2013-04-15T15:19:15-05:00 2012-05-31 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 225 S 6TH ST STE 2300 MINNEAPOLIS MN 55402 990 2011-06-01 420680412 LORAS COLLEGE LORA 5635887100 1450 ALTA VISTA STREET DUBUQUE IA 52001 JAMES COLLINS 5635884992 2013-04-05 1 LAWRENCE H MOHR CPA P00447603 6128764500 2011 2016-02-25 16:41:14Z JAMES COLLINS 1450 ALTA VISTA STREET DUBUQUE IA 52001 70303867 0 X WWW.LORAS.EDU X 1839 IA EDUCATION 29 28 1490 442 90998 4056 7502750 9135380 48350194 49526477 1494589 380034 658393 707451 58005926 59749342 19389481 20077201 0 0 21658531 21744295 65999 67350 2007594 18168486 17542418 59282497 59431264 -1276571 318078 111135769 109637828 71906669 76083981 39229100 33553847 X LORAS, AS A CATHOLIC LIBERAL ARTS COLLEGE, CREATES A COMMUNITY OF ACTIVE LEARNERS, REFLECTIVE THINKERS, ETHICAL DECISION MAKERS AND RESPONSIBLE CONTRIBUTORS IN DIVERSE PROFESSIONAL, SOCIAL AND RELIGIOUS ROLES. 0 0 20077201 20077201 SCHOLARSHIPS AND GRANTS TO STUDENTS 14583365 40719828 INSTRUCTION AND ACADEMIC SUPPORT PROVIDED TO FULL AND PART TIME STUDENTS (1,505 FULL TIME EQUIVALENT STUDENTS). 8358585 3109019 STUDENT SERVICES, INCLUDING STUDENT DEVELOPMENT, INTERCOLLEGIATE ATHLETICS AND OTHER SERVICES. 12460353 5697630 OTHER PROGRAM SERVICES INCLUDE AUXILIARY PROGRAMS SUCH AS HOUSING AND FOOD SERVICE, RESEARCH, PUBLIC SERVICE AND INSTITUTIONAL SUPPORT. 12460353 5697630 55479504 1 1 0 0 0 0 0 1 0 1 1 0 0 0 1 1 1 0 1 1 1 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 1 0 1 1 1 1 0 0 0 1 1 1 0 0 1 95 1 1 1490 1 1 1 1 EI 0 0 0 1 1 0 0 0 0 X 29 28 0 0 0 0 0 0 0 1 1 0 1 1 1 1 1 1 1 1 1 1 1 1 IL CA X DAVID W EISINGER 5635884992 1450 ALTA VISTA STREET DUBUQUE IA 52001 X MOST REV JEROME HANUS OSB 1.00 X X 0 0 0 REV MSGR JAMES BARTA 1.00 X 0 0 0 JAMES W BEAR 1.00 X 0 0 0 VINCE BERTA 1.00 X 0 0 0 PAUL BREITBACH 1.00 X 0 0 0 TROY L CICERO 1.00 X 0 0 0 MICHAEL COLLOTON 1.00 X 0 0 0 JAMES M DAVIS 1.00 X 0 0 0 JEFFREY GARDNER 1.00 X 0 0 0 WILLIAM GLYNN 1.00 X 0 0 0 GREG GUMBEL 1.00 X 0 0 0 STEPHANIE HOLSCHER BEAR 1.00 X X 0 0 0 KATHY HANNAN 1.00 X 0 0 0 VERY REV EVERETT HEMANN 1.00 X 0 0 0 THERESA HOFFMAN 1.00 X 0 0 0 DENNIS HOULIHAN 1.00 X X 0 0 0 RICHARD KENNEY 1.00 X 0 0 0 JEFFREY LADD 1.00 X 0 0 0 THOMAS E MCCARTY 1.00 X 0 0 0 DANIEL MCHUGH 1.00 X 0 0 0 JOHN MULHERIN 1.00 X 0 0 0 JOHN OVEL 1.00 X 0 0 0 TONY REARDON 1.00 X X 0 0 0 STEPHANIE SAVAGE 1.00 X 0 0 0 REV JOHN P SCHLEGEL 1.00 X 0 0 0 JOHN K SCHMIDT 1.00 X X 0 0 0 NATALIE SCHRAMM 1.00 X 0 0 0 THOMAS M SHEY 1.00 X 0 0 0 BRIAN SMITH 1.00 X 0 0 0 DAVID W SPAHN 1.00 X 0 0 0 ANDREW P STUDDERT 1.00 X 0 0 0 THOMAS J TAUKE 1.00 X 0 0 0 JAMES THEISEN 1.00 X 0 0 0 DON ULRICH 1.00 X 0 0 0 MIKE VALDER 1.00 X 0 0 0 SR MARGARET WICK OSF 1.00 X 0 0 0 DAVID WILSON 1.00 X 0 0 0 JAMES E COLLINS 40.00 X X 278373 0 31328 CHERYL JACOBSEN 40.00 X 129796 0 16873 STEPHEN J SCHMALL 40.00 X 114737 0 48242 GLORIA REGALBUTO-BENTLEY 40.00 X 134458 0 16153 PAMELA GERARD 40.00 X 164531 0 11283 ROBERT TUCKER 40.00 X 121840 0 15397 CRAIG SCHAEFER 40.00 X 119596 0 20250 1063331 0 159526 7 0 1 0 ARAMARK 1450 ALTA VISTA DUBUQUE IA 52004 FOOD SERVICE 2834287 PAULSON ELECTRIC CO 685 CENTURY DR PO BOX 1625 DUBUQUE IA 52004 ELECTRIC SERVICE 128825 ILLUME AGENCY 102 UNION WHARF BOSTON MA 02109 J-TERM TRAVEL AGENCY 109200 ACS EDUCATION SERVICES PO BOX 7061 UTICA NY 13504 STUDENT LOAN SERVICER 102968 4 4263 653137 8477980 118387 9135380 COLLEGE FEES & SERVICE 611600 39488578 39488578 SALES & SERVICES OF AU 611710 8939664 8939664 SALES & SERVICES OF ED 611710 316766 316766 FINE INCOME 611710 100484 100484 DELINQUENCY CHARGES 611710 72663 72663 608322 608322 49526477 355827 355827 10568300 10544093 24207 24207 24207 136938 4263 664 136274 136274 11837 9768 2069 2069 GAIN ON CASUALTY 900099 478110 478110 EXT. EVENTS & CATERING 722320 87279 87279 ALTA VISTA RESEARCH IN 900003 3713 3713 6 6 569108 59749342 49526477 90998 996487 20077201 20077201 1103488 240106 661193 202189 16271161 14975198 274786 1021177 807346 734195 15204 57947 2408995 2159726 142426 106843 1153305 1022694 52875 77736 51204 51204 80136 284 79852 78025 78025 67350 67350 56924 56924 974888 868298 18554 88036 173384 149398 60 23926 2360030 2177104 41491 141435 1309417 1250401 34065 24951 1141870 1141870 1121428 942412 72272 106744 48526 39404 4601 4521 2228763 2228763 2964041 2964041 232006 232006 FOOD SERVICE 2450907 2450907 REPAIRS AND MAINTENANCE 474594 473090 215 1289 RECRUITING EXPENSES 354508 198293 156215 UNRELATED BUSINESS INCO 3478 3478 1438289 1102909 251930 83450 59431264 55479504 1944166 2007594 17808 5905 3136249 1746029 27500742 30469410 1379733 934607 173333 87540 611410 534890 99631470 45325047 56010771 54306423 10887457 10086440 1894526 1910382 5225330 5225154 4298410 4331048 111135769 109637828 2921980 2931818 2170597 2436594 49510000 44010000 610123 4688229 16693969 22017340 71906669 76083981 X -14772389 -22849842 33518773 36067608 20482716 20336081 39229100 33553847 111135769 109637828 X 318078 -5993331 X X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 3950 432992 X X X X 0 21116207 347345 122971 190461 796219 20599843 19148993 388701 2048316 251136 218667 21116207 18602945 384208 315574 153734 19148993 28418475 663848 -9137075 705828 636475 18602945 0.00100 0.85860 0.14040 0 0 1211961 1211961 76081843 29332707 46749136 11638988 9084960 2554028 10698678 6907380 3791298 54306423 AMOUNTS HELD FOR OTHERS 409257 ANNUITIES AND UNITRUSTS PAYABLE 811710 ACCRUED LOSS ON INTEREST RATE SWAP 15877223 DUE TO US GOVERNMENT 3216127 FINANCING OBLIGATION 1703023 22017340 59749342 59431264 318078 -353780 -5639551 -5993331 -5675253 39355025 -353780 36000 664 -317116 39672141 20077201 20077201 59749342 45030278 36000 5640215 5676215 39354063 20077201 20077201 59431264 PART III, LINE 4: THE COLLEGE MAINTAINS VARIOUS ARTWORKS, MANUSCRIPTS, STATUES, PAINTINGS, BOOKS AND FURNITURE THAT PRESERVES THE HERITAGE OF THE COLLEGE AND PROMOTES SCHOLARSHIP ENDEAVORS. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE ENDOWMENT HAS BEEN ESTABLISHED TO PROVIDE A SUFFICIENT TOTAL RETURN TO SUPPLEMENT THE COLLEGE'S VARIOUS SOURCES OF OPERATING INCOME AND TO SUPPORT IN PERPETUITY THE MISSION OF THE COLLEGE. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE INTERNAL REVENUE SERVICE HAS DETERMINED THAT THE COLLEGE IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. IT IS ALSO EXEMPT FROM STATE INCOME TAX. HOWEVER, ANY UNRELATED BUSINESS INCOME MAY BE SUBJECT TO TAXATION. THE COLLEGE FOLLOWS THE ACCOUNTING STANDARDS FOR CONTINGENCIES IN EVALUATING UNCERTAIN TAX POSITIONS. THIS GUIDANCE PRESCRIBES RECOGNITION THRESHOLD PRINCIPLES FOR THE FINANCIAL STATEMENT RECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE REALIZED. NO LIABILITY HAS BEEN RECOGNIZED BY THE COLLEGE FOR UNCERTAIN TAX POSITIONS AS OF MAY 31, 2012 OR 2011. 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 2009 THROUGH 2011 ARE OPEN TO EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 8 - OTHER ADJUSTMENTS: UNREALIZED GAIN/LOSS ON INTEREST RATE SWAP -5,546,818. CHANGE IN BENEFICIAL INTEREST IN TRUSTS -92,733. TOTAL TO SCHEDULE D, PART XI, LINE 8: -5,639,551. PART XII, LINE 2D - OTHER ADJUSTMENTS: DIRECT FUNDRAISING EXPENSES REPORTED AS CONTRA INCOME 664. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS REPORTED AS CONTRA INCOME 20,077,201. PART XIII, LINE 2D - OTHER ADJUSTMENTS: DIRECT FUNDRAISING EXPENSE REPORTED AS CONTRA INCOME 664. UNREALIZED LOSS ON INTEREST RATE SWAP 5,546,818. CHANGE IN BENEFICIAL INTEREST IN TRUSTS 92,733. PART XIII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS REPORTED AS CONTRA INCOME 20,077,201. 1 1 1 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'S NONDISCRIMINATORY POLICY IS PUBLISHED IN ITS UNDERGRADUATE BULLETIN AND STUDENT HANDBOOK AS WELL AS AVAILABLE VIA ITS WEBSITE. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES FINANCIAL AID FROM FEDERAL AND STATE GOVERNMENTS. THIS AID IS THEN AWARDED TO STUDENTS IN ACCORDANCE WITH THE GUIDELINES ESTABLISHED FOR EACH FORM OF FINANCIAL AID. EUROPE (INCLUDING ICELAND & GREENLAND) - 0 1 PROGRAM SERVICES STUDY ABROAD 277131 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES STUDY ABROAD 127148 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES STUDY ABROAD 9858 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES STUDY ABROAD 4313 0 1 0 0 0 1 418450 0 418450 0 0 0 0 0 0 X X X X X X X 1 RUFFALO CODY & ASSOCIATES PO BOX 3018 CEDAR RAPIDS IA 52404 PHONATHON 0 324605 67350 257255 324605 67350 257255 AK AZ CO LA ME MD MA MI NH SC WA AL CA DE DC FL GA HI ID IL IN IA KS KY MT NE NV NJ NM NY ND OH OK OR PA RI SD TN TX VT WV WI WY AR CT MN MS MO NC VA UT AUCTION 15527 4263 11264 664 ATHLETICS FUNDRAISER 125029 125029 4 645 645 141201 4263 136938 664 664 136274 1 SCHOLARSHIP AID FOR STUDENTS' COST OF ATTENDANCE 1398 20077201 ACTUAL COST/CASH DISBURSEMENT PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE COLLEGE'S OFFICE OF FINANCIAL PLANNING MONITORS ALL AWARDS TO ENSURE COMPLIANCE WITH FEDERAL AND STATE REGULATIONS. ADDITIONALLY, THE COLLEGE ENGAGES AN INDEPENDENT AUDIT IN ACCORDANCE WITH OMB A-133. X X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 JAMES E COLLINS 259582 0 0 0 18791 0 14758 0 16570 0 309701 0 0 0 STEPHEN J SCHMALL 108310 0 0 0 6427 0 8709 0 39533 0 162979 0 0 0 GLORIA REGALBUTO-BENTLEY 129924 0 0 0 4534 0 0 0 16153 0 150611 0 0 0 PAMELA GERARD 145508 0 0 0 19023 0 9858 0 1425 0 175814 0 0 0 PART I, LINE 1A THE DISCRETIONARY SPENDING ACCOUNT FOR AN EMPLOYEE IS PART OF THE NORMAL TAXABLE WAGES PAID TO THE EMPLOYEE AND IS INCLUDED AS PART OF THE EMPLOYEE'S TAXABLE INCOME. COUNTRY CLUB DUES ARE PROVIDED TO CERTAIN EMPLOYEES AS A MEANS TO THE COLLEGE EXPANDING ITS CHARITABLE PURPOSE. ANY PORTION OF THE DUES ATTRIBUTABLE TO THE PERSONAL USE BY THE EMPLOYEE ARE ADDED TO THE EMPLOYEE'S W-2; ONLY THE PORTION ALLOCABLE TO THE BUSINESS PURPOSE OF THE COLLEGE ARE ALLOWED. IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 462460ZC3 2006-10-01 22035000 REFINANCE 1996 ISSUE, CONSTRUCTION 0 0 0 IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 NONEAVAIL 2011-11-01 2500000 REFINANCE PORTION OF 2002 ISSUE 0 0 0 500000 22387491 640689 137760 751533 13853174 7004335 2007 1 0 1 1 2500000 2500000 1 0 1 1 0 0 0 0 1 0 0 0 0 1 1 1 0 0 0 0 1 1 0 0 0 0 SCHEDULE K, PART II, COLUMN A: EXCESS PROCEEDS OF 352,491 ATTRIBUTED TO INVESTMENT EARNINGS. 51812 GRANTS/SCHOLARSHIPS AMERICAN TRUST & SAVINGS BANK OFFICER OF BANK IS ON THE BOARD OF REGENTS OF THE COLLEGE 117402 BANKING TRANSACTIONS 0 MARCIA G ROSE SISTER OF AN OFFICER 32255 INTERESTED PERSON IS AN EMPLOYEE OF THE COLLEGE AND RECEIVES COMPENSATION FROM THE COLLEGE FOR SERVICES RENDERED. 0 X 2 3950 APPRAISAL X 20 72373 AVG HIGH/LOW SHARE VALUE X PRIZES FOR EVENTS 49 4263 DONOR VALUATION X PRIZES FOR AGENCY FUNDS 68 10862 DONOR VALUATION X PRIZES FOR EQ 2 5014 DONOR VALUATION X EQUIPMENT 1 1800 DONOR VALUATION X FOOD/BEVERAGE 6 1666 DONOR VALUATION X MEETING EXPENSES 3 4634 FMV X FURNITURE/ DECOR 5 5818 DONOR VALUATION X OFFICE EQUIPMENT 3 541 DONOR VALUATION X COMMUNION CHALICE AND PATEN 1 7466 DONOR VALUATION 0 0 1 1 METHOD FOR DETERMINING NUMBER OF CONTRIBUTORS: PART I, COLUMN (B): THE NUMBER OF CONTRIBUTORS RATHER THAN THE NUMBER OF ITEMS IS REPORTED. THIRD PARTY USE: PART I, LINE 32B: LORAS COLLEGE'S FINANCIAL INSTITUTION SELLS ALL PUBLICLY TRADED SECURITIES AT THE TIME OF GIFT ON BEHALF OF LORAS COLLEGE THROUGH AN INDEPENDENT BROKER. FORM 990, PART VI, SECTION B, LINE 11 THE COLLEGE MAKES THE 990 AVAILABLE TO ALL BOARD MEMBERS VIA A SECURE PORTAL WEBSITE PRIOR TO FILING WITH THE IRS. THIS IS THE PROCESS BY WHICH THE BOARD MEMBERS REVIEW THE 990. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, EACH OFFICER, DIRECTOR AND KEY EMPLOYEE MUST FILE A STATEMENT VERIFYING HE/SHE HAS READ THE CONFLICT OF INTEREST POLICY AND IS DISCLOSING ANY CONFLICTS OF INTEREST. EACH STATEMENT IS SENT DIRECTLY TO THE AUDIT COMMITTEE CHAIRPERSON. THE CHAIR AND THE COLLEGE'S TREASURER REVIEW EACH STATEMENT. IN ADDITION, THE TREASURER AND CONTROLLER MONITOR ANY TRANSACTIONS THROUGHOUT THE YEAR BETWEEN SUCH PARTIES. EACH TRANSACTION IS LOGGED WITH THE COLLEGE'S GENERAL LEDGER SYSTEM. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS USED BY THE COLLEGE IN DETERMINING COMPENSATION OF KEY EMPLOYEES IS: - BOARD-APPOINTED COMPENSATION COMMITTEE REVIEWS ALL RECOMMENDED COMPENSATION LEVELS. - COMPARATIVE BENCHMARK DATA IS USED (IAICU, CUPA, AND OTHERS). - WRITTEN EMPLOYEMENT CONTRACTS ARE IN PLACE FOR THE PRESIDENT AND OTHER KEY EMPLOYEES IN ACCORDANCE WITH THE COLLEGE'S HANDBOOKS. - COMPENSATION IS FORMALLY APPROVED BY THE FULL BOARD OF REGENTS. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST STATEMENT AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC VIA ANOTHER'S WEBSITE SUCH AS GUIDESTAR.ORG, OR UPON REQUEST. THE COLLEGE'S AUDITED FINANCIAL STATEMENTS ARE ALSO AVAILABLE TO THE PUBLIC VIA THE MUNICIPAL SECURITIES RULE MAKING BOARD WEBSITE. FORM 990, PART VII, SECTION A, COLUMN E REASONABLE EFFORTS UNDERTAKEN IN REGARD TO REPORTABLE COMPENSATION FROM RELATED ORGANIZATIONS: - RECEIVED A COMPLETED CONFLICT OF INTEREST STATEMENT FROM ALL TRUSTEES, OFFICERS, AND BOARD MEMBERS. THIS STATEMENT IS COMPLETED ANNUALLY. - ALL RELATED PARTIES ARE DISCLOSED ON SCHEDULE R. FINANCIAL RECORDS ARE AVAILABLE TO THE COLLEGE. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -353,780. UNREALIZED GAIN/LOSS ON INTEREST RATE SWAP -5,546,818. CHANGE IN BENEFICIAL INTEREST IN TRUSTS -92,733. TOTAL TO FORM 990, PART XI, LINE 5: -5,993,331. FORM 990, PART XII, LINE 2C THE OVERSIGHT PROCESS HAS NOT CHANGED FROM PRIOR YEAR. NATIONAL ALUMNI ASSOCIATION OF LORAS COLLEGE 1450 ALTA VISTA STREET DUBUQUE IA 52001 421371056 SUPPORT OF COLLEGE IA 501(C)(3) LINE 11B, II 0 MCELROY TRUST 1450 ALTA VISTA STREET DUBUQUE IA 52001 421239612 SUPPORT OF COLLEGE IA 501(C)(3) LINE 11A, I 0 ALTA VISTA RESEARCH INC 1450 ALTA VISTA STREET DUBUQUE IA 52001 264129808 MARKET RESEARCH IA LORAS COLLEGE C 143195 28032 0.90000 CHARITABLE LEAD ANNUITY TRUST (1) CHARITABLE TRUST IA T PERPETUAL TRUSTS (1) CHARITABLE TRUST IA T CHARITABLE REMAINDER UNITRUST (5) CHARITABLE TRUST IA T 1 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 ALTA VISTA RESEARCH INC A 3586 FAIR MARKET VALUE ALTA VISTA RESEARCH INC D 7500 CURRENT MARKET RATE