2018-05-11T10:29:50-05:00 2017-06-30 KPMG LLP 1212 North 96th Street Suite 300 Omaha NE 68114 990 2016-07-01 421143702 IOWA STATE UNIVERSITY FOUNDATION % Lisa Eslinger IOWA 5152944607 2505 University Blvd PO Box 2230 Ames IA 500102230 LISA ESLINGER CFO and CAO 5152949944 2018-05-10 true MONROE J GIERL P01413237 4023481450 2016 2022-09-23 18:48:47Z Larissa Holtmyer Jones 2505 University Boulevard Ames IA 500102230 397938122 false X www.foundation.iastate.edu X 1980 IA Aligning donor passion and generosity to advance Iowa State University's land grant ideals. 14 14 502 153 4876180 717082 92963643 182944883 0 0 -1252838 7101191 3172710 3750716 94883515 193796790 80008697 87198321 0 0 11417254 12132310 0 4522 12199708 7798810 34535996 99224761 133871149 -4341246 59925641 902108947 1189980960 37362306 113592893 864746641 1076388067 X SEE SCHEDULE O false false 27009118 27009118 1030035 Student Support: Iowa State undergraduate and graduate students received more than $27 million in scholarships, fellowships, loans, and awards from private gift support. Students received both merit- and need- based scholarship support across all programs and units of the University. With the University seeing record enrollment numbers, private gift support is critical to ensuring that all willing students are able to explore their education opportunities, experience college life, and efficiently manage tuition costs and debt loads. In 2017, more than 6,000 students received scholarships funded by private gift support. 35560672 35560672 1356163 Faculty and Program Support: With more than $35 million from the Iowa State University Foundation, University faculty and staff received additional support, allowing for increased research opportunities and improved classroom experiences for all students. Private gift support helps meet the University's goal to attract and retain world-class faculty, which ultimately attracts the best and brightest students. During 2017, the number of endowed faculty positions (chairs, professorships, and fellowships) increased to 198. 20990633 20990633 800511 Facilities: The Foundation provided nearly $21 million to the University in support of new building construction, renovation, and equipment needs. State-of-the-art facilities help the University attract high-quality faculty and students. These facilities provide space, environments, and technologies that promote the highest levels of teaching, learning and research. Private gift support assisted in funding of the renovation of Marston Hall, the construction of the Biosciences Facilities, and more. 3637898 3637898 Noncash Grants 2122497 Annuity Payment and Actuarial Valuation 5760395 3637898 89320818 true true false false false false false false false true true true false false true true false true false false true false false false false false false true false true false false false false false false false false true true false false true true true false false false true X 107 0 true 502 true true true true CJ VI false false false true true false false false false X 14 14 false false true false true true true true true false false true true true true true true true true true false AK AZ CA KY MD MA MI MN NH NJ NY OH OR SC UT WV WI X X Lisa Eslinger 5152944607 2505 University Boulevard Ames IA 500102230 X Lloyd Bettis Chair 5.0 0.0 X X 0 0 0 Nancy Armbrust Vice Chair 2.0 0.0 X X 0 0 0 Gary Streit Secretary 2.0 0.0 X X 0 0 0 Mary Jane Hagenson Treasurer 2.0 0.0 X X 0 0 0 Gregg Behrens Director 1.0 0.0 X 0 0 0 Michael Dubes Director 1.0 0.0 X 0 0 0 Jon Fleming Director 1.0 0.0 X 0 0 0 James Frein Director 1.0 0.0 X 0 0 0 Ron Hallenbeck Director 1.0 0.0 X 0 0 0 Kathy Howell Director 1.0 0.0 X 0 0 0 Barbara Janson Director 1.0 0.0 X 0 0 0 Ric Jurgens Director 1.0 0.0 X 0 0 0 Steven Leath Director 1.0 0.0 X 0 0 0 Roger Underwood Director 1.0 0.0 X 0 0 0 Benjamin Allen Director 1.0 0.0 X 0 0 0 Larissa Holtmyer Jones President and CEO 40.0 0.0 X 348665 0 42928 Lisa Eslinger Chief Financial/Admin Officer 40.0 0.0 X 228093 0 32109 Steve Biever VP for Development 40.0 0.0 X 192081 0 35763 Jeremy Galvin VP for Development 40.0 0.0 X 192175 0 35763 Kevin Stow Assistant VP Human Resources 40.0 0.0 X 136337 0 30024 Rosa Unal Associate VP, IT and DCS 40.0 0.0 X 134505 0 30123 Jenni Cushman Sr Exec Dir of Development 40.0 0.0 X 128198 0 29625 Michael Wahlin Assistant VP and Controller 40.0 0.0 X 123483 0 28943 Ray Klein Exec Director of Development 40.0 0.0 X 113856 0 27799 1597393 0 293077 16 false true false Cambridge Associates 4100 North Fairfax Drive Suite 130 Arlington VA 222031664 Consulting 999500 Tweedy Brown Company LLC Metro Center One Station Place Stamford CT 06902 Investment Fees 394387 IT Services University Info Systems 2nd Floor ASB Ames IA 50011 Info. Tech. Services 181159 Income Research Management 100 Federal Street 30th Floor BOSTON MA 02110 Investment Fees 170077 Torrents Printing 407 SE Sharon Drive Ankeny IA 50021 Printing Services 167953 8 182944883 109538183 182944883 0 2212319 4876180 -2663861 0 119261 119261 179482 179482 0 179482 179482 207997567 1032637 202804781 1336551 5192786 -303914 4888872 4888872 0 0 0 0 0 0 0 0 0 Administrative Fee 541900 3186709 3186709 Other 611710 265264 265264 3451973 193796790 3186709 4876180 2789018 87198321 87198321 0 0 0 1176269 279282 896987 0 8117008 1468596 6648412 750315 144129 606186 1466010 368836 1097174 622708 120316 502392 0 226461 226461 126899 126899 0 4522 4522 1897798 1897798 490083 298351 191732 213911 790 213121 973540 388648 584892 584497 235923 348574 0 149910 149910 815598 198684 616914 0 572650 83848 488802 51311 51311 0 310516 310516 101023 101023 Miscellaneous Expenses 20264 20264 Annuity Payments 2122497 2122497 Income taxes 25879038 25879038 133871149 89320818 32350623 12199708 X 0 0 3840176 3794434 75062650 72357971 0 0 0 0 0 0 1287858 1302987 0 0 0 0 19245996 3721002 13640614 15524994 545982841 320620409 229704840 734226610 0 0 0 0 32589968 42153555 902108947 1189980960 868910 918868 0 0 0 0 2199999 2063288 0 0 0 0 0 0 0 0 34293397 110610737 37362306 113592893 X 22510689 19285516 237851695 249987800 604384257 807114751 864746641 1076388067 902108947 1189980960 59925641 151715785 X false true X true false X 59012859 86154845 118926479 92963643 182944883 540002709 0 0 59012859 86154845 118926479 92963643 182944883 540002709 106362368 433640341 6631107 4911519 5197325 4642341 2511062 23893354 75612 717082 792694 42636 51778 44579 44470 265264 448727 565137484 14554790 0.76732 0.87612 X Schedule A, Part II, Line 10 OTHER INCOME INCLUDES FEES FOR VARIOUS SERVICES AND OTHER MISCELLANEOUS INCOME. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 604384257 85731410 152419353 9016156 16552978 9851135 807114751 611338724 36833992 -9515406 8605587 15822457 9845009 604384257 600080753 26564680 17487120 8181929 14594692 10017208 611338724 519818738 24277047 86660498 7319059 13742194 9614277 600080753 469075811 14999281 63831528 6634182 12622166 8831534 519818738 1.00000 true false 11810705 960000 12770705 4251020 1655481 2595539 2224271 2065521 158750 15524994 INVSTMNT IN CURRICULUM ASSOC. 221021508 F EQUITY - ALT INVESTMENTS 213239883 F HEDGE FUNDS 170179401 F PRIVATE EQUITY - FUND OF FUNDS 93354820 F NATURAL RESOURCES/COMMODITIES 27509094 F REAL ESTATE - FUNDS & RE 8921904 F 734226610 0 DUE TO UNRELATED ORGANIZATION 50000000 DEFERRED INCOME TAX LIABILITY 25879038 ANNUITIES PAYABLE 19985785 DUE TO RELATED ORGANIZATIONS 12660960 TRUST LIABILITY DUE TO OTHERS 1538977 OTHER LONG TERM LIABILITIES 545977 110610737 X Schedule D, Part V, Line 4 The Iowa State University Foundation uses the earnings from the endowment funds based upon the donor intent of individual endowed accounts. These uses include college program support, student financial aid, faculty and staff support, research, building, equipment and maintenance, as well as other uses. Schedule D, Part X, Line 2 The Foundation accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse in a future period. Deferred tax liability is adjusted through income tax expense on the statement of functional expenses and changes in net assets. The Foundation recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Such tax positions, which are more than 50% likely of being realized, are measured at their highest value. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Central America and the Caribbean Investments 7528724 Europe (Including Iceland and Greenland) Investments -14446 7514278 7514278 true false false true true false Schedule F, Part IV, Line 4 The Iowa State University Foundation is an indirect shareholder in various passive foreign investment companies through its partnership investments. However, based on the rules of filing the Form 8621, no form is required. true Iowa State University Beardshear Hall Ames IA 50011 426004224 115 83560423 3637898 FMV SEE PART IV SEE PART IV 1 Schedule I, Part I, Line 2 Monitoring compliance with donor intent is a collaborative effort between gift fund administrators at Iowa State University and the Donor Compliance Services team at the Foundation. University personnel are responsible for monitoring expenditures for appropriateness and allowability. The Donor Compliance Services Team at the Foundation strives to monitor the expenditures and balances of the various accounts, with the focus on donor intent, as well as develop strategies to ensure donor compliance with the donor gift agreements in place. Schedule I, Part II, Line 1, Columns (G) and (H) Name of the organization or government: Iowa State University (g) Description of Non-Cash Assistance: Publicly traded securities, books, art and other non-cash gifts (h) Purpose of Grant or Assistance: Grants are provided to Iowa State University in the form of student support (scholarships, fellowships, loans, awards), faculty and staff support (endowed faculty positions, research, professional development), program support (academic and out-of-classroom programs and campus organizations), and facilities support (building construction and renovation, equipment). X X true true X X X X false false false false false false false false false Larissa Holtmyer Jones President and CEO 337693 0 0 0 10972 0 26500 0 17464 0 392629 0 0 0 Lisa Eslinger Chief Financial/Admin Officer 226572 0 0 0 1521 0 22905 0 10199 0 261197 0 0 0 Steve Biever VP for Development 191002 0 0 0 1079 0 19335 0 17341 0 228757 0 0 0 Jeremy Galvin VP for Development 191238 0 0 0 937 0 19335 0 17341 0 228851 0 0 0 Kevin Stow Assistant VP Human Resources 135375 0 0 0 962 0 13812 0 16885 0 167034 0 0 0 Rosa Unal Associate VP, IT and DCS 115552 0 0 0 18953 0 13695 0 17096 0 165296 0 0 0 Jenni Cushman Sr Exec Dir of Development 127458 0 0 0 740 0 13197 0 17074 0 158469 0 0 0 Michael Wahlin Assistant VP and Controller 122142 0 0 0 1341 0 12515 0 17044 0 153042 0 0 0 Schedule J, Part I, Line 1a Certain foundation staff traveled via the university-owned plane when there was a clear business need. Travel for companions was provided when there was a business purpose for the companion attending the fundraising event. These benefits are considered business expenses and therefore are not considered taxable income to the individuals. Schedule J, Part II All employees participate in a retirement plan consisting of a 403(b) defined contribution plan. X 14 1613131 Opinions of Experts X 2 1250 Opinions of Experts X 7721 Opinions of Experts X 219 7229750 Fair Market Value X 4 1229676 Fair Market Value X 1 92900000 Fair Market Value X 197 3004030 Fair Market Value X 1 32000 Sale of Similar Prop X 1 1240000 Sale of Similar Prop X 1 8722 Opinions of Experts X 2 809 Opinions of Experts X Other 102 1998833 Replacement Costs X Grain 6 84011 Fair Market Value X Gold 1 188250 SALE OF SIMILAR PROP 4 false true true Schedule M, Part I, Line 32b THE IOWA STATE UNIVERSITY FOUNDATION HIRES REAL ESTATE COMPANIES OR SIMILAR ORGANIZATIONS TO SELL ANY REAL ESTATE OR PROPERTY. VARIOUS STOCK GIFTS ARE SOLD THROUGH STOCK BROKERS WHERE THE ISU FOUNDATION HOLDS AN ACCOUNT. Form 990, Part III, Line 1 ORGANIZATION'S MISSION: IOWA STATE UNIVERSITY FOUNDATION'S MISSION IS TO INSPIRE PHILANTHROPY TO ADVANCE IOWA STATE UNIVERSITY'S MISSION TO SHARE, AND APPLY KNOWLEDGE TO MAKE IOWA AND THE WORLD A BETTER PLACE." THE FOUNDATION MAXIMIZES PHILANTHROPY IN SUPPORT OF IOWA STATE UNIVERSITY - ITS STUDENTS, FACULTY AND PROGRAMS. THIS IS ACCOMPLISHED BY PROMOTING AND NURTURING VOLUNTEERISM AND PHILANTHROPY, COLLABORATINGAND BUILDING PARTNERSHIPS WITH UNIVERSITY ADMINISTRATORS AND FACULTY, BUILDING LONG-TERM RELATIONSHIPS WITH DONORS WHILE REPRESENTING THEIR NEEDS AND INTERESTS, OPERATING WITH OPENNESS AND TRANSPARENCY WHILE HONORING DONORS' PRIVACY, AND PROVIDING FOUNDATION STAFF AND VOLUNTEERS WITH THE TOOLS AND RESOURCES NEEDED TO ACHIEVE THESE GOALS. THE FOUNDATION RAISED MORE THAN $235 MILLION IN NEW GIFTS AND COMMITMENTS FOR THE YEAR ENDING ON JUNE 30, 2017. THESE RESULTS WERE DUE TO THE GENEROUS SUPPORT OF MORE THAN 27,000 BENEFACTORS, INCLUDING NEARLY 5,000 FIRST-TIME DONORS. AS A LAND-GRANT UNIVERSITY, IOWA STATE IS COMMITTED TO THE MISSION OF PROVIDING OPPORTUNITIES FOR STUDENTS OF ALL BACKGROUNDS TO ACCESS AND OBTAIN A HIGH-QUALITY COLLEGE EDUCATION. ON SEPTEMBER 30, 2016, THE IOWA STATE UNIVERSITY FOUNDATION PUBLICALLY LAUNCHED FOREVER TRUE, FOR IOWA STATE, AN EIGHT-YEAR CAMPAIGN WITH A GOAL TO RAISE $1.1 BILLION, WHICH SUPPORTS THE UNIVERSITY'S VISION TO MAKE IOWA STATE THE PREMIER LAND-GRANT UNIVERSITY FOR THE 21ST CENTURY. CAMPAIGN PRIORITIES INCLUDE FUNDING FOR RESEARCH, FACULTY, STUDENT SCHOLARSHIP, NEW FACILITIES, AND INNOVATIVE PROGRAMMING, AMONG OTHERS. FUNDS RAISED DURING THIS CAMPAIGN HAVE THE POTENTIAL TO TRULY TRANSFORM THE UNIVERSITY. AS OF JUNE 30, 2017, CAMPAIGN SUPPORT HAS SURPASSED $747 MILLION. Form 990, Part VI, Line 4 The Seventh Amended and Restated Articles of Incorporation and the Fifth Amended and Restated Bylaws were adopted by Iowa State University Founadation on April 7, 2017. The adopteed articles and bylaws included the following changes: 1) Removal of the cap on the number of active members. Prior to April 7, 2017, the articles and bylaws specifically noted that active members of the corporation were not to exceed 200 in number. The adopted guidelines state, "Additional persons may become members upon nomination by another member, recommendation by the Governance committee and election at any annual or special meeting. 2) Redefined quorum to be 60. Prior to April 7, 2017, quorum was defined as 30 members or 25% the active members. The adopted guidelines state, "A quorum of the members shall consist of 60 of the active members. No annual or special meeting of the members may occur, and no business may be transacted, unless quorum is present. Form 990, Part VI, Line 6 As of the effective date of the Amended and Restated Bylaws, the Corporation has members, which are known as the "Iowa State University Foundation Governors." Each member shall serve until death or until resignation or removal pursuant to the Amended and Restated Bylaws. Additional persons may become members upon nomination by another member, followed by recommendation by the governance committee, approval by the board of directors and election by the Corporation's members at any annual or special meeting. The affairs and business of the Corporation shall be conducted by a board of directors. Form 990, Part VI, Line 7a The board of directors is composed of up to nineteen (19) directors allocated among four classes of directors. A) Class A directors shall be between ten (10) and twelve (12) in number, and shall be elected from and by the members of the corporation upon nomination by the governance committee and approval by the board of directors. The term of each Class A director shall commence with the start of the Corporation's fiscal year immediately following such director's election and shall continue until the expiration of the fourth fiscal year thereafter, provided, however, that any director elected to fill a vacancy shall serve for the remainder of the vacated term. Each Class A director may serve up to two (2) terms, which may be consecutive. B) Class B directors shall be no more than four (4) in number, and shall consist of those individuals who are members of the corporation who are not then-currently serving as Class A directors, but who are nevertheless nominated by the Chair and selected by the Board to serve as a chair of one of the following committees of the board; (I) Audit Committee, (II)Development Committee (or Campaign Committee), (III) Finance Committee, and (IV) Investment Committee. Class B directors shall serve for the duration of their chairship. C) The corporation shall have one (1) Class C director who shall be the individual then-serving as President or Interim President of Iowa State University. The Class C director shall serve for the duration of his or her tenure as President or Interim President of Iowa State University. D) The corporation may have up to two (2) Class D directors, who may or may not be members of the corporation, appointed by the Board of Directors at a regular or special meeting. The term of each Class D director shall be designated by the board of directors upon such appointment. Appointment of Class D directors, if any, shall be within the discretion of the board. Form 990, Part VI, Line 7b Each active member of the corporation present shall be entitled to one vote on any question properly coming before the members at an annual or special meeting. While the affairs and business of the corporation are directed to and conducted by the board of directors, the members of the corporation shall be responsible for approval of Class A directors and any amendments to the Articles of Incorporation. Form 990, Part VI, Line 11b The information for Form 990 is prepared and compiled by the finance staff of the Iowa State University Foundation and provided to KPMG LLP. After inputting the data into their tax software, an initial draft of the Form 990 is provided to the Foundation for review by the Assistant Vice President of Investments and the Chief Financial and Administrative Officer. After incorporating any changes and completing their review, KPMG provides a final draft for presentation to the ISU Foundation audit committee for review and approval. After approval by the audit committee, the Form 990 is provided to the ISU Foundation Board of Directors for their review prior to filing. The Form 990 is then electronically filed with the IRS by KPMG. Form 990, Part VI, Line 12c The Iowa State University Foundation, on an annual basis, provides a copy of the conflict of interest policy to all responsible persons, including the Board of Directors, committee members, and all employees who influence the actions of the ISU Foundation. Responsible persons are asked to review the policy and disclose any conflicts of interest as outlined in the policy on an annual basis. Disclosed conflicts are reviewed by the audit committee and are handled on an individual basis. Completed disclosure forms are retained in the Foundation's permanent file. Form 990, Part VI, Line 15a Any change to compensation for the President of the Iowa State University Foundation is authorized by the executive committee of the Board of Directors, acting as the entity's compensation committee. The President's compensation is determined by the executive committee based upon the recommendation of the Chair. The Chair's recommendation is based on 1) Gathering information regarding compensation being paid to persons in comparable positions around the country (prepared by the Human Resources Administrator); 2) Soliciting a self-evaluation from the President, together with evaluations from anyone else the Chair deems appropriate; 3) Conducting a performance review with the President and establishing new objectives for the year; and 4) Evaluating with other members of the committee the performance in light of the objectives established at the beginning of the year. Compensation related to the senior leadership team is determined by the President of the Foundation, who is also advised by Board members in regards to qualification standards. Compensation information for the President and the Foundation leadership is shared with the Board of Directors. Form 990, Part VI, Line 16b Because of its participation in various investments that require the execution of limited partnership agreements (see Schedule D, Part VII), the ISU Foundation answers "yes" to Line 16a. However, as Line 16b relates to a true joint venture arrangement whereby the organization negotiates with other members of the venture (in contrast to the Foundation's passive investment approach), this line is answered "no." Form 990, Part VI, Line 19 Copies of all of the ISU Foundation's governing documents and conflict of interest policy can be requested through the ISU Foundation office. The financial statements and tax returns for the past three years are also provided on the ISU Foundation's website. Form 990, Part X, Line 12 On December 31, 2016, the Foundation was gifted 687,577 Class A units of Curriculum Associates, LLC, resulting in the Foundation having a noncontrolling majority equity interest in the company. Curriculum Associates, LLC is located in Billerica, Massachusetts and provides print and digital products to public schools across the country. As a condition of the gift, a portion of the Foundations net proceeds upon the sale of the company are to be transferred to an unrelated charitable organization. The amount to be transferred to the unrelated organization is based on the amount of the net proceeds received by the Foundation, not to exceed $50 million. The initial gift on December 31, 2016 was recorded as a contribution for $92.9 million. This is the estimated fair value of the gift ($120.9 million), less the portion due to the unrelated charitable organization ($28 million) based on the initial fair value of the investment. As of June 30, 2017, the investment was valued at $221 million. This fair value estimate was based on the sale of Curriculum Associates that occurred in October 2017. The Foundation has recorded a liability totaling $50 million, as the amount due to an unrelated organization and will be paid upon receipt of the sale proceeds. Additionally, the Foundation has recorded a deferred tax liability totaling $25,879,038, based on temporary differences between the book and tax basis of the gifted units of Curriculum Associates at June 30, 2017. Foundation Properties LLC 2505 University Boulevard Ames IA 500102230 421143702 Real Estate IA 40391 32000 ISUF Forestry Camp LLC 2505 University Boulevard Ames IA 500102230 421143702 Real Estate IA 0 3100000 ISUF Foundation Ventures LLC 2505 University Boulevard Ames IA 500102230 421143702 Investment IA 171021508 221021508 ISUF The Original University Foundation 2505 University Boulevard Ames IA 500102230 420861651 Support IA 501(c)3 L12 Type 1 ISUF true Iowa State University Achievement Fund 2505 University Boulevard Ames IA 500102230 426059969 Support IA 501(c)3 L12 Type 1 ISUF true ISU Facilities Corporation 2505 University Boulevard Ames IA 500102230 474757561 Bond Issuance IA 501(c)3 L12 Type 1 ISUF true Curriculum Associates LLC 153 RANGEWAY ROAD North Billerica MA 01862 263954988 Education MA ISUF Unrelated 6053493 69142940 false 6053493 false 0.90000 Charitable Remainder Trusts (61) 2505 University Boulevard Ames IA 500102230 Trust IA NA Trust false Charitable Lead Trust (1) 2505 University Boulevard Ames IA 500102230 Trust IA NA Trust false false false false false false false false false false false false false false false false false false false true Schedule R, Part II THE IOWA STATE UNIVERSITY FOUNDATION WAS ESTABLISHED IN 1980 TO SERVE AS THE PRIMARY FUNDRAISING ORGANIZATION FOR IOWA STATE UNIVERSITY. THE ORIGINAL UNIVERSITY FOUNDATION AND THE IOWA STATE UNIVERSITY ACHIEVEMENT FUND WERE BOTH PREDECESSOR ORGANIZATIONS TO THE ISU FOUNDATION AND CONTINUE TO EXIST AS SEPARATE LEGAL ENTITIES. ANY ACTIVITY RELATING TO THE TWO PREDECESSOR ORGANIZATIONS IS TRANSFERRED IMMEDIATELY INTO THE ISU FOUNDATION. THE ISU FACILITIES CORPORATION WAS ESTABLISHED IN AUGUST 2015 TO ISSUE TAX EXEMPT BONDS. THE ORGANIZATION IS CONSIDERED A RELATED ORGANIZATION AS THERE ARE SHARED BOARD OF DIRECTOR MEMBERS. FOR FINANCIAL STATEMENT PURPOSES, ALL FOUR ORGANIZATIONS ARE REPORTED ON A COMBINED BASIS DUE TO A COMMON BOARD OF DIRECTORS, COMMON MANAGEMENT, AND THE COMMON MISSION TO SUPPORT THE UNIVERSITY.