Ithaca College

“Form 990 review process the college's department of financial services compiles the underlying records and prepares supporting schedules used in the preparation of the form 990. The college uses an external tax service provider to prepare and review the form 990. The vice president of finance and administration and other knowledgeable persons review the form 990 prior to submitting the form 990 to the board of trustees for review. The audit committee of the board of trustees engages in an additional review of the form 990 with the external tax service provider and persons from the college's office of business and finance. The executive committee of the board of trustees approves form 990 for filing.”

“Conflict of interest policy all trustees and senior management complete annual conflict of interest forms. The forms are submitted to the secretary of the board and all disclosed conflicts are forwarded to the chair of the audit committee for review and on-going monitoring.”

“PROCESS FOR DETERMINING EXECUTIVE COMPENSATION For top management officials The Governance & Compensation/Assessment Committee annually collects comparability data to be used in establishing presidential compensation. This data is gathered using the assistance of non-interested parties including external consultants and the Colleges Office of Human Resources. The Governance & Compensation/Assessment Committee makes a recommendation to the Executive Committee for their review. The Executive Committee reports to the full Board of Trustees the details of the review. The full Board has final approval of compensation. For other officers and key employees Human Resources obtains comparability data on compensation which is shared with the President. The President reviews the data and compensation with the Governance & Compensation/Assessment committee. The President annually reviews the compensation policies for officers of the College.”

“MAKING ORGANIZATIONAL DOCUMENTS AVAILABLE TO THE PUBLIC THE PUBLIC MAY ACCESS THE COLLEGE'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS BY VISITING THE COLLEGE'S WEBSITE OR BY CONTACTING THE OFFICE OF THE VICE PRESIDENT OF FINANCE ADMINISTRATION AT THE CONTACT INFORMATION DISCLOSED IN PART VI SECTION C LINE 20. The College makes its IRS Determination Letter confirming its tax-exempt status available to the public at its place of business (and upon request) in lieu of the Form 1023 which is no longer available.”

“In March 2020, as a result of the COVID-19 pandemic, the College closed its residential campus to most students and implemented remote learning for all classes through the rest of the academic year. The College provided emergency financial assistance and applied pro-rata refundable credits for room and board to students impacted by the campus closure. Under the Coronavirus Aid, Relief, and Economic Security Act, the College received a grant of $4,583,253 from the Higher Education Emergency Relief Fund ("HEERF"). AS OF jUNE 30, 2020, A PORTION OF THE HEERF GRANT totaling $2,106,355 was disbursed directly to qualifying students for EMERGENCY AID AND PASSED THROUGH THE STATEMENT OF FINANCIAL POSITION; and $2,291,627 of the funds were used to reimburse students for room charges related to the campus closure and recorded as revenue from government grants and contracts on the accompanying statement of activities. The full extent of the impact of the COVID-19 pandemic on the College will depend on future developments, including the spread and duration of the pandemic. Form 990, Part I, Prior Year Column ITHACA COLLEGE CHANGED ITS FISCAL YEAR END FROM MAY 31 TO JUNE 30 AND ISSUED AN AUDITED FINANCIAL STATEMENT FOR THE THIRTEEN-MONTH PERIOD OF JUNE 1, 2018 THROUGH JUNE 30, 2019. FOR TAX PURPOSES, ITHACA COLLEGE WAS REQUIRED TO COMPLETE A FULL YEAR TWELVE-MONTH FORM 990 FOR THE YEAR ENDING MAY 31, 2019 AND A SHORT PERIOD FORM 990 FOR THE ONE-MONTH PERIOD JUNE 1, 2019 THROUGH JUNE 30, 2019. THUS, THE PRIOR YEAR COLUMN IS REFLECTIVE OF THE COLLEGES THIRTEEN-MONTH PERIOD INCOME STATEMENT ACTIVITY. FORM 990, PART III, LINE 4D OTHER PROGRAM SERVICES ACADEMIC SUPPORT INCLUDES EXPENSES INCURRED TO PROVIDE SUPPORT SERVICES FOR THE COLLEGE'S PRIMARY PROGRAM SERVICE OF INSTRUCTION, RESEARCH, AND PUBLIC SERVICE. IT INCLUDES THE FOLLOWING ACTIVITIES: THE RETENTION, PRESERVATION, AND DISPLAY OF EDUCATIONAL MATERIALS AT THE ITHACA COLLEGE LIBRARY, THE HANDWERKER GALLERY, AND OTHER GALLERY SPACES; INFORMATION TECHNOLOGY SERVICES DEPLOYED AT THE COLLEGE, PARTICULARLY SERVICES WITHIN THE THEMES OF CAMPUS ENGAGEMENT AND TEACHING & LEARNING; ACADEMIC ADMINISTRATION AND PERSONNEL PROVIDING ADMINISTRATIVE SUPPORT AND MANAGEMENT DIRECTION TO THE PRIMARY PROGRAM SERVICE; AND SEPARATELY BUDGETED SUPPORT FOR COURSE AND CURRICULUM DEVELOPMENT. FORM 990, PART VI, SECTION A, LINE 1B INDEPENDENT VOTING MEMBERS BOARD OF TRUSTEES MEMBERS ARE DEEMED TO BE NON-INDEPENDENT IF THEY HAVE A COMPENSATORY RELATIONSHIP WITH THE COLLEGE, EITHER BECAUSE THE INDIVIDUAL RECEIVES W-2 WAGES FROM THE COLLEGE, A FAMILY MEMBER IS EMPLOYED BY THE COLLEGE, OR BECAUSE THE INDIVIDUAL HAS A CONFLICT RELATIONSHIP REQUIRING DISCLOSURE ON SCHEDULE L OF THE FORM 990. THE FOLLOWING SIX INDIVIDUALS HAVE COMPENSATION RELATIONSHIPS WITH THE COLLEGE: KRISTIN R. MUENZEN, MARY GEORGE OPPERMAN, YETUNDE SMALLS, SYBIL M. CONRAD, JULIE DORSEY AND SHIRLEY M. COLLADO.”

“Reconciliation of Net assets POSTRETIREMENT BENEFITS loss other than net periodic benefit cost ($5,453,303) LOSS ON BOND RESTRUCTING ($136,585) CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENTS ($480,135) ADJUSTMENT TO LiaBILITIES FOR gate lOAN PROGRAM $66,442 ADJUSTMENT TO LiaBILITIES FOR Perkins lOAN PROGRAM $179,224 CHANGE IN VALUATION OF CHARITABLE GIVING ANNUITY AGREEMENTS ($53,443) TOTAL ($5,877,800)”