WASHINGTON AND LEE UNIVERSITY

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1749

Legal Domicile

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 $276.6M in total revenue in fiscal year 2022. Revenue grew 11% year-over-year, indicating healthy expansion. Net assets of $2.2B represent 96 months of operating reserves.

Mission

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.

Program Service Accomplishments

Program 1

Expenses: $195,240,865 Revenue: $160,267,418

UNIVERSITY PROVIDING A LIBERAL ARTS EDUCATION - SEE SCHEDULE O.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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

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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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

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

$1,470,610

Total Directors

$756,296

Key Employees

$1,725,099

Highest Compensated

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