2021-01-25T14:03:41-06:00 2020-05-31 390859910 BAKER TILLY US LLP 225 S 6TH ST 2300 MINNEAPOLIS MN 55402 990 2019-06-01 420680466 LUTHER COLLEGE LUTH 5633871015 700 COLLEGE DRIVE DECORAH IA 52101 ANDREW BAILEY VP FOR FINANCE & ADMIN 5633871015 2021-01-18 1 LAWRENCE H MOHR CPA P00447603 6128764500 2021-01-18 2019 2022-09-23 18:48:47Z JENIFER K WARD 700 COLLEGE DRIVE DECORAH IA 52101 133901069 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 92 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 1,951 MEN AND WOMEN (43 PERCENT AND 57 PERCENT, RESPECTIVELY) FROM 39 STATES AND NEARLY 74 FOREIGN COUNTRIES. U.S. STUDENTS OF COLOR CONSTITUTE 12.8 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. 25 23 2594 801 -34767 -31475 15701384 12909917 103811230 101682454 6209822 7007297 1793232 1920706 127515668 123520374 51187937 53712793 0 0 42083777 41967468 0 0 3692301 32011637 29106157 125283351 124786418 2232317 -1266044 295130912 291863327 49714665 48079934 245416247 243783393 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 81050352 53022451 83997748 INSTRUCTION: LUTHER OFFERS 41 MAJORS, 46 MINORS AND INTERDISCIPLINARY MINORS,AND 9 PREPROFESSIONAL AND SPECIFIC PROGRAMS. LUTHER'S SIGNATURE PAIDEIA PROGRAM, AN INTERDISCIPLINARY COURSE SERIES OFFERED FOR MORE THAN 37 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 160 FULL-TIME FACULTY (APPROXIMATLY 93 PERCENT WITH A TERMINAL DEGREE) AND A 11:1 STUDENT-FACULTY RATIO. TOTAL ENROLLMENT WAS 1951 FTE STUDENTS IN THE FALL OF 2019. 400 STUDENTS GRADUATED IN THE 2019-20 ACADEMIC YEAR. 18113234 690342 615195 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. 13262397 17069511 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 2019, LUTHER'S RESIDENCE HALLS HOUSED 1,790 STUDENTS OR 92% OF TOTAL FALL ENROLLMENT. 1,673 STUDENTS USED THE COLLEGE'S DINING SERVICE. 390956 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. 400539 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. 791495 113217478 1 1 0 0 0 0 0 1 1 1 1 1 0 0 1 1 0 1 1 0 1 0 0 0 1 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 3745 0 2594 1 1 1 1 IT MT UK 0 0 0 1 1 1 1 0 0 0 0 0 X 25 23 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 PAULA J CARLSON PRESIDENT - PARTIAL YEAR 45.00 X 278440 0 41346 KEVIN KRAUS VP - ACADEMIC AFFAIRS 45.00 X 156844 0 26825 ERIC RUNESTAD VP - FINANCE 45.00 X 155314 0 28352 JENIFER K WARD PRESIDENT - PARTIAL YEAR 45.00 X 158668 0 22125 LISA SCOTT VP FOR INSTITUTIIONAL EQUITY & INCLUSION 45.00 X 142033 0 14782 BRADLEY CHAMBERLAIN VP FOR MISSION & COMMUNICATION 45.00 X 114498 0 26434 DEREK HARTL VP FOR ENROLLMENT 45.00 X 110591 0 27488 RICHARD BERNATZ REGISTRAR 45.00 X 110168 0 27233 COREY LANDSTROM VP & DEAN OF STUDENTS 45.00 X 124306 0 7602 MARK FRANZ EXEC DIR OF IT SERVICES 45.00 X 103766 0 20716 JAMES JERMIER VP - DEVELOPMENT - PARTIAL YEAR 45.00 X 85697 0 16181 AIMEE VINIARD-WEIDEMAN VP - MARKETING - PARTIAL YEAR 45.00 X 68196 0 4583 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 STEPHEN SPORER VP FOR DEVELOPMENT - PARTIAL YEAR 45.00 X 0 0 0 1608521 0 263667 12 0 1 0 SODEXO INC 10 EARHART DRIVE WILLIAMSVILLE NY 14221 DINING SERVICES 4553351 MERIT CONTRACTING INC 4750 HIGHWAY 63 NORTH ROCHESTER MN 55906 CONSTRUCTION 356628 STORBECK PIMENTEL & ASSOCIATES LP SUITE 3500 1400 N PROVIDENCE RD PA 60603 EXECUTIVE SEARCH SERVICE 230231 BLACKBAUD INC 2000 DANIEL ISLAND DRIVE CHARLESTON SC 29492 PERFORMANCE MANAGEMENT SERVICES 224365 MEP ASSOCIATES LLC 2720 ARBOR COURT ROCHESTER MN 55901 ENGINEER SERVICES 123645 6 42165 2722953 10144799 951565 12909917 TUITION & FEES 561910 83997748 83997748 SALES & SERVICE AUXILLIARY SERVIC 611310 17069511 17069511 SALES & SERVICE EDUCATIONAL ACTIV 611710 615195 615195 101682454 3532815 -34767 3567582 201440 176117 25323 25323 25323 13650266 10175784 3474482 3474482 3474482 45280 42165 28794 16486 16486 SUMMER PROGRAMS 721000 440279 440279 FACILITY USAGE FEES 611310 393373 393373 PERKINS LOAN CLOSEOUT 611310 311588 311588 733657 733657 1878897 123520374 101682454 -34767 8962770 53712793 53712793 1687129 620127 966886 100116 7321 7321 28676296 24560069 2457412 1658815 1275895 1070395 125387 80113 8295421 6543209 1242757 509455 2025406 1666309 235766 123331 25173 4482 20691 74749 74749 111717 111717 1330992 639391 600609 90992 74928 21817 52809 302 2002131 1591126 246736 164269 157361 75474 41838 40049 2979375 2860934 57453 60988 2849841 2656700 110826 82315 1392295 1132121 107883 152291 763061 752109 5476 5476 5955832 5661584 73562 220686 665784 253189 408759 3836 DINING SERVICES 4548512 4548512 EQUIP RENTAL/MAINTENANC 3319057 2278666 704764 335627 RESALEABLE MERCHANDISE 1188187 1141969 23109 23109 PROCESSING FEES 1023013 944906 44580 33527 644149 481596 155549 7004 124786418 113217478 7876639 3692301 37692647 39250809 6430901 6501996 319612 406289 1967534 1937147 415306 444775 546548 243379 193747392 126507749 72850831 67239643 120850188 123048224 39563590 38693761 5782024 5222765 8711731 8874539 295130912 291863327 6625985 6720210 5041630 4080445 1110167 616235 24655762 23293897 149101 211920 12132020 13157227 49714665 48079934 X 91102651 87527773 154313596 156255620 245416247 243783393 295130912 291863327 X -1266044 587514 -954324 X X 0 1 X 1 1 1 X 12234095 10770029 11972008 15701384 12909917 63587433 12234095 10770029 11972008 15701384 12909917 63587433 5031657 58555776 2938037 2860121 3385716 3826826 3857329 16868029 21032 8204 21040 -15313 -34767 196 80455658 535445197 0.72780 0.70150 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2850 29027 X X X X 0 0 1 X 166023362 1501147 7245676 4422676 3002076 167345433 168217646 2592602 2340270 4143933 2983223 166023362 162326409 1226094 11511242 3980473 2865626 168217646 150349121 3616025 14900492 3724576 2814653 162326409 152141049 6776127 -2234130 3532817 2801108 150349121 0.15000 0.68800 0.16200 1 0 74043 589538 663581 2528776 137871758 83494393 56906141 37726650 33343375 4383275 14956627 9669981 5286646 67239643 INVESTMENT IN SUBSIDIARY 1179066 C PRIVATE EQUITY FUNDS 8030440 F HEDGE FUNDS 2916171 F REAL ESTATE PARTNERSHIP & REITS 65539 F FUNDS OF FUNDS 21834777 F PARTNERSHIPS, REAL ASSETS 4667768 F 38693761 ANNUITIES PAYABLE 4275642 ASSET RETIREMENT OBLIGATION 2741315 DEPOSITS HELD IN CUSTODY OF OTHERS 302423 PAYROLL LIABILITIES 2409000 STUDENT DEPOSITS 1690091 OTHER LIABILTIES 29330 INTEREST RATE SWAP LIABILITY 1709426 13157227 X 70586598 587514 805676 1393190 69193408 111717 54215249 54326966 123520374 72219454 567204 567204 71652250 111717 53022451 53134168 124786418 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, 2020 AND 2019. THE COLLEGE'S RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES PART XI, LINE 2D - OTHER ADJUSTMENTS: ACTUARIAL ADJUSTMENT 458,435. RENTAL EXPENSE 176,117. SUBSIDIARY REVENUE 171,124. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDED/UNFUNDED SCHOLARSHIPS 53,022,451. INTEREST RATE SWAP 1,192,798. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE 176,117. SUBSIDIARY EXPENSES 391,087. PART XII, LINE 4B - OTHER ADJUSTMENTS: FUNDED/UNFUNDED SCHOLARSHIPS 53,022,451. 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 13% 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. SOUTH AMERICA 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAMS 17278 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICES STUDY ABORAD PROGRAMS 1078309 CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAMS 201698 SUB-SAHARAN AFRICA - ANGOLA, BENIN, BOTSWANA, BURKINA FASO, 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAMS 59995 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAMS 79272 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 INVESTMENTS 517207 CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 INVESTMENTS 14024447 0 0 0 0 0 0 15978206 0 15978206 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. GOLF OUTING 23118 12265 10853 0 0 2797 0 0 494 GOLF OUTING 29090 17415 11675 0 0 7849 0 0 1537 3 35237 12485 22752 0 3179 9543 0 0 3395 87445 42165 45280 3179 20189 5426 28794 16486 1 MERIT-BASED STUDENT FINANCIAL ASSISTANCE 1798 37473173 NEED-BASED STUDENT FINANCIAL ASSISTANCE 1228 9635892 INTERNATIONAL STUDENT FINANCIAL ASSISTANCE 182 2899406 TUITION BENEFIT STUDENT FINANCIAL ASSISTANCE 120 3013980 CARES ACT STUDENT FINANCIAL ASSISTANCE 1415 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 1 0 0 0 0 0 0 0 0 PAULA J CARLSON PRESIDENT - PARTIAL YEAR 253440 0 0 0 25000 0 14000 0 27346 0 319786 0 0 0 KEVIN KRAUS VP - ACADEMIC AFFAIRS 156844 0 0 0 0 0 8121 0 18704 0 183669 0 0 0 ERIC RUNESTAD VP - FINANCE 136314 0 0 0 19000 0 8226 0 20126 0 183666 0 0 0 JENIFER K WARD PRESIDENT - PARTIAL YEAR 145643 0 0 0 13025 0 7125 0 15000 0 180793 0 0 0 LISA SCOTT VP FOR INSTITUTIIONAL EQUITY & INCLU 137972 0 0 0 4061 0 6769 0 8013 0 156815 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. PART I, LINE 4A AIMEE VINIARD-WEIDEMAN RECEIVED A $45,000 SEVERANCE PAYMENT DURING 2019. THIS AMOUNT IS INCLUDED WITH REPORTABLE COMPENSATION IN COLUMN (D) OF PART VII. 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 EDUCTION LOAN AUTHORITY SERIES 2011 0 0 0 A 1635709 6868000 20174 6847826 2015 1 0 1 1 B 2792667 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 39500 MERIT SCHOLARSHIP STUDENT FINANCIAL AID X 3 2850 FMV X 3001 FMV X 250 FMV X 39 521524 FMV X 2 398833 FMV X 1 1553 FMV X GRAND PIANO & SHEET MUSIC 2 11275 FMV X EVENT PRIZES 7 8826 COST X BOARD MEETING EXPENSE 3 3213 COST X EVENT MEALS/BEVERAGES 1 240 COST 1 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 VICE PRESIDENT FOR FINANCE & ADMINISTRATION 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 458,435. INTEREST RATE SWAP -1,192,796. SUBSIDIARY REVENUE 171,124. SUBSIDIARY EXPENSE -391,087. 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 171124 1327942 1.00000 1 CHARITABLE REMAINDER UNITRUSTS (33) 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