Form 990 for tax year 2022

Filed by CORNELL COLLEGE.

Totals

Total revenue: $79,829,305
Total expenses: $83,940,077
Contributions and grants received: $13,585,343
Grants paid: $34,638,867
Program service revenue: $61,847,757
Investment income: $830,133
Other revenue: $3,566,072
Total assets, end of year: $226,689,943
Total liabilities, end of year: $45,618,614
Net assets or fund balances, end of year: $181,071,329
Program services expenses (Part IX): $74,404,782
Management and general expenses: $6,847,478
Fundraising expenses: $2,687,817
Program service expenses (Part III): $74,404,782

Program services were 88.6% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

1f · All other contributions, gifts and grants

$13,585,343
1g · Noncash contributions included above

$5,674,276
2a · Program service revenue: TUITION AND FEES

total $50,925,320 · related or exempt $50,925,320
2b · Program service revenue: DINING

total $5,739,145 · related or exempt $5,739,145
2c · Program service revenue: RESIDENCE

total $4,962,614 · related or exempt $4,962,614
2d · Program service revenue: EDUCATIONAL TRIPS

total $220,678 · related or exempt $220,678
3 · Investment income

total $1,944,817 · unrelated business $7,424 · excluded $1,937,393
6a · Gross rents

real property $135,457
6b · Less rental expenses

real property $117,545
6c · Rental income or loss

real property $17,912
6d · Net rental income or loss

total $17,912 · excluded $17,912
7a · Gross sales of assets other than inventory

securities $10,195,867
7b · Less cost or other basis and sales expenses

securities $11,310,551
7c · Gain or loss

securities -$1,114,684
7d · Net gain or loss

total -$1,114,684 · excluded -$1,114,684
11a · Other revenue: INSURANCE RECOVERIES

total $1,703,663 · excluded $1,703,663
11b · Other revenue: ALL OTHER REVENUE

total $1,339,805 · excluded $1,339,805
11c · Other revenue: ATHLETICS

total $417,282 · related or exempt $417,282
11d · All other revenue

total $87,410 · unrelated business $77,235 · excluded $10,175
11e · Other revenue, total

$3,548,160

Functional expenses

Part IX, the statement of functional expenses.

2 · Grants to domestic individuals

total $34,638,867 · program services $34,638,867
5 · Compensation of officers, directors and key employees

total $542,720 · management and general $542,720
7 · Other salaries and wages

total $17,968,997 · program services $14,462,472 · management and general $2,147,636 · fundraising $1,358,889
8 · Pension plan contributions

total $574,375 · program services $479,407 · management and general $49,923 · fundraising $45,045
9 · Other employee benefits

total $2,926,038 · program services $2,356,558 · management and general $348,059 · fundraising $221,421
10 · Payroll taxes

total $1,213,548 · program services $953,678 · management and general $170,263 · fundraising $89,607
11a · Fees: management

total $280,240 · program services $199,503 · management and general $59,350 · fundraising $21,387
11b · Fees: legal

total $73,491 · program services $10,713 · management and general $62,778
11c · Fees: accounting

total $95,012 · management and general $95,012
11f · Fees: investment management

total $53,586 · management and general $53,586
11g · Fees: other

total $56,425 · program services $37,212 · fundraising $19,213
12 · Advertising and promotion

total $1,219,724 · program services $1,047,409 · management and general $34,142 · fundraising $138,173
13 · Office expenses

total $2,526,479 · program services $1,905,028 · management and general $205,792 · fundraising $415,659
14 · Information technology

total $1,067,018 · program services $289,786 · management and general $702,549 · fundraising $74,683
16 · Occupancy

total $4,687,251 · program services $3,791,857 · management and general $831,354 · fundraising $64,040
17 · Travel

total $2,071,886 · program services $1,807,880 · management and general $132,693 · fundraising $131,313
19 · Conferences, conventions and meetings

total $104,934 · program services $76,400 · management and general $20,423 · fundraising $8,111
20 · Interest

total $1,870,291 · program services $1,629,273 · management and general $235,230 · fundraising $5,788
22 · Depreciation, depletion and amortization

total $6,978,328 · program services $6,731,368 · management and general $162,494 · fundraising $84,466
23 · Insurance

total $850,710 · management and general $850,710
24a · Other expenses: DINING

total $3,620,202 · program services $3,617,770 · management and general $1,746 · fundraising $686
24e · All other expenses

total $519,955 · program services $369,601 · management and general $141,018 · fundraising $9,336

Balance sheet

Part X, book values.

2 · Savings and temporary cash investments

beginning of year $9,681,367 · end of year $6,178,428
3 · Pledges and grants receivable

beginning of year $22,875,182 · end of year $15,787,258
4 · Accounts receivable

beginning of year $399,788 · end of year $1,059,071
8 · Inventories for sale or use

beginning of year $71,206 · end of year $76,692
9 · Prepaid expenses and deferred charges

beginning of year $878,251 · end of year $385,755
10a · Land, buildings and equipment: cost or other basis

$200,764,590
10b · Land, buildings and equipment: accumulated depreciation

$89,240,742
10c · Land, buildings and equipment, net

beginning of year $109,645,213 · end of year $111,523,848
11 · Investments: publicly traded securities

beginning of year $66,286,689 · end of year $76,778,791
12 · Investments: other securities

beginning of year $1,072,261 · end of year $823,540
13 · Investments: program-related

beginning of year $1,301,841 · end of year $1,142,499
15 · Other assets

beginning of year $14,121,209 · end of year $12,934,061
17 · Accounts payable and accrued expenses

beginning of year $3,951,517 · end of year $4,864,567
19 · Deferred revenue

beginning of year $203,686 · end of year $225,262
20 · Tax-exempt bond liabilities

beginning of year $19,124,044 · end of year $20,268,027
24 · Unsecured notes and loans payable

beginning of year $20,091,737 · end of year $13,124,309
25 · Other liabilities

beginning of year $4,337,266 · end of year $7,136,449
27 · Net assets without donor restrictions

beginning of year $78,117,364 · end of year $89,129,384
28 · Net assets with donor restrictions

beginning of year $100,507,393 · end of year $91,941,945

Mission and programs · 2022

Mission

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.

Activities or mission (Part I)

TO CREATE A SPACE WHERE STUDENTS CAN DEVELOP INTELLECTUAL CURIOSITY, CREATIVITY AND MORAL COURAGE.

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. SINCEPROFESSORS ONLY TEACH ONE BLOCK AT A TIME, STUDENTS HAVE MORE ACCESS TOPROFESSORS, AND PROFESSORS CAN TEACH STUDENTS OFF-CAMPUS IN WHATEVERVENUE 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.

Expenses $52,357,546 · Grants $34,638,867 · Revenue $51,555,543
STUDENT AID AND FINANCIAL ASSISTANCE: STUDENTS INVEST IN THEIR EDUCATION AT CORNELL COLLEGE, AND CORNELL INVESTS IN THEIR FUTURES. CORNELL COLLEGE GRADUATES ARE GETTING JOBSAND NOT BURDENED BY DEBT, AS SHOWN BY OUR LOW AVERAGE LOAN DEFAULTRATE. COMPARED TO GRADUATES OF OTHER FOUR-YEAR INSTITUTIONS, CORNELLIANS ARE TWICE AS LIKELY TO HAVE THE MEANS TO PAY OFF STUDENT LOANS. 91% OF CORNELL'S 2023 GRADUATING CLASS COMPLETED THEIR DEGREES IN FOUR YEARS OR LESS. CORNELL'S MEDICAL SCHOOL ACCEPTACE RATE IS 77% FOR FIRST TIME APPLICANTS (2008-2021); THE NATIONAL AVERAGE FOR THOSE YEARS IS 40%. THE LAW SCHOOL ACCEPTANCE RATE FOR ALL CORNELL GRADUATES (2010-2021) IS 82%; THE NATIONAL AVERAGE FOR THOSE YEARS IS 73%.

Expenses $13,167,196
AUXILIARY ENTERPRISES (HOUSING, DINING, STUDENT UNION AND SERVICE CENTER): FOUNDED IN 1853, CORNELL'S PICTURESQUE HILLTOP CAMPUS CONTAINS A MIX OFHISTORIC AND MODERN FACILITIES, RANGING FROM THE MAJESTIC KING CHAPELTO 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'SCREATIVE CORRIDOR. CORNELL'S HILLTOP CAFE WAS NAMED THE SECOND BESTDINING HALL IN THE NATION BY BESTCOLLEGES.COM IN 2015.

Expenses $8,880,040 · Revenue $10,709,496

As filed on the 2022 return.

Listed in Part VII

BRAND JOHNATHAN

PRESIDENT

Total calculated

$415,427

From this org

$334,155

From related orgs

$0

Other

$81,272

Hours/week

40

Schedule J breakdown matched by us

Base

$329,997

Bonus

$0

Other

$4,158

Deferred

$52,783

Nontaxable benefits

$28,489

Filer's total

$415,427
JENSEN JEFFREY

CHAIR

Total calculated

$0

Hours/week

4
DURHAM THOMAS

CHAIR, AUDIT & ASSESSMENT

Total calculated

$0

Hours/week

3
MCGRANE JOHN

CHAIR, FINANCIAL AFFAIRS COMMITTEE

Total calculated

$0

Hours/week

3
SIMMER SCOTT

CHAIR, ACADEMIC AFFAIRS COMMITTEE

Total calculated

$0

Hours/week

3
THOMAS JAN

CHAIR, GOVERNANCE COMMITTEE

Total calculated

$0

Hours/week

3
SMITH JOHN

AT LARGE, EXECUTIVE COMMITTEE

Total calculated

$0

Hours/week

3
WEISS KEVIN

AT LARGE, EXECUTIVE COMMITTEE

Total calculated

$0

Hours/week

3
BAYNARD TAHLLEE

TRUSTEE

Total calculated

$0

Hours/week

1
BUCHMEYER GRETCHEN

TRUSTEE

Total calculated

$0

Hours/week

1
DEANGELES STEVEN

TRUSTEE

Total calculated

$0

Hours/week

1
EPPS FELECIA

TRUSTEE

Total calculated

$0

Hours/week

1
FROEHLICH STEPHANIE

TRUSTEE

Total calculated

$0

Hours/week

1
GUNN STUART

TRUSTEE

Total calculated

$0

Hours/week

1
JOHNSON MAUREEN

TRUSTEE

Total calculated

$0

Hours/week

1
KAO FRANCES

TRUSTEE

Total calculated

$0

Hours/week

1
KELLEHER MAKAYLA

TRUSTEE

Total calculated

$0

Hours/week

1
KHAN SULTAN AHMED

TRUSTEE

Total calculated

$0

Hours/week

1
KOEHN LINDA

TRUSTEE

Total calculated

$0

Hours/week

1
LUMANOG JACK

TRUSTEE

Total calculated

$0

Hours/week

1
MACK WARREN

TRUSTEE

Total calculated

$0

Hours/week

1
MCLENNAN ROBERT

TRUSTEE

Total calculated

$0

Hours/week

1
REED HARPER

TRUSTEE

Total calculated

$0

Hours/week

1
RINGER JERRY N

TRUSTEE

Total calculated

$0

Hours/week

1
RIRIE SCOTT

TRUSTEE

Total calculated

$0

Hours/week

1
STOLL SHERYL ATKINSON

TRUSTEE

Total calculated

$0

Hours/week

1
SUDOL ERIC

TRUSTEE

Total calculated

$0

Hours/week

1
URHEIM MAXINE

TRUSTEE

Total calculated

$0

Hours/week

1
WILLIAMS LAUREN

TRUSTEE

Total calculated

$0

Hours/week

1
PETER BRYANT

TRUSTEE

Total calculated

$0

Hours/week

1
MARISSA CZAPLA

TRUSTEE

Total calculated

$0

Hours/week

1
JOHN TURNER

TRUSTEE

Total calculated

$0

Hours/week

1
JEAN RUSSELL

AT LARGE, EXECUTIVE COMMITTEE

Total calculated

$0

Hours/week

1
LAYZELL DAN

TREASURER/VP, CFO/COO

Total calculated

$204,853

From this org

$179,408

From related orgs

$0

Other

$25,445

Hours/week

40

Schedule J breakdown matched by us

Base

$178,877

Bonus

$0

Other

$531

Deferred

$10,506

Nontaxable benefits

$14,939

Filer's total

$204,853
FLEGE KELLY

TREASURER/VP, CFO

Total calculated

$0

Hours/week

40
CRAWFORD ILENE

VP FOR ACADEMIC AFFAIRS

Total calculated

$195,043

From this org

$161,212

From related orgs

$0

Other

$33,831

Hours/week

40

Schedule J breakdown matched by us

Base

$161,003

Bonus

$0

Other

$209

Deferred

$10,942

Nontaxable benefits

$22,889

Filer's total

$195,043
GIBSON JEFF

DIRECTOR OF IT

Total calculated

$152,394

From this org

$134,939

From related orgs

$0

Other

$17,455

Hours/week

40

Schedule J breakdown matched by us

Base

$134,713

Bonus

$0

Other

$226

Deferred

$8,686

Nontaxable benefits

$8,769

Filer's total

$152,394
HARP JOHN

SPECIAL ASST TO THE PRESIDENT

Total calculated

$153,370

From this org

$132,010

From related orgs

$0

Other

$21,360

Hours/week

40

Schedule J breakdown matched by us

Base

$131,591

Bonus

$0

Other

$419

Deferred

$8,697

Nontaxable benefits

$12,663

Filer's total

$153,370
BECKEMEYER WENDY

VP FOR ENROLLMENT MGMT

Total calculated

$268,915

From this org

$230,920

From related orgs

$0

Other

$37,995

Hours/week

40

Schedule J breakdown matched by us

Base

$230,311

Bonus

$0

Other

$609

Deferred

$15,306

Nontaxable benefits

$22,689

Filer's total

$268,915
COLUMBUS KRISTI

AVP FOR ALUMNI & COLLEGE ADV

Total calculated

$148,998

From this org

$131,935

From related orgs

$0

Other

$17,063

Hours/week

40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

1a · Travel for companions
1a · Housing allowance or residence for personal use
1b · Written policy on the line-1a expenses
2 · Substantiation required before reimbursing expenses
3 · Compensation committee
3 · Compensation survey or study
3 · Approval by the board or compensation committee
4b · Supplemental nonqualified retirement plan

Answered no

4a · Severance or change-of-control payment
4c · Equity-based compensation arrangement
5a · Pay contingent on this organization's revenues
5b · Pay contingent on a related organization's revenues
6a · Pay contingent on this organization's net earnings
6b · Pay contingent on a related organization's net earnings
7 · Other non-fixed payments
8 · Paid under the initial-contract exception

The filer's explanations (Part III)

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: JONATHAN BRAND - COLLEGE CONTRIBUTED TO 457(F) - $33,813

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

CHARITABLE REMAINDER UNITRUSTS (5)

T · INVESTMENTS · IA · controlled entity

Directly controlled by CORNELL COLLEGE
CHARITABLE REMAINDER ANNUITY TRUSTS (23)

T · INVESTMENTS · IA · controlled entity

Directly controlled by CORNELL COLLEGE

Provenance

Return type: form_990
Tax year: 2022
Filed: 8 February 2024
IRS schema version: 2022v5.0
Source object: 202400459349300045

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.