2024-05-10T11:07:51-07:00 2023-06-30 990 2022-07-01 540505922 UNIVERSITY OF LYNCHBURG UNIV 4345448428 1501 Lakeside Drive Lynchburg VA 24501 Christopher L Burnley VP for Business & Finance 4345448428 2024-05-10 Christopher L Burnley 999009999 1 1 11 1 AAL2 X 2022 2023-04-26 12:10:37Z CHRISTOPHER L BURNLEY 1501 LAKESIDE DRIVE LYNCHBURG VA 24501 140719761 0 X www.lynchburg.edu X 1903 VA The University of Lynchburg, established in 1903, is a comprehensive private university in the foothills of Virginia's Blue Ridge Mountains. With over 100 undergraduate majors, minors, and certificate programs, 15 master's programs, and three doctoral programs, Lynchburg offers a personalized, life-changing educational experience. It is regularly recognized by U.S. News & World Report and The Princeton Review and stands out as one of 44 "Colleges that Change Lives." The mission of University of Lynchburg is to inspire independent thinkers who become trustworthy, effective leaders that shape caring communities. 29 29 1638 0 126262 309468 7276147 6739685 93755300 85150256 14880784 1669313 487243 243985 116399474 93803239 26369872 27252711 0 0 48163029 48739868 79200 143272 2065967 33180849 28541775 107792950 104677626 8606524 -10874387 271334751 261164007 70075365 67795219 201259386 193368788 The mission of the University is to inspire independent thinkers who become trustworthy, effective leaders that shape caring communities. The vision of the University of Lynchburg is to cultivate a world that is innovative, authentic, and inclusive. The daily goal of the University of Lynchburg is to create an undeniably life-changing experience for students from their first encounter with the University until the moment they become proud Lynchburg alumni. The values of the University of Lynchburg include Academic Rigor, Belonging, Connection, Curiosity, Excellence and Service. 0 0 53824542 27252711 85148803 Includes student instruction and scholarships. For the Fall 2022, there were 1,589 undergraduates, 805 graduates for a total enrollment of 2,394 students. 7431495 0 0 Includes auxiliary enterprises (such as dining services, student housing, campus store, and other snack bar areas). 13386947 0 0 Includes other institutional services (such as information technology, interest expense, and other allocated expenses) that support student instruction. 12172938 0 0 Includes student services and academic support, including but not limited to, enrollment services, registrar, health and counseling services, student activities, sports, recreation, the University's library, art gallery, academic advising, career services, and other support services. 12172938 0 0 86815922 1 1 0 1 0 0 1 1 0 1 1 1 0 0 1 0 1 0 1 0 1 0 1 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 1 0 0 0 1 3497 0 0 1638 1 1 1 0 0 0 1 1 0 0 0 X 29 29 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 VA X Christopher L Burnley 4345448100 1501 Lakeside Drive Lynchburg VA 24501 Alison Morrison-Shetlar President of the University 80 0 X 418072 0 81450 Jeremy Welsh Vice President of Strategy & Professor of PA Medicine 50 0 X 212981 0 25675 Allison Jablonski Provost and Vice President of Academic Affairs 50 0 X 188283 0 41673 Christopher L Burnley VP for Business and Finance and Treasurer 60 0 X 166683 0 55980 Michael Bonnette Vice President for Advancement 50 0 X 180194 0 41392 A Russell Smith Director/Professor Physical Therapy 50 0 X 155917 0 47317 Michael Jones VP for Enrollment, Marketing, and Communications - 4 months 50 0 X 156196 0 38020 Eric Baldwin VP and Dean for Student Development 45 0 X 154325 0 37516 Nancy Hubbard Professor/Dean, College of Business 50 0 X 143881 0 46892 David Murphy Adjunct Professor - College of Business 50 0 X 142175 0 37105 Christine C Cole Vice President for University Data Analytics & Effectiveness 50 0 X 149755 0 24200 Aaron Basko Vice President for Enrollment, Marketing & Communications 50 0 X 118604 0 53479 Michael Allen Trustee 2.0 0 X 0 0 0 Charles W Berry Trustee 2.0 0 X 0 0 0 Hannah Besanceney Trustee 2.0 0 X 0 0 0 Melanie Biermann Trustee 2.0 0 X 0 0 0 Christopher L Boyd Trustee 2.0 0 X 0 0 0 David C Boyle Trustee 2.0 0 X 0 0 0 Stephen L Crank Trustee 2.0 0 X 0 0 0 Julie P Doyle Trustee 2.0 0 X 0 0 0 Darlene D Edwards Trustee 2.0 0 X 0 0 0 Pauline B Flint Trustee 2.0 0 X 0 0 0 Joan Foster Trustee 2.0 0 X 0 0 0 Bryant A Haskins Trustee/Secretary 5.0 0 X 0 0 0 Jamar Hawkins Trustee 2.0 0 X 0 0 0 Robert Lemon Jr Trustee/Chair 5.0 0 X 0 0 0 Nathaniel X Marshall Trustee 2.0 0 X 0 0 0 Margaret A Miller Trustee 2.0 0 X 0 0 0 David Rosser Trustee 2.0 0 X 0 0 0 Verna R Sellers Trustee 2.0 0 X 0 0 0 Gillian Stoettner Trustee 2.0 0 X 0 0 0 Andrew J Tatom III Trustee/First Vice Chair 5.0 0 X 0 0 0 Francesca Vasquez Trustee 2.0 0 X 0 0 0 Lee C Verrone Trustee 2.0 0 X 0 0 0 2187066 0 530699 46 0 1 0 Commonfund 15 Old Danbury Road Wilton CT 06897 Investment Management 149153 Spider Investments The Richmond Fund 6802 Paragon Place Richmond VA 23230 Investment Management 459699 Ellucian Company LP 62578 Collections Center Drive Chicago IL 60693 ERP System Contracting Service 397430 McGuire Woods LLP 800 E Canal St Richmond VA 23219 Legal Services 373634 Belinda Diane Burks DBA TCB Painting 1040 Moseley Drive Lynchburg VA 24502 Painting Services 117543 7 0 0 0 57389 1394594 5287702 432981 6739685 Tuition and Fees 611310 70167787 70167787 0 0 Auxiliary Services 900099 13993139 13993139 0 0 Miscellaneous Income 900099 863068 863068 0 0 Auxiliary - External Catering 900099 126262 0 126262 0 0 0 0 0 85150256 1074046 1074046 0 0 0 0 0 0 23097 23097 0 0 0 0 0 0 0 0 0 0 0 0 47504689 0 46834838 74584 669851 -74584 595267 595267 0 0 20760 0 7100 13660 0 13660 0 0 0 0 0 0 0 0 0 0 0 0 Change in Interest Rate Swap Agreement 900002 207228 207228 0 0 0 0 0 0 207228 93803239 86923632 126262 13660 0 0 26646221 26646221 606490 606490 0 0 1731868 589725 975763 166380 0 0 0 0 36446441 30945591 4688388 812462 2685258 1074103 1423187 187968 5236886 2094754 2775550 366582 2639415 1055766 1398890 184759 0 0 0 0 96365 0 96365 0 83788 0 83788 0 0 0 0 0 143272 143272 704782 0 704782 0 2456473 1465399 990707 367 277759 149225 123755 4779 3286318 2843519 429657 13142 814023 105209 632139 76675 0 0 0 0 4316280 3855575 460705 0 1785254 1602624 121698 60932 0 0 0 0 0 0 0 0 2505970 2388105 117865 0 0 0 0 0 5890703 5570429 320274 0 881404 821736 59668 0 Food Purchase 2100624 2100624 0 0 Bookstore Purchase 286972 286972 0 0 CARES Act Financial Aid to Students 332929 332929 0 0 2722131 2280926 392556 48649 104677626 86815922 15795737 2065967 20050 19250 12379554 14050536 3389617 3057042 9061507 4341025 0 0 0 0 296103 225862 607789 630893 964241 1884884 182191690 83089455 100867933 99102235 108279386 105086828 34919382 32359344 0 0 0 0 549189 406108 271334751 261164007 4930116 4783968 0 0 6065568 6511609 57051564 55730062 0 0 0 0 1345763 406908 0 0 682354 362672 70075365 67795219 X 71788855 63827234 129470531 129541554 201259386 193368788 271334751 261164007 X -10874387 2985185 0 0 0 -1396 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 0 0 1 3282 3282 0 Schedule C, Part II-B, Line 1 THE UNIVERSITY IS A MEMBER OF THE COUNCIL OF INDEPENT COLLEGES IN VIRGINIA (CICV) WHICH SUPPORTS VIRGINA PRIVATE COLLEGES AND UNIVERSITIES BY ADVOCATING PUBLIC POLICY POSITIONS AND MONITORING LEGISLATION IMPACTING THE HIGHER EDUCATION COMMUNITY. CICV PROVIDES A VOICE FOR VIRGINIA'S INDEPENDENT HIGHER EDUCATION COMMUNICTY AND ADVOCATES ON BEHALF OF SCHOOLS, STUDENTS, AND THEIR FAMILIES AT THE VIRGINIA ASSEMBLY, IN CONGRESS BEFORE BOARS, AGENCIES, AND COMMISSIONS. CICV ESTIMATES THAT 9.5% OF THE FY 22-23 DUES ($31,144.11) WAS USED FOR LOBBYING. THE UNIVESITY'S PRESIDENT IS A MEMBER OF NAICU (NATIONAL ASSOCIATION OF INDEPENDENT COLLEGES AND UNIVERSITIES). CICV (SEE ABOVE), VFIC (VIRGINIA FOUNDATION FOR INDEPENDENT COLLEGES). WHEN THESE ORGANIZATIONS HOLD MEETINGS, THERE ARE OFTEN LOCAL AND STATE LEGISLATORS IN ATTENDANCE. THE PRESIDENT WILL FROM TIME TO TIME ENGAGE IN DISCUSSIONS WITH THESE LEGISLATORS AS NORMAL COURSE OF ATTENDING THESE MEETINGS. X 1 491 0 0 0 1 1 0 0 1 432981 432981 0 0 X X X X 0 142176447 1903501 3841159 3055351 9030993 0 135834763 146838070 3485270 -2767321 2765073 2614499 0 142176447 109345579 2123242 40072319 2610118 2092952 0 146838070 112958188 472594 -69134 2477729 1538340 0 109345579 109661075 1140361 6891795 2372550 2362493 0 112958188 0.1545 0.45 0.3955 1 0 0 4445204 4445204 0 151304344 68263945 83040399 0 10293643 6074060 4219583 0 13832275 8129108 5703167 0 2316224 622342 1693882 99102235 Hedge Funds 5944754 F Private Capital 17955073 F Distressed Debt 41395 F Real Estate 5351983 F Natural Resources 3066139 F 32359344 Operating Lease, Right of Use Asset 406108 406108 0 US Government Grants Refundable 149461 Interest Rate Swap 213211 362672 68436979 2985185 0 0 -27254107 -24268922 92705901 704782 392556 1097338 93803239 76327577 0 0 0 -392556 -392556 76720133 704782 27252711 27957493 104677626 Schedule D, Part II, Line 5 The Virginia Outdoors Foundation has the responsibility to enter the property from time to time (usually on an annual basis) for purposes of inspection and enforcement of the terms of the easement after permission from and reasonable notice has been given to the University. The Foundation has the right to bring an action at law or in equity to enforce the restrictions as outlined in the easement. The right specifically includes the right to require restoration of the property to a condition thereafter changed in a manner consistent with the restrictions. A report is received from the Virginia Outdoors Foundation detailing their visit and any issues that might arise. The University has a full-time Director of the Clyator Nature Center who is responsible for working with the Virginia Outdoors Foundation. Schedule D, Part II, Line 9 The Virginia Outdoors Foundation easement was included with a gift of a 470 acre farm received in 1998. In December of 2016, an additional 21 adjacent acres were donated to be added to the easement. Both gifts were substantiated by a real estate appraisal report and recorded as an asset of the University on the Statement of Financial Position and as gift revenue on the Statement of Activities when received. Schedule D, Part III, Line 4 The University's permanent art collection includes paintings, drawings, prints, and sculptures by Pierre Daura, works by Virginia folk artist Queen Dillard Stovall, works by Lynchburg artist Georgia Morgan, African art, photographs by Andy Warhol, works from the Rafael Alfonso Umana collection, and numerous other works by American and European artists. The mission of the Daura Gallery is to serve the University and the community by providing opportunities for learning, enjoyment, and personal growth by strengthening the creative and curricular life of the University and by encouraging interdisciplinary affiliation of the visual arts with diverse academic disciplines. On June 30, 2016, the University acquired Historic Sandusky. The mission of Historic Sandusky is to preserve and interpret the Sandusky site as a public museum in Lynchburg, Virginia, and to collect, preserve, and disseminate information about the history of Sandusky, its inhabitants, and the role of Lynchburg in the Civil War. The acquisition included a collection of Lynchburg and Civil War artifacts including, but not limited to, original letters, photographs, portraits, firearms, furniture, musical instruments, books and other historic items and documents. These items are preserved and intended to provide opportunities to enrich the learning experience for University of Lynchburg students and the broader community. Schedule D, Part V, Line 4 The University's endowment includes 1) funds that offer a comprehensive financial aid program for students demonstrating financial need, academic merit, and special leadership traits, 2) funds that support Distinguished Chairs, Professorships, and special lectureships, 3) funds that offer numerous special programs to benefit students, faculty, staff and the broader community which are diverse in focus and create unique learning opportunities, and 4) funds that offer financial support to the University's annual operating budget. Schedule D, Part XI, Line 2d Includes Financial Aid ($27,252,711) and change in value of Split Interest Agreements ($1,396) Schedule D, Part XI, Line 4b Includes Other Institutional Support ($382,271) and Software Implementation write-off ($10,285) Schedule D, Part XII, Line 2d Includes Other Institutional Support ($382,271) and Software implementation write-off ($10,285) Schedule D, Part XII, Line 4b Financial Aid to students $27,252,711 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 The University of Lynchburg has published it's notice of non-discriminatory policy of staff and students on the University's website and in its catalog. This statement reads: The University of Lynchburg does not discriminate on the basis of race, color, national origin, sex, pregnancy (including childbirth or related medical conditions including lactation), marital status, veteran status, disability, age (40 and older), sexual orientation, gender identity, or religion in its programs and activities, including admission to and employment at the University. Schedule E, Part I, Line 6 University of Lynchburg was the recipient of various grants and contracts from the Federal Government and the State of Virginia supporting student financial aid and other University programs in the 2022-2023 fiscal year. These awards were received from the US Department of Education, the US Department of Justice, the National Science Foundation, the Virginia Department of Education, and the Virginia Department of Health. 1 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Mission Trip 67352 Sub-Saharan Africa 0 0 Program Services Study Abroad - Uganda 32900 South Asia 0 0 Program Services Study Abroad - India 24735 Europe (including Iceland and Greenland) 0 0 Program Services Study Abroad - Italy 104429 Europe (including Iceland and Greenland) 0 0 Program Services Study Abroad - Germany 64260 Europe (including Iceland and Greenland) 0 0 Program Services Study Abroad - Europe 85570 Central America and the Caribbean 0 0 Program Services Study Abroad - Bahama 6634 Central America and the Caribbean 0 0 Program Services Tom Shahady Grant 17038 0 0 402918 Unfunded Institutional Aid Sub-Saharan Africa 8 171740 Applied to Billed Tuition and Fees 0 Unfunded Institutional Aid Central America and the Caribbean 1 27000 Applied to Billed Tuition and Fees 0 Unfunded Institutional Aid North America (including Canada and Mexico, but not the United States) 1 20000 Applied to Billed Tuition and Fees 0 Unfunded Institutional Aid South America 1 13500 Applied to Billed Tuition and Fees 0 Unfunded Institutional Aid East Asia and the Pacific 2 44250 Applied to Billed Tuition and Fees 0 Unfunded Institutional Aid South Asia 2 30000 Applied to Billed Tuition and Fees 0 Unfunded Institutional Aid Russia and the newly independent States 1 27000 Applied to Billed Tuition and Fees 0 Unfunded Institutional Aid Europe (including Iceland and Greenland) 3 273000 Applied to Billed Tuition and Fees 0 0 0 0 0 0 0 Schedule F, Part I, Line 2 THE UNIVERSITY OF LYNCHBURG DOES NOT PROVIDE GRANTS AND OTHER ASSISTANCE TO ORGANIZATIONS OUTSIDE OF THE UNITED STATES. FINANCIAL AID IS AWARDED TO STUDENTS WHO ATTEND THE UNIVERSITY AND WHOSE CITIZENSHIP IS OUTSIDE OF THE UNITED STATES. THE AID IS BASED UPON NEED AND MERIT AND IS APPLIED TO EACH STUDENT'S BILLED TUITION AND FEES ACCOUNT. THE UNIVERSITY USES THE COLEEGE BOARD'S POWERFAIDS SOFTWARE TO MANAGE ITS FINANCIAL AID DATABASE AND AWARDING PROCEDURES. X X X X X X 1 EAB Global Inc PO Box 603519 Charlotte NC 28260 Consultant for the University of Lynchburg Office of Advancement 0 0 49072 -49072 McAllister & Quinn 1030 15th St NW Ste 590 W Washington DC 20005 Consultant for the University of Lynchburg Office of Advancement 0 0 94200 -94200 0 143272 -143272 All States Seamster Golf Tournament 20760 7100 13660 0 0 0 0 0 0 0 0 20760 7100 13660 0 0 0 0 0 0 0 13660 1 Non-funded Financial Aid 1838 23885027 0 Funded Financial Aid 207 2761194 0 Schedule I, Part I, Line 2 Within the limits of available resources, the University makes every effort to make financial aid opportunities available to needy and academically eligible students. Students must be enrolled in full-time undergraduate or graduate degree programs to be considered for University academic scholarships, grants, and/or need-based financial aid. With the exception of some academic scholarships and graduate aid, students who wish to apply for grants, loans, or work-study must submit the Free Application for Federal Student Aid (FAFSA). Awards are considered on the basis of financial need and/or a student's academic profile. Awards are packaged using a combination of grants and scholarships, loans, and software to manage our financial aid databases and awarding procedures. X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 Alison Morrison-Shetlar President of the University 418072 0 0 0 54054 0 27000 0 396 0 499522 0 0 0 Allison Jablonski Provost and Vice President of Academic Affairs 188283 0 0 0 54054 0 11400 0 258 0 253995 0 0 0 Eric Baldwin VP and Dean for Student Development 154325 0 0 0 27358 0 9900 0 258 0 191841 0 0 0 Aaron Basko Vice President for Enrollment, Marketing & Communications 118604 0 0 0 45589 0 7800 0 90 0 172083 0 0 0 Michael Jones VP for Enrollment, Marketing, and Communications - 4 months 156196 0 0 0 27358 0 9900 0 762 0 194216 0 0 0 Michael Bonnette Vice President for Advancement 180194 0 0 0 33770 0 7531 0 90 0 221585 0 0 0 Christopher L Burnley VP for Business and Finance and Treasurer 166683 0 0 0 29442 0 26400 0 138 0 222663 0 0 0 Jeremy Welsh Vice President of Strategy & Professor of PA Medicine 212981 0 0 0 12616 0 12999 0 60 0 238656 0 0 0 A Russell Smith Director/Professor Physical Therapy 155917 0 0 0 20059 0 27000 0 258 0 203234 0 0 0 David Murphy Adjunct Professor - College of Business 142175 0 0 0 27650 0 8219 0 1236 0 179280 0 0 0 Christine C Cole Vice President for University Data Analytics & Effectiveness 149755 0 0 0 15062 0 9000 0 138 0 173955 0 0 0 Nancy Hubbard Professor/Dean, College of Business 143881 0 0 0 20604 0 26030 0 258 0 190773 0 0 0 Schedule J, Part I, Line 1a As outlined in the President's contract with the University of Lynchburg, the President is required to live in a house provided by the University. The house is physically located on the University's campus. Schedule J, Part I, Line 3 The Compensation Committee of the Board of Trustees approves the President's written employment contract on an annual basis. The written employment contract is approved by the full Board of Trustees and documented in the minutes. As deemed necessary by the Compensation Committee, and Independent consultant may be used for input regarding the President's salary level as compared to other positions. A Virginia College Building Authority 541249154 2010-12-21 8837932 Provides funds to refund a prior issue dtd 1/22/04 and other debt obligations 0 0 0 B Economic Development Authority of the City of Lynchburg Virginia 541225193 55123RAR7 2013-06-27 24308295 Refund two prior outstanding issues and Student Center expansion 1 0 0 C Economic Development Authority of the City of Roanoke Virginia 541106038 770080AV1 2018-05-09 37298455 Construction of New Residence Hall and refunding prior debt dated 10/17/18 and 12/20/17 0 0 0 A 5390077 0 8837932 0 0 0 100088 0 0 0 8737844 0 2010 1 0 1 1 B 8236765 0 24308295 0 12581 0 397452 0 0 9986853 13911409 0 2014 1 0 1 1 C 456869 0 37298455 0 614062 0 472732 0 0 4156938 32054723 0 2019 1 0 1 1 A 0 0 0 0 0 0 0 1 0 1 B 0 0 0 0 0 0 0 1 0 1 C 0 0 0 0 0 0 0 1 0 1 A 0 0 0 1 1 1 Truist Bank 24 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 C 0 0 0 1 0 0 0 0 1 Schedule K, Part IV, Line 2c-12/21/2010 8,837,932 Virginia College Building Authority There is no rebate due. Schedule K, Part IV, Line 2c-06/27/2013 24,308,295 Economic Development Authority of the City of Lyn There is no rebate due. Schedule K, Part IV, Line 2c-05/09/2018 37,298,455 Economic Development Authority of There is no rebate due. Centra Health Inc A Trustee of the University is also a board member for Centra Health Inc 137112 Partnership opportunities and clinical experience for Nursing, PA Medicine and DMSc students 0 All Points EAP Marketing Coordinator for All Points EAP is a family member of a Trustee of the University 18151 Business provides counseling services for employees of the University 0 X 14 256939 Avg Hi/Low on Gift Date X Entertainment 1 551 Cash Receipts X Furnishing 1 9856 Appraisal and Opinion of Experts X Horses 6 595000 Appraisal and Opinion of Experts 6 0 1 0 Form 990, Part VI, Section B, Line 11b The Tax Form 990 is internally prepared by the Senior Accountant for Endowment and Investments, and reviewed by the Controller and Vice President for Business and Finance. The Form 990 is then sent to be reviewed by the following Trustees: Chair of the Board, Chair of the Institutional Excellence Committee, and all members of the Audit Committee. These Trustees review the document and notify the Business Office of their approval within three business days. The completed Tax Form 990 is then emailed to all Trustees. The Business Office executes and submits the Form 990 to the IRS electronically. Schedule B, Schedule of Contributors, is not included in the information sent to the Trustees to maintain confidentiality for the University's donors. Form 990, Part VI, Section B, Line 12c As outlined in the University's By-laws, the Board prohibits conflicts of interest by its Trustees and University Officers in particular matters under consideration by the Board, in accordance with the Conflict-of-Interest policy for Trustees and University Officers. Each Trustee and University Officer is asked to 1) review the Conflict-of-Interest policy annually; 2) disclose any possible personal, familial, or business relationships that could reasonably give rise to conflict involving the University; 3) acknowledge by his or her signature that he or she is in compliance with the letter and spirit of the policy. If a conflict is suspected or confirmed, the matter shall be discussed with the committee chair, the Board Chair, and the Trustee in question, to determine if any specific vote by the Trustee should be recanted and if said Trustee should be involved in any future discussion on the topic. Should the matter not be resolved by the committee chair, the Board Chair, and the Trustee in question, ultimate enforcement of any conflict will be determined by the Executive Committee as may be appropriate. The completed Conflict-of-Interest forms are monitored and maintained in the President's Office. Form 990, Part VI, Section B, Line 15 The compensation for all faculty and staff (except for the University President) is set on an annual basis in keeping with the University's salary plan that was adopted after a year-long study in 2005-2006. The President's salary is set by the University's Compensation Committee. The committee is led by the Board chair and includes several other Board members who have been appointed to the committee by the Board Chair. The purpose of the committee is to review the President's job performance and determine the appropriate salary to recommend to the full Board of Trustees. The Trustees meet in Executive Session during the annual May meeting to receive the report of the Compensation Committee and act on their recommendation. The actions of the Board while in Executive Session are documented in the minutes of the meeting. In October of 2010, the University obtained the service of an independent consultant to analyze the President's compensation from approximately ten to fifteen comparator colleges/universities. In fiscal year 2015-2016, a new study was performed by an independent consultant to review the compensation of senior management and the President and to recommend to the Compensation Committee where any adjustments were necessary. In recent years, the compensation for new VP salaries has often been recommended by the search firm or committee. Other VP salaries may be adjusted accordingly. Form 990, Part VI, Section C, Line 19 Governing documents, Conflict of interest policies, and financial statements are made available to the public upon written request to the President of the University or Vice President for Business and Finance. Form 990, Part XI, Line 9 Change in value of split-interest agreements Historic Sandusky Foundation Inc 757 Sandusky Drive Lynchburg VA 24502 542014523 Preserve and maintain historical property VA 501(c)(3) 9 University of Lynchburg in Virginia 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 Schedule R, Part I The University of Lynchburg holds 100% of the assets of Historic Sandusky. All revenues and expenses, assets and liabilities are recorded in the University's audited Financial Statements and Form 990. Form 8868 was submitted to request an Automatic Extension. The extension was approved (IRS Notice CP211A) and received December 4, 2023.