2011-04-12T19:42:26-05:00 2010-06-30 KPMG LLP 1676 International Drive McLean VA 22102 990 2009-07-01 540505977 WASHINGTON AND LEE UNIVERSITY WASH 5404588400 UNIVERSITY PLACE LEXINGTON VA 24450 STEVEN G MCALLISTER 2011-04-12 7032868000 2009 2016-02-24 21:20:13Z KENNETH P RUSCIO UNIVERSITY PLACE LEXINGTON VA 24450 163310948 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. 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CHILDRESS 1.0 X 0 0 0 ROBERT M BALENTINE JR 1.0 X 0 0 0 ANDREW N BAUR 1.0 X 0 0 0 FREDERICK E COOPER 1.0 X 0 0 0 EDWIN M CRAWFORD 1.0 X 0 0 0 KIMBERLY T DUCHOSSOIS 1.0 X 0 0 0 MARK R EAKE 1.0 X 0 0 0 J HAGOOD ELLISON JR 1.0 X 0 0 0 DWIGHT H EMANUELSON JR 1.0 X 0 0 0 JORGE E ESTRADA 1.0 X 0 0 0 J SCOTT FECHNAY 1.0 X 0 0 0 WILLIAM H FISHBACK JR 1.0 X 0 0 0 C DOUGLAS FUGE 1.0 X 0 0 0 BENJAMIN S GAMBILL JR 1.0 X 0 0 0 J BAKER GENTRY JR 1.0 X 0 0 0 ROBERT J GREY JR 1.0 X 0 0 0 BERNARD C GRIGSBY II 1.0 X 0 0 0 RICHARD ALLEN HAIGHT 1.0 X 0 0 0 RAY V HARTWELL II 1.0 X 0 0 0 PETER C KEEFE 1.0 X 0 0 0 JOHN D KLINEDINST 1.0 X 0 0 0 SALLY P LAWRENCE 1.0 X 0 0 0 JOHN M MCCARDELL JR 1.0 X 0 0 0 THOMAS N MCJUNKIN 1.0 X 0 0 0 JESSINE A MONAGHAN 1.0 X 0 0 0 MICHAEL H MONIER 1.0 X 0 0 0 HARRY J PHILLIPS JR 1.0 X 0 0 0 BENNETT L ROSS 1.0 X 0 0 0 ROBERT E SADLER JR 1.0 X 0 0 0 MARTIN E STEIN JR 1.0 X 0 0 0 WARREN A STEPHENS 1.0 X 0 0 0 SARAH NASH SYLVESTER 1.0 X 0 0 0 CHARLES B TOMM 1.0 X 0 0 0 JOHN W VARDAMAN JR 1.0 X 0 0 0 THOMAS R WALL IV 1.0 X 0 0 0 ALSTON PARKER WATT 1.0 X 0 0 0 WILLIAM M WEBSTER IV 1.0 X 0 0 0 DALLAS HAGEWOOD WILT 1.0 X 0 0 0 JOHN A WOLF 1.0 X 0 0 0 KENNETH P RUSCIO 40.0 X X 374602 0 194999 JAMES D FARRAR JR 40.0 X 128297 0 56007 STEVEN G MCALLISTER 40.0 X 252999 0 54366 JUNE R APRILLE 40.0 X 332855 0 29536 DENNIS W CROSS 40.0 X 302751 0 37227 HOWARD DOBIN 40.0 X 198715 0 29897 RODNEY A SMOLLA 40.0 X 383087 0 34572 LYMAN P Q JOHNSON 40.0 X 239024 0 31441 TIMOTHY S JOST 40.0 X 241989 0 53767 DAVID MILLON 40.0 X 305722 0 33697 LARRY C PEPPERS 40.0 X 246619 0 33169 SCOTT E SUNDBY 40.0 X 243601 0 83005 3250261 0 671683 136 false true false KJELLSTROM AND LEE INC 1607 OWNBY LANE RICHMOND VA 23220 CONSTRUCTION 6752622 MAKENA CAPITAL LP 2755 SAND HILL ROAD SUITE 200 MENLO PARK CA 94025 INVESTMENT MGMT 1743292 GLAVE AND HOLMES ASSOCIATES PC 801 EAST MAIN STREET RICHMOND VA 23223 ARCHITECTURAL 1025811 BRANCH AND ASSOCIATES INC 5732 AIRPORT ROAD NW ROANOKE VA 24021 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271348795 97278994 174069801 8191039 3088956 5102083 39826785 32896507 6930278 18491288 18491288 207306826 LIMITED PARTNERSHIP INTERESTS 598526138 F FUNDS HELD IN TRUST BY OTHERS 288034717 F 886560855 0 STUDENT AND OTHER DEPOSITS 1044609 U.S. GOVERNMENT GRANTS REFUNDABLE 2080987 SPLIT INTEREST AGREEMENT OBLIGATIONS 44230861 POSTRETIREMENT BENEFIT OBLIGATION 13717413 ASSET RETIREMENT OBLIGATIONS 3002876 64076746 163310948 160033429 3277519 83975800 83975800 87253319 214967959 83975800 -1614540 82361260 132606699 1743292 28960957 30704249 163310948 127714640 -1614540 -1614540 129329180 1743292 28960957 30704249 160033429 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, 2010 RELATED TO FIN 48. THE 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 & PART XIII- RECONCI THE UNIVERSITY PROVIDED A TOTAL OF $28,960,957 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" 16,279,445 INSTITUTIONALLY FUNDED STUDENT FINANCIAL AID, A REDUCTION TO "TUITION AND FEES" 11,146,993 INSTITUTIONALLY FUNDED STUDENT FINANCIAL AID, A REDUCTION TO "AUXILIARY ENTERPRISES" 1,534,519 ============== 28,960,957 ============== STUDENT FINANCIAL AID AS REPORTED ON PART IX, STATEMENT OF FUNCTIONAL EXPENSES: GRANTS AND ASSISTANCE TO INDIVIDUALS IN THE U.S. 25,845,233 - SEE ALSO SCHEDULE I GRANTS AND ASSISTANCE TO INDIVIDUALS OUTSIDE OF THE U.S. 3,115,724 - SEE ALSO SCHEDULE F ============== 28,960,957 ============== true true true ALL POLICIES, INCLUDING THE UNIVERSITIES' 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. true true true true false false false false false false false false true false THE UNIVERSITY ADMINISTERS FEDERAL LOAN AND GRANTS TO STUDENTS THROUGH PROGRAMS SUCH AS PELL AND PERKINS. DURING THE TAX YEAR ENDED JUNE 30, 2010, 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 US GEOLOGICAL SURVEY. true true East Asia and the Pacific Grantmaking 984106 Europe (Including Iceland and Greenland) Grantmaking 495743 Middle East and North Africa Grantmaking 227767 North America Grantmaking 195822 Russia and the Newly Independent States Grantmaking 130893 South America Grantmaking 491334 South Asia Grantmaking 399316 Sub-Saharan Africa Grantmaking 190743 Central America and the Caribbean Investments North America Investments 3115724 SCHOLARSHIP East Asia/Pacific 25 984106 SCHOLARSHIP BOOK SCHOLARSHIP Europe/Iceland/Greenland 11 495743 SCHOLARSHIP BOOK SCHOLARSHIP Middle East/North Africa 4 227767 SCHOLARSHIP BOOK SCHOLARSHIP North America 5 195822 SCHOLARSHIP BOOK SCHOLARSHIP Russia 3 130893 SCHOLARSHIP BOOK SCHOLARSHIP South America 11 491334 SCHOLARSHIP BOOK SCHOLARSHIP South Asia 8 399316 SCHOLARSHIP BOOK SCHOLARSHIP Sub-Saharan Africa 4 190743 SCHOLARSHIP BOOK Part I, Line 1 IN FISCAL YEAR 2009-2010 THE UNIVERSITY PROVIDED FINANCIAL AID TO SUPPORT 245 LAW STUDENTS AND 819 UNDERGRADUATES FOR A TOTAL OF 1064 STUDENTS. 71 OF THOSE STUDENTS WERE CITIZENS OF OTHER COUNTRIES AS REPORTED IN SCHEDULE F. true STUDENT FINANCIAL AID 993 25845233 FMV Tuition, room/board PART I, LINE 1 IN FISCAL YEAR 2009-2010 THE UNIVERSITY PROVIDED FINANCIAL AID TO SUPPORT 245 LAW STUDENTS AND 819 UNDERGRADUATES FOR A TOTAL OF 1064 STUDENTS. 993 OF THOSE STUDENTS WERE CITIZENS OF THE UNITED STATES AS REPORTED IN SCHEDULE I. X X X true true X X false true false false false false false false false KENNETH P RUSCIO 374602 0 0 0 0 0 100523 0 94476 0 569601 0 0 0 JAMES D FARRAR JR 128297 0 0 0 0 0 13574 0 42433 0 184304 0 0 0 STEVEN G MCALLISTER 252999 0 0 0 0 0 24500 0 29866 0 307365 0 0 0 JUNE R APRILLE 332855 0 0 0 0 0 24500 0 5036 0 362391 0 0 0 DENNIS W CROSS 302751 0 0 0 0 0 24500 0 12727 0 339978 0 0 0 HOWARD DOBIN 198715 0 0 0 0 0 20361 0 9536 0 228612 0 0 0 RODNEY A SMOLLA 383087 0 0 0 0 0 24500 0 10072 0 417659 0 0 0 LYMAN P Q JOHNSON 239024 0 0 0 0 0 23473 0 7968 0 270465 0 0 0 TIMOTHY S JOST 241989 0 0 0 0 0 24500 0 29267 0 295756 0 0 0 DAVID MILLON 305722 0 0 0 0 0 24500 0 9197 0 339419 0 0 0 LARRY C PEPPERS 246619 0 0 0 0 0 24500 0 8669 0 279788 0 0 0 SCOTT E SUNDBY 243601 0 0 0 0 0 24500 0 58505 0 326606 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 $3,022 WAS PAID FOR THE PRESIDENT'S SPOUSE TO TRAVEL TO OVER TEN UNIVERSITY FUNDRAISING AND BOARD OF TRUSTEE FUNCTIONS IN 2010. 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. Virginia College Building Authority 541249154 927781NC2 2006-08-10 20446543 Various capital improvements false false Industrial Development Authority Of Rockbridge 541284598 2003-03-31 3950000 Reduce outstanding debt false false 20377187 4847048 274495 15325000 2008 false false true true 3950000 3950000 2003 false false true true false false false false false true false false false false false true true true false false false false true true true SUNTRUST CAP MARKET 15. false false false JAMES D FARRAR JR MORTGAGE FOR HOME X 240000 205359 false false true STEVEN G MCALLISTER MORTGAGE FOR HOME X 181000 66723 false false true KENNETH P RUSCIO MORTGAGE FOR HOME X 300000 270729 false false true JUNE R APRILLE MORTGAGE FOR HOME X 300000 284163 false false true DENNIS W CROSS MORTGAGE FOR HOME X 57525 53813 false false true HOWARD DOBIN MORTGAGE FOR HOME X 375000 350891 false false true TIMOTHY S JOST MORTGAGE FOR HOME X 76500 36865 false false true DAVID MILLON MORTGAGE FOR HOME X 300000 278087 false false true BRIAN C MURCHISON MORTGAGE FOR HOME X 203000 173361 false false true SCOTT E SUNDBY MORTGAGE FOR HOME X 200000 156927 false false true SEE SCHEDULE O X 1876918 X 73 982814 SELLING PRICE 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 POLICY FOR TRUSTEES IMPOSES A CONTINUING OBLIGATION TO DISCLOSE POTENTIAL CONFLICTS TO THE OFFICE OF GENERAL COUNSEL OF THE UNIVERSITY. THE GENERAL COUNSEL WILL ADVISE THE CHAIR OF THE TRUSTEESHIP COMMITTEE AT LEAST ANNUALLY REGARDING ANY CONFLICT OF INTEREST WITHIN THE BOARD OF TRUSTEES. THE TRUSTEESHIP COMMITTEE HAS THE AUTHORITY TO OVERSEE AND DECIDE WHETHER A TRUSTEE SHOULD DISCLOSE HIS OR HER INTEREST TO THE BOARD AND RECUSE HIM OR HERSELF IN MATTERS WHERE POTENTIAL CONFLICT MAY EXIST. THE GENERAL COUNSEL WILL MAKE A PERMANENT RECORD OF CONFLICTS, WHICH IS AVAILABLE TO ANY TRUSTEE OR OTHER PERSONS AUTHORIZED BY THE CHAIR OF THE AUDIT SUBCOMMITTEE. A CONFLICT OF INTEREST POLICY IS IN PLACE FOR "OFFICERS, SENIOR ADMINISTRATORS, AND FINANCE PERSONNEL" IS COMPLETED AND SIGNED ANNUALLY BY THOSE EMPLOYEES. THE POLICY DEFINES THE MEANS TO DISCLOSE AND RESOLVE REAL, APPARENT OR POTENTIAL CONFLICTS. 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 STATEMENT FOR THE BOARD OF TRUSTEES AND FOR UNIVERSITY EMPLOYEES CAN ALSO BE FOUND ON THE OFFICE OF GENERAL COUNSEL WEB PAGE. 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 SCHEDULE L, PART II 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 6/30/10, THE UNIVERSITY HAD OVER 322 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.