2021-04-14T11:24:36-07:00 2020-05-31 990 2019-06-01 420680400 MORNINGSIDE COLLEGE MORN 7122745000 1501 Morningside Avenue Sioux City IA 511061717 Ronald Jorgensen VP for Business & Finance 7122745000 2021-04-14 2019 2022-09-23 18:48:47Z John Reynders 4405 Old Lakeport Rd Sioux City IA 51106 57601777 0 X www.morningside.edu X 1894 IA Morningside College is a 4 year private college, that provides a liberal arts education to full and part-time students, including co-curricular activities (Residence Halls, Dining, Bookstore...). 41 38 1236 0 0 2280 4641938 3472325 49283124 51223831 2144167 2209085 3609196 336069 59678425 57241310 19827222 20555092 0 0 21693111 21769944 0 0 1246034 16885289 16266371 58405622 58591407 1272803 -1350097 131750943 128662837 47594304 44449533 84156639 84213304 THE MORNINGSIDE COLLEGE EXPERIENCE CULTIVATES A PASSION FOR LIFE-LONG LEARNING AND A DEDICATION TO ETHICAL LEADERSHIP AND CIVIC RESPONSIBILITY. 0 0 44455844 20555092 41839492 Provides Graduate and Under Graduate classes for students 2326214 0 3692769 Provides residence Hall (living quarters) for full time Under Graduate students. 1942421 0 3322220 Provide food service (cafeteria) for students. 262674 0 2385138 Expenses consist of a Fair Value Hedge expense interest due to an interest rate exchange agreement for some longterm debt and a number of other smaller transactions 262674 0 2385138 48987153 1 1 0 0 0 0 0 1 1 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 167 0 1 1236 1 1 1 0 0 0 0 0 1 1 0 0 0 0 0 X 41 38 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X Paul Treft 7122745000 1501 Morningside Avenue Sioux City IA 511061717 JOHN REYNDERS PRESIDENT 40 0 X 319865 0 25138 RONALD JORGENSEN VICE PRESIDENT - BUSINESS & FINANCE 40 0 X 165949 0 23823 TERRI CURRY VICE PRESIDENT - STUDENT LIFE 40 0 X 158220 0 25858 STEPHEN RYAN HEAD FOOTBALL COACH 40 0 X 130803 0 30503 LILLIAN LOPEZ VICE PRESIDENT ADVISING 40 0 X 115840 0 21157 CHRIS SPICER VP FOR ACADEMIC AFFAIRS 40 0 X 114887 0 19744 TIMOTHE JAGER ATHLETIC DIRECTOR 40 0 X 112272 0 19637 ERIN EDLUND VP FOR MARKETING 40 0 X 119884 0 7492 CRAIG STRUVE DIRECTOR 0.5 0 X 0 0 0 JAMES WALKER DIRECTOR 0.5 0 X 0 0 0 CHAD BENSON DIRECTOR 0.5 0 X 0 0 0 ROBERT BURKHART DIRECTOR 0.5 0 X 0 0 0 LAURIE HALLER DIRECTOR 0.5 0 X 0 0 0 CARTER DENNIS DIRECTOR 0.5 0 X 0 0 0 JAMES HANKE DIRECTOR 0.5 0 X 0 0 0 NANCY METZ DIRECTOR 0.5 0 X 0 0 0 CONNIE HORTON WIMER DIRECTOR 0.5 0 X 0 0 0 MICHAEL ABBOTT DIRECTOR 0.5 0 X 0 0 0 TARAH NOLAN DIRECTOR 0.5 0 X 0 0 0 ARLENE CURRY DIRECTOR 0.5 0 X 0 0 0 RUSSELL OLSON DIRECTOR 0.5 0 X 0 0 0 JOHN STEELE DIRECTOR 0.5 0 X 0 0 0 MIA SUDO DIRECTOR 0.5 0 X 0 0 0 ZEDDIE BOWEN DIRECTOR 0.5 0 X 0 0 0 PATRICK MURPHY DIRECTOR 0.5 0 X 0 0 0 RONALD YOCKEY DIRECTOR 0.5 0 X 0 0 0 MICHAEL BENNETT DIRECTOR 0.5 0 X 0 0 0 THOMAS CARVER DIRECTOR 0.5 0 X 0 0 0 LINDA JENNINGS DIRECTOR 0.50 0.00 X 0 0 0 CYNTHIA MOSER DIRECTOR 0.5 0 X 0 0 0 MARTIN PALMER DIRECTOR 0.5 0 X 0 0 0 CRAIG WANSINK DIRECTOR 0.5 0 X 0 0 0 BRIAN JOHNSON ALUMNI REPRESENTATIVE 0.5 0 X 0 0 0 DAN HENDERSON DIRECTOR 0.5 0 X 0 0 0 DEBORAH KIESEY DIRECTOR 0.5 0 X 0 0 0 THOMAS NARAK DIRECTOR 0.5 0 X 0 0 0 THOMAS ROSEN DIRECTOR 0.5 0 X 0 0 0 CHRIS BENSON DIRECTOR 0.5 0 X 0 0 0 RICHARD WALLER DIRECTOR 0.5 0 X 0 0 0 CORY ROBERTS DIRECTOR 0.5 0 X 0 0 0 CLEOPHUS FRANKLIN DIRECTOR 0.5 0 X 0 0 0 ESTHER MACKINTOSH DIRECTOR 0.5 0 X 0 0 0 NANCY MEADOWS DIRECTOR 0.5 0 X 0 0 0 MARK PORTER DIRECTOR 0.5 0 X 0 0 0 CURTIS WHITE DIRECTOR 0.5 0 X 0 0 0 MACIE MOORE STUDENT REPRESENTATIVE 0.5 0 X 0 0 0 1237720 0 173352 13 0 1 0 Sodexo Inc 9801 Washington Blvd Gaithersburg MD 20878 Food Service operator 1774765 1 0 0 0 0 316000 3156325 113236 3472325 Tuition & Fees 611310 41839492 41839492 0 0 Residence Halls 611710 3692769 3692769 0 0 Food Service 722212 3322220 3322220 0 0 Bookstore Sales 451211 728576 728576 0 0 Athletic Functions 900099 227779 227779 0 0 1412995 1412995 0 0 51223831 1841659 0 0 1841659 0 0 0 0 0 0 0 0 266683 0 137402 0 129281 0 129281 0 0 129281 590491 0 223065 0 367426 0 367426 0 0 367426 0 Present Value Adjustment 900099 15788 15788 0 0 Adjust Farm Value to FMV 900099 191000 0 0 191000 0 0 0 0 206788 57241310 51239619 0 2529366 0 0 20555092 20555092 0 0 0 0 1010369 0 1010369 0 15659704 12852555 2212047 595102 756711 567533 141476 47702 3137078 2352809 690157 94112 1206082 914562 210338 81182 373066 373066 0 0 18975 13231 3175 2569 61352 0 61352 0 0 0 0 0 0 0 167071 125303 36756 5012 0 0 0 0 148786 148786 0 0 144608 108456 26814 9338 524278 361173 109202 53903 0 0 0 0 1613645 1210234 320002 83409 709784 502338 111152 96294 0 0 0 0 73119 50839 9086 13194 1408559 1056419 352140 0 0 0 0 0 2834823 2126117 566361 142345 395732 292363 86497 16872 Auxiliary 6754201 4390231 2363970 0 Computer Leases 829068 829068 0 0 Fair Value Hedge Interest Expense 188104 141078 47026 0 Misc Expense 21200 15900 300 5000 0 0 0 0 58591407 48987153 8358220 1246034 2733 3862 507604 425435 3032492 2348829 645874 777519 3089604 2797664 135315 144970 207882 230154 98616578 45489902 55177744 53126676 50866888 50099029 17932373 18300741 152434 407958 131750943 128662837 1987785 1750136 800000 700000 37330000 35275000 390651 616967 1571865 0 625218 584583 4888785 5522847 47594304 44449533 X 43422180 42859136 40734459 41354168 84156639 84213304 131750943 128662837 -1350097 1406762 0 0 0 0 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 42500 1003685 0 0 X 0 0 1 X 45502931 1471760 2585316 756308 2292692 100000 46411007 44442089 1269817 3530295 839538 2799732 100000 45502931 38999379 1860023 7001687 817768 2501232 100000 44442089 35124146 2214797 3933436 900897 1272103 100000 38999379 36968132 1210921 -792908 889438 1272561 100000 35124146 0.02 0.81 0.17 1 0 0 9805541 9805541 0 71353079 33045893 38307186 0 0 0 0 0 14122773 12021336 2101437 0 3335185 422673 2912512 53126676 0 0 Alternative Funds 9652787 F Short Term Investments 3145593 F Real-estate - Farms 4599000 F Real Estate - City 902307 C Other 1054 F 18300741 279298 State Income Tax 47314 Actuarial Liability for Annuities 327158 Interest Rate Exchange Agreement 1083714 US Government Loan Funds Refundable 1261245 Line of Credit 1062534 Other Liabilities 1461584 5522847 X 38092981 1406763 0 0 0 1406763 36686218 0 20555092 20555092 57241310 38036315 0 0 0 0 0 38036315 0 20555092 20555092 58591407 Schedule D, Part III, Line 4 The Morningside College art collection is housed in the Levitt Art Gallery and serves a purpose similar to library collections. The visual library provides students with primary visual resources that they use in assignments from both art and non-art courses. Students in studio courses investigate the visual technical and methodologies of the pieces. Students in art history and other humanities courses study the visual content and style in a contextual relationship with human history. The art collection consists of paintings, prints and sculptures. The most valuable pieces are two paintings by Rufino Tamayo and one by George Winter. Schedule D, Part IV, Line 2b The amount on line 21 part x consists of enrollmet deposits and student accounts with credit balances. Schedule D, Part V, Line 4 The intended use of the college's endowment funds is to support the ongoing operations of the college, including providing scholarships to students. Schedule D, Part X, Line 2 Uncertain Tax Positions Management has concluded that any uncertain tax positions would be immaterial to the financial statements taken as a whole. Accordingly, the accompanying financial statements do no include any provisions for uncertain tax positions and no related interest penalties have been recorded in the operating statement or accrued in the balance sheet. Schedule D, Part XI, Line 4b Instituitional scholarships and grants awarded to students are classified as an expense. Schedule D, Part XII, Line 4b Institutional scholarships and grants awarded to students are reclassified as an expense. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 Notice of the nondiscriminatory policy as to students is published annually in the Sioux City Journal. For this tax year, it was published in March 2020. The nondiscriminatory policy is also published in the student catalog and other publications. Schedule E, Part I, Line 6 The college passes through assistance (Federal & State) to eligible students. 1 Activity Grants 731 3212499 Academic Scholarships & non-need based grants 1166 15684202 Department Grants 223 902083 Endowed Scholarships 142 756308 Schedule I, Part I, Line 2 Grant funds are monitored through an electronic packaging program for all students. This electronic program determines eligibility for federal, state and institutional grant funding against a series of preestablished criteria. Once the program determines each student's eligibility for federal , state and intuitional grant funding. The information is also checked by a member of the Student Financial Planning staff. X X X X 0 1 X X X X X 0 0 0 0 0 0 0 1 0 JOHN REYNDERS PRESIDENT 246306 0 63500 0 10059 0 13818 0 11320 0 345003 0 0 0 RONALD JORGENSEN VICE PRESIDENT - BUSINESS & FINANCE 143550 0 10000 0 12399 0 11609 0 12214 0 189772 0 0 0 TERRI CURRY VICE PRESIDENT - STUDENT LIFE 138970 0 10000 0 9250 0 12154 0 13704 0 184078 0 0 0 Schedule J, Part I, Line 1a The college does provide travel for the President's spouse to events the President is attending. Travel for VP's spouses is also allowed by approval of the President, when such travel is deemed to provide benefits to the college. A college owned house is provided to the President for his residence. A number of of college functions are conducted at his residence. House keeping services are also provided for the residence. Dues to a country club membership are also paid by the college and numerous college events are held at the country club. Schedule J, Part I, Line 1b The explanation for this line is the same as line 1A , which is above. Schedule J, Part I, Line 7 Incentive bonuses are paid to the President and Vice President's upon approval by the Board Compensation Committee. Bonuses are based upon goal attainment and other performance review criteria. The President's annual bonus is based upon a performance contract. The Vice President bonus amounts are determined by the college President and approved by the Compensation Committee. A Iowa Higher Education Loan Authority 421235696 2013-07-16 19250000 Construction and equipment 0 0 0 B Iowa Higher Education Loan Authority 421235696 2014-12-23 24010000 Construction & Refinance 0 0 0 A 3015000 0 19253348 0 0 0 104466 0 0 19148882 0 0 2014 0 0 1 1 B 4880000 0 24010905 0 0 0 190517 0 0 12810388 11010000 0 2015 1 0 1 1 A 0 0 0 0 0 0 0 0 0 1 B 0 0 0 0 0 0 0 0 0 1 A 0 1 1 0 0 0 0 0 1 B 0 1 1 0 0 0 0 0 1 A 1 B 1 X 19 113236 Avg. Mkt. Value 0 0 1 1 Schedule M, Part I, Line 32b The College sells marketable securities that it receives as contributions. A registered broker is used to process the transaction. Form 990, Part VI, Section B, Line 11b It is the policy of the Board of Directors of Morningside College that the Board Audit Committee shall review the Internal Revenue Service (IRS) Form 990 prior to the filling with the IRS. Once the Audit Committee has reviewed the form 990, a copy shall be made available to all board members. It is located on the Board portal web page. Board members who have comments or revisions to the 990 shall submit these comments or revisions in writing to the chair of the Audit Committee no later than 10 days after it was made available to them. The chair of the Audit Committee shall review these with the VP for Business & Finance to determine if changes are necessary prior to filing with the IRS. Form 990, Part VI, Section B, Line 12c Annually Board members complete a conflict of interest form. The forms are compiled by the President's Administrative Assistant and reviewed by the Board Chair. Potential conflicts of interest are addressed by the Board Chair and reviewed by the Audit Committee. Form 990, Part VI, Section B, Line 15 Compensation for the President is based upon terms of an employment contract. The Board Compensation Committee annually reviews the performance and salary level. The review includes interviews with faculty, staff and students. The salary is compared to colleges in the college's aspirant group and other private college presidents as reported in the national and state surveys. The external auditor also reviews the information with the Audit Committee. Compensation of the Vice Presidents (VP for Business & Finance, Provost, VP for Student Life/Enrollment, VP for Institutional Advancement and VP for Marketing & Communication) is based on individual performances and comparison of peer group salary levels for comparable positions. The President prepares the annual evaluation with input from faculty senate and presents compensation recommendations to the board compensation committee for their approval. The compensation and comparison data is also presented to the college's external auditors for their review. The external auditor reviews the information with the board audit committee. The compensation committee meets annually in August or September and the Audit Committee meets annually in September or October. For this tax year, the Audit Committee met on September 19 2019. Form 990, Part VI, Section C, Line 19 The college maintains documents for public inspection at the college's Learning Center. The documents are available upon request.