Civic Intelligence

Liberty University Inc.

990 • Fiscal year 2020 • EIN 54-0946734

Jul 01, 2019 to Jun 30, 2020 • Filed on May 17, 2021

Organization ProfileWWW.LIBERTY.EDU

View Organization Page

1971 University BlvdLynchburg, VA 24515

(434) 592-4800

Siviq Scores

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

Liabilities / Assets

22nd percentile

0.14x

Higher debt load relative to assets than 22% of similar nonprofits.

2020 filings • 501(c)3 • $1B+ nonprofits • Source year 2020

Liabilities / Revenue

21st percentile

0.34x

Higher debt load relative to revenue than 21% of similar nonprofits.

2020 filings • 501(c)3 • $1B+ nonprofits • Source year 2020

Net Margin

79th percentile

19%

Higher net margin than 79% of similar nonprofits.

2020 filings • 501(c)3 • $1B+ nonprofits • Source year 2020

Top Officer Pay

62nd percentile

$2,202,231

Higher top officer pay than 62% of similar nonprofits.

Top officer pay equals 0.2% of source-year revenue.

2020 filings • 501(c)3 • $1B+ nonprofits • Source year 2020

Asset Growth

41st percentile

7.7%

Faster asset growth than 41% of similar nonprofits.

2020 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2019 to 2020

Revenue Growth

58th percentile

4.2%

Faster revenue growth than 58% of similar nonprofits.

2020 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets22nd percentile

Assets

Up

$3,367,494,352

Up $240,112,928 (+7.7%) from 2019

Net Assets

Up

$2,909,719,895

Up $213,019,227 (+7.9%) from 2019

Liabilities

Up

$457,774,457

Up $27,093,701 (+6.3%) from 2019

Revenue And Expenses
Liabilities / Revenue21st percentileNet Margin79th percentile

Revenue

Up

$1,343,657,390

Up $54,062,305 (+4.2%) from 2019

Expenses

Up

$1,093,741,798

Up $92,626,019 (+9.3%) from 2019

Net Income

Down

$249,915,592

Down $38,563,714 (-13%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth41st 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

2020

Assets$3,367,494,352
Liabilities$457,774,457
Net Assets$2,909,719,895
Open 2020 Filing

Operations Trend

Revenue Growth58th 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

2020

Revenue$1,343,657,390
Expenses$1,093,741,798
Net Income$249,915,592
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
May 17, 2021
Return Version
2019v5.1
Gross Receipts
$1,768,369,231
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.

SEE SCHEDULE O

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,308,955,036$1,419,694,279▲ $110,739,243
Investments Other Securities$650,404,431$903,225,308▲ $252,820,877
Investments in Publicly Traded Securities$784,840,644$627,288,983▼ $157,551,661
Savings and Temporary Cash Investments$260,022,494$320,307,379▲ $60,284,885
Accounts Receivable$64,067,607$36,954,320▼ $27,113,287
Investments Program Related$13,469,535$15,220,890▲ $1,751,355
Prepaid Expenses and Deferred Charges$17,033,223$10,826,134▼ $6,207,089
Cash and Non-Interest-Bearing Accounts$3,465,233$10,348,502▲ $6,883,269
Other Notes and Loans Receivable, Net$3,637,289$3,269,676▼ $367,613
Intangible Assets$649,700$1,317,769▲ $668,069
Inventories for Sale or Use$453,064$697,675▲ $244,611
Receivables From Officers Etc$175,627$273,274▲ $97,647
Pledges and Grants Receivable$0$7,500▲ $7,500
Receivable From Disqualified Prsn$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$3,127,381,424$3,367,494,352▲ $240,112,928
Other Assets Total$20,207,541$18,062,663▼ $2,144,878
Liabilities
Tax Exempt Bond Liabilities$201,886,441$197,589,939▼ $4,296,502
Deferred Revenue$127,695,672$141,750,772▲ $14,055,100
Accounts Payable and Accrued Expenses$68,688,052$88,680,388▲ $19,992,336
Other Liabilities$31,760,591$29,753,358▼ $2,007,233
Mortgage Notes Payable Secured by Investment Property$650,000$0▼ $650,000
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Total Liabilities$430,680,756$457,774,457▲ $27,093,701
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,672,903,339$2,886,771,669▲ $213,868,330
Net Assets With Donor Restrictions$23,797,329$22,948,226▼ $849,103
Total Net Assets Fund Balance$2,696,700,668$2,909,719,895▲ $213,019,227
Total Liabilities and Net Assets / Fund Balance$3,127,381,424$3,367,494,352▲ $240,112,928

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,006,848,709$205,348,459$1,212,197,168
Other Land Buildings$249,877,915$35,374,138$285,252,053
Equipment$81,709,988$168,341,559$250,051,547
Land$81,257,667-$81,257,667
Other Securities$87,392,918--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2019$1,587,918,559$157,959,701▼ $31,375,007$40,689$1,714,462,564
2018$1,432,964,225$106,431,660▲ $48,522,694$20$1,587,918,559
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
Compensation and Service Providers
Top Officer Pay62nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Mr Jerry FalwellChancellor/PresidentFT$1,555,610$746,621$2,202,231
Mr Hugh FreezeHead Coach-FootballFT$1,100,866$37,440$1,138,306
Mr Ritchie McKayHead Coach-Men's BasketballFT$983,687$37,735$1,121,422
Mr Ian McCawDirector of AthleticsFT$649,599$34,610$684,209
Mr Ronald KennedyEVP of Enrollment & MarketingFT$310,889$26,916$578,805
Mr Turner GillFormer Highly Compensated-$184,973-$573,682
Dr Peter BellDean, LU College of OsteopathiFT$439,599$34,940$474,539
Mr David NasserSR VP of Spiritual DevelopmentFT$391,958$30,779$422,737
Mr John GaugerChief Information OfficerFT$252,726$24,551$369,792
Dr Robert RitzCFO/TreasurerFT$338,474$27,000$365,474
Mr Scott SymonsLinebacker CoachFT$337,890$24,893$362,783
Mr Richard AustinTightend CoachFT$328,708$25,154$353,862
Mr Randall SmithEVP & COO/Management ConsultanFT$313,676$25,236$338,912
Ms Laura WallaceEVP for Human ResourcesFT$304,770$19,497$324,267
Mr David CorryGeneral Counsel/SecretaryFT$294,498$600,097$320,913
Mr Don MoonSR VP of Investment ManagementFT$258,294$17,348$275,642
Dr Scott HicksProvost and Chief Academic OffFT$250,386$251,952$261,338
Mr Charles SpenceSR VP of Facilities ManagementFT$235,890$19,329$255,219
Dr Ronald HawkinsFormer OfficerFT$212,295$19,705$232,000
Dr Shawn AkersOnline ProvostFT$221,308$9,583$230,891
Mr Dan ApplewhiteDeputy General Counsel/AssistaFT$207,042$112,246$226,773
Mr Trey FalwellVP of University OperationsFT$196,229$20,204$216,433
Dr Lawrence HineSenior VP of Student AffairsFT$110,323$18,262$203,235
Mr Christian KennedyFormer OfficerFT$212,295$21,985$201,700
Mr Chris JohnsonFormer Key EmployeeFT$179,715$17,263$127,586
Pastor Jonathan FalwellTrustee/Vice Chancellor of SpiPT$54,209-$54,209
Mr Anthony BecklesTrustee/Online chair-$26,975$2,091$29,066
Dr John Borek JrTrustee & Adjunct ProfessorPT$16,400-$16,400
Dr Allen McFarlandTrustee & Adjunct ProfessorPT$5,300-$5,300

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 Brian AutryTrustee
Mr Carroll HudsonTrustee
Mr Chris RhodenhizerTrustee
Mr Duke WestoverTrustee
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 Pierre GuillerminTrustee
Mr Richard LeeTrustee
Mr Richard OsborneTrustee
Mr Steven A SnyderTrustee
Mr Will TinneyTrustee
Mrs Angela JordanTrustee
Mrs Gaye Overton BensonTrustee
Ms Penny NanceTrustee

Highest Paid Contractors

ContractorServicesLocationCompensation
Sodexo Inc Affiliates-Liberty UniFood ServicePO Box 360170, Pittsburgh, PA 15251$27,025,167
Google IncAdmissions Lead Gene1600 Amphitheatre Pkwy, Mountain View, CA 94043$24,825,990
Construction Management AssociatesConstructionPO Box 3020, Lynchburg, VA 24503$22,585,191
HMS Holdings Limited Partnership dbBranding Initiative4400 Papa Joe Hendrick Blvd, Charlotte, NC 28262$5,772,006
English Construction Company IncConstruction615 Church St, Lynchburg, VA 24504$5,068,609
Revenue and Support

Revenue Composition

Contributions and Grants
$16,444,061
Program Service Revenue
$1,309,847,537
Investment Income
$13,759,215
Other Revenue
$3,606,577
All Other Contributions
$11,300,901
Change in Net Assets
$249,915,592

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 Commercial1$1,428,737Fair Market Value (FMV)
Real Estate Residential2$1,250,000Fair Market Value (FMV)
Other Non Cash Contri Table3$169,350Fair Market Value (FMV)
Other Non Cash Contri Table3$85,000Fair Market Value (FMV)
Securities Publicly Traded4$30,909Fair Market Value (FMV)
Total Noncash Contributions13$2,963,996-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$436,388,555
Other Expenses$353,758,628
Grants and Similar Amounts Paid$303,594,615
Total Fundraising Expense$2,060,809
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$295,741,389$42,958,454$1,144,814$339,844,657
Grants to Domestic Individuals$302,207,034--$302,207,034
Other Employee Benefits$40,591,426$12,562,422$238,867$53,392,715
Depreciation Depletion$50,110,131$2,832,427-$52,942,558
Information Technology$33,462,885$11,789,034$10,574$45,262,493
All Other Expenses$25,650,333$14,200,427$75,388$39,926,148
Payroll Taxes$19,529,514$4,532,341$82,679$24,144,534
Advertising$10,918,375$8,879,453$96,951$19,894,779
Occupancy$12,023,180$1,558,275-$13,581,455
Travel$12,057,425$1,046,916$83,572$13,187,913
Other Expenses$9,370,880$3,006,666$20,550$12,398,096
Pension Plan Contributions$6,710,825$1,732,291$59,308$8,502,424
Current Officers, Directors, Trustees, and Key Employees$5,027,594$2,589,973-$7,617,567
Interest$6,002,742$408,149-$6,410,891
Fees for Services Other$3,483,640$2,899,982$809$6,384,431
Fees for Service Investment Mgmnt Fees-$6,051,233-$6,051,233
Office Expenses$3,708,976$1,489,003$61,641$5,259,620
Insurance$1,314,657$3,402,069-$4,716,726
Fees for Services Legal-$4,638,651-$4,638,651
Comp Disqual Persons$1,905,194$981,464-$2,886,658
Grants to Domestic Orgs$1,387,581--$1,387,581
Conferences and Meetings$413,659$177,133$1,260$592,052
Royalties$385,110$159,113-$544,223
Fees for Services Accounting-$225,000-$225,000
Fees for Services Lobbying-$21,508-$21,508
Total Functional Expenses$969,960,646$121,720,343$2,060,809$1,093,741,798
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Liberty University FoundationLynchburg, VA501(c)3Supportive Christian non-profit organization$628,378
Faith and Freedom CoalitionDuluth, GA501(c)4non-partisan voter education$100,000
Vineyard Outreach AmericaAustin, TX501(c)3Issue Based Education$99,000
Gainey FoundationGrand Rapids, MI501(c)3supportive christian non-profit organization$75,000
Camp Bahamas MinistriesLynchburg, VA501(c)3supportive Christian organization$70,000
Tim Lee MinistriesGarland, TX501(c)3supportive christian non-profit organization$55,000
Angel Armies IncAlpharetta, GA501(c)3Christian Outreach$50,000
Feed My Starving ChildrenCoon Rapids, MN501(c)3Christian Outreach$48,000
Old Time Gospel HourLynchburg, VA501(c)3Supportive Christian non-profit organization$36,666
Jerry Vines MinistriesCanton, GA501(c)3supportive christian non-profit organization$20,000
American Job Alliance IncChesapeake, VA501(c)4non-partisan voter education$10,000
Freedom 424Lynchburg, VA501(c)3Christian Outreach$6,495
Lynchburg Humane Society IncLynchburg, VA501(c)3Community Support$6,000
CvfpForest, VA-COVID relief-
Johnson Health CenterLynchburg, VA501(c)3COVID relief-

International Summary

Spending
$45,199,539

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
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the CaribbeanInvestmentsmission trip/study abr--$44,949,165
Middle East and North AfricaProgram ServicesDistance Learning--$189,319
South AmericaProgram Servicesmission trip/study abr--$28,931
Europe (Including Iceland and Greenland)Program Servicesmission trip/study abr--$24,253
Europe (Including Iceland and Greenland)Program ServicesDistance Learning--$3,080
East Asia and the PacificProgram Servicesmission trip/study abr--$2,543
Sub-Saharan AfricaProgram Servicesmission trip/study abr--$1,523
North AmericaProgram ServicesDistance Learning--$350
East Asia and the PacificProgram Services---$200
Middle East and North AfricaProgram ServicesDistance Learning--$175
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$10,310
Fundraising Gross Income$4,232
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Lucom Gala$19,638$4,232$3,241$991
Total Events$19,638$4,232$10,310$-6,078
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 ContributorSubstantial Contributorpayment for investment mgmtNo$4,769,389
Substantial ContributorSubstantial Contributormulti-media rights agreementNo$741,460
Substantial ContributorSubstantial Contributorpayment for demolition serviceNo$738,920
Substantial ContributorSubstantial Contributorpayment for construction serviNo$658,126
Substantial ContributorSubstantial Contributorpayment for servicesNo$609,480
Substantial ContributorSubstantial Contributorpayment for construction serviNo$581,645
Substantial ContributorSubstantial Contributorpayment for heating and airNo$536,840
Spence Constructionowned by son of key employeecompensationNo$497,283
Substantial ContributorSubstantial Contributorpayment for fuelNo$444,626
Native Enterprisesowned by son of key employeecompensationNo$271,014
Melanie Hickswife of officercompensationNo$221,088
Substantial ContributorSubstantial Contributorpayment for course developmentNo$220,926
Scott HawkinsSon of a Former OfficercompensationNo$192,920
Tonia Kennedysister in law of key employeecompensationNo$152,420
Dr Elmer TownsCo-foundercompensationNo$123,271
Redfinch Solutionsowned by key employeePayment for ServicesNo$115,200
Wendy KennedyWife of Former Officer/key EmployeecompensationNo$108,333
Wesley FalwellSon of Board Member/OfficercompensationNo$101,070
Substantial ContributorSubstantial Contributorpayment for constructionNo$100,900
Virginia DowSister in Law of OfficercompensationNo$96,971
Vincent TickleSon in law of Board MembercompensationNo$95,766
Jonathan WallaceSon of Key EmployeecompensationNo$77,315
Laura FalwellDaughter in law of Board Member/OfficercompensationNo$76,049
Sarah FalwellDaughter in law of Board Member/Officer & wife of Key EmployeecompensationNo$67,389
JF Managementowned by key employeecompensationNo$63,683
Jennifer KennedyWife of Key EmployeecompensationNo$62,100
Mark AkersSon of OfficercompensationNo$60,556
Nastaran MorganSister of Key EmployeecompensationNo$56,198
Emily Hine ElrodDaughter of Key EmployeecompensationNo$55,861
Kathleen SpenceWife of Key EmployeecompensationNo$54,760
Brandon ElrodSon in law of Key EmployeecompensationNo$53,104
Scott DowNephew of OfficercompensationNo$43,104
Deidre AkersDaughter-in-law of OfficerCompensationNo$40,987
Jessica SmithDaughter of Key EmployeecompensationNo$40,493
Jennifer NasserSpouse of Key EmployeecompensationNo$31,841
Bernie BecklesWife of Board MembercompensationNo$26,000
Christopher Hicksbrother of officercompensationNo$25,420
Paul McCawSon of Key EmployeecompensationNo$16,220
Robert N RitzSon of OfficercompensationNo$14,693
Jonathan HicksNephew of OfficercompensationNo$13,372
Cedar Ridge Managementowned by son of board member/officercompensationNo$12,293
Dawson KennedySon of Key EmployeecompensationNo$11,628
Mallard Servicesowned by son of key employeecompensationNo$8,255

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees$175,627$273,274▲ $97,647
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Gift Annuities Payable$27,826,254
Agreement$1,181,373
Obligations Under Capital Leases$760,144
Due To/from Fa From C&c Jetting$-14,413

Bond Issues

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

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$0$20,596,481$23,880,025$0

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
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
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
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

FORM 990, PART VI, SECTION A, LINE 2:

“MR. JERRY FALWELL AND MR. JONATHAN FALWELL CURRENTLY SIT ON THE BOARD OF TRUSTEES AND ARE BROTHERS. MR. TREY FALWELL IS 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 Gilbert Tinney and Will Tinney are father and son. Board members Harvey Gainey and Angela Jordan are father and daughter. Board members David Rhodenhizer and Chris Rhodenhizer are father and son.”

FORM 990, PART VI, SECTION B, LINE 11B:

“THE FORM 990 FOR FY JUNE 30, 2020 WAS PROVIDED BEFORE FILING TO THE acting president, IN-HOUSE LEGAL COUNSEL, CHIEF FINANCIAL OFFICER 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 senior vp of investment management collects annual conflict of interest questionnaires. If a conflict of interest arises, it is handled on a case by case basis where legal counsel 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 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.”

FORM 990, PART VI, SECTION C, LINE 19:

“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 Universitys Articles of Incorporation are filed with the Virginia State Corporation Commission.”

Filing and Contact Details

Filer

Filer Name
Liberty University Inc
EIN
54-0946734
In Care Of
% DR ROBERT RITZ
Phone
4345924800
Address
1971 UNIVERSITY BLVD, LYNCHBURG, VA 24515

Signing Officer

Name
Dr Robert Ritz
Title
CFO
Phone
4345923237
Signed
2021-05-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dr Robert Ritz
Formed
1972
Legal Domicile
Va
Voting Board Members
31
Independent Board Members
23
Employees
12,065
Volunteers
9,550

Preparer

Firm
Bdo USA Llp
Address
1100 Peachtree Street Suite 700, ATLANTA, GA 30309-4516
Preparer
Sandra L Feinsmith
Phone
4046886841
Supplemental Narrative

Additional Explanations

FORM 990, PART 1, LINE 1, DESCRIPTION OF ORGANIZATION MISSION:

“Liberty University, Inc. is a distinctively Christian academic community, with the primary mission of providing quality collegiate education. 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.”

FORM 990, PART XI, LINE 9, CHANGES IN NET ASSETS:

“Change in Split Interest Agreement 1,800,500”

FORM 990, PART XII, LINe 2B

“The audit of Liberty University's FY20 financial statements was not yet complete at the time of this filing.”

Form 990, Part XII, Line 3B

“The audit of Liberty University's FY20 audited financial statements was not yet complete at the time of this filing. The University's single audit is not final until audited financial statement is released.”

Financial Statement Notes

Part III, Line 4:

“Liberty University has a collection of donated animal trophies and a collection of donated paintings. The collections are displayed within the University's facilities for the education and enjoyment of students and visitors. There is no admission charge for viewing the collections and Liberty University does not advertise that the collections are open to the general public.”

Part V, Line 4:

“The University has adopted donor-restricted endowment and quasi-endowment spending policies to help ensure the continued viability of endowment funds and to preserve the long-term purchasing power of endowment funds. Investment returns are achieved through capital appreciation (realized and unrealized), current yield (interest and dividends), and net income on endowed subsidiaries. The University has a diversified asset allocation that places emphasis on investments in equities and absolute return strategies to achieve its long-term return objectives within prudent risk constraints. The Board-approved spending formula for the donor restricted endowment provides for spending the lesser of 3% of the original gift, including earnings returned to principle as of the prior year end, or historic accumulated earnings distributed to the endowment fund.”

Raw XML AppendixShowing 400 of 2,659 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/OtherCompensationAmt1719329
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1819705
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt199583
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt2019731
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt2120204
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt2218262
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt2321985
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt2417263
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt250
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt262091
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt270
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt280
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt290
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt300
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt310
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt320
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt330
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt340
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt350
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt360
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt370
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt380
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt390
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt400
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt410
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt420
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt430
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt440
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt450
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt460
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt470
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt480
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt490
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt500
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt510
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt520
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt530
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt540
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt550
IRS990/Form990PartVIISectionAGrp/PersonNm0Mr Jerry Falwell
IRS990/Form990PartVIISectionAGrp/PersonNm1Mr Hugh Freeze
IRS990/Form990PartVIISectionAGrp/PersonNm2Mr Ritchie McKay
IRS990/Form990PartVIISectionAGrp/PersonNm3Mr Ian McCaw
IRS990/Form990PartVIISectionAGrp/PersonNm4Mr Ronald Kennedy
IRS990/Form990PartVIISectionAGrp/PersonNm5Mr Turner Gill
IRS990/Form990PartVIISectionAGrp/PersonNm6Dr Peter Bell
IRS990/Form990PartVIISectionAGrp/PersonNm7Mr David Nasser
IRS990/Form990PartVIISectionAGrp/PersonNm8Mr John Gauger
IRS990/Form990PartVIISectionAGrp/PersonNm9Dr Robert Ritz
IRS990/Form990PartVIISectionAGrp/PersonNm10Mr Scott Symons
IRS990/Form990PartVIISectionAGrp/PersonNm11Mr Richard Austin
IRS990/Form990PartVIISectionAGrp/PersonNm12Mr Randall Smith
IRS990/Form990PartVIISectionAGrp/PersonNm13Ms Laura Wallace
IRS990/Form990PartVIISectionAGrp/PersonNm14Mr David Corry
IRS990/Form990PartVIISectionAGrp/PersonNm15Mr Don Moon
IRS990/Form990PartVIISectionAGrp/PersonNm16Dr Scott Hicks
IRS990/Form990PartVIISectionAGrp/PersonNm17Mr Charles Spence
IRS990/Form990PartVIISectionAGrp/PersonNm18Dr Ronald Hawkins
IRS990/Form990PartVIISectionAGrp/PersonNm19Dr Shawn Akers
IRS990/Form990PartVIISectionAGrp/PersonNm20Mr Dan Applewhite
IRS990/Form990PartVIISectionAGrp/PersonNm21Mr Trey Falwell
IRS990/Form990PartVIISectionAGrp/PersonNm22Dr Lawrence Hine
IRS990/Form990PartVIISectionAGrp/PersonNm23Mr Christian Kennedy
IRS990/Form990PartVIISectionAGrp/PersonNm24Mr Chris Johnson
IRS990/Form990PartVIISectionAGrp/PersonNm25Pastor Jonathan Falwell

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,367,494,352
Liabilities
$457,774,457
Net assets
$2,909,719,895
Revenue
$1,343,657,390
Expenses
$1,093,741,798
Net income
$249,915,592
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
2020Detailed filing. Detailed filing data is available for this year.$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
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