2015-04-15T13:17:16-05:00 2014-05-31 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 225 S 6TH ST 2300 MINNEAPOLIS MN 55402 990 2013-06-01 420680412 LORAS COLLEGE LORA 5635887100 1450 ALTA VISTA STREET DUBUQUE IA 52001 JAMES COLLINS PRESIDENT 5635884992 2015-04-13 1 LAWRENCE H MOHR CPA P00447603 6128764500 2015-04-10 2013 2016-02-25 16:41:14Z JAMES COLLINS 1450 ALTA VISTA STREET DUBUQUE IA 52001 78772663 0 X WWW.LORAS.EDU X 1839 IA EDUCATION 37 36 1385 522 112988 41236 6980682 12180866 50763727 53543636 391727 475424 444234 350564 58580370 66550490 21127224 22999629 0 0 22145516 21942645 72293 79614 1886881 17565018 18315083 60910051 63336971 -2329681 3213519 109777061 113109102 73235193 73360132 36541868 39748970 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 22894501 22894501 SCHOLARSHIPS AND GRANTS TO STUDENTS 14856264 43764753 INSTRUCTION AND ACADEMIC SUPPORT PROVIDED TO FULL AND PART TIME STUDENTS (1,547 FULL TIME EQUIVALENT STUDENTS). 8920179 3016830 STUDENT SERVICES, INCLUDING STUDENT DEVELOPMENT, INTERCOLLEGIATE ATHLETICS AND OTHER SERVICES. 12986412 105128 6762053 OTHER PROGRAM SERVICES INCLUDE AUXILIARY PROGRAMS SUCH AS HOUSING AND FOOD SERVICE, RESEARCH, PUBLIC SERVICE AND INSTITUTIONAL SUPPORT. 12986412 105128 6762053 59657356 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 1 0 1 1 1 1 0 0 0 0 0 0 1 0 1 1 1 1 0 0 0 1 0 0 0 1 145 4 1 1385 1 1 1 1 EI 0 0 0 1 1 0 0 0 0 X 37 36 1 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 MOST REV MICHAEL JACKALS REGENT 1.00 X X 0 0 0 REV MSGR JAMES BARTA REGENT 1.00 X 0 0 0 JAMES W BEAR REGENT 1.00 X 0 0 0 VINCE BERTA REGENT 1.00 X 0 0 0 PAUL BREITBACH REGENT 1.00 X 0 0 0 GREG BURBACH REGENT 1.00 X 0 0 0 JAMES F CONLAN REGENT 1.00 X 0 0 0 TROY L CICERO REGENT 1.00 X 0 0 0 RICH CLAYTON REGENT 1.00 X 0 0 0 JAMES M DAVIS REGENT 1.00 X 0 0 0 MSGR JOHN ENZLER REGENT 1.00 X 0 0 0 JEFFREY GARDNER REGENT 1.00 X 0 0 0 WILLIAM GLYNN REGENT 1.00 X 0 0 0 GREG GUMBEL REGENT 1.00 X 0 0 0 STEPHANIE HOLSCHER BEAR SECRETARY, REGENT 1.00 X X 0 0 0 THERESA HOFFMAN SECRETARY, REGENT 1.00 X X 0 0 0 DENNIS HOULIHAN VICE CO-CHAIR, REGENT 1.00 X X 0 0 0 RICHARD KENNEY REGENT 1.00 X 0 0 0 SHA-CHELLE MANNING REGENT 1.00 X 0 0 0 THOMAS E MCCARTY REGENT 1.00 X 0 0 0 DANIEL MCHUGH 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 GENE MURPHY REGENT 1.00 X 0 0 0 SIOBHAN O'CONNOR HARTSELL REGENT 1.00 X 0 0 0 JOHN OVEL REGENT 1.00 X 0 0 0 TONY REARDON VICE CO-CHAIR, REGENT 1.00 X X 0 0 0 MICHAEL RICE REGENT 1.00 X 0 0 0 JOHN K SCHMIDT CHAIR, REGENT 1.00 X X 0 0 0 THOMAS M SHEY REGENT 1.00 X 0 0 0 STEVE SLOAN REGENT 1.00 X 0 0 0 BRIAN SMITH REGENT 1.00 X 0 0 0 DAVID W SPAHN REGENT 1.00 X 0 0 0 TOM TAUKE REGENT 1.00 X 0 0 0 DON ULRICH REGENT 1.00 X 0 0 0 MIKE VALDER REGENT 1.00 X 0 0 0 SR MARGARET WICK OSF REGENT 1.00 X 0 0 0 DAVID WILSON REGENT 1.00 X 0 0 0 JAMES E COLLINS PRESIDENT 40.00 X X 306510 0 44824 CHERYL JACOBSEN VICE PRESIDENT 40.00 X 133117 0 17421 DAVID W EISINGER TREASURER, VICE PRESIDENT 40.00 X 138480 0 29783 MICHAEL DOYLE VP FOR INSTITUTIONAL ADV. 40.00 X 128006 0 27631 OMAR CORREA VICE PRESIDENT 40.00 X 146048 0 27657 ROBERT TUCKER ALL-SPORTS CAMP DIRECTOR 40.00 X 122730 0 15445 CRAIG SCHAEFER DIRECTOR OF TV STUDIO 40.00 X 166419 0 21266 1141310 0 184027 7 0 1 0 ARAMARK 1450 ALTA VISTA DUBUQUE IA 52004 FOOD SERVICE 3044831 HORSFIELD CONSTRUCTION INC 505 EAST MAIN EPWORTH IA 52045 CONSTRUCTION 206947 2 4657 667841 11508368 1244637 12180866 COLLEGE FEES & SERVICES 611600 42647627 42647627 SALES & SERVICES OF AUXILIARY ENT 611710 9315167 9315167 SALES & SERVICES OF EDUCATIONAL E 611710 731523 731523 FINE INCOME 611710 115134 115134 DELINQUENCY CHARGES 611710 92078 92078 642107 642107 53543636 483089 483089 12199061 12206726 -7665 -7665 -7665 237678 4657 4622 233056 233056 15345 10825 4520 4520 EXT. EVENTS & CATERING INCOME 722320 112020 112020 ADVERTISING 541800 968 968 112988 66550490 53543636 112988 713000 105128 105128 22894501 22894501 989840 150633 640464 198743 16601397 15362637 300418 938342 818918 756761 18777 43380 2365192 2176441 105823 82928 1167298 1054659 40275 72364 43173 43173 42706 42706 77490 77490 79614 79614 68631 68631 1145431 994246 69570 81615 302690 254357 48333 2728921 2560116 41857 126948 1549117 1476805 43057 29255 1324748 1324748 1108142 989264 35787 83091 26365 23159 1298 1908 2219734 2219734 2648388 2648388 322186 322186 FOOD SERVICE 2546275 2546275 REPAIRS AND MAINTENANCE 574268 573564 704 DUES AND SUBSCRIPTIONS 229573 74086 113941 41546 UBIT PAID 25479 25479 1331766 1106495 167161 58110 63336971 59657356 1792734 1886881 7122 7458 1473262 3218437 29696533 30096406 354592 440644 97004 88300 347982 364588 100061690 49495732 52572932 50565958 14008238 16501551 1741853 2085913 5303996 5431934 4173547 4307913 109777061 113109102 3110752 3013851 2316821 2256026 43760000 43510000 508894 576701 5571966 7388049 17966760 16615505 73235193 73360132 X -23144901 -26262460 38918140 44824847 20768629 21186583 36541868 39748970 109777061 113109102 X 3213519 1305763 -1312180 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 4050 450242 X X X X 0 0 1 X 23667758 3557328 1620849 315901 134460 28395574 20599843 1372483 2111827 282601 133794 23667758 21116207 347345 122971 190461 796219 20599843 19148993 388701 2048316 251136 218667 21116207 18602945 384208 315574 153734 19148993 0.00070 0.63130 0.36800 0 0 1246961 1246961 76385470 32923679 43461791 10896911 9134056 1762855 11532348 7437997 4094351 50565958 ANNUITIES AND UNITRUSTS PAYABLE 640083 ACCRUED LOSS ON INTEREST RATE SWAP 11390583 DUE TO US GOVERNMENT 3092847 FINANCING OBLIGATION 1491992 16615505 X 43781410 1305763 36000 -1200892 140871 43640539 15450 22894501 22909951 66550490 40574308 36000 111288 147288 40427020 15450 22894501 22909951 63336971 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, 2014 OR 2013. 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 2011 THROUGH 2013 ARE OPEN TO EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: DIRECT FUNDRAISING EXPENSES REPORTED AS CONTRA INCOME 4,622. UNREALIZED GAIN ON INTEREST RATE SWAP 1,133,752. WRITE-OFFS FROM UNCOLLECTIBLE PLEDGES -1,561,540. PRESENT VALUE ADJUSTMENT OF PLEDGES -777,726. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS REPORTED AS CONTRA INCOME 22,894,501. PART XII, LINE 2D - OTHER ADJUSTMENTS: DIRECT FUNDRAISING EXPENSE REPORTED AS CONTRA INCOME 4,622. CHANGE IN BENEFICIAL INTEREST IN TRUSTS 106,666. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS REPORTED AS CONTRA INCOME 22,894,501. 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 (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES STUDY ABROAD 292897 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES STUDY ABROAD 123045 SOUTH AMERICA 0 0 PROGRAM SERVICES STUDY ABROAD 43635 0 0 0 0 0 0 459577 0 459577 0 0 0 0 0 0 X X X X X X X 1 RUFFALO CODY & ASSOCIATES PO BOX 3018 CEDAR RAPIDS IA 52404 PHONATHON 0 324268 79614 244654 324268 79614 244654 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 17076 4657 12419 4622 ATHLETICS FUNDRAISER 80261 80261 7 144998 144998 242335 4657 237678 4622 4622 233056 15345 4691 6134 1 15345 4691 6134 10825 4520 IA 1 0 1 0 0.80000 0.20000 BROCK EVEN 1450 ALTA VISTA STREET DUBUQUE IA 52001 0 0 SCHEDULE G, PART III, LINE 6, VOLUNTEER LABOR THE COLLEGE UTILIZED THE AID OF VOLUNTEERS IN CONDUCTING ITS FUNDRAISING AND GAMING ACTIVITIES HOWEVER, THE EXACT PERCENTAGE OF VOLUNTEER LABOR USED IS UNKOWN. 1 STATE UNIVERSITY OF IOWA FOUNDATION ONE WEST PARK RD PO BOX 4550 IOWA CITY IA 52244 420796760 501(C)(3) 105128 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 1456 22894501 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 290911 0 0 0 15599 0 15050 0 29774 0 351334 0 0 0 CHERYL JACOBSEN VICE PRESIDENT 125268 0 0 0 7849 0 9240 0 8181 0 150538 0 0 0 DAVID W EISINGER TREASURER, VICE PRESIDENT 130478 0 0 0 8002 0 10150 0 19633 0 168263 0 0 0 MICHAEL DOYLE VP FOR INSTITUTIONAL ADV. 117778 0 0 0 10228 0 9100 0 18531 0 155637 0 0 0 OMAR CORREA VICE PRESIDENT 138428 0 0 0 7620 0 10500 0 17157 0 173705 0 0 0 CRAIG SCHAEFER DIRECTOR OF TV STUDIO 146596 0 0 0 19823 0 4708 0 16558 0 187685 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 3975000 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 5/31/2014, NO POLICY WAS PUT IN PLACE. AS OF THE DATE OF THE CURRENT FILING, A WRITTEN POLICY WAS ADOPTED BY MANAGEMENT BUT HAS NOT YET BEEN APPROVED BY THE BOARD OF REGENTS. 41428 GRANTS/SCHOLARSHIPS ASSISTANCE TO STUDENTS ATTENDING THE COLLEGE AMERICAN TRUST & SAVINGS BANK OFFICER OF BANK IS ON THE BOARD OF REGENTS OF THE COLLEGE 272622 BANKING TRANSACTIONS 0 MARCIA G ROSE SISTER OF AN OFFICER 32490 INTERESTED PERSON IS AN EMPLOYEE OF THE COLLEGE AND RECEIVES COMPENSATION FROM THE COLLEGE FOR SERVICES RENDERED. 0 X 2 4050 APPRAISAL X 200 DONOR VALUATION X 525 DONOR VALUATION X 67 1056962 AVG HIGH/LOW SHARE VALUE X 1 35000 APPRAISAL X LIFE INSURANC 4 80378 FMV X CONSTRUCTION 1 20000 DONOR VALUATION X EQUIPMENT 4 18417 DONOR VALUATION X PRIZES FOR AG 2 9293 DONOR VALUATION X MEETING EXPEN 3 6193 FMV X PRIZES FOR EV 2 4657 DONOR VALUATION X FOOD/BEVERAGE 6 4370 DONOR VALUATION X FURNITURE/ DE 2 2254 DONOR VALUATION X RELIGIOUS COL 1 1000 DONOR VALUATION X PRINT RIGHTS 1 851 DONOR VALUATION X OFFICE EQUIPM 7 487 DONOR VALUATION 1 0 1 1 PART I, COLUMN (B): NUMBER OF CONTRIBUTORS 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 A, LINE 2 BOARD MEMBERS - JAMES BEAR AND STEPHANIE BEAR HAS A FAMILY RELATIONSHIP 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 1,133,752. CHANGE IN BENEFICIAL INTEREST IN TRUSTS -106,666. PRESENT VALUE ADJUSTMENT OF PLEDGES -777,726. WRITE-OFFS FROM UNCOLLECTIBLE PLEDGES -1,561,540. 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