2020-03-24T12:30:34-07:00 2019-05-31 990 2018-06-01 410695524 GUSTAVUS ADOLPHUS COLLEGE GUST 5079338000 800 West College Avenue Saint Peter MN 56082 Curtis J Kowaleski CFO VP of Finance and Treasurer 5079337499 2020-03-24 138.236.193.252 2018 2020-11-06 18:47:13Z Curtis J Kowaleski 800 West College Avenue Saint Peter MN 56082 338807628 0 X www.gustavus.edu X 1862 MN Gustavus Adolphus College prepares its students for fulfilling lives of leadership and service and is committed to the core values of excellence, community, justice, service, and faith. It is especially known for strong science, writing, music, athletics, and study abroad programs. The College hosts a chapter of Phi Beta Kappa and is internationally recognized for its annual Nobel Conference sanctioned by The Nobel Foundation in Stockholm, Sweden. The students, faculty, administration, staff and Board of Directors believe in a strong, open community where all citizens play a vital role. Gustavus has consistently produced graduates who lead lives of uncommon purpose and passion, and demonstrate that they make their lives count. 32 28 3013 991 122148 -942401 33245780 44136006 120948395 126422990 17769491 18994049 91268 82589 172054934 189635634 54565281 59746234 0 0 50217122 51824310 192289 133640 3522673 32528966 32856254 137503658 144560438 34551276 45075196 440247418 470509183 103559208 104624130 336688210 365885053 X Gustavus Adolphus College is a church-related, residential liberal arts college firmly rooted in its Swedish and Lutheran heritage. The College offers students of high aspiration and promise a liberal arts education of recognized excellence provided by faculty who embody the highest standards of teaching and scholarship. The College aspires to be a community of persons from diverse backgrounds who respect and affirm the dignity of all people. It is a community where a mature understanding of the Christian faith and lives of service are nurtured and students are encouraged to work toward a just and peaceful world. The purpose of a Gustavus education is to help students attain their full potential as persons, to develop in them a capacity and passion for lifelong learning, and to prepare them for fulfilling lives of leadership and service in society. 0 0 100884894 59746234 102352199 Instruction and Academic Support: Gustavus offers 72 majors in 25 academic departments and 12 interdisciplinary programs, with a student-faculty ratio of 11:1. Total FTE enrollment for academic year 2018-2019 was 2,217, with 523 students graduating in June 2019. 14833151 0 0 Student Services: Gustavus sponsors 23 varsity athletics teams and more than 39 intramural activities and club sports, along with more than 120 student organizations. Approximately 99% of students are involved in at least one extracurricular activity. Other student services include admission, community-based service learning, career development, peer mentoring, Office of the Chaplains, diversity center, financial assistance, health services, registrar, campus activities and residential life programs. 14457258 0 23009942 Auxiliary Services: As a residential college, Gustavus is committed to residence hall living as a vital complement to its academic program. Approximately 97% of students live in College-owned residences and eat in the College's Dining Service. During Fall 2018, 2052 students lived in College-owned residences. The College bookstore provides textbooks and other educational supplies for students. Other items for sale include: clothing embossed with the College's insignia, books and miscellaneous novelty items. 5084718 0 0 Gustavus offers a number of activities that enhance the curricular program, including various public service events and miscellaneous services provided to students. 5084718 0 0 135260021 1 1 0 1 0 0 0 1 1 1 1 1 0 1 1 1 1 0 1 0 1 0 0 1 1 1 0 0 1 1 1 0 0 0 0 0 0 1 1 1 1 1 0 0 0 1 1 0 0 0 1 3314 0 1 3013 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 32 28 1 1 0 0 0 1 0 1 1 0 0 0 1 1 1 1 1 0 0 0 KY MA MD MI MN NH SC WA X X Curtis J Kowaleski 5079337499 800 West College Avenue Saint Peter MN 56082 Jon V Anderson Director 2 0 X 557 0 0 Scott P Anderson Director/Chair 2 0.50 X X 557 0 0 Catherine L Asta Director 2 0 X 557 0 0 Tracy L Bahl Director 2 0 X 0 0 0 Grayce Belvedere-Young Director/Vice Chair 2 0 X X 52 0 0 Kevin D Bergeson Director 2 0 X 0 0 0 Suzanne F Boda Director/Vice Chair 2 0 X X 0 0 0 Robert D Brown Director 2 0 X 0 0 0 Daniel G Currell Director 2 0 X 557 0 0 Edward J Drenttel Director 2 0 X 557 0 0 Bruce A Edwards Director/Vice Chair 2 0 X X 557 0 0 James H Gale Director/Vice Chair 2 0 X X 0 0 0 John O Hallberg Director 2 0 X 0 0 0 Susanne B Heim Director 2 0 X 557 0 0 George G Hicks Director 2 0 X 557 0 0 Mary Dee Hicks Director 2 0 X 0 0 0 Peter C Johnson Director 2 0 X 0 0 0 Paul R Koch Director/Vice Chair 2 0 X X 557 0 0 Dennis A Lind Director 2 0 X 557 0 0 Jan Lindman Director 2 0 X 557 0 0 David J Lose Director 2 0 X 0 0 0 Gordon D Mansergh Director 2 0 X 0 0 0 Janice M Michaletz Director 2 0 X 557 0 0 Thomas J Mielke Director 2 0 X 505 0 0 Marcia L Page Director 2 0 X 398 0 0 Craig A Pederson Director 2 0 X 1790 0 0 Wayne B Peterson Director 2 0 X 0 0 0 Dan S Poffenberger Director/Chair 2 0.5 X X 557 0 0 Karl D Self Director 2 0 X 0 0 0 Beth S Schnell Director 2 0 X 557 0 0 Ronald C White Director 2 0 X 0 0 0 Heather T Wigdahl Director 2 0 X 1889 0 0 Rebecca M Bergman President 50 0.5 X X 331712 0 84752 Jolene D Christensen Secretary 50 0 X 75857 0 21441 Brenda S Kelly Provost and Dean of the College 50 0 X 186437 0 37381 Mark J Braun Faculty 50 0 X 133573 0 78499 Marcia J Bunge Faculty 50 0 X 122945 0 24100 Diane K Lund Dean Faculty 50 0 X 127546 0 25862 JoNes R VanHecke Vice President for Student Life & Dean of Students 50 0 X 148383 0 20348 Thomas W Young Vice President for Institutional Advancement 50 0 X 169062 0 86632 Thomas J Rooney Former CFO, Vice President for Finance and Treasurer 0 0 X 225006 0 56990 1532953 0 436005 19 1 1 0 Kraus-Anderson Companies Inc 501 South Eighth Street Minneapolis MN 55404 Construction Services 20924341 Hamilton Lane Advisors LLC One Presidential Blvd 4th Floor Bala Cynwyd PA 19004 Endowment Consultant 465875 Heroic Productions Inc 801 West 106th Street Minneapolis MN 55420 Conference Services 445952 EAB Global Inc 2445 M Street NW Washington DC 20037 Marketing Services 419010 Hastings and Chivetta Architects Inc 622 Emerson Road Saint Louis MO 63141 Architectural Services 373722 14 0 0 83981 0 1780294 42271731 5154911 44136006 Tuition and Fees 611310 100274671 100274671 0 0 Residence Halls 611310 13504562 13344374 160188 0 Dining Service 611310 7727260 6901749 825511 0 Book Mark 611310 1778120 1778120 0 0 Athletic Facilities 611310 597627 561453 36174 0 2540750 2379626 161124 0 126422990 2547774 0 -1060849 3608623 501 0 0 501 8957 0 0 8957 0 0 165545300 0 148978034 121492 16567266 -121492 16445774 0 0 16445774 49600 83981 61171 -11571 0 -11571 96500 11297 85203 0 0 85203 0 189635634 125239993 122148 20137487 59746234 59746234 774540 230444 544096 84485 84485 38013911 34613161 1576386 1824364 2311881 2050028 139346 122507 8085201 7234331 429578 421292 2554292 2308683 111306 134303 111103 111103 237532 0 226019 11513 68888 68888 106353 106353 133640 133640 576958 576958 1650890 1516721 86773 47396 732387 732387 653504 166200 299266 188038 713017 693308 19044 665 4098747 3923906 145614 29227 1441087 1164145 158936 118006 142221 124906 5943 11372 1771642 1755705 15937 6621481 6339028 235237 47216 633977 606933 22523 4521 Dining Service Expenses 3308622 3308622 0 Study Away Expenses 2364271 2364271 0 Academic Expenses 1676050 1609598 66452 Book Mark Expenses 1275419 1275419 0 4672105 3411506 831986 428613 144560438 135260021 5777744 3522673 72996 74010 58127475 53886717 26373342 47006793 705058 681081 26914 25323 471727 505911 1788886 1652292 233895926 127671633 110480580 106224293 146443770 139254278 83221501 77213098 2448221 1998266 10086948 41987121 440247418 470509183 17831882 19363369 2455507 3600139 67319988 66481398 2711705 2709200 13240126 12470024 103559208 104624130 X 102201329 100394749 95991677 109845530 138495204 155644774 336688210 365885053 440247418 470509183 X 45075196 -15663126 0 0 0 -215227 X 0 1 X 1 1 1 X 11825779 34642429 30947211 33245780 44136006 154797205 0 0 0 0 0 0 0 0 0 0 0 0 11825779 34642429 30947211 33245780 44136006 154797205 97862093 56935112 1433160 1369704 1823724 1986623 2557232 9170443 0 0 0 0 0 0 41243 186194 44066 288328 49600 609431 164577079 278180 0.34595 0.36991 X Schedule A, Part II, Line 10 Miscellaneous Income RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 1 106353 0 0 0 106353 0 Schedule C, Part II-B, Line 1 Gustavus Adolphus College (the College) is a member of Minnesota Private College Council (MPCC), an organization described in section 501(c)(4) of the Internal Revenue Code. MPCC is an association of private nonprofit institutions of higher education that serves a variety of its members' shared needs, including, but not only, nonpartisan and non-electoral advocacy for public policy that meets students' needs and advances the interests of private higher education. The College paid membership dues to MPCC in the amount of $130,862 during the taxable year. MPCC has divided its expenses for its taxable year ending June 30, 2019, into two groups. Group 1 consists of those expenses that did not in any way support attempts to influence legislation within the meaning of section 501(c)(3) of the Internal Revenue Code ("lobbying"), and Group 2 consists of all other expenses. Group 2 includes many expenses, such as personnel costs, that supported both lobbying and nonlobbying activities. MPCC did not attempt to allocate the Group 2 expenses between lobbying and nonlobbying activities. MPCC has determined that the amount of the Group 2 expenses represents 80.68% of the amount of the dues that MPCC collected in the same taxable year. Assuming that all Group 2 expenses were paid from member dues, and allocating those expenses pro rata based on the dues paid by each member, $105,592 of the College's dues were used to pay Group 2 expenses. The amount of lobbying expenses paid from the College's dues was significantly less than that amount. In addition, the College paid membership dues of $9,353 and $1,762 during the taxable year to the National Association of Independent Colleges and Universities and Greater Mankato Growth of which 7%, and 6% or $655 and $106, respectively, was estimated to be used for lobbying expenses. 0 591238 0 0 X X 0 0 1 X 185507796 16019134 2207023 2853871 5119625 576958 195183499 166977567 11400204 14306378 2675955 4081646 418752 185507796 142126277 12340708 18459302 2497605 3286123 164992 166977567 146169621 4057162 -2029561 2374338 3524523 172084 142126277 138475977 3575474 9677571 2195883 3190515 173003 146169621 0.15 0.67 0.18 1 0 676340 955993 1632333 237777 179327352 89353331 90211798 0 0 0 0 0 30604686 23503528 7101158 0 22093778 14814774 7279004 106224293 Commodity Funds 304921 F Fund of Funds 71302658 F Funds Held by Others 5451607 F Other 153912 F 77213098 Construction in Progress 41230588 Other Receivables 390294 Endowment Investment Sale Receivable 366239 41987121 0 Annuities Payable 9792123 U.S. Government Grants Refundable 2496847 Future Interest Discount on Pooled Life Income Funds 181054 12470024 X 114273657 -15663126 0 0 -59698851 -75361977 189635634 0 0 0 189635634 85076814 0 0 0 262610 262610 84814204 0 59746234 59746234 144560438 Schedule D, Part III, Line 4 The Hillstrom Museum of Art exists as an integral part of the education of Gustavus Adolphus College students. As an important educational and cultural component of the College, the Museum supplements the education of students through its exhibitions and programs, encourages the interdisciplinary study of the arts, and provides a context for understanding the arts in a liberal arts program. Schedule D, Part IV, Line 2b This includes the actuarial liability of deferred gift funds held for third parties and funds held for various student organizations. Schedule D, Part V, Line 4 Endowment funds are used for designated and undesignated scholarships, endowed chairs, library acquisitions, faculty development, student research, Nobel Conference and other endowed programs. Schedule D, Part X, Line 2 The Internal Revenue Service has determined that 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. The most significant areas that potentially subject the College to unrelated business income tax include hosting conferences and events, various services provided by the dining service to the public and endowment investments. At May 31, 2019 and 2018, the College has no current 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 May 31, 2019 or 2018. The College's tax returns are subject to review and examination by federal and state authorities. Schedule D, Part XI, Line 2d Adjustment of Actuarial Liability, Scholarships and Grants to Students, Miscellaneous Interdepartmental Adjustments and Fundraising Reclassifications. Schedule D, Part XII, Line 2d Miscellaneous Interdepartmental Adjustments and Fundraising Reclassifications Schedule D, Part XII, Line 4b Scholarships and Grants to Students 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 The following nondiscrimination policy appears in the all-college policy manual: Within the limits of its facilities, the College shall be open to all applicants who are qualified according to its admission requirements. The College shall make clear to all applicants the characteristics and expectations of students that it considers relevant to its program. Under no circumstances may an applicant be denied admission or financial aid because of race, color, creed, religion, age, sex, sexual orientation, national origin, marital status, disability, veteran status, status with regard to public assistance or other categories protected by federal, state or local anti-discrimination laws. Financial aid administered by the College shall be disbursed on the basis of financial need and academic promise and/or academic ability. Schedule E, Part I, Line 6 Gustavus received student financial aid assistance from the State of Minnesota and U.S. Department of Education. The College also received other grants from the U.S. Government through programs from National Science Foundation, National Endowment for the Humanities, Department of Commerce and Environmental Protection Agency. 1 Europe (including Iceland and Greenland) 0 0 Program Services January Term-149 Students 869622 South America 0 0 Program Services January Term-7 Students 28671 East Asia and the Pacific 0 0 Program Services January Term-21 Students 55128 Sub-Saharan Africa 0 0 Program Services January Term-18 Students 84773 Europe (including Iceland and Greenland) 0 0 Program Services Student Teaching-3 Students 13785 Central America and the Caribbean 0 0 Program Services Study Abroad-11 Students 46068 East Asia and the Pacific 0 0 Program Services Study Abroad-12 Students 209428 Europe (including Iceland and Greenland) 0 0 Program Services Study Abroad-53 Students 781045 Middle East and North Africa 0 0 Program Services Study Abroad-1 Student 14542 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Study Abroad-2 Students 1328 Russia and the newly independent States 0 0 Program Services Study Abroad-3 Students 53750 South America 0 0 Program Services Study Abroad-8 Students 117183 South Asia 0 0 Program Services Study Abroad-1 Student 20670 Sub-Saharan Africa 0 0 Program Services Study Abroad-1 Student 4925 Central America and the Caribbean 0 0 Investments 9828386 0 0 12129304 1 0 1 1 1 0 Schedule F, Part I, Line 1 Part I, Line 1 has been checked "yes" and a narrative for Part I, Line 2 provided (below) even though Core Form Part IV, Line 16 is checked "no". Those disclosures reflect that the College's students who study outside of the U.S. continue to receive financial aid that they are eligible for were they on-campus students. When a student takes a J-Term or one or more semesters abroad, financial aid funds are typically disbursed when the student is still in the U.S. and thus such funds technically are not the subject of Part I, Lines 1 and 2 (and, accordingly, are not reportable on Schedule F, Part III). The disclosures at Lines 1 and 2 are made in favor of transparency and reflect that the College employs a different monitoring mechanism in such instances than that reported on Schedule I. Schedule F, Part I, Line 2 The College offers grants in the form of need or merit based scholarships to students who are studying outside of the United States. Before the grant or award is available and disbursed, the Center for International and Cultural Education must approve any program that a student is participating in. Once the grant has been disbursed to the student's account for the study away program, the Center for International and Cultural Education maintains contact with the host institution to monitor the student's attendance and notifies the Financial Assistance office and Student Accounts office if a student withdraws from the study away program. X X X X X X X 1 Reeher LLC VB Box 159 PO Box 9202 Minneapolis MN 554809202 Advancement Consultant 0 0 67420 -67420 Bentz Whaley Flessner and Associates Inc 7251 Ohms Lane Minneapolis MN 55439 Advancement Consultant 0 0 32913 -32913 Wilson-Bennett Technology Inc PO Box 717 Cabot AR 72023 Software Calling System 0 0 26397 -26397 Evangelical Lutheran Church in America PO Box 71256 Chicago IL 606941256 Lutheran Planned Giving Partnership Fee 0 0 6910 -6910 0 133640 -133640 AK AL AR AZ CA CO CT FL HI IL KY LA MA MD ME MI MN MO MS NC NH NY OH OK OR SC SD UT VA WA WV Football Golf 41258 27179 14079 0 8188 5782 3383 0 1595 Basketball Golf 23280 14502 8778 0 960 4380 1356 0 5 6 69043 42300 26743 0 5983 20926 7992 0 621 133581 83981 49600 0 15131 31088 12731 0 2221 61171 -11571 96500 10397 900 1 0.95 96500 10397 0 0 900 11297 85203 MN 1 0 1 0 1 0 Rebecca M Bergman 800 West College Avenue Saint Peter MN 56082 0 Laura T Kelly 250 The gaming manager's responsibilities include supervising, recordkeeping, money counting, making bank deposits for the raffle and ordering raffle tickets. X 0 0 1 Merit-Based Student Financial Assistance 833 18150178 Need-Based Student Financial Assistance 1234 38392321 International Student Financial Assistance 99 3203735 Tuition Benefit Student Financial Assistance 74 3183168 Schedule I, Part I, Line 2 Gustavus offers both merit-based and need-based scholarship assistance. Merit-based scholarships do not require a student to demonstrate financial eligibility and must be awarded during the Admission process. They also may be awarded as part of a need-based financial aid package. To be renewed, the student needs to maintain the established minimum standards. Need-based scholarships are offered to students who demonstrate financial eligibility by filing the FAFSA. The offered amounts can vary from year to year as determined by the family's Estimated Family Contribution (EFC) on the FAFSA and availability of funds. The Registrar's office monitors any changes to a student's enrollment status. Any changes are communicated to the Student Accounts office and the Financial Assistance office to ensure funds are being properly disbursed. Also see Schedule F, Part V with respect to monitoring of students taking J-Term or semester studies outside of the United States. X X X X 1 1 X X 1 1 0 0 0 0 0 0 0 Rebecca M Bergman President 316250 0 0 0 15462 0 60087 0 24665 0 416464 0 0 0 Mark J Braun Faculty 127377 0 0 0 6196 0 9424 0 69075 0 212072 0 0 0 Brenda S Kelly Provost and Dean of the College 184922 0 0 0 1515 0 13415 0 23966 0 223818 0 0 0 Diane K Lund Dean Faculty 127129 0 0 0 417 0 9424 0 16438 0 153408 0 0 0 Thomas J Rooney Former CFO, Vice President for Finance and Treasurer 105367 0 0 0 119639 0 8882 0 48108 0 281996 0 90833 0 JoNes R VanHecke Vice President for Student Life & Dean of Students 147408 0 0 0 975 0 10538 0 9810 0 168731 0 0 0 Thomas W Young Vice President for Institutional Advancement 165820 0 0 0 3242 0 12466 0 74166 0 255694 0 0 0 Schedule J, Part I, Line 1a As part of President Bergman's contract she is required to reside in the College-owned, on campus residence at the College's expense. The College pays for all maintenance and operating expenses of the house, including, but not limited to, housekeeping, grounds keeping, general maintenance and all utilities. The President's residence is available for College-related business and entertainment on a regular and continuing basis. This benefit is excluded from taxable income pursuant to IRC Section 119(a). The College provided for travel for companions in connection with the June 2018 Gustavus Board of Directors meeting in Sweden. Participants included Officers Brenda Kelly and Jolene Christensen, Thomas Young, and participating Board Directors Jon Anderson, Scott Anderson, Catherine Asta, Tracy Bahl, Grayce Belvedere-Young, Edward Drenttel, Bruce Edwards, James Gale, George Hicks, Paul Koch, Dennis Lind, Jan Lindman, Janice Michaletz, Thomas Mielke, Marcia Page, Craig Peterson, Dan Poffenberger, Beth Schnell and Heather Wigdahl. Employee travel for companion amounts were grossed up and included in their taxable income. Schedule J, Part I, Line 3 The President's compensation is reviewed annually by the executive committee of the Board of Directors in accordance with College's By-Laws using compensation data from comparable institutions. The results of this review are not currently documented in the executive committee minutes. However, the committee has implemented new procedures to document this deliberation process and final approval of the President's annual compensation package in fiscal year 2020. Schedule J, Part I, Line 4 President Bergman has a supplemental nonqualified retirement plan that has been approved by the Board of Directors. The terms of this plan are set forth in the written contract of the President that has been signed by the Chair of the Board of Directors and amounted to $37,950 for the year. Rooney-severance of $90,833. A Minnesota Higher Education Facilities Authority 410988525 60416HD27 2013-07-30 11610060 See Part VI 0 0 0 B Minnesota Higher Education Facilities Authority 410988525 60416H4Y7 2017-09-07 58087076 See Part VI 0 0 0 A 1940000 0 11610060 0 0 0 160060 0 0 0 11450000 0 2013 1 0 1 1 B 260000 0 58087076 0 0 0 534253 0 0 20000000 37552823 2019 1 1 1 1 A 0 0 0 0 0 0 0 0 0 1 B 0 0 0 0 0 0 0 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 1 0 0 0 0 1 Bayern LB New York 1.4 1 0 1 A 1 B 1 Schedule K, Part I, Column e-07/30/2013 11,610,060 Minnesota Higher Education Facilities Authority Finance refunding of 5-X bonds issued October 7, 2004 to construct and furnish a new apartment complex, complete the installation of fire sprinkler systems in existing residence halls and renovate Old Main. Schedule K, Part I, Column e-09/07/2017 58,087,076 Minnesota Higher Education Facilities Authority Finance refunding of 7-B bonds (issued August 5, 2010 for construction, furnishing and equipping of Beck Academic Hall and development of new west mall) and to construct, expand and renovate Nobel Hall of Science and Schaefer Fine Arts Center. Schedule K, Part IV, Line 2c-07/30/2013 11,610,060 Minnesota Higher Education Facilities Authority The rebate calculation was performed on October 9, 2017. 1 - 32570 Tuition Exchange Tuition Benefit 2 - 71160 Merit Scholarship Student Financial Assistance Kristianne R Westphal Former Officer Westphal Spouse 84485 Salary and Benefits 0 KW Associates Incorporated Former Officer Westphal-Owner 111103 Management Services 0 Catherine Asta and Richard Black Director & Director Spouse 47361 Apartment Rental Fiscal Agent 0 Substantial Contributor Substantial Contributor 324593 Video Services for Events 0 Substantial Contributor Substantial Contributor 26829184 Construction Contractor 0 Schedule L, Part IV Line 3: The College has a property management agreement with a current member of the Board of Directors and her husband. Under this agreement, the College rents apartment units to current students. The College serves as fiscal agent on the property and is responsible for all maintenance, repairs and capital improvements. The remaining balance at the end of each fiscal year is paid to the College as a management fee. During the year ended May 31, 2019, the College billed students $444,140 and paid expenses of $396,779, resulting in a management fee of $47,361. The agreement is in full force until May 31, 2023, and shall continue thereafter on successive five year terms, through May 31, 2032 unless sooner terminated by the College or the owner. During the year ended May 31, 2019, one unit under this agreement was transferred to the ownership of the College. X 37 4913911 Average High/Low X 1 241000 Qualified Independent Appraisal 2 0 1 1 Schedule M, Part I, Line 1 It is the College's policy to aggregate multiple gifts occurring on the same day as one contribution. Schedule M, Part I, Line 32b The College uses several brokers to sell publically traded securities that are gifted to the College. Form 990, Part III, Line 4a With the exception of auxiliary services revenue reported on Line 4c, all grants expense and program revenue receipts have been included on 4a since students are billed a comprehensive fee and an allocation by program service achievement area is not practical. Form 990, Part VI, Section A, Line 1a The executive committee shall consist of the Chair; each Vice Chair; the President; the Secretary, if the Secretary is a director; the immediate past Chair for one year after leaving office, if the immediate past Chair continues to be a director; the President of the Gustavus Adolphus College Association of Congregations; and up to four and not fewer than two additional directors elected at the annual meeting for one-year terms. The Secretary, even if not a member, shall attend executive committee meetings in order to take minutes, unless the committee determines that the matters under consideration would render such attendance inappropriate. The executive committee shall undertake any duties assigned to it by the Board; assists the Chair and the President with their shared responsibility for effective Board operations by, among other things, participating in the preparation of Board meeting agendas; and take any action for the Board that the executive committee determines must be taken before the Board meets again, endeavoring always to preserve for the Board the fullest possible flexibility for addressing the matter at its next meeting. The committee shall have the authority to act for the Board on all matters except for the following, which are reserved for the Board; presidential selection and termination; director and Board officer elections, changes in institutional mission and purpose and changes to the Articles of Incorporation or the Bylaws. The executive committee shall provide to all directors prior to each Board meeting minutes of all executive committee meetings that have taken place since the previous Board meeting, and such minutes disclose all action as taken by the executive committee. Form 990, Part VI, Section A, Line 1b Two directors have dependents at the College who receive financial aid. One director is employed by the College and one director has a reportable business transaction with the College. See Schedule L for disclosures. Form 990, Part VI, Section A, Line 2 Directors Marcia Page and George Hicks - Business Relationship, Directors Marcia Page and Edward Drenttel - Business Relationship, Directors Mary Dee Hicks and George Hicks - Family Relationship. Form 990, Part VI, Section A, Line 3 KW Associates Incorporated performed management duties for the College during the year ended May 31, 2019. These duties included having primary responsibility for managing the College's finances, including planning, management of financial risks, record-keeping and financial analysis and reporting. Former officer Kenneth C. Westphal is the controlling owner of KW Associates Incorporated. Form 990, Part VI, Section A, Line 7a The Board of Directors membership is established as follows: Board Composition - The Board of Directors shall consist of no fewer than twenty-eight and no more than thirty-four directors. All directors shall have equal voting rights. Ex Officio Directors - So long as they hold office, the President of the College, the Bishop of the Southwestern Minnesota Synod of the ELCA, and the President of the Gustavus Adolphus College Association of Congregations (the "Association") shall be directors. Alumni Association Directors - The Board of Directors of the Gustavus Adolphus College Alumni Association, acting in consultation with the Board, shall be entitled to appoint two Alumni Association directors, each of whom may serve as an Alumni Association director for up to four consecutive years. ELCA Director - The ELCA may designate as a director a member of the churchwide staff with responsibility for higher education. Elected Directors - Elected directors of the Board shall be elected by the Association at its annual meeting. The Board shall serve as the nominating committee to the Association for the selection of candidates to serve as elected directors of the Board. The composition of the elected directors of the Board shall be no fewer than twenty-four (24) and no more than twenty-eight (28) directors. At least twelve (12) elected directors, the exact number to be determined by the Board, shall be at-large directors nominated by the Board and elected by the Association without contest. At least twelve (12) but no fewer than half of the elected directors must be members of congregations that are members of the Association, and at least four of these must be rostered ELCA clergy. Term - Elected directors shall serve three-year terms, beginning with the call to order of the Board's annual meeting and ending with the call to order of the Board's annual meeting three years later. To the extent possible, the Board should stagger elections so that the terms of approximately one-third of elected directors expire each year. Nomination - Before the Association's annual meeting each year, the Board of Directors shall nominate a slate of candidates for election. Form 990, Part VI, Section B, Line 11b Federal Form 990 (the 990) was prepared by the Director of Tax and reviewed by the Controller and CFO, Vice President for Finance and Treasurer. On January 30, 2020, a draft of the 990 was distributed to the Board of Directors. Inquiries from the Directors were communicated to the Audit Committee chair and discussed at the Audit Committee meeting. In addition, a summary of all disclosures relating to the Conflict of Interest policy from the annual representation letters (Directors) and the questionnaires (Directors, officers and other interested persons) was presented to the Audit Committee for their review. On February 12, 2020, the Audit Committee of the Board of Directors reviewed and accepted the draft 990 for filing with the IRS. Form 990, Part VI, Section B, Line 12c The College has a written conflict of interest policy that pertains to its employees. This policy is one of several "All College Policies" that are published on the College's website. The conflict of interest policy is designed to help officers and employees of the College identify situations that present potential conflicts of interest, along with following written procedures in the event that there is a conflict of interest. The policy is intended to comply with the procedure prescribed in Minnesota Statutes, Section 317A.255, and governing conflicts of interest to nonprofit corporations. The President and the CFO, Vice President of Finance and Treasurer monitor and enforce the College's conflict of interest policy relating to its employees. In addition, a questionnaire is completed by all officers and other interested persons on an annual basis that documents any activity that could give rise to conflicts of interest. These questionnaires are reviewed by the President and the CFO, Vice President of Finance and Treasurer. The College has a separate written conflict of interest policy that pertains to all members of the Board of Directors. The policy discloses the importance of exercising integrity and objectivity in making decisions. It further provides disclosure requirements and procedures for abstaining and documentation of meeting minutes when there is a conflict of interest. In May 2019, the Chair of the Board of Directors requested that the President's Office distribute this policy to all Directors, along with an annual representation letter, indicating that the director has read, understands and discloses whether or not there are any circumstances leading to a conflict of interest. At the May 2019 Board of Directors meeting, the Chair of the Board of Directors requested that all Directors read the conflict of interest policy, determine if they had any questions, and complete the annual representation letter on a timely basis. From a governance perspective, the Audit Committee of the Board of Directors is specifically charged with overseeing compliance with this policy. Chairs of individual committees are charged with following the procedures for voting when there is a conflict of interest, along with documentation of those procedures in the meeting minutes. All Directors complete the questionnaire described above in the first paragraph and return them to the CFO, Vice President of Finance and Treasurer. Form 990, Part VI, Section B, Line 15 The President's compensation is reviewed annually by the executive committee of the Board of Directors in accordance with College's By-Laws using compensation data from comparable institutions. It was last reviewed in December 2018. The results of this review are not currently documented in the executive committee minutes. However, the committee has implemented new procedures to document this deliberation process and final approval of the President's compensation package in fiscal year 2020. The President reviews compensation surveys and the compensation of all vice presidents on an annual basis in accordance with the College's By-Laws. The President approves and signs all vice president contracts annually. The compensation of all interested persons on Schedule L, Part IV is reviewed by independent persons. Form 990, Part VI, Section C, Line 19 The audited financial statements of the College for the year ended May 31, 2019 are found on the College's website. The following documents are found on the College's website and are also available for public inspection in the President's Office, located in the Carlson Administration Building on the campus in St. Peter, MN: Articles of Incorporation, Bylaws and Conflict of Interest Policy. Form 990, Part XI, Line 9 Adjustment of Actuarial Liability Tennis and Life Camps LLC 800 West College Avenue Saint Peter MN 56082 Summer Camp MN 1003561 734294 N/A Greater Gustavus Fund 800 West College Avenue Saint Peter MN 56082 416038632 Fundraising MN 501(c)(3) 11, I N/A 1 Beneficial Interest in Funds Held in Trust (21) Names and EINs Withheld Saint Peter MN 56082 Investment MN N/A T 64484 4273596 1 0 Charitable Remainder Annuity Trust (1) Name and EIN Withheld Saint Peter MN 56082 Investment MN N/A T 0 Charitable Remainder Unitrusts (28) Names and EINs Withheld Saint Peter MN 56082 Investment MN N/A T 0 Pooled Life Income Fund 800 West College Avenue Saint Peter MN 56082 Investment MN N/A T 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 Pooled Life Income Fund k 148828 Cash Paid