Liberty University Inc

“MR. JERRY FALWELL, JR. AND MR. JONATHAN FALWELL Sat ON THE BOARD OF TRUSTEES AND ARE BROTHERS. MR. TREY FALWELL was A KEY EMPLOYEE. MR. JERRY FALWELL AND MR TREY FALWELL ARE FATHER AND SON. MR. JEFFREY F. BENSON AND MRS. GAYE OVERTON BENSON CURRENTLY SIT ON THE BOARD OF TRUSTEES AND ARE HUSBAND AND WIFE. BOARD MEMBERS HARVEY GAINEY AND ANGELA JORDAN ARE FATHER/DAUGHTER. BOARD MEMBERS DAVID RHODENHIZER AND CHRIS RHODENHIZER ARE FATHER/SON. Board members Gilbert Tinney and Will Tinney are father/son. Form 990, Part VI, Section A, Line 4: BOTH THE ARTICLES OF INCORPORATION AND BYLAWS WERE SIGNIFICANTLY AMENDED IN THE TAX YEAR TO PROVIDE AN INCREASED SPIRITUAL EMPhASIS, IMPROVED MEETING PROCEDURES AND BETTER APPLICATION OF BOARD GOVERNANCE PRINCIPLES. ON SPIRITUAL EMPHASIS, THE DOCUMENTS: STRENGTHENED THE STATEMENT OF THE ROLE OF THOMAS ROAD BAPTIST CHURCH AND ITS RELATIONSHIP WITH THE UNIVERSITY; AFFIRMATIVELY TIED IN ALL UNIVERSITY FUNCTIONS, OPERATIONS AND PROGRAMS TO THE HOLY BIBLE AND DOCTRINAL POSITION; RELIANCE ON BIBLICAL AND SCRIPTURAL VALUES ALONE INSTEAD OF LESS CERTAIN TERM OF "EVANGELICAL ADDITIONS TO DOCTRINAL STATEMENT EXPLICITLY REFERENCING EXAMPLES OF BOTH VIRTUOUS AND SINFUL BEHAVIOR; EXPLICITLY STATED BIBLICAL POSITIONS ON LIFE, MARRIAGE, SEX, GENDER, DRUNKENNESS, GOVERNMENT, THE CHURCH AND MORE IN DOCTRINAL POSITION; CREATION OF CHANCELLOR OF SPIRITUAL AFFAIRS POSITION TO PROVIDE MORAL LEADERSHIP, ACCOUNTABILITY AND DISCIPLESHIP TO EXECUTIVES, ADVICE ON IMPLEMENTING SPIRITUAL MISSION, GUIDANCE IN THE SCHOOL OF DIVINITY, OVERSIGHT OF THE OFFICE OF SPIRITUAL DEVELOPMENT, COORDINATION OF CONVOCATIONS AND CAMPUS CHURCH SERVICES, AND REPORTS TO BOARD ON DEVIATIONS FROM SPIRITUAL MISSION AND DOCTRINAL POSITION; AND HOLDING TRUSTEES, PRESIDENT, CHANCELLOR OF SPIRITUAL AFFAIRS AND NON-TRUSTEE COMMITTEE MEMBERS TO HIGH STANDARDS OF CHRISTIAN BEHAVIOR CONSISTENT WITH THE DOCTRINAL POSITION. ON MEETING PROCEDURES, REVISED PROCEDURES FOR CALLING MEETINGS WITH SHORTER NOTICE; AND PROVIDED CONDITIONS FOR REMOTE PARTICIPATION IN MEETINGS. ON GOVERNANCE PRINCIPLES, INCREASED THE MINIMUM SIZE OF THE BOARD FROM 5 TO 20 AND DECREASED THE MAXIMUM SIZE FROM 50 TO 40; CLARIFIED PROCEDURES FOR RESIGNATION AND OPTING FOR EMERITUS TRUSTEE STATUS; REALLOCATED VARIOUS POWERS FROM THE PRESIDENT TO THE BOARD, INCLUDING: SPENDING AUTHORITY, CONTRACTING AND BORROWING LIMITS, AND ASSET ACQUISITION AND SALE OVERSIGHT; SET OUT THE ROLES OF THE CHAIRMAN AND VICE CHAIRMAN, INCLUDING CHAIRMAN SERVING ON THE EXECUTIVE COMMITTEE; CLARIFIED ROLE OF EXECUTIVE COMMITTEE AND EXTENDED RECOMMENDATIONS AND EVALUATION RESPONSIBILITIES REGARDING PRESIDENT AND CHANCELLOR OF SPIRITUAL AFFAIRS; REQUIRED TIMELY REPORT OF ALL SUBSTANTIVE ACTIONS OF THE EXECUTIVE COMMITTEE TO THE FULL BOARD; CREATED AN ACADEMIC AND STUDENT AFFAIRS COMMITTEE CONCERNED WITH THE ACADEMIC, STUDENT LIFE, STUDENT SERVICES AND DIVERSITY PROGRAMS; CREATED A BUDGET AND FINANCE COMMITTEE TO REVIEW BUDGET PROPOSALS, FISCAL POLICY AND SPENDING; CREATED A FACILITIES AND CAMPUS DEVELOPMENT COMMITTEE FOCUSED ON THE PHYSICAL PLANT, MASTER PLANNING AND NEW CAPITAL PROJECT PRE-APPROVAL; CROSS MEMBERSHIP ON CERTAIN COMMITTEES TO FACILITATE COMMUNICATION AND COORDINATION; AND INCLUDED GOOD GOVERNANCE PRINCIPLES ON CONFLICTS OF INTEREST, NON-TRUSTEE COMMITTEE MEMBERS. Form 990, Part VI, Section A, Line 5: 1. A University employee inappropriately redirected check payments received to incorrect accounts and entities in order to allegedly misuse the funds for personal expenses between 1999 and 2006. The estimated total dollar amount is $282,661.36. The employee was terminated June 8, 2006. The employee entered a repayment plan on December 12, 2006 with payments made through May 13, 2022. 2. Unrelated to above, see schedule L part I.”

“Form 990 for fy june 30, 2021 was provided before filing to the president, chief financial officer, in-house legal counsel and the board of trustees for review.”

“The University has adopted a policy of Conflicts of Interest for Trustees. The Secretary is responsible for distributing and collecting signed Disclosure Statements at the time a Trustee is first elected, annually, and at the time a Trustee becomes aware of a potential conflict. After receiving disclosures from the Trustees, the Secretary will summarize the material information contained in the Disclosure Statements or other disclosure and deliver a report to the Audit Committee and the General Counsel. The resolution of any conflict or perceived conflict that is identified by the Secretary will be determined by the Audit Committee or, upon the referral by the Audit Committee or the Chairman of the Audit Committee, by the Board of Trustees. The General Counsel will advise on any legal requirements arising from any actual or apparent Conflict of Interest, including those situations where it would be appropriate or required for the Trustee to recuse him or herself from Board deliberations or votes. To the extent any actual or apparent Conflict of Interest involves a transaction under consideration by the Board of Trustees or a Committee of the Board, the Trustee's interest must be disclosed and known to the Board or the applicable Committee prior to the authorization, approval or ratification of the transaction. The University has adopted a policy of Conflicts of Interest and Commitment for Senior Officers and Executives. The Secretary is responsible for distributing the Disclosure Statements and collecting signed Disclosure Statements at the time a Senior Officer or Executive is first appointed or hired. Annually, the Secretary will disseminate and provide annual Disclosure Statements to all Senior Officers and Executives. After receiving disclosures from the Senior Officers and Executives, the Secretary will summarize the material information contained in the Disclosure Statements or other disclosure and timely deliver a report to the President of the University, the Chief Financial Officer and the Audit Committee. The resolution of any actual or perceived Conflict of Interest that is identified by the Secretary will be determined by the President, Chancellor of Spiritual Affairs, Chief Financial Officer or Internal Auditor will be determined in consultation with the Chairman of the Audit Committee and subject to the approval of the Audit Committee or Board of Trustees.”

“Compensation of the chancellor/president and other officers and key employees are reviewed when salaries are set and adjusted to determine the reasonableness of the compensation. Compensation is further reviewed during the budgeting process. No one votes on their own salary during the process.”

“Liberty university does not make its governing documents, conflict of interest policy, or financial statements available for public inspection. However, some documents may be available in the public record and/or on the internet. For example, liberty university's articles of incorporation are filed with the virginia state corporation commission and the audited financial statements are available on the dac bond website.”

“Board members contribute their time and services upon request and on as needed basis, which, throughout the year, may differ from the average number of hours per week.”

“LIBERTY UNIVERSITY, INC. IS A distinctively CHristian ACADEMIC COMMUNITY, WITH a MISSION OF PROVIDING QUALITY COLLEGIATE EDUCATION TRAINING CHAMPIONS FOR CHRIST. FORM 990, PART VI, SECTION A, LINE 1A: THE EXECUTIVE COMMITTEE OF THE BOARD IS THE GOVERNING BODY OF THE ORGANIZATION BETWEEN BOARD MEETINGS WITH POWERS TO DO EVERYTHING THE BOARD CAN DO, EXCEPT CHANGE COMPOSITION OF ANY STANDING COMMITTEE; ADD OR REMOVE TRUSTEES; ESTABLISH BOARD POLICY; RESCIND OR CHANGE PRIOR DECISIONS OF THE BOARD; CHANGE ARTICLES OF INCORPORATION OR BYLAWS; ADOPT COMPENSATION FOR BOARD OR COMMITTEE SERVICE; AND HIRE OR TERMINATE THE PRESIDENT.”

“Change in split interest agreement 11,531,406”