Washington & Lee University
- Assets
- $2.6b
- Revenue
- $258.5m
- Investments
- $1.8b
- Employees
- 2,603
- Location
- Lexington, VA
- Founding
- 05/1923
- Data as of
- 06/2021
- 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 06/2022, Washington & Lee University employed 2,603 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 06/2021, Washington & Lee University generated $258.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.1% each year. All expenses for the organization totaled $239.1m during the year ending 06/2021. While expenses have increased by 2.4% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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 $4,653,721. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE OWASHINGTON AND LEE UNIVERSITY PROVIDES A LIBERAL ARTS 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
UNIVERSITY PROVIDING A LIBERAL ARTS EDUCATION - SEE SCHEDULE O.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael R Mcalevey Rector | Trustee | 6 | $0 |
Wangdali C Bacdayan Trustee | Trustee | 4 | $0 |
James L Baldwin Trustee | Trustee | 4 | $0 |
Dana J Bolden Trustee | Trustee | 4 | $0 |
Scott B Boyd Trustee | Trustee | 4 | $0 |
John P Case III Trustee | Trustee | 4 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Makena Capital Lp Investment Mgmt | 6/29/22 | $9,988,929 |
Kjellstrom & Lee Inc Construction | 6/29/22 | $3,615,261 |
Workday Inc Software Development | 6/29/22 | $2,541,905 |
Rca Laboratory Services Llc Medical Services | 6/29/22 | $703,020 |
Goody Clancy & Associates Inc Construction | 6/29/22 | $550,086 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $37,949,672 |
| Investment income | $732,542 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $27,457 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $78,820,880 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $258,505,782 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $54,259,940 |
| Grants and other assistance to Foreign Orgs/Individuals | $3,596,220 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $4,468,635 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $77,065,553 |
| Pension plan accruals and contributions | $5,203,737 |
| Other employee benefits | $11,010,986 |
| Payroll taxes | $5,594,640 |
| Fees for services: Management | $3,101,700 |
| Fees for services: Legal | $105,133 |
| Fees for services: Accounting | $160,762 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $9,047,112 |
| Fees for services: Other | $8,646,691 |
| Advertising and promotion | $91,849 |
| Office expenses | $3,196,382 |
| Information technology | $3,318,908 |
| Royalties | $0 |
| Occupancy | $6,731,982 |
| Travel | $763,300 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,393,530 |
| Interest | $7,645,513 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $19,649,647 |
| Insurance | $1,305,264 |
| All other expenses | $0 |
| Total functional expenses | $239,141,002 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $43,834 |
| Savings and temporary cash investments | $12,027,570 |
| Pledges and grants receivable | $34,379,512 |
| Accounts receivable, net | $5,400,644 |
| Loans from Officers, Directors, or Controlling Persons | $792,278 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $52,309,703 |
| Inventories for sale or use | $1,213,377 |
| Prepaid expenses and deferred charges | $4,894,777 |
| Investments—publicly traded securities | $262,482,398 |
| Investments—other securities | $1,844,720,628 |
| Investments—program-related | $6,525,674 |
| Intangible assets | $0 |
| Other assets | $13,996,125 |
| Total assets | $2,582,500,341 |
| Accounts payable and accrued expenses | $10,841,655 |
| Grants payable | $0 |
| Deferred revenue | $1,965,096 |
| Tax-exempt bond liabilities | $157,975,799 |
| 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 | $37,398,179 |
| Other liabilities | $73,387,260 |
| Total liabilities | $281,567,989 |
| 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 | $2,300,932,352 |
Grants Awarded
Over the last fiscal year, Washington & Lee University has awarded $632,397 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
OMICRON DELTA KAPPA SOCIETY INC PURPOSE: PROGRAM SERVICE | $20,000 |
LEXINGTON RETIREMENT COMMUNITY INC PURPOSE: PROGRAM SERVICE | $10,000 |
CITY OF LEXINGTON VA PURPOSE: PAYMENT IN LIEU OF TAXES | $567,397 |
ROCKBRIDGE AREA FREE CLINIC PURPOSE: PROGRAM SERVICE | $25,000 |
MAIN STREET LEXINGTON PURPOSE: PROGRAM SERVICE | $10,000 |