2024-04-15T14:39:34-05:00 2023-05-31 390859910 BAKER TILLY US LLP 225 S 6TH ST 2300 MINNEAPOLIS MN 55402 990 2022-06-01 420680412 LORAS COLLEGE LORA 5635887100 1450 ALTA VISTA STREET DUBUQUE IA 52001 JAMES COLLINS PRESIDENT 5635884992 2024-04-11 1 JAMES COLLINS XXX-XX-XXXX 1 KAREN A GRIES P00078514 6128764500 2024-04-11 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z JAMES COLLINS 1450 ALTA VISTA STREET DUBUQUE IA 52001 91646875 0 X WWW.LORAS.EDU X 1839 IA EDUCATION 24 23 1052 495 53110 14560 21599860 14849956 50173684 51084217 3412374 1337149 175891 136438 75361809 67407760 27262224 25185373 0 0 23334941 23045187 0 0 1553478 16506377 17706296 67103542 65936856 8258267 1470904 125505314 114762602 66085871 62121710 59419443 52640892 X LORAS, AS A CATHOLIC LIBERAL ARTS COLLEGE, CREATES A COMMUNITY OF ACTIVE LEARNERS, REFLECTIVE THINKERS, ETHICAL DECISION MAKERS AND RESPONSIBLE CONTRIBUTORS IN DIVERSE PROFESSIONAL, SOCIAL AND RELIGIOUS ROLES. 0 0 25130373 25130373 SCHOLARSHIPS AND GRANTS TO STUDENTS. 14305627 42837056 INSTRUCTION AND ACADEMIC SUPPORT PROVIDED TO FULL AND PART TIME STUDENTS (1,264 FULL TIME EQUIVALENT STUDENTS). 10985287 3525774 STUDENT SERVICES, INCLUDING STUDENT DEVELOPMENT, INTERCOLLEGIATE ATHLETICS AND OTHER SERVICES. 11985409 55000 4721387 OTHER PROGRAM SERVICES INCLUDE AUXILIARY PROGRAMS SUCH AS HOUSING AND FOOD SERVICE, RESEARCH, PUBIC SERVICE AND INSTITUTIONAL SUPPORT. 11985409 55000 4721387 62406696 1 1 0 0 0 0 0 1 1 1 1 0 0 0 1 1 1 0 1 0 1 0 0 0 1 1 0 1 1 1 1 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 1 0 0 0 1 104 1 1 1052 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 24 23 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 IL CA X RENNIE ROOT 5635887775 1450 ALTA VISTA STREET DUBUQUE IA 52001 X JAMES E COLLINS PRESIDENT 40.00 X X 367713 0 48597 MOST REV MICHAEL JACKELS CHANCELLOR, REGENT (TERM. 04/2023) 1.00 X X 0 0 0 BISHOP RICHARD PATES INTERIM CHANCELLOR, REGENT (EFF 4/2023) 1.00 X X 0 0 0 RICHARD SCALISE CHAIR, REGENT 1.00 X X 0 0 0 TONY REARDON CHAIR, REGENT (TERM. 10/2022) 1.00 X X 0 0 0 MARY MEEHAN VICE CHAIR, REGENT 1.00 X X 0 0 0 TIMOTHY SUTHER VICE CHAIR, REGENT 1.00 X X 0 0 0 STEVE SLOAN SECRETARY, REGENT 1.00 X X 0 0 0 DAVID MEYERS REGENT 1.00 X 0 0 0 GENE MURPHY REGENT 1.00 X 0 0 0 JOSEPH SCHIESL REGENT 1.00 X 0 0 0 LUIS ACOSTA REGENT 1.00 X 0 0 0 MARK CLOGHESSY REGENT 1.00 X 0 0 0 MARK MOLO REGENT 1.00 X 0 0 0 MICHAEL RICE REGENT 1.00 X 0 0 0 MILAN VUCKOVIC REGENT 1.00 X 0 0 0 MSGR JOHN ENZLER REGENT 1.00 X 0 0 0 NATALIE HOFFMANN REGENT 1.00 X 0 0 0 REV MSGR JAMES BARTA REGENT 1.00 X 0 0 0 RICH CLAYTON REGENT 1.00 X 0 0 0 SARAH SQUIRES REGENT 1.00 X 0 0 0 SIOBHAN O'CONNOR HARTSELL REGENT 1.00 X 0 0 0 STEPHEN SCHLEGEL REGENT 1.00 X 0 0 0 TOM TAUKE REGENT 1.00 X 0 0 0 WENDY SCHRUNK REGENT 1.00 X 0 0 0 WILLIAM GLYNN REGENT 1.00 X 0 0 0 MARGARET TUNGSETH TREASURER 40.00 X 166187 0 24146 DONNA HEALD VP FOR ACADEMIC AFFAIRS 40.00 X 157598 0 23573 MARY ELLEN CARROLL SENIOR VICE PRESIDENT 40.00 X 127301 0 34432 ARTHUR SUNLEAF VP FOR STUDENT DEVELOPMENT 40.00 X 110309 0 28120 SCOTT MCCLURE VP FOR INSTITUTIONAL ADV 40.00 X 119020 0 16432 CRAIG SCHAEFER DIRECTOR OF TV STUDIO 40.00 X 176406 0 30341 TOM KRUSE CHIEF INFORMATION & BUDGET OFFICER 40.00 X 109957 0 15286 1334491 0 220927 8 0 1 0 ARAMARK 1450 ALTA VISTA DUBUQUE IA 52004 FOOD SERVICE 2286355 GIESE SHEET METAL CO 2125 KERPER BLVD DUBUQUE IA 52001 CONSTRUCTION 1638601 PORTZEN CONSTRUCTION 205 STONE VALLEY DRIVE DUBUQUE IA 52004 CONSTRUCTION 1384210 MODERN PIPING INC 500 WALFORD ROAD SW CEDAR RAPIDS IA 52404 CONSTRUCTION 791497 PAULSON ELECTRIC COMPANY 685 CENTURY DR DUBUQUE IA 52004 CONSTRUCTION 580245 9 708315 14141641 2221083 14849956 COLLEGE FEES & SERVICE 611310 41755683 41755683 SALES/SVC, AUX. ENTER. 611710 8183916 8183916 SALES/SVC, EDU. ENTER. 611710 666566 666566 FINE INCOME 611710 80979 80979 DELINQUENCY CHARGES 611710 64553 64553 332520 332520 51084217 1040093 1040093 23670664 853336 23841069 385875 -170405 467461 297056 297056 65432 0 65432 65432 30067 12171 17896 17896 EXT. EVENTS & CATERING 722320 41760 41760 ADVERTISING 541800 11350 11350 53110 67407760 51084217 53110 1420477 55000 55000 25130373 25130373 1215905 338754 586372 290779 17357112 16225369 429955 701788 835639 771200 27539 36900 2396379 2241964 75818 78597 1240152 1126561 50743 62848 85361 85361 118253 118253 119849 119849 875743 696608 136281 42854 158513 127566 30947 1972614 1790868 35164 146582 918035 809824 43519 64692 1581155 1581155 1217207 1163454 10609 43144 40202 37218 2874 110 2317623 2317623 3543845 3543845 558062 558062 FOOD SERVICE 1972566 1972566 REPAIRS AND MAINTENANCE 522240 522240 FOOD & ENTERTAINMENT 309972 264137 13312 32523 UBIT PAID 1745 1745 1393311 1132309 239288 21714 65936856 62406696 1976682 1553478 5832 6795 613643 2915166 25054181 22567429 432827 359351 48404 29289 774199 760303 118032792 66704902 52225924 51327890 32149622 24664604 5167910 3691197 4423724 4276982 4609048 4163596 125505314 114762602 5450074 4787413 3002518 3631754 43353628 41932651 668841 711703 7768894 7254169 5841916 3804020 66085871 62121710 X -29821868 -27910893 89241311 80551785 59419443 52640892 125505314 114762602 X 1470904 -1794523 -6454932 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 60020 492742 X X X X 0 0 1 X 53469186 3000761 -345685 2830277 840874 52453111 55281637 2891623 -2916029 1233787 554258 53469186 42736730 4133625 9058803 1075451 -427930 55281637 40621690 2551883 1103938 1113592 427189 42736730 38907445 2550565 533907 957626 412601 40621690 0.00030 0.44210 0.55760 0 0 1113961 1113961 86884504 46274850 40609654 13521119 10699469 2821650 16513208 9730583 6782625 51327890 ANNUITIES PAYABLE 1321398 INTEREST RATE EXCHANGE LIABILITY 1036131 DUE TO US GOVERNMENT 1146605 FINANCING OBLIGATION 186893 OPERATING LEASE LIABILITIES 112993 3804020 X 33985723 -1794523 -6360727 -8155250 42140973 136414 25130373 25266787 67407760 40764274 94205 94205 40670069 136414 25130373 25266787 65936856 PART III, LINE 4: THE COLLEGE MAINTAINS VARIOUS ARTWORKS, MANUSCRIPTS, STATUES, PAINTINGS, BOOKS AND FURNITURE THAT PRESERVES THE HERITAGE OF THE COLLEGE AND PROMOTES SCHOLARSHIP ENDEAVORS. PART IV, LINE 2B: THE FUNDS HELD FOR OTHERS ARE AGENCY ACCOUNTS HELD FOR VARIOUS STUDENT ORGANIZATIONS OF LORAS COLLEGE. PART V, LINE 4: THE ENDOWMENT HAS BEEN ESTABLISHED TO PROVIDE A SUFFICIENT TOTAL RETURN TO SUPPLEMENT THE COLLEGE'S VARIOUS SOURCES OF OPERATING INCOME AND TO SUPPORT IN PERPETUITY THE MISSION OF THE COLLEGE. 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. IT IS ALSO EXEMPT FROM STATE INCOME TAX. HOWEVER, ANY UNRELATED BUSINESS INCOME MAY BE SUBJECT TO TAXATION. 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, 2023 OR 2022. THE COLLEGE'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: UNREALIZED GAIN/LOSS ON INTEREST RATE SWAP 1,303,709. WRITE-OFFS FROM UNCOLLECTIBLE PLEDGES -66,234. PRESENT VALUE ADJUSTMENT OF PLEDGES -7,598,202. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS REPORTED AS CONTRA INCOME 25,130,373. PART XII, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN SPLIT INTEREST AGREEMENT 94,205. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS REPORTED AS CONTRA INCOME 25,130,373. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE COLLEGE'S NONDISCRIMINATORY POLICY IS PUBLISHED IN ITS UNDERGRADUATE BULLETIN AND STUDENT HANDBOOK AS WELL AS AVAILABLE VIA ITS WEBSITE. SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES FINANCIAL AID FROM FEDERAL AND STATE GOVERNMENTS. THE AID IS THEN AWARDED TO STUDENTS IN ACCORDANCE WITH THE GUIDELINES ESTABLISHED FOR EACH FORM OF FINANCIAL AID. EUROPE 0 0 PROGRAM SERVICES STUDY ABROAD 243043 0 0 0 0 0 0 243043 0 243043 0 0 1 1 0 0 PART III ACCOUNTING METHOD: FORM 990, SCHEDULE F, PART IV: LORAS COLLEGE INVESTS IN A FOREIGN HEDGE FUND. THE ORGANIZATION'S INVESTMENT ACTIVITIES MAY NOT REACH THE THRESHOLDS REQUIRED FOR FILING THE FORMS 926, 5471, 8621, 8865. ATHLETICS FUNDRAISER 64638 64638 1 794 794 65432 65432 65432 30067 9269 2902 0 30067 9269 2902 12171 17896 IA 1 0 1 0 0.92000 0.08000 RENNIE ROOT 1450 ALTA VISTA STREET DUBUQUE IA 52001 0 RENNIE ROOT RENNIE SPENDS MINIMAL TIME ON GAMING SERVICES SO NONE OF THE SALARY OF HER REGULAR POSITION IS REPORTED HERE. ALL RECEIPTS, DEPOSITS, PAYMENTS, AND REPORTING IS RUN THROUGH THE GENERAL OPERATIONS OF THE BUSINESS OFFICE OF THE COLLEGE. RENNIE OVERSEES THE OPERATIONS OF THE BUSINESS OFFICE AND DELEGATES THE TASKS RELATED TO GAMING TO SEVERAL DIFFERENT EMPLOYEES. X 0 SCHEDULE G, PART III, LINE 6, VOLUNTEER LABOR: THE COLLEGE UTILIZED THE AID OF VOLUNTEERS IN CONDUCTING ITS FUNDRAISING AND GAMING ACTIVITIES HOWEVER, THE EXACT PERCENTAGE OF VOLUNTEER LABOR USED IS UNKNOWN. 1 STATE UNIVERSITY OF IOWA ONE WEST PARK RD IOWA CITY IA 52244 420796760 501(C)(3) 55000 0 RAISED FUNDS TO SUPPORT THE CHILDREN'S MIRACLE NETWORK HOSPITALS 1 0 SCHOLARSHIP AID FOR STUDENTS' COST OF ATTENDANCE 1229 25130373 PART I, LINE 2: THE COLLEGE'S OFFICE OF FINANCIAL PLANNING MONITORS ALL AWARDS TO ENSURE COMPLIANCE WITH FEDERAL AND STATE REGULATIONS. ADDITIONALLY, THE COLLEGE ENGAGES AN INDEPENDENT AUDIT IN ACCORDANCE WITH OMB A-133. X 1 1 X X X X 0 0 0 0 0 0 0 0 0 JAMES E COLLINS PRESIDENT 364904 0 0 0 2809 0 11375 0 37222 0 416310 0 0 0 CRAIG SCHAEFER DIRECTOR OF TV STUDIO 176184 0 0 0 222 0 5218 0 25123 0 206747 0 0 0 MARGARET TUNGSETH TREASURER 165034 0 0 0 1153 0 11806 0 12340 0 190333 0 0 0 DONNA HEALD VP FOR ACADEMIC AFFAIRS 156801 0 0 0 797 0 11467 0 12106 0 181171 0 0 0 MARY ELLEN CARROLL SENIOR VICE PRESIDENT 126650 0 0 0 651 0 9884 0 24548 0 161733 0 0 0 PART I, LINE 1A THE HOUSING ALLOWANCE ACCOUNT FOR AN EMPLOYEE IS PART OF THE NORMAL TAXABLE WAGES PAID TO THE EMPLOYEE AND IS INCLUDED AS PART OF THE EMPLOYEE'S TAXABLE INCOME. A IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 NONEAVAIL 2022-11-01 18154000 REFUND 2017B AND PARTIALLY REFUND 2000 BONDS 0 0 0 B IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 NONEAVAIL 2022-11-01 2500000 REFUND 2002 BONDS 0 0 0 C IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 NONEAVAIL 2022-11-01 13895000 REFUND 2006 BONDS 0 0 0 A 18154000 18154000 2022 1 0 1 1 B 2500000 2500000 2022 1 0 1 1 C 13895000 13895000 2022 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 1 0 1 0 0 0 1 B 0 0 1 0 1 0 0 0 1 C 0 0 1 0 1 0 0 0 1 A 1 B 1 C 1 SUBJECT TO FERPA LAWS 59740 GRANTS/SCHOLARSHIPS ASSISTANCE TO STUDENTS ATTENDING THE COLLEGE X 1 60020 APPRAISAL X 240 DONOR VALUATION X 16 2156297 NET SELLING PRICE X TRAVEL EXPENSE 4 3830 DONOR VALUATION X FOOD/BEVERAGE 6 696 DONOR VALUATION 0 0 1 1 PART I, COLUMN (B): THE NUMBER ON COLUMN (B) REPRESENTS THE NUMBER OF CONTRIBUTIONS. PART I, LINE 32B: LORAS COLLEGE'S FINANCIAL INSTITUTION SELLS ALL PUBLICLY TRADED SECURITIES AT THE TIME OF GIFT ON BEHALF OF LORAS COLLEGE THROUGH AN INDEPENDENT BROKER. FORM 990, PART VI, SECTION B, LINE 11B THE COLLEGE MAKES THE 990 AVAILABLE TO ALL BOARD MEMBERS VIA A SECURE PORTAL WEBSITE PRIOR TO FILING WITH THE IRS. THIS IS THE PROCESS BY WHICH THE BOARD MEMBERS REVIEW THE 990. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, EACH OFFICER, DIRECTOR AND KEY EMPLOYEE MUST FILE A STATEMENT VERIFYING HE/SHE HAS READ THE CONFLICT OF INTEREST POLICY AND IS DISCLOSING ANY CONFLICTS OF INTEREST. EACH STATEMENT IS SENT DIRECTLY TO THE AUDIT COMMITTEE CHAIRPERSON. THE CHAIR AND THE COLLEGE'S TREASURER REVIEW EACH STATEMENT. IN ADDITION, THE TREASURER AND CONTROLLER MONITOR ANY TRANSACTIONS THROUGHOUT THE YEAR BETWEEN SUCH PARTIES. EACH TRANSACTION IS LOGGED WITH THE COLLEGE'S GENERAL LEDGER SYSTEM. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS USED BY THE COLLEGE IN DETERMINING COMPENSATION OF KEY EMPLOYEES IS: - BOARD-APPOINTED COMPENSATION COMMITTEE REVIEWS ALL RECOMMENDED COMPENSATION LEVELS. - COMPARATIVE BENCHMARK DATA IS USED (IAICU, CUPA, AND OTHERS). - WRITTEN EMPLOYMENT CONTRACTS ARE IN PLACE FOR THE PRESIDENT AND OTHER KEY EMPLOYEES IN ACCORDANCE WITH THE COLLEGE'S HANDBOOKS. - COMPENSATION IS FORMALLY APPROVED BY THE FULL BOARD OF REGENTS. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST STATEMENT AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC VIA ANOTHER'S WEBSITE SUCH AS GUIDESTAR.ORG, OR UPON REQUEST. THE COLLEGE'S AUDITED FINANCIAL STATEMENTS ARE ALSO AVAILABLE TO THE PUBLIC VIA THE MUNICIPAL SECURITIES RULE MAKING BOARD WEBSITE. FORM 990, PART VII, SECTION A, COLUMN E: REASONABLE EFFORTS UNDERTAKEN IN REGARD TO REPORTABLE COMPENSATION FROM RELATED ORGANIZATIONS: - RECEIVED A COMPLETED CONFLICT OF INTEREST STATEMENT FROM ALL TRUSTEES, OFFICERS, AND BOARD MEMBERS. THIS STATEMENT IS COMPLETED ANNUALLY. - ALL RELATED PARTIES ARE DISCLOSED ON SCHEDULE R. FINANCIAL RECORDS ARE AVAILABLE TO THE COLLEGE. FORM 990, PART XI, LINE 9: UNREALIZED GAIN/LOSS ON INTEREST RATE SWAP 1,303,709. CHANGE IN SPLIT INTEREST AGREEMENT -94,205. PRESENT VALUE ADJUSTMENT OF PLEDGES -7,598,202. WRITE-OFFS FROM UNCOLLECTIBLE PLEDGES -66,234. FORM 990, PART XII, LINE 2C: THE OVERSIGHT PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. PERPETUAL TRUSTS (1) CHARITABLE TRUST IA T 0 CHARITABLE REMAINDER UNITRUST (3) CHARITABLE TRUST IA T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0