2026-04-14T20:45:01-05:00 2025-05-31 450250958 Eide Bailly LLP 800 Nicollet Mall Ste 1300 Minneapolis MN 554027033 990 2024-06-01 420680408 Clarke University of Dubuque Iowa CLAR 5635886315 1550 Clarke Drive Dubuque IA 52001 Elizabeth McGrath Treasurer-VP Business/Finance 5635886315 2026-04-14 1 1 Mayumi Stella CPA P00970938 6122536500 2026-04-14 2024 2025-03-06 01:10:19Z Fletcher Lamkin 1550 Clarke Drive Dubuque IA 52001 42382594 0 0928 X www.clarke.edu X 1843 IA Catholic, co-educational, liberal arts university educating at post-secondary & graduate level 25 24 653 20 0 0 9451227 3694126 38917458 36615349 1873411 1746787 151878 185481 50393974 42241743 17062721 16960247 0 0 18282180 18516339 94814 97860 1480482 11386027 10273650 46825742 45848096 3568232 -3606353 73497955 70946607 10305818 10076356 63192137 60870251 X We are a Catholic, co-educational, liberal arts university founded in 1843 by the Sisters of Charity of the Blessed Virgin Mary in Dubuque, Iowa. Clarke educates students at the post-secondary level in the liberal arts and sciences, the fine arts, selected professional programs, and graduate programs.We, the faculty, students, staff and administration are a caring, learning community committed to excellence in education. We provide a supportive environment that encourages personal and intellectual growth, promotes global awareness and social responsibility, and deepens spiritual values. 0 0 26422435 16960247 31712505 Clarke University is a 4-year non-profit liberal arts and sciences university focused on progressing with the times. Humble beginnings have developed into over 30 undergraduate and 6 graduate programs. We are an institution guided by steadfast principles. We believe one-on-one learning is the ratio for future scholars and laureates. We understand that without proper connections, a quality education is moot. We recognize that easy access to our educators is what sets us apart. It is more than a pledge. It is a progressive framework that has guided us for more than one-and-a-half centuries.Clarke confers the Associate of Arts (AA), Bachelor of Arts (BA), Bachelor of Science (BS), Bachelor of Applied Studies (BAS), Bachelor of Social Work (BSW), Bachelor of Science in Nursing (BSN), Bachelor of Fine Arts (BFA), Master of Arts in Education (MAE), Master of Business Administration (MBA), Master of Organizational Leadership (MOL), Master of Social Work (MSW), Doctor of Nursing Practice (DNP) and Doctor of Physical Therapy (DPT).During the 2024-25 academic year, over 962 students come from 39 states and 27 countries. The average high school grade-point average was 3.30. In the last five years, an average of 97 percent of survey respondents reported being employed in their field or continuing their education post-graduation. The student/faculty ratio is 9:1.Also during the 2024-2025 academic year, 100 percent of Clarke's full-time, day-time students (who were eligible, and applied) received financial aid in the form of scholarships, grants, loans, and work-study. Students are encouraged to apply for financial aid. Clarke University offers a variety of merit scholarships to students that include academic, athletic talent, fine arts and other scholarships.Clarke University does not discriminate on the basis of gender, sex, race, color, national or ethnic origin, sexual orientation, age or disability in the educational programs which it conducts or in its employment policies, practices and procedures. Clarke University complies with all pertinent state and federal regulations concerning affirmative action, nondiscrimination and equal employment opportunity. 8994536 4482097 Auxiliary Enterprises: Programs available to all 962 students including the residence halls, board plans and athletics. The Residence Hall capacity is 571, with an occupancy of 463, or 81%. In the fall of 2024, all 463 resident students also had board plans with food service. 2937541 420747 Student services: Resources provided to all 962 students by student activities, health services, counseling center, career center, admissions and financial aid. 1957820 116681 Academic support programs 1957820 116681 40312332 1 1 0 0 0 0 0 1 1 1 1 1 0 0 1 1 1 0 1 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 54 0 1 653 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 25 24 0 1 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 NV SC WA X Elizabeth A McGrath 5635886414 1550 Clarke Drive Dubuque IA 52001 Carolyn Haupert Chair 1.00 X X 0 0 0 Margaret Mary Cosgrove BVM MBA, Vice Chair 1.00 X X 0 0 0 Mark D Wahlert Secretary 1.00 X X 0 0 0 Kathleen Antol Trustee 1.00 X 0 0 0 Chris Brewer Trustee 1.00 X 0 0 0 Anne Brown Trustee 1.00 X 0 0 0 Kathleen Corrigan Trustee 1.00 X 0 0 0 MaryRose Corrigan-Psihoyos Trustee 1.00 X 0 0 0 Gail Coury Trustee 1.00 X 0 0 0 Suzanne Juergens Trustee 1.00 X 0 0 0 Jason Knockel Trustee 1.00 X 0 0 0 LaDonna Manternach Trustee 1.00 X 0 0 0 Elizabeth Petty Trustee 1.00 X 0 0 0 Regina Qualls Trustee 1.00 X 0 0 0 Timothy J Conlon Trustee 1.00 X 0 0 0 Ardell Sanders Trustee 1.00 X 0 0 0 Cathy Schulze Trustee 1.00 X 0 0 0 Alan Stache Trustee 1.00 X 0 0 0 Dr Deborah Ashton Trustee 1.00 X 0 0 0 MaryAnn Zollmann Trustee 1.00 X 0 0 0 Eric Gantz Trustee 1.00 X 0 0 0 Tony Harvat Trustee 1.00 X 0 0 0 Michele Miller Trustee 1.00 X 0 0 0 Thomas Schwartz Trustee 1.00 X 0 0 0 Fletcher Lamkin PhD President/Trustee 40.00 X X 131222 0 18000 Yvonne Zimmerman- - Provost VP of Academic Affairs as of Sept 40.00 X 108780 0 17691 Elizabeth A McGrath Treasurer-VP Business/Finance 40.00 X 151149 0 18739 Steven Kapelke - Provost VP of Academic Affairs until Sept 40.00 X 118968 0 4642 William Biebuyck-VP Instit Adv (Until July)/then VP Emeritus 40.00 X 127364 0 15742 Courtney Leonard VP for Institutional Advancement 40.00 X 118505 0 32230 Julie Cirks VP of Enrollment Management 40.00 X 119602 0 15042 Lisa Rettenmeier Professor of Nursing 40.00 X 112539 0 7236 Alecia Thiele - Associate Professor and Dir of Clinical Educ 40.00 X 118468 0 2789 1106597 0 132111 11 0 1 0 Tri-State Travel PO Box 307 Galena IL 61036 Travel Services 263466 Top-Notch Productions 923 E 59th St Davenport IA 52807 TDH Renovation 233085 Ellucian Company LP 2003 Edmund Halley Drive Reston VA 20191 Software Services 200908 The Registry Three Centennial Drive Peabody MA 01960 Management Services 169575 Spurrier Group LLC 500 Walford Rd SW Cedar Rapids IA 52404 CBH Piping 163822 8 81866 203425 3408835 432466 3694126 Tuition & Fees 611310 31712505 31712505 Auxiliary Enterprises 611710 4482097 4482097 Conference & Events 611710 187640 187640 233107 233107 36615349 1044499 1044499 57616 0 57616 57616 57616 702288 0 702288 702288 702288 39768 81866 28584 11184 11184 228948 112267 116681 116681 42241743 36732030 0 1815587 16960247 16960247 651168 651168 13950662 11915664 1211558 823440 467734 377682 59826 30226 2432663 2239565 109811 83287 1014112 818468 142797 52847 70338 70338 38437 38437 72200 72200 97860 97860 100728 100728 888976 621882 148222 118872 272490 272490 2064882 1937134 87644 40104 535484 178494 178495 178495 14041 14041 746762 717293 9784 19685 67671 63607 4064 170590 151788 18802 2144800 1908409 236391 165316 165316 Repairs and Maintenance 2191653 1961086 230567 Campus Events 238992 173945 29381 35666 Memberships 184105 77066 107039 Bad Debt Expense 159790 2872 156918 146395 27773 118622 45848096 40312332 4055282 1480482 1810 1810 2196312 1258146 733338 1400223 927015 831134 123490 124281 393726 512503 81663949 49560334 33075392 32103615 24972832 23427540 8820226 9074885 590069 536995 1663745 1675475 73497955 70946607 1801106 1766384 1294661 1199145 4944857 4687257 91899 112480 2173295 2311090 10305818 10076356 X 41332921 36233887 21859216 24636364 63192137 60870251 73497955 70946607 X -3606353 1281053 3414 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X 0 0 1 X 32726989 389710 2647870 720266 3774443 31269860 29754573 215286 3952070 322524 772552 99864 32726989 31325939 339229 -259214 635373 904074 111934 29754573 33527238 1541865 -2388229 346506 896226 112203 31325939 26415457 296682 7998072 328816 764161 89996 33527238 0.38740 0.51410 0.09850 0 0 390119 390119 63109905 38262509 24847396 12056496 7838203 4218293 6107429 3459622 2647807 32103615 Cash value of life insurance 253831 F Dubuque Foundation Trust 12567 F Real Estate 15200 C Common Trust Funds 8793287 F 9074885 Due to US Government - loan programs 679631 Conditional asset retirement obligation 1377269 Annuities Payable 2139 Finance Lease Liability 252051 2311090 X 26604400 1281053 1728 -16960247 -15677466 42281866 100728 -140851 -40123 42241743 28926286 1728 137437 139165 28787121 100728 16960247 17060975 45848096 Part III, Line 4: The collection consists of a limited heritage edition of world-renowned Saint John's Bible. The heritage edition is a completely handwritten and illustrated re-creation of the original Saint John's Bible. The Saint John's Bible is a significant representation of the Word of God and a compelling work of art. This rare gift to Clarke will serve as a testament to our Catholic heritage and it will be a source of pride for the University and community. The University plans to exhibit the Bible as volumes are received and is planning a speaker series to accompany each volume's arrival. Part IV, Line 2b: Student deposit accounts are held by the University for various student groups on campus. Part V, Line 4: The endowment funds are invested to provide for total return. Spending from the endowment supports scholarship and other educational activities. Part X, Line 2: The University believes that it has appropriate support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the financial statements. The entity would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred. Part XI, Line 2d - Other Adjustments: Scholarships and grants included in expenses for Form 990 -16,960,247. Part XI, Line 4b - Other Adjustments: Fundraising expenses included in revenue for Form 990 -28,584. Cost of Goods Sold included in revenue for Form 990 -112,267. Part XII, Line 2d - Other Adjustments: Adjustment on annuity obligation included in expense on financial statements -3,414. Fundraising expenses included in revenue for Form 990 28,584. Cost of Goods Sold included in revenue for Form 990 112,267. Part XII, Line 4b - Other Adjustments: Scholarships and grants included in expenses for Form 990 16,960,247. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 Clarke does not make any public disclosures in the media regarding its nondiscrimination policy when recruiting students. However, Clarke does include a statement in the Magazine of Clarke, the website and other printed materials such as brochures and applications. All public job postings include a statement that Clarke is an equal opportunity employer. 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. X X X X X X X 1 EAB-Advancement Services PO Box 603519 Charlotte NC 28260 Fall, holiday, and spring appeals 0 115231 97860 17371 115231 97860 17371 AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY DC Celebrity Golf Classic 121634 81866 39768 4517 4002 15927 4138 121634 81866 39768 4517 4002 15927 4138 28584 11184 1 Institutional scholarships 2716 16235275 Endowed Awards 39 10122 Federal SEOG grants 203 120460 Endowed Scholarships 458 594390 Part I, Line 2: Grants and scholarships are awarded to students based on specific criteria detailed in the various grant/scholarship agreements. Members of the financial aid office and various scholarship/award committees review records for all potential recipients to ensure that the scholarship/award is being awarded properly. X 1 1 X X 0 0 0 0 0 0 0 0 0 Elizabeth A McGrath Treasurer-VP Business/Finance 150852 0 0 0 297 0 9904 0 9674 0 170727 0 0 0 Courtney Leonard VP for Institutional Advancement 118351 0 0 0 154 0 8184 0 24739 0 151428 0 0 0 Part I, Line 1a Fletcher Lamkin, President, received a A plaque in the house states thehousing non-taxable benefit which is reported as other compensation on Form 990, Part VII, Section A, Column (F) and Schedule J, Page 2, Part II, Column (D). A plaque in the house states the house was donated to Clarke for use as the Presidential residence. The President and Interim President conduct significant business activities and university related entertainment on university property. The residence is owned by Clarke and designated the Official University Presidential House. The Organization pays country club dues on behalf of Fletcher Lamkin, President and William Biebuyck (left July) and Courtney Leonard, Vice President for Institutional Advancement. The employees use the country club for business purposes and understand that personal use would be a taxable benefit. Part I, Line 1b The Organization does not have its own written policy regarding payment or reimbursement of expenses for the country club dues, however it follows the IRS tax law related to taxable employer benefits for the employees for which the University pays country club dues. Part I, Line 3 Fletcher Lamkin, President, was paid by a management company until July 2024. The Board and management company used one or more of the methods on Part I, line 3 to establish compensation. As of July 2024, Fletcher Lamkin became an employee of Clarke University. A Iowa Higher Education Loan Authority 421235696 000000000 2023-12-20 5048666 Refunding bonds issued 5/29/2019 0 0 0 A 108350 5048666 5048666 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 0 1 0 0 0 1 A 1 X 11 400843 Avg low high price X Equipment 1 20106 FMV of comparables X Gift cards 17 4517 Cash value X DPT Treatment Tables 1 4000 FMV of comparables X Peter Lik Book 1 3000 Cost 0 0 1 0 Schedule M, Part I, Column (b): The University is reporting a combination of the number of contributions and number of items received in Part I, column (b). Form 990, Part VI, Section A, line 1a The Chair of the Board of Trustees at each annual meeting appoints an Executive Committee which consists of the Chair of the Board of Trustees, the President of the University, the President of the Sisters of Charity of the Blessed Virgin Mary and not less than five nor more than eleven members selected from the Board of Trustees. The Executive Committee has full charge of the affairs of the corporation between regular meetings of the Board of Trustees, subject to the conditions or limitations hereinafter imposed. Excluded from the powers and authority of this Committee are the following: 1. Power to adopt, amend or repeal the Articles of Incorporation or Bylaws; 2. Election of officers of or filling vacancies on the Board of Trustees; 3. Election of or removal of officers of the corporation; 4. Power to act on mergers or consolidations; 5. Appointment of or discharge of standing committees of the Board of Trustees; 6. Undertaking or authorization of major financing, as defined by the Debt Policy, unless specifically authorized to undertake and to negotiate financing in excess of such amount by the Board of Trustees; 7. Authority to fix officers' compensation unless specially authorized by the Board of Trustees; 8. Power to fix student fees, room and board charges, or tuition, except after presentation to the Board of Trustees and then only within the parameters as are set by the Board of Trustees; 9. Sale, lease or disposition of real estate; 10. Such other aspects of the corporation's business as the Board of Trustees may from time to time by resolution specifically restrict; 11. Confer degrees, earned or honorary. Form 990, Part VI, Section A, line 3 Management Company Compensation (CY 2024): Fletcher Lamkin Compensation: $127,500 The President was compensated by an unrelated management company, The Registry, for services to Clarke University of Dubuque until July 2024. As of July 2024 the President became an employee of Clarke University. The President has the responsibility of supervising the management, administration and operation of the University. Form 990, Part VI, Section B, line 11b The review of the Form 990 is delegated by the Board of Trustees of Clarke University to the Audit Committee comprised of members of management of Clarke and several Trustees who serve on the Board. Any revisions are made and subsequently approved by the committee prior to the full board meeting. All Trustees receive a final copy of the Form 990 with Schedule B redacted after it is approved by the Audit Committee and before it is filed with the IRS. Form 990, Part VI, Section B, line 12c Any duality of interest or possible conflict of interest on the part of any Board of Trustee member shall be disclosed to the other members of the board of Trustees and made a matter of record through an annual procedure and also when the conflict of interest becomes a matter of action by the Board of Trustees. Any Board of Trustee member having a duality of interest or possible conflict of interest on any matter shall not vote or use his or her personal influence on the matter, and he or she shall not be counted in determining the quorum situation. The foregoing requirements shall not be construed as preventing the Board of Trustee member from briefly stating his or her position in the matter, nor from answering the pertinent questions of other Board of Trustee members since his or her knowledge may be of great assistance. Any new member of the Board will be advised of this policy upon entering upon the duties of his and her office. Form 990, Part VI, Section B, line 15 The President was paid by a management company until July 2024. The Board met to discuss and approve the President's compensation and the contract terms with the management company, The Registry. The President became an employee of Clarke University as of July 2024. The Audit Committee reviews the compensation for the officers of the Organization and uses comparability data from the IAICU for similar positions. The officers receive the same compensation increase as other salaried and faculty employees on an annual basis. This is documented in the personnel files. Form 990, Part VI, Section C, line 19 The governing documents, conflict of interest policy and audited financial statements of Clarke University are available upon request. In addition, our university-wide conflict of interest policy is available on our website in the employment manual. Our financial statements are also posted on the National Association of College and University Business Officers' website. Form 990, Part XI, line 9: Annuity Adjustment 3,414. Charitable Remainder Trust (1) Charitable income AZ N/A T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0