2025-05-15T14:21:27-07:00 2024-06-30 990 2023-07-01 540505941 RANDOLPH COLLEGE INC RAND 4349478000 2500 RIVERMONT AVENUE LYNCHBURG VA 24503 JONATHAN P TYREE TREASURER/VP FOR FINANCE AND ADMIN 4349478135 2025-05-15 1 2023 2025-03-06 01:10:19Z RANDOLPH COLLEGE RANDOLPH COLLEGE INC 2500 RIVERMONT AVENUE LYNCHBURG VA 24503 43939547 0 X WWW.RANDOLPHCOLLEGE.EDU X 1891 VA Instruction (Liberal Arts Higher Education) 27 27 681 35 0 404342 5093494 8674811 19285774 22458838 1969151 12762785 10310 36188 26358729 43932622 6769772 8724905 0 0 18739428 20258841 0 0 1083948 15025653 15849805 40534853 44833551 -14176124 -900929 280008378 284439609 20318769 23159437 259689609 261280172 X SEE DETAILED DESCRIPTION OF ORGANIZATION'S PRIMARY MISSION PROVIDED ON SCHEDULE O 0 0 35500150 8724905 22458838 INSTRUCTION: 612 FULL-TIME UNDERGRADUATE AND GRADUATE STUDENTS AND 22 PART-TIME STUDENTS (BASED ON FALL 2023 ENROLLMENT) 0 0 0 35500150 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 1 1 0 1 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 0 0 0 1 106 0 1 681 1 1 1 0 0 0 0 0 0 0 X 27 27 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 VA X JONATHAN P TYREE 4349478135 2500 Rivermont Avenue Lynchburg VA 24503 SUE OTT ROWLANDS COLLEGE PRESIDENT 40 X 403364 0 50684 JOHN F KEENER VP FOR INSTITUTIONAL EFFECTIVENESS AND REGISTRAR 40 X 183473 0 48676 JONATHAN P TYREE TREASURER/VP FOR FINANCE AND ADMINISTRATION 40 X 180583 0 41763 NICKCOLE MAYNARD-ERRAMI FORMER DIRECTOR OF HUMAN RESOURCES 40 X 159481 0 32132 FARAH M MARKS VP FOR INSTITUTIONAL ADVANCEMENT 40 X 147634 0 38785 ELIZABETH A PERRY-SIZEMORE PRESIDENTIAL FELLOW 40 X 153000 0 22146 A KATRIN SCHENK ASSOCIATE PROFESSOR OF PHYSICS 40 X 128790 0 29328 STEVEN E WILLIS SECRETARY/SPECIAL ASSISTANT TO THE PRESIDENT 40 X 101456 0 21598 KATHLEEN S GRAVES TRUSTEE CHAIR 2 X 0 0 0 EUGENIA LIVINGS WELBURN TRUSTEE VICE-CHAIR 2 X 0 0 0 MARGARET K BECKSTOFFER TRUSTEE 2 X 0 0 0 KATHY E BROWN TRUSTEE 2 X 0 0 0 MARLON A BROWN TRUSTEE 2 X 0 0 0 ALISON E BUCKLEY TRUSTEE 2 X 0 0 0 KAREN E CAMPBELL TRUSTEE 2 X 0 0 0 CARL C COFFEY TRUSTEE 2 X 0 0 0 ELIZABETH H CRIGHTON TRUSTEE 2 X 0 0 0 KATHERINE A DOYLE TRUSTEE 2 X 0 0 0 JOY A INKPEN TRUSTEE 2 X 0 0 0 LORENA J KERN TRUSTEE 2 X 0 0 0 SHERI C LAMBERT TRUSTEE 2 X 0 0 0 MARGARET D MOORE TRUSTEE 2 X 0 0 0 LESLEY C MORGAN TRUSTEE 2 X 0 0 0 CAROLINE R NOYES TRUSTEE 2 X 0 0 0 KATIE A PAGE TRUSTEE 2 X 0 0 0 SUSAN N PRICE TRUSTEE 2 X 0 0 0 MARC A SCHEWEL TRUSTEE 2 X 0 0 0 GILBERT E JR SCHILL TRUSTEE 2 X 0 0 0 GLEE C SMITH TRUSTEE 2 X 0 0 0 HOLLIS R SPILLER TRUSTEE 2 X 0 0 0 CHARLES B WHITE TRUSTEE 2 X 0 0 0 HENRY G JR WHITE TRUSTEE 2 X 0 0 0 ALEXANDRA H YAKUBOV TRUSTEE 2 X 0 0 0 KAREN E ZARUBA TRUSTEE 2 X 0 0 0 EDNA A REHBEIN TRUSTEE 2 X 0 0 0 1457781 0 285112 18 0 1 0 ARAMARK 2500 RIVERMONT AVE LYNCHBURG VA 24503 DINING AND CATERING SERVICES 2310757 VMDO ARCHITECTS PC 200 EAST MARKET STREET CHARLOTTESVILLE VA 22902 CONSTRUCTION 1326451 THE RICHMOND FUND LP 6802 PARAGON PLACE SUITE 205 RICHMOND VA 23230 INVESTMENT MANAGEMENT 1139048 SPARK451 INC 865 MERRICK AVENUE WESTBURY NY 11590 ENROLMENT MANAGEMENT SERVICES 401899 DELL MARKETING ONE DELL WAY ROUND ROCK TX 78682 TECHNOLOGICAL EQUIPMENT 253089 10 X 0 0 0 0 392679 8282132 470074 8674811 TUITION AND FEES 611310 16865702 16865702 0 0 AUXILIARY SERVICES 611710 4945384 4945384 0 0 OTHER 611710 647752 647752 0 0 0 0 0 0 22458838 3868774 0 0 3868774 0 0 0 0 0 0 0 0 0 0 8894011 0 0 0 8894011 0 8894011 0 0 8894011 43113 0 6925 36188 0 36188 0 43932622 22458838 0 12798973 0 0 8706427 8706427 18478 18478 0 0 821785 0 821785 0 0 0 0 0 15301070 11922996 2704032 674042 4135986 3058599 901342 176045 1439774 1439774 578446 578446 0 0 0 0 0 0 2721563 2503838 217725 0 0 0 0 0 SUPPLIES, SERVICES, GENERAL 7752425 5479793 2038771 233861 FOOD SERVICES 1876300 1876300 0 0 UTILITIES 1481297 1355273 126024 0 44833551 35500150 8249453 1083948 3075871 4339317 24056443 22930472 2462921 1534325 2483763 1156542 0 0 963105 855270 0 0 128706724 66756995 58224296 61949729 0 188280719 191089793 0 0 461260 584161 280008378 284439609 1239996 4568951 0 0 12548590 12147188 445818 301117 6084365 6142181 20318769 23159437 X 103640453 101685407 156049156 159594765 259689609 261280172 280008378 284439609 X -900929 2722079 0 0 0 -230587 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 1067 1067 0 Schedule C, Part II-B, Line 1 THE COLLEGE IS A MEMBER OF THE COUNCIL OF_INDEPENDENT COLLEGES IN VIRGINIA (CICV) WHICH SUPPORTS VIRGINIA PRIVATE COLLEGES BY ADVOCATING PUBLIC POLICY POSITIONS AND MONITORING LEGISLATION IMPACTING THE INDEPENDENT HIGHER EDUCATION COMMUNITY AND ADVOCATES ON BEHALF OF THE SCHOOLS, STUDENTS AND THEIR FAMILIES AT THE VIRGINIA ASSEMBLY, IN CONGRESS, AND BEFORE AGENCIES, BOARDS, AND COMMISSIONS. CICV ESTIMATES THAT 10.95% DUES ($9,740.10) WAS USED FOR LOBBYING. 0 3565936 0 0 X X X X X INSTRUCTION 0 181621440 2202178 13568387 4401336 7665527 1416427 183908715 185141963 1788918 7186301 4055753 7198945 1241044 181621440 197020332 4751475 -5448705 3543075 6397906 1240158 185141963 142528873 1249645 63429764 2821510 6244776 1121664 197020332 152994774 788599 -699517 3201720 6138714 1214549 142528873 0.2656 0.5131 0.2213 1 0 0 479140 479140 0 86783605 39972813 46810792 0 1014218 345817 668401 0 26018185 22989491 3028694 0 14411576 3448874 10962702 61949729 0 0 LIMITED PARTNERSHIP 182321627 F EQUITIES 2050273 F BONDS 1692972 F CASH & CASH EQUIVALENT 1698948 F REAL ESTATE 47563 F FUNDS HELD IN TRUST BY OTHERS 3230971 F ALTERNATIVE INVESTMENTS 47439 F 191089793 0 ACCRUED INTEREST PAYABLE 188710 STUDENT DEPOSITS AND OTHER DEFERRED REVENUES 2075903 POST-RETIREMENT HEALTHCARE BENEFITS OBLIGATION 320096 US GOVERNMENT GRANTS REFUNDABLE 220337 TRUST AND ANNUITY OBLIGATIONS 1076670 ASSET RETIREMENT OBLIGATIONS ASBESTOS 2260465 6142181 X 36259435 2722079 0 0 -230587 2491492 33767943 1439774 8724905 10164679 43932622 34668872 0 0 0 0 0 34668872 1439774 8724905 10164679 44833551 Schedule D, Part III, Line 4 THE COLLEGE HAS AN IMPORTANT AMERICAN ART COLLECTION WHICH HAS BEEN ASSEMBLED OVER A PERIOD OF MORE THAN 100 YEARS, THROUGH DIRECT ACQUISITIONS BY THE COLLEGE AS WELL AS DONATIONS. THE PURPOSE OF THE COLLECTION, FROM ITS INCEPTION, HAS BEEN TO ACQUIRE ORIGINAL ART, GENERALLY CONTEMPORARY ART, OF THE HIGHEST QUALITY WHICH IS USED IN SUPPORT OF THE COLLEGE'S EDUCATIONAL MISSION. THIS INCLUDES STUDY AND ANALYSIS OF ARTISTIC TECHNIQUES, IMAGERY, AND SUBJECT MATTER, AS WELL AS INSTRUCTION IN HISTORICAL, SCIENTIFIC (BOTH PHYSICAL SCIENCES AND SOCIAL SCIENCES), MUSEUM STUDIES, AND OTHER ACADEMIC DISCIPLINES. ORIGINALLY DISPLAYED THROUGHOUT THE CAMPUS, MOST OF THE COLLECTION IS NOW HELD UNDER CURATORIAL CARE AND SUPERVISION IN A SEPARATE BUILDING THAT IS USED AS AN ART GALLERY, EXHIBITION SPACE, AND LOCATION MUSEUM AND OTHER EDUCATIONAL STUDIES. Schedule D, Part V, Line 4 THE COLLEGE HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO PROGRAMS SUPPORTED BY ITS ENDOWMENT WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. ENDOWMENT ASSETS INCLUDE THOSE OF DONOR-RESTRICTED FUNDS AND BOARD-DESIGNATED FUNDS. THE FUNDS ARE USED ACCORDING TO DONOR INTENT AND BOARD DESIGNATION TO PROVIDE SUPPORT FOR SCHOLARSHIPS, SALARIES, INSTRUCTION AND RESEARCH, LIBRARY RESOURCES, PRIZES, PHYSICAL PLANT, AND LECTURESHIPS. Schedule D, Part X, Line 2 THE INTERNAL REVENUE SERVICE HAS RULED THAT THE COLLEGE QUALIFIES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, AND , THEREFORE, IS NOT GENERALLY SUBJECT TO INCOME TAXES UNDER PRESENT TAX LAWS. MANAGEMENT BELIEVES THAT ANY INCOME TAX LIABILITY RESULTING FROM UNRELATED BUSINESS INCOME FOR THE YEARS ENDED JUNE 30, 2024 WOULD NOT HAVE A SIGNIFICANT IMPACT ON THE COLLEGE'S FINANCIAL STATEMENTS. Schedule D, Part XI, Line 2d CHANGE IN ASSET RETIREMENT OBLIGATION -48,360, FUNDRAISING DIRECT EXPENSES 6,925, LOSS ON DISPOSAL OF LAND, BUILDINGS, AND EQUIPMENT -189,152, TOTAL -230,587 Schedule D, Part XI, Line 4b STUDENT SCHOLARSHIPS/FINANCIAL AID 8,724,905 Schedule D, Part XII, Line 4b STUDENT SCHOLARSHIPS/FINANCIAL AID 8,724,905 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 COLLEGE PUBLISHES ITS NONDISCRIMINATORY POLICY IN ALL ADMISSION MATERIALS TO PROSPECTIVE STUDENTS AND THE POLICY IS ALSO POSTED ON OUR COLLEGE WEBSITE. Schedule E, Part I, Line 6 THE COLLEGE RECEIVES GOVERNMENT ASSISTANCE FOR FINANCIAL AID AND OTHER PURPOSES, INCLUDES FEDERAL WORK STUDY (FWS), FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS (FSEOG), AND OTHER FEDERAL GRANTS. 1 Europe (including Iceland and Greenland) 0 0 Program Services FINANCIAL AID 18478 0 0 18478 FINANCIAL AID Europe (including Iceland and Greenland) 2 18478 FINANCIAL AID 0 0 0 0 0 0 0 Schedule F, Part I, Line 2 RANDOLPH COLLEGE DOES NOT PROVIDE GRANTS AND OTHER ASSISTANCE TO ORGANIZATIONS OR ENTITIES OUTSIDE OF THE UNITED STATES. FINANCIAL AID IS AWARDED TO STUDENTS WHO ATTEND THE COLLEGE. THE AID IS BASED UPON NEED AND/OR MERIT AND THEN THE AID IS APPLIED TO EACH STUDENT'S BILLED TUITION AND FEES ACCOUNT. THE COLLEGE USES POWERFAIDS SOFTWARE TO MANAGE ITS FINANCIAL AID DATABASE AND AWARDING PROCEDURES. FUNDRAISING FOR ATHLETICS 43113 0 43113 0 0 0 0 0 6925 0 0 43113 0 43113 0 0 0 0 0 6925 6925 36188 1 SCHOLARSHIPS TO STUDENTS 626 8724905 0 FMV Schedule I, Part I, Line 2 THE COLLEGE MAINTAINS RECORDS TO ENSURE STUDENT FINANCIAL AID IS AWARDED TO ELIGIBLE STUDENTS BASED ON FEDERAL REGULATIONS OR DONOR RESTRICTIONS. THE COLLEGE AWARDS GRANTS TO STUDENTS BASED ON CRITERIA SET FORTH IN THE INDIVIDUAL SCHOLARSHIPS. "NEED BASED" FEDERAL GRANTS ARE AWARDED BASED ON INFORMATION OBTAINED FROM THE FREE APPLICATION FOR FEDERAL AID (FAFSA). X X 1 1 X X X X X X 1 0 0 0 0 0 0 0 0 SUE OTT ROWLANDS COLLEGE PRESIDENT 397493 0 0 0 5871 0 25719 0 24965 0 454048 0 0 0 JONATHAN P TYREE TREASURER/VP FOR FINANCE AND ADMINISTRATION 180372 0 0 0 211 0 11847 0 29916 0 222346 0 0 0 JOHN F KEENER VP FOR INSTITUTIONAL EFFECTIVENESS AND REGISTRAR 182886 0 0 0 587 0 11961 0 36715 0 232149 0 0 0 NICKCOLE MAYNARD-ERRAMI FORMER DIRECTOR OF HUMAN RESOURCES 63481 0 0 0 96000 0 3996 0 28136 0 191613 0 0 0 ELIZABETH A PERRY-SIZEMORE INTERIM PROVOST AND VP FOR ACADEMIC AFFAIRS 153000 0 0 0 0 0 9740 0 12406 0 175146 0 0 0 FARAH M MARKS VP FOR INSTITUTIONAL ADVANCEMENT 146923 0 0 0 711 0 9736 0 29049 0 186419 0 0 0 A KATRIN SCHENK ASSOCIATE PROFESSOR OF PHYSICS 128790 0 0 0 0 0 8859 0 20469 0 158118 0 0 0 Schedule J, Part I, Line 1a THE COLLEGE PROVIDES HOUSING AND A SOCIAL CLUB MEMBERSHIP FOR ITS PRESIDENT. Schedule J, Part I, Line 4 WITH NO ADMISSION OF FAULT OR LIABILITY, THE COLLEGE SETTLED A DISPUTED CLAIM WITH A FORMER EMPLOYEE. A EDA OF CITY OF LYNCHBURG SERIES 2018 541225193 55124HAL1 2018-12-13 12735245 REFUNDED PRIOR BOND ISSUANCES AND CAPITAL LINE OF CREDIT 0 0 0 B IDA OF COUNTY OF CAMPBELL SERIES 2013 521309406 2013-12-19 8547000 REFUNDED PRIOR BOND ISSUANCE AND FINANCED CAP. EXPENDITURES 0 0 0 A 0 0 12735245 0 0 0 254705 0 0 0 12480540 0 2018 1 1 1 1 B 8547000 0 8547000 0 0 0 84345 0 0 721005 7741650 0 2014 1 0 1 1 A 0 0 0 0 0 0 0 0 0 1 B 0 0 0 0 0 0 0 0 0 1 A 0 1 0 0 0 0 0 0 1 B 0 1 0 0 1 1 TRUIST FORMERLY BB&T 9.7500000 0 0 0 0 1 A 1 B 1 X 1 41500 APPRAISAL REPORT X 21 357903 AVER HI/LO GIFT DATE 1 0 1 0 Form 990, Part III, Line 1 SINCE ITS FOUNDING IN 1891 AS RANDOLPH-MACON WOMAN'S COLLEGE, RANDOLPH COLLEGE HAS OFFERED STUDENTS A RIGOROUS EDUCATION IN THE LIBERAL ARTS AND SCIENCES. IN KEEPING WITH ITS MOTTO, VITA ABUNDANTIOR, RANDOLPH COLLEGE PREPARES STUDENTS TO ENGAGE THE WORLD CRITICALLY AND CREATIVELY, LIVE AND WORK HONORABLY, AND EXPERIENCE LIFE ABUNDANTLY. RANDOLPH COLLEGE ENCOURAGES EACH STUDENT TO SET AND MEET HIGH PERSONAL GOALS. CAMPUS LIFE IS FOUNDED IN THE HONOR SYSTEM, WHICH FOSTERS INDIVIDUAL INTEGRITY AND MUTUAL TRUST. AS STUDENTS FROM DIVERSE BACKGROUNDS STUDY AND LIVE TOGETHER, THEY ARE EXPECTED TO RESPECT THE RIGHTS AND DIGNITY OF OTHERS, TO BE OPEN TO CULTURAL DIFFERENCES, AND TO EXERCISE PERSONAL AND SOCIAL RESPONSIBILITY. THEY ARE ENCOURAGED TO DEVELOP CONFIDENCE AND TO PARTICIPATE FULLY IN A COMMUNITY IN WHICH WOMEN AND MEN WORK TOGETHER AND TREAT ONE ANOTHER AS EQUALS. THROUGH EXCELLENCE IN TEACHING, ADVISING, AND SCHOLARSHIP, THE FACULTY PROVIDES THE CHALLENGES REQUISITE TO THE INTELLECTUAL DEVELOPMENT OF EACH STUDENT. WITH FACULTY SUPPORT, THE UNDERGRADUATE STUDENTS DESIGN INDIVIDUALIZED AND COHERENT PROGRAMS OF STUDY THAT COMBINE ACADEMIC AND CO-CURRICULAR COMPONENTS. WHILE EACH STUDENT'S EDUCATIONAL PLAN IS UNIQUE, ALL PROGRAMS OF STUDY FOSTER THESE CAPACITIES: TO THINK CRITICALLY; TO WRITE AND SPEAK WITH CLARITY AND ACCURACY; TO EMPLOY QUANTITATIVE REASONING; TO USE TECHNOLOGY EFFECTIVELY AND ETHICALLY; TO CULTIVATE AN AESTHETIC SENSIBILITY; TO UNDERSTAND KEY DIMENSIONS OF THE HERITAGE OF MORE THAN ONE SOCIETY; TO APPROACH PROBLEMS WITH CREATIVITY AND IMAGINATION; TO WORK BOTH INDEPENDENTLY AND COLLABORATIVELY; AND TO RECOGNIZE THE POWER AND LIMITATIONS OF KNOWLEDGE. THE GRADUATE STUDENTS PURSUE MORE NARROWLY FOCUSED PROGRAMS OF RIGOROUS STUDY DESIGNED TO ADD SPECIALIZED KNOWLEDGE TO THEIR UNDERGRADUATE EDUCATION. THE GRADUATE PROGRAMS ARE DIRECTED BY FACULTY MEMBERS WHO ARE ESPECIALLY KNOWLEDGEABLE ABOUT PROFESSIONAL STANDARDS TO BE MET BY THOSE WHO EARN ADVANCED DEGREES. THROUGH THEIR EXPERIENCES AT RANDOLPH COLLEGE, STUDENTS ARE CHALLENGED TO THINK AMBITIOUSLY AND TO PREPARE THOUGHTFULLY FOR THEIR FUTURES IN A DIVERSE SOCIETY AND AN INCREASINGLY COMPLEX WORLD THAT OFFERS THEM EXPANDING OPPORTUNITIES FOR LEADERSHIP, RESPONSIBILITY, AND SERVICE. Form 990, Part VI, Section B, Line 11b THE FORM 990 WAS REVIEWED BY THE ASSISTANT CONTROLLER, CONTROLLER, AND V.P FOR FINANCE AND ADMINISTRATION. ALSO, THE FORM 990 WAS PROVIDED BY MAIL TO THE COLLEGE'S BOARD OF TRUSTEES FOR ITS REVIEW AND QUESTIONS. IN CONSIDERATION OF THE PRIVACY OF OUR DONORS SCHEDULE B, "SCHEDULE OF CONTRIBUTORS," WAS OMITTED FROM THE 990 COPIES WHICH IS SUBMITTED TO THE GOVERNING BODY FOR REVIEW. Form 990, Part VI, Section B, Line 12c BOARD MEMBERS, OFFICERS, ALL SENIOR STAFF MEMBERS, ASSISTANT CONTROLLER, AND CONTROLLER REVIEW, COMPLETE, AND SIGN CONFLICT OF INTEREST FORMS ANNUALLY. THE SECRETARY OF THE BOARD MAINTAINS THESE DOCUMENTS. VOTING MEMBERS OF THE BOARD RECUSE THEMSELVES FROM A VOTE IF A POTENTIAL CONFLICT OF INTEREST EXISTS IN A MATTER. IF THERE IS A QUESTION ABOUT THE EXISTENCE OF A CONFLICT OF INTEREST, THE BYLAWS (ARTICLE 1, SECTION 8D) PROVIDE STANDARDS AND PROCEDURES FOR RESOLVING THE MATTER. Form 990, Part VI, Section B, Line 15 PROCESS FOR DETERMINING COMPENSATION OF OFFICERS/KEY EMPLOYEES: FOR ALL MEMBERS OF THE COLLEGE'S PRESIDENT'S LEADERSHIP TEAM (PLT) AND THE PRESIDENT'S DIRECT REPORTS, THE DIRECTOR OF HUMAN RESOURCES PROVIDES COMPARATIVE COMPENSATION DATA FROM THE COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION (CUPA) TO THE PRESIDENT. THE PRESIDENT SHARES THIS INFORMATION WITH THE CHAIR OF THE BOARD OF TRUSTEES AND THE COMPENSATION COMMITTEE, AS NEEDED. THIS INFORMATION IS REVIEWED DURING THE PERFORMANCE ASSESSMENT PROCESS TO DETERMINE SUCH EMPLOYEE'S COMPENSATION. THE BOARD OF TRUSTEES HAS ESTABLISHED IN THE COLLEGE'S BYLAWS A COMPENSATION COMMITTEE, INCLUDING THE CHAIR OF THE BOARD AND OTHER TRUSTEES. THIS COMMITTEE RECOMMENDS ANY COMPENSATION ADJUSTMENTS FOR THE PRESIDENT TO THE EXECUTIVE COMMITTEE OF THE BOARD AND THE RATIONALE THEREIN, AND ANY SUCH COMPENSATION ADJUSTMENTS ARE THEN APPROVED BY THE FULL BOARD. THE COLLEGE'S BOARD OF TRUSTEES (THE "BOARD") HIRED MERCER HUMAN RESOURCES CONSULTING ("MERCER") IN 2022 TO ASSIST IN DETERMINING THE REASONABLENESS OF THE COMPENSATION FOR THE COLLEGE PRESIDENT. USING APPROPRIATE PEER GROUP AND COMPARATIVE MARKET DATA, MERCER ISSUED AN OPINION AFFIRMING THE REASONABLENESS OF THE COMPENSATION PACKAGE. THE ANALYSIS WAS COMPREHENSIVE, UTILIZING MANY SOURCES, INCLUDING THE FORM 990 OF OTHER INSTITUTIONS. THE PRESIDENT ALSO HAS A WRITTEN EMPLOYMENT CONTRACT WHICH INCLUDES THE NECESSARY COMPENSATION PROVISIONS. Form 990, Part VI, Section C, Line 19 THE COLLEGE IS A PRIVATE INSTITUTION AND DOES NOT REGULARLY MAKE ITS GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC. Form 990, Part VIII, Line 7a APPLIES TO LINES 7A TO 7D: GAIN ON SALE OF SECURITIES - DETAIL AVAILABLE UPON REQUEST Form 990, Part XI, Line 9 CHANGE IN ASSET RETIREMENT OBLIGATION -48,360, FUNDRAISING DIRECT EXPENSES 6,925, LOSS ON DISPOSAL OF LAND, BUILDINGS, AND EQUIPMENT -189,152, TOTAL -230,587 INVESTMENT PROPERTIES OF LYNCHBURG LLC 2500 RIVERMONT AVENUE LYNCHBURG VA 24503 541900543 COMMERCIAL REAL ESTATE VA 43344 907149 N/A RMWC ALUMNAE AND RC ALUMNI ASSOCIATION 2500 RIVERMONT AVENUE LYNCHBURG VA 24503 540350944 ALUMNAE(I) CONNECTIONS VA 501 (C) (3) 11A-TYPE 1 N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 RMWC ALUMNAE AND RC ALUMNI ASSOCIATION n 59022 FINANCIAL REPORT RMWC ALUMNAE AND RC ALUMNI ASSOCIATION o 179812 FINANCIAL REPORT RMWC ALUMNAE AND RC ALUMNI ASSOCIATION p 191202 FINANCIAL REPORT EXTENSION FILED