2024-02-29T22:10:40-05:00 2023-05-31 271176164 Riverview Financial Group PC 709 1st Street Suite 3 PO Box 515 Keosauqua IA 52565 990 2022-06-01 420680332 Iowa Wesleyan University IOWA 1570 235th Street Mount Pleasant IA 52641 Robert A Miller Chairman 3199313887 2024-02-27 true Robert Miller Janice S Towne P00770311 3192937176 2024-02-29 0 00 AAL1 IAL1 2022 2023-04-26 12:10:37Z X Robert Miller 1570 235th Street Mount Pleasant IA 52641 28421728 false 2573 X NA X 1842 IA Iowa Wesleyan University is a Transformational Learning Community whose passion is to Educate, Empower, and Inspire Students to Lead Meaningful Lives and Careers. The University is closed and operations ceased May 31, 2023. 14 14 443 50 0 0 4781584 1362765 26052717 26859398 41503 98245 26050 36432 30901854 28356840 13094006 14084383 0 8652412 9047079 0 479587 10339057 9725518 32085475 32856980 -1183621 -4500140 33894397 28364630 29818243 29406672 4076154 -1042042 X Iowa Wesleyan University is a Transformational Learning Community whose passion is to Educate, Empower, and Inspire Students to Lead Meaningful Lives and Careers. The University is closed and operations ceased May 31, 2023. false false 14084383 14084383 Scholarship Programs for Scholarship and Grants to 693 Students. 7032343 22245616 The University is accredited as a Baccalaureate institution by the higher power learning commission. Student payments of tuition and service fees are used to provide the highest possible quality education at the lowest possible cost. The university enrolled 874 full and part-time students in the fall semester of 2022 and 783 students in the spring semester of 2023.The University ceased operations on May 31, 2023. 3094023 4613782 Auxillary enterprises for the benefit of the students(Residence Halls, Dining, Etc.) The university had 496 students living on campus during the fall 2022 semester. The university had 432 students living on campus during the spring 2023 semester. All students living on campus also purchased meal plans. 5537339 29748088 true true false false false false false true false true true false false true true true false false true false false false false false false false false false true true false false false false false false false false true false false false true false false false false true 40 0 true 443 true false false false false false false false false false false false false X 14 14 false true false false false false false true true false false false true true true true true true true false X Robert Miller 3199313887 1570 235th Street Mount Pleasant IA 52641 X Dewayne Frazier University Provost 50.00 0.00 X 161044 0 12167 Meg Richtman Vp of EnrollmentMarketing 50.00 0.00 X 136315 0 19348 Derek Zander VP of Advancment 50.00 0.00 X 117729 0 19348 Gary Shaw Trustee 1.00 0.00 X 0 0 0 Robert Meyer Trustee 1.00 0.00 X 0 0 0 Christopher Van Gels Trustee 1.00 0.00 X 0 0 0 Michelle Rosell Trustee 1.00 0.00 X 0 0 0 Christie Vilsack Trustee 1.00 0.00 X 0 0 0 Wallace Loh Trustee 1.00 0.00 X 0 0 0 Paul Dennison Trustee 1.00 0.00 X 0 0 0 Jason Bender Trustee 1.00 0.00 X 0 0 0 Elizabeth Garrels Trustee 1.00 0.00 X 0 0 0 Denise Johnson Trustee 1.00 0.00 X 0 0 0 Nathan Gause Trustee 1.00 0.00 X 0 0 0 Byron Johnson Vice Chair 1.00 0.00 X X 0 0 0 Robert Miller Chair 1.00 0.00 X X 0 0 0 Christine Plunkett President 50.00 0.00 X X 0 0 0 Mary Elgar Secratary 1.00 0.00 X X 0 0 0 415088 0 50863 3 false true false Sodexo 9801 Washingtonian BLVD Gaithersburg MD 20878 Food Service 1179642 National Managment Resources PO Box 1224 Lagrange GA 30241 Maintenance 830276 SIHEA 1500 West Agency RD West Burlington IA 52655 Administrative Fee 241500 Registry for College and University 3 Centennial Dr Peabody MA 01961 Consulting 333000 EAB 1920 East Parham RD Henrico VA 23228 Consulting 285835 8 167222 1195543 64888 1362765 Tuition and Fees 611600 22245616 22245616 Room and Board 721310 4133389 4133389 Misc Fees 900099 286971 286971 Bookstore 900099 193422 193422 26859398 100385 100385 36432 36432 36432 36432 62748 64888 -2140 -2140 -2140 28356840 22245616 0 4748459 14084383 14084383 632160 305310 171148 155702 6516324 6171632 190387 154305 1384583 1200533 143014 41036 514012 463073 28700 22239 28381 28381 82230 82230 88242 15637 54605 18000 68055 10648 57293 114 53440 16827 24367 12246 988814 943379 45435 430631 419978 5991 4662 45354 43848 1506 404871 362808 27308 14755 1097178 1009404 76802 10972 571480 76418 495062 Food ServiceMaintenance Con 2134405 2134405 Contract Services 1684186 1001966 660424 21796 Membership Dues 461977 385258 76719 Supplies 691339 624956 51925 14458 894935 477625 408008 9302 32856980 29748088 2629305 479587 1681 63161 555421 1461275 416071 316720 20660 60919 339113 5000 45695002 27422289 19103508 18272713 2338629 769285 9717131 8817740 33894397 28364630 3300712 3262400 140366 26127618 26033714 249547 110558 29818243 29406672 X -16588433 -21088573 20664587 20046531 4076154 -1042042 33894397 28364630 X -4500140 -461143 -156913 X false false true true X General Explanation Attachment In March, 2023, The university announced effective May 31, 2023, it would no longer provide higher education services and that effective May 31, 2023, it would cease operations. All of the employees were released on that date and the board of trustees will be involved during the fiscal year of 2024 in the liquidation, termination, and dissolution of the university, which will include the disposition of all assets. As part of the process, no assets were disposed of prior to May 31, 2023. From a practical standpoint, all of the assets are subject to the collateral terms of the credit agreements with the USDA and Two Rivers Bank and any proceeds from the disposition of the assets will go to those creditors. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X false 16811500 124572 -156913 16779159 16134739 1131270 -426727 27782 16811500 14897098 17334 1275309 55002 16134739 15082077 99861 -104840 180000 14897098 15268043 47335 -23301 210000 15082077 1.00000 true false 373117 363026 736143 1076693 32711524 17174749 16613468 845419 772057 73362 9526426 8677293 849133 798797 798190 607 18272713 Beneficial Interest-Perpetual Trust 6628457 Collections 704824 Property Held for Sale 360000 Mineral Rights 310000 Debt Service Fund 296545 Cash Surrender Value of Life Ins 276750 Refundable Govt Loan Program 241164 8817740 Annuity obligations 110558 110558 X Collections descriptions (Part III, line 4) The universitys fine art collection including drawings, paintings, furniture, and sculptures are maintained for purposes of scholarly research, public exhibits,and preservation for future generations. Endowment funds intended uses (Part V, line 4) Endowment funds are invested and the revenue of such is used primarily to fund grants and scholarships to qualified students of the university. Other revenues not included on Form 990 (Part XI, line 2d) Change in Benificial intrest in trust -$156,931 Other revenues included on Form 990 (Part XI, line 4b) Scholarships and Grants netted Value $14,084,383 Other expenses included on Form 990 (Part XII, line 4b) Scholarships and Grants netted Revenue $14,084,383 Footnote for uncertain tax position under FIN 48 (Part X) the university is exempt from federal income tax as desrcibed in section 501(C)(3) of the internal revenue code. The university is subject to routine audits by taxing jurisdictions:however, there are currently no audits for any tax periods in progress. true true true true true true true false false false false false false false false true false true Governmental Agency Financial Aid (Questions 6a and 6b) The orginization Receives student Finacial assistance through the department of education. The following student finacial assistance programs are administered through the university:Direct Student Loans, pell Grants, Supplemental Educational oppurtunity grants, work-study, and perkins Loans. For the year ended May 31, 2023 the Orginization had $5,813,058 in Federal Expenditures related to those programs.For the year ended May 31, 2023, The university also recieved Direct awards under the Education Stabilization fund in the amount of $550,087. true Federal Supplemental Education 203 74513 Institutional Scholarships 693 14009870 Monitoring procedures (Part I, line 2) Procedures for Monitoring the Use of grant fundsThe university has a finacial aid department whose staff is trained and continuously educated regarding federal financial aid rules and regulations. The staff of the university determines the financial need of the student and determines the amount of financial assistance that can be awarded to the student based on federal rules and regulations. The financial aid staff also awards grants and scholarships based on endowed gifts that comply with the terms of the endowed gifts. X true true X X X X false false false false false false false false false Dewayne Frazier University Provost 161044 12167 173211 Meg Richtman Vp of EnrollmentMarketing 136315 19348 155663 X 3 64888 FMV false false true Third party arrangements (Part I, line 32b) The University uses an independent broker to sell securities Received as a noncash contribution. Management duties delegation Part VI line 3 Iowa Wesleyan University Paid the registry for college and University for contracted services as the President for the university. Chirs Plunkett received compensation of $330,000 for her role as president for Iowa Wesleyan University During the Calander Year. Form 990 governing body review Part VI line 11 Line 11B- Orginizations Proccess to Reveiw form 990 While any Board Member may request a copy of the form 990 at any time, all of the members are not asked to review a draft prior to filing. The audit commitee reviews the results of the audit with managment and the outside auditor. As the finacial information reflected in the auditedd financial statements is utilized in the form 990, the audit comitee requires the director of finance to reconcile the financial information reflected in the form 990 audited financial statements. Any exceptions noted by the director of Finance are to be brought to the attention of the president and chair of the audit comitee. The chair of the audit comitee reviews the entire draft of the form 990 and discusses any questions or concerns from the review. 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. CEO executive director top management comp Part VI line 15a Salaries are determined by the comparisons with appropriate benchmarking surveys and avalible resources. The review comitee meets to review the presidents salary. Other officer or key employee compensation Part VI line 15b Salaries are determined by comparisons with appropriate benchmarking surveys and avalible resources. Governing documents etc available to public Part VI line 19 The documents are provided to the board and avalible to anyone else upon request. Explanation of other changes in net assets or fund balances Part XI line 9 Change in Benificial Interests in Trust -$156,913Scholarships and Grants netted revenue -$14,084,383Sholarships and Grants netted revenue $14,084,383 Total -$156,913 Part III response or note to any other line in Part III Line 4D Student Services , Including student development, acedemic and career counseling, athletics, financial assistance and other services, was provided to 874 full and part time students in the fall semester of 2022 and 783 students in the spring semester of 2023. IW Real Estate Foundation LLC 601 North Main Street Mount Pleasant IA 52641 811054775 Part VII IA 17490606 Part VII Explanation of information on Schedule R Line 1 Column (B)The primary activity of the company is to aquire and own real estate and other property for the exclusive use of the sole member and to accept gifts and contributions to be distributed to or for the benifit of the sole member. Line 1 Column (E)The company owns substantially all of the real estate used by the university. Line 1 Column(F)The sole member of the company is Iowa Wesleyan University.