2026-05-08T07:41:25-05:00 2025-06-30 540504608 BROWN EDWARDS & COMPANY LLP 105 ARBOR DRIVE 3RD FLOOR CHRISTIANSBURG VA 24073 990 2024-07-01 546039600 VIRGINIA WESLEYAN UNIVERSITY VIRG 7574555707 5817 WESLEYAN DRIVE VIRGINIA BEACH VA 23455 JOHN GROULX VICE PRESIDENT FOR FINANCE 7574555707 2026-05-07 1 0 MARK WOOLWINE P00647446 5404433606 2026-05-07 2024 2025-03-06 01:10:19Z JOHN GROULX 5817 WESLEYAN DRIVE VIRGINIA BEACH VA 23455 112885084 0 X WWW.VWU.EDU X 1961 VA VIRGINIA WESLEYAN UNIVERSITY IS A FULLY ACCREDITED LIBERAL ARTS, UNITED-METHODIST RELATED INSTITUTION FOUNDED IN 1961. 37 37 665 25 108022 101295 28178484 49714931 54083137 56103560 1471264 5409563 2176080 1327313 85908965 112555367 25614834 26634287 0 0 21947285 22598244 0 0 901504 24880857 23236033 72442976 72468564 13465989 40086803 249665547 301036633 34254284 38121052 215411263 262915581 X SEE SCHEDULE O. 0 0 47376871 26634287 46713129 EDUCATIONAL AND GENERAL EXPENSES TO INCLUDE INSTRUCTIONAL SERVICES, PUBLIC SERVICES, PLANT OPERATIONS AND STUDENT AID. FOR APPROXIMATELY 1,241 TRADITIONAL STUDENTS AND 3,586 CONTINUING EDUCATION LEARNERS ENROLLED AND 156 IN GRADUATE PROGRAMS DURING FISCAL YEAR 2024/25 WITH 1 STUDENT GRADUATING WITH AN ASSOCIATE DEGREE, 262 STUDENTS GRADUATING WITH BACCALAUREATE DEGREES AND 32 STUDENTS GRADUATING WITH GRADUATE DEGREES. 8313406 10671324 AUXILARY ENTERPRISES TO INCLUDE RESIDENCE HALLS, DINING HALL AND CONFERENCE FACILITIES. 55690277 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 1 0 0 0 1 1809 0 1 665 1 1 1 0 0 0 0 0 0 0 0 0 X 37 37 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 VA X JOHN GROULX 7574555707 5817 WESLEYAN DRIVE VIRGINIA BEACH VA 23455 JONATHAN E PRUDEN CHAIR 1.00 X X 0 0 0 NANCY T DEFORD VICE CHAIR 1.00 X X 0 0 0 MAVIS E MCKENLEY SECRETARY 1.00 X X 0 0 0 J TIM BAILEY TREASURER 1.00 X X 0 0 0 JOHN F MALBON IMMEDIATE PAST CHAIR 1.00 X X 0 0 0 SUSAN S GOODE TRUSTEE 1.00 X 0 0 0 GEORGE K CHIP TSANTES III TRUSTEE 1.00 X 0 0 0 GARY D BONNEWELL TRUSTEE 1.00 X 0 0 0 DOUGLAS B WILSON TRUSTEE 1.00 X 0 0 0 SHARON S GOODWYN TRUSTEE 1.00 X 0 0 0 WILLIAM W GRANGER III TRUSTEE 1.00 X 0 0 0 HOWARD P KERN TRUSTEE 1.00 X 0 0 0 DAVID L KAUFMAN TRUSTEE 1.00 X 0 0 0 VINCENT J MASTRACCO JR TRUSTEE 1.00 X 0 0 0 ROBERT W MCFARLAND TRUSTEE 1.00 X 0 0 0 ERIC C NYMAN TRUSTEE 1.00 X 0 0 0 TASSOS J PAPHITES TRUSTEE 1.00 X 0 0 0 ROBIN D RAY TRUSTEE 1.00 X 0 0 0 LOUIS F RYAN TRUSTEE 1.00 X 0 0 0 JAMES H SHUMADINE TRUSTEE 1.00 X 0 0 0 LEE T STEVENSON TRUSTEE 1.00 X 0 0 0 JOSEPH R THOMAS TRUSTEE 1.00 X 0 0 0 KENNETH G TRINDER II TRUSTEE 1.00 X 0 0 0 MICHAEL J WHITE TRUSTEE 1.00 X 0 0 0 G ROBERT ASTON JR TRUSTEE 1.00 X 0 0 0 MATTHEW R NUSBAUM TRUSTEE 1.00 X 0 0 0 MICHAEL R RAWLS TRUSTEE 1.00 X 0 0 0 ANTHONY WALTERS TRUSTEE 1.00 X 0 0 0 DEBORAH M PAXSON TRUSTEE 1.00 X 0 0 0 GRAHAM GARRENTON TRUSTEE 1.00 X 0 0 0 ANGELA M MERCER MD TRUSTEE 1.00 X 0 0 0 JOSEPH P RUDDY TRUSTEE 1.00 X 0 0 0 JACLYN B RUELLE TRUSTEE 1.00 X 0 0 0 WILLIAM L MURRAY TRUSTEE 1.00 X 0 0 0 JEFFREY S HELLER TRUSTEE 1.00 X 0 0 0 BECKY C SAWYER TRUSTEE 1.00 X 0 0 0 JODY M WAGNER TRUSTEE 1.00 X 0 0 0 DR SCOTT D MILLER PRESIDENT 50.00 X 523219 0 87119 JOHN GROULX VICE PRESIDENT FOR FINANCE 40.00 X 180200 0 22326 SUSAN E LARKIN PROVOST & VICE PRESIDENT FOR ACADEMIC AFFAIRS 40.00 X 175157 0 22696 HEATHER CAMPBELL VICE PRESIDENT FOR ENROLLMENT 40.00 X 121655 0 31457 KEITH MOORE SENIOR VICE PRESIDENT 40.00 X 154216 0 26371 DEIRDRE GONSALVES-JACKSON PROVOST & VICE PRESIDENT 40.00 X 123771 0 31659 KELLY CORDOVA CHIEF OF STAFF/VP FOR STRATEGIC INITIATIVES 40.00 X 106428 0 29979 GREGORY SKINNER CHIEF INFORMATION OFFICER 40.00 X 143622 0 20488 DAVID MACEDO HEAD MEN'S BASKETBALL COAC 40.00 X 158168 0 34188 MAYNARD SCHAUS PROFESSOR 40.00 X 148216 0 35319 VICTOR TOWNSEND PROFESSOR 40.00 X 139589 0 21418 STEVEN M EMMANUEL PROFESSOR 40.00 X 137029 0 21001 2111270 0 384021 38 0 1 0 HOURIGAN CONSTRUCTION 4429 BONNEY ROAD SUITE 200 VIRGINIA BEACH VA 23462 BUILDING CONTRACTOR 12300479 ARAMARK PO BOX 978839 DALLAS TX 753978839 FACILITY MANAGEMENT 3959233 SODEXO PO BOX 360170 PITTSBURGH PA 152516170 FOOD SERVICES 3298495 DRIVESTREAM INC 45610 WOODLAND RD SUITE 150 STERLING VA 20166 CONSULTING 708021 BLOCK ROOFING CORPORATION 1409 AIR RAIL AVENUE VIRGINIA BEACH VA 23455 ROOF CONTRACTOR 501465 18 122685 49592246 49246565 49714931 STUDENT FEES 611310 45432236 45432236 ROOM & BOARD 611310 10671324 10671324 56103560 1893081 61602 1831479 162122 71942 90180 90180 90180 3516482 0 3516482 3516482 3516482 214015 257775 -43760 -43760 OTHER 611310 1280893 1280893 1280893 112555367 57384453 108022 5347961 26634287 26634287 1265071 430534 834537 15743360 12869140 2511755 362465 938416 744075 174328 20013 3415861 2365999 833284 216578 1235536 975188 233384 26964 25893 25893 64309 64309 384941 384941 629389 497165 96773 35451 5722229 3317097 2385194 19938 775817 538666 190000 47151 952920 532934 419986 5304928 2844374 2460554 674552 12389 662163 OTHER 3928292 2281482 1473866 172944 COGS 3067926 3067926 ATHLETICS 1646947 1646947 UNRELATED BUSINESS INCO 57890 57890 72468564 55690277 15876783 901504 2464257 1963558 625 10472257 49936625 465484 381168 379360 273243 54933 89658 1107734 728795 191684806 87948997 90780146 103735809 11895292 3209421 127201892 135800996 4843567 4917360 249665547 301036633 3265515 5840388 104666 5070 2842722 3322208 27724824 28583620 316557 369766 34254284 38121052 X 60787380 58454031 154623883 204461550 215411263 262915581 249665547 301036633 X 40086803 7185225 232290 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 1758 1758 0 X X X X 0 126233947 793302 12209847 5750000 -778466 134265562 119824324 291801 11657601 5975000 -435221 126233947 115895125 3209364 6363445 6082300 -438690 119824324 72822806 57507597 -11084508 2465091 885679 115895125 58765587 218060 17041660 1944879 1257622 72822806 0.08090 0.75470 0.16440 0 0 580418 580418 142003671 63457229 78546442 27999665 21604359 6395306 21101052 2887409 18213643 103735809 MUTUAL FUNDS 30550400 F GLOBAL EQUITIES 17778067 F REAL ESTATE 1993617 F FIXED INCOME 2084827 F REAL ASSETS NAT RES. 7188061 F HEDGE FUNDS 11357241 F PRIVATE EQUITY 53835796 F OTHER INVESTMENTS 274649 F MONEY MARKET AND OTHER SHORT-TERM INVESTMENTS 10738338 F 135800996 AGENCY FUNDS 369766 369766 X 93283371 7185225 232290 7417515 85865856 384941 26304570 26689511 112555367 45779053 329717 329717 45449336 384941 26634287 27019228 72468564 PART III, LINE 4: THE COLLECTION CONSISTS PRIMARILY OF PAINTINGS AND IS HELD FOR PUBLIC DISPLAY IN RELATION TO ART CLASSES TAUGHT BY THE UNIVERSITY. PART V, LINE 4: ENDOWMENT FUNDS ARE USED TO FUND SCHOLARSHIPS AND GRANTS FOR STUDENTS AND SUPPORT OPPERATIONS. PART X, LINE 2: THE UNIVERSITY HAS EVALUATED THE EFFECT OF GENERALLY ACCEPTED ACCOUNTING PRINCIPLES ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. THE UNIVERSITY 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, 2025. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN FUNDS HELD IN TRUST 232,290. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 26,634,287. UNIVERSITY STORE COST OF GOODS SOLD NETTED AGAINST INCOME -257,775. RENTAL EXPENSES -71,942. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 71,942. UNIVERSITY STORE COST OF GOODS SOLD NETTED AGAINST INCOME 257,775. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 26,634,287. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE NONDISCRIMINATORY POLICY IS ON THE UNIVERSITY WEB SITE AND IS INCLUDED ON INFORMATION THAT GOES OUT TO PROSPECTIVE STUDENTS. THE UNIVERSITY PUBLISHES IT WHEN ADVERTISING FOR POSITIONS. SCHEDULE E, PART I, LINE 6 THE UNIVERSITY 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). GLOBAL 0 0 INVESTMENTS 37194720 0 0 0 0 0 0 37194720 0 37194720 0 0 0 0 0 0 1 SCHOLARSHIPS AND FINANCIAL AID 1424 26634287 PART I, LINE 2: THE FINANCIAL AID OFFICE IS CHARGED WITH DETERMINING ELIGIBILITY, ALLLOCATIONS 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 UNIVERSITY 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 X X 0 0 0 0 0 0 0 0 0 DR SCOTT D MILLER PRESIDENT 523219 0 0 0 0 0 65850 0 21269 0 610338 0 0 0 JOHN GROULX VICE PRESIDENT FOR FINANCE 180200 0 0 0 0 0 11353 0 10973 0 202526 0 0 0 SUSAN E LARKIN PROVOST & VICE PRESIDENT FOR ACADEMI 175157 0 0 0 0 0 11891 0 10805 0 197853 0 0 0 DAVID MACEDO HEAD MEN'S BASKETBALL COAC 158168 0 0 0 0 0 10964 0 23224 0 192356 0 0 0 MAYNARD SCHAUS PROFESSOR 148216 0 0 0 0 0 10325 0 24994 0 183535 0 0 0 KEITH MOORE SENIOR VICE PRESIDENT 154216 0 0 0 0 0 10476 0 15895 0 180587 0 0 0 GREGORY SKINNER CHIEF INFORMATION OFFICER 143622 0 0 0 0 0 9767 0 10721 0 164110 0 0 0 VICTOR TOWNSEND PROFESSOR 139589 0 0 0 0 0 9505 0 11913 0 161007 0 0 0 STEVEN M EMMANUEL PROFESSOR 137029 0 0 0 0 0 9320 0 11681 0 158030 0 0 0 DEIRDRE GONSALVES-JACKSON PROVOST & VICE PRESIDENT 123771 0 0 0 0 0 8636 0 23023 0 155430 0 0 0 HEATHER CAMPBELL VICE PRESIDENT FOR ENROLLMENT 121655 0 0 0 0 0 8512 0 22945 0 153112 0 0 0 PART I, LINE 1A AS PART OF THE PRESIDENT'S EMPLOYEMENT AND REQUIRED PRESENCE ON CAMPUS, THE PRESIDENT IS PROVIDED HOUSING ON THE CAMPUS. A CITY OF VB DEV AUTH 540947964 2018-06-13 36000000 REFINANCE AND CAPITAL IMPROVEMENTS 0 0 0 B CITY OF VB DEV AUTH 540947964 2025-06-01 10000000 BUILDING IMPROVEMENTS & INFRASTRUCTURE 0 0 0 A 9782562 36000000 86333 6376761 29536906 2024 1 0 1 1 B 2540269 90000 2540269 0 0 0 0 A 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 A 0 0 0 1 0 0 0 0 0 B 0 0 0 0 0 0 0 0 0 A 0 B 0 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: CITY OF VB DEV. AUTH. DATE THE REBATE COMPUTATION WAS PERFORMED: 03/23/2022 HOWARD KERN BOARD MEMBER 436434 HOWARD IS PRESIDENT & CHIEF EXECUTIVE OFFICER EMERITUS FOR SENTARA HEALTHCARE WHICH VWU USES FOR OUTSOURCED HEALTHCARE SERVICES 0 BECKY SAWYER BOARD MEMBER 436434 BECKY IS EXECUTIVE VP OF SENTARA HEALTHCARE WHICH VWU USES FOR OUTSOURCED HEALTHCARE SERVICES 0 WILLIAM MURRAY BOARD MEMBER 928608 WILLIAM IS AN EXECUTIVE FOR DOMINION ENERGY 0 X 1 4400 DONOR VALUE X 1005 DONOR VALUE X 6 286776 AVERAGE HIGH/LOW X SUPPLIES 2 33644 FMV X EQUIPMENT 6 12688 FMV X MISCELLANEOUS 22 7168 FMV 0 0 0 FORM 990, PART III, LINE 1 AN INCLUSIVE COMMUNITY DEDICATED TO SCHOLARSHIP AND SERVICE GROUNDED IN THE LIBERAL ARTS AND SCIENCES, VIRGINIA WESLEYAN UNIVERSITY INSPIRES STUDENTS TO BUILD MEANINGFUL LIVES THROUGH ENGAGEMENT IN COASTAL VIRGINIA'S DYNAMIC METROPOLITAN REGION, THE NATION, AND THE WORLD. FORM 990, PART VI, SECTION B, LINE 11B VIRGINIA WESLEYAN UNIVERSITY AND THE ACCOUNTING STAFF PROVIDE THE NECESSARY FINANCIAL AND OTHER INFORMATION NECESSARY TO THE INDEPENDENT THIRD PARTY TAX CONSULTANTS. THE TAX CONSULTANTS REVIEW AND COMPILE THE INFORMATION INTO THE 990 AND 990T FORMS AND PROVIDE A DRAFT TO MANAGEMENT. THE ADMINISTRATION AND FINANCE COMMITTEE REVIEW THE 990 BEFORE IT IS FILED. 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 UNIVERSITY. IF A CONFLICT DOES OCCUR DURING THE YEAR, IT IS REPORTED TO THE PRESIDENT AND THE CHAIRMAN 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 IS EVALUATED BY EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES (HELD IN FEBRUARY OR MARCH EACH YEAR), ACCORDING TO WRITTEN OBJECTIVES, SPECIFIC AND GENERAL, DEVELOPED BY CONSULTATION BETWEEN THE PRESIDENT AND THE BOARD CHAIR AND PRESENTED TO AND APPROVED BY THE BOARD BEFORE THE OUTSET OF EACH ACADEMIC YEAR. THE PRESIDENT REPORTS ON THESE GOALS AT EACH BOARD MEETING. THE EXECUTIVE COMMITTEE SERVES AS THE PRESIDENT'S COMPENSATION COMMITTEE, AND BASED ON THE ANNUAL EVALUATION,MEETS IN EXECUTIVE SESSION TO REVIEW THE PRESIDENT'S COMPENSATION PACKAGE. THE PRESIDENT'S DUTIES, TERMS OF EMPLOYMENT AND COMPENSATION ARE COMMITTED TO A WRITTEN "EMPLOYMENT AGREEMENT "(CONTRACT).THE CONTRACT CONTAINS SPECIFIC DUTIES AND TERMS. A ONE PAGE APPENDIX IS UPDATED EACH YEAR WITH SALARY AND ANY SPECIAL CONDITIONS. A SUPPLEMENTAL LETTER OUTLINES REIMBURSEMENT FOR SPOUSAL ACCOMMODATION EXPENSE(S). THE CONTRACT MIRRORS THE PRESIDENT'S CONTRACT AT HIS PRIOR INSTITUTIONS (PRESIDENT, LINCOLN MEMORIAL UNIVERSITY, 1991-1997; PRESIDENT, WESLEY COLLEGE, 1997-2007; PRESIDENT, BETHANY COLLEGE, 2007-2015). THAT CONTRACT WAS DEVELOPED BY AN INDEPENDENT HIGHER EDUCATION CONSULTING FIRM AND WITH THE ASSISTANCE OF INDEPENDENT LEGAL COUNSEL. AN UPDATED VIRGINIA WESLEYAN UNIVERSITY VERSION WAS DRAFTED BY THE CHAIR OF THE BOARD AND THE UNIVERSITY'S GENERAL COUNSEL AND APPROVED BY THE PRESIDENT OF THE UNIVERSITY AS WELL AS THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. THE FULL BOARD RATIFIED DUTIES, TERMS AND COMPENSATION. PER THE CONTRACT, "THE EMPLOYEE'S (PRESIDENT) BASE SALARY FOR SUBSEQUENT YEARS WILL BE REVIEWED AND ESTABLISHED ANNUALLY, ON OR BEFORE MARCH 31 OF EACH CALENDAR YEAR, BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES AND, IF ADJUSTED, WILL BE ADJUSTED EFFECTIVE JULY 1 OF THAT YEAR. ADJUSTMENTS ARE AT THE SOLE DISCRETION OF THE EXECUTIVE COMMITTEE AND WILL BE CONDITIONED UPON THE BOARD'S SATISFACTION WITH THE EMPLOYEE'S PERFORMANCE AND THE UNIVERSITY'S FINANCIAL POSITION ." BASED ON THE EVALUATION, THE EXECUTIVE COMMITTEE SETS THE PRESIDENT'S COMPENSATION UTILIZING COMPARATIVE DATA FROM A VARIETY OF EXTERNAL SOURCES :( A) SURVEY DATA FOR PRESIDENTS OF COLLEGES WITH SIMILAR ASSETS PROVIDED BY THE COLLEGE UNIVERSITY AND PERSONNEL ASSOCIATION (CUPA); (B) A REVIEW OF INTERNAL REVENUE SERVICE 990 FORM DATA FOR PRESIDENTS OF PEER INSTITUTIONS; (C) COMPARATIVE DATA FOR PRESIDENTS OF NATIONAL LIBERAL ARTS COLLEGES PROVIDED BY THE ANNUAL CHRONICLE OF HIGHER EDUCATION SURVEY, AND (D) COMPARATIVE DATA FOR PRESIDENTS OF SIMILAR INSTITUTIONS FROM THE YAFFEE AND COMPANY EXECUTIVE COMPENSATION SURVEY. THE UNIVERSITY'S OFFICERS COMPENSATION IS SET BY THE PRESIDENT USING THE SAME VARIETY OF EXTERNAL SOURCES AS USED WHEN EVALUATING THE PRESIDENT'S COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, POLICIES AND FINANCIAL STATEMENTS ARE PROVIDED UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN FUNDS HELD IN TRUST 232,290. FORM 990, PART XII, LINE 2C: THERE WERE NO CHANGES TO THIS PROCESS. CHARITABLE REMAINDER TRUSTS (2) INVESTMENTS VA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0