2016-11-04T14:23:05-05:00 2016-06-30 420714325 RSM US LLP 230 N ELM ST STE 1100 GREENSBORO NC 27401 990 2015-07-01 540129860 AVERETT UNIVERSITY AVER 4347915651 420 WEST MAIN STREET DANVILLE VA 24541 AARON HOWELL CFO 4347915651 2016-10-19 1 ADRIENNE MCKINNEY P00819656 3362724551 2015 2017-02-10 21:41:12Z TIFFANY M FRANKS 420 WEST MAIN STREET DANVILLE VA 24541 49663444 0 X WWW.AVERETT.EDU X 1859 VA AVERETT UNIVERSITY OFFERS COURSES OF STUDY LEADING TO BACHELOR'S AND MASTER'S DEGREES ON CAMPUS IN DANVILLE, VIRGINIA AND AT REGIONAL CENTERS THROUGHOUT VIRGINIA. 26 26 768 26 0 0 5979301 3082950 38330017 40150761 1893384 544670 40505 188773 46243207 43967154 11548604 12511431 0 0 15825886 16497020 73883 74111 550578 13902292 15337088 41350665 44419650 4892542 -452496 71670954 69310867 23965314 22964306 47705640 46346561 X SEE SCHEDULE OAVERETT 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 39933145 12511431 40150761 AVERETT PROVIDES INSTRUCTION TO MORE THAN 2,000 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. 39933145 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 2416 0 1 768 1 0 0 0 0 0 1 1 0 0 0 0 X 26 26 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 X CALVIN SNOWDEN CHAIRPERSON 1.00 X X 0 0 0 SAMUEL SAUNDERS FIRST VICE CHAIRPERSON 1.00 X X 0 0 0 DANIEL CARLTON SECOND VICE CHAIRPERSON 1.00 X X 0 0 0 ROSSIE ALSTON JR TRUSTEE 1.00 X 0 0 0 JOHN BARR TRUSTEE 1.00 X 0 0 0 KIRK BIDGOOD TRUSTEE 1.00 X 0 0 0 IRVING BLANK 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 STEVEN DANIELS JR TRUSTEE 1.00 X 0 0 0 WILLIAM GENTRY TRUSTEE 1.00 X 0 0 0 VIRGINIA HAMLET TRUSTEE 1.00 X 0 0 0 WANDA JEFFRESS TRUSTEE 1.00 X 0 0 0 LISA JOHNSON TRUSTEE 1.00 X 0 0 0 MICHAEL KECK TRUSTEE 1.00 X 0 0 0 MARGARET LEWIS 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 MARY RIDDLE TRUSTEE 1.00 X 0 0 0 RICHARD ROCCESANO TRUSTEE 1.00 X 0 0 0 CHRISTOPHER WEST TRUSTEE 1.00 X 0 0 0 KRIS WILLARD TRUSTEE 1.00 X 0 0 0 HAMPTON WILKINS TRUSTEE 1.00 X 0 0 0 ANNIE WIMBISH TRUSTEE 1.00 X 0 0 0 BOBBYE WOMACK TRUSTEE 1.00 X 0 0 0 TODD YEATTS TRUSTEE 1.00 X 0 0 0 TIFFANY FRANKS PRESIDENT 40.00 X 292270 0 24753 AARON HOWELL CFO 40.00 X 94726 0 7861 PEGGY WRIGHT BUSINESS DEPARTMENT 40.00 X 117508 0 12585 CHARLES HARRIS EXECUTIVE VP 40.00 X 118076 0 19760 ALBERT RAWLEY VP ADVANCEMENT 40.00 X 118964 0 13504 STACY GATO VP ENROLLMENT 40.00 X 108040 0 20186 TIMOTHY FULOP VP ACADEMICS 40.00 X 141786 0 29718 991370 0 128367 7 0 1 0 SYNERGIS 1820 EAST RAY ROAD CHANDLER AZ 85225 CONTRACT MANAGEMENT 2231591 ARAMARK FACILITY SERVICES 24818 NETWORK PLACE CHICAGO IL 60673 CONTRACT MANAGEMENT 2120736 BON APPETIT PO BOX 91337 CHICAGO IL 60693 CONTRACT MANAGEMENT 1706241 ENGLISH CONSTRUCTION CO 615 CHURCH STREET LYNCHBURG VA 24504 CONSTRUCTION 1438547 TWG SOLUTIONS LLC 4330 GAINES RANCH LOOP AUSTIN TX 78735 CONTRACT MARKETING 299008 15 11530 243960 2827460 676068 3082950 TUITION & FEES 900099 34745200 34745200 AUXILIARY ENTERPRISES 900099 4590359 4590359 815202 815202 40150761 534868 534868 196908 0 196908 196908 196908 5649812 41500 5691432 -9922 -41620 51422 9802 9802 6645 11530 14780 -8135 -8135 43967154 40150761 0 733443 12511431 12511431 378245 378245 12213653 10764210 1124790 324653 520365 428577 75011 16777 2518022 1840241 624468 53313 866735 743034 101386 22315 13895 13480 415 97734 97734 74111 74111 96273 96273 3994298 3600957 371975 21366 212586 212586 524446 431468 79699 13279 273991 128378 145613 1725424 1673793 39704 11927 514311 446742 56004 11565 159259 137283 21119 857 584827 466149 118678 1460499 1037003 423496 299424 299424 REPAIRS AND MAINTENANCE 2914221 2745969 168252 STUDENT FOOD SERVICE 1425938 1425938 STUDENT-RELATED ACTIVIT 656316 656316 INSTRUCTIONAL SUPPLIES 383646 383646 44419650 39933145 3935927 550578 4975637 4035493 4548448 3139064 841531 1079527 2837277 2819158 609128 664311 58904124 24266131 33438601 34637993 12275910 12603665 12059637 10257802 84785 73854 71670954 69310867 2304809 1946454 2688771 2744067 2577361 2685954 12591128 11988659 3249054 3211712 554191 387460 23965314 22964306 X 16008270 17465617 12689711 9929211 19007659 18951733 47705640 46346561 71670954 69310867 X -452496 -862805 -43778 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 23234695 153585 -466876 420800 652500 21848104 23649118 409363 290604 397700 716690 23234695 22004116 170637 2555492 366200 714927 23649118 20529889 134441 2331886 286200 705900 22004116 21372692 252473 -54239 307159 733878 20529889 0.08590 0.72500 0.18920 1 0 34225 2560831 2595056 28605095 10558270 18046825 12139496 3978445 8161051 7885391 6461093 1424298 7679086 3268323 4410763 34637993 REAL ESTATE FUNDS 1694930 F HEDGE FUNDS 1011731 F CSV OF LIFE INSURANCE 130218 F CASH AND CASH EQUIVALENTS 1360751 C FUNDS HELD IN TRUST BY OTHERS 3112148 F STABLE VALUE FUNDS 2888432 F ENDOWMENT INTEREST 59592 C 10257802 LIABILITY UNDER ANNUITY AND TRUST AGREEMENTS 51741 MARK-TO-MARKET SWAP VALUE 335719 387460 X 30941164 -862805 -12081692 -12944497 43885661 96273 -14780 81493 43967154 32300243 14780 14780 32285463 96273 12037914 12134187 44419650 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 CONCLUDED 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: RECLASS SCHOLARSHIPS AND GRANTS -12,511,431. CHANGE IN VALUE OF SWAP AGREEMENT 162,459. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS -199,733. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -6,504. RECLASS EXPENSE REIMBUREMENT 473,517. PART XI, LINE 4B - OTHER ADJUSTMENTS: SPECIAL EVENTS EXPENSES RECLASSED -14,780. PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENTS EXPENSES RECLASSED 14,780. PART XII, LINE 4B - OTHER ADJUSTMENTS: RECLASS SCHOLARSHIPS AND GRANTS 12,511,431. RECLASS EXPENSE REIMBUREMENT -473,517. 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, 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 INVESTMENTINVESTMENTS ENDOWMENT 3900163 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICES STUDY ABROAD 10319 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 1 PROGRAM SERVICES RECRUITMENT 7000 0 1 0 0 0 1 3917482 0 3917482 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 153180 74111 79069 153180 74111 79069 VA GOLF TOURNAMENT 18175 11530 6645 3866 10914 18175 11530 6645 3866 10914 14780 -8135 1 SCHOLARSHIPS AND GRANTS TO STUDENTS 902 12511431 PART I, LINE 2: ANNUAL A-133 AUDIT 1 X X X X 0 0 0 0 0 0 0 1 0 TIFFANY FRANKS PRESIDENT 292270 0 0 0 0 0 15000 0 9753 0 317023 0 0 0 TIMOTHY FULOP VP ACADEMICS 141786 0 0 0 0 0 8874 0 20844 0 171504 0 0 0 PART I, LINE 7 THE PRESIDENT RECEIVES A BONUS AT THE DISCRETION OF THE BOARD OF TRUSTEES. A INDUST DEVELOP AUTHOR OF CITY OF DANVILLE VA 521321074 2010-12-17 15000000 REFUND EXISTING BONDS, CAPITAL IMPROVEMENTS; WORKING CAPITAL 0 0 0 A 3011341 15000000 270355 31129 2310835 12395726 2012 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 X 10 676068 FMV 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. SEE SCHEDULE G. FORM 990, PART VI, SECTION B, LINE 11 A COMPLETE COPY OF THE FORM 990 IS PROVIDED TO AND APPROVED BY THE ENTIRE BOARD. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR BOARD MEMBERS RECEIVE A COPY OF THE CONFLICT OF INTEREST POLICY, DETAILED QUESTIONNAIRE REGARDING CONFLICTS OF INTERESTS, BUSINESS RELATIONSHIPS, TRANSACTIONS OF CONCERN, AND A COPY OF THE INSTRUCTIONS FOR FORM 990 SCHEDULE L. BOARD MEMBERS THEN SIGN AN AFFIDAVIT REGARDING THE INFORMATION THEY HAVE PROVIDED AND THAT THEY UNDERSTAND THE POLICIES WILL BE MONITORED AND ENFORCED. FORM 990, PART VI, SECTION B, LINE 15A THE EXECUTIVE COMMITTEE REVIEWS COMPARABLE DATA WITH PEER INSTITUTIONS AND APPROVES THE PRESIDENT'S EMPLOYMENT CONTRACT. 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 VII, SECTION A, COLUMN F THE ORGANIZATION, IN A FULL TRANSPARENCY POSTURE TO REPORTING, IS REPORTING ALL BENEFITS IN FULL IN COLUMN F, PART VII AND IS NOT APPLYING THE $10,000 PER ITEM EXCEPTION FOR CERTAIN BENEFITS. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SWAP AGREEMENT 162,459. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -6,504. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS -199,733. FORM 990, PART XII, LINE 2C, AUDIT COMMITTEE: THE AUDIT COMMITTEE'S PROCESS OF OVERSIGHT AND SELECTION HAS NOT CHANGED SINCE THE PRIOR YEAR.