2024-11-12T14:03:13+00:00 2024-06-30 440160260 Forvis Mazars LLP 1201 Walnut Suite 1700 Kansas City MO 641062246 990 2023-07-01 426074234 IOWA LAW SCHOOL FOUNDATION IOWA 3193353305 PO BOX 4550 IOWA CITY IA 522444550 MAJA C EATON PRESIDENT/DIRECTOR 2024-11-12 true true April Arnold P01559426 8162216300 2024-11-12 2023 2024-10-15 13:58:12Z MAJA C EATON ONE WEST PARK RD PO BOX 4550 IOWA CITY IA 52244 2218772 false X N/A X 1980 IA THE IOWA LAW SCHOOL FOUNDATION PROVIDES THE UNIVERSITY OF IOWA COLLEGE OF LAW WITH A MARGIN OF DISTINCTION IN FULFILLING ITS MISSION OF EXCELLENCE IN TEACHING, RESEARCH AND SERVICES BY MAINTAINING FUNDS TO USE AND APPLY THE WHOLE OR ANY PART OF THE INCOME AND/OR PRINCIPAL EXCLUSIVELY FOR CHARITABLE, SCIENTIFIC, LITERARY OR EDUCATIONAL PURPOSES. 42 42 0 42 0 0 1407529 2103496 0 0 116356 115276 0 0 1523885 2218772 5535722 6420963 0 0 0 0 0 0 0 186193 222618 5721915 6643581 -4198030 -4424809 100588535 106369322 132302 122475 100456233 106246847 X THE IOWA LAW SCHOOL 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0 ELIZABETH R BOYD DIRECTOR 1.0 X 0 0 0 EMILY A HUGHES DIRECTOR 1.0 X 0 0 0 GARY J STREIT DIRECTOR 1.0 X 0 0 0 GRETCHEN WOLF DIRECTOR 1.0 X 0 0 0 H MITCHELL D'OLIER DIRECTOR 1.0 X 0 0 0 HUGH ZEHR DIRECTOR 1.0 X 0 0 0 JEFF W COURTER DIRECTOR 1.0 X 0 0 0 JEFFREY A SCUDDER DIRECTOR 1.0 X 0 0 0 JOEL S TELPNER DIRECTOR 1.0 X 0 0 0 JOHN F WICKS DIRECTOR 1.0 X 0 0 0 KELLY M HNATT DIRECTOR 1.0 X 0 0 0 KEVIN K WASHBURN DIRECTOR 1.0 X 0 0 0 LEENA SONI DIRECTOR 1.0 X 0 0 0 LONNIE L JOHNSON DIRECTOR 1.0 X 0 0 0 LOWELL V STORTZ DIRECTOR 1.0 X 0 0 0 MARK A STEFFENSEN DIRECTOR 1.0 X 0 0 0 MARY KW JONES DIRECTOR 1.0 X 0 0 0 RENEE DOTSON DIRECTOR 1.0 X 0 0 0 ROBERT ANDERSEN DIRECTOR 1.0 X 0 0 0 ROBERT E YOULE DIRECTOR 1.0 X 0 0 0 S LATA SETTY DIRECTOR 1.0 X 0 0 0 STEVE SAENZ DIRECTOR 1.0 X 0 0 0 TERRY A JACOBS DIRECTOR 1.0 X 0 0 0 TIMOTHY RAY DIRECTOR 1.0 X 0 0 0 TINA B SOLIS DIRECTOR 1.0 X 0 0 0 WILLIAM SMITH DIRECTOR 1.0 X 0 0 0 WINNIE ULUOCHA DIRECTOR 1.0 X 0 0 0 GORDON TRIBBEY ASSISTANT TREASURER 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1056189 49903 76332082 64833698 2087259 -4448675 739122 1263695 51415 60418050 0.0847 0.4703 0.445 true false POOLED INVESTMENTS 88297803 F TRUSTS AND GIFT ANNUITIES 570173 F PERPETUAL TRUSTS 6836809 F CASH VALUE LIFE INSURANCE 210981 F 95915766 ASSETS HELD BY THE STATE UNIVERSITY OF IOWA FND ON BEHALF OF THE IOWA LAW SCHOOL FND 6943532 6943532 ANNUITY AND LIFE INCOME OBLIGATIONS 118695 118695 X 12434195 10194541 20882 10215423 2218772 0 0 2218772 6643581 0 0 6643581 0 0 6643581 Schedule D, Part V EXPENSES RELATED TO MANAGEMENT OF THE ENDOWMENT BY THE UICA INVESTMENT OFFICE ARE NETTED ANNUALLY AGAINST THE ENDOWMENT BALANCE. THE FEES CHARGED ARE PROPORTIONAL TO THE PERCENTAGE OF ILSF ASSETS INVESTED IN UICA'S ENDOWMENT POOL. THE TOTAL AMOUNT OF THESE EXPENSES FOR FISCAL YEAR 2024 WAS $61,105. Schedule D, Part V, Line 4 Intended uses of endowment funds TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO PROGRAMS SUPPORTED BY ITS ENDOWMENT WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. THE INVESTMENT OBJECTIVE OF THE ENDOWMENT IS TO SEEK MAXIMUM TOTAL RETURN CONSISTENT WITH THE PRESERVATION OF PRINCIPAL, DIVERSIFICATION, AND AVOIDANCE OF EXCESSIVE RISK. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote THE INTERNAL REVENUE SERVICE HAS RECOGNIZED THE FOUNDATION AS EXEMPT FROM FEDERAL INCOME TAXES UNDER PROVISIONS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE FOUNDATION FOLLOWS THE ACCOUNTING GUIDANCE FOR ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. THE FOUNDATION IS SUBJECT TO FEDERAL AND STATE INCOME TAXES TO THE EXTENT IT HAS UNRELATED BUSINESS INCOME. IN ACCORDANCE WITH THE GUIDANCE FOR UNCERTAINTY IN INCOME TAXES, MANAGEMENT HAS EVALUATED ITS MATERIAL TAX POSITIONS AND DETERMINED THAT THERE ARE NO INCOME TAX EFFECTS WITH RESPECT TO ITS FINANCIAL STATEMENTS. THE FOUNDATION IS NO LONGER SUBJECT TO EXAMINATION BY FEDERAL OR STATE AUTHORITIES FOR YEARS ENDING BEFORE JUNE 30, 2021 NOR HAS THE FOUNDATION BEEN NOTIFIED OF ANY IMPENDING EXAMINATION AND NO EXAMINATIONS ARE CURRENTLY IN PROCESS. Schedule D, Part XI, Line 2(d) Other revenues in audited financial statements not in form 990 TRANSFER FROM UICA LAW STUDENT LOAN FUND - 20882 true UNIVERSITY OF IOWA COLLEGE OF LAW 130 BYINGTON ROAD IOWA CITY IA 52242 426004813 SECTION 115 6420963 STUDENT FINANCIAL AID, RESEARCH, AND ACADEMIC PROGRAMS 1 0 Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. ALL EXPENDITURES FROM THE IOWA LAW SCHOOL FOUNDATION (ILSF) ARE SUBJECT TO UNIVERSITY OF IOWA (UI) AND UNIVERSITY OF IOWA CENTER FOR ADVANCEMENT (UICA) POLICIES AND IRS REGULATIONS. BY SUBMISSION OF AN APPROVED REQUEST OR TRANSFER OR EXPENDITURE, THE COLLEGE OF LAW ACKNOWLEDGES THAT THE TRANSFER COMPLIES WITH DONOR INTENT AS SPECIFIED IN THE DONOR INTENT DOCUMENT. ALL REQUESTS MUST INCLUDE A WRITTEN DESCRIPTION OF THE NATURE, DATE, PURPOSE, AND AMOUNT OF THE TRANSFER AND A SIGNATURE OF AN AUTHORIZED ILSF ACCOUNT REPRESENTATIVE. EXPENDITURES FROM DEAN, CHAIR, OR PROFESSORSHIP ACCOUNTS MUST INCLUDE THE NAME OF THE CURRENT FACULTY HOLDING THE POSITION. SUPPORTING DOCUMENTATION MUST BE ATTACHED OR BE AVAILABLE UPON REQUEST. ALL TRANSFERS ARE APPROVED BY THE ILSF BOARD OF DIRECTORS. EXPENDITURES OF ILSF FUNDS MUST BE TRANSFERRED TO THE COLLEGE OF LAW. X 3 25490 Other - AVERAGE OF HIGH AND LOW 0 false true false Schedule M, Part I Explanations of reporting method for number of contributions Securities - Publicly traded - REPORTING NUMBER OF CONTRIBUTIONS RECEIVED Form 990, Part III, Line 4d Description of other program services (Expenses $ 131,904 including grants of $ 131,904)(Revenue $ 0) GRANTS PROVIDING RESOURCES TO THE UNIVERSITY COLLEGE OF LAW FOR RESEARCH AND FACILITIES SUPPORT. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body THE BOARD OF DIRECTORS CONSISTS OF TWO MEMBERS FROM THE STUDENT BODY OF THE COLLEGE OF LAW AND THREE MEMBERS FROM THE FACULTY OF THE COLLEGE OF LAW. ONE OF THE STUDENT DIRECTORS IS ELECTED BY THE STUDENT BODY OF THE COLLEGE OF LAW. IF A STUDENT DIRECTOR DIES, RESIGNS OR LOSES HIS/HER STUDENT STATUS, A SUCCESSOR FOR THE BALANCE OF THE UNEXPIRED TERM SHALL BE ELECTED BY THE EXECUTIVE COMMITTEE OF THE STUDENT BAR ASSOCIATION. EACH FACULTY DIRECTOR SHALL BE ELECTED BY THE AFFIRMATIVE VOTE OF A MAJORITY OF THE FACULTY OF THE COLLEGE OF LAW. IN THE EVENT OF THE DEATH OR RESIGNATION OF A FACULTY DIRECTOR OR IN THE EVENT OF HIS/HER LEAVING THE FACULTY, THE SUCCESSOR TO HIS/HER UNEXPIRED TERM SHALL BE ELECTED BY THE FACULTY COLLEGE OF LAW. Form 990, Part VI, Line 11b Review of form 990 by governing body THE FORM 990 IS PREPARED AND REVIEWED BY AN INDEPENDENT ACCOUNTING FIRM. A SUBCOMMITTEE OF THE BOARD OF DIRECTORS CONDUCTS A DETAILED REVIEW OF THE FORM 990. FOLLOWING THE DETAILED REVIEW, THE FINAL FORM 990 IS POSTED ON THE BOARD WEBSITE AND ALL BOARD MEMBERS ARE NOTIFIED TO ACCESS THE WEBSITE AND REVIEW THE FORM PRIOR TO THE FILING DEADLINE. Form 990, Part VI, Line 12c Conflict of interest policy THE IOWA LAW SCHOOL FOUNDATION (ILSF) BOARD OF DIRECTORS, BOARD COMMITTEE MEMBERS AND OFFICERS (RESPONSIBLE PERSONS) HAVE A DUTY TO CONDUCT ACTIVITIES OF THE ILSF WITH THE HIGHEST ETHICAL STANDARDS AND TO MAKE DECISIONS CONCERNING THE ILSF SOLELY TO ADVANCE ITS MISSION AND INTEREST. THIS CONFLICT-OF-INTEREST POLICY IS TO ASSIST THE BOARD AND RESPONSIBLE PERSONS IN IDENTIFYING SITUATIONS THAT PRESENT POTENTIAL OR ACTUAL CONFLICTS OF INTEREST AND TO SPECIFY PROCEDURES FOR MANAGING THEM. (1) EACH RESPONSIBLE PERSON MUST ANNUALLY COMPLETE AND SUBMIT A STATEMENT SETTING FORTH ANY AND ALL POTENTIAL AND ACTUAL CONFLICTS OF INTEREST THAT ARE ANTICIPATED TO OCCUR IN THE COMING FISCAL YEAR. UPON BECOMING AWARE OF ANY ACTUAL OR POTENTIAL CONFLICT OF INTEREST NOT PREVIOUSLY DISCLOSED, A RESPONSIBLE PERSON MUST PROMPTLY REPORT, IN WRITING TO THE PRESIDENT OF THE BOARD, THE PREVIOUSLY UNDISCLOSED CIRCUMSTANCES. THE PRESIDENT'S ANNUAL STATEMENT AND SUPPLEMENTAL REPORTS, IF ANY, SHALL BE REVIEWED BY THE EXECUTIVE COMMITTEE. (2) DETERMINATION OF CONFLICT: THE EXECUTIVE COMMITTEE, WITHOUT THE AFFECTED RESPONSIBLE PERSON PRESENT, SHALL DETERMINE WHETHER A CONFLICT OF INTEREST EXISTS. IF A CONFLICT OF INTEREST EXISTS, THE MATERIAL FACTS WILL BE DISCLOSED TO THE BOARD OF DIRECTORS. (3) ACTION AND RECUSAL: THE BOARD SHALL DETERMINE WHETHER TO AUTHORIZE, APPROVE, OR RATIFY THE ARRANGEMENT/TRANSACTION BASED SOLELY ON WHETHER IT IS IN THE BEST INTEREST OF THE IOWA LAW SCHOOL FOUNDATION IN PERFORMING ITS MISSION. THE AUTHORIZATION, APPROVAL, AND/OR RATIFICATION MUST BE ACCOMPLISHED BY AN AFFIRMATIVE VOTE, AS APPLICABLE, OF A MAJORITY OF THE DIRECTORS ON THE BOARD WHO HAVE NO DIRECT OR INDIRECT INTEREST IN THE ARRANGEMENT/TRANSACTION. Form 990, Part VI, Line 19 Required documents available to the public THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. Form 990, Part XI, Line 9 OTHER CHANGES IN NET ASSETS OR FUND BALANCES IN PRIOR YEARS, THE FOUNDATION PROVIDED FUNDING FOR COLLEGE OF LAW STUDENTS THROUGH DISCRETIONARY CONTRIBUTIONS TO A REVOLVING LOAN FUND, WHICH WAS ADMINISTERED BY THE UNIVERSITY OF IOWA. THE ASSETS IN THE LOAN FUND WERE APPROPRIATELY EXCLUDED FROM THE ASSETS OF THE FOUNDATION. AS A RESULT OF A RECOMMENDATION FROM THE DEAN OF THE COLLEGE OF LAW TO THE FOUNDATION BOARD, THE CASH BALANCE IN THE LOAN FUND IS TRANSFERRED TO THE FOUNDATION ANNUALLY. Form 990, Part XI, Line 9 Other changes in net assets or fund balances TRANSFER FROM UICA LAW STUDENT LOAN FUND - 20882;