2016-04-14T11:29:46-05:00 2015-05-31 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 777 E WISCONSIN AVENUE FLOOR 32 MILWAUKEE WI 53202 990 2014-06-01 420680412 LORAS COLLEGE LORA 5635887100 1450 ALTA VISTA STREET DUBUQUE IA 52001 JAMES COLLINS PRESIDENT 5635884992 2016-04-08 1 TROY E MARINE CPA P00187863 4147775500 2016-04-08 2014 2016-08-17 19:52:53Z JAMES COLLINS 1450 ALTA VISTA STREET DUBUQUE IA 52001 81496983 0 X WWW.LORAS.EDU X 1839 IA EDUCATION 38 37 1372 524 79879 26584 12180866 8784103 53543636 53235469 475424 718184 350564 209433 66550490 62947189 22999629 23754370 0 0 21942645 22170720 79614 75994 1935421 18315083 18829298 63336971 64830382 3213519 -1883193 113109102 113593101 73360132 77305887 39748970 36287214 X LORAS, AS A CATHOLIC LIBERAL ARTS COLLEGE, CREATES A COMMUNITY OF ACTIVE LEARNERS, REFLECTIVE THINKERS, ETHICAL DECISION MAKERS AND RESPONSIBLE CONTRIBUTORS IN DIVERSE PROFESSIONAL, SOCIAL AND RELIGIOUS ROLES. 0 0 23617862 23617862 SCHOLARSHIPS AND GRANTS TO STUDENTS 14997451 43742497 INSTRUCTION AND ACADEMIC SUPPORT PROVIDED TO FULL AND PART TIME STUDENTS (1,535 FULL TIME EQUIVALENT STUDENTS). 9079367 2976112 STUDENT SERVICES, INCLUDING STUDENT DEVELOPMENT, INTERCOLLEGIATE ATHLETICS AND OTHER SERVICES. 13264872 136508 6516860 OTHER PROGRAM SERVICES INCLUDE AUXILIARY PROGRAMS SUCH AS HOUSING AND FOOD SERVICE, RESEARCH, PUBLIC SERVICE AND INSTITUTIONAL SUPPORT. 13264872 136508 6516860 60959552 1 1 0 0 0 0 0 1 1 1 1 0 0 0 1 1 1 0 1 0 1 0 0 1 1 0 0 1 1 1 1 0 0 0 0 0 0 1 0 1 1 1 1 0 0 0 1 0 0 0 1 135 2 1 1372 1 1 1 1 EI 0 0 0 1 1 0 0 0 0 X 38 37 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 IL CA X BROCK D EVEN 5635884992 1450 ALTA VISTA STREET DUBUQUE IA 52001 X WILLIAM GLYNN REGENT 1.00 X 0 0 0 VINCE BERTA REGENT 1.00 X 0 0 0 TROY L CICERO REGENT 1.00 X 0 0 0 TONY REARDON VICE CHAIR, REGENT 1.00 X X 0 0 0 TOM TAUKE REGENT 1.00 X 0 0 0 TIMOTHY SUTHER REGENT 1.00 X 0 0 0 THOMAS M SHEY REGENT 1.00 X 0 0 0 THOMAS E MCCARTY REGENT 1.00 X 0 0 0 THERESA HOFFMAN SECRETARY, REGENT 1.00 X X 0 0 0 STEVE SLOAN REGENT 1.00 X 0 0 0 SR MARGARET WICK OSF REGENT 1.00 X 0 0 0 SIOBHAN O'CONNOR HARTSELL REGENT 1.00 X 0 0 0 SHA-CHELLE MANNING REGENT 1.00 X 0 0 0 RICHARD KENNEY REGENT 1.00 X 0 0 0 RICH CLAYTON REGENT 1.00 X 0 0 0 REV MSGR JAMES BARTA REGENT 1.00 X 0 0 0 PAUL BREITBACH REGENT 1.00 X 0 0 0 MSGR JOHN ENZLER REGENT 1.00 X 0 0 0 MOST REV MICHAEL JACKALS REGENT 1.00 X X 0 0 0 MIKE VALDER REGENT 1.00 X 0 0 0 MICHAEL RICE REGENT 1.00 X 0 0 0 MARY MEEHAN REGENT 1.00 X 0 0 0 MARK MOLO REGENT 1.00 X 0 0 0 JOSEPH SCHIESL REGENT 1.00 X 0 0 0 JOHN OVEL REGENT 1.00 X 0 0 0 JOHN K SCHMIDT CHAIR, REGENT 1.00 X X 0 0 0 JEFFREY GARDNER REGENT 1.00 X 0 0 0 JAMES M DAVIS REGENT 1.00 X 0 0 0 JAMES F CONLAN REGENT 1.00 X 0 0 0 JAMES E COLLINS PRESIDENT 40.00 X X 329509 0 51141 GREG GUMBEL REGENT 1.00 X 0 0 0 GREG BURBACH REGENT 1.00 X 0 0 0 GENE MURPHY REGENT 1.00 X 0 0 0 DON ULRICH REGENT 1.00 X 0 0 0 DENNIS HOULIHAN VICE CHAIR, REGENT 1.00 X X 0 0 0 DAVID WILSON REGENT 1.00 X 0 0 0 DAVID W SPAHN REGENT 1.00 X 0 0 0 DANIEL MCHUGH REGENT 1.00 X 0 0 0 BRIAN SMITH REGENT 1.00 X 0 0 0 OMAR CORREA VICE PRESIDENT 40.00 X 143093 0 27830 MIKE DOYLE VP FOR INSTITUTIONAL ADV. 40.00 X 123976 0 28959 DAVID W EISINGER TREASURER, VICE PRESIDENT 40.00 X 135308 0 30819 CHERYL JACOBSEN VICE PRESIDENT 40.00 X 126638 0 17103 ROBERT TUCKER ALL-SPORTS CAMP DIRECTOR 40.00 X 127136 0 11106 CRAIG SCHAEFER DIRECTOR OF TV STUDIO 40.00 X 167575 0 22321 1153235 0 189279 7 0 1 0 ARAMARK 1450 ALTA VISTA DUBUQUE IA 52004 FOOD SERVICE 3408967 XEROX EDUCATION SERVICES INC PO BOX 7061 UTICA NY 135047061 STUDENT LOAN 185055 MCCULLOUGH CREATIVE INC 10446 IRONWOOD DR DUBUQUE IA 52003 MARKETING 137214 UNION HOERMANN PRESS 2175 KERPER BLVD DUBUQUE IA 52004 PRINTING 131133 4 8587 642271 8133245 1210882 8784103 COLLEGE FEES & SERVICES 611600 42667382 42667382 SALES & SERVICES OF AUXILIARY ENT 611710 9195569 9195569 SALES & SERVICES OF EDUCATIONAL E 611710 642703 642703 FINE INCOME 611710 99550 99550 DELINQUENCY CHARGES 611710 76195 76195 554070 554070 53235469 670116 670116 18583744 600 18536276 0 47468 600 48068 48068 131306 8587 5355 125951 125951 11766 8163 3603 3603 EXT. EVENTS & CATERING INCOME 722320 78719 78719 ADVERTISING 541800 1160 1160 79879 62947189 53235469 79879 847738 136508 136508 23617862 23617862 969067 141424 615699 211944 16814173 15492890 330123 991160 825945 759298 21183 45464 2391698 2203153 75013 113532 1169837 1039571 54821 75445 50604 50604 124946 124946 75927 75927 75994 75994 78077 78077 1436044 1326059 60735 49250 278401 241287 37114 2445152 2283274 38396 123482 1517992 1447349 39492 31151 1210366 1210366 1341607 1241163 24313 76131 39433 36517 1899 1017 2250983 2250983 2589510 2589510 359025 359025 UBIT PAID 6270 6270 FOOD SERVICE 2952451 2952451 ALL OTHER EXPENSES 1295323 886983 304968 103372 REPAIRS AND MAINTENANCE 523089 522480 244 365 254098 170795 83303 64830382 60959552 1935409 1935421 7458 206 3218437 2083134 30096406 30810638 440644 383327 88300 57189 364588 362638 100972614 51468831 50565958 49503783 16501551 17855417 2085913 2356170 5431934 5596520 4307913 4584079 113109102 113593101 3013851 3435258 2256026 3478366 43510000 43160000 576701 530613 7388049 8191464 16615505 18510186 73360132 77305887 X -26262460 -32028300 44824847 47140068 21186583 21175446 39748970 36287214 113109102 113593101 X -1883193 -135225 -1443338 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 38750 488992 X X X X 0 0 1 X 28395574 1484406 586116 417305 197778 29851013 23667758 3557328 1620849 315901 134460 28395574 20599843 1372483 2111827 282601 133794 23667758 21116207 347345 122971 190461 796219 20599843 19148993 388701 2048316 251136 218667 21116207 0.00070 0.59750 0.40180 0 0 1246961 1246961 76533699 34694787 41838912 10859243 9320057 1539186 12332711 7453987 4878724 49503783 ANNUITIES AND UNITRUSTS PAYABLE 676121 ACCRUED LOSS ON INTEREST RATE SWAP 13321532 DUE TO US GOVERNMENT 1376846 FINANCING OBLIGATION 3135687 18510186 X 37948934 -135225 36000 -1265301 -1364526 39313460 15267 23618462 23633729 62947189 41410689 36000 177436 213436 41197253 15267 23617862 23633129 64830382 PART III, LINE 4: THE COLLEGE MAINTAINS VARIOUS ARTWORKS, MANUSCRIPTS, STATUES, PAINTINGS, BOOKS AND FURNITURE THAT PRESERVES THE HERITAGE OF THE COLLEGE AND PROMOTES SCHOLARSHIP ENDEAVORS. PART IV, LINE 2B: THE FUNDS HELD FOR OTHERS ARE AGENCY ACCOUNTS HELD FOR VARIOUS STUDENT ORGANIZATIONS OF LORAS COLLEGE. PART V, LINE 4: THE ENDOWMENT HAS BEEN ESTABLISHED TO PROVIDE A SUFFICIENT TOTAL RETURN TO SUPPLEMENT THE COLLEGE'S VARIOUS SOURCES OF OPERATING INCOME AND TO SUPPORT IN PERPETUITY THE MISSION OF THE COLLEGE. PART X, LINE 2: 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, 2015 OR 2014. THE COLLEGE'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. THE TAX RETURNS FOR THE CURRENT YEAR AS WELL AS FISCAL YEARS 2012 THROUGH 2014 ARE OPEN TO EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: DIRECT FUNDRAISING EXPENSES REPORTED AS CONTRA INCOME 5,355. UNREALIZED GAIN ON INTEREST RATE SWAP -1,930,949. WRITE-OFFS FROM UNCOLLECTIBLE PLEDGES -997,260. PRESENT VALUE ADJUSTMENT OF PLEDGES 1,657,553. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS REPORTED AS CONTRA INCOME 23,617,862. GAIN FROM SALE OF ASSETS 600. PART XII, LINE 2D - OTHER ADJUSTMENTS: DIRECT FUNDRAISING EXPENSE REPORTED AS CONTRA INCOME 5,355. CHANGE IN BENEFICIAL INTEREST IN TRUSTS 172,681. GAIN FROM SALE OF ASSETS -600. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS REPORTED AS CONTRA INCOME 23,617,862. 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 COLLEGE'S NONDISCRIMINATORY POLICY IS PUBLISHED IN ITS UNDERGRADUATE BULLETIN AND STUDENT HANDBOOK AS WELL AS AVAILABLE VIA ITS WEBSITE. SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES FINANCIAL AID FROM FEDERAL AND STATE GOVERNMENTS. THE AID IS THEN AWARDED TO STUDENTS IN ACCORDANCE WITH THE GUIDELINES ESTABLISHED FOR EACH FORM OF FINANCIAL AID. EUROPE 0 0 PROGRAM SERVICES STUDY ABROAD 424692 CENTRAL AMERICA 0 0 PROGRAM SERVICES STUDY ABROAD 212781 EAST ASIA 0 0 PROGRAM SERVICES STUDY ABROAD 90568 SOUTH ASIA 0 0 PROGRAM SERVICES STUDY ABROAD 15100 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES STUDY ABROAD 2500 0 0 0 0 0 0 745641 0 745641 0 0 0 0 0 0 X X X X X X X 1 RUFFALO NOEL LEVITZ PO BOX 3018 CEDAR RAPIDS IA 52404 PHONATHON 0 343433 75994 267439 343433 75994 267439 AK AZ CO LA ME MD MA MI NH SC WA AL CA DE DC FL GA HI ID IL IN IA KS KY MT NE NV NJ NM NY ND OH OK OR PA RI SD TN TX VT WV WI WY AR CT MN MS MO NC VA UT AUCTION 17416 8587 8829 5355 ATHLETICS FUNDRAISER 117795 117795 4 4682 4682 139893 8587 131306 5355 5355 125951 1 STATE UNIVERSITY OF IOWA FOUNDATION ONE WEST PARK RD PO BOX 4550 IOWA CITY IA 52244 420796760 501(C)(3) 136508 RAISED FUNDS TO SUPPORT THE CHILDREN'S MIRACLE NETWORK HOSPITALS THROUGH THE STATE UNIVERSITY OF IOWA FOUNDATION. 1 SCHOLARSHIP AID FOR STUDENTS' COST OF ATTENDANCE 1483 23617862 PART I, LINE 2: THE COLLEGE'S OFFICE OF FINANCIAL PLANNING MONITORS ALL AWARDS TO ENSURE COMPLIANCE WITH FEDERAL AND STATE REGULATIONS. ADDITIONALLY, THE COLLEGE ENGAGES AN INDEPENDENT AUDIT IN ACCORDANCE WITH OMB A-133. X X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 JAMES E COLLINS PRESIDENT 312289 0 0 0 17220 0 16100 0 35041 0 380650 0 0 0 OMAR CORREA VICE PRESIDENT 136098 0 0 0 6995 0 9625 0 18205 0 170923 0 0 0 MIKE DOYLE VP FOR INSTITUTIONAL ADV. 114606 0 0 0 9370 0 9100 0 19859 0 152935 0 0 0 DAVID W EISINGER TREASURER, VICE PRESIDENT 127306 0 0 0 8002 0 10150 0 20669 0 166127 0 0 0 CRAIG SCHAEFER DIRECTOR OF TV STUDIO 150055 0 0 0 17520 0 4755 0 17566 0 189896 0 0 0 PART I, LINE 1A THE DISCRETIONARY SPENDING ACCOUNT FOR AN EMPLOYEE IS PART OF THE NORMAL TAXABLE WAGES PAID TO THE EMPLOYEE AND IS INCLUDED AS PART OF THE EMPLOYEE'S TAXABLE INCOME. COUNTRY CLUB DUES ARE PROVIDED TO CERTAIN EMPLOYEES AS A MEANS TO THE COLLEGE EXPANDING ITS CHARITABLE PURPOSE. ANY PORTION OF THE DUES ATTRIBUTABLE TO THE PERSONAL USE BY THE EMPLOYEE ARE ADDED TO THE EMPLOYEE'S W-2; ONLY THE PORTION ALLOCABLE TO THE BUSINESS PURPOSE OF THE COLLEGE ARE ALLOWED. A IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 462460ZC3 2006-10-01 22035000 REFINANCE 1996 ISSUE, CONSTRUCTION 0 0 0 B IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 NONEAVAIL 2011-11-01 2500000 REFINANCE PORTION OF 2002 ISSUE 0 0 0 A 4225000 22387491 640689 137760 751533 13853174 7004335 2007 1 0 1 1 B 2500000 2500000 2011 1 0 1 1 A 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 A 0 0 1 0 1 0 0 0 0 B 0 0 1 0 1 0 0 0 0 A 0 B 0 SCHEDULE K, PART II, COLUMN A: EXCESS PROCEEDS OF 352,491 ATTRIBUTED TO INVESTMENT EARNINGS. SCHEDULE K, PART III, LINE 9; PART IV, LINE 7; PART V FOR THE TAX PERIOD ENDED 5/31/15, NO POLICY WAS PUT IN PLACE AS OF THE DATE OF CURRENT FILING. A WRITTEN POLICY WAS ADOPTED BY MANAGEMENT BUT HAS NOT YET BEEN APPROVED BY THE BOARD OF REGENTS. SUBJECT TO FERPA LAWS 96525 GRANTS/SCHOLARSHIPS ASSISTANCE TO STUDENTS ATTENDING THE COLLEGE AMERICAN TRUST & SAVINGS BANK BOARD MEMBER OF BANK IS ON THE BOARD OF REGENTS OF THE COLLEGE 356358 BANKING TRANSACTIONS 0 X 2 38750 APPRAISAL X 24 377495 AVG HIGH/LOW SHARE VALUE X NOTES RECEIVABLE 1 400000 FMV X CHARITABLE LEAD 1 321345 FMV X CONSTRUCTION MATERIALS 3 22171 DONOR VALUATION X MEETING EXPENSES 7 13127 DONOR VALUATION X PRIZES FOR AUCTION 2 8587 DONOR VALUATION X FOOD/BEVERAGE 15 8483 DONOR VALUATION X PRIZES FOR EVENTS 1 7074 DONOR VALUATION X OFFICE EQUIPMENT 3 5421 DONOR VALUATION X CHARITABLE GIFT ANNUITY 1 4853 FMV X EQUIPMENT 2 3152 DONOR VALUATION 1 0 1 1 PART I, LINE 32B: LORAS COLLEGE'S FINANCIAL INSTITUTION SELLS ALL PUBLICLY TRADED SECURITIES AT THE TIME OF GIFT ON BEHALF OF LORAS COLLEGE THROUGH AN INDEPENDENT BROKER. FORM 990, PART VI, SECTION B, LINE 11 THE COLLEGE MAKES THE 990 AVAILABLE TO ALL BOARD MEMBERS VIA A SECURE PORTAL WEBSITE PRIOR TO FILING WITH THE IRS. THIS IS THE PROCESS BY WHICH THE BOARD MEMBERS REVIEW THE 990. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, EACH OFFICER, DIRECTOR AND KEY EMPLOYEE MUST FILE A STATEMENT VERIFYING HE/SHE HAS READ THE CONFLICT OF INTEREST POLICY AND IS DISCLOSING ANY CONFLICTS OF INTEREST. EACH STATEMENT IS SENT DIRECTLY TO THE AUDIT COMMITTEE CHAIRPERSON. THE CHAIR AND THE COLLEGE'S TREASURER REVIEW EACH STATEMENT. IN ADDITION, THE TREASURER AND CONTROLLER MONITOR ANY TRANSACTIONS THROUGHOUT THE YEAR BETWEEN SUCH PARTIES. EACH TRANSACTION IS LOGGED WITH THE COLLEGE'S GENERAL LEDGER SYSTEM. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS USED BY THE COLLEGE IN DETERMINING COMPENSATION OF KEY EMPLOYEES IS: - BOARD-APPOINTED COMPENSATION COMMITTEE REVIEWS ALL RECOMMENDED COMPENSATION LEVELS. - COMPARATIVE BENCHMARK DATA IS USED (IAICU, CUPA, AND OTHERS). - WRITTEN EMPLOYEMENT CONTRACTS ARE IN PLACE FOR THE PRESIDENT AND OTHER KEY EMPLOYEES IN ACCORDANCE WITH THE COLLEGE'S HANDBOOKS. - COMPENSATION IS FORMALLY APPROVED BY THE FULL BOARD OF REGENTS. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST STATEMENT AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC VIA ANOTHER'S WEBSITE SUCH AS GUIDESTAR.ORG, OR UPON REQUEST. THE COLLEGE'S AUDITED FINANCIAL STATEMENTS ARE ALSO AVAILABLE TO THE PUBLIC VIA THE MUNICIPAL SECURITIES RULE MAKING BOARD WEBSITE. FORM 990, PART VII, SECTION A, COLUMN E REASONABLE EFFORTS UNDERTAKEN IN REGARD TO REPORTABLE COMPENSATION FROM RELATED ORGANIZATIONS: - RECEIVED A COMPLETED CONFLICT OF INTEREST STATEMENT FROM ALL TRUSTEES, OFFICERS, AND BOARD MEMBERS. THIS STATEMENT IS COMPLETED ANNUALLY. - ALL RELATED PARTIES ARE DISCLOSED ON SCHEDULE R. FINANCIAL RECORDS ARE AVAILABLE TO THE COLLEGE. FORM 990, PART XI, LINE 9: UNREALIZED GAIN/LOSS ON INTEREST RATE SWAP -1,930,949. CHANGE IN BENEFICIAL INTEREST IN TRUSTS -172,681. PRESENT VALUE ADJUSTMENT OF PLEDGES 1,657,553. WRITE-OFFS FROM UNCOLLECTIBLE PLEDGES -997,260. ROUNDING -1. FORM 990, PART XII, LINE 2C THE OVERSIGHT PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. PERPETUAL TRUSTS (1) CHARITABLE TRUST IA T 0 CHARITABLE REMAINDER UNITRUST (4) CHARITABLE TRUST IA T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0