2013-05-07T10:13:48-05:00 2012-06-30 560574444 CHERRY BEKAERT LLP 1111 METROPOLITAN AVENUE SUITE 1000 CHARLOTTE NC 28204 990 2011-07-01 546039600 VIRGINIA WESLEYAN COLLEGE VIRG 7574553317 1584 WESLEYAN DRIVE NORFOLK VA 23502 CARY A SAWYER 7574553317 2013-05-02 1 JANICE A RATICA P00358837 7043771678 2011 2016-02-25 16:41:14Z CARY A SAWYER 1584 WESLEYAN DRIVE NORFOLK VA 23502 71883696 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 1050 50 -10303 -212415 2916793 3752293 38221937 43947347 2488877 4193690 344624 155101 43972231 52048431 12118733 14510244 0 0 20813338 21785684 0 0 1439287 12775764 13544707 45707835 49840635 -1735604 2207796 118405083 114810851 42622702 45808958 75782381 69001893 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 36179807 14510244 37008492 EDUCATIONAL AND GENERAL EXPENSES TO INCLUDE INSTRUCTIONAL SERVICES, PUBLIC SERVICES, PLANT OPERATIONS AND STUDENT AID. IN FISCAL YEAR 2012, 1,517 STUDENTS WERE ENROLLED AND 275 STUDENTS GRADUATED WITH BACCALAUREATE DEGREES. 6049588 6938855 AUXILIARY ENTERPRISES TO INCLUDE DORMITORIES, DINING HALL AND CONFERENCE FACILITIES. 42229395 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 0 0 0 0 0 0 0 0 0 0 1 66 0 1050 1 1 1 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 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 DAVID L KAUGMAN 0.50 X X 0 0 0 JANE BATTEN 0.50 X 0 0 0 GEORGE BIRDSONG 0.50 X 0 0 0 LYNN CLEMENTS 0.50 X 0 0 0 BOBBY COLLENBERG 0.50 X 0 0 0 BILLY GRANGER 0.50 X 0 0 0 EMILY S MILES 0.50 X 0 0 0 BRADFORD L PHILLIPS 0.50 X 0 0 0 ANNE SHUMADINE 0.50 X 0 0 0 HENRY WATTS 0.50 X 0 0 0 DEBORAH M PAXON 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 LEMUEL LEWIS 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 SUSAN TORMA BEVERLY 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 JOAN BROCK 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 ELIZABETH MIDDLETON 0.50 X 0 0 0 TASSOS PAPHITES 0.50 X 0 0 0 DARRYL PERKINSON 0.50 X 0 0 0 JEANNE POLIZOS ROSS 0.50 X 0 0 0 JOHN VEST 0.50 X 0 0 0 DR WILLIAM T GREER JR 80.00 X 319306 0 57850 DR TIMOTHY O'ROURKE 50.00 X 170803 0 26900 DAVID BUCKINGHAM 50.00 X 149761 0 24762 CARY SAWYER 50.00 X 147306 0 27319 MITA VAIL 50.00 X 134201 0 18147 SUZANNE SAVAGE 50.00 X 113906 0 16299 PATRICIA PATTEN 50.00 X 129319 0 11896 DR LARRY HULTGREN 50.00 X 104939 0 20962 DAVID MACEDO 50.00 X 104671 0 23582 DR JOYCE HOWELL 50.00 X 104632 0 21235 1478844 0 248952 10 0 1 0 SODEXHO INC AND AFFILIATES PO BOX 536922 ATLANTA GA 303536922 FOOD SERVICE MANAGEMENT 2063477 RD LAMBERT AND SONS 1724 LAMBERT AND SONS CHESAPEAKE VA 23327 BUILDING CONSTRUCTION, RENOVATION & REPA 1170354 ARAMARK 24818 NETWORK PLACE CHICAGO IL 606731248 FACILITIES MANAGEMENT SERVICES 601656 ROYALL AND COMPANY 1920 EAST PARHAM ROAD RICHMOND VA 23228 STUDENT RECRUITING CONSULTING 423255 TENNIS COURTS INC PO BOX 297 AYLETT VA 23009 TENNIS COURT CONSTRUCTION 359926 5 261290 3491003 3752293 STUDENT FEES 611310 36652704 36652704 AUXILIARY ENTERPRISE 611310 6938855 6938855 OTHER 611310 355788 355788 43947347 648310 648310 204727 295374 -90647 -90647 -126982 36335 21835723 501119 18791462 0 3044261 501119 3545380 3545380 877498 748429 129069 129069 FURNISHING OF MEALS 722210 116679 116679 116679 52048431 43947347 -10303 4359094 14510244 14510244 1206561 481652 335398 389511 15294121 12379148 2249354 665619 1276507 955274 265356 55877 2784179 2190872 489576 103731 1224316 948244 220604 55468 240770 240770 58828 58828 2136804 1794520 341853 431 400222 253176 73819 73227 1596718 1456516 140202 2720875 2566729 154146 292125 292125 COST OF SALES (AUXILIAR 1469651 1469651 SUPPLIES 923145 764335 126064 32746 ATHLETICS 637980 637980 STUDENT ACTIVITES 210068 210068 2857521 1610986 1183858 62677 49840635 42229395 6171953 1439287 642041 1415429 3142740 2692991 726420 447021 1147940 1142880 202747 240979 247255 278483 95087263 38289652 55260392 56797611 29839321 37891799 25294821 12143074 1901406 1760584 118405083 114810851 3773529 3936550 956614 956614 1268939 1162405 32815718 33015826 328234 3479668 6737563 42622702 45808958 X 27863880 24745082 9715056 6045598 38203445 38211213 75782381 69001893 118405083 114810851 X 2207796 -8988284 X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 268221 X X X 0 53284901 469377 -2004743 2742064 367434 48640037 46809429 258550 8950037 2733115 53284901 38037748 8004523 3061742 1247793 1046791 46809429 0.25000 0.75000 0.00000 0 0 580418 580418 77825369 24923510 52901859 15664870 13366142 2298728 1016606 1016606 56797611 MULTI-STRATEGY EQUITY FUND 7733504 F MULTI-STRATEGY BOND FUND 4409570 F 12143074 OBLIGATIONS UNDER SPLIT INTEREST AGMNT 207569 OBLIGATIONS UNDER INT RATE SWAP CONTRACT 6529994 6737563 52048431 49840635 2207796 -5689838 -3298446 -8988284 -6780488 29593706 -5689838 -2254643 -7944481 37538187 14510244 14510244 52048431 36374194 1043803 1043803 35330391 14510244 14510244 49840635 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: 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 BELIEVES THAT THE COLLEGE CONTINUES TO SATISFY THE REQUIREMENTS OF A TAX-EXEMPT ORGANIZATION AND, THEREFORE, HAD NO UNCERTAIN INCOME TAX POSITIONS AT JUNE 30, 2012. THE COLLEGE'S FEDERAL EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURNS (FORM 990 AND 990T) FOR 2009, 2010, AND 2011 ARE SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE, GENERALLY FOR THREE YEARS AFTER THEY WERE FILED. PART XI, LINE 8 - OTHER ADJUSTMENTS: LOSS ON INTEREST RATE SWAP -3,268,487. ANNUITY ADJUSTMENT -29,959. TOTAL TO SCHEDULE D, PART XI, LINE 8: -3,298,446. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF SALES 748,429. RENTAL EXPENSES SHOWN AS EXPENSE ON THE FINANCIALS 295,374. LOSS ON INTEREST RATE SWAP -3,268,487. ANNUITY ADJUSTMENT -29,959. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID EXPENSE SHOWN NET OF REVENUES ON FINANCIALS 14,510,244. PART XIII, LINE 2D - OTHER ADJUSTMENTS: COST OF SALES 748,429. RENTAL EXPENSES SHOWN AS AN EXPENSE ON THE FINANCIALS 295,374. PART XIII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID EXPENSE SHOWN NET OF REVENUES ON FINANCIALS 14,510,244. 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 WILL BE PUBLISHING IT IN THE LOCAL NEWSPAPER 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 946 12552906 SCHOLARSHIPS 772 1957338 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 252328 0 0 0 66978 0 45825 0 12025 0 377156 0 0 0 DR TIMOTHY O'ROURKE 170803 0 0 0 0 0 14875 0 12025 0 197703 0 0 0 DAVID BUCKINGHAM 149761 0 0 0 0 0 12750 0 12012 0 174523 0 0 0 CARY SAWYER 147306 0 0 0 0 0 12750 0 14569 0 174625 0 0 0 MITA VAIL 134201 0 0 0 0 0 11475 0 6672 0 152348 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. CITY OF VB DEV AUTH 540947964 92773PAB2 2007-05-31 30350000 REFINANCE OF ADDL FACILITIES 0 0 0 NORFOLK AIRPORT AUTH 546001465 2010-06-01 5050000 LIBRARY IMPROV. 0 0 0 1440000 30350000 259040 30090960 0 0 1 1 135199 5050000 50000 5000000 2010 0 0 1 1 0 0 0 0 0.00000 0.01000 0.01000 0 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 1 BANK OF AMERICA 30.000000000000 0 0 0 0 0 0 0 0 0 0 0 FORM 990, PART VI, SECTION B, LINE 11 MANAGEMENT WILL REVIEW A DRAFT OF THE RETURNS, THEN PROVIDE A COPY TO MEMBERS OF THE AUDIT COMMITTEE AND FINANCE COMMITTEE FOR THEIR REVIEW. PRIOR TO FILING, THE COMPLETED FORM 990 WILL BE SENT TO ALL BOARD MEMBERS. 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 EXECUTIVE COMMITTEE WHICH IS INDEPENDENT. 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 CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -5,689,838. LOSS ON INTEREST RATE SWAP -3,268,487. ANNUITY ADJUSTMENT -29,959. TOTAL TO FORM 990, PART XI, LINE 5: -8,988,284.