2015-04-07T15:24:42-05:00 2014-06-30 GRANT THORNTON LLP 175 W JACKSON BLVD STE 2000 CHICAGO IL 60604 990 2013-07-01 362169145 Elmhurst College % DENISE JONES ELMH 6306173012 190 Prospect Avenue Suite Elmhurst IL 601263296 DENISE JONES INTERIM VP FINANCE 6306173012 2015-04-07 true Bridget T Roche P00666837 6306173012 2013 2016-02-25 16:41:14Z Stephen Alan Ray 190 Prospect Avenue Elmhurst IL 606123296 146361552 false X www.elmhurst.edu X 1942 IL Elmhurst College works with passion and commitment to foster learning, broaden knowledge, and enrich culture through pedagogical innovation, scholarship and creative expression. 33 32 1868 623 259608 3965728 4574939 99256319 100666507 5506271 8295214 1279239 1462619 110007557 114999279 42466133 44041551 0 0 44311087 45196224 0 0 2477091 25411823 26374178 112189043 115611953 -2181486 -612674 175569345 184907755 82889736 86404519 92679609 98503236 X ELMHURST COLLEGE INSPIRES ITS STUDENTS TO FORM THEMSELVES INTELLECTUALLY AND PERSONALLY AND TO PREPARE FOR MEANINGFUL AND ETHICAL WORK IN A MULTICULTURAL, GLOBAL SOCIETY. WORKING TOGETHER WITH PASSION AND COMMITMENT, WE FOSTER LEARNING, BROADEN KNOWLEDGE, AND ENRICH CULTURE THROUGH PEDAGOGICAL INNOVATION, SCHOLARSHIP, AND CREATIVE EXPRESSION. false false 70599737 44041551 100339538 Instruction - Elmhurst College provides post-secondary education through approximately 30 academic departments and offers more than 50 majors in education, the humanities, natural and social sciences, business administration, nursing, and more from jazz studies to exercise science. We also offer more than 10 graduate programs. In addition the Elmhurst Learning and Success Academy offers a non-degree program for young adults with learning, intellectual, cognitive, physical, and/or sensory disabilities. Scholarships and grants - We assist our students with a comprehensive range of financial aid programs. These include merit-based scholarships, need-based grants and loans, and part-time campus employment. Approximately 87% of the students who entered college in the fall received financial aid. 10674593 326969 Student Services - Includes student affairs, admissions, registrar, financial aid counseling, social and cultural development, wellness center, and athletics. Student life at Elmhurst is active and creative allowing students to get involved in diverse areas including student government, 'The Leader' student newspaper, Black Student Union, Habitat for Humanity, SAGE (Straights and Gays for Equality), H.A.B.L.A.M.O.S. (A Latino Student Organization), Model UN, WRSE Radio Station, and many other groups as well as intercollegiate sports and intramural activities. 7709954 Academic Support - Academic dean, library services, academic advising and academic computing are included in academic support. The A.C. Buehler library provides many technologically advanced services for instructional and informational research, or for personal enjoyment with wireless access throughout. 88984284 true true false true false false false true false true true true false false true true true false true false true true false false true false false false true true true false false false false false false false false false false true false false false false true false false false true 4591 0 true 1868 true true true false false false false true true false false false false X 33 32 false false false false false false false true true false false true true true true true true true true false X DENISE JONES 6306173012 190 PROSPECT AVENUE Elmhurst IL 601263296 X The Honorable William J Bauer Trustee 0.3 0.0 X 0 0 0 Julius Wesley Becton III Trustee 0.9 X 0 0 0 David R Bertran Trustee 0.8 X 0 0 0 Michael Bilder Trustee 0.2 X 0 0 0 William W Boyd Trustee 0.4 X 0 0 0 Larry A Braskamp Trustee 1.4 X 0 0 0 Alan J Brinkmeier Trustee 0.7 X 0 0 0 Kenne P Bristol Trustee 0.9 X 0 0 0 Julie Curran Trustee 0.9 X 0 0 0 Sharon Reese Dalenberg Trustee 1.6 X 0 0 0 Cathy Doucette Trustee 0.7 X 0 0 0 Joel G Herter Trustee 0.7 X 0 0 0 Thomas A Kloet Trustee 0.6 X 0 0 0 Alfred N Koplin Trustee 0.1 X 0 0 0 Dr George H Langeler Trustee 0.6 X 0 0 0 J Clifford Lenahan Jr Trustee 0.6 X 0 0 0 Susan Bowers Trustee 0.5 X 0 0 0 Barbara J Lucks Trustee - Chair 1.3 X 0 0 0 Ronald L Luken Trustee 0.8 X 0 0 0 Robert C Knuepfer Jr Trustee 0.2 X 0 0 0 Hugh H McLean Trustee 1.1 X 0 0 0 Lamell J McMorris Trustee 0.4 X 0 0 0 Edward J Momkus Trustee 1.0 X 0 0 0 Bill Nelson Trustee 0.4 X 0 0 0 Dennis J Patterson Trustee 0.3 X 0 0 0 Virginia Prochaska Trustee 0.7 X 0 0 0 Jean E Sander Trustee 0.03 X 0 0 0 Rudolf G Schade Jr Trustee 0.3 X 0 0 0 Dr Homer H Schmitz Trustee 0.2 X 0 0 0 Eva W Tameling Trustee 0.2 X 0 0 0 Rhonda Thomas Trustee 0.3 X 0 0 0 Rev Robert O Ullman Trustee 0.6 X 0 0 0 Russell G Weigand Trustee 0.9 X 0 0 0 James S Yerbic Trustee 0.9 X 0 0 0 Stephen Alan Ray President 50.0 0.0 X X 327205 0 115070 James Cunningham VP for Finance & Admin 50.0 0.0 X 143630 0 21135 Joseph R Emmick VP for Development/Alumni 50.0 0.0 X 149415 0 37917 Alzada J Tipton VP for Academic Affairs 50.0 0.0 X 179103 0 30999 Gary F Rold Dean of Admission 50.0 0.0 X 139236 0 40534 James W Winters VP of Communications 50.0 0.0 X 143438 0 23175 James Kulich VP & Chief Information Officer 50.0 0.0 X 136950 0 30505 Lawrence B Carroll Exec. Director of CPE 50.0 0.0 X 128207 0 37398 Margaret Howes Exec. Director Development 50.0 0.0 X 126753 0 43909 1473937 0 380642 27 false true false ChartwellsCompass Group Lockbox PO Box 91337 CHICAGO IL 606931337 Food Service 3832656 Novitex Enterprise Solutions PO Box 845801 DALLAS TX 75284 Mailing Service 683857 Ellucian Inc 4375 Fair Lakes Ct FAIRFAX VA 22033 Software Service 278609 Active Partners Marketing 2222 W Diversey Ave CHICAGO IL 60647 Marketing 189000 Lee Daniels Associates Llc 105 S York Rd ELMHURST IL 60126 Consulting 162846 5 196432 2269410 2109097 156155 4574939 STUDENT TUITION AND FEES 812900 93829819 93829819 RESIDENCE HALLS 721000 6386632 6354058 32574 OTHER ATHLETIC, ARTS & CULTURE 812900 338519 338519 GRANT AND LOAN ADMINISTRATION FEES 812900 55949 55949 COMMUNITY EDUCATION 812900 55588 55588 100666507 1390254 -8296 1398318 0 0 0 0 0 38192396 31287436 6904960 6904960 22130 6882830 60225 196432 74837 -14612 -14612 0 0 OUTSIDE CONFERENCE & FACILITIES RENTAL 900099 325746 107741 218005 FOOD SERVICE 722320 201501 80522 120979 OUTSIDE PRINTING 561000 3287 0 3287 946697 24937 921760 1477231 114999279 100633933 259608 9530567 0 44017268 44017268 24283 24283 0 1018218 219661 604462 194095 5921 5921 33497475 24869672 7426811 1200992 1797422 1332623 399833 64966 6517345 4805711 1469757 241877 2359843 1742307 531854 85682 766861 72238 686627 7996 57733 57733 164319 164319 1799 1799 0 133107 133107 4185810 1661298 2467944 56568 1847159 1582587 264053 519 2331491 1581140 465197 285154 1525588 494099 934836 96653 5932 5932 3159483 322671 2836812 2166880 1668142 431124 67614 0 0 2229670 669243 1560427 0 3990822 2911768 921208 157846 511371 122245 389126 DEBT SERVICE FEES 504537 504537 EQUIPMENT RENTAL/MAINTENANCE 752994 239941 507105 5948 LIBRARY BOOKS & PERIODICALS 445231 403191 42040 COMMISSIONS & BANK CHARGES 76816 76816 1516575 232343 1273051 11181 115611953 88984284 24150578 2477091 2612067 826801 1903099 12693442 885843 843031 1183883 2064475 0 0 0 0 1758356 1706677 130011 140652 2548600 1632145 140018463 73927427 67242403 66091036 0 0 92146852 89980170 0 0 0 0 5158231 8929326 175569345 184907755 5898234 6974631 0 0 811700 1010920 56900000 56900000 0 0 0 0 5000000 7000000 0 0 14279802 14518968 82889736 86404519 X 48341806 50544236 19023754 21162789 25314049 26796211 92679609 98503236 175569345 184907755 X -612674 6626841 -190540 X false true X true true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true false false false false true 39499 false false 39499 false Paid Staff or Management Schedule C, Part II-B, Line 1b Staff have made periodic visits to Springfield, Illinois to lobby our state leaders. Direct Contact Schedule C, Part II-B, Line 1g Elmhurst College contacts legistators, members of legislative staff, as well as various departments and agencies. Lobby efforts support higher education policy and funding issues. Elmhurst contacted officials with regard to the following issues: -Continuation of Map Grant funding -Other State Grant Funding X X X false 94009780 405336 14396484 1189518 5889003 101733079 89570085 1205046 7921832 1259085 3428098 94009780 96127285 249834 -2844893 1007376 2954765 89570085 81374087 1842319 15531159 828528 1791752 96127285 76740871 1680325 5289866 670098 1666877 81374087 0.58620 0.26005 0.15375 true false 3036281 3036281 101214242 47431656 53782586 21565791 18076707 3489084 14202149 8419064 5783085 66091036 COMMINGLED FUNDS 55314613 F HEDGE FUNDS 5043950 F COMMODITITES FUND 1493483 F LIMITED PARTNERSHIPS 28128124 F 89980170 0 STUDENT LOAN ADVANCES FROM US GOVT 1773342 LIFE INCOME AGREEMENTS PAYABLE 262662 OTHER LIABILITIES 1295800 INTEREST RATE SWAP AGREEMENT 9641665 ASSET RETIREMENT OBLIGATION 1461698 CAPITAL LEASE OBLIGATION 83801 14518968 X 77290820 6626841 -190540 6436301 70854519 133107 44011653 44144760 114999279 71467193 71467193 133107 44011653 44144760 115611953 Financial Statement Footnote Schedule D, Part III, Line 1a Purchases of library books and works of art are recorded as unrestricted expenses. The College does not capitalize the cost of library books or works of art as assets or assign a value to such items received as gifts. Description of Organization's Collections Schedule D, Part III, Line 4 The African collections, professional collections and historic portrait collections of paintings, drawings, lithographs, photographs, and sculptures are made available to students, faculty and staff and outside constituents for their educational value, for lectures and pleasures of viewing. Intended Uses of Endowment Funds Schedule D, Part V, Line 4 The purpose of the endowment is to support the College and its mission over the long term. Accordingly, the primary investment objectives of the endowment are to: a) preserve and increase long-term real purchasing power of the funds' principal b) provide a stable source of financial support for the college's annual operating budget per policy set by the board of trustees c) provide ongoing financial support in the form of scholarships, awards, faculty chairs, lectureship, book funds and other specified purposes in accordance with the Board of Trustees' investment policies and donor agreements. Liability for Uncertain Tax Position (ASC 740) Schedule D, Part X, Line 2 The College has received a favorable determination letter from the Internal Revenue Service stating that it is exempt from federal income taxes under the provisions of Section 501(c)(3) of the Internal Revenue Code of 1986 (IRC), except for income taxes pertaining to unrelated business income. The Financial Accounting Standards Board issued guidance that requires tax effects from uncertain tax positions to be recognized in the financial statements only if the position is more likely than not to be sustained if the position were to be challenged by a taxing authority. Management has determined there are no material uncertain positions that require recognition in the financial statements. The College has not accrued any provision for income taxes as the College has had no significant unrelated business income. There is no interest or penalties recognized in the statements of activities or statements of position. The tax years ending 2011, 2012, 2013 and 2014 are still open to audit for both federal and state purposes. Supplemental Description - Other Schedule D, Part XI, Line 2d Change in value of interest-rate swap.......................$(467,046) Change in beneficial interest in trusts.......................$276,506 Total.......................................................$(190,540) Supplemental Description - Other Schedule D, Part XI, Line 4b Scholarships and Grants netted against tuition and fees in audited financial statements.......................................$44,058,990 Annuity Liability payments/liability adjustments...............$35,515 Reclasses and Rounding........................................($8,015) Special events fundraising expenses..........................($74,837) Total......................................................$44,011,653 Supplemental Description - Other Schedule D, Part XII, Line 4b Scholarships and Grants netted against tuition and fees in audited financial statements.......................................$44,058,990 Annuity Liability payments/liability adjustments...............$35,515 Reclasses and Rounding........................................($8,015) Special events fundraising expenses..........................($74,837) Total......................................................$44,011,653 true true true true true true true false false false false false false false false true false true Publication of Racially Nondiscriminatory Policy Schedule E, Part I, Line 3 Elmhurst College policy is that of non-discrimination of the public served by the institution and with respect to the college personnel. Advertisements, publications, brochures, applications for admission, etc., contain a statement to the effect that the college complies with the federal non-discrimination regulations, and thereby does not discriminate on the basis of race, gender, religion, color, national origin, age, sexual orientation, or handicap disability. Government Assistance Schedule E, Part I, Line 6a The College receives governmental financial aid, grants and assistance from the us department of education, the national institutes of health, the national science foundation, the Illinois board of higher education, and the city of Elmhurst. true Europe (Including Iceland and Greenland) 0 0 Grantmaking Study abroad 24283 0 0 0 0 24283 24283 Europe (Including Iceland and Greenland) Study abroad 13604 WIRE TRANS Europe (Including Iceland and Greenland) Study Abroad 10679 WIRE TRANS 0 2 false false false false false false Schedule F, Part I, Line 2 Study Abroad Department manages program, including selecting credentialed universities, and contractual terms of performance, and obtaining students completion documentation. There are few number of instances in which our college sends students overseas for a semester and incurs an expense from the receiving university. The majority of study abroad instances are within contractual exchange arrangements within a network of international universities and dictated by contractual terms in which no money is exchanged, and our students study abroad and an equivalent number of students enrolled at network universities study at our campus for 1 or 2 semesters. Football Golf 36245 27370 8875 12131 2036 Scholarship Dnr 176587 153387 23200 2650 26282 2 43825 15675 28150 78 31660 256657 196432 60225 14859 59978 74837 -14612 true SEOG Fed supplemental Grant 965 253778 N/A N/A Endowed Scholarships 489 1189518 N/A N/A Donor Funded Scholarship 260 619165 N/A N/A Institutionally Funded 2920 41954806 N/A N/A SCHEDULE I, PART I, LINE 2 PROCEDURE FOR MONITORING THE USE OF GRANT FUNDS INSIDE THE U.S. The College offers a wide variety of merit and need-based scholarships and awards to matriculating students. Merit awards are given in recognition of various achievements as specified in donors' correspondence and documents, or by College policy. Need-based awards are provided based on the income level, availability of awards offered elsewhere and similar standards. The College's Financial Aid Office uses various methods for the fair disbursement of grant funds within the requirements set by each grant source to monitor compliance. The College primarily makes scholarship grants that help offset tuition and other educational costs of the students, with most directly credited against the applicable student account, which assures proper use. The amount of the grant is adjusted by the Financial Aid Office, as necessary, based on any subsequent changes affecting the student's original eligibility. X X X true true X X X X X false false false false false false false false false Stephen Alan Ray President 325915 0 0 0 1290 0 32800 0 82270 0 442275 0 0 0 Joseph R Emmick VP for Development/Alumni 149191 0 0 0 224 0 7875 0 30042 0 187332 0 0 0 Gary F Rold Dean of Admission 137921 0 0 0 1315 0 20115 0 20419 0 179770 0 0 0 Alzada J Tipton VP for Academic Affairs 178694 0 0 0 409 0 11064 0 19935 0 210102 0 0 0 James W Winters VP of Communications 142566 0 0 0 872 0 10782 0 12393 0 166613 0 0 0 James Kulich VP & Chief Information Officer 136145 0 0 0 805 0 19180 0 11325 0 167455 0 0 0 James Cunningham VP for Finance & Admin 143147 0 0 0 483 0 0 0 21135 0 164765 0 0 0 Lawrence B Carroll Exec. Director of CPE 127430 0 0 0 777 0 14461 0 22937 0 165605 0 0 0 Margaret Howes Exec. Director Development 126342 0 0 0 411 0 6630 0 37279 0 170662 0 0 0 Housing allowance or residence for personal use Schedule J, Part I, Line 1a The President is being provided a house as a convenience to the College to allow him to conduct business affairs and be available 24/7 to respond to emergent situations that may arise. The residence is for personal use and to entertain trustees, employees, students, donors, and guests of the College. IRS instructions to Form 990 require that the fair market value of housing provided to employees by their employer be reported on Form 990, Part VII, Section A and Schedule J, Part II. As a condition of employment, the President of Elmhurst College is required to reside at the college owned residence at 360 Cottage Hill Avenue in Elmhurst. The residence serves both as a personal residence as well as a venue for regular carrying on of College business. The College has determined that the value of the use of this personal residence is not considered taxable income to the President as provided for in Internal Revenue Code Section 119. For tax year 2014, the value of the President's use of the residence is conservatively estimated to be $59,835. During tax year 2014, the President, Stephen Alan Ray made the residence his home for the year. Schedule J, Part II, Column (D) includes $59,835 of value associated with the use of the residence provided by the College. Travel for companions Schedule J, Part I, Line 1a Travel expense reimbursement for companions is only allowed for the President as per his contract. According to his contract, when Dr. Ray's spouse is required to attend an event in which Dr. Ray is representing the College on official College business, the business related travel expenses for Dr. Ray's spouse will also be reimbursed by the College. The spouse's travel is not considered taxable when the purpose is to conduct business on behalf of the college. This contract is reviewed by the Human Resources Committee and approved by the full Board of Trustees. Personal services (e.g., mail, chauffer, chef) Schedule J, Part I, Line 1a An outside service is used as needed to maintain or to provide any other cleaning services necessary for the business function of the President's house. A Illinois Finance Authority 861091967 452001ZF0 2005-05-31 36500000 IL ED FACILITIES AUTHOR. 03/25/98 false false true B Illinois Finance Authority 861091967 452001Q86 2005-05-31 21200000 IL ED FACILITIES AUTHOR. 07/28/99 false false true C Illinois Educational Facilities Authority 521297563 4520017G9 2003-09-18 12000000 BUILDINGS false false false D Illinois Finance Authority 861091967 45200BW79 2007-02-22 25000000 BUILDINGS & PARKING false false false A 7000000 0 36500000 0 0 36500000 0 0 0 0 0 0 2001 true false true true B 3400000 0 21200000 0 0 21200000 0 0 0 0 0 0 2002 true false true true C 0 0 12096432 0 0 943690 152196 52641 0 10947905 0 0 2006 true false true true D 100000 0 26053568 0 0 1964791 273890 22000 0 23694190 98697 0 2010 true false true true A 0 true B 0 true C false false true true false 0 false false false true D false false true true false 0.02900 0.02900 false false false true A true true true true JP Morgan Chase NA 18. false false false 0 false true B true true true true JP Morgan Chase NA 18. false false false 0 false true C false true true true JP Morgan Chase NA 18. false false false 0 false true D false true true true Bank of America NA 27. false false false 0 false true A true B true C true D true . SCHEDULE K, PART I PART I: Information for Part I comes from the tax agreement and Form 8038 for each issue. The issuer EIN on the Forms 8038 of each of the 2005 transactions is the EIN for the Illinois Educational Facilities Authority (the issuer of the original 1998 and 1999 Bonds which were treated for Federal tax purposes as being currently refunded by the 2005 bonds). Although the 2005 Bonds still bear the name of the Illinois Educational Facilities Authority, the EIN of the Illinois Finance Authority should be used for Schedule K and is listed on Schedule K. The college amended and filed Forms 8038 to include the Illinois Finance Authority EIN for each of the 2005 Bonds to be consistent with Schedule K. The description of purpose for each issue is listed in Section 2.1 of the tax agreement executed by the college in connection with each issue. Additional information for the 2005 issues comes from paragraph 1 on page 1 of the tax agreement for each of those 2005 issues (containing information on the reissuance of the 1999 Bonds and the 1998 Bonds, respectively), Section 2.1 of the tax agreements for the 1999 Bonds and the 1998 Bonds (the description of the projects financed by such bonds) and the fourth paragraph of the Certificate Regarding the Financed Properties and Expenditure of Funds, executed by the college in connection with the issuance of the 1999 Bonds (which contains the name and description of the 1991 Bonds refunded by the 1999 Bonds). The amount of each of the 2005 issues benefitting the college (as included in the description of purposes) comes from Schedule A to each of the Forms 8038 submitted in connection with the 2005 issues. SCHEDULE K, PART I, COL. (F), LINE A Description of tax purpose THE BONDS AND THE 1998 BONDS (DEFINED BELOW) WERE ISSUED IN THE AMOUNT OF $36,500,000 TO PROVIDE FUNDS TO SEVERAL SECTION 501(C)(3) NONPROFIT ORGANIZATIONS. ELMHURST COLLEGE BENEFITTED FROM $15,000,000 OF THE PROCEEDS OF THE BONDS. THE ISSUER OF THE BONDS CHANGED THE MANDATORY TENDER PROVISIONS OF THE INDENTURE GOVERNING PREVIOUSLY ISSUED BONDS (THE "1998 BONDS") THEREBY RESULTING IN THE VARIABLE RATE DEMAND REVENUE BONDS, SERIES 1998 (ACI/CULTURAL POOLED FINANCING PROGRAM) ORIGINALLY ISSUED BY THE ILLINOIS EDUCATIONAL FACILITIES AUTHORITY ON MARCH 25, 1998 AS BEING ASSUMED TO BE REISSUED AND CURRENTLY REFUNDED FOR FEDERAL INCOME TAX PURPOSES ON MAY 31, 2005. THE PORTION OF THE PROCEEDS OF THE 1998 BONDS WHICH WERE BORROWED BY ELMHURST COLLEGE WERE USED TO FINANCE, REFINANCE AND REIMBURSE THE COSTS OF THE ACQUISITION, CONSTRUCTION, RENOVATION, IMPROVEMENT AND EQUIPPING OF EDUCATIONAL FACILITIES. SCHEDULE K, PART I, COL. (F), LINE B Description of tax purpose THE BONDS AND THE 1999 BONDS (DEFINED BELOW) WERE ISSUED IN THE AMOUNT OF $21,200,000 TO PROVIDE FUNDS TO SEVERAL SECTION 501(C)(3) NONPROFIT ORGANIZATIONS. ELMHURST COLLEGE BENEFITTED FROM $5,000,000 OF THE PROCEEDS OF THE BONDS. THE ISSUER OF THE BONDS CHANGED THE MANDATORY TENDER PROVISIONS OF THE INDENTURE GOVERNING PREVIOUSLY ISSUED BONDS (THE "1999 BONDS") THEREBY RESULTING IN THE VARIABLE RATE DEMAND REVENUE BONDS, SERIES 1999 (ACI/CULTURAL POOLED FINANCING PROGRAM) ORIGINALLY ISSUED BY THE ILLINOIS EDUCATIONAL FACILITIES AUTHORITY ON JULY 28, 1999 AS BEING ASSUMED TO BE REISSUED AND CURRENTLY REFUNDED FOR FEDERAL INCOME TAX PURPOSES ON MAY 31 2005. THE PORTION OF THE PROCEEDS OF THE 1999 BONDS WHICH WERE BORROWED BY ELMHURST COLLEGE WERE USED TO (I) FINANCE, REFINANCE, AND REIMBURSE THE COSTS OF THE ACQUISITION, CONSTRUCTION, RENOVATION, IMPROVEMENT AND EQUIPPING OF EDUCATIONAL FACILITIES, AND (II) REFUNDED THE OUTSTANDING ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUE BONDS, ELMHURST COLLEGE SERIES 1991 WHICH WERE ISSUED ON MAY 16, 1991 AND FINANCED THE COSTS OF ACQUIRING, CONSTRUCTING, RENOVATING, EQUIPPING, IMPROVING AND REMODELING OF EDUCATIONAL FACILITIES. SCHEDULE K, PART I, COL. (F), LINE C Description of tax purpose THE BONDS WERE ISSUED TO (I) FINANCE, REFINANCE, AND REIMBURSE THE COSTS OF THE ACQUISITION, CONSTRUCTION, RENOVATION, IMPROVEMENT OR EQUIPPING OF EDUCATIONAL FACILITIES, AND (II) REFINANCE TAXABLE DEBT THAT ORIGINALLY FINANCED A PORTION OF THE COSTS OF A SPRINKLER SYSTEM IN RESIDENCE HALLS. ACCORDINGLY, A PORTION OF THIS ISSUE CURRENTLY REFUNDED TAXABLE DEBT OF ELMHURST COLLEGE FOR FEDERAL TAX PURPOSES. SCHEDULE K, PART I, COL. (F), LINE D DESCRIPTION OF TAX PURPOSE the bonds were issued to (I) Finance, refinance or reimburse the costs of acquistion, construction, renovation, improvement and equipping of educational facilities, and (II) refinance taxable debt that originally financed educational facilities. Accordingly, a portion of this issue currently refunded taxable debt of elmhurst college for federal tax purposes. SCHEDULE K, PART II PART II: INFORMATION FOR PART II, COLUMNS B AND C COMES FROM THE FORM 8038 FOR SUCH ISSUES. INFORMATION FOR PART II, COLUMN D COMES FROM THE REBATE REPORT PREPARED BY CHAPMAN AND CUTLER LLP FOR THE 2003 BONDS. SCHEDULE K, PART II,Line 3 Total Proceeds of Issue: For Columns C and D of Part II, Line 3 does not match Part I, column (e) Issue Price, as the amounts reported include investment earnings on the proceeds." SCHEDULE K, PART III PART III: The information in Part III comes from the College. Potential private use is addressed: 1. In Section 9 of the Certificate Regarding the Financed Properties and Expenditure of Funds for the 1998 Bonds (as reissued by the 2005 Bonds) (private use for these bonds is not addressed in the Schedule K because of the special rule regarding the refunding of pre-2003 issues); 2. In Section 9 of the Certificate Regarding the Financed Properties and Expenditure of Funds for the 1999 Bonds (as reissued by the 2005 Bonds) (private use for these bonds is not addressed in the Schedule K because of the special rule regarding the refunding of pre-2003 issues); 3. In Section 4 of the Project Certificate for the 2003 Bonds; and 4. In Section 4 of the Project Certificate for the 2007 Bonds. SCHEDULE K, PART III, COL. (D), LINE 6 PRIVATE BUSINESS USE ELMHURST COLLEGE IS CALCULATING PRIVATE BUSINESS USE ON AN ANNUAL AND CUMULATIVE BASIS TO ENSURE THAT PRIVATE BUSINESS USE OF FINANCED PROPERTY WILL NOT EXCEED PERMISSIBLE AMOUNTS OF PRIVATE BUSINESS USE. X 7 154343 market value X DONATED SUPPLY 5 16328 cost per receipts 0 false true false Amounts not Listed in Revenue on Form 990 Schedule M, Part 1, Question 33 The college does not capitalize the cost of library books or works of art as assets, nor does it assign a value to such items received as gifts. Elmhurst College is reporting the number of contributions received. Form 990 Review Process Form 990, Part VI, Line 11b The final Form 990 and its various schedules were prepared by a national CPA firm, and then were reviewed by the Key Officers of the organization prior to making it available to the Board of Trustees. After the Key Officers reviewed the form, it was distributed to the Audit Committee of the Trustees at their Spring meeting. Identified necessary changes were incorporated following the board review process, and a final copy of the filing was made available to all members of the board of trustees prior to filing. Conflict of Interest Policy Monitoring & Enforcement Form 990, Part VI, Line 12c Conflict of interest forms are sent to Trustees, Officers, Key Employees (as applicable) and others for completion. The completed forms are returned to and reviewed by the Board Audit Committee Chair. The Audit Committee Chair together with the Audit Committee is responsible for administration of this policy. Matters of concern are brought to the Chair of the Board of Trustees or the President. Approval of compensation transactions and other transactions covered by the policy are done through a review composed entirely of individuals who do not have any conflict of interest with respect to the arrangement or transaction at hand. Persons determined to have a conflict of interest are prohibited from participating in the governing body's deliberations and decisions in transactions which may relate to the conflict. They rely upon independent comparability data or valuations prior to making a determination. Matters related to compensation rely on external expertise in higher education. Process for Determining President's Compensation Form 990, Part VI, Line 15a The President's salary is reviewed annually and determined by a process established by the Board of Trustees. The process begins with obtaining data from the College and University Professional Association for Human Resources (CUPA-HR) annual Salary Survey, periodically the Yaffe & Company Executive Compensation Survey, and the form 990 tax returns of comparable institutions are also reviewed. These surveys as well as the economic condition of Elmhurst College and other information concerning higher education are analyzed by the Human Resources Committee of the Board of Trustees with the assistance of the Vice President for Finance and Administration and periodically with input from an external consultant. The Human Resources Committee performs an annual formal evaluation process of the President in executive session. Performed in fiscal year 2013, every three years the committee performs an extensive evaluation involving various faculty, staff, students and external constituents. The Human Resources Committee recommends the salary revision to the full Board of Trustees who provides the final approval. Minutes of the Human Resources Committee document the determinations made during executive session. Process for Determining Officer's Compensation Form 990, Part VI, Line 15b Top management's (Vice Presidents and Deans) salaries are reviewed annually by a process similar to all other employees. The President performs a formal evaluation. Using the CUPA-HR annual Salary Survey--the annual performance evaluation and the financial constraints of the College--the President then determines the salary revisions which are reviewed by the Human Resources Committee of the Board of Trustees. All other key employee salaries are reviewed annually by a similar process as the top management. Formal performance evaluations are performed by the supervisor of each key employee with recommendations for salary revisions provided to the top management employee over that area of responsibility. The evaluations and recommendations together with the comparison to the CUPA-HR annual Salary Survey and the preset budget for salary increases are reviewed by each top management administrator with recommendations presented to the President. Final approval is given by the President. How Documents are Made Available to the Public Form 990, Part VI, Line 19 The governing documents and financial statements of the college are available upon request, and financial statements are provided to various State Agencies, US Department of Education, various banks and others per agreement. In addition, the Annual Form 990 Information Return and 990-T Tax Return and all related documents and schedules are available to the public upon request. The conflict of interest policy is sent annually to all members of the Board of Trustees, Officers, Key Employees and other identified employees. Other Changes in Net Assets or Fund Balances Form 990, Part XI, Line 9 Change in fair value of interest-rate swap agreement..........($467,046) Change in fair value of beneficial interest in trusts..........$276,506 Total.........................................................($190,540) Paul H DeBruine Char Remainder Unitrust 190 Prospect Ave Elmhust IL 60126 367310644 C.R. Unitrust IL NA Trust 100 100 1.00000 false Joel Herter Char Remainder Unitrust 190 Prospect Ave Elmhurst IL 60126 364572843 C.R. Unitrust IL NA Trust 100 100 1.00000 false LT Palmer Char Remainder Annuity Trust 190 Prospect Ave Elmhurst IL 60126 366850426 Annuity Trust IL NA Trust 100 100 1.00000 false Weigand 2 Life Char Remainder Unitrust 190 Prospect Ave Elmhurst IL 60126 367614572 C.R. Unitrust IL NA Trust 100 100 1.00000 false