2021-04-23T12:14:05-05:00 2020-06-30 410746749 CLIFTONLARSONALLEN LLP 600 3RD AVE SE STE 300 CEDAR RAPIDS IA 52401 990 2019-07-01 420680335 CORNELL COLLEGE CORN 3198954383 600 FIRST STREET SW MOUNT VERNON IA 52314 DAN LAYZELL VICE PRESIDENT, CFO, TREASURER 3198954383 2021-04-16 1 KAREN GRIES P00078514 6123764500 2021-04-16 2019 2022-09-23 18:48:47Z DAN LAYZELL 600 FIRST STREET SW MOUNT VERNON IA 52314 103832912 0 X WWW.CORNELLCOLLEGE.EDU X 1854 IA TO CREATE A SPACE WHERE STUDENTS CAN DEVELOP THE INTELLECTUAL CURIOSITY, CREATIVITY AND MORAL COURAGE. 33 33 977 150 43776 0 10272332 20619159 51941914 52020550 3047797 3043342 75853 406377 65337896 76089428 24631178 27046371 0 0 21286467 21734752 70959 6173 2576050 20217511 20227748 66206115 69015044 -868219 7074384 199631191 214513669 37911269 47421127 161719922 167092542 X 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 44111098 27046371 43431238 INSTRUCTION, ACADEMIC SUPPORT, CONTINUING EDUCATION IN 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. SINCE PROFESSORS ONLY TEACH ONE BLOCK AT A TIME, STUDENTS HAVE MORE ACCESS TO PROFESSORS, AND PROFESSORS CAN TEACH STUDENTS OFF-CAMPUS IN WHATEVER VENUE BEST FITS THE MATERIAL. WITH A STUDENT BODY FROM 45 STATES AND 20 FOREIGN COUNTRIES, AND RENOWNED VISITING SPEAKERS, FACULTY, AND ENTERTAINERS, CORNELL OFFERS THE WORLD FROM ITS HILLTOP CAMPUS. 9761938 0 254252 STUDENT AID AND FINANCIAL ASSISTANCE:STUDENTS INVEST IN THEIR EDUCATION AT CORNELL COLLEGE, AND CORNELL INVESTS IN THEIR FUTURES. CORNELL COLLEGE GRADUATES ARE GETTING JOBS AND NOT BURDENED BY DEBT, AS SHOWN BY OUR LOW AVERAGE LOAN DEFAULT RATE. COMPARED TO GRADUATES OF OTHER FOUR-YEAR INSTITUTIONS, CORNELLIANS ARE TWICE AS LIKELY TO HAVE THE MEANS TO PAY OFF STUDENT LOANS. APPROXIMATELY 93% OF CORNELL GRADUATES COMPLETE THEIR DEGREES IN FOUR YEARS OR LESS, AND 55% OF CORNELL GRADUATES COMPLETE AN ADVANCED DEGREE. CORNELL'S LAW SCHOOL ACCEPTANCE RATE IS 91% COMPARED TO THE NATIONAL AVERAGE OF 85%. CORNELL'S MEDICAL SCHOOL ACCEPTANCE RATE IS 82% COMPARED TO THE NATIONAL AVERAGE OF 39%. CORNELL HAS SINCE 1996 BEEN KNOWN AS ONE OF THE "COLLEGES THAT CHANGE LIVES," BASED ON THE LOREN POPE BOOK NOW IN ITS FOURTH EDITION. ITS DISTINCTIVE CURRICULUM WITHIN THE LIBERAL ARTS PROVIDES A SOLID PATH TO PROFESSIONAL ACHIEVEMENT AND PERSONAL FULFILLMENT. 7267842 0 8335057 AUXILIARY ENTERPRISES (HOUSING, DINING, STUDENT UNION AND SERVICE CENTER):FOUNDED IN 1853, CORNELL'S PICTURESQUE HILLTOP CAMPUS CONTAINS A MIX OF HISTORIC AND MODERN FACILITIES, RANGING FROM THE MAJESTIC KING CHAPEL TO 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'S CREATIVE CORRIDOR. CORNELL'S HILLTOP CAFE WAS NAMED THE SECOND BEST DINING HALL IN THE NATION BY BESTCOLLEGES.COM IN 2015. 61140878 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 1 0 0 0 1 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 1 162 0 977 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 33 33 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X X ALAN MORAN 3198954383 600 FIRST STREET SW MOUNT VERNON IA 52314 BRAND JONATHAN PRESIDENT 60.00 X X 323138 0 110131 GERARD PAM VP FOR ADVANCEMENT 50.00 X 204569 0 27294 LANGSETH KAY TREASURER/VP OF BUSINESS AFFAIRS 50.00 X 192172 0 26756 CRADY THOMAS VP FOR ENROLLMENT 50.00 X 173337 0 39966 DIEKER RONALD VP FOR ACADEMIC AFFAIRS 50.00 X 165734 0 29431 HARP JOHN VP FOR STUDENT AFFAIRS 50.00 X 129139 0 21194 GIBSON JEFF DIRECTOR OF IT 40.00 X 131565 0 18451 HACKETT KEITH DIRECTOR OF ATHLETICS 40.00 X 121245 0 26065 JENSEN JEFFREY CHAIR 4.00 X X 0 0 0 THOMAS JAN CHAIR, ACADEMIC AFFAIRS COMMITTEE 3.00 X 0 0 0 BOYER GILDA CHAIR, GOVERNANCE COMMITTEE 3.00 X 0 0 0 BRYANT PETER S CHAIR, STUDENT EXPERIENCE COMMITTEE 4.00 X 0 0 0 DURHAM THOMAS CHAIR, AUDIT & ASSESSMENT COMMITTEE 3.00 X 0 0 0 MACK WARREN CHAIR, FINANCIAL AFFAIRS COMMITTEE 4.00 X 0 0 0 MORRIS PETER CHAIR, INVESTMENT COMMITTEE 3.00 X 0 0 0 URHEIM MAXINE CHAIR, ENROLLMENT & MARKET COMMITTEE 3.00 X 0 0 0 RUSSELL JEAN AT LARGE, EXECUTIVE 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 BRYANT JULIE TRUSTEE 1.00 X 0 0 0 CORN ADRIENNE TRUSTEE 1.00 X 0 0 0 CORNELISON ALBERT TRUSTEE 1.00 X 0 0 0 CZAPLA MARISSA TRUSTEE 1.00 X 0 0 0 ELLIOTT MARY 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 HIRATZKA LOREN TRUSTEE 1.00 X 0 0 0 JOHNSON MAUREEN TRUSTEE 1.00 X 0 0 0 JORGENSON JUDY TRUSTEE 1.00 X 0 0 0 KABOLI EMMA TRUSTEE 1.00 X 0 0 0 KAO FRANCES TRUSTEE 1.00 X 0 0 0 KOEHN LINDA TRUSTEE 1.00 X 0 0 0 KRIVO GEORGE TRUSTEE 1.00 X 0 0 0 MCGRANE JOHN TRUSTEE 1.00 X 0 0 0 MCLENNAN ROBERT TRUSTEE 1.00 X 0 0 0 MEIS JESSICA TRUSTEE 1.00 X 0 0 0 MORTON KAYLA TRUSTEE 1.00 X 0 0 0 MURRAY ANN TRUSTEE 1.00 X 0 0 0 NEWBOLD HUSANI TRUSTEE 1.00 X 0 0 0 PANFIL JANENE 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 SIMMER SCOTT TRUSTEE 1.00 X 0 0 0 STOLL SHERYL ATKINSON TRUSTEE 1.00 X 0 0 0 TURNER JOHN TRUSTEE 1.00 X 0 0 0 WILLIAMS RICHARD TRUSTEE 1.00 X 0 0 0 1440899 0 299288 10 0 1 0 BON APPETIT 100 HAMILTON AVENUE SUITE 400 PALO ALTO CA 55422 CAMPUS FOOD SERVICE 2722890 MA MORTENSON COMPANY 700 MEADOW LANE NORTH MINNEAPOLIS MN 94301 GENERAL CONTRACTOR SCIENCE BUILDING 1471618 SOUTHEAST SERVICE CORPORATION PO BOX 91337 CHICAGO IL 60693 CAMPUS CLEANING SERVICE 944406 EAB GLOBAL INC 2445 M ST NW WASHINGTON DC 20037 ENROLLMENT RESOURCES 463736 T & K ROOFING 101 T K DRIVE ELY IA 52227 ROOFING AND CONSTRUCTION 367898 10 456612 20162547 999121 20619159 TUITION AND FEES 611710 43431240 43431240 DINING 611710 4311680 4311680 RESIDENCE 611710 3717197 3717197 EDUCATIONAL TRIPS 611710 306181 306181 STUDENT ACTIVITIES 611710 254252 254252 52020550 727810 4415 723395 186487 141034 45453 45453 45453 28804022 1070898 26608993 950395 2195029 120503 2315532 2315532 20487 43062 -22575 -22575 ALL OTHER REVENUE 900099 314790 314790 BRACKET HOUSE 721310 46854 39361 7493 ATHLETICS 900099 21855 21855 383499 76089428 52020550 43776 3405943 27046371 27046371 887745 655194 232551 16305077 13745208 1337902 1221967 1333748 1080795 141398 111555 2074741 1681254 219955 173532 1133441 918477 120163 94801 139680 65268 74412 106498 5406 101092 50842 50842 6173 6173 178612 178612 451693 223781 225282 2630 987635 757481 98642 131512 1465267 1186416 81309 197542 475097 251798 174226 49073 908301 793419 86769 28113 1523499 1293412 83630 146457 52974 41210 6027 5737 1146039 1108563 37476 5415259 5214661 131989 68609 606481 606481 DINING 2553319 2549617 2855 847 UTILITIES 1564317 1294871 250640 18806 CUSTODIAL SERVICES 945842 826212 90355 29275 1656393 1056658 542865 56870 69015044 61140878 5298116 2576050 3599503 10742490 17675399 24928007 307304 626448 73150 66331 801608 1048619 173590931 73634483 98421231 99956448 60901548 60793462 6517926 5343326 1506427 1372811 9827095 9635727 199631191 214513669 4022689 2914079 28011900 38283352 3458 0 5873222 6223696 37911269 47421127 X 63031549 66478330 98688373 100614212 161719922 167092542 199631191 214513669 X 7074384 -1584173 -117591 X 0 1 X 1 1 1 X 6900178 14265901 13239529 10213786 20619159 65238553 6900178 14265901 13239529 10213786 20619159 65238553 15136333 50102220 602985 712165 823488 786958 909882 3835478 119147 35007 41531 44644 344138 584467 69658498 247177252 0.71930 0.74890 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: ATHLETICS - 2016 AMOUNT: $ 19,659. 2017 AMOUNT: $ 30,528. 2018 AMOUNT: $ 15,518. 2019 AMOUNT: $ 21,855. BRACKET HOUSE - 2016 AMOUNT: $ 10,391. 2017 AMOUNT: $ 11,003. 2018 AMOUNT: $ 11,782. 2019 AMOUNT: $ 7,493. HLTP FITNESS CENTER - 2016 AMOUNT: $ 4,957. MISCELLANEOUS INCOME - 2015 AMOUNT: $ 119,147. 2018 AMOUNT: $ 17,344. 2019 AMOUNT: $ 314,790. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 76288112 7802585 613715 3339502 229725 81135185 77722340 2497088 2543341 5953194 521463 76288112 74501908 3280372 4200684 4066823 193801 77722340 70926134 1821824 7292881 5480369 58562 74501908 74517007 2662491 -2174730 3962224 116410 70926134 0.04480 0.89630 0.05890 0 0 100000 9408500 9508500 3146030 143450490 58314124 88282396 17360811 15320359 2040452 125100 125100 99956448 US GOVERNMENT LOANS, REFUNDABLE 259958 STUDENT TUITION PAID IN ADVANCE 694525 ANNUITIES PAYABLE 1305550 LIFE-INCOME PAYABLE 640416 CONTRACT ADVANCES 2929349 ASSET RETIREMENT OBLIGATION 393898 6223696 X 47346777 -1584173 184096 -1400077 48746854 178612 27163962 27342574 76089428 41974157 184096 184096 41790061 178612 27046371 27224983 69015044 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, 2020 AND 2019, THERE WERE NO UNCERTAIN TAX BENEFITS IDENTIFIED AND RECORDED AS A LIABILITY. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 141,034. SPECIAL EVENTS EXPENSE 43,062. PART XI, LINE 4B - OTHER ADJUSTMENTS: ACTUARIAL ADJUSTMENT 207,860. SCHOLARSHIPS AND GRANTS NETTED WITH TUITION 27,046,371. CHANGE IN VALUE OF PERPETUAL TRUST -90,269. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 141,034. SPECIAL EVENTS EXPENSE 43,062. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS NETTED WITH TUITION 27,046,371. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 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, AND THUS, WOULD BE KNOWN TO ALL PARTS OF THE COMMUNITY IT SERVES. SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES FEDERAL AND STATE GRANTS. CENTRAL AMERICA & CARIBBEAN 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 88291 EUROPE 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 48467 EAST ASIA & THE PACIFIC 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 107513 0 0 0 0 0 0 244271 0 244271 0 0 0 0 0 0 PART I, LINE 3: ACCRUAL PART III ACCOUNTING METHOD: HOMECOMING 20487 20487 150 1660 30260 6832 4160 20487 20487 150 1660 30260 6832 4160 43062 -22575 1 EDUCATION - TUITION REMISSION 44 1535223 0 N/A N/A EDUCATION - SEOG GRANTS 242 250009 0 N/A N/A EDUCATION - GENERAL GRANTS 520 2871572 0 N/A N/A EDUCATION - INTERNATIONAL SCHOLARSHIPS 1 43550 0 N/A N/A ENDOWED AND OTHER SCHOLARSHIPS 984 22346017 0 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 0 0 0 0 0 0 0 0 0 BRAND JONATHAN PRESIDENT 320597 0 0 0 2541 0 24863 0 85268 0 433269 0 0 0 GERARD PAM VP FOR ADVANCEMENT 203880 0 0 0 689 0 15639 0 11655 0 231863 0 0 0 LANGSETH KAY TREASURER/VP OF BUSINESS AFFAIRS 189952 0 0 0 2220 0 14630 0 12126 0 218928 0 0 0 CRADY THOMAS VP FOR ENROLLMENT 159047 0 0 0 14290 0 12260 0 27706 0 213303 0 0 0 DIEKER RONALD VP FOR ACADEMIC AFFAIRS 164778 0 0 0 956 0 12765 0 16666 0 195165 0 0 0 HARP JOHN VP FOR STUDENT AFFAIRS 128728 0 0 0 411 0 9972 0 11222 0 150333 0 0 0 GIBSON JEFF DIRECTOR OF IT 131414 0 0 0 151 0 10003 0 8448 0 150016 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS - CORNELL'S PRESIDENT WILL OCCASIONALLY TRAVEL WITH HIS SPOUSE TO VARIOUS CORNELL FUNCTIONS, AS AN ADVOCATE OF THE COLLEGE. RESIDENCE FOR PERSONAL USE - PRESIDENT BRAND IS REQUIRED TO LIVE AND ENTERTAIN IN THE PRESIDENT'S HOME WHICH IS OWNED BY THE COLLEGE. A IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 2013-07-23 22990000 SEE PART VI 0 0 0 B IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 2017-04-28 12334948 SEE PART VI 0 0 0 A 6175405 22990405 269268 8731455 13696944 292738 2014 1 0 1 1 B 1092572 12334948 49526 113017 9521931 2018 0 0 0 1 A 0 0 1 1 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 1 0 0 0 0 0 0 1 A 1 B 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 39 979986 AVERAGE SHARE PRICE X 1 19135 APPRAISAL 0 0 1 0 PART I, COLUMN (B): COLUMN (B) REPORTS THE NUMBER OF ITEMS CONTRIBUTED. FORM 990, PART VI, SECTION A, LINE 1 THE EXECUTIVE COMMITTEE SHALL CONSIST OF THE CHAIR, IMMEDIATE PAST CHAIR-ELECT, CHAIRS OF THE POLICY COMMITTEE, CHAIR OF THE GOVERNANCE COMMITTEE, PRESIDENT OF THE COLLEGE, 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 AUGUST OF 2019 AND 2020. FORM 990, PART VI, SECTION B, LINE 15B: 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 AUGUST OF 2019 AND 2020. 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 UPO/N REQUEST. FORM 990, PART XI, LINE 9: ACTUARIAL ADJUSTMENT ON LIFE INCOME AND ANNUITY AGREEMENTS -207,860. CHANGE IN VALUE OF PERPETUAL TRUST 90,269. CHARITABLE REMAINDER UNITRUSTS (7) INVESTMENTS IA CORNELL COLLEGE T 1 CHARITABLE REMAINDER ANNUITY TRUSTS (29) INVESTMENTS IA CORNELL COLLEGE T 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0