2013-05-09T15:36:06-05:00 2012-06-30 GRANT THORNTON LLP 175 W JACKSON BLVD STE 2000 CHICAGO IL 60604 990 2011-07-01 362169145 Elmhurst College % JAMES M CUNNINGHAM ELMH 6306173012 190 Prospect Avenue Elmhurst IL 601263296 JAMES M CUNNINGHAM 2013-05-09 true Bridget T Roche 3128560200 2011 2016-02-25 16:41:14Z Stephen Alan Ray 190 Prospect Elmhurst IL 601263296 153012027 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. 34 33 1942 256 151122 -6481 6114548 2865397 95780680 98730361 10487699 4266027 941729 1320824 113324656 107182609 36685131 41120037 0 0 42735605 43655642 0 0 2191930 27763355 26661274 107184091 111436953 6140565 -4254344 185814231 174524535 81015398 88148569 104798833 86375966 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 24980556 0 98531650 Instruction - Elmhurst College provides post-secondary education through 22 academic departments and offers 78 departmental and interdisciplinary majors in education, the humanities, natural and social sciences, business administration, nursing, and from jazz studies to exercise science. We also offer a range of professional and 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. 6458389 0 0 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. Also included is our highly acclaimed art collection. 10024454 0 198711 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, EQUAL (Elmhurst Queers and Allies), 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. 41120037 41120037 0 82583436 true true false true false false false true false true true true false false true true true false true false false false false false true false false false true true true false false false false false false true false false false true true false false false false false false false false true 4827 0 true 1942 true true true false false false false true true false false false false X 34 33 false false false false false false false true true false false true true true true true true true true false X JAMES M CUNNINGHAM 6306173012 190 PROSPECT AVENUE Elmhurst IL 601263296 The Honorable William J Bauer X 0 0 0 Julius Wesley Becton III 1.0 X 0 0 0 David R Bertran X 0 0 0 Michael Bilder X 0 0 0 William W Boyd X 0 0 0 Larry A Braskamp 1.0 X 0 0 0 Alan J Brinkmeier 1.0 X 0 0 0 Kenne P Bristol 2.0 X X 0 0 0 Julie Curran X 0 0 0 Sharon Reese Dalenberg 1.0 X 0 0 0 Cathy Doucette 1.0 X 0 0 0 Joel G Herter 1.0 X 0 0 0 Thomas A Kloet 1.0 X 0 0 0 Alfred N Koplin X 0 0 0 Dr George H Langeler X 0 0 0 J Clifford Lenahan Jr X 0 0 0 Dr Eugene M Lerner X 0 0 0 Barbara J Lucks 1.0 X X 0 0 0 Ronald L Luken 2.0 X 0 0 0 Dr Ralph E Lundgren 1.0 X 0 0 0 Hugh H McLean 1.0 X 0 0 0 Lamell J McMorris X 0 0 0 Edward J Momkus 1.0 X 0 0 0 Bill Nelson X 0 0 0 Dennis J Patterson 1.0 X 0 0 0 Virginia Prochaska 1.0 X 0 0 0 Jean E Sander 1.0 X 0 0 0 Rudolf G Schade Jr 1.0 X 0 0 0 Dr Homer H Schmitz X 0 0 0 Eva W Tameling 1.0 X 0 0 0 Rhonda Thomas X 0 0 0 Rev Robert O Ullman X 0 0 0 Russell G Weigand 1.0 X 0 0 0 James S Yerbic 1.0 X 0 0 0 Mary Lou Higgerson 1.0 X 0 0 0 Fareed A Khan 1.0 X 0 0 0 Stephen Alan Ray 60.0 X 279738 0 107996 Denise P Jones 60.0 X 171706 0 46140 Alzada J Tipton 60.0 X 168367 0 28625 Gary F Rold 60.0 X 136568 0 54464 James W Winters 60.0 X 136294 0 21129 James Kulich 60.0 X 133109 0 25341 Eileen G Sullivan 60.0 X 122098 0 16480 Lawrence B Carroll 60.0 X 121341 0 39116 Peggy Sandgren 60.0 X 189190 0 5603 1458411 0 344894 26 true true false ChartwellsCompass Group PO Box 91337 CHICAGO IL 60693 Food Service Mgmt 3647565 Pitney Bowes Management 47 Park Place APPLETON WI 54915 Service Management 665909 Ellucian Inc 4375 Fair Lakes Court FAIRFAX VA 22033 Software Management 278896 Active Mktg Partners Inc 2222 W Diversey Avenue CHICAGO IL 60647 Marketing Consultant 209800 Sandbox Studio 3435 North Sheffield Avenue CHICAGO IL 60657 Marketing Consultant 191051 13 42198 629388 2193811 252254 2865397 STUDENT TUITION AND FEES 812900 92231983 92231983 RESIDENCE HALLS 721000 6186507 6154203 32304 COMMUNITY EDUCATION 812900 40477 40477 OTHER ATHLETIC, ARTS & CULTURE 812900 209824 209824 GRANT AND LOAN ADMINISTRATION FEES 812900 61570 61570 98730361 1420552 1420552 0 882 882 48619437 45773962 2845475 2845475 -93753 2939409 57757 42198 55456 2301 2301 0 0 OUTSIDE PRINTING 561000 1783 1783 FOOD SERVICE 722320 263831 84169 179662 OUTSIDE CONFERENCE AND FACILITIES RENTALS 900099 249307 115637 133670 802720 10982 791738 1317641 107182609 98698057 151122 5468214 0 41120037 41120037 0 0 947471 215634 572812 159025 3352 3352 32209201 23408697 7683740 1116764 1793315 1316855 404970 71490 6403881 4594006 1561743 248132 2298422 1655284 559049 84089 798182 65141 693902 39139 258661 2435 256226 152670 152670 11463 11463 0 139926 139926 4071132 1378299 2665874 26959 804600 92437 711803 360 2432281 1504177 731026 197078 1150300 361892 743708 44700 7894 7894 3578434 591930 2978120 8384 2350543 1669937 582962 97644 0 0 2197012 673063 1523949 0 3899052 2527366 1293315 78371 453566 163867 289699 EQUIPMENT RENTAL/MAINTENANCE 688685 189625 494048 5012 DEBT SERVICE FEES 611817 611817 NON-CAPITAL EQUIPMENT 487060 188853 297947 260 LIBRARY BOOKS & PERIODICALS 427756 408254 19502 2140240 444401 1681316 14523 111436953 82583436 26661587 2191930 4449937 3635464 12461837 2174887 1652936 1426274 815488 466581 0 0 0 0 1921305 1766781 109650 115609 2000379 1903360 135858134 65976350 72240822 69881784 0 0 85484464 88212887 0 0 0 0 4677413 4940908 185814231 174524535 6690363 6062160 0 0 958028 764260 56900000 56900000 0 0 0 0 5000000 5000000 0 0 11467007 19422149 81015398 88148569 X 61305554 45068740 20211310 17410069 23281969 23897157 104798833 86375966 185814231 174524535 X -4254344 -14168523 X false true true X true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED true true false false false false true 11463 true 33 false 11496 false Volunteers Schedule C, Part II-B, Line 1a We brought students from Elmhurst College to Springfield, IL to lobby for MAP funding during the Spring Session. Paid Staff or Management Schedule C, Part II-B, Line 1b Staff have made monthly visits to Springfield, Illinois to lobby our state leaders. Direct Contact Schedule C, Part II-B, Line 1g Elmhurst College contacts legislators, members of the legislative staff, as well as various departments, and state and local executive agencies. Elmhurst's 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 -Student's attended Student Lobby Day in Springfield, Illinois Rallies, Demonstrations, Seminars, or Any Other Means Schedule C, Part II-B, Line 1h State Speaker of the House Michael Madigan was a speaker at a lecture given to the College community and at a breakfast where funding efforts were discussed. State Senator John Cullerton gave a presentation to the College community and several issues were discussed during a private luncheon. X X X false 96127285 249834 -2844893 1007376 2954765 89570085 81374087 1842319 15531159 828528 1791752 96127285 76740871 1680325 5289866 670098 1666877 81374087 105168500 1369670 -26700073 409630 2687596 76740871 0.58897 0.26127 0.14976 true false 3036281 3036281 100268339 42707566 57560773 18571129 16085143 2485986 13982385 7183641 6798744 69881784 COMMINGLED FUNDS 50355371 F HEDGE FUNDS 7624472 F COMMODITITES FUND 2578506 F LIMITED PARTNERSHIPS 27654538 F 88212887 0 STUDENT LOAN ADVANCES FROM US GOVT 1749139 LIFE INCOME AGREEMENTS PAYABLE 621514 OTHER LIABILITIES 1300549 INTEREST RATE SWAP AGREEMENT 14442847 ASSET RETIREMENT OBLIGATION 1308100 19422149 107182609 111436953 -4254344 -6581631 -7586892 -14168523 -18422867 51815664 -6581631 -7482956 -14064587 65880251 139926 41162432 41302358 107182609 70238531 103936 103936 70134595 139926 41162432 41302358 111436953 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 FASB 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 that 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 statement of activities or statement of financial position. The tax years 2008, 2009, 2010 and 2011 are still open to audit for both federal and state purposes. Supplemental Description - Other Schedule D, Part XI, Line 8 Change in Fair Value of Beneficial Interest in Trusts.......$238,845 Change in Interest Rate Swap Agreement...................$(7,825,737) Total....................................................$(7,586,892) Supplemental Description - Other Schedule D, Part XII, Line 2d Special Events Fundraising Expenses........................$55,456 Change in Fair Value of Beneficial Interest in Trusts.....$238,845 Housing Rental Allocation netted in 990....................$48,480 Change in Interest Rate Swap Agreement.................$(7,825,737) Total..................................................$(7,482,956) Supplemental Description - Other Schedule D, Part XII, Line 4b Scholarships and Grants netted against Tuition and Fees in Audited Financial Statements.......................................$41,120,037 Outside Conferences & Facilities Rental Revenue netted in Audited Financial Statements ..........................................$39,930 Annuity Liability payments/liability adjustments................$2,465 Total......................................................$41,162,432 Supplemental Description - Other Schedule D, Part XIII, Line 2d Special Events Fundraising expenses...........................$55,456 Housing Rental Allocation netted in 990.......................$48,480 Total........................................................$103,936 Supplemental Description - Other Schedule D, Part XIII, Line 4b Scholarships and Grants netted against Tuition and Fees in Audited Financial Statements.......................................$41,120,037 Outside Conference & Facilities rental revenue netted in Audited Financial Statements ..........................................$39,930 Annuity Liability payments/liability adjustments................$2,465 Total......................................................$41,162,432 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 Illinois board of higher education, the Illinois arts council, the Illinois department of commerce and economic opportunity, and the city of Elmhurst. Golf Outing 28287 14962 13325 330 4670 238 12573 3336 Hab for Human 30729 9701 21028 2487 8 40939 17535 23404 4251 10740 16831 99955 42198 57757 330 4670 4489 23313 22654 55456 2301 true SEOG Federal supplemental Grant 1032 220290 N/A N/A Endowed Scholarships 490 1007376 N/A N/A Donor Funded Scholarship 182 391435 N/A N/A Institutionally Funded Scholarships 3082 39500936 N/A N/A Procedure for Monitoring Use of Grant Funds Inside U.S. Schedule I, Part I, Line 2 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 true false false false false false false false false Stephen Alan Ray 278749 0 0 0 989 0 28750 0 82222 0 390710 0 0 0 Peggy Sandgren 60815 0 0 0 128375 0 3342 0 2601 0 195133 0 0 0 Denise P Jones 169137 0 0 0 2569 0 24500 0 22500 0 218706 0 0 0 Alzada J Tipton 168043 0 0 0 324 0 9579 0 20001 0 197947 0 0 0 Gary F Rold 135348 0 0 0 1220 0 19721 0 35602 0 191891 0 0 0 James W Winters 135505 0 0 0 789 0 9660 0 12276 0 158230 0 0 0 James Kulich 132694 0 0 0 415 0 14772 0 11372 0 159253 0 0 0 Lawrence B Carroll 120598 0 0 0 743 0 14177 0 25430 0 160948 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 2012, the value of the President's use of the residence is conservatively estimated to be $56,400. During tax year 2012, the President, Stephen Alan Ray made the residence his home for the year. Schedule J, Part II, Column (D) includes $56,400 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, when the spouse's travel 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. Severance or change of control Schedule J, Part I, Line 4a Severance: Peggy Sandgren, a former key employee, received a severance payment of $102,382. Illinois Finance Authority 861091967 452001ZF0 2005-05-31 36500000 IL ED FACILITIES AUTHOR. 03/25/98 false false true Illinois Finance Authority 861091967 452001Q86 2005-05-31 21200000 IL ED FACILITIES AUTHOR. 07/28/99 false false true Illinois Educational Facilities Authority 521297563 4520017G9 2003-09-18 12000000 Building & Renovations false false false Illinois Finance Authority 861091967 45200BW79 2007-02-22 25000000 BUILDINGS & PARKING false false false 7000000 0 36500000 0 0 36500000 0 0 0 0 0 0 2001 true false true true 2400000 0 21200000 0 0 21200000 0 0 0 0 0 0 2002 true false true true 0 0 12096432 0 0 943690 152196 52641 0 10947905 0 0 2006 true false true true 100000 0 26053568 0 0 1964791 273890 22000 0 23694190 98697 0 2010 true false true true 0 true 0 true false false true true false 0.00000 0.00000 0.00000 true false false true true false 0 0.01263 0.01263 true false true false 0 false 0 false true false true false 0 false 0 false true false true false 0 false 0 false true false true true Bank of America NA 34.9 false false false 0 false true X NA N/A 27968 Scholarship NA N/A 15994 Tuition Grant Form 990, Schedule L, Part III, Lines 1 and 2 Grants and Scholarships Benefitting Interested Persons Although there may be recipients who are related to persons having an interest in the college, such recipients are selected on an equal, objectively determinable basis with other recipients. All students receiving scholarships and fellowships are judged worthy by the college's assessment on the basis of academic achievement, financial need and other similar standards. Any scholarship committee member who has a relationship with any potential recipient of scholarship money is not included in the selection process for that particular candidate. X 11557 Donor Valuation X 12 204608 Cost/Selling Price X 4 33290 Cost/Selling Price X Printing 1 2799 Cost/Selling Price 0 false true true Third Party Assistance of Noncash Contributions Schedule M, Part 1, Question 32a All stock donation, unless otherwise stipulated by the donor, are sold as soon as possible after receipt by third party vendor UBS financial services, inc. 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. OTHER PROGRAM SERVICES (SCHOLARSHIPS AND GRANTS) FORM 990, PART III 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 86% OF THE STUDENTS WHO ENTERED COLLEGE IN THE FALL RECEIVED FINANCIAL AID. 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 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 2012, 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 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 5 Net Unrealized gains(losses) on investment.................$(6,581,631) Change in Fair Value of Beneficial Interest in Trusts..........$238,845 Change in Interest Rate Swap Agreement......................$(7,825,737) Total.......................................................$(14,168,523) SUPPLEMENTAL INFORMATION ON TAX-EXEMPT BONDS SCHEDULE K, PART I-III 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. 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. 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. DESCRIPTION OF TAX EXEMPT BOND PURPOSE SCHEDULE K, PART I, COL. (F) LINE A 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. DESCRIPTION OF TAX EXEMPT BOND PURPOSE SCHEDULE K, PART I, COL. (F), LINE B 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. DESCRIPTION OF TAX EXEMPT BOND PURPOSE SCHEDULE K, PART I, COL. (F), LINE C 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. DESCRIPTION OF TAX EXEMPT BOND PURPOSE SCHEDULE K, PART I, COL. (F), LINE D THE BONDS WERE ISSUED TO (I) FINANCE, REFINANCE OR REIMBURSE THE COSTS OF ACQUISITION, 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. PRIVATE BUSINESS USE SCHEDULE K, PART III, COL. (D), LINE 6 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.