Schedule L
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
Transactions with Interested Persons
MediumBullet Complete if the organization answered "Yes" on Form 990, Part IV, lines 25a, 25b, 26, 27, 28a, 28b, or 28c, or Form 990-EZ, Part V, line 38a or 40b.
MediumBullet Attach to Form 990 or Form 990-EZ.
MediumBulletGo to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
2018
Open to Public Inspection
Name of the organization
LIBERTY UNIVERSITY INC
 
Employer identification number

54-0946734
Part I
Excess Benefit Transactions (section 501(c)(3), section 501(c)(4), and 501(c)(29) organizations only).
Complete if the organization answered "Yes" on Form 990, Part IV, line 25a or 25b, or Form 990-EZ, Part V, line 40b.
1(a) Name of disqualified person (b) Relationship between disqualified person and organization (c) Description of transaction (d) Corrected?
Yes No
2
Enter the amount of tax incurred by organization managers or disqualified persons during the year under section 4958. ........................... Bullet Image$
 
3
Enter the amount of tax, if any, on line 2, above, reimbursed by the organization ........ Bullet Image$
 

Part II
Loans to and/or From Interested Persons.
Complete if the organization answered "Yes" on Form 990-EZ, Part V, line 38a, or Form 990, Part IV, line 26; or if the organization reported an amount on Form 990, Part X, line 5, 6, or 22
(a) Name of interested person (b) Relationship with organization (c) Purpose of loan (d) Loan to or from the organization? (e)Original principal amount (f)Balance due (g) In default? (h) Approved by board or committee? (i)Written agreement?
To From Yes No Yes No Yes No
(1) Jerry Falwell President/Trustee A/R for Services   X 175,627 175,627   No Yes   Yes  
(2) related to substantial contributor related to substantial contributor Real Prop. Purchase   X 292,885 288,331   No   No Yes  
Total ...............Small Bullet $ 463,958
Part III
Grants or Assistance Benefiting Interested Persons.
Complete if the organization answered "Yes" on Form 990, Part IV, line 27.
(a) Name of interested person (b) Relationship between interested person and the organization (c) Amount of assistance (d) Type of assistance (e) Purpose of assistance
(1)  
  		  439,634 Grants to Dependents Education Benefits
(2) Tim Lee Board Member 12,739 flight on univ. aircraft assist wounded war vets
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 50056A
Schedule L (Form 990 or 990-EZ) 2018
Page 2
Schedule L (Form 990 or 990-EZ) 2018
Page 2
Part IV
Business Transactions Involving Interested Persons.
Complete if the organization answered "Yes" on Form 990, Part IV, line 28a, 28b, or 28c.
(a) Name of interested person (b) Relationship between interested person and the organization (c) Amount of transaction (d) Description of transaction (e) Sharing of organization's revenues?
Yes No
(1) Bernie Beckles Wife of Board Member 20,500 compensation   No
(2) Brandon Elrod Son in law of Key Employee 51,119 compensation   No
(3) Wendy Kennedy Spouse of Former Officer 91,667 compensation   No
(4) Dr Elmer Towns Co-founder 133,585 compensation   No
(5) Emily Hine Elrod Daughter of Key Employee 57,201 compensation   No
(6) Jennifer Kennedy Wife of Key Employee 60,600 compensation   No
(7) Jennifer Nasser Wife of Key Employee 67,619 compensation   No
(8) Jessica Smith Daughter of Key Employee 41,811 compensation   No
(9) Jonathan Wallace Son of Key Employee 78,395 compensation   No
(10) Kathleen Spence Wife of Key Employee 58,333 compensation   No
(11) Laura Falwell Daughter in law of Board Member/Officer 59,193 compensation   No
(12) Nastaran Morgan Sister of Key Employee 53,826 compensation   No
(13) Robert N Ritz Son of Officer 32,433 compensation   No
(14) Rudy Nasser Son of Key Employee 25,550 compensation   No
(15) Sarah Falwell Wife of Key Employee 72,211 compensation   No
(16) Scott Dow Nephew of Officer 33,942 compensation   No
(17) Scott Hawkins Son of Former Officer 195,103 compensation   No
(18) Tammy Gutierrez Wife of former key employee 28,280 compensation   No
(19) Vincent Tickle Son in law of Board Member 100,033 compensation   No
(20) Virginia Dow Sister in Law of Officer 91,581 compensation   No
(21) Wesley Falwell Son of Board Member/Officer 78,489 compensation   No
(22) Cedar Ridge Management owned by son of board member/officer 40,748 payment for services   No
(23) JF Management owned by key employee 46,340 payment for services   No
(24) Redfinch Solutions owned by key employee 96,000 payment for services   No
(25) Spence Construction Remodeling owned by the son of a key employee 125,217 construction services   No
(26) SUBSTANTIAL CONTRIBUTOR SUBSTANTIAL CONTRIBUTOR 506,369 demolition services   No
(27) SUBSTANTIAL CONTRIBUTOR SUBSTANTIAL CONTRIBUTOR 283,567 survey, engineer, planning   No
(28) SUBSTANTIAL CONTRIBUTOR SUBSTANTIAL CONTRIBUTOR 584,004 Fuel Services   No
(29) SUBSTANTIAL CONTRIBUTOR SUBSTANTIAL CONTRIBUTOR 389,645 heating and air installation   No
(30) SUBSTANTIAL CONTRIBUTOR SUBSTANTIAL CONTRIBUTOR 36,170,574 construction services   No
(31) SUBSTANTIAL CONTRIBUTOR SUBSTANTIAL CONTRIBUTOR 860,759 media services   No
(32) SUBSTANTIAL CONTRIBUTOR SUBSTANTIAL CONTRIBUTOR 4,697,824 investment management services   No
(33) SUBSTANTIAL CONTRIBUTOR SUBSTANTIAL CONTRIBUTOR 5,773,212 sponsorship   No
(34) SUBSTANTIAL CONTRIBUTOR SUBSTANTIAL CONTRIBUTOR 329,409 vehicle repair services   No
Part V
Supplemental Information
Provide additional information for responses to questions on Schedule L (see instructions).
Return Reference Explanation
Part II, Line 2 Due to security concerns related to using outside contractors, the University performed repair and renovation work on the presidents personal residence which is also used for University purposes. Upon completion and invoicing, the president promptly reimbursed the University for these costs on August 15, 2019. See disclosure below.
Schedule L (Form 990 or 990-EZ) 2018


Additional Data


Software ID:  
Software Version: