Washington and Lee University (Washington and Lee or W&L) is a private liberal arts university in Lexington, Virginia, United States. Washington and Lee was founded in 1749 as a small classical school named Augusta Academy (later Liberty Hall Academy) by Scots-Irish Presbyterian pioneers, though the University has never claimed any sectarian affiliation. In 1796, George Washington endowed the struggling academy with a gift of stock. In gratitude, the school was renamed for the first United States President.