2023-03-03T13:58:58-06:00 2022-06-30 420174325 RSM US LLP 201 FIRST ST SE SUITE 800 CEDAR RAPIDS IA 52401 990 2021-07-01 420680460 DRAKE UNIVERSITY DRAK 5152713112 2507 UNIVERSITY AVE DES MOINES IA 50311 ADAM VOIGTS CHIEF FINANCIAL OFFICER 5152713112 2023-02-01 1 ADAM VOIGTS XXX-XX-XXXX SHAWNA HULS P01315330 3192985333 2023-02-21 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z EARL F MARTIN 2507 UNIVERSITY AVE DES MOINES IA 50311 303857347 0 X WWW.DRAKE.EDU X 1881 IA 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. 32 31 2852 4571 202918 183661 37477675 48766464 180766820 190438490 22625190 9980915 4522767 3788424 245392452 252974293 77005027 82130077 0 0 89606402 96274791 256812 261631 4011540 51119510 59330727 217987751 237997226 27404701 14977067 572606645 538166489 108486898 94289004 464119747 443877485 X 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 221653000 82130077 172631722 DRAKE UNIVERSITY IS A NATIONAL COEDUCATIONAL, INDEPENDENT AND PRIVATE UNIVERSITY WITH APPROXIMATELY 5,000 STUDENTS. DRAKE IS ACCREDITED BY THE HIGHER LEARNING COMMISSION OF THE NORTH CENTRAL ASSOCIATION OF SCHOOLS AND COLLEGES. 221653000 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 0 1 1 0 1 0 0 1 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 7899 0 1 2852 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 32 31 1 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 40.00 5.00 X X 450630 0 154109 JOE AIELLO TRUSTEE & VICE CHAIR 1.00 3.00 X X 0 0 0 JONATHAN AZU TRUSTEE & VICE CHAIR 1.00 0.00 X X 0 0 0 PAUL DOUCETTE TRUSTEE & VICE CHAIR 1.00 0.00 X X 0 0 0 PEGGY FISHER TRUSTEE & BOARD CHAIR 1.00 0.00 X X 0 0 0 DAVID GOLDER TRUSTEE & VICE CHAIR 1.00 0.00 X X 0 0 0 DOUGLAS LANG 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 PATRICK MEYER TRUSTEE & VICE CHAIR (THRU 6/30/22) 1.00 0.00 X X 0 0 0 PAUL SCHICKLER TRUSTEE & VICE CHAIR 1.00 0.00 X X 0 0 0 JIM WALLACE 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 TOM BERNAU TRUSTEE 1.00 0.00 X 0 0 0 KAREN BRANDING TRUSTEE 1.00 0.00 X 0 0 0 DOUGLAS BRUCE TRUSTEE 1.00 0.00 X 0 0 0 SUZIE BURT 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 (EFFECTIVE 10/2021) 1.00 0.00 X 0 0 0 PETER COWNIE TRUSTEE 1.00 0.00 X 0 0 0 MARK ERNST TRUSTEE 1.00 0.00 X 0 0 0 DANIEL JACOBI TRUSTEE 1.00 3.00 X 0 0 0 GREG JOHANSEN TRUSTEE 1.00 0.00 X 0 0 0 WILLIAM KNAPP II TRUSTEE (THROUGH 6/30/2022) 1.00 0.00 X 0 0 0 CATHRYN LACY TRUSTEE 1.00 0.00 X 0 0 0 RACHEL MCLEAN TRUSTEE (EFFECTIVE 10/2021) 1.00 0.00 X 0 0 0 DAVID MILES TRUSTEE 1.00 0.00 X 0 0 0 JOHN MILLER 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 LARRY ZIMPLEMAN TRUSTEE 1.00 0.00 X 0 0 0 SUE MATTISON PROVOST 40.00 0.00 X 215492 0 26077 JOHN SMITH VICE PRESIDENT & SECRETARY 40.00 0.00 X 198410 0 44406 ADAM VOIGTS CFO & TREASURER 40.00 1.00 X 183939 0 24192 VENESSA KUHLMANN-MACRO CHIEF ADMINISTRATION OFFICER 40.00 0.00 X 167313 0 23010 DARIAN DEVRIES HEAD COACH - MEN'S BASKETBALL 40.00 0.00 X 627437 0 38144 ALLAN VESTAL PROFESSOR OF LAW 40.00 0.00 X 279176 0 24536 JERRY ANDERSON DEAN OF LAW SCHOOL 40.00 0.00 X 244262 0 27636 BRIAN HARDIN DIRECTOR OF ATHLETICS 40.00 0.00 X 244412 0 25602 RENAE CHESNUT DEAN, PHARMACY AND HEALTH SCIENCES 40.00 0.00 X 210890 0 19086 2821961 0 406798 157 0 1 0 SODEXO INC AND AFFILIATES PO BOX 360170 PITTSBURGH PA 15262 FOOD SERVICE 7939797 DES MOINES INDEPENDENT COMMUNITY SCHOOL 2100 FLEUR DR DES MOINES IA 50321 HEAD START PROGRAM 2907191 WILEY EDU LLC 1415 W 22ND ST OAK BROOK IL 60523 ONLINE STRATEGIC CONSULTING & SUPPORT 1323645 WALDINGER CORPORATION 6200 SCOTT TRAIL DES MOINES IA 50321 CONSTRUCTION SERVICES 950902 CDW LLC 75 REMITTANCE DR STE 1515 CHICAGO IL 60675 TECHNOLOGY SUPPLIES 876619 66 621135 20014201 28131128 3689102 48766464 STUDENT TUITION & FEES 611710 167684359 167684359 CONTRACT MEALS - FOOD 722100 8899318 8899318 CONTRACT INCOME - RES 721310 8325249 8325249 SPORTS INCOME 711210 4399346 4399346 PARKING FEES 812930 548017 548017 582201 1700 580501 190438490 3974174 163014 3811160 686054 686054 632771 773285 -140514 -140514 34104 -174618 55657060 250421 49021363 879377 6635697 -628956 6006741 6006741 159560 621135 209029 -49469 -49469 OTHER INCOME 611710 3288253 3288253 ALUMNI FEES 611710 4100 4100 3292353 252974293 172631722 202918 31373189 82130077 82130077 1434823 267610 927425 239788 70802664 66110154 3063871 1628639 4785084 4449433 215712 119939 14145859 12851686 875034 419139 5106361 4700316 279826 126219 448135 448135 230288 230288 261631 261631 2211857 2211857 5496609 5496609 646964 595131 51833 607052 542642 4194 60216 153601 149224 3882 495 2458055 17705 2440350 3966494 3764621 155313 46560 1250417 1250417 8453230 8453230 1093436 1093336 100 CONTRACTS & LEASES 16150611 14824403 463788 862420 DUES & SUBSCRIPTIONS 3017364 2980218 3563 33583 LICENSE AND COPYRIGHT F 2076787 2043774 31678 1335 REPAIRS & MAINTENANCE 1035544 176479 859065 10034283 9307800 566840 159643 237997226 221653000 12332686 4011540 31854881 33966321 9808191 26190371 18779161 25803585 3960292 4925164 9971032 7865481 153527 121900 3030108 3596943 402045975 182018536 225555625 220027439 160403680 105461978 109090148 110207307 572606645 538166489 21905535 20256679 8507126 6217025 15028198 13046052 48653874 44944744 7430834 7445233 6961331 2379271 108486898 94289004 X 223455342 217238433 240664405 226639052 464119747 443877485 572606645 538166489 X 14977067 -38049430 2830101 X X 0 1 X 1 1 1 X 30393499 39751897 35315962 37477675 48766464 191705497 30393499 39751897 35315962 37477675 48766464 191705497 4325171 187380326 3741760 3369587 3693951 2883375 5292998 18981671 111614 210466 26582 17429 183661 549752 211236920 904053209 0.88710 0.87280 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 0 279782244 6134781 -27374223 5315400 6858186 949081 245420135 219800168 4848372 67040876 4751300 6358590 797282 279782244 226154907 3343141 1930445 4641400 6256630 730295 219800168 219494332 7223228 10498492 4392740 5943024 725382 226154906 210592820 5178528 14138813 4174603 5769718 471508 219494332 0.26490 0.65250 0.08260 1 0 5107651 28873207 33980858 285397568 125540537 159857031 77700997 56477999 21222998 4966552 4966552 220027439 CASH SURRENDER VALUE - LIFE INSURANCE 3923231 F FUNDS HELD IN TRUST BY OTHERS 11207589 F PRIVATE EQUITY FUNDS 95076487 F 110207307 ANNUITIES PAYABLE 844767 REAL ESTATE DEPOSITS 10120 AGENCY FUND 175358 FIN 47 LIABILITY 1349026 2379271 X 134822495 -38049430 2830101 -35219329 170041824 82932469 82932469 252974293 155064757 576279 576279 154488478 83508748 83508748 237997226 PART III, LINE 1A: WORKS OF ART - TTHE 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 ANNUALLY 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 STIPULATIONS AND BOARD RESTRICTIONS. PART X, LINE 2: GAAP REQUIRES MANAGEMENT TO 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, 2022 AND 2021, 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, 2019, THROUGH THE PRESENT. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -98,461. POST-RETIREMENT BENEFIT PLAN RELATED CHANGES 2,928,562. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 82,130,077. FUNDRAISING EVENT EXPENSES -209,029. RENTAL EXPENSES NETTED WITH REVENUES -367,250. INVESTMENT EXPENSES 1,378,671. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES 209,029. RENTAL EXPENSES NETTED WITH REVENUES 367,250. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 82,130,077. INVESTMENT EXPENSES 1,378,671. 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, PERKINS AND HEALTH PROFESSIONS STUDENT LOAN PROGRAMS AND DIRECT LOAN PROGRAM. THE UNIVERSITY RECEIVES STATE-FUNDED STUDENT ASSISTANCE THROUGH PROGRAMS MANAGED BY IOWA COLLEGE STUDENT AID COMMISSION. CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 INVESTMENTS INVESTMENTS 42368343 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 INVESTMENTS INVESTMENTS 1473414 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT. 47205 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT. 429095 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT. 254891 SOUTH AMERICA 0 0 PROGRAM SERVICES INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT. 114776 SOUTH AMERICA 0 0 PROGRAM SERVICES DRAKE VOLLEYBALL TEAM TRIP. 83969 0 0 0 0 0 0 44771693 0 44771693 0 0 1 1 1 0 PART III ACCOUNTING METHOD: X X X X X X X 1 GRENZEBACH GLIER AND ASSOCIATES INC 200 SOUTH MICHIGAN AVENUE SUITE 210 CHICAGO IL 60604 CAMPAIGN CONSULTING 0 0 41517 -41517 RUFFALO NOEL LEVITZ 1025 KIRKWOOD PKWY SW CEDAR RAPIDS IA 52404 PHONATHON 0 0 175900 -175900 BUSINESSMINE LLC 784 OAK CREEK DR LOMBARD IL 60148 MAILINGS 0 0 44214 -44214 261631 -261631 IA RAY CENTER FUNDRAISING 735992 621135 114857 91897 75354 32456 TALONS GOLF OUTING 44703 44703 9322 0 780695 621135 159560 91897 75354 41778 209029 -49469 1 DRAKE UNIVERSITY AWARDED STUDENT AID 3212 76265803 DONOR RESTRICTED/ENDOWED SCHOLARSHIPS 988 5864274 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 FY22 A-133 AUDIT EXPRESSED AN UNQUALIFIED OPINION WITH NO FINDINGS, 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 COACH - MEN'S BASKETBALL 493437 0 120000 0 14000 0 23200 0 14944 0 665581 0 0 0 EARL MARTIN PRESIDENT 348429 0 90000 0 12201 0 89696 0 64413 0 604739 0 0 0 ALLAN VESTAL PROFESSOR OF LAW 274779 0 0 0 4397 0 10889 0 13647 0 303712 0 0 0 JERRY ANDERSON DEAN OF LAW SCHOOL 240329 0 0 0 3933 0 13566 0 14070 0 271898 0 0 0 BRIAN HARDIN DIRECTOR OF ATHLETICS 203905 0 24000 0 16507 0 11696 0 13906 0 270014 0 0 0 JOHN SMITH VICE PRESIDENT & SECRETARY 191918 0 0 0 6492 0 10887 0 33519 0 242816 0 0 0 SUE MATTISON PROVOST 211873 0 0 0 3619 0 12133 0 13944 0 241569 0 0 0 RENAE CHESNUT DEAN, PHARMACY AND HEALTH SCIENCES 208962 0 0 0 1928 0 11601 0 7485 0 229976 0 0 0 ADAM VOIGTS CFO & TREASURER 181244 0 2000 0 695 0 10400 0 13792 0 208131 0 0 0 VENESSA KUHLMANN-MACRO CHIEF ADMINISTRATION OFFICER 161713 0 4000 0 1600 0 9312 0 13698 0 190323 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 AND HEAD MEN'S BASKETBALL COACH FOR UNIVERSITY BUSINESS. ANY EXPENSES INCURRED THAT ARE NOT RELATED TO UNIVERSITY BUSINESS ARE PAID FOR PERSONALLY BY THE INDIVIDUALS. THE HEAD MEN'S BASKETBALL COACH OCCASIONALLY TRAVELS BY CHARTER WITH THE BASKETBALL TEAMS TO SCHEDULED EVENTS. THE UNIVERSITY DOES NOT PROVIDE FIRST CLASS TRAVEL. 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. NONTAXABLE BENEFITS INCLUDE UNDERGRADUATE TUITION WAIVER BENEFITS OF THE EMPLOYEE AND IMMEDIATE FAMILY. 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 $70,000 WERE MADE TO THE PLAN DURING THE 2021 AND 2022 PLAN YEARS. NO DISTRIBUTIONS WERE MADE RELATED TO THESE CONTRIBUTIONS. PART I, LINE 7 EARL F. MARTIN III, BRIAN HARDIN, DARIAN DEVRIES, AND ADAM VOIGTS 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 0 1 1 1 B 2208000 25065000 79 235816 24829105 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 1 A 0 0 0 1 0 0 0 0 1 B 0 0 1 1 0 0 0 0 1 A 1 B 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: IOWA HIGHER EDUCATION LOAN AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 04/01/2018 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 03/29/2022 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. 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. X 144 3513609 STOCK EXCHANGE X PROGRAM EQUIP 121 175493 ACTUAL COST 0 0 1 0 PART I, COLUMN (B): REPORTING THE NUMBER OF CONTRIBUTIONS SCHEDULE M, PART I NONCASH CONTRIBUTIONS REPORTED ON SCHEDULE M INCLUDE CURRENT YEAR CONTRIBUTIONS IN ADDITION TO PRIOR YEAR PLEDGES RECEIVED DURING THE CURRENT FISCAL YEAR IN THE FORM OF NONCASH CONTRIBUTIONS. FORM 990, PART VI, SECTION A, LINE 2 EARL MARTIN, PRESIDENT, JOE AIELLO, TRUSTEE & VICE CHAIR, AND DAN JACOBI, TRUSTEE, SERVE AS BOARD MEMBERS FOR COLLEGE AND UNIVERSITY SUSTAINABILITY PROJECT INC (CUSP). CUSP IS A SUPPORTING ORGANIZATION OF DRAKE UNIVERSITY. SEE SCHEDULE R FOR MORE INFORMATION. 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. 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, 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 VALUE OF SPLIT INTEREST AGREEMENTS -98,461. POST-RETIREMENT BENEFIT PLAN RELATED CHANGES 2,928,562. FORM 990, PART XII, LINE 2C THE PROCESS FOR AUDIT OVERSIGHT AND SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM THE PRIOR YEAR COMMUNITY HOLDINGS LLC 2507 UNIVERSITY AVE 307 OLD MAIN DES MOINES IA 50311 843520795 SOLE MEMBER LLC FOR NMTC FINANCING IA -196026 7553771 DRAKE UNIVERSITY COLLEGE AND UNIVERSITY SUSTAINABILITY PROJECT INC 1800 LINCOLN AVENUE EVANSVILLE IN 47722 872195386 SUPPORTING ORGANIZATION DE 501(C)(3) LINE 12A TYPE 1 DRAKE UNIVERSITY 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0