2016-01-06T09:58:40-07:00 2015-05-31 990 2014-06-01 420680400 MORNINGSIDE COLLEGE MORN 7122745000 1501 Morningside Avenue Sioux City IA 511061717 Ronald Jorgensen VP for Business & Finance 7122745000 2016-01-06 2014 2016-04-25 22:37:26Z John Reynders 4405 Old Lakeport Road Sioux City IA 51106 53597836 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 1317 211 0 -401 7171229 4181588 42332607 44333013 2580387 4508157 455345 387061 52539568 53409819 14666783 15376317 0 0 18448682 20420317 0 0 1557396 14494734 14868787 47610199 50665421 4929369 2744398 122282010 137925315 46571060 61086347 75710950 76838968 THE MORNINGSIDE COLLEGE EXPERIENCE CULTIVATES A PASSION FOR LIFE-LONG LEARNING AND A DEDICATION TO ETHICAL LEADERSHIP AND CIVIC RESPONSIBILITY. 0 0 36401035 15376317 35977198 Provides Graduate and Under Graduate classes for students 2177042 0 3281223 Provides residence Hall (living quarters) for full time Under Graduate students. 2017036 0 3350215 Provide food service (cafeteria) for students. 129429 0 1742587 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 129429 0 1742587 40724542 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 1 1 0 0 0 0 0 0 0 0 1 180 0 1 1317 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 LARRY ARNOLD DIRECTOR 0.5 0 X 0 0 0 SANDRA BAINBRIDGE DIRECTOR 0.5 0 X 0 0 0 MICHAEL BENNETT 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 MARTY PALMER DIRECTOR 0.5 0 X 0 0 0 DAVE ROEDERER 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 LUCY Y BUHLER 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 JULIE EICKHOFF DIRECTOR 0.5 0 X 0 0 0 JACKSON O'BRIEN DIRECTOR 5 0 X 0 0 0 JOHN REYNDERS PRESIDENT 40 0 X 285836 0 37944 RONALD JORGENSEN VICE PRESIDENT - BUSINESS & FINANCE 40 0 X 157842 0 12405 TERRI CURRY VICE PRESIDENT - STUDENT LIFE 40 0 X 147930 0 15501 WILLIAM DEEDS PROVOST 40 0 X 143772 0 23534 RICK WOLLMAN VP FOR COMMUNICATIONS & MARKETING 40 0 X 104537 0 16216 LILLIAN LOPEZ VP FOR ADVISING 40 0 X 104408 0 20593 AHMAD BOURA FORMER VP FOR INSTITUITIONAL ADVANCEMENT 40 0 X 150471 0 15719 1094796 0 141912 8 1 1 0 Royall & Company 1920 E Parham Rd Richmond VA 23228 Admissions consulting 540608 Cannon Moss Brygger & Associates 302 Jones St Suite 200 Sioux City IA 51101 Architect services 227689 W A Klinger LLC P O Box 8800 Sioux City IA 51102 Contractor 7623159 Credo design Architects LLC 940 Golf House Road W 200 Whitsett NC 27377 Architects 394591 Plains Boiler Service 2300 Hawkeye Drive Sioux City IA 51105 Boiler installation and repairs 123099 7 0 0 0 0 0 4181588 1191875 4181588 Tuition and Fees 611310 35977198 35977198 0 0 Residence Halls 611710 3281223 3281223 0 0 Food Service 722210 3350215 3350215 0 0 Bookstore Sales 451211 852620 852620 0 0 Athletic Functions 900099 140010 140010 0 0 731747 731747 0 0 44333013 4506821 0 0 4506821 1336 0 0 1336 0 0 0 0 556868 0 188017 0 368851 0 368851 0 0 368851 0 0 0 Present Value Adjustment 900099 18210 18210 0 0 0 0 0 0 18210 53409819 44351223 0 4877008 0 0 15376317 15376317 0 0 0 0 412921 0 412921 0 0 0 0 0 15616779 11541384 3161207 914188 863338 621603 194201 47534 2424876 1734507 581970 108399 1102403 793730 260577 48096 545497 545497 0 0 36787 26487 8829 1471 47072 0 47072 0 0 0 0 0 0 0 178343 128407 42802 7134 0 0 0 0 243711 243711 0 0 194845 140288 36763 17794 404575 291294 97098 16183 0 0 0 0 1485237 1069371 356457 59409 776488 559071 161517 55900 0 0 0 0 124105 89356 29785 4964 1625133 1170096 370032 85005 0 0 0 0 2075247 1494178 498059 83010 386692 278418 84806 23468 Auxiliary 5738866 3730263 2008603 0 Other 591599 591599 0 0 Fair Value Hedge Interest Expense 1645 1645 0 0 412945 297320 30784 84841 50665421 40724542 8383483 1557396 4312790 4634377 5708098 11160633 9707368 7567978 745146 563952 3418928 3329779 199823 213598 205675 198318 84283829 31839923 43894706 52443906 46611804 47907901 7310421 9761740 167251 143133 122282010 137925315 3200567 5908746 0 0 35665000 47860000 417729 494728 2332883 2206496 4954881 4616377 46571060 61086347 X 25953700 28306113 16820894 14830885 32936356 33701970 75710950 76838968 122282010 137925315 2744398 -1616380 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 36449762 813424 2004050 1941205 257899 100000 36968132 33311193 554004 4544942 1546532 313845 100000 36449762 29993371 273698 5251800 1819064 288612 100000 33311193 31573452 298777 -1226519 304099 248240 100000 29993371 27511949 309603 5558785 757803 949082 100000 31573452 0 0.84 0.16 1 0 1137750 7941339 9079089 1004079 59212830 22898990 37317919 0 0 0 0 0 11695146 8332807 3362339 0 3292685 608126 2684559 52443906 Pinehurts Instituitional LTD 6129693 F Real Estate 2141829 C Short term investments 1489163 F Other 1055 F 9761740 287362 State Income taxes 48619 Actuarial Liability for Annuities 429822 Interest Rate Exchange Agreement 1694011 Unearned Revenue 700000 Other Current Liabilities 1456563 4616377 X 36417122 -1616380 0 0 0 -1616380 38033502 0 15376317 15376317 53409819 35289104 0 0 0 -15376317 -15376317 50665421 0 0 0 50665421 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 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. Tax returns of the entity are generally open to examination by the relevant taxing authorities for a period of three years from the date the returns are filed. 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 713 2604571 Academic Scholarships & non-need based grants 1271 11057014 Department Grants 335 913833 Endowed Scholarships 231 800899 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 228809 0 11000 0 46027 0 29408 0 8535 0 323779 0 0 0 RONALD JORGENSEN VICE PRESIDENT - BUSINESS & FINANCE 137833 0 10000 0 10008 0 12405 0 0 0 170246 0 0 0 TERRI CURRY VICE PRESIDENT - STUDENT LIFE 130839 0 10000 0 7091 0 14538 0 963 0 163431 0 0 0 WILLIAM DEEDS PROVOST 132709 0 8000 0 3063 0 14998 0 8535 0 167305 0 0 0 AHMAD BOURA FORMER VP FOR INSTITUITIONAL ADVANCEMENT 140008 0 9000 0 1462 0 7183 0 8535 0 166188 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 462460z33 2014-05-16 4800000 Working Capital 0 0 1 B Iowa Higher Education Loan Authority 421235696 2013-07-16 19250000 Construction and equipment 0 0 0 C Iowa Higher Education Loan Authority 421235696 2014-12-23 24010000 Construction & Refinance 0 0 0 A 0 0 4800000 0 0 0 67347 0 4732653 0 0 0 2015 0 0 1 1 B 0 0 19253348 0 0 0 104466 0 0 19148882 0 0 2014 0 0 1 1 C 0 0 24010905 0 0 0 190517 0 0 1649755 11010000 11160633 1 0 0 1 A 0 0 0 0 0 0 0 1 0 1 B 0 0 0 0 0 0 0 1 0 1 C 0 0 0 0 0 0 0 1 0 1 A 0 0 0 0 0 0 0 0 1 B 0 0 0 0 0 0 0 0 1 C 0 0 0 0 0 0 0 0 1 A 1 B 1 C 1 Schedule K, Part I, Column b-07/16/2013 19,250,000 Iowa Higher Education Loan Authority The total proceeds do not agree to the issue price in part 1 column e due to investment earnings. Schedule K, Part I, Column c-12/23/2014 24,010,000 Iowa Higher Education Loan Authority The total proceeds do not agree to the issue price in part 1, column e due to investment earnings W A Kilinger LLc John Gleeson is President of Klinger Companies 7623159 Construction work on two new buildings. 0 X 12 1191875 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 than 10 days after the report was made available to them. The Chair of the Audit Committee shall review these comments with the VP for Business & Finance to determine if changes are necessary prior to filing 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) 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 and the audit committee meets annually in October. For this tax year, the compensation committee met on August 29, 2014 and the audit committee met on October 3, 2014. 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. The 90 day automatic extension was granted.