WASHINGTON AND LEE UNIVERSITY

EIN: 540505977 501(c)(3) Education

LEXINGTON, VA

Total Revenue
$276,609,869
Total Expenses
$276,840,316
Total Assets
$2,535,613,259
Net Assets
$2,211,841,577
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Financial Trends

Organization Details

Formation Year
1749
Legal Domicile
VA
Principal Officer
WILLIAM C DUDLEY
Phone
5404588400
Tax Period
2022-07-01 to 2023-06-30

Washington and Lee University, founded in 1749, is a major nonprofit in the Education sector that reported $223.2M in total revenue in fiscal year 2017. Revenue fell 41% from the prior year — a significant decline worth monitoring. Net assets of $1.8B represent 98 months of operating reserves.

Mission

THE PRESIDENT RESIDES IN ON-CAMPUS HOUSING AS A CONDITION OF EMPLOYMENT FOR THE CONVENIENCE OF THE UNIVERSITY. THE VALUE OF THIS ON-CAMPUS HOUSING IS $50,605 FOR TWELVE MONTHS AND IS INCLUDED AS A NON-TAXABLE BENEFIT ABOVE IN PART II, COLUMN D. THE RESIDENCE IS USED FOR UNIVERSITY-RELATED BUSINESS AND ENTERTAINMENT PURPOSES ON A REASONABLE AND CONTINUAL BASIS.THE UNIVERSITY ALSO PAYS CLUB DUES OF LESS THAN $300 PER MONTH FOR THE PRESIDENT. THE CLUB MEMBERSHIP IS USED PREDOMINANTLY FOR UNIVERSITY BUSINESS. THE ABOVE BENEFITS WERE TREATED AS TAXABLE INCOME WHEN APPROPRIATE.

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Trantor Score

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2022)

Revenue Breakdown

Contributions & Grants $64,715,034
Program Service Revenue $160,267,418
Investment Income $51,601,498
Other Revenue $25,919
TOTAL REVENUE $276,609,869

Expense Breakdown

Grants Paid $64,982,065
Salaries & Benefits $124,860,528
Fundraising Expenses $5,040,905
Program Expenses $195,240,865
Other Expenses $86,873,954
TOTAL EXPENSES $276,840,316

Year-over-Year Comparison

2022 2021 Change
Revenue $276,609,869 $248,819,904 +0.1%
Expenses $276,840,316 $254,894,072 +0.1%
Net Income $-230,447 $-6,074,168 -1.0%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
32
Independent Members
31
Employees
2712
Volunteers
1800

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
3
$1,470,610
Total Directors
32
$756,296
Key Employees
5
$1,725,099
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
MICHAEL R MCALEVEY RECTOR 6.00
Director
$0 $0 $0
WANGDALI C BACDAYAN TRUSTEE 4.00
Director
$0 $0 $0
JAMES L BALDWIN TRUSTEE 4.00
Director
$0 $0 $0
DANA J BOLDEN TRUSTEE 4.00
Director
$0 $0 $0
SCOTT B BOYD TRUSTEE 4.00
Director
$0 $0 $0
JOHN P CASE III TRUSTEE 4.00
Director
$0 $0 $0
J LAWRENCE CONNOLLY TRUSTEE 4.00
Director
$0 $0 $0
CHRISTOPHER C DYSON TRUSTEE 4.00
Director
$0 $0 $0
CLIFFORD K HOLEKAMP TRUSTEE 4.00
Director
$0 $0 $0
LEE HOLLIS TRUSTEE 4.00
Director
$0 $0 $0
GEORGE D JOHNSON III TRUSTEE 4.00
Director
$0 $0 $0
DAVID A LEHMAN TRUSTEE 4.00
Director
$0 $0 $0
SAMANTHA MCLEMORE TRUSTEE 4.00
Director
$0 $0 $0
B CRAIG OWENS TRUSTEE 4.00
Director
$0 $0 $0
ELIZABETH BERKHEIMER PAKENAS TRUSTEE 4.00
Director
$0 $0 $0
WILLIAM G PAYNE TRUSTEE 4.00
Director
$0 $0 $0
LAURIE A RACHFORD TRUSTEE 4.00
Director
$0 $0 $0
BRODIE GREGORY RIORDAN TRUSTEE 4.00
Director
$0 $0 $0
JOHN W ROBINSON III TRUSTEE 4.00
Director
$0 $0 $0
HELEN H SANDERS TRUSTEE 4.00
Director
$0 $0 $0
JAMES R SMALL TRUSTEE 4.00
Director
$0 $0 $0
TODD L SUTHERLAND TRUSTEE 4.00
Director
$0 $0 $0
ROWAN GP TAYLOR TRUSTEE 4.00
Director
$0 $0 $0
LIZANNE THOMAS TRUSTEE 4.00
Director
$0 $0 $0
WILLIAM M TOLES TRUSTEE 4.00
Director
$0 $0 $0
CHRISTOPHER H WILLIAMS TRUSTEE 4.00
Director
$0 $0 $0
JONATHAN M WORTHAM TRUSTEE 4.00
Director
$0 $0 $0
WILLIAM C DUDLEY PRESIDENT AND TRUSTEE 40.00
Officer Director
$594,654 $161,642 $756,296
CYNTHIA T CHEATHAM TRUSTEE 4.00
Director
$0 $0 $0
KELLY B GOLUB TRUSTEE 4.00
Director
$0 $0 $0
L JAMES LAWSON III TRUSTEE 4.00
Director
$0 $0 $0
NATHAN K URQUHART TRUSTEE 4.00
Director
$0 $0 $0
STEVEN G MCALLISTER TREASURER 40.00
Officer
$371,111 $48,589 $419,700
JESSICA L WILLETT SECRETARY 40.00
Officer
$225,980 $68,634 $294,614
THOMAS JENNINGS VICE PRESIDENT 40.00
Key Emp
$413,601 $49,628 $463,229
CHAWNE KIMBER DEAN 40.00
Key Emp
$251,184 $32,791 $283,975
ROBERT D STRAUGHAN DEAN 40.00
Key Emp
$288,226 $48,855 $337,081
LENA HILL PROVOST 40.00
Key Emp
$370,232 $50,001 $420,233
MELANIE WILSON DEAN 40.00
Key Emp
$192,985 $27,596 $220,581
ELIZABETH OLIVER PROFESSOR 40.00
Highest
$267,161 $34,999 $302,160
MARK A DRUMBL PROFESSOR 40.00
Highest
$280,390 $28,800 $309,190
BRIAN C MURCHISON PROFESSOR 40.00
Highest
$297,532 $46,768 $344,300
MARIA FEELEY CHEIF LEGAL OFFICER & GC 40.00
Highest
$289,452 $48,668 $338,120
KRISTIE FORD ASSOCIATE PROVOST 40.00
Highest
$266,316 $12,595 $278,911
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 No data No data No data No data
2024 No data No data No data No data
2023 $276,609,869 $276,840,316 $2,535,613,259 $-230,447
2022 $248,819,904 $254,894,072 $2,488,364,359 $-6,074,168
2021 $258,505,782 $239,141,002 $2,582,500,341 $19,364,780
2020 $186,199,453 $241,164,102 $2,101,751,936 $-54,964,649
2019 $283,158,640 $235,220,510 $2,161,435,497 $47,938,130
2018 $223,174,779 $223,662,843 $2,074,715,366 $-488,064
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