2018-04-11T11:21:03-07:00 2017-05-31 990 2016-06-01 410695524 GUSTAVUS ADOLPHUS COLLEGE GUST 5079338000 800 West College Avenue Saint Peter MN 56082 Thomas J Rooney CFO, VP for Finance and Treasurer 5079337499 2018-04-11 138.236.195.85 2016 2021-01-29 14:40:06Z Thomas J Rooney 800 West College Avenue Saint Peter MN 56082 196936204 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. 30 25 3013 977 1063442 0 34642429 30947211 122655653 119270001 -188124 5567948 14647 72481 157124605 155857641 52673088 52732738 0 0 48890453 49037131 83825 94883 3134155 33924174 31305994 135571540 133170746 21553065 22686895 361531392 390429296 92066050 84487876 269465342 305941420 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 0 92300242 52732738 96874067 Instruction and Academic Support: Gustavus offers 73 majors in 21 academic departments and 3 interdisciplinary programs, with a student-faculty ratio of 11:1. Total FTE enrollment for academic year 2016-2017 was 2,210, with 518 students graduating in May 2017. 14012091 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. 14380845 0 22207808 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 2016, 2064 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. 4351738 0 0 Gustavus offers a number of activities that enhance the curricular program, including various public service events and miscellaneous services provided to students. 4351738 0 0 125044916 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 1 1 0 0 0 1 1 0 0 0 1 3468 0 1 3013 1 1 1 0 0 0 0 1 1 0 0 0 0 X 30 25 1 0 0 0 0 1 0 1 1 0 0 0 1 1 1 1 1 1 1 0 KY MA MD MI MN NH SC WA X X Thomas J Rooney 5079338000 800 West College Avenue Saint Peter MN 56082 Jon V Anderson Director 2 0 X 0 0 0 Scott P Anderson Director 2 0 X 0 0 0 Catherine Asta Director 2 0 X 0 0 0 Tracy L Bahl Director 2 0 X 0 0 0 Warren L Beck Director 2 0 X 0 0 0 Grayce Belvedere-Young Director/Vice Chair 2 0 X 0 0 0 Suzanne F Boda Director 2 0 X 0 0 0 Daniel G Currell Director 2 0 X 0 0 0 Edward J Drenttel Director 2 0 X 0 0 0 Bruce A Edwards Director 2 0 X 0 0 0 James H Gale Director 2 0 X 0 0 0 Marcus M Gustafson Director 2 0 X 0 0 0 John O Hallberg Director 2 0 X 0 0 0 Susanne B Heim Director 2 0 X 0 0 0 George G Hicks Director 2 0 X 0 0 0 John D Hogenson Director 2 0 X 0 0 0 Linda G Huett Director 2 0 X 0 0 0 Peter C Johnson Director 2 0 X 0 0 0 Linda B Keefe Director 2 0 X 0 0 0 Talmadge E King Jr Director 2 0 X 0 0 0 Paul R Koch Director/Vice Chair 2 0 X 0 0 0 Jan Lindman Director 2 0 X 0 0 0 Janice M Michaletz Director 2 0 X 0 0 0 Thomas J Mielke 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/Chair 2 0.5 X 0 0 0 Christopher J Rasmussen Director/Vice Chair 2 0 X 0 0 0 Beth S Schnell 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 Rebecca M Bergman President 50 0.5 X X 324391 0 95145 Mark J Braun Provost and Dean of the College 50 0 X 214199 0 190095 Brenda S Kelly Provost and Dean of the Faculty 50 0 X 123614 0 33756 Thomas J Rooney CFO, Vice President for Finance and Treasurer 50 0.5 X 76469 0 10791 Kenneth C Westphal Vice President for Finance and Treasurer 50 0.5 X 203870 0 18164 Marcia J Bunge Faculty 50 0 X 122794 0 22733 Thomas M Crady Vice President for Enrollment Management 50 0 X 119468 0 21051 Diane K Lund Dean Faculty 50 0 X 131996 0 9588 JoNes R VanHecke Vice President for Student Life & Dean of Students 50 0 X 144244 0 20557 Thomas W Young Vice President for Institutional Advancement 50 0 X 163634 0 62326 1624679 0 484206 15 0 1 0 Kraus-Anderson Companies Inc 501 South Eighth Street Minneapolis MN 55404 Construction Services 5930706 Royall and Company 1920 East Parham Road Richmond VA 23228 Direct Marketing 378013 Schwickert's Tecta America 330 Poplar Street Mankato MN 56001 Contractor 343103 Barton Denmarsh Esteban Inc 681 Andersen Drive Pittsburgh PA 15220 Marketing Consultant 297536 BWBR Architects 380 Saint Peter Street Ste 600 Saint Paul MN 551021996 Architectural Services 207328 13 0 0 81450 0 1407941 29457820 3636820 30947211 Tuition and Fees 611310 94192906 94192906 0 0 Residence Halls 721000 12877435 12720308 157127 0 Dining Service 722210 7497562 6625356 872206 0 Book Mark 451211 1832811 1832811 0 0 Athletic Facilities 713940 519609 481898 37711 0 2349678 2165154 184524 0 119270001 1778646 0 -188126 1966772 39036 0 0 39036 6042 0 0 6042 0 0 0 0 0 0 0 0 0 0 44767292 0 41017026 0 3750266 0 3750266 0 0 3750266 44066 81450 49920 -5854 0 -5854 83910 11617 72293 0 0 72293 0 0 0 0 0 0 0 155857641 118018433 1063442 5828555 0 52732738 52732738 1257552 457747 799805 97635 97635 35531365 32718014 1156680 1656671 2178374 1923119 143175 112080 7594322 6833975 371640 388707 2377883 2153013 102051 122819 367615 344788 22827 66316 66316 102330 102330 94883 94883 164992 164992 1349241 1204368 85090 59783 443254 443254 686962 214546 302349 170067 799389 776723 19382 3284 4553591 4349167 170251 34173 1197345 999321 76146 121878 120591 112421 3340 4830 2221855 2201822 20033 6532863 6239584 244253 49026 577599 551669 21595 4335 Dining Service Expenses 3065915 3065915 0 0 Study Away Expenses 2115451 2115451 0 0 Book Mark Expenses 1349826 1349826 0 0 Academic Expenses 1018106 995391 22715 0 4572753 3509217 774744 288792 133170746 125044916 4991675 3134155 46266 58170 43716602 49687566 18880444 23828753 644690 708647 29892 28436 407322 426678 1204694 1676613 229791278 116235879 111123088 113555399 112592312 129168286 66789852 66648263 2807934 2577052 3288296 2065433 361531392 390429296 18307429 16283463 6221477 2404746 51492119 50527912 2881080 2661017 13163945 12610738 92066050 84487876 X 60354753 63203752 102069490 122703672 107041099 120033996 269465342 305941420 361531392 390429296 X 22686895 13190086 0 0 0 599097 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 1 102330 0 0 0 102330 0 Schedule C, Part II-B, Line 1 Gustavus Adolphus College (the 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 $129,028 during the taxable year. MPCC has divided its expenses for its taxable year ending June 30, 2017, 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 78.81% 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, $101,689 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 $9,159 during the taxable year to the National Association of Independent Colleges and Universities of which 7%, or $641, was estimated to be used for lobbying expenses. 0 691024 0 0 X X 0 0 1 X 142126277 12340708 18459302 2497605 3286123 164992 166977567 146169621 4057162 -2029561 2374338 3524523 172084 142126277 138475977 3575474 9677571 2195883 3190515 173003 146169621 125373292 3582564 14594320 1947069 3003600 123530 138475977 109604043 4138652 16464394 1910366 2819514 103917 125373292 0.15 0.85 0 1 0 676340 955993 1632333 385740 177860551 80845173 97401118 0 0 0 0 0 29255513 21518416 7737097 0 20657141 13872290 6784851 113555399 Commodity Funds 489412 F Fund of Funds 60096815 F Funds Held by Others 5941554 F Real Estate 10880 F Other 109602 F 66648263 0 Annuities Payable 9701429 U.S. Government Grants Refundable 2606632 Future Interest Discount on Pooled Life Income Funds 302677 12610738 X 117489487 13190085 0 0 -51558239 -38368154 155857641 0 0 0 155857641 81013409 0 0 0 575401 575401 80438008 0 52732738 52732738 133170746 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, athletic space rentals and various services provided by the dining service and print and mail services to the public. At May 31, 2017 and 2016, 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, 2017 or 2016. 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 Department of Energy, National Science Foundation, National Endowment for the Humanities, National Institute of Standards and Technology, National Oceanic and Atmospheric Administration, General Services Administration and Department of Education. 1 South America 0 0 Program Services January Term-19 Students 105394 Europe (including Iceland and Greenland) 0 0 Program Services January Term-83 Students 472622 East Asia and the Pacific 0 0 Program Services January Term-6 Students 17269 Sub-Saharan Africa 0 0 Program Services January Term-16 Students 75773 Europe (including Iceland and Greenland) 0 0 Program Services Student Teaching-6 Students 22391 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Student Teaching-2 Students 2784 South America 0 0 Program Services Student Teaching-2 Students 2006 Central America and the Caribbean 0 0 Program Services Study Abroad-2 Students 28725 East Asia and the Pacific 0 0 Program Services Study Abroad-5 Students 90412 Europe (including Iceland and Greenland) 0 0 Program Services Study Abroad-63 Students 1028998 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Study Abroad-1 Student 12500 Russia and the newly independent States 0 0 Program Services Study Abroad-2 Students 33700 South America 0 0 Program Services Study Abroad-8 Students 131960 Sub-Saharan Africa 0 0 Program Services Study Abroad-2 Students 38500 Central America and the Caribbean 0 0 Investments 3431210 0 0 5494244 1 0 0 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 Reeher LLC VB Box 159 PO Box 9202 Minneapolis MN 554809202 Advancement Consultant 0 0 62000 -62000 Bentz Whaley Flessner and Associates Inc 7251 Ohms Lane Minneapolis MN 55439 Advancement Consultant 0 0 32883 -32883 0 94883 -94883 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 Football Golf 42085 28448 13637 0 5800 5947 3528 0 915 Basketball Golf 19270 13540 5730 0 518 3848 1110 0 159 5 64161 39462 24699 0 5041 15932 5658 0 1464 125516 81450 44066 0 11359 25727 10296 0 2538 49920 -5854 83910 10391 0 0 1226 1 0.95 83910 10391 0 0 1226 11617 72293 MN 1 0 1 0 1 0 Rebecca Bergman 800 West College Avenue Saint Peter MN 56082 0 Laura 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 796 15195909 Need-Based Student Financial Assistance 1308 34289457 International Student Financial Assistance 106 3247372 Tuition Benefit Student Financial Assistance 72 2799947 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 1 1 X X X X X X 0 1 0 0 0 0 0 0 0 Rebecca M Bergman President 309375 0 0 0 15016 0 59606 0 35539 0 419536 0 0 0 Mark J Braun Provost and Dean of the College 190806 0 0 0 23393 0 125386 0 64709 0 404294 0 0 0 Brenda S Kelly Provost and Dean of the Faculty 123509 0 0 0 105 0 9270 0 24486 0 157370 0 0 0 JoNes R VanHecke Vice President for Student Life & Dean of Students 143608 0 0 0 636 0 10280 0 10277 0 164801 0 0 0 Kenneth C Westphal Vice President for Finance and Treasurer 99799 0 0 0 104071 0 9314 0 8850 0 222034 0 74117 0 Thomas W Young Vice President for Institutional Advancement 160399 0 0 0 3235 0 12160 0 50166 0 225960 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. A Minnesota Higher Education Facilities Authority 410988525 60416HST2 2010-08-05 43943698 See Part VI 0 0 0 B Minnesota Higher Education Facilities Authority 410988525 60416HD27 2013-07-30 11610060 See Part VI 0 0 0 A 7402925 0 43943698 3397289 758979 0 384505 0 0 32000000 0 0 2011 1 0 1 1 B 0 0 11610060 0 0 0 160060 0 0 0 0 0 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 0 0 0 0 0 0 1 B 0 1 0 0 0 0 0 0 1 A 1 2 Dependents 2 Officers 63540 Tuition Exchange Tuition Benefit 2 Dependents 2 Directors 27500 Merit Scholarship Student Financial Assistance Kristianne R Westphal Westphal Spouse 84195 Salary and Benefits 0 Russell V Michaletz Michaletz Spouse 13440 Salary and Benefits 0 Catherine Asta and Richard Black Property Management 72505 Apartment Rental Fiscal Agent 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, 2017, the College billed students $434,806 and paid expenses of $362,301, resulting in a management fee of $72,505. The agreement is in full force until May 31, 2018, and shall continue thereafter on successive five year terms, through May 31, 2032 unless sooner terminated by the College or the owner. X 46 3285320 Average High/Low X 1 345000 Qualified Independent Appraisal X Story & Clark Walnut Baby Grand Piano 1 6500 Qualified Independent Appraisel 5 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 publically traded securities that are gifted to the College. 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 Two directors have dependents at the College receiving financial aid. One director has a spouse who is employed by the College, one director is employed by the College and one director has a reportable business relationship with the College. See Schedule L for disclosures. Form 990, Part VI, Section A, Line 2 Directors Marcia Page and George Hicks - Business Relationship, Directors Marcia Page and Edward Drenttel - Business Relationship 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-four 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 Gustavus Adolphus College Association of Congregations (the "Association") 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. Elected Directors - Elected directors of the Board shall be elected by the Association at its annual meeting. The Board shall serve as the nominating committee to the Association 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 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, 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'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 Assistant Controller and reviewed by the Controller and CFO, Vice President for Finance and Treasurer. On February 23, 2018, 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 from the annual representation letters (Directors) and the questionnaires (Directors, officers and highly compensated employees) was presented to the Audit Committee for their review. On February 28, 2018, the Audit Committee of the Board of Directors reviewed and accepted the draft 990 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 for 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 key employees 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 for 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. At the beginning of May 2016, the Chair of the Board of Directors requested that the President's Office distribute this policy to all Directors, along with an annual representation letter, indicating that the director has read, understands and discloses whether or not there are any circumstances leading to a conflict of interest. At the June 24, 2016 Board of Directors meeting, the Chair of the Board of Directors requested that all Directors read the conflict of interest policy, determine if they had any questions, and complete the annual representation letter on a timely basis. From a governance perspective, the Directorship Committee of the Board of Directors is specifically charged with overseeing compliance with this policy (page two of the Directorship Committee Charter). 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. All Directors complete the questionnaire described above in the first paragraph and return them to the CFO, Vice President for Finance and Treasurer. Form 990, Part VI, Section B, Line 15 The President's compensation is annually reviewed by the executive committee of the Board of Directors. It was last reviewed March 2017. The executive committee reviews compensation survey information of other college and university presidents. The completion of this review process is documented in their minutes. The President reviews compensation surveys and the compensation of all vice presidents on an annual basis. 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, 2017 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 923477 698610 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 (22) Names and EINs Withheld Saint Peter MN 56082 Investment MN N/A T 27125 4307252 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 249904 Cash Paid