2026-04-13T13:30:46-05:00 2025-06-30 540504608 BROWN EDWARDS & COMPANY LLP 105 ARBOR DR NE 3RD FLOOR CHRISTIANSBURG VA 24073 990 2024-07-01 540129860 AVERETT UNIVERSITY AVER 4347915679 420 WEST MAIN STREET DANVILLE VA 24541 DR THOMAS POWELL PRESIDENT 4347915651 2026-04-11 1 1 PATRICK PITTMAN P00587461 5404433606 2026-04-11 2024 2025-03-06 01:10:19Z DR THOMAS POWELL 420 WEST MAIN STREET DANVILLE VA 24541 59901053 0 X WWW.AVERETT.EDU X 1859 VA AVERETT 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. 28 28 704 0 0 0 3904008 9667082 48188190 46504395 605962 1881345 1557392 1567831 54255552 59620653 22263438 21447750 0 0 18905960 15762224 0 0 846037 22405530 20986109 63574928 58196083 -9319376 1424570 68836187 68663682 33163536 31785042 35672651 36878640 X AVERETT 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 48297301 21447750 49224978 AVERETT PROVIDES INSTRUCTION TO APPROXIMATELY 1,200 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. 48297301 1 1 0 0 0 0 0 0 0 1 1 1 0 1 1 1 1 0 1 1 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 1581 0 1 704 1 0 0 0 0 0 0 0 0 0 0 X 28 28 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 X DR THOMAS POWELL PRESIDENT 4347915651 420 WEST MAIN STREET DANVILLE VA 24541 REV DR DANIEL CARLTON CHAIRPERSON 0.00 X X 0 0 0 EMMA MADDUX KOZLOWSKI VICE CHAIRPERSON 0.00 X X 0 0 0 JAN GF BARNETT TRUSTEE 0.00 X 0 0 0 ELLEN E BEVILLE TRUSTEE 0.00 X 0 0 0 MS KIRK BIDGOOD TRUSTEE 0.00 X 0 0 0 GRAYSON EATON TRUSTEE 0.00 X 0 0 0 DR LENORA BILLINGS-HARRIS TRUSTEE 0.00 X 0 0 0 BRENDA BOWMAN TRUSTEE 0.00 X 0 0 0 REV DR RICHARD BROWN TRUSTEE 0.00 X 0 0 0 SARAH L COLLIE TRUSTEE 0.00 X 0 0 0 GARY W COLLINS TRUSTEE 0.00 X 0 0 0 LINDA GREEN TRUSTEE 0.00 X 0 0 0 JOHN HERNDON JR TRUSTEE 0.00 X 0 0 0 STARLETTE JOHNSON TRUSTEE 0.00 X 0 0 0 MICHAEL E KECK TRUSTEE 0.00 X 0 0 0 HAYWARD MAJORS TRUSTEE 0.00 X 0 0 0 BRANDON POTTER TRUSTEE 0.00 X 0 0 0 TONI RICE TRUSTEE 0.00 X 0 0 0 DR MARY M G RIDDLE TRUSTEE 0.00 X 0 0 0 DR CALVIN R SNOWDEN TRUSTEE 0.00 X 0 0 0 DEBORAH W UPTON TRUSTEE 0.00 X 0 0 0 CHRISTOPHER E WEST TRUSTEE 0.00 X 0 0 0 L HAMPTON WILKINS TRUSTEE 0.00 X 0 0 0 KRIS WILLARD TRUSTEE 0.00 X 0 0 0 TODD MCGREGOR YEATTS TRUSTEE 0.00 X 0 0 0 DR TIFFANY FRANKS PRESIDENT 1.00 X 288513 0 19581 DR THOMAS POWELL PRESIDENT 0.00 X 0 0 0 DON MERICKS CFO 1.00 X 25092 0 2427 DEBORAH HALL INTERIM CFO - CONSULTANT 0.00 X 0 0 0 MICHAEL BOEHM CIO 1.00 X 172555 0 25950 LEE BEAUMONT VP ADMISSIONS 1.00 X 179827 0 22287 MELISSA WOHLSTEIN VP ADVANCEMENT 1.00 X 177831 0 26162 VENITA MITCHELL VP STUDENT ENGAGEMENT 1.00 X 137943 0 13122 VIRGINIA HENDERSON VP ACADEMIC AFFAIRS 1.00 X 149027 0 13523 DON AUNGST FORMER CFO 0.00 X 113686 0 9956 1244474 0 133008 10 1 1 0 ORBIS EDUCATION 2600 W CAMELBACK ROAD PHOENIX AZ 85017 NUSRING PARTNERSHIP SHARE 3681874 ARAMARK 27310 NETWORK PLACE CHICAGO IL 606731273 FOOD SERVICE 2200767 HES FACILITIES LLC 2160 LAKESIDE CENTRE WAY KNOXVILLE TN 37922 MAINTENANCE 2184815 ELLUCIAN 62578 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 SOFTWARE 788934 FHEY AVERETTY UNIVERSITY BOOKSTORE 3146 SOLUTIONS CENTER CHICAGO IL 60693 BOOKSTORE 703468 28 295305 9371777 35208 9667082 TUITION AND FEES 611310 39859351 39859351 AUXILIARY ENTERPRISES 611310 5947896 5947896 OTHER PROGRAM SERVICE FEES 900099 697148 697148 46504395 191568 191568 109037 0 109037 109037 109037 416553 1553624 0 280400 416553 1273224 1689777 1273224 416553 FIXED BASE OPERATIONS 900099 1458794 1458794 1458794 59620653 49236413 0 717158 X 21447750 21447750 1355295 602711 574753 177831 11740897 10283310 1190050 267537 71206 50782 14016 6408 1643925 1314766 273394 55765 950901 754227 164338 32336 1044099 535 1043564 93125 93125 39500 39500 6198231 4735320 1355534 107377 22648 11566 11082 778425 716664 51797 9964 450834 31947 418887 1762661 939902 798316 24443 206145 153064 52395 686 766978 601015 147064 18899 4423085 3492353 820579 110153 677321 73570 603751 STUDENT-RELATED ACTIVIT 1274488 1272795 1693 REPAIRS AND MAINTENANCE 1162280 389735 767453 5092 FUEL 988271 988271 MISCELLANEOUS 726582 130189 590177 6216 371436 306829 41277 23330 58196083 48297301 9052745 846037 2813521 5959333 1264858 627316 4963881 3598829 1236539 1211962 20544 379022 77157578 36372994 42734063 40784584 2930947 1070456 6747397 9408251 6124437 5623929 68836187 68663682 9627700 8607546 774728 774728 3076356 4483573 12493886 12212315 1694591 1240585 5496275 4466295 33163536 31785042 X 1333516 4033334 34339135 32845306 35672651 36878640 68836187 68663682 1424570 -218581 0 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 24460597 171354 350040 1237250 23744741 24708420 84568 934209 1266600 24460597 26654790 83513 1384539 1850624 1563798 24708420 31001822 323660 -2090435 1195200 1385057 26654790 26102289 806658 5224575 515400 616300 31001822 0.03230 0.86300 0.10470 1 0 2481731 2481731 35239510 16687040 18552470 22287534 8516657 13770877 10576788 7839251 2737537 6572015 3330046 3241969 40784584 BENEFICIAL INTERESTS 4200235 F CASH & CASH EQUIVALENTS 4057870 C ALTERNATIVE INVESTMENTS 1098645 F OTHER ASSETS 51501 F 9408251 ASSETS HELD UNDER SPLIT-INTEREST AGREEMENTS 3600 FINANCE LEASE RIGHT-OF-USE ASSETS 3629143 OPERATING LEASE RIGHT-OF-USE ASSETS 1991186 5623929 LIABILITY UNDER ANNUITY AND TRUST AGREEMENT 3600 OPERATING LEASE LIABILITY 2131271 FINANCING LEASE LIABILITY 2331424 4466295 X 38118122 -218581 203300 -15281 38133403 39500 21447750 21487250 59620653 36912133 203300 203300 36708833 39500 21447750 21487250 58196083 PART X, LINE 2: 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 FASB ACCOUNTING STANDARDS CODIFICATION THE UNIVERSITY FILES FORM 990 IN ACCORDANCE WITH APPLICABLE U.S. FEDERAL REGULATIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS 214,735. CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS AND ANNUITIES -11,435. PART XI, LINE 4B - OTHER ADJUSTMENTS: GRANTS AND SCHOLARSHIPS 21,447,750. PART XII, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS 214,735. CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS AND ANNUITIES -11,435. PART XII, LINE 4B - OTHER ADJUSTMENTS: GRANTS AND SCHOLARSHIPS 21,447,750. SCHEDULE D, PART V - ENDOWMENT FUNDS OF THE $23,744,741 OF ENDOWMENT NET ASSETS, $17,466,269 IS A LOAN TO THE UNIVERSITY'S OPERATIONS. THE REMAINING $6,278,472 IS INVESTMENTS IN VARIOUS SECURITIES. 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,WEBSITE, AND ADVERTISING SCHEDULE E, PART I, LINE 6 THE UNIVERSITY RECEIVES VARIOUS GOVERNMENT GRANTS INCLUDING PELL, SEOG AND FEDERAL WORK STUDY. EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 1 PROGRAM SERVICES RECRUITMENT 13000 0 1 0 0 0 1 13000 0 13000 0 0 0 0 0 0 1 SCHOLARSHIPS AND GRANTS TO STUDENTS 1105 21447750 X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 DR TIFFANY FRANKS PRESIDENT 288513 0 0 0 0 0 0 0 19581 0 308094 0 0 0 MELISSA WOHLSTEIN VP ADVANCEMENT 177831 0 0 0 0 0 0 0 26162 0 203993 0 0 0 LEE BEAUMONT VP ADMISSIONS 162204 0 0 0 17623 0 0 0 22287 0 202114 0 0 0 MICHAEL BOEHM CIO 167555 0 5000 0 0 0 0 0 25950 0 198505 0 0 0 VIRGINIA HENDERSON VP ACADEMIC AFFAIRS 149027 0 0 0 0 0 0 0 13523 0 162550 0 0 0 VENITA MITCHELL VP STUDENT ENGAGEMENT 137943 0 0 0 0 0 0 0 13122 0 151065 0 0 0 DON AUNGST FORMER CFO 77673 0 0 0 36013 0 0 0 9956 0 123642 0 0 0 A INDUSTRIAL DEVELOPMENT AUTHORITY OF VCITY OF DANVILLE VA 521321074 2017-10-01 14675000 REFUND EXISTING BONDS, CAPITAL IMPROVEMENT 0 0 0 A 15035000 564313 439087 3419022 11047274 2018 1 0 1 1 A 0 0 0 0 0 0 1 A 0 0 0 0 1 0 0 0 1 A 1 X 2 35208 FMV ON DATE OF SALE 0 1 1 PART I, LINE 32B: THE UNIVERSITY USES A THIRD PARTY TO SOLICIT GENERAL CONTRIBUTIONS, SOME OF WHICH ARE NON-CASH DONATIONS. FORM 990, PART VI, SECTION B, LINE 11B A COMPLETE COPY OF FORM 990 IS PROVIDED TO AND APPROVED BY THE ENTIRE BOARD OF TRUSTEES BEFORE IT IS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C A "CONFLICT OF INTEREST" ARISES WHEN A PERSON IN A POSITION OF AUTHORITY OVER AN ORGANIZATION, SUCH AS A TRUSTEE OR OFFICER, MAY BENEFIT PERSONALLY FROM A DECISION HE OR SHE COULD MAKE. INTERESTED PERSON INCLUDES ANY TRUSTEE, PRINCIPAL OFFICER, OR MEMBER OF COMMITTEE WITH GOVERNING BOARD DELEGATED POWERS, WHO HAS A DIRECT OR INDIRECT FINANCIAL INTEREST, AS DEFINED BELOW, IN AN INTERESTED PERSON. A PERSON HAS FINANCIAL INTEREST IF THE PERSON HAS, DIRECTLY OR INDIRECTLY, THROUGH BUSINESS, INVESTMENT, OR FAMILY; A) AN OWNERSHIP OF INVESTMENT INTEREST IN ANY ENTITY WITH WHICH AVERETT HAS A TRANSACTION OR ARRANGEMENT, B) A COMPENSATION ARRANGEMENT WITH AVERETT OR WITH ANY ENTITY OR INDIVIDUAL WITH WHICH AVERETT HAS A TRANSACTION OR ARRANGEMENT, OR C) A POTENTIAL OWNERSHIP OR INVESTMENT INTEREST IN, OR COMPENSATION ARRANGEMENT WITH, ANY ENTITY OR INDIVIDUAL WITH WHICH AVERETT IS NEGOTIATING A TRANSACTION OR ARRANGEMENT IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICT OF INTEREST. AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF THE FINANCIAL INTEREST AND BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE BOARD OR EXECUTIVE COMMITTEE CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER DISCLOSE OF THE FINANCIAL INTEREST AND ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, HE/SHE SHALL LEAVE THE MEETING DURING THE BOARD OR EXECUTIVE MEETING WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD OR EXECUTIVE COMMITTEE MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. IN ADDITION, ANY TRUSTEE MAY RECUSE THEMSELVES AT ANY TIME FROM INVOLVEMENT IN ANY DECISION OR DISCUSSION IN WHICH THE TRUSTEE BELIEVES THAT HE/SHE HAS OR MAY HAVE A CONFLICT OR INTEREST, WITHOUT GOING THROUGH THE PROCESS FOR DETERMINING WHETHER A CONFLICT OF INTEREST EXISTS. IF THE BOARD OR EXECUTIVE COMMITTEE HAS REASONABLE CAUSE TO BELIEVE A MEMBER HAS FAILIED TO DISCLOSE ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, IT SHALL TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. THE MINUTES OF THE BOARD AND ALL COMMITTEES WITH BOARD DELEGATED POWERS SHALL CONTAIN A) THE NAMES OF THE PERSONS WHO DISCLOSED OR OTHERWISE WERE FOUND TO HAVE A FINANCIAL INTEREST IN CONNECTION WITH AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, THE NATURE OF THE FINANCIAL INTEREST, ANY ACTION TAKEN TO DETERMINE WHETHER A CONFLICT OF INTEREST WAS PRESENT, AND THE BOARD'S OR EXECUTIVE COMMITTEE'S DECISION AS TO WHETHER A CONFLICT OF INTEREST IN FACT EXISTED B) THE NAMES OF PERSONS WHO WERE PRESENT FOR DISCUSSIONS AND VOTES RELATING TO THE TRANSACTION OR ARRANGEMENT, THE CONTENT OF THE DISCUSSION, INCLUDING ANY ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANAGEMENT, AND A RECORD OF ANY VOTES TAKEN IN CONNECTION WITH THE PROCEEDINGS. FORM 990, PART VI, SECTION B, LINE 15A THE EXECUTIVE COMMITTEE (AN INDEPENDENT BODY) REVIEWS COMPARABLE DATA WITH PEER INSTITUTIONS AND APPROVES THE PRESIDENT'S EMPLOYEE CONTRACT. THE PROCESS IS DOCUMENTED IN THE EXECUTIVE COMMITTEE MINUTES. 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 IX, LINE 11G CONTRACTUAL SERVICES: PROGRAM SERVICE EXPENSES 4,735,320. MANAGEMENT AND GENERAL EXPENSES 1,355,534. FUNDRAISING EXPENSES 107,377. TOTAL EXPENSES 6,198,231. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PREVIOUS YEAR.