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Object ID: 202201329349303490 - Rendered 2024-04-28
TIN: 54-0505977
SCHEDULE D
(Form 990)
Department of the Treasury
Internal Revenue Service
Supplemental Financial Statements
Complete if the organization answered "Yes," on Form 990,
Part IV, line 6, 7, 8, 9, 10, 11a, 11b, 11c, 11d, 11e, 11f, 12a, or 12b.
Attach to Form 990.
Go to
www.irs.gov/Form990
for instructions and the latest information.
OMB No. 1545-0047
20
20
Open to Public Inspection
Name of the organization
WASHINGTON AND LEE UNIVERSITY
Employer identification number
54-0505977
Part I
Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts.
Complete if the organization answered "Yes" on Form 990, Part IV, line 6.
(a)
Donor advised funds
(b)
Funds and other accounts
1
Total number at end of year
.........
2
Aggregate value of contributions to (during year)
3
Aggregate value of grants from (during year)
4
Aggregate value at end of year
........
5
Did the organization inform all donors and donor advisors in writing that the assets held in donor advised funds are the organization’s property, subject to the organization’s exclusive legal control?
............
Yes
No
6
Did the organization inform all grantees, donors, and donor advisors in writing that grant funds can be used only for charitable purposes and not for the benefit of the donor or donor advisor, or for any other purpose conferring impermissible private benefit?
...................................
Yes
No
Part II
Conservation Easements.
Complete if the organization answered "Yes" on Form 990, Part IV, line 7.
1
Purpose(s) of conservation easements held by the organization (check all that apply).
Preservation of land for public use (e.g., recreation or education)
Preservation of an historically important land area
Protection of natural habitat
Preservation of a certified historic structure
Preservation of open space
2
Complete lines 2a through 2d if the organization held a qualified conservation contribution in the form of a conservation easement on the last day of the tax year.
Held at the End of the Year
a
Total number of conservation easements
......................
2a
1
b
Total acreage restricted by conservation easements
....................
2b
69.00
c
Number of conservation easements on a certified historic structure included in (a)
.....
2c
d
Number of conservation easements included in (c) acquired after 7/25/06, and not on a historic structure listed in the National Register
...
2d
3
Number of conservation easements modified, transferred, released, extinguished, or terminated by the organization during the
tax year
4
Number of states where property subject to conservation easement is located
1
5
Does the organization have a written policy regarding the periodic monitoring, inspection, handling of violations, and enforcement of the conservation easements it holds?
............
Yes
No
6
Staff and volunteer hours devoted to monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
7
Amount of expenses incurred in monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
$
8
Does each conservation easement reported on line 2(d) above satisfy the requirements of section 170(h)(4)(B)(i) and section 170(h)(4)(B)(ii)?
.............................
Yes
No
9
In Part XIII, describe how the organization reports conservation easements in its revenue and expense statement, and
balance sheet, and include, if applicable, the text of the footnote to the organization’s financial statements that describes
the organization’s accounting for conservation easements.
Part III
Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets.
Complete if the organization answered "Yes" on Form 990, Part IV, line 8.
1a
If the organization elected, as permitted under FASB ASC 958, not to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide, in Part XIII, the text of the footnote to its financial statements that describes these items.
b
If the organization elected, as permitted under FASB ASC 958, to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide the following amounts relating to these items:
(i)
Revenue included on Form 990, Part VIII, line 1
.........................
$
88,450
(ii)
Assets included in Form 990, Part X
...............................
$
5,212,139
2
If the organization received or held works of art, historical treasures, or other similar assets for financial gain, provide the
following amounts required to be reported under FASB ASC 958 relating to these items:
a
Revenue included on Form 990, Part VIII, line 1
..........................
$
b
Assets included in Form 990, Part X
...............................
$
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 52283D
Schedule D (Form 990) 2020
Schedule D (Form 990) 2020
Page
2
Part III
Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets
(continued)
3
Using the organization’s acquisition, accession, and other records, check any of the following that are a significant use of its collection items (check all that apply):
a
Public exhibition
d
Loan or exchange programs
b
Scholarly research
e
Other
TEACHING
c
Preservation for future generations
4
Provide a description of the organization’s collections and explain how they further the organization’s exempt purpose in
Part XIII.
5
During the year, did the organization solicit or receive donations of art, historical treasures or other similar
assets to be sold to raise funds rather than to be maintained as part of the organization’s collection?
...
Yes
No
Part IV
Escrow and Custodial Arrangements.
Complete if the organization answered "Yes" on Form 990, Part IV, line 9, or reported an amount on Form 990, Part X, line 21.
1a
Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets not
included on Form 990, Part X?
....................................
Yes
No
b
If "Yes," explain the arrangement in Part XIII and complete the following table:
Amount
c
Beginning balance
.............................
1c
d
Additions during the year
............................
1d
e
Distributions during the year
..........................
1e
f
Ending balance
................................
1f
2a
Did the organization include an amount on Form 990, Part X, line 21, for escrow or custodial account liability?
...
Yes
No
b
If "Yes," explain the arrangement in Part XIII. Check here if the explanation has been provided in Part XIII
....
Part V
Endowment Funds.
Complete if the organization answered "Yes" on Form 990, Part IV, line 10.
(a)
Current year
(b)
Prior year
(c)
Two years back
(d)
Three years back
(e)
Four years back
1a
Beginning of year balance
....
1,150,749,702
1,142,350,304
1,129,016,644
1,069,842,192
995,373,361
b
Contributions
...
18,096,758
30,029,504
16,640,954
15,238,678
15,514,799
c
Net investment earnings, gains, and losses
392,372,476
33,655,213
49,843,425
94,504,129
108,933,011
d
Grants or scholarships
...
30,080,863
29,416,051
27,682,735
25,901,000
25,603,498
e
Other expenditures for facilities
and programs
...
26,116,953
23,470,757
24,181,390
23,865,791
23,275,461
f
Administrative expenses
....
967,907
2,398,511
1,286,594
801,564
1,110,020
g
End of year balance
......
1,504,053,213
1,150,749,702
1,142,350,304
1,129,016,644
1,069,832,192
2
Provide the estimated percentage of the current year end balance (line 1g, column (a)) held as:
a
Board designated or quasi-endowment
22.000 %
b
Permanent endowment
37.000 %
c
Term endowment
41.000 %
The percentages on lines 2a, 2b, and 2c should equal 100%.
3a
Are there endowment funds not in the possession of the organization that are held and administered for the
organization by:
Yes
No
(i)
Unrelated organizations
.......................
3a(i)
Yes
(ii)
Related organizations
.......................
3a(ii)
No
b
If "Yes" on 3a(ii), are the related organizations listed as required on Schedule R?
.........
3b
4
Describe in Part XIII the intended uses of the organization's endowment funds.
Part VI
Land, Buildings, and Equipment.
Complete if the organization answered "Yes" on Form 990, Part IV, line 11a. See Form 990, Part X, line 10.
Description of property
(a)
Cost or other basis
(investment)
(b)
Cost or other basis (other)
(c)
Accumulated depreciation
(d)
Book value
1a
Land
.....
6,123,664
6,123,664
b
Buildings
....
487,526,288
202,816,065
284,710,223
c
Leasehold improvements
23,100,995
10,941,986
12,159,009
d
Equipment
....
71,456,099
48,021,137
23,434,962
e
Other
.....
25,632,922
8,346,959
17,285,963
Total.
Add lines 1a through 1e.
(Column (d) must equal Form 990, Part X, column (B), line 10(c).)
..
343,713,821
Schedule D (Form 990) 2020
Schedule D (Form 990) 2020
Page
3
Part VII
Investments - Other Securities.
Complete if the organization answered "Yes" on Form 990, Part IV, line 11b.
See Form 990, Part X, line 12.
(a)
Description of security or category
(including name of security)
(b)
Book value
(c)
Method of valuation:
Cost or end-of-year market value
(1)
Financial derivatives
.........
(2)
Closely-held equity interests
........
(3)
Other
(A)
LIMITED PARTNERSHIP INTERESTS
1,256,352,377
F
(B)
FUNDS HELD IN TRUST BY OTHERS
588,368,251
F
(C)
(D)
(E)
(F)
(G)
(H)
(I)
Total.
(Column (b) must equal Form 990, Part X, col. (B) line 12.)
1,844,720,628
Part VIII
Investments - Program Related.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 11c.
See Form 990, Part X, line 13.
(a)
Description of investment
(b)
Book value
(c)
Method of valuation:
Cost or end-of-year market value
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
Total.
(Column (b) must equal Form 990, Part X, col.(B) line 13.)
Part IX
Other Assets.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 11d.
See Form 990, Part X, line 15.
(a)
Description
(b)
Book value
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
Total.
(Column (b) must equal Form 990, Part X, col.(B) line 15.)
...........
Part X
Other Liabilities.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 11e or 11f.
See Form 990, Part X, line 25.
1.
(a)
Description of liability
(b)
Book value
(1)
Federal income taxes
(7)
(8)
(9)
Total.
(Column (b) must equal Form 990, Part X, col.(B) line 25.)
73,387,260
2.
Liability for uncertain tax positions. In Part XIII, provide the text of the footnote to the organization's financial statements that reports the organization's liability for uncertain tax positions under FIN 48 (ASC 740). Check here if the text of the footnote has been provided in Part XIII
Schedule D (Form 990) 2020
Schedule D (Form 990) 2020
Page
4
Part XI
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1
Total revenue, gains, and other support per audited financial statements
.......
1
646,554,604
2
Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a
Net unrealized gains (losses) on investments
....
2a
454,930,958
b
Donated services and use of facilities
.........
2b
c
Recoveries of prior year grants
...........
2c
d
Other (Describe in Part XIII.)
............
2d
e
Add lines
2a
through
2d
.....................
2e
454,930,958
3
Subtract line
2e
from line
1
..................
3
191,623,646
4
Amounts included on Form 990, Part VIII, line 12, but not on line
1
:
a
Investment expenses not included on Form 990, Part VIII, line 7b
.
4a
9,025,976
b
Other (Describe in Part XIII.)
...........
4b
57,856,160
c
Add lines
4a
and
4b
....................
4c
66,882,136
5
Total revenue. Add lines
3
and
4c.
(This must equal Form 990, Part I, line 12.)
......
5
258,505,782
Part XII
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1
Total expenses and losses per audited financial statements
...........
1
172,258,866
2
Amounts included on line 1 but not on Form 990, Part IX, line 25:
a
Donated services and use of facilities
.........
2a
b
Prior year adjustments
............
2b
c
Other losses
................
2c
d
Other (Describe in Part XIII.)
............
2d
e
Add lines
2a
through
2d
....................
2e
0
3
Subtract line
2e
from line
1
...................
3
172,258,866
4
Amounts included on Form 990, Part IX, line 25, but not on line
1:
a
Investment expenses not included on Form 990, Part VIII, line 7b
..
4a
9,025,976
b
Other (Describe in Part XIII.)
............
4b
57,856,160
c
Add lines
4a
and
4b
.....................
4c
66,882,136
5
Total expenses. Add lines
3
and
4c.
(This must equal Form 990, Part I, line 18.)
......
5
239,141,002
Part XIII
Supplemental Information
Provide the descriptions required for Part II, lines 3, 5, and 9; Part III, lines 1a and 4; Part lV, lines 1b and 2b; Part V, line 4; Part X, line 2; Part XI, lines 2d and 4b; and Part XII, lines 2d and 4b. Also complete this part to provide any additional information.
Return Reference
Explanation
PART II, LINE 9:
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.
PART III, LINE 4:
THE ORGANIZATION'S EXEMPT PURPOSE: THE MUSEUMS AT WASHINGTON AND LEE UNIVERSITY (WLU), WHICH REPORTS TO THE DIRECTOR OF INSTITUTIONAL HISTORY, SUPPORTS THE UNIVERSITY AS AN INTERDISCIPLINARY TEACHING RESOURCE THROUGH THE PRESERVATION, STUDY, INTERPRETATION, AND EXHIBITION OF ITS COLLECTIONS. THE MUSEUMS ALSO ADVANCE LEARNING THROUGH DIRECT ENGAGEMENT WITH COLLECTIONS; FACILITATE AN INTERDISCIPLINARY APPRECIATION OF ART, HISTORY, AND CULTURE; AND INSPIRE LEADERSHIP IN THE MUSEUM FIELDS. THE MUSEUMS AT WLU IS COMPOSED OF THREE AREAS THAT ARE ADMINISTERED COLLECTIVELY BY THE DIRECTOR: THE UNIVERSITY CHAPEL WAS BUILT IN 1868; IN 1883 AN ANNEX WAS ADDED TO THE BUILDING TO HOUSE VALENTINE'S STATUE OF ROBERT E. LEE AND THE LEE FAMILY CRYPT. A FEW DECADES LATER, A FOUNDATIONAL BEQUEST OF ART WAS DONATED BY VINCENT BRADFORD AND STILL LATER A COLLECTION OF WASHINGTON-CUSTIS-LEE PORTRAITS WERE ADDED TO THE GALLERIES. A MUSEUM WAS ADDDED IN 1928 IN THE LOWER LEVEL OF THE ORIGINAL COLLEGE CHAPEL. THE CHAPEL ALSO CONTAINS FURNISHINGS AND CONTENTS OF LEE'S OFFICE AS PRESIDENT (1868-1870), AS WELL AS A MODEST COLLECTION OF HISTORICAL OBJECTS RELATED TO THE HISTORY OF WASHINGTON AND LEE UNIVERSITY. IN 1961, THE CHAPEL WAS DESIGNATED A NATIONAL HISTORIC LANDMARK. AND IN 2021 THE BUILDING WAS RENAMED "UNIVERSITY CHAPEL & GALLERIES." THE REEVES MUSEUM OF CERAMICS SHOWCASES ONE OF THE COUNTRY'S LARGEST AND FINEST COLLECTIONS OF CERAMICS. HUNDREDS OF PIECES OF ASIAN, EUROPEAN, AND AMERICAN CERAMICS SPANNING SOME 4,000 YEARS TELL STORIES OF DESIGN, TECHNOLOGY, AND TRADE AND ILLUSTRATE HOW PEOPLE DRANK, DINED AND DECORATED THEIR HOMES OVER THE PAST FIVE CENTURIES. THE COLLECTION IS ON DISPLAY IN THE REEVES AND IN THE ADJOINING WATSON GALLERIES AND IS USED IN A WIDE RANGE OF UNIVERSITY CLASSES INCLUDING ART HISTORY, CHEMISTRY, AND POLITICS. ALSO LOCATED IN THE REEVES IS THE ELISABETH S. GOTTWALD GALLERY, WHICH HIGHLIGHTS THE WORK OF LOUISE HERRESHOFF REEVES (1876-1967), AN EARLY-20TH CENTURY AMERICAN PAINTER NOTED FOR HER IMPRESSIONIST AND FAUVIST WORKS. THE WLU ART COLLECTION BEGAN WITH A BEQUEST OF SIX PORTRAITS IN 1874 AND HAS GROWN TO INCLUDE AN ECLECTIC COLLECTION OF ABOUT 7500 WORKS OF FINE AND DECORATIVE ARTS FROM AROUND THE GLOBE, INCLUDING THE AMERICAS, EUROPE, AND EAST ASIA. PAINTINGS, PRINTS AND SCULPTURE ARE ON DISPLAY IN ACADEMIC SPACES THROUGHOUT CAMPUS AND ARE USED AS TEACHING TOOLS BY VARIOUS ACADEMIC DEPARTMENTS.
PART V, LINE 4:
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 EDUCATION FOR A STUDENT, ENDOWMENT FUNDS SUPPLEMENT THE COST OF FACULTY SALARIES AND EDUCATIONAL PROGRAMS. THE ENDOWMENT AND CURRENT CONTRIBUTIONS SUPPORT SCHOLARSHIPS AND FINANCIAL ASSISTANCE TO STUDENTS. THE UNIVERSITY ENDOWMENT ALSO PROVIDES FUNDS FOR THE FOLLOWING AREAS > LIBRARY MAINTENANCE AND ACQUISITIONS > FACULTY RESEARCH > PROGRAM COSTS FOR AREAS SUCH AS - ENVIRONMENTAL STUDIES PROGRAM - THE SHEPHERD POVERTY PROGRAM > ATHLETIC PROGRAMS > BUILDINGS AND GROUNDS MAINTENANCE AND IMPROVEMENTS
PART X, LINE 2:
FIN 48 FOOTNOTE FROM AUDITED FINANCIAL STATEMENTS: THE WASHINGTON AND LEE UNIVERSITY HAS BEEN CLASSIFIED AS AN ORGANIZATION DESCRIBED UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND THUS EXEMPT FROM FEDERAL INCOME TAXES ON ACTIVITIES RELATED TO ITS EXEMPT PURPOSE. THE UNIVERSITY DOES NOT BELIEVE THAT THERE ARE ANY UNRECOGNIZED TAX BENEFITS OR COSTS THAT SHOULD BE RECORDED IN THE FINANCIAL STATEMENTS. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN REFLECTED IN THE FINANCIAL STATEMENTS.
PART XI, LINE 4B - OTHER ADJUSTMENTS:
FINANCIAL AID EXPENSES 57,856,160.
PART XII, LINE 4B - OTHER ADJUSTMENTS:
FINANCIAL AID EXPENSES 57,856,160.
PART XI, LINE 4A - OTHER ADJUSTMENTS:
INVESTMENT MANAGEMENT FEES $9,025,976
PART XII, LINE 4A - OTHER ADJUSTMENTS:
INVESTMENT MANAGEMENT FEES $9,025,976
Schedule D (Form 990) 2020
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