2021-03-30T17:30:18-07:00 2020-05-31 990 2019-06-01 410695524 GUSTAVUS ADOLPHUS COLLEGE GUST 5079338000 800 West College Avenue Saint Peter MN 56082 Curtis J Kowaleski CFO VP of Finance and Treasurer 5079337499 2021-03-30 2019 2022-09-23 18:48:47Z Curtis J Kowaleski 800 West College Avenue Saint Peter MN 56082 252134719 0 X www.gustavus.edu X 1862 MN Gustavus Adolphus College prepares its students for fulfilling lives of leadership and service and is committed to the core values of excellence, community, justice, service, and faith. It is especially known for strong science, writing, music, athletics, and study abroad programs. The College hosts a chapter of Phi Beta Kappa and is internationally recognized for its annual Nobel Conference sanctioned by The Nobel Foundation in Stockholm, Sweden. The students, faculty, administration, staff and Board of Directors believe in a strong, open community where all citizens play a vital role. Gustavus has consistently produced graduates who lead lives of uncommon purpose and passion, and demonstrate that they make their lives count. 33 27 3023 1101 593415 -392790 44136006 17989360 126422990 125995006 18994049 4226557 82589 177440 189635634 148388363 59746234 62743017 0 0 51824310 52273342 133640 123058 3754091 32856254 32340149 144560438 147479566 45075196 908797 470509183 467995139 104624130 102371740 365885053 365623399 X Gustavus Adolphus College is a church-related, residential liberal arts college firmly rooted in its Swedish and Lutheran heritage. The College offers students of high aspiration and promise a liberal arts education of recognized excellence provided by faculty who embody the highest standards of teaching and scholarship. The College aspires to be a community of persons from diverse backgrounds who respect and affirm the dignity of all people. It is a community where a mature understanding of the Christian faith and lives of service are nurtured and students are encouraged to work toward a just and peaceful world. The purpose of a Gustavus education is to help students attain their full potential as persons, to develop in them a capacity and passion for lifelong learning, and to prepare them for fulfilling lives of leadership and service in society. 0 1 104418375 62743017 106536097 Instruction and Academic Support: Gustavus offers 72 majors in 25 academic departments and 12 interdisciplinary programs, with a student-faculty ratio of 11:1. Total FTE enrollment for academic year 2019-2020 was 2,224, with 463 students graduating in May 2020. 15370013 0 0 Student Services: Gustavus sponsors 23 varsity athletics teams and more than 39 intramural activities and club sports, along with more than 120 student organizations. Approximately 99% of students are involved in at least one extracurricular activity. Other student services include admission, community-based service learning, career development, peer mentoring, Office of the Chaplains, diversity center, financial assistance, health services, registrar, campus activities and residential life programs. 13303950 0 19016107 Auxiliary Services: As a residential college, Gustavus is committed to residence hall living as a vital complement to its academic program. Approximately 97% of students live in College-owned residences and eat in the College's Dining Service. During Fall 2019, 2052 students lived in College-owned residences. The College bookstore provides textbooks and other educational supplies for students. Other items for sale include: clothing embossed with the College's insignia, books and miscellaneous novelty items. 4990853 0 0 Gustavus offers a number of activities that enhance the curricular program, including various public service events and miscellaneous services provided to students. 4990853 0 0 138083191 1 1 0 1 0 0 0 1 1 1 1 1 0 0 1 1 1 0 1 0 1 0 0 1 1 1 0 0 1 1 1 0 0 0 0 0 0 1 1 1 0 1 1 0 0 1 1 0 0 0 1 3303 0 1 3023 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 33 27 1 0 1 0 0 1 0 1 1 0 0 0 1 1 1 1 1 1 0 0 KY MA MD MI MN NH SC WA X X Curtis J Kowaleski 5079337499 800 West College Avenue Saint Peter MN 56082 Rebecca M Bergman President 50 0.5 X X 331712 0 81852 Thomas W Young Vice President for Institutional Advancement 50 0 X 169776 0 133063 Brenda S Kelly Provost and Dean of the College 50 0 X 195039 0 36705 Mark J Braun Faculty 50 0 X 138553 0 58169 Curtis J Kowaleski CFO Vice President of Finance and Treasurer 50 0.5 X 170173 0 23352 JoNes R VanHecke Vice President for Student Life & Dean of Students 50 0 X 151750 0 19595 Diane K Lund Dean Faculty 50 0 X 133885 0 37235 Ann Sponberg Peterson Assoc VP of Development and Director of Development 50 0 X 129120 0 18524 Jolene D Christensen Secretary 50 0 X 72666 0 23462 Jon V Anderson Director 2 0 X 0 0 0 Scott P Anderson Director/Chair 2 0.5 X X 0 0 0 Catherine L Asta Director 2 0 X 0 0 0 Tracy L Bahl Director 2 0 X 0 0 0 Grayce Belvedere-Young Director 2 0 X 0 0 0 Kevin D Bergeson Director 2 0 X 0 0 0 Suzanne F Boda Director/Vice Chair 2 0 X X 0 0 0 Robert D Brown Jr Director 2 0 X 0 0 0 Kara K Buckner Director 2 0 X 0 0 0 Janette F Concepcion Director 2 0 X 0 0 0 Edward J Drenttel Director 2 0 X 0 0 0 Bruce A Edwards Director/Vice Chair 2 0 X X 0 0 0 James H Gale Director/Vice Chair 2 0 X X 0 0 0 John O Hallberg Director 2 0 X 0 0 0 Susanne B Heim Director 2 0 X 0 0 0 Mary Dee J Hicks Director 2 0 X 0 0 0 Peter C Johnson Director 2 0 X 0 0 0 Paul R Koch Director 2 0 X 0 0 0 Dennis A Lind Director 2 0 X 0 0 0 Jan Lindman Director 2 0 X 0 0 0 David J Lose Director 2 0 X 0 0 0 Gordon D Mansergh Director 2 0 X 0 0 0 Mikka S McCracken Director 2 0 X 0 0 0 Janice M Michaletz Director 2 0 X 0 0 0 Thomas J Mielke Director/Vice Chair 2 0 X X 0 0 0 Bradley S Nuss Director 2 0 X 0 0 0 Marcia L Page Director 2 0 X 0 0 0 Craig A Pederson Director 2 0 X 0 0 0 Wayne B Peterson Director 2 0 X 0 0 0 Dan S Poffenberger Director 2 0 X 0 0 0 Beth S Schnell Director 2 0 X 0 0 0 Karl D Self Director 2 0 X 0 0 0 Ronald C White Director 2 0 X 0 0 0 Heather T Wigdahl Director 2 0 X 0 0 0 1492674 0 431957 16 0 1 0 Kraus-Anderson Companies Inc 501 South Eighth Street Minneapolis MN 55404 Construction Services 23294301 Hastings and Chivetta Architects Inc 622 Emerson Road Saint Louis MO 63141 Architectural Services 481552 EAB Global Inc 2445 M Street NW Washington DC 20037 Marketing Services 464352 Hamilton Lane Advisors LLC One Presidential Blvd 4th Floor Bala Cynwyd PA 19004 Endowment Consultant 428291 Ballman Roofing & Coating LLC 45668 Highway 22 Kasota MN 56050 Construction Services 408468 18 0 0 457419 0 3356956 14174985 1023626 17989360 Tuition and Fees 611310 103682890 103682890 0 0 Residence Halls 611310 11218477 11061098 157379 0 Dining Service 611310 6180502 5446843 733659 0 Book Mark 611310 1617128 1617128 0 0 Athletic Facilities 611310 452095 422641 29454 0 2843914 2728189 115725 0 125995006 2349190 0 -442802 2791992 99 0 0 99 5827 0 0 5827 0 0 105339117 0 99350910 4110939 5988207 -4110939 1877268 0 0 1877268 354050 457419 272318 81732 0 81732 102070 12189 89881 0 0 89881 0 148388363 124958789 593415 4846799 0 62743017 62743017 929104 235613 693491 180835 85045 95790 37614362 34238143 1444709 1931510 2365945 2101744 133703 130498 8618528 7650139 491986 476403 2564568 2310841 110663 143064 290955 286537 4418 75016 75016 104849 104849 123058 123058 521855 521855 1293317 1208857 51020 33440 321764 321664 100 723987 202246 310761 210980 1221530 1202107 19283 140 3907036 3780120 105763 21153 1051763 894989 48831 107943 120062 101572 3443 15047 2363838 2349925 13913 7420809 7179752 200881 40176 608914 589134 16483 3297 Dining Service Expenses 2598062 2598062 0 0 Study Away Expenses 1969728 1969728 0 0 Academic Expenses 1455851 1455851 0 0 Book Mark Expenses 1130774 1130774 0 0 5160039 3733868 913307 512864 147479566 138083191 5642284 3754091 74010 93653 53886717 56572209 47006793 40369864 681081 692423 25323 18661 505911 537709 1652292 1617196 265214737 123870021 106224293 141344716 139254278 116730623 77213098 85329207 1998266 1551615 41987121 23137263 470509183 467995139 19363369 18569127 3600139 4342088 66481398 65517807 2709200 2831536 12470024 11111182 104624130 102371740 X 100394749 115878902 265490304 249744497 365885053 365623399 470509183 467995139 X 908797 -775583 0 0 0 -394868 X 0 1 X 1 1 1 X 34642429 30947211 33245780 44136006 17989360 160960786 0 0 0 0 0 0 0 0 0 0 0 0 34642429 30947211 33245780 44136006 17989360 160960786 71923130 89037656 1369704 1823724 1986623 2557232 2355116 10092399 0 0 0 0 0 0 186194 127976 386098 146100 456120 1302488 172355673 609290417 0.51659 0.34595 X Schedule A, Part II, Line 10 Gross fundraising revenue - Column A $186,194, Column B $44,066, Column C $288,328, Column D $49,600, Column E $354,050, Column F $922,238. Gross gaming revenue - Column A $0, Column B $83,910, Column C $97,770, Column D $96,500, Column E $102,070, Column F $380,250. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 1 104849 0 0 0 104849 0 Schedule C, Part II-B, Line 1 Gustavus Adolphus 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. The College paid membership dues to MPCC in the amount of $133,217 during the taxable year. MPCC has divided its expenses for its taxable year ending June 30, 2020, 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 501(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 nonlobbying activities. MPCC did not attempt to allocate the Group 2 expenses between lobbying and nonlobbying activities. MPCC has determined that the amount of the Group 2 expenses represents 78.13% 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, $104,084 of the College's dues were used to pay Group 2 expenses. The amount of lobbying expenses paid from the College's dues was significantly less than that amount. In addition, the College paid membership dues of $9,404 and $1,783 during the taxable year to the National Association of Independent Colleges and Universities and Greater Mankato Growth of which 7% and 6% or $658 and $107, respectively, was estimated to be used for lobbying expenses. 100000 635659 0 0 X X 0 0 1 X 195183499 8270806 6839782 3237516 5351065 521856 201183650 185507796 16019134 2207023 2853871 5119625 576958 195183499 166977567 11400204 14306378 2675955 4081646 418752 185507796 142126277 12340708 18459302 2497605 3286123 164992 166977567 146169621 4057162 -2029561 2374338 3524523 172084 142126277 0.15 0.68 0.17 1 0 136340 955993 1092333 185388 212430211 88979546 123636053 0 0 0 0 0 29218330 19956617 9261713 0 22288475 14933858 7354617 141344716 Commodity Funds 105671 F Fund of Funds 80153395 F Funds Held by Others 4878112 F Other 192029 F 85329207 0 Annuities Payable 9217200 U.S. Government Grants Refundable 1747584 Future Interest Discount on Pooled Life Income Funds 146398 11111182 X 84737161 -775583 0 0 -62875619 -63651202 148388363 0 0 0 148388363 84998815 0 0 0 262266 262266 84736549 0 62743017 62743017 147479566 Schedule D, Part III, Line 4 The Hillstrom Museum of Art exists as an integral part of the education of Gustavus Adolphus College students. As an important educational and cultural component of the College, the Museum supplements the education of students through its exhibitions and programs, encourages the interdisciplinary study of the arts, and provides a context for understanding the arts in a liberal arts program. Schedule D, Part IV, Line 2b This includes the actuarial liability of deferred gift funds held for third parties and funds held for various student organizations. Schedule D, Part V, Line 4 Endowment funds are used for designated and undesignated scholarships, endowed chairs, library acquisitions, faculty development, student research, Nobel Conference and other endowed programs. Schedule D, 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. Accordingly, the College is not subject to federal income taxes except to the extent it derives income from certain activities not substantially related to its tax-exempt purposes (unrelated trade or business activities). The College is also exempt from state income tax. The most significant areas that potentially subject the College to unrelated business income tax include hosting conferences and events, various services provided by the dining service to the public and endowment investments. At May 31, 2020 and 2019, the College has no current obligation for unrelated business income tax. 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, 2020 or 2019. The College's tax returns are subject to review and examination by federal and state authorities. Schedule D, Part XI, Line 2d Adjustment of Actuarial Liability, Scholarships and Grants to Students, Miscellaneous Interdepartmental Adjustments and Fundraising Reclassifications. Schedule D, Part XII, Line 2d Miscellaneous Interdepartmental Adjustments and Fundraising Reclassifications Schedule D, Part XII, Line 4b Scholarships and Grants to Students 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 following nondiscrimination policy appears in the all-college policy manual: Within the limits of its facilities, the College shall be open to all applicants who are qualified according to its admission requirements. The College shall make clear to all applicants the characteristics and expectations of students that it considers relevant to its program. Under no circumstances may an applicant be denied admission or financial aid because of race, color, creed, religion, age, sex, sexual orientation, national origin, marital status, disability, veteran status, status with regard to public assistance or other categories protected by federal, state or local anti-discrimination laws. Financial aid administered by the College shall be disbursed on the basis of financial need and academic promise and/or academic ability. Schedule E, Part I, Line 6 Gustavus received student financial aid assistance from the State of Minnesota and U.S. Department of Education. The College also received other grants from the U.S. Government through programs from National Science Foundation, U.S. Department of Agriculture, Environmental Protection Agency, National Endowment for the Humanities, Department of Commerce and U.S. Department of Education. 1 East Asia and the Pacific 0 0 Program Services January Term-121 Students 635480 Europe (including Iceland and Greenland) 0 0 Program Services January Term-65 Students 361144 Sub-Saharan Africa 0 0 Program Services January Term-12 Students 71940 Central America and the Caribbean 0 0 Program Services January Term-19 Students 90730 Europe (including Iceland and Greenland) 0 0 Program Services Student Teaching-4 Students 14580 South America 0 0 Program Services Student Teaching-1 Student 1208 Central America and the Caribbean 0 0 Program Services Study Abroad-1 Student 17621 East Asia and the Pacific 0 0 Program Services Study Abroad-12 Students 97349 Europe (including Iceland and Greenland) 0 0 Program Services Study Abroad-35 Students 498893 South America 0 0 Program Services Study Abroad-7 Students 87559 South Asia 0 0 Program Services Study Abroad-1 Student 19011 Sub-Saharan Africa 0 0 Program Services Study Abroad-1 Student 17850 Central America and the Caribbean 0 0 Investments 10109288 0 0 12022653 1 0 1 1 1 0 Schedule F, Part I, Line 1 Part I, Line 1 has been checked "yes" and a narrative for Part I, Line 2 provided (below) even though Core Form Part IV, Line 16 is checked "no". Those disclosures reflect that the College's students who study outside of the U.S. continue to receive financial aid that they are eligible for were they on-campus students. When a student takes a J-Term or one or more semesters abroad, financial aid funds are typically disbursed when the student is still in the U.S. and thus such funds technically are not the subject of Part I, Lines 1 and 2 (and, accordingly, are not reportable on Schedule F, Part III). The disclosures at Lines 1 and 2 are made in favor of transparency and reflect that the College employs a different monitoring mechanism in such instances than that reported on Schedule I. Schedule F, 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 United States. Before the grant or award is available and disbursed, the Center for International and Cultural Education must approve any program that a student is participating in. Once the grant has been disbursed to the student's account for the study away program, the Center for International and Cultural Education maintains contact with the host institution to monitor the student's attendance and notifies the Financial Assistance office and Student Accounts office if a student withdraws from the study away program. X X X X X X X 1 Bentz Whaley Flessner and Associates Inc 7251 Ohms Lane Minneapolis MN 55439 Advancement Consultant 0 0 32203 -32203 Wilson-Bennett Technology Inc PO Box 717 Cabot AR 72023 Software Calling System 0 0 23435 -23435 Blackbaud Inc 2000 Daniel Island Drive Charleston SC 29492 Advancement Consultant 0 0 67420 -67420 0 123058 -123058 AK AL AR AZ CA CO CT FL HI IL KY LA MA MD ME MI MN MO MS NC NH NY OH OK OR SC SD UT VA WA WV Royal Affair 700303 385896 314407 0 37421 44346 89172 21447 34814 Football Golf 42200 25512 16688 0 800 6298 4040 0 1089 6 68966 46011 22955 0 3413 18475 6722 0 4281 811469 457419 354050 0 41634 69119 99934 21447 40184 272318 81732 102070 10500 0 0 1689 1 0.95 102070 10500 0 0 1689 12189 89881 MN 0 The Minnesota Gambling Control Board allows non-profit organizations to conduct permitted gambling activities without a license when it is limited to five days of gambling activity per calendar year and the total value of all prizes donated and purchased is less than $50,000. The College received a lawful gambling exempt permit for the year. 0 1 0 0.97 0.03 Rebecca M Bergman 800 West College Avenue Saint Peter MN 56082 0 Laura T Kelly 250 The gaming manager's responsibilities include supervising, recordkeeping, money counting, making bank deposits for the raffle and ordering raffle tickets. X 0 0 1 Merit-Based Student Financial Assistance 774 16816907 Need-Based Student Financial Assistance 1306 43662265 International Student Financial Assistance 75 2263845 Tuition Benefit Student Financial Assistance 84 3625655 Schedule I, Part I, Line 2 Gustavus offers both merit-based and need-based scholarship assistance. Merit-based scholarships do not require a student to demonstrate financial eligibility and must be awarded during the Admission process. They also may be awarded as part of a need-based financial aid package. To be renewed, the student needs to maintain the established minimum standards. Need-based scholarships are offered to students who demonstrate financial eligibility by filing the FAFSA. The offered amounts can vary from year to year as determined by the family's Estimated Family Contribution (EFC) on the FAFSA and availability of funds. The Registrar's office monitors any changes to a student's enrollment status. Any changes are communicated to the Student Accounts office and the Financial Assistance office to ensure funds are being properly disbursed. Also see Schedule F, Part V with respect to monitoring of students taking J-Term or semester studies outside of the United States. X X 1 1 X X X 0 1 0 0 0 0 0 0 0 Rebecca M Bergman President 316250 0 0 0 15462 0 57178 0 24674 0 413564 0 0 0 Mark J Braun Faculty 130525 0 0 0 8028 0 9747 0 48422 0 196722 0 0 0 Brenda S Kelly Provost and Dean of the College 194589 0 0 0 450 0 14105 0 22600 0 231744 0 0 0 Curtis J Kowaleski CFO VP of Finance and Treasurer 159670 0 0 0 10503 0 11391 0 11961 0 193525 0 0 0 Diane K Lund Dean Faculty 131457 0 0 0 2428 0 9907 0 27328 0 171120 0 0 0 JoNes R VanHecke Vice President for Student Life & Dean of Students 150761 0 0 0 989 0 10749 0 8846 0 171345 0 0 0 Thomas W Young Vice President for Institutional Advancement 168671 0 0 0 1105 0 12715 0 120348 0 302839 0 0 0 Schedule J, Part I, Line 1a As part of the President's contract, she is required to reside in the College-owned residence at the College's expense. The College pays for all maintenance and operating expenses of the house, including, but not limited to, housekeeping, grounds keeping, general maintenance and all utilities. The President's residence is available for College-related business and entertainment on a regular and continuing basis. This benefit is excluded from taxable income pursuant to IRC Section 119(a). Schedule J, Part I, Line 4 The President has a supplemental nonqualified retirement plan that has been approved by the Board of Directors. The terms of this plan are set forth in the written contract of the President that has been signed by the Chair of the Board of Directors and amounted to $35,040 for calendar year 2019. A Minnesota Higher Education Facilities Authority 410988525 60416HD27 2013-07-30 11610060 See Part VI 0 0 0 B Minnesota Higher Education Facilities Authority 410988525 60416H4Y7 2017-09-07 58087076 See Part VI 0 0 0 A 2365000 0 11610060 0 0 0 160060 0 0 0 11450000 0 2013 1 0 1 1 B 630000 0 58087076 0 0 0 534253 0 0 20000000 37552823 0 2019 1 1 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 0 0 1 0 0 0 0 1 B 0 1 0 0 0 0 1 Bayern LB New York 1.4 1 0 1 A 1 B 1 Schedule K, Part I, Column e-07/30/2013 11,610,060 Minnesota Higher Education Facilities Authority Finance refunding of 5-X bonds issued October 7, 2004 to construct and furnish a new apartment complex, complete the installation of fire sprinkler systems in existing residence halls and renovate Old Main. Schedule K, Part I, Column e-09/07/2017 58,087,076 Minnesota Higher Education Facilities Authority Finance refunding of 7-B bonds (issued August 5, 2010 for construction, furnishing and equipping of Beck Academic Hall and development of new west mall) and to construct, expand and renovate Nobel Hall of Science and Schaefer Fine Arts Center. Schedule K, Part IV, Line 2c-07/30/2013 11,610,060 Minnesota Higher Education Facilities Authority The rebate calculation was performed on October 9, 2017. 1 - 13244 Tuition Exchange Tuition Benefit 3 - 108740 Merit Scholarhsip Student Financial Assistance Kristianne R Westphal Former Officer Westphal-Spouse 85045 Salary and Benefits 0 Andrew P Johnson Officer Christensen Son-in-Law 95790 Salary and Benefits 0 Catherine Asta and Richard Black Director & Director Spouse 91626 Apartment Rental Fiscal Agent 0 Ian Grant Slow Boat Productions LLC Director Heim Bro-in-Law 90000 Teaching and Video Services 0 Schedule L, Part IV Line 3: The College has a property management agreement with a current member of the Board of Directors and her husband. Under this agreement, the College rents apartment units to current students. The College serves as fiscal agent on the property and is responsible for all maintenance, repairs and capital improvements. The remaining balance at the end of each fiscal year is paid to the College as a management fee. During the year ended May 31, 2020, the College billed students $464,400 and paid expenses of $372,774, resulting in a management fee of $91,626. The agreement is in full force until May 31, 2023, and shall continue thereafter on successive five year terms, through May 31, 2032 unless sooner terminated by the College or the owner. X 2 100000 Qualified Independent Appraisal X 31 890280 Average High/Low X Auction Items 382 33346 Donated Value 0 0 1 1 Schedule M, Part I, Line 1 It is the College's policy to aggregate multiple gifts occurring on the same day as one contribution. Schedule M, Part I, Line 32b The College uses several brokers to sell publicly traded securities that are gifted to the College. Form 990, Part III, Line 3 In March 2020, the World Health Organization declared the outbreak of COVID-19 to be a global pandemic. At that time, the College closed its dormitories and dining services and moved to an online learning platform for the remainder of the academic year and returned for the Fall 2020 semester with a mixture of in-person and online courses. The closures resulted in a decision to refund a pro-rated amount of housing fees, meal plans and parking permits to students no longer living on campus. The College continues to follow guidance from the Minnesota Department of Health regarding the coronavirus and campus operations. Form 990, Part III, Line 4a With the exception of auxiliary services revenue reported on Line 4c, all grants expense and program revenue receipts have been included on 4a since students are billed a comprehensive fee and an allocation by program service achievement area is not practical. Form 990, Part VI, Section A, Line 1a The executive committee shall consist of the Chair; each Vice Chair; the President; the Secretary, if the Secretary is a director; the immediate past Chair for one year after leaving office, if the immediate past Chair continues to be a director; the President of the Gustavus Adolphus College Association of Congregations; and up to four and not fewer than two additional directors elected at the annual meeting for one-year terms. The Secretary, even if not a member, shall attend executive committee meetings in order to take minutes, unless the committee determines that the matters under consideration would render such attendance inappropriate. The executive committee shall undertake any duties assigned to it by the Board; assists the Chair and the President with their shared responsibility for effective Board operations by, among other things, participating in the preparation of Board meeting agendas; and take any action for the Board that the executive committee determines must be taken before the Board meets again, endeavoring always to preserve for the Board the fullest possible flexibility for addressing the matter at its next meeting. The committee shall have the authority to act for the Board on all matters except for the following, which are reserved for the Board; presidential selection and termination; director and Board officer elections, changes in institutional mission and purpose and changes to the Articles of Incorporation or the Bylaws. The executive committee shall provide to all directors prior to each Board meeting minutes of all executive committee meetings that have taken place since the previous Board meeting, and such minutes disclose all action as taken by the executive committee. Form 990, Part VI, Section A, Line 1b Three directors have dependents at the College who receive financial aid. One director is employed by the College, one director has a reportable business transaction with the College and one director has a family member who has a reportable business transaction with the College. See Schedule L for disclosures. Form 990, Part VI, Section A, Line 2 Directors Marcia Page and Edward Drenttel - Business Relationships Form 990, Part VI, Section A, Line 4 The College amended its Bylaws on February 14, 2020 increasing the maximum number of directors from 34 to 36 and implementing the Young Alumni Director position. Up to two Young Alumni Directors may simultaneously serve a four-year term, unless the Board sets a shorter term. The Board may not extend or renew any Young Alumni Director's term, regardless of that term's length. A Young Alumni Director's term must begin within 15 years of earning a degree from the College. The amendment added the responsibility of monitoring the engagement of the College with the alumni, the community, the Association of Congregations, and the ELCA. Also, the amendment added the expectation for a Director to avoid a conflict of interest with the College and, when not feasible, disclose any and all possible conflicts of interest in accordance with Board/College policies. Form 990, Part VI, Section A, Line 7a The Board of Directors membership is established as follows: Board Composition - The Board of Directors shall consist of no fewer than twenty-eight and no more than thirty-six directors. All directors shall have equal voting rights. Ex Officio Directors - So long as they hold office, the President of the College, the Bishop of the Southwestern Minnesota Synod of the ELCA, and the President of the Association of Congregations shall be directors. Alumni Association Directors - The Board of Directors of the Gustavus Adolphus College Alumni Association, acting in consultation with the Board, shall be entitled to appoint two Alumni Association directors, each of whom may serve as an Alumni Association director for up to four consecutive years. ELCA Director - The ELCA may designate as a director a member of the churchwide staff with responsibility for higher education. Young Alumni Director - The Board may elect Young Alumni Directors, up to two of whom may serve simultaneously. Each Young Alumni Director will serve a four-year term, unless the Board sets a shorter term. The Board may not extend or renew any Young Alumni Director's term, regardless of that term's length. A Young Alumni Director's term must begin within 15 years of earning a degree from the College. Elected Directors - Elected directors of the Board shall be elected by the Association of Congregations at its annual meeting. The Board shall serve as the nominating committee to the Association of Congregations for the selection of candidates to serve as elected directors of the Board. The composition of the elected directors of the Board shall be no fewer than twenty-four (24) and no more than twenty-eight (28) directors. At least twelve (12) elected directors, the exact number to be determined by the Board, shall be at-large directors nominated by the Board and elected by the Association of Congregations without contest. At least twelve (12) but no fewer than half of the elected directors must be members of congregations that are members of the Association of Congregations, and at least four of these must be rostered ELCA clergy. Term - Elected directors shall serve three-year terms, beginning with the call to order of the Board's annual meeting and ending with the call to order of the Board's annual meeting three years later. To the extent possible, the Board should stagger elections so that the terms of approximately one-third of elected directors expire each year. Nomination - Before the Association of Congregation's annual meeting each year, the Board of Directors shall nominate a slate of candidates for election. Form 990, Part VI, Section B, Line 11b Federal Form 990 (the 990) was prepared by the Director of Tax and reviewed by the Controller and CFO, Vice President for Finance and Treasurer. On February 15, 2021 a draft of the 990 was distributed to the Board of Directors. Inquiries from the Directors were communicated to the Audit Committee chair and discussed at the Audit Committee meeting. In addition, a summary of all disclosures relating to the Conflict of Interest policy from the annual disclosure statements (Directors) and questionnaires (officers and other interested persons) was presented to the Audit Committee for their review. On March 17, 2021, the Audit Committee of the Board of Directors reviewed and accepted the draft 990 in its entirety for filing with the IRS. Form 990, Part VI, Section B, Line 12c The College has a written conflict of interest policy that pertains to its employees. This policy is one of several "All College Policies" that are published on the College's website. The conflict of interest policy is designed to help officers and employees of the College identify situations that present potential conflicts of interest, along with following written procedures in the event that there is a conflict of interest. The policy is intended to comply with the procedure prescribed in Minnesota Statutes, Section 317A.255, and governing conflicts of interest to nonprofit corporations. The President and the CFO, Vice President of Finance and Treasurer monitor and enforce the College's conflict of interest policy relating to its employees. In addition, a questionnaire is completed by all officers and other interested persons on an annual basis that documents any activity that could give rise to conflicts of interest. These questionnaires are reviewed by the President and the CFO, Vice President of Finance and Treasurer. The College has a separate written conflict of interest policy that pertains to all members of the Board of Directors. The policy discloses the importance of exercising integrity and objectivity in making decisions. It further provides disclosure requirements and procedures for abstaining and documentation of meeting minutes when there is a conflict of interest. In May 2020, the Chair of the Audit Committee requested that the President's Office distribute this policy to all Directors, along with an annual disclosure statement, indicating that the director has read, understands and discloses whether or not there are any circumstances leading to a potential conflict of interest. At the May 2020 Board of Directors meeting, the Chair of the Audit Committee requested that all Directors read the conflict of interest policy, determine if they had any questions, complete the annual disclosure statement on a timely basis and return to the CFO, Vice President of Finance and Treasurer. From a governance perspective, the Audit Committee of the Board of Directors is specifically charged with overseeing compliance with this policy. Chairs of individual committees are charged with following the procedures for voting when there is a conflict of interest, along with documentation of those procedures in the meeting minutes. Completed annual disclosure statements were received from all Directors. Form 990, Part VI, Section B, Line 15 The President's compensation is reviewed annually by the executive committee of the Board of Directors in accordance with College's Bylaws using compensation data from comparable institutions. The results of this review, including deliberation and the final decision and approval, are documented in the executive committee minutes and was last reviewed in August 2019. The President reviews compensation surveys and the compensation of all vice presidents on an annual basis in accordance with the College's Bylaws. The President approves and signs all vice president contracts. The compensation of all interested persons on Schedule L, Part IV is reviewed by independent persons. Form 990, Part VI, Section C, Line 19 The audited financial statements of the College for the year ended May 31, 2020 are found on the College's website. The following documents are available for public inspection in the President's Office, located in the Carlson Administration Building on the campus in St. Peter, MN: Articles of Incorporation, Bylaws and Conflict of Interest Policy. Form 990, Part XI, Line 9 Adjustment of Actuarial Liability Tennis and Life Camps LLC 800 West College Avenue Saint Peter MN 56082 Summer Camp MN 1001773 79344 N/A Greater Gustavus Fund 800 West College Avenue Saint Peter MN 56082 416038632 Fundraising MN 501(c)(3) 11, I N/A 1 Beneficial Interest in Funds Held in Trust (20) Names and EINs Withheld Saint Peter MN 56082 Investment MN N/A T 670310 3612155 1 0 Charitable Remainder Annuity Trust (1) Name and EIN Withheld Saint Peter MN 56082 Investment MN N/A T 0 Charitable Remainder Unitrusts (28) Names and EINs Withheld Saint Peter MN 56082 Investment MN N/A T 0 Pooled Life Income Fund 800 West College Avenue Saint Peter MN 56082 Investment MN N/A T 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 Pooled Life Income Fund k 145744 Cash Paid