Averett University
- Assets
- $81.2m
- Revenue
- $53.3m
- Investments
- $7.9m
- Employees
- 710
- Location
- Danville, VA
- Founding
- 08/1929
- Data as of
- 06/2021
- 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. As of 06/2021, Averett University employed 710 individuals. 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 06/2021, Averett University generated $53.3m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $52.3m during the year ending 06/2021. While expenses have increased by 2.8% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO OFFER COURSES OF STUDY LEADING TO BACHELOR'S AND MASTER'S DEGREES.
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 |
|---|---|---|---|
Tiffany Franks President | Officer | 40 | $287,008 |
Don Aungst VP Finance, CFO | Officer | 40 | $239,369 |
Timothy Fulop VP Academics | 40 | $144,047 | |
Stacy Gato VP Enrollment Trad | 40 | $128,982 | |
Albert Rawley VP Advancement | 40 | $126,526 | |
Pamela Giles School Of Nursing | 40 | $120,553 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Bon Appetit Contract Management Fee | 6/29/21 | $1,494,320 |
The Budd Group Contract Management Fee | 6/29/21 | $583,582 |
Wff Facility Services Contract Management Fee | 6/29/21 | $384,611 |
Moran Technology Consulting Contract Management Fee | 6/29/21 | $162,050 |
Admiral Security Services Contract Management Fee | 6/29/21 | $165,475 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,550,670 |
| All other contributions, gifts, grants, and similar amounts not included above | $6,080,856 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,631,526 |
| Total Program Service Revenue | $43,536,434 |
| Investment income | $771,161 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $34,922 |
| Net Gain/Loss on Asset Sales | $267,889 |
| Net Income from Fundraising Events | $29,106 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $53,271,038 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $503,155 |
| Grants and other assistance to domestic individuals. | $18,131,818 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $526,377 |
| Compensation of current officers, directors, key employees. | $526,377 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $13,027,756 |
| Pension plan accruals and contributions | $537,785 |
| Other employee benefits | $1,549,714 |
| Payroll taxes | $932,951 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $42,865 |
| Fees for services: Accounting | $65,735 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $39,913 |
| Fees for services: Investment Management | $246,183 |
| Fees for services: Other | $619,970 |
| Advertising and promotion | $1,605,882 |
| Office expenses | $529,755 |
| Information technology | $425,385 |
| Royalties | $0 |
| Occupancy | $633,874 |
| Travel | $354,218 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $91,058 |
| Interest | $869,345 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,068,276 |
| Insurance | $499,968 |
| All other expenses | $810,649 |
| Total functional expenses | $52,319,002 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,671,930 |
| Pledges and grants receivable | $4,606,388 |
| Accounts receivable, net | $1,244,244 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,664,331 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,450,247 |
| Net Land, buildings, and equipment | $38,264,832 |
| Investments—publicly traded securities | $23,394,433 |
| Investments—other securities | $7,884,146 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $50,118 |
| Total assets | $81,230,669 |
| Accounts payable and accrued expenses | $2,438,579 |
| Grants payable | $1,351,926 |
| Deferred revenue | $2,319,242 |
| Tax-exempt bond liabilities | $14,150,000 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $2,351,776 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,156,895 |
| Total liabilities | $23,768,418 |
| Net assets without donor restrictions | $17,929,576 |
| Net assets with donor restrictions | $39,532,675 |
| 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 | $81,230,669 |
Grants Awarded
Over the last fiscal year, Averett University has awarded $503,155 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Danville, VA PURPOSE: CAREER DEVELOPMENT AND COMMUNITY SERVICE | $488,155 |
THE CORELLA AND BERTRAM F BONNER FOUNDATION PURPOSE: HELPING PEOPLE WITH EDUCAITONAL OPPORTUNITY | $15,000 |
Grants Recieved
Over the last fiscal year, we have identified 25 grants that Averett University has recieved totaling $4,730,728.
| Awarding Organization | Amount |
|---|---|
Danville Regional Foundation Danville, VA PURPOSE: AU ONLINE | $2,557,500 |
Danville Regional Foundation Danville, VA PURPOSE: CCECC 2020-2025 | $724,310 |
E Stuart James Grant Charitable Tr Danville, VA PURPOSE: $200,000 FACILITY IMPROVEMENTS/UPGRADES; $100,000 UNRESTRICTED SUPPORT | $300,000 |
Lettie Pate Whitehead Foundation Inc Atlanta, GA PURPOSE: For general scholarship support. | $273,200 |
Danville Regional Foundation Danville, VA PURPOSE: AU ONLINE | $222,500 |
Charles B Keesee Educational Fund Incorporated Martinsville, VA PURPOSE: STUDENT GRANTS FOR TUITION, BOOKS, FEES, ETC. | $107,500 |
Endowment Analysis
| Beg. Balance | $26,102,289 |
| Earnings | $5,224,575 |
| Net Contributions | $806,658 |
| Other Expense | $616,300 |
| Grants | $515,400 |
| Ending Balance | $31,001,822 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Mount Saint Marys University Emmitsburg, MD | $202,133,149 | $126,243,509 |
University Of The Cumberlands Inc Williamsburg, KY | $474,140,732 | $211,155,067 |
University Of Lynchburg Lynchburg, VA | $240,911,893 | $116,895,847 |
Mc Daniel College Inc Westminster, MD | $217,534,229 | $113,872,650 |
Marymount University Arlington, VA | $272,414,108 | $118,614,940 |
Gardner-Webb University Boiling Springs, NC | $163,499,840 | $100,956,877 |
Meredith College Raleigh, NC | $208,277,395 | $93,593,801 |
Queens University Of Charlotte Charlotte, NC | $172,081,537 | $81,135,661 |
Christian Brothers University Memphis, TN | $107,139,654 | $73,065,264 |
Hood College Of Frederick Md Frederick, MD | $239,172,984 | $86,749,150 |
Lindsey Wilson College Columbia, KY | $105,712,376 | $75,911,897 |
University Of Charleston Charleston, WV | $165,466,364 | $66,493,632 |