2016-05-03T12:34:45-05:00 2015-06-30 420714325 RSM US LLP 230 N ELM ST STE 1100 GREENSBORO NC 27401 990 2014-07-01 540129860 AVERETT UNIVERSITY AVER 4347915651 420 WEST MAIN STREET DANVILLE VA 24541 AARON HOWELL CFO 4347915651 2016-04-27 1 ADRIENNE MCKINNEY P00819656 3362724551 2014 2016-08-17 19:52:53Z TIFFANY M FRANKS 420 WEST MAIN STREET DANVILLE VA 24541 49557102 0 X WWW.AVERETT.EDU X 1859 VA AVERETT UNIVERSITY OFFERS COURSES OF STUDY LEADING TO BACHELOR'S AND MASTER'S DEGREES ON CAMPUS IN DANVILLE, VIRGINIA AND AT REGIONAL CENTERS THROUGHOUT VIRGINIA. 26 26 742 26 0 0 2318049 5979301 38631026 38330017 2488210 1893384 72707 40505 43509992 46243207 11176012 11548604 0 0 16801028 15825886 73342 73883 510350 15227882 13902292 43278264 41350665 231728 4892542 69577102 71670954 25214689 23965314 44362413 47705640 X SEE SCHEDULE OAVERETT 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 35461945 11548604 38330017 AVERETT PROVIDES INSTRUCTION TO MORE THAN 2,000 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. 35461945 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 1 1 0 0 1 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 2532 0 1 742 1 0 0 0 0 0 1 1 0 0 0 0 X 26 26 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 X AARON HOWELL CFO 4347915651 420 WEST MAIN STREET DANVILLE VA 24541 X CALVIN SNOWDEN CHAIRPERSON 1.00 X X 0 0 0 SAMUEL SAUNDERS FIRST VICE CHAIRPERSON 1.00 X X 0 0 0 DANIEL CARLTON SECOND VICE CHAIRPERSON 1.00 X X 0 0 0 ROSSIE ALSTON JR TRUSTEE 1.00 X 0 0 0 JOHN BARR TRUSTEE 1.00 X 0 0 0 KIRK BIDGOOD TRUSTEE 1.00 X 0 0 0 IRVING BLANK TRUSTEE 1.00 X 0 0 0 JOSEPH BURKE TRUSTEE 1.00 X 0 0 0 TIMOTHY CARTER TRUSTEE 1.00 X 0 0 0 STEVEN DANIELS JR TRUSTEE 1.00 X 0 0 0 WILLIAM GENTRY TRUSTEE 1.00 X 0 0 0 VIRGINIA HAMLET TRUSTEE 1.00 X 0 0 0 WANDA JEFFRESS TRUSTEE 1.00 X 0 0 0 LISA JOHNSON TRUSTEE 1.00 X 0 0 0 MICHAEL KECK TRUSTEE 1.00 X 0 0 0 MARGARET LEWIS TRUSTEE 1.00 X 0 0 0 MICHAEL LUTER TRUSTEE 1.00 X 0 0 0 RON PALMER TRUSTEE 1.00 X 0 0 0 MARY RIDDLE TRUSTEE 1.00 X 0 0 0 RICHARD ROCCESANO TRUSTEE 1.00 X 0 0 0 CHRISTOPHER WEST TRUSTEE 1.00 X 0 0 0 KRIS WILLARD TRUSTEE 1.00 X 0 0 0 HAMPTON WILKINS TRUSTEE 1.00 X 0 0 0 ANNIE WIMBISH TRUSTEE 1.00 X 0 0 0 BOBBYE WOMACK TRUSTEE 1.00 X 0 0 0 TODD YEATTS TRUSTEE 1.00 X 0 0 0 TIFFANY FRANKS PRESIDENT 40.00 X 227594 0 18168 THOMAS DAVIS VP FINANCE/CFO 40.00 X 182495 0 30352 PEGGY WRIGHT BUSINESS DEPARTMENT 40.00 X 123030 0 8607 CHARLES HARRIS EXECUTIVE VP 40.00 X 117652 0 24625 ALBERT RAWLEY VP ADVANCEMENT 40.00 X 112142 0 16036 STACY GATO VP ENROLLMENT 40.00 X 107162 0 26266 870075 0 124054 6 0 1 0 SYNERGIS 1820 EAST RAY ROAD CHANDLER AZ 85225 CONTRACT MANAGEMENT 3788986 ARAMARK FACILITY SERVICES 24818 NETWORK PLACE CHICAGO IL 60673 CONTRACT MANAGEMENT 1939635 BON APPETIT PO BOX 91337 CHICAGO IL 60693 CONTRACT MANAGEMENT 1551219 ENGLISH CONSTRUCTION CO 615 CHURCH STREET LYNCHBURG VA 24504 CONSTRUCTION 1340062 FHEG BOOKSTORE 3146 SOLUTIONS CENTER CHICAGO IL 60677 CONTRACT MANAGEMENT 311226 15 206764 5772537 243330 5979301 TUITION & FEES 900099 33626898 33626898 AUXILIARY ENTERPRISES 900099 4248686 4248686 454433 454433 38330017 535990 535990 40505 0 40505 40505 40505 4640513 30776 3313895 0 1326618 30776 1357394 1357394 46243207 38330017 0 1933889 X 11548604 11548604 482162 482162 11877406 10517197 1057344 302865 506734 416109 74701 15924 2096860 1554572 510358 31930 862724 741426 99513 21785 26356 25881 475 83389 83389 73883 73883 107166 107166 4611993 4328149 250966 32878 112654 112654 441552 321874 98201 21477 234175 34170 200005 2327605 2072929 254676 549071 491623 48722 8726 124209 104080 20067 62 643047 165200 477847 1493407 218762 1274645 391619 391619 REPAIRS AND MAINTENANCE 1981824 1790290 191534 INSTRUCTIONAL SUPPLIES 277033 277033 STUDENT-RELATED ACTIVIT 264493 264493 ALL OTHER EXPENSES 232699 111161 121193 345 41350665 35461945 5378370 510350 2467786 4975637 3691013 4548448 783134 841531 2981989 2837277 731917 609128 59523301 26084700 33811713 33438601 11676191 12275910 13340290 12059637 93069 84785 69577102 71670954 3273729 2304809 2648675 2688771 2265482 2577361 13171317 12591128 3120399 3249054 735087 554191 25214689 23965314 X 13804772 16008270 11696623 12689711 18861018 19007659 44362413 47705640 69577102 71670954 X 4892542 -1562112 12797 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 23649118 409363 290604 397700 716690 23234695 22004116 170637 2555492 366200 714927 23649118 20529889 134441 2331886 286200 705900 22004116 21372692 252473 -54239 307159 733878 20529889 18507428 393468 3222121 272168 478157 21372692 0.08820 0.67550 0.23630 1 0 35225 2560831 2596056 28487381 10027695 18459686 11893440 3593133 8300307 9742100 8144542 1597558 6804324 4319330 2484994 33438601 REAL ESTATE FUNDS 1164273 F HEDGE FUNDS 1112155 F CSV OF LIFE INSURANCE 136361 F CASH AND CASH EQUIVALENTS 3254147 C FUNDS HELD IN TRUST BY OTHERS 3311881 F STABLE VALUE FUNDS 3028829 F ENDOWMENT INTEREST 51991 C 12059637 LIABILITY UNDER ANNUITY AND TRUST AGREEMENTS 56014 MARK-TO-MARKET SWAP VALUE 498177 554191 X 33623628 -1562112 -10950301 -12512413 46136041 107166 107166 46243207 30280401 0 30280401 107166 10963098 11070264 41350665 PART V, LINE 4: PROVIDE FUNDS FOR SCHOLARSHIPS, OPERATIONS, MAINTENANCE, AND SUPPORT OF AVERETT UNIVERSITY. 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 THE FASB ACCOUNTING STANDARDS CODIFICATION. THE UNIVERSITY FILES FORM 990 IN ACCORDANCE WITH APPLICABLE U.S. FEDERAL REGULATIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: RECLASS SCHOLARSHIPS AND GRANTS -11,548,604. CHANGE IN VALUE OF SWAP AGREEMENT 175,976. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS -160,538. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -2,641. RECLASS EXPENSE REIMBUREMENT 585,506. PART XII, LINE 4B - OTHER ADJUSTMENTS: RECLASS SCHOLARSHIPS AND GRANTS 11,548,604. RECLASS EXPENSE REIMBUREMENT -585,506. 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, AND ADVERTISING SCHEDULE E, PART I, LINE 6 THE UNIVERSITY RECEIVES VARIOUS GOVERNMENT GRANTS INCLUDING PELL, SEOG AND FEDERAL WORK STUDY CENTRAL AMERICA AND THE CARIBBEAN - 0 0 INVESTMENTINVESTMENTS ENDOWMENT 4140984 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES STUDY ABROAD 17227 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICES STUDY ABROAD 18600 EUROPE (INCLUDING ICELAND & GREENLAND) 0 1 PROGRAM SERVICES RECRUITMENT 7000 0 1 0 0 0 1 4183811 0 4183811 0 0 0 0 0 0 X X X X X X X 1 THE VIRGINIA COLLEGE FUND 4900 AUGUSTA AVE RICHMOND VA 23230 SOLICITS FOR FINANCIAL SUPPORT 0 184296 73883 110413 184296 73883 110413 VA 1 SCHOLARSHIPS AND GRANTS TO STUDENTS 892 11548604 PART I, LINE 2: ANNUAL A-133 AUDIT X X X 1 1 X X X X 0 0 0 0 0 0 0 1 0 TIFFANY FRANKS PRESIDENT 227594 0 0 0 0 0 12791 0 5377 0 245762 0 0 0 THOMAS DAVIS VP FINANCE/CFO 182495 0 0 0 0 0 18142 0 12210 0 212847 0 0 0 PART I, LINE 7 THE PRESIDENT RECEIVES A BONUS AT THE DISCRETION OF THE BOARD OF TRUSTEES. A INDUST DEVELOP AUTHOR OF CITY OF DANVILLE VA 521321074 2010-12-17 15000000 REFUND EXISTING BONDS, CAPITAL IMPROVEMENTS; WORKING CAPITAL 0 0 0 A 15000000 270355 31129 2310835 12395726 2012 1 0 1 1 A 0 0 0 0 0 0 1 A 0 0 0 0 1 1 BRANCH BANK & TRUST 7.000000000000 0 0 0 0 1 A 0 X 16 243330 FMV 0 0 0 PART I, COLUMN (B): THE NUMBER OF CONTRIBUTORS REFLECTS THE NUMBER OF OCCURRENCES OF NON-CASH GIFTS. FORM 990, PART VI, SECTION B, LINE 11 A COMPLETE COPY OF THE FORM 990 IS PROVIDED TO AND APPROVED BY THE ENTIRE BOARD. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR BOARD MEMBERS RECEIVE A COPY OF THE CONFLICT OF INTEREST POLICY, DETAILED QUESTIONNAIRE REGARDING CONFLICTS OF INTERESTS, BUSINESS RELATIONSHIPS, TRANSACTIONS OF CONCERN, AND A COPY OF THE INSTRUCTIONS FOR FORM 990 SCHEDULE L. BOARD MEMBERS THEN SIGN AN AFFIDAVIT REGARDING THE INFORMATION THEY HAVE PROVIDED AND THAT THEY UNDERSTAND THE POLICIES WILL BE MONITORED AND ENFORCED. FORM 990, PART VI, SECTION B, LINE 15A THE EXECUTIVE COMMITTEE REVIEWS COMPARABLE DATA WITH PEER INSTITUTIONS AND APPROVES THE PRESIDENT'S EMPLOYMENT CONTRACT. 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 VII, SECTION A, COLUMN F THE ORGANIZATION, IN A FULL TRANSPARENCY POSTURE TO REPORTING, IS REPORTING ALL BENEFITS IN FULL IN COLUMN F, PART VII AND IS NOT APPLYING THE $10,000 PER ITEM EXCEPTION FOR CERTAIN BENEFITS. FORM 990, PART IX, LINE 11G GPS COURSE MANAGEMENT: PROGRAM SERVICE EXPENSES 3,193,480. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 3,193,480. OTHER: PROGRAM SERVICE EXPENSES 1,134,669. MANAGEMENT AND GENERAL EXPENSES 250,966. FUNDRAISING EXPENSES 32,878. TOTAL EXPENSES 1,418,513. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SWAP AGREEMENT 175,976. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -2,641. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS -160,538. FORM 990, PART XII, LINE 2C, AUDIT COMMITTEE: THE AUDIT COMMITTEE'S PROCESS OF OVERSIGHT AND SELECTION HAS NOT CHANGED SINCE PRIOR YEAR.