990 Return ofOrganization ExemptFromIncomeTax990s.foundationcenter.org/990_pdf_archive/390/... · l...

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Form990 Return of Organization Exempt From Income Tax OMB No 1545-0047

Under section 501 (c), 527, or 4947( a)(1) of the Internal Revenue Code ( except black lung2012benefit trust or private foundation)

Department of the Treasury

Internal Revenue Service 1-The organization may have to use a copy of this return to satisfy state reporting requirements

A For the 2012 calendar year, or tax year beginning 07-01-2012 , 2012, and ending 06-30-2013

B Check if applicableC Name of organization D Employer identification numberMarquette University

fl Address change 39-0806251Doing Business As

• Name change

1 Initial return Number and street (or P 0 box if mail is not delivered to street address) Room/suite E Telephone numberP O Box 1881

p Terminated(414)288-7933

-( Amended return City or town, state or country, and ZIP + 4Milwaukee, WI 532011881

1 Application pending G Gross receipts $ 760,541,875

F Name and address of principal officer H(a) Is this a group return forRev Robert A Wild SJ affiliates? (-Yes NoP 0 Box 1881Milwaukee, WI 532011881 H(b) Are all affiliates included? 1 Yes (- No

If "No," attach a list (see instructions)I Tax-exempt status F 501(c)(3) 1 501(c) ( ) I (insert no ) (- 4947(a)(1) or F_ 527

H(c) Group exemption number 0-J Website : 1- www marquette edu

K Form of organization F Corporation 1 Trust F_ Association (- Other 0- L Year of formation M State of legal domicile WI

Summary

1 Briefly describe the organization's mission or most significant activitiesMarquette is a Catholic, Jesuit university Our mission is the search for truth, the discovery and sharing of knowledge, thefostering of personal and professional excellence, the promotion of a life of faith and the development of leadership expressed inservice to others

2 Check this box if the organization discontinued its operations or disposed of more than 25% of its net assets

r;r 3 Number of voting members of the governing body (Part VI, line la) . . . . . . . 3 30

4 N umber of independent voting members of the governing body (Part V I, line 1 b) . 4 22

5 Total number of individuals employed in calendar year 2012 (Part V, line 2a) . 5 8,763

6 Total number of volunteers (estimate if necessary) 6 785

7a Total unrelated business revenue from Part VIII, column (C), line 12 . . . . . . . 7a 869,760

b Net unrelated business taxable income from Form 990-T, line 34 . . . . . . . . 7b 61,041

Prior Year Current Year

8 Contributions and grants (Part VIII, line 1h) . 52,514,565 53,613,164

9 Program service revenue (Part V I I I , l i n e 2g) . . . . . . . . 400,437,435 408,304,836

N 10 Investment income (Part VIII, column (A), lines 3, 4, and 7d ) . . . 14,245,000 16,310,000

11 Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e) 16,762,000 18,459,000

12 Total revenue-add lines 8 through 11 (must equal Part VIII, column (A), line12) . . . . . . . . . . . . . . . . . . 483,959,000 496,687,000

13 Grants and similar amounts paid (Part IX, column (A), lines 1-3) 105,014,212 110,879,455

14 Benefits paid to or for members (Part IX, column (A), line 4) . 0

15 Salaries, other compensation, employee benefits (Part IX, column (A), lines5-10) 227,113,904 235,146,000

16a Professional fundraising fees (Part IX, column (A), line 11e) 126,213 135,023

LLJb Total fundraising expenses (Part IX, column (D), line 25) 0-16,622,128

17 Other expenses (Part IX, column (A), lines 11a-11d, 11f-24e) . . . . 128,919,671 131,298,522

18 Total expenses Add lines 13-17 (must equal Part IX, column (A), line 25) 461,174,000 477,459,000

19 Revenue less expenses Subtract line 18 from line 12 22,785,000 19,228,000

Beginning of CurrentEnd of Year

Year

20 Total assets (Part X, l i n e 1 6 ) . . . . . . . . . . . . 1,155,546,000 1,226,905,000

% 21 Total liabilities (Part X, line 26) . . . . . . . . . . . . 343,567,000 377,767,000

ZLL 22 Net assets or fund balances Subtract line 21 from line 20 811,979,000 849,138,000

lijaW Signature Block

Under penalties of perjury, I declare that I have examined this return, includinmy knowledge and belief, it is true, correct, and complete Declaration of prepspreparer has any knowledge

SignSignature of officer

Here John C Lamb Vice President for Finance

Type or print name and title

Print/Type preparer's name Preparers signature

PaidFirm's name

Pre pare rUse Only Firm's address 1-

May the IRS discuss this return with the preparer shown above? (see instructs

For Paperwork Reduction Act Notice, see the separate instructions.

Form 990 (2012)

Statement of Program Service AccomplishmentsCheck if Schedule 0 contains a response to any question in this Part III .F

1 Briefly describe the organization's mission

Marquette is a Catholic, Jesuit university Our mission is the search for truth, the discovery and sharing of knowledge, the fostering ofpersonal and professional excellence, the promotion of a life of faith and the development of leadership expressed in service to others

2 Did the organization undertake any significant program services during the year which were not listed onthe prior Form 990 or 990-EZ? . . . . . . . . . . . . . . . . . . . . . . fl Yes F No

If"Yes,"describe these new services on Schedule 0

3 Did the organization cease conducting, or make significant changes in how it conducts, any programservices? F Yes F7 No

If"Yes,"describe these changes on Schedule 0

4 Describe the organization's program service accomplishments for each of its three largest program services, as measured byexpenses Section 501(c)(3) and 501(c)(4) organizations are required to report the amount of grants and allocations to others,the total expenses, and revenue, if any, for each program service reported

4a (Code ) (Expenses $ 218,946,000 including grants of $ 108,975,000 ) (Revenue $ 347,536,000

Instruction Consistently ranked among the top 100 colleges and universities nationwide, Marquette annually enrolls more than 11,700 students in undergraduate,graduate and professional programs and confers more than 2,800 degrees annually Marquette offers 78 undergraduate majors and 77 minors to students in theCollege of Arts and Sciences, Business Administration, Communication, Education, Engineering, Health Sciences, Nursing and Professional Studies Marquettesgraduate and professional programs offer 21 doctoral degrees, 43 masters degrees and 33 graduate certificate programs including dentistry, law, graduate businessand professinal studies The Graduate School of Management has nationally ranked MBA programs as well as specialty masters programs in several business areasMarquette has Wisconsins only School of Dentistry and one of only two law schools in the state

4b (Code ) (Expenses $ 53,013,000 including grants of $ ) (Revenue $ 13,364,000

Student Services We know that learning occurs outside, as well as inside, the classroom Our core values of excellence, faith, leadership and service are fosteredthrough student participation in our residence hall communities and campus organizations, which include academic and professional groups, club and recreationalsports, spiritual activities and community service organizations Marquettes urban location just blocks from downtown Milwaukee gives students ample opportunitiesfor internships, co-op experiences and part-time employment On campus, professionals in the Office of Student Affairs, Student Health Service, Counseling Centerand Campus Ministry, as well as faculty and other staff, help students as they navigate the challenges of young adult life Marquette also has an EducationalOpportunity Program, which provides academic opportunity and support to first-generation college students, students form under-represented groups or ethnicitiesand students from low-income families

4c (Code ) (Expenses $ 42,448,862 including grants of $ ) (Revenue $ 2,102,000

Academic Support All Marquette undergraduates receive a strong liberal arts foundation through the universitys Core of Common Studies, which includes courses innine core knowledge areas Curriculum development is an ongoing process, with faculty support available through the Center for Teaching and Learning, theInstructional Media Center and various departmental resources Programs for faculty development include curriculum enhancement and diversity grants, teachingenhancement awards, fellowship awards for research, young scholar awards and summer faculty fellowships The Preparing Future Faculty PFF Program encouragesthe development of graduate students for the multiple roles they will face as faculty members

4d Other program services (Describe in Schedule 0 )

(Expenses $ 89,056,000 including grants of$ ) (Revenue $ 61,672,662

4e Total program service expenses 1- 403,463,862

Form 990 (2012)

Form 990 (2012)

Checklist of Required Schedules

Yes No

1 Is the organization described in section 501(c)(3) or4947(a)(1) (other than a private foundation)? If "Yes," Yes

complete Schedule As . . . . . . . . . . . . . . . . . . . . . . . 1

2 Is the organization required to complete Schedule B, Schedule of Contributors (see instructions)? 2 Yes

3 Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to Nocandidates for public office? If "Yes,"complete Schedule C, Part I . . . . . . . . . . 3

4 Section 501 ( c)(3) organizations . Did the organization engage in lobbying activities, or have a section 501(h) Yes

election in effect during the tax year? If "Yes,"complete Schedule C, Part 1195 . . . . . . . 4

5 Is the organization a section 501 (c)(4), 501 (c)(5), or 501(c)(6) organization that receives membership dues,assessments, or similar amounts as defined in Revenue Procedure 98-19? If "Yes," complete Schedule C,Part III . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 N o

6 Did the organization maintain any donor advised funds or any similar funds or accounts for which donors have theright to provide advice on the distribution or investment of amounts in such funds or accounts? If "Yes,"completeSchedule D, Part I . . . . . . . . . . . . . . . . . . . . . . . 6 N o

7 Did the organization receive or hold a conservation easement, including easements to preserve open space,the environment, historic land areas, or historic structures? If "Yes," complete Schedule D, Part II . . . 7 No

8 Did the organization maintain collections of works of art, historical treasures, or other similar assets? If "Yes,"

complete Schedule D, Part III . . . . . . . . . . . . . . . . . . . 8 Yes

9 Did the organization report an amount in Part X, line 21 for escrow or custodial account liability, serve as acustodian for amounts not listed in Part X, or provide credit counseling, debt management, credit repair, or debt

negotiation services? If "Yes,"complete Schedule D, Part IV . . . . . . . . . . . . g Yes

10 Did the organization, directly or through a related organization, hold assets in temporarily restricted endowments, 10 Yespermanent endowments, or quasi-endowments? If "Yes,"complete Schedule D, Part V .

11 If the organization's answer to any of the following questions is "Yes," then complete Schedule D, Parts VI, VII,VIII, IX, or X as applicable

a Did the organization report an amount for land, buildings, and equipment in Part X, line 10?

If "Yes,"complete Schedule D, Part VI.19 . . . . . . . . . . . . . . . . . . . lla Yes

b Did the organization report an amount for investments-other securities in Part X, line 12 that is 5% or more of

its total assets reported in Part X, line 16? If "Yes, "complete Schedule D, PartVIIN . . . . . . llb Yes

c Did the organization report an amount for investments-program related in Part X, line 13 that is 5% or more ofits total assets reported in Part X, line 16? If "Yes, "complete Schedule D, Part VIII . llc No

d Did the organization report an amount for other assets in Part X, line 15 that is 5% or more of its total assets

reported i n Part X, l i n e 16? If "Yes," complete Schedule D, PartIX95 . . . . . . . . . . . . lld Yes

e Did the organization report an amount for other liabilities in Part X, line 25? If "Yes," complete Schedule D, Part )(lle Yes

f Did the organization's separate or consolidated financial statements for the tax year include a footnote thatllf Yes

addresses the organization's liability for uncertain tax positions under FIN 48 (ASC 740 )? If "Yes,"complete

Schedule D, Part X. . . . . . . . . . . . . . . . . . . . . . . . . .

12a Did the organization obtain separate, independent audited financial statements for the tax year?

If "Yes,"complete Schedule D, Parts XI and XII 95 . . . . . . . . . . . . . . . . 12a Yes

b Was the organization included in consolidated, independent audited financial statements for the tax year? If12b No

"Yes,"and if the organization answered "No" to line 12a, then completing Schedule D, Parts XI and XII is optional

13 Is the organization a school described in section 170(b)(1)(A)(ii)? If "Yes,"completeScheduleE13 Yes

14a Did the organization maintain an office, employees, or agents outside of the United States? . 14a Yes

b Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraising,business, investment, and program service activities outside the United States, or aggregate foreign investments

valued at $100,000 or more? If "Yes, "complete Schedule F, Parts I and IV . . . . . . . . 14b Yes

15 Did the organization report on Part IX, column (A), line 3, more than $5,000 of grants or assistance to any

organization or entity located outside the United States? If "Yes," complete Schedule F, Parts II and IV 15 Yes

16 Did the organization report on Part IX, column (A), line 3, more than $5,000 of aggregate grants or assistance to

individuals located outside the United States? If "Yes," complete Schedule F, Parts III and IV . . 16 Yes

17 Did the organization report a total of more than $15,000 of expenses for professional fundraising services on Part

I

17 Yes

IX, column (A), lines 6 and 11 e? If "Yes," complete Schedule G, Part I (see instructions) . . . . IN

18 Did the organization report more than $15,000 total of fundraising event gross income and contributions on Part

VIII, lines 1c and 8a? If "Yes, "complete Schedule G, Part II . . . . . . . . . . . cS 18 Yes

19 Did the organization report more than $15,000 of gross income from gaming activities on Part VIII, line 9a? If 19 No"Yes,"complete Schedule G, Part III . . . . . . . . . . . . . . . . . . .

20a Did the organization operate one or more hospital facilities? If "Yes,"completeScheduleH . 20a No

b If"Yes" to line 20a, did the organization attach a copy of its audited financial statements to this return?20b

Form 990 (2012)

Form 990 (2012)

Checklist of Required Schedules (continued)

21 Did the organization report more than $5,000 of grants and other assistance to any government or organization in 21 Yes

the United States on Part IX, column (A), line 1? If "Yes," complete Schedule I, Parts I and II . . .

22 Did the organization report more than $5,000 of grants and other assistance to individuals in the United States 22on Part IX, column (A), line 2? If "Yes, "complete Schedule I, Parts I and III . . . . . . . .

Yes

23 Did the organization answer "Yes" to Part VII, Section A, line 3,4, or 5 about compensation of the organization'scurrent and former officers, directors, trustees, key employees, and highest compensated employees? If "Yes," 23 Yes

complete Schedule J . . . . . . . . . . . . . . . . . . . . . .

24a Did the organization have a tax-exempt bond issue with an outstanding principal amount of more than $100,000as of the last day of the year, that was issued after December 31, 2002? If"Yes," answer lines 24b through 24d

and complete Schedule K. If "No,"go to line 25 . . . . . . . . . . . . . . . 24a Yes

b Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception? . 24b No

c Did the organization maintain an escrow account other than a refunding escrow at any time during the yearto defease any tax-exempt bonds? . 24c No

d Did the organization act as an "on behalf of" issuer for bonds outstanding at any time during the year? 24d No

25a Section 501(c)( 3) and 501 ( c)(4) organizations . Did the organization engage in an excess benefit transaction witha disqualified person during the year? If "Yes," complete Schedule L, Part I . . . . . . . 25a No

b Is the organization aware that it engaged in an excess benefit transaction with a disqualified person in a prioryear, and that the transaction has not been reported on any of the organization's prior Forms 990 or 990-EZ? If 25b No

"Yes,"complete Schedule L, Part I . . . . . . . . . . . . . . . . . . .

26 Was a loan to or by a current or former officer, director, trustee, key employee, highest compensated employee, odisqualified person outstanding as of the end of the organization's tax year? If "Yes," complete Schedule L, 26 NoPart II . . . . . . . . . . . . . . . . . . . . . . . . . .

27 Did the organization provide a grant or other assistance to an officer, director, trustee, key employee, substantialcontributor or employee thereof, a grant selection committee member, or to a 35% controlled entity or family 27 Yes

member of any of these persons? If "Yes,"complete Schedule L, Part III . . . . . . . . .

28 Was the organization a party to a business transaction with one of the following parties (see Schedule L, Part IVinstructions for applicable filing thresholds, conditions, and exceptions)

a A current or former officer, director, trustee, or key employee? If "Yes,"complete Schedule L, PartIV . . . . . . . . . . . . . . . . . . . . . . . . .

28a No

b A family member of a current or former officer, director, trustee, or key employee? If "Yes,"complete Schedule L, Part IV . . . . . . . . . . . . . . . . . . . . . 28b N o

c A n entity of which a current or former officer, director, trustee, or key employee (or a family member thereof) was

an officer, director, trustee, or direct or indirect owner? If "Yes,"complete Schedule L, Part IV . . 28c Yes

29 Did the organization receive more than $25,000 in non-cash contributions? If "Yes,"completeScheduleM 29 Yes

30 Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified

conservation contributions? If "Yes, "complete Schedule M . . . . . . . . . . . . 30 Yes

31 Did the organization liquidate, terminate, or dissolve and cease operations? If "Yes," complete Schedule N,Part I . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 N o

32 Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets? If "Yes, " completeSchedule N, Part II . . . . . . . . . . . . . . . . . . . . . 32 N o

33 Did the organization own 100% of an entity disregarded as separate from the organization under Regulationssections 301 7701-2 and 301 7701-3? If "Yes,"complete Schedule R, PartI . . . . . . . 33 No

34 Was the organization related to any tax-exempt or taxable entity? If "Yes,"complete Schedule R, Part II, III, orIV,and Part V, line 1 . . . . . . . . . . . . . . . . . . . . . . . 34 N o

35a Did the organization have a controlled entity within the meaning of section 512(b)(13)735a N o

b If'Yes'to line 35a, did the organization receive any payment from or engage in any transaction with a controlled35b No

entity within the meaning of section 512(b)(13)? If "Yes,"complete Schedule R, Part V, line2 . . .

36 Section 501(c)( 3) organizations . Did the organization make any transfers to an exempt non-charitable relatedorganization? If "Yes,"complete Schedule R, Part V, line2 . . . . . . . . . . . . 36 No

37 Did the organization conduct more than 5% of its activities through an entity that is not a related organizationand that is treated as a partnership for federal income tax purposes? If "Yes," complete Schedule R, Part VI 37 No

38 Did the organization complete Schedule 0 and provide explanations in Schedule 0 for Part VI, lines 1 lb and 19?Note . All Form 990 filers are required to complete Schedule 0 . . . . . . . . . . 38 Yes

Form 990 (2012)

Form 990 (2012)

-Statements Regarding Other IRS Filings and Tax ComplianceMEWCheck if Schedule 0 contains a res p onse to an y q uestion in this Part V .F. . . . . . . . . . . . . .

Yes No

la Enter the number reported in Box 3 of Form 1096 Enter -0- if not applicable . la 1,633

b Enter the number of Forms W-2G included in line la Enter-0- if not applicable lb 1

c Did the organization comply with backup withholding rules for reportable payments to vendors and reportablegaming (gambling) winnings to prize winners? . . . . . . . . . . . . . . . . . 1c Yes

2a Enter the number of employees reported on Form W-3, Transmittal of Wage andTax Statements, filed for the calendar year ending with or within the year coveredby this return . . . . . . . . . . . . . . . . . 2a 8,763

b If at least one is reported on line 2a, did the organization file all required federal employment tax returns?Note . If the sum of lines la and 2a is greater than 250 you may be required to e-file (see instructions)

2b Yes,

3a Did the organization have unrelated business gross income of $ 1,000 or more during the year? . 3a Yes

b If "Yes," has it filed a Form 990-T for this year? If "No,"provide an explanation in Schedule O . . . . 3b Yes

4a At any time during the calendar year, did the organization have an interest in, or a signature or other authorityover, a financial account in a foreign country (such as a bank account, securities account, or other financialaccount)? . . . . . . . . . . . . . . . . . . . . . . . . . 4a Yes

b If "Yes," enter the name of the foreign country O-SP , SF , IT , VI , CJ

See instructions for filing requirements for Form TD F 90-22 1, Report of Foreign Bank and Financial Accounts

5a Was the organization a party to a prohibited tax shelter transaction at any time during the tax year? . .

b Did any taxable party notify the organization that it was or is a party to a prohibited tax shelter transaction?

c If"Yes,"to line 5a or 5b, did the organization file Form 8886-T?

6a Does the organization have annual gross receipts that are normally greater than $100,000, and did theorganization solicit any contributions that were not tax deductible as charitable contributions? . .

b If "Yes," did the organization include with every solicitation an express statement that such contributions or giftswere not tax deductible? .

7 Organizations that may receive deductible contributions under section 170(c).

a Did the organization receive a payment in excess of $75 made partly as a contribution and partly for goods andservices provided to the payor? .

b If "Yes," did the organization notify the donor of the value of the goods or services provided? . .

c Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required tofile Form 82827 .

d If "Yes," indicate the number of Forms 8282 filed during the year 7d

e Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefitcontract? .

f Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract?

g If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 asrequired? .

h If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file aForm 1098-C? .

8 Sponsoring organizations maintaining donor advised funds and section 509(a )( 3) supporting organizations. Didthe supporting organization, or a donor advised fund maintained by a sponsoring organization, have excessbusiness holdings at any time during the year? .

9 Sponsoring organizations maintaining donor advised funds.

a Did the organization make any taxable distributions under section 4966? . .

b Did the organization make a distribution to a donor, donor advisor, or related person? . .

10 Section 501(c)( 7) organizations. Enter

a Initiation fees and capital contributions included on Part VIII, line 12 . 10a

b Gross receipts, included on Form 990, Part VIII, line 12, for public use of club 10bfacilities

11 Section 501(c)( 12) organizations. Enter

a Gross income from members or shareholders . . . . . . . . 11a

b Gross income from other sources (Do not net amounts due or paid to other sourcesagainst amounts due or received from them ) . . . . . . . . . 11b

12a Section 4947( a)(1) non-exempt charitable trusts. Is the organization filing Form 990 in lieu of Form 1041?

b If "Yes," enter the amount of tax-exempt interest received or accrued during theyear . . . . . . . . . . . . . . . . . . . 12b

13 Section 501(c)( 29) qualified nonprofit health insurance issuers.

a Is the organization licensed to issue qualified health plans in more than one state?Note . See the instructions for additional information the organization must report on Schedule 0

b Enter the amount of reserves the organization is required to maintain by the statesin which the organization is licensed to issue qualified health plans 13b

c Enter the amount of reserves on hand 13c

5a N o

5b N o

5c

6a N o

6b

7a Yes

7b Yes

7c N o

7e N o

7f N o

7g

7h N o

8

9a

9b

12a

13a

14a Did the organization receive any payments for indoor tanning services during the tax year? . . . 14a No

b If "Yes," has it filed a Form 720 to report these payments? If "No,"provide an explanation in Schedule 0 . 14b

Form 990 (2012)

Form 990 ( 2012)

Lam Governance , Management, and Disclosure For each "Yes"response to lines 2 through 7b below, and for a"No" response to lines 8a, 8b, or 10b below, describe the circumstances, processes, or changes in Schedule 0.See instructions.Check if Schedule 0 contains a response to any question in this Part VI .F

Section A . Governing Body and Management

Yes No

la Enter the number of voting members of the governing body at the end of the taxla 30

year . .

If there are material differences in voting rights among members of the governingbody, or if the governing body delegated broad authority to an executive committeeor similar committee, explain in Schedule 0

b Enter the number of voting members included in line la, above, who areindependent . . . . . . . . . . . . . . . . . . lb 22

2 Did any officer, director, trustee, or key employee have a family relationship or a business relationship with anyother officer, director, trustee, or key employee? 2 Yes

3 Did the organization delegate control over management duties customarily performed by or under the direct3 No

supervision of officers, directors or trustees, or key employees to a management company or other person?

4 Did the organization make any significant changes to its governing documents since the prior Form 990 wasfiled? . . . . . . . . . . . . . . . . . . . . . . . . . . 4 No

5 Did the organization become aware during the year of a significant diversion of the organization's assets? 5 No

6 Did the organization have members or stockholders? 6 No

7a Did the organization have members, stockholders, or other persons who had the power to elect or appoint one ormore members of the governing body? . . . . . . . . . . . . . . . . . . . 7a No

b Are any governance decisions of the organization reserved to (or subject to approval by) members, stockholders, 7b Noor persons other than the governing body?

8 Did the organization contemporaneously document the meetings held or written actions undertaken during theyear by the following

a The governing body? . . . . . . . . . . . . . . . . . . . . . . . . 8a Yes

b Each committee with authority to act on behalf of the governing body? 8b Yes

9 Is there any officer, director, trustee, or key employee listed in Part VII, Section A, who cannot be reached at theorganization's mailing address? If "Yes,"provide the names and addresses in Schedule 0 . . . . . . 9 No

Section B. Policies ( This Section B requests information about p olicies not required b y the Internal Revenue Code.)Yes No

10a Did the organization have local chapters, branches, or affiliates? 10a No

b If"Yes," did the organization have written policies and procedures governing the activities of such chapters,affiliates, and branches to ensure their operations are consistent with the organization's exempt purposes? 10b

11a Has the organization provided a complete copy of this Form 990 to all members of its governing body before filingthe form? . . . . . . . . . . . . . . . . . . . . . . . . . . . 11a Yes

b Describe in Schedule 0 the process, if any, used by the organization to review this Form 990

12a Did the organization have a written conflict of interest policy? If "No,"go to line 13 . 12a Yes

b Were officers, directors, or trustees, and key employees required to disclose annually interests that could giverise to conflicts? . . . . . . . . . . . . . . . . . . . . . . . . . 12b Yes

c Did the organization regularly and consistently monitor and enforce compliance with the policy? If "Yes,"describein Schedule 0 how this was done . 12c Yes

13 Did the organization have a written whistleblower policy? 13 Yes

14 Did the organization have a written document retention and destruction policy? . 14 Yes

15 Did the process for determining compensation of the following persons include a review and approval byindependent persons, comparability data, and contemporaneous substantiation of the deliberation and decision?

a The organization's CEO, Executive Director, or top management official 15a No

b Other officers or key employees of the organization 15b Yes

If "Yes" to line 15a or 15b, describe the process in Schedule 0 (see instructions)

16a Did the organization invest in, contribute assets to, or participate in a joint venture or similar arrangement with ataxable entity during the year? . . . . . . . . . . . . . . . . . . . . . 16a No

b If "Yes," did the organization follow a written policy or procedure requiring the organization to evaluate itsparticipation in joint venture arrangements under applicable federal tax law, and take steps to safeguard theorganization's exempt status with respect to such arrangements? . . . . . . . . . . 16b

Section C. Disclosure

17 List the States with which a copy of this Form 990 is required to be filed- SC , NY , NH , MI , MA , AZ , AK

18 Section 6104 requires an organization to make its Form 1023 (or 1024 if applicable), 990, and 990-T (501(c)(3)s only) available for public inspection Indicate how you made these available Check all that apply

F Own website F Another's website 17 Upon request fl Other (explain in Schedule O )

19 Describe in Schedule 0 whether (and if so, how), the organization made its governing documents, conflict ofinterest policy, and financial statements available to the public during the tax year

20 State the name, physical address, and telephone number of the person who possesses the books and records of the organization-Dennis J Butler 933 W Wisconsin Ave Milwaukee, WI (414) 288-7933

Form 990 (2012)

Form 990 (2012)

Compensation of Officers, Directors ,Trustees, Key Employees, Highest CompensatedEmployees , and Independent ContractorsCheck if Schedule 0 contains a response to any question in this Part VII .F

Section A. Officers, Directors, Trustees, Kev Employees, and Highest Compensated Employees

la Complete this table for all persons required to be listed Report compensation for the calendar year ending with or within the organization'stax year* List all of the organization's current officers, directors, trustees (whether individuals or organizations), regardless of amount

of compensation Enter-0- in columns (D), (E), and (F) if no compensation was paid

* List all of the organization's current key employees, if any See instructions for definition of "key employee "

* List the organization's five current highest compensated employees (other than an officer, director, trustee or key employee)who received reportable compensation (Box 5 of Form W-2 and/or Box 7 of Form 1099-MISC) of more than $100,000 from theorganization and any related organizations

* List all of the organization's former officers, key employees, or highest compensated employees who received more than $100,000of reportable compensation from the organization and any related organizations

* List all of the organization's former directors or trustees that received, in the capacity as a former director or trustee of theorganization, more than $10,000 of reportable compensation from the organization and any related organizations

List persons in the following order individual trustees or directors, institutional trustees, officers, key employees, highestcompensated employees, and former such persons

fl Check this box if neither the organization nor any related organization compensated any current officer, director, or trustee

(A)Name and Title

(B)Averagehours perweek (listany hours

(C)Position (do not check

more than one box, unlessperson is both an officerand a director/trustee)

(D)Reportable

compensationfrom the

organization (W-

( E)Reportable

compensationfrom relatedorganizations

(F)Estimated

amount of othercompensation

from thefor relatedorganizations

belowdotted line)

.ca:

J.•

4•

m_

D

0 =adoart

7

^

T 2/1099-MISC) (W- 2/1099-MISC)

organization andrelated

organizations

See Additional Data Table

Form 990 (2012)

Form 990 (2012)

Section A. Officers, Directors , Trustees , Key Employees, and Highest Compensated Employees (continued)

(A)Name and Title

(B)Averagehours perweek (listany hours

(C)Position (do not check

more than one box, unlessperson is both an officerand a director/trustee)

(D)Reportable

compensationfrom the

organization (W-

(E)Reportable

compensationfrom related

organizations (W-

(F)Estimated

amount of othercompensation

from thefor relatedorganizations

belowdotted line)

0--

C:SL

a

747.

;3

m_

;rl

!

M=

boo

fD

ur

T

a

2/1099-MISC) 2/1099-MISC) organization andrelated

organizations

lb Sub-Total . . . . . . . . . . . . . . . .

c Total from continuation sheets to Part VII, Section A . . . .

d Total ( add lines lb and 1c) . . . . . . . . . . . . 5,921,151

Total number of individuals (including but not limited to those listed above) who received more than$100,000 of reportable compensation from the organization-356

Yes I No

Did the organization list any former officer, director or trustee, key employee, or highest compensated employee

on line la? If "Yes," complete Schedule Jfor such individual . . . . . . . . . . . . . 3 Yes

4 For any individual listed on line 1a, is the sum of reportable compensation and other compensation from theorganization and related organizations greater than $150,0007 If "Yes," complete Schedule -7 for such

individual . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Yes

5 Did any person listed on line la receive or accrue compensation from any unrelated organization or individual for

services rendered to the organization? If "Yes,"complete Schedule J for such person . . . . . . . 5 Yes

Section B. Independent Contractors

1 Complete this table for yourfive highest compensated independent contractors that received more than $100,000 ofcompensation from the organization Report compensation for the calendar year ending with or within the organization's tax year

(A)Name and business address

(B)Description of services

(C)Compensation

Sodexo Inc P 0 Box 2165 Milwaukee WI 53201 Food service 12,025,338

Jens Construction Corporation N26 W23314 Paul Road Pewaukee WI 53072 Construction services 2,419,568

Private Jet Services Group Inc 3 Park Circle North Hampton NH 03862 Professional services 1,128,729

Boldt Company N21 W23340 Ridgeview Pkwy Waukesha WI 53188 Construction services 971,239

C G Schmidt Inc 11777 W Lake Park Drive Milwaukee WI53224 Construction services 952,354

2 Total number of independent contractors (including but not limited to those listed above) who received more than$100,000 of compensation from the organization 0-49

Form 990 (2012)

Form 990 (2012)

Statement of RevenueCheck if Schedule 0 contains a response to any question in this Part VIII F

(A) (B) (C) (D)Total revenue Related or Unrelated Revenue

exempt business excluded fromfunction revenue tax underrevenue sections

512, 513, or514

la Federated campaigns . laZ

b Membership dues . . . . lb6- 0

0 E c Fundraising events . . . . 1c 157,533

d Related organizations . ld

tJ'E e Government grants (contributions) le 8,446,791

V f All other contributions, gifts, grants, and if 45,008,840^ similar amounts not included above

Noncash contributions included in lines 15,033,932g la -If $la

h Total . Add lines la-1f 53,613,164

Business Codew

2a Tuition and fees 611710 337,783,000 337,783,000

b Sales by educational departments 611710 9,753,000 9,753,000

C Auxiliary enterprises 611710 47,035,000 46,165,240 869,760

d Fees/contracts with governmental 900099 13,733,836 13,733,836agencies

e

f All other program service revenueO

g Total . Add lines 2a-2f . . . . 408,304,836

3 Investment income (including dividends, interest,and other similar amounts) . . . . . . 409,000 409,000

4 Income from investment of tax-exempt bond proceeds • . 0-

5 Royalties . . . . . . . . . . . 0- 51,788 51,788

(i) Real (ii) Personal

6a Gross rents 658,910

b Less rental 551,184expenses

c Rental income 107,726or (loss)

d Net rental inco me or (loss) lim- 107,726 107,726

(i) Securities (ii) Other

7a Gross amountfrom sales of 277,649,000assets otherthan inventory

b Less cost orother basis and 261,748,000sales expenses

c Gain or (loss) 15,901,000

d Net gain or (loss) . lim- 15,901,000 15,901,390

8a Gross income from fundraisingW events (not including

$ 157,533

of contributions reported on line 1c)W See Part IV, line 18

L a 109,091

s b Less direct expenses b 109,091

c Net income or (loss) from fundraising events . . 0-

9a Gross income from gaming activitiesSee Part IV, line 19 . .

a

b Less direct expenses . b

c Net income or (loss) from gaming acti vities . . .0-

10a Gross sales of inventory, lessreturns and allowances .

a 2,506,500

b Less cost of goods sold . b 1,446,600

c Net income or (loss) from sales of inventory . lim- 1,059,900 1,059,900

Miscellaneous Revenue Business Code

11a Student services 900099 11,921,000 11,921,000

b Educational programs 900099 2,102,000 2,102,000

c Commission revenue 900099 1,443,000 1,443,000

d All other revenue . . . 1,773,586 1,773,586

e Total.Add lines 11a-11d 0-17,239,586 ,

12 Total revenue . See Instructions496,687,000 424,674,662 869,760 17,529,804

Form 990 (2012)

Form 990 (2012)

Statement of Functional Expenses

Section 501(c)(3) and 501(c)(4) organizations must complete all columns All other organizations must complete column (A)

Check if Schedule 0 contains a response to any auestion in this Part IX . . . . . . . . . . . . . .

Do not include amounts reported on lines 6b,

7b, 8b, 9b, and 10b of Part VIII .

(A)

Total expenses

(B)Program service

expenses

(C)Management andgeneral expenses

(D)Fundraisingexpenses

1 Grants and other assistance to governments and organizations

in the United States See Part IV, line 211,904,455 1,904,455

2 Grants and other assistance to individuals in the

United States See Part IV, line 22107,458,044 107,458,044

3 Grants and other assistance to governments,

organizations, and individuals outside the United

States See Part IV, lines 15 and 16 1,516,956 1,516,956

4 Benefits paid to or for members 0

5 Compensation of current officers, directors, trustees, and

key employees 2,080,027 540,980 1,539,047

6 Compensation not included above, to disqualified persons(as defined under section 4958( f)(1)) and personsdescribed in section 4958( c)(3)(B) . 0

7 Other salaries and wages 178,455,973 141,805,020 25,927,800 10,723,153

8 Pension plan accruals and contributions ( include section 401(k)and 403(b) employer contributions ) 10,037,318 7,976,552 1,527,098 533,668

9 Other employee benefits 32,820,610 26,082,198 4,993,391 1,745,021

10 Payroll taxes 11,752,072 9,339,250 1,787,983 624,839

11 Fees for services ( non-employees)

a Management . 0

b Legal 117,365 115,991 1,374

c Accounting 239,879 239,879

d Lobbying 0

e Professional fundraising services See Part IV, line 17 135,023 135,023

f Investment management fees . 0

g Other (If line 11g amount exceeds 10 % of line 25,column ( A) amount, list line 11g expenses onSchedule 0 ) . 7,009,278 5,450,545 886,859 671,874

12 Advertising and promotion 1,658,000 829,000 753,282 75,718

13 Office expenses 34,765,196 32,773,406 1,961,573 30,217

14 Information technology 6,101,442 1,861,623 4,214,278 25,541

15 Royalties . 0

16 Occupancy 11,884,187 11,563,435 246,894 73,858

17 Travel . . . . . . . . . . . 11, 548,134 9,564,788 816,227 1,167,119

18 Payments of travel or entertainment expenses for any federal,state, or local public officials 0

19 Conferences , conventions , and meetings 815,635 665,116 88,015 62,504

20 Interest 8,724,000 6,412,000 2,312,000

21 Payments to affiliates 0

22 Depreciation , depletion, and amortization 32,652,000 25,767,616 6,884,384

23 Insurance 2,953,000 2,521,862 431,138

24 Other expenses Itemize expenses not covered above (Listmiscellaneous expenses in line 24e If line 24e amount exceeds 10%of line 25, column ( A) amount, list line 24e expenses on Schedule 0

a Equipment rental maintenance 7,747,366 6,554,836 1,192,530

b Printing publications 2,294,491 1,135,624 751,526 407,341

c Postage shipping 1,175,360 659,185 276,168 240,007

d UBIT 20,189 20,189

e All other expenses 1,593,000 1,081,371 406,758 104,871

25 Total functional expenses . Add lines 1 through 24e 477,459,000 403,463,862 57,373,010 16,622,128

26 Joint costs. Complete this line only if the organizationreported in column (B) joint costs from a combinededucational campaign and fundraising solicitation Checkhere - fl if following SOP 98-2 (ASC 958-720)

Form 990 (2012)

Form 990 (2012)

Balance SheetCheck if Schedule 0 contains a response to any question in this Part X F

(A) (B)Beginning of year End of year

1 Cash-non-interest-bearing 36,109,000 1 41,692,000

2 Savings and temporary cash investments 2

3 Pledges and grants receivable, net 78,895,000 3 62,897,000

4 Accounts receivable, net . . . . . . . . . . . . 12,772,000 4 12,277,000

5 Loans and other receivables from current and former officers, directors, trustees,key employees, and highest compensated employees Complete Part II ofSchedule L . .

5

6 Loans and other receivables from other disqualified persons (as defined undersection 4958(f)(1)), persons described in section 4958(c)(3)(B), and contributingemployers and sponsoring organizations of section 501(c)(9) voluntary employees'beneficiary organizations (see instructions) Complete Part II of Schedule L

6

7 Notes and loans receivable, net . . . . . . . . . . . . 43,054,000 7 41,899,000

8 Inventories for sale or use 940,000 8 962,000

9 Prepaid expenses and deferred charges . 6,213,000 9 7,454,000

10a Land, buildings, and equipment cost or other basisComplete Part VI of Schedule D 10a 905,318,000

b Less accumulated depreciation . 10b 406,465,000 496,795,000 10c 498,853,000

11 Investments-publicly traded securities . 201,014,000 11 212,593,000

12 Investments-other securities See Part IV, line 11 222,041,000 12 268,565,000

13 Investments-program-related See Part IV, line 11 13

14 Intangible assets . . . . . . . . . . . . . . 14

15 Other assets See Part IV, line 11 57,713,000 15 79,713,000

16 Total assets . Add lines 1 through 15 (must equal line 34) . 1,155,546,000 16 1,226,905,000

17 Accounts payable and accrued expenses . . . . . . . . 38,175,000 17 41,475,000

18 Grants payable . . . . . . . . . . . . . . . . 18

19 Deferred revenue . . . . . . . . . . . . . . . 20,349,000 19 27,821,000

20 Tax-exempt bond liabilities . . . . . . . . . . . . 205,545,000 20 243,205,000

21 Escrow or custodial account liability Complete Part IV of Schedule D . 21

22 Loans and other payables to current and former officers, directors, trustees,key employees, highest compensated employees, and disqualified

persons Complete Part II of Schedule L . 22

23 Secured mortgages and notes payable to unrelated third parties 949,000 23 741,000

24 Unsecured notes and loans payable to unrelated third parties 24

25 Other liabilities (including federal income tax, payables to related third parties,and other liabilities not included on lines 17-24) Complete Part X of ScheduleD . 78,549,000 25 64,525,000

26 Total liabilities . Add lines 17 through 25 . 343,567,000 26 377,767,000

Organizations that follow SFAS 117 (ASC 958), check here 1- F and complete

lines 27 through 29, and lines 33 and 34.

C5 27 Unrestricted net assets 195,514,000 27 202,547,000

Mca

28 Temporarily restricted net assets 301,387,000 28I

308,578,000

r29 Permanently restricted net assets . . . . . . . . . . 315,078,000 29 338,013,000

_Organizations that do not follow SFAS 117 (ASC 958), check here 1- fl and

complete lines 30 through 34.

30 Capital stock or trust principal, or current funds 30

31 Paid-in or capital surplus, or land, building or equipment fund 31

4T 32 Retained earnings, endowment, accumulated income, or other funds 32

33 Total net assets or fund balances . . . . . . . . . . 811,979,000 33 849,138,000

34 Total liabilities and net assets/fund balances . . . . . . . 1,155,546,000 34 1,226,905,000

Form 990 (2012)

Form 990 (2012)

« Reconcilliation of Net Assets('hark if crhariiila () rnntainc a rocnnnca to anv niiactinn in Chic Part YT 7

1 Total revenue (must equal Part VIII, column (A), line 12) . .

2 Total expenses (must equal Part IX, column (A), line 25) . .

3 Revenue less expenses Subtract line 2 from line 1

4 Net assets or fund balances at beginning of year (must equal Part X, line 33, column (A))

5 Net unrealized gains (losses) on investments

6 Donated services and use of facilities

7 Investment expenses . .

8 Prior period adjustments . .

9 Other changes in net assets or fund balances (explain in Schedule 0)

10 Net assets or fund balances at end of year Combine lines 3 through 9 (must equal Part X, line 33,column (B))

1 496,687,000

2 477,459,000

3 19,228,000

4 811,979,000

5 29,202,000

6

7

8 -7,021,000

9 -4,250,000

10 849,138,000

Financial Statements and Reporting

Check if Schedule 0 contains a response to any question in this Part XII (-

Yes No

1 Accounting method used to prepare the Form 990 fl Cash 17 Accrual (OtherIf the organization changed its method of accounting from a prior year or checked "Other," explain inSchedule 0

2a Were the organization's financial statements compiled or reviewed by an independent accountant? 2a No

If'Yes,'check a box below to indicate whether the financial statements for the year were compiled or reviewed ona separate basis, consolidated basis, or both

fl Separate basis fl Consolidated basis fl Both consolidated and separate basis

b Were the organization 's financial statements audited by an independent accountant? 2b Yes

If'Yes,'check a box below to indicate whether the financial statements for the year were audited on a separatebasis, consolidated basis, or both

F Separate basis fl Consolidated basis fl Both consolidated and separate basis

c If"Yes,"to line 2a or 2b, does the organization have a committee that assumes responsibility for oversight of theaudit, review , or compilation of its financial statements and selection of an independent accountant? 2c Yes

If the organization changed either its oversight process or selection process during the tax year, explain inSchedule 0

3a As a result of a federal award, was the organization required to undergo an audit or audits as set forth in theSingle Audit Act and 0 MB Circular A-1 33? 3a Yes

b If"Yes," did the organization undergo the required audit or audits? If the organization did not undergo the required 3b Yesaudit or audits, explain why in Schedule 0 and describe any steps taken to undergo such audits

Form 990 (2012)

Additional Data

Software ID : 12000057

Software Version : 12.19.1011.1

EIN: 39 -0806251

Name : Marquette University

Form 990, Part VII - Compensation of Officers, Directors,Trustees, Key Employees, HighestCompensated Employees, and Independent Contractors

(A) (B) (C) (D) ( E) (F)Name and Title Average Position (do not check Reportable Reportable Estimated amount

hours more than one box, compensation compensation of otherper unless person is both from the from related compensationweek an officer and a organization (W- organizations (W- from the(list director/trustee) 2/1099-MISC) 2/1099-MISC) organization andany 2 -n

relatedhours

ETf moo organizations

for m Q o Qrelated

_

organizations ° o '°below - Qdotted Q mline) a'

Ms Natalie A Black1 00

TrusteeX 0 0 0

Mr John F Ferraro1 00

TrusteeX 0 0 0

Rev James P Flaherty SJ1 00

TrusteeX 0 0 0

Mr Richard J Fotsch1 00

TrusteeX 0 0 0

Rev James G Gartland SJ1 00

TrusteeX 0 0 0

Mr Darren R Jackson1 00

TrusteeX 0 0 0

Mr James F Janz1 00

TrusteeX 0 0 0

Rev Timothy R Lannon SJ1 00

TrusteeX 0 0 0

Rev Thomas A Lawler SJ1 00

TrusteeX 0 0 0

Mr Patrick S Lawton1 00

TrusteeX 0 0 0

Mr John P Lynch1 00

TrusteeX 0 0 0

Mr Alfred C McGuire1 00

TrusteeX 0 0 0

Ms Kelly McShane1 00

TrusteeX 0 0 0

Dr Arnold L Mitchem1 00

TrusteeX 0 0 0

Rev Joseph M O'Keefe SJ1 00

TrusteeX 0 0 0

Mr James D O'Rourke1 00

TrusteeX 0 0 0

Dr Janis M Orlowski MD MACP1 00

TrusteeX 0 0 0

Ms Kristine A Rappe1 00

X 0 0 0Trustee

Mr Glenn A Rivers1 00

TrusteeX 0 0 0

Hon W Greg Ryberg1 00

TrusteeX 0 0 0

Mr Scott H Schroeder1 00

TrusteeX 0 0 0

Ms Mary Ellen Stanek1 00

TrusteeX 0 0 0

Mr Owen J Sullivan1 00

TrusteeX 0 0 0

Mr Charles M Swoboda1 00

TrusteeX 0 0 0

Ms Cherryl T Thomas1 00

TrusteeX 0 0 0

Form 990, Part VII - Compensation of Officers, Directors,Trustees, Key Employees, HighestCompensated Employees, and Independent Contractors

(A) (B) (C) (D) ( E) (F)Name and Title Average Position (do not check Reportable Reportable Estimated amount

hours more than one box, compensation compensation of otherper unless person is both from the from related compensationweek an officer and a organization (W- organizations (W- from the(list director/trustee) 2/1099-MISC) 2/1099-MISC) organization andany 0 ,o = T relatedhours

2-D ^ Z organizations

forQ- ^Z

m o ?related

_r.

organizations 2

^ te

abelow - KD --dotted mline)

Mr Benjamin S Tracy1 00

X 0 0 0Trustee

Ms Margaret M Troy1 00

TrusteeX 0 0 0

Ms Rhona Vogel1 00

TrusteeX 0 0 0

Mr James M Weiss1 00

TrusteeX 0 0 0

Mr Thomas H Werner1 00

TrusteeX 0 0 0

Rev Michael A Zampelli SJ1 00

TrusteeX 0 0 0

Ms Anne A Zizzo1 00

TrusteeX 0 0 0

Rev Scott R Pilarz SJ40 00

PresidentX 150,190 0 0

Dr John J Pauly40 00

Corp Vice PresidentX 321,408 0 0

Mr John C Lamb40 00

Corp TreasurerX 309,772 0 0

Ms Mary L Austin40 00

Corp Asst TreasurerX 179,033 0 0

Mr Steven W Frieder40 00

Corp SecretaryX 91,657 0 0

Ms Cynthia M Bauer40 00

Corp Asst SecretaryX 223,051 0 0

Dr Margaret F Callahan40 00

Interim ProvostX 223,746 0 0

Dr Mary A DiStanislao40 00

Executive Vice PresidentX 263,935 0 0

Mr Lawrence R Williams40 00

Athletic DirectorX 317,235 0 0

Mr Brent L Williams40 00

Mens Basketball CoachX 1,798,566 0 0

Ms Terri L Mitchell40 00

Womens Basketball CoachX 439,420 0 0

Mr Joseph D Kearney40 00

Dean Law SchoolX 310,407 0 0

Dr Robert H Bishop40 00

Dean Engineering CollegeX 302,616 0 0

Dr William K Lobb40 00

Dean Dental SchoolX 290,840 0 0

Mr Gregory J KliebhanX 343,756 0 0

Former Corp VP

Ms Julie A TolanX 355,519 0 0

Former VP University Advancement

efile GRAPHIC p rint - DO NOT PROCESS As Filed Data - DLN: 93493126003294

SCHEDULE A Public Charity Status and Public SupportOMB No 1545-0047

(Form 990 or 990EZ)2012Complete if the organization is a section 501(c)(3) organization or a section

Department of the Treasury 4947( a)(1) nonexempt charitable trust.

Internal Revenue Service► Attach to Form 990 or Form 990-EZ . ► See separate instructions.

Name of the organization Employer identification numberMarquette University

39-0806251

Reason for Public Charity Status (All organizations must complete this part.) See instructions.The organi zation is not a private foundation because it is (For lines 1 through 11, check only one box )

1 1 A church, convention of churches, or association of churches described in section 170 ( b)(1)(A)(i).

2 F A school described in section 170(b)(1)(A)(ii). (Attach Schedule E )

3 1 A hospital or a cooperative hospital service organization described in section 170 ( b)(1)(A)(iii).

4 1 A medical research organization operated in conjunction with a hospital described in section 170(b)(1)(A)(iii). Enter the

hospital's name, city, and state5 fl An organization operated for the benefit of a college or university owned or operated by a governmental unit described in

section 170 ( b)(1)(A)(iv ). (Complete Part II )

6 fl A federal, state, or local government or governmental unit described in section 170 ( b)(1)(A)(v).

7 1 An organization that normally receives a substantial part of its support from a governmental unit or from the general publicdescribed in section 170(b)(1)(A)(vi ). (Complete Part II )

8 1 A community trust described in section 170 ( b)(1)(A)(vi ) (Complete Part II )

9 1 An organization that normally receives (1) more than 331/3% of its support from contributions, membership fees, and gross

receipts from activities related to its exempt functions-subject to certain exceptions, and (2) no more than 331/3% of

its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses

acquired by the organization after June 30, 1975 See section 509( a)(2). (Complete Part III )

10 fl An organization organized and operated exclusively to test for public safety See section 509(a)(4).

11 1 An organization organized and operated exclusively for the benefit of, to perform the functions of, or to carry out the purposes ofone or more publicly supported organizations described in section 509 ( a)(1) or section 509(a )( 2) See section 509(a)(3). Checkthe box that describes the type of supporting organization and complete lines Ile through 11 h

a fl Type I b 1 Type II c fl Type III - Functionally integrated d (- Type III - Non-functionally integrated

e (- By checking this box, I certify that the organization is not controlled directly or indirectly by one or more disqualified personsother than foundation managers and other than one or more publicly supported organizations described in section 509(a)(1 ) orsection 509(a)(2)

f If the organization received a written determination from the IRS that it is a Type I, Type II, orType III supporting organization,check this box (-

g Since August 17, 2006, has the organization accepted any gift or contribution from any of thefollowing persons?(i) A person who directly or indirectly controls , either alone or together with persons described in (ii) Yes No

and (iii) below, the governing body of the supported organization? 11g(i)

(ii) A family member of a person described in (i) above? 11g(ii)

(iii) A 35% controlled entity of a person described in (i) or (ii) above? 11g(iii)

h Provide the following information about the supported organization(s)

(i) Name of (ii) EIN (iii) Type of (iv) Is the (v) Did you notify (vi) Is the (vii) Amount ofsupported organization organization in the organization organization in monetary

organization (described on col (i) listed in in col (i) of your col (i) organized supportlines 1- 9 above your governing support? in the U S ?or IRC section document?

(seeinstructions))

Yes No Yes No Yes No

Total

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990EZ . Cat No 11285F ScheduleA(Form 990 or 990-EZ)2012

Schedule A (Form 990 or 990-EZ) 2012 Page 2

MU^ Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170 ( b)(1)(A)(vi)(Complete only if you checked the box on line 5, 7, or 8 of Part I or if the organization failed to qualify underPart III. If the organization fails to qualify under the tests listed below, please complete Part III.)

Section A . Public SupportCalendar year ( or fiscal year beginning (a) 2008 (b) 2009 (c) 2010 (d) 2011 (e) 2012 (f) Total

in) 111111 Gifts, grants, contributions, and

membership fees received (Do notinclude any "unusualgrants ")

2 Tax revenues levied for theorganization's benefit and eitherpaid to or expended on itsbehalf

3 The value of services or facilitiesfurnished by a governmental unit tothe organization without charge

4 Total .Add lines 1 through 3

5 The portion of total contributionsby each person (other than agovernmental unit or publiclysupported organization) included online 1 that exceeds 2% of theamount shown on line 11, column(f)

6 Public support . Subtract line 5 fromline 4

Section B. Total SupportCalendar year ( or fiscal year beginning (a) 2008 (b) 2009 (c) 2010 (d) 2011 (e) 2012 (f) Total

in) ►7 Amounts from line 4

8 Gross income from interest,dividends, payments received onsecurities loans, rents, royaltiesand income from similarsources

9 Net income from unrelatedbusiness activities, whether or notthe business is regularly carriedon

10 Other income Do not include gainor loss from the sale of capitalassets (Explain in Part IV )

11 Total support (Add lines 7 through10)

12 Gross receipts from related activities, etc (see instructions) 12

13 First five years. If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a 501(c)(3) organization, checkthis box and stop here .ItE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Section C. Com p utation of Public Support Percenta g e14 Public support percentage for 2012 (line 6, column (f) divided by line 11, column (f)) 14 0 %

15 Public support percentage for 2011 Schedule A, Part II, line 14 15

16a 331 / 3%support test-2012 . If the organization did not check the box on line 13, and line 14 is 33 1/3% or more, check this boxand stop here . The organization qualifies as a publicly supported organization

b 331/3%support test-2011 . If the organization did not check a box on line 13 or 16a, and line 15 is 33 1/3% or more, check thisbox and stop here . The organization qualifies as a publicly supported organization

17a 10%-facts-and -circumstances test -2012 . If the organization did not check a box on line 13, 16a, or 16b, and line 14is 10% or more, and if the organization meets the "facts-and-circumstances" test, check this box and stop here . Explainin Part IV how the organization meets the "facts-and-circumstances" test The organization qualifies as a publicly supportedorganization

b 10%-facts-and-circumstances test -2011 . If the organization did not check a box on line 13, 16a, 16b, or 17a, and line15 is 10% or more, and if the organization meets the "facts- and-circumstances" test, check this box and stop here.Explain in Part IV how the organization meets the "facts-and-circumstances" test The organization qualifies as a publiclysupported organization

18 Private foundation . If the organization did not check a box on line 13, 16a, 16b, 17a, or 17b, check this box and seeinstructions

Schedule A (Form 990 or 990-EZ) 2012


IMMITM Support Schedule for Organizations Described in Section 509(a)(2)(Complete only if you checked the box on line 9 of Part I or if the organization failed to qualify underPart II. If the organization fails to qualify under the tests listed below, please complete Part II.)

Section A . Public SupportCalendar year ( or fiscal year beginning (a) 2008 (b) 2009 (c) 2010 (d) 2011 (e) 2012 (f) Total

in) 111111 Gifts, grants, contributions, and

membership fees received (Do notinclude any "unusual grants ")

2 Gross receipts from admissions,merchandise sold or servicesperformed, or facilities furnished inany activity that is related to theorganization's tax-exemptpurpose

3 Gross receipts from activities thatare not an unrelated trade orbusiness under section 513

4 Tax revenues levied for theorganization's benefit and eitherpaid to or expended on itsbehalf

5 The value of services or facilitiesfurnished by a governmental unit tothe organization without charge

6 Total . Add lines 1 through 5

7a Amounts included on lines 1, 2,and 3 received from disqualifiedpersons

b Amounts included on lines 2 and 3received from other thandisqualified persons that exceedthe greater of$5,000 or 1% of theamount on line 13 for the year

c Add lines 7a and 7b

8 Public support (Subtract line 7cfrom line 6 )

Section B. Total SuuuortCalendar year ( or fiscal year beginning (a) 2008 (b) 2009 (c) 2010 (d) 2011 (e) 2012 (f) Total

in) ►9 Amounts from line 6

10a Gross income from interest,dividends, payments received onsecurities loans, rents, royaltiesand income from similarsources

b Unrelated business taxableincome (less section 511 taxes)from businesses acquired afterJune 30, 1975

c Add lines 10a and 10b

11 Net income from unrelatedbusiness activities not includedin line 10b, whether or not thebusiness is regularly carried on

12 Other income Do not includegain or loss from the sale ofcapital assets (Explain in PartIV )

13 Total support . (Add lines 9, 1Oc,11, and 12 )

14 First five years. If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a 501(c)(3) organization,check this box and stop here

Section C. Computation of Public Support Percentage

15 Public support percentage for 2012 (line 8, column (f) divided by line 13, column (f)) 15 0 %

16 Public support percentage from 2011 Schedule A, Part III, line 15 16

Section D . Com p utation of Investment Income Percenta g e17 Investment income percentage for 2012 (line 10c, column (f) divided by line 13, column (f)) 17 0 %

18 Investment income percentage from 2011 Schedule A, Part III, line 17 18

19a 331 / 3%support tests-2012 . If the organization did not check the box on line 14, and line 15 is more than 33 1/3%, and line 17 is notmore than 33 1/3%, check this box and stop here . The organization qualifies as a publicly supported organization lk'F-

b 331 / 3%support tests-2011 . If the organization did not check a box on line 14 or line 19a, and line 16 is more than 33 1/3% and line 18is not more than 33 1/3%, check this box and stop here . The organization qualifies as a publicly supported organization lk'F-

20 Private foundation . If the organization did not check a box on line 14, 19a, or 19b, check this box and see instructions



Supplemental Information . Complete this part to provide the explanations required by Part II, line 10;Part II, line 17a or 17b; and Part III, line 12. Also complete this part for any additional information. (Seeinstructions).

Facts And Circumstances Test

Explanation



SCHEDULE C Political Campaign and Lobbying Activities OMB No 1545-0047

(Form 990 or 990-EZ)For Organizations Exempt From Income Tax Under section 501(c) and section 527 201 2

Department of the Treasury 1- Complete if the organization is described below. 0- Attach to Form 990 or Form 990-EZ.

Internal Revenue Service0- See separate instructions . Open

I InspectionIf the organization answered "Yes" to Form 990, Part IV , Line 3, or Form 990-EZ, Part V, line 46 ( Political Campaign Activities), then• Section 501(c)(3) organizations Complete Parts I-A and B Do not complete Part I-C• Section 501(c) (other than section 501(c)(3)) organizations Complete Parts I-A and C below Do not complete Part I-B• Section 527 organizations Complete Part I-A only

If the organization answered "Yes" to Form 990, Part IV , Line 4 , or Form 990-EZ , Part VI, line 47 ( Lobbying Activities), then• Section 501(c)(3) organizations that have filed Form 5768 (election under section 501(h)) Complete Part II-A Do not complete Part II-B• Section 501(c)(3) organizations that have NOT filed Form 5768 (election under section 501(h)) Complete Part II-B Do not complete Part II-A

If the organization answered "Yes" to Form 990, Part IV , Line 5 ( Proxy Tax) or Form 990-EZ , Part V, line 35c ( Proxy Tax), then* Section 501(c)(4), (5), or (6) organizations Complete Part IIIName of the organization Employer identification numberMarquette University

39-0806251

Complete if the organization is exempt under section 501(c) or is a section 527 organization.

1 Provide a description of the organization's direct and indirect political campaign activities in Part IV

2 Political expenditures 0- $

3 Volunteer hours

Complete if the organization is exempt under section 501 ( c)(3).

1 Enter the amount of any excise tax incurred by the organization under section 4955 0- $

2 Enter the amount of any excise tax incurred by organization managers under section 4955 0- $

3 If the organization incurred a section 4955 tax, did it file Form 4720 for this year? fl Yes fl No

4a Was a correction made? fl Yes fl No

b If "Yes," describe in Part IV

rMWINT-Complete if the organization is exempt under section 501(c), except section 501(c)(3).

1 Enter the amount directly expended by the filing organization for section 527 exempt function activities 0- $

2 Enter the amount of the filing organization's funds contributed to other organizations for section 527exempt function activities 0- $

3 Total exempt function expenditures Add lines 1 and 2 Enter here and on Form 1120-PO L, line 17b 0- $

4 Did the filing organization file Form 1120-POL for this year? fl Yes fl No

5 Enter the names, addresses and employer identification number (EIN) of all section 527 political organizations to which the filingorganization made payments For each organization listed, enter the amount paid from the filing organization's funds Also enter theamount of political contributions received that were promptly and directly delivered to a separate political organization, such as aseparate segregated fund or a political action committee (PAC) If additional space is needed, provide information in Part IV

(a) Name (b) Address ( c) EIN (d ) Amount paid fromfiling organization's

funds If none, enter -0-

(e) Amount of politicalcontributions received

and promptly anddirectly delivered to a

separate politicalorganization If none,

enter -0-

i-or raperworK rteauction Act Notice, see the instructions Tor corm 99 U or yyu -tc. Cat No 50084S Schedule C ( Form 990 or 990-EZ) 2012

Schedule C (Form 990 or 990-EZ) 2012 Page 2

Complete if the organization is exempt under section 501 ( c)(3) and filed Form 5768 (electionunder section 501(h)).

A Check - (- if the filing organization belongs to an affiliated group (and list in Part IV each affiliated group member's name, address, EIN,expenses, and share of excess lobbying expenditures)

B Check - (- if the filing organization checked box A and "limited control" provisions apply

Limits on Lobbying Expenditures(a) Filing (b) Affiliated

(The term "expenditures" means amounts paid or incurred .)organization's group

totals totals

la Total lobbying expenditures to influence public opinion (grass roots lobbying)

b Total lobbying expenditures to influence a legislative body (direct lobbying)

c Total lobbying expenditures (add lines la and 1b)

d Other exempt purpose expenditures

e Total exempt purpose expenditures (add lines 1c and 1d)

f Lobbying nontaxable amount Enter the amount from the following table in bothcolumns

If the amount on line le, column ( a) or (b ) is: The lobbying nontaxable amount is:

Not over $500,000 20% of the amount on line le

Over $500,000 but not over $1,000,000 $100,000 plus 15% of the excess over $500,000

Over $1,000,000 but not over $1,500,000 $175,000 plus 10% of the excess over $1,000,000

Over $1,500,000 but not over $17,000,000 $225,000 plus 5% of the excess over $1,500,000

Over $17,000,000 $1,000,000

g Grassroots nontaxable amount (enter 25% of line 1f)

h Subtract line 1g from line la If zero or less, enter-0-

i Subtract line 1f from line 1c If zero or less, enter-0-

i If there is an amount other than zero on either line 1h or line 11, did the organization file Form 4720 reportingsection 4911 tax for this year? F- Yes F- No

4-Year Averaging Period Under Section 501(h)(Some organizations that made a section 501(h) election do not have to complete all of the five

columns below. See the instructions for lines 2a through 2f on page 4.)

Lobbying Expenditures During 4-Year Averaging Period

Calendar year (or fiscal yearbeginning in)

(a) 2009 (b) 2010 (c) 2011 (d) 2012 (e) Total

2a Lobbying nontaxable amount

b Lobbying ceiling amount(150% of line 2a, column(e))

c Total lobbying expenditures

d Grassroots nontaxable amount

e Grassroots ceiling amount150% of line 2d column e

f Grassroots lobbying expenditures

Schedule C (Form 990 or 990-EZ) 2012

Schedule C (Form 990 or 990-EZ) 2012 Pa g e 3Complete if the organization is exempt under section 501 ( c)(3) and has NOTfiled Form 5768 election under section 501 ( h )) .

For each "Yes" response to lines la through li below, provide in Part IV a detailed description of the lobbying(a) (b)

activity. Yes No Amount

1 During the year, did the filing organization attempt to influence foreign, national, state or locallegislation, including any attempt to influence public opinion on a legislative matter or referendum,through the use of

a Volunteers? Yes

b Paid staff or management (include compensation in expenses reported on lines 1c through 1i)? Yes

c Media advertisements? No

d Mailings to members, legislators, or the public? No

e Publications, or published or broadcast statements? No

f Grants to other organizations for lobbying purposes? No

g Direct contact with legislators, their staffs, government officials, or a legislative body? Yes 50,000

h Rallies, demonstrations, seminars, conventions, speeches, lectures, or any similar means? No

i Other activities? No

j Total Add lines 1c through 11 50,000

2a Did the activities in line 1 cause the organization to be not described in section 501(c)(3)? No

b If "Yes," enter the amount of any tax incurred under section 4912

c If "Yes," enter the amount of any tax incurred by organization managers under section 4912

d If the filing organization incurred a section 4912 tax, did it file Form 4720 for this year?

Complete if the organization is exempt under section 501(c)(4), section 501(c)(5), or section501 ( c )( 6 ) .

Yes No

1 Were substantially all (90% or more) dues received nondeductible by members? 1

2 Did the organization make only in-house lobbying expenditures of $2,000 or less? 2

3 Did the organization agree to carry over lobbying and political expenditures from the prior year? 3

Complete if the organization is exempt under section 501(c)(4), section 501(c)(5), or section

501(c )( 6) and if either ( a) BOTH Part 111-A , lines 1 and 2, are answered "No" OR (b) Part III-A,line 3 , is answered "Yes."

1 Dues, assessments and similar amounts from members 1

2 Section 162(e) nondeductible lobbying and political expenditures ( do not include amounts of politicalexpenses for which the section 527(f) tax was paid).

a Current year 2a

b Carryover from last year 2b

c Total 2c

3 Aggregate amount reported in section 6033(e)(1 )(A) notices of nondeductible section 162(e) dues 3

4 If notices were sent and the amount on line 2c exceeds the amount on line 3, what portion of the excessdoes the organization agree to carryover to the reasonable estimate of nondeductible lobbying andpolitical expenditure next year? 4

5 Taxable amount of lobbying and political expenditures (see instructions) 5

Su lementalInformation

Complete this part to provide the descriptions required for Part I-A, line 1, Part I-B, line 4, Part I-C, line 5, Part II-A (affiliated group list),Part II-A line 2 , and Part 11-13 , 1 Also , com p lete this p art for an y additional information

I Identifier Return Reference Explanation

Schedule C (Form 990 or 990EZ) 2012

lefile GRAPHIC print - DO NOT PROCESS As Filed Data - DLN: 93493126003294

SCHEDULE D(Form 990)


Internal Revenue Service

Name of the organizationMarquette University

OMB No 1545-0047

2012

Employer identification number

39-0806251Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts . Complete if theorg anization answered "Yes" to Form 990 , Part IV , line 6.

(a) Donor advised funds ( b) Funds and other accounts

1 Total number at end of year

2 Aggregate contributions to (during year)

3 Aggregate grants from ( during year)

4 Aggregate value at end of year

5 Did the organization inform all donors and donor advisors in writing that the assets held in donor advisedfunds are the organization ' s property , subject to the organization's exclusive legal control? F Yes I No

6 Did the organization inform all grantees , donors, and donor advisors in writing that grant funds can beused only for charitable purposes and not for the benefit of the donor or donor advisor, or for any other purposeconferring impermissible private benefit? fl Yes fl No

MRSTI-Conservation Easements . Complete if the organization answered "Yes" to Form 990, Part IV, line 7.

1 Purpose ( s) of conservation easements held by the organization ( check all that apply)

1 Preservation of land for public use ( e g , recreation or education ) 1 Preservation of an historically important land area

1 Protection of natural habitat 1 Preservation of a certified historic structure

fl Preservation of open space

2 Complete lines 2a through 2d if the organization held a qualified conservation contribution in the form of a conservationeasement on the last day of the tax year

a Total number of conservation easements

b Total acreage restricted by conservation easements

c Number of conservation easements on a certified historic structure included in (a)

d Number of conservation easements included in (c) acquired after 8/17/06, and not on ahistoric structure listed in the National Register

Held at the End of the Year

2a

2b

2c

2d

3 N umber of conservation easements modified, transferred , released, extinguished , or terminated by the organization during

the tax year 0-

4 N umber of states where property subject to conservation easement is located 0-

5 Does the organization have a written policy regarding the periodic monitoring , inspection , handling of violations, andenforcement of the conservation easements it holds? fl Yes fl No

6 Staff and volunteer hours devoted to monitoring , inspecting , and enforcing conservation easements during the year

0-

7 Amount of expenses incurred in monitoring , inspecting, and enforcing conservation easements during the year

0- $

8 Does each conservation easement reported on line 2(d) above satisfy the requirements of section 170(h)(4)(B)(i)and section 170(h)(4)(B)(ii)? F Yes 1 No

9 In Part XIII, describe how the organization reports conservation easements in its revenue and expense statement, andbalance sheet, and include, if applicable, the text of the footnote to the organization's financial statements that describesthe organization's accounting for conservation easements

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets.Complete if the oraanization answered "Yes" to Form 990. Part IV. line 8.

la If the organization elected, as permitted under SFAS 116 (ASC 958), not to report in its revenue statement and balance sheetworks of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of publicservice, provide, in Part XIII, the text of the footnote to its financial statements that describes these items

b If the organization elected, as permitted under SFAS 116 (ASC 958), to report in its revenue statement and balance sheetworks of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of publicservice, provide the following amounts relating to these items

(i) Revenues included in Form 990, Part VIII, line 1 $

(ii)Assets included in Form 990, Part X $

2 If the organization received or held works of art, historical treasures, or other similar assets for financial gain, provide thefollowing amounts required to be reported under SFAS 116 (ASC 958) relating to these items

a Revenues included in Form 990, Part VIII, line 1 $

b Assets included in Form 990, Part X $

For Paperwork Reduction Act Notice, see the Instructions for Form 990. Cat No 52283D Schedule D (Form 990) 2012

Supplemental Financial Statements

0- Complete if the organization answered "Yes," to Form 990,Part IV, line 6, 7, 8, 9, 10, 11a, 11b, 11c, 11d, 11e, 11f, 12a, or 12b

0- Attach to Form 990. 0- See separate instructions.

Schedule D (Form 990) 2012 Page 2

r:FTnFW Organizations Maintaining Collections of Art, Historical Treasures , or Other Similar Assets (continued)

3 Using the organization's acquisition, accession, and other records, check any of the following that are a significant use of itscollection items (check all that apply)

a F Public exhibition d F Loan or exchange programs

b F Scholarly research e (- Other

c F Preservation for future generations

4 Provide a description of the organization's collections and explain how they further the organization's exempt purpose inPart XIII

5 During the year, did the organization solicit or receive donations of art, historical treasures or other similarassets to be sold to raise funds rather than to be maintained as part of the organization's collection? 1 Yes F No

Escrow and Custodial Arrangements . Complete if the organization answered "Yes" to Form 990,Part IV, line 9, or reported an amount on Form 990, Part X, line 21.

la Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets notincluded on Form 990, Part X7 1 Yes F No

b If "Yes," explain the arrangement in Part XIII and complete the following table

c Beginning balance 1c

d Additions during the year ld

e Distributions during the year le

f Ending balance if

A mount

2a Did the organization include an amount on Form 990, Part X, line 21? fl Yes F No

b If"Yes," explain the arrangement in Part XIII Check here if the explanation has been provided in Part XIII . . . . . . . .

MWAF-Endowment Funds . Com p lete if the org anization answered "Yes" to Form 990 , Part IV, line 10.

la Beginning of year balance .

b Contributions

c Net investment earnings, gains, and losses

d Grants or scholarships . .

e Other expenditures for facilitiesand programs

f Administrative expenses

g End of year balance .

(a)Current year (b)Prior year b (c)Two years back (d)Three years back (e)Four years back

442,886,000 441,959,000 358,187,000 318,616,000 390,220,000

25,480,000 15,348,000 29,881,000 16,049,000 12,450,000

44,193,000 3,137,000 70,542,000 37,998,000 -70,862,000

7,380,358 6,947,863 5,747,036 5,747,036 5,166,689

11, 667, 642 10, 610,137 10, 903, 964 8,728,964 8,025,311

493,511,000 442,886,000 441,959,000 358,187,000 318,616,000

2 Provide the estimated percentage of the current year end balance (line 1g, column (a)) held as

a Board designated or quasi-endowment 0- 19 000 %

b Permanent endowment 0- 69 000 %

c Temporarily restricted endowment 0- 12 000 %

The percentages in lines 2a, 2b, and 2c should equal 100%

3a Are there endowment funds not in the possession of the organization that are held and administered for theorganization by Yes No

(i) unrelated organizations . . . . . . . . . . . . . . . . . . . . . . . . 3a(i) Yes

(ii) related organizations . . . . . . . . . . . . . . . . . . . . . . 3a(ii) No

b If "Yes" to 3a(ii), are the related organizations listed as required on Schedule R? . . I 3b

4 Describe in Part XIII the intended uses of the organization's endowment funds

Land . Buildings . and Eauiument. See Form 990. Part X. line 10.

Description of property ( a) Cost or otherbasis (investment )

( b)Cost or otherbasis (other )

( c) Accumulateddepreciation

( d) Book value

la Land 39,361,592 34,722,634

b Buildings 592,261,820 226, 508,838 365,752,982

c Leasehold improvements . .

d Equipment 143,447,296 109,539,162 33,908,134

e Other 130,247,292 65,778,042 64,469,250

Total . Add lines 1a through 1 e (Column (d) must equal Form 990, Part X, column (B), line 10(c).) . 498,853,000

Schedule D (Form 990) 2012


UNWITF-investments -Other Securities . See Form 990. Part X. line 12.

(a) Description of security or category(including name of security)

(b)Book value (c) Method of valuationCost or end-of-year market value

(1 )Financial derivatives 17,035,000 F

(2)Closely-held equity interests

(3)Other(A) Financial derivatives and other financial products 17,035,000 F

(B) Closely-held equity interests

(C)Alternate investments 232,010,000 F

(D) Real estate ltd partnerships 19,520,000 F

Total . (Column (b) must equal Form 990, Part X, col (B) line 12) 268,565,000

Investments- Pro ram Related . See Form 990 , Part X , line 1 3.(a) Description of investment type (b) Book value (c) Method of valuation

Cost or end-of-year market value

Total . (Column (b) must equal Form 990, Part X, col (8) line 13 )

n Other Assets . See Form 990. Part X. line 15-

(a) Description (b) Book value

(1) Collateral held under securities lending agreement 20,186,000

(2) Funds held in trust by others 21,086,000

(3) Unexpended bond proceeds 37,945,000

(4) Cash surrender value of life insurance 431,000

(5) Property held for investment 65,000

Total . (Column (b) must equal Form 990, Part X, co/.(8) line 15.) 79,713,000

Other Liabilities . See Form 990 , Part X , line 25.1 (a) Description of liability (b) Book value

Federal income taxes

Federal income taxes

Payables under security lending agreement 20,186,000

Payable to beneficiaries under split-interet agreements 4,282,000

Refundable federal loan grants 35,749,000

Postretirement benefits oavable 4.308.000

Total . (Column (b) must equal Form 990, Part X, col (8) line 25) p. I 64,525,000

2. Fin 48 (ASC 740) Footnote In Part XIII, provide the text of the footnote to the organization's financial statements that reports theorganization's liability for uncertain tax positions under FIN 48 (ASC 740) Check here if the text of the footnote has been provided inPart XIII F



171174W Reconciliation of Revenue per Audited Financial Statements With Revenue per Return

1 Total revenue, gains, and other support per audited financial statements . 1 391,156,000

2 Amounts included on line 1 but not on Form 990, Part VIII, line 12

a Net unrealized gains on investments . 2a

b Donated services and use of facilities . 2b

c Recoveries of prior year grants 2c

d Other (Describe in Part XIII ) . . . . . . . . . . . 2d -108,975,000

e Add lines 2a through 2d . . . . . . . . . . . . . . . . . . . . 2e -108,975,000

3 Subtract line 2e from line 1 . . . . . . . . . . . . . . . . . . . . 3 500,131,000

4 Amounts included on Form 990, Part VIII, line 12, but not on line 1

a Investment expenses not included on Form 990, Part VIII, line 7b . 4a

b Other (Describe in Part XIII ) . . . . . . . . . . 4b -3,444,000

c Add lines 4a and 4b . . . . . . . . . . . . . . . . . . . . . . 4c -3,444,000

5 Total revenue Add lines 3 and 4c. (This must equal Form 990, Part I, line 12 ) . . . . .

-

5 496,687,000

of Ex penses per Audited Financial Statements With Ex penses per Return191M.Off

1 Total expenses and losses per audited financial statements 1 368,484,000

2 Amounts included on line 1 but not on Form 990, Part IX, line 25

a Donated services and use of facilities . 2a

b Prior year adjustments 2b

c Other losses . . . . . . . . . . . . . . . 2c

d Other (Describe in Part XIII . . . . . . . . . . . 2d -108,975,000

e Add lines 2a through 2d . . . . . . . . . . . . . . . . . . . . . 2e -108,975,000

3 Subtract line 2e from line 1 . . . . . . . . . . . . . . . . . . . . 3 477,459,000

4 Amounts included on Form 990, Part IX, line 25, but not on line 1:

a Investment expenses not included on Form 990, Part VIII, line 7b 4a

b Other (Describe in Part XIII ) . . . . . . . . . . . 4b

c Add lines 4a and 4b . . . . . . . . . . . . . . . . . . . . . . 4c

5 Total expenses Add lines 3 and 4c. (This must equal Form 990, Part I, line 18 ) . . . . . 5 477,459,000

OTIT."M Supplemental Information

Complete this part to provide the descriptions required for Part II, lines 3, 5, and 9, Part III, lines la and 4, Part IV, lines lb and 2b,Part V, line 4, Part X, line 2, Part XI, lines 2d and 4b, and Part XII, lines 2d and 4b Also complete this part to provide any additionalinformation

Identifier Return Reference Explanation

III la The University has various collections of fine arts in museums,libraries and on loan The University does not assign or record avalue to art works and other collections received as gifts orpurchased with contributions restricted for that purposeValuations for some collections are updated periodically, and assuch, the total value of all fine arts may vary with appraisalsand/or auction prices Accordingly, the value of fine art andother collections has been excluded from the statements offinancial position Proceeds, if any, from deaccessions orinsurance recoveries are reflected as increases in theappropriate net asset classes The art and other collections aresubject to a requirement that proceeds from their sales be usedto acquire other items for collections Fine arts are included ininsurance coverage for University property and a separatepolicy is also secured for fine art of high value and whereappraised values are listed As of both June 30, 2013 and2012, the specific policy covering highly valued worksprovideds for insured coverage of 79,000,000 aggregate limitfor any one loss or any one occurrence and includes someappraised items from library collections As of both June 30,2013 and 2012, additional fine art values covered for loss inother insurance programs are estimated of approximately3,800,000

III 4 The Haggerty Museum serves as a laboratory for learningfocused on visual arts by collecting, exhibiting and interpretingworks of art in the context of Marquette University and the Cityof Milwaukee The Museums exhibitions and educationalprograms are designed to contribute to transformational life-longlearning and enjoyment of the arts

V 4 Endowment earnings are used for student scholarships,academic program support and general operations

X 2 The University is generally exempt from federal income taxpursuant to Section 501c3 of the Internal Revenue Code theCode and is a tax-exempt organization described in Sections501c3, 509a1 and 170b1Aii of the Code The FinancialAccounting Standards Board FASB issued guidance prescribinghow an organization should recognize, measure, present anddisclose in its financial statements uncertain tax positions TheUniversity must recognize the tax benefit from an uncertain taxposition only if it is more likely than not that the tax position willbe sustained on examination by the taxing authorities, based onthe technical merits of the position As of both June 30, 2013and 2012, the U niversity did not have any uncertain taxpositions

XI 2d Tuition discounts

XI 4d Endowment income in excess of operations unrealized gains

XII 2d Tuition discounts



SCHEDULE ESchools

OMB No 1545-0047

(Form 990 or 990-EZ )Complete if the organization answered " Yes" to Form 990 , Part IV, line 13,n 2012

Department of the Treasury or Form 990 - EZ, Part VI, line 48.

Internal Revenue Service 0- Attach to Form 990 or Form 990-EZ.


39-0806251

YES I NO

1 Does the organization have a racially nondiscriminatory policy toward students by statement in its charter, bylaws,

other governing instrument, or in a resolution of its governing body? 1 Yes

2 Does the organization include a statement of its racially nondiscriminatory policy toward students in all its

brochures, catalogues, and other written communications with the public dealing with student admissions,

programs, and scholarships? 2 Yes

3 Has the organization publicized its racially nondiscriminatory policy through newspaper or broadcast media during

the period of solicitation for students, or during the registration period if it has no solicitation program, in a way

that makes the policy known to all parts of the general community it serves? If "Yes," please describe If "No,"

please explain If you need more space use Part II 3 Yes

4 Does the organization maintain the following?

a Records indicating the racial composition of the student body, faculty, and administrative staff? 4a Yes

b Records documenting that scholarships and other financial assistance are awarded on a racially nondiscriminatory

basis? 4b Yes

c Copies of all catalogues, brochures, announcements, and other written communications to the public dealing

with student admissions, programs, and scholarships? 4c Yes

d Copies of all material used by the organization or on its behalf to solicit contributions? 4d Yes

If you answered "No" to any of the above, please explain If you need more space, use Part II

5 Does the organization discriminate by race in any way with respect to

a Students' rights or privileges? 5a No

b Admissions policies? 5b No

c Employment of faculty or administrative staff? 5c No

d Scholarships or other financial assistance? 5d No

e Educational policies? 5e No

f Use of facilities? 5f No

g Athletic programs? 5g No

h Other extracurricular activities? 5h No

If you answered "Yes" to any of the above, please explain If you need more space, use Part II

6a Does the organization receive any financial aid or assistance from a governmental agency? 6a Yes

b Has the organization's right to such aid ever been revoked or suspended? 6b No

If you answered "Yes" to either line 6a or line 6b, explain on Part II

7 Does the organization certify that it has complied with the applicable requirements of sections 4 01 through 4 05

of Rev Proc 75-50, 1975-2 C B 587, covering racial nondiscrimination? If "No," explain on Part II 7 Yes

Paperwork Reduction Act Notice, see the Instructions for Form 990 . Cat No 50085D Schedule E (Form 990 or 990 - EZ) 2012

Schedule E (Form 990 or990EZ) 2012 Page 2

Supplemental Information . Complete this part to provide the explanations required by Part I, lines 3, 4d, 5h, 6b, and 7, asapplicable Also complete this part to provide any other additional information (see instructions)


Part I 6a The university receives a variety of federal and state grants

Schedule E (Form 990 or 990-EZ) 2012


SCHEDULE F Statement of Activities Outside the United StatesOMB No 1545-0047

(Form 990)Complete if the organization answered "Yes" to Form 990,

Part IV, line 14b, 15, or 16.

0-201 2

Department of the Treasury n Attach to Form 990. ► See separate instructions. O pen to PublicInternal Revenue Service Inspection



39-0806251

General Information on Activities Outside the United States . Complete if the organization answered"Yes" to Form 990, Part IV, line 14b.

1 For grantmakers . Does the organization maintain records to substantiate the amount of the grants or

assistance, the grantees' eligibility for the grants or assistance, and the selection criteria used to award

the grants or assistance? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F Yes fl No

2 For grantmakers . Describe in Part V the organization's procedures for monitoring the use of grant funds outsidethe United States.

3 Activites per Region (The following Part I, line 3 table can be duplicated if additional space is needed )

(a) Region (b) Number of (c) Number of (d) Activities conducted in (e) If activity listed in (d) is a (f) Total expendituresoffices in the employees, region (by type) (e g , program service, describe for and investments

region agents, and fundraising, program specific type of in regionindependent services, investments, grants service(s) in regioncontractors in to recipients located in the

re g ion re g ion )

Central America and the Program services International education 6,800Caribbean

East Asia and the Pacific Program services International education 66,278

Europe 1 1 Program services International education 1,399,061

South America Program services International education 69,923

Sub-Saharan Africa 1 1 Program services International education 448,848

3a Sub-total 2 2 1,990,910

b Total from continuation sheetsto Part I

c Totals ( add lines 3a and 3b ) 2 2 1 , 990 , 910

For Paperwork Reduction Act Notice, see the Instructions for Form 990 . Cat N o 50082W Schedule F (Form 990) 2012

Schedule F (Form 990) 2012 Page 2

Grants and Other Assistance to Organizations or Entities Outside the United States . Complete if the organization answered "Yes" to Form 990,Part IV, line 15, for any recipient who received more than $5,000. Part II can be duplicated if additional space is needed.

1(a) Name oforganization

(b) IRS codesection

and EIN ( ifapplicable)

( c) Region (d) Purpose ofgrant

(e) Amount ofcash grant

(f) Manner ofcash

disbursement

(g) Amount ofof non-cashassistance

(h) Descriptionof non-cashassistance

(i) Method ofvaluation

(book, FMV,appraisal, other)

2 Enter total number of recipient organizations listed above that are recognized as charities by the foreign country, recognized astax-exempt by the IRS, or for which the grantee or counsel has provided a section 501(c)(3) equivalency letter . . . .

Enter total number of other organizations or entities .

Schedule F (Form 990) 2012


Grants and Other Assistance to Individuals Outside the United States . Complete if the organization answered "Yes" to Form 990, Part IV, line 16.Part III can be duplicated if additional space is needed.

(a) Type of grant orassistance

(b) Region (c) Number ofrecipients

(d) Amount ofcash grant

(e) Manner of cashdisbursement

(f) Amount ofnon-cashassistance

(g) Descriptionof non-cashassistance

(h) Method ofvaluation

(book, FMV,a pp raisal , other )

Scholarship Central America andthe Caribbean

3 6,800 cash, wire FMV

Scholarship East Asia and thePacific

11 66,278 cash, wire FMV

Scholarship Europe 189 1,243,000 cash, wire FMV

Scholarship South America 8 69,923 cash, wire FMV

Scholarship Sub-Saharan Africa 22 130,955 cash, wire FMV



Foreign Forms

1 Was the organization a U S transferor of property to a foreign corporation during the tax year? If "Yes,"theorganization may be required to file Form 926, Return by a U.S. Transferor of Property to a Foreign Corporation (seeInstructions for Form 926) F Yes F- N o

2 Did the organization have an interest in a foreign trust during the tax year? If "Yes, " the organlzatlonmay berequired to file Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain ForeignGifts, and/or Form 3520-A, Annual Information Return of Foreign Trust With a U . S. Owner (see Instructions forForms 3520 and 3520-A) F- Yes F N o

3 Did the organization have an ownership interest in a foreign corporation during the tax year? If "Yes," theorganization may be required to file Form 5471, Information Return of U.S. Persons with Respect to Certain ForeignCorporations. (see Instructions for Form 5471) F- Yes F N o

4 Was the organization a direct or indirect shareholder of a passive foreign investment company or a qualifiedelecting fund during the tax year? If "Yes,"the organization may be required to fi le Form 8621, Return by aShareholder of a Passive Foreign Investment Company or Qualified Electing Fund . (see Instructions for Form 8621) F Yes F- N o

5 Did the organization have an ownership interest in a foreign partnership during the tax year? If "Yes," theorganization may be required to file Form 8865, Return of U.S. Persons with Respect to Certain Foreign Partnerships.(see Instructions for Form 8865) F Yes F- N o

6 Did the organization have any operations in or related to any boycotting countries during the tax year? If "Yes,"the organization may be required to file Form 5713, International Boycott Report (see Instructions for Form5713). F- Yes F No



Supplemental InformationComplete this part to provide the information required by Part I, line 2 (monitoring of funds); Part I, line 3,column (f) (accounting method; amounts of investments vs. expenditures per region); Part II, line 1(accounting method); Part III (accounting method); and Part III, column (c) (estimated number of recipients),



SCHEDULEG SU lemental Information Re ardin OMB No 1545-0047

(Form 990 or 990-EZ) pp g gFundraising or Gaming ActivitiesComplete if the organization answered "Yes" to Forth 990, Part IV, lines 17, 18, or 19 , or if the organization entered

more than $15,000 on Form 990-EZ, line 6a. Form 990-EZ filers are not required to complete this part.

Department of the Treasury PrAttach to Form 990 or Forth 990-EZ. PrSee separate instructions.



2012


39-0806251

Fundraising Activities . Complete if the organization answered "Yes" to Form 990, Part IV, line 17.

Indicate whether the organization raised funds through any of the following activities Check all that apply

a F Mail solicitations e F Solicitation of non-government grants

b F Internet and email solicitations f F Solicitation of government grants

c F Phone solicitations g F Special fundraising events

d F In-person solicitations

2a Did the organization have a written or oral agreement with any individual (including officers, directors, trusteesor key employees listed in Form 990, Part VII) or entity in connection with professional fundraising services? F Yes 1! No

b If "Yes," list the ten highest paid individuals or entities (fundraisers) pursuant to agreements under which the fundraiser isto be compensated at least $5,000 by the organization

(i) Name and address ofindividual

or entity (fundraiser)

(ii) Activity (iii) Didfundraiser have

custody orcontrol of

contributions?

(iv) Gross receiptsfrom activity

(v) Amount paid to(or retained by)

fundraiser listed incol (i)

(vi) Amount paid to(or retained by)organization

Yes No

Daniel G Reagan217 S Michigan

South Bend, IN 46601

Campaign planning

No 135,023

Total Jk^ 135,023

3 List all states in which the organization is registered or licensed to solicit funds or has been notified it is exempt from registration orlicensing

All States

For Paperwork Reduction Act Noticee see the Instructions for Form 990or 990-EZ . Cat No 50083H Schedule G ( Form 990 or 990-EZ) 2012

Schedule G (Form 990 or 990-EZ) 2012 Page 2

Fundraising Events . Complete if the organization answered "Yes" to Form 990, Part IV, line 18, or reportedmore than $15,000 of fundraising event contributions and gross income on Form 990-EZ, lines 1 and 6b. Listevents with gross receipts greater than $5,000.

(a) Event #1 (b) Event #2 (c) Other events (d) Total events(add col (a) through

Blue Gold Auction Engineering Auction 3 col (c))

(event type) (event type) (total number)

co1 Gross receipts 115,878 58,166 92,580 266,624

2 Less Contributions 70,853 37,401 49,279 157,533

3 Gross income (line 1minus line 2) 45,025 20,765 43,301 109,091

4 Cash prizes

u75 Noncash prizes

6 Rent/facility costs

7 Food and beverages 18,978 9,500 24,856 53,334

8 Entertainment .

9 Other direct expenses 26,047 11,265 18,445 55,757

10 Direct expense summary Add lines 4 through 9 i n column (d) ( 1 0 9 , 0 9 1 )

11 Net income summary Combine line 3, column (d), and line 10 ►

Gaming . Complete if the organization answered "Yes" to Form 990, Part IV, line 19, or reported more than$15,000 on Form 990-EZ, line 6a.

(a) Bingo (b) Pull tabs/Instant (c) Other gaming (d) Total gaming (addbingo/progressive bingo col (a) through col

co (c) )

1 Gross revenue .

2 Cash prizesu)C

3 Non-cash prizes

LIJ

4 Rent/facility costs .

5 Other direct expenses

F Yes F Yes F Yes6 Volunteer labor n No F No F No

7 Direct expense summary Add lines 2 through 5 in column (d) . . . . . . . . . . . ►

8 Net gaming income summary Combine lines 1 and 7 in column (d) . ►

9 Enter the state(s) in which the organization operates gaming activities

a Is the organization licensed to operate gaming activities in each of these states? . . . . . . . . . . . . . Yes r No

b If "No," explain

------------- ------------------------- ------------------------- ------------------------- ------------------------ ------------------------- ------------------------- ------------------------- --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

10a Were any of the organization's gaming licenses revoked, suspended or terminated during the tax year? . . . . . F Yes F No

b If "Yes," explain

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Schedule G (Form 990 or 990-EZ) 2012


Does the organization operate gaming activities with nonmembers? . . . . . . . . . . . . . . . . . . Yes r- No

12 Is the organization a grantor , beneficiary or trustee of a trust or a member of a partnership or other entity

formed to administer charitable gaming? . . . . . . . . . . . . . . . . . . . . . . . . . . . Yes r- No

13 Indicate the percentage of gaming activity operated in

a The organization ' s facility 13a

b An outside facility 13b

14 Enter the name and address of the person who prepares the organization ' s gaming/special events books and records

Name ►

Address ►

15a Does the organization have a contract with a third party from whom the organization receives gaming

revenue? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . r- Yes r- No

b If "Yes," enter the amount of gaming revenue received by the organization ► $ and the

amount of gaming revenue retained by the third party $

c If "Yes," enter name and address of the third party

Name '

Address '

---------------- ------------------------------ ------------------------------ ------------------------------------------------------------ ------------------------------ -

16 Gaming manager information

Name llik^------------ ----------------------- ---------------------- ----------------------- ----------------------- ----------------------- ---------------------- -

Gaming manager compensation ► $ _ --------------------------------------------

Description of services provided---------- ------------------ ------------------ ------------------ ------------------- ------------------ ------------------ ------------------ ----------

r- Director/officer Employee Independent contractor

17 Mandatory distributions

a Is the organization required understate law to make charitable distributions from the gaming proceeds to

retain the state gaming license? . . . . . . . . . . . . . . . . . . . . . . . . . . . . r-Yes r-No

b Enter the amount of distributions required under state law distributed to other exempt organizations or spent

in the organization's own exempt activities during the tax year $

Supplemental Information . Complete this part to provide the explanations required by Part I, line 2b,columns (iii) and (v), and Part III, lines 9, 9b, 10b, 15b, 15c, 16, and 17b, as applicable. Also complete thispart to provide any additional information (see instructions).

IIdentifier Return Reference

IExplanation

Page 311


efile GRAPHIC print - DO NOT PROCESS I As Filed Data - I DLN: 93493126003294

Schedule I OMB No 1545-0047

(Form 990 ) Grants and Other Assistance to Organizations,2012Governments and Individuals in the United States

Complete if the organization answered "Yes," to Form 990, Part IV, line 21 or 22.Department of the Treasury l Attach to Form 990Internal Revenue Service

Name of the organization Employer identification number

Marquette University39-0806251

JL^ll General Information on Grants and Assistance

1 Does the organization maintain records to substantiate the amount of the grants or assistance, the grantees' eligibility for the grants or assistance, andthe selection criteria used to award the grants or assistance? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F Yes 1 No

2 Describe in Part IV the organization's procedures for monitoring the use of grant funds in the U nited States

Grants and Other Assistance to Governments and Organizations in the United States . Complete if the organization answered "Yes" toForm 990, Part IV, line 21, for any recipient that received more than $5,000. Part II can be duplicated if additional space is needed.

(a) Name and address of (b) EIN (c) IRC Code (d) Amount of cash (e) Amount of non- (f) Method of (g) Description of (h) Purpose of grantorganization section grant cash valuation non-cash assistance or assistance

or government if applicable assistance (book, FMV,appraisal,

other)


2 Entertotal number of section 501(c)(3) and government organizations listed in the line 1 table . ► 22

3 Enter total number of other organizations listed in the line 1 table .

For Paperwork Reduction Act Notice, see the Instructions for Form 990 . Cat No 50055P Schedule I (Form 990) 2012

Schedule I (Form 990) 2012 Pa g e 2Grants and Other Assistance to Individuals in the United States . Complete if the organization answered "Yes" to Form 990, Part IV, line 22.Part III can be duplicated if additional space is needed.

(a)Type of grant or assistance (b)N umber of (c)Amount ofrecipients cash grant

(1) Undergraduate competitive 7474 72,816,803scholarships

(2) Undergraduate noncompetitive 443 6,155,984scholarships

(3) Financial aid for room and board 3142 17,888,700

(4) Graduate scholarships 1312 10,596,557

(d)Amount of (e)Method of valuation (f)Description of non-cash assistancenon-cash assistance (book,

FMV, appraisal, other)

Ml:ra*i'm suppiementai inrormation.Complete this part to provide the information required in Part I, line 2, Part III, column (b), and any other additional information


I 2 Most, if not all student scholarships are credited to the student accounts without the funds passing through the studentshands Sources outside the university that provide scholarships are encouraged to remit payment directly to the university,which credits the student account upon receipt Institutional aid is almost always credited directly to the student accounts

Schedule I (Form 990) 2012

Additional Data



EIN: 39 -0806251


Return to Form

Form 990,Schedule I , Part II , Grants and Other Assistance to Governments and Organizations in the United States

(a) Name and address of (b) EIN (c) IRC Code section (d) Amount of cash (e) Amount of non- (f) Method of (g) Description of (h) Purpose of grantorganization if applicable grant cash valuation non-cash assistance or assistance

or government assistance (book, FMV, appraisal,other)

Aurora Health Care IncP 0 39-1442285 501c3 71,425 InstructionBox 343910Milwaukee, WI 532343910

Board of Regents of the UW 39-6006492 501c3 54,271 InstructionSystemDrawer 538Milwaukee, WI 532780538

Form 990,Schedule I, Part II, Grants and Other Assistance to Governments and Organizations in the United States



Board of Regents of the UW 39-6006492 501c3 29,301 ResearchSystemDrawer 538Milwaukee, WI 532780538

Board of Regents of the UW 39-6006492 501c3 51,233 InstructionSystemDrawer 538Milwaukee, WI 532780538


(a) Name and address of (b) EIN (c) IRC Code section (d) Amount of cashorganization if applicable grant

or government

Commander Indian Head DivNSWC4104 Evans Way Ste102Indiuan Head, MD206405102

Concordia University12800 39-0833608N Lake Shorer DrMequon, WI 53097

501c31 50,000

(e) Amount of non- (f) Method of (g) Description of (h) Purpose of grantcash valuation non-cash assistance or assistance

assistance (book, FMV, appraisal,other)

esearch

501c3 9,979 esearch




ICAHN245 Backbone Rd E 55-0809159 501c3 56,322 InstructionPrinceton,IL 60356

Medical College of Wisconsin 39-0806261 501c3 303,689 ResearchP 0 Box 26509Milwaukee, WI 532260509




Medical College of Wisconsin 39-0806261 501c3 74,563 InstructionP 0 Box 26509Milwaukee, WI 532260509

Milwaukee School of 39-0477970 501c3 7,577 ResearchEngineering1025 N BroadwayMilwaukee, WI 53202




Ministry Health Care900 39-1490371 501c3 38,956 InstructionIllinois AveStevens Point, WI 54481

Penfield Children's Center 39-1093701 501c3 17,505 Research833 N 26th STreetMilwaukee, WI 53233




Rehabilitation Institute of 36-2256036 501c3 493,556 ResearchChicago345 E Superior StOnterie Rm 848Chicago,IL 606114496

Rural connection190 E 501c3 12,897 InstructionBannockBoise,ID 83712




SRI InternationalP 0 Box 94-1160950 501c3 82,361 Research2767Menlo Park,CA 940252767

United Community Center 39-1146191 501c3 153,752 Other1028 S 9th StreetMilwaukee, WI 53204




University ofIllinois501 E 37-6000511 501c3 55,433 ResearchDaniel StChampaign ,IL 618206211

University ofIllinois501 E 37-6000511 501c3 12,712 InstructionDaniel StChampaign ,IL 618206211




University of LouisvilleJouett 61-1029626 501c3 98,809 ResearchHall Room6605Louisville,KY 40292

University of NC Chapel Hill 56-6001393 501c3 30,168 Research141 Dey HallChapel Hill, NC 275993170




University ofVirginiaP 0 Box 54-6001796 501c3 34,378 Instruction400203Charlottesville, VA229044203

Univeristy of Wisconsin- 39-1805963 501c3 165,568 ResearchMilwaukeeP 0 Box 413 UnionBox 88Milwaukee, WI 53201


Schedule J Compensation Information OMB No 1545-0047

(Form 990)For certain Officers, Directors, Trustees, Key Employees, and Highest

2012Compensated Employees1- Complete if the organization answered "Yes" to Form 990,

Department of the Treasury Part IV, question 23. PublicOpen to

Internal Revenue Service 1- Attach to Form 990. 1- See separate instructions. Inspection



39-0806251

Questions Regarding Compensation

la Check the appropiate box(es ) if the organization provided any of the following to or for a person listed in Form990, Part VII , Section A, line la Complete Part III to provide any relevant information regarding these items

F First-class or charter travel F Housing allowance or residence for personal use

F Travel for companions 1 Payments for business use of personal residence

F Tax idemnification and gross - up payments F Health or social club dues or initiation fees

1 Discretionary spending account 1 Personal services ( e g , maid, chauffeur, chef)

Yes I No

b If any of the boxes in line la are checked, did the organization follow a written policy regarding payment orreimbursement or provision of all of the expenses described above? If "No," complete Part III to explain lb Yes

2 Did the organization require substantiation prior to reimbursing or allowing expenses incurred by all officers,directors, trustees, and the CEO/Executive Director, regarding the items checked in line la? 2 Yes

3 Indicate which , if any, of the following the filing organization used to establish the compensation of theorganization 's CEO/Executive Director Check all that apply Do not check any boxes for methodsused by a related organization to establish compensation of the CEO /Executive Director, but explain in Part III

F Compensation committee 1 Written employment contract

1 Independent compensation consultant F Compensation survey or study

1 Form 990 of other organizations F Approval by the board or compensation committee

4 During the year, did any person listed in Form 990, Part VII, Section A, line la with respect to the filing organizationor a related organization

a Receive a severance payment or change-of-control payment? 4a Yes

b Participate in, or receive payment from, a supplemental nonqualified retirement plan? 4b No

c Participate in, or receive payment from, an equity-based compensation arrangement? 4c No

If "Yes" to any of lines 4a-c, list the persons and provide the applicable amounts for each item in Part III

Only 501 ( c)(3) and 501 ( c)(4) organizations only must complete lines 5-9.

5 For persons listed in Form 990, Part VII, Section A, line la, did the organization pay or accrue anycompensation contingent on the revenues of

a The organization? 5a No

b Any related organization? 5b No

If "Yes," to line 5a or 5b, describe in Part III

6 For persons listed in Form 990, Part VII, Section A, line la, did the organization pay or accrue anycompensation contingent on the net earnings of

a The organization? 6a No

b Any related organization? 6b No

If "Yes," to line 6a or 6b, describe in Part III

7 For persons listed in Form 990, Part VII, Section A, line la, did the organization provide any non-fixedpayments not described in lines 5 and 6? If "Yes," describe in Part III 7 Yes

8 Were any amounts reported in Form 990, Part VII, paid or accured pursuant to a contract that wassubject to the initial contract exception described in Regulations section 53 4958-4(a)(3)? If "Yes," describein Part III 8 No

9 If "Yes" to line 8, did the organization also follow the rebuttable presumption procedure described in Regulationssection 53 4958-6(c)? 9

For Paperwork Reduction Act Notice, see the Instructions for Form 990. Cat No 50053T Schedule 3 (Form 990) 2012

Schedule J (Form 990) 2012 Page 2

Officers , Directors, Trustees , Key Employees, and Highest Compensated Employees . Use duplicate copies if additional space is needed.For each individual whose compensation must be reported in Schedule J, report compensation from the organization on row (i) and from related organizations, described in theinstructions, on row (ii) Do not list any individuals that are not listed on Form 990, Part VIINote . The sum of columns (B)(1)-(iii) for each listed individual must equal the total amount of Form 990, Part VII, Section A, line la, applicable column (D) and (E) amounts for that individual

(A) Name and Title (B) Breakdown of W-2 and/or 1099-MISC compensation (C) Retirement and (D) Nontaxable (E) Total of (F) Compensation

(i) Base (ii) Bonus & (iii) Other other deferred benefits columns reported as deferred

compensationincentive reportable compensation (B)(i)-(D) in prior Form 990

compensation compensation


Schedule 3 (Form 990) 2012

Schedule J (Form 990) 2012 Page 3

Supplemental InformationComplete this part to provide the information, explanation, or descriptions required for Part I, lines la, 1b, 3, 4a, 4b, 4c, 5a, 5b, 6a, 6b, 7, and 8, and for Part IIAlso complete this part for any additional information


I la First Class or charter travel is offered on a limited basis Travel for companions is offered on a limited basis Taxindemnification and gross-up payments are offered to university employees on a limited basis Health or social clubdues or initiation fees are offered on a limited basis Housing is offered on a limited basis

I 4a Gregory J Kliebhan was paid 343,756 in severance Julie Tolan was paid 355,519 in severance

1 7 Bonus and incentive compensation are offered on a limited basis

Schedule 3 (Form 990) 2012

Additional Data



EIN: 39 -0806251


Form 990, Schedule J, Part II - Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees

Return to Form

(A) Name (B) Breakdown of W-2 and/or 1099-MISC compensation (C) Deferred (D) Nontaxable (E) Total of columns (F) Compensation

(i) Base

Compensation

(ii) Bonus &incentive

compensation

(iii) Other

compensation

compensation benefits (B)(i)-(D) reported in prior Form990 or Form 990-EZ

Rev Scott R Pilarz SJ (1) 100,000 50,190 150,190

DrJohn J Pauly (1) 321,408 20,000 16,333 357,741

MrJohn C Lamb (i) 309,772 20,000 1,273 331,045

Ms Mary L Austin (1) 179,033 14,328 52,518 245,879

Ms Cynthia M Bauer (1) 223,051 18,063 16,333 257,447

Dr Margaret F Callahan (i) 223,746 18,561 69,683 311,990

Dr Mary A DiStanislao (1) 263,935 18,000 8,566 290,501

Mr Lawrence R Williams (1) 317,235 20,000 14,972 352,207

Mr Brent L Williams (i) 1,600,279 165,000 33,287 20,000 16,333 1,834,899

Ms Terri L Mitchell (1) 439,420 20,000 6,243 465,663

Mr Joseph D Kearney (1) 310,407 20,000 16,333 346,740

Dr Robert H Bishop (i) 302,616 20,000 16,333 338,949

Dr William K Lobb (1) 290,840 20,000 16,333 327,173

Mr Gregory J Kliebhan (1) 343,756 20,000 16,333 380,089

Ms Julie A Tolan (i)

(ii)355,519 12,200 16,333 384,052

efile GRAPHIC print - DO NOT PROCESS I As Filed Data - I DLN: 93493126003294

Schedule K OMB No 1545-0047

(Form 990) Supplemental Information on Tax Exempt BondsComplete if the organization answered "Yes" to Form 990, Part IV, line 24a. Provide descriptions,1- 2012

explanations, and any additional information in Part VI.

Department of the Treasury 1- Attach to Form 990. 1- See separate instructions. •




Bond Issues

(h) On(i) Pool

(g) Defeased behalf of(a) Issuer name ( b) Issuer EIN (c) CUSIP # ( d) Date issued ( e) Issue price (f) Description of purpose financing

issuer


WHEFA 2012A39-1337855 97710B5G3 10-04-2012 96,596,215 Various construction projects X X X

WHEFA 2011AB39-1337855 9771OBD90 02-17-2011 27,265,000 Various construction projects X X X

WHEFA 2008B-3C39-1337855 99710BDT6 11-20-2008 33,100,000 Various construction projects X X X

WHEFA 2008B-2D39-1337855 97710BET5 10-01-2008 18,765,000 Various construction projects X X X

n n.ii Proceeds

A B C D

1 Amount of bonds retired 7,015,000 7,015,000 2,645,000 1,580,000

2 Amount of bonds legally defeased

3 Total proceeds of issue 96 ,596,215 27,669,462 33,708,889 19,132,581

4 Gross proceeds in reserve funds

5 Capitalized interest from proceeds

6 Proceeds in refunding escrows 50 ,844,219 27,332,365

7 Issuance costs from proceeds 751,996 337,097 360,000 215,000

8 Credit enhancement from proceeds

9 Working capital expenditures from proceeds

10 Capital expenditures from proceeds 7,055,000 33,348,889 18,917,581

11 Other spent proceeds

12 Other unspent proceeds 37,945,000

13 Year of substantial completion 2011 2011 2011 2010

Yes No Yes No Yes No Yes No

14 Were the bonds issued as part of a current refunding issue? X X X

15 Were the bonds issued as part of an advance refunding issue? X X X

16 Has the final allocation of proceeds been made? X X X X

17 Does the organization maintain adequate books and records to support the finalallocation of proceeds?

X X X X

iIII Private Business Use

A B C D


1 Was the organization a partner in a partnership, or a member of an LLC, which ownedproperty financed by tax-exempt bonds?

X X X X

2 Are there any lease arrangements that may result in private business use of bond-X X X X

financed property?

For Paperwork Reduction Act Notice, see the Instructions for Form 990. Cat No 50193E Schedule K (Form 990) 2012

Schedule K (Form 990) 2012 Pa g e 2

Private Business Use (Continued)

A B C D


3a Are there any management or service contracts that may result in private business useof bond-financed property?

X X X X

b If "Yes" to line 3a, does the organization routinely engage bond counsel or other outsidecounsel to review any management or service contracts relating to the financed X X X Xproperty?

c Are there any research agreements that may result in private business use of bond-financed property? X X X X

d If "Yes" to line 3c, does the organization routinely engage bond counsel or other outsidecounsel to review any research agreements relating to the financed property?

4 Enter the percentage of financed property used in a private business use by entitiesother than a section 501(c)(3) organization or a state or local government 0- 0% 0% 0% 0%

5 Enter the percentage of financed property used in a private business use as a result ofunrelated trade or business activity carried on by your organization, another section 501 0% % 0% %(c)(3) organization, or a state or local government 0-

6 Total of lines 4 and 5 0% 0% 0% 0%

7 Does the bond issue meet the private security or payment test? X X X X

ga Has there been a sale or disposition of any of the bond financed property to anongovernmental person other than a 501(c)(3) organization since the bonds were X X X Xissued?

b If "Yes" to line 8a, enter the percentage of bond-financed property sold or disposed of

c If "Yes" to line 8a, was any remedial action taken pursuant to Regulations sections1 141-12 and 1 145-27

g Has the organization established written procedures to ensure that all nonqualifiedbonds of the issue are remediated in accordance with the requirements under X X X XRegulations sections 1 141-12 and 1 145-2?

ArbitrageA B C D


1 Has the issuerfiled Form 8038-T? X X X X

2 If "No" to line 1, did the following apply?

a Rebate not due yet? X X X X

b Exception to rebate?

c No rebate due?

If you checked No rebate due" in line 2c, provide in Part VIthe date the rebate computation was performed

3 Is the bond issue a variable rate issue? X X X X

4a Has the organization or the governmental issuer enteredinto a qualified hedge with respect to the bond issue?

X X X X

b Name of provider

c Term of hedge

d Was the hedge superintegrated?

e Was a hedge terminated?

Schedule K (Form 990) 2012

Schedule K (Form 990) 2012 Page 3

Arbitrage (Continued )

A B C D


5a Were gross proceeds invested in a guaranteed investmentX X X X

contract (GIC)7

b Name of provider

c Term of GIC

d Was the regulatory safe harbor for establishing the fair marketvalue of the GIC satisfied?

6 Were any gross proceeds invested beyond an available temporaryperiod?

X X X X

7 Has the organization established written procedures to monitorthe requirements of section 148?

X X X X

ff^illl Procedures To Undertake Corrective ActionA I B I C I D

I Yes I No I Yes I No I Yes I No I Yes I No

1 Has the organization established written procedures to ensurethat violations of federal tax requirements are timely identified

X X X Xand corrected through the voluntary closing agreement program ifself-remediation is not available under arDlicable regulations?

Supp lemental Information . Com p lete this p art to provide additional information for res p onses to q uestions on Schedule K ( see instructions ) .



efile GRAPHIC urint - DO NOT PROCESS I As Filed Data - I DLN: 93493126003294

Schedule K OMB No 1545-0047

(Form 990) Supplemental Information on Tax Exempt BondsComplete if the organization answered "Yes" to Form 990, Part IV, line 24a. Provide descriptions,1- 2012

explanations, and any additional information in Part VI.

Department of the Treasury 1- Attach to Form 990. 1- See separate instructions. •




Bond Issues

(h) On(i) Pool

(a) Issuer name ( b) Issuer EIN (c) CUSIP # ( d) Date issued ( e) Issue price (f) Description of purpose(g) Defeased behalf of

financingissuer


A WHEFA 2008B-139-1337855 97710BES7 10-01-2008 31,795,000 Various construction projects X X X

B WHEFA 2007A & 2007B39-1337855 97710V4Y1 10-23-2007 55,000,000 Various construction projects X X X

•m.ii Proceeds

A B C D

1 Amount of bonds retired 2,540,000 6,645,000

2 Amount of bonds legally defeased

3 Total proceeds of issue 31,874,869 57,389,183

4 Gross proceeds in reserve funds

5 Capitalized interest from proceeds

6 Proceeds in refunding escrows 12,885,000

7 Issuance costs from proceeds 439,887 1,014,631

8 Credit enhancement from proceeds

9 Working capital expenditures from proceeds

10 Capital expenditures from proceeds 18,549,982 56,374,552

11 Other spent proceeds

12 Other unspent proceeds

13 Year of substantial completion 2010 2011


14 Were the bonds issued as part of a current refunding issue? X X

15 Were the bonds issued as part of an advance refunding issue? X X

16 Has the final allocation of proceeds been made? X X

17 Does the organization maintain adequate books and records to support the finalallocation of proceeds?

X X

i n.iii Private Business Use

A B C D


1 Was the organization a partner in a partnership, or a member of an LLC, which ownedproperty financed by tax-exempt bonds?

X X

2 Are there any lease arrangements that may result in private business use of bond-X X

financed property?

For Paperwork Reduction Act Notice, see the Instructions for Form 990. Cat No 50193E Schedule K (Form 990) 2012

Schedule K (Form 990) 2012 Pa g e 2

Private Business Use (Continued)

A B C D


3a Are there any management or service contracts that may result in private business useof bond-financed property?

X X

b If "Yes" to line 3a, does the organization routinely engage bond counsel or other outsidecounsel to review any management or service contracts relating to the financed X Xproperty?

c Are there any research agreements that may result in private business use of bond-financed property? X X

d If "Yes" to line 3c, does the organization routinely engage bond counsel or other outsidecounsel to review any research agreements relating to the financed property?

4 Enter the percentage of financed property used in a private business use by entitiesother than a section 501(c)(3) organization or a state or local government 0- 0% 0%

5 Enter the percentage of financed property used in a private business use as a result ofunrelated trade or business activity carried on by your organization, another section 501 0% 0%(c)(3) organization, or a state or local government 0-

6 Total of lines 4 and 5 0% 0%

7 Does the bond issue meet the private security or payment test? X X

ga Has there been a sale or disposition of any of the bond financed property to anongovernmental person other than a 501(c)(3) organization since the bonds were X Xissued?

b If "Yes" to line 8a, enter the percentage of bond-financed property sold or disposed of

c If "Yes" to line 8a, was any remedial action taken pursuant to Regulations sections1 141-12 and 1 145-27

g Has the organization established written procedures to ensure that all nonqualifiedbonds of the issue are remediated in accordance with the requirements under X XRegulations sections 1 141-12 and 1 145-2?

ArbitrageA B C D


1 Has the issuerfiled Form 8038-T? X X

2 If "No" to line 1, did the following apply?

a Rebate not due yet? X

b Exception to rebate?

c No rebate due? X X

If you checked No rebate due" in line 2c, provide in Part VIthe date the rebate computation was performed

3 Is the bond issue a variable rate issue? X X

4a Has the organization or the governmental issuer enteredinto a qualified hedge with respect to the bond issue?

X X

b Name of provider

c Term of hedge

d Was the hedge superintegrated?

e Was a hedge terminated?


Schedule K (Form 990) 2012 Page 3

Arbitrage (Continued )

A B C D


5a Were gross proceeds invested in a guaranteed investmentX X

contract (GIC)7

b Name of provider

c Term of GIC

d Was the regulatory safe harbor for establishing the fair marketvalue of the GIC satisfied?

6 Were any gross proceeds invested beyond an available temporaryperiod?

X X

7 Has the organization established written procedures to monitorthe requirements of section 148?

X X

ff^illl Procedures To Undertake Corrective Action

Yes

1 Has the organization established written procedures to ensurethat violations of federal tax requirements are timely identified Xand corrected through the voluntary closing agreement program ifself-remediation is not available under arDlicable regulations?

A B C D

No Yes No Yes No Yes No

X

Supp lemental Information . Com p lete this p art to provide additional information for res p onses to q uestions on Schedule K ( see instructions ) .


IV 12c Arbitrage calculation on WHEFA 2007A and 2007B done 10/23/12



Schedule L Transactions with Interested Persons OMB No 1545-0047

(Form 990 or 990-EZ ) 0- Complete if the organization answered

2012"Yes" on Form 990, Part IV , lines 25a, 25b, 26, 27, 28a , 28b, or 28c,or Form 990-EZ, Part V, line 38a or 40b.

Department of the Treasury 0- Attach to Form 990 or Form 990-EZ. 0- See separate instructions. • .



39-0806251

L^l Excess Benefit Transactions (section 501(c)(3) and section 501(c)(4) organizations only).Cmmnlata iftha nrnanvatinn ancwarad "Yac" nn Fnrm 99O Part TV Iina 75a nr 75h nr Fnrm 990-F7 Part V Iina 40h

1 (a) Name of disqualified person (b) Relationship between disqualified (c) Description of transaction (d) Corrected?person and organization Yes No

2 Enter the amount of tax incurred by organization managers or disqualified persons during the year under section4958 . . . . . . . . . . . . . . . . . . . . . . . . . . . ► $

3 Enter the amount of tax, if any, on line 2, above, reimbursed by the organization . ► $

Loans to and/or From Interested Persons.Complete if the organization answered "Yes" on Form 990-EZ, Part V, line 38a, or Form 990, Part IV, line 26, or if the

(a) Name of (b) Relationship (c) Purpose (d) Loan to (e)Original (f)Balance (g) In (h) (i)Writteninterested with organization of loan or from the principal due default? Approved agreement?person organization? amount by board or

committee?

To From Yes No Yes No Yes No

Total ► $

Grants or Assistance Benefitting Interested Persons.Complete if t he organization answered "Yes" on Form 990, Part IV, line 27.

(a) Name of interestedperson

(b) Relationship betweeninterested person and the

organization

(c) Amount of assistance (d) Type of assistance (e) Purpose of assistance

(1) Various 41,358 Merit based scholarship

(2) Various 89,535 Tuition remission

For Paperwork Reduction Act notice, see the instructions for Form 990 or 990 -EZ. (-at No SUUSbA Schedule L (Form 990 or 990 - EZ) 2012

Schedule L (Form 990 or 990-EZ) 2012 Page 2

Business Transactions Involving Interested Persons.

Complete if the organization answered "Yes" on Form 990, Part IV, line 28a, 28b, or 28c.(a) Name of interested person ( b) Relationship

between interestedperson and theorganization

(c) Amount oftransaction

(d) Description of transaction (e) Sharingof

organization'srevenues?

Yes No

(1) Ms Natalie A Black Trustee 386,620 Climate control systems No

(2) Mr Patrick S Lawton Trustee 1,009,255 Facility rental, investment fees No

(3) Ms Kristine A Rappe Trustee 8,930,973 Utilities No

(4) Ms Mary Ellen Stanek Trustee 9,951,993 Utilities, adv, life ins,underwriting

No

(5) Mr Owen J Sullivan Trustee 163,362 Advertising No

(6) Ms Anne A Zizzo Trustee 231,378 Media planning and buys No

Supplemental informationComplete this part to provide additional information for responses to questions on Schedule L (see instructions)

Identifier I Return Reference I Explanation

IV Ms Kristine Rappe is an executive officer of Wisconsin EnergyCorporation and Ms Mary Ellen Stanek serves on the board ofthe same company Mr Owen J Sullivan and Ms Mary EllenStanek serve on the board of Journal Communications MrPatrick S Lawton and Ms Mary Ellen Stanek serve on the boardof Robert W Baird Company

Schedule L (Form 990 or 990-EZ) 2012


SCHEDULEM Noncash Contributions OMB No 1545-0047

(Form 990)

2012Complete if the organizations answered "Yes" on Form

Department of the Treasury990, Part IV, lines 29 or 30.

P- Attach to Form 990.Internal Revenue Service


39-0806251

Types of Property

(a) (b) (c) (d)Check Number of contributions Noncash contribution Method of determining

if or items contributed amounts reported on noncash contribution amountsapplicable Form 990, Part VIII, line

1g

1 Art-Works of art . . . . X 26 See Part II

2 Art-Historical treasures

3 Art-Fractional interests

4 Books and publications

5 Clothing and householdgoods . . . . . . .

6 Cars and other vehicles .

7 Boats and planes . . . .

8 Intellectual property . . .

9 Securities-Publicly traded . X 270 14,510,142 See Part II

10 Securities-Closely held stock

11 Securities-Partnership, LLC,or trust interests

12 Securities-Miscellaneous

13 Qualified conservationcontribution-Historicstructures

14 Qualified conservationcontribution-Other . . .

15 Real estate-Residential

16 Real estate-Commercial

17 Real estate-Other . . .

18 Collectibles . . . . . X 15 3,333 Value of donated property

19 Food inventory . . .

20 Drugs and medical supplies . X 46 381,016 Value of donated property

21 Taxidermy . . . . . .

22 Historical artifacts . . . .

23 Scientific specimens . .

24 Archeological artifacts

25 Other P- ( Auction ) X 222 59,434 Value of donated property

26 ( Catering/other ) X 74 80,007 Value of donated property

27 Other(

28 Other n ( )

29 Number of Forms 8283 received by the organization during the tax year for contributionsfor which the organization completed Form 8283, Part IV, Donee Acknowledgement . 29 5

Yes No

30a During the year, did the organization receive by contribution any property reported in Part I, lines 1-28 that it

must hold for at least three years from the date of the initial contribution, and which is not required to be used

for exempt purposes for the entire holding period? 30a No

b If "Yes," describe the arrangement in Part II

31 Does the organization have a gift acceptance policy that requires the review of any non-standard contributions? 31 Yes

32a Does the organization hire or use third parties or related organizations to solicit, process, or sell noncash

contributions? 32a No

b If "Yes," describe in Part II

33 If the organization did not report an amount in column (c) for a type of property for which column (a) is checked,

describe in Part II

For Paperwork Reduction Act Noticee see the Instructions for Form 990 . Cat No 51227 ] Schedule M (Form 990) (2012)

Schedule M (Form 990 ) (2012) Page 2

Supplemental Information . Complete this part to provide the information required by Part I, lines 30b,32b, and 33, and whether the organization is reporting in Part I, column (b), the number of contributions, thenumber of items received, or a combination of both. Also complete this part for any additional information.


I 1 In accordance with SFAS 116, Marquette University does notinventory its collections of artwork, and therefore does notinclude in revenue the value of works contributed to theMuseum

I 9 The average of the high and low trading price for the security iscalculated as of the day of donation This average is multipliedby the number of shares received. vieldina the value of the sift

Schedule M (Form 990) (2012)


SCHEDULE 0OMB No 1545 0047

(Form 990 or 990-EZ) Supplemental Information to Form 990 or 990-EZ2012

Department of the Treasury Complete to provide information for responses to specific questions onForm 990 or to provide any additional information . Open

Internal Revenue Service1- Attach to Form 990 or 990-EZ. Inspection


Identifier Return ExplanationReference

Form 990 Part III Line 4d Auxiliary Enterprises Program Service Expenses 42,756,000 Grants and allocations 0Revenue 48,808,586

Form 990 Part III Line 4d Grants and Research Program Service Expenses 22,374,000 Grants and allocations 0Revenue 13,733,836

Form 990 Part III Line 4d Libraries Program Service Expenses 19,709,000 Grants and allocations 0 Revenue 0

Form 990 Part III Line 4d Public Services Program Service Expenses 4,221,000 Grants and allocations 0Revenue 0

Form 990 Part IV Line 9 The university offers a voluntary, informational program on student financial aid options and debt management The program is informational only the university is not the custodian of any assets

Form 990 Part V Line 7h A new car was donated to the university exclusively to be used asa raffle prize The university took title and insured the vehicle, then transferred the title to the raffle w inner with no intervening use of or modifications to it

Form 990 Part VI Section A Line 2 Ms Kristine Rappe is an executive officer with Wisconsin Energy Corp and Ms Mary FJlen Stanek serves on the board of the same company Mr OwenJ Sullivan and Ms Mary FJlen Stanek serve on the board of Journal Communications Mr Patrick S Lawton and Ms Mary FJlen Stanek serve on the board of Robert W Baird Company

Form 990 Part VI Section B Line 11 b The governance, compensation, related parties and bondsections of the Form 990 were reviewed by the Finance and Audit and Governance and Administration committees in February, 2014 The completed Form 990 was reviewed by the corporate officers in April 2014 Complete copies of the Form 990 were then provided to the Boardof Trustees in April 2014 The Finance and Audit and Governance and Adminstration committees reviewed the completed Form 990 at the April 2014 Board of Trustees meeting The chairsof those committees presented the Form 990 to the full Board of Trustees at the April 2014meeting

Form 990 Part VI Section B Line 12c Trustees and employees are required annually to disclose possiblematerial interests and affliliations

Form 990 Part VI Section B Line 15a b Comparable salary information for other Jesuit schooIs and other universities similar to Marquette along with the current Marquette salaries and performance evaluations are used to determine salaries The Executive Committee of theBoard of Trustees determines the officer and key employee salary increases if any

Form 990 Part VI Section C Line 19 Governing documents, conflict of interest statements and the financial statements are available on the university website

Form 990 Part VII Section A The University annually pays Marquette Jesuit Community, Inc ,amounts based on their ongoing relationship, including the service of Jesuits as faculty,staff and the president of the University

Form 990 Part VII Section A Line 5 A total of 916,250 was paid to Team Buzz Williams LLP, a company notrelated to the university

Form 990 Part XI Line 9 Other changes in net assets consists of adjustments to allowance for uncollectibles, loss on bond refunding and other changes

jefile GRAPHIC print - DO NOT PROCESS

SCHEDULE R(Form 990)



As Filed Data -

Related Organizations and Unrelated Partnerships

1- Complete if the organization answered "Yes" to Form 990, Part IV, line 33, 34, 35, 36, or 37.1- Attach to Form 990. 1- See separate instructions.

DLN:93493126003294

OMB No 1545-0047

2012


39-0806251

Identification of Disregarded Entities (Complete if the organization answered "Yes" to Form 990, Part IV, line 33.)

(a)Name, address, and EIN (if applicable) of disregarded entity

(b)Primary activity

(c)Legal domicile (stateor foreign country)

(d)Total income

(e)End-of-year assets

(f)Direct controlling

entity

Identification of Related Tax-Exempt Organizations (Complete if the organization answered "Yes" to Form 990, Part IV, line 34 because it had oneor more related tax-exempt organizations during the tax year.)

(a)Name, address, and EIN of related organization

( b)Primary activity

(c)Legal domicile (stateor foreign country)

(d)Exempt Code section

(e)Public charity status

(if section 501(c)(3))

(f)Direct controlling

entity

(g)Section 512(b)(13) controlled

entity?

Yes No

For Paperwork Reduction Act Notice, see the Instructions for Form 990. Cat No 50135Y Schedule R (Form 990) 2012

Schedule R (Form 990) 2012 Page 2

Identification of Related Organizations Taxable as a Partnership (Complete if the organization answered "Yes" to Form 990, Part IV, line 34because it had one or more related organizations treated as a partnership during the tax year.)

(a)Name, address, and EIN of

related organization

(b)Primary activity

(c)Legal

domicile(state orforeigncountry)

(d)Direct

controllingentity

(e)Predominant

income(related,unrelated,

excluded fromtax under

sections 512-514)

(f)Share of

total income

(g)Share of

end-of-yearassets

(h)Disproprtionateallocations?

(i)Code V-UBIamount in box

20 ofSchedule K-1(Form 1065)

U)General ormanagingpartner?

(k)Percentageownership

Yes No Yes No

Identification of Related Organizations Taxable as a Corporation or Trust (Complete if the organization answered "Yes" to Form 990, Part IV,line 34 because it had one or more related organizations treated as a corporation or trust during the tax year.)

(a)Name, address, and EIN of

related organization

(b)Primary activity

(c)Legal

domicile(state or foreign

country)

(d)Direct controlling

entity

(e)Type of entity

(C corp, Scorp,

or trust)

(f)Share of total

income

(g)Share of end-

of-yearassets

(h)Percentageownership

(i)Section 512

(b)(13)controlledentity?

Yes No

Schedule R (Form 990) 2012


Transactions With Related Organizations (Complete if the organization answered "Yes" to Form 990, Part IV, line 34, 35b, or 36.)

Note . Complete line 1 if any entity is listed in Parts II, III, or IV of this schedule Yes No

1 During the tax year, did the orgranization engage in any of the following transactions with one or more related organizations listed in Parts II-IV?

a Receipt of (i) interest (ii) annuities (iii) royalties or (iv) rent from a controlled entity la

b Gift, grant, or capital contribution to related organization(s) lb

c Gift, grant, or capital contribution from related organization(s) lc

d Loans or loan guarantees to or for related organization(s) ld

e Loans or loan guarantees by related organization(s) le

f Dividends from related organization(s)

g Sale of assets to related organization(s)

h Purchase of assets from related organization(s)

i Exchange of assets with related organization(s)

j Lease of facilities, equipment, or other assets to related organization(s)

k Lease of facilities, equipment, or other assets from related organization(s)

I Performance of services or membership or fundraising solicitations for related organization(s)

m Performance of services or membership or fundraising solicitations by related organization(s)

n Sharing of facilities, equipment, mailing lists, or other assets with related organization(s)

o Sharing of paid employees with related organization(s)

p Reimbursement paid to related organization(s) for expenses

q Reimbursement paid by related organization(s) for expenses

r Other transfer of cash or property to related organization(s)

s Other transfer of cash or property from related organization(s)

if

2 If the answer to any of the above is "Yes," see the instructions for information on who must complete this line, including covered relationships and transaction thresholds

(a)Name of other organization

(b)Transactiontype (a-s)

(c)Amount involved

(d)Method of determining amount involved



Unrelated Organizations Taxable as a Partnership (Complete if the organization answered "Yes" to Form 990, Part IV, line 37.)Provide the following information for each entity taxed as a partnership through which the organization conducted more than five percent of its activities (measured by total assets or grossrevenue) that was not a related organization See instructions regarding exclusion for certain investment partnerships

(a)Name, address, and EIN of entity

(b)Primary activity

(c)Legal

domicile(state orforeigncountry)

(d)Predominant

income(related,unrelated,

excluded fromtax under

section 512-

(e)Are all partners

section501(c)(3)

organizations?

(f)Share of

totalincome

(g)Share of

end-of-yearassets

(h)Disproprtionateallocations?

(i)Code V-UBIamount inbox 20

of ScheduleK-1

(Form 1065)

U)General ormanagingpart ner?

(k)Percentageownership

514)Yes No Yes No Yes No


Additional Data

Software ID:

Software Version:

EIN:

Name:

Return to Form

12000057

12.19.1011.1

39-0806251

Marquette University


Supplemental Information

Complete this part to provide additional information for responses to questions on Schedule R (see instructions)


I -",

MARQUETTE UNIVERSITY

Financial Statements

June 30, 2013 and 2012

(With Independent Auditors' Report Thereon)


Table of Contents

Page

Independent Auditors' Report

Financial Statements

Statements of Financial Position as of June 30. 2013 and 2012

Statement of Activities for the sear ended June 30. 2013

Statement of Activities for the s ear ended June 30. 2012

Statements of Cash Flo« s for the s ears ended June 30. 2013 and 2012

Notes to Financial Statements

KPMG LLPSuite 1500777 East Wisconsin AvenueMilwaukee , WI 53202-5337

Independent Auditors' Report

The Board of TrusteesMarquette University

Report on the Financial Statements

We have audited the accompany ing financial statements of Marquette Universit (the Universth ). «hichcomprise the statements of financial position as of June 30. 2013 and 2012. and the related statements ofactivities and cash flo« s for the N ears then ended. and the related notes to the financial statements

Management 's Responsibilith for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements inaccordance «ith U S generallN accepted accounting principles. this includes the design. implementation.and maintenance of internal control relevant to the preparation and fair presentation of financial statementsthat are free from material misstatement. «hether due to fraud or error

Auditors' Responsibilith

Our responsibilitN is to express an opinion on these financial statements based on our audits We conductedour audits in accordance «ith auditing standards generall-N accepted in the United States of America Thosestandards require that «e plan and perform the audit to obtain reasonable assurance about «hether thefinancial statements are free from material misstatement

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in thefinancial statements The procedures selected depend on the auditors' judgment. including the assessmentof the risks of material misstatement of the financial statements. «hether due to fraud or error In makingthose risk assessments. the auditor considers internal control relevant to the entit,, 's preparation and fairpresentation of the financial statements in order to design audit procedures that are appropriate in thecircumstances. but not for the purpose of expressing an opinion on the effectiveness of the entit 's internalcontrol AccordmglN. «e express no such opinion An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of significant accounting estimates made bN management.as NN ell as evaluating the overall presentation of the financial statements

We believe that the audit evidence «e have obtained is sufficient and appropriate to provide a basis for ouraudit opinion

KPMG LLP is a Delaware limited liability partnershipthe U S member firm of KPMG International Cooperative( KPMG International ) a Swiss entity

Opinion

In our opinion. the financial statements referred to above present fairy. in all material respects. thefinancial position of Marquette Universit< as of June 30. 2013 and 2012. and the changes in its net assetsand its cash flo« s for the Nears then ended in accordance «ith U S general1N accepted accountingprinciples

AMC, LOP

Mil«aukee. WisconsinSeptember 4. 2013


Statements of Financial Position

June 30. 2013 and 2012

(Dollars in thousands)

Assets 2013 2012

Cash and cash equivalents $ 41.692 36.109Collateral held under securities lending agreement 20.186 33.978Unexpended bond proceeds 37.945 -Contributions receivable. net 62.897 78.895Accounts receivable. net 12.277 12.772Prepaid expenses and deferred charges 7.454 6.2 13Student loans receivable. net 41.899 43.054Investments 481.158 423.055Funds held in trust bN others 21.086 23.252Other assets 1.458 1.423Net propert\. buildings. and equipment 498.853 496.795

Total assets $ 1.226.905 1.155.546

Liabilities and Net Assets

LiabilitiesAccounts pa-N able $ 9.733 7.655Accrued liabilities 24.056 22.880PaNables under securities lending agreement 20.186 33.978Student credits and other advance pad ments 7.686 7.640Deferred revenue and deposits 27.821 20.349PaN able to beneficiaries under split-interest agreements 4.282 4.424Refundable federal loan grants 35.749 35.867Postretirement benefits pad able 4.308 4.280Notes and bonds pad able 243.946 206.494

Total liabilities 377.767 343.567

Net assetsUnrestricted 202.547 195.514TemporarilN restricted 308.578 301.387Permanentl-N restricted 338.013 315.078

Total net assets 849.138 811.979

Total liabilities and net assets $ 1.226.905 1.155.546

See accompan\ mg notes to financial statements


Statement of Activities

Year ended June 3(). 2()13

(Dollars m thousands)

Operating revenuesStudent tuition and fees - gross

Less tuition discounts

Net tuition and fees

Government and private grants

Contributions

Auviliarv enterprisesSales bN educational departments

Investment income (loss)

Endoxtluent income used. in operations

Other income

Total operating revenues

Net assets released from restrictions

Total operating revenues and netassets released from restrictions

Operating expensesInstruction

Academic support

Research and grants

Libraries

Student servicesAuviliarv enterprisesInstitutional supportPublic services

Total operating expenses

Operating income (loss)

Nonoperating (e\penses) income

Endoxtluent gain in excess of

amounts designated for current operations, net

Otlher, net

Total nonoperating (loss) income, net

Change in net assets

Net assets, begnuung of Near

Net assets, end of N ear

See accompam ing notes to financial statements

Temporarily PermanentlyUnrestricted restricted restricted Total

$ 337.783 - 337.783(108.975) (108.975)

228.8()8 228.8()8

23.44() 23.44()4.298 16.8O6 22.8O3 43.9O7

47.()35 - - 47.()359.753 9.753

24() 333 (164) 4()94.855 14.193 297 19.34518.-459 - - 18.-459

336.888 31.332 22.936 391.156

32.372 (32.372)

369.26O (1.O4O) 22.936 391.156

1()9.971 1()9.97142.88() 42.88()22.374 22.37419.709 19.70953.()13 53.()1342.754 42.75473.562 73.5624.221 4.221

368.-484 368A84

776 (1.()4()) 22.936 22.672

9.317 16.675 (234) 25.758(3.()6()) (8.-444) 233 (11.271)

6.257 8.231 (1) 14.-487

7.()33 7.191 22.935 37.159

4


Statement of Activities

Year ended June 3(). 2()12

(Dollars m thousands)

Operating revenuesStudent tuition and fees - gross

Less tuition discounts

Net tuition and fees

Government and private grants

Contributions

Auviliarv enterprisesSales bN educational departments

Investment income (loss)

Endoxtluent income used. in operations

Other income

Total operating revenues

Net assets released from restrictions

Total operating revenues and netassets released from restrictions

Operating expensesInstruction

Academic support

Research and grants

Libraries

Student servicesAuviliarv enterprisesInstitutional supportPublic services

Total operating expenses

Operating income

Nonoperating (e\penses) income

Endoxtluent gain in excess of

amounts designated for current operations, net

Otlher, net

Total nonoperating (loss) income, net

Change in net assets

Net assets, begnuung of Near

Net assets, end of N ear

See accompam ing notes to financial statements

Temporarily PermanentlyUnrestricted restricted restricted Total

$ 328.244 - 328.244(102.909) (102.909)

225.335 225.335

25.147 25.1471.817 27.()91 13.797 42,705

47.377 - - 47.3779.-479 9.-479549 136 (2()9) 476

4.671 12.887 244 17.8()216.762 16.762

331.137 4().114 13.832 385.()83

31.273 (31.273)

362.41() 8.841 13.832 385.()83

1()7.()24 1()7.()2441.1()3 41.1()322.352 22.35219.227 19.22749.578 49.57842.918 42.91872.144 72.1443.919 3.919

358.265 358.265

4.145 8.841 13.832 26.818

(6.-496) (8.()98) 133 (14.-461)(1.1(O) (2.090) 260 (2.930)

(7.596) ( 1O.188) 393 (17.391)

(3.-451) (1.347) 14.225 9.-427

5


Statements of Cash Flo«s

Years ended June 30. 2013 and 2012


2013 2012

Cash flo« s from operating acti\ stiesChange in net assetsAdjustments to reconcile change in net assets to net cash pros ided bv

operating acti\ stiesDepreciationDiscount amortizationNet realized and unrealized (appreciation) depreciation on m\ estmentsBad debt expenseContributions for mayor capital projects including gifts in kindContributions restricted for long-term endo«mentsPer nanentlv restricted endo«Inent income used in operationsLoss (gain) on sale of propert\ . buildings, and equipmentChanges in assets and liabilities

Accounts recen ableContributions recen ableFunds held in trust bv othersOther assets, netPav ables and other liabilitiesDeferred re\ enue and deposits

Net cash pros ided bv operating activ sties

Cash flo« s from in esting acti\ stiesPurchases of propert\ . buildings, and equipmentProceeds from sale of propert\ . buildings, and equipmentStudent loan repav mentsStudent loans issuedDecrease in pav ables under securities lending agreementDecrease in cash collateral held under securities lending agreementPurchase of m\ estmentsProceeds from the sale of m\ estments

Net cash used in in esting actiN sties

Cash flo« s from financing acti\ stiesContributions recen ed for mayor capital projectsContributions restricted for long-term endo«mentsPermanentlv restricted endo«ment income used in operationsDecrease in refundable federal loan grantsProceeds from issuance of long-tern debtPav ment of bond issuance costsRepav ment of notes and bonds pav able

Net cash pros ided bv financing activ sties

Net increase in cash and cash equi\ alents

Cash and cash equi alents, begriming of v ear

Cash and cash equi alents, end of N ear

37.159 9.427

32.652 30.993(345) 86

(38.710) 1.863(108) 504

(12.000) (13.713)(22.803) (13.797)

(297) (244)41 (11)

612 2.17311.056 2.8852.166 (1.344)(697) 2491.403 (2.689)7.472 59

17.601 16.441

(32.329) (39.772)16 11

7.339 6.747(6.192) (5.645)

(13.792) (8.090)13.792 7.842

(261.748) (295.534)204.410 306.165

(88.504) (28.276)

11.34527.745

297(118)

96.596(749)

(58.630)

13.31015.536

244(1.303)1.067

(9.530)

76.486

5.583

36.109

19.324

7.489

28.620

$ 41.692 36.109

See accompanv ing notes to financial statements



June 30. 2013 and 2012


(1) Organization

Marquette Universit' (the UniversitN) is an independent. coeducational. not-for-profit institution of higherlearning and research located in Mil\\aukee. Wisconsin. fornall opened in 1881 and conducted under theauspices of the Societ-N of Jesus Through its 12 separate colleges and schools. the Universit-N offersbachelor's degree programs. master's degree programs. doctoral degree programs. and post-baccalaureatefirst professional degree programs

(2) Summary of Significant Accounting Policies

(a) Basis ofPresentation

The financial statements of the UniversitN have been prepared. in all material respects. on the accrualbasis of accounting in conformit «tth U S generallN accepted accounting principles (GAAP)

Net assets of the UniversitN. and changes therein. are classified and reported as follo« s

Unrestricted Net Assets are not subject to donor-imposed restrictions All revenues. gains. and lossesthat are not temporanlN or permanentlN restricted bN donors are included in this classification Allexpenses are reported in the unrestricted class of net assets. since the use of restricted contributionsin accordance «ith donors' stipulations results in the net assets being released from restriction

Temporarily Restricted Net Assets are subject to donor-imposed restrictions that NN ill be met either bNactions of the Universit'. the passage of time. or both When a donor restriction expires. that is.«ben a stipulated time restriction ends or purpose restriction is accomplished. temporank restrictednet assets are reclassified to unrestricted net assets and reported in the statements of activities as netassets released from restrictions Contributions of propert\ and equipment are recorded at fair valueat the date of donation In the absence of donor stipulations detailing ho« long the contributed assetsmust be used. the UniversitN has adopted a policN of impl ing a time restriction on contributions ofsuch assets that expire over the assets' useftil lives As a result. all contributions of propert\ andequipment. and assets contributed to acquire propert\ and equipment. are recorded as temporankrestricted net assets

Permanenth^ Restricted Net Assets are subject to donor-imposed restrictions to be maintainedpernanentl-N b-N the Universit-N Items that are included are gifts and contributions for «bich donorsstipulate that the corpus be held in perpetuit\ and the income from those assets be made available forscholarships or program operations and annuity or life income gifts for «hich the ultimate purpose ispermanentl-N restricted

(b) Use ofEstimates

The preparation of financial statements in conformit «tth US generallN accepted accountingprinciples requires management to make estimates and assumptions that affect the reported amountsof assets. liabilities. revenue. and expenses during the reporting period as «ell as the disclosure ofcontingent assets and liabilities Actual results could differ from those estimates

(Continued)



June 30. 2013 and 2012


(c) Cash and Cash Equivalents

Cash on deposit for operations and all highlN liquid financial instruments «ith original matunties ofthree months or less are classified as cash equivalents. except those amounts held bN investmentmanagers. «hich are classified as investments The fair value of cash equivalents is estimated to bethe same as book value due to the short matunt,, of these instruments

(d) Unexpended Bond Proceeds

Unexpended bond proceeds represent the amount of unspent revenue bond proceeds that remainavailable for their specified purpose and are reported at fair value based upon market quotes Theseamounts are maintained in a trust and invested b,, the trustee pnmanlN in short-termU S government securities Under the terns of the trust. proceeds are not released to the UniversitNuntil expenditures related to the specific purpose of the bond indenture are incurred

(e) Prepaid Expenses and Deferred Charges

Prepaid expenses and deferred charges consist of deferred financing costs and prepaid insurance.maintenance and other costs associated «ith future periods Deferred financing costs are beingamortized using the straight-line method. «hich approximates the interest method. over the lives ofthe respective debt issues

(7 Investments

Investments are reported at fair value based on market quotes «tth unrealized gains and lossesthereon included in the statements of activities When a reads market for the investments does notexist. management's valuations for certain commingled fiends. real estate. multistrateg^ hedge fundsand private equit\ partnerships are recorded using net asset value as a practical expedient inestimating fair value. based on information provided bN fiend managers or general partners Theestimated values are revie« ed and evaluated bN the Universit,,

(g) Funds Held in Trust bh Others

Funds held in trust bN others represent amounts held bN third-partv trustees for the benefit of theUniversit-N under trust agreements created b-N donors Amounts held in trust are stated at fair valueThese agreements stipulate the length of the trust and the intended purpose of the finds

(h) Student Loans Receivable, Net

The University makes uncollateralized loans to students based on financial need Student loansreceivable consist of both federal and institutional loans

(Continued)



June 30. 2013 and 2012


At June 30. student loans consisted of the follo« ing

2013 2012

Federal government loan programs $40.13041.110Institutional loan programs 1.863 2.036

Subtotal 41.993 43.146

Less allo«ance for doubtful accountsBeginning ofNear (92) (90)Increases (45) (91)Write-offs 43 89

End of Near (94) (92)

Student loans receivable $ 41.899 43.054

The Universit\ participates in the Perkins. Health Professionals Student. Nursing Student. NurseFacult\. ARRA-Nurse Facult\. and Loans for Disadvantaged Student federal revolving loanprograms The availabilit-N of fiends for loans under the program. is dependent on reimbursements tothe pool from repa\ meats on outstanding loans At June 30. 2013 and 2012. the U S government hadprovided 88% of the fiends for the federal student loan programs. and the Universit-N provided theremaining 12% The initial receipt of U S government funds is recorded as a liabilit-N on thestatements of financial position A portion of the student loan ma-N be canceled if the student meetscertain criteria The Universit< ill either be reimbursed bN the U S government for its portion ofthe canceled loan or NN ill reduce the refundable federal loan liabilitN

At June 30. 2013 and 2012. the follo« ing amounts ere past due under student loan programs

241 days toJune 30 1-240 days 2 years over 2 years Total

2013 $ 1.866 1.039 1.403 4.3082012 2.005 1.032 1.128 4.165

The UmversitN records an allo« ance for uncollectible accounts for its portion of the student loans«hen. in management's judgment. it is probable a portion of the loan «ill not be collectedAllo«ances for doubtful accounts are established based on prior collections Institutional loanbalances are «ntten off onl< hen theN are deemed to be permanentlN uncollectible

(i) Properth, Buildings, and Equipment

PropertN. buildings. and equipment are recorded at cost at date of acquisition or fair value at date ofdonation including. «bere appropriate. capitalized interest Propert\ and equipment under capitalleases are initiall-N valued and recorded on the present value of minimum lease pad meats TheUniversit-N depreciates buildings. building improvements. land improvements. equipment. and librarv

9 (Continued)



June 30. 2013 and 2012


contents. over the estimated useful lives of the assets (25 to 50. 10 to 20. 10 to 20.5 to 7. and 20 Nears. respectivelN) using the straight-line method Leasehold improvements areamortized over the shorter of the expected useful life of the asset or term of the related lease Mayorrene«als and improvements that extend the useful life of an asset are capitalized. «hile repairs andmaintenance costs are expensed as incurred Depreciation is not calculated on land. art collections.rare books and construction in progress The UniversitN revie« s each grouping of assets v ithseparatelN identifiable cash flo« s for possible impairment «henever circumstances indicate that thecans mg amount ma,, not be recoverable Measurement of an impairment loss for long-lived assetsthat the Universit\ expects to hold and use is based on the fair value of the asset Properties that areexpected to be disposed are reported at the lo« er of the carr\ ing amount or estimated fair value lesscost to sell For properties intended for disposal. the useful life is adjusted to reflect the expectedremaining period of service

Property. buildings. and equipment include the follo«mg at June 30.2013 and 2012

2013 2012

Land and improvements $ 39.362 39.234Buildings and improvements 592.262 585.846Construction in progress 19.222 9.130Furniture. fixtures . and equipment 143.447 132.319Librar\ contents 111.025 109.308Less accumulated depreciation (406.465) (379.042)

Net propert\ . buildings. and equipment $ 498.853 496.795

Construction in progress includes the follo« ing as of June 30. 201 3 and 2012

2013 2012

School of Dentistn Expansion $ 11.464 -Engineering Hall 2.646 -Marquette Financial S\ stems Upgrade 492 4.451McCormick Residence Fire Protection - 1.236Nursing Simulation Lab - 1.067Other renovation and construction projects 4.620 2.376

Total construction in progress $ 19.222 9.130

(j) Asset Retirement Obligations

The Umversit records all kno«n asset retirement obligations for «hich the liabilit\ 's fair value canbe reasonably estimated. pnmanl\ asbestos removal The determination of the asset retirementobligation is based upon a number of assumptions that incorporate the University 's kno« ledge offacilities. the asset lives. the estimated timeframes for periodic renovations. the current cost forremediation of asbestos. and the current technology at hand to accomplish the remediation «ork

10 (Continued)



June 30. 2013 and 2012


These assumptions used to determine the asset retirement obligation maN be imprecise or be subjectto changes in the ftiture AnN change in the assumptions can impact the value of the determinedliabilitN and impact ftiture net activities of the Universrth

(k) Student Tuition and Fees

Student tuition and fees are recorded as revenues during the Near the related academic services arerendered Student deposits and advance paN meets for tuition related to the next semester have beendeferred and NN ill be reported as unrestricted revenue in the Near in «hich the academic services arerendered Student tuition and fees are reported net of tuition discounts

(1) Autiliarh Enterprises

Auxiliar\ enterprises include revenues and expenses of the Universit\ for room and board. parkingservices. and gift shops

(m) Contributions

Contributions. including unconditional promises to give (pledges). are recorded as operatingrevenue Gifts. excluding art« ork. are recognized in the appropriate categor\ of net assets in theperiod received Temporanl-\ restricted contributions and restricted investment income «hoserestrictions are met in the same reporting period are reported as temporanl-\ restricted revenues andas net assets released from restrictions in the statements of activities Contributions are recorded attheir estimated fair value at the date the gift is received Contributions receivable due be-\and one\ear are stated at estimated net present value. net of an allo«ance. and recorded as temporanl-\restricted net assets until cash pay ments are received and donor restrictions are fulfilled Allo« ancesand revisions to previous -\ear contributions based on donor amendments or clanfications of intentare reflected «tthm the statements of activities as a nonoperating item Due to an amendment of adonor agreement during fiscal sear 2013. a contribution receivable of $7.021 as reclassified to agrant through temporanl-\ restricted nonoperating activit-\ Contributions NNith donor-imposedconditions are not recognized unless it is reasonabl-\ expected that the conditions can be met

(n) Operating Income (Loss)

Operating results (change in unrestricted net assets from operating activit\) in the statements ofactivities reflect all transactions that change unrestricted net assets. except for activit\ associatedNNith endo«ment investments and certain other nonrecurring transactions In accordance NNith theUniversitv's endo«ment distribution policy as described in note 5. onlv the portion of totalinvestment return distributed under this policy to meet operating needs is included in operatingrevenue Operating investment income consists of dividends. interest. and realized gains and losseson unrestricted nonendo«ed investments

The University 's pnmar\ programs are instruction. research. and public service Academic support.student services. and auxiliarn enterprises are considered integral to the deliver\ of these programsFundraising costs are not material to the Universit\ 's total program costs Costs related to theoperation and maintenance of phi sical plant. including depreciation of plant assets. are allocated to

(Continued)



June 30. 2013 and 2012


operating programs and supporting activities based upon periodic facility usage surve,, s Interestexpense on external debt is allocated to the activities that have most directl-N benefited from the debtproceeds

(o) Income Taxes

The UniversitN is generallN exempt from federal income tax pursuant to Section 501(c)(3) of theInternal Revenue Code (the Code) and is a tax-exempt organization described in Sections 501(c)(3).509(a)(1). and 170(b)(1)(A)(ii) of the Code

The Financial Accounting Standards Board (FASB) issued guidance prescribing ho« an organization

should recognize. measure. present. and disclose in its financial statements uncertain tax positions

The UniversitN must recognize the tax benefit from an uncertain tax position onlN if it is more likelN

than not that the tax position NN ill be sustained on examination bN the taxing authorities. based on the

technical merits of the position As of both June 30. 2013 and 2012. the UniversitN did not have anN

uncertain tax positions

(p) Art Collection

The UniversitN has various collections of fine arts in museums. libraries. and on loan The UniversitNdoes not assign or record a value to art «orks and other collections received as gifts or purchased«tth contributions restricted for that purpose Valuations for some collections are updatedperiodically. and as such. the total value of all fine arts maN var< «ith appraisals and/or auctionprices Accordmgl\. the value of fine art and other collections has been excluded from the statementsof financial position Proceeds. if an. from deaccessions or insurance recoveries are reflected asincreases in the appropriate net asset classes The art and other collections are subject to arequirement that proceeds from their sales be used to acquire other items for collections Fine arts areincluded in insurance coverage for Universitv property and a separate policy is also secured for fineart of high value and «here appraised values are listed As of both June 30. 2013 and 2012. thespecific polic\ covering highl\ valued «orks provides for insured coverage of $79.000 aggregatelimit for anv one loss or anN one occurrence and includes some appraised items from librarvcollections As of both June 30. 2013 and 2012. additional fine art values covered for loss in otherinsurance programs are estimated of approximately $3.800

(q) Reclassifications

Certain prior \ ear financial statement amounts have been reclassified to conform to the current \ earpresentation

12 (Continued)



June 30. 2013 and 2012


(r) New Accounting Pronouncements

The UniversitN adopted the provisions of FASB Accounting Standards Update (ASU) No 2011-04.Fair Value Measurement (ASC Topic 820) Amendments to Achieve Common Fair ValueMeasurement and Disclosure Requirements in U S GAAP and International Financial ReportingStandards (IFRS) (ASU No 2011-04) The ne« standards do not extend the use of fair value but.rather. provide guidance about ho« fair value should be applied «bere it alreadN is required orpermitted under IFRS or U S GAAP For U S GAAP. the changes are primanlN clarifications ofexisting guidance or «ording changes to align «tth IFRS The University implemented ASU No2011-04 for the Near ended June 30. 2013 Its adoption did not have a significant impact on theUniversit-N 's financial statements

(3) Investments

Cost and estimated fair values of investments as of June 30. 2013 and 2012 ere as follo« s

MoneN fiends and otherFederal. state. and local agencies

securitiesNongovernment bonds and notesAsset and mortgage-backed

securitiesForeign bonds and notesCommon and preferred stocksMutual fiords - bondsMutual fiends - equityCommingled fiends-equitNReal estate limited partnership

and membership interestsMultistrateg^ hedge fundsPrivate equity partnerships

2013 2012Cost Fair value Cost Fair value

20.353 20.351 5.884 5.884

22.151 22.491 23.596 25.16014.590 14.858 9.687 10.213

3.054 2.993 4.769 4.5853.707 3.833 3.241 3.40917.733 25.265 28.529 37.350

797 793 767 77661.513 67.365 60.171 57.56850.572 54.644 54.473 56.069

21.990 19.520 18.689 15.566133.120 185.554 122.695 157.45258.663 63.491 46.969 49.023

408.243 481.158 379.470 423.055Total investments $

13 (Continued)



June 30. 2013 and 2012


The UniversitN 's investments at fair value are categorized as of June 30. 2013 and 2012 as follo« s

2013 2012

Investments pennanentlN restricted bN donors $ 290.037 265.825Investments functioning as endo«ment 150.661 125.418

Total investments subj ect to endo«mentspending policN 440.698 391.243

Long-term cash management investments 14.434 6.309Trust and other investments 26.026 25.503

Total investments $ 481.158 423.055

"Investments functioning as endo«ment" are investments not restricted bN donors. but are designated bNthe UniversitN for endo« ment purposes

Investment returns as of June 30. 2013 and 2012 comprise the follo« mg

2013

Interest and dnideiYlsGain (loss) on in estments. net

Return (loss) on

i vestments

Return on in estments are classified

on the statement of actiN sties

as follows

In estment income (loss)

Endowment income used

in operations

Endow ment (loss) gain in excessof amounts designated

for current operations. net

Return (loss) on

i vestments

Temporaril,* Permanentt

Unrestricted restricted restricted Total

$ 1.845 5.023 (66) 6.802

12.567 26.178 (5) 38.710

$ 14.412 31.201 (101) 45.512

$ 240 333 (164) 409

4.855 14.193 297 19.345

9.317 16.675 (234) 25.758

$ 14.412 31.201 (101) 45.512

14 (Continued)



June 30. 2013 and 2012


Return on investments is net of investment fees of $1.936

Interest and diN idends

(Loss) gain on in estments. net

Return on im estments

Return on inn estments are classified

on the statement of actiN sties

as follow sIm estment income (loss)

Endowment income usedin operations

Endowment (loss) gain in excessof amounts designatedfor current operations. net

(Loss) return on

in estments

2012

Temporaril,* Permanent)


$ 1.914(3.190)

3.903

1.022(137)305

5.680(1.863)

$ (1.276) 4.92 5 168 3.817

549 136 (209) 476

4.671 12.887 244 17.802

(6.496) (8.098) 133 (14.461)

$ (1.276) 4.92 5 168 3.817

Return on investments is net of investment fees of $1.699

The UniversitN participates in a securities lending arrangement «tth BMO Hams Bank Securities Lending(BMO) «berebv certain marketable securities owned bN the UniversitN and included in the pooledendowment are loaned to designated counterparties (borrowers) in exchange for acceptable collateral.NN hick is tv picallN cash or short maturit U S Treasurv securities The Universit mav recall securitiesloaned on short notice The borrower must post collateral that has a market value of at least 102% of thevalue of the securities loaned The collateral is held in custodv bv BMO and pooled with collateralmaintained for other participants in this program BMO indemnifies the Umversitv against loss on thesecurities loaned as a result of the borrower's default The Universit\ receives lending fees and continuesto earn interest and dividends on the loaned securities

As of June 30. 2013 and 2012. the Universit\ had loaned securities w ith a market value of $19.365 and$33.182. respectivel\ . that were secured b\ collateral w ith a market value of approvmatel\ $20.186 and$33.978. respectively The collateral received in connection «tth the securrth lending program and theobligation to return such collateral are reported as an asset and liabilitv for financial statement purposes

15 (Continued)



June 30. 2013 and 2012


(4) Fair Value Measurements

The follo« ing discussion describes the valuation methodologies used for financial assets and liabilitiesmeasured at fair value The techniques utilized in estimating the fair values are affected bN the assumptionsused While the UniversitN believes that its valuation methods are appropriate and consistent «ith those ofother market participants. the use of different methodologies or assumptions to determine the fair value ofcertain financial instruments could result in a different fair value at the reporting date

The cam ing amount of student accounts receivable. accounts paN able and accrued liabilities approximatesfair value due to the short maturitN of these financial instruments

A reasonable estimate of the fair value of student loans receivable under government loan programs couldnot be made because the notes are not marketable and can onlN be assigned to the U S government or itsdesignees The fair value of notes receivable from students under the UniversitN's loan programsapproximates carr\ ing value

Fair values of cash and cash equivalents are based on observable market quotation paces provided bNinvestment managers and the custodian bank at the reporting date

Funds held in collateral under the securities lending agreement are based on quoted market prices providedbN the custodian bank The custodian banks use a vanet\ of pacing sources to determine marketvaluations Observable market quoted paces and specific pacing services or indexes are used to valueinvestments The securities portfolio is highl-\ liquid. generall-\ allo« mg the portfolio to be paced throughpricing services

Unexpended bond proceeds are invested in various securities based on expected ask. returns and maturitiesthat mirror the anticipated timing of construction project payment needs Fair values of unexpended bondproceeds securities are based on prices provided b\ the trustee bank Unexpended bond proceeds includecash equivalents and fixed income securities «here their fair values are based on observable marketquotation paces The trustee bank uses a vanet\ of pacing sources to determine market valuations of fixedmatunt\ securities The specific pacing services or indexes for each sector of the market are based uponthe provider's expertise The fixed matuntv securities are highly liquid. allo« ing the portfolio to be pricedthrough pricing services

Investments include mone\ funds. federal. state. nongovernment. asset-backed and foreign fixed incomesecurities. stocks. mutual fiends. commingled funds. real estate. multistrateg^ hedge fiends and privateequity partnerships Investments are based on valuations provided bv external investment managers and thecustodian banks Valuations provided b\ external investment managers and the custodian bank includeobservable market quotation paces. observable inputs other than quoted paces such as pace services orindexes. estimates. appraisals. assumptions and other methods that are revie«ed b\ management Realestate. multistrateg^ hedge fiends. commingled funds and private equrth partnerships are valued using netasset value as a practical expedient in estimating fair value. ho«ever. it is possible that the redemptionrights of certain investments ma,, be restricted bv the fiends in the future in accordance «ith the underlv ingfiend agreements Changes in market conditions and the economic environment ma,, impact the net assetvalue of the fiends and consequently the fair value of the Universrth 's interests in the fiends

16 (Continued)



June 30. 2013 and 2012


Funds held in trust bN others are based on quoted market prices provided bN its investment managers andcustodian bank Both the investment managers and the custodian banks use a vanetN of pacing sources todetermine market valuations Each designate specific pacing services or indexes for each sector of themarket based upon the provider's expertise The securities portfolio is highlN liquid. generallN allo« mg theportfolio to be paced through pacing services

PaN able under the securities lending agreement is based on quoted market prices provided bN the custodianbank The custodian banks use a variet\ of pacing sources to determine market valuations Observablemarket quoted paces and specific pricing services or indexes are used to value investments The securitiesportfolio is highl-N liquid. generall-N allo« ing the portfolio to be paced through pacing services

Based on discounted cash flo« s using ask free rate and a ask premium of 1 5% that NN as determined bN theUniversity. the estimated fair value of the UmversitN 's notes and bonds payable at June 30. 2013 and 2012is approximatelN $242.303 and $221.282. respectivelN

Fair value is defined as the exchange price that «ould be received for an asset or paid to transfer a liability(an exit pace) in the principal or most advantageous market for the asset or liability in an orderlytransaction bet« een market participants on the measurement date Accounting Standards Codification(ASC) Topic 820. Fair Value Measurement. establishes a fair value hierarchN that prioritizes the inputs tovaluation techniques used to measure fair value The hierarch-N gives the highest pnontv to unadjustedquoted paces in active markets for identical assets or liabilities (Level 1 measurements) and the lo«estpriorit\ to measurements involving significant unobservable inputs (Level 3 measurements) The standarddescribes three levels of inputs that ma,, be used to measure fair value

Level 1 Observable inputs such as quoted paces in active markets that the UniversitN has the abilitN toaccess at the measurement date

Level 2 Inputs other than quoted paces in active markets such as quoted paces for similar assets orliabilities. quoted paces in markets that are not active. or other inputs that are observable orcan be corroborated bN observable market data for substantiallN the full team of the assets orliabilities

Level 3 Unobservable inputs NN here there is little or no market data and requires the reporting entity todevelop its on assumptions and generall-N includes multistrateg^ hedge fiends and privateequity partnerships . real estate limited partnership and membership interests

The UniversitN 's polic,, is to reflect transfers bet« een levels at the end of the v ear in «bich a change incircumstances results in the transfer There NN ere no transfers of assets or liabilities bet«een Level 1. 2. or 3during the fiscal sears ended June 30. 2013 and 2012. respectivelN

17 (Continued)



June 30. 2013 and 2012


The follo« ing table presents the UniversitN 's fair value hierarchN for those assets and liabilities measuredat fair value as of June 30. 2013 The categorization of financial instruments «ithin the hierarchN is basedon price transparenc\ and does not necessanlN correspond to the perceived risk of the instruments

June 30. 2013Assets

Recurring

Cash and cash equity alents

Collateral held under securitieslending agreement

Unexpended bond proceeds

In estments

Monty fluids and other

Federal. state. and local

agencN securitiesNongoN eminent bonds and

notes

Asset and mortgage-

backed securities

Foreign bonds and notes

Common and preferred stocks

Mutual funds - bonds

Mutual funds - equit}Commingled fiords - equit}Real estate linuted partnership

and membership interests

Multistrateg} hedge fiordsPriN ate equit-, partnerships

Total im estments

Funds held in trust bN others

Total recurring assets

Disclosure

Student loans receiN able

Total disclosed assets

$ 41.692 41.692

20.186 - 20.186 -

37.945 - 37.945 -

20.351 - 20.351 -

22.491 - 22.491 -

14.858 - 14.858 -

2.993 2.993

3.833 - 3.83325.265 25.265 -

793 793

67.365 67.365 -

54.644 - 54.644

19.520 19.520

185.554 42.959 142.59563.491 63.491

481.158 93.423 162.129 225.606

$ 602.067 135.115 241.346 225.606

$ 41.899 41.899

$ 41.899 41.899

18 (Continued)



June 30. 2013 and 2012


T.,+..1 7 - -1 1

June 30. 2013

Liabilities

Recurring

PaNables under securitieslending agreement

Total liabilities

Disclosure

Notes and bonds paN able

Total disclosed liabilities

S 20.186

7 m 1 1

,n 1Qc

7--12

$ 20.186 20.186

$ 242.30; 242.30;

242.303 242.303

Certain investments classified in Levels 2 and 3 consist of shares or units in investment fiords as opposedto direct interests in the fiords' underlN mg holdings. «bich maN be marketable Because the net asset valuereported bN each fund is a practical expedient to estimate the fair value of the University 's interest therein.its classification in Level 2 or 3 is based on the Universit-N's abilitv to redeem its interest at or near the dateof the statement of financial position If the interest can be redeemed in the near term. the investment isclassified in Level 2 The classification of investments in the fair value hierarchy is not necessanlN anindication of the risks. liquiditN. or degree of difficultN in estimating the fair value of each investment'sunderlN mg assets and liabilities

The follo« ing table represents additional information for all Level 3 assets measured at fair value on arecurring basis for the fiscal s ear ended June 30. 2013

LeN el 3

Real estatelimited

partnership

and

Total

Financial assetsBeginning balance. June 30. 2012

Net income including realized gains

Unrealized gains, netExpenses

Purchases

Sales

Ending balance. June 30. 2013

membership Multistrate* PriN ate equityinterests hedge funds partnerships

$ 187.994 15.566 123.405 49.0233.097 1.214 - 1.8839.973 (409) 9.190 1.192(452) (152) - (300)

29,619 4.113 10.000 15.506(4.625) (812) - (3.813)

$ 225,606 19.520 142,595 63.49

19 (Continued)



June 30. 2013 and 2012


Fair value measurements of investments in certain entities that calculate net asset value per share (or itsequivalent) as of June 30. 2013 are as follo« s

Net Unfunded Redemption Redemptionasset value commitments frequency notice period

Commingled fiends $ 54.644 - MonthlN i - 10 daN sReal estate limited partnership

and membership interests 19.520 9.566Multistrateg^ hedge fiends 185.554 - QuarterlN. 60 - 180 daNs

AnnuallNPrivate equit\ partnerships 63.491 40.859

Total $ 323.209 50.425

20 (Continued)



June 30. 2013 and 2012


The follo« ing table presents the UniversitN 's fair value hierarchN for those assets and liabilities measuredat fair value as of June 30. 2012 The categorization of financial instruments «ithin the hierarchN is basedon price transparenc\ and does not necessanlN correspond to the perceived risk of the instruments

June 30. 2012Assets

Recurring

Cash and cash equity alents

Collateral held under securities

lending agreement

In estments

Monty fluids and other

Federal. state. and local

agencN securities

NongoN eminent bonds and

notesAsset and mortgage-

backed securities

Foreign bonds and notes

Common and preferred

stocks

Mutual funds - bonds

Mutual funds - equit}Commingled fiords - equit}Real estate limited

partnership andmembership interests

Multistrateg} hedge funds

PriN ate equit} partnerships

Total im estments

Funds held in trust bNothers

Total recurring assets

Disclosure

Student loans receiN able

Total disclosed assets

$ 36.109 36.109

33.978 - 33.978 -

5.884 - 5.884 -

25.160 - 25.160 -

10.213 - 10.213 -

4.585 - 4.585 -

3.409 - 3.409 -

37.350 37.350

776 776

57.568 57.568 -

56.069 - 56.069 -

15.566 15.566

157.452 - 34.047 123.405

49.023 49.023

42,.055 95.694 139.367 187.994

23.252 - 23.252 -

$ 516.394 131.803 196.597 187.994

$ 43.054 - 43.054 -

$ 43.054 43.054

21 (Continued)



June 30. 2013 and 2012


T.,+..1 7 r -1 1 7 r -1 1 7 r -1 2

June 30. 2012

Liabilities

Recurring

PaNables under securities

lending agreement $ 33.978 33.978

Total recurring liabilities $ 33.978 33.978

Disclosure

Notes and bonds pa} able $ 221.282 221.282

Total disclosed assets $ 221.282 221.282

Certain investments classified in Levels 2 and 3 consist of shares or units in investment fiords as opposedto direct interests in the fiords' underlN mg holdings. «bich maN be marketable Because the net asset valuereported bN each fund is a practical expedient to estimate the fair value of the University 's interest therein.its classification in Level 2 or 3 is based on the Universit-N's abilitv to redeem its interest at or near the dateof the statements of financial position If the interest can be redeemed in the near term. the investment isclassified in Level 2 The classification of investments in the fair value hierarchy is not necessanlN anindication of the risks. liquiditN. or degree of difficultN in estimating the fair value of each investment'sunderlN mg assets and liabilities

The follo« ing table represents additional information for all Level 3 assets measured at fair value on arecurring basis for the fiscal s ear ended June 30. 2012

LeN el 3

Real estatelimited

partnership

and

membership Multistrate* PriN ate equityTotal interests hedge funds partnerships

Financial assetsBeginning balance. June 30. 2011 $ 156.851 13.049 114.032 29.770Net income including realized gains 3.260 914 - 2.346

Unrealized gains, net 760 241 2.373 (1.854)

Expenses (337) (128) - (209)Purchases 30.831 2.473 7.000 21.358Sales (3.371) (983) - (2.388)

Ending balance. June 30. 2012 $ 187,994 15.566 123.405 49.023

22 (Continued)



June 30. 2013 and 2012


Fair value measurements of investments in certain entities that calculate net asset value per share (or itsequivalent) as of June 30. 2012 are as follo« s

Commingled funds $Real estate limited partnership

and membership interestsMultistrateg^ hedge funds

Private equity partnerships

Total

Net Unfunded Redemption Redemptionasset value commitments frequency notice period

56.069 - MonthlN 5 - 10 daN s

15.566 7.316157.452 - QuarterlN. 60 - 180 daNs

AnnuallN49.023 60.050

$ 278.110 67.366

Commingled funds consist of assets from several accounts that are blended together Investors incommingled Rind investments benefit from economies of scale. «bich allo« for lo«er trading costs perdollar of investment. diversification and professional moneN management The net asset value ofinvestments in this category has been estimated based on the net asset value per share of the investment

Real estate limited partnerships and membership interests include a direct investment in partnerships thatinvest in global real estate The net asset value of this investment has been estimated bN the o«nershipinterest in the partnership Investments in this categor\ are intended to be illiquid for the duration of therespective partnership Partnership duration periods range from 7 to 13 Nears

Multistrateg^ hedge Rinds include investments in hedge Rinds that pursue multiple strategies to diversifrisk and reduce volatilitv The value of the investments in this categor\ has been estimated using the netasset value of the o« nership interest in the partnership

Private equity partnerships consist of equity securities in operating companies that are not publicly tradedon a stock exchange This category includes various investments as part of a strateg\ to diversif risk andreduce volatilitv Investments in private equ h most often involve either an investment of capital into anoperating company or the acquisition of an operating company The net asset value of this investment hasbeen estimated bv the o«nership interest in the partnership The direct investment Rind provides fulldisclosure of the underlv mg holdings and ov nership interest. «hich allo« s the Universitv to venf theaccount balances Investments in this categor\ are intended to be illiquid for the duration of the respectivepartnership Partnership duration periods range from 7 to 13 \ ears

(5) Endowments and Endowment Income

(a) Interpretation ofRelevant Law Governing Endowments

The State of Wisconsin enacted the Uniform Prudent Management of Institutional Funds Act(UPMIFA) on Julv 20. 2009 This la« provides. among other things. expanded spending flexibilrthbv allo« ing. subject to a standard of prudence. the Universitv to spend from an endo« meat Rind«tthout regard to the book value of the corpus The Board of Trustees (the Board) of the Universrth

23 (Continued)



June 30. 2013 and 2012


has interpreted UPMIFA as allo« ing the Umversit,, to appropriate for expenditure or accumulate somuch of an endo«ment fund as the Universit determines is prudent for the uses. benefits. purposesand duration for «bich the endo«ment Rind is established. subject to the intent of the donor asexpressed in the gift investment As a result of this interpretation. the UmversitN classifies aspermanentl,, restricted net assets (a) the original value of gifts donated to the permanent endo«ment.(b) the original value of subsequent gifts to the permanent endo«ment. and (c) accumulations to thepermanent endo« meet made in accordance «ith the direction of the applicable donor gift instrumentat the time the accumulation is added to the fund The remaining portion of the donor-restnctedendo«ment fund that is not classified in permanentl,, restricted net assets is classified as unrestrictedor temporanl,, restricted in accordance «ith UPMIFA and donor stipulations Absent donorstipulations. the Board maN appropriate for expenditure. for the uses and purposes of the endo«mentRind. the net appreciation. realized and unrealized. in the fair value of the assets of the endo«mentestablished bN UPMIFA

From time to time. the value of assets associated «ith a permanentlN restricted fund maN fall belo«the historical cost Deficiencies of this nature are reported in the unrestricted net assets and totaled$2.415 and $6.789 as of June 30. 2013 and 2012. respectivelN These deficiencies resulted fromunfavorable market conditions that occurred after the investment of pennanentl" restrictedcontributions and from appropriations to certain programs Subsequent gains that restore the marketvalue of such funds to the historical cost NN ill be classified as unrestricted net assets

UPMIFA also impacts the adoption of FASB guidance. «hich provides direction on the net assetclassification of donor-restricted endo« ment Rinds for not-for-profit organizations The portion ofthe donor-restncted endo«ment fund that is not classified as permanentlN restricted net assets isclassified as temporanlN restricted net assets until those Rinds are appropriated for expenditure Theamounts appropriated for expenditure are based on the Universit,,'s endo« meet spending policN Thespending is approved bN the Board through the UniversitN's annual budget approval process

(b) Endowment Spending Polich

The pnman objective of the spending polic\ is to provide a stead\ cash flo« stream «hile at thesame time protecting the purchasing po«er of the endo«ment ftind's principal Adopting the targetrate approach provides the Universit «tth a level-spending plan Spending allotments v ill begin«ith the flat amount allocated to each individual endo« ment Rind balance as of June 30. 2004 thatmaN gro« each \ ear bv an inflationarv amount not to exceed 3% Spending allotments ill beincreased bv ne« gift additions to the individual endo« meet funds receiving spending au thontvequal to 5% of the ne« gift amount

The cash required for spending. as determined above. ma\ be dra«n from both ordman incomeearned (i e . dividends and interest) and capital appreciation. both realized and unrealized of bothcurrent and prior \ ears Compliant «ith UPMIFA. the Universit< ill be allo« ed to prudently«ithdra« spendable Rinds even if an endo«ment's market value is less than its historical book valueAnv "return" that is not required to meet spending shall be retained in the endo« meet Rinds andinvested in accordance «ith the investment polic\ statement

24 (Continued)



June 30. 2013 and 2012


A risk control mechanism NN ill be emploN ed that keeps spending «ithin a range of 4 - 6% of marketvalue in order for the asset allocation policN to «ork «ith a minimum target rate of return of 8% (5%average spending and 3% inflation)

(c) Endowment Investment Polich

The endo«ment fiend's investment objective is to preserve its purchasing po«er. «hile providing acontinuing and stable funding source to support the overall mission of the UniversitN To accomplishthis objective. the endo«ment fiend seeks to generate a total return that «ill exceed its annualspendable amount. all expenses associated «ith managing the endo« ment fiend. and the erodingeffects of inflation It is the intention that an,, excess return (interest income. dividends. realizedgains. and unrealized gains). above and beN and the amount approved for expenditure or distribution.NN ill be reinvested in the endo« ment fiend The endo« ment fiend NN ill be managed on a total returnbasis. consistent «ith the applicable standard of conduct set forth in UPMIFA

Endo« ment assets include those assets of donor-restncted fiends that the organization must hold inperpetuit\ or for donor-specified periods. as ell as quasi-endo« ment funds Under this policN. asapproved bN the Board. the endo« meat fiend has a long-term investment horizon «ith relativeIN lo«liquidit\ needs For this reason. the endo«ment fund can tolerate short- and nrtennediate-ternvolatility provided that long-term returns meet or exceed its investment objective Consequentl-N. theendo«ment fiend maN take advantage of less liquid investments. such as private equitN. hedge fiends.and other partnership vehicles. «bich t-Npicall-N offer higher nsk-adjusted return potential ascompensation for forfeiture of liquiditN To ensure adequate liquiditv for distributions and tofacilitate rebalancing. the Universit< NN ill conduct ongoing revie« s of total fund liquiditN

To achieve its investment objective. the endo«ment fiend «ill allocate among several asset classes«ith a bias to«ard equity and equity-like investments An equitv bias is desirable as it provides aviable long-term hedge against inflation and has historicall-N outperformed fixed income over longerperiods of time Other asset classes maN be added in an attempt to enhance returns. reduce volatilitythrough diversification. and/or offer a broader investment opportunit\ set Benchmarks are used forassessing the risk and return characteristics of the fiend over longer periods. generall-N three to fiveears

The follo« ing represents the endo« meat net assets composition bN tN pe of fiend as of June 30. 2013

Temporarily Perm anentlyUnrestricted restricted restricted Total

Donor-restrictedendo«ment finds $ (2.415) 60.048 338.013 395.646

Quasi-/board-designatedendo«ment finds 97.861 97.865

Total fields $ 95.450 60.048 338.013 49').5

25 (Continued)



June 30. 2013 and 2012


The follo« ing represents the changes in endo« meat net assets for the sear ended June 30. 2013

Temporaril,* PermanentIN

Endow ment net assets.

beginning of N ear

In estment return

In estment loss

Endow ment income used for

spending policN

Net realized and unrealizedgains

Total in estmentreturn

Appropriation of endow ment

assets for expenditure

Contributions

Endow ment net assets.

end of N ear

$ 82.899 44.909 315.078 442.886

(164) (164)

4.855 14.193 297 19.345

9.874 15.139 (1) 25.012

14.729 29.332 132 44.193

(4.855) (14.193) - (19.048)

2.677 22.80 3 25.480

$ 95.450 60 . 04 8 33 8.0 1 3 4 9 3. 511

The following represents endow meat net assets composition bN t\ pe of fiend as of June 30. 2012

Temporarily Perm anently

Donor-restrictedendow ment finds $ (6.789) 44.909 315.078 353.198

Quasi-/board -designatedendowment finds 89.688 89.688

Total fields $ 82.899 44.909 315.078 442.886

26 (Continued)



June 30. 2013 and 2012


The follo« ing represents the changes in endo« meat net assets for the s ear ended June 30, 2012

Temporaril,* PermanentlN


Endow ment net assets,beginning of Near $ 87.840 53.266 300,85; 441.959

In estment return

Investment loss (209) (209)

Endow ment income used for

spending pohcN 4.671 12.887 244 17.802Net realized and unrealized

gains (6.492) (8.357) 393 (14.456)

Total in estment

return (1.821) 4,530 428 3.137

Appropriation of endow ment

assets for expenditure (4.671) (12.887) - (17,558)

Contributions 1.551 1 3, 797 15. 34 8

Endow ment net assets,

end of N ear $ 82.899 44.909 315,078 442.886

(6) Irrevocable Split-Interest Agreements

The UniversitN 's split-interest agreements with donors consist of charitable gift annuities. pooled incomefiends. and chartable remainder trusts for «bich the University maN or ma,, not serve as trustee Assets areinvested and pad ments are made to beneficiaries in accordance w ith the respective agreements

For those agreements NN here the Universit,, is the trustee. contribution revenue is recognized at the date theagreement is established. net of the liabilitN that is recorded for the present value of the estimated futurepa,,ments to be made to the beneficiaries The present value of pad ments to beneficiaries is calculatedusing discount rates that range from 1 5% to 5 5% Gains or losses resulting from changes in actuarialassumptions are recorded as changes in the respective net asset class in the statements of activities asincurred Investments and other assets maintained in trusteeship bN the UmversitN totaled $8,865 and$8,997 at June 30, 2013 and 2012, respectivelN

The Universit-\ is the sole beneficiar\ of two trusts that. in accordance with the decedent's instructions. aremanaged and maintained bv separate trustees not affiliated with the Universitv In both instances. theUniversitv is to receive distributions from the trusts One of the trusts provides for the distribution of onlvits annual income and is accounted for as a permanentl\ restricted asset The fair value of this trust was$1,429 and $1,340 as of June 30, 2013 and 2012, respectively The other trust penmts the trustee todetermine the amount of distribution and allows for the pad out of both income and principal This trust.valued at fair value. is being accounted for as a temporaril\ restricted asset and totaled $15,208 and$14,342 as of June 30, 2013 and 2012, respectively

27 (Continued)



June 30. 2013 and 2012


For those agreements «bere the UniversitN does not serve as trustee. but is designated as an irrevocablebenefician of the trust. temporanl,, or permanentl,, restricted fiends held in trust and revenue arerecognized for the present value of the estimated future benefits due to the Universit,, over the life of thetrust and «hen the trust is distributed The present value calculation of the trust considers both thecontribution revenue discount rate and. if applicable. the estimated life expectanc\ of the trust originator

Irrevocable trusts for «hich the Universrth is not the trustee totaled $21.086 and $23.252 at June 30. 2013and 2012. respectivel-\

(7) Contributions Receivable

Contributions receivable expected to be collected «tthm one -\ear are recorded at net realizable valueContributions receivable expected to be collected in future -\ears are recorded at the present value ofestimated future cash flo« s The discounts on those amounts are computed using an appropriate risk-freerate of return ranging from 0 13% to 1 18% on the date the promise to give is received Amortization of thediscount is included in contribution revenues

As of June 30. 2013 and 2012. the contributions receivable are due as follo« s

2013

Less than one sear $ 6.520One to five sears 40.363Over five sears 35.050

2012

5.92948.05550.566

81.933 104.550

Less unamortized discountAllo\ ance for uncollectible accounts

Total contributions receivable

(17.112) (23.242)(1.924) (2.413)

62.897 78.895

The Universit\ has received certain conditional promises to give that are in the form of revocable trustsand bequests. «hich are not included in the financial statements As of June 30. 2013 and 2012. the fairvalue of these conditional promises is approximatel-\ $3.250 and $19.429. respectivel-\

28 (Continued)



June 30. 2013 and 2012


(8) Notes and Bonds Payable

As of June 30. 2013 and 2012. notes and bonds paN able consisted of the follo« mg

2013 2012

Revenue Bonds. Series 1998. pad able «ith fixed interest ratesranging from 4 75% to 5 25%. maturing through 2028 $ - 25.486

Revenue Bonds. Series 2002A. paN able «ith fixed interestrates ranging from 3 75% to 4 85%. maturing through 2032 17.070

RACM. Series 2002. payable «ith fixed interest ratesranging from 3 60% to 4 35%. maturing through 2014 - 9.970

Revenue Bonds. Series 2007A. paN able «ith fixed interestrates ranging from 4 00% to 5 00%. maturing through 2023 21.141 22.608

Revenue Bonds. Series 2007B. pad able «ith fixed interestrates ranging from 4 50% to 5 00%. maturing through 2032 27.603 27.608

Revenue Bonds. Series 2008B1. paN able «ith fixed interestrates ranging from 2 00% to 5 00%. maturing through 2033 29.676 30.557



Revenue Bonds. Series 2011A. paN able «ith fixed interestrates ranging from 2 00% to 5 00%. maturing through 2020 20.554 22.751

Revenue Bonds. Series 2012. pad able «ith fixed interest ratesranging from 2 00% to 5 00%. maturing through 2032 96.197 -

Capitalized lease. paN able «ith variable interest rate.maturing through 2012 741 949

Total notes and bonds paN able $ 243.946 206.494

In September 2012. the WHEFA issued $85.955 of its Revenue Bonds. Serves 2012 The proceeds from thesale of these bonds ere loaned to the UniversitN and used to defease the WHEFA Serves 1998. WHEFASeries 2002A. RACM Serves 2002 Revenue Bonds. and to fiord Historic Core renovations and variousother construction and renovation projects

All of the revenue bonds are unsecured The principal and interest on the revenue bonds are insuredpursuant to a municipal bond insurance policN

The notes and bonds pad able are subject to various covenants Management confirms the UniversitN is incompliance «tth all covenants as of and for the N ears ended June 30. 2013 and 2012

29 (Continued)



June 30. 2013 and 2012


Maturities of notes and bonds pad able based on scheduled repa\ ments at June 30. 2013 are as follo« s

2014 $ 8.6382015 9.0462016 8.9932017 9.3372018 9.687Theieafter 198.245

Total notes and bondspaN able $ 243.946

As of June 30. 2013. the UniversitN has t« o secured letters of credit «ith banks under «hich it maN borro«up to $2.748 There ere no borro« ings outstanding under these letters of credit as of June 30. 2013 and2012

Cash utilized for the pad ment of interest on notes and bonds paN able NN as $10.004 and $9.483 during fiscalsears 2013 and 2012. respectivelN

(9) Retirement Plan

All eligible fiill-time personnel maN elect to participate in a defined contribution individual annuitN planUnder the provisions of the plan. participants are required to contribute 5% of their annual ages to theplan The UniversitN has neither administrative responsibilities nor anN financial liabilities under this planexcept to make contributions. currentlN limited to 8% of the annual ages of participants. up to definedlimits In addition. voluntary contributions b,, participants maN be made subject to Internal RevenueService limitations Pavments for contributions to this plan totaled $9.901 and $9.483 in fiscal sears 2013and 2012. respectively

(10) Self-Funded Health and Dental Benefit Plans

The Universit\ has self-funded benefit plans covering all active and certain retired employees' health anddental costs Under the plans. the Universit\ 's losses are limited. through the use of excess loss insurance.to $150 per claim Claims paid under the plans for fiscal sears 2013 and 2012 totaled $25.049 and $21.481.respectively The Universit\ has also contracted «ith a third-parts administrator to provide administrativeservices for the plans Accrued liabilities include an estimate of the Universitv 's liabilit\ for claimsincurred but not paid through June 30. 2013 and 2012

(11) Postretirement Benefits

The Universit\ provides retired employees access to certain healthcare and life insurance benefits AllUmversit employees become eligible to access these benefits NN hen their vears of service plus age equal70 Qualified retired employees under the age of 65 are eligible to participate in the Universitv 's healthcareplan Retirees are expected to paN the full cost of their premiums. based on the claims experienceassociated «ith that defined group of retired employees The Universit\ also pads group life insurancepremiums for active or future retired emplo\ ees hired prior to February 1. 1982 that provide for limited

30 (Continued)



June 30. 2013 and 2012


death benefits The premiums paid are based on the group commumt,, rate associated «ith death claimsfiled for the entire population of emplo,, ees and retirees participating in the program

Summar\ information regarding the accounting for both plans for the s ears ended June 30. 2013 and 2012is presented in the follo« ing

2013

Change in benefit obligationBenefit obligation. beginning of year $ 4.280Service cost 3Interest cost 188Actuarial loss (gain) (58)Benefits paid (105)

Benefit obligation. end of \ ear $ 4.308

Change in plan assetsFair value of plan assets. beginning of ear $Employ er contributions 105Actual benefits paid (105)

Fair value of plan assets. end of \ ear $ -

Change in postretirement benefitsChange in postretirement benefits other than net periodic

benefit cost $Prior service credits -Net gain (loss) (6)

Change in postiutirement benefits $ (6)

2012

3.8362

205307(70)

4.280

70(70)

(3 6)ii

19

31 (Continued)



June 30. 2013 and 2012


2013 2012

Measurement date June 30 June 30Weighted average assumptions for liabilit\

Discount rate 4 75% 5 00%SalarN increase 3 50 4 00

Assumed healthcare cost trend ratesCurrent sear rate N/A 8 00%Ultimate rate N/A 6 00Year rate leaches ulti mate rate N/A 2016

Components of net penodi c benefit costService cost $ 3 2Interest cost 187 205Amortization of

Unrecognized prior service cost (36) (73)Unrecognized actuarial loss 3 (3)

Net periodic cost $ 157 131

*Trend rates not applicable in 2013 as the one Grandfathered retiree deceased before 2013

The projected postretirement benefit pa\ ments for the fiscal s ears subsequent to June 30. 2013 are asfollo« s

2014 $ 2692015 2712016 2742017 2772018 2792019 to 2021 1.412

(12) Temporarily Restricted Net Assets

TemporanlN restricted net assets consist of the follo« mg as of June 30. 2013 and 2012

2013

PhNsical assetsGeneral operations and educationPledge receivable. netScholarshipsLife income and annuity funds

Total temporanlN restricted net assets

$ 146.0098 8.08 630.87532.42611.182

$ 308.578

2012

141.94176.34246.49324.29712.314

301.387

32 (Continued)



June 30. 2013 and 2012


(13) Permanently Restricted Net Assets

Permanentl,, restricted net assets consist of the follo« mg as of June 30. 2013 and 2012. the income from«hich is expendable to support

2013 2012

Scholarships $ 159.996 148.241General operations and education 131.470 118.923Pledge receivable. net 32.029 32.402Life income and annuit\ funds 14.518 15.512

Total permanentlN restricted net assets $ 338.013 315.078

(14) Related Parties

The UniversitN contracts «rth certain related parties for the purchase of goods. performance of constructionactivities. and provisions of other services Construction activities represent the majontN of related-partstransactions Generally. members of the UniversitN 's Board serve in a management role for a related part\or an affiliate of the related party During fiscal Nears 2013 and 2012. the UniversitN had related-partstransactions approximating $10.477 and $21.726. respectivelN

(15) Commitments and Contingencies

The Universit-, is involved in various litigation ansing in the normal course of operations On the basis ofinformation presentlN available and the advice of legal counsel. management is of the opinion that anNliabilitN. to the extent not provided for through reserves or othenNise. for pending litigation is not expectedto be material in relation to the UniversitN 's financial position or activities

As of June 30. 2013. the Universit\ has outstanding commitments for the follo« mg construction projects

School of Dentistry ExpansionBiomedical LabEngineering Hall - Visualization Lab

Total conunitments

$ 1.667533

695

$ 2.895

33 (Continued)



June 30. 2013 and 2012


(16) Tuition Discounts

Tuition discounts. as reported in the statements of activities as a reduction of student tuition and fees. NN erefunded in fiscal Nears 2013 and 2012 from the follo« ing revenue sources

2013 2012

Institutional revenue sources $ 91.386 85.034Gifts. grants. and endo\\ment earnings 17.589 17.875

Total tuition discount $ 108.975 102.909

(17) Natural Expenses

The UniversitN 's classification of unrestricted expenses in the statements of activities is classified bNnatural expenses as of June 30. 2013 and 2012 as follo« s

2013 2012

Salaries and fringe benefits $ 235.146 227.098Supplies 17.842 18.075Telephone 759 795Professional fees 9.406 8.525Administrative expenses 12.002 11.833Meal plans and promotional items 12.100 12.117Repairs and maintenance 12.675 12.756Travel 11.743 11.006Advertising and public relations 1.658 1.792Utilities 9.990 9.531Insurance (property. liabilrth. etc) 2.953 3.119Interest 8.724 9.673Depreciation 32.652 30.993Miscellaneous expense 83 4 952

Total operating expenses $ 368.484 358.265

34 (Continued)



June 30. 2013 and 2012


(18) Research and Grant Costs

The UniversitN receives grant and contract revenue from various government agencies and private sourcesfor the support of research. training. and other sponsored programs Revenues associated «ith the directcosts of these programs are recognized as the related costs are incurred Indirect cost reimbursements fromfederal agencies are based on negotiated predetennined rates Research and grant costs reported for fiscalsears 2013 and 2012 comprise of the follo« ing

2013 2012

Sponsored research $ 13.142 12.828Teaching and training 6.037 6.626Development and others 3.195 2.898

Total research and grants $ 22.374 22.352

(19) Subsequent Events

The University evaluated events after the statement of financial position date of June 30. 2013 throughSeptember 4. 2013. «hich NN as the date the financial statements NN ere issued No significant subsequentevents NN ere noted

35

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