2020-02-26T13:44:27-06:00 2019-06-30 420174325 RSM US LLP 201 FIRST ST SE SUITE 800 CEDAR RAPIDS IA 52401 990 2018-07-01 420680460 DRAKE UNIVERSITY DRAK 5152713112 2507 UNIVERSITY AVE DES MOINES IA 50311 ADAM VOIGTS CHIEF FINANCIAL OFFICER 5152713112 2020-02-26 1 CARLEY UMSTEAD P00982177 3192985333 66.98.98.134 2020-02-26 13:43:57 CS P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 CFDCB964B1DF4C9A9DAAC3B1488004CEFEDD9B1E 2018 2020-09-23 17:36:50Z EARL F MARTIN 2507 UNIVERSITY AVE DES MOINES IA 50311 297441407 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. 36 35 3424 4698 261786 209466 30393499 39751897 173339036 179149500 26522484 8523498 654135 3600214 230909154 231025109 63036604 67458784 0 0 95429316 97570718 0 0 3617841 54108773 54063948 212574693 219093450 18334461 11931659 500363401 508907328 121454856 116203047 378908545 392704281 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 205508017 67458784 161335273 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. 205508017 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 8156 0 1 3424 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 36 35 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 X EMILY ABBAS TRUSTEE 1.00 X 0 0 0 JOE AIELLO TRUSTEE 1.00 X 0 0 0 JONATHAN AZU TRUSTEE 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 S CUSAC TRUSTEE & VICE CHAIR 1.00 X X 0 0 0 PAUL DOUCETTE TRUSTEE 1.00 X 0 0 0 WILLIAM M DRURY JR TRUSTEE (UNTIL 1/2019) 1.00 X 0 0 0 MARK ERNST TRUSTEE & VICE CHAIR 1.00 X X 0 0 0 PEGGY FISHER TRUSTEE 1.00 X 0 0 0 DAVID GOLDER TRUSTEE & BOARD CHAIR 1.00 X X 0 0 0 CAIN HAYES TRUSTEE 1.00 X 0 0 0 ALEJANDRO HERNANDEZ TRUSTEE 1.00 X 0 0 0 ANNE HILTON TRUSTEE 1.00 X 0 0 0 DANIEL E JACOBI TRUSTEE & VICE CHAIR 1.00 X X 0 0 0 GREG JOHANSEN TRUSTEE & BOARD VICE CHAIR 1.00 X X 0 0 0 WILLIAM CLARE KNAPP II TRUSTEE 1.00 X 0 0 0 CATHRYN LACY TRUSTEE 1.00 X 0 0 0 JUSTICE DOUGLAS S LANG TRUSTEE 1.00 X 0 0 0 PAUL W 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 SUKU RADIA TRUSTEE 1.00 X 0 0 0 PAUL SCHICKLER TRUSTEE 1.00 X 0 0 0 BRENT SLAY TRUSTEE 1.00 X 0 0 0 WILLIAM E SMITH TRUSTEE 1.00 X 0 0 0 RUDOLPH D TREBELS TRUSTEE & VICE CHAIR 1.00 X X 0 0 0 BENJAMIN ULLEM TRUSTEE 1.00 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 ANDREW WRIGHT TRUSTEE 1.00 X 0 0 0 LARRY ZIMPLEMAN TRUSTEE & VICE CHAIR 1.00 X 0 0 0 EARL F MARTIN III PRESIDENT 40.00 X X 422498 0 203187 HELEN TERESA KREJCI CFO & TREASURER (UNTIL 2/2019) 40.00 X 147947 0 24452 SUE MATTISON PROVOST 40.00 X 214603 0 30130 JOHN SMITH VICE PRESIDENT & SECRETARY 40.00 X 202475 0 28653 VENESSA KUHLMANN-MACRO CHIEF ADMINISTRATION OFFICER 40.00 X 162045 0 25429 HEATHER TRAVIS ASSOCIATE CFO & INTERIM CFO 40.00 X 115956 0 15767 DARIAN DEVRIES HEAD COACH - MEN'S BASKETBALL 40.00 X 334706 0 29407 ALLAN VESTAL PROFESSOR OF LAW 40.00 X 269408 0 32912 JERRY ANDERSON DEAN - LAW SCHOOL 40.00 X 245959 0 32601 BRIAN HARDIN ATHLETIC DIRECTOR 40.00 X 243488 0 18682 DANIEL CONNOLLY DEAN - BUSINESS & PUBLIC ADMINISTRATION 40.00 X 215728 0 29400 2574813 0 470620 149 0 1 0 SODEXO INC AND AFFILIATES 2875 UNIVERSITY AVE DES MOINES IA 50311 FOOD SERVICE 6958829 STORY CONSTRUCTION 2810 WAKEFIELD CIRCLE AMES IA 50010 CONSTRUCTION PROJECTS 5369953 THE WEITZ COMPANY LLC 5901 THORNTON AVE DES MOINES IA 50321 CONSTRUCTION PROJECTS 4066811 DES MOINES PUBLIC SCHOOLS 1800 GRAND AVE DES MOINES IA 50309 HEAD START PROGRAM 1901397 MUNRO CONSTRUCTION COMPANY 5530 NW BEAVER DR SUITE 100 JOHNSTON IA 50131 CONSTRUCTION PROJECTS 864196 84 392259 11008429 28351209 3955687 39751897 STUDENT TUITION & FEES 611710 156435213 156435213 CONTRACT MEALS - FOOD 722100 8445084 8445084 CONTRACT INCOME - RES 721310 8065826 8065826 SPORTS INCOME 711210 4374093 4374093 PARKING FEES 812930 525967 525967 1303317 1700 1301617 179149500 2249531 40430 2209101 867356 867356 1107629 580442 527187 527187 197979 329208 71967243 65312859 380417 6654384 -380417 6273967 6273967 229561 392259 142580 86981 86981 OTHER INCOME 611710 2090078 2090078 ALUMNI FEES 611710 10660 10660 PROGRAM SALES 511120 8430 8430 9522 2587 6935 2118690 231025109 161335273 261786 29676153 67458784 67458784 1536186 259429 1000631 276126 72008255 66972511 3246339 1789405 4952488 4507061 300523 144904 13934174 12656435 866079 411660 5139615 4693554 306780 139281 431249 431249 245143 245143 661081 661081 4327379 4327379 633391 625037 8354 827582 703819 24898 98865 4617850 4410083 138628 69139 2454484 2454484 7583301 7583301 1645471 1600262 30701 14508 CONTRACTS & LEASES 13953662 13250811 268114 434737 DUES & SUBSCRIPTIONS 2981661 2958775 11694 11192 UTILITIES 2898346 14969 2883377 INCOME TAX 43466 43466 10759882 10600074 -59862 219670 219093450 205508017 9967592 3617841 27678729 27701757 9638532 6536158 13651225 15444826 3524139 4673252 15411163 13270130 63387 66804 2180417 1845578 374404210 153669660 217996664 220734550 110130092 126946379 100089053 91687894 500363401 508907328 25814968 22064915 12821090 13294516 9826189 12911150 65704792 60144897 7287817 7787569 121454856 116203047 X 193171832 198099988 41443274 45097283 144293439 149507010 378908545 392704281 500363401 508907328 X 11931659 1040438 823639 X X 0 1 X 1 1 1 X 40047707 33291830 32917533 30393499 39751897 176402466 40047707 33291830 32917533 30393499 39751897 176402466 5840709 170561757 3960852 4048789 4982633 3741760 3369587 20103621 43245 95014 138259 196644346 860087957 0.86740 0.87030 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X EDUCATION 0 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 186283378 12618946 6283522 3416009 5109183 170360 196490294 0.27810 0.64730 0.07460 1 0 8393618 27297737 35691355 258032515 105635692 152396823 72979228 48033968 24945260 7701112 7701112 220734550 CASH SURRENDER VALUE - LIFE INSURANCE 3997813 F FUNDS HELD IN TRUST BY OTHERS 11088986 F PRIVATE EQUITY FUNDS 76601095 F 91687894 ANNUITIES PAYABLE 1182703 INTEREST RATE SWAP AGREEMENT LIABILITY 4727539 REAL ESTATE DEPOSITS 59353 AGENCY FUND 227040 FIN 47 LIABILITY 1590934 7787569 X 165572982 1040438 823639 1864077 163708905 67316204 67316204 231025109 151777246 142580 142580 151634666 67458784 67458784 219093450 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, 2019 AND 2018, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE UNIVERSITY IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -123,644. CHANGE IN VALUE OF INTEREST RATE SWAP AGREEMENTS -738,553. POST-RETIREMENT BENEFIT PLAN RELATED CHANGES 1,685,836. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 67,458,784. FUNDRAISING EVENT EXPENSES -142,580. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES 142,580. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 67,458,784. 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 LAW SCHOOL SUMMER PROGRAM FOR EDUCATIONAL CREDIT. SHORT-TERM INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT AND CHOIR TOUR. 738125 SOUTH AMERICA 0 0 PROGRAM SERVICES SHORT-TERM INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT. 187596 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES SHORT-TERM INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT. MEN'S BASKETBALL TEAM TRIP (NON-CREDIT). 189012 NORTH AMERICA 0 0 PROGRAM SERVICES SHORT-TERM INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT. 154068 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES SHORT-TERM INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT. 133298 SOUTH ASIA 0 0 PROGRAM SERVICES SHORT-TERM INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT. 10500 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES SHORT-TERM INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT. 187037 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS INVESTMENTS 30184000 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS INVESTMENTS 511000 0 0 0 0 0 0 31783636 511000 32294636 1 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. RAY CENTER FUNDRAISING 478420 392259 86161 63488 38824 19636 RAISE THE PURSE LUNCH 83400 83400 207 4180 4426 1 60000 60000 7815 3248 756 621820 392259 229561 71510 46252 24818 142580 86981 1 DRAKE UNIVERSITY AWARDED STUDENT AID 3173 62613664 RESTRICTED/ENDOWED SCHOLARSHIPS 835 4845120 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 FY19 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 F MARTIN III PRESIDENT 358681 0 50000 0 13817 0 77080 0 126107 0 625685 0 0 0 HELEN TERESA KREJCI CFO & TREASURER (UNTIL 2/2019) 146528 0 0 0 1419 0 12186 0 12266 0 172399 0 0 0 SUE MATTISON PROVOST 210951 0 0 0 3652 0 17500 0 12630 0 244733 0 0 0 JOHN SMITH VICE PRESIDENT & SECRETARY 196333 0 0 0 6142 0 16171 0 12482 0 231128 0 0 0 VENESSA KUHLMANN-MACRO CHIEF ADMINISTRATION OFFICER 156179 0 5000 0 866 0 13038 0 12391 0 187474 0 0 0 DARIAN DEVRIES HEAD COACH - MEN'S BASKETBALL 306400 0 0 0 28306 0 19467 0 9940 0 364113 0 0 0 ALLAN VESTAL PROFESSOR OF LAW 262319 0 0 0 7089 0 20515 0 12397 0 302320 0 0 0 JERRY ANDERSON DEAN - LAW SCHOOL 243165 0 0 0 2794 0 19917 0 12684 0 278560 0 0 0 BRIAN HARDIN ATHLETIC DIRECTOR 218650 0 15000 0 9838 0 17372 0 1310 0 262170 0 0 0 DANIEL CONNOLLY DEAN - BUSINESS & PUBLIC ADMINISTRAT 208081 0 0 0 7647 0 16806 0 12594 0 245128 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 AND VENESSA KUHLMAN-MACRO RECEIVED DISCRETIONARY NONFIXED BONUS PAYMENTS DETERMINED BY THE BOARD OF TRUSTEES AND THE PRESIDENT, RESPECTIVELY. 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 5050000 33478225 4649 411264 22003556 11058756 0 1 1 1 B 5000000 15209594 116500 15093094 0 0 1 1 C 6925000 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 PART II, LINE 3 THE TOTAL PROCEEDS DO NOT AGREE TO THE ISSUE PRICE IN PART I, COLUMN (E) DUE TO INVESTMENT EARNINGS. 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 132 3849098 STOCK EXCHANGE X PROGRAM EQUIPMENT & RESOURCES 213 67945 ITEMS < 5,000 EACH X PROGRAM EQUIPMENT & RESOURCES 5 38644 ACTUAL COST 0 1 0 PART I, COLUMN (B): ORGANIZATION IS REPORTING NUMBER OF 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 2018 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 MAINTAINS MINUTES OF ITS MEETING PERTAINING TO SALARY DECISIONS AND COMPLETES CONTEMPORANEOUS SUBSTANTIATION OF ITS DELIBERATION AND DECISION. 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 VII, SECTION A, LINE 1A, COLUMN (B), AVERAGE HOURS PER WEEK: HOURS LISTED FOR EACH INDIVIDUAL ARE REPORTED ON A CALENDAR YEAR BASIS. HOURS REPORTED FOR EMPLOYEES REPRESENT RECORDED PAYROLL HOURS. ACTUAL HOURS WORKED MAY EXCEED THE HOURS REPORTED. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -123,644. CHANGE IN VALUE OF INTEREST RATE SWAP AGREEMENTS -738,553. POST-RETIREMENT BENEFIT PLAN RELATED CHANGES 1,685,836. FORM 990, PART XII, LINE 2C: THE PROCESS FOR AUDIT OVERSIGHT AND SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM THE PRIOR YEAR