2014-05-09T14:16:51-05:00 2013-06-30 420714325 MCGLADREY LLP 230 N ELM ST STE 1100 GREENSBORO NC 27401 990 2012-07-01 540129860 AVERETT UNIVERSITY AVER 4347917129 420 WEST MAIN STREET DANVILLE VA 24541 THOM DAVIS 4347917129 2014-05-06 1 ADRIENNE MCKINNEY P00819656 3362724551 2012 2015-11-30 17:44:51Z TIFFANY M FRANKS 420 WEST MAIN STREET DANVILLE VA 24541 53105424 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. 25 24 791 24 0 0 3083541 8069740 34042609 38500597 466994 1655093 0 0 37593144 48225430 9329998 10424123 0 0 16916913 16761192 49813 30015 644635 11902144 18169182 38198868 45384512 -605724 2840918 62438868 69557417 23078481 26099510 39360387 43457907 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 41336368 10424123 38500597 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. 41336368 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 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 3938 0 1 791 1 0 0 0 0 0 1 1 0 0 0 0 X 25 24 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 0 1 1 X ANDREW L FITCH AVERETT UNIVERSITY 4347917129 420 WEST MAIN STREET DANVILLE VA 24541 X MARY RIDDLE 1.00 X X 0 0 0 CALVIN SNOWDEN 1.00 X X 0 0 0 SAMUEL SAUNDERS 1.00 X X 0 0 0 ROSSIE ALSTON JR 1.00 X 0 0 0 JOHN BARR 1.00 X 0 0 0 KIRK BIDGOOD 1.00 X 0 0 0 IRVING BLANK 1.00 X 0 0 0 DANIEL CARLTON 1.00 X 0 0 0 STEVEN DANIELS SR 1.00 X 0 0 0 ERIC DEATON 1.00 X 0 0 0 GONZALEE FORD 1.00 X 0 0 0 VIRGINIA HAMLET 1.00 X 0 0 0 WANDA JEFFRESS 1.00 X 0 0 0 JAMES JENNINGS JR 1.00 X 0 0 0 LINDSEY MOYNIHAN 1.00 X 0 0 0 T WAYNE OAKES 1.00 X 0 0 0 GLENN PULLEY 1.00 X 0 0 0 JACKSON REASOR 1.00 X 0 0 0 RICHARD ROCCESANO 1.00 X 0 0 0 HENRY SLAYTON JR 1.00 X 0 0 0 JACK SPAINHOUR JR 1.00 X 0 0 0 HAMPTON WILKINS 1.00 X 0 0 0 KRIS WILLARD 1.00 X 0 0 0 BOBBYE WOMACK 1.00 X 0 0 0 TIFFANY FRANKS 40.00 X X 248574 0 19467 THOM DAVIS 40.00 X 159980 0 27316 CHARLES HARRIS 40.00 X 111601 0 19705 MARY CONDON 40.00 X 123491 0 11158 ALBERT RAWLEY 40.00 X 108541 0 20602 JANET LAUGHLIN 40.00 X 122302 0 20542 STUART JONES 40.00 X 115734 0 14215 990223 0 133005 8 0 1 0 IPD 4025 SOUTH RIVERPOINT PARKWAY 6TH PHOENIX AZ 85040 ENROLLMENT MGMT SERVICES 5160000 BON APPETIT C/O BANK OF AMERICA PO BOX 91337 CHICAGO IL 60693 FOOD SERVICES 1346631 ARAMARK FACILITY SERVICES 24818 NETWORK PLACE CHICAGO IL 60673 FACILITIES SERVICES 1335022 BLAIR COSTRUCTION PO BOX 612 GRETNA VA 24557 CONSTRUCTION 1048664 SYNERGIS 1820 EAST RAY ROAD CHANDLER AZ 85225 ENROLLMENT MGMT SERVICES 775000 7 214833 7854907 743432 8069740 TUITION & FEES 900099 33580053 33580053 AUXILIARY ENTERPRISES 900099 4101980 4101980 818564 818564 38500597 414251 414251 6046131 74705 4857719 22275 1188412 52430 1240842 1240842 48225430 38500597 0 1655093 X 10424123 10424123 457538 457538 12880511 11615127 934379 331005 400125 361122 25810 13193 2103497 1781837 285999 35661 919521 812485 83103 23933 27687 26912 775 81957 81957 30015 30015 88326 88326 9215305 8933003 212005 70297 100996 85630 14586 780 505234 122830 344716 37688 220672 220377 295 1971236 1809191 162045 663273 591134 58722 13417 128356 93635 29112 5609 595745 543252 52493 1439696 1312841 126855 316659 286778 29881 ALL OTHER EXPENSES 1235118 860183 292673 82262 REPAIRS AND MAINTENANCE 727132 674995 52137 INSTRUCTIONAL SUPPLIES 544163 544080 83 STUDENT-RELATED ACTIVIT 307627 263745 43882 45384512 41336368 3403509 644635 2634079 3781455 988685 4537597 909302 937044 2846516 3004667 645880 851151 54498474 23164993 30747964 31333481 12820051 14865740 10646636 10153768 199755 92514 62438868 69557417 1367667 1879747 2607342 2609056 2368156 4018402 14265586 13729440 1206832 2976889 1262898 885976 23078481 26099510 X 14389847 12686140 6843141 12433977 18127399 18337790 39360387 43457907 62438868 69557417 X 2840918 806932 449670 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 20529889 134441 2331886 286200 705900 22004116 21372692 252473 -54239 307159 733878 20529889 18507428 393468 3222121 272168 478157 21372692 17023112 716508 1639721 231116 640797 18507428 21141208 266224 -2736366 318096 1329858 17023112 0.09360 0.68920 0.21720 1 0 34225 2560831 2595056 28487381 8963225 19524156 8043195 2966900 5076295 9270862 7412435 1858427 6101980 3822433 2279547 31333481 REAL ESTATE FUNDS 1240951 F HEDGE FUNDS 957265 F CSV OF LIFE INSURANCE 109746 F CASH AND CASH EQUIVALENTS 1747437 C FUNDS HELD IN TRUST BY OTHERS 3173291 F STABLE VALUE FUNDS 2925078 F 10153768 LIABILITY UNDER ANNUITY AND TRUST AGREEMENTS 64520 MARK-TO-MARKET SWAP VALUE 821456 885976 X 38969583 806932 -9974453 -9167521 48137104 88326 88326 48225430 34872063 0 34872063 10512449 10512449 45384512 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: PROVIDE FUNDS FOR SCHOLARSHIPS, OPERATIONS, MAINTENANCE, AND SUPPORT OF AVERETT UNIVERSITY. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: THE UNIVERSITY IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. 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. PART XI, LINE 2D - OTHER ADJUSTMENTS: RECLASS SCHOLARSHIPS AND GRANTS -10,424,123. CHANGE IN VALUE OF SWAP AGREEMENT 339,380. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS 144,290. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -34,000. PART XI, LINE 4B - OTHER ADJUSTMENTS: INVESTMENT FEES 88,326. PART XII, LINE 4B - OTHER ADJUSTMENTS: INVESTMENT FEES 88,326. RECLASS SCHOLARSHIPS AND GRANTS 10,424,123. FORM 990, SCHEDULE D, PART V, ENDOWMENT FUNDS: LINES 1A - 1G -THE PRIOR YEAR BALANCES IN COLUMNS B E HAVE BEEN RESTATED TO EXCLUDE FUNDS HELD IN TRUST THAT WERE INADVERTENTLY INCLUDED IN PRIOR YEARS. 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 CATALOGS, PUBLICATIONS, BROCHURES, AND ADVERTISING EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 THE UNIVERSITY RECEIVES VARIOUS GOVERNMENT GRANTS INCLUDING PELL, SEOG AND FEDERAL WORK STUDY EUROPE (INCLUDING ICELAND & GREENLAND) - 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAMS 26226 EAST ASIA AND THE PACIFIC - 0 0 PROGRAM SERVICES EQUIPMENT FOR AVIATION INSTRUCTION 5509 CENTRAL AMERICA AND THE CARIBBEAN - 0 0 INVESTMENTS ENDOWMENT 3882343 EUROPE (INCLUDING ICELAND & GREENLAND) - 0 1 PROGRAM SERVICES RECRUITMENT 16932 RUSSIA & THE NEWLY INDEPENDENT STATES - 0 1 PROGRAM SERVICES RECRUITMENT 6928 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES RECRUITMENT 332 0 2 0 0 0 2 3938270 0 3938270 0 0 0 0 0 0 X X X X X X X 1 CAPITAL DEVEL SERVICES INC 633 W 4TH WINSTONSALEM NC 27101 CONSULTING ON CAPITAL CAMPAIGN 0 0 30015 -30015 30015 -30015 VA 1 SCHOLARSHIPS AND GRANTS TO STUDENTS 897 10424123 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, 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 200484 0 48000 0 90 0 12450 0 7017 0 268041 0 0 0 THOM DAVIS 154642 0 0 0 5338 0 8250 0 19066 0 187296 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 1270560 15000000 270355 31129 2310835 12395726 2012 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0 0 1 A 0 0 0 0 1 1 BRANCH BANK & TRUST 7.000000000000 0 0 0 0 1 X 3 30684 FMV X 1 150000 APPRAISAL X MISC ITEMS & SERVICES 5 573 COST X FIELD TURF 1 562175 ESTIMATE 0 1 0 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 COMMITTE 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. JOINT VENTURE FORM 990, PART VI, SECTION B, LINE 16A EFFECTIVE NOVEMBER 1, 2012, THE UNIVERSITY ENTERED INTO AN ACADEMIC PROGRAM SERVICES AGREEMENT WITH SYNERGIS EDUCATION, INC. ("SYNERGIS") RELATED TO MARKETING AND RECRUITMENT SERVICES FOR THE UNIVERSITY'S GPS PROGRAM. 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. OTHER FEES FORM 990, PART IX, LINE 11G OTHER: PROGRAM SERVICE EXPENSES 8,933,003. MANAGEMENT AND GENERAL EXPENSES 212,005. FUNDRAISING EXPENSES 70,297. TOTAL EXPENSES 9,215,305. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SWAP AGREEMENT 339,380. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -34,000. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS 144,290. FORM 990, PART XII, LINE 2C, AUDIT COMMITTEE: THE AUDIT COMMITTEE'S PROCESS OF OVERSIGHT AND SELECTION HAS NOT CHANGED SINCE PRIOR YEAR.