Averett University
- Assets
- $74.5m
- Revenue
- $52.5m
- Investments
- $5.8m
- Employees
- 0
- Location
- Danville, VA
- Founding
- 08/1929
- Data as of
- 06/2022
- EIN
- 54-0129860
Organization Overview
Averett University is located in Danville, VA. The organization was established in 1929. According to its NTEE Classification (B43) the organization is classified as: Universities, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Averett University is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Averett University generated $52.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.6% each year. All expenses for the organization totaled $58.9m during the year ending 06/2022. While expenses have increased by 4.1% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
AVERETT UNIVERSITY PREPARES STUDENTS TO SERVE AND LEAD AS CATALYSTS FOR POSITIVE CHANGE. AVERETT FULFILLS THIS MISSION BY EDUCATING STUDENTS FROM DIVERSE BACKGROUNDS, CULTURES AND NATIONS THROUGH LIBERAL ARTS BASED UNDERGRADUATE AND GRADUATE PROGRMAS IN PERSONAL, COLLEGIAL,INTERDISCIPLINARY ENVIRONMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AVERETT PROVIDES INSTRUCTION TO MORE THAN 1,500 STUDENTS LEADING TO UNDERGRADUATE AND GRADUATE DEGREES THROUGH ITS TRADITIONAL AND PROFESSIONAL STUDIES PROGRAMS. AVERETT PREPARES ITS STUDENTS FOR SUCCESSFUL LIVES THROUGH PERSONAL ATTENTION OF EACH STUDENT IN THE LIBERAL ARTS TRADITION. STUDENTS ARE ENCOURAGED TO ASK AND ANSWER IMPORTANT QUESTIONS, FORM AND DEFEND JUDGEMENTS, AND THOUGHTFULLY EVALUATE DIVERSE VIEWS. IN ACCORDANCE WITH OUR CHRISTIAN HERITAGE, WE VALUE ACADEMIC AND RELIGIOUS FREEDOM, SPIRITUAL GROWTH, ACADEMIC EXCELLENCE, DIVERSITY, AND TOLERANCE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Daniel Carlton Trustee | Trustee | 1 | $0 |
Annie Wimbish Chairperson | OfficerTrustee | 1 | $0 |
Jessie Barksdale Trustee | Trustee | 1 | $0 |
Jan Barnett Trustee | Trustee | 1 | $0 |
Kirk Bidgood Trustee | Trustee | 1 | $0 |
Richard Brown Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Orbis Education Contract Management Fee | 6/29/22 | $3,438,003 |
Cloud Control Media Llc Contract Management Fee | 6/29/22 | $2,553,194 |
Bon Appetit Contract Management Fee | 6/29/22 | $1,162,138 |
Aramark Contract Management Fee | 6/29/22 | $882,197 |
Securitas Contract Management Fee | 6/29/22 | $268,126 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,976,693 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,921,445 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,898,138 |
| Total Program Service Revenue | $43,892,457 |
| Investment income | $624,244 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $32,625 |
| Net Gain/Loss on Asset Sales | -$125,033 |
| Net Income from Fundraising Events | $24,431 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $52,537,799 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $19,007,712 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $556,434 |
| Compensation of current officers, directors, key employees. | $556,434 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $13,406,401 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,543,149 |
| Payroll taxes | $1,704,305 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $52,652 |
| Fees for services: Accounting | $83,334 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $68,742 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $501,504 |
| Advertising and promotion | $1,941,243 |
| Office expenses | $197,502 |
| Information technology | $562,555 |
| Royalties | $0 |
| Occupancy | $1,798,396 |
| Travel | $585,727 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $138,748 |
| Interest | $842,835 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,143,707 |
| Insurance | $779,481 |
| All other expenses | $2,608,104 |
| Total functional expenses | $58,894,855 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,301,385 |
| Pledges and grants receivable | $2,993,186 |
| Accounts receivable, net | $1,661,631 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,523,727 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,840,282 |
| Net Land, buildings, and equipment | $38,891,209 |
| Investments—publicly traded securities | $20,491,473 |
| Investments—other securities | $5,764,597 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $37,235 |
| Total assets | $74,504,725 |
| Accounts payable and accrued expenses | $3,620,512 |
| Grants payable | $1,139,504 |
| Deferred revenue | $2,864,586 |
| Tax-exempt bond liabilities | $13,870,000 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $3,593,257 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,309,995 |
| Total liabilities | $26,397,854 |
| Net assets without donor restrictions | $13,383,354 |
| Net assets with donor restrictions | $34,723,517 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $74,504,725 |
Grants Awarded
Over the last fiscal year, Averett University has awarded $503,155 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
DANVILLE REGIONAL FOUNDATION PURPOSE: CAREER DEVELOPMENT AND COMMUNITY SERVICE | $488,155 |
THE CORELLA AND BERTRAM F BONNER FOUNDATION PURPOSE: HELPING PEOPLE WITH EDUCAITONAL OPPORTUNITY | $15,000 |