2026-02-13T10:46:29-06:00 2025-06-30 410746749 CLIFTONLARSONALLEN LLP 2001 16TH STREET SUITE 1700 DENVER CO 80202 990 2024-07-01 420680335 CORNELL COLLEGE CORN 3198954383 600 FIRST STREET SW MOUNT VERNON IA 52314 ROBERT LEVIS VP, CFO, TREASURER 3198954383 2025-06-30 1 0 REBECCA DETTMANN CPA P01408585 3037795710 2026-02-10 2024 2025-03-06 01:10:19Z ROBERT LEVIS 600 FIRST STREET SW MOUNT VERNON IA 52314 98537304 0 X WWW.CORNELLCOLLEGE.EDU X 1854 IA TO CREATE A SPACE WHERE STUDENTS CAN DEVELOP INTELLECTUAL CURIOSITY, CREATIVITY AND MORAL COURAGE. 18 18 983 150 74540 0 12792285 15641479 65278441 68104442 2239141 3364058 7564338 631933 87874205 87741912 36965410 39351490 0 0 23251914 22905943 0 0 2671530 26077566 24085959 86294890 86343392 1579315 1398520 224822754 230242441 33584164 30170916 191238590 200071525 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 57447549 39351490 56205197 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. 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 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. 12341658 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. 92% OF CORNELL'S 2025 GRADUATING CLASS COMPLETED THEIR DEGREES IN FOUR YEARS OR LESS. CORNELL'S MEDICAL SCHOOL ACCEPTACE RATE IS 79% FOR FIRST TIME APPLICANTS (2008-2025); THE NATIONAL AVERAGE FOR THOSE YEARS IS 40%. 89% OF OUR TEACHER EDUCATION PROGRAM STUDENTS BECOME CERTIFIED TEACHERS AFTER GRADUATION 8753204 0 11899245 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. 78542411 1 1 0 0 0 0 0 0 0 1 1 0 0 0 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 1516 0 1 983 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 18 18 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 IA CA IL NY MN X X ROBERT LEVIS 3198954383 600 FIRST STREET W MOUNT VERNON IA 52314 THOMAS JAN CHAIR 3.00 X X 0 0 0 BAYNARD TAHLLEE CHAIR, GOVERNANCE COMMITTEE 1.00 X 0 0 0 DURHAM THOMAS CHAIR, AUDIT/RISK ASSESS. COMMITTEE 1.00 X 0 0 0 MCGRANE JOHN CHAIR, FINANCE COMMITTEE 3.00 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 SIMMER SCOTT AT-LARGE, EXECUTIVE COMMITTEE 3.00 X 0 0 0 WEISS KEVIN AT-LARGE, EXECUTIVE COMMITTEE 1.00 X 0 0 0 BUCHMEYER GRETCHEN TRUSTEE 1.00 X 0 0 0 DEANGELES STEVEN 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 JENSEN JEFFREY TRUSTEE 1.00 X 0 0 0 JOHNSON MAUREEN TRUSTEE 1.00 X 0 0 0 KELLEHER MAKAYLA TRUSTEE 1.00 X 0 0 0 MACK WARREN 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 RINGER JERRY TRUSTEE 1.00 X 0 0 0 RIRIE SCOTT TRUSTEE 1.00 X 0 0 0 WILLIAMS LAUREN TRUSTEE 1.00 X 0 0 0 BRAND JONATHAN PRESIDENT 40.00 X 348958 0 90721 FLEGE KELLY VP, CFO/COO 40.00 X 216685 0 47899 CRAWFORD ILENE VP FOR ACADEMIC AFFAIRS 40.00 X 164560 0 37032 HARP JOHN SPECIAL ASSISTANT TO THE PRESIDENT 40.00 X 109016 0 5303 BECKEMEYER WENDY VP FOR ENROLLMENT MANAGEMENT 40.00 X 234657 0 42890 SCHAFER JODI SENIOR DIRECTOR 40.00 X 122545 0 15030 HEJEEBU SANTHI PROFESSOR OF ECONOMICS AND BUSINESS 40.00 X 103541 0 7969 1299962 0 246844 7 0 1 0 BON APPETIT 91337 COLLECTIONS DR CHICAGO IL 606931337 CAMPUS FOOD SERVICE 3945797 SOUTHEAST SERVICE CORPORATION 1225 E WEISGARBER RD STE 200 KNOXVILLE TN 37909 CAMPUS CLEANING SERVICE 1059948 EAB GLOBAL INC DBA EAB 2445 M ST NW WASHINGTON DC 20037 CONSULTING SERVICES 861813 JOHNSON CONTROLS INC 5757 N GREEN BAY AVE MILWAUKEE WI 53209 CONSTRUCTION SERVICES 546612 MA MORTENSON COMPANY 700 MEADOW LANE N GOLDEN VALLEY MN 55422 CONSTRUCTION SERVICES 332260 14 3645 15637834 1432214 15641479 TUITION AND FEES 611310 55819622 55819622 DINING 722514 6208108 6208108 RESIDENCE 721310 5312890 5312890 ATHLETICS 711210 385575 385575 EDUCATIONAL TRIPS 611710 378247 378247 68104442 2641535 1988 2639547 196002 107916 88086 88086 88086 11407200 10684677 722523 722523 722523 6400 3645 2799 3601 3601 ALL OTHER REVENUE 900099 459914 459914 BRACKETT HOUSE 721110 80332 72552 7780 540246 87741912 68104442 74540 3921451 39299520 39299520 51970 51970 678257 678257 17044741 14327842 1345301 1371598 1081088 919413 73660 88015 2879234 2358721 294752 225761 1222623 992716 134875 95032 291429 72014 217339 2076 97300 4000 93300 80054 80054 72844 72844 96289 23542 72747 1253989 1138587 12685 102717 1828609 1476957 106454 245198 1059272 242163 704199 112910 3955078 3782102 78063 94913 1951462 1732448 86883 132131 87673 66833 13974 6866 1556980 1458297 84266 14417 6511397 6276667 154447 80283 892616 120 892496 DINING 3825317 3819559 5758 MISCELLANEOUS EXPENSE 525650 498940 -156 26866 86343392 78542411 5129451 2671530 21276 6592820 7289065 12975150 14530316 637968 621348 79609 69634 773841 741791 203939983 100358536 107362738 103581447 82850297 90416854 673253 640569 1265209 1420599 11611869 10909542 224822754 230242441 4089103 2285555 266799 355257 7500000 6062500 16235146 15175329 5493116 6292275 33584164 30170916 X 90022593 91081531 101215997 108989994 191238590 200071525 224822754 230242441 X 1398520 7467627 -33212 X X 0 1 X 1 1 1 X 19669760 16884263 13585343 12792285 15641479 78573130 19669760 16884263 13585343 12792285 15641479 78573130 13313179 65259951 641837 1529175 2072852 2916778 2835549 9996191 2979 6512 2047 4368 15906 1364726 1846588 3470925 7436168 467694 14586101 103171328 307672130 0.63250 0.66410 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: ATHLETICS - 2020 AMOUNT: $ 41,320. 2021 AMOUNT: $ 334,888. 2022 AMOUNT: $ 417,282. BRACKET HOUSE - 2020 AMOUNT: $ 2,438. 2021 AMOUNT: $ 8,039. 2022 AMOUNT: $ 10,175. 2023 AMOUNT: $ 5,530. 2024 AMOUNT: $ 7,780. MISCELLANEOUS INCOME - 2020 AMOUNT: $ 1,320,968. 2021 AMOUNT: $ 1,503,661. 2022 AMOUNT: $ 1,339,805. 2023 AMOUNT: $ 720,638. 2024 AMOUNT: $ 459,914. INSURANCE RECOVEIES - 2022 AMOUNT: $ 1,703,663. 2023 AMOUNT: $ 6,710,000. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 100874798 8945387 9974298 5172601 6382000 108239882 92001160 7047081 9372633 3605459 3940617 100874798 82014619 7294604 7067679 4403939 -28197 92001160 93803619 3345621 -11560695 3441399 132527 82014619 81135185 2179805 18299813 7763085 48099 93803619 0.00567 0.99303 0.00130 0 0 100000 9881934 9981934 171838349 84561373 87276976 19319070 15797163 3521907 2800630 2800630 103581447 LEASE LIABILITY- OPERATING LEASE 138083 ASSET RETIREMENT OBLIGATION 418188 LIFE-INCOME PAYABLE 690445 ANNUITIES PAYABLE 668670 CONTRACT ADVANCES 2740570 LEASE LIABILITY- FINANCE LEASE 366514 STUDENT LOAN PARTNERSHIP DEBT PAYMENT 1269805 6292275 X 55862708 7467627 77503 7545130 48317578 72844 39351490 39424334 87741912 47029773 110715 110715 46919058 72844 39351490 39424334 86343392 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, 2025 AND 2024, THERE WERE NO UNCERTAIN TAX BENEFITS IDENTIFIED AND RECORDED AS A LIABILITY. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 107,916. ACTUARIAL ADJUSTMENT ON LIFE INCOME AND ANNUITY AGREEMENTS -128,772. CHANGE IN VALUE OF PERPETUAL TRUST 95,560. SPECIAL FUNDRAISING EVENT EXPENSES 2,799. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS NETTED WITH TUITION 39,351,490. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 107,916. SPECIAL FUNDRAISING EVENT EXPENSES 2,799. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS NETTED WITH TUITION 39,351,490. 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 WEBSITE: "CORNELL COLLEGE DOES NOT DISCRIMINATE ON THE BASIS OF RACE, COLOR, ETHNICITY, AGE, RELIGION, NATIONAL ORIGIN, SEXUAL ORIENTATION, GENDER IDENTITY, SEX, MARITAL STATUS, DISABILITY, OR STATE AS A U.S. VETERAN." CORNELL COLLEGE LISTED THE NONDISCRIMINATORY STATEMENT ON THE HOME PAGE DURING THE 06/30/26 FISCAL YEAR. 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 WEBSITE: "CORNELL COLLEGE DOES NOT DISCRIMINATE ON THE BASIS OF RACE, COLOR, ETHNICITY, AGE, RELIGION, NATIONAL ORIGIN, SEXUAL ORIENTATION, GENDER IDENTITY, SEX, MARITAL STATUS, DISABILITY, OR STATE AS A U.S. VETERAN." CORNELL COLLEGE LISTED THE NONDISCRIMINATORY STATEMENT ON THE HOME PAGE DURING THE 06/30/26 FISCAL YEAR. 1 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES OFF CAMPUS TRIPS 85646 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES OFF CAMPUS TRIPS 173618 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES OFF CAMPUS TRIPS 252284 EAST ASIA AND THE PACIFIC 0 0 GRANTS TO RECIPIENTS N/A 51970 0 0 0 0 0 0 563518 0 563518 INTERNATIONAL SCHOLARSHIP EAST ASIA AND THE PACIFIC 1 51970 CASH PAYMENT NA NA 0 0 0 0 0 0 PART I, LINE 3: THE ORGANIZATION USED THE ACCRUAL METHOD OF ACCOUNTING TO ACCOUNT FOR EXPENDITURES IN PART I COLUMN (F) AND PART III COLUMN (D) AND (F). 1 EDUCATION - TUITION REMISSION 36 1519852 0 NA NA EDUCATION - GENERAL GRANTS 545 3593052 0 NA NA ENDOWED AND OTHER SCHOLARSHIPS 1057 33932184 0 NA NA EDUCATION - SEOG GRANTS 385 254432 0 NA NA 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 ENSURE 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 345341 0 0 0 3617 0 60754 0 29967 0 439679 0 0 0 BECKEMEYER WENDY VP FOR ENROLLMENT MANAGEMENT 233203 0 0 0 1454 0 18619 0 24271 0 277547 0 0 0 FLEGE KELLY VP, CFO/COO 215830 0 0 0 855 0 16766 0 31133 0 264584 0 0 0 CRAWFORD ILENE VP FOR ACADEMIC AFFAIRS 164091 0 0 0 469 0 13311 0 23721 0 201592 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 IN CALENDAR 2024, THE ORGANIZATION CONTRIBUTED $34,489 TO JONATHAN BRAND'S 457(F) AND IS CORRECTLY REFLECTED IN SCHEDULE J, PART II, COL C. THIS AMOUNT WAS INADVERTENTLY INCLUDED ON THE 2023 SCHEDULE J, PART II, COL C. NO AMOUNTS VESTED OR WERE DISTRIBUTED IN 2024. A IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 2023-12-29 7500000 REFUNDING SERIES 2013 BOND ISSUE 0 0 0 A 1437500 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 22 1174880 AVG STOCK PRICE THE DAY X EQUIPMENT 1 257334 FAIR MARKET VALUE 0 0 1 0 PART I, COLUMN (B): COLUMN (B) REPRESENTS THE NUMBER OF CONTRIBUTORS. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE SHALL CONSIST OF THE CHAIR, IMMEDIATE PAST CHAIR (AS PROVIDED BELOW), CHAIR-ELECT, CHAIR OF THE FINANCE COMMITTEE, 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. IF ELIGIBLE AND AVAILABLE, THE IMMEDIATE PAST CHAIR WILL SIT ON THE EXECUTIVE COMMITTEE FOR ONE YEAR FOLLOWING HIS OR HER TERM AS BOARD CHAIR. 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 A, LINE 4 THE ORGANIZATION AMENDED THEIR GOVERNING DOCUMENTS TO REFLECT THE FOLLOWING CHANGES: THE PRESIDENT OF THE COLLEGE HAS BEEN GIVEN THE ADDITIONAL AUTHORITY WHERE THEY SHALL HAVE THE DUTY TO KEEP, OR CAUSE TO BE KEPT, THE BOOKS AND RECORDS OF THE COLLEGE, EXCEPT AS OTHERWISE PROVIDED IN THE BYLAWS. REGARDING QUALIFICATIONS FOR BOARD OF TRUSTEES, THE GOVERNANCE COMMITTEE SHALL NO LONGER NOMINATE 2 INDIVIDUALS REPRESENTING THE UNITED METHODIST CHURCH OR 2 ALUMNI OF THE COLLEGE. THE GOVERNANCE COMMITTEE SHALL STILL NOMINATE ONE GRADUATING SENIOR IN EACH CLASS OF TRUSTEES. 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 2024. 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. 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 2024. 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 -128,772. CHANGE IN VALUE OF PERPETUAL TRUST 95,560. 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 (10) 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