2011-11-02T12:30:29-05:00 2011-05-31 BAKER TILLY VIRCHOW KRAUSE LLP 225 S 6TH ST STE 2300 MINNEAPOLIS MN 55402 990 2010-06-01 420680412 LORAS COLLEGE LORA 5635887100 1450 ALTA VISTA STREET DUBUQUE IA 52001 JAMES COLLINS 5635884992 2011-10-27 1 LAWRENCE H MOHR CPA 6128764500 2011-10-27 2010 2016-03-07 17:11:31Z JAMES COLLINS 1450 ALTA VISTA STREET DUBUQUE IA 52001 81446406 0 X WWW.LORAS.EDU X 1839 IA EDUCATION 29 28 1437 374 141908 9232 8405847 7502750 46022711 48350194 3276683 1494589 248355 658393 57953596 58005926 17801451 19389481 0 0 21098372 21658531 62216 65999 1895378 17592648 18168486 56554687 59282497 1398909 -1276571 113925665 111135769 74230739 71906669 39694926 39229100 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 19389481 19389481 SCHOLARSHIPS AND GRANTS TO STUDENTS 14796273 39962140 INSTRUCTION AND ACADEMIC SUPPORT PROVIDED TO FULL AND PART TIME STUDENTS (1,516 FULL TIME EQUIVALENT STUDENTS). 8376757 0 3038899 STUDENT SERVICES, INCLUDING STUDENT DEVELOPMENT, INTERCOLLEGIATE ATHLETICS AND OTHER SERVICES. 12999176 5349155 OTHER PROGRAM SERVICES INCLUDE AUXILIARY PROGRAMS SUCH AS HOUSING AND FOOD SERVICE, RESEARCH, PUBLIC SERVICE AND INSTITUTIONAL SUPPORT. 12999176 5349155 55561687 1 1 0 0 0 0 0 1 0 1 1 0 0 0 1 1 1 0 1 1 1 0 0 1 1 1 0 0 1 1 1 0 0 0 0 0 0 1 1 1 1 1 0 0 0 0 1 1 1 0 0 1 159 0 1 1437 1 1 1 1 EI 0 0 0 1 1 0 0 0 0 X 29 28 0 0 1 0 0 0 0 1 1 0 1 1 1 1 1 1 1 1 1 1 1 1 IL CA X JAMES COLLINS 5635887103 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 PAUL J BREITBACH 1.00 X 0 0 0 TROY CICERO 1.00 X 0 0 0 MICHAEL COLLOTON 1.00 X 0 0 0 JAMES M DAVIS 1.00 X 0 0 0 KATHY HANNON 1.00 X 0 0 0 GREG GUMBAL 1.00 X 0 0 0 VERY REV EVERETT HEMANN 1.00 X 0 0 0 ELDON T HERRIG 1.00 X 0 0 0 THERESA HOFFMAN 1.00 X X 0 0 0 DENNIS HOULIHAN 1.00 X 0 0 0 RICHARD KENNEY 1.00 X 0 0 0 JEFFREY LADD 1.00 X 0 0 0 THOMAS E MCCARTY 1.00 X 0 0 0 JOHN MULHERIN 1.00 X 0 0 0 TONY REARDON 1.00 X 0 0 0 STEPHANIE SAVAGE 1.00 X 0 0 0 REV JOHN P SCHLEGEL 1.00 X 0 0 0 JOHN SCHMIDT 1.00 X 0 0 0 NATALIE SCHRAMM 1.00 X 0 0 0 DAVID W SPAHN 1.00 X X 0 0 0 ANDREW P STUDDERT 1.00 X 0 0 0 THOMAS J TAUKE 2.00 X X 0 0 0 JAMES THEISEN 1.00 X 0 0 0 DON ULRICH 1.00 X 0 0 0 SISTER MARGARET WICK 1.00 X 0 0 0 DAVID WILSON 1.00 X 0 0 0 JAMES E COLLINS 40.00 X X 238509 0 30068 CHERYL JACOBSEN 40.00 X 130265 0 16269 STEPHEN J SCHMALL 40.00 X 120097 0 57454 GLORA REGALBUTO-BENTLEY 40.00 X 108947 0 15178 LISA L BUNDERS 40.00 X 111229 0 23459 PAMELA GERARD 40.00 X 157026 0 10830 ROBERT TUCKER 40.00 X 115768 0 10248 981841 0 163506 7 0 1 0 ARAMARK 1450 ALTA VISTA DUBUQUE IA 52004 FOOD SERVICE 2810793 ACS EDUCATION SERVICES PO BOX 7061 UTICA NY 13504 STUDENT LOAN SERVICER 131896 2 7788 1021755 6473207 468075 7502750 COLLEGE FEES & SERVICE 611600 38544328 38544328 SALES & SERVICES OF AU 900099 8859061 8859061 SALES & SERVICES OF ED 900099 259643 259643 FINE INCOME 900099 105307 105307 DELINQUENCY CHARGES 900099 84812 84812 497043 497043 48350194 544377 544377 24370084 23419872 950212 950212 950212 172335 7788 792 171543 171543 22701 19816 2885 2885 GAIN ON CASUALTY 483965 342057 342057 EXTERNAL EVENTS & CATE 722320 137742 137742 ALTA VISTA RESEARCH IN 900003 3634 3634 532 532 483965 58005926 38544328 141908 11816940 19389481 19389481 1007846 146571 659131 202144 16410891 15304776 166861 939254 794088 739331 4031 50726 2280922 2029100 164439 87383 1164784 1042023 51246 71515 42423 42423 97381 100 97281 72345 72345 65999 65999 70345 42 70303 1020299 906819 14624 98856 237652 214248 1500 21904 2317105 2171494 41827 103784 1297840 1245962 34430 17448 1237470 1237470 1114121 952119 62659 99343 19475 15079 3103 1293 2501217 2501217 3013316 3013316 229039 229039 FOOD SERVICE 2398125 2398125 REPAIRS AND MAINTENANCE 525798 525773 25 LIBRARY MATERIALS 281152 233964 47188 DUES AND SUBSCRIPTIONS 223740 223740 RECRUITING EXPENSES 220658 77924 119117 23617 1248985 921551 215347 112087 59282497 55561687 1825432 1895378 53445 17808 5107230 3136249 26279558 27500742 588091 1379733 74192 173333 699200 611410 98406490 42395719 58104274 56010771 11508077 10887457 1890749 1894526 5746319 5225330 3874530 4298410 113925665 111135769 2929756 2921980 1828722 2170597 52010000 49510000 712490 610123 16749771 16693969 74230739 71906669 X -12135431 -14772389 29347752 33518773 22482605 20482716 39694926 39229100 113925665 111135769 X -1276571 810745 X X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 429042 X X X X 0 19148993 388701 2048316 251136 218667 0 21116207 18602945 384208 315574 0 153734 0 19148993 28418475 663848 -9137075 705828 636475 0 18602945 0.00100 0.99900 0 0 1211961 1211961 75189901 27486279 47703622 11133418 8269775 2863643 10871210 6639665 4231545 56010771 AMOUNTS HELD FOR OTHERS 409236 ANNUITIES AND UNITRUSTS PAYABLE 885680 ACCRUED LOSS ON INTEREST RATE SWAP 10330405 DUE TO US GOVERNMENT 3269297 FINANCING OBLIGATION 1799351 16693969 58005926 59282497 -1276571 860327 -49582 810745 -465826 39513564 860327 36000 792 897119 38616445 19389481 19389481 58005926 39979390 36000 50374 86374 39893016 19389481 19389481 59282497 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. 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: THE INTERNAL REVENUE SERVICE HAS DETERMINED THAT THE COLLEGE IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. IT IS ALSO EXEMPT FROM STATE INCOME TAX. HOWEVER, ANY UNRELATED BUSINESS INCOME MAY BE SUBJECT TO TAXATION. 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, 2011. 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 2008 THROUGH 2010 ARE OPEN TO EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 8 - OTHER ADJUSTMENTS: UNREALIZED GAIN/LOSS ON INTEREST RATE SWAP -49,582. PART XII, LINE 2D - OTHER ADJUSTMENTS: DIRECT FUNDRAISING EXPENSES REPORTED AS CONTRA INCOME 792. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS REPORTED AS CONTRA INCOME 19,389,481. PART XIII, LINE 2D - OTHER ADJUSTMENTS: DIRECT FUNDRAISING EXPENSE REPORTED AS CONTRA INCOME 792. UNREALIZED LOSS ON INTEREST RATE SWAP 49,582. PART XIII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS REPORTED AS CONTRA INCOME 19,389,481. 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. THIS AID IS THEN AWARDED TO STUDENTS IN ACCORDANCE WITH THE GUIDELINES ESTABLISHED FOR EACH FORM OF FINANCIAL AID. EUROPE (INCLUDING ICELAND & GREENLAND) 0 1 PROGRAM SERVICES STUDY ABROAD 371118 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 0 NORTH AMERICA 0 0 PROGRAM SERVICES STUDY ABROAD 28737 1 0 1 399855 0 399855 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 325163 65999 259164 325163 65999 259164 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 20941 7788 13153 792 ATHLETICS FUNDRAISER 140545 140545 4 18637 18637 180123 7788 172335 792 792 171543 22701 6805 13011 1 22701 6805 13011 19816 2885 IA 1 0 1 0 0.73000 0.27000 JAMES COLLINS 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 UNKNOWN. 1 SCHOLARSHIP AID FOR STUDENTS' COST OF ATTENDANCE 1567 19389481 ACTUAL COST/CASH DISBURSEMENT 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 220464 0 0 0 18045 0 14409 0 15659 0 268577 0 0 0 STEPHEN J SCHMALL 113055 0 0 0 7042 0 8708 0 48746 0 177551 0 0 0 PAMELA GERARD 137600 0 0 0 19426 0 9450 0 1380 0 167856 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. IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 462460ZC3 2006-10-01 22035000 REFINANCE 1996 ISSUE, CONSTRUCTION 0 0 0 IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 NONEAVAIL 2010-05-20 4000000 WORKING CAPITAL 0 0 0 IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 NONEAVAIL 2010-05-20 3000000 WORKING CAPITAL 0 0 0 IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 NONEAVAIL 2011-05-19 5000000 WORKING CAPITAL 0 0 0 1390000 22387491 640689 137760 751533 13853174 7004335 2007 1 0 1 1 4000000 14871 40000 3945129 2011 0 0 1 1 3000000 16153 30000 2953847 2011 0 0 1 1 5000000 20202 55000 4924798 2012 0 0 1 1 0 0 0 0 1 0.00000 0.00000 0.00000 1 0 0 0 0 1 0.00000 0.00000 0.00000 1 0 0 0 0 1 0.00000 0.00000 0.00000 1 0 0 0 0 1 0.00000 0.00000 0.00000 1 1 1 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 SCHEDULE K, PART II, COLUMN A EXCESS PROCEEDS OF $352,491 ATTRIBUTED TO INVESTMENT EARNINGS. VARIOUS STUDENTS RELATED FAMILY MEMBERS 34885 GRANTS KRISTIE L ARTHOFER DAUGHTER OF REGENT 21454 COMPENSATION 0 MARCIA G ROSE SISTER OF OFFICER 2700 COMPENSATION 0 X 28 422454 AVG HIGH/LOW SHARE VALUE X PRIZES FOR EVENTS 45 7788 DONOR VALUATION X PRIZES FOR AGENCY FUNDS 75 10569 DONOR VALUATION X TECHNOLOGY EQUIPMENT 1 7465 DONOR VALUATION X FOOD/BEVERAGE 8 6703 DONOR VALUATION X EQUIPMENT 4 4028 DONOR VALUATION X MEETING EXPENSES 4 3569 FMV X FURNITURE/ DECOR 7 3525 DONOR VALUATION X OFFICE EQUIPMENT 4 1974 DONOR VALUATION 0 0 1 1 METHOD FOR DETERMINING NUMBER OF CONTRIBUTORS: PART I, COLUMN (B): THE NUMBER OF CONTRIBUTORS RATHER THAN THE NUMBER OF ITEMS IS REPORTED 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 4 THE BYLAWS OF THE COLLEGE WERE REVISED EFFECTIVE JUNE 1, 2011. THE ONLY CHANGES WERE GRAMMATICAL IN NATURE IN ORDER TO INCLUDE MORE THAN ONE VICE CHAIR. 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 5: NET UNREALIZED GAINS ON INVESTMENTS: 860,327. UNREALIZED GAIN/LOSS ON INTEREST RATE SWAP -49,582. TOTAL TO FORM 990, PART XI, LINE 5: 810,745. FORM 990, PART XII, LINE 2C THE OVERSIGHT PROCESS HAS NOT CHANGED FROM 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 C 138587 34360 0.90000 1 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 ALTA VISTA RESEARCH INC A 3634 FAIR MARKET VALUE ALTA VISTA RESEARCH INC D 5000 CURRENT MARKET RATE