2021-02-22T10:27:25-06:00 2020-06-30 540504608 BROWN EDWARDS & COMPANY LLP 319 MCCLANAHAN STREET SW ROANOKE VA 24014 990 2019-07-01 540129860 AVERETT UNIVERSITY AVER 4347915679 420 WEST MAIN STREET DANVILLE VA 24541 DON AUNGST CFO 4347915651 2021-02-01 1 MARK WOOLWINE P00647446 5403450936 2021-02-01 2019 2022-09-23 18:48:47Z TIFFANY FRANKS 420 WEST MAIN STREET DANVILLE VA 24541 51022779 0 X WWW.AVERETT.EDU X 1859 VA TO OFFER COURSES OF STUDY LEADING TO BACHELOR'S AND MASTER'S DEGREES. 33 33 799 33 0 0 3231153 8022898 43623277 41151869 4106470 1798744 59735 43383 51020635 51016894 17090290 16684698 0 0 17186428 17080911 49303 53786 618798 14477674 14681195 48803695 48500590 2216940 2516304 75904199 74339676 25545709 23028483 50358490 51311193 X AVERETT UNIVERSITY PREPARES STUDENTS TO SERVE AND LEADAS 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 PERSONAL, COLLEGIAL, INTERDISCIPLINARY ENVIRONMENT. 0 0 43377339 16684698 41151869 AVERETT PROVIDES INSTRUCTION TO MORE THAN 1,500 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. 43377339 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 1 1 0 0 1 1 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 1910 0 1 799 1 0 0 0 0 0 0 0 0 0 0 X 33 33 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 X DON AUNGST CFOCOO 4347915651 420 WEST MAIN STREET DANVILLE VA 24541 DANIEL CARLTON CHAIRPERSON 1.00 X X 0 0 0 ANNIE WIMBISH FIRST VICE CHAIRPERSON 1.00 X X 0 0 0 SAMUEL SAUNDERS SECOND VICE CHAIRPERSON 1.00 X X 0 0 0 AFIRA DEVRIES TRUSTEE 1.00 X 0 0 0 BRADLEY COHEN TRUSTEE 1.00 X 0 0 0 BRANDON POTTER TRUSTEE 1.00 X 0 0 0 BRANDON VEASEY TRUSTEE 1.00 X 0 0 0 CALVIN SNOWDEN TRUSTEE 1.00 X 0 0 0 CHRIS WEST TRUSTEE 1.00 X 0 0 0 DEBORAH UPTON TRUSTEE 1.00 X 0 0 0 EMMA KOZLOWSKI TRUSTEE 1.00 X 0 0 0 GARY COLLINS TRUSTEE 1.00 X 0 0 0 LEE HAMPTON WILKINS TRUSTEE 1.00 X 0 0 0 JACOB FRITH TRUSTEE 1.00 X 0 0 0 JAN BARNETT TRUSTEE 1.00 X 0 0 0 JESSIE BARKSDALE TRUSTEE 1.00 X 0 0 0 JOE BURKE TRUSTEE 1.00 X 0 0 0 KELVIN PERRY TRUSTEE 1.00 X 0 0 0 KIRK BIDGOOD TRUSTEE 1.00 X 0 0 0 KRIS WILLARD TRUSTEE 1.00 X 0 0 0 LINDA GREEN TRUSTEE 1.00 X 0 0 0 MARK GIGNAC TRUSTEE 1.00 X 0 0 0 MARY RIDDLE TRUSTEE 1.00 X 0 0 0 MIKE KECK TRUSTEE 1.00 X 0 0 0 MIKE LUTER TRUSTEE 1.00 X 0 0 0 RICHARD BROWN TRUSTEE 1.00 X 0 0 0 RICHARD ROCCESANO TRUSTEE 1.00 X 0 0 0 SHEILA HILL-CHRISTIAN TRUSTEE 1.00 X 0 0 0 STEVE DELGIORNO TRUSTEE 1.00 X 0 0 0 TIMOTHY CARTER TRUSTEE 1.00 X 0 0 0 TODD YEATTS TRUSTEE 1.00 X 0 0 0 TONI RICE TRUSTEE 1.00 X 0 0 0 WILLIAM GENTRY TRUSTEE 1.00 X 0 0 0 TIFFANY FRANKS PRESIDENT 40.00 X 280145 0 23487 AARON HOWELL VP FINANCE, CFO 40.00 X 182055 0 25689 TIMOTHY FULOP VP ACADEMICS 40.00 X 147900 0 23760 PAMELA GILES SCHOOL OF NURSING 40.00 X 128794 0 17487 ALBERT RAWLEY VP ADVANCEMENT 40.00 X 129817 0 22646 CHARLES HARRIS EXECUTIVE VP 40.00 X 120020 0 13982 STACY GATO VP ENROLLMENT TRAD 40.00 X 127500 0 20256 1116231 0 147307 10 0 1 0 ENGLISH CONSTRUCTION CO INC 615 CHURCH ST LYNCHBURG VA 24504 CONSTRUCTION 3421594 ROLYN COMPANIES INC 5706 FREDERICK AVE ROCKVILLE MD 20852 CONSTRUCTION 1726787 BON APPETIT PO BOX 91337 CHICAGO IL 60693 CONTRACT MANAGEMENT FEE 1720509 THE BUDD GROUP PO BOX 890856 CHARLOTTE NC 28289 CONTRACT MANAGEMENT FEE 752227 CLOUD CONTROL MEDIA 1000 BESTGATE RD STE 302 ANNAPOLIS MD 21401 MARKETING 498748 20 3483131 4539767 78871 8022898 TUITION AND FEES 611310 35376162 35376162 AUXILIARY ENTERPRISES 611310 4230270 4230270 OTHER PROGRAM SERVICE FEES 900099 1545437 1545437 41151869 776225 776225 39160 0 39160 39160 39160 1022519 0 1022519 1022519 1022519 10108 5885 4223 4223 51016894 41151869 0 1842127 16684698 16684698 401756 401756 13019429 11185869 1472475 361085 513301 403589 90971 18741 2238859 1661211 511731 65917 907566 758563 123407 25596 15630 15165 465 68753 68753 53786 53786 115734 115734 689021 380658 274831 33532 1304178 1297177 6977 24 242871 166738 46748 29385 574310 297801 276509 1657620 1565414 69349 22857 601781 564610 30171 7000 80072 72019 7643 410 914080 762626 151454 2076498 1622932 453566 427369 422157 5212 REPAIRS, MAINTENANCE, & 2812278 2531041 281237 STUDENT FOOD SERVICES 1222954 1222954 STUDENT-RELATED ACTIVIT 695020 695020 OTHER CONTRACTUAL SERVI 668370 567606 100764 514656 514656 48500590 43377339 4504453 618798 3931315 2700161 1915890 2697176 1062608 1067250 2391478 2086971 494491 921286 65775964 26640402 39825615 39135562 20103441 18972214 6122925 6711117 56436 47939 75904199 74339676 3071954 2607020 2464032 1911825 2432975 2791131 14675000 14415000 2856626 1260425 45122 43082 25545709 23028483 X 17597371 19001506 32761119 32309687 50358490 51311193 75904199 74339676 X 2516304 -1484559 -79042 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 26186388 898554 17147 476500 523300 26102289 25779568 285435 1156054 464100 567100 3469 26186388 23522153 1443236 1854992 450900 585800 4113 25779568 21848104 356852 2410297 433800 651900 7400 23522153 23234695 153585 -466876 420800 652500 21848104 0.08800 0.72900 0.18300 1 0 2560831 2560831 33278517 13232369 20046148 18824648 5648469 13176179 5382099 3649246 1732853 5729869 4110318 1619551 39135562 BENEFICIAL INTERESTS 3229184 F LIFE INSURANCE 143133 F ENDOWMENT INTEREST 39114 F REAL ESTATE INVESTMENTS 2055617 F CASH AND CASH EQUIVALENTS 1244069 C 6711117 LIABILITY UNDER ANNUITY AND TRUST AGREEMENT 43082 43082 X 32658746 -1484559 -16763740 -18248299 50907045 115734 -5885 109849 51016894 31706043 5885 5885 31700158 115734 16684698 16800432 48500590 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 US FEDERAL REGULATIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: RECLASSIFIED GRANTS & SCHOLARSHIPS -16,684,698. CHANGE IN VALUE OF PERPETUAL TRUSTS -80,049. CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS 1,007. PART XI, LINE 4B - OTHER ADJUSTMENTS: BAD DEBT DIRECT FUNDRAISING EXPENSES -5,885. PART XII, LINE 2D - OTHER ADJUSTMENTS: DIRECT FUNDRAISING EXPENSES 5,885. PART XII, LINE 4B - OTHER ADJUSTMENTS: RECLASSIFIED SCHOLARSHIPS & GRANTS 16,684,698. 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) 0 1 PROGRAM SERVICES RECRUITMENT 6000 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES STUDY ABROAD 58740 0 1 0 0 0 1 64740 0 64740 0 0 0 0 0 0 PART III ACCOUNTING METHOD: X X X X X X X 1 THE VIRGINIA COLLEGE FUND 4900 AUGUSTA AVE RICHMOND VA 23230 SOLICITS FOR FINANCIAL SUPPORT 0 122800 53786 69014 122800 53786 69014 GOLF TOURNAMENT 10108 10108 807 5078 10108 10108 807 5078 5885 4223 1 SCHOLARSHIPS AND GRANTS TO STUDENTS 909 16684698 0 N/A X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 TIFFANY FRANKS PRESIDENT 280145 0 0 0 0 0 16809 0 6678 0 303632 0 0 0 AARON HOWELL VP FINANCE, CFO 182055 0 0 0 0 0 10923 0 14766 0 207744 0 0 0 TIMOTHY FULOP VP ACADEMICS 147900 0 0 0 0 0 8874 0 14886 0 171660 0 0 0 ALBERT RAWLEY VP ADVANCEMENT 129817 0 0 0 0 0 7789 0 14857 0 152463 0 0 0 PART I, LINE 1A TIFFANY FRANK'S (PRESIDENT) - ON-CAMPUS HOUSING IS INCLUDED IN HER TAXABLE COMPENSATION. A INDUST DEVELOP AUTHOR OF CITY OF DANVILLE VA 521321074 2017-10-01 14675000 REFUND EXISTING BONDS, CAPITAL IM 0 0 0 A 620000 15035000 564313 439087 3419022 11047274 2018 1 0 1 1 A 0 0 0 0 0 0 1 A 0 1 0 0 1 0 0 0 1 A 1 X 6 78871 FMV 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 ENTIREBOARD 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 OF 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 OF 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 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 DISCLOSURE 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 COMMITTEE 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 OF 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 FAILED 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 THE 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 ARRANGEMENT, 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 EMPLOYMENT 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 XI, LINE 9: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 1,007. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS -80,049.