2014-05-12T12:56:26-05:00 2013-06-30 560574444 CHERRY BEKAERT LLP 1111 METROPOLITAN AVENUE SUITE 1000 CHARLOTTE NC 28204 990 2012-07-01 546039600 VIRGINIA WESLEYAN COLLEGE VIRG 7574553317 1584 WESLEYAN DRIVE NORFOLK VA 23502 CARY A SAWYER 7574553317 2014-05-02 1 JANICE A RATICA P00358837 7043771678 2012 2015-11-30 17:44:51Z CARY A SAWYER 1584 WESLEYAN DRIVE NORFOLK VA 23502 71162486 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 1061 50 -48379 -292039 3752293 7924165 43947347 47010718 4193690 -863398 155101 314655 52048431 54386140 14510244 16177819 0 0 21785684 23393312 0 0 1454897 13544707 13839145 49840635 53410276 2207796 975864 114810851 121733650 45808958 43808302 69001893 77925348 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 39392895 16177819 39786517 EDUCATIONAL AND GENERAL EXPENSES TO INCLUDE INSTRUCTIONAL SERVICES, PUBLIC SERVICES, PLANT OPERATIONS AND STUDENT AID. IN FISCAL YEAR 2013, 1,512 STUDENTS WERE ENROLLED AND 266 STUDENTS GRADUATED WITH BACCALAUREATE DEGREES. 6356296 7224201 AUXILIARY ENTERPRISES TO INCLUDE DORMITORIES, DINING HALL AND CONFERENCE FACILITIES. 45749191 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 0 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 68 0 1061 1 0 0 0 0 0 1 1 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 JANE BATTEN 0.50 X 0 0 0 GEORGE BIRDSONG 0.50 X 0 0 0 LYNN CLEMENTS 0.50 X 0 0 0 BILLY GRANGER 0.50 X 0 0 0 EMILY S MILES 0.50 X 0 0 0 HENRY WATTS 0.50 X 0 0 0 DEBORAH M PAXSON 0.50 X 0 0 0 ROBIN D RAY 0.50 X 0 0 0 BILL THUMEL 0.50 X 0 0 0 JOHN TRINDER 0.50 X 0 0 0 LOUIS F RYAN 0.50 X 0 0 0 THOMAS C BROYLES 0.50 X 0 0 0 BOB DEFORD 0.50 X 0 0 0 ROY HENDRIX 0.50 X 0 0 0 JERRY MILLER 0.50 X 0 0 0 BILL SHELHORSE 0.50 X 0 0 0 DEBORAH H BUTLER 0.50 X 0 0 0 SUSAN GOODE 0.50 X 0 0 0 RONALD KRAMER 0.50 X 0 0 0 MARK TOWE 0.50 X 0 0 0 CHIP TSANTES 0.50 X 0 0 0 RICHARD D ROBERTS 0.50 X 0 0 0 MINETTE COOPER 0.50 X 0 0 0 DALE FOLEY 0.50 X 0 0 0 CHUCK HARRIS 0.50 X 0 0 0 DAVID L KAUFMAN 0.50 X 0 0 0 ALEXANDRA G ARIAS 0.50 X 0 0 0 JOHN F MALBON 0.50 X 0 0 0 ALVIN J SCHEXNIDER 0.50 X 0 0 0 ELIZABETH MIDDLETON 0.50 X 0 0 0 TASSOS PAPHITES 0.50 X 0 0 0 JEANNE POLIZOS ROSS 0.50 X 0 0 0 OL EVERETT 0.50 X X 0 0 0 GARY D BONNEWELL 0.50 X X 0 0 0 VINCENT J MASTRACCO JR 0.50 X X 0 0 0 ANNE B SHUMANDINE 0.50 X X 0 0 0 DR WILLIAM T GREER JR 80.00 X 331917 0 63505 DR TIMOTHY O'ROURKE 50.00 X 170737 0 26924 DAVID BUCKINGHAM 50.00 X 152382 0 20796 CARY SAWYER 50.00 X 147146 0 26552 MITA VAIL 50.00 X 137087 0 18128 SUZANNE SAVAGE 50.00 X 116832 0 16734 PATRICIA PATTEN 50.00 X 111428 0 10534 DR LARRY HULTGREN 50.00 X 108639 0 20821 DAVID MACEDO 50.00 X 122989 0 23435 DR JOYCE HOWELL 50.00 X 118823 0 21757 DR TERRANCE LINDVALL 50.00 X 111683 0 22330 1629663 0 271516 11 0 1 0 SODEXO INC AND AFFILIATES PO BOX 536922 ATLANTA GA 303536922 FOOD SERVICE MANAGEMENT 1965014 ARAMARK 24818 NETWORK PLACE CHICAGO IL 606731248 FACILITIES MANAGEMENT SERVICES 613092 RD LAMBERT AND SONS 1724 LAMBERT AND SONS CHESAPEAKE VA 23327 BUILDING CONSTRUCTION, RENOVATION & REPA 211405 KAUFMAN AND CANOLES PO BOX 3037 NORFOLK VA 23514 LEGAL SERVICES 102651 4 22916 7901249 2157157 7924165 STUDENT FEES 611310 39428011 39428011 RESIDENCE HALLS 611310 3725290 3725290 DINING EXPENSES 611310 3170203 3170203 OTHER 611310 358506 358506 CONFERENCES 611310 328708 328708 47010718 762313 -24926 787239 329898 306726 23172 23172 -141017 164189 14139178 15764889 -1625711 -1625711 -1625711 878650 704731 173919 173919 CATERING 722210 117564 117564 117564 54386140 47010718 -48379 -500364 X 16177819 16177819 1293534 512755 360498 420281 16126208 13159062 2354272 612874 1284260 984414 232694 67152 3433347 2724751 599171 109425 1255963 962715 227573 65675 235216 235216 773067 676416 70952 25699 45429 45429 2053201 1873174 180027 346763 239866 38772 68125 1697323 1564398 132925 2883354 2715908 167446 336815 336815 OTHER 3253035 1942971 1224398 85666 COST OF SALES (AUXILIAR 1370861 1370861 ATHLETICS 637010 637010 STUDENT ACTIVITES 207071 207071 53410276 45749191 6206188 1454897 9750 1415429 2379824 2692991 4855715 447021 534608 1142880 1127002 240979 280433 278483 376609 96112583 41264181 56797611 54848402 37891799 45295732 12143074 10811562 1760584 1214013 114810851 121733650 3936550 4113591 956614 956614 1162405 1298275 33015826 32085638 6737563 5354184 45808958 43808302 X 24745082 27494297 6045598 12069453 38211213 38361598 69001893 77925348 114810851 121733650 X 975864 6743967 1203624 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 277221 X X X 0 48640037 262283 5754034 2829053 51827301 53284901 469377 -2004743 2742064 367434 48640037 46809429 258550 8950037 2733115 53284901 38037748 8004523 3061742 1247793 1046791 46809429 0.19510 0.71010 0.09480 0 0 580418 580418 78191392 27166613 51024779 16125045 14097568 2027477 1215728 1215728 54848402 MULTI-STRATEGY EQUITY FUND 7582923 F MULTI-STRATEGY BOND FUND 3228639 F 10811562 OBLIGATIONS UNDER SPLIT INTEREST AGMNT 196019 OBLIGATIONS UNDER INT RATE SWAP CONTRACT 5158165 5354184 X 47347804 6743967 2395516 9139483 38208321 16177819 16177819 54386140 38424349 1191892 1191892 37232457 16177819 16177819 53410276 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. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: ENDOWMENT FUNDS ARE USED TO FUND SCHOLARSHIPS AND GRANTS FOR STUDENTS AND SUPPORT OPERATIONS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: 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, 2013. THE COLLEGE'S FEDERAL EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURNS (FORM 990 AND 990T) FOR 2010, 2011, AND 2012 ARE SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE, GENERALLY FOR THREE YEARS AFTER THEY WERE FILED. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF SALES 704,731. RENTAL EXPENSES SHOWN AS EXPENSE ON THE FINANCIALS 306,726. LOSS ON INTEREST RATE SWAP 1,371,829. ANNUITY ADJUSTMENT 12,230. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID EXPENSE SHOWN NET OF REVENUES ON FINANCIALS 16,177,819. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF SALES 704,731. RENTAL EXPENSES SHOWN AS AN EXPENSE ON THE FINANCIALS 306,726. LOSS ON REFINANCE OF BONDS PAYABLE 180,435. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID EXPENSE SHOWN NET OF REVENUES ON FINANCIALS 16,177,819. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION 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. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE 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). 1 GRANTS 809 4240054 SCHOLARSHIPS 1019 11937765 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, 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 280917 0 0 0 51000 0 51456 0 12049 0 395422 0 0 0 DR TIMOTHY O'ROURKE 170737 0 0 0 0 0 14875 0 12049 0 197661 0 0 0 DAVID BUCKINGHAM 152382 0 0 0 0 0 12750 0 8046 0 173178 0 0 0 CARY SAWYER 147146 0 0 0 0 0 12750 0 13802 0 173698 0 0 0 MITA VAIL 137087 0 0 0 0 0 11382 0 6746 0 155215 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 92773PAB2 2007-05-31 30350000 REFINANCE OF ADDL FACILITIES 0 0 0 B NORFOLK AIRPORT AUTH 546001465 2010-06-01 5050000 LIBRARY IMPROV. 0 0 0 A 1440000 30350000 259040 30090960 2008 0 0 1 1 B 135199 5050000 50000 5000000 2010 0 0 1 1 A 0 0 0 0 0.00000 0.01000 0.01000 0 0 0 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 0 0 1 1 BANK OF AMERICA 30.000000000000 0 0 0 0 0 B 0 0 0 0 0 0 0 0 0 A 0 B 0 X 4 2157157 STOCK QUOTE 0 0 0 0 METHOD FOR DETERMINING NUMBER OF CONTRIBUTIONS: PART I, COLUMN (B): THE NUMBER OF CONTRIBUTIONS REPRESENTS THE TOTAL NUMBER OF DONORS. FORM 990, PART VI, SECTION B, LINE 11 THE FINANCE COMMITTEE REVIEWS THE 990 BEFORE IT IS FILED. THE PROCESS OF REVIEW HAS NOT CHANGED. 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 OTHER FEES FORM 990, PART IX, LINE 11G PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 235,216. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 235,216. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: GAIN ON INTEREST RATE SWAP CONTRACT 1,371,829. ANNUITY ADJUSTMENT 12,230. LOSS ON REFINANCE OF BONDS PAYABLE -180,435. FORM 990, PART XII, LINE 2C THE AUDIT COMMITTEE, WHICH IS A SUBCOMMITTEE OF THE FINANCE COMMITTEE, PROVIDES OVERSIGHT FOR THE AUDIT AND ALSO PROVIDES FOR THE SELECTION OF THE INDEPENDENT ACCOUNTANTS.