2025-05-15T12:18:08-05:00 2024-06-30 540504608 BROWN EDWARDS & COMPANY LLP 105 ARBOR DRIVE 3RD FLOOR CHRISTIANSBURG VA 24073 990 2023-07-01 540129860 AVERETT UNIVERSITY AVER 4347915679 420 West Main Street Danville VA 24541 DR THOMAS POWELL PRESIDENT 4347915651 2025-05-15 1 1 MARK WOOLWINE P00647446 5404433606 2025-05-14 2023 2025-03-06 01:10:19Z DR THOMAS POWELL 420 West Main Street Danville VA 24541 54257033 0 X www.averett.edu X 1859 VA AVERETT UNIVERSITY PREPARES STUDENTS TO SERVE AND LEAD AS CATALYSTS FOR POSITIVE CHANGE. AVERETT FULFILLS THIS MISSION BY EDUCATING STUDENTS FROM DIVERSE BACKGROUNDS, CULTURES AND NATIONS THROUGH LIBERAL ARTS-BASED UNDERGRADUATE AND GRADUATE PROGRAMS IN A PERSONAL, COLLEGIAL, INTERDISCIPLINARY ENVIRONMENT. 28 28 715 0 0 0 6452084 3904008 46818393 48188190 466551 605962 926211 1557392 54663239 54255552 19914444 22263438 0 0 18081996 18905960 79252 0 1542791 21980115 22405530 60055807 63574928 -5392568 -9319376 78643056 68836187 34060403 33163536 44582653 35672651 X AVERETT UNIVERSITY PREPARES STUDENTS TO SERVE AND LEAD AS CATALYSTS FOR POSITIVE CHANGE. AVERETT FULFILLS THIS MISSION BY EDUCATING STUDENTS FROM DIVERSE BACKGROUNDS, CULTURES AND NATIONS THROUGH LIBERAL ARTS-BASED UNDERGRADUATE AND GRADUATE PROGRAMS IN A PERSONAL, COLLEGIAL, INTERDISCIPLINARY ENVIRONMENT. 0 0 51787084 22263438 49284368 AVERETT PROVIDES INSTRUCTION TO APPROXIMATELY 1,500 STUDENTS LEADING TO UNDERGRADUATE AND GRADUATE DEGREES THROUGH ITS TRADITIONAL AND PROFESSIONAL STUDIES PROGRAMS. AVERETT PREPARES ITS STUDENTS FOR SUCCESSFUL LIVES THROUGH PERSONAL ATTENTION OF EACH STUDENT IN THE LIBERAL ARTS TRADITION. STUDENTS ARE ENCOURAGED TO ASK AND ANSWER IMPORTANT QUESTIONS, FORM AND DEFEND JUDGEMENTS, AND THOUGHTFULLY EVALUATE DIVERSE VIEWS. IN ACCORDANCE WITH OUR CHRISTIAN HERITAGE, WE VALUE ACADEMIC AND RELIGIOUS FREEDOM, SPIRITUAL GROWTH, ACADEMIC EXCELLENCE, DIVERSITY, AND TOLERANCE. 51787084 1 1 0 0 0 0 0 0 0 1 1 1 0 1 1 1 1 0 1 1 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 1401 0 1 715 1 0 0 0 0 0 0 0 0 0 0 X 28 28 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 X DR THOMAS POWELL PRESIDENT 4347915651 420 West Main Street Danville VA 24541 Dr Annie P Wimbish CHAIRPERSON 0.00 X X 0 0 0 Emma Maddux Kozlowski VICE CHAIRPERSON 0.00 X X 0 0 0 Jessie Barksdale TRUSTEE 0.00 X 0 0 0 Jan GF Barnett TRUSTEE 0.00 X 0 0 0 Ellen E Beville TRUSTEE 0.00 X 0 0 0 Ms Kirk Bidgood TRUSTEE 0.00 X 0 0 0 Dr Lenora Billings-Harris TRUSTEE 0.00 X 0 0 0 Brenda Bowman TRUSTEE 0.00 X 0 0 0 Rev Dr Richard Brown TRUSTEE 0.00 X 0 0 0 Rev Dr Daniel Carlton TRUSTEE 0.00 X 0 0 0 Bradley Cohen TRUSTEE 0.00 X 0 0 0 Sarah L Collie TRUSTEE 0.00 X 0 0 0 Gary W Collins TRUSTEE 0.00 X 0 0 0 Mark Gignac TRUSTEE 0.00 X 0 0 0 Linda Green TRUSTEE 0.00 X 0 0 0 John Herndon Jr TRUSTEE 0.00 X 0 0 0 Starlette Johnson TRUSTEE 0.00 X 0 0 0 Michael E Keck TRUSTEE 0.00 X 0 0 0 Hayward Majors TRUSTEE 0.00 X 0 0 0 Brandon Potter TRUSTEE 0.00 X 0 0 0 Toni Rice TRUSTEE 0.00 X 0 0 0 Dr Mary M G Riddle TRUSTEE 0.00 X 0 0 0 Dr Calvin R Snowden TRUSTEE 0.00 X 0 0 0 Deborah W Upton TRUSTEE 0.00 X 0 0 0 Christopher E West TRUSTEE 0.00 X 0 0 0 L Hampton Wilkins TRUSTEE 0.00 X 0 0 0 Kris Willard TRUSTEE 0.00 X 0 0 0 Todd McGregor Yeatts TRUSTEE 0.00 X 0 0 0 Dr Tiffany Franks President 1.00 X 321845 0 27275 Don Aungst Former VP Finance/COO 1.00 X 246977 0 30457 Michael Boehm CIO 1.00 X 179140 0 28883 Lee Beaumont VP Admissions 1.00 X 176928 0 23507 Melissa Wohlstein VP Advancement 1.00 X 177702 0 29639 Venita Mitchell VP Student Engagement 1.00 X 133434 0 19457 Megan Stevens VP of Athletics 1.00 X 114335 0 14715 1350361 0 173933 11 0 1 0 ORBIS EDUCATION 2600 W CAMELBACK ROAD PHOENIX AZ 85017 CONTRACT MANAGEMENT FEE 2381157 HES FACILITIES LLC 2160 LAKESIDE CENTRE WAY KNOXVILLE TN 37922 CONTRACT MANAGEMENT FEE 2003677 ARAMARK 27310 NETWORK PLACE CHICAGO IL 606731273 CONTRACT MANAGEMENT FEE 1666205 CLOUD CONTROL MEDIA LLC PO BOX 8398 PASADENA CA 91109 CONTRACT MANAGEMENT FEE 1321195 ELLUCIAN 62578 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 CONTRACT MANAGEMENT FEE 953443 34 269880 3634128 208061 3904008 TUITION AND FEES 611310 39289968 39289968 AUXILIARY ENTERPRISES 611310 5717355 5717355 OTHER PROGRAM SERVICE FEES 900099 3180867 3180867 48188190 389497 389497 92208 0 92208 92208 92208 216465 0 216465 216465 216465 30646 1481 29165 29165 FIXED BASE OPERATIONS 900099 1096178 1096178 CHANGE IN VALUE OF PERPETUAL TRUS 900001 339841 339841 1436019 54255552 49284368 0 1067176 X 22263438 22263438 15398374 12587662 1983155 827557 461952 377630 59495 24827 1867659 1470600 259724 137335 1177975 962956 151711 63308 64336 64336 30000 30000 81127 81127 8176908 5590532 2309063 277313 1368078 2470 1353039 12569 663583 547267 57608 58708 668416 129065 539351 1901617 1041307 834804 25506 857409 857409 448047 373398 62863 11786 1131432 886785 216786 27861 3283093 2094463 1122568 66062 752729 110945 641784 STUDENT-RELATED ACTIVIT 1631363 1611066 20297 REPAIRS AND MAINTENANCE 1347392 880091 457342 9959 63574928 51787084 10245053 1542791 1339437 2813521 1557218 1264858 4615267 4963881 1299648 1236539 435266 20544 77206432 34472369 40930455 42734063 15951161 2930947 8437256 6747397 4077348 6124437 78643056 68836187 5459349 9627700 991314 774728 2983461 3076356 12760458 12493886 7993269 1694591 3872552 5496275 34060403 33163536 X 9887619 1333516 34695034 34339135 44582653 35672651 78643056 68836187 -9319376 409374 0 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 24708420 84568 934209 1266600 24460597 26654790 83513 1384539 1850624 1563798 24708420 31001822 323660 -2090435 1195200 1385057 26654790 26102289 806658 5224575 515400 616300 31001822 26186388 898554 17147 476500 523300 26102289 0.01370 0.83070 0.15560 1 0 2560831 2560831 35550455 16161568 19388887 22231434 7877333 14354101 10805512 7644991 3160521 6058200 2788477 3269723 42734063 BENEFICIAL INTERESTS 3985500 F CASH & CASH EQUIVALENTS 508959 C ALTERNATIVE INVESTMENTS 2200923 F OTHER ASSETS 52015 F 6747397 ASSETS HELD UNDER SPLIT-INTEREST AGREEMENTS 15035 FINANCE LEASE RIGHT-OF-USE ASSETS 5086677 OPERATING LEASE RIGHT-OF-USE ASSETS 1022725 6124437 LIABILITY UNDER ANNUITY AND TRUST AGREEMENT 15035 OPERATING LEASE LIABILITY 1022725 FINANCING LEASE LIABILITY 4458515 5496275 X 32320361 409374 409374 31910987 81127 22263438 22344565 54255552 41230363 0 41230363 81127 22263438 22344565 63574928 Part X, Line 2: MANAGEMENT EVALUATED THE UNIVERSITY'S TAX POSITIONS AND CONCLUDED THAT THE UNIVERSITY HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS. TO COMPLY WITH THE PROVISIONS OF THE INCOME TAXES TOPIC OF FASB ACCOUNTING STANDARDS CODIFICATION THE UNIVERSITY FILES FORM 990 IN ACCORDANCE WITH APPLICABLE U.S. FEDERAL REGULATIONS. Part XI, Line 4b - Other Adjustments: GRANTS AND SCHOLARSHIPS 22,263,438. Part XII, Line 4b - Other Adjustments: GRANTS AND SCHOLARSHIPS 22,263,438. SCHEDULE D, PART V - ENDOWMENT FUNDS OF THE $24,460,597 OF ENDOWMENT NET ASSETS, $18,767,753 IS A LOAN TO THE UNIVERSITY'S OPERATIONS. THE REMAINING $5,692,844 IS INVESTMENTS IN VARIOUS SECURITIES. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 CATALOGS, PUBLICATIONS, BROCHURES,WEBSITE, AND ADVERTISING Schedule E, Part I, Line 6 THE UNIVERSITY RECEIVES VARIOUS GOVERNMENT GRANTS INCLUDING PELL, SEOG AND FEDERAL WORK STUDY. Europe (Including Iceland & Greenland) 0 0 PROGRAM SERVICES RECRUITMENT 10000 Europe (Including Iceland & Greenland) 0 0 PROGRAM SERVICES STUDY ABROAD 0 0 0 0 0 0 10000 0 10000 0 0 0 0 0 0 GOLF TOURNAMENT 30646 30646 1481 30646 30646 1481 1481 29165 1 SCHOLARSHIPS AND GRANTS TO STUDENTS 1116 22263438 X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 Dr Tiffany Franks President 321845 0 0 0 0 0 19650 0 7625 0 349120 0 0 0 Don Aungst Former VP Finance/COO 246977 0 0 0 0 0 15454 0 15003 0 277434 0 0 0 Michael Boehm CIO 174140 0 5000 0 0 0 10422 0 18461 0 208023 0 0 0 Melissa Wohlstein VP Advancement 177702 0 0 0 0 0 11178 0 18461 0 207341 0 0 0 Lee Beaumont VP Admissions 176928 0 0 0 0 0 9700 0 13807 0 200435 0 0 0 Venita Mitchell VP Student Engagement 133434 0 0 0 0 0 8400 0 11057 0 152891 0 0 0 A INDUSTRIAL DEVELOPMENT AUTHORITY OF VCITY OF DANVILLE VA 521321074 2017-10-01 14675000 REFUND EXISTING BONDS, CAPITAL IMPROVEMENT 0 0 0 A 15035000 564313 439087 3419022 11047274 2018 1 0 1 1 A 0 0 0 0 0 0 1 A 0 0 0 0 1 0 0 0 1 A 1 X 4 222883 FMV ON DATE OF SALE 0 1 1 Part I, Line 32b: THE UNIVERSITY USES A THIRD PARTY TO SOLICIT GENERAL CONTRIBUTIONS, SOME OF WHICH ARE NON-CASH DONATIONS. Form 990, Part VI, Section B, line 11b A COMPLETE COPY OF FORM 990 IS PROVIDED TO AND APPROVED BY THE ENTIRE BOARD OF TRUSTEES BEFORE IT IS FILED WITH THE IRS. Form 990, Part VI, Section B, line 12c A "CONFLICT OF INTEREST" ARISES WHEN A PERSON IN A POSITION OF AUTHORITY OVER AN ORGANIZATION, SUCH AS A TRUSTEE OR OFFICER, MAY BENEFIT PERSONALLY FROM A DECISION HE OR SHE COULD MAKE. INTERESTED PERSON INCLUDES ANY TRUSTEE, PRINCIPAL OFFICER, OR MEMBER OF COMMITTEE WITH GOVERNING BOARD DELEGATED POWERS, WHO HAS A DIRECT OR INDIRECT FINANCIAL INTEREST, AS DEFINED BELOW, IN AN INTERESTED PERSON. A PERSON HAS FINANCIAL INTEREST IF THE PERSON HAS, DIRECTLY OR INDIRECTLY, THROUGH BUSINESS, INVESTMENT, OR FAMILY; A) AN OWNERSHIP OF INVESTMENT INTEREST IN ANY ENTITY WITH WHICH AVERETT HAS A TRANSACTION OR ARRANGEMENT, B) A COMPENSATION ARRANGEMENT WITH AVERETT OR WITH ANY ENTITY OR INDIVIDUAL WITH WHICH AVERETT HAS A TRANSACTION OR ARRANGEMENT, OR C) A POTENTIAL OWNERSHIP OR INVESTMENT INTEREST IN, OR COMPENSATION ARRANGEMENT WITH, ANY ENTITY OR INDIVIDUAL WITH WHICH AVERETT IS NEGOTIATING A TRANSACTION OR ARRANGEMENT IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICT OF INTEREST. AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF THE FINANCIAL INTEREST AND BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE BOARD OR EXECUTIVE COMMITTEE CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER DISCLOSE OF THE FINANCIAL INTEREST AND ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, HE/SHE SHALL LEAVE THE MEETING DURING THE BOARD OR EXECUTIVE MEETING WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD OR EXECUTIVE COMMITTEE MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. IN ADDITION, ANY TRUSTEE MAY RECUSE THEMSELVES AT ANY TIME FROM INVOLVEMENT IN ANY DECISION OR DISCUSSION IN WHICH THE TRUSTEE BELIEVES THAT HE/SHE HAS OR MAY HAVE A CONFLICT OR INTEREST, WITHOUT GOING THROUGH THE PROCESS FOR DETERMINING WHETHER A CONFLICT OF INTEREST EXISTS. IF THE BOARD OR EXECUTIVE COMMITTEE HAS REASONABLE CAUSE TO BELIEVE A MEMBER HAS FAILIED TO DISCLOSE ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, IT SHALL TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. THE MINUTES OF THE BOARD AND ALL COMMITTEES WITH BOARD DELEGATED POWERS SHALL CONTAIN A) THE NAMES OF THE PERSONS WHO DISCLOSED OR OTHERWISE WERE FOUND TO HAVE A FINANCIAL INTEREST IN CONNECTION WITH AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, THE NATURE OF THE FINANCIAL INTEREST, ANY ACTION TAKEN TO DETERMINE WHETHER A CONFLICT OF INTEREST WAS PRESENT, AND THE BOARD'S OR EXECUTIVE COMMITTEE'S DECISION AS TO WHETHER A CONFLICT OF INTEREST IN FACT EXISTED B) THE NAMES OF PERSONS WHO WERE PRESENT FOR DISCUSSIONS AND VOTES RELATING TO THE TRANSACTION OR ARRANGEMENT, THE CONTENT OF THE DISCUSSION, INCLUDING ANY ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANAGEMENT, AND A RECORD OF ANY VOTES TAKEN IN CONNECTION WITH THE PROCEEDINGS. Form 990, Part VI, Section B, line 15a THE EXECUTIVE COMMITTEE (AN INDEPENDENT BODY) REVIEWS COMPARABLE DARA WITH PEER INSTITUTIONS AND APPROVES THE PRESIDENT'S EMPLOYEE CONTRACT. THE PROCESS IS DOCUMENTED IN THE EXECUTIVE COMMITTEE MINUTES. Form 990, Part VI, Section C, line 19 THE UNIVERSITY COMPLIES WITH PUBLIC DISCLOSURE REQUIREMENTS AND MAKES THESE DOCUMENTS AVAILABLE UPON REQUEST. Form 990, Part IX, line 11g CONTRACTUAL SERVICES: Program service expenses 5,319,922. Management and general expenses 2,122,500. Fundraising expenses 112,719. Total expenses 7,555,141. OTHER SERVICES: Program service expenses 270,610. Management and general expenses 186,563. Fundraising expenses 164,594. Total expenses 621,767. Form 990, Part XII, Line 2c: THE PROCESS HAS NOT CHANGED FROM THE PREVIOUS YEAR.