2022-04-06T10:36:30-05:00 2021-05-31 390859910 BAKER TILLY US LLP 225 S 6TH ST 2300 MINNEAPOLIS MN 55402 990 2020-06-01 410693979 ST OLAF COLLEGE STOL 5077862222 1520 ST OLAF AVENUE NORTHFIELD MN 55057 NATHAN ENGLE CONTROLLER 5077862222 2022-04-15 1 NATHAN ENGLE XXX-XX-XXXX LAWRENCE H MOHR CPA P00447603 6128764500 2022-04-06 X 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z DAVID ANDERSON 1520 ST OLAF AVENUE NORTHFIELD MN 55057 478248381 0 X WWW.STOLAF.EDU X 1874 MN ST. OLAF COLLEGE CHALLENGES STUDENTS TO EXCEL IN THE LIBERAL ARTS, EXAMINE FAITH AND VALUES, AND EXPLORE MEANINGFUL VOCATION IN AN INCLUSIVE, GLOBALLY ENGAGED COMMUNITY NOURISHED BY LUTHERAN TRADITION. 28 27 3275 81 56157 0 18664395 40626820 181683688 180600719 11023734 19441214 386266 326170 211758083 240994923 94068481 98569935 0 0 69536125 69854576 159706 87290 4879444 53856103 46769979 217620415 215281780 -5862332 25713143 812980169 1072190588 111903576 175577230 701076593 896613358 X ST. OLAF COLLEGE CHALLENGES STUDENTS TO EXCEL IN THE LIBERAL ARTS, EXAMINE FAITH AND VALUES, AND EXPLORE MEANINGFUL VOCATION IN AN INCLUSIVE, GLOBALLY ENGAGED COMMUNITY NOURISHED BY LUTHERAN TRADITION. 0 0 197789792 98569935 152355240 POSTSECONDARY EDUCATION - FOUR YEAR, RESIDENTIAL, LIBERAL ARTS EDUCATION. IN THE 2020-2021 ACADEMIC YEAR, ST. OLAF COLLEGE ENROLLED 2,916 FULL TIME STUDENTS AND 37 PART TIME STUDENTS. THE GRADUATING CLASS OF 2021 HAD 697 GRADUATES. A STUDENT TO FACULTY RATIO OF 12.2:1 SUPPORTS ST. OLAF STUDENTS WITH CLASSROOM, LABORATORY, AND OFF-CAMPUS EXPERIENCES. ST. OLAF COLLEGE IS ACCREDITED AS A DEGREE-GRANTING INSTITUITION BY THE HIGHER LEARNING COMMISSION OF THE NORTH CENTRAL ASSOCIATION OF COLLEGES AND SECONDARY SCHOOLS. THE COLLEGE'S ACADEMIC PROGRAMS ARE ALSO ACCREDITED BY THE AMERICAN CHEMICAL SOCIETY, COMMISSION ON COLLEGIATE NURSING EDUCATION, COUNCIL ON SOCIAL WORK EDUCATION, NATIONAL ASSOCIATION OF SCHOOLS OF DANCE, NATIONAL ASSOCIATION OF SCHOOLS OF MUSIC, NATIONAL ASSOCIATION OF SCHOOLS OF THEATRE, AND NATIONAL COUNCIL FOR ACCREDITATION OF TEACHER EDUCATION. 197789792 1 1 0 1 0 0 1 1 1 1 1 1 0 1 1 1 1 0 1 0 1 0 0 1 0 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 1 1 0 1 0 1 4101 0 1 3275 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 28 27 1 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 MA MI NH SC X X JANET HANSON 5077862222 1520 ST OLAF AVENUE NORTHFIELD MN 55057 DAVID ANDERSON PRESIDENT 40.00 0.00 X X 478867 0 39951 JAY LUND CHAIR 1.70 0.00 X X 0 0 0 SUSAN GUNDERSON VICE CHAIR 1.70 0.00 X X 0 0 0 JOHN RAITT TREASURER 1.70 0.00 X X 0 0 0 MARVIN BENTON REGENT 1.70 0.00 X 0 0 0 JEFFREY BOLTON REGENT 1.70 0.00 X 0 0 0 GREGORY BUCK REGENT 1.70 0.00 X 0 0 0 SEAN BURRESS REGENT 1.70 0.00 X 0 0 0 SONJA CLARK REGENT - OUTGOING 1.70 0.00 X 0 0 0 JOAN ERICKSEN REGENT 1.70 0.00 X 0 0 0 STEPHANIE FEHR REGENT 1.70 0.00 X 0 0 0 WILLIAM GAFKJEN REGENT 1.70 0.00 X 0 0 0 PETER GOTSCH REGENT 1.70 0.00 X 0 0 0 PAUL GRANGAARD REGENT 1.70 0.00 X 0 0 0 JOHN GROTTING REGENT 1.70 0.00 X 0 0 0 JENNIFER HELLMAN REGENT 1.70 0.00 X 0 0 0 JODY KLEPPE HORNER REGENT 1.70 0.00 X 0 0 0 MARK JORDAHL REGENT 1.70 0.00 X 0 0 0 CHRISTOPHER KLEIN REGENT 1.70 0.00 X 0 0 0 WARD KLEIN REGENT 1.70 0.00 X 0 0 0 JUDD LOEWENSTEIN REGENT 1.70 0.00 X 0 0 0 TIMOTHY MAUDLIN REGENT 1.70 0.00 X 0 0 0 BRENDA MCCORMICK REGENT 1.70 0.00 X 0 0 0 GRETCHEN MORGENSON REGENT 1.70 0.00 X 0 0 0 LAURIE NORDQUIST REGENT 1.70 0.00 X 0 0 0 SCOTT OKUNO REGENT 1.70 0.00 X 0 0 0 JON SALVESON REGENT 1.70 0.00 X 0 0 0 LAWRENCE STRANGHOENER REGENT - OUTGOING 1.70 0.00 X 0 0 0 GLENN TAYLOR REGENT - OUTGOING 1.70 0.00 X 0 0 0 ALPHONSO TINDALL REGENT 1.70 0.00 X 0 0 0 THERESA HULL WISE REGENT 1.70 0.00 X 0 0 0 MARCI SORTOR PROVOST AND DEAN OF THE COLLEGE 40.00 0.00 X 234601 0 33925 CARL CROSBY LEHMANN GENERAL COUNSEL 40.00 0.00 X 224171 0 19940 ENOCH BLAZIS VP FOR ADVANCEMENT 40.00 0.00 X 210996 0 27112 JANET HANSON VP AND CFO 40.00 0.00 X 208807 0 33485 MICHAEL KYLE VP FOR ENROLLMENT 40.00 0.00 X 204044 0 31461 MICHAEL GOODSON VP FOR HUMAN RESOURCES 40.00 0.00 X 168315 0 23473 HASSEL MORRISON VP FOR STUDENT LIFE 40.00 0.00 X 149393 0 35670 DAN DRESSEN ASSOCIATE PROVOST 40.00 0.00 X 132709 0 20161 MARK GELLE CHIEF INVESTMENT OFFICER 40.00 0.00 X 124274 0 25328 JO BELD SECRETARY 40.00 0.00 X 117652 0 24198 NATHAN ENGLE CONTROLLER 40.00 0.00 X 96936 0 31439 ROBERTA LEMBKE CHIEF INFORMATION OFFICER 40.00 0.00 X 153493 0 20989 REBECCA OTTEN ASST VP FOR ADVANCEMENT 40.00 0.00 X 148851 0 14512 KATIE WARREN CHIEF MARKETING OFFICER 40.00 0.00 X 145037 0 13342 BRUCE KING INSTITUTIONAL DIVERSITY 40.00 0.00 X 142339 0 28840 CHRISTOPHER GEORGE DEAN OF ADMISSIONS AND FINANCIAL AID 40.00 0.00 X 136475 0 35076 3076960 0 458902 56 0 1 0 BON APPETIT MANAGEMENT CO 100 HAMILTON AVENUE SUITE 400 PALO ALTO CA 94301 FOOD SERVICE PROVIDER 6964541 WORKSHOP ARCHITECTS 201 E PITTSBURG AVENUE SUITE 301 MILWAUKEE WI 53204 ARCHITECTURAL FIRM 1588047 HARRIS 1400 7TH STREET NW ROCHESTER MN 55901 CONSTRUCTION 1031896 EBSCO INDUSTRIES PO BOX 1943 BIRMINGHAM AL 35242 PUBLICATIONS AND SUBSCRIPTIONS 750877 MAYO CLINIC LABORATORIES 200 FIRST ST SW ROCHESTER MN 55905 MEDICAL TESTING SERVICES 659322 37 6818613 33808207 4364551 40626820 TUITION & FEES 611600 150934563 150934563 AUXILIARY SALES AND SERVICES 611600 28351109 365861 27985248 OTHER 611600 1315047 1054816 260231 180600719 11032774 11032774 538000 63212 270696 7055 267304 56157 323461 56157 267304 230391305 14982956 217675952 19289869 12715353 -4306913 8408440 8408440 12595 9886 2709 2709 240994923 152355240 56157 47956706 98569935 98569935 2409834 739355 1209996 460483 52548935 46084234 3892719 2571982 4463551 3935520 301546 226485 6862319 6482208 83545 296566 3569937 3092315 284095 193527 83499 20860 62639 104072 104072 87290 87290 1577085 1577085 4463228 2478648 1738451 246129 497287 483117 14170 2673058 2350537 178718 143803 3102703 2538824 363260 200619 709 650 59 5248443 4727188 479221 42034 1875911 1871274 2066 2571 95410 80892 4300 10218 2371393 2276293 94294 806 13337353 12175345 849895 312113 961466 2024 959442 FOOD SERVICE 7400611 7392365 2632 5614 TUITION FEES PAID TO OT 561063 560399 659 5 MEMBERSHIP DUES PAID TO 534336 213104 317414 3818 UBI TAXES PAID 26603 26603 1855749 1715355 65072 75322 215281780 197789792 12612544 4879444 425245 233740 24615282 35638767 9668851 7523638 451979 225509 750000 750000 154033 144824 512331 1025290 444678371 201909941 243997314 242768430 69362062 68008112 428073777 614058330 5142730 4374161 29826565 97439787 812980169 1072190588 14497677 17814956 3540391 2679808 5426522 2033264 74567367 138523336 10952056 11463211 2919563 3062655 111903576 175577230 X 333754638 411548422 367321955 485064936 701076593 896613358 812980169 1072190588 X 25713143 164105216 5718406 X 0 1 X 1 1 1 X 24604391 23748728 28723742 18664395 40626820 136368076 24604391 23748728 28723742 18664395 40626820 136368076 12079445 124288631 16268336 60446532 10749035 9079813 11032774 107576490 8773155 28915827 20819105 3263044 8411149 70182280 314126846 744226265 0.39570 0.39890 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 1 0 0 1 0 1 120558 120558 0 PART II-B, LINE 1: ST. OLAF COLLEGE IS A MEMBER OF MINNESOTA PRIVATE COLLEGE COUNCIL (MPCC), AN ORGANIZATION DESCRIBED IN SECTION 501(C)(4) OF THE INTERNAL REVENUE CODE. MPCC IS AN ASSOCIATION OF PRIVATE NONPROFIT INSTITUTIONS OF HIGHER EDUCATION THAT SERVES A VARIETY OF ITS MEMBERS' SHARED NEEDS, INCLUDING, BUT NOT ONLY, NONPARTISAN AND NON-ELECTORAL ADVOCACY FOR PUBLIC POLICY THAT MEETS STUDENTS' NEEDS AND ADVANCES THE INTERESTS OF PRIVATE HIGHER EDUCATION. ST. OLAF COLLEGE PAID MEMBERSHIP DUES TO MPCC IN THE AMOUNT OF $151,133 DURING THE TAXABLE YEAR. MPCC HAS DIVIDED ITS EXPENSES FOR ITS TAXABLE YEAR ENDING JUNE 30, 2021, INTO TWO GROUPS. GROUP 1 CONSISTS OF THOSE EXPENSES THAT DID NOT IN ANY WAY SUPPORT ATTEMPTS TO INFLUENCE LEGISLATION WITHIN THE MEANING OF SECTION 50L(C)(3) OF THE INTERNAL REVENUE CODE ("LOBBYING"), AND GROUP 2 CONSISTS OF ALL OTHER EXPENSES. GROUP 2 INCLUDES MANY EXPENSES, SUCH AS PERSONNEL COSTS, THAT SUPPORTED BOTH LOBBYING AND NON-LOBBYING ACTIVITIES. MPCC DID NOT ATTEMPT TO ALLOCATE THE GROUP 2 EXPENSES BETWEEN LOBBYING AND NON-LOBBYING ACTIVITIES. MPCC HAS DETERMINED THAT THE AMOUNT OF THE GROUP 2 EXPENSES REPRESENTS 79.76% OF THE AMOUNT OF THE DUES THAT MPCC COLLECTED IN THE SAME TAXABLE YEAR. ASSUMING THAT ALL GROUP 2 EXPENSES WERE PAID FROM MEMBER DUES, AND ALLOCATING THOSE EXPENSES PRO RATA BASED ON THE DUES PAID BY EACH MEMBER, $120,558 OF ST. OLAF COLLEGE'S DUES WERE USED TO PAY GROUP 2 EXPENSES. THE AMOUNT OF LOBBYING EXPENSES PAID FROM ST. OLAF COLLEGE'S DUES WAS SIGNIFICANTLY LESS THAN THAT AMOUNT. X 2 130.00 0 1 0 100.00 51343 63187 3411074 X X 1 1 365342 280166 613060 32448 1 X 516330591 22444367 181929892 7217439 10083224 1688156 701716031 540137850 4916091 -13616857 6887243 6605589 1613661 516330591 536053533 15588231 548307 6471566 3971684 1608971 540137850 498709974 9050791 45673028 6075236 10161177 1143847 536053533 447701139 9518220 55708370 5608563 8120180 489013 498709973 0.36200 0.35700 0.28100 0 0 1342890 1342890 324266608 136088803 188177805 31597106 13065947 18531159 59998027 44006278 15991749 27473740 8748913 18724827 242768430 HEDGE FUNDS 159332181 F PRIVATE EQUITY FUNDS 122012855 F GLOBAL EQUITY FUNDS 230308532 F REAL ESTATE FUNDS 28339923 F COMMODITY FUNDS 51691030 F OTHER INVESTMENTS 298253 F FIXED INCOME FUNDS 21650566 F PRIVATE CREDIT FUNDS 424990 F 614058330 OTHER RECEIVABLES 204072 DEPOSITS HELD BY TRUSTEE 62935876 FUNDS HELD IN TRUST BY OTHERS 2298817 ASSETS HELD IN CHARITABLE TRUST 32001022 97439787 ASSET RETIREMENT OBLIGATION 3062655 3062655 X 313221470 164105216 5718406 169823622 143397848 1577085 96019991 97597076 240994924 117684705 0 117684705 1577085 96019991 97597076 215281781 PART II, LINE 9: MONEY RECEIVED INITIALLY WAS RECORDED AS UNRESTRICTED REVENUE AND PLACED INTO A BOARD DESIGNATED QUASI-ENDOWMENT. EXPENSES THAT ARE INCURRED PERTAINING TO THE EASEMENTS ARE RECORDED AS OPERATING EXPENSES. THE LAND RELATED TO THE EASEMENTS IS INCLUDED IN AS PROPERTY, PLANT, AND EQUIPMENT ON THE COLLEGE'S BALANCE SHEET. PART III, LINE 4: THE COLLEGE'S COLLECTIONS ARE COMPOSED PRIMARILY OF ARTWORK DONATED AND DISPLAYED ON THE PREMISES OF THE COLLEGE. THE COLLECTION FURTHERS THE EXEMPT PURPOSE BY PROVIDING SUBJECTS FOR STUDENTS TO OBSERVE AND INTERPRET. PART IV, LINE 1B: THE COLLEGE SERVES AS AN AGENT FOR SEVERAL STUDENT AND OTHER ORGANIZATIONS. PART IV, LINE 2B: INCLUDED IN FORM 990, PART X, LINE 21 ARE TWO SEPARATE TYPES OF LIABILITIES. FIRST ARE 'ANNUITIES PAYABLE" OF $11,103,674 RESULTING FROM CHARITABLE ANNUITIES AND TRUSTS WHERE THE COLLEGE SERVES AS THE TRUSTEE OF THE ASSETS AND RECORDS A LIABILITY FOR THE PRESENT VALUE OF FUTURE CASH FLOWS ESTIMATED TO BE PAID OUT TO THE INCOME BENEFICIARIES. IN ADDITION, THE COLLEGE ALSO RECORDS "FUNDS HELD IN TRUST FOR OTHERS" OF $359,537 THAT PRIMARILY RESULT FROM THE TRUSTS UNDER CONTROL OF THE COLLEGE THAT WILL BENEFIT OTHER ORGANIZATIONS AT THE TERMINATION OF THE TRUST. PART V, LINE 4: THE INTENDED USES OF THE ENDOWMENT FUND INCLUDE SCHOLARSHIPS, ENDOWED FACULTY CHAIRS, AND GENERAL SUPPORT TO SUBSIDIZE VARIOUS OPERATIONS. 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. THE COLLEGE IS ALSO EXEMPT FROM STATE INCOME TAXES. HOWEVER, ANY UNRELATED BUSINESS INCOME MAY BE SUBJECT TO TAXATION. 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 AND 2020. THE COLLEGE'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: ADJUSTMENT TO PRIOR SERVICE COST AND ACTUARIAL LIABILITY FOR RETIREE HEALTH -325,016. ADJUSTMENT TO ACTUARIAL LIABILITY FOR ANNUITIES PAYABLE 6,043,422. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS 96,017,282. SPECIAL FUNDRAISING EXPENSES 2,709. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS 96,017,282. SPECIAL FUNDRAISING EXPENSES 2,709. 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 DOES NOT ENGAGE IN SIGNIFICANT ADVERTISING ACTIVITIES VIA NEWSPAPERS OR BROADCAST MEDIA. HOWEVER, WHEN THE COLLEGE POSTS JOB OPENINGS IN NEWSPAPERS THE APPLICABLE DISCRIMINATION POLICIES ARE INCLUDED. SCHEDULE E, PART I, LINE 6 ST. OLAF PARTICIPATES IN THE FEDERAL STUDENT FINANCIAL AID PROGRAM ADMINISTERED THROUGH THE US DEPARTMENT OF EDUCATION. ST. OLAF STUDENTS RECEIVE FUNDING FROM CAMPUS BASED PROGRAMS (PERKINS, SEOG AND FEDERAL WORK STUDY) AS WELL AS FEDERAL PELL GRANTS AND FEDERAL STUDENT LOANS. IN ADDITION, ST. OLAF STUDENTS RECEIVE FUNDING VIA THE MINNESOTA STATE GRANT, WORK STUDY AND SELF LOAN PROGRAMS ADMINISTERED THROUGH THE MINNESOTA OFFICE OF HIGHER EDUCATION. THE COLLEGE ALSO RECEIVED OTHER GRANTS THOUGH FEDERAL AND STATE PROGRAMS, SUCH AS THE DEPARTMENT OF EDUCATION AND NATIONAL SCIENCE FOUNDATION. 1 CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 INVESTMENTS 350239934 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 INVESTMENTS 374862 EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 0 0 PROGRAM SERVICES INTERNATIONAL STUDIES 108490 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICES INTERNATIONAL STUDIES 231450 0 0 0 0 0 0 350954736 0 350954736 1 0 1 1 1 0 PART I, LINE 2: THE COLLEGE OFFERS GRANTS IN THE FORM OF NEED OR MERIT BASED SCHOLARSHIPS TO STUDENTS WHO ARE STUDYING OUTSIDE OF THE US. BEFORE THE GRANT OR AWARD IS AVAILABLE AND DISBURSED, THE INTERNATIONAL AND OFF-CAMPUS STUDIES OFFICE MUST APPROVE ANY PROGRAM THAT A STUDENT IS PARTICIPATING IN. ONCE THE GRANT HAS BEEN DISBURSED TO THE STUDENT'S ACCOUNT TO COVER TUITION FOR THE STUDY ABROAD PROGRAM, THE INTERNATIONAL AND OFF-CAMPUS STUDIES OFFICE MAINTAINS CONTACT WITH THE HOST INSTITUTIONS TO MONITOR THE STUDENT'S ATTENDANCE AND NOTIFIES THE FINANCIAL AID OFFICE AND STUDENT ACCOUNTS OFFICE IF A STUDENT WITHDRAWS FROM AN OFF-CAMPUS PROGRAM. PART I, LINE 3: ACCRUAL METHOD PART III ACCOUNTING METHOD: PART IV LINE 1: THE COLLEGE HAS DIRECTLY INVESTED IN FOREIGN CORPORATIONS AND FILED THE REQUIRED FORMS 926 FOR THE TAX YEAR. LINE 3: THE COLLEGE HAS DIRECTLY INVESTED IN FOREIGN CORPORATIONS. HOWEVER, THE COLLEGE DOES NOT MEET THE FILING REQUIREMENTS OF FILING FORM 5471 FOR THE TAX YEAR. LINE 4: THE COLLEGE HAS DIRECTLY INVESTED IN PASSIVE FOREIGN INVESTMENT COMPANIES. HOWEVER, THE COLLEGE DOES NOT MEET THE FILING REQUIREMENTS OF FILING FORM 8621 FOR THE TAX YEAR. LINE 5: THE COLLEGE HAS DIRECTLY INVESTED IN FOREIGN PARTNERSHIPS AND FILED THE REQUIRED FORMS 8865 FOR THE TAX YEAR. X X X X X X X 1 PLUS DELTA PARTNERS 6965 EL CAMINO REAL STE 105-498 CARLSBAD CA 92009 CONSULTING AND TRAINING 0 0 20000 -20000 WEST WIND CONSULTING 120 BRINDLEY STREET SUITE 7 ITHICA NY 14850 CONSULTING AND TRAINING 0 0 9750 -9750 29750 -29750 AL AK AR CA CO CT HI MD MA MI MN MS MO NC NH NM OR RI SC UT VA WA WI DC 1 TUITION WAIVER 154 2287557 MERIT BASED SCHOLARSHIPS 2342 34815299 NEED BASED FINANCIAL AID 2337 59357103 EDUCATIONAL OPPORTUNITY ASSISTANCE 95 131398 VOCATION & CAREER ASSISTANCE 423 766864 EMERGENCY GRANTS TO STUDENTS 1767 1211714 PART I, LINE 2: GRANT FUNDS DISBURSED BY THE COLLEGE ARE PREDOMINANTLY AVAILABLE AS MERIT OR NEED BASED SCHOLARSHIPS. THESE SCHOLARSHIPS ARE DISBURSED BY THE FINANCIAL AID OFFICE AND ARE CREDITED DIRECTLY TO THE STUDENT'S ACCOUNT TO PAY FOR TUITION, ROOM AND BOARD. THEY ARE THEN MONITORED BY THE FINANCIAL AID OFFICE AND THE STUDENT ACCOUNTS OFFICE, BOTH OF WHOM ARE NOTIFIED IF THE STUDENT'S NORMAL ENROLLMENT STATUS CHANGES DURING THE SEMESTER. THESE OFFICES MONITOR WHETHER THE GRANTEE IS TAKING THE NECESSARY CLASSES AND IS THEREFORE UTILIZING THE GRANT AS IT WAS INTENDED. IF A STUDENT'S ENROLLMENT CHANGES, AWARD ADJUSTMENTS ARE MADE. OTHER GRANT FUNDS ARE DISBURSED BY THE COLLEGE THROUGH ACCOUNTS PAYABLE. QUALIFICATION AND USE OF THESE PAYMENTS ARE MONITORED BY THE RESPECTIVE DEPARTMENTS RESPONSIBLE FOR THE DISBURSEMENT. PART III, EMERGENCY GRANTS TO STUDENTS: EMERGENCY GRANTS TO STUDENTS REPRESENTS THE HIGHER EDUCATION RELIEF FUNDING PROVIDED BY THE CARES ACT FOR DIRECT DISTRIBUTION TO STUDENTS. X 1 1 X X X 0 0 0 0 0 0 0 0 0 DAVID ANDERSON PRESIDENT 467626 0 0 0 11241 0 25650 0 14301 0 518818 0 0 0 MARCI SORTOR PROVOST AND DEAN OF THE COLLEGE 230837 0 0 0 3764 0 19745 0 14180 0 268526 0 0 0 CARL CROSBY LEHMANN GENERAL COUNSEL 220818 0 2000 0 1353 0 18140 0 1800 0 244111 0 0 0 JANET HANSON VP AND CFO 202669 0 0 0 6138 0 17629 0 15856 0 242292 0 0 0 ENOCH BLAZIS VP FOR ADVANCEMENT 209678 0 0 0 1318 0 17600 0 9512 0 238108 0 0 0 MICHAEL KYLE VP FOR ENROLLMENT 202088 0 0 0 1956 0 17353 0 14108 0 235505 0 0 0 MICHAEL GOODSON VP FOR HUMAN RESOURCES 165700 0 0 0 2615 0 14059 0 9414 0 191788 0 0 0 HASSEL MORRISON VP FOR STUDENT LIFE 149068 0 0 0 325 0 12968 0 22702 0 185063 0 0 0 ROBERTA LEMBKE CHIEF INFORMATION OFFICER 153493 0 0 0 0 0 13104 0 7885 0 174482 0 0 0 CHRISTOPHER GEORGE DEAN OF ADMISSIONS AND FINANCIAL AID 135773 0 0 0 702 0 12298 0 22778 0 171551 0 0 0 BRUCE KING INSTITUTIONAL DIVERSITY 142339 0 0 0 0 0 10617 0 18223 0 171179 0 0 0 REBECCA OTTEN ASST VP FOR ADVANCEMENT 148403 0 0 0 448 0 12298 0 2214 0 163363 0 0 0 KATIE WARREN CHIEF MARKETING OFFICER 142540 0 2200 0 297 0 11739 0 1603 0 158379 0 0 0 DAN DRESSEN ASSOCIATE PROVOST 129143 0 0 0 3566 0 10863 0 9298 0 152870 0 0 0 PART I, LINE 1A HOUSING ALLOWANCE/RESIDENCE FOR PERSONAL USE - DAVID ANDERSON - $35,940 A MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY 410988525 60416JDB3 2021-03-18 66855752 FINANCE CONSTRUCTION AND RENOVATION PROJECTS 0 0 0 B MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY 410988525 60416HL51 2015-07-01 61107599 FINANCE CONSTRUCTION AND ADVANCE REFUNDING 0 0 0 C MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY 410988525 60416HZ80 2016-09-15 25628247 REFUND OUTSTANDING BALANCE OF SERIES SEVEN-F BOND 0 0 0 A 66855752 454400 66401352 2021 0 0 0 1 B 11595000 61107599 441171 25000000 35666428 2015 1 1 1 1 C 370000 25628247 265273 2468 25360506 1 1 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 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 1 0 0 1 0 0 1 B 0 0 0 1 0 0 0 0 1 C 0 0 0 1 0 0 0 0 1 A 1 B 1 C 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 03/18/2021 ISSUER NAME: MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 06/18/2020 ISSUER NAME: MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 10/14/2020 SCHEDULE K, PART IV, LINES 5B AND 5C GUARANTEED INVESTMENT CONTRACT IS INVESTED WITH TD. THE INITIAL PRINCIPAL AMOUNT IN THE CAPITALIZED INTEREST FUND INVESTMENT ACCOUNT WAS $2,176,351.39 WITH A RATE OF EARNINGS OF 0.273% PER ANNUM AND A MATURITY OF APRIL 1, 2022. THE INITIAL PRINCIPAL AMOUNT IN THE CONSTRUCTION FUND INVESTMENT ACCOUNT WAS $61,336,526.00 WITH A RATE OF EARNINGS OF 0.273% PER ANNUM AND A MATURITY OF DECEMBER 30, 2023. 22453 DISCOUNTED TUITION AID IN EDUCATION 110480 TUITION WAIVER AID IN EDUCATION X 1 80 REPLACEMENT COST X 1 4200 REPLACEMENT COST X 1360 REPLACEMENT COST X 69 4239411 FMV X MUSICAL INSTRUMENTS 3 117500 REPLACEMENT COST X OTHER GIFTS IN KIND 1 2000 REPLACEMENT COST 0 0 1 1 PART I, LINE 32B: THE COLLEGE IS REPORTING THE NUMBER OF CONTRIBUTIONS IN COLUMN (B). IN SEVERAL TAX YEARS, THE COLLEGE HAS USED AN AUCTION HOUSE TO SELL COLLECTIBLE ITEMS THAT WERE DONATED TO THE COLLEGE SEVERAL YEARS AGO. FORM 990, PART VI, SECTION A, LINE 1 THE EXECUTIVE COMMITTEE OF THE BOARD OF REGENTS SHALL BE COMPOSED OF THOSE INDIVIDUALS DESIGNATED BY THE BOARD OF REGENTS FROM TIME TO TIME. DURING THE TAX YEAR 2020, THE COMMITTEE'S MEMBERS WERE JAY LUND BOARD CHAIR, SUSAN GUNDERSON BOARD VICE CHAIR, JOHN RAITT TREASURER, JEFFREY BOLTON, WILLIAM GAFKJEN, JENNIFER HELLMAN, JODY HORNER, TIMOTHY MAUDLIN, THERESA WISE, AND DAVID ANDERSON PRESIDENT. THE EXECUTIVE COMMITTEE SHALL ACT ONLY DURING INTERVALS BETWEEN MEETINGS OF THE BOARD OF REGENTS AND SHALL AT ALL TIMES BE SUBJECT TO THE CONTROL AND DIRECTION OF THE BOARD OF REGENTS. DURING SUCH INTERVALS, AND SUBJECT TO SUCH CONTROL AND DIRECTION, THE EXECUTIVE COMMITTEE SHALL HAVE AND MAY EXERCISE ALL OF THE AUTHORITY AND POWERS OF THE BOARD OF REGENTS IN THE MANAGEMENT AND AFFAIRS OF THE CORPORATION, SUBJECT TO SUCH LIMITATIONS AS THE BOARD OF REGENTS MAY IMPOSE. THE EXECUTIVE COMMITTEE SHALL KEEP REGULAR MINUTES OF ITS PROCEEDINGS AND REPORT THE SAME TO THE BOARD OF REGENTS. FORM 990, PART VI, SECTION A, LINE 2 REGENTS P. GRANGAARD AND J. LUND - BUSINESS RELATIONSHIP REGENTS J. RAITT AND P. GOTSCH - BUSINESS RELATIONSHIP FORMER REGENTS K. JOHNSON AND T. PIPER HAVE A BUSINESS RELATIONSHIP WITH CURRENT REGENTS J. GROTTING AND J. SALVESON. FORM 990, PART VI, SECTION A, LINE 6 THE MEMBERS OF THE ST. OLAF CORPORATION SHALL BE THOSE INDIVIDUALS HOLDING THE FOLLOWING POSITIONS AND OFFICES: (A) THE MEMBERS OF THE EVANGELICAL LUTHERAN CHURCH IN AMERICA OR ITS SUCCESSOR, (THE "CHURCH COUNCIL"), AS SUCH MEMBERS ARE APPOINTED IN ACCORDANCE WITH THE DISCIPLINE AND USAGE OF THE EVANGELICAL LUTHERAN CHURCH IN AMERICA, OR ITS SUCCESSOR. SUCH MEMBERS OF THE CHURCH COUNCIL SHALL REMAIN MEMBERS OF THE CORPORATION UNTIL THEY NO LONGER SERVE AS MEMBERS OF THE CHURCH COUNCIL, (B) THE OFFICERS OF THE EVANGELICAL LUTHERAN CHURCH IN AMERICA, OR ITS SUCCESSOR, (C) THE PRESIDENT OF THE CORPORATION, (D) THE MEMBERS OF THE BOARD OF REGENTS OF THE CORPORATION. FORM 990, PART VI, SECTION A, LINE 7A THE MANAGEMENT AND DIRECTION OF THE BUSINESS AND AFFAIRS OF THE ST. OLAF CORPORATION SHALL BE VESTED IN A BOARD OF REGENTS. TO THE EXTENT CONSISTENT WITH THE ARTICLES OF INCORPORATION AND PERMISSIBLE UNDER MINNESOTA STATUTES CHAPTER 317A, THE BYLAWS OF THE CORPORATION SHALL SPECIFY THE NUMBER, TERM OF OFFICE, METHOD OF SELECTION, REMOVAL, POWERS AND DUTIES OF THE BOARD OF REGENTS OF THE CORPORATION, THE TIME AND PLACE OF THEIR MEETINGS, VOTING RIGHTS AND SUCH OTHER REGULATIONS RELATING TO THE BOARD OF REGENTS AS MAY BE DESIRED. FORM 990, PART VI, SECTION A, LINE 7B SOME DECISIONS MADE BY THE BOARD OF REGENTS, SUCH AS CERTAIN CHANGES TO THE COLLEGE'S BY-LAWS, MUST BE APPROVED BY ALL MEMBERS OF THE CORPORATION. FORM 990, PART VI, SECTION B, LINE 11B TO REVIEW THE FORM 990, THE BOARD OF REGENTS DELEGATED THE DETAIL REVIEW PROCESS TO THE AUDIT COMMITTEE ON FEBRUARY 16, 2022 THE COMMITTEE REVIEWED AND APPROVED THE FORM IN ITS ENTIRETY. IN ADDITION, THE FORM (NOT INCLUDING SCHEDULE B) WAS CIRCULATED TO ALL THE MEMBERS OF THE BOARD OF REGENTS PRIOR TO THE FILING DATE. FORM 990, PART VI, SECTION B, LINE 12C ON AN ANNUAL BASIS, A CONFLICT OF INTEREST QUESTIONNAIRE IS CIRCULATED TO THE BOARD OF REGENTS AND OFFICERS. THE QUESTIONNAIRE REQUIRES THE INDIVIDUAL TO DISCLOSE ANY RELATIONSHIPS OR TRANSACTIONS THAT WOULD RESULT OR APPEAR TO RESULT IN A CONFLICT OF INTEREST. THE COLLEGE COLLECTS AND REVIEWS THE FORMS AND DISCUSSES WHETHER THE APPROPRIATE ACTIONS HAVE BEEN TAKEN IN VOTING, DISCUSSIONS, AND OTHER MEETINGS TO PROPERLY RECOGNIZE THE CONFLICT. RESTRICTIONS, SUCH AS BEING UNABLE TO PARTICIPATE IN VOTING OR DISCUSSIONS, MAY BE IMPOSED ON ANY INDIVIDUAL WHO HAS A CONFLICT. THESE CONFLICTS ARE ADDITIONALLY REVIEWED BY THE CONFLICT OF INTEREST COMMITTEE, AS WELL AS THE BOARD OF REGENTS AUDIT COMMITTEE, ON AN ANNUAL BASIS IN ORDER TO ENSURE THAT APPROPRIATE MEASURES ARE BEING FOLLOWED. IN GENERAL, ANY IDENTIFIED CONFLICT OF INTEREST IS MONITORED BY THE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER (FOR FINANCIAL STATEMENT REPORTING PURPOSES) AND THE PRESIDENT'S OFFICE (TO ENSURE COMPLIANCE, PROPER CONSIDERATIONS ARE MADE AT MEETINGS). A REPORT OF IDENTIFIED CONFLICTS BY THE BOARD OF REGENTS AND OFFICERS IS PROVIDED TO THE AUDIT COMMITTEE ON AN ANNUAL BASIS AS AN AGENDA ITEM, AS WELL AS DOCUMENTED WITHIN THE MEETING MINUTES. FORM 990, PART VI, SECTION B, LINE 15 COMPARATIVE DATA FOR THE PRESIDENT AND HIS DIRECT REPORTS, WHICH INCLUDES ALL VICE PRESIDENTS, IS GATHERED FROM CUPA SURVEY DATA FROM THE 26 MEMBERS OF THE ASSOCIATED COLLEGES OF THE MIDWEST (ACM) AND THE GREAT LAKES COLLEGES ASSOCIATION (GLCA) AND FOR THE 24 ST OLAF "PEER GROUP" LIBERAL ARTS COLLEGES. THE EXECUTIVE COMMITTEE OF THE BOARD OF REGENTS REVIEWS THIS DATA AND SETS THE SALARY FOR THE PRESIDENT. THE EXECUTIVE COMMITTEE CONSIDERS THE RECOMMENDATION THE PRESIDENT MAKES REGARDING THE OTHER KEY OFFICERS AND WHEN THE RECOMMENDATIONS ARE APPROVED, SETS THEIR SALARY. THE CHAIR OF THE BOARD REVIEWS THE DECISION OF THE EXECUTIVE COMMITTEE WITH THE FULL BOARD OF REGENTS DURING AN EXECUTIVE SESSION OF THE BOARD. THE CHAIR OF THE BOARD SENDS A LETTER TO THE VP OF HUMAN RESOURCES INDICATING THE NEW SALARY FOR THE PRESIDENT AND DOCUMENTATION OF THE PROCESS FOLLOWED TO ESTABLISH IT. THAT LETTER IS FILED WITH THE HUMAN RESOURCES. THE PRESIDENT REPORTS THE NEW SALARY FOR HIS DIRECT REPORTS, INCLUDING ALL VICE PRESIDENTS, TO HUMAN RESOURCES. THIS PROCESS WAS MOST RECENTLY CONDUCTED IN AUGUST, 2019 FOR THE VICE PRESIDENTS AND IN OCTOBER 2019 FOR THE PRESIDENT. DUE TO THE PANDEMIC, THIS PROCESS WAS NOT PERFORMED IN THE SAME MANNER BECAUSE COMPENSATION WAS INITIALLY HELD FLAT DURING FISCAL YEAR 2021. HOWEVER, IN SPRING 2021, THE BOARD CHAIR REVIEWED THE PRESIDENT'S COMPENSATION IN RELATION TO THE INFORMATION PROVIDED IN THE 2019 REVIEW. HUMAN RESOURCES REVIEWED THE VICE PRESIDENTS' COMPENSATION AGAINST MARKET DATA IN THE SPRING OF 2021. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST OF THE CFO'S OFFICE. THE ANNUAL FORM 990, 990-T, AND FINANCIAL STATEMENTS ARE AVAILABLE ON THE COLLEGE'S WEBSITE AS WELL AS UPON THE REQUEST OF THE CFO'S OFFICE. FORM 990, PART XI, LINE 9: ADJUSTMENT TO PRIOR SERVICE COST AND ACTUARIAL LIABILITY FOR RETIREE PLAN -325,016. ADJUSTMENT TO ACTUARIAL LIABILITY FOR ANNUITIES PAYABLE 6,043,422. EMPLOYEE CONTRIBUTION VEBA TRUST 8625 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262 043838476 PROVIDES RETIREE HEALTH BENEFITS MO 501(C)(9) EMERITI RETIREMENT HEALTH SOLUTIONS 0 EMPLOYER CONTRIBUTION VEBA TRUST 8625 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262 043838456 PROVIDES RETIREE HEALTH BENEFITS MO 501(C)(9) EMERITI RETIREMENT HEALTH SOLUTIONS 0 MAKEUP INCOME CHARITABLE UNIT TRUST (3) 1520 ST OLAF AVENUE NORTHFIELD MN 55057 INVESTMENTS MN N/A T 1 CHARITABLE REMAINDER ANNUITY TRUST (2) 1520 ST OLAF AVENUE NORTHFIELD MN 55057 INVESTMENTS MN N/A T 1 CHARITABLE REMAINDER UNIT TRUST (19) 1520 ST OLAF AVENUE NORTHFIELD MN 55057 INVESTMENTS MN N/A T 1 POOLED INCOME FUND (1) 1520 ST OLAF AVENUE NORTHFIELD MN 55057 INVESTMENTS MN N/A T 1 LIFE INCOME TRUST (2) 1520 ST OLAF AVENUE NORTHFIELD MN 55057 INVESTMENTS MN N/A T 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 EMPLOYER CONTRIBUTION VEBA TRUST B 768044 BOOK AMOUNT