2022-03-10T08:52:05-06:00 2021-05-31 390859910 BAKER TILLY US LLP 225 S 6TH ST 2300 MINNEAPOLIS MN 55402 990 2020-06-01 420680466 LUTHER COLLEGE LUTH 5633871015 700 COLLEGE DRIVE DECORAH IA 52101 ANDREW BAILEY VP FOR FINANCE & ADMIN 5633871015 2022-03-02 1 ANDREW BAILEY XXX-XX-XXXX LAWRENCE H MOHR CPA P00447603 6128764500 2022-03-02 X 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z JENIFER K WARD 700 COLLEGE DRIVE DECORAH IA 52101 162723179 0 9386 X WWW.LUTHER.EDU X 1865 IA ON A CAMPUS OF MORE THAN 800 ACRES ALONG THE BANKS OF THE UPPER IOWA RIVER IN DECORAH, IOWA, LUTHER IS A TRUE RESIDENTIAL CAMPUS, WITH 97 PERCENT OF STUDENTS LIVING ON CAMPUS AND NEARLY 95 PERCENT OF FACULTY CHOOSING TO LIVE WITHIN FIVE MILES OF IT. LUTHER'S STUDENT BODY INCLUDES 1,802 MEN AND WOMEN (43 PERCENT AND 57 PERCENT, RESPECTIVELY) FROM 39 STATES AND NEARLY 74 FOREIGN COUNTRIES. U.S. STUDENTS OF COLOR CONSTITUTE 13.7 PERCENT OF THE STUDENT BODY. APPROXIMATELY 70 PERCENT OF LUTHER STUDENTS VOLUNTEER DURING THEIR TIME HERE, EXHIBITING THE HIGH SERVICE ETHIC INTRINSIC TO LUTHER CULTURE. THE COLLEGE STRIVES TO BE A PLACE WHERE PEOPLE OF ALL CONVICTIONS CAN REALIZE PERSONAL, INTELLECTUAL, AND SPIRITUAL GROWTH. 27 26 2266 618 -44142 0 12909917 15483877 101682454 97367208 7007297 11848386 1920706 1268841 123520374 125968312 53712793 52601193 0 0 41967468 39161973 0 0 3396843 29106157 25067969 124786418 116831135 -1266044 9137177 291863327 330055480 48079934 44638986 243783393 285416494 X LUTHER COLLEGE IS A FOUR-YEAR, RESIDENTIAL LIBERAL ARTS INSTITUTION OFFERING MORE THAN 90 MAJORS, MINORS, AND PREPROFESSIONAL PROGRAMS. FOUNDED BY THE NORWEGIAN EVANGELICAL LUTHERAN CHURCH IN 1861, LUTHER WELCOMES STUDENTS OF ALL BACKGROUNDS TO ENGAGE IN A WAY OF LEARNING THAT MOVES BEYOND IMMEDIATE INTERESTS AND ENCOURAGES STUDENTS TO BUILD A LIFE OF CONSEQUENCE. AT THE HEART OF A LUTHER EDUCATION IS AN UNDERSTANDING OF THE WAY FAITH AND LEARNING INTERSECT AND IN TURN CONNECT STUDENTS TO THE LARGER WORLD. 0 0 76172111 51910851 79214462 INSTRUCTION: LUTHER OFFERS 41 MAJORS, 43 MINORS AND INTERDISCIPLINARY MINORS, AND 9 PREPROFESSIONAL AND SPECIFIC PROGRAMS. LUTHER'S SIGNATURE PAIDEIA PROGRAM, AN INTERDISCIPLINARY COURSE SERIES OFFERED FOR MORE THAN 38 YEARS, HELPS INTEGRATE LEARNING AND BUILDS COMMUNITY THROUGH SHARED ACADEMIC EXPERIENCE. THE COLLEGE'S MUSIC PROGRAM, IN WHICH STUDENTS TRAIN IN PERFORMANCE, CONDUCTING, COMPOSITION, AND EDUCATION, HAS SIX CHOIRS, THREE BANDS, THREE ORCHESTRAS AND TWO JAZZ BANDS, MANY OF WHICH TOUR NATIONALLY AND INTERNATIONALLY. A VIBRANT OFF-CAMPUS STUDENT PROGRAM DRAWS APPROXIMATELY 75% OF STUDENTS TO STUDY ABROAD PRIOR TO GRADUATION. LUTHER HAS 152 FULL-TIME FACULTY (APPROXIMATLY 93 PERCENT WITH A TERMINAL DEGREE) AND A 11:1 STUDENT-FACULTY RATIO. TOTAL ENROLLMENT WAS 1,802 FTE STUDENTS IN THE FALL OF 2020. 394 STUDENTS GRADUATED IN THE 2020-21 ACADEMIC YEAR. 16406293 690342 208167 ACADEMIC SUPPORT AND STUDENT SERVICES: A STUDENT ACADEMIC SUPPORT CENTER PROVIDES SERVICES, BASED ON BEST PRACTICES IN LEARNING ASSISTANCE, INCLUDING NEEDS ASSESSMENT, STUDENT-TO-STUDENT TUTORING, AND ONE-ON-ONE INSTRUCTION WITH PROFESSIONAL STAFF. IN COLLABORATION WITH FACULTY AND OTHER STAFF, SASC COORDINATES SPECIALIZED SERVICES FOR STUDENTS WITH DISABILITIES, MANAGES THE ACADEMIC ALERT SYSTEM, AND SUPPORTS INITIATIVES OF THE ADVISING PROGRAM. ACADEMIC ADVISING IS DONE BY FACULTY. RESEARCH AND TECHNOLOGY SUPPORT ARE PROVIDED THROUGH AN EXTENSIVE LIBRARY PROGRAM. THE COLLEGE HAS MORE THAN 100 STUDENT ORGANIZATIONS ALONG WITH COLLEGE MINISTRIES, HEALTH SERVICES, AND RECREATION AND WELLNESS PROGRAMS. APPROXIMATELY 75% OF STUDENTS ARE ENGAGED IN WORK STUDY TO SERVE THE LUTHER COMMUNITY, GAIN IMPORTANT WORK EXPERIENCE, AND EARN MONEY TOWARD EXPENSES. 12986316 17944579 AUXILIARY ENTERPRISES: LUTHER COLLEGE MAINTAINS A RURAL RESIDENTIAL CAMPUS TO ENHANCE THE EDUCATIONAL EXPERIENCE OF THE STUDENT BODY WITH ROOM AND BOARD PROGRAMS DESIGNED TO ENCOURAGE A SPIRIT OF COLLEGIALITY AND CONVERSATION BEYOND THE CLASSROOM AND LABORATORY. IN FALL 2020, LUTHER'S RESIDENCE HALLS HOUSED 1,671 STUDENTS OR 97% OF TOTAL FALL ENROLLMENT. 1,487 STUDENTS USED THE COLLEGE'S DINING SERVICE. 290707 PUBLIC SERVICE: OFFERINGS TO THE BROADER COMMUNITY INCLUDE A COLLEGE RADIO STATION, CONFERENCES AND SEMINARS, A PERFORMING ARTS SERIES AND A VARIETY OF PROGRAMS IN THE ARTS, ATHLETICS, SCIENCES, AND LEADERSHIP DEVELOPMENT FOR HIGH SCHOOL STUDENTS. 318649 RESEARCH: THE COLLEGE RECEIVES GRANTS FOR FACULTY/STUDENT RESEARCH COLLABORATION, PARTICULARLY IN THE SCIENCES. THE COLLEGE DEDICATES SPACE, RESOURCES, AND FACULTY TIME FOR COLLABORATIVE INVESTIGATION WITH STUDENTS. RESEARCH PROJECTS ACROSS THE CURRICULUM OCCUR DURING THE ACADEMIC YEAR AND IN THE SUMMER. 609356 106174076 1 1 0 0 0 0 0 1 1 1 1 1 0 0 1 1 0 1 1 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 1 1 0 0 1 1 1 1 0 0 1 3535 0 2266 1 1 1 1 IT UK 0 0 0 1 1 0 0 0 0 0 0 X 27 26 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 MD MI NH X ANDREW BAILEY 5633871015 700 COLLEGE DRIVE DECORAH IA 52101 JEFFREY ANDERSON BOARD MEMBER 5.00 X 0 0 0 ANN BENTDAHL BOARD MEMBER 5.00 X 0 0 0 MICHAEL BURK BOARD MEMBER 5.00 X 0 0 0 WENDY DAVIDSON CHAIRPERSON 5.00 X X 0 0 0 SHANNON DUVAL BOARD MEMBER 5.00 X 0 0 0 PETER ESPINOSA BOARD MEMBER 5.00 X 0 0 0 DENNIS FLATNESS BOARD MEMBER 5.00 X 0 0 0 CHRIS GADE BOARD MEMBER 5.00 X 0 0 0 ALLEN GREEN BOARD MEMBER 5.00 X 0 0 0 KATHERINE JOHNSON-BECKLIN BOARD MEMBER 5.00 X 0 0 0 SANDEE JOPPA BOARD MEMBER 5.00 X 0 0 0 ANN LEON BOARD MEMBER 5.00 X 0 0 0 DAVID NORRIS BOARD MEMBER 5.00 X 0 0 0 MICHAEL OSTERHOLM BOARD MEMBER 5.00 X 0 0 0 J ROBERT PAULSON JR VICE CHAIRPERSON 5.00 X X 0 0 0 CONNIE PLAEHN BOARD MEMBER 5.00 X 0 0 0 COREY SCHMIDT BOARD MEMBER 5.00 X 0 0 0 ANJELA SHUTTS BOARD MEMBER 5.00 X 0 0 0 ARNE M SORENSON BOARD MEMBER 5.00 X 0 0 0 SUSAN SORLIEN SECRETARY 5.00 X X 0 0 0 JAMES A THOMSEN BOARD MEMBER 5.00 X 0 0 0 DIANE THORMODSGARD BOARD MEMBER 5.00 X 0 0 0 CHINYERE UKABIALA BOARD MEMBER 5.00 X 0 0 0 LANCE VANDER LINDEN BOARD MEMBER 5.00 X 0 0 0 JAMES YOUNG BOARD MEMBER 5.00 X 0 0 0 VANESSA FRAZIER BOARD MEMBER 5.00 X 0 0 0 WILLIE DAVISMCKENNIE BOARD MEMBER 5.00 X 0 0 0 DR MARK V LARSON BOARD MEMBER 5.00 X 0 0 0 PAULA J CARLSON PRESIDENT-OUTGOING 45.00 X 133212 0 13716 KEVIN KRAUS VP FOR ACADEMIC AFFAIRS 45.00 X 152863 0 24629 ERIC RUNESTAD VP FOR FINANCE-OUTGOING 45.00 X 80567 0 23582 JENIFER K WARD PRESIDENT 45.00 X 273427 0 36870 LISA SCOTT VP FOR INSTITUTIIONAL EQUITY 45.00 X 137287 0 11629 BRADLEY CHAMBERLAIN VP-MISSION & COMMUNICATION 45.00 X 116675 0 23909 DEREK HARTL VP FOR ENROLLMENT 45.00 X 121547 0 26861 COREY LANDSTROM VP & DEAN OF STUDENTS 45.00 X 121637 0 4023 STEPHEN SPORER VP FOR DEVELOPMENT 45.00 X 152978 0 10038 ANDREW BAILEY VP FOR FINANCE 45.00 X 72709 0 22882 KENNETH WESTPHAL INTERIM VP FOR FINANCE 45.00 X 87502 0 239 RICHARD BERNATZ REGISTRAR 45.00 X 104832 0 26116 MARK FRANZ EXECUTIVE DIRECTOR-IT SERVICES 45.00 X 100124 0 16089 1655360 0 240583 11 0 1 0 SODEXO INC BUFFALO SERVICE CENTER PO BOX 352 BUFFALO NY 14240 DINING SERVICES 5393578 CAPTURE LLC 2303 RIVER RD SUITE 201 MARKETING SERVICES KY 40206 MARKETING SERVICES 439812 MERIT CONTRACTING INC 4661 HADLEY VIEW COURT NE ROCHESTER MN 55906 CONSTRUCTION 282983 STORBECK PIMENTEL & ASSOCIATES LP SUITE 3500 1400 N PROVIDENCE MEDIA PA 19063 EXECUTIVE SEARCH SERVICE 196136 BLACKBAUD INC 2000 DANIEL ISLAND DRIVE CHARLESTON SC 29492 PERFORMANCE MANAGEMENT SERVICES 151274 5 3457968 12025909 1067877 15483877 TUITION & FEES 561910 79214462 79214462 SALES & SERVICE AUXILLIARY SERVIC 611310 17944579 17944579 SALES & SERVICE EDUCATIONAL ACTIV 611710 208167 208167 97367208 2860736 2860736 171868 173352 -1484 -1484 -1484 45565180 3985 36581515 0 8983665 3985 8987650 8987650 MISCELLANEOUS REVENUE 611310 416270 416270 ALTERNATIVE INVESTMENTS 611310 310322 -44142 354464 FACILITY USAGE FEES 611310 286221 286221 257512 257512 1270325 125968312 97367208 -44142 13161369 52601193 52601193 1441034 578968 700605 161461 7321 7321 27130081 22843046 2699892 1587143 157645 154081 2565 999 8572325 6998310 1059575 514440 1853567 1515438 219261 118868 53754 300 53274 180 88633 88633 113676 113676 1073406 602581 371743 99082 50714 9001 41327 386 1830690 1578183 164589 87918 137003 65230 37170 34603 2604651 2504912 49870 49869 509949 460736 34092 15121 509639 470152 16947 22540 668331 658635 4848 4848 5596151 5313243 70727 212181 694827 246093 444294 4440 DINING SERVICES 5219728 5219728 EQUIP RENTAL/MAINTENANC 3353256 2114405 810181 428670 RESALEABLE MERCHANDISE 1042523 1015131 13696 13696 PROCESSING FEES 813802 751680 28252 33870 707236 473030 227678 6528 116831135 106174076 7260216 3396843 39250809 40433870 6501996 6363308 406289 716090 1937147 1936570 444775 481110 243379 260680 196547796 131733709 67239643 64814087 123048224 145947913 38693761 55113756 5222765 4269632 8874539 9718464 291863327 330055480 6720210 7128364 4080445 2937773 616235 707144 23293897 21932032 211920 267115 13157227 11666558 48079934 44638986 X 87527773 90478925 156255620 194937569 243783393 285416494 291863327 330055480 X 9137177 29780811 2715113 X X 0 1 X 1 1 1 X 10770029 11972008 15701384 12909917 15483877 66837215 10770029 11972008 15701384 12909917 15483877 66837215 2743573 64093642 2860121 3385716 3826826 3857329 3342926 17272918 8204 21040 -15313 -34767 -44142 -64978 84045155 519752731 0.76260 0.72780 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 50 29027 X X X X 0 0 1 X 167345433 6981968 41700130 4682807 3152711 208192013 166023362 1501147 7245676 4422676 3002076 167345433 168217646 2592602 2340270 4143933 2983223 166023362 162326409 1226094 11511242 3980473 2865626 168217646 150349121 3616025 14900492 3724576 2814653 162326409 0.13400 0.61280 0.25320 1 0 74043 589538 663581 2528776 137867137 86988530 53407383 38089566 34354059 3735507 17398736 10391120 7007616 64814087 INVESTMENT IN SUBSIDIARY 1003204 C PRIVATE EQUITY FUNDS 11485043 F HEDGE FUNDS 11359108 F FUNDS OF FUNDS 26677732 F PARTNERSHIPS, REAL ASSETS 4588669 F 55113756 ANNUITIES PAYABLE 4246114 ASSET RETIREMENT OBLIGATION 2877461 DEPOSITS HELD IN CUSTODY OF OTHERS 389791 PAYROLL LIABILITIES 2392000 STUDENT DEPOSITS 643557 OTHER LIABILTIES 42675 INTEREST RATE SWAP LIABILITY 1074960 11666558 X 106999461 29777269 2643941 32421210 74578251 113676 51276385 51390061 125968312 65366358 559750 559750 64806608 113676 51910851 52024527 116831135 PART III, LINE 4: WORKS IN THE COLLECTION INCLUDE PAINTINGS, DRAWINGS, WORKS PRODUCED THROUGH PRINT; PHOTOGRAPHIC; OR OTHER TECHNIQUES WHICH PRODUCE MULTIPLE ORIGINALS; SCULPTURE IN MEDIA; ASSEMBLAGES; TEXTILE; CERAMICS; AND UTILITARIAN OR RITUAL OBJECTS IN ANY MEDIUM WHOSE PRINCIPLE VALUE RESIDES IN THEIR AESTHETIC MERIT. THE FINE ARTS COLLECTION EXISTS TO SUPPORT THE GENERAL MISSION OF THE COLLEGE BY PROMOTING AWARENESS AND UNDERSTANDING OF A BROAD SPECTRUM OF ARTISTIC EXPRESSION THROUGH DIVERSITY IN MEDIA, CULTURE, AND HISTORICAL PERSPECTIVE. AS UNIQUE EXPRESSIONS OF THE HUMAN CONDITION, WORKS IN THE COLLECTION INVIGORATE LEARNING AND TEACHING, AND PROVIDE EXPANDED OPPORTUNITIES FOR STUDY, RESEARCH, AND INDIVIDUAL PLEASURE. PART IV, LINE 2B: STUDENT DEPOSIT ACCOUNTS ARE HELD BY THE COLLEGE FOR VARIOUS STUDENT GROUPS ON CAMPUS AND ARE SHOWN AS LIABILITIES ON THE ORGANIZATION'S BALANCE SHEET. PART V, LINE 4: LUTHER COLLEGE USES THE EARNINGS FROM ITS ENDOWMENT FUND FOR SCHOLARSHIPS, PRIZES, AWARDS, LIBRARY SUPPORT, PROGRAM SUPPORT, FACULTY SUPPORT AND RESEARCH IN ACCORDANCE WITH DONOR RESTRICTIONS WHERE APPLICABLE. PART X, LINE 2: 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, 2021 AND 2020. THE COLLEGE'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: ACTUARIAL ADJUSTMENT 2,260,053. RENTAL EXPENSE 173,352. SUBSIDIARY REVENUE 210,536. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDED/UNFUNDED SCHOLARSHIPS 51,910,851. INTEREST RATE SWAP -634,466. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE 173,352. SUBSIDIARY EXPENSES 386,398. PART XII, LINE 4B - OTHER ADJUSTMENTS: FUNDED/UNFUNDED SCHOLARSHIPS 51,910,851. 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE COLLEGE CATALOG, VIEW BOOK, APPLICATION FOR ADMISSION, ADMISSIONS GENERAL INFORMATION BROCHURE, AND THE STUDENT HANDBOOK ALL CONTAIN THE COLLEGE'S NONDISCRIMINATORY POLICY. THESE MAJOR PUBLICATIONS ARE PROVIDED TO ALL STUDENTS THROUGHOUT THE ADMISSIONS AND ORIENTATION PROCESS. BECAUSE THE COLLEGE TYPICALLY DRAWS APPROXIMATELY 27% OF ITS STUDENTS FROM IOWA, 36% FROM MN, 11% FROM WI, 8% FROM IL, 9% FROM OUTSIDE THE 4 STATE AREA AND 9% INTERNATIONALLY WE BELIEVE THAT WE QUALIFY FOR THE PUBLICITY EXCEPTION NOTICE PROVIDED BY SECTION 4.01(2)(B) OF REV. PROC 75-50. THE COLLEGE IS ACTIVELY COMMITTED TO PROVIDING OPPORTUNITIES TO STUDENTS FROM DIVERSE BACKGROUNDS. A COORDINATED MULTICULTURAL AND INTERNATIONAL RECRUITMENT EFFORT EXISTS, COUPLED WITH A STRONG NETWORK OF ADVOCACY AND SUPPORT FOR STUDENTS FROM DIVERSE BACKGROUNDS. AS EVIDENCE OF THE COLLEGE'S COMMITMENT, NEARLY 14% OF ITS STUDENTS ARE RACIAL MINORITY STUDENTS. SCHEDULE E, PART I, LINE 6 LUTHER COLLEGE RECEIVES AID OR ASSISTANCE FROM THE GOVERNMENT AGENCIES AND PROGRAMS AS FOLLOWS: STUDENT FINANCIAL ASSISTANCE PROGRAMS CLUSTER, FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS, FEDERAL WORK STUDY PROGRAM, FEDERAL PERKINS LOAN PROGRAM, FEDERAL PELL GRANT PROGRAM, FEDERAL DIRECT LOAN PROGRAM, ROBERT C BYRD HONORS SCHOLARSHIPS, TEACHERS EDUCATION ASSISTANCE FOR COLLEGE & HIGHER EDUCATION GRANTS, IOWA TUITION GRANT, IOWA GRANT. EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICES STUDY ABORAD PROGRAMS 2192 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 INVESTMENTS 1000453 CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 INVESTMENTS 17772009 0 0 0 0 0 0 18774654 0 18774654 1 0 0 1 1 0 PART III ACCOUNTING METHOD: SCHEDULE F, PART IV, LINE 4: THE COLLEGE INVESTS IN PARTNERSHIPS THAT HOLD DIRECT OR INDIRECT INTERESTS IN PASSIVE FOREIGN INVESTMENT COMPANIES. THE INVESTMENT PARTNERSHIPS HAVE PROPERLY FILED FORM 8621, OR THE UNDERLYING INVESTMENTS DID NOT GENERATE ANY UNRELATED BUSINESS INCOME. UNDER THESE FACTS, IT IS NOT NECESSARY FOR THE COLLEGE TO FILE FORM 8621. SCHEDULE F, PART IV, LINE 5: THE COLLEGE INVESTS IN PARTNERSHIPS THAT HOLD DIRECT OR INDIRECT INTERESTS IN FOREIGN PARTNERSHIPS. HOWEVER, THE COLLEGE DOES NOT MEET THE FILING REQUIREMENTS OF FORM 8865. 1 MERIT-BASED STUDENT FINANCIAL ASSISTANCE 583 37758317 NEED-BASED STUDENT FINANCIAL ASSISTANCE 968 10135594 INTERNATIONAL STUDENT FINANCIAL ASSISTANCE 147 4016940 CARES ACT STUDENT FINANCIAL ASSISTANCE 1441 690342 PART I, LINE 2: STUDENTS RECEIVING SCHOLARSHIPS AND FELLOWSHIPS ARE DETERMINED BY THE OFFICE OF FINANCIAL AID THROUGH CAREFUL STUDY OF THE INFORMATION ON THE FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA), THE STUDENT'S ACADEMIC RECORD, TEST SCORES, AND RECOMMENDATIONS. DETAILED RECORDS AND STATISTICS ARE MAINTAINED BY THE OFFICE OF FINANCIAL AID AND THE OFFICE OF ASSESSMENT AND INSTITUTIONAL RESEARCH IN REGARDS TO ALL FINANCIAL AID AWARDED TO STUDENTS OF THE COLLEGE, INCLUDING GRANTS AND SCHOLARSHIPS. X X 1 1 X X X 0 0 0 0 0 0 0 0 0 JENIFER K WARD PRESIDENT 247427 0 0 0 26000 0 5938 0 30932 0 310297 0 0 0 KEVIN KRAUS VP FOR ACADEMIC AFFAIRS 152863 0 0 0 0 0 3412 0 21217 0 177492 0 0 0 STEPHEN SPORER VP FOR DEVELOPMENT 135274 0 0 0 17704 0 2667 0 7371 0 163016 0 0 0 PART I, LINE 1A LUTHER COLLEGE PROVIDES A HOUSE, CLEANING SERVICE AND UTILITIES FOR THE PRESIDENT OF THE COLLEGE. THESE BENEFITS ARE LISTED IN THE WRITTEN COMPENSATION POLICY FOR THE COLLEGE AND ARE ALSO IN THE WRITTEN EMPLOYMENT CONTRACT OF THE PRESIDENT. THE HOUSING AND UTILITIES ARE NOT TREATED AS TAXABLE COMPENSATION BECAUSE THE PRESIDENT'S HOUSE IS USED FOR COLLEGE BUSINESS AND MEETINGS TO BUILD RELATIONSHIPS WITH PROSPECTIVE DONORS TO THE COLLEGE. A CITY OF DECORAH IA 426004485 2015-01-12 6868000 CURRENTLY REFUND CITY OF DECORAH SERIES 2010 BONDS ISSUED 12/21/2010 0 0 0 B IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 2017-09-01 20945000 CURRENTLY REFUND IA HIGHER EDUCATION LOAN AUTHORITY SERIES 2011 0 0 0 A 1962757 6868000 20174 6847826 2015 1 0 1 1 B 3839917 20945000 115000 20830000 2017 1 0 1 1 A 0 0 0 0 0 0 1 B 0 0 1 1 0 0 0 1 A 0 0 0 1 1 0 0 0 1 B 0 0 0 1 1 0 0 0 1 A 1 B 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: CITY OF DECORAH IA DATE THE REBATE COMPUTATION WAS PERFORMED: 12/01/2015 ISSUER NAME: IOWA HIGHER EDUCATION LOAN AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 09/01/2017 17000 MERIT SCHOLARSHIP STUDENT FINANCIAL AID X 2632 FMV X 36 989222 FMV X MUSICAL INSTRUMENTS 6 74216 FMV X SHEET MUSIC 1 821 FMV X COMPUTER 1 200 FMV 5 0 1 1 PART I, COLUMN (B): COLUMN B SHOWS THE NUMBER OF CONTRIBUTIONS. PART I, LINE 32B: REAL ESTATE AGENTS OR ART DEALERS USED TO SELL CONTRIBUTIONS OF REAL PROPERTY. FORM 990, PART VI, SECTION A, LINE 6 THE MEMBERS OF THIS CORPORATION SHALL BE THOSE INDIVIDUALS HOLDING THE FOLLOWING POSITIONS AND OFFICES (A) THE VOTING MEMBERS OF THE CHURCHWIDE ASSEMBLY OF THE EVANGELICAL LUTHERAN CHURCH IN AMERICA ENTITLED TO VOTE AT SUCH MEETINGS CHOSEN IN ACCORDANCE WITH THE DISCIPLINE AND USAGE OF SUCH CHURCH, OR ITS SUCCESSOR. SUCH MEMBERS SHALL REMAIN MEMBERS OF THE CORPORATION UNTIL THE CONVENING OF THE SUCCEEDING CHURCHWIDE ASSEMBLY OF THE EVANGELICAL LUTHERAN CHURCH IN AMERICA AT WHICH TIME SUCH MEMBERS SHALL GIVE PLACE TO THE VOTING MEMBERS AT SUCH SUCCEEDING CHURCHWIDE ASSEMBLY, IN ACCORDANCE WITH THE DISCIPLINE AND USAGE OF SAID CHURCH, OR ITS SUCCESSOR. (B) THE MEMBERS OF THE BOARD OF REGENTS OF THIS CORPORATION. (C) THE PRESIDENT OF THE COLLEGE OPERATED BY THIS CORPORATION (D) THE OFFICERS OF THE ADMINISTRATION OF THE COLLEGE. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BODY OF LUTHER COLLEGE IS THE BOARD OF REGENTS. THE BOARD OF REGENTS ARE LISTED AS MEMBERS OF THE ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS PREPARED BY THE ACCOUNTING MANAGER, REVIEWED BY THE CONTROLLER, AND IS REVIEWED BY THE VP FOR FINANCE AND ADMINISTRATION. THE 990 IS THEN SENT TO THE FIRM OF BAKER TILLY US LLP FOR REVIEW AND ENTRY INTO THEIR TAX SOFTWARE. AFTER ALL REVIEWS ARE COMPLETED, THE 990 IS PRESENTED TO THE AUDIT COMMITTEE FOR THEIR REVIEW AND APPROVAL. AFTER AUDIT COMMITTEE APPROVAL, THE 990 IS SENT TO EACH BOARD MEMBER, AND THE COMPLETED 990 IS SIGNED BY THE VP FOR FINANCE AND ADMINISTRATION, AND A PARTNER FROM BAKER TILLY US LLP AND IS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C LUTHER COLLEGE'S CONFLICT OF INTEREST POLICY AND DISCLOSURE STATEMENT IS SENT OUT TO THE BOARD OF REGENTS, AUDIT COMMITTEE, INVESTMENT COMMITTEE, PRESIDENT, VICE PRESIDENTS, AND KEY EMPLOYEES OF THE COLLEGE IN MAY OF EACH YEAR. EACH RECIPIENT IS REQUIRED TO READ THE POLICY AND TO COMPLETE, SIGN, AND RETURN THE DISCLOSURE STATEMENT TO THE OFFICE FOR FINANCIAL SERVICES TO BE REVIEWED FOR POTENTIAL INTERESTS THAT COULD GIVE RISE TO CONFLICTS. LUTHER COLLEGE'S CONFLICT OF INTEREST POLICY AND DISCLOSURE STATEMENT ADDRESSES ALL AREAS OF CONCERN EXPRESSED ON FORM 990. FORM 990, PART VI, SECTION B, LINE 15 THE DIRECTOR OF HUMAN RESOURCES AND THE PRESIDENT OF THE COLLEGE WILL GATHER THE FOLLOWING BENCHMARK SALARY DATA: 1. MEDIAN SALARIES FOR CUPA (COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION) PRIVATE RELIGIOUS COLLEGES WITH COMPARABLE ENROLLMENT. 2. MEDIAN AND MAXIMUM SALARIES FOR 26 IOWA PRIVATE COLLEGES. 3. MEDIAN AND MAXIMUM SALARIES FOR ACM (ASSOCIATED COLLEGES OF THE MIDWEST) COLLEGES. 4. MEDIAN SALARIES FOR 15 REGIONAL CUPA (COLLEGES AND UNIVERSITIES PROFESSIONAL ASSOCIATION) COLLEGES. THE PRESIDENT OF THE COLLEGE WILL REVIEW AND PRESENT THE PRESIDENTIAL AND VICE PRESIDENTIAL BENCHMARK INDICATORS TO THE BOARD OF REGENTS AT THE OCTOBER BOARD MEETING. THE BOARD OF REGENTS WILL MEET TO REVIEW THE FOUR SALARY BENCHMARK INDICATORS AND WILL DETERMINE AND APPROVE COMPENSATION FOR THE PRESIDENT AND VICE PRESIDENTS OF THE COLLEGE. THE BOARD OF REGENTS WILL ALSO REVIEW THE NON-SALARY COMPENSATION BENEFITS PROVIDED TO THE OFFICERS. THE CHAIRPERSON OF THE BOARD OF REGENTS WILL NOTIFY THE DIRECTOR OF HUMAN RESOURCES IN WRITING, THROUGH A MEMO OR E-MAIL WITH THE APPROVAL OF COMPENSATION FOR THE PRESIDENT AND VICE PRESIDENTS. THIS INFORMATION WILL BE RECORDED IN THE MINUTES OF THE MEETING AND WILL BE MAINTAINED IN A CONFIDENTIAL ARCHIVE. THIS PROCESS WAS LAST COMPLETED IN OCTOBER, 2019. FORM 990, PART VI, SECTION C, LINE 19 COPIES OF LUTHER COLLEGE'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AUDITED FINANCIAL STATEMENTS, AND FORMS 990 & 990-T ARE AVAILABLE TO THE PUBLIC UPON REQUEST AT THE OFFICE FOR FINANCIAL SERVICES, 700 COLLEGE DRIVE, DECORAH, IA 52101. THE AUDITED FINANCIAL STATEMENTS ARE ALSO AVAILABLE ONLINE AT WWW.LUTHER.EDU/FINANCIALSERVICES. FORM 990, PART XI, LINE 9: ACTUARIAL ADJUSTMENT 2,256,511. INTEREST RATE SWAP 634,466. SUBSIDIARY REVENUE 210,535. SUBSIDIARY EXPENSE -386,399. LUTHER COLLEGE WIND ENERGY PROJECT LLC 700 COLLEGE DRIVE DECORAH IA 52101 352366881 PRODUCTION OF ELECTRICITY IA 0 0 LUTHER COLLEGE VENTURES INC LUTHER COLLEGE VENTURES INC 700 COLLEGE DRIVE DECORAH IA 52101 273945752 HOLDING COMPANY IA N/A C 210536 1052558 1.00000 1 CHARITABLE REMAINDER UNITRUSTS (32) 700 COLLEGE DRIVE DECORAH IA 52101 420680466 TRUST IA N/A T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0