2017-11-07T14:15:43-06:00 2017-06-30 410746749 CLIFTONLARSONALLEN LLP 420 SOUTH ORANGE AVENUE SUITE 500 ORLANDO FL 32801 990 2016-07-01 540129860 AVERETT UNIVERSITY AVER 4347915651 420 WEST MAIN STREET DANVILLE VA 24541 AARON HOWELL CFO 4347915651 2017-11-06 1 AMY CHAPMAN P00843460 4078021200 2017-11-06 67.137.57.251 2017-11-06 16:17:33 ES P 24235E0DF7A4E6DE1F448C5463E28E21A8C6ADA9 6204EFE5850DAA8AFBA3764BB98E8DF02B364695 2016 2018-03-14 21:41:22Z TIFFANY FRANKS 420 WEST MAIN STREET DANVILLE VA 24541 51339990 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)ON CAMPUS IN DANVILLE, VA AND AT REGIONAL CENTERS THROUGHOUT VIRGINIA. 27 27 792 27 0 0 3082950 1912618 40150761 39478952 544670 637233 188773 71965 43967154 42100768 12511431 13499248 0 0 16497020 16367213 74111 57849 560792 15337088 14011223 44419650 43935533 -452496 -1834765 69310867 67363097 22964306 20592481 46346561 46770616 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 39506507 13499248 39478952 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. 39506507 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 2886 0 792 1 0 0 0 0 0 1 1 0 0 0 0 X 27 27 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 ANNIE WIMBISH TRUSTEE 1.00 X 0 0 0 BRANDON POTTER TRUSTEE 1.00 X 0 0 0 CHRISTOPHER WEST TRUSTEE 1.00 X 0 0 0 DEBORAH UPTON TRUSTEE 1.00 X 0 0 0 HAMPTON WILKINS TRUSTEE 1.00 X 0 0 0 IRVING BLANK TRUSTEE 1.00 X 0 0 0 JAN BARNETT TRUSTEE 1.00 X 0 0 0 JOSEPH BURKE TRUSTEE 1.00 X 0 0 0 KIRK BIDGOOD TRUSTEE 1.00 X 0 0 0 KRIS WILLARD TRUSTEE 1.00 X 0 0 0 LISA JOHNSON TRUSTEE 1.00 X 0 0 0 MARGARET LEWIS TRUSTEE 1.00 X 0 0 0 MARY RIDDLE 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 MORGAN WILLIAMS TRUSTEE 1.00 X 0 0 0 RICHARD ROCCESANO TRUSTEE 1.00 X 0 0 0 RON PALMER TRUSTEE 1.00 X 0 0 0 ROSSIE ALSTON JR TRUSTEE 1.00 X 0 0 0 STEVEN DANIELS JR TRUSTEE 1.00 X 0 0 0 TIMOTHY CARTER TRUSTEE 1.00 X 0 0 0 TODD YEATTS TRUSTEE 1.00 X 0 0 0 WANDA JEFFRESS TRUSTEE 1.00 X 0 0 0 WILLIAM GENTRY TRUSTEE 1.00 X 0 0 0 TIFFANY FRANKS PRESIDENT 40.00 X 247739 0 21442 AARON HOWELL VP FINANCE, CFO 40.00 X 166207 0 24330 TIMOTHY FULOP VP ACADEMICS 40.00 X 136255 0 22878 PAMELA GILES SCHOOL OF NURSING 40.00 X 112643 0 16578 ALBERT RAWLEY VP ADVANCEMENT 40.00 X 112388 0 21857 CHARLES HARRIS EXECUTIVE VP 40.00 X 113318 0 13839 PEGGY WRIGHT BUSINESS DEPARTMENT 40.00 X 114640 0 12480 1003190 0 133404 9 0 1 0 BON APPETIT PO BOX 91337 CHICAGO IL 60693 CONTRACT MANAGEMENT FEE 1715572 ARAMARK FACILITY SERVICES 24818 NETWORK PL CHICAGO IL 60673 CONTRACT MANAGEMENT FEE 1644748 ENGLISH CONSTRUCTION CO INC 615 CHURCH ST LYNCHBURG VA 24504 CONSTRUCTION 1600656 TWG SOLUTIONS 4330 GAINES RANCH LOOP AUSTIN TX 78735 CONTRACT MARKETING FEE 1172227 FHEG AVERETT UNIVERSITY BOOKSTORE 3146 SOLUTIONS CENTER CHICAGO IL 60677 CONTRACT MANAGEMENT FEE 259484 14 1375 247843 1663400 216091 1912618 TUITION AND FEES 900099 34154485 34154485 AUXILIARY ENTERPRISES 900099 4521547 4521547 802920 802920 39478952 495994 495994 73242 0 73242 73242 73242 9365550 50 9196238 28123 169312 -28073 141239 141239 13584 1375 14861 -1277 -1277 42100768 39478952 0 709198 13499248 13499248 476738 476738 12361216 10777011 1259518 324687 496129 421339 57381 17409 2136738 1718240 364911 53587 896392 761253 112241 22898 24540 24120 420 80176 80176 57849 57849 100783 100783 1301002 973222 304359 23421 998695 987698 10997 691853 589967 76795 25091 322842 182467 140375 1988702 1879952 85758 22992 591254 512916 66556 11782 146190 137718 7816 656 561517 470456 91061 1496159 1071989 424170 388799 388431 368 REPAIRS AND MAINTENANCE 2596177 2412066 184111 STUDENT FOOD SERVICE 1405638 1405638 STUDENT-RELATED ACTIVIT 887936 887936 INSTRUCTIONAL SUPPLIES 395415 395415 33545 33545 43935533 39506507 3868234 560792 4035493 106005 1992782 3139064 1612618 1079527 850935 2819158 2794954 664311 314164 58554511 23529999 34637993 35024512 12603665 17583670 10257802 7013750 73854 69707 69310867 67363097 1946454 1366515 2744067 2791247 2685954 2161272 11988659 11362371 3211712 2780764 387460 130312 22964306 20592481 X 17465617 18147142 9929211 9129076 18951733 19494398 46346561 46770616 69310867 67363097 X -1834765 1845791 413029 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 21848104 356852 2410297 651900 7400 23955953 23234695 153585 -466876 420800 652500 21848104 23649118 409363 290604 397700 716690 23234695 22004116 170637 2555492 366200 714927 23649118 20529889 134441 2331886 286200 705900 22004116 0.09000 0.69000 0.22000 1 0 2560831 2560831 33373841 11178122 22195719 12285011 4291559 7993452 6024363 4598376 1425987 4310465 3461942 848523 35024512 BENEFICIAL INTERESTS 3248204 F LIFE INSURANCE 144590 F STABLE VALUE FUND 563581 F ENDOWMENT INTEREST 28992 F REAL ESTATE INVESTMENTS 1879141 F CASH AND CASH EQUIVALENTS 1149242 C 7013750 MARK-TO-MARKET SWAP VALUE 80846 LIABILITY UNDER ANNUITY AND TRUST AGREEMENT 49466 130312 X 30774418 1845791 -13086219 -11240428 42014846 100783 -14861 85922 42100768 30350363 14861 14861 30335502 100783 13499248 13600031 43935533 PART V, LINE 4: PRIVIDE 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 -13,499,248. CHANGE IN VALUE OF SWAP AGREEMENT 254,874. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS 136,056. CHANGE IN VALUE OF SPLIT INTEREST AGREEMNTS 2,274. BAD DEBT - PLEDGE RECEIVABLES 19,825. PART XI, LINE 4B - OTHER ADJUSTMENTS: SPECIAL EVENTS EXPENSES RECLASSED -14,861. PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENTS EXPENSES RECLASSED 14,861. PART XII, LINE 4B - OTHER ADJUSTMENTS: RECLASSED SCHOLARSHIPS AND GRANTS 13,499,248. 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. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS - ENDOWMENT 563581 EUROPE (INCLUDING ICELAND & GREENLAND) 0 1 PROGRAM SERVICES RECRUITMENT 6000 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES STUDY ABROAD 24951 0 1 0 0 0 1 594532 0 594532 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 162819 57849 104969 162819 57849 104969 VA GOLF TOURNAMENT 14959 1375 13584 3866 10995 14959 1375 13584 3866 10995 14861 -1277 1 SCHOLARSHIPS AND GRATNS TO STUDENTS 883 13499248 0 PART I, LINE 2: ANNUAL A-133 AUDIT X X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 TIFFANY FRANKS PRESIDENT 247739 0 0 0 0 0 15100 0 6342 0 269181 0 0 0 AARON HOWELL VP FINANCE, CFO 166207 0 0 0 0 0 10320 0 14010 0 190537 0 0 0 TIMOTHY FULOP VP ACADEMICS 136255 0 0 0 0 0 8700 0 14178 0 159133 0 0 0 PART I, LINE 1A TIFFANY FRANKS - ON-CAMPUS HOUSING ALLOWANCE IS INCLUDED IN HER TAXABLE COMPENSATION. THE UNIVERSITY PAID GOLF CLUB DUES FOR 2 OFFICERS AND 2 VICE PRESIDENTS. THESE PAYMENTS WERE NOT INCLUDED IN THEIR TAXABLE INCOME BECAUSE THEY WERE USED FOR BUSINESS PURPOSE ONLY. A INDUST DEVELOP AUTHOR OF CITY OF DANVILLE VA 521321074 2010-12-17 15000000 REFUND EXISTING BONDS, CAPITAL IM 0 0 0 A 4474208 15000000 270355 31129 2310835 12395726 1 0 1 1 A 0 0 0 0 0 0 1 A 0 0 0 0 1 1 BRANCH BANK & TRUST 7.000000000000 0 0 0 0 1 A 0 SCHEDULE L, PART I, BOND ISSUES: (A) ISSUER NAME: INDUST DEVELOP AUTHOR OF CITY OF DAVILLE VA (F) DESCRIPTION OF PURPOSE: REFUND EXISITING BONDS, CAPITAL IMPROVEMENTS; WORKING CAPITAL X 10 216091 FMV 0 0 1 1 PART I, COLUMN (B): THE NUMBER OF CONTRIBUTORS REFLECTS THE NUMBER OF DONORS CONTRIBUTING NON-CASH GIFTS. 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 SWAP AGREEMENT 254,874. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 2,274. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS 136,056. BAD DEBT - PLEDGE RECEIVABLES 19,825.