2011-04-08T17:07:24-07:00 2010-05-31 990 2009-06-01 420680400 MORNINGSIDE COLLEGE MORN 7122745000 1501 Morningside Avenue Sioux City IA 511061717 Ronald Jorgensen 7122745000 2011-04-08 2009 2016-02-24 21:20:13Z John Reynders 4405 Old Lakeport Rd Sioux City IA 51106 37704623 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 38 1263 251 0 0 2477699 2202271 32331935 35001823 1978857 168565 245442 194037 37033933 37566696 10482090 11409909 0 0 15304007 16205801 0 985814 12889684 12442257 38675781 40057967 -1641848 -2491271 81627304 83305969 32977441 32562313 48649863 50743656 THE MORNINGSIDE COLLEGE EXPERIENCE CULTIVATES A PASSION FOR LIFE-LONG LEARNING AND A DEDICATION TO ETHICAL LEADERSHIP AND CIVIC RESPONSIBILITY. 0 0 27606635 11409909 27199855 Provides Graduate and Under Graduate classes for students. 1895625 0 2851164 Provide Residence Halls (living quarters) for full time Undergraduate students 1698515 0 2639578 Provide Food Service (Cafeteria) for students 689106 0 2311226 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 689106 0 2311226 31889881 1 1 0 0 0 0 1 1 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 138 0 1 1263 1 0 0 0 0 0 0 0 0 0 42 38 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 SANDRA BAINBRIDGE 0.5 X 0 0 0 ANGELA BANKS 0.5 X 0 0 0 MICHAEL BENNETT 0.5 X 0 0 0 CRAIG BERENSTEIN 0.5 X 0 0 0 LUCY BUHLER 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 GALEN JOHNSON 0.5 X 0 0 0 DAVE LAGESCHULTE 0.5 X 0 0 0 STAN LUPKES 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 DONALD VERDOORN 0.5 X 0 0 0 NORMAN WAITT 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 JOHN REYNDERS 40 X 214009 0 60451 RONALD JORGENSEN 40 X 123579 0 24463 TERRI CURRY 40 X 126703 0 14687 THOMAS RICE 40 X 124475 0 18781 WILLIAM DEEDS 40 X 119255 0 24205 708021 0 142587 5 0 1 0 Royall & Company 1920 E Parham Rd Richmond VA 23228 Admissions consulting 260433 1 0 0 23829 0 352815 1825627 445202 2202271 Tuition & Fees 611600 27199855 27199855 0 0 Residence Halls 721310 2851163 2851163 0 0 Food Service 722210 2639578 2639578 0 0 Bookstore Sales 451211 1043184 1043184 0 0 Athletics 900099 113232 113232 0 0 1154811 1154811 0 0 35001823 168565 0 0 168565 0 0 0 0 0 0 0 0 344914 0 112775 0 232139 0 232139 0 0 232139 0 0 0 0 0 0 0 0 0 0 32018 23829 25152 6866 0 0 6866 0 0 0 0 0 0 0 0 0 0 0 0 Present Value Adjustment-Annuity 900099 -44968 0 0 -44968 0 0 0 0 -44968 37566696 35001823 0 362602 0 0 11409909 11409909 0 0 0 0 381092 0 381092 0 0 0 0 0 12324724 8977809 2758682 588233 681902 470265 170476 41161 1975551 1392641 493888 89022 842532 593198 210633 38701 383555 383555 7607 5401 1902 304 40363 40363 162084 115080 40521 6483 122408 122408 161530 104686 45383 11461 337282 239470 84321 13491 1554573 1101658 390732 62183 493376 350297 123344 19735 120624 85642 30155 4827 951760 713820 237940 1896398 1301963 502695 91740 336384 238833 84096 13455 Auxillary 4941622 3386934 1554688 Fair Value Hedge Interest Expense 62143 62143 0 0 Other Expenses 745103 745103 0 0 Miscellaneous Expenses 125445 89066 31361 5018 40057967 31889881 7182272 985814 1345976 1001399 404819 98362 2804829 1785079 378194 759162 3479613 3576998 176620 188030 159264 159100 60346037 22657973 39028296 37688064 26349789 31632388 7344611 6271197 155293 146190 81627304 83305969 1388894 1619766 50766 38577 25560000 24765000 397535 375135 2343138 2443802 3237108 3320033 32977441 32562313 X 12716725 15449681 6145062 5131555 29788076 30162420 48649863 50743656 81627304 83305969 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 761185 0 0 X 0 0 1 25730894 355091 3299294 1039827 736836 96667 27511949 33419567 543944 -6375617 1379054 390946 87000 25730894 0 1 0 1 0 1137750 6979189 8116939 971379 39300564 16406856 23865087 0 0 0 0 0 8864470 6093053 2771417 0 3092685 158064 2934621 37688064 0 0 Short Term Investments 1053462 F other 1054 F Pinehurst Instituitional LTD 3107853 F Farm Real Estate 2108828 C 6271197 Misc assets 146190 146190 210023 State Income Tax 36361 Actuarial Liability for Annuities 522570 Interest Rate Swap Agreement 1657802 Other Current Liabilities 893277 3320033 37566696 40057967 -2491271 4585064 0 0 0 0 4585064 2093793 42151760 4585064 0 0 0 4585064 37566696 0 0 0 37566696 40057967 0 0 0 0 0 40057967 0 0 0 40057967 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 for 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. 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_L00 Schedule D, Part X The College has elected to defer the implementation of FASB Interpretation No 48 accounting for uncertainty in income taxes as allowed in FASB staff position FIN 48-3. The college has not evaluated uncertain tax positions; therefore there could be additional liabilities for income taxes, penalties and interest which are not recorded in these financial statements. It is the policy of the college to include interest paid on taxes in interest expense and penalties are included in operating expenses. 1 1 1 NOTICE OF NONDISCRIMINATORY POLICY AS TO STUDENTS IS PUBLISHED IN THE SIOUX CITY JOURNAL IN NOVEMBER EACH YEAR. 1 1 1 1 0 0 0 0 0 0 0 0 1 0 THE COLLEGE PASSES THROUGH ASSISTANCE TO ELIGIBLE STUDENTS. 1 Athletics Golf Outing 57297 24829 32468 0 14255 10800 1097 0 0 0 0 57297 24829 32468 0 14255 10800 1097 0 0 26152 6316 1 Activity Grants 625 1812249 0 Academic Scholarships & Non need based Grants 725 7240028 0 Department Grants 625 1552280 0 Endowed Scholarships 300 805352 0 SchI_P01_S00_L02 Schedule I, Part I, Line 2 Grant Funds are monitored through an electronis packaging program for all new students. The electronic program automatically determines the eligibility for federal, state and instituitional grant funding against a series of pre-established eligibility criteria. Once the program determines each studen'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 aslo a series of programs that are run to again confirm eligibility for Federal, State and instituitional grant funding to ensure all changes and or updates have been properly processed. SchI_P03_S00_L00 Schedule I, Part III Activity Grants X X X 0 1 X X X X X 0 0 0 0 0 0 0 1 0 JOHN REYNDERS 204183 0 6000 0 3826 0 53210 0 7240 0 274459 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 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 RESIDNECE. 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 Same explaination as Schedule J Part 1 Line 1a 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 IOWA FINANCE AUTHORITY 521699886 46246ABA1 2007-07-18 3905000 CONSTRUCTION AND EQUIPMENT 0 0 IOWA FINANCE AUTHORITY 421235696 462460D60 2009-05-20 5500000 WORKING CAPITAL 0 0 8000000 200289 7799711 0 0 1 1 3905000 767129 100885 3036986 0 0 1 1 5529810 19271 5510539 0 0 1 1 0 0 0 0 1 0.00 0 0.00 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 1 0 1 1 US BANK 20.20 0 0 1 0 0 0 0 0 1 Garrett Smith Board Member 95908 compensation 0 William Deeds VP & Dean 24000 Compensation 0 X 15 420202 AVG.MKT VALUE OF GIFT X 1 25000 MARKET vALUE 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_P03_S00_L04d Form 990, Part III, Line 4d 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. F990_P06_S0A_L09 Form 990, Part VI, Section A, Line 9 Sandra Bainbridge 978 Wynstone Drive Jefferson SD 57038 Angela Banks 115 Midvale Ave Sioux City IA 51104 Michael Bennett 4508 Stoneridge Pt Sioux City IA 51106 Craig Berenstein PO Box 3207 Sioux City IA 51102 Lucy Buhler 524 Maple St #206 Edmonds WA 98020 Robert Burkhart 2301 Rittenhouse St Des Moines IA 50321 James Carlson 4425 Corporation Lane Virginia Beach VA 23462 Arlene Curry 500 6th St Sioux City IA 51102 Roger Curry 28000 Audrey Smith Lane Saratoga CA 95070 Richard Engle 3624 Juniper Ct Sioux City IA 51106 Thomas Grimsley 1800 11th St Sioux City IA 51101 James Hanke 1918 Hughes Dr SW Cedar Rapids IA 52404 Galen Johnson PO Box 5274 Lake Office Minneapolis MN 55440 Dave Lageschulte 4411 Cleveland Ave Fort Myers FL 33901 Stan Lupkes PO Box 45 North Sioux City SD 57046 Nancy Metz 933 Spyglass Circle Dakota Dunes 57049 Cynthia Moser PO Box 3086 Sioux City IA 51102 Tom Narak 3350 Mill civic Parkway West Des Moines IA 50265 Tony Nester 1735 Morningside Ave Sioux City IA 51106 Russell Olson 6400 Westown Parkway West Des Moines IA 50266 Marty Palmer 2600 HWY 75N Sioux City IA 51105 Skip Perley PO BOx 207 Sioux City IA 51102 Scott Rager 307 N Michigan Ave Chicago IL 60601 Dave Roderer 321 E Walnut Suite 100 Des Moines IA 50309 Thomas Rosen 112 Lake Ave Fairmont MN 56031 Garrett Smith PO bOx 178 Sioux City IA 51102 Craig Struve PO Box 75 Calumet IA 51009 Julius Trimble 2301 Rittenhouse St Des Moines IA 50321 Kevin Vaughan PO Box 1700 North Sioux City SD 57049 Donald Verdoorn 304 Iverness Way S Suite 180 Englewood CO 80112 Norman Waitt 1125 S 103rd St Suite 200 Omaha NE 68124 James Walker 2685 North Shore Dr Wayzata MN 55391 Richard Waller PO Box 147 Sioux City IA 51102 Craig Wansink 1584 Wesleyan Dr Norfolk VA 23502 Curtis White 333 Continental RD El Segundo CA 90245 Connie Horton Wimer 100 4th Street Des Moines IA 50309 Ronald Yockey 891 Two Rivers Drive Dakota Dunes SD 57049 Donald Zelenznak 9500 E Ironwood Square Dr #118 Scottsdale AZ 85258 F990_P06_S0B_L11 Form 990, Part VI, Section B, Line 11 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 it 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 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 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 comparison 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 recommendation 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 aslo available to the public upon request. SchE_P00_S00_L06a Schedule E, Line 6a The college passes through assistance to eligible students.