2013-03-15T09:07:42-05:00 2012-06-30 861065772 Deloitte Tax LLP 50 South Sixth Street Minneapolis MN 55402 990 2011-07-01 420680387 Trustees of Grinnell College TRUS 6412699700 733 Broad Street Accounting Grinnell IA 501121690 Karen Voss 6412699600 2013-03-11 1 Anne Fulton P00941863 6123974000 2011 2016-02-25 16:41:14Z Grinnell College Karen Voss 733 Broad Street Grinnell IA 501121690 698716897 0 X www.grinnell.edu X 1846 IA To educate students in the liberal arts through free inquiry and the open exchange of ideas. 28 28 2603 867 -333651 -731184 11449305 13032507 72793289 79768487 40300121 53955568 4168515 3580106 128711230 150336668 37927858 42605816 0 0 55686477 57445722 0 0 4188648 41495798 39953183 135110133 140004721 -6398903 10331947 1824684174 1699622289 166397787 168740121 1658286387 1530882168 X When Grinnell College framed its charter in the Iowa Territory of the United States in 1846, it set forth a mission to educate its students "for the different professions and for the honorable discharge of the duties of life." 0 0 76764204 41489140 64849742 Instructional Programs-Humanities, Sciences, Social Studies and special programs including international education. The six-year graduation rate is 88% with a 1:9 faculty to student ratio. Grinnell College has approximately 1,600 students generally from all states and about 50 other countries. Distinguished programs include the Center for Prairie Studies, Center for the Humanities, Center for International Studies, Noun Program in Women's Studies, Peace Studies Program, Rosenfield Public Affairs Program, and the Donald L. Wilson Program in Enterprise and Leadership.See continuation on Schedule O.The College pursues its mission by educating young men and women in the liberal arts through free inquiry and the open exchange of ideas. As a teaching and learning community, the College holds that knowledge is a good to be pursued both for its own sake and for the intellectual, moral, and physical well-being of individuals and society at large. The College exists to provide a lively academic community of students and teachers of high scholarly qualifications from diverse social and cultural circumstances. The College aims to graduate women and men who can think clearly, who can speak and write persuasively and even eloquently, who can evaluate critically both their own and other's ideas, who can acquire new knowledge, and who are prepared in life and work to use their knowledge and their abilities to serve the common good. At the center of a Grinnell education is intensive mentoring of students by the faculty. This mentoring begins in the First-Year Tutorial, the only required course at Grinnell College. While faculty members from all academic departments teach the tutorial and their topics vary widely, every tutorial emphasizes writing, critical thinking and analysis, oral discussion skills, and information literacy. Each tutor also serves as advisor to the tutorial students until they declare a major field of study. Thus, students receive guidance from an instructor with personal knowledge of their academic interests, aptitudes, and needs. The tutorial is usually limited to 12 students, making it smaller than the average class, though similar in intensity to the rest of the curriculum. In keeping with the mentoring approach, Grinnell classes generally are small, with an average enrollment of 16 and fewer than 9 percent of classes above 30 students. Many academic programs offer a Mentored Advanced Project (MAP) either as independent study or in the context of a seminar. The MAP, closely guided by a faculty director, gives upper-level students the opportunity to culminate a sequence of academic work by completing an advanced project in research or creative arts. At all levels of the curriculum, Grinnell College students receive an education rooted in active experience. For example, students in science classes engage in discovery-based learning, even at the introductory level. Each area of the fine arts offers opportunities for creative practice alongside the study of history, theory, and formal analysis. Outside the classroom, the Career Development office has coordinated more than 500 College-funded summer internships for students over the past five years. About one-third of students participate in intercollegiate athletics through membership on varsity teams. Student-regulated residence life, another important feature of the Grinnell College education, teaches students the pragmatic socials skills of self-governance as they live together in a community. The College offers a calendar packed with cultural events and activities, including concerts, lectures, theatre, films and opportunity for volunteer and civic involvement. Grinnell College has never had fraternities or sororities; social events are open to all members of the College. Grinnell College's emphasis on active learning extends to participation in the global community. With international students making up about 10 percent of the student body and domestic students representing every state, Grinnell College offers a geographically and culturally diverse environment for living and learning. A flourishing Center for International Studies coordinates and highlights the many courses and programs at Grinnell College with a global perspective. Even without a language requirement, nearly all students elect to study a foreign language. More than half of Grinnell College students spend a semester in Off-Campus Study. Nearly all of these students decide to live and study in an academic program outside the United States. Above all, Grinnell College entrusts students with an uncommon level of responsibility for their own college experience. Just as self-governance is central to residential life at the College, the freedom of each student to choose a unique set of courses is central to the way Grinnell College organizes its curriculum. Students exercise this responsibility not in isolation, but with the active guidance of their faculty advisors and other faculty mentors. Intensive teaching, active learning, residence in a community of cultural and global diversity, and self-governance in both social and academic life-these elements come together at Grinnell College to form a distinctive experience of liberal education. 18807620 353191 338210 Student Services-Registration, Counseling, Admission and Financial Aid, Health Services, Intercollegiate Athletics, Lectures, Convocations and other student programs. 18120173 763485 0 Academic and Institutional Support-Library, Faculty Development, Computer Services, Public Relations, Printing Services, Mail Services, and other expenditures to support the activities of the College. 15049671 14580535 Other program services include auxiliary enterprises such as housing and food services. 15049671 14580535 128741668 1 1 0 0 0 0 0 1 1 1 1 1 0 0 1 1 1 0 1 1 1 0 1 0 0 0 0 1 1 1 1 0 0 0 0 0 0 1 0 1 0 1 1 0 0 0 1 1 1 1 0 1 X 2227 0 1 2603 1 1 1 1 UK 0 0 0 0 1 1 0 0 0 X 28 28 1 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 X X Karen Voss 6412699700 733 Broad Street Grinnell IA 501121690 Trish Fitzgibbons Anderson 2.00 X 0 0 0 Robert F Austin 1.00 X 0 0 0 David B Braman 2.00 X 0 0 0 Thomas R Cech 0.00 X 0 0 0 Dr John F Egan 2.00 X 0 0 0 Laura M Ferguson 2.00 X X 0 0 0 Patricia Finkelman 2.00 X 0 0 0 Shelley Floyd 1.00 X 0 0 0 Harold W Fuson Jr 1.00 X 0 0 0 Atul Gupta 0.00 X 0 0 0 I Craig Henderson 2.00 X 0 0 0 Steve Holtze 1.00 X 0 0 0 Kihwan Kim 1.00 X 0 0 0 Clinton D Korver 2.00 X X 0 0 0 Sylvia Kwan 1.00 X 0 0 0 Todd C Linden 1.00 X 0 0 0 Caroline H Little 1.00 X 0 0 0 Paul A McCulley 1.00 X 0 0 0 Susan Holden McCurry 1.00 X 0 0 0 Gregg Narber 1.00 X 0 0 0 Paul G Risser 2.00 X X 0 0 0 Karen E Shaff 2.00 X 0 0 0 M Anne Spence 1.00 X 0 0 0 Joel R Spiegel 2.00 X 0 0 0 Barret W Thomas 1.00 X 0 0 0 Eric E Whitaker 2.00 X 0 0 0 David P White 1.00 X 0 0 0 Henry T Wingate 1.00 X 0 0 0 J Robert Barr 1.00 X 0 0 0 Nordahl L Brue 1.00 X 0 0 0 Fred A Little Jr 1.00 X 2597 0 0 James H Lowry 1.00 X 0 0 0 Dr Randall Morgan Jr 1.00 X 0 0 0 Robert C Musser 1.00 X 0 0 0 John R Price 1.00 X 0 0 0 Ronald B H Sandler 1.00 X 782 0 0 Donald M Stewart 1.00 X 0 0 0 Raynard S Kington 60.00 X 482524 0 81797 David S Clay 60.00 X 561428 0 40385 Karen L Voss 60.00 X 211854 0 38100 Susan M Schoen 50.00 X 90682 0 23212 Paula V Smith 60.00 X 218565 0 70396 John W Kalkbrenner 50.00 X 169113 0 53804 Michael J Munley 1.00 X 254857 0 35665 Scott L Wilson 50.00 X 215880 0 39881 John H Mutti 50.00 X 195633 0 34214 Jennifer E Michaels 50.00 X 159805 0 26759 W Houston Dougharty 50.00 X 146518 0 67522 James Swartz 50.00 X 150372 0 29318 2860610 0 541053 60 1 1 0 Southeastern Asset Management 6410 Poplar Avenue Memphis TN 38119 Investment Manager 2358931 Neuberger Berman LLC 605 Third Avenue 36th Floor New York NY 10158 Investment Manager 1441522 Third Avenue Management LLC 622 Third Avenue New York NY 10017 Investment Manager 885819 Eagle Capital Management LLC 499 Park Avenue 17th Floor New York NY 10022 Investment Manager 854176 The Northern Trust Company 50 S LaSalle Chicago IL 60603 Investment Custodian 494440 11 2678641 10353866 437012 13032507 Tuition and Fees 900099 64731357 64731357 Auxiliary Services 900099 14344491 14344491 Fees, Sources and Fine 900099 338210 338210 Alumni Fees 900099 236044 236044 Indirect Cost Recovery 900099 69680 69680 48705 48705 79768487 15493242 -333651 15826893 18974 18974 3648426 3648426 72871 161821 -88950 -88950 -88950 586590914 70846 548141883 76525 38449031 -5679 38443352 38443352 Other 900099 20630 20630 20630 150336668 64780062 -333651 72857750 389496 389496 36795033 36795033 5421287 5421287 1455002 1179050 275952 1921372 807627 723754 389991 39308099 36153105 1620467 1534527 3470721 3171344 157234 142143 8402072 7571989 469704 360379 2888456 2547440 206703 134313 118183 16535 101648 203403 203403 99503 99503 2223115 1515261 680566 27288 257443 130086 125281 2076 6653829 6047973 158514 447342 1474127 1171136 282001 20990 36615 36615 5374931 5296087 57476 21368 2553663 1938810 291301 323552 1182916 616624 218553 347739 1330321 1330321 11558615 11157366 292504 108745 377149 377149 Dining Prog. Food Costs 2700988 2700988 0 0 Off-Campus Program Cost 2027233 2027233 0 0 Special Programs 335925 286614 41746 7565 UBIT -220880 0 -220880 0 1666104 1235549 385877 44678 140004721 128741668 7074405 4188648 1490712 1290149 553571 723352 8492 4246 1075442 1063851 2475787 2877346 405039458 150099090 260540706 254940368 827970319 784549069 722449218 646256627 8119927 7917281 1824684174 1699622289 25016567 36081732 1536964 1288083 124253417 117158548 4720107 4482933 10870732 9728825 166397787 168740121 X 1187451741 1095545963 374540857 336802609 96293789 98533596 1658286387 1530882168 1824684174 1699622289 X 10331947 -137736166 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 126885 5368175 28260 0 X X X 1 0 1 1500219483 6271106 -69353459 17424397 35856603 1383856130 1260593189 4248722 284843964 15701985 33764407 1500219483 1137472042 14749865 149816994 12540202 28905510 1260593189 1533658110 2956329 -353011631 12468036 33662730 1137472042 0.70000 0.30000 0 0 175100 2710092 2885192 525000 325222957 94611185 231136772 66245594 50487574 15758020 53939 10106776 5000331 5160384 254940368 5544825 F Marketable Alternatives 203714939 F Non-Marketable Alternatives 435068675 F Other 1928188 F 646256627 Annuities Payable 9728825 9728825 150336668 140004721 10331947 -127994091 -9742075 -137736166 -127404219 -18647801 -127994091 -40921834 -168915925 150268124 68544 68544 150336668 108756418 9687028 9687028 99069390 40935331 40935331 140004721 Part III, Line 4: The focus of the Grinnell College art collection is works on paper of all types though it is not exclusively a works on paper collection. The Faulconer Gallery and its art collection promote learning through artistic excellence and creative collaboration. Goals of the Gallery include developing collections that directly support exhibitions, teaching, research and to provide a variety of learning opportunities with art as the primary source using the collection as a dynamic part of the learning process and across the curriculum, facilitating the integration of the gallery and its resources in the classroom and in research. Part IV, Line 2b: Grinnell College classifies on Form 990, Part X, Line 21, amounts held for Perkins loans payable, funds held in trust for others related to annuities and student group/other group agency accounts. Description of Intended Use of Endowment Funds: Part V, Line 4: The intended use of the Grinnell College endowment is to provide predictable and stable support for the College's mission as a fine liberal arts college. Description of Uncertain Tax Positions Under FIN 48: Part X: The College has a tax determination letter from the IRS stating that it qualifies under the provisions of Section 501(c)(3) of the Internal Revenue Code and is exempt from federal income taxes. GAAP requires management to evaluate tax positions taken by the College and recognize a tax liability (or asset) if the College has taken an uncertain position that more than likely would not be sustained upon examination by the IRS. Management has analyzed the tax positions taken by the College, and has concluded that as of June 30, 2012, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The College is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. Management believes it is no longer subject to income tax examinations for years prior to 2009. Part XI, Line 8 - Other Adjustments: Change in accumulated post retirement obligation -10,077,777. Change in value split-interest agreements 322,205. Change in cash surrender value of life insurance 13,497. Total to Schedule D, Part XI, Line 8: -9,742,075. Part XII Line 2D- Grants and scholarships $(41,156,211), Unrelated business income tax $220,880 and Change in cash surrender value of life insurance $13,497. Part XII Line 4B- Loss on property $(5,679), Alumni fees $236,044 and Rental expenses $(161,821). Part XIII Line 2D- Loss on property $5,679, Alumni fees $(236,044), Rental expenses $161,821, Change in accumulated post retirement benefit obligation $10,077,777 and Change in value of split-interest agreements $(322,205). Part XIII Line 4B- Grants and scholarships $41,156,211 and Unrelated business income tax $(220,880). 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 Grinnell College draws students from around the world and throughout the U.S. and actively seeks to enroll a diverse student body. Domestic students of color currently make up more than 20% of the student body; international students more than 10%. The Colleges nondiscrimination statement is included in the academic course catalog, available in print to all parts of the general community the college serves, as well as on the colleges website (www.grinnell.edu). Explanation of Government Financial Assistance Schedule E, Part I, Line 6 Financial aid is received for Pell Grants, SEOG, work study and other grants for students. The College also receives funds for NSF grants. 1 Central America & the Caribbean 0 0 Grant making 514586 East Asia and the Pacific 0 0 Grant making 1345004 Europe (including Iceland & Greenland) 0 0 Grant making 1570870 Middle East and North Africa 0 0 Grant making 285999 North America 0 0 Grant making 166384 Russia & the Newly Independent States 0 0 Grant making 67820 South America 0 0 Grant making 199087 South Asia 0 0 Grant making 559121 Sub-Saharan Africa 0 0 Grant making 712416 Central America & the Caribbean 0 0 Program services Academic/Education 7442 East Asia and the Pacific 0 0 Program services Academic/Education 66680 Europe (including Iceland & Greenland) 1 9 Program services Academic/Education 553208 Middle East and North Africa 0 0 Program services Academic/Education 40761 North America 0 0 Program services Academic/Education 23441 Russia & the Newly Independent States 0 0 Program services Academic/Education 17149 South America 0 0 Program services Academic/Education 13220 South Asia 0 0 Program services Academic/Education 5196 Sub-Saharan Africa 0 0 Program services Academic/Education 41519 Central America & the Caribbean 0 0 Investments (Book Value) 261150043 East Asia and the Pacific 0 0 Investments (Book Value) 32190281 Europe (including Iceland & Greenland) 0 0 Investments (Book Value) 152536085 North America 0 0 Investments (Book Value) 28511543 South America 0 0 Investments (Book Value) 14219594 Central America & the Caribbean 0 0 Investments (Expenditures) 74804501 East Asia and the Pacific 0 0 Investments (Expenditures) 7740617 Europe (including Iceland & Greenland) 0 0 Investments (Expenditures) 81199298 North America 0 0 Investments (Expenditures) 2353725 0 0 1 9 1 9 4708871 656186719 660895590 Scholarship Central America & the Caribbean 14 497471 Other 0 Scholarship East Asia and the Pacific 51 1283119 Other 0 Scholarship Europe (including Iceland & Greenland) 39 1531348 Other 0 Scholarship Middle East and North Africa 7 283633 Other 0 Scholarship North America 6 162984 Other 0 Scholarship Russia & the Newly Independent States 2 67820 Other 0 Scholarship South America 7 194307 Other 0 Scholarship South Asia 22 542701 Other 0 Scholarship Sub-Saharan Africa 17 699742 Other 0 Prizes Central America & the Caribbean 2 2000 Check 0 Prizes Europe (including Iceland & Greenland) 1 780 Check 0 Prizes East Asia and the Pacific 5 4020 Check 0 Prizes Middle East and North Africa 1 500 Check 0 Fellowships Central America & the Caribbean 2 10135 Check 0 Fellowships East Asia and the Pacific 12 23700 Check 0 Fellowships Europe (including Iceland & Greenland) 15 25600 Check 0 Fellowships Middle East and North Africa 1 1700 Check 0 Fellowships North America 2 3400 Check 0 Fellowships South Asia 3 12300 Check 0 Fellowships Sub-Saharan Africa 3 5100 Check 0 Internships East Asia and the Pacific 13 34165 Check 0 Internships Europe (including Iceland & Greenland) 4 13142 Check 0 Internships South America 1 4780 Check 0 Internships South Asia 2 4120 Check 0 Internships Sub-Saharan Africa 3 7574 Check 0 Internships Middle East and North Africa 1 166 Check 0 Internships Central America & the Caribbean 1 4980 Check 0 1 0 1 1 1 0 Procedure for Monitoring Grants Outside the U.S.: Schedule F, Part I, Line 2: Scholarships and grants for students are applied directly to a student's Grinnell College account and applied to tuition, fees, room, and board. All financial aid is subject to revision based on fund availability, changes in family contribution and/or credit load. Satisfactory academic progress must be maintained according to standards prescribed by Grinnell College. Annual renewal of financial aid is continuous if institutional financial need remains, all required documents are completed by the published deadline and satisfactory academic progress is maintained consistent with Grinnell College policy. Students awarded other funds make various reports and presentations on their research or study as required based on individual requirements of the funding. 1 Embrace 201 Spear Street San Francisco CA 94105 830509261 501(c)(3) 50000 0 General Support Global Press Institute 1012 Torney Avenue San Francisco CA 94129 204421980 501(c)(3) 100000 0 General Support Team Rubicon 1030 W Hillcrest Blvd Ingelwood CA 90301 271720480 501(c)(3) 50000 0 General Support Greater Poweshiek Community Foundation 1510 Penrose Street Grinnell IA 50112 421298055 501(c)(3) 40190 0 Underpass trail extension, Grinnell Games, Second Mile Building, recycling Grinnell Area Arts Council 926 Broad Street Grinnell IA 50112 421130693 501(c)(3) 14456 0 Stewart Building, Free Imagination program, gardening equipment Grinnell Area Chamber of Commerce 833 4th Avenue Grinnell IA 50112 420286455 501(c)(6) 7500 0 Growth collaborative Grinnell Community Daycare and Preschool 1426 Penrose Street Grinnell IA 50112 420947994 501(c)(3) 30100 0 Capital campaign Grinnell Regional Medical Center 210 4th Avenue Grinnell IA 50112 420933383 501(c)(3) 59600 0 Anesthesia machines and capital campaign Grinnell-Newburg Community School District 927 4th Avenue Grinnell IA 50112 426036570 Gov't Entity 6600 0 Cattle show, library activity fund, seminar coordinator, Ipads, fine arts alliance 8 1 Scholarships 1301 35786861 0 Prizes 77 66680 0 Fellowships 238 556408 0 Internships 92 220484 0 Awards 8 164600 0 Procedure for Monitoring Grants in the U.S.: Part I, Line 2: Schedule I, Part I, Line 2: Scholarships and grants for students are applied directly to a student's Grinnell College account and applied to tuition, fees, room and board. All financial aid is subject to revision based on fund availability, changes in family contribution and/or credit load. Satisfactory academic progress must be maintained according to standards prescribed by Grinnell College. Annual renewal of financial aid is continuous if institutional financial need remains, all required documents are completed by the published deadline and satisfactory academic progress is maintained consistent with Grinnell College policy. Students awarded other funds makes various reports and presentations on their research or study as required based on individual requirements of the funding. The College awards grants to local organizations which are administered through the office of Community Enhancement and Engagement. Applications are reviewed by a committee of faculty, staff and Grinnell College students from the local area. All financial contributions focus on the strategic priorities of strengthening cultural, recreational, and educational opportunities in the local area as well as initiatives that enhance the safety, beauty, and economic vitality of our surroundings. Grinnell College has assembled a diverse selection committee to evaluate nominees for the Grinnell College Young Innovator for Social Justice Prize. Appointed by the College's president, the selection committee members are all recognized individuals who work for social change in various capacities. Their backgrounds, accomplishments, and experiences reflect the diversity in both Grinnell and the state. These members include one representative each from the College's faculty, student body, alumni, staff and trustees, plus prominent individuals not formally affiliated with Grinnell. X X X 1 1 X X X X X 1 0 0 0 0 0 0 0 0 Raynard S Kington 462692 0 0 0 19832 0 24500 0 57297 0 564321 0 0 0 David S Clay 532382 0 0 0 29046 0 24500 0 15885 0 601813 0 0 0 Karen L Voss 209882 0 0 0 1972 0 21547 0 16553 0 249954 0 0 0 Paula V Smith 217803 0 0 0 762 0 21715 0 48681 0 288961 0 0 0 John W Kalkbrenner 168533 0 0 0 580 0 17305 0 36499 0 222917 0 0 0 Michael J Munley 139142 0 0 0 115715 0 14271 0 21394 0 290522 0 0 0 Scott L Wilson 215578 0 0 0 302 0 22000 0 17881 0 255761 0 0 0 John H Mutti 193541 0 0 0 2092 0 19710 0 14504 0 229847 0 0 0 Jennifer E Michaels 156991 0 0 0 2814 0 15995 0 10764 0 186564 0 0 0 W Houston Dougharty 146024 0 0 0 494 0 15219 0 52303 0 214040 0 0 0 James Swartz 149111 0 0 0 1261 0 15266 0 14052 0 179690 0 0 0 Part I, Line 1a The President is required to live in College owned housing. The College employs a housekeeper for this housing. The housing benefit is not taxable pursuant to IRC Section 119 as it is a condition of the President's employment at the College. The College also purchased a membership to the local country club which is a taxable benefit to the President. Part I, Line 4a The College entered into a separation agreement with Michael J Munley on August 12, 2010 and under the agreement, the College made a payment of $107,030 to Mr. Munley in August 2011 as specified terms and conditions were fulfilled. Iowa Higher Education Loan Authority 421235696 462460E69 2008-06-26 60000000 Facilities construction and improvements 0 0 0 Iowa Higher Education Loan Authority 421235696 462460H74 2010-03-09 65994798 Refund 12/13/01 $50 million bond issue & construction 0 0 0 61414112 935956 378597 60099559 2010 0 0 1 1 5900000 66322544 554622 404597 13317046 51433447 612833 2012 0 1 0 1 0 0 0 0 0.00000 0.00000 0.00000 1 0 0 0 0 0.00310 0.00000 0.00310 1 0 1 0 0 0 1 0 0 0 0 0 1 X Schedule K Supplental Information Schedule K, Part I, Line B, Col (f): The purpose of the bonds is to refund the $50,000,000 12/13/2001 bond issue and facilities construction & equipment. Schedule K, Part II, Line 3: Difference from Part I(e) is due to investment earnings. Schedule K, Part II, Line 12, col B: Final allocations for the 2010 bond issue have not been made. The College will retain appropriate books and records when the final allocations are made. ScholarshipGrant 70650 Fellowship 1700 Paul Tjossem Family member of Paula Smith, VP Academic Affairs & Dean of the College 109170 Wages & benefits 0 X 3 123445 Art insurance value X 130 Cost or selling price X 45 281737 NYSE Average High/Low X 1 31700 Opinions of experts 3 0 0 1 Third Party Use: Part I, Line 32b: Grinnell College used an auction house to sell Grant Wood prints in fiscal year 2012. Schedule M, Line 31: Gifts that fit the definition of non-standard are not accepted by the College. Form 990, Part V, Line 1a: The College filed 393 1099's and 1,834 1098-T's for a total of 2,227. Form 990, Part VI, Section A, line 1 A Life Trustee will be permitted to vote on matters coming before a Board meeting only if the Life Trustee shall have attended at least two of the immediately preceding three regular meetings of the Board. No Life Trustee shall have the right to vote on proposed amendments to the Articles of Incorporation or By-Laws. The Board may from time to time, designate any regular member who has served as such for at least 12 years a Life Trustee. Life Trustees with no voting rights during 2012 and therefore not listed in Part VII are Elizabeth Ballantine, Richard W. Booth, Carolyn Swartz Bucksbaum, Robert A. Burnett, Vernon E. Faulconer, Ronald T. Gault, Patricia Meyer Papper, Penny Bender Sebring and Jesse L. Ternberg. Form 990, Part VI, Section A, line 2 Caroline Little and Fred Little have a family relationship. Form 990, Part VI, Section A, line 4 The Articles of Incorporation and bylaws of the Trustees of Grinnell College were updated as of February 24, 2012. The Chief Investment Officer was added as an officer of the Corporation. The Chief Investment Officer shall be responsible for the safekeeping of the securities of the Corporation and shall keep them in such place or places as may be designated by the Board of Trustees. Subject to the control of the Board (through the Investment Committee) and under the supervision of the President of the College and such other restrictions as these By-Laws may impose, the Chief Investment Officer shall implement the investment policy and investment sub-policies of the Corporation and administer charitable trusts and similar agreements under which the Corporation is a beneficiary. The Chief Investment Officer shall have the authority to execute and deliver all documents and instruments necessary to effectuate these activities. The Chief Investment Officer shall also render investment reports at such times as the President of the College, the Board, or the Investment Committee may direct. The Chief Investment Officer also shall be responsible for executing investment and trust regulatory filings (including, without limitation, any tax filings). Duties of the Treasurer are now as follows-The Treasurer shall be the chief financial officer of the College and shall be entrusted with and be responsible for the safekeeping of the moneys and funds of the Corporation coming into the Treasurer's hands. Subject to the control of the Board and under the supervision of the President of the College and such other restrictions as these By-Laws may impose, the Treasurer shall collect all funds due the Corporation as principal, interest, or otherwise, and deposit them, as well as all moneys of the Corporation coming into the Treasurer's possession, in the name of the Corporation in such depositories as the President of the College with the approval of the Board may designate. The Treasurer shall perform the functions of cashier, with power to endorse for collection and deposit in the name of the Corporation all checks, drafts, notes, bills of exchange, warrants, and other evidences of indebtedness due the Corporation. He or she shall receive and examine all bills contracted by the Corporation or its proper representatives, and when such bills represent amounts due on goods and services which have been properly requisitioned for and approved, he or she shall draw and sign checks against the corporate depositories for their payment. The Treasurer shall have charge of the books of account of the Corporation and render complete financial statements to the Board at the end of each fiscal year, which statements shall consist of a balance sheet and a statement of income and expenses for the year. The Treasurer shall also render financial statements at such other times as the President of the College, the Board, or any committee thereof may direct. The Treasurer shall also be responsible for executing financial regulatory filings (including, without limitation, any tax filings). The Treasurer shall be the administrator of the Corporation's benefit plans. The Articles of Incorporation were updated to address dissolution of the Corporation as follows-Upon the dissolution of the Corporation, the Board of Trustees shall, after paying or making provision for the payment of all of the liabilities of the Corporation, dispose of all of the assets of the Corporation for one or more exempt purposes within the meaning of Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, or corresponding section of any future federal tax code, or the assets shall be distributed to the federal government, or to a state or local government, for a public purpose. Form 990, Part VI, Section B, line 11 The 990 was made available for review to all Trustees , the President and Treasurer prior to the February 2013 Trustee meeting. The 990 was presented to and reviewed in detail by the Audit and Assessment Committee at the meeting and presented for approval to the full Board of Trustees. Form 990, Part VI, Section B, line 12c Officers and Trustees are required to report any conflicts of interest under the policies of the Trustees of Grinnell College. Any conflicts must be disclosed in writing before entering into the transaction to the Executive Committee of the Board of Trustees. A transaction may not be entered into until approved by a vote of at least two-thirds by the Executive Committee. The Executive Commitee shall report to the Board of Trustees on all Conflict of Interest transactions considered by it at each meeting of the Board and, if requested by the Executive Committee, the Board shall consider whether to ratify the actions of the Executive Committee with respect to any such Conflict of Interest transaction. A Conflict of Interest transaction may only be ratified by the affirmative vote by at least two-thirds of the Trustees present and voting at a meeting of the Board duly called and held after the Executive Committee has received the disclosure. Each current member of the Board of Trustees and each Officer shall file a statement in July of each year with the Treasurer certifying that he or she has read, and is familiar with the terms of, this Conflict of Interest Policy, and either (a) setting forth and describing any possible conflicts of interest which may have arisen or occurred in the fiscal year of the College ending June 30, or which may be expected to arise or occur during the fiscal year beginning July 1, or (b) that he or she knows of no such possible conflict of interest. Key employees must annually complete the campus conflict of interest disclosure statement which is reviewed by a committee consisting of members from the Human Resources, Treasurer and Dean's offices, respectively. Form 990, Part VI, Section B, line 15 The College has a disqualified employee compensation review policy. The determination of who is classified as a disqualified employee at Grinnell College is determined by the level of each individual's involvement in the management and/or control of certain financial aspects of the College. Grinnell College will acquire and use sufficient data regarding comparable compensation packages to assist in establishing the compensation of disqualified employees. The proposed compensation for each disqualified person will be approved by a conflict-free decision-making body composed of members of the Grinnell College Board of Trustees. The decision-making body will receive a Rebuttable Presumption Summary for each individual at Grinnell College identified as a disqualified person. All relevant information will be documented regarding the actions of the decision-making body. This process was used for the following positions: President, Treasurer, Dean of Admission & Financial Aid, Vice-President for Diversity & Achievement, Vice-President for Student Affairs, Vice-President for College Services, Assistant Treasurer, Vice-President of College and Alumni Relations, Secretary, Dean of the College, former Dean of the College, Vice-President for Institutional Planning, Vice-President for Finance & Associate Treasurer, Special Assistant to the President, Director of Compensation and Benefits, Director of Student Financial Aid and Director of Facilities Management. The last review was conducted for compensation effective July 1, 2012. Form 990, Part VI, Section C, line 19 The College makes its Articles of Incorporation, bylaws, conflict of interest policy, financial statements and other key policies (Red Flag, Whistleblower, etc) avaiable to the public via its website-www.grinnell.edu. Changes in Net Assets or Fund Balances: Form 990, Part XI, line 5: Net unrealized losses on investments: -127,994,091. Change in accumulated post retirement obligation -10,077,777. Change in value split-interest agreements 322,205. Change in cash surrender value of life insurance 13,497. Total to Form 990, Part XI, Line 5: -137,736,166. Grinnell College Medical Benefit Plan Trust 733 Broad Street Grinnell IA 501121690 421371997 Health insurance for employees and retirees IA 501(c)(9) N/A 1 Red Rock Venture III LP 530 Lytton Avenue 2nd Floor Palo Alto CA 94301 770549159 Venture Capital DE N/A Investment -1851664 3544276 0 0 0.59100 Poweshiek Petroleum Corporation 733 Broad Street Accounting Grinnell IA 501121690 730646866 Oil and Gas Production IL N/A C 51814 26841 1.00000 Charitable Remainder Unitrusts (1) Trust CA N/A Charitable Remainder Unitrusts (23) Trust IA N/A Charitable Remainder Unitrusts (1) Trust IL N/A Charitable Remainder Unitrusts (1) Trust MN N/A Charitable Remainder Unitrusts (1) Trust MO N/A Charitable Remainder Unitrusts (1) Trust TX N/A Charitable Remainder Annuity Trusts (2) Trust IA N/A Charitable Remainder Annuity Trusts (1) Trust TX N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 Grinnell College Medical Benefit Plan Trust Q 6326879 Cash