2015-04-24T11:35:44-05:00 2014-06-30 420714325 MCGLADREY LLP 230 N ELM ST STE 1100 GREENSBORO NC 27401 990 2013-07-01 540129860 AVERETT UNIVERSITY AVER 4347917129 420 WEST MAIN STREET DANVILLE VA 24541 THOM DAVIS CFO 4347915651 2015-04-23 1 ADRIENNE MCKINNEY P00819656 3362724551 2013 2016-02-25 16:41:14Z TIFFANY M FRANKS 420 WEST MAIN STREET DANVILLE VA 24541 58186431 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. 23 23 782 23 0 0 8069740 2318049 38500597 38631026 1655093 2488210 0 72707 48225430 43509992 10424123 11176012 0 0 16761192 16801028 30015 73342 647474 18169182 15227882 45384512 43278264 2840918 231728 69557417 69577102 26099510 25214689 43457907 44362413 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 39024479 11176012 38631026 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. 39024479 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 1 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 2771 0 1 782 1 0 0 0 0 0 1 1 0 0 0 0 X 23 23 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 X LISA STEWART CONTROLLER 4347917186 420 WEST MAIN STREET DANVILLE VA 24541 X SAMUEL SAUNDERS FIRST VICE-CHAIRPERSON 1.00 X X 0 0 0 DANIEL CARLTON SECOND VICE-CHAIRPERSON 1.00 X X 0 0 0 CALVIN SNOWDEN 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 STEVEN DANIELS JR TRUSTEE 1.00 X 0 0 0 ERIC DEATON 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 MARGARET LEWIS TRUSTEE 1.00 X 0 0 0 T WAYNE OAKES TRUSTEE 1.00 X 0 0 0 KENNETH POWELL TRUSTEE 1.00 X 0 0 0 MARY RIDDLE TRUSTEE 1.00 X 0 0 0 JACK SPAINHOUR JR 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 BOBBYE WOMACK TRUSTEE 1.00 X 0 0 0 TODD YEATTS TRUSTEE 1.00 X 0 0 0 TIFFANY FRANKS PRESIDENT; TRUSTEE 40.00 X 237034 0 19918 THOM DAVIS CHIEF FINANCIAL OFFICER 40.00 X 161133 0 23102 JANET LAUGHLIN VP ACADEMIC AFFAIRS 40.00 X 116585 0 20965 CHARLES HARRIS EXECUTIVE VP 40.00 X 110910 0 20310 ALBERT RAWLEY VP ADVANCEMENT 40.00 X 102684 0 20253 PEGGY WRIGHT PROFESSOR OF BUSINESS SCHOOL 40.00 X 110153 0 8279 MARY CONDON DEAN OF NURSING EDUCATION 40.00 X 102297 0 9419 940796 0 122246 7 0 1 0 ENGLISH CONSTRUCTION CO INC 615 CHURCH STREET LYNCHBURG VA 24504 CONSTRUCTION 2816234 SYNERGIS 1820 EAST RAY ROAD CHANDLER AZ 85225 CONTRACT MANAGEMENT 2204547 BON APPETIT C/O BANK OF AMERICA PO BOX 91337 CHICAGO IL 60693 CONTRACT MANAGEMENT 1553202 ARAMARK FACILITY SERVICES 24818 NETWORK PLACE CHICAGO IL 60673 CONTRACT MANAGEMENT 1499606 PTL CONTRACTORS 109 BARTER STREET DANVILLE VA 24541 CONSTRUCTION 315109 16 215552 2102497 19606 2318049 TUITION & FEES 900099 33590751 33590751 AUXILIARY ENTERPRISES 900099 4195655 4195655 844620 844620 38631026 453261 453261 72707 0 72707 72707 72707 16711388 14676439 2034949 2034949 2034949 43509992 38631026 0 2560917 X 11176012 11176012 427945 427945 12725161 11490841 873530 360790 426165 356398 56193 13574 2292853 1739128 520717 33008 928904 820525 83677 24702 18700 18290 410 109891 109891 73342 73342 116254 116254 5750828 5303824 413383 33621 109908 90351 19557 353457 154364 113057 86036 349656 349361 295 2134467 1958815 167419 8233 652547 602108 39952 10487 136304 119011 14590 2703 699592 616333 83259 1559296 1371713 187583 362163 362163 REPAIRS AND MAINTENANCE 1955187 1719978 235209 INSTRUCTIONAL SUPPLIES 345589 345589 ALL OTHER EXPENSES 335110 209032 125510 568 STUDENT-RELATED ACTIVIT 238933 238933 43278264 39024479 3606311 647474 3781455 2467786 4537597 3691013 937044 783134 3004667 2981989 851151 731917 58514400 24702687 31333481 33811713 14865740 11676191 10153768 13340290 92514 93069 69557417 69577102 1879747 3273729 2609056 2648675 4018402 2265482 13729440 13171317 2976889 3120399 885976 735087 26099510 25214689 X 12686140 13804772 12433977 11696623 18337790 18861018 43457907 44362413 69557417 69577102 X 231728 230821 441957 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 22004116 170637 2555492 366200 714927 23649118 20529889 134441 2331886 286200 705900 22004116 21372692 252473 -54239 307159 733878 20529889 18507428 393468 3222121 272168 478157 21372692 17023112 716508 1639721 231116 640797 18507428 0.09340 0.65070 0.25590 1 0 34225 2560831 2595056 28487382 9500292 18987090 10709163 3215438 7493725 9773232 7872886 1900346 6949567 4114071 2835496 33811713 REAL ESTATE FUNDS 1353970 F HEDGE FUNDS 1049849 F CSV OF LIFE INSURANCE 132782 F CASH AND CASH EQUIVALENTS 4222767 C FUNDS HELD IN TRUST BY OTHERS 3472419 F STABLE VALUE FUNDS 3078417 F ENDOWMENT INTEREST 30086 C 13340290 LIABILITY UNDER ANNUITY AND TRUST AGREEMENTS 60934 MARK-TO-MARKET SWAP VALUE 674153 735087 X 32901539 230821 -10734055 -10503234 43404773 105219 105219 43509992 31997033 0 31997033 11281231 11281231 43278264 PART V, LINE 4: PROVIDE FUNDS FOR SCHOLARSHIPS, OPERATIONS, MAINTENANCE, AND SUPPORT OF AVERETT UNIVERSITY. PART X, LINE 2: THE UNIVERSITY IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 50L(C)(3) OF THE INTERNAL REVENUE CODE. 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. WITH FEW EXCEPTIONS, THE UNIVERSITY IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE, AND LOCAL TAX AUTHORITIES FOR YEARS BEFORE 2011. PART XI, LINE 2D - OTHER ADJUSTMENTS: RECLASS SCHOLARSHIPS AND GRANTS -11,176,012. CHANGE IN VALUE OF SWAP AGREEMENT 147,303. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS 290,513. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 4,141. PART XI, LINE 4B - OTHER ADJUSTMENTS: INVESTMENT FEES 105,219. PART XII, LINE 4B - OTHER ADJUSTMENTS: INVESTMENT FEES 105,219. RECLASS SCHOLARSHIPS AND GRANTS 11,176,012. 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 4128266 CENTRAL AMERICA AND THE CARIBBEAN 0 PROGRAM SERVICES STUDY ABROAD 13101 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES STUDY ABROAD 83614 EUROPE (INCLUDING ICELAND & GREENLAND) 0 1 PROGRAM SERVICES RECRUITMENT 3500 NORTH AMERICA 0 1 PROGRAM SERVICES RECRUITMENT 3000 0 2 0 0 0 2 4231481 0 4231481 0 0 0 0 0 0 X X X X X X X 1 CAPITAL DEVEL SERVICES INC 633 W 4TH WINSTONSALEM NC 27101 CONSULTING ON CAPITAL CAMPAIGN 0 0 12069 0 THE VIRGINIA COLLEGE FUND 4900 AUGUSTA AVE RICHMOND VA 23230 SOLICITS FOR FINANCIAL SUPPORT 0 0 61273 163090 73342 163090 VA 1 SCHOLARSHIPS AND GRANTS TO STUDENTS 888 11176012 PART I, LINE 2: ANNUAL A-133 AUDIT X X X 1 1 X X X X 0 0 0 0 0 0 0 1 0 TIFFANY FRANKS PRESIDENT; TRUSTEE 237034 0 0 0 0 0 12501 0 7417 0 256952 0 0 0 THOM DAVIS CHIEF FINANCIAL OFFICER 161133 0 0 0 0 0 8729 0 14373 0 184235 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 1828683 15000000 270355 31129 2310835 12395726 2012 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0 0 1 A 0 0 0 0 1 1 BRANCH BANK & TRUST 7.000000000000 0 0 0 0 1 A 0 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 IX, LINE 11G GPS COURSE MANAGEMENT: PROGRAM SERVICE EXPENSES 3,501,807. MANAGEMENT AND GENERAL EXPENSES 272,933. FUNDRAISING EXPENSES 30,167. TOTAL EXPENSES 3,804,907. OTHER: PROGRAM SERVICE EXPENSES 1,802,017. MANAGEMENT AND GENERAL EXPENSES 140,450. FUNDRAISING EXPENSES 3,454. TOTAL EXPENSES 1,945,921. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SWAP AGREEMENT 147,303. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 4,141. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS 290,513. FORM 990, PART XII, LINE 2C, AUDIT COMMITTEE: THE AUDIT COMMITTEE'S PROCESS OF OVERSIGHT AND SELECTION HAS NOT CHANGED SINCE PRIOR YEAR.