Liberty Universitys net assets have sustained a fivefold increase from $150 million to $860 million over the past six years, driven by the rapid expansion of Libertys online programs.

While colleges across the country have struggled to make ends meet during the economic downturn, Libertys financial picture has grown stronger by the year, according to an examination of Libertys IRS 990 tax forms by The News & Advance.

In a nutshell, Libertys net assets show how much the university in Lynchburg is worth after subtracting its debt and other liabilities.

In 2006-07, the universitys net assets were $150 million, according to the 990 tax form, which non-profits must file annually with the IRS. Driven by a growing student body and influx of tuition dollars, Libertys net assets grew to $637 million by 2010-11, the most recent 990 available from the IRS.

As of June, Liberty officials said the school had about $860 million in net assets and expects that number to exceed $1 billion by years end a major milestone for the university.

Weve grown so fast that we cant spend it fast enough, LU Chancellor Jerry Falwell Jr. said.

Since Liberty is a non-profit, any surplus it generates must be invested back into the school. However, Falwell said there is no strict timeline about when Liberty must use the money; part of Libertys strategy is to build an endowment that will secure the long-term stability of the school.

We want to continue to improve the university and stay on the cutting edge, but we also want to put money away for the future, Falwell said.

For now, Liberty is focused on revitalizing campus and improving its academic programs, Falwell said.

Over past year, Liberty began pouring more than $220 million into construction projects that promise to transform campus over the next decade. Old buildings are being torn down and replaced with Jeffersonian architecture; makeshift dorms will be replaced with high-rise residence halls.

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Liberty University's net assets headed for $1 billion, thanks to online