LATEST LIBERTY 990 FILING.
Apparently the investigation has been done for about 6 months.
https://projects.propublica.org/nonprof ... 7900220211
23. Other Matters
Prompted by litigation, on August 31, 2020, the Executive Committee of the University’s Board of
Trustees engaged an external law firm to investigate matters dating back at least 14 years relating
to certain facets of the University’s operations during former President Jerry Falwell, Jr.’s
leadership. The external law firm subsequently engaged a public accounting firm to assist with the
investigation. Critical areas of the investigation include potential misuse of the University’s assets,
certain construction contracts and/or real estate transactions, the engagement of certain third
parties, and various related party transactions. As of the date of this report, the investigation team
has conducted over 100 interviews of both current and former University personnel and related
parties and has also reviewed an extensive amount of documentation obtained from University
management and associated third parties. The investigation team has incurred substantial hours in
its efforts to complete these procedures, some of which are still on going. The current expected
completion of the investigation is anticipated for December 2021.
Based upon the results of the investigation to date, there may be adjustments not only to certain
disclosures but also to certain balances and/or classifications presented on the accompanying
consolidated financial statements. To date, management has not identified any matters that would
have a quantitatively material impact on the consolidated financial statements before or after
June 30, 2018. The consolidated financial statements of the University currently do not reflect an
accrual or disclosure of the adverse outcome, if any, that may result from this investigation.
On September 30, 2021, the University received notice of an Internal Revenue Service examination
for fiscal year 2019. Management does not believe this examination will result in material liabilities
or adjustments to the financial statements