2011-10-12T10:52:27-05:00 2011-05-31 DENMAN & COMPANY LLP 1601 22ND STREET SUITE 400 WEST DES MOINES IA 502661453 990 2010-06-01 420680460 DRAKE UNIVERSITY DRAK 5152713112 2507 UNIVERSITY AVENUE DES MOINES IA 503114505 VICTORIA F PAYSEUR 5152713112 2011-10-11 1 BRUCE CAHILL 5152258400 2010 2016-03-07 17:11:31Z DR DAVID E MAXWELL 2507 UNIVERSITY AVENUE DES MOINES IA 503114505 238776987 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. 38 37 3405 750 255131 60410 25915702 32610375 143485394 150057911 1261770 4206977 3444240 2326532 174107106 189201795 45641090 48496172 0 0 74475508 76845940 122772 33267 4356933 44339678 46542966 164579048 171918345 9528058 17283450 361647833 386039289 118252370 111007236 243395463 275032053 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 152746666 48496172 150078382 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. 152746666 1 1 0 1 0 0 0 0 1 1 1 0 0 1 0 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 13782 0 3405 1 1 1 1 CA CJ OC 0 0 0 1 1 1 1 0 0 0 X 38 37 0 0 0 1 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X VICTORIA PAYSEUR 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 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 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 X 0 0 0 DANIEL E JACOBI 1.00 X 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 369977 0 195590 DWIGHT D OPPERMAN 1.00 X 0 0 0 SUKU RADIA 1.00 X X 0 0 0 THOMAS J ROSSLEY 1.00 X 0 0 0 DEBBIE SCRIPPS 1.00 X X 0 0 0 JOHN JOSEPH SHUFELDT JR 1.00 X 0 0 0 WILLIAM E SMITH 1.00 X 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 X 0 0 0 LARRY D ZIMPLEMAN 1.00 X 0 0 0 JOHN AUGUST 1.00 X X 0 0 0 JAMES BRUNER 1.00 X 0 0 0 JACK C PESTER 1.00 X 0 0 0 VICTORIA PAYSEUR 40.00 X 232427 0 23749 LINDA RYAN 40.00 X 74119 0 10984 MICHAEL RENNER 40.00 X 195868 0 26677 JOHN SMITH 40.00 X 161328 0 23283 THOMAS DELAHUNT III 40.00 X 168459 0 23852 MARK PHELPS 40.00 X 276296 0 26284 ALLAN VESTAL 40.00 X 244149 0 30257 NEIL HAMILTON 40.00 X 218940 0 26594 GARRY FRANK 40.00 X 195264 0 19004 DAVID WALKER 40.00 X 194654 0 21676 2331481 0 427950 114 0 1 0 SODEXO INC & AFFILIATES PO BOX 7006 CHICAGO IL 60673 DINING & FACILITY SERVICES 7310096 WEITZ COMPANY INC 5901 THORNTON AVENUE DES MOINES IA 50321 CONSTRUCTION SERVICES 4763296 MIDAMERICAN ENERGY COMPANY PO BOX 657 DES MOINES IA 50306 ENERGY SERVICES 2027429 DES MOINES INDEPENDENT SCHOOL DISTRICT 1801 16TH STREET DES MOINES IA 50314 HEAD START PROGRAM 1974191 LAMAIR-MULOCK-CONDON COMPANY 4200 UNIVERSITY AVENUE SUITE 200 WEST DES MOINES IA 50266 INSURANCE 1070796 68 44600 9528261 23037514 3305760 32610375 STUDENT TUITION & FEES 611710 128567015 128567015 CONTRACT MEALS - FOOD 722100 8005083 8005083 CONTRACT INCOME - RES 721310 6915824 6915824 SPORTS INCOME 711210 4108228 4108228 PROGRAM INC - CTR PROF 611710 551724 551724 1910037 473986 233237 1202814 150057911 2407873 2407873 26581 26581 1141931 631183 510748 510748 510748 50687044 6000 48750230 143710 1936814 -137710 1799104 1799104 26385 44600 22573 3812 3812 10378 27496 -17118 -17118 OTHER INCOME 611710 1782038 1423 1780615 ALUMNI FEES 611710 15130 15130 ATHLETIC PHOTO SALES 453220 5341 5341 1802509 189201795 133149229 255131 23187060 48496172 48496172 1433713 401953 855276 176484 57393767 51049777 4396505 1947485 3886827 3113560 640845 132422 10121394 6111262 3516668 493464 4010239 3189607 679927 140705 295146 10469 284677 217814 217814 159421 159421 33267 33267 78347 78347 5685953 4858697 519753 307503 367132 188884 178248 1794868 1020546 321951 452371 3057552 2789438 48307 219807 2394171 2394171 7349950 7228767 121183 668960 19075 649885 CONTRACTS & LEASES 9862457 9295219 527759 39479 DUES & SUBSCRIPTIONS 2954817 2580639 358273 15905 UTILITIES 2211862 2082847 129015 REPAIRS, MAINTENANCE, S 2149596 1923171 84203 142222 SUPPLIES 1489875 1253013 188174 48688 5805045 4579978 1017936 207131 171918345 152746666 14814746 4356933 21307271 23756659 20695327 15333605 11794240 17787907 5080191 4196147 16367880 15006115 229457 255613 1130023 1431139 260683220 90807312 167515363 169875908 79752969 93096021 36379697 43954130 1395415 1346045 361647833 386039289 23886641 23128040 13280053 11947140 7838660 8023974 62600000 56730000 10647016 11178082 118252370 111007236 X 125044678 138514527 22934755 34420639 95416030 102096887 243395463 275032053 361647833 386039289 X 17283450 14353140 X X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 1 5965 1 122765 0 1 30691 159421 0 EXPLANATION OF OTHER LOBBYING ACTIVITIES: PART II-B, LINE 1I: 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. 135714667 5217057 19399641 2803072 3896625 226874 153404794 115406123 12142745 14692235 2793215 3508520 224701 135714667 146217248 6508576 -30729414 5460039 815005 315243 115406123 0.28420 0.62200 0.09380 1 0 8031054 23436960 31468014 172099388 56219316 115880072 55637033 34587996 21049037 1478785 1478785 169875908 CASH SURRENDER VALUE - LIFE INSURANCE 4406221 F FUNDS HELD IN TRUST BY OTHERS 9551224 F PRIVATE EQUITY FUNDS 29996685 F 43954130 ANNUITIES PAYABLE 3370776 INTEREST RATE SWAP AGREEMENT LIABILITY 6152635 REAL ESTATE DEPOSITS 95312 AGENCY FUNDS 109529 FIN 47 LIABILITY 1449830 11178082 189201795 171918345 17283450 14960456 -607316 14353140 31636590 155108832 14960456 -607316 14353140 140755692 48446103 48446103 189201795 123472242 50069 50069 123422173 48496172 48496172 171918345 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. PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -365,323. CHANGE IN VALUE OF INTEREST RATE SWAP AGREEMENTS -241,993. PART XII, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -365,323. CHANGE IN VALUE OF INTEREST RATE SWAP AGREEMENTS -241,993. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 48,496,172. FUNDRAISING EVENT EXPENSES -22,573. RAFFLE EXPENSES -27,496. PART XIII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES 22,573. RAFFLE EXPENSES 27,496. PART XIII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 48,496,172. 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 33267 -33267 33267 -33267 BULLDOG CLUB GOLF TOURNAMENT 16335 4900 11435 460 4614 2801 5051 TALONS OF TUSCANY GOLF TOURNAMENT 54650 39700 14950 1060 1701 6886 70985 44600 26385 1520 4614 4502 11937 22573 3812 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 3730 43998151 RESTRICTED/ENDOWED SCHOLARSHIPS 636 4498021 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 310631 0 26500 0 32846 0 184600 0 10990 0 565567 0 0 0 VICTORIA PAYSEUR 218744 0 5000 0 8683 0 17669 0 6080 0 256176 0 0 0 MICHAEL RENNER 194713 0 0 0 1155 0 16115 0 10562 0 222545 0 0 0 JOHN SMITH 155422 0 0 0 5906 0 12854 0 10429 0 184611 0 0 0 THOMAS DELAHUNT III 157908 0 10040 0 511 0 13349 0 10503 0 192311 0 0 0 MARK PHELPS 268088 0 0 0 8208 0 15930 0 10354 0 302580 0 0 0 ALLAN VESTAL 241331 0 0 0 2818 0 19600 0 10657 0 274406 0 0 0 NEIL HAMILTON 217814 0 0 0 1126 0 15517 0 11077 0 245534 0 0 0 GARRY FRANK 193981 0 0 0 1283 0 9178 0 9826 0 214268 0 0 0 DAVID WALKER 190940 0 0 0 3714 0 15424 0 6252 0 216330 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 FOR UNIVERSITY BUSINESS. ANY EXPENSES INCURRED THAT ARE NOT RELATED TO UNIVERSITY BUSINESS ARE PAID FOR PERSONALLY BY THE PRESIDENT. 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 4540000 23523792 267150 185429 23071213 2009 0 0 1 1 4690000 42700000 275000 42425000 2004 1 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 1 ROYAL CANADA BANK 1.500000000000 1 0 1 0 1 0 0 0 1 X 1 27310 ORIGINAL COST - NEW AUTO X 40 3196962 TRADING PRICE -DON. DATE X PROGRAM EQUIPMENT 41 81488 APPRAISAL 2 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 A, LINE 5 IN MARCH 2011, DRAKE UNEARTHED A SERIES OF TRANSACTIONS WHICH RESULTED IN THE MISAPPROPRIATION OF APPROXIMATELY $621,155 FROM THE UNIVERSITY OVER A PERIOD OF 7 FISCAL YEARS. THE UNIVERSITY INFORMED THE POLICE, CHARGES WERE FILED AND THE CASE IS CURRENTLY BEING HANDLED BY THE COUNTY PROSECUTOR. THE EMPLOYEE CHARGED WITH THE THEFT WAS IMMEDIATELY TERMINATED. THE UNIVERSITY ALSO IMMEDIATELY IMPLEMENTED CERTAIN ENHANCED INTERNAL CONTROLS AND IS CONTINUING TO WORK WITH AUDITORS TO GUARD AGAINST FUTURE MISAPPROPRIATIONS. THE UNIVERSITY WAS INSURED AND RECEIVED REIMBURSEMENT FROM THE INSURER FOR THE FULL AMOUNT LESS A $5,000 DEDUCTIBLE. 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 SEPTEMBER 2011, 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 2009. RESULTS WERE PUBLISHED IN FEBRUARY OF 2010. 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 GAINS ON INVESTMENTS: 14,960,456. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -365,323. CHANGE IN VALUE OF INTEREST RATE SWAP AGREEMENTS -241,993. TOTAL TO FORM 990, PART XI, LINE 5: 14,353,140. 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.