2024-05-15T13:32:22-05:00 2023-06-30 450250958 Eide Bailly LLP 1730 Burnt Boat Loop Ste 100 Bismarck ND 585030886 990 2022-07-01 460280847 Presentation College PRES 6052298453 1500 North 2nd Street Aberdeen SD 57401 Deanna Larson Board Chair 6052298453 2024-05-15 1 Deanna Larson 999009999 1 Lisa Chaffee CPA P00193453 6052258783 2024-05-09 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z X Deanna Larson 1500 North 2nd Street Aberdeen SD 57401 16202472 0 0928 X www.presentation.edu X 1951 SD Challenge learners toward academic excellence and the development of the whole person. X 8 8 260 17 0 0 9273147 1988463 13398792 12241284 867904 1873143 91307 14533 23631150 16117423 5219660 4526167 0 0 6802641 8117511 0 0 493625 6322563 6851396 18344864 19495074 5286286 -3377651 36073681 14753590 9064163 8380073 27009518 6373517 X Welcoming people of all faiths, Presentation College challenges learners toward academic excellence and, in the Catholic tradition, the development of the whole person. 0 1 8287352 10191895 Provided in-person and online educational services in Aberdeen, South Dakota for undergraduate and graduate students. 2080224 2049389 Auxiliary enterprises - campus housing, food service, and recreational facilities. 4526167 4526167 Funded and unfunded scholarships and grants. 14893743 1 1 0 0 0 0 0 0 1 1 0 0 0 0 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 1 0 0 0 1 6 0 1 260 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 8 8 0 1 0 0 1 1 1 1 0 0 1 1 0 1 1 1 0 1 1 1 0 MN X Deanna Larson 6052298453 1500 North 2nd Street Aberdeen SD 57401 Terry Helms Board Chair (Jul-Jan) 3.00 X X 0 0 0 Hal Clemensen Board Vice Chair (Jul-May) 3.00 X X 0 0 0 Mary Worlie Secetary (Jul-May) 3.00 X X 0 0 0 Deanna Larson - Member (Jul-Jan)/ Board Chair (Feb-Jun) 3.00 X X 0 0 0 Esther Preszler - Member (Jul-May)/Board Vice Chair (Jun) 3.00 X X 0 0 0 Kelli Fischer Member (Jul-May) 2.00 X 0 0 0 Sr Phyllis Gill Member (Jul-May) 2.00 X 0 0 0 Kathy Zambo Member (Jul-May) 2.00 X 0 0 0 Steve Kohles Member (Jul-Aug) 2.00 X 0 0 0 Tyler Wenbourne Member (Jul-Aug) 2.00 X 0 0 0 Mike Williams Member (Jul-Aug) 2.00 X 0 0 0 Sr Janice Klein Member 2.00 X 0 0 0 Sr Vicky Larson Member 2.00 X 0 0 0 Sr Patricia Prunty Member 2.00 X 0 0 0 Randy Schuring Member 2.00 X 0 0 0 Kyle Schwan Member 2.00 X 0 0 0 Cindi Walsh Member 3.00 X 0 0 0 Dr Paula Langteau President (July-May) 40.00 X 228917 0 47452 Jillaine Smith Chief of Operations (May-June) 40.00 X 64282 0 25246 David Cannon CFO (July-Dec) 40.00 X 0 0 0 Rocky Query CFO (Dec-June) 40.00 X 0 0 0 Dr Marcus Garstecki - VP for Enrollment Mgmt & Student 40.00 X 144900 0 3216 Matthew Blair VP for Advancement 40.00 X 125503 0 11181 563602 0 87095 3 0 1 0 Aramark 1101 Market Street Philadelphia PA 19107 Dining Services 973632 Duenwald Transportation 1214 N Cloud St Clark SD 57225 Transportation 155067 Foreman Bus PO Box 351 Miller SD 57362 Transportation 102540 3 180155 30385 1777923 53530 1988463 Student Tuition/Fees 611600 10034658 10034658 Auxiliary Enterprises 611710 2049389 2049389 157237 157237 12241284 390084 390084 9831 0 9831 9831 9831 1482440 619 0 0 1482440 619 1483059 1483059 77211 180155 74957 2254 2254 12540 10092 2448 2448 16117423 12241284 0 1887676 4526167 4526167 353959 353959 6474296 5188035 978719 307542 77248 59055 14692 3501 739284 597224 106657 35403 472724 361390 89911 21423 143148 143148 39929 39929 85070 85070 41449 41449 1640267 1056969 570816 12482 147834 14807 72523 60504 200650 155178 37265 8207 818471 460307 357782 382 385893 365763 12927 7203 71625 67129 42 4454 264625 264625 1132971 1119103 12712 1156 146362 121547 24319 496 Bad Debt 1005050 1005050 Direct Student Expense 384331 384331 Special Events 106757 104945 1812 236964 47168 158924 30872 19495074 14893743 4107706 493625 3700126 3376976 441910 434904 190528 6013 84378 43063 0 17359080 13692324 11024648 28143 28144 42199 18899 284604 71332 36073681 14753590 567188 955938 612194 109414 7369840 7090680 73090 2045 61138 24123 380713 197873 9064163 8380073 X 11048861 -6370157 15960657 12743674 27009518 6373517 36073681 14753590 X -3377651 -919524 -16338826 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 15081912 52254 811218 3319933 12625451 16525545 930083 -1271875 1101841 15081912 13202732 1354062 2608060 639309 16525545 12925751 80765 651652 455436 13202732 12866865 62135 904089 907338 12925751 0.00000 0.89540 0.10460 0 0 0 Federal Student Loan Funds 78984 Annuities Payable 118889 197873 X 10644849 -919524 -4527112 -5446636 16091485 41449 -15511 25938 16117423 31267642 16341129 16341129 14926513 41449 4527112 4568561 19495074 Part IV, Line 2b: The College maintains student suite deposits as well as agency accounts for various student organizations and college chartered clubs. Part V, Line 4: The endowment funds are used for institutional scholarships and grants and support of college programs. Part X, Line 2: The College 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 College 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: Funded and Unfunded Scholarships and Grants -4,526,167. Loan Cancellation and Loss Provisions -945. Part XI, Line 4b - Other Adjustments: Costs of Sales Expenses -10,092. Fundraising Expenses -5,419. Part XII, Line 2d - Other Adjustments: Costs of Sales Expenses 10,092. Fundraising Expenses 5,419. Impairment Loss on Assets 16,325,618. Part XII, Line 4b - Other Adjustments: Funded and Unfunded Scholarships and Grants 4,526,167. Loan Cancellation and Loss Provisions 945. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 Publicized in all the College's marketing printed material, via the institutions web-pages, Faculty, Staff and Student handbooks, and various bulletin boards on campus. Schedule E, Part I, Line 6 Financial aid is received by the College from the US Department of Education and US Department of Health and Human Services based on students' eligibility for grants or loans. The College also receives an administrative cost allowance from the US Department of Education for the College's participation in the Pell, SEOG, and Workstudy programs. Golf with Saints 15545 10881 4664 10000 6282 7892 Denim and Diamonds Gala 241821 169274 72547 18288 9600 22895 257366 180155 77211 10000 24570 9600 30787 74957 2254 1 Athletic and academic scholarships and grants 2759 4526167 Part I, Line 2: The College has established programs for each type of scholarship and awards funds according to the parameters of each program and as funding is available. The scholarships and grants are awarded to students to be used for educational expenses at the College including tuition, fees, and books. The awards are allocated directly to each student's account. X X 1 1 X 0 0 0 0 0 0 0 0 0 Dr Paula Langteau President (July-May) 228917 0 0 0 0 0 4902 0 44357 0 278176 0 0 0 Part I, Line 1a President's housing allowance & President's country club membership, both of which are approved by the Board of Trustees. A Brown County South Dakota 466000011 115432AS5 2013-05-30 9979461 Construct New Student Housing and Wellness Center 0 0 0 A 2776000 9979461 702521 162039 9121700 2013 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 0 1 0 0 0 0 0 A 0 Date Rebate Computation Performed Issuer Name: Brown County, South Dakota Date the Rebate Computation was Performed: 05/22/2018 X Miscellaneous noncash contributions for fundraising events 100 53530 Cost or selling pric 0 0 1 0 Part I, Column (b): Number of contributions. Property, Plant and Equipment 2023-06-30 16325618 Book Value 460253283 Sisters of the Presentation of Blessed Virgin Mary 1500 N 2nd Street Aberdeen SD 57401 501(c)(3) 0 0 0 0 Form 990, Part III, line 3 The board approved the Provisional Plan to cease educational operations at the December 2022 board meeting. The Plan was submitted to the Higher Learning Commission. Form 990, Part VI, Section A, line 3 The Vice President for Finance & Administration, David Cannon, is employeed by Collegiate Enterprise Solutions, an unrelated management company, for services as Vice President for Presentation College. Presentation College paid $88,698 in fiscal year June 30, 2023 for his services. Cannon's service ended December of 2022. The Chief Financial Officer, Rocky Query, who started December of 2022, is employeed by Query and Associates, an unrelated management company, for services as CFO for Presentation College. Presentation College paid $54,450 in fiscal year June 30, 2023 for his services. Form 990, Part VI, Section A, line 6 Members of the College are the elected officers of the Congregation of the Sisters of the Presentation of the Blessed Virgin Mary of Aberdeen, South Dakota as defined by the College's Articles of Incorporation. Form 990, Part VI, Section A, line 7a Four members of the board of trustees shall be members (and/or appointed representatives of members) of the Congregation of the Sisters of the Presentation of the Blessed Virgin Mary of Aberdeen, South Dakota. The members have the authority to appoint two to four people to the Board of Trustees. Form 990, Part VI, Section A, line 7b The members of the organization shall have the authority to take the following actions unilaterally: (a) Appoint two to four people to the Board of Trustees. (b) Remove a Trustee appointed by the Members of this Corporation from the Board of Trustees with or without cause. (c) Require the Board of Trustees to consider or reconsider any action or item within 90 days that the Members have determined to be significant to the Presentation of the Blessed Virgin Mary or Catholic character of this Corporation. (d) Remove any or all of the members of the Board of Trustees as a group and name successor Trustees. (e) Appoint one Member of this Corporation to any presidential search committee The Board of Trustees of the organization may not take the following actions without the approval of the Members of the organization: (a) Appoint the President of the College. (b) Sell, lease, or encumber any real property owned by this Corporation. (c) Purchase real property. (d) Construct new buildings or undertake major renovation of existing buildings. (e) Incur long-term debt in excess of an amount set from time to time by the Members of this Corporation. (f) Make capital expenditures in excess of an amount set from time to time by the Members of this Corporation. (g) Elect new Trustees (h) Adopt or amend the gift policies of this Corporation. Form 990, Part VI, Section A, line 8b Minutes are maintained for all committees however there are no committees with authority to act on behalf of the governing board. While an Executive Committee exists, their responsibilities are advisory in nature. Form 990, Part VI, Section B, line 11b Upon receipt of the completed return, the Board Chair will review the return prior to filing with the Internal Revenue System. Form 990, Part VI, Section B, line 12c The board members are required to disclose at every board meeting any conflicts. A statement is handed out prior to each board meeting and must complete with any elements that could be a potential conflict of interest. This becomes part of the permanent board proceeding record. Form 990, Part VI, Section B, line 15 President - Comparison with regional salaries of similar college presidents and based on performance. Performance review is done annually. For the College administrators, including the CFO, salaries are determined by the President based on market comparables for institutions of similar size and nature. Salaries are part of the budget, which is approved by the board of trustees. Market comparisons are performed annually. Form 990, Part VI, Section C, line 19 These documents are not available to the general public. Form 990, Part XI, line 9: Change in Split-Interest Agreements -13,208. Impairment Loss on Assets -16,325,618. Form 990, Part XI, Line 9 Due to the College announcing the cessation of academic operations following the summer 2023 session, the property and equipment of the College were evaluated for impairment and were determined to have no value as a result of all assets reverting to the Presentation Sisters according to the College's articles of incorporation and by-laws; this transfer will occur subsequent to year-end. Accordingly, an impairment loss of $16,325,618 was recorded in the statement of activities at June 30, 2023, and the carrying value of the property was reduced to its estimated fair value. Sisters of the Presentation of Blessed Virgin Mary 1500 N 2nd street Aberdeen SD 57401 460253283 Sisters of the PBVM is the College's sponsor organization SD 501(c)(3) Line 1 N/A 0 0 0 1 0 0 0 0 0 0 0 1 0 0 1 0 1 1 0 0