2017-03-28T15:02:44-07:00 2016-05-31 990 2015-06-01 410693979 St Olaf College STOL 5077862222 1520 St Olaf Avenue Northfield MN 55057 Janet Hanson Vice President & CFO 2017-03-28 2015 2021-01-29 14:40:06Z David Anderson 1520 St Olaf Avenue Northfield MN 55057 234925997 false false X www.stolaf.edu X 1874 MN See Schedule O. 27 26 3535 700 -842159 -1233217 21937435 26137294 157223999 163015257 26318539 8966773 279333 410918 205759306 198530242 60031521 65408640 0 64322521 67617157 24414 73242 4698205 51387377 53519497 175765833 186618536 29993473 11911706 757230334 764920265 123040146 142167324 634190188 622752941 St. Olaf College challenges students to excel in the liberal arts, examine faith and values, and explore meaningful vocation in an inclusive, globally engaged community nourished by Lutheran tradition. false false 171151643 65408640 163015257 Postsecondary Education - 4 Year, Residential, Liberal Arts Education: In the 2015-2016 academic year, St. Olaf College enrolled 3,019 full time students and 41 part time students. The graduating class of 2016 had 775 graduates. A student to faculty ratio of 11.93:1 supports St. Olaf students with classroom, laboratory, and off-campus experiences. St. Olaf College is accredited as a degree-granting institution by the Higher Learning Commission of the North Central Association of Colleges and Secondary Schools. The Colleges academic programs are also accredited by the American Chemical Society, Commission on Collegiate Nursing Education, Council on Social Work Education, National Association of Schools of Dance, National Association of Schools of Music, National Association of Schools of Theatre, and National Council for Accreditation of Teacher Education. 171151643 true true false true false false true true true true true true false true true true true false true false true false true true true false false false true true true false false false false false false true true false true true true false false false true false false true false true 3860 0 true 3535 true true true false false false false true true false 0 false false false false false false false false false false X 27 26 true false true false true true true true true false false true true true true true true true true false CA MA MD MI MN NH SC X X Janet Hanson 5077862222 1520 St Olaf Avenue Northfield MN 55057 Kristine Johnson Chair 1.70 0.00 X 0 0 0 Lawrence Stranghoener Vice Chair 1.70 0.00 X 0 0 0 Nancy Anderson Regent 1.70 0.00 X 0 0 0 Kevin Bethke Regent 1.70 0.00 X 0 0 0 Kari Bjorhus Regent 1.70 0.00 X 0 0 0 Gregory Buck Regent 1.70 0.00 X 0 0 0 Leon Clark Jr Regent 1.70 0.00 X 0 0 0 Sam Dotzler Regent 1.70 0.00 X 0 0 0 William Gafkjen Regent 1.70 0.00 X 0 0 0 Peter Gotsch Regent 1.70 0.00 X 0 0 0 John Grotting Regent 1.70 0.00 X 0 0 0 Susan Gunderson Regent 1.70 0.00 X 0 0 0 Eric Hanson Regent 1.70 0.00 X 0 0 0 David Hill Regent 1.70 0.00 X 0 0 0 Jody Kleppe Horner Regent 1.70 0.00 X 0 0 0 Ronald Hunter Regent 1.70 0.00 X 0 0 0 Mark Jordahl Regent 1.70 0.00 X 0 0 0 Ward Klein Regent 1.70 0.00 X 0 0 0 Jay Lund Regent 1.70 0.00 X 0 0 0 Timothy Maudlin Regent 1.70 0.00 X 0 0 0 Philip Milne Regent 1.70 0.00 X 0 0 0 Gretchen Morgenson Regent 1.70 0.00 X 0 0 0 Jon Salveson Regent 1.70 0.00 X 0 0 0 Glenn Taylor Regent 1.70 0.00 X 0 0 0 Al Tindall Regent 1.70 0.00 X 0 0 0 Theresa Hull Wise Regent 1.70 0.00 X 0 0 0 David Anderson President 40.00 0.00 X 402449 0 62061 Jo Beld VP of Mission 40.00 0.00 X 103892 0 29967 Enoch Blazis VP Advancement 40.00 0.00 X 190221 0 33865 Dan Dressen Assoc Provost 40.00 0.00 X 120882 0 20559 Nathan Engle Controller 40.00 0.00 X 88285 0 33165 Mark Gelle CIO 40.00 0.00 X 120486 0 14205 Michael Goodson VP Human Resour 40.00 0.00 X 148951 0 38876 Janet Hanson VP and CFO 40.00 0.00 X 193568 0 36737 Gregory Kneser VP & Dean of St 40.00 0.00 X 149232 0 26615 Michael Kyle VP of Admission 40.00 0.00 X 183204 0 45709 Marci Sorter Provost Dean Co 40.00 0.00 X 213938 0 48180 Christopher George Dean of Admission 40.00 0.00 X 128234 0 40249 Roberta Lembke Dir of IT & Librar 40.00 0.00 X 124158 0 23676 Rebecca Otten Dir of Development 40.00 0.00 X 136227 0 16145 Lavern Rippley Professor 40.00 0.00 X 133487 0 23699 Peter Sandberg Asst VP Facilities 40.00 0.00 X 128847 0 28925 Angie Mathews Former Controller 40.00 0.00 X 110048 0 16620 James May Former Provost 40.00 0.00 X 93787 0 28799 2769896 568052 139 true true false Bon Appetit Management Co 100 Hamilton Avenue Suite 300 Palo Alto CA 94301 Food Service 8120245 Educational & Institutional Insurance Adm 200 S Wacker Dr Ste 1000 Chicago IL 60606 Insurance Advisor 1164005 Muska Electric Company 1985 Oakcrest Avenue Roseville MN 55113 Electric Contractor 981192 The Boldt Company 2525 N Roemer Road Appleton WI 54911 Cnstruction Contract 6582683 Thyssenkrupp Elevator Corporation 2801 Network Boulevard Suite 700 Frisco TX 75034 Services and Goods 924487 55 152278 3175443 22809573 5634609 26137294 Other 900099 3405548 3214330 191218 Sales & Services from Aux 611710 27107419 655083 410507 26041829 Tuition and Fees 900099 132502290 132502290 163015257 7698979 -1301619 9000598 0 0 271586 54169 122903 5216 148683 48953 197636 48953 148683 32615335 2986848 32823201 1511188 -207866 1475660 1267794 1267794 75451 152278 178384 -102933 0 2071078 1754863 316215 316215 0 198530242 136371703 -842159 36966337 0 63062640 63062640 2346000 2346000 0 2446449 870175 1116234 460040 0 48324403 43166452 3190450 1967501 4288794 3863027 240666 185101 9178116 8099313 683766 395037 3379395 2958759 268132 152504 0 672315 912 671213 190 96457 96457 0 73242 73242 367399 367399 3180788 2400066 519583 261139 537106 497943 38664 499 3224356 2565188 414148 245020 2334725 1815069 348458 171198 5055 4180 875 5051148 4809741 178709 62698 8172663 7618909 297999 255755 0 242058 206919 20664 14475 3253504 3118447 133796 1261 0 12446403 11464444 737367 244592 762298 3109 759189 Food Service 8292958 7903867 256437 132654 Tuition paid to other Institut 2050095 2047989 1717 389 Other Expenses 1949213 1889156 60057 Membership dues paid to others 605643 340553 250835 14255 275313 98785 175930 598 186618536 171151643 10768688 4698205 243915 291057 23408966 15738412 9254166 8898491 218924 261775 0 0 0 603903 593109 880387 658799 390989795 153918356 227303423 237071439 174228641 172580530 269773502 265271871 6550927 6451808 0 44763580 57102974 757230334 764920265 18326604 20047300 6190067 5437487 3049447 2797048 75009550 97084701 17599546 14826475 2864932 1974313 123040146 142167324 X 270065026 264095592 174839933 156381653 189285229 202275696 634190188 622752941 757230334 764920265 X 11911706 -20856793 -2492160 X false true X true true true X Part I: Additional Information St. Olaf College in the past has always checked box 7 along with box 2 because the college has always received a substantial part of its support from a governmental unit or from the general public. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false true true false true 386 false false true 142 false true 115381 115909 false false Part II-B, Line 1i - Other Activities Description In Tax Year 2015 St. Olaf College provided financial support in the form of transportation to students and staff who attended various lobbying and seminars with legislators. In addition, St. Olaf College provided support in the form of compensation to staff involved in these activities and postage for mailings sent to legislators. The primary focus of efforts was to communicate to representatives their continued interest in receiving grants for educational activities.St. Olaf 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. St. Olaf College paid membership dues to MPCC in the amount of $158,273 during the taxable year. MPCC has divided its expenses for its taxable year ending June 30, 2016, 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 72.90% 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, $115,381 of St. Olaf Colleges dues were used to pay Group 2 expenses. The amount of lobbying expenses paid from St. Olaf Colleges dues was significantly less than that amount. X 2 15 1 false 20 21741 false 146279 1756767 X X true true 875253 600094 686016 789331 true X 455506474 15066886 -12507726 4998039 4910837 455620 447701139 435935124 10077735 16623144 4471680 2205166 452684 455506473 379501188 13924729 49433253 4013894 2483586 426566 435935124 328985882 8953711 47567892 3793720 1887570 325007 379501188 345295632 9680894 -13871104 3762023 7963892 393625 328985882 0.37410 0.41420 0.21170 true false false 1232890 1232890 1487270 285245011 102011572 184720709 51582157 34986432 16595725 182500 51259967 16920352 34522115 237071439 265271871 Assets Held in Charitable Trust 30088537 Deferred Debt Acquisition Cost Deposits Held by Trustee 23041178 Funds Held in Trust by Others 2073820 Other Receivables 1899439 57102974 Asset Retirement Obligation 1974313 1974313 X 111263046 -20856792 -68268200 -89124992 200388038 -1857796 -1857796 198530242 122700293 1857796 1857796 120842497 65776039 65776039 186618536 Part II, Line 9: Organization Reporting of conservation easements. Money received initially was recorded as unrestricted revenue and placed into a board designated quasi-endowment. Expenses that are incurred pertaining to the easements are recorded as operating expenses. The land related to the easements is included in as Property, Plant, and Equipment on the College's balance sheet. Part III, Line 4: Description of organization's collections and how it furthers its purpose. The College's collections are composed primarily of artwork donated and displayed on the premises of the College. The collection furthers the exempt purpose by providing subjects for students to observe and interpret. Part IV, Line 1b: Why is organization an agent, trustee, custodian or other intermediary for contrib The College serves as an agent for several student and other organizations. Part IV, Line 2b: Explanation of escrow account liability Included in Line 21 of Part X are two separate types of liabilities. First are "Liabilities Payable" [$13,073,837] resulting from Charitable Annuities and Trusts where the College serves as the trustee of the assets and records a liability for the present value of future cash flows estimated to be paid out to the income beneficiaries. In addition, the College also records "Funds Held in Trust for Others" [$1,752,628] that primarily result from trusts under control of the College that will benefit other organizations at the termination of the Trust. Part V, Line 4: Intended uses of the endowment fund. The intended uses of the Endowment Fund include scholarships, endowed faculty chairs, and general support to subsidize various operations. Part X : FIN48 Footnote 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, 2016. Part XII, Line 2d: Other expenses and losses per audited F/S Loss from Fundraising Events $102933 Cost of Goods Sold on Inventory $1754863 Part XII, Line 4b: Other revenue amounts included on 990 but not included in F/S Endowment Fund Investment Mngt Fees $367399 Scholarships and Grants $65408640 true true true true true true true false false false false false false false false true false true Schedule E, Line 6 - Explanation of Aid or Assistance from Governmental Agency St. Olaf College participates in the Federal Student Financial Aid Program administered through the U.S. Department of Education. St. Olaf students receive funding from campus based programs (Perkins, SEOG and Federal Work Study) as well as Federal Pell Grants and Federal Student Loans. In addition, St. Olaf students receive funding via the Minnesota State Grant, Work Study and SELF loan programs administered through the Minneosta Office of Higher Education. The College also received other grants through federal and state programs, such as the Department of Education and National Science Foundation. Schedule E, Line 3 - Racially Nondiscriminatory Policy Publicized The College does not engage in signficant advertising activities via newspapers or broadcast media. However, when the College posts job openings in newspapers the applicable discrimination policies are included. Schedule E, Line 4 - Explanation of Records and Materials Not Maintained Schedule E, Line 5 - Explanation of Organization Discrimination by Race true C. America & Caribbean 0 0 Investments 73582000 East Asia & the Pacific 0 0 Program Service Intl Studies 1342000 Europe 0 0 Program Service Intl Studies 2425000 Middle East & N. Africa 0 0 Program Service Intl Studies 127000 North America 0 0 Program Service Intl Studies 75000 Russia & New States 0 0 Program Service Intl Studies 94000 South America 0 0 Program Service Music Tours 81000 South Asia 0 0 Program Service Intl Studies 290000 Sub-Saharan Africa 0 0 Program Service Intl Studies 322000 Europe 0 0 Program Service Alumni Study Travel 338000 Europe 0 0 Investments 10000000 Middle East & N. Africa 0 0 Program Service Alumni Study Travel 64000 South America 0 0 Program Services Alumni Study Travel 183000 Central America and Carribean 0 0 Program Services Intl Studies 530000 South America 0 0 Program Services Intl Studies 246000 89699000 89699000 Merit-Based Aid C America & Carrib 34 67000 Credit on Acct Merit-Based Aid East Asia & the Pacific 39 177000 Credit on Acct Merit-Based Aid Europe 55 385000 Credit on Acct Merit-Based Aid Russia & New States 4 19000 Credit on Acct Merit-Based Aid South America 4 19000 Credit on Acct Merit-Based Aid South Asia 8 64000 Credit on Acct Merit-Based Aid Sub-Saharan Africa 4 69000 Credit on Acct Need-Based Aid C America & Carrib 81 125000 Credit on Acct Need-Based Aid East Asia & the Pacific 76 242000 Credit on Acct Need-Based Aid Europe 155 780000 Credit on Acct Need-Based Aid Russia & New States 5 11000 Credit on Acct Need-Based Aid South America 11 31000 Credit on Acct Need-Based Aid South Asia 39 142000 Credit on Acct Need-Based Aid Sub-Saharan Africa 25 166000 Credit on Acct Tuition Waiver East Asia and the Pa 2 18000 Credit on accou Tuition Waiver Russia & New States 1 17000 Credit on accou Tuition Waviers Europe 1 14000 Credit on Acct true false true true true false Part I, Line 2 - Grantmakers Explanation For Monitoring Use of Funds Outside US 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 International and Off-Campus Studies Office must approve any program that a student is participating in. Once the grant has been disbursed to the student's account to cover tuition for the study abroad progam, the International and Off-Campus Studies Office maintains contact with the host institutions to monitor the student's attendance and notifies the Financial Aid Office and Student Accounts Office if a student withdraws from an off-campus program. X X X X X X X true Langley Innovat 3719 Sprigg Street N Frederick MD 21704 Consulting false 20650 false false 20650 AL AK AR CO CT DE DC HI ME MD MA MI MN MS MO NH NC SC UT VA WA Gala 222504 152028 70476 59633 56008 62743 St. Olaf Golf classic 5225 250 4975 227729 152278 75451 59633 56008 62743 178384 -102933 true 0 0 Tuition Waiver 71 1764347 Merit Based Scholarships 1793 25015237 Need Based Financial Aid 1787 35868628 Cleven Scholarship 1 10000 Glesne Scholarship 6 13750 DOE-McNair 8 24700 Independent Educational Activity 53 92388 Center for Vocation & Career Assist 100 253891 CURI Assistance 10 10200 HHMI: Undergrad Science Education 1 6000 Cargill Environmental Studies Grant 5 3500 Grantmaker's Description of How Grants are Used Grant funds disbursed by the College are predominantly available as merit or need based scholarships. These scholarships are disbursed by the Financial Aid office and are credited directly to the student's account to pay for tuition, room and board. They are then monitored by the Financial Aid Office and the Student Accounts Office, both of whom are notified if the student's enrollment status changes during the semester. These offices monitor whether the grantee is taking the necessary classes and is therefore utilizing the grant as it was intended. If a student's enrollment changes, award adjustments are made. Other grant funds are disbursed by the College through Accounts Payable. Qualification and use of these payments are monitored by the respective departments responsible for the disbursement. X X true true X X X false false false false false false false false false false Angie Mathews Former Controller 105951 4097 10046 6574 126668 Christopher George Dean of Admission 126314 1920 13499 26750 168483 David Anderson President 397859 4590 25098 36963 464510 Enoch Blazis VP Advancement 188517 1704 18588 15277 224086 Gregory Kneser VP & Dean of St 148992 240 15018 11597 175847 James May Former Provost 92599 1188 10061 18738 122586 Janet Hanson VP and CFO 190476 3092 18951 17786 230305 Lavern Rippley Professor 131361 2126 13415 10284 157186 Marci Sorter Provost Dean Co 211620 2318 21177 27003 262118 Michael Goodson VP Human Resour 146337 2614 12919 25957 187827 Michael Kyle VP of Admission 181087 2117 18429 27280 228913 Peter Sandberg Asst VP Facilities 124132 4715 12836 16089 157772 Rebecca Otten Dir of Development 134788 1439 13499 2646 152372 Part I, Line 1a: Relevant information in regards to selections on 1a. Travel for companions - David Anderson - $3,100Housing allowance/residence for personal use - David Anderson - $18,000 A MNHEFA - Series 6-O 410988525 60416HKK9 2007-03-29 46207404 Construction & Refunding true false false B MNHEFA - Series 7-F 410988525 60416HTL8 2010-08-31 34045664 Refi variable rate debt false false false C MNHEFA - Series 8-G 410988525 60416HL51 2015-07-01 61107599 finance construction and advan true false false A 36255000 46207404 989291 2235562 310982 28341082 12119736 2008 false true true true B 5860000 34045664 2446575 293295 31350000 true false true true C 61107599 441171 25000000 35666428 2017 true true false true A false false true true false false false true B false false false false false false true C false false false false false false true A true false true See Part VI true false true B false false false true false false false true C false true true false false false true A true B true C true Part VI Part 1 line C column f refund of prior issue bond with issue date of 3/29/2007Part III Line 7 - These are qualified 501(c)3 bond issues.Part IV Line 2c Column B Arbitrage was done by Springsted and a opinion given by Faegre Baker & Daniels done on October 31, 2014. Part IV Line 5b & 5c - There are two GIC providers to disclose for the Series 6-O bond issuance. The information is as follows:MBIA, Inc. with an original GIC term of 6 yearsDEPFA Bank with an original GIC term of 1 year 7 Individuals Relative 156556 Discounted tuition aide in education North Sky See Part V 319533 Asset Management Fees false Substantial Contributor Regent 100426 Gift to College false Substantial Contributor Key Employee 701205 Gift to College false Substantial Contributor Former Regent 150000 Gift to College false Substantial Contributor Former Regent 525000 Gift to College false Schedule L, Part V Supplemental Information North Sky -- Former Regent Piper is Advisor X 11 146249 Replmnt cost X 747558 Replmnt cost X 105 4366457 Ave Market Val X 1 348000 Appraisal X 1 4035 Replmnt cost X Event Passes 6 540 Replmnt cost X Equipment 7 17846 Replmnt cost X Gift Certificat 78 3923 Replmnt cost 131 false true true Part I, Line 32, Hire and Use of Third Parties In tax year 2015, the College used several brokers to sell publicly traded securities that were transferred to the College. In addition, in several tax years, the College has used an auction house to sell collectible items that were donated to the College several years ago. Form 990, Part VI, Line 2: Description of Business or Family Relationship of Officers, Directors, Et Business Relationship: Former Regent Piper and Regent Johnson and Regent SalvesonBusiness Relationship: Regent Johnson and Regent GrottingBusiness Relationship: Regent Maudlin and Former Regent TomsonBusiness Relationship: Officer King and Regent GundersonBusiness Relationship: Regent Johnson and Regent Buck Form 990, Part VI, Line 4: Description of Significant Changes to Organizational Documents In May 2015, the St. Olaf Board of Regents approved bylaw changes to 1) allow member participation in meetings by means of remote communication, 2) increase meeting quorum requirements to 20% from 10% of all members, including 50% of the voting members of the Board of Regents, 3) increase the percentage of membership required to call a special meeting of the Board to 10% from 2%, 4) maintain a board composition in which a majority of Regents are members of the Evangelical Lutheran Church in America (ELCA) or another denomination with which the ELCA or its successors has established full communion, 5)reduce the membership number of ELCA bishops from two to include membership of at least one bishop of the ELCA or a person who is widely recognized as a thought or practice leader in the ELCA, 6) eliminate the ability of a regent to give advance written consent or objection to a proposal to be acted upon at a meeting, and 7) change the term of the Board Chair to three years including a one-year additional term from a four year term. In May 2015 the St. Olaf Board of Regents also approved a revised mission statement reading St. Olaf College challenges students to excel in the liberal arts, examine faith and values, and explore meaningful vocation in an inclusive, globally-engaged community nourished by Lutheran tradition. Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder The Articles of Incorporation of St. Olaf College describe its members as being:(a) The members of the Evangelical Lutheran Church in America Churchwide assemblies entitled to vote at such meetings chosen in accordance with the discipline and usage of such Church, or its successor. Such members shall remain members of the Corporation until the convening of the succeeding Churchwide assembly of the Evangelical Lutheran Church in America at which time such members shall give place to the members entitled to vote at such succeeding Churchwide assembly, in accordance with the discipline and usage of said Church, or its successor.(b) The officers of the Church(c) The President of the Corporation, and(d) The members of the Board of Regents of the Corporation. Form 990, Part VI, Line 7a: How Members or Shareholders Elect Governing Body The primary decision-making members of the Corporation are the Board of Regents. However, the members of the Evangelical Lutheran Church in America Churchwide assemblies as well as the Officers of the Church are involved whenever changes are made to the Board of Regents or when the Articles of Incorporation are amended. Form 990, Part VI, Line 7b: Describe Decisions of Governing Body Approval by Members or Shareholders Certain decisions made by the Board of Regents, such as election of Regents and changes to by-laws, must be approved by all members of the Corporation. Form 990, Part VI, Line 11b: Form 990 Review Process To review the 990, the Board of Regents delegated the detail review process to the Audit Committee. On February 22, 2017 the Committee reviewed and approved the Form in its entirety. In addition, the form (not including Schedule B) was circulated to all members of the Board of Regents prior to the filing date. Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts On an annual basis, a Conflict of Interest Questionnaire is circulated to the Board of Regents and Officers. The Questionnaire requires the individual to disclose any relationships or transactions that would result or appear to result in a Conflict of Interest. The College collects and reviews the forms and discusses whether the appropriate actions have been taken in voting, discussions, and other meetings to properly recognize the conflict. Restrictions, such as being unable to participate in voting or discussions, may be imposed on any individual who has a conflict. These conflicts are additionally reviewed by the Conflict of Interest Committee, as well as the Board of Regents Audit Committee, on an annual basis in order to ensure the appropriate measures are being followed. In general, any identified conflict of interest is monitored by the Vice President and Chief Financial Officer(for financial statement reporting purposes) and the President's Office (to ensure compliance, proper considerations are made at meetings). Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management Comparative data for the President and his direct reports, which includes all Vice Presidents, is gathered from CUPA survey data from the 26 members of the Associated Colleges of the Midwest (ACM) and the Great Lakes Colleges Association (GLCA) and for the 24 St. Olaf "Peer Group" liberal arts colleges. The executive committee of the Board of Regents reviews this data and sets the salary for the President. The executive committee considers the recommendation the President makes regarding the other key officers and when the recommendations are approved, sets their salary. The Chair of the Board reviews the decision of the executive committee with the full Board of Regents during an executive session of the Board. The Chair of the Board sends a letter to the VP of Human Resources indicating the new salary for the President and documentation of the process followed to establish it. That letter is filed with Human Resources. The President reports the new salary for his direct reports, including all Vice Presidents, to Human Resources. Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees Comparative data for all Vice Presidents is gathered from CUPA survey data from the 26 members of the Associated Colleges of the Midwest (ACM) and the Great Lakes Colleges Association (GLCA) and for the 24 St. Olaf "Peer Group" liberal arts colleges. The executive committee of the Board of Regents reviews this data and sets the salary for the President. The executive committee considers the recommendation the President makes regarding the other key officers and when the recommendations are approved, sets their salary. The Chair of the Board reviews the decision of the executive committee with the full Board of Regents during an executive session of the Board. The Chair of the Board sends a letter to the VP of Human Resources indicating the new salary for the President and documentation of the process followed to establish it. That letter is filed with Human Resources. The President reports the new salary for his direct reports, including all Vice Presidents, to Human Resources. Form 990, Part VI, Line 19: Other Organization Documents Publicly Available The College's governing documents and conflict of interest policy are available upon request of the CFO's Office. The annual form 990, 990T, and financial statements are available on the College's website as well as upon the request of the CFO's Office. Other Changes In Net Assets Or Fund Balances - Other Decreases Adj. to Actuarial Liab. for Annuities payable = -$1175761 Other Changes In Net Assets Or Fund Balances - Other Increases Adjustment to actuarial libility for annuities payable = $87671 Other Changes In Net Assets Or Fund Balances - Other Decreases Loss due to refinancing = -$1404070 Form 990 Part VI Line 7b-Governing Body The ByLaws, Article VII, section 7.04 states that "The Executive Committee of the Board of Regents shall be composed of those individuals designated by the Board of Regents from time to time. The Executive Committee shall act only during intervals between meetings of the Board of Regents and shall at all times be subject to the control and direction of the Board of Regents. During such intervals, and subject to such control and direction, the Executive Committee shall have and may exercise all of the authority and powers of the Board of Regents in the management and affairs of the Corporation, subject to such limitations as the Board of Regents may impose. The Executive Committee shall keep regular minutes of its proceedings and report the same to the Board of Regents." During tax year 2015, the committee's members were Lawrence Stranghoener, Kristine Johnson, Kevin Bethke, Philip Milne, Nancy Anderson, Glenn Taylor and David Anderson. Form 990, Part I, line 1 - Organization's Mission St. Olaf College challenges students to excel in the liberal arts, examine faith and values, and explore meaningful vocation in an inclusive, globally engaged community nourished by Lutheran tradition. Employer-Contribution VEBA Trust St Olaf 1520 St Olaf Avenue Northfield MN 55057 043838456 Employee Benefit Plan MN 501c9 N/A false Employee-Contribution VEBA Trust St Olaf 1520 St Olaf Avenue Northfield MN 55057 043838476 Employee Benefit Plan MN 501c9 N/A false MN Intercollegiate Nursing Consort 1520 St Olaf Avenue Northfield MN 55057 411717579 Nursing Program Closed 12/31/15 MN 501(C)(3) 11 - Type 2 NA false Chrtbl Rmndr Annuity 4 1520 St Olaf Avenue Northfield MN 55057 Investments MN N/A Trust false Chrtbl Rmndr Uni Trust 11 1520 St Olaf Avenue Northfield MN 55057 Investments MN N/A Trust false Pooled Income Fund 1 1520 St Olaf Avenue Northfield MN 55057 Investments MN N/A Trust false PRE-69 Life Income Trust 1 1520 St Olaf Avenue Northfield MN 55057 Investments MN N/A Trust false Makeup Income CRUT 2 1520 St Olaf Avenue Northfield MN 55057 Investments MN N/A Trust false false false false false false false false false false false false false false true true true false true false Employer-Contribution VEBA Trust St Olaf r 767295 MN Intercollegiate Nursing Consort n 30 MN Intercollegiate Nursing Consort o 2385 MN Intercollegiate Nursing Consort p 4