2012-05-14T11:43:24-05:00 2011-06-30 CHERRY BEKAERT & HOLLAND LLP 101 WEST MAIN STREET SUITE 820 NORFOLK VA 23510 990 2010-07-01 546039600 VIRGINIA WESLEYAN COLLEGE VIRG 7574553317 1584 WESLEYAN DRIVE NORFOLK VA 23502 CARY A SAWYER 7574553317 2012-05-10 1 CURTIS A GESKE 7576233236 2010 2016-02-24 21:20:13Z CARY A SAWYER 1584 WESLEYAN DRIVE NORFOLK VA 23502 54712531 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. 35 35 983 45 122104 -122979 10343408 2916793 38667211 38221937 -179261 2488877 483382 344624 49314740 43972231 12153123 12118733 0 0 20129770 20813338 0 0 1392716 12826056 12775764 45108949 45707835 4205791 -1735604 114076347 118405083 43644708 42622702 70431639 75782381 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 33304932 12118733 32161030 EDUCATIONAL AND GENERAL EXPENSES TO INCLUDE INSTRUCTIONAL SERVICES, PUBLIC SERVICES, PLANT OPERATIONS AND STUDENT AID. IN FISCAL YEAR 2011, 1,329 STUDENTS WERE ENROLLED AND 242 STUDENTS GRADUATED WITH BACCALAUREATE DEGREES. 5454580 6060907 AUXILIARY ENTERPRISES TO INCLUDE DORMITORIES, DINING HALL AND CONFERENCE FACILITIES. 38759512 1 1 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 1 0 0 0 1 0 0 0 0 0 0 0 0 0 1 62 0 1 983 1 1 1 0 0 0 0 0 0 0 0 0 X 35 35 0 1 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 VA X CARY SAWYER 7574555707 1584 WESLEYAN DRIVE NORFOLK VA 23510 JANE P BATTEN 0.50 X 0 0 0 B MINETTE COOPER 0.50 X 0 0 0 DALE R FOLEY 0.50 X 0 0 0 GEORGE Y BIRDSONG 0.50 X 0 0 0 GARY D BONNEWELL 0.50 X 0 0 0 WILLIAM W GRANGER III 0.50 X 0 0 0 LYNN CLEMENTS 0.50 X 0 0 0 ROBERT W COLLENBERG II 0.50 X 0 0 0 RONALD M KRAMER 0.50 X 0 0 0 ROBERT H DEFORD JR 0.50 X 0 0 0 OL EVERETT 0.50 X 0 0 0 SUSAN GOODE 0.50 X 0 0 0 THOMAS C BROYLES 0.50 X 0 0 0 CHARLES E HARRIS 0.50 X 0 0 0 DEBORAH H BUTLER 0.50 X 0 0 0 ROY HENDRIX 0.50 X 0 0 0 RICHARD D ROBERTS 0.50 X 0 0 0 DAVID KAUFMAN 0.50 X 0 0 0 LEMUEL E LEWIS 0.50 X 0 0 0 ROBIN D RAY 0.50 X 0 0 0 JEANNE POLIZOS ROSS 0.50 X 0 0 0 VINCENT J MASTRACCO JR 0.50 X 0 0 0 LOUIS F RYAN 0.50 X 0 0 0 EMILY S MILES 0.50 X 0 0 0 JERROLD L MILLER 0.50 X 0 0 0 TASSOS PAPHITES 0.50 X 0 0 0 JOHN TRINDER 0.50 X 0 0 0 WILLIAM SHELHORSE 0.50 X 0 0 0 ANNE SHUMADINE 0.50 X 0 0 0 SUSAN TORMA BEVERLY 0.50 X 0 0 0 MARK TOWE 0.50 X 0 0 0 WILLIAM H THUMEL JR 0.50 X 0 0 0 D HENRY WATTS 0.50 X 0 0 0 GEORGE K TSANTES III 0.50 X 0 0 0 ELIZABETH F MIDDLETON 0.50 X 0 0 0 DR WILLIAM T GREER JR 50.00 X 324724 0 112344 CARY SAWYER 50.00 X 124531 0 24610 DAVID BUCKINGHAM 50.00 X 135172 0 18926 RICK HINSHAW 50.00 X 122002 0 20549 DR TIMOTHY O'ROURKE 50.00 X 170680 0 26305 BRUCE VAUGHN 40.00 X 0 0 0 SUZANNE SAVAGE 50.00 X 107930 0 15431 DR WILLIAM GIBSON 50.00 X 103884 0 13706 DR LAWRENCE HULTGREN 50.00 X 106757 0 18511 1195680 0 250382 8 0 1 0 SODEXHO INC AND AFFILIATES PO BOX 905374 CHARLOTTE NC 282905374 FOOD SERVICE MANAGEMENT 1987229 RD LAMBERT AND SONS 1724 LAMBERT AND SONS CHESAPEAKE VA 23327 DESIGN/BUILD CONSTRUCTION MANAGEMENT FIR 1086988 ARAMARK 527 PLYMOUTH RD PLYMOUTH MEETING PA 19462 FACILITIES MANAGEMENT SERVICES 589860 ROYALL AND COMPANY 1920 EAST PARHAM ROAD RICHMOND VA 23228 ENROLLMENT MGT CONSULTING 252771 NOEL LEVITZ 2350 OAKDALE BLVD CORALVILLE IA 52241 ENROLLMENT MGT CONSULTING 103299 6 277104 2639689 661650 2916793 STUDENT FEES 611310 31901799 31901799 AUXILIARY ENTERPRISE 611310 6060907 6060907 OTHER 611310 259231 259231 38221937 889699 889699 263872 300528 -36656 -36656 -72533 35877 11385262 9786084 1599178 1599178 1599178 840331 653688 186643 186643 FURNISHING OF MEALS 722210 194637 194637 194637 43972231 38221937 122104 2711397 12118733 12118733 1258781 601236 326635 330910 14473410 11639282 2156903 677225 1135262 886404 194547 54311 2811594 2154854 556514 100226 1134291 885624 194398 54269 149961 149961 1764389 1630620 133610 159 400505 283574 43353 73578 1602052 1471438 130614 2838522 2674170 164352 238098 238098 OTHER 2531235 1264236 1194522 72477 COST OF SALES (AUXILIAR 1506204 1506204 SUPPLIES 916522 814861 72100 29561 ATHLETICS 561621 561621 STUDENT ACTIVITES 266655 266655 45707835 38759512 5555607 1392716 444314 642041 3934581 3142740 482230 726420 1239913 1147940 242782 202747 362849 247255 90825628 35565236 56134250 55260392 23307070 29839321 26338685 25294821 1589673 1901406 114076347 118405083 3798973 3773529 956614 956614 988206 1268939 33700877 32815718 348234 328234 3851804 3479668 43644708 42622702 X 25113810 27863880 7449251 9715056 37868578 38203445 70431639 75782381 114076347 118405083 X -1735604 7086346 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 268221 X X X 0 46809429 258550 8950037 2733115 53284901 38037748 8004523 3061742 1247793 1046791 46809429 0.31420 0.68580 0.00000 0 0 586068 586068 72453622 22912709 49540913 15447544 12652527 2795017 2338394 2338394 55260392 MULTI-STRATEGY EQUITY FUND 19482963 F MULTI-STRATEGY BOND FUND 5811858 F 25294821 OBLIGATIONS UNDER SPLIT INTEREST AGMNT 218162 OBLIGATIONS UNDER INT RATE SWAP CONTRACT 3261506 3479668 43972231 45707835 -1735604 7086346 7086346 5350742 39894060 8040562 8040562 31853498 12118733 12118733 43972231 34543318 954216 954216 33589102 12118733 12118733 45707835 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, 2011. THE COLLEGE'S FEDERAL EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURNS (FORM 990 AND 990T) FOR 2008, 2009, AND 2010 ARE SUBJECT TO EXAMINATION BY THE IRS, GENERALLY FOR THREE YEARS AFTER THEY WERE FILED. PART XI, LINE 8 - OTHER ADJUSTMENTS: UNREALIZED GAINS 7,086,346. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF SALES 653,688. RENTAL EXPENSES SHOWN AS EXPENSE ON THE FINANCIALS 300,528. UNREALIZED GAIN 7,086,346. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID EXPENSE SHOWN NET OF REVENUES ON FINANCIALS 12,118,733. PART XIII, LINE 2D - OTHER ADJUSTMENTS: COST OF SALES 653,688. RENTAL EXPENSES SHOWN AS AN EXPENSE ON TEH FINANCIALS 300,528. PART XIII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID EXPENSE SHOWN NET OF REVENUES ON FINANCIALS 12,118,733. 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. 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 917 10095593 SCHOLARSHIPS 622 2023140 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 1 1 X X 1 1 0 0 0 0 0 0 0 DR WILLIAM T GREER JR 296568 0 0 0 28156 0 44550 0 67794 0 437068 0 428681 0 DAVID BUCKINGHAM 135172 0 0 0 0 0 12325 0 6601 0 154098 0 0 0 DR TIMOTHY O'ROURKE 170680 0 0 0 0 0 14875 0 11430 0 196985 0 193274 0 PART I, LINE 1A THE COLLEGE'S PROVIDES HOUSING TO PRESIDENT FOR THE CONVENIENCE OF THE EMPLOYER SO THAT THE PRESIDENT CAN PERFORM ESSENTIAL COLLEGE BUSINESS AND ACTIVITIES AT THE HOME. PART I, LINES 4A-B 4A RICK HINSHAW - $147,286 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 0 0 1 1 135199 5050000 50000 5000000 2010 0 0 1 1 0 0 0 0 0 0.01000 0.01000 1 0 0 0 0 0 0.00000 0.00000 1 0 1 1 BANK OF AMERICA 30.000000000000 0 0 0 0 0 0 0 0 0 0 0 CARY SAWYER OFFICER 25456 TUTION REMISSION FOR DAUGHTER PER POLICY FOR ALL EMPLOYEES X 8 660650 FMV X OTHER 1 1000 FMV 0 1 0 FORM 990, PART VI, SECTION A, LINE 3 THE COLLEGE'S VICE PRESIDENT OF OPERATIONS, BRUCE VAUGHN, IS CHARGED WITH THE COLLEGE'S MAINTENANCE AND IMPROVEMENT PLAN, INCLUDING DUTIES INVOLVING THE PHYSICAL PLANT, BOOKSTORE, COMPUTER SERVICES, RISK MANAGEMENT AND PURCHASING. HE IS NOT AN EMPLOYEE OF THE COLLEGE. HE IS AN EMPLOYEE OF ARAMARK WHO PROVIDES FACILITIES MANAGEMENT SERVICES FOR THE COLLEGE. 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. 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 IT IS REPORTED TO THE PRESIDENT AND THE CHARIMAN OF THE BOARD. 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: UNREALIZED GAINS 7,086,346. TOTAL TO FORM 990, PART XI, LINE 5: 7,086,346. PART X - BALANCE SHEET THE BEGINNING BALANCES HAVE BEEN CHANGED DUE TO THE RECLASSIFICATION OF CERTAIN BALANCE SHEET ACCOUNTS.