2016-10-14T18:29:26-05:00 2016-05-31 420714325 RSM US LLP 221 THIRD AVENUE SE STE 300 CEDAR RAPIDS IA 524011512 990 2015-06-01 420680323 UNIVERSITY OF DUBUQUE UNIV 5635893000 2000 UNIVERSITY AVENUE DUBUQUE IA 52001 JAMES STEINER VP OF FINANCE 5635893210 2016-10-13 1 CARLEY UMSTEAD P00982177 3192985333 2015 2017-02-10 21:41:12Z JEFFREY F BULLOCK 2000 UNIVERSITY AVENUE DUBUQUE IA 52001 110599766 0 X WWW.DBQ.EDU X 1911 IA POSTSECONDARY AND GRADUATE LEVEL EDUCATION 35 33 1608 0 186319 158725 8503360 8385105 59721975 62330222 4695186 12813959 264748 199083 73185269 83728369 16936028 17832579 0 0 25990467 28195659 0 0 1420254 25174654 26201625 68101149 72229863 5084120 11498506 248552210 244273568 68886096 68839021 179666114 175434547 X THE UNIVERSITY OF DUBUQUE IS A SMALL, PRIVATE UNIVERSITY AFFILIATED WITH THE PRESBYTERIAN CHURCH (U.S.A.) OFFERING UNDERGRADUATE, GRADUATE, AND THEOLOGICAL SEMINARY PROGRAMS. THE UNIVERSITY IS COMPRISED OF INDIVIDUALS FROM THE REGION, THE NATION, AND THE WORLD.AS A COMMUNITY, THE UNIVERSITY PRACTICES ITS CHRISTIAN FAITH BY EDUCATING STUDENTS AND PURSUING EXCELLENCE IN SCHOLARSHIP. THEREFORE, THE UNIVERSITY OF DUBUQUE IS COMMITTED TO:- THE PRESBYTERIAN TRADITION;- EXCELLENCE IN ACADEMIC INQUIRY AND PROFESSIONAL PREPARATION;- RELATIONSHIPS WHICH ENCOURAGE INTELLECTUAL, SPIRITUAL, AND MORAL DEVELOPMENT;- COMMUNITY WHERE DIVERSITY IS APPRECIATED AND CHRISTIAN LOVE IS PRACTICED;- STEWARDSHIP OF ALL GOD'S HUMAN AND NATURAL RESOURCES;- ZEAL FOR LIFE-LONG LEARNING AND SERVICE. 0 0 31350176 17832579 58717089 INSTRUCTION: 2,187 FTE (UNDERGRADUATE, GRADUATE, AND SEMINARY STUDENTS) FALL 2015. LARGEST UNDERGRADUATE MAJORS INCLUDE BUSINESS ADMINISTRATION, FLIGHT OPERATIONS, AND HEALTH, WELLNESS, AND RECREATION. 11666461 572044 STUDENT SERVICES: INCLUDES ADMISSIONS, ATHLETICS, AND ALL AREAS OF STUDENT LIFE. 8198874 1983530 AUXILIARY SERVICES: INCLUDES UNIVERSITY BOOKSTORE, COFFEEHOUSE, AND DAYCARE FACILITIES. 4434660 1057559 ACADEMIC SUPPORT 4434660 1057559 55650171 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 1 132 0 1 1608 1 1 1 0 0 0 0 1 1 0 0 0 0 X 35 33 1 0 0 0 0 0 1 1 1 0 0 1 1 1 1 1 1 1 0 1 1 X JAMES STEINER VP OF FINANCE 5635893210 2000 UNIVERSITY AVE DUBUQUE IA 52001 X REV DR JEFFREY BULLOCK PRESIDENT 40.00 X X 355774 0 86856 JOSEPH A CHLAPATY CHAIRMAN 1.00 X X 0 0 0 MARK C FALB VICE CHAIRMAN/TRUSTEE (UNTIL 07/15) 1.00 X X 0 0 0 HON JAMES L MARTIN VICE CHAIRMAN/TRUSTEE 1.00 X X 0 0 0 DOUGLAS J HORSTMANN SECRETARY-TREASURER/TRUSTE 1.00 X X 0 0 0 EDWARD A BABKA TRUSTEE 1.00 X 0 0 0 MARK P BRODERSEN MD TRUSTEE 1.00 X 0 0 0 JOHN E BUTLER TRUSTEE 1.00 X 0 0 0 JOHN G COUCHMAN TRUSTEE 1.00 X 0 0 0 CHARLES A DAOUD TRUSTEE 1.00 X 0 0 0 KIMBERLY M DAVID TRUSTEE 1.00 X 0 0 0 SUSAN R FARBER TRUSTEE 1.00 X 0 0 0 R GERALD FOX TRUSTEE 1.00 X 0 0 0 JAVAUNNE A GASTON TRUSTEE 1.00 X 0 0 0 EDWARD J HANNON MD TRUSTEE 1.00 X 0 0 0 REV BRUCE E HEDGEPETH TRUSTEE 1.00 X 0 0 0 OZELL HUDSON TRUSTEE 1.00 X 0 0 0 JEFFERY KEITH TRUSTEE 1.00 X 0 0 0 JEWEL KINTZINGER-DAY TRUSTEE 1.00 X 0 0 0 SCOTT A KNAPP TRUSTEE 1.00 X 0 0 0 BRYAN MCKEAG TRUSTEE (SINCE 10/15) 1.00 X 0 0 0 BRUCE OBBINK TRUSTEE (SINCE 10/15) 1.00 X 0 0 0 LAURA PALMER-NOONE TRUSTEE 1.00 X 0 0 0 KENT A PETERSON TRUSTEE 1.00 X 0 0 0 SUZANNE LUCK PREISS TRUSTEE 1.00 X 0 0 0 PHILLIP A RUPPEL TRUSTEE 1.00 X 0 0 0 SARAH J SLAUGHTER TRUSTEE 1.00 X 0 0 0 RONALD A STOCKDALE TRUSTEE 1.00 X 0 0 0 JOHN D STOLTZ TRUSTEE 1.00 X 0 0 0 RICHARD C SVRLUGA TRUSTEE 1.00 X 0 0 0 ROBERT WEBB TRUSTEE (SINCE 10/15) 1.00 X 0 0 0 WILLIAM J SVRLUGA JR TRUSTEE 1.00 X 0 0 0 SCOTT TAYLOR TRUSTEE 1.00 X 0 0 0 THOMAS WOODWARD TRUSTEE 1.00 X 0 0 0 REV CATHY F YOUNG TRUSTEE 1.00 X 0 0 0 RON CAVANAGH ALUMNI REP TO THE BOARD 1.00 X 0 0 0 JAMES D STEINER VP FINANCE/ASST TREASURER 40.00 X 186039 0 46146 DEBORAH BUOL ASSISTANT SECRETARY 40.00 X 64070 0 3656 PETER SMITH VP ENROLLMENT/UNIVERSITY RELATIONS 40.00 X 195592 0 42818 DR MARK WARD VP OF ACADEMIC AFFAIRS 40.00 X 162248 0 22323 JESSE JAMES SR ASSOC VP FOR ENROLLMENT/UNIV REL 40.00 X 137591 0 36035 ALAN GARFIELD ASSOC. PROFESSOR COMPUTER GRAPHICS 40.00 X 122088 0 20162 DR MICHAEL MIYAMOTO VP & DEAN OF STUDENT LIFE 40.00 X 114962 0 6607 1338364 0 264603 7 0 1 0 CONLON CONSTRUCTION 1100 ROCKDALE RD DUBUQUE IA 52003 CONSTRUCTION SERVICES 4278089 AMERISERVE FOOD MANAGEMENT SERVICES 200 E WALNUT COLUMBIA MO 65203 FOOD SERVICE MANAGEMENT 2947385 COTTINGHAM & BUTLERSISCO BENEFITS 800 MAIN ST DUBUQUE IA 52001 INSURANCE & CLAIM ADMINISTRATION 1476581 GEISLER BROTHERS CO 1500 RADFORD RD DUBUQUE IA 52002 HEATING & COOLING SERVICES 652505 WELLS FARGO ADVISORS 2100 ASBURY SUITE 1 DUBUQUE IA 52001 FINANCIAL SERVICES 371342 20 7754 256582 8120769 1126171 8385105 STUDENT REVENUES 611600 58717089 58717089 AUXILIARY ENTERPRISES 611600 1983530 1983530 1629603 1629603 62330222 2358124 2358124 64611 38442 26169 26169 26169 36694883 560000 26697289 101759 9997594 458241 10455835 10455835 46671 7754 33907 12764 12764 K-1 PAXTON/PATTERSON 310000 160150 160150 160150 83728369 60346692 186319 14810253 17832579 17832579 964443 564810 399633 129404 87530 41874 21450546 16239557 4679360 531629 924609 669761 228575 26273 3270585 1691687 1540852 38046 1456072 1074204 350207 31661 2596616 2596616 9820 9820 199808 199808 169917 169917 1473967 1322719 119011 32237 921440 763499 157941 1748892 1122797 598707 27388 694595 35757 658838 1862770 1862770 691535 557975 78029 55531 76113 64237 11576 300 1876588 1514066 362522 5278612 4189060 1089552 878689 217654 661035 COST OF GOODS SOLD 931224 931224 MEMBERSHIP & FEES 748035 122099 619629 6307 STUDENT ACCOUNT SUPPORT 504655 504655 990-T PAYMENTS 60000 0 60000 5478349 2249725 3115316 113308 72229863 55650171 15159438 1420254 14362813 14659484 18027457 16521344 2572219 3141099 404744 339651 998171 570882 183373853 65655653 115437207 117718200 82650629 76583630 8080909 7530328 4587761 5667118 1430300 1541832 248552210 244273568 7434467 7945131 1998798 2348155 43250000 42685000 3564152 2974375 1200000 0 11438679 12886360 68886096 68839021 X 87426601 85294500 32103670 29471934 60135843 60668113 179666114 175434547 248552210 244273568 X 11498506 -14020331 -1709742 X 0 1 X 1 1 1 X 4767826 21341769 3930836 8503360 8385105 46928896 4767826 21341769 3930836 8503360 8385105 46928896 27461350 19467546 2143953 1829252 1756890 1633926 2358124 9722145 313019 275467 186540 158725 933751 57584792 275142061 0.33810 0.41790 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 112773576 532270 -2252253 724281 1860766 169817 108298729 93611571 4045066 18710498 684987 2772426 136146 112773576 86953263 449651 8872231 572589 1970298 120687 93611571 80036164 -9268 10603225 591190 2990617 95051 86953263 82744290 2511563 -2736330 500310 1859737 123312 80036164 0.31680 0.56020 0.12300 1 0 2372902 2372902 148999864 43778846 105221018 2435373 967387 1467986 24941607 20909420 4032187 4624107 4624107 117718200 STUDENTS' DEPOSITS 586027 DUE TO U.S. GOV'T-PERKINS LOAN PROGRAM 1124680 ACCRUED LOSS ON INTEREST RATE SWAP 10850728 ANNUITY OBLIGATION 324925 12886360 X 50068249 -14020331 -19542321 -33562652 83630901 169817 -72349 97468 83728369 54299816 72349 72349 54227467 169817 17832579 18002396 72229863 PART V, LINE 4: ENDOWMENT FUNDS SUPPORT STUDENT SCHOLARSHIPS, ACADEMIC PROGRAMMING, AND INSTITUTIONAL SUPPORT. PART X, LINE 2: THE UNIVERSITY IS RECOGNIZED AS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE UNIVERSITY MAY BE SUBJECT TO FEDERAL AND STATE INCOME TAXES ON ANY NET INCOME FROM UNRELATED BUSINESS ACTIVITIES. THE UNIVERSITY FILES A FORM 990 (RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX) ANNUALLY AND UNRELATED BUSINESS INCOME (UBI) IS REPORTED ON FORM 990-T, AS APPROPRIATE. MANAGEMENT HAS EVALUATED THEIR MATERIAL TAX POSITIONS, WHICH INCLUDE SUCH MATTERS AS THE TAX EXEMPT STATUS OF THE ENTITY AND VARIOUS POSITIONS RELATIVE TO POTENTIAL SOURCES OF UBI. AS OF MAY 31, 2016 AND 2015, THERE WERE NO UNCERTAIN TAX BENEFITS IDENTIFIED AND RECORDED AS A LIABILITY. FORMS 990 AND 990-T FILED BY THE UNIVERSITY ARE NO LONGER SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE FOR THE FISCAL YEARS ENDED MAY 31, 2012 AND PRIOR. PART XI, LINE 2D - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS SHOWN AS CONTRA INCOME -17,832,579. PAXTON PATTERSON K-1 BOOK/TAX DIFFERENCE -311,972. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -83,879. UNREALIZED GAIN (LOSS) ON INTEREST RATE SWAP -1,313,891. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES NETTED WITH FUNDRAISING REVENUE FOR 990 -33,907. RENTAL EXPENSES NETTED WITH REVENUE FOR 990 -38,442. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE NETTED WITH RENTAL INCOME FOR 990 33,907. FUNDRAISING EXPENSES NETTED WITH FUNDRAISING REVENUE FOR 990 38,442. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS SHOWN AS CONTRA INCOME 17,832,579. 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 POLICY IS PUBLISHED IN VARIOUS NEWSPAPERS AND BROCHURES FOR PROSPECTIVE STUDENTS. SCHEDULE E, PART I, LINE 6 FINANCIAL AID OR ASSISTANCE FROM A GOVERNMENTAL AGENCY IS DISTRIBUTED TO STUDENTS USING FEDERALLY APPROVED FINANCIAL NEED ANALYSIS CRITERIA. EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICES STUDY ABROAD EXPENSES 17421 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES STUDY ABROAD EXPENSES 51450 0 0 0 0 0 0 68871 0 68871 0 0 0 0 0 0 PART I, LINE 3: FOREIGN EXPENDITURES ARE REPORTED ON A FISCAL YEAR ACCRUAL ACCOUNTING BASIS. GOLF OUTING 54425 7754 46671 22028 11879 54425 7754 46671 22028 11879 33907 12764 1 SCHOLARSHIPS & GRANTS 1752 17832579 N/A N/A PART I, LINE 2: DISBURSEMENTS TO STUDENTS RECEIVING FINANCIAL AID ARE MADE IN ACCORDANCE WITH INSTITUTIONAL PROCEDURES TO ENSURE THAT THOSE RECEIVING AID ARE QUALIFYING RECIPIENTS. FEDERAL FINANCIAL AID OR ASSISTANCE FROM A GOVERNMENTAL AGENCY IS DISTRIBUTED TO STUDENTS USING FEDERALLY APPROVED FINANCIAL NEED ANALYSIS CRITERIA. X X X 1 1 X X X 0 1 0 0 0 0 0 1 0 REV DR JEFFREY BULLOCK PRESIDENT 260240 0 90000 0 5534 0 47306 0 39550 0 442630 0 0 0 JAMES D STEINER VP FINANCE/ASST TREASURER 162123 0 23588 0 328 0 26833 0 19313 0 232185 0 0 0 PETER SMITH VP ENROLLMENT/UNIVERSITY RELATIONS 169431 0 24566 0 1595 0 29829 0 12989 0 238410 0 0 0 DR MARK WARD VP OF ACADEMIC AFFAIRS 149546 0 10000 0 2702 0 9126 0 13197 0 184571 0 0 0 JESSE JAMES SR ASSOC VP FOR ENROLLMENT/UNIV REL 119509 0 17707 0 375 0 19942 0 16093 0 173626 0 0 0 PART I, LINE 1A REV. DR. JEFFREY BULLOCK, PRESIDENT, IS PROVIDED WITH NON-TAXABLE HOUSING WHICH INCLUDES UTILITIES AND RESIDENTIAL CLEANING SERVICES. THE UNIVERSITY SUPPORTS ITS PRESIDENT LIVING IN THE PRESIDENTIAL HOUSE OWNED BY THE UNIVERSITY BECAUSE OF ITS REQUIREMENT THAT THE PRESIDENT CONDUCT SIGNIFICANT BUSINESS ACTIVITIES AND UNIVERSITY RELATED ENTERTAINMENT ON UNIVERSITY PROPERTY. THE RESIDENCE LOCATED IN NEAR PROXIMITY TO CAMPUS WHICH IS OWNED BY THE UNIVERSITY, IS DESIGNATED AS THE OFFICIAL PRESIDENTIAL HOUSE. THE VALUE OF THE HOUSING AND RELATED SERVICES IS REPORTED AS OTHER COMPENSATION ON FORM 990, PAGE 7, PART VII, SECTION A, COLUMN (F) AND SCHEDULE J, PAGE 2, PART II, COLUMN (D). THE ORGANIZATION PAYS COUNTRY CLUB DUES ON BEHALF OF REV. DR. JEFFREY BULLOCK, PRESIDENT, JAMES D. STEINER, VP OF FINANCE & AUXILIARY SERVICES, AND DR. MARK WARD, VP OF ACADEMIC AFFAIRS. THE PORTION OF THE PAYMENT FOR COUNTRY CLUB DUES THAT IS DEEMED TO BE FOR PERSONAL USE IS TAXABLE TO THE EMPLOYEE AND IS REPORTED IN REPORTABLE COMPENSATION ON FORM 990, PAGE 7, PART VII, SECTION A, COLUMN (D) AND SCHEDULE J, PAGE 2, PART II, COLUMN (B)(III). THE PORTION OF THE PAYMENT FOR COUNTRY CLUB DUES THAT IS DEEMED TO BE FOR BUSINESS USE IS EXCLUDED FROM COMPENSATION AS A WORKING CONDITION FRINGE BENEFIT. PART I, LINE 4B FOUR LISTED PERSONS PARTICIPATE IN NON-QUALIFIED DEFERRED COMPENSATION PLANS UNDER SECTION 457(F). THE PLANS PROVIDE FOR A LONGEVITY BONUS TO BE PAID UPON CONTINUED EMPLOYMENT OVER A SPECIFIED PERIOD. NO LISTED PERSONS RECEIVED DISTRIBUTIONS DURING THE YEAR. PART I, LINE 7 REV. DR. JEFFREY BULLOCK, PRESIDENT RECEIVED A DISCRETIONARY BONUS APPROVED BY THE BOARD OF TRUSTEES COMMITTEE RESPONSIBLE FOR SETTING THE PRESIDENT'S COMPENSATION. SIX PERSONS LISTED AS OFFICERS OR HIGHEST COMPENSATED EMPLOYEES ON FORM 990, PART VII, SECTION A RECEIVED DISCRETIONARY BONUSES APPROVED BY THE PRESIDENT. A IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 462460SK3 2004-05-27 13200000 UD CONSTRUCTION PROJECTS/BOND REFUNDING 0 0 0 B IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 462460C38 2007-04-04 34700000 UD CONSTRUCTION PROJECTS/BOND REFUNDING 0 0 0 C IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 4624604G8 2016-05-12 4900000 WORKING CAPITAL 0 0 0 D IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 462460S31 2011-07-27 8771762 REFUNDING REVENUE BONDS 0 0 0 A 7275000 13200000 1039039 167475 -12775 11998711 2005 1 0 1 1 B 10013000 34700000 10710000 345351 -94566 23550083 2008 1 0 1 1 C 4900000 60765 67620 4906855 0 0 1 1 D 781762 8771762 889500 7706827 175435 1 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 0 1 D 0 0 0 0 0 0 1 A 0 0 1 0 1 1 PIPER JAFFRAY 25.000000000000 0 0 0 0 1 B 0 0 1 0 1 1 PIPER JAFFRAY 28.000000000000 0 0 0 0 1 C 0 0 1 0 0 0 0 0 1 D 0 0 1 0 0 0 0 0 1 A 1 B 1 C 1 D 1 COTTINGHAM & BUTLERSISCO SEE SCH L, PART V 4042675 SEE PART V 0 0 ROY BUOL SEE SCH L, PART V 41874 SEE PART V 0 SHANE BESLER SEE SCH L, PART V 87530 SEE PART V 0 SCH L, PART IV, BUSINESS TRANSACTIONS INVOLVING INTERESTED PERSONS (A) NAME OF PERSON: COTTINGHAM & BUTLER/SISCO BENEFITS(B) RELATIONSHIP BETWEEN INTERESTED PERSON AND ORGANIZATION: JOHN E. BUTLER, TRUSTEE IS >35% OWNER, CHAIRMAN, AND CEO OF COTTINGHAM & BUTLER AND SISCO BENEFITS (SUBSIDIARY).(D) DESCRIPTION OF TRANSACTION: THE ORGANIZATION PURCHASES INSURANCE PRODUCTS AND HEALTH INSURANCE CLAIM ADMINISTRATION SERVICES FROM COTTINGHAM & BUTLER/SISCO BENEFITS.(A) NAME OF PERSON: ROY BUOL(B) RELATIONSHIP BETWEEN INTERESTED PERSON AND ORGANIZATION: FAMILY MEMBER OF DEBORAH BUOL, ASSISTANT SECRETARY.(D) DESCRIPTION OF TRANSACTION: ROY BUOL IS A PAID EMPLOYEE OF THE UNIVERSITY OF DUBUQUE.(A) NAME OF PERSON: SHANE BESLER(B) RELATIONSHIP BETWEEN INTERESTED PERSON AND ORGANIZATION: FAMILY MEMBER OF DEBORAH BUOL, ASSISTANT SECRETARY.(D) DESCRIPTION OF TRANSACTION: SHANE BESLER IS A PAID EMPLOYEE OF THE UNIVERSITY OF DUBUQUE. X 8 SEE SCH M, PART II X 15 1059149 FMV X 2 67000 FMV X EQUIPMENT 6 6 SEE SCH M, PART II X EDU MATERIALS 5 5 SEE SCH M, PART II X PROMO ITEMS 3 3 SEE SCH M, PART II 0 0 1 0 PART I, COLUMN (B): THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTIONS RECEIVED. SCHEDULE M, PART I, COLUMN (D): VALUES ARE ASSIGNED ONLY AT THE REQUEST OF THE DONOR. WHEN VALUATION IS REQUESTED BY THE DONOR, THE ORGANIZATION REQUIRES AN APPRAISAL OR COST DOCUMENTATION. IF NO VALUATION IS REQUESTED BY THE DONOR, A VALUE OF ONE DOLLAR IS ASSIGNED TO EACH CONTRIBUTION. FORM 990, PART VI, SECTION A, LINE 1 IN GENERAL, COMPENSATED OFFICERS OF THE BOARD DO NOT HAVE VOTING POWER. ALTHOUGH THE ORGANIZATION'S ARTICLES OF INCORPORATION GRANT VOTING POWER TO THE PRESIDENT, THE ORGANIZATION'S CURRENT PRESIDENT, REV. DR. JEFFREY BULLOCK, DOES NOT EXERCISE THIS RIGHT TO VOTE AS A COMPENSATED OFFICER. PURSUANT TO THE ARTICLES, THE PRESIDENT HAS BEEN INCLUDED IN THE TOTAL OF VOTING MEMBERS REPORTED ON LINE 1. OTHER THAN COMPENSATED OFFICERS WHO DO NOT VOTE, ALL MEMBERS OF THE BOARD HAVE EQUAL VOTING POWER OF ONE VOTE PER INDIVIDUAL. FORM 990, PART VI, SECTION A, LINE 2 (1) REV. DR. JEFFREY BULLOCK, PRESIDENT AND JOSEPH A. CHLAPATY, CHAIRMAN/TRUSTEE HAVE A BUSINESS RELATIONSHIP TO THE EXTENT THAT BOTH SERVE ON THE BOARD OF PAXTON-PATTERSON, LLC. THEIR ROLE AS BOARD MEMBERS IS TO REPRESENT THE UNIVERSITY OF DUBUQUE'S 40% INTEREST IN PAXTON-PATTERSON, LLC. (2) REV. DR. JEFFREY BULLOCK, PRESIDENT AND SCOTT A. KNAPP, TRUSTEE HAVE A BUSINESS RELATIONSHIP. (3) RICHARD C. SVRUGLA, TRUSTEE AND WILLIAM J. SVRUGLA, JR., TRUSTEE HAVE A FAMILY RELATIONSHIP. (4) MARK C. FALB, VICE CHAIRMAN/TRUSTEE, DOUGLAS J. HORSTMANN, SECRETARY-TREASURER/TRUSTEE, THOMAS WOODWARD, TRUSTEE, SCOTT A. KNAPP, TRUSTEE, AND KIMBERLY M. DAVID, TRUSTEE HAVE A BUSINESS RELATIONSHIP. (5) PHILLIP A. RUPPEL, TRUSTEE, THOMAS WOODWARD, TRUSTEE, AND SCOTT TAYLOR, TRUSTEE HAVE A BUSINESS RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 7B INDIVIDUALS ARE ELECTED TO THE BOARD OF TRUSTEES BY VOTE OF THE MAJORITY OF TRUSTEES. THE ARTICLES OF INCORPORATION PROVIDE THAT SUCH ELECTIONS ARE SUBJECT TO CONFIRMATION OR APPROVAL BY THE GENERAL ASSEMBLY OF THE PRESBYTERIAN CHURCH OF THE UNITED STATES OF AMERICA. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 WAS REVIEWED BY THE FINANCE COMMITTEE AT THE FINANCE COMMITTEE MEETING PRIOR TO FILING THE FORM 990 WITH THE IRS. THE HIGH-LEVEL REVIEW WAS LED BY THE EXTERNAL ACCOUNTANT (THE SIGNING PAID PREPARER OF THE RETURN). A COPY OF THE ORGANIZATION'S FINAL FORM 990 (INCLUDING REQUIRED SCHEDULES), AS ULTIMATELY FILED WITH THE IRS, WAS PROVIDED TO EACH VOTING MEMBER OF THE ORGANIZATION'S GOVERNING BODY IN ELECTRONIC FORM VIA THE BOARD'S SECURE WEBSITE PRIOR TO ITS FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE UNIVERSITY ANNUALLY SENDS A QUESTIONNAIRE TO ALL BOARD MEMBERS, CABINET, AND KEY EMPLOYEES DETERMINED BY THE UNIVERSITY (SUCH AS ALL DIRECTORS IN ADVANCEMENT OFFICE, CONTROLLER, DIRECTOR OF CONSTRUCTION MANAGEMENT, ETC.) ASKING EACH TO DETERMINE ANY RELATED PARTY/CONFLICT OF INTEREST DISCLOSURES. RESPONSES ARE REVIEWED TO DETERMINE IF THERE ARE ANY POTENTIAL PROBLEMS. FORM 990, PART VI, SECTION B, LINE 15A THERE IS A BOARD OF TRUSTEES COMMITTEE THAT SETS FORTH ANNUAL GOALS FOR THE PRESIDENT. HIS PERFORMANCE IS EVALUATED ANNUALLY (APPROXIMATELY JUNE OR JULY) BASED ON THE GOALS OUTLINED. HIS ANNUAL COMPENSATION AND ANY BONUS COMPENSATION ARE THEN DETERMINED AND APPROVED BY THE COMMITTEE. THE COMMITTEE ALSO USES COMPARATIVE DATA FROM THE IOWA ASSOCIATION OF INDEPENDENT COLLEGES AND UNIVERSITIES (IAICU) IN DETERMINING COMPENSATION. THE PRESIDENT EVALUATES AND DETERMINES EACH CABINET MEMBER'S COMPENSATION USING IAICU DATA AND ANNUAL PERFORMANCE. EACH CABINET MEMBER HAS LONG-TERM PERFORMANCE GOALS IN THE STRATEGIC PLAN. ALTHOUGH ANNUAL GOALS ARE DOCUMENTED IN THE STRATEGIC PLAN, EACH CABINET MEMBER HAS A CLEAR UNDERSTANDING OF WHAT S/HE IS TO DO. FORM 990, PART VI, SECTION C, LINE 19 THE UNIVERSITY IS REQUIRED TO POST FINANCIAL STATEMENTS FOR THE PUBLIC DUE TO ITS HOLDING OF PUBLIC DEBT. THE UNIVERSITY COMPLIES WITH THIS REQUIREMENT BY POSTING ITS FINANCIAL STATEMENTS ON AN EXTERNAL, THIRD PARTY WEBSITE. OTHER FINANCIAL INFORMATION, GOVERNING DOCUMENTS, AND POLICIES ARE NOT PUBLIC INFORMATION. FORM 990, PART VII, SECTION A, LINE 1A, COLUMN (B), AVERAGE HOURS PER WEEK: HOURS REPORTED FOR EMPLOYEES REPRESENT RECORDED PAYROLL HOURS. ACTUAL HOURS WORKED MAY EXCEED THE HOURS REPORTED. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS -83,879. UNREALIZED GAIN (LOSS) ON INTEREST RATE SWAP -1,313,891. BOOK-TAX DIFFERENCE ON PAXTON/PATTERSON LLC -311,972.