2011-05-11T16:09:39-05:00 2010-06-30 DELOITTE TAX LLP 50 SOUTH SIXTH STREET MINNEAPOLIS MN 554021538 990 2009-07-01 420680387 Trustees of Grinnell College TRUS 6412693500 733 Broad Street Accounting Grinnell IA 501121690 DAVID CLAY 6412693500 2011-05-10 1 6123974000 2009 2016-02-24 21:20:13Z Grinnell College David Clay 733 Broad Street Grinnell IA 501121690 427931438 0 X www.grinnell.edu X 1846 IA To educate students in the liberal arts through free inquiry and the open exchange of ideas 26 25 2493 599 37415 -204779 8321422 25922266 67873770 70974671 -106538056 24532813 3079807 2371784 -27263057 123801534 31983387 34332679 0 53630306 52873209 0 3958258 39880869 36576518 125494562 123782406 -152757619 19128 1449818886 1588535603 146697565 169538962 1303121321 1418996641 When Grinnell College framed its charter in the Iowa Territory of the United States in 1846, it set forth a mission to educate its students "for the different professions and for the honorable discharge of the duties of life." 0 0 67103576 33551627 56975416 Instructional Programs-Humanities, Sciences, Social Studies and special programs including international education. The six-year graduation rate is 88% with a 1:9 faculty to student ratio. Grinnell College has approximately 1600 students generally from all states and about 50 other countries. Distinguished programs include the Center for Prairie Studies, Center for the Humanities, Center for International Studies, Noun Program in Women's Studies, Peace Studies Program, Rosenfield Public Affairs Program, and the Donald L. Wilson Program in Enterprise and Leadership.See continuation on Schedule O.The College pursues its mission by educating young men and women in the liberal arts through free inquiry and the open exchange of ideas. As a teaching and learning community, the College holds that knowledge is a good to be pursued both for its own sake and for the intellectual, moral, and physical well-being of individuals and society at large. The College exists to provide a lively academic community of students and teachers of high scholarly qualifications from diverse social and cultural circumstances. The College aims to graduate women and men who can think clearly, who can speak and write persuasively and even eloquently, who can evaluate critically both their own and other's ideas, who can acquire new knowledge, and who are prepared in life and work to use their knowledge and their abilities to serve the common good. At the center of a Grinnell education is intensive mentoring of students by the faculty. This mentoring begins in the First-Year Tutorial, the only required course at Grinnell College. While faculty members from all academic departments teach the tutorial and their topics vary widely, every tutorial emphasizes writing, critical thinking and analysis, oral discussion skills, and information literacy. Each tutor also serves as advisor to the tutorial students until they declare a major field of study. Thus, students receive guidance from an instructor with personal knowledge of their academic interests, aptitudes, and needs. The tutorial is usually limited to 12 students, making it smaller than the average class, though similar in intensity to the rest of the curriculum. In keeping with the mentoring approach, Grinnell classes generally are small, with an average enrollment of 16 and fewer than 9 percent of classes above 30 students. Many academic programs offer a Mentored Advanced Project (MAP) either as independent study or in the context of a seminar. The MAP, closely guided by a faculty director, gives upper-level students the opportunity to culminate a sequence of academic work by competing on advanced projects in research or creative arts. At all levels of the curriculum, Grinnell College students receive an education rooted in active experience. For example, students in science classes engage in discovery-based learning, even at the introductory level. Each area of the fine arts offers opportunities for creative practice alongside the study of history, theory, and formal analysis. Outside the classroom, the Career Development office has coordinated more than 400 College-funded summer internships for students over the past five years. About one-third of students participate in intercollegiate athletics through membership on varsity teams. Residence life, another important feature of the Grinnell College education, teaches students the pragmatic socials skills of self-governance as they live together in a community. The College offers a calendar packed with cultural events and activities, including concerts, lectures, theatre, films and opportunity for volunteer and civic involvement. Grinnell College has never had fraternities or sororities; social events are open to all members of the College. Grinnell College's emphasis on active learning extends to participation in the global community. With international students making up about 10 percent of the student body and domestic students representing every state, Grinnell College offers a geographically and culturally diverse environment for living and learning. A flourishing Center for International Studies coordinates and highlights the many courses and programs at Grinnell College with a global perspective. Even without a language requirement, nearly all students elect to study a foreign language. Roughly half of Grinnell College students spend a semester in Off-Campus Study. Nearly all of these students decide to live and study in an academic program outside the United States. Above all, Grinnell College entrusts students with an uncommon level of responsibility for their own college experience. Just as self-governance is central to residential life at the College, the freedom of each student to choose a unique set of courses is central to the way Grinnell College organizes its curriculum. Students exercise this responsibility not in isolation, but with the active guidance of their faculty advisors and other faculty mentors. Intensive teaching, active learning, residence in a community of cultural and global diversity, and self-governance in both social and academic life-these elements come together at Grinnell College to form a distinctive experience of liberal education. 15988015 343644 1035852 Student Services-Registration, Counseling, Admission and Financial Aid, Health Services, Intercollegiate Athletics, Lectures, Convocations and other student programs 17078251 437408 Academic and Institutional Support-Library, Faculty Development, Computer Services, Public Relations, Printing Services, Mail Services, and other expenditures to support the activities of the College 14001796 12963403 Other program services include auxiliary enterprises such as housing and food services. 14001796 12963403 114171638 1 1 0 0 0 0 1 1 1 1 1 0 1 1 1 0 1 0 0 0 0 1 1 1 1 0 0 0 0 0 0 1 0 1 1 1 1 0 0 0 1 1 1 0 1 2251 0 1 2493 1 1 1 1 UK CJ 0 0 0 0 0 0 0 26 25 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 X X David Clay 6412693500 733 Broad Street Grinnell IA 501121690 Trish Fitzgibbons Anderson 3.00 X 0 0 0 Robert F Austin 3.00 X 0 0 0 Elizabeth Ballantine 1.00 X 0 0 0 J Robert Barr 1.00 X 0 0 0 David B Braman 1.00 X 0 0 0 Nordahl L Brue 3.00 X 0 0 0 Robert A Burnett 1.00 X 0 0 0 Thomas R Cech 0.00 X 0 0 0 Henry Cornell 0.00 X 0 0 0 Dr John F Egan 2.00 X 0 0 0 Laura M Ferguson 1.00 X 0 0 0 Patricia Finkelman 3.00 X X 0 0 0 Harold W Fuson Jr 1.00 X 0 0 0 I Craig Henderson 1.00 X 0 0 0 Steve Holtze 1.00 X 0 0 0 Kihwan Kim 1.00 X 0 0 0 Clinton D Korver 3.00 X X 0 0 0 Todd C Linden 1.00 X 0 0 0 Caroline H Little 3.00 X 0 0 0 Fred A Little 1.00 X 0 0 0 James H Lowry 0.00 X 0 0 0 Charles T Manatt 1.00 X 0 0 0 Paul A McCulley 1.00 X 0 0 0 Susan Holden McCurry 1.00 X 0 0 0 Dr Randall Morgan Jr 1.00 X 0 0 0 Robert C Musser 1.00 X 0 0 0 Gregg Narber 1.00 X 0 0 0 John R Price 1.00 X 0 0 0 Paul G Risser 3.00 X 0 0 0 Ronald B H Sandler 1.00 X 0 0 0 Karen E Shaff 1.00 X 0 0 0 Joel R Spiegel 1.00 X 0 0 0 M Anne Spence 2.00 X 0 0 0 Lonabelle Spencer 1.00 X 0 0 0 Donald M Stewart 1.00 X 0 0 0 Barrett W Thomas 1.00 X 0 0 0 Eric E Whitaker 1.00 X 0 0 0 David P White 2.00 X X 0 0 0 Henry T Wingate 1.00 X 0 0 0 Russell K Osgood 60.00 X 517058 0 73595 David S Clay 60.00 X 588328 0 39915 Susan M Schoen 50.00 X 87230 0 21931 Christopher S Allen 50.00 X 176492 0 24140 John W Kalkbrenner 50.00 X 157186 0 33819 Michael J Munley 50.00 X 203382 0 40037 Marci J Sortor 50.00 X 152200 0 33237 Karen L Voss 50.00 X 164875 0 32416 Paula V Smith 60.00 X 189402 0 64547 John H Mutti 50.00 X 187471 0 33585 Jennifer E Michaels 50.00 X 153785 0 20805 Houston W Dougharty 50.00 X 148604 0 33949 Henry Walker 50.00 X 141981 0 27640 Henry W Moyer 50.00 X 140154 0 28477 Robert D Grey 50.00 X 0 0 0 Jennifer E Michaels 50.00 X 0 0 0 John H Mutti 50.00 X 0 0 0 Henry Walker 50.00 X 0 0 0 James Swartz 50.00 X 177115 0 31441 3185263 0 539534 52 1 1 0 Southeastern Asset Management 6410 Poplar Avenue Memphis TN 38119 Investment Manager 1808875 Neuberger Berman LLC 605 Third Avenue 36th Floor New York NY 10158 Investment Manager 987825 Third Avenue Management LLC 622 Third Avenue 32nd Floor New York NY 10017 Investment Manager 857273 Neumann Brothers Inc 1435 Ohio Street Des Moines IA 50305 Construction Contractor 709649 Sasaki Associates Inc 64 Pleasant Street Watertown MA 02472 Architecture 648898 14 2341421 23580845 7176585 25922266 Tuition and Fees 900099 56900558 56900558 Auxiliary Services 900099 12822060 12822060 Fees, Sources and Fine 900099 1035852 1035852 Alumni Fees 900099 141343 141343 Indirect Cost Recovery 900099 66571 66571 8287 8287 70974671 14336855 37415 14299440 372844 372844 2382625 2382625 67358 87749 -20391 -20391 -20391 313865269 303942877 99278 9922392 -99278 9823114 9823114 Other 900099 9550 9550 9550 123801534 56908845 37415 40933008 262978 262978 29685041 29685041 4384660 4384660 1916840 200401 1151709 564730 1034853 743113 291740 36839999 33852491 1474361 1513147 3301388 2984922 178414 138052 7079181 6317963 419967 341251 2700948 2398653 175956 126339 99911 20471 79440 122547 122547 89827 89827 1672595 1415383 228874 28338 168950 116715 48975 3260 6263380 5699657 129185 434538 1343515 1136242 188434 18839 49407 49407 4561173 4473804 63691 23678 2334017 1652429 275398 406190 971917 634024 128745 209148 1264369 1264369 10338759 9956822 278425 103512 384023 384023 Dining Prog. Food Costs 2420569 2420569 0 0 Off-Campus Program Cost 2120805 2120805 Special Programs 646139 522806 117225 6108 UBIT 174492 0 174492 0 0 0 0 0 1550123 1473890 35105 41128 123782406 114171638 5652510 3958258 1306386 1937029 407984 751470 8869 13803 869131 982455 2082370 2398805 395848163 131343920 240445466 264504243 611701715 673532374 585110182 636286768 7886783 8128656 1449818886 1588535603 21824433 26998017 2000609 1675432 110000000 125581589 5093544 4331575 7778979 10952349 146697565 169538962 X 946655236 1025490798 267861588 300584071 88604497 92921772 1303121321 1418996641 1449818886 1588535603 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 75754 4886604 X X X 0 0 1 1076249574 3511206 142705567 12540202 28340798 1181585347 1472448380 1368843 -354534649 12468036 30564964 1076249574 0.68000 0.32000 0 0 175100 2710092 2885192 525000 256304027 81551892 175277135 63409896 45431192 17978704 53939 72670109 4360836 68363212 264504243 368111 F Marketable Alternatives 213684855 F Non-Marketable Alternatives 420782412 F Other 1451390 F 636286768 Annuities Payable 10952349 10952349 123801534 123782406 19128 123343826 -7487634 115856192 115875320 213844304 123343826 -33345618 89998208 123846096 -44562 -44562 123801534 97968984 7542972 7542972 90426012 33356394 33356394 123782406 Part III, Line 4: The focus of the Grinnell College art collection is works on paper of all types though it is not exclusively a works on paper collection. The Faulconer Gallery and its art collection promote learning through artistic excellence and creative collaboration. Goals of the Gallery include developing collections that directly support exhibitions, teaching, and research and to provide a variety of learning opportunities with art as the primary source using the collection as a dynamic part of the learning process and across the curriculum, facilitating the integration of the gallery and its resources in the classroom and in research. Part IV, Line 2b: Grinnell College classifies on Form 990, Part X, Line 21, amounts held for Perkins loans payable, funds held in trust for others related to annuities and student group/other group agency accounts. Part V, Line 4: Description of Intended Use of Endowment Funds: The intended use of the Grinnell College endowment is to provide predictable and stable support for the College's mission as a fine liberal arts college. Part X: Description of Uncertain Tax Positions Under FIN 48: The College has a tax determination letter from the IRS stating that it qualifies under the provisions of Section 501(c)(3) of the Internal Revenue Code and is exempt from federal income taxes. Note that the College adopted FIN 48 during the year ended June 30, 2008 and the impact of adoption was immaterial to the financial statements. Part XI Line 8- Change in accumulated post retirement benefit obligation $(3,753,842),change in value of split-interest agreements $(3,744,568) and change in cash surrender value of life insurance $10,776. Part XII Line 2D- Grants and Scholarships $(33,181,902), Unrelated Business Income Tax $(174,492) and Change in cash surrender value of life insurance $10,776. Part XII Line 4B- Loss on property $(99,278), alumni fees $141,343 and rental expenses $(86,627). Part XIII Line 2D- Loss on property $99,278, alumni fees $(141,343), rental expenses $86,627, change in accumulated post retirement benefit obligation $3,753,842 and change in value of split-interest agreements $3,744,568. Part XIII Line 4B- Grants and Scholarships $33,181,902 and Unrelated Business Income Tax $174,492. 1 1 1 Grinnell College draws students from around the world and throughout the U.S. and actively seeks to enroll a diverse student body. Domestic students of color currently make up more than 20% of the student body; international students more than 10%. The College's nondiscrimination statement is included in the academic course catalog, available in print to all parts of the general community the college serves, as well as on the colleges website (www.grinnell.edu). 1 1 1 1 0 0 0 0 0 0 0 0 1 0 Financial aid is received for Pell Grants, SEOG, work study and other grants for students. The College also receives funds for NSF grants. 1 1 Central America & the Caribbean Grant making 291946 East Asia and the Pacific Grant making 1288197 Europe (including Iceland & Greenland) Grant making 928241 Middle East and North Africa Grant making 190104 North America Grant making 154671 Russia & the Newly Independent States Grant making 134166 South America Grant making 220707 South Asia Grant making 713784 Sub-Saharan Africa Grant Making 462844 Central America and the Caribbean Program Service Academic/Education 23690 East Asia and the Pacific Program Service Academic/Education 42133 Europe (including Iceland & Greenland) 1 8 Program Service Academic/Education 511580 Middle East and North Africa Program Service Academic/Education 1663 North America Program Service Academic/Education 15488 South America Program Service Academic/Education 50709 South Asia Program Service Academic/Education 7475 Sub-Saharan Africa Program Service Academic/Education 8586 Russia & The Newly Independent States Program Service Academic/Education 5894 Central America and the Caribbean Investments 0 East Asia and the Pacific Investments 0 Europe (Including Iceland & Greenland) Investments 0 Middle East and North Africa Investments 0 North America Investments 0 South America Investments 0 1 8 5051878 Scholarship Central America & the Caribbean 9 284946 Other Scholarship East Asia and the Pacific 53 1231237 Other Scholarship Europe (including Iceland & Greenland) 26 910494 Other Scholarship Middle East and North Africa 4 185934 Other Scholarship North America 5 152621 Other Scholarship Russia & the Newly Independent States 4 132466 Other Scholarship South America 6 216542 Other Scholarship South Asia 28 694484 Other Scholarship Sub-Saharan Africa 16 447389 Other Prizes North America 1 350 Check Fellowships South America 1 1700 Check Fellowships Middle East and North Africa 1 1700 Check Fellowships North America 1 1700 Check Fellowships East Asia and the Pacific 16 35600 Check Fellowships Europe (including Iceland & Greenland) 3 8400 Check Fellowships Russia & Independent States 1 1700 Check Fellowships South Asia 4 8500 Check Fellowships Sub-Saharan Africa 1 3400 Check Internships East Asia and the Pacific 5 21360 Check Internship South Asia 3 10800 Check Internship Europe (including Iceland & Greenland) 3 9347 Check Internship Central America & the Caribbean 2 7000 Check Internship South America 1 2215 Check Internship Sub-Saharan Africa 3 12055 Check Internship Middle East and North Africa 1 2470 Check Prizes South America 1 250 Check Procedure for Monitoring Grants Outside the U.S.: Schedule F, Part I, Line 2: Scholarships and grants for students are applied directly to a student's Grinnell College account and applied to tuition, fees, room, and board. All financial aid is subject to revision based on fund availability, changes in family contribution and/or credit load. Satisfactory academic progress must be maintained according to standards prescribed by Grinnell College. Annual renewal of financial aid is continuous if institutional financial need remains, all required documents are completed by the published deadline and satisfactory academic progress is maintained consistent with Grinnell College policy. Students awarded other funds make various reports and presentations on their research or study as required based on individual requirements of the funding. 1 Grinnell Newburg Community School District Grinnell High School Grinnell IA 50112 426036570 Government Entity 77150 High School Science Building, New Horizons curriculum deveopment, Library books, Fine Arts City of Grinnell 927 4TH Avenue Grinnell IA 50112 426004734 Government Entity 89000 Public Safety Building, Fire Truck, Event Support Grinnell Area Chamber of Commerce 833 4TH Avenue Grinnell IA 50112 420286455 501(C)(6) 14000 Mainstreet Makeover Poweshiek Iowa Development 927 4TH Avenue Grinnell IA 50112 201423354 501(C)(3) 25000 Loan fund support Artspot Productions 6100 Canal Boulevard New Orleans LA 70124 721499547 501(C)(3) 12500 Wall Award 4 1 Scholarships 1276 28925789 Prizes 80 66780 Fellowships 196 478935 Awards 2 12500 Internships 80 201037 Other Information: Part IV: Scholarships and grants for students are applied directly to a student's Grinnell College account and applied to tuition, fees, room and board. All financial aid is subject to revision based on fund availability, changes in family contribution and/or credit load. Satisfactory academic progress must be maintained according to standards prescribed by Grinnell College. Annual renewal of financial aid is continuous if institutional financial need remains, all required documents are completed by the published deadline and satisfactory academic progress is maintained consistent with Grinnell College policy. Students awarded other funds make various reports and presentations on their research or study as required based on individual requirements of the funding. X X 1 1 X X X X X 0 1 0 0 0 0 0 0 0 Russell K Osgood 453474 0 0 0 63584 0 24500 0 49095 0 590653 0 0 0 David S Clay 503343 0 0 0 84985 0 24500 0 15415 0 628243 0 0 0 Christopher S Allen 176209 0 0 0 283 0 17672 0 6468 0 200632 0 0 0 John W Kalkbrenner 156829 0 0 0 357 0 16204 0 17615 0 191005 0 0 0 Michael J Munley 202451 0 0 0 931 0 20884 0 19153 0 243419 0 0 0 Marci J Sortor 151651 0 0 0 549 0 15684 0 17553 0 185437 0 0 0 Karen L Voss 163823 0 0 0 1052 0 16925 0 15491 0 197291 0 0 0 Paula V Smith 188979 0 0 0 423 0 19000 0 45547 0 253949 0 0 0 John H Mutti 185610 0 0 0 1861 0 18992 0 14593 0 221056 0 0 0 Jennifer E Michaels 150264 0 0 0 3521 0 15170 0 5635 0 174590 0 0 0 Houston W Dougharty 140289 0 2500 0 5815 0 14950 0 18999 0 182553 0 0 0 Henry Walker 140698 0 0 0 1283 0 14402 0 13238 0 169621 0 0 0 Henry W Moyer 136273 0 0 0 3881 0 14080 0 14397 0 168631 0 0 0 James Swartz 175940 0 0 0 1175 0 17903 0 13538 0 208556 0 0 0 Part I, Line 1a The President is required to live in College owned housing. The College employs a housekeeper for this housing. The housing benefit is not taxable pursuant to IRC Section 119 as it is a condition of the President's employment at the College. Part I, Line 4a The College had an IRC Section 457(f) Bonus and Deferred Compensation Plan (the Plan). Listed persons Russell K. Osgood and David S. Clay participated in the Plan during FYE ending June 30, 2010. Contributions of $0 were made to the plan during the College's fiscal year ending June 30, 2010, and the Plan was terminated and paid out on September 10, 2009. Contributions to the plan were made solely by the respective employee; therefore, there was no additional expense to the College. Iowa Higher Education Loan Authority 421235696 462460E69 2008-06-26 60000000 Facilities construction and improvements 0 0 Iowa Higher Education Loan Authority 421235696 462460H74 2010-03-09 65994798 Refund 12/13/2001 $50,000,000 bond issue & facilities construction & equip 0 0 61414112 378597 61035515 0 0 0 1 66026410 51433447 11956925 404597 2231442 0 1 0 1 0 0 0 0 0 0.00000 0.00000 0.00000 1 0 0 0 0 0 0.00000 0.00000 0.00000 1 0 1 0 0 0 1 0 0 0 0 0 1 Scholarshipsgrants 57338 Paul Tjossem Family member of Paula Smith 86850 Wages 0 Goldman Sachs Capital Partners 2000 LP Henry Cornell, Trustee of the College 1874506 Investment: Henry Cornell, a former Trustee of the College and former Chair of the Investment Committee, whose Board membership term ended in May 2010, is on the Investment Committee of GS Capital Partners 2000, L.P., an investment partnership in which the College owns an interest. The College has agreed to contribute capital (including management fees) in exchange for a partnership interest in GS Capital Partners 2000, L.P. The College also receives distributions as partnership investments mature. The opportunity to invest in GS Capital Partners 2000, L.P. was made available to a broad range of institutional investors. Capital contributions of $109,525 and distributions of $1,764,981 for the fiscal year. 0 Goldman Sachs Partners VI Parallel LP Henry Cornell, Trustee of the College 3000000 Investment: Henry Cornell, a former Trustee of the College and former Chair of the Investment Committee, whose Board membership term ended in May 2010, is on the Investment Committee of GS Capital Partners VI Parallel, L.P., an investment partnership in which the College owns an interest. The College has agreed to contribute capital (including management fees) in exchange for a partnership interest in GS Capital Partners VI Parallel, L.P. The College also receives distributions as partnership investments mature. The opportunity to invest in GS Capital Partners VI Parallel L.P. was made available to a broad range of institutional investors. Capital contributions of $3,000,000 and distributions of $0 for the fiscal year. 0 PIMCO Short-Term Institutional Fund Paul McCulley, Trustee of the College 29000000 Investment: Paul McCulley, a Trustee of the College and member of the Investment Committee, was the Portfolio Manager of the PIMCO Short-Term Institutional Fund (Retired December 2010), a mutual fund in which the College owns an interest. The opportunity to invest in the PIMCO Short-Term Institutional Fund was made available to a broad range of institutional investors. Purchases and redemptions totaled $21,050,000 and $7,950,000 for the fiscal year. The value of the investment on June 30, 2010 was $13,408,119. 0 X 2 24251 Art Insurance Value X 51503 Fair Market Value X 27 7092746 NYSE Average High/Low X KINDLES 1 8085 Fair Market Value 5 0 0 0 Form 990, Part VI, Section A, line 1 A Life Trustee will be permitted to vote on matters coming before a Board meeting only if the Life Trustee shall have attended at least two of the immediately preceding three regular meetings of the Board. No Life Trustee shall have the right to vote on proposed amendments to the Articles of Incorporation or By-Laws. The Board may from time to time, designate any regular member who has served as such for at least 12 years a Life Trustee. Life Trustees with no voting rights during 2010 and therefore not listed in Part VII are Richard Booth, Carolyn Swartz Bucksbaum, Warren Buffett, Vernon Faulconer, Ronald Gault, Patricia Meyer Papper, Penny Bender Sebring and Jesse Ternberg. Form 990, Part VI, Section A, line 2 Caroline Little and Fred Little have a family relationship. Form 990, Part VI, Section B, line 11 The 990 was made available for review to all Trustees and the President, Treasurer, and VP for Finance prior to the May 2011 Trustee meeting. The 990 was presented to and reviewed in detail by the Audit and Assessment Committee telephonically prior to the meeting and presented for approval to the full Board of Trustees. Form 990, Part VI, Section B, line 12c Officers and Trustees are required to report any conflicts of interest under the policies of the Trustees of Grinnell College. Any conflicts must be disclosed in writing before entering into the transaction to the Executive Committee of the Board of Trustees. A transaction may not be entered into until approved by a vote of at least two-thirds by the Executive Committee. The Executive Committee shall report to the Board of Trustees on all Conflict of Interest transactions considered by it at each meeting of the Board and, if requested by the Executive Committee, the Board shall consider whether to ratify the actions of the Executive Committee with respect to any such Conflict of Interest transaction. A Conflict of Interest transaction may only be ratified by the affirmative vote by at least two-thirds of the Trustees present and voting at a meeting of the Board duly called and held after the Executive Committee has received the disclosure. Each current member of the Board of Trustees and each Officer shall file a statement in July of each year with the Treasurer certifying that he or she has read, and is familiar with the terms of, this Conflict of Interest Policy, and either (a) setting forth and describing any possible conflicts of interest which may have arisen or occurred in the fiscal year of the College ending June 30, or which may be expected to arise or occur during the fiscal year beginning July 1, or (b) that he or she knows of no such possible conflict of interest. Key employees must annually complete the campus conflict of interest disclosure statement which is reviewed by a committee consisting of members from the Human Resources, Treasurer and Dean's offices, respectively. Form 990, Part VI, Section B, line 15 The College has a disqualified employee compensation review policy. The determination of who is classified as a disqualified employee at Grinnell College is determined by the level of each individual's involvement in the management and/or control of certain financial aspects of the College. Grinnell College will acquire and use sufficient data regarding comparable compensation packages to assist in establishing the compensation of disqualified employees. The proposed compensation for each disqualified person will be approved by a conflict-free decision-making body composed of members of the Grinnell College Board of Trustees. The decision-making body will receive a Rebuttable Presumption Summary for each individual at Grinnell College identified as a disqualified person. All relevant information will be documented regarding the actions of the decision-making body. This process was used for the following positions: President, Treasurer, Dean of Admission & Financial Aid, Vice-President for Diversity & Achievement, Vice-President for Student Affairs, Vice-President for College Services, Assistant Treasurer, Vice-President of College and Alumni Relations, Secretary, Dean of the College, former Dean of the College, former Dean of Admission & Financial Aid, Vice-President for Institutional Planning, Vice-President for Finance & Associate Treasurer, Director of Student Financial Aid and Director of Facilities Management. The last review was conducted for compensation effective July 1, 2010. Form 990, Part VI, Section C, line 19 The College makes its Articles of Incorporation, conflict of interest policy, financial statements and other key policies (Red Flag, Whistleblower, etc.) available to the public via its website-www.grinnell.edu. The By-Laws are authorized to be reviewed by the entire board, faculty, staff, students, and any other person upon request to the Chair of the Board. Schedule K Supplental Information Part I, Line B, col (f): The purpose of the bonds is to refund the $50,000,000 12/13/01 bond issue and facilities construction & equipment. Schedule K, Part II, Line 8, col A: The projects financed by the 2008 bond issue were substantially completed after the close of the reporting year. Schedule K, Part II, Line 12, col A & B: Final allocations for the 2008 and 2010 bond issues have not been made. The College will retain appropriate books and records when the final allocations are made. Schedule K, Part III: The projects financed by the 2008 and 2010 bond issues were not placed in service as of 6/30/10. Therefore, the measurement period for private business use had not begun as of the close of the fiscal year. Form 990, Part V, Line 1a: The College filed 423 1099's and 1,828 1098-T's for a total of 2,251 Schedule M, Line 31- The College's policy on gift acceptance does not include a review of non-standard gifts as gifts that fit the definition of non-standard are not accepted by the College. Grinnell College Medical Benefit Plan Trust 733 Broad Street Grinnell IA 50112 421371997 Health insurance for employees and retirees IA 501(c)(9) N/A Red Rock Ventures III LP 530 Lytton Ave 2nd floor Palo Alto CA 94301 770549159 Venture Capital DE N/A Investment -482995 1987177 0 0 VARA Global Macro Master Fund Ltd Ugland House South Church Street George Town Cayman Islands CJ HM11 980509440 Securities Trading CJ N/A Investment -1441672 5962812 0 0 VARA Global Macro Fund Ltd Ugland House South Church Street George Town Cayman Islands CJ HM11 Securities Trading CJ N/A Investment -1469178 5970858 0 0 Poweshiek Petroleum Corporation 733 Broad Street Accounting Grinnell IA 50112 730646866 Oil & Gas Production IL N/A C 44168 19861 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 Grinnell College Medical Benefit Plan Trust Q 5522079