Cornell Medical Benefits Trust

“The trust does not have a conflict of interest policy; however, the governing instruments and state law impose limitations on the powers of trustees that the trustee strictly follows. Additionally, cornell university maintains control over the trust and has the authority to remove the trustee. Accordingly, the university will ensure that any compensation is reasonable using the standards it currently applies for setting reasonable compensation for its other activities.”

“The trustee maintains a close and continuous working relationship with the officers of the supporting organization, cornell university. The governing documents are not available to the general public, but have been given and are available to the general public but have been given and are available to all interested parties such as beneficiaries, trustees, etc.”

“The governing documents and state law impose limitations of trustee powers that pnc bank, n.a. Does not have a public conflict of interest policy. Copies of the tax returns are available to the public upon request.”

“Per the trust agreement, the number of trustees shall be one, unless and until cornell university, as donor, appoints one or more additional or substitute trustees by written instruments signed and acknowledged. Only the donor thas the owner to remove the trustee under the agreement upon at least 60 days notice in writing. As of june 30, 2022 pnc bank, n.a. Serves as sole trustee of the cornell medical benefits trust.”

“Pnc bank, n.a. As trustee, reviews all underlying monetary and factual information before the irs form 990 is filed.”

“The trustee maintains a close and continuous working relationship with the officers of the supporting organization, cornell university. The governing documents are not available to the general public, but have been given and are available to all interested parties such as beneficiaries, trustees, etc. The governing documents and state law impose limitations of trustee powers tha pnc bank, n.a. Does not have a public conflict of interest policy. Copies of the tax returns are available to the public upon request.”

“The cornell medical benefits trust provides medical benefits to its eligible retired endowed employees at the ithaca, campus, who during their period of active service, were instrumental in carrying out the educational and research mission of the university.”

“This is done in part through a self funded medical reimbursement plan. The trust was established by the cornell university exclusively for the support and benefit of the university to assist in providing retiree medical benefits under this plan.”

“The trust can only be paid to or on behalf of the university for purposes of reimbursing medical claims that the university would otherwise pay directly. Due to the unpredictability about the timing of the claims, there is no requirement that income earned in a particular year must be paid in that year.”

“Mutual fund timing adj (18,916); purchase of accrued interest (32,431); variation margin adj (433,633); futures collateral:1,234,891; cost basis adj (133,401)”