2015-05-12T11:45:57-05:00 2014-06-30 BKD LLP 200 E Main St Suite 700 Fort Wayne IN 46802 990 2013-07-01 350868125 LUTHERAN UNIVERSITY ASSOCIATION INC % JOHN A PALMUCCI JR LUTH 2194645215 1700 CHAPEL DRIVE Suite VALPARAISO IN 46383 JOHN A PALMUCCI JR SR VP FOR FINANCE & ADMINISTRATION 2194645215 2015-05-15 true Joyce A Dulworth P00151125 2194645215 2013 2016-03-07 17:11:31Z VALPARAISO UNIVERSITY MARK A HECKLER 1700 CHAPEL DRIVE VALPARAISO IN 46838 252223869 false X WWW.VALPO.EDU X 1925 IN A COMMUNITY OF LEARNING DEDICATED TO EXCELLENCE & GROUNDED IN THE LUTHERAN TRADITION OF SCHOLARSHIP, FAITH, & FREEDOM, PREPARING STUDENTS TO LEAD & SERVE IN THE CHURCH & SOCIETY. 40 38 3339 1024 210346 2341477 28015963 138885607 155934230 1458123 -8193087 1467627 1617125 144152834 177374231 49833140 57354470 0 0 70604673 77560201 176453 245918 4398322 45741613 46635668 166355879 181796257 -22203045 -4422026 501058928 550331211 101081960 123370328 399976968 426960883 X Valparaiso University is a comprehensive, private university with a Lutheran heritage that serves over 4,000 full and part time students. The University is identified as one of the top master's-level institutions in the Midwest and has received special recognition for its outstanding teaching and educational value. More than 80 academic programs are offered through the colleges of Arts and Sciences, Business Administration, eNgineering and Nursing. Valpo also has an honors college, Graduate School and School of Law. false false 116080269 52528848 106792054 Undergraduate Programs - Valparaiso University enrolls approximately 3,300 undergraduate students in more than 70 academic programs that integrate the best of the liberal arts with professional preparation. Programs are offered through the colleges of Arts and Sciences, Business, Engineering, and Nursing & Health Professions, as well as Christ College, Valparaiso University's honors college. Valpo has been named as one of the top ten regional universities in the Midwest every year since 1990 by U.S. News & World Report magazine. Valpo sponsors numerous international study opportunities and is recognized as a model in preparing graduates with strong cross-cultural skills and global awareness. The overall placement rate for Valparaiso University graduates from the classes of December 2013 and May and August 2013 is 92.5%. The overall placement rate has exceeded 90 percent for the 21st straight year. Valparaiso University was once again named to the President's Higher Education Community Service Honor Role in 2014 joining a group of select universities and colleges across the country that are honored for their support of volunteering, service-learning, and civic engagement. Valparaiso University's Division I athletics teams continue to succeed in the classroom, with 115 student-athletes named to the Horizon League's Fall 2014 Academic Honor Roll and placed a league-high 10 student-athletes over five sports on the Horizon League's 2014 Fall Academic All-League Teams. 6874680 550697 8751326 Graduate Programs - Valparaiso University's Graduate School celebrated its 50th Anniversary last year and offers more than 40 academic programs, including master's degrees in international commerce and policy, nursing, counseling, education, cyber security, health administration, sports administration, liberal studies and business administration. The Graduate School enrolled 777 students in 2014. Focus of Valpo's Graduate School are areas of study that appeal to international students, meet critical needs of the 21st century, and serve students seeking professional and career advancement. International students make-up 47 percent of Valpo's graduate enrollment. In addition to emphasizing professional training, skills and knowledge, the Graduate School also influences the cultural, emotional and intellectual development of students. 18303544 4231385 20643175 Law School - The Valparaiso University Law School encourages students to view law as a calling, to become lawyers and leaders who use their influence for service and the public good. Students develop aptitude in enduring core competencies of legal history, theory and practice, as well as advanced skill in legal research and writing. The Law School enrollment was 479 in 2014. In addition to J.D. and LL.M. degrees, the school offers dual degree programs that pair a J.D. with an M.A. in clinical mental health counseling, M.A. in liberal studies, M.A. in psychology, M.S. in international commerce and policy, M.S. in sports administration, or MBA. Through Valparaiso's Law Clinic, students develop their legal skills in eight practice areas while providing free legal services to underserved members of the community. The Law School attracts a diverse spectrum of students, with 34.5 percent of firs-year law students in fall 2014 being members of historically underrepresented minorities in the legal profession. 27909733 21341939 169168226 true true false false false false false true false true true true false false true false false true true true true false false true false false false true true true true false false false false false false true false true true true true false false true false false false false true 485 0 true 3339 true true true true UK GM false false false true true false false false false X 40 38 true false false false false false false true true false false true true true true true true true true false X X JOHN A PALMUCCI JR 2194645215 1700 CHAPEL DRIVE VALPARAISO IN 46383 KRAEGEL FREDERICK G BOARD CHAIR 8.0 X 0 0 0 RAQUET BONNIE E VICE-CHAIR 7.0 X 0 0 0 BOGGS III CORNELL N BOARD SECRETARY 2.0 X 0 0 0 BEUMER RICHARD E BOARD MEMBER 2.0 X 0 0 0 BRUNETTE LUTHER C BOARD MEMBER 2.0 X 0 0 0 DOBBS H JEFFREY BOARD MEMBER 1.0 X 0 0 0 DRAHEIM JOHN L BOARD MEMBER 4.2 X 0 0 0 DUESENBERG MARK H BOARD MEMBER 4.0 X 0 0 0 EVANS DEBORAH S BOARD MEMBER 3.5 X 0 0 0 FEMOVICH CAROLYN SCHLIE BOARD MEMBER 1.5 X 0 0 0 FISCKENSCHER PAMELA R BOARD MEMBER 2.0 X 0 0 0 FITES DONALD V BOARD MEMBER 4.0 X 0 0 0 HAGEN FITES JOYCE S BOARD MEMBER 1.0 X 0 0 0 HAGERMAN MARK F BOARD MEMBER 3.0 X 0 0 0 HANSEN JR ROBERT D BOARD MEMBER 1.0 X 0 0 0 HELGE MARK P BOARD MEMBER 2.0 X 0 0 0 HESSLER DAVID J BOARD MEMBER 3.0 X 0 0 0 HOOKER SUSAN P BOARD MEMBER 3.0 X 0 0 0 IRWIN-KNOTT COLETTE JOY BOARD MEMBER 5.0 X 0 0 0 KRAFFT GRANT A BOARD MEMBER 3.0 X 0 0 0 LANING BRUCE R BOARD MEMBER 2.0 X 0 0 0 MOON MARIAN J BOARD MEMBER 4.0 X 0 0 0 NIEMIER CHARLES E BOARD MEMBER 2.0 X 0 0 0 NUNEMAKER ANDREW N BOARD MEMBER 2.0 X 0 0 0 PARKS STEVEN W BOARD MEMBER 3.0 X 0 0 0 PEHLKE RICHARD W BOARD MEMBER 2.5 X 0 0 0 ROBERTS LINNEA K BOARD MEMBER 0.5 X 0 0 0 SCHRAGE PAUL D BOARD MEMBER 5.0 X 0 0 0 SCHUMACHER JON R BOARD MEMBER 4.0 X 0 0 0 SEEFELD SCOTT A BOARD MEMBER 1.5 X 0 0 0 SHELTON JOHN W BOARD MEMBER 3.0 X 0 0 0 SNYDER HARLEY W BOARD MEMBER 2.5 X 0 0 0 STRASEN PAUL A BOARD MEMBER 3.0 X 0 0 0 VANBEEK MICHAEL J BOARD MEMBER 3.0 X 0 0 0 VIE AMY L BOARD MEMBER 1.0 X 0 0 0 WILSON JOEL R BOARD MEMBER 7.0 X 0 0 0 WINKLER JULIE M BOARD MEMBER 1.0 X 0 0 0 YOUNG CARL H BOARD MEMBER 4.0 X 0 0 0 ZECH RONALD H BOARD MEMBER 2.5 X 0 0 0 ZEGLIS JOHN D BOARD MEMBER 4.0 X 0 0 0 SCROGGINS SUSAN VP ADMIN 65.0 X 145431 0 17151 HECKLER MARK A PRESIDENT 65.0 X 368645 0 52024 HOLLANDER LISA A VP ADVANCEMENT 65.0 X 232922 0 28541 SCHWEHN MARK R PROVOST 65.0 X 229708 0 32177 JOSEPH MICHAEL A VP ENROLLMENT 60.0 X 220793 0 34275 FARHA DARRON C VP AND GENERAL COUNSEL 60.0 X 175901 0 31097 HUNTER BONNIE L VP STUDENT AFFAIRS 60.0 X 158995 0 19944 DELNICK MATTHEW M SR VP FINANCE & ADMIN 60.0 X 182947 0 30023 BODENSTEINER IVAN E INTERIM DEAN, LAW SCHOOL 50.0 X 213535 0 31116 CARLSON DALE R HEAD FOOTBALL COACH 50.0 X 201206 0 31275 BROCZINSKI JAMES D DEAN, COLLEGE OF BUSINESS 50.0 X 192986 0 36531 DREW BRYCE H HEAD BASKETBALL COACH 75.0 X 340958 0 36506 BERNER BRUCE G LAW PROFESSOR 50.0 X 209337 0 44568 LEVINSON ROSALIE B LAW PROFESSOR 50.0 X 178144 0 27647 GILLISPIE CHARLEY FORMER SR. VP ADMIN & FINANCE 0.0 0.0 X 159249 0 23689 3210757 0 476564 87 true true false MA MORTENSON COMPANY 25 NORTHWEST POINT BLVD ELK GROVE VILLAGE IL 60007 ARCHITECTURAL SVCS 5758462 THE HAGERMAN GROUP 510 WEST WASHINGTON BLVD FORT WAYNE IN 46802 CONSTRUCTION 3278453 EASTGATE INVESTMENTS 13 LINCOLNWAY STE 206 VALPARAISO IN 46383 STUDENT HOUSING 1757910 ROYALL COMPANY 1920 E PARHAM RD RICHMOND VA 23228 ENROLLMENT MGMT 498089 NAGLE HARTRAY ARCHTIECTURE 30 WEST MONROE ST SUITE 700 CHICAGO IL 60603 ARCHITECTURAL SVCS 482096 17 3636901 24379062 2547722 28015963 TUIITION & FEES 611710 137241780 137241780 STUDENT HOUSING 611710 12781264 12781264 MISCELLANEOUS 900099 5911186 5879561 31625 155934230 1576447 165932 1410515 0 0 168993 156214 12779 0 12779 12779 58604242 6858 68376483 4151 -9772241 2707 -9769534 2707 -9772241 0 0 7917136 6312790 1604346 1591557 12789 0 177374231 157496869 210346 -8348947 43540 43540 57310930 57310930 0 0 1928876 823030 872924 232922 0 56422056 51415258 3149230 1857568 3800728 3402577 261986 136165 11534667 10326335 795089 413243 3873874 3468060 267028 138786 0 17213 17213 137474 137474 0 245918 245918 239400 239400 2609076 1967577 395581 245918 851709 716295 135414 16513991 15230656 676731 606604 1315004 725190 353857 235957 0 4149197 4039174 85148 24875 2811291 2587065 92307 131919 0 1508424 1319452 178352 10620 2855118 2780651 57631 16836 0 12064760 11744996 247468 72296 854129 726010 128119 BAD DEBT EXPENSE 122109 122109 MEMBERSHIPS & SUBSCRIPTIONS 495200 327748 138757 28695 MISCELLANEOUS 91573 91573 181796257 169168226 8229709 4398322 10370 13544 25344705 24775115 13128930 14585846 6465442 8548378 0 0 0 0 9373688 9963614 143536 179154 799747 1214413 391660057 151977643 223334996 239682414 58210925 70140158 162325025 179336097 0 0 0 0 1921564 1892478 501058928 550331211 9864025 11670773 8226423 8326917 2658623 2727767 61785000 59335000 0 0 0 0 1311347 1258162 0 0 17236542 40051709 101081960 123370328 X 93401083 98135544 184996132 200309026 121579753 128516313 399976968 426960883 501058928 550331211 X -4422026 31150500 255441 X false true X true true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 392361 X false 185619950 6546639 30692008 4395063 5207982 201288 213054264 166126012 12376057 15855359 3824584 4675949 236945 185619950 166431517 1749381 7039852 3846198 5025413 223127 166126012 142634092 3180626 26608815 3061657 2775011 155348 166431517 143641452 1127904 4499182 2536207 3949407 148832 142634092 0.09360 0.90400 0.00240 false false 10513287 10513287 254917877 88072517 166845360 36040276 15192223 20848053 60602931 28164940 32437991 29585686 20547963 9037723 239682414 COMMONFUND BOND FUNDS 7932421 COMMONFUND COMMODITIES FUNDS 3805292 COMMONFUND PRIVATE CAPITAL 48513879 COMMONFUND TREASURY ACCESS 15768225 LIFE INS, REAL ESTATE, OTHER 2543602 COMMONFUND EQUITIES FUNDS 100772678 179336097 0 STUDENT DEPOSITS 529014 OBLIGATIONS UNDER SPLIT-INTEREST AGREEMENTS 5258349 CONDITIONAL ASSET RETIREMENT OBLIGATION 7549521 POST RETIREMENT LIABILITIES 4626958 LINE OF CREDIT 20000000 OTHER LIABILITIES 2087867 40051709 157699486 31150500 6777329 37927829 119771657 239400 57363174 57602574 177374231 130715571 6469644 6469644 124245927 239400 57310930 57550330 181796257 ASC 740 MANAGEMENT HAS EVALUATED THEIR INCOME TAX POSITIONS UNDER THE GUIDANCE INCLUDED IN ASC 740. BASED ON THEIR REVIEW, MANAGEMENT HAS NOT IDENTIFIED ANY MATERIAL UNCERTAIN TAX POSITIONS TO BE RECORDED OR DISCLOSED IN THE FINANCIAL STATEMENTS. PART III LINE 4 The Brauer museum of Art is home to a nationally recognized collection of 19th and 20th century American art and includes works by Frederic Edwin Church, Asher B Durand, Childe Hassam, Georgia O'Keefe and Ed Paschke. It also houses the largest know collection of works by Junius R Solan (1827-1900), a Hudson River School painter who lived and worked in the Midwest. Other focus areas within the collection include world religious art and Midwestern regional art. As well as displaying selections from its permanent collection, the Brauer Museum hosts a full schedule of special exhibitions and events. Through exhibition of the collection and special events, the Museum provides educational opportunities for students as well as the general public which enhances the University's educational purpose. The book value of the artwork added to the collection since 1996 is included in plant assets on the balance sheet. PART V LINE 4 Valparaiso University's endowment funds are used to provide financial assistance to students in the form of scholarships and loans. Endowment funds are also designated to the support of academic programs, faculty chairs and professorships, research, student programs, library services, and the operation and maintenance of facilities. PART XI, LINE 2D COST OF GOODS SOLD 6,312,790 CHANGE IN DISCOUNT & ALLOWANCE 307,685 RENTAL EXPENSES 156,854 TOTAL $6,777,329 PART XI, LINE 4B STUDENT AID 57,310,930 CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS 52,244 TOTAL $57,363,174 PART XII, LINE 2D RENTAL EXPENSES 156,854 COST OF GOODS SOLD 6,312,790 TOTAL $6,469,644 PART XII, LINE 4B STUDENT AID 57,310,930 true true true true true true true false false false false false false false false true false true LINE 3 Valparaiso University's general catalog includes the Statement of Equality of Opportunity as follows. Valparaiso University provides equality of opportunity to its applicants for admission, enrolled students, graduates, and employees. The University does not discriminate with respect to hiring, continuation of employment, promotion, and tenure, other employment practices, applications for admission, or career services and placement on the basis of race, color, gender, age, disability, national origin or ancestry, sexual orientation, or (as qualified herein) religion. An institution committed to its Lutheran tradition, the University reserves its right to promote the teaching of the church and to exercise preferences in admissions and employment-related practices in favor of Lutherans. LINE 6A Valparaiso University receives federal and state research grants and grants for student financial aid. Europe (Including Iceland and Greenland) 2 2 Program Services SEE PART V 597578 South America Program Services SEE PART V 1927 East Asia and the Pacific Program Services SEE PART V 78187 Sub-Saharan Africa Program Services SEE PART V 117899 2 2 2 2 795591 795591 true false true true true false PART I LINE 3 - EUROPE (INCLUDING ICELAND AND GREENALAND) VALPARAISO UNIVERSITY ADMINISTERS STUDY ABROAD PROGRAMS TO PROVIDE STUDENTS WITH EDUCATIONAL EXPERIENCES IN REUTLINGEN, GERMANY AND CAMBRIDGE, ENGLAND. THE UNIVERSITY ALSO PROVIDES STUDY ABROAD OPPORTUNITIES THROUGH STUDENT EXCHANGE AGREEMENTS WITH EUROPEAN COLLEGES AND UNIVERSITIES IN ENGLAND, FRANCE, AND GERMANY. OTHER EDUCATIONAL OPPORTUNITIES THROUGH COOPERATIVE AGREEMENTS ARE AVAILABLE IN SPAIN, FRANCE, AND GREECE. PART I LINE 3 - SOUTH AMERICA VALPARAISO UNIVERSITY LAW SCHOOL PROVIDES LAW STUDENTS EDUCATIONAL OPPORTUNITIES IN CHILE DURING THE SUMMER TERM. PART I LINE 3 - EAST ASIA AND THE PACIFIC VALPARAISO UNIVERSITY ADMINISTERS A STUDY ABROAD PROGRAM TO PROVIDE STUDENTS WITH EDUCATIONAL EXPERIENCES IN HANGZHOU, CHINA. THE UNIVERSITY ALSO PROVIDES EDUCATIONAL OPPORTUNITIES THROUGH STUDENT EXCHANGE AGREEMENTS WITH KANSAI GAIDAI UNIVERSITY IN JAPAN AND PAYAP UNIVERSITY IN CHIANG MAI, THAILAND. OTHER EDUCATIONAL OPPORTUNITIES INCLUDE INDEPENDENT STUDY IN UNIVERSITY OF OTAGO IN NEW ZEALAND. PART I LINE 3 - SUB-SAHARAN AFRICA VALPARAISO UNIVERSITY PROVIDES EDUCATIONAL OPPORTUNITIES THROUGH A COOPERATIVE AGREEMENT IN WINDHOEK, NAMIBIA. X X X X X X X true RUFFALOCODY 1025 KIRKWOOD PARKWAY SW CEDAR RAPIDS IA 52404 PHONEATHON false 15450 15450 AL AK AR CA CO CT DC FL GA HI IL KS KY LA ME MD MA MI MN MS NV NH NJ NM NY NC ND OH OK OR PA RI SC TN UT VA WA WI true SCHOLARSHIPS 3379 57310930 PART I, LINE 2 Valparaiso University is committed to providing resources necessary to help students complete their education. In selecting the students to receive this assistance, the University places primary emphasis on the student's academic achievement and financial need. Awards are determined by the University Scholarship Committee. Upon enrollment verification, the awards are used to offset the cost of attendance. X true true X X X X false false false false false false false false false CARLSON DALE R HEAD FOOTBALL COACH 201206 0 0 0 0 0 15523 0 15752 0 232481 0 0 0 BROCZINSKI JAMES D DEAN, COLLEGE OF BUSINESS 192986 0 0 0 0 0 15087 0 21445 0 229518 0 0 0 SCROGGINS SUSAN VP ADMIN 145431 0 0 0 0 0 10834 0 6316 0 162581 0 0 0 HECKLER MARK A PRESIDENT 368645 0 0 0 0 0 19125 0 32899 0 420669 0 0 0 HOLLANDER LISA A VP ADVANCEMENT 232922 0 0 0 0 0 14052 0 14489 0 261463 0 0 0 SCHWEHN MARK R PROVOST 229708 0 0 0 0 0 17373 0 14804 0 261885 0 0 0 JOSEPH MICHAEL A VP ENROLLMENT 220793 0 0 0 0 0 16910 0 17366 0 255069 0 0 0 FARHA DARRON C VP AND GENERAL COUNSEL 175901 0 0 0 0 0 13833 0 17263 0 206997 0 0 0 HUNTER BONNIE L VP STUDENT AFFAIRS 158995 0 0 0 0 0 12089 0 7855 0 178939 0 0 0 DELNICK MATTHEW M SR VP FINANCE & ADMIN 182947 0 0 0 0 0 14922 0 15101 0 212970 0 0 0 BODENSTEINER IVAN E INTERIM DEAN, LAW SCHOOL 213535 0 0 0 0 0 16345 0 14770 0 244650 0 0 0 DREW BRYCE H HEAD BASKETBALL COACH 340958 0 0 0 0 0 19125 0 17381 0 377464 0 0 0 BERNER BRUCE G LAW PROFESSOR 209337 0 0 0 0 0 29845 0 14723 0 253905 0 0 0 GILLISPIE CHARLEY FORMER SR. VP ADMIN & FINANCE 159249 0 0 0 0 0 12203 0 11486 0 182938 0 0 0 LEVINSON ROSALIE B LAW PROFESSOR 178144 0 0 0 0 0 13742 0 13905 0 205791 0 0 0 PART I, LINE 1A The President is provided housing in the University residence as a condition of employment. The residence is regularly USED for business purposes including meetings and events with faculty, staff, students, donors and other university constituents. A INDIANA FINANCE AUTHORITY 351602316 455057KK4 2007-11-08 31469854 REFUNDING SERIES 2003 ENERGY BONDS false false false B INDIANA FINANCE AUTHORITY 351602316 455057YZ6 2010-06-23 30421188 REFUNDING SERIES 1999 BONDS false false false A 930000 0 31469854 0 2141871 0 283698 0 28017673 1186156 0 0 true false true true B 2560000 0 30421188 0 535000 0 281865 0 20570000 9569323 0 0 true false true true A false false false false 0 true false false true B false false false false 0 true false false true A false false true false false false 0 false 0 false true B false false false true false false 0 false 0 false true A true B true PT. IV, LINE 2C, COLUMN B THE REBATE COMPUTATION WAS PERFORMED IN SEPTEMBER OF 2013. A INDIANA EDUCATIONAL FACILITIES AUTHORITY 521698917 455048S90 2003-08-06 15763301 REFINANCING SERIES 1993 BONDS false false false A 13480000 0 15763301 0 0 0 119372 538408 0 15105521 0 0 true false true true A false false false false 0 true false false true A false false true false false false 0 false 0 false true A true 31810 MERIT SCHOLARSHIPS TUITION ASSISTANCE MARK HAGERMAN BOARD MEMBER 3278453 CONSTRUCTION SERVICES false HARLEY SNYDER BOARD MEMBER 206125 TEACHING OF ESL false HARLEY SNYDER BOARD MEMBER 68740 SUITE RENTAL false MIRANDA JACK MARK HECKLER'S DAUGHTER 24635 COMPENSATION false KELLI GARIGLIETTI FARHA DARRON FARHA'S WIFE 12900 COMPENSATION false DOROTHY BASS MARK SCHWEHN'S WIFE 94710 COMPENSATION false X 14 392361 APPRAISAL X 10904 FAIR MARKET VALUE X 19 884578 FAIR MARKET VALUE X EVENT CATERING 9 3558 COST 7 false true true Line 32b Valparaiso University uses Merrill Lynch to sell stock and securities received as gifts from donors. PART III, LINE 4D Valparaiso University provides additional services to students including housing and Division I athletics opportunities. Also, the University supports theatre, music and visual arts programs beneficial to students as well as the general public. PART VI, LINE 1B MARK F. HAGERMAN and HARLEY W. SNYDER ARE CONSIDERED NON-INDEPENDENT BOARD MEMBERS DUE TO TRANSACTIONS LISTED ON SCH. L. PART VI, LINE 2 ROBERT HANSEN AND N. CORNELL BOGGS, III HAVE A BUSINESS RELATIONSHIP. FRED KRAEGEL, BONNIE RAQUET AND N. CORNELL BOGGS, III HAVE A BUSINESS RELATIONSHIP. PART VI, LINE 11B Consistent with its fiduciary responsibilities, the Board of Directors of The Lutheran University Association, Inc d/b/a Valparaiso University adopted the following procedure for annual review of the University's responses to Internal Revenue Code Form 990: (1) Thirty days before filing with the Internal Revenue Service, or a soon as practicable prior to filing, the Audit Committee will review and comment on the Form 990 (2) Following review by the Audit Committee and prior to filing with the Internal Revenue Service, the final Form 990 shall be transmitted to all Board members. The most expeditious method of transmission, whether in paper form or electronic will be determined in the discretion of the University administration. PART VI, LINE 12C Administration of the Policy - (Conflicts of Interest) The policy for the disclosure of existing or potential conflicts of interest, shall be administered in the following manner: 1. Current and certain former directors, officers, and key employees shall annually receive a copy of the Policy Statement on Conflicts of Interest and be asked to complete a questionnaire as to their interests. The Board Chair and the President shall have discretion to apply this requirement to other employees (such as employees with significant procurement responsibilities). 2. Any existing or potential conflict of interest on the part of a director is to be disclosed to the Chair of the Governance Committee of the Board. The Chair of the Governance Committee, in consultation with the Board Chair and the President, will discuss with the director options for resolving the conflict. A conflict of interest may be waived if the Chair of the Governance Committee, in consultation with the Board Chair and the President, determines that the transaction or circumstance is in the best interests of the University. Whether or not a conflict is waived, a director who has an existing or potential conflict of interest on any matter should not vote or use his or her personal influence on the matter, nor should the director be counted in determining a quorum, even where permitted by law. The minutes of any meeting should reflect that the director disclosed the conflict, abstained from voting, and that a quorum existed even though the director is not counted toward that quorum. This requirement does not prevent a director from stating his or her position on the matter or from answering pertinent questions of other directors where the director's knowledge may assist the other directors. 3. Any existing or potential conflict of interest on the part of an officer, key employee, or other designated employee is to be disclosed to the University Counsel and brought to the attention of the President. The University Counsel, in consultation with the President, will discuss with the officer or employee options for resolving the conflict. A conflict of interest may be waived if the University Counsel, in consultation with the President, determines that the transaction or circumstance is in the best interests of the University. The University Counsel shall report to the Chair of the Governance Committee any conflicts of interest and the resolution or waiver of same. 4. At least annually, the Chair of the Governance Committee shall submit reports to the Governance Committee concerning any conflicts of interest and the resolution or waiver of same. PART VI, LINE 15A & 15B The Executive Committee of the Board of Directors is responsible for an annual review of compensation for compensated officers and other key employees of the University. The review was last undertaken Spring of 2014. Information from outside consultants as well as peer and industry data was reviewed to determine equitable, competitive compensation packages. PART VI, LINE 19 Valparaiso University currently does not provide governing documents or the conflict of interest policy to the public. Financial statements are available upon request and may be obtained from the Office of the Senior Vice President for Finance and Administration. VALPARAISO UNIV INT'L COLLABORATION LLC 1700 CHAPEL DRIVE VALPARAISO IN 46383 453588931 CHARITABLE DE -4326 44582 LUA VU PROPERTY HOLDINGS I LLC 1700 CHAPEL DRIVE VALPARAISO IN 46383 452856225 R/E HOLDINGS IN -4209 563991 LUA VU PROPERTY HOLDINGS II LLC 1700 CHAPEL DRIVE VALPARAISO IN 46383 455235826 R/E HOLDINGS IN -47120 151221 LUA