2026-02-03T09:45:14-06:00 2025-06-30 410746749 CLIFTONLARSONALLEN LLP 121 SOUTH TEJON STREET SUITE 1100 COLORADO SPRINGS CO 80903 990 2024-07-01 420680460 DRAKE UNIVERSITY DRAK 5152713112 2507 UNIVERSITY AVENUE DES MOINES IA 50311 ADAM VOIGTS CHIEF FINANCIAL OFFICER 5152713112 2026-01-30 1 1 SARAH HINTZ P00492291 7196350330 2026-01-30 2024 2025-03-06 01:10:19Z EARL F MARTIN 2507 UNIVERSITY AVENUE DES MOINES IA 50311 363280610 0 X WWW.DRAKE.EDU X 1881 IA SEE SCHEDULE O.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. 31 30 2821 4869 51512 35205 52465928 39204664 192089070 187424274 11687095 19585915 6812534 10062536 263054627 256277389 85166780 85687326 0 0 102554733 96781058 0 0 3507626 62739531 63827534 250461044 246295918 12593583 9981471 607488087 628340806 86036105 78936122 521451982 549404684 X SEE SCHEDULE O.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 221542092 85687326 187361971 DRAKE UNIVERSITY IS A NATIONAL COEDUCATIONAL, INDEPENDENT AND PRIVATE UNIVERSITY WITH APPROXIMATELY 5,000 STUDENTS ENROLLED FOR THE 2024 - 2025 ACADEMIC YEAR. DRAKE IS ACCREDITED BY THE HIGHER LEARNING COMMISSION OF THE NORTH CENTRAL ASSOCIATION OF SCHOOLS AND COLLEGES. 221542092 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 0 1 1 1 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 1 7298 0 1 2821 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 31 30 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X ADAM VOIGTS 5152713112 2507 UNIVERSITY AVE DES MOINES IA 50311 EARL MARTIN PRESIDENT 40.00 5.00 X X 655175 0 158367 MARK ERNST TRUSTEE AND BOARD CHAIR 1.00 0.00 X X 0 0 0 JONATHAN AZU TRUSTEE AND VICE CHAIR 1.00 0.00 X X 0 0 0 PEGGY FISHER TRUSTEE AND VICE CHAIR 1.00 0.00 X X 0 0 0 PAUL LEAVITT TRUSTEE AND VICE CHAIR 1.00 0.00 X X 0 0 0 CYNTHIA LESHER TRUSTEE AND VICE CHAIR 1.00 0.00 X X 0 0 0 PAUL SCHICKLER TRUSTEE AND VICE CHAIR 1.00 0.00 X X 0 0 0 LINDSAY WHORTON TRUSTEE AND VICE CHAIR 1.00 0.00 X X 0 0 0 JOE AIELLO TRUSTEE 1.00 0.00 X 0 0 0 PATTI AVERY TRUSTEE 1.00 0.00 X 0 0 0 TOM BERNAU TRUSTEE 1.00 0.00 X 0 0 0 KAREN BRANDING TRUSTEE 1.00 0.00 X 0 0 0 SUZIE BURT TRUSTEE 1.00 0.00 X 0 0 0 LOUIS CARR TRUSTEE 1.00 0.00 X 0 0 0 JOHNNIE CARSON TRUSTEE 1.00 0.00 X 0 0 0 MARTA CODINA TRUSTEE 1.00 0.00 X 0 0 0 PETER COWNIE TRUSTEE 1.00 0.00 X 0 0 0 ESFAND DINSHAW TRUSTEE (STARTED 10/1/24) 1.00 0.00 X 0 0 0 PAUL DOUCETTE TRUSTEE 1.00 0.00 X 0 0 0 KATHY FEHRMAN TRUSTEE (THRU 6/30/25) 1.00 0.00 X 0 0 0 DAVID GOLDER TRUSTEE 1.00 0.00 X 0 0 0 GREG JOHANSEN TRUSTEE 1.00 0.00 X 0 0 0 DOUGLAS LANG TRUSTEE 1.00 0.00 X 0 0 0 KEN MCCULLUM TRUSTEE 1.00 0.00 X 0 0 0 RACHEL MCLEAN TRUSTEE 1.00 0.00 X 0 0 0 JOHN MILLER TRUSTEE 1.00 0.00 X 0 0 0 AMY OHDE TRUSTEE 1.00 0.00 X 0 0 0 JEFF RUSSELL TRUSTEE (STARTED 10/1/24) 1.00 0.00 X 0 0 0 NIKKI SYVERSON TRUSTEE (STARTED 10/1/24) 1.00 0.00 X 0 0 0 TIFFANY TAUSCHECK TRUSTEE (STARTED 10/1/24) 1.00 0.00 X 0 0 0 RUDOLPH D TREBELS TRUSTEE 1.00 0.00 X 0 0 0 IKE VANDEN EYKEL TRUSTEE (THRU 1/1/2025) 1.00 0.00 X 0 0 0 JIM WALLACE TRUSTEE 1.00 0.00 X 0 0 0 ADAM VOIGTS CFO AND TREASURER 40.00 0.00 X 211664 0 39289 VENESSA KUHLMANN-MACRO CHIEF ADMINISTRATION OFFICER 40.00 0.00 X 195907 0 38667 SUE MATTISON PROVOST 40.00 0.00 X 244267 0 31489 JOHN SMITH VICE PRESIDENT INST. ADVANCEMENT 40.00 0.00 X 228384 0 40138 ALLISON POHLMAN HEAD WOMEN'S BASKETBALL COACH 40.00 0.00 X 281364 0 17828 BENJAMIN MCCOLLUM HEAD MEN'S BASKETBALL COACH 40.00 0.00 X 489243 0 44135 BRIAN HARDIN DIRECTOR OF ATHLETICS 40.00 0.00 X 256175 0 43108 JERRY ANDERSON PROFESSOR OF LAW 40.00 0.00 X 246906 0 28814 DARIAN DEVRIES FORMER MEN'S B-BALL COACH (4/30/24) 40.00 0.00 X 369080 0 17111 3178165 0 458946 175 1 1 0 STORY CONSTRUCTION 2810 WAKEFIELD CIR AMES IA 50010 CONSTRUCTION SERVICES 10036342 SODEXO INC AND AFFILIATES PO BOX 360170 PITTSBURG PA 15262 FOOD SERVICES 5814751 DES MOINES INDEPENDENT COMMUNITY SCHOOL 2100 FLEUR DR DES MOINES IA 50321 HEAD START PROGRAM 2864651 WALDINGER CORPORATION 6200 SCOUT TRAIL DES MOINES IA 50321 CONSTRUCTION SERVICES 1387593 CARNEGIE DARLET LLC 210 LITTLETON RD STE 100 WESTFORD MA 01886 STUDENT RECRUITMENT SERVICES 996832 83 350790 15795455 23058419 3004435 39204664 TUITION REVENUE 611710 165222537 165222537 STUDENT HOUSING/BOARD 721310 14452453 14452453 ATHLETICS REVENUE 711210 6458630 6396327 62303 OTHER AUXILIARY ENTERP 611710 774140 774140 PARKING FEES 812930 516514 516514 187424274 5508092 -12491 5520583 1108265 1108265 410614 469237 -58623 -58623 -58623 120478998 104946095 1455080 15532903 -1455080 14077823 14077823 164179 350790 132809 31370 31370 MISCELLANEOUS INCOME 611710 6108211 6108211 HISTORIC PRESERVATION 900099 2871613 2871613 ADVERTISING 541800 1700 1700 8981524 256277389 187361971 51512 29659242 85687326 85687326 1708909 307603 1110792 290514 73203605 63974568 7679930 1549107 4067210 3486533 490765 89912 12505423 10855243 1410025 240155 5295911 4123178 1062869 109864 727302 111909 615393 190740 190740 988594 988594 3869269 3869269 756404 426528 272785 57091 1003919 686621 203843 113455 280963 201662 70258 9043 4311283 3937356 373927 5121358 4884428 124504 112426 79221 2590 76631 1240378 1214482 25896 11310500 10612153 698347 1961010 393902 1566812 296 CONTRACTS & LEASES 17287819 14443085 2293295 551439 SUPPLIES & EQUIPMENT 3895087 3467712 291185 136190 DUES & SUBSCRIPTIONS 3226171 2672196 530564 23411 LICENSE FEES 2195300 1071937 1123072 291 5382216 5111811 45973 224432 246295918 221542092 21246200 3507626 14507677 6681810 9058106 10215272 36422344 32876242 5299507 7230256 5999072 5428313 139865 321274 10046056 10572870 438209834 209153592 233375262 229056242 118549316 110407372 173549679 215209562 541203 341593 607488087 628340806 12030232 8597912 4242237 4331122 10490187 10398480 39811750 44231683 7474031 11987668 11376925 86036105 78936122 X 229931823 240944401 291520159 308460283 521451982 549404684 607488087 628340806 X 9981471 17590279 380952 X X 0 1 X 1 1 1 X 37477675 48766464 52717798 52465928 39204664 230632529 37477675 48766464 52717798 52465928 39204664 230632529 2132277 228500252 2883375 5292998 4270035 6369236 7039462 25855106 17429 183661 21469 57347 36363 316269 3292353 5180569 5870107 9144003 23487032 280290936 759296354 0.81520 0.89410 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS INCOME - 2021 AMOUNT: $ 3,292,353. 2022 AMOUNT: $ 5,180,569. 2023 AMOUNT: $ 5,870,107. 2024 AMOUNT: $ 9,144,003. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 0 306208560 6975554 35533670 6256483 7754466 1090221 333616614 266901955 12775874 41079508 5983994 7623198 941585 306208560 245420135 6921298 28448779 5802599 7155553 930105 266901955 279782244 6134781 -27374223 5315400 6858186 949081 245420135 219800168 4848372 67040876 4751300 6358590 797282 279782244 0.23300 0.56630 0.20070 1 0 5010527 31082382 36092909 316054349 209153592 106900757 82783633 82783633 3278943 3278943 229056242 CASH SURRENDER VALUE OF LIFE INSURANCE 3767785 F FUNDS HELD IN TRUST BY OTHERS 13576420 F PRIVATE EQUITY 197865357 F 215209562 ACCRUED POSTRETIREMENT BENEFIT OBLIGATION 8794196 REAL ESTATE DEPOSIT 26709 FIN 47 LIABILITY 1267365 AGENCY FUNDS 38692 ANNUITIES PAYABLE 896927 LEASE LIABILITY 353036 11376925 X 187705509 17590279 513761 18104040 169601469 988594 85687326 86675920 256277389 159752807 132809 132809 159619998 988594 85687326 86675920 246295918 PART III, LINE 1A: WORKS OF ART - THE UNIVERSITY MAINTAINS SEVERAL COLLECTIONS, WHICH ARE NOT REPORTED FOR FINANCIAL STATEMENT PURPOSES. THESE COLLECTIONS INCLUDE WORKS OF ART, NATURAL HISTORY ARTIFACTS, AND OTHER SIMILAR OBJECTS. COLLECTIONS ARE HELD FOR PUBLIC EXHIBITION, EDUCATION AND RESEARCH IN FURTHERANCE OF THE UNIVERSITY'S GOAL TO PROVIDE PUBLIC SERVICE. VARIOUS UNIVERSITY DEPARTMENTS HAVE THE RESPONSIBILITY TO CONTROL, PRESERVE AND PROTECT THESE COLLECTIONS. PART III, LINE 4: COLLECTIONS ARE HELD FOR PUBLIC EXHIBITION, EDUCATION AND RESEARCH IN FURTHERANCE OF THE UNIVERSITY'S GOAL TO PROVIDE PUBLIC SERVICE. 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 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 RESTRICTIONS AND BOARD DESIGNATIONS. PART X, LINE 2: THE UNIVERSITY HAS RECEIVED A TAX DETERMINATION LETTER FROM THE INTERNAL REVENUE SERVICE (IRS) INDICATING IT IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (THE "CODE") AS A CHARITABLE EDUCATIONAL INSTITUTION. AS SUCH, THE UNIVERSITY IS TAXED ONLY ON ANY NET UNRELATED BUSINESS INCOME UNDER SECTION 511 OF THE CODE. GAAP REQUIRES MANAGEMENT EVALUATE TAX POSITIONS TAKEN BY THE UNIVERSITY AND RECOGNIZE A TAX LIABILITY (OR ASSET) IF THE UNIVERSITY HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE IRS. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE UNIVERSITY, AND HAS CONCLUDED THAT AS OF JUNE 30, 2025 AND 2024, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. THE UNIVERSITY IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. THE STATUTE OF LIMITATIONS ON THE UNIVERSITY'S U.S. FEDERAL TAX RETURNS REMAINS OPEN FOR THE YEARS ENDED JUNE 30, 2022, THROUGH THE PRESENT. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN SPLIT INTEREST AGREEMENTS -105,199. CHANGE IN POSTRETIREMENT BENEFIT PLANS 486,151. FUNDRAISING EXPENSES 132,809. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 85,687,326. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 132,809. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 85,687,326. 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE PRINCIPLES OF EQUAL ACCESS AND EQUAL OPPORTUNITY REQUIRE THAT ALL INTERACTIONS WITHIN THE UNIVERSITY BE FREE FROM INVIDIOUS DISCRIMINATION. DRAKE UNIVERSITY THEREFORE PROHIBITS DISCRIMINATION BASED UPON RACE, COLOR, NATIONAL ORIGIN, CREED, RELIGION, AGE, DISABILITY, SEX, PREGNANCY, GENDER IDENTITY OR EXPRESSION, SEXUAL ORIENTATION, GENETIC INFORMATION, VETERAN STATUS OR ANY CHARACTERISTIC PROTECTED BY LAW IN ITS EDUCATIONAL PROGRAMS AND ACTIVITIES, ADMISSIONS, OR EMPLOYMENT. INQUIRIES REGARDING NON-DISCRIMINATION POLICIES MAY BE DIRECTED TO THE TITLE IX COORDINATOR, 316 OLD MAIN, 2507 UNIVERSITY AVENUE, DES MOINES, IA 50311, (515) 271-4956, TITLEIX@DRAKE.EDU OR THE EXECUTIVE DIRECTOR, HUMAN RESOURCES, 319 OLD MAIN, 2507 UNIVERSITY AVENUE, DES MOINES, IA 50311, (515) 271-4804, DRAKEHR@DRAKE.EDU. CONTINUED BELOW. 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, HEALTH PROFESSIONS STUDENT LOAN PROGRAMS AND DIRECT LOAN PROGRAM. THE UNIVERSITY RECEIVES STATE-FUNDED STUDENT ASSISTANCE THROUGH PROGRAMS MANAGED BY IOWA COLLEGE AID BOARD OF COMMISSIONERS UNDER THE IOWA DEPARTMENT OF EDUCATION. LINE 3 - EXPLANATION OF NONDISCRIMINATION POLICY (CONTINUED) DRAKE UNIVERSITY IS NOT REQUIRED TO PUBLICIZE ITS RACIALLY NONDISCRIMINATORY POLICY THROUGH NEWSPAPER OR BROADCAST MEDIA DURING REGISTRATION BECAUSE PARAGRAPH 4.03(2)(B) OF REV. PROC. 75-50 APPLIES. THE NONDISCRIMINATORY POLICY IS ON THE FOOTER OF THE UNIVERSITY WEBSITE AT A LINK TITLED, "NONDISCRIMINATION & ACCESSIBILITY" WHICH GOES HERE: HTTPS//WWW.DRAKE.EDU/NONDISCRIMINATION-ACCESSIBILITY/. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 68875421 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 2258697 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES STUDY ABROAD - INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT 263934 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES STUDY ABROAD - INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT 139488 SOUTH ASIA 0 0 PROGRAM SERVICES STUDY ABROAD - INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT 106023 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES STUDY ABROAD - INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT 81629 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES STUDY ABROAD - INSTRUCTIONAL TRIPS FOR EDUCATIONAL CREDIT 124265 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES TEACHING PARTNERSHIP WITH BETWEEN QINGDAO AND DRAKE 158458 0 0 0 0 0 0 72007915 0 72007915 1 0 1 1 1 0 PART I, LINE 3: ACCRUAL METHOD RAY CENTER DINNER 354243 334353 19890 45491 20812 RAY CENTER AUCTION 61746 16437 45309 45309 5158 1 98980 98980 16039 514969 350790 164179 45309 45491 42009 132809 31370 1 DRAKE UNIVERSITY AWARDED STUDENT AID 2901 78978367 N/A N/A DONOR RESTRICTED/ENDOWED SCHOLARSHIPS 1133 6708959 N/A N/A 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 THE EXTERNAL AUDIT FIRM. OUR FY25 A-133 AUDIT EXPRESSED AN UNQUALIFIED OPINION, NO SIGNIFICANT DEFICIENCIES IN INTERNAL CONTROL, AND NO INSTANCES OF MATERIAL NONCOMPLIANCE. X X X X 1 1 X X X 0 1 0 0 0 0 0 1 0 EARL MARTIN PRESIDENT 532316 0 108400 0 14459 0 101400 0 56967 0 813542 0 0 0 BENJAMIN MCCOLLUM HEAD MEN'S BASKETBALL COACH 413293 0 75000 0 950 0 25813 0 18322 0 533378 0 0 0 DARIAN DEVRIES FORMER MEN'S B-BALL COACH (4/30/24) 185248 0 183333 0 499 0 11252 0 5859 0 386191 0 0 0 BRIAN HARDIN DIRECTOR OF ATHLETICS 214307 0 33000 0 8868 0 17046 0 26062 0 299283 0 0 0 ALLISON POHLMAN HEAD WOMEN'S BASKETBALL COACH 275573 0 0 0 5791 0 16438 0 1390 0 299192 0 0 0 SUE MATTISON PROVOST 239855 0 0 0 4412 0 18593 0 12896 0 275756 0 0 0 JERRY ANDERSON PROFESSOR OF LAW 239968 0 0 0 6938 0 18805 0 10009 0 275720 0 0 0 JOHN SMITH VICE PRESIDENT INST. ADVANCEMENT 206960 0 10000 0 11424 0 16322 0 23816 0 268522 0 0 0 ADAM VOIGTS CFO AND TREASURER 210599 0 0 0 1065 0 16522 0 22767 0 250953 0 0 0 VENESSA KUHLMANN-MACRO CHIEF ADMINISTRATION OFFICER 194080 0 0 0 1827 0 15315 0 23352 0 234574 0 0 0 PART I, LINE 1A A UNIVERSITY-OWNED RESIDENCE IS PROVIDED TO THE PRESIDENT. THIS IS A CONDITION OF EMPLOYMENT AND IS FOR THE CONVENIENCE OF THE EMPLOYER. THE RESIDENCE IS USED FOR MANY UNIVERSITY FUNCTIONS, MEALS, AND RECEPTIONS INVOLVING FACULTY, STAFF, STUDENTS, DONORS, AND THE GENERAL PUBLIC THROUGHOUT THE YEAR. THE VALUE OF THE RESIDENCE IS INCLUDED IN NONTAXABLE BENEFITS IN PART II, COLUMN (D). A SOCIAL CLUB MEMBERSHIP IS PROVIDED TO THE PRESIDENT, ATHLETIC DIRECTOR, HEAD MEN'S BASKETBALL COACH, AND HEAD WOMEN'S BASKETBALL COACH FOR UNIVERSITY BUSINESS. ANY EXPENSES INCURRED THAT ARE NOT RELATED TO UNIVERSITY BUSINESS ARE PAID FOR PERSONALLY BY THE INDIVIDUALS. THE VALUE OF THE SOCIAL CLUB MEMBERSHIP IS NOT INCLUDED IN TAXABLE COMPENSATION. THE UNIVERSITY DOES NOT PROVIDE FIRST CLASS TRAVEL FOR ITS EMPLOYEES. THE HEAD MEN'S BASKETBALL COACH , HEAD WOMEN'S BASKETBALL COACH, AND HEAD FOOTBALL COACH OCCASIONALLY TRAVEL BY CHARTER WITH THEIR TEAMS TO SCHEDULED EVENTS. THE VALUE OF THE CHARTER TRAVEL IS NOT INCLUDED IN TAXABLE COMPENSATION. TRAVEL FOR COMPANIONS IS PROVIDED IF IT IS NECESSARY FOR BUSINESS PURPOSES. WHEN TRAVEL FOR COMPANIONS IS PROVIDED FOR NON-BUSINESS PURPOSES, THE VALUE OF THE TRAVEL IS INCLUDED IN TAXABLE WAGES. THERE WERE NO BENEFITS RELATED TO TRAVEL FOR COMPANIONS DURING THE YEAR. THE VALUE FOR THE TRAVEL FOR COMPANIONS IS NOT INCLUDED IN TAXABLE COMPENSATION. PART I, LINE 4B AS DIRECTED WITHIN THE EMPLOYMENT CONTRACT FOR EARL F. MARTIN, PRESIDENT, THE ORGANIZATION MAINTAINS A NON-QUALIFIED DEFERRED COMPENSATION PLAN UNDER SECTION 457(F) OF THE INTERNAL REVENUE CODE. THE PLAN PROVIDES FOR THE ORGANIZATION TO MAKE CONTRIBUTIONS FOR ELIGIBLE EMPLOYEES. DURING FISCAL YEAR 2025, CONTRIBUTIONS OF $75,000 WERE MADE TO THE PLAN FOR THE PRESIDENT. NO DISTRIBUTIONS WERE MADE FROM THE PLAN DURING THE FISCAL YEAR. PART I, LINE 7 EARL F. MARTIN III, BRIAN HARDIN, DARIAN DEVRIES, AND BENJAMIN MCCOLLUM RECEIVED BONUS PAYMENTS PURSUANT TO CRITERIA SPECIFIED IN THEIR RESPECTIVE EMPLOYMENT CONTRACTS. OTHER SENIOR LEADERS WERE AWARDED DISCRETIONARY BONUS PAYMENTS BASED ON PERFORMANCE INDICATORS DURING THE ANNUAL PERFORMANCE EVALUATION PROCESS AS DETERMINED BY THE PRESIDENT. A IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 4624604F0 2016-04-28 33422431 CONSTRUCT FACILITY & REFUND ISSUE (4/5/07) 0 0 0 B IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 2021-09-29 25065000 REFUND PRIOR ISSUES (1/18/17 & 2/7/17) 0 0 0 A 11835000 33478225 4649 411264 22003556 11058756 2018 0 1 1 1 B 9115000 25065000 79 235816 24829105 2021 1 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 0 A 0 0 0 1 0 0 0 0 1 B 0 0 1 1 0 0 0 0 1 A 1 B 1 PART II, LINE 3: THE TOTAL PROCEEDS DO NOT AGREE TO THE ISSUE PRICE IN PART I, COLUMN (E) DUE TO INVESTMENT EARNINGS. PART IV, LINE 2C: IOWA HIGHER EDUCATION LOAN AUTHORITY - ISSUE DATE 04/28/16 NOTE REGARDING THE REBATE COMPUTATION ON 4/1/2018: SINCE THE BOND PROCEEDS HAVE BEEN SPENT, AND THE DEBT SERVICE FUND WAS OPERATED ON A BONA FIDE BASIS, NO FURTHER REBATE CALCULATIONS ARE NECESSARY. PART IV, LINE 2B/2C: IOWA HIGHER EDUCATION LOAN AUTHORITY - ISSUE DATE 09/29/21 NOTE REGARDING THE REBATE COMPUTATIONS ON 3/29/2022: SINCE THE BOND PROCEEDS HAVE BEEN SPENT, A SPENDING EXCEPTION WAS MET, AND THE DEBT SERVICE FUND WAS OPERATED ON A BONA FIDE BASIS, NO FURTHER REBATE CALCULATIONS ARE NECESSARY. X 45 2940105 FMV X AUCTION ITEMS 77 45309 FMV X EVENT GIVEAWAYS 26 19021 FMV 0 0 1 1 PART I, COLUMN (B): COLUMN (B) REPORTS THE NUMBER OF ITEMS CONTRIBUTED. PART I, LINE 32B: THE UNIVERSITY ENGAGES LEGAL COUNSEL OR REAL ESTATE AGENTS TO SELL DONATED REAL PROPERTY. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE SHALL BE CHAIRED BY THE BOARD CHAIR AND SHALL INCLUDE ALL COMMITTEE CHAIRS AND THE PRESIDENT. THE EXECUTIVE COMMITTEE IS EMPOWERED TO PROVIDE GENERAL SUPERVISION OF THE ADMINISTRATION AND PROPERTY OF THE UNIVERSITY BETWEEN MEETINGS OF THE BOARD, EXCEPT THAT, UNLESS SPECIFICALLY EMPOWERED BY THE BOARD TO DO SO, IT MAY NOT TAKE ANY ACTION INCONSISTENT WITH A PRIOR ACT OF THE BOARD, AWARD DEGREES, ALTER BYLAWS, LOCATE PERMANENT BUILDINGS, REMOVE OR APPOINT THE PRESIDENT, OR TAKE ANY OTHER ACTION WHICH HAS BEEN RESERVED BY THE BOARD. THE EXECUTIVE COMMITTEE SHALL MEET WHEN CALLED BY THE BOARD CHAIR. A MAJORITY OF THE MEMBERS OF THE EXECUTIVE COMMITTEE SHALL CONSTITUTE A QUORUM FOR THE TRANSACTION OF BUSINESS. MINUTES OF THE MEETINGS OF THE EXECUTIVE COMMITTEE SHALL BE TAKEN AND SHALL BE DISTRIBUTED PROMPTLY TO ALL TRUSTEES FOLLOWING EACH EXECUTIVE COMMITTEE MEETING. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD AUDIT COMMITTEE IS CHARGED WITH REVIEW OF THE FORM 990 ON BEHALF OF THE ENTIRE BOARD OF TRUSTEES. UPON COMPLETION OF THE CURRENT YEAR'S RETURN, FINANCE STAFF, ALONG WITH DRAKE'S EXTERNAL TAX FIRM, REVIEWED THE COMPLETED FORM 990 WITH THE AUDIT COMMITTEE. A COPY OF THE COMPLETE FORM 990 WAS MADE AVAILABLE TO EACH MEMBER OF THE BOARD OF TRUSTEES VIA THE BOARD PORTAL PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C A CONFLICT OF INTEREST FORM IS ANNUALLY COMPLETED BY EACH DRAKE UNIVERSITY TRUSTEE, OFFICER, AND KEY ADMINISTRATOR. THE FORM IS COLLECTED BY THE PRESIDENT'S OFFICE WHICH ENSURES ALL REQUESTED FORMS ARE RECEIVED. THE RESULTS ARE SENT TO THE OFFICE OF THE CHIEF FINANCIAL OFFICER FOR FURTHER REVIEW AND MONITORING AS NEEDED. INFORMATION REPORTED ON THE FORMS IS ALSO PROVIDED TO THE AUDIT COMMITTEE ANNUALLY FOR REVIEW, ASSESSMENT, AND MONITORING AS NEEDED. IT WILL BE DETERMINED WHETHER CONDITIONS OR RESTRICTIONS, IF ANY, SHOULD BE IMPOSED TO MANAGE, REDUCE OR ELIMINATE SUCH CONFLICT OF INTEREST. THE PROCEEDINGS ARE RECORDED IN THE AUDIT COMMITTEE'S MEETING MINUTES. FORM 990, PART VI, SECTION B, LINE 15 DRAKE UNIVERSITY PARTICIPATES ANNUALLY IN THE COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION FOR HUMAN RESOURCES (CUPA-HR) SALARY SURVEYS. THE ADMINISTRATIVE SALARY SURVEY REPORTS BASE SALARY INFORMATION FOR SENIOR LEVEL ADMINISTRATIVE POSITIONS. A PEER GROUP OF INSTITUTIONS THAT ARE SIMILAR TO AND COMPETE WITH DRAKE UNIVERSITY WAS ESTABLISHED FOR PURPOSES OF COMPENSATION ANALYSIS. FACTORS INCLUDED IN DETERMINING THE DRAKE UNIVERSITY PEER GROUP INCLUDE: ACADEMIC PROGRAMS, ENROLLMENT, BUDGET SIZE, STUDENT DEMOGRAPHICS AND ACADEMIC QUALITY. THE CUPA-HR SALARY SURVEY TOOL ALLOWS DRAKE TO COMPARE BASE SALARIES AGAINST THOSE REPORTED BY PEER INSTITUTIONS, THEREBY PROVIDING HIGHLY RELIABLE COMPARABLE SALARY INFORMATION. IN ADDITION, THE UNIVERSITY PERIODICALLY UNDERTAKES A REVIEW BY AN INDEPENDENT THIRD-PARTY COMPENSATION CONSULTANT OF ALL COMPONENTS OF THE PRESIDENT'S COMPENSATION, INCLUDING BASE SALARY, BONUS STRUCTURE, DEFERRED COMPENSATION, BENEFITS AND TOTAL REMUNERATION. ANNUALLY THE DIRECTOR OF HR AND THE CHIEF ADMINISTRATION OFFICER DEVELOP A COMMUNICATION TO THE BOARD OF TRUSTEES COMPENSATION COMMITTEE DOCUMENTING AN ANALYSIS OF BASE SALARY COMPENSATION FOR THE PRESIDENT AND NON-FACULTY MEMBERS OF THE PRESIDENT'S COUNCIL ("COUNCIL"). THE DRAKE UNIVERSITY COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES ("THE COMMITTEE") IS AN INDEPENDENT BODY COMPRISED OF NON-DRAKE UNIVERSITY EMPLOYEES. EXTENSIVE AND COMPLETE COMPARABILITY DATA EXISTS TO MEET THE REQUIREMENTS OF THE REBUTTABLE PRESUMPTION STANDARD OF REASONABLENESS FOR EXECUTIVE COMPENSATION AS SET FORTH BY THE TREASURY DEPARTMENT'S REGULATIONS IMPLEMENTING INTERNAL REVENUE CODE SECTION 4958. THE COMMITTEE COMPLETES CONTEMPORANEOUS SUBSTANTIATION OF ITS DELIBERATION AND DECISION IN THE FORM OF AN ITEMIZED RESOLUTION. 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. FORM 990, PART XI, LINE 9: CHANGE IN SPLIT INTEREST AGREEMENTS -105,199. CHANGE IN POSTRETIREMENT BENEFIT PLANS 486,151. FORM 990, PART XII, LINE 2C: THE PROCESS FOR OVERSIGHT AND SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED SINCE THE PRIOR YEAR. COMMUNITY HOLDINGS LLC 2507 UNIVERSITY AVE 307 OLD MAIN DES MOINES IA 50311 843520795 SOLE MEMBER LLC FOR NMTC FINANCING IA -190490 6794611 DRAKE UNIVERSITY COLLEGE AND UNIVERSITY SUSTAINABILITY PROJECT INC 1800 LINCOLN AVE EVANSVILLE IN 47722 872195386 SUPPORTING ORGANIZATION DE 501(C)(3) LINE 12A, I N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0