- September 10th, 2020, 11:30 pm
#609507
(in thousands)1, 2
FY 2017 FY 2018 FY 2019
Without Donor Restrictions:
Quasi endowment $1,276,318 $1,416,485 $1,570,529
Undesignated 811,447 944,116 1,102,375
Total 2,087,765 2,360,601 2,672,903
Perpetual Endowments3:
Scholarships 9,830 11,857 12,096
General University 3,555 3,547 3,549
Seminary 34 42 43
Endowment requiring earnings added 145 154 160
Total 13,564 15,600 15,848
Purpose Restricted Net Assets3:
Scholarships 2,589 3,436 6,813
Athletics 223 355 546
Capital projects 207 247 295
Benevolence and missions and other 61 537 719
Reserves on net assets (underwater) (707) (670) (651)
Total 2,373 3,905 7,722
Pursuant to the Continuing Disclosure Agreements dated December 21, 2010 and January 19,
2012 (collectively, the “Disclosure Agreement”) executed and delivered in connection with the issuance
by the Virginia College Building Authority of Educational Facilities Revenue Bonds (Liberty University
Projects) Series 2010 (the “Series 2010 Bonds”), the $100,000,000 Liberty University 5.1000% Taxable
Bonds Series 2012 (the “Series 2012 Bonds), and the $150,000,000 Liberty University Tax Exempt
Extendable Commercial Paper issued by the Virginia College Building Authority, Liberty University (the
“University”) hereby provides its annual disclosure report for the fiscal year ended June 30, 2019 (the
“Annual Disclosure Report”).
II. MANAGEMENT’S DISCUSSION OF CONSOLIDATED OPERATIONS
A. Fiscal Year Ended June 30, 2019
Residential fall enrollment decreased 0.8% from 15,549 in fiscal year 2018 to 15,420 in fiscal
year 2019. Management attributes the graduation of a large cohort that began fiscal year 2015 as the
primary reason for the decrease in residential fall enrollment. Liberty University Online enrollment
increased 11% from 85,848 in fiscal year 2018 to 95,303 in fiscal year 2019. Total revenues increased
10.3% from $896.8 million in fiscal year 2018 to $989.5 million in fiscal year 2019. Total expenditures
increased by 6.8% from $678.3 million in fiscal year 2018 to $724.5 million in fiscal year 2019. Longterm
debt decreased from $205.1 million in fiscal year 2018 to $202.5 million in fiscal year 2019.
Expendable financial resources improved from $1.31 billion in fiscal year 2018 to $1.57 billion in fiscal
year 2019. Total net assets increased by 13.3% from $2.38 billion in fiscal year 2018 to $2.70 billion in
fiscal year 2019. Net assets without donor restrictions comprised 99.1% of total net assets in fiscal year
2019.