2011-03-30T15:52:15-05:00 2010-06-30 GOODMAN & COMPANY LLP 110 EXCHANGE STREET SUITE G DANVILLE VA 24541 990 2009-07-01 540946734 LIBERTY UNIVERSITY INC LIBE 4345923330 1971 UNIVERSITY BLVD LYNCHBURG VA 245022269 DON MOON 4345923330 2011-03-29 1 4347925334 2009 2016-02-24 21:20:13Z DON MOON 1971 UNIVERSITY BLVD LYNCHBURG VA 245022269 860154520 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. 35 31 5457 5000 585795 -439430 13037545 10400632 377846636 499763312 -4349494 5315242 9363568 3095920 395898255 518575106 96181437 109212932 0 128060429 154018795 0 2644141 96936647 110395382 321178513 373627109 74719742 144947997 412897968 611871607 122492353 176567722 290405615 435303885 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 272742307 109212932 434628991 INSTRUCTION, ACADEMIC SUPPORT, STUDENT SERVICES, INSTITUTIONAL SUPPORT, RESEARCH - INCLUDES REVENUES AND EXPENSES ASSOCIATED WITH THE PROVISION OF ASSOCIATE, BACCALAUREATE, MASTER AND DOCTORAL PROGRAMS FOR BOTH THE LIBERAL AND PROFESSIONAL DISCIPLINES IN RESIDENT AND EXTERNAL FORMATS. THE EXPENSES INCLUDE INSTRUCTION, ACADEMIC SUPPORT, STUDENT SERVICES, AND PUBLIC SUPPORT. THE REVENUE INCLUDES TUITION AND FEES FOR BOTH THE RESIDENT AND ONLINE PROGRAMS. 55934392 66350351 AUXILIARY AND OTHER SERVICES - INCLUDES EXPENSES FOR AUXILIARY AND PUBLIC SERVICES IN REGARD TO THE UNIVERSITY'S PROVISION OF HIGHER EDUCATION. THESE SERVICES INCLUDE THE UNIVERSITY BOOKSTORE, SPORTING EVENTS AND OTHER SOURCES. 328676699 1 1 0 1 0 0 1 0 1 1 1 1 1 0 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 1 1 1 1 1 0 0 0 1 1 0 0 0 1 994 0 1 5457 1 1 1 0 0 0 0 0 0 0 0 35 31 1 0 0 0 0 0 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 VA X ACCOUNTING DEPARTMENT 4345923330 1971 UNIVERSITY BOULEVARD LYNCHBURG VA 245022269 JERRY FALWELL JR 55.00 X X X 354770 0 36792 DR BEVERLY LAHAYE 2.00 X 0 0 0 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 2.00 X 0 0 0 MR HARVEY GAINEY 2.00 X 0 0 0 DR TIM LEE 2.00 X 0 0 0 DR ALLEN MCFARLAND 5.00 X 4200 0 321 DR JAMES MERRITT 2.00 X 0 0 0 DR JIM MOON 2.00 X 0 0 0 DR RICHARD POWELL 2.00 X 0 0 0 DR DWIGHT REIGHARD 2.00 X 0 0 0 MR GILBERT TINNEY JR 2.00 X 0 0 0 MR JEFFREY YAGER 2.00 X 0 0 0 MR NEAL ASKEW 50.00 X 97265 0 13393 MR JONATHAN FALWELL 23.00 X 110691 0 8227 DR HERBERT FITZPATRICK 2.00 X 0 0 0 DR RONNIE FLOYD 2.00 X 0 0 0 DR GENE MIMS 2.00 X 0 0 0 DR JERRY PREVO 2.00 X 0 0 0 DR DOYLE CHAUNCEY 2.00 X 0 0 0 DR JOHNNY HUNT 2.00 X 0 0 0 DR TIM LAHAYE 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 MARION COMPTON 2.00 X 0 0 0 DR JACK GRAHAM 2.00 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 2.00 X 0 0 0 MR WAYNE BOOTH 2.00 X 0 0 0 MR SHERWIN COOK 2.00 X 0 0 0 DR TIMOTHY HIGHT 2.00 X 0 0 0 MR WILBUR PETERS 2.00 X 0 0 0 MR JIMMY THOMAS 2.00 X 0 0 0 DR JEFF GINN 2.00 X 0 0 0 DR MARK BECTON 2.00 X 0 0 0 MR TOM COBLE 2.00 X 0 0 0 MR GALEN PEEL 2.00 X 0 0 0 DR BOYD C RIST 55.00 X 152273 0 23528 MS SHARON J HARTLESS 45.00 X 81647 0 17526 MR RONALD GODWIN 45.00 X 128866 0 14314 MR DON MOON 55.00 X 115557 0 17878 ROBERT RITZ 55.00 X X 156608 0 21093 CAREY GREEN 55.00 X 193776 0 24798 DANIEL ROCCO 55.00 X 413173 0 37805 MR JEFF BARBER 55.00 X 246284 0 19703 DALE LAYER 55.00 X 205101 0 24971 2260211 0 260349 10 0 1 0 EDUCATION DYNAMICS 157 YESLER WAY STE 200 SEATTLE WA 98104 LEADS FOR STUDENT MARKETING 5598065 BURLEIGH CONSTRUCTION CO INC PO BOX 289 CONCORD VA 24538 CONSTRUCTION 3085124 PLATTFORM ADVERTISING INC 15500 W 113TH ST 3RD FLOOR LENEXA KS 66219 ADMISSIONS LEADS GENERATION 2014798 COLEMAN-GLASS CONSTRUCTION PO BOX 775 FOREST VA 24551 CONSTRUCTION 1508666 ALL STAR DIRECTORIES 3610 NE 42ND ST SEATTLE WA 98105 ADMISSIONS LEADS GENERATION 1294290 65 1681646 8718986 3975267 10400632 TUITION AND FEES 611710 434628991 434628991 ROOM & BOARD 611710 45521236 45521236 STUDENT FEES 611710 11133519 11133519 STUDENT ACTIVITIES 611710 4270453 3794443 476010 BOOKSTORE/CONCESSIONS 611710 4209113 4209113 499763312 5043719 5043719 105193 105193 3031832 1571407 1460425 1460425 1460425 340199404 80126 339881904 126103 317500 -45977 271523 271523 OTHER INCOME 532000 997335 997335 SPONSORSHIPS/ADVERTISI 511120 532967 423182 109785 1530302 518575106 500979342 585795 6609337 2136642 2136642 107076290 107076290 2691983 2234346 430717 26920 128244 106443 20519 1282 129897398 107814840 20783584 1298974 2391641 1985062 382663 23916 10998240 9128540 1759718 109982 7911289 6566370 1265806 79113 968131 803549 154901 9681 207358 172107 33177 2074 2247043 1865046 359527 22470 2902210 2408834 464354 29022 2394399 1987351 383104 23944 7135776 5922694 1141724 71358 1549687 1286240 247950 15497 5514110 4576711 882258 55141 5566713 4620372 890674 55667 338344 280826 54135 3383 2502498 2077073 400400 25025 14224033 11805948 2275845 142240 2415533 2004893 386485 24155 PURCHASED SERVICES 35196981 29213494 5631517 351970 OTHER SUPPLIES 9751136 8093443 1560182 97511 EQUIPMENT 6029564 5004538 964730 60296 BAD DEBT EXPENSE 5455177 4527797 872828 54552 BANK SERVICE CHARGES 2771305 2300183 443409 27713 3225384 2677067 516062 32255 373627109 328676699 42306269 2644141 12642652 48856093 104615605 166031413 581891 360000 27628147 23921535 386395 492976 301161 320001 9981779 10681346 400258167 123066286 237197144 277191881 14467858 76502766 2049358 5339030 3045978 2174566 412897968 611871607 10097858 19958651 54295590 71423658 37484903 64088626 20614002 21096787 122492353 176567722 X 282239469 426969055 1783206 1679127 6382940 6655703 290405615 435303885 412897968 611871607 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 42084 42084 373650476 373692560 1000000 250000 0 0 1000000 1000000 1000000 3000000 4500000 208022 197711 42084 447817 250000 250000 250000 750000 1125000 X 0 7432405 41881783 1602884 257919 50659153 7273265 81191 232343 154394 7432405 0.87000 0.13000 0 0 49799673 49799673 234084694 59649770 174434924 19302268 3865657 15436611 68017529 46944637 21072892 29054003 12606222 16447781 277191881 GIFT ANNUITIES PAYABLE 14709397 LIABILITY UNDER SPLIT INTEREST AGREEMENTS 2863197 OBLIGATIONS UNDER CAPITAL LEASES 3524193 21096787 518575106 373627109 144947997 367532 -417259 -49727 144898270 417319968 367531 1420651 4032970 5821152 411498816 107076290 107076290 518575106 272421699 1420651 4450229 5870880 266550819 107076290 107076290 373627109 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, 2010 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. Part V, Line 4: Description of Intended Use of Endowment Funds: 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. Part XI, Line 8 - Other Adjustments: CHANGE IN SPLIT INTEREST AGREEMENT and unrealized gains: -417259. Part XII, Line 2d - Other Adjustments: Change in split interest agreement and unrealized gains: -417259. REVENUE FROM SUBSIDIARIES NOT INCLUDED IN THIS RETURN: 2878822. EXPENSE FROM NET RENTAL INCOME: 1571407. Part XII, Line 4b - Other Adjustments: INSTITUTIONAL SCHOLARSHIPS: XXX-XX-XXXX. Part XIII, Line 2d - Other Adjustments: EXPENSE FROM SUBSIDIARIES NOT INCLUDED IN THIS RETURN: 2878822. EXPENSE FROM NET RENTAL INCOME: 1571407. Part XIII, Line 4b - Other Adjustments: INSTITUTIONAL SCHOLARSHIPS: XXX-XX-XXXX. 1 1 1 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 1 1 1 1 0 0 0 0 0 0 0 0 1 0 LIBERTY UNIVERSITY PROVIDES FINANCIAL AID IN THE FORM OF GRANTS, LOANS, AND SCHOLARSHIPS TO STUDENTS TO HELP WITH EDUCATION-RELATED EXPENSES. FINANCIAL AID IS AWARDED ON THE BASIS OF FINANCIAL NEED BASED ON PRESCRIBED GOVERNMENTAL FORMULAS. 1 1 WORLD OF THE BIBLE MINISTRIES INC PO BOX 827 SAN MARCOS TX 78667 742722401 501(C)(3) 25000 ADVANCE THE GOSPEL OF JESUS CHRIST CROSSWORLD MISSIONS 306 BALA AVE BALACYNWOOD PA 19004 231352564 501(C)(3) 33333 ADVANCE THE GOSPEL OF JESUS CHRIST LIBERTY UNIVERSITY FOUNDATION 1971 UNIVERSITY BLVD LYNCHBURG VA 24502 541939910 501(C)(3) 255000 ADVANCE THE GOSPEL OF JESUS CHRIST THOMAS ROAD BAPTIST CHURCH 1 MOUNTAIN VIEW RD LYNCHBURG VA 24502 260061907 501(C)(3) 119000 ADVANCE THE GOSPEL OF JESUS CHRIST LIBERTY CHRISTIAN ACADEMY 100 MOUNTAIN VIEW ROAD LYNCHBURG VA 24502 540831546 501(C)(3) 1548230 ADVANCE THE GOSPEL OF JESUS CHRIST OLD TIME GOSPEL HOUR 1971 UNIVERSITY BLVD LYNCHBURG VA 24502 237293001 501(C)(3) 90000 ADVANCE THE GOSPEL OF JESUS CHRIST 6 0 SCHOLARSHIPS 83069 107076290 Other Information: Part IV: 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. SCHOLARSHIPS FOR STUDENTS ARE MADE BASED ON FINANCIAL NEED AS PRESCRIBED BY FEDERAL REGULATIONS. X X X 1 1 X X X 0 0 0 0 0 0 0 0 0 JERRY FALWELL JR 354770 0 0 0 0 0 16752 0 20040 0 391562 0 270504 0 DR BOYD C RIST 152273 0 0 0 0 0 23528 0 0 0 175801 0 170421 0 ROBERT RITZ 156608 0 0 0 0 0 0 0 21093 0 177701 0 178616 0 CAREY GREEN 193776 0 0 0 0 0 8318 0 16480 0 218574 0 217999 0 DANIEL ROCCO 413173 0 0 0 0 0 15682 0 22123 0 450978 0 424729 0 MR JEFF BARBER 246284 0 0 0 0 0 0 0 19703 0 265987 0 230280 0 DALE LAYER 205101 0 0 0 0 0 8667 0 16304 0 230072 0 0 0 VIRGINIA SMALL BUSINESS FINANCING AUTHORITY 541300845 2009-12-01 30000000 RESIDENCE HALL, THEATER, ACADEMIC FACILITIES 0 1 30000000 4757341 203930 25038729 2012 0 0 0 1 0 0 1 0 1 0 0 1 0 0 0 0 ANNA GINN RELATIVE OF DR. JEFF GIN 12992 BOWMAN BENSON RELATIVE OF DR. JACK DINSBEER 10642 ELIZABETH LEE RELATIVE OF DR. RICHARD LEE 6000 DAILA BENSON RELATIVE OF DR. JACK DINSBEER 15992 KAYLA POWELL RELATIVE OF DR. RICHARD POWELL 11194 MICHAEL WEISER RELATIVE OF REVEREND CARL WEISER 9400 TRANSAMERICA DUPLICATORS ORGANIZATION OWNED 35% BY A BOARD MEMBER 88451 LIBERTY UNIVERSITY INCURRED EXPENSES FOR DLP (DISTANCE LEARNING PROGRAM) TAPE DUPLICATION SERVICES PROVIDED BY TRANSAMERICA DUPLICATORS, INC. 0 FALWELL REBECCA FAMILY MEMBER OF BOARD MEMBER 27896 COMPENSATION 0 ASKEW ALLAN FAMILY MEMBER OF BOARD MEMBER 100348 COMPENSATION 0 KCFT-TV BOARD MEMBER IS CEO OF ORGANIZATION 16800 CHRISTIAN BROADCASTING SERVICES 0 DEMOSS GROUP INC ORGANIZATION OWNED BY A BOARD MEMBER 69672 MARKETING CONSULTANTS 0 JJFW ASSOCIATES LLC ORGANIZATION 50% OWNED BY FAMILY MEMBER OF A BOARD MEMBER 50736 COMMERCIAL REAL ESTATE MANAGEMENT 0 Paul S Demoss Family MEMBER OF BOARD MEMBER 26000 Fees for consulting services. 0 X 2 2813750 PROPERTY TAX ASSESSMENT X 8 249497 STOCK MARKET AVERAGES X 2 912000 APPRAISAL X ANNUITY CONTRACTS AND MISC NONCASH CONTRIBUTIONS 57 1365489 STOCK MARKET AVERAGES/FMV 0 1 0 Form 990, Part VI, Section A, line 2 MR. JERRY FALWELL, JR. AND MR JOHNATHAN FALWELL CURRENTLY SIT ON THE BOARD OF TRUSTEES AND ARE BROTHERS. Form 990, Part VI, Section B, line 11 THE FORM 990 FOR FY JUNE 30, 2010 WAS MADE AVAILABLE TO THE CHANCELLOR, IN-HOUSE LEGAL COUNSEL, CHIEF FINANCIAL OFFICER, VICE PRESIDENT OF FINANCE, ASSISTANT CONTROLLER AND THE EXECUTIVE COMMITTEE OF THE BOARD 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 AND OTHER TOP EXECUTIVES ARE REVIEWED BY THE EXECUTIVE COMMITTEE. COMPARABLE SALARY DATA IS REVIEWED AT THAT TIME TO DETERMINE THE REASONABLENESS OF THE COMPENSATION. Form 990, Part VI, Section C, line 19 GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC THROUGH REQUEST ONLY. NO CHANGES FROM THE PRIOR YEAR. THE EXECUTIVE COMMITTTE OF THE BOARD ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE FINANCIAL STATEMENT AUDIT AND INDEPENDENT ACCOUNTANT SELECTION. C&C JETTING 1971 UNIVERSITY BLVD LYNCHBURG VA 24502 540946734 AIRFARE FOR UNIVERSITY AFFAIRS VA 129359 5418942 LIBERTY UNIVERSITY INC LU PLAZA HOLDINGSLLC 1971 UNIVERSITY BLVD LYNCHBURG VA 24502 270217985 REAL ESTATE HOLDINGS VA 1569794 16058127 LIBERTY UNIVERSITY INC LU CANDLERS STATION HOLDINGSLLC 1971 UNIVERSITY BLVD LYNCHBURG VA 24502 271753489 REAL ESTATE HOLDINGS VA 921429 16325338 LIBERTY UNIVERSITY INC LIBERTY RIDGE LLC 1971 UNIVERSITY BLVD LYNCHBURG VA 24502 270714028 REAL ESTATE HOLDINGS VA 1835931 LIBERTY UNIVERSITY INC TRBC INC 1971 UNIVERSITY BLVD LYNCHBURG VA 24502 260061907 RELIGIOUS VA 501(C)(3) PUBLIC CHARITY BOARD OF DEACONS LIBERTY UNIVERSITY FOUNDATION 1971 UNIVERSITY BLVD LYNCHBURG VA 24502 541939910 RELIGIOUS DC 501(C)(3) PUBLIC CHARITY BOARD OF TRUSTEES LIBERTY GODPARENT HOME 1971 UNIVERSITY BLVD LYNCHBURG VA 24502 521372460 PROVIDES SERVICES TO UNWED PREGNANT MOTHERS VA 501(C)(3) PUBLIC CHARITY BOARD OF TRUSTEES LIBERTY CHRISTIAN ACADEMY 1971 UNIVERSITY BLVD LYNCHBURG VA 24502 540831546 CHRISTIAN SCHOOL VA 501(C)(3) PUBLIC CHARITY BOARD OF TRUSTEES LIBERTY ALLIANCE ACTION 1971 UNIVERSITY BLVD LYNCHBURG VA 24502 541364971 EDUCATIONALLY INFORMING PUBLIC ABOUT MORALS, VALUES, AND AMERICAN CULTURE DC 501(C)(4) BOARD OF TRUSTEES FALWELL AVIATION 310 HANGAR ROAD LYNCHBURG VA 24502 540755641 PROVIDES FLIGHT INSTRUCTION TO STUDENTS AND CHARTER SERVICES TO PUBLIC VA LIBERTY UNIVERSITY INC C 2889496 2772806 1.00000 LIBERTY MOUNTAIN CAPITAL 1971 UNIVERSITY BLVD LYNCHBURG VA 24502 272376207 INVESTMENT HOLDINGS COMPANY VA LIBERTY UNIVERSITY INC C 6258 224158 1.00000 0 1 0 1 0 0 0 0 0 1 0 0 0 1 1 0 0 0 LIBERTY ALLIANCE ACTION M 99265