2015-01-09T09:19:46-07:00 2014-05-31 990 2013-06-01 420680400 MORNINGSIDE COLLEGE MORN 7122745000 1501 Morningside Avenue Sioux City IA 511061717 Ronald Jorgensen VP for Business & Finance 7122745000 2015-01-09 2013 2016-03-07 17:11:31Z John Reynders 4405 Old Lakeport Road Sioux City IA 51106 52716234 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...). 41 38 1289 280 14967 -147 6791855 7171229 39006329 42332607 2916534 2580387 465397 455345 49180115 52539568 13553406 14666783 0 0 17944176 18448682 0 0 1433376 11511176 14494734 43008758 47610199 6171357 4929369 98317517 122282010 31671260 46571060 66646257 75710950 THE MORNINGSIDE COLLEGE EXPERIENCE CULTIVATES A PASSION FOR LIFE-LONG LEARNING AND A DEDICATION TO ETHICAL LEADERSHIP AND CIVIC RESPONSIBILITY. 0 0 32963339 14666783 34295952 Provides Graduate and Under Graduate classes for students 2243034 0 3203815 Provides residence Hall (living quarters) for full time Under Graduate students. 1975817 0 3205519 Provide food service (cafeteria) for students. 566319 0 1630487 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 566319 0 1630487 37748509 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 1 161 0 1 1289 1 1 1 0 0 0 0 0 0 0 0 0 X 41 38 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 CRAIG BERENSTEIN 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 CYNTHIA MOSER 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 AMANDA MAYO DIRECTOR 0.5 0 X 0 0 0 TOM NARAK DIRECTOR 0.5 0 X 0 0 0 JOHN REYNDERS PRESIDENT 40 0 X 270347 0 37242 RONALD JORGENSEN VICE PRESIDENT - BUSINESS & FINANCE 40 0 X 144114 0 11784 TERRI CURRY VICE PRESIDENT - STUDENT LIFE 40 0 X 137005 0 13998 THOMAS RICE VICE PRESIDENT - INSTITUITIONAL ADVANCEMENT 40 0 X 133545 0 21082 WILLIAM DEEDS VICE PRESIDENT - ACADEMIC AFFAIRS 40 0 X 133872 0 22815 MICHAEL ABBOTT DIRECTOR 0.5 0 X 0 0 0 ARLENE CURRY DIRECTOR 0.5 0 X 0 0 0 JOHN GLEESON 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 BRENDAN PINTO DIRECTOR 0.5 0 X 5397 0 0 SAMUEL CLOVIS PROFESSOR 40 0 X 109570 0 14231 933850 0 121152 6 0 1 0 Royall & Company 1920 E Parham Rd Richmond VA 23228 Admissions consulting 476201 Cannon Moss Brygger & Associates 302 Jones St Suite 200 Sioux City IA 51101 Architect services 716448 W A Klinger LLC P O Box 8800 Sioux City IA 51102 Contractor 3435656 American Seating Company 401 American Seating Center Grand Rapids MI 49504 Contractor 206017 Novum Structures W126 N8585 Westbrook Crossing Menomonee Falls WI 53051 Contractor 186300 8 0 0 0 0 318399 6852830 798068 7171229 Tuition and Fees 611310 34295952 34295952 0 0 Residence Halls 611710 3203815 3203815 0 0 Food Service 722210 3205519 3205519 0 0 Bookstore Sales 451211 919908 919908 0 0 Athletic Functions 900099 152903 152903 0 0 554510 539543 14967 0 42332607 2580387 0 0 2580387 0 0 0 0 0 0 0 0 613878 0 176666 0 437212 0 437212 0 0 437212 0 0 0 0 0 0 0 0 0 0 0 Present Value Adjustment 900099 18133 18133 0 0 0 0 0 0 18133 52539568 42335773 14967 3017599 0 0 14666783 14666783 0 0 0 0 395388 0 395388 0 0 0 0 0 14027066 10189942 2960226 876898 831884 590638 187971 53275 2188060 1553523 532015 102522 1006284 704462 256571 45251 461086 461086 0 0 24771 17587 6193 991 45976 0 45976 0 165880 117775 41470 6635 519560 519560 212993 140477 53248 19268 404492 287189 101123 16180 1562772 1109568 390693 62511 596612 413595 129153 53864 134127 95230 33532 5365 1345882 950576 336471 58835 1794576 1274149 448644 71783 404716 282348 101179 21189 Auxillary 5657377 3491467 2165910 0 Other 480410 480410 0 0 Fair Value Hedge Interest Expense -286707 -286707 0 0 970211 688851 242551 38809 47610199 37748509 8428314 1433376 4145759 4312790 0 5708098 7093686 9707368 550627 745146 3332639 3418928 190521 199823 192047 205675 73687222 29792516 35727239 43894706 38235910 46611804 8733643 7310421 115446 167251 98317517 122282010 1947795 3200567 1387 0 22000000 35665000 376734 417729 2317829 2332883 5027515 4954881 31671260 46571060 X 22053755 25953700 12316993 16820894 32275509 32936356 66646257 75710950 98317517 122282010 4929369 4135324 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 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 25730894 355091 3299294 1039827 736836 96667 27511949 0 0.83 0.17 1 0 1137750 7923301 9061051 1004079 50261492 21404444 29861127 0 0 0 0 0 10067915 8124632 1943283 0 3292685 263440 3029245 43894706 SHORT TERM INVESTMENTS 1027193 F OTHER 1055 F PINEHURST INSTITUITIONAL LTD 4140344 F REAL ESTATE 2141829 C 7310421 262658 State Income Taxes 44398 Acturial Liability for Annuities 448032 Interest Rate Swap Agreement 1692366 Unearned Revenue 800000 Other Current Liabilities 1707427 4954881 X 42008109 4135324 0 0 0 4135324 37872785 0 14666783 14666783 52539568 32943416 0 0 0 -14666783 -14666783 47610199 0 0 0 47610199 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 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 to eligible students. 1 Activity Grants 717 2601023 Academic Scholarships & non need based grants 1269 10025322 Department Grants 417 1183778 Endowed Scholarships 271 856660 Schedule I, Part I, Line 2 Grant funds are monitored through an electronic packaging program for all students. The 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 0 1 X X X X X 0 0 0 0 0 0 0 1 0 JOHN REYNDERS PRESIDENT 217349 0 7500 0 45498 0 28833 0 8359 0 307539 0 0 0 RONALD JORGENSEN VICE PRESIDENT - BUSINESS & FINANCE 130933 0 5000 0 8180 0 11784 0 0 0 155897 0 0 0 TERRI CURRY VICE PRESIDENT - STUDENT LIFE 124665 0 5000 0 7340 0 13948 0 0 0 150953 0 0 0 WILLIAM DEEDS VICE PRESIDENT - ACADEMIC AFFAIRS 126179 0 5000 0 2693 0 14406 0 8349 0 156627 0 0 THOMAS RICE VICE PRESIDENT - INSTITUITIONAL ADVANCEMENT 122666 0 5000 0 5879 0 12672 0 8359 0 154576 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. Dues to a Country Club membership for the president are paid by the college, 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. The explanation is explained 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's bonus amounts are determined by the college President and approved by the Compensation Committee. A Iowa Finance Authority 521699886 46246AAZ7 2006-12-13 8000000 Construction and Equipment 0 0 0 B Iowa Finance Authority 521699886 46246ABA1 2007-07-18 3905000 Construction and Equipment 0 0 0 C Iowa Higher Education Loan Authority 421235696 462460Y59 2013-05-16 5300000 Working Capital 0 0 1 D Iowa Higher Education Loan Authority 421235696 2013-07-16 19250000 Construction and equipment 0 0 0 A 5100000 0 8000000 0 0 0 200289 0 0 7799711 0 0 2007 0 0 1 1 B 1420000 0 3905000 0 0 0 100885 0 0 3036986 0 0 2007 0 0 1 1 C 0 0 5300000 0 0 0 69283 0 5230717 0 0 0 2013 0 0 1 1 D 0 0 19250000 0 0 0 104466 0 0 13440118 0 5705415 0 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 D 0 0 0 0 0 0 0 1 0 1 A 0 0 0 0 1 0 0 0 1 B 0 0 0 0 1 0 0 0 1 C 0 0 0 0 0 0 0 0 1 D 0 0 0 0 0 0 0 0 1 A 1 B 1 C 1 D 1 W A Klinger LLC John Gleeson is President of Klinger Companies Inc. 3435656 Construction work on two new buildings and renovation work on two others. 0 X 12 798068 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 filling 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 college's 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 addresses 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, VP for Academic Affairs, VP for Institutional Advancement, VP for Student Life/Enrollment, VP for Communications & Marketing) 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 meet on August 22, 2013 and the audit committee met on October 11, 2013. 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.