2013-02-14T16:34:28-06:00 2012-05-31 420714325 MCGLADREY LLP 221 THIRD AVENUE SE STE 300 CEDAR RAPIDS IA 524011512 990 2011-06-01 420680408 CLARKE UNIVERSITY OF DUBUQUE IOWA CLAR 5635886315 1550 CLARKE DRIVE DUBUQUE IA 52001 JOANNE M BURROWS SC PHD 5635886315 2013-02-04 1 KAY HEGARTY P00091057 3192985333 2011 2016-02-25 16:41:14Z JOANNE M BURROWS SC PHD 1550 CLARKE DRIVE DUBUQUE IA 52001 41488939 0 0928 X WWW.CLARKE.EDU X 1843 IA POST-SECONDARY AND GRADUATE LEVEL EDUCATION 28 26 433 20 157032 -187907 3963442 3652389 27511675 29213480 1630404 1433719 478204 305520 33583725 34605108 8708030 9068210 0 0 13608610 14585911 110346 34752 1325623 7881569 8088967 30308555 31777840 3275170 2827268 59960009 65136374 9367771 13615951 50592238 51520423 X WE ARE A CATHOLIC, CO-EDUCATIONAL, LIBERAL ARTS UNIVERSITY FOUNDED IN 1843 BY THE SISTERS OF CHARITY OF THE BLESSED VIRGIN MARY IN DUBUQUE, IOWA. CLARKE EDUCATES STUDENTS AT THE POST-SECONDARY LEVEL IN THE LIBERAL ARTS AND SCIENCES, THE FINE ARTS, SELECTED PROFESSIONAL PROGRAMS, AND GRADUATE PROGRAMS.WE, THE FACULTY, STUDENTS, STAFF AND ADMINISTRATION ARE A CARING, LEARNING COMMUNITY COMMITTED TO EXCELLENCE IN EDUCATION. WE PROVIDE A SUPPORTIVE ENVIRONMENT THAT ENCOURAGES PERSONAL AND INTELLECTUAL GROWTH, PROMOTES GLOBAL AWARENESS AND SOCIAL RESPONSIBILITY, AND DEEPENS SPIRITUAL VALUES. 1 0 16132374 7338062 25562585 INSTRUCTION: COLLEGE EDUCATION FOR APPROXIMATELY 1,232 STUDENTS. PROGRAMS INCLUDE TRADITIONAL DAYTIME CLASSES, ACCELERATED EVENING CLASSES FOR WORKING ADULTS, AND GRADUATE PROGRAMS. 242 STUDENTS GRADUATED IN THE 2011-2012 ACADEMIC YEAR. 5738838 1730148 3573336 AUXILIARY SERVICES: PROGRAMS AVAILABLE TO ALL 1,232 STUDENTS INCLUDING THE RESIDENCE HALLS, BOARD PLANS, ATHLETICS, AND THE BOOKSTORE. RESIDENCE HALL CAPACITY IS 571 WITH OCCUPANCY OF 418, OR 73.2%. IN FALL 2011, ALL 418 RESIDENT STUDENTS ALSO HAD BOARD PLANS WITH FOOD SERVICE AND 17 COMMUTER STUDENTS PURCHASED BOARD PLANS. 3038099 192979 STUDENT SERVICES: RESOURCES PROVIDED TO ALL 1,232 STUDENTS BY STUDENT ACTIVITIES, HEALTH SERVICES, COUNSELING CENTER, CAREER CENTER, ADMISSIONS AND FINANCIAL AID. 1228062 ACADEMIC SUPPORT PROGRAMS 1228062 26137373 1 1 0 0 0 0 0 1 1 1 1 0 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 1 1 0 0 0 0 1 1 1 0 0 1 89 0 1 433 1 1 1 0 0 0 0 1 1 0 0 0 0 X 28 26 1 0 0 0 0 0 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X JOANNE M BURROWS SC PHD 5635886385 1550 CLARKE DRIVE DUBUQUE IA 52001 JOANNE M BURROWS SC PHD 40.00 X X 186095 0 52547 JOHN P BEAVER 1.00 X X 0 0 0 CAROLYN SANDERS HAUPERT 1.00 X X 0 0 0 MARGARET MARY COSGROVE BVM 1.00 X X 0 0 0 MARY LOU ANGLIN BVM 1.00 X 0 0 0 SUZANNE DIERS BLOUIN 1.00 X 0 0 0 TIMOTHY J CONLON 1.00 X 0 0 0 RICHARD P FRIEDMAN CPCU 1.00 X 0 0 0 CAROLYN FITZGERALD GANTZ 1.00 X 0 0 0 MARGARET GERAGHTY BVM 1.00 X 0 0 0 TERI HAWKS GOODMAN 1.00 X 0 0 0 DICK GREGORY 1.00 X 0 0 0 SUZANNE MCGOVERN JUERGENS 1.00 X 0 0 0 NANCY SWIFT KLAUER 1.00 X 0 0 0 SHARON K KRESS 1.00 X 0 0 0 THOMAS V LYNCHCLUCHFC 1.00 X 0 0 0 EDWARD J MONAGHAN 1.00 X 0 0 0 MIRA MOSLE BVM 1.00 X 0 0 0 BRENDAN T QUANN 1.00 X 0 0 0 JAMES SCHMITT 1.00 X 0 0 0 JOHN D STAVNES 1.00 X 0 0 0 JAMES H THOMPSON 1.00 X 0 0 0 ROBERT C WAHLERT 1.00 X 0 0 0 ROBERT H WAHLERT 1.00 X 0 0 0 RADM RONALD C WILGENBUSCH USN 1.00 X 0 0 0 THOMAS P WILLIAMS DDS MD 1.00 X 0 0 0 REV THOMAS R ZINKULA 1.00 X 0 0 0 MARY ANN ZOLLMANN BVM PHD 1.00 X 0 0 0 DEANNA MCCORMICK 40.00 X 138303 0 7428 JOAN LINGEN BVM PHD 40.00 X 0 0 116990 WILLIAM BIEBUYCK 40.00 X 125447 0 24414 ELIZABETH TRIPLETT 40.00 X 133591 0 14137 ROBERTA LAVIN 40.00 X 101846 0 649 685282 0 216165 6 0 1 0 CLARK ENERSEN PARTNERS 1010 LINCOLN MALL STE 200 LINCOLN NE 685082883 ARCHITECTURAL DESIGN SERVICES 217384 SODEXO OPERATIONS LLC 4880 PAYSPHERE CIR CHICAGO IL 60674 FACILITIES MANAGEMENT 134965 CURTIS 1000 INC BOX 88237 MILWAUKEE WI 532880237 PRINTING SERVICES 132603 TRI-STATE TRAVEL PO BOX 307 GALENA IL 61036 TRAVEL SERVICES 114462 MOLO PLUMBLING & HEATING 123 SOUTHERN AVE DUBUQUE IA 52003 CONSTRUCTION SERVICES 107954 5 54256 811214 2786919 93513 3652389 TUITION & FEES 611600 25562585 25562585 AUXILIARY SERVICES 611600 3573336 3573336 77559 77559 29213480 1197632 1197632 37403 67898 -30495 -30495 -30495 6416571 6180484 236087 236087 236087 19218 54256 24026 -4808 -4808 649299 611423 37876 37876 CONF/EVENT CATERING 722320 302947 115420 187527 302947 34605108 25755564 157032 5040123 9068210 9068210 441873 63333 315207 63333 11562919 9462231 1438732 661956 467331 361910 76108 29313 1283433 504556 743701 35176 830355 654000 130006 46349 147543 147543 8395 8395 77270 77270 34752 34752 65274 65274 268345 261665 6680 330180 328437 1743 2054660 1637262 298343 119055 306231 122987 85983 97261 797813 797813 449344 362778 27926 58640 78824 45469 32137 1218 321813 282745 19534 19534 1482917 1299803 91557 91557 152565 124533 28032 STIPENDS & CASUAL LABOR 338133 289929 48204 MAINTENANCE AND REPAIRS 304395 46853 257542 FOOD & ENTERTAINMENT 184862 78231 83348 23283 MEMBERSHIPS 169820 54161 102537 13122 550583 282072 239180 29331 31777840 26137373 4314844 1325623 1352928 2878574 57643 5537523 1634248 1464976 561037 703906 82428 297269 683735 507662 52528858 29592229 22008126 22936629 29395888 27483027 1202375 466135 1472301 1497175 1509300 1363498 59960009 65136374 1581731 2202107 673752 657656 4500000 8055340 103431 117989 242162 349639 500000 250000 1766695 1983220 9367771 13615951 X 34956020 34895044 4627128 5512031 11009090 11113348 50592238 51520423 59960009 65136374 X 2827268 -1899083 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 115000 X X X 0 0 1 30825048 2200050 -1903236 153993 908377 65274 29994218 26488797 276028 5436190 128881 1167754 79332 30825048 24107394 330416 3045649 172221 745589 76852 26488797 23772119 5530281 -4380679 183104 550816 80407 24107394 0.60520 0.37050 0.02430 1 0 257119 257119 41769586 21846828 19922758 1715629 1472336 243293 7614911 5266416 2348495 1171613 1006649 164964 22936629 DUE TO US GOVT - STUDENT LOANS 1183297 ASSET RETIREMENT OBLIGATION 734519 ANNUITIES PAYABLE 65404 1983220 34605108 31777840 2827268 -1899083 -1899083 928185 24893545 63632 -1899083 -1835451 26728996 65274 7810838 7876112 34605108 23965360 63632 703346 766978 23198382 65274 8514184 8579458 31777840 PART III, LINE 4: THE COLLECTION CONSISTS OF A LIMITED HERITAGE EDITION OF WORLD-RENOWNED SAINT JOHN'S BIBLE. THE HERITAGE EDITION IS A COMPLETELY HANDWRITTEN AND ILLUSTRATED RE-CREATION OF THE ORIGINAL SAINT JOHN'S BIBLE. THE SAINT JOHN'S BIBLE IS A SIGNIFICANT REPRESENTATION OF THE WORD OF GOD AND A COMPELLING WORK OF ART. THIS RARE GIFT TO CLARKE WILL SERVE AS A TESTAMENT TO OUR CATHOLIC HERITAGE AND IT WILL BE A SOURCE OF PRIDE FOR THE COLLEGE AND OUR COMMUNITY. THE COLLEGE PLANS TO EXHIBIT THE BIBLE AS VOLUMES ARE RECEIVED AND IS PLANNING A SPEAKER SERIES TO ACCOMPANY EACH VOLUME'S ARRIVAL. PART IV, LINE 2B: STUDENT DEPOSIT ACCOUNTS ARE HELD BY THE UNIVERSITY FOR VARIOUS STUDENT GROUPS ON CAMPUS AND ARE REPORTED AS LIABILITIES ON THE ORGANIZATION'S BALANCE SHEET. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE ENDOWMENT FUNDS ARE INVESTED TO PROVIDE FOR TOTAL RETURN. SPENDING FROM THE ENDOWMENT SUPPORTS SCHOLARSHIP AND OTHER EDUCATIONAL ACTIVITIES. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE UNIVERSITY IS RECOGNIZED AS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE UNIVERSITY MAY BE SUBJECT TO FEDERAL AND STATE INCOME TAXES ON ANY NET INCOME FROM UNRELATED BUSINESS ACTIVITIES. THE UNIVERSITY FILES A FORM 990 (RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX) ANNUALLY AND UNRELATED BUSINESS INCOME (UBI) IS REPORTED ON 990-T, AS APPROPRIATE. MANAGEMENT HAS EVALUATED THEIR MATERIAL TAX POSITIONS, WHICH INCLUDE SUCH MATTERS AS THE TAX EXEMPT STATUS AND VARIOUS POSITIONS RELATIVE TO POTENITAL SOURCES OF UBI. AS OF MAY 31, 2012 AND 2011, THERE WERE NO UNCERTAIN TAX BENEFITS IDENTIFIED AND RECORDED AS A LIABILITY. FORMS 990 AND 990-T FILED BY THE UNIVERSITY ARE NO LONGER SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE FOR THE FISCAL YEARS ENDED MAY 31, 2008 AND PRIOR. PART XII, LINE 2D - OTHER ADJUSTMENTS: NET UNREALIZED LOSS ON INVESTMENTS -1,899,083. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS REPORTED AS CONTRA INCOME FOR BOOK 8,514,184. RENTAL EXPENSES NETTED WITH RENTAL INCOME -67,898. SPECIAL EVENT EXPENSES NETTED WITH SPECIAL EVENT REVENUE -24,026. COST OF GOODS SOLD NETTED WITH GROSS RECEIPTS -611,422. PART XIII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES NETTED WITH RENTAL INCOME 67,898. SPECIAL EVENT EXPENSES NETTED WITH SPECIAL EVENT REVENUE 24,026. COST OF GOODS SOLD NETTED WITH GROSS RECEIPTS 611,422. PART XIII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS 8,514,184. 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 CLARKE DOES NOT MAKE ANY PUBLIC DISCLOSURES IN THE MEDIA REGARDING ITS NONDISCRIMINATION POLICY WHEN RECRUITING STUDENTS. HOWEVER, CLARKE DOES INCLUDE A STATEMENT IN ALL PUBLIC JOB POSTINGS THAT INCLUDES A STATEMENT THAT CLARKE IS AN EQUAL OPPORTUNITY EMPLOYER. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 FINANCIAL AID OR ASSISTANCE FROM A GOVERNMENTAL AGENCY IS DISTRIBUTED TO STUDENTS USING FEDERALLY APPROVED FINANCIAL NEED ANALYSIS CRITERIA. NORTH AMERICA 0 1 PROGRAM SERVICES ADJUNCT INSTRUCTOR 10500 0 1 0 0 0 1 10500 0 10500 0 0 0 0 0 0 X X X X X X X 1 RUFFALOCODY PO BOX 3018 CEDAR RAPIDS IA 52406 TELETHON SERVICES 0 160190 16800 143390 BLU FISH CONSULTING LLC 106 E MICHIGAN AVE MARSHALL MI 49068 FOUNDER'S SOCIETY APPEAL 0 52404 7325 45079 THE STETLER COMPANY 10435 NEW YORK AVE DES MOINES IA 50322 PLANNED GIVING WEBSITE AND NEWSLETTER 0 0 7308 0 212594 31433 188469 GOLF CLASSIC 73474 54256 19218 16853 7173 73474 54256 19218 16853 7173 24026 -4808 1 ENDOWED SCHOLARSHIPS 193 219931 N/A N/A ENDOWED AWARDS 51 7815 N/A N/A INSTITUTIONAL SCHOLARSHIPS 765 8164083 N/A N/A FEDERAL SEOG GRANTS 185 85270 N/A N/A TUITION REMISSION & OTHER WAIVERS 35 381445 N/A N/A TUITION EXCHANGE 9 164766 N/A N/A FEDERAL DOCTOR OF NURSE PRACTITIONER GRANT 9 44900 N/A N/A PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: GRANTS AND SCHOLARSHIPS ARE AWARDED TO STUDENTS BASED ON SPECIFIC CRITERIA DETAILED IN THE VARIOUS GRANT/SCHOLARSHIP AGREEMENTS. MEMBERS OF THE FINANCIAL AID OFFICE AND VARIOUS SCHOLARSHIP/AWARD COMMITTEES REVIEW RECORDS FOR ALL POTENTIAL RECIPIENTS TO ENSURE THAT THE SCHOLARSHIP/AWARD IS BEING AWARDED PROPERLY. X X 0 1 X X X 0 0 0 0 0 0 0 0 0 JOANNE M BURROWS SC PHD 180799 0 0 0 5296 0 9404 0 43143 0 238642 0 0 0 PART I, LINE 1A JOANNE BURROWS SC, PHD, PRESIDENT, NON-TAXABLE BENEFITS INCLUDES HOUSING, WHICH IS REPORTED AS OTHER COMPENSATION ON FORM 990, PAGE 7, PART VII, SECTION A, COLUMN (F) AND SCHEDULE J, PAGE 2, PART II, COLUMN (D). A PLAQUE IN THE HOUSE STATES THE HOUSE WAS DONATED TO CLARKE FOR USE AS PRESIDENTIAL RESIDENCE. THE PRESIDENT CONDUCTS SIGNIFICANT BUSINESS ACTIVITIES AND UNIVERSITY RELATED ENTERTAINMENT ON UNIVERSITY PROPERTY. THE RESIDENCE LOCATED AT 1830 LINKS GLEN DR, DUBUQUE, IOWA, WHICH IS OWNED BY THE UNIVERSITY, IS DESIGNATED THE OFFICIAL UNIVERSITY PRESIDENTIAL HOUSE. THE ORGANIZATION PAYS COUNTRY CLUB DUES ON BEHALF OF JOANNE M. BURROWS, SC, PHD, PRESIDENT. THIS IS A TAXABLE BENEFIT TO THE EMPLOYEE AND IS REPORTED IN REPORTABLE COMPENSATION ON FORM 990, PART VII, SECTION A, COLUMN (D) AND SCHEDULE J, PART II, COLUMN (B)(III). PART I, LINE 1B THE ORGANIZATION HAS NO WRITTEN POLICY PER SE, HOWEVER, IT FOLLOWS THE IRS TAX LAW RELATED TO TAXABLE EMPLOYER BENEFITS FOR THE EMPLOYEES FOR WHICH THE UNIVERSITY PAYS COUNTRY CLUB DUES. IA HIGHER EDUCATION LOAN AUTHORITY - SERIES A 421235696 2012-05-25 8000000 REFUNDING BONDS (1/22/98)/ SCIENCE FACILITY 0 0 0 IA HIGHER EDUCATION LOAN AUTHORITY - SERIES B 421235696 2012-05-25 8000000 SCIENCE FACILITY 0 0 0 8000000 35853 3347139 4617008 1 0 0 1 8000000 35853 19487 7944660 0 0 0 1 0 0 0 0 0.00000 0.00000 0.00000 1 0 0 0 0 0.00000 0.00000 0.00000 1 0 1 0 0 0 0 0 1 0 0 0 0 SCHEDULE K, PART II, COLUMN A, LINE 11, OTHER SPENT PROCEEDS: CURRENT REFUNDING CONLON CONSTRUCTION CO TIMOTHY J CONLON, TRUSTEE IS AN OWNER AND OFFICER OF CONLON CONSTRUCTION CO 469086 CONSTRUCTION SERVICES 0 X 2610 THRIFT STORE VALUE X 11357 THRIFT STORE VALUE X 9 54081 FAIR MARKET VALUE X 28 6242 RETAIL SALES PRICE X DISCOUNTED GOODS 24 12249 DISCOUNTED AMOUNT X GIFT CERTIFICATES 43 3953 FACE VALUE X TICKETS & PASSES 20 3021 FACE VALUE 0 0 1 0 METHOD FOR DETERMINING NUMBER OF CONTRIBUTORS: PART I, COLUMN (B): QUANTITIES REPORTED INDICATE THE NUMBER OF CONTRIBUTIONS. NEW PROGRAM SERVICES FORM 990, PART III, LINE 2 THE UNIVERSITY RECEIVED ITS EQUITABLE PORTION OF THE MCELROY LOAN FUND TRUST EFFECTIVE FEBRUARY 29, 2012. THE UNIVERSITY WILL CONTINUE TO USE THE ASSETS FROM THE TRUST TO DISBURSE LOANS TO STUDENTS AND USE THE SAME CRITERIA FOR LENDING. FORM 990, PART VI, SECTION A, LINE 2 ROBERT H. WAHLERT, TRUSTEE AND ROBERT C. WAHLERT, TRUSTEE HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 7B THE BOARD OF TRUSTEES HAS GENERAL POWERS, DUTIES, AND RESPONSIBILITIES WITH REGARD TO GOVERNANCE OF THE ORGANIZATION. IN ADDITION, PURSUANT TO THE BYLAWS OF THE ORGANIZATION, A BOARD OF CORPORATORS CONSISTING OF NINE (9) SPECIFIC INDIVIDUALS FROM THE BOARD OF TRUSTEES, HAS AUTHORITY TO: A. ADOPT, ALTER, AMEND OR REPEAL THE BYLAWS OF THE CORPORATION. B. EXERCISE, IN ITS DISCRETION, THE POWER OF DISAFFIRMATION WITH REGARD TO BOARD OF TRUSTEE DECISIONS/ACTIONS. DISAFFIRMATION REQUIRES A MAJORITY VOTE OF THE BOARD OF CORPORATORS AND MUST BE EXERCISED WITHIN FIVE (5) DAYS OF THE BOARD OF TRUSTEE DECISION/ACTION BEING DISAFFIRMED. C. EXERCISE SUCH OTHER POWERS AS IT MAY, FROM TIME TO TIME, RESERVE TO ITSELF. EACH MEMBER OF THE BOARD OF CORPORATORS IS ENTITLED TO ONE (1) VOTE. FORM 990, PART VI, SECTION B, LINE 11 THE BOARD OF TRUSTEES OF CLARKE UNIVERSITY HAS DELEGATED THE REVIEW OF THE FORM 990 TO THE AUDIT COMMITTEE MADE UP OF MEMBERS OF MANAGEMENT OF CLARKE AND SEVERAL TRUSTEES WHO SERVE ON THE BOARD. THE AUDIT COMMITTEE MEETS TO REVIEW THE COMPLETED FORM 990 WITH THE PAID TAX PREPARER. ANY REVISIONS ARE MADE AND SUBSEQUENTLY APPROVED BY THE COMMITTEE PRIOR TO THE FULL BOARD MEETING. ALL TRUSTEES RECEIVE A FINAL COPY OF THE FORM 990 AFTER IT IS APPROVED BY THE AUDIT COMMITTEE AND BEFORE IT IS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ANY DUALITY OF INTEREST OR POSSIBLE CONFLICT OF INTEREST ON THE PART OF ANY BOARD OF TRUSTEE MEMBER SHALL BE DISCLOSED TO THE OTHER MEMBERS OF THE BOARD OF TRUSTEES AND MADE A MATTER OF RECORD THROUGH AN ANNUAL PROCEDURE AND ALSO WHEN THE CONFLICT OF INTEREST BECOMES A MATTER OF ACTION BY THE BOARD OF TRUSTEES. ANY BOARD OF TRUSTEE MEMBER HAVING A DUALITY OF INTEREST OR POSSIBLE CONFLICT OF INTEREST ON ANY MATTER SHALL NOT VOTE OR USE HIS OR HER PERSONAL INFLUENCE ON THE MATTER, AND HE OR SHE SHALL NOT BE COUNTED IN DETERMINING THE QUORUM SITUATION. THE FOREGOING REQUIREMENTS SHALL NOT BE CONSTRUED AS PREVENTING THE BOARD OF TRUSTEE MEMBER FROM BRIEFLY STATING HIS OR HER POSITION IN THE MATTER, NOR FROM ANSWERING PERTINENT QUESTIONS OF OTHER BOARD OF TRUSTEE MEMBERS SINCE HIS OR HER KNOWLEDGE MAY BE OF GREAT ASSISTANCE. ANY NEW MEMBER OF THE BOARD WILL BE ADVISED OF THIS POLICY UPON ENTERING ON THE DUTIES OF HIS AND HER OFFICE. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD HAS A CONVERSATION DURING AN EXECUTIVE SESSION AT THE JANUARY MEETING ABOUT THE PRESIDENT'S SALARY AND ALL TERMS IN HER CONTRACT. A SMALL AD HOC GROUP COMPOSED OF THE CHAIR, VICE-CHAIR, AND TRUSTEE/LEGAL COUNSEL THEN MEET TO DISCUSS HER SALARY. THEY REVIEW THE COMPARATIVE SALARIES FOR OTHER PRESIDENTS IN THE IOWA ASSOCIATION OF INDEPENDENT COLLEGE & UNIVERSITIES (IAICU), AND PREPARE A RECOMMENDATION FOR THE FULL BOARD TO APPROVE. THE RECOMMENDATION IS APPROVED OR REJECTED BY THE BOARD AT THE APRIL MEETING. REGARDING THE VICE PRESIDENTS, THE AUDIT COMMITTEE LOOKS AT THEIR SALARIES AND ALSO COMPARES THEM TO THE IAICU DATA FOR LIKE POSITIONS. VICE PRESIDENTS RECEIVE THE SAME INCREASE AS ALL OTHER SALARIED AND FACULTY EMPLOYEES ON AN ANNUAL BASIS. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND AUDITED FINANCIAL STATEMENTS OF CLARKE UNIVERSITY ARE ALWAYS AVAILABLE UPON REQUEST. IN ADDITION, OUR UNIVERSITY-WIDE CONFLICT OF INTEREST POLICY IS AVAILABLE ON OUR WEBSITE IN THE EMPLOYMENT MANUAL. OUR AUDITED FINANCIAL STATEMENTS ARE ALSO POSTED ON THE NACUBO WEBSITE. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -1,899,083. ADDITIONAL INFORMATION REGARDING THE SALARY OF JOAN LINGEN, BVM, PHD: FORM 990, PART VII, SECTION A JOAN LINGEN, BVM, PHD IS A MEMBER OF A RELIGIOUS ORDER AND HAS TAKEN A BONA FIDE VOW OF POVERTY AND RECEIVES NO TAXABLE COMPENSATION. THE ANNUAL SALARY (EXCLUDING BENEFITS) FOR JOAN LINGEN'S POSITION AS PROVOST AND VP OF ACADEMIC AFFAIRS IS $110,750. OF THIS AMOUNT, $46,217 IS PAID DIRECTLY TO HER RELIGIOUS ORDER, THE SISTERS OF CHARITY OF THE BLESSED VIRGIN MARY ("BVM"). THE REMAINING PORTION OF HER SALARY OF $64,533 REPRESENTS CONTRIBUTED SERVICES. DETAILS OF THE SALARY AND BENEFITS RELATED TO THIS POSITION ARE AS FOLLOWS: BASE COMPENSATION (PAID DIRECTLY TO BVM): $ 46,217 BASE COMPENSATION (CONTRIBUTED SERVICES): 64,533 DEFERRED COMPENSATION RETIREMENT CONTRIBUTION (PAID TO BVM FOR BVM PLAN): 4,424 HEALTH INSURANCE PREMIUMS (PAID TO BVM FOR BVM PLAN): 1,128 EMPLOYER PAID LIFE AND LTD INSURANCE PREMIUMS: 688 TOTAL COMPENSATION $116,990 MCELROY CLARKE LOAN FUND 1550 CLARKE DRIVE DUBUQUE IA 52001 421202190 EDUCATIONAL LOAN FUND IA 501(C)(3) LINE 11A, I CLARKE UNIVERSITY OF DUBUQUE IOWA 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 MCELROY CLARKE LOAN FUND R 51873 CASH MCELROY CLARKE LOAN FUND R 327655 NET RECEIVABLES - COST