2025-04-14T18:59:54-05:00 2024-05-31 410746749 CLIFTONLARSONALLEN LLP 8390 EAST CRESCENT PARKWAY SUITE 300 GREENWOOD VILLAGE CO 80111 990 2023-06-01 910916534 CORNISH COLLEGE OF THE ARTS CORN 2067265020 1000 LENORA STREET SEATTLE WA 98121 CHERYL WYNNE INTERIM CFO 2067265020 2025-04-14 1 1 BECKY DETTMANN CPA P01408585 3037795710 2025-04-14 2023 2025-03-06 01:10:19Z EMILY PARKHURST 1000 LENORA STREET SEATTLE WA 98121 24836078 0 X WWW.CORNISH.EDU X 1914 WA AN ACCREDITED FOUR YEAR COLLEGE OFFERING BACCALAUREATE DEGREES IN THE PERFORMING AND VISUAL ARTS. 16 16 525 71 0 0 6768779 2051271 15433566 18774933 417842 749047 -27225 469624 22592962 22044875 4515190 6339474 0 0 10730209 12522395 0 0 495784 9379829 12247927 24625228 31109796 -2032266 -9064921 84133872 77670840 29204844 31145974 54929028 46524866 X THE MISSION OF CORNISH COLLEGE OF THE ARTS IS TO PROVIDE STUDENTS ASPIRING TO BECOME PRACTICING ARTISTS WITH ANEDUCATIONAL PROGRAM OF THE HIGHEST POSSIBLE QUALITY, IN AN ENVIRONMENT, THAT NURTURES CREATIVITY AND INTELLECTUALCURIOSITY, WHILE PREPARING THEM TO CONTRIBUTE TO SOCIETY AS ARTISTS, CITIZENS, AND INNOVATORS. 0 0 24481153 6339474 18774933 AN ACCREDITED FOUR-YEAR COLLEGE OFFERING BACCALAUREATE DEGREES IN THE PERFORMING AND VISUAL ARTS. 480 STUDENTS ATTENDED CORNISH COLLEGE IN THE 2023 FALL SEMESTER AND 435 STUDENTS ATTENDED IN THE 2024 SPRING SEMESTER. IN FY 2023/2024, 82 STUDENTS GRADUATED. IN ADDITION, THE EXTENSIONS PROGRAMS KNOWN AS CORNISH+, OFFERED NEW STUDIO-BASED CLASSES, YOUTH PROGRAMS AND STUDENT PERFORMANCES TO 472 PARTICIPANTS. 24481153 1 1 0 0 0 0 0 1 0 1 1 0 0 1 1 1 0 1 1 0 1 0 1 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 1 0 0 1 642 0 1 525 1 0 0 0 0 0 0 0 0 0 0 0 0 X 16 16 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 1 1 1 0 0 X X CHERYL WYNNE 2067265020 1000 LENORA STREET SEATTLE WA 98121 EMILY PARKHURST CHAIR 4.00 0.00 X X 0 0 0 MICHAEL FORTIN TREASURER 4.00 0.00 X X 0 0 0 JOSEPH ROSA SECRETARY 4.00 0.00 X X 0 0 0 CARIE ANTONELLI TRUSTEE 1.50 0.00 X 0 0 0 MICHAEL BARTLEY TRUSTEE 1.50 0.00 X 0 0 0 GARY FLUHRER TRUSTEE 1.50 0.00 X 0 0 0 MARIANNE FRANCIS TRUSTEE 1.50 0.00 X 0 0 0 LINDA KOA TRUSTEE 1.50 0.00 X 0 0 0 JEFF LEHMAN TRUSTEE 1.50 0.00 X 0 0 0 MARGE LEVY TRUSTEE 1.50 0.00 X 0 0 0 GINNY MCCORMICK TRUSTEE 1.50 0.00 X 0 0 0 KARL MOEHRING TRUSTEE 1.50 0.00 X 0 0 0 SHERRY RAISBECK TRUSTEE 4.00 0.00 X 0 0 0 LORI NOTO TRUSTEE 1.50 0.00 X 0 0 0 LISA SCRIBANTE TRUSTEE 1.50 0.00 X 0 0 0 MICHELE SMITH TRUSTEE 1.50 0.00 X 0 0 0 RAYMOND TYMAS-JONES PRESIDENT 40.00 0.50 X 398516 0 28190 JESSICA THURLOW VP ACADEMIC AFFAIRS, PROVOST 40.00 0.00 X 116989 0 12890 DEBORAH TREEN VP FINANCE & BUDGET, CFO 40.00 0.50 X 202013 0 23615 JAMES FALZONE ACADEMIC DEAN 40.00 0.00 X 126284 0 25485 BRITTANY HENDERSON DEAN OF STUDENT AFFAIRS 40.00 0.00 X 111640 0 11167 955442 0 101347 5 0 1 0 CORE EDUCATION SERVICES PBC 201 NORTH UNION STREET SUITE 110 ALEXANDRIA VA 22314 COLLEGE CONSULTING 1603427 ALLIED UNIVERSAL SECURITY PO BOX 31001-2374 PASADENA CA 811102374 SECURITY SERVICES 705614 COCM STUDENT HOUSING PROFESSIONALS 1500 URBAN CENTER DRIVE SUITE 400 BIRMINGHAM AL 35242 STUDENT HOUSING MANAGEMENT 295959 BON APPETIT MANAGEMENT CO PO BOX 417632 BOSTON MA 022417632 FOOD SERVICE/ MEALS/CATERING 278240 CCS PO BOX 912578 DENVER CO 802912578 JANITORIAL SERVICES 218495 7 183450 515373 1352448 767659 2051271 TUITION AND FEES 611610 18724685 18724685 PARKING REVENUE 812930 85621 85621 PERFORMANCE REVENUES 611610 29199 29199 STUDENT HOUSING 611610 -64572 -64572 18774933 428932 428932 591403 365451 225952 225952 225952 2745867 2425752 320115 320115 320115 OTHER REVENUE 900099 240953 240953 COMMISSION REVENUE 722514 2719 2719 243672 22044875 18774933 0 1218671 X 6120757 6120757 218717 218717 652153 206733 389791 55629 9667708 7927863 1472803 267042 281486 233321 40676 7489 965235 827009 117352 20874 955813 755569 170605 29639 314522 151803 157668 5051 156311 75443 78358 2510 32918 15888 16501 529 36110 36110 3415696 1648573 1712265 54858 243493 119653 120105 3735 627577 354483 265201 7893 587757 444311 138962 4484 30496 23053 7210 233 815881 530835 276136 8910 303571 146505 152189 4877 16874 8144 8459 271 939926 864732 75194 2037132 1874161 162971 313868 237266 74207 2395 CAPSTONE DEFICIT 531261 401603 125605 4053 BAD DEBT 460133 460133 0 0 JANITORIAL SUPPLIES 381725 205248 171626 4851 HOUSING & MEALS 307679 148500 154237 4942 694997 480850 208628 5519 31109796 24481153 6132859 495784 763248 1787400 1663896 4154 1713450 1315465 6822025 1917090 314950 158185 155786 393800 81352575 28536617 54068582 52815958 6848863 7791893 11783072 11486895 84133872 77670840 1326232 1587584 304307 247018 12323000 8323000 1227356 7593523 14023949 13394849 29204844 31145974 X 45185372 35619868 9743656 10904998 54929028 46524866 84133872 77670840 -9064921 660759 0 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 134875 0 0 X X EDUCATION 0 11063722 491544 1713563 432640 11291 12824898 10761937 995590 -264064 415770 13971 11063722 10898426 1053853 -771205 392610 26527 10761937 8878995 25970 2424191 404464 26266 10898426 8868122 93571 401951 458339 26310 8878995 0.00000 0.67560 0.32440 0 1 1 15828824 15828824 55866368 21793058 34073310 1789359 655704 1133655 6436273 5106908 1329365 1431751 980947 450804 52815958 BOND ISSUANCE COSTS, NET 162057 RIGHT OF USE ASSET - OPERATING 5120044 RIGHT OF USE ASSET - FINANCING 6129794 DEFERRED FINANCING COST 75000 11486895 DUE TO DEPT OF EDUCATION 168859 RENTAL DEPOSITS 273500 LEASE LIABILITY - OPERATING 7149935 LEASE LIABILITY - FINANCING 5802555 13394849 X 16817248 660759 -6217727 -5556968 22374216 36110 -365451 -329341 22044875 24853594 365451 365451 24488143 36110 6585543 6621653 31109796 PART III, LINE 4: VARIOUS WORKS OF ART INCLUDING PAINTINGS, SKETCHES, AND PRINTS FOR THE EDUCATION OF STUDENTS AND FOR PUBLIC DISPLAY. PART V, LINE 4: ENDOWMENT FUNDS ARE HELD AND PRESERVED AT THE FAIR VALUE OF THE ORIGINAL GIFT WITH THE EARNINGS AWARDED AS SCHOLARSHIP AND PROGRAM RELATED ACTIVITIES AS STIPULATED BY THE DONOR. PART X, LINE 2: CORNISH COLLEGE OF THE ARTS IS EXEMPT FROM FEDERAL INCOME TAXES AS AN ENTITY DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. IN ADDITION, CORNISH COLLEGE OF THE ARTS IS CURRENTLY EXEMPT FROM REAL AND PERSONAL PROPERTY TAXES ON ITS EDUCATIONAL AND OTHER NONCOMMERCIAL PROPERTIES. THE COLLEGES' RETURNS ARE SUBJECT TO EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES, GENERALLY FOR THREE AND FOUR YEARS, RESPECTIVELY, AFTER THEY ARE FILED. THE COLLEGE BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN AFFECTING ITS ANNUAL FILING REQUIREMENTS AND, AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. THE COLLEGE WOULD RECOGNIZE FUTURE ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS AND LIABILITIES IN INCOME TAX EXPENSE IF SUCH INTEREST AND PENALTIES WERE INCURRED. PART XI, LINE 2D - OTHER ADJUSTMENTS: CORNISH FOUNDATION REVENUE NETTED WITH EXPENSES - INCLUDED IN CONSOL AFS 367,816. FINANCIAL AID AND OTHER ASSISTANCE -6,585,543. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSE -365,451. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE 365,451. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND OTHER ASSISTANCE 6,585,543. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 ADVERTISING PLACED IN NEWSPAPERS AND THE INTERNET FOR EMPLOYMENT OPPORTUNITIES STATE THAT THE COLLEGE IS AN EQUAL OPPORTUNITY EMPLOYER. ADMISSIONS AND RECRUITING MATERIALS ALSO STATE THAT THE COLLEGE DOES NOT DISCRIMINATE. THE ORGANIZATION IS CURRENTLY WORKING ON MOVING ITS RACIALLY NONDISCRIMINATORY POLICY TO THE ORGANIZATION'S INTERNET HOME PAGE. SCHEDULE E, PART I, LINE 6 CORNISH RECEIVES FINANCIAL ASSISTANCE FROM THE US DEPARTMENT OF EDUCATION IN CONNECTION WITH VARIOUS PROGRAMS SUCH AS WORK STUDY PROGRAMS AND THE FSEOG GRANT PROGRAM. THE COLLEGE ALSO RECEIVES ASSISTANCE FROM THE STATE OF WASHINGTON THROUGH THE COLLEGE WORK STUDY PROGRAM AND THE WASHINGTON BUILDING FOR THE ARTS PROGRAM. 1 EAST ASIA AND THE PACIFIC 0 0 SCHOLARSHIPS N/A 55617 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 SCHOLARSHIPS N/A 5940 NORTH AMERICA 0 0 SCHOLARSHIPS N/A 42253 RUSSIA AND NEIGHBORING STATES 0 0 SCHOLARSHIPS N/A 6800 SOUTH AMERICA 0 0 SCHOLARSHIPS N/A 25843 SOUTH ASIA 0 0 SCHOLARSHIPS N/A 44316 SUB-SAHARAN AFRICA 0 0 SCHOLARSHIPS N/A 37948 NORTH AMERICA 0 0 CONTRIBUTIONS RECEIVED N/A 0 0 0 0 0 0 218717 0 218717 SCHOLARSHIPS AND TUITION DISCOUNTS EAST ASIA AND THE PACIFIC 4 55617 OTHER N/A N/A SCHOLARSHIPS AND TUITION DISCOUNTS EUROPE (INCLUDING ICELAND & GREENLAND) 1 5940 OTHER N/A N/A SCHOLARSHIPS AND TUITION DISCOUNTS NORTH AMERICA 5 42253 OTHER N/A N/A SCHOLARSHIPS AND TUITION DISCOUNTS RUSSIA AND NEIGHBORING STATES 1 6800 OTHER N/A N/A SCHOLARSHIPS AND TUITION DISCOUNTS SOUTH AMERICA 1 25843 OTHER N/A N/A SCHOLARSHIPS AND TUITION DISCOUNTS SOUTH ASIA 6 44316 OTHER N/A N/A SCHOLARSHIPS AND TUITION DISCOUNTS SUB-SAHARAN AFRICA 1 37948 OTHER N/A N/A 0 0 0 0 0 0 PART I, LINE 2: THE COLLEGE'S FINANCIAL AID OFFICE AWARDS SCHOLARSHIPS TO STUDENTS BASED ON ELIGIBILITY CRITERIA PREDETERMINED BY DONORS AND COLLEGE POLICIES. ALL AWARDS ARE APPLIED TO TUITION AND RELATED EXPENSES ONLY. PART II: THE ORGANIZATION USED THE ACCRUAL METHOD OF ACCOUNTING TO ACCOUNT FOR SCHOLARSHIPS AND TUITION DISCOUNTS IN PART I COLUMN (F) AND PART III COLUMN (D) AND (F). 1 TUITION EXCHANGE 9 320901 N/A N/A MERIT SCHOLARSHIPS 472 4258815 N/A N/A ENDOWED SCHOLARSHIPS 106 432640 N/A N/A RESTRICTED SCHOLARSHIPS 14 90781 N/A N/A HOUSING GRANTS 145 1017620 N/A N/A PART I, LINE 2: THE COLLEGE'S FINANCIAL AID OFFICE AWARDS SCHOLARSHIPS TO STUDENTS BASED ON ELIGIBILITY CRITERIA PREDETERMINED BY DONORS AND COLLEGE POLICIES. ALL AWARDS ARE APPLIED TO TUITION AND RELATED EXPENSES ONLY. X X X 0 0 0 0 0 0 0 1 0 RAYMOND TYMAS-JONES PRESIDENT 308660 0 32000 0 57856 0 13200 0 14990 0 426706 0 0 0 DEBORAH TREEN VP FINANCE & BUDGET, CFO 169830 0 0 0 32183 0 8357 0 15258 0 225628 0 0 0 JAMES FALZONE ACADEMIC DEAN 126060 0 0 0 224 0 5621 0 19864 0 151769 0 0 0 PART I, LINE 7 THE ORGANIZATION PAID OUT BONUSES IN 2023 AS FOLLOWS FOR PERSONS LISTED ON THE FORM 990, PART VII, SECTION A: RAYMOND TYMAS-JONES............$ 32,000 A WASHINGTON HIGHER EDUCATION FACILITIES 911306482 2010-12-01 20323000 FINANCING AND REFINANCING COSTS ASSOCIATED WITH THE COLLEGE'S FACILITIES 0 0 0 A 12000000 20323000 202371 20120629 2010 1 0 1 1 A 0 0 0 0 0 0 1 A 0 0 0 0 1 1 KEYBANK NATIONAL 10.000000000000 0 0 0 0 1 A 1 X 1 621028 FMV X SUPPLIES 2 146631 FMV 0 0 1 0 PART I, COLUMN (B): THE NUMBER OF CONTRIBUTIONS WAS USED IN PART I. FORM 990, PART VI, SECTION A, LINE 8B THERE ARE NO COMMITTEES THAT HAVE BEEN GRANTED AUTHORITY TO ACT ON BEHALF OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WAS PREPARED BY THE ORGANIZATIONS INDEPENDENT CPA WITH INFORMATION PROVIDED BY MANAGEMENT. A COPY OF THE 990 WAS REVIEWED BY THE CFO AND PROVIDED TO THE BOARD OF TRUSTEES PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C AS REQUIRED BY THE COLLEGE'S CONFLICT OF INTEREST POLICY, BOARD MEMBERS COMPLETE AN ANNUAL SURVEY THAT IS REVIEWED BY THE BOARD AND THE OFFICERS OF THE COLLEGE. THE BOARD'S TRUSTEESHIP AND GOVERNANCE COMMITTEE IS RESPONSIBLE FOR OVERSIGHT AND ENFORCEMENT OF CONFLICT OF INTEREST POLICIES AND PROCEDURES. ANY POTENTIAL CONFLICTS OF INTEREST ARE REPORTED TO THE AUDIT COMMITTEE FOR DETERMINATION OF WHETHER A CONFLICT OF INTEREST EXISTS AND ANY APPROPRIATE ACTIONS THAT ARE NEEDED AS A RESULT. IF A CONFLICT EXISTS, THE BOARD SHALL DETERMINE WHETHER THE TRANSACTION OR ARRANGEMENT IS IN CORNISH'S BEST INTEREST, THEN THE BOARD SHALL DETERMINE BY A MAJORITY VOTE OF THE DISINTERESTED TRUSTEES WHETHER TO ENTER INTO THE TRANSACTION OR ARRANGEMENT IN CONFORMITY WITH SUCH DETERMINATION. FORM 990, PART VI, SECTION B, LINE 15A A SUBCOMMITTEE OF THE BOARD OF TRUSTEES ANNUALLY REVIEWS THE PRESIDENT'S PERFORMANCE AND DETERMINES COMPENSATION. THE COMMITTEE UTILIZES PEER SALARY SURVEYS AND OTHER RESEARCH IN DETERMINING THE PRESIDENT'S SALARY. DOCUMENTATION OF THE SUBCOMMITTEE DELIBERATION AND RECOMMENDATION IS HELD BY THE COLLEGE'S OFFICE OF HUMAN RESOURCES. THIS PROCESS WAS LAST COMPLETED IN 2023. THE PRESIDENT ANNUALLY REVIEWS OFFICERS' PERFORMANCES AND DETERMINES COMPENSATION. SALARY SURVEYS AND OTHER RESEARCH ARE USED IN DETERMINING COMPENSATION FOR OFFICERS. THIS PROCESS WAS LAST COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL SERVICES: PROGRAM SERVICE EXPENSES 1,648,573. MANAGEMENT AND GENERAL EXPENSES 1,712,265. FUNDRAISING EXPENSES 54,858. TOTAL EXPENSES 3,415,696. FORM 990, PART XII, LINE 2C: THE PROCESS FOR OVERSIGHT AND SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM THE PRIOR YEAR. CORNISH FOUNDATION 1000 LENORA ST SEATTLE WA 98121 912105614 ENDOWED SCHOLARSHIPS WA 501(C)(3) LINE 12A, I CORNISH COLLEGE OF THE ARTS 1 0 0 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 CORNISH FOUNDATION C 183450 CASH