Civic Intelligence

Liberty University Inc.

990 • Fiscal year 2017 • EIN 54-0946734

Jul 01, 2016 to Jun 30, 2017 • Filed on May 15, 2018

Organization ProfileWWW.LIBERTY.EDU

View Organization Page

1971 University BlvdLynchburg, VA 24515

(434) 592-3237

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

25th percentile

0.18x

Higher debt load relative to assets than 25% of similar nonprofits.

2017 filings • 501(c)3 • $1B+ nonprofits • Source year 2017

Liabilities / Revenue

27th percentile

0.42x

Higher debt load relative to revenue than 27% of similar nonprofits.

2017 filings • 501(c)3 • $1B+ nonprofits • Source year 2017

Net Margin

81st percentile

21%

Higher net margin than 81% of similar nonprofits.

2017 filings • 501(c)3 • $1B+ nonprofits • Source year 2017

Top Officer Pay

29th percentile

$1,018,527

Higher top officer pay than 29% of similar nonprofits.

Top officer pay equals 0.1% of source-year revenue.

2017 filings • 501(c)3 • $1B+ nonprofits • Source year 2017

Asset Growth

76th percentile

14%

Faster asset growth than 76% of similar nonprofits.

2017 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2016 to 2017

Revenue Growth

34th percentile

4.8%

Faster revenue growth than 34% of similar nonprofits.

2017 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets25th percentile

Assets

Up

$2,571,559,687

Up $306,394,629 (+14%) from 2016

Net Assets

Up

$2,104,009,842

Up $289,267,185 (+16%) from 2016

Liabilities

Up

$467,549,845

Up $17,127,444 (+3.8%) from 2016

Revenue And Expenses
Liabilities / Revenue27th percentileNet Margin81st percentile

Revenue

Up

$1,111,310,499

Up $51,205,379 (+4.8%) from 2016

Expenses

Up

$877,282,413

Up $32,696,305 (+3.9%) from 2016

Net Income

Up

$234,028,086

Up $18,509,074 (+8.6%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth76th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$6.0B$4.0B$2.0B$0Assets 2010: $611,871,607Liabilities 2010: $176,567,722Net Assets 2010: $435,303,8852010Assets 2011: $940,284,054Liabilities 2011: $302,816,638Net Assets 2011: $637,467,4162011Assets 2012: $1,274,806,592Liabilities 2012: $423,509,799Net Assets 2012: $851,296,7932012Assets 2013: $1,564,185,422Liabilities 2013: $458,248,354Net Assets 2013: $1,105,937,0682013Assets 2014: $1,847,567,734Liabilities 2014: $420,235,925Net Assets 2014: $1,427,331,8092014Assets 2015: $2,072,987,998Liabilities 2015: $446,757,836Net Assets 2015: $1,626,230,1622015Assets 2016: $2,265,165,058Liabilities 2016: $450,422,401Net Assets 2016: $1,814,742,6572016Assets 2017: $2,571,559,687Liabilities 2017: $467,549,845Net Assets 2017: $2,104,009,8422017Assets 2018: $2,812,938,906Liabilities 2018: $432,447,188Net Assets 2018: $2,380,491,7182018Assets 2019: $3,127,381,424Liabilities 2019: $430,680,756Net Assets 2019: $2,696,700,6682019Assets 2020: $3,367,494,352Liabilities 2020: $457,774,457Net Assets 2020: $2,909,719,8952020Assets 2021: $3,931,030,973Liabilities 2021: $470,092,122Net Assets 2021: $3,460,938,8512021Assets 2022: $3,991,603,424Liabilities 2022: $464,621,438Net Assets 2022: $3,526,981,9862022Assets 2023: $4,157,125,287Liabilities 2023: $308,542,889Net Assets 2023: $3,848,582,3982023Assets 2024: $4,612,068,688Liabilities 2024: $308,720,386Net Assets 2024: $4,303,348,3022024

Highlighted filing

2017

Assets$2,571,559,687
Liabilities$467,549,845
Net Assets$2,104,009,842
Open 2017 Filing

Operations Trend

Revenue Growth34th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$2.0B$1.5B$1.0B$500M$0Expenses 2010: $373,627,1092010Expenses 2011: $424,850,1482011Expenses 2012: $543,795,5942012Expenses 2013: $616,193,4572013Revenue 2014: $988,883,153Expenses 2014: $705,889,580Net Income 2014: $282,993,5732014Revenue 2015: $1,001,828,550Expenses 2015: $778,497,912Net Income 2015: $223,330,6382015Revenue 2016: $1,060,105,120Expenses 2016: $844,586,108Net Income 2016: $215,519,0122016Revenue 2017: $1,111,310,499Expenses 2017: $877,282,413Net Income 2017: $234,028,0862017Revenue 2018: $1,159,314,971Expenses 2018: $906,520,205Net Income 2018: $252,794,7662018Revenue 2019: $1,289,595,085Expenses 2019: $1,001,115,779Net Income 2019: $288,479,3062019Revenue 2020: $1,343,657,390Expenses 2020: $1,093,741,798Net Income 2020: $249,915,5922020Revenue 2021: $1,515,953,706Expenses 2021: $1,165,679,488Net Income 2021: $350,274,2182021Revenue 2022: $1,594,106,664Expenses 2022: $1,284,086,793Net Income 2022: $310,019,8712022Revenue 2023: $1,565,676,548Expenses 2023: $1,381,066,428Net Income 2023: $184,610,1202023Revenue 2024: $1,802,305,808Expenses 2024: $1,456,869,886Net Income 2024: $345,435,9222024

Highlighted filing

2017

Revenue$1,111,310,499
Expenses$877,282,413
Net Income$234,028,086
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
May 15, 2018
Return Version
2016v3.0
Gross Receipts
$1,888,506,592
Mission and Program Overview

Mission

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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$947,064,035$1,150,465,204▲ $203,401,169
Investments Other Securities$495,675,078$730,388,817▲ $234,713,739
Investments in Publicly Traded Securities$258,794,081$389,387,764▲ $130,593,683
Savings and Temporary Cash Investments$422,698,141$154,549,612▼ $268,148,529
Accounts Receivable$72,826,698$101,093,605▲ $28,266,907
Cash and Non-Interest-Bearing Accounts$41,310,788$20,155,593▼ $21,155,195
Prepaid Expenses and Deferred Charges$14,468,589$14,115,548▼ $353,041
Investments Program Related$3,541,138$5,440,129▲ $1,898,991
Other Notes and Loans Receivable, Net$3,290,686$2,399,512▼ $891,174
Intangible Assets$860,567$792,535▼ $68,032
Receivable From Disqualified Prsn$0$457,947▲ $457,947
Inventories for Sale or Use$140,697$322,811▲ $182,114
Total Assets$2,265,165,058$2,571,559,687▲ $306,394,629
Other Assets Total$4,494,560$1,990,610▼ $2,503,950
Liabilities
Mortgage Notes Payable Secured by Investment Property$209,950,530$207,769,474▼ $2,181,056
Deferred Revenue$151,337,067$156,970,249▲ $5,633,182
Accounts Payable and Accrued Expenses$52,816,330$70,103,244▲ $17,286,914
Other Liabilities$36,318,474$32,706,878▼ $3,611,596
Total Liabilities$450,422,401$467,549,845▲ $17,127,444
Net Assets / Fund Balance
Unrestricted Net Assets$1,798,655,900$2,087,057,966▲ $288,402,066
Permanently Rstr Net Assets$13,500,912$13,613,788▲ $112,876
Temporarily Rstr Net Assets$2,585,845$3,338,088▲ $752,243
Total Net Assets Fund Balance$1,814,742,657$2,104,009,842▲ $289,267,185
Total Liabilities and Net Assets / Fund Balance$2,265,165,058$2,571,559,687▲ $306,394,629

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$712,681,844$142,066,284$854,748,128
Other Land Buildings$259,367,240$21,317,540$280,684,780
Equipment$77,436,247$141,108,356$218,544,603
Land$100,979,873-$100,979,873
Other Securities$43,035,819--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2016$1,082,996,068$198,368,872▲ $74,241,805$64,902,259$1,290,702,848
2015$1,054,487,114$55,364,445▼ $26,805,224-$1,082,996,068
2014$126,421,721$925,685,737▲ $2,489,259-$1,054,487,114
2013$101,837,308$20,983,893▲ $3,605,535-$126,421,721
2012$58,646,614$41,270,965▲ $1,959,400-$101,837,308
Compensation and Service Providers
Top Officer Pay29th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Mr Jerry FalwellCHANCELLOR/PresidentFT$953,503$65,024$1,018,527
Turner GillHead Coach - FootballFT$882,899$64,382$947,281
Ritchie McKayHead Coach, Men's BasketballFT$570,311$73,390$643,701
Randall SmithEvp & COOFT$365,466$37,430$402,896
Ronnie MartinDean College of Osteopathic medicineFT$347,090$33,165$380,255
David NasserSr. VP for Spiritual DevelopmentFT$349,286$29,567$378,853
Jeff BarberDirector of AthleticsFT$281,166$89,652$370,818
Laura WallaceExecutive VP of Human ResourcesFT$289,435$31,157$320,592
Chris JohnsonExecutive VP for Resident EnrollmentFT$246,064$65,863$311,927
Brian FaulknerDean School of LawFT$264,911$36,245$301,156
Carey GreenHead Coach, Women's BasketballFT$267,079$32,119$299,198
Ron HawkinsProvost & Chief Academic OfficerFT$257,399$33,070$290,469
Dale LayerFormer highly compensated employeeFT$286,763-$286,763
Don MoonCFO/VP of Investment MgmtFT$251,645$28,813$280,458
Ronald KennedyExecutive VP of Online EnrollmentFT$244,762$34,785$279,547
David CorryGeneral Counsel/SecretaryFT$240,879$34,964$275,843
Charles SpenceSr. VP of Campus Facilities & TransportationFT$238,707$31,611$270,318
Charles SpenceSr. VP of Campus Facilities & Transp-$238,582$31,736$270,318
Robert RitzSr. VP for University Financial servicesFT$224,904$32,864$257,768
Robert RitzSr. VP for University Financial serv-$224,904$32,864$257,768
Samuel BeaumontSenior VP of Auxiliary ServiceFT$208,659$30,093$238,752
Alan AskewVP of Major ConstructionFT$193,764$28,961$222,725
Dr Ben GutierrezCo-Provost & VP for Academic AffairsFT$198,973$19,763$218,736
John GaugerCIO & VP of AnalyticsFT$180,843$30,984$211,827
Lawrence HineSenior VP of Student AffairsFT$179,628$29,695$209,323
Mr Duke WestoverTrustee--$66,753$66,753
Pastor Jonathan FalwellTRUSTEE & Vice Chancellor of SpiritualPT$50,000$3,825$53,825
Dr Allen McFarlandTRUSTEE & adjunct professoPT$4,200$321$4,521
Pastor Jason SuittTRUSTEE & Adjunct professorPT$4,200$321$4,521
Evangelist Tim LeeTrustee-$3,000-$3,000

Board Members and Trustees

NameTitle
Dr Jerry PrevoTRUSTEE & Chairman
Dr David RhodenhizerTrustee
Dr Don CrainTrustee
Dr Dwight ReighardTrustee
Dr Gene MimsTrustee
Dr Jack DinsbeerTrustee
Dr Jerry ThorpeTrustee
Dr Jerry VinesTrustee
Dr Ronald GodwinTrUSTEE
Evangelist William F GrahamTrustee
Mr Anthony BecklesTrustee
Mr Brian AutryTrustee
Mr Carroll HudsonTrustee
Mr Fleet BrowningTrustee
Mr Galen Peel SrTrustee
Mr Gilbert Tinney JrTrustee
Mr Harold RawlingsTrustee
Mr Harvey GaineyTrustee
Mr Jeffery S YagerTrustee
Mr Jeffrey F BensonTrustee
Mr John HeathTrustee
Mr Neal AskewTrUSTEE
Mr Richard OsborneTrustee
Mr Steven A SnyderTrustee
Mrs Gaye Overton BensonTrustee

Highest Paid Contractors

ContractorServicesLocationCompensation
Construction Management Associates IncCoNSTRUCTIONPO Box 3020, Lynchburg, VA 24503$62,708,112
Google IncAdmissions Leads GenerationPO Box 7247-7366, Philadelphia, PA 19170$17,415,069
Glass & Associates IncCoNSTRUCTION1601 Wythe Rd, Lynchburg, VA 24501$14,219,880
HigherEducationcomAdmissions Leads Generation1001 McKinney St Ste 400, Houston, TX 77002$5,871,390
Microsoft Online IncAdmissions Leads GenerationPO Box 847543, Dallas, TX 75284$3,212,120
Revenue and Support

Revenue Composition

Contributions and Grants
$13,964,116
Program Service Revenue
$1,037,526,114
Investment Income
$50,245,699
Other Revenue
$9,574,570
All Other Contributions
$10,636,378
Change in Net Assets
$234,028,086

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Other Non Cash Contri Table7$239,500Fair Market Value
Boats and Planes2$39,112Fair Market Value
Securities Publicly Traded3$30,614Fair Market Value
Other Non Cash Contri Table1$8,596Fair Market Value
Other Non Cash Contri Table1$4,700Fair Market Value
Other Non Cash Contri Table1$2,125Fair Market Value
Total Noncash Contributions15$324,647-

Audited Revenue Reconciliation

Revenue per Audited Statements
$885,633,155
Revenue Not Reported on Financial Statements
$225,677,344
Revenue Not Reported on Form 990
$75,661,569
Other Revenue Adjustments
$225,677,344
Total Revenue per Audited Statements
$961,294,724
Total Revenue per Form 990
$1,111,310,499
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$356,454,861
Other Expenses$292,715,544
Grants and Similar Amounts Paid$228,112,008
Total Fundraising Expense$4,486,779
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$228,356,742$44,845,963$1,925,900$275,128,605
Grants to Domestic Individuals$225,824,667--$225,824,667
Other Employee Benefits$39,316,240$7,721,141$331,583$47,368,964
Depreciation Depletion$35,474,838$6,966,745$299,185$42,740,768
All Other Expenses$28,074,565$5,513,439$236,774$33,824,778
Advertising$19,311,633$3,792,525$162,869$23,267,027
Information Technology$18,734,855$3,679,255$158,005$22,572,115
Payroll Taxes$16,361,975$3,213,255$137,993$19,713,223
Other Expenses$12,128,324$2,381,827$102,287$14,612,438
Travel$8,766,343$1,721,583$73,933$10,561,859
Interest$8,759,829$1,720,304$73,878$10,554,011
Occupancy$8,585,077$1,685,985$72,404$10,343,466
Pension Plan Contributions$5,364,389$1,053,488$45,242$6,463,119
Current Officers, Directors, Trustees, and Key Employees$5,362,170$1,053,053$45,223$6,460,446
Office Expenses$4,473,377$878,506$37,727$5,389,610
Fees for Service Investment Mgmnt Fees-$4,645,585-$4,645,585
Fees for Services Other$3,192,989$627,057$26,929$3,846,975
Fees for Services Legal-$3,258,788-$3,258,788
Insurance$2,409,996$473,288$20,325$2,903,609
Grants to Domestic Orgs$2,287,341--$2,287,341
Comp Disqual Persons$1,096,018$215,242$9,244$1,320,504
Conferences and Meetings$748,615$147,017$6,314$901,946
Royalties$508,846$99,930$4,291$613,067
Fees for Services Accounting-$297,680-$297,680
Fees for Services Lobbying$51,066$10,029$431$61,526
Total Functional Expenses$760,115,740$112,679,894$4,486,779$877,282,413

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$877,282,413
Total Expenses per Audited Statements$672,027,537
Expenses per Audited Statements$651,605,069
Expenses Not Reported on Financial Statements$225,677,344
Other Expense Adjustments$225,677,344
Expenses Not Reported on Form 990$20,422,468
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Liberty University FoundationLynchburg, VA501(c)(3)Supportive Christian Non-Profit Organization$893,883
Academy Center of the ArtsLynchburg, VA501(c)(3)Donation$500,000
Central VA Foundation for Economic Education & ImprovementLyNCHBURG, VA501(c)(3)Donation to building fund$100,000
Gleaning for the WorldLumberton, NC501(c)(3)Global Missions$12,785
University of Georgia FoundationAthens, GA501(c)(3)Donation for botanical garden$10,000
Tim Lee MinistriesGarland, TX501(c)(3)General Donation$5,000

International Summary

Offices
0
Employees
7
Spending
$47,975,405

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
Yes
Foreign partnership interest
Yes
Interest in foreign trust
No
Passive foreign investment company interest
Yes
Transfers to foreign corporations
Yes

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas,Investmentsmission trips & study abroad00$47,491,862
Europe (Including Iceland & Greenland)program servicesmission trips & study abroad00$171,778
Sub-Saharan Africaprogram services-00$119,184
Middle East and North Africaprogram servicesmission trips & study abroad00$46,944
North America - Canada and MexicoProgram ServicesEmployment of Instructors Serving Distance Learning Students.02$42,200
Central America and the Caribbeanprogram servicesmission trips & study abroad00$35,532
Middle East and North Africa -Program ServicesEmployment of Instructors Serving Distance Learning Students.02$34,780
Europe (Including Iceland & Greenland) -Program ServicesEmployment of Instructors Serving Distance Learning Students.03$31,080
South Asiaprogram servicesmission trips & study abroad00$1,434
Russia and Neighboring Statesprogram servicesmission trips & study abroad00$611
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$67,828
Fundraising Direct Expenses$54,247
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Tournament$42,115$42,115$890$41,225
Sports management golf tournament$51,219$7,529-$7,529
Total Events$140,968$67,827$54,246$13,581
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-substantial contributorpayment for construction services, payment received for rent & interestNo$145,038,503
-substantial contributorpayment for construction services, payment received for suite rental and adNo$25,003,223
Bernie Becklesrelated partyLiberty University purchased school buildings and land from Thomas Road BaNo$22,000,000
-substantial contributorpayment for investment management servicesNo$4,742,601
-substantial contributorpayments for fuel, payments received for advertisingNo$504,849
Tammy GutierrezSon of an officercompensationNo$208,681
-substantial contributorpayment for equipmentNo$196,059
-Business owned by key employeePayment paid for services; rent receivedNo$123,950
-Co-foundercompensationNo$122,257
Jonathan Wallaceson of BOARD MEMBER and officercompensationNo$119,113
-substantial contributorpayment for equipment and software renewalNo$114,833
-substantial contributorpayment for heating and air installation and service, payments received forNo$105,698
Donna BarberSister in Law of a key employeecompensationNo$97,157
Vincent TickleWife of an officercompensationNo$81,060
joshua spenceSon of a key employeecompensationNo$79,166
Virginia DowSon in law OF BOARD MEMBERcompensationNo$77,498
jennifer kennedyDaughter in law of board member and OfficercompensationNo$56,915
JF ManagementDaughter in law of board member and OfficercompensationNo$56,840
Nastaran MorganWife of a key employeecompensationNo$54,466
Brandon Elrodwife of a key employeecompensationNo$51,887
Jessica Smithson of BOARD MEMBER and officercompensationNo$51,463
wesley falwellowned by son of BOARD MEMBER and officercompensationNo$50,117
-substantial contributorpayment for rent & payments received for advertisingNo$44,892
Ryan D RushSister of a key employeecompensationNo$44,774
kathleen spenceSon of a key employeecompensationNo$42,638
Sarah Falwellson in law of key employeecompensationNo$39,341
Scott HawkinsSon in law OF BOARD MEMBERcompensationNo$34,556
Jerry Falwell IIIDaughter of a Key EmployeecompensationNo$23,986
Laura FalwellWife OF BOARD MEMBERCompensationNo$18,494
Dr Elmer TownsWife of key employeecompensationNo$10,092

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons$0$457,947▲ $457,947
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Gift Annuities Payable$31,093,447
Liability Under Split Interest Agreements$1,634,476
Due to Freedom Aviation from C&C Aviation$-21,045

Bond Issues

BondIssuerIssuedIssue PricePurpose
AVirginia College Building Authority2010-12-21$121,891,446Refinance debt, educational related new construction

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$121,891,446$20,595,353$23,880,025$1,074,238

Bond Financing Compliance

Form 8038-T filed
Yes
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Corrective action procedures
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
Yes
Business relationship with organization members
Yes
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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. Mr. Jeffrey F. Benson and Mrs. Gaye Overton Benson currently sit on the board of trustees and are husband and wife.”

Form 990, Part VI, Section B, line 11B

“The form 990 for FY June 30, 2017 was provided before filing to the Chancellor/President, In-house Legal 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 CFO collects annual conflict of interest questionnaires and, pursuant to the bylaws, brings any disclosed conflicts of interest to the audit committee. If a conflict of interest arises it is handled on a case by case basis where legal counsel, the Chairman of the Board of Trustees and the President of the University decide on the most appropriate course of action. Recusal from any deliberations and vote concerning matters impacted by the conflict would be the typical solution.”

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.”

Form 990, Part VI, Section C, line 19

“Governing documents and financial statements are made available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Liberty University Inc
EIN
54-0946734
Phone
4345923237
Address
1971 UNIVERSITY BLVD, LYNCHBURG, VA 24515

Signing Officer

Name
Don Moon
Title
CFO/VP of Investment Mgmt
Phone
4345923237
Signed
2018-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Don Moon
Formed
1972
Legal Domicile
Va
Voting Board Members
31
Independent Board Members
22
Employees
12,755
Volunteers
11,000

Preparer

Firm
Dixon Hughes Goodman Llp
Address
901 EAST CARY STREET SUITE 1000, RICHMOND, VA 23219
Preparer
Amy Bibby
Phone
8042827636
Supplemental Narrative

Additional Explanations

Form 990, Part XI, line 9:

“Change in split interest agreement 5,545,164.”

Form 990, Part XII, Line 2C:

“The organization did not change its oversight process or selection process during the tax year.”

Financial Statement Notes

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, 2017 of Liberty University do 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." During FYE 2017 various art pieces were donated and put on display in the 3rd floor ballroom of the Montview Student Union.”

Part III, Line 4:

“Liberty University has a collection of several animal trophies donated by a local resident. The animal trophies are displayed within the University's facilities for the education and enjoyment of students and visitors. During FYE 2017 various art pieces were donated and put on display in the 3rd floor ballroom of the Montview Student Union. 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:

“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 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, 2017 and 2016 would not have a significant impact on the University's results of activities. Certain subsidiaries of the University are taxed as seperate entities.”

Part XI, Line 2D - Other Adjustments:

“Change in split interest agreement 5,545,168. REVENUE FROM SUBSIDIARIES NOT INCLUDED IN THIS RETURN 16,139,519. EXPENSE FROM NET RENTAL INCOME 3,615,350. Fundraising Direct Expenses 54,247.”

Part XI, Line 4B - Other Adjustments:

“INSTITUTIONAL SCHOLARSHIPS 220,879,707. Financial Aid & Discounts 4,797,637.”

Part XII, Line 2D - Other Adjustments:

“EXPENSE FROM SUBSIDIARIES NOT INCLUDED IN THIS RETURN 16,139,521. EXPENSE FROM NET RENTAL INCOME 3,615,350. Fundraising Direct Expenses 54,247.”

Part XII, Line 4B - Other Adjustments:

“INSTITUTIONAL SCHOLARSHIPS 220,879,707. Financial Aid & Discounts 4,797,637.”

Raw XML AppendixShowing 400 of 2,263 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/PersonNm40Ronald Kennedy
IRS990/Form990PartVIISectionAGrp/PersonNm41David Nasser
IRS990/Form990PartVIISectionAGrp/PersonNm42Charles Spence
IRS990/Form990PartVIISectionAGrp/PersonNm43Laura Wallace
IRS990/Form990PartVIISectionAGrp/PersonNm44Robert Ritz
IRS990/Form990PartVIISectionAGrp/PersonNm45Alan Askew
IRS990/Form990PartVIISectionAGrp/PersonNm46John Gauger
IRS990/Form990PartVIISectionAGrp/PersonNm47Turner Gill
IRS990/Form990PartVIISectionAGrp/PersonNm48Ronnie Martin
IRS990/Form990PartVIISectionAGrp/PersonNm49Ritchie McKay
IRS990/Form990PartVIISectionAGrp/PersonNm50Carey Green
IRS990/Form990PartVIISectionAGrp/PersonNm51Brian Faulkner
IRS990/Form990PartVIISectionAGrp/PersonNm52Dale Layer
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt0959802
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt10
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt20
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt40
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt50
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt60
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt70
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt850000
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt90
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt100
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt110
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt120
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt130
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt143000
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt154200
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt160
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt170
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt180
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt190
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt200
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt210
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt260
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt270
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt280
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt290
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt300
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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,571,559,687
Liabilities
$467,549,845
Net assets
$2,104,009,842
Revenue
$1,111,310,499
Expenses
$877,282,413
Net income
$234,028,086
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4,612$309$4,303$1,802$1,457$345
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4,157$309$3,849$1,566$1,381$185
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3,992$465$3,527$1,594$1,284$310
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$3,931$470$3,461$1,516$1,166$350
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$3,367$458$2,910$1,344$1,094$250
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3,127$431$2,697$1,290$1,001$288
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2,813$432$2,380$1,159$907$253
2017Detailed filing. Detailed filing data is available for this year.$2,572$468$2,104$1,111$877$234
2016Detailed filing. Detailed filing data is available for this year.$2,265$450$1,815$1,060$845$216
2015Detailed filing. Detailed filing data is available for this year.$2,073$447$1,626$1,002$778$223
2014XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,848$420$1,427$989$706$283
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,564$458$1,106$616
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,275$424$851$544
2011XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$940$303$637$425
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$612$177$435$374