Civic Intelligence

Liberty University Inc.

990 • Fiscal year 2018 • EIN 54-0946734

Jul 01, 2017 to Jun 30, 2018 • Filed on May 15, 2019

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

23rd percentile

0.15x

Higher debt load relative to assets than 23% of similar nonprofits.

2018 filings • 501(c)3 • $1B+ nonprofits • Source year 2018

Liabilities / Revenue

25th percentile

0.37x

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

2018 filings • 501(c)3 • $1B+ nonprofits • Source year 2018

Net Margin

80th percentile

22%

Higher net margin than 80% of similar nonprofits.

2018 filings • 501(c)3 • $1B+ nonprofits • Source year 2018

Top Officer Pay

29th percentile

$1,067,330

Higher top officer pay than 29% of similar nonprofits.

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

2018 filings • 501(c)3 • $1B+ nonprofits • Source year 2018

Asset Growth

73rd percentile

9.4%

Faster asset growth than 73% of similar nonprofits.

2018 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2017 to 2018

Revenue Growth

36th percentile

4.3%

Faster revenue growth than 36% of similar nonprofits.

2018 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets23rd percentile

Assets

Up

$2,812,938,906

Up $241,379,219 (+9.4%) from 2017

Net Assets

Up

$2,380,491,718

Up $276,481,876 (+13%) from 2017

Liabilities

Down

$432,447,188

Down $35,102,657 (-7.5%) from 2017

Revenue And Expenses
Liabilities / Revenue25th percentileNet Margin80th percentile

Revenue

Up

$1,159,314,971

Up $48,004,472 (+4.3%) from 2017

Expenses

Up

$906,520,205

Up $29,237,792 (+3.3%) from 2017

Net Income

Up

$252,794,766

Up $18,766,680 (+8.0%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth73rd 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

2018

Assets$2,812,938,906
Liabilities$432,447,188
Net Assets$2,380,491,718
Open 2018 Filing

Operations Trend

Revenue Growth36th 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

2018

Revenue$1,159,314,971
Expenses$906,520,205
Net Income$252,794,766
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
May 15, 2019
Return Version
2017v2.3
Gross Receipts
$2,140,293,262
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$1,150,465,204$1,258,649,379▲ $108,184,175
Investments Other Securities$730,388,817$789,848,196▲ $59,459,379
Investments in Publicly Traded Securities$389,387,764$392,123,074▲ $2,735,310
Savings and Temporary Cash Investments$154,549,612$257,554,719▲ $103,005,107
Accounts Receivable$101,093,605$39,843,001▼ $61,250,604
Cash and Non-Interest-Bearing Accounts$20,155,593$25,537,275▲ $5,381,682
Prepaid Expenses and Deferred Charges$14,115,548$15,183,535▲ $1,067,987
Investments Program Related$5,440,129$8,828,874▲ $3,388,745
Other Notes and Loans Receivable, Net$2,399,512$1,375,944▼ $1,023,568
Intangible Assets$792,535$717,733▼ $74,802
Receivable From Disqualified Prsn$457,947$356,125▼ $101,822
Inventories for Sale or Use$322,811$349,092▲ $26,281
Total Assets$2,571,559,687$2,812,938,906▲ $241,379,219
Other Assets Total$1,990,610$22,571,959▲ $20,581,349
Liabilities
Mortgage Notes Payable Secured by Investment Property$207,769,474$205,052,835▼ $2,716,639
Deferred Revenue$156,970,249$126,407,226▼ $30,563,023
Accounts Payable and Accrued Expenses$70,103,244$71,082,091▲ $978,847
Other Liabilities$32,706,878$29,905,036▼ $2,801,842
Total Liabilities$467,549,845$432,447,188▼ $35,102,657
Net Assets / Fund Balance
Unrestricted Net Assets$2,087,057,966$2,359,931,414▲ $272,873,448
Permanently Rstr Net Assets$13,613,788$15,765,736▲ $2,151,948
Temporarily Rstr Net Assets$3,338,088$4,794,568▲ $1,456,480
Total Net Assets Fund Balance$2,104,009,842$2,380,491,718▲ $276,481,876
Total Liabilities and Net Assets / Fund Balance$2,571,559,687$2,812,938,906▲ $241,379,219

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$918,510,073$158,870,467$1,077,380,540
Equipment$72,939,650$142,707,474$215,647,124
Other Land Buildings$166,219,783$25,205,337$191,425,120
Land$100,979,873-$100,979,873
Other Securities$20,781,383--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2017$1,290,702,848$90,835,204▲ $52,095,842$669,669$1,432,964,225
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
Compensation and Service Providers
Top Officer Pay29th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Mr Jerry FalwellChancellor/presidentFT$985,911$81,419$1,067,330
Mr Randall SmithEvp & COOFT$562,738$290,365$853,103
Turner GillHead Coach - FootballFT$739,126$69,946$809,072
Ritchie MckayHead Coach - Mens BasketballFT$564,194$76,239$640,433
Ian MccawDirector of AthleticsFT$458,279$67,494$525,773
David NasserSr. VP of Spiritual DevelopmentFT$344,660$37,114$381,774
Dr Peter BellDean, Lu College of Osteopathic MedicineFT$328,054$33,411$361,465
Dr Peter BellDean, Lu College of Osteopathic Medi-$322,394$39,071$361,465
Jeff BarberFormer Key Employee-$321,350$38,294$359,644
Ronald KennedyEvp of Online EnrollmentFT$244,835$86,221$331,056
Laura WallaceEvp of Human ResourcesFT$288,567$31,711$320,278
Chris JohnsonEvp for Resident EnrollmentFT$248,016$63,409$311,425
Carey GreenHead Coach - Womens BasketballFT$243,906$48,236$292,142
Dr Ronald HawkinsProvost & Chief Academic OfficerFT$253,866$33,667$287,533
Ray MorrisonAsst Dean, Clinical EducationFT$259,175$23,532$282,707
Mr Don MoonCFO/VP of Investment MgmtFT$252,200$29,380$281,580
Mr David CorryGeneral Counsel/secretaryFT$240,084$35,663$275,747
John GaugerCIOFT$236,724$35,463$272,187
Charles SpenceSr. VP of Facilities ManagementFT$238,278$32,384$270,662
Dr Robert RitzEvp of FinanceFT$220,303$42,063$262,366
Samuel BeaumontSenior VP of Auxiliary ServiceFT$213,145$29,832$242,977
Dr Ben GutierrezCo-provost & VP for Academic AffairsFT$216,037$22,342$238,379
Lawrence HineSenior VP of Student AffairsFT$179,576$28,934$208,510
Jerry Falwell IiiVP of University Support ServicesFT$165,209$23,866$189,075
Mr Duke WestoverTrustee--$66,753$66,753
Pastor Jonathan FalwellTrustee & Vice Chancellor of SpiritualPT$55,000-$55,000
Dr John Borek JrTrustee & Adjunct ProfessorPT$27,000-$27,000
Pastor Jason SuittTrustee & Adjunct ProfessorPT$4,200-$4,200
Dr Allen McfarlandTrustee & Adjunct ProfessorPT$3,500-$3,500

Board Members and Trustees

NameTitle
Dr Jerry PrevoTrustee & Chairman
Dr David RhodenhizerTrustee
Dr Don CrainTrustee
Dr Dwight ReighardTrustee
Dr Gene MimsTrustee
Dr Jerry VinesTrustee
Evangelist Tim LeeTrustee
Evangelist William F GrahamTrustee
Mr Anthony BecklesTrustee
Mr Brian AutryTrustee
Mr Carroll HudsonTrustee
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 Richard OsborneTrustee
Mr Steven a SnyderTrustee
Mrs Gaye Overton BensonTrustee
Ms Penny NanceTrustee
Dr Jerry ThorpeTrustee (through 11/17)
Dr Ronald GodwinTrustee (through 11/17)
Mr Neal AskewTrustee (through 11/17)
Mr Fleet BrowningTrustee (through 8/17)

Highest Paid Contractors

ContractorServicesLocationCompensation
Construction Management Associates INCConstructionPO BOX 3020, Lynchburg, VA 24503$64,138,990
Google INCAdmissions Lead GenerationPO BOX 7247-7366, Philadelphia, PA 19170$11,916,300
Glass & Associates INCConstruction1601 WYTHE RD, Lynchburg, VA 24501$10,324,025
Permanens Capital LPInvestment Management545 MADISON AVE FL 12, New York, NY 10022$4,126,542
Mitchell Matthews & AssociatesArchitectural ServicesPO BOX 5603, Charlottesville, VA 22905$3,519,211
Revenue and Support

Revenue Composition

Contributions and Grants
$28,909,244
Program Service Revenue
$1,082,668,020
Investment Income
$33,001,962
Other Revenue
$14,735,745
All Other Contributions
$24,954,600
Change in Net Assets
$252,794,766

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
Real Estate Commercial2$2,240,000Fair Market Value
Securities Publicly Traded7$1,654,842Fair Market Value
Other Non Cash Contri Table2$1,170,084Fair Market Value
Other Non Cash Contri Table6$91,499Fair Market Value
Total Noncash Contributions17$5,156,425-

Audited Revenue Reconciliation

Revenue per Audited Statements
$924,637,461
Revenue Not Reported on Financial Statements
$234,677,510
Revenue Not Reported on Form 990
$30,101,700
Other Revenue Adjustments
$234,677,510
Total Revenue per Audited Statements
$954,739,161
Total Revenue per Form 990
$1,159,314,971
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$362,201,824
Other Expenses$308,233,066
Grants and Similar Amounts Paid$236,085,315
Total Fundraising Expense$4,635,951
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$233,663,438$45,888,121$1,970,656$281,522,215
Grants to Domestic Individuals$234,865,195--$234,865,195
Depreciation Depletion$38,261,364$7,513,979$322,686$46,098,029
Other Employee Benefits$37,566,251$7,377,469$316,824$45,260,544
All Other Expenses$34,517,984$6,778,831$291,114$41,587,929
Payroll Taxes$17,222,336$3,382,218$145,249$20,749,803
Information Technology$15,836,222$3,110,005$133,559$19,079,786
Advertising$14,461,411$2,840,012$121,964$17,423,387
Other Expenses$13,663,776$2,683,368$115,237$16,462,381
Travel$10,318,941$2,026,491$87,027$12,432,459
Occupancy$9,309,381$1,828,228$78,513$11,216,122
Interest$8,680,497$1,704,724$73,209$10,458,430
Pension Plan Contributions$6,014,285$1,181,119$50,723$7,246,127
Current Officers, Directors, Trustees, and Key Employees$5,006,421$983,189$42,223$6,031,833
Fees for Services Other$4,660,652$915,285$39,307$5,615,244
Office Expenses$4,222,109$829,161$35,608$5,086,878
Fees for Service Investment Mgmnt Fees-$5,014,447-$5,014,447
Insurance$3,202,252$628,876$27,007$3,858,135
Fees for Services Legal-$2,839,267-$2,839,267
Comp Disqual Persons$1,154,781$226,782$9,739$1,391,302
Conferences and Meetings$1,029,435$202,166$8,682$1,240,283
Grants to Domestic Orgs$1,220,120--$1,220,120
Royalties$542,853$106,608$4,578$654,039
Fees for Services Accounting-$302,555-$302,555
Fees for Services Lobbying$48,258$9,477$407$58,142
Total Functional Expenses$785,776,571$116,107,683$4,635,951$906,520,205

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$906,520,205
Total Expenses per Audited Statements$678,257,286
Expenses per Audited Statements$671,842,695
Expenses Not Reported on Financial Statements$234,677,510
Other Expense Adjustments$234,677,510
Expenses Not Reported on Form 990$6,414,591
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Liberty University FoundationLynchburg, VA501(c)(3)Supportive Christian Non-profit Organization$831,405
Lynchburg Regional Business AllianceLynchburg, VA501(c)(6)Community Support$100,000
Old Time Gospel HourLynchburg, VA501(c)(3)Supportive Christian Non-profit Organization$30,130
Gainey FoundationGrand Rapids, MI501(c)(3)General Donation$30,000
Teen PactRichmond, VA501(c)(3)General Donation$22,000
Samaritans PurseBoone, NC501(c)(3)General Donation$5,560
Lynchburg Humane Society IncLynchburg, VA501(c)(3)Involvement and Community Outreach$5,000

International Summary

Offices
0
Employees
6
Spending
$45,997,914

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 CaribbeanInvestmentsEmployment of Instructors Serving Distance Learning Students00$45,381,600
Europe (including Iceland & Greenland)Program ServicesMission Trips & Study Abroad00$271,858
North AmericaProgram ServicesMission Trips & Study Abroad00$79,132
Middle East and North AfricaProgram ServicesMission Trips & Study Abroad00$70,135
Sub-saharan AfricaProgram ServicesMission Trips & Study Abroad00$48,344
South AsiaProgram ServicesMission Trips & Study Abroad00$33,348
Europe (including Iceland & Greenland)Program ServicesEmployment of Instructors Serving Distance Learning Students03$27,120
North AmericaProgram Services-01$26,200
Central America and the CaribbeanProgram ServicesMission Trips & Study Abroad00$25,543
Middle East and North AfricaProgram ServicesEmployment of Instructors Serving Distance Learning Students02$22,100
East Asia and the PacificProgram ServicesMission Trips & Study Abroad00$12,534
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$52,931
Fundraising Gross Income$31,391
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Tournament$51,360$14,560$2,195$12,365
Lucom Gala$36,859$6,948$1,139$5,809
Total Events$98,102$31,391$52,931$-21,540
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 ServicesNo$76,886,103
-Substantial ContributorPayment for Construction ServicesNo$9,074,123
-Substantial ContributorPayment for Media ServicesNo$5,294,957
-Substantial ContributorPayment for Investment Management ServicesNo$4,270,413
-Substantial ContributorPayment for Fuel & Payment Received for Advertising ServicesNo$558,119
-Substantial ContributorPayment for Construction ServicesNo$528,918
-Substantial ContributorPayment for Heating and Air InstallationNo$441,315
-Substantial ContributorPayment for Surveying, Engineering, and Planning ServicesNo$322,916
-Substantial ContributorPayment for Demolition ServicesNo$200,773
-Substantial ContributorPayment for Vehicle Repair ServicesNo$185,883
Scott HawkinsSon of an OfficerCompensationNo$184,175
-Business Owned by Board MemberPayment for ServicesNo$135,525
-Business Owned by Key EmployeePAYMENT PAID FOR SERVICES; RENT RECEIVEDNo$123,950
Dr Elmer TownsCo-founderCompensationNo$122,394
Vincent TickleSon in Law of Board MemberCompensationNo$100,772
Jennifer NasserWife of a Key EmployeeCompensationNo$96,688
Virginia DowSister in Law of an OfficerCompensationNo$96,671
Jonathan WallaceSon of a Key EmployeeCompensationNo$75,264
Jennifer KennedyWife of a Key EmployeeCompensationNo$65,500
Sarah FalwellWife of a Key EmployeeCompensationNo$63,315
Jf ManagementOwned by Wife of Key EmployeeCompensationNo$58,405
Laura FalwellDaughter in Law of Board Member and OfficerCompensationNo$57,751
Kathleen SpenceWife of a Key EmployeeCompensationNo$57,622
Wesley FalwellSon of Board Member and OfficerCompensationNo$54,744
Nastaran MorganSister of a Key EmployeeCompensationNo$51,334
Cedar Ridge ManagementOwned by Son of Board Member and OfficerCompensationNo$46,602
Brandon ElrodSon in Law of a Key EmployeeCompensationNo$44,519
Tammy GutierrezWife of a Key EmployeeCompensationNo$43,100
Jessica SmithDaughter of a Key EmployeeCompensationNo$38,335
Rudy NasserSon of a Key EmployeeCompensationNo$34,237
Robert N RitzSon of an OfficerCompensationNo$30,590
Joshua SpenceSon of a Key EmployeeCompensationNo$22,098
Bernie BecklesWife of Board MemberCompensationNo$17,100
Emily Hine ElrodDaughter of a Key EmployeeCompensationNo$15,086
Ryan D RushSon in Law of Board MemberCompensationNo$15,000

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons$457,947$356,125▼ $101,822
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Gift Annuities Payable$28,223,695
Liability Under Split Interest Agreements$1,297,561
Obligations Under Capital Leases$409,111
Due to Freedom Aviation From C&c Aviation$-25,331

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$20,596,481$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
No
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, 2018 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
Dr Robert Ritz
Title
Executive VP of Finance
Phone
4345923237
Signed
2019-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Don Moon
Formed
1972
Legal Domicile
Va
Voting Board Members
28
Independent Board Members
19
Employees
11,725
Volunteers
10,865

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 4,718,111. Consolidating entry not made on afs 10,000.”

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, 2018 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."”

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. 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, 2018 and 2017 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 4,718,111. Revenue from subsidiaries not included in this return 24,181,049. Asu reclass -25,736,947. Expense from net rental income 11,299,390. Fundraising direct expenses 52,931. Consolidating entry not made on afs 10,000. Investment expenses -5,014,447.”

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“Institutional scholarships 234,677,510.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Expense from subsidiaries not included in this return 24,181,049. Expense from net rental income 11,299,391. Fundraising direct expenses 52,931. Asu reclass -25,736,947. Investment expenses -5,014,447.”

PART XII, LINE 4B - OTHER ADJUSTMENTS:

“Institutional scholarships 234,677,510.”

Raw XML AppendixShowing 400 of 2,281 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/PersonNm32MR DAVID CORRY
IRS990/Form990PartVIISectionAGrp/PersonNm33DR RONALD HAWKINS
IRS990/Form990PartVIISectionAGrp/PersonNm34MR DON MOON
IRS990/Form990PartVIISectionAGrp/PersonNm35MR RANDALL SMITH
IRS990/Form990PartVIISectionAGrp/PersonNm36DR ROBERT RITZ
IRS990/Form990PartVIISectionAGrp/PersonNm37JOHN GAUGER
IRS990/Form990PartVIISectionAGrp/PersonNm38JERRY FALWELL III
IRS990/Form990PartVIISectionAGrp/PersonNm39SAMUEL BEAUMONT
IRS990/Form990PartVIISectionAGrp/PersonNm40LAWRENCE HINE
IRS990/Form990PartVIISectionAGrp/PersonNm41CHRIS JOHNSON
IRS990/Form990PartVIISectionAGrp/PersonNm42RONALD KENNEDY
IRS990/Form990PartVIISectionAGrp/PersonNm43IAN MCCAW
IRS990/Form990PartVIISectionAGrp/PersonNm44DR BEN GUTIERREZ
IRS990/Form990PartVIISectionAGrp/PersonNm45DAVID NASSER
IRS990/Form990PartVIISectionAGrp/PersonNm46CHARLES SPENCE
IRS990/Form990PartVIISectionAGrp/PersonNm47LAURA WALLACE
IRS990/Form990PartVIISectionAGrp/PersonNm48TURNER GILL
IRS990/Form990PartVIISectionAGrp/PersonNm49RITCHIE MCKAY
IRS990/Form990PartVIISectionAGrp/PersonNm50RAY MORRISON
IRS990/Form990PartVIISectionAGrp/PersonNm51DR PETER BELL
IRS990/Form990PartVIISectionAGrp/PersonNm52CAREY GREEN
IRS990/Form990PartVIISectionAGrp/PersonNm53JEFF BARBER
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt50
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt170
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt270
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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,812,938,906
Liabilities
$432,447,188
Net assets
$2,380,491,718
Revenue
$1,159,314,971
Expenses
$906,520,205
Net income
$252,794,766
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
2018Detailed filing. Detailed filing data is available for this year.$2,813$432$2,380$1,159$907$253
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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