2023-10-24T15:22:08-05:00 2023-05-31 420714325 RSM US LLP 201 FIRST ST SE STE 800 CEDAR RAPIDS IA 524011425 990 2022-06-01 420680323 UNIVERSITY OF DUBUQUE UNIV 5635893000 2000 UNIVERSITY AVE DUBUQUE IA 52001 JAMES STEINER VP OF FINANCE 5635893210 2023-10-20 1 JAMES STEINER 999009999 0 SHAWNA HULS P01315330 3192985333 2023-10-20 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z JEFFREY F BULLOCK 2000 UNIVERSITY AVE DUBUQUE IA 52001 278193268 0 X WWW.DBQ.EDU X 1911 IA POSTSECONDARY AND GRADUATE LEVEL EDUCATION 28 26 1412 15 144674 128606 14437340 8962597 69430988 71830477 16828898 21639920 1237608 157819 101934834 102590813 28367122 25900773 0 0 36389650 34813100 0 0 1320785 33273725 33841931 98030497 94555804 3904337 8035009 404218027 392754742 87670929 82678240 316547098 310076502 X THE UNIVERSITY OF DUBUQUE IS A SMALL, PRIVATE UNIVERSITY AFFILIATED WITH THE PRESBYTERIAN CHURCH (U.S.A.) OFFERING UNDERGRADUATE, GRADUATE, AND THEOLOGICAL SEMINARY PROGRAMS. THE UNIVERSITY IS COMPRISED OF INDIVIDUALS FROM THE REGION, THE NATION, AND THE WORLD.AS A COMMUNITY, THE UNIVERSITY PRACTICES ITS CHRISTIAN FAITH BY EDUCATING STUDENTS AND PURSUING EXCELLENCE IN SCHOLARSHIP. THEREFORE, THE UNIVERSITY OF DUBUQUE IS COMMITTED TO:- THE PRESBYTERIAN TRADITION;- EXCELLENCE IN ACADEMIC INQUIRY AND PROFESSIONAL PREPARATION;- RELATIONSHIPS WHICH ENCOURAGE INTELLECTUAL, SPIRITUAL, AND MORAL DEVELOPMENT;- COMMUNITY WHERE DIVERSITY IS APPRECIATED AND CHRISTIAN LOVE IS PRACTICED;- STEWARDSHIP OF ALL GOD'S HUMAN AND NATURAL RESOURCES;- ZEAL FOR LIFE-LONG LEARNING AND SERVICE, 0 0 43342132 25900773 66655950 INSTRUCTION: 1,605 FTE (UNDERGRADUATE, GRADUATE, AND SEMINARY STUDENTS) FALL 2022. LARGEST UNDERGRADUATE MAJORS INCLUDE BUSINESS ADMINISTRATION, FLIGHT OPERATIONS, AND HEALTH, WELLNESS, AND RECREATION. 10860526 888943 STUDENT SERVICES: INCLUDES ADMISSIONS, ATHLETICS, AND ALL AREAS OF STUDENT LIFE. 8225162 1710494 AUXILIARY SERVICES: INCLUDES UNIVERSITY BOOKSTORE, COFFEEHOUSE, AND DAYCARE FACILITIES. 6402703 2575090 ACADEMIC SUPPORT 6402703 2575090 68830523 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 135 0 1 1412 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 28 26 1 0 1 0 0 0 1 1 1 0 0 1 1 1 1 1 1 1 0 1 1 X JAMES STEINER VP OF FINANCE 5635893210 2000 UNIVERSITY AVE DUBUQUE IA 52001 X REV DR JEFFREY BULLOCK PRESIDENT 40.00 X X 649981 0 109325 JOSEPH A CHLAPATY CHAIRMAN/TRUSTEE 1.00 X X 0 0 0 DOUGLAS J HORSTMANN SECRETARY-TREASURER/TRUSTEE 1.00 X X 0 0 0 KENT A PETERSON VICE CHAIRMAN/TRUSTEE 1.00 X X 0 0 0 SCOTT TAYLOR VICE CHAIR/TRUSTEE (UNTIL 12/22) 1.00 X X 0 0 0 JAVAUNE ADAMS-GASTON TRUSTEE 1.00 X 0 0 0 DOMINIQUE A ANTHONY TRUSTEE 1.00 X 0 0 0 MARK P BRODERSEN MD TRUSTEE 1.00 X 0 0 0 ANDREW BUTLER TRUSTEE 1.00 X 0 0 0 JOHN E BUTLER TRUSTEE 1.00 X 0 0 0 BECKY CONLON TRUSTEE 1.00 X 0 0 0 JOHN G COUCHMAN TRUSTEE 1.00 X 0 0 0 KIMBERLY M DAVID TRUSTEE 1.00 X 0 0 0 SUSAN R FARBER TRUSTEE 1.00 X 0 0 0 STAN HASSELBUSCH TRUSTEE 1.00 X 0 0 0 REV BRUCE E HEDGEPETH TRUSTEE 1.00 X 0 0 0 OZELL HUDSON TRUSTEE (UNTIL 02/23) 1.00 X 0 0 0 JEFFERY KEITH TRUSTEE 1.00 X 0 0 0 SCOTT A KNAPP TRUSTEE 1.00 X 0 0 0 MARTY LANGE TRUSTEE 1.00 X 0 0 0 BRYAN MCKEAG TRUSTEE 1.00 X 0 0 0 BRUCE OBBINK TRUSTEE 1.00 X 0 0 0 LAURA PALMER-NOONE TRUSTEE (UNTIL 12/22) 1.00 X 0 0 0 KEITH PARRIS TRUSTEE 1.00 X 0 0 0 SUZANNE LUCK PREISS TRUSTEE 1.00 X 0 0 0 SARAH J SLAUGHTER TRUSTEE 1.00 X 0 0 0 JOHN D STOLTZ TRUSTEE (UNTIL 02/23) 1.00 X 0 0 0 RICHARD C SVRLUGA TRUSTEE 1.00 X 0 0 0 WILLIAM J SVRLUGA JR TRUSTEE 1.00 X 0 0 0 ROBERT WEBB TRUSTEE 1.00 X 0 0 0 THOMAS WOODWARD TRUSTEE 1.00 X 0 0 0 REV CATHY F YOUNG TRUSTEE 1.00 X 0 0 0 JAMES D STEINER VP FINANCE/ASST TREASURER 40.00 X 280342 0 37712 DR MARK WARD VP OF ACADEMIC AFFAIRS 40.00 X 280566 0 24234 NATALIE WEBER ASST PROF/DIR PA STUDIES 40.00 X 160829 0 37423 BRADLEY LONGFIELD PROF OF CHURCH HISTORY 40.00 X 143175 0 59657 MELISSA HEMESATH ASSOCIATE VP FOR ADVANCEMENT 45.00 X 173550 0 14286 DAN RUNKLE DIRECTOR OF ATHLETICS 51.00 X 158756 0 28098 1847199 0 310735 23 0 1 0 ELIOR INC (ALADDIN FOOD MANAGEMENT SER 4135 SOUTH STREAM BLVD CHARLOTTE NC 28217 FOOD SERVICE 3737086 CONLON CONSTRUCTION CO 1100 ROCKDALE RD DUBUQUE IA 52001 CONSTRUCTION 3120868 COTTINGHAM & BUTLER 800 MAIN STREET DUBUQUE IA 52001 INSURANCE 1877573 ALF IXLLC 70 W MADISON SUITE 2200 CHICAGO IL 60602 AVIATION SERVICES 1493444 GEISLER BROTHERS COMPANY 1500 RADFORD RD DUBUQUE IA 52002 MAINTENANCE 567654 14 5892 526920 8429785 422820 8962597 STUDENT REVENUES 611600 66655950 66655950 AUXILIARY ENTERPRISES 611600 1710494 1710494 3464033 3464033 71830477 7687514 7687514 27502 23944 3558 3558 3558 188803589 705000 175431693 124490 13371896 580510 13952406 13952406 35473 5892 22328 13145 13145 K-1 PAXTON/PATTERSON 310000 141116 141116 141116 102590813 70119983 144674 23363559 25900773 25900773 1048039 612083 435956 1934937 674825 1260112 24051234 18186718 5478056 386460 1469552 1106785 342481 20286 4527893 2525553 1969154 33186 1781445 1349723 402158 29564 23618 23618 119545 119545 679840 679840 4480239 4293909 169830 16500 754736 594017 160719 1782504 1229932 528953 23619 921615 89628 831987 2537894 2537894 680121 634972 24726 20423 67040 52517 13623 900 1218427 341095 877332 8873884 3928640 4945244 123912 73314 50598 BAD DEBT EXPENSE 3586504 3586504 MEMBERSHIP & FEES 972380 115543 851093 5744 CURRICULUM DEVELOPMENT 899104 569677 329427 PROGRAMMING EXP 462420 462420 5658148 4162588 1308132 187428 94555804 68830523 24404496 1320785 22541140 14122086 2493895 2537963 6147672 5869396 433041 373914 1700788 1694223 225488623 92077655 128245856 133410968 222603194 213330117 1924562 1813547 6832024 5741688 11295855 13860840 404218027 392754742 10203307 7330220 4728398 4037973 49690000 48630000 895202 670143 22154022 22009904 87670929 82678240 X 148472266 139353078 168074832 170723424 316547098 310076502 404218027 392754742 X 8035009 -16119780 1614175 X X 0 1 X 1 1 1 X 7332027 10441728 19452046 14437340 8962597 60625738 7332027 10441728 19452046 14437340 8962597 60625738 10413913 50211825 4230703 4207486 4689240 7555773 7687514 28370716 416246 1051720 1256808 1240833 128606 4094213 93090667 369416565 0.53940 0.52960 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 231530323 1380029 3808517 1472008 6215996 679840 228351025 247441242 1708147 3319012 2112694 18255764 569620 231530323 180204543 8456426 72700580 2555975 10959887 404445 247441242 164461205 4857175 16840293 2386693 3204206 363231 180204543 166246252 4228404 1171547 3967669 2917269 300060 164461205 0.35070 0.51405 0.13525 1 0 3587673 3587673 184766772 66612374 118154398 9162763 2865827 6296936 27253272 22599454 4653818 718143 718143 133410968 STUDENTS' DEPOSITS 2586748 DUE TO U.S. GOV'T-PERKINS LOAN PROGRAM 316904 ACCRUED LOSS ON INTEREST RATE SWAP 3472459 ANNUITY OBLIGATION 240809 OPERATING LEASE LIABILITY 12889193 BOND PREMIUM 2503791 22009904 X 61550867 -16119780 -24286598 -40406378 101957245 679840 -46272 633568 102590813 68021463 46272 46272 67975191 679840 25900773 26580613 94555804 PART V, LINE 4: ENDOWMENT FUNDS SUPPORT STUDENT SCHOLARSHIPS, ACADEMIC PROGRAMMING, AND INSTITUTIONAL SUPPORT. PART X, LINE 2: THE UNIVERSITY IS RECOGNIZED AS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE UNIVERSITY MAY BE SUBJECT TO FEDERAL AND STATE INCOME TAXES ON ANY NET INCOME FROM UNRELATED BUSINESS ACTIVITIES. THE UNIVERSITY FILES A FORM 990 (RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX) ANNUALLY AND UNRELATED BUSINESS INCOME (UBI) IS REPORTED ON FORM 990-T, AS APPROPRIATE. MANAGEMENT HAS EVALUATED THEIR MATERIAL TAX POSITIONS, WHICH INCLUDE SUCH MATTERS AS THE TAX EXEMPT STATUS OF EACH ENTITY AND VARIOUS POSITIONS RELATIVE TO POTENTIAL SOURCES OF UBI. AS OF MAY 31, 2023 AND 2022, THERE WERE NO UNCERTAIN TAX BENEFITS IDENTIFIED AND RECORDED AS A LIABILITY. PART XI, LINE 2D - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS SHOWN AS CONTRA INCOME -25,900,773. PAXTON PATTERSON K-1 BOOK/TAX DIFFERENCE -141,116. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 7,880. UNREALIZED GAIN (LOSS) ON INTEREST RATE SWAP 1,747,411. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES NETTED WITH REVENUE FOR 990 -23,944. FUNDRAISING EXPENSES NETTED WITH REVENUE FOR 990 -22,328. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE NETTED WITH RENTAL INCOME FOR 990 23,944. FUNDRAISING EXPENSES NETTED WITH FUNDRAISING INCOME FOR 990 22,328. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS SHOWN AS CONTRA INCOME 25,900,773. 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 POLICY IS PUBLISHED IN VARIOUS NEWSPAPERS AND BROCHURES FOR PROSPECTIVE STUDENTS. SCHEDULE E, PART I, LINE 6 FINANCIAL AID OR ASSISTANCE FROM A GOVERNMENTAL AGENCY IS DISTRIBUTED TO STUDENTS USING FEDERALLY APPROVED FINANCIAL NEED ANALYSIS CRITERIA. GOLF OUTING 41365 5892 35473 19641 2687 41365 5892 35473 19641 2687 22328 13145 1 SCHOLARSHIP 1196 25900773 0 N/A N/A PART I, LINE 2: DISBURSEMENTS TO STUDENTS RECEIVING FINANCIAL AID ARE MADE IN ACCORDANCE WITH INSTITUTIONAL PROCEDURES TO ENSURE THAT THOSE RECEIVING AID ARE QUALIFYING RECIPIENTS. FEDERAL FINANCIAL AID OR ASSISTANCE FROM A GOVERNMENTAL AGENCY IS DISTRIBUTED TO STUDENTS USING FEDERALLY APPROVED FINANCIAL NEED ANALYSIS CRITERIA. X X X 1 1 X X X 0 1 0 0 0 0 0 1 0 REV DR JEFFREY BULLOCK PRESIDENT 396971 0 250000 0 3010 0 21350 0 87975 0 759306 0 0 0 JAMES D STEINER VP FINANCE/ASST TREASURER 184318 0 0 0 96024 0 13502 0 24210 0 318054 0 94806 0 DR MARK WARD VP OF ACADEMIC AFFAIRS 183721 0 0 0 96845 0 13127 0 11107 0 304800 0 0 0 BRADLEY LONGFIELD PROF OF CHURCH HISTORY 140681 0 1000 0 1494 0 10329 0 49328 0 202832 0 0 0 NATALIE WEBER ASST PROF/DIR PA STUDIES 160829 0 0 0 0 0 11204 0 26219 0 198252 0 0 0 MELISSA HEMESATH ASSOCIATE VP FOR ADVANCEMENT 173550 0 0 0 0 0 12250 0 2036 0 187836 0 0 0 DAN RUNKLE DIRECTOR OF ATHLETICS 97666 0 0 0 61090 0 7564 0 20534 0 186854 0 0 0 PART I, LINE 1A REV. DR. JEFFREY BULLOCK, PRESIDENT, IS PROVIDED WITH NON-TAXABLE HOUSING WHICH INCLUDES UTILITIES AND RESIDENTIAL CLEANING SERVICES. THE UNIVERSITY SUPPORTS ITS PRESIDENT LIVING IN THE PRESIDENTIAL HOUSE OWNED BY THE UNIVERSITY BECAUSE OF ITS REQUIREMENT THAT THE PRESIDENT CONDUCT SIGNIFICANT BUSINESS ACTIVITIES AND UNIVERSITY RELATED ENTERTAINMENT ON UNIVERSITY PROPERTY. THE RESIDENCE LOCATED IN NEAR PROXIMITY TO CAMPUS WHICH IS OWNED BY THE UNIVERSITY, IS DESIGNATED AS THE OFFICIAL PRESIDENTIAL HOUSE. THE VALUE OF THE HOUSING AND RELATED SERVICES IS REPORTED AS OTHER COMPENSATION ON FORM 990, PAGE 7, PART VII, SECTION A, COLUMN (F) AND SCHEDULE J, PAGE 2, PART II, COLUMN (D). BRADLEY LONGFIELD, A HIGHEST COMPENSATED EMPLOYEE QUALIFIES FOR AND RECEIVES A MINISTERIAL HOUSING ALLOWANCE. THE VALUE OF THE HOUSING IS REPORTED AS OTHER COMPENSATION ON FORM 990, PAGE 7, PART VII, SECTION A, COLUMN (F) AND SCHEDULE J, PAGE 2, PART II, COLUMN (D). THE ORGANIZATION PAYS COUNTRY CLUB DUES ON BEHALF OF REV. DR. JEFFREY BULLOCK, PRESIDENT. THE PORTION OF THE PAYMENT FOR COUNTRY CLUB DUES THAT IS DEEMED TO BE FOR PERSONAL USE IS TAXABLE TO THE EMPLOYEE AND IS REPORTED IN REPORTABLE COMPENSATION ON FORM 990, PAGE 7, PART VII, SECTION A, COLUMN (D) AND SCHEDULE J, PAGE 2, PART II, COLUMN (B)(III). THE PORTION OF THE PAYMENT FOR COUNTRY CLUB DUES THAT IS DEEMED TO BE FOR BUSINESS USE IS EXCLUDED FROM COMPENSATION AS A WORKING CONDITION FRINGE BENEFIT. PART I, LINE 4B THREE LISTED PERSONS PARTICIPATE IN NON-QUALIFIED DEFERRED COMPENSATION PLANS UNDER SECTION 457(F). THE PLANS PROVIDE FOR A LONGEVITY BONUS TO BE PAID UPON CONTINUED EMPLOYMENT OVER A SPECIFIED PERIOD. IN CALENDAR YEAR 2022, JAMES STEINER, VP OF FINANCE WAS PAID $95,193 UNDER SUCH PLAN; DR. MARK WARD, VP OF ACADEMIC AFFAIRS WAS PAID $96,845 UNDER SUCH PLAN; AND DAN RUNKLE, DIRECTOR OF ATHLETICS WAS PAID $58,173 UNDER SUCH PLAN. THESE PAYMENTS ARE REFLECTED ON SCHEDULE J, PART II, COL. D(III). OF THESE AMOUNTS, $94,806 WAS REPORTED ON PRIOR FORM 990S AS DEFERRED COMPENSATION FOR JAMES STEINER, THEREFORE, THAT AMOUNT IS ALSO REPORTED ON SCHEDULE J, PART II, COL. F. PART I, LINE 7 REV. DR. JEFFREY BULLOCK, PRESIDENT RECEIVED A DISCRETIONARY BONUS APPROVED BY THE BOARD OF TRUSTEES COMMITTEE RESPONSIBLE FOR SETTING THE PRESIDENT'S COMPENSATION. ONE OTHER PERSON LISTED AS AN OFFICER OR HIGHEST COMPENSATED EMPLOYEE ON FORM 990, PART VII, SECTION A RECEIVED A DISCRETIONARY BONUS APPROVED BY THE PRESIDENT. A IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 4624605W2 2017-05-11 6000000 WORKING CAPITAL 0 0 0 B IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 UD CONSTRUCTION PROJECTS/BOND REFUNDING 0 0 0 C IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 4624606Q4 2018-05-10 5800000 WORKING CAPITAL 0 0 0 D UNIVERSITY OF DUBUQUE 420680323 4624608W9 2021-08-03 18741220 PAY OFF 2011 BOND, REFINANCED 2004 BOND, CAPITAL PROJECTS 0 0 0 A 6000000 70827 84420 6013593 0 0 1 1 B 29675000 2017 1 0 1 1 C 5800000 74200 85028 5810828 0 0 1 1 D 16000000 393257 2814477 12789092 5632128 2042 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 D 0 0 0 0 0.00000 0.00000 0.00000 1 0 1 A 0 0 1 0 0 0 0 0 1 B 0 0 1 0 1 1 PIPER JAFFRAY 18.000000000000 0 0 0 0 1 C 0 0 1 0 0 0 0 0 1 D 1 1 0 0 0 1 A 1 B 1 C 1 D 1 COTTINGHAM & BUTLERSISCO SEE SCH L, PART V 1934937 SEE PART V 0 NOAH BULLOCK FAMILY MEMBER OF REV. DR. JEFFREY BULLOCK, PRESIDENT & TRUSTEE 40223 NOAH BULLOCK WAS PAID WAGES AS AN EMPLOYEE OF THE ORGANIZATION. 0 SCH L, PART IV, BUSINESS TRANSACTIONS INVOLVING INTERESTED PERSONS (A) NAME OF PERSON: COTTINGHAM & BUTLER/SISCO BENEFITS(B) RELATIONSHIP BETWEEN INTERESTED PERSON AND ORGANIZATION: JOHN E. BUTLER, TRUSTEE IS >35% OWNER, CHAIRMAN, AND CEO OF COTTINGHAM & BUTLER AND SISCO BENEFITS (SUBSIDIARY).(D) DESCRIPTION OF TRANSACTION: THE ORGANIZATION PURCHASES INSURANCE PRODUCTS AND HEALTH INSURANCE CLAIM ADMINISTRATION SERVICES FROM COTTINGHAM & BUTLER/SISCO BENEFITS. X 2 411234 FMV X MISC/TICKETS 35 11583 SEE SCH M, PART II X EQUIPMENT 2 2 SEE SCH M, PART II 0 0 1 0 PART I, COLUMN (B): THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTIONS RECEIVED. SCHEDULE M, PART I, COLUMN (D): VALUES ARE ASSIGNED ONLY AT THE REQUEST OF THE DONOR. WHEN VALUATION IS REQUIRED BY THE DONOR, THE ORGANIZATION REQUIRES AN APPRAISAL OR COST DOCUMENTATION. IF NO VALUATION IS REQUESTED BY THE DONOR, A VALUE OF ONE DOLLAR IS ASSIGNED TO EACH CONTRIBUTION. FORM 990, PART VI, SECTION A, LINE 1A IN GENERAL, COMPENSATED OFFICERS OF THE BOARD DO NOT HAVE VOTING POWER. ALTHOUGH THE ORGANIZATION'S ARTICLES OF INCORPORATION GRANT VOTING POWER TO THE PRESIDENT, THE ORGANIZATION'S CURRENT PRESIDENT, REV. DR. JEFFREY BULLOCK, DOES NOT EXERCISE THIS RIGHT TO VOTE AS A COMPENSATED OFFICER. PURSUANT TO THE ARTICLES, THE PRESIDENT HAS BEEN INCLUDED IN THE TOTAL OF VOTING MEMBERS REPORTED ON LINE 1. OTHER THAN COMPENSATED OFFICERS WHO DO NOT VOTE, ALL MEMBERS OF THE BOARD HAVE EQUAL VOTING POWER OF ONE VOTE PER INDIVIDUAL. FORM 990, PART VI, SECTION A, LINE 2 (1) REV. DR. JEFFREY BULLOCK, PRESIDENT AND JOSEPH A. CHLAPATY, CHAIRMAN/TRUSTEE HAVE A BUSINESS RELATIONSHIP TO THE EXTENT THAT BOTH SERVE ON THE BOARD OF PAXTON-PATTERSON, LLC. THEIR ROLE AS BOARD MEMBERS IS TO REPRESENT THE UNIVERSITY OF DUBUQUE'S 40% INTEREST IN PAXTON-PATTERSON, LLC. (2) RICHARD C. SVRUGLA, TRUSTEE AND WILLIAM J. SVRUGLA, JR., TRUSTEE HAVE A FAMILY RELATIONSHIP. (3) OTHER CURRENT OFFICERS AND DIRECTORS HAVE A BUSINESS RELATIONSHIP WITH OTHER CURRENT OFFICERS AND DIRECTORS TO THE EXTENT THAT THEY SERVE TOGETHER ON BOARDS: JEFFREY BULLOCK, PRESIDENT, DOUGLAS J. HORSTMANN, SECRETARY-TREASURER/TRUSTEE, THOMAS WOODWARD, TRUSTEE, SCOTT A. KNAPP, TRUSTEE, AND KIMBERLY M. DAVID, TRUSTEE. FORM 990, PART VI, SECTION A, LINE 4 THE UNIVERSITY AMENDED THEIR ARTICLES OF INCORPORATION AS WELL AS THEIR BY-LAWS. MAIN CHANGES INCLUDE: 1. ESTABLISHING AN ADVANCEMENT AND EXTERNAL AFFAIRS COMMITTEE. 2. ADDITION OF AN ARTICLE THAT ALLOWS THE UNIVERSITY TO ESTABLISH A MEMBER OF THE CORPORATION. 3. UPDATED THE DISSOLUTION SECTION TO REMOVE THE REQUIREMENT FOR THE REMAINING FUNDS OF THE UNIVERSITY TO BE DISTRIBUTED TO PRESBYTERIAN CHURCH USA. INSTEAD, IN THE EVENT THAT THE UNIVERSITY IS DISSOLVED, THE REMAINING ASSETS WILL GO TO A MEMBER ENTITY. FORM 990, PART VI, SECTION A, LINE 7B INDIVIDUALS ARE ELECTED TO THE BOARD OF TRUSTEES BY VOTE OF THE MAJORITY OF TRUSTEES. THE ARTICLES OF INCORPORATION PROVIDE THAT SUCH ELECTIONS ARE SUBJECT TO CONFIRMATION OR APPROVAL BY THE GENERAL ASSEMBLY OF THE PRESBYTERIAN CHURCH OF THE UNITED STATES OF AMERICA. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WAS REVIEWED BY THE FINANCE COMMITTEE AT THE FINANCE COMMITTEE MEETING PRIOR TO FILING THE FORM 990 WITH THE IRS. THE HIGH-LEVEL REVIEW WAS LED BY THE EXTERNAL ACCOUNTANT (THE SIGNING PAID PREPARER OF THE RETURN). A COPY OF THE ORGANIZATION'S FINAL FORM 990 (INCLUDING REQUIRED SCHEDULES), AS ULTIMATELY FILED WITH THE IRS, WAS PROVIDED TO EACH VOTING MEMBER OF THE ORGANIZATION'S GOVERNING BODY IN ELECTRONIC FORM VIA THE BOARD'S SECURE WEBSITE PRIOR TO ITS FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE UNIVERSITY ANNUALLY SENDS A QUESTIONNAIRE TO ALL BOARD MEMBERS, CABINET, AND KEY EMPLOYEES DETERMINED BY THE UNIVERSITY (SUCH AS ALL DIRECTORS IN ADVANCEMENT OFFICE, CONTROLLER, DIRECTOR OF CONSTRUCTION MANAGEMENT, ETC.) ASKING EACH TO DETERMINE ANY RELATED PARTY/CONFLICT OF INTEREST DISCLOSURES. RESPONSES ARE REVIEWED TO DETERMINE IF THERE ARE ANY POTENTIAL PROBLEMS. FORM 990, PART VI, SECTION B, LINE 15A THERE IS A BOARD OF TRUSTEES COMMITTEE THAT SETS FORTH ANNUAL GOALS FOR THE PRESIDENT. HIS PERFORMANCE IS EVALUATED ANNUALLY (APPROXIMATELY JUNE OR JULY) BASED ON THE GOALS OUTLINED. HIS ANNUAL COMPENSATION AND ANY BONUS COMPENSATION ARE THEN DETERMINED AND APPROVED BY THE COMMITTEE. THE COMMITTEE ALSO USES COMPARATIVE DATA FROM THE IOWA ASSOCIATION OF INDEPENDENT COLLEGES AND UNIVERSITIES (IAICU) IN DETERMINING COMPENSATION. THE PRESIDENT EVALUATES AND DETERMINES EACH CABINET MEMBER'S COMPENSATION USING IAICU DATA AND ANNUAL PERFORMANCE. EACH CABINET MEMBER HAS LONG-TERM PERFORMANCE GOALS IN THE STRATEGIC PLAN. ALTHOUGH ANNUAL GOALS ARE DOCUMENTED IN THE STRATEGIC PLAN, EACH CABINET MEMBER HAS A CLEAR UNDERSTANDING OF WHAT S/HE IS TO DO. FORM 990, PART VI, SECTION C, LINE 19 THE UNIVERSITY IS REQUIRED TO POST FINANCIAL STATEMENTS FOR THE PUBLIC DUE TO ITS HOLDING OF PUBLIC DEBT. THE UNIVERSITY COMPLIES WITH THIS REQUIREMENT BY POSTING ITS FINANCIAL STATEMENTS ON AN EXTERNAL, THIRD PARTY WEBSITE. OTHER FINANCIAL INFORMATION, GOVERNING DOCUMENTS, AND POLICIES ARE NOT PUBLIC INFORMATION. FORM 990, PART VII, SECTION A, LINE 1A, COLUMN (B), AVERAGE HOURS PER WEEK: HOURS REPORTED FOR EMPLOYEES REPRESENT RECORDED PAYROLL HOURS. ACTUAL HOURS WORKED MAY EXCEED THE HOURS REPORTED. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS 7,880. UNREALIZED GAIN (LOSS) ON INTEREST RATE SWAP 1,747,411. BOOK-TAX DIFFERENCE ON PAXTON/PATTERSON LLC -141,116. FORM 990, PART XII, LINE 2C: THERE WAS NO CHANGE TO THE ORGANIZATION'S COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT, REVIEW, OR COMPILATION OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT.