CORNELL COLLEGE

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1854

Legal Domicile

Principal Officer

ROBERT LEVIS

Phone

3198954383

Tax Period

2024-07-01 to 2025-06-30

CORNELL COLLEGE, founded in 1854, is a mid-sized nonprofit in the Education sector that reported $87.7M in total revenue in fiscal year 2024. Net assets of $200.1M represent 27 months of operating reserves.

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.

Program Service Accomplishments

Program 1

Expenses: $57,447,549 Revenue: $56,205,197

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. 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, PUERTO RICO, AND 24 COUNTRIES OUTSIDE THE US, AND RENOWNED VISITING SPEAKERS, FACULTY, AND ENTERTAINERS, CORNELL OFFERS THE WORLD FROM ITS HILLTOP CAMPUS.

Program 2

Expenses: $12,341,658 Revenue: $0

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. 92% OF CORNELL'S 2025 GRADUATING CLASS COMPLETED THEIR DEGREES IN FOUR YEARS OR LESS. CORNELL'S MEDICAL SCHOOL ACCEPTACE RATE IS 79% FOR FIRST TIME APPLICANTS (2008-2025); THE NATIONAL AVERAGE FOR THOSE YEARS IS 40%. 89% OF OUR TEACHER EDUCATION PROGRAM STUDENTS BECOME CERTIFIED TEACHERS AFTER GRADUATION

Program 3

Expenses: $8,753,204 Revenue: $11,899,245

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...

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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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $15,641,479

Program Service Revenue $68,104,442

Investment Income $3,364,058

Other Revenue $631,933

TOTAL REVENUE $87,741,912

Expense Breakdown

Grants Paid $39,351,490

Salaries & Benefits $22,905,943

Fundraising Expenses $2,671,530

Program Expenses $78,542,411

Other Expenses $24,085,959

TOTAL EXPENSES $86,343,392

Year-over-Year Comparison

	2024	2023	Change
Revenue	$87,741,912	$87,874,205	0.0%
Expenses	$86,343,392	$86,294,890	+0.0%
Net Income	$1,398,520	$1,579,315	-0.1%

Key Indicators

✗ Grants to Organizations ✓ Grants to Individuals ✗ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

983

Volunteers

150

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✓ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$704,263

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
THOMAS JAN	CHAIR	3.00	Officer Director	$0	$0	$0
BAYNARD TAHLLEE	CHAIR, GOVERNANCE COMMITTEE	1.00	Director	$0	$0	$0
DURHAM THOMAS	CHAIR, AUDIT/RISK ASSESS. COMMITTEE	1.00	Director	$0	$0	$0
MCGRANE JOHN	CHAIR, FINANCE COMMITTEE	3.00	Director	$0	$0	$0
STOLL SHERYL ATKINSON	CHAIR, ENDOWMENT GROWTH COMMITTEE	1.00	Director	$0	$0	$0
KAO FRANCES	AT-LARGE, EXECUTIVE COMMITTEE	1.00	Director	$0	$0	$0
SIMMER SCOTT	AT-LARGE, EXECUTIVE COMMITTEE	3.00	Director	$0	$0	$0
WEISS KEVIN	AT-LARGE, EXECUTIVE COMMITTEE	1.00	Director	$0	$0	$0
BUCHMEYER GRETCHEN	TRUSTEE	1.00	Director	$0	$0	$0
DEANGELES STEVEN	TRUSTEE	1.00	Director	$0	$0	$0
EPPS FELECIA	TRUSTEE	1.00	Director	$0	$0	$0
FROEHLICH STEPHANIE	TRUSTEE	1.00	Director	$0	$0	$0
JENSEN JEFFREY	TRUSTEE	1.00	Director	$0	$0	$0
JOHNSON MAUREEN	TRUSTEE	1.00	Director	$0	$0	$0
KELLEHER MAKAYLA	TRUSTEE	1.00	Director	$0	$0	$0
MACK WARREN	TRUSTEE	1.00	Director	$0	$0	$0
MAITLAND KIMBERLY	TRUSTEE	1.00	Director	$0	$0	$0
MCLENNAN ROBERT	TRUSTEE	1.00	Director	$0	$0	$0
RINGER JERRY	TRUSTEE	1.00	Director	$0	$0	$0
RIRIE SCOTT	TRUSTEE	1.00	Director	$0	$0	$0
WILLIAMS LAUREN	TRUSTEE	1.00	Director	$0	$0	$0
BRAND JONATHAN	PRESIDENT	40.00	Officer	$348,958	$90,721	$439,679
FLEGE KELLY	VP, CFO/COO	40.00	Officer	$216,685	$47,899	$264,584
CRAWFORD ILENE	VP FOR ACADEMIC AFFAIRS	40.00	Highest	$164,560	$37,032	$201,592
HARP JOHN	SPECIAL ASSISTANT TO THE PRESIDENT	40.00	Highest	$109,016	$5,303	$114,319
BECKEMEYER WENDY	VP FOR ENROLLMENT MANAGEMENT	40.00	Highest	$234,657	$42,890	$277,547
SCHAFER JODI	SENIOR DIRECTOR	40.00	Highest	$122,545	$15,030	$137,575
HEJEEBU SANTHI	PROFESSOR OF ECONOMICS AND BUSINESS	40.00	Highest	$103,541	$7,969	$111,510

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$87,741,912	$86,343,392	$230,242,441	$1,398,520
2024	$87,874,205	$86,294,890	$224,822,754	$1,579,315
2023	$79,829,305	$83,940,077	$226,689,943	$-4,110,772
2022	$83,850,862	$80,018,230	$226,333,007	$3,832,632
2021	$87,743,634	$68,501,856	$232,351,142	$19,241,778
2020	$76,089,428	$69,015,044	$214,513,669	$7,074,384
2019	$65,337,896	$66,206,115	$199,631,191	$-868,219
2018	$68,348,365	$62,742,497	$202,831,733	$5,605,868