2014-01-08T12:23:02-07:00 2013-05-31 990 2012-06-01 420680400 MORNINGSIDE COLLEGE MORN 7122745000 1501 Morningside Avenue Sioux City IA 511061717 Ronald Jorgensen 7122745000 2014-01-08 2012 2015-11-30 17:44:51Z John Reynders 4405 Old Lakeport Rd Sioux City IA 51106 49354268 0 X www.morningside.edu X 1894 IA Morningside College is a 4 year private college, that provides a liberal arts education to full and part-time students, including co-curricular activities (Residence Halls, Dining, Bookstore...). 40 37 1282 132 11560 -2534 7820580 6791855 39017785 39006329 587542 2916534 416667 465397 47842574 49180115 13745241 13553406 0 0 18017977 17944176 0 0 1137400 12801002 11511176 44564220 43008758 3278354 6171357 88317865 98317517 32145977 31671260 56171888 66646257 THE MORNINGSIDE COLLEGE EXPERIENCE CULTIVATES A PASSION FOR LIFE-LONG LEARNING AND A DEDICATION TO ETHICAL LEADERSHIP AND CIVIC RESPONSIBILITY. 0 0 30731789 13553406 31435757 Provides Graduate and Under Graduate classes for students 2031939 0 2929446 Provides residence Hall (living quarters) for full time Under Graduate students. 1912600 0 2838917 Provide food service (cafeteria) for students. 620963 0 1802209 Expenses consist of a Fair Value Hedge expense interest due to an interest rate exchange agreement for some longterm debt and a number of other smaller transactions 620963 0 1802209 35297291 1 1 0 0 0 0 0 1 1 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 0 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 1 144 0 1 1282 1 1 1 0 0 0 0 0 0 0 0 0 X 40 37 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X Paul Treft 7122745000 1501 Morningside Ave Sioux city IA 51106 LARRY ARNOLD 0.5 0 X 0 0 0 SANDRA BAINBRIDGE 0.5 0 X 0 0 0 MICHAEL BENNETT 0.5 0 X 0 0 0 CRAIG BERENSTEIN 0.5 0 X 0 0 0 ROBERT BURKHART 0.5 0 X 0 0 0 ROGER CURRY 0.5 0 X 0 0 0 RICHARD ENGLE 0.5 0 X 0 0 0 ESTHER MACKINTOSH 0.5 0 X 0 0 0 CYNTHIA MOSER 0.5 0 X 0 0 0 TONY NESTER 0.5 0 X 0 0 0 MARTY PALMER 0.5 0 X 0 0 0 SKIP PERLEY 0.5 0 X 0 0 0 DAVE ROEDERER 0.5 0 X 0 0 0 THOMAS ROSEN 0.5 0 X 0 0 0 CRAIG STRUVE 0.5 0 X 0 0 0 JULIUS TRIMBLE 0.5 0 X 0 0 0 KEVIN VAUGHAN 0.5 0 X 0 0 0 JAMES WALKER 0.5 0 X 0 0 0 RICHARD WALLER 0.5 0 X 0 0 0 CRAIG WANSINK 0.5 0 X 0 0 0 CURTIS WHITE 0.5 0 X 0 0 0 RONALD YOCKEY 0.5 0 X 0 0 0 STEPHEN DAVIS 0.5 0 X 0 0 0 JOHN GLEESON 0.5 0 X 0 0 0 DOUGLAS PALMER 0.5 0 X 0 0 0 CLIFFORD TUFTY 0.5 0 X 0 0 0 LUCY Y BUHLER 0.5 0 X 0 0 0 IRVING F JENSEN JR 0.5 0 X 0 0 0 KHALID A RASHEED 0.5 0 X 0 0 0 REGINA ROTH 0.5 0 X 0 0 0 NORMAN W WAITT JR 0.5 0 X 0 0 0 CARTER DENNIS 0.5 0 X 0 0 0 JAMES HANKE 0.5 0 X 0 0 0 NANCY METZ 0.5 0 X 0 0 0 CONNIE HORTON WIMER 0.5 0 X 0 0 0 AMANDA NORBY 0.5 0 X 0 0 0 KELCI TEUT 0.5 0 X 1000 0 0 TOM NARAK 0.5 0 X 0 0 0 JOHN REYNDERS 40 0 X 263949 0 37974 RONALD JORGENSEN 40 0 X 139643 0 11556 TERRI CURRY 40 0 X 133818 0 15232 THOMAS RICE 40 0 X 131009 0 21240 WILLIAM DEEDS 40 0 X 127452 0 25876 796871 0 111878 5 0 1 0 Royall & Company 1920 E Parham Rd Richmond VA 23228 Admissions consulting 395373 Plains Boiler Service 2300 Hawkeye Drive Sioux City IA 51105 Boiler installation and repairs 320253 The Lawlor Group 6400 Flying Cloud Drive Suite 170 Eden Prairie MN 55344 Consultant 140827 Cannon Moss Brygger & Associates 302 Jones St Suite 200 Sioux City IA 51101 Architect services 258742 4 0 0 0 0 512833 6279022 469601 6791855 Tuition and Fees 611310 31435757 31435757 0 0 Residence Halls 611710 2929446 2929446 0 0 Food Service 722210 2838917 2838917 0 0 Bookstore Sales 451211 881362 881362 0 0 Athletics Functions 900099 126509 126509 0 0 794338 782778 11560 0 39006329 2916534 0 0 2916534 0 0 0 0 0 0 0 0 600617 0 174153 0 426464 0 426464 0 0 426464 0 0 0 0 0 0 0 0 0 0 0 Present Value Adjustment 900099 38933 38933 0 0 0 0 0 0 38933 49180115 39033702 11560 3342998 0 0 13553406 13553406 0 0 0 0 379210 379210 13501454 10348415 2429652 723387 783672 579917 172408 31347 2332726 1726217 513200 93309 947114 700864 208365 37885 597611 597611 26103 19316 5743 1044 49181 0 49181 0 156833 116057 34503 6273 150527 150527 143672 106317 31608 5747 331147 245049 72852 13246 1314019 972374 289084 52561 634999 469899 124700 40400 152368 112752 33521 6095 856451 633774 188419 34258 1783099 1319493 392282 71324 388124 272213 95387 20524 Auxillary 5063490 3509538 1553952 0 Other 459758 459758 0 0 Fair Value Hedge Interest Expense -596206 -596206 0 0 43008758 35297291 6574067 1137400 4145336 4145759 66802 0 4076898 7093686 562826 550627 3396759 3332639 196339 190521 171872 192047 63756381 28029142 35707825 35727239 33665071 38235910 6208349 8733643 119788 115446 88317865 98317517 1951332 1947795 11682 1387 22890000 22000000 344295 376734 2471176 2317829 4477492 5027515 32145977 31671260 X 17005518 22053755 7279697 12316993 31886673 32275509 56171888 66646257 88317865 98317517 6171357 4303012 0 0 0 0 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 961185 0 0 X 0 0 1 X 29993371 273698 5251800 1819064 288612 100000 33311193 31573452 298777 -1226519 304099 248240 100000 29993371 27511949 309603 5558785 757803 949082 100000 31573452 25730894 355091 3299294 1039827 736836 96667 27511949 33419567 543944 -6375617 1379054 390946 87000 25730894 0 0.89 0.11 1 0 8211053 0 8211053 42722246 0 20138414 22583832 2331500 0 237095 2094405 9530397 0 7653633 1876764 961185 0 0 961185 35727239 Short-Term Investments 2644053 F Other 1055 F Pinehurst Instituitional LTD 3799484 F Real Estate 2289051 C 8733643 239955 State Income Taxes 39829 Actuarial Liability for Annuities 466166 Interest Rate Swap Agreement 1979073 Unearned Revenue 900000 Other Current Liabilities 1402492 5027515 X 39929721 4303012 0 0 0 4303012 35626709 0 13553406 13553406 49180115 29455352 0 0 0 -13553406 -13553406 43008758 0 0 0 43008758 SchD_P03_S00_L04 Schedule D, Part III, Line 4 The Morningside College Art Collection is housed in the Levitt Art Gallery and serves a purpose similar to library collections. This visual library provides students with primary visual resources that they use in assignments from both art and non-art courses. Students in studio courses investigate the visual, technical and methodologies of the pieces. Students in art history and other humanities courses study the visual content and style in a contextual relationship with human history. The Art Collection consists of paintings, prints and sculptures. The most valuable pieces are two oil paintings by Rufino Tamayo and one by George Winter. SchD_P04_S00_L02b Schedule D, Part IV, Line 2b The amount on line 21 Part X consists of Enrollment Deposits and students with credit balances. SchD_P05_S00_L04 Schedule D, Part V, Line 4 The intended uses of the college's endowment funds are to support the ongoing operations of the college, including providing scholarships to students. SchD_P10_S00_L02 Schedule D, Part X, Line 2 Management has concluded that any uncertain tax positions would be immaterial to the financial statements taken as a whole. Accordingly, the accompanying financial statements do not include any provision for uncertain tax positions, and no related interest or penalties have been recorded in the operating statement or accrued in the balance sheet. Tax returns of the entity are generally open to examination by the relevant taxing authorities for a period of three years from the date the returns are filed. SchD_P11_S00_L04b Schedule D, Part XI, Line 4b Scholarships reclassified as expense. SchD_P12_S00_L02d Schedule D, Part XII, Line 2d Scholarships and Grants awarded to students are reclassified as an expense. 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 Notice of nondiscriminatory policy as to students is published in the Sioux City Journal in November each year. SchE_P01_S00_L06 Schedule E, Part I, Line 6 The college passes through assistance to eligible students. 1 Activity Grants 689 2454533 Academic Scholarships & Non need based grants 1200 8713413 Department Grants 540 1513724 Endowed Scholarships 271 871736 SchI_P01_S00_L02 Schedule I, Part I, Line 2 Grant funds are monitored through an electronic packaging program for all new students. The electronic program determines the eligibility for federal, state and instituitional grant funding against a series of pre-established eligibility criteria. Once the program determines each student's eligibility for federal, state and instituitional grant funding, the information is also checked by a member of the Student Financial Planning staff. X X X 0 1 X X X X X 0 0 0 0 0 0 0 1 0 JOHN REYNDERS 217980 0 7500 0 38469 0 29574 0 8400 0 301923 0 0 0 SchJ_P01_S00_L01a Schedule J, Part I, Line 1a The college does provide travel for the President's spouse to events the President is attending. Travel for VP's spouses is also allowed by approval of the President when such travel is deemed to provide benefits for the college. A college owned house is provided to the President for his residence. A number of college functions are conducted at his residence. Dues to a Country Club membership for the President are paid by the college. Numerous college events are held at the Country Club. SchJ_P01_S00_L01b Schedule J, Part I, Line 1b The college does provide travel for the President's spouse to events the President is attending. Travel for VP's spouses is allowed by approval of the President when such travel is deemed to provide benefits for the college. A college owned house is provided to the President for his residence. A number of college functions are conducted at the residence. Dues to a Country Club membership for the President are paid by the college. Numerous college events are held at the country club. SchJ_P01_S00_L07 Schedule J, Part I, Line 7 Incentive Bonuses are paid to the President and Vice Presidents upon approval by the Board Compensation Committee. Bonuses are based upon goal attainment and other performance review criteria. The President's annual bonus is based on a performance contract. The Vice President's bonus amounts are determined by the college President and approved by the Compensation Committee. A Iowa Finance Authority 521699886 46246AAZ7 2006-12-13 8000000 Construction and Equipment 0 0 0 B Iowa Finance Authority 521699886 46246ABA1 2007-07-18 3905000 Construction and Equipment 0 0 0 C Iowa Higher Education Loan Authority 421235696 462460Y59 2012-05-15 5300000 Working Capital 0 0 1 A 5000000 0 8000000 0 0 0 200289 0 0 7799711 0 0 2007 0 0 1 1 B 1310000 0 3905000 0 0 0 100885 0 0 3036986 0 0 2007 0 0 1 1 C 0 0 5300000 0 0 0 34613 0 5265387 0 0 0 2012 0 0 1 1 A 0 0 0 0 0 0 0 1 0 1 B 0 0 0 0 0 0 0 1 0 1 C 0 0 0 0 0 0 0 1 0 1 A 0 1 1 1 1 1 US Bank 24.50 0 0 0 0 1 B 0 1 1 1 1 1 US Bank 20.20 0 0 0 0 1 C 0 1 1 1 0 0 0 0 1 A 1 B 1 C 1 SchK_P04_S00_L02c Schedule K, Part IV, Line 2c This issue is for working capital and is issued for one year. X 11 469601 Average Mkt Value 0 0 1 1 SchM_P01_S00_L32b Schedule M, Part I, Line 32b The College sells marketable securities that it receives as contributions. A registered broker is used to process the transaction. F990_P06_S0B_L11b Form 990, Part VI, Section B, Line 11b It is the policy of the Board of Directors of Morningside College that the Board Audit Committee shall review the Internal Revenue Service (IRS) Form 990 prior to filing with the IRS. Once the Audit Committee has reviewed the form 990, a copy shall be made available to all Board members. It is located on the college's board portal web page. Board members who have comments or revisions to the Form 990 shall submit these comments or revisions in writing to the chair of the Audit Committee no later than 10 days after the report was made available to them. The Chair of the Audit Committee shall review these comments with the VP for Business and Finance to determine if changes are necessary prior to filing it with the IRS. F990_P06_S0B_L12c Form 990, Part VI, Section B, Line 12c Annually Board members complete a conflict of interest form, the forms are compiled by the President's Administrative Assistant and reviewed by the Board Chair. Potential conflicts of interest are addressed by the Board Chair and reviewed by the Audit Committee. F990_P06_S0B_L15 Form 990, Part VI, Section B, Line 15 Compensation for the President is based upon terms of an employment contract. The Board compensation committee annually reviews the performance and salary level. The review includes interviews with faculty, staff and students. The salary is compared to colleges in the college's aspirant peer group and other private college presidents as reported in the national and state surveys. The external auditor also reviews the information with the audit committee. Compensation of Vice Presidents is based on individual performances and comparison of peer group salary levels for comparable positions. The president prepares the annual evaluation with input from the faculty senate. Then presents compensation recommendations to the board compensation committee for their approval. The compensation and comparison data is also presented to the college's external auditors for their review. The external auditor reviews the information with the board audit committee. F990_P06_S0C_L19 Form 990, Part VI, Section C, Line 19 The college maintains documents for public inspection at the college's library. The documents are also available to the public upon request.