2014-05-15T08:23:35-05:00 2013-06-30 560747981 DIXON HUGHES GOODMAN LLP 4510 COX ROAD SUITE 200 GLEN ALLEN VA 230603394 990 2012-07-01 540946734 LIBERTY UNIVERSITY INC LIBE 4345923330 1971 UNIVERSITY BLVD LYNCHBURG VA 24515 DON MOON 4345923330 2014-05-15 1 GARY R THOMSON CPA P00439669 8042827636 2012 2015-11-30 17:44:51Z DON MOON 1971 UNIVERSITY BLVD LYNCHBURG VA 24515 1125566232 0 X WWW.LIBERTY.EDU X 1972 VA LIBERTY UNIVERSITY, INC. IS A CHRISTIAN ACADEMIC COMMUNITY IN THE TRADITION OF EVANGELICAL INSTITUTIONS OF HIGHER EDUCATION, WITH THE PRIMARY MISSION OF PROVIDING QUALITY COLLEGIATE EDUCATION. 33 27 8542 5000 3945570 0 15138369 16339798 736429841 830727756 1942598 32072005 5278097 5644579 758788905 884784138 139528562 159963351 0 0 215922377 254375572 0 0 4562301 188344655 201854534 543795594 616193457 214993311 268590681 1274806592 1564185422 423509799 458248354 851296793 1105937068 LIBERTY UNIVERSITY, INC. IS A CHRISTIAN ACADEMIC COMMUNITY IN THE TRADITION OF EVANGELICAL INSTITUTIONS OF HIGHER EDUCATION, WITH THE PRIMARY MISSION OF PROVIDING QUALITY COLLEGIATE EDUCATION. 0 0 477304014 159963351 748777390 INSTRUCTION OF APPROXIMATELY 95,000 STUDENTS IN UNDERGRADUATE, GRADUATE AND DOCTORAL PROGRAMS FOR BOTH THE ONLINE AND RESIDENTIAL PROGRAMS. SCHOLARSHIPS, GRANTS AND OTHER FINANCIAL ASSISTANCE ARE AWARDED TO ELIGIBLE STUDENTS BASED ON FINANCIAL NEED AND ACADEMIC MERIT. 61330326 81409672 LIBERTY UNIVERSITY MAINTAINS A CAMPUS BOOKSTORE, HOUSING AND DINING FACILITIES, TRANSPORTATION SERVICES, ATHLETIC FACILITIES, BROADCASTING FACILITIES AND OTHER SUPPORTS SERVICES AND FACILITIES ADDING TO THE STUDENT EXPERIENCE. 538634340 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 0 1 1 1 1 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 1 1 1 1 1 1 0 0 1 1 1 1 0 0 1 521 0 1 8542 1 1 1 1 CJ 0 0 0 1 1 0 0 0 1 1 0 X 33 27 1 0 0 0 0 0 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 VA NC X DON MOON CFO 4345923237 1971 UNIVERSITY BOULEVARD LYNCHBURG VA 24515 JERRY FALWELL JR 55.00 X X 779111 0 50249 DR RICHARD LEE 2.00 X 0 0 0 DR DAVID RHODENHIZER 2.00 X 0 0 0 DR JERRY THORPE 2.00 X 0 0 0 DR DON CRAIN 2.00 X 0 0 0 MR MARK DEMOSS 4.00 X 0 0 0 MR HARVEY GAINEY 5.00 X 0 0 0 DR TIM LEE 2.00 X 0 0 0 DR ALLEN MCFARLAND 5.00 X 4450 0 251 DR DWIGHT REIGHARD 2.00 X 0 0 0 MR GILBERT TINNEY JR 2.00 X 0 0 0 MR JEFFREY YAGER 3.00 X 0 0 0 MR NEAL ASKEW 50.00 X X 225297 0 14743 PASTOR JONATHAN FALWELL 9.00 X 50000 0 2825 DR GENE MIMS 2.00 X 0 0 0 DR JERRY PREVO 4.00 X 0 0 0 DR DOYLE CHAUNCEY 2.00 X 0 0 0 DR JERRY VINES 2.00 X 0 0 0 MR FLEET BROWNING 2.00 X 0 0 0 MR J MARION COMPTON 4.00 X 0 0 0 REV CARL WEISER 2.00 X 0 0 0 DR JACK DINSBEER 2.00 X 0 0 0 MR JOHN HEATH 2.00 X 0 0 0 MR RICHARD OSBORNE 3.00 X 0 0 0 MR WAYNE BOOTH 2.00 X 0 0 0 MR SHERWIN COOK 2.00 X 0 0 0 MR JIMMY THOMAS 2.00 X 0 0 0 DR JEFF GINN 2.00 X 25200 0 0 DR MARK BECTON 2.00 X 0 0 0 MR GALEN PEEL SR 2.00 X 0 0 0 MR CARROLL HUDSON 4.00 X 0 0 0 DR BEVERLY LAHAYE 2.00 X 0 0 0 DR TIM LAHAYE 2.00 X 0 0 0 DR BOYD C RIST 55.00 X 154802 0 21491 DR RONALD GODWIN 45.00 X 299496 0 30805 MR DON MOON 55.00 X 201393 0 22254 RONNIE MARTIN 55.00 X 256284 0 23042 TURNER GILL 55.00 X 655389 0 46757 MR JEFF BARBER 55.00 X 260944 0 30454 DALE LAYER 55.00 X 287222 0 32938 CHRIS JOHNSON 55.00 X 220631 0 26786 3420219 0 302595 207 0 1 0 BRANCH & ASSOCIATES PO BOX 40051 ROANOKE VA 24022 CONSTRUCTION 17638923 PLATTFORM ADVERTISING 3425 MOMENTUM PL CHICAGO IL 60689 ADMISSIONS LEADS GENERATION 15936755 GLASS & ASSOCIATES 1601 WHYTHE RD LYNCHBURG VA 24501 CONSTRUCTION 10068245 EDUCATION DYNAMICS 24382 NETWORK PL CHICAGO IL 60673 ADMISSIONS LEADS GENERATION 6715089 MEDIA WHIZ 77 WATER ST FLOOR 12 NEW YORK NY 10005 ADMISSIONS LEADS GENERATION 5470442 231 2128964 14210834 3507314 16339798 TUITION AND FEES 611710 748777390 748777390 ROOM & BOARD 611710 51754684 48717843 3036841 STUDENT FEES 611710 16176299 16176299 BOOKSTORE/CONCESSIONS 611710 8366780 8366780 STUDENT ACTIVITIES 611710 5652603 5462671 189932 830727756 28508701 30160 28478541 155472 155472 4915956 16254 2633890 0 2282066 16254 2298320 173741 2124579 241305117 406391 237752001 396203 3553116 10188 3563304 10188 3553116 OTHER INCOME 611710 1990977 1886436 104541 SPONSORSHIPS/ADVERTISING 511120 961654 789455 172199 TENNIS RECREATIONAL CENTER 711210 238156 238156 3190787 884784138 830187062 3945570 34311708 3007645 3007645 156955706 156955706 3232038 2682592 517126 32320 162456 134838 25993 1625 205076341 170213363 32812215 2050763 3848919 3194603 615827 38489 27546719 22863777 4407475 275467 14509099 12042552 2321456 145091 207505 172229 33201 2075 677759 562540 108441 6778 140070 116258 22411 1401 23136 19203 3702 231 3587770 2977849 574043 35878 44462348 36903749 7113976 444623 10443789 8668345 1671006 104438 4984753 4137345 797560 49848 8831564 7330198 1413050 88316 1282624 1064578 205220 12826 8272545 6866213 1323607 82725 6818468 5659328 1090955 68185 602406 499997 96385 6024 9574621 7946936 1531939 95746 20976878 17410809 3356300 209769 2016383 1673598 322621 20164 BAD DEBT EXPENSE 23816820 19767961 3810691 238168 OTHER SUPPLIES 19409875 16110196 3105580 194099 STUDENT FOOD SERVICES 17525092 14545826 2804015 175251 NON CAPITAL EQUIPMENT 4313600 3580288 690176 43136 13886528 11525818 2221845 138865 616193457 538634340 72996816 4562301 331451062 184466383 201895906 200332214 428200 419249 26789284 25145412 54379 1632486 3341601 218027 202282 4832057 4918144 673185868 171766481 327890823 501419387 342469423 539474019 97285650 31478374 759216 5666571 6421865 1274806592 1564185422 41747720 48381992 135526758 161464293 224545900 220090947 21689421 28311122 423509799 458248354 X 837925037 1090894092 4839282 5001199 8532474 10041777 851296793 1105937068 1274806592 1564185422 X 268590681 -5419635 -8530770 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1759 21378 23137 616170320 616193457 1000000 250000 0 0 1000000 12011 1000000 1000000 3012011 4518017 42084 60054 165168 23137 290443 250000 3003 250000 250000 753003 1129505 60054 98763 1759 160576 X 0 58646614 41270965 1959400 39671 101837308 54106338 2476947 2117275 53946 58646614 50659154 1653378 3851499 50158 2007533 54106340 7432405 41881783 1602884 257919 50659153 7273265 81191 232343 154394 7432405 0.90020 0.09770 0.00210 0 0 64213345 64213345 439382172 82269370 357112802 119055119 78070076 40985043 50535232 11427035 39108197 501419387 LONG/SHORT EQUITY FUNDS 81027330 F MASTER LIMITED PARTNERSHIPS 14650090 F OTHER ASSET BACKED SECURITIES 1608230 F 97285650 GIFT ANNUITIES PAYABLE 24464813 LIABILITY UNDER SPLIT INTEREST AGREEMENTS 2868886 OBLIGATIONS UNDER CAPITAL LEASES 950815 DUE TO FREEDOM AVIATION FROM C&C JETTING 26608 28311122 X 724146830 -5419635 1738034 -3681601 727828431 156955706 156955706 884784137 469506555 10268804 10268804 459237751 156955706 156955706 616193457 PART III, LINE 1A: LIBERTY UNIVERSITY HAS A COLLECTION OF SEVERAL ANIMAL TROPHIES DONATED BY A LOCAL RESIDENT. THE AUDITED FINANCIAL STATEMENTS OF THE FISCAL YEAR ENDING JUNE 30, 2013 OF LIBERTY UNIVERSITY DOES NOT CONTAIN A FOOTNOTE DESCRIBING THIS COLLECTION BECAUSE IT WAS DONATED SEVERAL YEARS AGO. HOWEVER, A FOOTNOTE WITHIN THE AFS DOES DESCRIBE THE ACCOUNTING POLICY OF LIBERTY UNIVERSITY IN ACCOUNTING FOR CONTRIBUTIONS OF WORKS OF ART, HISTORICAL TREASURES, AND OTHER SIMILAR ITEMS: "CONTRIBUTIONS OF WORKS OF ART, HISTORICAL TREASURES AND SIMILAR ASSETS HELD AS PART OF COLLECTIONS ARE NOT RECOGNIZED OR CAPITALIZED." PART III, LINE 4: LIBERTY UNIVERSITY HAS A COLLECTION OF SEVERAL ANIMAL TROPHIES DONATED BY LOCAL RESIDENT. THE ANIMAL TROPHIES ARE DISPLAYED WITHIN THE UNIVERSITY'S FACILITIES FOR THE EDUCATION AND ENJOYMENT OF STUDENTS AND VISITORS. THERE IS NO ADMISSION CHARGE FOR VIEWING THE COLLECTION AND LIBERTY UNIVERSITY DOES NOT ADVERTISE THAT THE COLLECTION IS OPEN TO THE GENERAL PUBLIC. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: UNIVERSITY INTENDS TO MAXIMIZE THE TOTAL RETURN ON ITS RETURN ON ENDOWMENT FUNDS, AND, AS SPECIFIED IN THE UNDERLYING AGREEMENTS, IT USES THE SPENDABLE PORTION FOR PURPOSES OF THE FOLLOWING: AWARDING SCHOLARSHIPS AND GRANTS TO STUDENTS; UNIVERSITY OPERATING EXPENSES; AND CHRISTIAN MINISTRY OUTREACH. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: THE INTERNAL REVENUE SERVICE HAS RULED THAT THE UNIVERSITY QUALIFIES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS, THEREFORE, NOT GENERALLY SUBJECT TO INCOME TAXES UNDER PRESENT TAX LAWS. MANAGEMENT BELIEVES THAT ANY INCOME TAX LIABILITY RESULTING FROM UNRELATED BUSINESS INCOME FOR THE YEARS ENDED JUNE 30, 2013 AND 2012 WOULD NOT HAVE A SIGNIFICANT IMPACT ON THE UNIVERSITY'S RESULTS OF ACTIVITIES. THE UNIVERSITY HAS DETERMINED THAT IT DOES NOT HAVE ANY MATERIAL UNRECOGNIZED TAX BENEFITS OR OBLIGATIONS AS OF JUNE 30, 2013. FISCAL YEARS ENDING ON OR AFTER JUNE 30, 2010 REMAIN SUBJECT TO EXAMINATION BY FEDERAL AND STATE TAX AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN SPLIT INTEREST AGREEMENT -8,530,770. REVENUE FROM SUBSIDIARIES NOT INCLUDED IN THIS RETURN 7,634,914. EXPENSE FROM NET RENTAL INCOME 2,633,890. PART XI, LINE 4B - OTHER ADJUSTMENTS: INSTITUTIONAL SCHOLARSHIPS 156,955,706. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENSE FROM SUBSIDIARIES NOT INCLUDED IN THIS RETURN 7,634,914. EXPENSE FROM NET RENTAL INCOME 2,633,890. PART XII, LINE 4B - OTHER ADJUSTMENTS: INSTITUTIONAL SCHOLARSHIPS 156,955,706. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 LIBERTY UNIVERSITY DRAWS A SUBSTANTIAL PERCENTAGE OF ITS STUDENTS NATIONWIDE, AND FOLLOWS A RACIALLY NON-DISCRIMINATORY POLICY AS TO STUDENTS. THIS POLICY IS ONLINE AND IN ALL THE BROCHURES AND CATALOGS DEALING WITH ADMISSION AND SCHOLARSHIPS EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 LIBERTY UNIVERSITY PROCESSES AND DISTRIBUTES FEDERAL AND STATE FINANCIAL AID IN THE FORM OF GRANTS, LOANS, AND SCHOLARSHIPS TO STUDENTS TO HELP WITH EDUCATION-RELATED EXPENSES. SUCH STUDENT FINANCIAL AID IS AWARDED ON THE BASIS OF FINANCIAL NEED BASED ON PRESCRIBED GOVERNMENTAL FORMULAS. EUROPE (INCLUDING ICELAND & GREENLAND) - 0 3 PROGRAM SERVICES EMPLOYMENT OF INSTRUCTORS SERVING DISTANCE LEARNING STUDENTS. 60900 NORTH AMERICA - CANADA AND MEXICO, BUT 0 1 PROGRAM SERVICES EMPLOYMENT OF INSTRUCTORS SERVING DISTANCE LEARNING STUDENTS. 31000 MIDDLE EAST AND NORTH AFRICA - 0 2 PROGRAM SERVICES EMPLOYMENT OF INSTRUCTORS SERVING DISTANCE LEARNING STUDENTS. 44800 EAST ASIA AND THE PACIFIC - 0 1 PROGRAM SERVICES EMPLOYMENT OF INSTRUCTORS SERVING DISTANCE LEARNING STUDENTS. 4000 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 38839361 0 7 0 0 0 7 38980061 0 38980061 1 0 1 1 1 0 1 GRACE CITY CHURCH PO BOX 97815 LAS VEGAS NV 89193 453753315 501(C)(3) 7500 STUDENT INTERNSHIPS LAUSANNE COMMITTEE FOR WORLD EVANGELISM PO BOX 9020 SAN DIMAS CA 91773 330901290 501(C)(3) 10000 GLOBAL MISSIONS SIM (SERVING IN MISSIONS) PO BOX 7900 CHARLOTTE NC 28241 221936391 501(C)(3) 17010 ADVANCE THE GOSPEL OF JESUS CHRIST WORLD HELP PO BOX 501 FOREST VA 24551 541615454 501(C)(3) 105956 SUPPORT OF STUDENTS IN CHRISTIAN MISSIONS BEDROCK COMMUNITY CHURCH PO BOX 1335 BEFORD VA 24523 261576929 501(C)(3) 6000 STUDENT INTERNSHIPS LIBERTY BAPTIST FELLOWSHIP PO BOX 10174 LYNCHBURG VA 245023060 541384673 501(C)(3) 150000 SUPPORT OF SEMINARY GRADUATES IN CHURCH PLANTING NATIONAL CIVIL WAR CHAPLIN'S MUSEUM 637 CROSS ROADS LANE EVINGTON VA 24502 260781107 501(C)(3) 25000 AMERICAN HISTORY EDUCATION TEENPACT 610 MOOREFIELD PARK DRIVE RICHMOND VA 23236 582252295 501(C)(3) 18000 STUDENT LEADERSHIP SCHOOLS ACADEMY OF FINE ARTS 600 MAIN ST LYNCHBURG VA 24502 237061145 501(C)(3) 329319 SUPPORT THE FINE ARTS OF LYNCHBURG SOUTHERN BAPTIST CONSERVATIVES OF VA 4956 DOMINION BLVD GLEN ALLEN VA 23060 541672892 501(C)(3) 23000 STUDENT INTERNSHIPS P & B FOUNDATION 2004 VALENCIA TERRACE CHARLOTTE NC 28226 237083912 501(C)(3) 500000 GLOBAL MISSIONS LIBERTY UNIVERSITY FOUNDATION 1971 UNIVERSITY BLVD LYNCHBURG VA 24515 541939910 501(C)(3) 978074 GENERAL SUPPORT OLD TIME GOSPEL HOUR 1971 UNIVERSITY BLVD LYNCHBURG VA 24515 237293001 501(C)(3) 62999 GENERAL SUPPORT THOMAS ROAD BAPTIST CHURCH 1 MOUNTAIN VIEW RD LYNCHBURG VA 24502 260061907 501(C)(3) 60000 GENERAL SUPPORT BILLY GRAHAM EVANGELISTIC ASSOCIATION 1 BILLY GRAHAM PARKWAY CHARLOTTE NC 28201 410692230 501(C)(3) 500000 GRANT FOR BIBLICAL VALUES EDUCATION 12 SCHOLARSHIPS 110253 156955706 DONATIONS ARE MADE TO NONPROFIT ORGANIZATIONS WHOSE PURPOSES ARE CONSISTENT WITH THE RELIGIOUS AND EDUCATIONAL PURPOSES OF LIBERTY UNIVERSITY. LIBERTY UNIVERSITY MAINTAINS CONTACT WITH ORGANIZATIONS TO ENSURE THE USE OF THE FUNDS ARE APPROPRIATE. GOVERNMENT FUNDED SCHOLARSHIPS FOR STUDENTS ARE MADE BASED ON FINANCIAL NEED AS PRESCRIBED BY FEDERAL AND STATE REGULATIONS. PRIVATE AND INSTITUTION FUNDED SCHOLARSHIPS ARE AWARDED BASED ON PROGRAM CRITERIA, WHICH INCLUDED SCHOLASTIC MERIT, ATHLETIC EXCELLENCE, ARTISTIC PERFORMANCE, FINANCIAL NEED, HIGH SCHOOL ATTENDED, FIELD WORKED AND SUPERIOR SCHOLARSHIP APPLICATION. X X X 1 1 X X X 0 0 0 0 0 0 0 0 0 JERRY FALWELL JR 779111 0 0 0 0 0 25500 0 24749 0 829360 0 0 0 MR NEAL ASKEW 225297 0 0 0 0 0 0 0 14743 0 240040 0 0 0 DR BOYD C RIST 154802 0 0 0 0 0 7761 0 13730 0 176293 0 0 0 DR RONALD GODWIN 299496 0 0 0 0 0 15000 0 15805 0 330301 0 0 0 MR DON MOON 201393 0 0 0 0 0 10075 0 12179 0 223647 0 0 0 RONNIE MARTIN 256284 0 0 0 0 0 8531 0 14511 0 279326 0 0 0 TURNER GILL 509123 0 0 0 146266 0 22500 0 24257 0 702146 0 0 0 MR JEFF BARBER 260944 0 0 0 0 0 11912 0 18542 0 291398 0 0 0 DALE LAYER 284722 0 0 0 2500 0 13998 0 18940 0 320160 0 0 0 CHRIS JOHNSON 220631 0 0 0 0 0 10075 0 16711 0 247417 0 0 0 PART I, LINE 3 COMPENSATION OF THE CHANCELLOR/PRESIDENT AND OTHER OFFICERS AND KEY EMPLOYEES ARE REVIEWED ANNUALLY BY THE EXECUTIVE COMMITTEE. COMPARABLE SALARY DATA IS REVIEWED WHEN SALARIES ARE SET AND ADJUSTED TO DETERMINE THE REASONABLENESS OF THE COMPENSATION. COMPENSATION IS FURTHER REVIEWED DURING THE BUDGETING PROCESS. THE CHANCELLOR/PRESIDENT'S TOTAL COMPENSATION WAS DETERMINED BY A COMPREHENSIVE MARKET ANALYSIS CONDUCTED BY AN EXECUTIVE COMPENSATION TEAM IN 2011-2012, BASED ON COMPARATIVE DATA OF TOP EXECUTIVES IN SIMILARLY SITUATED INSTITUTIONS. A VIRGINIA COLLEGE BUILDING AUTHORITY 541249154 927781WR1 2010-12-21 121891446 REFINANCE DEBT, EDUCATIONAL RELATED NEW CONSTRUCTION 0 0 0 A 23880025 121891446 1074238 67735466 20596481 8605237 2013 1 0 0 1 A 0 0 1 1 0 0.02180 0.00370 0.02550 0 0 1 A 1 0 0 0 0 1 A 1 122718 SCHOLARSHIPS SCHOLARSHIPS ASKEW ALLAN FAMILY MEMBER OF BOARD MEMBER 109797 EMPLOYMENT COMPENSATION 0 FALWELL REBECCA FAMILY MEMBER OF BOARD MEMBER 52659 EMPLOYMENT COMPENSATION 0 PAUL DEMOSS FAMILY MEMBER OF BOARD MEMBER 26000 CONSULTING SERVICES 0 JIMMY N THOMAS FAMILY MEMBER OF BOARD MEMBER 24310 EMPLOYMENT COMPENSATION 0 RUSH RYAN D FAMILY MEMBER OF BOARD MEMBER 23100 EMPLOYMENT COMPENSATION 0 X 4 496648 FAIR MARKET VALUE X 3 49588 STOCK MARKET AVERAGE X 2 2555268 APPRAISAL X 1 10500 FAIR MARKET VALUE X LANDSCAPING MATERIALS 2 2950 FAIR MARKET VALUE X TELESCOPE 1 360 FAIR MARKET VALUE X COURSE MATERIALS 1 380000 FAIR MARKET VALUE X TRACTOR 1 12000 FAIR MARKET VALUE 0 1 0 FORM 990, PART VI, SECTION A, LINE 2 MR. JERRY FALWELL, JR. AND MR JONATHAN FALWELL CURRENTLY SIT ON THE BOARD OF TRUSTEES AND ARE BROTHERS. DR. TIM LAHAYE AND DR. BEVERLY LAHAYE CURRENTLY SIT ON THE BOARD OF TRUSTEES AND ARE HUSBAND AND WIFE. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 FOR FY JUNE 30,2013 WAS PROVIDED BEFORE FILING TO THE CHANCELLOR/PRESIDENT, IN-HOUSE LEGEL COUNSEL, CHIEF FINANCIAL OFFICER, DIRECTOR OF ACCOUNTING AND THE EXECUTIVE COMMITTEE OF THE BOARD (WHICH IS THE GOVERNING BODY OF THE ORGANIZATION BETWEEN BOARD MEETINGS) FOR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C THE EXECUTIVE COMMITTEE REVIEWS THE CONFLICT OF INTEREST ANNUALLY OR WHEN A NEW BOARD MEMBER IS APPOINTED TO THE BOARD. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION OF THE CHANCELLOR/PRESIDENT AND OTHER OFFICERS AND KEY EMPLOYEES ARE REVIEWED ANNUALLY BY THE EXECUTIVE COMMITTEE. COMPARABLE SALARY DATA IS REVIEWED WHEN SALARIES ARE SET AND ADJUSTED TO DETERMINE THE REASONABLENESS OF THE COMPENSATION. COMPENSATION IS FURTHER REVIEWED DURING THE BUDGETING PROCESS. THE CHANCELLOR/PRESIDENT'S TOTAL COMPENSATION WAS DETERMINED BY A COMPREHENSIVE MARKET ANALYSIS CONDUCTED BY AN EXECUTIVE COMPENSATION TEAM IN 2011-2012, BASED ON COMPARATIVE DATA OF TOP EXECUTIVES IN SIMILARLY SITUATED INSTITUTIONS. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: CHANGE IN SPLIT INTEREST AGREEMENT -8,530,770. FORM 990, PART XII, LINE 2C THE ORGANIZATION DID NOT CHANGE ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. C&C JETTING 1971 UNIVERSITY BLVD LYNCHBURG VA 24515 540946734 AIRFARE FOR UNIVERSITY AFFAIRS VA -1211597 5523899 LIBERTY UNIVERSITY INC LU PLAZA HOLDINGSLLC 1971 UNIVERSITY BLVD LYNCHBURG VA 24515 270217985 REAL ESTATE HOLDINGS VA 969248 19907883 LIBERTY UNIVERSITY INC LU CANDLERS STATION HOLDINGSLLC 1971 UNIVERSITY BLVD LYNCHBURG VA 24515 271753489 REAL ESTATE HOLDINGS VA 1278756 20898805 LIBERTY UNIVERSITY INC LIBERTY RIDGE LLC 1971 UNIVERSITY BLVD LYNCHBURG VA 24515 270714028 REAL ESTATE HOLDINGS VA 177873 1835931 LIBERTY UNIVERSITY INC LU RAQUET SPORTS LLC 1971 UNIVERSITY BLVD LYNCHBURG VA 24515 274785690 RECREATION VA 11993 101684 LIBERTY UNIVERSITY INC LIBERTY MOUNTAIN CONFERENCE CENTER LLC 1971 UNIVERSITY BLVD LYNCHBURG VA 24515 275427434 CENTER FOR EDUCATIONAL CONFERENCES VA 28020 676668 LIBERTY UNIVERSITY INC IVY HILL RECREATION LLC 1971 UNIVERSITY BLVD LYNCHBURG VA 24515 460903360 RECREATION VA -13874 2939924 LIBERTY UNIVERSITY INC THOMAS ROAD BAPTIST CHURCH CORPORATION 1971 UNIVERSITY BLVD LYNCHBURG VA 24515 260061907 RELIGIOUS VA 501(C)(3) LINE 1 1 LIBERTY UNIVERSITY FOUNDATION 1971 UNIVERSITY BLVD LYNCHBURG VA 24515 541939910 RELIGIOUS DC 501(C)(3) LINE 9 N/A 0 FALWELL AVIATION 310 HANGAR ROAD LYNCHBURG VA 24502 540755641 PROVIDES FLIGHT INSTRUCTION TO STUDENTS AND CHARTER SERVICES TO PUBLIC VA LIBERTY UNIVERSITY INC C 186777 2584275 1.00000 1 LIBERTY MOUNTAIN CAPITAL 1971 UNIVERSITY BLVD LYNCHBURG VA 24515 272376207 INVESTMENT HOLDINGS COMPANY VA LIBERTY UNIVERSITY INC C 12628 292534 1.00000 1 G&J THOMAS PO BOX 228 FOREST VA 24551 450596703 STUDENT HOUSING VA LIBERTY UNIVERSITY INC S -192169 5435331 0.99730 1 1 1 0 1 0 0 0 1 1 1 1 0 1 1 1 1 1 0 0 FALWELL AVIATION A 30161 ACCRUAL FALWELL AVIATION H 1309250 FMV