2025-04-03T12:39:52-07:00 2024-05-31 990 2023-06-01 410695524 GUSTAVUS ADOLPHUS COLLEGE GUST 5079338000 800 West College Avenue Saint Peter MN 56082 Curtis J Kowaleski CFO VP of Finance and Treasurer 5079337499 2025-04-03 1 2023 2025-03-06 01:10:19Z Curtis J Kowaleski 800 West College Avenue Saint Peter MN 56082 208220455 0 X www.gustavus.edu X 1862 MN Gustavus Adolphus College prepares its students for fulfilling lives of leadership and service and is committed to the core values of excellence, community, justice, service, and faith. It is especially known for strong science, writing, music, athletics, and study abroad programs. The College hosts a chapter of Phi Beta Kappa and is internationally recognized for its annual Nobel Conference sanctioned by The Nobel Foundation in Stockholm, Sweden. The students, faculty, administration, staff and Board of Directors believe in a strong, open community where all citizens play a vital role. Gustavus has consistently produced graduates who lead lives of uncommon purpose and passion, and demonstrate that they make their lives count. 36 33 2725 677 2218388 126729 13968306 14021134 130419658 124230117 6172543 7612733 -38494 81884 150522013 145945868 63044218 61584658 0 0 54520677 53318071 127733 220753 3584002 40892294 38953059 158584922 154076541 -8062909 -8130673 540762989 557494933 89922191 88243141 450840798 469251792 X Gustavus Adolphus College is a church-related, residential liberal arts college firmly rooted in its Swedish and Lutheran heritage. The College offers students of high aspiration and promise a liberal arts education of recognized excellence provided by faculty who embody the highest standards of teaching and scholarship. The College aspires to be a community of persons from diverse backgrounds who respect and affirm the dignity of all people. It is a community where a mature understanding of the Christian faith and lives of service are nurtured and students are encouraged to work toward a just and peaceful world. The purpose of a Gustavus education is to help students attain their full potential as persons, to develop in them a capacity and passion for lifelong learning, and to prepare them for fulfilling lives of leadership and service in society. 0 0 105555179 61544658 103201553 Instruction and Academic Support: Gustavus offers 73 majors in 24 academic departments and 13 interdisciplinary programs, with a student-faculty ratio of 11:1. Total FTE enrollment for academic year 2023-2024 was 1,905, with 473 students graduating in May 2024. 17397794 0 0 Student Services: Gustavus sponsors 23 varsity athletics teams and 39 intramural activities and club sports, along with more than 120 student organizations. Approximately 99% of students are involved in at least one extracurricular activity. Other student services include admission, community engaged learning, career development, peer mentoring, Office of the Chaplains, center for inclusive excellence, financial assistance, health services, registrar, campus activities and residential life programs. 14817054 0 22245123 Auxiliary Services: As a residential college, Gustavus is committed to residence hall living as a vital complement to its academic program. Approximately 92% of students live in College-owned residences and eat in the College's Dining Service. During Fall 2023, 1,760 students lived in College-owned residences. The College bookstore provides textbooks and other educational supplies for students. Other items for sale include: clothing embossed with the College's insignia, books and miscellaneous novelty items. 5957314 40000 0 Gustavus offers a number of activities that enhance the curricular program, including various public service events and miscellaneous services provided to students. 5957314 40000 0 143727341 1 1 0 1 0 0 0 1 1 1 1 1 0 0 1 1 1 0 1 0 1 0 0 1 1 1 0 1 1 1 1 0 0 0 0 0 0 1 0 1 1 1 0 0 0 1 1 1 0 0 0 1 2319 0 1 2725 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 36 33 1 0 0 0 0 1 0 1 1 0 0 0 1 1 1 1 1 0 0 0 KY MA MD MI MN NH SC WA X X Curtis J Kowaleski 5079337499 800 West College Avenue Saint Peter MN 56082 Rebecca M Bergman President 50 0.5 X X 353865 0 82781 Brenda S Kelly Provost and Dean of the College 50 0 X 199913 0 46430 Curtis J Kowaleski CFO Vice President of Finance and Treasurer 50 0.5 X 195415 0 37890 Thomas W Young Vice President for Institutional Advancement 50 0 X 175134 0 49936 JoNes R VanHecke Vice President for Student Life & Dean of Students 50 0 X 190467 0 14696 Mark J Braun Faculty 50 0 X 156953 0 36459 Marcia J Bunge Faculty 50 0 X 139362 0 39645 Wilson D Thompson Vice President for Equity and Inclusion 50 0 X 139772 0 37263 Jolene D Christensen Secretary 50 0 X 54283 0 16310 Tane T Danger Director 2 0 X 2000 0 0 Nicole M LaVoi Director 2 0 X 500 0 0 Kelsey K Ackmann Director 2 0 X 0 0 0 Jeffrey C Anderson Director 2 0 X 0 0 0 Scott P Anderson Director 2 0 X 0 0 0 Catherine L Asta Director 2 0 X 0 0 0 Mark W Bergman Director 2 0 X 0 0 0 Suzanne F Boda Director 2 0 X 0 0 0 Robert D Brown Jr Director 2 0 X 0 0 0 Kara K Buckner Director 2 0 X 0 0 0 Michael D Bussey Director 2 0 X 0 0 0 Janette F Concepcion Director 2 0 X 0 0 0 Daniel G Currell Director 2 0 X 0 0 0 Sarah E Cuthill Director 2 0 X 0 0 0 Edward J Drenttel Director 2 0 X 0 0 0 John O Hallberg Director 2 0 X 0 0 0 John M Harris Director 2 0 X 0 0 0 Eric H Hedlund Director 2 0 X 0 0 0 Mary Dee J Hicks Director 2 0 X 0 0 0 Alicia A Hilding Director 2 0 X 0 0 0 John S Himle Director 2 0 X 0 0 0 Keith N Jackson Director/Vice Chair 2 0 X X 0 0 0 Peter C Johnson Director 2 0 X 0 0 0 Charles M Kelley Director 2 0 X 0 0 0 Dennis A Lind Director 2 0 X 0 0 0 Jan Lindman Director 2 0 X 0 0 0 David J Lose Director 2 0 X 0 0 0 Mikka S McCracken Director 2 0 X 0 0 0 Bradley S Nuss Director/Vice Chair 2 0 X X 0 0 0 Marcia L Page Director/Chair 2 0.5 X X 0 0 0 Dee Pederson Director 2 0 X 0 0 0 Dan S Poffenberger Director 2 0 X 0 0 0 Robert C Schnell Director 2 0 X 0 0 0 Karl D Self Director/Vice Chair 2 0 X X 0 0 0 Kent V Stone Director 2 0 X 0 0 0 Heather T Wigdahl Director 2 0 X 0 0 0 1607664 0 361410 28 0 1 0 Kraus-Anderson Companies Inc 501 South Eighth Street Minneapolis MN 55404 Construction Services 2358509 Robert W Carlstrom Co Inc 1901 Excel Drive Mankato MN 56001 Construction Services 881331 Slingshot LP 1500 S Western Ave Marion IN 46953 Textbook Leasing Services 852383 Hamilton Lane Advisors LLC One Presidential Blvd 4th Floor Bala Cynwyd PA 19004 Endowment Consultant 737583 Tecta America Corporation 330 Poplar Street Mankato MN 56001 Construction Services 662480 22 0 0 123175 0 1528320 12369639 3169982 14021134 Tuition and Fees 611310 98326074 98326074 0 0 Residence Halls 611310 12909455 12705636 203819 0 Dining Service 611310 7638144 7056373 581771 0 Book Mark 611310 1697524 1697524 0 0 Athletic Facilities 611310 568047 542094 25953 0 3090873 2900587 190286 0 124230117 2606294 0 1216559 1389735 0 0 0 0 6566 0 0 6566 0 0 0 0 0 0 0 0 0 0 66988602 210000 62076611 115552 4911991 94448 5006439 0 0 5006439 70862 123175 71299 -437 0 -437 86880 11125 75755 0 0 75755 0 145945868 123228288 2218388 6478058 40000 40000 61544658 61544658 854997 240511 614486 16679 16679 39445618 35684070 2018082 1743466 1109254 931536 114066 63652 9266152 8225820 605361 434971 2625371 2347435 147028 130908 205453 192712 12741 108328 108328 108359 108359 220753 220753 702709 702709 1898346 1579059 222038 97249 1265178 1265178 790320 369976 231003 189341 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96293096 3357248 92935848 2355116 1104534 1332837 1770556 2612860 9175903 171613 68771 692000 1390057 772034 3094475 0 0 0 0 0 108563474 637538656 0.85605 0.78872 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 108359 108359 0 Schedule C, Part II-B, Line 1 Gustavus Adolphus College (the College) is a member of Minnesota Private College Council (MPCC), an organization described in section 501(c)(4) of the Internal Revenue Code. MPCC is an association of private nonprofit institutions of higher education that serves a variety of its members' shared needs, including, but not only, nonpartisan and non-electoral advocacy for public policy that meets students' needs and advances the interests of private higher education. The College paid membership dues to MPCC in the amount of $134,010 during the taxable year. MPCC has divided its expenses for its taxable year ending June 30, 2024, into two groups. Group 1 consists of those expenses that did not in any way support attempts to influence legislation within the meaning of section 501(c)(3) of the Internal Revenue Code ("lobbying"), and Group 2 consists of all other expenses. Group 2 includes many expenses, such as personnel costs, that supported both lobbying and nonlobbying activities. MPCC did not attempt to allocate the Group 2 expenses between lobbying and nonlobbying activities. MPCC has determined that the amount of the Group 2 expenses represents 80.27% of the amount of the dues that MPCC collected in the same taxable year. Assuming that all Group 2 expenses were paid from member dues, and allocating those expenses pro rata based on the dues paid by each member, $107,573 of the College's dues were used to pay Group 2 expenses. The amount of lobbying expenses paid from the College's dues was significantly less than that amount. In addition, the College paid membership dues of $9,820 during the taxable year to the National Association of Independent Colleges and Universities of which 8%, or $786 was estimated to be used for lobbying expenses. 0 960169 0 0 X X X X 0 0 1 X 290444612 6631515 31666312 4585917 10194155 735091 313227276 291244740 3059883 9599381 4165529 8452924 840939 290444612 275288267 10126866 15897031 3750884 5520478 796062 291244740 201183650 14198701 68585124 3318567 4750440 610201 275288267 195183499 8270806 6839782 3237516 5351065 521856 201183650 0.16 0.52 0.32 1 0 403340 1324468 1727808 70254 273125452 113173479 160022227 0 0 0 0 0 31723660 20341547 11382113 0 22732752 14911093 7821659 180953807 Fund of Funds 5863665 F Funds Held by Others 6362926 F Other 351922 F Direct Private Equity Funds 163085374 F Direct Real Asset Funds 14541651 F Open-End Commingled Funds 25893201 F 216098739 0 Annuities Payable 7018748 U.S. Government Grants Refundable 385916 Future Interest Discount on Pooled Life Income Funds 64586 7469250 X 111140725 24981854 0 0 -59786997 -34805143 145945868 0 0 0 145945868 92729731 0 0 0 197848 197848 92531883 0 61544658 61544658 154076541 Schedule D, Part III, Line 4 The Hillstrom Museum of Art exists as an integral part of the education of Gustavus Adolphus College students. As an important educational and cultural component of the College, the Museum supplements the education of students through its exhibitions, encourages the interdisciplinary study of the arts, and provides a context for understanding the arts in a liberal arts program. Schedule D, Part IV, Line 2b This includes the actuarial liability of deferred gift funds held for third parties and funds held for various student organizations. Schedule D, Part V, Line 4 Endowment funds are used for designated and undesignated scholarships, endowed chairs, library acquisitions, faculty development, student research, Nobel Conference and other endowed programs. Schedule D, Part X, Line 2 The Internal Revenue Service has determined that the College is exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code. Accordingly, the College is not subject to federal income taxes except to the extent it derives income from certain activities not substantially related to its tax-exempt purposes (unrelated trade or business activities). The College is also exempt from state income tax. The most significant areas that potentially subject the College to unrelated business income tax include endowment investments, hosting conferences and events and various services provided by the dining service to the public. At May 31, 2024 and 2023, the College has no current obligation for unrelated business income tax. The College follows the accounting standards for contingencies in evaluating uncertain tax positions. This guidance prescribes recognition threshold principles for the financial statement recognition of tax positions taken or expected to be taken on a tax return that are not certain to be realized. No liability has been recognized by the College for uncertain tax positions as of May 31, 2024 or 2023. The College's tax returns are subject to review and examination by federal and state authorities. Schedule D, Part XI, Line 2d Adjustment of Actuarial Liability, Scholarships and Grants to Students, Miscellaneous Interdepartmental Adjustments and Fundraising Reclassifications. Schedule D, Part XII, Line 2d Miscellaneous Interdepartmental Adjustments and Fundraising Reclassifications Schedule D, Part XII, Line 4b Scholarships and Grants to Students 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 Gustavus Adolphus College uses paper and broadcast media in solicitation of students. The nondiscriminatory policy is included in all printed brochures, magazines, application materials and website information. Schedule E, Part I, Line 6 Gustavus received student financial aid assistance from the State of Minnesota and U.S. Department of Education. The College also received other grants from the U.S. Government through programs from National Science Foundation, U.S. Department of Agriculture, and U.S. Department of Health and Human Services. 1 East Asia and the Pacific 0 0 Program Services January Term-9 Students 26569 Europe (including Iceland and Greenland) 0 0 Program Services January Term-54 Students 371325 South Asia 0 0 Program Services January Term-9 Students 57750 Central America and the Caribbean 0 0 Program Services Study Abroad-3 Students 33195 East Asia and the Pacific 0 0 Program Services Study Abroad-8 Students 111630 Europe (including Iceland and Greenland) 0 0 Program Services Study Abroad-18 Students 310907 Middle East and North Africa 0 0 Program Services Study Abroad-1 Student 33915 South America 0 0 Program Services Study Abroad-3 Students 63832 South Asia 0 0 Program Services Study Abroad-1 Student 23208 Sub-Saharan Africa 0 0 Program Services Study Abroad-1 Student 18952 Central America and the Caribbean 0 0 Investments 45934157 North America (including Canada and Mexico, but not the United States) 0 0 Investments 18783495 Europe (including Iceland and Greenland) 0 0 Investments 8371075 0 0 74140010 1 0 1 1 1 0 Schedule F, Part I, Line 1 Part I, Line 1 has been checked yes and a narrative for Part I, Line 2 provided (below) even though Core Form Part IV, Line 16 is checked "no". Those disclosures reflect that the College's students who study outside of the U.S. continue to receive financial aid that they are eligible for were they on-campus students. When a student takes a J-Term or one or more semesters abroad, financial aid funds are typically disbursed when the student is still in the U.S. and thus such funds technically are not the subject of Part I, Lines 1 and 2 (and, accordingly, are not reportable on Schedule F, Part III). The disclosures at Lines 1 and 2 are made in favor of transparency and reflect that the College employs a different monitoring mechanism in such instances than that reported on Schedule I. Schedule F, Part I, Line 2 The College offers grants in the form of need or merit based scholarships to students who are studying outside of the United States. Before the grant or award is available and disbursed, the Center for International and Cultural Education must approve any program that a student is participating in. Once the grant has been disbursed to the student's account for the study away program, the Center for International and Cultural Education maintains contact with the host institution to monitor the student's attendance and notifies the Financial Assistance office and Student Accounts office if a student withdraws from the study away program. X X X X X X X 1 Blackbaud Inc 2000 Daniel Island Drive Charleston SC 29492 Advancement Consultant 0 0 66726 -66726 Bentz Whaley Flessner and Associates Inc 7900 Xerxes Ave S Ste 980 Minneapolis MN 55439 Advancement Consultant 0 0 60717 -60717 Pentera Inc 8650 Commerce Park Place Ste G Indianapolis IN 46268 Planned Gift Marketing 0 0 34532 -34532 GiveCampus Inc 99 M Street Ste 233 Washington DC 20003 Social Giving Days Software 0 0 31975 -31975 Wilson-Bennett Technology Inc PO Box 717 Cabot AR 72023 Software Calling System 0 0 21553 -21553 Data Source of Loudoun Inc HEP Data PO Box 670558 Dallas TX 752670558 Matching Gift Software 0 0 5250 -5250 0 220753 -220753 AK AL AR AZ CA CO CT FL HI IL KY LA MA MD ME MI MN MO MS NC NH NY OH OK OR SC SD UT VA WA WV Football Golf 56970 37155 19815 0 1437 11935 4505 0 144 Mens Basketball Golf 30850 23676 7174 0 525 4707 2272 0 186 5 106217 62344 43873 0 7450 25196 9370 0 3572 194037 123175 70862 0 9412 41838 16147 0 3902 71299 -437 86880 10405 0 0 720 1 0.95 86880 10405 0 0 720 11125 75755 MN 0 The Minnesota Gambling Control Board allows non-profit organizations to conduct permitted gambling activities without a license when it is limited to five days of gambling activity per calendar year and the total value of all prizes donated and purchased is less than $50,000. The College received a lawful gambling exempt permit for the year. 0 1 0 1 0 Rebecca M Bergman 800 West College Avenue Saint Peter MN 56082 0 Laura T Kelly 250 X 0 0 Schedule G, Part III, Line 16 The gaming manager's responsibilities include supervising, recordkeeping, money counting, making bank deposits for the raffle and ordering raffle tickets. 1 City of Saint Peter 227 South Front Street Saint Peter MN 56082 416005526 Govt Entity 40000 0 N/A N/A Community Support 1 0 Merit-Based Student Financial Assistance 509 17442281 Need-Based Student Financial Assistance 1179 40432311 International Student Financial Assistance 89 3670066 Tuition Benefit Student Financial Assistance 82 3982682 Schedule I, Part I, Line 2 Gustavus offers both merit-based and need-based scholarship assistance. Merit-based scholarships do not require a student to demonstrate financial eligibility and must be awarded during the Admission process. They also may be awarded as part of a need-based financial aid package. To be renewed, the student needs to maintain the established minimum standards. Need-based scholarships are offered to students who demonstrate financial eligibility by filing the FAFSA. The offered amounts can vary from year to year as determined by the family's Estimated Family Contribution (EFC) on the FAFSA and availability of funds. The Registrar's office monitors any changes to a student's enrollment status. Any changes are communicated to the Student Accounts office and the Financial Assistance office to ensure funds are being properly disbursed. Also see Schedule F, Part V with respect to monitoring of students taking J-Term or semester studies outside of the United States. X X X 1 1 X X X 1 1 0 0 0 0 0 0 0 Rebecca M Bergman President 337253 0 0 0 16612 0 58073 0 24708 0 436646 0 0 0 Mark J Braun Faculty 135641 0 0 0 21312 0 7795 0 28664 0 193412 0 0 0 Marcia J Bunge Faculty 137990 0 0 0 1372 0 7514 0 32131 0 179007 0 0 0 Brenda S Kelly Provost and Dean of the College 198810 0 0 0 1103 0 11142 0 35288 0 246343 0 0 0 Curtis J Kowaleski CFO Vice President of Finance and Treasurer 193724 0 0 0 1691 0 10758 0 27132 0 233305 0 0 0 Wilson D Thompson Vice President for Equity and Inclusion 138943 0 0 0 829 0 7689 0 29574 0 177035 0 0 0 JoNes R VanHecke Vice President for Student Life & Dean of Students 107680 0 0 0 82787 0 6747 0 7949 0 205163 0 0 0 Thomas W Young Vice President for Institutional Advancement 173561 0 0 0 1573 0 9971 0 39965 0 225070 0 0 0 Schedule J, Part I, Line 1a As a condition of the President's employment contract, she is required to reside in the College-owned residence located on the College's campus at the College's expense. The College pays for all maintenance and operating expenses of the house, including, but not limited to, housekeeping, grounds keeping, general maintenance and all utilities. The President's residence is available for College-related business and entertainment on a regular and continuing basis. This benefit is excluded from taxable income pursuant to IRC Section 119(a). The President reimbursed the College for spousal travel expenses which totaled approximately $1,500. Schedule J, Part I, Line 4 Lina 4a: VanHecke received severance payments of $81,987. Line 4b: The President has a supplemental nonqualified retirement plan that has been approved by the Board of Directors. The terms of this plan are set forth in the written contract of the President that has been signed by the Chair of the Board of Directors and amounted to $40,368 for 2023. A Minnesota Higher Education Facilities Authority 410988525 60416HD27 2013-07-30 11610060 See Part VI 0 0 0 B Minnesota Higher Education Facilities Authority 410988525 60416H4Y7 2017-09-07 58087076 See Part VI 0 0 0 A 4225000 0 11610060 0 0 0 160060 0 0 0 11450000 0 2013 1 0 1 1 B 3275000 0 58087076 0 0 0 534253 0 0 20000000 37552823 0 2019 1 1 1 1 A 0 0 0 0 0 0 0 0 0 1 B 0 0 0 0 0 0 0 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 0 0 1 0 0 1 Bayern LB New York 1.4 1 0 1 A 1 B 1 Schedule K, Part I, Column e-07/30/2013 11,610,060 Minnesota Higher Education Facilities Authority Finance refunding of 5-X bonds issued October 7, 2004 to construct and furnish a new apartment complex, complete the installation of fire sprinkler systems in existing residence halls and renovate Old Main. Schedule K, Part I, Column e-09/07/2017 58,087,076 Minnesota Higher Education Facilities Authority Finance refunding of 7-B bonds (issued August 5, 2010 for construction, furnishing and equipping of Beck Academic Hall and development of new west mall) and to construct, expand and renovate Nobel Hall of Science and Schaefer Fine Arts Center. Schedule K, Part IV, Line 2c-07/30/2013 11,610,060 Minnesota Higher Education Facilities Authority The rebate calculation was performed in November 2022. Schedule K, Part IV, Line 2c-09/07/2017 58,087,076 Minnesota Higher Education Facilities Authority The rebate calculation was performed in October 2021. 1 - 35400 Merit Scholarship Student Financial Assistance Russell V Michaletz Former Director Michaletz Spouse 16679 Salary and Benefits 0 Chapel View LLC Director Asta and Director's Spouse 111305 Apartment Rental Fiscal Agent 0 Schedule L, Part IV The College has a property management agreement with an LLC in which a current member of the Board of Directors and her husband own. Under this agreement, the College rents apartment units to current students. The College serves as fiscal agent on the property and is responsible for all maintenance, repairs and capital improvements. The remaining balance at the end of each fiscal year is paid to the College as a management fee. During the year ended May 31, 2024, the College billed students $495,180 and paid expenses of $383,875, resulting in a management fee of $111,305. The agreement is in full force until May 31, 2028, and shall continue thereafter on successive five year terms, through May 31, 2032 unless sooner terminated by the College or the owner. During the year ended May 31, 2024, one unit under this agreement was transferred to the ownership of the College. X 27 2844982 Average High/Low X 1 325000 Qualified Independent Appraisal 1 0 1 1 Schedule M, Part I It is the College's policy to aggregate multiple gifts occurring on the same day as one contribution. Schedule M, Part I, Line 32b The College uses several brokers to sell publicly traded securities that are gifted to the College as well as other industry experts for unique and complex gifts as required. Form 990, Part III, Line 4a With the exception of auxiliary services revenue reported on Line 4c, all grants expense and program revenue receipts have been included on 4a since students are billed a comprehensive fee and an allocation by program service achievement area is not practical. Form 990, Part VI, Section A, Line 1a The executive committee shall consist of the Chair; each Vice Chair; the President; the Secretary, if the Secretary is a director; the immediate past Chair for one year after leaving office, if the immediate past Chair continues to be a director; the President of the Association of Congregations; any Chair Elect; and up to four and not fewer than two additional directors elected at the annual meeting for one-year terms. The Secretary, even if not a member, shall attend executive committee meetings in order to take the minutes, unless the committee determines that the matters under consideration would render such attendance inappropriate. The executive committee shall undertake any duties assigned to it by the Board; assist the Chair and the President with their shared responsibility for effective Board operations by, among other things, participating in the preparation of Board meeting agendas; and take any action for the Board that the executive committee determines must be taken before the Board meets again, endeavoring always to preserve for the Board the fullest possible flexibility for addressing the matter at its next meeting. The executive committee shall have the authority to act for the Board on all matters except for the following, which shall be reserved for the Board; presidential selection and termination; director and Board officer elections, changes in institutional mission and purpose, and changes to the Articles of Incorporation or the Bylaws. The executive committee shall provide to all directors prior to each Board meeting minutes of all executive committee meetings that have taken place since the previous Board meeting, and such minutes shall disclose all action as taken by the executive committee. Form 990, Part VI, Section A, Line 1b One director has a dependent at the College who receives financial aid. One director is employed by the College and one director has a reportable business transaction with the College. See Schedule L for disclosures. Form 990, Part VI, Section A, Line 2 Directors Marcia Page and Edward Drenttel - Business Relationships Form 990, Part VI, Section A, Line 7a The Board of Directors membership is established as follows: Board Composition - The Board of Directors shall consist of no fewer than twenty-eight and no more than thirty-six directors. All directors shall have equal voting rights. Ex Officio Directors - So long as they hold office, the President of the College, the Bishop of the Southwestern Minnesota Synod of the ELCA, and the President of the Association of Congregations shall be directors. Alumni Association Directors - The Board of Directors of the Gustavus Adolphus College Alumni Association, acting in consultation with the Board, shall be entitled to appoint two Alumni Association directors, each of whom may serve as an Alumni Association director for up to four consecutive years. ELCA Director - The ELCA may designate as a director a member of the churchwide staff with responsibility for higher education. Young Alumni Director - The Board may elect Young Alumni Directors, up to two of whom may serve simultaneously. Each Young Alumni Director will serve a four-year term, unless the Board sets a shorter term. The Board may not extend or renew any Young Alumni Director's term, regardless of that term's length. A Young Alumni Director's term must begin within 15 years of earning a degree from the College. Elected Directors - Elected directors of the Board shall be elected by the Association of Congregations at its annual meeting. The Board shall serve as the nominating committee to the Association of Congregations for the selection of candidates to serve as elected directors of the Board. The composition of the elected directors of the Board shall be no fewer than twenty-four (24) and no more than twenty-eight (28) directors. At least twelve (12) elected directors, the exact number to be determined by the Board, shall be at-large directors nominated by the Board and elected by the Association of Congregations without contest. At least twelve (12) but no fewer than half of the elected directors must be members of congregations that are members of the Association of Congregations, and at least four of these must be rostered ELCA clergy. Term - Elected directors shall serve three-year terms, beginning with the call to order of the Board's annual meeting and ending with the call to order of the Board's annual meeting three years later. To the extent possible, the Board should stagger elections so that the terms of approximately one-third of elected directors expire each year. Nomination - Before the Association of Congregation's annual meeting each year, the Board of Directors shall nominate a slate of candidates for election. Form 990, Part VI, Section B, Line 11b Federal Form 990 (the 990) was prepared by the Director of Tax and reviewed by the Controller and CFO, Vice President for Finance and Treasurer. On January 17, 2025, a draft of the 990, excluding Schedule B, was distributed to the Board of Directors. Inquiries from the Directors were communicated to the Audit Committee chair and discussed at the Audit Committee meeting. On April 2, 2025, the Audit Committee of the Board of Directors reviewed and accepted the draft 990 in its entirety for filing with the IRS. Form 990, Part VI, Section B, Line 12c The College has a written conflict of interest policy that pertains to its employees. This policy is one of several "All College Policies" that are published on the College's website. The conflict of interest policy is designed to help officers and employees of the College identify situations that present potential conflicts of interest, along with following written procedures in the event that there is a conflict of interest. The policy is intended to comply with the procedure prescribed in Minnesota Statutes, Section 317A.255, and governing conflicts of interest to nonprofit corporations. The President and the CFO, Vice President of Finance and Treasurer monitor and enforce the College's conflict of interest policy relating to its employees. In addition, a questionnaire is completed by all officers and other interested persons on an annual basis that documents any activity that could give rise to conflicts of interest. These questionnaires are reviewed by the President and the CFO, Vice President of Finance and Treasurer. The College has a separate written conflict of interest policy that pertains to all members of the Board of Directors. The policy discloses the importance of exercising integrity and objectivity in making decisions. It further provides disclosure requirements and procedures for abstaining and documentation of meeting minutes when there is a conflict of interest. In May 2024, the Chair of the Audit Committee requested that the President's Office distribute this policy to all Directors, along with an annual disclosure statement, indicating that the director has read, understands and discloses whether or not there are any circumstances leading to a potential conflict of interest. On May 10, 2024 at the Board of Directors meeting, the Chair of the Audit Committee requested that all Directors read the conflict of interest policy, determine if they had any questions, complete the annual disclosure statement on a timely basis and return to the CFO, Vice President of Finance and Treasurer. In addition, a summary of all disclosures relating to the Conflict of Interest policy from the annual disclosure statements (Directors) and questionnaires (officers and other interested persons) was presented to the Audit Committee for their review. From a governance perspective, the Audit Committee of the Board of Directors is specifically charged with overseeing compliance with this policy. Chairs of individual committees are charged with following the procedures for voting when there is a conflict of interest, along with documentation of those procedures in the meeting minutes. Completed annual disclosure statements were received from all Directors. Form 990, Part VI, Section B, Line 15 The President's compensation is reviewed annually by the executive committee of the Board of Directors in accordance with the College's By-Laws. The results of this review, including deliberation and the final decision and approval, are documented in the executive committee minutes and was last reviewed on May 18, 2023. However, the review didn't include the use of comparable compensation data from comparable institutions. The President reviews compensation surveys and the compensation of all vice presidents on an annual basis in accordance with the College's Bylaws. The President approves and signs all vice president contracts. The compensation of all interested persons on the Schedule L, Part IV is reviewed by independent persons. Form 990, Part VI, Section C, Line 19 The audited financial statements of the College for the year ended May 31, 2024 are found on the College's website. The following documents are available for public inspection in the President's Office, located in the Carlson Administration Building on the campus in St. Peter, MN: Articles of Incorporation, Bylaws and Conflict of Interest Policy. Form 990, Part XI, Line 9 Adjustment of Actuarial Liability Tennis and Life Camps LLC 800 West College Avenue Saint Peter MN 56082 Summer Camp MN 1106173 790457 N/A Greater Gustavus Fund 800 West College Avenue Saint Peter MN 56082 416038632 Fundraising MN 501(c)(3) 11, I Gustavus Adolphus College 1 Beneficial Interest in Funds Held in Trust (20) Names and EINs Withheld Saint Peter MN 56082 Investment MN N/A T 0 Charitable Remainder Unitrusts (21) Names and EINs Withheld Saint Peter MN 56082 Investment MN N/A T 1 Pooled Life Income Fund 800 West College Avenue Saint Peter MN 56082 Investment MN N/A T 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 Pooled Life Income Fund k 81985 Cash Paid