2023-05-10T19:22:50-05:00 2022-06-30 410746749 CLIFTONLARSONALLEN LLP 8390 EAST CRESCENT PARKWAY SUITE 300 GREENWOOD VILLAGE CO 80111 990 2021-07-01 420680335 CORNELL COLLEGE CORN 3198954383 600 FIRST STREET SW MOUNT VERNON IA 52314 KELLY FLEGE VICE PRESIDENT, CFO, TREASURER 3198954383 2023-05-15 1 KELLY FLEGE XXX-XX-XXXX SARAH HINTZ P00492291 3037795710 2023-05-08 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z KELLY FLEGE 600 FIRST STREET SW MOUNT VERNON IA 52314 124258653 0 X WWW.CORNELLCOLLEGE.EDU X 1854 IA TO CREATE A SPACE WHERE STUDENTS CAN DEVELOP INTELLECTUAL CURIOSITY, CREATIVITY AND MORAL COURAGE. 39 38 894 150 85247 0 19669760 16884263 53303116 59138374 13313763 5862768 1456995 1965457 87743634 83850862 28437940 33343067 0 0 20638846 22225550 6175 0 2290969 19418895 24449613 68501856 80018230 19241778 3832632 232351142 226333007 39891140 47708250 192460002 178624757 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 50700596 33343067 48893053 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 47 STATES AND 19 FOREIGN COUNTRIES, AND RENOWNED VISITING SPEAKERS, FACULTY, AND ENTERTAINERS, CORNELL OFFERS THE WORLD FROM ITS HILLTOP CAMPUS. 10603929 0 0 STUDENT AID AND FINANCIAL ASSISTANCE:STUDENTS INVEST IN THEIR EDUCATION AT CORNELL COLLEGE, AND CORNELL INVESTS IN THEIR FUTURES. CORNELL COLLEGE GRADUATES ARE GETTING JOBS AND NOT BURDENED BY DEBT, AS SHOWN BY OUR LOW AVERAGE LOAN DEFAULT RATE. COMPARED TO GRADUATES OF OTHER FOUR-YEAR INSTITUTIONS, CORNELLIANS ARE TWICE AS LIKELY TO HAVE THE MEANS TO PAY OFF STUDENT LOANS. APPROXIMATELY 99% OF CORNELL GRADUATES COMPLETE THEIR DEGREES IN FOUR YEARS OR LESS, AND 53% OF CORNELL GRADUATES COMPLETE AN ADVANCED DEGREE. CORNELL'S LAW SCHOOL ACCEPTANCE RATE IS 83% COMPARED TO THE NATIONAL AVERAGE OF 73%. CORNELL'S MEDICAL SCHOOL ACCEPTANCE RATE IS 76% COMPARED TO THE NATIONAL AVERAGE OF 40%. 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. 8952624 0 10245321 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. 70257149 1 1 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 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 0 0 0 1 1567 0 1 894 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 39 38 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 IA CA IL NY X X KELLY FLEGE 3198954383 600 FIRST STREET SW MOUNT VERNON IA 52314 BRAND JOHNATHAN PRESIDENT 40.00 X X 328572 0 129767 JENSEN JEFFREY CHAIR 4.00 X X 0 0 0 DURHAM THOMAS CHAIR, AUDIT & ASSESSMENT COMMITTEE 3.00 X 0 0 0 MCGRANE JOHN CHAIR, FINANCIAL AFFAIRS COMMITTEE 3.00 X 0 0 0 SIMMER SCOTT CHAIR, ACADEMIC AFFAIRS COMMITTEE 3.00 X 0 0 0 TURNER JOHN CHAIR, INVESTMENT COMMITTEE 3.00 X 0 0 0 THOMAS JAN CHAIR, GOVERNANCE COMMITTEE 3.00 X 0 0 0 RUSSELL JEAN AT LARGE, EXECUTIVE COMMITTEE 3.00 X 0 0 0 SMITH JOHN AT LARGE, EXECUTIVE COMMITTEE 3.00 X 0 0 0 WEISS KEVIN AT LARGE, EXECUTIVE COMMITTEE 3.00 X 0 0 0 BRYANT JULIE TRUSTEE 1.00 X 0 0 0 BRYANT PETER TRUSTEE 1.00 X 0 0 0 BAYNARD TAHLLEE 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 CZAPLA MARISSA TRUSTEE 1.00 X 0 0 0 EPPS FELECIA TRUSTEE 1.00 X 0 0 0 FROEHLICH STEPHANIE TRUSTEE 1.00 X 0 0 0 GUNN STUART TRUSTEE 1.00 X 0 0 0 HIRATZKA LOREN TRUSTEE 1.00 X 0 0 0 JOHNSON MAUREEN TRUSTEE 1.00 X 0 0 0 KAO FRANCES TRUSTEE 1.00 X 0 0 0 KHAN SULTAN AHMED TRUSTEE 1.00 X 0 0 0 KOEHN LINDA TRUSTEE 1.00 X 0 0 0 KRIVO GEORGE TRUSTEE 1.00 X 0 0 0 LUMANOG JACK TRUSTEE 1.00 X 0 0 0 MACK WARREN TRUSTEE 1.00 X 0 0 0 MCLENNAN ROBERT TRUSTEE 1.00 X 0 0 0 MEIS JESSICA TRUSTEE 1.00 X 0 0 0 MORRIS PETER 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 REED HARPER TRUSTEE 1.00 X 0 0 0 RINGER JERRY N TRUSTEE 1.00 X 0 0 0 RIRIE SCOTT TRUSTEE 1.00 X 0 0 0 SUDOL ERIC TRUSTEE 1.00 X 0 0 0 STOLL SHERYL ATKINSON TRUSTEE 1.00 X 0 0 0 URHEIM MAXINE TRUSTEE 1.00 X 0 0 0 WILLIAMS LAUREN TRUSTEE 1.00 X 0 0 0 LAYZELL DAN TREASURER/VP, CFO/COO 40.00 X 252814 0 37175 CRAWFORD ILENE VP FOR ACADEMIC AFFAIRS 40.00 X 162509 0 28089 GIBSON JEFF DIRECTOR OF IT 40.00 X 133428 0 12949 HARP JOHN SPECIAL ASST TO THE PRESIDENT 40.00 X 130151 0 16794 BECKEMEYER WENDY VP FOR ENROLLMENT MGMT 40.00 X 235070 0 30425 COLUMBUS KRISTI AVP FOR ALUMNI & COLLEGE ADV 40.00 X 130550 0 12664 1373094 0 267863 9 0 1 0 MA MORTENSON COMPANY 700 MEADOW LANE NORTH MINNEAPOLIS MN 94301 GENERAL CONTRACTOR ATHLETICS BUILDING 14738823 BON APPETIT 100 HAMILTON AVENUE SUITE 400 PALO ALTO CA 55422 CAMPUS FOOD SERVICE 3860756 SOUTHEAST SERVICE CORPORATION PO BOX 91337 CHICAGO IL 60693 CAMPUS CLEANING SERVICE 1185318 EAB GLOBAL INC 2445 M ST NW WASHINGTON DC 20037 ENROLLMENT RESOURCES 1006130 PER MAR SECURITY SERVICES PO BOX 1101 DAVENPORT IA 52805 SECURITY 320934 20 16884263 1021802 16884263 TUITION AND FEES 611310 48622179 48622179 DINING 722514 5467880 5467880 RESIDENCE 721310 4764411 4764411 EDUCATIONAL TRIPS 611710 270874 270874 STUDENT ACTIVITIES 611710 13030 13030 59138374 1423106 3479 1419627 109548 72446 37102 37102 37102 44775007 40335345 4439662 4439662 4439662 ALL OTHER REVENUE 900099 1503661 1503661 ATHLETICS 711210 334888 334888 BRACKETT HOUSE 721110 89806 81768 8038 1928355 83850862 59138374 85247 7742978 33295967 33295967 47100 47100 638750 638750 16951288 13277807 2642816 1030665 754166 595677 112331 46158 2856428 2161151 527812 167465 1024918 775445 189385 60088 313058 247530 50949 14579 68702 13243 55459 56829 56829 56822 56822 200463 128275 26403 45785 1216106 1039995 32714 143397 2540614 2074708 169081 296825 774420 237558 429011 107851 4068066 3508564 491655 67847 1396508 1210460 111875 74173 82279 47488 31014 3777 1325898 1029048 293096 3754 6726139 6479544 162254 84341 1077233 57807 1019426 DINING 3497593 3494175 3153 265 1048883 535607 369277 143999 80018230 70257149 7470112 2290969 14453545 9681367 22230690 22875182 1241210 399788 70318 71206 917861 878251 193681789 84036576 99267819 109645213 77409957 66286689 1717848 1072261 1271056 1301841 13770838 14121209 232351142 226333007 3199135 3951517 237051 203686 31459867 19124044 20091737 4995087 4337266 39891140 47708250 X 72063328 78117364 120396674 100507393 192460002 178624757 232351142 226333007 X 3832632 -17198821 -469056 X X 0 1 X 1 1 1 X 13239529 10213786 20619159 19669760 16884263 80626497 13239529 10213786 20619159 19669760 16884263 80626497 14602288 66024209 823488 786958 909882 641837 1529175 4691340 2979 2979 41531 44644 344138 1364726 1846588 3641627 88962443 265345168 0.74220 0.74060 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: ATHLETICS - 2017 AMOUNT: $ 30,528. 2018 AMOUNT: $ 15,518. 2019 AMOUNT: $ 21,855. 2020 AMOUNT: $ 41,320. 2021 AMOUNT: $ 334,888. BRACKET HOUSE - 2017 AMOUNT: $ 11,003. 2018 AMOUNT: $ 11,782. 2019 AMOUNT: $ 7,493. 2020 AMOUNT: $ 2,438. 2021 AMOUNT: $ 8,039. HLTP FITNESS CENTER - MISCELLANEOUS INCOME - 2018 AMOUNT: $ 17,344. 2019 AMOUNT: $ 314,790. 2020 AMOUNT: $ 1,320,968. 2021 AMOUNT: $ 1,503,661. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 93803619 3345621 -11560695 3441399 132527 82014619 81135185 2179805 18299813 7763085 48099 93803619 76288112 7802585 613715 3339502 229725 81135185 77722340 2497088 2543341 5953194 521463 76288112 74501908 3280372 4200684 4066823 193801 77722340 0.04542 0.94865 0.00593 0 0 100000 9781691 9881691 149381233 67172953 82208280 18318873 16863623 1455250 16099992 16099992 109645213 ASSETS HELD IN TRUST 4870304 UNITRUSTS 1340238 CSV LIFE INSURANCE 3630595 RIGHT-OF-USE LEASE 4280072 14121209 US GOVERNMENT LOANS, REFUNDABLE 70101 ANNUITIES PAYABLE 1104697 LIFE-INCOME PAYABLE 589960 CONTRACT ADVANCES 2179427 ASSET RETIREMENT OBLIGATION 393081 4337266 X 34046688 -17198821 -396610 -17595431 51642119 56822 32151921 32208743 83850862 47881933 72446 72446 47809487 56822 32151921 32208743 80018230 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, 2022 AND 2021, THERE WERE NO UNCERTAIN TAX BENEFITS IDENTIFIED AND RECORDED AS A LIABILITY. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 72,446. ACTUARIAL ADJUSTMENT -352,247. CHANGE IN VALUE OF PERPETUAL TRUST -116,809. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS NETTED WITH TUITION 32,151,921. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 72,446. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS NETTED WITH TUITION 32,151,921. 1 1 0 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. 1 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 88291 EUROPE 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 4846704 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 107513 CENTRAL AMERICA AND THE CARIBBEAN 0 0 GRANTMAKING N/A 47100 0 0 0 0 0 0 5089608 0 5089608 EDUCATION - INTERNATIONAL SCHOLARSHIP CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 1 47100 ACH N/A N/A 0 0 0 0 0 0 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. PART I, LINE 3: ACCRUAL PART III ACCOUNTING METHOD: 1 EDUCATION - TUITION REMISSION 39 1541250 N/A N/A EDUCATION - SEOG GRANTS 307 299589 N/A N/A EDUCATION - GENERAL GRANTS 625 3126653 N/A N/A ENDOWED AND OTHER SCHOLARSHIPS 1027 27137329 N/A N/A EDUCATION - CARES FUNDING 1191146 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 0 1 0 0 0 0 0 0 0 BRAND JOHNATHAN PRESIDENT 322313 0 1350 0 4909 0 8722 0 121045 0 458339 0 0 0 LAYZELL DAN TREASURER/VP, CFO/COO 251464 0 1350 0 0 0 8723 0 28452 0 289989 0 0 0 BECKEMEYER WENDY VP FOR ENROLLMENT MGMT 225070 0 10000 0 0 0 7843 0 22582 0 265495 0 0 0 CRAWFORD ILENE VP FOR ACADEMIC AFFAIRS 157509 0 5000 0 0 0 5607 0 22482 0 190598 0 0 0 PART I, LINE 1A NON-TAXABLE TRAVEL FOR COMPANIONS - CORNELL'S PRESIDENT WILL OCCASIONALLY TRAVEL WITH HIS SPOUSE TO VARIOUS CORNELL FUNCTIONS, AS AN ADVOCATE OF THE COLLEGE. NON-TAXABLE 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 4B JONATHAN BRAND - COLLEGE CONTRIBUTED TO 457(F) - $33,150 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 7540000 22990405 269268 8731455 13989682 2014 1 0 1 1 B 8463976 12334948 49526 113017 9521931 2018 1 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 0 0 1 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 A 1 B 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: IOWA HIGHER EDUCATION LOAN AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 09/24/2015 ISSUER NAME: IOWA HIGHER EDUCATION LOAN AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 02/17/2022 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 24 1021802 AVERAGE SHARE PRICE 0 0 1 0 PART I, COLUMN (B): THE NUMBER IN COLUMN (B) IS THE NUMBER OF CONTRIBUTIONS. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE SHALL CONSIST OF THE CHAIR, IMMEDIATE PAST CHAIR, CHAIR-ELECT, CHAIRS OF THE POLICY COMMITTEES, CHAIR OF THE GOVERNANCE COMMITTEE, PRESIDENT OF THE COLLEGE (NON-VOTING), AND UP TO THREE (3) AT-LARGE TRUSTEES APPOINTED AT THE ANNUAL MEETING, ALL SUBJECT TO APPROVAL BY THE BOARD. BETWEEN MEETINGS OF THE BOARD, THE EXECUTIVE COMMITTEE SHALL HAVE GENERAL SUPERVISION OF THE ADMINISTRATION AND PROPERTY OF THE COLLEGE EXCEPT THAT IT MAY NOT TAKE ANY ACTION INCONSISTENT WITH THE LAWS OF THE STATE OF IOWA AND, UNLESS, SPECIFICALLY EMPOWERED BY THE BOARD TO DO SO, IT MAY NOT TAKE ANY ACTION INCONSISTENT WITH A PRIOR ACT OF THE BOARD, AWARD DEGREES, ALTER BYLAWS, LOCATE PERMANENT BUILDINGS ON TAX-EXEMPT PROPERTY HELD FOR COLLEGE PURPOSES, REMOVE OR APPOINT THE PRESIDENT OF THE COLLEGE, OR TAKE ANY ACTION WHICH HAS BEEN RESERVED BY THE BOARD. 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 BOARD, WHO TAKE INTO CONSIDERATION SALARY SURVEY DATA FROM THE ASSOCIATED COLLEGES OF THE MIDWEST. THE REVIEW PROCESS IS DOCUMENTED IN THE BOARD MINUTES, AND IS CONDUCTED ANNUALLY. THIS PROCESS WAS DONE IN 2022. FORM 990, PART VI, SECTION B, LINE 15B: OTHER OFFICERS AND KEY EMPLOYEES' 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 2022. 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 ON LIFE INCOME AND ANNUITY AGREEMENTS -352,247. CHANGE IN VALUE OF PERPETUAL TRUST -116,809. FORM 990, PART XII, LINE 2C: THE PROCESS FOR OVERSIGHT AND SELECTION OF AN INDEPENDENT ACCOUNT HAS NOT CHANGED FROM THE PRIOR YEAR. CHARITABLE REMAINDER UNITRUSTS (7) INVESTMENTS IA CORNELL COLLEGE T 1 CHARITABLE REMAINDER ANNUITY TRUSTS (24) INVESTMENTS IA CORNELL COLLEGE T 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1