2026-04-11T14:24:32-05:00 2025-05-31 390859910 BAKER TILLY ADVISORY GROUP LP 225 S 6TH ST 2300 MINNEAPOLIS MN 55402 990 2024-06-01 410693979 ST OLAF COLLEGE STOL 5077862222 1520 ST OLAF AVENUE NORTHFIELD MN 55057 NATHAN ENGLE ASST VICE PRESIDENT AND CONTROLLER 5077862222 2026-04-14 1 1 KAREN A GRIES P00078514 6128764500 2026-04-03 2024 2025-03-06 01:10:19Z SUSAN RUNDELL SINGER 1520 ST OLAF AVENUE NORTHFIELD MN 55057 720697194 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 3172 853 7044508 6085215 29315305 31972935 218603215 236226339 51946444 64851751 28032 21613 299892996 333072638 125998647 141165957 0 0 79479459 84623804 158000 68000 6574066 66921533 69641769 272557639 295499530 27335357 37573108 1185849276 1238766221 187965192 180776162 997884084 1057990059 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 274090811 141165957 196536232 POSTSECONDARY EDUCATION - FOUR YEAR, RESIDENTIAL, LIBERAL ARTS EDUCATION. IN THE 2024-2025 ACADEMIC YEAR, ST. OLAF COLLEGE ENROLLED 3,087 FULL TIME STUDENTS AND 27 PART TIME STUDENTS. THE GRADUATING CLASS OF 2025 HAD 682 GRADUATES. A STUDENT TO FACULTY RATIO OF 11.8:1 SUPPORTS ST. OLAF STUDENTS WITH CLASSROOM, LABORATORY, AND OFF-CAMPUS EXPERIENCES. ST. OLAF COLLEGE IS ACCREDITED AS A DEGREE-GRANTING INSTITUITION 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. 274090811 1 1 0 1 0 0 1 1 1 1 1 1 0 0 1 1 1 0 1 0 1 0 0 1 1 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 4258 0 1 3172 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 SUSAN RUNDELL SINGER PRESIDENT 40.00 X X 511318 0 110825 SUSAN GUNDERSON CHAIR 1.70 X X 0 0 0 STEPHANIE FEHR VICE CHAIR 1.70 X 0 0 0 PAUL GRANGAARD TREASURER 1.70 X X 0 0 0 MARVIN BENTON REGENT 1.70 X 0 0 0 JEFFREY BOLTON REGENT 1.70 X 0 0 0 SEAN BURRESS REGENT 1.70 X 0 0 0 RAY CABILLOT REGENT 1.70 X 0 0 0 CRAIG DEAN REGENT 1.70 X 0 0 0 JOAN ERICKSEN REGENT 1.70 X 0 0 0 JENNIFER HELLMAN REGENT 1.70 X 0 0 0 CHAD JERDEE REGENT 1.70 X 0 0 0 MATTHEW JOHNSON REGENT 1.70 X 0 0 0 WARD KLEIN REGENT 1.70 X 0 0 0 KATHYRN LOHRE REGENT 1.70 X 0 0 0 JAY LUND OUTGOING REGENT 1.70 X X 0 0 0 TIMOTHY MAUDLIN OUTGOING REGENT 1.70 X 0 0 0 BRENDA MCCORMICK REGENT 1.70 X 0 0 0 LAURIE NORDQUIST REGENT 1.70 X 0 0 0 CARMEN NORDSTRAND REGENT 1.70 X 0 0 0 SCOTT OKUNO REGENT 1.70 X 0 0 0 JOHN RAITT REGENT 1.70 X 0 0 0 CUITLAHAUC TURRENT REGENT 1.70 X 0 0 0 THERESA HULL WISE REGENT 1.70 X 0 0 0 MARIEM ZAGHDOUDI REGENT 1.70 X 0 0 0 MICHAEL BERTHELSEN VP AND CFO 40.00 X 288619 0 46347 MARCI SORTOR PROVOST AND DEAN OF THE COLLEGE 40.00 X 272599 0 45621 CARL CROSBY LEHMANN GENERAL COUNSEL 40.00 X 253249 0 24658 ENOCH BLAZIS VP FOR ADVANCEMENT 40.00 X 243984 0 35097 MICHAEL KYLE VP FOR EXTERNAL RELATIONS 40.00 X 235057 0 42826 HASSEL MORRISON VP FOR STUDENT LIFE 40.00 X 185734 0 47123 JO BELD SECRETARY 40.00 X 150639 0 34453 JASON ENGBRECHT ASSOCIATE PROVOST 40.00 X 136638 0 14028 NATHAN ENGLE ASST VP AND CONTROLLER 40.00 X 133801 0 42686 EDUARDO PAZOS PALMA VP FOR COMMUNITY AND BELONGING 40.00 X 97572 0 18005 CHRISTOPHER GEORGE ASSOCIATE VP FOR ENROLLMENT 40.00 X 179796 0 46970 ROBERTA LEMBKE CHIEF INFORMATION OFFICER 40.00 X 171845 0 28376 REBECCA OTTEN ASST VP FOR ADVANCEMENT 40.00 X 166379 0 18402 KATIE WARREN ASSOCIATE VP FOR MARKETING 40.00 X 162019 0 16141 KEVIN LARSON DIRECTOR OF FACILITIES 40.00 X 148989 0 15733 DAVID ANDERSON FORMER PRESIDENT 0.00 X 150000 0 0 CHRISTEN COLE FORMER AVP FOR HUMAN RESOURCES 40.00 X 144549 0 22152 3632787 0 609443 81 1 1 0 BON APPETIT MANAGEMENT CO INC 100 HAMILSTON AVENUE SUITE 400 PALO ALTO CA 94301 FOOD SERVICE PROVIDER 11061956 THE BOLDT COMPANY 2121 E CAPITAL DRIVE APPLETON WI 54911 CONSTRUCTION 4712030 MORTON BUILDINGS 252 W ADAMS ST MORTON IL 61550 CONSTRUCTION 3585144 PACIFIC TANK AND CONSTRUCTION 31551 AVENIDA LOS CERRITOS SAN JUAN CAPISTRANO CA 92675 CONSTRUCTION 2007989 INSTITUTE FOR THE INTERNATIONAL EDUCATIO 33 N LASALLE ST SUITE 1500 CHICAGO IL 60602 TRAVEL PROVIDER 1325204 65 4377998 27594937 3809969 31972935 TUITION & FEES 611600 190959161 190959161 AUXILIARY SALES AND SE 611600 41165564 1777285 976561 38411718 OTHER 611600 4101614 3799786 301828 236226339 26930800 6050985 20879815 16962 0 16962 16962 16962 384155051 41367477 359206879 28394698 24948172 12972779 37920951 37920951 27630 22979 4651 4651 333072638 196536232 7044508 97518963 62490 62490 141103467 141103467 2626236 913188 1091639 621409 62967716 55564418 4491794 2911504 4601736 4061062 317639 223035 10129966 9013817 712831 403318 4298150 3730089 345582 222479 177729 13684 164045 153308 153308 68000 68000 1876654 1876654 3807923 2664001 810792 333130 466433 131433 330992 4008 2842494 2308416 317212 216866 3339400 2310937 802460 226003 11715 2190 9525 7988597 7685733 153836 149028 8767728 8504292 61892 201544 395899 348010 7103 40786 3587637 3519142 67575 920 15659801 14255568 959922 444311 1434913 1434913 FOOD SERVICE 12255107 11584558 255614 414935 TUITION FEES 3310930 3310930 MEMBERSHIP DUES 721123 336362 373108 11653 UBI TAXES PAID 288623 191648 96217 758 2555755 2475376 80379 295499530 274090811 14834653 6574066 1152128 571255 54867017 45499484 8862498 8257464 371565 377930 750000 750000 142208 133759 1672484 1876698 548885820 239884218 292433886 309001602 120668233 85725083 674250920 754125383 2387715 2033805 28290622 30413758 1185849276 1238766221 18660303 15888094 1266343 940306 4687259 4560089 150847533 146284148 9002859 10272147 3500895 2831378 187965192 180776162 X 444323358 463269809 553560726 594720250 997884084 1057990059 1185849276 1238766221 X 37573108 20727250 1805617 X 0 1 X 1 1 1 X 40626820 40887743 29896269 29315305 31972935 172699072 40626820 40887743 29896269 29315305 31972935 172699072 24954210 147744862 11300078 29977728 17579688 18012755 26930800 103801049 12595 17165 46755 30834 27630 134979 276635100 899157047 0.53410 0.53550 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 147694 147694 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 $147,694 DURING THE TAXABLE YEAR. MPCC HAS DIVIDED ITS EXPENSES FOR ITS TAXABLE YEAR ENDING JUNE 30, 2025, 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 92.17% 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, $147,694 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 70942 12500 4264516 X X 1 1 576846 917903 600877 893872 1 X 803770786 10300303 82556851 9343318 22463057 908112 863913453 711741089 9168238 109519114 8799297 15538305 2320053 803770786 696676006 9584619 31474253 8305994 15935143 1752652 711741089 701716031 18787159 -4737343 7633406 9607355 1849080 696676006 516330591 22444367 181929892 7217439 10083224 1688156 701716031 0.35000 0.38000 0.27000 0 0 1159829 1159829 430548487 182859240 247689247 379021 379021 68391144 46982594 21408550 48407339 10042384 38364955 309001602 HEDGE FUNDS 211442536 F PRIVATE EQUITY FUNDS 184526265 F GLOBAL EQUITY FUNDS 225289043 F REAL ESTATE FUNDS 40190744 F COMMODITY FUNDS 29443270 F OTHER INVESTMENTS 298253 F FIXED INCOME FUNDS 43687319 F PRIVATE CREDIT FUNDS 19247953 F 754125383 ASSET RETIREMENT OBLIGATION 2831378 2831378 X 215207867 20727250 1805617 22532867 192675000 1876654 138520984 140397638 333072638 155101892 0 155101892 1876654 138520984 140397638 295499530 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 $9,435,535 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 $836,612 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, 2025 AND 2024. 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 405,306. ADJUSTMENT TO ACTUARIAL LIABILITY FOR ANNUITIES PAYABLE 1,400,311. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS 138,516,334. SPECIAL FUNDRAISING EXPENSES 4,650. PART XII, LINE 4B - OTHER ADJUSTMENTS: SPECIAL FUNDRAISING EXPENSES 4,650. SCHOLARSHIPS AND GRANTS 138,516,334. 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 NONDISCRIMINATION 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. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 369806868 EAST ASIA AND THE PACIFIC 0 0 INVESTMENTS 164938 EUROPE 0 0 INVESTMENTS 5804105 NORTH AMERICA 0 0 INVESTMENTS 925841 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICE STUDENT RECRUITMENT 17000 EUROPE 0 0 PROGRAM SERVICE STUDENT RECRUITMENT 6500 SOUTH ASIA 0 0 PROGRAM SERVICE STUDENT RECRUITMENT 14000 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICE ALUMNI STUDY TRAVEL 5441 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICE ALUMNI STUDY TRAVEL 94351 EUROPE 0 0 PROGRAM SERVICE ALUMNI STUDY TRAVEL 461146 SOUTH AMERICA 0 0 PROGRAM SERVICE ALUMNI STUDY TRAVEL 487366 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICE ALUMNI STUDY TRAVEL 93879 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICE INTERNATIONAL STUDIES 307643 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICE INTERNATIONAL STUDIES 769075 EUROPE 0 0 PROGRAM SERVICE INTERNATIONAL STUDIES 3933221 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICE INTERNATIONAL STUDIES 13640 NORTH AMERICA 0 0 PROGRAM SERVICE INTERNATIONAL STUDIES 122824 SOUTH AMERICA 0 0 PROGRAM SERVICE INTERNATIONAL STUDIES 59612 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICE INTERNATIONAL STUDIES 412029 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICE MUSIC TOUR 605000 0 0 0 0 0 0 376744693 7359786 384104479 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 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 6250 -6250 WASHBURN & MCGOLDRICK 24 N BRYN MAWR AVE 252 BRYN MAWR PA 19010 CONSULTING AND TRAINING 0 0 68000 -68000 STELTER 10435 NEW YORK AVENUE DES MOINES IA 50322 MARKETING SERVICES 0 0 7575 -7575 81825 -81825 AK AZ CO DC DE FL IA ID IN MA MI MT NE NH NM OR PA RI SC SD UT VT WA WY ATHLETICS 14125 14125 7295 BASEBALL 12770 12770 1230 2288 5208 1 735 735 500 1950 4508 27630 27630 1730 4238 17011 22979 4651 1 LUTHER SEMINARY 2481 COMO AVENUE ST PAUL MN 55108 411425961 501(C)(3) 28240 0 GLESNE SEMINARY FUND ST MARK'S EVANGELICAL LUTHERAN CHURCH 3651 S VERMONT AVE LOS ANGELES CA 90007 952377609 501(C)(3) 10000 0 KNUTSON GRANT DENTON WESLEY FOUNDATION 1155 UNION CIRCLE BOX 311585 DENTON TX 76203 750950120 501(C)(3) 8500 0 KNUTSON GRANT EMMAUS CAMPUS MINISTRY 538 UNIVERSITY AVE MISSOULA MT 59801 810330540 501(C)(3) 6500 0 KNUTSON GRANT 4 0 TUITION WAIVER 166 2646499 MERIT BASED SCHOLARSHIPS 2809 52565298 NEED BASED FINANCIAL AID 2673 85047094 EDUCATIONAL OPPORTUNITY ASSISTANCE 280 228214 VOCATION & CAREER ASSISTANCE 417 616362 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 1 1 X X X 0 0 0 0 0 0 0 0 0 SUSAN RUNDELL SINGER PRESIDENT 499151 0 0 0 12167 0 30000 0 80825 0 622143 0 0 0 MICHAEL BERTHELSEN VP AND CFO 262716 0 0 0 25903 0 26317 0 20030 0 334966 0 0 0 MARCI SORTOR PROVOST AND DEAN OF THE COLLEGE 254820 0 0 0 17779 0 25366 0 20255 0 318220 0 0 0 ENOCH BLAZIS VP FOR ADVANCEMENT 236355 0 0 0 7629 0 22601 0 12496 0 279081 0 0 0 CARL CROSBY LEHMANN GENERAL COUNSEL 253249 0 0 0 0 0 23099 0 1559 0 277907 0 0 0 MICHAEL KYLE VP FOR EXTERNAL RELATIONS 224065 0 0 0 10992 0 21879 0 20947 0 277883 0 0 0 HASSEL MORRISON VP FOR STUDENT LIFE 172417 0 0 0 13317 0 17344 0 29779 0 232857 0 0 0 CHRISTOPHER GEORGE ASSOCIATE VP FOR ENROLLMENT 157337 0 0 0 22459 0 16825 0 30145 0 226766 0 0 0 ROBERTA LEMBKE CHIEF INFORMATION OFFICER 144773 0 0 0 27072 0 16113 0 12263 0 200221 0 0 0 JO BELD SECRETARY 137751 0 0 0 12888 0 13903 0 20550 0 185092 0 0 0 REBECCA OTTEN ASST VP FOR ADVANCEMENT 159471 0 0 0 6908 0 14928 0 3474 0 184781 0 0 0 KATIE WARREN ASSOCIATE VP FOR MARKETING 149974 0 0 0 12045 0 14582 0 1559 0 178160 0 0 0 NATHAN ENGLE ASST VP AND CONTROLLER 118190 0 0 0 15611 0 12887 0 29799 0 176487 0 0 0 CHRISTEN COLE FORMER AVP FOR HUMAN RESOURCES 144549 0 0 0 0 0 12877 0 9275 0 166701 0 0 0 KEVIN LARSON DIRECTOR OF FACILITIES 135531 0 0 0 13458 0 13081 0 2652 0 164722 0 0 0 JASON ENGBRECHT ASSOCIATE PROVOST 130837 0 0 0 5801 0 12242 0 1786 0 150666 0 0 0 DAVID ANDERSON FORMER PRESIDENT 0 0 0 0 150000 0 0 0 0 0 150000 0 0 0 PART I, LINE 1A HOUSING ALLOWANCE/RESIDENCE FOR PERSONAL USE - SUSAN RUNDELL SINGER - $59,940. SINCE THE HOME IS REQUIRED AS A CONDITION OF EMPLOYMENT AND USED AS A GATHERING SPACE FOR COLLEGE FUNCTIONS, THE VALUE IS 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 1 1 B 23055000 61107599 441171 25000000 35666428 2015 1 1 1 1 C 2010000 25628247 265273 2468 25360506 1 1 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 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 DISCLOSURE SUBJECT TO FERPA LAWS 40808 DISCOUNTED TUITION EMPLOYEE BENEFITS DISCLOSURE SUBJECT TO FERPA LAWS 20000 TUITION WAIVER EMPLOYEE BENEFITS X 3 12500 REPLACEMENT COST X 64 3710954 FMV X MUSICAL INSTRUMENTS 6 79016 REPLACEMENT COST X OTHER GIFTS IN KIND 1 7500 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 2024, THE COMMITTEE'S MEMBERS WERE SUSAN GUNDERSON BOARD CHAIR, STEPHANIE FEHR BOARD VICE CHAIR, PAUL GRANGAARD TREASURER, JEFFREY BOLTON, SEAN BURRESS, JENNIFER HELLMAN, CHAD JERDEE, BRENDA MCCORMICK, LAURIE NORDQUIST, SCOTT OKUNO, JOHN RAITT, THERESA WISE AND SUSAN RUNDELL SINGER 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. 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 ON FEBRUARY 18, 2026. 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 THE COMPENSATION FOR THE PRESIDENT WAS REVIEWED BY THE EXECUTIVE COMMITTEE OF THE BOARD. THE PRESIDENT REVIEWED COMPENSATION OF THE PRESIDENT'S LEADERSHIP TEAM AGAINST SEVEN PEER GROUPS USING THE COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION HR DATA AND AN ANALYSIS OF THE COMPENSATION AT TWENTY PEER INSTITUTIONS USING THEIR 990 REPORTS. 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 ACTUARIAL LIABILITY FOR ANNUITIES PAYABLE 1,400,311. ADJUSTMENT TO PRIOR SERVICE COST AND ACTUARIAL LIABILITY FOR RETIREE PLAN 405,306. 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 (2) 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 (21) 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 842182 BOOK AMOUNT