2024-04-10T19:07:27-05:00 2023-05-31 390859910 BAKER TILLY US LLP 225 S 6TH ST 2300 MINNEAPOLIS MN 55402 990 2022-06-01 410693979 ST OLAF COLLEGE STOL 5077862222 1520 ST OLAF AVENUE NORTHFIELD MN 55057 NATHAN ENGLE CONTROLLER 5077862222 2024-04-05 1 NATHAN ENGLE XXX-XX-XXXX 0 KAREN A GRIES P00078514 6128764500 2024-04-09 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z DAVID ANDERSON 1520 ST OLAF AVENUE NORTHFIELD MN 55057 443801794 0 X WWW.STOLAF.EDU X 1874 MN ST. OLAF COLLEGE CHALLENGES STUDENTS TO EXCEL IN THE LIBERAL ARTS, EXAMINE FAITH AND VALUES, AND EXPLORE MEANINGFUL VOCATION IN AN INCLUSIVE, GLOBALLY ENGAGED COMMUNITY NOURISHED BY LUTHERAN TRADITION. 23 22 3254 232 7783263 119252 40887743 29896269 188631761 204610549 64025237 17011010 2882 55461 293547623 251573289 107818126 115780297 0 0 71104033 75234529 68126 11650 5760840 54500802 61796265 233491087 252822741 60056536 -1249452 1064982864 1075424048 175820903 169237323 889161961 906186725 X ST. OLAF COLLEGE CHALLENGES STUDENTS TO EXCEL IN THE LIBERAL ARTS, EXAMINE FAITH AND VALUES, AND EXPLORE MEANINGFUL VOCATION IN AN INCLUSIVE, GLOBALLY ENGAGED COMMUNITY NOURISHED BY LUTHERAN TRADITION. 0 0 234755060 115780297 170775164 POSTSECONDARY EDUCATION - FOUR YEAR, RESIDENTIAL, LIBERAL ARTS EDUCATION. IN THE 2022-2023 ACADEMIC YEAR, ST. OLAF COLLEGE ENROLLED 3,022 FULL TIME STUDENTS AND 24 PART TIME STUDENTS. THE GRADUATING CLASS OF 2023 HAD 709 GRADUATES. A STUDENT TO FACULTY RATIO OF 11.5:1 SUPPORTS ST. OLAF STUDENTS WITH CLASSROOM, LABORATORY, AND OFF-CAMPUS EXPERIENCES. ST. OLAF COLLEGE IS ACCREDITED AS A DEGREE-GRANTING INSTITUTION BY THE HIGHER LEARNING COMMISSION OF THE NORTH CENTRAL ASSOCIATION OF COLLEGES AND SECONDARY SCHOOLS. THE COLLEGE'S ACADEMIC PROGRAMS ARE ALSO ACCREDITED BY THE AMERICAN CHEMICAL SOCIETY, COMMISSION ON COLLEGIATE NURSING EDUCATION, COUNCIL ON SOCIAL WORK EDUCATION, NATIONAL ASSOCIATION OF SCHOOLS OF DANCE, NATIONAL ASSOCIATION OF SCHOOLS OF MUSIC, NATIONAL ASSOCIATION OF SCHOOLS OF THEATRE, AND NATIONAL COUNCIL FOR ACCREDITATION OF TEACHER EDUCATION. 234755060 1 1 0 1 0 0 1 1 1 1 1 1 0 0 1 1 1 0 1 0 1 0 0 1 0 0 0 1 1 1 1 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 1 1 0 1 0 1 4213 0 1 3254 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 23 22 1 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 AL AR CA DC FL GA HI IL KS KY MD MA MI MN MS NH NJ NM NY NC OR PA RI SC TN UT VA WV WI X X NATHAN ENGLE 5077862222 1520 ST OLAF AVENUE NORTHFIELD MN 55057 DAVID ANDERSON PRESIDENT 40.00 0.00 X X 521500 0 62482 JAY LUND CHAIR 1.70 0.00 X X 0 0 0 SUSAN GUNDERSON VICE CHAIR 1.70 0.00 X X 0 0 0 PAUL GRANGAARD TREASURER 1.70 0.00 X X 0 0 0 MARVIN BENTON REGENT 1.70 0.00 X 0 0 0 JEFFREY BOLTON REGENT 1.70 0.00 X 0 0 0 GREGORY BUCK REGENT 1.70 0.00 X 0 0 0 SEAN BURRESS REGENT 1.70 0.00 X 0 0 0 CRAIG DEAN REGENT 1.70 0.00 X 0 0 0 JOAN ERICKSEN REGENT 1.70 0.00 X 0 0 0 STEPHANIE FEHR REGENT 1.70 0.00 X 0 0 0 WILLIAM GAFKJEN REGENT 1.70 0.00 X 0 0 0 JOHN GROTTING OUTGOING REGENT 1.70 0.00 X 0 0 0 JENNIFER HELLMAN REGENT 1.70 0.00 X 0 0 0 JODY KLEPPE HORNER OUTGOING REGENT 1.70 0.00 X 0 0 0 CHAD JERDEE REGENT 1.70 0.00 X 0 0 0 CHRISTOPHER KLEIN REGENT 1.70 0.00 X 0 0 0 WARD KLEIN REGENT 1.70 0.00 X 0 0 0 JUDD LOEWENSTEIN OUTGOING REGENT 1.70 0.00 X 0 0 0 TIMOTHY MAUDLIN REGENT 1.70 0.00 X 0 0 0 BRENDA MCCORMICK REGENT 1.70 0.00 X 0 0 0 GRETCHEN MORGENSON OUTGOING REGENT 1.70 0.00 X 0 0 0 LAURIE NORDQUIST REGENT 1.70 0.00 X 0 0 0 SCOTT OKUNO REGENT 1.70 0.00 X 0 0 0 JOHN RAITT REGENT 1.70 0.00 X 0 0 0 JON SALVESON OUTGOING REGENT 1.70 0.00 X 0 0 0 ALPHONSO TINDALL OUTGOING REGENT 1.70 0.00 X 0 0 0 THERESA HULL WISE REGENT 1.70 0.00 X 0 0 0 MARIEM ZAGHDOUI REGENT 1.70 0.00 X 0 0 0 MARCI SORTOR PROVOST AND DEAN OF THE COLLEGE 40.00 0.00 X 249236 0 37664 JANET HANSON VP AND CFO 40.00 0.00 X 229075 0 37104 CARL CROSBY LEHMANN GENERAL COUNSEL 40.00 0.00 X 241889 0 23045 ENOCH BLAZIS VP FOR ADVANCEMENT 40.00 0.00 X 234202 0 30353 MICHAEL KYLE VP FOR ENROLLMENT 40.00 0.00 X 224738 0 35018 HASSEL MORRISON VP FOR STUDENT LIFE 40.00 0.00 X 159319 0 39171 LESLIE MOORE VP FOR HUMAN RESOURCES 40.00 0.00 X 168967 0 24779 JASON ENGBRECHT ASSOCIATE PROVOST 40.00 0.00 X 146789 0 13959 JO BELD SECRETARY 40.00 0.00 X 127826 0 26693 NATHAN ENGLE CONTROLLER 40.00 0.00 X 109086 0 34820 REGINALD MILES INTERIM VP FOR EQUITY AND INCLUSION 40.00 0.00 X 81790 0 16727 MARIA PABON GAUTIER TERM 072022 FORMER VP FOR EQUITY AND INCLUSION 40.00 0.00 X 75975 0 11907 ROBERTA LEMBKE CHIEF INFORMATION OFFICER 40.00 0.00 X 161369 0 23293 CHRISTOPHER GEORGE DEAN OF ADMISSIONS AND FINANCIAL AID 40.00 0.00 X 143257 0 38296 REBECCA OTTEN ASST VP FOR ADVANCEMENT 40.00 0.00 X 158777 0 16695 REBECCA JUDGE DEPARTMENT OF ECONOMICS CHAIR 40.00 0.00 X 152660 0 20208 KATIE WARREN CHIEF MARKETING OFFICER 40.00 0.00 X 150415 0 15312 3336870 0 507526 57 0 1 0 THE BOLDT COMPANY 2121 E CAPITAL DRIVE APPLETON WI 54911 CONSTRUCTION 32189540 BON APPETIT MANAGEMENT CO INC 100 HAMILSTON AVENUE SUITE 400 PALO ALTO CA 94301 FOOD SERVICE 9550547 DOVETAIL RENOVATION INC 1307 2ND AVE N MINNEAPOLIS MN 55405 CONSTRUCTION 3201027 SMARTER FURNISHINGS 150 COMMERCIAL COURT ALABASTER AL 35007 FURNITURE AND INSTALLATION 1488221 DRIVESTREAM INC 45610 WOODLAND ROAD SUITE 150 STERLING VA 20166 IT IMPLEMENTATION PARTNER 1035899 58 6550743 23345526 1809044 29896269 TUITION & FEES 611600 166772274 166772274 AUXILIARY SALES AND SE 611600 34121255 659613 249840 33211802 OTHER 611600 3717020 3343277 373743 204610549 17579688 7503883 10075805 33732 4192 29540 29540 29540 141221123 50413678 140355874 51847605 865249 -1433927 -568678 -568678 46755 20834 25921 25921 251573289 170775164 7783263 43118593 49000 49000 115731297 115731297 2571848 890272 1181219 500357 56311659 50080395 3515917 2715347 4515058 4078484 205620 230954 7983606 7183338 521385 278883 3852358 3353505 303401 195452 214874 25617 189254 3 129911 129911 11650 11650 1692105 1692105 3419825 2261366 614756 543703 487354 472067 8248 7039 2976134 2436674 360557 178903 3211173 2594977 445537 170659 17877 7139 10628 110 6792157 6566254 122236 103667 8166129 7651545 323341 191243 277122 223438 8206 45478 3803606 3721341 81346 919 14508385 13479825 709923 318637 1296922 2222 1294700 FOOD SERVICE 9943439 9584148 96696 262595 TUITION FEES 2045200 1976607 65082 3511 MEMBERSHIP DUES 729370 389308 332229 7833 UBI TAXES PAID 184180 184180 1900502 1812061 94544 -6103 252822741 234755060 12306841 5760840 1386088 593732 31659605 23849294 8539118 9327312 119662 1924535 750000 750000 147783 146862 2096620 2179896 512823229 216667424 276492157 296155805 73873680 83752632 607198942 619218112 3587943 2978045 59131266 34547823 1064982864 1075424048 22715316 20150200 1793828 1220502 3311556 4900974 134392549 130205413 10394009 9390256 3213645 3369978 175820903 169237323 X 408403255 414891479 480758706 491295246 889161961 906186725 1064982864 1075424048 X -1249452 19023355 -749139 X 0 1 X 1 1 1 X 28723742 18664395 40626820 40887743 29896269 158798969 28723742 18664395 40626820 40887743 29896269 158798969 20657966 138141003 17889824 12730540 11300078 29977728 17579688 89477858 44134 90670 12595 17165 46755 211319 248488146 790908713 0.55590 0.36920 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: FUNDRAISING EVENTS RECEIPTS RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 1 0 0 1 0 1 123057 123057 0 PART II-B, LINE 1: PART II-B, LINE 1, LOBBYING ACTIVITIES: ST. OLAF COLLEGE IS A MEMBER OF MINNESOTA PRIVATE COLLEGE COUNCIL (MPCC), AN ORGANIZATION DESCRIBED IN SECTION 501(C)(4) OF THE INTERNAL REVENUE CODE. MPCC IS AN ASSOCIATION OF PRIVATE NONPROFIT INSTITUTIONS OF HIGHER EDUCATION THAT SERVES A VARIETY OF ITS MEMBERS' SHARED NEEDS, INCLUDING, BUT NOT ONLY, NONPARTISAN AND NON-ELECTORAL ADVOCACY FOR PUBLIC POLICY THAT MEETS STUDENTS' NEEDS AND ADVANCES THE INTERESTS OF PRIVATE HIGHER EDUCATION. ST. OLAF COLLEGE PAID MEMBERSHIP DUES TO MPCC IN THE AMOUNT OF $150,495 DURING THE TAXABLE YEAR. MPCC HAS DIVIDED ITS EXPENSES FOR ITS TAXABLE YEAR ENDING JUNE 30, 2023, INTO TWO GROUPS. GROUP 1 CONSISTS OF THOSE EXPENSES THAT DID NOT IN ANY WAY SUPPORT ATTEMPTS TO INFLUENCE LEGISLATION WITHIN THE MEANING OF SECTION 50L(C)(3) OF THE INTERNAL REVENUE CODE ("LOBBYING"), AND GROUP 2 CONSISTS OF ALL OTHER EXPENSES. GROUP 2 INCLUDES MANY EXPENSES, SUCH AS PERSONNEL COSTS, THAT SUPPORTED BOTH LOBBYING AND NON-LOBBYING ACTIVITIES. MPCC DID NOT ATTEMPT TO ALLOCATE THE GROUP 2 EXPENSES BETWEEN LOBBYING AND NON-LOBBYING ACTIVITIES. MPCC HAS DETERMINED THAT THE AMOUNT OF THE GROUP 2 EXPENSES REPRESENTS 77.89% OF THE AMOUNT OF THE DUES THAT MPCC COLLECTED IN THE SAME TAXABLE YEAR. ASSUMING THAT ALL GROUP 2 EXPENSES WERE PAID FROM MEMBER DUES, AND ALLOCATING THOSE EXPENSES PRO RATA BASED ON THE DUES PAID BY EACH MEMBER, $123,057 OF ST. OLAF COLLEGE'S DUES WERE USED TO PAY GROUP 2 EXPENSES. THE AMOUNT OF LOBBYING EXPENSES PAID FROM ST. OLAF COLLEGE'S DUES WAS SIGNIFICANTLY LESS THAN THAT AMOUNT. X 3 130.00 0 1 0 4225.00 60441 301000 3779184 X X 1 1 289488 844098 527769 605817 1 X 696676006 9584619 31474253 8305994 15935143 1752652 711741089 701716031 18787159 -4737343 7633406 9607355 1849080 696676006 516330591 22444367 181929892 7217439 10083224 1688156 701716031 540137850 4916091 -13616857 6887243 6605589 1613661 516330591 536053533 15588231 548307 6471566 3971684 1608971 540137850 0.36000 0.39000 0.25000 0 0 1248299 1248299 411210626 161903036 249307590 669837 669837 63551963 45648928 17903035 36142504 9115460 27027044 296155805 HEDGE FUNDS 159890382 F PRIVATE EQUITY FUNDS 145324537 F GLOBAL EQUITY FUNDS 176935800 F REAL ESTATE FUNDS 37238938 F COMMODITY FUNDS 50341421 F OTHER INVESTMENTS 298253 F FIXED INCOME FUNDS 32000000 F PRIVATE CREDIT FUNDS 17188781 F 619218112 ASSET RETIREMENT OBLIGATION 3369978 3369978 X 154962689 19023355 -749139 18274216 136688473 1692105 113192711 114884816 251573289 137937925 0 137937925 1692105 113192711 114884816 252822741 PART II, LINE 9: MONEY RECEIVED INITIALLY WAS RECORDED AS UNRESTRICTED REVENUE AND PLACED INTO A BOARD DESIGNATED QUASI-ENDOWMENT. EXPENSES THAT ARE INCURRED PERTAINING TO THE EASEMENTS ARE RECORDED AS OPERATING EXPENSES. THE LAND RELATED TO THE EASEMENTS IS INCLUDED IN AS PROPERTY, PLANT, AND EQUIPMENT ON THE COLLEGE'S BALANCE SHEET. PART III, LINE 4: THE COLLEGE'S COLLECTIONS ARE COMPOSED PRIMARILY OF ARTWORK DONATED AND DISPLAYED ON THE PREMISES OF THE COLLEGE. THE COLLECTION FURTHERS THE EXEMPT PURPOSE BY PROVIDING SUBJECTS FOR STUDENTS TO OBSERVE AND INTERPRET. PART IV, LINE 1B: THE COLLEGE SERVES AS AN AGENT FOR SEVERAL STUDENT AND OTHER ORGANIZATIONS. PART IV, LINE 2B: INCLUDED IN FORM 990, PART X, LINE 21 ARE TWO SEPARATE TYPES OF LIABILITIES. FIRST ARE 'ANNUITIES PAYABLE" OF $8,777,304 RESULTING FROM CHARITABLE ANNUITIES AND TRUSTS WHERE THE COLLEGE SERVES AS THE TRUSTEE OF THE ASSETS AND RECORDS A LIABILITY FOR THE PRESENT VALUE OF FUTURE CASH FLOWS ESTIMATED TO BE PAID OUT TO THE INCOME BENEFICIARIES. IN ADDITION, THE COLLEGE ALSO RECORDS "FUNDS HELD IN TRUST FOR OTHERS" OF $612,952 THAT PRIMARILY RESULT FROM THE TRUSTS UNDER CONTROL OF THE COLLEGE THAT WILL BENEFIT OTHER ORGANIZATIONS AT THE TERMINATION OF THE TRUST. PART V, LINE 4: THE INTENDED USES OF THE ENDOWMENT FUND INCLUDE SCHOLARSHIPS, ENDOWED FACULTY CHAIRS, AND GENERAL SUPPORT TO SUBSIDIZE VARIOUS OPERATIONS. PART X, LINE 2: 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. THE COLLEGE IS ALSO EXEMPT FROM STATE INCOME TAXES. 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, 2023 AND 2022. THE COLLEGE'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: ADJUSTMENT TO PRIOR SERVICE COST AND ACTUARIAL LIABILITY FOR RETIREE HEALTH 45,020. ADJUSTMENT TO ACTUARIAL LIABILITY FOR ANNUITIES PAYABLE -794,159. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS 113,166,790. SPECIAL FUNDRAISING EXPENSES 25,921. PART XII, LINE 4B - OTHER ADJUSTMENTS: SPECIAL FUNDRAISING EXPENSES 25,921. SCHOLARSHIPS AND GRANTS 113,166,790. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE COLLEGE DOES NOT ENGAGE IN SIGNIFICANT ADVERTISING ACTIVITIES VIA NEWSPAPERS OR BROADCAST MEDIA. HOWEVER, WHEN THE COLLEGE POSTS JOB OPENINGS IN NEWSPAPERS THE APPLICABLE DISCRIMINATION POLICIES ARE INCLUDED. SCHEDULE E, PART I, LINE 6 ST. OLAF PARTICIPATES IN THE FEDERAL STUDENT FINANCIAL AID PROGRAM ADMINISTERED THROUGH THE US DEPARTMENT OF EDUCATION. ST. OLAF STUDENTS RECEIVE FUNDING FROM CAMPUS BASED PROGRAMS (PERKINS, SEOG AND FEDERAL WORK STUDY) AS WELL AS FEDERAL PELL GRANTS AND FEDERAL STUDENT LOANS. IN ADDITION, ST. OLAF STUDENTS RECEIVE FUNDING VIA THE MINNESOTA STATE GRANT, WORK STUDY AND SELF LOAN PROGRAMS ADMINISTERED THROUGH THE MINNESOTA OFFICE OF HIGHER EDUCATION. THE COLLEGE ALSO RECEIVED OTHER GRANTS THOUGH FEDERAL AND STATE PROGRAMS, SUCH AS THE DEPARTMENT OF EDUCATION AND NATIONAL SCIENCE FOUNDATION. 1 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 331701504 EAST ASIA AND THE PACIFIC 0 0 INVESTMENTS 67971 EUROPE 0 0 INVESTMENTS 1639566 MIDDLE EAST AND NORTH AFRICA 0 0 INVESTMENTS 77801 NORTH AMERICA 0 0 INVESTMENTS 220642 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICE ALUMNI STUDY TRAVEL 26883 EUROPE 0 0 PROGRAM SERVICE ALUMNI STUDY TRAVEL 493081 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICE ALUMNI STUDY TRAVEL 74750 RUSSIA AND NEIGHBORING STATES 0 0 PROGRAM SERVICE ALUMNI STUDY TRAVEL 109255 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICE INTERNATIONAL STUDIES 57069 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICE INTERNATIONAL STUDIES 953853 EUROPE 0 0 PROGRAM SERVICE INTERNATIONAL STUDIES 2709400 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICE INTERNATIONAL STUDIES 234794 NORTH AMERICA 0 0 PROGRAM SERVICE INTERNATIONAL STUDIES 18150 RUSSIA AND NEIGHBORING STATES 0 0 PROGRAM SERVICE INTERNATIONAL STUDIES 10990 SOUTH AMERICA 0 0 PROGRAM SERVICE INTERNATIONAL STUDIES 303126 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICE INTERNATIONAL STUDIES 146046 0 0 0 0 0 0 334302198 4542683 338844881 1 0 1 1 1 0 PART I, LINE 2: THE COLLEGE OFFERS GRANTS IN THE FORM OF NEED OR MERIT BASED SCHOLARSHIPS TO STUDENTS WHO ARE STUDYING OUTSIDE OF THE US. BEFORE THE GRANT OR AWARD IS AVAILABLE AND DISBURSED, THE INTERNATIONAL AND OFF-CAMPUS STUDIES OFFICE MUST APPROVE ANY PROGRAM THAT A STUDENT IS PARTICIPATING IN. ONCE THE GRANT HAS BEEN DISBURSED TO THE STUDENT'S ACCOUNT TO COVER TUITION FOR THE STUDY ABROAD PROGRAM, THE INTERNATIONAL AND OFF-CAMPUS STUDIES OFFICE MAINTAINS CONTACT WITH THE HOST INSTITUTIONS TO MONITOR THE STUDENT'S ATTENDANCE AND NOTIFIES THE FINANCIAL AID OFFICE AND STUDENT ACCOUNTS OFFICE IF A STUDENT WITHDRAWS FROM AN OFF-CAMPUS PROGRAM. PART I, LINE 3: ACCRUAL METHOD PART III ACCOUNTING METHOD: PART IV LINE 1: THE COLLEGE HAS DIRECTLY INVESTED IN FOREIGN CORPORATIONS AND FILED THE REQUIRED FORMS 926 FOR THE TAX YEAR. LINE 3: THE COLLEGE HAS DIRECTLY INVESTED IN FOREIGN CORPORATIONS. HOWEVER, THE COLLEGE DOES NOT MEET THE FILING REQUIREMENTS OF FILING FORM 5471 FOR THE TAX YEAR. LINE 4: THE COLLEGE HAS DIRECTLY INVESTED IN PASSIVE FOREIGN INVESTMENT COMPANIES. HOWEVER, THE COLLEGE DOES NOT MEET THE FILING REQUIREMENTS OF FILING FORM 8621 FOR THE TAX YEAR. LINE 5: THE COLLEGE HAS DIRECTLY INVESTED IN FOREIGN PARTNERSHIPS AND FILED THE REQUIRED FORMS 8865 FOR THE TAX YEAR. X X X X X X X 1 PLUS DELTA PARTNERS 6965 EL CAMINO REAL STE 105-498 CARLSBAD CA 92009 CONSULTING AND TRAINING 0 0 9250 -9250 9250 -9250 AK AL AR CA CO CT DC FL GA HI IL KS KY MA MD ME MI MN MO MS NC ND NH NJ NM NV NY OH OK OR PA RI SC TN UT VA WA WV WI ATHLETICS 29128 29128 76 7500 BASEBALL 9122 9122 800 1866 5019 1 8505 8505 500 1800 3273 46755 46755 1300 3742 15792 20834 25921 1 LUTHER SEMINARY 2481 COMO AVENUE ST PAUL MN 55108 411425961 501(C)(3) 24000 0 GENERAL OPERATING SUPPORT LUTHERAN CAMPUS MINISTRY NETWORK 5247 WILSON MILLS RD 708 RICHMOND HEIGHTS OH 44143 474321821 501(C)(3) 15000 0 GENERAL OPERATING SUPPORT 2 0 TUITION WAIVER 174 2459112 MERIT BASED SCHOLARSHIPS 2632 43594591 NEED BASED FINANCIAL AID 2358 68760494 EDUCATIONAL OPPORTUNITY ASSISTANCE 211 135021 VOCATION & CAREER ASSISTANCE 324 782079 PART I, LINE 2: GRANT FUNDS DISBURSED BY THE COLLEGE ARE PREDOMINANTLY AVAILABLE AS MERIT OR NEED BASED SCHOLARSHIPS. THESE SCHOLARSHIPS ARE DISBURSED BY THE FINANCIAL AID OFFICE AND ARE CREDITED DIRECTLY TO THE STUDENT'S ACCOUNT TO PAY FOR TUITION, ROOM AND BOARD. THEY ARE THEN MONITORED BY THE FINANCIAL AID OFFICE AND THE STUDENT ACCOUNTS OFFICE, BOTH OF WHOM ARE NOTIFIED IF THE STUDENT'S NORMAL ENROLLMENT STATUS CHANGES DURING THE SEMESTER. THESE OFFICES MONITOR WHETHER THE GRANTEE IS TAKING THE NECESSARY CLASSES AND IS THEREFORE UTILIZING THE GRANT AS IT WAS INTENDED. IF A STUDENT'S ENROLLMENT CHANGES, AWARD ADJUSTMENTS ARE MADE. OTHER GRANT FUNDS ARE DISBURSED BY THE COLLEGE THROUGH ACCOUNTS PAYABLE. QUALIFICATION AND USE OF THESE PAYMENTS ARE MONITORED BY THE RESPECTIVE DEPARTMENTS RESPONSIBLE FOR THE DISBURSEMENT. X X 1 1 X X X 0 0 0 0 0 0 0 0 0 DAVID ANDERSON PRESIDENT 507362 0 0 0 14138 0 27450 0 35032 0 583982 0 0 0 MARCI SORTOR PROVOST AND DEAN OF THE COLLEGE 248981 0 0 0 255 0 23253 0 14411 0 286900 0 0 0 JANET HANSON VP AND CFO 217607 0 5000 0 6468 0 20581 0 16523 0 266179 0 0 0 CARL CROSBY LEHMANN GENERAL COUNSEL 235872 0 5000 0 1017 0 21174 0 1871 0 264934 0 0 0 ENOCH BLAZIS VP FOR ADVANCEMENT 224326 0 7500 0 2376 0 20718 0 9635 0 264555 0 0 0 MICHAEL KYLE VP FOR ENROLLMENT 215181 0 7500 0 2057 0 20157 0 14861 0 259756 0 0 0 HASSEL MORRISON VP FOR STUDENT LIFE 159319 0 0 0 0 0 15236 0 23935 0 198490 0 0 0 LESLIE MOORE VP FOR HUMAN RESOURCES 164297 0 0 0 4670 0 15281 0 9498 0 193746 0 0 0 ROBERTA LEMBKE CHIEF INFORMATION OFFICER 140769 0 0 0 20600 0 15030 0 8263 0 184662 0 0 0 CHRISTOPHER GEORGE DEAN OF ADMISSIONS AND FINANCIAL AID 142275 0 0 0 982 0 14064 0 24232 0 181553 0 0 0 REBECCA OTTEN ASST VP FOR ADVANCEMENT 155654 0 2400 0 723 0 14004 0 2691 0 175472 0 0 0 REBECCA JUDGE DEPARTMENT OF ECONOMICS CHAIR 150006 0 0 0 2654 0 13741 0 6467 0 172868 0 0 0 KATIE WARREN CHIEF MARKETING OFFICER 149707 0 0 0 708 0 13474 0 1838 0 165727 0 0 0 JASON ENGBRECHT ASSOCIATE PROVOST 146279 0 0 0 510 0 12263 0 1696 0 160748 0 0 0 JO BELD SECRETARY 124499 0 0 0 3327 0 12062 0 14631 0 154519 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANION - DAVID ANDERSON - $1,537. NOT INCLUDED IN TAXABLE COMPENSATION. HOUSING ALLOWANCE/RESIDENCE FOR PERSONAL USE - DAVID ANDERSON - $31,572. NOT INCLUDED IN TAXABLE COMPENSATION. A MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY 410988525 60416JDB3 2021-03-18 66855752 FINANCE CONSTRUCTION AND RENOVATION PROJECTS 0 0 0 B MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY 410988525 60416HL51 2015-07-01 61107599 FINANCE CONSTRUCTION AND ADVANCE REFUNDING 0 0 0 C MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY 410988525 60416HZ80 2016-09-15 25628247 REFUND OUTSTANDING BALANCE OF SERIES SEVEN-F BOND 0 0 0 A 66855752 454400 66401352 2021 0 0 0 1 B 17045000 61107599 441171 25000000 35666428 2015 1 1 1 1 C 1155000 25628247 265273 2468 25360506 1 1 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 1 0 0 1 0 0 1 B 0 0 0 1 0 0 0 0 1 C 0 0 0 1 0 0 0 0 1 A 1 B 1 C 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 03/18/2021 ISSUER NAME: MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 06/18/2020 ISSUER NAME: MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 10/14/2020 SCHEDULE K, PART IV, LINEES 5B AND 5C SCHEDULE K, PART IV, LINES 5B AND 5C: GUARANTEED INVESTMENT CONTRACT IS INVESTED WITH TD. THE INITIAL PRINCIPAL AMOUNT IN THE CAPITALIZED INTEREST FUND INVESTMENT ACCOUNT WAS $2,176,351.39 WITH A RATE OF EARNINGS OF 0.273% PER ANNUM AND A MATURITY OF APRIL 1, 2022. THE INITIAL PRINCIPAL AMOUNT IN THE CONSTRUCTION FUND INVESTMENT ACCOUNT WAS $61,336,526.00 WITH A RATE OF EARNINGS OF 0.273% PER ANNUM AND A MATURITY OF DECEMBER 30, 2023. 57000 DISCOUNTED TUITION 56440 TUITION WAIVER X 2 301000 REPLACEMENT COST X 46 1495144 FMV X MUSICAL INSTRUMENTS 35 7901 REPLACEMENT COST X OTHER GIFTS IN KIND 1 4999 REPLACEMENT COST 0 0 1 1 PART I, LINE 32B: THE COLLEGE IS REPORTING THE NUMBER OF CONTRIBUTIONS IN COLUMN (B). IN SEVERAL TAX YEARS, THE COLLEGE HAS USED AN AUCTION HOUSE TO SELL COLLECTIBLE ITEMS THAT WERE DONATED TO THE COLLEGE SEVERAL YEARS AGO. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE OF THE BOARD OF REGENTS SHALL BE COMPOSED OF THOSE INDIVIDUALS DESIGNATED BY THE BOARD OF REGENTS FROM TIME TO TIME. DURING THE TAX YEAR, THE COMMITTEE'S MEMBERS WERE JAY LUND BOARD CHAIR, SUSAN GUNDERSON BOARD VICE CHAIR, PAUL GRANGAARD TREASURER, JEFFREY BOLTON, SEAN BURRESS, WILLIAM GAFKJEN, JENNIFER HELLMAN, TIMOTHY MAUDLIN, LAURIE NORDQUIST, JOHN RAITT, THERESA WISE, AND DAVID ANDERSON PRESIDENT. THE EXECUTIVE COMMITTEE SHALL ACT ONLY DURING INTERVALS BETWEEN MEETINGS OF THE BOARD OF REGENTS AND SHALL AT ALL TIMES BE SUBJECT TO THE CONTROL AND DIRECTION OF THE BOARD OF REGENTS. DURING SUCH INTERVALS, AND SUBJECT TO SUCH CONTROL AND DIRECTION, THE EXECUTIVE COMMITTEE SHALL HAVE AND MAY EXERCISE ALL OF THE AUTHORITY AND POWERS OF THE BOARD OF REGENTS IN THE MANAGEMENT AND AFFAIRS OF THE CORPORATION, SUBJECT TO SUCH LIMITATIONS AS THE BOARD OF REGENTS MAY IMPOSE. THE EXECUTIVE COMMITTEE SHALL KEEP REGULAR MINUTES OF ITS PROCEEDINGS AND REPORT THE SAME TO THE BOARD OF REGENTS. DURING SUCH INTERVALS, ANY ACTION THAT IS PERMITTED OR REQUIRED BY THESE BYLAWS TO BE APPROVED UNANIMOUSLY BY THE BOARD OR BY A SPECIFIED FRACTION OF THE BOARD MAY BE APPROVED BY THE AFFIRMATIVE VOTES OF THE SAME PROPORTION OF THE MEMBERS OF THE EXECUTIVE COMMITTEE. FORM 990, PART VI, SECTION A, LINE 2 REGENTS P. GRANGAARD AND J. LUND - BUSINESS RELATIONSHIP REGENTS J. RAITT AND C. DEAN - BUSINESS RELATIONSHIP FORM 990, PART VI, SECTION A, LINE 6 THE MEMBERS OF THE ST. OLAF COLLEGE SHALL BE THOSE INDIVIDUALS HOLDING THE FOLLOWING POSITIONS AND OFFICES: (A) THE MEMBERS OF THE EVANGELICAL LUTHERAN CHURCH IN AMERICA OR ITS SUCCESSOR, (THE "CHURCH COUNCIL"), AS SUCH MEMBERS ARE APPOINTED IN ACCORDANCE WITH THE DISCIPLINE AND USAGE OF THE EVANGELICAL LUTHERAN CHURCH IN AMERICA, OR ITS SUCCESSOR. SUCH MEMBERS OF THE CHURCH COUNCIL SHALL REMAIN MEMBERS OF THE CORPORATION UNTIL THEY NO LONGER SERVE AS MEMBERS OF THE CHURCH COUNCIL, (B) THE OFFICERS OF THE EVANGELICAL LUTHERAN CHURCH IN AMERICA, OR ITS SUCCESSOR, (C) THE PRESIDENT OF THE CORPORATION, (D) THE MEMBERS OF THE BOARD OF REGENTS OF THE CORPORATION. FORM 990, PART VI, SECTION A, LINE 7A THE MANAGEMENT AND DIRECTION OF THE BUSINESS AND AFFAIRS OF THE ST. OLAF CORPORATION SHALL BE VESTED IN A BOARD OF REGENTS. TO THE EXTENT CONSISTENT WITH THE ARTICLES OF INCORPORATION AND PERMISSIBLE UNDER MINNESOTA STATUTES CHAPTER 317A, THE BYLAWS OF THE CORPORATION SHALL SPECIFY THE NUMBER, TERM OF OFFICE, METHOD OF SELECTION, REMOVAL, POWERS AND DUTIES OF THE BOARD OF REGENTS OF THE CORPORATION, THE TIME AND PLACE OF THEIR MEETINGS, VOTING RIGHTS AND SUCH OTHER REGULATIONS RELATING TO THE BOARD OF REGENTS AS MAY BE DESIRED. FORM 990, PART VI, SECTION A, LINE 7B SOME DECISIONS MADE BY THE BOARD OF REGENTS, SUCH AS CERTAIN CHANGES TO THE COLLEGE'S BY-LAWS, MUST BE APPROVED BY ALL MEMBERS OF THE CORPORATION. FORM 990, PART VI, SECTION B, LINE 11B TO REVIEW THE FORM 990, THE BOARD OF REGENTS DELEGATED THE DETAIL REVIEW PROCESS TO THE AUDIT COMMITTEE. THE COMMITTEE REVIEWED AND APPROVED THE FORM IN ITS ENTIRETY. IN ADDITION, THE FORM (NOT INCLUDING SCHEDULE B) WAS CIRCULATED TO ALL THE MEMBERS OF THE BOARD OF REGENTS PRIOR TO THE FILING DATE. FORM 990, PART VI, SECTION B, LINE 12C ON AN ANNUAL BASIS, A CONFLICT OF INTEREST QUESTIONNAIRE IS CIRCULATED TO THE BOARD OF REGENTS AND OFFICERS. THE QUESTIONNAIRE REQUIRES THE INDIVIDUAL TO DISCLOSE ANY RELATIONSHIPS OR TRANSACTIONS THAT WOULD RESULT OR APPEAR TO RESULT IN A CONFLICT OF INTEREST. THE COLLEGE COLLECTS AND REVIEWS THE FORMS AND DISCUSSES WHETHER THE APPROPRIATE ACTIONS HAVE BEEN TAKEN IN VOTING, DISCUSSIONS, AND OTHER MEETINGS TO PROPERLY RECOGNIZE THE CONFLICT. RESTRICTIONS, SUCH AS BEING UNABLE TO PARTICIPATE IN VOTING OR DISCUSSIONS, MAY BE IMPOSED ON ANY INDIVIDUAL WHO HAS A CONFLICT. THESE CONFLICTS ARE ADDITIONALLY REVIEWED BY THE CONFLICT OF INTEREST COMMITTEE, AS WELL AS THE BOARD OF REGENTS AUDIT COMMITTEE, ON AN ANNUAL BASIS IN ORDER TO ENSURE THAT APPROPRIATE MEASURES ARE BEING FOLLOWED. IN GENERAL, ANY IDENTIFIED CONFLICT OF INTEREST IS MONITORED BY THE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER (FOR FINANCIAL STATEMENT REPORTING PURPOSES) AND THE PRESIDENT'S OFFICE (TO ENSURE COMPLIANCE, PROPER CONSIDERATIONS ARE MADE AT MEETINGS). A REPORT OF IDENTIFIED CONFLICTS BY THE BOARD OF REGENTS AND OFFICERS IS PROVIDED TO THE AUDIT COMMITTEE ON AN ANNUAL BASIS AS AN AGENDA ITEM, AS WELL AS DOCUMENTED WITHIN THE MEETING MINUTES. FORM 990, PART VI, SECTION B, LINE 15 SMITHPILOT, A CONSULTING FIRM THAT PROVIDES COMPENSATION SOLUTIONS FOR NONPROFITS, GATHERS COMPARATIVE DATA FOR THE PRESIDENT AND HIS DIRECT REPORTS, WHO INCLUDE THE PROVOST, THE CHIEF FINANCIAL OFFICER, ALL VICE PRESIDENTS, AND THE ATHLETIC DIRECTOR. THE DATA COLLECTED INCLUDES THE COLLEGE & UNIVERSITY PROFESSIONAL ASSOCIATION (CUPA) SURVEY, A ST. OLAF "PEER GROUP" SURVEY OF 30 LIBERAL ARTS COLLEGES, THE MANAGEMENT ASSOCIATION (MRA) NATIONAL EXECUTIVE COMPENSATION SURVEY, THE MANAGEMENT ASSOCIATION (MRA) BENCHMARK COMPENSATION SURVEY, THE WESTERN MANAGEMENT GROUP (WMG) COMPENSATION SURVEY, THE GUIDESTAR NONPROFIT COMPENSATION REPORT, PRM'S MANAGEMENT COMPENSATION REPORT FOR NOT-FOR-PROFIT ORGANIZATIONS, AND THE ECONOMIC RESEARCH INSTITUTE'S (ERI) SALARY ASSESSOR. THIS INFORMATION WAS OBTAINED IN JUNE AND JULY 2022. THE EXECUTIVE COMMITTEE OF THE BOARD OF REGENTS REVIEWED THIS DATA AND REVIEWED AND APPROVED COMPENSATION FOR THE PRESIDENT IN AUGUST 2022. THE EXECUTIVE COMMITTEE ALSO REVIEWED AND APPROVED THE PRESIDENT'S RECOMMENDATIONS FOR THE COMPENSATION OF HIS DIRECT REPORTS. THE CHAIR OF THE BOARD OF REGENTS SENT THE PRESIDENT A LETTER WITH HIS COMPENSATION, WHICH IS COPIED TO THE VICE PRESIDENT FOR HUMAN RESOURCES AND FILED IN THAT DEPARTMENT. THE PRESIDENT REPORTED THE SALARIES OF HIS DIRECT REPORTS TO THE VICE PRESIDENT OF HUMAN RESOURCES, WHO PREPARED LETTERS FOR THE PRESIDENT TO SEND TO EACH OF HIS DIRECT REPORTS. THE BOARD CHAIR SHARES THE DECISION OF THE EXECUTIVE COMMITTEE DURING THE EXECUTIVE SESSION OF THE FULL BOARD AT THE OCTOBER 2022 BOARD MEETING. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST OF THE CFO'S OFFICE. THE ANNUAL FORM 990, 990-T, AND FINANCIAL STATEMENTS ARE AVAILABLE ON THE COLLEGE'S WEBSITE AS WELL AS UPON THE REQUEST OF THE CFO'S OFFICE. FORM 990, PART XI, LINE 9: ADJUSTMENT TO PRIOR SERVICE COST AND ACTUARIAL LIABILITY FOR RETIREE PLAN 45,020. ADJUSTMENT TO ACTUARIAL LIABILITY FOR ANNUITIES PAYABLE -794,159. EMPLOYEE CONTRIBUTION VEBA TRUST 8625 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262 043838476 PROVIDES RETIREE HEALTH BENEFITS MO 501(C)(9) EMERITI RETIREMENT HEALTH SOLUTIONS 0 EMPLOYER CONTRIBUTION VEBA TRUST 8625 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262 043838456 PROVIDES RETIREE HEALTH BENEFITS MO 501(C)(9) EMERITI RETIREMENT HEALTH SOLUTIONS 0 MAKEUP INCOME CHARITABLE UNIT TRUST (3) 1520 ST OLAF AVENUE NORTHFIELD MN 55057 INVESTMENTS MN N/A T 1 CHARITABLE REMAINDER ANNUITY TRUST (1) 1520 ST OLAF AVENUE NORTHFIELD MN 55057 INVESTMENTS MN N/A T 1 CHARITABLE REMAINDER UNIT TRUST (30) 1520 ST OLAF AVENUE NORTHFIELD MN 55057 INVESTMENTS MN N/A T 1 POOLED INCOME FUND (1) 1520 ST OLAF AVENUE NORTHFIELD MN 55057 INVESTMENTS MN N/A T 1 LIFE INCOME TRUST (1) 1520 ST OLAF AVENUE NORTHFIELD MN 55057 INVESTMENTS MN N/A T 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 EMPLOYER CONTRIBUTION VEBA TRUST B 636512 BOOK AMOUNT