2019-04-12T12:32:36-07:00 2018-05-31 990 2017-06-01 420680400 MORNINGSIDE COLLEGE MORN 7122745000 1501 Morningside Avenue Sioux City IA 511061717 Ronald Jorgensen VP for Business & Finance 7122745000 2019-04-12 198.102.147.249 2017 2019-02-21 02:37:17Z John Reynders 4405 Old Lakeport Rd Sioux City IA 51106 63686492 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...). 42 39 1246 82 0 -3521 2386729 3958192 48577737 49197105 2624024 9159093 3613654 178913 57202144 62493303 18106777 19062983 0 0 22746741 21645722 0 0 1088867 15454051 15618756 56307569 56327461 894575 6165842 128901494 132818525 50257573 48008762 78643921 84809763 THE MORNINGSIDE COLLEGE EXPERIENCE CULTIVATES A PASSION FOR LIFE-LONG LEARNING AND A DEDICATION TO ETHICAL LEADERSHIP AND CIVIC RESPONSIBILITY. 0 0 41409478 19062983 40849222 Provides Graduate and Under Graduate classes for students 2343352 0 3384987 Provides residence Hall (living quarters) for full time Under Graduate students. 2151329 0 3328086 Provide food service (cafeteria) for students. 331865 0 1183305 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 331865 0 1183305 46236024 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 1246 1 1 1 0 0 0 0 0 0 0 0 0 X 42 39 1 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 Ave Sioux city IA 51106 LARRY ARNOLD DIRECTOR 0.5 0 X 0 0 0 ESTHER MACKINTOSH DIRECTOR 0.5 0 X 0 0 0 CRAIG STRUVE DIRECTOR 0.5 0 X 0 0 0 JAMES WALKER DIRECTOR 0.5 0 X 0 0 0 CURTIS WHITE DIRECTOR 0.5 0 X 0 0 0 STEPHEN DAVIS DIRECTOR 0.5 0 X 0 0 0 DOUGLAS PALMER DIRECTOR 0.5 0 X 0 0 0 CLIFFORD TUFTY DIRECTOR 0.5 0 X 0 0 0 IRVING F JENSEN JR DIRECTOR 0.5 0 X 0 0 0 KHALID A RASHEED DIRECTOR 0.5 0 X 0 0 0 REGINA ROTH DIRECTOR 0.5 0 X 0 0 0 NORMAN W WAITT JR 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 JOHN GLEESON 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 ADAM BAUMGARTNER DIRECTOR 0.5 0 X 0 0 0 ZEDDIE BOWEN DIRECTOR 0.5 0 X 0 0 0 MARTHA WIKERT DIRECTOR 0.5 0 X 0 0 0 RONALD YOCKEY DIRECTOR 0.5 0 X 0 0 0 RONALD SHURTS 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 LAURIE HALLER DIRECTOR 0.5 0 X 0 0 0 LINDA JENNINGS DIRECTOR 0.5 0 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 ANTHONY PATTON STUDENT REPRESENTATIVE 0.5 0 X 0 0 0 JOHN REYNDERS PRESIDENT 40 0 X 303302 0 36861 RONALD JORGENSEN VICE PRESIDENT - BUSINESS & FINANCE 40 0 X 157172 0 24747 TERRI CURRY VICE PRESIDENT - STUDENT LIFE 40 0 X 152337 0 53035 WILLIAM DEEDS PROVOST 40 0 X 154112 0 26183 CHRIS BENSON DIRECTOR OF APPLIED AG & FOOD STUDIES 40 0 X 121342 0 25291 STEPHEN RYAN HEAD FOOTBALL COACH 40 0 X 111297 0 29983 999562 0 196100 14 0 1 0 Royall & Company 1920 E Parham Rd Richmond VA 23228 Admissions consulting 562404 Sodexo Inc 13555 Bishops Ct Ste 250 Brookfield WI 530056224 Food Service operator 2528137 Interstate Mechanical Corporation 418 Iowa Street Sioux City IA 511011378 Contractor 152089 Boone Brothers Roofing 1432 Leech Ave sioux city IA 51101 Contractor - Roofing 113611 4 0 0 0 0 196300 3761892 615807 3958192 Tuition and Fees 611310 40849222 40849222 0 0 Residence Halls 611710 3384987 3384987 0 0 Food Service 722212 3328086 3328086 0 0 Bookstore Sales 451211 837548 837548 0 0 Athletic Functions 900099 303855 303855 0 0 493407 493407 0 0 49197105 1437468 0 0 1437468 0 0 0 0 0 0 0 0 320021 0 168804 0 151217 0 151217 0 0 151217 4450137 4295873 824559 199826 3625578 4096047 7721625 0 0 7721625 0 Present Value adjustment 900099 27696 27696 0 0 0 0 0 0 27696 62493303 49224801 0 9310310 0 0 19062983 19062983 0 0 0 0 862993 0 862993 0 0 0 0 0 15812815 12423340 2871461 518014 836418 610585 178740 47093 2977459 2228056 660079 89324 1156037 843907 253666 58464 561040 561040 0 0 19271 14068 4625 578 49490 0 49490 0 0 0 0 0 0 0 161038 117558 38649 4831 0 0 0 0 165196 165196 0 0 226221 165141 49293 11787 522595 381494 105423 35678 0 0 0 0 1708515 1297216 353031 58268 814978 594934 115595 104449 0 0 0 0 135085 98612 22420 14053 1474706 1111345 363361 0 0 0 0 0 2749676 1981817 647968 119891 368542 269036 88450 11056 Auxillary 6919467 4497654 2421813 0 Fair Value Hedge Interest Expense -436426 -328892 -107534 0 179362 140934 23047 15381 56327461 46236024 9002570 1088867 4841 2853 1439307 108607 4056442 3021075 743968 696883 3515242 3430947 251130 157593 192452 207414 95686478 39871242 57782938 55815236 53332471 59638345 7444123 9582661 138580 156911 128901494 132818525 2113933 2073729 500000 900000 41245000 39320000 424200 339846 1588361 1561272 679570 682293 3706509 3131622 50257573 48008762 X 32353197 37958114 10768089 9402469 35522635 37449180 78643921 84809763 128901494 132818525 6165842 0 0 0 0 0 X 0 1 X 1 1 1 X 0 961185 0 0 X 0 0 1 X 38999379 1860023 7001687 817768 2501232 100000 44442089 35124146 2214797 3933436 900897 1272103 100000 38999379 36968132 1210921 -792908 889438 1272561 100000 35124146 36449762 628323 2004048 800999 1213002 100000 36968132 33311193 552626 4544944 856660 1002341 100000 36449762 0.04 0.78 0.18 1 0 912652 8699483 9612135 902307 68326015 28821031 40407291 0 0 0 0 0 13553336 10704296 2849040 0 3292685 345915 2946770 55815236 Alternative Funds 6504875 F Real Estate 1814959 C Short Term Investments 1261773 F Other 1054 F 9582661 263898 State Income Tax 47442 Acturial Liability for Annuties 362371 Interest Rate Exchange Agreement 822947 US Government Loan Funds Refundable 1509167 Other Current Liabilities 125797 3131622 X 43430320 0 0 0 0 0 43430320 0 19062983 19062983 62493303 37264478 0 0 0 -19062983 -19062983 56327461 0 0 0 56327461 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 oil paintings by Rufino Tamayo and one by George Winter. Schedule D, Part IV, Line 2b The amount on line 21 part x consists of Enrollment deposits and students 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 not 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 Scholarships and grants awarded to students are classified as an expense. Schedule D, Part XII, Line 2d Instituitional 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 in the Sioux City Journal in November each year. The nondiscriminatory policy is also published in the student catalog and other college publications. Schedule E, Part I, Line 6 The college passes through assistance (Federal & State) to eligible students. 1 Activity Grants 673 2848684 Academic Scholarships & non-need based grants 1231 14582712 Department Grants 217 812798 Endowed Scholarships 232 817768 Schedule I, Part I, Line 2 Grant funds are monitored through an electric packaging program for all students. This electronic program determines the eligibility for federal, state and institutional grant funding against a series or pre-established eligibility criteria. Once the program determines each student's eligibility for federal, state and institutional 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 239338 0 15000 0 48965 0 26450 0 10411 0 340164 0 0 0 RONALD JORGENSEN VICE PRESIDENT - BUSINESS & FINANCE 140255 0 10000 0 6918 0 13470 0 11278 0 181921 0 0 0 WILLIAM DEEDS PROVOST 139298 0 10000 0 4814 0 15772 0 10411 0 180295 0 0 0 TERRI CURRY VICE PRESIDENT - STUDENT LIFE 133351 0 10000 0 8986 0 15153 0 37852 0 205342 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 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 Presidents 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 1465000 0 19253348 0 0 0 104466 0 0 19148882 0 0 2014 0 0 1 1 B 2385000 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 11 615807 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 A, Line 2 Directors Douglas Palmer and Martin Palmer are brothers. 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 filing 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 form 990 shall submit these comments or revisions in writing to the chair of the Audit Committee no later than 10 days after the report was made available to them. The chair of the Audit Committee shall review these comments 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, VP for Communications, VP for Marketing, and the VP for Advising) is based on individual performances and comparison of peer group salary levels for comparable positions. The President prepares the annual evaluation with input from the 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 compensation committee met on September 22, 2017, and the audit committee met on September 28, 2017. 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.