2015-02-24T12:27:45-06:00 2014-05-31 420714325 MCGLADREY LLP 221 THIRD AVENUE SE STE 300 CEDAR RAPIDS IA 524011512 990 2013-06-01 420680466 LUTHER COLLEGE LUTH 5633871015 700 COLLEGE DRIVE DECORAH IA 52101 DIANE TACKE VP FINANCE & ADMIN 5633871015 2015-02-13 1 KAY HEGARTY P00091057 3192985333 2013 2016-02-25 16:41:14Z PRES PAULA J CARLSON 700 COLLEGE DRIVE DECORAH IA 52101 141683600 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 90 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 2,466 MEN AND WOMEN (43 PERCENT AND 57 PERCENT RESPECTIVELY) FROM 40 STATES AND 56 FOREIGN COUNTRIES. U.S. STUDENTS OF COLOR CONSTITUTE 8.0 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 29 3277 965 52665 0 12333157 12314775 106420549 109695164 5274868 5457875 1710154 2590407 125738728 130058221 42827141 45045910 0 0 39727653 40875950 0 0 3754660 36035406 37799090 118590200 123720950 7148528 6337271 282097981 295326046 66107916 63021682 215990065 232304364 X LUTHER COLLEGE IS A FOUR-YEAR, RESIDENTIAL LIBERAL ARTS INSTITUTION OFFERING MORE THAN 70 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 77171288 45045910 90060130 INSTRUCTION: LUTHER OFFERS 40 MAJORS, 43 MINORS AND INTERDISCIPLINARY MINORS, AND 10 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 180 FULL-TIME FACULTY (93 PERCENT WITH A TERMINAL DEGREE) AND A 12:1 STUDENT-FACULTY RATIO. TOTAL ENROLLMENT WAS 2,466 FTE STUDENTS IN THE FALL OF 2013. 531 STUDENTS GRADUATED IN THE 2013-14 ACADEMIC YEAR. 16608514 761375 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 ORGANZIATIONS ALONG WITH COLLEGE MINISTRIES, HEALTH SERVICES, AND RECREATION AND WELLNESS PROGRAMS. ABOUT 75% OF STUDENTS ARE ENGAGED IN WORK STUDY TO SERVE THE LUTHER COMMUNITY, GAIN IMPORTANT WORK EXPERIENCE, AND EARN MONEY TOWARD EXPENSES. 17083973 18873659 AUXILIARY ENTERPRISES: THE RESIDENTIAL EXPERIENCE IS CENTRAL TO THE LUTHER EXPERIENCE; LUTHER RESIDENCE HALLS PROVIDE STUDENTS WITH A SAFE AND WELCOMING SECOND HOME. IN FALL 2013, LUTHER'S RESIDENCE HALLS HOUSED 2,073 STUDENTS. 2,060 STUDENTS USED THE COLLEGE'S DINING SERVICE. 410617 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. 431992 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. 842609 111706384 1 1 0 0 0 0 0 1 1 1 1 1 0 0 1 1 0 1 1 0 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 1 0 0 1 X 4545 0 1 3277 1 1 1 1 IT MT UK GM 0 0 0 1 1 0 0 0 0 X 30 29 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 SC X DIANE TACKE 5633871015 700 COLLEGE DRIVE DECORAH IA 52101 PAUL TORGERSON CHAIRPERSON 1.00 0.00 X X 0 0 0 SANDRA LEE VICE CHAIRPERSON 1.00 0.00 X X 0 0 0 MARILYN H ROVERUD SECRETARY 1.00 0.00 X X 0 0 0 JUDY VIJUMS BOARD MEMBER 1.00 0.00 X 0 0 0 RUSSELL BRUEMMER BOARD MEMBER 1.00 0.00 X 0 0 0 RONALD HAVE BOARD MEMBER 1.00 0.00 X 0 0 0 ARNE M SORENSON BOARD MEMBER 1.00 0.00 X 0 0 0 GREGORY D FIELDS BOARD MEMBER 1.00 0.00 X 0 0 0 JON M STELLMACHER BOARD MEMBER 1.00 0.00 X 0 0 0 STEVEN OVERHOLT BOARD MEMBER 1.00 0.00 X 0 0 0 STEVEN SCHAVER BOARD MEMBER 1.00 0.00 X 0 0 0 MARTI RODAMAKER BOARD MEMBER 1.00 0.00 X 0 0 0 GEORGE D KUH BOARD MEMBER 1.00 0.00 X 0 0 0 DAVID K LIETZ BOARD MEMBER 1.00 0.00 X 0 0 0 MICHAEL BURK BOARD MEMBER 1.00 0.00 X 0 0 0 PEGGY ETTESTAD BOARD MEMBER 1.00 0.00 X 0 0 0 DAVID MEYER BOARD MEMBER 1.00 0.00 X 0 0 0 STEVEN BARNES BOARD MEMBER 1.00 0.00 X 0 0 0 SUSAN SORLIEN BOARD MEMBER 1.00 0.00 X 0 0 0 DIANE THORMODSGARD BOARD MEMBER 1.00 0.00 X 0 0 0 WENDY DAVIDSON BOARD MEMBER 1.00 0.00 X 0 0 0 ENWEI XIE BOARD MEMBER 1.00 0.00 X 0 0 0 CHINYERE UKABIALA BOARD MEMBER 1.00 0.00 X 0 0 0 DENNIS FLATNESS BOARD MEMBER 1.00 0.00 X 0 0 0 KATHERINE JOHNSON-BECKLIN BOARD MEMBER 1.00 0.00 X 0 0 0 RICHARD THEILER BOARD MEMBER 1.00 0.00 X 0 0 0 LANCE VANDER LINDEN BOARD MEMBER 1.00 0.00 X 0 0 0 ANN BENTDAHL BOARD MEMBER 1.00 0.00 X 0 0 0 J ROBERT PAULSON BOARD MEMBER 1.00 0.00 X 0 0 0 JAMES A THOMSEN BOARD MEMBER 1.00 0.00 X 0 0 0 RICHARD TORGERSON PRESIDENT 40.00 0.00 X 299901 0 47988 DIANE TACKE VP/TREASURER 40.00 0.00 X 155348 0 35540 KEITH CHRISTENSEN VICE PRESIDENT 40.00 0.00 X 148361 0 37712 SCOT SCHAEFFER VICE PRESIDENT 40.00 0.00 X 134923 0 44721 KEVIN KRAUS VICE PRESIDENT 40.00 0.00 X 137775 0 46831 ROBIN LARSON VICE PRESIDENT 40.00 0.00 X 95540 0 51828 COREY LANDSTROM VICE PRESIDENT 40.00 0.00 X 106948 0 28782 DAVID TIEDE INTERIM PRESIDENT 40.00 0.00 X 144915 0 14710 DAVID MITCHELL MATH INSTRUCTOR/WRESTLING COACH 40.00 0.00 X 130577 0 42860 PAUL MATTSON EXEC DIRECTOR-LIBRARY & INFO SVCS 40.00 0.00 X 104279 0 28444 1458567 0 379416 9 0 1 0 SODEXO INC 10 EARHART DRIVE WILLIAMSVILLE NY 14221 DINING SERVICES 7373263 SCHWAB LLC 74 KANSAS ST WINONA MN 55987 CONSTRUCTION 1414711 OPUS DESIGN BUILD LLC STE 206-11 1200 35TH STREET WEST DES MOINES IA 50266 CONSTRUCTION 678263 MERIT CONTRACTING 4750 HIGHWAY 63 NORTH ROCHESTER MN 55906 CONSTRUCTION 418889 ROYALL & COMPANY 1920 E PARHAM RD RICHMOND VA 23228 RECRUITING MARKETING 348820 9 66100 1425955 10822720 778875 12314775 TUITION & FEES 611310 90060130 90060130 SALES & SERVICE OF AUXILIARY SERV 611310 18873659 18839834 33825 SALES & SERVICE OF EDUCATIONAL AC 611710 761375 761375 109695164 2536236 2536236 100341 129763 -29422 -29422 -29422 13297107 1070903 10200040 1246331 3097067 -175428 2921639 2921639 46725 66100 49245 -2520 -2520 MISCELLANEOUS 611310 980704 980704 ALTERNATIVE INVESTMENTS 611310 603753 603753 SUMMER PROGRAMS 721000 504895 13238 491657 532997 5602 527395 2622349 130058221 109661339 52665 8029442 45045910 45045910 1840800 542527 1110556 187717 28504440 24356295 2708833 1439312 2296895 1928633 240667 127595 6263996 5315693 655423 292880 1969819 1627371 235128 107320 38558 3190 34718 650 123822 123822 104351 104351 200352 33335 156584 10433 1946123 1615371 170619 160133 239959 96637 81216 62106 8820925 8343241 238841 238843 3950406 3722923 122493 104990 1386641 1106849 108394 171398 1433426 1394593 19417 19416 6443632 6092782 87712 263138 20087 20087 EQUIPMENT RENTAL/MAINTE 9102396 7185081 1615809 301506 MISCELLANEOUS 1460187 1347582 95011 17594 PRINTING 602767 390726 130872 81169 POSTAGE 240817 125576 73068 42173 1684641 1432069 126285 126287 123720950 111706384 8259906 3754660 34920766 37325403 5656071 5992636 151512 192977 1036463 814601 401020 505941 661632 197393 185047600 94132220 88602242 90915380 103878153 115818023 26793010 29302472 7011607 6682908 12985505 7578312 282097981 295326046 8519739 7732577 5455786 5345112 246023 1628615 34460864 32616746 178042 212155 17247462 15486477 66107916 63021682 X 89955234 96835188 30620439 34133993 95414392 101335183 215990065 232304364 282097981 295326046 X 6337271 7439703 2537325 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 9185 51768 X X X X 0 0 1 X 133412268 6905200 13514280 3250977 2575107 148005664 117574411 6397216 14994585 3057636 2496308 133412268 120237276 4523604 -2067509 2791481 2327479 117574411 102864370 5777581 17375491 2742859 3037307 120237276 94831214 4419467 8669457 2814961 2240807 102864370 0.18200 0.62700 0.19100 0 0 74043 520538 594581 1322268 137723035 63010075 76035228 11732038 5694489 6037549 33646651 25427656 8218995 29027 29027 90915380 27354985 F INVESTMENT IN SUBSIDIARY 1947487 C 29302472 ANNUITIES PAYABLE 5111746 ASSET RETIREMENT OBLIGATION 2076108 DEPOSITS HELD IN CUSTODY FOR OTHERS 483466 OTHER LIABILITIES 4639783 INTEREST RATE SWAP LIABILITY 2375304 CAPITAL LEASE OBLIGATION 800070 15486477 X 95362862 7439703 2548710 9988413 85374449 104351 44579421 44683772 130058221 79048560 477871 477871 78570689 104351 45045910 45150261 123720950 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 ENDOWMENT FUNDS ARE USED TO AWARD SCHOLARSHIPS TO STUDENTS AND TO COVER PROGRAM RELATED EXPENSES. 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, 2014 AND 2013. THE COLLEGE'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. THE TAX RETURNS FOR FISCAL YEARS 2011 AND THEREAFTER ARE OPEN TO EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE 129,763. ACTUARIAL ADJUSTMENTS 2,003,666. REVENUE FROM SUBSIDIARY 285,027. CHARITABLE GIFT ANNUITY PROPERTY SALE LOSS & EXPENSES 130,254. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDED/UNFUNDED SCHOLARSHIPS 45,045,910. INTEREST RATE SWAP -472,091. BOOK/TAX DIFFERENCE FROM K-1S 5,602. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE 129,763. EXPENSE FROM SUBSIDIARY 348,108. PART XII, LINE 4B - OTHER ADJUSTMENTS: FUNDED/UNFUNDED SCHOLARSHIPS 45,045,910. 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 EXPLANATION OF NONDISCRIMINATION POLICY: 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, FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS, FEDERAL WORK STUDY PROGRAM, FEDERAL PERKINS LOAN PROGRAM, FEDERAL PELL GRANT PROGRAM, FEDERAL DIRECT LOAN PROGRAM, ROBERT C BYRD HONORS SCHOLARSHIPS, TEACHERS EDUCATION ASSISTANCE FOR COLLEGE & HIGHER EDUCATION GRANTS,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 276144 SOUTH AMERICA 0 0 PROGRAM SERVICES LUTHER COLLEGE OFFERS NUMEROUS OPPORTUNITES FOR SHORT AND LONG-TERM STUDY OUTSIDE THE CONTINENTIAL UNITED STATES 95021 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES LUTHER COLLEGE OFFERS NUMEROUS OPPORTUNITES FOR SHORT AND LONG-TERM STUDY OUTSIDE THE CONTINENTIAL UNITED STATES 1127034 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 105988 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES LUTHER COLLEGE OFFERS NUMEROUS OPPORTUNITES FOR SHORT AND LONG-TERM STUDY OUTSIDE THE CONTINENTIAL UNITED STATES 229923 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES LUTHER COLLEGE OFFERS NUMEROUS OPPORTUNITES FOR SHORT AND LONG-TERM STUDY OUTSIDE THE CONTINENTIAL UNITED STATES 272537 SOUTH ASIA 0 0 PROGRAM SERVICES LUTHER COLLEGE OFFERS NUMEROUS OPPORTUNITES FOR SHORT AND LONG-TERM STUDY OUTSIDE THE CONTINENTIAL UNITED STATES 3000 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 694159 0 0 0 0 0 0 2803806 0 2803806 1 0 0 1 1 0 GOLF OUTING 40060 20226 19834 2764 11696 4433 ALUMNI FUNDRAISING 26829 21149 5680 1500 8088 1230 3137 3 45936 24725 21211 14267 2130 112825 66100 46725 2764 27463 8088 1230 9700 49245 -2520 1 STUDENT GRANTS AND SCHOLARSHIPS 2324 45045910 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 1 1 X X 0 0 0 0 0 0 0 0 0 RICHARD TORGERSON PRESIDENT 276901 0 0 0 23000 0 25500 0 22488 0 347889 0 0 0 DIANE TACKE VP/TREASURER 149348 0 0 0 6000 0 16103 0 19437 0 190888 0 0 0 KEITH CHRISTENSEN VICE PRESIDENT 146111 0 0 0 2250 0 15325 0 22387 0 186073 0 0 0 SCOT SCHAEFFER VICE PRESIDENT 134923 0 0 0 0 0 13956 0 30765 0 179644 0 0 0 KEVIN KRAUS VICE PRESIDENT 137775 0 0 0 0 0 14364 0 32467 0 184606 0 0 0 DAVID TIEDE INTERIM PRESIDENT 121915 0 0 0 23000 0 0 0 14710 0 159625 0 0 0 DAVID MITCHELL MATH INSTRUCTOR/WRESTLING COACH 130577 0 0 0 0 0 5960 0 36900 0 173437 0 0 0 PART I, LINE 1A LUTHER COLLEGE PROVIDES A HOUSE AND UTILITIES TO THE PRESIDENT OF THE COLLEGE, AND 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 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, AND THE COUNTRY CLUB IS USED EXCLUSIVELY FOR BUSINESS PURPOSES TO BUILD RELATIONSHIPS WITH PROSPECTIVE DONORS TO THE COLLEGE. A CITY OF DECORAH IA 426004485 2004-12-15 3600000 CENTENNIAL UNION RENOVATION 0 0 0 B CITY OF DECORAH IA 426004485 2010-12-21 7500000 MILLER & DIESETH RESIDENCE HALL RENOVATION 0 0 0 C IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 2011-12-01 24065000 SEE PART VI 0 0 0 A 3085714 3704417 13861 3690556 2006 0 0 1 1 B 326087 7500000 16500 7483500 2012 0 0 1 1 C 1205000 24065000 24065000 2012 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 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 1 1 1 1 U S BANK 10.000000000000 0 0 0 0 1 B 0 1 1 1 0 0 0 0 1 C 0 1 1 1 1 1 JP MORGAN CHASE 15.000000000000 0 0 0 0 1 A 1 B 1 C 1 SCHEDULE K, PART IV, LINE 2C: REBATE CALCULATIONS WERE PERFORMED ON JANUARY 24, 2011, FOR THE SERIES 2004 BOND IN COLUMN (A). REBATE CALCULATIONS ARE NOT YET DUE TO BE PERFORMED FOR THE SERIES 2010 AND 2011 BONDS IN COLUMNS (B) AND (C). FIRST CITIZENS NATIONAL BANK MARTI RODAMAKER, BOARD MEMBER, IS PRESIDENT OF FIRST CITIZENS NATIONAL BANK 295133 INTEREST PAID ON OUTSTANDING LOAN 0 FIRST CITIZENS NATIONAL BANK MARTI RODAMAKER, BOARD MEMBER, IS PRESIDENT OF FIRST CITIZENS NATIONAL BANK 7500000 LOAN 0 X 5 9175 FMV X 250 FMV X 45 677186 AVERAGE HIGH/LOW X 2 965 APPRAISAL X PIANO 1 39000 COST X CAMERA EQUIPM 3 21434 FMV X DINING EQUIPM 1 18669 COST X COMPUTER EQUI 1 9080 COST X BOARD MEETING 2 1682 COST X ITEMS FOR FUN 3 804 FMV X DONATED AIRFA 2 630 COST 2 0 1 0 PART I, COLUMN (B): ORGANZATION IS REPORTING THE NUMBER OF CONTRIBUTIONS. 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 FIRM OF MCGLADREY 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 MCGLADREY 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 PRIVATE RELIGIOUS COLLEGES WITH COMPARABLE ENROLLMENT. 2. MEDIAN AND MAXIMUM SALARIES FOR 26 IOWA PRIVATE COLLEGES. 3. MEDIAN AND MAXIMUM SALARIES FOR ACM AND GLCA COLLEGES. 4. MEDIAN AND MAXIMUM SALARIES FOR 5 COMPARABLE IAICU 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, 2014. 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 2,133,920. INTEREST RATE SWAP 472,088. BOOK/TAX DIFFERENCE FROM K-1S -5,602. REVENUE FROM SUBSIDIARY 285,027. EXPENSE FROM SUBSIDIARY -348,108. 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