2014-04-10T10:46:20-07:00 2013-05-31 990 2012-06-01 410695524 GUSTAVUS ADOLPHUS COLLEGE GUST 5079338000 800 West College Avenue Saint Peter MN 56082 Kenneth C Westphal 5079337500 2014-04-11 2012 2015-11-30 17:44:51Z Kenneth C Westphal 800 West College Avenue Saint Peter MN 56082 198593550 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. 32 26 3342 930 1268161 -7263 18406955 12026431 112583382 117873626 3291307 5106887 -9816 -6404 134271828 135000540 42240318 46704535 0 0 49853864 48849886 144952 197573 3150804 33001916 32363523 125241050 128115517 9030778 6885023 302411106 323253723 89654768 89235670 212756338 234018053 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 86856041 46704535 95769659 Instruction and Academic Support: Gustavus offers 72 majors in 24 academic departments and 3 interdisciplinary programs, with a student-faculty ratio of 11:1. Total FTE enrollment for academic year 2012-2013 was 2,503, with 545 students graduating in May 2013. 14893460 0 0 Student Services: Gustavus sponsors 25 varsity athletics teams and more than 39 intramural 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, student activities and residential life programs. 14772053 0 22103967 Auxiliary Services: As a residential college, Gustavus is committed to residence hall living as a vital complement to its academic program. Approximately 82% of students live in College-owned residences and eat in the College's Dining Service. During Fall 2012, 2030 students lived in College-owned residences. The College bookstore provides textbooks and other educational supplies for students. Other items for sale include: clothing, books and miscellaneous novelty items. 3888410 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. 3888410 0 0 120409964 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 1 0 0 1 1 0 0 0 1 3994 0 1 3342 1 1 1 0 0 0 0 1 1 0 0 0 0 X 32 26 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 2 X 0 0 0 Scott P Anderson 2 X 0 0 0 Thomas M Annesley 2 X 0 0 0 Albert T Annexstad 2 X 0 0 0 Tracy L Bahl 2 X 0 0 0 Warren L Beck 2 X 0 0 0 Rebecca M Bergman 2 X 0 0 0 Mark E Bernhardson 2 X 0 0 0 Ake Bonnier 2 X 0 0 0 Gordon A Braatz 2 X 0 0 0 Daniel G Currell 2 X 0 0 0 Ardena L Flippin 2 X 0 0 0 Brian D Fragodt 2 X 0 0 0 James H Gale 2 X 0 0 0 Marcus M Gustafson 2 X 0 0 0 John O Hallberg 2 X 0 0 0 Jeffrey D Heggedahl 2 X 0 0 0 Susanne B Heim 2 X 0 0 0 Alfred A Henderson 2 X 0 0 0 George G Hicks 2 X 0 0 0 John D Hogenson 2 X 0 0 0 Linda B Keefe 2 X 0 0 0 Talmadge E King Jr 2 X 0 0 0 Paul R Koch 2 X 0 0 0 Daniel A Kolander 2 X 0 0 0 Jan M Michaletz 2 X 0 0 0 Wayne B Peterson 2 X 0 0 0 Dan S Poffenberger 2 X 0 0 0 Beth S Schnell 2 X 0 0 0 Lori E Swenson 2 X 0 0 0 Ronald C White 2 X 0 0 0 John R Ohle 50 X X 332908 0 183168 Mark J Braun 50 X 177576 0 65502 Kenneth C Westphal 50 X 168282 0 21940 Bruce N Aarsvold 50 X 108322 0 45552 Elizabeth R Baer 50 X 105201 0 29841 Thomas M Crady 50 X 140761 0 73727 JoNes R VanHecke 50 X 128851 0 18955 Thomas W Young 50 X 143459 0 39728 1305360 0 478413 10 0 1 0 Hastings and Chivetta Architects 622 Emerson Rd Creve Coeur MO 63141 Architectural Services 849933 Royall and Company 1920 East Parham Road Richmond VA 23228 Direct Marketing 546291 Barton Denmarsh Esteban Inc 100 1st Avenue Pittsburgh PA 15222 Marketing Consultant 398342 Kraus-Anderson Companies 525 South 8th Street Minneapolis MN 55404 General Contractor 279474 KUE Contractors Inc 130 Central Avenue South Watkins MN 55389 Contractor 239616 9 0 0 88725 0 1448925 10488781 1016746 12026431 Tuition and Fees 611310 93387914 93387914 0 0 Residence Halls 721000 12094941 11935942 158999 0 Dining Service 722210 7167633 6227109 940524 0 Book Mark 451211 2142601 2142601 0 0 Athletic Facilities 713940 474308 432343 41965 0 2606229 2479556 126673 0 117873626 1787665 0 0 1787665 77390 0 0 77390 0 0 0 0 0 0 0 0 0 0 0 0 0 0 66774650 0 63532818 0 3241832 0 3241832 0 0 3241832 53788 88725 60192 -6404 0 -6404 0 135000540 116605465 1268161 5100483 46704535 46704535 1479252 658728 637499 183025 195061 75100 24000 95961 35581655 33005510 1237135 1339010 2253033 2029390 134336 89307 6950128 6317254 307410 325464 2390757 2198266 86345 106146 93352 83969 9383 63638 63638 86098 86098 197573 197573 110562 110562 1061121 947145 52047 61929 548727 548727 854816 263501 305606 285709 653328 650971 1159 1198 4763510 4553342 175140 35028 1464284 1208563 107478 148243 162415 150579 4603 7233 1868755 1843998 24757 6851005 6548736 251891 50378 684577 654373 25170 5034 Dining Service Expenses 3223859 3223859 0 0 Study Away Expenses 2514459 2514459 0 0 Book Mark Expenses 1482133 1482133 0 0 Academic Expenses 1423885 1423885 0 0 4452999 3406910 835906 210183 128115517 120409964 4554749 3150804 78402 136816 22484745 29393408 10610100 13387266 413821 546237 0 0 116022 114202 423000 505544 1372064 1479188 217287688 93076824 126604383 124210864 91449194 95924628 44449917 52088235 3054274 2858449 0 0 1355184 2608886 302411106 323253723 15939976 16438093 0 2341911 2433352 55791969 54753299 2162890 2752385 0 0 0 13418022 12858541 89654768 89235670 X 52250518 59023949 70140343 79429862 90365477 95564242 212756338 234018053 302411106 323253723 X 6885023 11607149 0 0 0 2769543 X 0 1 X 1 1 1 X Part III: The College also qualifies as a public charity under 509(a)(1)/170(b)(1)(A)(vi) (Box 7 of Part I), meeting the public support test thereunder (as Part II completion would demonstrate) with a percentage of 33.33% or greater each year. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 1 86098 0 0 0 86098 0 SchC_P2B_S00_L01 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 $163,467 during the taxable year. MPCC has divided its expenses for its taxable year ending June 30, 2013, 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 52.67% 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, $86,098 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. 590675 923443 0 0 X X 0 0 1 X 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 114196048 2140920 -28238573 1776971 2545322 154792 83621310 0.15 0.85 0 1 0 1821340 955993 2777333 1124263 165721261 63513337 103332187 0 0 0 0 0 27939131 17858386 10080745 0 19725700 11705101 8020599 124210864 Commodity Funds 1356078 F Fund of Funds 40055499 F Funds Held by Others 5100983 F Real Estate 5546686 F Other 28989 F 52088235 0 Annuities Payable 9280528 U.S. Government Grants Refundable 2871824 Future Interest Discount on Pooled Life Income Funds 706189 12858541 X 103450626 11607149 0 0 -43157063 -31549914 135000540 0 0 0 135000540 82188911 0 0 0 777929 777929 81410982 0 46704535 46704535 128115517 SchD_P03_S00_L04 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. SchD_P04_S00_L02b 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. SchD_P05_S00_L04 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. SchD_P10_S00_L02 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, 2013 or 2012. 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 2010 through 2012 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, 2013 and 2012, the College has no current obligation for unrelated business income tax. SchD_P11_S00_L02d Schedule D, Part XI, Line 2d Adjustment of Actuarial Liability, Scholarships and Grants to Students, Miscellaneous Interdepartmental Adjustments and Fundraising Reclassifications SchD_P12_S00_L02d Schedule D, Part XII, Line 2d Miscellaneous Interdepartmental Adjustments and Fundraising Reclassifications SchD_P12_S00_L04b 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 SchE_P01_S00_L03 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. SchE_P01_S00_L06 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 U.S. Department of Agriculture, National Institute of Standards and Technology, National Science Foundation and Department of Education. 1 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Community Service-16 students 22593 Central America and the Caribbean 0 0 Program Services J-Term-12 Students 47174 East Asia and the Pacific 0 0 Program Services J-Term-12 Students 61171 Europe (including Iceland and Greenland) 0 0 Program Services J-Term-43 Students 236558 Sub-Saharan Africa 0 0 Program Services J-Term-15 Students 60122 Europe (including Iceland and Greenland) 0 0 Program Services Student Teaching-10 Students 49728 Central America and the Caribbean 0 0 Program Services Study Abroad-4 Students 57025 East Asia and the Pacific 0 0 Program Services Study Abroad-13 Students 222871 Europe (including Iceland and Greenland) 0 0 Program Services Study Abroad-77 Students 1281312 Middle East and North Africa 0 0 Program Services Study Abroad-2 Students 29985 South America 0 0 Program Services Study Abroad-9 Students 143594 South Asia 0 0 Program Services Study Abroad-9 Students 132618 Sub-Saharan Africa 0 0 Program Services Study Abroad-7 Students 107301 0 0 2452052 0 0 0 0 0 0 SchF_P01_S00_L01 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. SchF_P01_S00_L02 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 Royall and Company 1920 East Parham Road Richmond VA 232282206 Strategic Partners in Direct Marketing for Annual Fund 0 714784 151100 563684 Bentz Whaley Flessner 7251 Ohms Lane Minneapolis MN 55439 Advancement Consultant 0 0 27500 -27500 RuffaloCODY PO Box 3018 Cedar Rapids IA 524063018 Software Calling System 0 0 10436 -10436 Saint Paul Area Synod ELCA 105 West University Avenue Saint Paul MN 55103 Lutheran Planned Giving Partnership Fee 0 0 8537 -8537 714784 197573 517211 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 Football Golf 25132 10722 14410 0 1260 5418 3216 0 6107 Tennis Gala 20525 19975 550 0 0 0 0 0 417 8 96856 58028 38828 0 6545 17588 7183 0 12458 142513 88725 53788 0 7805 23006 10399 0 18982 60192 -6404 1 Merit Based Student Financial Assistance 789 11062115 Need Based Student Financial Assistance 1651 34304249 International Student Financial Assistance 56 1338171 Tuition Benefit Student Financial Assistance 77 2753248 SchI_P01_S00_L02 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 Bruce N Aarsvold 107721 0 0 0 601 0 9774 0 35778 0 153874 0 0 0 Mark J Braun 176945 0 0 0 631 0 16247 0 49255 0 243078 0 0 0 Thomas M Crady 139871 0 0 0 890 0 13184 0 60543 0 214488 0 0 0 John R Ohle 317321 0 0 0 15587 0 135415 0 47753 0 516076 0 0 0 Kenneth C Westphal 166726 0 0 0 1556 0 14672 0 7268 0 190222 0 0 0 Thomas W Young 141424 0 0 0 2035 0 13482 0 26246 0 183187 0 0 0 SchJ_P01_S00_L01a 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. SchJ_P01_S00_L04 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 60416HDT8 2004-10-07 16550000 Construct new apartment complex, install fire sprinkler systems and renovate Old Main 0 0 0 B Minnesota Higher Education Facilities Authority 410988525 60416HST2 2010-08-04 41680000 Construct new academic building, development of a new west mall and finance refunding of 4X bonds 0 0 0 A 0 0 16550000 0 0 0 209516 0 0 16340484 0 0 2006 0 0 1 1 B 7402925 0 43943698 3397289 758979 0 384505 0 0 32000000 0 0 2011 1 0 1 1 A 0 1 0 0 0 0.00 0.00 0 0 1 B 0 0 0 0 0 0 0 0 0 1 A 0 0 1 1 1 0 0 0 1 B 0 1 1 0 0 0 0 0 1 A 1 B 1 SchK_P04_S00_L02c Schedule K, Part IV, Line 2c The rebate computation for Issue A was first performed on October 1, 2006 and reconfirmed on October 1, 2009. 4 Dependents 4 Directors 38938 Merit Scholarships Student Financial Assistance Kirsten R Ohle Ohle Spouse 24000 Employment (Compensation) 0 JackieLynn N Peterson Peterson Spouse 95961 Employment (Compensation) 0 Kristianne R Westphal Westphal Spouse 75100 Employment (Compensation) 0 Minnesota Intercollegiate Nursing Consortium Board Overlap/35% ownership 81518 Nursing Program St Olaf College 0 Varde Partners Hicks Owner 0 See Schedule L, Part V 0 SchL_P04_S00_L00 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, 2013, total approximately $5,370,000 and $630,000 is outstanding on future commitments. Varde Partners comprises less than 5% of these private equity investments held by the College X 1 590675 Qualified Independent Appraisal X 37 300875 Average High/Low X 2 125196 Qualified Independent Appraisal 3 0 1 1 SchM_P01_S00_L01 Schedule M, Part I, Line 1 It is the College's policy to aggregate multiple gifts occurring on the same day as one contribution. SchM_P01_S00_L32b Schedule M, Part I, Line 32b The College uses several brokers to sell publically traded securities that are gifted to the College. F990_P03_S00_L04a 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. F990_P06_S0A_L01a Form 990, Part VI, Section A, Line 1a The executive committee is comprised 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 at the annual meeting for one year terms. 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. F990_P06_S0A_L01b Form 990, Part VI, Section A, Line 1b Four directors have dependents at Gustavus who receive financial aid, one director has a spouse who is employed by the College and one director is employed by the College and has a spouse who is employed by the College. Therefore, they are not considered independent voting members. See Schedule L for disclosures. F990_P06_S0A_L07a 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. F990_P06_S0B_L11b 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 14, 2014, 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 19, 2014, the Audit Committee of the Board of Directors reviewed and accepted the draft 990 for filing with the IRS. F990_P06_S0B_L12c 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 2012, 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 May 21, 2012 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. F990_P06_S0B_L15 Form 990, Part VI, Section B, Line 15 The President's compensation is annually reviewed by the Executive Committee of the Board of Directors. The Executive Committee reviews compensation survey information of other college and university presidents. This review process is documented in their minutes. 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. F990_P06_S0C_L19 Form 990, Part VI, Section C, Line 19 The audited financial statements of the College for the year ended May 31, 2013 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. F990_P11_S00_L09 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 757549 631198 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 54566 4050803 1 0 Charitable Remainder Annuity Trusts (1) Names and EINs Withheld Saint Peter MN 56082 Investment MN N/A T 30259 1 0 Charitable Remainder Unitrust (1) Name and EIN Withheld Saint Peter MN 56082 Investment MN N/A T 11772 0.51 0 Charitable Remainder Unitrust (1) Name and EIN Withheld Saint Peter MN 56082 Investment MN N/A T 30443 0.71 0 Charitable Remainder Unitrusts (4) Names and EINs Withheld Saint Peter MN 56082 Investment MN N/A T 295639 0.55 0 Charitable Remainder Unitrusts (3) Names and EINs Withheld Saint Peter MN 56082 Investment MN N/A T 119226 0.9 0 Charitable Remainder Unitrusts (26) Names and EINs Withheld Saint Peter MN 56082 Investment MN N/A T 6387 2962806 1 0 Gustavus Adolphus College Pooled Life Income Fund 526180875 800 West College Avenue Saint Peter MN 56082 Investment MN N/A T 238 1722498 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0