2026-03-23T13:04:01-05:00 2025-05-31 420714325 RSM US LLP 201 FIRST ST SE STE 800 CEDAR RAPIDS IA 524011425 990 2024-06-01 420680323 UNIVERSITY OF DUBUQUE UNIV 5635893000 2000 UNIVERSITY AVE DUBUQUE IA 52001 WILLIAM SANDERS VP OF FINANCE 5635893210 2026-03-19 1 0 SHAWNA HULS P01315330 3192985333 2026-03-19 2024 2025-03-06 01:10:19Z TRAVIS FRAMPTON 2000 UNIVERSITY AVE DUBUQUE IA 52001 348849000 0 X WWW.DBQ.EDU X 1911 IA POST SECONDARY AND GRADUATE LEVEL EDUCATION 31 28 1337 10 60025 32587 10867211 74958421 74107188 76582339 19051561 27139137 6325 65765 104032285 178745662 29042067 30502335 0 0 35248119 37370138 0 0 1182176 31666058 39238554 95956244 107111027 8076041 71634635 446864840 620827231 76428324 172429612 370436516 448397619 X THE UNIVERSITY OF DUBUQUE IS A PRIVATE UNIVERSITY OFFERING UNDERGRADUATE, GRADUATE, AND THEOLOGICAL SEMINARY DEGREES, AND OTHER EDUCATIONAL OPPORTUNITIES WITH THE INTENTION OF EDUCATING AND FORMING THE WHOLE PERSON. THE UNIVERSITY IS COMPRISED OF INDIVIDUALS FROM THE REGION, OUR NATION, AND THE WORLD.AS A COMMUNITY, THE UNIVERSITY PRACTICES ITS CHRISTIAN COMMITMENTS BY EDUCATING STUDENTS, PURSUING EXCELLENCE IN SCHOLARSHIP, CHALLENGING STUDENTS TO LIVE LIVES OF WORTH AND PURPOSE, AND PREPARING STUDENTS FOR SERVICE TO THE CHURCH AND THE WORLD.THEREFORE, THE UNIVERSITY OF DUBUQUE IS COMMITTED TO:- A HOSPITABLE CHRISTIAN ENVIRONMENT WHICH RESPECTS OTHER FAITH TRADITIONS;- RELATIONSHIPS WHICH ENCOURAGE INTELLECTUAL, SPIRITUAL, AND MORAL DEVELOPMENT;- EXCELLENCE IN ACADEMIC INQUIRY AND PROFESSIONAL PREPARATION;- A DIVERSE AND EQUITABLE COMMUNITY WHERE CHRISTIAN LOVE IS PRACTICED;- STEWARDSHIP OF ALL GOD'S HUMAN AND NATURAL RESOURCES;- ZEAL FOR LIFE-LONG LEARNING AND SERVICE. 0 0 53318662 30502335 72908623 INSTRUCTION: 1,535 FTE (UNDERGRADUATE, GRADUATE, AND SEMINARY STUDENTS) FALL 2023. LARGEST UNDERGRADUATE MAJORS INCLUDE BUSINESS ADMINISTRATION, FLIGHT OPERATIONS, AND HEALTH, WELLNESS, AND RECREATION. 13206195 0 884824 STUDENT SERVICES: INCLUDES ADMISSIONS, ATHLETICS, AND ALL AREAS OF STUDENT LIFE. 7742144 0 1274807 AUXILIARY SERVICES: INCLUDES UNIVERSITY BOOKSTORE, COFFEEHOUSE, AND DAYCARE FACILITIES. 5161131 1514085 ACADEMIC SUPPORT 5161131 1514085 79428132 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 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 0 0 0 0 1 137 0 1 1337 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 31 28 1 0 0 0 0 0 1 1 1 0 0 1 1 1 1 1 1 1 0 1 1 X JAMES STEINER VP OF FINANCE 5635893000 2000 UNIVERSITY AVE DUBUQUE IA 52001 X TRAVIS FRAMPTON PRESIDENT (EFF. JUNE 2024) 40.00 X X 199925 0 79643 DOUGLAS J HORSTMANN CHAIRMAN/TRUSTEE 1.00 X X 0 0 0 SUSAN LUCK PREISS FIRST VICE CHAIR/TRUSTEE 1.00 X X 0 0 0 SUSAN R FARBER SECRETARY-TREASURER/TRUSTEE 1.00 X X 0 0 0 JAVAUNE ADAMS-GASTON TRUSTEE 1.00 X 0 0 0 DOMINIQUE A ANTHONY TRUSTEE 1.00 X 0 0 0 COLLEEN BIRDNOW BROWN TRUSTEE 1.00 X 0 0 0 MARK P BRODERSEN MD TRUSTEE 1.00 X 0 0 0 ANDREW J BUTLER TRUSTEE 1.00 X 0 0 0 JOHN E BUTLER TRUSTEE 1.00 X 0 0 0 JOSEPH A CHLAPATY TRUSTEE 1.00 X 0 0 0 BECKY CONLON TRUSTEE 1.00 X 0 0 0 JOHN G COUCHMAN TRUSTEE 1.00 X 0 0 0 KIMBERLY M DAVID TRUSTEE 1.00 X 0 0 0 LH FULLER TRUSTEE 1.00 X 0 0 0 CAROLINE M GRUNENWALD TRUSTEE 1.00 X 0 0 0 STAN HASSELBUSCH TRUSTEE 1.00 X 0 0 0 REV BRUCE E HEDGEPETH TRUSTEE 1.00 X 0 0 0 JEFFERY J KEITH TRUSTEE 1.00 X 0 0 0 SCOTT A KNAPP TRUSTEE 1.00 X 0 0 0 MARTY J LANGE TRUSTEE 1.00 X 0 0 0 BRUCE A OBBINK MD TRUSTEE 1.00 X 0 0 0 KEITH D PARRIS TRUSTEE 1.00 X 0 0 0 KENT PETERSON TRUSTEE (THRU 02/2025) 1.00 X 0 0 0 THOMAS J RAUEN TRUSTEE 1.00 X 0 0 0 SARAH J SLAUGHTER TRUSTEE 1.00 X 0 0 0 RICHARD C SVRLUGA TRUSTEE 1.00 X 0 0 0 WILLIAM J SVRLUGA JR TRUSTEE 1.00 X 0 0 0 MATT TOMPKINS TRUSTEE 1.00 X 0 0 0 ROBERT D WEBB TRUSTEE 1.00 X 0 0 0 THOMAS WOODWARD TRUSTEE 1.00 X 0 0 0 REV CATHY F YOUNG TRUSTEE 1.00 X 0 0 0 JAMES D STEINER VP FINANCE/ASST TREASURER 40.00 X 233462 0 25706 REV DR JEFFREY BULLOCK PRESIDENT (FORMER-THRU MAY 2024) 40.00 X 554032 0 92785 DR MARK WARD VP OF ACADEMIC AFFAIRS 40.00 X 162210 0 21276 NATALIE WEBER ASST PROF/DIR PA STUDIES 40.00 X 180627 0 40355 MELISSA HEMESATH ASSOCIATE VP FOR ADVANCEMENT 40.00 X 175250 0 18277 REBECCA WEIDENHAMER COLLECTIONS MANAGER 40.00 X 155010 0 10781 NELSON EDMONDS VP STUDENT ENGAGEMENT/INTERCOLLEGIATE ATHLETICS 1.00 X 150042 0 10734 1810558 0 299557 38 0 1 0 ELIOR INC 4920 WESTWAY PARK BOULEVARD SUITE HOUSTON TX 77041 FOOD SERVICES ON CAMPUS 2896605 JENZABAR INC 111 HUNTINGTON AVENUE SUITE 350 BOSTON MA 02199 TECHNOLOGY 856484 BLUE SKIES OVER DUBUQUE INC 10800 AIRPORT RD DUBUQUE IA 52003 AIRCRAFT MAINTENANCE 699991 RUFFALO NOEL LEVITZ 5249 NORTH PARK PLACE NE 1061 CEDAR RAPIDS IA 52402 ADMISSION OUTREACH 555488 GEISLER BROTHERS COMPANY 1500 RADFORD RD DUBUQUE DUBUQUE IA 52002 BUILDING MAINTENANCE 555200 21 6485 8768863 66183073 435755 74958421 STUDENT REVENUES 611600 72908623 72908623 AUXILIARY ENTERPRISES 611600 1274807 1274807 2398909 2398909 76582339 8707738 8707738 87983 27958 60025 60025 60025 188470665 10225 170021944 27547 18448721 -17322 18431399 18431399 31629 6485 25889 5740 5740 178745662 75307532 60025 28419684 30502335 30502335 1247468 773890 473578 2151679 676554 1475125 25919115 20631191 5052788 235136 1674759 1295431 355604 23724 4380883 2464072 1891334 25477 1996234 1529289 433715 33230 46414 46414 254089 254089 988694 988694 4591151 4353317 221334 16500 476781 295167 181614 1796332 1220201 549922 26209 1424855 90014 1334841 2204087 2204087 802679 743100 37129 22450 58375 36779 20804 792 416422 135979 280443 10774109 4687686 6086423 105021 105021 BAD DEBT EXPENSE 5274219 5274219 MEMBERSHIP & FEES 2824744 234150 2583847 6747 STUDENT ACT SUPPORT 458618 458618 MERCHANDISE AND SUPPLIE 382420 382420 6359544 7487742 -1264917 136719 107111027 79428132 26500719 1182176 12964304 100386934 2514745 3019903 5502796 5992014 256020 731753 1736714 2105465 235936427 102379528 130212416 133556899 272605089 344262403 2863246 2722401 7058012 3551532 11151498 24497927 446864840 620827231 6508745 9071876 4425246 4683300 47520000 132360000 114117 526447 17860216 25787989 76428324 172429612 X 172300023 179957030 198136493 268440589 370436516 448397619 446864840 620827231 X 71634635 6592689 -266221 X X 0 1 X 1 1 1 X 19452046 14437340 8962597 10867211 66742512 120461706 19452046 14437340 8962597 10867211 66742512 120461706 26135976 94325730 4689240 7555773 7687514 7101225 8707738 35741490 1256808 1240833 128606 -1205 32587 2657629 158860825 368625867 0.59380 0.58930 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 286779923 51069063 32245671 2457163 7336759 988694 359312041 228351025 1261908 68704180 3409088 7163735 964367 286779923 231530323 1380029 3808517 1472008 6215996 679840 228351025 247441242 1708147 3319012 2112694 18255764 569620 231530323 180204543 8456426 72700580 2555975 10959887 404445 247441242 0.36543 0.47233 0.16224 1 0 4912476 4912476 184989526 73901863 111087663 9734266 3979465 5754801 28408899 24498200 3910699 7891260 7891260 133556899 STUDENTS' DEPOSITS 2304631 DUE TO U.S. GOV'T-PERKINS LOAN PROGRAM 239236 ACCRUED LOSS ON INTEREST RATE SWAP 2301968 ANNUITY OBLIGATION 223793 OPERATING LEASE LIABILITY 15278627 BOND PREMIUM 5439734 25787989 X 153634948 6592689 -30768556 -24175867 177810815 988694 -53847 934847 178745662 75673845 53847 53847 75619998 988694 30502335 31491029 107111027 PART V, LINE 4: ENDOWMENT FUNDS SUPPORT STUDENT SCHOLARSHIPS, ACADEMIC PROGRAMMING, AND INSTITUTIONAL SUPPORT. PART X, LINE 2: THE UNIVERSITY IS RECOGNIZED AS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE UNIVERSITY MAY BE SUBJECT TO FEDERAL AND STATE INCOME TAXES ON ANY NET INCOME FROM UNRELATED BUSINESS ACTIVITIES. THE UNIVERSITY FILES A FORM 990 (RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX) ANNUALLY AND UNRELATED BUSINESS INCOME (UBI) IS REPORTED ON FORM 990-T, AS APPROPRIATE. MANAGEMENT HAS EVALUATED THEIR MATERIAL TAX POSITIONS, WHICH INCLUDE SUCH MATTERS AS THE TAX EXEMPT STATUS OF EACH ENTITY AND VARIOUS POSITIONS RELATIVE TO POTENTIAL SOURCES OF UBI. AS OF MAY 31, 2025 AND 2024, THERE WERE NO UNCERTAIN TAX BENEFITS IDENTIFIED AND RECORDED AS A LIABILITY. PART XI, LINE 2D - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS SHOWN AS CONTRA INCOME -30,502,335. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -22,819. UNREALIZED GAIN (LOSS) ON INTEREST RATE SWAP -243,402. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES NETTED WITH REVENUE FOR 990 -27,958. FUNDRAISING EXPENSES NETTED WITH REVENUE FOR 990 -25,889. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE NETTED WITH RENTAL INCOME FOR 990 27,958. FUNDRAISING EXPENSES NETTED WITH FUNDRAISING INCOME FOR 990 25,889. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS SHOWN AS CONTRA INCOME 30,502,335. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE POLICY IS PUBLISHED IN VARIOUS NEWSPAPERS AND BROCHURES FOR PROSPECTIVE STUDENTS. SCHEDULE E, PART I, LINE 6 FINANCIAL AID OR ASSISTANCE FROM A GOVERNMENTAL AGENCY IS DISTRIBUTED TO STUDENTS USING FEDERALLY APPROVED FINANCIAL NEED ANALYSIS CRITERIA. EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM SUPPORT 141724 0 0 0 0 0 0 141724 0 141724 0 0 0 0 0 0 X X X X 0 GOLF OUTING 38114 6485 31629 19290 6599 38114 6485 31629 19290 6599 25889 5740 1 SCHOLARSHIP 1248 30502335 0 N/A N/A PART I, LINE 2: DISBURSEMENTS TO STUDENTS RECEIVING FINANCIAL AID ARE MADE IN ACCORDANCE WITH INSTITUTIONAL PROCEDURES TO ENSURE THAT THOSE RECEIVING AID ARE QUALIFYING RECIPIENTS. FEDERAL FINANCIAL AID OR ASSISTANCE FROM A GOVERNMENTAL AGENCY IS DISTRIBUTED TO STUDENTS USING FEDERALLY APPROVED FINANCIAL NEED ANALYSIS CRITERIA. X X X 1 1 X X X 0 0 0 0 0 0 0 1 0 REV DR JEFFREY BULLOCK PRESIDENT (FORMER-THRU MAY 2024) 544659 0 0 0 9373 0 23100 0 69685 0 646817 0 0 0 TRAVIS FRAMPTON PRESIDENT (EFF. JUNE 2024) 191014 0 0 0 8911 0 11550 0 68093 0 279568 0 0 0 JAMES D STEINER VP FINANCE/ASST TREASURER 233046 0 0 0 416 0 13907 0 11799 0 259168 0 0 0 NATALIE WEBER ASST PROF/DIR PA STUDIES 170202 0 0 0 10425 0 12477 0 27878 0 220982 0 0 0 MELISSA HEMESATH ASSOCIATE VP FOR ADVANCEMENT 174590 0 0 0 660 0 12617 0 5660 0 193527 0 0 0 DR MARK WARD VP OF ACADEMIC AFFAIRS 157253 0 0 0 4957 0 10141 0 11135 0 183486 0 0 0 REBECCA WEIDENHAMER COLLECTIONS MANAGER 62849 0 91096 0 1065 0 0 0 10781 0 165791 0 0 0 NELSON EDMONDS VP STUDENT ENGAGEMENT/INTERCOLLEGIAT 149760 0 0 0 282 0 10500 0 234 0 160776 0 0 0 PART I, LINE 1A THE UNIVERSITY PRESIDENT, REV. DR. JEFFREY BULLOCK (THRU MAY 2024) AND DR. TRAVIS FRAMPTON (EFF. JUNE 2024), IS PROVIDED WITH NON-TAXABLE HOUSING WHICH INCLUDES UTILITIES AND RESIDENTIAL CLEANING SERVICES. THE UNIVERSITY SUPPORTS ITS PRESIDENT LIVING IN THE PRESIDENTIAL HOUSE OWNED BY THE UNIVERSITY BECAUSE OF ITS REQUIREMENT THAT THE PRESIDENT CONDUCT SIGNIFICANT BUSINESS ACTIVITIES AND UNIVERSITY RELATED ENTERTAINMENT ON UNIVERSITY PROPERTY. THE RESIDENCE LOCATED IN NEAR PROXIMITY TO CAMPUS WHICH IS OWNED BY THE UNIVERSITY, IS DESIGNATED AS THE OFFICIAL PRESIDENTIAL HOUSE. THE VALUE OF THE HOUSING AND RELATED SERVICES IS REPORTED AS OTHER COMPENSATION ON FORM 990, PAGE 7, PART VII, SECTION A, COLUMN (F) AND SCHEDULE J, PAGE 2, PART II, COLUMN (D). BRADLEY LONGFIELD, A HIGHEST COMPENSATED EMPLOYEE QUALIFIES FOR AND RECEIVES A MINISTERIAL HOUSING ALLOWANCE. THE VALUE OF THE HOUSING IS REPORTED AS OTHER COMPENSATION ON FORM 990, PAGE 7, PART VII, SECTION A, COLUMN (F) AND SCHEDULE J, PAGE 2, PART II, COLUMN (D). THE ORGANIZATION PAYS COUNTRY CLUB DUES ON BEHALF OF THE UNIVERSITY PRESIDENT, REV. DR. JEFFREY BULLOCK (THRU MAY 2024) AND DR. TRAVIS FRAMPTON (EFF. JUNE 2024). THE PORTION OF THE PAYMENT FOR COUNTRY CLUB DUES THAT IS DEEMED TO BE FOR PERSONAL USE IS TAXABLE TO THE EMPLOYEE AND IS REPORTED IN REPORTABLE COMPENSATION ON FORM 990, PAGE 7, PART VII, SECTION A, COLUMN (D) AND SCHEDULE J, PAGE 2, PART II, COLUMN (B)(III). THE PORTION OF THE PAYMENT FOR COUNTRY CLUB DUES THAT IS DEEMED TO BE FOR BUSINESS USE IS EXCLUDED FROM COMPENSATION AS A WORKING CONDITION FRINGE BENEFIT. PART I, LINE 7 ONE INDIVIDUAL LISTED AS A HIGHEST COMPENSATED EMPLOYEE ON FORM 990, PART VII, SECTION A RECEIVED A DISCRETIONARY BONUS APPROVED BY THE PRESIDENT. A IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 4624605W2 2017-05-11 6000000 WORKING CAPITAL 0 0 0 B IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 UD CONSTRUCTION PROJECTS/BOND REFUNDING 0 0 0 C IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 4624606Q4 2018-05-10 5800000 WORKING CAPITAL 0 0 0 D UNIVERSITY OF DUBUQUE 420680323 4624608W9 2021-08-03 18741220 PAY OFF 2011 BOND, REFINANCED 2004 BOND, CAPITAL PROJECTS 0 0 0 A 6000000 70827 84420 6013593 0 0 1 1 B 29675000 2017 1 0 1 1 C 5800000 74200 85028 5810828 0 0 1 1 D 16000000 393257 2814477 12789092 5632128 2042 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 D 0 0 0 0 0.00000 0.00000 0.00000 1 0 1 A 0 0 1 0 0 0 0 0 1 B 0 0 1 0 1 1 PIPER JAFFRAY 18.000000000000 0 0 0 0 1 C 0 0 1 0 0 0 0 0 1 D 1 1 0 0 0 1 A 1 B 1 C 1 D 1 COTTINGHAM & BUTLERSISCO SEE SCH L, PART V 2151679 SEE PART V 0 NOAH BULLOCK FAMILY MEMBER OF REV. DR. JEFFREY BULLOCK, PRESIDENT (FORMER-THRU MAY 2024) 56501 NOAH BULLOCK WAS PAID WAGES AS AN EMPLOYEE OF THE ORGANIZATION. 0 CONLON CONSTRUCTION SEE SCH L, PART V 550016 SEE PART V 0 SCH L, PART IV, BUSINESS TRANSACTIONS INVOLVING INTERESTED PERSONS (A) NAME OF PERSON: COTTINGHAM & BUTLER/SISCO BENEFITS(B) RELATIONSHIP BETWEEN INTERESTED PERSON AND ORGANIZATION: JOHN E. BUTLER, TRUSTEE IS >35% OWNER, CHAIRMAN, AND CEO OF COTTINGHAM & BUTLER AND SISCO BENEFITS (SUBSIDIARY).(D) DESCRIPTION OF TRANSACTION: THE ORGANIZATION PURCHASES INSURANCE PRODUCTS AND HEALTH INSURANCE CLAIM ADMINISTRATION SERVICES FROM COTTINGHAM & BUTLER/SISCO BENEFITS.(A) NAME OF PERSON: CONLON CONSTRUCTION(B) RELATIONSHIP BETWEEN INTERESTED PERSON AND ORGANIZATION: TRUSTEE, BECKY CONLON'S FATHER IS >35% OWNER OF CONLON CONSTRUCTION. BECKY CONLON IS ALSO VICE PRESIDENT OF CONLON CONSTRUCTION.(D) DESCRIPTION OF TRANSACTION: THE ORGANIZATION PAYS FOR CONSTRUCTION SERVICES FROM CONLON CONSTRUCTION. X 1952 FMV X 9 432778 FMV X TICKETS 13 1025 SEE SCH M, PART II 0 0 1 0 PART I, COLUMN (B): THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTIONS RECEIVED. SCHEDULE M, PART I, COLUMN (D): VALUES ARE ASSIGNED ONLY AT THE REQUEST OF THE DONOR. WHEN VALUATION IS REQUIRED BY THE DONOR, THE ORGANIZATION REQUIRES AN APPRAISAL OR COST DOCUMENTATION. IF NO VALUATION IS REQUESTED BY THE DONOR, A VALUE OF ONE DOLLAR IS ASSIGNED TO EACH CONTRIBUTION. FORM 990, PART VI, SECTION A, LINE 1A IN GENERAL, COMPENSATED OFFICERS OF THE BOARD DO NOT HAVE VOTING POWER. ALTHOUGH THE ORGANIZATION'S ARTICLES OF INCORPORATION GRANT VOTING POWER TO THE PRESIDENT, THE ORGANIZATION'S CURRENT PRESIDENT, TRAVIS FRAMPTON, DOES NOT EXERCISE THIS RIGHT TO VOTE AS A COMPENSATED OFFICER. PURSUANT TO THE ARTICLES, THE PRESIDENT HAS BEEN INCLUDED IN THE TOTAL OF VOTING MEMBERS REPORTED ON LINE 1. OTHER THAN COMPENSATED OFFICERS WHO DO NOT VOTE, ALL MEMBERS OF THE BOARD HAVE EQUAL VOTING POWER OF ONE VOTE PER INDIVIDUAL. FORM 990, PART VI, SECTION A, LINE 2 (1) RICHARD C. SVRLUGA, TRUSTEE AND WILLIAM J. SVRLUGA, JR., TRUSTEE HAVE A FAMILY RELATIONSHIP. (2) OTHER CURRENT OFFICERS AND DIRECTORS HAVE A BUSINESS RELATIONSHIP WITH OTHER CURRENT OFFICERS AND DIRECTORS TO THE EXTENT THAT THEY SERVE TOGETHER ON BOARDS: DOUGLAS J. HORSTMANN, CHAIRMAN/TRUSTEE, THOMAS WOODWARD, TRUSTEE, SCOTT A. KNAPP, TRUSTEE, KIMBERLY M. DAVID, TRUSTEE, AND REV. DR. JEFFREY BULLOCK, FORMER PRESIDENT/TRUSTEE. FORM 990, PART VI, SECTION A, LINE 7B INDIVIDUALS ARE ELECTED TO THE BOARD OF TRUSTEES BY VOTE OF THE MAJORITY OF TRUSTEES. THE ARTICLES OF INCORPORATION PROVIDE THAT SUCH ELECTIONS ARE SUBJECT TO CONFIRMATION OR APPROVAL BY THE GENERAL ASSEMBLY OF THE PRESBYTERIAN CHURCH OF THE UNITED STATES OF AMERICA. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WAS REVIEWED BY THE UNIVERSITY'S CONTROLLER AND VP OF FINANCE PRIOR TO FILING THE FORM 990 WITH THE IRS. A COPY OF THE ORGANIZATION'S FINAL FORM 990 (INCLUDING REQUIRED SCHEDULES), AS ULTIMATELY FILED WITH THE IRS, WAS PROVIDED TO EACH VOTING MEMBER OF THE ORGANIZATION'S GOVERNING BODY IN ELECTRONIC FORM VIA THE BOARD'S SECURE WEBSITE PRIOR TO ITS FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE UNIVERSITY ANNUALLY SENDS A QUESTIONNAIRE TO ALL BOARD MEMBERS, CABINET, AND KEY EMPLOYEES DETERMINED BY THE UNIVERSITY (SUCH AS ALL DIRECTORS IN ADVANCEMENT OFFICE, CONTROLLER, DIRECTOR OF CONSTRUCTION MANAGEMENT, ETC.) ASKING EACH TO DETERMINE ANY RELATED PARTY/CONFLICT OF INTEREST DISCLOSURES. RESPONSES ARE REVIEWED TO DETERMINE IF THERE ARE ANY POTENTIAL PROBLEMS. FORM 990, PART VI, SECTION B, LINE 15A THERE IS A BOARD OF TRUSTEES COMMITTEE THAT SETS FORTH ANNUAL GOALS FOR THE PRESIDENT. HIS PERFORMANCE IS EVALUATED ANNUALLY (APPROXIMATELY JUNE OR JULY) BASED ON THE GOALS OUTLINED. HIS ANNUAL COMPENSATION AND ANY BONUS COMPENSATION ARE THEN DETERMINED AND APPROVED BY THE COMMITTEE. THE COMMITTEE ALSO USES COMPARATIVE DATA FROM THE IOWA ASSOCIATION OF INDEPENDENT COLLEGES AND UNIVERSITIES (IAICU) IN DETERMINING COMPENSATION. THE PRESIDENT EVALUATES AND DETERMINES EACH CABINET MEMBER'S COMPENSATION USING IAICU DATA AND ANNUAL PERFORMANCE. EACH CABINET MEMBER HAS LONG-TERM PERFORMANCE GOALS IN THE STRATEGIC PLAN. ALTHOUGH ANNUAL GOALS ARE DOCUMENTED IN THE STRATEGIC PLAN, EACH CABINET MEMBER HAS A CLEAR UNDERSTANDING OF WHAT S/HE IS TO DO. FORM 990, PART VI, SECTION C, LINE 19 THE UNIVERSITY IS REQUIRED TO POST FINANCIAL STATEMENTS FOR THE PUBLIC DUE TO ITS HOLDING OF PUBLIC DEBT. THE UNIVERSITY COMPLIES WITH THIS REQUIREMENT BY POSTING ITS FINANCIAL STATEMENTS ON AN EXTERNAL, THIRD PARTY WEBSITE. OTHER FINANCIAL INFORMATION, GOVERNING DOCUMENTS, AND POLICIES ARE NOT PUBLIC INFORMATION. FORM 990, PART VII, SECTION A, LINE 1A, COLUMN (B), AVERAGE HOURS PER WEEK: HOURS REPORTED FOR EMPLOYEES REPRESENT RECORDED PAYROLL HOURS. ACTUAL HOURS WORKED MAY EXCEED THE HOURS REPORTED. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS -22,819. UNREALIZED GAIN (LOSS) ON INTEREST RATE SWAP -243,402. FORM 990, PART XII, LINE 2C: THERE WAS NO CHANGE TO THE ORGANIZATION'S COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT, REVIEW, OR COMPILATION OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT.