2012-03-02T15:26:52-07:00 2011-05-31 990 2010-06-01 420680400 MORNINGSIDE COLLEGE MORN 7122745000 1501 Morningside Avenue Sioux City IA 511061717 Ronald Jorgensen 7122745000 2012-03-02 2010 2016-02-24 21:20:13Z John Reynders 4405 Old Lakeport Sioux City IA 51106 40429364 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...). 42 39 1282 188 0 0 2202271 2572709 35001823 35475568 168565 878518 194037 266672 37566696 39193467 11409909 12159820 0 0 16205801 16902860 0 0 966961 12442257 12308600 40057967 41371280 -2491271 -2177813 83305969 87337983 32562313 31834095 50743656 55503888 THE MORNINGSIDE COLLEGE EXPERIENCE CULTIVATES A PASSION FOR LIFE-LONG LEARNING AND A DEDICATION TO ETHICAL LEADERSHIP AND CIVIC RESPONSIBILITY. 0 0 29537840 12159820 28045653 Provides Graduate and Under Graduate classes for students. 2028423 0 2849150 Provides Residence Hall (living quarters) for Full time Undergraduate students. 1765921 0 2714826 Provide Food Service (CAfeteria) for students. 297467 0 1865959 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 297467 0 1865959 33629651 1 1 0 0 0 0 0 1 1 1 1 1 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0 0 0 0 0 1 140 0 1 1282 1 0 0 0 0 0 0 0 0 0 0 X 42 39 0 0 0 0 0 0 0 1 1 1 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 X 0 0 0 SANDRA BAINBRIDGE 0.5 X 0 0 0 MICHAEL BENNETT 0.5 X 0 0 0 CRAIG BERENSTEIN 0.5 X 0 0 0 ROBERT BURKHART 0.5 X 0 0 0 JAMES CARLSON 0.5 X 0 0 0 ARLENE CURRY 0.5 X 0 0 0 ROGER CURRY 0.5 X 0 0 0 RICHARD ENGLE 0.5 X 0 0 0 THOMAS GRIMSLEY 0.5 X 0 0 0 JAMES HANKE 0.5 X 0 0 0 DAVE LAGESCHULTE 0.5 X 0 0 0 ESTHER MACKINTOSH 0.5 X 0 0 0 NANCY METZ 0.5 X 0 0 0 CYNTHIA MOSER 0.5 X 0 0 0 TOM NARAK 0.5 X 0 0 0 TONY NESTER 0.5 X 0 0 0 RUSSELL OLSON 0.5 X 0 0 0 MARTY PALMER 0.5 X 0 0 0 SKIP PERLEY 0.5 X 0 0 0 SCOTT RAGER 0.5 X 0 0 0 DAVE ROEDERER 0.5 X 0 0 0 THOMAS ROSEN 0.5 X 0 0 0 GARRETT SMITH 0.5 X 0 0 0 CRAIG STRUVE 0.5 X 0 0 0 JULIUS TRIMBLE 0.5 X 0 0 0 KEVIN VAUGHAN 0.5 X 0 0 0 JAMES WALKER 0.5 X 0 0 0 RICHARD WALLER 0.5 X 0 0 0 CRAIG WANSINK 0.5 X 0 0 0 CURTIS WHITE 0.5 X 0 0 0 CONNIE HORTON WIMER 0.5 X 0 0 0 RONALD YOCKEY 0.5 X 0 0 0 DONALD ZELEZNAK 0.5 X 0 0 0 STEPHEN DAVIS 0.5 X 0 0 0 JOHN GLEESON 0.5 X 0 0 0 DOUGLAS PALMER 0.5 X 0 0 0 CLIFFORD TUFTY 0.5 X 0 0 0 Daniel J Ryan 0.5 X 0 0 0 Heather Nielsen 0.5 X 4084 0 0 JOHN REYNDERS 40 X 214255 0 74985 RONALD JORGENSEN 40 X 126174 0 24176 TERRI CURRY 40 X 127809 0 14795 THOMAS RICE 40 X 127757 0 19816 WILLIAM DEEDS 40 X 122326 0 27545 722405 0 161317 5 0 1 0 Royall & Company 1920 E Parham Rd Richmond VA 23228 Admissions consulting 439323 Sargent Builders 1800 S Cedar St Sioux City IA 51106 Building Contractor 371605 Bacon Creek Construction 220 S Westcott St Sioux City IA 51106 Building Contractor 140282 3 0 0 0 0 364939 2207770 384854 2572709 Tuition and Fees 611600 28045653 28045653 0 0 Residence Halls 721310 2849150 2849150 0 0 Food Service 722210 2714826 2714826 0 0 Bookstore Sales 451211 995541 995541 0 0 Athletic Functions 900099 83724 83724 0 0 786674 786674 0 0 35475568 886291 0 0 886291 0 0 0 0 0 0 0 0 425038 0 154873 0 270165 0 270165 0 0 270165 1073251 0 1081024 0 -7773 0 -7773 -7773 0 0 0 Present Value Adjustment 900099 -3493 0 0 -3493 0 0 0 0 -3493 39193467 35467795 0 1152963 0 0 12159820 12159820 0 0 0 0 379052 0 379052 0 0 0 0 0 12926591 9713119 2631462 582010 764599 544272 175858 44469 1955266 1417344 449711 88211 877352 635467 201791 40094 464782 464782 0 0 22927 16737 5273 917 43079 0 43079 0 0 0 0 0 150930 110179 34714 6037 0 0 0 0 105107 105107 0 0 170632 124562 39245 6825 318609 232585 73280 12744 0 0 0 0 1461956 1067228 336250 58478 542869 396294 124860 21715 0 0 0 0 119117 86955 27397 4765 906653 698123 208530 0 0 0 0 0 1811355 1249835 489066 72454 336383 245560 77368 13455 Auxillary 5110351 3717647 1392704 0 Other Operating Expenses 320323 320323 0 0 Fair Value Hedge Interest Expense 53841 53841 0 0 369686 269871 85028 14787 41371280 33629651 6774668 966961 1001399 360363 98362 319950 1785079 1356617 759162 658926 3576998 3469720 188030 197473 159100 172122 61158894 24469326 37688064 36689568 31632388 37298860 6271197 6641970 146190 172414 83305969 87337983 1619766 1701757 38577 22256 24765000 23745000 375135 460435 2443802 2418541 3320033 3486106 32562313 31834095 X 15449681 18056543 5131555 6788464 30162420 30658881 50743656 55503888 83305969 87337983 X -2177813 6938045 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 961185 0 0 X 1 0 1 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 1137750 7073303 8211053 1151301 39448491 17644391 22955401 0 0 0 0 0 9055364 6640527 2414837 0 3292685 184408 3108277 36689568 Short term investments 1005312 F other 1054 F Pinehurst Instituitional LTD 3346553 F Farm Real Estate 2289051 C 6641970 213273 State Income Taxes 36890 Acturial Liability for Annuities 526630 Interest Rate Swap Agreement 1711643 Other Current Liabilities 997670 3486106 39193467 41371280 -2177813 6938045 0 0 0 0 6938045 4760232 46131513 6938046 0 0 0 6938046 39193467 0 0 0 39193467 41371280 0 0 0 0 0 41371280 0 0 0 41371280 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 ro 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 methodologiies of the pieces. Students in art history and other humanities courses study the visual content and style in a contextual relationship with human history. 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. 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 of each year. SchE_P01_S00_L06 Schedule E, Part I, Line 6 The college passes through asistance to eligible students. 1 Activity Grants 638 2051063 0 Academic Scholarships & Non need based grants 1204 7913331 Department Grants 588 1568230 Endowed Scholarships 237 627196 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 automatically determines the eligibility for federal, state and instituitional grant funding against a series of preiestablished 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. For all returning students, a computer program checks eligibility for federal and state grant funding. A member of the Student Financial Planning staff updates this data for each new award year. Each semester, there are also a series of programs that are run to confirm eligibility for Federal, State and Instituitional grant funding to ensure all changes and or updates have been properly processed. X X X 0 1 X X X X X 0 0 0 0 0 0 0 1 0 JOHN REYNDERS 208255 0 6000 0 4011 0 65468 0 7717 0 291451 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 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_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. Iowa Finance Authority 521699886 46246AAZ7 2006-12-13 8000000 Construction and Equipment 0 0 0 Iowa Finance Authority 521699886 46246ABA1 2007-07-18 3905000 Construction and Equipment 0 0 0 Iowa Finance Authority 421235696 46246OD60 2010-05-19 5500000 Working Capital 0 0 1 300000 0 8000000 0 0 0 200289 0 0 7799711 0 0 0 0 1 1 1115000 0 3905000 0 0 0 100885 0 0 3036986 0 0 0 0 1 1 0 0 5500000 0 0 0 31448 0 5468552 0 0 0 2010 0 0 1 1 0 0 0 0 1 0 0 0 1 0 0 0 0 1 0 0 0 1 0 0 0 0 1 0 0 0 1 0 1 1 US Bank 24.50 0 0 0 0 1 0 1 1 US Bank 20.20 0 0 0 0 1 0 0 0 0 0 1 Garrett Smith Board Member 75137 Compensation 0 William Deeds VP & Dean 24540 Compensation 0 X 1 200000 Insured value of the gift X 6 184854 Avg Mkt value on gift date 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_S0A_L09 Form 990, Part VI, Section A, Line 9 Larry P Arnold 205 Northgate Rd Wayzata MN 55391, Sandra K Bainbridge 978 Wynstone Dr Jefferson SD 57038, Michael L Bennett 4280 Srgt RD Suite 250 Sioux City IA 51106, Craig S Berenstein 721 Deerfield Dr Sioux City IA 51108, Robert Burkhart 2301 Rittenhouse St Des Moines IA 50321, James G Carlson 4425 Corporation Lane Virginia Beach VA 23462, Arlene T Curry 500 6th St sioux City IA 51102, Roger Curry 28000 Audrey Smith Lane Saratoga CA 95070, Stephen F Davis 649 Hide A Way Lane E Hideaway TX 75771, Richard C Engle 3624 Juniper CT Sioux City IA 51106, John W Gleeson PO BOx 8800 Sioux City IA 51102, Thomas P Grimsley 1800 11 th St Sioux City IA 51101, James E Hanke 1918 Hughes Dr SW Cedar Rapids IA 52404, Dave L Lageschulte 4411 Cleveland Ave Fort Myers FL 33901, Esther M Mackintosh 1600 Wilson Blvd Suite 902 Arlington VA 22209, Nancy R Metz 933 Spyglass Circle Dakota Dunes SD 57049, Cynthia C Moser PO Box 3086 Sioux City IA 51102, Tom C Narak 3550 Mill Civic Parkway West Des Moines IA 50265, Tony R Nester 1735 Morningside Ave Sioux City IA 51106, Russell G Olson 6400 Westown Parkway Wast Des Moines IA 50266, Douglas E Palmer PO Box 3809 Sioux City IA 51102, Marty Palmer 2600 Hwy 75 N Sioux City IA 51105, Skip Perley PO Box 207 Sioux City IA 51102, Scott Rager 307 North Michigan Ave Chicago IL 60601, David Roederer 321 E Walnut Suite 100 Des Moines IA 50309, Thomas J Rosen PO Box 933 Fairmont MN 56031, Garrett K Smith PO Box 178 Sioux City IA 51102, Craig I Struve PO Box 98 Calumet IA 51009, Julius C Trimble 2301 Rittenhouse St Des Moines IA 50321, Clifford E Tufty 801 Lewis Blvd Sioux City IA 51105, Kevin Vaughan PO Box 1700 North Sioux City SD 57049, Donald W Verdoorn 304 Iverness Way S Suite 180 Englewood CO 80112, James A Walker 2685 North Shore Dr Wayzata MN 55391, Richard A Waller PO Box 147 Sioux City IA 51102, Craig Wansink 1584 Wesleyan Dr Norfolk VA 23502, Curtis N White 333 Continental Blvd El Segundo CA 90245, Connie Horton Wimmer 100 4th St Des Moines IA 50309, Ronald C Yockey 891 Two Rivers Drive Dakota Dunes SD 57049, Donald J Zelenznak 11159 Ironwood Square Dr Scottsdale AZ 85259 F990_P06_S0B_L11a Form 990, Part VI, Section B, Line 11a 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 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 is 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 performance and a comparasion of peer group salary levels for comparable positions. The President prepares the annual evaluation with input from the faculty senate. The President 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. F990_P11_S00_L05 Form 990, Part XI, Line 5 Investment income Unrealized Gains