2012-11-13T16:03:29-06:00 2012-06-30 420714325 MCGLADREY LLP 221 THIRD AVENUE SE STE 300 CEDAR RAPIDS IA 524011512 990 2011-07-01 420680335 CORNELL COLLEGE CORN 3198954383 600 FIRST STREET SW MOUNT VERNON IA 52314 KAREN MERCER 3198954383 2012-11-13 1 KAY HEGARTY P00091057 3192985333 2011 2016-02-24 21:20:13Z KAREN MERCER 600 FIRST STREET SW MOUNT VERNON IA 52314 83817394 0 X CORNELLCOLLEGE.EDU X 1854 IA POST SECONDARY LIBERAL ARTS EDUCATION 26 26 1384 26 -9828 -9828 5451204 8839356 44501417 46949615 2749223 2517950 70987 32971 52772831 58339892 21029059 22458144 0 0 18360745 18095425 0 0 1241987 15141665 17362040 54531469 57915609 -1758638 424283 150734632 149319557 27211007 26673766 123523625 122645791 X ADOPTED BY THE BOARD OF TRUSTEES, APRIL, 2012. 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. 1 0 14327170 38240171 HIGHER EDUCATION: INSTRUCTION, ACADEMIC SUPPORT, CONTINUING EDUCATION AND LIBRARY - PROVIDING POST SECONDARY LIBERAL ARTS EDUCATION FOR APPROXIMATELY 1197 STUDENTS. 6650341 8533108 HIGHER EDUCATION: AUXILIARY ENTERPRISES (HOUSING, DINING, STUDENT UNION, AND SERVICE CENTER)SERVICES WERE PROVIDED FOR APPROXIMATELY 1197 STUDENTS. 22458144 22458144 HIGHER EDUCATION: STUDENT AID: STUDENT FINANCIAL ASSISTANCE FOR APPROXIMATELY 1197 STUDENTS. (1197 STUDENTS) 7032688 176336 HIGHER EDUCATION: STUDENT SERVICES AND ADMISSIONS, REGISTRAR, HEALTH CENTER, COUNSELING, FINANCIAL AID, STUDENT AFFAIRS AND CAMPUS MINISTER. SERVICES WERE PROVIVIDED TO THE ENTIRE STUDENT BODY. (1197 STUDENTS) 556133 HIGHER EDUCATION: OFFICE OF COLLEGE COMMUNICATIONS, ALUMNI RELATIONS AND GENERAL INSTITUTIONAL EXPENSES (1197 STUDENTS) 7588821 176336 51024476 1 1 0 0 0 0 0 0 1 1 1 1 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 85 0 1 1384 1 1 1 0 0 0 0 0 0 0 0 0 X 26 26 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 IL X X LOIS MULBROOK 3198954245 600 FIRST ST SW MOUNT VERNON IA 52314 STEVEN ANDERSON 2.00 X 0 0 0 KYLE DAVY 2.00 X 0 0 0 PETER S BRYANT 2.00 X 0 0 0 JEFFREY JENSEN 2.00 X 0 0 0 MAUREEN JOHNSON 2.00 X 0 0 0 JEAN RUSSELL 2.00 X 0 0 0 JOHN D MCGRANE 4.00 X X 0 0 0 ROBERT MCLENNAN 2.00 X 0 0 0 ROBERT WILSON 2.00 X 0 0 0 JOHN SMITH 3.00 X X 0 0 0 VIRGINIA SMITH 2.00 X 0 0 0 RICHARD J WILLIAMS 3.00 X X 0 0 0 LOREN HIRATZKA 2.00 X 0 0 0 MILDRED G CARSTENSEN 3.00 X X 0 0 0 LYNN LUCE KITT 2.00 X 0 0 0 JERRY N RINGER 2.00 X 0 0 0 GILDA V BOYER 3.00 X X 0 0 0 LINDA KOEHN 2.00 X 0 0 0 JUDY JORGENSEN 2.00 X 0 0 0 DEAN RIESEN 2.00 X 0 0 0 JOHN URHEIM 2.00 X 0 0 0 JESSICA MORTON 2.00 X 0 0 0 EDWARD MEADS 2.00 X 0 0 0 THOMAS DUNHAM 3.00 X X 0 0 0 JOHN BICKEL 2.00 X 0 0 0 STUART LEHR 2.00 X 0 0 0 FRANCES KAO 2.00 X 0 0 0 ELI WADE-SCOTT 2.00 X 0 0 0 KAREN MERCER 50.00 X 143303 0 14457 JONATHAN BRAND 60.00 X 132734 0 18053 JAMES BROWN 50.00 X 148900 0 37098 JONATHAN STROUD 50.00 X 133172 0 20891 PETER WILCH 50.00 X 128343 0 11612 JOHN HARP 50.00 X 101027 0 20441 RONALD JOE DIEKER 50.00 X 131019 0 24949 918498 0 147501 6 0 1 0 SODEXO 4880 PAYSPHERE CIRCLE CHICAGO IL 60674 CUSTODIAL & DINING 3174916 OPNARC ARCHITECTS INC 200 FIFTH AVE SE STE 201 CEDAR RAPIDS IA 52401 ARCHITECTS & CONTRACTORS 646720 PER MAR SECURITY SERVICE PO BOX 1101 DAVENPORT IA 52805 CAMPUS-WIDE SECURITY 269900 MAILING SERVICES INC 950 CAPITAL DR SW CEDAR RAPIDS IA 52404 MAILING SERVICE 171494 MCCOMAS-LACINA CONSTRUCTION 1310 HIGHLAND COURT IOWA CITY IA 52240 CONSTRUCTION COMPANY 139664 6 702502 8136854 681268 8839356 TUITION AND FEES 611710 37857012 37857012 DINING 611710 4441710 4441710 RESIDENCE 611710 4005305 4005305 EDUCATIONAL TRIPS AND 611710 383159 383159 STUDENT ACTIVITIES 611710 86093 86093 176336 176336 46949615 344603 344603 192762 181789 10973 10973 10973 27464812 4248 25295713 0 2169099 4248 2173347 2173347 BRKT HSE GUEST FACIL 721000 29126 29126 HLTP FITNESS CNTR 713940 2700 2700 K-1 PRTNSHP LOSS 525990 -9828 -9828 21998 58339892 46949615 -9828 2560749 22458144 22458144 260643 260643 14576304 13017732 924779 633793 566746 497255 41468 28023 1669626 1464907 122165 82554 1022106 896781 74787 50538 119956 59978 59978 58064 58064 133485 133485 175286 175286 238451 190761 38152 9538 138541 138541 1452658 857403 497398 97857 558955 269522 267075 22358 97837 97837 1776052 1623826 59362 92864 427998 342398 68480 17120 3424049 3293861 84989 45199 363771 330723 33048 DINING 2810751 2810751 WRITEOFF CONTRIBUTION R 2212281 2212281 UTILITIES 1053362 842690 168538 42134 CUSTODIAL SERVICES 931907 745526 149105 37276 1388636 1085840 220063 82733 57915609 51024476 5649146 1241987 11801217 18452044 14070693 8407273 478196 312074 325111 411542 105139609 46443825 58412107 58695784 39300838 36541208 14666664 15988186 2090679 2037810 9589127 8473636 150734632 149319557 7103988 7145578 16244784 15534212 65045 0 600000 3797190 3393976 27211007 26673766 X 36734584 37447823 25688339 25492690 61100702 59705278 123523625 122645791 150734632 149319557 X 424283 -1302117 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 65046494 245098 761164 2386120 63666636 59668619 -131810 7868988 2359303 65046494 57977908 368194 4800105 3477588 59668619 72967687 3631616 -14094705 4526690 57977908 0.04400 0.93600 0.02000 0 0 100000 3376702 3476702 1824906 83946638 32442982 53328562 15891363 14000843 1890520 58695784 HEDGE FUND 6709977 F NATURAL RESOURCE FUND 778814 F PRIVATE EQUITY FUND 5115646 F REIT 3383749 F 15988186 ASSETS HELD IN TRUST 3281806 UNITRUSTS 1953225 CONTRACTS AND MISC 28165 CASH VALUE OF LIFE INSURANCE 3210440 8473636 US GOVERNMENT LOANS, REFUNDABLE 901607 STUDENT TUITION PAID IN ADVANCE 161609 ANNUITIES PAYABLE 1273750 LIFE-INCOME PAYABLE 1057010 3393976 58339892 57915609 424283 -1379560 77443 -1302117 -877834 34586134 -1379560 -22380701 -23760261 58346395 175286 -181789 -6503 58339892 35463968 181789 181789 35282179 175286 22458144 22633430 57915609 PART IV, LINE 2B: THE BEGINNING OF THE YEAR BALANCE SHEET REFLECTS AN AMOUNT FOR CORNELL STUDENT GROUP CHECKING ACCOUNTS AT A LOCAL BANK. THESE ACCOUNTS HELD STUDENT ACTIVITY FEES WHICH HELP FUND THESE GROUPS AND WERE APPROPRIATED BY THE STUDENT SENATE. CORNELL'S FINANCIAL STATEMENTS SHOWED THIS AS A LIABILITY FUND HELD ON BEHALF OF OTHERS. AS OF THE END OF THE YEAR, THESE FUNDS HAVE NOW COME UNDER THE CONTROL OF THE COLLEGE. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: 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. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: 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. MANAGEMET 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, 2012 AND 2011, THERE WERE NO UNCERTAIN TAX BENEFITS IDENTIFIED AND RECORDED AS A LIABILITY. FORMS 990 AND 990-T FILED BY THE COLLEGE ARE NO LONGER SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE FOR THE FISCAL YEARS ENDED JUNE 30, 2008 AND PRIOR. PART XI, LINE 8 - OTHER ADJUSTMENTS: ACTUARIAL ADJUSTMENTS ON LIFE INCOME AND ANNUITY AGREEMENTS 77,443. PART XII, LINE 2D - OTHER ADJUSTMENTS: ACTUARIAL ADJUSTMENTS ON LIFE AND ANNUITY CONTRACTS 77,443. SCHOLARSHIPS -22,458,144. PART XII, LINE 4B - OTHER ADJUSTMENTS: RENT EXPENSES -181,789. PART XIII, LINE 2D - OTHER ADJUSTMENTS: RENT EXPENSES 181,789. PART XIII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 22,458,144. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION 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 AFFIRMITIVE 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. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 FEDERAL AND STATE GRANTS NORTH AMERICA - CANADA AND MEXICO) 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 58114 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 139488 SOUTH ASIA 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 38845 EUROPE (INCLUDING ICELAND & GREENLAND) - 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 100005 SOUTH AMERICA 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 26093 AUSTRALIA AND NEW ZEALAND 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 35332 AFRICA 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 43979 0 0 0 0 0 0 441856 0 441856 1 0 0 0 0 0 1 EDUCATIONAL - ACM TUITION REMISSION 16 514445 EDUCATIONAL - SEOG GRANTS 313 42221 EDUCATIONAL - GENERAL GRANTS 910 9406000 EDUCATIONAL - FACULTY AND STAFF SCHOLARSHIPS 9 229215 EDUCATIONAL - INTERNATIONAL SCHOLARSHIPS 1 16360 EDUCATIONAL - WORKSTUDY COLLEGE CONTRIBUTION 534 110734 ENDOWED AND OTHER SCHOLARSHIPS 1006 10467555 EDUCATIONAL - INSTITUTIONAL SCHOLARSHIPS 213 1671614 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, 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 0 0 KAREN MERCER 143136 0 0 0 167 0 7540 0 6917 0 157760 0 0 0 JONATHAN BRAND 132112 0 0 0 622 0 7854 0 10199 0 150787 0 0 0 JAMES BROWN 148150 0 0 0 750 0 24500 0 12598 0 185998 0 0 0 JONATHAN STROUD 129599 0 0 0 3573 0 3398 0 17493 0 154063 0 0 0 RONALD JOE DIEKER 130804 0 0 0 215 0 11112 0 13837 0 155968 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 OFTEN TIMES ALUMNI AND ALSO 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. IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 462460ZB5 2006-10-24 6878820 CONSTRUCTION OF STUDENT HOUSING 0 0 0 IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 462460E51 2008-06-20 11695000 RENOVATION OF VARIOUS CAMPUS FACILITIES AND REFINANCE OF PRIOR BOND ISSUES 0 0 0 119126 6942033 438056 137575 6366402 2007 0 0 1 1 2920483 11736190 3755286 157192 7823712 2009 1 0 1 1 0 0 0 0 0.00000 0.00000 0.00000 1 0 0 0 0 0.00000 0.00000 0.00000 1 0 0 0 1 BAYERISCHE LANDESBANK 40.000000000000 1 1 1 0 1 0 0 0 1 X X 23 681268 AVG SHARE PRICE 0 1 0 METHOD FOR DETERMINING NUMBER OF CONTRIBUTORS: PART I, COLUMN (B): THIS IS THE NUMBER OF ITEMS RECEIVED. NEW PROGRAM SERVICES FORM 990, PART III, LINE 2 THE COLLEGE RECEIVED ITS EQUITABLE PORTION OF THE MCELROY LOAN FUND TRUST EFFECTIVE FEBRUARY 1, 2012. THE COLLEGE WILL CONTINUE TO USE THE ASSETS FROM THE TRUST TO DISBURSE LOANS TO STUDENTS AND USE THE SAME CRITERIA FOR LENDING. FORM 990, PART VI, SECTION B, LINE 11 THE 990 IS REVIEWED IN DETAIL BY THE BUSINESS AFFAIRS COMMITTEE OF THE BOARD. THE 990 IS FINALIZED AND POSTED TO THE CORNELL COLLEGE SECURED BOARD WEBSITE AND MADE AVAILABLE FOR REVIEW BY EACH MEMBER. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR, A CONFLICT OF INTEREST POLICY IS DISTRIBUTED TO EACH BOARD MEMBER. THEY ARE REQUIRED TO COMPLETE THIS FORM AND RETURN IT TO CORNELL. FORM 990, PART VI, SECTION B, LINE 15 THE PRESIDENT'S SALARY IS SET BY THE BOARD OF TRUSTEES, WHO TAKE INTO CONSIDERATION SALARY SURVEY DATA FROM THE ASSOCIATED COLLEGES OF THE MIDWEST. VICE-PRESIDENTIAL SALARIES ARE DETERMINED BY THE PRESIDENT AND THE HUMAN RESOURCES DIRECTOR UTILIZING SALARY DATA FROM THE ASSOCIATED COLLEGES OF THE MIDWEST AND COLLEGE AND UNIVERSITY PROFESSIONALS (CUPA) DATA. OTHER STAFF AND FACULTY SALARIES ARE REVIEWED WHEN REPLACEMENTS ARE NECESSARY OR WHEN MARKET CONDITIONS INDICATE THAT A POSITION IS SIGNIFICANTLY UNDERPAID. PROPOSED SALARIES FOR NEW OR REPLACEMENT STAFF POSITIONS ARE COMPARED TO EXTERNAL MARKET DATA AND DISCUSSED BY THE SALARY REVIEW COMMITTEE (VICE-PRESIDENT OF BUSINESS AFFAIRS, SPECIAL ASSISTANT TO THE PRESIDENT AND THE DIRECTOR OF HUMAN RESOURCES). MARKET DATA, IN CONJUNCTION WITH FINANCIAL CONSTRAINTS, YIELD A RECOMMENDATION FORWARDED TO THE PRESIDENT FOR REVIEW AND APPROVAL. IF SALARY INCREASES ARE GRANTED TO CONTINUING STAFF AND FACULTY, GENERALLY AN ACROSS-THE-BOARD INCREASE IS APPLIED TO SALARIES, WITH INDIVIDUAL ADJUSTMENTS MADE ONLY IF MARKET DATA SHOWS CONSIDERABLE VARIANCE. COMPENSATION INCREASES ARE INCLUDED AS PART OF THE PROPOSED BUDGET THAT IS APPROVED ANNUALLY BY THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION C, LINE 19 CORNELL'S BYLAWS, FINANCIAL STATEMENTS AND CONFLICT OF INTEREST POLICIES ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -1,379,560. ACTUARIAL ADJUSTMENTS ON LIFE INCOME AND ANNUITY AGREEMENTS 77,443. TOTAL TO FORM 990, PART XI, LINE 5: -1,302,117. NONCASH PROPERTY DESCRIPTION SCHEDULE B, PART II, NUMBER 2 FROM PART I 122 SHS AT&T, 52 SHS APA, 8 SHS EBAY, 121 SHS EXC, 225 SHARES XOM, 8 SHS GE, 42 SHS HAL, 7,545 SHS ITW, 375 SHS PEP, 47 SHS UNP, 58 SHS VZ. MCELROY-CORNELL LOAN FUND 600 FIRST STREET SW MT VERNON IA 52314 421256058 LOANS FOR STUDENTS IA 501(C)(3) 11(A) TYPE 1 N/A 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 MCELROY - CORNELL LOAN FUND R 513792 CASH/RECEIVABLES PART V TRANSACTIONS WITH RELATED ORGANIZATION, 1R: AS OF FEBRUARY, 2012 THE ASSETS OF THE TRUST WAS DISSOLVED AND ALL OBLIGATIONS TO THE TRUST WERE ELIMINATED.