2017-05-12T12:58:18-05:00 2016-06-30 KPMG LLP 1676 INTERNATIONAL DRIVE McLean VA 22102 990 2015-07-01 546039600 VIRGINIA WESLEYAN COLLEGE % DR SCOTT D MILLER VIRG 7574553317 5817 Wesleyan Drive Virginia Beach VA 23455 CARY SAWYER VP FINANCE 7574553317 2017-05-11 true RAYMOND LY P01205643 7032868000 2017-05-11 2015 2021-01-29 14:40:06Z X Scott D Miller 5817 Wesleyan Drive Virginia Beach VA 23455 84103498 false X WWW.VWC.EDU X 1961 VA VIRGINIA WESLEYAN COLLEGE IS A FULLY ACCREDITED LIBERAL ARTS, UNITED-METHODIST RELATED INSTITUTION FOUNDED IN 1961. 34 34 1053 130 192953 -292922 26652795 5850686 54126542 53490942 2028467 -278385 258342 -12846 83066146 59050397 21574305 22165182 0 0 24997616 23284997 0 0 1201002 15101932 16242516 61673853 61692695 21392293 -2642298 148792027 143773557 42998066 43151042 105793961 100622515 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 LIBERALS 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. false false 46205782 22165182 45033450 EDUCATIONAL AND GENERAL EXPENSES TO INCLUDE INSTRUCTIONAL SERVICES, PUBLIC SERVICES, PLANT OPERATIONS AND STUDENT AID IN FISCAL YEAR 2016, 1,573 STUDENTS WERE ENROLLED AND 324 STUDENTS GRADUATED WITH BACCALAUREATE DEGREES. 6628220 8383011 AUXILARY ENTERPRISES TO INCLUDE RESIDENCE HALLS, DINING HALL AND CONFERENCE FACILITIES 52834002 true true false false false false false true false true true true false false true true true false true false false false true false false false false false true true true false false false false false false false false false false true false false false false false false false false true 65 0 1053 true true true false false false false true true false false false false X 34 34 false false false false false false false true true false false true true true true true true true true false VA X DR SCOTT D MILLER 7574553215 5817 WESLEYAN DRIVE VIRGINIA BEACH VA 23455 Gary D Bonnewell CHAIR 1.0 0.0 X X 0 0 0 David L Kaufman VICE CHAIR 1.0 0.0 X X 0 0 0 Tassos J Paphites SECRETARY 1.0 0.0 X X 0 0 0 Anne B Shumadine TREASURER 1.0 0.0 X X 0 0 0 Vincent J Mastracco Jr PARLIAMENTARIAN 1.0 0.0 X X 0 0 0 OL Everett IMMEDIATE PAST CHAIR 1.0 0.0 X 0 0 0 Susan Torma Beverly Trustee 1.0 0.0 X 0 0 0 Thomas C Broyles Trustee 1.0 0.0 X 0 0 0 Deborah H Butler Trustee 1.0 0.0 X 0 0 0 Young Jin Cho EX OFFICIO 1.0 0.0 X 0 0 0 B Minette Cooper Trustee 1.0 0.0 X 0 0 0 Dale R Foley Trustee 1.0 0.0 X 0 0 0 William H George Trustee 1.0 0.0 X 0 0 0 Susan S Goode Trustee 1.0 0.0 X 0 0 0 William W Granger III Trustee 1.0 0.0 X 0 0 0 Alexander B Joyner EX OFFICIO 1.0 0.0 X 0 0 0 Seonyoung Kim EX OFFICIO 1.0 0.0 X 0 0 0 Ronald M Kramer Trustee 1.0 0.0 X 0 0 0 John F Malbon Trustee 1.0 0.0 X 0 0 0 Elizabeth F Middleton Trustee 1.0 0.0 X 0 0 0 Scott D Miller EX OFFICIO 1.0 0.0 X 0 0 0 Deborah M Paxson Trustee 1.0 0.0 X 0 0 0 Jonathan E Pruden Trustee 1.0 0.0 X 0 0 0 Robin D Ray Trustee 1.0 0.0 X 0 0 0 Amy Rickard EX OFFICIO 1.0 0.0 X 0 0 0 Cynthia M Rodriguez Trustee 1.0 0.0 X 0 0 0 Louis F Ryan Trustee 1.0 0.0 X 0 0 0 M Wayne Snead EX OFFICIO 1.0 0.0 X 0 0 0 Joseph R Thomas Trustee 1.0 0.0 X 0 0 0 Linda Thomas-Glover Trustee 1.0 0.0 X 0 0 0 William H Thumel Jr Trustee 1.0 0.0 X 0 0 0 John A Trinder Trustee 1.0 0.0 X 0 0 0 George K Chip Tsantes III Trustee 1.0 0.0 X 0 0 0 D Henry Watts Trustee 1.0 0.0 X 0 0 0 S Frank Blocker Jr Trustee Emeriti 1.0 0.0 X 0 0 0 Robert F Boyd Trustee Emeriti 1.0 0.0 X 0 0 0 Robert H DeFord Jr Trustee Emeriti 1.0 0.0 X 0 0 0 William J Fanney Trustee Emeriti 1.0 0.0 X 0 0 0 James W Griffiths Trustee Emeriti 1.0 0.0 X 0 0 0 Benjamin J Willis Jr Trustee Emeriti 1.0 0.0 X 0 0 0 David Buckingham VP for Student Affairs 50.0 0.0 X 161308 0 26989 Dr William T Greer Jr Former President 40.0 0.0 X 319468 0 36400 Dr Scott D Miller President of the College 50.0 0.0 X 192576 0 25333 Dr Timothy O'Rourke Provost 50.0 0.0 X 175293 0 29649 Cary Sawyer Vice President for Finance 50.0 0.0 X 148811 0 29562 Marguerite Vail VP for College Advancement 50.0 0.0 X 127104 0 16708 David Waggoner Officer 50.0 0.0 X 9026 0 0 David Macedo Head Men's Basketball Coach 50.0 0.0 X 139827 0 27132 Suzanne Savage Assoc VP for Advancement 50.0 0.0 X 121641 0 18489 Nelson Davis Dean of Enrollment 50.0 0.0 X 119414 0 25387 Joyce Howell Professor of Art History 50.0 0.0 X 127385 0 24561 LAWRENCE HULTGREN PROFESSOR OF PHILOSOPHY 50.0 0.0 X 117366 0 23227 1759219 0 283437 19 false true false Hourigan Construction 4429 Bonney Rd Suite 200 VIRGINIA BEACH VA 23462 Building Contractor 6602114 Sodexo PO Box 536922 ATLANTA GA 303536922 FOOD SERVICES 2297024 Aramark PO Box 978839 DALLAS TX 753978839 FAC. MANAGEMENT 722208 RD Lambert and Son 1724 Lambert Court CHAESAPEAKE VA 23327 Building Contractor 282825 Block Roofing Corporation 3412 E Virginia Beach Blvd NORFOLK VA 23502 Roofing Contractor 139273 5 296848 5553838 112120 5850686 STUDENT FEES 611310 44864164 44864164 RESIDENCE HALLS 611310 4113667 4034355 79312 DINING EXPENSES 611310 3411751 3272204 139547 OTHER 611310 323393 323393 BOOKSTORE 611310 777967 777967 53490942 712587 -25906 738493 0 0 379626 317991 61635 0 61635 61635 23744138 24735110 -990972 -990972 -990972 0 0 0 0 0 0 OTHER LOSS 611310 -74481 -74481 -74481 59050397 53197602 192953 -190844 0 22032094 22032094 133088 133088 0 1097544 545157 192228 360159 0 16908106 13177641 3190256 540209 1261876 978534 242701 40641 2798155 1955617 751973 90565 1219316 946625 234633 38058 0 34615 34615 0 0 0 114008 114008 0 0 910267 536100 350966 23201 0 0 1789692 1628454 161238 316593 216919 79616 20058 0 0 1578101 1455763 122338 0 3348744 3153945 194799 399105 399105 OTHER 4487855 2810529 1589215 88111 COST OF SALES 2409886 2409886 ATHLETICS 713995 713995 STUDENT ACTIVITIES 139655 139655 61692695 52834002 7657691 1201002 597678 157951 21572127 19782554 14923593 6652012 230958 325660 0 0 0 0 1113112 1085013 230531 214891 310199 238000 109536207 50729032 54331120 58807175 15406 0 54199174 55216455 0 0 0 0 1268129 1293846 148792027 143773557 5014861 4924906 956614 956614 1375341 965532 29279269 28340277 0 0 0 0 0 0 0 0 6371981 7963713 42998066 43151042 X 28662177 27840955 36691900 31750682 40439884 41030878 105793961 100622515 148792027 143773557 X -2642298 -1003365 -1525783 X false true X true false X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X false 57358595 176976 -1405855 1738235 1814543 52576938 57712712 1905873 821852 1683065 1444648 -45871 57358595 51827301 229843 8055740 1672724 1049155 -321707 57712712 48640037 262283 5754034 2829053 51827301 53284901 469377 -2004743 2742064 367434 48640037 0.18000 0.74000 0.08000 false false 580418 580418 84697509 34270879 50426630 15406501 14164154 1242347 8851779 2293999 6557780 58807175 GLOBAL EQUITIES 27304097 F REAL ESTATE 742406 F FIXED INCOME 5541171 F REAL ASSETS NAT RES. 1031703 F COMMODITIES 1591395 F HEDGE FUNDS 8306364 F PRIVATE EQUITY 4427874 F NONMARK - LP INTERESTS 484158 F MUTUAL FUNDS 492605 F MONEY MARKET FUNDS 4698351 F OTHER 596331 F 55216455 0 OBLIGATIONS UNDER SPLIT INTEREST AGMNT 183840 OBLIGATIONS UNDER INT RATE SWAP CONTRACT 6755197 CAPITAL LEASE OBLIGATIONS 896945 ACCRUED INTEREST PAYABLE 127731 7963713 X 34560050 -1003365 -23690965 -24694330 59254380 114008 -317991 -203983 59050397 39731496 39731496 114008 21847191 21961199 61692695 SCHEDULE D, 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. SCHEDULE D, PART V, LINE 4 ENDOWMENT FUNDS ARE USED TO FUND SCHOLARSHIPS AND GRANTS FOR STUDENTS AND SUPPORT OPPERATIONS. SCHEDULE D, PART X, LINE 2 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 HAS EVALUATED ALL OF THE TAX POSITIONS AND DETERMINED A PROVISION FOR UNCERTAIN TAX POSITIONS IS NOT NECESSARY AT JUNE 30, 2016. SCHEDULE D, PART XI, LINE 2D - OTHER ADJUSTMENTS FINANCIAL AID - $ 22,165,182 LOSS ON INTEREST RATE SWAP - $ 1,525,783 -------------- TOTAL OTHER LINE 2D = - $ 23,690,965 SCHEDULE D, PART XI, LINE 4D - OTHER ADJUSTMENTS RENTAL EXPENSES - $ 317,991 SCHEDULE D, PART XII, LINE 4B - OTHER ADJUSTMENTS FINANCIAL AID $ 22,165,182 RENTAL EXPENSES - $ 317,991 -------------- TOTAL OTHER LINE 4B = $ 21,847,191 true true true true true true true false false false false false false false false true false true SCHEDULE E, PART 1, LINE 3 NONDISCRIMINATORY POLICY: THE NONDISCRIMINATORY POLICY IS ON THE COLLEGE WEB SITE AND IS INCLUDED ON INFORMATION THAT GOES OUT TO PROSPECTIVE STUDENTS. THE COLLEGE PUBLISHES IT IN THE VIRGINIAN-PILOT AT LEAST ONCE ANNUALLY. SCHEDULE E, PART 1, LINE 6 EXPLANATION OF GOVERNMENT FINANCIAL AID: 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). Central America and the Caribbean Investments 9897758 North America Grantmaking 53000 Europe (Including Iceland and Greenland) Grantmaking 18630 East Asia and the Pacific Grantmaking 42458 Middle East and North Africa Grantmaking 19000 10030846 10030846 Scholarships & Assistance North America 1 53000 other Scholarships & Assistance Europe (Including Iceland and Greenland) 1 18630 other Scholarships & Assistance East Asia and the Pacific 1 42458 other Scholarships & Assistance Middle East and North Africa 1 19000 other true false false true true false true Scholarships and Financial Aid 1415 22165182 SCHEDULE I, PART I, LINE 2 GRANTS AND OTHER ASSISTANCE TO INDIVIDUALS IN THE UNITED STATES. 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 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 true true X X X X false true false false false false false false false David Buckingham VP for Student Affairs 161308 0 0 0 0 0 13834 0 13155 0 188297 0 0 0 Dr William T Greer Jr Former President 319468 0 0 0 0 0 22525 0 13875 0 355868 0 0 0 Dr Scott D Miller President of the College 192576 0 0 0 0 0 17500 0 7833 0 217909 0 0 0 Dr Timothy O'Rourke Provost 175293 0 0 0 0 0 15173 0 14476 0 204942 0 0 0 Cary Sawyer Vice President for Finance 148811 0 0 0 0 0 13005 0 16557 0 178373 0 0 0 David Macedo Head Men's Basketball Coach 139827 0 0 0 0 0 11900 0 15232 0 166959 0 0 0 Joyce Howell Professor of Art History 127385 0 0 0 0 0 11285 0 13276 0 151946 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 HOUSING PROVIDED IS TREATED AS TAXABLE INCOME. PART I, LINE 4B THE COLLEGE HAS AN ASSET AND LIABILITY RECORDED FOR A RABBI TRUST FOR FORMER PRESIDENT DR. WILLIAM T. GREER, JR. NO CONTRIBUTIONS WERE RECORDED FROM THE COLLEGE TO THE RABBI TRUST IN THE 2015/2016 FISCAL YEAR. DR GREER WILL BEGIN DRAWING FUNDS FROM THE RABBI TRUST IN THE 2016/2017 FISCAL YEAR. A CITY OF VB DEV AUTH 540947964 2012-09-28 31159119 REFINANCE OF ADDITIONAL FACILITIES false false false A 0 0 31159119 0 0 0 166183 0 30992936 0 0 0 2012 false false true true A false false false false 0 false false false false A false true false false true true 0 30. true true false 0 false false A false X 1 13745 FMV X 3477 98375 STOCK QUOTE false false false FORM 990, PART VI, SECTION B, LINE 11 VIRGINIA WESLEYAN COLLEGE 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 COLLEGE. 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 PRESIDENTS COMPENSATION IS APPROVED BY THE INDEPENDENT EXECUTIVE COMMITTEE. THE AMOUNT OF THE COMPENSATION IS DETERMINED USING DATA FROM OTHER COLLEGES OF A SIMIILAR SIZE. SUCH MEETINGS ARE DOCUMENTED. THE COMPENSATION FOR THE OTHER OFFICERS AND KEY EMPLOYEES ARE DETERMINED IN THE SAME MANNER AS THE PRESDIENTS 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. FORM 990, PART XI, LINE 9, CHANGES IN NET ASSETS LOSS ON INTERET RATE SWAP CONTRACT : - $ 1,525,783