2021-05-14T13:10:17-05:00 2020-06-30 390859910 BAKER TILLY US LLP 777 E WISCONSIN AVENUE FLOOR 32 MILWAUKEE WI 53202 990 2019-07-01 370661496 CARTHAGE COLLEGE CART 2625518500 2001 ALFORD PARK DR KENOSHA WI 53140 VINCENTE J CEJA CFO, AVP FOR FINANCE AND ADMIN 2625515763 2021-05-13 1 TROY E MARINE CPA P00187863 4147775500 2019 2022-09-23 18:48:47Z JOHN R SWALLOW 2001 ALFORD PARK DR KENOSHA WI 53140 174229252 0 X WWW.CARTHAGE.EDU X 1847 WI 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. 25 25 2839 122 587000 0 6284549 8494315 139359581 134707988 3660242 4769015 -16399 -9542 149287973 147961776 68672100 71371635 0 0 47259633 42824732 0 0 1816460 36987512 35415581 152919245 149611948 -3631272 -1650172 324089073 324316773 67607458 70862071 256481615 253454702 X SEEKING TRUTH, BUILDING STRENGTH, INSPIRING SERVICE - TOGETHER 0 0 94749048 68366126 115623077 INSTRUCTION: CARTHAGE COLLEGE AWARDS THE BACHELOR OF ARTS DEGREES WITH MAJORS IN MORE THAN 40 SUBJECT AREAS AND TWO MASTER DEGREES. THE 2019-2020 ACADEMIC YEAR ENROLLMENT WAS 2,758 FULL TIME EQUIVALENT (FTE) STUDENTS IN THE FALL SEMESTER AND 2,597 FTE STUDENTS ENROLLED IN THE SPRING SEMESTER. OF THE TOTAL NUMBER OF STUDENTS ENROLLED IN 2019-2020 ACADEMIC YEAR, 615 MET THE UNDERGRADUATE REQUIREMENTS OF GRADUATION, 21 MET THE GRADUATE REQUIREMENTS FOR THE MASTERS IN EDUCATION, AND 11 MET THE GRADUATE REQUIREMENTS FOR THE MASTERS IN SCIENCE. 13746229 INSTUTUTIONAL SUPPORT AT CARTHAGE COLLEGE IS COMPRISED OF SERVICES THAT SUPPORT THE ADMINISTRATIVE FUNCTIONS OF THE COLLEGE INCLUDING PRESIDENT'S OFFICE, ADVANCEMENT, COMMUNICATIONS, FINANCE & ADMINISTRATIVE SERVICES, AND GENERAL INSTITUTIONAL EXPENSES. 12539024 901986 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. 6176466 3005509 17595925 AUXILIARY ENTERPRISES AT CARTHAGE COLLEGE ARE COMPRISED OF 13 RESIDENCE HALLS ON CAMPUS (12 WERE IN USE), 9 DINING VENUES, AND A BOOKSTORE FOR STUDENTS, FACULTY AND STAFF. OF THE TOTAL STUDENT BODY, 62.6% OF ENROLLED STUDENTS LIVED ON-CAMPUS AND PARTICIPATED IN THE RESIDENT STUDENT BOARD PLAN. 1,727 STUDENTS RESIDED IN CAMPUS HOUSING DURING THE 2019-2020 ACADEMIC YEAR. 5227433 OTHER PROGRAM SERVICES 11403899 3005509 17595925 132438200 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 4158 0 1 2839 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 25 25 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 0 1 0 0 WI X VINCENTE J CEJA 2625515763 2001 ALFORD PARK DRIVE KENOSHA WI 53140 JOHN SWALLOW PRESIDENT 40.00 X 380851 0 101461 DAVID TIMMERMAN PROVOST & VP ACADEMIC AFFAIRS 40.00 X 211979 0 47438 NICHOLAS MULVEY VP ENROLLMENT 40.00 X 161647 0 60251 KURT PIEPENBURG PROFESSOR 40.00 X 155025 0 61170 KIMBERLIE GOLDSBERRY STUDENT AFFAIRS & RESIDENTIAL LIFE 40.00 X 180006 0 32905 DALE MCCLAIN VP FINANCE & ADMINISTRATION, CFO 40.00 X 191057 0 11726 THOMAS KLINE VP ADVANCEMENT 40.00 X 177217 0 17914 JENNIFER MADDEN ASSISTANT PROFESSOR OF MGMT & MARKETING 40.00 X 151597 0 42192 ABIGAIL HANNA VP INSTITUTIONAL EFFECTIVENESS 40.00 X 152328 0 38361 FRANKLIN HICKS DIRECTOR OF NURSING PROGRAM 40.00 X 151914 0 29636 ARTHUR CYR CLAUSEN DISCT PROF OF INTL POL ECONOMY 40.00 X 145315 0 29138 KEVIN CROSBY PROFESSOR OF PHYSICS, DIRECTOR NASA 40.00 X 124010 0 47930 LISA HINKLEY ASSOC VP CAREER SERVICES 40.00 X 147179 0 24034 CHRISTINE SANNI VP COMMUNICATIONS 40.00 X 112140 0 20052 MICHELLE MANNING ATHLETIC DIRECTOR 40.00 X 102306 0 21489 WILLIAM ABT SENIOR INVESTMENT OFFICER 40.00 X 48887 0 0 TINA SCHMITZ VP FINANCE & ADMINISTRATION, CFO 40.00 X 16333 0 79 GINA MADRIGRANO FRIEBUS TRUSTEE, FIRST VICE CHAIR 1.00 X X 0 0 0 HOYT H 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 BISHOP TRUSTEE 1.00 X 0 0 0 FREDERICK KRULL TRUSTEE 1.00 X 0 0 0 ROBERT LEE TRUSTEE 1.00 X 0 0 0 JEFFREY A NEUBAUER TRUSTEE 1.00 X 0 0 0 LUCY BROWN MINN TRUSTEE 1.00 X 0 0 0 MARIA NALYWAYKO TRUSTEE 1.00 X 0 0 0 RICHARD M CHRISTMAN TRUSTEE 1.00 X 0 0 0 H JEFFREY HAMAR TRUSTEE,CHAIR 1.00 X 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 ALAN K MILLS TRUSTEE 1.00 X 0 0 0 TOM MARTINEZ TRUSTEE 1.00 X 0 0 0 THE REVEREND WAYNE N MILLER 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 CHARLES SUTTON TRUSTEE 1.00 X 0 0 0 DAVID C WIERS TRUSTEE 1.00 X 0 0 0 GARY WILSON TRUSTEE 1.00 X 0 0 0 THE REVEREND DR PAUL D ERICKSON TRUSTEE 1.00 X 0 0 0 2609791 0 585776 48 1 1 0 SODEXO INC PO BOX 360170 PITTSBURGH PA 152516170 FOOD SERVICE 5045585 RILEY CONSTRUCTION 5301 99TH AVENUE KENOSHA WI 53144 GENERAL CONTRACTOR 2903901 RESTOREMORE INC PO BOX 45177 RACINE WI 534047029 CLEANING AND RESTORATION 1053993 UNIVERSAL PROTECTION SERVICE LP 1551 N TUSTIN AVENUE SANTA ANA CA 92705 SECURITY 972916 MICHELS CORPORATION PO BOX 128 BROWNSVILLE WI 53006 GENERAL CONTRACTOR 969960 50 1000 5057007 3436308 362868 8494315 TUITION AND FEES 611710 115623077 115623077 AUX. ENTERPRISE 611710 18182925 17595925 587000 OTHER STUDENT SERVICES 611710 901986 901986 134707988 2772805 2772805 28254144 26257934 1996210 1996210 1996210 0 1000 9542 -9542 -9542 147961776 134120988 587000 4759473 10000 10000 71361635 71361635 1412966 929385 456433 27148 29977670 23568900 5703495 705275 1912521 1492594 375303 44624 7166803 5593209 1406374 167220 2354772 1837741 462088 54943 27713 21628 5438 647 105263 82151 20656 2456 63680 49698 12496 1486 7259446 5665511 1424554 169381 1199027 933564 237253 28210 2321924 1812106 455642 54176 1447335 1129548 284017 33770 10532718 8220080 2066883 245755 2331721 1819752 457564 54405 82875 64678 16263 1934 1417502 1106265 278163 33074 6763129 5278168 1327160 157801 965361 753400 189437 22524 GENERAL INSTITUTIONAL 897887 708187 178069 11631 149611948 132438200 15357288 1816460 11853703 7099348 1167154 1847778 3529898 4655216 2131864 1794401 741958 1302714 261712339 81010549 176659049 180701790 126971947 126134364 721032 734010 312468 47152 324089073 324316773 5691748 7335300 2456509 1874601 6179185 9699495 50060000 48055000 470143 364872 2749873 3532803 67607458 70862071 X 160079847 158655303 96401768 94799399 256481615 253454702 324089073 324316773 X -1650172 -397967 -978776 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 233349 X X X X 0 123918518 1308351 4414373 5062784 124578458 108980136 774168 6296660 4645160 -12512714 123918518 106774647 -4789990 10313267 3386459 -68671 108980136 85439746 6312494 14958952 -63455 106774647 84390973 883026 92667 -73080 85439746 0.27680 0.43300 0.29020 0 0 20665249 20665249 192157164 46478606 145678558 47031000 33591856 13439144 1858926 940087 918839 180701790 ANNUITIES PAYABLE 1417097 DEPOSITS HELD IN CUSTODY FOR OTHERS 961274 ASSET RETIREMENT OBLIGATION 270663 CAPITAL LEASE OBLIGATION 77335 INTEREST RATE SWAP LIABILITY 806434 3532803 X 75232940 -397967 -969234 -1367201 76600141 71361635 71361635 147961776 78259855 9542 9542 78250313 71361635 71361635 149611948 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 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, 2020 AND 2019, 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, 2020 AND 2019. THE COLLEGE'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 9,542. ADJUSTMENT OF ACTUARIAL LIABILITY FOR ANNUITIES PAYABLE 86,032. LOSS ON INTEREST RATE SWAP -1,064,808. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS TO STUDENTS 71,361,635. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 9,542. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS TO STUDENTS 71,361,635. 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. X X X X X X X 1 BENTZ WHALEY FLESSNER PO BOX 718 DES MOINES IA 503030718 CONSULTING ON GIFT PROGRAMS 0 0 0 8462 8462 RED MEN/LADY REDS GOLF 1000 1000 2374 6706 462 1000 1000 2374 6706 462 9542 -9542 1 UNITED WAY OF KENOSHA COUNTY 5500 6TH AVE KENOSHA WI 53140 501(C)(3) 10000 ANNUAL CONTRIBUTION TO "BUILDING OUR FUTURE" PROGRAM 1 SCHOLARSHIPS AND GRANTS PROVIDED AS FINANCIAL AID TO STUDENTS 2606 66144484 PELL GRANTS 754 3302802 FSEOG 400 410901 WI TUITION GRANT 459 1503448 PART I, LINE 2: 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 340833 0 18750 0 21268 0 25323 0 76138 0 482312 0 0 0 DAVID TIMMERMAN PROVOST & VP ACADEMIC AFFAIRS 211194 0 785 0 0 0 14000 0 33438 0 259417 0 0 0 NICHOLAS MULVEY VP ENROLLMENT 160862 0 785 0 0 0 17200 0 43051 0 221898 0 0 0 KURT PIEPENBURG PROFESSOR 152055 0 1185 0 1785 0 16460 0 44710 0 216195 0 0 0 KIMBERLIE GOLDSBERRY STUDENT AFFAIRS & RESIDENTIAL LIFE 179221 0 785 0 0 0 18250 0 14655 0 212911 0 0 0 DALE MCCLAIN VP FINANCE & ADMINISTRATION, CFO 185147 0 785 0 5125 0 11232 0 494 0 202783 0 0 0 THOMAS KLINE VP ADVANCEMENT 175182 0 785 0 1250 0 17500 0 414 0 195131 0 0 0 JENNIFER MADDEN ASSISTANT PROFESSOR OF MGMT & MARKET 124244 0 1185 0 26168 0 11425 0 30767 0 193789 0 0 0 ABIGAIL HANNA VP INSTITUTIONAL EFFECTIVENESS 151543 0 785 0 0 0 15617 0 22744 0 190689 0 0 0 FRANKLIN HICKS DIRECTOR OF NURSING PROGRAM 147229 0 1185 0 3500 0 14997 0 14639 0 181550 0 0 0 ARTHUR CYR CLAUSEN DISCT PROF OF INTL POL ECONO 144130 0 1185 0 0 0 14617 0 14521 0 174453 0 0 0 KEVIN CROSBY PROFESSOR OF PHYSICS, DIRECTOR NASA 122825 0 1185 0 0 0 13627 0 34303 0 171940 0 0 0 LISA HINKLEY ASSOC VP CAREER SERVICES 146394 0 785 0 0 0 9453 0 14581 0 171213 0 0 0 MICHELLE MANNING ATHLETIC DIRECTOR 93829 0 5785 0 2692 0 6962 0 14527 0 123795 0 0 0 PART I, LINES 4A-B THE COLLEGE HAD 2 ACTIVE 457F RETIREMENT PLANS FUNDED BY THE ORGANIZATION. FOR FISCAL YEAR 06/30/2020, THE TOTAL COLLEGE CONTRIBUTIONS AND WITHDRAWALS FROM THE PLANS WERE AS FOLLOWS: - FROM VANGUARD 457F - WILLIAM ABT - $0.00 CONTRIBUTIONS, DRAW# 2 OF 5 FOR $52,125 PAID ON 1/15/2020. - FROM PRINCIPAL LIFE 457F - JOHN SWALLOW - 3 CONTRIBUTIONS OF $25,000 EACH. ALL CONTRIBUTIONS TO PRINCIPAL WERE MADE AFTER 1/1/20. 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 4695000 42500000 42500000 1 0 1 1 B 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 20 342352 FMV X OTHER 6 20515 FMV 0 1 1 PART I, LINE 32B: AS NEEDED BASED ON NON-CASH CONTRIBUTION - BAIRD IS USED TO RECEIVE AND SELL STOCK CONTRIBUTED. PART I, LINE 33: THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTORS. 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 DONORS 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 PAYABLE 86,032. LOSS ON INTEREST RATE SWAP -1,064,808. FORM 990, PART XII, LINE 2C: NEITHER THE OVERSIGHT PROCESS OF THE AUDIT NOR THE SELECTION PROCESS OF THE INDEPENDENT ACCOUNTANT CHANGED DURING THE TAX YEAR. CHARITABLE REMAINDER ANNUITY TRUSTS (140) CHARITABLE TRUST WI N/A T 0 CHARITABLE REMAINDER UNITRUST (5) 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