2015-03-24T13:58:27-05:00 2014-05-31 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 225 S 6TH ST 2300 MINNEAPOLIS MN 55402 990 2013-06-01 910565571 PACIFIC LUTHERAN UNIVERSITY PACI 2535357119 12180 PARK AVE S TACOMA WA 98447 ANNA LEON-GUERRERO INTERIM VP, FINANCE & ADMIN 2355357119 2015-03-10 1 LAWRENCE H MOHR CPA P00447603 6128764500 2015-03-10 2013 2016-02-25 16:41:14Z THOMAS KRISE 12180 PARK AVE S TACOMA WA 98447 157472931 0 X WWW.PLU.EDU X 1920 WA PACIFIC LUTHERAN UNIVERSITY OFFERS MORE THAN 3,200 STUDENTS A UNIQUE BLEND OF STUDIES. THE ACADEMICALLY RIGOROUS OFFERINGS RANGE FROM THE LIBERAL ARTS TO PROFESSIONAL PROGRAMS. THE UNIVERSITY IS LOCATED 6 MILES SOUTH OF TACOMA, IN SUBURBAN PARKLAND, ON A 156-ACRE WOODED CAMPUS. STUDENTS DEVELOP SKILLS IN DECISION MAKING, ANALYSIS, COMMUNICATION AND REASONING THAT PREPARE THEM FOR A LIFETIME OF SUCCESS - BOTH IN THEIR CAREERS AND IN SERVICE TO OTHERS. PLU IS COMMITTED TO DEVELOPING IN ALL STUDENTS AN UNDERSTANDING OF THE INTERCULTURAL AND INTELLECTUAL RICHNESS OF THE WORLD. ABOUT 50 PERCENT OF STUDENTS SPEND TIME STUDYING ABROAD. THROUGHOUT ITS HISTORY PLU HAS REMAINED CLOSELY AFFILIATED WITH THE LUTHERAN CHURCH AND IS NOW A UNIVERSITY OF THE EVANGELICAL LUTHERAN CHURCH IN AMERICA. PLU'S MISSION STATEMENT IS TO "EDUCATE STUDENTS FOR LIVES OF THOUGHTFUL INQUIRY, SERVICE, LEADERSHIP AND CARE - FOR OTHER PEOPLE, FOR THE COMMUNITY, AND FOR THE EARTH." 36 34 3042 594 987959 -146964 12720472 13499537 125826915 130955822 1503110 3472799 1970242 2223558 142020739 150151716 43989955 47097692 0 0 60262661 62151006 0 0 2400752 42074202 42147381 146326818 151396079 -4306079 -1244363 244376714 244874091 86005285 84399029 158371429 160475062 X PLU SEEKS TO EDUCATE STUDENTS FOR LIVES OF THOUGHTFUL INQUIRY, SERVICE, LEADERSHIP AND CARE - FOR OTHER PEOPLE, FOR THE COMMUNITY AND FOR THE EARTH. 0 0 89296754 47097692 113019955 INSTRUCTION AT THE UNDERGRADUATE LEVEL OFFERS DEGREES AS FOLLOWS: BACHELOR OF ARTS, BACHELOR OF SCIENCE, BACHELOR OF ARTS IN COMMUNICATION, BACHELOR OF ARTS IN EDUCATION, BACHELOR OF ARTS IN KINESIOLOGY, BACHELOR OF BUSINESS ADMINISTRATION, BACHELOR OF FINE ARTS, BACHELOR OF MUSIC, BACHELOR OF MUSIC EDUCATION, BACHELOR OF MUSICAL ARTS, BACHELOR OF SCIENCE IN NURSING, AND BACHELOR OF SCIENCE IN KINESIOLOGY. ADDITIONALLY PLU OFFERS GRADUATE DEGREES IN MASTER OF ARTS IN EDUCATION, MASTER OF ARTS (MARRIAGE AND FAMILY THERAPY), MASTER OF BUSINESS ADMINISTRATION, MASTER OF SCIENCE IN NURSING, DOCTOR OF NURSING PRACTICE, MASTER OF SCIENCE IN FINANCE, MASTER OF FINE ARTS (CREATIVE WRITING), AND A JOINT DEGREE MBA/MSN. THE TOTAL ENROLLMENT FOR THE 2013-2014 WAS 3,462 STUDENTS IN FALL 2013 AND 3,195 STUDENTS IN SPRING 2014, OF WHICH 902 MET THE REQUIREMENTS TO GRADUATE. 18484407 ACADEMIC SUPPORT AND STUDENT SERVICES AT PACIFIC LUTHERAN UNIVERSITY ARE COMPRISED OF ADMISSIONS, WANG CENTER FOR GLOBAL EDUCATION, INSTRUCTIONAL TECHNOLOGIES, THE WOMEN'S CENTER, INFORMATION & TECHNOLOGY SERVICES, CAMPUS MINISTRY, ROTC, ATHLETICS, THE HEALTH CENTER, THE COUNSELING CENTER, FINANCIAL AID, STUDENT EMPLOYMENT, AND STUDENT SERVICES, LIBRARY SERVICES, LANGUAGE RESOURCE CENTER, ACADEMIC ASSISTANCE, ACADEMIC ADVISING, WRITING CENTER. 16849391 18637897 AUXILIARY ENTERPRISES AT PACIFIC LUTHERAN UNIVERSITY INCLUDES NINE RESIDENCE HALLS AND AN APARTMENT-STYLE COMPLEX, ALL LOCATED ON CAMPUS. DURING THE 2013-2014 SCHOOL YEAR, ON CAMPUS RESIDENTS TOTALED 1,331 STUDENTS IN FALL 2013 AND 1,231 STUDENTS IN SPRING 2014. ALSO INCLUDED IN AUXILIARY ENTERPRISES IS DINING AND RETAIL SERVICES, WHICH IS COMPRISED OF A MODERN DINING HALL AND SEVERAL QUICK SERVICE FOOD OPTIONS ON CAMPUS, AS WELL AS A STATE OF THE ART BOOKSTORE AND A FULL SERVICE INTERNET CAFE LOCATED NEAR CAMPUS. ADDITIONALLY, AUXILIARY SERVICES CONSISTS OF THE CAMPUS CONCIERGE, AND CONFERENCES AND EVENTS. 7609010 596492 #1 : OPERATION AND MAINTENANCE OF PLANT INCLUDING DEPRECIATION OF $5,068,648#2: RESEARCH#3: PUBLIC SERVICE#4: OTHER INSTITUTIONAL SUPPORT EXPENSES $7,609,010. INCLUDING GRANTS OF $ 0. REVENUE $596,492. 7609010 596492 132239562 1 1 0 0 0 0 0 0 1 1 1 1 0 1 1 1 1 0 1 1 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 1 0 0 0 1 252 0 3042 1 1 1 0 0 0 0 1 1 0 0 0 0 X 36 34 1 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 WA X X PACIFIC LUTHERAN UNIVERSITY 2535357119 12180 PARK AVE S TACOMA WA 98447 ANDREW FINSTUEN MEMBER 1.00 X 0 0 0 ANDREW YEE MEMBER 1.00 X 0 0 0 BRADLEY TILDEN SECRETARY 1.00 X X 0 0 0 BRENDA MORRIS VICE CHAIR 1.00 X X 0 0 0 BRUCE BJERKE CHAIR 1.00 X 0 0 0 CHARLEEN TACHIBANA MEMBER 1.00 X 0 0 0 DALE BENSON MEMBER 1.00 X 0 0 0 DANIEL ALSAKER MEMBER 1.00 X 0 0 0 DARREN HAMBY MEMBER 1.00 X 0 0 0 DAVID BRAUER-RIEKE MEMBER 1.00 X 0 0 0 DAVID PETERS MEMBER 1.00 X 0 0 0 DONALD WILSON MEMBER 1.00 X 0 0 0 DONNA SCHLITT MEMBER 1.00 X 0 0 0 EDWARD GROGAN MEMBER 1.00 X 0 0 0 ESTELLE KELLEY MEMBER 1.00 X 0 0 0 GAYLE BERG MEMBER 1.00 X 0 0 0 JAN RUUD MEMBER 1.00 X 0 0 0 JEFF RIPPEY MEMBER 1.00 X 0 0 0 JERRY SKAGA MEMBER 1.00 X 0 0 0 JON KVINSLAND MEMBER 1.00 X 0 0 0 LINDA BARBO MEMBER 1.00 X 0 0 0 LISA KITTILSBY MEMBER 1.00 X 0 0 0 LISA KORSMO MEMBER 1.00 X 0 0 0 MACK HOGANS MEMBER 1.00 X 0 0 0 MARK KNUDSON MEMBER 1.00 X 0 0 0 MARTIN WELLS MEMBER 1.00 X 0 0 0 MICHELLE LONG MEMBER 1.00 X 0 0 0 NANCY POWELL MEMBER 1.00 X 0 0 0 NEAL ARNTSON MEMBER 1.00 X 0 0 0 OSAMU MATSUTANI MEMBER 1.00 X 0 0 0 PAM RUSSELL MEMBER 1.00 X 0 0 0 RICHARD JAECH MEMBER 1.00 X 0 0 0 ROE HATLEN MEMBER 1.00 X 0 0 0 THOMAS KRISE PRESIDENT 40.00 X X 289537 0 135359 TOM ERIC VRAALSEN MEMBER 1.00 X 0 0 0 TONY HICKS MEMBER 1.00 X 0 0 0 KARL STUMO VICE PRESIDENT 40.00 X 162827 0 38080 LAURA MAJOVSKI VICE PRESIDENT 40.00 X 174838 0 38686 SHERI TONN VICE PRESIDENT 40.00 X 209936 0 45200 STEPHEN OLSON VICE PRESIDENT 40.00 X 159869 0 24383 STEVEN STARKOVICH PROVOST 40.00 X 181604 0 40142 FRANCIS MOORE ASSOCIATE PROVOST 40.00 X 129478 0 0 FRANK KLINE DEAN 40.00 X 128822 0 0 JAMES BROCK DEAN 40.00 X 143789 0 21696 KEVIN BOEH ASSISTANT PROFESSOR 40.00 X 131730 0 0 UFUK INCE ASSISTANT PROFESSOR 40.00 X 132747 0 20440 LOREN ANDERSON FORMER PRESIDENT AND CONSULTANT 19.00 X 201517 0 14875 2046694 0 378861 31 1 1 0 JOHN KORSMO CONSTRUCTION INC PO BOX 1377 TACOMA WA 98401 GENERAL CONTRACTOR 8608206 NATIONAL PUBLIC RADIO PO BOX 79540 BALTIMORE MD 21279 PUBLIC RADIO PROGRAMMING SERVICES 990584 MARKET ENGINUITY INC 3131 E CLARENDON AVE STE 105 PHOENIX AZ 85016 ADVERTISING AGENT 570681 ARIES MECHANICAL INC 1516 FIFE ST TACOMA WA 98405 MECHANICAL CONTRACTOR 480487 WESTMARK CONSTRUCTION INC 6102 N 9TH ST STE 500 TACOMA WA 98406 GENERAL CONTRACTOR 468786 21 477000 3057376 9965161 413131 13499537 TUITION AND FEES 611600 112878069 112878069 AUXILIARY ENTERPRISES 611710 16540543 16540543 GARFIELD BOOKSTORE 713910 773748 773748 OTHER ACADEMIC SUPPORT & STUDENT 611710 596492 596492 UNIVERSITY LOANS INCOME 611710 166970 166970 130955822 1492840 214211 1278629 204769 55324 149445 149445 149445 9196602 7117343 99300 2079259 -99300 1979959 1979959 51091 49248 1843 1843 UNDERWRITING REVENUE 541800 2072270 2072270 2072270 150151716 132254344 987959 3409876 47097692 47097692 1288319 179138 770547 338634 47165685 39557271 6789940 818474 3659344 3000974 570983 87387 6454598 5293320 1007139 154139 3583060 2938415 559080 85565 363025 363025 66139 66139 130900 130900 6514714 5235271 1126994 152449 294390 241425 45935 7030 10243582 8394564 1653820 195198 2739840 2246902 427509 65429 3099622 2541954 483647 74021 4999991 4100418 780170 119403 993031 814370 154947 23714 2550875 2091935 398024 60916 5249785 4305270 819147 125368 1055929 865952 164761 25216 MISC. MINOR EQUIPMENT P 1713934 1405571 267433 40930 STUDY AWAY FEES 1006071 1006071 DUES & SUBSCRIPTIONS 561562 460529 87623 13410 MISCELLANEOUS 399567 327679 62346 9542 164424 134841 25656 3927 151396079 132239562 16755765 2400752 22100 22100 11762920 4228029 3246785 2300935 2883842 3076680 7422861 7186738 875750 864658 1090004 1197579 217899436 94670500 103221433 123228936 47618035 55689046 31809355 27455275 400000 400000 34023629 19224115 244376714 244874091 11363667 11130071 55760000 54495000 1153418 1111053 94612 80944 17633588 17581961 86005285 84399029 X 61572824 70470694 21582023 11330335 75216582 78674033 158371429 160475062 244376714 244874091 X -1244363 2202804 1145192 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 79585706 2492374 6292319 3762478 242845 84365076 71802576 2710240 9023070 3593678 356502 79585706 74653552 3719443 -2761485 3595555 213379 71802576 67545423 2588852 8347469 3613152 215040 74653552 61752223 2931666 6698147 3623791 212822 67545423 0.04290 0.86980 0.08730 1 0 1967020 1938422 3905442 155364148 50101752 105262396 1840955 833510 1007445 34757084 28433060 6324024 22031807 15302178 6729629 123228936 PRIVATE EQUITY FUNDS 3037506 F HEDGE FUNDS 13541949 F REAL ESTATE 6673254 C REAL ESTATE FUNDS 1708830 F CDS AND OTHER INVESTMENTS 2493736 F 27455275 CONSTRUCTION IN PROGRESS 1361012 DEPOSITS HELD BY TRUSTEE 4801810 BOND ACQUISITION COSTS 1256156 FUNDS HELD IN TRUST BY OTHERS 10140973 CSV OF LIFE INSURANCE 1664164 19224115 DEPOSIT ACCOUNTS 1793122 ANNUITIES PAYABLE 6561595 ASSET RETIREMENT OBLIGATION 917623 UNAMORTIZIED PREMIUM 917846 GOVERNMENT GRANTS REFUNDABLE 7391775 17581961 X 105765480 2202804 148548 2351352 103414128 187521 46550067 46737588 150151716 103661847 -449019 -449019 104110866 187521 47097692 47285213 151396079 PART IV, LINE 2B: PLU IS THE CUSTODIAN OF VARIOUS AGENCY, CHARITABLE REMAINDER UNITRUST, AND GIFT ANNUITY FUNDS, OF WHICH ALL OR A PORTION IS DUE TO AN OUTSIDE PARTY. AGENCY FUNDS ARE HELD IN PLU'S MAIN BANK ACCOUNT AND CHARITABLE REMAINDER UNITRUSTS AND GIFT ANNUITIES ARE INVESTED WITH CHARLES SCHWAB. PART V, LINE 4: INTENDED USES OF ENDOWMENT FUNDS - TO FUND SCHOLARSHIPS, UNDERGRADUATE RESEARCH, EQUIPMENT, LECTURES, ATHLETIC FACILITIES, SOME FACULTY POSITIONS, GLOBAL EDUCATION, AND OTHER UNIVERSITY PROGRAMS. PART X, LINE 2: THE UNIVERSITY 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 UNIVERSITY FOR UNCERTAIN TAX POSITIONS AS OF MAY 31, 2014 AND 2013. THE UNIVERSITYS TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AUTHORITIES. THE TAX RETURNS FOR FISCAL YEARS 2011 AND THEREAFTER ARE OPEN TO EXAMINATION BY FEDERAL AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: DIRECT FUNDRAISING EXPENSES 49,248. LOSS ON DISPOSAL OF PLANT FACILITIES 99,300. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS 47,097,692. CHANGE IN VALUE OF TRUST -547,625. PART XII, LINE 2D - OTHER ADJUSTMENTS: ACTUARIAL ADJUSTMENT -651,233. LOSS ON DISPOSAL OF PLANT FACILITIES 99,300. LOSS ON CONTRIBUTIONS RECEIVABLE 53,666. DIRECT FUNDRAISING EXPENSES 49,248. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS 47,097,692. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 PACIFIC LUTHERAN UNIVERSITY PUBLISHED ITS NONDISCRIMINATORY POLICY IN THE TACOMA NEWS TRIBUNE MAY 2, 2014. THE UNIVERSITY FOLLOWS A NONDISCRIMINATORY POLICY REGARDING ALL PROGRAMS. THE UNIVERSITY ENROLLS STUDENTS WITHOUT DISCRIMINATION AS TO RACE, SEX, COLOR, OR NATIONAL ORIGIN. THE UNIVERSITY'S RECRUITMENT PROCEDURES ARE DESIGNED AND CARRIED OUT IN SUCH A WAY AS TO REACH STUDENTS OF ALL RACIAL SEGMENTS IN THE GEOGRAPHICAL AREA SERVED. SCHEDULE E, PART I, LINE 6 THE UNIVERSITY RECEIVES SUPPORT FROM THE US GOVERNMENT IN CONNECTION WITH THE PERKINS LOAN PROGRAM, FEDERAL WORK-STUDY PROGRAM, FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT PROGRAM AND OTHER PROGRAMS. CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 1 PROGRAM SERVICES STUDY ABROAD ACTIVITIES; ON-SITE PROGRAM ADMINISTRATION 88907 EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 0 2 PROGRAM SERVICES STUDY ABROAD ACTIVITIES; STUDENT RECRUITMENT 176413 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 4 PROGRAM SERVICES STUDY ABROAD ACTIVITIES; STUDENT RECRUITMENT 570929 NORTH AMERICA - CANADA AND MEXICO, BUT BUT NOT THE UNITED STATES 0 0 PROGRAM SERVICES STUDY ABROAD ACTIVITIES 242616 SOUTH AMERICA - ARGENTINA, BOLIVIA, BRAZIL, CHILE, COLUMBIA, ECUADOR, 0 0 PROGRAM SERVICES STUDY ABROAD ACTIVITIES 144933 MIDDLE EAST AND NORTH AFRICA - ALGERIA, BAHRAIN, DJIBOUTI, EGYPT, 0 0 PROGRAM SERVICES STUDY ABROAD ACTIVITIES 28663 SUB-SAHARAN AFRICA - ANGOLA, BENIN, BOTSWANA, BURKINA, FASO, 0 0 PROGRAM SERVICES STUDY ABROAD ACTIVITIES 67850 RUSSIA & THE NEWLY INDEPENDENT STATES - ARMENIA, AZERBIJAN, BELARUS, 0 0 PROGRAM SERVICES DOCUMENTARY VIDEO PRODUCTION 337 CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 INVESTMENTS 9831060 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 INVESTMENTS 1087883 0 7 0 0 0 7 1320648 10918943 12239591 1 0 1 1 1 1 KPLU SPECIAL EVENTS 51091 51091 49248 51091 51091 49248 49248 1843 1 GRANTS AND SCHOLARSHIPS 3056 47097692 PART I, LINE 2: PACIFIC LUTHERAN UNIVERSITY OFFERS SCHOLARSHIPS AND GRANTS TO QUALIFIED STUDENTS TO HELP REDUCE THEIR OUT-OF-POCKET TUITION COSTS. STUDENTS RECEIVING FINANCIAL ASSISTANCE OF THIS FORM MUST MEET SPECIFIC CRITERIA SUCH AS ACADEMIC ACHIEVEMENT, FINANCIAL NEED AND OTHER SIMILAR STANDARDS WHETHER PUT IN PLACE BY THE COLLEGE OR BY DONORS OF RESTRICTED FUNDS. X X X 1 1 X X X X X 1 1 0 0 0 0 0 0 0 THOMAS KRISE PRESIDENT 233290 0 50000 0 6247 0 74361 0 60998 0 424896 0 0 0 KARL STUMO VICE PRESIDENT 146705 0 0 0 16122 0 29936 0 8144 0 200907 0 0 0 LAURA MAJOVSKI VICE PRESIDENT 157779 0 0 0 17059 0 31935 0 6751 0 213524 0 0 0 SHERI TONN VICE PRESIDENT 189557 0 0 0 20379 0 37929 0 7271 0 255136 0 0 0 STEPHEN OLSON VICE PRESIDENT 147784 0 0 0 12085 0 14899 0 9484 0 184252 0 0 0 STEVEN STARKOVICH PROVOST 169771 0 0 0 11833 0 32934 0 7208 0 221746 0 0 0 JAMES BROCK DEAN 128183 0 0 0 15606 0 14682 0 7014 0 165485 0 0 0 UFUK INCE ASSISTANT PROFESSOR 132747 0 0 0 0 0 13406 0 7034 0 153187 0 0 0 LOREN ANDERSON FORMER PRESIDENT AND CONSULTANT 195808 0 0 0 5709 0 12250 0 2625 0 216392 0 0 0 PART I, LINE 1A -SPOUSE OF PRESIDENT TRAVELED AS AN OFFICIAL REPRESENTATIVE OF UNIVERSITY WITH PRESIDENT. -THE PRESIDENT RECEIVED HOUSING PROVIDED BY THE UNIVERSITY, VALUED AT $50,000. -HEALTH AND SOCIAL CLUB DUES WERE PAID ON BEHALF OF PRESIDENT KRISE, TOTALLING $3,644. PART I, LINES 4A-B -FORMER PRESIDENT LOREN ANDERSON RETIRED IN 2012 AND RECEIVED COMPENSATION DURING THE YEAR AS PART OF HIS RETIREMENT AGREEMENT. -PRESIDENT KRISE PARTICIPATED IN A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN AND RECEIVED $50,000 CREDITED TO HIS 457(F) PLAN. A WASHINGTON HIGHER EDUCATION FACILITIES AUTHORITY 911306482 939781ZD5 2006-12-20 63357191 REFUNDING AND CONSTRUCTION 0 0 0 A 7665000 63357191 3816213 30900647 601083 1039248 27000000 2007 1 1 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 1 0 0 0 1 MBIA 30.000000000000 1 0 0 A 1 JOHN KORSMO CONSTRUCTION INC OWNER IS HUSBAND OF TRUSTEE, LISA KORSMO 4981115 THE UNIVERSITY CONTRACTS WITH KORSMO CONTRUCTION TO FACILITATE CONSTRUCTION 0 GARFIELD PARTNERS LLC (GP LLC) SPOUSE OF A BOARD MEMBER AND 5 OTHER BOARD MEMBERS ARE PARTNERS IN THE LLC. 1500000 0 SCH L, PART IV, BUSINESS TRANSACTIONS INVOLVING GARFIELD PARTNERS LLC: THE UNIVERSITY ENTERED INTO AN OPERATING AGREEMENT WITH GARFIELD PARTNERS, LLC ("GP"), A WASHINGTON LIMITED LIABILITY COMPANY, EFFECTIVE OCTOBER 17, 2011, TO FORM GARFIELD NORTH, LLC, A RETAIL, COMMERCIAL AND RESIDENTIAL PROJECT (GARFIELD STATION) LOCATED IN PARKLAND TWO BLOCKS FROM THE UNIVERSITY'S MAIN ENTRANCE. FOLLOWING ITS CAPITAL CONTRIBUTIONS TO GARFIELD NORTH, THE UNIVERSITY HAS A 22% OWNERSHIP INTEREST. GP HAS A 78 % OWNERSHIP. A SPOUSE OF A MEMBER OF THE UNIVERSITY'S BOARD OF REGENTS (THE "RELATED PARTY") IS A PARTNER IN GP. IN ADDITION, FIVE MEMBERS OF THE UNIVERSITY'S BOARD OF REGENTS ARE PERSONALLY INVESTED IN GP. AT MAY 31, 2014, THE UNIVERSITY'S INVESTMENT IN GARFIELD NORTH, LLC TOTALED $500,000 AND IS INCLUDED AS REAL ESTATE IN ENDOWMENT INVESTMENTS.UNDER THE TERMS OF THE AGREEMENT, AS AMENDED, THE UNIVERSITY PROVIDED FINANCING TO GARFIELD NORTH IN THE FORM OF A LOAN IN THE AMOUNT OF $1,000,000. INTEREST IS AT 3%. PRINCIPAL PAYMENTS OF $150,000 SHALL BE MADE ANNUALLY UNTIL THE LOAN IS PAID IN FULL, UNLESS SUFFICIENT FUNDS ARE NOT AVAILABLE TO PAY THE FULL $150,000, IN WHICH CASE THE BALANCE SHALL BE ADDED TO THE AMOUNT TO BE PAID IN THE NEXT YEAR. THE LOAN IS JOINTLY AND SEVERALLY GUARANTEED BY GP, THE RELATED PARTY AND ANOTHER ENTITY IN AN AMOUNT EQUAL TO THEIR 78 % OF THE LOAN. IN ADDITION, AND AS SPECIFIED IN THE PARTNERSHIP AGREEMENT, THE RELATED PARTY'S CONSTRUCTION COMPANY IS ACTING AS THE GENERAL CONTRACTOR ON THE CONSTRUCTION CONTRACT THAT WAS SIGNED DURING THE YEAR ENDED MAY 31, 2014. GARFIELD STATION IS EXPECTED TO BE COMPLETED BY NOVEMBER 2014. AT MAY 31, 2014, THE AMOUNT DUE FROM GARFIELD NORTH, LLC TOTALED $1,000,000 AND IS INCLUDED OTHER RECEIVABLES ON THE STATEMENTS OF FINANCIAL POSITION. X 4 27600 FAIR MARKET VALUE X 22465 FAIR MARKET VALUE X 34684 FAIR MARKET VALUE X 31 283518 FAIR MARKET VALUE X 3 1330 FAIR MARKET VALUE X 3 4475 FAIR MARKET VALUE X COMPANY PRODU 5 27091 COST OF DONATED ITEM X UNREIMBURSED 17 11968 COST OF DONATED ITEM 0 0 1 0 PART I, COLUMN (B): THE NUMBER OF CONTRIBUTORS ONLY INDICATES THE NUMBER OF UNIQUE CONTRIBUTORS. FORM 990, PART VI, SECTION A, LINE 2 JON KVINSLAND, JEFF RIPPEY, LISA KITTILSBY, AND DONALD WILSON HAVE A BUSINESS RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 4 THE BYLAWS OF THE ORGANIZATION WERE AMENDED TO NO LONGER LIMIT THE EVANGELICAL LUTHERAN CHURCH IN AMERICA MEMBERS TO THE BOARD OF REGENTS FROM REGION 1, WHICH WILL ALLOW MORE FLEXIBILITY AND DIVERSITY ON THE BOARD. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 WAS PROVIDED TO AND REVIEWED BY THE ENTIRE BOARD BEFORE IT WAS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C PACIFIC LUTHERAN UNIVERSITY ANNUALLY REQUIRES BOARD MEMBERS AND KEY EMPLOYEES TO COMPLETE CONFLICT OF INTEREST SURVEYS. ALL SURVEYS ARE REVIEWED BY INDEPENDENT AUDITORS. ANY CONFLICTS ARE DOCUMENTED TO ENSURE PROPER OVERSIGHT. BOARD MEMBERS WITH CONFLICTS ARE REQUIRED TO RECUSE THEMSELVES FROM PROCEEDINGS. FORM 990, PART VI, SECTION B, LINE 15 THE PRESIDENT'S COMPENSATION IS REVIEWED ANNUALLY BY A COMPENSATION COMMITTEE OF THE GOVERNING BOARD. COMPARABLE DATA FOR SAME SIZE AND REGIONAL ORGANIZATIONS IS USED AS WELL AS PRIOR YEAR ACCOMPLISHMENTS. ALL OTHER POSITIONS ARE REVIEWED ANNUALLY BY AN IMMEDIATE SUPERVISOR. THE HUMAN RESOURCES DIRECTOR ASSEMBLES AND REVIEWS COMPARABLE DATA FROM THE INDUSTRY. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED ON PLU'S WEBSITE. FORM 990, PART XI, LINE 9: ADJUSTMENT OF ACTUARIAL LIABILITY FOR ANNUITIES PAYABLE 651,233. LOSS ON CONTRIBUTIONS RECEIVABLE -53,666. CHANGE IN VALUE OF TRUST 547,625. FORM 990, PART XII, LINE 2C THE OVERSIGHT PROCESS HAS NOT CHANGED FROM PRIOR YEAR BENSON FAMILY FOUNDATION PO BOX 3168 PORTLAND OR 97208 203039538 SUPPORTING ORGANIZATION TO PLU OR 501(C)(3) LINE 11D, III-O 0 GARFIELD COMMONS LLC 12108 PARK AVENUE SOUTH TACOMA WA 98447 651266546 COMMERCIAL RETAIL RENTAL WA PACIFIC LUTHERAN UNIVERSITY UNRELATED 251683 4478680 0 210027 0 1.00000 CHARITABLE REMAINDER UNITRUSTS (19) CHARITABLE TRUST WA T 0 CHARITABLE REMAINDER ANNUITY TRUST (1) CHARITABLE TRUST WA T 0 LIFE INCOME TRUSTS (3) CHARITABLE TRUST WA T 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 BENSON FAMILY FOUNDATION C 477000 CASH CONTRIBUTION