2021-05-13T09:37:09-05:00 2020-06-30 540504608 BROWN EDWARDS & COMPANY LLP 1715 PRATT DRIVE SUITE 2700 BLACKSBURG VA 24060 990 2019-07-01 546039600 VIRGINIA WESLEYAN UNIVERSITY VIRG 7574553317 5817 WESLEYAN DRIVE VIRGINIA BEACH VA 23455 JAMES COOPER VP FOR FINANCE AND ADMINISTRATION 7574553317 2021-05-13 1 MARK WOOLWINE P00647446 5404433606 2021-05-13 2019 2022-09-23 18:48:47Z JAMES COOPER 5817 WESLEYAN DRIVE VIRGINIA BEACH VA 23455 67182889 0 X WWW.VWC.EDU X 1961 VA VIRGINIA WESLEYAN UNIVERSITY IS A FULLY ACCREDITED LIBERAL ARTS, UNITED-METHODIST RELATED INSTITUTION FOUNDED IN 1961. 32 32 1098 47 419529 0 8103987 10421500 55102016 54069370 1369648 1659586 941605 852206 65517256 67002662 23810907 23892442 0 0 23327344 22806574 0 0 862315 19726803 19909077 66865054 66608093 -1347798 394569 160838985 159824749 42092873 41441122 118746112 118383627 X SEE SCHEDULE O. 0 0 43789885 23892442 45384106 EDUCATIONAL AND GENERAL EXPENSES TO INCLUDE INSTRUCTIONAL SERVICES, PUBLIC SERVICES, PLANT OPERATIONS AND STUDENT AID IN FISCAL YEAR 2020, APPROXIMATELY 1,500 STUDENTS WERE ENROLLED AND APPROXIMATELY 300 STUDENTS GRADUATED WITH BACCALAUREATE DEGREES. 6491405 9117941 AUXILARY ENTERPRISES TO INCLUDE RESIDENCE HALLS, DINING HALL AND CONFERENCE FACILITIES. 50281290 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 1 0 1 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 1 0 0 0 1 2057 0 1 1098 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 32 32 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 VA X JAMES COOPER 7574553317 5817 WESLEYAN DRIVE VIRGINIA BEACH VA 23455 JOHN F MALBON CHAIR 1.00 X X 0 0 0 SUSAN S GOODE VICE CHAIR 1.00 X X 0 0 0 NANCY T DEFORD SECRETARY 1.00 X X 0 0 0 J TIM BAILEY TREASURER 1.00 X X 0 0 0 GEORGE K CHIP TSANTES III TRUSTEE 1.00 X 0 0 0 GARY D BONNEWELL TRUSTEE 1.00 X 0 0 0 SUSAN TORMA BEVERLY TRUSTEE 1.00 X 0 0 0 CYNTHIA M RODRIGUEZ TRUSTEE 1.00 X 0 0 0 MAVIS E MCKENLEY TRUSTEE 1.00 X 0 0 0 DOUG WILSON TRUSTEE 1.00 X 0 0 0 JONATHAN E PRUDEN TRUSTEE 1.00 X 0 0 0 SHARON S GOODWYN TRUSTEE 1.00 X 0 0 0 WILLIAM W GRANGER III TRUSTEE 1.00 X 0 0 0 MARY C HADDAD TRUSTEE 1.00 X 0 0 0 JEAN T JENKINS TRUSTEE 1.00 X 0 0 0 HOWARD P KERN TRUSTEE 1.00 X 0 0 0 RONALD M KRAMER TRUSTEE 1.00 X 0 0 0 DAVID L KAUFMAN IMMEDIATE PAST CHAIR 1.00 X 0 0 0 VINCENT J MASTRACCO JR TRUSTEE 1.00 X 0 0 0 ROBERT W MCFARLAND TRUSTEE 1.00 X 0 0 0 ERIC C NYMAN TRUSTEE 1.00 X 0 0 0 TASSOS J PAPHITES TRUSTEE 1.00 X 0 0 0 DEBORAH M PAXSON TRUSTEE 1.00 X 0 0 0 ROBIN D RAY TRUSTEE 1.00 X 0 0 0 LOUIS F RYAN TRUSTEE 1.00 X 0 0 0 ALAN H SHAW TRUSTEE 1.00 X 0 0 0 JAMES H SHUMADINE TRUSTEE 1.00 X 0 0 0 LEE T STEVENSON TRUSTEE 1.00 X 0 0 0 JOSEPH R THOMAS TRUSTEE 1.00 X 0 0 0 KENNETH G TRINDER II TRUSTEE 1.00 X 0 0 0 D HENRY WATTS TRUSTEE 1.00 X 0 0 0 MICHAEL J WHITE TRUSTEE 1.00 X 0 0 0 DR SCOTT D MILLER PRESIDENT 50.00 X 508892 0 59721 DR TIMOTHY O'ROURKE PROVOST AND VICE PRESIDENT 50.00 X 166792 0 31600 JAMES COOPER VICE PRESIDENT FOR FINANCE 50.00 X 166917 0 28147 KEITH MOORE VICE PRESIDENT FOR STUDENT 50.00 X 117109 0 23881 DAVID WAGGONER VICE PRESIDENT OF ENROLLME 50.00 X 137042 0 21698 MORT GAMBLE SENIOR VICE PRESIDENT 50.00 X 142258 0 22059 MAYNARD SCHAUS VICE PRESIDENT ACADEMIC AFFAIRS 50.00 X 144305 0 32963 DAVID MACEDO HEAD MEN'S BASKETBALL COAC 40.00 X 146331 0 33056 DOUGLAS KENNEDY PROFESSOR 40.00 X 114429 0 29074 LAWRENCE HULTGREN PROFESSOR AND DIR OF PORTF 40.00 X 120732 0 27248 TERRENCE LINDVALL PROFESSOR 40.00 X 112339 0 29698 MICHELLE VACHRIS PROFESSOR 40.00 X 123792 0 20413 WILLIAM GIBSON PROFESSOR 40.00 X 121105 0 24182 KEITH MOORE VICE PRESIDENT FOR STUDENT AFFAIRS 50.00 X 117109 0 23881 VICTOR TOWNSEND PROFESSOR 40.00 X 114423 0 19473 2353575 0 427094 23 0 1 0 SODEXO PO BOX 360170 PITTSBURGH PA 152516170 FOOD SERVICES 2224698 ARAMARK PO BOX 978839 DALLAS TX 753978839 FACILITY MANAGEMENT 1986407 WILEY EDU LLC PO BOX 416502 BOSTON MA 022416502 ONLINE PROGRAM DEVELOPMENT 1023610 ELLUCIAN COMPANY LP 62578 COLLECTION CENTER DR CHICAGO IL 60693 SOFTWARE 423138 HOURIGAN CONSTRUCTION 4429 BONNEY RD SUITE 200 VIRGINIA BEACH VA 23462 CONSTRUCTION MANAGEMENT 292446 10 332357 10089143 409439 10421500 STUDENT FEES 611310 45352264 45352264 ROOM & BOARD 611310 8251267 8052346 198921 BOOKSTORE 611310 465839 465839 54069370 400737 400737 400835 180227 220608 220608 220608 1258849 0 1258849 1258849 1258849 OTHER 611310 631598 631598 631598 67002662 54502047 419529 1659586 23892442 23892442 1188108 425970 670964 91174 15814633 12798982 2563287 452364 1277283 976376 251018 49889 3319872 2469718 722055 128099 1206678 951911 209011 45756 27866 27866 73155 73155 74723 74723 490528 413412 68244 8872 4226238 2481627 1744611 440678 371092 67759 1827 1305953 603720 702233 4047621 2481513 1566108 498676 14536 484140 OTHER 5559203 1736062 3738807 84334 COGS 2500507 2500507 ATHLETICS 622072 622072 STUDENT ACTIVITIES 41857 41857 66608093 50281290 15464488 862315 1374517 3057319 13418026 10862628 673432 1549571 1594732 1674180 1329683 1209714 204685 170399 407695 1263231 148747831 65789094 85427466 82958737 55006492 55538059 1402257 1540911 160838985 159824749 2954906 2920049 956614 956614 2321287 2925251 34802523 33546037 1057543 1093171 42092873 41441122 X 63956157 61919910 54789955 56463717 118746112 118383627 160838985 159824749 394569 -757054 0 X 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 1482 1482 0 PART II-B, LINE 1: THE UNIVERSITY PAYS MEMBERSHIP DUES TO VARIOUS HIGHER EDUCATION ASSOCIATIONS WHERE A PORTION OF MEMBERSHIP DUES ARE ATTRIBUTED TO LOBBYING ACTIVITIES. 277221 X X X X 0 59960898 1076135 755426 1846817 1180055 58765587 58696815 428677 4040666 1812392 1392868 59960898 56770385 255782 4544141 1748394 1125099 58696815 52576938 802826 6243445 1720962 1131862 56770385 57358595 176976 -1405855 1738235 1814543 52576938 0.17010 0.70750 0.12240 0 0 580418 580418 125544825 46343521 79201304 19401166 16994338 2406828 3221422 2451235 770187 82958737 MARKETABLE EQUITY 15406 F MUTUAL FUNDS 409505 F GLOBAL EQUITIES 26653236 F REAL ESTATE 4767176 F FIXED INCOME 8014404 F REAL ASSETS NAT RES. 845276 F HEDGE FUNDS 5541912 F PRIVATE EQUITY 8897237 F LIMITED PARTNERSHIPS 393907 F 55538059 OBLIGATIONS UNDER SPLIT INTEREST AGREEMENTS 183840 CAPITAL LEASE OBLIGATIONS 619670 AGENCY FUNDS 289661 1093171 X 42458670 -757054 180227 -576827 43035497 74723 23892442 23967165 67002662 42821155 180227 180227 42640928 74723 23892442 23967165 66608093 PART III, LINE 4: THE COLLECTION CONSISTS PRIMARILY OF PAINTINGS AND IS HELD FOR PUBLIC DISPLAY IN RELATION TO ART CLASSES TAUGHT BY THE UNIVERSITY. PART V, LINE 4: ENDOWMENT FUNDS ARE USED TO FUND SCHOLARSHIPS AND GRANTS FOR STUDENTS AND SUPPORT OPPERATIONS. PART X, LINE 2: THE UNIVERSITY HAS EVALUATED THE EFFECT OF GENERALLY ACCEPTED ACCOUNTING PRINCIPLES ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. THE UNIVERSITY IS A NOT-FOR-PROFIT ORGANIZATION AND IS EXEMPT FROM TAXATION UNDER SECTION 501 (C)(3) OF THE INTERNAL REVENUE CODE. MANAGEMENT HAS EVALUATED ALL OF THE TAX POSITIONS AND DETERMINED A PROVISION FOR UNCERTAIN TAX POSITIONS IS NOT NECESSARY AT JUNE 30, 2019. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 180,227. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 23,892,442. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 180,227. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 23,892,442. 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 NONDISCRIMINATORY POLICY IS ON THE UNIVERSITY WEB SITE AND IS INCLUDED ON INFORMATION THAT GOES OUT TO PROSPECTIVE STUDENTS. THE UNIVERSITY PUBLISHES IT WHEN ADVERTISING FOR POSITIONS. SCHEDULE E, PART I, LINE 6 THE UNIVERSITY RECEIVES FUNDS FROM THE FEDERAL GOVERNMENT UNDER THE FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT (FSEOG) PROGRAM AND THE FEDERAL WORK-STUDY PROGRAM. GRANTS RECEIVED ARE AWARDED TO STUDENTS USING ONE OF FOUR FEDERAL POLICIES BASED ON THE FREE APPLICATION OF FEDERAL STUDENT AID (FAFSA). 0 CENTRAL AMERICA/CARIBBEAN INVESTMENTS/SCHOLARSHIPS 6667311 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM SCHOLARSHIPS 239823 EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, SCHOLARSHIPS 229038 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES SCHOLARSHIPS 18247 MIDDLE EAST SCHOLARSHIPS 23896 0 0 0 0 0 0 7178315 0 7178315 SCHOLARSHIPS EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIU 10 239823 SCHOLARSHIPS EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 8 229038 SCHOLARSHIPS NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES 1 18247 SCHOLARSHIPS MIDDLE EAST 1 23896 SCHOLARSHIPS CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 2 23548 0 0 0 0 0 0 PART III ACCOUNTING METHOD: 1 SCHOLARSHIPS AND FINANCIAL AID 1446 23357890 PART I, LINE 2: THE FINANCIAL AID OFFICE IS CHARGED WITH DETERMINING ELIGIBILITY, ALLLOCATIONS OF GRANT FUNDS, AND MONITORING OF STUDENT ACCOUNTS. FINANCIAL NEED IS DETERMINED AFTER AN ANALYSIS OF THE FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA) IS COMPLETED. THE UNIVERSITY ALSO OFFERS ACADEMIC SCHOLARSHIPS, WITHOUT REGARD TO NEED, TO ENTERING NEW AND TRANSFER STUDENTS WITH OUTSTANDING ACADEMIC RECORDS. ALL FINANCIAL AID IS CHARGED DIRECTLY AGAINST THE STUDENT ACCOUNTS. X 1 1 X X X X 0 0 0 0 0 0 0 0 0 DR SCOTT D MILLER PRESIDENT 483892 0 0 0 25000 0 42800 0 16921 0 568613 0 0 0 DR TIMOTHY O'ROURKE PROVOST AND VICE PRESIDENT 166792 0 0 0 0 0 15579 0 16021 0 198392 0 0 0 JAMES COOPER VICE PRESIDENT FOR FINANCE 166917 0 0 0 0 0 14886 0 13261 0 195064 0 0 0 DAVID WAGGONER VICE PRESIDENT OF ENROLLME 137042 0 0 0 0 0 11726 0 9972 0 158740 0 0 0 MORT GAMBLE SENIOR VICE PRESIDENT 142258 0 0 0 0 0 12070 0 9989 0 164317 0 0 0 MAYNARD SCHAUS VICE PRESIDENT ACADEMIC AFFAIRS 144305 0 0 0 0 0 12662 0 20301 0 177268 0 0 0 DAVID MACEDO HEAD MEN'S BASKETBALL COAC 146331 0 0 0 0 0 12755 0 20301 0 179387 0 0 0 PART I, LINE 1A THE UNIVERSITY PROVIDES A PARTIAL HOUSING ALLOWANCE TO THE PRESIDENT FOR THE CONVENIENCE OF THE EMPLOYER SO THAT THE PRESIDENT CAN PERFORM ESSENTIAL UNIVERSITY BUSINESS AND ACTIVITIES AT THE HOME. THE HOUSING PROVIDED IS TREATED AS TAXABLE INCOME. A CITY OF VB DEV AUTH 540947964 2018-06-13 36000000 REFINANCE AND CAPITAL IMPROVEMENTS 0 0 0 A 36000000 26438906 86333 5315530 3098000 1061231 1 0 0 1 A 0 0 0 0 0 0 0 A 0 1 0 0 0 0 0 0 0 A 0 VINCENT J MASTRACCO JR BOARD MEMBER 21050 VINCENT IS A PARTNER AT KAUFMAN & CANOLES, P.C. WHICH IS WVU'S PRIMARY LEGAL REPRESENTATIVE. 0 HOWARD KERN BOARD MEMBER 138630 HOWARD IS PRESIDENT AND CEO OF SENTARA HEALTHCARE WHICH WVU USES FOR OUTSOURCED HEALTHCARE SERVICES AND ATHLETIC TRAINING SUPPORT. 0 WILLIAM SHELHORSE BOARD MEMBER 51200 WILLIAM IS PRESIDENT OF CHESAPEAKE BAY CONTRACTORS WHICH HAS BEEN USED AS A SUBCONTRACTOR BY HOURIGAN CONSTRUCTION ON SOME WVU CONSTUCTION PROJECTS. 0 X 7 322467 STOCK QUOTE X OTHER/MISC 26 86972 FMV 0 0 0 FORM 990, PART III, LINE 1 AN INCLUSIVE COMMUNITY DEDICATED TO SCHOLARSHIP AND SERVICE GROUNDED IN THE LIBERAL ARTS AND SCIENCES, VIRGINIA WESLEYAN UNIVERSITY INSPIRES STUDENTS TO BUILD MEANINGFUL LIVES THROUGH ENGAGEMENT IN COASTAL VIRGINIA'S DYNAMIC METROPOLITAN REGION, THE NATION, AND THE WORLD. FORM 990, PART VI, SECTION B, LINE 11B VIRGINIA WESLEYAN UNIVERSITY AND THE ACCOUNTING STAFF PROVIDE THE NECESSARY FINANCIAL AND OTHER INFORMATION NECESSARY TO THE INDEPENDENT THIRD PARTY TAX CONSULTANTS. THE TAX CONSULTANTS REVIEW AND COMPILE THE INFORMATION INTO THE 990 AND 990T FORMS AND PROVIDE A DRAFT TO MANAGEMENT. THE ADMINISTRATION AND FINANCE COMMITTEE REVIEW THE 990 BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C OFFICERS, DIRECTORS, AND TRUSTEES ARE REQUIRED TO ANNUALLY SIGN A FORM STATING THAT THERE ARE NO CONFLICTS OF INTEREST BETWEEN THEMSELVES AND THE UNIVERSITY. IF A CONFLICT DOES OCCUR DURING THE YEAR, IT IS REPORTED TO THE PRESIDENT AND THE CHAIRMAN OF THE BOARD. ADDITIONALLY, IN THE EVENT OF A CONFLICT, THAT PERSON WILL RECUSE HIMSELF/HERSELF FROM ALL DISCUSSION AND VOTE ON THE MATTER. FORM 990, PART VI, SECTION B, LINE 15 THE PRESIDENT IS EVALUATED BY EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES (HELD IN FEBRUARY OR MARCH EACH YEAR), ACCORDING TO WRITTEN OBJECTIVES, SPECIFIC AND GENERAL, DEVELOPED BY CONSULTATION BETWEEN THE PRESIDENT AND THE BOARD CHAIR AND PRESENTED TO AND APPROVED BY THE BOARD BEFORE THE OUTSET OF EACH ACADEMIC YEAR. THE PRESIDENT REPORTS ON THESE GOALS AT EACH BOARD MEETING. THE EXECUTIVE COMMITTEE SERVES AS THE PRESIDENT'S COMPENSATION COMMITTEE, AND BASED ON THE ANNUAL EVALUATION,MEETS IN EXECUTIVE SESSION TO REVIEW THE PRESIDENT'S COMPENSATION PACKAGE. THE PRESIDENT'S DUTIES, TERMS OF EMPLOYMENT AND COMPENSATION ARE COMMITTED TO A WRITTEN "EMPLOYMENT AGREEMENT "(CONTRACT).THE CONTRACT CONTAINS SPECIFIC DUTIES AND TERMS. A ONE PAGE APPENDIX IS UPDATED EACH YEAR WITH SALARY AND ANY SPECIAL CONDITIONS. A SUPPLEMENTAL LETTER OUTLINES REIMBURSEMENT FOR SPOUSAL ACCOMMODATION EXPENSE(S). THE CONTRACT MIRRORS THE PRESIDENT'S CONTRACT AT HIS PRIOR INSTITUTIONS (PRESIDENT, LINCOLN MEMORIAL UNIVERSITY, 1991-1997; PRESIDENT, WESLEY COLLEGE, 1997-2007; PRESIDENT, BETHANY COLLEGE, 2007-2015). THAT CONTRACT WAS DEVELOPED BY AN INDEPENDENT HIGHER EDUCATION CONSULTING FIRM AND WITH THE ASSISTANCE OF INDEPENDENT LEGAL COUNSEL. AN UPDATED VIRGINIA WESLEYAN UNIVERSITY VERSION WAS DRAFTED BY THE CHAIR OF THE BOARD AND THE UNIVERSITY'S GENERAL COUNSEL AND APPROVED BY THE PRESIDENT OF THE UNIVERSITY AS WELL AS THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. THE FULL BOARD RATIFIED DUTIES, TERMS AND COMPENSATION. PER THE CONTRACT, "THE EMPLOYEE'S (PRESIDENT) BASE SALARY FOR SUBSEQUENT YEARS WILL BE REVIEWED AND ESTABLISHED ANNUALLY, ON OR BEFORE MARCH 31 OF EACH CALENDAR YEAR, BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES AND, IF ADJUSTED, WILL BE ADJUSTED EFFECTIVE JULY 1 OF THAT YEAR. ADJUSTMENTS ARE AT THE SOLE DISCRETION OF THE EXECUTIVE COMMITTEE AND WILL BE CONDITIONED UPON THE BOARD'S SATISFACTION WITH THE EMPLOYEE'S PERFORMANCE AND THE UNIVERSITY'S FINANCIAL POSITION ." BASED ON THE EVALUATION, THE EXECUTIVE COMMITTEE SETS THE PRESIDENT'S COMPENSATION UTILIZING COMPARATIVE DATA FROM A VARIETY OF EXTERNAL SOURCES :( A) SURVEY DATA FOR PRESIDENTS OF COLLEGES WITH SIMILAR ASSETS PROVIDED BY THE COLLEGE UNIVERSITY AND PERSONNEL ASSOCIATION (CUPA); (B) A REVIEW OF INTERNAL REVENUE SERVICE 990 FORM DATA FOR PRESIDENTS OF PEER INSTITUTIONS; (C) COMPARATIVE DATA FOR PRESIDENTS OF NATIONAL LIBERAL ARTS COLLEGES PROVIDED BY THE ANNUAL CHRONICLE OF HIGHER EDUCATION SURVEY, AND (D) COMPARATIVE DATA FOR PRESIDENTS OF SIMILAR INSTITUTIONS FROM THE YAFFEE AND COMPANY EXECUTIVE COMPENSATION SURVEY. THE UNIVERSITY'S OFFICERS COMPENSATION IS SET BY THE PRESIDENT USING THE SAME VARIETY OF EXTERNAL SOURCES AS USED WHEN EVALUATING THE PRESIDENT'S COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, POLICIES AND FINANCIAL STATEMENTS ARE PROVIDED UPON REQUEST. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED IT'S OVERSIGHT OR SELECTION PROCESS DURING THE PAST YEAR. CHARITABLE REMAINDER TRUSTS (2) INVESTMENTS VA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0