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THE STAFF OF THE COLLEGE DETERMINES THE FINANCIAL NEED OF THE STUDENT AND DETERMINES THE AMOUNT OF FINANCIAL ASSISTANCE THAT CAN BE AWARDED TO THE STUDENT BASED ON FEDERAL RULES AND REGULATIONS. 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accrued":1227037,"Grants payable":128638,"Deferred, revenue":250495,"Tax exempt bond liabilities":11563090,"Secured mortgages and notes payable":2730354,"Other liabilities":305894},"Fund balance":{"value":27841959},"Form990Details":{"program_service_accomplishments":[{"description":"THE COLLEGE IS ACCREDITED AS A BACCALAUREATE INSTITUTION BY THE NORTH CENTRAL ASSOC. 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Iowa Wesleyan is a four year liberal arts college providing quality individualized learning experiences that combine the development of the intellect with adaptive life skills. The college is affiliated with the United Methodist Church with which it shares a commitment to spiritual values, social justice and human welfare.","primary_activities":"The college is accredited as a baccalaureate institution by the north central assoc. Of colleges and universities. Student payments of tuition and service fees are used to provide the highest possible quality education at the lowest possible cost. 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Ms. Nellor abstains from all voting regarding transactions between the bank and the college.\n\nOther program services 4: students services, including student development, academic and career counceling, intercollegiate athletics, financial assistance and other services, was provided to 1,479 full and part time students.","year":2010,"name":"IOWA WESLEYAN COLLEGE","phone":"3193856206","website":"WWW.IWC.EDU","type":"990","affiliation":"Christianity","principal_officer":"JAY K SIMMONS","year_formation":1842,"state_legal_domicile":"IA","total_volunteers":50,"tax_period_begin":"2010-06-01T00:00:00","tax_period_end":"2011-05-31T00:00:00","address":"601 N MAIN STREET, MT PLEASANT, IA, 52641, USA","city":"MT PLEASANT","state":"IA","country":"USA","zip_code":"52641"},"Governance":{"501c3 determination":true,"Number of voting members":37,"Number of independent voting members":37,"Number of employees total":528,"Total Gross UBI":0,"Number of employees":528,"Prohibited tax shelter transactions":false,"Taxable party notification":false,"Funds to pay premiums":false,"Premiums Paid":false,"Family or business relationship":true,"Delegation of management duties":false,"Conflict of interest policy":true,"Whistle blower policy":true,"Compensation process for CEO":true,"Compensation process for other employees":true,"Changes to organizing documents":false,"Material diversion or misuse":false,"Members or stockholders":false,"Election of board members":false,"Decisions subject to approval":false,"Minutes of governing body":true,"Local chapters":false,"Form 990 provided to governing body":false,"Document retention policy":true,"Investment in joint venture":false,"Independent audit financial statements":true,"Consolidated audit financial statements":false,"Accountant compile or review":false,"Financial statements audited by independent accountant":true,"Audit committee":true,"Federal grant audit required":true,"Federal grant audit performed":true,"Political activities":false,"Donor advised funds":false,"Conservation easements":false,"Collections of art":true,"School":true,"Hospital":false,"Foreign activities":false,"Foreign office":false,"Gaming":false,"Fundraising activities":false,"Professional fundraising":false,"Loan to officer or DQP":false,"Grant to related person":false,"Business relationship through family member":true,"Business relationship with organization":true,"Transfers to exempt non-charitable organization":false},"Revenues":{"value":18995300,"Contributions":{"value":2330639,"Other contributions":2159925,"Grant revenue":170714},"Program revenue":{"value":16258263,"Total revenue":{"value":16258263,"VARIOUS":16258263}},"Investment income":{"value":349373,"Investment income total":349373,"Net investment gain":0,"Income from invest bond proceeds":0},"Other revenues":{"value":57025,"Other total":0,"Royalties revenue":0,"Net rental income":57025,"Net income from fundraising events":0,"Net income from gaming":0,"Net income":0}},"Expenses":{"value":19569585,"Grant expense":{"value":5329873,"Grants to domestic orgs":0,"Grants to domestic individuals":5329873,"Foreign grants":0},"Total professional fundraising expense":{"value":0,"Fundraising professional":0},"Benefits paid to members":{"value":0,"Benefits paid to members Total":0},"Salaries":{"value":7425588,"Current officers":850903,"Disqualified persons":0,"Other salaries and wages":4896390,"Pension plan contributions":312015,"Other employee benefits":973077,"Payroll taxes":393203},"Other expenses":{"value":6814124,"Management services":0,"Legal":14465,"Accounting":54793,"Lobbying services":0,"Investment management fees":0,"Other services":37941,"Advertising":28589,"Office expenses":0,"Information technology":0,"Royalties":0,"Occupancy":1049367,"Travel":205192,"Conferences and meetings":25473,"Interest":448177,"Payments to affiliates":0,"Depreciation and depletion":974485,"Insurance":0,"Travel entertainment public officials":0,"Itemized Expenses":{"value":2948685,"VARIOUS":2948685},"All other expenses":1026957}},"Assets":{"value":44465380,"Non-interest bearing cash":4185,"Savings and temp cash investments":2358252,"Pledges and grants receivable":17975,"Accounts receivable":470596,"Receivables from officers":0,"Receivables from disqual persons":0,"Other net note and loans":480789,"Inventories for sale or use":0,"Prepaid expenses deferred charges":565192,"Land, building, equipment":21676331,"Investments publicly traded":8612733,"Investments other":1000000,"Investments program related":0,"Intangible assets":0,"Other assets":9279327},"Liabilities":{"value":16155442,"Accounts payable, accrued":1965269,"Grants payable":107342,"Deferred, revenue":473129,"Tax exempt bond liabilities":12265000,"Secured mortgages and notes payable":1045192,"Other liabilities":299510},"Fund balance":{"value":28309938},"Form990Details":{"program_service_accomplishments":[{"description":"THE COLLEGE IS ACCREDITED AS A BACCALAUREATE INSTITUTION BY THE NORTH CENTRAL ASSOC. OF COLLEGES AND UNIVERSITIES. STUDENT PAYMENTS OF TUITION AND SERVICE FEES ARE USED TO PROVIDE THE HIGHEST POSSIBLE QUALITY EDUCATION AT THE LOWEST POSSIBLE COST. THE COLLEGE HAD 1,479 FULL AND PART TIME STUDENTS ENROLLED DURING THE FALL AND SPRING SEMESTERS.","expense":7256703,"revenue":13276388},{"description":"SCHOLARSHIP PROGRAMS FOR SCHOLARSHIPS AND GRANTS TO 739 STUDENTS.","expense":5329873,"grants":5329873},{"description":"STUDENTS SERVICES, INCLUDING STUDENT DEVELOPMENT, ACADEMIC AND CAREER COUNCELING, INTERCOLLEGIATE ATHLETICS, FINANCIAL ASSISTANCE AND OTHER SERVICES, WAS PROVIDED TO 1,479 FULL AND PART TIME STUDENTS.","expense":2510521,"revenue":110837}],"program_service_revenue_detail":[{"description":"TUITION AND FEES","total_revenue":13276388},{"description":"ROOM & BOARD","total_revenue":2435313},{"description":"MISC FEES","total_revenue":107411},{"description":"FINANCE 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TRUST","compensation":849977,"services_description":"INSURANCE","address_line1":"200 S WACKER SUITE 1000","city":"CHICAGO","state":"IL","zip":"60606","name":"GLAHI TRUST","address":"200 S WACKER SUITE 1000, CHICAGO, IL, 60606"},{"business_name_line1":"EIIA","compensation":192379,"services_description":"INS. ADMINISTRATION","address_line1":"200 SOUTH WACKER DRIVE SUITE 1000","city":"CHICAGO","state":"IL","zip":"60606","name":"EIIA","address":"200 SOUTH WACKER DRIVE SUITE 1000, CHICAGO, IL, 60606"}],"officers_directors_key_employees":[{"title":"Trustee","average_hours_per_week":1.0,"reportable_comp_from_org":0,"reportable_comp_from_related_orgs":0,"other_compensation":0,"individual_trustee_or_director":true},{"title":"PRIOR VP","average_hours_per_week":50.0,"reportable_comp_from_org":70108,"reportable_comp_from_related_orgs":0,"other_compensation":24458,"former":true,"key_employee":true},{"title":"Trustee","average_hours_per_week":1.0,"reportable_comp_from_org":0,"reportable_comp_from_related_orgs":0,"other_compensation":0,"individual_trustee_or_director":true},{"title":"Trustee","average_hours_per_week":1.0,"reportable_comp_from_org":0,"reportable_comp_from_related_orgs":0,"other_compensation":0,"individual_trustee_or_director":true},{"title":"Trustee","average_hours_per_week":1.0,"reportable_comp_from_org":0,"reportable_comp_from_related_orgs":0,"other_compensation":0,"individual_trustee_or_director":true},{"title":"VICE CHAIRMAN","average_hours_per_week":1.0,"reportable_comp_from_org":0,"reportable_comp_from_related_orgs":0,"other_compensation":0,"individual_trustee_or_director":true,"officer":true},{"title":"VP OF SA","average_hours_per_week":40.0,"reportable_comp_from_org":39811,"reportable_comp_from_related_orgs":0,"other_compensation":11322,"former":true,"key_employee":true},{"title":"Trustee","average_hours_per_week":1.0,"reportable_comp_from_org":0,"reportable_comp_from_related_orgs":0,"other_compensation":0,"individual_trustee_or_director":true},{"title":"Trustee","average_hours_per_week":1.0,"reportable_comp_from_org":0,"reportable_comp_from_related_orgs":0,"other_compensation":0,"individual_trustee_or_director":true},{"title":"STU. 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endowment fund.","explanation":"ENDOWMENT FUNDS ARE INVESTED AND THE REVENUE OF SUCH IS USED PRIMARILY TO FUND GRANTS AND SCHOLARSHIPS TO QUALIFIED STUDENTS OF THE COLLEGE."},{"identifier":"Part III, Line 4","form_and_line_reference":"Part III, Line 4: Description of organization's collections and how it furthers its purpose.","explanation":"THE COLLEGE'S FINE ART COLLECTION INCLUDING DRAWINGS, PAINTINGS, FURNITURE AND SCULPTURES THAT ARE MAINTAINED FOR PURPOSES OF SCHOLARLY RESEARCH, PUBLIC EXHIBITS AND PRESERVATION FOR FUTURE GENERATIONS."},{"identifier":"Part III, Line 1a","form_and_line_reference":"Part III, Line 1a: If organization elected under SFAS 116 to not report are, historical treasures, o","explanation":"THE COLLEGE DOES NOT HAVE A FOOTNOTE TO THE FINANCIAL STATEMENTS THAT DESCRIBES THE ACCOUNTING FOR THE THE WORKS OF ART, HISTORICAL TREASURES, ETC. HELD FOR PUBLIC EXHIBITION, EDUCATION OR RESEARCH."}]},"ScheduleE":{"policies":{"nondiscriminatory_policy_statement":true,"policy_statement_in_brochures":true,"policy_publicized_broadcast_media":true},"records":{"maintain_racial_composition_records":true,"maintain_scholarship_records":true,"maintain_copies_brochures":true,"maintain_copies_solicitations":true},"discrimination":{"students_rights_or_privileges":false,"admissions_policies":false,"employment_faculty_or_staff":false,"scholarships_or_financial_aid":false,"educational_policies":false,"use_of_facilities":false,"athletic_programs":false,"other_extracurricular_activities":false},"government_aid":{"received_government_financial_aid":true,"government_financial_aid_revoked":false},"compliance":{"compliance_with_rev_proc_75_50":true},"supplemental_information":[{"identifier":"Schedule E, Line 3 - Racially Nondiscriminatory Policy Publicized","explanation":"NONDISCRIMINATION POLICY NOTED IN ALL PUBLIC ADVERTISING, COLLEGE CATALOGS AND FINANCIAL AID LITERATURE"}]},"ScheduleI":{"grant_records_maintained":true,"reported_domestic_org_grants":0,"reported_domestic_individual_grants":5329873,"reported_domestic_individual_grants_program_services":5329873,"total_501c3_and_government_organizations":0,"total_other_organizations":0,"no_grant_over_5000":true,"individual_grants":[{"type":"OTHER GRANTS AND SCHOLARSHIPS","recipient_count":51,"cash":95696,"valuation_method":"BOOK"},{"type":"INSTITUTION SCHOLARSHIPS AND GRANTS","recipient_count":515,"cash":5145363,"valuation_method":"BOOK"},{"type":"FEDERAL SUPPLEMENTAL EDUC OPPOR GRANTS","recipient_count":173,"cash":88814,"valuation_method":"BOOK"}],"total_domestic_grants":5329873,"total_domestic_program_services":5329873,"detail_individual_grants_total":5329873,"detail_domestic_grants_total":5329873,"supplemental_information":[{"identifier":"Grantmaker's Description of How Grants are Used","explanation":"THE COLLEGE HAS A FINANCIAL AID DEPARTMENT WHOSE STAFF IS TRAINED AND CONTINUOUSLY EDUCATED REGARDING FEDERAL FINANCIAL AID RULES AND REGULATIONS. THE STAFF OF THE COLLEGE DETERMINES THE FINANCIAL NEED OF THE STUDENT AND DETERMINES THE AMOUNT OF FINANCIAL ASSISTANCE THAT CAN BE AWARDED TO THE STUDENT BASED ON FEDERAL RULES AND REGULATIONS. THE FINANCIAL AID STAFF ALSO AWARDS GRANTS AND SCHOLARSHIPS BASED ON ENDOWED GIFTS THAT COMPLY WITH THE TERMS OF THE ENDOWED GIFTS."}],"grant_monitoring":{"claims_monitoring_procedures":false,"requires_financial_reports":false,"requires_narrative_reports":false,"conducts_site_visits":false,"conducts_field_audits":false,"requires_grant_agreements":false,"may_suspend_future_funding":false,"may_require_repayment":false}},"ScheduleF":{"reported_foreign_grants":0},"ScheduleJ":{"benefits_and_procedures":{"housing_allowance_or_residence":true,"substantiation_required":true,"written_policy_travel_and_entertainment":true},"compensation_process":{"compensation_committee":true,"form_990_of_other_organizations":true,"compensation_survey_or_study":true,"board_or_committee_approval":true,"rebuttable_presumption_procedure":false},"compensation_arrangements":{"compensation_based_on_revenue_filing_org":false,"compensation_based_on_revenue_related_orgs":false,"compensation_based_on_net_earnings_filing_org":false,"compensation_based_on_net_earnings_related_orgs":false,"nonfixed_payments":false,"initial_contract_exception":false,"severance_payment":false,"supplemental_nonqualified_retirement_plan":false,"equity_based_compensation_arrangement":false},"compensation":[{"person_name":"PHYILLIS WHITNEY","base_compensation_filing_org":138500,"deferred_compensation_filing_org":25040,"nontaxable_benefits_filing_org":14102,"total_compensation_filing_org":177642,"name":"PHYILLIS WHITNEY"},{"person_name":"JAY K SIMMONS","base_compensation_filing_org":169000,"deferred_compensation_filing_org":28750,"nontaxable_benefits_filing_org":16199,"total_compensation_filing_org":213949,"name":"JAY K SIMMONS"}],"supplemental_information":[{"identifier":"Sch J, Part I, Line 1a","form_and_line_reference":"Part I, Line 1a: Relevant information in regards to selections on 1a.","explanation":"Housing allowance is paid to an employee of the College. 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Student payments of tuition and service fees are used to provide the highest possible quality education at the lowest possible cost. The university enrolled 606 full and part time students in the fall semester of 2017 and 494 students in the spring semester of 2018.\n\nStudents services, including student development, academic and career counseling, athletics, financial assistance and other services, was provided 606 full and part time students in the fall semester of 2017 and 494 students in the spring semester of 2018.","year":2017,"name":"IOWA WESLEYAN UNIVERSITY","phone":"3193856206","website":"WWW.IW.EDU","type":"990","affiliation":"Christianity","principal_officer":"STEVEN TITUS","year_formation":1842,"state_legal_domicile":"IA","total_volunteers":50,"tax_period_begin":"2017-06-01T00:00:00","tax_period_end":"2018-05-31T00:00:00","address":"601 N MAIN STREET, MT PLEASANT, IA, 52641, USA","city":"MT PLEASANT","state":"IA","country":"USA","zip_code":"52641"},"Governance":{"501c3 determination":true,"Number of voting members":22,"Number of independent voting members":21,"Number of employees total":383,"Total Gross UBI":0,"Number of employees":383,"Prohibited tax shelter transactions":false,"Taxable party notification":false,"Funds to pay premiums":false,"Premiums Paid":false,"Family or business relationship":false,"Delegation of management duties":false,"Conflict of interest policy":true,"Whistle blower policy":true,"Compensation process for CEO":true,"Compensation process for other employees":true,"Changes to organizing documents":false,"Material diversion or misuse":false,"Members or stockholders":false,"Election of board members":false,"Decisions subject to approval":false,"Minutes of governing body":true,"Local chapters":false,"Form 990 provided to governing body":false,"Document retention policy":true,"Investment in joint venture":false,"Independent audit financial statements":true,"Consolidated audit financial statements":false,"Accountant compile or review":false,"Financial statements audited by independent accountant":true,"Audit committee":true,"Federal grant audit required":true,"Federal grant audit performed":true,"Audited financial statements separate":true,"Political activities":false,"Donor advised funds":false,"Conservation easements":false,"Collections of art":true,"School":true,"Hospital":false,"Foreign activities":false,"Foreign office":false,"Gaming":false,"Fundraising activities":true,"Professional fundraising":false,"Loan to officer or DQP":false,"Grant to related person":false,"Business relationship through family member":false,"Business relationship with organization":false,"Transfers to exempt non-charitable organization":false},"Revenues":{"value":20187706,"Contributions":{"value":2480266,"Other contributions":1522224,"Fundraising revenue":830925,"Grant revenue":127117},"Program revenue":{"value":17500982,"Total revenue":{"value":17500982,"TUITION AND FEES":13727123,"ROOM & BOARD":3348967,"BOOKSTORE":233810,"MISC FEES":169726,"FINANCE CHARGE":21356}},"Investment income":{"value":168038,"Investment income total":174775,"Net investment gain":-6737},"Other revenues":{"value":38420,"Net rental income":59095,"Net income from fundraising events":-20675}},"Expenses":{"value":24017856,"Grant expense":{"value":7798195,"Grants to domestic individuals":7798195},"Total professional fundraising expense":{"value":0},"Benefits paid to members":{"value":0},"Salaries":{"value":7554507,"Current officers":343445,"Other salaries and wages":5720554,"Other employee benefits":1095581,"Payroll taxes":394927},"Other expenses":{"value":8665154,"Legal":262663,"Accounting":76634,"Other services":141237,"Advertising":40681,"Occupancy":870570,"Travel":302166,"Conferences and meetings":108023,"Interest":741088,"Depreciation and depletion":1089158,"Insurance":256509,"Itemized Expenses":{"value":3948522,"FOOD SERVICE CONTRACT":1838948,"CONTRACT SERVICES":1236894,"SUPPLIES":647680,"BAD DEBTS":225000},"All other expenses":827903},"Functional Expenses":{"Program Service Expenses":20281869,"Management And General Expenses":3063146,"Fundraising Expenses":672841}},"Assets":{"value":40368538,"Non-interest bearing cash":1557,"Savings and temp cash investments":1476433,"Pledges and grants receivable":529228,"Accounts receivable":104635,"Other net note and loans":116937,"Prepaid expenses deferred charges":119270,"Land, building, equipment":20757990,"Investments publicly traded":7678170,"Other assets":9584318},"Liabilities":{"value":27892902,"Accounts payable, accrued":1585427,"Deferred, revenue":68604,"Secured mortgages and notes payable":25973672,"Other liabilities":265199},"Fund balance":{"value":12475636,"Unrestricted net assets":-9069406,"Temporarily restricted net assets":4072329,"Permanently restricted net assets":17472713},"Form990Details":{"program_service_accomplishments":[{"description":"THE UNIVERSITY IS ACCREDITED AS A BACCALAUREATE INSTITUTION BY THE HIGHER LEARNING COMMISSION. 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Chair","average_hours_per_week":1.0,"average_hours_per_week_related_org":0.0,"reportable_comp_from_org":0,"reportable_comp_from_related_orgs":0,"other_compensation":0,"individual_trustee_or_director":true,"officer":true,"name":"Byron Johnson"},{"person_name":"Robert Miller","title":"Chair","average_hours_per_week":1.0,"average_hours_per_week_related_org":0.0,"reportable_comp_from_org":0,"reportable_comp_from_related_orgs":0,"other_compensation":0,"individual_trustee_or_director":true,"officer":true,"name":"Robert Miller"},{"person_name":"Christine Plunkett","title":"President","average_hours_per_week":50.0,"average_hours_per_week_related_org":0.0,"reportable_comp_from_org":0,"reportable_comp_from_related_orgs":0,"other_compensation":0,"individual_trustee_or_director":true,"officer":true,"name":"Christine Plunkett"},{"person_name":"Mary Elgar","title":"Secratary","average_hours_per_week":1.0,"average_hours_per_week_related_org":0.0,"reportable_comp_from_org":0,"reportable_comp_from_related_orgs":0,"other_compensation":0,"individual_trustee_or_director":true,"officer":true,"name":"Mary Elgar"}]},"ScheduleA":{"public_charity_status":{"school_170b1_aii":true},"supplemental_information":{"part_vi":[{"form_and_line_reference":"General Explanation Attachment","explanation":"In March, 2023, The university announced effective May 31, 2023, it would no longer provide higher education services and that effective May 31, 2023, it would cease operations. All of the employees were released on that date and the board of trustees will be involved during the fiscal year of 2024 in the liquidation, termination, and dissolution of the university, which will include the disposition of all assets. As part of the process, no assets were disposed of prior to May 31, 2023. From a practical standpoint, all of the assets are subject to the collateral terms of the credit agreements with the USDA and Two Rivers Bank and any proceeds from the disposition of the assets will go to those creditors."}]}},"ScheduleB":{"attached":true,"required":true},"ScheduleD":{"collections":{"used_for_public_exhibition":true,"used_for_scholarly_research":true,"used_for_preservation":true,"solicited_assets_sale":false},"endowment_funds":{"current_year":{"beginning_year_balance":16811500,"contributions":124572,"investment_earnings_or_losses":-156913,"end_year_balance":16779159},"current_year_minus1":{"beginning_year_balance":16134739,"contributions":1131270,"investment_earnings_or_losses":-426727,"other_expenditures":27782,"end_year_balance":16811500},"current_year_minus2":{"beginning_year_balance":14897098,"contributions":17334,"investment_earnings_or_losses":1275309,"other_expenditures":55002,"end_year_balance":16134739},"current_year_minus3":{"beginning_year_balance":15082077,"contributions":99861,"investment_earnings_or_losses":-104840,"other_expenditures":180000,"end_year_balance":14897098},"current_year_minus4":{"beginning_year_balance":15268043,"contributions":47335,"investment_earnings_or_losses":-23301,"other_expenditures":210000,"end_year_balance":15082077},"permanent_endowment_eoy_percentage":1.0,"held_by_unrelated_organizations":true,"held_by_related_organizations":false},"land_buildings_equipment":{"land":{"investment_cost_or_other_basis":373117,"other_cost_or_other_basis":363026,"book_value":736143},"buildings":{"investment_cost_or_other_basis":1076693,"other_cost_or_other_basis":32711524,"book_value":16613468,"depreciation":17174749},"leasehold_improvements":{"other_cost_or_other_basis":845419,"book_value":73362,"depreciation":772057},"equipment":{"other_cost_or_other_basis":9526426,"book_value":849133,"depreciation":8677293},"other_land_buildings":{"other_cost_or_other_basis":798797,"book_value":607,"depreciation":798190},"total_book_value":18272713},"other_assets":{"assets":[{"description":"Beneficial Interest-Perpetual Trust","book_value":6628457},{"description":"Collections","book_value":704824},{"description":"Property Held for Sale","book_value":360000},{"description":"Mineral Rights","book_value":310000},{"description":"Debt Service Fund","book_value":296545},{"description":"Cash Surrender Value of Life Ins","book_value":276750},{"description":"Refundable Govt Loan Program","book_value":241164}],"total_book_value":8817740},"other_liabilities":{"liabilities":[{"description":"Annuity obligations","amount":110558}],"total_liability":110558,"footnote_text":true},"supplemental_information":[{"form_and_line_reference":"Collections descriptions (Part III, line 4)","explanation":"The universitys fine art collection including drawings, paintings, furniture, and sculptures are maintained for purposes of scholarly research, public exhibits,and preservation for future generations."},{"form_and_line_reference":"Endowment funds intended uses (Part V, line 4)","explanation":"Endowment funds are invested and the revenue of such is used primarily to fund grants and scholarships to qualified students of the university."},{"form_and_line_reference":"Other revenues not included on Form 990 (Part XI, line 2d)","explanation":"Change in Benificial intrest in trust -$156,931"},{"form_and_line_reference":"Other revenues included on Form 990 (Part XI, line 4b)","explanation":"Scholarships and Grants netted Value $14,084,383"},{"form_and_line_reference":"Other expenses included on Form 990 (Part XII, line 4b)","explanation":"Scholarships and Grants netted Revenue $14,084,383"},{"form_and_line_reference":"Footnote for uncertain tax position under FIN 48 (Part X)","explanation":"the university is exempt from federal income tax as desrcibed in section 501(C)(3) of the internal revenue code. The university is subject to routine audits by taxing jurisdictions:however, there are currently no audits for any tax periods in progress."}]},"ScheduleE":{"policies":{"nondiscriminatory_policy_statement":true,"policy_statement_in_brochures":true,"policy_publicized_broadcast_media":true},"records":{"maintain_racial_composition_records":true,"maintain_scholarship_records":true,"maintain_copies_brochures":true,"maintain_copies_solicitations":true},"discrimination":{"students_rights_or_privileges":false,"admissions_policies":false,"employment_faculty_or_staff":false,"scholarships_or_financial_aid":false,"educational_policies":false,"use_of_facilities":false,"athletic_programs":false,"other_extracurricular_activities":false},"government_aid":{"received_government_financial_aid":true,"government_financial_aid_revoked":false},"compliance":{"compliance_with_rev_proc_75_50":true},"supplemental_information":[{"form_and_line_reference":"Governmental Agency Financial Aid (Questions 6a and 6b)","explanation":"The orginization Receives student Finacial assistance through the department of education. The following student finacial assistance programs are administered through the university:Direct Student Loans, pell Grants, Supplemental Educational oppurtunity grants, work-study, and perkins Loans. For the year ended May 31, 2023 the Orginization had $5,813,058 in Federal Expenditures related to those programs.For the year ended May 31, 2023, The university also recieved Direct awards under the Education Stabilization fund in the amount of $550,087."}]},"ScheduleI":{"grant_records_maintained":true,"reported_domestic_individual_grants":14084383,"reported_domestic_individual_grants_program_services":14084383,"individual_grants":[{"type":"Federal Supplemental Education","recipient_count":203,"cash":74513},{"type":"Institutional Scholarships","recipient_count":693,"cash":14009870}],"total_domestic_grants":14084383,"total_domestic_program_services":14084383,"detail_individual_grants_total":14084383,"detail_domestic_grants_total":14084383,"supplemental_information":[{"form_and_line_reference":"Monitoring procedures (Part I, line 2)","explanation":"Procedures for Monitoring the Use of grant fundsThe university has a finacial aid department whose staff is trained and continuously educated regarding federal financial aid rules and regulations. The staff of the university determines the financial need of the student and determines the amount of financial assistance that can be awarded to the student based on federal rules and regulations. The financial aid staff also awards grants and scholarships based on endowed gifts that comply with the terms of the endowed gifts."}],"grant_monitoring":{"claims_monitoring_procedures":true,"requires_financial_reports":false,"requires_narrative_reports":false,"conducts_site_visits":false,"conducts_field_audits":false,"requires_grant_agreements":false,"may_suspend_future_funding":false,"may_require_repayment":false,"monitoring_description":"Procedures for Monitoring the Use of grant fundsThe university has a finacial aid department whose staff is trained and continuously educated regarding federal financial aid rules and regulations. The staff of the university determines the financial need of the student and determines the amount of financial assistance that can be awarded to the student based on federal rules and regulations. The financial aid staff also awards grants and scholarships based on endowed gifts that comply with the terms of the endowed gifts.","form_and_line_reference":"Monitoring procedures (Part I, line 2)"}},"ScheduleJ":{"benefits_and_procedures":{"housing_allowance_or_residence":true,"substantiation_required":true,"written_policy_travel_and_entertainment":true},"compensation_process":{"compensation_committee":true,"form_990_of_other_organizations":true,"compensation_survey_or_study":true,"board_or_committee_approval":true},"compensation_arrangements":{"compensation_based_on_revenue_filing_org":false,"compensation_based_on_revenue_related_orgs":false,"compensation_based_on_net_earnings_filing_org":false,"compensation_based_on_net_earnings_related_orgs":false,"nonfixed_payments":false,"initial_contract_exception":false,"severance_payment":false,"supplemental_nonqualified_retirement_plan":false,"equity_based_compensation_arrangement":false},"compensation":[{"person_name":"Dewayne Frazier","title":"University Provost","base_compensation_filing_org":161044,"deferred_compensation_filing_org":12167,"total_compensation_filing_org":173211,"name":"Dewayne Frazier"},{"person_name":"Meg Richtman","title":"Vp of EnrollmentMarketing","base_compensation_filing_org":136315,"deferred_compensation_filing_org":19348,"total_compensation_filing_org":155663,"name":"Meg Richtman"}]},"ScheduleM":{"policies":{"any_property_that_must_be_held":false,"review_process_unusual_noncash_gifts":false,"third_parties_used":true},"noncash_contributions":{"securities_publicly_traded":{"reported":true,"revenue_reported_on_990":64888,"contribution_count":3,"method_of_determining_revenues":"FMV"}},"supplemental_information":[{"form_and_line_reference":"Third party arrangements (Part I, line 32b)","explanation":"The University uses an independent broker to sell securities Received as a noncash contribution."}]},"ScheduleR":{"disregarded_entities":[{"ein":811054775,"business_name_line1":"IW Real Estate Foundation LLC","primary_activities_text":"Part VII","end_of_year_assets":17490606,"legal_domicile_state":"IA","direct_controlling_business_name_line1":"Part VII","address_line1":"601 North Main Street","city":"Mount Pleasant","state":"IA","zip":"52641","name":"IW Real Estate Foundation LLC","address":"601 North Main Street, Mount Pleasant, IA, 52641"}],"supplemental_information":[{"form_and_line_reference":"Explanation of information on Schedule R","explanation":"Line 1 Column (B)The primary activity of the company is to aquire and own real estate and other property for the exclusive use of the sole member and to accept gifts and contributions to be distributed to or for the benifit of the sole member. Line 1 Column (E)The company owns substantially all of the real estate used by the university. Line 1 Column(F)The sole member of the company is Iowa Wesleyan University."}]},"source_xml":"202430609349300723_public.xml"},{"Organization":{"Hours":[0],"Total Compensation":[0],"Direct compensation":[0],"Other compensation":[0]},"Basic":{"mission":"Iowa Wesleyan University is a Transformational Learning Community whose passion is to Educate, Empower, and Inspire Students to Lead Meaningful Lives and Careers. The University is closed and operations ceased May 31, 2023.","primary_activities":"The University is closed and operations ceased May 31, 2023. This return is to report liquidation of assets.\n\nLine 3 - All operations ceased on May 31,2023","year":2023,"name":"Iowa Wesleyan University","website":"NA","type":"990","affiliation":"Christianity","principal_officer":"Robert Miller","year_formation":1842,"state_legal_domicile":"IA","tax_period_begin":"2023-06-01T00:00:00","tax_period_end":"2024-05-31T00:00:00","address":"1570 235th Street, Mount Pleasant, IA, 52641, USA","city":"Mount Pleasant","state":"IA","country":"USA","zip_code":"52641"},"Governance":{"501c3 determination":true,"Number of voting members":6,"Number of independent voting members":6,"Number of employees total":0,"Total Gross UBI":-755,"Net unrelated business taxable income":0,"Number of employees":0,"Prohibited tax shelter transactions":false,"Taxable party notification":false,"Funds to pay premiums":false,"Premiums Paid":false,"Family or business relationship":false,"Delegation of management duties":true,"Conflict of interest policy":true,"Whistle blower policy":true,"Compensation process for CEO":false,"Compensation process for other employees":false,"Changes to organizing documents":false,"Material diversion or misuse":false,"Members or stockholders":false,"Election of board members":false,"Decisions subject to approval":false,"Minutes of governing body":true,"Local chapters":false,"Form 990 provided to governing body":false,"Document retention policy":true,"Investment in joint venture":false,"Independent audit financial statements":false,"Consolidated audit financial statements":false,"Accountant compile or review":false,"Financial statements audited by independent accountant":false,"Federal grant audit required":true,"Federal grant audit performed":true,"Political activities":false,"Donor advised funds":false,"Conservation easements":false,"Collections of art":true,"School":true,"Hospital":false,"Foreign activities":false,"Foreign office":false,"Gaming":false,"Fundraising activities":false,"Professional fundraising":false,"Loan to officer or DQP":false,"Grant to related person":false,"Business relationship through family member":false,"Business relationship with organization":false,"Transfers to exempt non-charitable organization":false},"Revenues":{"value":-15532591,"Contributions":{"value":70071,"Other contributions":70071},"Program revenue":{"value":0},"Investment income":{"value":-15603813,"Net investment gain":-15603813},"Other revenues":{"value":1151,"Other total":1906,"Net rental income":-755}},"Expenses":{"value":261250,"Grant expense":{"value":0},"Total professional fundraising expense":{"value":0},"Benefits paid to members":{"value":0},"Salaries":{"value":0},"Other expenses":{"value":261250,"Management services":563,"Legal":31698,"Accounting":6850,"Other services":156997,"Office expenses":416,"Information technology":15946,"Occupancy":5586,"Conferences and meetings":150,"Itemized Expenses":{"value":43044,"Maintenance":10830,"Prior Debts Paid":17710,"Student MembershipsMedals":13500,"Misc labor paid post closing":1004}},"Functional Expenses":{"Program Service Expenses":0,"Management And General Expenses":261250,"Fundraising Expenses":0}},"Assets":{"value":0},"Liabilities":{"value":0},"Fund balance":{"value":0},"Form990Details":{"program_service_accomplishments":[{"description":"The University is closed and operations ceased May 31, 2023. This return is to report liquidation of assets."}],"functional_expense_allocations":{"management_fees":{"management_and_general":563,"total":563},"legal_fees":{"management_and_general":31698,"total":31698},"accounting_fees":{"management_and_general":6850,"total":6850},"other_service_fees":{"management_and_general":156997,"total":156997},"office_expenses":{"management_and_general":416,"total":416},"information_technology":{"management_and_general":15946,"total":15946},"occupancy":{"total":5586},"conferences_meetings":{"management_and_general":150,"total":150}},"tax_and_disclosure_flags":{"activities_conducted_through_partnership":false,"foreign_financial_account":false,"backup_withholding_compliance":true,"employment_tax_returns_filed":true,"lobbying_activities":false,"deductible_non_cash_contributions":false,"deductible_contributions_of_art":false,"donor_restricted_or_quasi_endowments":true,"method_of_accounting_accrual":true,"schedule_o_part_iii":true,"schedule_o_part_vi":true,"schedule_o_part_ix":true,"schedule_o_part_xi":true},"principal_officer_detail":{"person_name":"Robert Miller"},"audit_financial_statement_detail":{"accountant_compile_or_review":false,"federal_grant_audit_required":true,"federal_grant_audit_performed":true},"related_party_due_diligence":{"business_relationship_with_35_controlled_entity":false,"officer_mailing_address":false,"related_entity":false,"related_org_controlled_entity":false,"compensation_from_other_sources":false,"excess_benefit_transaction":false,"annual_disclosure_covered_persons":true},"grant_due_diligence":{"grants_to_organizations":false,"grants_to_individuals":false,"more_than_5000_to_organizations":false,"more_than_5000_to_individuals":false},"books_in_care_of_detail":{"person_name":"Robert Miller","phone":"3199313887","address_line1":"1570 235th Street","city":"Mount Pleasant","state":"IA","zip":"52641"},"contractor_compensation_group":[{"person_name":"Eurosource LLC","compensation":156997,"services_description":"Liquidation Managm","address_line1":"809 Wheeler St","city":"Ames","state":"IA","zip":"50010","name":"Eurosource LLC","address":"809 Wheeler St, Ames, IA, 50010"}],"officers_directors_key_employees":[{"person_name":"Elizabeth Garrels","title":"Secratery","average_hours_per_week":1.0,"average_hours_per_week_related_org":0.0,"reportable_comp_from_org":0,"reportable_comp_from_related_orgs":0,"other_compensation":0,"individual_trustee_or_director":true,"name":"Elizabeth Garrels"},{"person_name":"Denise Johnson","title":"Trustee","average_hours_per_week":1.0,"average_hours_per_week_related_org":0.0,"reportable_comp_from_org":0,"reportable_comp_from_related_orgs":0,"other_compensation":0,"individual_trustee_or_director":true,"name":"Denise Johnson"},{"person_name":"Robert Meyer","title":"Treasurer","average_hours_per_week":1.0,"average_hours_per_week_related_org":0.0,"reportable_comp_from_org":0,"reportable_comp_from_related_orgs":0,"other_compensation":0,"individual_trustee_or_director":true,"name":"Robert Meyer"},{"person_name":"Jason Bender","title":"Trustee","average_hours_per_week":1.0,"average_hours_per_week_related_org":0.0,"reportable_comp_from_org":0,"reportable_comp_from_related_orgs":0,"other_compensation":0,"individual_trustee_or_director":true,"name":"Jason Bender"},{"person_name":"Robert Miller","title":"Chair","average_hours_per_week":1.0,"average_hours_per_week_related_org":0.0,"reportable_comp_from_org":0,"reportable_comp_from_related_orgs":0,"other_compensation":0,"individual_trustee_or_director":true,"officer":true,"name":"Robert Miller"},{"person_name":"Byron Johnson","title":"Vice Chair","average_hours_per_week":1.0,"average_hours_per_week_related_org":0.0,"reportable_comp_from_org":0,"reportable_comp_from_related_orgs":0,"other_compensation":0,"individual_trustee_or_director":true,"officer":true,"name":"Byron Johnson"}]},"ScheduleA":{"public_charity_status":{"school_170b1_aii":true},"supplemental_information":{"part_vi":[{"form_and_line_reference":"General Explanation Attachment","explanation":"In March 2023, the University announced that it would cease operations on May 31, 2023. All of the employees were released when operations ceased and the remaining board of trustees were involved during the fiscal year ended May 31, 2024 to oversee the liquidation, termination and dissolution of the University which included the dispostion of all assets during this final fiscal year. All of the Universitys assets were subject to the collateral terms of the credit agreements with the USDA and Two Rivers Bank and the net proceeds from the disposition of the assets were assigned to these creditors. The Iowa State Secretary of State acknowledged receipt of the Articles of Dissolution of the University on May 10, 2024. Prior to ceasing all operations on May 31, 2023, the University operated as a school as described in Section 170(b)(1)(A)(ii). The asnwers to the questions listed on Schedule E of this return reflect the policies and procedures of the University in effect prior to the cessation of all operations on May 31, 2023."}]}},"ScheduleB":{"attached":true,"required":true},"ScheduleD":{"collections":{"used_for_public_exhibition":true,"used_for_scholarly_research":true,"used_for_preservation":true,"solicited_assets_sale":false},"endowment_funds":{"current_year":{"beginning_year_balance":16779159,"other_expenditures":16779159},"current_year_minus1":{"beginning_year_balance":16811500,"contributions":124572,"investment_earnings_or_losses":-156913,"end_year_balance":16779159},"current_year_minus2":{"beginning_year_balance":16134739,"contributions":1131270,"investment_earnings_or_losses":-426727,"other_expenditures":27782,"end_year_balance":16811500},"current_year_minus3":{"beginning_year_balance":14897098,"contributions":17334,"investment_earnings_or_losses":1275309,"other_expenditures":55002,"end_year_balance":16134739},"current_year_minus4":{"beginning_year_balance":15082077,"contributions":99861,"investment_earnings_or_losses":-104840,"other_expenditures":180000,"end_year_balance":14897098},"held_by_unrelated_organizations":true,"held_by_related_organizations":false}},"ScheduleE":{"policies":{"nondiscriminatory_policy_statement":true,"policy_statement_in_brochures":true,"policy_publicized_broadcast_media":true},"records":{"maintain_racial_composition_records":true,"maintain_scholarship_records":true,"maintain_copies_brochures":true,"maintain_copies_solicitations":true},"discrimination":{"students_rights_or_privileges":false,"admissions_policies":false,"employment_faculty_or_staff":false,"scholarships_or_financial_aid":false,"educational_policies":false,"use_of_facilities":false,"athletic_programs":false,"other_extracurricular_activities":false},"government_aid":{"received_government_financial_aid":true,"government_financial_aid_revoked":false},"compliance":{"compliance_with_rev_proc_75_50":true}},"ScheduleN":{"termination_or_liquidation":{"assets_distributed":true,"liabilities_paid":true,"bonds_outstanding":false,"bond_liabilities_discharged":false,"required_to_notify_attorney_general":true,"attorney_general_notified":true},"successor_relationships":{"director_of_successor":false,"employee_of_successor":false,"owner_of_successor":false,"received_compensation":false},"liquidations":[{"person_name":"Mount Pleasant Community School Dis","distribution_date":"2024-01-05T00:00:00","description":"Chapel 609 N Main St","fair_market_value":170000,"method_of_fmv_determination":"Offer","address_line1":"307 E Monroe Street","city":"Mount Pleasant","state":"IA","zip":"52641","name":"Mount Pleasant Community School Dis","address":"307 E Monroe Street, Mount Pleasant, IA, 52641"},{"person_name":"Mount Pleasant Community School Dis","distribution_date":"2024-01-05T00:00:00","description":"Howe Student Center 508 N Broadway","fair_market_value":600000,"method_of_fmv_determination":"Offer","address_line1":"307 E Monroe Street","city":"Mount Pleasant","state":"IA","zip":"52641","name":"Mount Pleasant Community School Dis","address":"307 E Monroe Street, Mount Pleasant, IA, 52641"},{"person_name":"Mount Pleasant Community School Dis","distribution_date":"2024-01-05T00:00:00","description":"Student Union 508 N Broadway","fair_market_value":150000,"method_of_fmv_determination":"Offer","address_line1":"307 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