2012-03-15T09:00:22-05:00 2011-06-30 MCGLADREY & PULLEN LLP 221 THIRD AVENUE SE STE 300 CEDAR RAPIDS IA 524011512 990 2010-07-01 420680335 CORNELL COLLEGE CORN 3198954383 600 FIRST STREET N MOUNT VERNON IA 52314 KAREN MERCER 3198954383 2012-03-16 1 KAY HEGARTY 3192985333 2010 2016-02-24 21:20:13Z KAREN MERCER 600 FIRST STREET N MOUNT VERNON IA 52314 82641990 0 X CORNELLCOLLEGE.EDU X 1854 IA POST SECONDARY LIBERAL ARTS EDUCATION 32 32 1380 0 23297 -29637 5859130 5451204 40714625 44501417 1022604 2749223 82472 70987 47678831 52772831 17741079 21029059 0 0 17159298 18360745 0 0 1360502 14531869 15141665 49432246 54531469 -1753415 -1758638 149164117 150734632 29260133 27211007 119903984 123523625 X ADOPTED BY THE BOARD OF TRUSTEES MAY 18, 1990. CORNELL IS AN INDEPENDENT, COEDUCATIONAL, RESIDENTIAL LIBERAL ARTS COLLEGE, ESTABLISHED IN 1853, NURTURED BY THE UNITED METHODIST CHURCH, AND DEDICATED TO FOSTERING INTELLECTUAL, MORAL, AND PERSONAL GROWTH. THE COLLEGE IS COMMITTED TO SUSTAINING A COMMUNITY DEVOTED TO LIBERAL LEARNING AND DEMOCRATIC VALUES. TO THIS END, IT SEEKS TO PROVIDE A CARING ENVIRONMENT FOR LIVING AND LEARNING CHARACTERIZED BY CLOSE RELATIONSHIPS, PHYSICAL AND EMOTIONAL WELL-BEING, APPRECIATION OF DIVERSITY, AFFIRMATION OF EQUAL OPPORTUNITY AND ACADEMIC FREEDOM, AND RESPECT FOR THE DIGNITY AND WORTH OF EACH INDIVIDUAL. 0 0 15239110 0 36077886 HIGHER EDUCATION: INSTRUCTION, ACADEMIC SUPPORT, CONINTUING EDUCATION AND LIBRARY - PROVIDING POST SECONDARY LIBERAL ARTS EDUCATION FOR APPROXIMATELY 1192 STUDENTS. 6031637 0 8406423 HIGHER EDUCATION: AUXILIARY ENTERPRISES (HOUSING, DINING, STUDENT UNION, AND SERVICE CENTER)SERVICES WERE PROVIDED FOR APPROXIMATELY 1192 STUDENTS. 21029059 21029059 HIGHER EDUCATION: STUDENT AID: STUDENT FINANCIAL ASSISTANCE FOR APPROXIMATELY 1129 STUDENTS. (1129 STUDENTS) 7343325 0 17108 HIGHER EDUCATION: STUDENT SERVICES AND ADMISSIONS, REGISTRAR, HEALTH CENTER, COUNSELING, FINANCIAL AID, STUDENT AFFAIRS AND CAMPUS MINISTER. SERVICES WERE PROVIVIDED TO THE ENTIRE STUDENT BODY. (1192 STUDENTS) 452747 HIGHER EDUCATION: OFFICE OF COLLEGE COMMUNICATIONS, ALUMNI RELATIONS AND GENERAL INSTITUTIONAL EXPENSES (1192 STUDENTS) 7796072 17108 50095878 1 1 0 0 0 0 0 0 1 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 1 1 0 0 0 1 116 0 1 1380 1 1 1 0 0 0 0 0 0 0 0 0 X 32 32 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NY X X LOIS MULBROOK 3198954245 600 FIRST ST W MOUNT VERNON IA 52314 STEVEN ANDERSON 3.00 X X 0 0 0 JAMES BROWN 2.00 X 0 0 0 PETER S BRYANT 2.00 X 0 0 0 LEE R CLANCEY 2.00 X 0 0 0 LAWRENCE DORR 2.00 X 0 0 0 NEIL E ECKLES 2.00 X 0 0 0 JOHN D MCGRANE 3.00 X X 0 0 0 ROBERT MCLENNAN 3.00 X X 0 0 0 CRAIG SHIVES 2.00 X 0 0 0 JOHN SMITH 4.00 X X 0 0 0 VIRGINIA SMITH 2.00 X 0 0 0 RICHARD J WILLIAMS 2.00 X 0 0 0 RUDY V BYRON 2.00 X 0 0 0 MILDRED G CARSTENSEN 3.00 X X 0 0 0 MARY RETZER 2.00 X 0 0 0 SHERYL C STOLL 3.00 X X 0 0 0 JERRY N RINGER 2.00 X 0 0 0 GILDA V BOYER 3.00 X X 0 0 0 THOMAS L COX 2.00 X 0 0 0 JUDY JORGENSEN 2.00 X 0 0 0 DEAN RIESEN 2.00 X 0 0 0 CORY KING 2.00 X 0 0 0 JESSICA ALLISON 2.00 X 0 0 0 JESSICA MORTON 2.00 X 0 0 0 EDWARD MEADS 2.00 X 0 0 0 THOMAS DURHAM 2.00 X 0 0 0 JOHN BICKEL 2.00 X 0 0 0 STUART LEHR 2.00 X 0 0 0 FRANCES KAO 2.00 X 0 0 0 ELI WADE-SCOTT 2.00 X 0 0 0 NAOMI SEA YOUNG WITTSTRUCK 2.00 X 0 0 0 JAMES BROWN 60.00 X 136337 0 12947 KAREN MERCER 50.00 X 142261 0 5387 JOHN HARP 50.00 X 99608 0 15879 JONATHAN STROUD 50.00 X 129114 0 25196 PETER WILCH 50.00 X 126798 0 18383 CHRISTOPHER CARLSON 40.00 X 106146 0 12805 LESLIE GARNER 50.00 X 265146 0 13428 1005410 0 104025 6 1 1 0 SODEXO 4880 PAYSPHERE CIRCLE CHICAGO IL 60674 CUSTODIAL & DINING 2928584 PER MAR SECURITY SERVICE PO BOX 1101 DAVENPORT IA 52805 CAMPUS-WIDE SECURITY 316314 MAILING SERVICES INC 950 CAPITAL DR SW CEDAR RAPIDS IA 52404 MAILING SERVICE 269900 T&K ROOFING AND SHEETMETAL CO 1215 STATE STREET ELY IA 52227 ROOFING KING CHAPEL 229647 BOWKER MECHANICAL 1000 32ND AVE SW CEDAR RAPIDS IA 52314 MECHANICAL CONTRACTORS 204120 5 892344 4558860 1800557 5451204 TUITION AND FEES 611710 35603151 35603151 DINING 611710 4344987 4344987 RESIDENCE 611710 3968004 3968004 EDUCATIONAL TRIPS AND 611710 474735 474735 STUDENT ACTIVITIES 611710 93432 93432 17108 17108 44501417 1154871 1154871 4844 4844 61986 19140 42846 42846 42846 31318997 125374 29742567 107452 1576430 17922 1594352 1594352 BRKT HSE GUEST FACIL 721000 31596 31596 HLTP FITNESS CNTR 713940 2400 2400 K-1 PRTNSHP LOSS 525990 -10699 -10699 23297 52772831 44501417 23297 2796913 21029059 21029059 407407 407407 14203945 12941175 550546 712224 799490 683989 78795 36706 1945629 1668953 162893 113783 1004274 886991 67269 50014 72471 35736 36735 44385 44385 98332 98332 164143 164143 228513 182810 34277 11426 48515 48515 1691530 1098102 514694 78734 423663 169465 148282 105916 1522908 1411076 13794 98038 69848 68508 1340 529379 489839 29655 9885 3403184 3014227 388957 342413 314253 21120 7040 DINING 2669454 2669454 UTILITIES 1194065 955252 179110 59703 CUSTODIAL SERVICES 855273 855273 LIBRARY 610006 610006 MAINTENANCE 605351 484280 90803 30268 568232 478915 42552 46765 54531469 50095878 3075089 1360502 9124896 11801217 16684351 14070693 906231 478196 316545 325111 102704378 44292271 60085804 58412107 38972344 39300838 11305261 14666664 2383688 2090679 9384997 9589127 149164117 150734632 6629772 7103988 18540330 16244784 65524 65045 4024507 3797190 29260133 27211007 X 38598274 36734584 20181483 25688339 61124227 61100702 119903984 123523625 149164117 150734632 X -1758638 5378279 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 59668619 -131810 7868988 2359303 65046494 57977908 368194 4800105 3477588 59668619 72967687 3631616 -14094705 4526690 57977908 0.04000 0.92000 0.04000 0 0 100000 3193850 3293850 1775051 80907160 29869382 52812829 16728317 14422889 2305428 58412107 HEDGE FUND 7859088 F NATURAL RESOURCE FUND 913891 F PRIVATE EQUITY FUND 4820560 F REIT 1073125 F 14666664 ASSETS HELD IN TRUST 3414999 UNITRUSTS 1928334 CONTRACTS AND MISC 30666 CASH VALUE OF LIFE INSURANCE 4215128 9589127 US GOVERNMENT LOANS, REFUNDABLE 1054027 STUDENT TUITION PAID IN ADVANCE 265728 ANNUITIES PAYABLE 1402634 LIFE-INCOME PAYABLE 1074801 3797190 52772831 54531469 -1758638 5367750 10529 5378279 3619641 36957908 5367750 10529 5378279 31579629 164143 21029059 21193202 52772831 33338267 0 33338267 164143 21029059 21193202 54531469 PART IV, LINE 2B: CORNELL STUDENT GROUPS HAVE A CHECKING ACCOUNT AT THE LOCAL BANK. STUDENT ACTIVITY FEES HELP FUND THESE GROUPS AND STUDENT SENATE OVERSEES THE APPROPRIATION OF THE FUNDS. CORNELL'S FINANCIAL STATEMENTS SHOW THIS AS A LIABILITY FUND HELD ON BEHALF OF OTHERS. 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: THE INTERNAL REVENUE SERVICE HAS RECOGNIZED THE COLLEGE AS EXEMPT FROM FEDERAL INCOME TAXES UNDER THE PROVISIONS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE COLLEGE FILES A FORM 990 (RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX) ANNUALLY. WHEN THESE RETURNS ARE FILED, IT IS HIGHLY CERTAIN THAT SOME POSITIONS TAKEN WOULD BE SUSTAINED UPON EXAMINATION BY THE TAXING AUTHORITIES, WHILE OTHERS ARE SUBJECT TO UNCERTAINTY ABOUT THE MERITS OF THE TAX POSITION TAKEN OR THE AMOUNT OF THE POSITION THAT WOULD ULTIMATELY BE SUSTAINED. EXAMPLES OF TAX POSITIONS COMMON TO COLLEGES INCLUDE SUCH MATTERS AS THE FOLLOWING: THE TAX EXEMPT STATUS OF EACH ENTITY AND VARIOUS POSITIONS RELATIVE TO POTENTIAL SOURCES OF UNRELATED BUSINESS TAXABLE INCOME (UBIT). UBIT IS REPORTED ON FORM 990-T, AS APPROPRIATE. THE BENEFIT OF TAX POSITION IS RECOGNIZED IN THE FINANCIAL STATEMENTS IN THE PERIOD DURING WHICH, BASED ON ALL AVAILABLE EVIDENCE, MANAGEMENT BELIEVES THAT IT IS MORE LIKELY THAN NOT THAT THE POSITION WILL BE SUSTAINED UPON EXAMINATION, INCLUDING THE RESOLUTION OF APPEALS OR LITIGATION PROCESSES, IF ANY. TAX POSITIONS ARE NOT OFFSET OR AGGREGATED WITH OTHER POSITIONS. TAX POSITIONS THAT MEET THE "MORE LIKELY THAN NOT" RECOGNITION THRESHOLD ARE MEASURED AS THE LARGEST AMOUNT OF TAX BENEFIT THAT IS MORE THAN 50% LIKELY TO BE REALIZED ON SETTLEMENT WITH THE APPLICABLE TAXING AUTHORITY. THE PORTION OF THE BENEFITS ASSOCIATED WITH TAX POSITIONS TAKEN THAT EXCEEDS THE AMOUNT MEASURED AS DESCRIBED ABOVE IS REFLECTED AS A LIABILITY FOR UNCERTAIN TAX BENEFITS IN THE ACCOMPANYING BALANCE SHEETS ALONG WITH ANY ASSOCIATED INTEREST AND PENALTIES THAT WOULD BE PAYABLE TO THE TAXING AUTHORITIES UPON EXAMINATION. AS OF JUNE 30, 2011 AND 2010, THERE WERE NO UNCERTAIN TAX BENEFITS IDENTIFIED AND RECORDED AS A LIABILITY. FORMS 990 AND 990-T FILED BY THE COLLEGE ARE SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE (IRS) UP TO THREE YEARS FROM THE EXTENDED DUE DATE OF EACH RETURN. FORMS 990 AND 990-T FILED BY THE COLLEGE ARE NO LONGER SUBJECT TO EXAMINATION FOR THE FISCAL YEARS ENDED JUNE 30, 2007 AND PRIOR. PART XI, LINE 8 - OTHER ADJUSTMENTS: ACTUARIAL ADJUSTMENTS ON LIFE INCOME AND ANNUITY AGREEMENTS 10,529. PART XII, LINE 2D - OTHER ADJUSTMENTS: ACTUARIAL ADJUSTMENTS ON LIFE AND ANNUITY CONTRACTS 10,529. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 21,029,059. PART XIII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 21,029,059. 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 AFFIRMITIVE 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 FEDERAL AND STATE GRANTS NORTH AMERICA - CANADA AND MEXICO) 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 16263 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 14909 SOUTH ASIA 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 67660 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 170035 SOUTH AMERICA 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 45144 0 0 0 314011 0 314011 0 0 0 0 0 0 1 EDUCATIONAL - ACM TUITION REMISSION 16 398495 0 EDUCATIONAL - SEOG GRANTS 228 41988 0 EDUCATIONAL - GENERAL GRANTS 701 8475343 0 EDUCATIONAL - FACULTY AND STAFF SCHOLARSHIPS 10 222459 0 EDUCATIONAL - INTERNATIONAL SCHOLARSHIPS 3 46305 0 EDUCATIONAL - WORKSTUDY COLLEGE CONTRIBUTION 525 110734 0 ENDOWED AND OTHER SCHOLARSHIPS 966 9719422 0 EDUCATIONAL - INSTITUTIONAL SCHOLARSHIPS 247 2014313 0 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 1 0 0 0 0 0 0 0 0 JONATHAN STROUD 125672 0 0 0 3442 0 4793 0 20403 0 154310 0 0 0 LESLIE GARNER 96771 0 0 0 168375 0 6638 0 6790 0 278574 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS -CORNELL'S PRESIDENT AND A FEW KEY EMPLOYEES IN THE ALUMNI AND ADVANCEMENT OFFICE WILL OCCASIONALLY TRAVEL WITH THEIR SPOUSES TO VARIOUS CORNELL FUNCTIONS, BECAUSE THEY ARE OFTEN TIMES ALUMNI AND ALSO ADVOCATES OF THE COLLEGE. 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 4A FORMER PRESIDENT OF CORNELL COLLEGE RECEIVED A SEVERENCE PAYMENT OF $165,751 UPON HIS RETIREMENT IN JUNE, 2010. THIS ARRANGEMENT WAS WRITTEN INTO HIS INITIAL CONTRACT AND WAS BASED ON THE NUMBER OF YEARS OF SERVICE. SUPPLEMENTAL INFORMATION PART III SCHEDULE J, PART I, LINE 3: THE PRESIDENTIAL SEARCH IS OVERSEEN BY THE COLLEGE'S BOARD OF TRUSTEES, WHO SELECT A NATIONAL SEARCH FIRM TO CONDUCT THE SEARCH. AT THE BEGINNING OF THE SEARCH, THE FIRM GATHERS INPUT FROM CAMPUS GROUPS TO DESIGN THE POSITION PROFILE. THEY INVITE APPLICATIONS, AND RECRUITMENT CONTINUES UNTIL THE POSITION IS FILLED. THE CANDIDATES MEET WITH MULTIPLE CAMPUS GROUPS, WHICH INCLUDE REPRESENTATION FROM THE FACULTY, ADMINISTRATION, AND STUDENTS. IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 462460ZB5 2006-10-24 6878820 CONSTRUCTION OF STUDENT HOUSING 0 0 0 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 6942033 438056 137575 6366402 2007 0 0 1 1 2300000 11736190 3755286 157192 7823712 2009 1 0 1 1 0 0 0 0 1 0.00000 0.00000 0.00000 1 0 0 0 0 1 0.00000 0.00000 0.00000 1 0 0 0 1 BAYERISCHE LANDESBANK 40.000000000000 1 1 1 0 1 0 0 0 1 X 29 1800557 AVG SHARE PRICE 0 1 0 FORM 990, PART VI, SECTION B, LINE 11 THE 990 IS REVIEWED IN DETAIL BY THE BUSINESS AFFAIRS COMMITTEE OF THE BOARD. THEN THE 990 IS FINALIZED AND POSTED TO THE CORNELL COLLEGE WEBSITE TO MAKE AVAILABLE TO EACH MEMBER OF THE GOVERNING BODY PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR, A CONFLICT OF INTEREST POLICY IS HANDED OUT TO EACH BOARD MEMBER. THEY ARE REQUIRED TO COMPLETE THIS FORM AND RETURN THEM TO CORNELL. FORM 990, PART VI, SECTION B, LINE 15 THE PRESIDENTIAL SEARCH IS OVERSEEN BY THE COLLEGE'S BOARD OF TRUSTEES, WHO SELECT A NATIONAL SEARCH FIRM TO CONDUCT THE SEARCH. AT THE BEGINNING OF THE SEARCH, THE FIRM GATHERS INPUT FROM CAMPUS GROUPS TO DESIGN THE POSITION PROFILE. THEY INVITE APPLICANTS, AND RECRUITMENT CONTINUES UNTIL THE POSITION IS FILLED. THE CANDIDATES MEET WITH MULTIPLE CAMPUS GROUPS, WHICH INCLUDE REPRESENTATION FROM THE FACULTY, ADMINISTRATION, AND STUDENTS. 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 BETWEEN THE PRESIDENT AND THE HUMAN RESOURCES DIRECTOR UTILIZING SALARY DATA FROM THE ASSOCIATED COLLEGES OF THE MIDWEST AND COLLEGE AND UNIVERSITY PROFESSIONALS (CUPA) DATA. 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. FORM 990, PART VI, SECTION C, LINE 19 CORNELL'S BYLAWS, FINANCIAL STATEMENTS AND CONFLICT OF INTEREST POLICIES ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 5,367,750. ACTUARIAL ADJUSTMENTS ON LIFE INCOME AND ANNUITY AGREEMENTS 10,529. TOTAL TO FORM 990, PART XI, LINE 5: 5,378,279. MCELROY-CORNELL LOAN FUND 600 FIRST STREET WEST MT VERNON IA 52314 421256058 LOANS FOR STUDENTS IA 501(C)(3) 11(A) TYPE 1 N/A 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0