Liberty PDF

efile GRAPHIC
rint - DO NOT PROCESS
As Filed Data -
DLN: 93493086008202
OMB No 1545-0047
Form
990
Return of Or g anization Exem p t From Income Tax

Under section 501 ( c), 527 , or 4947 ( a)(1) of the Internal Revenue Code ( except black lung
0 201 .
benefit trust or private foundation)

Department of the Treasury Internal Revenue Service A For the 2010 0- The organization may have to use a copy of this return to satisfy state reporting requirements calendar year, or tax year beginning 07 - 01-2010 C Name of organization LIBERTY UNIVERSITY INC Doing Business As F Name change fl Initial return (Terminated 1 Amended return 1Application pending F Name and address of principal officer DON MOON 1971 UNIVERSITY BLVD LYNCHBURG,VA 245022269 H(a) Is this a group return for affiliates? Are all affiliates included? Number and street (or P 0 box if mail is not delivered to street address ) 1971 UNIVERSITY BLVD City or town, state or country, and ZIP + 4 LYNCHBURG, VA 245022269 Room/ suite and ending 06 - 30-2011
D Employer identification number 54 -0946734 E Telephone number (434) 592-3330 G Gross receipts $ 838,505,142
B Check if applicable F Address change
Yes
I' No Yes F_ No
H(b)
If "No," attach a list (see instructions)

I 3 Tax - exempt status Website : F 501(c)(3) fl 501 (c) ( ) I (insert no fl 4947(a)(1) or F_ 527 H(c) Group exemption number 0-
WWW LIBERTY EDU L Year of formation 1972 M State of legal domicile VA
K Form of organization F Corporation 1 Trust F_ Association 1 Other 1-
Summary
1 Briefly describe the organization's mission or most significant activities
LIBERTY UNIVERSITY, INC IS A CHRISTIAN ACADEMIC COMMUNITY IN THE TRADITION OF EVANGELICAL INSTITUTIONS OF HIGHER EDUCATION, WITH THE PRIMARY MISSION OF PROVIDING QUALITY COLLEGIATE EDUCATION
2
3 vt :2 4 5 6
Check this box Of- if the organization discontinued its operations or disposed of more than 25% of its net assets
Number of voting members of the governing body (Part VI, line 1a) . 3 4 5 6 7a 7b Prior Year 36 31 5,806 5,000 733,258 -672,862 Current Year 13,022,228 606,076,628 2,616,683 6,469,895 628,185,434 113,905,496 0 183,931,064 0
Number of independent voting members of the governing body (Part VI, line 1b) Total number of individuals employed in calendar year 2010 (Part V, line 2a) Total number of volunteers (estimate if necessary) .
7aTotal unrelated business revenue from Part VIII, column (C), line 12 b Net unrelated business taxable income from Form 990-T, line 34
8 9 10
13-
Contributions and grants (Part VIII, line 1h) Program service revenue (Part VIII, line 2g)
. . .
10,400,632 499,763,312 5,315,242 3,095,920 518,575,106 109,212,932 0 154,018,795 0
Investment income (Part VIII, column (A), lines 3, 4, and 7d
11 12 13 14 15 16a b 17 18 19
Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e) Total revenue-add lines 8 through 11 (must equal Part VIII, column (A), line 12) . . . . . . . . . . . . . . . . . . Grants and similar amounts paid (Part IX, column (A), lines 1-3 Benefits paid to or for members (Part IX, column (A), line 4) . .
Salaries, other compensation, employee benefits (Part IX, column (A), lines 510) Professional fundraising fees (Part IX, column (A), line 11e) Total fundraising expenses (Part IX, column (D), line 25) 0-3,109,446 Other expenses (Part IX, column (A), lines 11a-11d, 11f-24f) Total expenses . .
110,395,382 373,627,109 144,947,997 Beginning of Current Yea Year
127,013,588 424,850,148 203,335,286 End of Year 940,284,054 302,816,638 637,467,416
Add lines 13-17 (must equal Part IX, column (A), line 25) Subtract line 18 from line 12
Revenue less expenses
ell 'M ED ZLL
20 21 22
Total assets (Part X, line 16)
. .
611,871,607 176,567,722 435,303,885
Total liabilities (Part X, line 26) Net assets or fund balances
Subtract line 21 from line 20
lifij=
Signature Block
Under penalties of perjury, I declare that I have examined this return , including acco knowledge and belief, it is true, correct , and complete . Declaration of preparer (othe knowledge.
Sign
Signature of officer
Here
DON MOON CFO

Type or print name and title Print/Type preparer's name Preparer's signature
Paid
Firm's name
Firm ' s address
Preparer Use Only
May the IRS discuss this return with the preparer shown above? (see instructio
For Paperwork Reduction Act Notice , see the separate instructions.
Form 990 ( 2010) 1:M-600

1
Page 2
F
Statement of Program Service Accomplishments

Check if Schedule 0 contains a response to any question in this Part III
Briefly describe the organization ' s mission
LIBERTY UNIVERSITY, INC IS A CHRISTIAN ACADEMIC COMMUNITY IN THE TRADITION OF EVANGELICAL INSTITUTIONS OF HIGHER EDUCATION, WITH THE PRIMARY MISSION OF PROVIDING QUALITY COLLEGIATE EDUCATION
Did the organization undertake any significant program services during the year which were not listed on
the prior Form 990 or 990 -EZ'' . . . . . . . . . . . . . . . . . . . . fl Yes F No If "Yes," describe these new services on Schedule 0
Did the organization cease conducting , or make significant changes in how it conducts , any program services ? . . . . . . . . . . . . . . . . . . . . . . . . . If "Yes," describe these changes on Schedule 0
F Yes
F No
Describe the exempt purpose achievements for each of the organization ' s three largest program services by expenses Section 501 ( c)(3) and 501 ( c)(4) organizations and section 4947 (a)(1) trusts 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 $
344,961,462
including grants of $
113,905,496 ) (Revenue $
535,484,329
INSTRUCTION, ACADEMIC SUPPORT, STUDENT SERVICES, INSTITUTIONAL SUPPORT, RESEARCH - INCLUDES REVENUES AND EXPENSES ASSOCIATED WITH THE PROVISION OF ASSOCIATE, BACCALAUREATE, MASTER AND DOCTORAL PROGRAMS FOR BOTH THE LIBERAL AND PROFESSIONAL DISCIPLINES IN RESIDENT AND EXTERNAL FORMATS THE EXPENSES INCLUDE INSTRUCTION, ACADEMIC SUPPORT, STUDENT SERVICES, AND PUBLIC SUPPORT THE REVENUE INCLUDES TUITION AND FEES FOR BOTH THE RESIDENT AND ONLINE PROGRAMS
4b
(Code
) ( Expenses $
27,028,095
) (Revenue $
73,015,501
AUXILIARY AND OTHER SERVICES - INCLUDES EXPENSES FOR AUXILIARY AND PUBLIC SERVICES IN REGARD TO THE UNIVERSITY'S PROVISION OF HIGHER EDUCATION THESE SERVICES INCLUDE THE UNIVERSITY BOOKSTORE, SPORTING EVENTS AND OTHER SOURCES
4c
(Code
) (Expenses $
) (Revenue $
4d
Other program services (Expenses $
( Describe in Schedule 0 including grants of $ $ 371,989,557 Form 990 (2010) ) (Revenue $
4e
Total program service expenses
Form 990 (2010)
Page 3
Li^
Checklist of Required Schedules

Yes No
Is the organization described in section 501(c)(3) or4947(a)(1) (other than a private foundation)? If "Yes,"
Yes ^
complete Schedule As . 2 3
4
1 2 3
Yes
Is the organization required to complete Schedule B, Schedule of Contributors (see instruction)? 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 Is . . . . . . . . .
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 II9
Yes No
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 Revenue Procedure 98-19? If "Yes, "complete Schedule C, Part III . . . . . . . . . . . . . . . . . . . . . . . .
Did the organization maintain any donor advised funds or any similar funds or accounts where 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 Is . . . . . . . . . . . . . . . . . . . . . 6 No
7 8
9
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^ Did the organization maintain collections of works of art, historical treasures, or other similar assets? If "Yes,"
complete Schedule D, Part III . . . . . . . . . . . . . . . . . . . . . ^
7
8 Yes
No
Did the organization report an amount in Part X, line 21, 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 IVlg^ 10 Did the organization, directly or through a related organization, hold assets in term, permanent,or quasiendowments? If "Yes,"complete Schedule D, Part 1D 11 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 a Did the organization report an amount for land, buildings, and equipment in Part X, linelO? If "Yes,"complete Schedule D, Part VI.19 b 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. c 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. llc No llb No 11a Yes 9 10 Yes No
d
e
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.^ Did the organization report an amount for other liabilities in Part X, line 25? If "Yes,"complete Schedule D, Part X. lie lld Yes No
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.S llf Yes
12a
Did the organization obtain separate, independent audited financial statements for the tax year? If "Yes,"
complete Schedule D, Parts XI, XII, and XIII 12a No
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, XII, and XIII is optional
12b
Yes
13 14a b
Is the organization a school described in section 170(b)(1)(A)(ii)? If "Yes, "complete Schedule E Did the organization maintain an office, employees, or agents outside of the United States? .
13 14a
Yes Yes Yes
Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraising, business, and program service activities outside the United States? If "Yes," complete Schedule F, Parts I and IV ID 14b
15
Did the organization report on Part IX, column (A), line 3, more than $5,000 of grants or assistance to any organization or entity located outside the U S ? If "Yes," complete Schedule F, Parts II and IV .
95
15
No
16
Did the organization report on Part IX, column (A), line 3, more than $5,000 of aggregate grants or assistance to
individuals located outside the U S ? If "Yes," complete Schedule F, Parts III and IV
17
16
17
No No
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) Did the organization report more than $15,000 total offundraising event gross income and contributions on Part VIII, lines 1c and 8a? If "Yes, "complete Schedule G, Part II . . . . . . . . . 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 . Did the organization operate one or more hospitals? If "Yes,"complete ScheduleH .
18
18 19
No No
19
20a
20a
No
If "Yes" to line 20a, did the organization attach its audited financial statement to this return? Note . Some Form 990 filers that operate one or more hospitals must attach audited financial statements (see instructions)
20b
Form 990 (2010)
Form 990 (2010)
Page 4
Li^
21
Checklist of Required Schedules (continued)

21 Yes . 22 Yes
Did the organization report more than $5,000 of grants and other assistance to governments and organizations in the United States on Part IX, column (A), line 1'' If "Yes,"complete Schedule I, Parts I and II
22
Did the organization report more than $5,000 of grants and other assistance to individuals in the United States on Part IX, column (A), line 2'' If "Yes, "complete Schedule I, Parts I and III . 19
23
Did the organization answer "Yes" to Part V II, Section A, questions 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 24a . . . . . . . . . . . . . . . Did the organization have a tax-exempt bond issue with an outstanding principal amount of more than $100,000
23
Yes
as of the last day of the year, that was issued after December 31, 2002' If "Yes," answer lines 24b-24d and
complete Schedule K. If "No,"go to line 25 b . . . . . . . . . . . . . . . . 24a 24b Yes No Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception?
c d
25a
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 No
Did the organization act as an "on behalf of" issuer for bonds outstanding at any time during the year?
Section 501(c )( 3) and 501 ( c)(4) organizations . Did the organization engage in an excess benefit transaction with a disqualified person during the year? If "Yes,"complete Schedule L, Part I 15
24d
25a
No
No
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-EZ7 If "Yes,"complete Schedule L, Part I . . . . . . . . . . . . . . . . 95 25b No
26
Was a loan to or by a current or former officer, director, trustee, key employee, highly compensated employee, or disqualified person outstanding as of the end of the organization's tax year? If "Yes,"complete Schedule L,
Part II . . . . . . . . . . . . . . . . . . . . . . . . . . .
26
Yes
27
Did the organization provide a grant or other assistance to an officer, director, trustee, key employee, substantial contributor, or a grant selection committee member, or to a person related to such an individual? If "Yes,"
complete Schedule L, Part III . 19 Was the organization a party to a business transaction with one of the following parties? (see Schedule L, Part IV
27
Yes
28
instructions for applicable filing thresholds, conditions, and exceptions) a A current or former officer, director, trustee, or key employee? If "Yes,"complete Schedule L, Part
IV 28a Yes Yes
b A family member of a current or former officer, director, trustee, or key employee? If "Yes,"
complete Schedule L, Part IV . . . . . . . . . . . . . . . . . . t 28b
c
29
A n entity of which a current or former officer, director, trustee, or key employee (or a family member thereof) was an officer, director, trustee, or direct or indirect owner? If "Yes,"complete Schedule L, Part IV S
Did the organization receive more than $25 , 000 in non-cash contributions? If "Yes , "complete Schedule MIN
28c
29
Yes Yes No
30 31 32
33
Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified
conservation contributions? If "Yes,"complete Schedule M ^ 30
Did the organization liquidate, terminate, or dissolve and cease operations? If "Yes,"complete Schedule N,
PartI . 31 No
Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets? If "Yes,"complete
Schedule N, Part II . 32 33 Yes No 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 . . . . . . . . GS
34
Was the organization related to any tax-exempt or taxable entity? If "Yes,"complete Schedule R, Parts II, III, IV, and V, line 1 . . 34 Yes
35
Is any related organization a controlled entity within the meaning of section 512(b)(13)7 35 Yes
a
36
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 . . . 95 F-Yes F7No No 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 . 36
37
38
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 IN ^ 37 Yes Form 990 (2010) No Did the organization complete Schedule 0 and provide explanations in Schedule 0 for Part VI, lines 11 and 197 Note . All Form 990 filers are required to complete Schedule 0
38
Form 990 (2010) Statements Regarding Other IRS Filings and Tax Compliance Check if Schedule 0 contains a response to any question in this Part V Yes
la Enter the number reported in Box 3 of Form 1096 Enter -0- if not applicable la 1,429 0
Page 5
No
b c
2a
Enter the number of Forms W-2G included in line la Enter -0- if not applicable
lb
Did the organization comply with backup withholding rules for reportable payments to vendors and reportable
gaming (gambling) winnings to prize winners? . . . . . . . . . . . . . . . . . 1c 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 . . . . . . . . . . . . . . . . . . . . 2a 5,806
If at least one is reported on line 2a, did the organization file all required federal employment tax returns?
2b Note . Ifthe sum of lines la and 2a is greater than 250, you may be required toe-file (see instructions) Yes
3a
b
Did the organization have unrelated business gross income of $1,000 or more during the
year? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3a 3b Yes Yes If "Yes," has it filed a Form 990-T for this year? If "No,"provide an explanation in Schedule 0
4a
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)? . 4a No
If "Yes," enter the name of the foreign country
0-
See instructions for filing requirements for Form TD F 90-22 1, Report of Foreign Bank and Financial Accounts
5a
Was the organization a party to a prohibited tax shelter transaction at any time during the tax year?
5a
No
b
c
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''
5b
Sc
No
6a
Does the organization have annual gross receipts that are normally greater than $100,000, and did the
6a
No
organization solicit any contributions that were not tax deductible? b 7

a
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
6b
7a
Yes
services provided to the payor7 b c d e f g

h
. . 7b
7c
If "Yes," did the organization notify the donor of the value of the goods or services provided?
file Form 82827 .
Yes
No
Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required to If "Yes," indicate the number of Forms 8282 filed during the year 7d
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?
If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a Form 1098-C7 Sponsoring organizations maintaining donor advised funds and section 509(a )( 3) supporting organizations. Did the supporting organization, or a donor advised fund maintained by a sponsoring organization, have excess business holdings at any time during the year? Sponsoring organizations maintaining donor advised funds.
7e
7f
7g
7h
Yes
a
b 10 a b
Did the organization make any taxable distributions under section 49667
9a
Did the 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 Gross receipts, included on Form 990, Part VIII, line 12, for public use of club facilities Section 501(c )( 12) organizations. Enter 10a 10b
9b
11
a b
Gross income from members or shareholders Gross income from other sources (Do not net amounts due or paid to other sources against amounts due or received from them ) . . . . . .
11a
11b
12a
12a b
Section 4947( a)(1) non -exempt charitable trusts. Is the organization filing Form 990 in lieu of Form 1041' If "Yes," enter the amount of tax-exempt interest received or accrued during the year Section 501(c)(29) qualified nonprofit health insurance issuers. 12b
13
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 0
13a
b c
14a b
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 Enter the amount of reserves on hand
13b
13c
Did the organization receive any payments for indoor tanning services during the tax year?
. .
14a 14b
No
If "Yes," has it filed a Form 720 to report these payments? If "No,"provide an explanation in Schedule 0
Form 990 (2010)
Form 990 ( 2010)
Page 6
Lamm
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 0. See instructions.
Check if Schedule 0 contains a response to any question in this Part VI .F
Section A . Governin g Bod y and Mana g ement

Yes No
la b 2 3
4
Enter the number of voting members of the governing body at the end of the tax
year . . . . . . . . . . . . . la 36
Enter the number of voting members included in line la, above, who are
independent . . . . . . . . . . . . . . . . lb 31
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? 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
2
3
Yes
No
filed? 5 6 7a b 8
a
4 5 6
. . . . . . . . . . . . . . 7a
No No No
No
Did the organization become aware during the year of a significant diversion of the organization's assets? Does the organization have members or stockholders? Does the organization have members, stockholders, or other persons who may elect one or more members of the
governing body? . . . . . . . . . .
Are any decisions of the governing body subject to approval by members, stockholders, or other persons? Did the organization contemporaneously document the meetings held or written actions undertaken during the year by the following
The governing body? . . . . . . . . . . . . . . . . . . . . . . . .
7b
No
8a
Yes
b 9
Each committee with authority to act on behalf of the governing body? 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 0
8b 9
Yes No
Section B. Policies (This Section B requests information about policies not required by the Internal Revenue Code. )
Yes No
10a b 11a b
12a b
Does the organization have local chapters, branches, or affiliates? If "Yes," does the organization have written policies and procedures governing the activities of such chapters, affiliates, and branches to ensure their operations are consistent with those of the organization? . Has the organization provided a copy of this Form 990 to all members of its governing body before filing the form?
10a 10b
11a
Yes Yes
Yes
Describe in Schedule 0 the process, if any, used by the organization to review this Form 990
Does the organization have a written conflict of interest policy? If "No,"go to line 13 . 12a Yes
Are officers, directors or trustees, and key employees required to disclose annually interests that could give rise to conflicts? Does the organization regularly and consistently monitor and enforce compliance with the policy? If "Yes," describe in Schedule 0 how this is done Does the organization have a written whistleblower policy? Does the organization have a written document retention and destruction policy? Did the process for determining compensation of the following persons include a review and approval by
12b
Yes
12c 13 14
Yes Yes Yes
13 14 15
independent persons, comparability data, and contemporaneous substantiation of the deliberation and decision?
a b The organization's CEO, Executive Director, or top management official Other officers or key employees of the organization If "Yes" to line 15a or 15b, describe the process in Schedule 0 (See instructions 15a 15b Yes Yes
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? If "Yes," has the organization adopted a written policy or procedure requiring the organization to evaluate its participation in joint venture arrangements under applicable federal tax law, and taken steps to safeguard the organization's exempt status with respect to such arrangements?
16a
No
16b
Section C. Disclosure
17 18 List the States with which a copy of this Form 990 is required to be filed-VA Section 6104 requires an organization to make its Form 1023 (or 1024 if applicable), 990, and 990 -T (50 1(c) (3)s only) available for public inspection Indicate how you make these available Check all that apply fl O wn website fi A nother 's website F Upon request
19
20
Describe in Schedule 0 whether ( and if so, how ), the organization makes its governing documents , conflict of interest policy , and financial statements available to the public See Additional Data Table
State the name, physical address, and telephone number of the person who possesses the books and records of the organization ACCOUNTING DEPARTMENT 1971 UNIVERSITY BOULEVARD LYNCHBURG,VA 245022269 (434) 592-3330 Form 990 (2010) 0-
Form 990 (2010) 1:M.lkvh$ Compensation of Officers, Directors , Trustees , Key Employees, Highest Compensated
Page 7
Employees , and Independent Contractors

Check if Schedule 0 contains a response to any question in this Part VII (-
Section A. Officers, Directors, Trustees, Kev Employees, and Highest Compensated Employees
la 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 * List all of the organization' s current officers, directors, trustees (whether individuals or organizations), regardless of amount of compensation , and current key employees 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 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 and/or Box 7 of Form 1099-MISC) of more than $100,000 from the organization and any related organizations
6 List all of the organization's former officers, key employees, and highest compensated employees who received more than $100,000 of reportable compensation from the organization and any related organizations
6 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
List persons in the following order individual trustees or directors , institutional trustees, officers, key employees, highest compensated employees , and former such persons fl 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 (C) Position (check all that apply) (D) Reportable compensation from the organization (W2/1099-MISC) (E) Reportable compensation from related organizations (W- 2/1099MISC) (F) Estimated amount of other compensation from the organization and related organizations
per week
(describe M
fD 1 < 0 c 5 2 ca ` a
= (5
D
hours for related

organizations
in
+0 4 fD m
T 0 a,
Schedule
0) See Additional Data Table
m m
Form 990 (2010)
Form 990 (2010) Ulj= Section A. Officers, Directors , Trustees , Key Employees , and Highest Compensated Employees (continued)
Page 8
(A) Name and Title
(B) Average hours
(C) Position (check all that apply)
per week
(describe
2_ Q< 0 C 6 r' m 5 2 ca ` a, 0
M
-D
0
= (5 T 0 ,
(D ) Reportable compensation from the organization (W2/1099-MISC)
( E) Reportable compensation
(F) Estimated amount of other
from related organizations

(W- 2/1099-
compensation from the

organization and
hours for related

organizations
in
`+ +0 4 -0 m V
MISC)
related organizations
Schedule
0) See Additional Data Table
lb
c d
Sub -Total
.
. . .
.
. .
.
. .
.
. .
0-
Total from continuation sheets to Part VII, Section A Total ( add lines lb and 1c ) . . . . . . .
0-
2,398,282
275,523
Total number of individuals (including but not limited to those listed above) who received more than $100,000 in reportable compensation from the organization-11
No
Did the organization list any former officer, director or trustee, key employee, or highest compensated employee on l i n e la's If "Yes,"complete ScheduleI forsuch individual . . . . . . . . . . . .
For any individual listed on line la, is the sum of reportable compensation and other compensation from the organization and related organizations greater than $150,000' If"Yes,"complete Schedule] forsuch
No
individual
Did any person listed on line la receive or accrue compensation from any unrelated organization or individual for services rendered to the organization ? If "Yes, "complete ScheduleI for such person
No
Section B. Independent Contractors

1 Complete this table for your five highest compensated independent contractors that received more than $100,000 of compensation from the organization (A) Name and business address BRANCH AND ASSOCIATES 5732 AIRPORT ROAD ROANOKE, VA 24012 PLATTFORM ADVERTISING INC 15500 W 113TH ST 3RD FLOOR LENEXA, KS 66219 EDUCATION DYNAMICS 157 YESLER WAY SUITE 200 SEATTLE, WA 98104 COLEMAN-GLASS CONSTRUCTION PO BOX 775 FOREST, VA 24551 AMERICAN ASSOCIATION OF CHRISTIAN COUNSE PO BOX 739 FOREST, VA 24551 (B) Description of services CONSTRUCTION (C) Compensation 14,016,706
ADMISSIONS LEADS GENERATION
4,313,922
ADMISSIONS LEADS GENERATION
4,166,040
CONSTRUCTION
2,025,013
ROYALTIES
1,906,183
Total number of independent contractors ( including but not limited to those listed above) who received more than
$100,000 in compensation from the organization 0-50 Form 990 (2010)
Form 990 (2010) 1:M.WJ004 Statement of Revenue

(A) (B) (C)
Page 9
(D)
Total revenue
Related or Unrelated Revenue exempt business excluded function revenue from revenue tax under sections
512, 513, or 514
la
Federated campaigns
la
b Membership dues E
c Fundraising events
.
.
lb
1c
_ C
d Related organizations
ld
le if 1,577,627 11,444,601 1,293,114
e Government grants (contributions) f All other contributions , gifts, grants , and similar amounts not included above
g Noncash contributions included in lines la-If $
h Total . Add lines la -1f .

w 2a TUITION AND FEES b c d U5 ROOM & BOARD STUDENT FEES BOOKSTORE/CONCESSIONS STUDENT ACTIVITIES 611710 611710 611710 611710 611710 Business Code
13,022,228
535,484,329 535,484,329 45,978,692 12,995,811 5,860,564 5,757,232 45,978,692 12,995,811 5,860,564 5,289,884 467,348
c O
All other program service revenue 606,076,628
g Total . Add lines 2a -2f . 3 Investment income ( including dividends, interest

and other similar amounts ) 4 5 Income from investment of tax- exempt bond proceeds Royalties .
7,580,869
30,161
7,550,708
104,858
104,858
(i) Real
6a Gross Rents 5,287,302 2,131,477 3,155,825
(ii) Personal
73,260
b Less rental expenses c Rental income or (loss) d Net rental income or ( loss)
73,260 3,229,085 73,260 3,155,825
(i) Securities 7a Gross amount from sales of assets other than inventory b Less cost or other basis and sales expenses c Gain or (loss) Net gain or ( loss) 202,710,917
(ii) Other 513,128
207,163,280
1,024,951
-4,452,363
-511,823 -4,964,186 -4,964,186
8a Gross income from fundraising events (not including of contributions reported on line 1c)
See Part IV, line 18 .
a b Less c
9a
direct expenses
b . .
a
Net income or (loss ) from fundraising events

Gross income from gaming activities
See Part IV, line 19
b Less
c
direct expenses
.
.
Net income or (loss ) from gaming activities
10aGross sales of inventory, less
returns and allowances
. a
b Less c
cost of goods sold
b . 0Business Code 532000 2,360,178 775,774 2,197,689 775,774 162,489
Net income or (loss ) from sales of inventory

Miscellaneous Revenue
11a O T H E R INCOME bSPONSORSHIPS /A DVERTISI
C dAll other revenue

e Total . A dd l i n e s h
.
a-11 d
.
3,135, 952
12
Total revenue . See Instructions
10628,185,434 733,258
1 603,618,557 1
10,811,391
Form 990 (2010)
Form 990 (2010) Statement of Functional Expenses

Section 501 ( c)(3) and 501 ( c)(4) organizations must complete all columns.
Page 10
All other organizations must complete column ( A) but are not required to complete columns (B), (C), and (D).
Do not include amounts reported on lines 6b, 7b, 8b, 9b, and 10b of Part VIII . 1 Grants and other assistance to governments and organizations in the U S See Part IV, line 21 Grants and other assistance to individuals in the U S See Part IV, line 22 Grants and other assistance to governments, organizations , and individuals outside the U S Part IV, lines 15 and 16 (A) Total expenses (B ) Program service expenses ( C) Management and general expenses (D) Fundraising expenses
2,870,478
2,870,478
111,035,018
111,035,018
See
4
5
Benefits paid to or for members

Compensation of current officers, directors , trustees, and key employees Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958 (c)(3)(B) Other salaries and wages Pension plan contributions ( include section 401(k) and section 40 3(b) employer contributions ) Other employee benefits Payroll taxes a Fees for services (non-employees) Management . . Legal Accounting Lobbying Professional fundraising services Investment management fees Other Advertising and promotion Office expenses Information technology Royalties Occupancy Travel See Part IV, line 17 204,729 41 ,050,708 4,433,444 1,976,102 5,206,862 2,862,413 6,013,824 6 ,273,841 169,925 34,072,087 3,679,759 1,640,165 4,321,695 2,375,803 4,991,474 5,207,288 32,757 6,568,114 709,351 316,176 833,098 457,986 962,212 1,003,815 2,047 410,507 44,334 19,761 52,069 28,624 60,138 62,738 755 ,312 222,061 60,055 626,909 184,310 49,845 120,850 35,530 9,609 7,553 2,221 601 2,547,768 2,114,647 407,643 25,478
111,438 147,379,997
92,494 122,325,397
17,830 23,580,800
1,114 1,473,800
7 8
2,756,652 21 ,239,109 9,896,100
2,288,021 17,628,461 8,213,763
441,064 3,398,257 1,583,376
27,567 212,391 98,961
9 10
b c d e f g 12 13 14 15 16 17
18
19 20 21 22 23 24
Payments of travel or entertainment expenses for any federal, state, or local public officials
Conferences , conventions, and meetings Interest Payments to affiliates Depreciation , depletion, and amortization Insurance Other expenses Itemize expenses not covered above (List miscellaneous expenses in line 24f If line 24f amount exceeds 10% of line 25, column (A) amount, list line 24f expenses on Schedule 0 a b c d e f OTHER SUPPLIES BAD DEBT EXPENSE EQUIPME NT BANK SERVICE CHARGES PRINTING All other expenses Total functional expenses . Add lines 1 through 24f Joint costs. Check here F- if following 13,943,780 5 ,605,699 3,363,193 2,897,597 2,477,882 6,307,708 424,850,148 11,573,337 4,652,730 2,791,450 2,405,006 2,056,642 5,235,399 371,989,557 2,231,005 896,912 538,111 463,615 396,461 1,009,233 49,751,145 139,438 56,057 33,632 28,976 24,779 63,076 3,109,446 16,832,980 3,014,490 13,971,373 2,502,027 2,693,277 482,318 168,330 30,145 405,794 3,105,114 336,809 2,577,245 64,927 496,818 4,058 31,051
25 26
SOP 98-2 (ASC 958-720) Complete this line only if the organization reported in column ( B) joint costs from a combined educational campaign and fundraising solicitation Form 990 (2010)
Form 990 (2010) IMEM Balance Sheet

(A) Beginning of year 1 2 3 4 Cash-non-interest-bearing Savings and temporary cash investments Pledges and grants receivable, net Accounts receivable, net 48,856,093 166,031,413 360,000 23,921,535 1 2 3 4
Page 11
(B) End of year 409,493,323 59,848,699 560,000 94,676,683
Receivables from current and former officers, directors, trustees, key employees, and
highest compensated employees Schedule L Complete Part II of 5 14,100
Receivables from other disqualified persons (as defined under section 4958(f)(1)),
persons described in section 4958(c)(3)(B), and contributing employers, and sponsoring organizations of section 501(c)(9) voluntary employees' beneficiary organizations (see instructions)
Schedule L
0 7 8 9 10a Notes and loans receivable, net Inventories for sale or use Prepaid expenses and deferred charges Land, buildings, and equipment Part VI of Schedule D Less accumulated depreciation cost or other basis Complete 10a 10b 136,495,491 277,191,881 76,502,766 414,481,300 492,976 320,001 10,681,346
6
7 8 9 1,455,246 218,027 6,870,676
b 11 12 13 14 15 16 17 18 19 20 } 21
10c 11 12
277,985,809 53,905,290 1,796,816 30,800,561
Investments-publicly traded securities Investments-other securities Investments-program-related Intangible assets Other assets See Part IV, line 11 . See Part IV, line 11 See Part IV, line 11
5,339,030
13 14
2,174,566 611,871,607 19,958,651
15 16 17 18
2,658,824 940,284,054 24,437,826
Total assets . Add lines 1 through 15 (must equal line 34) Accounts payable and accrued expenses Grants payable Deferred revenue Tax-exempt bond liabilities Escrow or custodial account liability
71,423,658
19 20
130,868,404
Complete Part IVof Schedule D
21
22
Payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified
persons Complete Part II of Schedule L . 64,088,626 22 23 127,141,487
23
Secured mortgages and notes payable to unrelated third parties
24
25 26
Unsecured notes and loans payable to unrelated third parties

Other liabilities Complete Part X of Schedule D . 21,096,787 176,567,722
24
25 26 20,368,921 302,816,638
Total liabilities . Add lines 17 through 25
Organizations that follow SFAS 117, check here - 7 and complete lines 27
through 29, and lines 33 and 34. 27 M 28 29 Unrestricted net assets Temporarily restricted net assets Permanently restricted net assets 426,969,055 1,679,127 6,655,703 27 28 29 627,798,173 2,442,026 7,227,217
W_
30
Organizations that do not follow SFAS 117 , check here

lines 30 through 34. Capital stock or trust principal, or current funds
F- and complete
30
31 32
Paid-in or capital surplus, or land, building or equipment fund Retained earnings, endowment, accumulated income, or other funds
Total net assets or fund balances Total liabilities and net assets/fund balances 435,303,885 611,871,607
31 32
33 34 637,467,416 940,284,054 Form 990 (2010)
33 34
Form 990 (2010)
Page 12
1 :M. WO
Reconcilliation of Net Assets

Check if Schedule 0 contains a response to any question in this Part XI .F
Total revenue (must equal Part VIII, column (A), line 12) 1 628,185,434
Total expenses (must equal Part IX, column (A), line 25) 2 424,850,148
Revenue less expenses
Subtract line 2 from line 1
. 3 203,335,286
Net assets or fund balances at beginning of year (must equal Part X, line 33, column (A)) 4 435,303,885
5 6
Other changes in net assets or fund balances (explain in Schedule 0)
.
5 -1,171,755
Net assets or fund balances at end of year Combine lines 3, 4, and 5 (must equal Part X, line 33, column
(B)) 6 637,467,416
GMEff- Financial Statements and Reporting

Check if Schedule 0 contains a response to any question in this Part XII .F Yes 1 Accounting method used to prepare the Form 990 p Cash F Accrual F-Other No
If the organization changed its method of accounting from a prior year or checked " Other," explain in Schedule 0 2a b c Were the organization 's financial statements compiled or reviewed by an independent accountant 's Were the organization 's financial statements audited by an independent accountant ? . 2a 2b Yes No
If"Yes, " to 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? If the organization changed either its oversight process or selection process during the tax year, explain in
Schedule 0 2c Yes
If "Yes " to line 2a or 2b, check a box below to indicate whether the financial statements for the year were issued
on a separate basis, consolidated basis, or both fl Separate basis 3a

b
F Consolidated basis
. . .
fl Both consolidated and separated basis

. . . . . . . . . . . . 3a 3b Yes Yes Form 990 (2010)
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 0MB Circular A-133? 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 0 and describe any steps taken to undergo such audits .
l efile GRAPHIC p rint - DO NOT PROCESS
As Filed Data -
DLN: 93493086008202
OMB No 1545-0047
SCHEDULE A
(Form 990 or 990EZ)
Department of the Treasury Internal Revenue Service
Public Charity Status and Public Support

201 0
Complete if the organization is a section 501(c)( 3) organization or a section 4947( a) (1) nonexempt charitable trust. ^ Attach to Form 990 or Form 990 - EZ. ^ See separate instructions.
Name of the organization LIBERTY UNIVERSITY INC
Employer identification number 54-0946734
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 11, check only one box ) 1 2
3 4
1 F
1 1
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 )
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 A n 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 )
6 7
1 1
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 organization that normally receives
(1) more than 331/3% 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 331/3% 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 10 11 1 1 See section 509 (a)(2). (Complete Part III ) Seesection 509(a)(4).
An organization organized and operated exclusively to test for public safety
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 that describes the type of supporting organization and complete lines 11e through 11h a 1 Type I b 1 Type II c 1 Type III - Functionally integrated d 1 Type III - Other By checking this box, I certify that the organization is not controlled directly or indirectly by one or more disqualified persons other than foundation managers and other than one or more publicly supported organizations described in section 509(a)(1) or section 509(a)(2) If the organization received a written determination from the IRS that it is a Type I, Type II or Type III supporting organization, check this box F Since August 17, 2006, has the organization accepted any gift or contribution from any of the
f g
following persons? (i) a person who directly or indirectly controls, either alone or together with persons described in (ii) and (iii) below, the governing body of the the supported organization ? (ii) a family member of a person described in (i) above? (iii) a 35% controlled entity of a person described in (i) or (ii) above? h Provide the following information about the supported organization(s) (iii)
M Type of organization
Yes 11g(i) 11g(ii) 11 g(g(iii)
No
I ( n th e Is
organization in
(v)
(vi)
Name of
supported organization
ii)
EIN
(described on
lines 1- 9 above or IRC section
col (i) listed in

your governing document? Yes No
Did ou noti fy the y organization in

col (i) of your su pp ort? Yes No
Is the organization in
col ( i) organized in the U S 7 Yes No
ii
Amount of
support
(see
instructions ))
Total
For Paperwork Red uchonAct Notice , seethe In structons for Form 990 Cat No 11285F Schedule A (Form 990 or 990 - EZ) 2010
Schedule A (Form 990 or 990-EZ) 2010 Support Schedule for Organizations Described in Sections 170(b )( 1)(A)(iv) and 170(b)(1) (A)(vi)
Page 2
(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 fails to qualify under the tests listed below, please complete Part III.) Section A . Public Su pp ort
Calendar year (or fiscal year beginning
in) ^ Gifts, grants, contributions, and membership fees received (Do not include any "unusual
grants ")
(a) 2006
(b) 2007
(c) 2008
(d) 2009
(e) 2010
(f) Total
4 5
Tax revenues levied for the organization's benefit and either paid to or expended on its behalf The value of services or facilities furnished by a governmental unit to the organization without charge Total . Add lines 1 through 3 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)
Public Support . Subtract line 5 from
line 4
Section B. Total Su pp ort

Calendar year (or fiscal year beginning in) lik^ 7 8 Amounts from line 4 Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar (a) 2006 (b) 2007 (c) 2008 (d) 2009 (e) 2010 (f) Total
sources 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 IV Total support (Add lines 7 through 10)
11 12 13
Gross receipts from related activities, etc (See instructions
12
First Five Years If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a 501(c)(3) organization, check this box and stop here
Section C. Com p utation of Public Su pp ort Percenta g e

14 15 16a b 17a Public Support Percentage for 2010 (line 6 column (f) divided by line 11 column (f)) Public Support Percentage for 2009 Schedule A, Part II, line 14 14 15
33 1 / 3% support test - 2010 . 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 lik^F33 1 / 3% support test - 2009 . If the organization did not check the 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 Ok-F10 %-facts-and -circumstances test-2010 . 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 IV how the organization meets the "facts and circumstances" test The organization qualifies as a publicly supported organization lik^F10%-facts -and-circumstances test - 2009 . 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 IV how the organization meets the "facts and circumstances" test The organization qualifies as a publicly supported organization Ok-F-
18
Private Foundation If the organization did not check a box on line 13, 16a, 16b, 17a or 17b, check this box and see instructions
lik^F-
Schedule A (Form 990 or 990-EZ) 2010
Schedule A (Form 990 or 990-EZ) 2010 IMMOTM Support Schedule for Organizations Described in Section 509(a)(2)
Page 3
(Complete only if you checked the box on line 9 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) lik^ Gifts, grants, contributions, and membership fees received (Do not include any "unusual grants ")
Gross receipts from admissions,
(a) 2006
(b) 2007
(c) 2008
(d) 2009
(e) 2010
(f) Total
merchandise sold or services performed, or facilities furnished in any activity that is related to the
organization's tax-exempt purpose Gross receipts from activities that
are not an unrelated trade or

business under section 513
6 7a
Tax revenues levied for the organization's benefit and either paid to or expended on its behalf The value of services or facilities furnished by a governmental unit to the organization without charge Total . Add lines 1 through 5 Amounts included on lines 1, 2, and 3 received from disqualified
persons
Amounts included on lines 2 and 3 received from other than disqualified persons that exceed
the greater of $5,000 or 1% of the
c
8
amount on line 13 for the year Add lines 7a and 7b

Public Support (Subtract line 7c
from line 6 ) Section B. Total Support Calendar year (or fiscal year beginning
in) 9 10a Amounts from line 6 Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975
(a) 2006
(b) 2007
(c) 2008
(d) 2009
(e) 2010
(f) Total
c 11
Add lines 10a and 10b Net income from unrelated business activities not included in line 10b, whether or not the business is regularly carried on
Other income Do not include gain or loss from the sale of capital assets (Explain in Part IV ) Total support (Add lines 9, 10c, 11 and 12 ) First Five Years If the Form 990 is for the organization ' s first, second , third, fourth , or fifth tax year as a section501 ( c)(3) organization, check this box and stop here
12
13 14
Section C. Com p utation of Public Su pp ort Percenta g e

15 16 Public Support Percentage for 2010 (line 8 column (f) divided by line 13 column (f)) Public support percentage from 2009 Schedule A, Part III, line 15 15 16
Section D . Com p utation of Investment Income Percenta g e 17 18 19a Investment income percentage for 2010 (line 10c column (f) divided by line 13 column (f)) Investment income percentage from 2009 Schedule A, Part III, line 17 17 18
33 1 / 3% support tests-2010 . 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 33 1 / 3%support tests-2009 . 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
20
Private Foundation If the organization did not check a box on line 14, 19a or 19b, check this box and see instructions
Schedule A (Form 990 or 990-EZ) 2010 MOW^
Page 4
Supplemental Information . Supplemental Information. Complete this part to provide the explanations
required by Part II, line 10; Part II, line 17a or 17b; and Part III, line 12. Also complete this part for any additional information. (See instructions).
Facts And Circumstances Test
Additional Data
Software ID: Software Version: EIN: Name : 54 -0946734 LIBERTY UNIVERSITY INC
Form 990, Part VII - Compensation of Officers, Directors,Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors
(A) (B) (C) (D) (E) (F)
Name and Title
Average hours per week
Position ( check all that apply ) ,o = ado

,D c c n c C art -n
4 1 d
Reportable compensation from the organization (W2/1099-MISC)
Reportable compensation from related organizations

( W- 2/1099MISC)
Estimated amount of other compensation from the

organization and related organizations
m
JERRY FALWELL JR CHANCELLOR/LEGAL COUNSEL MR NEAL ASKEW ASSISTANT TO THE CHANCELLO DR MARK BECTON TRUSTEE MR WAYNE BOOTH TRUSTEE MR FLEET BROWNING TRUSTEE MR TOM COBLE TRUSTEE MR MARION COMPTON TRUSTEE MR SHERWIN COOK TRUSTEE DR DON CRAIN TRUSTEE MR MARK DEMO SS TRUSTEE DR JACK DINSBEER TRUSTEE MR JONATHAN FALWELL TRUSTEE DR HERBERT FITZPATRICK TRUSTEE DR RONNIE FLOYD TRUSTEE MR HARVEY GAINEY TRUSTEE DR JEFF GINN TRUSTEE DR JACK GRAHAM TRUSTEE MR JOHN HEATH TRUSTEE DR BEVERLY LAHAYE TRUSTEE DR TIM LAHAYE TRUSTEE DR RICHARD LEE TRUSTEE DR TIM LEE TRUSTEE DR ALLEN MCFARLAND TRUSTEE DR JAMES MERRITT TRUSTEE DR GENE MIMS TRUSTEE
+t, 0
X 371,521 102,169 0 0 0 0 0 0 0 0 0 110,691 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 38,439 14,637 0 0 0 0 0 0 0 0 0 8,227 0 0 0 0 0 0 0 0 0 0 0 0 0
55 00 50 00 2 00 2 00 2 00 2 00 2 00 2 00 2 00 2 00 2 00 23 00 2 00 2 00 2 00 2 00 2 00 200 2 00 2 00 2 00 2 00 5 00 2 00 2 00
X X X X X X X X X X X X X X X X X X X X X X X X X
Form 990, Part VII - Compensation of Officers, Directors,Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors
(A) (B) (C) (D) (E) (F)
Name and Title
Average hours per week
Position ( check all that apply ) = = 0 CL

c c
3 Q
,D CD 0 -n
Reportable compensation from the organization ( W2/1099-MISC)
Reportable compensation from related organizations

( W- 2/1099MISC )
Estimated amount of other compensation from the

organization and related organizations
m
Q
m m
MR RICHARD OSBORNE TRUSTEE MR GALEN PEEL TRUSTEE MR WILBUR PETERS TRUSTEE DR RICHARD POWELL TRUSTEE DR JERRY PREVO TRUSTEE DR DWIGHT REIGHARD TRUSTEE DR DAVID RHO DENHIZER TRUSTEE MR JIMMY THOMAS TRUSTEE DR JERRY THO RPE TRUSTEE MR GILBERT TINNEY JR TRUSTEE DR JERRY VINES TRUSTEE REV CARL WEISER TRUSTEE MR JEFFREY YAGER TRUSTEE MR RONALD GODWIN EXECUTIVE VP/COO MS SHARON J HARTLESS ADMIN ASSISTANT TO EXC VP MR DON MOON CFO/VP OFINVSTMT MANGMNT DR BOYD C RIST VP ACADEMIC AFFAIRS DANIEL ROCCO HEAD COACH - FB MR JEFF BARBER ATHLETIC DIRECTOR CAREY GREEN HEAD COACH - WBB DALE LAYER BASKETBALL COACH DR ROBERT RITZ DIRECTOR FIN AID
3 a
Q f it,
0 0 0 0 0 0 0 0 0 0 0 0 0 144,320 83,094 110,876 153,115 440,463 258,226 191,699 274,890 157,218 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 15,316 18,358 18,327 24,346 39,145 20,351 25,699 33,792 18,886
2 00 2 00 2 00 2 00 2 00 2 00 2 00 2 00 2 00 2 00 2 00 2 00 2 00 45 00 45 00 55 00 55 00 55 00 55 00 55 00 55 00 55 00
X X X X X X X X X X X X X X X X X X X X X X
l efile
GRAPHIC p rint - DO NOT PROCESS
As Filed Data -
DLN: 93493086008202
OMB No 1545-0047
SCHEDULE C
(Form 990 or 990-EZ)
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
1- Complete if the organization is described below.
0- Attach to Form 990 or Form 990 - EZ. 0- See separate instructions .
201 0
Open
If the organization answered " Yes," to Form 990, Part IV , Line 3 , or Form 990-EZ , Part V, line 46 ( Political Campaign Activities), then Section 501(c)(3) organizations Complete Parts I-A and B Do not complete Part I-C Section 501(c) (other than section 501(c)(3)) organizations Complete Parts I-A and C below Do not complete Part I-B Section 527 organizations Complete Part I-A only If the organization answered " Yes," to Form 990, Part IV, Line 4 , or Form 990-EZ , Part VI, line 47 (Lobbying Activities), then Section 501(c)(3) organizations that have filed Form5768 (election under section 501(h)) Complete Part II-A Do not complete Part II-B Section 501(c)(3) organizations that have NOT filed Form5768 (election under section 501(h)) Complete Part II-B Do not complete Part II-A If the organization answered " Yes," to Form 990, Part IV , Line 5 (Proxy Tax) or Form 990-EZ , Part V, line 35a (Proxy Tax), then * Section 501(c)(4), (5), or ( 6) organizations Complete Part III
Name of the organization LIBERTY UNIVERSITY INC Employer identification number 54-0946734
Complete if the organization is exempt under section 501(c) or is a section 527 organization.
1 Provide a description of the organization ' s direct and indirect political campaign activities in Part IV
2 3
Political expenditures Volunteer hours
Complete if the organization is exempt under section 501 ( c)(3).

1 2 3 4a b Enter the amount of any excise tax incurred by the organization under section 4955 Enter the amount of any excise tax incurred by organization managers under section 4955 If the organization incurred a section 4955 tax, did it file Form 4720 for this year? Was a correction made? If "Yes," describe in Part IV $ $ 1 Yes fl Yes (- No fl No
UT METComplete if the organization is exempt under section 501(c) except section 501 ( c)(3). 1 2 Enter the amount directly expended by the filing organization for section 527 exempt function activities Enter the amount of the filing organization's funds contributed to other organizations for section 527 exempt funtion activities
Total exempt function expenditures Add lines 1 and 2 Enter here and on Form 1120-PO L, line 17b
$ $
$ 1 Yes 1 No
3 4
Did the filing organization file Form 1120 -POL for this year?
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 A Iso 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-
For Paperwork Reauction Act Notice, see the instructions for Form 990 or 990 -EZ.
Cat No 50084S
Schedule C (Form 990 or 990 - EZ) 2010
Schedule C (Form 990 or 990-EZ) 2010
Page 2
Complete if the organization is exempt under section 501 ( c)(3) and filed Form 5768 ( election under section 501(h)).
A B Check Check 1 if the filing organization belongs to an affiliated group 1 if the filing organization checked box A and "limited control" provisions apply Limits on Lobbying Expenditures (The term " expenditures " means amounts paid or incurred .) la b c
d
(a) Filing Organizations Totals
(b) Affiliated Group Totals
Total lobbying expenditures to influence public opinion (grass roots lobbying) Total lobbying expenditures to influence a legislative body (direct lobbying) Total lobbying expenditures (add lines la and 1b)
Other exempt purpose expenditures 60,054 60,054 424,790,094 424,850,148 1,000,000
e f
Total exempt purpose expenditures (add lines 1c and 1d) Lobbying nontaxable amount Enter the amount from the following table in both columns
If the amount on line le , column ( a) or (b ) is: Not over $500,000 Over $500,000 but not over $1,000,000 Over $1,000,000 but not over $1,500,000 Over $1,500,000 but not over $17,000,000 Over $17,000,000 The lobbying nontaxable amount is: 20% of the amount on line le $100,000 plus 15% of the excess over $500,000 $175,000 plus 10% of the excess over $1,000,000 $225,000 plus 5% of the excess over $1,500,000 $1,000,000
g h i i
Grassroots nontaxable amount (enter 25% of line 1f) Subtract line 1g from line la Subtract line lffrom line 1c If zero or less, enter -0If zero or less, enter -0-
250,000 0 0 Yes No
If there is an amount other than zero on either line 1 h or line 11, did the organization file Form 4720 reporting section 4911 tax for this year's
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 instructions for lines 2a through 2f on page 4.) Lobbying Expenditures During 4-Year Averaging Period
Calendar year ( or fiscal year beginning in) (a) 2007 ( b) 2008 (c) 2009 (d) 2010 ( e) Total
2a
Lobbying non-taxable amount
1,000,000
1,000,000
1,000,000
1,000,000
4,000,000
Lobbying ceiling amount

(150% of line 2a, column(e)) 208,022 197,711 42,084 60,054
6,000,000
Total lobbying expenditures
507,871
Grassroots non-taxable amount
250,000
250,000
250,000
250,000
1,000,000
Grassroots ceiling amount
(150% of line 2d, column (e)) f Grassroots lobbying expenditures
1,500,000
Page 3 Complete if the organization is exempt under section 501(c)(3) and has NOT filed Form 5768 ( election under section 501(h)).
(a) Yes No (b) A mount
During the year, did the filing organization attempt to influence foreign, national, state or local
a b c d e f g
h i j 2a b c d
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)7 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? If "Yes," describe in Part IV Total lines 1c through 1i
Did the activities in line 1 cause the organization to be not described in section 501(c)(3)7 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?
Complete if the organization is exempt under section 501(c)(4), section 501(c)(5), or section 501(c)(6).
No
1 2 3
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 carryover lobbying and political expenditures from the prior year?
Complete if the organization is exempt under section 501(c)(4), section 501(c)(5), or section 501(c)(6) if BOTH Part 111-A, lines 1 and 2 are answered "No" OR if Part III-A, line 3 is answered "Yes".
1 2
a b c 3 4
Dues, assessments and similar amounts from members Section 162(e) non-deductible 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
2a 2b 2c 3
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) Supplemental information
4 5
lffff^
Complete this part to provide the descriptions required for Part I-A, line 1, Part I-B, line 4, Part I-C, line 5, and Part II-B, line 1i A Iso. complete this Dart for any additional information Ident if ier I Ret urn Reference I Explanat ion Schedule C (Form 990 or 990EZ) 2010
l efile GRAPHIC p rint - DO NOT PROCESS SCHEDULE D (Form 990)
As Filed Data -
DLN: 93493086008202 OMB No 1545-0047
Supplemental Financial Statements

- Complete if the organization answered " Yes," to Form 990, Part IV, line 6, 7 , 8, 9, 10 , 11, or 12. Attach to Form 990 . 1- See separate instructions. '
2010
' '
Department of the Treasury Internal Revenue Service Name of the organization LIBERTY UNIVERSITY INC
Employer identification number
54-0946734 Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts . Complete if the or g anization answered "Yes" to Form 990 Part IV , line 6. (a) Donor advised funds (b) Funds and other accounts 1
2 3 4
Total number at end of year

Aggregate contributions to (during year) Aggregate grants from (during year) Aggregate value at end of year
5 6
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? Did the organization inform all grantees, donors, and donor advisors in writing that grant funds may 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
1 Yes
1 No
1 Yes
1 No
WWWWConservation Easements . Complete if the organization answered "Yes" to Form 990, Part IV, line 7. 1 Purpose(s) of conservation easements held by the organization (check all that apply) 1 Preservation of land for public use (e g , recreation or pleasure) 1 Preservation of an historically importantly land area 1
1
Protection of natural habitat

Preservation of open space
Preservation of a certified historic structure
Complete lines 2a-2d if the organization held a qualified conservation contribution in the form of a conservation easement on the last day of the tax year Held at the End of the Year a b c d Total number of conservation easements Total acreage restricted by conservation easements Number of conservation easements on a certified historic structure included in (a) N umber of conservation easements included in (c) acquired after 8/17/06 2a 2b 2c 2d
N umber of conservation easements modified, transferred, released, extinguished, or terminated by the organization during the taxable year 0-
4 5
Number of states where property subject to conservation easement is located 0Does the organization have a written policy regarding the periodic monitoring, inspection, handling of violations, and enforcement of the conservation easements it holds? Staff and volunteer hours devoted to monitoring, inspecting and enforcing conservation easements during the year 0Amount of expenses incurred in monitoring, inspecting, and enforcing conservation easements during the year -$
F Yes
1 No
6
7
8
9
Does each conservation easement reported on line 2(d) above satisfy the requirements of section
170(h)(4)(B)(i) and 170(h)(4)(B)(ii)'' 1 Yes 1 No In Part XIV, 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
ENDEff Organizations Maintaining Collections of Art, Historical Treasures , or Other Similar Assets. ComDlete if the oraanization answered "Yes" to Form 990. Part IV. line 8.
la If the organization elected, as permitted under SFAS 116, 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 XIV, the text of the footnote to its financial statements that describes these items If the organization elected, as permitted under SFAS 116, 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) Revenues included in Form 990, Part VIII, line 1 00 Assets included in Form 990, Part X 2 -$ -$
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 SFAS 116 relating to these items a b Revenues included in Form 990, Part VIII, line 1 Assets included in Form 990, Part X Cat No 52283D Schedule D ( Form 990) 2010
0- $
For Privacy Act and Paperwork Reduction Act Notice , see the Intructions for Form 990
Schedule D (Form 990) 2010
Page 2
Organizations Maintaining Collections of Art , Historical Treasures , or Other Similar Assets (continued) 3 a b c
4
Using the organization's accession and other records, check any of the following that are a significant use of its collection items (check all that apply) d 1 Loan or exchange programs F Public exhibition 1 F Scholarly research Preservation for future generations e F Other
Provide a description of the organization's collections and explain how they further the organization's exempt purpose in Part XIV
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?
1 Yes
F No
Escrow and Custodial Arrangements . Complete if the organization answered "Yes" to Form 990,
Part IV, line 9, or reported an amount on Form 990, Part X, line 21.
la b Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets not
included on Form 990, Part X'' 1 Yes fl No
If "Yes," explain the arrangement in Part XIV and complete the following table
Beginning balance
d e f
2a b
Additions during the year Distributions during the year Ending balance
Did the organization include an amount on Form 990, Part X, line 21'' If "Yes, " explain the arrangement in Part XIV fl Yes l No
MrIMEndowment Funds . Com p lete If the or g anization answered "Yes" to Form 990, Part IV, line 10.
(a)Current Year la b c d e Beginning of year balance Contributions . 50,659,154 1,653,378 3,851,499 50,158 2,007,533 (b)Prior Year 7,432,405 41,881,783 1,602,884 257,919 (c)Two Years Back 7,273,265 81,191 232,343 154,394 (d)Three Years Back ( e)Four Years Back
Investment earnings or losses Grants or scholarships . .
Other expenditures for facilities and programs
f g
2 a b c
Administrative expenses End of year balance .

54,106,340 50,659,153 7,432,405
Provide the estimated percentage of the year end balance held as Board designated or quasi-endowment Permanent endowment Term endowment organization by (i) unrelated organizations (ii) related organizations b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I . . . 3a(i) 3a(ii) 3b 0013 000 % 0 % Yes No No No 087 000 %
3a
Are there endowment funds not in the possession of the organization that are held and administered for the
If "Yes" to 3a(ii), are the related organizations listed as required on Schedule R''
Describe in Part XIV the intended uses of the organization's endowment funds
1:M.IL'FJG
Investments - Land . Buildinas . and Eauioment . See Form 990. Part X. line 10.
Description of investment (a) Cost or other basis ( investment) 54 ,477,358 208 ,940,697 42,464,311 71,344,662 37 ,254,272 . . 61,091,328 8,511,948 52,743,038 14,149,177 0( b)Cost or other basis (other) ( c) Accumulated depreciation ( d) Book value 54,477,358 147,849,369 33,952,363 18,601,624 23,105,095 277,985,809
la Land b Buildings c Leasehold improvements d Equipment e Other
Total . Add lines la - 1e (Column (d) should equal Form 990, Part X, column (B), line 10 (c).)
Schedule D (Form 990) 2010 Investments - Other Securities . See Form 990 , Part X , line 12. (a) Description of security or category (b)Book value (including name of security) (1)Financial derivatives
(2)Closely-held equity interests
Page 3 (c) Method of valuation Cost or end-of-year market value
Other
Total . (Column (b) should equal Form 990, Part X, col (B) line 12 )
011
Investments - Pro ram Related . See Form 990 , Part X , line 13.
(a) Description of investment type I (b) Book value I (c) Method of valuation Cost or end-of-vear market value
Total . (Column (b) should equal Form 990, Part X, col (B) line 13 )
01 1 Other Assets . See Form 990 , Part X line 15. (a) DescriDtion
( b) Book value
Total . (Column (b) should equal Form 990, Part X, col.(B) line 15.) Other Liabilities . See Form 990 , Part X
1 (a) Description of Liability
line 25.
(b) Amount
Federal Income Taxes GIFT ANNUITIES PAYABLE LIABILITY UNDER SPLIT INTEREST AGREEMENTS OBLIGATIONS UNDER CAPITAL LEASES Due to Freedom Aviation from C&C Jettina 15,649,787 2,265,483 2,384,937 68,714
Total . (Column (b) should equal Form 990, Part X, col (B) line 25)
P. I
20,368,921
2. Fin 48 (ASC 740) Footnote In Part XIV, 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 (ASC740) Schedule D (Form 990) 2010
Page 4
Reconciliation of Chan g e in Net Assets from Form 990 to Financial Statements

1 2 3 4 Total revenue (Form 990, Part VIII, column (A), line 12) Total expenses (Form 990, Part IX, column (A), line 25) Excess or (deficit) for the year Subtract line 2 from line 1 Net unrealized gains (losses) on investments 1 2 3 4 628,185,434 424,850,148 203,335,286
5
6 7 8 9 10
Donated services and use of facilities

Investment expenses Prior period adjustments Other (Describe in Part XIV) Total adjustments (net) Add lines 4 - 8 Excess or (deficit) for the year per financial statements Combine lines 3 and 9
5
6 7 8 9 10 -1,171,755 -1,171,755 202,163,531
Reconciliation of Revenue p er Audited Financial Statements With Revenue p er Return

1 2 a b c d e 3 4 a b c 5 Total revenue, gains, and other support per audited financial statements Amounts included on line 1 but not on Form 990, Part VIII, line 12 Net unrealized gains on investments Donated services and use of facilities Recoveries of prior year grants Other (Describe in Part XIV) Add lines 2a through 2d Subtract line 2e from line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2a 2b 2c 2d . . . . . . . . . . 7,771,557 . . . e 3 ,184,189 517,150,416 -297,675 710,307 . 1 525,334,605
Amounts included on Form 990, Part VIII, line 12, but not on line 1 Investment expenses not included on Form 990, Part VIII, line 7b Other (Describe in Part XIV) Add lines 4a and 4b . . . . . . . . . . . . . . . 4a 4b . . . . . . 111,035,018 . . . . . . c 5 11,035,018 628,185,434
Total Revenue Add lines 3 and 4c. (This should equal Form 990, Part I, line 12
Reconciliation of Ex p enses p er Audited Financial Statements With Ex p enses p er Return

1 Total expenses and losses per audited financial statements Amounts included on line 1 but not on Form 990, Part IX, line 25 a Donated services and use of facilities . 2a 710,307 323,171,074 1
b c
d e 3 4 a b c 5
Prior year adjustments Other losses . . . . . . . . . . . . . . .
2b 2c
2d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,645,637 . . . 2e 3 9,355,944 313,815,130
Other (Describe in Part XIV) Add lines 2a through 2d .
Subtract line 2e from line 1
Amounts included on Form 990, Part IX, line 25, but not on line 1: Investment expenses not included on Form 990, Part VIII, line 7b Other (Describe in Part XIV) Add lines 4a and 4b Total expenses . . . . . . . . . . . . . . . . 4a 4b . . . . . 111,035,018 . . c 5 11,035,018 424,850,148
Add lines 3 and 4c. (This should equal Form 990, Part I, line 18
Su pp lemental Information
Complete this part to provide the descriptions required for Part II, lines 3, 5, and 9, Part III, lines la and 4, Part IV, lines lb and 2b, Part V, line 4, Part X, Part XI, line 8, Part XII, lines 2d and 4b, and Part XIII, lines 2d and 4b Also complete this part to provide any additional information Identifier Return Reference Part III, Line la Explanation Liberty University has a collection of several animal trophies
donated by a local resident The Audited Financial Statements of

the fiscal year ending June 30, 2011 of Liberty University does
not contain a footnote describing this collection because it was donated several years ago However, a footnote within the audited financial statements does describe the accounting policy of Liberty University in accounting for contributions of works of art, historical treasures, and other similar items "Contributions of works of art, historical treasures and similar assets held as part of collections are not recognized or capitalized "
Part III, Line 4 Liberty University has a collection of several animal trophies
donated by local resident The animal trophies are displayed within the University's facilities for the education and enjoyment of students and visitors There is no admission charge for viewing the collection and Liberty University does not advertise that the collection is open to the general public
Description of Intended Use of Endowment Funds Part V, Line 4 UNIVERSITY INTENDS TO MAXIMIZE THE TOTAL RETURN ON ITS RETURN ON ENDOWMENT FUNDS, AND, AS SPECIFIED IN THE UNDERLYING AGREEMENTS, IT USES THE SPENDABLE PORTION FOR PURPOSES OFTHE FOLLOWING AWARDING SCHOLARSHIPS AND GRANTS TO STUDENTS, UNIVERSITY OPERATING EXPENSES, AND CHRISTIAN MINISTRY OUTREACH The Internal Revenue Service has ruled that the University qualifies under Section 501(c)(3) of the Internal Revenue Code
Description of Uncertain Tax Positions Under FIN 48
Part X
and is, therefore, not generally subject to income taxes under present tax laws Management believes that any income tax liability resulting from unrelated business income for the year
ended June 30, 2011 would not have a significant impact on the
University's results of activities Certain subsidiaries of the

University are taxed as separate entities The University has
determined that it does not have any material unrecognized tax

benefits or obligations as of June 30, 2011 Fiscal years ending on or after June 30, 2008 remain subject to examination by
federal and state tax authorities

Part XI, Line 8 - Other Adjustments Part XII, Line 2d - Other Adjustments Part XII, Line 4b - Other CHANGE IN SPLIT INTEREST AGREEMENT and unrealized gains -1171755 Change in split interest agreement -874081 REVENUE FROM SUBSIDIARIES NOT INCLUDED IN THIS RETURN 6514160 EXPENSE FROM NET RENTAL INCOME 2131478 INSTITUTIONAL SCHOLARSHIPS 111035018 EXPENSE FROM SUBSIDIARIES NOT INCLUDED IN THIS RETURN 6514159 EXPENSE FROM NET RENTAL INCOME 2131478 INSTITUTIONAL SCHOLARSHIPS 111035018
Adjustments
Part XIII, Line 2d - Other Adjustments Part XIII, Line 4b - Other
Adjustments
l efile GRAPHIC p rint - DO NOT PROCESS SCHEDULE E
As Filed Data Schools

Schools
DLN: 93493086008202 OMB No 1545-0047

s Complete if the organization answered " Yes" to Form 990 , Part IV, line 13, or Form 990-EZ, Part VI, line 48.
2010
Op en InSDection
YES I NO

s Attach to Form 990 or Form 990-EZ.
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? 1 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? 3 Has the organization publicized its racially nondiscriminatory policy through newspaper or broadcast media during 2 Yes
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 3 Yes
Does the organization maintain the following? a Records indicating the racial composition of the student body, faculty, and administrative staff? b Records documenting that scholarships and other financial assistance are awarded on a racially nondiscriminatory basis? c Copies of all catalogues, brochures, announcements, and other written communications to the public dealing
with student admissions, programs, and scholarships? d Copies of all material used by the organization or on its behalf to solicit contributions? If you answered "No" to any of the above, please explain If you need more space, use Part II 4c 4d Yes Yes
4a 4b
Yes Yes
Does the organization discriminate by race in any way with respect to a Students' rights or privileges? 5a No
b Admissions policies? c Employment of faculty or administrative staff?

d Scholarships or other financial assistance? e Educational policies?
5b Sc
5d 5e
No No
No No
f Use of facilities?
g Athletic programs?
5f
5g 5h
I No
No No
h Other extracurricular activities? If you answered "Yes" to any of the above, please explain If you need more space, use Part II
6a Does the organization receive any financial aid or assistance from a governmental agency? b 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 7 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, covering racial nondiscrimination? If "No," explain on Part II Cat No 50085D
6a 6b
Yes No
Yes
Paperwork Reduction Act Notice, see the Instructions for Form 990 .
Schedule E (Form 990 or 990 - EZ) 2010
Schedule E (Form 990 or 990EZ) 2010 Supplemental Information

Complete this part to provide the explanations required by Part I, lines 3, 4d, 5h, 6b, and 7, as applicable any other additional information (see instructions)
Page 2
Also complete this part to provide
Identifier
Return Reference Schedule E, Part I, Line 3
Explanation
Explanation of Nondiscriminatory Policy Publication
LIBERTY UNIVERSITY DRAWS A SUBSTANTIAL PERCENTAGE OF ITS STUDENTS NATIONWIDE, AND FOLLOWS A RACIALLY NON-DISCRIMINATORY POLICY AS TO STUDENTS THIS POLICY IS ONLINE AND IN ALL THE BROCHURES AND CATALOGS DEALING WITH ADMISSION AND SCHOLARSHIPS LIBERTY UNIVERSITY PROVIDES FINANCIAL AID IN THE FORM OF GRANTS, LOANS, AND SCHOLARSHIPS TO STUDENTS TO HELP WITH EDUCATION-RELATED EXPENSES FINANCIAL AID IS AWARDED ON THE BASIS OF FINANCIAL NEED BASED ON PRESCRIBED GOVERNMENTAL FORMULAS
Schedule E (Form 990 or 990-EZ) 2010
Explanation of Government Schedule E, Financial Assistance Part I, Line 6
l efile GRAPHIC p rint - DO NOT PROCESS

SCHEDULE F (Form 990)
As Filed Data -
DLN: 93493086008202
O M B No 1545-0047
Statement of Activities Outside the United States

s Complete if the organization answered " Yes" to Form 990, Part IV, line 14b, 15, or 16. s Attach to Form 990 . ^ See separate instructions.
2010
Open to Public

Inspect ion
General Information on Activities Outside the United States . Complete if the organization answered "Yes" to Form 990, Part IV, line 14b. 1 For grantmakers . 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? . 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . fl Yes fl No
Forgrantmakers . Describe in Part V the organization's procedures for monitoring the use of grant funds outside the
United States
Activites per Region (Use Part V if additional space is needed

(a) Region (b) Number of offices in the region (c) Number of (d) Activities conducted in (e) If activity listed in (d) is a employees or region (by type) (e g , program service, describe agents in region or fundraising, program specific type of independent services, investments, grants service(s) in region contractors to recipients located in the region) 5 Program Services Providing on-line instruction for distance learning students (f) Total expenditures for region/ investments in region
Europe (Including Iceland & Greenland)
94,500
3a Sub-total b Total from continuation sheets to Part I c Totals (add lines 3a and 3b)
5 0 5 Cat N o 50082W
94,500
0
0
0
94,500 Schedule F (Form 990) 2010
For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990 .
Schedule F (Form 990) 2010
Page 2
Grants and Other Assistance to Organizations or Entities Outside the United States . Complete if the organization answered "Yes" to Form 990, Part IV, line 15, for any recipient who received more than $5,000. Check this box if no one recipient received more than $5,000 . . . . . . . . ^ F Use Part V 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 of non-cash assistance (h) Description of non-cash assistance (i) Method of valuation (book, FMV, appraisal, other)
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 . . . . . Enter total number of other organizations or entities .
11111.
Page 3
Grants and Other Assistance to Individuals Outside the United States . Complete if the organization answered "Yes" to Form 990, Part IV, line 16. Use Part V if additional s p ace is needed. (a) Type of grant or assistance (b) Region (c) Number of recipients (d) A mount of cash grant (e) Manner of cash disbursement (f) A mount of non-cash assistance
(g) Description of non-cash assistance (h) Method of valuation (book, FMV,
appraisal, other)
Schedule F (Form 990) 2010 MEW Foreign Forms

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 (see instructions for Form 926) Did the organization have an interest in a foreign trust during the tax year? If "Yes," the organization may be required to file Form 3520 and/or Form 3520-A. (see instructions for Forms 3520 and 3520-A) 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) 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, Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund. (see instructions for Form 8621) 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) 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 file Form 5713, International Boycott Report (see instructions for Form 5713).
Page 4
F-
Yes
No
F-
Yes
No
F-
Yes
No
F-
Yes
No
F-
Yes
No
F-
Yes
No
Additional Data
Schedule F (Form 990) 2010 Supplemental Information
Page 5
Complete this part to provide the information (see instructions) required in Part I, line 2, and any additional information.
efile GRAPHIC print - DO NOT PROCESS
I As Filed Data - I
DLN: 93493086008202
OMB No 1545-0047
Schedule I (Form 990 )
Grants and Other Assistance to Organizations, Governments and Individuals in the United States
Complete if the organization answered " Yes," to Form 990, Part IV, line 21 or 22. 1111 Attach to Form 990
20
WT-TUM
1
2
General Information on Grants and Assistance

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F Yes
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? . Describe in Part IV the organization's procedures for monitoring the use of grant funds in the U nited States
1 No
Grants and Other Assistance to Governments and Organizations in the United States . Complete if the organization answered "Yes" to Form 990, Part IV, line 21 for any recipient that received more than $5,000. Check this box if no one recipient received more than $5,000. Part II can be duplicated if additional space is needed. . . . . . . . . . . . . . . . . . . . . . . . . . F
1 (a) Name and address of ( b) EIN (c) IRC Code section (d) Amount of cash (e) Amount of non(f ) Method of (g) Description of (h) Purpose of grant
organization
or government
if applicable
grant
cash
assistance
valuation
( book, FMV, appraisal,
non-cash assistance
or assistance
other)
(1) P & B Foundation2004 Valencia Terrace Charlotte , NC 28226 (2) U S Supreme Court Historical Society224 East Capitol Street Washington , DC 20003 (3) LIBERTY UNIVERSITY FOUNDATION1971 UNIVERSITY BLVD LYNCHBURG,VA 24502 (4) THOMAS ROAD BAPTIST CHURCH1 MOUNTAIN VIEW RD LYNCHBURG,VA 24502 (5) LIBERTY CHRISTIAN ACADEMY100 MOUNTAIN VIEW ROAD LYNCHBURG,VA 24502 23-7083912 501(C)(3) 500,000 ADVANCE THE GOSPEL O F JESUS CHRIST Education
23-7420574
501(C )(3)
15,000
54-1939910
501(C)(3)
1,320,730
ADVANCE THE GOSPEL OF JESUS CHRIST
26-0061907
501(C)(3)
696,539
ADVANCE THE GOSPEL OF JESUS CHRIST
54-0831546
501(C)(3)
11,545
ADVANCE THE GOSPEL OF JESUS CHRIST THROUGH CHRISTIAN EDUCATION ADVANCE THE GOSPEL OF JESUS CHRIST
(6) OLD TIME GOSPEL HOUR1971 UNIVERSITY BLVD LYNCHBURG,VA 24502 (7) Liberty Godparent Home 1971 UNIVERSITY BLVD LYNCHBURG,VA 24502 (8) Igleria Fuente de VidaP O Box 5004 charlottesville ,VA 22905 (9) SIM ( Serving in Missions )P 0 Box 7900 Charlotte , NC 28241
23-7293001
501(C)(3)
49,633
52-1372460
501(C)(3)
12,740
ADVANCE THE GOSPEL OF JESUS CHRIST Advance the gospel of Jesus Christ
501(C)(3)
10,000
22 -1936391
501(C)(3)
21,090
ADVANCE THE GOSPEL O F JESUS CHRIST
2 3
Enter total number of section 501 (c)(3) and government organizations . Enter total number of other organizations . . . . . . . . . .
. .
. .
. .
. .
. .
. .
. .
. .
. .
. .
. .
. .
. .
. .
. .
. .
. .
. .
. .
. .
. .
. .
. .
. ^
9 0
Cat No 50055P
Schedule I (Form 990) 2010
Schedule I (Form 990) 2010 Grants and Other Assistance to Individuals in the United States . Complete if the organization answered "Yes" to Form 990, Part IV, line 22.
Page 2
Use Schedule I-1 (Form 990) if additional space is needed.

(a)Type of grant or assistance ( b)N umber of recipients (c)A mount of cash grant ( d)A mount of non-cash assistance
( e)Method of valuation (book, FMV, appraisal , other)
( f)Description of non - cash assistance
(1) SCHOLARSHIPS
80000
111,035,017
n
Identifier
Supplemental Information . Complete this part to provide the information required in Part I, line 2, and any other additional information.
Return Reference Part IV Explanation DONATIONS ARE MADE TO NONPROFIT ORGANIZATIONS WHOSE PURPOSES ARE CONSISTENT WITH THE RELIGIOUS AND EDUCATIONAL PURPOSES OF LIBERTY UNIVERSITY LIBERTY UNIVERSITY MAINTAINS CONTACT WITH ORGANIZATIONS TO ENSURE THE USE OFTHE FUNDS ARE APPROPRIATE SCHOLARSHIPS FOR STUDENTS ARE MADE BASED ON FINANCIAL NEED AS PRESCRIBED BY FEDERAL REGULATIONS Schedule I (Form 990) 2010
Other Information
l efile
As Filed Data -
DLN: 93493086008202
OMB No 1545-0047
Schedule J
(Form 990)
Compensation Information
For certain Officers, Directors, Trustees, Key Employees , and Highest Compensated Employees - Complete if the organization answered " Yes" to Form 990, Part IV , question 23. Attach to Form 990 . 1- See separate instructions.
20
t o Pu b lic ' Ins p ecti o n

54-0946734
llll^
la
Questions Regarding Compensation

Yes I No
Check the appropiate box(es ) if the organization provided any of the following to or for a person listed in Form 990, Part VII, Section A, line la Complete Part III to provide any relevant information regarding these items F F F First-class or charter travel Travel for companions Tax idemnification and gross - up payments 1 fl fl Housing allowance or residence for personal use Payments for business use of personal residence Health or social club dues or initiation fees
fl
Discretionary spending account
fl
Personal services (e g , maid, chauffeur, chef)
b 2
If any of the boxes in line la are checked, did the organization follow a written policy regarding payment or reimbursement orprovision of all the expenses described above? If "No," complete Part III to explain Did the organization require substantiation prior to reimbursing or allowing expenses incurred by all officers, directors, trustees, and the CEO/Executive Director, regarding the items checked in line 1a?
lb 2
Yes Yes
Indicate which, if any, of the following the organization uses to establish the compensation of the organization 's CEO /Executive Director Check all that apply F fl fl Compensation committee Independent compensation consultant Form 990 of other organizations fl F F Written employment contract Compensation survey or study Approval by the board or compensation committee
During the year, did any person listed in Form 990, Part VII, Section A, line la with respect to the filing organization or a related organization a b c Receive a severance payment or change-of-control payment from the organization or a related organization? 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 4a 4b 4c No No No
Only 501 ( c)(3) and 501 ( c)(4) organizations only must complete lines 5-9. 5 For persons listed in form 990, Part VII, Section A, line la, did the organization pay or accrue any compensation contingent on the revenues of a b The organization? Any related organization? If "Yes," to line 5a or 5b, describe in Part III 6 For persons listed in form 990, Part VII, Section A, line la, did the organization pay or accrue any compensation contingent on the net earnings of a b The organization? Any related organization? If "Yes," to line 6a or 6b, describe in Part III 7 For persons listed in Form 990, Part VII, Section A, line la, did the organization provide any non-fixed payments not described in lines 5 and 67 If "Yes," describe in Part III Were any amounts reported in Form 990, Part VII, paid or accured pursuant to a contract that was subject to the initial contract exception described in Regs section 53 4958-4(a)(3)7 If "Yes," describe in Part III If "Yes" to line 8, did the organization also follow the rebuttable presumption procedure described in Regulations section 53 4958-6(c)' Cat No 50053T 6a 6b No No 5a 5b No No
No
No
For Privacy Act and Paperwork Reduction Act Notice , see the Intructions for Form 990
Schedule 3 ( Form 990) 2010
Schedule J (Form 990) 2010 VVITFIOfficers , Directors , Trustees , Key Employees, and Highest Compensated Employees . Use duplicate copies if additional space is needed.
For each individual whose compensation must be reported in 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) must equal the applicable column (D) or column (E) amounts on Form 990, Part VII, line la
Page 2
(A) Name
( B) Breakdown of W-2 and/or 1099-MISC compensation (i) Base compensation (1) (H) (i) (ii) (i) (H) (1) (H) (i) (H) (i) (H) (i) (H) (1) (H) 371,521 0 144,320 0 153,115 0 440,463 0 258,226 0 191,699 0 274,890 0 157,218 0
(C) Retirement and
(D ) Nontaxable
(E) Total of columns
(F) Compensation
(ii) Bonus &

incentive compensation 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
(iii) Other
reportable compensation 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
other deferred
compensation
benefits
(B)(i)-(D)
reported in prior
Form 990 or Form 990-EZ
(1) JERRY FALWELL JR (2) MR RONALD GODWIN (3) DR BOYD C RIST
38,439 0 15,316 0 24,346 0 39,145 0 20,351 0 25,699 0 33,792 0 18,886 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
409,960 0 159,636 0 177,461 0 479,608 0 278,577 0 217,398 0 308,682 0 176,104 0
0 391,562 143,180 0 175,801 0 450,978 0 265,987 0 218,574 0 230,072 0 177,701 0
(4) DANIEL ROCCO
(5) MR JEFF BARBER
(6) CAREY GREEN
(7) DALE LAYER
(8) DR ROBERT RITZ (9) ( 10 ( 11 ( 12 ( 13 14 ( 15 ( 16
Schedule 3 (Form 990) 2010
Schedule J (Form 990) 2010 Supplemental Information
Page 3
Complete this part to provide the information, explanation, or descriptions required for Part I, lines la, 1b, 4c, 5a, 5b, 6a, 6b, 7, and 8 Also complete this part for any additional information
Identifier Return Reference Explanation Schedule 3 (Form 990) 2010
efile GRAPHIC print - DO NOT PROCESS
I As Filed Data - I
DLN: 93493086008202
OMB No 1545-0047
Schedule K
(Form 990 )
Supplemental Information on Tax Exempt Bonds

0- Complete if the organization answered " Yes" to Form 990, Part IV , line 24a. Provide descriptions,
explanations, and any additional information in Schedule 0 (Form 990).

1- Attach to Form 990. 1- See separate instructions.
20
10
Bond Issues (h) O n

(a) Issuer Name ( b) Issuer EIN (c) CUSIP # ( d) Date Issued ( e) Issue Price ( f) Description of Purpose (g) Defeased Yes No X Behalf of Issuer Yes No X
(i) Pool
financing Yes No X
Virginia College Building

A Authority 54-1249154 927781XF6 12-21-2010 121,891,446
Refinance debt and educational

related new construction
s
1
iI
Proceeds
A B C D 23,880,025
Amount of bonds retired
2
3
A mount of bonds legally defeased

Total proceeds of issue 121,891,446
4 5 6
7
Gross proceeds in reserve funds Capitalized interest from proceeds Proceeds in refunding escrow
Issuance costs from proceeds 1,017,237
8
9 10 11 12 13
Credit enhancement from proceeds

Working capital expenditures from proceeds Capital expenditures from proceeds Other spent proceeds Other unspent proceeds Year of substantial completion Yes 26,908,307 20,596,481 49,432,395 2013 No Yes No Yes No Yes No
14 15 16 17
Were the bonds issued as part ofa current refunding issue? Were the bonds issued as part of an advance refunding issue? Has the final allocation of proceeds been made?
X X X X
Does the organization maintain adequate books and records to support the final allocation of proceeds? ITT91111iiii Private Business Use
A Yes 1 Was the organization a partner in a partnership, or a member of an LLC, which owned property financed by tax-exempt bonds? Are there any lease arrangements that may result in private business use of bondfinanced property? No X Yes
B No Yes
C No Yes
D No
X
Cat No 50193E Schedule K (Form 990) 2010
Schedule K (Form 990) 2010 MWNW- private Business Use (Continued)

A Yes 3a Are there any management or service contracts that may result in private business X No Yes B No Yes C No Yes D
Page 2
No
b C
use's Are there any research agreements that may result in private business use of bondfinanced property?
Does the organization routinely engage bond counsel or other outside counsel to review any management or service contracts or research agreements relating to the financed
property? Enter the percentage of financed property used in a private business use by entities other than a section 501(c)(3) organization or a state or local government 0-
2 700 %
Enter the percentage of financed property used in a private business use as a result of unrelated trade or business activity carried on by your organization, another section
50 1(c)(3) organization, or a state or local government 02 700 % X Total of lines 4 and 5 Has the organization adopted management practices and procedures to ensure the
6 7
post-issuance compliance of its tax-exempt bond liabilities?
Arbitrage
A Yes 1 Has a Form 8038-T, Arbitrage Rebate, Yield Reduction and Penalty in Lieu of Arbitrage Rebate, been filed with respect to the bond issue' X No Yes B No Yes C No Yes D No
2 3a
Is the bond issue a variable rate issue? Has the organization or the governmental issuer entered into a hedge with respect to the bond issue?
b C d
Name of provider Term of hedge Was the hedge superintegrated?
Was a hedge terminated?
4a
Were gross proceeds invested in a GIC7
b
C
Name of provider
Term ofGIC
Was the regulatory safe harbor for establishing the fair market value of the GIC satisfied?
Were any gross proceeds invested beyond an available temporary period?
Did the bond issue qualify for an exception to rebate?

X
Supplemental Information
Complete this part to provide additional information for responses to questions on Schedule K (see instructions)
Schedule K (Form 990) 2010
l efile
As Filed Data -
DLN: 93493086008202
OMB No 1545-0047
Schedule L
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 lines 38a or 40b. 1- Attach to Form 990 or Form 990 -EZ. 1-See separate instructions .
20
Open

Insvection Employer identification number

54-0946734
Excess Benefit Transactions (section 501(c)(3) and section 501 (c)(4) 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 (b) Description of transaction (c) Corrected? Yes No
Enter the amount of tax imposed on the organization managers or disqualified persons during the year under section 4958 . . . . . . . . . . . . . . . . . . . . . . . . . ^
Enter the amount of tax, if any, on line 2, above, reimbursed by the organization .
Loans to and / or From Interested Persons.

Cmmnlete ifthe ornanvatinn answered "Yes" on Form 990. Part TV _ line 26. or Form 990-F7. Part V _ line 38a
(a) Name of interested person and

purpose
(b) Loan to or from the? organization To From
(c)O riginal
principal amount
(d)Balance due
(e) In default7 Yes No
Appfoved by board or committee'? Yes No
(g)Written agreement? Yes No
(1) Falwell Family GST Irrevocable Trust Fund life insurance premium X 14,100 14,100 No No Yes
Total
14,100
i**1
Grants or Assistance Benefitting Interested Persons. Com p lete if the or g anization answered "Yes" on Form 990 , Part IV , line 27.
I ( b)Relationship between interested person and the oraanization (c)Amount of grant or type of assistance
(a) Name of interested person

(1)
72,812
For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat No 50056A
Schedule L (Form 990 or 990-EZ) 2010
Schedule L (Form 990 or 990-EZ) 2010 Business Transactions Involving Interested Persons.
Page 2
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
(e) Sharing of (c) Amount of transaction escription of transaction (d) Description revenues?
Yes No
See Additional Data Table
Supplemental Information
Complete this part to provide additional information for responses to questions on Schedule L (see instructions)
Identifier Return Reference Explanation Schedule L (Form 990 or 990-EZ) 2010
Additional Data
Form 990, Schedule L, Part IV - Business Transactions Involving Interested Persons

(a) Name of interested person (b) Relationship between interested person and the
organization Yes TRANSAMERICA DUPLICATORS ORGANIZATION OWNED 35% BY A BOARD MEMBER 99,507 LIBERTY UNIVERSITY INCURRED EXPENSES FOR DLP (DISTANCE LEARNING PROGRAM)TAPE DUPLICATION SERVICES PROVIDED BY TRANSAMERICA DUPLICATORS, INC COMPENSATION No No
(c) Amount of transaction $
( d) Description of transaction
(e) Sharing of organization's revenues?
FALWELL REBECCA
FAMILY MEMBER OF BOARD MEMBER FAMILY MEMBER OF BOARD MEMBER
10,729
No
ASKEWALLAN
100,710
COMPENSATION
No
6,900
No
DEMOSS GROUP INC
ORGANIZATION OWNED BY A BOARD MEMBER ORGANIZATION 50% OWNED BY FAMILY MEMBER OFA BOARD MEMBER Family MEMBER OF BOARD MEMBER Board Member family member of
26,172
MARKETING CONSULTANTS
No
JJFW ASSOCIATES LLC
49,990
COMMERCIAL REAL ESTATE MANAGEMENT
No
Paul S Demoss
26,000
Fees for consulting services
No
Wayne Booth Marcel Falwell
2,142,772 26,732
Land purchase Compensation
No No
Chancellor
l efile
GRAPHIC
p rint
- DO NOT PROCESS
As Filed Data -
DLN: 93493086008202
OMB No 1545-0047
SCHEDULEM (Form 990)
NonCash Contributions
Complete if the organization answered "Yes" on Form 990, Part IV, lines 29 or 30.
r Attach to Form 990.
2010

Internal Revenue Service Name of the organization LIBERTY UNIVERSITY INC
54-0946734 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 oncash contribution amounts
1 2 3
Art-Works of art
Art-Historical treasures Art-Fractional interests
Books and publications
5 Clothing and household goods . . . . . . . . 6 Cars and other vehicles .

7 8 Boats and planes . . . X 2 743,352 appraisal Intellectual property
9 10
11 12
Securities-Publicly traded Securities -Closely held stock . . . . . .

Securities - Partnership, LLC, or trust interests Securities-Miscellaneous X 4 164,917 stock market averages
13
14
15 16 17
Qualified conservation contribution - H istoric structures Qualified conservation contribution-Other

Real estate - Residential Real estate - Commercial Real estate -Other . . X 1 900,000 Appraisal
18
19 20 21 22 23
Collectibles
.
.
.
.
Food inventory
Drugs and medical supplies Taxidermy . .
Historical artifacts Scientific specimens
24
25 26 27 28 29
Archeological artifacts
ANNUITY Other ^ ( CONTRACTS ) Other . ( Equipment Other( Other ( ) 29 Yes No ) X X 47 1 962,480 STOCK MARKET AVERAGES/FMV 24, 750 appraisal
N umber of Forms 8283 received by the organization during the tax year for contributions for which the organization completed Form 8283, Part IV, Donee Acknowledgement
30a
During the year, did the organization receive by contribution any property reported in Part I, lines 1-28 that it
must hold for at least three years from the date of the initial contribution, and which is not required to be used
for exempt purposes for the entire holding period? b 31 32a If "Yes," describe the arrangement in Part II Does the organization have a gift acceptance policy that requires the review of any non-standard contributions? Does the organization hire or use third parties or related organizations to solicit, process, or sell non-cash contributions? b 33 If "Yes," describe in Part II If the organization did not report revenues in column (c) for a type of property for which column (a) is checked, describe in Part II For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990 . Cat No 51227 ] Schedule M (Form 990) 2010 32a No 31 Yes 30a No
Schedule M (Form 990 ) 2010 Supplemental Information . Complete this part to provide the information required by Part I, lines 30b,
Page 2
32b, and 33. Also complete this part for any additional information.
Identifier Return Reference Explanation Schedule M (Form 990) 2010
l efile GRAPHIC p rint - DO NOT PROCESS SCHEDULE 0
As Filed Data -
DLN: 93493086008202 OMB No 1545 0047

Department of the Treasury Internal Revenue Se rvice Name of the organization LIBERTY UNIVERSITY INC
Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on Form 990 or to provide any additional information . 1- Attach to Form 990 or 990-EZ.
0 201
'
Identifier
Return Reference
Explanation
Form 990, Part V I, Section A, line 2
MR JERRY FALWELL, JR AND MR JOHNATHAN FALWELL CURRENTLY SIT ON THE BOARD OF TRUSTEES AND ARE BROTHERS
Identifier
Return Reference
Explanation
Form 990, Part V I, Section B, line 11
THE FORM 990 FOR FY JUNE 30, 2011 WAS MADE AVAILABLE TO THE CHANCELLOR, IN-HOUSE LEGAL COUNSEL, CHIEF FINANCIAL OFFICER, VICE PRESIDENT OF FINANCE, ASSISTANT CONTROLLER AND THE EXECUTIVE COMMITTEE OF THE BOARD FOR REVIEW
Identifier
Return Reference Form 990, Part V I, Section B , line 12c
Explanation
A "conflict of interest" occurs when a board member, officer or employee's private interest interferes or appears to interfere in any way with the interest of the University A board member , officer or employee must not represent the University in any transaction w here he or she has a material connection or a financial interest A material connection includes the involvement of a family member Board members, officers and employees are expected to avoid all situations that might lead to a real or apparent conflict between their self-interests and their duties and responsibilities as board members , officers or employees of the University THE BOARD OF TRUSTEES IS REQUIRED TO REV IEW AND SIGN THE CONFLICT OF INTEREST POLICY ANNUALLY ALL BOARD MEMBERS AGREE TO REPORT ANY CHANGES WHICH MAY ARISE THROUGHOUT THEY EAR SHOULD ANY CONFLICT OF INTEREST CONCERNS ARISE, THE EXECUTIVE COMMITTEE IS CONSULTED AND THEN, IF NECESSARY, THE ENTIRE BOARD IS ADDRESSED FOR RESOLUTION
Identifier
Return Reference Form 990, Part V I, Section B, line 15
Explanation compensation of the Chancellor and key employees are reviewed by the Executive Committee Comparable salary data is reviewed at that time to determine the reasonableness of the compensation Compensation is further reviewed in the budgeting process
Identifier
Return Reference Form 990, Part VI, Section C, line 19
Explanation GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC THROUGH REQUEST ONLY
Identifier Changes in Net Assets or Fund Balances
Return Reference Form 990, Part XI, line 5
Explanation CHANGE IN SPLIT INTEREST AGREEMENT and unrealized gains -1171755 Total to Form 990, Part XI, Line 5 -1171755
Identifier
Return Reference PART XII, LINE 2C
Explanation EXECUTIVE COMMITTEE GETS A COPY OF THE 990 AND APPROVES PRIOR TO FILING
jefile GRAPHIC print - DO NOT PROCESS
As Filed Data -
DLN:93493086008202
OMB No 1545-0047
SCHEDULE R (Form 990)

Related Organizations and Unrelated Partnerships

1- Complete if the organization answered " Yes" to Form 990, Part IV , line 33 , 34, 35, 36, or 37. - Attach to Form 990 . - See separate instructions.
2010
Identification of Disregarded Entities (Complete if the organization answered "Yes" on Form 990, Part IV, line 33.)
(a) Name, address, and EIN 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) C&C JETTING 1971 UNIVERSITY BLVD LYNCHBURG, VA 24502 54-0946734 (2) LU PLAZA HOLDINGSLLC 1971 UNIVERSITY BLVD LYNCHBURG, VA 24502 27-0217985 (3) LU CANDLERS STATION HOLDINGSLLC 1971 UNIVERSITY BLVD LYNCHBURG, VA 24502 27-1753489 (4) LIBERTY RIDGE LLC 1971 UNIVERSITY BLVD LYNCHBURG, VA 24502 27-0714028 (5) LU Racquet Sports LLC 1971 UNIVERSITY BLVD IyNCHBURG, VA 24502 27-4785690 (6) Liberty mountain conference center lIc 1971 UNIVERSITY BLVD IYNCHBURG, VA 24502 27-5427434
AIRFARE FOR UNIVERSITY AFFAIRS
VA
317,470
4,806,842
LIBERTY UNIVERSITY INC
REAL ESTATE HOLDINGS
VA
2,624,002
17,703,738
VA
2,357,394
18,234,271
VA
279,044
1,835,931
Recreation facility
VA
58,893
79,110
IiBERTY UNIVERSITY INC
center for educational conferences
VA
600,956
IiBERTY UNIVERSITY INC
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 Section 512(b)(13) controlled organization Yes (1) TRBC INC 1971 UNIVERSITY BLVD LYNCHBURG, VA 24502 26-0061907 (2) LIBERTY UNIVERSITY FOUNDATION 1971 UNIVERSITY BLVD LYNCHBURG, VA 24502 54-1939910 (3) LIBERTY GODPARENT HOME 1971 UNIVERSITY BLVD LYNCHBURG, VA 24502 52-1372460 (4) LIBERTY CHRISTIAN ACADEMY 1971 UNIVERSITY BLVD LYNCHBURG, VA 24502 54-0831546 (5) LIBERTY ALLIANCE ACTION 1971 UNIVERSITY BLVD LYNCHBURG, VA 24502 54-1364971 EDUCATIONALLY INFORMING PUBLIC ABOUT MORALS, VALUES, AND AMERICAN CULTURE DC 501(C)(4) Line 9 BOARD OF TRUSTEES Yes CHRISTIAN SCHOOL VA 501(C)(3) Line 2 BOARD OF TRUSTEES No PROVIDES SERVICES TO UNWED PREGNANT MOTHERS VA 501(C)(3) Line 9 Liberty University Yes RELIGIOUS DC 501(C)(3) Line 9 Liberty University Yes RELIGIOUS VA 501(C)(3) Line 1 BOARD OF DEACONS No No
Cat No 50135Y
Schedule R (Form 990) 2010
Page 2
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)
(h)
(d) Direct controlling entity (e) Predominant income (related,, unrelated, excluded from tax under sections 512514) (f) of total income (g) Share of end-of-year assets Disproprtionate allocations7
() Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)
U) General or managing part ner?
(k) Percentage ownership
Yes
No
Yes
No
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
(1) FALWELL AVIATION 310 HANGAR ROAD LYNCHBURG, VA24502 54-0755641 (2) LIBERTY MOUNTAIN CAPITAL 1971 UNIVERSITY BLVD LYNCHBURG, VA24502 27-2376207 (3) G&J Thomas Inc PO Box 228 Forest, VA24551 45-0596703
PROVIDES FLIGHT INSTRUCTION TO STUDENTS AND CHARTER SERVICES TO PUBLIC INVESTMENT HOLDINGS COMPANY Owns and manages hotel used for students
VA
6,622,660
3,019,674
100 000 %
VA
21,973
258,632
100 000 %
VA
-41,933
2,813,750
48 000 %
Schedule R (Form 990) 2010 Transactions With Related Organizations (Complete if the organization answered "Yes" on Form 990, Part IV, line 34, 35, 35A, or 36.)
Note . Complete line 1 if any entity is listed in Parts II, III or IV 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?
Page 3
Yes
No
a b
c d e
Receipt of (i) interest (ii) annuities (iii) royalties (iv) rent from a controlled entity Gift, grant, or capital contribution to other organization (s)
Gift, grant, or capital contribution from other organization( s) Loans or loan guarantees to or for other organization( s) Loans or loan guarantees by other organization( s)
la lb
lc ld le Yes
No Yes
No
No
f g h i
Sale of assets to other organization( s) Purchase of assets from other organization (s) Exchange of assets Lease of facilities, equipment, or other assets to other organization( s)
if lg lh ii Yes Yes
No
No
Lease of facilities, equipment, or other assets from other organization (s)
lj
Yes
k I
Performance of services or membership or fundraising solicitations for other organization( s) Performance of services or membership or fundraising solicitations by other organization (s)
lk 11 lm Yes
in Yes
No No
m Sharing of facilities, equipment, mailing lists, or other assets

n Sharing of paid employees
o p
Reimbursement paid to other organization for expenses Reimbursement paid by other organization for expenses
q r
Other transfer of cash or property to other organization( s) Other transfer of cash or property from other organization (s)
lq lr
No No
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 other organization (b) Transaction type(a-r) M (c) Amount involved 99,265 (d) Method of determining amount involved cash basis
(1) LIBERTY ALLIANCE ACTION (2)
(3)
(4)
(5)
(6)
Schedule R (Form 990) 2010 Unrelated Organizations Taxable as a Partnership (Complete if the organization answered "Yes" on Form 990, Part IV, line 37.)
Page 4
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) (d) Are all partners section 501(c)(3) organizations? Yes No (e) Share of end-of-year assets (f) Disproprtionate allocations? (g) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065) (h) General or managing part ner?
Yes
No
Yes
No
Schedule R (Form 990) 2010 Supplemental Information Complete this part to provide additional information for responses to questions on Schedule R (see instructions)
Identifier Return Reference Explanation
Page 5
Additional Data
Return to Form
Form 990, Schedule R, Part I - Identification of Disregarded Entities

(a)
Name, address, and EIN of disregarded entity
(b)
Primary Activity
(c) Legal Domicile

(State or Foreign Country) VA
( d)
Total income ($)
(e)
End-of-year assets ($)
(f)
Direct Controlling Entity
C&C JETTING 1971 UNIVERSITY BLVD LYNCHBURG, VA 24502 54-0946734 LU PLAZA HOLDINGSLLC 1971 UNIVERSITY BLVD LYNCHBURG, VA 24502 27-0217985 LU CANDLERS STATION HOLDINGSLLC 1971 UNIVERSITY BLVD LYNCHBURG, VA 24502 27-1753489 LIBERTY RIDGE LLC 1971 UNIVERSITY BLVD LYNCHBURG, VA 24502 27-0714028 LU Racquet Sports LLC 1971 UNIVERSITY BLVD IyNCHBURG, VA 24502 27-4785690 Liberty mountain conference center llc 1971 UNIVERSITY BLVD IYNCHBURG, VA 24502 27-5427434
AIRFARE FOR UNIVERSITY AFFAIRS
317,470
4,806,842
VA
2,624,002
17,703,738
VA
2,357,394
18,234,271
VA
279,044
1,835,931
Recreation facility
VA
58,893
79,110
liBERTY UNIVERSITY INC
center for educational conferences
VA
600,956
liBERTY UNIVERSITY INC

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efile GRAPHIC

rint - DO NOT PROCESS

Return of Or g anization Exem p t From Income Tax

benefit trust or private foundation)

B Check if applicable F Address change

If "No," attach a list (see instructions)

WWW LIBERTY EDU L Year of formation 1972 M State of legal domicile VA

K Form of organization F Corporation 1 Trust F_ Association 1 Other 1-

10,400,632 499,763,312 5,315,242 3,095,920 518,575,106 109,212,932 0 154,018,795 0

Investment income (Part VIII, column (A), lines 3, 4, and 7d

110,395,382 373,627,109 144,947,997 Beginning of Current Yea Year

127,013,588 424,850,148 203,335,286 End of Year 940,284,054 302,816,638 637,467,416

Revenue less expenses

ell 'M ED ZLL

Total assets (Part X, line 16)

611,871,607 176,567,722 435,303,885

Total liabilities (Part X, line 26) Net assets or fund balances

Subtract line 21 from line 20

DON MOON CFO

Preparer Use Only

For Paperwork Reduction Act Notice , see the separate instructions.

Form 990 ( 2010) 1:M-600

Statement of Program Service Accomplishments

Briefly describe the organization ' s mission

Other program services (Expenses $

( Describe in Schedule 0 including grants of $ $ 371,989,557 Form 990 (2010) ) (Revenue $

Total program service expenses

Form 990 (2010)

Checklist of Required Schedules

Yes Yes Yes

Form 990 (2010)

Checklist of Required Schedules (continued)

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

organization solicit any contributions that were not tax deductible? b 7

services provided to the payor7 b c d e f g

Form 990 (2010)

Form 990 ( 2010)

Section A . Governin g Bod y and Mana g ement

Yes Yes Yes

Employees , and Independent Contractors

hours for related

Form 990 (2010)

(A) Name and Title

(B) Average hours

(C) Position (check all that apply)

(D ) Reportable compensation from the organization (W2/1099-MISC)

(F) Estimated amount of other

from related organizations

compensation from the

hours for related

Section B. Independent Contractors

ADMISSIONS LEADS GENERATION

ADMISSIONS LEADS GENERATION

Form 990 (2010) 1:M.WJ004 Statement of Revenue

g Noncash contributions included in lines la-If $

h Total . Add lines la -1f .

All other program service revenue 606,076,628

g Total . Add lines 2a -2f . 3 Investment income ( including dividends, interest

73,260 3,229,085 73,260 3,155,825

(ii) Other 513,128

-511,823 -4,964,186 -4,964,186

Net income or (loss ) from fundraising events