2022-04-18T11:58:25-05:00 2021-05-31 390859910 BAKER TILLY US LLP 777 E WISCONSIN AVENUE FLOOR 32 MILWAUKEE WI 53202 990 2020-06-01 420680412 LORAS COLLEGE LORA 5635887100 1450 ALTA VISTA STREET DUBUQUE IA 52001 JAMES COLLINS PRESIDENT 5635887100 2022-04-13 1 JAMES COLLINS XXX-XX-XXXX TROY MARINE CPA P00187863 4147775500 2022-04-13 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z JAMES COLLINS 1450 ALTA VISTA STREET DUBUQUE IA 52001 90989269 0 X WWW.LORAS.EDU X 1839 IA EDUCATION 28 27 894 154 12175 208 7219232 12086724 55660636 50550117 846858 2312242 261093 49068 63987819 64998151 25436246 27034574 0 0 21943813 22629570 0 0 1485617 17100163 14347434 64480222 64011578 -492403 986573 121818736 128360623 75980213 72138095 45838523 56222528 X LORAS, AS A CATHOLIC LIBERAL ARTS COLLEGE, CREATES A COMMUNITY OF ACTIVE LEARNERS, REFLECTIVE THINKERS, ETHICAL DECISION MAKERS AND RESPONSIBLE CONTRIBUTORS IN DIVERSE PROFESSIONAL, SOCIAL AND RELIGIOUS ROLES. 0 0 25770327 26985942 SCHOLARSHIPS AND GRANTS TO STUDENTS 14310795 44130967 INSTRUCTION AND ACADEMIC SUPPORT PROVIDED TO FULL AND PART TIME STUDENTS (1,337 FULL TIME EQUIVALENT STUDENTS). 9469523 1220931 STUDENT SERVICES, INCLUDING STUDENT DEVELOPMENT, INTERCOLLEGIATE ATHLETICS AND OTHER SERVICES. 11006350 48632 5198219 OTHER PROGRAM SERVICES INCLUDE AUXILIARY PROGRAMS SUCH AS HOUSING AND FOOD SERVICE, RESEARCH, PUBLIC SERVICE AND INSTITUTIONAL SUPPORT. 11006350 48632 5198219 60556995 1 1 0 0 0 0 0 1 1 1 1 0 0 0 1 1 1 0 1 0 0 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 1 0 0 0 1 59 1 1 894 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 28 27 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 IL CA X RENNIE ROOT 5635887775 1450 ALTA VISTA STREET DUBUQUE IA 52001 X JAMES E COLLINS PRESIDENT 40.00 X X 399875 0 90506 MOST REV MICHAEL JACKALS CHANCELLOR, REGENT 1.00 X X 0 0 0 TONY REARDON CHAIR, REGENT 1.00 X X 0 0 0 MARY MEEHAN VICE CHAIR, REGENT 1.00 X X 0 0 0 JOSEPH SCHIESL VICE CHAIR, REGENT 1.00 X X 0 0 0 RICH CLAYTON SECRETARY, REGENT 1.00 X X 0 0 0 REV MSGR JAMES BARTA REGENT 1.00 X 0 0 0 PAUL BREITBACH REGENT 1.00 X 0 0 0 TROY L CICERO REGENT 1.00 X 0 0 0 MARK CLOGHESSY REGENT 1.00 X 0 0 0 MSGR JOHN ENZLER REGENT 1.00 X 0 0 0 WILLIAM GLYNN REGENT 1.00 X 0 0 0 GREG GUMBEL REGENT 1.00 X 0 0 0 SIOBHAN O'CONNOR HARTSELL REGENT 1.00 X 0 0 0 THERESA HOFFMAN REGENT 1.00 X 0 0 0 DENNIS HOULIHAN REGENT 1.00 X 0 0 0 RICHARD KENNEY REGENT 1.00 X 0 0 0 DAVID MEYERS REGENT 1.00 X 0 0 0 MARK MOLO REGENT 1.00 X 0 0 0 GENE MURPHY REGENT 1.00 X 0 0 0 MICHAEL RICE REGENT 1.00 X 0 0 0 RICHARD SCALISE REGENT 1.00 X 0 0 0 STEVE SLOAN REGENT 1.00 X 0 0 0 THOMAS M SHEY REGENT 1.00 X 0 0 0 DAVID W SPAHN REGENT 1.00 X 0 0 0 SARAH SQUIRES REGENT (EFF. 10/2020) 1.00 X 0 0 0 TIMOTHY SUTHER REGENT 1.00 X 0 0 0 TOM TAUKE REGENT 1.00 X 0 0 0 MIKE VALDER REGENT 1.00 X 0 0 0 MICHAEL H DOYLE TREASURER, VP FOR INSTITUTIONAL ADV. 40.00 X 213878 0 39148 DONNA HEALD VP FOR ACADEMIC AFFAIRS 40.00 X 162648 0 23294 MARY ELLEN CARROLL SENIOR VICE PRESIDENT 40.00 X 135487 0 40723 ARTHUR SUNLEAF VP FOR STUDENT DEVELOPMENT 40.00 X 110404 0 47168 CRAIG SCHAEFER DIRECTOR OF TV STUDIO 40.00 X 176872 0 29064 ROBERTA EARLES EXECUTIVE DIRECTOR OF ALUMNI & COMMUNICATIONS 40.00 X 103963 0 14144 1303127 0 284047 7 0 1 0 ARAMARK 1450 ALTA VISTA DUBUQUE IA 52004 FOOD SERVICE 2088546 HORSFIELD CONSTRUCTION INC 505 E MAIN ST EPWORTH IA 52045 CONSTRUCTION 508994 GIESE SHEET METAL CO 2125 KERPER BLVD DUBUQUE IA 52001 CONSTRUCTION 163849 COLLEGIS LLC 1415 W 22ND ST STE 400 OAKBROOK IL 60523 MARKETING 113406 COMMERCIAL FLOORING CO 10426 STONEWOOD DR DUBUQUE IA 52003 CONSTRUCTION 103340 5 3830352 8256372 483670 12086724 COLLEGE FEES & SERVICES 611310 43544423 43544423 SALES & SERVICES OF AUXILIARY ENT 611710 5495380 5495380 SALES & SERVICES OF EDUCATIONAL E 611710 505803 505803 FINE INCOME 611710 67119 67119 DELINQUENCY CHARGES 611710 10939 10939 926453 926453 50550117 988786 988786 27314574 25989357 1761 1325217 -1761 1323456 1323456 31073 0 31073 31073 5820 0 5820 5820 EXT. EVENTS & CATERING INCOME 722320 12175 12175 12175 64998151 50550117 12175 2349135 48632 48632 26985942 26985942 1170835 343144 510678 317013 16732545 15634061 421100 677384 804251 746329 21257 36665 2751483 2352780 288506 110197 1170456 1062075 49655 58726 70441 70441 114940 114940 104520 104520 618438 469638 111700 37100 261155 256657 4498 1696339 1527515 31454 137370 1260265 1176570 39957 43738 1435571 1435571 268931 257889 1089 9953 59210 56050 1047 2113 1712782 1712782 2776677 2776677 572088 572088 FOOD SERVICE 1751001 1751001 REPAIRS AND MAINTENANCE 622312 622126 186 DUES & SUBSCRIPTIONS 256548 126330 112553 17665 UBIT PAID -32091 -32091 798307 643138 122160 33009 64011578 60556995 1968966 1485617 5830 5863 5641668 4405369 28241668 26228426 814516 319124 17773 22704 413812 777049 110856555 63013103 49371233 47843452 25952948 36514290 2052600 2148095 5360414 4885034 3946274 5211217 121818736 128360623 3669226 4346928 2074571 2712091 45364355 43565765 1111435 805918 8513163 7840193 15247463 12867200 75980213 72138095 X -30882837 -32029327 76721360 88251855 45838523 56222528 121818736 128360623 X 986573 7485034 1912398 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 492742 X X X X 0 0 1 X 42736730 4133625 9058803 1075451 -427930 55281637 40621690 2551883 1103938 1113592 427189 42736730 38907445 2550565 533907 957626 412601 40621690 32809324 5640094 1556630 631935 466668 38907445 30192189 1321831 2150610 676300 179006 32809324 0.00040 0.38640 0.61320 0 0 1203961 1203961 81778173 44289230 37488943 11647408 10019724 1627684 16227013 8704149 7522864 47843452 ANNUITIES PAYABLE 659217 INTEREST RATE EXCHANGE LIABILITY 5123303 DUE TO US GOVERNMENT 2085183 FINANCING OBLIGATION 533420 OPERATING LEASE LIABILITIES 606877 PPP LOAN 3859200 12867200 X 48134771 7485034 1540147 9025181 39109590 119995 25768566 25888561 64998151 37750765 -370491 -370491 38121256 119995 25770327 25890322 64011578 PART III, LINE 4: THE COLLEGE MAINTAINS VARIOUS ARTWORKS, MANUSCRIPTS, STATUES, PAINTINGS, BOOKS AND FURNITURE THAT PRESERVES THE HERITAGE OF THE COLLEGE AND PROMOTES SCHOLARSHIP ENDEAVORS. PART IV, LINE 2B: THE FUNDS HELD FOR OTHERS ARE AGENCY ACCOUNTS HELD FOR VARIOUS STUDENT ORGANIZATIONS OF LORAS COLLEGE. PART V, LINE 4: THE ENDOWMENT HAS BEEN ESTABLISHED TO PROVIDE A SUFFICIENT TOTAL RETURN TO SUPPLEMENT THE COLLEGE'S VARIOUS SOURCES OF OPERATING INCOME AND TO SUPPORT IN PERPETUITY THE MISSION OF THE COLLEGE. PART X, LINE 2: THE COLLEGE FOLLOWS THE ACCOUNTING STANDARDS FOR CONTINGENCIES IN EVALUATING UNCERTAIN TAX POSITIONS. THIS GUIDANCE PRESCRIBES RECOGNITION THRESHOLD PRINCIPLES FOR THE FINANCIAL STATEMENT RECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE REALIZED. NO LIABILITY HAS BEEN RECOGNIZED BY THE COLLEGE FOR UNCERTAIN TAX POSITIONS AS OF MAY 31, 2021 OR 2020. THE COLLEGE'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: UNREALIZED GAIN/LOSS ON INTEREST RATE SWAP 1,873,120. WRITE-OFFS FROM UNCOLLECTIBLE PLEDGES 173,014. PRESENT VALUE ADJUSTMENT OF PLEDGES -505,987. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS REPORTED AS CONTRA INCOME 25,770,327. GAIN/LOSS FROM SALE OF ASSETS -1,761. PART XII, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN SPLIT INTEREST AGREEMENT -372,252. GAIN/LOSS FROM SALE OF ASSETS 1,761. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS REPORTED AS CONTRA INCOME 25,770,327. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE COLLEGE'S NONDISCRIMINATORY POLICY IS PUBLISHED IN ITS UNDERGRADUATE BULLETIN AND STUDENT HANDBOOK AS WELL AS AVAILABLE VIA ITS WEBSITE. SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES FINANCIAL AID FROM FEDERAL AND STATE GOVERNMENTS. THE AID IS THEN AWARDED TO STUDENTS IN ACCORDANCE WITH THE GUIDELINES ESTABLISHED FOR EACH FORM OF FINANCIAL AID. ATHLETICS FUNDRAISER 30663 30663 3 410 410 31073 31073 31073 1 STATE UNIVERSITY OF IOWA ONE WEST PARK RD PO BOX 4550 IOWA CITY IA 52244 420796760 501(C)(3) 48632 RAISED FUNDS TO SUPPORT THE CHILDREN'S MIRACLE NETWORK HOSPITALS 1 0 SCHOLARSHIP AID FOR STUDENTS' COST OF ATTENDANCE 1334 25770327 PART I, LINE 2: THE COLLEGE'S OFFICE OF FINANCIAL PLANNING MONITORS ALL AWARDS TO ENSURE COMPLIANCE WITH FEDERAL AND STATE REGULATIONS. ADDITIONALLY, THE COLLEGE ENGAGES AN INDEPENDENT AUDIT IN ACCORDANCE WITH OMB A-133. X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 JAMES E COLLINS PRESIDENT 346642 0 50000 0 3233 0 19600 0 70906 0 490381 0 0 0 MICHAEL H DOYLE TREASURER, VP FOR INSTITUTIONAL ADV. 193978 0 19500 0 400 0 13650 0 25498 0 253026 0 0 0 CRAIG SCHAEFER DIRECTOR OF TV STUDIO 176809 0 0 0 63 0 5088 0 23976 0 205936 0 0 0 DONNA HEALD VP FOR ACADEMIC AFFAIRS 152086 0 10000 0 562 0 11130 0 12164 0 185942 0 0 0 MARY ELLEN CARROLL SENIOR VICE PRESIDENT 130248 0 5000 0 239 0 9555 0 31168 0 176210 0 0 0 ARTHUR SUNLEAF VP FOR STUDENT DEVELOPMENT 105230 0 5000 0 174 0 7910 0 39258 0 157572 0 0 0 PART I, LINE 1A THE HOUSING ALLOWANCE ACCOUNT FOR AN EMPLOYEE IS PART OF THE NORMAL TAXABLE WAGES PAID TO THE EMPLOYEE AND IS INCLUDED AS PART OF THE EMPLOYEE'S TAXABLE INCOME. A IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 462460ZC3 2006-10-01 22035000 REFINANCE 1996 ISSUE, CONSTRUCTION 0 0 0 B IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 NONEAVAIL 2011-11-01 2500000 REFINANCE PORTION OF 2002 ISSUE 0 0 0 C IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 NONEAVAIL 2017-12-28 10204000 REFUND PORTION OF 2000 ISSUE 0 0 0 A 7480000 22387491 640689 137760 751533 13853174 7004335 2007 1 0 1 1 B 2500000 2500000 2500000 2011 1 0 1 1 C 10204000 10204000 2017 1 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 0 1 A 0 0 1 0 1 0 0 0 1 B 0 0 1 0 1 0 0 0 1 C 0 0 1 0 1 0 0 0 1 A 1 B 1 C 1 SCHEDULE K, PART II, COLUMN A: EXCESS PROCEEDS OF 352,491 ATTRIBUTED TO INVESTMENT EARNINGS. SUBJECT TO FERPA LAWS 85260 GRANTS/SCHOLARSHIPS ASSISTANCE TO STUDENTS ATTENDING THE COLLEGE X 30 467820 NET SELLING PRICE X CONSTRUCTION MATERIALS 1 14100 DONOR VALUATION X EQUIPMENT 1 1000 DONOR VALUATION X MEETING EXPENSE 1 534 DONOR VALUATION X OFFICE SUPPLIES 1 113 CASH SURRENDER VALUE X FOOD/BEVERAGE 1 103 DONOR VALUATION 0 0 1 1 PART I, LINE 32B: LORAS COLLEGE'S FINANCIAL INSTITUTION SELLS ALL PUBLICLY TRADED SECURITIES AT THE TIME OF GIFT ON BEHALF OF LORAS COLLEGE THROUGH AN INDEPENDENT BROKER. FORM 990, PART VI, SECTION B, LINE 11B THE COLLEGE MAKES THE 990 AVAILABLE TO ALL BOARD MEMBERS VIA A SECURE PORTAL WEBSITE PRIOR TO FILING WITH THE IRS. THIS IS THE PROCESS BY WHICH THE BOARD MEMBERS REVIEW THE 990. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, EACH OFFICER, DIRECTOR AND KEY EMPLOYEE MUST FILE A STATEMENT VERIFYING HE/SHE HAS READ THE CONFLICT OF INTEREST POLICY AND IS DISCLOSING ANY CONFLICTS OF INTEREST. EACH STATEMENT IS SENT DIRECTLY TO THE AUDIT COMMITTEE CHAIRPERSON. THE CHAIR AND THE COLLEGE'S TREASURER REVIEW EACH STATEMENT. IN ADDITION, THE TREASURER AND CONTROLLER MONITOR ANY TRANSACTIONS THROUGHOUT THE YEAR BETWEEN SUCH PARTIES. EACH TRANSACTION IS LOGGED WITH THE COLLEGE'S GENERAL LEDGER SYSTEM. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS USED BY THE COLLEGE IN DETERMINING COMPENSATION OF KEY EMPLOYEES IS: - BOARD-APPOINTED COMPENSATION COMMITTEE REVIEWS ALL RECOMMENDED COMPENSATION LEVELS. - COMPARATIVE BENCHMARK DATA IS USED (IAICU, CUPA, AND OTHERS). - WRITTEN EMPLOYMENT CONTRACTS ARE IN PLACE FOR THE PRESIDENT AND OTHER KEY EMPLOYEES IN ACCORDANCE WITH THE COLLEGE'S HANDBOOKS. - COMPENSATION IS FORMALLY APPROVED BY THE FULL BOARD OF REGENTS. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST STATEMENT AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC VIA ANOTHER'S WEBSITE SUCH AS GUIDESTAR.ORG, OR UPON REQUEST. THE COLLEGE'S AUDITED FINANCIAL STATEMENTS ARE ALSO AVAILABLE TO THE PUBLIC VIA THE MUNICIPAL SECURITIES RULE MAKING BOARD WEBSITE. FORM 990, PART VII, SECTION A, COLUMN E: REASONABLE EFFORTS UNDERTAKEN IN REGARD TO REPORTABLE COMPENSATION FROM RELATED ORGANIZATIONS: - RECEIVED A COMPLETED CONFLICT OF INTEREST STATEMENT FROM ALL TRUSTEES, OFFICERS, AND BOARD MEMBERS. THIS STATEMENT IS COMPLETED ANNUALLY. - ALL RELATED PARTIES ARE DISCLOSED ON SCHEDULE R. FINANCIAL RECORDS ARE AVAILABLE TO THE COLLEGE. FORM 990, PART XI, LINE 9: UNREALIZED GAIN/LOSS ON INTEREST RATE SWAP 1,873,120. CHANGE IN SPLIT INTEREST AGREEMENT 372,251. PRESENT VALUE ADJUSTMENT OF PLEDGES -505,987. WRITE-OFFS FROM UNCOLLECTIBLE PLEDGES 173,014. FORM 990, PART XII, LINE 2C: THE OVERSIGHT PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. PERPETUAL TRUSTS (1) CHARITABLE TRUST IA T 0 CHARITABLE REMAINDER UNITRUST (4) CHARITABLE TRUST IA T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0