2020-07-02T08:12:30-05:00 2019-06-30 381357951 PLANTE & MORAN PLLC 750 TRADE CENTRE WAY STE 300 PORTAGE MI 49002 990 2018-07-01 381945965 DAVENPORT UNIVERSITY DAVE 6164513511 6191 KRAFT AVE SE GRAND RAPIDS MI 49512 MICHAEL S VOLK EXECUTIVE VP FOR FINANCE AND CFO 6164513511 2020-06-25 1 VICKI L VANDENBERG CPA P00100422 2695674500 2020-06-25 23.122.254.12 2020-06-25 20:23:00 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 58F74DC53CB874483B207ADF23CD6921384352E9 2018 2021-01-29 14:40:06Z MICHAEL S VOLK 6191 KRAFT AVE SE GRAND RAPIDS MI 49512 124110282 0 X WWW.DAVENPORT.EDU X 1970 MI POST-SECONDARY EDUCATIONAL INSTITUTION PREPARING STUDENTS FOR CAREERS IN BUSINESS, HEALTH, AND TECHNOLOGY. QUALITY, CAREER-ORIENTED ACADEMIC PROGRAMS ARE OFFERED THROUGHOUT THE MAIN CAMPUS IN GRAND RAPIDS AND OTHER CAMPUSES THROUGHOUT MICHIGAN. 12 10 1727 10 24000 22250 2237090 2396813 111320821 112412625 1409455 587224 7270800 7152846 122238166 122549508 31300735 33222880 0 0 52452333 51239684 0 0 956598 42397122 40729094 126150190 125191658 -3912024 -2642150 171834577 165525534 73814710 71673492 98019867 93852042 DAVENPORT UNIVERSITY PREPARES INDIVIDUALS AND ORGANIZATIONS TO EXCEL IN THE KNOWLEDGE-DRIVEN ENVIRONMENT OF THE 21ST CENTURY. 0 0 103380010 33222880 117722478 PROVIDE EDUCATION TO APPROXIMATELY 7,000 STUDENTS AT LOCATIONS THROUGHOUT MICHIGAN, INCLUDING OVER 3,000 COURSES AT THE UNDERGRADUATE AND GRADUATE LEVELS OF POST-SECONDARY EDUCATION IN BUSINESS, HEALTH, AND TECHNOLOGY. 1279642 1710075 EDUCATING BUSINESS PROFESSIONALS THROUGH NON-CREDIT COURSES IN VARIOUS AREAS. 104659652 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 1 1 0 1 0 1 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 1 1 0 0 1 254 0 1 1727 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 12 10 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MI X MICHAEL S VOLK EXECUTIVE VP FOR FINANCE AND CFO 6164513511 6191 KRAFT AVE SE GRAND RAPIDS MI 49512 RICHARD PAPPAS PRESIDENT 40.00 1.00 X X 595771 0 272917 FRANK MERLOTTI CHAIRMAN 1.00 0.00 X X 0 0 0 KENNETH YERRICK VICE-CHAIRMAN 1.00 0.00 X X 0 0 0 PAULA CUNNINGHAM TRUSTEE 1.00 0.00 X 0 0 0 RAMI FAWAZ TRUSTEE 1.00 0.00 X 0 0 0 TRACY GRAHAM TRUSTEE 1.00 0.00 X 0 0 0 DOYLE HAYES TRUSTEE 1.00 0.00 X 0 0 0 ROBERT HETZLER TRUSTEE 1.00 0.00 X 0 0 0 WILBUR LETTINGA TRUSTEE 1.00 1.00 X 0 0 0 MARY TUUK TRUSTEE 1.00 0.00 X 0 0 0 MICHELLE VANDYKE TRUSTEE 1.00 0.00 X 0 0 0 BRIAN WALKER TRUSTEE 1.00 0.00 X 0 0 0 MICHAEL VOLK TREASURER/SECRETARY/EVP FOR FINANCE 40.00 1.00 X 350849 0 97707 LINDA RINKER EVP FOR ACADEMICS AND PROVOST 40.00 0.00 X 335068 0 72706 WALTER O'NEILL EVP FOR ENROLLMENT AND STUDENT SVC 40.00 0.00 X 256370 0 85662 DAVID VENEKLASE EVP FOR ORGANIZATIONAL DEVELOPMENT 40.00 0.00 X 300819 0 91880 SCOTT EPSTEIN EVP FOR QUALITY AND EFFECTIVENESS 40.00 0.00 X 265923 0 85310 PEG LUY EVP FOR ALUMNI AND DEVELOPMENT 40.00 1.00 X 262310 0 57377 DEBRA COOPER EVP FOR MARKETING AND COMMUNICATIONS 40.00 0.00 X 271238 0 50898 DAVID LAWRENCE VP FOR ADMISSIONS, STRATEGIC PARTNER 40.00 0.00 X 207713 0 38553 2846061 0 853010 39 0 1 0 RDG LIVONIA LLC 5540 GLENWOOD HILLS PKWY SE GRAND RAPIDS MI 49512 BUILDING RENT 946747 DU APARTMENTS LLC 5625 PRAIRIE CREEK DRIVE SUITE 100 CALEDONIA MI 49316 BUILDING RENT 841696 KRAFT 60TH LLC 5625 PRAIRIE CREEK DRIVE SUITE 100 CALEDONIA MI 49316 BUILDING RENT 652916 ELLUCIAN COMPANY LP 4375 FAIR LAKES CT FAIRFAX VA 22033 INFORMATION TECHNOLOGY 458593 45 OTTAWA ASSOCIATES LLC 601 FIRST STREET NW GRAND RAPIDS MI 49504 BUILDING RENT 324053 12 1447769 713043 236001 2396813 TUITION/STUDENT FEES 611600 110702551 110702551 NON-CREDIT COURSE FEES 611710 1710074 1710074 112412625 647677 647677 26863 24000 0 0 26863 24000 50863 24000 26863 60453 -60453 -60453 -60453 8520249 1500321 7019928 7019928 OTHER INCOME 900099 82055 82055 82055 122549508 119432553 24000 696142 6120 6120 31966170 31966170 1250590 1250590 1532902 1532902 38720826 30246127 7953955 520744 3064856 2255748 762122 46986 5176876 3840946 1257338 78592 2744224 2198164 508487 37573 391587 132247 158999 100341 128152 128152 137550 137550 3863149 3441318 380542 41289 4441230 4240667 124614 75949 1186682 1018745 136837 31100 3158975 357151 2801824 6233537 6233537 1630673 1440993 171193 18487 483471 239420 242721 1330 1555406 1555406 9877046 9877046 876997 857305 19692 ATHLETIC EXPENSE 1984395 1984395 EQUIPMENT RENTAL AND MA 1413114 191654 1221460 BAD DEBTS 923294 923294 TESTING AND ASSESSMENT 811204 811204 1632632 514699 1113726 4207 125191658 104659652 19575408 956598 1795539 3123394 1341308 1337009 3029351 2371062 8621734 5511783 4000 0 324298 241922 979963 2460890 212307716 89458641 126534089 122849075 25093284 23707416 4111011 3922983 171834577 165525534 4920428 7863448 6951311 7076728 52861226 45663131 0 4587000 0 1259489 9081745 5223696 73814710 71673492 X 94312725 91086948 3707227 2766094 -85 -1000 98019867 93852042 171834577 165525534 X -2642150 447105 -1972780 X X 0 1 X 1 1 1 X 5953380 3731919 8193061 2237090 2396813 22512263 5953380 3731919 8193061 2237090 2396813 22512263 7731186 14781077 549833 768268 564630 608567 674540 3165838 24000 24000 48000 107810 99371 93461 90984 82055 473681 26199782 601056386 0.56420 0.52430 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS INCOME - 2014 AMOUNT: $ 107,810. 2015 AMOUNT: $ 99,371. 2016 AMOUNT: $ 93,461. 2017 AMOUNT: $ 90,984. 2018 AMOUNT: $ 82,055. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 11481807 11481807 130974103 38135053 92839050 25238610 15189919 10048691 44505371 36133669 8371702 107825 107825 122849075 DEFERRED COMPENSATION AND SEVERANCE AGREEMENTS 4177499 CHARITABLE REMAINDER TRUST LIABILITY 142468 POSTRETIREMENT OBLIGATIONS 903729 5223696 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 RACIALLY NONDISCRIMINATORY POLICY STATEMENT IS INCLUDED ON VARIOUS PUBLICITY & POLICY STATEMENTS, INCLUDING OUR WEBSITE, COURSE CATALOG, AND ENROLLMENT CATALOG. SCHEDULE E, PART I, LINE 6 STUDENT FINANCIAL AID FOR TUITION CHARGES 0 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 290479 CENTRAL AMERICA AND THE CARIBBEAN 0 0 SCHOLARSHIPS N/A 92129 EAST ASIA AND THE PACIFIC 0 0 SCHOLARSHIPS N/A 69120 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 SCHOLARSHIPS N/A 385541 NORTH AMERICA 0 0 SCHOLARSHIPS N/A 440730 RUSSIA AND NEIGHBORING STATES 0 0 SCHOLARSHIPS N/A 27117 SOUTH AMERICA 0 0 SCHOLARSHIPS N/A 18450 SOUTH ASIA 0 0 SCHOLARSHIPS N/A 10212 SUB-SAHARAN AFRICA 0 0 SCHOLARSHIPS N/A 207291 0 0 0 0 0 0 1333778 207291 1541069 SCHOLARSHIPS CENTRAL AMERICA AND THE CARIBBEAN 4 92129 APPLIED AGAINST STUDENT'S TUITION ACCOUNT N/A N/A SCHOLARSHIPS EAST ASIA AND THE PACIFIC 11 69120 APPLIED AGAINST STUDENT'S TUITION ACCOUNT N/A N/A SCHOLARSHIPS EUROPE (INCLUDING ICELAND & GREENLAND) 24 385541 APPLIED AGAINST STUDENT'S TUITION ACCOUNT N/A N/A SCHOLARSHIPS NORTH AMERICA 77 440730 APPLIED AGAINST STUDENT'S TUITION ACCOUNT N/A N/A SCHOLARSHIPS RUSSIA AND NEIGHBORING STATES 2 27117 APPLIED AGAINST STUDENT'S TUITION ACCOUNT N/A N/A SCHOLARSHIPS SOUTH AMERICA 2 18450 APPLIED AGAINST STUDENT'S TUITION ACCOUNT N/A N/A SCHOLARSHIPS SOUTH ASIA 6 10212 APPLIED AGAINST STUDENT'S TUITION ACCOUNT N/A N/A SCHOLARSHIPS SUB-SAHARAN AFRICA 18 207291 APPLIED AGAINST STUDENT'S TUITION ACCOUNT N/A N/A 0 0 0 0 0 0 1 DAVENPORT UNIVERSITY FOUNDATION 6191 KRAFT AVE SE GRAND RAPIDS MI 49512 382434184 501(C)(3) 6120 N/A N/A GENERAL OPERATING SUPPORT 1 0 SCHOLARSHIPS AND TUITION DISCOUNTS TO DAVENPORT UNIVERSITY STUDENTS 5812 31966170 N/A N/A PART I, LINE 2: DAVENPORT UNIVERSITY PROVIDES FUNDING FOR STUDENT SCHOLARSHIPS AND TUITION DISCOUNTS BASED ON MERIT, FINANCIAL NEED, SPECIAL CRITERIA BASED ON RESTRICTED ENDOWMENT FUNDS, AND INFORMATION PROVIDED BY THE STUDENT ON THE SCHOLARSHIP APPLICATION. ALLOCATIONS ARE DETERMINED FOR EACH ACCOUNT BY THE ACCOUNTING AND ALUMNI AND DEVELOPMENT OFFICES AND DISTRIBUTED TO THE FINANCIAL AID OFFICER RESPONSIBLE FOR SCHOLARSHIPS. THE FINANCIAL AID OFFICE IS RESPONSIBLE FOR COMMUNICATING AWARD GUIDELINES, PROCEDURES, AND REQUIREMENTS, AS WELL AS AWARD AMOUNTS, TO ACCOUNTS RECEIVABLE AND OTHER DEPARTMENTS AS NECESSARY TO ENSURE THE ACCURACY OF THE AWARDS. IN ADDITION, THE FINANCIAL AID OFFICE IS RESPONSIBLE FOR ENSURING THAT AWARDS ARE MADE IN CONJUNCTION WITH THE SCHOLARSHIP CRITERIA AND AWARDED IN THE AMOUNT APPROVED BY THE ALUMNI AND DEVELOPMENT OFFICE. X X 1 1 X X X X 0 1 0 0 0 0 0 1 0 RICHARD PAPPAS PRESIDENT 363194 0 189511 0 43066 0 257500 0 15417 0 868688 0 0 0 MICHAEL VOLK TREASURER/SECRETARY/EVP FOR FINANCE 233245 0 102378 0 15226 0 79804 0 17903 0 448556 0 0 0 LINDA RINKER EVP FOR ACADEMICS AND PROVOST 225505 0 97476 0 12087 0 60183 0 12523 0 407774 0 0 0 WALTER O'NEILL EVP FOR ENROLLMENT AND STUDENT SVC 169536 0 71455 0 15379 0 67995 0 17667 0 342032 0 0 0 DAVID VENEKLASE EVP FOR ORGANIZATIONAL DEVELOPMENT 191282 0 85162 0 24375 0 74130 0 17750 0 392699 0 0 0 SCOTT EPSTEIN EVP FOR QUALITY AND EFFECTIVENESS 178657 0 75365 0 11901 0 69923 0 15387 0 351233 0 0 0 PEG LUY EVP FOR ALUMNI AND DEVELOPMENT 173820 0 75863 0 12627 0 50873 0 6504 0 319687 0 0 0 DEBRA COOPER EVP FOR MARKETING AND COMMUNICATIONS 165620 0 74375 0 31243 0 33244 0 17654 0 322136 0 0 0 DAVID LAWRENCE VP FOR ADMISSIONS, STRATEGIC PARTNER 178762 0 28800 0 151 0 20880 0 17673 0 246266 0 0 0 PART I, LINE 1A HOUSING ALLOWANCE IS PROVIDED TO CERTAIN EMPLOYEES WHO RECEIVED HOUSING LOANS. INTEREST IS CHARGED AT APPLICABLE IRS RATES AND INCLUDED IN EMPLOYEES' W-2 GROSS INCOME. IN ADDITION, RICHARD PAPPAS IS PAID A MONTHLY HOUSING ALLOWANCE, WHICH TOTALED $30,000.00 AND IS INCLUDED IN HIS GROSS INCOME. CERTAIN EMPLOYEES HAVE CLUB DUES PAID ON THEIR BEHALF FOR WORK RELATED FUNCTIONS. PART I, LINE 4B THE FOLLOWING INDIVUDUALS PARTICIPATE IN A NONQUALIFIED 457(F) DEFERRED COMPENSATION PLAN AND HAD THE FOLLOWING AMOUNTS CONTRIBUTED TO THE PLAN FOR THE YEAR REPORTED: RICHARD PAPPAS, $59,110; MICHAEL VOLK, $34,327; LINDA RINKER, $32,683; WALTER O'NEILL, $25,009; DAVE VENEKLASE, $28,653; SCOTT EPSTEIN, $25,973; PEG LUY, $25,436; DEBRA COOPER, $25,167. IN ADDITION, THE FOLLOWING ALSO PARTICIPATE IN A NONQUALIFIED DEFERRED COMPENSATION PLAN THAT INCLUDES CERTAIN RETENTION BONUSES TO BE PAID IF THEY REMAIN EMPLOYED BY THE UNIVERSITY THROUGH CERTAIN SERVICE DATES. DEFERRED COMPENSATION IN THE AMOUNTS OF $170,890 FOR RICHARD PAPPAS; $17,977 FOR MICHAEL VOLK; $17,977 FOR WALTER O'NEILL; $17,977 FOR DAVE VENEKLASE; AND $17,977 FOR SCOTT EPSTEIN ARE INCLUDED IN THEIR TOTAL COMPENSATION REPORTED ON SCHEDULE J UNDER THIS PLAN. PART I, LINE 7 AS INDICATED IN SCHEDULE J, PART II, SEVERAL INDIVIDUALS RECEIVED A BONUS BASED ON PERFORMANCE AND THE FINANCIAL RESULTS OF THE ORGANIZATION. THE PRESIDENT'S BONUS IS REVIEWED AND APPROVED BY THE EXECUTIVE COMMITTEE AND ALSO THE ENTIRE BOARD. ALL OTHER BONUSES PAID OUT ARE REVIEWED BY THE PRESIDENT. A MICHIGAN FINANCE AUTHORITY 800596186 NONEAVAIL 2018-10-24 18505000 SEE PART VI 0 0 0 B MICHIGAN FINANCE AUTHORITY 800596186 NONEAVAIL 2018-10-24 10220000 SEE PART VI 0 0 0 C MICHIGAN FINANCE AUTHORITY 800596186 NONEAVAIL 2018-10-24 13875000 SEE PART VI 0 0 0 D MICHIGAN FINANCE AUTHORITY 800596186 NONEAVAIL 2018-10-24 5908614 SEE PART VI 0 0 0 A 1025000 18505000 18505000 1 0 1 1 B 315000 10220000 10220000 1 0 1 1 C 110000 13875000 13875000 1 0 1 1 D 552605 5908614 5908614 1 0 1 1 A 0 0 1 1 0 0.00000 0.00000 0.00000 0 0 0 B 0 0 1 1 0 0.00000 0.00000 0.00000 0 0 0 C 0 0 1 1 0 0.00000 0.00000 0.00000 0 0 0 D 0 1 1 1 0 0.00460 0.00000 0.00460 0 0 0 A 0 0 1 0 1 1 FIFTH THIRD BANK 10.000000000000 0 0 0 0 0 B 0 0 1 0 1 0 0 0 0 C 0 0 1 0 1 1 FIFTH THIRD BANK 10.000000000000 0 0 0 0 0 D 0 0 1 0 1 0 0 0 0 A 0 B 0 C 0 D 0 SCHEDULE K, PART I, ROW A, BOND ISSUES: (F) DESCRIPTION OF PURPOSE: REISSUE/REFUND 100% OF OUTSTANDING BONDS ISSUED 12/29/2010 (THE "SERIES 2010 BONDS"). THE SERIES 2010 BONDS REFUNDED 100% OF BONDS ISSUED 8/9/2002 AND 6/19/2004 AND A PORTION OF BONDS ISSUED 8/7/2008. SCHEDULE K, PART I, ROW B, BOND ISSUES: (F) DESCRIPTION OF PURPOSE: REISSUE/REFUND 100% OF BONDS ISSUED 7/26/2012. SCHEDULE K, PART I, ROW C, BOND ISSUES: (F) DESCRIPTION OF PURPOSE: REISSUE/REFUND 100% OF OUTSTANDING BONDS ISSUED 8/13/2015. SCHEDULE K, PART I, ROW D, BOND ISSUES: (F) DESCRIPTION OF PURPOSE: REISSUE/REFUND 100% OF OUTSTANDING BONDS ISSUED 3/21/2017 (THE "SERIES 2017 BONDS"). THE SERIES 2017 BONDS REFUNDED 100% OF BONDS ISSUED 01/19/2006 AND 08/07/2008. SCHEDULE K, PART III, COLUMN A: PART III COLUMN A IS NOT COMPLETED FOR THE PORTION OF THE BONDS WHICH REFUNDED THE PORTION OF THE SERIES 2010 BONDS ALLOCATED TO REFUND THE MICHIGAN HIGHER EDUCATION FACILITIES AUTHORITY VARIABLE RATE DEMAND LIMITED OBLIGATION REVENUE BONDS, SERIES 2002 (DAVENPORT UNIVERSITY PROJECT), DATED AUGUST 29, 2002 (I.E., BONDS ISSUED PRIOR TO JANUARY 1, 2003). SCHEDULE K, PART III, COLUMN D, LINE 2: THE LEASE AGREEMENTS ARE FOR LAUNDRY MACHINES IN STUDENT HOUSING FACILITIES AND CONSTITUTE INCIDENTAL USE UNDER TREAS. REG. SEC. 1.141-3(D)(5). SCHEDULE K, PART III, LINE 3A: THE MANAGEMENT AGREEMENTS QUALIFY FOR THE SAFE HARBOR UNDER REV. PROC. 97-13. WILBUR LETTINGA TRUSTEE 119105 PRAIRIE CREEK INVESTORS LLC IS OWNED BY WILBUR LETTINGA AND RENTED TO DU 0 WILBUR LETTINGA TRUSTEE 652916 DU APARTMENTS IS OWNED BY WILBUR LETTINGA AND RENTED TO DU 0 WILBUR LETTINGA TRUSTEE 946747 RDG LIVONIA LLC IS OWNED BY WILBUR LETTINGA AND RENTED TO DU 0 FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE AUDIT AND FINANCE COMMITTEE PRIOR TO FILING. A COPY OF THE FORM 990 IS ALSO PROVIDED TO ALL BOARD MEMBERS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ANNUAL DISCLOSURE STATEMENTS ARE FILED WITH THE UNIVERSITY, AND REVIEWED BY THE CFO/EXECUTIVE VP FOR FINANCE. IF A CONFLICT ARISES, THE BOARD MEMBER WOULD STAY IN THE ROOM, NOT PARTAKE IN CONVERSATION UNLESS ASKED, AND ABSTAIN FROM VOTING. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION OF THE UNIVERSITY'S PRESIDENT AND KEY EMPLOYEES IS REVIEWED ANNUALLY BY THE BOARD OF TRUSTEES' COMPENSATION AND CONFLICT OF INTEREST COMMITTEE. THE COMMITTEE REQUIRES THAT A COMPENSATION STUDY TAKE PLACE PERIODICALLY. THE COMPENSATION STUDY INVOLVED HIRING A CONSULTANT TO PERFORM ANALYSIS OF DAVENPORT UNIVERSITY COMPENSATION LEVELS AS COMPARED TO PEER ORGANIZATION'S COMPENSATION INFORMATION GATHERED FROM SURVEYS AND PUBLICLY AVAILABLE DATA. THE MOST RECENT YEAR THIS PROCESS WAS UNDERTAKEN WAS FISCAL YEAR 2016/17. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS ARE AVAILABLE TO THE GENERAL PUBLIC. FORM 990, PART XI, LINE 9: CHANGE IN CASH SURRENDER VALUE OF LIFE INSURANCE 17,011. CHANGE IN INTEREST RATE SWAP AGREEMENT -721,078. CHANGE IN POST RETIREMENT BENEFITS -95,527. LOSS ON LEASE ABANDONMENT -1,173,186. FORM 990, PART XII, LINE 2C: THERE HAS BEEN NO CHANGE IN PROCESS FROM THE PRIOR YEAR. DAVENPORT UNIVERSITY FOUNDATION 6191 KRAFT AVE SE GRAND RAPIDS MI 49512 382434184 SUPPORTING ORGANIZATION MI 501(C)(3) LINE 12A, I DAVENPORT UNIVERSITY 1 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 DAVENPORT UNIVERSITY FOUNDATION C 1447769 CASH DAVENPORT UNIVERSITY FOUNDATION L 957860 FMV