FORM 990, PART 1, LINE 1, DESCRIPTION OF ORGANIZATION 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. |
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. |
FORM 990, PART VI, SECTION B, LINE 11B: |
THE FORM 990 FOR FY JUNE 30, 2019 WAS PROVIDED BEFORE FILING TO THE CHANCELLOR/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 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 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 and the audited financial statements are available on the DAC Bond website. |
FORM 990, PART XI, LINE 9, CHANGES IN NET ASSETS: |
Change in Split Interest Agreement (840,187) |
FORM 990, PART XII, LINE 2C: |
THE ORGANIZATION DID NOT CHANGE ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. |