2014-04-14T22:57:12-05:00 2013-05-31 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 225 S 6TH ST STE 2300 MINNEAPOLIS MN 55402 990 2012-06-01 420680412 LORAS COLLEGE LORA 5635887100 1450 ALTA VISTA STREET DUBUQUE IA 52001 JAMES COLLINS 5635884992 2014-04-14 1 LAWRENCE H MOHR CPA P00447603 6128764500 2012 2015-11-30 17:44:51Z JAMES COLLINS 1450 ALTA VISTA STREET DUBUQUE IA 52001 79332283 0 X WWW.LORAS.EDU X 1839 IA EDUCATION 39 38 1444 477 148754 57789 9135380 6980682 49526477 50763727 380034 391727 707451 444234 59749342 58580370 20077201 21127224 0 0 21744295 22145516 67350 72293 1688580 17542418 17565018 59431264 60910051 318078 -2329681 109637828 109777061 76083981 73235193 33553847 36541868 X LORAS, AS A CATHOLIC LIBERAL ARTS COLLEGE, CREATES A COMMUNITY OF ACTIVE LEARNERS, REFLECTIVE THINKERS, ETHICAL DECISION MAKERS AND RESPONSIBLE CONTRIBUTORS IN DIVERSE PROFESSIONAL, SOCIAL AND RELIGIOUS ROLES. 0 0 21127224 21127224 SCHOLARSHIPS AND GRANTS TO STUDENTS 14806062 41252971 INSTRUCTION AND ACADEMIC SUPPORT PROVIDED TO FULL AND PART TIME STUDENTS (1,494 FULL TIME EQUIVALENT STUDENTS). 8469453 2860949 STUDENT SERVICES, INCLUDING STUDENT DEVELOPMENT, INTERCOLLEGIATE ATHLETICS AND OTHER SERVICES. 13095923 6649807 OTHER PROGRAM SERVICES INCLUDE AUXILIARY PROGRAMS SUCH AS HOUSING AND FOOD SERVICE, RESEARCH, PUBLIC SERVICE AND INSTITUTIONAL SUPPORT. 13095923 6649807 57498662 1 1 0 0 0 0 0 1 1 1 1 0 0 0 1 1 1 0 1 0 1 0 0 1 1 1 0 0 1 1 1 0 0 0 0 0 0 1 0 1 1 1 1 0 0 0 1 1 1 0 0 1 138 1 1 1444 1 1 1 1 EI 0 0 0 1 1 0 0 0 0 X 39 38 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 IL CA X DAVID W EISINGER 5635884992 1450 ALTA VISTA STREET DUBUQUE IA 52001 X MOST REV JEROME HANUS OSB 1.00 X X 0 0 0 REV MSGR JAMES BARTA 1.00 X 0 0 0 JAMES W BEAR 1.00 X 0 0 0 VINCE BERTA 1.00 X 0 0 0 PAUL BREITBACH 1.00 X 0 0 0 GREG BURBACH 1.00 X 0 0 0 JAMES F CONLAN 1.00 X 0 0 0 TROY L CICERO 1.00 X 0 0 0 RICH CLAYTON 1.00 X 0 0 0 JAMES M DAVIS 1.00 X 0 0 0 MSGR JOHN ENZLER 1.00 X 0 0 0 JEFFREY GARDNER 1.00 X 0 0 0 WILLIAM GLYNN 1.00 X 0 0 0 GREG GUMBEL 1.00 X 0 0 0 KATHY HANNON 1.00 X 0 0 0 STEPHANIE HOLSCHER BEAR 1.00 X X 0 0 0 THERESA HOFFMAN 1.00 X 0 0 0 DENNIS HOULIHAN 1.00 X X 0 0 0 RICHARD KENNEY 1.00 X 0 0 0 SHA-CHELLE MANNING 1.00 X 0 0 0 THOMAS E MCCARTY 1.00 X 0 0 0 DANIEL MCHUGH 1.00 X 0 0 0 MARY MEEHAN 1.00 X 0 0 0 MARK MOLO 1.00 X 0 0 0 GREG MURPHY 1.00 X 0 0 0 SIOBHAN O'CONNOR HARTSEL 1.00 X 0 0 0 JOHN OVEL 1.00 X 0 0 0 TONY REARDON 1.00 X X 0 0 0 MICHAEL RICE 1.00 X 0 0 0 JOHN K SCHMIDT 1.00 X X 0 0 0 NATALIE SCHRAMM 1.00 X 0 0 0 THOMAS M SHEY 1.00 X 0 0 0 STEVE SLOAN 1.00 X 0 0 0 BRIAN SMITH 1.00 X 0 0 0 DAVID W SPAHN 1.00 X 0 0 0 JAMES THEISEN 1.00 X 0 0 0 DON ULRICH 1.00 X 0 0 0 MIKE VALDER 1.00 X 0 0 0 SR MARGARET WICK OSF 1.00 X 0 0 0 DAVID WILSON 1.00 X 0 0 0 JAMES E COLLINS 40.00 X X 299344 0 44045 CHERYL JACOBSEN 40.00 X 129618 0 17922 DAVID W EISINGER 40.00 X 101260 0 22316 GLORIA REGALBUTO-BENTLEY 40.00 X 134062 0 22318 ROBERT TUCKER 40.00 X 124806 0 15243 CRAIG SCHAEFER 40.00 X 133749 0 21255 MICHAEL DOYLE 40.00 X 109834 0 26602 1032673 0 169701 7 0 1 0 ARAMARK 1450 ALTA VISTA DUBUQUE IA 52004 FOOD SERVICE 3099083 HORSFIELD CONSTRUCTION INC 505 EAST MAIN EPWORTH IA 52045 CONSTRUCTION 379838 IIW ENGINEERS & SURVEYORS PC 4155 PENNSYLVANIA DUBUQUE IA 52002 ENGINEERING 123213 3 5186 1140910 5834586 1435953 6980682 COLLEGE FEES & SERVICE 611600 40796409 40796409 SALES & SERVICES OF AU 611710 8613809 8613809 SALES & SERVICES OF ED 611710 710385 710385 FINE INCOME 611710 92911 92911 DELINQUENCY CHARGES 611710 58595 58595 491618 491618 50763727 513698 513698 20618213 1000 20741184 0 -122971 1000 -121971 -121971 146706 5186 1780 144926 144926 15237 8949 6288 6288 EXT. EVENTS & CATERING 722320 144414 144414 GAIN ON CASUALTY 900099 144266 144266 ALTA VISTA RESEARCH IN 900003 3198 3198 1142 1142 293020 58580370 50763727 148754 687207 21127224 21127224 952413 147549 612293 192571 16762568 15593161 323332 846075 813794 754161 10840 48793 2427121 2204898 149637 72586 1189620 1047798 74277 67545 50109 50109 119607 119607 65340 65340 72293 72293 59960 59960 1014041 813279 153547 47215 203731 173135 30596 2343349 2189103 30693 123553 1381966 1316981 37091 27894 1179883 1179883 1116412 1029953 9973 76486 21623 19362 1421 840 2272164 2272164 2776743 2776743 258955 258955 FOOD SERVICE 2568709 2568709 REPAIRS AND MAINTENANCE 448638 448058 580 RECRUITING EXPENSES 235906 196125 39781 UNRELATED BUSINESS INCO -1385 -1385 1449267 1331312 36402 81553 60910051 57498662 1722809 1688580 5905 7122 1746029 1473262 30469410 29696533 934607 354592 87540 97004 534890 347982 99477689 46904757 54306423 52572932 10086440 14008238 1910382 1741853 5225154 5303996 4331048 4173547 109637828 109777061 2931818 3110752 2436594 2316821 44010000 43760000 409257 508894 4688229 5571966 21608083 17966760 76083981 73235193 X -22849842 -23144901 36067608 38918140 20336081 20768629 33553847 36541868 109637828 109777061 X -2329681 1991230 3326472 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 16750 446492 X X X X 0 0 1 X 20599843 1372483 2111827 282601 133794 23667758 21116207 347345 122971 190461 796219 20599843 19148993 388701 2048316 251136 218667 21116207 18602945 384208 315574 153734 19148993 28418475 663848 -9137075 705828 636475 18602945 0.00090 0.75460 0.24450 0 0 1211961 1211961 76128555 31095619 45032936 10701990 8623169 2078821 11435183 7185969 4249214 52572932 ANNUITIES AND UNITRUSTS PAYABLE 676354 ACCRUED LOSS ON INTEREST RATE SWAP 12524335 DUE TO US GOVERNMENT 3165458 FINANCING OBLIGATION 1600613 17966760 X 39481156 1991230 36000 1780 2029010 37452146 21128224 21128224 58580370 36493135 36000 -3325692 -3289692 39782827 21127224 21127224 60910051 PART III, LINE 4: THE COLLEGE MAINTAINS VARIOUS ARTWORKS, MANUSCRIPTS, STATUES, PAINTINGS, BOOKS AND FURNITURE THAT PRESERVES THE HERITAGE OF THE COLLEGE AND PROMOTES SCHOLARSHIP ENDEAVORS. PART IV, LINE 2B: THE FUNDS HELD FOR OTHERS ARE AGENCY ACCOUNTS HELD FOR VARIOUS STUDENT ORGANIZATIONS OF LORAS COLLEGE. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE ENDOWMENT HAS BEEN ESTABLISHED TO PROVIDE A SUFFICIENT TOTAL RETURN TO SUPPLEMENT THE COLLEGE'S VARIOUS SOURCES OF OPERATING INCOME AND TO SUPPORT IN PERPETUITY THE MISSION OF THE COLLEGE. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: THE COLLEGE FOLLOWS THE ACCOUNTING STANDARDS FOR CONTINGENCIES IN EVALUATING UNCERTAIN TAX POSITIONS. THIS GUIDANCE PRESCRIBES RECOGNITION THRESHOLD PRINCIPLES FOR THE FINANCIAL STATEMENT RECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE REALIZED. NO LIABILITY HAS BEEN RECOGNIZED BY THE COLLEGE FOR UNCERTAIN TAX POSITIONS AS OF MAY 31, 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. PART XI, LINE 2D - OTHER ADJUSTMENTS: DIRECT FUNDRAISING EXPENSES REPORTED AS CONTRA INCOME 1,780. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS REPORTED AS CONTRA INCOME 21,127,224. GAIN FROM SALE OF ASSETS 1,000. PART XII, LINE 2D - OTHER ADJUSTMENTS: DIRECT FUNDRAISING EXPENSE REPORTED AS CONTRA INCOME 1,780. UNREALIZED GAIN ON INTEREST RATE SWAP -3,352,888. CHANGE IN BENEFICIAL INTEREST IN TRUSTS 26,416. GAIN FROM SALE OF ASSETS -1,000. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS REPORTED AS CONTRA INCOME 21,127,224. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 THE COLLEGE'S NONDISCRIMINATORY POLICY IS PUBLISHED IN ITS UNDERGRADUATE BULLETIN AND STUDENT HANDBOOK AS WELL AS AVAILABLE VIA ITS WEBSITE. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES FINANCIAL AID FROM FEDERAL AND STATE GOVERNMENTS. THE AID IS THEN AWARDED TO STUDENTS IN ACCORDANCE WITH THE GUIDELINES ESTABLISHED FOR EACH FORM OF FINANCIAL AID. EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES STUDY ABROAD 575001 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES STUDY ABROAD 30302 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES STUDY ABROAD 9920 0 0 0 0 0 0 615223 0 615223 0 0 0 0 0 0 X X X X X X X 1 RUFFALO CODY & ASSOCIATES PO BOX 3018 CEDAR RAPIDS IA 52404 PHONATHON 0 344993 72293 272700 344993 72293 272700 AK AZ CO LA ME MD MA MI NH SC WA AL CA DE DC FL GA HI ID IL IN IA KS KY MT NE NV NJ NM NY ND OH OK OR PA RI SD TN TX VT WV WI WY AR CT MN MS MO NC VA UT AUCTION 17727 5186 12541 1780 ATHLETICS FUNDRAISER 132446 132446 4 1719 1719 151892 5186 146706 1780 1780 144926 15237 846 8103 1 15237 846 8103 8949 6288 IA 1 0 1 0 0.80000 0.20000 DAVID EISINGER 1450 ALTA VISTA STREET DUBUQUE IA 52001 0 0 SCHEDULE G, PART III, LINE 6, VOLUNTEER LABOR THE COLLEGE UTILIZED THE AID OF VOLUNTEERS IN CONDUCTING ITS FUNDRAISING AND GAMING ACTIVITIES HOWEVER, THE EXACT PERCENTAGE OF VOLUNTEER LABOR USED IS UNKOWN. 1 SCHOLARSHIP AID FOR STUDENTS' COST OF ATTENDANCE 1510 21127224 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE COLLEGE'S OFFICE OF FINANCIAL PLANNING MONITORS ALL AWARDS TO ENSURE COMPLIANCE WITH FEDERAL AND STATE REGULATIONS. ADDITIONALLY, THE COLLEGE ENGAGES AN INDEPENDENT AUDIT IN ACCORDANCE WITH OMB A-133. X X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 JAMES E COLLINS 283278 0 0 0 16066 0 15050 0 28995 0 343389 0 0 0 GLORIA REGALBUTO-BENTLEY 129528 0 0 0 4534 0 5200 0 17118 0 156380 0 0 0 CRAIG SCHAEFER 113851 0 0 0 19898 0 4592 0 16663 0 155004 0 0 0 PART I, LINE 1A THE DISCRETIONARY SPENDING ACCOUNT FOR AN EMPLOYEE IS PART OF THE NORMAL TAXABLE WAGES PAID TO THE EMPLOYEE AND IS INCLUDED AS PART OF THE EMPLOYEE'S TAXABLE INCOME. COUNTRY CLUB DUES ARE PROVIDED TO CERTAIN EMPLOYEES AS A MEANS TO THE COLLEGE EXPANDING ITS CHARITABLE PURPOSE. ANY PORTION OF THE DUES ATTRIBUTABLE TO THE PERSONAL USE BY THE EMPLOYEE ARE ADDED TO THE EMPLOYEE'S W-2; ONLY THE PORTION ALLOCABLE TO THE BUSINESS PURPOSE OF THE COLLEGE ARE ALLOWED. A IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 462460ZC3 2006-10-01 22035000 REFINANCE 1996 ISSUE, CONSTRUCTION 0 0 0 B IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 NONEAVAIL 2011-11-01 2500000 REFINANCE PORTION OF 2002 ISSUE 0 0 0 A 250000 22387491 640689 137760 751533 13853174 7004335 2007 1 0 1 1 B 2500000 2500000 2011 1 0 1 1 A 0 0 0 0 0.00000 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 0 1 0 0 0 0 B 0 0 1 0 1 0 0 0 0 A 0 B 0 SCHEDULE K, PART II, COLUMN A: EXCESS PROCEEDS OF 352,491 ATTRIBUTED TO INVESTMENT EARNINGS. SCHEDULE K, PART III, LINE 9; PART IV, LINE 7; PART V FOR THE TAX PERIOD ENDED 05/31/2013, NO POLICY WAS PUT IN PLACE. AS OF THE DATE OF THE CURRENT FILING, A WRITTEN POLICY WAS ADOPTED BY MANAGEMENT AND WILL BE APPROVED BY THE BOARD OF REGENTS AT THE COLLEGE'S MAY 2014 MEETING. 53626 GRANTS/SCHOLARSHIPS ASSISTANCE TO STUDENTS ATTENDING THE COLLEGE AMERICAN TRUST & SAVINGS BANK OFFICER OF BANK IS ON THE BOARD OF REGENTS OF THE COLLEGE 232922 BANKING TRANSACTIONS 0 MARCIA G ROSE SISTER OF AN OFFICER 32106 INTERESTED PERSON IS AN EMPLOYEE OF THE COLLEGE AND RECEIVES COMPENSATION FROM THE COLLEGE FOR SERVICES RENDERED. 0 X 1 3250 APPRAISAL X 16265 DONOR VALUATION X 69 1372722 AVG HIGH/LOW SHARE VALUE X PRIZES FOR AGENCY FUNDS 57 6640 DONOR VALUATION X PRIZES FOR EVENTS 51 5186 DONOR VALUATION X EQUIPMENT 4 6936 DONOR VALUATION X FOOD/BEVERAGE 12 5849 DONOR VALUATION X MEETING EXPENSES 1 2595 FMV X FURNITURE/ DECOR 4 2779 DONOR VALUATION X OFFICE EQUIPMENT 4 176 DONOR VALUATION X RELIGIOUS COLLECTIONS 1 820 DONOR VALUATION X TECHNOLOGY EQUIPMENT 1 1569 DONOR VALUATION X LIFE INSURANCE 1 11166 DONOR VALUATION 1 0 1 1 METHOD FOR DETERMINING NUMBER OF CONTRIBUTIONS: PART I, COLUMN (B): THE NUMBER IN PART I, COLUMN B REPRESENT THE NUMBER OF DONORS. THIRD PARTY USE: PART I, LINE 32B: LORAS COLLEGE'S FINANCIAL INSTITUTION SELLS ALL PUBLICLY TRADED SECURITIES AT THE TIME OF GIFT ON BEHALF OF LORAS COLLEGE THROUGH AN INDEPENDENT BROKER. FORM 990, PART VI, SECTION A, LINE 2 BOARD MEMBERS - JAMES BEAR AND STEPHANIE BEAR HAS A FAMILY RELATIONSHIP FORM 990, PART VI, SECTION B, LINE 11 THE COLLEGE MAKES THE 990 AVAILABLE TO ALL BOARD MEMBERS VIA A SECURE PORTAL WEBSITE PRIOR TO FILING WITH THE IRS. THIS IS THE PROCESS BY WHICH THE BOARD MEMBERS REVIEW THE 990. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, EACH OFFICER, DIRECTOR AND KEY EMPLOYEE MUST FILE A STATEMENT VERIFYING HE/SHE HAS READ THE CONFLICT OF INTEREST POLICY AND IS DISCLOSING ANY CONFLICTS OF INTEREST. EACH STATEMENT IS SENT DIRECTLY TO THE AUDIT COMMITTEE CHAIRPERSON. THE CHAIR AND THE COLLEGE'S TREASURER REVIEW EACH STATEMENT. IN ADDITION, THE TREASURER AND CONTROLLER MONITOR ANY TRANSACTIONS THROUGHOUT THE YEAR BETWEEN SUCH PARTIES. EACH TRANSACTION IS LOGGED WITH THE COLLEGE'S GENERAL LEDGER SYSTEM. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS USED BY THE COLLEGE IN DETERMINING COMPENSATION OF KEY EMPLOYEES IS: - BOARD-APPOINTED COMPENSATION COMMITTEE REVIEWS ALL RECOMMENDED COMPENSATION LEVELS. - COMPARATIVE BENCHMARK DATA IS USED (IAICU, CUPA, AND OTHERS). - WRITTEN EMPLOYEMENT CONTRACTS ARE IN PLACE FOR THE PRESIDENT AND OTHER KEY EMPLOYEES IN ACCORDANCE WITH THE COLLEGE'S HANDBOOKS. - COMPENSATION IS FORMALLY APPROVED BY THE FULL BOARD OF REGENTS. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST STATEMENT AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC VIA ANOTHER'S WEBSITE SUCH AS GUIDESTAR.ORG, OR UPON REQUEST. THE COLLEGE'S AUDITED FINANCIAL STATEMENTS ARE ALSO AVAILABLE TO THE PUBLIC VIA THE MUNICIPAL SECURITIES RULE MAKING BOARD WEBSITE. FORM 990, PART VII, SECTION A, COLUMN E REASONABLE EFFORTS UNDERTAKEN IN REGARD TO REPORTABLE COMPENSATION FROM RELATED ORGANIZATIONS: - RECEIVED A COMPLETED CONFLICT OF INTEREST STATEMENT FROM ALL TRUSTEES, OFFICERS, AND BOARD MEMBERS. THIS STATEMENT IS COMPLETED ANNUALLY. - ALL RELATED PARTIES ARE DISCLOSED ON SCHEDULE R. FINANCIAL RECORDS ARE AVAILABLE TO THE COLLEGE. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: UNREALIZED GAIN/LOSS ON INTEREST RATE SWAP 3,352,888. CHANGE IN BENEFICIAL INTEREST IN TRUSTS -26,416. FORM 990, PART XII, LINE 2C THE OVERSIGHT PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. NATIONAL ALUMNI ASSOCIATION OF LORAS COLLEGE 1450 ALTA VISTA STREET DUBUQUE IA 52001 421371056 SUPPORT OF COLLEGE IA 501(C)(3) LINE 11B, II 0 MCELROY TRUST 1450 ALTA VISTA STREET DUBUQUE IA 52001 421239612 SUPPORT OF COLLEGE IA 501(C)(3) LINE 11A, I 0 ALTA VISTA RESEARCH INC 1450 ALTA VISTA STREET DUBUQUE IA 52001 264129808 MARKET RESEARCH IA LORAS COLLEGE C -15409 36984 0.90000 1 PERPETUAL TRUSTS (1) CHARITABLE TRUST IA T 0 CHARITABLE REMAINDER UNITRUST (3) CHARITABLE TRUST IA T 0 1 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 ALTA VISTA RESEARCH INC A 3198 FAIR MARKET VALUE ALTA VISTA RESEARCH INC D 7500 CURRENT MARKET RATE ALTA VISTA RESEARCH INC S 21041 CURRENT MARKET RATE