2025-03-10T19:59:37-04:00 2024-05-31 271176164 Riverview Financial Group PC 709 1st Street PO Box 515 Keosauqua IA 52565 990 2023-06-01 420680332 Iowa Wesleyan University IOWA 1570 235th Street Mount Pleasant IA 52641 Robert A Miller Chairman 3199313887 2025-03-10 true true Janice S Towne P00770311 3192937176 2025-03-10 2023 2025-03-06 01:10:19Z X Robert Miller 1570 235th Street Mount Pleasant IA 52641 2810077 false 2573 X NA X 1842 IA The University is closed and operations ceased May 31, 2023. This return is to report liquidation of assets. Please refer to Schedule A Part VI for additional information. X 6 6 0 -755 0 1362765 70071 26859398 0 98245 -15603813 36432 1151 28356840 -15532591 14084383 0 0 9047079 0 0 0 9725518 261250 32856980 261250 -4500140 -15793841 28364630 0 29406672 0 -1042042 0 X The University is closed and operations ceased May 31, 2023. This return is to report liquidation of assets. Please refer to Schedule A Part VI for additional information. false true The University is closed and operations ceased May 31, 2023. This return is to report liquidation of assets. true true false false false false false true false true false false false false false false false false true false false false false false false false false false false false false false false false false false false false false false true true false false false false false true 1 0 true 0 true false false false false false false true 0 false false false false false false false X 6 6 false true false false false false false true true false false false true true true true true false false false X Robert Miller 3199313887 1570 235th Street Mount Pleasant IA 52641 X Elizabeth Garrels Secratery 1.00 0.00 X 0 0 0 Denise Johnson Trustee 1.00 0.00 X 0 0 0 Robert Meyer Treasurer 1.00 0.00 X 0 0 0 Jason Bender Trustee 1.00 0.00 X 0 0 0 Robert Miller Chair 1.00 0.00 X X 0 0 0 Byron Johnson Vice Chair 1.00 0.00 X X 0 0 0 0 0 0 0 false false false Eurosource LLC 809 Wheeler St Ames IA 50010 Liquidation Managm 156997 1 70071 70071 2200 2955 -755 -755 -755 2735900 18339713 -15603813 -15603813 -15603813 Refund Insurance 524126 1118 1118 Refund Auto 524126 233 233 Misc Refunds 531390 555 555 1906 -15532591 -15601907 -755 0 X 563 563 31698 31698 6850 6850 156997 156997 416 416 15946 15946 5586 5586 150 150 Maintenance 10830 10830 Prior Debts Paid 17710 17710 Student MembershipsMedals 13500 13500 Misc labor paid post closing 1004 1004 261250 0 261250 0 63161 416071 20660 5000 18272713 769285 8817740 28364630 0 3262400 26033714 110558 29406672 0 X -21088573 20046531 -1042042 0 28364630 0 X -15793841 16835883 X false false true true X General Explanation Attachment In March 2023, the University announced that it would cease operations on May 31, 2023. All of the employees were released when operations ceased and the remaining board of trustees were involved during the fiscal year ended May 31, 2024 to oversee the liquidation, termination and dissolution of the University which included the dispostion of all assets during this final fiscal year. All of the Universitys assets were subject to the collateral terms of the credit agreements with the USDA and Two Rivers Bank and the net proceeds from the disposition of the assets were assigned to these creditors. The Iowa State Secretary of State acknowledged receipt of the Articles of Dissolution of the University on May 10, 2024. Prior to ceasing all operations on May 31, 2023, the University operated as a school as described in Section 170(b)(1)(A)(ii). The asnwers to the questions listed on Schedule E of this return reflect the policies and procedures of the University in effect prior to the cessation of all operations on May 31, 2023. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X false 16779159 16779159 16811500 124572 -156913 16779159 16134739 1131270 -426727 27782 16811500 14897098 17334 1275309 55002 16134739 15082077 99861 -104840 180000 14897098 true false true true true true true true true false false false false false false false false true false true Chapel 609 N Main St 2024-01-05 170000 Offer Mount Pleasant Community School Dis 307 E Monroe Street Mount Pleasant IA 52641 Howe Student Center 508 N Broadway 2024-01-05 600000 Offer Mount Pleasant Community School Dis 307 E Monroe Street Mount Pleasant IA 52641 Student Union 508 N Broadway 2024-01-05 150000 Offer Mount Pleasant Community School Dis 307 E Monroe Street Mount Pleasant IA 52641 PEO Building 513 N Main 2024-01-05 110000 Offer Mount Pleasant Community School Dis 307 E Monroe Street Mount Pleasant IA 52641 Old Main 513 N Main 2024-01-05 80000 Offer Mount Pleasant Community School Dis 307 E Monroe Street Mount Pleasant IA 52641 Pioneer Hall 612 N Broadway 2024-01-05 25000 Offer Mount Pleasant Community School Dis 307 E Monroe Street Mount Pleasant IA 52641 Old Gym-510N Main 2024-05-31 50000 Offer Mt Pleasant Utilities Main St Mount Pleasant IA 52641 Physical Plant Shop 506 N Main 2023-12-27 43000 appraisal Mt Pleasant Utilities Main St Mount Pleasant IA 52641 Nemitz Suites 603 N Adams 2023-10-17 200000 Offer IWU Mt Pleasant LLC 1101 W 9th St Apt 202 Davenport IA 528043783 Science Building 610 N Main 2024-10-17 50000 Offer IWU Mt Pleasant LLC 1101 W 9th St Apt 202 Davenport IA 528043783 Library 107 W Broad 2024-01-03 160000 Offer Traction Steam 107 W Broad Mount Pleasant IA 52641 Willis Wrestling Facility 205 East Taft 2023-11-17 230000 Offer SW Holdings LLC PO Box 326 Mount Pleasant IA 52641 Harlan Lincoln 101 W Broad 2023-09-12 98000 appraisal Harlan Lincoln House Inc W Broad Mount Pleasant IA 52641 Presidents House 611 East Washington 2023-08-29 215000 Offer Blaine Rodgers 611 E Washington St Mount Pleasant IA 52641 Rental 505 N Broadway 2023-11-17 90000 Offer Keith Kramer 505 N Broadway St Mount Pleasant IA 52641 Rental 507 N Broadway 2023-09-05 146000 Offer Yorke Prough 507 N Broadway St Mount Pleasant IA 52641 Rental 503 N Broadway 2023-08-24 70000 Offer Adalberto Ruiz De Chavez Lutz 503 N Broadway St Mount Pleasant IA 52641 Rental 205 W Franklin 2023-08-24 92500 Offer Jorge Cordona Ortiz 205 W Franklin Mount Pleasant IA 52641 Rental 111 W Broad 2023-10-20 105000 Offer Zachary Boecker 611 Palm Ave Mount Pleasant IA 52641 McKibbin Hall 204 W Pearl 2023-10-17 20000 Offer IWU Mt Pleasant LLC 1101 W 9th St Apt 202 Davenport IA 528043783 S-T Hall 607 N Broadway 2023-10-17 20000 Offer IWU Mt Pleasant LLC 1101 W 9th St Apt 202 Davenport IA 528043783 Hershey WestHall 600 N Jackson 601 N Broadway 2023-10-17 10000 Offer IWU Mt Pleasant LLC 1101 W 9th St Apt 202 Davenport IA 528043783 Jukette Hall 413 N Broadway 2023-08-17 Offer County Ridge Builders LLC 915 S Iris Mount Pleasant IA 52641 Parking Spot W Broad St Offer IWU Mt Pleasant LLC 1101 W 9th St Apt 202 Davenport IA 528043783 Practice Field Maple Leif DR 2023-10-07 115000 Offer Mt Pleasant School District 307 E Monroe Mount Pleasant IA 52641 Parking Spots 5 2023-11-17 25000 Offer SW Holdings LLCC PO Box 326 Mount Pleasant IA 52641 Moveable Equipment 2023-08-28 593623 Offer Various businesses and individuals Art Auction 2023-08-28 250028 offer Various businesses and individuals Misc Items 2023-09-01 29960 offer Mt Pleasant Correctional Facility E Washington Mount Pleasant IA 52641 false false false false true true true true false false false false false false Management duties delegation Part VI line 3 The liquidation was monitored and controled by the USDA Form 990 governing body review Part VI line 11 The remaining governing board will be furnished a copy of the final 990 prior to filing. Conflict of interest policy compliance Part VI line 12c The university trustees voluntarily report conflicts and abstain from voting on issues in which conflicts exist . Governing documents etc available to public Part VI line 19 These documents will be made available to the public upon request. Cessation of or significant change to any program service Part III line 3 Line 3 - All operations ceased on May 31,2023 Explanation of other changes in net assets or fund balances Part XI line 9 Please refer to detail disclosure on Schedule A Part VI List of other fees for services expenses Part IX line 11g Fees charged on liquidation Part XI response or note to any line in Part XI The balance sheet was cleared and all value turned over in payment of debt. Please refer to Schedule A Part VI for a more detailed explanation of our liquidation.