2018-05-14T22:12:11-05:00 2017-06-30 KPMG LLP 1676 INTERNATIONAL DRIVE McLean VA 22102 990 2016-07-01 546039600 VIRGINIA WESLEYAN UNIVERSITY % JAMES COOPER VIRG 7574553317 5817 Wesleyan Drive Virginia Beach VA 23455 JAMES COOPER VP FINANCE 7574553317 2018-05-14 true RAYMOND LY P01205643 7032868000 2018-05-11 2016 2022-09-23 18:48:47Z Scott D Miller 5817 Wesleyan Drive Virginia Beach VA 23455 99265439 false X WWW.VWC.EDU X 1961 VA VIRGINIA WESLEYAN UNIVERSITY IS A FULLY ACCREDITED LIBERAL ARTS, UNITED-METHODIST RELATED INSTITUTION FOUNDED IN 1961. 25 25 1053 130 171325 -71317 5850686 13812285 53490942 53695997 -278385 1457283 -12846 16172 59050397 68981737 22165182 22552311 0 0 23284997 22261152 0 0 1733874 16242516 16926681 61692695 61740144 -2642298 7241593 143773557 152935853 43151042 37841102 100622515 115094751 X THE MISSION OF VIRGINIA WESLEYAN University IS TO ENGAGE STUDENTS OF DIVERSE AGES, RELIGIONS, ETHNIC ORIGINS AND BACKGROUNDS IN A RIGOROUS LIBERAL ARTS EDUCATION THAT WILL PREPARE THEM TO MEET THE CHALLENGES OF LIFE AND CAREER IN A COMPLEX AND RAPIDLY CHANGING WORLD. IN THIS ENDEAVOR, THE University EMPLOYS A WIDE RANGE OF APPROACHES TO TEACHING AND LEARNING AND PROVIDES OPPORTUNITIES TO CONNECT THE STUDY OF THE LIBERALS ARTS WITH PRACTICAL LEARNING EXPERIENCES ON CAMPUS, IN THE HAMPTON ROADS REGION, AND THROUGHOUT THE WORLD. IN ACCORD WITH OUR UNITED METHODIST HERITAGE, VIRGINIA WESLEYAN ASPIRES TO BE A SUPPORTIVE COMMUNITY THAT IS COMMITTED TO SOCIAL RESPONSIBILITY, ETHICAL CONDUCT, HIGHER LEARNING AND RELIGIOUS FREEDOM. false false 39589675 22552311 44649906 EDUCATIONAL AND GENERAL EXPENSES TO INCLUDE INSTRUCTIONAL SERVICES, PUBLIC SERVICES, PLANT OPERATIONS AND STUDENT AID IN FISCAL YEAR 2017, 1,494 STUDENTS WERE ENROLLED AND 288 STUDENTS GRADUATED WITH BACCALAUREATE DEGREES. 6969896 9155646 AUXILARY ENTERPRISES TO INCLUDE RESIDENCE HALLS, DINING HALL AND CONFERENCE FACILITIES 46559571 true true false true false false false true false true true true false false true true true false true false false false true false false false false false true true true false false false false false false false false false false true false false false false true false false false true 1850 0 1053 true true true false false false false true true false false false false X 25 25 false false true false false false false true true false false true true true true true true true true false VA X JAMES COOPER 7574553215 5817 WESLEYAN DRIVE VIRGINIA BEACH VA 23455 Dr Scott D Miller President 50.0 0.0 X X 437671 0 49644 Gary D Bonnewell Immediate Past Chair 1.0 0.0 X 0 0 0 David L Kaufman Chair 1.0 0.0 X X 0 0 0 Tassos J Paphites Trustee 1.0 0.0 X 0 0 0 Anne B Shumadine TREASURER 1.0 0.0 X X 0 0 0 OL Everett Trustee 1.0 0.0 X 0 0 0 Susan Torma Beverly Trustee 1.0 0.0 X 0 0 0 Thomas C Broyles Trustee Emeriti 1.0 0.0 X 0 0 0 Deborah H Butler Trustee 1.0 0.0 X 0 0 0 William H George Trustee 1.0 0.0 X 0 0 0 Susan S Goode Trustee 1.0 0.0 X 0 0 0 Alexander B Joyner EX OFFICIO 1.0 0.0 X 0 0 0 John F Malbon Trustee 1.0 0.0 X 0 0 0 Elizabeth F Middleton Trustee Emeriti 1.0 0.0 X 0 0 0 Deborah M Paxson Trustee 1.0 0.0 X 0 0 0 Jonathan E Pruden Vice Chair 1.0 0.0 X X 0 0 0 Cynthia M Rodriguez Secretary 1.0 0.0 X X 0 0 0 M Wayne Snead EX OFFICIO 1.0 0.0 X 0 0 0 Linda Thomas-Glover Trustee 1.0 0.0 X 0 0 0 John A Trinder Trustee Emeriti 1.0 0.0 X 0 0 0 George K Chip Tsantes III Trustee 1.0 0.0 X 0 0 0 D Henry Watts Parliamentarian 1.0 0.0 X X 0 0 0 S Frank Blocker Jr Trustee Emeriti 1.0 0.0 X 0 0 0 Robert F Boyd Trustee Emeriti 1.0 0.0 X 0 0 0 Robert H DeFord Jr Trustee Emeriti 1.0 0.0 X 0 0 0 William J Fanney Trustee Emeriti 1.0 0.0 X 0 0 0 Nancy T Deford Trustee 1.0 0.0 X 0 0 0 Mary C Haddad Trustee 1.0 0.0 X 0 0 0 Howard P Kern Trustee 1.0 0.0 X 0 0 0 Sharma D Lewis Ex Officio 1.0 0.0 X 0 0 0 Vincent J Mastracco Jr Trustee 1.0 0.0 X 0 0 0 Mavis N McKenley Ex Officio 1.0 0.0 X 0 0 0 William S Shelhourse Trustee 1.0 0.0 X 0 0 0 Lee T Stevenson Trustee 1.0 0.0 X 0 0 0 Kenneth G Trinder II Trustee 1.0 0.0 X 0 0 0 Michael J White Trustee 1.0 0.0 X 0 0 0 Jane P Batten Trustee Emeriti 1.0 0.0 X 0 0 0 George Y Birdsong Trustee Emeriti 1.0 0.0 X 0 0 0 Joan P Brock Trustee Emeriti 1.0 0.0 X 0 0 0 Robert W Collenberg II Trustee Emeriti 1.0 0.0 X 0 0 0 Emily Miles Trustee Emeriti 1.0 0.0 X 0 0 0 William H Thumel Jr Trustee Emeriti 1.0 0.0 X 0 0 0 Benjamin J Willis Jr Trustee Emeriti 1.0 0.0 X 0 0 0 Dr Timothy O'Rourke PROVOST AND VICE PRESIDENT 50.0 0.0 X 175784 0 30561 Cary Sawyer Vice President for Finance 50.0 0.0 X 149412 0 30424 David Waggoner VP OF ENROLLMENT 50.0 0.0 X 127538 0 19642 Keith Moore VP FOR STUDENT AFFAIRS 50.0 0.0 X 109830 0 21144 Mort Gamble Senior Vice President 50.0 0.0 X 120049 0 17918 James Cooper Start 53117 Vice President for Finance & A 50.0 0.0 X 0 0 0 David Macedo Head Men's Basketball Coach 50.0 0.0 X 135145 0 28279 Suzanne Savage Assoc VP for Advancement 50.0 0.0 X 122191 0 18900 Joyce Howell Professor of Art History 50.0 0.0 X 121511 0 25214 LAWRENCE HULTGREN PROFESSOR OF PHILOSOPHY 50.0 0.0 X 116642 0 24462 Douglas A Kennedy Professor of Recreation and Le 50.0 0.0 X 113152 0 26415 Dr William T Greer Jr Former President 50.0 0.0 X 333409 0 20497 2062334 0 313100 12 true true false Hourigan Construction 4429 Bonney Rd Suite 200 VIRGINIA BEACH VA 23462 Building Contractor 13465053 Sodexo PO Box 536922 ATLANTA GA 303536922 FOOD SERVICES 2466221 Aramark PO Box 978839 DALLAS TX 753978839 FAC. MANAGEMENT 1783452 KPMG LLP 440 Monticello Ave Ste 1900 NORFOLK VA 23510 Auditing/Tax Consult 141000 4 266670 13545615 6059454 13812285 STUDENT FEES 611310 44585312 44585312 RESIDENCE HALLS 611310 4391222 4314859 76363 DINING 611310 3592818 3426540 166278 OTHER 611310 408540 408540 BOOKSTORE 611310 718105 718105 53695997 626315 22067 604248 0 0 453502 496154 -42652 0 -42652 50731 -93383 30618516 29787548 830968 830968 830968 0 0 0 0 0 0 0 0 0 OTHER LOSS 611310 58824 58824 58824 68981737 53562911 171325 1435216 0 0 22386027 22386027 166284 166284 0 1428642 1428642 0 15082829 12314613 2117736 650480 1296975 997362 251075 48538 3226134 2312789 686359 226986 1226572 951929 227279 47364 0 55462 55462 141000 141000 2062 2062 0 121217 121217 0 0 922199 654196 249565 18438 0 0 1970353 1073073 897280 483552 353066 120493 9993 0 0 1530954 679478 851476 0 3241354 1697003 1544351 469901 24252 445649 OTHER 4691098 2179029 1779994 732075 COST OF SALES 2527059 2527059 ATHLETICS 701883 701883 STUDENT ACTIVITIES 68587 68587 61740144 46559571 13446699 1733874 157951 3565258 19782554 15244880 6652012 6033207 325660 654442 0 0 0 0 1085013 1327241 214891 193681 238000 512526 124158505 54040583 58807175 70117922 0 0 55216455 54943246 0 0 0 0 1293846 343450 143773557 152935853 4924906 2718684 956614 956614 965532 1055110 28340277 27350576 0 0 0 0 0 0 0 0 7963713 5760118 43151042 37841102 X 27840955 32137796 31750682 41670106 41030878 41286849 100622515 115094751 143773557 152935853 7241593 7230643 X false true X true true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true 2062 2062 Line 1i The University pays membership dues to various higher education associations where a portion of membership dues are attributed to lobbying activities.to lobbying activities. X X X X false 52576938 802826 6243445 1720962 1131862 56770385 57358595 176976 -1405855 1738235 1814543 52576938 57712712 1905873 821852 1683065 1444648 -45871 57358595 51827301 229843 8055740 1672724 1049155 -321707 57712712 48640037 262283 5754034 2829053 51827301 0.18000 0.70000 0.12000 false false 580418 580418 85142353 36885885 48256468 15839413 14825573 1013840 22596321 2329125 20267196 70117922 MARKETABLE EQUITY 25487 F MUTUAL FUNDS 325681 F GLOBAL EQUITIES 29426546 F REAL ESTATE 967406 F FIXED INCOME 7935719 F REAL ASSETS NAT RES. 968747 F HEDGE FUNDS 7934801 F PRIVATE EQUITY 5414674 F NONMARK - LP INTERESTS 461280 F OTHER 1482905 F 54943246 0 OBLIGATIONS UNDER SPLIT INTERE 183840 OBLIGATIONS UNDER INT RATE SWA 4579789 CAPITAL LEASE OBLIGATIONS 832903 ACCRUED INTEREST PAYABLE 163586 5760118 54035006 5055234 -20376902 -15321668 69356674 121217 -496154 -374937 68981737 39562770 39562770 121217 22056157 22177374 61740144 SCHEDULE D, 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. SCHEDULE D, PART V, LINE 4 ENDOWMENT FUNDS ARE USED TO FUND SCHOLARSHIPS AND GRANTS FOR STUDENTS AND SUPPORT OPPERATIONS. SCHEDULE D, 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, 2017. SCHEDULE D, PART XI, LINE 2D - OTHER ADJUSTMENTS FINANCIAL AID - $ 22,552,311 INTEREST RATE SWAP $ 2,175,409 ------------- $ 20,376,902 SCHEDULE D, PART XI, LINE 4B - OTHER ADJUSTMENTS RENTAL EXPENSES - $ 496,154 SCHEDULE D, PART XII, LINE 4B - OTHER ADJUSTMENTS FINANCIAL AID $ 22,552,311 RENTAL EXPENSES -$ 496,154 -------------- $ 22,056,157 true true true true true true true false false false false false false false false true false true SCHEDULE E, PART 1, LINE 3 NONDISCRIMINATORY POLICY: 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 1, LINE 6 EXPLANATION OF GOVERNMENT FINANCIAL AID: 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). Sub-Saharan Africa 2 Grantmaking 38000 South Asia 2 Grantmaking 29185 Europe (Including Iceland and Greenland) 3 Grantmaking 64599 North America 2 Grantmaking 34500 Central America and the Caribbean 11 Grantmaking 7934801 20 20 8101085 8101085 Grantmaking Sub-Saharan Africa 2 38000 Grantmaking South Asia 2 29185 Grantmaking Europe (Including Iceland and Greenland) 2 64599 Grantmaking North America 2 34500 Investments Central America and the Caribbean 11 7934801 true false false true true false true Scholarships and Financial Aid 1346 22386027 SCHEDULE I, PART I, LINE 2 GRANTS AND OTHER ASSISTANCE TO INDIVIDUALS IN THE UNITED STATES. 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 true true X X X X false true false false false false false false false Dr Scott D Miller President 437671 0 0 0 0 0 35175 0 14469 0 487315 0 0 0 Dr Timothy O'Rourke PROVOST AND VICE PRESIDENT 175784 0 0 0 0 0 15248 0 15313 0 206345 0 0 0 Cary Sawyer Vice President for Finance 149412 0 0 0 0 0 13071 0 17353 0 179836 0 0 0 David Macedo Head Men's Basketball Coach 135145 0 0 0 0 0 11960 0 16319 0 163424 0 Dr William T Greer Jr Former President 153409 0 0 0 180000 0 13228 0 7269 0 353906 0 0 0 PART I, LINE 1A THE University PROVIDES HOUSING 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. PART I, LINE 4B THE University HAS AN ASSET AND LIABILITY RECORDED FOR A RABBI TRUST FOR FORMER PRESIDENT DR. WILLIAM T. GREER, JR. NO CONTRIBUTIONS WERE RECORDED FROM THE University TO THE RABBI TRUST IN THE 2016/2017 FISCAL YEAR. DR GREER BEGAN DRAWING FUNDS FROM THE RABBI TRUST IN THE 2016/2017 FISCAL YEAR. A CITY OF VB DEV AUTH 540947964 2012-09-28 31159119 REFINANCE OF ADDITIONAL FACILITIES false false false A 0 0 31159119 0 0 0 166183 0 30992936 0 0 0 2012 false false true true A false false false false 0 false false false false A false true false false true true 0 30. false false false 0 false false A false X 9 3599351 STOCK QUOTE X Other/Misc 5 14509 FMV false false false FORM 990, PART VI, SECTION B, LINE 11 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 PRESIDENTS COMPENSATION COMMITTEE, AND BASED ON THE ANNUAL EVALUATION, MEETS IN EXECUTIVE SESSION TO REVIEW THE PRESIDENTS COMPENSATION PACKAGE. THE PRESIDENTS 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 PRESIDENTS 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 UNIVERSITYS 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 BOARDS SATISFACTION WITH THE EMPLOYEES 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. 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