2021-03-09T17:23:45-06:00 2020-06-30 420174325 RSM US LLP 201 FIRST ST SE SUITE 800 CEDAR RAPIDS IA 52401 990 2019-07-01 420680460 DRAKE UNIVERSITY DRAK 5152713112 2507 UNIVERSITY AVE DES MOINES IA 50311 ADAM VOIGTS CHIEF FINANCIAL OFFICER 5152713112 2021-02-01 1 CARLEY LANE P00982177 3192985333 2021-02-01 2019 2022-09-23 18:48:47Z EARL F MARTIN 2507 UNIVERSITY AVE DES MOINES IA 50311 269153591 0 X WWW.DRAKE.EDU X 1881 IA DRAKE'S MISSION IS TO PROVIDE AN EXCEPTIONAL LEARNING ENVIRONMENT THAT PREPARES STUDENTS FOR MEANINGFUL PERSONAL LIVES, PROFESSIONAL ACCOMPLISHMENTS, AND RESPONSIBLE GLOBAL CITIZENSHIP. THE DRAKE EXPERIENCE IS DISTINGUISHED BY COLLABORATIVE LEARNING AMONG STUDENTS, FACULTY, AND STAFF AND BY THE INTEGRATION OF THE LIBERAL ARTS AND SCIENCES WITH PROFESSIONAL PREPARATION. 37 36 3333 4513 35060 28936 39751897 35315962 179149500 179100000 8523498 3183233 3600214 4685830 231025109 222285025 67458784 72589959 0 0 97570718 95595927 0 251788 3615410 54063948 52609105 219093450 221046779 11931659 1238246 508907328 506477281 116203047 115606767 392704281 390870514 X DRAKE'S MISSION IS TO PROVIDE AN EXCEPTIONAL LEARNING ENVIRONMENT THAT PREPARES STUDENTS FOR MEANINGFUL PERSONAL LIVES, PROFESSIONAL ACCOMPLISHMENTS, AND RESPONSIBLE GLOBAL CITIZENSHIP. THE DRAKE EXPERIENCE IS DISTINGUISHED BY COLLABORATIVE LEARNING AMONG STUDENTS, FACULTY, AND STAFF AND BY THE INTEGRATION OF THE LIBERAL ARTS AND SCIENCES WITH PROFESSIONAL PREPARATION. 0 0 206589587 72589959 164020536 DRAKE UNIVERSITY IS A NATIONAL COEDUCATIONAL, INDEPENDENT AND PRIVATE UNIVERSITY WITH APPROXIMATELY 5,000 STUDENTS. DRAKE IS ACCREDITED BY THE HIGHER LEARNING COMMISSION OF THE NORTH CENTRAL ASSOCIATION OF SCHOOLS AND COLLEGES. 206589587 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 0 1 1 0 1 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 1 8525 0 1 3333 1 1 1 0 0 0 0 1 1 1 1 0 0 0 0 0 X 37 36 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X ADAM VOIGTS 5152713112 2507 UNIVERSITY AVE DES MOINES IA 50311 EARL MARTIN PRESIDENT 40.00 X X 430884 0 181770 DARIAN DEVRIES HEAD COACH - MEN'S BASKETBALL 40.00 X 465775 0 36232 JENNIE BARANCZYK HEAD COACH - WOMEN'S BASKETBALL 40.00 X 417399 0 36191 ALLAN VESTAL PROFESSOR OF LAW 40.00 X 270050 0 33869 JERRY ANDERSON DEAN OF LAW SCHOOL 40.00 X 252130 0 34231 JOHN SMITH VICE PRESIDENT & SECRETARY 40.00 X 203940 0 67727 BRIAN HARDIN DIRECTOR OF ATHLETICS 40.00 X 238584 0 31336 SUE MATTISON PROVOST 40.00 X 222949 0 32031 VENESSA KUHLMANN-MACRO CHIEF ADMIN OFFICER OF FIN 40.00 X 163548 0 27118 HEATHER TRAVIS ASSOCIATE CFO & INTERIM CFO 40.00 X 137981 0 11251 ADAM VOIGTS CFO & TREASURER 40.00 X 77506 0 9758 JOE AIELLO TRUSTEE 1.00 X 0 0 0 JONATHAN AZU TRUSTEE 1.00 X 0 0 0 TOM BERNAU TRUSTEE (EFFECTIVE 10/2019) 1.00 X 0 0 0 KAREN BRANDING TRUSTEE (EFFECTIVE 10/2019) 1.00 X 0 0 0 DOUGLAS BRUCE TRUSTEE 1.00 X 0 0 0 SUZIE BURT TRUSTEE 1.00 X 0 0 0 JOHNNIE CARSON TRUSTEE 1.00 X 0 0 0 PETER COWNIE TRUSTEE 1.00 X 0 0 0 RICHARD CUSAC TRUSTEE & VICE CHAIR (UNTIL 06/30/2020) 1.00 X X 0 0 0 PAUL DOUCETTE TRUSTEE 1.00 X 0 0 0 MARK ERNST TRUSTEE & VICE CHAIR 1.00 X X 0 0 0 STEVE FINERTY TRUSTEE (EFFECTIVE 1/2020) 1.00 X 0 0 0 PEGGY FISHER TRUSTEE & BOARD CHAIR 1.00 X X 0 0 0 DAVID GOLDER TRUSTEE & VICE CHAIR 1.00 X X 0 0 0 CAIN HAYES TRUSTEE 1.00 X 0 0 0 ALEJANDRO HERNANDEZ TRUSTEE (UNTIL 06/30/2020) 1.00 X 0 0 0 ANNE HILTON TRUSTEE (UNTIL 06/30/2020) 1.00 X 0 0 0 DANIEL JACOBI TRUSTEE & VICE CHAIR 1.00 X X 0 0 0 GREG JOHANSEN TRUSTEE & VICE CHAIR 1.00 X X 0 0 0 WILLIAM KNAPP II TRUSTEE 1.00 X 0 0 0 CATHRYN LACY TRUSTEE & VICE CHAIR 1.00 X X 0 0 0 DOUGLAS LANG TRUSTEE 1.00 X 0 0 0 PAUL LEAVITT TRUSTEE 1.00 X 0 0 0 CYNTHIA LESHER TRUSTEE 1.00 X 0 0 0 PATRICK MEYER TRUSTEE 1.00 X 0 0 0 DAVID MILES TRUSTEE 1.00 X 0 0 0 JOHN MILLER TRUSTEE 1.00 X 0 0 0 SUKU RADIA TRUSTEE (UNTIL 06/30/2020) 1.00 X 0 0 0 PAUL SCHICKLER TRUSTEE 1.00 X 0 0 0 WILLIAM SMITH TRUSTEE 1.00 X 0 0 0 RUDOLPH D TREBELS TRUSTEE & VICE CHAIR 1.00 X X 0 0 0 IKE VANDEN EYKEL TRUSTEE 1.00 X 0 0 0 JIM WALLACE TRUSTEE & VICE CHAIR 1.00 X X 0 0 0 LINDSAY WHORTON TRUSTEE 1.00 X 0 0 0 W ANDREW WRIGHT TRUSTEE (UNTIL 06/30/2020) 1.00 X 0 0 0 LARRY ZIMPLEMAN TRUSTEE 1.00 X 0 0 0 2880746 0 501514 151 0 1 0 SODEXO INC AND AFFILIATES PO BOX 360170 PITTSBURGH PA 15262 FOOD SERVICE 6219532 THE WEITZ COMPANY LLC 2901 THORNTON AVE DES MOINES IA 50321 CONSTRUCTION PROJECTS 4014596 DES MOINES INDEPENDENT COMMUNITY SCHOOL 2323 GRAND AVENUE DES MOINES IA 50312 HEAD START PROGRAM 2005446 STORY CONSTRUCTION 2810 WAKEFIELD CIRCLE AMES IA 50010 CONSTRUCTION PROJECTS 838595 BERGSTROM CONSTRUCTION 1719 HULL AVENUE DES MOINES IA 50313 CONSTRUCTION PROJECTS 773087 74 265664 13248116 21802182 1046123 35315962 STUDENT TUITION & FEES 611710 161361041 161361041 CONTRACT MEALS - FOOD 722100 6971891 6971891 CONTRACT INCOME - RES 721310 6575628 6575628 SPORTS INCOME 711210 2066923 2066923 PARKING FEES 812930 592572 592572 1531945 1700 1530245 179100000 2201057 3301 2197756 657936 657936 987634 605454 382180 382180 18134 364046 47215789 45975609 258004 1240180 -258004 982176 982176 81855 265664 29499 52356 52356 OTHER INCOME 611710 3581433 3581433 ALUMNI FEES 611710 11880 11880 ATHLETIC PHOTO INCOME 453220 45 45 3593358 222285025 164020536 35060 22913467 72589959 72589959 1842793 292422 1242200 308171 70824677 66354881 2804938 1664858 4951392 4527327 280577 143488 12867049 11465431 948793 452825 5110016 4682002 290889 137125 327435 327435 204635 204635 251788 251788 659576 659576 5571256 5571256 584592 575045 9547 755435 693065 20212 42158 132793 129553 3240 3205559 692304 2513255 3455375 3249447 130260 75668 2154036 2154036 8998173 8998173 895390 849669 31261 14460 CONTRACTS & LEASES 13183976 12560097 265560 358319 DUES & SUBSCRIPTIONS 3015391 2978786 11393 25212 REPAIRS & MAINTENANCE 1066511 250919 813753 1839 INCOME TAX 92290 0 92290 0 8306682 7647780 528950 129952 221046779 206589587 10841782 3615410 27701757 24755401 6536158 7778396 15444826 17426632 4673252 5039116 13270130 11351592 66804 91538 1845578 1998908 389154133 162745467 220734550 226408666 126946379 112922738 91687894 98704294 508907328 506477281 22064915 24752774 13294516 10201102 12911150 10569866 60144897 54145002 7416435 7787569 8521588 116203047 115606767 X 198099988 193894682 194604293 196975832 392704281 390870514 508907328 506477281 X 1238246 -2252396 -819617 X X 0 1 X 1 1 1 X 33291830 32917533 30393499 39751897 35315962 171670721 33291830 32917533 30393499 39751897 35315962 171670721 7895740 163774981 4048789 4982633 3741760 3369587 3693951 19836720 95014 111614 210466 26582 443676 191951117 873331768 0.85320 0.86740 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X EDUCATION 0 226154907 3343141 1930445 4641400 6256630 730295 219800168 219494332 7223228 10498492 4392740 5943024 725382 226154906 210592820 5178528 14138813 4174603 5769718 471508 219494332 192173283 7781719 20234785 3823883 5610757 162327 210592820 196490294 8346657 -3494442 3586944 5395796 186486 192173283 0.27120 0.68280 0.04600 1 0 8393618 27948639 36342257 267891983 112408740 155483243 74532927 50336727 24196200 10386966 10386966 226408666 CASH SURRENDER VALUE - LIFE INSURANCE 3895748 F FUNDS HELD IN TRUST BY OTHERS 10897454 F PRIVATE EQUITY FUNDS 83911092 F 98704294 ANNUITIES PAYABLE 952247 INTEREST RATE SWAP AGREEMENT LIABILITY 5850962 REAL ESTATE DEPOSITS 24285 AGENCY FUND 216448 FIN 47 LIABILITY 1477646 8521588 X 146884864 -2252396 -819617 -3072013 149956877 72328148 72328148 222285025 148718631 261811 261811 148456820 72589959 72589959 221046779 PART III, LINE 1A: WORKS OF ART - THE UNIVERSITY MAINTAINS SEVERAL COLLECTIONS, WHICH ARE NOT REPORTED FOR FINANCIAL STATEMENT PURPOSES. THESE COLLECTIONS INCLUDE WORKS OF ART, NATURAL HISTORY ARTIFACTS AND OTHER SIMILAR OBJECTS. COLLECTIONS ARE HELD FOR PUBLIC EXHIBITION, EDUCATION AND RESEARCH IN FURTHERANCE OF THE UNIVERSITY'S GOAL TO PROVIDE PUBLIC SERVICE. VARIOUS UNIVERSITY DEPARTMENTS HAVE THE RESPONSIBILITY TO CONTROL, PRESERVE AND PROTECT THESE COLLECTIONS. PART III, LINE 4: COLLECTIONS ARE HELD FOR PUBLIC EXHIBITION, EDUCATION AND RESEARCH IN FURTHERANCE OF THE UNIVERSITY'S GOAL TO PROVIDE PUBLIC SERVICE. PART V, LINE 4: THE UNIVERSITY'S ENDOWMENT CONSISTS OF DONOR GIFTS PLUS OTHER BOARD DESIGNATED FUNDS WHICH ARE DEEMED TO BE HELD AND INVESTED IN PERPETUITY. THE BOARD OF TRUSTEES APPROVES A SPENDING POLICY ANNUALLY FOR THE ENDOWMENT. ENDOWMENT EARNINGS ARE SPENT ON SCHOLARSHIPS AND AWARDS, GENERAL EDUCATION SUPPORT AND LIBRARIES, GENERAL UNIVERSITY OPERATIONS, AND FACULTY CHAIRS AND PROFESSORSHIPS IN ACCORDANCE WITH DONOR STIPULATIONS AND BOARD RESTRICTIONS. PART X, LINE 2: GAAP REQUIRES MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE UNIVERSITY AND RECOGNIZE A TAX LIABILITY (OR ASSET) IF THE UNIVERSITY HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE IRS. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE UNIVERSITY, AND HAS CONCLUDED THAT AS OF JUNE 30, 2020 AND 2019, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. THE UNIVERSITY IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. THE STATUTE OF LIMITATIONS ON THE UNIVERSITY'S U.S. FEDERAL TAX RETURNS REMAINS OPEN FOR THE YEARS ENDED JUNE 30, 2017, THROUGH THE PRESENT. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 61,022. CHANGE IN VALUE OF INTEREST RATE SWAP AGREEMENTS -1,123,424. POST-RETIREMENT BENEFIT PLAN RELATED CHANGES 242,785. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 72,589,959. FUNDRAISING EVENT EXPENSES -29,499. RENTAL EXPENSES NETTED WITH REVENUE -232,312. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES 29,499. RENTAL EXPENSES NETTED WITH REVENUE 232,312. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 72,589,959. 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 DRAKE UNIVERSITY DOES NOT UNLAWFULLY DISCRIMINATE ON THE BASIS OF SEX, COLOR, RELIGION, NATIONAL OR ETHNIC ORIGINS, AGE, SEXUAL ORIENTATION, DISABILITY OR VETERAN DISABILITY STATUS IN ADMINISTRATION OF ITS POLICIES ENCOMPASSING THE ENTIRE UNIVERSITY. DRAKE RESERVES THE RIGHT TO TAKE AFFIRMATIVE ACTION IN CONNECTION WITH THIS POLICY. DRAKE UNIVERSITY IS NOT REQUIRED TO PUBLICIZE ITS RACIALLY NONDISCRIMINATORY POLICY THROUGH NEWSPAPER OR BROADCAST MEDIA DURING REGISTRATION BECAUSE PARAGRAPH 4.03(2)(B) OF REV. PROC. 75-50 APPLIES. THE NONDISCRIMINATORY POLICY IS PROVIDED ON THE UNIVERSITY WEBSITE INCLUDING ON THE HOMEPAGE THROUGH THE POLICY LIBRARY AND NONDISCRIMINATION & ACCESSIBILITY LINKS. SCHEDULE E, PART I, LINE 6 DRAKE RECEIVES TITLE IV FINANCIAL AID FOR STUDENTS FROM THE DEPARTMENT OF EDUCATION PELL GRANT PROGRAM, SEOG, WORK STUDY PROGRAM, PERKINS LOAN PROGRAM AND DIRECT LOAN PROGRAM. DRAKE RECEIVES STATE-FUNDED STUDENT ASSISTANCE FROM IOWA TUITION GRANT AND ALL IOWA OPPORTUNITY SCHOLARSHIP PROGRAMS. EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES SHORT-TERM INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT. 235180 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES SHORT-TERM INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT. 69742 NORTH AMERICA 0 0 PROGRAM SERVICES SHORT-TERM INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT. 55136 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES SHORT-TERM INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT. 83405 SOUTH ASIA 0 0 PROGRAM SERVICES SHORT-TERM INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT AND NELSON INSTITUTE RESEARCH PROJECT. 14376 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES SHORT-TERM INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT. 177614 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS INVESTMENTS 25747739 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS INVESTMENTS 406898 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES SHORT-TERM INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT. 77808 0 0 0 0 0 0 26790090 77808 26867898 0 0 1 1 1 0 PART I, LINE 3: THE FOREIGN EXPENDITURES ARE ACCOUNTED FOR ON AN ACCRUAL METHOD, WHICH IS THE SAME METHOD THAT IS USED ON THE UNIVERSITY'S FINANCIAL STATEMENTS. PART III ACCOUNTING METHOD: X X X X X X X 1 GRENZEBACH GLIER AND ASSOCIATES INC 200 SOUTH MICHIGAN AVENUE SUITE 210 CHICAGO IL 60604 CAMPAIGN CONSULTING 0 0 26653 -26653 RUFFALO NOEL LEVITZ 1025 KIRKWOOD PKWY SW CEDAR RAPIDS IA 52404 PHONATHON 0 0 180500 -180500 BUSINESSMINE LLC 784 OAK CREEK DR LOMBARD IL 60148 MAILINGS 0 0 44635 -44635 251788 -251788 IA RAY CENTER FUNDRAISING 281519 265664 15855 15375 1614 3533 RAISE THE PURSE LUNCH 66000 66000 158 4180 4639 347519 265664 81855 15533 5794 8172 29499 52356 1 DRAKE UNIVERSITY AWARDED STUDENT AID 3131 67301558 RESTRICTED/ENDOWED SCHOLARSHIPS 1036 5288401 PART I, LINE 2: DRAKE UNIVERSITY HAS EMPLOYEES DEDICATED TO POST-AWARD REVIEW AND COMPLIANCE FOR ALL FEDERAL, STATE, AND PRIVATE GRANTS RECEIVED. IN ADDITION, DRAKE RECEIVES AN A-133 AUDIT ON AN ANNUAL BASIS FROM THE EXTERNAL AUDIT FIRM. OUR FY20 A-133 AUDIT EXPRESSED AN UNQUALIFIED OPINION WITH NO FINDINGS, NO SIGNIFICANT DEFICIENCIES IN INTERNAL CONTROL, AND NO INSTANCES OF MATERIAL NONCOMPLIANCE. X X X X 1 1 X X X 0 1 0 0 0 0 0 1 0 EARL MARTIN PRESIDENT 358007 0 55000 0 17877 0 77480 0 104290 0 612654 0 0 0 DARIAN DEVRIES HEAD COACH - MEN'S BASKETBALL 414658 0 41000 0 10117 0 22400 0 13832 0 502007 0 0 0 JENNIE BARANCZYK HEAD COACH - WOMEN'S BASKETBALL 293658 0 117500 0 6241 0 22400 0 13791 0 453590 0 0 0 ALLAN VESTAL PROFESSOR OF LAW 265661 0 0 0 4389 0 20748 0 13121 0 303919 0 0 0 JERRY ANDERSON DEAN OF LAW SCHOOL 248015 0 0 0 4115 0 20349 0 13882 0 286361 0 0 0 JOHN SMITH VICE PRESIDENT & SECRETARY 197791 0 0 0 6149 0 16331 0 51396 0 271667 0 0 0 BRIAN HARDIN DIRECTOR OF ATHLETICS 210458 0 23000 0 5126 0 17544 0 13792 0 269920 0 0 0 SUE MATTISON PROVOST 219158 0 0 0 3791 0 18200 0 13831 0 254980 0 0 0 VENESSA KUHLMANN-MACRO CHIEF ADMIN OFFICER OF FIN 162649 0 0 0 899 0 13567 0 13551 0 190666 0 0 0 PART I, LINE 1A A UNIVERSITY-OWNED RESIDENCE IS PROVIDED TO THE PRESIDENT. THIS IS A CONDITION OF EMPLOYMENT AND IS FOR THE CONVENIENCE OF THE EMPLOYER. THE RESIDENCE IS USED FOR MANY UNIVERSITY FUNCTIONS, MEALS, AND RECEPTIONS INVOLVING FACULTY, STAFF, STUDENTS, DONORS, AND THE GENERAL PUBLIC THROUGHOUT THE YEAR. THE VALUE OF THE RESIDENCE IS INCLUDED IN NONTAXABLE BENEFITS IN PART II, COLUMN (D). A SOCIAL CLUB MEMBERSHIP IS PROVIDED TO THE PRESIDENT AND HEAD MEN'S BASKETBALL COACH FOR UNIVERSITY BUSINESS. ANY EXPENSES INCURRED THAT ARE NOT RELATED TO UNIVERSITY BUSINESS ARE PAID FOR PERSONALLY BY THE INDIVIDUALS. THE HEAD MEN'S BASKETBALL COACH OCCASIONALLY TRAVELS BY CHARTER WITH THE BASKETBALL TEAMS TO SCHEDULED EVENTS. THE UNIVERSITY DOES NOT PROVIDE FIRST CLASS TRAVEL. TRAVEL FOR COMPANIONS IS PROVIDED IF IT IS NECESSARY FOR BUSINESS PURPOSES. WHEN TRAVEL FOR COMPANIONS IS PROVIDED FOR NON-BUSINESS PURPOSES, THE VALUE OF THE TRAVEL IS INCLUDED IN TAXABLE WAGES. NONTAXABLE BENEFITS INCLUDE UNDERGRADUATE TUITION WAIVER BENEFITS OF THE EMPLOYEE AND IMMEDIATE FAMILY. PART I, LINE 4B (4B) THE ORGANIZATION MAINTAINS A NON-QUALIFIED DEFERRED COMPENSATION PLAN UNDER SECTION 457(F) OF THE INTERNAL REVENUE CODE. THE PLAN PROVIDES FOR THE ORGANIZATION TO MAKE CONTRIBUTIONS FOR ELIGIBLE EMPLOYEES. CONTRIBUTIONS DURING THE YEAR TOTALED $55,080 FOR EARL F. MARTIN, PRESIDENT. THERE WERE NO DISTRIBUTIONS FROM THE PLAN DURING THE YEAR. PART I, LINE 7 EARL F. MARTIN III RECEIVED A DISCRETIONARY NONFIXED BONUS PAYMENT DETERMINED BY THE BOARD OF TRUSTEES. ALL OTHER REPORTED BONUS PAYMENTS ARE SPECIFIED IN RESPECTIVE INDIVIDUAL'S EMPLOYMENT CONTRACT AND ARE BASED ON SPECIFIC CRITERIA. A IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 4624604F0 2016-04-28 33422431 CONSTRUCT FACILITY & REFUND ISSUE (4/5/07) 0 0 0 B IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 2017-01-18 15200000 CONSTRUCT, RENOVATE & EQUIP FACILITY 0 0 0 C IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 2017-02-07 29695000 REFUND PRIOR ISSUE (4/30/08) 0 0 0 A 6825000 33478225 4649 411264 22003556 11058756 0 1 1 1 B 6775000 15209594 116500 15093094 0 0 1 1 C 9450000 29695000 170000 29525000 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 0 1 1 1 0 0 0 1 C 0 0 1 1 1 0 0 0 1 A 1 B 1 C 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: IOWA HIGHER EDUCATION LOAN AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 04/01/2018 ISSUER NAME: IOWA HIGHER EDUCATION LOAN AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 01/18/2019 ISSUER NAME: IOWA HIGHER EDUCATION LOAN AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 08/07/2017 NOTE REGARDING THE REBATE COMPUTATION ON 1/18/19 & 8/7/17 SINCE THE BOND PROCEEDS HAVE BEEN SPENT, A SPENDING EXCEPTION WAS MET, AND THE DEBT SERVICE FUND WAS OPERATED ON A BONA FIDE BASIS, NO FURTHER REBATE CALCULATIONS ARE NECESSARY. NOTE REGARDING THE REBATE COMPUTATION ON 4/1/2018 SINCE THE BOND PROCEEDS HAVE BEEN SPENT, AND THE DEBT SERVICE FUND WAS OPERATED ON A BONA FIDE BASIS, NO FURTHER REBATE CALCULATIONS ARE NECESSARY. X 142 APPRAISAL X 156 2741214 STOCK EXCHANGE X 1 290000 APPRAISAL X PROGRAM EQUIPMENT & RESOURCES 3 262000 ACTUAL COST X PROGRAM EQUIPMENT & RESOURCES 243 32480 ITEMS < 5,000 EACH 2 0 1 0 PART I, COLUMN (B): REPORTING THE NUMBER OF CONTRIBUTIONS SCHEDULE M, PART I NONCASH CONTRIBUTIONS REPORTED ON SCHEDULE M INCLUDE CURRENT YEAR CONTRIBUTIONS IN ADDITION TO PRIOR YEAR PLEDGES RECEIVED DURING THE CURRENT FISCAL YEAR IN THE FORM OF NONCASH CONTRIBUTIONS. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD AUDIT COMMITTEE IS CHARGED WITH REVIEW OF THE FORM 990 ON BEHALF OF THE ENTIRE BOARD OF TRUSTEES. UPON COMPLETION OF THE CURRENT YEAR'S RETURN, FINANCE STAFF, ALONG WITH DRAKE'S EXTERNAL TAX FIRM REVIEWED THE COMPLETED FORM 990 WITH THE AUDIT COMMITTEE. A COPY OF THE COMPLETE FORM 990 WAS MADE AVAILABLE TO EACH MEMBER OF THE BOARD OF TRUSTEES VIA THE BOARD PORTAL PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C A CONFLICT OF INTEREST FORM IS ANNUALLY COMPLETED BY EACH DRAKE UNIVERSITY TRUSTEE, OFFICER, AND KEY ADMINISTRATOR. THE FORM IS COLLECTED BY THE PRESIDENT'S OFFICE WHICH ENSURES ALL REQUESTED FORMS ARE RECEIVED. THE RESULTS ARE SENT TO THE OFFICE OF THE CHIEF FINANCIAL OFFICER FOR FURTHER REVIEW AND MONITORING AS NEEDED. INFORMATION REPORTED ON THE FORMS IS ALSO PROVIDED TO THE AUDIT COMMITTEE ANNUALLY FOR REVIEW, ASSESSMENT, AND MONITORING AS NEEDED. FORM 990, PART VI, SECTION B, LINE 15 DRAKE UNIVERSITY PARTICIPATES ANNUALLY IN THE COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION FOR HUMAN RESOURCES (CUPA-HR) SALARY SURVEYS. THE ADMINISTRATIVE SALARY SURVEY REPORTS BASE SALARY INFORMATION FOR SENIOR LEVEL ADMINISTRATIVE POSITIONS. A PEER GROUP OF INSTITUTIONS THAT ARE SIMILAR TO AND COMPETE WITH DRAKE UNIVERSITY WAS ESTABLISHED FOR PURPOSES OF COMPENSATION ANALYSIS. FACTORS INCLUDED IN DETERMINING THE DRAKE UNIVERSITY PEER GROUP INCLUDE: ACADEMIC PROGRAMS, ENROLLMENT, BUDGET SIZE, STUDENT DEMOGRAPHICS AND ACADEMIC QUALITY. THE CUPA-HR SALARY SURVEY TOOL ALLOWS DRAKE TO COMPARE BASE SALARIES AGAINST THOSE REPORTED BY PEER INSTITUTIONS, THEREBY PROVIDING HIGHLY RELIABLE COMPARABLE SALARY INFORMATION. DRAKE UNIVERSITY ALSO PARTICIPATES IN SECONDARY SURVEY SOURCES. DRAKE PARTICIPATES PERIODICALLY IN A SURVEY OF SENIOR POSITIONS CONDUCTED BY AN INDEPENDENT CONSULTING COMPANY, YAFFE AND COMPANY (YAFFE SURVEY). THIS SURVEY DOES NOT TARGET DRAKE'S PEER GROUP, BUT PROVIDES KEY INFORMATION ABOUT OTHER CONTRACT TERMS BEYOND BASE SALARY, SUCH AS INCENTIVE AND DEFERRED COMPENSATION. IT ALSO PROVIDES DATA WITH RESPECT TO BENEFITS SUCH AS CAR ALLOWANCES, MEMBERSHIPS AND HOUSING ALLOWANCES. ANNUALLY THE DIRECTOR, HR AND THE CHIEF ADMINISTRATION OFFICE DEVELOP A COMMUNICATION TO THE BOARD OF TRUSTEES COMPENSATION COMMITTEE DOCUMENTING AN ANALYSIS OF BASE SALARY COMPENSATION FOR THE PRESIDENT AND NON-FACULTY MEMBERS OF THE PRESIDENT'S COUNCIL (COUNCIL). THE DRAKE UNIVERSITY COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES ("THE COMMITTEE") IS AN INDEPENDENT BODY COMPRISED OF NON-DRAKE UNIVERSITY EMPLOYEES. EXTENSIVE AND COMPLETE COMPARABILITY DATA EXISTS TO MEET THE REQUIREMENTS OF THE REBUTTABLE PRESUMPTION STANDARD OF REASONABLENESS FOR EXECUTIVE COMPENSATION AS SET FORTH BY THE TREASURY DEPARTMENT'S REGULATIONS IMPLEMENTING INTERNAL REVENUE CODE SECTION 4958. IN ADDITION, IN 2019 DRAKE UNDERTOOK AN ANALYSIS OF PRESIDENTIAL COMPENSATION FOR THE PURPOSES OF ENSURING AN ADDITIONAL THIRD-PARTY REVIEW OF COMPENSATION PRACTICES. THE SCOPE OF THAT STUDY INCLUDED BENCHMARKING ALL COMPONENTS OF THE PRESIDENT'S COMPENSATION INCLUDING BASE SALARY, BONUS AND INCENTIVE COMPENSATION, OTHER COMPENSATION AND NONTAXABLE BENEFITS, RETIREMENT AND DEFERRED COMPENSATION AND TOTAL RENUMERATION. THE ANALYSIS USED DATA GATHERED FROM IRS FORM 990 FOR PEER INSTITUTIONS AS WELL AS BASE SALARY INFORMATION FROM REPUTABLE, PUBLISHED SURVEY DATA. THE COMMITTEE COMPLETES CONTEMPORANEOUS SUBSTANTIATION OF ITS DELIBERATION AND DECISION IN THE FORM OF AN ITEMIZED RESOLUTION. FORM 990, PART VI, SECTION C, LINE 18 THE ORGANIZATION'S FORM 1023, FORM 990 AND FORM 990-T ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S AUDIT REPORT IS AVAILABLE ON THE UNIVERSITY'S WEBSITE. THE BYLAWS OF THE ORGANIZATION ARE ALSO AVAILABLE ON THE UNIVERSITY'S WEBSITE. THE ORGANIZATION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 61,022. CHANGE IN VALUE OF INTEREST RATE SWAP AGREEMENTS -1,123,424. POST-RETIREMENT BENEFIT PLAN RELATED CHANGES 242,785. FORM 990, PART XII, LINE 2C THE PROCESS FOR AUDIT OVERSIGHT AND SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM THE PRIOR YEAR COMMUNITY HOLDINGS LLC 2507 UNIVERSITY AVE 307 OLD MAIN DES MOINES IA 50311 843520795 SOLE MEMBER LLC FOR NMTC FINANCING IA -135540 8060008 DRAKE UNIVERSITY