2020-05-08T10:00:18-05:00 2019-06-30 410746749 CLIFTONLARSONALLEN LLP 600 3RD AVE SE STE 300 CEDAR RAPIDS IA 52401 990 2018-07-01 420680335 CORNELL COLLEGE CORN 3198954383 600 FIRST STREET SW MOUNT VERNON IA 52314 KAY LANGSETH TREASURER & VP OF BUSINESS 3198954383 2020-03-20 1 KAREN GRIES P00078514 3193632697 2020-03-20 67.137.57.251 2020-03-20 13:28:44 CD P 64D167D091931D8555FA058DC075EC7E31BCB1E3 6E90C7C5DAB7B6CE43E299C98BE0892EC7C4F8B9 2018 2021-01-29 14:40:06Z JONATHAN BRAND 600 FIRST STREET SW MOUNT VERNON IA 52314 92819315 0 X WWW.CORNELLCOLLEGE.EDU X 1854 IA 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. 29 27 1011 37 59944 0 13239529 10213786 48860775 51941914 6157932 3047797 90129 134399 68348365 65337896 22985567 24631178 0 0 20589376 21286467 66544 70959 2540251 19101010 20217511 62742497 66206115 5605868 -868219 202831733 199631191 40061803 37911269 162769930 161719922 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 41405388 24631178 42375154 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. 9449308 0 296227 STUDENT AID AND FINANCIAL ASSISTANCE:STUDENTS INVEST IN THEIR EDUCATION AT CORNELL COLLEGE, AND CORNELL INVESTS IN THEIR FUTURES. CORNELL IS CONSISTENTLY DESCRIBED AS A "BEST BUY," MOST RECENTLY IN THE 2016 FISKE GUIDE. 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 76% 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. 7830716 0 9270533 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. 58685412 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 1 0 0 1 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 1 172 0 1011 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 29 27 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X X ALAN MORAN 3198954245 600 FIRST STREET SW MOUNT VERNON IA 52314 CARSTENSON MILDRED 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 DURHAM THOMAS TRUSTEE 1.00 X 0 0 0 ELLIOTT MARY TRUSTEE 1.00 X 0 0 0 GUNN STUART TRUSTEE 1.00 X 0 0 0 HALL ANGELICA TRUSTEE 1.00 X 0 0 0 HIRATZKA LOREN TRUSTEE 1.00 X 0 0 0 KAO FRANCES TRUSTEE 1.00 X 0 0 0 JOHNSON MAUREEN TRUSTEE 1.00 X 0 0 0 KABOLI EMMA TRUSTEE 1.00 X 0 0 0 KOEHN LINDA TRUSTEE 1.00 X 0 0 0 MCLENNAN ROBERT TRUSTEE 1.00 X 0 0 0 MEADS EDWARD 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 RINGER JERRY N 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 WEISS KEVIN TRUSTEE 1.00 X 0 0 0 WILLIAMS RICHARD TRUSTEE 1.00 X 0 0 0 RUSSELL JEAN AT LARGE, EXECUTIVE COMMITTEE 3.00 X 0 0 0 REED HARPER AT LARGE, EXECUTIVE COMMITTEE 3.00 X 0 0 0 SMITH JOHN AT LARGE, EXECUTIVE COMMITTEE 3.00 X 0 0 0 THOMAS JAN CHAIR, ACADEMIC AFFAIRS COMMITTEE 3.00 X 0 0 0 MCGRANE JOHN CHAIR, AUDIT & ASSESSMENT COMMITTEE 3.00 X 0 0 0 URHEIM MAXINE CHAIR, ENROLLMENT & MARKETING COMMITTEE 3.00 X 0 0 0 MORRIS PETER CHAIR, INVESTMENT COMMITTEE 3.00 X 0 0 0 JORGENSON JUDY CHAIR, GOVERNANCE COMMITTEE 3.00 X 0 0 0 MACK WARREN CHAIR, FINANCIAL AFFAIRS COMMITTEE 4.00 X 0 0 0 BRYANT PETER S CHAIR, STUDENT EXPERIENCE COMMITTEE 4.00 X 0 0 0 BOYER GILDA CHAIR 4.00 X X 0 0 0 JENSEN JEFFREY CHAIR ELECT 4.00 X X 0 0 0 LANGSETH KAY TREASURER/VP OF BUSINESS A 50.00 X 191622 0 26368 BRAND JONATHAN PRESIDENT 60.00 X 318653 0 132585 GERARD PAM VP FOR ADVANCEMENT 50.00 X 203741 0 26988 DIEKER RONALD VP FOR ACADEMIC AFFAIRS 50.00 X 163442 0 28937 MURPHY COLLEEN VP FOR ENROLLMENT 50.00 X 160825 0 19411 HARP JOHN VP FOR STUDENT AFFAIRS 50.00 X 127184 0 20921 GIBSON JEFF DIRECTOR OF IT 40.00 X 129749 0 18134 HACKETTKEITH DIRECTOR OF ATHLETICS 40.00 X 120254 0 25634 1415470 0 298978 8 0 1 0 MA MORTENSON COMPANY 700 MEADOW LANE NORTH MINNEAPOLIS MN 94301 GENERAL CONTRACTOR SCIENCE BUILDING 5731901 BON APPETIT 100 HAMILTON AVENUE SUITE 400 PALO ALTO CA 55422 CAMPUS FOOD SERVICE 2691484 SOUTHEAST SERVICE CORPORATION PO BOX 91337 CHICAGO IL 60693 CAMPUS CLEANING SERVICE 759609 DUET RESOURCE GROUP INC 440 W VLIET STREET MILWAUKEE WI 53212 OFFICE DESIGN 397245 WINGER CONTRACTING COMPANY 918 HAYNE STREET OTTUMWA IA 52501 MECHANICAL CONTRACTING SERVICES 213529 5 458168 9755618 646049 10213786 TUITION AND FEES 611710 42375154 42375154 DINING 611710 4731898 4731898 RESIDENCE 611710 4080453 4080453 EDUCATIONAL TRIPS 611710 458182 458182 STUDENT ACTIVITIES 611710 296227 296227 51941914 535312 535312 251646 219792 31854 31854 31854 29713523 27201038 2512485 2512485 2512485 58546 60589 -2043 -2043 BRACKET HOUSE 721310 69351 57569 11782 ATHLETICS 900099 15518 15518 HLTP FITNESS CENTER 713940 2375 2375 17344 17344 104588 65337896 51941914 59944 3122252 24631178 24631178 2052008 1443286 395663 213059 14577980 11859133 1509707 1209140 1025964 800499 121211 104254 2500340 1950868 295399 254073 1130175 881809 133523 114843 77120 39499 37621 84311 2328 81983 59749 59749 70959 70959 191555 191555 161251 161251 1170529 1006798 38659 125072 1306913 860570 328613 117730 552233 36824 498861 16548 510991 299374 211617 1535760 1349571 65631 120558 275230 178850 54279 42101 603143 598866 4277 4930842 4747721 120490 62631 397861 114 397747 DINING 3280541 3280533 0 8 UTILITIES 1316718 1088652 202184 25882 CUSTODIAL SERVICES 997093 821693 114607 60793 LIBRARY & AUDIO VISUAL 308250 308250 2457421 2337745 117076 2600 66206115 58685412 4980452 2540251 8925932 3599503 21738013 17675399 321779 307304 73873 73150 805629 801608 166764549 68343318 93324372 98421231 56134217 60901548 9363103 6517926 1627373 1506427 10517442 9827095 202831733 199631191 4697762 4022689 27694666 28011900 1525220 3458 6144155 5873222 40061803 37911269 X 57233667 63031549 31470812 22268215 74065451 76420158 162769930 161719922 202831733 199631191 X -868219 30856 -212645 X 0 1 X 1 1 1 X 23933935 6900178 14265901 13239529 10272332 68611875 23933935 6900178 14265901 13239529 10272332 68611875 14318239 54293636 612824 602985 712165 823488 786958 3538420 111474 119147 35007 41531 44644 351803 72502098 243713484 0.74890 0.81560 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: ATHLETICS - 2016 AMOUNT: $ 19,659. 2017 AMOUNT: $ 30,528. 2018 AMOUNT: $ 15,518. BRACKET HOUSE - 2016 AMOUNT: $ 10,391. 2017 AMOUNT: $ 11,003. 2018 AMOUNT: $ 11,782. HLTP FITNESS CENTER - 2016 AMOUNT: $ 4,957. MISCELLANEOUS INCOME - 2014 AMOUNT: $ 111,474. 2015 AMOUNT: $ 119,147. 2018 AMOUNT: $ 17,344. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 77722340 2497088 2543341 5953194 521463 76288112 74501908 3280372 4200684 4066823 193801 77722340 70926134 1821824 7292881 5480369 58562 74501908 74517007 2662491 -2174730 3962224 116410 70926134 73773269 1879704 1857345 2993311 74517007 0.04880 0.81950 0.13170 0 0 100000 3643843 3743843 3132612 140471265 54009443 89594434 17312417 14333875 2978542 2104412 2104412 98421231 US GOVERNMENT LOANS, REFUNDABLE 483660 STUDENT TUITION PAID IN ADVANCE 236801 ANNUITIES PAYABLE 1411569 LIFE-INCOME PAYABLE 638395 CONTRACT ADVANCES 2656831 ASSET RETIREMENT OBLIGATION 445966 5873222 X 40613755 30856 280381 311237 40302518 191555 24843823 25035378 65337896 41663763 280381 280381 41383382 191555 24631178 24822733 66206115 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, 2019 AND 2018, THERE WERE NO UNCERTAIN TAX BENEFITS IDENTIFIED AND RECORDED AS A LIABILITY. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 60,589. SPECIAL EVENTS EXPENSE 219,792. PART XI, LINE 4B - OTHER ADJUSTMENTS: ACTUARIAL ADJUSTMENT 165,761. SCHOLARSHIPS AND GRANTS NETTED WITH TUITION 24,631,178. CHANGE IN VALUE OF PERPETUAL TRUST 11,884. LOSS ON PLEDGE 35,000. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 60,589. SPECIAL EVENTS EXPENSE 219,792. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS NETTED WITH TUITION 24,631,178. 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 110684 EUROPE 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 254640 EAST ASIA & THE PACIFIC 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 76969 MIDDLE EAST & NORTH AFRICA 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 5095 SOUTH AMERICA 0 0 PROGRAM SERVICES STUDY ABROAD 34428 0 0 0 0 0 0 481816 0 481816 0 0 0 0 0 0 PART I, LINE 3: ACCRUAL X X X X X X 1 GRENZEBACH GLIER & ASSOCIATES PO BOX 88277 CHICAGO IL 60680 CAMPAIGN FEASABILITY STUDY 0 0 36663 0 36663 IL HOMECOMING 24845 24845 4719 32174 3807 2379 GOLF OUTING 33701 33701 5183 840 2948 8539 58546 58546 9902 33014 6755 10918 60589 -2043 1 EDUCATION - TUITION REMISSION 36 1219618 0 N/A N/A EDUCATION - SEOG GRANTS 268 275035 0 N/A N/A EDUCATION - GENERAL GRANTS 519 2934500 0 N/A N/A ENDOWED AND OTHER SCHOLARSHIPS 989 20202025 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 X X X 0 0 0 0 0 0 0 1 0 LANGSETH KAY TREASURER/VP OF BUSINESS A 189458 0 0 0 2164 0 14426 0 11942 0 217990 0 0 0 BRAND JONATHAN PRESIDENT 316462 0 0 0 2191 0 24534 0 108051 0 451238 0 0 0 GERARD PAM VP FOR ADVANCEMENT 202312 0 0 0 1429 0 15517 0 11471 0 230729 0 0 0 DIEKER RONALD VP FOR ACADEMIC AFFAIRS 162515 0 0 0 927 0 12587 0 16350 0 192379 0 0 0 MURPHY COLLEEN VP FOR ENROLLMENT 160353 0 0 0 472 0 9894 0 9517 0 180236 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS - CORNELL'S PRESIDENT AND A FEW KEY EMPLOYEES IN THE ALUMNI AND ADVANCEMENT OFFICE WILL OCCASIONALLY TRAVEL WITH THEIR SPOUSES TO VARIOUS CORNELL FUNCTIONS, BECAUSE THEY ARE ADVOCATES 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. PART I, LINE 7 SMALL STIPENDS WERE PAID TO MEMBERS OF THE FUNDRASING STAFF. 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 5525405 22990405 269268 8731455 13696944 292738 2014 1 0 1 1 B 4354050 12334948 433409 113017 10711593 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 1 0 0 0 0 0 0 1 B 0 1 0 0 0 0 0 0 1 A 1 B 1 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 31 646049 AVERAGE SHARE PRICE 0 0 1 0 PART I, COLUMN (B): COLUMN (B) REPORTS THE NUMBER OF TIMES DONORS CONTRIBUTED STOCK/SECURITIES OF ONE OR MORE TYPES. FORM 990, PART VI, SECTION A, LINE 2 PETER S. BRYANT, TRUSTEE, AND JANENE PANFIL, TRUSTEE, HAVE A BUSINESS RELATIONSHIP. 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 COMPENSATION COMMITTEE, ACTING AS A SUBCOMMITTEE OF THE EXECUTIVE COMMITTEE, WHO TAKES INTO CONSIDERATION SALARY SURVEY DATA FROM THE ASSOCIATED COLLEGES OF THE MIDWEST. THE REVIEW IS CONDUCTED ANNUALLY, THIS PROCESS WAS DONE IN AUGUST OF 2017 AND 2018. FORM 990, PART VI, SECTION B, LINE 15B: STAFF 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 2017 AND 2018. FACULTY SALARIES ARE DETERMINED BY THE FACULTY SALARY SUBCOMMITTEE IN CONSULTATION WITH THE DEAN OF THE COLLEGE AND PRESIDENT AND ARE BASED ON SALARY SURVEY DATA FROM THE AMERICAN ASSOCIATION OF UNIVERSITY PROFESSORS (AAUP). A POOL FOR ANNUAL SALARY INCREASES IS INCLUDED AS PART OF THE PROPOSED BUDGET THAT IS APPROVED ANNUALLY BY THE BOARD OF TRUSTEES. FROM THE BUDGETED POOL A STANDARD INCREASE AMOUNT IS DETERMINED AND INDIVIDUAL SALARIES FOR STAFF ARE BASED UPON THE RECOMMENDATION OF THE VICE PRESIDENT FOR THE RESPECTIVE DIVISIONS IN CONSULTATION WITH HUMAN RESOURCES. INDIVIDUAL FACULTY SALARY INCREASES ARE BASED UPON THE RECOMMENDATION FROM THE SALARY SUBCOMMITTEE WITH FINAL APPROVAL BY THE DEAN OF THE COLLEGE. 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 -165,761. CHANGE IN VALUE OF PERPETUAL TRUST -11,884. LOSS ON PLEDGE -35,000. CHARITABLE REMAINDER UNITRUSTS (5) INVESTMENTS IA CORNELL COLLEGE T 1 CHARITABLE REMAINDER ANNUITY TRUSTS (28) INVESTMENTS IA CORNELL COLLEGE T 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0