2017-01-12T14:53:47-07:00 2016-05-31 990 2015-06-01 420680400 MORNINGSIDE COLLEGE MORN 7122745000 1501 Morningside Avenue Sioux City IA 511061717 Ronald Jorgensen VP for Business & Finance 7122745000 2017-01-12 2015 2021-01-29 14:40:06Z John Reynders 4405 Old Lakeport Road Sioux City IA 51106 55086491 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...). 43 40 1297 114 0 -151 4181588 5758619 44333013 46953425 4508157 1861469 387061 324586 53409819 54898099 15376317 17185811 0 0 20420317 21420329 0 0 1167948 14868787 15936345 50665421 54542485 2744398 355614 137925315 127647521 61086347 53555452 76838968 74092069 THE MORNINGSIDE COLLEGE EXPERIENCE CULTIVATES A PASSION FOR LIFE-LONG LEARNING AND A DEDICATION TO ETHICAL LEADERSHIP AND CIVIC RESPONSIBILITY. 0 0 40335245 17185811 38090833 Provides Graduate and Under Graduate classes for students 2323843 0 3328176 Provides residence Hall (living quarters) for full time Under Graduate students. 2148593 0 3444562 Provide food service (cafeteria) for students. 36858 0 2111583 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 36858 0 2111583 44844539 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 1 204 0 1 1297 1 1 1 0 0 0 0 0 0 0 0 0 X 43 40 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 Ave Sioux city IA 51106 JULIE EICKHOFF DIRECTOR 0.5 0 X 0 0 0 LARRY ARNOLD DIRECTOR 0.5 0 X 0 0 0 SANDRA BAINBRIDGE DIRECTOR 0.5 0 X 0 0 0 ROBERT BURKHART DIRECTOR 0.5 0 X 0 0 0 ROGER CURRY DIRECTOR 0.5 0 X 0 0 0 RICHARD ENGLE DIRECTOR 0.5 0 X 0 0 0 ESTHER MACKINTOSH DIRECTOR 0.5 0 X 0 0 0 TONY NESTER DIRECTOR 0.5 0 X 0 0 0 THOMAS ROSEN DIRECTOR 0.5 0 X 0 0 0 CRAIG STRUVE DIRECTOR 0.5 0 X 0 0 0 JULIUS TRIMBLE DIRECTOR 0.5 0 X 0 0 0 JAMES WALKER DIRECTOR 0.5 0 X 0 0 0 RICHARD WALLER 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 TOM NARAK 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 PAUL JOHNSON DIRECTOR 0.5 0 X 0 0 0 JOHN REYNDERS PRESIDENT 40 0 X 295812 0 35093 RONALD JORGENSEN VICE PRESIDENT - BUSINESS & FINANCE 40 0 X 160886 0 13178 TERRI CURRY VICE PRESIDENT - STUDENT LIFE 40 0 X 153870 0 42179 WILLIAM DEEDS PROVOST 40 0 X 154786 0 24277 RICK WOLLMAN VP FOR COMMUNICATIONS & MARKETING 40 0 X 108818 0 17085 LILLIAN LOPEZ VP FOR ADVISING 40 0 X 112009 0 19723 CHRIS BENSON DIRECTOR OF APPLIED AG & FOOD STUDIES 40 0 X 117911 0 21779 1104092 0 173314 9 0 1 0 Royall & Company 1920 E Parham Rd Richmond VA 23228 Admissions consulting 569229 Sodexo Inc 13555 Bishops Ct Ste 250 Brookfield WI 530056224 Food Service operator 2456693 Hawkins Construction Company 2516 Deer Park Blvd Omaha NE 68105 Contractor for Residence hall remodel 12202020 Midwest Field Turf 22 South Main Street PO Box 160 Denison IA 514420160 New stadium turf and installation 381610 ESA Inc of South Dakota 116 Gateway Drive PO Box 1370 North Sioux City SD 570491370 Contractor 299565 8 0 0 0 0 374088 5384531 662095 5758619 Tuition and Fees 611310 38090833 38090833 0 0 Residence Halls 611710 3328176 3328176 0 0 Food Service 722210 3444562 3444562 0 0 Bookstore Sales 451211 956032 956032 0 0 Athletic Functions 900099 207027 207027 0 0 926795 926795 0 0 46953425 1861469 0 0 1861469 0 0 0 0 0 0 0 0 491250 0 188392 0 302858 0 302858 0 0 302858 0 0 0 Present Value Adjustment 900099 21728 21728 0 0 0 0 0 0 21728 54898099 46975153 0 2164327 0 0 17185811 17185811 0 0 0 0 762413 0 762413 0 0 0 0 0 15941984 12561254 2734614 646116 917018 678593 196269 42156 2651613 1962194 609871 79548 1147301 849003 263879 34419 417056 417056 0 0 4471 3309 1028 134 48029 0 48029 0 0 0 0 0 0 0 178343 131974 41019 5350 0 0 0 0 172570 172570 0 0 170788 126383 34281 10124 456707 337963 95043 23701 0 0 0 0 1426605 1105688 278119 42798 725295 536718 106818 81759 0 0 0 0 151047 111775 33241 6031 1558964 1153633 343562 61769 0 0 0 0 2650489 1995773 562995 91721 400656 296485 92151 12020 Auxilliary 5983863 3889511 2094352 0 Other 600593 600593 0 0 Fair Value Hedge Interest Expense -19190 -19190 0 0 1010059 747443 232314 30302 54542485 44844539 8529998 1167948 4634377 4908 11160633 853564 7567978 5764695 563952 579063 3329779 3485190 213598 218836 198318 202033 93928321 34477831 52443906 59450490 47907901 49209749 9761740 7735673 143133 143320 137925315 127647521 5908746 2259259 0 600000 47860000 42625000 494728 392396 1621113 2206496 659400 4616377 5398284 61086347 53555452 X 28306113 28517947 14830885 10552873 33701970 35021249 76838968 74092069 137925315 127647521 355614 -3102513 0 0 0 0 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 961185 0 0 X 0 0 1 X 36968132 1210921 -792908 889438 1272561 100000 35124146 36449762 628323 2004048 800999 1213002 100000 36968132 33311193 552626 4544944 856660 1002341 100000 36449762 29993371 267970 5251727 871736 1230139 100000 33311193 31573452 1319332 -1221286 642209 935918 100000 29993371 0 0.92 0.08 1 0 1760478 7521578 9282056 1004079 67290114 24826607 43467586 0 0 0 0 0 13059387 9335096 3724291 0 3292685 316128 2976557 59450490 Pinehurst Institutional Ltd 4351219 F Real Estate 2764557 C Short term Investments 618842 F Other 1055 F 7735673 State Income Tax 49556 Federal Income Taxes 293387 Actuarial Liability for Annuities 408094 Interest Rate Exchange Agreement 1674821 US Government Loan Funds Refundable 1568028 Other Current Liabilities 1404398 5398284 X 34609775 -3102513 0 0 0 -3102513 37712288 0 17185811 17185811 54898099 37356674 0 0 0 -17185811 -17185811 54542485 0 0 0 54542485 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. This 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 uses of the college's endowment funds are 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 provision for uncertain tax positions, and no related interest or 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 reclassified as an expense. Schedule D, Part XII, Line 2d 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 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 708 2767010 Academic Scholarships & non-need based grants 1274 12706483 Department Grants 274 821820 Endowed Scholarships 223 889438 Schedule I, Part I, Line 2 Grant funds are monitored through an electronic packaging program for all students. This electronic program determines the eligibility for federal, state and institutional grant funding against a series of 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 236693 0 11000 0 48120 0 26283 0 8810 0 330906 0 0 0 RONALD JORGENSEN VICE PRESIDENT - BUSINESS & FINANCE 142290 0 10000 0 8596 0 12820 0 358 0 174064 0 0 0 WILLIAM DEEDS PROVOST 137196 0 10000 0 7590 0 15467 0 8810 0 179063 0 0 0 TERRI CURRY VICE PRESIDENT - STUDENT LIFE 135215 0 10000 0 8655 0 14988 0 27191 0 196049 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 for 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 0 0 19253348 0 0 0 104466 0 0 19148882 0 0 2014 0 0 1 1 B 635000 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 8 662095 Average 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 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 than10 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 charges are necessary prior to filing it 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 peer 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 & Marketing, VP for Advising and the Associate VP for graduate Programs and Institutional Assessment), 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 October. For this tax year, the compensation committee met on September 9, 2015 and the audit committee met on October 10, 2015. Form 990, Part VI, Section C, Line 19 The college maintains documents for public inspection at the college's Learning Center. The documents are also available to the public upon request.