2025-02-10T16:23:52-06:00 2024-06-30 410746749 CLIFTONLARSONALLEN LLP 8390 EAST CRESCENT PARKWAY SUITE 300 GREENWOOD VILLAGE CO 80111 990 2023-07-01 420680335 CORNELL COLLEGE CORN 3198954383 600 FIRST STREET SW MOUNT VERNON IA 52314 KELLY FLEGE CHIEF FINANCIAL OFFICER 3198954383 2025-01-05 1 1 SARAH HINTZ P00492291 3037795710 2025-02-05 2023 2025-03-06 01:10:19Z KELLY FLEGE 600 FIRST STREET SW MOUNT VERNON IA 52314 109007416 0 X WWW.CORNELLCOLLEGE.EDU X 1854 IA TO CREATE A SPACE WHERE STUDENTS CAN DEVELOP INTELLECTUAL CURIOSITY, CREATIVITY AND MORAL COURAGE. 20 19 1010 150 76377 0 13585343 12792285 61847757 65278441 830133 2239141 3566072 7564338 79829305 87874205 34638867 36965410 0 0 23225678 23251914 0 0 2688862 26075532 26077566 83940077 86294890 -4110772 1579315 226689943 224822754 45618614 33584164 181071329 191238590 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 55574175 36965410 53699816 INSTRUCTION, ACADEMIC SUPPORT, CONTINUING EDUCATION AND 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. SINCEPROFESSORS ONLY TEACH ONE BLOCK AT A TIME, STUDENTS HAVE MORE ACCESS TOPROFESSORS, AND PROFESSORS CAN TEACH STUDENTS OFF-CAMPUS IN WHATEVERVENUE BEST FITS THE MATERIAL. WITH A STUDENT BODY FROM 45 STATES, PUERTO RICO, AND 24 COUNTRIES OUTSIDE THE US, AND RENOWNED VISITING SPEAKERS, FACULTY, AND ENTERTAINERS, CORNELL OFFERS THE WORLD FROM ITS HILLTOP CAMPUS. 13274361 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 JOBSAND NOT BURDENED BY DEBT, AS SHOWN BY OUR LOW AVERAGE LOAN DEFAULTRATE. COMPARED TO GRADUATES OF OTHER FOUR-YEAR INSTITUTIONS, CORNELLIANS ARE TWICE AS LIKELY TO HAVE THE MEANS TO PAY OFF STUDENT LOANS. 91% OF CORNELL'S 2024 GRADUATING CLASS COMPLETED THEIR DEGREES IN FOUR YEARS OR LESS. CORNELL'S MEDICAL SCHOOL ACCEPTACE RATE IS 77% FOR FIRST TIME APPLICANTS (2008-2021); THE NATIONAL AVERAGE FOR THOSE YEARS IS 40%. THE LAW SCHOOL ACCEPTANCE RATE FOR ALL CORNELL GRADUATES (2010-2021) IS 82%; THE NATIONAL AVERAGE FOR THOSE YEARS IS 73%. 8811091 0 11578625 AUXILIARY ENTERPRISES (HOUSING, DINING, STUDENT UNION AND SERVICE CENTER): FOUNDED IN 1853, CORNELL'S PICTURESQUE HILLTOP CAMPUS CONTAINS A MIX OFHISTORIC AND MODERN FACILITIES, RANGING FROM THE MAJESTIC KING CHAPELTO 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'SCREATIVE CORRIDOR. CORNELL'S HILLTOP CAFE WAS NAMED THE SECOND BESTDINING HALL IN THE NATION BY BESTCOLLEGES.COM IN 2015. 77659627 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 1549 0 1 1010 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 20 19 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 IA CA IL NY MN X X KELLY FLEGE 3198954383 600 FIRST STREET W MOUNT VERNON IA 52314 BRAND JONATHAN PRESIDENT 40.00 X X 334837 0 88935 FLEGE KELLY VP, COO/CFO, TREASURER 40.00 X 191155 0 38294 CRAWFORD ILENE VP FOR ACADEMIC AFFAIRS 40.00 X 152764 0 35992 HARP JOHN SPECIAL ASST TO THE PRESIDENT 40.00 X 131931 0 23708 BECKEMEYER WENDY VP FOR ENROLLMENT MGMT 40.00 X 224549 0 41670 COLUMBUS KRISTI AVP FOR ALUMNI & COLLEGE ADV 40.00 X 132677 0 18628 WILSON JACQUELINE AVP FOR ACADEMIC AFFAIRS 40.00 X 123229 0 27417 THOMAS JAN CHAIR 3.00 X X 0 0 0 JENSEN JEFFREY IMMEDIATE PAST CHAIR 4.00 X 0 0 0 DURHAM THOMAS TRUSTEE 3.00 X 0 0 0 MCGRANE JOHN CHAIR, FINANCE COMMITTEE 3.00 X 0 0 0 BAYNARD TAHLLEE CHAIR, GOVERNANCE COMMITTEE 1.00 X 0 0 0 STOLL SHERYL ATKINSON CHAIR, ENDOWMENT GROWTH COMMITTEE 1.00 X 0 0 0 KAO FRANCES AT LARGE, EXECUTIVE COMMITTEE 1.00 X 0 0 0 WEISS KEVIN AT LARGE, EXECUTIVE COMMITTEE 1.00 X 0 0 0 SIMMER SCOTT AT LARGE, EXECUTIVE COMMITTEE 3.00 X 0 0 0 EPPS FELECIA TRUSTEE 1.00 X 0 0 0 BUCHMEYER GRETCHEN TRUSTEE 1.00 X 0 0 0 RINGER JERRY N TRUSTEE 1.00 X 0 0 0 WILLIAMS LAUREN TRUSTEE 1.00 X 0 0 0 SHELTON MATT TRUSTEE 1.00 X 0 0 0 KELLEHER MAKAYLA TRUSTEE 1.00 X 0 0 0 JOHNSON MAUREEN TRUSTEE 1.00 X 0 0 0 RIRIE SCOTT TRUSTEE 1.00 X 0 0 0 FROEHLICH STEPHANIE TRUSTEE 1.00 X 0 0 0 DEANGELES STEVEN TRUSTEE 1.00 X 0 0 0 MACK WARREN TRUSTEE 1.00 X 0 0 0 GUNN STUART TRUSTEE 1.00 X 0 0 0 KHAN SULTAN TRUSTEE 1.00 X 0 0 0 LUMANOG JACK TRUSTEE 1.00 X 0 0 0 MAITLAND KIMBERLY TRUSTEE 1.00 X 0 0 0 MCLENNAN ROBERT TRUSTEE 1.00 X 0 0 0 REED HARPER TRUSTEE 1.00 X 0 0 0 SMITH JOHN TRUSTEE 1.00 X 0 0 0 SUDOL ERIC TRUSTEE 1.00 X 0 0 0 URHEIM MAXINE TRUSTEE 1.00 X 0 0 0 1291142 0 274644 10 0 1 0 BON APPETIT 91337 COLLECTIONS DR CHICAGO IL 60693 CAMPUS FOOD SERVICE 4009858 SOUTHEAST SERVICE CORP 1225 E WEISGARBER RD STE 200 KNOXVILLE TN 37909 CAMPUS CLEANING SERVICE 1158111 MA MORTENSON COMPANY 700 MEADOW LANE MINNEAPOLIS MN 94301 GENERAL CONTRACTOR ATHLETICS BUILDING 936372 RUSSELL CONSTRUCTION CO INC 4700 E 53RD ST DAVENPORT IA 52807 CONSTRUCTON COMPANY 707582 JOHNSON CONTROLS INC 5757 N GREEN BAY AVE MILWAUKEE WI 53209 CONSTRUCTON COMPANY 403901 16 12792285 580727 12792285 TUITION AND FEES 611310 53342340 53342340 DINING 722514 6009956 6009956 RESIDENCE 721310 5150763 5150763 ATHLETICS 711210 417906 417906 EDUCATIONAL TRIPS 611710 357476 357476 65278441 2753379 2047 2751332 165446 111606 53840 53840 53840 20507367 21021605 -514238 -514238 -514238 INSURANCE RECOVERIES 524298 6710000 6710000 ALL OTHER REVENUE 900099 720638 720638 BRACKETT HOUSE 721110 79860 74330 5530 7510498 87874205 65278441 76377 9727102 36940425 36940425 24985 24985 687149 687149 18259227 15205383 1657231 1396613 1081968 928712 67954 85302 2040559 1696769 188055 155735 1183011 955817 139402 87792 379337 86547 289923 2867 111489 384 111105 66418 66418 60098 60098 35826 20957 14869 1244900 1127475 12390 105035 2263044 1935784 40733 286527 903256 204551 618640 80065 4145333 3691401 246424 207508 2151614 1897313 136680 117621 83358 67551 13522 2285 1909301 1719125 174563 15613 7274022 7012380 172155 89487 929625 29 929596 DINING 3788339 3780830 6736 773 731606 363209 327627 40770 86294890 77659627 5946401 2688862 6178428 6592820 15787258 12975150 1059071 637968 76692 79609 385755 773841 202189434 94826696 111523848 107362738 76778791 82850297 823540 673253 1142499 1265209 12934061 11611869 226689943 224822754 4864567 4089103 225262 266799 20268027 7500000 13124309 16235146 7136449 5493116 45618614 33584164 X 89129384 90022593 91941945 101215997 181071329 191238590 226689943 224822754 X 1579315 8340670 247276 X X 0 1 X 1 1 1 X 20619159 19669760 16884263 13585343 12792285 83550810 20619159 19669760 16884263 13585343 12792285 83550810 13094255 70456555 909882 641837 1529175 2072852 2916778 8070524 2979 6512 2047 11538 344138 1364726 1846588 3470925 7436168 14462545 106095417 291608725 0.66410 0.68130 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: ATHLETICS - 2019 AMOUNT: $ 21,855. 2020 AMOUNT: $ 41,320. 2021 AMOUNT: $ 334,888. 2022 AMOUNT: $ 417,282. BRACKET HOUSE - 2019 AMOUNT: $ 7,493. 2020 AMOUNT: $ 2,438. 2021 AMOUNT: $ 8,039. 2022 AMOUNT: $ 10,175. 2023 AMOUNT: $ 5,530. MISCELLANEOUS INCOME - 2019 AMOUNT: $ 314,790. 2020 AMOUNT: $ 1,320,968. 2021 AMOUNT: $ 1,503,661. 2022 AMOUNT: $ 1,339,805. 2023 AMOUNT: $ 720,638. INSURANCE RECOVEIES - 2022 AMOUNT: $ 1,703,663. 2023 AMOUNT: $ 6,710,000. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 92001160 7047081 9372633 3605459 3940617 100874798 82014619 7294604 7067679 4403939 -28197 92001160 93803619 3345621 -11560695 3441399 132527 82014619 81135185 2179805 18299813 7763085 48099 93803619 76288112 7802585 613715 3339502 229725 81135185 0.00206 0.95097 0.04697 0 0 100000 9881934 9981934 171808373 77202106 94606267 18876162 17624590 1251572 1522965 1522965 107362738 ASSETS HELD IN TRUST 5231892 UNITRUSTS 1609003 CSV LIFE INSURANCE 3461844 RIGHT-OF-USE LEASE 1309130 11611869 ANNUITIES PAYABLE 622253 LIFE-INCOME PAYABLE 619946 CONTRACT ADVANCES 1627206 ASSET RETIREMENT OBLIGATION 448662 LEASE LIABILITY- FINANCE LEASE 1980313 LEASE LIABILITY- OPERATING LEASE 194736 5493116 X 59548249 8340670 358882 8699552 50848697 60098 36965410 37025508 87874205 49380988 111606 111606 49269382 60098 36965410 37025508 86294890 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, 2024 AND 2023, THERE WERE NO UNCERTAIN TAX BENEFITS IDENTIFIED AND RECORDED AS A LIABILITY. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 111,606. ACTUARIAL ADJUSTMENT ON LIFE INCOME AND ANNUITY AGREEMENTS 179,323. CHANGE IN VALUE OF PERPETUAL TRUST 67,953. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS NETTED WITH TUITION 36,965,410. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 111,606. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS NETTED WITH TUITION 36,965,410. 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 0 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. CORNELL COLLEGE IS WORKING ON PLACING A NONDISCRIMINATORY STATEMENT ON THE HOMEPAGE OF THEIR WEBSITE. SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES FEDERAL AND STATE GRANTS. SCHEDULE E, PART I, LINE 7 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. CORNELL COLLEGE IS WORKING ON PLACING A NONDISCRIMINATORY STATEMENT ON THE HOMEPAGE OF THEIR WEBSITE. 0 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES OFF CAMPUS TRIPS 88938 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES OFF CAMPUS TRIPS 113199 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES OFF CAMPUS TRIPS 284647 EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 0 0 SCHOLARSHIPS 24985 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES INSTRUCTION 31615 0 0 0 0 0 0 543384 0 543384 INTERNATIONAL SCHOLARSHIP EAST ASIA AND THE PACIFIC 24985 N/A N/A N/A 0 0 0 0 0 0 PART I, LINE 3: ACCRUAL 1 EDUCATION - TUITION REMISSION 38 1467982 N/A N/A EDUCATION SEOG GRANTS 353 226640 N/A N/A EDUCATION - GENERAL GRANTS 590 3271590 N/A N/A ENDOWED AND OTHER SCHOLARSHIPS 1052 31974213 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 JONATHAN PRESIDENT 330712 0 0 0 4125 0 60356 0 28579 0 423772 0 0 0 FLEGE KELLY VP, COO/CFO, TREASURER 190321 0 0 0 834 0 7139 0 31155 0 229449 0 0 0 CRAWFORD ILENE VP FOR ACADEMIC AFFAIRS 152446 0 0 0 318 0 13109 0 22883 0 188756 0 0 0 HARP JOHN SPECIAL ASST TO THE PRESIDENT 131247 0 0 0 684 0 10742 0 12966 0 155639 0 0 0 BECKEMEYER WENDY VP FOR ENROLLMENT MGMT 223372 0 0 0 1177 0 18337 0 23333 0 266219 0 0 0 COLUMBUS KRISTI AVP FOR ALUMNI & COLLEGE ADV 132496 0 0 0 181 0 10144 0 8484 0 151305 0 0 0 WILSON JACQUELINE AVP FOR ACADEMIC AFFAIRS 122918 0 0 0 311 0 10125 0 17292 0 150646 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 ON CAMPUS AND OWNED BY THE COLLEGE. PART I, LINE 4B JONATHAN BRAND - COLLEGE CONTRIBUTED TO 457(F) - $34,489 A IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 2023-12-29 7500000 REFUNDING SERIES 2013 BOND ISSUE 0 0 0 A 7500000 7500000 2023 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 0 0 0 0 0 0 1 A 1 X 27 580727 AVG STOCK PRICE THE DAY 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 2023. 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 PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. 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 179,323. CHANGE IN VALUE OF PERPETUAL TRUST 67,953. 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 (5) INVESTMENTS IA CORNELL COLLEGE T 1 CHARITABLE REMAINDER ANNUITY TRUSTS (15) 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