2014-02-15T16:50:07-06:00 2013-06-30 410746749 CLIFTONLARSONALLEN LLP 600 3RD AVE SE STE 300 CEDAR RAPIDS IA 52401 990 2012-07-01 420680335 CORNELL COLLEGE CORN 3198954383 600 FIRST STREET SW MOUNT VERNON IA 52314 KAY LANGSETH 3198954383 2014-02-14 1 XIAOYAN LUO P01305207 3193632697 2012 2015-11-30 17:44:51Z JONATHAN BRAND 600 FIRST STREET SW MOUNT VERNON IA 52314 88072816 0 X WWW.CORNELLCOLLEGE.EDU X 1854 IA DEVELOP THE INTELLECTUAL CURIOSITY, CREATIVITY AND MORAL COURAGE FOR A LIFETIME OF LEARNING. 26 26 1356 26 26080 0 8839356 7478201 46949615 49234672 2517950 4053739 32971 642089 58339892 61408701 22458144 24020282 0 0 18095425 18181844 0 0 1712382 17362040 16123055 57915609 58325181 424283 3083520 149319557 153284211 26673766 25428952 122645791 127855259 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 38308566 24020282 40268303 INSTRUCTION, ACADEMIC SUPPORT, CONTINUING EDUCATION AND LIBRARY: CORNELL COLLEGE IS A NATIONALLY RANKED, HIGHLY SELECTIVE LIBERAL ARTS COLLEGE OF 1,100 STUDENTS CHARACTERIZED BY LIFE-CHANGING ACADEMIC IMMERSION IN THE ONE COURSE AT A TIME CURRICULUM. THIS INTENSIVE FOCUS LAYS THE FOUNDATION FOR A STUDENT'S ENTIRE CORNELL EDUCATION: TRANSFORMATIVE INTELLECTUAL PARTNERSHIPS THAT BRING OUT THE BEST IN OUR AMBITIOUS STUDENTS. WITHIN OUR CURRICULUM, STUDENTS DIVE IN, FOCUS INTENSELY, AND LEARN AUTHENTICALLY IN EVERY COURSE THEY TAKE. UNLIKE THE SEMESTER SYSTEM, CORNELL OFFERS AN EDUCATION AT THE SPEED OF LIFE WITH NO SLOW INTROS, FAR OFF EXAMS OR PAPERS, OR GAPS BETWEEN CLASSES. AT THE HEART OF A CORNELL COLLEGE EDUCATION ARE FREQUENT OPPORTUNITIES FOR EXPERIENTIAL LEARNING. THE ONE COURSE CURRICULUM FREES STUDENTS TO EXPLORE NEW WAYS TO LEARN - FACULTY CAN TAKE ENTIRE CLASSES ON FIELD TRIPS FOR A DAY OR AN ENTIRE BLOCK - IN WHATEVER VENUES BEST SUIT THE SUBJECT OF THE CLASS. CORNELL'S DISTINCTIVE CALENDAR IMMERSES STUDENTS IN FULL-TIME INTERNSHIPS, RESEARCH, OR OTHER HANDS-ON OPPORTUNITIES, PRODUCING SUBSTANTIAL REAL-WORLD EXPERIENCES.STUDENT AID AND STUDENT FINANCIAL ASSISTANCE:CORNELL IS CONSISTENTLY DESCRIBED AS A "BEST BUY," MOST RECENTLY IN THE 2014 FISKE GUIDE. NINETY-THREE PERCENT OF CORNELL GRADUATES COMPLETE THEIR DEGREES IN FOUR YEARS OR LESS, AND 55% OF CORNELL GRADUATES COMPLETE AN ADVANCED DEGREE. CORNELL'S LAW SCHOOL ACCEPTANCE RATE SINCE 2011 HAS BEEN 100%. OUR MEDICAL ACCEPTANCE RATE IS 70%, COMPARED TO THE NATIONAL AVERAGE OF 40%. CORNELL HAS SINCE 1996 BEEN KNOWN AS ONE OF THE 40 "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. 7485717 0 308268 STUDENT SERVICES AND ADMISSIONS, REGISTRAR, HEALTH CENTER, COUNSELING, FINANCIAL AID, STUDENT AFFAIRS, ATHLETICS AND CAMPUS MINISTER SERVICES:CORNELL ATTRACTS AN ENGAGED STUDENT BODY FROM ACROSS THE NATION AND AROUND THE WORLD. THEY BECOME QUICKLY INVOLVED IN CAMPUS LIFE, LIVING IN A COMMON RHYTHM DUE TO THEIR FOCUSED ACADEMIC CALENDAR SCHEDULES THAT BRINGS THEM CLOSER TOGETHER AS A COMMUNITY ON A SOCIALLY, CULTURALLY, AND POLITICALLY ENGAGED CAMPUS. CORNELL STUDENTS COME FROM 47 STATES, TWO U.S. TERRITORIES, AND 17 FOREIGN COUNTRIES, AND A TYPICAL FIRST-YEAR CLASS INCLUDES MORE THAN 20% DOMESTIC STUDENTS OF COLOR AND 5% INTERNATIONAL STUDENTS. THE CAMPUS IS DIVERSE ON MANY LEVELS AND EXPANDS ITS GLOBAL ENVIRONMENT BY DRAWING INTERNATIONAL SPEAKERS, ARTISTS AND AUTHORS TO CAMPUS. 6770469 0 8658101 AUXILIARY ENTERPRISES (HOUSING, DINING, STUDENT UNION AND SERVICE CENTER):CORNELL'S SETTING ON A WOODED HILLTOP IN MOUNT VERNON, IOWA, OFFERS A CLASSIC, BEAUTIFUL AND SAFE COLLEGIATE SETTING. A BRICK PEDESTRIAN MALL ALONG THE RIDGE OF THE HILLTOP LINKS MODERN FACILITIES WITH NUMEROUS BUILDINGS ON THE NATIONAL REGISTER OF HISTORIC PLACES. MOUNT VERNON, NOTED AS ONE OF THE TEN COOLEST SMALL TOWNS IN AMERICA, PROVIDES STUDENTS AN IDYLLIC SMALL COLLEGE TOWN ATMOSPHERE BUT ALSO CONNECTS THEM TO THE EASTERN IOWA CREATIVE CORRIDOR. 685524 0 0 OTHER PROGRAM ACTIVITIES INCLUDE THE OFFICE OF COLLEGE COMMUNICATIONS, ALUMNI RELATIONS AND GENERAL INSTITUTIONAL EXPENSES. 685524 53250276 1 1 0 0 0 0 0 0 0 1 1 1 0 1 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 0 0 0 0 1 100 0 1356 1 1 1 0 0 0 0 0 0 0 0 0 X 26 26 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 IL X X LOIS MULBROOK 3198954245 600 FIRST STREET SW MOUNT VERNON IA 52314 JOHN D MCGRANE 4.00 X X 0 0 0 JEFFREY J JENSEN - VICE CHAIR 3.00 X X 0 0 0 MILDRED G CARSTENSEN - VICE 3.00 X X 0 0 0 GILDA V BOYER - VICE CHAIR 3.00 X X 0 0 0 EDWARD MEADS - VICE CHAIR OF 3.00 X X 0 0 0 ROBERT MCLENNAN - CHAIR OF 3.00 X X 0 0 0 THOMAS DURHAM 3.00 X X 0 0 0 STEVEN ANDERSON 1.00 X 0 0 0 SHERYL ATKINSON STOLL 1.00 X 0 0 0 JOHN BICKEL 1.00 X 0 0 0 PETER S BRYANT 1.00 X 0 0 0 KYLE DAVY 1.00 X 0 0 0 STEVEN DEANGELES 1.00 X 0 0 0 NEIL ECKLES 1.00 X 0 0 0 LOREN HIRATZKA 1.00 X 0 0 0 KALISSA HOLDCRAFT 1.00 X 0 0 0 MAUREEN JOHNSON 1.00 X 0 0 0 JUDY JORGENSEN 1.00 X 0 0 0 FRANCES KAO 1.00 X 0 0 0 TAYLOR KOCH 1.00 X 0 0 0 LINDA KOEHN 1.00 X 0 0 0 STUART LEHR 1.00 X 0 0 0 LYNN LUCE KITT 1.00 X 0 0 0 JESSICA MORTON 1.00 X 0 0 0 JANENE PANFIL 1.00 X 0 0 0 DEAN RIESEN 1.00 X 0 0 0 JERRY N RINGER 1.00 X 0 0 0 JEAN RUSSELL 1.00 X 0 0 0 JOHN SMITH 1.00 X 0 0 0 VIRGINIA SMITH 1.00 X 0 0 0 JOHN URHEIM 1.00 X 0 0 0 ELI WADE-SCOTT 1.00 X 0 0 0 RICHARD WILLIAMS 1.00 X 0 0 0 ROBERT E WILSON 1.00 X 0 0 0 JONATHAN BRAND 60.00 X 268256 0 35715 KAREN MERCER 50.00 X 146148 0 7770 JAMES BROWN 50.00 X 133286 0 14872 RONALD JOE DIEKER 50.00 X 135910 0 19613 CHARLES CONNELL 50.00 X 180240 0 7477 CRAIG ALLIN 50.00 X 175228 0 21558 DOUGLAS HANSON 50.00 X 132193 0 14352 1171261 0 121357 9 0 1 0 MCCOMAS-LACINA 1310 HIGHLAND COURT IOWA CITY IA 52240 GENERAL CONTRACTOR CAMPUS PROJECTS 6456827 BON APPETIT 100 HAMILTON AVENUE SUITE 400 PALO ALTO CA 94301 CAMPUS FOOD SERVICE 2755414 PIPE PRO INC 6633 EIGHTH STREET SW CEDAR RAPIDS IA 52404 HEATING, COOLING, & PLUMBING 971249 SODEXO 10 EARHART DRIVE BUFFALO NY 14240 CAMPUS CLEANING SERVICE 773078 OPN ARCHITECTS INC 200 FIFTH AVENUE SE SUITE 201 CEDAR RAPIDS IA 52401 ARCHITECTS 441082 10 697856 6780345 394880 7478201 TUITION AND FEES 611710 39762323 39762323 DINING 611710 4526246 4526246 RESIDENCE 611710 4077117 4077117 EDUCATIONAL TRIPS 611710 505980 505980 ALL OTHER PROGRAM REVENUE 611710 308268 308268 54738 54738 49234672 348488 348488 192762 63086 129676 129676 129676 30302032 4248 26601029 0 3701003 4248 3705251 3705251 BRKT HSE GUEST FACILITY 721000 29126 29126 K-1 PARTNERSHIP INCOME 525990 26080 26080 HLTP FITNESS CENTER 713940 2700 2700 454507 454507 512413 61408701 49234672 26080 4669748 24020282 24020282 462915 462915 14437519 12249449 1160059 1028011 703754 605004 55015 43735 1535542 1282554 160273 92715 1042114 864955 114633 62526 104060 43000 58560 2500 50763 50763 75036 75036 195905 195905 242466 224555 13931 3980 214109 202318 6997 4794 1195714 801053 217725 176936 706331 353166 282532 70633 2805812 2587804 164231 53777 1756869 1620850 65531 70488 86357 24115 34306 27936 457818 416614 32047 9157 3334843 3212228 78987 43628 402595 365254 37341 DINING 2888692 2888692 LIBRARY & AUDIO VISUAL 743966 677009 52078 14879 861719 811374 43658 6687 58325181 53250276 3362523 1712382 18452044 8503013 8407273 6763133 312074 171413 411542 433621 116464735 48843787 58695784 67620948 36541208 39890162 15988186 19026522 2037810 2089440 8473636 8785959 149319557 153284211 7145578 7198918 15534212 14053590 0 0 600000 929529 3393976 3246915 26673766 25428952 X 37447823 50326817 25492690 15476601 59705278 62051841 122645791 127855259 149319557 153284211 X 3083520 1023085 1102863 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 63666636 2087182 3898357 2652745 66999430 65046494 245098 761164 2386120 63666636 59668619 -131810 7868988 2359303 65046494 57977908 368194 4800105 3477588 59668619 72967687 3631616 -14094705 4526690 57977908 0.00000 0.92360 0.07640 0 0 100000 3316809 3416809 2091750 95733114 35128087 62696777 15223062 13715700 1507362 67620948 HEDGE FUND 7315206 F NATURAL RESOURCE FUND 629296 F PRIVATE EQUITY FUND 4684675 F REIT 6397345 F 19026522 ASSETS HELD IN TRUST 3640185 UNITRUSTS 1969003 CONTRACTS AND MISC 15466 CASH VALUE OF LIFE INSURANCE 3161305 8785959 US GOVERNMENT LOANS, REFUNDABLE 870335 STUDENT TUITION PAID IN ADVANCE 130803 ANNUITIES PAYABLE 1212788 LIFE-INCOME PAYABLE 1032989 3246915 X 38283027 1023085 67428 1090513 37192514 195905 24020282 24216187 61408701 34172080 63086 63086 34108994 195905 24020282 24216187 58325181 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: 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. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: 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, 2013 AND 2012, THERE WERE NO UNCERTAIN TAX BENEFITS IDENTIFIED AND RECORDED AS A LIABILITY. FORMS 990 AND 990-T FILED BY THE COLLEGE ARE NO LONGER SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE FOR THE FISCAL YEARS ENDED JUNE 30, 2009 AND PRIOR. PART XI, LINE 2D - OTHER ADJUSTMENTS: ACTUARIAL ADJUSTMENT 4,342. RENTAL EXPENSES 63,086. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS NETTED WITH TUITION 24,020,282. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 63,086. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS NETTED WITH TUITION 24,020,282. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION 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. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES FEDERAL AND STATE GRANTS. CENTRAL AMERICA & CARIBBEAN 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 142708 EUROPE 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 105300 EAST ASIA & THE PACIFIC 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 26249 SOUTH AMERICA 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 19478 MIDDLE EAST & NORTH AFRICA 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 7900 0 0 0 0 0 0 301635 0 301635 1 0 0 0 0 0 PROCEDURE FOR MONITORING GRANTS OUTSIDE THE U.S.: SCHEDULE F, PART I, LINE 2: N/A METHOD USED TO ACCCOUNT FOR EXPENDITURES: SCHEDULE F, PART I, LINE 3: ACCRUAL 1 EDUCATION-ACM TUITION REMISSION 32 568490 0 N/A N/A EDUCATION-SEOG GRANTS 411 41988 0 N/A N/A EDUCATION-GENERAL GRANTS 921 9924240 0 N/A N/A EDUCATION-INTERNATIONAL SCHOLARSHIPS 2 86200 0 N/A N/A ENDOWED AND OTHER SCHOLARSHIPS 294 11567200 0 N/A N/A EDUCATION-INSTITUTIONAL SCHOLARSHIPS 232 1832164 0 N/A N/A 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 1 1 X X X X 0 0 0 0 0 0 0 0 0 JONATHAN BRAND 267210 0 0 0 1046 0 14043 0 21672 0 303971 0 0 0 KAREN MERCER 145886 0 0 0 262 0 7405 0 365 0 153918 0 0 0 RONALD JOE DIEKER 135456 0 0 0 454 0 7124 0 12489 0 155523 0 0 0 CHARLES CONNELL 180240 0 0 0 0 0 3107 0 4370 0 187717 0 0 0 CRAIG ALLIN 174761 0 0 0 467 0 3819 0 17739 0 196786 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS: PRESIDENT BRAND WILL OCCASIONALLY TRAVEL WITH HIS SPOUSE TO VARIOUS CORNELL FUNCTIONS FOR BUSINESS PURPOSES. RESIDENCE FOR PERSONAL USE: PRESIDENT BRAND IS REQUIRED TO LIVE AND ENTERTAIN IN THE PRESIDENT'S HOME WHICH IS OWNED BY THE COLLEGE. NO INCOME IS REPORTED IN PRESIDENT BRAND'S TAXABLE INCOME FOR THESE ACTIVITIES. A IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 462460ZB5 2006-10-24 6878820 CONSTRUCTION OF STUDENT HOUSING 0 0 0 B IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 462460E51 2008-06-20 11695000 RENOVATION OF VARIOUS CAMPUS FACILITIES AND REFINANCE OF PRIOR BOND ISSUES 0 0 0 A 256290 6942033 438056 137575 6366402 2007 0 0 1 1 B 4263940 11736190 3755286 157192 7823712 2009 1 0 1 1 A 0 0 0 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 1 BAYERISCHE LANDESBANK 40.000000000000 1 1 1 B 0 0 1 0 1 0 0 0 1 A 1 B 1 SCHEDULE K PART IV, ARBITRAGE, LINE 2C DATE REBATE COMPUTATION PERFORMED ISSUER NAME: IOWA HIGHER EDUCATION LOAN AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 01/13/2011 SCHEDULE K, PART I, COLUMN (E) AND PART II, LINE 3 EXPLANATION FOR DIFFERENCES BETWEEN ISSUE PRICE AND PROCEEDS 2006 ISSUE: DIFFERENCE OF $63,213 IS RELATED TO THE BOND DISCOUNT 2008 ISSUE: DIFFERENCE OF $41,190 IS RELATED TO THE BOND DISCOUNT X 32 394880 AVERAGE SHARE PRICE 0 0 1 0 METHOD FOR DETERMINING NUMBER OF CONTRIBUTIONS: PART I, COLUMN (B): THE NUMBER OF TIMES DONORS CONTRIBUTED STOCK/SECURITIES OF ONE OR MORE TYPES DURING THE TAX YEAR. FORM 990, PART VI, SECTION A, LINE 1 THE EXECUTIVE COMMITTEE CONSISTS OF THE CHAIR, IMMEDIATE PAST CHAIR, CHAIR-ELECT, VICE-CHAIRS, CHAIR OF THE COMMITTEE ON TRUSTEESHIP, PRESIDENT, SECRETARY, AND UP TO TWO ADDITIONAL VOTING TRUSTEES. BETWEEN MEETINGS OF THE BOARD, THE EXECUTIVE COMMITTEE HAS THE GENERAL SUPERVISION OF THE ADMINISTRATION AND PROPERTY OF THE COLLEGE EXCEPT THAT 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 11 THE FORM 990 IS REVIEWED IN DETAIL BY THE BUSINESS AFFAIRS 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 DISCLOSURE FORM IS DISTRIBUTED TO EACH BOARD TRUSTEE. THEY ARE REQUIRED TO COMPLETE THIS FORM AND RETURN IT TO THE COLLEGE. ALL TRUSTEES ARE REQUIRED DISCLOSE TO THE BOARD ANY POSSIBLE CONFLICT OF INTEREST AT THE EARLIEST PRACTICABLE TIME. NO TRUSTEE IS ELIGIBLE TO VOTE ON ANY MATTER, UNDER CONSIDERATION AT A BOARD OR COMMITTEE MEETING, IN WHICH SUCH TRUSTEE HAS A CONFLICT OF INTEREST. THE MINUTES OF SUCH MEETING DOCUMENT THAT A DISCLOSURE WAS MADE AND THAT THE TRUSTEE HAVING A CONFLICT OF INTEREST ABSTAINED FROM VOTING. ANY TRUSTEE WHO IS UNCERTAIN WHETHER HE OR SHE HAS A CONFLICT OF INTEREST IN ANY MATTER MAY REQUEST THE BOARD OR COMMITTEE TO DETERMINE WHETHER A CONFLICT OF INTEREST EXISTS, AND THE BOARD OR COMMITTEE RESOLVES THE QUESTION BY MAJORITY VOTE. FORM 990, PART VI, SECTION B, LINE 15 THE PRESIDENT'S SALARY IS SET BY THE BOARD OF TRUSTEES, WHO TAKE INTO CONSIDERATION SALARY SURVEY DATA FROM THE ASSOCIATED COLLEGES OF THE MIDWEST. VICE-PRESIDENTIAL SALARIES ARE DETERMINED BY THE PRESIDENT AND THE HUMAN RESOURCES DIRECTOR UTILIZING SALARY DATA FROM THE ASSOCIATED COLLEGES OF THE MIDWEST AND COLLEGE AND UNIVERSITY PROFESSIONALS (CUPA) DATA. THE LAST REVIEW OF COMPENSATION WAS CONDUCTED IN 2013. OTHER STAFF AND FACULTY SALARIES ARE REVIEWED WHEN REPLACEMENTS ARE NECESSARY OR WHEN MARKET CONDITIONS INDICATE THAT A POSITION IS SIGNIFICANTLY UNDERPAID. PROPOSED SALARIES FOR NEW OR REPLACEMENT STAFF POSITIONS ARE 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 AND APPROVAL. IF SALARY INCREASES ARE GRANTED TO CONTINUING STAFF AND FACULTY, GENERALLY AN ACROSS-THE-BOARD INCREASE IS APPLIED TO SALARIES, WITH INDIVIDUAL ADJUSTMENTS MADE ONLY IF MARKET DATA SHOWS CONSIDERABLE VARIANCE. COMPENSATION INCREASES ARE INCLUDED AS PART OF THE PROPOSED BUDGET THAT IS APPROVED ANNUALLY BY THE BOARD OF TRUSTEES. THE LAST REVIEW OF COMPENSATION WAS CONDUCTED IN 2013. 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: ACTUARIAL ADJUSTMENT 4,342. CHANGE IN SEVERANCE PLAN 1,098,521.