2025-02-24T10:28:32-06:00 2024-06-30 410746749 CLIFTONLARSONALLEN LLP 8390 EAST CRESCENT PARKWAY SUITE 300 GREENWOOD VILLAGE CO 80111 990 2023-07-01 420680460 DRAKE UNIVERSITY DRAK 5152713112 2507 UNIVERSITY AVENUE DES MOINES IA 50311 ADAM VOIGTS CHIEF FINANCIAL OFFICER 5152713112 2024-12-15 1 0 SARAH HINTZ P00492291 3037795710 2025-02-24 2023 2025-03-06 01:10:19Z EARL F MARTIN 2507 UNIVERSITY AVENUE DES MOINES IA 50311 292503446 0 X WWW.DRAKE.EDU X 1881 IA SEE SCHEDULE O.DRAKE'S MISSION IS TO PROVIDE AN EXCEPTIONAL LEARNING ENVIRONMENT THAT PREPARES STUDENTS FOR MEANINGFUL PERSONAL LIVES, PROFESSIONAL ACCOMPLISHMENTS, AND RESPONSIBLE GLOBAL CITIZENSHIP. THE DRAKE EXPERIENCE IS DISTINGUISHED BY COLLABORATIVE LEARNING AMONG STUDENTS, FACULTY, AND STAFF AND BY THE INTEGRATION OF THE LIBERAL ARTS AND SCIENCES WITH PROFESSIONAL PREPARATION. 31 30 2898 5026 1960 56295 52717798 52465928 193042717 192089070 7336673 11687095 6007795 6812534 259104983 263054627 84144553 85166780 0 0 101178526 102554733 132442 0 3737937 60888606 62739531 246344127 250461044 12760856 12593583 568210282 607488087 90602626 86036105 477607656 521451982 X SEE SCHEDULE O.DRAKE'S MISSION IS TO PROVIDE AN EXCEPTIONAL LEARNING ENVIRONMENT THAT PREPARES STUDENTS FOR MEANINGFUL PERSONAL LIVES, PROFESSIONAL ACCOMPLISHMENTS, AND RESPONSIBLE GLOBAL CITIZENSHIP. THE DRAKE EXPERIENCE IS DISTINGUISHED BY COLLABORATIVE LEARNING AMONG STUDENTS, FACULTY, AND STAFF AND BY THE INTEGRATION OF THE LIBERAL ARTS AND SCIENCES WITH PROFESSIONAL PREPARATION. 0 0 224770587 85166780 191973770 DRAKE UNIVERSITY IS A NATIONAL COEDUCATIONAL, INDEPENDENT AND PRIVATE UNIVERSITY WITH APPROXIMATELY 5,000 STUDENTS ENROLLED FOR THE 2023 - 2024 ACADEMIC YEAR. DRAKE IS ACCREDITED BY THE HIGHER LEARNING COMMISSION OF THE NORTH CENTRAL ASSOCIATION OF SCHOOLS AND COLLEGES. 224770587 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 0 1 1 0 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 1 7713 0 1 2898 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 31 30 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X ADAM VOIGTS 5152713112 2507 UNIVERSITY AVE DES MOINES IA 50311 EARL MARTIN PRESIDENT & TRUSTEE 40.00 5.00 X X 552126 0 155265 MARK ERNST TRUSTEE & BOARD CHAIR 1.00 0.00 X X 0 0 0 JONATHAN AZU TRUSTEE & VICE CHAIR 1.00 0.00 X X 0 0 0 PEGGY FISHER TRUSTEE & VICE CHAIR 1.00 0.00 X X 0 0 0 PAUL LEAVITT TRUSTEE & VICE CHAIR 1.00 0.00 X X 0 0 0 CYNTHIA LESHER TRUSTEE & VICE CHAIR 1.00 0.00 X X 0 0 0 PAUL SCHICKLER TRUSTEE & VICE CHAIR 1.00 0.00 X X 0 0 0 LINDSAY WHORTON TRUSTEE & VICE CHAIR 1.00 0.00 X X 0 0 0 JOE AIELLO TRUSTEE 1.00 3.00 X X 0 0 0 PATTI AVERY TRUSTEE 1.00 0.00 X 0 0 0 TOM BERNAU TRUSTEE 1.00 3.00 X 0 0 0 KAREN BRANDING TRUSTEE 1.00 0.00 X 0 0 0 DOUGLAS BRUCE TRUSTEE (THRU JAN 2024) 1.00 0.00 X 0 0 0 SUZIE BURT TRUSTEE 1.00 0.00 X 0 0 0 MARTHA CAPPS TRUSTEE 1.00 0.00 X 0 0 0 LOUIS CARR TRUSTEE 1.00 0.00 X 0 0 0 JOHNNIE CARSON TRUSTEE 1.00 0.00 X 0 0 0 MARTA CODINA TRUSTEE 1.00 0.00 X 0 0 0 PETER COWNIE TRUSTEE 1.00 0.00 X 0 0 0 PAUL DOUCETTE TRUSTEE 1.00 0.00 X X 0 0 0 KATHY FEHRMAN TRUSTEE 1.00 0.00 X 0 0 0 DAVID GOLDER TRUSTEE 1.00 0.00 X 0 0 0 GREG JOHANSEN TRUSTEE 1.00 0.00 X 0 0 0 CATHRYN LACY TRUSTEE 1.00 0.00 X 0 0 0 DOUGLAS LANG TRUSTEE 1.00 0.00 X X 0 0 0 KEN MCCULLUM TRUSTEE 1.00 0.00 X 0 0 0 RACHEL MCLEAN TRUSTEE 1.00 0.00 X 0 0 0 JOHN MILLER TRUSTEE 1.00 0.00 X 0 0 0 AMY OHDE TRUSTEE 1.00 0.00 X 0 0 0 RUDOLPH D TREBELS TRUSTEE 1.00 0.00 X 0 0 0 IKE VANDEN EYKEL TRUSTEE 1.00 0.00 X 0 0 0 JIM WALLACE TRUSTEE 1.00 0.00 X X 0 0 0 LARRY ZIMPLEMAN TRUSTEE 1.00 0.00 X 0 0 0 SUE MATTISON PROVOST 40.00 0.00 X 233066 0 30236 JOHN SMITH VP OF INST. ADVANCEMENT 40.00 0.00 X 222920 0 38105 ADAM VOIGTS CFO & TREASURER 40.00 0.00 X 205668 0 38314 VENESSA KUHLMANN-MACRO CHIEF ADMIN OFFICER 40.00 0.00 X 184462 0 37572 DARIAN DEVRIES HEAD MEN'S BASKETBALL COACH 40.00 0.00 X 670358 0 49161 ALLAN VESTAL PROFESSOR OF LAW 40.00 0.00 X 284037 0 42842 JERRY ANDERSON DEAN OF LAW SCHOOL 40.00 0.00 X 257211 0 43280 BRIAN HARDIN DIRECTOR OF ATHLETICS 40.00 0.00 X 258994 0 42690 ALEJANDRO HERNANDEZ DEAN OF COLLEGE OF BUSINESS 40.00 0.00 X 222140 0 40700 3090982 0 518165 170 0 1 0 STORY CONSTRUCTION 2810 WAKEFIELD CIR AMES IA 50010 CONSTRUCTION SERVICES 7220535 SODEXO INC AND AFFILIATES PO BOX 360170 PITTSBURG PA 15262 FOOD SERVICES 6271716 DES MOINES INDEPENDENT COMMUNITY SCHOOL 2100 FLEUR DR DES MOINES IA 50321 HEAD START PROGRAM & MEDIACOM STADIUM 5228703 WILEY EDU LLC 1415 W 22ND ST OAK BROOK IL 60523 ONLINE STRATEGIC CONSULTING & SUPPORT 1479559 WALDINGER CORPORATION 6200 SCOUT TRAIL DES MOINES IA 50321 CONSTRUCTION SERVICES 1064415 86 397910 15585142 36482876 11188035 52465928 TUITION REVENUE 611710 168155290 168155290 STUDENT HOUSING/BOARD 721310 15453637 15453637 ATHLETICS REVENUE 711210 6987487 6872187 115300 OTHER AUXILIARY ENTERP 611710 950779 950779 PARKING FEES 812930 541877 541877 192089070 4994198 -115040 5109238 875278 875278 384720 348915 35805 35805 35805 35575157 58000 28653947 286313 6921210 -228313 6692897 6692897 189288 397910 159644 29644 29644 MISCELLANEOUS INCOME 611710 5870107 5870107 ADVERTISING 540000 1700 1700 5871807 263054627 191973770 1960 18612969 85166780 85166780 1674510 301412 1088432 284666 76339657 66125924 8343693 1870040 5130675 3978387 1027075 125213 13899766 11924022 1610644 365100 5510125 4261210 1116737 132178 405062 147425 257637 125806 125806 860380 860380 3936462 3936462 935916 489591 381816 64509 992100 689362 187994 114744 186821 127216 52082 7523 4954569 4631923 256445 66201 5928219 5571884 220412 135923 8707 8707 1275059 1249163 25896 11339474 10638577 700897 1613986 283939 1329932 115 CONTRACTS & LEASES 16537613 13452033 2627745 457835 DUES & SUBSCRIPTIONS 3357915 2824463 509784 23668 LICENSE FEES 2125894 1023228 1102553 113 SUPPLIES & EQUIPMENT 2001158 1886284 37749 77125 6154390 6052595 88811 12984 250461044 224770587 21952520 3737937 20950171 14507677 7111001 9058106 35807156 36422344 4366767 5299507 6953584 5999072 129054 139865 7708300 10046056 435916554 202541292 227672076 233375262 108111522 118549316 148682646 173549679 718005 541203 568210282 607488087 10331530 12030232 5127415 4242237 12122971 10490187 42303247 39811750 7459632 7474031 13257831 11987668 90602626 86036105 X 221287408 229931823 256320248 291520159 477607656 521451982 568210282 607488087 X 12593583 30365257 885486 X X 0 1 X 1 1 1 X 35315962 37477675 48766464 52717798 52465928 226743827 35315962 37477675 48766464 52717798 52465928 226743827 3619042 223124785 3693951 2883375 5292998 4270035 6369236 22509595 26582 17429 183661 21469 57347 306488 249559910 571953011 0.89410 0.89130 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 0 266901955 12775874 41079508 5983994 7623198 941585 306208560 245420135 6921298 28448779 5802599 7155553 930105 266901955 279782244 6134781 -27374223 5315400 6858186 949081 245420135 219800168 4848372 67040876 4751300 6358590 797282 279782244 226154907 3343141 1930445 4641400 6256630 730295 219800168 0.24450 0.59180 0.16370 1 0 9225956 30670367 39896323 302699820 140828786 161871034 83447391 61712506 21734885 9873020 9873020 233375262 CASH SURRENDER VALUE OF LIFE INSURANCE 3768676 F FUNDS HELD IN TRUST BY OTHERS 12841208 F PRIVATE EQUITY 156939795 F 173549679 ACCRUED POSTRETIREMENT BENEFIT OBLIGATION 9242431 REAL ESTATE DEPOSIT 20591 FIN 47 LIABILITY 1206614 AGENCY FUNDS 34682 ANNUITIES PAYABLE 930385 LEASE LIABILITY 552965 11987668 X 208437854 30365257 -84281294 -53916037 262353891 860380 -159644 700736 263054627 164593528 159644 159644 164433884 860380 85166780 86027160 250461044 PART III, LINE 1A: WORKS OF ART - THE UNIVERSITY MAINTAINS SEVERAL COLLECTIONS, WHICH ARE NOT REPORTED FOR FINANCIAL STATEMENT PURPOSES. THESE COLLECTIONS INCLUDE WORKS OF ART, NATURAL HISTORY ARTIFACTS, AND OTHER SIMILAR OBJECTS. COLLECTIONS ARE HELD FOR PUBLIC EXHIBITION, EDUCATION AND RESEARCH IN FURTHERANCE OF THE UNIVERSITY'S GOAL TO PROVIDE PUBLIC SERVICE. VARIOUS UNIVERSITY DEPARTMENTS HAVE THE RESPONSIBILITY TO CONTROL, PRESERVE AND PROTECT THESE COLLECTIONS. PART III, LINE 4: COLLECTIONS ARE HELD FOR PUBLIC EXHIBITION, EDUCATION AND RESEARCH IN FURTHERANCE OF THE UNIVERSITY'S GOAL TO PROVIDE PUBLIC SERVICE. PART V, LINE 4: THE UNIVERSITY'S ENDOWMENT CONSISTS OF DONOR GIFTS PLUS OTHER BOARD DESIGNATED FUNDS WHICH ARE DEEMED TO BE HELD AND INVESTED IN PERPETUITY. THE BOARD OF TRUSTEES APPROVES A SPENDING POLICY FOR THE ENDOWMENT. ENDOWMENT EARNINGS ARE SPENT ON SCHOLARSHIPS AND AWARDS, GENERAL EDUCATION SUPPORT AND LIBRARIES, GENERAL UNIVERSITY OPERATIONS, AND FACULTY CHAIRS AND PROFESSORSHIPS IN ACCORDANCE WITH DONOR RESTRICTIONS AND BOARD DESIGNATIONS. PART X, LINE 2: THE UNIVERSITY HAS RECEIVED A TAX DETERMINATION LETTER FROM THE INTERNAL REVENUE SERVICE (IRS) INDICATING IT IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (THE "CODE") AS A CHARITABLE EDUCATIONAL INSTITUTION. AS SUCH, THE UNIVERSITY IS TAXED ONLY ON ANY NET UNRELATED BUSINESS INCOME UNDER SECTION 511 OF THE CODE. GAAP REQUIRES MANAGEMENT EVALUATE TAX POSITIONS TAKEN BY THE UNIVERSITY AND RECOGNIZE A TAX LIABILITY (OR ASSET) IF THE UNIVERSITY HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE IRS. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE UNIVERSITY, AND HAS CONCLUDED THAT AS OF JUNE 30, 2024 AND 2023, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. THE UNIVERSITY IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. THE STATUTE OF LIMITATIONS ON THE UNIVERSITY'S U.S. FEDERAL TAX RETURNS REMAINS OPEN FOR THE YEARS ENDED JUNE 30, 2021, THROUGH THE PRESENT. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN SPLIT INTEREST AGREEMENTS -269,652. CHANGE IN POSTRETIREMENT BENEFIT PLANS 1,155,138. SCHOLARSHIPS -85,166,780. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES -159,644. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 159,644. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 85,166,780. 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 DRAKE UNIVERSITY DOES NOT UNLAWFULLY DISCRIMINATE ON THE BASIS OF SEX, COLOR, RELIGION, NATIONAL OR ETHNIC ORIGINS, AGE, SEXUAL ORIENTATION, DISABILITY OR VETERAN DISABILITY STATUS IN ADMINISTRATION OF ITS POLICIES ENCOMPASSING THE ENTIRE UNIVERSITY. DRAKE RESERVES THE RIGHT TO TAKE AFFIRMATIVE ACTION IN CONNECTION WITH THIS POLICY. DRAKE UNIVERSITY IS NOT REQUIRED TO PUBLICIZE ITS RACIALLY NONDISCRIMINATORY POLICY THROUGH NEWSPAPER OR BROADCAST MEDIA DURING REGISTRATION BECAUSE PARAGRAPH 4.03(2)(B) OF REV. PROC. 75-50 APPLIES. THE NONDISCRIMINATORY POLICY IS PROVIDED ON THE UNIVERSITY WEBSITE INCLUDING ON THE HOMEPAGE THROUGH THE POLICY LIBRARY AND NONDISCRIMINATION & ACCESSIBILITY LINKS. SCHEDULE E, PART I, LINE 6 DRAKE RECEIVES TITLE IV FINANCIAL AID FOR STUDENTS FROM THE DEPARTMENT OF EDUCATION PELL GRANT PROGRAM, SEOG, WORK STUDY PROGRAM, HEALTH PROFESSIONS STUDENT LOAN PROGRAMS AND DIRECT LOAN PROGRAM. THE UNIVERSITY RECEIVES STATE-FUNDED STUDENT ASSISTANCE THROUGH PROGRAMS MANAGED BY IOWA COLLEGE AID BOARD OF COMMISSIONERS UNDER THE IOWA DEPARTMENT OF EDUCATION. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 49657459 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 2335244 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES STUDY ABROAD - INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT 674500 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES STUDY ABROAD - INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT 166627 SOUTH ASIA 0 0 PROGRAM SERVICES STUDY ABROAD - INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT 14207 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES STUDY ABROAD - INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT 76766 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES STUDY ABROAD - INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT 567547 0 0 0 0 0 0 53492350 0 53492350 0 0 1 1 1 0 PART I, LINE 3: ACCRUAL METHOD RAY CENTER DINNER 384482 359477 25005 54894 17178 RAY CENTER AUCTION 84930 38433 46497 46497 5755 1 117786 117786 35320 587198 397910 189288 46497 54894 58253 159644 29644 1 DRAKE UNIVERSITY AWARDED STUDENT AID 3004 78729494 0 N/A N/A DONOR RESTRICTED/ENDOWED SCHOLARSHIPS 1051 6437286 0 N/A N/A PART I, LINE 2: DRAKE UNIVERSITY HAS EMPLOYEES DEDICATED TO POST-AWARD REVIEW AND COMPLIANCE FOR ALL FEDERAL, STATE, AND PRIVATE GRANTS RECEIVED. IN ADDITION, DRAKE RECEIVES AN A-133 AUDIT ON AN ANNUAL BASIS FROM THE EXTERNAL AUDIT FIRM. OUR FY24 A-133 AUDIT EXPRESSED AN UNQUALIFIED OPINION, NO SIGNIFICANT DEFICIENCIES IN INTERNAL CONTROL, AND NO INSTANCES OF MATERIAL NONCOMPLIANCE. X X X X 1 1 X X X 0 1 0 0 0 0 0 1 0 DARIAN DEVRIES HEAD MEN'S BASKETBALL COACH 580936 0 85000 0 4422 0 26400 0 22761 0 719519 0 0 0 EARL MARTIN PRESIDENT & TRUSTEE 446794 0 90000 0 15332 0 96400 0 58865 0 707391 0 0 0 ALLAN VESTAL PROFESSOR OF LAW 276596 0 0 0 7441 0 21587 0 21255 0 326879 0 0 0 BRIAN HARDIN DIRECTOR OF ATHLETICS 214875 0 30000 0 14119 0 17983 0 24707 0 301684 0 0 0 JERRY ANDERSON DEAN OF LAW SCHOOL 253161 0 0 0 4050 0 20850 0 22430 0 300491 0 0 0 SUE MATTISON PROVOST 228780 0 0 0 4286 0 18655 0 11581 0 263302 0 0 0 ALEJANDRO HERNANDEZ DEAN OF COLLEGE OF BUSINESS 218642 0 0 0 3498 0 18040 0 22660 0 262840 0 0 0 JOHN SMITH VP OF INST. ADVANCEMENT 202431 0 8000 0 12489 0 16739 0 21366 0 261025 0 0 0 ADAM VOIGTS CFO & TREASURER 203017 0 1527 0 1124 0 16790 0 21524 0 243982 0 0 0 VENESSA KUHLMANN-MACRO CHIEF ADMIN OFFICER 182651 0 0 0 1811 0 15236 0 22336 0 222034 0 0 0 PART I, LINE 1A A UNIVERSITY-OWNED RESIDENCE IS PROVIDED TO THE PRESIDENT. THIS IS A CONDITION OF EMPLOYMENT AND IS FOR THE CONVENIENCE OF THE EMPLOYER. THE RESIDENCE IS USED FOR MANY UNIVERSITY FUNCTIONS, MEALS, AND RECEPTIONS INVOLVING FACULTY, STAFF, STUDENTS, DONORS, AND THE GENERAL PUBLIC THROUGHOUT THE YEAR. THE VALUE OF THE RESIDENCE IS INCLUDED IN NONTAXABLE BENEFITS IN PART II, COLUMN (D). A SOCIAL CLUB MEMBERSHIP IS PROVIDED TO THE PRESIDENT, ATHLETIC DIRECTOR, HEAD MEN'S BASKETBALL COACH, AND HEAD WOMEN'S BASKETBALL COACH FOR UNIVERSITY BUSINESS. ANY EXPENSES INCURRED THAT ARE NOT RELATED TO UNIVERSITY BUSINESS ARE PAID FOR PERSONALLY BY THE INDIVIDUALS. THE UNIVERSITY DOES NOT PROVIDE FIRST CLASS TRAVEL FOR ITS EMPLOYEES. THE HEAD MEN'S BASKETBALL COACH , HEAD WOMEN'S BASKETBALL COACH, AND HEAD FOOTBALL COACH OCCASIONALLY TRAVEL BY CHARTER WITH THEIR TEAMS TO SCHEDULED EVENTS. TRAVEL FOR COMPANIONS IS PROVIDED IF IT IS NECESSARY FOR BUSINESS PURPOSES. WHEN TRAVEL FOR COMPANIONS IS PROVIDED FOR NON-BUSINESS PURPOSES, THE VALUE OF THE TRAVEL IS INCLUDED IN TAXABLE WAGES. THERE WERE NO BENEFITS RELATED TO TRAVEL FOR COMPANIONS DURING THE YEAR. PART I, LINE 4B AS DIRECTED WITHIN SPECIFIED EMPLOYMENT CONTRACT FOR EARL F. MARTIN, PRESIDENT, THE ORGANIZATION MAINTAINS A NON-QUALIFIED DEFERRED COMPENSATION PLAN UNDER SECTION 457(F) OF THE INTERNAL REVENUE CODE. THE PLAN PROVIDES FOR THE ORGANIZATION TO MAKE CONTRIBUTIONS FOR ELIGIBLE EMPLOYEES. CONTRIBUTIONS OF $75,000 DURING FISCAL YEAR 2024 WERE MADE TO THE PLAN. NO DISTRIBUTIONS WERE MADE RELATED TO THESE CONTRIBUTIONS. PART I, LINE 7 EARL F. MARTIN III, BRIAN HARDIN, AND DARIAN DEVRIES RECEIVED BONUS PAYMENTS PURSUANT TO CRITERIA SPECIFIED IN THEIR RESPECTIVE EMPLOYMENT CONTRACTS. OTHER SENIOR LEADERS WERE AWARDED DISCRETIONARY BONUS PAYMENTS BASED ON PERFORMANCE INDICATORS DURING THE ANNUAL PERFORMANCE EVALUATION PROCESS AS DETERMINED BY THE PRESIDENT. A IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 4624604F0 2016-04-28 33422431 CONSTRUCT FACILITY & REFUND ISSUE (4/5/07) 0 0 0 B IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 2021-09-29 25065000 REFUND PRIOR ISSUES (1/18/17 & 2/7/17) 0 0 0 A 10530000 33478225 4649 411264 22003556 11058756 2018 0 1 1 1 B 7348000 25065000 79 235816 24829105 2021 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 0 A 0 0 0 1 0 0 0 0 1 B 0 0 1 1 0 0 0 0 1 A 1 B 1 SCHEDULE K, PART IV, ARBITRAGE, LINE 2C: (A) ISSUER NAME: IOWA HIGHER EDUCATION LOAN AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 04/01/2018 (A) ISSUER NAME: IOWA HIGHER EDUCATION LOAN AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 03/29/2022 PART II, LINE 3 - THE TOTAL PROCEEDS DO NOT AGREE TO THE ISSUE PRICE IN PART I, COLUMN (E) DUE TO INVESTMENT EARNINGS. NOTE REGARDING THE REBATE COMPUTATION ON 4/1/2018: SINCE THE BOND PROCEEDS HAVE BEEN SPENT, AND THE DEBT SERVICE FUND WAS OPERATED ON A BONA FIDE BASIS, NO FURTHER REBATE CALCULATIONS ARE NECESSARY. NOTE REGARDING THE REBATE COMPUTATIONS ON 3/29/2022: SINCE THE BOND PROCEEDS HAVE BEEN SPENT, A SPENDING EXCEPTION WAS MET, AND THE DEBT SERVICE FUND WAS OPERATED ON A BONA FIDE BASIS, NO FURTHER REBATE CALCULATIONS ARE NECESSARY. X 48 6783225 FMV X 1 4215429 APPRAISED VALUE X AUCTION ITEMS 110 189381 FMV 1 0 1 1 PART I, COLUMN (B): COLUMN (B) REFLECTS THE TOTAL NUMBER OF DONORS. PART I, LINE 32B: THE UNIVERSITY ENGAGES LEGAL COUNSEL OR REAL ESTATE AGENTS TO SELL DONATED REAL PROPERTY. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE SHALL BE CHAIRED BY THE BOARD CHAIR AND SHALL INCLUDE ALL COMMITTEE CHAIRS AND THE PRESIDENT. THE EXECUTIVE COMMITTEE IS EMPOWERED TO PROVIDE GENERAL SUPERVISION OF THE ADMINISTRATION AND PROPERTY OF THE UNIVERSITY BETWEEN MEETINGS OF THE BOARD, EXCEPT THAT, UNLESS SPECIFICALLY EMPOWERED BY THE BOARD TO DO SO, IT MAY NOT TAKE ANY ACTION INCONSISTENT WITH A PRIOR ACT OF THE BOARD, AWARD DEGREES, ALTER BYLAWS, LOCATE PERMANENT BUILDINGS, REMOVE OR APPOINT THE PRESIDENT, OR TAKE ANY OTHER ACTION WHICH HAS BEEN RESERVED BY THE BOARD. THE EXECUTIVE COMMITTEE SHALL MEET WHEN CALLED BY THE BOARD CHAIR. A MAJORITY OF THE MEMBERS OF THE EXECUTIVE COMMITTEE SHALL CONSTITUTE A QUORUM FOR THE TRANSACTION OF BUSINESS. MINUTES OF THE MEETINGS OF THE EXECUTIVE COMMITTEE SHALL BE TAKEN AND SHALL BE DISTRIBUTED PROMPTLY TO ALL TRUSTEES FOLLOWING EACH EXECUTIVE COMMITTEE MEETING. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD AUDIT COMMITTEE IS CHARGED WITH REVIEW OF THE FORM 990 ON BEHALF OF THE ENTIRE BOARD OF TRUSTEES. UPON COMPLETION OF THE CURRENT YEAR'S RETURN, FINANCE STAFF, ALONG WITH DRAKE'S EXTERNAL TAX FIRM, REVIEWED THE COMPLETED FORM 990 WITH THE AUDIT COMMITTEE. A COPY OF THE COMPLETE FORM 990 WAS MADE AVAILABLE TO EACH MEMBER OF THE BOARD OF TRUSTEES VIA THE BOARD PORTAL PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C A CONFLICT OF INTEREST FORM IS ANNUALLY COMPLETED BY EACH DRAKE UNIVERSITY TRUSTEE, OFFICER, AND KEY ADMINISTRATOR. THE FORM IS COLLECTED BY THE PRESIDENT'S OFFICE WHICH ENSURES ALL REQUESTED FORMS ARE RECEIVED. THE RESULTS ARE SENT TO THE OFFICE OF THE CHIEF FINANCIAL OFFICER FOR FURTHER REVIEW AND MONITORING AS NEEDED. INFORMATION REPORTED ON THE FORMS IS ALSO PROVIDED TO THE AUDIT COMMITTEE ANNUALLY FOR REVIEW, ASSESSMENT, AND MONITORING AS NEEDED. IT WILL BE DETERMINED WHETHER CONDITIONS OR RESTRICTIONS, IF ANY, SHOULD BE IMPOSED TO MANAGE, REDUCE OR ELIMINATE SUCH CONFLICT OF INTEREST. THE PROCEEDINGS ARE RECORDED IN THE AUDIT COMMITTEE'S MEETING MINUTES. FORM 990, PART VI, SECTION B, LINE 15 DRAKE UNIVERSITY PARTICIPATES ANNUALLY IN THE COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION FOR HUMAN RESOURCES (CUPA-HR) SALARY SURVEYS. THE ADMINISTRATIVE SALARY SURVEY REPORTS BASE SALARY INFORMATION FOR SENIOR LEVEL ADMINISTRATIVE POSITIONS. A PEER GROUP OF INSTITUTIONS THAT ARE SIMILAR TO AND COMPETE WITH DRAKE UNIVERSITY WAS ESTABLISHED FOR PURPOSES OF COMPENSATION ANALYSIS. FACTORS INCLUDED IN DETERMINING THE DRAKE UNIVERSITY PEER GROUP INCLUDE: ACADEMIC PROGRAMS, ENROLLMENT, BUDGET SIZE, STUDENT DEMOGRAPHICS AND ACADEMIC QUALITY. THE CUPA-HR SALARY SURVEY TOOL ALLOWS DRAKE TO COMPARE BASE SALARIES AGAINST THOSE REPORTED BY PEER INSTITUTIONS, THEREBY PROVIDING HIGHLY RELIABLE COMPARABLE SALARY INFORMATION. IN ADDITION, THE UNIVERSITY PERIODICALLY UNDERTAKES A REVIEW BY AN INDEPENDENT THIRD-PARTY COMPENSATION CONSULTANT OF ALL COMPONENTS OF THE PRESIDENT'S COMPENSATION, INCLUDING BASE SALARY, BONUS STRUCTURE, DEFERRED COMPENSATION, BENEFITS AND TOTAL REMUNERATION. ANNUALLY THE DIRECTOR OF HR AND THE CHIEF ADMINISTRATION OFFICER DEVELOP A COMMUNICATION TO THE BOARD OF TRUSTEES COMPENSATION COMMITTEE DOCUMENTING AN ANALYSIS OF BASE SALARY COMPENSATION FOR THE PRESIDENT AND NON-FACULTY MEMBERS OF THE PRESIDENT'S COUNCIL ("COUNCIL"). THE DRAKE UNIVERSITY COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES ("THE COMMITTEE") IS AN INDEPENDENT BODY COMPRISED OF NON-DRAKE UNIVERSITY EMPLOYEES. EXTENSIVE AND COMPLETE COMPARABILITY DATA EXISTS TO MEET THE REQUIREMENTS OF THE REBUTTABLE PRESUMPTION STANDARD OF REASONABLENESS FOR EXECUTIVE COMPENSATION AS SET FORTH BY THE TREASURY DEPARTMENT'S REGULATIONS IMPLEMENTING INTERNAL REVENUE CODE SECTION 4958. THE COMMITTEE COMPLETES CONTEMPORANEOUS SUBSTANTIATION OF ITS DELIBERATION AND DECISION IN THE FORM OF AN ITEMIZED RESOLUTION. FORM 990, PART VI, SECTION C, LINE 18 THE ORGANIZATION'S FORM 1023, FORM 990 AND FORM 990-T ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S AUDIT REPORT IS AVAILABLE ON THE UNIVERSITY'S WEBSITE. THE BYLAWS OF THE ORGANIZATION ARE ALSO AVAILABLE ON THE UNIVERSITY'S WEBSITE. THE ORGANIZATION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: CHANGE IN SPLIT INTEREST AGREEMENTS -269,652. CHANGE IN POSTRETIREMENT BENEFIT PLANS 1,155,138. FORM 990, PART XII, LINE 2C: THE PROCESS FOR AUDIT OVERSIGHT AND SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM THE PRIOR YEAR. 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