2022-02-17T09:26:41-06:00 2021-05-31 420714325 RSM US LLP 30 S Wacker Drive Ste 3300 Chicago IL 60606 990 2020-06-01 350868181 Taylor University TAYL 7659984634 236 West Reade Avenue Upland IN 46989 Stephen Olson VP of Business and Finance/CFO 7659984634 2022-02-15 1 Stephen Olson XXX-XX-XXXX Rebekuh Eley P01247672 3126343400 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z D Michael Lindsay 236 West Reade Avenue Upland IN 46989 155588902 0 X www.Taylor.edu X 1846 IN Develop servant leaders to minister Christ's redemptive love and truth to a world in need. 22 21 1788 106 0 0 14074234 11730450 81234996 84087053 3787421 8229079 -2700 0 99093951 104046582 32484013 32453057 0 0 38151007 35836885 22725 0 3232748 27962280 25940622 98620025 94230564 473926 9816018 256757403 280316410 41509400 32532179 215248003 247784231 X The mission of Taylor University is to develop servant leaders marked with a passion to minister Christ's redemptive love and truth to a world in need. 0 0 82046527 32453057 84087053 In order to advance our mission, Taylor University is committed to the following purposes: -Whole Person Focused: We involve students in learning experiences imbued with a vital Christian interpretation of truth and life which foster their intellectual, emotional, physical, vocational, social, and spiritual development. -Biblically Anchored and Liberal Arts Grounded: We offer a liberal arts, professional, and life-long education based upon the conviction all truth has its source in God and His Word. See Schedule O for continuation- -Christ Centered: Our Christian faith should permeate all learning, leading to a consistent life of worship, servant leadership, stewardship, and world outreach. -Faith and Learning Integrated: We strive to create specific experiences where the integrative focus of a Christian liberal arts education is clarified, personalized, and applied. -World Engaging: We contribute to the advancement of human knowledge and understanding and serve the evangelical Christian church and the larger (public) community for the glory of God. -Servant Leader Motivated: We foster a biblical model of relationships acknowledging both unity and diversity of the followers of Christ within a covenant community, which can be evidenced in a continuing lifestyle of service to and concern for others.At Taylor University we are actively seeking students who possess exceptional academic preparation and are ready to contribute to our robust learning community. This year's incoming freshman class had an average GPA of 3.78 and an ACT of 27. At Taylor University we will work hard to provide the people, the services, the tools, and the environment - in general, the resources - to help students successfully pursue their calling.These outstanding students help us get noticed. Taylor University, year after year, continues to receive recognition at the highest levels in the various college and university rankings. Taylor University received the ranking of #1 in the category Regional Colleges-Midwest from U.S. News & World Report and Taylor has remained in the top 3 in this ranking for the past 25 years. U.S. News & World Report also ranked Taylor #1 in graduation rates and #2 in retention rates. Taylor was also highly ranked by The Princeton Review and Forbes. Open Doors ranks Taylor 6th among the nation's baccalaureate institutions for undergraduate participation rate in study abroad programs and ranks Taylor 8th among baccalaureates nationally for the actual number of undergraduate students participating, and 3rd nationally for short-term duration trips. Each of the publications measured criteria that cited the academic excellence of Taylor's faculty and students, (current retention 89%, graduation rate 77%), the percentage of students studying abroad, and the investment made by alumni.Focus on International Study401 students earned academic credit while participating in over 25 programs in over 31 countries. Students also earned credit in service learning or cross cultural programs as short-term missionaries to U.S. cities. Taylor University also has a student exchange agreement with a university in South Korea that provides the opportunity for a limited number of students from each institution to spend one semester as a guest student on the other's campus. This program promotes cross-cultural understanding as well as offering a full semester of college credit. 82046527 1 1 0 0 0 1 1 1 0 1 1 0 0 0 1 1 0 1 1 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 1 0 0 0 1 3861 0 1 1788 1 0 1 EI 0 0 0 1 1 1 53 0 0 0 0 0 0 0 0 X 22 21 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 IN X David Lloyd 7659984634 236 West Reade Avenue Upland IN 46989 Paige Cunningham Interim President 60.00 6.90 X X 227061 0 19419 Rex Bennett VP of University Advancement 50.00 0.60 X 191321 0 39504 Michael Hammond Provost/Executive Vice President 50.00 0.00 X 179610 0 39853 Ron Sutherland Special Assistant to the President 50.00 1.60 X 134994 0 34961 Joseph Ricke Faculty Member 50.00 0.00 X 142110 0 19225 Coein Skip Trudeau VP Student Services 50.00 0.00 X 125052 0 34520 Stephen Olson VP Business & Finance/CFO 40.00 10.90 X 123622 0 34953 Chris L Goeglein Chairman 6.00 0.40 X X 0 0 0 Manuel Rosado Vice Chairman 2.00 1.00 X X 0 0 0 Angela Angelovska-Wilson Secretary 2.00 0.00 X X 0 0 0 Carl Chapman Treasurer 2.00 0.00 X X 0 0 0 Jonathan Beukelman Trustee 2.00 0.30 X 0 0 0 Minda Chow Trustee 2.00 0.00 X 0 0 0 Mark Davis Trustee 2.00 0.60 X 0 0 0 Tamara Shaya Hoffman Trustee 2.00 0.00 X 0 0 0 Erik Hotmire Trustee 2.00 0.30 X 0 0 0 Rhonda Jeter Trustee 2.00 0.00 X 0 0 0 Stephen L Johnson Trustee 2.00 0.00 X 0 0 0 Heather Larson Trustee 2.00 0.00 X 0 0 0 Susan McCabe Trustee 2.00 0.00 X 0 0 0 Gregory A Poland Trustee until May 2021 2.00 0.00 X 0 0 0 Douglas Rupp Trustee until March 2021 2.00 0.40 X 0 0 0 Mark W Soderquist Trustee until February 2021 2.00 0.00 X 0 0 0 Kathy Stevens Trustee 2.00 0.00 X 0 0 0 Mark D Taylor Trustee 2.00 0.00 X 0 0 0 Karen Thomas Trustee 2.00 0.00 X 0 0 0 P Eric Turner Trustee 2.00 0.00 X 0 0 0 Nicholas Wallace Trustee 2.00 1.30 X 0 0 0 Shani P Wilfred Trustee 2.00 0.00 X 0 0 0 Dan Wolgemuth Trustee 2.00 0.00 X 0 0 0 1123770 0 222435 14 0 1 0 Creative Dining Services One Royal Park Drive Suite 3 Zeeland MI 49644 Food Services 2697068 A Hattersley & Sons Inc 3939 Mobile Ave Fort Wayne IN 46805 HVAC Contractor 1397857 Michael Kinder and Sons Inc 5206 Decatur Road Fort Wayne IN 46806 Building Construction 646991 Ellucian Company LP 2003 Edmund Halley Drive Reston VA 20191 Software and Suppport 542980 Faegre Drinker Biddle & Reath LLP 300 N Meridian St Central 2500 Indianapolis IL 46204 Legal Services 504625 11 595258 11135192 2572260 11730450 Tuition and fees 900099 64459253 64459253 Dormitory fees 721310 8145637 8145637 Food services 900099 7221738 7221738 Athletics 900099 301058 301058 Bookstore commissions 451211 144191 144191 3815176 3815176 84087053 2921475 2921475 56298475 551449 50863118 679202 5435357 -127753 5307604 5307604 104046582 84087053 0 8229079 32453057 32453057 386131 307994 54985 23152 24953274 19903732 3553372 1496170 1085262 865649 154542 65071 7705571 6146273 1097281 462017 1706647 1361290 243028 102329 676601 676601 92227 92227 504752 504752 2636738 2103168 375474 158096 243387 194135 34659 14593 375290 299346 53442 22502 837538 668054 119266 50218 1873886 1494687 266843 112356 475415 379210 67700 28505 338413 269932 48190 20291 774997 774997 6131675 4890870 873157 367648 607944 484920 86572 36452 Food Service Costs 5218946 5218946 Operating Supplies 638790 509525 90964 38301 Program Expenses 593877 593877 3920146 3126865 558234 235047 94230564 82046527 8951289 3232748 8062300 11065964 1908779 1550358 598196 1231760 1876517 1663519 182613 219693 1019643 592846 192738626 92451752 102571269 100286874 124425614 145608366 7506664 9132705 8605808 8964325 256757403 280316410 4049482 5554744 1888716 561136 21171092 19455609 14400110 6960690 41509400 32532179 X 106308732 115429682 108939271 132354549 215248003 247784231 256757403 280316410 X 9816018 22602220 117990 X 0 1 X 1 1 1 X 8224327 12586628 12287406 14074234 11730450 58903045 8224327 12586628 12287406 14074234 11730450 58903045 5455113 53447932 2375135 3563300 3701546 3037024 2921475 15598480 74501525 407559380 0.71740 0.71860 X Part II, Line 1: Taylor University has excluded an estate gift received during fiscal year ending May 31, 2019 as a contribution receivable and contribution revenue in their 2019 audited financial statements. This estate gift was also excluded as a contribution receivable and net assets on the 2020 and 2021 audited financial statements. Management continues to work with the estate to obtain necessary information to properly value the estate gift for inclusion in the financial statements. The Form 990 was prepared in accordance with the audited financial statements. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 5 351063 223936 383851 1 1 X 2 92.07 0 0 1 0 X X X X 0 95014590 3092546 26290848 2529410 1887511 374083 119606980 93013706 3099727 3467450 2382001 1833034 351258 95014590 93677618 2675493 1200563 2401738 1806275 331955 93013706 87026925 4108391 6823195 2182339 1729595 368959 93677618 76730628 4961351 9503410 2086238 1713697 368529 87026925 0.13000 0.58000 0.29000 1 0 2679355 2679355 156707930 66887798 89820132 10048989 7682931 2366058 22542268 17881023 4661245 760084 760084 100286874 Taylor University Health Plan Trust 1397894 Fair Value of Interest Rate Swap Agreements 47618 Student Advance Payments and Deposits 753253 Federal Student Loan Advances 1144585 Deferred Compensation Liability 15571 Annuity and Trust Obligations 2571058 Due to Related Third Party 1030711 6960690 X Part II, Line 9: There was no current year activity related to the easement held by the University. The value of this property is carried on the balance sheet at its historical value. Part III, Line 4: The Leland and LaRita Boren art collection is a collection of American Indians and Western Art and also a Collection of Indiana Fine Art. The collection is comprised of nearly 500 individual pieces of art many of which are the result of the efforts that Leland and LaRita Boren spent from 1971 forward meeting artists, visiting museums and gallerists and collecting the works of art that document the art and culture of the American West. The University plans to display the collection in a manner that is accessible to the public and scholars for viewing, and enjoyment. The collection also has the purpose of complimenting art education at the University. The Edwin W. Brown Collection includes first English and American editions of books authored, edited, or with prefaces by C.S. Lewis, published essays and lectures of C.S. Lewis, two Lewis manuscripts, and books about C.S. Lewis, as well as first and reprint editions of George MacDonald and first editions of Charles Williams, Dorothy L. Sayers, and Owen Barfield. It also contains several manuscripts, letters, contracts, and photographs. The collection is more valuable in its entirety than the individual parts alone. In addition, it provides enhanced educational opportunities for students and faculty at Taylor University. The cultural, literary, and religious aims of the collection can be expanded through the educational curriculum offerings of lectures and seminars. In fact, Taylor University will have the potential to reach beyond the literary collection and bring C.S. Lewis scholars to the campus. In accordance with the University's capitalization policy, collections of artwork, rare books and other historically significant artifacts are not capitalized or recorded on the consolidated statements of financial position. Part V, Line 4: Endowment funds are used to provide scholarships, research grants, facilities maintenance and academic program support as designated by the donors. Part X, Line 2: The Organization has received a determination letter from the Internal Revenue Service indicating it is a tax-exempt organization as provided in Section 501(c)(3) of the Internal Revenue Code and is exempt from federal and state income taxes on income related to its exempt purpose. The Organization files the appropriate tax forms in the U.S. federal jurisdiction and the state of Indiana. The accounting guidance for uncertainty in income taxes prescribes the recognition threshold a tax position is required to meet before being recognized in the financial statements. The guidance also addresses de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods. Management believes there are no material uncertainties in income taxes. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 Taylor University is in compliance with Rev. Proc. 75-50. Nondiscrimination policies are included in all materials available to the public. Schedule E, Part I, Line 6 Taylor University receives assistance and grants from the following federal programs: SEOG, Pell, Federal Direct Loan Programs, Higher Education Emergency Relief Fund, and work study. Europe (Including Iceland & Greenland) 1 2 Program Services Off-campus Studies 42594 South America 0 0 Program Services Off-campus Studies 106000 1 2 0 0 1 2 148594 0 148594 0 0 0 0 0 0 Part III Accounting Method: 1 Scholarships & Educational Grants 1859 32453057 Part I, Line 2: Grants to individuals: The University provides financial assistance to students that submit a written application and meet the University's criteria for financial assistance. Applications are reviewed by the Financial Aid Department and/or scholarship committees, depending upon the particular terms of each scholarship. Awards are applied against the student's tuition due to the University. The University monitors each student to assure that he/she remains enrolled in school and continues to satisfy the criteria for his/her specific scholarship. If the student withdraws from the University, then any remaining funds are returned to the scholarship pool to be awarded to another student. X X 1 1 X X X X X 1 0 0 0 0 0 0 0 0 Paige Cunningham Interim President 224135 0 0 0 2926 0 19419 0 29897 0 276377 0 0 0 Rex Bennett VP of University Advancement 188237 0 0 0 3084 0 16529 0 24072 0 231922 0 0 0 Michael Hammond Provost/Executive Vice President 179074 0 0 0 536 0 16150 0 24800 0 220560 0 0 0 Ron Sutherland Special Assistant to the President 133456 0 0 0 1538 0 11986 0 24037 0 171017 0 0 0 Joseph Ricke Faculty Member 53829 0 0 0 88281 0 5660 0 14036 0 161806 0 0 0 Coein Skip Trudeau VP Student Services 124020 0 0 0 1032 0 10817 0 24726 0 160595 0 0 0 Stephen Olson VP Business & Finance/CFO 123382 0 0 0 240 0 11250 0 24739 0 159611 0 0 0 Part I, Line 1a The University President lives in a residence that is located on the campus of the University. The President is required to live in the residence as a condition of their employment. The residence is furnished for the convenience of the University and the President regularly uses it to conduct University business. In addition, University staff clean the public areas of the residence and maintain the residence and its grounds. The value provided to Interim President Paige Cunningham was $28,800. The amounts were nontaxable. Part I, Line 4a Joseph Ricke received a severance payment of $86,949 during the calendar year. The payment is included in Part VII, Column (d) and Schedule J, Part II, Column (b)(iii). A Town of Upland Indiana 356001216 NoneAvail 2010-07-12 4760000 Wolgemuth Hall Apartment 0 1 0 B Town of Upland Indiana 356001216 NoneAvail 2011-07-07 9050000 Euler Science Complex 0 1 0 C Town of Upland Indiana 356001216 915395EJ2 2012-06-27 11225000 Refund prior issue 0 1 0 D Town of Upland Indiana 356001216 NoneAvail 2012-12-11 6450000 Breuninger Hall 0 1 0 A 1975000 4760000 100000 42000 4618000 2011 0 0 1 1 B 3377917 9050000 50000 9000000 2011 0 0 1 1 C 5950000 11350219 951828 176271 10222120 2012 1 1 1 1 D 2379339 6500000 78794 6421206 2013 0 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 0 1 D 0 0 0 0 0 0 1 A 0 0 0 1 1 1 Regions Bank 20.000000000000 0 0 0 0 1 B 0 0 1 0 1 1 Regions Bank 20.000000000000 1 0 0 0 1 C 0 0 0 1 0 0 0 0 1 D 0 0 1 1 1 0 0 0 1 A 0 B 0 C 0 D 0 Date Rebate Computation Performed Issuer Name: Town of Upland, Indiana Date the Rebate Computation was Performed: 08/10/2015 Issuer Name: Town of Upland, Indiana Date the Rebate Computation was Performed: 06/27/2017 Issuer Name: Town of Upland, Indiana Date the Rebate Computation was Performed: 08/10/2015 X 3 2140 Appraisal X 0 X 37 1239003 Avg. High & Low X 1 1320000 Appraisal X 1 54 FMV X Baby Grand Piano 1 8750 Appraisal X Office or Medical Equipment 5 1794 FMV X Misc 3 479 FMV X DVDs 1 40 FMV 53 0 1 1 Part I, Column (b): Is the number of contributions. Taylor University has excluded an estate gift received during fiscal year ending May 31, 2019 as a contribution receivable and contribution revenue in their 2019 audited financial statements. This estate gift was also excluded as a contribution receivable and net assets on the 2020 and 2021 audited financial statements. Management continues to work with the estate to obtain necessary information to properly value the estate gift for inclusion in the financial statements. The Form 990 was prepared in accordance with the audited financial statements. Part I, Line 32b: Taylor University uses a broker to process the sale of any donated securities. Part I, Line 33: Library book collection for which we do not have formal independent appraisals. Form 990, Part VI, Section B, line 11b The University's board of directors has delegated authority for the formal review of its Form 990 to the Audit Committee. The Audit Committee substantively reviewed the Form 990 prior to its filing. In addition, the University's independent CPA firm prepared the Form 990 and then reviewed it with the management team and with the audit committee. The University utilized this process to ensure that its Form 990 received substantive review by directors and professionals with specific knowledge of the University's activities and extensive financial, accounting, and tax expertise. A copy of the Form 990 is provided to the organization's governing body before it is filed with the IRS. Form 990, Part VI, Section B, line 12c The University has adopted a Conflict of Interest Policy that requires directors, officers and key employees to submit an annual conflict of interest disclosure. The annual disclosure requires directors, officers, and key employees to disclose, in writing, any known financial interest that the individual (together with family members) has in any business entity that transacts business with the University. In addition, directors, officers, and key employees are required to immediately disclose any possible conflict of interest that arises mid-year in relation to a proposed transaction. The Conflict of Interest Policy requires that any individual with a conflict be recused from the decision making process, that independent directors or committee members determine that the proposed transaction is in the best interests of the University, and the transaction must be approved by a vote of the independent directors or committee members without the participation of any interested individual. The annual conflict disclosure statements are submitted to, and reviewed by, the Audit Committee chairperson. In addition, the executive staff is responsible for monitoring any possible conflict transactions that arise and managing them to ensure that all transactions represent arms' length, fair market value terms for the benefit of the University. Form 990, Part VI, Section B, line 15 The University has adopted an Executive Compensation and Intermediate Sanctions Policy that ensures that all compensation arrangements with related parties are evaluated and entered at arms' length and that any compensation that is paid to a related party is reasonable and reflects fair market value. The Policy encourages the application of the rebuttable presumption standard of Code Section 4958 and the related Treasury Regulations by (a) excluding any interested party from the decision making process, (b) requiring disinterested board or committee members to obtain and rely upon comparability data when setting the proposed compensation terms, (c) requiring the approval of the transaction in advance by disinterested directors or committee members, and (d) requiring contemporaneous documentation (i.e. minutes) reflecting the decision and the process by which it was made. In the case of the President's compensation, the Executive Committee of the board of directors, composed entirely of independent outside directors, is responsible for ensuring that the process outlined above is applied. Form 990, Part VI, Section C, line 19 The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request, either as printed or an electronic copy for the same period of disclosure as set forth in IRC section 6104(d). Form 990, Part XI, line 9: Change in Fair Value of Interest Rate Swap Agreements 165,338. Change in Fair Value of Split-Interest Agreements -47,348. Taylor Angel Fund LLC 236 West Read Ave Upland IN 46989 New business/research endeavors IN 0 0 Taylor University Taylor University Foundation Inc 236 W Reade Avenue Upland IN 46989 356047122 Support Taylor University IN 501(c)(3) Line 12a, I Taylor University 1 Taylor University Broadcasting Inc 1025 W Rudisill Boulevard Fort Wayne IN 46807 351975367 Christian Broadcasting IN 501(c)(3) Line 12a, I Taylor University 1 1846 Enterprises Inc 236 W Reade Avenue Upland IN 46989 833307764 Support Taylor University DE 501(c)(3) Line 12a, I Taylor University 1 TUCC Inc 236 W Reade Avenue Upland IN 46989 841943979 Support Taylor University DE 501(c)(3) Line 12a, I Taylor University 1 TUSO 15 Center Meeting Road Wilmington DE 19807 841953499 Support Taylor University DE 501(c)(3) Line 12a, I TUCC Inc 1 Charitable Remainder Trusts (1) Charitable Trusts CA Taylor University T 1 Charitable Remainder Trusts (1) Charitable Trusts FL Taylor University T 1 Charitable Remainder Trusts (8) Charitable Trusts IN Taylor University T 1 Charitable Remainder Trusts (2) Charitable Trusts MI Taylor University T 1 Charitable Remainder Trusts (1) Charitable Trusts MO Taylor University T 1 Charitable Remainder Trusts (1) Charitable Trusts OH Taylor University T 1 Pooled Income Funds (2) Pooled Income Fund DE Taylor University T 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 Taylor University Broadcasting Inc P 507220 Actual Taylor University Foundation Inc O 64000 Per Agreement Taylor University Broadcasting Inc N 17000 Per Agreement