2015-04-07T16:40:43-07:00 2014-05-31 990 2013-06-01 410695524 GUSTAVUS ADOLPHUS COLLEGE GUST 5079338000 800 West College Avenue Saint Peter MN 56082 Kenneth C Westphal VP for Finance and Treasurer 5079337500 2015-04-07 2013 2016-02-25 16:41:14Z Kenneth C Westphal 800 West College Avenue Saint Peter MN 56082 163912414 0 X www.gustavus.edu X 1862 MN Gustavus Adolphus College prepares its students for fulfilling lives of leadership and service and is committed to the core values of excellence, community, justice, service and faith. It is especially known for strong science, writing, music, athletics, and study abroad programs. The College hosts a chapter of Phi Beta Kappa and is internationally recognized for its annual Nobel Conference sanctioned by The Nobel Foundation in Stockholm, Sweden. The students, faculty, administration, staff and Board of Directors believe in a strong, open community where all citizens play a vital role. Gustavus has consistently produced graduates who lead lives of uncommon purpose and passion, and demonstrate that they make their lives count. 33 31 3284 965 1168836 -107493 12026431 8406939 117873626 120911096 5106887 3980119 -6404 -5021 135000540 133293133 46704535 48520018 0 0 48849886 50285090 197573 51809 2978362 32363523 33247754 128115517 132104671 6885023 1188462 323253723 335043609 89235670 88017676 234018053 247025933 X Gustavus Adolphus College is a church-related, residential liberal arts college firmly rooted in its Swedish and Lutheran heritage. The College offers students of high aspiration and promise a liberal arts education of recognized excellence provided by faculty who embody the highest standards of teaching and scholarship. The College aspires to be a community of persons from diverse backgrounds who respect and affirm the dignity of all people. It is a community where a mature understanding of the Christian faith and lives of service are nurtured and students are encouraged to work toward a just and peaceful world. The purpose of a Gustavus education is to help students attain their full potential as persons, to develop in them a capacity and passion for lifelong learning, and to prepare them for fulfilling lives of leadership and service in society. 0 0 90282061 48520018 98851542 Instruction and Academic Support: Gustavus offers 72 majors in 24 academic departments and 10 interdisciplinary programs, with a student-faculty ratio of 11:1. Total FTE enrollment for academic year 2013-2014 was 2,441, with 553 students graduating in June 2014. 14720799 0 0 Student Services: Gustavus sponsors 25 varsity athletics teams and more than 39 intramural activities and club sports, along with more than 100 student organizations. Approximately 99% of students are involved in at least one extracurricular activity. Other student services include admission, Center for Servant Leadership, Office of the Chaplains, diversity center, financial aid assistance, health services, registrar, campus activities and residential life programs. 15257620 0 22059554 Auxiliary Services: As a residential college, Gustavus is committed to residence hall living as a vital complement to its academic program. Approximately 85% of students live in College-owned residences and eat in the College's Dining Service. During Fall 2013, 2,057 students lived in College-owned residences. The College bookstore provides textbooks and other educational supplies for students. Other items for sale include: clothing embossed with the College's insignia, books and miscellaneous novelty items. 4132792 0 0 4d: Gustavus offers a number of activities that enhance the curricular program, including various public service events and miscellaneous services provided to students. 4132792 0 0 124393272 1 1 0 1 0 0 0 1 1 1 1 1 0 0 1 1 1 0 1 0 1 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 1 0 1 1 1 0 0 0 1 1 0 0 0 1 3973 0 1 3284 1 1 1 0 0 0 0 1 1 0 0 0 0 X 33 31 0 0 0 0 0 1 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MN X X Kenneth C Westphal 5079338000 800 West College Avenue Saint Peter MN 56082 Jon V Anderson Director 2 X 0 0 0 Scott P Anderson Director 2 X 0 0 0 Thomas M Annesley Director/Past Vice Chair 2 X 0 0 0 Albert T Annexstad Director 2 X 0 0 0 Tracy L Bahl Director/Vice Chair 2 X 0 0 0 Warren L Beck Director 2 X 0 0 0 Rebecca M Bergman Director/Vice Chair 2 X 0 0 0 Mark E Bernhardson Director/Past Chair 2 X 0 0 0 Ake Bonnier Director 2 X 0 0 0 Gordon A Braatz Director 2 X 0 0 0 Daniel G Currell Director 2 X 0 0 0 Ardena L Flippin Director 2 X 0 0 0 Brian D Fragodt Director 2 X 0 0 0 James H Gale Director 2 X 0 0 0 Marcus M Gustafson Director 2 X 0 0 0 John O Hallberg Director 2 X 0 0 0 Jeffrey D Heggedahl Director 2 X 0 0 0 Susanne B Heim Director 2 X 0 0 0 Alfred A Henderson Director 2 X 0 0 0 George G Hicks Director/Past Vice Chair/Chair 2 X 0 0 0 John D Hogenson Director 2 X 0 0 0 Linda B Keefe Director/Past Vice Chair 2 X 0 0 0 Talmadge E King Jr Director 2 X 0 0 0 Paul R Koch Director 2 X 0 0 0 Daniel A Kolander Director 2 X 0 0 0 Jan M Michaletz Director 2 X 0 0 0 Wayne B Peterson Director 2 X 0 0 0 Dan S Poffenberger Director/Vice Chair 2 X 0 0 0 Beth S Schnell Director 2 X 0 0 0 Lori E Swenson Director 2 X 0 0 0 Ronald C White Director 2 X 0 0 0 Heather T Wigdahl Director 2 X 0 0 0 John R Ohle President 50 X X 348932 0 152588 Mark J Braun Provost and Dean of the College 50 X 182551 0 58370 Kenneth C Westphal Vice President for Finance and Treasurer 50 X 173958 0 19788 Marcia J Bunge Faculty 50 X 109682 0 18359 Thomas M Crady Vice President for Enrollment Management 50 X 147243 0 73312 Diane K Lund Dean Faculty 50 X 117903 0 32422 JoNes R VanHecke Vice President for Student Life & Dean of Students 50 X 132423 0 18130 Thomas W Young Vice President for Institutional Advancement 50 X 152123 0 35654 1364815 0 408623 12 0 1 0 Hastings and Chivetta Architects 622 Emerson Road Creve Coeur MO 63141 Architectural Services 2219855 Gosewisch Construction Inc 901 Summit Avenue Mankato MN 56001 Contractor 741289 Royall and Company 1920 East Parham Road Richmond VA 23228 Direct Marketing 336525 Barton Denmarsh Esteban Inc 681 Andersen Drive Pittsburgh PA 15220 Marketing Consultant 330366 S and S Thermal Dynamics Inc 1820 Willow Street Mankato MN 56001 Contractor 163472 7 0 0 191980 0 1394926 6820033 975277 8406939 Tuition and Fees 611310 95643875 95643875 0 0 Residence Halls 721000 12535875 12374355 161520 0 Dining Service 722210 7388227 6487413 900814 0 Book Mark 451211 2135452 2135452 0 0 Athletic Facilities 713940 610174 570170 40004 0 2597493 2447875 149618 0 120911096 1463351 0 -83120 1546471 73172 0 0 73172 30376 0 0 30376 0 0 32873673 0 30430077 0 2443596 0 2443596 0 0 2443596 153807 191980 189204 -35397 0 -35397 0 133293133 119659140 1168836 4058218 48520018 48520018 868719 223400 645319 206096 77499 27000 101597 36663260 33862052 1252508 1548700 2273225 2044007 123867 105351 7752559 6990718 388004 373837 2521231 2309854 88694 122683 120206 117682 2524 62026 62026 98100 98100 51809 51809 123530 123530 1176615 1085541 57720 33354 494325 494325 912940 343620 341369 227951 597849 580499 16220 1130 5111031 4900477 175462 35092 1393717 1198302 85382 110033 153769 135129 13871 4769 2213744 2190114 23630 7024237 6734867 241142 48228 668275 640745 22942 4588 Dining Service Expenses 3219706 3219706 0 0 Study Away Expenses 3005806 3005806 0 0 Book Mark Expenses 1491503 1491503 0 0 Academic Expenses 1329990 1324336 5654 0 4050385 3020754 822915 206716 132104671 124393272 4733037 2978362 136816 74549 29393408 30226232 13387266 10287549 546237 710506 114202 32613 505544 445683 1479188 1702438 218697248 98091566 124210864 120605682 95924628 105102142 52088235 58040659 2858449 2802933 0 2608886 5012623 323253723 335043609 16438093 15748447 2433352 2520916 54753299 53891423 2752385 2850516 12858541 13006374 89235670 88017676 X 59023949 62993015 79429862 84449598 95564242 99583320 234018053 247025933 323253723 335043609 X 1188462 10816647 0 0 0 1002771 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 1 98100 0 0 0 98100 0 Schedule C, Part II-B, Line 1 Gustavus Adolphus College is a member of Minnesota Private College Council (MPCC), an organization described in section 501(c)(4) of the Internal Revenue Code. MPCC is an association of private nonprofit institutions of higher education that serves a variety of its members' shared needs, including, but not only, nonpartisan and non-electoral advocacy for public policy that meets students' needs and advances the interests of private higher education. Gustavus Adolphus College paid membership dues to MPCC in the amount of $137,107 during the taxable year. MPCC has divided its expenses for its taxable year ending June 30, 2014, into two groups. Group 1 consists of those expenses that did not in any way support attempts to influence legislation within the meaning of section 501(c)(3) of the Internal Revenue Code ("lobbying"), and Group 2 consists of all other expenses. Group 2 includes many expenses, such as personnel costs, that supported both lobbying and nonlobbying activities. MPCC did not attempt to allocate the Group 2 expenses between lobbying and nonlobbying activities. MPCC has determined that the amount of the Group 2 expenses represents 71.55% of the amount of the dues that MPCC collected in the same taxable year. Assuming that all Group 2 expenses were paid from member dues, and allocating those expenses pro rata based on the dues paid by each member, $98,100 of Gustavus Adolphus College's dues were used to pay Group 2 expenses. The amount of lobbying expenses paid from Gustavus Adolphus College's dues was significantly less than that amount. 0 865338 0 0 X X 0 0 1 X 125373292 3582564 14594320 1947069 3003600 123530 138475977 109604043 4138652 16464394 1910366 2819514 103917 125373292 109649425 4413945 469833 1914714 2913910 100536 109604043 92233153 4196629 17609096 1842877 2441461 105115 109649425 83621310 2809062 10199427 1773129 2531728 91789 92233153 0.15 0.85 0 1 0 1683340 955993 2639333 990158 167226864 67698971 100518051 0 0 0 0 0 27542865 17966004 9576861 0 20298028 12426591 7871437 120605682 Commodity Funds 1393261 F Fund of Funds 46105060 F Funds Held by Others 5375030 F Real Estate 5137380 F Other 29928 F 58040659 0 Annuities Payable 9582417 U.S. Government Grants Refundable 2802750 Future Interest Discount on Pooled Life Income 621207 13006374 X 97275714 10816647 0 0 -46834066 -36017419 133293133 0 0 0 133293133 84267834 0 0 0 683181 683181 83584653 0 48520018 48520018 132104671 Schedule D, Part III, Line 4 The Hillstrom Museum of Art exists as an integral part of the education of Gustavus Adolphus College students. As an important educational and cultural component of the College, the Museum supplements the education of students through its exhibitions and programs, encourages the interdisciplinary study of the arts, and provides a context for understanding the arts in a liberal arts program. Schedule D, Part IV, Line 2b This includes the actuarial liability of deferred gift funds held for third parties and funds held for various student organizations. Schedule D, Part V, Line 4 Endowment funds are used for designated and undesignated scholarships, endowed chairs, library acquisitions, faculty development, student research, Nobel Conference and other endowed programs. Schedule D, Part X, Line 2 The Internal Revenue Service has determined that the College is exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code. The College is also exempt from state income tax. However, any unrelated business income may be subject to taxation. 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. The most significant areas that potentially subject the College to unrelated business income tax include conferences and events, athletic space and various services provided by the dining service, post office and central duplicating services to the public. At May 31, 2014 and 2013, the College has no current obligation for unrelated business income tax. Schedule D, Part XI, Line 2d Adjustment of Actuarial Liability, Scholarships and Grants to Students, Miscellaneous Interdepartmental Adjustments and Fundraising Reclassifications Schedule D, Part XII, Line 2d Miscellaneous Interdepartmental Adjustments and Fundraising Reclassifications Schedule D, Part XII, Line 4b Scholarships and Grants to Students 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 following nondiscrimination policy appears in the all-college policy manual: Within the limits of its facilities, the College shall be open to all applicants who are qualified according to its admission requirements. The College shall make clear to all applicants the characteristics and expectations of students that it considers relevant to its program. Under no circumstances may an applicant be denied admission or financial aid because of race, color, creed, religion, age, sex, sexual orientation, national origin, marital status, disability, veteran status, status with regard to public assistance or other categories protected by federal, state or local anti-discrimination laws. Financial aid administered by the College shall be disbursed on the basis of financial need and academic promise and/or academic ability. Schedule E, Part I, Line 6 Gustavus received student financial aid assistance from the State of Minnesota and U.S. Department of Education. The College also received other grants from the U.S. Government through programs from the U.S. Department of Agriculture, National Institute of Standards and Technology, National Science Foundation and U.S. Department of Education. 1 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Community Service-18 students 24466 Central America and the Caribbean 0 0 Program Services January Term-15 Students 76020 Europe (including Iceland and Greenland) 0 0 Program Services January Term, 165 Students 837630 South Asia 0 0 Program Services January Term, 23 Students 132186 South America 0 0 Program Services January Term, 22 Students 76657 Europe (including Iceland and Greenland) 0 0 Program Services Student Teaching-6 Students 29723 Central America and the Caribbean 0 0 Program Services Study Abroad-2 Students 36350 East Asia and the Pacific 0 0 Program Services Study Abroad-25 Students 397076 Europe (including Iceland and Greenland) 0 0 Program Services Study Abroad-48 Students 844483 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Study Abroad-1 Student 12850 South America 0 0 Program Services Study Abroad-7 Students 101923 South Asia 0 0 Program Services Study Abroad-12 Students 203066 Sub-Saharan Africa 0 0 Program Services Study Abroad-7 Students 104635 Central America and the Caribbean 0 0 Investments 1502752 0 0 4379817 0 0 0 0 1 0 Schedule F, Part I, Line 1 Part I, Line 1 has been checked "yes" and a narrative for Part I, Line 2 provided (below) even though Core Form Part IV, Line 16 is checked "no". Those disclosures reflect that the College's students who study outside of the U.S. continue to receive financial aid that they are eligible for were they on-campus students. When a student takes a J-Term or one or more semesters abroad, financial aid funds are typically disbursed when the student is still in the U.S. and thus such funds technically are not the subject of Part I, Lines 1 and 2 (and, accordingly, are not reportable on Schedule F, Part III). The disclosures at Lines 1 and 2 are made in favor of transparency and reflect that the College employs a different monitoring mechanism in such instances than that reported on Schedule I. Schedule F, Part I, Line 2 The College offers grants in the form of need or merit based scholarships to students who are studying outside of the United States. Before the grant or award is available and disbursed, the Center for International and Cultural Education must approve any program that a student is participating in. Once the grant has been disbursed to the student's account for the study away program, the Center for International and Cultural Education maintains contact with the host institution to monitor the student's attendance and notifies the Financial Aid office and Student Accounts office if a student withdraws from the study away program. X X X X X X X 1 Bentz Whaley Flessner 7251 Ohms Lane Minneapolis MN 55439 Advancement Consultant 0 0 30521 -30521 RuffaloCODY PO Box 718 Des Moines IA 503030718 Software Calling System 0 0 12549 -12549 Community Phonecast 800 Fourth Ave Suite 4 Grinnell IA 50112 Community Conference Call 0 0 8739 -8739 0 51809 -51809 AK AL AR AZ CT DC FL HI IL KY LA MA MD ME MI MN MO MS NC NH NY OH OK OR SC UT VA WA WI WV Royal Affair 257114 124014 133100 0 78564 13407 31445 3000 26346 Basketball Golf 15409 10394 5015 0 654 2499 982 0 150 7 73264 57572 15692 0 3076 13279 8032 0 7770 345787 191980 153807 0 82294 29185 40459 3000 34266 189204 -35397 1 Merit-Based Student Financial Assistance 869 8923064 Need-Based Student Financial Assistance 1583 37969354 International Student Financial Assistance 65 1627600 Tuition Benefit Student Financial Assistance 78 2909112 Schedule I, Part I, Line 2 Gustavus offers both merit-based and need-based scholarship assistance. Merit-based scholarships do not require a student to demonstrate financial eligibility and must be awarded during the Admission process. They also may be awarded as part of a need-based financial aid package. To be renewed, the student needs to maintain the established minimum standards. Need-based scholarships are offered to students who demonstrate financial eligibility by filing the FAFSA. The offered amounts can vary from year to year as determined by the family's Estimated Family Contribution (EFC) on the FAFSA and availability of funds. The Registrar's office monitors any changes to a student's enrollment status. Any changes are communicated to the Student Accounts office and the Financial Aid office to ensure funds are being properly disbursed. Also see Schedule F, Part V with respect to monitoring of students taking J-Term or semester studies outside of the United States. X X X 1 1 X X X X X 0 1 0 0 0 0 0 0 0 Mark J Braun Provost and Dean of the College 181369 0 0 0 1182 0 13199 0 45171 0 240921 0 0 Thomas M Crady Vice President for Enrollment Management 146330 0 0 0 913 0 10942 0 62370 0 220555 0 0 0 Diane K Lund Dean Faculty 116655 0 0 0 1248 0 8816 0 23606 0 150325 0 0 0 John R Ohle President 329548 0 0 0 19384 0 106765 0 45823 0 501520 0 0 0 JoNes R VanHecke Vice President for Student Life & Dean of Students 132162 0 0 0 261 0 9403 0 8727 0 150553 0 0 0 Kenneth C Westphal Vice President for Finance and Treasurer 172358 0 0 0 1600 0 12132 0 7656 0 193746 0 0 0 Thomas W Young Vice President for Institutional Advancement 150079 0 0 0 2044 0 11204 0 24450 0 187777 0 0 0 Schedule J, Part I, Line 1a The President's wife accompanies him on College-related business as part of her employment contract with the College. As part of the President's contract, he is required to reside in the College-owned residence at the College's expense. The College pays for all maintenance and operating expenses of the house, including, but not limited to, housekeeping, grounds keeping, general maintenance and all utilities. The President's residence is available for College-related business and entertainment on a regular and continuing basis. The President's contract also provides him a club membership to be used exclusively for College business. Schedule J, Part I, Line 4 The President has a supplemental nonqualified retirement plan that has been approved by the Board of Directors. The terms of this plan are set forth in the written contract of the President that has been signed by the Chair of the Board of Directors. A Minnesota Higher Education Facilities Authority 410988525 60416HST2 2010-08-05 43943698 See Part VI 0 0 0 B Minnesota Higher Education Facilities Authority 410988525 60416HD27 2013-07-30 11610060 See Part VI 0 0 0 A 7402925 0 43943698 3397289 758979 0 384505 0 0 32000000 0 0 2011 1 0 1 1 B 0 0 11610060 0 0 0 160060 0 0 0 0 0 1 0 1 1 A 0 0 0 0 0 0 0 0 0 1 B 0 0 0 0 0 0 0 0 0 1 A 0 1 0 0 0 0 0 0 1 B 0 1 0 0 0 0 0 0 1 A 1 B 1 Schedule K, Part I, Column e-08/05/2010 43,943,698 Minnesota Higher Education Facilities Authority Finance refunding of 4-X bonds issued November 12, 1998 and to construct new academic building and development of a new west mall. Schedule K, Part I, Column e-07/30/2013 11,610,060 Minnesota Higher Education Facilities Authority Finance refunding of 5-X bonds issued October 7, 2004 for apartment complex, sprinkler systems and renovate Old Main. Michelle Braun Braun Dependent 23418 Tuition Exchange Tuition Benefit Kirsten R Ohle Ohle Spouse 27000 Employment (Compensation) 0 JackieLynn N Peterson Peterson Spouse 101597 Employment (Compensation) 0 Kristianne R Westphal Westphal Spouse 77499 Employment (Compensation) 0 MN Intercollegiate Nursing Consortium Board Overlap/35% Ownership 82317 Nursing Program St Olaf College 0 Varde Partners Hicks Owner 420000 See Schedule L, Part V 0 Schedule L, Part IV Line 4-Gustavus employees comprise 40% board membership in MINC. Line 5-Amount reflects capital contributions to private equity investments in which a member of the Investment Committee and Board of Directors has an affiliation. The individual fully disclosed their interest in these investments when they were discussed, did not receive a commission or referral fee and did not participate in the voting regarding these investments. Capital contributions as of May 31, 2014, total approximately $5,790,000 and $210,000 is outstanding on future commitments. Varde Partners comprises less than 5% of these private equity investments held by the College. X 37 790463 Average High/Low X 1 850 Recent Stock Trade X 1 106000 Qualified Independent Appraisal X Auction Items 392 77964 Donated Value 2 0 1 1 Schedule M, Part I, Line 1 It is the College's policy to aggregate multiple gifts occurring on the same day as one contribution. Schedule M, Part I, Line 32b The College uses several brokers to sell publically traded securities that are gifted to the College. Form 990, Part III, Line 4a With the exception of auxiliary services revenue reported on Line 4c, all grants expense and program revenue receipts have been included on 4a since students are billed a comprehensive fee and an allocation by program service achievement area is not practical. Form 990, Part VI, Section A, Line 1a The Executive Committee consists of the Chair; each Vice Chair; the President; the Secretary, if the Secretary is a director; the immediate past Chair for one year after leaving office, if the immediate past Chair continues to be a director; the President of the Gustavus Adolphus College Association of Congregations; and up to four and not fewer than two additional directors elected for one-year terms by the Board at its annual meeting. The Executive Committee undertakes any duties assigned to it by the Board; assists the Chair and the President with their shared responsibility for effective Board operations by, among other things, participating in the preparation of Board meeting agendas; and takes any action for the Board that the Executive Committee determines must be taken before the Board meets again, endeavoring always to preserve for the Board the fullest possible flexibility for addressing the matter at its next meeting. The Committee has the authority to act for the Board on all matters except for the following, which are reserved for the Board; presidential selection and termination; director and Board officer elections, changes in institutional mission and purpose and changes to the Articles of Incorporation or Bylaws. The Executive Committee provides to all directors prior to each Board meeting minutes of all Executive Committee meetings that have taken place since the previous Board meeting and such minutes disclose all actions taken by the Executive Committee. Form 990, Part VI, Section A, Line 1b Two directors have a spouse who is employed by the College. Therefore, they are not considered independent voting members. See Schedule L for disclosures. Form 990, Part VI, Section A, Line 7a The Board of Directors membership is established as follows: Board Composition - The Board of Directors shall consist of no fewer than twenty-eight and no more than thirty-four directors. All directors shall have equal voting rights. Ex Officio Directors - So long as they hold office, the President of the College, the Bishop of the Southwestern Minnesota Synod of the ELCA, and the President of the Gustavus Adolphus College Association of Congregations (the "Association") shall be directors. Alumni Association Directors - The Board of Directors of the Gustavus Adolphus College Alumni Association, acting in consultation with the Board, shall be entitled to appoint two Alumni Association directors, each of whom may serve as an Alumni Association director for up to four consecutive years. ELCA Director - The ELCA may designate as a director a member of the churchwide staff with responsibility for higher education. Elected Directors - Elected directors of the Board shall be elected by the Association at its annual meeting. The Board shall serve as the nominating committee to the Association for the selection of candidates to serve as elected directors of the Board. The composition of the elected directors of the Board shall be no fewer than twenty-four (24) and no more than twenty-eight (28) directors. At least twelve (12) elected directors, the exact number to be determined by the Board, shall be at-large directors nominated by the Board and elected by the Association without contest. At least twelve (12) but no fewer than half of the elected directors must be members of congregations that are members of the Association, and at least four of these must be rostered ELCA clergy. Term - Elected directors shall serve three-year terms, beginning with the call to order of the Board's annual meeting and ending with the call to order of the Board's annual meeting three years later. To the extent possible, the Board should stagger elections so that the terms of approximately one-third of elected directors expire each year. Nomination - Before the Association's annual meeting each year, the Board of Directors shall nominate a slate of candidates for election. Form 990, Part VI, Section B, Line 11b Federal Form 990 (the 990) was prepared by the Assistant Controller and reviewed by the Controller and Vice President for Finance and Treasurer. On February 12, 2015, a draft of the 990 was distributed to the Board of Directors. Inquiries from the Directors were communicated to the Audit Committee chair and discussed at the Audit Committee meeting. In addition, a summary of all disclosures from the annual representation letters (Directors) and the questionnaires (Directors, officers and highly compensated employees) was presented to the Audit Committee for their review. On February 18, 2015, the Audit Committee of the Board of Directors reviewed and accepted the draft 990 for filing with the IRS. Form 990, Part VI, Section B, Line 12c The College has a written conflict of interest policy that pertains to its employees. This policy is one of several "All College Policies" that are published on the College's website. The conflict of interest policy is designed to help officers and employees of the College identify situations that present potential conflicts of interest, along with following written procedures in the event that there is a conflict of interest. The policy is intended to comply with the procedure prescribed in Minnesota Statutes, Section 317A.255, and governing conflicts of interest to nonprofit corporations. The President and the Vice President for Finance and Treasurer monitor and enforce the College's conflict of interest policy relating to its employees. In addition, a questionnaire that was prepared by legal counsel is completed by all officers and key employees on an annual basis that documents any activity that could give rise to conflicts of interest. These questionnaires are reviewed by the President and the Vice President for Finance and Treasurer. The College has a separate written conflict of interest policy that pertains to all members of the Board of Directors. The policy discloses the importance of exercising integrity and objectivity in making decisions. It further provides disclosure requirements and procedures for abstaining and documentation of meeting minutes when there is a conflict of interest. At the beginning of May 2013, the Chair of the Board of Directors requested that the President's Office distribute this policy to all Directors, along with an annual representation letter, indicating that the director has read, understands and discloses whether or not there are any circumstances leading to a conflict of interest. At the June 21, 2013 Board of Directors meeting, the Chair of the Board of Directors requested that all Directors read the conflict of interest policy, determine if they had any questions, and complete the annual representation letter on a timely basis. From a governance perspective, the Directorship Committee of the Board of Directors is specifically charged with overseeing compliance with this policy (page two of the Directorship Committee Charter). Chairs of individual committees are charged with following the procedures for voting when there is a conflict of interest, along with documentation of those procedures in the meeting minutes. All Directors complete the questionnaire described above in the first paragraph and return them to the Vice President for Finance and Treasurer. Form 990, Part VI, Section B, Line 15 The President's compensation is annually reviewed by the Executive Committee of the Board of Directors and was last reviewed in April 2014. The Executive Committee reviews compensation survey information of other college and university presidents. The Executive Committee notes in its minutes when the review process has taken place and makes details of the process available to all directors. The President reviews compensation surveys and the compensation of all vice presidents and other administrative employees on an annual basis. The compensation of all interested persons on Schedule L, Part IV is reviewed by independent persons. The President approves and signs all vice president and administrative contracts. Form 990, Part VI, Section C, Line 19 The audited financial statements of the College for the year ended May 31, 2014 are found on the College's website. The following documents are available for public inspection in the President's Office, located in the Carlson Administration Building on the campus in St. Peter, MN: Articles of Incorporation, Bylaws and Conflict of Interest Policy. Form 990, Part XI, Line 9 Adjustment of Actuarial Liability Tennis and Life Camps LLC 800 West College Avenue Saint Peter MN 56082 Summer Camp MN 819560 696375 N/A Greater Gustavus Fund 800 West College Avenue Saint Peter MN 56082 416038632 Fundraising MN 501(c)(3) 11, I N/A 1 Beneficial Interest in Funds Held in Trust (26) Names and EINs Withheld Saint Peter MN 56082 Investment MN N/A T 120593 4284180 1 0 Charitable Remainder Annuity Trusts (1) Name and EIN Withheld Saint Peter MN 56082 Investment MN N/A T 0 40085 1 0 Charitable Remainder Unitrust (1) Name and EIN Withheld Saint Peter MN 56082 Investment MN N/A T 0 87961 0.51 0 Charitable Remainder Unitrust (1) Name and EIN Withheld Saint Peter MN 56082 Investment MN N/A T 0 63310 0.71 0 Charitable Remainder Unitrusts (4) Names and EINs Withheld Saint Peter MN 56082 Investment MN N/A T 0 957330 0.55 0 Charitable Remainder Unitrusts (3) Names and EINs Withheld Saint Peter MN 56082 Investment MN N/A T 0 306948 0.9 0 Charitable Remainder Unitrusts (26) Names and EINs Withheld Saint Peter MN 56082 Investment MN N/A T 0 6780519 1 0 Gustavus Adolphus College Pooled Life Income Fund 526180875 800 West College Avenue Saint Peter MN 56082 Investment MN N/A T 0 2314449 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 Gustavus Adolphus College Pooled Life Income Fund 526180875 j 8257 Cash paid Gustavus Adolphus College Pooled Life Income Fund 526180875 k 430400 Cash paid