Cornell College
- Assets
- $232.4m
- Revenue
- $87.7m
- Investments
- $1.7m
- Employees
- 859
- Location
- Mount Vernon, IA
- Founding
- 07/1935
- Data as of
- 06/2021
- EIN
- 42-0680335
Organization Overview
Cornell College is located in Mount Vernon, IA. The organization was established in 1935. According to its NTEE Classification (B42) the organization is classified as: Undergraduate Colleges, under the broad grouping of Education and related organizations. As of 06/2021, Cornell College employed 859 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cornell College is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2021, Cornell College generated $87.7m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 7.8% each year. All expenses for the organization totaled $68.5m during the year ending 06/2021. While expenses have increased by 2.3% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO CREATE A SPACE WHERE STUDENTS CAN DEVELOP INTELLECTUAL CURIOSITY, CREATIVITY AND MORAL COURAGE.
Describe the Organization's Program Activity:
INSTRUCTION, ACADEMIC SUPPORT, CONTINUING EDUCATION IN THE LIBRARY:CORNELL COLLEGE, A SELECTIVE LIBERAL ARTS COLLEGE IN MOUNT VERNON, IOWA, IS RECOGNIZED AS ONE OF THE "COLLEGES THAT CHANGE LIVES." THE ACADEMIC IMMERSION OF ITS ONE COURSE AT A TIME CURRICULUM ALLOWS STUDENTS TO FOCUS ON A SINGLE ACADEMIC SUBJECT PER 18-DAY BLOCK. SINCE PROFESSORS ONLY TEACH ONE BLOCK AT A TIME, STUDENTS HAVE MORE ACCESS TO PROFESSORS, AND PROFESSORS CAN TEACH STUDENTS OFF-CAMPUS IN WHATEVER VENUE BEST FITS THE MATERIAL. WITH A STUDENT BODY FROM 45 STATES AND 20 FOREIGN COUNTRIES, AND RENOWNED VISITING SPEAKERS, FACULTY, AND ENTERTAINERS, CORNELL OFFERS THE WORLD FROM ITS HILLTOP CAMPUS.
STUDENT AID AND FINANCIAL ASSISTANCE:STUDENTS INVEST IN THEIR EDUCATION AT CORNELL COLLEGE, AND CORNELL INVESTS IN THEIR FUTURES. CORNELL COLLEGE GRADUATES ARE GETTING JOBS AND NOT BURDENED BY DEBT, AS SHOWN BY OUR LOW AVERAGE LOAN DEFAULT RATE. COMPARED TO GRADUATES OF OTHER FOUR-YEAR INSTITUTIONS, CORNELLIANS ARE TWICE AS LIKELY TO HAVE THE MEANS TO PAY OFF STUDENT LOANS. APPROXIMATELY 93% OF CORNELL GRADUATES COMPLETE THEIR DEGREES IN FOUR YEARS OR LESS, AND 55% OF CORNELL GRADUATES COMPLETE AN ADVANCED DEGREE. CORNELL'S LAW SCHOOL ACCEPTANCE RATE IS 91% COMPARED TO THE NATIONAL AVERAGE OF 85%. CORNELL'S MEDICAL SCHOOL ACCEPTANCE RATE IS 82% COMPARED TO THE NATIONAL AVERAGE OF 39%. CORNELL HAS SINCE 1996 BEEN KNOWN AS ONE OF THE "COLLEGES THAT CHANGE LIVES," BASED ON THE LOREN POPE BOOK NOW IN ITS FOURTH EDITION. ITS DISTINCTIVE CURRICULUM WITHIN THE LIBERAL ARTS PROVIDES A SOLID PATH TO PROFESSIONAL ACHIEVEMENT AND PERSONAL FULFILLMENT.
AUXILIARY ENTERPRISES (HOUSING, DINING, STUDENT UNION AND SERVICE CENTER):FOUNDED IN 1853, CORNELL'S PICTURESQUE HILLTOP CAMPUS CONTAINS A MIX OF HISTORIC AND MODERN FACILITIES, RANGING FROM THE MAJESTIC KING CHAPEL TO THE NEWLY RENOVATED THOMAS COMMONS. IT IS LOCATED IN MOUNT VERNON, IOWA-AN URBAN FRINGE COMMUNITY RECOGNIZED BY FROMMER'S AS ONE OF "AMERICA'S COOLEST SMALL TOWNS AND LOCATED IN THE HEART OF IOWA'S CREATIVE CORRIDOR. CORNELL'S HILLTOP CAFE WAS NAMED THE SECOND BEST DINING HALL IN THE NATION BY BESTCOLLEGES.COM IN 2015.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jonathan Brand President | OfficerTrustee | 40 | $328,956 |
Kay Langseth Treasurer/vp Of Business Affairs | Officer | 40 | $193,395 |
Ronald Joseph Dieker VP For Academic Affairs & Dean | 40 | $143,868 | |
Jeff Gibson Director Of It | 40 | $131,598 | |
John Harp Special Assistant To The President | 40 | $128,093 | |
Kristi Columbus Associate VP For Alumni & College Advancement | 40 | $124,651 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Bon Appetit Campus Food Service | 6/29/21 | $3,363,183 |
Southeast Service Corporation Campus Cleaning Service | 6/29/21 | $1,030,104 |
Eab Global Inc Enrollment Resources | 6/29/21 | $576,190 |
Brown's Tree Care Llc Storm Tree Removal | 6/29/21 | $536,800 |
Ma Mortenson Company General Contractor Athletics Building | 6/29/21 | $2,596,417 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $4,919,525 |
| All other contributions, gifts, grants, and similar amounts not included above | $14,750,235 |
| Noncash contributions included in lines 1a–1f | $427,705 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $19,669,760 |
| Total Program Service Revenue | $53,303,116 |
| Investment income | $529,673 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $40,683 |
| Net Gain/Loss on Asset Sales | $12,784,090 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $87,743,634 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $28,392,652 |
| Grants and other assistance to Foreign Orgs/Individuals | $45,288 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $471,214 |
| Compensation of current officers, directors, key employees. | $471,214 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $16,258,170 |
| Pension plan accruals and contributions | $488,830 |
| Other employee benefits | $2,207,674 |
| Payroll taxes | $1,212,958 |
| Fees for services: Management | $95,457 |
| Fees for services: Legal | $71,616 |
| Fees for services: Accounting | $56,485 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $6,175 |
| Fees for services: Investment Management | $135,304 |
| Fees for services: Other | $265,727 |
| Advertising and promotion | $1,104,387 |
| Office expenses | $1,874,055 |
| Information technology | $637,700 |
| Royalties | $0 |
| Occupancy | $477,061 |
| Travel | $312,988 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $44,318 |
| Interest | $1,209,355 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,602,856 |
| Insurance | $568,578 |
| All other expenses | $800,860 |
| Total functional expenses | $68,501,856 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $14,453,545 |
| Pledges and grants receivable | $22,230,690 |
| Accounts receivable, net | $1,241,210 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $70,318 |
| Prepaid expenses and deferred charges | $917,861 |
| Net Land, buildings, and equipment | $99,267,819 |
| Investments—publicly traded securities | $77,409,957 |
| Investments—other securities | $1,717,848 |
| Investments—program-related | $1,271,056 |
| Intangible assets | $0 |
| Other assets | $13,770,838 |
| Total assets | $232,351,142 |
| Accounts payable and accrued expenses | $3,199,135 |
| Grants payable | $0 |
| Deferred revenue | $237,051 |
| Tax-exempt bond liabilities | $31,459,867 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,995,087 |
| Total liabilities | $39,891,140 |
| Net assets without donor restrictions | $72,063,328 |
| Net assets with donor restrictions | $120,396,674 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $232,351,142 |
Grants Recieved
Over the last fiscal year, we have identified 34 grants that Cornell College has recieved totaling $3,349,199.
| Awarding Organization | Amount |
|---|---|
Hall-Perrine Foundation Cedar Rapids, IA PURPOSE: SMALL SPORTS CENTER EXPANSION | $1,000,000 |
Esther & Robert Armstrong Charitable Tr Cedar Rapids, IA PURPOSE: TO ASSIST QUALIFIED 501(C)(3) PUBLIC CHARITY ACHIEVE THEIR CHARITABLE MISSION | $630,253 |
Morgan Stanley Global Impact Funding Trust Inc Indianapolis, IN PURPOSE: UNRESTRICTED GENERAL SUPPORT | $620,000 |
The Posse Foundation Inc New York, NY PURPOSE: GRANTS ARE INTENDED TO HELP SUPPORT THE POSSE INITIATIVE ON EACH CAMPUS ALTHOUGH THEY ARE NOT SPECIFICALLY RESTRICTED WITHIN THAT AND REQUIRE NO REPORTING | $250,000 |
Greater Cedar Rapids Community Foundation Cedar Rapids, IA PURPOSE: GENERAL SUPPORT, ANNUAL DESIGNATED DISTRIBUTION SUPPORTING SCHOLARSHIPS FOR FEMALE STUDENT INTERESTED IN PUBLIC SERVICE, GENERAL SUPPORT BARRY CENTER, CAPITAL CAMPAIGN | $214,540 |
Roy J Carver Charitable Tr Muscatine, IA PURPOSE: ATOMIC FORCE MICROSCOPE | $195,695 |
Endowment Analysis
| Beg. Balance | $81,135,185 |
| Earnings | $18,299,813 |
| Admin Expense | $48,099 |
| Net Contributions | $2,179,805 |
| Other Expense | $7,763,085 |
| Ending Balance | $93,803,619 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Concordia College Corporation Moorhead, MN | $403,850,675 | $127,833,637 |
Luther College Decorah, IA | $330,055,480 | $125,968,312 |
College Of St Scholastica Inc Duluth, MN | $228,173,776 | $117,585,202 |
Lawrence University Of Wisconsin Appleton, WI | $632,228,886 | $124,103,689 |
Lake Forest College Lake Forest, IL | $251,265,144 | $111,531,265 |
College Of St Benedict Business Off Saint Joseph, MN | $251,991,111 | $110,041,062 |
St Norbert College Inc De Pere, WI | $336,117,917 | $103,405,590 |
University Of Northwestern-St Paul St Paul, MN | $144,732,947 | $110,000,439 |
Millikin University Decatur, IL | $270,927,180 | $97,576,221 |
Wartburg College Waverly, IA | $247,960,217 | $101,117,542 |
College Of The Ozarks Point Lookout, MO | $787,489,229 | $134,988,466 |
Coe College Cedar Rapids, IA | $182,564,776 | $91,175,984 |