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FORM 990, HEADER, LINE B: |
THE FOLLOWING CHANGES WERE MADE TO 990: - SCHEDULE B HAS BEEN ADJUSTED TO REPORT ACCRUAL METHOD OF GIFT VALUES. - SCHEDULE D HAS BEEN UPDATED TO REPORT THE ENDOWMENT INFORMATION THAT INCLUDES OUR RELATED ORGANIZATION, CONCORDIA FOUNDATION NEBRASKA. - SCHEDULE F HAS BEEN UPDATED TO ANSWER THE QUESTION ON SCHEDULE F, PART IV "YES" TO TRANSFER OF PROPERTY TO A FOREIGN CORPORATION DURING THE TAX YEAR DUE TO ALTERNATIVE INVESTMENTS. THE 990 FORM IS BEING AMENDED BECAUSE CONCORDIA UNIVERSITY NEEDS TO FILE FORM 926. |
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FORM 990, PART VI, SECTION A, LINE 7B |
AS A POSTSECONDARY EDUCATION INSTITUTION OF THE LUTHERAN CHURCH MISSOURI SYNOD, THE CONCORDIA UNIVERSITY SYSTEMS BOARD OF HIGHER EDUCATION MAY HAVE FINAL APPROVAL OVER SOME DECISIONS. |
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FORM 990, PART VI, SECTION B, LINE 11 |
ALL BOARD MEMBERS ARE GIVEN AN ELECTRONIC LINK TO REVIEW THE 990 ONLINE. THE FINANCE COMMITTEE OF THE BOARD OF REGENTS WILL REVIEW AND PRESENT TO THE BOARD. SCHEDULE B IS NOT SHARED WITH THE ENTIRE BOARD. |
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FORM 990, PART VI, SECTION B, LINE 12C |
EACH BOARD MEMBER AND CABINET OFFICER IS REQUIRED TO REVIEW AND SIGN THE CONFLICT OF INTEREST POLICY YEARLY. THE GOVERNANCE COMMITTEE AND THE CHAIR OF THE BOARD ARE GIVEN COPIES OF THE BOARD MEMBERS SIGNED POLICIES AND A REVIEW IS PERFORMED AND CONFLICTS NOTED. |
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FORM 990, PART VI, SECTION B, LINE 15 |
CURRENTLY THE PERSONNEL COMMITTEE MANAGES THE COMPENSATION BASED ON MARKET STUDY FOR THE PRESIDENT AND THE PRESIDENT WORKS WITH THE PERSONNEL COMMITTEE TO MANAGE THE CABINET OFFICERS. THE PERSONNEL COMMITTEE HAS DIRECT OVERSIGHT AND REQUESTS MARKET COMPARABILITY INFORMATION FOR THEIR REVIEW. THE MARKET COMPARABILITY IS DONE IN THE FALL. THIS WAS LAST DONE IN THE FALL OF 2013. CONCORDIA USES STATE OF NEBRASKA, CUPA-HR, GOPAC, CUS AND AICUN DATA WHEN AVAILABLE FOR THE COMPARABILITY INFORMATION. |
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FORM 990, PART VI, SECTION C, LINE 19 |
AT THIS TIME THEY ARE NOT READILY AVAILABLE TO THE PUBLIC. WE WOULD MAKE THEM AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST. |
OTHER FEES |
FORM 990, PART IX, LINE 11G |
OTHER EXPENSES: PROGRAM SERVICE EXPENSES 5,714,057. MANAGEMENT AND GENERAL EXPENSES 715,934. FUNDRAISING EXPENSES 33,037. TOTAL EXPENSES 6,463,028. |
CHANGES IN NET ASSETS OR FUND BALANCES: |
FORM 990, PART XI, LINE 9: |
CHANGE IN BENEFICIAL INTEREST IN SPLIT-INTEREST AGREEMENTS 233,178. CHANGE IN BENEFICIAL INTEREST IN PERPETUAL FUNDS 25,759. |
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FORM 990, PART IX, LINE 11G: |
FOODSERVICE CONTRACTED SERVICES - $2,529,379; CONTRACTED SERVICES FOR GRADUATE RECRUITING - $1,208,002; CONTRACTED SERVICES FOR BUILDINGS AND GROUNDS - $1,872,252; ATHLETIC OFFICIALS - $55,791; CONTRACTED SERVICES FOR SECURITY - $216,058; OTHER MISCELLANEOUS CONTRACTED SERVICES AND STIPENDS - $581,546. |
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REASONABLE CAUSE STATEMENT FOR WHY FORM 926 WAS NOT FILED: CONCORDIA UNIVERSITY SUBMITS THIS FORM 926 PURSUANT TO THE IRS'S DELINQUENT INTERNATIONAL INFORMATION RETURN SUBMISSION PROCEDURES. CONCORDIA IS NOT UNDER A CIVIL EXAMINATION OR A CRIMINAL INVESTIGATION BY THE IRS. CONCORDIA UNIVERSITY HAS NOT ALREADY BEEN CONTACTED BY THE IRS ABOUT DELINQUENT INFORMATION RETURNS. CONCORDIA UNIVERSITY CERTIFIES THAT IT WAS NOT ENGAGED IN TAX EVASION. CONCORDIA UNIVERSITY HAS REASONABLE CAUSE FOR ITS INADVERTENT FAILURE TO FILE IRS FORM 926. AS IS THE CASE WITH MANY NON-PROFITS WITH ENDOWMENT PORTFOLIOS, CONCORDIA UNIVERSITY INVESTS A PORTION OF ITS PORTFOLIO IN FUNDS WHICH EMPLOY THE "FUND OF HEDGE FUNDS" APPROACH. OUR INVESTMENT CONSULTANT RECOMMENDED THIS APPROACH DUE TO THEIR INVESTMENT OBJECTIVES WHICH ARE TO PROVIDE LOW PERFORMANCE VOLATILITY AND LOW CORRELATION WITH GLOBAL EQUITY AND FIX-INCOME MARKETS. LEADING UP TO THE INITIAL INVESTMENT AND THEN AT VARIOUS TIMES SUBSEQUENTLY, WE SOUGHT THE ADVICE OF AT AN ACCOUNTING FIRM, WHO WE ENGAGED TO HANDLE ALL AUDIT AND TAX WORK, IN REGARDS TO OUR FOREIGN REPORTING REQUIREMENTS CONCERNING THESE FUNDS. WE MADE INQUIRIES TO TAX PROFESSIONALS AT THIS FIRM ABOUT INTERNATIONAL TAX FILINGS, DISCLOSED ALL RELEVANT FACTS, AND RELIED ON ADVICE FROM THE ACCOUNTING FIRM WITH REGARD TO ALL INTERNATIONAL TAX FILINGS. THE PUBLIC ACCOUNTING FIRM FAILED TO ADVISE US REGARDING THE FORM 926 FILING REQUIREMENT. BASED UPON THIS, WE WERE UNDER THE MISTAKEN IMPRESSION THAT WE WERE NOT REQUIRED TO FILE ANY ADDITIONAL FORMS BEYOND THE SCHEDULE F (FORM 990), WHICH HAS BEEN APPROPRIATELY FILED EACH YEAR. FOR THE FISCAL YEAR ENDED ON JUNE 30, 2014, WE CONTRACTED WITH A NEW ACCOUNTING FIRM AND THEY PROVIDED US WITH A COMPREHENSIVE QUESTIONNAIRE FOCUSED ON POTENTIAL FILING REQUIREMENTS THAT MAY RESULT FROM ALTERNATIVE INVESTMENTS. AFTER COMPLETING THIS QUESTIONNAIRE, WE HAD A CONVERSATION WITH OUR NEW ACCOUNTANTS AND IT BECAME CLEAR THAT WE ARE REQUIRED TO COMPLETE FORM 926. BASED UPON THIS RECOGNITION, WE ARE NOW FILING AMENDED RETURNS FOR THOSE YEARS WHERE WE HAVE DETERMINED THAT FORM 926 SHOULD HAVE BEEN FILED. WE RESPECTIVELY REQUEST THAT ALL PENALTIES ASSOCIATED WITH THIS OVERSIGHT BE ABATED AS IT WAS NEVER OUR INTENTION TO DISREGARD THE REQUIREMENT TO FILE FORM 926. |