2025-02-19T13:10:49-06:00 2024-05-31 450250958 Eide Bailly LLP 800 Nicollet Mall Ste 1300 Minneapolis MN 554027033 990 2023-06-01 420680408 Clarke University of Dubuque Iowa CLAR 5635886315 1550 Clarke Drive Dubuque IA 52001 Elizabeth McGrath VP of Business and Finance 5635886315 2025-02-18 1 1 Kim Hunwardsen CPA P00484560 6122536500 2025-02-18 2023 2025-03-06 01:10:19Z Fletcher Lamkin 1550 Clarke Drive Dubuque IA 52001 51218862 0 0928 X www.clarke.edu X 1843 IA Catholic, co-educational, liberal arts university educating at post-secondary & graduate level 21 20 657 20 0 0 4893255 9451227 35636431 38917458 1030390 1873411 145427 151878 41705503 50393974 15181389 17062721 0 0 17696069 18282180 92616 94814 1553221 10804914 11386027 43774988 46825742 -2069485 3568232 69711638 73497955 12667182 10305818 57044456 63192137 X We are a Catholic, co-educational, liberal arts university founded in 1843 by the Sisters of Charity of the Blessed Virgin Mary in Dubuque, Iowa. Clarke educates students at the post-secondary level in the liberal arts and sciences, the fine arts, selected professional programs, and graduate programs.We, the faculty, students, staff and administration are a caring, learning community committed to excellence in education. We provide a supportive environment that encourages personal and intellectual growth, promotes global awareness and social responsibility, and deepens spiritual values. 0 0 26739554 17062721 33012597 Clarke University is a 4-year non-profit liberal arts and sciences university focused on progressing with the times. Humble beginnings have developed into over 30 undergraduate and 6 graduate programs, including a best-in-class adult education program. We are an institution guided by steadfast principles. We believe one-on-one learning is the ratio for future scholars and laureates. We understand that without proper connections, a quality education is moot. We recognize that easy access to our educators is what sets us apart. It is more than a pledge. It is a progressive framework that has guided us for more than one-and-a-half centuries.Clarke confers the Associate of Arts (AA), Bachelor of Arts (BA), Bachelor of Science (BS), Bachelor of Applied Studies (BAS), Bachelor of Social Work (BSW), Bachelor of Science in Nursing (BSN), Bachelor of Fine Arts (BFA), Master of Arts in Education (MAE), Master of Business Administration (MBA), Master of Organizational Leadership (MOL), Master of Social Work (MSW), Doctor of Nursing Practice (DNP) and Doctor of Physical Therapy (DPT).Over 962 students come from 39 states and 27 countries. The average high school grade-point average was 3.30. In the last five years, an average of 97 percent of survey respondents reported being employed in their field or continuing their education post-graduation. The student/faculty ratio is 9:1.During the 2023-2024 academic year, 100 percent of Clarke's full-time, day-time students (who were eligible, and applied) received financial aid in the form of scholarships, grants, loans, and work-study. Students are encouraged to apply for financial aid. Clarke University offers a variety of merit scholarships to students that include academic, athletic talent, fine arts and other scholarships.Clarke University does not discriminate on the basis of gender, sex, race, color, national or ethnic origin, sexual orientation, age or disability in the educational programs which it conducts or in its employment policies, practices and procedures. Clarke University complies with all pertinent state and federal regulations concerning affirmative action, nondiscrimination and equal employment opportunity. 9324086 0 5653825 Auxiliary Enterprises: Programs available to all 962 students including the residence halls, board plans and athletics. The Residence Hall capacity is 571, with an occupancy of 463, or 81%. In the fall of 2023, all 463 resident students also had board plans with food service. 2945620 0 251036 Student services: Resources provided to all 962 students by student activities, health services, counseling center, career center, admissions and financial aid. 1892146 136899 Academic support programs 1892146 136899 40901406 1 1 0 0 0 0 0 1 1 1 1 1 0 0 1 1 1 0 1 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 54 0 1 657 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 21 20 0 1 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 NV SC WA X Elizabeth A McGrath 5635886414 1550 Clarke Drive Dubuque IA 52001 Carolyn Haupert Chair 1.00 X X 0 0 0 Margaret Mary Cosgrove BVM MBA, Vice Chair 1.00 X X 0 0 0 Timothy J Conlon Secretary 1.00 X X 0 0 0 Kathleen Antol Trustee 1.00 X 0 0 0 Chris Brewer Trustee 1.00 X 0 0 0 Anne Brown Trustee 1.00 X 0 0 0 Kathleen Corrigan Trustee 1.00 X 0 0 0 MaryRose Corrigan-Psihoyos Trustee 1.00 X 0 0 0 Gail Coury Trustee 1.00 X 0 0 0 Suzanne Juergens Trustee 1.00 X 0 0 0 Jason Knockel Trustee 1.00 X 0 0 0 LaDonna Manternach Trustee 1.00 X 0 0 0 Elizabeth Petty Trustee 1.00 X 0 0 0 Regina Qualls Trustee 1.00 X 0 0 0 Mark Ressler Trustee 1.00 X 0 0 0 Ardell Sanders Trustee 1.00 X 0 0 0 Cathy Schulze Trustee 1.00 X 0 0 0 Alan Stache Trustee 1.00 X 0 0 0 Mark D Wahlert Trustee 1.00 X 0 0 0 MaryAnn Zollmann Trustee 1.00 X 0 0 0 Fletcher Lamkin PhD Interim President and Trustee 40.00 X X 0 0 0 Elizabeth A McGrath Treasurer-VP Business/Finance 40.00 X 150151 0 18612 Steven Kapelke Provost/VP of Academic Affairs 40.00 X 139102 0 4069 William Biebuyck VP Institutional Advancement 40.00 X 168026 0 19241 Kathleen Zanger VP of Student Life 40.00 X 106333 0 28025 Julie Cirks VP of Enrollment Management 40.00 X 119114 0 14748 Lisa Rettenmeier Nursing Chair 40.00 X 111221 0 7163 Jody Wolfe Business Chair 40.00 X 105723 0 5313 899670 0 97171 8 0 1 0 Mondern Piping Inc 500 Walford Rd SW Cedar Rapids IA 52404 CBH Piping 1064629 The Registry Three Centennial Drive Peabody MA 01960 Management Services 353663 Tri-State Travel PO Box 307 Galena IL 61036 Travel Services 275891 Top-Notch Productions 923 E 59th St Davenport IA 52807 TDH Renovation 221136 Ellucian Company LP 2003 Edmund Halley Drive Reston VA 20191 Software Services 218363 10 57297 362943 9030987 584139 9451227 Tuition & Fees 611310 33174110 33174110 Auxiliary Enterprises 611710 5492312 5492312 Conference & Events 611710 161513 161513 89523 89523 38917458 939722 939722 38476 0 38476 38476 38476 1594391 660702 933689 933689 933689 12950 57297 36447 -23497 -23497 264638 127739 136899 136899 50393974 39054357 0 1888390 17062721 17062721 330179 330179 13947138 11943749 1215892 787497 464162 377735 57629 28798 2544587 2326937 125273 92377 996114 821174 125806 49134 339150 339150 11371 11371 66250 66250 94814 94814 99864 99864 945403 630006 165081 150316 316424 316424 2332473 2118362 159760 54351 641066 213688 213689 213689 6442 6442 808067 776038 6850 25179 81240 53330 19471 8439 383810 341508 42302 2035687 1811322 224365 130549 130549 Repairs and Maintenance 2261181 2022686 238495 Bad Debt Expense 327893 5729 322164 Campus Events 239323 154228 38906 46189 Memberships 186644 72895 111311 2438 173190 32307 140883 46825742 40901406 4371115 1553221 1810 1810 1256525 2196312 179096 733338 899321 927015 108819 123490 257678 393726 81533369 48457977 32512348 33075392 21494812 24972832 9051541 8820226 662475 590069 3287213 1663745 69711638 73497955 2026507 1801106 1373316 1294661 5191078 4944857 99753 91899 235839 1750000 1990689 2173295 12667182 10305818 X 37642699 41332921 19401757 21859216 57044456 63192137 69711638 73497955 X 3568232 2577008 2441 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X 0 0 1 X 29754573 215286 3952070 322524 772552 99864 32726989 31325939 339229 -259214 635373 904074 111934 29754573 33527238 1541865 -2388229 346506 896226 112203 31325939 26415457 296682 7998072 328816 764161 89996 33527238 26522267 1021972 -57960 356705 644149 69968 26415457 0.45910 0.47920 0.06170 0 0 390119 390119 62847144 36763925 26083219 12069553 7955720 4113833 6226553 3738332 2488221 33075392 Cash value of life insurance 285605 F Dubuque Foundation Trust 12495 F Real Estate 15200 C Common Trust Funds 8506926 F 8820226 Due to US Government - loan programs 719324 Conditional asset retirement obligation 1325546 Annuities Payable 3810 Finance Lease Liability 124615 2173295 X 35988583 2577008 16000 -17062721 -14469713 50458296 99864 -164186 -64322 50393974 29840902 16000 161745 177745 29663157 99864 17062721 17162585 46825742 Part III, Line 4: The collection consists of a limited heritage edition of world-renowned Saint John's Bible. The heritage edition is a completely handwritten and illustrated re-creation of the original Saint John's Bible. The Saint John's Bible is a significant representation of the Word of God and a compelling work of art. This rare gift to Clarke will serve as a testament to our Catholic heritage and it will be a source of pride for the University and community. The University plans to exhibit the Bible as volumes are received and is planning a speaker series to accompany each volume's arrival. Part IV, Line 2b: Student deposit accounts are held by the University for various student groups on campus. Part V, Line 4: The endowment funds are invested to provide for total return. Spending from the endowment supports scholarship and other educational activities. Part X, Line 2: The University believes that it has appropriate support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the financial statements. The entity would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred. Part XI, Line 2d - Other Adjustments: Scholarships and grants included in expenses for Form 990 -17,062,721. Part XI, Line 4b - Other Adjustments: Fundraising expenses included in revenue for Form 990 -36,447. Cost of Goods Sold included in revenue for Form 990 -127,739. Part XII, Line 2d - Other Adjustments: Adjustment on annuity obligation included in expense on financial statements -2,441. Fundraising expenses included in revenue for Form 990 36,447. Cost of Goods Sold included in revenue for Form 990 127,739. Part XII, Line 4b - Other Adjustments: Scholarships and grants included in expenses for Form 990 17,062,721. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 Clarke does not make any public disclosures in the media regarding its nondiscrimination policy when recruiting students. However, Clarke does include a statement in the Magazine of Clarke, the website and other printed materials such as brochures and applications. All public job postings include a statement that Clarke is an equal opportunity employer. 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. X X X X X X X 1 EAB-Advancement Services PO Box 603519 Charlotte NC 28260 Fall, holiday, and spring appeals 0 171057 94814 76243 171057 94814 76243 AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY DC Celebrity Golf Classic 70247 57297 12950 484 10127 11660 14176 70247 57297 12950 484 10127 11660 14176 36447 -23497 1 Institutional scholarships 3079 16493234 Endowed Awards 363 436774 Federal SEOG grants 270 124403 Endowed Scholarships 40 8310 Part I, Line 2: Grants and scholarships are awarded to students based on specific criteria detailed in the various grant/scholarship agreements. Members of the financial aid office and various scholarship/award committees review records for all potential recipients to ensure that the scholarship/award is being awarded properly. X X 1 1 0 0 0 0 0 0 0 0 0 William Biebuyck VP Institutional Advancement 163491 0 0 0 4535 0 10764 0 9388 0 188178 0 0 0 Elizabeth A McGrath Treasurer-VP Business/Finance 149856 0 0 0 295 0 9848 0 9598 0 169597 0 0 0 Part I, Line 1a Fletcher Lamkin, Interim President received a non-taxable housing allowance. The Interim President was compensated by the The Registry, an unrelated organization, for services to Clarke University. A plaque in the house states the house was donated to Clarke for use as the Presidential residence. The Interim President conducts significant business activities and university related entertainment on university property. The residence is owned by Clarke and designated the Official University Presidential House. The University pays country club dues on behalf of Fletcher Lamkin, Interim President, and William Biebuyck, Vice President for Institutional Advancement. The individuals use the country club for business purposes and understand that personal use would be a taxable benefit. Part I, Line 1b The Organization does not have its own written policy regarding payment or reimbursement of expenses for the country club dues, however it follows the IRS tax law related to taxable employer benefits for the employees for which the University pays country club dues. Part I, Line 3 The Interim President was paid by a management company. The Board and management company use one or more of the methods on Part I, line 3 to establish compensation. A Iowa Higher Education Loan Authority 421235696 000000000 2023-12-20 5048666 Refunding bonds issued 5/29/2019 0 0 0 A 104890 5048666 5048666 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 0 1 0 0 0 1 A 1 X 1 1200 Cost/selling price X 177920 Cost/selling price X 10 403952 Avg low high price X Golf fundraiser 9 1067 Cost/Selling Price 0 0 1 0 Schedule M, Part I, Column (b): The University is reporting a combination of the number of contributions and number of items received in Part I, column (b). Form 990, Part VI, Section A, line 1a The Chair of the Board of Trustees at each annual meeting appoints an Executive Committee which consists of the Chair of the Board of Trustees, the President of the University, the President of the Sisters of Charity of the Blessed Virgin Mary and not less than five nor more than eleven members selected from the Board of Trustees. The Executive Committee has full charge of the affairs of the corporation between regular meetings of the Board of Trustees, subject to the conditions or limitations hereinafter imposed. Excluded from the powers and authority of this Committee are the following: 1. Power to adopt, amend or repeal the Articles of Incorporation or Bylaws; 2. Election of officers of or filling vacancies on the Board of Trustees; 3. Election of or removal of officers of the corporation; 4. Power to act on mergers or consolidations; 5. Appointment of or discharge of standing committees of the Board of Trustees; 6. Undertaking or authorization of major financing, as defined by the Debt Policy, unless specifically authorized to undertake and to negotiate financing in excess of such amount by the Board of Trustees; 7. Authority to fix officers' compensation unless specially authorized by the Board of Trustees; 8. Power to fix student fees, room and board charges, or tuition, except after presentation to the Board of Trustees and then only within the parameters as are set by the Board of Trustees; 9. Sale, lease or disposition of real estate; 10. Such other aspects of the corporation's business as the Board of Trustees may from time to time by resolution specifically restrict; 11. Confer degrees, earned or honorary. Form 990, Part VI, Section A, line 3 Management Company Compensation (CY 2023): Fletcher Lamkin Compensation: $255,000 The Interim President was compensated by an unrelated management company, The Registry, for services to Clarke University of Dubuque. The Interim President has the responsibility of supervising the management, administration and operation of the University. Form 990, Part VI, Section B, line 11b The review of the Form 990 is delegated by the Board of Trustees of Clarke University to the Audit Committee comprised of members of management of Clarke and several Trustees who serve on the Board. Any revisions are made and subsequently approved by the committee prior to the full board meeting. All Trustees receive a final copy of the Form 990 with Schedule B redacted after it is approved by the Audit Committee and before it is filed with the IRS. Form 990, Part VI, Section B, line 12c Any duality of interest or possible conflict of interest on the part of any Board of Trustee member shall be disclosed to the other members of the board of Trustees and made a matter of record through an annual procedure and also when the conflict of interest becomes a matter of action by the Board of Trustees. Any Board of Trustee member having a duality of interest or possible conflict of interest on any matter shall not vote or use his or her personal influence on the matter, and he or she shall not be counted in determining the quorum situation. The foregoing requirements shall not be construed as preventing the Board of Trustee member from briefly stating his or her position in the matter, nor from answering the pertinent questions of other Board of Trustee members since his or her knowledge may be of great assistance. Any new member of the Board will be advised of this policy upon entering upon the duties of his and her office. Form 990, Part VI, Section B, line 15 The Interim President was paid by a management company. The Board met to discuss and approve the Interim President's compensation and the contract terms with the management company, The Registry. The Audit Committee reviews the compensation for the other officers of the Organization and uses comparability data from the IAICU for similar positions. The other officers receive the same compensation increase as other salaried and faculty employees on an annual basis. Form 990, Part VI, Section C, line 19 The governing documents, conflict of interest policy and audited financial statements of Clarke University are available upon request. In addition, our university-wide conflict of interest policy is available on our website in the employment manual. Our financial statements are also posted on the National Association of College and University Business Officers' website. Form 990, Part XI, line 9: Annuity Adjustment 2,441. Charitable Remainder Trust (1) Charitable income AZ N/A T 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0