2019-10-09T08:55:04-05:00 2019-06-30 410746749 CLIFTONLARSONALLEN LLP 420 SOUTH ORANGE AVENUE SUITE 500 ORLANDO FL 32801 990 2018-07-01 540129860 AVERETT UNIVERSITY AVER 4347915651 420 WEST MAIN STREET DANVILLE VA 24541 AARON HOWELL CFO 4347915651 2019-10-07 1 AMY CHAPMAN P00843460 4078021200 2019-09-30 67.137.57.251 2019-10-07 16:24:41 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 3B3A1289959CA9CF172F1F64CBA6E277D3E8225D 2018 2019-02-21 02:37:17Z TIFFANY FRANKS 420 WEST MAIN STREET DANVILLE VA 24541 72825215 0 X WWW.AVERETT.EDU X 1859 VA TO OFFER COURSES OF STUDY LEADING TO BACHELOR'S AND MASTER'S DEGREES (CONTINUED ON SCHEDULE O) 29 29 793 29 0 0 7039974 3231153 42086661 43623277 1157802 4106470 51292 59735 50335729 51020635 15672986 17090290 0 0 17256774 17186428 55881 49303 544410 14375178 14477674 47360819 48803695 2974910 2216940 73191613 75904199 22410716 25545709 50780897 50358490 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 43890236 17090290 43623277 AVERETT PROVIDES INSTRUCTION TO MORE THAN 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. 43890236 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 1 1 0 0 1 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 2492 0 793 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 29 29 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 VA X AARON HOWELL CFO 4347915651 420 WEST MAIN STREET DANVILLE VA 24541 SAMUEL SAUNDERS CHAIRPERSON 1.00 X X 0 0 0 DANIEL CARLTON FIRST VICE CHAIRPERSON 1.00 X X 0 0 0 CALVIN SNOWDEN SECOND VICE CHAIRPERSON 1.00 X X 0 0 0 JESSIE BARKSDALE TRUSTEE 1.00 X 0 0 0 JAN BARNETT TRUSTEE 1.00 X 0 0 0 KIRK BIDGOOD TRUSTEE 1.00 X 0 0 0 RICHARD BROWN TRUSTEE 1.00 X 0 0 0 JOSEPH BURKE TRUSTEE 1.00 X 0 0 0 TIMOTHY CARTER TRUSTEE 1.00 X 0 0 0 GARY COLLINS TRUSTEE 1.00 X 0 0 0 STEVEN DANIELS SR TRUSTEE 1.00 X 0 0 0 STEVE DELGIORNO TRUSTEE 1.00 X 0 0 0 JACOB FRITH TRUSTEE 1.00 X 0 0 0 WILLIAM GENTRY JR TRUSTEE 1.00 X 0 0 0 MARK GIGNAC TRUSTEE 1.00 X 0 0 0 LINDA GREEN TRUSTEE 1.00 X 0 0 0 MICHAEL KECK TRUSTEE 1.00 X 0 0 0 MICHAEL LUTER TRUSTEE 1.00 X 0 0 0 RON PALMER TRUSTEE 1.00 X 0 0 0 BRANDON POTTER TRUSTEE 1.00 X 0 0 0 TONI RICE TRUSTEE 1.00 X 0 0 0 MARY RIDDLE TRUSTEE 1.00 X 0 0 0 ROICHARD ROCCESANO TRUSTEE 1.00 X 0 0 0 DEBORAH UPTON TRUSTEE 1.00 X 0 0 0 CHRISTOPHER WEST TRUSTEE 1.00 X 0 0 0 HAMPTON WILKINS TRUSTEE 1.00 X 0 0 0 KRIS WILLIARD TRUSTEE 1.00 X 0 0 0 ANNIE WIMBISH TRUSTEE 1.00 X 0 0 0 TODD YEATTS PRESIDENT 40.00 X 0 0 0 TIFFANY FRANKS PRESIDENT 40.00 X 269579 0 34649 AARON HOWELL VP FINANCE, CFO 40.00 X 173401 0 31441 TIMOTHY FULOP VP ACADEMICS 40.00 X 138184 0 41192 PAMELA GILES SCHOOL OF NURSING 40.00 X 112303 0 25571 ALBERT RAWLEY VP ADVANCEMENT 40.00 X 118581 0 35619 CHARLES HARRIS EXECUTIVE VP 40.00 X 115530 0 16025 PEGGY WRIGHT BUSINESS DEPARTMENT 40.00 X 116559 0 25870 1044137 0 210367 9 0 1 0 BON APPETIT PO BOX 91337 CHICAGO IL 60693 CONTRACT MANAGEMENT FEE 1795964 ROLYN COMPANIES INC 5706 FREDERICK AVE ROCKVILLE MD 20852 CONSTRUCTION COSTS 1381556 RIVETICA INC 800 BATTERY AVE SE SUITE 100 ATLANTA GA 30339 CONTRACT MARKETING FEE 942025 THE BUDD GROUP PO BOX 890856 CHARLOTTE NC 28289 CONTRACT MANAGEMENT FEE 468516 FHEG AVERETT UNIVERSITY BOOKSTORE 3146 SOLUTIONS CENTER CHICAGO IL 60677 CONTRACT MANAGEMENT FEE 276518 24 295608 2935545 85397 3231153 TUITION AND FEES 900099 37480501 37480501 AUXILIARY ENTERPRISES 900099 5308854 5308854 OTHER PROGRAM SERVICE FEES 900099 833922 833922 43623277 820753 820753 59735 0 59735 59735 59735 25068837 21783120 3285717 3285717 3285717 21460 21460 0 51020635 43623277 0 4166205 17090290 17090290 514920 514920 13075968 11279095 1469137 327736 497032 408989 70860 17183 2181463 1607357 531403 42703 917045 764988 128335 23722 15580 15130 450 71547 71547 49303 49303 105004 105004 1272510 973256 275974 23280 1229394 1217468 11136 790 289704 220949 46521 22234 450689 272478 178211 1997720 1907069 65863 24788 624562 575640 37121 11801 222776 211504 10852 420 895069 737673 157396 1912479 1458913 453566 387382 387382 REPAIRS AND MAINTENANCE 1884247 1658174 226073 STUDENT FOOD SERVICE 1547426 1547426 STUDENT-RELATED ACTIVIT 881648 881648 INSTRUCTIONAL SUPPLIES 439397 439397 250540 250540 48803695 43890236 4369049 544410 2881626 3931315 2472095 1915890 849483 1062608 2613472 2391478 383702 494491 64476925 24651310 37043560 39825615 19911672 20103441 6972501 6122925 63502 56436 73191613 75904199 1515188 3071954 2450255 2464032 2751355 2432975 14675000 14675000 971825 2856626 47093 45122 22410716 25545709 X 17608962 17597371 12038883 32761119 21133052 0 50780897 50358490 73191613 75904199 X 2216940 -2611703 -27645 X 0 1 X 1 1 1 X 25779568 285435 1156054 464100 567100 3469 26186388 23522153 1443236 1854992 450900 585800 4113 25779568 21848104 356852 2410297 433800 651900 7400 23522153 23234695 153585 -466876 420800 652500 21848104 23649118 409363 290604 397700 716690 23234695 0.08870 0.00000 0.91130 1 0 2560831 2560831 33283100 12547620 20735480 18579600 5130409 13449191 5045679 3327986 1717693 5007715 3645295 1362420 39825615 BENEFICIAL INTERESTS 3309234 F LIFE INSURANCE 144155 F ENDOWMENT INTEREST 47652 F REAL ESTATE INVESTMENTS 2182250 F CASH AND CASH EQUIVALENTS 439634 C 6122925 LIABILITY UNDER ANNUITY AND TRUST AGREEMENT 45122 45122 X 31207454 -2611703 -17125325 -19737028 50944482 105004 -28850 76154 51020636 31629861 21460 21460 31608401 105004 17090290 17195294 48803695 PART V, LINE 4: PROVIDE FUNDS FOR SCHOLARSHIPS, OPERATIONS, MAINTENANCE, AND SUPPORT OF AVERETT UNIVERSITY. PART X, LINE 2: MANAGEMENT EVALUATED THE UNIVERSITY'S TAX POSITIONS AND CONCLUCDED 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 THE FASB ACCOUNTING STANDARDS CODIFICATION. THE UNIVERSITY FILES FORM 990 IN ACCORDANCE WITH APPLICABLE U.S. FEDERAL REGULATIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: RECLASSED SCHOLARSHIPS AND GRANTS -17,090,290. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS -37,007. CHANGE IN VALUE OF SPLIT INTEREST AGREEMNTS 1,972. PART XI, LINE 4B - OTHER ADJUSTMENTS: BAD DEBT - PLEDGE RECEIVABLES -7,390. DIRECT FUNDRAISING EXPENSES -21,460. PART XII, LINE 2D - OTHER ADJUSTMENTS: DIRECT FUNDRAISING EXPENSES 21,460. PART XII, LINE 4B - OTHER ADJUSTMENTS: RECLASSED SCHOLARSHIPS AND GRANTS 17,090,290. 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) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 1 PROGRAM SERVICES RECRUITMENT 12000 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICES STUDY ABROAD 17160 0 1 0 0 0 1 29160 0 29160 0 0 0 1 0 0 X X X X X X X 1 THE VIRGINIA COLLEGE FUND 4900 AUGUSTA AVE RICHMOND VA 23230 SOLICITS FOR FINANCIAL SUPPORT 0 123473 49303 74170 123473 49303 74170 VA GOLF TOURNAMENT 21460 21460 6649 14811 21460 21460 6649 14811 21460 0 1 SCHOLARSHIPS AND GRANTS TO STUDENTS 965 17090290 0 N/A N/A X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 TIFFANY FRANKS PRESIDENT 269579 0 0 0 0 0 24448 0 10201 0 304228 0 0 0 AARON HOWELL VP FINANCE, CFO 173401 0 0 0 0 0 10471 0 20970 0 204842 0 0 0 TIMOTHY FULOP VP ACADEMICS 138184 0 0 0 0 0 17719 0 23473 0 179376 0 0 0 ALBERT RAWLEY VP ADVANCEMENT 118581 0 0 0 0 0 12233 0 23386 0 154200 0 0 0 PART I, LINE 1A TIFFANY FRANKS - ON-CAMPUS HOUSING ALLOWANCE IS INCLUDED IN HER TAXABLE COMPENSATION. A INDUST DEVELOP AUTHOR OF CITY OF DANVILLE VA 521321074 2017-10-01 14675000 REFUND EXISTING BONDS, CAPITAL IM 0 0 0 A 14299624 961675 564313 439087 3419022 11047274 1 0 1 1 A 0 0 0 0 0 0 1 A 0 1 0 0 1 0 0 0 1 A 1 X 4 85397 FMV 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 A FINANCIAL INTEREST IF THE PERSON HAS, DIRECTLY OR INDIRECTLY, THROUGH BUSINESS, INVESTMENT, OR FAMILY: A. AN OWNERSHIP OR 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 DISCLOSURE 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 COMMITTEE 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 THEY HE/SHE HAVE OR MAY HAVE A CONFLICT OF 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 FAILED TO DISCLOSE ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, IT SHALL INFORM THE MEMBER OF THE BASIS FOR SUCH BELIEF AND AFFORD THE MEMBER AN OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. IF, AFTER HEARING THE MEMBER'S RESPONSE AND AFTER MAKING FURTHER INVESTIGATION AS WARRANTED BY THE CIRCUMSTANCES, THE BOARD OR EXECUTIVE COMMITTEE DETERMINES THE MEMBER HAS FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT 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 THE 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 ARRANGEMENT, 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 DATA WITH PEER INSTITUTIONS AND APPROVES THE PRESIDENT'S EMPLOYEMENT 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 XI, LINE 9: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 1,972. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS -37,007. BAD DEBT RECOVERY - PLEDGE RECEIVABLES 7,390.