Washington & Lee University
- Assets
- $2.1b
- Revenue
- $186.2m
- Investments
- $1.4b
- Employees
- 2,435
- Location
- Lexington, VA
- Founding
- 05/1923
- Data as of
- 06/2020
- EIN
- 54-0505977
Organization Overview
Washington & Lee University is located in Lexington, VA. The organization was established in 1923. According to its NTEE Classification (B42) the organization is classified as: Undergraduate Colleges, under the broad grouping of Education and related organizations. As of 06/2021, Washington & Lee University employed 2,435 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Washington & Lee University is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2020, Washington & Lee University generated $186.2m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (1.8%) each year. All expenses for the organization totaled $241.2m during the year ending 06/2020. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Washington & Lee University has awarded 27 individual grants totaling $4,661,266. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE OWASHINGTON AND LEE PROVIDES A LIBERAL ART COLLEGE EDUCATION TO APPROXIMATELY 1,800 UNDERGRADUATE STUDENTS & OFFERS JD & LLM STUDIES TO APPROXIMATELY 400 LAW STUDENTS EACH YEAR.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING A LIBERAL ARTS EDUCATION - SEE SCHEDULE O.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William C Dudley President And Trustee | OfficerTrustee | 40 | $628,152 |
Dennis Cross Former Vice President | 40 | $464,908 | |
Brant J Hellwig Dean | Officer | 40 | $377,120 |
Steven G Mcallister Treasurer | Officer | 40 | $354,881 |
Brian C Murchison Law Professor | 40 | $305,908 | |
Elizabeth Oliver Interim Provost | Officer | 40 | $286,822 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Makena Capital Lp Investment Mgmt | 6/29/21 | $9,025,976 |
The Whiting-turner Contracting Co Construction | 6/29/21 | $3,454,215 |
Kjellstrom And Lee Inc Construction | 6/29/21 | $3,618,331 |
Rca Laboratory Services Llc Medical Services | 6/29/21 | $2,810,185 |
Workday Inc Software Dvlpmt | 6/29/21 | $2,229,089 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $49,258,971 |
| Investment income | $625,781 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $29,591 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $673,951 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $186,199,453 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $52,806,315 |
| Grants and other assistance to Foreign Orgs/Individuals | $3,737,688 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $4,622,481 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $76,113,915 |
| Pension plan accruals and contributions | $6,579,843 |
| Other employee benefits | $17,191,567 |
| Payroll taxes | $5,543,211 |
| Fees for services: Management | $320,668 |
| Fees for services: Legal | $195,472 |
| Fees for services: Accounting | $371,971 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $6,429,317 |
| Fees for services: Other | $2,410,179 |
| Advertising and promotion | $95,717 |
| Office expenses | $2,706,338 |
| Information technology | $4,702,122 |
| Royalties | $0 |
| Occupancy | $6,532,501 |
| Travel | $3,281,339 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,863,803 |
| Interest | $7,800,316 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $18,771,258 |
| Insurance | $1,112,373 |
| All other expenses | $0 |
| Total functional expenses | $241,164,102 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $45,484 |
| Savings and temporary cash investments | $9,900,665 |
| Pledges and grants receivable | $38,690,489 |
| Accounts receivable, net | $5,986,353 |
| Loans from Officers, Directors, or Controlling Persons | $497,092 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $56,357,789 |
| Inventories for sale or use | $1,651,814 |
| Prepaid expenses and deferred charges | $4,261,444 |
| Investments—publicly traded securities | $191,844,692 |
| Investments—other securities | $1,439,030,410 |
| Investments—program-related | $5,993,875 |
| Intangible assets | $0 |
| Other assets | $91,181 |
| Total assets | $2,101,751,936 |
| Accounts payable and accrued expenses | $17,834,547 |
| Grants payable | $0 |
| Deferred revenue | $1,407,186 |
| Tax-exempt bond liabilities | $163,678,265 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $37,383,651 |
| Other liabilities | $54,811,673 |
| Total liabilities | $275,115,322 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $1,826,636,614 |
Grants Awarded
Over the last fiscal year, Washington & Lee University has awarded $607,397 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
CITY OF LEXINGTON VA PURPOSE: PAYMENT IN LIEU OF TAXES | $567,397 |
Lexington, VA PURPOSE: PROGRAM SERVICE | $20,000 |
Lexington, VA PURPOSE: PROGRAM SERVICE | $20,000 |
Grants Recieved
Over the last fiscal year, we have identified 9 grants that Washington & Lee University has recieved totaling $111,400.
| Awarding Organization | Amount |
|---|---|
The Mcgue Millhiser Family Trust Richmond, VA PURPOSE: GENERAL USE | $70,000 |
Golub Family Foundation Wilmington, DE PURPOSE: CLASS OF 1993 PROJECT FUND, CLASS OF 1994 PROJECT FUND, AND UNRESTRICTED ANNUAL FUND | $20,000 |
O W Havens Foundation Johns Island, SC PURPOSE: SUPPLEMENT INCOME | $10,000 |
Piedmont Charitable Foundation Inc Atlanta, GA PURPOSE: EDUCATION | $5,000 |
The Powell Foundation Houston, TX PURPOSE: DESIGNATED GRANT: GENERAL OPERATING AND SUPPORT | $2,500 |
Lomax Family Foundation Arden, NC PURPOSE: CHARITY | $1,500 |
Endowment Analysis
| Beg. Balance | $1,150,749,702 |
| Earnings | $392,372,476 |
| Admin Expense | $967,907 |
| Net Contributions | $18,096,758 |
| Other Expense | $26,116,953 |
| Grants | $30,080,863 |
| Ending Balance | $1,504,053,213 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Washington & Lee University Lexington, VA | $2,101,751,936 | $186,199,453 |
Davidson College Davidson, NC | $1,786,522,691 | $194,756,860 |
Stevenson University Inc Owings Mills, MD | $339,125,128 | $161,866,162 |
Rhodes College Memphis, TN | $583,153,249 | $126,618,541 |
Berea College Berea, KY | $1,637,313,850 | $205,202,087 |
Maryland Institute Baltimore, MD | $324,696,375 | $136,443,462 |
Campbellsville University Inc Campbellsville, KY | $197,242,279 | $142,326,474 |
Centre College Of Kentucky Danville, KY | $677,636,297 | $215,283,093 |
Roanoke College Salem, VA | $354,210,741 | $126,475,040 |
Goucher College Baltimore, MD | $394,278,148 | $93,748,228 |
Lee University Cleveland, TN | $200,405,989 | $108,753,431 |
Union University Jackson, TN | $193,669,100 | $103,290,604 |