hume Stuart 2.00 X 0 0 0 John R Torell IV 2.00 X 0 0 0 alison keller townsend 2.00 X 0 0 0 Anne W Tucker 2.00 X 0 0 0 Gail Waller 2.00 X 0 0 0 Eugenia Livings Welburn 2.00 X 0 0 0 Marietta Edmunds Zakas 2.00 X 0 0 0 John E Klein 40.00 X X X 306938 0 31601 chrISTOPHER L BURNLEY 40.00 X X 128026 0 30825 jean h stewart 40.00 X 102300 0 21282 DENNIS STEVENS 40.00 X 130776 0 30543 sarah l swager 40.00 X 107085 0 22087 dIXIE N SAKOLOSKY 40.00 X 85225 0 18616 VICTOR GOSNELL 40.00 X 105272 0 19279 KATHLEEN BOWMAN 0.00 X 119994 0 8362 1085616 0 182595 7 1 1 0 COLEMAN-ADAMS CONSTRUCTION PO box 368 FOREST VA 24551 CONSTRUCTION 2212377 Aramark 2500 rivermont ave lynchburg VA 24503 DINING & CATERING 1408803 SecuRITAS SECURITY SERVICES USA INC PO Box 403412 AtLANTA GA 303843412 Security 413704 Mcguire woods llp 901 E Cary st riCHMOND VA 23219 Legal 284742 RCM&D 555 FAIRMONT AVE BALTIMORE MD 21286 INSURANCE 248300 9 177616 9412899 410354 9590515 TUITION AND FEES 611710 13582263 13582263 AUXILIARY SERVICES 611710 4022009 4022009 OTHER 611710 946515 946515 BOOKSHOP COMMISSIONS 451211 15560 14290 1270 18566347 2131334 2131334 682109 682109 682109 682109 30970305 19247186 1270 2131334 6935430 6935430 161210 161210 594085 594085 INSTRUCTION 8380916 8380916 INSTITUTIONAL SUPPORT 5462518 4255670 1206848 STUDENT SERVICES 4744737 4744737 AUXILIARY SERVICES 3775672 3775672 ACADEMIC SUPPORT 2532797 2532797 32587365 26530762 4849755 1206848 1470831 4387931 4363331 1756094 7047851 7249247 688181 426008 1795099 1859158 76684527 38184009 39380154 38500518 136432582 147524329 481547 498660 191659576 202201945 1478983 1698274 25382610 24591831 403632 316042 928294 884409 7013101 6794988 35206620 34285544 X 47386506 48775228 34557299 39778466 74509151 79362707 156452956 167916401 191659576 202201945 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 9500 2865705 0 47500 X X X X X INSTRUCTION 0 123757448 6603095 16477067 3389368 6324277 2160000 134963965 152927027 4043391 -20674027 3561898 7588045 1389000 123757448 0.25000 0.75000 0 0 498504 498504 52203595 20678506 31525089 20201076 17184470 3016606 3781352 321033 3460319 38500518 EQUITIES 48005117 F ALTERNATIVE INVESTMENTS 51032149 F BONDS 36059581 F CASH AND CASH EQUIVALENTS 9644491 F REAL ESTATE 287063 F FUNDS HELD IN TRUST BY OTHERS 2495928 F 147524329 ACCRUED INTEREST PAYABLE 188371 STUDENT DEPOSITS AND OTHER DEFERRED REVENUE 885781 POST-RETIREMENT HEALTHCARE BENEFIT OBLIGATION 540993 U.S. GOVERNMENT GRANTs REFUNDABLE 629190 TRUST AND ANNUITY OBLIGATIONS 2989630 Asset Retirement Obligation (asbestos abatement) 1561023 6794988 30970305 32587365 -1617060 12559952 520553 13080505 11463445 36954170 12559952 520553 13080505 23873665 7096640 7096640 30970305 25490725 0 25490725 7096640 7096640 32587365 Part III, Line 4: THE COLLEGE HAS AN EXTENSIVE ART COLLECTION WHICH IS MAINTAINED IN A SEPARATE BUILDING UNDER CURATORIAL CARE AND IS USED FOR INSTRUCTION, PUBLIC EXHIBITION, SCHOLARLY RESEARCH, AND OTHER ACTIVITIES RELATED TO THE COLLEGE'S EDUCATIONAL MISSION, AND ALSO FOR LOAN AND EXCHANGE PROGRAMS. Part V, Line 4: Description of Intended Use of Endowment Funds: THE COLLEGE HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO PROGRAMS SUPPORTED BY ITS ENDOWMENT WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. ENDOWMENT ASSETS INCLUDE THOSE OF DONOR-RESTRICTED FUNDS AND BOARD-DESIGNATED FUNDS. Part X: Description of Uncertain Tax Positions Under FIN 48: The Internal Revenue Service has ruled that the College qualifies under Section 501(C)(3) of the Internal Revenue Code, and , therefore, is not generally subject to income taxes under present tax laws. Management believes that any income tax liability resulting from unrelated business income for the years ended June 30, 2010 and 2009 would not have a significant impact on the Colleges results of activities. The federal Form 990s of the College for the fiscal years 2009, 2008, and 2007 are subject to examination by the Internal Revenue Service, generally for three years after they are filed. Part XI, Line 8 - Other Adjustments: GAIN ON FUNDS HELD IN TRUST BY OTHERS: 164578. Loss on Asset Retirement Obligation: -74334. GAIN ON DISPOSAL OF LAND, BUILDINGS, AND EQUIPMENT: 844312. WRITE-OFF OF DEFERRED LOAN COSTS DUE TO REFINANCING: -104940. INTEREST RATE SWAP LIABILITY: -309063. Part XII, Line 2d - Other Adjustments: GAIN ON FUNDS HELD IN TRUST BY OTHERS: 164578. LOSS ON ASSET RETIREMENT OBLIGATION: -74334. GAIN ON DISPOSAL OF LAND, BUILDINGS, AND EQUIPMENT: 844312. WRITE-OFF OF DEFERRED LOAN COSTS DUE TO REFINANCING: -104940. INTEREST RATE SWAP LIABILITY: -309063. Part XII, Line 4b - Other Adjustments: STUDENT SCHOLARSHIPS/FINANCIAL AID: 7096640. Part XIII, Line 4b - Other Adjustments: STUDENT SCHOLARSHIPS/FINANCIAL AID: 7096640. 1 1 1 THE COLLEGE PUBLISHES ITS NONDICRIMINATORY POLICY IN ALL ADMISSIONS MATERIALS TO PROSPECTIVE STUDENTS AND ON ITS WEB SITE. 1 1 1 1 0 0 0 0 0 0 0 0 1 0 THE COLLEGE RECEIVES GOVERNMENT ASSISTANCE FOR FINANCIAL AID. TOTAL FEDERAL WORK STUDY (FWS) AND FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS (FSEOG) WERE $177,616. 1 0 READING, ENGLAND 1 3 PROGRAM SERVICES INSTRUCTION 358660 1 3 358660 Financial Aid europe 9 138720 Internal transfer to apply financial aid to student's accounts receivable Financial Aid East Asia and the Pacific 2 22490 internal transfer to apply financial aid to student's accounts receivable 1 SCHOLARSHIPS TO STUDENTS 524 7096640 FMV Procedure for Monitoring Grants in the U.S.: Part I, Line 2: Schedule I, Part I, Line 2: THE COLLEGE MAINTAiNS RECORDS TO ENSURE STUDENT FINANCIAL AID IS AWARDED TO ELIGIBLE STUDENTS BASED ON FEDERAL REGULATIONS OR DONOR RESTRICTIONS. Other Information: Part IV: THE COLLEGE AWARDS GRANTS TO STUDENTS BASED ON CRITERIA SET FORTH IN THE INDIVIDUAL SCHOLARSHIPS. "NEED BASED" GRANTS ARE AWARDED BASED ON INFORMATION OBTAINED FROM THE FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA). X X X 1 1 X X X X X X 0 0 0 0 0 0 0 0 0 John E Klein 300000 0 0 0 6938 0 0 0 31601 0 338539 0 370091 0 chrISTOPHER L BURNLEY 128026 0 0 0 0 0 0 0 30825 0 158851 0 151462 0 DENNIS STEVENS 130776 0 0 0 0 0 0 0 30543 0 161319 0 0 0 KATHLEEN BOWMAN 119994 0 0 0 0 0 0 0 8362 0 128356 0 0 0 Part I, Line 4a KATHLEEN BOWMAN RECEIVED DEFERRED COMPENSATION OF $119,994 IDA THE CITY OF LYNCHBURG SERIES 2010 541225193 2010-01-28 7542691 REFUNDED PRIOR BOND ISSUANCE 0 0 EDA OF AMHERST COUNTY SERIES 2010 830477842 2010-01-28 5681360 refinance anticipation note 0 0 IDA THE CITY OF LYNCHBURG SERIES 2003 541225193 55123pat7 2003-06-05 16470000 refunded PRIOR BOND ISSUANCE 0 0 7542691 92691 2010 1 0 1 1 5681360 81360 2010 1 0 1 1 16470000 2003 1 0 1 1 0 0 0 0 1 1 0 0 0 0 1 1 0 0 0 0 1 1 1 1 0 0 0 1 1 1 0 0 0 1 1 0 0 0 0 1 MARC A SCHEWEL FORMER TRUSTEE 5598534 INVESTMENTS: FORMER TRUSTEE ALSO SERVES AS A LOCAL BOARD MEMBER OF SUNTRUST BANK WITH WHICH THE COLLEGE HAD INVESTMENTS AS OF JUNE 30, 2010. HOWEVER, THIS MEMBER IS NOT IN A POSITION TO EXERCISE INPUT, AUTHORITY, OR CONTROL OVER THESE ASPECTS OF SUNTRUST BANK'S RELATIONSHIP WITH THE COLLEGE. 0 X 1 9500 opinion of experts X 20 280854 cost or selling price X horses 3 120000 opinion of experts 3 0 1 1 Third Party Use: Part I, Line 32b: AS OF JUNE 30, 2010, THE COLLEGE HAS THREE PAINTINGS HELD FOR SALE UNDER AN ARRANGEMENT WITH CHRISTIE'S AUCTION HOUSE. IN ADDITION, THE COLLEGE INFREQUENTLY RECEIVES JEWELRY AS PART OF AN ESTATE GIFT. IN SUCH ISOLATED CIRCUMSTANCES, THE COLLEGE HAS UTILIZED A LOCAL JEWELRY COMPANY OR AN AUCTIONEER TO SELL THESE ITEMS. Form 990, Part VI, Section B, line 11 THE FORM 990 WAS REVIEWED BY THE DIRECTOR OF FINANCE, CONTROLLER, V.P. FOR FINANCE AND ADMINISTRATION, AND COLLEGE PRESIDENT. ALSO, THE FORM 990 WAS PROVIDED TO THE COLLEGE'S BOARD OF TRUSTEES FOR ITS REVIEW AND QUESTIONS AT THE MAY 2011 BOARD MEETING. Form 990, Part VI, Section B, line 12c BOARD MEMBERS AND OFFICERS REVIEW, COMPLETE, AND SIGN CONFLICT OF INTEREST FORMS ANNUALLY. THE SECRETARY OF THE BOARD MAINTAINS THESE DOCUMENTS. VOTING MEMBERS OF THE BOARD RECUSE THEMSELVES FROM A VOTE IF A POTENTIAL CONFLICT OF INTEREST EXISTS IN A MATTER. IF THERE IS A QUESTION ABOUT THE EXISTENCE OF A CONFLICT OF INTEREST, THE BYLAWS (ARTICLE 1, SECTION 8D) PROVIDE STANDARDS AND PROCEDURES FOR RESOLVING THE QUESTION. IN ADDITION, ALL SENIOR STAFF MEMBERS, THE DIRECTOR OF FINANCE, AND THE CONTROLLER ARE REQUIRED TO REVIEW, COMPLETE, AND SIGN CONFLICT OF INTEREST FORMS ANNUALLY. THE SECRETARY OF THE BOARD ALSO MAINTAINS THESE DOCUMENTS. Form 990, Part VI, Section B, line 15 PROCESS FOR DETERMINING COMPENSATION OF OFFICERS/KEY EMPLOYEES: FOR ALL MEMBERS OF THE COLLEGE'S SENIOR STAFF AND THE PRESIDENT'S DIRECT REPORTS, THE DIRECTOR OF HUMAN RESOURCES PROVIDES COMPARATIVE COMPENSATION DATA FROM THE COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION (CUPA) TO THE PRESIDENT. THE PRESIDENT SHARES THIS INFORMATION WITH THE CHAIR OF THE BOARD OF TRUSTEES AND THE COMPENSATION COMMITTEE, AS NEEDED. THIS INFORMATION IS REVIEWED DURING THE PERFORMANCE ASSESSMENT PROCESS TO DETERMINE SUCH EMPLOYEE'S COMPENSATION. THE COLLEGE'S BOARD OF TRUSTEES (THE "BOARD") HIRED MERCER HUMAN RESOURCES CONSULTING ("MERCER") IN 2007 TO ASSIST IN DETERMINING THE REASONABLENESS OF THE INITIAL COMPENSATION FOR THE COLLEGE PRESIDENT. USING APPROPRIATE PEER GROUP AND COMPARATIVE MARKET DATA, MERCER ISSUED AN OPINION AFFIRMING THE REASONABLENESS OF THE COMPENSATION PACKAGE. THE ANALYSIS WAS COMPREHENSIVE, UTILIZING MANY SOURCES, INCLUDING THE FORM 990 OF OTHER INSTITUTIONS. DURING THE SPRING OF 2009, THE PRESIDENT OF THE BOARD APPOINTED AN AD HOC COMPENSATION COMMITTEE, COMPRISING FOUR BOARD MEMBERS, INCLUDING THE PRESIDENT OF THE BOARD. THIS COMMITTEE RECOMMENDS ANY COMPENSATION ADJUSTMENTS TO THE EXECUTIVE COMMITTEE OF THE BOARD AND THE RATIONALE THEREIN, AND ANY SUCH COMPENSATION ADJUSTMENTS ARE THEN APPROVED BY THE FULL BOARD. THE COLLEGE HAS NOW AMENDED ITS BYLAWS TO ADD THE COMPENSATION COMMITTEE AS A PERMANENT STANDING COMMITTEE OF THE BOARD. THE PRESIDENT ALSO HAS A WRITTEN EMPLOYMENT CONTRACT WHICH INCLUDES THE NECESSARY COMPENSATION PROVISIONS. Form 990, Part VI, Section C, line 19 THE COLLEGE IS A PRIVATE INSTITUTION AND DOES NOT REGULARLY MAKE ITS GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC. FORM 990, PART III, LINE 1 DESCRIPTION OF ORGANIZATION MISSION: SINCE ITS FOUNDING IN 1891 AS RANDOLPH-MACON WOMAN'S COLLEGE, RANDOLPH COLLEGE HAS OFFERED STUDENTS A RIGOROUS EDUCATION IN THE LIBERAL ARTS AND SCIENCES. IN KEEPING WITH THE COLLEGE MOTTO, VITA ABUNDANTIOR, INTEGRATED LIVING AND LEARNING PROVIDE A FOUDATION FOR MEANINGFUL LIVES CHARACTERIZED BY A LIFELONG JOY IN LEARNING. Randolph College encourages each student to set and meet high personal goals. Campus life is grounded in the Honor System, which fosters individual integrity and mutual trust. As students from diverse backgrounds study and live together, they are expected to respect the rights and dignity of others, to be open to cultural differences, and to exercise personal and social responsibility. They are encouraged to develop confidence and to participate fully in a community in which women and men work together and treat one another as equals. THROUGH EXCELLENCE IN TEACHING, ADVISING, AND SCHOLARSHIP, THE FACULTY PROVIDES THE CHALLENGES REQUISITE TO THE INTELLECTUAL DEVELOPMENT OF EACH STUDENT. WITH FACULTY SUPPORT, THE UNDERGRADUATE STUDENTS DESIGN INDIVIDUALIZED AND COHERENT PROGRAMS OF STUDY THAT COMBINE ACADEMIC AND CO-CURRICULAR COMPONENTS. WHILE EACH STUDENT'S EDUCATIONAL PLAN IS UNIQUE, ALL PROGRAMS OF STUDY FOSTER THESE CAPACITIES: TO THINK CRITICALLY; TO WRITE AND SPEAK WITH CLARITY AND ACCURACY; TO EMPLOY QUANTITATIVE REASONING; TO USE TECHNOLOGY EFFECTIVELY AND ETHICALLY; TO CULTIVATE AN AESTHETIC SENSIBILITY; TO UNDERSTAND KEY DIMENSIONS OF THE HERITAGE OF MORE THAN ONE SOCIETY; TO APPROACH PROBLEMS WITH CREATIVITY AND IMAGINATION; TO WORK BOTH INDEPENDANTLY AND COLLABORATIVELY; AND TO RECOGNIZE THE POWER AND LIMITATIONS OF KNOWLEDGE. THE GRADUATE STUDENTS PURSUE MORE NARROWLY FOCUSED PROGRAMS OF RIGOROUS STUDY DESIGNED TO ADD SPECIALIZED KNOWLEDGE TO THEIR UNDERGRADUATE EDUCATION. THE GRADUATE PROGRAMS ARE DIRECTED BY FACULTY MEMBERS WHO ARE ESPECIALLY KNOWLEDGEABLE ABOUT THE PROFESSIONAL STANDARDS TO BE MET BY THOSE WHO EARN ADVANCED DEGREES. THROUGH THEIR EXPERIENCES AT RANDOLPH COLLEGE, STUDENTS ARE CHALLENGED TO THINK AMBITIOUSLY AND TO PREPARE THOUGHTFULLY FOR THEIR FUTURES IN A DIVERSE SOCIETY AND AN INCREASINGLY COMPLEX WORLD THAT OFFERS THEM EXPANDING OPPORTUNITIES FOR LEADERSHIP, RESPONSIBILITY, AND SERVICE. FORM 990, PART V, QUESTIONS 7G AND 7H CONTRIBUTIONS THE COLLEGE DID NOT RECEIVE CONTRIBUTIONS OF QUALIFIED INTELLECTUAL PROPERTY DURING THE TAX YEAR. THEREFORE, THERE WAS NO FORM 8899 REQUIRED. ADDITIONALLY, THE COLLEGE DID NOT RECEIVE ANY CONTRIBUTION OF PROPERTY THAT WOULD REQUIRE THE COLLEGE TO FILE FORM 1098-C. FORM 990, PART VIII, LINES 7A TO 7D GAIN ON SALE OF SECURITIES DETAIL AVAILABLE UPON REQUEST. INVESTMENT PROPERTIES OF LYNCHBURG LLC 2500 RIVERMONT AVENUE LYNCHBURG VA 24503 541900543 commercial real estate VA 21600 582519 N/A alumnae association of randolph-macon woman's college 2500 rivermont avenue lynchburg VA 24503 540350944 alumnae connections VA 501(c)(3) 11a-Type 1 N/A 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 1 Alumnae association of randolph-macon woman's college M 47142 Alumnae association of randolph-macon woman's college N 147204 alumnae association of randolph-macon woman's college O 336677 alumnae association of randolph-macon woman's college P 5158 alumnae association of randolph-macon woman's college R 31025