2024-02-14T14:24:50-06:00 2023-06-30 410746749 CLIFTONLARSONALLEN LLP 8390 EAST CRESCENT PARKWAY SUITE 300 GREENWOOD VILLAGE CO 80111 990 2022-07-01 420680335 CORNELL COLLEGE CORN 3198954383 600 FIRST STREET SW MOUNT VERNON IA 52314 KELLY FLEGE VICE PRESIDENT, CFO TREASURER 3198954383 2024-02-08 1 KELLY FLEGE XXX-XX-XXXX 0 SARAH HINTZ P00492291 3037795710 2024-01-30 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z KELLY FLEGE 600 FIRST STREET SW MOUNT VERNON IA 52314 91257401 0 X WWW.CORNELLCOLLEGE.EDU X 1854 IA TO CREATE A SPACE WHERE STUDENTS CAN DEVELOP INTELLECTUAL CURIOSITY, CREATIVITY AND MORAL COURAGE. 27 26 1004 150 84659 0 16884263 13585343 59138374 61847757 5862768 830133 1965457 3566072 83850862 79829305 33343067 34638867 0 0 22225550 23225678 0 0 2687817 24449613 26075532 80018230 83940077 3832632 -4110772 226333007 226689943 47708250 45618614 178624757 181071329 CORNELL COLLEGE OFFERS AN INNOVATIVE AND RIGOROUS LEARNING COMMUNITY WHERE FACULTY AND STAFF COLLABORATE WITH STUDENTS TO DEVELOP THE INTELLECTUAL CURIOSITY, CREATIVITY AND MORAL COURAGE NECESSARY FOR A LIFETIME OF LEARNING AND ENGAGED CITIZENSHIP. 0 0 52357546 34638867 51555543 INSTRUCTION, ACADEMIC SUPPORT, CONTINUING EDUCATION AND THE LIBRARY:CORNELL COLLEGE, A SELECTIVE LIBERAL ARTS COLLEGE IN MOUNT VERNON, IOWA, IS RECOGNIZED AS ONE OF THE "COLLEGES THAT CHANGE LIVES." THE ACADEMIC IMMERSION OF ITS ONE COURSE AT A TIME CURRICULUM ALLOWS STUDENTS TO FOCUS ON A SINGLE ACADEMIC SUBJECT PER 18-DAY BLOCK. SINCEPROFESSORS ONLY TEACH ONE BLOCK AT A TIME, STUDENTS HAVE MORE ACCESS TOPROFESSORS, AND PROFESSORS CAN TEACH STUDENTS OFF-CAMPUS IN WHATEVERVENUE BEST FITS THE MATERIAL. WITH A STUDENT BODY FROM 45 STATES, PUERTO RICO, AND 24 COUNTRIES OUTSIDE THE US, AND RENOWNED VISITING SPEAKERS, FACULTY, AND ENTERTAINERS, CORNELL OFFERS THE WORLD FROM ITS HILLTOP CAMPUS. 13167196 0 0 STUDENT AID AND FINANCIAL ASSISTANCE: STUDENTS INVEST IN THEIR EDUCATION AT CORNELL COLLEGE, AND CORNELL INVESTS IN THEIR FUTURES. CORNELL COLLEGE GRADUATES ARE GETTING JOBSAND NOT BURDENED BY DEBT, AS SHOWN BY OUR LOW AVERAGE LOAN DEFAULTRATE. COMPARED TO GRADUATES OF OTHER FOUR-YEAR INSTITUTIONS, CORNELLIANS ARE TWICE AS LIKELY TO HAVE THE MEANS TO PAY OFF STUDENT LOANS. 91% OF CORNELL'S 2023 GRADUATING CLASS COMPLETED THEIR DEGREES IN FOUR YEARS OR LESS. CORNELL'S MEDICAL SCHOOL ACCEPTACE RATE IS 77% FOR FIRST TIME APPLICANTS (2008-2021); THE NATIONAL AVERAGE FOR THOSE YEARS IS 40%. THE LAW SCHOOL ACCEPTANCE RATE FOR ALL CORNELL GRADUATES (2010-2021) IS 82%; THE NATIONAL AVERAGE FOR THOSE YEARS IS 73%. 8880040 0 10709496 AUXILIARY ENTERPRISES (HOUSING, DINING, STUDENT UNION AND SERVICE CENTER): FOUNDED IN 1853, CORNELL'S PICTURESQUE HILLTOP CAMPUS CONTAINS A MIX OFHISTORIC AND MODERN FACILITIES, RANGING FROM THE MAJESTIC KING CHAPELTO THE NEWLY RENOVATED THOMAS COMMONS. IT IS LOCATED IN MOUNT VERNON,IOWA-AN URBAN FRINGE COMMUNITY RECOGNIZED BY FROMMER'S AS ONE OF"AMERICA'S COOLEST SMALL TOWNS AND LOCATED IN THE HEART OF IOWA'SCREATIVE CORRIDOR. CORNELL'S HILLTOP CAFE WAS NAMED THE SECOND BESTDINING HALL IN THE NATION BY BESTCOLLEGES.COM IN 2015. 74404782 1 1 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 1 1595 0 1 1004 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 27 26 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 IA CA IL NY MN X X KELLY FLEGE 3198954383 600 FIRST STREET W MOUNT VERNON IA 52314 BRAND JOHNATHAN PRESIDENT 40.00 X X 334155 0 81272 JENSEN JEFFREY CHAIR 4.00 X X 0 0 0 DURHAM THOMAS CHAIR, AUDIT & ASSESSMENT 3.00 X 0 0 0 MCGRANE JOHN CHAIR, FINANCIAL AFFAIRS COMMITTEE 3.00 X 0 0 0 SIMMER SCOTT CHAIR, ACADEMIC AFFAIRS COMMITTEE 3.00 X 0 0 0 THOMAS JAN CHAIR, GOVERNANCE COMMITTEE 3.00 X 0 0 0 SMITH JOHN AT LARGE, EXECUTIVE COMMITTEE 3.00 X 0 0 0 WEISS KEVIN AT LARGE, EXECUTIVE COMMITTEE 3.00 X 0 0 0 BAYNARD TAHLLEE TRUSTEE 1.00 X 0 0 0 BUCHMEYER GRETCHEN TRUSTEE 1.00 X 0 0 0 DEANGELES STEVEN TRUSTEE 1.00 X 0 0 0 EPPS FELECIA TRUSTEE 1.00 X 0 0 0 FROEHLICH STEPHANIE TRUSTEE 1.00 X 0 0 0 GUNN STUART TRUSTEE 1.00 X 0 0 0 JOHNSON MAUREEN TRUSTEE 1.00 X 0 0 0 KAO FRANCES TRUSTEE 1.00 X 0 0 0 KELLEHER MAKAYLA TRUSTEE 1.00 X 0 0 0 KHAN SULTAN AHMED TRUSTEE 1.00 X 0 0 0 KOEHN LINDA TRUSTEE 1.00 X 0 0 0 LUMANOG JACK TRUSTEE 1.00 X 0 0 0 MACK WARREN TRUSTEE 1.00 X 0 0 0 MCLENNAN ROBERT TRUSTEE 1.00 X 0 0 0 REED HARPER TRUSTEE 1.00 X 0 0 0 RINGER JERRY N TRUSTEE 1.00 X 0 0 0 RIRIE SCOTT TRUSTEE 1.00 X 0 0 0 STOLL SHERYL ATKINSON TRUSTEE 1.00 X 0 0 0 SUDOL ERIC TRUSTEE 1.00 X 0 0 0 URHEIM MAXINE TRUSTEE 1.00 X 0 0 0 WILLIAMS LAUREN TRUSTEE 1.00 X 0 0 0 PETER BRYANT TRUSTEE 1.00 X 0 0 0 MARISSA CZAPLA TRUSTEE 1.00 X 0 0 0 JOHN TURNER TRUSTEE 1.00 X 0 0 0 JEAN RUSSELL AT LARGE, EXECUTIVE COMMITTEE 1.00 X 0 0 0 LAYZELL DAN TREASURER/VP, CFO/COO 40.00 X 179408 0 25445 FLEGE KELLY TREASURER/VP, CFO 40.00 X 0 0 0 CRAWFORD ILENE VP FOR ACADEMIC AFFAIRS 40.00 X 161212 0 33831 GIBSON JEFF DIRECTOR OF IT 40.00 X 134939 0 17455 HARP JOHN SPECIAL ASST TO THE PRESIDENT 40.00 X 132010 0 21360 BECKEMEYER WENDY VP FOR ENROLLMENT MGMT 40.00 X 230920 0 37995 COLUMBUS KRISTI AVP FOR ALUMNI & COLLEGE ADV 40.00 X 131935 0 17063 1304579 0 234421 11 0 1 0 MA MORTENSON COMPANY 700 MEADOW LANE MINNEAPOLIS MN 94301 GENERAL CONTRACTOR ATHLETICS BUILDING 5408624 BON APPETIT 100 HAMILTON AVE SUITE 400 PALO ALTO CA 55422 CAMPUS FOOD SERVICE 3911413 SOUTHEAST SERVICE CORP PO BOX 91337 CHICAGO IL 60693 CAMPUS CLEANING SERVICE 1135237 EAB GLOBAL INC 2445 M ST NW WASHINGTON DC 20037 ENROLLMENT RESOURCES 708280 JR & CO INC 1201 W 31ST ST KANSAS CITY MO 64108 CONSTRUCTON COMPANY 432869 25 13585343 5674276 13585343 TUITION AND FEES 611310 50925320 50925320 DINING 722514 5739145 5739145 RESIDENCE 721310 4962614 4962614 EDUCATIONAL TRIPS 611710 220678 220678 61847757 1944817 7424 1937393 135457 117545 17912 17912 17912 10195867 11310551 -1114684 -1114684 -1114684 INSURANCE RECOVERIES 524298 1703663 1703663 ALL OTHER REVENUE 900099 1339805 1339805 ATHLETICS 711210 417282 417282 87410 77235 10175 3548160 79829305 62265039 84659 3894264 34638867 34638867 542720 542720 17968997 14462472 2147636 1358889 574375 479407 49923 45045 2926038 2356558 348059 221421 1213548 953678 170263 89607 280240 199503 59350 21387 73491 10713 62778 95012 95012 53586 53586 56425 37212 19213 1219724 1047409 34142 138173 2526479 1905028 205792 415659 1067018 289786 702549 74683 4687251 3791857 831354 64040 2071886 1807880 132693 131313 104934 76400 20423 8111 1870291 1629273 235230 5788 6978328 6731368 162494 84466 850710 850710 DINING 3620202 3617770 1746 686 519955 369601 141018 9336 83940077 74404782 6847478 2687817 9681367 6178428 22875182 15787258 399788 1059071 71206 76692 878251 385755 200764590 89240742 109645213 111523848 66286689 76778791 1072261 823540 1301841 1142499 14121209 12934061 226333007 226689943 3951517 4864567 203686 225262 19124044 20268027 20091737 13124309 4337266 7136449 47708250 45618614 X 78117364 89129384 100507393 91941945 178624757 181071329 226333007 226689943 X -4110772 6694804 -137460 X X 0 1 X 1 1 1 X 10213786 20619159 19669760 16884263 13585343 80972311 10213786 20619159 19669760 16884263 13585343 80972311 16934994 64037317 786958 909882 641837 1529175 2072852 5940704 2979 6512 9491 44644 344138 1364726 1846588 3470925 7071021 93993527 278330744 0.68130 0.74220 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: ATHLETICS - 2018 AMOUNT: $ 15,518. 2019 AMOUNT: $ 21,855. 2020 AMOUNT: $ 41,320. 2021 AMOUNT: $ 334,888. 2022 AMOUNT: $ 417,282. BRACKET HOUSE - 2018 AMOUNT: $ 11,782. 2019 AMOUNT: $ 7,493. 2020 AMOUNT: $ 2,438. 2021 AMOUNT: $ 8,039. 2022 AMOUNT: $ 10,175. HLTP FITNESS CENTER - MISCELLANEOUS INCOME - 2018 AMOUNT: $ 17,344. 2019 AMOUNT: $ 314,790. 2020 AMOUNT: $ 1,320,968. 2021 AMOUNT: $ 1,503,661. 2022 AMOUNT: $ 1,339,805. INSURANCE RECOVEIES - 2022 AMOUNT: $ 1,703,663. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 82014619 7294604 7067679 4403939 -28197 92001160 93803619 3345621 -11560695 3441399 132527 82014619 81135185 2179805 18299813 7763085 48099 93803619 76288112 7802585 613715 3339502 229725 81135185 77722340 2497088 2543341 5953194 521463 76288112 0.04596 0.94944 0.00460 0 0 100000 9881934 9981934 170323688 72654363 97669325 18832889 16586379 2246510 1626079 1626079 111523848 ASSETS HELD IN TRUST 4947122 UNITRUSTS 1431143 CSV LIFE INSURANCE 3599736 RIGHT-OF-USE LEASE 2956060 12934061 US GOVERNMENT LOANS, REFUNDABLE 20389 ANNUITIES PAYABLE 788917 LIFE-INCOME PAYABLE 608429 CONTRACT ADVANCES 1921567 ASSET RETIREMENT OBLIGATION 427199 LEASE LIABILITY- FINANCE LEASE 3126329 LEASE LIABILITY- OPERATING LEASE 243619 7136449 X 51811739 6694804 -19915 6674889 45136850 53588 34638867 34692455 79829305 49365167 117545 117545 49247622 53588 34638867 34692455 83940077 PART V, LINE 4: THE COLLEGE HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ITS ENDOWMENT FUND. ONE OF THE OBJECTIVES OF THIS FUND IS TO PROVIDE A PREDICTABLE FUNDING STREAM FOR ITS PROGRAMS WHILE MAXIMIZING RETURNS ON THE INVESTMENTS. THE COLLEGE HAS ADOPTED POLICIES TO COMPLY WITH FAS 117-1 AND UPMIFA AS ADOPTED BY THE 2008 IOWA LEGISLATURE. PART X, LINE 2: THE COLLEGE IS RECOGNIZED AS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE COLLEGE MAY BE SUBJECT TO FEDERAL AND STATE INCOME TAXES ON ANY NET INCOME FROM UNRELATED BUSINESS ACTIVITIES. THE COLLEGE FILES A FORM 990 (RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX) ANNUALLY AND UNRELATED BUSINESS INCOME (UBI) IS REPORTED ON FORM 990-T, AS APPROPRIATE. MANAGEMENT HAS EVALUATED THEIR MATERIAL TAX POSITIONS, WHICH INCLUDE SUCH MATTERS AS THE TAX-EXEMPT STATUS AND VARIOUS POSITIONS RELATIVE TO POTENTIAL SOURCES OF UBI. AS OF JUNE 30, 2023 AND 2022, THERE WERE NO UNCERTAIN TAX BENEFITS IDENTIFIED AND RECORDED AS A LIABILITY. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 117,545. ACTUARIAL ADJUSTMENT -190,470. CHANGE IN VALUE OF PERPETUAL TRUST 53,010. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS NETTED WITH TUITION 34,638,867. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 117,545. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS NETTED WITH TUITION 34,638,867. 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 0 SCHEDULE E, PART I, LINE 3 CORNELL COLLEGE HAS THE FOLLOWING STATEMENT ON THE APPLICATION FOR ADMISSION: "CORNELL COLLEGE ADMITS QUALIFIED STUDENTS OF ANY RACE, COLOR, NATIONAL OR ETHNIC ORIGIN, AGE RELIGION, SEXUAL ORIENTATION, AND DISABILITY. CORNELL COLLEGE IS AN AFFIRMATIVE ACTION, EQUAL OPPORTUNITY INSTITUTION." THIS APPLICATION WOULD BE GIVEN TO ANY PERSON WANTING TO ATTEND CORNELL. CORNELL COLLEGE IS WORKING ON PLACING A NONDISCRIMINATORY STATEMENT ON THE HOMEPAGE OF THEIR WEBSITE. SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES FEDERAL AND STATE GRANTS. SCHEDULE E, PART I, LINE 7 CORNELL COLLEGE HAS THE FOLLOWING STATEMENT ON THE APPLICATION FOR ADMISSION: "CORNELL COLLEGE ADMITS QUALIFIED STUDENTS OF ANY RACE, COLOR, NATIONAL OR ETHNIC ORIGIN, AGE RELIGION, SEXUAL ORIENTATION, AND DISABILITY. CORNELL COLLEGE IS AN AFFIRMATIVE ACTION, EQUAL OPPORTUNITY INSTITUTION." THIS APPLICATION WOULD BE GIVEN TO ANY PERSON WANTING TO ATTEND CORNELL. CORNELL COLLEGE IS WORKING ON PLACING A NONDISCRIMINATORY STATEMENT ON THE HOMEPAGE OF THEIR WEBSITE. CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 100836 EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 1698 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 95903 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES ALL OFF CAMPUS TRIPS 4000 EAST ASIA AND THE PACIFIC 0 0 FUNDRAISING 5000 0 0 0 0 0 0 207437 0 207437 0 0 0 0 0 0 PART I, LINE 3: ACCRUAL PART III ACCOUNTING METHOD: 1 EDUCATION - TUITION REMISSION 35 1443669 N/A N/A EDUCATION - SEOG GRANTS 316 182488 N/A N/A EDUCATION - GENERAL GRANTS 585 3047241 N/A N/A ENDOWED AND OTHER SCHOLARSHIPS 1039 29965469 N/A N/A PART I, LINE 2: CORNELL MONITORS ALL GRANT RESOURCES THROUGH FEDERAL, STATE, AND INSTITUTIONAL AUDITS AS WELL AS FEDERAL, STATE, AND INTERNAL POLICY AND PROCEDURES AS WELL AS PERIODIC AUDITING BY AND REPORTING TO THE FEDERAL DEPARTMENT OF EDUCATION. AN INDEPENDENT AUDIT FIRM COMPLETES AN ANNUAL AUDIT OF ALL GRANTS AND OTHER ASSISTANCE CORNELL'S MANAGEMENT TAKES THE NECESSARY STEPS TO INSURE CORNELL IS IN COMPLIANCE WITH THE MANY FEDERAL REGULATIONS RECIPIENTS OF GRANT AND OTHER ASSISTANCE ARE SELECTED ON AN EQUAL OBJECTIVELY DETERMINABLE BASIS WITH OTHER RECIPIENTS. X X 1 1 X X X 0 1 0 0 0 0 0 0 0 BRAND JOHNATHAN PRESIDENT 329997 0 0 0 4158 0 52783 0 28489 0 415427 0 0 0 BECKEMEYER WENDY VP FOR ENROLLMENT MGMT 230311 0 0 0 609 0 15306 0 22689 0 268915 0 0 0 LAYZELL DAN TREASURER/VP, CFO/COO 178877 0 0 0 531 0 10506 0 14939 0 204853 0 0 0 CRAWFORD ILENE VP FOR ACADEMIC AFFAIRS 161003 0 0 0 209 0 10942 0 22889 0 195043 0 0 0 HARP JOHN SPECIAL ASST TO THE PRESIDENT 131591 0 0 0 419 0 8697 0 12663 0 153370 0 0 0 GIBSON JEFF DIRECTOR OF IT 134713 0 0 0 226 0 8686 0 8769 0 152394 0 0 0 PART I, LINE 1A NON-TAXABLE TRAVEL FOR COMPANIONS - CORNELL'S PRESIDENT WILL OCCASIONALLY TRAVEL WITH HIS SPOUSE TO VARIOUS CORNELL FUNCTIONS, AS AN ADVOCATE OF THE COLLEGE. NON-TAXABLE RESIDENCE FOR PERSONAL USE - PRESIDENT BRAND IS REQUIRED TO LIVE AND ENTERTAIN IN THE PRESIDENT'S HOME WHICH IS ON CAMPUS AND OWNED BY THE COLLEGE. PART I, LINE 4B JONATHAN BRAND - COLLEGE CONTRIBUTED TO 457(F) - $33,813 A IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 2013-07-23 22990000 SEE PART VI 0 0 0 A 8250000 22990405 269268 8731455 13989682 2014 1 0 1 1 A 0 0 1 1 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 1 0 0 0 0 1 A 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: IOWA HIGHER EDUCATION LOAN AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 09/24/2015 SCHEDULE K, PART I, COLUMN (F) (I) REFUNDING THE IOWA HIGHER EDUCATION LOAN AUTHORITY PRIVATE COLLEGE FACILITY REVENUE BONDS (CORNELL COLLEGE PROJECT), SERIES 2006 ORIGINALLY ISSUED ON OCTOBER 24, 2006; (II) REFUNDING THE IOWA HIGHER EDUCATION LOAN AUTHORITY PRIVATE COLLEGE FACILITY REVENUE AND REFUNDING BONDS (CORNELL COLLEGE PROJECT), SERIES 2008 ORIGINALLY ISSUED ON JUNE 20, 2008; AND (III) THE CONSTRUCTION AND EQUIPPING OF AN ADDITION TO THOMAS COMMONS, RENOVATION OF OLIN HALL, TECHNOLOGY UPGRADES, ADDITIONS TO BOWMAN-CARTER HALL AND PAULEY-ROREM HALLS AND ADDITION OF FOOTBALL TURF. SCHEDULE K, PART II, LINE 3 INCLUDES INVESTMENT EARNINGS X 32 5594276 AVG DAILY VALUE X PIANO 1 80000 FMV 1 0 1 0 PART I, COLUMN (B): THE NUMBER IN COLUMN (B) IS THE NUMBER OF CONTRIBUTIONS. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE SHALL CONSIST OF THE CHAIR, IMMEDIATE PAST CHAIR, CHAIR-ELECT, CHAIRS OF THE POLICY COMMITTEES, CHAIR OF THE GOVERNANCE COMMITTEE, PRESIDENT OF THE COLLEGE (NON-VOTING), AND UP TO THREE (3) AT-LARGE TRUSTEES APPOINTED AT THE ANNUAL MEETING, ALL SUBJECT TO APPROVAL BY THE BOARD. BETWEEN MEETINGS OF THE BOARD, THE EXECUTIVE COMMITTEE SHALL HAVE GENERAL SUPERVISION OF THE ADMINISTRATION AND PROPERTY OF THE COLLEGE EXCEPT THAT IT MAY NOT TAKE ANY ACTION INCONSISTENT WITH THE LAWS OF THE STATE OF IOWA AND, UNLESS, SPECIFICALLY EMPOWERED BY THE BOARD TO DO SO, IT MAY NOT TAKE ANY ACTION INCONSISTENT WITH A PRIOR ACT OF THE BOARD, AWARD DEGREES, ALTER BYLAWS, LOCATE PERMANENT BUILDINGS ON TAX-EXEMPT PROPERTY HELD FOR COLLEGE PURPOSES, REMOVE OR APPOINT THE PRESIDENT OF THE COLLEGE, OR TAKE ANY ACTION WHICH HAS BEEN RESERVED BY THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM AND THEN REVIEWED IN DETAIL BY THE AUDIT COMMITTEE OF THE BOARD. THE FORM 990 IS FINALIZED AND POSTED TO THE CORNELL COLLEGE SECURED BOARD WEBSITE AND MADE AVAILABLE FOR REVIEW BY EACH MEMBER PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR, A CONFLICT OF INTEREST POLICY IS DISTRIBUTED TO EACH TRUSTEE. THEY ARE REQUIRED TO COMPLETE THIS FORM AND RETURN IT TO CORNELL. IN THE PERIOD BETWEEN THE FILING OF THE ANNUAL FORMS, IF AN INDIVIDUAL COVERED BY THIS POLICY BELIEVES THAT HE/SHE MAY HAVE AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST WITH RESPECT TO THE POLICY, HE/SHE SHALL IMMEDIATELY AND FULLY DISCLOSE THE POTENTIAL CONFLICT TO THE BOARD IN WRITING, AND SHALL REFRAIN FROM PARTICIPATING IN ANY TRANSACTIONS OR DECISIONS OF ANY ACTUAL OR POTENTIAL ETHICAL, LEGAL, FINANCIAL OR OTHER CONFLICTS OF INTEREST INVOLVING THE COLLEGE THAT MAY INVOLVE THE POTENTIAL OR ACTUAL CONFLICT OF INTEREST. THE MINUTES OF BOARD OR COMMITTEE MEETING SHALL REFLECT THAT A DISCLOSURE WAS MADE AND THAT THE TRUSTEE HAVING A CONFLICT OF INTEREST ABSTAINED FROM VOTING. FORM 990, PART VI, SECTION B, LINE 15 THE PRESIDENT'S SALARY IS SET BY THE BOARD, WHO TAKE INTO CONSIDERATION SALARY SURVEY DATA FROM THE ASSOCIATED COLLEGES OF THE MIDWEST. THE REVIEW PROCESS IS DOCUMENTED IN THE BOARD MINUTES, AND IS CONDUCTED ANNUALLY. THIS PROCESS WAS DONE IN 2022. OTHER OFFICERS AND KEY EMPLOYEES' SALARIES, INCLUDING VICE PRESIDENTS, ARE BASED ON SALARY RANGES DETERMINED THROUGH THE COMPENSATION PLAN, ADMINISTERED THROUGH THE HUMAN RESOURCES OFFICE. MEDIAN SALARIES FROM SPECIFICALLY SELECTED INSTITUTIONS WITHIN THE COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION FOR HUMAN RESOURCES (CUPA-HR) SURVEY ARE THE MID-POINT OF COLLEGE'S SALARY RANGES. THE SALARY RANGES ARE AGED ANNUALLY. THE PROCESS OF ADJUSTING THE RANGES TO THE MARKET IS COMPLETED EVERY THREE YEARS; HOWEVER THE REVIEW OF VICE PRESIDENT COMPENSATION IS CONDUCTED ANNUALLY. IN ADDITION TO THE ABOVE, THE VICE PRESIDENT'S COMPENSATION IS SET BY THE PRESIDENT, AFTER CONSULTATION WITH THE COMPENSATION COMMITTEE, ACTING AS A SUBCOMMITTEE OF THE EXECUTIVE COMMITTEE. THE REVIEW IS CONDUCTED ANNUALLY, THIS PROCESS WAS DONE IN 2022. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: ACTUARIAL ADJUSTMENT ON LIFE INCOME AND ANNUITY AGREEMENTS -190,470. CHANGE IN VALUE OF PERPETUAL TRUST 53,010. FORM 990, PART XII, LINE 2C: THE PROCESS FOR OVERSIGHT AND SELECTION OF AN INDEPENDENT ACCOUNT HAS NOT CHANGED FROM THE PRIOR YEAR. CHARITABLE REMAINDER UNITRUSTS (5) INVESTMENTS IA CORNELL COLLEGE T 1 CHARITABLE REMAINDER ANNUITY TRUSTS (23) INVESTMENTS IA CORNELL COLLEGE T 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1