Luther College

“The members of this corporation shall be those individuals holding the following positions and offices: (a) the voting members of the churchwide assembly of the evangelical lutheran church in america entitled to vote at such meetings chosen in accordance with the discipline and usage of such church, or its successor. Such members shall remain members of the corporation until the convening of the succeeding churchwide assembly of the evangelical lutheran church in america at which time such members shall give place to the voting members at such succeeding churchwide assembly, in accordance with the discipline and usage of said church, or its successor. (b) the members of the board of regents of this corporation. (c) the president of the college operated by this corporation. (d) the officers of the administration of the college.”

“The governing body of luther college is the board of regents. The board of regents are listed as members of the organization.”

“The 990 is prepared by the accounting manager, reviewed by the controller, and is reviewed by the vp for finance and administration. The 990 is then sent to the accounting firm of rsm us llp for review and entry into their tax software. After all reviews are completed, the 990 is presented to the audit committee for their review and approval. After audit committee approval, the 990 is sent to each board member, and the completed form 990 is signed by the vp for finance and adminstration, and a partner from rsm us llp, and is filed with the irs.”

“Luther college's conflict of interest policy and disclosure statement is sent out to the board of regents, audit committee, investment committee, president, vice presidents, and key employees of the college in may of each year. Each recipient is requried to read the policy and to complete, sign, and return the disclosure statement to the office for financial services to be reviewed for potential interests that could give rise to conflicts. Luther college's conflict of interest policy and disclosure statement addresses all areas of concern expressed on form 990.”

“The director of human resources and the president of the college will gather the following benchmark salary data: 1. Median salaries for cupa (colleges and universities professional association) private religious colleges with comparable enrollment. 2. Median and maximum salaries for 26 iowa private colleges. 3. Median and maximum salaries for acm (associated colleges of the midwest) and glca (great lakes colleges association) colleges. 4. Median and maximum salaries for 15 regional cupa (colleges and universities professional association) colleges. The president of the college will review and present the presidential and vice presidential benchmark indicators to the board of regents. At the october board meeting, the board of regents will meet to review the four salary benchmark indicators and will determine and approve compensation for the president and vice presidents of the college. The board of regents will also review the non-salary compensation benefits provided to the officers. The chairperson of the board of regents will notify the director of human resources in writing, through a memo or e-mail with the approval of compensation for the president and vice presidents. This information will be recorded in the minutes of the meeting and will be maintained in a confidential archive. This process was last completed in october, 2015.”

“Copies of luther college's governing documents, conflict of interest policy, audited financial statements, and forms 990 & 990t are available to the public upon request at the office for financial services, 700 college drive, decorah, ia 52101. The audited financial statements are also available online at www.luther.edu/financialservices.”

“Actuarial adjustments -400,164. Interest rate swap 175,530. Book/tax difference from k-1s 144. Revenue from subsidiary 259,384. Expense from subsidiary -348,327.”