Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $1,260,984

• 1f · All other contributions, gifts and grants

  $63,454,050

• 1g · Noncash contributions included above

  $3,188,458

• 2a · Program service revenue: TUITION AND FEES

  total $131,743,270 · related or exempt $131,743,270

• 2b · Program service revenue: AUXILIARY SERVICES

  total $27,945,995 · related or exempt $27,640,134 · unrelated business $305,861

• 2c · Program service revenue: OTHER MISCELLANEOUS INCOME

  total $578,153 · related or exempt $578,153

• 3 · Investment income

  total $595,122 · excluded $595,122

• 5 · Royalties

  total $25,919 · excluded $25,919

• 7a · Gross sales of assets other than inventory

  securities $268,346,042

• 7b · Less cost or other basis and sales expenses

  securities $217,339,666

• 7c · Gain or loss

  securities $51,006,376

• 7d · Net gain or loss

  total $51,006,376 · unrelated business $3,875,418 · excluded $47,130,958

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $893,825 · program services $893,825

• 2 · Grants to domestic individuals

  total $56,399,779 · program services $56,399,779

• 3 · Grants to foreign organizations and individuals

  total $7,688,461 · program services $7,688,461

• 5 · Compensation of officers, directors and key employees

  total $4,938,274 · program services $2,052,073 · management and general $2,409,897 · fundraising $476,304

• 7 · Other salaries and wages

  total $87,844,535 · program services $60,507,462 · management and general $25,348,509 · fundraising $1,988,564

• 8 · Pension plan contributions

  total $7,278,421 · program services $5,060,546 · management and general $1,841,465 · fundraising $376,410

• 9 · Other employee benefits

  total $18,512,298 · program services $12,404,158 · management and general $5,201,373 · fundraising $906,767

• 10 · Payroll taxes

  total $6,287,000 · program services $4,208,291 · management and general $1,781,944 · fundraising $296,765

• 11b · Fees: legal

  total $308,474 · program services $217,809 · management and general $90,665

• 11c · Fees: accounting

  total $266,989 · program services $188,517 · management and general $78,472

• 11e · Fees: professional fundraising services

  total $123,769 · fundraising $123,769

• 11f · Fees: investment management

  total $8,908,781 · program services $6,272,699 · management and general $2,636,082

• 11g · Fees: other

  total $6,677,983 · program services $2,796,735 · management and general $3,778,778 · fundraising $102,470

• 12 · Advertising and promotion

  total $160,182 · program services $55,880 · management and general $103,639 · fundraising $663

• 13 · Office expenses

  total $3,397,923 · program services $1,995,789 · management and general $1,384,592 · fundraising $17,542

• 14 · Information technology

  total $3,269,685 · program services $1,458,493 · management and general $1,807,890 · fundraising $3,302

• 16 · Occupancy

  total $7,691,614 · program services $3,019,858 · management and general $4,625,709 · fundraising $46,047

• 17 · Travel

  total $5,340,763 · program services $4,227,479 · management and general $773,123 · fundraising $340,161

• 19 · Conferences, conventions and meetings

  total $3,691,979 · program services $2,127,380 · management and general $1,413,114 · fundraising $151,485

• 20 · Interest

  total $7,051,405 · program services $3,058,588 · management and general $3,992,817

• 22 · Depreciation, depletion and amortization

  total $21,508,065 · program services $12,252,196 · management and general $9,255,869

• 23 · Insurance

  total $1,256,714 · program services $102,054 · management and general $1,152,610 · fundraising $2,050

• 24a · Other expenses: COST OF SALES FOR AUX.

  total $6,690,391 · management and general $6,690,391

• 24b · Other expenses: DUES AND SUBSCRIPTIONS

  total $2,773,291 · program services $1,748,946 · management and general $996,063 · fundraising $28,282

• 24c · Other expenses: POSTAGE AND PRINTING

  total $1,478,183 · program services $381,483 · management and general $921,097 · fundraising $175,603

• 24d · Other expenses: UNRELATED BUS. INC. TAX

  total $149,048 · management and general $149,048

• 24e · All other expenses

  total $6,252,484 · program services $6,122,364 · management and general $125,399 · fundraising $4,721

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $32,153 · end of year $10,204

• 2 · Savings and temporary cash investments

  beginning of year $13,974,144 · end of year $12,761,582

• 3 · Pledges and grants receivable

  beginning of year $38,494,862 · end of year $57,527,813

• 4 · Accounts receivable

  beginning of year $4,790,899 · end of year $5,027,362

• 5 · Loans and receivables from officers and key people

  beginning of year $328,503 · end of year $328,813

• 7 · Other notes and loans receivable

  beginning of year $47,947,238 · end of year $48,916,797

• 8 · Inventories for sale or use

  beginning of year $1,130,448 · end of year $1,233,537

• 9 · Prepaid expenses and deferred charges

  beginning of year $5,021,976 · end of year $5,736,129

• 10a · Land, buildings and equipment: cost or other basis

  $650,811,842

• 10b · Land, buildings and equipment: accumulated depreciation

  $312,386,321

• 10c · Land, buildings and equipment, net

  beginning of year $337,672,318 · end of year $338,425,521

• 11 · Investments: publicly traded securities

  beginning of year $201,010,147 · end of year $231,089,351

• 12 · Investments: other securities

  beginning of year $1,806,766,973 · end of year $1,757,449,367

• 13 · Investments: program-related

  beginning of year $9,407,934 · end of year $4,481,910

• 15 · Other assets

  beginning of year $21,786,764 · end of year $72,624,873

• 17 · Accounts payable and accrued expenses

  beginning of year $10,536,136 · end of year $15,338,104

• 19 · Deferred revenue

  beginning of year $1,406,815 · end of year $836,792

• 20 · Tax-exempt bond liabilities

  beginning of year $123,647,452 · end of year $169,924,640

• 24 · Unsecured notes and loans payable

  beginning of year $64,799,353 · end of year $64,574,134

• 25 · Other liabilities

  beginning of year $73,440,857 · end of year $73,098,012

• 27 · Net assets without donor restrictions

  beginning of year $417,686,528 · end of year $407,178,326

• 28 · Net assets with donor restrictions

  beginning of year $1,796,847,218 · end of year $1,804,663,251

The filer's explanations (Part III)

SCHEDULE J, PART I, LINE 1A:

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.

SCHEDULE J, PART I, LINE 4B:

THE UNIVERSITY PRESIDENT PARTICIPATES IN A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN SPONSORED BY THE UNIVERSITY. FOR THE CALENDAR YEAR 2022, $119,150 WAS CONTRIBUTED TO THIS PLAN AND IS INCLUDED ABOVE IN PART II, COLUMN B IN THE CALENDAR YEAR WHEN VESTING OCCURS.

SCHEDULE J, PART I, LINE 4A:

KRISTIE FORD RECEIVED A SEVERANCE PAYMENT OF $155,509.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• CHARITABLE REMAINDER TRUSTS (43)

  T · CRUT · VA · controlled entity

  Directly controlled by W&L UNIVERSITY

• CHARITABLE LEAD TRUSTS (2)

  T · CLAT · VA · controlled entity

  Directly controlled by W&L UNIVERSITY

• POOLED INCOME FUND

  T · CRAT · VA · controlled entity

  Directly controlled by W&L UNIVERSITY

• ANNUITIES (4)

  T · CRAT · VA · controlled entity

  Directly controlled by W&L UNIVERSITY