2022-05-12T14:50:17-05:00 2021-06-30 410746749 CLIFTONLARSONALLEN LLP 8215 GREENWAY BOULEVARD SUITE 600 MIDDLETON WI 53562 990 2020-07-01 370661496 CARTHAGE COLLEGE CART 2625518500 2001 ALFORD PARK DR KENOSHA WI 53140 VINCENTE J CEJA CFO, AVP FOR FINANCE AND ADMIN 2625518500 2022-05-12 1 VINCENTE CEJA XXX-XX-XXXX KIMBERLY ANDERSON P00188889 6086628600 2022-05-12 0 AAL1 IAL1 2020 2022-09-23 18:48:47Z JOHN R SWALLOW 2001 ALFORD PARK DR KENOSHA WI 53140 127346276 0 X WWW.CARTHAGE.EDU X 1870 IL SEE SCHEDULE O.CARTHAGE IS A SCHOOL OF LIBERAL ARTS AND SCIENCES PROVIDING STUDENTS WITH A COLLEGE EDUCATION. CARTHAGE IS AFFILIATED WITH THE EVANGELICAL LUTHERAN CHURCH OF AMERICA. 29 29 2347 94 135953 0 8494315 12389234 134707988 101427602 4769015 3203009 -9542 8137494 147961776 125157339 71371635 39743156 0 0 42824732 39200386 0 0 2173384 35415581 35930235 149611948 114873777 -1650172 10283562 324316773 408772143 70862071 106151840 253454702 302620303 X SEEKING TRUTH, BUILDING STRENGTH, INSPIRING SERVICE - TOGETHER 0 0 60923169 39728156 80830223 INSTRUCTION: CARTHAGE COLLEGE AWARDS THE BACHELOR OF ARTS DEGREES WITH MAJORS IN MORE THAN 40 SUBJECT AREAS AND THREE MASTER DEGREES. THE 2020-2021 ACADEMIC YEAR ENROLLMENT WAS 2,683 FULL TIME EQUIVALENT (FTE) STUDENTS IN THE FALL SEMESTER AND 2,464 FTE STUDENTS ENROLLED IN THE SPRING SEMESTER. OF THE TOTAL NUMBER OF STUDENTS ENROLLED IN 2020-2021 ACADEMIC YEAR, 527 MET THE UNDERGRADUATE REQUIREMENTS OF GRADUATION, 49 MET THE GRADUATE REQUIREMENTS FOR THE MASTERS IN EDUCATION, 26 MET THE GRADUATE REQUIREMENTS FOR THE MASTERS IN SCIENCE AND 12 MET THE GRADUATE REQUIREMENTS FOR MASTERS IN MUSIC. 16024834 INSTITUTIONAL SUPPORT AT CARTHAGE COLLEGE IS COMPRISED OF SERVICES THAT SUPPORT ADMINISTRATIVE FUNCTIONS OF THE COLLEGE INCLUDING PRESIDENT'S OFFICE, ADVANCEMENT, COMMUNICATIONS, FINANCE & ADMINISTRATIVE SERVICES, AND GENERAL INSTITUTIONAL EXPENSES. 10202029 415183 STUDENT SERVICES: CARTHAGE BOASTS A LONG-STANDING COMMITMENT TO EDUCATING THE WHOLE PERSON BY NOURISHING THE INTELLECTUAL, SPIRITUAL, EMOTIONAL, SOCIAL AND PHYSICAL DIMENSIONS OF STUDENTS' LIVES. THE COLLEGE OFFERS A CURRICULUM THAT CHALLENGES STUDENTS TO THINK CRITICALLY AND EXPRESS THEMSELVES EFFECTIVELY, A CAMPUS LIFE THAT ENCOURAGES INVOLVEMENT AND SERVICE (OVER 120 STUDENT ORGANIZATIONS), A COMMUNITY OF FAITH THAT NURTURES SPIRITUAL GROWTH AND DEVELOPS MORAL RESPONSIBILITY, AND CO-CURRICULAR ACTIVITIES THAT INSPIRE STUDENTS TO TEST THEIR OWN LIMITS AND EXPRESS THEIR INDIVIDUALITY. THE AWARD-WINNING STATE-OF-THE-ART HEDBERG LIBRARY UNITES BOOKS, PERIODICALS, ACADEMIC COMPUTING, NETWORK DATA PORTS AND MULTIMEDIA RESOURCES. 7003583 15000 20046243 AUXILIARY ENTERPRISES AT CARTHAGE COLLEGE ARE COMPRISED OF 13 RESIDENCE HALLS ON CAMPUS (12 WERE IN USE), 10 DINING VENUES, AND A BOOKSTORE FOR STUDENTS, FACULTY AND STAFF. OF THE TOTAL STUDENT BODY, 60.7% OF ENROLLED STUDENTS LIVED ON-CAMPUS AND PARTICIPATED IN THE RESIDENT STUDENT BOARD PLAN. 1,629 STUDENTS RESIDED IN CAMPUS HOUSING DURING THE 2020-2021 ACADEMIC YEAR. 7003583 15000 20046243 94153615 1 1 0 0 0 0 0 1 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 3766 0 2347 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 29 29 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 0 1 0 0 X VINCENTE J CEJA 2625515763 2001 ALFORD PARK DRIVE KENOSHA WI 53140 JOHN SWALLOW PRESIDENT & CHIEF EXECUTIVE OFFICER 40.00 X 415128 0 168377 DAVID TIMMERMAN PROVOST AND CHIEF OPERATING OFFICER 40.00 X 206892 0 39531 KEVIN CROSBY PROFESSOR OF PHYSICS, DIRECTOR WI SPACE GRANT CO 40.00 X 147434 0 53043 NICHOLAS MULVEY VICE PRESIDENT FOR ENROLLMENT 40.00 X 143371 0 57032 KIMBERLIE GOLDSBERRY VICE PRESIDENT FOR STUDENT AFFAIRS - DEAN OF STUDE 40.00 X 166146 0 23009 ABIGAIL HANNA VP FOR ADMIN PLANNING AND INNOVATION 40.00 X 158801 0 24051 THOMAS KLINE VICE PRESIDENT FOR INSTITUTIONAL ADVANCEMENT 40.00 X 164216 0 7796 LISA M HINKLEY ASSOCIATE VP AND EXEC DIR CAREER AND PROF DEV 40.00 X 146148 0 18562 ARTHUR CYR CLAUSEN DIST PROF OF INTL POL ECONOMY 40.00 X 142091 0 21325 MICHAEL MCSHANE PROFESSOR EMERITUS - PHILOSOPHY AND GREAT IDEAS 40.00 X 137174 0 18013 VINCENTE CEJA ASSOCIATE VP FOR FINANCE & CFO 40.00 X 107073 0 17122 TINA SCHMITZ FORMER VP FOR FINANCE & ADMIN SERV - CFO 40.00 X 100228 0 4029 DALE MCCLAIN FORMER VP FOR FINANCE & ADMIN SERV - CFO 0.00 X 54167 0 2708 WILLIAM ABT FORMER SENIOR INVESTMENT ADVISOR 0.00 X 52125 0 0 JEFFREY H HAMAR TRUSTEE, CHAIR 1.00 X X 0 0 0 GINA MADRIGRANO FRIEBUS TRUSTEE, FIRST VICE CHAIR 1.00 X X 0 0 0 HOYT HARPER II TRUSTEE, SECOND VICE CHAIR 1.00 X X 0 0 0 DENNIS L MONROE TRUSTEE, SECRETARY 1.00 X X 0 0 0 PATRICK N ANDERSON TRUSTEE 1.00 X 0 0 0 MARY O BISHOP TRUSTEE 1.00 X 0 0 0 LUCY BROWN MINN TRUSTEE 1.00 X 0 0 0 RICHARD M CHRISTMAN TRUSTEE 1.00 X 0 0 0 REV DR PAUL D ERICKSON TRUSTEE 1.00 X 0 0 0 CHRISTINE A HOBBS TRUSTEE 1.00 X 0 0 0 STEVEN J HOPP TRUSTEE 1.00 X 0 0 0 THOMAS J KELLEY III TRUSTEE 1.00 X 0 0 0 THOMAS E KIESO TRUSTEE 1.00 X 0 0 0 FREDERICK J KRULL TRUSTEE 1.00 X 0 0 0 RICHARD LABERGE TRUSTEE 1.00 X 0 0 0 ROBERT E LEE JR TRUSTEE 1.00 X 0 0 0 THOMAS MARTINEZ TRUSTEE 1.00 X 0 0 0 REV WAYNE N MILLER TRUSTEE 1.00 X 0 0 0 ALAN K MILLS TRUSTEE 1.00 X 0 0 0 MARIA NALYWAYKO TRUSTEE 1.00 X 0 0 0 JEFFREY A NEUBAUER TRUSTEE 1.00 X 0 0 0 ANDREW S PALMEN TRUSTEE 1.00 X 0 0 0 NICHOLAS T PINCHUK TRUSTEE 1.00 X 0 0 0 LEANN PEDERSEN POPE TRUSTEE 1.00 X 0 0 0 CHARLES C SUTTON TRUSTEE 1.00 X 0 0 0 DAVID C WIERS TRUSTEE 1.00 X 0 0 0 GARY D WILSON TRUSTEE 1.00 X 0 0 0 2140994 0 454598 50 1 1 0 UNIVERSAL PROTECTION 1551 N TUSTIN AVE STE 650 SANTA ANA CA 92705 SECURITY 497424 GO AUDIO 9645 S 54TH ST UNIT SOUTH FRANKLIN WI 53132 EVENT SERVICES 205498 KOCH KUTS P O BOX 734 BURLINGTON WI 53105 LANDSCAPING 166033 RITEWAY BIN 88717 MILWAUKEE WI 532880717 BUS SERVICE 116074 4 49138 6450161 5889935 575428 12389234 TUITION AND FEES 611710 80830223 80830223 AUX. ENTERPRISE 611710 20182196 20046243 135953 OTHER STUDENT SERVICES 611710 415183 415183 101427602 3617202 3617202 1540843 187363 1542186 600213 -1343 -412850 -414193 -414193 32227 49138 46538 -14311 -14311 INSURANCE PROCEEDS 900099 8151805 8151805 8151805 125157339 101291649 135953 11340503 15000 15000 39728156 39728156 1389092 1006539 341640 40913 28565101 20387174 7336597 841330 677696 483662 174074 19960 6290369 4491563 1613535 185271 2278128 1626981 584049 67098 104008 74280 26665 3063 102520 73217 26283 3020 73672 73672 4920487 4136538 656071 127878 1078880 766800 280648 31432 2369965 1699958 610246 59761 1692366 1208645 433876 49845 12577587 9074203 3132935 370449 631131 457981 164404 8746 91698 65488 23509 2701 1280687 914634 328333 37720 8873693 6419075 2193260 261358 1139998 814158 292264 33576 GENERAL INSTITUTIONAL 993543 709563 254717 29263 114873777 94153615 18546778 2173384 7099348 7288348 1847778 1971022 4655216 45109006 1794401 1529732 1302714 1941562 269864638 86881268 180701790 182983370 126134364 167097976 734010 797495 47152 53632 324316773 408772143 7335300 5056409 1874601 1593662 9699495 50506375 48055000 45560000 364872 241122 3532803 3194272 70862071 106151840 X 158655303 167735322 94799399 134884981 253454702 302620303 324316773 408772143 X 10283562 37926458 955581 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 233349 X X X X 0 124578458 1319378 42314392 3901109 164311119 123918518 1308351 4414373 5062784 124578458 108980136 774168 6296660 4645160 -12512714 123918518 106774647 -4789990 10313267 3386459 -68671 108980136 85439746 6312494 14958952 -63455 106774647 0.24315 0.22866 0.52819 0 0 763535 763535 217462326 56662451 160799875 49357483 28594326 20763157 2281294 1624491 656803 182983370 CAPITAL LEASE OBLIGATION 11236 ANNUITIES PAYABLE 1321404 ASSET RETIREMENT OBLIGATION 299463 INTEREST RATE SWAP LIABILITY 467043 DEPOSITS HELD IN CUSTODY FOR OTHERS 1095126 3194272 X 124276410 37926458 994441 38920899 85355511 73672 39728156 39801828 125157339 75110809 38860 38860 75071949 73672 39728156 39801828 114873777 PART III, LINE 4: PALUMBO CIVIL WAR COLLECTION - ON SEMI-PERMANENT DISPLAY AT KENOSHA CIVIL WAR MUSEUM, AND A GEMSTONE COLLECTION. PART V, LINE 4: THE ENDOWMENT FUNDS ARE USED TO FUND SCHOLARSHIPS, EDUCATIONAL PROJECTS, AND OTHER VARIOUS PURPOSES. PART X, LINE 2: THE INTERNAL REVENUE SERVICE (IRS) HAS DETERMINED 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. AT JUNE 30, 2021, THE COLLEGE HAD NO 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 JUNE 30, 2021. THE COLLEGE'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 38,860. CHANGE IN ACTUARIAL LIABILITY 616,189. GAIN ON INTEREST RATE SWAP 339,392. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS TO STUDENTS 39,728,156. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 38,860. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS TO STUDENTS 39,728,156. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 CARTHAGE COLLEGE FOLLOWS A NONDISCRIMINATORY POLICY REGARDING ALL PROGRAMS. ENROLLMENT OF STUDENTS IS WITHOUT DISCRIMINATION AS TO RACE, COLOR, RELIGION, SEX, GENDER EXPRESSION, GENDER IDENTITY, SEXUAL ORIENTATION, NATIONAL ORIGIN, PROTECTED VETERAN STATUS OR STATUS AS AN INDIVIDUAL WITH A DISABILITY. THIS POLICY IS PUBLISHED IN THE COLLEGE'S CATALOG, EMPLOYEE HANDBOOK, COMMUNITY CODE, AND ON THE COLLEGE'S WEBSITE AND RECRUITING INFORMATION. RECRUITMENT PROCEDURES ARE DESIGNED AND CARRIED OUT TO REACH ALL RACIAL SEGMENTS IN THE GEOGRAPHIC AREA SERVED. SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES FINANCIAL ASSISTANCE FROM THE U.S. GOVERNMENT IN CONNECTION WITH VARIOUS PROGRAMS SUCH AS THE PERKINS STUDENT LOAN PROGRAM, FEDERAL WORK STUDY PROGRAM, PELL GRANT PROGRAM, AND SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT PROGRAM. STUDENTS ATTENDING CARTHAGE COLLEGE ALSO RECEIVE FINANCIAL ASSISTANCE FROM THE STATE OF WISCONSIN. CARTHAGE GOLF OUTING 81365 49138 32227 7678 10710 11301 5124 11725 81365 49138 32227 7678 10710 11301 5124 11725 46538 -14311 1 UNITED WAY OF KENOSHA COUNTY 5500 6TH AVENUE KENOSHA WI 53140 290806285 501(C)(3) 10000 ANNUAL CONTRIBUTION TO "BUILDING OUR FUTURE" PROGRAM UNITED WAY OF RACINE COUNTY 2000 DOMANIK DRIVE RACINE WI 53404 390806349 501(C)(3) 5000 CONTRIBUTION TO "HIGHER EXPECTATIONS" PROGRAM 2 SCHOLARSHIPS AND GRANTS PROVIDED AS FINANCIAL AID TO STUDENTS 2653 35152366 PELL GRANTS 698 3066365 FSEOG 327 317184 WI TUITION GRANT 382 1192241 PART I, LINE 2C CARTHAGE COLLEGE OFFERS SCHOLARSHIPS AND GRANTS TO QUALIFIED STUDENTS TO HELP REDUCE THEIR OUT-OF-POCKET TUITION COSTS. STUDENTS RECEIVING FINANCIAL ASSISTANCE OF THIS FORM MUST MEET SPECIFIC CRITERIA SUCH AS ACADEMIC ACHIEVEMENT, FINANCIAL NEED, AND OTHER SIMILAR STANDARDS WHETHER PUT IN PLACE BY THE COLLEGE OR BY DONORS OF RESTRICTED FUNDS. X X X X 1 1 X X X 1 1 0 0 0 0 0 0 0 JOHN SWALLOW PRESIDENT & CHIEF EXECUTIVE OFFICER 308889 0 60000 0 46239 0 90369 0 78008 0 583505 0 0 0 DAVID TIMMERMAN PROVOST AND CHIEF OPERATING OFFICER 206892 0 0 0 0 0 4649 0 34882 0 246423 0 0 0 KEVIN CROSBY PROFESSOR OF PHYSICS, DIRECTOR WI SP 147434 0 0 0 0 0 5678 0 47365 0 200477 0 0 0 NICHOLAS MULVEY VICE PRESIDENT FOR ENROLLMENT 143371 0 0 0 0 0 7108 0 49924 0 200403 0 0 0 KIMBERLIE GOLDSBERRY VICE PRESIDENT FOR STUDENT AFFAIRS - 166146 0 0 0 0 0 7542 0 15467 0 189155 0 0 0 ABIGAIL HANNA VP FOR ADMIN PLANNING AND INNOVATION 158801 0 0 0 0 0 7335 0 16716 0 182852 0 0 0 THOMAS KLINE VICE PRESIDENT FOR INSTITUTIONAL ADV 162903 0 0 0 1313 0 7232 0 564 0 172012 0 0 0 LISA M HINKLEY ASSOCIATE VP AND EXEC DIR CAREER AND 146148 0 0 0 0 0 3125 0 15437 0 164710 0 0 0 ARTHUR CYR CLAUSEN DIST PROF OF INTL POL ECONOM 142091 0 0 0 0 0 6090 0 15235 0 163416 0 0 0 MICHAEL MCSHANE PROFESSOR EMERITUS - PHILOSOPHY AND 125174 0 12000 0 0 0 3320 0 14693 0 155187 0 0 0 DALE MCCLAIN FORMER VP FOR FINANCE & ADMIN SERV - 54167 0 0 0 0 0 2708 0 0 0 56875 0 0 0 WILLIAM ABT FORMER SENIOR INVESTMENT ADVISOR 52125 0 0 0 0 0 0 0 0 0 52125 0 0 0 PART I, LINES 4A-B A SEVERANCE PAYMENT OF $54,167 WAS MADE IN CALENDAR YEAR 2020 TO DALE MCCLAIN. CONTRIBUTION TO 457F PLAN DURING THE CALENDAR YEAR 2020 WAS $75,000 FOR JOHN SWALLOW. WITHDRAWAL FROM 457F PLAN DURING THE CALENDAR YEAR 2020 WAS $52,125 PAID TO WILLIAM ABT. A WISCONSIN HEALTH AND EDUCATIONAL FACILITIES 391337855 2017-06-21 42500000 FINANCING OF SCIENCE CENTER 0 0 0 B WISCONSIN HEALTH AND EDUCATIONAL FACILITIES 391337855 2015-04-30 10250000 REDEEMED THE 1995 BONDS AND REFUNDED THE 1999 SERIES A BONDS 0 0 0 A 5140000 42500000 42500000 1 0 1 1 B 2050000 10250000 10250000 1 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 A 0 1 0 0 1 0 0 0 1 B 0 1 0 0 1 0 0 0 1 A 1 B 1 X 29 567750 FMV (NYSE OR EQUIV) X OTHER 6 7678 FMV 0 1 1 PART I, LINE 32B: AS NEEDED BASED ON NON-CASH CONTRIBUTION - BAIRD IS USED TO RECEIVE AND SELL STOCK CONTRIBUTED. FORM 990, PART VI, SECTION B, LINE 11B THE AUDIT COMMITTEE REVIEWS A COMPLETE COPY OF THE 990 AND IT IS MADE AVAILABLE TO ALL GOVERNING BOARD MEMBERS BEFORE FILING EXCEPT SCHEDULE B TO PROTECT DONOR IDENTITY. FORM 990, PART VI, SECTION B, LINE 12C ALL EMPLOYEES AND BOARD OF TRUSTEES ARE COVERED BY THE CONFLICT-OF-INTEREST POLICY. THE COLLEGE ATTORNEY DETERMINES AS TO WHETHER POSSIBLE CONFLICTS EXIST AND INFORMS THE CONTROLLER AND CFO OF SUCH POTENTIAL CONFLICTS. NO CONFLICTS HAVE ARISEN TO DATE. FORM 990, PART VI, SECTION B, LINE 15A THE COMPENSATION OF THE PRESIDENT IS REVIEWED AND APPROVED BY THE BOARD OF TRUSTEES IN EXECUTIVE SESSION. THIS REVIEW IS PERFORMED ANNUALLY. THE COMPENSATION OF KEY EMPLOYEE/OFFICERS IS DETERMINED BY THE PRESIDENT WITH REVIEW BY THE BOARD AS REQUESTED. FORM 990, PART VI, SECTION C, LINE 19 CARTHAGE COLLEGE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE INTERNAL DOCUMENTS AND NOT AVAILABLE TO THE PUBLIC. AUDITED FINANCIAL STATEMENTS, HOWEVER, ARE MADE AVAILABLE TO THE PUBLIC VIA CARTHAGE'S WEBSITE. FORM 990, PART XI, LINE 9: ADJUSTMENT OF ACTUARIAL LIABILITY FOR ANNUITIES 616,189. GAIN ON INTEREST RATE SWAP 339,392. FORM 990, PART XII, LINE 2C: NEITHER THE OVERSIGHT PROCESS OF THE AUDIT NOR THE SELECTION PROCESS OF THE INDEPENDENT ACCOUNTANT CHANGED DURING THE YEAR. CHARITABLE REMAINDER ANNUITY TRUSTS (118) CHARITABLE TRUST WI N/A T 0 CHARITABLE REMAINDER UNITRUSTS (2) CHARITABLE TRUST WI N/A T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0