2012-03-28T10:37:16-05:00 2011-06-30 Deloitte Tax LLP 50 South Sixth Street Minneapolis MN 55402 990 2010-07-01 420680387 Trustees of Grinnell College TRUS 6412693500 733 Broad Street Accounting Grinnell IA 501121690 Karen Voss 6412699600 2012-03-15 1 Anne Fulton 6123974000 2010 2016-02-24 21:20:13Z Grinnell College Karen Voss 733 Broad Street Grinnell IA 501121690 530554611 0 X www.grinnell.edu X 1846 IA To educate students in the liberal arts through free inquiry and the open exchange of ideas. 27 26 2514 917 2382876 1834972 25922266 11449305 70974671 72793289 24532813 40300121 2371784 4168515 123801534 128711230 34332679 37927858 0 0 52873209 55686477 0 0 3704512 36576518 41495798 123782406 135110133 19128 -6398903 1588535603 1824684174 169538962 166397787 1418996641 1658286387 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 72714928 36827678 59341634 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 1600 students generally from all states and about 50 other countries. Distinguised 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 400 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. 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. Roughly 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. 18736754 320674 435319 Student Services-Registration, Counseling, Admission and Financial Aid, Health Services, Intercollegiate Athletics, Lectures, Convocations and other student programs. 18035292 779506 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. 14558877 13016336 Other program services include auxiliary enterprises such as housing and food services. 14558877 13016336 124045851 1 1 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 1 1 1 0 0 0 1 1 1 1 0 1 X 2280 0 1 2514 1 1 1 1 UK 0 0 0 0 0 0 0 0 X 27 26 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 X X Karen Voss 6412699600 733 Broad Street Grinnell IA 501121690 X Trish Fitzgibbons Anderson 2.00 X 0 0 0 Robert F Austin 1.00 X 0 0 0 Elizabeth Ballantine 1.00 X 0 0 0 J Robert Barr 1.00 X 0 0 0 Richard W Booth 1.00 X 0 0 0 David B Braman 1.00 X 0 0 0 Nordahl L Brue 2.00 X 0 0 0 Robert A Burnett 1.00 X 0 0 0 Thomas R Cech 0.00 X 0 0 0 Dr John F Egan 1.00 X 0 0 0 Laura M Ferguson 2.00 X X 0 0 0 Patricia Finkelman 2.00 X X 0 0 0 Harold W Fuson Jr 1.00 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 Fred A Little Jr 1.00 X 0 0 0 James H Lowry 1.00 X 0 0 0 Charles T Manatt 1.00 X 0 0 0 Paul A McCulley 1.00 X 0 0 0 Susan Holden McCurry 1.00 X 0 0 0 Dr Randall Morgan Jr 1.00 X 0 0 0 Gregg Narber 1.00 X 0 0 0 John R Price 1.00 X 0 0 0 Paul G Risser 2.00 X X 0 0 0 Ronald B H Sandler 1.00 X 0 0 0 Karen E Shaff 2.00 X 0 0 0 M Anne Spence 2.00 X 0 0 0 Lonabelle Spencer 0.00 X 0 0 0 Joel R Spiegel 2.00 X 0 0 0 Donald M Stewart 1.00 X 0 0 0 Barrett W Thomas 2.00 X 0 0 0 Eric E Whitaker 1.00 X 0 0 0 David P White 2.00 X X 0 0 0 Henry T Wingate 1.00 X 0 0 0 Raynard S Kington 60.00 X 171561 0 40025 Russell K Osgood 60.00 X 389362 0 58116 David S Clay 60.00 X 549009 0 39836 Susan M Schoen 50.00 X 98525 0 23213 Karen L Voss 60.00 X 200152 0 36289 Angela Voos 50.00 X 0 0 0 Christopher S Allen 50.00 X 178672 0 24485 Houston Dougharty 50.00 X 150068 0 49148 John W Kalkbrenner 50.00 X 160229 0 33425 Michael J Munley 50.00 X 228063 0 41104 Paula V Smith 60.00 X 202199 0 67051 Marci J Sortor 50.00 X 160874 0 34413 John H Mutti 50.00 X 189321 0 34340 Jennifer E Michaels 50.00 X 152592 0 25712 Mark E Godar 50.00 X 145567 0 28199 Henry Walker 50.00 X 139296 0 27597 Henry W Moyer 50.00 X 137748 0 29462 James Swartz 50.00 X 134281 0 27165 3387519 0 619580 50 1 1 0 Southeastern Asset Management 6410 Poplar Avenue Memphis TN 38119 Investment Manager 2154282 Neuberger Berman LLC 605 Third Avenue 36th Floor New York NY 10158 Investment Manager 1231750 Third Avenue Management LLC 622 Third Avenue New York NY 10017 Investment Manager 896412 Neumann Brothers 1435 Ohio Street Des Moines IA 50305 Construction Contractor 788988 Eagle Capital Management LLC 499 Park Avenue 17th Floor New York NY 10022 Investment Manager 731390 14 2294965 9154340 529540 11449305 Tuition and Fees 900099 59217640 59217640 Auxiliary Services 900099 12842840 12842840 Fees, Sources & Fines 900099 435319 435319 Alumni Fees 900099 173496 173496 Indirect Cost Recovery 900099 65051 65051 58943 58943 72793289 17656226 2382876 15273350 59504 59504 4157389 4157389 67732 72285 -4553 -4553 -4553 424308011 47476 401478153 292943 22829858 -245467 22584391 22584391 Other 900099 15679 15679 15679 128711230 59276583 2382876 55602466 493445 493445 32301735 32301735 5132678 5132678 2579346 459990 1446696 672660 754389 456336 298053 38075355 35000280 1679494 1395581 3369581 3097107 155695 116779 8121134 7299367 469709 352058 2786672 2466888 203440 116344 103358 20206 83152 146250 146250 104303 104303 1587943 1336514 235534 15895 229496 177500 49746 2250 6592586 6016991 135915 439680 1456914 1187957 251058 17899 45407 45407 6912945 6823315 65339 24291 2089761 1602804 240502 246455 853357 528402 165352 159603 1411287 1411287 11430864 11034128 289214 107522 412130 412130 Off-Campus Program Cost 2823291 2823291 0 0 Dining Prog. Food Costs 2530605 2530605 0 0 UBIT 944055 0 944055 0 Special Programs 310322 264835 40230 5257 0 0 0 0 1510924 1122653 356033 32238 135110133 124045851 7359770 3704512 1937029 1490712 751470 553571 13803 8492 982455 1075442 2398805 2475787 399523605 138982899 264504243 260540706 673532374 827970319 636286768 722449218 8128656 8119927 1588535603 1824684174 26998017 25016567 1675432 1536964 125581589 124253417 4331575 4720107 10952349 10870732 169538962 166397787 X 1025490798 1187451741 300584071 374540857 92921772 96293789 1418996641 1658286387 1588535603 1824684174 X -6398903 245688649 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 78850 5077656 X X X 0 0 1 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 321603805 86620028 235508777 64602695 47728664 16874031 53939 9852974 4634207 5272706 260540706 378414 F Marketable Alternatives 254179857 F Non-Martable Alternatives 467752220 F Other 138727 F 722449218 Annuities Payable 10870732 10870732 128711230 135110133 -6398903 244354308 1334341 245688649 239289746 335863960 244354308 -37345834 207008474 128855486 -144256 -144256 128711230 96574214 -1172441 -1172441 97746655 37363478 37363478 135110133 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 it's art collection promote learning through artistic excellence and creative collaboration. Goals of the Gallery include developing collections that directly support exhibitions, teaching, and 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. Part V, Lines 1a - 1g: Prior year endowment figures were restated to include funds that were previously considered similar funds and that were transferred into the endowment during the fiscal year ended June 30, 2011. 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, 2011, 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 2008. Part XI Line 8- Change in accumulated post retirement benefit obligation $2,411,032, Change in value of split-interest agreements $(1,094,335) and Change in cash surrender value of life insurance $17,644. Part XII Line 2D- Grants and scholarships $(36,419,423), Unrelated business income tax $(944,055) and Change in cash surrender value of life insurance $17,644. Part XII Line 4B- Loss on property $(245,467), Alumni fees $173,496 and Rental expenses $(72,285). Part XIII Line 2D- Loss on property $245,467, Alumni fees $(173,496), Rental expenses $72,285, Change in accumulated post retirement benefit obligation $(2,411,032) and Change in value of split-interest agreements $1,094,335. Part XIII Line 4B- Grants and scholarships $36,419,423 and Unrelated business income tax $944,055. 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 402318 East Asia and the Pacific 0 0 Grant making 1413385 Europe (including Iceland & Greenland) 0 0 Grant making 1178563 Middle East and North Africa 0 0 Grant making 231279 North America 0 0 Grant making 99198 Russia & the Newly Independent States 0 0 Grant making 127402 South America 0 0 Grant making 280539 South Asia 0 0 Grant making 750007 Sub-Saharan Africa 0 0 Grant making 649987 Central America & the Caribbean 0 0 Program services Academic/Education 10942 East Asia and the Pacific 0 0 Program services Academic/Education 57277 Europe (including Iceland & Greenland) 1 11 Program services Academic/Education 562855 Middle East and North Africa 0 0 Program services Academic/Education 7898 North America 0 0 Program services Academic/Education 20284 Russia & the Newly Independent States 0 0 Program services Academic/Education 7442 South America 0 0 Program services Academic/Education 5712 South Asia 0 0 Program services Academic/Education 1950 Sub-Saharan Africa 0 0 Program services Academic/Education 41602 Central America & the Caribbean 0 0 Investments (Book Value) 373720812 East Asia and the Pacific 0 0 Investments (Book Value) 70931786 Europe (including Iceland & Greenland) 0 0 Investments (Book Value) 81094810 North America 0 0 Investments (Book Value) 18136780 South America 0 0 Investments (Book Value) 14990942 Central America & the Caribbean 0 0 Investments (Expenditures) 55573910 East Asia and the Pacific 0 0 Investments (Expenditures) 566878 Europe (including Iceland & Greenland) 0 0 Investments (Expenditures) 18042399 North America 0 0 Investments (Expenditures) 552921 South America 0 0 Investments (Expenditures) 14219594 0 0 1 11 1 11 4482691 649196781 653679472 Scholarship Central America & the Caribbean 11 389758 Other Scholarship East Asia and the Pacific 57 1350499 Other Scholarship Europe (including Iceland & Greenland) 34 1155803 Other Scholarship Middle East and North Africa 5 227879 Other Scholarship North America 5 96998 Other Scholarship Russia & the Newly Independent States 4 127402 Other Scholarship South America 8 273939 Other Scholarship South Asia 27 720515 Other Scholarship Sub-Saharan Africa 16 635037 Other Prizes East Asia and the Pacific 2 9500 Check Prizes Europe (including Iceland & Greenland) 1 2200 Check 0 Prizes North America 1 500 Check 0 Prizes South America 1 250 Check 0 Prizes South Asia 2 4000 Check 0 Fellowships Central America & the Caribbean 3 10200 Check 0 Fellowships East Asia and the Pacific 14 28500 Check 0 Fellowships Europe (including Iceland & Greenland) 8 17400 Check 0 Fellowships Middle East and North Africa 1 3400 Check 0 Fellowships North America 1 1700 Check 0 Fellowships South America 1 1700 Check 0 Fellowships South Asia 4 6800 Check 0 Fellowships Sub-Saharan Africa 3 5100 Check 0 Internships Central America & the Caribbean 1 2360 Check 0 Internships East Asia and the Pacific 8 24886 Check 0 Internships Europe (including Iceland & Greenland) 1 3160 Check 0 Internships South America 2 4650 Check 0 Internships South Asia 6 18692 Check 0 Internships Sub-Saharan Africa 3 9850 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 Educate PO Box 4847 Boulder CO 80306 841648607 501(c)(3) 100000 General Support Eric D and Steven D Hovde Foundation 1826 Jefferson Place NW Washington DC 20036 273616932 501(c)(3) 100000 Challenging Heights Encounter Programs 25 Broadway Suite 1700 New York NY 10004 260593832 501(c)(3) 50000 General Support Rocky Mountain Farmers Union Educational and Charitable Foundation Inc Suite 200 7900 E Union Avenue Denver CO 80237 742636848 501(c)(3) 25000 General Support Debt of Love Inc 4405 1st Road S Arlington VA 22204 270640106 501(c)(3) 25000 General Support Greater Poweshiek Community Foundation 1510 Penrose Street Grinnell IA 50112 421298055 501(c)(3) 6320 RAGBRAI, Dollars for Scholars, Kids Against Hunger Grinnell Area Arts Council 926 Broad Street Grinnell IA 50112 421130693 501(c)(3) 12200 Building construction and equipment, arts education Grinnell Area Chamber of Commerce 833 4th Avenue Grinnell IA 50112 420286455 501(c)(6) 16500 Main Street Makeover, Grinnell Games, research trip, website development Grinnell Community Daycare and Preschool 1426 Penrose Street Grinnell IA 50112 420947994 501(c)(3) 7500 School bus Grinnell Regional Medical Center 210 4th Avenue Grinnell IA 50112 420933383 501(c)(3) 36800 Equipment, music program Grinnell-Newburg Community School District 927 4th Avenue Grinnell IA 50112 426036570 Gov't Entity 82900 Science lab renovation, Partners in Education, reading event, fine arts alliance 10 1 Scholarships 1262 31408340 Prizes 89 57675 Fellowships 220 572876 Internships 91 212844 Awards 1 50000 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. X X X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 Raynard S Kington 166857 0 0 0 4704 0 16932 0 23093 0 211586 0 0 0 Russell K Osgood 346906 0 0 0 42456 0 24500 0 33616 0 447478 0 0 0 David S Clay 521528 0 0 0 27481 0 24500 0 15336 0 588845 0 0 0 Karen L Voss 198279 0 0 0 1873 0 20375 0 15914 0 236441 0 0 0 Christopher S Allen 178409 0 0 0 263 0 17893 0 6592 0 203157 0 0 0 Houston Dougharty 143271 0 0 0 6797 0 14884 0 34264 0 199216 0 0 0 John W Kalkbrenner 159701 0 0 0 528 0 16407 0 17018 0 193654 0 0 0 Michael J Munley 210004 0 0 0 18059 0 21645 0 19459 0 269167 0 0 0 Paula V Smith 201457 0 0 0 742 0 20250 0 46801 0 269250 0 0 0 Marci J Sortor 160339 0 0 0 535 0 16559 0 17854 0 195287 0 0 0 John H Mutti 187433 0 0 0 1888 0 19208 0 15132 0 223661 0 0 0 Jennifer E Michaels 149249 0 0 0 3343 0 15208 0 10504 0 178304 0 0 0 Mark E Godar 144713 0 0 0 854 0 14860 0 13339 0 173766 0 0 0 Henry Walker 138013 0 0 0 1283 0 14138 0 13459 0 166893 0 0 0 Henry W Moyer 135499 0 0 0 2249 0 14097 0 15365 0 167210 0 0 0 James Swartz 133381 0 0 0 900 0 13681 0 13484 0 161446 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 will make a payment to Mr. Munley in August 2011 if he fulfills specified terms and conditions. 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 12/31/2001 $50 million bond issue & const. 0 0 0 61414112 378597 61035515 2010 0 0 1 1 66242661 51433447 404597 10217120 4187497 0 1 0 1 0 0 0 0 0 0.00000 0.00000 0.00000 1 0 1 0 0 0 1 0 0 0 0 0 1 Schedule K Supplental Information Schedule K, Part I, Line B, Col (f): The purpose of the bonds is to refund the $50,000,000 12/31/2001 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. Schedule K, Part III: The projects financed by the 2010 bond issue was not placed in service as of 6/30/11. Therefore, the measurement period for private business use had not begun as of the close of the fiscal year. ScholarshipGrant 68454 Internship 5440 Fellowship 3400 Paul Tjossem Family member of Paula Smith, VP Academic Affairs & Dean of the College 54717 Wages 0 0 PIMCO Short-Term Institutional Fund Paul McCulley, Trustee of the College 18510737 Investment: Paul McCulley, a Trustee of the College and member of the Investment Committee, was the Portfolio Manager of the PIMCO Short-Term Institutional Fund (retired December 2010), a mutual fund in which the College owned an interest. The opportunity to invest in the PIMCO Short-Term Institutional Fund was made available to a broad range of institutional investors. Purchases totaled $2,500,000, and in September 2010, the balance of the fund was redeemed, totaling $16,010,737. The value of the investment on June 30, 2011 was $0. 0 X 3 22450 Art Insurance Value X 45 445060 NYSE Average High/Low X 1 56400 Opinions of experts X Signage 1 730 Cost/Selling Price X Equipment 1 4900 Cost/Selling Price 3 0 0 0 Form 990, Part V, Line 1a: The College filed 449 1099's and 1,831 1098-T's for a total of 2,280. 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 2011 and therefore not listed in Part VII are Carolyn Swartz Bucksbaum, Warren Buffett, Vernon Faulconer, Ronald Gault, Robert Musser, Patricia Meyer Papper, Penny Bender Sebring and Jesse Ternberg. Form 990, Part VI, Section A, line 2 Caroline Little and Fred Little have a family relationship. Form 990, Part VI, Section B, line 11 The 990 was made available for review to all Trustees and the President, Treasurer, and VP for Finance prior to the February 2012 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, Director of Student Financial Aid and Director of Facilities Management. The last review was conducted for compensation effective July 1, 2011. Form 990, Part VI, Section C, line 19 The College makes its Articles of Incorporation, conflict of interest policy, financial statements and other key policies (Red Flag, Whistleblower, etc) avaiable to the public via its website-www.grinnell.edu. The By-Laws are authorized to be reviewed by the entire board, faculty, staff, students, and any other person upon request to the Chair of the Board. Form 990, Part VII, Section A and Schedule J-Raynard Kington began employment as President for fiscal year 2011 during August, 2010. Therefore, since this information is reported based on the 2010 W-2, 5 months of wages are included. Angela Voos, Special Assistant to the President and Assistant Secretary, began employment during March, 2011. Therefore, no compensation numbers are reported as there was no 2010 W-2 issued. Changes in Net Assets or Fund Balances: Form 990, Part XI, line 5: Net unrealized gains on investments: 244,354,308. Change in accumulated post retirement obligation 2,411,032. Change in value split-interest agreements -1,094,335. Change in cash surrender value of life insurance 17,644. Total to Form 990, Part XI, Line 5: 245,688,649. Schedule M, Line 31- Gifts that fit the definition of non-standard are not accepted by the College. 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 Ventures III LP 530 Lytton Avenue 2nd Floor Palo Alto CA 94301 770549159 Venture Capital DE N/A Investment -424990 2786353 0 0 0.59100 Vara Global Macro Master Fund Ltd Ugland House South Church Street George Town, Cayman Islands HM11 CJ 980509440 Securities Trading CJ N/A Investment -343896 0 0 0.72100 Poweshiek Petroleum Corporation 733 Broad Street Accounting Grinnell IA 501121690 730646866 Oil and Gas Production IL N/A C 70127 30164 1.00000 VARA Global Macro Fund Ltd Ugland House South Church Street George Town, Cayman Islands HM11 CJ Securities Trdg CJ N/A C -402340 0.79600 Donor A Charitable Remainder Unitrust of 1996 c/o Northern Trust NA Agent PO Box Chicago IL 60680 421462802 Trust IA N/A T 159127 1.00000 Donor B Charitable Remainder Unitrust of 1996 c/o Northern Trust NA Agent PO Box Chicago IL 60680 421462804 Trust IA N/A T 110481 1.00000 Donor C Charitable Remainder Trust c/o Northern Trust NA Agent PO Box Chicago IL 60680 426438867 Trust IA N/A T 84490 1.00000 Donor D Charitable Remainder Unitrust of 1997 c/o Northern Trust NA Agent PO Box Chicago IL 60680 421468333 Trust IA N/A T 123538 1.00000 Donor E Charitable Remainder Unitrust of 1996 c/o Northern Trust NA Agent PO Box Chicago IL 60680 421462806 Trust IA N/A T 36396 1.00000 Donor F Charitable Remainder Unitrust c/o Northern Trust NA Agent PO Box Chicago IL 60680 426519631 Trust IA N/A T 123824 1.00000 Donor G Charitable Remainder Unitrust of 1997 c/o Northern Trust NA Agent PO Box Chicago IL 60680 391905089 Trust IA N/A T 450386 1.00000 Donor H Charitable Remainder Unitrust c/o Northern Trust NA Agent PO Box Chicago IL 60680 426547407 Trust IA N/A T 303668 1.00000 Donor I Charitable Remainder Unitrust of 1996 c/o Northern Trust NA Agent PO Box Chicago IL 60680 421464951 Trust IA N/A T 592466 1.00000 Donor J Charitable Remainder Unitrust of 1999 c/o Northern Trust NA Agent PO Box Chicago IL 60680 421486825 Trust IA N/A T 564485 1.00000 Donor K Charitable Remainder Unitrust of 1997 c/o Northern Trust NA Agent PO Box Chicago IL 60680 426562736 Trust IA N/A T 60126 1.00000 Donor L Charitable Remainder Unitrust c/o Northern Trust NA Agent PO Box Chicago IL 60680 426496396 Trust IA N/A T 38192 1.00000 Donor M Charitable Remainder Unitrust c/o Northern Trust NA Agent PO Box Chicago IL 60680 426549860 Trust IA N/A T 43250 1.00000 Donor N Charitable Remainder Unitrust c/o Northern Trust NA Agent PO Box Chicago IL 60680 426404250 Trust IA N/A T 83341 1.00000 Donor O Charitable Remainder Unitrust c/o Northern Trust NA Agent PO Box Chicago IL 60680 421410890 Trust IA N/A T 209152 1.00000 Donor P Charitable Remainder Unitrust of 1999 c/o Northern Trust NA Agent PO Box Chicago IL 60680 421486826 Trust IA N/A T 42266 1.00000 Donor R Charitable Remainder Unitrust of 1995 c/o Northern Trust NA Agent PO Box Chicago IL 60680 426550550 Trust IA N/A T 36177 0.50000 Donor S Charitable Remainder Unitrust of 2001 c/o Northern Trust NA Agent PO Box Chicago IL 60680 426615091 Trust IA N/A T 25448 1.00000 Donor T Charitable Remainder Unitrust C/o Northern Trust NA Agent PO Box Chicago IL 60680 336224611 Trust CA N/A T 47033 1.00000 Donor U CRUT of 2003 FBO Donor 1 C/o Northern Trust NA Agent PO Box Chicago IL 60680 134249545 Trust IA N/A T 434710 1.00000 Donor V CRUT of 2003 FBO Donor 2 C/o Northern Trust NA Agent PO Box Chicago IL 60680 134249549 Trust IA N/A T 394875 1.00000 Donor W CRUT of 2003 FBO Donor 3 C/o Northern Trust NA Agent PO Box Chicago IL 60680 134249547 Trust IA N/A T 381039 1.00000 Donor X Remainder Trust of 1995 C/o Northern Trust NA Agent PO Box Chicago IL 60680 436661670 Trust MO N/A T 153496 1.00000 Donor Y Charitable Remainder Trust C/o Northern Trust NA Agent PO Box Chicago IL 60680 352250851 Trust IA N/A T 94418 1.00000 Donor Z Charitable Remainder Unitrust C/o Northern Trust NA Agent PO Box Chicago IL 60680 367203004 Trust IL N/A T 402284 1.00000 Donor A1 Charitable Remainder Unitrust C/o Northern Trust NA Agent PO Box Chicago IL 60680 416429260 Trust MN N/A T 498870 0.54000 Donor B1 Charitable Remainder Unitrust C/o Northern Trust NA Agent PO Box Chicago IL 60680 456161116 Trust IA N/A T 186208 0.50000 Donor C1 Charitable Remainder Unitrust C/o Northern Trust NA Agent PO Box Chicago IL 60680 376369924 Trust IL N/A T 30409 1.00000 Donor D1 Charitable Remainder Unitrust C/o Northern Trust NA Agent PO Box Chicago IL 60680 276184579 Trust TX N/A T 1841391 1.00000 Donor E1 Charitable Remainder Annuity Trust C/o Northern Trust NA Agent PO Box Chicago IL 60680 421370527 Trust IA N/A T 1.00000 Donor G1 Charitable Remainder Annuity Trust of 1997 C/o Northern Trust NA Agent PO Box Chicago IL 60680 391905088 Trust IA N/A T 94497 1.00000 Donor H1 Charitable Remainder Annuity Trust C/o Northern Trust NA Agent PO Box Chicago IL 60680 276184601 Trust TX N/A T 1419178 1.00000 Donor I1 Unitrust C/o Northern Trust NA Agent PO Box Chicago IL 60680 421175713 Trust WA N/A T 5828 1.00000 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 Red Rock Ventures III LP B 1200000 Cash VARA Global Macro Fund Ltd R 5551581 Cash Poweshiek Petroleum Corporation R 60000 Cash Grinnell College Medical Benefit Plan Trust Q 5847199 Cash