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Nonprofiteer
← AVERETT UNIVERSITY

Form 990 for tax year 2024

Filed by AVERETT UNIVERSITY.

Totals

Total revenue
$59,620,653
Total expenses
$58,196,083
Contributions and grants received
$9,667,082
Grants paid
$21,447,750
Program service revenue
$46,504,395
Investment income
$1,881,345
Other revenue
$1,567,831
Total assets, end of year
$68,663,682
Total liabilities, end of year
$31,785,042
Net assets or fund balances, end of year
$36,878,640
Program services expenses (Part IX)
$48,297,301
Management and general expenses
$9,052,745
Fundraising expenses
$846,037
Program service expenses (Part III)
$48,297,301

Program services were 83.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $295,305

  • 1f · All other contributions, gifts and grants

    $9,371,777

  • 1g · Noncash contributions included above

    $35,208

  • 2a · Program service revenue: TUITION AND FEES

    total $39,859,351 · related or exempt $39,859,351

  • 2b · Program service revenue: AUXILIARY ENTERPRISES

    total $5,947,896 · related or exempt $5,947,896

  • 2c · Program service revenue: OTHER PROGRAM SERVICE FEES

    total $697,148 · related or exempt $697,148

  • 3 · Investment income

    total $191,568 · excluded $191,568

  • 6a · Gross rents

    real property $109,037

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $109,037

  • 6d · Net rental income or loss

    total $109,037 · excluded $109,037

  • 7a · Gross sales of assets other than inventory

    securities $416,553 · other assets $1,553,624

  • 7b · Less cost or other basis and sales expenses

    securities $0 · other assets $280,400

  • 7c · Gain or loss

    securities $416,553 · other assets $1,273,224

  • 7d · Net gain or loss

    total $1,689,777 · related or exempt $1,273,224 · excluded $416,553

  • 11a · Other revenue: FIXED BASE OPERATIONS

    total $1,458,794 · related or exempt $1,458,794

  • 11e · Other revenue, total

    $1,458,794

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $21,447,750 · program services $21,447,750

  • 5 · Compensation of officers, directors and key employees

    total $1,355,295 · program services $602,711 · management and general $574,753 · fundraising $177,831

  • 7 · Other salaries and wages

    total $11,740,897 · program services $10,283,310 · management and general $1,190,050 · fundraising $267,537

  • 8 · Pension plan contributions

    total $71,206 · program services $50,782 · management and general $14,016 · fundraising $6,408

  • 9 · Other employee benefits

    total $1,643,925 · program services $1,314,766 · management and general $273,394 · fundraising $55,765

  • 10 · Payroll taxes

    total $950,901 · program services $754,227 · management and general $164,338 · fundraising $32,336

  • 11b · Fees: legal

    total $1,044,099 · program services $535 · management and general $1,043,564

  • 11c · Fees: accounting

    total $93,125 · management and general $93,125

  • 11f · Fees: investment management

    total $39,500 · management and general $39,500

  • 11g · Fees: other

    total $6,198,231 · program services $4,735,320 · management and general $1,355,534 · fundraising $107,377

  • 12 · Advertising and promotion

    total $22,648 · program services $11,566 · management and general $11,082

  • 13 · Office expenses

    total $778,425 · program services $716,664 · management and general $51,797 · fundraising $9,964

  • 14 · Information technology

    total $450,834 · program services $31,947 · management and general $418,887

  • 16 · Occupancy

    total $1,762,661 · program services $939,902 · management and general $798,316 · fundraising $24,443

  • 17 · Travel

    total $206,145 · program services $153,064 · management and general $52,395 · fundraising $686

  • 20 · Interest

    total $766,978 · program services $601,015 · management and general $147,064 · fundraising $18,899

  • 22 · Depreciation, depletion and amortization

    total $4,423,085 · program services $3,492,353 · management and general $820,579 · fundraising $110,153

  • 23 · Insurance

    total $677,321 · program services $73,570 · management and general $603,751

  • 24a · Other expenses: STUDENT-RELATED ACTIVIT

    total $1,274,488 · program services $1,272,795 · management and general $1,693

  • 24b · Other expenses: REPAIRS AND MAINTENANCE

    total $1,162,280 · program services $389,735 · management and general $767,453 · fundraising $5,092

  • 24c · Other expenses: FUEL

    total $988,271 · program services $988,271

  • 24d · Other expenses: MISCELLANEOUS

    total $726,582 · program services $130,189 · management and general $590,177 · fundraising $6,216

  • 24e · All other expenses

    total $371,436 · program services $306,829 · management and general $41,277 · fundraising $23,330

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $2,813,521 · end of year $5,959,333

  • 3 · Pledges and grants receivable

    beginning of year $1,264,858 · end of year $627,316

  • 4 · Accounts receivable

    beginning of year $4,963,881 · end of year $3,598,829

  • 7 · Other notes and loans receivable

    beginning of year $1,236,539 · end of year $1,211,962

  • 9 · Prepaid expenses and deferred charges

    beginning of year $20,544 · end of year $379,022

  • 10a · Land, buildings and equipment: cost or other basis

    $77,157,578

  • 10b · Land, buildings and equipment: accumulated depreciation

    $36,372,994

  • 10c · Land, buildings and equipment, net

    beginning of year $42,734,063 · end of year $40,784,584

  • 11 · Investments: publicly traded securities

    beginning of year $2,930,947 · end of year $1,070,456

  • 12 · Investments: other securities

    beginning of year $6,747,397 · end of year $9,408,251

  • 15 · Other assets

    beginning of year $6,124,437 · end of year $5,623,929

  • 17 · Accounts payable and accrued expenses

    beginning of year $9,627,700 · end of year $8,607,546

  • 18 · Grants payable

    beginning of year $774,728 · end of year $774,728

  • 19 · Deferred revenue

    beginning of year $3,076,356 · end of year $4,483,573

  • 20 · Tax-exempt bond liabilities

    beginning of year $12,493,886 · end of year $12,212,315

  • 23 · Secured mortgages and notes payable

    beginning of year $1,694,591 · end of year $1,240,585

  • 25 · Other liabilities

    beginning of year $5,496,275 · end of year $4,466,295

  • 27 · Net assets without donor restrictions

    beginning of year $1,333,516 · end of year $4,033,334

  • 28 · Net assets with donor restrictions

    beginning of year $34,339,135 · end of year $32,845,306

Mission and programs · 2024

Mission

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 PROGRAMS IN A PERSONAL, COLLEGIAL, INTERDISCIPLINARY ENVIRONMENT.

  • AVERETT PROVIDES INSTRUCTION TO APPROXIMATELY 1,200 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.

    Expenses $48,297,301 · Grants $21,447,750 · Revenue $49,224,978

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • REV DR DANIEL CARLTON

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    0

  • EMMA MADDUX KOZLOWSKI

    VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    0

  • JAN GF BARNETT

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0

  • ELLEN E BEVILLE

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0

  • MS KIRK BIDGOOD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0

  • GRAYSON EATON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0

  • DR LENORA BILLINGS-HARRIS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0

  • BRENDA BOWMAN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0

  • REV DR RICHARD BROWN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0

  • SARAH L COLLIE

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0

  • GARY W COLLINS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0

  • LINDA GREEN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0

  • JOHN HERNDON JR

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0

  • STARLETTE JOHNSON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0

  • MICHAEL E KECK

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0

  • HAYWARD MAJORS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0

  • BRANDON POTTER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0

  • TONI RICE

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0

  • DR MARY M G RIDDLE

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0

  • DR CALVIN R SNOWDEN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0

  • DEBORAH W UPTON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0

  • CHRISTOPHER E WEST

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0

  • L HAMPTON WILKINS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0

  • KRIS WILLARD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0

  • TODD MCGREGOR YEATTS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0

  • DR TIFFANY FRANKS

    PRESIDENT

    Total calculated
    $308,094
    From this org
    $288,513
    From related orgs
    $0
    Other
    $19,581
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $288,513
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $19,581
    Filer's total
    $308,094

  • DR THOMAS POWELL

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0

  • DON MERICKS

    CFO

    Total calculated
    $27,519
    From this org
    $25,092
    From related orgs
    $0
    Other
    $2,427
    Hours/week
    1

  • DEBORAH HALL

    INTERIM CFO - CONSULTANT

    Total calculated
    $0
    Hours/week
    0

  • MICHAEL BOEHM

    CIO

    Total calculated
    $198,505
    From this org
    $172,555
    From related orgs
    $0
    Other
    $25,950
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $167,555
    Bonus
    $5,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $25,950
    Filer's total
    $198,505

  • LEE BEAUMONT

    VP ADMISSIONS

    Total calculated
    $202,114
    From this org
    $179,827
    From related orgs
    $0
    Other
    $22,287
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $162,204
    Bonus
    $0
    Other
    $17,623
    Deferred
    $0
    Nontaxable benefits
    $22,287
    Filer's total
    $202,114

  • MELISSA WOHLSTEIN

    VP ADVANCEMENT

    Total calculated
    $203,993
    From this org
    $177,831
    From related orgs
    $0
    Other
    $26,162
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $177,831
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $26,162
    Filer's total
    $203,993

  • VENITA MITCHELL

    VP STUDENT ENGAGEMENT

    Total calculated
    $151,065
    From this org
    $137,943
    From related orgs
    $0
    Other
    $13,122
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $137,943
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $13,122
    Filer's total
    $151,065

  • VIRGINIA HENDERSON

    VP ACADEMIC AFFAIRS

    Total calculated
    $162,550
    From this org
    $149,027
    From related orgs
    $0
    Other
    $13,523
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $149,027
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $13,523
    Filer's total
    $162,550

  • DON AUNGST

    FORMER CFO

    Total calculated
    $123,642
    From this org
    $113,686
    From related orgs
    $0
    Other
    $9,956
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $77,673
    Bonus
    $0
    Other
    $36,013
    Deferred
    $0
    Nontaxable benefits
    $9,956
    Filer's total
    $123,642

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Travel for companions
  • 1a · Housing allowance or residence for personal use
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2024
Filed
11 April 2026
IRS schema version
2024v5.5
Source object
202601039349300325

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