2024-05-14T15:15:29-05:00 2023-06-30 540643136 HARRIS HARVEY NEAL & COLLPCPA'S PO BOX 3424 DANVILLE VA 245433424 990 2022-07-01 540129860 AVERETT UNIVERSITY AVER 4347915679 420 WEST MAIN STREET DANVILLE VA 24541 DR TIFFANY FRANKS PRESIDENT 4347915670 2024-05-14 1 DR TIFFANY FRANKS 999009999 0 KATHERINE D MCDANIEL CPA P00234160 4347923220 2024-05-14 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z DR TIFFANY FRANKS 420 WEST MAIN STREET DANVILLE VA 24541 55481074 0 X WWW.AVERETT.EDU X 1859 VA AVERETT 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 PROGRMAS IN PERSONAL, COLLEGIAL,INTERDISCIPLINARY ENVIRONMENT. 27 27 715 0 -806499 0 6898138 6452084 43892457 46818393 499211 -339948 1247993 1732710 52537799 54663239 19007712 19914444 0 0 17210289 18081966 68742 79252 862904 22608112 21980145 58894855 60055807 -6357056 -5392568 74504725 78643056 26397854 34060403 48106871 44582653 X AVERETT 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 53436635 19914444 48504019 AVERETT PROVIDES INSTRUCTION TO MORE THAN 1,500 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. 53436635 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 1 101 0 1 715 0 0 0 0 0 0 0 0 0 0 0 X 27 27 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 X DR TIFFANY FRANKS PRESIDENT 4347915651 420 WEST MAIN STREET DANVILLE VA 24541 ANNIE WIMBUSH CHAIRPERSON 1.00 X X 0 0 0 EMMA MADDUX KOZLOWSKI VICE CHAIRPERSON 1.00 X X 0 0 0 JAN BARNETT TRUSTEE 1.00 X 0 0 0 ELLEN BEVILLE TRUSTEE 1.00 X 0 0 0 KIRK BIDGOOD TRUSTEE 1.00 X 0 0 0 LENORA BILLINGS-HARRIS TRUSTEE 1.00 X 0 0 0 BRENDA BOWMAN TRUSTEE 1.00 X 0 0 0 RICHARD BROWN TRUSTEE 1.00 X 0 0 0 DANIEL CARLTON TRUSTEE 1.00 X 0 0 0 BRADLEY COHEN TRUSTEE 1.00 X 0 0 0 SARAH COLLIE TRUSTEE 1.00 X 0 0 0 GARY COLLINS TRUSTEE 1.00 X 0 0 0 MARK GIGNAC TRUSTEE 1.00 X 0 0 0 LINDA GREEN TRUSTEE 1.00 X 0 0 0 JOHN HERNDON JR TRUSTEE 1.00 X 0 0 0 STARLETTE JOHNSON TRUSTEE 1.00 X 0 0 0 MICHAEL KECK TRUSTEE 1.00 X 0 0 0 HAYWARD MAJORS TRUSTEE 1.00 X 0 0 0 BRANDON POTTER TRUSTEE 1.00 X 0 0 0 TONI RICE TRUSTEE 1.00 X 0 0 0 MARY RIDDLE TRUSTEE 1.00 X 0 0 0 CALVIN SNOWDEN TRUSTEE 1.00 X 0 0 0 DEBORAH UPTON TRUSTEE 1.00 X 0 0 0 CHRISTOPHER WEST TRUSTEE 1.00 X 0 0 0 HAMPTON WILKINS TRUSTEE 1.00 X 0 0 0 KRIS WILLARD TRUSTEE 1.00 X 0 0 0 TODD YEATTS TRUSTEE 1.00 X 0 0 0 TIFFANY FRANKS PRESIDENT 40.00 X 321845 0 27647 DON AUNGST VP FINANCE, CFO 40.00 X 246977 0 31174 MICHAEL BOEHM CIO 40.00 X 179140 0 29790 MELISSA WOHLSTEIN VP ADVANCEMENT 40.00 X 160200 0 30288 LEE BEAUMONT VP ADMISSIONS 40.00 X 167228 0 24028 VENITA MITCHELL VP STUDENT ENGAGEMENT 40.00 X 133434 0 19962 TERESA BEACH DEAN SCHOOL OF NURSING 40.00 X 133854 0 22296 GINGER HENDERSON VP ACADEMIC AFFAIRS 40.00 X 122417 0 18354 1465095 0 203539 8 0 1 0 CLOUD CONTROL MEDIA LLC PO BOX 8398 PASADENIA CA 91109 CONTRACT MANAGEMENT FEE 1821185 ARAMARK 27310 NETWORK PLACE CHICAGO IL 606731273 CONTRACT MANAGEMENT FEE 1629861 WFF FACILITY SERVICES PO BOX 95596 CHICAGO IL 606945596 CONTRACT MANAGEMENT FEE 1441412 ORBIS EDUCATION 2600 W CAMELBACK RD PHOENIX AZ 85017 CONTRACT MANAGEMENT FEE 630986 ELLUCIAN 62578 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 CONTRACT MANAGEMENT FEE 510201 27 2949359 3502725 6452084 TUITION AND FEES 611310 40155887 40155887 AUXILIARY ENTERPRISES 611310 5361630 5361630 OTHER PROGRAM SERVICE FEES 900099 1300876 1300876 46818393 466551 466551 21229 0 21229 21229 21229 806499 -806499 -806499 -806499 37191 11336 25855 25855 FIXED-BASE OPERATIONS 900099 1685626 1685626 1685626 54663239 48504019 -806499 513635 19914444 19914444 14632168 12394310 1737304 500554 550995 550995 1902945 1902945 995858 995858 35620 35090 530 75026 75026 79252 79252 628520 418105 176158 34257 1352479 40 1352439 269669 170605 67115 31949 241031 210226 30805 1833618 1288116 490000 55502 679294 650225 22420 6649 91613 74759 16854 894549 591831 286070 16648 2240310 1706350 480139 53821 474332 374968 91553 7811 OTHER CONTRACTUAL SERVI 5109528 5109528 REPAIRS AND MAINTENANCE 3959720 3073106 822530 64084 STUDENT FOOD SERVICE 1659661 1659661 STUDENT-RELATED ACTIVIT 832048 831591 457 1603127 1518972 72308 11847 60055807 53436635 5756268 862904 1301385 1339437 2993186 1557218 1661631 4615267 1523727 1299648 1840282 4487880 72804869 31874414 38891209 40930455 20491473 19808362 5764597 4580055 37235 24734 74504725 78643056 3620512 5459349 1139504 991314 2864586 2983461 13870000 13580000 3593257 7173727 1309995 3872552 26397854 34060403 X 13383354 9887619 34723517 34695034 48106871 44582653 74504725 78643056 X -5392568 1724487 143863 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 26654790 83513 1384539 1850624 1563798 24708420 31001822 323660 -2090435 1195200 1385057 26654790 26102289 806658 5224575 515400 616300 31001822 26186388 898554 17147 476500 523300 26102289 25779568 285435 1156054 464100 567100 3469 26186388 1 0 2560831 2560831 37472784 15344303 22128481 19908699 7272847 12635852 6384300 4436184 1948116 6478255 4821080 1657175 40930455 BENEFICIAL INTERESTS 3645659 F CASH & CASH EQUIVALENTS 480763 C CORPORATE BONDS 403740 F OTHER ASSETS 49893 F 4580055 LIABILITY UNDER ANNUITY AND TRUST AGREEMENT 24734 OPERATING LEASE LIABILITY 1108267 FINANCING LEASE LIABILITY 2739551 3872552 X 36506297 1724487 -19770581 -18046094 54552391 110848 110848 54663239 40030515 0 40030515 110848 19914444 20025292 60055807 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 FASB ACCOUNTING STANDARDS CODIFICATION THE UNIVERSITY FILES 990 IN ACCORDANCE WITH APPLICABLLE US FEDERAL REGULATIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: RECLASSIFIED GRANTS & SCHOLARSHIPS CHANGE IN VALUE OF PERPETUAL TRUSTS CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS PART XII, LINE 4B - OTHER ADJUSTMENTS: RECLASSIFIED GRANTS & SCHOLARSHIPS PART XI, LINE 2D - OTHER ADJUSTMENTS RECLASSIFIED GRANTS & SCHOLARSHIPS 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, WEBSITE, AND ADVERTISING LINE 6 - EXPLANATION OF GOVERNEMNT FINANCIAL AID: THE UNIVERSITY RECEIVES VARIOUS GOVERNMENT GRANTS INCLUDING PELL, SEOG AND FEDERAL WORK STUDY. EUROPE (INCLUDING ICELAND & GREENLAND) PROGRAM SERVICES RECRUITMENT 19000 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM PROGRAM SERVICES STUDY ABROAD 0 0 0 0 0 0 19000 0 19000 0 0 0 0 0 0 PART III ACCOUNTING METHOD: X X X X X X X 0 THE VIRGINIA COLLEGE FUND 4900 AUGUSTA AVE RICHMOND VA 23230 SOLICITS FOR FINANCIAL SUPPORT 0 64687 79252 -14565 64687 79252 -14565 GOLF TOURNAMENT 37191 37191 9489 1847 37191 37191 9489 1847 11336 25855 0 SCHOLARSHIPS AND GRANTS TO STUDENTS 957 19860185 X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 TIFFANY FRANKS PRESIDENT 321845 0 0 0 0 0 19650 0 7997 0 349492 0 0 0 DON AUNGST VP FINANCE, CFO 246977 0 0 0 0 0 15454 0 15720 0 278151 0 0 0 MICHAEL BOEHM CIO 179140 0 0 0 0 0 10422 0 19368 0 208930 0 0 0 LEE BEAUMONT VP ADMISSIONS 167228 0 0 0 0 0 9700 0 14328 0 191256 0 0 0 MELISSA WOHLSTEIN VP ADVANCEMENT 160200 0 0 0 0 0 11178 0 19110 0 190488 0 0 0 TERESA BEACH DEAN SCHOOL OF NURSING 133854 0 0 0 0 0 7536 0 14760 0 156150 0 0 0 VENITA MITCHELL VP STUDENT ENGAGEMENT 133434 0 0 0 0 0 8400 0 11562 0 153396 0 0 0 A INDUSTRIAL DEVELOPMENT AUTHORITY OF VCITY OF DANVILLE VA 521321074 2017-10-01 14675000 REFUND EXISTING BONDS, CAPITAL IMPROVEMENT 0 0 0 A 15035000 564313 439087 3419022 11047274 2018 1 0 1 1 A 0 0 0 0 0 0 1 A 0 0 0 0 1 0 0 0 1 A 1 X 10 344284 FMV ON DATE OF SALE 0 1 1 PART I, LINE 32B: THE UNIVERSITY USES A THIRD PARTY TO SOLICIT GENERAL CONTRIBUTIONS, SOME OF WHICH ARE NON-CASH DONATIONS FORM 990, PART VI, SECTION B, LINE 11B A COMPLETE COPY OF FORM 990 IS PROVIDED TO AND APPROVED BY THE ENTIRE BOARD OF TRUSTEES BEFORE IT IS FILED WITH THE IRS FORM 990, PART VI, SECTION B, LINE 12C A "CONFLICT OF INTEREST" ARISES WHEN A PERSON IN A POSITION OF AUTHORITY OVER AN ORGANIZATION, SUCH AS A TRUSTEE OR OFFICER, MAY BENEFIT PERSONALLY FROM A DECISION HE OR SHE COULD MAKE. INTERESTED PERSON INCLUDES ANY TRUSTEE, PRINCIPAL OFFICER, OR MEMBER OF COMMITTEE WITH GOVERNING BOARD DELEGATED POWERS, WHO HAS A DIRECT OR INDIRECT FINANCIAL INTEREST, AS DEFINED BELOW, IN AN INTERESTED PERSON. A PERSON HAS FINANCIAL INTEREST IF THE PERSON HAS, DIRECTLY OR INDIRECTLY, THROUGH BUSINESS, INVESTMENT, OR FAMILY; A) AN OWNERSHIP OF INVESTMENT INTEREST IN ANY ENTITY WITH WHICH AVERETT HAS A TRANSACTION OR ARRANGEMENT, B) A COMPENSATION ARRANGEMENT WITH AVERETT OR WITH ANY ENTITY OR INDIVIDUAL WITH WHICH AVERETT HAS A TRANSACTION OR ARRANGEMENT, OR C) A POTENTIAL OWNERSHIP OR INVESTMENT INTEREST IN, OR COMPENSATION ARRANGEMENT WITH, ANY ENTITY OR INDIVIDUAL WITH WHICH AVERETT IS NEGOTIATING A TRANSACTION OR ARRANGEMENT IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICT OF INTEREST. AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF THE FINANCIAL INTEREST AND BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE BOARD OR EXECUTIVE COMMITTEE CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER DISCLOSE OF THE FINANCIAL INTEREST AND ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, HE/SHE SHALL LEAVE THE MEETING DURING THE BOARD OR EXECUTIVE MEETING WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD OR EXECUTIVE COMMITTEE MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. IN ADDITION, ANY TRUSTEE MAY RECUSE THEMSELVES AT ANY TIME FROM INVOLVEMENT IN ANY DECISION OR DISCUSSION IN WHICH THE TRUSTEE BELIEVES THAT HE/SHE HAS OR MAY HAVE A CONFLICT OR INTEREST, WITHOUT GOING THROUGH THE PROCESS FOR DETERMINING WHETHER A CONFLICT OF INTEREST EXISTS. IF THE BOARD OR EXECUTIVE COMMITTEE HAS REASONABLE CAUSE TO BELIEVE A MEMBER HAS FAILIED TO DISCLOSE ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, IT SHALL TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. THE MINUTES OF THE BOARD AND ALL COMMITTEES WITH BOARD DELEGATED POWERS SHALL CONTAIN A) THE NAMES OF THE PERSONS WHO DISCLOSED OR OTHERWISE WERE FOUND TO HAVE A FINANCIAL INTEREST IN CONNECTION WITH AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, THE NATURE OF THE FINANCIAL INTEREST, ANY ACTION TAKEN TO DETERMINE WHETHER A CONFLICT OF INTEREST WAS PRESENT, AND THE BOARD'S OR EXECUTIVE COMMITTEE'S DECISION AS TO WHETHER A CONFLICT OF INTEREST IN FACT EXISTED B) THE NAMES OF PERSONS WHO WERE PRESENT FOR DISCUSSIONS AND VOTES RELATING TO THE TRANSACTION OR ARRANGEMENT, THE CONTENT OF THE DISCUSSION, INCLUDING ANY ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANAGEMENT, AND A RECORD OF ANY VOTES TAKEN IN CONNECTION WITH THE PROCEEDINGS. FORM 990, PART VI, SECTION B, LINE 15A THE EXECUTIVE COMMITTEE (AN INDEPENDENT BODY) REVIEWS COMPARABLE DATA WITH PEER INSTITUTIONS AND APPROVES THE PRESIDENT'S EMPLOYEE CONTRACT. THE PROCESS IS DOCUMENTED IN THE EXECUTIVE COMMITTEE MINUTES. 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 XI, LINE 9: CHANGE IN VALUE OF PERPETUAL TRUSTS & SPLIT INTEREST AGREEMENTS 143,863.