2011-02-15T08:32:00-06:00 2010-06-30 RSM MCGLADREY INC 221 THIRD AVENUE SE SUITE 300 CEDAR RAPIDS IA 524011512 990 2009-07-01 420680335 CORNELL COLLEGE CORN 3198954383 600 FIRST STREET N MOUNT VERNON IA 52314 KAREN MERCER 3198954383 2011-02-14 1 3192985333 2009 2016-02-24 21:20:13Z KAREN MERCER 600 FIRST STREET N MOUNT VERNON IA 52314 63547753 0 X CORNELLCOLLEGE.EDU X 1954 IA POST SECONDARY LIBERAL ARTS EDUCATION 30 30 1325 0 32445 -39700 8898436 5859130 37532574 40714625 1219951 1022604 101971 82472 47752932 47678831 17014304 17741079 0 18172691 17159298 20969 0 1565120 14079614 14531869 49287578 49432246 -1534646 -1753415 147516668 149164117 29795388 29260133 117721280 119903984 ADOPTED BY THE BOARD OF TRUSTEES MAY 18, 1990. CORNELL IS AN INDEPENDENT, COEDUCATIONAL, RESIDENTIAL LIBERAL ARTS COLLEGE, ESTABLISHED IN 1853, NURTURED BY THE UNITED METHODIST CHURCH, AND DEDICATED TO FOSTERING INTELLECTUAL, MORAL, AND PERSONAL GROWTH. THE COLLEGE IS COMMITTED TO SUSTAINING A COMMUNITY DEVOTED TO LIBERAL LEARNING AND DEMOCRATIC VALUES. TO THIS END, IT SEEKS TO PROVIDE A CARING ENVIRONMENT FOR LIVING AND LEARNING CHARACTERIZED BY CLOSE RELATIONSHIPS, PHYSICAL AND EMOTIONAL WELL-BEING, APPRECIATION OF DIVERSITY, AFFIRMATION OF EQUAL OPPORTUNITY AND ACADEMIC FREEDOM, AND RESPECT FOR THE DIGNITY AND WORTH OF EACH INDIVIDUAL. 0 0 6432853 8209701 HIGHER EDUCATION: AUXILIARY ENTERPRISES (HOUSING, DINING, STUDENT UNION, AND SERVICE CENTER). SERVICES WERE PROVIDED. (1121 STUDENTS) 13808902 32435584 HIGHER EDUCATION: INSTRUCTION, ACADEMIC SUPPORT, CONTINUING EDUCATION AND LIBRARY - PROVIDING POST SECONDARY LIBERAL ARTS EDUCATION FOR APPROXIMATELY 1121 STUDENTS. (1121 STUDENTS) 17741079 HIGHER EDUCATION: STUDENT AID: STUDENT FINANCIAL ASSISTANCE FOR APPROXIMATELY 1045 STUDENTS. (1045 STUDENTS) 6529805 69340 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. (1111 STUDENTS) 122850 HIGHER EDUCATION: OFFICE OF COLLEGE COMMUNICATIONS, ALUMNI RELATIONS AND OTHER GENERAL INSTITUTIONAL EXPENSES. (1111 STUDENTS) 6652655 69340 44635489 1 1 0 0 0 0 0 0 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 1 117 0 1 1325 1 1 1 0 0 0 0 0 1 1 0 0 30 30 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NY X X MICHAEL A KRAGENBRINK 3198954383 600 FIRST ST W MOUNT VERNON IA 52314 STEVEN ANDERSON 3.00 X X 0 0 0 JAMES BROWN 2.00 X 0 0 0 PETER S BRYANT 2.00 X 0 0 0 LEE R CLANCEY 2.00 X 0 0 0 LAWRENCE DORR 2.00 X 0 0 0 NEIL E ECKLES 2.00 X 0 0 0 JOHN D MCGRANE 3.00 X X 0 0 0 ROBERT MCLENNAN 3.00 X X 0 0 0 CRAIG SHIVES 2.00 X 0 0 0 JOHN SMITH 4.00 X X 0 0 0 VIRGINIA SMITH 2.00 X 0 0 0 RICHARD J WILLIAMS 3.00 X X 0 0 0 RUDY V BYRON 2.00 X 0 0 0 MILDRED G CARSTENSEN 2.00 X 0 0 0 MARY RETZER 2.00 X 0 0 0 NAOMI WITTSTRUCK 2.00 X 0 0 0 SHERYL C STOLL 2.00 X 0 0 0 JERRY N RINGER 2.00 X 0 0 0 GILDA V BOYER 2.00 X 0 0 0 RICHARD L BRUBAKER 2.00 X 0 0 0 THOMAS L COX 2.00 X 0 0 0 JUDY JORGENSEN 3.00 X X 0 0 0 DEAN RIESEN 2.00 X 0 0 0 CORY KING 2.00 X 0 0 0 JESSICA ALLISON 2.00 X 0 0 0 JESSICA MORTON 2.00 X 0 0 0 EDWARD MEADS 2.00 X 0 0 0 THOMAS DURHAM 2.00 X 0 0 0 JOHN BICKEL 2.00 X 0 0 0 STUART LEHR 2.00 X 0 0 0 LESLIE GARNER 50.00 X 207113 0 37791 KAREN MERCER 50.00 X 143676 0 1520 JAMES BROWN 50.00 X 105422 0 11954 JONATHON STROUD 50.00 X 132204 0 24081 PETER WILCH 50.00 X 127241 0 23780 CHRISTOPHER CARLSON 50.00 X 113814 0 13045 JOHN HARP 50.00 X 102587 0 14503 932057 0 126674 7 0 1 0 SODEXO 4880 PAYSPHERE CIRCLE CHICAGO IL 60674 CUSTODIAL & DINING 2746181 RINDERKNECHT ASSOCIATES PO BOX 369 CEDAR RAPIDS IA 52314 GENERAL CONTRACTOR 308187 PER MAR SECURITY SERVICE PO BOX 1101 DAVENPORT IA 52805 CAMPUS-WIDE SECURITY 297636 MAILING SERVICES INC 950 CAPITAL DR SW CEDAR RAPIDS IA 52404 MAILING SERVICE 245796 EBSCO INFORMATION SERVICES 1140 SILVER LAKE ROAD CARY IL 60013 AC RSRCH DATABASE 153498 7 821614 5037516 3460215 5859130 TUITION AND FEES 611710 32435584 32435584 DINING 611710 4089548 4089548 RESIDENCE 611710 3879552 3879552 STUDENT ACTIVITIES 611710 240601 240601 69340 69340 40714625 926583 926583 8681 8681 82610 41264 41346 41346 41346 15800926 122753 15815084 12574 -14158 110179 96021 96021 BRKT HSE GUEST FACIL 721000 40827 40827 HLTP FITNESS CNTR 713940 3625 3625 K-1 PRTNSHP LOSS 525990 -12007 -12007 32445 47678831 40714625 32445 1072631 17741079 17741079 350789 350789 14007112 12652005 649863 705244 359722 316983 25070 17669 1438700 1342378 28671 67651 1002975 883809 69901 49265 43465 35521 7944 146908 146908 78000 78000 164114 164114 272202 272202 311801 284809 811 26181 1695902 756453 663298 276151 417318 397212 20106 985900 906011 4983 74906 101931 100683 1248 430593 236750 193843 4569678 4476735 92943 248211 153734 94477 DINING 2522422 2522422 UTILITIES 696524 608679 69020 18825 MAINTENANCE 572944 518627 36047 18270 LIBRARY 367312 367312 906644 97606 526130 282908 49432246 44635489 3231637 1565120 6041842 9124896 19736760 16684351 545583 906231 287056 316545 100834677 40748873 63192908 60085804 36278301 38972344 10177051 11305261 2266471 2383688 8990696 9384997 147516668 149164117 7296516 6695296 18527040 18540330 3971832 4024507 29795388 29260133 X 36422759 38598274 19966225 20181483 61332296 61124227 117721280 119903984 147516668 149164117 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 57977908 368194 4800105 3477588 59668619 72967687 3631616 -14094705 4526690 57977908 0.04000 0.95000 0.01000 0 0 100000 3105415 3205415 1098979 79977070 27366299 53709750 16553213 13382574 3170639 60085804 HEDGE FUND 5806146 F NATURAL RESOURCE FUND 871007 F PRIVATE EQUITY FUND 3775986 F REIT 852122 F 11305261 ASSETS HELD IN TRUST 2988474 UNITRUSTS 2252577 CONTRACTS AND MISC 33183 CASH VALUE OF LIFE INSURANCE 4110763 9384997 US GOVERNMENT LOANS, REFUNDABLE 1054655 STUDENT TUITION PAID IN ADVANCE 235684 ANNUITIES PAYABLE 1552254 LIFE-INCOME PAYABLE 1181914 4024507 47678831 49432246 -1753415 3732618 203501 3936119 2182704 33709757 3732618 203501 3936119 29773638 164114 17741079 17905193 47678831 31527053 0 31527053 164114 17741079 17905193 49432246 Part V, Line 4: Description of Intended Use of Endowment Funds: 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 ADAPTED POLICIES TO COMPLY WITH FAS 117-1 AND UPMIFA AS ADAPTED BY THE 2008 IOWA LEGISLATURE. Part X: Description of Uncertain Tax Positions Under FIN 48: TAX POSITIONS ARE NOT OFFSET OR AGGREGATED WITH OTHER POSITIONS. TAX POSITIONS THAT MEET THE "MORE LIKELY THAN NOT" RECOGNITION THRESHOLD ARE MEASURED AS THE LARGEST AMOUNT OF TAX BENEFIT THAT IS MORE THAN 50% LIKELY TO BE REALIZED ON SETTLEMENT WITH THE APPLICABLE TAXING AUTHORITY. THE PORTION OF THE BENEFITS ASSOCIATED WITH TAX POSITIONS TAKEN THAT EXCEEDS THE AMOUNT MEASURED AS DESCRIBED ABOVE IS REFLECTED AS A LIABILITY FOR UNCERTAIN TAX BENEFITS IN THE ACCOMPANYING BALANCE SHEETS ALONG WITH ANY ASSOCIATED INTEREST AND PENALTIES THAT WOULD BE PAYABLE TO THE TAXING AUTHORITIES UPON EXAMINATION. AS OF JUNE 30, 2010 AND 2009, THERE WERE NO UNCERTAIN TAX BENEFITS IDENTIFIED AND RECORDED AS A LIABILITY. Part XI, Line 8 - Other Adjustments: TRUSTS HELD BY OTHERS: 203501. Part XII, Line 2d - Other Adjustments: TRUSTS HELD BY OTHERS: 203501. Part XII, Line 4b - Other Adjustments: SCHOLARSHIPS: 17741079. Part XIII, Line 4b - Other Adjustments: SCHOLARSHIPS: 17741079. 1 1 1 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. 1 1 1 1 0 0 0 0 0 0 0 0 1 0 FEDERAL AND STATE GRANTS 1 North America 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 23173 Central America and the Caribbean 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 34153 East Asia and the Pacific 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 125348 Europe (Including Iceland & Greenland) 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 91451 0 0 274125 1 EDUCATIONAL - ACM TUITION REMISSION 13 310609 EDUCATIONAL - SEOG GRANTS 241 48644 EDUCATIONAL - GENERAL GRANTS 604 6094167 EDUCATIONAL - FACULTY AND STAFF SCHOLARSHIPS 14 299817 EDUCATIONAL - INTERNATIONAL SCHOLARSHIPS 3 58800 EDUCATIONAL - WORKSTUDY COLLEGE CONTRIBUTION 549 114234 ENDOWED AND OTHER SCHOLARSHIPS 940 9352726 EDUCATIONAL - INSTITUTIONAL SCHOLARSHIPS 202 1462082 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 X 1 1 X X X X 0 0 0 0 0 0 0 0 0 LESLIE GARNER 203567 0 0 0 3546 0 10750 0 27041 0 244904 0 0 0 JONATHON STROUD 129329 0 0 0 2875 0 6854 0 17227 0 156285 0 0 0 PETER WILCH 127151 0 0 0 90 0 6716 0 17064 0 151021 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 GARNER IS REQURIED TO LIVE AND ENTERTAIN IN THE PRESIDENT'S HOME WHICH IS OWNED BY THE COLLEGE. HEALTH OR SOCIAL CLUB DUES - CORNELL PAYS COUNTRY CLUB DUES FOR PRESIDENT GARNER AND FORMER DIRECTOR OF DEVELOPMENT, TERRY GIBSON. THE MEMBERSHIP IS SO CORNELL CAN HOLD MANY ALUMNI AND FUND RAISING EVENTS AT THE COUNTRY CLUB. MR. GARNER AND MR. GIBSON DO NOT GET ANY PERSONAL BENEFIT FROM THIS MEMBERSHIP. Supplemental Information Part III SCHEDULE J, PART I, LINE 3: THE PRESIDENTIAL SEARCH IS OVERSEEN BY THE COLLEGE'S BOARD OF TRUSTEES, WHO SELECT A NATIONAL SEARCH FIRM TO CONDUCT THE SEARCH. AT THE BEGINNING OF THE SEARCH, THE FIRM GATHERS INPUT FROM CAMPUS GROUPS TO DESIGN THE POSITION PROFILE. THEY INVITE APPLICATIONS, AND RECRUITMENT CONTINUES UNTIL THE POSITION IS FILLED. THE CANDIDATES MEET WITH MULTIPLE CAMPUS GROUPS, WHICH INCLUDE REPRESENTATION FROM THE FACULTY, ADMINISTRATION, AND STUDENTS. IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 462460ZB5 2006-10-24 6878820 CONSTRUCTION OF STUDENT HOUSING 0 0 IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 462460E51 2008-06-20 11695000 SEE SCHEDULE O 0 0 69420330 438056 137575 6366402 2007 0 0 1 1 11736190 3755286 157192 7823712 2009 1 0 1 1 0 0 0 0 1 0.00000 0.00000 0.00000 1 0 0 0 0 1 0.00000 0.00000 0.00000 1 0 0 0 1 BAYERISCHE LANDESB 40.000000000000 1 1 1 0 1 0 0 0 1 X 42 3307215 AVG SHARE PRICE X 1 153000 APPRAISAL 1 0 1 1 Third Party Use: Part I, Line 32b: CORNELL USES WELLS FARGO AS OUR BROKER TO PROCESS GIFTS OF STOCK. FROM SCHEDULE M PART I(B) NUMBER OF CONTRIBUTIONS REFER TO NUMBER OF CONTRIBUTIONS NOT THE NUMBER OF ITEMS CONTRIBUTED. Form 990, Part VI, Section B, line 11 THE 990 IS POSTED TO THE CORNELL COLLEGE WEBSITE AND INSTRUCTIONS ARE EMAILED TO EACH MEMBER OF THE GOVERNING BODY TO REVIEW THE REPORT PRIOR TO FILING. Form 990, Part VI, Section B, line 12c EACH YEAR, A CONFLICT OF INTEREST POLICY IS HANDED OUT TO EACH BOARD MEMBER. THEY ARE REQUIRED TO COMPLETE THIS FORM AND RETURN THEM TO CORNELL. Form 990, Part VI, Section B, line 15 THE PRESIDENTIAL SEARCH IS OVERSEEN BY THE COLLEGE'S BOARD OF TRUSTEES, WHO SELECT A NATIONAL SEARCH FIRM TO CONDUCT THE SEARCH. AT THE BEGINNING OF THE SEARCH, THE FIRM GATHERS INPUT FROM CAMPUS GROUPS TO DESIGN THE POSITION PROFILE. THEY INVITE APPLICANTS, AND RECRUITMENT CONTINUES UNTIL THE POSITION IS FILLED. THE CANDIDATES MEET WITH MULTIPLE CAMPUS GROUPS, WHICH INCLUDE REPRESENTATION FROM THE FACULTY, ADMINISTRATION, AND STUDENTS. THE PRESIDENT'S SALARY IS SET BY THE BOARD OF DIRECTORS, WHO TAKE INTO CONSIDERATION SALARY SURVEY DATA FROM THE ASSOCIATED COLLEGES OF THE MIDWEST. PART OF HIS SALARY IS "AT RISK" AND PAYABLE ONLY IF SET COLLEGE PERFORMANCE CRITERIA ARE MET. AN ANNUAL REVIEW IS UNDERTAKEN TO DETERMINE WHETHER ANY OR ALL OF THE CRITERIA ARE MET AND THEN A DECISION IS MADE BY THE BOARD. THIS DECISION IS WRITTEN AND FORWARDED TO HUMAN RESOURCES FOR IMPLEMENTATION. VICE-PRESIDENTIAL SALARIES ARE DETERMINED BETWEEN 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 SALARIES ARE REVIEWED ANNUALLY, 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. IF SALARY INCREASES ARE GRANTED, GENERALLY AN ACROSS-THE-BOARD INCREASE IS APPLIED TO STAFF, WITH INDIVIDUAL ADJUSTMENTS MADE ONLY IF MARKET DATA SHOWS CONSIDERABLE VARIANCE. THE PRESIDENT FORWARDS A FINAL RECOMMENDATION TO THE BOARD AND ONLY BOARD APPROVED RECOMMENDATIONS ARE IMPLEMENTED. Form 990, Part VI, Section C, line 19 CORNELL'S BYLAWS, FINANCIAL STATEMENTS AND CONFLICT OF INTEREST POLICIES ARE MADE AVAIALABLE TO THE PUBLIC UPON REQUEST. SCHEDULE K, PART I, COLUMN F DESCRIPTION OF PURPOSE SERIES 2008 IHELA BONDS WERE FOR THE RENOVATION OF VARIOUS CAMPUS FACILITIES AND TO REFINANCE 1985 AND 2001 PRIOR BOND ISSUES (SEE SCHEDULE K PART II, LINE 3). MCELROY-CORNELL LOAN FUND 600 FIRST STREET WEST MT VERNON IA 52314 421256058 LOANS FOR STUDENTS IA 501(C)(3) 11(A) TYPE 1 N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0