2018-04-16T15:40:25-05:00 2017-05-31 390859910 Baker Tilly Virchow Krause LLP 777 E Wisconsin Avenue Floor 32 Milwaukee WI 53202 990 2016-06-01 420680412 Loras College LORA 5635887100 1450 Alta Vista Street Dubuque IA 52001 James Collins President 5635884992 2018-04-12 1 Troy Marine CPA P00187863 4147775500 2018-04-10 38.122.82.115 2018-04-12 12:26:58 CD P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 FEC92D491E609460E4EADF77DD98F24500A03922 2016 2021-01-29 14:40:06Z James Collins 1450 Alta Vista Street Dubuque IA 52001 71996162 0 X www.loras.edu X 1839 IA Education 32 31 1272 512 161451 63373 8720514 6741617 54105447 55182579 172616 1078673 1870686 1572258 64869263 64575127 25017232 25730615 0 0 20803909 20768765 76510 0 1925975 18219368 17904860 64117019 64404240 752244 170887 113072786 110628421 77037033 71665402 36035753 38963019 X Loras, as a catholic liberal arts college, creates a community of active learners, reflective thinkers, ethical decision makers and responsible contributors in diverse professional, social and religious roles. 0 0 25730615 25730615 scholarships and grants to students 14027243 45692913 Instruction and academic support provided to full and part time students (1,474 full time equivalent students). 8433291 3461073 Student Services, Including student development, intercollegiate athletics and other services. 12638314 6028593 Other Program Services include auxiliary programs such as housing and food service, research, public service and institutional support. 12638314 6028593 60829463 1 1 0 0 0 0 0 1 1 1 1 0 1 0 1 1 1 0 1 0 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 1 1 1 0 0 0 1 0 0 0 1 135 1 1 1272 1 1 1 0 0 0 0 1 1 0 0 0 0 X 32 31 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 IL CA X Rennie Root 5635887775 1450 Alta Vista Street Dubuque IA 52001 X William Glynn Regent 1.00 X 0 0 0 Vince Berta Regent 1.00 X 0 0 0 Troy L Cicero Regent 1.00 X 0 0 0 Tony Reardon Chair, Regent 1.00 X X 0 0 0 Tom Tauke Regent 1.00 X 0 0 0 Timothy Suther Regent 1.00 X 0 0 0 Thomas M Shey Regent 1.00 X 0 0 0 Thomas M McCarty Regent 1.00 X 0 0 0 Theresa Hoffman Regent 1.00 X 0 0 0 Steve Sloan Regent 1.00 X 0 0 0 Siobhan O'Connor Hartsell Regent 1.00 X 0 0 0 Sha-Chelle Manning Regent 1.00 X 0 0 0 Richard Kenney Regent 1.00 X 0 0 0 Rich Clayton Secretary, Regent 1.00 X X 0 0 0 Rev Msgr James Barta Regent 1.00 X 0 0 0 Paul Breitbach Regent 1.00 X 0 0 0 Msgr John Enzler Regent 1.00 X 0 0 0 Most Rev Michael Jackals Chancellor, Regent 1.00 X X 0 0 0 Mike Valder Regent 1.00 X 0 0 0 Michael Rice Regent 1.00 X 0 0 0 Mary Meehan Regent 1.00 X X 8000 0 0 Mark Molo Regent 1.00 X 0 0 0 Joseph Schiesl Vice Chair, Regent 1.00 X X 0 0 0 John K Schmidt Regent 1.00 X 0 0 0 Jeffrey Gardner Regent 1.00 X 0 0 0 James M Davis Regent 1.00 X 0 0 0 Mark Cloghessy Regent 1.00 X 0 0 0 Greg Gumbel Regent 1.00 X 0 0 0 Greg Burbach Regent 1.00 X 0 0 0 Gene Murphy Regent 1.00 X 0 0 0 Don Ulrich Regent 1.00 X 0 0 0 Dennis Houlihan Regent 1.00 X 0 0 0 David Meyers Regent 1.00 X 0 0 0 David W Spahn Regent 1.00 X 0 0 0 Richard Scalise Regent 1.00 X 0 0 0 James E Collins President 40.00 X X 337797 0 62001 Mary Ellen Carroll Senior Vice President 40.00 X 129397 0 28470 Mike Doyle Treasurer, VP for Institutional Adv. 40.00 X 151036 0 33077 Craig Schaefer Director of TV Studio 40.00 X 125151 0 26712 Thomas Kult Director of All Sports Camp 40.00 X 112815 0 13024 864196 0 163284 5 0 1 0 Aramark 1450 Alta Vista Dubuque IA 52004 Food Service 3268963 The College Board 250 Vesey Street New York NY 10281 Recruiting 216027 Plaid Swan Inc 2728 Asbury Rd Cove Bldg Ste 650 Dubuque IA 52001 Advertising 163832 McCullough Creative Inc 10446 Ironwood Dr Tamarack busines Dubuque IA 52001 Marketing 137032 4 580534 6161083 577620 6741617 College Fees & Services 611600 44430777 44430777 Sales & Services of Auxiliary Ent 611710 9148504 9148504 Sales & Services of Educational E 611710 501894 501894 Fine Income 611710 113309 113309 Delinquency Charges 611710 74572 74572 913523 913523 55182579 957394 957394 7530304 2500 7409455 2070 120849 430 121279 121279 155770 0 155770 155770 14277 9510 4767 4767 gain on casualty 900099 1250270 1250270 Ext. Events & Catering Income 722320 160566 160566 Advertising 541800 885 885 1411721 64575127 55182579 161451 2489480 25730615 25730615 953675 245932 442115 265628 15604404 14277415 351869 975120 770322 704829 18463 47030 2343465 2105826 102291 135348 1096899 983334 39334 74231 48391 48391 93654 93654 66860 66860 1380738 1277178 40357 63203 172362 152757 19605 2157046 1982252 38875 135919 1415090 1340466 38967 35657 1155470 1155470 1124855 1009361 38816 76678 34949 31237 2492 1220 2134159 2134159 2585939 2585939 408672 408672 Food Service 3010414 3010414 Repairs and Maintenance 589541 588469 36 1036 Dues/Subscriptions 232289 84710 125860 21719 UBIT paid 21078 21078 1273353 1020428 179344 73581 64404240 60829463 1648802 1925975 11617 6045 2799454 3256017 32350056 30957017 2282798 434223 44296 41462 652314 435573 102270148 55346596 48632255 46923552 14427585 16697837 2517506 2281762 5366685 5630534 3988220 3964399 113072786 110628421 3298725 3314035 3751858 3849024 42202800 41532321 628245 688994 8181221 5713667 18974184 16567361 77037033 71665402 X -34602253 -32684201 49580436 50618891 21057570 21028329 36035753 38963019 113072786 110628421 X 170887 1355524 1400855 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 4300 492742 X X X X 0 0 1 X 30192189 1321831 2150610 676300 179006 32809324 29851013 1440285 -314112 642019 142978 30192189 28395574 1484406 586116 417305 197778 29851013 23667758 3557328 1620849 315901 134460 28395574 20599843 1372483 2111827 282601 133794 23667758 0.00060 0.54560 0.45380 0 0 1211961 1211961 78201770 37531879 40669891 11928263 10270630 1657633 10928154 7544087 3384067 46923552 Student loans 5305252 F Cash and Cash Equivalents 325282 F 5630534 Annuities and unitrusts payable 659278 Accrued Loss on Interest rate swap 11804064 Due to US Government 2978108 Financing Obligation 1125911 16567361 X 41727689 1355524 36000 1506447 2897971 38829718 14364 25731045 25745409 64575127 38800423 36000 105162 141162 38659261 14364 25730615 25744979 64404240 Part III, Line 4: The College maintains various artworks, manuscripts, statues, paintings, books and furniture that preserves the heritage of the college and promotes scholarship endeavors. Part IV, Line 2b: The funds held for others are agency accounts held for various student organizations of Loras College. Part V, Line 4: The endowment has been established to provide a sufficient total return to supplement the college's various sources of operating income and to support in perpetuity the mission of the College. Part X, Line 2: 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, 2017 or 2016. The College's tax returns are subject to review and examination by federal and state authorities. Part XI, Line 2d - Other Adjustments: Unrealized gain/loss on interest rate swap 2,284,432. Write-offs from uncollectible pledges -659,553. Present Value adjustment of Pledges -118,432. Part XI, Line 4b - Other Adjustments: Scholarships and grants reported as contra income 25,730,615. gain/loss from sale of assets 430. Part XII, Line 2d - Other Adjustments: Change in beneficial interest in trusts 105,592. gain/loss from sale of assets -430. Part XII, Line 4b - Other Adjustments: Scholarships and grants reported as contra income 25,730,615. 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 College's nondiscriminatory policy is published in its undergraduate bulletin and student handbook as well as available via its website. Schedule E, Part I, Line 6 The College receives financial aid from federal and state governments. The aid is then awarded to students in accordance with the guidelines established for each form of financial aid. Europe 0 0 Program Services Study Abroad 380602 Central America 0 0 Program Services Study Abroad 139796 East Asia & Pacific 0 0 Program Services Study Abroad 35403 0 0 0 0 0 0 555801 0 555801 0 0 0 0 0 0 Athletics Fundraiser 151541 151541 2 4229 4229 155770 155770 155770 1 Scholarship aid for students' cost of attendance 1399 25730615 Part I, Line 2: The College's office of financial planning monitors all awards to ensure compliance with Federal and state regulations. Additionally, the college engages an independent audit in accordance with OMB A-133. X X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 James E Collins President 284499 0 46200 0 7098 0 17558 0 44443 0 399798 0 0 0 Mary Ellen Carroll Senior Vice President 129176 0 0 0 221 0 9100 0 19370 0 157867 0 0 0 Mike Doyle Treasurer, VP for Institutional Adv. 148327 0 0 0 2709 0 10473 0 22604 0 184113 0 0 0 Craig Schaefer Director of TV Studio 125115 0 0 0 36 0 4848 0 21864 0 151863 0 0 0 Part I, Line 1a THE HOUSING ALLOWANCE ACCOUNT FOR AN EMPLOYEE IS PART OF THE NORMAL TAXABLE WAGES PAID TO THE EMPLOYEE AND IS INCLUDED AS PART OF THE EMPLOYEE'S TAXABLE INCOME. Country club dues are provided to certain employees as a means to the college expanding its charitable purpose. Any portion of the dues attributable to the personal use by the employee are added to the employee's W-2; only the portion allocable to the business purpose of the college are allowed. A Iowa Higher Education Loan Authority 421235696 462460ZC3 2006-10-01 22035000 Refinance 1996 Issue, Construction 0 0 0 B Iowa Higher Education Loan Authority 421235696 Noneavail 2011-11-01 2500000 Refinance Portion of 2002 Issue 0 0 0 A 5075000 22387491 640689 137760 751533 13853174 7004335 2007 1 0 1 1 B 2500000 2500000 2011 1 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 A 0 0 1 0 1 0 0 0 0 B 0 0 1 0 1 0 0 0 0 A 0 B 0 Schedule K, part II, column a: EXCESS PROCEEDS OF 352,491 ATTRIBUTED TO INVESTMENT EARNINGS. Subject to FERPA Laws 114990 GRANTS/SCHOLARSHIPS Assistance to Students attending the college American Trust & Savings Bank Board Member of Bank is on the Board of Regents of the College 265521 BANKING TRANSACTIONS 0 X 1 4300 Appraisal X 26 518691 avg high/low share value X Construction 1 19540 Donor Valuation X Meeting Expense 6 9924 Donor Valuation X Prizes for Auction 24 9348 Donor Valuation X Office Equipment 18 9079 Donor Valuation X Food/Beverage 5 4938 Donor Valuation X Equipment 1 1800 Donor Valuation 1 0 1 1 Part I, Line 32b: Loras College's financial institution sells all publicly traded securities at the time of gift on behalf of Loras College through an independent broker. Form 990, Part VI, Section B, line 11b The College makes the 990 available to all Board members via a secure portal website prior to filing with the IRS. This is the process by which the Board members review the 990. Form 990, Part VI, Section B, line 12c Annually, each officer, director and key employee must file a statement verifying he/she has read the conflict of interest policy and is disclosing any conflicts of interest. Each statement is sent directly to the audit committee chairperson. The Chair and the College's Treasurer review each statement. In addition, the Treasurer and Controller monitor any transactions throughout the year between such parties. Each transaction is logged with the college's general ledger system. Form 990, Part VI, Section B, line 15 The process used by the college in determining compensation of key employees is: - Board-appointed Compensation Committee reviews all recommended compensation levels. - Comparative benchmark data is used (IAICU, CUPA, and others). - Written employment contracts are in place for the president and other key employees in accordance with the College's handbooks. - Compensation is formally approved by the full board of regents. Form 990, Part VI, Section C, line 19 THE COLLEGE'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST STATEMENT AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC VIA ANOTHER'S WEBSITE SUCH AS GUIDESTAR.ORG, OR UPON REQUEST. THE COLLEGE'S AUDITED FINANCIAL STATEMENTS ARE ALSO AVAILABLE TO THE PUBLIC VIA THE MUNICIPAL SECURITIES RULE MAKING BOARD WEBSITE. Form 990, Part VII, Section A, Column E Reasonable efforts undertaken in regard to reportable compensation from related organizations: - Received a completed conflict of interest statement from all trustees, officers, and board members. This statement is completed annually. - All related parties are disclosed on Schedule R. Financial records are available to the College. Form 990, Part XI, line 9: Unrealized gain/loss on interest rate swap 2,284,432. Change in Split Interest Agreement -105,592. Present Value adjustment of Pledges -118,432. Write-offs from uncollectible pledges -659,553. Form 990, Part XII, Line 2c The oversight process has not changed from the prior year. Perpetual Trusts (1) charitable Trust IA T 0 Charitable Remainder Unitrust (4) charitable Trust IA T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0