2013-01-11T14:31:38-06:00 2012-05-31 420714325 MCGLADREY LLP 221 THIRD AVENUE SE STE 300 CEDAR RAPIDS IA 524011512 990 2011-06-01 420680466 LUTHER COLLEGE LUTH 5633871015 700 COLLEGE DRIVE DECORAH IA 52101 DIANE TACKE 5633871015 2013-01-11 1 KAY HEGARTY P00091057 3192985333 2011 2016-03-07 17:11:31Z RICHARD TORGERSON 700 COLLEGE DRIVE DECORAH IA 52101 130465624 0 9386 X WWW.LUTHER.EDU X 1865 IA LUTHER COLLEGE IS A FOUR-YEAR, RESIDENTIAL LIBERAL ARTS INSTITUTION AFFILIATED WITH THE EVANGELICAL LUTHERAN CHURCH IN AMERICA. FOUNDED IN 1861 (INCORPORATED 1865) BY NORWEIGIAN IMMIGRANTS, THE COLLEGE OFFERS MORE THAN 60 MAJORS, MINORS, AND PREPROFESSIONAL PROGRAMS LEADING TO THE BACHELOR OF ARTS DEGREE (B.A.), WITH THE GREATEST NUMBER OF GRADUATES COMING FROM BIOLOGY, EDUCATION, AND MUSIC. NEARLY 40 STATES AND MORE THAN 50 COUNTRIES ARE REPRESENTED IN THE 2,500-MEMBER STUDENT BODY. LUTHER'S MISSION STATEMENT EMPHASIZES FAITH, LEADERSHIP, AND SERVICE TO THE LARGER WORLD. ITS 800-ACRE CAMPUS, LOCATED IN THE BLUFF COUNTRY OF NORTHEAST IOWA ALONG THE UPPER IOWA RIVER, IS AMONG THE MOST BEAUTIFUL IN THE REGION AND REINFORCES THE COLLEGE'S STRONG COMMITMENT TO ENVIRONMENTAL STEWARDSHIP. LUTHER IS FULLY ACCREDITED BY THE HIGHER LEARNING COMMISSION OF THE NORTH CENTRAL ASSOCIATION OF COLLEGES AND SCHOOLS. 30 29 3292 1087 58219 0 12198453 9793535 99306001 103632408 3158231 3865157 1248412 2155177 115911097 119446277 37412621 38984345 0 0 39617245 40048268 0 0 3892556 34735818 35378963 111765684 114411576 4145413 5034701 259231105 261559481 60370360 64519941 198860745 197039540 X LUTHER COLLEGE IS A FOUR-YEAR, RESIDENTIAL LIBERAL ARTS INSTITUTION AFFILIATED WITH THE EVANGELICAL LUTHERAN CHURCH IN AMERICA. FOUNDED IN 1861 (INCORPORATED 1865) BY NORWEGIAN IMMIGRANTS, THE COLLEGE OFFERS MORE THAN 60 MAJORS, MINORS, AND PREPROFESSIONAL PROGRAMS LEADING TO THE BACHELOR OF ARTS DEGREE (B.A.), WITH THE GREATEST NUMBER OF GRADUATES COMING FROM BIOLOGY, EDUCATION, AND MUSIC. NEARLY 40 STATES AND MORE THAN 50 COUNTRIES ARE REPRESENTED IN THE 2,500-MEMBER STUDENT BODY. LUTHER'S MISSION STATEMENT EMPHASIZES FAITH, LEADERSHIP, AND SERVICE TO THE LARGER WORLD. ITS 800-ACRE CAMPUS, LOCATED IN THE BLUFF COUNTRY OF NORTHEAST IOWA ALONG THE UPPER IOWA RIVER, IS AMONG THE MOST BEAUTIFUL IN THE REGION AND REINFORCES THE COLLEGE'S STRONG COMMITMENT TO ENVIRONMENTAL STEWARDSHIP. LUTHER IS FULLY ACCREDITED BY THE HIGHER LEARNING COMMISSION OF THE NORTH CENTRAL ASSOCIATION OF COLLEGES AND SCHOOLS. 0 0 71237669 38984345 84786957 INSTRUCTION: LUTHER COLLEGE IS A RESIDENTIAL, LIBERAL ARTS COLLEGE OF THE LUTHERAN CHURCH. HERE CREATIVE SCHOLARSHIP, PERSONAL GROWTH, WORSHIP AND SOCIAL RELATIONSHIPS MERGE TO CREATE AN UNDERSTANDING OF THE WHOLENESS OF LIFE. TOTAL ENROLLMENT WAS 2,449 FTE STUDENTS IN THE FALL OF 2011. 578 STUDENTS GRADUATED IN THE 2011-12 ACADEMIC YEAR. LUTHER OFFERS 41 MAJORS, 37 MINORS AND INTERDISCIPLINARY MINORS, AND 10 PREPROFESSIONAL AND SPECIFIC PROGRAMS. 14781668 0 1084767 ACADEMIC SUPPORT AND STUDENT SERVICES; RESOURCES ARE PROVIDED THROUGH AN EXTENSIVE LIBRARY AND INFORMATION SERVICES PROGRAM. THE COLLEGE HAS OVER 100 STUDENT ORGANIZATIONS, ALONG WITH COLLEGE MINISTRIES, ACADEMIC SUPPORT SERVICES, RECREATION AND WELLNESS PROGRAMS. THERE IS A CAREER CENTER, A CAMPUS HEALTH SERVICE AND COUNSELING CENTER, RESIDENTIAL LIFE PROGRAMS, ADMISSIONS AND FINANCIAL AID DEPARTMENTS (2,449 FTE STUDENTS). 15691552 0 17760684 AUXILIARY ENTERPRISES: IN THE FALL OF 2011, 2,121 STUDENTS WERE HOUSED IN LUTHER'S RESIDENCE HALLS WITH AN OCCUPANCY RATE OF 98.97% AND 2,176 STUDENTS USED THE COLLEGE'S DINING SERVICES (2,449 FTE STUDENTS). 980290 0 0 PUBLIC SERVICE: OFFERINGS TO THE BROADER COMMUNITY INCLUDE A COLLEGE RADIO STATION, CONFERENCES AND SEMINARS, A PERFORMING ARTS SERIES, UPWARD BOUND, AND A VARIETY OF PROGRAMS IN THE ARTS, ATHLETICS, SCIENCES, AND LEADERSHIP DEVELOPMENT FOR HIGH SCHOOL STUDENTS. 425520 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 (23 PROGRAMS). 1405810 103116699 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 4364 0 1 3292 1 1 1 1 UK MT 0 0 0 1 1 0 0 0 0 X 30 29 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 1 1 AK AZ MA MD MI NH X DIANE TACKE 5633871015 700 COLLEGE DRIVE DECORAH IA 52101 JUDY VIJUMS 1.00 X 0 0 0 RUSSELL BRUEMMER 1.00 X 0 0 0 RONALD HAVE 1.00 X 0 0 0 RONALD K CALGAARD 1.00 X 0 0 0 ARNE M SORENSON 1.00 X 0 0 0 GREGORY D FIELDS 1.00 X 0 0 0 JON M STELLMACHER 1.00 X 0 0 0 DAVID J KUNDERT 1.00 X X 0 0 0 SANDRA LEE 1.00 X 0 0 0 PAULA R MEYER 1.00 X X 0 0 0 TIMOTHY JONES 1.00 X 0 0 0 MARSHA D OLCH 1.00 X 0 0 0 STEVEN OVERHOLT 1.00 X 0 0 0 MARILYN H ROVERUD 1.00 X X 0 0 0 STEVEN SCHAVER 1.00 X 0 0 0 J STEPHEN SCHMIDT 1.00 X 0 0 0 PAUL TORGERSON 1.00 X 0 0 0 MARTI RODAMAKER 1.00 X 0 0 0 GEORGE D KUH 1.00 X 0 0 0 DAVID K LIETZ 1.00 X 0 0 0 TIMOTHY J OITZMAN 1.00 X 0 0 0 MICHAEL BURK 1.00 X 0 0 0 PEGGY ETTESTAD 1.00 X 0 0 0 DAVID MEYER 1.00 X 0 0 0 STEVEN BARNES 1.00 X 0 0 0 SUSAN SORLIEN 1.00 X 0 0 0 DIANE THORMODSGARD 1.00 X 0 0 0 WENDY DAVIDSON 1.00 X 0 0 0 ENWEI XIE 1.00 X 0 0 0 CHINYERE UKABIALA 1.00 X 0 0 0 RICHARD TORGERSON 40.00 X 255217 0 59212 DIANE TACKE 40.00 X 146547 0 33615 KEITH CHRISTENSEN 40.00 X 136834 0 35214 SCOT SCHAEFFER 40.00 X 126819 0 27904 ANN HIGHUM 40.00 X 128579 0 21649 KEVIN KRAUS 40.00 X 114317 0 41561 DAVID MITCHELL 40.00 X 103181 0 24064 RUTH CALDWELL 40.00 X 101673 0 15350 ELWIN FARWELL 0.00 X 21035 0 0 1134202 0 258569 8 1 1 0 SODEXO INC 10 EARHART DRIVE WILLIAMSVILLE NY 14221 DINING SERVICES 6505948 OPUS DESIGN BUILD LLC STE 206-11 1200 35TH STREET WEST DES MOINES IA 50266 CONSTRUCTION 5571703 ROYAL AND COMPANY 1920 E PARHAM ROAD RICHMOND VA 23228 RECRUITMENT MARKETING 275883 CQM SYSTEMS 1011 E DOUGLAS WICHITA KS 67211 LIME SCALE REMOVAL 167567 SCHUMACHER ELEVATOR COMPANY ONE SCHUMACHER WAY PO BOX 393 DENVER IA 50622 ELEVATOR REPAIR 163441 7 70431 2262433 7460671 1195650 9793535 TUITION & FEES 611310 84786957 84786957 SALES & SERVICE OF AUX 611310 17760684 17708920 51764 SALES & SERVICE OF EDU 611710 1084767 1084767 103632408 2560336 2560336 93813 95985 -2172 -2172 -2172 12187650 1588 10884417 0 1303233 1588 1304821 1304821 40424 70431 38945 1479 1479 MISCELLANEOUS 611310 1131626 1131626 SUMMER PROGRAMS 721000 420898 28454 392444 ALTERNATIVE INVESTMENT 611310 276243 276243 327103 -21999 349102 2155870 119446277 103580644 58219 6013879 38984345 38984345 1135262 447590 515625 172047 28183665 24087705 2680004 1415956 2269668 1903743 231463 134462 6545590 5489421 749913 306256 1914083 1610320 198128 105635 12997 5110 7887 122628 122628 114822 114822 239723 26080 209705 3938 2479788 2128872 220786 130130 199716 76463 72686 50567 8331551 7580347 375602 375602 2930745 2725151 114076 91518 1453250 1107514 129886 215850 1169362 1114293 27535 27534 6554464 6186087 92094 276283 EQUIPMENT RENTAL/MAINTE 7676115 6574097 805010 297008 OPERATION AND MAINTENAN 1629638 1369841 129898 129899 MISCELLANEOUS 1519430 1179116 311055 29259 PRINTING 668493 375257 209148 84088 276241 145347 84370 46524 114411576 103116699 7402321 3892556 30664297 37229270 6573490 5575027 247501 239707 1750436 1325420 451058 367486 325150 418483 174114785 87830063 86412033 86284722 94905172 89299492 23070259 25170237 7320251 7222350 7511458 8427287 259231105 261559481 8494739 8362985 5640867 5552601 262844 292275 29917544 33466923 118274 145474 167094 9823 15768998 16689860 60370360 64519941 X 84998311 85311099 25331307 22538829 88531127 89189612 198860745 197039540 259231105 261559481 X 5034701 -6855906 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 66905 29027 X X X X 1 0 1 120237276 4523604 -2067509 2791481 2327479 117574411 102864370 5777581 17375491 2742859 3037307 120237276 94831214 4419467 8669457 2814961 2240807 102864370 120812405 3720052 -24637873 2772337 2291033 94831214 0.16000 0.69700 0.14300 0 0 594581 594581 1703509 127613593 56185242 73131860 14219789 9004467 5215322 29954286 22640354 7313932 29027 29027 86284722 23046934 F INVESTMENT IN SUBSIDIARY 2123303 C 25170237 ANNUITIES PAYABLE 5063317 ASSET RETIREMENT OBLIGATION 2272996 DEPOSITS HELD IN CUSTODY FOR OTHERS 526020 OTHER LIABILITIES 5061852 INTEREST RATE SWAP LIABILITY 3765675 16689860 119446277 114411576 5034701 -6165055 -690851 -6855906 -1821205 74235637 -6165055 -100863 -6265918 80501555 114822 38829900 38944722 119446277 76056842 95985 95985 75960857 114822 38335897 38450719 114411576 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. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: LUTHER ENDOWMENT FUNDS ARE USED TO AWARD SCHOLARSHIPS TO STUDENTS AND TO COVER PROGRAM RELATED EXPENSES. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE COLLEGE FOLLOWS THE ACCOUNTING STANDARDS FOR CONTINGENCIES IN EVALUATING CERTAIN 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, 2012. THE COLLEGE'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. THE TAX RETURNS FOR THE CURRENT YEAR AS WELL AS FISCAL YEARS 2008 THROUGH 2011 ARE OPEN TO EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 8 - OTHER ADJUSTMENTS: ACTUARIAL ADJUSTMENTS -196,848. INTEREST RATE SWAP -1,491,132. BOOK/TAX DIFFERENCE FROM K-1S 21,999. REVENUE FROM SUBSIDIARY 1,623,578. EXPENSE FROM SUBSIDIARY -648,448. TOTAL TO SCHEDULE D, PART XI, LINE 8: -690,851. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE 95,985. ACTUARIAL ADJUSTMENTS -196,848. PART XII, LINE 4B - OTHER ADJUSTMENTS: FUNDED/UNFUNDED SCHOLARSHIPS 38,984,345. INTEREST RATE SWAP 1,491,132. BOOK/TAX DIFFERENCE FROM K-1S -21,999. REVENUE FROM SUBSIDIARY -1,623,578. PART XIII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE 95,985. PART XIII, LINE 4B - OTHER ADJUSTMENTS: FUNDED/UNFUNDED SCHOLARSHIPS 38,984,345. EXPENSE FROM SUBSIDIARY -648,448. 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 THE COLLEGE CATALOG, VIEW BOOK, APPLICATION FOR ADMISSION, ADMISSIONS GENERAL INFORMATION BROCHURE, AND THE STUDENT HANDBOOK ALL CONTAIN THE COLLEGE'S NONDISCRIMINATORY POLICY. THESE MAJOR PUBLICATIONS ARE PROVIDED TO ALL STUDENTS THROUGHOUT THE ADMISSIONS AND ORIENTATION PROCESS. BECAUSE THE COLLEGE TYPICALLY DRAWS APPROXIMATELY 31 PERCENT OF ITS STUDENTS FROM IA, 38 PERCENT FROM MN, 12 PERCENT FROM WI, 5 PERCENT FROM IL, 9 PERCENT FROM OUTSIDE THE 4 STATE AREA, AND 5 PERCENT 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 7.5 PERCENT OF ITS STUDENTS ARE RACIAL MINORITY STUDENTS. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE 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 SMART GRANT PROGRAM, FEDERAL ACG PROGRAM, FEDERAL DIRECT LOAN PROGRAM, ROBERT C BYRD HONORS SCHOLARSHIPS, TEACHERS EDUCATION ASSISTANCE FOR COLLEGE & HIGHER EDUCATION GRANTS, IOWA TUITION GRANT. SOUTH AMERICA 0 0 PROGRAM SERVICES LUTHER COLLEGE OFFERS NUMEROUS OPPORTUNITES FOR SHORT AND LONG-TERM STUDY OUTSIDE THE CONTINENTIAL UNITED STATES 208646 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 136420 EUROPE (INCLUDING ICELAND AND GREENLAND) 0 0 PROGRAM SERVICES LUTHER COLLEGE OFFERS NUMEROUS OPPORTUNITES FOR SHORT AND LONG-TERM STUDY OUTSIDE THE CONTINENTIAL UNITED STATES 875333 CENTAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES LUTHER COLLEGE OFFERS NUMEROUS OPPORTUNITES FOR SHORT AND LONG-TERM STUDY OUTSIDE THE CONTINENTIAL UNITED STATES 59257 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES LUTHER COLLEGE OFFERS NUMEROUS OPPORTUNITES FOR SHORT AND LONG-TERM STUDY OUTSIDE THE CONTINENTIAL UNITED STATES 120748 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 51838 RUSSIA & THE NEWLY INDEPENDENT STATES 0 0 PROGRAM SERVICES LUTHER COLLEGE OFFERS NUMEROUS OPPORTUNITES FOR SHORT AND LONG-TERM STUDY OUTSIDE THE CONTINENTIAL UNITED STATES 64843 EUROPE (INCLUDING ICELAND AND GREENLAND) 0 0 INVESTMENTS 351667 0 0 0 0 0 0 1868752 0 1868752 1 0 0 0 1 0 ALUMNI FUNDRAISING 27786 22151 5635 0 0 0 5106 150 4608 GOLF OUTING 41769 26597 15172 0 0 10111 0 0 2337 3 41300 21683 19617 0 236 14008 0 0 2389 110855 70431 40424 236 24119 5106 150 9334 38945 1479 1 STUDENT SCHOLARSHIPS 1709 38984345 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: STUDENTS RECEIVING SCHOLARSHIPS AND FELLOWSHIPS ARE DETERMINED BY THE OFFICE OF FINANCIAL STUDENT AID THROUGH CAREFUL STUDY OF THE INFORMATION ON THE FINANCIAL ASSISTANCE APPLICATION, 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 X 1 0 0 0 0 0 0 0 0 RICHARD TORGERSON 233257 0 0 0 21960 0 24500 0 34712 0 314429 0 0 0 DIANE TACKE 140547 0 0 0 6000 0 15126 0 18489 0 180162 0 0 0 KEITH CHRISTENSEN 136834 0 0 0 0 0 14146 0 21068 0 172048 0 0 0 SCOT SCHAEFFER 126819 0 0 0 0 0 12931 0 14973 0 154723 0 0 0 ANN HIGHUM 108179 0 0 0 20400 0 12881 0 8768 0 150228 0 0 0 KEVIN KRAUS 114317 0 0 0 0 0 11882 0 29679 0 155878 0 0 0 ELWIN FARWELL 21035 21035 0 0 0 0 0 0 0 0 21035 21035 0 0 PART I, LINE 1A LUTHER COLLEGE PROVIDES A HOUSE, UTILITIES, AND COUNTRY CLUB DUES 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 ALLOWANCE FOR THE PRESIDENT, AND THE COUNTRY CLUB DUES FOR THE PRESIDENT AND 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. PART I, LINE 4A ELWIN FARWELL, FORMER PRESIDENT RECEIVED $21,035 IN DEFERRED COMPENSATION. CITY OF DECORAH 426004485 2004-12-15 3600000 CENTENNIAL UNION RENOVATION 0 0 0 IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 462460F43 2008-12-10 11000000 SCIENCE BUILDING RENOVATION 0 0 0 CITY OF DECORAH 426004485 2010-12-21 7500000 MILLER AND DIESETH RESIDENCE HALL RENOVATIONS 0 0 0 IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 2011-12-01 24065000 PAY OFF SERIES 2002 AND 2008 BONDS 0 0 0 2057143 3600000 13861 3586139 2006 0 0 1 1 11000000 11000000 213034 10786966 2009 0 0 1 1 7500000 16500 5016545 2466955 2012 0 0 0 1 24065000 24065000 2012 1 0 1 1 0 0 0 0 0.00000 0.00000 0.00000 1 0 0 0 0 0.00000 0.00000 0.00000 1 0 0 0 0 0.00000 0.00000 0.00000 1 0 0 0 0 0.00000 0.00000 0.00000 1 1 1 1 U S BANK 10.000000000000 0 0 0 0 0 0 1 1 BANK OF MONTREAL 10.000000000000 0 0 0 0 0 0 0 0 0 0 0 0 1 1 JP MORGAN CHASE 15.000000000000 0 0 0 0 0 X SCHEDULE K SUPPLENTAL INFORMATION SCHEDULE K, PART I, COLUMN C - THE BONDS ISSUED DECEMBER 21, 2010 ARE STRUCTURED SO THAT THE PRINCIPAL IS ISSUED FOR REIMBURSEMENT OF ELIGIBLE COSTS. UNTIL PRINCIPAL IS DRAWN DOWN, THE COLLEGE DOES NOT PAY OR EARN INTEREST ON IT. THAT IS WHY PART II, LINE 4C IS ZERO, EVEN THOUGH PART II, LINE 12C IS $2,466,955. FIRST CITIZENS NATIONAL BANK MARTI RODAMAKER, BOARD MEMBER IS PRESIDENT OF FIRST CITIZENS NATIONAL BANK 34392 INTEREST PAID ON OUTSTANDING LOAN 0 JUDITH TORGERSON SPOUSE OF RICHARD TORGERSON, PRESIDENT 10103 JUDITH TORGERSON IS EMPLOYED BY LUTHER COLLEGE 0 FIRST CITIZENS NATIONAL BANK MARTI RODAMAKER, BOARD MEMBER IS PRESIDENT OF FIRST CITIZENS NATIONAL BANK 7500000 LOAN 0 X 5 66905 FMV X 1628 FMV X 642 FMV X 45 908477 FMV X 2 9043 FMV X BOARD MEETING EXPENSES 1 485 COST X COMPUTER EQUIPMENT 1 34521 COST X HANDBELLS AND CASES 2 9703 FMV X ITEMS FOR ALUMNI EVENT 10 516 COST X ITEMS FOR AZ GOLF OUTING 23 2411 COST X LOOM 1 2700 FMV X PHOTOGRAPHY SUPPLIES 2 600 COST X PLACEMENT PRINTING 1 110 COST X PROJECTOR RENTAL 1 400 COST X SIDELINE COOLER 1 1215 COST X VIOLIN BOWS 2 135000 APPRAISAL X YOUNG CHANG PIANO 1 2000 FMV X DINING EQUIPMENT 1 18669 COST X SCRIPTS 1 625 FMV 0 1 0 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 A, LINE 7B THE GOVERNING BODY OF LUTHER COLLEGE IS THE BOARD OF REGENTS. THE BOARD OF REGENTS ARE LISTED AS MEMBERS OF THE ORGANIZATION. DECISIONS OF THE GOVERNING BODY ARE SUBJECT TO APPROVAL BY THE BOARD OF REGENTS. FORM 990, PART VI, SECTION B, LINE 11 THE 990 IS PREPARED BY THE ACCOUNTING MANAGER, REVIEWED BY THE CONTROLLER, AND IS 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 21 SELECTED ELCA COLLEGES. 3. MEDIAN AND MAXIMUM SALARIES FOR 7 COMPARABLE PEER ELCA 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 WITH THE APPROVAL OF COMPENSATION FOR THE PRESIDENT AND VICE PRESIDENTS WILL BE RECORDED IN THE MINUTES OF THE MEETING AND WILL BE MAINTAINED IN A CONFIDENTIAL ARCHIVE. THIS PROCESS WAS LAST COMPLETED IN MAY, 2012. 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -6,165,055. ACTUARIAL ADJUSTMENTS -196,848. INTEREST RATE SWAP -1,491,132. BOOK/TAX DIFFERENCE FROM K-1S 21,999. REVENUE FROM SUBSIDIARY 1,623,578. EXPENSE FROM SUBSIDIARY -648,448. TOTAL TO FORM 990, PART XI, LINE 5: -6,855,906. LUTHER COLLEGE WIND ENERGY PROJECT LLC 700 COLLEGE DRIVE DECORAH IA 52101 352366881 PRODUCTION OF ELECTRICITY IA 1623578 3767275 LUTHER COLLEGE VENTURES INC MCELROY LUTHER LOAN FUND 700 COLLEGE DRIVE DECORAH IA 52101 421202192 HIGHER EDUCATION LOAN FUND IA 501(C)(3) 11B N/A 1 LUTHER COLLEGE VENTURES INC 700 COLLEGE DRIVE DECORAH IA 52101 273945752 HOLDING COMPANY IA N/A C 690211 3767275 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 LUTHER COLLEGE VENTURES INC M 62525 COST MCELROY LUTHER LOAN FUND R 432142 COST