2018-05-08T15:24:33-05:00 2017-06-30 420794029 Denman & Company LLP 1601 22nd Street Suite 400 West Des Moines IA 502661453 990 2016-07-01 420680460 Drake University DRAK 5152713112 2507 University Avenue Des Moines IA 503114505 TERESA KREJCI CHIEF FINANCIAL OFFICER 5152713112 2018-05-08 1 Bruce Cahill P00546325 5152258400 2016 2022-09-23 18:48:47Z EARL F MARTIN 2507 University Avenue Des Moines IA 503114505 259109554 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. 34 33 3539 4334 365544 88273 33291830 32917533 168110361 171058260 3571681 6319569 2641982 2685405 207615854 212980767 57128193 60517336 0 0 87847530 91645893 0 0 3119681 52698616 51123573 197674339 203286802 9941515 9693965 461718210 485043518 119650774 115368339 342067436 369675179 X SEE SCHEDULE ODRAKE'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 177371366 60517336 171058260 DRAKE UNIVERSITY IS A NATIONAL COEDUCATIONAL, INDEPENDENT AND PRIVATE UNIVERSITY WITH OVER 5,000 STUDENTS. DRAKE IS ACCREDITED BY THE HIGHER LEARNING COMMISSION OF THE NORTH CENTRAL ASSOCIATION OF SCHOOLS AND COLLEGES. 177371366 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 1 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 1 6308 0 3539 1 1 1 1 CA CJ GK 0 0 0 1 1 0 0 0 0 X 34 33 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X TERESA KREJCI 5152713112 2507 UNIVERSITY AVENUE DES MOINES IA 50311 EMILY ABBAS TRUSTEE 1.00 X 0 0 0 JOE AIELLO 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 HEIDI CHICO TRUSTEE 1.00 X 0 0 0 RICHARD S CUSAC TRUSTEE 1.00 X 0 0 0 DONALD LEE DECKER TRUSTEE 1.00 X 0 0 0 PAUL DOUCETTE TRUSTEE 1.00 X 0 0 0 WILLIAM W DRURY JR TRUSTEE 1.00 X 0 0 0 MARK ERNST TRUSTEE 1.00 X 0 0 0 PEGGY FISHER TRUSTEE 1.00 X 0 0 0 DAVID GOLDER TRUSTEE 1.00 X 0 0 0 CAIN HAYES TRUSTEE 1.00 X 0 0 0 ANNE HILTON TRUSTEE 1.00 X 0 0 0 DANIEL E JACOBI TRUSTEE 1.00 X 0 0 0 GREG JOHANSON TRUSTEE 1.00 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 EARL F MARTIN III PRESIDENT 40.00 X X 420273 0 107658 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 BRENT SLAY TRUSTEE 1.00 X 0 0 0 DR JOHN JOSEPH SHUFELDT JR TRUSTEE 1.00 X 0 0 0 WILLIAM E SMITH TRUSTEE 1.00 X 0 0 0 RUDOLPH D TREBELS TRUSTEE 1.00 X 0 0 0 BENJAMIN ULLEM TRUSTEE 1.00 X 0 0 0 JIM WALLACE TRUSTEE 1.00 X 0 0 0 LINDSEY WHORTON TRUSTEE 1.00 X 0 0 0 ANDREW WRIGHT TRUSTEE 1.00 X 0 0 0 LARRY D ZIMPLEMAN TRUSTEE 1.00 X 0 0 0 HELEN TERESA KREJCI CHIEF FINANCIAL OFFICER - 40.00 X 153946 0 25029 SUE MATTISON PROVOST 40.00 X 94268 0 22075 JOHN SMITH SECRETARY 40.00 X 194081 0 19807 Venessa Kuhlmann-Macro CHIEF ADMINISTRATION OFFICER - 40.00 X 157222 0 32669 RAYMOND GIACOLETTI HEAD COACH - MEN'S BASKETB 40.00 X 396548 0 22769 ALLAN VESTAL PROFESSOR OF LAW 40.00 X 261407 0 38206 SANDRA H CLUBB ATHLETIC DIRECTOR 40.00 X 231438 0 35490 C KENNETH MEYER PROFESSOR OF PUBLIC ADMINISTRATION 40.00 X 219138 0 66655 JERRY ANDERSON DEAN - LAW SCHOOL 40.00 X 208762 0 36984 2337083 0 407342 9 0 1 0 THE WEITZ COMPANY LLC 420 WATSON POWELL JR WAY SUITE 100 DES MOINES IA 50309 CONSTRUCTION PROJECTS 12411741 SODEXO INC & AFFILIATES 4880 PAYSPHERE CIRCLE CHICAGO IL 606740048 FOOD SERVICE 7217961 DES MOINES PUBLIC SCHOOLS 901 WALNUT STREET DES MOINES IA 503093506 HEAD START PROGRAM 1727325 KIEFER SPECIALTY FLOORING INC 2910 FALLING WATERS BOULEVARD LINDERHURST IL 60046 RUNNING TRACK SURFACE 1142611 JENSEN BUILDERS LTD 2097 NE 60TH AVE DES MOINES IA 50313 CONSTRUCTION PROJECTS 1123784 5 322341 10610809 21984383 4698894 32917533 STUDENT TUITION & FEES 611710 147266119 147266119 CONTRACT MEALS - FOOD 722100 8485188 8485188 CONTRACT INCOME - RES 721310 8075193 8075193 SPORTS INCOME 711210 5340634 5340634 PARKING FEES 812930 490332 490332 1400794 312050 1088744 171058260 3022884 3022884 12425 12425 1848256 99068 1325675 74588 522581 24480 547061 24480 522581 47833160 44330723 205752 3502437 -205752 3296685 3296685 201399 322341 192049 9350 9350 OTHER INCOME 611710 2094101 6546 2087555 ALUMNI FEES 611710 10655 10655 PROGRAM SALES 511120 7806 7806 4007 4007 2116569 212980767 153097085 365544 26600605 60517336 60517336 1166090 201073 759487 205530 68307429 60044446 6408094 1854889 4537503 3672964 743170 121369 12813191 5333870 7356454 122867 4821680 3907076 789567 125037 457806 87519 370287 255890 255890 3601 3601 164608 164608 5649695 4916675 601171 131849 648908 235003 404492 9413 821149 618959 79404 122786 3764050 3620421 22949 120680 2223524 2223524 8645478 8576528 68950 778951 10268 768508 175 UNRELATED BUS INC TAX 6377 6377 CONTRACTS & LEASES 9998474 9267747 696787 33940 DUES & SUBSCRIPTIONS 3231840 2659251 554308 18281 REPAIRS, MAINTENANCE, S 2624725 2044471 501767 78487 11848497 9430634 2243485 174378 203286802 177371366 22795755 3119681 37266585 26875281 24226088 12788651 15070500 13707707 2708588 4522316 15039340 15522174 60229 56746 1935361 2128902 348752119 136064858 184860124 212687261 110986314 121558748 68997076 75069763 568005 125969 461718210 485043518 28433069 29234690 13071299 13060639 5171808 6285442 62005000 58026186 10969598 8761382 119650774 115368339 X 167758995 188166206 42853180 42271789 131455261 139237184 342067436 369675179 461718210 485043518 X 9693965 13517230 4396548 X X 0 1 X 1 1 1 X SCHEDULE A: DRAKE UNIVERSITY'S FOURTH PRIOR TAX YEAR WAS A SHORT YEAR BEGINNING JUNE 1, 2013 AND ENDING JUNE 30, 2013. THE CHANGE IN ACCOUNTING PERIOD WAS AN AUTOMATIC CHANGE AS DETAILED IN REV. PROC. 85-58. DRAKE UNIVERSITY HAD NOT PREVIOUSLY CHANGED ITS YEAR END WITHIN THE 10-CALENDAR-YEAR PERIOD THAT INCLUDED THE BEGINNING OF THE SHORT PERIOD. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 1 3601 0 0 0 3601 0 Part II-B, Line 1: DRAKE UNIVERSITY PAYS DUES TO THE IOWA ASSOCIATION OF INDEPENDENT COLLEGES AND UNIVERSITIES. A PORTION OF THESE DUES ARE USED FOR LOBBYING. THIS PORTION IS TREATED AS A GRANT TO OTHER ORGANIZATIONS FOR LOBBYING EXPENSES. X X X EDUCATION 0 192173283 7781719 20234785 3823883 5610757 162327 210592820 196490294 8346657 -3494442 3586944 5395796 186486 192173283 186283378 12618946 6283522 3416009 5109183 170360 196490294 169021448 2003514 23420674 3054300 4928308 179650 186283378 168619244 2441985 -2039781 169021448 0.26340 0.64820 0.08840 1 0 9068714 25169421 34238135 206149381 93586165 112563216 67897566 42478693 25418873 40467037 40467037 212687261 CASH SURRENDER VALUE - LIFE INSURANCE 4243044 F FUNDS HELD IN TRUST BY OTHERS 10717388 F PRIVATE EQUITY FUNDS 45235868 F PRIVATE COMMINGLED BOND FUNDS 14873463 F 75069763 ANNUITIES PAYABLE 1391656 INTEREST RATE SWAP AGREEMENT LIABILITY 5400993 REAL ESTATE DEPOSITS 70212 AGENCY FUNDS 222601 FIN 47 LIABILITY 1675920 8761382 X 170569258 13517230 4396548 17913778 152655480 60325287 60325287 212980767 142961515 192049 192049 142769466 60517336 60517336 203286802 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, 2017 AND 2016, 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 -131,682. CHANGE IN VALUE OF INTEREST RATE SWAP AGREEMENTS 2,250,617. POSTRETIREMENT BENEFIT PLAN RELATED CHANGES 2,315,954. Losses on Uncollectible Pledges -38,341. Part XI, Line 4b - Other Adjustments: SCHOLARSHIPS 60,517,336. FUNDRAISING EVENT EXPENSES -192,049. Part XII, Line 2d - Other Adjustments: FUNDRAISING EVENT EXPENSES 192,049. Part XII, Line 4b - Other Adjustments: SCHOLARSHIPS 60,517,336. 1 1 1 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. 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, AND PERKINS LOAN PROGRAM. Europe - England, France, Finland, The Netherlands, Germany 0 10 PROGRAM SERVICES LAW SCHOOL SUMMER PROGRAM FOR EDUCATIONAL CREDIT, SHORT-TERM INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT. 226756 South America - Ecuador 0 2 PROGRAM SERVICES SHORT-TERM INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT. 107391 Central America and the Caribbean - Bahamas, Cuba 0 3 PROGRAM SERVICES SHORT-TERM INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT. 167499 Sub-Saharan Africa - Ghana, South Africa, Uganda 0 5 PROGRAM SERVICES SHORT-TERM INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT. 106059 South Asia - India 0 1 PROGRAM SERVICES SHORT-TERM INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT. East Asia and the Pacific - China, Thailand 0 7 PROGRAM SERVICES SHORT-TERM INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT. 88248 Middle East and North Africa - Egypt 0 2 PROGRAM SERVICES SHORT-TERM INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT. 90719 0 30 0 0 0 30 786672 0 786672 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 DINNER 429784 322341 107443 74878 48671 39646 Raise The Purse Luncheon 52956 52956 2125 7571 1 41000 41000 109 4131 14918 523740 322341 201399 109 74878 54927 62135 192049 9350 1 DRAKE UNIVERSITY AWARDED STUDENT AID 3463 57064712 RESTRICTED/ENDOWED SCHOLARSHIPS 809 3452624 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 OUR EXTERNAL AUDIT FIRM. OUR FY13 A-133 AUDIT EXPRESSED AN UNQUALIFIED OPINION WITH NO FINDINGS, NO SIGNIFICANT DEFICIENCIES IN INTERNAL CONTROL, AND NO INSTANCES OF MATERIAL NONCOMPLIANCE. X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 EARL F MARTIN III PRESIDENT 354982 0 54000 0 11291 0 21200 0 86458 0 527931 0 0 0 HELEN TERESA KREJCI CHIEF FINANCIAL OFFICER - 145034 0 7500 0 1412 0 12067 0 12962 0 178975 0 0 0 JOHN SMITH SECRETARY 187962 0 0 0 6119 0 1551 0 18256 0 213888 0 0 0 Venessa Kuhlmann-Macro CHIEF ADMINISTRATION OFFICER - 152483 0 4000 0 739 0 12783 0 19886 0 189891 0 0 0 RAYMOND GIACOLETTI HEAD COACH - MEN'S BASKETB 389209 0 0 0 7339 0 21200 0 1569 0 419317 0 0 0 ALLAN VESTAL PROFESSOR OF LAW 257897 0 0 0 3510 0 19721 0 18485 0 299613 0 0 0 SANDRA H CLUBB ATHLETIC DIRECTOR 193541 0 27611 0 10286 0 15837 0 19653 0 266928 0 0 0 C KENNETH MEYER PROFESSOR OF PUBLIC ADMINISTRATION 216822 0 0 0 2316 0 11479 0 55176 0 285793 0 0 0 JERRY ANDERSON DEAN - LAW SCHOOL 206706 0 0 0 2056 0 17121 0 19863 0 245746 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. A SOCIAL CLUB MEMBERSHIP IS PROVIDED TO THE PRESIDENT, HEAD MEN'S BASKETBALL COACH AND ATHLETIC DIRECTOR FOR UNIVERSITY BUSINESS. ANY EXPENSES INCURRED THAT ARE NOT RELATED TO UNIVERSITY BUSINESS ARE PAID FOR PERSONALLY BY THE INDIVIDUALS. 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 000000000 2017-01-18 15200000 CONSTRUCT, RENOVATE & EQUIP FACILITY 0 0 0 C IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 000000000 2017-02-07 29695000 REFUND PRIOR ISSUE (4/30/08) 0 0 0 A 1655000 33478199 411264 22003556 11058756 4623 0 1 0 1 B 116500 116500 0 0 0 1 C 2205000 29695000 170000 29525000 2004 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 1 0 0 0 0 0 0 1 B 0 1 0 0 1 0 0 0 1 C 0 1 1 0 1 0 0 0 1 A 1 B 1 C 1 SCHEDULE K, PART II, LINE 3, COLUMN A: THE TOTAL PROCEEDS DO NOT AGREE TO THE ISSUE PRICE IN PART I, LINE A, COLUMN (E) DUE TO INVESTMENT EARNINGS. SCHEDULE K, PART II, LINE 3, COLUMN B: THE TOTAL PROCEEDS DO NOT AGREE TO THE ISSUE PRICE IN PART I, LINE B, COLUMN (E) AS THIS DEBT WAS ISSUED ON A DRAW-DOWN BASIS AND THE TOTAL PRINCIPAL AVAILABLE HAS NOT YET BEEN DRAWN. X 67 4360960 TRADING PRICE -DON. DATE X 1 200000 Appraisal X PROGRAM EQUIP & RESOURCES 236 120334 ITEMS < $5,000 EACH X PROGRAM EQUIP & RESOURCES 3 17600 ACTUAL COST 1 0 1 1 Part I, Line 32b: DRAKE UNIVERSITY USES MERRILL LYNCH IN DES MOINES TO PROCESS AND SELL DONATED SECURITIES. DONORS TRANSFER SECURITIES INTO DRAKE'S ACCOUNT AT MERRILL LYNCH AND THE SECURITIES ARE IMMEDIATELY SOLD, PER BOARD DIRECTION. 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. A COPY OF THE COMPLETE FORM 990 IS MADE AVAILABLE TO EACH MEMBER OF THE BOARD OF TRUSTEES VIA THE BOARD PORTAL. IN JANUARY 2018, UPON COMPLETION OF THE CURRENT YEAR'S RETURN, BUSINESS & FINANCE STAFF, ALONG WITH DRAKE'S EXTERNAL TAX FIRM REVIEWED THE COMPLETED FORM 990 WITH THE AUDIT COMMITTEE. 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 THE COMPENSATION COMMITTEE OF THE DRAKE UNIVERSITY BOARD OF TRUSTEES, COMPRISED OF NON-EMPLOYEES OF THE UNIVERSITY, REVIEWS AND APPROVES THE COMPENSATION OF THE PRESIDENT AND OTHER KEY EMPLOYEES. THE COMMITTEE IS PROVIDED, BY DRAKE UNIVERSITY HUMAN RESOURCES, COMPARABILITY DATA FROM SEVERAL SOURCES, INCLUDING THE ANNUAL SURVEY CONDUCTED BY THE COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION FOR HUMAN RESOURCES (CUPA-HR). OVER 1,000 INSTITUTIONS PARTICIPATED IN THE SURVEY IN THE FALL OF 2016. RESULTS WERE PUBLISHED IN FEBRUARY OF 2017. THE CUPA-HR SALARY SURVEY TOOL ALLOWS DRAKE UNIVERSITY HUMAN RESOURCES TO CONDUCT A SURVEY OF SALARIES LIMITED TO DRAKE'S PEER GROUP. THIS EVALUATION IS PERFORMED ANNUALLY. 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 XI, line 9: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -131,682. CHANGE IN VALUE OF INTEREST RATE SWAP AGREEMENTS 2,250,617. POSTRETIREMENT BENEFIT PLAN RELATED CHANGES 2,315,954. Losses on Uncollectible Pledges -38,341. FORM 990, PART XII, LINE 2C, OVERSIGHT OF AUDIT: THE PROCESS FOR AUDIT OVERSIGHT AND SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM THE PRIOR YEAR. FORM 926 - TRANSFERS TO FOREIGN CORPORATIONS: DRAKE UNIVERSITY INDIRECTLY MADE TRANSFERS OF CASH TO MANY FOREIGN CORPORATIONS VIA PARTNERSHIP INVESTMENTS DURING THE YEAR. FOUR OF THESE TRANSFERS EXCEEDED THE FORM 926 REPORTING THRESHOLD.