Cornell College
- Assets
- $232.4m
- Revenue
- $87.7m
- Investments
- $1.7m
- Employees
- 1,004
- 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 06/2023, Cornell College employed 1,004 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 7 years the organization has increased revenue by an average of 6.6% each year. All expenses for the organization totaled $68.5m during the year ending 06/2021. While expenses have increased by 2.0% per year over the past 7 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
990
Mission & Program ActivityExcerpts From the 990 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:
Part 3 - Line 4a
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.
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%.
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brand Johnathan President | OfficerTrustee | 40 | $334,155 |
Jensen Jeffrey Chair | OfficerTrustee | 4 | $0 |
Durham Thomas Chair, Audit & Assessment | Trustee | 3 | $0 |
Mcgrane John Chair, Financial Affairs Committee | Trustee | 3 | $0 |
Simmer Scott Chair, Academic Affairs Committee | Trustee | 3 | $0 |
Thomas Jan Chair, Governance Committee | Trustee | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ma Mortenson Company General Contractor Athletics Building | 6/29/23 | $5,408,624 |
Bon Appetit Campus Food Service | 6/29/23 | $3,911,413 |
Southeast Service Corp Campus Cleaning Service | 6/29/23 | $1,135,237 |
Eab Global Inc Enrollment Resources | 6/29/23 | $708,280 |
Jr & Co Inc Constructon Company | 6/29/23 | $432,869 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $19,669,760 |
| 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 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 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 | $0 |
| 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 |
| 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 | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $192,460,002 |