2015-10-20T08:23:26-05:00 2015-06-30 420794029 DENMAN & COMPANY LLP 1601 22ND STREET SUITE 400 WEST DES MOINES IA 502661453 990 2014-07-01 420680460 DRAKE UNIVERSITY DRAK 5152713112 2507 UNIVERSITY AVENUE DES MOINES IA 503114505 TERESA KREJCI CHIEF FINANCIAL OFFICER 5152713112 2015-10-07 1 BRUCE CAHILL P00546325 5152258400 2014 2016-02-25 16:41:14Z EARL F MARTIN 2507 UNIVERSITY AVENUE DES MOINES IA 503114505 284824633 0 X WWW.DRAKE.EDU X 1881 IA DRAKE'S MISSION IS TO PROVIDE AN EXCEPTIONAL LEARNING ENVIRONMENT THAT PREPARES STUDENTS FOR MEANINGFUL PERSONAL LIVES, PROFESSIONAL ACCOMPLISHMENTS, AND RESPONSIBLE GLOBAL CITIZENSHIP. THE DRAKE EXPERIENCE IS DISTINGUISHED BY COLLABORATIVE LEARNING AMONG STUDENTS, FACULTY, AND STAFF AND BY THE INTEGRATION OF THE LIBERAL ARTS AND SCIENCES WITH PROFESSIONAL PREPARATION. 36 35 3557 3724 279883 42245 29446312 40047707 160636699 164164160 3860082 18035970 2949279 2374791 196892372 224622628 51715003 53951603 0 0 85258215 85990424 23250 7991 3272041 51044838 53507855 188041306 193457873 8851066 31164755 424476139 439802631 99430737 96506502 325045402 343296129 X SEE SCHEDULE ODRAKE'S MISSION IS TO PROVIDE AN EXCEPTIONAL LEARNING ENVIRONMENT THAT PREPARES STUDENTS FOR MEANINGFUL PERSONAL LIVES, PROFESSIONAL ACCOMPLISHMENTS, AND RESPONSIBLE GLOBAL CITIZENSHIP. THE DRAKE EXPERIENCE IS DISTINGUISHED BY COLLABORATIVE LEARNING AMONG STUDENTS, FACULTY, AND STAFF AND BY THE INTEGRATION OF THE LIBERAL ARTS AND SCIENCES WITH PROFESSIONAL PREPARATION. 0 0 167270461 53951603 164194962 DRAKE UNIVERSITY IS A NATIONAL COEDUCATIONAL, INDEPENDENT AND PRIVATE UNIVERSITY WITH OVER 5,000 STUDENTS. DRAKE IS ACCREDITED BY THE HIGHER LEARNING COMMISSION OF THE NORTH CENTRAL ASSOCIATION OF SCHOOLS AND COLLEGES. 167270461 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 1 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 7757 0 3557 1 1 1 1 CA CJ GK 0 0 0 1 1 0 0 0 0 X 36 35 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X TERESA KREJCI 5152713112 2507 UNIVERSITY AVENUE DES MOINES IA 50311 JOE AIELLO TRUSTEE 1.00 X 0 0 0 GRETCHEN BATAILLE TRUSTEE 1.00 X 0 0 0 JAMES BRUNER TRUSTEE 1.00 X 0 0 0 JOHNNIE CARSON TRUSTEE 1.00 X 0 0 0 RICHARD S CUSAC TRUSTEE 1.00 X 0 0 0 DONALD LEE DECKER TRUSTEE 1.00 X 0 0 0 WILLIAM W DRURY JR TRUSTEE 1.00 X 0 0 0 MARK ERNST TRUSTEE 1.00 X 0 0 0 PEGGY FISHER TRUSTEE 1.00 X 0 0 0 DAVID GOLDER TRUSTEE 1.00 X 0 0 0 CAIN HAYES TRUSTEE 1.00 X 0 0 0 ANNE HILTON TRUSTEE 1.00 X 0 0 0 DANIEL E JACOBI TRUSTEE 1.00 X 0 0 0 WILLIAM CLARE KNAPP II TRUSTEE 1.00 X 0 0 0 CATHRYN LACY TRUSTEE 1.00 X 0 0 0 JUSTICE DOUGLAS S LANG TRUSTEE 1.00 X 0 0 0 PAUL W LEAVITT TRUSTEE 1.00 X 0 0 0 CYNTHIA LESHER TRUSTEE 1.00 X 0 0 0 DAVID MAXWELL PRESIDENT 40.00 X X 726839 0 41074 PATRICK MEYER TRUSTEE 1.00 X 0 0 0 DAVID MILES TRUSTEE 1.00 X 0 0 0 SUKU RADIA TRUSTEE 1.00 X 0 0 0 THOMAS J ROSSLEY TRUSTEE 1.00 X 0 0 0 DR JOHN JOSEPH SHUFELDT JR TRUSTEE 1.00 X 0 0 0 WILLIAM E SMITH TRUSTEE 1.00 X 0 0 0 RUDOLPH D TREBELS TRUSTEE 1.00 X 0 0 0 BENJAMIN B ULLEM TRUSTEE 1.00 X 0 0 0 LINDSEY WHORTON TRUSTEE 1.00 X 0 0 0 ANDREW WRIGHT TRUSTEE 1.00 X 0 0 0 LARRY D ZIMPLEMAN CHAIRMAN 1.00 X 0 0 0 PAUL DOUCETTE TRUSTEE 1.00 X 0 0 0 JIM WALLACE TRUSTEE 1.00 X 0 0 0 SUZIE BURT TRUSTEE 1.00 X 0 0 0 HEIDI CHICO TRUSTEE 1.00 X 0 0 0 GREG JOHANSON TRUSTEE 1.00 X 0 0 0 DON PEARSON TRUSTEE 1.00 X 0 0 0 LINDA RYAN SECRETARY 40.00 X 85381 0 14837 DEBORAH NEWSOM VP - BUSINESS & FINANCE 40.00 X 227356 0 37649 JOHN SMITH VP - INSTITUTIONAL ADVANCEMENT 40.00 X 181019 0 31615 THOMAS DELAHUNT III VP - ADMISSIONS & FINANCIAL AID 40.00 X 208160 0 37793 DENEESE JONES PROVOST 40.00 X 205767 0 26270 RAYMOND GIACOLETTI HEAD COACH - MEN'S BASKETBALL 40.00 X 381774 0 38613 ALLAN VESTAL DEAN - LAW SCHOOL 40.00 X 258912 0 38604 C KENNETH MEYER PROFESSOR OF PUBLIC ADMINISTRATION 40.00 X 214231 0 30365 WENDY DUNCAN DEAN - PHARMACY & HEALTH SCIENCES 40.00 X 202694 0 36688 SANDRA H CLUBB ATHLETIC DIRECTOR 40.00 X 200313 0 32427 2892446 0 365935 134 0 1 0 SODEXO INC & AFFILIATES 4880 PAYSPHERE CIRCLE CHICAGO IL 606740048 FOOD SERVICE 7725444 WEITZ COMPANY INC 5901 THORNTON AVENUE DES MOINES IA 503212403 CONSTRUCTION PROJECTS 7209430 DES MOINES INDEPENDENT SCHOOLS 901 WALNUT STREET DES MOINES IA 503093506 HEAD START PROGRAM 1588415 MUNRO CONSTRUCTION COMPANY 5530 NW BEAVER DR STE 100 JOHNSTON IA 501311388 CONSTRUCTION PROJECTS 1453059 BLACKBOARD INC 1899 L ST NW FL 5 WASHINGTON DC 200363804 DIGITAL LEARNING 869635 75 231643 9347797 30468267 5018609 40047707 STUDENT TUITION & FEES 611710 139207459 139207459 CONTRACT MEALS - FOOD 722100 8775096 8775096 CONTRACT INCOME - RES 721310 8271983 8271983 SPORTS INCOME 711210 6057912 6057912 PARKING FEES 812930 430328 430328 1421382 224400 1196982 164164160 2844000 2844000 18853 18853 985800 112139 496470 107012 489330 5127 494457 5127 489330 74605034 58958938 454126 15646096 -454126 15191970 15191970 121784 231643 185459 -63675 -63675 OTHER INCOME 611710 1894354 19554 1874800 PROGRAM SALES 511120 13055 13055 ALUMNI FEES 611710 11566 11566 6181 6181 1925156 224622628 145695699 279883 38599339 53951603 53951603 1482925 428430 869703 184792 63456955 55600796 6020678 1835481 4307383 3474793 695377 137213 12246779 5673479 6408162 165138 4496382 3609579 757106 129697 549377 75237 474140 208346 208346 3786 3786 7991 7991 197402 197402 7003799 5494046 1397438 112315 632030 283114 346149 2767 1022735 758111 104044 160580 3884926 3656019 79513 149394 1789658 1789658 8391333 8314879 76454 737892 12604 725288 UNRELATED BUS INC TAX 32841 32841 CONTRACTS & LEASES 11057348 9501330 1513382 42636 DUES & SUBSCRIPTIONS 3222684 2569348 627046 26290 ATHLETICS GAME EXPENSES 2801984 2801984 11971714 9271665 2382302 317747 193457873 167270461 22915371 3272041 27888012 31984502 10225577 7414121 16197065 17695323 3215684 2934346 12135841 13400367 119515 90233 1394145 1662954 297519983 120285625 176765170 177234358 89914276 118944688 85537677 67283260 1083177 1158479 424476139 439802631 23967238 24602974 12831381 12950058 5390698 5678586 47225000 43765000 10016420 9509884 99430737 96506502 X 165493762 171633015 45592364 48271786 113959276 123391328 325045402 343296129 424476139 439802631 X 31164755 -12790468 -123560 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 1 3786 0 0 0 3786 0 PART II-B, LINE 1: DRAKE UNIVERSITY PAYS DUES TO THE IOWA ASSOCIATION OF INDEPENDENT COLLEGES AND UNIVERSITIES. A PORTION OF THESE DUES ARE USED FOR LOBBYING. THIS PORTION IS TREATED AS A GRANT TO OTHER ORGANIZATIONS FOR LOBBYING EXPENSES. X X X EDUCATION 0 186283378 12618946 6283522 3416009 5109183 170360 196490294 169021448 2003514 23420674 3054300 4928308 179650 186283378 168619244 2441985 -2039781 169021448 149284407 5940392 20558219 2782068 4228720 152986 168619244 153404794 5749779 -3206609 2673298 3807232 183027 149284407 0.28390 0.61320 0.10290 1 0 8563714 24712868 33276582 199567967 83630919 115937048 62216421 36654706 25561715 2459013 2459013 177234358 CASH SURRENDER VALUE - LIFE INSURANCE 4320826 F FUNDS HELD IN TRUST BY OTHERS 10587111 F PRIVATE EQUITY FUNDS 39526829 F PRIVATE COMMINGLED BOND FUNDS 12848494 F 67283260 ANNUITIES PAYABLE 1362724 INTEREST RATE SWAP AGREEMENT LIABILITY 6348017 REAL ESTATE DEPOSITS 64203 AGENCY FUNDS 147158 FIN 47 LIABILITY 1587782 9509884 X 157942456 -12790468 -123560 -12914028 170856484 53766144 53766144 224622628 139691729 185459 185459 139506270 53951603 53951603 193457873 PART III, LINE 1A: WORKS OF ART - THE UNIVERSITY MAINTAINS SEVERAL COLLECTIONS, WHICH ARE NOT REPORTED FOR FINANCIAL STATEMENT PURPOSES. THESE COLLECTIONS INCLUDE WORKS OF ART, NATURAL HISTORY (ARTIFACTS) AND OTHER SIMILAR OBJECTS. COLLECTIONS ARE HELD FOR PUBLIC EXHIBITION, EDUCATION AND RESEARCH IN FURTHERANCE OF THE UNIVERSITY'S GOAL TO PROVIDE PUBLIC SERVICE. VARIOUS UNIVERSITY DEPARTMENTS HAVE THE RESPONSIBILITY TO CONTROL, PRESERVE AND PROTECT THESE COLLECTIONS. PART III, LINE 4: COLLECTIONS ARE HELD FOR PUBLIC EXHIBITION, EDUCATION AND RESEARCH IN FURTHERANCE OF THE UNIVERSITY'S GOAL TO PROVIDE PUBLIC SERVICE. PART V, LINE 4: THE UNIVERSITY'S ENDOWMENT CONSISTS OF DONOR GIFTS PLUS OTHER BOARD DESIGNATED FUNDS WHICH ARE DEEMED TO BE HELD AND INVESTED IN PERPETUITY. THE BOARD OF TRUSTEES APPROVES A SPENDING POLICY ANNUALLY FOR THE ENDOWMENT. ENDOWMENT EARNINGS ARE SPENT ON SCHOLARSHIPS AND AWARDS, GENERAL EDUCATION SUPPORT AND LIBRARIES, GENERAL UNIVERSITY OPERATIONS, AND FACULTY CHAIRS AND PROFESSORSHIPS IN ACCORDANCE WITH DONOR STIPULATIONS AND BOARD RESTRICTIONS. PART X, LINE 2: GAAP REQUIRES MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE UNIVERSITY AND RECOGNIZE A TAX LIABILITY (OR ASSET) IF THE UNIVERSITY HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE IRS. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE UNIVERSITY, AND HAS CONCLUDED THAT AS OF JUNE 30, 2015 AND 2014, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE UNIVERSITY IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 183,538. CHANGE IN VALUE OF INTEREST RATE SWAP AGREEMENTS 24,667. POSTRETIREMENT BENEFIT PLAN RELATED CHANGES -331,765. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 53,951,603. FUNDRAISING EVENT EXPENSES -185,459. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES 185,459. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 53,951,603. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 DRAKE UNIVERSITY DOES NOT UNLAWFULLY DISCRIMINATE ON THE BASIS OF SEX, COLOR, RELIGION, NATIONAL OR ETHNIC ORIGINS, AGE, SEXUAL ORIENTATION, DISABILITY OR VETERAN DISABILITY STATUS IN ADMINISTRATION OF ITS POLICIES ENCOMPASSING THE ENTIRE UNIVERSITY. DRAKE RESERVES THE RIGHT TO TAKE AFFIRMATIVE ACTION IN CONNECTION WITH THIS POLICY. SCHEDULE E, PART I, LINE 6 DRAKE RECEIVES TITLE IV FINANCIAL AID FOR STUDENTS FROM THE DEPARTMENT OF EDUCATION PELL GRANT PROGRAM, SEOG, WORK STUDY PROGRAM, AND PERKINS LOAN PROGRAM. EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 10 PROGRAM SERVICES LAW SCHOOL SUMMER PROGRAM FOR EDUCATIONAL CREDIT, SHORT-TERM INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT. 316440 SOUTH AMERICA - ARGENTINA, BOLIVIA, BRAZIL, CHILE, COLUMBIA, ECUADOR, 0 2 PROGRAM SERVICES SHORT-TERM INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT. 76563 CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 5 PROGRAM SERVICES SHORT-TERM INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT. 113487 SUB-SAHARAN AFRICA - ANGOLA, BENIN, BOTSWANA, BURKINA, FASO, 0 3 PROGRAM SERVICES SUSTAINABLE DEVELOPMENT SUMMER PROGRAM FOR EDUCATIONAL CREDIT. 57041 EAST ASIA AND THE PACIFIC 0 4 PROGRAM SERVICES MUSIC & DIVERSITY PROGRAM FOR EDUCATIONAL CREDIT, SHORT-TERM INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT. 70108 NORTH AMERICA - CANADA AND MEXICO, BUT BUT NOT THE UNITED STATES 0 8 PROGRAM SERVICES SHORT-TERM INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT. 141198 MIDDLE EAST AND NORTH AFRICA 0 2 PROGRAM SERVICES SHORT-TERM INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT. 61706 0 34 0 0 0 34 836543 0 836543 1 0 1 1 1 0 PART I, LINE 3: THE FOREIGN EXPENDITURES ARE ACCOUNTED FOR ON AN ACCRUAL METHOD, WHICH IS THE SAME METHOD THAT IS USED ON THE UNIVERSITY'S FINANCIAL STATEMENTS. RAY CENTER FUNDRAISING DINNER 278256 178143 100113 79413 29330 44913 TALONS GOLF OUTING 65936 52000 13936 8297 13092 9235 1500 7735 4180 3996 2238 353427 231643 121784 79413 4180 41623 60243 185459 -63675 1 DRAKE UNIVERSITY AWARDED STUDENT AID 3537 50945933 RESTRICTED/ENDOWED SCHOLARSHIPS 677 3005670 PART I, LINE 2: DRAKE UNIVERSITY HAS EMPLOYEES DEDICATED TO POST-AWARD REVIEW AND COMPLIANCE FOR ALL FEDERAL, STATE, AND PRIVATE GRANTS RECEIVED. IN ADDITION, DRAKE RECEIVES AN A-133 AUDIT ON AN ANNUAL BASIS FROM OUR EXTERNAL AUDIT FIRM. OUR FY13 A-133 AUDIT EXPRESSED AN UNQUALIFIED OPINION WITH NO FINDINGS, NO SIGNIFICANT DEFICIENCIES IN INTERNAL CONTROL, AND NO INSTANCES OF MATERIAL NONCOMPLIANCE. X X 1 1 X X X X 0 1 0 0 0 0 0 0 0 DAVID MAXWELL PRESIDENT 358638 0 10740 0 357461 0 20800 0 20274 0 767913 0 150000 0 DEBORAH NEWSOM VP - BUSINESS & FINANCE 219049 0 5000 0 3307 0 18131 0 19518 0 265005 0 0 0 JOHN SMITH VP - INSTITUTIONAL ADVANCEMENT 172141 0 3000 0 5878 0 14211 0 17404 0 212634 0 0 0 THOMAS DELAHUNT III VP - ADMISSIONS & FINANCIAL AID 199394 0 8000 0 766 0 16671 0 21122 0 245953 0 0 0 DENEESE JONES PROVOST 202785 0 0 0 2982 0 16483 0 9787 0 232037 0 0 0 RAYMOND GIACOLETTI HEAD COACH - MEN'S BASKETBALL 373108 0 0 0 8666 0 20800 0 17813 0 420387 0 0 0 ALLAN VESTAL DEAN - LAW SCHOOL 254936 0 0 0 3976 0 20800 0 17804 0 297516 0 0 0 C KENNETH MEYER PROFESSOR OF PUBLIC ADMINISTRATION 212089 0 0 0 2142 0 10907 0 19458 0 244596 0 0 0 WENDY DUNCAN DEAN - PHARMACY & HEALTH SCIENCES 200333 0 0 0 2361 0 16564 0 20124 0 239382 0 0 0 SANDRA H CLUBB ATHLETIC DIRECTOR 181705 0 10000 0 8608 0 14976 0 17451 0 232740 0 0 0 PART I, LINE 1A A UNIVERSITY-OWNED RESIDENCE IS PROVIDED TO THE PRESIDENT. THIS IS A CONDITION OF EMPLOYMENT AND IS FOR THE CONVENIENCE OF THE EMPLOYER. THE RESIDENCE IS USED FOR MANY UNIVERSITY FUNCTIONS, MEALS, AND RECEPTIONS INVOLVING FACULTY, STAFF, STUDENTS, DONORS, AND THE GENERAL PUBLIC THROUGHOUT THE YEAR. A SOCIAL CLUB MEMBERSHIP IS PROVIDED TO THE PRESIDENT, HEAD MEN'S BASKETBALL COACH AND ATHLETIC DIRECTOR FOR UNIVERSITY BUSINESS. ANY EXPENSES INCURRED THAT ARE NOT RELATED TO UNIVERSITY BUSINESS ARE PAID FOR PERSONALLY BY THE INDIVIDUALS. PART I, LINE 4B PRESIDENT MAXWELL (OFFICER & TRUSTEE) PARTICIPATED IN A SUPPLEMENTAL NONQUALIFIED DEFERRED COMPENSATION PLAN DURING CALENDAR YEAR 2014. PRESIDENT MAXWELL'S DEFERRED COMPENSATION AGREEMENT IS REFERENCED IN HIS EMPLOYMENT CONTRACT WITH A SEPARATE PLAN AGREEMENT. $150,000 WAS ACCRUED AND EXPENSED IN MAY 2013 AND AN ADDITIONAL $165,000 WAS ACCRUED AND EXPENSED IN JUNE 2014. THE CUMULATIVE ACCRUED AMOUNT OF $315,000 WAS PAID OUT IN JUNE 2014. A IOWA FINANCE AUTHORITY 521699886 46247NAQ8 2007-04-05 22598791 RENOVATION OF FACILITIES 0 0 0 B IOWA FINANCE AUTHORITY 521699886 46246ABB9 2008-04-30 42700000 REFUND PRIOR ISSUE (11/30/05) 0 0 0 A 9905000 23523792 267150 185429 23071213 2009 0 0 1 1 B 11050000 42700000 275000 42425000 2004 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 1 1 0 0 1 ROYAL BANK CANADA 1.500000000000 1 0 1 B 0 0 1 1 1 0 0 0 1 A 1 B 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: IOWA FINANCE AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 04/05/2009 ISSUER NAME: IOWA FINANCE AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 10/30/2008 SCHEDULE K, PART II, LINE 3, COLUMN A: THE TOTAL PROCEEDS DO NOT AGREE TO THE ISSUE PRICE IN PART I, LINE A, COLUMN (E) DUE TO INVESTMENT EARNINGS. X 72 4650644 TRADING PRICE -DON. DATE X 1 210000 APPRAISAL X 1 29330 ACTUAL COST X PROGRAM EQUIP & RESOURCES 208 94008 ITEMS < $5,000 EACH X PROGRAM EQUIP & RESOURCES 4 34627 ACTUAL COST 1 0 1 1 PART I, LINE 32B: DRAKE UNIVERSITY USES MERRILL LYNCH IN DES MOINES TO PROCESS AND SELL DONATED SECURITIES. DONORS TRANSFER SECURITIES INTO DRAKE'S ACCOUNT AT MERRILL LYNCH AND THE SECURITIES ARE IMMEDIATELY SOLD, PER BOARD DIRECTION. FORM 990, PART VI, SECTION B, LINE 11 THE BOARD AUDIT COMMITTEE IS CHARGED WITH REVIEW OF THE FORM 990 ON BEHALF OF THE ENTIRE BOARD OF TRUSTEES. A COPY OF THE COMPLETE FORM 990 IS MADE AVAILABLE TO EACH MEMBER OF THE BOARD OF TRUSTEES VIA THE BOARD PORTAL. IN OCTOBER 2015, UPON COMPLETION OF THE CURRENT YEAR'S RETURN, BUSINESS & FINANCE STAFF, ALONG WITH DRAKE'S EXTERNAL TAX FIRM REVIEWED THE COMPLETED FORM 990 WITH THE AUDIT COMMITTEE. FORM 990, PART VI, SECTION B, LINE 12C A CONFLICT OF INTEREST FORM IS ANNUALLY COMPLETED BY EACH DRAKE UNIVERSITY TRUSTEE, OFFICER, AND KEY ADMINISTRATOR. THE FORM IS COLLECTED BY THE PRESIDENT'S OFFICE WHICH ENSURES ALL REQUESTED FORMS ARE RECEIVED. THE RESULTS ARE SENT TO THE OFFICE OF THE CHIEF FINANCIAL OFFICER FOR FURTHER REVIEW AND MONITORING AS NEEDED. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION COMMITTEE OF THE DRAKE UNIVERSITY BOARD OF TRUSTEES, COMPRISED OF NON-EMPLOYEES OF THE UNIVERSITY, REVIEWS AND APPROVES THE COMPENSATION OF THE PRESIDENT AND OTHER KEY EMPLOYEES. THE COMMITTEE IS PROVIDED, BY DRAKE UNIVERSITY HUMAN RESOURCES, COMPARABILITY DATA FROM SEVERAL SOURCES, INCLUDING THE ANNUAL SURVEY CONDUCTED BY THE COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION FOR HUMAN RESOURCES (CUPA-HR). OVER 1,000 INSTITUTIONS PARTICIPATED IN THE SURVEY IN THE FALL OF 2014. RESULTS WERE PUBLISHED IN FEBRUARY OF 2015. THE CUPA-HR SALARY SURVEY TOOL ALLOWS DRAKE UNIVERSITY HUMAN RESOURCES TO CONDUCT A SURVEY OF SALARIES LIMITED TO DRAKE'S PEER GROUP. THIS EVALUATION IS PERFORMED ANNUALLY. THE COMMITTEE MAINTAINS MINUTES OF ITS MEETING PERTAINING TO SALARY DECISIONS AND COMPLETES CONTEMPORANEOUS SUBSTANTIATION OF ITS DELIBERATION AND DECISION. FORM 990, PART VI, SECTION C, LINE 18 THE ORGANIZATION'S FORM 1023, FORM 990 AND FORM 990-T ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S AUDIT REPORT IS AVAILABLE ON THE UNIVERSITY'S WEBSITE. THE BYLAWS OF THE ORGANIZATION ARE ALSO AVAILABLE ON THE UNIVERSITY'S WEBSITE. THE ORGANIZATION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 183,538. CHANGE IN VALUE OF INTEREST RATE SWAP AGREEMENTS 24,667. POSTRETIREMENT BENEFIT PLAN RELATED CHANGES -331,765. FORM 990, PART XII, LINE 2C, OVERSIGHT OF AUDIT: THE PROCESS FOR AUDIT OVERSIGHT AND SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM THE PRIOR YEAR. FORM 926 - TRANSFERS TO FOREIGN CORPORATIONS: DRAKE UNIVERSITY INDIRECTLY MADE TRANSFERS OF CASH TO MANY FOREIGN CORPORATIONS VIA PARTNERSHIP INVESTMENTS DURING THE YEAR. ONLY TWO OF THESE TRANSFERS EXCEEDED THE FORM 926 REPORTING THRESHOLD.