2016-01-14T09:15:52-06:00 2015-05-31 420714325 RSM US LLP 221 THIRD AVENUE SE STE 300 CEDAR RAPIDS IA 524011512 990 2014-06-01 420680466 LUTHER COLLEGE LUTH 5633871015 700 COLLEGE DRIVE DECORAH IA 52101 ERIC RUNESTAD VP FINANCE & ADMIN 5633871015 2016-01-12 1 CARLEY UMSTEAD P00982177 3192985333 2014 2016-04-25 22:37:26Z PAULA J CARLSON 700 COLLEGE DRIVE DECORAH IA 52101 156836581 0 9386 X WWW.LUTHER.EDU X 1865 IA ON A CAMPUS OF MORE THAN 800 ACRES ALONG THE BANKS OF THE UPPER IOWA RIVER IN DECORAH, IOWA, LUTHER IS A TRUE RESIDENTIAL CAMPUS WITH 85 PERCENT OF STUDENTS LIVING ON CAMPUS AND NEARLY 95 PERCENT OF FACULTY CHOOSING TO LIVE WITHIN FIVE MILES OF IT. LUTHER'S STUDENT BODY INCLUDES 2,358 FTE MEN AND WOMEN (44 PERCENT AND 56 PERCENT RESPECTIVELY) FROM 39 STATES AND 65 FOREIGN COUNTRIES. U.S. STUDENTS OF COLOR CONSTITUTE 8.8 PERCENT OF THE STUDENT BODY. APPROXIMATELY 70 PERCENT OF LUTHER STUDENTS VOLUNTEER DURING THEIR TIME HERE, EXHIBITING THE HIGH SERVICE ETHIC INTRINSIC TO LUTHER CULTURE. THE COLLEGE STRIVES TO BE A PLACE WHERE PEOPLE OF ALL CONVICTIONS CAN REALIZE PERSONAL, INTELLECTUAL, AND SPIRITUAL GROWTH. 30 27 3224 1100 96137 0 12314775 12699389 109695164 109914208 5457875 5355330 2590407 2255732 130058221 130224659 45045910 46566964 0 0 40875950 41823939 0 39272 3831330 37799090 38998963 123720950 127429138 6337271 2795521 295326046 297568928 63021682 62679644 232304364 234889284 X LUTHER COLLEGE IS A FOUR-YEAR, RESIDENTIAL LIBERAL ARTS INSTITUTION OFFERING MORE THAN 90 MAJORS, MINORS, AND PREPROFESSIONAL PROGRAMS. FOUNDED BY THE NORWEIGIAN EVANGELICAL LUTHERAN CHURCH IN 1861, LUTHER WELCOMES STUDENTS OF ALL BACKGROUND TO ENGAGE IN A WAY OF LEARNING THAT MOVES BEYOND IMMEDIATE INTERESTS AND ENCOURAGES STUDENTS TO BUILD A LIFE OF CONSEQUENCE. AT THE HEART OF A LUTHER EDUCATION IS AN UNDERSTANDING OF THE WAY FAITH AND LEARNING INTERSECT AND IN TURN CONNECT STUDENTS TO THE LARGER WORLD. 0 0 80099466 46566964 88962515 INSTRUCTION: LUTHER OFFERS 42 MAJORS, 42 MINORS AND INTERDISCIPLINARY MINORS, AND 9 PREPROFESSIONAL AND SPECIFIC PROGRAMS. LUTHER'S SIGNATURE PAIDEIA PROGRAM, AN INTERDISCIPLINARY COURSE SERIES OFFERED FOR MORE THAN 30 YEARS, HELPS INTEGRATE LEARNING AND BUILDS COMMUNITY THROUGH SHARED ACADEMIC EXPERIENCE. THE COLLEGE'S MUSIC PROGRAM, IN WHICH STUDENTS TRAIN IN PERFORMANCE, CONDUCTING, COMPOSITION, AND EDUCATION, HAS SIX CHOIRS, THREE BANDS, THREE ORCHESTRAS AND TWO JAZZ BANDS, MANY OF WHICH TOUR NATIONALLY AND INTERNATIONALLY. A VIBRANT OFF-CAMPUS STUDENT PROGRAM DRAWS 75% OF STUDENTS TO STUDY ABROAD PRIOR TO GRADUATION. LUTHER HAS 179 FULL-TIME FACULTY (93 PERCENT WITH A TERMINAL DEGREE) AND A 11.7:1 STUDENT-FACULTY RATIO. TOTAL ENROLLMENT WAS 2,358 FTE STUDENTS IN THE FALL OF 2014. 550 STUDENTS GRADUATED IN THE 2014-15 ACADEMIC YEAR. 17593404 0 1474194 ACADEMIC SUPPORT AND STUDENT SERVICES: A STUDENT ACADEMIC SUPPORT CENTER PROVIDES SERVICES, BASED ON BEST PRACTICES IN LEARNING ASSISTANCE, INCLUDING NEEDS ASSESSMENT, STUDENT-TO-STUDENT TUTORING, AND ONE-ON-ONE INSTRUCTION WITH PROFESSIONAL STAFF. IN COLLABORATION WITH FACULTY AND OTHER STAFF, SASC COORDINATES SPECIALIZED SERVICES FOR STUDENTS WITH DISABILITIES, MANAGES THE ACADEMIC ALERT SYSTEM, AND SUPPORTS INITIATIVES OF THE ADVISING PROGRAM. ACADEMIC ADVISING IS DONE BY FACULTY. RESEARCH AND TECHNOLOGY SUPPORT ARE PROVIDED THROUGH AN EXTENSIVE LIBRARY AND INFORMATION SERVICES PROGRAM. THE COLLEGE HAS MORE THAN 100 STUDENT ORGANIZATIONS ALONG WITH COLLEGE MINISTRIES, HEALTH SERVICES, AND RECREATION AND WELLNESS PROGRAMS. ABOUT 76% OF STUDENTS ARE ENGAGED IN WORK STUDY TO SERVE THE LUTHER COMMUNITY, GAIN IMPORTANT WORK EXPERIENCE, AND EARN MONEY TOWARD EXPENSES. 17295562 0 19477499 AUXILIARY ENTERPRISES: LUTHER COLLEGE MAINTAINS A RURAL RESIDENTIAL CAMPUS TO ENCHANCE THE EDUCATIONAL EXPERIENCE OF THE STUDENT BODY WITH ROOM AND BOARD PROGRAMS DESIGNED TO ENCOURAGE A SPIRIT OF COLLEGIALITY AND CONVERSATION BEYOND THE CLASSROOM AND LABORATORY. IN THE FALL 2014, LUTHER'S RESIDENCE HALLS HOUSED 2035 OR 85% OF TOTAL FALL ENROLLMENT. 2,024 STUDENTS USED THE COLLEGE'S DINING SERVICE. 390297 PUBLIC SERVICE: OFFERINGS TO THE BROADER COMMUNITY INCLUDE A COLLEGE RADIO STATION, CONFERENCES AND SEMINARS, A PERFORMING ARTS SERIES, AND A VARIETY OF PROGRAMS IN THE ARTS, ATHLETICS, SCIENCES, AND LEADERSHIP DEVELOPMENT FOR HIGH SCHOOL STUDENTS. 522813 RESEARCH: THE COLLEGE RECEIVES GRANTS FOR FACULTY/STUDENT RESEARCH COLLABORATION, PARTICULARLY IN THE SCIENCES. THE COLLEGE DEDICATES SPACE, RESOURCES, AND FACULTY TIME FOR COLLABORATIVE INVESTIGATION WITH STUDENTS. RESEARCH PROJECTS ACROSS THE CURRICULUM OCCUR DURING THE ACADEMIC YEAR AND IN THE SUMMER. 913110 115901542 1 1 0 0 0 0 0 1 1 1 1 1 0 0 1 1 0 1 1 0 1 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 1 0 1 0 1 1 0 0 1 1 1 1 0 0 1 4379 0 1 3224 1 1 1 1 IT MT UK 0 0 0 1 1 0 0 0 0 X 30 27 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 AK MD MI NH X ERIC RUNESTAD 5633871015 700 COLLEGE DRIVE DECORAH IA 52101 STEVEN BARNES BOARD MEMBER 5.00 0.00 X 0 0 0 ANN BENTDAHL BOARD MEMBER 5.00 0.00 X 0 0 0 RUSSELL BRUEMMER BOARD MEMBER 5.00 0.00 X 0 0 0 MICHAEL BURK BOARD MEMBER 5.00 0.00 X 0 0 0 WENDY DAVIDSON BOARD MEMBER 5.00 0.00 X 0 0 0 PEGGY ETTESTAD BOARD MEMBER 5.00 0.00 X 0 0 0 GREGORY D FIELDS BOARD MEMBER 5.00 0.00 X 0 0 0 DENNIS FLATNESS BOARD MEMBER 5.00 0.00 X 0 0 0 RONALD HAVE BOARD MEMBER 5.00 0.00 X 0 0 0 KATHERINE JOHNSON-BECKLIN BOARD MEMBER 5.00 0.00 X 0 0 0 GEORGE D KUH BOARD MEMBER 5.00 0.00 X 0 0 0 SANDRA LEE VICE CHAIRPERSON 5.00 0.00 X X 0 0 0 DAVID K LIETZ BOARD MEMBER 5.00 0.00 X 0 0 0 DAVID MEYER BOARD MEMBER 5.00 0.00 X 0 0 0 STEVEN OVERHOLT BOARD MEMBER 5.00 0.00 X 0 0 0 J ROBERT PAULSON BOARD MEMBER 5.00 0.00 X 0 0 0 CONNIE PLAEHN BOARD MEMBER 5.00 0.00 X 0 0 0 MARTI RODAMAKER BOARD MEMBER 5.00 0.00 X 0 0 0 STEVEN SCHAVER BOARD MEMBER 5.00 0.00 X 0 0 0 ARNE M SORENSON BOARD MEMBER 5.00 0.00 X 0 0 0 SUSAN SORLIEN BOARD MEMBER 5.00 0.00 X 0 0 0 JON M STELLMACHER SECRETARY 5.00 0.00 X X 0 0 0 RICHARD THEILER BOARD MEMBER 5.00 0.00 X 0 0 0 JAMES A THOMSEN JR BOARD MEMBER 5.00 0.00 X 0 0 0 DIANE THORMODSGARD BOARD MEMBER 5.00 0.00 X 0 0 0 PAUL TORGERSON CHAIRPERSON 5.00 0.00 X X 0 0 0 CHINYERE UKABIALA BOARD MEMBER 5.00 0.00 X 0 0 0 LANCE VANDER LINDEN BOARD MEMBER 5.00 0.00 X 0 0 0 JUDY VIJUMS BOARD MEMBER 5.00 0.00 X 0 0 0 ENWEI XIE BOARD MEMBER 5.00 0.00 X 0 0 0 PAULA J CARLSON PRESIDENT 45.00 0.00 X 135991 0 32072 KEITH CHRISTENSEN VICE PRESIDENT 45.00 0.00 X 151112 0 40727 KEVIN KRAUS VICE PRESIDENT 45.00 0.00 X 150711 0 62016 COREY LANDSTROM VICE PRESIDENT 45.00 0.00 X 113256 0 30148 ROBIN LARSON VICE PRESIDENT 45.00 0.00 X 103030 0 68089 SCOT SCHAEFFER VICE PRESIDENT 45.00 0.00 X 137799 0 79269 DIANE TACKE VICE PRESIDENT/TREASURER 45.00 0.00 X 159273 0 36670 DAVID TIEDE INTERIM PRESIDENT 45.00 0.00 X 144915 0 9742 PAUL MATTSON EXEC DIR OF LIBRARY & INFO SERVICES 45.00 0.00 X 106992 0 29292 DAVID MITCHELL MATH INSTRUCTOR/WRESTLING COACH 40.00 0.00 X 190667 0 70454 RICHARD TORGERSON FORMER PRESIDENT 45.00 0.00 X 272162 0 25563 1665908 0 484042 11 1 1 0 SODEXO INC 10 EARHART DRIVE WILLIAMSVILLE NY 14221 DINING SERVICES 7896222 ROYALL & COMPANY 1920 E PARHAM RD RICHMOND VA 23228 RECRUITING MARKETING 435731 MERIT CONTRACTING 4750 HIGHWAY 63 NORTH ROCHESTER MN 55906 CONSTRUCTION 404394 IOWA INSULATION 955 WEST K AVE NEVADA IA 50201 INSULATING 307000 DAVID FINHOLT CONSTRUCTION INC 1813 TROUT RUN ROAD DECORAH IA 52101 CONSTRUCTION 244828 10 54294 1461947 11183148 1708911 12699389 TUITION & FEES 611310 88962515 88962515 SALES & SERVICE OF AUXILIARY SERV 611310 19477499 19428256 49243 SALES & SERVICE OF EDUCATIONAL AC 611710 1474194 1474194 109914208 2558049 2558049 102810 122784 -19974 -19974 -19974 29230641 15359 26448719 0 2781922 15359 2797281 2797281 39563 54294 40419 -856 -856 MISCELLANEOUS 611310 742317 742317 SUMMER PROGRAMS 721000 643290 17343 625947 ALTERNATIVE INVESTMENTS 611310 386255 386255 504700 29551 475149 2276562 130224659 109864965 96137 7564168 46566964 46566964 1477784 578040 704560 195184 71524 32454 39070 28971487 24647469 2853698 1470320 2453850 2066366 248727 138757 6867405 5745025 784558 337822 1981889 1648769 223711 109409 62084 4524 57108 452 111182 111182 39272 39272 104558 104558 799792 463444 325405 10943 198147 43951 153633 563 2576268 1969928 358336 248004 176277 74075 50933 51269 9197290 8793322 201983 201985 4738365 4472480 136245 129640 1653035 1239143 208828 205064 1347199 1304994 21103 21102 6416640 6054731 90477 271432 397333 23448 373885 DINING SERVICES 6717903 6717903 EQUIPMENT RENTAL/MAINTE 1814133 933224 544235 336674 RESALEABLE MERCHANDISE 1545399 1484258 30570 30571 PROCESSING FEES 682163 623746 32966 25451 461195 413284 40495 7416 127429138 115901542 7696266 3831330 37325403 40122945 5992636 6403085 192977 220930 814601 722674 505941 470361 197393 489020 187375994 100021148 90915380 87354846 115818023 118304073 29302472 28860959 6682908 6307695 7578312 8312340 295326046 297568928 7732577 8483139 5345112 5266542 1628615 1694432 32616746 29024353 212155 137055 1651840 15486477 16422283 63021682 62679644 X 96835188 95851618 34133993 33223851 101335183 105813815 232304364 234889284 295326046 297568928 X 2795521 -30526 -180075 X 0 1 X 1 1 1 X 12198453 9793535 12333157 12314775 12699389 59339309 12198453 9793535 12333157 12314775 12699389 59339309 4052720 55286589 2348850 2930392 2896696 3240330 3047114 14463382 1960 16035 43337 61332 73864023 537409403 0.74850 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 13900 29027 0 0 X X X X 0 0 1 X 148005664 4820419 5566991 3503373 2748652 152141049 133412268 6905200 13514280 3250977 2575107 148005664 117574411 6397216 14994585 3057636 2496308 133412268 120237276 4523604 -2067509 2791481 2327479 117574411 102864370 5777581 17375491 2742859 3037307 120237276 0.18100 0.63600 0.18300 1 0 74043 589538 663581 2396553 137857327 66868041 73385839 34672758 26782302 7890456 11785775 6370805 5414970 87354846 INVESTMENT IN SUBSIDIARY 1877431 C PRIVATE EQUITY FUNDS 5949524 F HEDGE FUNDS 2854801 F REAL ESTATE PARTNERSHIPS & REITS 1322408 F FUND OF FUNDS 13339518 F PARTNERSHIPS, REAL ASSETS 3517277 F 28860959 ANNUITIES PAYABLE 5711216 ASSET RETIREMENT OBLIGATION 2146772 DEP HELD IN CUSTODY FOR OTHERS 311304 OTHER LIABILITIES 41145 INTEREST RATE SWAP LIABILITY 2322078 CAPITAL LEASE OBLIGATION 747295 PAYROLL LIABILITIES 3876834 STUDENT DEPOSITS 1265639 16422283 X 83812685 -30526 266399 235873 83576812 104558 46543289 46647847 130224659 81227765 470149 470149 80757616 104558 46566964 46671522 127429138 PART III, LINE 4: WORKS IN THE COLLECTION INCLUDE PAINTINGS, DRAWINGS, WORKS PRODUCED THROUGH PRINT; PHOTOGRAPHIC; OR OTHER TECHNIQUES WHICH PRODUCE MULTIPLE ORIGINALS; SCULPTURE IN MEDIA; ASSEMBLAGES; TEXTILE; CERAMICS; AND UTILITARIAN OR RITUAL OBJECTS IN ANY MEDIUM WHOSE PRINCIPLE VALUE RESIDES IN THEIR AESTHETIC MERIT. THE FINE ARTS COLLECTION EXISTS TO SUPPORT THE GENERAL MISSION OF THE COLLEGE BY PROMOTING AWARENESS AND UNDERSTANDING OF A BROAD SPECTRUM OF ARTISTIC EXPRESSION THROUGH DIVERSITY IN MEDIA, CULTURE, AND HISTORICAL PERSPECTIVE. AS UNIQUE EXPRESSIONS OF THE HUMAN CONDITION, WORKS IN THE COLLECTION INVIGORATE LEARNING AND TEACHING, AND PROVIDE EXPANDED OPPORTUNITIES FOR STUDY, RESEARCH, AND INDIVIDUAL PLEASURE. PART IV, LINE 2B: STUDENT DEPOSIT ACCOUNTS ARE HELD BY THE COLLEGE FOR VARIOUS STUDENT GROUPS ON CAMPUS AND ARE SHOWN AS LIABILITIES ON THE ORGANIZATION'S BALANCE SHEET. PART V, LINE 4: LUTHER COLLEGE USES THE EARNINGS FROM ITS ENDOWMENT FUND FOR SCHOLARSHIPS, PRIZES, AWARDS, LIBRARY SUPPORT, PROGRAM SUPPORT, FACULTY SUPPORT AND RESEARCH IN ACCORDANCE WITH DONOR RESTRICTIONS WHERE APPLICABLE. 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, 2015 AND 2014. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE 122,784. ACTUARIAL ADJUSTMENTS -133,692. REVENUE FROM SUBSIDIARY 277,307. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDED/UNFUNDED SCHOLARSHIPS 46,566,964. INTEREST RATE SWAP -53,226. BOOK/TAX DIFFERENCE FROM K-1S 29,551. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE 122,784. EXPENSE FROM SUBSIDIARY 347,365. PART XII, LINE 4B - OTHER ADJUSTMENTS: FUNDED/UNFUNDED SCHOLARSHIPS 46,566,964. 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE COLLEGE CATALOG, VIEW BOOK, APPLICATION FOR ADMISSION, ADMISSIONS GENERAL INFORMATION BROCHURE, AND THE STUDENT HANDBOOK ALL CONTAIN THE COLLEGE'S NONDISCRIMINATORY POLICY. THESE MAJOR PUBLICATIONS ARE PROVIDED TO ALL STUDENTS THROUGHOUT THE ADMISSIONS AND ORIENTATION PROCESS. BECAUSE THE COLLEGE TYPICALLY DRAWS APPROXIMATELY 31% OF ITS STUDENTS FROM IA, 34% FROM MN, 13% FROM WI, 7% FROM IL, 9% FROM OUTSIDE THE 4 STATE AREA, AND 6% INTERNATIONALLY, WE BELIEVE THAT WE QUALIFY FOR THE PUBLICITY EXCEPTION NOTICE PROVIDED BY SECTION 4.01(2)(B) OF REV. PROC 75-50. THE COLLEGE IS ACTIVELY COMMITTED TO PROVIDING OPPORTUNITIES TO STUDENTS FROM DIVERSE BACKGROUNDS. A COORDINATED MULTICULTURAL AND INTERNATIONAL RECRUITMENT EFFORT EXISTS, COUPLED WITH A STRONG NETWORK OF ADVOCACY AND SUPPORT FOR STUDENTS FROM DIVERSE BACKGROUNDS. AS EVIDENCE OF THE COLLEGE'S COMMITMENT, NEARLY 8.8% OF ITS STUDENTS ARE RACIAL MINORITY STUDENTS. SCHEDULE E, PART I, LINE 6 LUTHER COLLEGE RECEIVES AID OR ASSISTANCE FROM THE GOVERNMENT AGENCIES AND PROGRAMS AS FOLLOWS: STUDENT FINANCIAL ASSISTANCE PROGRAMS CLUSTER, TRIO PROGRAM CLUSTER, RESEARCH AND DEVELOPMENT CLUSTER, ROBERT C BYRD HONORS SCHOLARSHIPS, IOWA TUITION GRANT, IOWA GRANT. MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES LUTHER COLLEGE OFFERS NUMEROUS OPPORTUNITES FOR SHORT AND LONG-TERM STUDY OUTSIDE THE CONTINENTIAL UNITED STATES 124410 SOUTH AMERICA 0 0 PROGRAM SERVICES LUTHER COLLEGE OFFERS NUMEROUS OPPORTUNITES FOR SHORT AND LONG-TERM STUDY OUTSIDE THE CONTINENTIAL UNITED STATES 277990 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES LUTHER COLLEGE OFFERS NUMEROUS OPPORTUNITES FOR SHORT AND LONG-TERM STUDY OUTSIDE THE CONTINENTIAL UNITED STATES 1774387 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES LUTHER COLLEGE OFFERS NUMEROUS OPPORTUNITES FOR SHORT AND LONG-TERM STUDY OUTSIDE THE CONTINENTIAL UNITED STATES 121810 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES LUTHER COLLEGE OFFERS NUMEROUS OPPORTUNITES FOR SHORT AND LONG-TERM STUDY OUTSIDE THE CONTINENTIAL UNITED STATES 108086 EAST ASIA AND THE PACIFIC 0 0 INVESTMENTS 239490 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 783706 0 0 0 0 0 0 3429879 0 3429879 1 0 0 1 1 0 X X X X X X X 1 BLACKBAUD INC PO BOX 930256 ALTANTA GA 31193 CONSULTING SERVICE 0 0 37772 -37772 37772 -37772 AK AL AR AZ CA CO CT DC DE FL GA HI IA ID IL IN KS KY LA MD ME MI MN MO MS MT NC ND NE NH NJ NM NV NY OH OK OR PA RI SC SD TN TX UT VA VT WA WI WV WY GOLF OUTING 49737 29560 20177 3695 16397 3233 GOLF OUTING 23355 14091 9264 6723 1849 2 20765 10643 10122 8021 501 93857 54294 39563 3695 31141 5583 40419 -856 1 STUDENT SCHOLARSHIPS 2241 46566964 PART I, LINE 2: STUDENTS RECEIVING SCHOLARSHIPS AND FELLOWSHIPS ARE DETERMINED BY THE OFFICE OF FINANCIAL AID THROUGH CAREFUL STUDY OF THE INFORMATION ON THE FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA), THE STUDENT'S ACADEMIC RECORD, TEST SCORES, AND RECOMMENDATIONS. DETAILED RECORDS AND STATISTICS ARE MAINTAINED BY THE OFFICE OF FINANCIAL AID AND THE OFFICE OF ASSESSMENT AND INSTITUTIONAL RESEARCH IN REGARDS TO ALL FINANCIAL AID AWARDED TO STUDENTS OF THE COLLEGE, INCLUDING GRANTS AND SCHOLARSHIPS. X X X 1 1 X X X 0 0 0 0 0 0 0 0 0 PAULA J CARLSON PRESIDENT 132991 0 0 0 3000 0 13750 0 18322 0 168063 0 0 0 KEITH CHRISTENSEN VICE PRESIDENT 147112 0 0 0 4000 0 15734 0 24993 0 191839 0 0 0 KEVIN KRAUS VICE PRESIDENT 150711 0 0 0 0 0 15502 0 46514 0 212727 0 0 0 ROBIN LARSON VICE PRESIDENT 80030 0 0 0 23000 0 11099 0 56990 0 171119 0 0 0 SCOT SCHAEFFER VICE PRESIDENT 137799 0 0 0 0 0 14269 0 65000 0 217068 0 0 0 DIANE TACKE VICE PRESIDENT/TREASURER 153273 0 0 0 6000 0 16530 0 20140 0 195943 0 0 0 DAVID TIEDE INTERIM PRESIDENT 121915 0 0 0 23000 0 0 0 9742 0 154657 0 0 0 DAVID MITCHELL MATH INSTRUCTOR/WRESTLING COACH 190667 0 0 0 0 0 6093 0 64361 0 261121 0 0 0 RICHARD TORGERSON FORMER PRESIDENT 249212 0 0 0 22950 0 13850 0 11713 0 297725 0 0 0 PART I, LINE 1A LUTHER COLLEGE PROVIDES A HOUSE, UTILITIES AND TRAVEL FOR COMPANIONS TO THE PRESIDENT OF THE COLLEGE. LUTHER COLLEGE PROVIDES COUNTRY CLUB DUES TO THE VICE PRESIDENT FOR DEVELOPMENT. THESE BENEFITS ARE LISTED IN THE WRITTEN COMPENSATION POLICY FOR THE COLLEGE AND ARE ALSO IN THE WRITTEN EMPLOYMENT CONTRACT OF EACH OF THESE INDIVIDUALS. THE HOUSING AND TRAVEL FOR COMPANIONS FOR THE PRESIDENT, AND THE COUNTRY CLUB DUES FOR THE VICE PRESIDENT FOR DEVELOPMENT ARE NOT TREATED AS TAXABLE COMPENSATION BECAUSE THE PRESIDENT'S HOUSE IS USED FOR COLLEGE BUSINESS AND MEETINGS, THE TRAVEL FOR COMPANIONS AND COUNTRY CLUB DUES ARE USED EXCLUSIVELY FOR BUSINESS PURPOSES TO BUILD RELATIONSHIPS WITH PROSPECTIVE DONORS TO THE COLLEGE. A IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 2011-12-01 24065000 SEE PART VI 0 0 0 B CITY OF DECORAH IA 426004485 2015-01-12 6868000 SEE PART VI 0 0 0 A 1860000 24065000 24065000 2012 1 0 1 1 B 469 6868000 20174 6847826 2015 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 1 1 1 1 JP MORGAN CHASE 15.000000000000 0 0 0 0 1 B 0 1 1 1 0 0 0 0 1 A 1 B 1 SCHEDULE K, PART I, BOND ISSUES: (A) ISSUER NAME: IOWA HIGHER EDUCATION LOAN AUTHORITY (F) DESCRIPTION OF PURPOSE: CURRENTLY REFUND SERIES 2002 BONDS ISSUED 9/12/2002 AND SERIES 2008 BONDS ISSUED 12/10/2008 (A) ISSUER NAME: CITY OF DECORAH IA (F) DESCRIPTION OF PURPOSE: CURRENTLY REFUND CITY OF DECORAH SERIES 2010 BONDS ISSUED 12/21/2010 SCHEDULE K, PART IV, LINE 2C: 12/01/2011 24,065,000 IOWA HIGHER EDUCATION LOAN AUTHORITY - REBATE CALCULATIONS ARE NOT YET DUE TO BE PERFORMED FOR THE 12/01/2011 SERIES BONDS. SCHEDULE K, PART IV, LINE 2C: 01/12/2015 6,868,000 CITY OF DECORAH IA - REBATE CALCULATIONS ARE NOT YET DUE TO BE PERFORMED FOR THE 01/12/2015 SERIES BOND. 19000 MERIT SCHOLARSHIP STUDENT FINANCIAL AID 9000 NEED BASED SCHOLARSHIP STUDENT FINANCIAL AID 0 ANN LANDSTROM SPOUSE OF COREY LANDSTROM 13118 EMPLOYMENT (COMPENSATION) 0 X 1 50 FMV X 3 13850 APPRAISAL X 30136 FMV X 890 FMV X 77 961960 FMV X 1 610090 APPRAISAL X 2 69000 APPRAISAL X BOARD MEETING EXPENSES 5 22936 COST 2 0 1 1 PART I, COLUMN (B): ORGANIZATION IS REPORTING NUMBER OF CONTRIBUTIONS PART I, LINE 32B: REAL ESTATE AGENTS OR ART DEALERS USED TO SELL CONTRIBUTIONS OF REAL PROPERTY. FORM 990, PART VI, SECTION A, LINE 6 THE MEMBERS OF THIS CORPORATION SHALL BE THOSE INDIVIDUALS HOLDING THE FOLLOWING POSITIONS AND OFFICES: (A) THE VOTING MEMBERS OF THE CHURCHWIDE ASSEMBLY OF THE EVANGELICAL LUTHERAN CHURCH IN AMERICA ENTITLED TO VOTE AT SUCH MEETINGS CHOSEN IN ACCORDANCE WITH THE DISCIPLINE AND USAGE OF SUCH CHURCH, OR ITS SUCCESSOR. SUCH MEMBERS SHALL REMAIN MEMBERS OF THE CORPORATION UNTIL THE CONVENING OF THE SUCCEEDING CHURCHWIDE ASSEMBLY OF THE EVANGELICAL LUTHERAN CHURCH IN AMERICA AT WHICH TIME SUCH MEMBERS SHALL GIVE PLACE TO THE VOTING MEMBERS AT SUCH SUCCEEDING CHURCHWIDE ASSEMBLY, IN ACCORDANCE WITH THE DISCIPLINE AND USAGE OF SAID CHURCH, OR ITS SUCCESSOR. (B) THE MEMBERS OF THE BOARD OF REGENTS OF THIS CORPORATION. (C) THE PRESIDENT OF THE COLLEGE OPERATED BY THIS CORPORATION. (D) THE OFFICERS OF THE ADMINISTRATION OF THE COLLEGE. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BODY OF LUTHER COLLEGE IS THE BOARD OF REGENTS. THE BOARD OF REGENTS ARE LISTED AS MEMBERS OF THE ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 11 THE 990 IS PREPARED BY THE ACCOUNTING MANAGER, REVIEWED BY THE CONTROLLER, AND REVIEWED BY THE VP FOR FINANCE AND ADMINISTRATION. THE 990 IS THEN SENT TO THE ACCOUNTING FIRM OF RSM US LLP FOR REVIEW AND ENTRY INTO THEIR TAX SOFTWARE. AFTER ALL REVIEWS ARE COMPLETED, THE 990 IS PRESENTED TO THE AUDIT COMMITTEE FOR THEIR REVIEW AND APPROVAL. AFTER AUDIT COMMITTEE APPROVAL, THE 990 IS SENT TO EACH BOARD MEMBER, AND THE COMPLETED FORM 990 IS SIGNED BY THE VP FOR FINANCE AND ADMINSTRATION, AND A PARTNER FROM RSM US LLP, AND IS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C LUTHER COLLEGE'S CONFLICT OF INTEREST POLICY AND DISCLOSURE STATEMENT IS SENT OUT TO THE BOARD OF REGENTS, AUDIT COMMITTEE, INVESTMENT COMMITTEE, PRESIDENT, VICE PRESIDENTS, AND KEY EMPLOYEES OF THE COLLEGE IN MAY OF EACH YEAR. EACH RECIPIENT IS REQURIED TO READ THE POLICY AND TO COMPLETE, SIGN, AND RETURN THE DISCLOSURE STATEMENT TO THE OFFICE FOR FINANCIAL SERVICES TO BE REVIEWED FOR POTENTIAL INTERESTS THAT COULD GIVE RISE TO CONFLICTS. LUTHER COLLEGE'S CONFLICT OF INTEREST POLICY AND DISCLOSURE STATEMENT ADDRESSES ALL AREAS OF CONCERN EXPRESSED ON FORM 990. FORM 990, PART VI, SECTION B, LINE 15 THE DIRECTOR OF HUMAN RESOURCES AND THE PRESIDENT OF THE COLLEGE WILL GATHER THE FOLLOWING BENCHMARK SALARY DATA: 1. MEDIAN SALARIES FOR CUPA (COLLEGES AND UNIVERSITIES PROFESSIONAL ASSOCIATION) PRIVATE RELIGIOUS COLLEGES WITH COMPARABLE ENROLLMENT. 2. MEDIAN AND MAXIMUM SALARIES FOR 26 IAICU (IOWA ASSOCIATION OF INDEPENDENT COLLEGES AND UNIVERSITIES) 3. MEDIAN AND MAXIMUM SALARIES FOR ACM (ASSOCIATED COLLEGES OF THE MIDWEST) AND GLCA (GREAT LAKES COLLEGES ASSOCIATION) COLLEGES. 4. MEDIAN AND MAXIMUM SALARIES FOR 15 MIDWEST REGIONAL COLLEGES. THE PRESIDENT OF THE COLLEGE WILL REVIEW AND PRESENT THE PRESIDENTIAL AND VICE PRESIDENTIAL BENCHMARK SALARY INFORMATION TO THE BOARD OF REGENTS. AT THE MAY BOARD MEETING, THE BOARD OF REGENTS WILL MEET TO REVIEW THE FOUR SALARY BENCHMARK INDICATORS AND WILL DETERMINE AND APPROVE COMPENSATION FOR THE PRESIDENT AND VICE PRESIDENTS OF THE COLLEGE. THE BOARD OF REGENTS WILL ALSO REVIEW THE NON-SALARY COMPENSATION BENEFITS PROVIDED TO THE OFFICERS. THE CHAIRPERSON OF THE BOARD OF REGENTS WILL NOTIFY THE DIRECTOR OF HUMAN RESOURCES IN WRITING, THROUGH A MEMO OR E-MAIL WITH THE APPROVAL OF COMPENSATION FOR THE PRESIDENT AND VICE PRESIDENTS. THIS INFORMATION WILL BE RECORDED IN THE MINUTES OF THE MEETING AND WILL BE MAINTAINED IN A CONFIDENTIAL ARCHIVE. THIS PROCESS WAS LAST COMPLETED IN MAY, 2015. FORM 990, PART VI, SECTION C, LINE 19 COPIES OF LUTHER COLLEGE'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AUDITED FINANCIAL STATEMENTS, AND FORMS 990 & 990T ARE AVAILABLE TO THE PUBLIC UPON REQUEST AT THE OFFICE FOR FINANCIAL SERVICES, 700 COLLEGE DRIVE, DECORAH, IA 52101. THE AUDITED FINANCIAL STATEMENTS ARE ALSO AVAILABLE ONLINE AT WWW.LUTHER.EDU/FINANCIALSERVICES. FORM 990, PART XI, LINE 9: ACTUARIAL ADJUSTMENTS -133,692. INTEREST RATE SWAP 53,226. BOOK/TAX DIFFERENCE FROM K-1S -29,551. REVENUE FROM SUBSIDIARY 277,307. EXPENSE FROM SUBSIDIARY -347,365. LUTHER COLLEGE WIND ENERGY PROJECT LLC 700 COLLEGE DRIVE DECORAH IA 52101 352366881 PRODUCTION OF ELECTRICITY IA 277307 2904134 LUTHER COLLEGE VENTURES INC LUTHER COLLEGE VENTURES INC 700 COLLEGE DRIVE DECORAH IA 52101 273945752 HOLDING COMPANY IA N/A C 277307 2904134 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 LUTHER COLLEGE VENTURES INC N 50860 COST