2022-05-16T14:24:10-05:00 2021-06-30 BDO USA LLP 1100 Peachtree Street Suite 700 ATLANTA GA 303094516 990 2020-07-01 540946734 LIBERTY UNIVERSITY INC % DR ROBERT RITZ LIBE 4345924800 1971 UNIVERSITY BLVD LYNCHBURG VA 24515 DR ROBERT RITZ CFO 4345923237 2022-05-16 true DR ROBERT RITZ 999009999 Sandra L Feinsmith P01064157 4046886841 2022-05-16 2 2020 2022-09-23 18:48:47Z DR ROBERT RITZ 1971 UNIVERSITY BLVD LYNCHBURG VA 24515 2536498119 false X WWW.LIBERTY.EDU X 1972 VA LIBERTY UNIVERSITY, INC. IS A DISTINCTIVELY CHRISTIAN ACADEMIC COMMUNITY, WITH a MISSION of PROVIDING QUALITY COLLEGIATE EDUCATION training champions for christ. 30 21 11573 9010 4081596 570346 16444061 44452653 1309847537 1407719569 13759215 58967255 3606577 4814229 1343657390 1515953706 303594615 326083879 0 0 436388555 452015184 0 0 2381210 353758628 387580425 1093741798 1165679488 249915592 350274218 3367494352 3931030973 457774457 470092122 2909719895 3460938851 LIBERTY UNIVERSITY, INC. IS A DISTINCTIVELY CHRISTIAN ACADEMIC COMMUNITY, WITH a MISSION OF PROVIDING QUALITY COLLEGIATE EDUCATION training champions for Christ. false false 878983849 326083879 1298135943 INSTRUCTION OF APPROXIMATELY 128,656 STUDENTS IN UNDERGRADUATE, GRADUATE AND DOCTORAL PROGRAMS FOR BOTH THE ONLINE AND RESIDENTIAL PROGRAMS. SCHOLARSHIPS, GRANTS AND OTHER FINANCIAL ASSISTANCE ARE AWARDED TO ELIGIBLE STUDENTS BASED ON PROGRAM CRITERIA, WHICH INCLUDED SCHOLASTIC MERIT, ATHLETIC EXCELLENCE, ARTISTIC PERFORMANCE, FINANCIAL NEED, HIGH SCHOOL ATTENDED AND FIELD WORKED. 163009711 0 112948232 LIBERTY UNIVERSITY MAINTAINS A CAMPUS BOOKSTORE, HOUSING AND DINING FACILITIES, TRANSPORTATION SERVICES, ATHLETIC FACILITIES, BROADCASTING FACILITIES AND OTHER SUPPORT SERVICES AND FACILITIES ADDING TO THE STUDENT EXPERIENCE. 1041993560 true true false true false false false true false true true true false false true false false true true true true false false false true false false true true true false true true true true true true true true true false false true true true true false false true 1192 0 true 11573 true true true false false false false true true false false false true true false true false X 30 21 true false true true false false false true true false false true true true true true true true false true false CO NH NY OR SC WA X DR ROBERT RITZ 4345924800 1971 UNIVERSITY BLVD Lynchburg VA 24515 X Mr Jerry Falwell Chancellor/President 55.0 0.5 X X 3528967 0 392854 Mr Hugh Freeze Head Coach-Football 55.0 0.0 X 2033545 0 38440 Mr Ritchie McKay Head Coach-Men's Basketball 55.0 0.0 X 1087484 0 38735 Mr Ian McCaw Director of Athletics 55.0 0.0 X 623984 0 38735 Mr Ronald Kennedy EVP of Enrollment & Marketing 55.0 0.0 X 571450 0 27076 Mr David Corry General Counsel/Secretary 55.0 0.0 X 483112 0 30826 Dr Peter Bell Dean, LU Coll. of Osteopathic 55.0 0.0 X 439499 0 34940 Dr Robert Ritz CFO/TREASURER 55.0 0.0 X 419246 0 31485 Mr David Nasser SR. VP OF SPIR DEV 55.0 0.0 X 413761 0 32735 Ms Laura Wallace EVP for Human Resources 55.0 0.0 X 413198 0 19826 Dr Mark Horstemeyer Dean, School of Engineering 55.0 0.0 X 328729 0 28690 mr carey green head coach, womens basketball 55.0 0.0 X 328677 0 22687 Mr Turner Gill EVP OF DIVERSITY, DEVELOPMENT 55.0 0.0 X 331089 0 8354 Mr Randall Smith Former Officer 1.0 0.0 X 309940 0 25572 Mr John Gauger CHIEF INFORMATION OFFICER 55.0 0.0 X 252748 0 24551 Mr Don Moon SVP Finance & Investment Mgmt 55.0 2.0 X 258676 0 17348 Dr Scott Hicks Provost & Chief Acad. Officer 55.0 0.0 X 262986 0 10952 Dr Shawn Akers Online Provost 55.0 0.0 X 257241 0 0 Mr Charles Spence Sr. VP of Facilities Mgmt 55.0 0.5 X 235890 0 21275 mr craig pettit VP of Real Estate Management 55.0 0.0 X 234947 0 20781 Dr Jerry Prevo Trustee/President 55.0 0.0 X X 240068 0 9856 mr daniel deter VP of major construction 55.0 0.0 X 217847 0 22576 Mr Daniel Applewhite Deputy Gen. Counsel/Asst. Secy 55.0 0.0 X 212745 0 23466 Mrs Cindy Gaebe VP of Finance & Administration 50.0 5.0 X 213958 0 12076 Dr Lawrence Hine Senior VP of Student Affairs 45.0 10.0 X 195574 0 18861 Mr Trey Falwell VP of University Operations 55.0 0.0 X 197164 0 16325 Mr Chris Johnson Former Key Employee 40.0 0.0 X 127952 0 15805 Dr Ronald Hawkins Former Officer 25.0 0.0 X 128007 0 15383 Mr Anthony Beckles Trustee/Online Chair 55.0 2.0 X 86178 0 9217 Pastor Jonathan Falwell Trustee/Vice Chancellor of Spi 9.0 2.0 X 67885 0 0 Mr Gilbert Tinney Jr Trustee 7.0 0.0 X 43118 0 0 Dr John Borek Jr Trustee & Adjunct Professor 5.0 0.0 X 33400 0 0 Mr Chris Rhodenhizer Trustee 2.0 0.0 X 15703 0 0 Dr Don Crain Trustee 3.0 0.0 X 12620 0 0 Mr Jeffery S Yager Trustee 5.0 0.0 X 12045 0 0 Dr David Rhodenhizer Trustee 7.0 0.0 X 10845 0 0 Mrs Angela Jordan Trustee 5.0 0.0 X 10200 0 0 Dr Dwight Reighard Trustee 3.0 0.0 X 5503 0 0 Dr Allen McFarland Trustee & Adjunct Professor 4.0 0.0 X 3200 0 0 Mr Brian Autry Trustee 2.0 0.0 X 645 0 0 Mr Jeffrey F Benson Trustee 5.0 0.0 X 145 0 0 Mr John Heath Trustee 5.0 0.0 X 145 0 0 Mr Carroll Hudson Trustee 7.0 0.0 X 145 0 0 Evangelist Tim Lee Trustee 7.0 0.0 X 145 0 0 Mr Richard Lee Trustee 3.0 0.0 X 145 0 0 Dr Gene Mims Trustee 2.0 0.0 X 145 0 0 Mr Richard Osborne Trustee 5.0 0.0 X 145 0 0 Mr Galen Peel Sr Trustee 2.0 0.0 X 145 0 0 Mr Steven A Snyder Trustee 5.0 0.0 X 145 0 0 Mr Will Tinney Trustee 5.0 0.0 X 145 0 0 Dr Jerry Vines Trustee 7.0 0.0 X 145 0 0 Mrs Gaye Overton Benson Trustee 3.0 0.0 X 95 0 0 Ms Penny Nance Trustee 3.0 0.0 X 95 0 0 Mr Harvey Gainey Trustee 8.0 0.0 X 0 0 0 Evangelist William F Graham Trustee 5.0 0.0 X 0 0 0 Mr Harold Rawlings Trustee 2.0 0.0 X 0 0 0 Mr Duke Westover Trustee 4.0 0.0 X 0 0 0 13895361 0 952697 537 true true false Construction Management Associates PO Box 3020 LYNCHBURG VA 24503 construction 27045962 Google Inc 1600 Amphitheatre Pkwy MOUNTAIN VIEW CA 94043 Admissions Lead Gen. 25970547 Sodexo Inc Affiliates-Liberty Uni PO Box 360170 PITTSBURGH PA 15251 food service 23388878 James R Vannoy Sons Constn Co In 631 McGee Rd ANDERSON SC 29625 construction 10439829 HMS Holdings LTP Hendrick Motorspo 4400 Papa Joe Hendrick Blvd CHARLOTTE NC 282625703 branding initiative 5780268 217 30000 33622310 10800343 444077 44452653 TUITION AND FEES 611710 1298135943 1298135943 ROOM & BOARD 611710 84028302 82142011 1886291 STUDENT FEES 611710 15182522 15182522 STUDENT ACTIVITIES 611710 7415759 7415759 BOOKSTORE/CONCESSIONS 611710 2957043 2957043 1407719569 16206610 436840 15769770 0 318462 318462 11016051 128761 13594379 -2578328 128761 -2449567 128761 -2578328 1047735932 1948564 1004924446 1999405 42811486 -50841 42760645 -50841 42811486 40075 26183 13892 13892 0 0 0 0 0 0 OTHER INCOME 611710 5214598 3687292 1527306 STUDENT TRAVEL FEES 561500 983529 983529 SPONSORSHIPS/ADVERTISING 511120 733315 630917 102398 6931442 1515953706 1411084175 4081596 56335282 1313518 1313518 324770361 324770361 0 0 10287674 6789865 3497809 2379288 1570330 808958 351899230 316647747 33929456 1322027 8501864 6870733 1578638 52493 52612533 40442663 11828448 341422 26334595 21670009 4566479 98107 0 6820358 5023 6815335 298286 298286 301033 301033 0 6483602 6483602 5781551 4497633 1283229 689 19049456 11776183 7135389 137884 6145026 4201709 1878384 64933 45331406 36608467 8709610 13329 468852 334524 134328 12999034 11712425 1286609 8222375 6994734 1158876 68765 0 395959 310428 85332 199 6149676 5729345 420331 0 53533499 50669457 2864042 4837441 653059 4184382 PURCHASED SERVICES 101064850 104263170 -3287510 89190 STUDENT FOOD SERVICES 26225472 26146327 44554 34591 SUPPLIES 14501295 12071511 2387779 42005 NON CAPITAL EQUIPMENT 12161188 14299877 -2156899 18210 56810066 31644462 25068238 97366 1165679488 1041993560 121304718 2381210 10348502 13659158 320307379 391616347 7500 416840 36954320 33607320 273274 859690 0 0 3269676 5631215 697675 1340347 10826134 14438353 1911629554 461095495 1419694279 1450534059 627288983 860248918 903225308 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1369774215 237908836 1131865379 261581444 182385333 79196111 199207693 40801326 158406367 1450534059 PUBLICLY TRADED EQUITIES 241071468 F TRADITION FIXED INCOME 556351212 F HEDGE FUNDS 199574919 F PRIVATE EQUITY/VENTURE CAPITAL 49129059 F COMMODITIES/OTHER ALTERNATIVES 89388375 F 1135515033 0 GIFT ANNUITIES PAYABLE 27420466 OBLIGATIONS UNDER CAPITAL LEASES 2000028 AGREEMENT 751930 DUE TO/FROM FA FROM C&C AVIATION -27834 30144590 1401632694 189413332 1646040 11318750 202378122 1199254572 316699134 316699134 1515953706 850413738 1646040 -212656 1433384 848980354 316699134 316699134 1165679488 Part III, Line 4: LIBERTY UNIVERSITY HAS A COLLECTION OF DONATED ANIMAL TROPHIES AND A COLLECTION OF DONATED PAINTINGS. THE COLLECTIONS ARE DISPLAYED WITHIN THE UNIVERSITY'S FACILITIES FOR THE EDUCATION AND ENJOYMENT OF STUDENTS AND VISITORS. THERE IS NO ADMISSION CHARGE FOR VIEWING THE COLLECTIONS AND LIBERTY UNIVERSITY DOES NOT ADVERTISE THAT THE COLLECTIONS ARE OPEN TO THE GENERAL PUBLIC. Part V, Line 4: THE UNIVERSITY HAS ADOPTED DONOR-RESTRICTED ENDOWMENT AND QUASI-ENDOWMENT SPENDING POLICIES TO HELP ENSURE THE CONTINUED VIABILITY OF ENDOWMENT FUNDS AND TO PRESERVE THE LONG-TERM PURCHASING POWER OF ENDOWMENT FUNDS. INVESTMENT RETURNS ARE ACHIEVED THROUGH CAPITAL APPRECIATION (REALIZED AND UNREALIZED), CURRENT YIELD (INTEREST AND DIVIDENDS), AND NET INCOME ON ENDOWED SUBSIDIARIES. THE UNIVERSITY HAS A DIVERSIFIED ASSET ALLOCATION THAT PLACES EMPHASIS ON INVESTMENTS IN EQUITIES AND ABSOLUTE RETURN STRATEGIES TO ACHIEVE ITS LONG-TERM RETURN OBJECTIVES WITHIN PRUDENT RISK CONSTRAINTS. THE BOARD-APPROVED SPENDING FORMULA FOR THE DONOR RESTRICTED ENDOWMENT PROVIDES FOR SPENDING THE LESSER OF 3% OF THE ORIGINAL GIFT, INCLUDING EARNINGS RETURNED TO PRINCIPLE AS OF THE PRIOR YEAR END, OR HISTORIC ACCUMULATED EARNINGS DISTRIBUTED TO THE ENDOWMENT FUND. Part VII Investments-Other Securities Method of valuation is Net Asset Value Part XI, Line 2D - Other Adjustments Rent Expenses 13,594,379 Tax adjustment for subs filing separate returns 24,673,062 Fundraising 26,183 ASU Investment adjustment (32,022,698) Change in split interest 11,531,406 Investment expenses (6,483,582) TOTAL TO PART XI, LINE 2D 11,318,750 Part XI, Line 4B - Other Adjustments INSTITUTIONAL SCHOLARSHIPS 316,699,134 TOTAL TO Part XI, LINE 4B 316,699,134 Part XII, Line 2D - Other Adjustments Rent Expenses 13,594,379 Tax adjustment for subs filing separate returns 24,673,062 Fundraising 26,183 ASU Investment adjustment (32,022,698) Investment expenses (6,483,582) TOTAL TO PART XII, Line 2d (212,656) Part XII, Line 4B - Other Adjustments INSTITUTIONAL SCHOLARSHIPS 316,699,134 TOTAL TO Part XII, Line 4b 316,699,134 true true true true true true true false false false false false false false false true false true Schedule E, Line 3 EXPLANATION OF NONDISCRIMINATION POLICY: LIBERTY UNIVERSITY DRAWS A SUBSTANTIAL PERCENTAGE OF ITS STUDENTS NATIONWIDE, AND FOLLOWS A RACIALLY NON-DISCRIMINATORY POLICY AS TO STUDENTS. THIS POLICY IS ONLINE WITH LINKS AT THE BOTTOM OF VIRTUALLY EVERY UNIVERSITY WEBPAGE AND IN ALL THE BROCHURES AND CATALOGS DEALING WITH ADMISSION AND SCHOLARSHIPS. Schedule E, Line 6 EXPLANATION OF GOVERNMENT FINANCIAL AID: LIBERTY UNIVERSITY PROCESSES AND DISTRIBUTES FEDERAL AND STATE FINANCIAL AID IN THE FORM OF GRANTS, LOANS, AND SCHOLARSHIPS TO STUDENTS TO HELP WITH EDUCATION-RELATED EXPENSES. SUCH STUDENT FINANCIAL AID IS AWARDED ON THE BASIS OF FINANCIAL NEED BASED ON PRESCRIBED GOVERNMENTAL FORMULAS. Central America and the Caribbean Investments 67829903 South America Program Services mission trip/study abr 58993 Sub-Saharan Africa Program Services mission trip/study abr 100252 East Asia and the Pacific Program Services mission trip/study abr 14936 North America Program Services distance learning 175 Central America and the Caribbean Program Services distance learning 200 68004459 68004459 false false true true true false Athletic Golf 40075 40075 15623 6800 1204 2556 0 40075 40075 15623 6800 1204 2556 26183 13892 true Baptist Bible Fellowship Internatio 720 East Kearney St Springfield MO 65803 440610111 501(c)(3) 65000 Billingsley Arab Christian ministries Camp Bahamas Missions CBM Inc 1116 Moseley Dr Lynchburg VA 245021708 843830751 501(c)(3) 45000 supportive christian organization Central Missionary Clearinghouse PO Box 219228 Houston TX 772189228 510138300 501(c)(3) 160000 global surge efforts Gospel Community Church 1301 Rivermont Ave Lynchburg VA 245041006 271747109 501(c)(3) 12476 cost furniture supportive christian organization Gainey Foundation 1593 Galbraith Ave Grand Rapids MI 49546 912025454 501(c)(3) 50000 supportive christian organization Hillside Baptist Church 8366 W State Springfield MO 658028742 421696045 501(c)(3) 68200 Dr Jack Baskin initiative Hope of Life International PO Box 29158 Providence RI 029090998 262061324 501(c)(3) 50000 supportive christian organization Hope Partners International PO Box55056 Saint Petersburg FL 337325056 237088912 501(c)(3) 200000 supportive christian organization Image Church 13900 Church Hill Woodbridge VA 221912131 043849085 501(c)(3) 25000 supportive christian organization Jay Lowder Harvest Ministries Inc PO Box 9543 Wichita Falls TX 76308 752904331 501(c)(3) 50000 supportive christian organization Jerry Vines Ministries 202 Pheasant Hills Ct Canton GA 30114 204857233 501(c)(3) 100000 supportive christian organization Samaritan's Purse PO Box 3000 Boone NC 286078721 581437002 501(c)(3) 200050 supportive christian organization Tim Lee Ministries PO Box 461674 Garland TX 750461674 731268199 501(c)(3) 100000 supportive christian organization Free Clinic of Central VA 1016 Main St Lynchburg VA 24504 541420756 501(c)(3) 8415 COST Furniture community support 14 Missionary Assistance 40 97695 Benevolence 19 51730 Institutional Scholarships 97442 301385938 Part IV Schedule I, Part I, Line 2 DONATIONS ARE MADE TO NONPROFIT ORGANIZATIONS WHOSE PURPOSES ARE CONSISTENT WITH THE RELIGIOUS AND EDUCATIONAL PURPOSES OF LIBERTY UNIVERSITY. Schedule I, Part III, Column B GOVERNMENT FUNDED SCHOLARSHIPS FOR STUDENTS ARE MADE BASED ON FINANCIAL NEED AS PRESCRIBED BY FEDERAL AND STATE REGULATIONS. PRIVATE AND INSTITUTION FUNDED SCHOLARSHIPS ARE AWARDED BASED ON PROGRAM CRITERIA, WHICH INCLUDED SCHOLASTIC MERIT, ATHLETIC EXCELLENCE, ARTISTIC PERFORMANCE, FINANCIAL NEED, HIGH SCHOOL ATTENDED, AND FIELD WORKED. X X X X X X true true X X X X X true true false false false false false true false Mr Jerry Falwell Chancellor/President 830364 0 100000 0 2598603 0 385000 0 7854 0 3921821 0 0 0 Dr Jerry Prevo Trustee/President 197116 0 0 0 42952 0 9856 0 0 0 249924 0 0 0 Mr David Corry General Counsel/Secretary 371862 0 111250 0 0 0 18750 0 12076 0 513938 0 0 0 Mr Daniel Applewhite Deputy Gen. Counsel/Asst. Secy 206211 0 6534 0 0 0 10731 0 12735 0 236211 0 0 0 Dr Scott Hicks Provost & Chief Acad. Officer 245986 0 0 0 17000 0 10661 0 291 0 273938 0 0 0 Mr Don Moon SVP Finance & Investment Mgmt 251163 0 7513 0 0 0 12522 0 4826 0 276024 0 0 0 Dr Robert Ritz CFO/TREASURER 365996 0 11250 0 42000 0 18750 0 12735 0 450731 0 0 0 Mr Randall Smith Former Officer 309940 0 0 0 0 0 15750 0 9822 0 335512 0 0 0 Dr Shawn Akers Online Provost 232441 0 0 0 24800 0 0 0 0 0 257241 0 0 0 Mr Trey Falwell VP of University Operations 197164 0 0 0 0 0 9750 0 6575 0 213489 0 0 0 Mr John Gauger CHIEF INFORMATION OFFICER 245263 0 7485 0 0 0 12475 0 12076 0 277299 0 0 0 Dr Lawrence Hine Senior VP of Student Affairs 189427 0 6000 0 147 0 9505 0 9356 0 214435 0 0 0 Mr Ronald Kennedy EVP of Enrollment & Marketing 296250 0 250000 0 25200 0 15000 0 12076 0 598526 0 0 0 Mr Ian McCaw Director of Athletics 597599 0 9000 0 17385 0 26000 0 12735 0 662719 0 0 0 Mr David Nasser SR. VP OF SPIR DEV 410096 0 0 0 3665 0 20000 0 12735 0 446496 0 0 0 Mr Charles Spence Sr. VP of Facilities Mgmt 220018 0 6872 0 9000 0 11453 0 9822 0 257165 0 0 0 Ms Laura Wallace EVP for Human Resources 304198 0 109000 0 0 0 15000 0 4826 0 433024 0 0 0 Mr Hugh Freeze Head Coach-Football 1790449 0 125000 0 118096 0 26000 0 12440 0 2071985 0 0 0 Mr Ritchie McKay Head Coach-Men's Basketball 907341 0 151875 0 28268 0 26000 0 12735 0 1126219 0 0 0 Dr Peter Bell Dean, LU Coll. of Osteopathic 439499 0 0 0 0 0 22500 0 12440 0 474439 0 0 0 Mr Turner Gill EVP OF DIVERSITY, DEVELOPMENT 129927 0 0 0 201162 0 5625 0 2729 0 339443 0 0 0 Dr Mark Horstemeyer Dean, School of Engineering 314499 0 0 0 14230 0 16250 0 12440 0 357419 0 0 0 Mr Chris Johnson Former Key Employee 95295 0 3000 0 29657 0 3542 0 12263 0 143757 0 0 0 Dr Ronald Hawkins Former Officer 123842 0 0 0 4165 0 6027 0 9356 0 143390 0 0 0 mr daniel deter VP of major construction 205547 0 6300 0 6000 0 10500 0 12076 0 240423 0 0 0 Mrs Cindy Gaebe VP of Finance & Administration 207623 0 6335 0 0 0 0 0 12076 0 226034 0 0 0 mr craig pettit VP of Real Estate Management 229547 0 5400 0 0 0 9000 0 11781 0 255728 0 0 0 mr carey green head coach, womens basketball 328677 0 0 0 0 0 13335 0 9352 0 351364 0 0 0 PART I, LINE 1A: TYPE OF BENEFIT: FIRST-CLASS OR CHARTER TRVEL LISTED PERSON WHO RECEIVED THE BENEFIT: TRUSTEES, OFFICERS, KEY AND HIGHLY COMPENSATED WAS THE BENEFIT TREATED AS TAXABLE TO LISTED PERSON? FOR BUSINESS TRAVEL THE AMOUNT IS NEITHER REIMBURSED NOR IS TAXABLE; PERSONAL TRAVEL IS EITHER REIMBURSED OR TREATED AS A TAXABLE BENEFIT TYPE OF BENEFIT: TRAVEL FOR COMPANIONS LISTED PERSON WHO RECEIVED THE BENEFIT: TRUSTEES, OFFICERS, KEY AND HIGHLY COMPENSATED WAS THE BENEFIT TREATED AS TAXABLE TO THE LISTED PERSON? IF COMPANION HAD A BUSINESS PURPOSE, THE AMOUNT IS NEITHER REIMBURSED NOR TAXABLE. IF COMPANION DOES NOT HAVE A BUSINESS PURPOSE, THE AMOUNT IS EITHER REIMBURSED OR IS TREATED AS A TAXABLE BENEFIT TYPE OF BENEFIT: TAX INDEMNIFICATION AND GROSS-UP PAYMENTS LISTED PERSON WHO RECEIVED THE BENEFIT: PRESIDENT OF THE UNIVERSITY and evp of inclusion, equity and diversity WAS THE BENEFIT TREATED AS TAXABLE TO LISTED PERSON? THE AMOUNT IS TREATED AS TAXABLE COMPENSATION TYPE OF BENEFIT: HOUSING ALLOWANCE LISTED PERSON WHO RECEIVED THE BENEFIT: EVP of inclusion, equity and diversity and sr. vp of spiritual development WAS THE BENEFIT TREATED AS TAXABLE TO THE LISTED PERSON? THE AMOUNT IS TREATED AS TAXABLE COMPENSATION, not taxable for ministerial TYPE OF BENEFIT: HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES LISTED PERSON WHO RECEIVED THE BENEFIT: PRESIDENT OF THE UNIVERSITY WAS THE BENEFIT TREATED AS TAXABLE TO LISTED PERSON? THE AMOUNT IS TREATED AS TAXABLE COMPENSATION TYPE OF BENEFIT: PERSONAL SERVICES LISTED PERSON WHO RECEIVED THE BENEFIT: PRESIDENT OF THE UNIVERSITY WAS THE BENEFIT TREATED AS TAXABLE TO LISTED PERSON? THE AMOUNT IS EITHER REIMBURSED OR TREATED AS TAXABLE COMPENSATION PART I, LINE 3: COMPENSATION OF THE CHANCELLOR/PRESIDENT AND OTHER OFFICERS AND KEY EMPLOYEES ARE REVIEWED ANNUALLY BY THE EXECUTIVE COMMITTEE. COMPARABLE SALARY DATA IS REVIEWED WHEN SALARIES ARE SET AND ADJUSTED TO DETERMINE THE REASONABLENESS OF THE COMPENSATION. Part I, Line 4a: TURNER GILL received a severance payment in the amount of $171,538. Randall Smith received a severance payment in the amount of $335,512. Jerry falwell received a severance payment in the amount of $2,475,962. PART I, LINE 4B: JERRY FALWELL WAS PROVIDED AN ADDITIONAL NONQUALIFIED RETIREMENT PLAN TO SUPPLEMENT HIS UNIVERSITY-PROVIDED 403B BENEFITS AND TO RECOGNIZE HIS YEARS OF SERVICE TO THE SCHOOL without a retirement plan. THIS BENEFIT WAS STRUCTURED SO THAT IT WAS TREATED AS HAVING BEEN EARNED AS AN ANNUAL NOTIONAL CREDIT OF $385,000 (REDUCED BY THE UNIVERSITY-PROVIDED 403B EMPLOYER CONTRIBUTIONS) TO AN ACCOUNT EARNING 6% INVESTMENT RETURNS ANNUALLY OVER THE TERM OF MR. FALWELL'S SERVICE AS PRESIDENT, INCLUDING CREDITS FOR THE PERIOD 2007-2019. ANNUAL CREDITS ATTRIBUTABLE TO SERVICE PERIODS AFTER JULY 1, 2019 REQUIRE MR. FALWELL TO BE EMPLOYED AS PRESIDENT THROUGH THE CREDITING DATE TO RECEIVE THE CREDIT, AND THE ENTIRE BENEFIT IS SUBJECT TO FORFEITURE IF CERTAIN CONDITIONS ARE NOT MET. Part I, Line 7: CERTAIN EMPLOYEES AS DISCLOSED IN PART VII AND SCHEDULE J RECEIVE BONUS PAYMENTS WHICH WOULD QUALIFY AS NON-FIXED PAYMENTS. THE AMOUNTS OF SUCH BONUSES ARE APPROVED BY EXECUTIVE LEADERSHIP OF THE ORGANIZATION IN SUCH A WAY TO ENSURE REASONABLE COMPENSATION AND AVOID CONFLICTS OF INTEREST. ALL SUCH PAYMENTS ARE REFLECTED IN THE EMPLOYEE'S W-2. Jerry Falwell Jr Officer Fringe Benefits false charles wesley falwell Son of Officer Comp & Fringe Benefits false Laura Falwell Daughter in Law of Officer Compensation false Sarah Falwell Daughter in Law of Officer Compensation false Estate of Macel Falwell Estate of the Founder's Wife Comp & Fringe Benefits false 524284 0 RELATED TO SUBSTANTIAL CONTRIBUTOR RELATED TO SUBSTANTIAL CONTRIBUTOR Real prop. purchase X 395066 367564 false false true Falwell Family GST Irrevoc Trust 35% Controlled Entity of Jerry Falwell, Jr. split dollar premium X 486566 492126 false true true 859690 390474 grants to family of board to have comparable 0 members, officers and benefits program for 0 key employees all employees & certain 0 others Redfinch Solutions owned by key employee 19200 payments for services false JF Management owned by key employee 40655 payment for management service false Mallard Services owned by son of key employee 17389 payment for construct services false Native Enterprises owned by son of key employee 68675 payment for construct services false Spence Construction owned by son of key employee 106324 compensation false Franklin Graham father of a board member 25000 honorarium false Bernie Beckles Wife of Board Member 29440 compensation false Brandon Elrod Son in law of Key Employee 42107 compensation false Dawson Kennedy Son of Key Employee 10723 compensation false Dr Elmer Towns Co-founder 111239 compensation false Emily Hine Elrod Daughter of Key Employee 53045 compensation false Jamye Tickle Daughter of Board Member 34475 compensation false Jennifer Kennedy Wife of Key Employee 62100 compensation false Jessica Smith Daughter of Key Employee 31649 compensation false Jonathan Wallace Son of Key Employee 66084 compensation false Kathleen Spence Wife of Key Employee 52273 compensation false Laura Falwell Daughter in law of Board Member/Officer 78648 compensation false Nastaran Morgan Sister of Key Employee 51500 compensation false Sarah Falwell Daughter in law of Board Member/Officer & wife of Key Employee 16385 compensation false Shanna Akers Wife of an officer 211237 compensation false Scott Hawkins Son of a Former Officer 183300 compensation false Vincent Tickle Son in law of Board Member 87295 compensation false Virginia Dow Sister in Law of Officer 123366 compensation false Charles wesley Falwell Son of Board Member/Officer 72380 compensation false Tonia Kennedy sister in law of key employee 141338 compensation false Mark Akers Son of Officer 51500 compensation false Deidre Akers Daughter-in-law of Officer 44805 compensation false Melanie Hicks wife of officer 207792 COMPENSATION false Christopher Hicks brother of officer 56280 compensation false Dr John Gauger father of a key employee 11600 compensation false Carol Prevo wife of a board member and officer 39824 compensation false SUBSTANTIAL CONTRIBUTOR SUBSTANTIAL CONTRIBUTOR 590572 payment for fuel false SUBSTANTIAL CONTRIBUTOR SUBSTANTIAL CONTRIBUTOR 5059459 payment for investment mgmt false SUBSTANTIAL CONTRIBUTOR SUBSTANTIAL CONTRIBUTOR 629266 payment for heating and air false SUBSTANTIAL CONTRIBUTOR SUBSTANTIAL CONTRIBUTOR 764535 payment for marketing services false SUBSTANTIAL CONTRIBUTOR SUBSTANTIAL CONTRIBUTOR 159358 payment for land & constr. false SUBSTANTIAL CONTRIBUTOR SUBSTANTIAL CONTRIBUTOR 23557992 payment for construction svcs false Gayle Gill wife of key employee 18750 compensation false Vickey jaynes sister of key employee 124335 compensation false Part I, Line 1 Jerry Falwell, Jr. engaged in the following excess benefit transactions: (i) unreimbursed use of or direction of the use of University owned aircraft for personal purposes; (ii) use of University credit cards to pay for personal charges without reimbursement; (iii) benefited from University employees providing personal services for housekeeping and groundskeeping services to his family, plus the provision of an administrative assistant services to his wife without reimbursement; (iv) use of University employees to manage capital improvements and intellectual property upgrades on his personal property without reimbursement; (v) maintenance at offsite personal property without reimbursement; (vi) excess academic benefits for the benefit of his children attending the University, and (vii) received "gross up" for tax payments for personal services in contravention of his employment agreement. With regard to Jerry Falwell Jr.'s son, Charles Wesley Falwell, and his daughters-in-laws, Laura Falwell and Sarah Falwell, each received unreasonable compensation for services provided to the University. In addition, Charles Wesley Falwell and his wife-Laura Falwell were permitted to live in University housing paying below market rent. Finally, Jerry Falwell, Jr. authorized the use of University assets to provide security services and personal care services to his mother, Macel Falwell that were unreimbursed. With regard to the computation of the amount of tax incurred by the organization managers or disqualified persons during the year under section 4958 as disclosed in Part I, Line 2, the University only included excess benefit transactions that occurred during fiscal years ending June 30, 2016 through June 30, 2021. The University informed all disqualified persons listed above of the identified excess benefit transactions and demanded repayment. As of the date of the filing, JERRY FALWELL JR., WESLEY CHARLES FALWELL, LAURA FALWELL, AND SARAH FALWELL HAVE EXPRESSED THEIR INTENT TO MAKE PARTIAL CORRECTIONS OF the excess benefits. The University is evaluating potential additional collection options. With regard to corrective action, Sarah Falwell and Jerry Falwell, Jr. are no longer employees of the University. The University has made adjustments to the compensation of Charles Wesley Falwell and believes the compensation paid is now reasonable. Laura Falwell has changed roles at the University and the University believes the compensation paid is now reasonable. Further, Charles Wesley Falwell and Laura Falwell are no longer residing in University-owned housing. The University has taken significant actions to put new policies and procedures in place to minimize the risk of future excess benefit transactions occurring. These actions include adopting Amended and Restated Bylaws for the University that include provisions restricting the powers of the University's President to act on behalf of the University without the approval of the Board of Trustees. The University revised its Signature Authority Policy that creates significant limitations on the power of the President to approve certain transactions which are reserved to the Board of Trustees and others which required approval of a Board committee or concurrence with the President and CFO. The University also adopted a new aircraft usage policy to (1) require the Executive Committee of the Board of Trustees of the University to approve the ability of the President to exceed the number of allotted flight hours provided in President's employment agreement and (2) require contemporaneous documentation of the business purpose for each passenger on each flight and a list of passengers before each flight. The Board of Trustees of the University adopted Board of Trustees Guidelines, which included a fleshed-out process by which the Executive Committee of the Board of Trustees is to set the compensation and benefits of the President. Additionally, the adopted Board of Trustees Guidelines require the President to furnish the Executive Committee with market data on the comparability and reasonableness of compensation and benefits of other officers of the corporation, and key employees. Further, the Board of Trustees adopted a Code of Business Conduct that sets a standard of ethical conduct expected of all trustees, officers, and employees, including an expectation that such persons must avoid circumstances where their financial or other personal ties could present an actual or potential conflict of interest. The Code of Business Conduct requires that violations of the Code to be reported and the policy protects good faith reporters from retaliation and allows for anonymous reporting. The Board of Trustees adopted a more robust Whistleblower Policy, which encourages employees, trustees, and other covered persons to report "Wrongful Conduct", which is defined to include use of University property, resources, or authority for personal gain for oneself. The Whistleblower policy also protects good faith reporters from retaliation and allows for anonymous reporting. The Board of Trustees also adopted a revised Conflicts of Interest and Commitment for Senior Officers and Executives Policy, which requires senior officers and executives to disclose any potential conflicts of interest and conflicts of commitment. Under this revised policy, the resolution of such potential or actual conflicts of the President are subject to the approval of the Audit Committee and Board of Trustees. Also under this policy, the President must take steps to adopt conflict of interest policies more generally applicable to the University community. The Board of Trustees also adopted a Policy on Anti-Nepotism for Senior Officers and Executives, whereby the employment by the University of relatives or close friends of senior officers and executives (including the President), absent the approval of the Board of Trustees, is prohibited. Under this Policy, the compensation of any relatives or close friends of such individuals, if hired, must be reviewed and approved annually by the Board of Trustees. The Board also adopted a resolution requiring (1) all other University policies to be updated to be consistent with these newly adopted or updated policies and (2) University employees be trained on the new or updated policies. X 1 215383 appraisal X 7 187215 FMV X 1 5000 FMV X Horses 2 19900 FMV X Equipment 2 9379 FMV X LUGGAGE 1 7200 FMV 2 false true false FORM 990, PART 1, LINE 1, DESCRIPTION OF ORGANIZATION MISSION: LIBERTY UNIVERSITY, INC. IS A distinctively CHristian ACADEMIC COMMUNITY, WITH a MISSION OF PROVIDING QUALITY COLLEGIATE EDUCATION TRAINING CHAMPIONS FOR CHRIST. FORM 990, PART VI, SECTION A, LINE 1A: THE EXECUTIVE COMMITTEE OF THE BOARD IS THE GOVERNING BODY OF THE ORGANIZATION BETWEEN BOARD MEETINGS WITH POWERS TO DO EVERYTHING THE BOARD CAN DO, EXCEPT CHANGE COMPOSITION OF ANY STANDING COMMITTEE; ADD OR REMOVE TRUSTEES; ESTABLISH BOARD POLICY; RESCIND OR CHANGE PRIOR DECISIONS OF THE BOARD; CHANGE ARTICLES OF INCORPORATION OR BYLAWS; ADOPT COMPENSATION FOR BOARD OR COMMITTEE SERVICE; AND HIRE OR TERMINATE THE PRESIDENT. FORM 990, PART VI, SECTION A, LINE 2: MR. JERRY FALWELL, JR. AND MR. JONATHAN FALWELL Sat ON THE BOARD OF TRUSTEES AND ARE BROTHERS. MR. TREY FALWELL was A KEY EMPLOYEE. MR. JERRY FALWELL AND MR TREY FALWELL ARE FATHER AND SON. MR. JEFFREY F. BENSON AND MRS. GAYE OVERTON BENSON CURRENTLY SIT ON THE BOARD OF TRUSTEES AND ARE HUSBAND AND WIFE. BOARD MEMBERS HARVEY GAINEY AND ANGELA JORDAN ARE FATHER/DAUGHTER. BOARD MEMBERS DAVID RHODENHIZER AND CHRIS RHODENHIZER ARE FATHER/SON. Board members Gilbert Tinney and Will Tinney are father/son. Form 990, Part VI, Section A, Line 4: BOTH THE ARTICLES OF INCORPORATION AND BYLAWS WERE SIGNIFICANTLY AMENDED IN THE TAX YEAR TO PROVIDE AN INCREASED SPIRITUAL EMPhASIS, IMPROVED MEETING PROCEDURES AND BETTER APPLICATION OF BOARD GOVERNANCE PRINCIPLES. ON SPIRITUAL EMPHASIS, THE DOCUMENTS: STRENGTHENED THE STATEMENT OF THE ROLE OF THOMAS ROAD BAPTIST CHURCH AND ITS RELATIONSHIP WITH THE UNIVERSITY; AFFIRMATIVELY TIED IN ALL UNIVERSITY FUNCTIONS, OPERATIONS AND PROGRAMS TO THE HOLY BIBLE AND DOCTRINAL POSITION; RELIANCE ON BIBLICAL AND SCRIPTURAL VALUES ALONE INSTEAD OF LESS CERTAIN TERM OF "EVANGELICAL ADDITIONS TO DOCTRINAL STATEMENT EXPLICITLY REFERENCING EXAMPLES OF BOTH VIRTUOUS AND SINFUL BEHAVIOR; EXPLICITLY STATED BIBLICAL POSITIONS ON LIFE, MARRIAGE, SEX, GENDER, DRUNKENNESS, GOVERNMENT, THE CHURCH AND MORE IN DOCTRINAL POSITION; CREATION OF CHANCELLOR OF SPIRITUAL AFFAIRS POSITION TO PROVIDE MORAL LEADERSHIP, ACCOUNTABILITY AND DISCIPLESHIP TO EXECUTIVES, ADVICE ON IMPLEMENTING SPIRITUAL MISSION, GUIDANCE IN THE SCHOOL OF DIVINITY, OVERSIGHT OF THE OFFICE OF SPIRITUAL DEVELOPMENT, COORDINATION OF CONVOCATIONS AND CAMPUS CHURCH SERVICES, AND REPORTS TO BOARD ON DEVIATIONS FROM SPIRITUAL MISSION AND DOCTRINAL POSITION; AND HOLDING TRUSTEES, PRESIDENT, CHANCELLOR OF SPIRITUAL AFFAIRS AND NON-TRUSTEE COMMITTEE MEMBERS TO HIGH STANDARDS OF CHRISTIAN BEHAVIOR CONSISTENT WITH THE DOCTRINAL POSITION. ON MEETING PROCEDURES, REVISED PROCEDURES FOR CALLING MEETINGS WITH SHORTER NOTICE; AND PROVIDED CONDITIONS FOR REMOTE PARTICIPATION IN MEETINGS. ON GOVERNANCE PRINCIPLES, INCREASED THE MINIMUM SIZE OF THE BOARD FROM 5 TO 20 AND DECREASED THE MAXIMUM SIZE FROM 50 TO 40; CLARIFIED PROCEDURES FOR RESIGNATION AND OPTING FOR EMERITUS TRUSTEE STATUS; REALLOCATED VARIOUS POWERS FROM THE PRESIDENT TO THE BOARD, INCLUDING: SPENDING AUTHORITY, CONTRACTING AND BORROWING LIMITS, AND ASSET ACQUISITION AND SALE OVERSIGHT; SET OUT THE ROLES OF THE CHAIRMAN AND VICE CHAIRMAN, INCLUDING CHAIRMAN SERVING ON THE EXECUTIVE COMMITTEE; CLARIFIED ROLE OF EXECUTIVE COMMITTEE AND EXTENDED RECOMMENDATIONS AND EVALUATION RESPONSIBILITIES REGARDING PRESIDENT AND CHANCELLOR OF SPIRITUAL AFFAIRS; REQUIRED TIMELY REPORT OF ALL SUBSTANTIVE ACTIONS OF THE EXECUTIVE COMMITTEE TO THE FULL BOARD; CREATED AN ACADEMIC AND STUDENT AFFAIRS COMMITTEE CONCERNED WITH THE ACADEMIC, STUDENT LIFE, STUDENT SERVICES AND DIVERSITY PROGRAMS; CREATED A BUDGET AND FINANCE COMMITTEE TO REVIEW BUDGET PROPOSALS, FISCAL POLICY AND SPENDING; CREATED A FACILITIES AND CAMPUS DEVELOPMENT COMMITTEE FOCUSED ON THE PHYSICAL PLANT, MASTER PLANNING AND NEW CAPITAL PROJECT PRE-APPROVAL; CROSS MEMBERSHIP ON CERTAIN COMMITTEES TO FACILITATE COMMUNICATION AND COORDINATION; AND INCLUDED GOOD GOVERNANCE PRINCIPLES ON CONFLICTS OF INTEREST, NON-TRUSTEE COMMITTEE MEMBERS. Form 990, Part VI, Section A, Line 5: 1. A University employee inappropriately redirected check payments received to incorrect accounts and entities in order to allegedly misuse the funds for personal expenses between 1999 and 2006. The estimated total dollar amount is $282,661.36. The employee was terminated June 8, 2006. The employee entered a repayment plan on December 12, 2006 with payments made through May 13, 2022. 2. Unrelated to above, see schedule L part I. FORM 990, PART VI, SECTION B, LINE 11B: FORM 990 FOR FY JUNE 30, 2021 WAS PROVIDED BEFORE FILING TO THE PRESIDENT, CHIEF FINANCIAL OFFICER, IN-HOUSE LEGAL COUNSEL AND THE BOARD OF TRUSTEES FOR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C: The University has adopted a policy of Conflicts of Interest for Trustees. The Secretary is responsible for distributing and collecting signed Disclosure Statements at the time a Trustee is first elected, annually, and at the time a Trustee becomes aware of a potential conflict. After receiving disclosures from the Trustees, the Secretary will summarize the material information contained in the Disclosure Statements or other disclosure and deliver a report to the Audit Committee and the General Counsel. The resolution of any conflict or perceived conflict that is identified by the Secretary will be determined by the Audit Committee or, upon the referral by the Audit Committee or the Chairman of the Audit Committee, by the Board of Trustees. The General Counsel will advise on any legal requirements arising from any actual or apparent Conflict of Interest, including those situations where it would be appropriate or required for the Trustee to recuse him or herself from Board deliberations or votes. To the extent any actual or apparent Conflict of Interest involves a transaction under consideration by the Board of Trustees or a Committee of the Board, the Trustee's interest must be disclosed and known to the Board or the applicable Committee prior to the authorization, approval or ratification of the transaction. The University has adopted a policy of Conflicts of Interest and Commitment for Senior Officers and Executives. The Secretary is responsible for distributing the Disclosure Statements and collecting signed Disclosure Statements at the time a Senior Officer or Executive is first appointed or hired. Annually, the Secretary will disseminate and provide annual Disclosure Statements to all Senior Officers and Executives. After receiving disclosures from the Senior Officers and Executives, the Secretary will summarize the material information contained in the Disclosure Statements or other disclosure and timely deliver a report to the President of the University, the Chief Financial Officer and the Audit Committee. The resolution of any actual or perceived Conflict of Interest that is identified by the Secretary will be determined by the President, Chancellor of Spiritual Affairs, Chief Financial Officer or Internal Auditor will be determined in consultation with the Chairman of the Audit Committee and subject to the approval of the Audit Committee or Board of Trustees. FORM 990, PART VI, SECTION B, LINE 15: COMPENSATION OF THE CHANCELLOR/PRESIDENT AND OTHER OFFICERS AND KEY EMPLOYEES ARE REVIEWED WHEN SALARIES ARE SET AND ADJUSTED TO DETERMINE THE REASONABLENESS OF THE COMPENSATION. COMPENSATION IS FURTHER REVIEWED DURING THE BUDGETING PROCESS. NO ONE VOTES ON THEIR OWN SALARY DURING THE PROCESS. FORM 990, PART VI, SECTION C, LINE 19: LIBERTY UNIVERSITY DOES NOT MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, OR FINANCIAL STATEMENTS AVAILABLE FOR PUBLIC INSPECTION. HOWEVER, SOME DOCUMENTS MAY BE AVAILABLE IN THE PUBLIC RECORD AND/OR ON THE INTERNET. FOR EXAMPLE, LIBERTY UNIVERSITY'S ARTICLES OF INCORPORATION ARE FILED WITH THE VIRGINIA STATE CORPORATION COMMISSION AND THE AUDITED FINANCIAL STATEMENTS ARE AVAILABLE ON THE DAC BOND WEBSITE. FORM 990, PART VII, section a, line (b) average hours per week Board members contribute their time and services upon request and on as needed basis, which, throughout the year, may differ from the average number of hours per week. 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