2015-05-07T15:17:37-05:00 2014-06-30 560574444 CHERRY BEKAERT LLP 1111 METROPOLITAN AVE STE 1000 CHARLOTTE NC 28204 990 2013-07-01 546039600 VIRGINIA WESLEYAN COLLEGE VIRG 7574553317 1584 WESLEYAN DRIVE NORFOLK VA 23502 CARY A SAWYER VICE PRESIDENT FOR FINANCE 7574553317 2015-05-05 1 JANICE A RATICA P00358837 7043771678 2013 2016-02-25 16:41:14Z CARY A SAWYER 1584 WESLEYAN DRIVE NORFOLK VA 23502 99419359 0 X WWW.VWC.EDU X 1961 VA VIRGINIA WESLEYAN COLLEGE IS A FOUR YEAR, FULLY ACCREDITED LIBERAL ARTS, UNITED METHODIST-RELATED INSTITUTION FOUNDED IN 1961. THE COLLEGE OFFERS LIBERAL ARTS CURRICULUM AND GRANTS THE BACHELOR OF ARTS AND SCIENCES DEGREES. 36 36 811 36 381334 -148476 7924165 5515364 47010718 50542647 -863398 9735809 314655 456668 54386140 66250488 16177819 18783631 0 0 23393312 23907228 0 0 1591592 13839145 14488006 53410276 57178865 975864 9071623 121733650 129021248 43808302 43349082 77925348 85672166 X THE MISSION OF VIRGINIA WESLEYAN COLLEGE 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 COLLEGE EMPLOYS A WIDE RANGE OF APPROACHES TO TEACHING AND LEARNING AND PROVIDES OPPORTUNITIES TO CONNECT THE STUDY OF THE LIBERAL 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. 0 0 41606801 18783631 42820415 EDUCATIONAL AND GENERAL EXPENSES TO INCLUDE INSTRUCTIONAL SERVICES, PUBLIC SERVICES, PLANT OPERATIONS AND STUDENT AID. IN FISCAL YEAR 2014, 1,459 STUDENTS WERE ENROLLED AND 230 STUDENTS GRADUATED WITH BACCALAUREATE DEGREES. 7503369 7722232 AUXILIARY ENTERPRISES TO INCLUDE DORMITORIES, DINING HALL AND CONFERENCE FACILITIES. 49110170 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 0 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 88 0 811 1 1 1 0 0 0 0 0 0 0 0 0 X 36 36 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 VA X CARY SAWYER 7574555707 1584 WESLEYAN DRIVE NORFOLK VA 23510 ALEXANDRA G ARIAS TRUSTEE 0.50 X 0 0 0 JANE P BATTEN TRUSTEE 0.50 X 0 0 0 SUSAN TORMA BEVERLY TRUSTEE 0.50 X 0 0 0 GEORGE Y BIRDSONG TRUSTEE 0.50 X 0 0 0 THOMAS C BROYLES TRUSTEE 0.50 X 0 0 0 DEBORAH H BUTLER TRUSTEE 0.50 X 0 0 0 LYNN B CLEMENTS TRUSTEE 0.50 X 0 0 0 B MINETTE COOPER TRUSTEE 0.50 X 0 0 0 ROBERT H DEFORD JR TRUSTEE 0.50 X 0 0 0 O L EVERETT TRUSTEE 0.50 X 0 0 0 DALE R FOLEY TRUSTEE 0.50 X 0 0 0 WILLIAM H GEORGE TRUSTEE 0.50 X 0 0 0 SUSAN S GOODE TRUSTEE 0.50 X 0 0 0 WILLIAM W GRANGER III TRUSTEE 0.50 X 0 0 0 ROY E HENDRIX TRUSTEE 0.50 X 0 0 0 RONALD M KRAMER TRUSTEE 0.50 X 0 0 0 JOHN F MALBON TRUSTEE 0.50 X 0 0 0 ELIZABETH F MIDDLETON TRUSTEE 0.50 X 0 0 0 JERROLD L MILLER TRUSTEE 0.50 X 0 0 0 TASSOS J PAPHITES TRUSTEE 0.50 X 0 0 0 DEBORAH M PAXSON TRUSTEE 0.50 X 0 0 0 ROBIN D RAY TRUSTEE 0.50 X 0 0 0 RICHARD D ROBERTS TRUSTEE 0.50 X 0 0 0 JEANNE POLIZOS ROSS TRUSTEE 0.50 X 0 0 0 LOUIS F RYAN TRUSTEE 0.50 X 0 0 0 ALVIN J SCHEXNIDER TRUSTEE 0.50 X 0 0 0 WILLIAM S SHELHORSE TRUSTEE 0.50 X 0 0 0 JOSEPH R THOMAS TRUSTEE 0.50 X 0 0 0 WILLIAM H THUMEL JR TRUSTEE 0.50 X 0 0 0 JOHN A TRINDER TRUSTEE 0.50 X 0 0 0 GEORGE K CHIP TSANTES III TRUSTEE 0.50 X 0 0 0 D HENRY WATTS TRUSTEE 0.50 X 0 0 0 GARY D BONNEWELL CHAIRMAN 0.50 X X 0 0 0 DAVID L KAUFMAN VICE CHAIRMAN 0.50 X X 0 0 0 VINCENT J MASTRACCO JR SECRETARY 0.50 X X 0 0 0 ANNE B SHUMADINE TREASURER 0.50 X X 0 0 0 DR WILLIAM T GREER JR PRESIDENT 80.00 X 332851 0 39612 DR TIMOTHY O'ROURKE VICE PRESIDENT FOR ACADEMIC AFFAIRS 50.00 X 172110 0 28559 DAVID BUCKINGHAM VICE PRESIDENT FOR STUDENT AFFAIRS AND DEAN OF ENR 50.00 X 151914 0 26167 CARY SAWYER VICE PRESIDENT FOR FINANCE 50.00 X 148173 0 28397 MITA VAIL VICE PRESIDENT FOR COLLEGE ADVANCEMENT 50.00 X 138157 0 18965 SUZANNE SAVAGE ASSOCIATE VICE PRESIDENT FOR COLLEGE ADVANCEMENT 50.00 X 117543 0 17548 DR LARRY HULTGREN PROFESSOR OF PHILOSOPHY 50.00 X 110058 0 22550 DAVID MACEDO HEAD MEN'S BASKETBALL COACH 50.00 X 121178 0 25894 DR JOYCE HOWELL PROFESSOR OF ART 50.00 X 122976 0 23968 NELSON DAVIS DIRECTOR OF ADMISSIONS 50.00 X 116339 0 25179 1531299 0 256839 10 0 1 0 SODEXO SODEXO ATLANTA GA 303536922 CAMPUS FOOD SERVICES 2250304 ARAMARK 24818 NETWORK PLACE CHICAGO IL 606731248 CAMPUS FACILITIES MAINTENANCE 622908 RD LAMBERT 1724 LAMBERT COURT CHESAPEAKE VA 23327 GENERAL BUILDING CONTRACTOR 584879 TYMOFF AND ASSOCIATES 512 BOTETOURT STREET NORFOLK VA 23510 ARCHITECTURAL SERVICES 284863 CHO BENN HOLBACK 100 NORTH CHARLES STREET 14TH FLOO BALTIMORE MD 21201 ARCHITECTURAL SERVICES 104546 5 261290 5254074 574702 5515364 STUDENT FEES 611310 42469934 42469934 RESIDENCE HALLS 611310 3977865 3977865 DINING EXPENSES 611310 3338117 3338117 CONFERENCES 611310 406250 406250 OTHER 611310 350481 350481 50542647 965972 -12280 978252 409170 298911 110259 110259 206782 -96523 40948511 32175858 2816 8772653 -2816 8769837 8769837 850863 691286 159577 159577 CATERING 722210 186832 186832 186832 66250488 50542647 381334 9811143 18783631 18783631 1084905 357798 337774 389333 16768586 13650832 2371055 746699 1321704 1038617 215469 67618 3366241 2588625 642787 134829 1365792 1073242 222671 69879 37724 37724 103500 103500 103116 103116 21875 21875 828437 716671 84103 27663 2026957 1859513 167444 386150 217000 112661 56489 1673469 1543632 129837 2920958 2750913 170045 334366 334366 OTHER 3387983 1866225 1422676 99082 COST OF SALES (AUXILIAR 1834223 1834223 ATHLETICS 647817 647817 STUDENT ACTIVITES 181431 181431 57178865 49110170 6477103 1591592 367816 210221 7416507 11384453 4855715 5343317 534608 323929 1127002 1091320 280433 235327 376609 383505 98101174 44276561 54848402 53824613 15406 15406 50697139 54899259 1214013 1309898 121733650 129021248 4113591 4361789 956614 956614 1298275 1601929 32085638 31183959 5354184 5244791 43808302 43349082 X 27494297 28869689 12069453 18252767 38361598 38549710 77925348 85672166 121733650 129021248 X 9071623 -1438226 113421 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X 0 51827301 229843 8055740 2400172 57712712 48640037 262283 5754034 2829053 51827301 53284901 469377 -2004743 2742064 367434 48640037 46809429 258550 8950037 2733115 53284901 38037748 8004523 3061742 1247793 1046791 46809429 0.20670 0.64150 0.15180 0 0 580418 580418 78725196 29458946 49266250 14188603 12660379 1528224 4606957 2157236 2449721 53824613 U.S. EQUITIES 17810082 F INTERNATIONAL EQUITIES 12530773 F FIXED INCOME 6026085 F ALTERNATIVES 12601867 F PRIVATE CAPITAL 4979499 F NON-MARKETABLE LIMITED PARTNERSHIP 648010 F MUTUAL FUNDS 232297 F OTHER 70646 F 54899259 OBLIGATIONS UNDER SPLIT INTEREST AGMNT 187776 OBLIGATIONS UNDER INT RATE SWAP CONTRACT 5057015 5244791 X 47029133 -1438226 113421 -1324805 48353938 103116 17793434 17896550 66250488 39282315 990197 990197 38292118 103116 18783631 18886747 57178865 PART III, LINE 4: THE COLLECTION CONSISTS PRIMARILY OF PAINTINGS AND IS HELD FOR PUBLIC DISPLAY IN RELATION TO ART CLASSES TAUGHT BY THE COLLEGE. PART V, LINE 4: ENDOWMENT FUNDS ARE USED TO FUND SCHOLARSHIPS AND GRANTS FOR STUDENTS AND SUPPORT OPERATIONS. PART X, LINE 2: THE COLLEGE HAS EVALUATED THE EFFECT OF GENERALLY ACCEPTED ACCOUNTING PRINCIPLES ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. THE COLLEGE 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, 2014. THE COLLEGES FEDERAL EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURNS (FORM 990 AND 990T) FOR 2011, 2012, AND 2013 ARE SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE, GENERALLY FOR THREE YEARS AFTER THEY WERE FILED. PART XI, LINE 2D - OTHER ADJUSTMENTS: ANNUITY ADJUSTMENT 12,271. GAIN ON INTEREST RATE SWAP 101,150. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID EXPENSE SHOWN NET OF REVENUES ON FINANCIALS 18,783,631. COST OF SALES -691,286. RENTAL EXPENSES SHOW AS EXPENSE ON THE FINANCIALS -298,911. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF SALES 691,286. RENTAL EXPENSES SHOWN AS AN EXPENSE ON THE FINANCIALS 298,911. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID EXPENSE SHOWN NET OF REVENUES ON FINANCIALS 18,783,631. 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 COLLEGE WEB SITE AND IS INCLUDED ON INFORMATION THAT GOES OUT TO PROSPECTIVE STUDENTS. THE COLLEGE PUBLISHES IT IN THE VIRGINIAN-PILOT AT LEAST ONCE ANNUALLY. SCHEDULE E, PART I, LINE 6 THE COLLEGE 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). CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 3539234 0 0 0 0 0 0 3539234 0 3539234 1 0 0 0 0 0 1 SCHOLARSHIPS AND GRANTS 1312 18783631 PART I, LINE 2: THE FINANCIAL AID OFFICE IS CHARGED WITH DETERMINING ELIGIBILITY, ALLOCATIONS 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 COLLEGE 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 X X 1 1 X X 0 1 0 0 0 0 0 0 0 DR WILLIAM T GREER JR PRESIDENT 281851 0 0 0 51000 0 26456 0 13156 0 372463 0 0 0 DR TIMOTHY O'ROURKE VICE PRESIDENT FOR ACADEMIC AFFAIRS 172110 0 0 0 0 0 15123 0 13436 0 200669 0 0 0 DAVID BUCKINGHAM VICE PRESIDENT FOR STUDENT AFFAIRS A 151914 0 0 0 0 0 13281 0 12886 0 178081 0 0 0 CARY SAWYER VICE PRESIDENT FOR FINANCE 148173 0 0 0 0 0 12963 0 15434 0 176570 0 0 0 MITA VAIL VICE PRESIDENT FOR COLLEGE ADVANCEME 138157 0 0 0 0 0 11571 0 7394 0 157122 0 0 0 PART I, LINE 1A THE COLLEGE PROVIDES HOUSING TO THE PRESIDENT FOR THE CONVENIENCE OF THE EMPLOYER SO THAT THE PRESIDENT CAN PERFORM ESSENTIAL COLLEGE BUSINESS AND ACTIVITIES AT THE HOME. THE COLLEGE ALSO PROVIDES HOUSEKEEPING SERVICES TO THE PRESIDENT FOR THE CONVENIENCE OF THE EMPLOYER SO THAT THE PRESIDENT CAN HOST FUNDRAISING EVENTS AND MEETINGS AT THE RESIDENCE. THE COLLEGE PAYS FOR MEMBERSHIPS TO THE NORFOLK YACHT CLUB AND THE TOWN CENTER CLUB FOR DR. GREER TO ALLOW HIM TO ENTERTAIN GUESTS ON BEHALF OF VIRGINIA WESLEYAN COLLEGE. PART I, LINE 4B DR. WILLIAM GREER - SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN THROUGH A RABBI TRUST- $25,000 PAID BY THE COLLEGE. HE IS FULLY VESTED IN THE PLAN. A CITY OF VB DEV AUTH 540947964 NONEAVAIL 2012-09-28 31159119 REFINANCE OF ADDL FACILITIES 0 0 0 A 31159119 166183 30992936 2012 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 0 0 1 1 SUNTRUST BANK 30.000000000000 1 1 0 0 0 A 0 X 4 153527 STOCK QUOTE X 3 405000 APPRAISAL X EQUIPMENT 1 16175 FMV 0 0 0 0 FORM 990, PART VI, SECTION B, LINE 11 THE FINANCE COMMITTEE REVIEWS 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 COLLEGE. IF A CONFLICT DOES OCCUR DURING THE YEAR, IT IS REPORTED TO THE PRESIDENT AND THE CHARIMAN 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'S COMPENSATION IS APPROVED BY THE INDEPENDENT EXECUTIVE COMMITTEE. THE AMOUNT OF THE COMPENSATION IS DETERMINED USING DATA FROM OTHER COLLEGES OF A SIMILAR SIZE. SUCH MEETINGS ARE DOCUMENTED. THE COMPENSATION FOR THE OTHER OFFICERS AND KEY EMPLOYEES ARE DETERMINED IN THE SAME MANNER AS THE PRESIDENT'S COMPENSATION AND IS APPROVED BY THE PRESIDENT. SUCH COMPENSATION IS DOCUMENTED IN THE PERSONNEL FILES. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, POLICIES AND FINANCIAL STATEMENTS ARE PROVIDED UPON REQUEST FORM 990, PART XI, LINE 9: GAIN ON INTEREST RATE SWAP CONTRACT 101,150. ANNUITY ADJUSTMENT 12,271.