TY 2022 Form 990

- TIN:

Form990

Department of the TreasuryInternal Revenue Service

Return of Organization Exempt From Income Tax

Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except private foundations)

Do not enter social security numbers on this form as it may be made public.

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2021

Open to Public Inspection

A For the 2021 calendar year, or tax year beginning 07-01-2022 , and ending 06-30-2023

BCheck if applicable: Address change Name change Initial return Final return/terminated Amended return Application pending

CName of organization
LIBERTY UNIVERSITY INC

% DR ROBERT RITZ

Doing business as

Number and street (or P.O. box if mail is not delivered to street address)
1971 UNIVERSITY BLVD

Room/suite

City or town, state or province, country, and ZIP or foreign postal code
LYNCHBURG, VA24515

D Employer identification number

54-0946734

E Telephone number

G Gross receipts $ 2,815,381,928

F Name and address of principal officer:
DR ROBERT RITZ
1971 UNIVERSITY BLVD
LYNCHBURG,VA24515

Tax-exempt status: 501(c)(3) 501(c) ( ) LeftBullet

(insert no.) 4947(a)(1) or 527

Website:

WWW.LIBERTY.EDU

H(a)

Is this a group return for
subordinates? Yes No

H(b)

Are all subordinates
included?

Yes No

If "No," attach a list. See instructions.

H(c)

Group exemption number MediumBullet

K Form of organization: Corporation Trust Association Other MediumBullet

L Year of formation: 1972

M State of legal domicile: VA

Part I

Summary

1	Briefly describe the organization’s mission or most significant activities: LIBERTY UNIVERSITY, INC. IS A DISTINCTIVELY CHRISTIAN ACADEMIC COMMUNITY, WITH A MISSION OF PROVIDING QUALITY COLLEGIATE EDUCATION TRAINING CHAMPIONS FOR CHRIST.
2	Check this box
3	Number of voting members of the governing body (Part VI, line 1a) ........	3	27
4	Number of independent voting members of the governing body (Part VI, line 1b) .....	4	18
5	Total number of individuals employed in calendar year 2021 (Part V, line 2a) ......	5	13,165
6	Total number of volunteers (estimate if necessary) .............	6	10,765
7a	Total unrelated business revenue from Part VIII, column (C), line 12 ........	7a	34,113,253
b	Net unrelated business taxable income from Form 990-T, Part I, line 11 .........	7b	3,245,142

		Prior Year	Current Year
8	Contributions and grants (Part VIII, line 1h) .........	29,324,690	30,915,325
9	Program service revenue (Part VIII, line 2g) .........	1,483,885,774	1,464,462,952
10	Investment income (Part VIII, column (A), lines 3, 4, and 7d ) ....	56,917,248	31,160,973
11	Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e)	23,978,952	39,137,298
12	Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12)	1,594,106,664	1,565,676,548
13	Grants and similar amounts paid (Part IX, column (A), lines 1–3 )...	345,349,344	343,170,765
14	Benefits paid to or for members (Part IX, column (A), line 4).....	0	0
15	Salaries, other compensation, employee benefits (Part IX, column (A), lines 5–10)	506,430,364	575,149,217
16a	Professional fundraising fees (Part IX, column (A), line 11e) .....	0	0
b	Total fundraising expenses (Part IX, column (D), line 25) 5,567,119
17	Other expenses (Part IX, column (A), lines 11a–11d, 11f–24e)....	432,307,085	462,746,446
18	Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25)	1,284,086,793	1,381,066,428
19	Revenue less expenses. Subtract line 18 from line 12.......	310,019,871	184,610,120
		Beginning of Current Year	End of Year
20	Total assets (Part X, line 16).............	3,991,603,424	4,157,125,287
21	Total liabilities (Part X, line 26).............	464,621,438	308,542,889
22	Net assets or fund balances. Subtract line 21 from line 20.....	3,526,981,986	3,848,582,398

Part II

Signature Block

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than officer) is based on all information of which preparer has any knowledge.

Sign Here

	Signature of officer	Date

	Type or print name and title

Paid Preparer Use Only

Print/Type preparer's name

Preparer's signature

Date

Check if
self-employed

PTIN

Firm's name MediumBullet

Firm's EIN MediumBullet

Firm's address MediumBullet

Phone no.

May the IRS discuss this return with the preparer shown above? (see instructions) ..........YesNo

For Paperwork Reduction Act Notice, see the separate instructions.

Cat. No. 11282Y Form 990 (2021)

Form 990 (2021)

Page 2

Part III

Statement of Program Service Accomplishments

Check if Schedule O contains a response or note to any line in this Part III..............

Briefly describe the organization’s mission: LIBERTY UNIVERSITY, INC. IS A DISTINCTIVELY CHRISTIAN ACADEMIC COMMUNITY, WITH A MISSION OF PROVIDING QUALITY COLLEGIATE EDUCATION TRAINING CHAMPIONS FOR CHRIST.

Did the organization undertake any significant program services during the year which were not listed on
the prior Form 990 or 990-EZ? ..................... Yes No

If "Yes," describe these new services on Schedule O.

Did the organization cease conducting, or make significant changes in how it conducts, any program
services? ........................... Yes No

If "Yes," describe these changes on Schedule O.

Describe the organization’s program service accomplishments for each of its three largest program services, as measured by expenses. Section 501(c)(3) and 501(c)(4) organizations are required to report the amount of grants and allocations to others, the total expenses, and revenue, if any, for each program service reported.


4a	(Code: ) (Expenses $ 956,059,458 including grants of $ 343,170,765 ) (Revenue $ 1,336,194,817 )
	INSTRUCTION OF APPROXIMATELY 130,000 STUDENTS IN UNDERGRADUATE, GRADUATE, AND DOCTORAL PROGRAMS FOR BOTH THE ONLINE AND RESIDENTIAL PROGRAMS. SCHOLARSHIPS, GRANTS AND OTHER FINANCIAL ASSISTANCE ARE AWARDED TO ELIGIBLE STUDENTS BASED ON PROGRAM CRITERIA, WHICH INCLUDED SCHOLASTIC MERIT, ATHLETIC EXCELLENCE, ARTISTIC PERFORMANCE, FINANCIAL NEED, HIGH SCHOOL ATTENDED AND FIELD WORKED.

4b	(Code: ) (Expenses $ 209,776,235 including grants of $ 0 ) (Revenue $ 134,098,107 )
	LIBERTY UNIVERSITY MAINTAINS A CAMPUS BOOKSTORE, HOUSING AND DINING FACILITIES, TRANSPORTATION SERVICES, ATHLETIC FACILITIES, BROADCASTING FACILITIES AND OTHER SUPPORT SERVICES AND FACILITIES ADDING TO THE STUDENT EXPERIENCE.

4c	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )












4d	Other program services (Describe in Schedule O.)
	(Expenses $ including grants of $ ) (Revenue $ )
4e	Total program service expenses1,165,835,693

Form 990 (2021)

Page 3

Part IV

Checklist of Required Schedules

Yes

Is the organization described in section 501(c)(3) or 4947(a)(1) (other than a private foundation)? If "Yes," complete Schedule A Click to see attachment

List of Attached Documents:

// Content

.....................

Yes

Is the organization required to complete Schedule B, Schedule of Contributors? See instructions. Click to see attachment

List of Attached Documents:

// Content

...

Yes

Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to candidates for public office? If "Yes," complete Schedule C, Part I Click to see attachment

List of Attached Documents:

// Content

.............

Section 501(c)(3) organizations. Did the organization engage in lobbying activities, or have a section 501(h) election in effect during the tax year? If "Yes," complete Schedule C, Part II Click to see attachment

List of Attached Documents:

// Content

.........

Yes

Is the organization a section 501(c)(4), 501(c)(5), or 501(c)(6) organization that receives membership dues, assessments, or similar amounts as defined in Rev. Proc. 98-19? If "Yes," complete Schedule C, Part III Click to see attachment

List of Attached Documents:

// Content

Did the organization maintain any donor advised funds or any similar funds or accounts for which donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts? If "Yes," complete Schedule D, Part I Click to see attachment

List of Attached Documents:

// Content

.........................

Did the organization receive or hold a conservation easement, including easements to preserve open space,
the environment, historic land areas, or historic structures? If "Yes," complete Schedule D, Part II Click to see attachment

List of Attached Documents:

// Content

....

Did the organization maintain collections of works of art, historical treasures, or other similar assets? If "Yes,"
complete Schedule D, Part III Click to see attachment

List of Attached Documents:

// Content

..............

Yes

Did the organization report an amount in Part X, line 21 for escrow or custodial account liability; serve as a custodian for amounts not listed in Part X; or provide credit counseling, debt management, credit repair, or debt negotiation services? If "Yes," complete Schedule D, Part IV Click to see attachment

List of Attached Documents:

// Content

..............

Did the organization, directly or through a related organization, hold assets in temporarily restricted endowments, permanent endowments, or quasi endowments? If "Yes," complete Schedule D, Part V Click to see attachment

List of Attached Documents:

// Content

......

Yes

If the organization’s answer to any of the following questions is "Yes," then complete Schedule D, Parts VI, VII, VIII, IX, or X, as applicable.

Did the organization report an amount for land, buildings, and equipment in Part X, line 10? If "Yes," complete
Schedule D, Part VI. Click to see attachment

List of Attached Documents:

// Content

...................

11a

Yes

Did the organization report an amount for investments—other securities in Part X, line 12 that is 5% or more of its total assets reported in Part X, line 16? If "Yes," complete Schedule D, Part VII Click to see attachment

List of Attached Documents:

// Content

.......

11b

Yes

Did the organization report an amount for investments—program related in Part X, line 13 that is 5% or more of its total assets reported in Part X, line 16? If "Yes," complete Schedule D, Part VIII Click to see attachment

List of Attached Documents:

// Content

.......

11c

Did the organization report an amount for other assets in Part X, line 15 that is 5% or more of its total assets reported in Part X, line 16? If "Yes," complete Schedule D, Part IX Click to see attachment

List of Attached Documents:

// Content

............

11d

Did the organization report an amount for other liabilities in Part X, line 25? If "Yes," complete Schedule D, Part X Click to see attachment

List of Attached Documents:

// Content

11e

Yes

Did the organization’s separate or consolidated financial statements for the tax year include a footnote that addresses the organization’s liability for uncertain tax positions under FIN 48 (ASC 740)? If "Yes," complete Schedule D, Part X Click to see attachment

List of Attached Documents:

// Content

11f

12a

Did the organization obtain separate, independent audited financial statements for the tax year? If "Yes," complete
Schedule D, Parts XI and XII Click to see attachment

List of Attached Documents:

// Content

......................

12a

Was the organization included in consolidated, independent audited financial statements for the tax year? If "Yes," and if the organization answered "No" to line 12a, then completing Schedule D, Parts XI and XII is optional Click to see attachment

List of Attached Documents:

// Content

12b

Yes

Is the organization a school described in section 170(b)(1)(A)(ii)? If "Yes," complete Schedule E Click to see attachment

List of Attached Documents:

// Content

Yes

14a

Did the organization maintain an office, employees, or agents outside of the United States? .....

14a

Yes

Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraising, business, investment, and program service activities outside the United States, or aggregate foreign investments valued at $100,000 or more? If "Yes," complete Schedule F, Parts I and IV......... Click to see attachment

List of Attached Documents:

// Content

14b

Yes

Did the organization report on Part IX, column (A), line 3, more than $5,000 of grants or other assistance to or for any foreign organization? If “Yes,” complete Schedule F, Parts II and IV..... Click to see attachment

List of Attached Documents:

// Content

Did the organization report on Part IX, column (A), line 3, more than $5,000 of aggregate grants or other assistance to or for foreign individuals? If “Yes,” complete Schedule F, Parts III and IV... Click to see attachment

List of Attached Documents:

// Content

Did the organization report a total of more than $15,000 of expenses for professional fundraising services on Part IX, column (A), lines 6 and 11e? If "Yes," complete Schedule G, Part I. See instructions. .... Click to see attachment

List of Attached Documents:

// Content

Did the organization report more than $15,000 total of fundraising event gross income and contributions on Part VIII, lines 1c and 8a? If "Yes," complete Schedule G, Part II............ Click to see attachment

List of Attached Documents:

// Content

Yes

Did the organization report more than $15,000 of gross income from gaming activities on Part VIII, line 9a? If "Yes," complete Schedule G, Part III................... Click to see attachment

List of Attached Documents:

// Content

20a

Did the organization operate one or more hospital facilities? If "Yes," complete Schedule H....

20a

If "Yes" to line 20a, did the organization attach a copy of its audited financial statements to this return?

20b

Did the organization report more than $5,000 of grants or other assistance to any domestic organization or domestic government on Part IX, column (A), line 1? If “Yes,” complete Schedule I, Parts I and II..... Click to see attachment

List of Attached Documents:

// Content

Yes

Form 990 (2021)

Page 4

Part IV

Checklist of Required Schedules (continued)

Yes

Did the organization report more than $5,000 of grants or other assistance to or for domestic individuals on Part IX, column (A), line 2? If “Yes,” complete Schedule I, Parts I and III........ Click to see attachment

List of Attached Documents:

// Content

Yes

Did the organization answer "Yes" to Part VII, Section A, line 3, 4, or 5, about compensation of the organization’s current and former officers, directors, trustees, key employees, and highest compensated employees? If "Yes," complete Schedule J....................... Click to see attachment

List of Attached Documents:

// Content

Yes

24a

Did the organization have a tax-exempt bond issue with an outstanding principal amount of more than $100,000 as of the last day of the year, that was issued after December 31, 2002? If “Yes,” answer lines 24b through 24d and complete Schedule K. If “No,” go to line 25a...............

24a

Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception?...

24b

Did the organization maintain an escrow account other than a refunding escrow at any time during the year
to defease any tax-exempt bonds? ...............

24c

Did the organization act as an "on behalf of" issuer for bonds outstanding at any time during the year?...

24d

25a

Section 501(c)(3), 501(c)(4), and 501(c)(29) organizations. Did the organization engage in an excess benefit transaction with a disqualified person during the year? If "Yes," complete Schedule L, Part I .... Click to see attachment

List of Attached Documents:

// Content

25a

Is the organization aware that it engaged in an excess benefit transaction with a disqualified person in a prior year, and that the transaction has not been reported on any of the organization’s prior Forms 990 or 990-EZ? If "Yes," complete Schedule L, Part I....................... Click to see attachment

List of Attached Documents:

// Content

25b

Did the organization report any amount on Part X, line 5 or 22 for receivables from or payables to any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons? If "Yes," complete Schedule L, Part II Click to see attachment

List of Attached Documents:

// Content

...........

Yes

Did the organization provide a grant or other assistance to any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or employee thereof, a grant selection committee member, or to a 35% controlled entity (including an employee thereof) or family member of any of these persons?

If "Yes," complete

Schedule L, Part III Click to see attachment

List of Attached Documents:

// Content

.........................

Yes

Was the organization a party to a business transaction with one of the following parties (see the Schedule L, Part IV instructions for applicable filing thresholds, conditions, and exceptions):

A current or former officer, director, trustee, key employee, creator or founder, or substantial contributor? If "Yes," complete Schedule L, Part IV...................... Click to see attachment

List of Attached Documents:

// Content

28a

Yes

A family member of any individual described in line 28a? If "Yes," complete Schedule L, Part IV..... Click to see attachment

List of Attached Documents:

// Content

28b

Yes

A 35% controlled entity of one or more individuals and/or organizations described in line 28a or 28b? If "Yes," complete Schedule L, Part IV..................... Click to see attachment

List of Attached Documents:

// Content

28c

Yes

Did the organization receive more than $25,000 in non-cash contributions? If "Yes," complete Schedule M.. Click to see attachment

List of Attached Documents:

// Content

Yes

Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified conservation contributions? If "Yes," complete Schedule M ................. Click to see attachment

List of Attached Documents:

// Content

Yes

Did the organization liquidate, terminate, or dissolve and cease operations? If "Yes," complete Schedule N, Part I

Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets? If "Yes," complete Schedule N, Part II........................

Did the organization own 100% of an entity disregarded as separate from the organization under Regulations sections 301.7701-2 and 301.7701-3? If "Yes," complete Schedule R, Part I............ Click to see attachment

List of Attached Documents:

// Content

Yes

Was the organization related to any tax-exempt or taxable entity? If "Yes," complete Schedule R, Part II, III, or IV, and Part V, line 1......................... Click to see attachment

List of Attached Documents:

// Content

Yes

35a

Did the organization have a controlled entity within the meaning of section 512(b)(13)?

35a

Yes

If ‘Yes’ to line 35a, did the organization receive any payment from or engage in any transaction with a controlled entity within the meaning of section 512(b)(13)? If "Yes," complete Schedule R, Part V, line 2 ... Click to see attachment

List of Attached Documents:

// Content

35b

Yes

Section 501(c)(3) organizations. Did the organization make any transfers to an exempt non-charitable related organization? If "Yes," complete Schedule R, Part V, line 2............. Click to see attachment

List of Attached Documents:

// Content

Did the organization conduct more than 5% of its activities through an entity that is not a related organization and that is treated as a partnership for federal income tax purposes? If "Yes," complete Schedule R, Part VI Click to see attachment

List of Attached Documents:

// Content

Did the organization complete Schedule O and provide explanations on Schedule O for Part VI, lines 11b and 19? Note. All Form 990 filers are required to complete Schedule O. ............

Yes

Part V

Statements Regarding Other IRS Filings and Tax Compliance
Check if Schedule O contains a response or note to any line in this Part V...........

Yes

Enter the number reported in box 3 of Form 1096. Enter -0- if not applicable ..

1,023

Enter the number of Forms W-2G included on line 1a. Enter -0- if not applicable .

Did the organization comply with backup withholding rules for reportable payments to vendors and reportable gaming (gambling) winnings to prize winners? ..................

Yes

Form 990 (2021)

Page 5

Part V

Statements Regarding Other IRS Filings and Tax Compliance (continued)

Enter the number of employees reported on Form W-3, Transmittal of Wage and
Tax Statements, filed for the calendar year ending with or within the year covered by this return ..................

13,165

If at least one is reported on line 2a, did the organization file all required federal employment tax returns?
Note. If the sum of lines 1a and 2a is greater than 250, you may be required to e-file. See instructions.

Yes

Did the organization have unrelated business gross income of $1,000 or more during the year?...

Yes

If “Yes,” has it filed a Form 990-T for this year? If “No” to line 3b, provide an explanation in Schedule O...

Yes

At any time during the calendar year, did the organization have an interest in, or a signature or other authority over, a financial account in a foreign country (such as a bank account, securities account, or other financial account)? ..

If "Yes," enter the name of the foreign country: MediumBullet

See instructions for filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).

Was the organization a party to a prohibited tax shelter transaction at any time during the tax year? ..

Did any taxable party notify the organization that it was or is a party to a prohibited tax shelter transaction?

If "Yes," to line 5a or 5b, did the organization file Form 8886-T? ............

Does the organization have annual gross receipts that are normally greater than $100,000, and did the organization solicit any contributions that were not tax deductible as charitable contributions? ...

If "Yes," did the organization include with every solicitation an express statement that such contributions or gifts were not tax deductible? ......................

Organizations that may receive deductible contributions under section 170(c).

Did the organization receive a payment in excess of $75 made partly as a contribution and partly for goods and services provided to the payor? ....................

Yes

If "Yes," did the organization notify the donor of the value of the goods or services provided? .....

Yes

Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required to file Form 8282? .........................

If "Yes," indicate the number of Forms 8282 filed during the year ....

Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?

Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ..

If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 as required? ......................

Yes

If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a Form 1098-C? ..........................

Yes

Sponsoring organizations maintaining donor advised funds. Did a donor advised fund maintained by the sponsoring organization have excess business holdings at any time during the year? ........

Sponsoring organizations maintaining donor advised funds.

Did the sponsoring organization make any taxable distributions under section 4966?........

Did the sponsoring organization make a distribution to a donor, donor advisor, or related person?...

Section 501(c)(7) organizations. Enter:

Initiation fees and capital contributions included on Part VIII, line 12 ...

10a

Gross receipts, included on Form 990, Part VIII, line 12, for public use of club facilities

10b

Section 501(c)(12) organizations. Enter:

Gross income from members or shareholders .........

11a

Gross income from other sources. (Do not net amounts due or paid to other sources against amounts due or received from them.) ..........

11b

12a

Section 4947(a)(1) non-exempt charitable trusts. Is the organization filing Form 990 in lieu of Form 1041?

12a

If "Yes," enter the amount of tax-exempt interest received or accrued during the year.

12b

Section 501(c)(29) qualified nonprofit health insurance issuers.

Is the organization licensed to issue qualified health plans in more than one state? .........
Note. See the instructions for additional information the organization must report on Schedule O.

13a

Enter the amount of reserves the organization is required to maintain by the states in which the organization is licensed to issue qualified health plans ....

13b

Enter the amount of reserves on hand ............

13c

14a

Did the organization receive any payments for indoor tanning services during the tax year?.....

14a

If "Yes," has it filed a Form 720 to report these payments? If "No," provide an explanation in Schedule O..

14b

Is the organization subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or excess parachute payment(s) during the year? ....................
If "Yes," see the instructions and file Form 4720, Schedule N.

Yes

Is the organization an educational institution subject to the section 4968 excise tax on net investment income? ..
If "Yes," complete Form 4720, Schedule O.

Section 501(c)(21) organizations. Did the trust, any disqualified person, or mine operator engage in any activities that would result in the imposition of an excise tax under section 4951, 4952, or 4953? ..
If "Yes," complete Form 6069.

Form 990 (2021)

Page 6

Part VI

Governance, Management, and Disclosure. For each "Yes" response to lines 2 through 7b below, and for a "No" response to lines 8a, 8b, or 10b below, describe the circumstances, processes, or changes in Schedule O. See instructions.

Check if Schedule O contains a response or note to any line in this Part VI..............

Section A. Governing Body and Management

Yes

Enter the number of voting members of the governing body at the end of the tax year

If there are material differences in voting rights among members of the governing body, or if the governing body delegated broad authority to an executive committee or similar committee, explain in Schedule O.

Enter the number of voting members included in line 1a, above, who are independent

Did any officer, director, trustee, or key employee have a family relationship or a business relationship with any other officer, director, trustee, or key employee? .................

Yes

Did the organization delegate control over management duties customarily performed by or under the direct supervision of officers, directors or trustees, or key employees to a management company or other person? .

Did the organization make any significant changes to its governing documents since the prior Form 990 was filed? .

Did the organization become aware during the year of a significant diversion of the organization’s assets? .

Did the organization have members or stockholders? ................

Did the organization have members, stockholders, or other persons who had the power to elect or appoint one or more members of the governing body? ....................

Are any governance decisions of the organization reserved to (or subject to approval by) members, stockholders, or persons other than the governing body? ...................

Did the organization contemporaneously document the meetings held or written actions undertaken during the year by the following:

The governing body? .......................

Yes

Each committee with authority to act on behalf of the governing body? ............

Yes

Is there any officer, director, trustee, or key employee listed in Part VII, Section A, who cannot be reached at the organization’s mailing address? If "Yes," provide the names and addresses in Schedule O.......

Section B. Policies (This Section B requests information about policies not required by the Internal Revenue Code.)

Yes

10a

Did the organization have local chapters, branches, or affiliates? ............

10a

If "Yes," did the organization have written policies and procedures governing the activities of such chapters, affiliates, and branches to ensure their operations are consistent with the organization's exempt purposes?

10b

11a

Has the organization provided a complete copy of this Form 990 to all members of its governing body before filing the form? ............................

11a

Yes

Describe on Schedule O the process, if any, used by the organization to review this Form 990. .....

12a

Did the organization have a written conflict of interest policy? If "No," go to line 13.......

12a

Yes

Were officers, directors, or trustees, and key employees required to disclose annually interests that could give rise to conflicts? ..........................

12b

Yes

Did the organization regularly and consistently monitor and enforce compliance with the policy? If "Yes," describe on Schedule O how this was done...................

12c

Yes

Did the organization have a written whistleblower policy? ...............

Yes

Did the organization have a written document retention and destruction policy? .........

Yes

Did the process for determining compensation of the following persons include a review and approval by independent persons, comparability data, and contemporaneous substantiation of the deliberation and decision?

The organization’s CEO, Executive Director, or top management official ...........

15a

Yes

Other officers or key employees of the organization ................

15b

Yes

If "Yes" to line 15a or 15b, describe the process on Schedule O. See instructions.

16a

Did the organization invest in, contribute assets to, or participate in a joint venture or similar arrangement with a taxable entity during the year? ......................

16a

Yes

If "Yes," did the organization follow a written policy or procedure requiring the organization to evaluate its participation in joint venture arrangements under applicable federal tax law, and take steps to safeguard the organization’s exempt status with respect to such arrangements? ............

16b

Section C. Disclosure

List the states with which a copy of this Form 990 is required to be filed MediumBullet

NH , NY , OR , SC , WA

Section 6104 requires an organization to make its Form 1023 (1024 or 1024-A, if applicable), 990, and 990-T (section 501(c)(3)s only) available for public inspection. Indicate how you made these available. Check all that apply.

Own website Another's website Upon request Other (explain in Schedule O)

Describe in Schedule O whether (and if so, how) the organization made its governing documents, conflict of interest policy, and financial statements available to the public during the tax year.

State the name, address, and telephone number of the person who possesses the organization's books and records:
MediumBullet

DR ROBERT RITZ1971 UNIVERSITY BLVD Lynchburg,VA24515 (434) 592-4800

Form 990 (2021)

Page 7

Part VII

Compensation of Officers, Directors,Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors

Check if Schedule O contains a response or note to any line in this Part VII..............

Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees

1a Complete this table for all persons required to be listed. Report compensation for the calendar year ending with or within the organization’s tax year.
RoundBullet

List all of the organization’s current officers, directors, trustees (whether individuals or organizations), regardless of amount
of compensation. Enter -0- in columns (D), (E), and (F) if no compensation was paid.

List all of the organization’s current key employees, if any. See the instructions for definition of "key employee."

List the organization’s five current highest compensated employees (other than an officer, director, trustee or key employee)
who received reportable compensation (box 5 of Form W-2, Form 1099-MISC, and/or box 1 of Form 1099-NEC) of more than $100,000 from the
organization and any related organizations.

List all of the organization’s former officers, key employees, or highest compensated employees who received more than $100,000
of reportable compensation from the organization and any related organizations.

List all of the organization’s former directors or trustees that received, in the capacity as a former director or trustee of the
organization, more than $10,000 of reportable compensation from the organization and any related organizations.

See the instructions for the order in which to list the persons above.

Check this box if neither the organization nor any related organization compensated any current officer, director, or trustee.

(A) Name and title	(B) Average hours per week (list any hours for related organizations below dotted line)	(C) Position (do not check more than one box, unless person is both an officer and a director/trustee)					(D) Reportable compensation from the organization (W-2/1099-MISC/1099-NEC)	(E) Reportable compensation from related organizations (W-2/1099-MISC/1099-NEC)	(F) Estimated amount of other compensation from the organization and related organizations
(A) Name and title
(1) Mr Danny H Freeze Jr...................................................................... Head Coach - Football	55.0 ................. 0.0				X		3,793,248	0	40,181
(2) Mr Ritchie L McKay...................................................................... Head Coach - Basketball	55.0 ................. 0.0				X		1,402,383	0	61,577
(3) Dr Jerry Prevo...................................................................... Trustee/President	54.0 ................. 1.0	X	X				991,455	0	32,763
(4) Mr Ian McCaw...................................................................... Director of Athletics	55.0 ................. 0.0			X			827,522	0	61,577
(5) Dr Robert Ritz...................................................................... Chief Fin. Officer/Treasurer	53.0 ................. 2.0		X				586,079	0	61,577
(6) Mr David Corry...................................................................... General Counsel/Secretary	55.0 ................. 0.0		X				445,473	0	34,176
(7) Mr James Chadwell...................................................................... Head Coach - Football	55.0 ................. 0.0				X		479,629	0	0
(8) Dr Ronald Kennedy...................................................................... EVP for Enrollment & Marketing	55.0 ................. 0.0			X			398,422	0	61,227
(9) Dr Scott Hicks...................................................................... Provost & Chief Academic Off.	54.0 ................. 1.0		X				416,214	0	18,374
(10) Mr Scott Jackson...................................................................... Head Coach - Baseball	55.0 ................. 0.0				X		376,041	0	54,782
(11) Dr Mark F Horstemeyer...................................................................... Dean, School of Engineering	55.0 ................. 0.0				X		368,095	0	40,782
(12) Dr Shawn Akers...................................................................... Online Provost	55.0 ................. 0.0		X				382,624	0	8,050
(13) Mrs Cindy Gaebe...................................................................... SVP of Fin.& Chief Invest Off.	50.0 ................. 5.0		X				330,704	0	13,343
(14) Mr Don Moon...................................................................... FORMER OFFICER	40.0 ................. 0.0					X	273,735	0	52,318
(15) Mr John Gauger...................................................................... Chief Information Officer	55.0 ................. 0.0			X			291,504	0	27,155
(16) Mr Daniel Deter...................................................................... VP of Major Construction	55.0 ................. 0.0			X			291,813	0	25,676
(17) Rev Glenn Clary...................................................................... EVP of Strategic P'ships	55.0 ................. 0.0			X			255,026	0	58,360

Form 990 (2021)

Page 8

Part VII

Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees (continued)

(A) Name and title	(B) Average hours per week (list any hours for related organizations below dotted line)	(C) Position (do not check more than one box, unless person is both an officer and a director/trustee)				(D) Reportable compensation from the organization (W-2/1099-MISC/1099-NEC)	(E) Reportable compensation from related organizations (W-2/1099-MISC/1099-NEC)	(F) Estimated amount of other compensation from the organization and related organizations
(A) Name and title
(18) Mr Steve Foster........................................................................ EVP of Human Resources	55.0 .......................0.0			X		263,471	0	41,077
(19) Mr Craig Pettitt........................................................................ VP of Real Estate Management	55.0 .......................0.0			X		250,465	0	40,343
(20) Mr Charles Spence........................................................................ SVP of Campus Facilities & Tra	54.5 .......................0.5			X		252,713	0	37,860
(21) Mr Shon Muldrow........................................................................ SVP of Inclusion, Divers & Eqy	55.0 .......................0.0			X		252,577	0	36,405
(22) Mr Daniel Applewhite........................................................................ Deputy Gen. Counsel/Asst. Secy	55.0 .......................0.0		X			239,381	0	24,101
(23) Dr Lawrence Hine........................................................................ Senior VP of Student Affairs	45.0 .......................10.0			X		215,970	0	37,342
(24) Mr Scott Spear........................................................................ VP of Finance & Administration	53.0 .......................2.0			X		191,609	0	18,977
(25) Pastor Jonathan Falwell........................................................................ Trustee/Chancellor	20.0 .......................3.0	X	X			208,510	0	0
(26) Mr Matthew Cooper........................................................................ VP of Student Financial Svcs	55.0 .......................0.0			X		159,578	0	20,968
(27) Mr Chris Johnson........................................................................ Former Key Employee	40.0 .......................0.0				X	133,050	0	18,693
(28) Mr Anthony Beckles........................................................................ Trustee/Online Chair	42.0 .......................1.0	X				107,812	0	16,373
(29) Mr Gilbert Tinney Jr........................................................................ Trustee	3.0 .......................0.0	X				74,599	0	0
(30) Dr David Rhodenhizer........................................................................ Trustee	3.0 .......................0.0	X				51,712	0	0
(31) Mr Jeffery S Yager........................................................................ Trustee	2.0 .......................0.0	X				46,486	0	0
(32) Dr Brian Autry........................................................................ Trustee & Adjunct Professor	27.0 .......................0.0	X				44,000	0	0
(33) Dr John Borek Jr........................................................................ Trustee & Adjunct Professor	27.0 .......................0.0	X				40,600	0	0
(34) Mr Chris Rhodenhizer........................................................................ Trustee	2.0 .......................0.0	X				32,675	0	0
(35) Dr Don Crain........................................................................ Trustee	2.0 .......................0.0	X				22,575	0	0
(36) Evangelist William F Graham........................................................................ Trustee	2.0 .......................0.0	X				11,900	0	0
(37) Evangelist Tim Lee........................................................................ Trustee	3.0 .......................0.0	X				10,599	0	0
(38) Mr Galen Peel Sr........................................................................ Trustee	2.0 .......................0.0	X				1,385	0	0
(39) Mr Duke Westover........................................................................ Trustee	2.0 .......................0.0	X				1,125	0	0
(40) Mr Carroll Hudson........................................................................ Trustee	3.0 .......................0.0	X				510	0	0
(41) Dr Gene Mims........................................................................ Trustee	2.0 .......................0.0	X				510	0	0
(42) Dr Allen McFarland........................................................................ Trustee	2.0 .......................0.0	X				500	0	0
(43) Ms Penny Nance........................................................................ Trustee	2.0 .......................0.0	X				500	0	0
(44) Mr Jeffrey F Benson........................................................................ Trustee	3.0 .......................0.0	X				347	0	0
(45) Mr Richard Osborne........................................................................ Trustee	3.0 .......................0.0	X				317	0	0
(46) Mr John Heath........................................................................ Trustee	2.0 .......................0.0	X				260	0	0
(47) Mrs Gaye Overton Benson........................................................................ Trustee	2.0 .......................0.0	X				250	0	0
(48) Dr Dwight Reighard........................................................................ Trustee	2.0 .......................0.0	X				135	0	0
(49) Dr Jerry Vines........................................................................ Trustee	3.0 .......................0.0	X				135	0	0
(50) Dr Richard G Lee........................................................................ Trustee	2.0 .......................0.0	X				135	0	0
(51) Dr Harold Rawlings........................................................................ Trustee	2.0 .......................0.0	X				125	0	0
(52) Mr Will Tinney........................................................................ Trustee	2.0 .......................0.0	X				125	0	0
(53) Ms Angela Jordan........................................................................ Trustee	2.0 .......................0.0	X				0	0	0

1b	Sub-Total................
c	Total from continuation sheets to Part VII, Section A....
d	Total (add lines 1b and 1c)...........	13,784,663	0	888,023

Total number of individuals (including but not limited to those listed above) who received more than $100,000 of reportable compensation from the organization MediumBullet

855

Yes

Did the organization list any former officer, director or trustee, key employee, or highest compensated employee on line 1a? If "Yes," complete Schedule J for such individual ..............

Yes

For any individual listed on line 1a, is the sum of reportable compensation and other compensation from the organization and related organizations greater than $150,000? If "Yes," complete Schedule J for such
individual...........................

Yes

Did any person listed on line 1a receive or accrue compensation from any unrelated organization or individual for services rendered to the organization? If "Yes," complete Schedule J for such person ........

Section B. Independent Contractors

Complete this table for your five highest compensated independent contractors that received more than $100,000 of compensation from the organization. Report compensation for the calendar year ending with or within the organization’s tax year.

(A) Name and business address	(B) Description of services	(C) Compensation
Google LLC, 1600 Amphitheatre Parkway MOUNTAIN VIEW,CA94043	Advertising	36,030,153
Sodexo Mgmt Inc-Liberty Uni loca, PO Box 360170 PITTSBURGH,PA15251	food service	30,358,855
The Whiting-Turner Contracting Comp, 300 East Joppa Road BALTIMORE,MD21286	construction	10,544,949
James R Vannoy Sons Constr Co In, 700 Highland Oaks Drive WINSTONSALEM,NC27103	construction	9,969,264
HMS Holdings LTD Partnership, 4400 Papa Joe Hendrick Boulevard CHARLOTTE,NC28262	advertising	8,641,934
2 Total number of independent contractors (including but not limited to those listed above) who received more than $100,000 of compensation from the organization 371

Form 990 (2021)

Page 9

Part VIII

Statement of Revenue

Check if Schedule O contains a response or note to any line in this Part VIII.............

(A)
Total revenue

(B)
Related or
exempt
function
revenue

(D)
Revenue
excluded from
tax under sections
512 - 514

1a	Federated campaigns..		1a
b	Membership dues..		1b
c	Fundraising events..		1c
d	Related organizations		1d
e	Government grants (contributions)		1e	19,530,739

f	All other contributions, gifts, grants, and similar amounts not included above		1f	11,384,586

g	Noncash contributions included in lines 1a - 1f:$		1g	770,926

h Total. Add lines 1a-1f.......		30,915,325

		Business Code
2a	TUITION AND FEES	611710	1,336,194,817	1,336,194,817
b	ROOM & BOARD	611710	98,513,282	94,608,415	3,904,867
c	STUDENT ACTIVITIES	611710	13,403,000	13,403,000
d	STUDENT FEES	611710	13,140,400	13,140,400
e	BOOKSTORE/CONCESSIONS	611710	3,211,453	3,211,453
f	All other program service revenue.
g	Total. Add lines 2a–2f .....		1,464,462,952

3 Investment income (including dividends, interest, and othersimilar amounts) ......			55,709,676		1,543,576	54,166,100
4 Income from investment of tax-exempt bond proceeds			0
5 Royalties...........			539,581			539,581
		(ii) Personal	(i) Real
6a	Gross rents	130,079	13,939,020	6a
b	Less: rental expenses		14,234,081	6b
c	Rental income or (loss)	130,079	-295,061	6c
d	Net rental income or (loss).......			-164,982		130,079	-295,061
		(ii) Other	(i) Securities
7a	Gross amount from sales of assets other than inventory	10,000	1,210,879,792	7a
b	Less: cost or other basis and sales expenses	493,458	1,234,945,037	7b
c	Gain or (loss)	-483,458	-24,065,245	7c
d	Net gain or (loss).........			-24,548,703	-483,458		-24,065,245
8a	Gross income from fundraising events (not including $ 0of contributions reported on line 1c). See Part IV, line 18 ....
			8a	42,475
b	Less: direct expenses ...		8b	32,804
c	Net income or (loss) from fundraising events..			9,671			9,671
9a	Gross income from gaming activities. See Part IV, line 19 ...
			9a	0
b	Less: direct expenses ...		9b	0
c	Net income or (loss) from gaming activities..			0
10a	Gross sales of inventory, less returns and allowances ..
			10a	0
b	Less: cost of goods sold ..		10b	0
c	Net income or (loss) from sales of inventory..			0
Business Code			Miscellaneous Revenue
11a	HEALTH SERVICES		621111	29,387,371	4,320,366	25,067,005
b	OTHER INCOME		611710	5,259,307	1,919,302	3,340,005
c	STUDENT TRAVEL FEES		561500	2,887,274	2,887,274
d	All other revenue ....			1,219,076	1,091,355	127,721
e	Total. Add lines 11a–11d ......			38,753,028
12	Total revenue. See instructions.....			1,565,676,548	1,470,292,924	34,113,253	30,355,046

Form 990 (2021)

Page 10

Part IX

Statement of Functional Expenses

Section 501(c)(3) and 501(c)(4) organizations must complete all columns. All other organizations must complete column (A).Check if Schedule O contains a response or note to any line in this Part IX..............

Do not include amounts reported on lines 6b, 7b, 8b, 9b, and 10b of Part VIII.		(A) Total expenses	(B) Program service expenses	(C) Management and general expenses	(D) Fundraising expenses

1	Grants and other assistance to domestic organizations and domestic governments. See Part IV, line 21 ....	1,924,231	1,924,231
2	Grants and other assistance to domestic individuals. See Part IV, line 22 ...........	341,246,534	341,246,534
3	Grants and other assistance to foreign organizations, foreign governments, and foreign individuals. See Part IV, lines 15 and 16. .............	0
4	Benefits paid to or for members .......	0
5	Compensation of current officers, directors, trustees, and key employees ...........	9,353,733	6,173,464	3,180,269
6	Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) .........	3,028,481	1,998,797	1,029,684
7	Other salaries and wages........	452,436,042	386,142,507	63,047,465	3,246,070
8	Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) ....	11,825,859	8,835,933	2,892,108	97,818
9	Other employee benefits .......	64,570,030	49,073,678	14,827,868	668,484
10	Payroll taxes ...........	33,935,072	27,552,957	6,156,199	225,916
11	Fees for services (non-employees):
a	Management ......	0
b	Legal .........	7,262,209		7,262,209
c	Accounting ...........	394,700		394,700
d	Lobbying ...........	37,686		37,686
e	Professional fundraising services. See Part IV, line 17	0
f	Investment management fees ......	6,839,108		6,839,108
g	Other (If line 11g amount exceeds 10% of line 25, column (A) amount, list line 11g expenses on Schedule O)	4,694,862	2,962,057	1,732,805
12	Advertising and promotion ....	24,533,512	18,363,584	6,066,353	103,575
13	Office expenses .......	6,777,058	4,895,781	1,753,177	128,100
14	Information technology ......	51,978,853	38,556,030	13,141,753	281,070
15	Royalties ..	483,614	296,945	186,669
16	Occupancy ...........	16,811,393	15,210,279	1,600,999	115
17	Travel ............	17,655,094	16,276,413	1,200,369	178,312
18	Payments of travel or entertainment expenses for any federal, state, or local public officials .	0
19	Conferences, conventions, and meetings ....	557,070	376,356	173,068	7,646
20	Interest ...........	4,714,596	4,386,004	328,592
21	Payments to affiliates .......	0
22	Depreciation, depletion, and amortization ..	52,429,554	49,624,572	2,804,982
23	Insurance ...	6,140,943	807,079	5,333,864
24	Other expenses. Itemize expenses not covered above (List miscellaneous expenses in line 24e. If line 24e amount exceeds 10% of line 25, column (A) amount, list line 24e expenses on Schedule O.)
a	PURCHASED SERVICES	101,784,884	100,980,122	590,867	213,895
b	STUDENT FOOD SERVICES	31,346,403	31,152,738	60,758	132,907
c	SUBSIDIARY HEALTH SERVICES	40,084,289	14,134,743	25,949,546
d	SUPPLIES	16,921,155	13,556,311	3,298,605	66,239
e	All other expenses	71,299,463	31,308,578	39,773,913	216,972
25	Total functional expenses. Add lines 1 through 24e	1,381,066,428	1,165,835,693	209,663,616	5,567,119
26	Joint costs. Complete this line only if the organization reported in column (B) joint costs from a combined educational campaign and fundraising solicitation. Check here if following SOP 98-2 (ASC 958-720).

Form 990 (2021)

Page 11

Part X

Balance Sheet

Check if Schedule O contains a response or note to any line in this Part IX..............

				(A) Beginning of year		(B) End of year

1	Cash–non-interest-bearing ........			342,750,702	1	335,223,236
2	Savings and temporary cash investments .........			73,212,720	2	67,974,725
3	Pledges and grants receivable, net ......			392,741	3	348,405
4	Accounts receivable, net .............			52,603,117	4	51,514,596
5	Loans and other receivables from any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons .......
				1,973,510	5	2,321,778
6	Loans and other receivables from other disqualified persons (as defined under section 4958(f)(1)), and persons described in section 4958(c)(3)(B) ...
				0	6	0
7	Notes and loans receivable, net ...........			1,764,505	7	723,439
8	Inventories for sale or use ............			1,101,457	8	907,286
9	Prepaid expenses and deferred charges ......			23,751,043	9	27,372,426
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a	2,086,779,740
b	Less: accumulated depreciation	10b	562,256,004	1,455,225,612	10c	1,524,523,736
11	Investments—publicly traded securities .			948,263,818	11	1,173,230,771
12	Investments—other securities. See Part IV, line 11 .....			1,050,417,070	12	930,154,351
13	Investments—program-related. See Part IV, line 11 ..			16,361,125	13	20,441,271
14	Intangible assets ...............			1,049,135	14	1,955,952
15	Other assets. See Part IV, line 11 ...........			22,736,869	15	20,433,315
16	Total assets. Add lines 1 through 15 (must equal line 33)...			3,991,603,424	16	4,157,125,287

17	Accounts payable and accrued expenses .....	94,597,467	17	107,357,656
18	Grants payable ...	0	18	0
19	Deferred revenue .........	145,827,603	19	171,622,594
20	Tax-exempt bond liabilities .........	0	20	0
21	Escrow or custodial account liability. Complete Part IV of Schedule D	0	21	0
22	Loans and other payables to any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons .........
		0	22	0
23	Secured mortgages and notes payable to unrelated third parties ..	0	23	0
24	Unsecured notes and loans payable to unrelated third parties ..	191,542,554	24	0
25	Other liabilities (including federal income tax, payables to related third parties, and other liabilities not included on lines 17 - 24). Complete Part X of Schedule D	32,653,814	25	29,562,639
26	Total liabilities. Add lines 17 through 25..	464,621,438	26	308,542,889

	Organizations that follow FASB ASC 958, check here and complete lines 27, 28, 32, and 33.
27	Net assets without donor restrictions ..........	3,493,968,693	27	3,811,800,111
28	Net assets with donor restrictions ...........	33,013,293	28	36,782,287
	Organizations that do not follow FASB ASC 958, check here and complete lines 29 through 33.
29	Capital stock or trust principal, or current funds .....		29
30	Paid-in or capital surplus, or land, building or equipment fund ...		30
31	Retained earnings, endowment, accumulated income, or other funds		31
32	Total net assets or fund balances ...........	3,526,981,986	32	3,848,582,398
33	Total liabilities and net assets/fund balances ........	3,991,603,424	33	4,157,125,287

Form 990 (2021)

Page 12

Part XI

Reconcilliation of Net Assets

Check if Schedule O contains a response or note to any line in this Part XI..............

Total revenue (must equal Part VIII, column (A), line 12) ............

1,565,676,548

Total expenses (must equal Part IX, column (A), line 25) ............

1,381,066,428

Revenue less expenses. Subtract line 2 from line 1 ..............

184,610,120

Net assets or fund balances at beginning of year (must equal Part X, line 32, column (A)) ..

3,526,981,986

Net unrealized gains (losses) on investments ...............

132,006,987

Donated services and use of facilities .................

Investment expenses .....................

Prior period adjustments .....................

Other changes in net assets or fund balances (explain in Schedule O) ........

4,983,305

Net assets or fund balances at end of year. Combine lines 3 through 9 (must equal Part X, line 32, column (B))

3,848,582,398

Part XII

Financial Statements and Reporting

Check if Schedule O contains a response or note to any line in this Part XII.............

Yes

Accounting method used to prepare the Form 990: Cash Accrual Other
If the organization changed its method of accounting from a prior year or checked "Other," explain on
Schedule O.

Were the organization’s financial statements compiled or reviewed by an independent accountant?

If ‘Yes,’ check a box below to indicate whether the financial statements for the year were compiled or reviewed on a separate basis, consolidated basis, or both:

Separate basis Consolidated basis Both consolidated and separate basis

Were the organization’s financial statements audited by an independent accountant?

Yes

If ‘Yes,’ check a box below to indicate whether the financial statements for the year were audited on a separate basis, consolidated basis, or both:

Separate basis Consolidated basis Both consolidated and separate basis

If "Yes," to line 2a or 2b, does the organization have a committee that assumes responsibility for oversight of the audit, review, or compilation of its financial statements and selection of an independent accountant?

Yes

If the organization changed either its oversight process or selection process during the tax year, explain in Schedule O.

As a result of a federal award, was the organization required to undergo an audit or audits as set forth in the Single Audit Act and OMB Circular A-133?

Yes

If "Yes," did the organization undergo the required audit or audits? If the organization did not undergo the required audit or audits, explain why in Schedule O and describe any steps taken to undergo such audits.

Yes

Form 990 (2021)

Additional Data

Software ID:
Software Version:

Form 990, Special Condition Description:

Special Condition Description

- TIN:

SCHEDULE A
(Form 990)

Department of the Treasury
Internal Revenue Service

Public Charity Status and Public Support

Complete if the organization is a section 501(c)(3) organization or a section 4947(a)(1) nonexempt charitable trust.
right arrow

Attach to Form 990 or Form 990-EZ.
right arrow

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2022

Open to Public
Inspection

Name of the organization

LIBERTY UNIVERSITY INC

Employer identification number

54-0946734

Part I

Reason for Public Charity Status (All organizations must complete this part.) See instructions.

The organization is not a private foundation because it is: (For lines 1 through 12, check only one box.)

A church, convention of churches, or association of churches described in section 170(b)(1)(A)(i).

A school described in section 170(b)(1)(A)(ii). (Attach Schedule E (Form 990).)

A hospital or a cooperative hospital service organization described in section 170(b)(1)(A)(iii).

A medical research organization operated in conjunction with a hospital described in section 170(b)(1)(A)(iii). Enter the hospital's name, city, and state:

An organization operated for the benefit of a college or university owned or operated by a governmental unit described in section 170(b)(1)(A)(iv). (Complete Part II.)

A federal, state, or local government or governmental unit described in section 170(b)(1)(A)(v).

An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in section 170(b)(1)(A)(vi). (Complete Part II.)

A community trust described in section 170(b)(1)(A)(vi). (Complete Part II.)

An agricultural research organization described in 170(b)(1)(A)(ix) operated in conjunction with a land-grant college or university or a non-land grant college of agriculture. See instructions. Enter the name, city, and state of the college or university:

An organization that normally receives: (1) more than 33 1/3% of its support from contributions, membership fees, and gross receipts from activities related to its exempt functions—subject to certain exceptions, and (2) no more than 33 1/3% of its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses acquired by the organization after June 30, 1975. See section 509(a)(2). (Complete Part III.)

An organization organized and operated exclusively to test for public safety. See section 509(a)(4).

An organization organized and operated exclusively for the benefit of, to perform the functions of, or to carry out the purposes of one or more publicly supported organizations described in section 509(a)(1) or section 509(a)(2). See section 509(a)(3). Check the box on lines 12a through 12d that describes the type of supporting organization and complete lines 12e, 12f, and 12g.

Type I. A supporting organization operated, supervised, or controlled by its supported organization(s), typically by giving the supported organization(s) the power to regularly appoint or elect a majority of the directors or trustees of the supporting organization. You must complete Part IV, Sections A and B.

Type II. A supporting organization supervised or controlled in connection with its supported organization(s), by having control or management of the supporting organization vested in the same persons that control or manage the supported organization(s). You must complete Part IV, Sections A and C.

Type III functionally integrated. A supporting organization operated in connection with, and functionally integrated with, its supported organization(s) (see instructions). You must complete Part IV, Sections A, D, and E.

Type III non-functionally integrated. A supporting organization operated in connection with its supported organization(s) that is not functionally integrated. The organization generally must satisfy a distribution requirement and an attentiveness requirement (see instructions). You must complete Part IV, Sections A and D, and Part V.

Check this box if the organization received a written determination from the IRS that it is a Type I, Type II, Type III functionally integrated, or Type III non-functionally integrated supporting organization.

Enter the number of supported organizations ...............................

Provide the following information about the supported organization(s).

(i) Name of supported organization	(ii) EIN	(iv) Is the organization listed in your governing document?		(v) Amount of monetary support (see instructions)	(vi) Amount of other support (see instructions)
(i) Name of supported organization	(ii) EIN	Yes	No	(v) Amount of monetary support (see instructions)	(vi) Amount of other support (see instructions)


Total

For Paperwork Reduction Act Notice, see the Instructions for
Form 990 or 990-EZ.

Cat. No. 11285F

Schedule A (Form 990) 2022

Page 2

Part II

Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi)
(Complete only if you checked the box on line 5, 7, or 8 of Part I or if the organization failed to qualify under Part III. If the organization failed to qualify under the tests listed below, please complete Part III.)

Section A. Public Support

Calendar year (or fiscal year beginning in)		(a) 2018	(b) 2019	(c) 2020	(d) 2021	(e) 2022	(f) Total
1	Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grant.") ..
2	Tax revenues levied for the organization's benefit and either paid to or expended on its behalf....
3	The value of services or facilities furnished by a governmental unit to the organization without charge..
4	Total. Add lines 1 through 3
5	The portion of total contributions by each person (other than a governmental unit or publicly supported organization) included on line 1 that exceeds 2% of the amount shown on line 11, column (f) ..
6	Public support. Subtract line 5 from line 4.

Section B. Total Support

Calendar year (or fiscal year beginning in)		(a) 2018	(b) 2019	(c) 2020	(d) 2021	(e) 2022	(f) Total
7	Amounts from line 4..
8	Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources...
9	Net income from unrelated business activities, whether or not the business is regularly carried on..
10	Other income. Do not include gain or loss from the sale of capital assets (Explain in Part VI.)..
11	Total support. Add lines 7 through 10

Gross receipts from related activities, etc. (see instructions) ..................

First 5 years. If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a section 501(c)(3) organization, check this box and stop here ........................................ right arrow

Section C. Computation of Public Support Percentage

Public support percentage for 2022 (line 6, column (f) divided by line 11, column (f)) .........

Public support percentage for 2020 Schedule A, Part II, line 14 ...............

16a

33 1/3% support test—2022. If the organization did not check the box on line 13, and line 14 is 33 1/3% or more, check this box
and stop here. The organization qualifies as a publicly supported organization ....................... right arrow

33 1/3% support test—2021. If the organization did not check a box on line 13 or 16a, and line 15 is 33 1/3% or more, check this
box and stop here. The organization qualifies as a publicly supported organization ..................... right arrow

17a

10%-facts-and-circumstances test—2022. If the organization did not check a box on line 13, 16a, or 16b, and line 14 is 10% or more, and if the organization meets the "facts-and-circumstances" test, check this box and stop here. Explain in Part VI how the organization meets the "facts-and-circumstances" test. The organization qualifies as a publicly supported organization ............ right arrow

10%-facts-and-circumstances test—2021. If the organization did not check a box on line 13, 16a, 16b, or 17a, and line 15 is 10% or more, and if the organization meets the "facts-and-circumstances" test, check this box and stop here. Explain in Part VI how the organization meets the "facts-and-circumstances" test. The organization qualifies as a publicly supported organization ............ right arrow

Private foundation. If the organization did not check a box on line 13, 16a, 16b, 17a, or 17b, check this box and see
instructions ..................................................... right arrow

Schedule A (Form 990) 2022

Page 3

Part III

Support Schedule for Organizations Described in Section 509(a)(2)
(Complete only if you checked the box on line 10 of Part I or if the organization failed to qualify under Part II. If the organization fails to qualify under the tests listed below, please complete Part II.)

Section A. Public Support

Calendar year (or fiscal year beginning in)		(a) 2018	(b) 2019	(c) 2020	(d) 2021	(e) 2022	(f) Total
1	Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.") .
2	Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose
3	Gross receipts from activities that are not an unrelated trade or business under section 513 .....
4	Tax revenues levied for the organization's benefit and either paid to or expended on its behalf...
5	The value of services or facilities furnished by a governmental unit to the organization without charge
6	Total. Add lines 1 through 5
7a	Amounts included on lines 1, 2, and 3 received from disqualified persons
b	Amounts included on lines 2 and 3 received from other than disqualified persons that exceed the greater of $5,000 or 1% of the amount on line 13 for the year.
c	Add lines 7a and 7b..
8	Public support. (Subtract line 7c from line 6.)

Section B. Total Support

Calendar year (or fiscal year beginning in)		(a) 2018	(b) 2019	(c) 2020	(d) 2021	(e) 2022	(f) Total
9	Amounts from line 6...
10a	Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources..
b	Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975.
c	Add lines 10a and 10b.
11	Net income from unrelated business activities not included on line 10b, whether or not the business is regularly carried on.
12	Other income. Do not include gain or loss from the sale of capital assets (Explain in Part VI.) ..
13	Total support. (Add lines 9, 10c, 11, and 12.)..

First 5 years. If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a section 501(c)(3) organization, check this box and stop here................................................. right arrow

Section C. Computation of Public Support Percentage

Public support percentage for 2022 (line 8, column (f) divided by line 13, column (f)) .........

Public support percentage from 2021 Schedule A, Part III, line 15 ...............

Section D. Computation of Investment Income Percentage

Investment income percentage for 2022 (line 10c, column (f) divided by line 13, column (f)) ......

Investment income percentage from 2021 Schedule A, Part III, line 17 .............

19a

33 1/3% support tests-2022. If the organization did not check the box on line 14, and line 15 is more than 33 1/3%, and line 17 is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization ....... right arrow

33 1/3% support tests—2021. If the organization did not check a box on line 14 or line 19a, and line 16 is more than 33 1/3% and line 18 is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization ..... right arrow

Private foundation. If the organization did not check a box on line 14, 19a, or 19b, check this box and see instructions .... right arrow

Schedule A (Form 990) 2022

Page 4

Part IV

Supporting Organizations

(Complete only if you checked a box on line 12 of Part I. If you checked box 12a, of Part I, complete Sections A and B. If you checked box 12b, of Part I, complete Sections A and C. If you checked box 12c, of Part I, complete Sections A, D, and E. If you checked box12d, of Part I, complete Sections A and D, and complete Part V.)

Section A. All Supporting Organizations

Yes

Are all of the organization’s supported organizations listed by name in the organization’s governing documents?
If "No," describe in Part VI how the supported organizations are designated. If designated by class or purpose,
describe the designation. If historic and continuing relationship, explain.

Did the organization have any supported organization that does not have an IRS determination of status under section 509(a)(1) or (2)? If "Yes," explain in Part VI how the organization determined that the supported organization was described in section 509(a)(1) or (2).

Did the organization have a supported organization described in section 501(c)(4), (5), or (6)? If "Yes," answer lines 3b and 3c below.

Did the organization confirm that each supported organization qualified under section 501(c)(4), (5), or (6) and satisfied the public support tests under section 509(a)(2)? If "Yes," describe in Part VI when and how the organization made the determination.

Did the organization ensure that all support to such organizations was used exclusively for section 170(c)(2)(B) purposes? If "Yes," explain in Part VI what controls the organization put in place to ensure such use.

Was any supported organization not organized in the United States ("foreign supported organization")? If “Yes” and if you checked box 12a or 12b in Part I, answer lines 4b and 4c below.

Did the organization have ultimate control and discretion in deciding whether to make grants to the foreign supported organization? If “Yes,” describe in Part VI how the organization had such control and discretion despite being controlled or supervised by or in connection with its supported organizations.

Did the organization support any foreign supported organization that does not have an IRS determination under sections 501(c)(3) and 509(a)(1) or (2)? If “Yes,” explain in Part VI what controls the organization used to ensure that all support to the foreign supported organization was used exclusively for section 170(c)(2)(B) purposes.

Did the organization add, substitute, or remove any supported organizations during the tax year? If “Yes,” answer lines 5b and 5c below (if applicable). Also, provide detail in Part VI, including (i) the names and EIN numbers of the supported organizations added, substituted, or removed; (ii) the reasons for each such action; (iii) the authority under the organization's organizing document authorizing such action; and (iv) how the action was accomplished (such as by amendment to the organizing document).

Type I or Type II only. Was any added or substituted supported organization part of a class already designated in the organization's organizing document?

Substitutions only. Was the substitution the result of an event beyond the organization's control?

Did the organization provide support (whether in the form of grants or the provision of services or facilities) to anyone other than (i) its supported organizations, (ii) individuals that are part of the charitable class benefited by one or more of its supported organizations, or (iii) other supporting organizations that also support or benefit one or more of the filing organization’s supported organizations? If “Yes,” provide detail in Part VI.

Did the organization provide a grant, loan, compensation, or other similar payment to a substantial contributor (defined in section 4958(c)(3)(C)), a family member of a substantial contributor, or a 35% controlled entity with regard to a substantial contributor? If “Yes,” complete Part I of Schedule L (Form 990) .

Did the organization make a loan to a disqualified person (as defined in section 4958) not described on line 7? If “Yes,” complete Part I of Schedule L (Form 990).

Was the organization controlled directly or indirectly at any time during the tax year by one or more disqualified persons, as defined in section 4946 (other than foundation managers and organizations described in section 509(a)(1) or (2))? If “Yes,” provide detail in Part VI.

Did one or more disqualified persons (as defined on line 9a) hold a controlling interest in any entity in which the supporting organization had an interest? If “Yes,” provide detail in Part VI.

Did a disqualified person (as defined on line 9a) have an ownership interest in, or derive any personal benefit from, assets in which the supporting organization also had an interest? If “Yes,” provide detail in Part VI.

10a

Was the organization subject to the excess business holdings rules of section 4943 because of section 4943(f) (regarding certain Type II supporting organizations, and all Type III non-functionally integrated supporting organizations)? If “Yes,” answer line 10b below.

10a

Did the organization have any excess business holdings in the tax year? (Use Schedule C, Form 4720, to determine whether the organization had excess business holdings).

10b

Schedule A (Form 990) 2022

Page 5

Part IV

Supporting Organizations (continued)

Yes

Has the organization accepted a gift or contribution from any of the following persons?

A person who directly or indirectly controls, either alone or together with persons described on lines 11b and 11c below, the governing body of a supported organization?

11a

A family member of a person described on 11a above?

11b

A 35% controlled entity of a person described on line 11a or 11b above? If “Yes” to 11a, 11b, or 11c, provide detail in Part VI.

11c

Section B. Type I Supporting Organizations

Yes

Did the officers, directors, trustees, or membership of one or more supported organizations have the power to regularly appoint or elect at least a majority of the organization’s directors or trustees at all times during the tax year? If “No,” describe in Part VI how the supported organization(s) effectively operated, supervised, or controlled the organization’s activities. If the organization had more than one supported organization, describe how the powers to appoint and/or remove directors or trustees were allocated among the supported organizations and what conditions or restrictions, if any, applied to such powers during the tax year.

Did the organization operate for the benefit of any supported organization other than the supported organization(s) that operated, supervised, or controlled the supporting organization? If “Yes,” explain in Part VI how providing such benefit carried out the purposes of the supported organization(s) that operated, supervised or controlled the supporting organization.

Section C. Type II Supporting Organizations

Yes

Were a majority of the organization’s directors or trustees during the tax year also a majority of the directors or trustees of each of the organization’s supported organization(s)? If “No,” describe in Part VI how control or management of the supporting organization was vested in the same persons that controlled or managed the supported organization(s).

Section D. All Type III Supporting Organizations

Yes

Did the organization provide to each of its supported organizations, by the last day of the fifth month of the organization’s tax year, (i) a written notice describing the type and amount of support provided during the prior tax year, (ii) a copy of the Form 990 that was most recently filed as of the date of notification, and (iii) copies of the organization’s governing documents in effect on the date of notification, to the extent not previously provided?

Were any of the organization’s officers, directors, or trustees either (i) appointed or elected by the supported organization(s) or (ii) serving on the governing body of a supported organization? If "No," explain in Part VI how the organization maintained a close and continuous working relationship with the supported organization(s).

By reason of the relationship described in line 2 above, did the organization’s supported organizations have a significant voice in the organization’s investment policies and in directing the use of the organization’s income or assets at all times during the tax year? If "Yes," describe in Part VI the role the organization’s supported organizations played in this regard.

Section E. Type III Functionally-Integrated Supporting Organizations

Check the box next to the method that the organization used to satisfy the Integral Part Test during the year (see instructions):

The organization satisfied the Activities Test. Complete line 2 below.

The organization is the parent of each of its supported organizations. Complete line 3 below.

The organization supported a governmental entity. Describe in Part VI how you supported a government entity (see instructions)

Activities Test. Answer lines 2a and 2b below.

Yes

Did substantially all of the organization’s activities during the tax year directly further the exempt purposes of the supported organization(s) to which the organization was responsive? If "Yes," then in Part VI identify those supported organizations and explain how these activities directly furthered their exempt purposes, how the organization was responsive to those supported organizations, and how the organization determined that these activities constituted substantially all of its activities.

Did the activities described on line 2a, above constitute activities that, but for the organization’s involvement, one or more of the organization’s supported organization(s) would have been engaged in? If "Yes," explain in Part VI the reasons for the organization’s position that its supported organization(s) would have engaged in these activities but for the organization’s involvement.

Parent of Supported Organizations. Answer lines 3a and 3b below.

Did the organization have the power to regularly appoint or elect a majority of the officers, directors, or trustees of each of the supported organizations?If "Yes" or "No", provide details in Part VI.

Did the organization exercise a substantial degree of direction over the policies, programs and activities of each of its supported organizations? If "Yes," describe in Part VI. the role played by the organization in this regard.

Schedule A (Form 990) 2022

Page 6

Part V

Type III Non-Functionally Integrated 509(a)(3) Supporting Organizations

Check here if the organization satisfied the Integral Part Test as a qualifying trust on Nov. 20, 1970 (explain in Part VI). See instructions. All other Type III non-functionally integrated supporting organizations must complete Sections A through E.

	Section A - Adjusted Net Income		(A) Prior Year	(B) Current Year (optional)
1	Net short-term capital gain	1
2	Recoveries of prior-year distributions	2
3	Other gross income (see instructions)	3
4	Add lines 1 through 3	4
5	Depreciation and depletion	5
6	Portion of operating expenses paid or incurred for production or collection of gross income or for management, conservation, or maintenance of property held for production of income (see instructions)	6
7	Other expenses (see instructions)	7
8	Adjusted Net Income (subtract lines 5, 6 and 7 from line 4)	8

	Section B - Minimum Asset Amount		(A) Prior Year	(B) Current Year (optional)
1	Aggregate fair market value of all non-exempt-use assets (see instructions for short tax year or assets held for part of year):	1
a	Average monthly value of securities	1a
b	Average monthly cash balances	1b
c	Fair market value of other non-exempt-use assets	1c
d	Total (add lines 1a, 1b, and 1c)	1d
e	Discount claimed for blockage or other factors (explain in detail in Part VI):
2	Acquisition indebtedness applicable to non-exempt use assets	2
3	Subtract line 2 from line 1d	3
4	Cash deemed held for exempt use. Enter 0.015 of line 3 (for greater amount, see instructions).	4
5	Net value of non-exempt-use assets (subtract line 4 from line 3)	5
6	Multiply line 5 by 0.035	6
7	Recoveries of prior-year distributions	7
8	Minimum Asset Amount (add line 7 to line 6)	8

	Section C - Distributable Amount		Current Year
1	Adjusted net income for prior year (from Section A, line 8, Column A)	1
2	Enter 85% of line 1	2
3	Minimum asset amount for prior year (from Section B, line 8, Column A)	3
4	Enter greater of line 2 or line 3	4
5	Income tax imposed in prior year	5
6	Distributable Amount. Subtract line 5 from line 4, unless subject to emergency temporary reduction (see instructions)	6

Check here if the current year is the organization's first as a non-functionally-integrated Type III supporting organization (see instructions)

Schedule A (Form 990) 2022

Page 7

Part V

Type III Non-Functionally Integrated 509(a)(3) Supporting Organizations(continued)

Section D - Distributions		Current Year
1 Amounts paid to supported organizations to accomplish exempt purposes	1
2 Amounts paid to perform activity that directly furthers exempt purposes of supported organizations, in excess of income from activity	2
3 Administrative expenses paid to accomplish exempt purposes of supported organizations	3
4 Amounts paid to acquire exempt-use assets	4
5 Qualified set-aside amounts (prior IRS approval required - provide details in Part VI)	5
6 Other distributions (describe in Part VI). See instructions	6
7Total annual distributions. Add lines 1 through 6.	7
8 Distributions to attentive supported organizations to which the organization is responsive (provide details in Part VI). See instructions	8
9 Distributable amount for 2022 from Section C, line 6	9
10 Line 8 amount divided by Line 9 amount	10

Section E - Distribution Allocations (see instructions)		(i) Excess Distributions	(ii) Underdistributions Pre-2022	(iii) Distributable Amount for 2022
1 Distributable amount for 2022 from Section C, line 6
2 Underdistributions, if any, for years prior to 2022 (reasonable cause required-- explain in Part VI). See instructions.
3 Excess distributions carryover, if any, to 2022:
a From 2017.......
b From 2018.......
c From 2019.......
d From 2020.......
e From 2021.......
fTotal of lines 3a through e
g Applied to underdistributions of prior years
h Applied to 2022 distributable amount
i Carryover from 2017 not applied (see instructions)
j Remainder. Subtract lines 3g, 3h, and 3i from line 3f.
4Distributions for 2022 from Section D, line 7:
$
a Applied to underdistributions of prior years
b Applied to 2022 distributable amount
c Remainder. Subtract lines 4a and 4b from line 4.
5 Remaining underdistributions for years prior to 2022, if any. Subtract lines 3g and 4a from line 2. If the amount is greater than zero, explain in Part VI. See instructions.
6 Remaining underdistributions for 2022. Subtract lines 3h and 4b from line 1. If the amount is greater than zero, explain in Part VI. See instructions.
7 Excess distributions carryover to 2023. Add lines 3j and 4c.
8 Breakdown of line 7:
a Excess from 2018.....
b Excess from 2019.....
c Excess from 2020.....
d Excess from 2021.....
e Excess from 2022.....

Schedule A (Form 990) (2022)

Schedule A (Form 990) 2022

Page 8

Part VI

Supplemental Information. Provide the explanations required by Part II, line 10; Part II, line 17a or 17b; Part III, line 12; Part IV, Section A, lines 1, 2, 3b, 3c, 4b, 4c, 5a, 6, 9a, 9b, 9c, 11a, 11b, and 11c; Part IV, Section B, lines 1 and 2; Part IV, Section C, line 1; Part IV, Section D, lines 2 and 3; Part IV, Section E, lines 1c, 2a, 2b, 3a and 3b; Part V, line 1; Part V, Section B, line 1e; Part V Section D, lines 5, 6, and 8; and Part V, Section E, lines 2, 5, and 6. Also complete this part for any additional information. (See instructions).

Facts And Circumstances Test

Return Reference	Explanation

Schedule A (Form 990) 2022

Additional Data

Software ID:
Software Version:

- TIN:

Schedule B
(Form 990)

Department of the Treasury
Internal Revenue Service

Schedule of Contributors

Attach to Form 990, 990-EZ, or 990-PF.

Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2022

Name of the organization

LIBERTY UNIVERSITY INC

Employer identification number

54-0946734

Organization type (check one):

Filers of:

Section:

Form 990 or 990-EZ

501(c)( ) (enter number) organization

4947(a)(1) nonexempt charitable trust not treated as a private foundation

527 political organization

Form 990-PF

501(c)(3) exempt private foundation

4947(a)(1) nonexempt charitable trust treated as a private foundation

501(c)(3) taxable private foundation

Check if your organization is covered by the General Rule or a Special Rule.
Note: Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.

General Rule

For an organization filing Form 990, 990-EZ, or 990-PF that received, during the year, contributions totaling $5,000 or more (in money or other property) from any one contributor. Complete Parts I and II. See instructions for determining a contributor's total contributions.

Special Rules

For an organization described in section 501(c)(3) filing Form 990 or 990-EZ that met the 33¹/3% support test of the regulations
under sections 509(a)(1) and 170(b)(1)(A)(vi), that checked Schedule A (Form 990 or 990-EZ), Part II, line 13, 16a, or 16b, and that received from any one contributor, during the year, total contributions of the greater of (1) $5,000 or (2) 2% of the amount on (i) Form 990, Part VIII, line 1h, or (ii) Form 990-EZ, line 1. Complete Parts I and II.

For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, total contributions of more than $1,000 exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals. Complete Parts I, II, and III.

For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, contributions exclusively for religious, charitable, etc., purposes, but no such contributions totaled more than $1,000. If this box is checked, enter here the total contributions that were received during the year for an exclusively religious, charitable, etc., purpose. Don't complete any of the parts unless the General Rule applies to this organization because it received nonexclusively religious, charitable, etc., contributions totaling $5,000 or more during the year ......... Arrow Bullet

Caution: An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its Form 990-EZ
or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
990-EZ, or 990-PF).

For Paperwork Reduction Act Notice, see the Instructions
for Form 990, 990-EZ, or 990-PF.

Cat. No. 30613XSchedule B (Form 990) (2022)

Schedule B (Form 990) (2022) Page 2

Name of organization LIBERTY UNIVERSITY INC

Part I Contributors	Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
RESTRICTED	,	$ RESTRICTED	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
Schedule B (Form 990) (2022)

Schedule B (Form 990) (2022)

Page 3

Name of organization LIBERTY UNIVERSITY INC		Employer identification number 54-0946734

Part II	Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
Schedule B (Form 990) (2022)

Schedule B (Form 990) (2022)

Page 4


Name of organization LIBERTY UNIVERSITY INC			Employer identification number 54-0946734
Part III Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) $ Use duplicate copies of Part III if additional space is needed.

(a)
No. from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a)
No. from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a)
No. from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a)
No. from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

Schedule B (Form 990) (2022)

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE C
(Form 990)

Department of the Treasury
Internal Revenue Service

Political Campaign and Lobbying Activities

For Organizations Exempt From Income Tax Under section 501(c) and section 527

SchCMd Bullet

Complete if the organization is described below. SchCMd Bullet

Attach to Form 990 or Form 990-EZ.
SchCMd Bullet

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2021

Open to Public
Inspection

If the organization answered "Yes" on Form 990, Part IV, Line 3, or Form 990-EZ, Part V, line 46 (Political Campaign Activities), then
Round Bullet

Section 501(c)(3) organizations: Complete Parts I-A and B. Do not complete Part I-C.
Round Bullet

Section 501(c) (other than section 501(c)(3)) organizations: Complete Parts I-A and C below. Do not complete Part I-B.
Round Bullet

Section 527 organizations: Complete Part I-A only.
If the organization answered "Yes" on Form 990, Part IV, Line 4, or Form 990-EZ, Part VI, line 47 (Lobbying Activities), then
Round Bullet

Section 501(c)(3) organizations that have filed Form 5768 (election under section 501(h)): Complete Part II-A. Do not complete Part II-B.
Round Bullet

Section 501(c)(3) organizations that have NOT filed Form 5768 (election under section 501(h)): Complete Part II-B. Do not complete Part II-A.
If the organization answered "Yes" on Form 990, Part IV, Line 5 (Proxy Tax) (see separate instructions) or Form 990-EZ, Part V, line 35c (Proxy Tax) (see separate instructions), then
Round Bullet

Section 501(c)(4), (5), or (6) organizations: Complete Part III.

Name of the organization

LIBERTY UNIVERSITY INC

Employer identification number

54-0946734

Part I-A

Complete if the organization is exempt under section 501(c) or is a section 527 organization.

Provide a description of the organization’s direct and indirect political campaign activities in Part IV. See instructions for definition of “political campaign activities."

Political campaign activity expenditures. See instructions .................................................................... SchCMd Bullet

Volunteer hours for political campaign activities. See instructions ..................................................................

Part I-B

Complete if the organization is exempt under section 501(c)(3).

Enter the amount of any excise tax incurred by the organization under section 4955 ................................ SchCMd Bullet

Enter the amount of any excise tax incurred by organization managers under section 4955 ....................... SchCMd Bullet

If the organization incurred a section 4955 tax, did it file Form 4720 for this year? .........................................

Yes No

Was a correction made? ......................................................................................................................

Yes No

If "Yes," describe in Part IV.

Part I-C

Complete if the organization is exempt under section 501(c), except section 501(c)(3).

Enter the amount directly expended by the filing organization for section 527 exempt function activities ..... SchCMd Bullet

Enter the amount of the filing organization's funds contributed to other organizations for section 527 exempt function activities ............................................................................................................................ SchCMd Bullet

Total exempt function expenditures. Add lines 1 and 2. Enter here and on Form 1120-POL, line 17b........... SchCMd Bullet

Did the filing organization file Form 1120-POL for this year? ...................................................................

Yes No

Enter the names, addresses and employer identification number (EIN) of all section 527 political organizations to which the filing
organization made payments. For each organization listed, enter the amount paid from the filing organization’s funds. Also enter the amount of political contributions received that were promptly and directly delivered to a separate political organization, such as a separate segregated fund or a political action committee (PAC). If additional space is needed, provide information in Part IV.

(a) Name	(b) Address	(c) EIN	(d) Amount paid from filing organization's funds. If none, enter -0-.	(e) Amount of political contributions received and promptly and directly delivered to a separate political organization. If none, enter -0-.
1
2
3
4
5
6

For Paperwork Reduction Act Notice, see the instructions for Form 990.

Cat. No. 50084S

Schedule C (Form 990) 2021

Page 2

Part II-A

Complete if the organization is exempt under section 501(c)(3) and filed Form 5768 (election under section 501(h)).

A Check SchCMd Bullet

if the filing organization belongs to an affiliated group (and list in Part IV each affiliated group member's name, address, EIN, expenses, and share of excess lobbying expenditures).
B Check SchCMd Bullet

if the filing organization checked box A and "limited control" provisions apply.

Limits on Lobbying Expenditures (The term "expenditures" means amounts paid or incurred.)		(a) Filing organization's totals	(b) Affiliated group totals
1a	Total lobbying expenditures to influence public opinion (grass roots lobbying) ......................	4,447
b	Total lobbying expenditures to influence a legislative body (direct lobbying) ........................	33,239
c	Total lobbying expenditures (add lines 1a and 1b) ............................................................	37,686
d	Other exempt purpose expenditures ...............................................................................	1,381,028,742
e	Total exempt purpose expenditures (add lines 1c and 1d) ..................................................	1,381,066,428
f	Lobbying nontaxable amount. Enter the amount from the following table in both columns.	1,000,000
	If the amount on line 1e, column (a) or (b) is:The lobbying nontaxable amount is:
	Not over $500,00020% of the amount on line 1e.
	Over $500,000 but not over $1,000,000$100,000 plus 15% of the excess over $500,000.
	Over $1,000,000 but not over $1,500,000$175,000 plus 10% of the excess over $1,000,000.
	Over $1,500,000 but not over $17,000,000$225,000 plus 5% of the excess over $1,500,000.
	Over $17,000,000$1,000,000.

g	Grassroots nontaxable amount (enter 25% of line 1f) .................................................	250,000
h	Subtract line 1g from line 1a. If zero or less, enter -0-. ................................................
i	Subtract line 1f from line 1c. If zero or less, enter -0-. ................................................
j	If there is an amount other than zero on either line 1h or line 1i, did the organization file Form 4720 reporting section 4911 tax for this year? ...................................................................................................................		Yes No

4-Year Averaging Period Under Section 501(h) (Some organizations that made a section 501(h) election do not have to complete all of the five columns below. See the separate instructions for lines 2a through 2f.)
Lobbying Expenditures During 4-Year Averaging Period
	Calendar year (or fiscal year beginning in)	(a) 2018	(b) 2019	(c) 2020	(d) 2021	(e) Total

2a	Lobbying nontaxable amount	1,000,000	1,000,000	1,000,000	1,000,000	4,000,000

b	Lobbying ceiling amount (150% of line 2a, column(e))					6,000,000

c	Total lobbying expenditures	88,120	301,033	53,183	37,686	480,022

d	Grassroots nontaxable amount	250,000	250,000	250,000	250,000	1,000,000

e	Grassroots ceiling amount (150% of line 2d, column (e))					1,500,000

f	Grassroots lobbying expenditures	32,838	277,608	0	4,447	314,893

Schedule C (Form 990) 2021

Page 3

Part II-B

Complete if the organization is exempt under section 501(c)(3) and has NOT filed Form 5768 (election under section 501(h)).

For each "Yes" response on lines 1a through 1i below, provide in Part IV a detailed description of the lobbying activity.

(a)

Yes|No

(b)

Amount

During the year, did the filing organization attempt to influence foreign, national, state or local legislation, including any attempt to influence public opinion on a legislative matter or referendum, through the use of:

Volunteers? ...........................................................................................................

Paid staff or management (include compensation in expenses reported on lines 1c through 1i)? ........

Media advertisements? ...................................................................................................

Mailings to members, legislators, or the public? .............................................................................

Publications, or published or broadcast statements? ...........................................................

Grants to other organizations for lobbying purposes? ..........................................................

Direct contact with legislators, their staffs, government officials, or a legislative body? .......................

Rallies, demonstrations, seminars, conventions, speeches, lectures, or any similar means? ..................

Other activities? ...................................................................................................................

Total. Add lines 1c through 1i ....................................................................................................

Did the activities in line 1 cause the organization to be not described in section 501(c)(3)? .....

If "Yes," enter the amount of any tax incurred under section 4912 ...........................................

If "Yes," enter the amount of any tax incurred by organization managers under section 4912 ...................

If the filing organization incurred a section 4912 tax, did it file Form 4720 for this year? ........................

Part III-A

Complete if the organization is exempt under section 501(c)(4), section 501(c)(5), or section 501(c)(6).

Yes

Were substantially all (90% or more) dues received nondeductible by members? ...............................................

Did the organization make only in-house lobbying expenditures of $2,000 or less? ............................................

Did the organization agree to carry over lobbying and political expenditures from the prior year? .................................

Part III-B

Complete if the organization is exempt under section 501(c)(4), section 501(c)(5), or section 501(c)(6) and if either (a) BOTH Part III-A, lines 1 and 2, are answered "No" OR (b) Part III-A, line 3, is answered “Yes."

Dues, assessments and similar amounts from members ......................................................................

Section 162(e) nondeductible lobbying and political expenditures (do not include amounts of political expenses for which the section 527(f) tax was paid).

Current year .............................................................................................................................

Carryover from last year ............................................................................................................

Total ...........................................................................................................................................

Aggregate amount reported in section 6033(e)(1)(A) notices of nondeductible section 162(e) dues .

If notices were sent and the amount on line 2c exceeds the amount on line 3, what portion of the excess does the organization agree to carryover to the reasonable estimate of nondeductible lobbying and political expenditure next year? ......................................................................................................................

Taxable amount of lobbying and political expenditures. See Instructions .........................................

Part IV

Supplemental Information

Provide the descriptions required for Part l-A, line 1; Part l-B, line 4; Part l-C, line 5; Part II-A (affiliated group list); Part II-A, lines 1 and 2 (see instructions), and Part ll-B, line 1. Also, complete this part for any additional information.

Return Reference	Explanation

Schedule C (Form 990) 2021

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE D
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Financial Statements

Complete if the organization answered "Yes," on Form 990,
Part IV, line 6, 7, 8, 9, 10, 11a, 11b, 11c, 11d, 11e, 11f, 12a, or 12b.
SchDMd Bullet

Attach to Form 990.
SchDMd Bullet

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2021

Open to Public Inspection

Name of the organization

LIBERTY UNIVERSITY INC

Employer identification number

54-0946734

Part I

Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts. Complete if the organization answered "Yes" on Form 990, Part IV, line 6.

		(a) Donor advised funds	(b) Funds and other accounts
1	Total number at end of year .........
2	Aggregate value of contributions to (during year)
3	Aggregate value of grants from (during year)
4	Aggregate value at end of year ........

Did the organization inform all donors and donor advisors in writing that the assets held in donor advised funds are the organization’s property, subject to the organization’s exclusive legal control? ............

Yes No

Did the organization inform all grantees, donors, and donor advisors in writing that grant funds can be used only for charitable purposes and not for the benefit of the donor or donor advisor, or for any other purpose conferring impermissible private benefit? ...................................

Yes No

Part II

Conservation Easements.
Complete if the organization answered "Yes" on Form 990, Part IV, line 7.

Purpose(s) of conservation easements held by the organization (check all that apply).

Preservation of land for public use (e.g., recreation or education) Preservation of an historically important land area

Protection of natural habitat Preservation of a certified historic structure

Preservation of open space

Complete lines 2a through 2d if the organization held a qualified conservation contribution in the form of a conservation easement on the last day of the tax year.


a	Total number of conservation easements ......................	2a
b	Total acreage restricted by conservation easements ....................	2b
c	Number of conservation easements on a certified historic structure included in (a) .....	2c
d	Number of conservation easements included in (c) acquired after 7/25/06, and not on a historic structure listed in the National Register ...	2d

Number of conservation easements modified, transferred, released, extinguished, or terminated by the organization during the
tax year SchDMd Bullet

Number of states where property subject to conservation easement is located SchDMd Bullet

Does the organization have a written policy regarding the periodic monitoring, inspection, handling of violations, and enforcement of the conservation easements it holds? ............

Yes No

Staff and volunteer hours devoted to monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
SchDMd Bullet

Amount of expenses incurred in monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
SchDMd Bullet

Does each conservation easement reported on line 2(d) above satisfy the requirements of section 170(h)(4)(B)(i) and section 170(h)(4)(B)(ii)? .............................

Yes No

In Part XIII, describe how the organization reports conservation easements in its revenue and expense statement, and
balance sheet, and include, if applicable, the text of the footnote to the organization’s financial statements that describes
the organization’s accounting for conservation easements.

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets.
Complete if the organization answered "Yes" on Form 990, Part IV, line 8.

If the organization elected, as permitted under FASB ASC 958, not to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide, in Part XIII, the text of the footnote to its financial statements that describes these items.

If the organization elected, as permitted under FASB ASC 958, to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide the following amounts relating to these items:

(i)

Revenue included on Form 990, Part VIII, line 1 ......................... SchDMd Bullet

(ii)

Assets included in Form 990, Part X ............................... SchDMd Bullet

If the organization received or held works of art, historical treasures, or other similar assets for financial gain, provide the
following amounts required to be reported under FASB ASC 958 relating to these items:

Revenue included on Form 990, Part VIII, line 1 .......................... SchDMd Bullet

Assets included in Form 990, Part X ............................... SchDMd Bullet

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 52283D

Schedule D (Form 990) 2021

Page 2

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued)

Using the organization’s acquisition, accession, and other records, check any of the following that are a significant use of its collection items (check all that apply):

Public exhibition

Loan or exchange programs

Scholarly research

Other DISPLAY IN University buildings

Preservation for future generations

Provide a description of the organization’s collections and explain how they further the organization’s exempt purpose in
Part XIII.

During the year, did the organization solicit or receive donations of art, historical treasures or other similar
assets to be sold to raise funds rather than to be maintained as part of the organization’s collection?...

Yes No

Part IV

Escrow and Custodial Arrangements. Complete if the organization answered "Yes" on Form 990, Part IV, line 9, or reported an amount on Form 990, Part X, line 21.

Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets not
included on Form 990, Part X? ....................................

Yes No


b	If "Yes," explain the arrangement in Part XIII and complete the following table:		Amount
c	Beginning balance .............................	1c
d	Additions during the year ............................	1d
e	Distributions during the year ..........................	1e
f	Ending balance ................................	1f

Did the organization include an amount on Form 990, Part X, line 21, for escrow or custodial account liability? ...

Yes No

If "Yes," explain the arrangement in Part XIII. Check here if the explanation has been provided in Part XIII ....

Part V

Endowment Funds.
Complete if the organization answered "Yes" on Form 990, Part IV, line 10.

		(a) Current year	(b) Prior year	(c) Two years back	(d) Three years back	(e) Four years back

1a	Beginning of year balance ....	2,169,446,963	2,156,598,596	1,714,462,564	1,587,918,559	1,432,964,225
b	Contributions ...	160,383,413	206,934,544	216,931,978	157,959,701	106,431,660
c	Net investment earnings, gains, and losses	-52,278,876	-194,027,923	225,222,906	-31,375,007	48,522,694
d	Grants or scholarships ...
e	Other expenditures for facilities and programs ...	371,887	58,254	18,852	40,689	20
f	Administrative expenses ....
g	End of year balance ......	2,277,179,613	2,169,446,963	2,156,598,596	1,714,462,564	1,587,918,559

Provide the estimated percentage of the current year end balance (line 1g, column (a)) held as:

Board designated or quasi-endowment SchDMd Bullet

99.050 %

Permanent endowment SchDMd Bullet

0.800 %

Term endowment SchDMd Bullet

0.150 %

The percentages on lines 2a, 2b, and 2c should equal 100%.

Are there endowment funds not in the possession of the organization that are held and administered for the
organization by:

Yes

(i) Unrelated organizations .................

3a(i)

(ii) Related organizations .................

3a(ii)

If "Yes" on 3a(ii), are the related organizations listed as required on Schedule R? .........

Describe in Part XIII the intended uses of the organization's endowment funds.

Part VI

Land, Buildings, and Equipment.
Complete if the organization answered "Yes" on Form 990, Part IV, line 11a. See Form 990, Part X, line 10.

Description of property		(a) Cost or other basis (investment)	(b) Cost or other basis (other)	(c) Accumulated depreciation	(d) Book value

1a	Land .....	112,141,651		112,141,651
b	Buildings ....	1,440,721,023	303,953,618	1,136,767,405
c	Leasehold improvements
d	Equipment ....	283,674,108	208,209,403	75,464,705
e	Other .....	250,242,958	50,092,983	200,149,975
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).)..				1,524,523,736

Schedule D (Form 990) 2021

Page 3

Part VII

Investments - Other Securities.
Complete if the organization answered "Yes" on Form 990, Part IV, line 11b. See Form 990, Part X, line 12.

(a) Description of security or category (including name of security)	(b) Book value	(c) Method of valuation: Cost or end-of-year market value
(1) Financial derivatives.........
(2) Closely-held equity interests........
(3) Other (A) TRADITIONAL FIXED INCOME	401,036,427	F
(B) PUBLICLY TRADED EQUITIES	203,848,908	F
(C) HEDGE FUNDS	187,842,120	F
(D) COMMODITIES/OTHER ALTERNATIVES	101,164,155	F
(E) PRIVATE EQUITY/VENTURE CAPITAL	36,262,741	F
(E)
(F)
(G)
(H)
Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)	930,154,351

Part VIII

Investments - Program Related. Complete if the organization answered 'Yes' on Form 990, Part IV, line 11c. See Form 990, Part X, line 13.

(a) Description of investment	(b) Book value	(c) Method of valuation: Cost or end-of-year market value

(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 13.)

Part IX

Other Assets.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 11d. See Form 990, Part X, line 15.

(a) Description				(b) Book value

(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)...........

Part X

Other Liabilities.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 11e or 11f. See Form 990, Part X, line 25.

1.(a) Description of liability	(b) Book value
(1) Federal income taxes	0
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)	29,562,639
2. Liability for uncertain tax positions. In Part XIII, provide the text of the footnote to the organization's financial statements that reports the organization's liability for uncertain tax positions under FIN 48 (ASC 740). Check here if the text of the footnote has been provided in Part XIII

Schedule D (Form 990) 2021

Page 4

Part XI Reconciliation of Revenue per Audited Financial Statements With Revenue per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1	Total revenue, gains, and other support per audited financial statements .......			1	1,373,155,375
2	Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a	Net unrealized gains (losses) on investments ....	2a	132,006,987
b	Donated services and use of facilities .........	2b	1,575,739
c	Recoveries of prior year grants ...........	2c
d	Other (Describe in Part XIII.) ............	2d	5,757,293
e	Add lines 2a through 2d .....................			2e	139,340,019
3	Subtract line 2e from line 1..................			3	1,233,815,356
4	Amounts included on Form 990, Part VIII, line 12, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b .	4a
b	Other (Describe in Part XIII.) ...........	4b	331,861,192
c	Add lines 4a and 4b....................			4c	331,861,192
5	Total revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ......			5	1,565,676,548

Part XII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1	Total expenses and losses per audited financial statements ...........			1	1,051,554,963
2	Amounts included on line 1 but not on Form 990, Part IX, line 25:
a	Donated services and use of facilities .........	2a	1,575,739
b	Prior year adjustments ............	2b
c	Other losses ................	2c
d	Other (Describe in Part XIII.) ............	2d	773,988
e	Add lines 2a through 2d....................			2e	2,349,727
3	Subtract line 2e from line 1...................			3	1,049,205,236
4	Amounts included on Form 990, Part IX, line 25, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b ..	4a
b	Other (Describe in Part XIII.) ............	4b	331,861,192
c	Add lines 4a and 4b.....................			4c	331,861,192
5	Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ......			5	1,381,066,428

Part XIII

Supplemental Information

Provide the descriptions required for Part II, lines 3, 5, and 9; Part III, lines 1a and 4; Part lV, lines 1b and 2b; Part V, line 4; Part X, line 2; Part XI, lines 2d and 4b; and Part XII, lines 2d and 4b. Also complete this part to provide any additional information.

Return Reference	Explanation
Part III, Line 4:	LIBERTY UNIVERSITY HAS A COLLECTION OF DONATED ANIMAL TROPHIES AND A COLLECTION OF DONATED PAINTINGS. THE COLLECTIONS ARE DISPLAYED WITHIN THE UNIVERSITY'S FACILITIES FOR THE EDUCATION AND ENJOYMENT OF STUDENTS AND VISITORS. THERE IS NO ADMISSION CHARGE FOR VIEWING THE COLLECTIONS AND LIBERTY UNIVERSITY DOES NOT ADVERTISE THAT THE COLLECTIONS ARE OPEN TO THE GENERAL PUBLIC.
Part V, Line 4:	THE UNIVERSITY HAS ADOPTED DONOR-RESTRICTED ENDOWMENT AND QUASI-ENDOWMENT SPENDING POLICIES TO HELP ENSURE THE CONTINUED VIABILITY OF ENDOWMENT FUNDS AND TO PRESERVE THE LONG-TERM PURCHASING POWER OF ENDOWMENT FUNDS. INVESTMENT RETURNS ARE ACHIEVED THROUGH CAPITAL APPRECIATION (REALIZED AND UNREALIZED), CURRENT YIELD (INTEREST AND DIVIDENDS), AND NET INCOME ON ENDOWED SUBSIDIARIES. THE UNIVERSITY'S ENDOWMENT IS INVESTED WITH THE PRIMARY GOAL OF PRESERVING CAPITAL TO WITHSTAND POTENTIAL FINANCIAL HARDSHIPS THROUGH GREATER ALLOCATION TO FIXED-INCOME ASSET INSTRUMENTS. PART VII INVESTMENTS-OTHER SECURITIES METHOD OF VALUATION IS NET ASSET VALUE
Part XI, Line 2D - Other Adjustments:	RENT EXPENSES $14,234,081 TAX ADJUSTMENT FOR SUBS FILING SEPARATE RETURNS $33,890,726 FUNDRAISING $32,804 ASU INVESTMENT ADJUSTMENT $(40,544,515) CHANGE IN SPLIT INTEREST $4,983,305 INVESTMENT EXPENSES $(6,839,108) TOTAL TO PART XI, LINE 2D $5,757,293
Part XI, Line 4B - Other Adjustments:	INSTITUTIONAL SCHOLARSHIPS $331,861,192 TOTAL TO PART XI, LINE 4B $331,861,192
Part XII, Line 2D - Other Adjustments:	RENT EXPENSES $14,234,081 TAX ADJUSTMENT FOR SUBS FILING SEPARATE RETURNS $33,890,726 FUNDRAISING $32,804 ASU INVESTMENT ADJUSTMENT $(40,544,515) INVESTMENT EXPENSES $(6,839,108) TOTAL TO PART XII, LINE 2D $773,988
Part XII, Line 4B - Other Adjustments:	INSTITUTIONAL SCHOLARSHIPS $331,861,192 TOTAL TO PART XII, LINE 4B $331,861,192

Schedule D (Form 990) 2021

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE E(Form 990)

Department of the Treasury
Internal Revenue Service

Schools

Complete if the organization answered "Yes" on Form 990,
Part IV, line 13, or Form 990-EZ, Part VI, line 48.
Right pointing arrow large image

Attach to Form 990 or Form 990-EZ.
Right pointing arrow large image

Go to www.irs.gov/Form990EZ for the latest information.

OMB No. 1545-0047 2022Open to Public Inspection

Name of the organization

LIBERTY UNIVERSITY INC

Employer identification number

54-0946734

Part I

YES

Does the organization have a racially nondiscriminatory policy toward students by statement in its charter, bylaws,

other governing instrument, or in a resolution of its governing body? . . . . . . . . . . . . . . . . . .

Yes

Does the organization include a statement of its racially nondiscriminatory policy toward students in all its

brochures, catalogues, and other written communications with the public dealing with student admissions,

programs, and scholarships? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

Has the organization publicized its racially nondiscriminatory policy on its primary publicly accessible Internet homepage at

all times during its taxable year in a manner reasonably expected to be noticed by visitors to the homepage, or through

newspaper or broadcast media during the period of solicitation for students, or during the registration period if it has no

solicitation program, in a way that makes the policy known to all parts of the general community it serves? If "Yes," please

describe. If "No," please explain. If you need more space use Part II. . . . . . . . . . . . . . . . . . .

Yes

Does the organization maintain the following?

Records indicating the racial composition of the student body, faculty, and administrative staff? . . . . . . . . .

Yes

Records documenting that scholarships and other financial assistance are awarded on a racially nondiscriminatory

basis? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

Copies of all catalogues, brochures, announcements, and other written communications to the public dealing

with student admissions, programs, and scholarships? . . . . . . . . . . . . . . . . . . . . . . .

Yes

Copies of all material used by the organization or on its behalf to solicit contributions? . . . . . . . . . . . .

Yes

If you answered "No" to any of the above, please explain. If you need more space, use Part II.

Does the organization discriminate by race in any way with respect to:

Students' rights or privileges? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Admissions policies? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Employment of faculty or administrative staff? . . . . . . . . . . . . . . . . . . . . . . . . .

Scholarships or other financial assistance? . . . . . . . . . . . . . . . . . . . . . . . . . .

Educational policies? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Use of facilities? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Athletic programs? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other extracurricular activities? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

If you answered "Yes" to any of the above, please explain. If you need more space, use Part II.

Does the organization receive any financial aid or assistance from a governmental agency? . . . . . . . . . .

Yes

Has the organization's right to such aid ever been revoked or suspended? . . . . . . . . . . . . . . . .

If you answered "Yes" to either line 6a or line 6b, explain on Part II.

Does the organization certify that it has complied with the applicable requirements of sections 4.01 through 4.05

of Rev. Proc. 75-50, 1975-2 C.B. 587, as modified by Rev. Proc. 2019-22, 2019-22 I.R.B. 1260, covering racial nondiscrimination? If "No," explain on Part II. . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 50085D

Schedule E (Form 990) (2022)

Page 2

Part II

Supplemental Information. Provide the explanations required by Part I, lines 3, 4d, 5h, 6b, and 7, as applicable. Also provide
any other additional information. See instructions.

Return Reference	Explanation
Schedule E, Line 3	EXPLANATION OF NONDISCRIMINATION POLICY: LIBERTY UNIVERSITY DRAWS A SUBSTANTIAL PERCENTAGE OF ITS STUDENTS NATIONWIDE, AND FOLLOWS A RACIALLY NON-DISCRIMINATORY POLICY AS TO STUDENTS. THIS POLICY IS ONLINE WITH LINKS AT THE BOTTOM OF VIRTUALLY EVERY UNIVERSITY WEBPAGE AND IN ALL THE BROCHURES AND CATALOGS DEALING WITH ADMISSION AND SCHOLARSHIPS.
Schedule E, Line 6	EXPLANATION OF GOVERNMENT FINANCIAL AID: LIBERTY UNIVERSITY PROCESSES AND DISTRIBUTES FEDERAL AND STATE FINANCIAL AID IN THE FORM OF GRANTS, LOANS, AND SCHOLARSHIPS TO STUDENTS TO HELP WITH EDUCATION-RELATED EXPENSES. SUCH STUDENT FINANCIAL AID IS AWARDED ON THE BASIS OF FINANCIAL NEED BASED ON PRESCRIBED GOVERNMENTAL FORMULAS.

Schedule E (Form 990) (2022)

Additional Data

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SCHEDULE F(Form 990)

Department of the Treasury
Internal Revenue Service

Statement of Activities Outside the United States

Complete if the organization answered "Yes" to Form 990, Part IV, line 14b, 15, or 16. Right pointing arrow large image

Attach to Form 990. Right pointing arrow large image

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2022

Open to Public Inspection

Name of the organization
LIBERTY UNIVERSITY INC

Employer identification number

54-0946734

Part I

General Information on Activities Outside the United States. Complete if the organization answered "Yes" on Form 990, Part IV, line 14b.

For grantmakers. Does the organization maintain records to substantiate the amount of its grants and

other assistance, the grantees’ eligibility for the grants or assistance, and the selection criteria used

to award the grants or assistance? . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

For grantmakers. Describe in Part V the organization’s procedures for monitoring the use of its grants and other assistance outside the United States.

Activites per Region. (The following Part I, line 3 table can be duplicated if additional space is needed.)

(a) Region		(b) Number of offices in the region	(c) Number of employees, agents, and independent contractors in the region	(d) Activities conducted in region (by type) (such as, fundraising, program services, investments, grants to recipients located in the region)	(e) If activity listed in (d) is a program service, describe specific type of service(s) in the region	(f) Total expenditures for and investments in the region
	Central America and the Caribbean	0	0	Investments		60,315,432
	Europe (Including Iceland and Greenland)	0	0	Program Services	mission trip/study abr	238,340
	Middle East and North Africa	0	0	Program Services	mission trip/study abr	216,999
	Sub-Saharan Africa	0	0	Program Services	mission trip/study abr	108,151
	East Asia and the Pacific	0	0	Program Services	mission trip/study abr	86,663
	South America	0	0	Program Services	mission trip/study abr	53,031











3a	Sub-total ....	0	0			61,018,616
b	Total from continuation sheets to Part I ...
c	Totals (add lines 3a and 3b)	0	0			61,018,616

For Paperwork Reduction Act Notice, see the Instructions for Form 990.Cat. No. 50082W Schedule F (Form 990) 2022

Schedule F (Form 990) 2022

Page 2

Part II

Grants and Other Assistance to Organizations or Entities Outside the United States. Complete if the organization answered "Yes" on Form 990, Part IV, line 15, for any recipient who received more than $5,000. Part II can be duplicated if additional space is needed.

1 (a) Name of organization		(b) IRS code section and EIN (if applicable)	(c) Region	(d) Purpose of grant	(e) Amount of cash grant	(f) Manner of cash disbursement	(g) Amount of noncash assistance	(h) Description of noncash assistance	(i) Method of valuation (book, FMV, appraisal, other)

2	Enter total number of recipient organizations listed above that are recognized as charities by the foreign country, recognized as tax-exempt by the IRS, or for which the grantee or counsel has provided a section 501(c)(3) equivalency letter .......
3	Enter total number of other organizations or entities .......................

Schedule F (Form 990) 2022

Schedule F (Form 990) 2022Page 3

Part III

Grants and Other Assistance to Individuals Outside the United States. Complete if the organization answered "Yes" on Form 990, Part IV, line 16.

Part III can be duplicated if additional space is needed.

(a) Type of grant or assistance		(b) Region	(c) Number of recipients	(d) Amount of cash grant	(e) Manner of cash disbursement	(f) Amount of noncash assistance	(g) Description of noncash assistance	(h) Method of valuation (book, FMV, appraisal, other)

Schedule F (Form 990) 2022

Page 4

Part IV

Foreign Forms

Schedule F (Form 990) 2022

Page 5

Part V

Supplemental Information
Provide the information required by Part I, line 2 (monitoring of funds); Part I, line 3, column (f) (accounting method; amounts of investments vs. expenditures per region); Part II, line 1 (accounting method); Part III (accounting method); and Part III, column (c) (estimated number of recipients), as applicable. Also complete this part to provide any additional information. See instructions.

ReturnReference	Explanation

Schedule F (Form 990) 2022

Additional Data

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SCHEDULE G (Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Information Regarding
Fundraising or Gaming Activities

Complete if the organization answered "Yes" on Form 990, Part IV, lines 17, 18, or 19, or if the organization entered more than $15,000 on Form 990-EZ, line 6a. right arrow

Attach to Form 990 or Form 990-EZ.
right arrow

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2022

Open to Public Inspection

Name of the organization
LIBERTY UNIVERSITY INC

Employer identification number

54-0946734

Part I

Fundraising Activities.Complete if the organization answered "Yes" on Form 990, Part IV, line 17.

Form 990-EZ filers are not required to complete this part.

Indicate whether the organization raised funds through any of the following activities. Check all that apply.

a	Mail solicitations	e	Solicitation of non-government grants
b	Internet and email solicitations	f	Solicitation of government grants
c	Phone solicitations	g	Special fundraising events
d	In-person solicitations

Did the organization have a written or oral agreement with any individual (including officers, directors, trustees

or key employees listed in Form 990, Part VII) or entity in connection with professional fundraising services?

YesNo

If "Yes," list the 10 highest paid individuals or entities (fundraisers) pursuant to agreements under which the fundraiser is
to be compensated at least $5,000 by the organization.

(i) Name and address of individual or entity (fundraiser)	(iii) Did fundraiser have custody or control of contributions?
	Yes	No










Total . . . . . . . . . . . . . . . . . . . .

List all states in which the organization is registered or licensed to solicit contributions or has been notified it is exempt from registration or licensing.

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 50083H

Schedule G (Form 990) 2022

Page 2

Part II

Fundraising Events. Complete if the organization answered "Yes" on Form 990, Part IV, line 18, or reported more than $15,000 of fundraising event contributions and gross income on Form 990-EZ, lines 1 and 6b. List events with gross receipts greater than $5,000.

		(a) Event #1 ATHLETIC GOLF (event type)	(d) Total events (add col. (a) through col. (c))
1	Gross receipts . . . . .	42,475	42,475
2	Less: Contributions . . . .
3	Gross income (line 1 minus line 2) . . . . . .	42,475	42,475

4	Cash prizes . . . . .
5	Noncash prizes . . . .	22,192	22,192
6	Rent/facility costs . . . .	7,740	7,740
7	Food and beverages . . .	2,409	2,409
8	Entertainment . . . .
9	Other direct expenses . . .	463	463
10	Direct expense summary. Add lines 4 through 9 in column (d) . . . . . . . . . .		32,804
11	Net income summary. Subtract line 10 from line 3, column (d). . . . . . . . . .		9,671

Part III

Gaming. Complete if the organization answered "Yes" on Form 990, Part IV, line 19, or reported more than $15,000 on Form 990-EZ, line 6a.

		(a) Bingo	(b) Pull tabs/Instant bingo/progressive bingo	(c) Other gaming	(d) Total gaming (add col.(a) through col.(c))
1	Gross revenue . . . . .

2	Cash prizes . . . . .
3	Noncash prizes . . . .
4	Rent/facility costs . . . .
5	Other direct expenses . . .

Volunteer labor . . . .

	Yes %
	No

	Yes %
	No

	Yes %
	No

Direct expense summary. Add lines 2 through 5 in column (d) . . . . . . . . . . right arrow

Net gaming income summary. Subtract line 7 from line 1, column (d). . . . . . . . . right arrow

Enter the state(s) in which the organization conducts gaming activities:

Is the organization licensed to conduct gaming activities in each of these states? . . . . . . . .

YesNo

If "No," explain:

10a

Were any of the organization's gaming licenses revoked, suspended or terminated during the tax year? . . .

YesNo

If "Yes," explain:

Schedule G (Form 990) 2022

Page 3

Does the organization conduct gaming activities with nonmembers? . . . . . . . . . . .

YesNo

Is the organization a grantor, beneficiary or trustee of a trust or a member of a partnership or other entity

formed to administer charitable gaming? . . . . . . . . . . . . . . . . .

YesNo

Indicate the percentage of gaming activity conducted in:

The organization's facility . . . . . . . . . . . . . . . . . .

13a

An outside facility . . . . . . . . . . . . . . . . . . . .

13b

Enter the name and address of the person who prepares the organization's gaming/special events books and records:

Name

Address

15a

Does the organization have a contract with a third party from whom the organization receives gaming

revenue? . . . . . . . . . . . . . . . . . . . . . . . .

YesNo

If "Yes," enter the amount of gaming revenue received by the organization right arrow

$ and the

amount of gaming revenue retained by the third party right arrow

$ .

If "Yes," enter name and address of the third party:

Name

Address

Gaming manager information:

Name

Gaming manager compensation right arrow

Description of services provided right arrow

Director/officer Employee Independent contractor

Mandatory distributions:

Is the organization required under state law to make charitable distributions from the gaming proceeds to

retain the state gaming license? . . . . . . . . . . . . . . . . . . .

YesNo

Enter the amount of distributions required under state law distributed to other exempt organizations or spent

in the organization's own exempt activities during the tax year right arrow

Part IV

Supplemental Information. Provide the explanations required by Part I, line 2b, columns (iii) and (v); and Part III, lines 9, 9b, 10b, 15b, 15c, 16, and 17b, as applicable. Also provide any additional information. See instructions.

Return Reference	Explanation

Schedule G (Form 990) 2022

Additional Data

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Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

Schedule I
(Form 990)

Department of the Treasury
Internal Revenue Service

Grants and Other Assistance to Organizations,
Governments and Individuals in the United States

Complete if the organization answered "Yes," on Form 990, Part IV, line 21 or 22.
lBullet

Attach to Form 990.
lBullet

Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2022

Open to Public
Inspection

Name of the organization
LIBERTY UNIVERSITY INC

Employer identification number
54-0946734

Part I

General Information on Grants and Assistance

Does the organization maintain records to substantiate the amount of the grants or assistance, the grantees' eligibility for the grants or assistance, and
the selection criteria used to award the grants or assistance? ........................

Yes No

Describe in Part IV the organization's procedures for monitoring the use of grant funds in the United States.

Part II

Grants and Other Assistance to Domestic Organizations and Domestic Governments. Complete if the organization answered "Yes" on Form 990, Part IV, line 21, for any recipient

that received more than $5,000. Part II can be duplicated if additional space is needed.

(a) Name and address of organization or government	(b) EIN	(c) IRC section (if applicable)	(d) Amount of cash grant	(e) Amount of non-cash assistance	(f) Method of valuation (book, FMV, appraisal, other)	(g) Description of noncash assistance	(h) Purpose of grant or assistance
(1) HOPE PARTNERS INTERNATIONAL 300 Third Ave N St Petersburg,FL33701	23-7088912	501(c)(3)	300,000				Supportive Christian Organization
(2) SAMARITAN'S PURSE PO Box 3000 Boone,NC28607	58-1437002	501(c)(3)	300,000				Supportive Christian Organization
(3) GLOBAL SURGE INC 140 West 29th St Ste 357 Pueblo,CO81008	47-3556611	501(c)(3)	200,000				Supportive Christian Organization
(4) LYNCHBURG BEACON OF HOPE 2600 Memorial Ave Lynchburg,VA24502	45-3797831	501(c)(3)	200,000				Community Support
(5) JERRY VINES MINISTRIES INC 3760 Sixes Rd Ste 126-312 Canton,GA30114	20-4857233	501(c)(3)	100,000				Supportive Christian Organization
(6) TIM LEE MINISTRIES PO Box 461674 Garland,TX750461674	73-1268199	501(c)(3)	100,000				Supportive Christian Organization
(7) HILLSIDE BAPTIST CHURCH 8366 W State Hgwy 266 Springfield,MO65802	42-1696045	501(c)(3)	60,000				Supportive Christian Organization
(8) LEGACY COLLEGE INC 1218 Rivermont Ave Lynchburg,VA24504	81-1162877	501(c)(3)	50,000				community support
(9) JAY LOWDER HARVEST MINISTRIES INC PO Box 9543 Wichita Falls,TX76308	75-2904331	501(c)(3)	40,000				Supportive Christian Organization
(10) MT PISGAH BAPTIST CHURCH AND CHRIST PO Box 341 Oliver Spring,TN37840	62-0984129	501(c)(3)	40,000				Supportive Christian Organization
(11) GAINEY FOUNDATION 6093 Clay Ave SW Grand Rapids,MI49548	91-2025454	501(c)(3)	25,000				Supportive Christian Organization
(12) M4K LYNCHBURG INC 1611 Langhorne Rd Lynchburg,VA24503	81-1738785	501(c)(3)	14,000				community support
(13) CHRISTIAN EMPLOYERS ALLIANCE 6101 Associated Blvd Everett,WA98203	81-1433310	501(c)(3)	10,000				Supportive Christian Organization
(14) LYNCHBURG HUMANE SOCIETY INC 1211 Old Graves Mill Rd Lynchburg,VA24502	54-0570901	501(c)(3)	6,000				community support
(15) WORLD HELP PO Box 501 Forest,VA245510501	54-1615454	501(c)(3)	16,298				Supportive Christian Organization
(16) HOPE OUT LOUD 1168 Lake Meadow Ln Forest,VA24551	90-0595714	501(c)(3)	20,000				Supportive Christian Organization
(17) CAMPBELL AVE BAPTIST CHURCH 3705 Campbell Ave Lynchburg,VA24501	54-1250826	501(c)(3)		17,500	FMV	vehicle	Supportive Christian Organization
(18) LIBERTY CHRISTIAN ACADEMY 100 Mountain View Rd Lynchburg,VA24502	54-0831546	501(c)(3)		72,940	COST/FMV	Turf/Crosswalk/Vehi.	Supportive Christian Organization
(19) THOMAS ROAD BAPTIST CHURCH 1 Mountain View Dr Lynchburg,VA245022689	26-0061907	501(c)(3)		320,285	FMV	Vehicle/Equipment	Supportive Christian Organization
(20) LIBERTY COUNSEL INC PO BOX 540774 ORLANDO,FL32854	59-2986294	501(c)(3)		605,533	COST/FMV	SERVICES/RENT	Supportive Christian Organization

Enter total number of section 501(c)(3) and government organizations listed in the line 1 table ................. Bullet Image

Enter total number of other organizations listed in the line 1 table ........................ . Bullet Image

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50055P

Schedule I (Form 990) 2022

Page 2

Part III

Grants and Other Assistance to Domestic Individuals. Complete if the organization answered "Yes" on Form 990, Part IV, line 22.
Part III can be duplicated if additional space is needed.

(a) Type of grant or assistance	(b) Number of recipients	(c) Amount of cash grant	(d) Amount of noncash assistance	(e) Method of valuation (book, FMV, appraisal, other)	(f) Description of noncash assistance

(1) INSTITUTIONAL SCHOLARSHIPS	106730	322,547,922
(2) MISSIONARY ASSISTANCE	22	41,481
(3) BENEVOLENCE	24	36,491	8,000	FMV	VEHICLE
(3)
(4)
(5)
(6)
(7)

Part IV

Supplemental Information. Provide the information required in Part I, line 2; Part III, column (b); and any other additional information.

Return Reference

Explanation

Part IV:

SCHEDULE I, PART I, LINE 2 DONATIONS ARE MADE TO NONPROFIT ORGANIZATIONS WHOSE PURPOSES ARE CONSISTENT WITH THE RELIGIOUS AND EDUCATIONAL PURPOSES OF LIBERTY UNIVERSITY. SCHEDULE I, PART III, COLUMN B GOVERNMENT FUNDED SCHOLARSHIPS FOR STUDENTS ARE MADE BASED ON FINANCIAL NEED AS PRESCRIBED BY FEDERAL AND STATE REGULATIONS. PRIVATE AND INSTITUTION FUNDED SCHOLARSHIPS ARE AWARDED BASED ON PROGRAM CRITERIA, WHICH INCLUDED SCHOLASTIC MERIT, ATHLETIC EXCELLENCE, ARTISTIC PERFORMANCE, FINANCIAL NEED, HIGH SCHOOL ATTENDED, AND FIELD WORKED.

Schedule I (Form 990) 2022

Additional Data

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Schedule J
(Form 990)

Department of the Treasury
Internal Revenue Service

Compensation Information

For certain Officers, Directors, Trustees, Key Employees, and Highest
Compensated Employees
SchJMediumBullet

Complete if the organization answered "Yes" on Form 990, Part IV, line 23.
SchJMediumBullet

Attach to Form 990.
SchJMediumBullet

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2022

Open to Public Inspection

Name of the organization

LIBERTY UNIVERSITY INC

Employer identification number

54-0946734

Part I

Questions Regarding Compensation

Yes

Check the appropiate box(es) if the organization provided any of the following to or for a person listed on Form
990, Part VII, Section A, line 1a. Complete Part III to provide any relevant information regarding these items.

First-class or charter travel Housing allowance or residence for personal use

Travel for companions Payments for business use of personal residence

Tax idemnification and gross-up payments Health or social club dues or initiation fees

Discretionary spending account Personal services (e.g., maid, chauffeur, chef)

If any of the boxes on Line 1a are checked, did the organization follow a written policy regarding payment or reimbursement or provision of all of the expenses described above? If "No," complete Part III to explain .....

Yes

Did the organization require substantiation prior to reimbursing or allowing expenses incurred by all
directors, trustees, officers, including the CEO/Executive Director, regarding the items checked on Line 1a? ....

Yes

Indicate which, if any, of the following the filing organization used to establish the compensation of the
organization's CEO/Executive Director. Check all that apply. Do not check any boxes for methods
used by a related organization to establish compensation of the CEO/Executive Director, but explain in Part III.

Compensation committee Written employment contract

Independent compensation consultant Compensation survey or study

Form 990 of other organizations Approval by the board or compensation committee

During the year, did any person listed on Form 990, Part VII, Section A, line 1a, with respect to the filing organization or a related organization:

Receive a severance payment or change-of-control payment? .............

Yes

Participate in, or receive payment from, a supplemental nonqualified retirement plan? .........

Participate in, or receive payment from, an equity-based compensation arrangement? .........

If "Yes" to any of lines 4a-c, list the persons and provide the applicable amounts for each item in Part III.

Only 501(c)(3), 501(c)(4), and 501(c)(29) organizations must complete lines 5-9.

For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the revenues of:

The organization? ....................

Any related organization? .......................

If "Yes," on line 5a or 5b, describe in Part III.

For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the net earnings of:

The organization? ..................

Any related organization? ......................

If "Yes," on line 6a or 6b, describe in Part III.

For persons listed on Form 990, Part VII, Section A, line 1a, did the organization provide any nonfixed
payments not described in lines 5 and 6? If "Yes," describe in Part III ............

Yes

Were any amounts reported on Form 990, Part VII, paid or accured pursuant to a contract that was
subject to the initial contract exception described in Regulations section 53.4958-4(a)(3)? If "Yes," describe
in Part III ..........................

If "Yes" on line 8, did the organization also follow the rebuttable presumption procedure described in Regulations section 53.4958-6(c)? .........................

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50053T

Schedule J (Form 990) 2022

Page 2

Part II

Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees. Use duplicate copies if additional space is needed.

For each individual whose compensation must be reported on Schedule J, report compensation from the organization on row (i) and from related organizations, described in the
instructions, on row (ii). Do not list any individuals that are not listed on Form 990, Part VII.
Note. The sum of columns (B)(i)-(iii) for each listed individual must equal the total amount of Form 990, Part VII, Section A, line 1a, applicable column (D) and (E) amounts for that individual.

(A) Name and Title		(B) Breakdown of W-2, 1099-MISC compensation, and/or 1099-NEC			(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)	(F) Compensation in column (B) reported as deferred on prior Form 990
(A) Name and Title		(i) Base compensation	(ii) Bonus & incentive compensation	(iii) Other reportable compensation	(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)
1Mr Danny H Freeze Jr Head Coach - Football	(i) (ii)	3,344,722 ------------- 0	280,151 ------------- 0	168,375 ------------- 0	27,000 ------------- 0	13,181 ------------- 0	3,833,429 ------------- 0	0 ------------- 0
2Mr Ritchie L McKay Head Coach - Basketball	(i) (ii)	1,223,635 ------------- 0	178,748 ------------- 0	0 ------------- 0	47,500 ------------- 0	14,077 ------------- 0	1,463,960 ------------- 0	0 ------------- 0
3Dr Jerry Prevo Trustee/President	(i) (ii)	748,491 ------------- 0	242,964 ------------- 0	0 ------------- 0	27,000 ------------- 0	5,763 ------------- 0	1,024,218 ------------- 0	0 ------------- 0
4Mr Ian McCaw Director of Athletics	(i) (ii)	697,821 ------------- 0	129,566 ------------- 0	135 ------------- 0	47,500 ------------- 0	14,077 ------------- 0	889,099 ------------- 0	0 ------------- 0
5Dr Robert Ritz Chief Fin. Officer/Treasurer	(i) (ii)	510,824 ------------- 0	45,195 ------------- 0	30,060 ------------- 0	47,500 ------------- 0	14,077 ------------- 0	647,656 ------------- 0	0 ------------- 0
6Mr David Corry General Counsel/Secretary	(i) (ii)	412,673 ------------- 0	32,800 ------------- 0	0 ------------- 0	20,833 ------------- 0	13,343 ------------- 0	479,649 ------------- 0	0 ------------- 0
7Mr James Chadwell Head Coach - Football	(i) (ii)	335,083 ------------- 0	144,546 ------------- 0	0 ------------- 0	0 ------------- 0	0 ------------- 0	479,629 ------------- 0	0 ------------- 0
8Dr Ronald Kennedy EVP for Enrollment & Marketing	(i) (ii)	318,142 ------------- 0	30,780 ------------- 0	49,500 ------------- 0	47,500 ------------- 0	13,727 ------------- 0	459,649 ------------- 0	0 ------------- 0
9Dr Scott Hicks Provost & Chief Academic Off.	(i) (ii)	361,991 ------------- 0	31,823 ------------- 0	22,400 ------------- 0	18,083 ------------- 0	291 ------------- 0	434,588 ------------- 0	0 ------------- 0
10Mr Scott Jackson Head Coach - Baseball	(i) (ii)	282,828 ------------- 0	93,213 ------------- 0	0 ------------- 0	41,000 ------------- 0	13,782 ------------- 0	430,823 ------------- 0	0 ------------- 0
11Dr Mark F Horstemeyer Dean, School of Engineering	(i) (ii)	359,573 ------------- 0	2,000 ------------- 0	6,522 ------------- 0	27,000 ------------- 0	13,782 ------------- 0	408,877 ------------- 0	0 ------------- 0
12Dr Shawn Akers Online Provost	(i) (ii)	149,709 ------------- 0	0 ------------- 0	232,915 ------------- 0	7,841 ------------- 0	209 ------------- 0	390,674 ------------- 0	0 ------------- 0
13Mrs Cindy Gaebe SVP of Fin.& Chief Invest Off.	(i) (ii)	284,004 ------------- 0	46,700 ------------- 0	0 ------------- 0	0 ------------- 0	13,343 ------------- 0	344,047 ------------- 0	0 ------------- 0
14Mr Don Moon FORMER OFFICER	(i) (ii)	252,700 ------------- 0	21,035 ------------- 0	0 ------------- 0	47,000 ------------- 0	5,318 ------------- 0	326,053 ------------- 0	0 ------------- 0
15Mr John Gauger Chief Information Officer	(i) (ii)	271,544 ------------- 0	19,960 ------------- 0	0 ------------- 0	13,812 ------------- 0	13,343 ------------- 0	318,659 ------------- 0	0 ------------- 0
16Mr Daniel Deter VP of Major Construction	(i) (ii)	247,745 ------------- 0	44,068 ------------- 0	0 ------------- 0	12,333 ------------- 0	13,343 ------------- 0	317,489 ------------- 0	0 ------------- 0
17Rev Glenn Clary EVP of Strategic P'ships	(i) (ii)	220,578 ------------- 0	34,448 ------------- 0	0 ------------- 0	47,500 ------------- 0	10,860 ------------- 0	313,386 ------------- 0	0 ------------- 0
18Mr Steve Foster EVP of Human Resources	(i) (ii)	239,203 ------------- 0	22,960 ------------- 0	1,308 ------------- 0	27,000 ------------- 0	14,077 ------------- 0	304,548 ------------- 0	0 ------------- 0
19Mr Craig Pettitt VP of Real Estate Management	(i) (ii)	231,745 ------------- 0	18,720 ------------- 0	0 ------------- 0	27,000 ------------- 0	13,343 ------------- 0	290,808 ------------- 0	0 ------------- 0
20Mr Charles Spence SVP of Campus Facilities & Tra	(i) (ii)	234,389 ------------- 0	18,324 ------------- 0	0 ------------- 0	27,000 ------------- 0	10,860 ------------- 0	290,573 ------------- 0	0 ------------- 0
21Mr Shon Muldrow SVP of Inclusion, Divers & Eqy	(i) (ii)	235,577 ------------- 0	17,000 ------------- 0	0 ------------- 0	22,417 ------------- 0	13,988 ------------- 0	288,982 ------------- 0	0 ------------- 0
22Mr Daniel Applewhite Deputy Gen. Counsel/Asst. Secy	(i) (ii)	219,538 ------------- 0	19,843 ------------- 0	0 ------------- 0	10,024 ------------- 0	14,077 ------------- 0	263,482 ------------- 0	0 ------------- 0
23Dr Lawrence Hine Senior VP of Student Affairs	(i) (ii)	198,970 ------------- 0	17,000 ------------- 0	0 ------------- 0	27,000 ------------- 0	10,342 ------------- 0	253,312 ------------- 0	0 ------------- 0
24Mr Scott Spear VP of Finance & Administration	(i) (ii)	178,009 ------------- 0	13,600 ------------- 0	0 ------------- 0	5,250 ------------- 0	13,727 ------------- 0	210,586 ------------- 0	0 ------------- 0
25Pastor Jonathan Falwell Trustee/Chancellor	(i) (ii)	200,000 ------------- 0	8,510 ------------- 0	0 ------------- 0	0 ------------- 0	0 ------------- 0	208,510 ------------- 0	0 ------------- 0
26Mr Matthew Cooper VP of Student Financial Svcs	(i) (ii)	147,578 ------------- 0	12,000 ------------- 0	0 ------------- 0	7,625 ------------- 0	13,343 ------------- 0	180,546 ------------- 0	0 ------------- 0
27Mr Chris Johnson Former Key Employee	(i) (ii)	124,050 ------------- 0	9,000 ------------- 0	0 ------------- 0	5,000 ------------- 0	13,693 ------------- 0	151,743 ------------- 0	0 ------------- 0

Schedule J (Form 990) 2022

Page 3

Part III

Supplemental Information

Provide the information, explanation, or descriptions required for Part I, lines 1a, 1b, 3, 4a, 4b, 4c, 5a, 5b, 6a, 6b, 7, and 8, and for Part II. Also complete this part for any additional information.

Return Reference	Explanation
PART I, LINE 1A:	TYPE OF BENEFIT: FIRST-CLASS OR CHARTER TRAVEL LISTED PERSON WHO RECEIVED THE BENEFIT: TRUSTEES, OFFICERS, KEY AND HIGHLY COMPENSATED WAS THE BENEFIT TREATED AS TAXABLE TO LISTED PERSON? FOR BUSINESS TRAVEL THE AMOUNT IS NEITHER REIMBURSED NOR IS TAXABLE; PERSONAL TRAVEL IS EITHER REIMBURSED OR TREATED AS A TAXABLE BENEFIT. TYPE OF BENEFIT: TRAVEL FOR COMPANIONS LISTED PERSON WHO RECEIVED THE BENEFIT: TRUSTEES, OFFICERS, KEY AND HIGHLY COMPENSATED WAS THE BENEFIT TREATED AS TAXABLE TO THE LISTED PERSON? IF COMPANION HAD A BUSINESS PURPOSE, THE AMOUNT IS NEITHER REIMBURSED NOR TAXABLE. IF COMPANION DOES NOT HAVE A BUSINESS PURPOSE, THE AMOUNT IS EITHER REIMBURSED OR IS TREATED AS A TAXABLE BENEFIT. TYPE OF BENEFIT: TAX INDEMNIFICATION AND GROSS-UP PAYMENTS LISTED PERSON WHO RECEIVED THE BENEFIT: PRESIDENT OF THE UNIVERSITY AND TRUSTEES WAS THE BENEFIT TREATED AS TAXABLE TO LISTED PERSON? THE AMOUNT IS TREATED AS TAXABLE COMPENSATION. TYPE OF BENEFIT: HOUSING ALLOWANCE LISTED PERSON WHO RECEIVED THE BENEFIT: PRESIDENT OF THE UNIVERSITY AND VP OF MAJOR CONSTRUCTION WAS THE BENEFIT TREATED AS TAXABLE TO THE LISTED PERSON? THE AMOUNT IS TREATED AS TAXABLE COMPENSATION UNLESS EXCLUDED UNDER THE INTERNAL REVENUE CODE. TYPE OF BENEFIT: HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES LISTED PERSON WHO RECEIVED THE BENEFIT: HEAD FOOTBALL COACH WAS THE BENEFIT TREATED AS TAXABLE TO LISTED PERSON? THE AMOUNT IS TREATED AS TAXABLE COMPENSATION. TYPE OF BENEFIT: PERSONAL SERVICES LISTED PERSON WHO RECEIVED THE BENEFIT: PRESIDENT OF THE UNIVERSITY WAS THE BENEFIT TREATED AS TAXABLE TO LISTED PERSON? THE AMOUNT IS EITHER REIMBURSED OR TREATED AS TAXABLE COMPENSATION.
PART I, LINE 3:	COMPENSATION OF THE PRESIDENT AND OTHER OFFICERS AND KEY EMPLOYEES ARE REVIEWED ANNUALLY BY THE EXECUTIVE COMMITTEE. COMPARABLE SALARY DATA IS REVIEWED WHEN SALARIES ARE SET AND ADJUSTED TO DETERMINE THE REASONABLENESS OF THE COMPENSATION.
PART I, LINE 4A:	DR. SHAWN AKERS RECEIVED A SEVERANCE PAYMENT OF $200,200.
PART I, LINE 7:	CERTAIN EMPLOYEES AS DISCLOSED IN PART VII AND SCHEDULE J RECEIVE BONUS PAYMENTS WHICH WOULD QUALIFY AS NON-FIXED PAYMENTS. THE AMOUNTS OF SUCH BONUSES ARE APPROVED BY EXECUTIVE LEADERSHIP OF THE ORGANIZATION IN SUCH A WAY TO ENSURE REASONABLE COMPENSATION AND AVOID CONFLICTS OF INTEREST. ALL SUCH PAYMENTS ARE REFLECTED IN THE EMPLOYEE'S W-2.

Schedule J (Form 990) 2022

Additional Data

Software ID:
Software Version:

- TIN:

Schedule L
(Form 990)

Department of the Treasury
Internal Revenue Service

Transactions with Interested Persons

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.
MediumBullet

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2021

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 section 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	(c) Description of transaction	(d) Corrected?
1(a) Name of disqualified person	(c) Description of transaction	Yes	No

Enter the amount of tax incurred by the organization managers or disqualified persons during the year under section 4958. ........................... Bullet Image

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?
(a) Name of interested person	(b) Relationship with organization	(c) Purpose of loan	To	From	(e) Original principal amount	(f) Balance due	Yes	No	Yes	No	Yes	No
(1) Falwell Family GST Irrevoc Trust	35% Controlled Entity of Jerry Falwell, Jr.	split dollar premium		X	486,566	503,514		No	Yes		Yes
(2) Jerry Falwell Jr	Former President	Excess Bene Receivab		X	1,188,750	1,179,663	Yes			No		No
(3) Charles Wesley Falwell	Son of Former President	Excess Bene Receivab		X	80,622	80,622	Yes			No		No
(4) Sarah Falwell	Daughter-in-Law of Former President	Excess Bene Receivab		X	106,461	91,461	Yes			No		No
(5) Laura Falwell	Daughter-in-Law of Former President	Excess Bene Receivab		X	85,504	85,504	Yes			No		No
(6) Estate of Macel Falwell	Estate of Founder's Wife	Excess Bene Receivab		X	38,440	38,440	Yes			No		No
(7) Related to Substantial Contributor	SISTER CO. TO SUBSTANTIAL CONTRIBUTOR	Real Estate Purchase		X	395,066	339,712		No		No	Yes
(8) JERRY PREVO	PRESIDENT	RECEIVABLE FOR EXPEN		X	2,862	2,862		No		No		No
Total ............... $						2,321,778

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) NONE	NONE	309,743	GRANTS TO FAMILY OF BOARD	TO HAVE COMPARABLE

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 50056A

Schedule L (Form 990) 2021

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?
(a) Name of interested person		(c) Amount of transaction	(d) Description of transaction	Yes	No
(1) Bernette Beckles	Wife of Board Member	31,800	compensation		No
(2) Andrea Parker	Daughter of Board member	27,100	compensation		No
(3) Jamye Tickle	Daughter of Board Member	35,400	compensation		No
(4) Vincent Todd Tickle	Son in law of Board Member	105,793	compensation		No
(5) Laura Falwell	Daughter in Law of Former President	75,096	compensation		No
(6) Charles Wesley Falwell	Son of Former President	42,653	compensation		No
(7) Paige Falwell	Daughter-in-Law of Board Member	35,869	compensation		No
(8) Phillip McFarland	Son of Board Member	51,460	compensation		No
(9) Carol Prevo	Wife of Officer	32,445	compensation		No
(10) Dr Elmer Towns	Co-founder	99,656	compensation		No
(11) Marcus Akers	son of officer	30,000	compensation		No
(12) Deidre Akers	daughter-in-law of officer	12,688	compensation		No
(13) Shanna Akers	wife of officer	179,392	compensation		No
(14) Vickey Jaynes	sister of officer	138,327	compensation		No
(15) Melanie Hicks	wife of officer	226,110	compensation		No
(16) Christopher Hicks	brother of officer	58,440	compensation		No
(17) Virginia Dow	Sister in Law of Officer	130,982	compensation		No
(18) Mary Guman	Sister of Key Employee	10,770	compensation		No
(19) Edward Barnhouse	Son in law of Key Employee	75,521	compensation		No
(20) Brandon Elrod	Son in law of Key Employee	54,378	compensation		No
(21) Jessica Smith	Daughter of Key Employee	45,510	compensation		No
(22) Dawson Kennedy	Son of Key Employee	19,518	compensation		No
(23) Jennifer Kennedy	Wife of Key Employee	75,538	compensation		No
(24) Reganne Kennedy	daughter of key employee	10,311	compensation		No
(25) Tonia Kennedy	sister in law of key employee	171,735	compensation		No
(26) Scott Hawkins	son of former officer	158,913	compensation		No
(27) Nastaran Morgan	sister of former key employee	58,929	compensation		No
(28) Jonathan Wallace	son of former key employee	68,851	compensation		No
(29) Matthew Holcomb	Son in Law of Board Member	22,644	compensation		No
(30) W Franklin Graham	Father of Trustee	75,000	speaking services		No
(31) DuCar International LLC	owned by trustee	79,732	travel services		No
(32) Substantial Contributor	substantial contributor	30,082,349	construction services		No
(33) Substantial Contributor	substantial contributor	5,761,934	Sponsorship		No
(34) Substantial Contributor	substantial contributor	5,357,900	Investment Mgmt Services		No
(35) Substantial Contributor	substantial contributor	1,836,932	Heating/Air Services		No
(36) Substantial Contributor	substantial contributor	965,647	Fuel Services		No
(37) Substantial Contributor	substantial contributor	482,525	Purchase of Equipment		No
(38) Substantial Contributor	35% owned business of substantial contributor	132,771	Purchase of Supplies		No
(39) Substantial Contributor	Substantial Contributor	211,138	Construction Services		No
(40) Substantial Contributor	Substantial Contributor	394,492	Heating/Air Services		No
(41) Substantial Contributor	35% owned business of substantial contributor	186,683	Marketing Services		No

Part V

Supplemental Information
Provide additional information for responses to questions on Schedule L (see instructions).

Return Reference	Explanation

Schedule L (Form 990) 2021

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE M
(Form 990)

Department of the Treasury

Internal Revenue Service

Noncash Contributions

Complete if the organizations answered "Yes" on Form 990, Part IV, lines 29 or 30.
Right pointing arrow large image

Attach to Form 990.
Right pointing arrow large image

Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2022

Open to Public Inspection

Name of the organization

LIBERTY UNIVERSITY INC

Employer identification number

54-0946734

Part I

Types of Property

	(a) Check if applicable	(b) Number of contributions or items contributed	(c) Noncash contribution amounts reported on Form 990, Part VIII, line 1g	(d) Method of determining noncash contribution amounts
1 Art—Works of art ....	X	2	56,150	Valuation
2 Art—Historical treasures .
3 Art—Fractional interests ..
4 Books and publications ..
5 Clothing and household goods .......	X		372,991	FMV
6 Cars and other vehicles ..
7 Boats and planes ....
8 Intellectual property ...
9 Securities—Publicly traded .	X	5	157,606	FMV
10 Securities—Closely held stock .
11 Securities—Partnership, LLC, or trust interests ....
12 Securities—Miscellaneous ..
13 Qualified conservation contribution—Historic structures .....
14 Qualified conservation contribution—Other ...
15 Real estate—Residential .
16 Real estate—Commercial ..
17 Real estate—Other ...
18 Collectibles .....
19 Food inventory ...
20 Drugs and medical supplies .	X	1	5,219	FMV
21 Taxidermy ......
22 Historical artifacts ....
23 Scientific specimens ..
24 Archeological artifacts ...
25 Other ( HORSE )	X	1	160,000	Valuation
26 Other ( Equipment )	X	1	16,000	FMV
27 Other ( HAY )	X	1	2,670	FMV
28 Other ( GIFT CARDS )	X	6	290	FMV

Number of Forms 8283 received by the organization during the tax year for contributions
for which the organization completed Form 8283, Part IV, Donee Acknowledgement

Yes

30a

During the year, did the organization receive by contribution any property reported in Part I, lines 1 through 28, that it must hold for at least three years from the date of the initial contribution, and which isn't required to be used for exempt purposes for the entire holding period? ...................

30a

If "Yes," describe the arrangement in Part II.

Does the organization have a gift acceptance policy that requires the review of any nonstandard contributions?

Yes

32a

Does the organization hire or use third parties or related organizations to solicit, process, or sell noncash

contributions? ..........................

32a

If "Yes," describe in Part II.

If the organization didn't report an amount in column (c) for a type of property for which column (a) is checked,

describe in Part II.

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 51227J

Schedule M (Form 990) (2022)

Page 2

Part IISupplemental Information. Provide the information required by Part I, lines 30b, 32b, and 33, and whether the organization is reporting in Part I, column (b), the number of contributions, the number of items received, or a combination of both. Also complete this part for any additional information.

Return Reference	Explanation

Schedule M (Form 990) (2022)

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE O
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
MediumBullet

Attach to Form 990 or 990-EZ.
MediumBullet

Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2021

Open to Public
Inspection

Name of the organization

LIBERTY UNIVERSITY INC

Employer identification number

54-0946734

Return Reference	Explanation
FORM 990, PART I, LINE 1, DESCRIPTION OF ORGANIZATION MISSION:	LIBERTY UNIVERSITY, INC. IS A DISTINCTIVELY CHRISTIAN ACADEMIC COMMUNITY, WITH A MISSION OF PROVIDING QUALITY COLLEGIATE EDUCATION TRAINING CHAMPIONS FOR CHRIST.
FORM 990, PART VI, SECTION A, LINE 1A:	THE EXECUTIVE COMMITTEE OF THE BOARD IS THE GOVERNING BODY OF THE ORGANIZATION BETWEEN BOARD MEETINGS WITH POWERS TO DO EVERYTHING THE BOARD CAN DO, EXCEPT CHANGE COMPOSITION OF ANY STANDING COMMITTEE; ADD OR REMOVE TRUSTEES; ESTABLISH BOARD POLICY; CHANGE ARTICLES OF INCORPORATION OR BYLAWS; ADOPT COMPENSATION FOR BOARD OR COMMITTEE SERVICE; AND HIRE OR TERMINATE THE PRESIDENT.
FORM 990, PART VI, SECTION A, LINE 2:	BOARD MEMBERS JEFFREY F. BENSON AND GAYE OVERTON BENSON ARE HUSBAND/WIFE. BOARD MEMBERS DAVID RHODENHIZER AND CHRIS RHODENHIZER ARE FATHER/SON. BOARD MEMBERS GILBERT TINNEY AND WILL TINNEY WERE FATHER/SON.
FORM 990, PART VI, SECTION B, LINE 11B:	FORM 990 FOR FY JUNE 30, 2023 WAS PROVIDED BEFORE FILING TO THE PRESIDENT, CHIEF FINANCIAL OFFICER, IN-HOUSE LEGAL COUNSEL AND THE BOARD OF TRUSTEES FOR REVIEW.
FORM 990, PART VI, SECTION B, LINE 12C:	THE UNIVERSITY HAS ADOPTED A POLICY OF CONFLICTS OF INTEREST FOR TRUSTEES. THE SECRETARY IS RESPONSIBLE FOR DISTRIBUTING AND COLLECTING SIGNED DISCLOSURE STATEMENTS AT THE TIME A TRUSTEE IS FIRST ELECTED, ANNUALLY, AND AT THE TIME A TRUSTEE BECOMES AWARE OF A POTENTIAL CONFLICT. AFTER RECEIVING DISCLOSURES FROM THE TRUSTEES, THE SECRETARY WILL SUMMARIZE THE MATERIAL INFORMATION CONTAINED IN THE DISCLOSURE STATEMENTS OR OTHER DISCLOSURE AND DELIVER A REPORT TO THE AUDIT COMMITTEE AND THE GENERAL COUNSEL. THE RESOLUTION OF ANY CONFLICT OR PERCEIVED CONFLICT THAT IS IDENTIFIED BY THE SECRETARY WILL BE DETERMINED BY THE AUDIT COMMITTEE OR, UPON THE REFERRAL BY THE AUDIT COMMITTEE OR THE CHAIRMAN OF THE AUDIT COMMITTEE, BY THE BOARD OF TRUSTEES. THE GENERAL COUNSEL WILL ADVISE ON ANY LEGAL REQUIREMENTS ARISING FROM ANY ACTUAL OR APPARENT CONFLICT OF INTEREST, INCLUDING THOSE SITUATIONS WHERE IT WOULD BE APPROPRIATE OR REQUIRED FOR THE TRUSTEE TO RECUSE HIM OR HERSELF FROM BOARD DELIBERATIONS OR VOTES. TO THE EXTENT ANY ACTUAL OR APPARENT CONFLICT OF INTEREST INVOLVES A TRANSACTION UNDER CONSIDERATION BY THE BOARD OF TRUSTEES OR A COMMITTEE OF THE BOARD, THE TRUSTEE'S INTEREST MUST BE DISCLOSED AND KNOWN TO THE BOARD OR THE APPLICABLE COMMITTEE PRIOR TO THE AUTHORIZATION, APPROVAL OR RATIFICATION OF THE TRANSACTION. THE UNIVERSITY HAS ADOPTED A POLICY OF CONFLICTS OF INTEREST AND COMMITMENT FOR SENIOR OFFICERS AND EXECUTIVES. THE SECRETARY IS RESPONSIBLE FOR DISTRIBUTING THE DISCLOSURE STATEMENTS AND COLLECTING SIGNED DISCLOSURE STATEMENTS AT THE TIME A SENIOR OFFICER OR EXECUTIVE IS FIRST APPOINTED OR HIRED. ANNUALLY, THE SECRETARY WILL DISSEMINATE AND PROVIDE ANNUAL DISCLOSURE STATEMENTS TO ALL SENIOR OFFICERS AND EXECUTIVES. AFTER RECEIVING DISCLOSURES FROM THE SENIOR OFFICERS AND EXECUTIVES, THE SECRETARY WILL SUMMARIZE THE MATERIAL INFORMATION CONTAINED IN THE DISCLOSURE STATEMENTS OR OTHER DISCLOSURE AND TIMELY DELIVER A REPORT TO THE PRESIDENT OF THE UNIVERSITY, THE CHIEF FINANCIAL OFFICER AND THE AUDIT COMMITTEE. THE RESOLUTION OF ANY ACTUAL OR PERCEIVED CONFLICT OF INTEREST THAT IS IDENTIFIED BY THE SECRETARY WILL BE DETERMINED BY THE PRESIDENT, CHANCELLOR OF SPIRITUAL AFFAIRS, CHIEF FINANCIAL OFFICER OR INTERNAL AUDITOR WILL BE DETERMINED IN CONSULTATION WITH THE CHAIRMAN OF THE AUDIT COMMITTEE AND SUBJECT TO THE APPROVAL OF THE AUDIT COMMITTEE OR BOARD OF TRUSTEES.
FORM 990, PART VI, SECTION B, LINE 15 A & B:	COMPENSATION OF THEPRESIDENT 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 OR FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC DURING THE TAX YEAR. HOWEVER, SOME DOCUMENTS ARE AVAILABLE TO THE PUBLIC VIA THE PUBLIC RECORD AND/OR THIRD-PARTY SITES ON THE INTERNET. FOR EXAMPLE, LIBERTY UNIVERSITY'S ARTICLES OF INCORPORATION ARE FILED WITH THE VIRGINIA STATE CORPORATION COMMISSION AND THE AUDITED FINANCIAL STATEMENTS ARE AVAILABLE ON THE FAC.GOV WEBSITE. LIBERTY UNIVERSITY MAKES ITS CONFLICT OF INTEREST POLICIES AVAILABLE TO THE PUBLIC ON ITS WEBSITE.
FORM 990, PART VII, SECTION A, LINE (B) AVERAGE HOURS PER WEEK:	BOARD MEMBERS CONTRIBUTE THEIR TIME AND SERVICES UPON REQUEST AND ON AS NEEDED BASIS, WHICH, THROUGHOUT THE YEAR, MAY DIFFER FROM THE AVERAGE NUMBER OF HOURS PER WEEK.
FORM 990, PART XI, LINE 9, CHANGES IN NET ASSETS:	CHANGE IN SPLIT INTEREST AGREEMENT 4,983,305

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 51056K

Schedule O (Form 990) 2021

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE R
(Form 990)

Department of the Treasury
Internal Revenue Service

Related Organizations and Unrelated Partnerships

Complete if the organization answered "Yes" on Form 990, Part IV, line 33, 34, 35b, 36, or 37.
MediumBullet

Attach to Form 990.
MediumBullet

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2021

Open to Public Inspection

Name of the organization

LIBERTY UNIVERSITY INC

Employer identification number

54-0946734

Part I

Identification of Disregarded Entities. Complete if the organization answered "Yes" on Form 990, Part IV, line 33.

(a) Name, address, and EIN (if applicable) of disregarded entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Total income	(e) End-of-year assets	(f) Direct controlling entity
(1) 4400 Campbell Avenue LLC 1971 University Blvd Lynchburg,VA24515 54-0946734	REAL ESTATE	VA	0	226,123	Liberty Univ
(2) 4414 Campbell Avenue LLC 1971 University Blvd Lynchburg,VA24515 54-0946734	REAL ESTATE	VA	0	225,595	Liberty Univ
(3) 4420 Campbell Avenue LLC 1971 University Blvd Lynchburg,VA24515 54-0946734	REAL ESTATE	VA	0	31,649	Liberty Univ
(4) 4132 Richmond Highway LLC 1971 University Blvd Lynchburg,VA24515 54-0946734	REAL ESTATE	VA	12,800	469,136	Liberty Univ
(5) 4180 Richmond Highway LLC 1971 University Blvd Lynchburg,VA24515 54-0946734	REAL ESTATE	VA	18,600	751,942	Liberty Univ
(6) 4228 Richmond Highway LLC 1971 University Blvd Lynchburg,VA24515 54-0946734	REAL ESTATE	VA	5,146	279,095	Liberty Univ
(7) 4306 Richmond Highway LLC 1971 University Blvd Lynchburg,VA24515 54-0946734	Real Estate	VA	0	411,614	Liberty Univ
(8) 4500 Richmond Highway LLC 1971 University Blvd Lynchburg,VA24515 54-0946734	REAL ESTATE	VA	0	112,513	Liberty Univ
(9) Holcomb Path LLC 1971 University Blvd Lynchburg,VA24515 54-0946734	Real Estate	VA	0	61,188	Liberty Univ
(10) 747 River Road LLC 1971 University Blvd Lynchburg,VA24515 54-0946734	Real Estate	VA	0	60,908	Liberty Univ
(11) Airport Plaza Holdings LLC 1971 University Blvd Lynchburg,VA24515 47-1347963	Real Estate	VA	632,068	5,376,650	Liberty Univ
(12) Burton Realty I LLC 1971 University Blvd Lynchburg,VA24515 54-0946734	REAL ESTATE	VA	216,434	3,595,246	Liberty Univ
(13) Burton Realty II LLC 1971 University Blvd Lynchburg,VA24515 54-0946734	Real Estate	VA	225,644	3,748,235	Liberty Univ
(14) Burton Realty III LLC 1971 University Blvd Lynchburg,VA24515 54-0946734	Real Estate	VA	4,605	76,495	Liberty Univ
(15) Burton Realty IV LLC 1971 University Blvd Lynchburg,VA24515 54-0946734	REAL ESTATE	VA	4,605	76,495	Liberty Univ
(16) Burton Realty V LLC 1971 University Blvd Lynchburg,VA24515 54-0946734	Real estate	VA	4,605	76,495	Liberty Univ
(17) Burton Realty VI LLC 1971 University Blvd Lynchburg,VA24515 54-0946734	REAL ESTATE	VA	4,605	76,495	Liberty Univ
(18) C & C Aviation LLC 1971 University Blvd Lynchburg,VA24515 54-0946734	Univ. Travel	VA	373,428	10,384,176	Liberty Univ
(19) Crossroads Investments LLC 1971 University Blvd Lynchburg,VA24515 47-3991939	REAL ESTATE	VA	-109,627	713,140	Liberty Univ
(20) Currus Holdings LLC 1971 University Blvd Lynchburg,VA24515 84-1924710	REAL ESTATE	VA	-78,620	5,001,991	Liberty Univ
(21) Eleanor's Bench LLC 1971 University Blvd Lynchburg,VA24515 54-0946734	Student Prod	VA	0	0	Liberty Univ
(22) Ivy Hill Recreation LLC 1971 University Blvd Lynchburg,VA24515 46-0903360	Student Rec	VA	0	0	Liberty Univ
(23) Jerry Falwell Ministries LLC 1971 University Blvd Lynchburg,VA24515 83-2633425	Donations	VA	0	40,578	Liberty Univ
(24) Collaborative Health Partners LLC (LHS 1971 University Blvd Lynchburg,VA24515 47-5575947	health svcs	VA	32,109,468	20,427,631	Liberty Univ
(25) MD Resource LLC 1111 Corporate Park Dr Ste D Forest,VA24551 54-1836561	Office Svcs	VA	0	0	Liberty Univ
(26) Legacy CHP of Virginia LLC 1111 Corporate Park Dr Ste D Forest,VA24551 46-4914763	Office Svcs	VA	0	0	Liberty Univ
(27) Liberty Motion Pictures LLC 1971 University Blvd Lynchburg,VA24515 46-5653798	Student Prod	VA	0	11,894	Liberty Univ
(28) Liberty Mountain Medical Group LLC 1971 University Blvd Lynchburg,VA24515 47-2935244	health serv	VA	-2,671,057	891,645	Liberty Univ
(29) Liberty Ridge LLC 1971 University Blvd Lynchburg,VA24515 27-0714028	Real Estate	VA	307,485	8,637,210	Liberty Univ
(30) LU Candler's Mountain Road Holdings LLC 1971 University Blvd Lynchburg,VA24515 54-0946734	Real Estate	VA	16,068	5,940,995	Liberty Univ
(31) LU Candlers Station Holdings LLC 1971 University Blvd Lynchburg,VA24515 27-1753489	Real estate	VA	2,281,854	14,602,349	Liberty Univ
(32) LU Plaza Holdings LLC 1971 University Blvd Lynchburg,VA24515 27-0217985	Real Estate	VA	2,222,015	15,100,372	Liberty Univ
(33) LU Wards Road Center Holdings LLC 1971 University Blvd Lynchburg,VA24515 82-5392968	Real Estate	VA	828,187	6,749,589	Liberty Univ
(34) LUCOM Graduate Medical Education Service 1971 University Blvd Lynchburg,VA24515 83-1769271	Med Education	VA	0	0	Liberty Univ
(35) Morning Star Broadcasting LLC 1971 University Blvd Lynchburg,VA24515 46-3731118	TV Broadcast	VA	0	389,206	Liberty Univ
(36) Philanthropy Lynchburg LLC 1971 University Blvd Lynchburg,VA24515 36-4962693	RETAIL SALES	VA	985,175	1,112,171	LIBERTY UNIV
(37) Red Tie Music LLC 1971 University Blvd Lynchburg,VA24515 46-1340766	Student Publi	VA	60,282	263,771	LIBERTY UNIV
(38) River Ridge Mall JV LLC 1971 University Blvd Lynchburg,VA24515 81-1762010	REAL ESTATE	VA	9,121,083	67,583,899	LIBERTY UNIV
(39) Vertical Ventures LLC 1971 University Blvd Lynchburg,VA24515 54-0946734	TELECOM ASSET	VA	0	0	LIBERTY UNIV
(40) CFA-Wards Road LLC 1971 University Blvd Lynchburg,VA24515 54-0946734	real estate	VA	0	0	Liberty Univ

Part II

Identification of Related Tax-Exempt Organizations. Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related tax-exempt organizations during the tax year.

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Exempt Code section	(e) Public charity status (if section 501(c)(3))	(f) Direct controlling entity	(g) Section 512(b)(13) controlled entity?
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Exempt Code section	(e) Public charity status (if section 501(c)(3))	(f) Direct controlling entity	Yes	No
(1)THOMAS ROAD BAPTIST CHURCH CORPORATION 1 Mountain View Dr Lynchburg,VA24502 26-0061907	Religious	VA	501(C)(3)	line 1	Board of Dea		No
(2)Old Time Gospel Hour 1971 University Blvd Lynchburg,VA24515 23-7293001	Religious	VA	501(C)(3)	line 10	Liberty Univ	Yes
(3)Liberty University Foundation 1971 University Blvd Lynchburg,VA24515 54-1939910	Religious	DC	501(C)(3)	line 10	Liberty Univ	Yes
(4)Liberty Christian Academy 3701 Candlers Mtn Road Lynchburg,VA24502 54-0831546	Education	VA	501(C)(3)	line 2	Liberty Univ	Yes
(5)Liberty University Endowment Trust 1971 University Blvd Lynchburg,VA24515 54-1851119	Religious	VA	501(C)(3)	line 12	Liberty Univ	Yes
(6)Liberty Broadcasting Network Inc 1971 University Blvd Lynchburg,VA24515 54-1381866	Religious	VA	501(C)(3)	line 10	Liberty Univ	Yes

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50135Y

Schedule R (Form 990) 2021

Page 2

Part III

Identification of Related Organizations Taxable as a Partnership. Complete if the organization answered "Yes" on Form 990, Part IV, line 34, because it had one or more related organizations treated as a partnership during the tax year.

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Predominant income(related, unrelated, excluded from tax under sections 512-514)	(f) Share of total income	(g) Share of end-of-year assets	(h) Disproprtionate allocations?		(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	(j) General or managing partner?		(k) Percentage ownership
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity		(f) Share of total income	(g) Share of end-of-year assets	Yes	No	(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	Yes	No	(k) Percentage ownership
(1) Permanens Capital Defensive Income Fund 410 Park Ave New York,NY10022 38-3945161	Investing	DE	Permanens Assoc	excluded	8,042,982	179,554,507		No	0		No	70.877 %
(2) Permanens Alternative Fund LP 410 Park Ave New York,NY10022 82-0801083	Investing	DE	Permanens Assoc	excluded	4,220,008	194,272,983		No	-1,061,639		No	75.773 %
(3) Permanens Capital Equities Fund LP 410 Park Ave New York,NY10022 45-4748424	Investing	DE	Permanens Assoc	excluded	4,329,520	128,160,632		No	0		No	83.387 %
(4) Permanens Capital Floating Rate Fund LP 410 Park Ave New York,NY10022 80-0939712	Investing	DE	Permanens Assoc	EXCLUDED	3,925,320	88,415,527		No	0		No	64.134 %
(5) Permanens Capital Physical Precious Meta 410 Park Ave New York,NY10022 90-0838101	Investing	DE	Permanens Assoc	excluded	-8,632	77,781,835		No	0		No	57.569 %
(6) Permanens Non-Agency RMBS Allocation Fun 410 Park Ave New York,NY10022 90-1003099	Investing	DE	Permanens Assoc	excluded	7,443,049	172,601,311		No	0		No	54.726 %
(7) Spectrum Capital Securities Institutiona 2 High Ridge Park Stamford,CT06905 83-2764754	Investing	DE	Spectrum Asset	excluded	2,819,721	68,305,209		No	0		No	56.358 %
(8) Usonian Japan Value US Dollar Hedged Fun 40 Rowes Wharf Boston,MA02110 61-1810824	Investing	DE	Usonian Investm	excluded	1,911,353	19,192,003		No	0		No	60.366 %
(9) Permanens Capital Short Duration High Yi 410 Park Ave New York,NY10022 32-0476370	Investing	DE	Permanens Assoc	excluded	2,699,625	59,030,529		No	0		No	56.700 %
(10) MidOcean Multi Asset Credit Fund LP 245 Park Avenue 38th Floor New York,NY10167 85-4037566	Investing	DE	MidOcean Multi	excluded	-2,118,640	29,071,800		No	0		No	54.463 %

Part IV

Identification of Related Organizations Taxable as a Corporation or Trust. Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a corporation or trust during the tax year.

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Type of entity (C corp, S corp, or trust)	(f) Share of total income	(g) Share of end-of-year assets	(h) Percentage ownership	(i) Section 512(b)(13) controlled entity?
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Type of entity (C corp, S corp, or trust)	(f) Share of total income	(g) Share of end-of-year assets	(h) Percentage ownership	Yes	No
(1) Freedom Aviation Inc 310 Hangar Rd Lynchburg,VA24502 54-0755641	Aviation	VA	Liberty Univers	C Corp	941,913	23,515,371	100.000 %	Yes
(2) Liberty Mountain Capital Inc 1971 University Blvd Lynchburg,VA24515 27-2376207	Investment	VA	Liberty Univers	C Corp	-1,611	495,235	100.000 %	Yes
(3) Liberty Village Community Association In 1971 University Blvd Lynchburg,VA24515 86-2524000	Property Mgmt	VA	Liberty Univers	C Corp	0	0	60.000 %	Yes

Schedule R (Form 990) 2021

Page 3

Part V

Transactions With Related Organizations. Complete if the organization answered "Yes" on Form 990, Part IV, line 34, 35b, or 36.

Note. Complete line 1 if any entity is listed in Parts II, III, or IV of this schedule.

Yes

1 During the tax year, did the orgranization engage in any of the following transactions with one or more related organizations listed in Parts II-IV?

a Receipt of (i) interest, (ii) annuities, (iii) royalties, or (iv) rent from a controlled entity .....................

Yes

b Gift, grant, or capital contribution to related organization(s) ............................

Yes

c Gift, grant, or capital contribution from related organization(s) ............................

Yes

d Loans or loan guarantees to or for related organization(s) ............................

Yes

e Loans or loan guarantees by related organization(s) ............................

f Dividends from related organization(s) ............................

g Sale of assets to related organization(s) ............................

h Purchase of assets from related organization(s) ............................

i Exchange of assets with related organization(s) ............................

j Lease of facilities, equipment, or other assets to related organization(s) .......................

Yes

k Lease of facilities, equipment, or other assets from related organization(s) ......................

l Performance of services or membership or fundraising solicitations for related organization(s) .....................

m Performance of services or membership or fundraising solicitations by related organization(s) .................

Yes

n Sharing of facilities, equipment, mailing lists, or other assets with related organization(s) ...................

Yes

o Sharing of paid employees with related organization(s) ............................

Yes

p Reimbursement paid to related organization(s) for expenses ............................

Yes

q Reimbursement paid by related organization(s) for expenses ............................

Yes

r Other transfer of cash or property to related organization(s) ............................

Yes

s Other transfer of cash or property from related organization(s) ............................

Yes

If the answer to any of the above is "Yes," see the instructions for information on who must complete this line, including covered relationships and transaction thresholds.

(a) Name of related organization	(b) Transaction type (a-s)	(c) Amount involved	(d) Method of determining amount involved
(1) Freedom Aviation	A	14,483	ACCRUAL
(2) Old Time Gospel Hour	A	9,853	ACCRUAL
(3) Freedom Aviation	D	377,492	ACCRUAL
(4) Freedom Aviation	D	130,432	ACCRUAL
(5) Freedom Aviation	G	70,701	ACCRUAL
(6) Freedom Aviation	J	26,247	ACCRUAL
(7) Freedom Aviation	M	8,255,497	ACCRUAL
(8) Freedom Aviation	P	291,845	ACCRUAL
(9) Freedom Aviation	Q	52,694	ACCRUAL
(10) Permanens Alternative Fund LP	S	4,026,233	ACCRUAL
(11) Permanens Capital Defensive Income Fund LP	S	143,765,535	ACCRUAL
(12) Permanens Capital Short Duration Fund	S	55,299,512	ACCRUAL
(13) Permanens Non-Agency RMBS Allocation LP	R	7,500,000	ACCRUAL
(14) Spectrum Capital Securities Institutional Fnd	R	18,000,000	ACCRUAL
(15) GMO-Usonian Japan Value US Dollar Hedged Fund	R	2,000,000	ACCRUAL
(16) GMO-Usonian Japan Value US Dollar Hedged Fund	S	18,345,912	ACCRUAL

Schedule R (Form 990) 2021

Page 4

Part VI

Unrelated Organizations Taxable as a Partnership. Complete if the organization answered "Yes" on Form 990, Part IV, line 37.

Provide the following information for each entity taxed as a partnership through which the organization conducted more than five percent of its activities (measured by total assets or gross revenue) that was not a related organization. See instructions regarding exclusion for certain investment partnerships.

(a) Name, address, and EIN of entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	(e) Are all partners section 501(c)(3) organizations?		(f) Share of total income	(g) Share of end-of-year assets	(h) Disproprtionate allocations?		(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	(j) General or managing partner?		(k) Percentage ownership
(a) Name, address, and EIN of entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	Yes	No	(f) Share of total income	(g) Share of end-of-year assets	Yes	No	(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	Yes	No	(k) Percentage ownership

Schedule R (Form 990) 2021

Page 5

Part VII

Supplemental Information

Provide additional information for responses to questions on Schedule R. See instructions.

Return Reference	Explanation

Schedule R (Form 990) 2021

Additional Data

Software ID:
Software Version:

1	Was the organization a U.S. transferor of property to a foreign corporation during the tax year? If "Yes," the organization may be required to file Form 926, Return by a U.S. Transferor of Property to a Foreign Corporation (see Instructions for Form 926). . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	Yes	No
2	Did the organization have an interest in a foreign trust during the tax year? If "Yes," the organization may be required to separately file Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts, and/or Form 3520-A, Annual Information Return of Foreign Trust With a U.S. Owner (see Instructions for Forms 3520 and 3520-A; don't file with Form 990). . . . . . . . . . . . . . . . . . . . . . . .	Yes	No
3	Did the organization have an ownership interest in a foreign corporation during the tax year? If "Yes," the organization may be required to file Form 5471, Information Return of U.S. Persons with Respect to Certain Foreign Corporations. (see Instructions for Form 5471). . . . . . . . . . . . . . . . . . . . . . . . . . . .	Yes	No
4	Was the organization a direct or indirect shareholder of a passive foreign investment company or a qualified electing fund during the tax year? If “Yes,” the organization may be required to file Form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund. (see Instructions for Form 8621) .	Yes	No
5	Did the organization have an ownership interest in a foreign partnership during the tax year? If "Yes," the organization may be required to file Form 8865, Return of U.S. Persons with Respect to Certain Foreign Partnerships (see Instructions for Form 8865). . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	Yes	No
6	Did the organization have any operations in or related to any boycotting countries during the tax year? If "Yes," the organization may be required to separately file Form 5713, International Boycott Report (see Instructions for Form 5713; don't file with Form 990).. . . . . . . . . . . . . . . . . . . . . . . . . . . .	Yes	No