2014-10-27T13:45:13-05:00 2014-06-30 420794029 DENMAN & COMPANY LLP 1601 22ND STREET SUITE 400 WEST DES MOINES IA 502661453 990 2013-07-01 420680460 DRAKE UNIVERSITY DRAK 5152713710 2507 UNIVERSITY AVENUE DES MOINES IA 503114505 DEBORAH C NEWSOM VICE PRESIDENT & TREASURER 5152713710 2014-10-20 1 BRUCE CAHILL P00546325 5152258400 2013 2015-11-30 17:44:51Z DR DAVID E MAXWELL 2507 UNIVERSITY AVENUE DES MOINES IA 503114505 237941496 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. 42 41 3521 2973 274048 52815 6961990 29446312 3093361 160636699 314017 3860082 86939 2949279 10456307 196892372 114880 51715003 0 0 4806515 85258215 1250 23250 3934617 2390276 51044838 7312921 188041306 3143386 8851066 400477744 424476139 103589054 99430737 296888690 325045402 X 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. 0 0 164161768 51715003 160658243 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. 164161768 1 1 0 1 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 1 1 0 0 1 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 7272 0 3521 1 1 1 1 CA CJ GK 0 0 0 1 1 0 0 0 0 X 42 41 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X DEBORAH NEWSOM 5152713710 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 HERBERT M BAUM 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 PATRICIA HINES COWNIE TRUSTEE 1.00 X 0 0 0 RICHARD S CUSAC TRUSTEE 1.00 X 0 0 0 SALLY DAVIS 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 DONALD H FLETCHER TRUSTEE 1.00 X 0 0 0 DAVID GOLDER TRUSTEE 1.00 X 0 0 0 DICK HARTIG 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 JAMES W HUBBELL III TRUSTEE 1.00 X 0 0 0 DANIEL E JACOBI TRUSTEE 1.00 X 0 0 0 SCOTT JOHNSON 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 400874 0 182186 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 DEBBIE SCRIPPS 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 MARSHA TERNUS TRUSTEE - RESIGNED 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 LINDSAY WHORTON TRUSTEE 1.00 X 0 0 0 W ANDREW WRIGHT III 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 RANDY EDEKER TRUSTEE 1.00 X 0 0 0 JAMES H EWOLDT TRUSTEE 1.00 X 0 0 0 JIM WALLACE TRUSTEE 1.00 X 0 0 0 LINDA RYAN SECRETARY 40.00 X 83442 0 12184 DEBORAH NEWSOM VP - BUSINESS & FINANCE 40.00 X 220831 0 29251 JOHN SMITH VP - INSTITUTIONAL ADVANCEMENT 40.00 X 176041 0 25244 THOMAS DELAHUNT III VP - ADMISSIONS & FINANCIAL AID 40.00 X 184280 0 26615 DENEESE JONES PROVOST 40.00 X 205883 0 22615 MARK PHELPS FORMER HEAD COACH - MEN'S BASKETBALL 40.00 X 337015 0 7041 RAYMOND GIACOLETTI HEAD COACH - MEN'S BASKETBALL 40.00 X 302184 0 24558 ALLAN VESTAL DEAN - LAW SCHOOL 40.00 X 259412 0 32411 NEIL HAMILTON PROFESSOR OF LAW 40.00 X 203301 0 26794 CHARLES EDWARDS JR DEAN - CBPA & SJMC 40.00 X 199601 0 27305 2572864 0 416204 129 0 1 0 SODEXO INC & AFFILIATES 4880 PAYSPHERE CIRCLE CHICAGO IL 606740048 FOOD SERVICE 7486675 WEITZ COMPANY INC 5901 THORNTON AVENUE DES MOINES IA 503212403 CONSTRUCTION PROJECTS 5137170 DES MOINES INDEPENDENT SCHOOLS 901 WALNUT STREET DES MOINES IA 503093506 HEAD START PROGRAM 1551409 ROYALL AND COMPANY 1920 E PARHAM RD RICHMOND VA 232282206 STUDENT MKT/RESEARCH PGMS 740030 C GREEN CONTRACTOR INC 3901 SW 56TH STREET DES MOINES IA 503219649 CONCRETE PROJECTS 604441 62 6375 8988122 20451815 3229953 29446312 STUDENT TUITION & FEES 611710 136928115 136928115 CONTRACT INCOME - RES 721310 8366035 8366035 CONTRACT MEALS - FOOD 722100 7744013 7744013 SPORTS INCOME 711210 5822452 5822452 OTHER INSTRUCTIONAL PR 611710 472325 472325 1303759 431425 242050 630284 160636699 2767858 2767858 21704 21704 1334147 479427 854720 854720 854720 41254451 379738 40070653 471312 1183798 -91574 1092224 1092224 14945 6375 27732 -12787 -12787 OTHER INCOME 611710 2064098 10454 2053644 ALUMNI FEES 611710 15488 15488 ATHLETIC PHOTO SALES 453220 6056 6056 2085642 196892372 143181992 274048 23990020 51715003 51715003 1464179 408423 871481 184275 62496690 54833657 5610588 2052445 4298140 3449291 695524 153325 12603214 7447388 4754760 401066 4395992 3536411 711630 147951 535930 63760 472170 243829 243829 3723 3723 23250 23250 203600 203600 5914344 5232648 439326 242370 501850 211311 289847 692 1149007 875264 101407 172336 4047770 3854751 55159 137860 1927453 1927453 7989875 7913421 76454 658735 10664 648071 UNRELATED BUS INC TAX 642 642 CONTRACTS & LEASES 10492502 9137477 1318593 36432 DUES & SUBSCRIPTIONS 3322625 2664510 629446 28669 ATHLETICS GAME EXPENSES 2853839 2853839 11199114 8022774 2822394 353946 188041306 164161768 19944921 3934617 22461199 27888012 20642313 10225577 15867919 16197065 3151253 3215684 12238842 12135841 151949 119515 1553631 1394145 290137054 113371884 170571251 176765170 71712484 89914276 80654915 85537677 1471988 1083177 400477744 424476139 22754504 23967238 12658863 12831381 5901281 5390698 50550000 47225000 11724406 10016420 103589054 99430737 X 150978293 165493762 37122102 45592364 108788295 113959276 296888690 325045402 400477744 424476139 X 8851066 18958543 347103 X X 0 1 X 1 1 1 X SCHEDULE A: DRAKE UNIVERSITY'S FIRST PRIOR TAX YEAR WAS A SHORT YEAR BEGINNING JUNE 1, 2013 AND ENDING JUNE 30, 2013. THE CHANGE IN ACCOUNTING PERIOD WAS AN AUTOMATIC CHANGE AS DETAILED IN REV. PROC. 85-58. DRAKE UNIVERSITY HAD NOT PREVIOUSLY CHANGED ITS YEAR END WITHIN THE 10-CALENDAR-YEAR PERIOD THAT INCLUDED THE BEGINNING OF THE SHORT PERIOD. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 1 3723 0 0 0 3723 0 PART II-B, LINE 1: DRAKE UNIVERSITY PAYS DUES TO THE IOWA ASSOCIATION OF INDEPENDENT COLLEGE AND UNIVERSITIES. A PORTION OF THESE DUES ARE USED FOR LOBBYING. THIS PORTION IS TREATED AS A GRANT TO OTHER ORGANIZATIONS FOR LOBBYING EXPENSES. 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 135714667 5217057 19399641 2803072 3896625 226874 153404794 0.28600 0.59620 0.11780 1 0 8200154 24863275 33063429 187591972 78759992 108831980 61821253 34611892 27209361 7660400 7660400 176765170 CASH SURRENDER VALUE - LIFE INSURANCE 4418886 F FUNDS HELD IN TRUST BY OTHERS 10634123 F PRIVATE EQUITY FUNDS 59861069 F PRIVATE COMMINGLED BOND FUNDS 10623599 F 85537677 ANNUITIES PAYABLE 1795941 INTEREST RATE SWAP AGREEMENT LIABILITY 6372685 REAL ESTATE DEPOSITS 73056 AGENCY FUNDS 132296 FIN 47 LIABILITY 1563580 CAPITAL LEASES PAYABLE 78862 10016420 X 164510747 18958543 347103 19305646 145205101 51687271 51687271 196892372 136354035 27732 27732 136326303 51715003 51715003 188041306 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, 2014, JUNE 30, 2013, AND MAY 31, 2013, 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 -66,357. CHANGE IN VALUE OF INTEREST RATE SWAP AGREEMENTS 302,210. POSTRETIREMENT BENEFIT PLAN RELATED CHANGES 111,250. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 51,715,003. FUNDRAISING EVENT EXPENSES -27,732. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES 27,732. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 51,715,003. 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) 0 13 PROGRAM SERVICES LAW SCHOOL SUMMER PROGRAM FOR EDUCATIONAL CREDIT, POLITICAL SCIENCE SUMMER PROGRAM FOR EDUCATIONAL CREDIT, SHORT-TERM INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT. 387644 SOUTH AMERICA 0 3 PROGRAM SERVICES SHORT-TERM INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT. 193647 CENTRAL AMERICA AND THE CARIBBEAN 0 6 PROGRAM SERVICES SHORT-TERM INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT. 161672 SUB-SAHARAN AFRICA 0 5 PROGRAM SERVICES SUSTAINABLE DEVELOPMENT SUMMER PROGRAM FOR EDUCATIONAL CREDIT, SHORT-TERM INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT. 127997 SOUTH ASIA 0 2 PROGRAM SERVICES SHORT-TERM INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT. 66680 NORTH AMERICA 0 2 PROGRAM SERVICES SHORT-TERM INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT. 29732 0 31 0 0 0 31 967372 0 967372 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. X X X X X X X 1 BENTZ WHALEY FLESSNER INC 7251 OHMS LANE MINNEAPOLIS MN 55439 CONSULTING 0 0 23250 -23250 23250 -23250 CA IL KS MN MO NJ NC WI BULLDOG CLUB GOLF TOURNAMENT 7/2013 9635 5375 4260 120 5555 5599 2507 BULLDOG CLUB GOLF TOURNAMENT 6/2014 11685 1000 10685 357 6444 5196 1954 21320 6375 14945 477 11999 10795 4461 27732 -12787 1 DRAKE UNIVERSITY AWARDED STUDENT AID 3509 48859681 RESTRICTED/ENDOWED SCHOLARSHIPS 712 2855322 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 1 1 0 0 0 0 0 0 0 DAVID MAXWELL PRESIDENT 351919 0 10000 0 38955 0 170400 0 11786 0 583060 0 0 0 DEBORAH NEWSOM VP - BUSINESS & FINANCE 215698 0 3000 0 2133 0 17805 0 11446 0 250082 0 0 0 JOHN SMITH VP - INSTITUTIONAL ADVANCEMENT 168189 0 2000 0 5852 0 13955 0 11289 0 201285 0 0 0 THOMAS DELAHUNT III VP - ADMISSIONS & FINANCIAL AID 180600 0 3000 0 680 0 15047 0 11568 0 210895 0 0 0 DENEESE JONES PROVOST 199981 0 3000 0 2902 0 16187 0 6428 0 228498 0 0 0 MARK PHELPS FORMER HEAD COACH - MEN'S BASKETBALL 61782 0 0 0 275233 0 4194 0 2847 0 344056 0 0 0 RAYMOND GIACOLETTI HEAD COACH - MEN'S BASKETBALL 279096 0 0 0 23088 0 15683 0 8875 0 326742 0 0 0 ALLAN VESTAL DEAN - LAW SCHOOL 255194 0 0 0 4218 0 20859 0 11552 0 291823 0 0 0 NEIL HAMILTON PROFESSOR OF LAW 201869 0 0 0 1432 0 15289 0 11505 0 230095 0 0 0 CHARLES EDWARDS JR DEAN - CBPA & SJMC 178391 0 0 0 21210 0 16091 0 11214 0 226906 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 AND HEAD MEN'S BASKETBALL COACH FOR UNIVERSITY BUSINESS. ANY EXPENSES INCURRED THAT ARE NOT RELATED TO UNIVERSITY BUSINESS ARE PAID FOR PERSONALLY BY THE INDIVIDUALS. PART I, LINES 4A-B PRESIDENT MAXWELL (OFFICER & TRUSTEE) PARTICIPATED IN A SUPPLEMENTAL NONQUALIFIED DEFERRED COMPENSATION PLAN DURING CALENDAR YEAR 2013. 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. MARK PHELPS (HIGHLY COMPENSATED EMPLOYEE), THE HEAD MEN'S BASKETBALL COACH, RECEIVED A SEVERANCE PAYMENT OF $269,267 UPON TERMINATION IN APRIL 2013. THE PAYMENT WAS MADE IN ACCORDANCE WITH PROVISIONS CONTAINED IN HIS EMPLOYMENT CONTRACT. 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 8470000 23523792 267150 185429 23071213 2009 0 0 1 1 B 9025000 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. SCHEDULE K, PART IV, ARBITRAGE, LINE 2C: NOTE REGARDING THE REBATE COMPUTATIONS ON 4/5/2009 & 10/30/2008: SINCE THE BOND PROCEEDS HAVE BEEN SPENT, A SPENDING EXCEPTION WAS MET, AND THE DEBT SERVICE FUND WAS OPERATED ON A BONA FIDE BASIS NO FURTHER REBATE CALCULATIONS WERE NECESSARY. X 66 3144441 TRADING PRICE -DON. DATE X PROGRAM EQUIP 1 54560 APPRAISAL X PROGRAM EQUIP 35 24147 ITEMS < $5,000 EACH X PROGRAM EQUIP 1 6805 ACTUAL COST 0 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 2014, 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 VICE PRESIDENT OF FINANCE AND ADMINISTRATION FOR FURTHER REVIEW AND MONITORING AS NEEDED. DRAKE'S EXTERNAL AUDIT FIRM ALSO REVIEWS FORMS AS PART OF THEIR ANNUAL AUDIT. 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 2013. RESULTS WERE PUBLISHED IN FEBRUARY OF 2014. 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 -66,357. CHANGE IN VALUE OF INTEREST RATE SWAP AGREEMENTS 302,210. POSTRETIREMENT BENEFIT PLAN RELATED CHANGES 111,250. 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 8621, PART V, DISTRIBUTIONS FROM A SECTION 1291 FUND: ALL AMOUNTS IN PART V OF THE VARIOUS FORM 8621'S SHOULD BE ZERO. DUE TO SYSTEM LIMITATIONS, ZEROS COULD NOT BE ENTERED IN EACH LINE. INSTEAD, THE SOFTWARE LEAVES EACH LINE BLANK. FORM 926 - TRANSFERS TO FOREIGN CORPORATIONS: DRAKE UNIVERSITY INDIRECTLY MADE TRANSFERS OF CASH TO MANY FOREIGN CORPORATIONS VIA PARTNERSHIP INVESTMENTS DURING THE YEAR. ONLY THREE OF THESE TRANSFERS EXCEEDED THE FORM 926 REPORTING THRESHOLD.