2012-10-11T16:15:59-05:00 2012-05-31 420794029 DENMAN & COMPANY LLP 1601 22ND STREET SUITE 400 WEST DES MOINES IA 502661453 990 2011-06-01 420680460 DRAKE UNIVERSITY DRAK 5152713112 2507 UNIVERSITY AVENUE DES MOINES IA 503114505 DEBORAH C NEWSOM 5152713112 2012-10-11 1 BRUCE CAHILL P00546325 5152258400 2011 2016-02-24 21:20:13Z DR DAVID E MAXWELL 2507 UNIVERSITY AVENUE DES MOINES IA 503114505 191822640 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. 40 39 3535 750 207760 10365 32610375 22610250 150057911 152883871 4206977 2069051 2326532 3068780 189201795 180631952 48496172 48151340 0 0 76845940 79614650 33267 29594 4064590 46542966 47568498 171918345 175364082 17283450 5267870 386039289 384972409 111007236 114993082 275032053 269979327 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 154275472 48151340 152904594 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. 154275472 1 1 0 1 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 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 0 1 X 15230 0 3535 1 1 1 1 CA CJ OC 0 0 0 1 1 0 0 0 0 X 40 39 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X DEBORAH NEWSOM 5152713112 2507 UNIVERSITY AVENUE DES MOINES IA 50311 GREG ABEL 1.00 X 0 0 0 ANN G ANDERSON 1.00 X 0 0 0 CHRISTIN ANDERSON 1.00 X 0 0 0 HERBERT M BAUM 1.00 X 0 0 0 ROGER K BROOKS 1.00 X 0 0 0 PATRICIA HINES COWNIE 1.00 X 0 0 0 RICHARD S CUSAC 1.00 X 0 0 0 SALLY DAVIS 1.00 X 0 0 0 DONALD F DAVIDSON 1.00 X 0 0 0 DONALD LEE DECKER 1.00 X 0 0 0 WILLIAM W DRURY JR 1.00 X 0 0 0 CHARLES DUCHEN 1.00 X 0 0 0 MARK ERNST 1.00 X 0 0 0 JAMES H EWOLDT 1.00 X 0 0 0 PEGGY FISHER 1.00 X 0 0 0 DONALD H FLETCHER 1.00 X 0 0 0 DAVID GOLDER 1.00 X 0 0 0 KAREN GOODENOW 1.00 X 0 0 0 DICK HARTIG 1.00 X 0 0 0 CAIN HAYES 1.00 X 0 0 0 ANNE HILTON 1.00 X 0 0 0 JAMES W HUBBELL III 1.00 X 0 0 0 DANIEL E JACOBI 1.00 X 0 0 0 ELIZABETH S JACOBS 1.00 X 0 0 0 SCOTT JOHNSON 1.00 X 0 0 0 DR FRANCES BARTLETT KINNE 1.00 X 0 0 0 WILLIAM C KNAPP 1.00 X 0 0 0 WILLIAM CLARE KNAPP II 1.00 X 0 0 0 CATHRYN LACY 1.00 X 0 0 0 JUSTICE DOUGLAS S LANG 1.00 X 0 0 0 PAUL W LEAVITT 1.00 X 0 0 0 CYNTHIA LESHER 1.00 X 0 0 0 DAVID MAXWELL 40.00 X X 380744 0 180730 DWIGHT D OPPERMAN 1.00 X 0 0 0 SUKU RADIA 1.00 X 0 0 0 THOMAS J ROSSLEY 1.00 X 0 0 0 DEBBIE SCRIPPS 1.00 X 0 0 0 JOHN JOSEPH SHUFELDT JR 1.00 X 0 0 0 WILLIAM E SMITH 1.00 X 0 0 0 E THOMAS SULLIVAN 1.00 X 0 0 0 KERMIT SUTTON 1.00 X 0 0 0 RUDOLPH D TREBELS 1.00 X 0 0 0 BENJAMIN B ULLEM 1.00 X 0 0 0 LARRY D ZIMPLEMAN 1.00 X 0 0 0 JOHN AUGUST 1.00 X 0 0 0 JAMES BRUNER 1.00 X 0 0 0 JACK C PESTER 1.00 X 0 0 0 MARSHA TERNUS 1.00 X 0 0 0 ANDREW W WRIGHT III 1.00 X 0 0 0 VICTORIA PAYSEUR 40.00 X 247075 0 25019 LINDA RYAN 40.00 X 78427 0 11304 JOHN SMITH 40.00 X 173912 0 24137 THOMAS DELAHUNT III 40.00 X 168959 0 24543 SUSAN WRIGHT 40.00 X 134785 0 14398 MARK PHELPS 40.00 X 305983 0 26999 ALLAN VESTAL 40.00 X 249938 0 30517 NEIL HAMILTON 40.00 X 221085 0 26204 C KENNETH MEYER 40.00 X 197486 0 21427 RAYLENE ROSPOND 40.00 X 190715 0 26878 MICHAEL RENNER 40.00 X 220313 0 26677 2569422 0 438833 111 1 1 0 SODEXO INC & AFFILIATES 4880 PAYSPHERE CIRCLE CHICAGO IL 606740048 DINING & FACILITY SERVICES 7527145 DES MOINES INDEPENDENT SCHOOL DISTRICT 901 WALNUT STREET DES MOINES IA 503093506 HEAD START PROGRAM 1470873 LAMAIR-MULOCK-CONDON COMPANY 4200 UNIVERSITY AVENUE SUITE 200 WEST DES MOINES IA 502665945 INSURANCE 1135630 THOMSON WEST PO BOX 6292 CAROL STREAM IL 601976292 PUBLISHING COMPANY 609396 PRINCIPAL LIFE INSURANCE COMPANY 711 HIGH STREET DES MOINES IA 503920001 INSURANCE 528767 64 46200 9523912 13040138 1354807 22610250 STUDENT TUITION & FEES 611710 131138141 131138141 CONTRACT MEALS - FOOD 722100 8184491 8184491 CONTRACT INCOME - RES 721310 7158020 7158020 SPORTS INCOME 711210 3954533 3954533 PARKING FEES 812930 459376 459376 1989310 192692 1796618 152883871 2142210 2142210 27779 27779 1194460 503925 690535 690535 690535 10556916 27000 10533338 123737 23578 -96737 -73159 -73159 23390 46200 29688 -6298 -6298 OTHER INCOME 611710 2336041 -5655 2341696 ALUMNI FEES 611710 14955 14955 ATHLETIC PHOTO SALES 453220 5768 5768 2356764 180631952 135552050 207760 22261892 48151340 48151340 1496635 336291 983059 177285 58668061 52070182 4547096 2050783 3965939 3182237 632460 151242 11374637 6377827 4505215 491595 4109378 3301110 658052 150216 299554 27703 271851 387905 387905 157474 157474 29594 29594 78693 78693 5400815 4881507 438146 81162 495861 233264 262122 475 1632556 1177198 208009 247349 3983755 3690147 67963 225645 2218192 2218192 7641618 7520435 121183 642581 9322 633259 UNRELATED BUS INC TAX 25230 13094 12136 CONTRACTS & LEASES 9638013 9035022 523813 79178 DUES & SUBSCRIPTIONS 3186290 2643427 514997 27866 UTILITIES 2097314 1974842 122472 9682647 7274858 2055589 352200 175364082 154275472 17024020 4064590 23756659 25278280 15333605 19909525 17787907 18033190 4196147 4383870 15006115 13598266 255613 226972 1431139 1293857 265487815 97829192 169875908 167658623 93096021 60034108 43954130 73258635 1346045 1297083 386039289 384972409 23128040 25773668 11947140 12316440 8023974 8672903 56730000 53725000 11178082 14505071 111007236 114993082 X 138514527 131433380 34420639 34698657 102096887 103847290 275032053 269979327 386039289 384972409 X 5267870 -10320596 X X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 1 7313 1 120129 0 1 30032 157474 0 EXPLANATION OF LOBBYING ACTIVITIES: PART II-B, LINE 1: DRAKE UNIVERSITY HAS RETAINED THE SERVICES OF A WASHINGTON DC LAW FIRM TO MAINTAIN DIRECT CONTACT WITH LEGISLATORS, STAFFS, AND GOVERNMENT OFFICIALS FOR THE PURPOSE OF COMMUNICATING DRAKE FEDERAL FUNDING PRIORITIES. THE FIRM ALSO ADVISES DRAKE ON PUBLIC PRIVATE PARTNERSHIP WITH THE GOVERNMENT AND PROVIDES GENERAL INFORMATION ABOUT POLICY RELATED TO EDUCATION AND EDUCATION FUNDING. 153404794 5749779 -3206609 2673298 3807232 183027 149284407 135714667 5217057 19399641 2803072 3896625 226874 153404794 115406123 12142745 14692235 2793215 3508520 224701 135714667 146217248 6508576 -30729414 5460039 815005 315243 115406123 0.26500 0.65810 0.07690 1 0 8041195 23813557 31854752 174248349 69749264 104499085 57706541 28079928 29626613 1678173 1678173 167658623 CASH SURRENDER VALUE - LIFE INSURANCE 4371336 F FUNDS HELD IN TRUST BY OTHERS 9019386 F PRIVATE EQUITY FUNDS 49618288 F PRIVATE COMMINGLED BOND FUNDS 10249625 F 73258635 ANNUITIES PAYABLE 3113613 INTEREST RATE SWAP AGREEMENT LIABILITY 9679887 REAL ESTATE DEPOSITS 92792 AGENCY FUNDS 127356 FIN 47 LIABILITY 1482423 OTHER DEPOSITS 9000 14505071 180631952 175364082 5267870 -5866008 -4454588 -10320596 -5052726 122189704 -5866008 -4454588 -10320596 132510300 48121652 48121652 180631952 127242430 29688 29688 127212742 48151340 48151340 175364082 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: 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. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: 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 MAY 31, 2012, 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 8 - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -42,024. CHANGE IN VALUE OF INTEREST RATE SWAP AGREEMENTS -3,527,251. POSTRETIREMENT BENEFIT PLAN RELATED CHANGES -885,313. TOTAL TO SCHEDULE D, PART XI, LINE 8: -4,454,588. PART XII, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -42,024. CHANGE IN VALUE OF INTEREST RATE SWAP AGREEMENTS -3,527,251. POSTRETIREMENT BENEFIT PLAN RELATED CHANGES -885,313. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 48,151,340. FUNDRAISING EVENT EXPENSES -29,688. PART XIII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES 29,688. PART XIII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 48,151,340. 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 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. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE 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. X X X X X X X 1 BENTZ WHALEY FLESSNER INC 7251 OHMS LANE MINNEAPOLIS MN 55439 CONSULTING 0 0 29594 -29594 29594 -29594 BULLDOG CLUB GOLF TOURNAMENT 21290 7950 13340 132 4414 2399 5446 TALONS OF TUSCANY GOLF TOURNAMENT 48300 38250 10050 1434 2509 13354 69590 46200 23390 1566 4414 4908 18800 29688 -6298 SCHEDULE G, PART I, LINE 3, STATE REGISTRATION: THE ORGANIZATION IS IN THE PROCESS OF COMPLETING THE VARIOUS REGISTRATIONS TO SOLICIT FUNDS IN CERTAIN STATES. 1 DRAKE UNIVERSITY AWARDED STUDENT AID 3603 43569533 RESTRICTED/ENDOWED SCHOLARSHIPS 618 4581807 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, 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 FY11 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 0 0 0 0 0 0 0 0 0 DAVID MAXWELL 335951 0 10000 0 34793 0 169600 0 11130 0 561474 0 0 0 VICTORIA PAYSEUR 232265 0 6000 0 8810 0 18733 0 6286 0 272094 0 0 0 JOHN SMITH 162077 0 6000 0 5835 0 13361 0 10776 0 198049 0 0 0 THOMAS DELAHUNT III 161340 0 7000 0 619 0 13670 0 10873 0 193502 0 0 0 MARK PHELPS 291031 0 0 0 14952 0 16314 0 10685 0 332982 0 0 0 ALLAN VESTAL 247111 0 0 0 2827 0 19600 0 10917 0 280455 0 0 0 NEIL HAMILTON 219932 0 0 0 1153 0 15517 0 10687 0 247289 0 0 0 C KENNETH MEYER 194602 0 0 0 2884 0 10215 0 11212 0 218913 0 0 0 RAYLENE ROSPOND 189277 0 0 0 1438 0 15873 0 11005 0 217593 0 0 0 MICHAEL RENNER 199311 0 0 0 21002 0 16115 0 10562 0 246990 0 0 0 PART I, LINE 1A A UNIVERSITY-OWNED RESIDENCE IS PROVIDED TO THE PRESIDENT. 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. IOWA FINANCE AUTHORITY 521699886 46247NAQ8 2007-04-05 22598791 RENOVATION OF FACILITIES 0 0 0 IOWA FINANCE AUTHORITY 521699886 46246ABB9 2008-04-30 42700000 REFUND PRIOR ISSUE (11/30/05) 0 0 0 5785000 23523792 267150 185429 23071213 2009 0 0 1 1 5250000 42700000 275000 42425000 2004 1 0 1 1 0 0 0 0 0.00000 0.00000 0.00000 1 0 0 0 0 0.00000 0.00000 0.00000 1 0 0 0 1 ROYAL BANK CANADA 1.500000000000 1 0 1 0 1 0 0 0 1 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 V: THE UNIVERSITY WILL BE WORKING WITH BOND COUNSEL IN CONNECTION WITH THE BOARD THIS YEAR ON IMPLEMENTING A POLICY REGARDING VCAP/SELF-REMEDIATION. UNIVERSITY STAFF ARE ALSO AWARE OF THE RULES AND ARE DILIGENT IN MONITORING. X 38 1332790 TRADING PRICE -DON. DATE X PROGRAM EQUIPMENT 40 22017 APPRAISAL 0 0 1 1 THIRD PARTY USE: 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 IN APRIL 2009, THE BOARD OF DIRECTORS DETERMINED REVIEW OF THE 2008 AND SUBSEQUENT YEARS' FORM 990 SHOULD BE COMPLETED BY THE BOARD AUDIT COMMITTEE. IN OCTOBER 2012, 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 DIRECTOR, OFFICER, AND KEY ADMINISTRATOR. THE FORM IS COLLECTED BY THE PRESIDENT'S OFFICE WHICH ENSURES ALL REQUESTED FORMS ARE RECEIVED. DRAKE'S EXTERNAL AUDIT FIRM REVIEWS THE FORMS AS PART OF THEIR ANNUAL AUDIT AND REPORTS FINDINGS TO THE BOARD AUDIT COMMITTEE. 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 THE ANNUAL SURVEY CONDUCTED BY THE COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION FOR HUMAN RESOURCES (CUPA-HR). OVER 1,200 INSTITUTIONS PARTICIPATED IN THE SURVEY IN THE FALL OF 2010. RESULTS WERE PUBLISHED IN FEBRUARY OF 2011. 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -5,866,008. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -42,024. CHANGE IN VALUE OF INTEREST RATE SWAP AGREEMENTS -3,527,251. POSTRETIREMENT BENEFIT PLAN RELATED CHANGES -885,313. TOTAL TO FORM 990, PART XI, LINE 5: -10,320,596. 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 IV, DISTRIBUTIONS FROM A SECTION 1291 FUND: ALL AMOUNTS IN PART IV 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.