2022-04-18T11:32:31-05:00 2021-05-31 390859910 BAKER TILLY US LLP 777 E WISCONSIN AVENUE 32ND FLOOR MILWAUKEE WI 53202 990 2020-06-01 420680351 WARTBURG COLLEGE WART 3193528411 100 WARTBURG BLVD WAVERLY IA 50677 RICHARD SEGGERMAN VP FINANCE & ADMINISTRATION 3193528411 2022-04-15 1 RICHARD SEGGERMAN XXX-XX-XXXX TROY MARINE CPA P00187863 4147775500 3 AAL1 IAL1 2020 2022-09-23 18:48:47Z DARREL D COLSON 100 WARTBURG BLVD WAVERLY IA 50677 153212106 0 X WWW.WARTBURG.EDU X 1852 IA WARTBURG COLLEGE PROVIDES EDUCATIONAL PROGRAMS AND EXPERIENCES THAT CHALLENGE AND NURTURE STUDENTS FOR LIVES OF LEADERSHIP AND SERVICE AS A SPIRITED EXPRESSION OF THEIR FAITH AND LEARNING. 29 24 1824 500 -15385 0 11712123 14024040 78085369 81143921 4513114 24455156 1685194 831669 95995800 120454786 38984400 43351969 0 0 26188520 26619359 0 0 1349235 22956998 22196110 88129918 92167438 7865882 28287348 215597614 250416253 88020333 93903658 127577281 156512595 WARTBURG COLLEGE IS DEDICATED TO CHALLENGING AND NURTURING STUDENTS FOR LIVES OF LEADERSHIP AND SERVICE AS A SPIRITED EXPRESSION OF THEIR FAITH AND LEARNING. 0 0 55339299 41043919 67555890 INSTRUCTION OF STUDENTS ENROLLED AND THE RELATED ACADEMIC SUPPORT; 1,540 AND 1,408 FULL-TIME EQUIVALENT STUDENTS ENROLLED FOR THE FALL 2020 AND WINTER 2021 TERMS RESPECTIVELY. 8022850 13133011 AUXILIARY SERVICES SUPPORT AND ENHANCE STUDENT LIFE BY PROVIDING QUALITY LIVING AND DINING OPTIONS AS WELL AS PROVIDING A FULL-SERVICE BOOKSTORE ON CAMPUS AND ONLINE. THERE WERE 1,245 AND 1,113 STUDENTS LIVING ON CAMPUS FOR THE FALL 2020 AND WINTER 2021 TERMS, RESPECTIVELY. 14213274 2308050 889182 ALL OTHER PROGRAM RELATED SERVICES. 77575423 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 1 1938 0 1 1824 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 29 24 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 0 0 X CAROLYN HUGHES 3193528238 100 WARTBURG BLVD WAVERLY IA 506772215 DARREL COLSON PRESIDENT 55.00 X X 253749 0 38163 SCOTT LEISINGER VICE-PRESIDENT 55.00 X 131931 0 26379 EDITH WALDSTEIN VICE-PRESIDENT 55.00 X 135585 0 21995 RICHARD SEGGERMAN VICE-PRESIDENT 55.00 X 121886 0 35527 DANIEL KITTLE VICE-PRESIDENT 55.00 X 116264 0 25882 MELANIE ABBAS ASSISTANT VICE PRESIDENT FOR INFORMATION 40.00 X 110134 0 24103 BRIAN ERNSTING VICE-PRESIDENT 55.00 X 90363 0 14330 CHERYL JACOBSEN VICE-PRESIDENT 55.00 X 73599 0 4320 MIKE MCCOY REGENT, CHAIRMAN - BOARD 15.00 X 0 0 0 ANDREA WESTMEYER REGENT, VICE CHAIR - BOARD 5.00 X 0 0 0 DR GRADY BALLENGER REGENT, VICE CHAIR - BOARD 5.00 X 0 0 0 MARK HANAWALT REGENT, VICE CHAIR - BOARD 5.00 X 0 0 0 RACHEL RIENSCHE REGENT, VICE CHAIR - BOARD 5.00 X 0 0 0 SHARON CORRIGAN REGENT, VICE CHAIR - BOARD 5.00 X 0 0 0 STEVE MEIRINK REGENT, VICE CHAIR - BOARD 5.00 X 0 0 0 AMY KILGUS CHAMLEY REGENT 2.00 X 0 0 0 BARBARA GAMEZ REGENT 2.00 X 0 0 0 DR DELFORD DOHERTY REGENT 2.00 X 0 0 0 DR HANS-PETER BRODHUN REGENT 2.00 X 0 0 0 DR MARILYN FLACHMAN REGENT 2.00 X 0 0 0 DR MIKE FRANZMAN REGENT 2.00 X 0 0 0 FELECIA BOONE REGENT 2.00 X 0 0 0 FRED HAGEMANN REGENT 2.00 X 0 0 0 GREG SCHMITZ REGENT 2.00 X 0 0 0 GUNTER SCHUCHARDT REGENT 2.00 X 0 0 0 JIM BUCHEIM REGENT 2.00 X 0 0 0 JIM LOVERIDGE REGENT 2.00 X 0 0 0 KIRK KINNEAR REGENT 2.00 X 0 0 0 LIZ MATHIS REGENT 2.00 X 0 0 0 MIKE MURPHY REGENT 2.00 X 0 0 0 PAUL MUGAN REGENT 2.00 X 0 0 0 REVEREND BRIAN KING REGENT 2.00 X 0 0 0 REVEREND DR SHERMAN HICKS REGENT 2.00 X 0 0 0 RUTH BAHE-JACHNA REGENT 2.00 X 0 0 0 SARA TOMSON-HOOPER REGENT 2.00 X 0 0 0 TAMMY JACKSON REGENT 2.00 X 0 0 0 1033511 0 190699 6 0 1 0 WOODRUFF CONSTRUCTION INC 1717 FALLS AVENUE WATERLOO IA 50701 CONSTRUCTION CONTRACTOR 1096223 EAB GLOBAL 1920 E PARHAM ROAD RICHMOND VA 23228 STUDENT MARKETING SERVICES 925955 PETERS CONSTRUCTION CORPORATION 901 BLACKHAWK ROAD WATERLOO IA 50701 CONSTRUCTION CONTRACTOR 662269 INVISION ARCHITECTURE 501 SYCAMORE ST STE 101 WATERLOO IA 507034649 ARCHITECTURAL SERVICES 283692 AMPERAGE MARKETING & FUNDRAISING 6711 CHANCELLOR DR CEDAR FALLS IA 50613 MARKETING CONSULTANT 278620 11 5301066 8722974 2678507 14024040 TUITION & FEES 611310 67555890 67555890 AUXILIARY ENTERPRISES 611710 13389878 13389878 COPY CENTER 561439 171487 171487 OTHER PROGRAMS 541900 26666 26666 81143921 1689021 -17821 1706842 87904 87904 199583 67833 131750 131750 131750 55306385 61333 32653687 35800 22652698 25533 22678231 22678231 CAMPUS GROUP 541900 697483 434162 263321 STUDENT CENTER INCOME 561439 2436 2436 699919 120454786 81578083 -15385 24868048 43351969 43351969 1088272 344107 530719 213446 18168220 15957615 1573531 637074 993612 849117 86056 58439 5111962 4473954 442742 195266 1257293 1092170 108893 56230 31252 25577 5675 114868 114868 4870 4870 720000 720000 1106893 1008291 95867 2735 219900 199796 19045 1059 913487 767931 79116 66440 1126444 675866 450578 2645202 2416005 229098 99 687946 588490 59582 39874 3671 3353 318 3645285 3645285 4725860 4725860 521122 475988 45134 FOOD PURCHASES & BOOKST 1938627 1938627 SERVICE AGREEMENTS 1050504 918402 90983 41119 CAMPUS GROUPS & MAY TER 492630 492630 TAXES 6230 6230 2241319 2021112 188428 31779 92167438 77575423 13242780 1349235 15168508 22710342 4350000 3800000 3596904 5591875 1868788 1401079 344106 323220 761980 772016 162305094 63941410 97569490 98363684 75774163 91551887 13429378 19695295 2734297 6206855 215597614 250416253 5587350 7089244 2594102 2220640 117583 4698255 76174602 74240904 3546696 5654615 88020333 93903658 X 44972518 55439326 82604763 101073269 127577281 156512595 215597614 250416253 28287348 647966 0 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 1 4870 0 0 0 4870 0 PART II-B, LINE 1: THE COLLEGE PAYS MEMBERSHIP DUES TO VARIOUS ORGANIZATIONS, SOME PORTION OF WHICH MAY BE USED FOR LOBBYING IN CONNECTION WITH ISSUES THAT IMPACT HIGHER EDUCATION. 74150 X X 0 77070792 4175697 21631013 1779988 2446383 98651131 76014381 2784592 2339891 1657941 2410131 77070792 76329259 1947531 1555511 1549994 2267926 76014381 73438498 1682143 4973237 1466186 2298433 76329259 63846237 5123096 7485242 1214608 1801469 73438498 0.12000 0.88000 0.00000 0 0 202500 3989276 4191776 137437040 53908187 83528853 8832616 4711418 4121198 11843662 5321805 6521857 98363684 CSV - LIFE INSURANCE 16638007 F FUND OF HEDGE FUNDS 3032721 F OTHER INVESTMENTS 24567 F 19695295 STUDENT DEPOSITS 858599 ANNUITIES PAYABLE 1681317 DEPOSITS HELD IN CUSTODY 264054 ASSET RETIREMENT OBLIGATION 355975 LEASE LIABILITY 2494670 5654615 X 79444552 647966 647966 78796586 720000 40938200 41658200 120454786 50509238 105719 105719 50403519 720000 41043919 41763919 92167438 PART III, LINE 4: THE COLLEGE DOES NOT HAVE A SIGNIFICANT ART COLLECTION. THE ITEMS THAT ARE HELD ARE USED FOR EDUCATIONAL PURPOSES IN VARIOUS COURSES AND FOR THE BENEFIT OF THE GENERAL PUBLIC. PART V, LINE 4: THE COLLEGE'S ENDOWMENT FUNDS ARE USED TO SUPPORT THE EDUCATIONAL AND OTHER SUPPORT SERVICES PROVIDED TO THE STUDENT BODY. PART X, LINE 2: THE INTERNAL REVENUE SERVICE HAS DETERMINED THAT THE COLLEGE IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. IT IS ALSO EXEMPT FROM STATE INCOME TAX. HOWEVER, ANY UNRELATED BUSINESS INCOME MAY BE SUBJECT TO TAXATION. DURING THE YEARS ENDED MAY 31, 2021 AND 2020, THE COLLEGE INCURRED UNRELATED BUSINESS INCOME RELATING TO ONE OF THEIR ALTERNATIVE INVESTMENTS. AS A RESULT, THE COLLEGE HAS RECORDED INCOME TAX EXPENSE OF $6,230 AND $223,306, RESPECTIVELY, WHICH HAS BEEN NETTED AGAINST INVESTMENT INCOME IN THE ACCOMPANYING STATEMENT OF ACTIVITIES. THE COLLEGE FOLLOWS THE ACCOUNTING STANDARDS FOR CONTINGENCIES IN EVALUATING UNCERTAIN TAX POSITIONS. THE 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 AND 2020. THE COLLEGE'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: ACTUARIAL ADJUSTMENTS - LOSS -37,886. RENTAL EXPENSES -67,833. FINANCIAL AID 41,043,919. PART XII, LINE 2D - OTHER ADJUSTMENTS: ACTUARIAL ADJUSTMENTS - LOSS 37,886. RENTAL EXPENSES 67,833. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 41,043,919. 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 FOLLOWS A NONDISCRIMINATORY POLICY REGARDING ALL PROGRAMS. ENROLLMENT OF STUDENTS IS WITHOUT DISCRIMINATION AS TO RACE, SEX, COLOR, SEXUAL ORIENTATION, HANDICAP, OR NATIONAL ORIGIN AND IS PUBLISHED IN THE COLLEGE'S CATALOG, AND THE COLLEGE'S WEBSITE. RECRUITMENT PROCEDURES ARE DESIGNED AND CARRIED OUT TO REACH ALL RACIAL SEGMENTS IN THE GEOGRAPHICAL AREA SERVED BY THE COLLEGE. SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES FINANCIAL ASSISTANCE FROM THE U.S. GOVERNMENT IN CONNECTION WITH VARIOUS PROGRAMS SUCH AS THE PELL GRANT PROGRAM, TEACHER EDUCATION ASSISTANCE FOR COLLEGE AND HIGHER EDUCATION GRANT PROGRAM, FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT (SEOG) AND FEDERAL WORKSTUDY PROGRAM. THE COLLEGE ALSO RECEIVES SUPPORT FROM THE STATE OF IOWA THROUGH THEIR TUITION GRANT PROGRAM AND OTHER RELATED STATE PROGRAMS. EAST ASIA & PACIFIC 0 1 PROGRAM SERVICES SEE PART V 56463 EUROPE (INCLUDING ICELAND AND GREENLAND) 0 0 PROGRAM SERVICES SEE PART V 9237 0 1 0 0 0 1 65700 0 65700 1 0 0 0 1 0 PART III ACCOUNTING METHOD: SCHEDULE F, PART I, LINE 3 - COLUMN (E): LINE 1 - INSTITUTIONAL SUPPORT, INSTRUCTION AND STUDENT SERVICES LINE 2 - INSTRUCTION 1 INSTITUTIONAL SCHOLARSHIPS AND GRANTS 1467 2349780 38538394 TUITION DISCOUNTING INSTITUTIONAL SCHOLARSHIPS AND GRANTS ARE USED AS A DIRECT REDUCTION OF THE TUITION THAT EACH FULL-TIME STUDENT IS REQUIRED TO PAY. SUPPLEMENTAL EDUCATION OPPORTUNITY GRANT 374 155745 FAIR MARKET VALUE SUPPLEMENTAL EDUCATION OPPORTUNITY GRANT (SEOG) IS A FEDERAL GRANT THAT IS AWARDED BY THE COLLEGE TO QUALIFIED STUDENTS IN ORDER TO REDUCE THE COST THE STUDENT MUST PAY FOR THEIR EDUCATION. HEERF (HIGHER EDUCATION EMERGENCY RELIEF FUND) - EMERGENCY FINANCIAL AID GRANT 1376 2308050 FAIR MARKET VALUE HEERF EMERGENCY FINANCIAL AID GRANT IS A FEDERAL GRANT THAT IS AWARDED BY THE COLLEGE AND DISBURSED DIRECTLY TO ELIGIBLE STUDENTS FOR EXPENSES RELATED TO THE DISRUPTION OF CAMPUS OPERATIONS DUE TO THE COVID-19 CRISIS. PART I, LINE 2: THE COLLEGE PROVIDES GRANTS AND SCHOLARSHIPS TO ITS FULL-TIME, DEGREE SEEKING STUDENTS, BY CREDITING SUCH AMOUNTS DIRECTLY TO THEIR STUDENT ACCOUNTS, TO BE ONLY USED AS AN OFFSET FOR TUITION. X X 1 1 X X X 0 0 0 0 0 0 0 0 0 DARREL COLSON PRESIDENT 220515 0 0 0 33234 0 13994 0 24169 0 291912 0 0 0 SCOTT LEISINGER VICE-PRESIDENT 129455 0 0 0 2476 0 8241 0 18138 0 158310 0 0 0 EDITH WALDSTEIN VICE-PRESIDENT 131433 0 0 0 4152 0 8062 0 13933 0 157580 0 0 0 RICHARD SEGGERMAN VICE-PRESIDENT 120022 0 0 0 1864 0 7870 0 27657 0 157413 0 0 0 PART I, LINE 1A AS A CONDITION OF EMPLOYMENT, PRESIDENT COLSON IS REQUIRED TO OCCUPY AND USE THE PRESIDENT'S HOME AT THE COLLEGE, IN THE PERFORMANCE OF HIS DUTIES. THE COLLEGE PAYS FOR MAINTENANCE AND UPKEEP OF THE HOME. MAJOR REPAIRS, RENOVATIONS, OR PHYSICAL IMPROVEMENTS ARE SUBJECT TO BOARD APPROVAL BEFORE THEY ARE UNDERTAKEN. PRESIDENT COLSON IS RESPONSIBLE FOR INSURING ANY PERSONAL PROPERTY OWNED BY HIM OR HIS FAMILY THAT IS LOCATED IN THE HOME. PART I, LINE 1A: PRESIDENT COLSON AND THE PRESIDENT'S CABINET ARE GRANTED MEMBERSHIP TO THE COLLEGE'S WELLNESS CENTER AT REDUCED COST, THE SAME ARRANGEMENT AVAILABLE TO ALL EMPLOYEES OF THE COLLEGE. THE VALUE OF THE MEMBERSHIP REDUCTION IS $300 PER YEAR, AND IS A TAXABLE FRINGE BENEFIT. A IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 4624603P9 2015-03-24 85845606 SEE PART VI 0 0 0 A 10570000 85845606 5873166 1715989 2024 84084286 2008 1 0 1 1 A 0 1 0 0 0.00320 0.00320 0 0 1 A 0 0 1 1 0 0 0 0 1 A 1 SCHEDULE K, PART 1, COLUMN F - LINE A: REFUND PRIOR ISSUES (12/29/05 - BOTH) SCHEDULE K, PART II, LINE 3: THE TOTAL PROCEEDS DO NOT EQUAL THE SUMMATION OF LINES 4-12 DUE TO TRANSFERRED OR REPLACEMENT PROCEEDS IN LINE 4. SCHEDULE K, PART IV, ARBITRAGE, LINE 2C: (A) ISSUER NAME: IOWA HIGHER EDUCATION LOAN AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 02/28/2020 DISCLOSURE SUBJECT TO FERPA LAWS 78500 MERIT SCHOLARSHIPS STUDENT FINANCIAL AID FRED WALDSTEIN FAMILY MEMBER OF EDITH WALDSTEIN, VICE PRESIDENT FOR ENROLLMENT MANAGEMENT 29681 EMPLOYED AS FACULTY; PROFESSOR OF POLITICAL SCIENCE. REPORTS TO THE VICE PRESIDENT FOR ACADEMIC AFFAIRS. FAMILY MEMBER EDITH WALDSTEIN, VICE PRESIDENT FOR ENROLLMENT MANAGEMENT, HAS NO CONTROL OVER FACULTY COMPENSATION OR GOVERNANCE. 0 AMPERAGE MARKETING PARTIAL OWNER IS A FAMILY MEMBER OF LIZ MATHIS, REGENT 315548 MARKETING AND ADVERTISING SERVICES PROVIDED IN THE ORDINARY COURSE OF BUSINESS. FEES CHARGED ARE NORMAL AND REASONABLE FOR THE SERVICES PROVIDED. LIZ MATHIS HAS NO CONTROL OVER AMPERAGE MARKETING. 0 CHRISTY COLSON FAMILY MEMBER OF DARREL COLSON, PRESIDENT 17634 ENGAGED AS A CONSULTANT. REPORTS TO THE BOARD OF REGENTS AND PAYMENT IS SET BY THE BOARD OF REGENTS. FAMILY MEMBER DARREL COLSON, PRESIDENT OF THE COLLEGE, IS A VOTING MEMBER OF THE BOARD OF REGENTS BUT DOES NOT PARTICIPATE IN OR HAVE ANY CONTROL OVER DECISION-MAKING REGARDING CHRISTY COLSON'S CONSULTING RELATIONSHIP WITH THE COLLEGE (E.G. DOES NOT VOTE OR OTHERWISE PARTICIPATE IN ASSIGNING DUTIES, EVALUATING SERVICES OR ESTABLISHING PAYMENT FOR CHRISTY COLSON). 0 X 24 2095007 NET SELLING PRICE X 1 323500 FAIR MARKET VALUE X 2 259000 FAIR MARKET VALUE X FARM GRAIN 1 1000 FAIR MARKET VALUE 29 0 1 0 FORM 990, PART VI, SECTION A, LINE 6 PER THE ARTICLES OF INCORPORATION, THE MEMBERS OF THE WARTBURG COLLEGE CORPORATION ARE (A) THE MEMBERS OF THE CHURCH WIDE ASSEMBLY OF THE EVANGELICAL LUTHERAN CHURCH IN AMERICA (ELCA), (B) THE OFFICERS OF THE ELCA, (C) THE EXECUTIVE DIRECTOR OF THE UNIT OF THE ELCA WITH RESPONSIBILITY FOR RELATIONSHIPS WITH COLLEGES OF THE ELCA, (D) THE MEMBERS OF THE BOARD, AND (E) SUCH ADDITIONAL PERSONS AS PROVIDED IN THE BYLAWS OF THE CORPORATION. FORM 990, PART VI, SECTION A, LINE 7A PER THE BYLAWS, THE BOARD OF REGENTS HAS BOTH EX OFFICIO AND ELECTED MEMBERS. 1. THREE EX OFFICIO MEMBERS WHO SERVE BY VIRTUE OF THEIR POSITIONS FOR SO LONG AS THEY HOLD SUCH POSITIONS: (A) THE COLLEGE PRESIDENT (ELECTED BY THE BOARD OF REGENTS) AND (B) THE ALUMNI BOARD PRESIDENT AND ALUMNI BOARD PRESIDENT-ELECT (BOTH ELECTED BY THE COLLEGE'S ALUMNI BOARD. 2. THE ELECTED MEMBERS ARE ELECTED BY THE BOARD OF REGENTS. FORM 990, PART VI, SECTION A, LINE 7B AMENDMENTS TO THE ARTICLES OF INCORPORATION ARE SUBJECT TO APPROVAL OF THE BOARD OF REGENTS AND TO SUBSEQUENT RATIFICATION BY THE MEMBERS OF THE CORPORATION FORM 990, PART VI, SECTION B, LINE 11B THE COLLEGE PROVIDES PRELIMINARY TAX RETURN INFORMATION VIA SELECTED WORKPAPERS AND A SPECIALIZED TEMPLATE TO THE AUDIT FIRM. THE AUDIT FIRM THEN USES SPECIALIZED PROPRIETARY 990 TAX FORM SOFTWARE TO PERFORM DIAGNOSTICS AND PREPARE A DRAFT OF THE FORM 990 BASED ON INFORMATION PROVIDED TO THEM AND THEIR KNOWLEDGE OF HOW TO COMPLETE THE 990. AFTER RECEIVING THE DRAFT FORM 990 FROM THE AUDIT FIRM, PERSONNEL FROM THE BUSINESS OFFICE REVIEW THE DRAFT, RECONCILING INFORMATION BACK TO SUPPORTING WORK PAPERS WHERE POSSIBLE AND REVIEWING OTHER INFORMATION FOR COMPLETENESS, ACCURACY, CONSISTENCY, AND REASONABLENESS. NEXT, THE PRESIDENT'S CABINET AND THE BOARD'S AUDIT COMMITTEE MEMBERS REVIEW THE DRAFT OF THE FORM 990 FOR COMPLETENESS, ACCURACY, CONSISTENCY, AND REASONABLENESS. FEEDBACK FROM ALL REVIEW IS FORWARDED TO THE AUDIT FIRM, AND THE FORM 990 IS UPDATED ACCORDINGLY. A COPY OF THE FORM 990 (WITH DONOR NAMES REMOVED) IS POSTED TO THE SECURE, CONFIDENTIAL BOARD OF REGENTS WEB SITE, AND AN EMAIL IS SENT TO ALL BOARD MEMBERS NOTIFYING THEM THAT THE 990 IS AVAILABLE FOR REVIEW. FEEDBACK PROVIDED FROM THE BOARD MEMBERS IS REVIEWED AND DISCUSSED WITH INDIVIDUAL BOARD MEMBERS AS NECESSARY AND APPROPRIATE. ALL FEEDBACK THAT REQUIRES A SIGNIFICANT CHANGE TO THE FORM 990 IS PROVIDED IN A SUMMARY FASHION TO ALL BOARD MEMBERS, TO ALLOW ADDITIONAL FEEDBACK OR COMMENTS. THE FINAL APPROVED FEEDBACK IS GIVEN TO THE AUDIT FIRM TO INCORPORATE IN THE FINAL FORM 990. THE BOARD RECEIVES THE FINAL FORM 990 PRIOR TO IT BEING FILED. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS REVIEWED, UPDATED, AND APPROVED ANNUALLY BY THE BOARD. BOARD MEMBERS AND KEY EMPLOYEES ARE REMINDED OF THEIR RESPONSIBILITY TO FOLLOW THE CONFLICT OF INTEREST POLICY. BUSINESS OFFICE PERSONNEL ARE FAMILIAR WITH THE VENDORS USED BY THE COLLEGE AND WOULD FOLLOW THE CONFLICT OF INTEREST POLICY IF THERE WERE ANY POTENTIAL TRANSACTIONS THAT WOULD FALL WITHIN THE SCOPE OF THAT POLICY. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF REGENTS ESTABLISHES COMPENSATION FOR THE PRESIDENT INITIALLY AND ANNUALLY, APPLYING ALL ELEMENTS NOTED IN THIS LINE'S QUERY. THE COMPARATOR GROUP IS LIMITED TO LIBERAL ARTS COLLEGES WITH COMPARABLE ENROLLMENTS, INCLUDING OTHER ELCA RELATED COLLEGES. THE PRESIDENT ESTABLISHES COMPENSATION FOR THE PRESIDENT'S CABINET INITIALLY AND ANNUALLY, APPLYING ALL ELEMENTS NOTED IN THIS LINE'S QUERY. THE COMPARATOR GROUP IS LIMITED TO LIBERAL ARTS COLLEGES WITH COMPARABLE ENROLLMENTS, INCLUDING OTHER ELCA-RELATED COLLEGES. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC.