Form990
Click to see attachment
Department of the Treasury
Internal Revenue Service
Return of Organization Exempt From Income Tax
Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except black lung benefit trust or private foundation)

MediumBullet The organization may have to use a copy of this return to satisfy state reporting requirements.
OMB No. 1545-0047
2010
Open to Public Inspection
A For the calendar year, or tax year beginning 07-01-2010 and ending 06-30-2011
BCheck if applicable:
CName of organization
Trustees of Grinnell College
 
Doing Business As
Grinnell College
 
Number and street (or P.O. box if mail is not delivered to street address)
733 Broad Street Accounting
 
Room/suite
City or town, state or country, and ZIP + 4
Grinnell, IA501121690
D Employer identification number

42-0680387
E Telephone number

G Gross receipts $ 530,554,611
F Name and address of principal officer:
Karen Voss
733 Broad Street
Grinnell,IA501121690
I
Tax-exempt status: (   ) LeftBullet (insert no.) or
J
Website:MediumBullet
www.grinnell.edu
H(a)
Is this a group return for
affiliates?
H(b)
Are all affiliates included?
If "No," attach a list. (see instructions)
H(c)
Group exemption number MediumBullet  
K Form of organization:
 
L Year of formation: 1846
M State of legal domicile: IA
Part I
Summary
Activities & Governance 1 Briefly describe the organization’s mission or most significant activities: To educate students in the liberal arts through free inquiry and the open exchange of ideas.
2 Check this box MediumBullet
3 Number of voting members of the governing body (Part VI, line 1a) .... 3 27
4 Number of independent voting members of the governing body (Part VI, line 1b) .... 4 26
5 Total number of individuals employed in calendar year 2010 (Part V, line 2a) ... 5 2,514
6 Total number of volunteers (estimate if necessary) .... 6 917
7a Total unrelated business revenue from Part VIII, column (C), line 12 .. 7a 2,382,876
b Net unrelated business taxable income from Form 990-T, line 34 .. 7b 1,834,972
Revenues; Prior Year Current Year
8 Contributions and grants (Part VIII, line 1h) ......... 25,922,266 11,449,305
9 Program service revenue (Part VIII, line 2g) ......... 70,974,671 72,793,289
10 Investment income (Part VIII, column (A), lines 3, 4, and 7d ) .... 24,532,813 40,300,121
11 Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e) 2,371,784 4,168,515
12 Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12)................... 123,801,534 128,711,230
Expenses; 13 Grants and similar amounts paid (Part IX, column (A), lines 1–3 )... 34,332,679 37,927,858
14 Benefits paid to or for members (Part IX, column (A), line 4) .... 0 0
15 Salaries, other compensation, employee benefits (Part IX, column (A), lines 5–10) 52,873,209 55,686,477
16a Professional fundraising fees (Part IX, column (A), line 11e).... 0 0
b Total fundraising expenses (Part IX, column (D), line 25) MediumBullet3,704,512    
17 Other expenses (Part IX, column (A), lines 11a–11d, 11f–24f).... 36,576,518 41,495,798
18 Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25) 123,782,406 135,110,133
19 Revenue less expenses. Subtract line 18 from line 12...... 19,128 -6,398,903
Net Assets or Fund Balances; Beginning of Current Year End of Year
20 Total assets (Part X, line 16)............ 1,588,535,603 1,824,684,174
21 Total liabilities (Part X, line 26)............ 169,538,962 166,397,787
22 Net assets or fund balances. Subtract line 21 from line 20 ..... 1,418,996,641 1,658,286,387
Part II
Signature Block
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than officer) is based on all information of which preparer has any knowledge.
Sign Here
JumboBullet
Signature of officer Date
JumboBullet
Type or print name and title.
Paid Preparer's Use Only Preparer's
signatureBig Right Arrow 		Date
right pointing bullet image Preparer’s taxpayer identification number
(see instructions)
Firm’s name (or yours
if self-employed),
address, and ZIP + 4Big Right Arrow




 		EIN right pointing bullet image
Phone no. right pointing bullet image
May the IRS discuss this return with the preparer shown above? (see instructions) .........
For Privacy Act and Paperwork Reduction Act Notice, see the separate instructions.
Cat. No. 11282Y
Form 990 (2010)
Form 990 (2010)
Page 2
Part III
Statement of Program Service Accomplishments
Check if Schedule O contains a response to any question in this Part III . . . . . . . . . .
1
Briefly describe the organization’s mission: When Grinnell College framed its charter in the Iowa Territory of the United States in 1846, it set forth a mission to educate its students "for the different professions and for the honorable discharge of the duties of life."
2
Did the organization undertake any significant program services during the year which were not listed on
the prior Form 990 or 990-EZ? ....................
If “Yes,” describe these new services on Schedule O.
3
Did the organization cease conducting, or make significant changes in how it conducts, any program services? ..........................
If “Yes,” describe these changes on Schedule O.
4
Describe the exempt purpose achievements for each of the organization’s three largest program services by expenses.
Section 501(c)(3) and 501(c)(4) organizations and section 4947(a)(1) trusts are required to report the amount of grants and allocations to others, the total expenses, and revenue, if any, for each program service reported.
4a (Code:   ) (Expenses $ 72,714,928 including grants of $ 36,827,678 ) (Revenue $ 59,341,634 )
Instructional Programs-Humanities, Sciences, Social Studies and special programs including international education. The six-year graduation rate is 88% with a 1:9 faculty to student ratio. Grinnell College has approximately 1600 students generally from all states and about 50 other countries. Distinguised programs include the Center for Prairie Studies, Center for the Humanities, Center for International Studies, Noun Program in Women's Studies, Peace Studies Program, Rosenfield Public Affairs Program, and the Donald L. WIlson Program in Enterprise and Leadership.See continuation on Schedule O.The College pursues its mission by educating young men and women in the liberal arts through free inquiry and the open exchange of ideas. As a teaching and learning community, the College holds that knowledge is a good to be pursued both for its own sake and for the intellectual, moral, and physical well-being of individuals and society at large. The College exists to provide a lively academic community of students and teachers of high scholarly qualifications from diverse social and cultural circumstances. The College aims to graduate women and men who can think clearly, who can speak and write persuasively and even eloquently, who can evaluate critically both their own and other's ideas, who can acquire new knowledge, and who are prepared in life and work to use their knowledge and their abilities to serve the common good. At the center of a Grinnell education is intensive mentoring of students by the faculty. This mentoring begins in the First-Year Tutorial, the only required course at Grinnell College. While faculty members from all academic departments teach the tutorial and their topics vary widely, every tutorial emphasizes writing, critical thinking and analysis, oral discussion skills, and information literacy. Each tutor also serves as advisor to the tutorial students until they declare a major field of study. Thus, students receive guidance from an instructor with personal knowledge of their academic interests, aptitudes, and needs. The tutorial is usually limited to 12 students, making it smaller than the average class, though similar in intensity to the rest of the curriculum. In keeping with the mentoring approach, Grinnell classes generally are small, with an average enrollment of 16 and fewer than 9 percent of classes above 30 students. Many academic programs offer a Mentored Advanced Project (MAP) either as independent study or in the context of a seminar. The MAP, closely guided by a faculty director, gives upper-level students the opportunity to culminate a sequence of academic work by completing an advanced project in research or creative arts. At all levels of the curriculum, Grinnell College students receive an education rooted in active experience. For example, students in science classes engage in discovery-based learning, even at the introductory level. Each area of the fine arts offers opportunities for creative practice alongside the study of history, theory, and formal analysis. Outside the classroom, the Career Development office has coordinated more than 400 College-funded summer internships for students over the past five years. About one-third of students participate in intercollegiate athletics through membership on varsity teams. Residence life, another important feature of the Grinnell College education, teaches students the pragmatic socials skills of self-governance as they live together in a community. The College offers a calendar packed with cultural events and activities, including concerts, lectures, theatre, films and opportunity for volunteer and civic involvement. Grinnell College has never had fraternities or sororities; social events are open to all members of the College. Grinnell College's emphasis on active learning extends to participation in the global community. With international students making up about 10 percent of the student body and domestic students representing every state, Grinnell College offers a geographically and culturally diverse environment for living and learning. A flourishing Center for International Studies coordinates and highlights the many courses and programs at Grinnell College with a global perspective. Even without a language requirement, nearly all students elect to study a foreign language. Roughly half of Grinnell College students spend a semester in Off-Campus Study. Nearly all of these students decide to live and study in an academic program outside the United States. Above all, Grinnell College entrusts students with an uncommon level of responsibility for their own college experience. Just as self-governance is central to residential life at the College, the freedom of each student to choose a unique set of courses is central to the way Grinnell College organizes its curriculum. Students exercise this responsibility not in isolation, but with the active guidance of their faculty advisors and other faculty mentors. Intensive teaching, active learning, residence in a community of cultural and global diversity, and self-governance in both social and academic life-these elements come together at Grinnell College to form a distinctive experience of liberal education.
4b (Code:   ) (Expenses $ 18,736,754 including grants of $ 320,674 ) (Revenue $ 435,319 )
Student Services-Registration, Counseling, Admission and Financial Aid, Health Services, Intercollegiate Athletics, Lectures, Convocations and other student programs.
4c (Code:   ) (Expenses $ 18,035,292 including grants of $ 779,506 ) (Revenue $   )
Academic and Institutional Support-Library, Faculty Development, Computer Services, Public Relations, Printing Services, Mail Services, and other expenditures to support the activities of the College.
(Code:   ) (Expenses $ 14,558,877 including grants of $   ) (Revenue $ 13,016,336 )
Other program services include auxiliary enterprises such as housing and food services.
4d Other program services. (Describe in Schedule O.)
(Expenses $ 14,558,877 including grants of $   ) (Revenue $ 13,016,336 )
4e Total program service expensesMediumBullet$ 124,045,851
Form 990 (2010)
Form 990 (2010)
Page 3
Part IV
Checklist of Required Schedules
Yes
No
1
Is the organization described in section 501(c)(3) or 4947(a)(1) (other than a private foundation)? If “Yes,” complete Schedule AClick to see attachment.....................
1
Yes
 
2
Is the organization required to complete Schedule B, Schedule of Contributors? Click to see attachment........
2
Yes
 
3
Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to candidates for public office? If “Yes,” complete Schedule C, Part I..........
3
 
No
4
Section 501(c)(3) organizations. Did the organization engage in lobbying activities? If “Yes,” complete Schedule C,
Part II.........................
4
 
No
5
Is the organization a section 501(c)(4), 501(c)(5), or 501(c)(6) organization that receives membership dues, assessments, or similar amounts as defined in Revenue Procedure 98-19? If “Yes,” complete Schedule C, Part III........................
5
 
 
6
Did the organization maintain any donor advised funds or any similar funds or accounts where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts? If “Yes,” complete
Schedule D, Part IClick to see attachment.......................
6
 
No
7
Did the organization receive or hold a conservation easement, including easements to preserve open space,
the environment, historic land areas or historic structures? If “Yes,” complete Schedule D, Part IIClick to see attachment...
7
 
No
8
Did the organization maintain collections of works of art, historical treasures, or other similar assets? If “Yes,” complete Schedule D, Part III Click to see attachment....................
8
Yes
 
9
Did the organization report an amount in Part X, line 21; serve as a custodian for amounts not listed in Part X; or provide credit counseling, debt management, credit repair, or debt negotiation services? If “Yes,”
complete Schedule D, Part IVClick to see attachment...................
9
Yes
 
10
Did the organization, directly or through a related organization, hold assets in term, permanent,or quasi-endowments? If “Yes,” complete Schedule D, Part VClick to see attachment
10
Yes
 
11
If the organization’s answer to any of the following questions is ‘Yes,’ then complete Schedule D, Parts VI, VII, VIII, IX, or X as applicable:
a
Did the organization report an amount for land, buildings, and equipment in Part X, line10? If “Yes,” complete Schedule D, Part VI.Click to see attachment
11a
Yes
 
b
Did the organization report an amount for investments—other securities in Part X, line 12 that is 5% or more of its total assets reported in Part X, line 16? If “Yes,” complete Schedule D, Part VII.Click to see attachment
11b
Yes
 
c
Did the organization report an amount for investments—program related in Part X, line 13 that is 5% or more of its total assets reported in Part X, line 16? If “Yes,” complete Schedule D, Part VIII.Click to see attachment
11c
 
No
d
Did the organization report an amount for other assets in Part X, line 15 that is 5% or more of its total assets reported in Part X, line 16? If “Yes,” complete Schedule D, Part IX.Click to see attachment
11d
 
No
e
Did the organization report an amount for other liabilities in Part X, line 25? If “Yes,” complete Schedule D, Part X.Click to see attachment
11e
Yes
 
f
Did the organization’s separate or consolidated financial statements for the tax year include a footnote that addresses the organization’s liability for uncertain tax positions under FIN 48 (ASC 740)? If “Yes,” complete Schedule D, Part X.Click to see attachment
11f
Yes
 
12a
Did the organization obtain separate, independent audited financial statements for the tax year? If “Yes,” complete Schedule D, Parts XI, XII, and XIII Click to see attachment
12a
Yes
 
b
Was the organization included in consolidated, independent audited financial statements for the tax year? If “Yes,” and if the organization answered ‘No’ to line 12a, then completing Schedule D, Parts XI, XII, and XIII is optional Click to see attachment
12b
 
No
13
Is the organization a school described in section 170(b)(1)(A)(ii)? If “Yes,” complete Schedule EClick to see attachment
13
Yes
 
14a
Did the organization maintain an office, employees, or agents outside of the United States?....
14a
Yes
 
b
Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraising, business, and program service activities outside the United States? If “Yes,” complete Schedule F, Part I......... Click to see attachment
14b
Yes
 
15
Did the organization report on Part IX, column (A), line 3, more than $5,000 of grants or assistance to any organization or entity located outside the U.S.? If “Yes,” complete Schedule F, Part II.. Click to see attachment
15
 
No
16
Did the organization report on Part IX, column (A), line 3, more than $5,000 of aggregate grants or assistance to individuals located outside the U.S.? If “Yes,” complete Schedule F, Part III.. Click to see attachment
16
Yes
 
17
Did the organization report a total of more than $15,000, of expenses for professional fundraising services on Part IX, column (A), lines 6 and 11e? If “Yes,” complete Schedule G, Part I
17
 
No
18
Did the organization report more than $15,000 total of fundraising event gross income and contributions on Part VIII, lines 1c and 8a? If “Yes,” complete Schedule G, Part II..........
18
 
No
19
Did the organization report more than $15,000 of gross income from gaming activities on Part VIII, line 9a? If “Yes,” complete Schedule G, Part III...................
19
 
No
Form 990 (2010)
Form 990 (2010)
Page 4
Part IV
Checklist of Required Schedules (continued)
20a
Did the organization operate one or more hospitals? If “Yes,” complete Schedule H.....
20a
 
No
b
Did the organization attach its audited financial statement to this return? Note: All Form 990 filers that operate one or more hospitals must attach audited financial statements. .....
20b
 
 
21
Did the organization report more than $5,000 of grants and other assistance to governments and organizations in the United States on Part IX, column (A), line 1? If “Yes,” complete Schedule I, Parts I and II.. Click to see attachment
21
Yes
 
22
Did the organization report more than $5,000 of grants and other assistance to individuals in the United States on Part IX, column (A), line 2? If “Yes,” complete Schedule I, Parts I and III..... Click to see attachment
22
Yes
 
23
Did the organization answer “Yes” to Part VII, Section A, questions 3, 4, or 5, about compensation of the organization’s current and former officers, directors, trustees, key employees, and highest compensated employees? If “Yes,” complete Schedule J................ Click to see attachment
23
Yes
 
24a
Did the organization have a tax-exempt bond issue with an outstanding principal amount of more than $100,000 as of the last day of the year, that was issued after December 31, 2002? If “Yes,” answer questions 24b–24d and complete Schedule K. If “No,” go to line 25................ Click to see attachment
24a
Yes
 
b
Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception?...
24b
 
No
c
Did the organization maintain an escrow account other than a refunding escrow at any time during the year
to defease any tax-exempt bonds?......................
24c
 
No
d
Did the organization act as an “on behalf of” issuer for bonds outstanding at any time during the year?...
24d
 
No
25a
Section 501(c)(3) and 501(c)(4) organizations. Did the organization engage in an excess benefit transaction with a disqualified person during the year? If “Yes,” complete Schedule L, Part I...... Click to see attachment
25a
 
No
b
Is the organization aware that it engaged in an excess benefit transaction with a disqualified person in a prior year, and that the transaction has not been reported on any of the organization’s prior Forms 990 or 990-EZ? If “Yes,” complete Schedule L, Part I................ Click to see attachment
25b
 
No
26
Was a loan to or by a current or former officer, director, trustee, key employee, highly compensated employee, or disqualified person outstanding as of the end of the organization’s tax year? If “Yes,” complete Schedule L,
Part II........................... Click to see attachment
26
 
No
27
Did the organization provide a grant or other assistance to an officer, director, trustee, key employee, substantial contributor, or a grant selection committee member, or to a person related to such an individual? If “Yes,” complete Schedule L, Part III............... Click to see attachment
27
Yes
 
28
Was the organization a party to a business transaction with one of the following parties? (see Schedule L, Part IV instructions for applicable filing thresholds, conditions, and exceptions):
a
A current or former officer, director, trustee, or key employee? If “Yes,” complete Schedule L, Part IV ......................... Click to see attachment
28a
 
No
b
A family member of a current or former officer, director, trustee, or key employee? If “Yes,”
complete Schedule L, Part IV................... Click to see attachment
28b
Yes
 
c
An entity of which a current or former officer, director, trustee, or key employee (or a family member thereof) was an officer, director, trustee, or owner? If “Yes,” complete Schedule L, Part IV.. Click to see attachment
28c
Yes
 
29
Did the organization receive more than $25,000 in non-cash contributions? If “Yes,” complete Schedule MClick to see attachment
29
Yes
 
30
Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified conservation contributions? If “Yes,” complete Schedule M............ Click to see attachment
30
Yes
 
31
Did the organization liquidate, terminate, or dissolve and cease operations? If “Yes,” complete Schedule N,
Part I........................... Click to see attachment
31
 
No
32
Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets? If “Yes,” complete Schedule N, Part II.......................
32
 
No
33
Did the organization own 100% of an entity disregarded as separate from the organization under Regulations sections 301.7701-2 and 301.7701-3? If “Yes,” complete Schedule R, Part I........ Click to see attachment
33
 
No
34
Was the organization related to any tax-exempt or taxable entity? If “Yes,” complete Schedule R, Parts II, III, IV, and V, line 1..................... Click to see attachment
34
Yes
 
35
Is any related organization a controlled entity within the meaning of section 512(b)(13)? .....
35
Yes
 
a
Did the organization receive any payment from or engage in any transaction with a controlled entity within the meaning of section 512(b)(13)? If “Yes,” complete Schedule R, Part V, line 2... Click to see attachment
36
Section 501(c)(3) organizations. Did the organization make any transfers to an exempt non-charitable related organization? If “Yes,” complete Schedule R, Part V, line 2........... Click to see attachment
36
Yes
 
37
Did the organization conduct more than 5% of its activities through an entity that is not a related organization and that is treated as a partnership for federal income tax purposes? If “Yes,” complete Schedule R, Part VIClick to see attachment
37
 
No
38
Did the organization complete Schedule O and provide explanations in Schedule O for Part VI, lines 11 and 19? Note. All Form 990 filers are required to complete Schedule O. ............
38
Yes
 
Form 990 (2010)
Form 990 (2010)
Page 5
Part V
Statements Regarding Other IRS Filings and Tax Compliance
Check if Schedule O contains a response to any question in this Part V . . . . . . . . . .
Yes
No
1a
Enter the number reported in Box 3 of Form 1096. Enter -0- if not applicable. .......
1a
2,280
b
Enter the number of Forms W-2G included in line 1a. Enter -0- if not applicable.
1b
0
c
Did the organization comply with backup withholding rules for reportable payments to vendors and reportable gaming (gambling) winnings to prize winners? ..................
1c
Yes
 
2a
Enter the number of employees reported on Form W-3, Transmittal of Wage and Tax Statements filed for the calendar year ending with or within the year covered by this return .....................
2a
2,514
b
If at least one is reported on line 2a, did the organization file all required federal employment tax returns?

Note. If the sum of lines 1a and 2a is greater than 250, you may be required to e-file. (see instructions)
2b
Yes
 
3a
Did the organization have unrelated business gross income of $1,000 or more during the year?.............................
3a
Yes
 
b
If “Yes,” has it filed a Form 990-T for this year? If “No,” provide an explanation in Schedule O.....
3b
Yes
 
4a
At any time during the calendar year, did the organization have an interest in, or a signature or other authority over, a financial account in a foreign country (such as a bank account or securities account)?.......................
4a
Yes
 
b
If "Yes," enter the name of the foreign country: MediumBulletUK
See instructions for filing requirements for Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts.
5a
Was the organization a party to a prohibited tax shelter transaction at any time during the tax year?..
5a
 
No
b
Did any taxable party notify the organization that it was or is a party to a prohibited tax shelter transaction?
5b
 
No
c
If “Yes” to line 5a or 5b, did the organization file Form 8886-T? ........
5c
 
 
6a
Does the organization have annual gross receipts that are normally greater than $100,000, and did the organization solicit any contributions that were not tax deductible?..........
6a
 
No
b
If “Yes,” did the organization include with every solicitation an express statement that such contributions or gifts were not tax deductible?........................
6b
 
 
7
Organizations that may receive deductible contributions under section 170(c).
a
Did the organization receive a payment in excess of $75 made partly as a contribution and partly for goods and services provided to the payor?....................
7a
 
No
b
If “Yes,” did the organization notify the donor of the value of the goods or services provided?.....
7b
 
 
c
Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required to file Form 8282?...........................
7c
 
No
d
If “Yes,” indicate the number of Forms 8282 filed during the year ....
7d
 
e
Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?..........................
7e
 
No
f
Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract?..
7f
 
No
g
If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 as required?...................
7g
 
 
h
If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a Form 1098-C?...............
7h
 
 
8
Sponsoring organizations maintaining donor advised funds and section 509(a)(3) supporting organizations. Did the supporting organization, or a donor advised fund maintained by a sponsoring organization, have excess business holdings at any time during the year?................
8
 
 
9
Sponsoring organizations maintaining donor advised funds.
a
Did the organization make any taxable distributions under section 4966?.........
9a
 
 
b
Did the organization make a distribution to a donor, donor advisor, or related person?......
9b
 
 
10
Section 501(c)(7) organizations. Enter:
a
Initiation fees and capital contributions included on Part VIII, line 12 ...
10a
 
b
Gross receipts, included on Form 990, Part VIII, line 12, for public use of club facilities
10b
 
11
Section 501(c)(12) organizations. Enter:
a
Gross income from members or shareholders .........
11a
 
b
Gross income from other sources (Do not net amounts due or paid to other sources against amounts due or received from them.) ........
11b
 
12a
Section 4947(a)(1) non-exempt charitable trusts. Is the organization filing Form 990 in lieu of Form 1041?
12a
 
 
b
If “Yes,” enter the amount of tax-exempt interest received or accrued during the year.
12b
 
13
Section 501(c)(29) qualified nonprofit health insurance issuers.
a
Is the organization licensed to issue qualified health plans in more than one state?
Note. All 501(c)(29) organizations must list in Schedule O each state in which they are licensed to issue qualified health plans, the amount of reserves required by each state, and the amount of reserves the organization allocated to each state.
13a
 
 
b
Enter the aggregate amount of reserves the organization is required to maintain by the states in which the organization is licensed to issue qualified health plans.
13b
 
c
Enter the aggregate amount of reserves on hand.
13c
 
14a
Did the organization receive any payments for indoor tanning services during the tax year?.....
14a
 
 
b
If "Yes," has it filed a Form 720 to report these payments? If “No,” provide an explanation in Schedule O..
14b
 
 
Form 990 (2010)
Form 990 (2010)
Page 6
Part VI
Governance, Management, and Disclosure For each “Yes” response to lines 2 through 7b below, and for a “No” response to lines 8a, 8b, or 10b below, describe the circumstances, processes, or changes in Schedule O. See instructions.
Check if Schedule O contains a response to any question in this Part VI . . . . . . . . . .
Section A. Governing Body and Management
Yes
No
1a
Enter the number of voting members of the governing body at the end of the tax year ..............
1a
27
b
Enter the number of voting members included in line 1a, above, who are independent .................
1b
26
2
Did any officer, director, trustee, or key employee have a family relationship or a business relationship with any other officer, director, trustee, or key employee? .................
2
Yes
 
3
Did the organization delegate control over management duties customarily performed by or under the direct supervision of officers, directors or trustees, or key employees to a management company or other person? ..
3
 
No
4
Did the organization make any significant changes to its governing documents since the prior Form 990 was filed?
4
 
No
5
Did the organization become aware during the year of a significant diversion of the organization’s assets? .
5
 
No
6
Does the organization have members or stockholders? ................
6
 
No
7a
Does the organization have members, stockholders, or other persons who may elect one or more members of the governing body? .........................
7a
 
No
b
Are any decisions of the governing body subject to approval by members, stockholders, or other persons? ..
7b
 
No
8
Did the organization contemporaneously document the meetings held or written actions undertaken during the year by the following:
a
The governing body? .........................
8a
Yes
 
b
Each committee with authority to act on behalf of the governing body? ............
8b
Yes
 
9
Is there any officer, director, trustee, or key employee listed in Part VII, Section A, who cannot be reached at the organization’s mailing address? If “Yes,” provide the names and addresses in Schedule O .....
9
 
No
Section B. Policies (This Section B requests information about policies not required by the Internal
Revenue Code.)
Yes
No
10a
Does the organization have local chapters, branches, or affiliates? ............
10a
 
No
b
If “Yes,” does the organization have written policies and procedures governing the activities of such chapters, affiliates, and branches to ensure their operations are consistent with those of the organization? ....
10b
 
 
11a
Has the organization provided a copy of this Form 990 to all members of its governing body before filing the form?
11a
Yes
 
b
Describe in Schedule O the process, if any, used by the organization to review the Form 990. .....
12a
Does the organization have a written conflict of interest policy? If “No,” go to line 13.......
12a
Yes
 
b
Are officers, directors or trustees, and key employees required to disclose annually interests that could give rise to conflicts? ...........................
12b
Yes
 
c
Does the organization regularly and consistently monitor and enforce compliance with the policy? If “Yes,” describe in Schedule O how this is done ....................
12c
Yes
 
13
Does the organization have a written whistleblower policy? ...............
13
Yes
 
14
Does the organization have a written document retention and destruction policy? .........
14
Yes
 
15
Did the process for determining compensation of the following persons include a review and approval by independent persons, comparability data, and contemporaneous substantiation of the deliberation and decision?
a
The organization’s CEO, Executive Director, or top management official ...........
15a
Yes
 
b
Other officers or key employees of the organization ................
15b
Yes
 
If "Yes" to line a or b, describe the process in Schedule O. (See instructions.)
16a
Did the organization invest in, contribute assets to, or participate in a joint venture or similar arrangement with a taxable entity during the year? ......................
16a
Yes
 
b
If “Yes,” has the organization adopted a written policy or procedure requiring the organization to evaluate its participation in joint venture arrangements under applicable federal tax law, and taken steps to safeguard the organization’s exempt status with respect to such arrangements? ............
16b
Yes
 
Section C. Disclosure
17
List the States with which a copy of this Form 990 is required to be filedMediumBullet
18
Section 6104 requires an organization to make its Form 1023 (or 1024 if applicable), 990, and 990-T (501(c)(3)s only) available for public inspection. Indicate how you make these available. Check all that apply.
19
Describe in Schedule O whether (and if so, how), the organization makes its governing documents, conflict of interest policy, and financial statements available to the public.
20
State the name, physical address, and telephone number of the person who possesses the books and records of the organization: MediumBullet
Karen Voss
733 Broad Street
Grinnell,IA501121690
(641) 269-9600
Form 990 (2010)
Form 990 (2010)
Page 7
Part VII
Compensation of Officers, Directors,Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors
Check if Schedule O contains a response to any question in this Part VII . . . . . . . . . .
Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees
1a Complete this table for all persons required to be listed. Report compensation for the calendar year ending with or within the organization’s tax year.
RoundBullet List all of the organization’s current officers, directors, trustees (whether individuals or organizations), regardless of amount
of compensation, and current key employees. Enter -0- in columns (D), (E), and (F) if no compensation was paid.

RoundBullet List all of the organization’s current key employees, if any. See instructions for definition of "key employee."
RoundBullet List the organization’s five current highest compensated employees (other than an officer, director, trustee or key employee)
who received reportable compensation (Box 5 of Form W-2 and/or Box 7 of Form 1099-MISC) of more than $100,000 from the
organization and any related organizations.

RoundBullet List all of the organization’s former officers, key employees, or highest compensated employees who received more than $100,000
of reportable compensation from the organization and any related organizations.

RoundBullet List all of the organization’s former directors or trustees that received, in the capacity as a former director or trustee of the
organization, more than $10,000 of reportable compensation from the organization and any related organizations.

List persons in the following order: individual trustees or directors; institutional trustees; officers; key employees; highest
compensated employees; and former such persons.
Check this box if neither the organization nor any related organizations compensated any current or former officer, director, or trustee.
(A)
Name and Title 		(B)
Average hours per week (describe hours for related organizations in Schedule O) 		(C)
Position (check all that apply) 		(D)
Reportable compensation from the organization (W- 2/1099-MISC) 		(E)
Reportable compensation from related organizations (W- 2/1099-MISC) 		(F)
Estimated amount of other compensation from the organization and related organizations
Individual Trustee or Director; Institutional Trustee; Officer; Key Employee; Highest compensated employee; Former;
(1) Trish Fitzgibbons Anderson
Trustee
 2.00 X           0 0 0
(2) Robert F Austin
Trustee
 1.00 X           0 0 0
(3) Elizabeth Ballantine
Life Trustee
 1.00 X           0 0 0
(4) J Robert Barr
Life Trustee
 1.00 X           0 0 0
(5) Richard W Booth
Life Trustee
 1.00 X           0 0 0
(6) David B Braman
Trustee
 1.00 X           0 0 0
(7) Nordahl L Brue
Life Trustee
 2.00 X           0 0 0
(8) Robert A Burnett
Life Trustee
 1.00 X           0 0 0
(9) Thomas R Cech
Trustee
 0.00 X           0 0 0
(10) Dr John F Egan
Trustee
 1.00 X           0 0 0
(11) Laura M Ferguson
Trustee & Vice Chair
 2.00 X   X       0 0 0
(12) Patricia Finkelman
Trustee & Vice Chair
 2.00 X   X       0 0 0
(13) Harold W Fuson Jr
Trustee
 1.00 X           0 0 0
(14) I Craig Henderson
Trustee
 2.00 X           0 0 0
(15) Steve Holtze
Trustee
 1.00 X           0 0 0
(16) Kihwan Kim
Trustee
 1.00 X           0 0 0
(17) Clinton D Korver
Trustee, Chair & V Chair
 2.00 X   X       0 0 0
Form 990 (2010)
Form 990 (2010)
Page 8
Part VII
Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees (continued)
(A)
Name and Title 		(B)
Average hours per week (describe hours for related organizations in Schedule O) 		(C)
Position (check all that apply) 		(D)
Reportable compensation from the organization (W- 2/1099-MISC) 		(E)
Reportable compensation from related organizations (W- 2/1099-MISC) 		(F)
Estimated amount of other compensation from the organization and related organizations
Individual Trustee or Director; Institutional Trustee; Officer; Key Employee; Highest compensated employee; Former;
(18) Sylvia Kwan
Trustee
 1.00 X           0 0 0
(19) Todd C Linden
Trustee
 1.00 X           0 0 0
(20) Caroline H Little
Trustee
 1.00 X           0 0 0
(21) Fred A Little Jr
Life Trustee
 1.00 X           0 0 0
(22) James H Lowry
Life Trustee
 1.00 X           0 0 0
(23) Charles T Manatt
Trustee
 1.00 X           0 0 0
(24) Paul A McCulley
Trustee
 1.00 X           0 0 0
(25) Susan Holden McCurry
Trustee
 1.00 X           0 0 0
(26) Dr Randall Morgan Jr
Life Trustee
 1.00 X           0 0 0
(27) Gregg Narber
Trustee
 1.00 X           0 0 0
(28) John R Price
Life Trustee
 1.00 X           0 0 0
(29) Paul G Risser
Trustee & Vice Chair
 2.00 X   X       0 0 0
(30) Ronald B H Sandler
Life Trustee
 1.00 X           0 0 0
(31) Karen E Shaff
Trustee
 2.00 X           0 0 0
(32) M Anne Spence
Trustee
 2.00 X           0 0 0
(33) Lonabelle Spencer
Life Trustee
 0.00 X           0 0 0
(34) Joel R Spiegel
Trustee
 2.00 X           0 0 0
(35) Donald M Stewart
Life Trustee
 1.00 X           0 0 0
(36) Barrett W Thomas
Trustee
 2.00 X           0 0 0
(37) Eric E Whitaker
Trustee
 1.00 X           0 0 0
(38) David P White
Trustee & Chair
 2.00 X   X       0 0 0
(39) Henry T Wingate
Trustee
 1.00 X           0 0 0
(40) Raynard S Kington
President
 60.00     X       171,561 0 40,025
(41) Russell K Osgood
President
 60.00     X       389,362 0 58,116
(42) David S Clay
Treasurer
 60.00     X       549,009 0 39,836
(43) Susan M Schoen
Secretary
 50.00     X       98,525 0 23,213
(44) Karen L Voss
VP Finance Assoc Treas
 60.00     X       200,152 0 36,289
(45) Angela Voos
Spec. Assist. President
 50.00     X       0 0 0
(46) Christopher S Allen
Dean Admission & Fin Aid
 50.00       X     178,672 0 24,485
(47) Houston Dougharty
VP Student Affairs
 50.00       X     150,068 0 49,148
(48) John W Kalkbrenner
VP College Services
 50.00       X     160,229 0 33,425
(49) Michael J Munley
VP College & Alumni Serv
 50.00       X     228,063 0 41,104
(50) Paula V Smith
VP Acad Affairs & Dean
 60.00       X     202,199 0 67,051
(51) Marci J Sortor
VP Inst. Planning
 50.00       X     160,874 0 34,413
(52) John H Mutti
Professor of Economics
 50.00         X   189,321 0 34,340
(53) Jennifer E Michaels
Prof German & Humanities
 50.00         X   152,592 0 25,712
(54) Mark E Godar
Dir. of Facilities Mgmt
 50.00         X   145,567 0 28,199
(55) Henry Walker
Prof of Computer Science
 50.00         X   139,296 0 27,597
(56) Henry W Moyer
Prof Political Science
 50.00         X   137,748 0 29,462
(57) James Swartz
Professor of Chemistry
 50.00           X 134,281 0 27,165
1b Sub-Total................MediumBullet
c Total from continuation sheets to Part VII, Section A....MediumBullet
d Total (add lines 1b and 1c)............MediumBullet 3,387,519 0 619,580
2
Total number of individuals (including but not limited to those listed above) who received more than $100,000 in reportable compensation from the organizationMediumBullet50
Yes
No
3
Did the organization list any former officer, director or trustee, key employee, or highest compensated employee on line 1a? If “Yes,” complete Schedule J for such individual .............
3
Yes
 
4
For any individual listed on line 1a, is the sum of reportable compensation and other compensation from the organization and related organizations greater than $150,000? If “Yes,” complete Schedule J for such individual...........................
4
Yes
 
5
Did any person listed on line 1a receive or accrue compensation from any unrelated organization or individual for services rendered to the organization? If “Yes,” complete Schedule J for such person .....
5
 
No
Section B. Independent Contractors
1
Complete this table for your five highest compensated independent contractors that received more than $100,000 of compensation from the organization.
(A)
Name and business address 		(B)
Description of services 		(C)
Compensation
Southeastern Asset Management
6410 Poplar Avenue
Memphis,TN38119 		Investment Manager 2,154,282
Neuberger Berman LLC
605 Third Avenue 36th Floor
New York,NY10158 		Investment Manager 1,231,750
Third Avenue Management LLC
622 Third Avenue
New York,NY10017 		Investment Manager 896,412
Neumann Brothers
1435 Ohio Street
Des Moines,IA50305 		Construction Contractor 788,988
Eagle Capital Management LLC
499 Park Avenue 17th Floor
New York,NY10022 		Investment Manager 731,390
2
Total number of independent contractors (including but not limited to those listed above) who received more than $100,000 in compensation from the organization MediumBullet14
Form 990 (2010)
Form 990 (2010)
Page 9
Part VIII
Statement of Revenue
(A)
Total revenue 		(B)
Related or
exempt
function
revenue 		(C)
Unrelated
business
revenue 		(D)
Revenue
excluded from
tax under sections
512, 513, or 514
Contributions, gifts, grants and other similar amounts 1a Federated campaigns..1a  
b Membership dues....1b  
c Fundraising events....1c  
d Related organizations...1d  
e Government grants (contributions)1e 2,294,965
f All other contributions, gifts, grants, and
similar amounts not included above1f 		9,154,340
g Noncash contributions included in lines 1a-1f:$ 529,540
h Total. Add lines 1a-1f.......MediumBullet 11,449,305
Program Service Revenue Business Code
2a Tuition and Fees 900,099 59,217,640 59,217,640    
b Auxiliary Services 900,099 12,842,840     12,842,840
c Fees, Sources & Fines 900,099 435,319     435,319
d Alumni Fees 900,099 173,496     173,496
e Indirect Cost Recovery 900,099 65,051     65,051
f All other program service revenue . 58,943 58,943    
g Total. Add lines 2a–2f........MediumBullet 72,793,289
Other Revenue 3 Investment income (including dividends, interest
and other similar amounts).....MediumBullet 17,656,226   2,382,876 15,273,350
4 Income from investment of tax-exempt bond proceeds..MediumBullet 59,504     59,504
5 Royalties............MediumBullet 4,157,389     4,157,389
(i) Real (ii) Personal
6a Gross Rents 67,732  
b Less: rental expenses 72,285  
c Rental income or (loss) -4,553  
d Net rental income or (loss).......MediumBullet -4,553     -4,553
(i) Securities (ii) Other
7a Gross amount from sales of assets other than inventory 424,308,011 47,476
b Less: cost or other basis and sales expenses 401,478,153 292,943
c Gain or (loss) 22,829,858 -245,467
d Net gain or (loss)..........MediumBullet 22,584,391     22,584,391
8a Gross income from fundraising events (not including
$  
of contributions reported on line 1c). See Part IV, line 18 ...
a  
b Less: direct expenses ...b  
c Net income or (loss) from fundraising events..MediumBullet      
9a Gross income from gaming activities.
See Part IV, line 19 ...
a  
b Less: direct expenses ...b  
c Net income or (loss) from gaming activities...MediumBullet        
10a Gross sales of inventory, less
returns and allowances .
a  
b Less: cost of goods sold ..b  
c Net income or (loss) from sales of inventory..MediumBullet        
Miscellaneous Revenue Business Code
11a Other 900,099 15,679     15,679
b            
c            
d All other revenue ....        
e Total. Add lines 11a–11d ......MediumBullet 15,679
12 Total revenue. See Instructions....MediumBullet 128,711,230 59,276,583 2,382,876 55,602,466
Form 990 (2010)
Form 990 (2010)
Page 10
Part IX
Statement of Functional Expenses
Section 501(c)(3) and 501(c)(4) organizations must complete all columns. All other organizations must complete column (A) but are not required to complete columns (B), (C), and (D).
Do not include amounts reported on lines 6b,
7b, 8b, 9b, and 10b of Part VIII. 		(A)
Total expenses 		(B)
Program service expenses 		(C)
Management and general expenses 		(D)
Fundraising expenses
1 Grants and other assistance to governments and organizations in the U.S. See Part IV, line 21 493,445 493,445
2 Grants and other assistance to individuals in the U.S. See Part IV, line 22 32,301,735 32,301,735
3 Grants and other assistance to governments, organizations, and individuals outside the U.S. See Part IV, lines 15 and 16 5,132,678 5,132,678
4 Benefits paid to or for members    
5 Compensation of current officers, directors, trustees, and key employees .... 2,579,346 459,990 1,446,696 672,660
6 Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) .... 754,389 456,336 298,053  
7 Other salaries and wages 38,075,355 35,000,280 1,679,494 1,395,581
8 Pension plan contributions (include section 401(k) and section 403(b) employer contributions) .... 3,369,581 3,097,107 155,695 116,779
9 Other employee benefits ....... 8,121,134 7,299,367 469,709 352,058
10 Payroll taxes ........... 2,786,672 2,466,888 203,440 116,344
11 Fees for services (non-employees):        
a Management ......        
b Legal ......... 103,358 20,206 83,152  
c Accounting ........... 146,250   146,250  
d Lobbying ...........        
e Professional fundraising. See Part IV, line 17..    
f Investment management fees ...... 104,303   104,303  
g Other .......... 1,587,943 1,336,514 235,534 15,895
12 Advertising and promotion .... 229,496 177,500 49,746 2,250
13 Office expenses ....... 6,592,586 6,016,991 135,915 439,680
14 Information technology ...... 1,456,914 1,187,957 251,058 17,899
15 Royalties .. 45,407 45,407    
16 Occupancy ........... 6,912,945 6,823,315 65,339 24,291
17 Travel ............ 2,089,761 1,602,804 240,502 246,455
18 Payments of travel or entertainment expenses for any federal, state, or local public officials ......        
19 Conferences, conventions, and meetings .... 853,357 528,402 165,352 159,603
20 Interest ........... 1,411,287 1,411,287    
21 Payments to affiliates .......        
22 Depreciation, depletion, and amortization ..... 11,430,864 11,034,128 289,214 107,522
23 Insurance .............. 412,130 412,130    
24 Other expenses. Itemize expenses not covered above. (Expenses grouped together and labeled miscellaneous may not exceed 5% of total expenses shown on line 25 below.)
a Off-Campus Program Cost 2,823,291 2,823,291 0 0
b Dining Prog. Food Costs 2,530,605 2,530,605 0 0
c UBIT 944,055 0 944,055 0
d Special Programs 310,322 264,835 40,230 5,257
e   0 0 0 0
f All other expenses 1,510,924 1,122,653 356,033 32,238
25 Total functional expenses. Add lines 1 through 24f 135,110,133 124,045,851 7,359,770 3,704,512
26 Joint costs. Check here MediumBullet if following
SOP 98-2 (ASC 958-720). Complete this line only if the organization reported in column (B) joint costs from a combined educational campaign and fundraising solicitation 		       
Form 990 (2010)
Form 990 (2010)
Page 11
Part X Balance Sheet
(A)
Beginning of year 		(B)
End of year
Assets 1 Cash—non-interest-bearing ..........   1  
2 Savings and temporary cash investments ....... 1,937,029 2 1,490,712
3 Pledges and grants receivable, net .........   3  
4 Accounts receivable, net ......... 751,470 4 553,571
5 Receivables from current and former officers, directors, trustees, key employees, and highest compensated employees. Complete Part II of
Schedule L ..........   5  
6 Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B). Complete Part II of
Schedule L ..........   6  
7 Notes and loans receivable, net ............. 13,803 7 8,492
8 Inventories for sale or use .............. 982,455 8 1,075,442
9 Prepaid expenses and deferred charges ............ 2,398,805 9 2,475,787
10a Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D 10a 399,523,605
b Less: accumulated depreciation. ..... 10b 138,982,899 264,504,243 10c 260,540,706
11 Investments—publicly traded securities .......... 673,532,374 11 827,970,319
12 Investments—other securities. See Part IV, line 11 ...... 636,286,768 12 722,449,218
13 Investments—program-related. See Part IV, line 11 .. 8,128,656 13 8,119,927
14 Intangible assets .........   14  
15 Other assets. See Part IV, line 11 ...........   15  
16 Total assets. Add lines 1 through 15 (must equal line 34)... 1,588,535,603 16 1,824,684,174
Liabilities 17 Accounts payable and accrued expenses . 26,998,017 17 25,016,567
18 Grants payable ..........   18  
19 Deferred revenue .......... 1,675,432 19 1,536,964
20 Tax-exempt bond liabilities .......... 125,581,589 20 124,253,417
21 Escrow or custodial account liability. Complete Part IV of Schedule D.. 4,331,575 21 4,720,107
22 Payables to current and former officers, directors, trustees, key
employees, highest compensated employees, and disqualified
persons. Complete Part II of Schedule L..........   22  
23 Secured mortgages and notes payable to unrelated third parties ..   23  
24 Unsecured notes and loans payable to unrelated third parties ....   24  
25 Other liabilities. Complete Part X of Schedule D..... 10,952,349 25 10,870,732
26 Total liabilities. Add lines 17 through 25..... 169,538,962 26 166,397,787
Net Assets or Fund Balance Organizations that follow SFAS 117, check here MediumBullet and complete lines 27 through 29, and lines 33 and 34.
27 Unrestricted net assets ..... 1,025,490,798 27 1,187,451,741
28 Temporarily restricted net assets ..... 300,584,071 28 374,540,857
29 Permanently restricted net assets ..... 92,921,772 29 96,293,789
Organizations that do not follow SFAS 117, check here MediumBullet and complete lines 30 through 34.
30 Capital stock or trust principal, or current funds .....   30  
31 Paid-in or capital surplus, or land, building or equipment fund .....   31  
32 Retained earnings, endowment, accumulated income, or other funds   32  
33 Total net assets or fund balances ..... 1,418,996,641 33 1,658,286,387
34 Total liabilities and net assets/fund balances ..... 1,588,535,603 34 1,824,684,174
Form 990 (2010)
Form 990 (2010)
Page 12
Part XI
Reconcilliation of Net Assets
Check if Schedule O contains a response to any question in this Part XI . . . . . . . . . .
1
Total revenue (must equal Part VIII, column (A), line 12) . . .
1
128,711,230
2
Total expenses (must equal Part IX, column (A), line 25) . . . . .
2
135,110,133
3
Revenue less expenses. Subtract line 2 from line 1 . . . .
3
-6,398,903
4
Net assets or fund balances at beginning of year (must equal Part X, line 33, column (A)) . .
4
1,418,996,641
5
Other changes in net assets or fund balances (explain in Schedule O) . . . .
5
245,688,649
6
Net assets or fund balances at end of year. Combine lines 3, 4, and 5 (must equal Part X, line 33, column (B)) . . . . . .
6
1,658,286,387
Part XII
Financial Statements and Reporting
Check if Schedule O contains a response to any question in this Part XII . . . . . . . . . .
Yes
No
1
Accounting method used to prepare the Form 990:  
If the organization changed its method of accounting from a prior year or checked "Other," explain in
Schedule O.
2a
Were the organization’s financial statements compiled or reviewed by an independent accountant?..
2a
 
No
b
Were the organization’s financial statements audited by an independent accountant?........
2b
Yes
 
c
If “Yes,” to 2a or 2b, does the organization have a committee that assumes responsibility for oversight of the audit, review, or compilation of its financial statements and selection of an independent accountant?
If the organization changed either its oversight process or selection process during the tax year, explain in Schedule O............................
2c
Yes
 
d
If “Yes” to line 2a or 2b, check a box below to indicate whether the financial statements for the year were issued on a separate basis, consolidated basis, or both:
3a
As a result of a federal award, was the organization required to undergo an audit or audits as set forth in the Single Audit Act and OMB Circular A-133? ................
3a
Yes
 
b
If “Yes,” did the organization undergo the required audit or audits? If the organization did not undergo the required audit or audits, explain why in Schedule O and describe any steps taken to undergo such audits. ..
3b
Yes
 
Form 990 (2010)
Additional Data


Software ID:  
Software Version:  
Form 990, Special Condition Description:
Special Condition Description
SCHEDULE A
(Form 990 or 990EZ)

Department of the Treasury
Internal Revenue Service
Public Charity Status and Public Support

Complete if the organization is a section 501(c)(3) organization or a section
4947(a)(1) nonexempt charitable trust.
right arrow Attach to Form 990 or Form 990-EZ. right arrow See separate instructions.
OMB No. 1545-0047
2010
Open to Public
Inspection
Name of the organization
Trustees of Grinnell College
 
Employer identification number

42-0680387
Part I
Reason for Public Charity Status (All organizations must complete this part.) See instructions
The organization is not a private foundation because it is: (For lines 1 through 11, check only one box.)
1
2
3
4
5
section 170(b)(1)(A)(iv). (Complete Part II.)
6
7
8
9
receipts from activities related to its exempt functions—subject to certain exceptions, and (2) no more than 331/3% of
its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses
acquired by the organization after June 30, 1975. See section 509(a)(2). (Complete Part III.)
10
11
e
f
g
(i) a person who directly or indirectly controls, either alone or together with persons described in (ii)
Yes
No
and (iii) below, the governing body of the the supported organization? ................
11g(i)
 
 
(ii) a family member of a person described in (i) above? ......................
11g(ii)
 
 
(iii) a 35% controlled entity of a person described in (i) or (ii) above? ................
11g(iii)
 
 
h
(i)
Name of supported organization 		(ii)
EIN 		(iii)
Type of organization (described on lines 1- 9 above or IRC section (see instructions)) 		(iv)
Is the organization in col. (i) listed in your governing document? 		(v)
Did you notify the organization in col. (i) of your support? 		(vi)
Is the organization in col. (i) organized in the U.S.? 		(vii)
Amount of support?
Yes No Yes No Yes No
Total                  

For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 11285F
Schedule A (Form 990 or 990-EZ) 2010
Schedule A (Form 990 or 990-EZ) 2010
Page 2
Part II
Support Schedule for Organizations Described in IRC 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi)
(Complete only if you checked the box on line 5, 7, or 8 of Part I or if the organization failed to qualify under Part III. If the organization fails to qualify under the tests listed below, please complete Part III.)
Section A. Public Support
Calendar year(or fiscal year beginning in) (a) 2006 (b) 2007 (c) 2008 (d) 2009 (e) 2010 (f) Total
1 Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.") ....            
2 Tax revenues levied for the organization's benefit and either paid to or expended on its behalf.......            
3 The value of services or facilities furnished by a governmental unit to the organization without charge..            
4 Total. Add lines 1 through 3..            
5 The portion of total contributions by each person (other than a governmental unit or publicly supported organization) included on line 1 that exceeds 2% of the amount shown on line 11, column (f)..            
6 Public Support. Subtract line 5 from line 4.            
Section B. Total Support
Calendar year(or fiscal year beginning in) (a) 2006 (b) 2007 (c) 2008 (d) 2009 (e) 2010 (f) Total
7 Amounts from line 4..            
8 Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources..            
9 Net income from unrelated business activities, whether or not the business is regularly carried on..            
10 Other income. (Explain in Part IV.) Do not include gain or loss from the sale of capital assets..            
11 Total support (Add lines 7 through 10).            
12
12
 
13
Section C. Computation of Public Support Percentage
14
14
 
15
15
 
16a
b
17a
b
18
Schedule A (Form 990 or 990-EZ) 2010
Schedule A (Form 990 or 990-EZ) 2010
Page 3
Part III
Support Schedule for Organizations Described in IRC 509(a)(2)
(Complete only if you checked the box on line 9 of Part I or if the organization failed to qualify under Part II. If the organization fails to qualify under the tests listed below, please complete Part II.)
Section A. Public Support
Calendar year(or fiscal year beginning in) (a) 2006 (b) 2007 (c) 2008 (d) 2009 (e) 2010 (f) Total
1 Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.") .            
2 Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose......            
3 Gross receipts from activities that are not an unrelated trade or business under section 513..            
4 Tax revenues levied for the organization's benefit and either paid to or expended on its behalf...            
5 The value of services or facilities furnished by a governmental unit to the organization without charge..            
6 Total. Add lines 1 through 5.            
7a Amounts included on lines 1, 2, and 3 received from disqualified persons...            
b Amounts included on lines 2 and 3 received from other than disqualified persons that exceed the greater of $5,000 or 1% of the amount on line 13 for the year.            
c Add lines 7a and 7b..            
8 Public Support (Subtract line 7c from line 6.)            
Section B. Total Support
Calendar year (or fiscal year beginning in) (a) 2006 (b) 2007 (c) 2008 (d) 2009 (e) 2010 (f) Total
9 Amounts from line 6...            
10a Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources..            
b Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975.            
c Add lines 10a and 10b.            
11 Net income from unrelated business activities not included in line 10b, whether or not the business is regularly carried on.            
12 Other income. Do not include gain or loss from the sale of capital assets (Explain in Part IV.)            
13 Total support (Add lines 9, 10c, 11 and 12.).            
14
Section C. Computation of Public Support Percentage
15
15
 
16
16
 
Section D. Computation of Investment Income Percentage
17
17
 
18
18
 
19a
b
20
Schedule A (Form 990 or 990-EZ) 2010
Schedule A (Form 990 or 990-EZ) 2010
Page 4
Part IV
Supplemental Information. Supplemental Information. Complete this part to provide the explanation required by Part II, line 10; Part II, line 17a or 17b; or Part III, line 12. Also complete this part for any additional information. (See instructions).
Facts And Circumstances Test
 
Explanation
 
 
 
 
Schedule A (Form 990 or 990-EZ) 2010

Additional Data


Software ID:  
Software Version:  
Schedule B
(Form 990, 990-EZ,
or 990-PF)
Department of the Treasury
Internal Revenue Service
Schedule of Contributors
Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
OMB No. 1545-0047
2010
Name of organization
Trustees of Grinnell College
 
Employer identification number

42-0680387
Organization type (check one):
Filers of:
Section:
Form 990 or 990-EZ





Form 990-PF




Check if your organization is covered by the General Rule or a Special Rule.  
Note. Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
General Rule—
Special Rules
......................... Arrow Bullet   $    
Caution. An Organization that is not covered by the General Rule and/or the Special Rules does not file Schedule B (Form 990,
990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2 of its Form 990, or check the box in the heading of its
Form 990-EZ, or on line 2 of its Form 990-PF, to certify that it does not meet the filing requirements of Schedule B (Form 990,
990-EZ, or 990-PF).
For Paperwork Reduction Act Notice, see the Instructions
for Form 990, 990-EZ, or 990-PF.
Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2010)

Schedule B (Form 990, 990-EZ, or 990-PF) (2010)
Page 1 of 1 of Part I
Name of organization
Trustees of Grinnell College
  		Employer identification number

42-0680387
Part I
Contributors (see Instructions)
     
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Aggregate contributions		 (d)
Type of contribution
RESTRICTED
RESTRICTED
 

     
RESTRICTED
RESTRICTED  
RESTRICTED, RESTRICTED   RESTRICTED

$RESTRICTED




(Complete Part II if there is
a noncash contribution.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Aggregate contributions		 (d)
Type of contribution
 
 
 

     
 
   

$  




(Complete Part II if there is
a noncash contribution.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Aggregate contributions		 (d)
Type of contribution
 
 
 

     
 
   

$  




(Complete Part II if there is
a noncash contribution.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Aggregate contributions		 (d)
Type of contribution
 
 
 

     
 
   

$  




(Complete Part II if there is
a noncash contribution.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Aggregate contributions		 (d)
Type of contribution
 
 
 

     
 
   

$  




(Complete Part II if there is
a noncash contribution.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Aggregate contributions		 (d)
Type of contribution
 
 
 

     
 
   

$  




(Complete Part II if there is
a noncash contribution.)
Schedule B (Form 990, 990-EZ, or 990-PF) (2010)

Schedule B (Form 990, 990-EZ, or 990-PF) (2010)
Page 1 of 1 of Part II
Name of organization
Trustees of Grinnell College
  		Employer identification number

42-0680387
Part II
Noncash Property (see Instructions)
     
(a) No.
from
Part I		 (b)
Description of noncash property given		 (c)
FMV (or estimate)
(see instructions) 		(d)
Date received
 
$    
(a) No.
from
Part I		 (b)
Description of noncash property given		 (c)
FMV (or estimate)
(see instructions) 		(d)
Date received
 
$    
(a) No.
from
Part I		 (b)
Description of noncash property given		 (c)
FMV (or estimate)
(see instructions) 		(d)
Date received
 
$    
(a) No.
from
Part I		 (b)
Description of noncash property given		 (c)
FMV (or estimate)
(see instructions) 		(d)
Date received
 
$    
(a) No.
from
Part I		 (b)
Description of noncash property given		 (c)
FMV (or estimate)
(see instructions) 		(d)
Date received
 
$    
(a) No.
from
Part I		 (b)
Description of noncash property given		 (c)
FMV (or estimate)
(see instructions) 		(d)
Date received
 
$    
Schedule B (Form 990, 990-EZ, or 990-PF) (2010)

Schedule B (Form 990, 990-EZ, or 990-PF) (2010)
Page 1 of 1 of Part III
Name of organization
Trustees of Grinnell College
  		Employer identification number

42-0680387
Part III
Exclusively religious, charitable, etc., individual contributions to section 501(c)(7), (8), or (10) organizations
aggregating more than $1,000 for the year. (Complete columns (a) through (e) and the following line entry.)
For organizations completing Part III, enter the total of exclusively religious, charitable, etc.,
contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet $  
(a) No.
from
Part I		 (b)
Purpose of gift		 (c)
Use of gift		 (d)
Description of how gift is held
 
(e)
Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
       
 
(a) No.
from
Part I		 (b)
Purpose of gift		 (c)
Use of gift		 (d)
Description of how gift is held
 
(e)
Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
       
 
(a) No.
from
Part I		 (b)
Purpose of gift		 (c)
Use of gift		 (d)
Description of how gift is held
 
(e)
Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
       
 
(a) No.
from
Part I		 (b)
Purpose of gift		 (c)
Use of gift		 (d)
Description of how gift is held
 
(e)
Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
       
 
Schedule B (Form 990, 990-EZ, or 990-PF) (2010)

Additional Data


Software ID:  
Software Version:  
SCHEDULE D
(Form 990)
Department of the Treasury
Internal Revenue Service
Supplemental Financial Statements
SchDMd Bullet Complete if the organization answered "Yes," to Form 990,
Part IV, line 6, 7, 8, 9, 10, 11, or 12.
SchDMd Bullet Attach to Form 990. SchDMd Bullet See separate instructions.
OMB No. 1545-0047
2010
Open to Public Inspection
Name of the organization
Trustees of Grinnell College
 
Employer identification number

42-0680387
Part I
Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts. Complete if the organization answered "Yes" to Form 990, Part IV, line 6.
(a) Donor advised funds (b) Funds and other accounts
1 Total number at end of year .......    
2 Aggregate contributions to (during year) ...    
3 Aggregate grants from (during year) ...    
4 Aggregate value at end of year .......    
5
Did the organization inform all donors and donor advisors in writing that the assets held in donor advised
funds are the organization's property, subject to the organization's exclusive legal control? ............
6
Did the organization inform all grantees, donors, and donor advisors in writing that grant funds may be
used only for charitable purposes and not for the benefit of the donor or donor advisor, or for any other purpose conferring impermissible private benefit. ...................................
Part II
Conservation Easements. Complete if the organization answered "Yes" to Form 990, Part IV, line 7.
1
Purpose(s) of conservation easements held by the organization (check all that apply).
2
Complete lines 2a–2d if the organization held a qualified conservation contribution in the form of a conservation easement on the last day of the tax year.
Held at the End of the Year
a Total number of conservation easements ....................... 2a  
b Total acreage restricted by conservation easements .................. 2b  
c Number of conservation easements on a certified historic structure included in (a) ..... 2c  
d Number of conservation easements included in (c) acquired after 8/17/06 ........ 2d  
3
Number of conservation easements modified, transferred, released, extinguished, or terminated by the organization during
the taxable year SchDMd Bullet  
4
Number of states where property subject to conservation easement is located SchDMd Bullet  
5
Does the organization have a written policy regarding the periodic monitoring, inspection, handling of violations, and
enforcement of the conservation easements it holds? .............................
6
Staff and volunteer hours devoted to monitoring, inspecting and enforcing conservation easements during the year SchDMd Bullet  
7
Amount of expenses incurred in monitoring, inspecting, and enforcing conservation easements during the year SchDMd Bullet $  
8
Does each conservation easement reported on line 2(d) above satisfy the requirements of section
170(h)(4)(B)(i) and 170(h)(4)(B)(ii)? ....................................
9
In Part XIV, describe how the organization reports conservation easements in its revenue and expense statement, and
balance sheet, and include, if applicable, the text of the footnote to the organization’s financial statements that describes
the organization’s accounting for conservation easements.
Part III
Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets.
Complete if the organization answered "Yes" to Form 990, Part IV, line 8.
1a
If the organization elected, as permitted under SFAS 116, not to report in its revenue statement and balance sheet works of
art, historical treasures, or other similar assets held for public exhibition, education or research in furtherance of public service,
provide, in Part XIV, the text of the footnote to its financial statements that describes these items.
b
If the organization elected, as permitted under SFAS 116, to report in its revenue statement and balance sheet works of art,
historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service,
provide the following amounts relating to these items:
(i)
Revenues included in Form 990, Part VIII, line 1 ........................SchDMd Bullet $ 78,850
(ii)
Assets included in Form 990, Part X ..............................SchDMd Bullet $ 5,077,656
2
If the organization received or held works of art, historical treasures, or other similar assets for financial gain, provide the
following amounts required to be reported under SFAS 116 relating to these items:
a
Revenues included in Form 990, Part VIII, line 1 ..........................SchDMd Bullet $  
b
Assets included in Form 990, Part X ...............................SchDMd Bullet $  
For Privacy Act and Paperwork Reduction Act Notice, see the Intructions for Form 990
Cat. No. 52283D
Schedule D (Form 990) 2010

Schedule D (Form 990) 2010
Page 2
Part III
Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued)
3
Using the organization’s accession and other records, check any of the following that are a significant use of its collection
items (check all that apply):
a
d
b
e
 
c
4
Provide a description of the organization’s collections and explain how they further the organization’s exempt purpose in
Part XIV.
5
During the year, did the organization solicit or receive donations of art, historical treasures or other similar
assets to be sold to raise funds rather than to be maintained as part of the organization’s collection?........
Part IV
Escrow and Custodial Arrangements. Complete if the organization answered "Yes" to Form 990,
Part IV, line 9, or reported an amount on Form 990, Part X, line 21.
1a
Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets not
included on Form 990, Part X? ....................................
b
If "Yes," explain the arrangement in Part XIV and complete the following table:
Amount
c Beginning balance ................................. 1c  
d Additions during the year .............................. 1d  
e Distributions during the year ............................. 1e  
f Ending balance ................................... 1f  
2a
Did the organization include an amount on Form 990, Part X, line 21? .....................
b
If “Yes,” explain the arrangement in Part XIV.
Part V
Endowment Funds. Complete if the organization answered "Yes" to Form 990, Part IV, line 10.
(a)Current Year (b)Prior Year (c)Two Years Back (d)Three Years Back (e)Four Years Back
1a Beginning of year balance .... 1,260,593,189 1,137,472,042 1,533,658,110
b Contributions ........ 4,248,722 14,749,865 2,956,329
c Investment earnings or losses ... 284,843,964 149,816,994 -353,011,631
d Grants or scholarships ..... 15,701,985 12,540,202 12,468,036
e Other expenditures for facilities
and programs ........ 		33,764,407 28,905,510 33,662,730
f Administrative expenses ....      
g End of year balance ...... 1,500,219,483 1,260,593,189 1,137,472,042
2
Provide the estimated percentage of the year end balance held as:
a
Board designated or quasi-endowment: SchDMd Bullet70.000 %
b
Permanent endowment: SchDMd Bullet30.000 %
c
Term endowment: SchDMd Bullet  
3a
Are there endowment funds not in the possession of the organization that are held and administered for the
organization by:

Yes
No
(i) unrelated organizations ........................
3a(i)
 
No
(ii) related organizations ........................
3a(ii)
 
No
b
If "Yes" to 3a(ii), are the related organizations listed as required on Schedule R? .........
3b
 
 
4
Describe in Part XIV the intended uses of the organization's endowment funds.
Part VI
Investments—Land, Buildings, and Equipment. See Form 990, Part X, line 10.
Description of investment (a) Cost or other basis (investment) (b)Cost or other basis (other) (c) Accumulated depreciation (d) Book value
1a Land ................. 175,100 2,710,092 2,885,192
b Buildings ................ 525,000 321,603,805 86,620,028 235,508,777
c Leasehold improvements ............        
d Equipment ................   64,602,695 47,728,664 16,874,031
e Other ................. 53,939 9,852,974 4,634,207 5,272,706
Total. Add lines 1a-1e. (Column (d) should equal Form 990, Part X, column (B), line 10(c).)........SchDMdBullet 260,540,706
Schedule D (Form 990) 2010

Schedule D (Form 990) 2010
Page 3
Part VII
Investments—Other Securities. See Form 990, Part X, line 12.
(a) Description of security or category
(including name of security)		 (b)Book value (c) Method of valuation:
Cost or end-of-year market value
(1)Financial derivatives    
(2)Closely-held equity interests 378,414 F
(3)Other
(A) Marketable Alternatives 		254,179,857 F

(B) Non-Martable Alternatives 		467,752,220 F

(C) Other 		138,727 F






Total. (Column (b) should equal Form 990, Part X, col.(B) line 12.)Small Bullet 722,449,218
Part VIII
Investments—Program Related. See Form 990, Part X, line 13.
(a) Description of investment type (b) Book value (c) Method of valuation:
Cost or end-of-year market value








Total. (Column (b) should equal Form 990, Part X, col.(B) line 13.)Small Bullet  
Part IX
Other Assets. See Form 990, Part X, line 15.
(a) Description (b) Book value








Total. (Column (b) should equal Form 990, Part X, col.(B) line 15.)...........Small Bullet  
Part X
Other Liabilities. See Form 990, Part X, line 25.
1.(a) Description of Liability (b) Amount
Federal Income Taxes  
Annuities Payable 10,870,732








Total. (Column (b) should equal Form 990, Part X, col.(B) line 25.)Small Bullet 10,870,732
2. Fin 48 (ASC 740) Footnote. In Part XIV, provide the text of the footnote to the organization's financial statements that reports the organization's liability for uncertain tax positions under FIN 48 (ASC740).
Schedule D (Form 990) 2010

Schedule D (Form 990) 2010
Page 4
Part XI Reconciliation of Change in Net Assets from Form 990 to Financial Statements
1 Total revenue (Form 990, Part VIII, column (A), line 12) .................... 1 128,711,230
2 Total expenses (Form 990, Part IX, column (A), line 25) ..................... 2 135,110,133
3 Excess or (deficit) for the year. Subtract line 2 from line 1 ............. 3 -6,398,903
4 Net unrealized gains (losses) on investments .......................... 4 244,354,308
5 Donated services and use of facilities ............................. 5  
6 Investment expenses ................................... 6  
7 Prior period adjustments .................................. 7  
8 Other (Describe in Part XIV) ................................. 8 1,334,341
9 Total adjustments (net). Add lines 4 - 8 ............................. 9 245,688,649
10 Excess or (deficit) for the year per financial statements. Combine lines 3 and 9 ......... 10 239,289,746
Part XII Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
1 Total revenue, gains, and other support per audited financial statements ....... 1 335,863,960
2 Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a Net unrealized gains on investments .......... 2a 244,354,308
b Donated services and use of facilities ......... 2b  
c Recoveries of prior year grants ........... 2c  
d Other (Describe in Part XIV): ............ 2d -37,345,834
e Add lines 2a through 2d ..................... 2e 207,008,474
3 Subtract line 2e from line 1..................... 3 128,855,486
4 Amounts included on Form 990, Part VIII, line 12, but not on line 1:
a Investment expenses not included on Form 990, Part VIII, line 7b . 4a  
b Other (Describe in Part XIV): ........... 4b -144,256
c Add lines 4a and 4b....................... 4c -144,256
5 Total Revenue. Add lines 3 and 4c. (This should equal Form 990, Part I, line 12.) ...... 5 128,711,230
Part XIII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
1 Total expenses and losses per audited financial statements ............. 1 96,574,214
2 Amounts included on line 1 but not on Form 990, Part IX, line 25:
a Donated services and use of facilities .......... 2a  
b Prior year adjustments .............. 2b  
c Other losses ................ 2c  
d Other (Describe in Part XIV): ............ 2d -1,172,441
e Add lines 2a through 2d...................... 2e -1,172,441
3 Subtract line 2e from line 1..................... 3 97,746,655
4 Amounts included on Form 990, Part IX, line 25, but not on line 1:
a Investment expenses not included on Form 990, Part VIII, line 7b .. 4a  
b Other (Describe in Part XIV): ............ 4b 37,363,478
c Add lines 4a and 4b....................... 4c 37,363,478
5 Total expenses. Add lines 3 and 4c. (This should equal Form 990, Part I, line 18.) ...... 5 135,110,133
Part XIV
Supplemental Information
Complete this part to provide the descriptions required for Part II, lines 3, 5, and 9; Part III, lines 1a and 4; Part lV, lines 1b and 2b;
Part V, line 4; Part X; Part XI, line 8; Part XII, lines 2d and 4b; and Part XIII, lines 2d and 4b. Also complete this part to provide any additional information.
Identifier Return Reference Explanation
  Part III, Line 4: The focus of the Grinnell College art collection is works on paper of all types though it is not exclusively a works on paper collection. The Faulconer Gallery and it's art collection promote learning through artistic excellence and creative collaboration. Goals of the Gallery include developing collections that directly support exhibitions, teaching, and research and to provide a variety of learning opportunities with art as the primary source using the collection as a dynamic part of the learning process and across the curriculum, facilitating the integration of the gallery and its resources in the classroom and in research.
  Part IV, Line 2b: Grinnell College classifies on Form 990, Part X, Line 21, amounts held for Perkins loans payable, funds held in trust for others related to annuities and student group/other group agency accounts.
Description of Intended Use of Endowment Funds: Part V, Line 4: The intended use of the Grinnell College endowment is to provide predictable and stable support for the College's mission as a fine liberal arts college. Part V, Lines 1a - 1g: Prior year endowment figures were restated to include funds that were previously considered similar funds and that were transferred into the endowment during the fiscal year ended June 30, 2011.
Description of Uncertain Tax Positions Under FIN 48: Part X: The College has a tax determination letter from the IRS stating that it qualifies under the provisions of Section 501(c)(3) of the Internal Revenue Code and is exempt from federal income taxes. GAAP requires management to evaluate tax positions taken by the College and recognize a tax liability (or asset) if the College has taken an uncertain position that more than likely would not be sustained upon examination by the IRS. Management has analyzed the tax positions taken by the College, and has concluded that as of June 30, 2011, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The College is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. Management believes it is no longer subject to income tax examinations for years prior to 2008.
    Part XI Line 8- Change in accumulated post retirement benefit obligation $2,411,032, Change in value of split-interest agreements $(1,094,335) and Change in cash surrender value of life insurance $17,644. Part XII Line 2D- Grants and scholarships $(36,419,423), Unrelated business income tax $(944,055) and Change in cash surrender value of life insurance $17,644. Part XII Line 4B- Loss on property $(245,467), Alumni fees $173,496 and Rental expenses $(72,285). Part XIII Line 2D- Loss on property $245,467, Alumni fees $(173,496), Rental expenses $72,285, Change in accumulated post retirement benefit obligation $(2,411,032) and Change in value of split-interest agreements $1,094,335. Part XIII Line 4B- Grants and scholarships $36,419,423 and Unrelated business income tax $944,055.
Schedule D (Form 990) 2010

Additional Data


Software ID:  
Software Version:  




SCHEDULE E(Form 990 or 990-EZ)
Department of the TreasuryInternal Revenue Service
Schools
Right pointing arrow large imageComplete if the organization answered "Yes" to Form 990, Part IV, line 13,
or Form 990-EZ, Part VI, line 48.
Right pointing arrow large image Attach to Form 990 or Form 990-EZ.
OMB No. 1545-0047
2010
Open to Public Inspection
Name of the organization
Trustees of Grinnell College
 
Employer identification number

42-0680387
Part I
YES
NO
1
Does the organization have a racially nondiscriminatory policy toward students by statement in its charter, bylaws,
other governing instrument, or in a resolution of its governing body? ......................
1
Yes
 
2
Does the organization include a statement of its racially nondiscriminatory policy toward students in all its
brochures, catalogues, and other written communications with the public dealing with student admissions,
programs, and scholarships? ......................................
2
Yes
 
3
Has the organization publicized its racially nondiscriminatory policy through newspaper or broadcast media during
the period of solicitation for students, or during the registration period if it has no solicitation program, in a way
that makes the policy known to all parts of the general community it serves? If "Yes," please describe. If "No,"
please explain. If you need more space use Part II. .............................
3
Yes
 
 
4
Does the organization maintain the following?
a
Records indicating the racial composition of the student body, faculty, and administrative staff? ..........
4a
Yes
 
b
Records documenting that scholarships and other financial assistance are awarded on a racially nondiscriminatory
basis? ...............................................
4b
Yes
 
c
Copies of all catalogues, brochures, announcements, and other written communications to the public dealing
with student admissions, programs, and scholarships? ...........................
4c
Yes
 
d
Copies of all material used by the organization or on its behalf to solicit contributions? ..............
4d
Yes
 
If you answered "No" to any of the above, please explain. If you need more space, use Part II.
 
5
Does the organization discriminate by race in any way with respect to:
a
Students' rights or privileges? .....................................
5a
 
No
b
Admissions policies? .........................................
5b
 
No
c
Employment of faculty or administrative staff? ..............................
5c
 
No
d
Scholarships or other financial assistance? ................................
5d
 
No
e
Educational policies? .........................................
5e
 
No
f
Use of facilities? ...........................................
5f
 
No
g
Athletic programs? ..........................................
5g
 
No
h
Other extracurricular activities? .....................................
5h
 
No
If you answered "Yes" to any of the above, please explain. If you need more space, use Part II.
 
6a
Does the organization receive any financial aid or assistance from a governmental agency? ............
6a
Yes
 
b
Has the organization's right to such aid ever been revoked or suspended? ...................
6b
 
No
If you answered "Yes" to either line 6a or line 6b, explain on Part II.
7
Does the organization certify that it has complied with the applicable requirements of sections 4.01 through 4.05
of Rev. Proc. 75-50, 1975-2 C.B. 587, covering racial nondiscrimination? If "No," explain on Part II.
7
Yes
 
Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50085D
Schedule E (Form 990 or 990-EZ) 2010
Schedule E (Form 990 or 990EZ) 2010
Page 2
Part II
Supplemental Information
Complete this part to provide the explanations required by Part I, lines 3, 4d, 5h, 6b, and 7, as applicable. Also complete this part to provide any other additional information (see instructions).
Identifier Return Reference Explanation
Explanation of Nondiscriminatory Policy Publication Schedule E, Part I, Line 3 Grinnell College draws students from around the world and throughout the U.S. and actively seeks to enroll a diverse student body. Domestic students of color currently make up more than 20% of the student body; international students more than 10%. The Colleges nondiscrimination statement is included in the academic course catalog, available in print to all parts of the general community the college serves, as well as on the colleges website (www.grinnell.edu).
Explanation of Government Financial Assistance Schedule E, Part I, Line 6 Financial aid is received for Pell Grants, SEOG, work study and other grants for students. The College also receives funds for NSF grants.
Schedule E (Form 990 or 990-EZ) 2010
Additional Data


Software ID:  
Software Version:  
SCHEDULE F
(Form 990)

Department of the Treasury
Internal Revenue Service
Statement of Activities Outside the United States
Right pointing arrow large image Complete if the organization answered "Yes" to Form 990,
Part IV, line 14b, 15, or 16.
Right pointing arrow large image Attach to Form 990. Right pointing arrow large image See separate instructions.
OMB No. 1545-0047
2010
Open to Public Inspection
Name of the organization
Trustees of Grinnell College
 
Employer identification number

42-0680387
Part I
General Information on Activities Outside the United States. Complete if the organization answered
“Yes” to Form 990, Part IV, line 14b.
1
For grantmakers. Does the organization maintain records to substantiate the amount of the grants or
assistance, the grantees' eligibility for the grants or assistance, and the selection criteria used to award
the grants or assistance? ...................................
2
For grantmakers. Describe in Part V the organization’s procedures for monitoring the use of grant funds outside the
United States.
3
Activites per Region. (Use Part V if additional space is needed.)
(a) Region (b) Number of offices in the region (c) Number of employees or agents in region or independent contractors (d) Activities conducted in region (by type) (e.g., fundraising, program services, investments, grants to recipients located in the region) (e) If activity listed in (d) is a program service, describe specific type of
service(s) in region		 (f) Total
expenditures for region/investments
in region
Central America & the Caribbean 0 0 Grant making   402,318
East Asia and the Pacific 0 0 Grant making   1,413,385
Europe (including Iceland & Greenland) 0 0 Grant making   1,178,563
Middle East and North Africa 0 0 Grant making   231,279
North America 0 0 Grant making   99,198
Russia & the Newly Independent States 0 0 Grant making   127,402
South America 0 0 Grant making   280,539
South Asia 0 0 Grant making   750,007
Sub-Saharan Africa 0 0 Grant making   649,987
Central America & the Caribbean 0 0 Program services Academic/Education 10,942
East Asia and the Pacific 0 0 Program services Academic/Education 57,277
Europe (including Iceland & Greenland) 1 11 Program services Academic/Education 562,855
Middle East and North Africa 0 0 Program services Academic/Education 7,898
North America 0 0 Program services Academic/Education 20,284
Russia & the Newly Independent States 0 0 Program services Academic/Education 7,442
South America 0 0 Program services Academic/Education 5,712
South Asia 0 0 Program services Academic/Education 1,950
Sub-Saharan Africa 0 0 Program services Academic/Education 41,602
Central America & the Caribbean 0 0 Investments (Book Value)   373,720,812
East Asia and the Pacific 0 0 Investments (Book Value)   70,931,786
Europe (including Iceland & Greenland) 0 0 Investments (Book Value)   81,094,810
North America 0 0 Investments (Book Value)   18,136,780
South America 0 0 Investments (Book Value)   14,990,942
Central America & the Caribbean 0 0 Investments (Expenditures)   55,573,910
East Asia and the Pacific 0 0 Investments (Expenditures)   566,878
Europe (including Iceland & Greenland) 0 0 Investments (Expenditures)   18,042,399
North America 0 0 Investments (Expenditures)   552,921
South America 0 0 Investments (Expenditures)   14,219,594
3a Sub-total ..... 0 0 4,482,691
b Total from continuation sheets to Part I ... 1 11 649,196,781
c Totals (add lines 3a and 3b) 1 11 653,679,472
For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990.Cat. No. 50082W Schedule F (Form 990) 2010
Schedule F (Form 990) 2010
Page 2
Part II
Grants and Other Assistance to Organizations or Entities Outside the United States. Complete if the organization answered "Yes" to Form 990,
Part IV, line 15, for any recipient who received more than $5,000. Check this box if no one recipient received more than $5,000 ........ MediumBullet
Use Part V if additional space is needed.
1 (a) Name of organization (b) IRS code section
and EIN (if applicable)		 (c) Region (d) Purpose of
grant 		(e) Amount of
cash grant 		(f) Manner of
cash
disbursement 		(g) Amount of
of non-cash
assistance 		(h) Description
of non-cash
assistance 		(i) Method of
valuation
(book, FMV,
appraisal, other)
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
2
Enter total number of recipient organizations listed above that are recognized as charities by the foreign country, recognized as tax-exempt by the IRS, or for which the grantee or counsel has provided a section 501(c)(3) equivalency letter .....MediumBullet
 
3
Enter total number of other organizations or entities ........................MediumBullet
 
Schedule F (Form 990) 2010
Schedule F (Form 990) 2010Page 3
Part III
Grants and Other Assistance to Individuals Outside the United States. Complete if the organization answered "Yes" to Form 990, Part IV, line 16.
Use Part V if additional space is needed.
(a) Type of grant or assistance (b) Region (c) Number of recipients (d) Amount of
cash grant 		(e) Manner of cash
disbursement 		(f) Amount of
non-cash
assistance 		(g) Description
of non-cash
assistance 		(h) Method of
valuation
(book, FMV,
appraisal, other)
Scholarship Central America & the Caribbean 11 389,758 Other      
Scholarship East Asia and the Pacific 57 1,350,499 Other      
Scholarship Europe (including Iceland & Greenland) 34 1,155,803 Other      
Scholarship Middle East and North Africa 5 227,879 Other      
Scholarship North America 5 96,998 Other      
Scholarship Russia & the Newly Independent States 4 127,402 Other      
Scholarship South America 8 273,939 Other      
Scholarship South Asia 27 720,515 Other      
Scholarship Sub-Saharan Africa 16 635,037 Other      
Prizes East Asia and the Pacific 2 9,500 Check      
Prizes Europe (including Iceland & Greenland) 1 2,200 Check 0    
Prizes North America 1 500 Check 0    
Prizes South America 1 250 Check 0    
Prizes South Asia 2 4,000 Check 0    
Fellowships Central America & the Caribbean 3 10,200 Check 0    
Fellowships East Asia and the Pacific 14 28,500 Check 0    
Fellowships Europe (including Iceland & Greenland) 8 17,400 Check 0    
Fellowships Middle East and North Africa 1 3,400 Check 0    
Fellowships North America 1 1,700 Check 0    
Fellowships South America 1 1,700 Check 0    
Fellowships South Asia 4 6,800 Check 0    
Fellowships Sub-Saharan Africa 3 5,100 Check 0    
Internships Central America & the Caribbean 1 2,360 Check 0    
Internships East Asia and the Pacific 8 24,886 Check 0    
Internships Europe (including Iceland & Greenland) 1 3,160 Check 0    
Internships South America 2 4,650 Check 0    
Internships South Asia 6 18,692 Check 0    
Internships Sub-Saharan Africa 3 9,850 Check 0    
Schedule F (Form 990) 2010
Schedule F (Form 990) 2010
Page 4
Part IV
Foreign Forms
1 Was the organization a U.S. transferor of property to a foreign corporation during the tax year? If "Yes," the organization may be required to file Form 926 (see instructions for Form 926).................
2 Did the organization have an interest in a foreign trust during the tax year? If " Yes," the organization may be required to file Form 3520 and/or Form 3520-A. (see instructions for Forms 3520 and 3520-A)..........
3 Did the organization have an ownership interest in a foreign corporation during the tax year? If "Yes," the organization may be required to file Form 5471, Information Return of U.S. Persons with respect to Certain Foreign Corporations. (see instructions for Form 5471)..............................
4 Was the organization a direct or indirect shareholder of a passive foreign investment company or a qualified electing fund during the tax year? If "Yes," the organization may be required to file Form 8621, Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund. (see instructions for Form 8621)
5 Did the organization have an ownership interest in a foreign partnership during the tax year? If "Yes," the organization may be required to file Form 8865, Return of U.S. Persons with respect to Certain Foreign Partnerships. (see instructions for Form 8865)....................................
6 Did the organization have any operations in or related to any boycotting countries during the tax year? If "Yes," the organization may be required to file Form 5713, International Boycott Report (see instructions for Form 5713)................................................
Schedule F (Form 990) 2010
Schedule F (Form 990) 2010
Page 5
Part V
Supplemental Information
Complete this part to provide the information (see instructions) required in Part I, line 2, and any additional information.
Identifier ReturnReference Explanation
Procedure for Monitoring Grants Outside the U.S.:   Schedule F, Part I, Line 2: Scholarships and grants for students are applied directly to a student's Grinnell College account and applied to tuition, fees, room, and board. All financial aid is subject to revision based on fund availability, changes in family contribution and/or credit load. Satisfactory academic progress must be maintained according to standards prescribed by Grinnell College. Annual renewal of financial aid is continuous if institutional financial need remains, all required documents are completed by the published deadline and satisfactory academic progress is maintained consistent with Grinnell College policy. Students awarded other funds make various reports and presentations on their research or study as required based on individual requirements of the funding.
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
Schedule F (Form 990) 2010
Additional Data


Software ID:  
Software Version:  



Schedule I
(Form 990)
Department of the Treasury
Internal Revenue Service
Grants and Other Assistance to Organizations,
Governments and Individuals in the United States
Complete if the organization answered "Yes," to Form 990, Part IV, line 21 or 22.
lBullet Attach to Form 990
OMB No. 1545-0047
2010
Open to Public
Inspection
Name of the organization
Trustees of Grinnell College
 
Employer identification number
42-0680387
Part I
General Information on Grants and Assistance
1
Does the organization maintain records to substantiate the amount of the grants or assistance, the grantees' eligibility for the grants or assistance, and
the selection criteria used to award the grants or assistance? ....................................
2
Describe in Part IV the organization's procedures for monitoring the use of grant funds in the United States.
Part II
Grants and Other Assistance to Governments and Organizations in the United States. Complete if the organization answered "Yes" to
Form 990, Part IV, line 21 for any recipient that received more than $5,000. Check this box if no one recipient received more than $5,000. Use
Part IV and Schedule I-1 (Form 990) if additional space is needed ......................... lBullet
(a) Name and address of organization
or government		 (b) EIN (c) IRC Code section
if applicable		 (d) Amount of cash grant (e) Amount of non-cash
assistance		 (f) Method of valuation
(book, FMV, appraisal,
other)		 (g) Description of
non-cash assistance		 (h) Purpose of grant
or assistance
(1) EducatePO Box 4847
Boulder,CO80306 		84-1648607 501(c)(3) 100,000       General Support
(2) Eric D and Steven D Hovde Foundation1826 Jefferson Place NW
Washington,DC20036 		27-3616932 501(c)(3) 100,000       Challenging Heights
(3) Encounter Programs25 Broadway Suite 1700
New York,NY10004 		26-0593832 501(c)(3) 50,000       General Support
(4) Rocky Mountain Farmers Union Educational and Charitable Foundation IncSuite 200 7900 E Union Avenue
Denver,CO80237 		74-2636848 501(c)(3) 25,000       General Support
(5) Debt of Love Inc4405 1st Road S
Arlington,VA22204 		27-0640106 501(c)(3) 25,000       General Support
(6) Greater Poweshiek Community Foundation1510 Penrose Street
Grinnell,IA50112 		42-1298055 501(c)(3) 6,320       RAGBRAI, Dollars for Scholars, Kids Against Hunger
(7) Grinnell Area Arts Council926 Broad Street
Grinnell,IA50112 		42-1130693 501(c)(3) 12,200       Building construction and equipment, arts education
(8) Grinnell Area Chamber of Commerce833 4th Avenue
Grinnell,IA50112 		42-0286455 501(c)(6) 16,500       Main Street Makeover, Grinnell Games, research trip, website development
(9) Grinnell Community Daycare and Preschool1426 Penrose Street
Grinnell,IA50112 		42-0947994 501(c)(3) 7,500       School bus
(10) Grinnell Regional Medical Center210 4th Avenue
Grinnell,IA50112 		42-0933383 501(c)(3) 36,800       Equipment, music program
(11) Grinnell-Newburg Community School District927 4th Avenue
Grinnell,IA50112 		42-6036570 Gov't Entity 82,900       Science lab renovation, Partners in Education, reading event, fine arts alliance


2
Enter total number of section 501(c)(3) and government organizations ......................... Bullet Image
10
3
Enter total number of other organizations ................................ . Bullet Image
1
For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50055P
Schedule I (Form 990) 2010

Schedule I (Form 990) 2010
Page 2
Part III
Grants and Other Assistance to Individuals in the United States. Complete if the organization answered "Yes" to Form 990, Part IV, line 22.
Use Schedule I-1 (Form 990) if additional space is needed.
(a)Type of grant or assistance (b)Number of
recipients		 (c)Amount of
cash grant		 (d)Amount of
non-cash assistance		 (e)Method of valuation (book,
FMV, appraisal, other)		 (f)Description of non-cash assistance
(1) Scholarships 1262 31,408,340      
(2) Prizes 89 57,675      
(3) Fellowships 220 572,876      
(4) Internships 91 212,844      
(5) Awards 1 50,000      





Part IV
Supplemental Information. Complete this part to provide the information required in Part I, line 2, and any other additional information.
Identifier Return Reference Explanation
Procedure for Monitoring Grants in the U.S.: Part I, Line 2: Schedule I, Part I, Line 2: Scholarships and grants for students are applied directly to a student's Grinnell College account and applied to tuition, fees, room and board. All financial aid is subject to revision based on fund availability, changes in family contribution and/or credit load. Satisfactory academic progress must be maintained according to standards prescribed by Grinnell College. Annual renewal of financial aid is continuous if institutional financial need remains, all required documents are completed by the published deadline and satisfactory academic progress is maintained consistent with Grinnell College policy. Students awarded other funds makes various reports and presentations on their research or study as required based on individual requirements of the funding. The College awards grants to local organizations which are administered through the office of Community Enhancement and Engagement. Applications are reviewed by a committee of faculty, staff and Grinnell College students from the local area. All financial contributions focus on the strategic priorities of strengthening cultural, recreational, and educational opportunities in the local area as well as initiatives that enhance the safety, beauty, and economic vitality of our surroundings.
Schedule I (Form 990) 2010


Additional Data


Software ID:  
Software Version:  


Schedule J
(Form 990)
Department of the Treasury
Internal Revenue Service
Compensation Information
For certain Officers, Directors, Trustees, Key Employees, and Highest
Compensated Employees
SchJMediumBullet Complete if the organization answered "Yes" to Form 990,
Part IV, question 23.
SchJMediumBullet Attach to Form 990. SchJMediumBullet See separate instructions.
OMB No. 1545-0047
2010
Open to Public Inspection
Name of the organization
Trustees of Grinnell College
 
Employer identification number

42-0680387
Part I
Questions Regarding Compensation
Yes
No
1a
Check the appropiate box(es) if the organization provided any of the following to or for a person listed in Form
990, Part VII, Section A, line 1a. Complete Part III to provide any relevant information regarding these items.
b
If any of the boxes in line 1a are checked, did the organization follow a written policy regarding payment or reimbursement orprovision of all the expenses described above? If "No," complete Part III to explain....
1b
Yes
 
2
Did the organization require substantiation prior to reimbursing or allowing expenses incurred by all
officers, directors, trustees, and the CEO/Executive Director, regarding the items checked in line 1a? ....
2
Yes
 
3
Indicate which, if any, of the following the organization uses to establish the compensation of the
organization's CEO/Executive Director. Check all that apply.
4
During the year, did any person listed in Form 990, Part VII, Section A, line 1a with respect to the filing organization or a related organization:
a
Receive a severance payment or change-of-control payment? ...............
4a
 
No
b
Participate in, or receive payment from, a supplemental nonqualified retirement plan? ........
4b
 
No
c
Participate in, or receive payment from, an equity-based compensation arrangement? ........
4c
 
No
If "Yes" to any of lines 4a-c, list the persons and provide the applicable amounts for each item in Part III.
Only 501(c)(3) and 501(c)(4) organizations only must complete lines 5-9.
5
For persons listed in form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the revenues of:
a
The organization? ...........................
5a
 
No
b
Any related organization? .........................
5b
 
No
If "Yes," to line 5a or 5b, describe in Part III.
6
For persons listed in form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the net earnings of:
a
The organization? ...........................
6a
 
No
b
Any related organization? .........................
6b
 
No
If "Yes," to line 6a or 6b, describe in Part III.
7
For persons listed in Form 990, Part VII, Section A, line 1a, did the organization provide any non-fixed
payments not described in lines 5 and 6? If "Yes," describe in Part III ............
7
 
No
8
Were any amounts reported in Form 990, Part VII, paid or accured pursuant to a contract that was
subject to the initial contract exception described in Regs. section 53.4958-4(a)(3)? If "Yes," describe
in Part III .............................
8
 
No
9
If "Yes" to line 8, did the organization also follow the rebuttable presumption procedure described in Regulations section 53.4958-6(c)? .........................
9
 
 
For Privacy Act and Paperwork Reduction Act Notice, see the Intructions for Form 990
Cat. No. 50053T
Schedule J (Form 990) 2010

Schedule J (Form 990) 2010
Page 2
Part II
Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees. Use Schedule J-1 if additional space needed.
For each individual whose compensation must be reported in Schedule J, report compensation from the organization on row (i) and from related organizations, described in the
instructions on row (ii). Do not list any individuals that are not listed on Form 990, Part VII.

Note. The sum of columns (B)(i)-(iii) must equal the applicable column (D) or column (E) amounts on Form 990, Part VII, line 1a.
(A) Name (B) Breakdown of W-2 and/or 1099-MISC compensation (C) Retirement and other deferred compensation (D) Nontaxable
benefits		 (E) Total of columns
(B)(i)-(D) 		(F) Compensation
reported in prior
Form 990 or
Form 990-EZ
(i) Base compensation (ii) Bonus & incentive compensation (iii) Other reportable compensation
(1) Raynard S Kington (i)
(ii)		 166,857
0 		0
0 		4,704
0 		16,932
0 		23,093
0 		211,586
0 		0
0
(2) Russell K Osgood (i)
(ii)		 346,906
0 		0
0 		42,456
0 		24,500
0 		33,616
0 		447,478
0 		0
0
(3) David S Clay (i)
(ii)		 521,528
0 		0
0 		27,481
0 		24,500
0 		15,336
0 		588,845
0 		0
0
(4) Karen L Voss (i)
(ii)		 198,279
0 		0
0 		1,873
0 		20,375
0 		15,914
0 		236,441
0 		0
0
(5) Christopher S Allen (i)
(ii)		 178,409
0 		0
0 		263
0 		17,893
0 		6,592
0 		203,157
0 		0
0
(6) Houston Dougharty (i)
(ii)		 143,271
0 		0
0 		6,797
0 		14,884
0 		34,264
0 		199,216
0 		0
0
(7) John W Kalkbrenner (i)
(ii)		 159,701
0 		0
0 		528
0 		16,407
0 		17,018
0 		193,654
0 		0
0
(8) Michael J Munley (i)
(ii)		 210,004
0 		0
0 		18,059
0 		21,645
0 		19,459
0 		269,167
0 		0
0
(9) Paula V Smith (i)
(ii)		 201,457
0 		0
0 		742
0 		20,250
0 		46,801
0 		269,250
0 		0
0
(10) Marci J Sortor (i)
(ii)		 160,339
0 		0
0 		535
0 		16,559
0 		17,854
0 		195,287
0 		0
0
(11) John H Mutti (i)
(ii)		 187,433
0 		0
0 		1,888
0 		19,208
0 		15,132
0 		223,661
0 		0
0
(12) Jennifer E Michaels (i)
(ii)		 149,249
0 		0
0 		3,343
0 		15,208
0 		10,504
0 		178,304
0 		0
0
(13) Mark E Godar (i)
(ii)		 144,713
0 		0
0 		854
0 		14,860
0 		13,339
0 		173,766
0 		0
0
(14) Henry Walker (i)
(ii)		 138,013
0 		0
0 		1,283
0 		14,138
0 		13,459
0 		166,893
0 		0
0
(15) Henry W Moyer (i)
(ii)		 135,499
0 		0
0 		2,249
0 		14,097
0 		15,365
0 		167,210
0 		0
0
(16) James Swartz (i)
(ii)		 133,381
0 		0
0 		900
0 		13,681
0 		13,484
0 		161,446
0 		0
0
Schedule J (Form 990) 2010

Schedule J (Form 990) 2010
Page 3
Part III
Supplemental Information
Complete this part to provide the information, explanation, or descriptions required for Part I, lines 1a, 1b, 4c, 5a, 5b, 6a, 6b, 7, and 8. Also complete this part for any additional information.
Identifier Return Reference Explanation
  Part I, Line 1a The President is required to live in College owned housing. The College employs a housekeeper for this housing. The housing benefit is not taxable pursuant to IRC Section 119 as it is a condition of the President's employment at the College. The College also purchased a membership to the local country club which is a taxable benefit to the President.
    Part I, Line 4a: The College entered into a separation agreement with Michael J Munley on August 12, 2010 and under the agreement, the College will make a payment to Mr. Munley in August 2011 if he fulfills specified terms and conditions.
Schedule J (Form 990) 2010

Additional Data


Software ID:  
Software Version:  
Schedule K
(Form 990)
Department of the Treasury
Internal Revenue Service
Supplemental Information on Tax Exempt Bonds
SchKMediumBullet Complete if the organization answered "Yes" to Form 990, Part IV, line 24a. Provide descriptions,
explanations, and any additional information in Schedule O (Form 990).
SchKMediumBullet Attach to Form 990. SchKMediumBullet See separate instructions.
OMB No. 1545-0047
2010
Open to Public
Inspection
Name of the organization
Trustees of Grinnell College
 
Employer identification number
42-0680387
Part I
Bond Issues
(a) Issuer Name (b) Issuer EIN (c) CUSIP # (d) Date Issued (e) Issue Price (f) Description of Purpose (g) Defeased (h) On
Behalf of
Issuer 		(i) Pool
financing
Yes No Yes No Yes No
A Iowa Higher Education Loan Authority
  		42-1235696 462460E69 06-26-2008 60,000,000 Facilities construction and improvements   X   X   X
B Iowa Higher Education Loan Authority
  		42-1235696 462460H74 03-09-2010 65,994,798 Refund 12/31/2001 $50 million bond issue & const.   X   X   X
Part II
Proceeds
A B C D
1 Amount of bonds retired. . . . .        
2 Amount of bonds defeased . . . .        
3 Total proceeds of issue . . . . 61,414,112 66,242,661    
4 Gross proceeds in reserve funds . .        
5 Capitalized interest from proceeds.        
6 Proceeds in refunding escrow. . . . . 51,433,447 51,433,447    
7 Issuance costs from proceeds . . . 378,597 404,597    
8 Credit enhancement from proceeds.        
9 Working capital expenditures from proceeds . .        
10 Capital expenditures from proceeds . . 61,035,515 10,217,120    
11 Other spent proceeds . .        
12 Other unspent proceeds. . . 4,187,497 4,187,497    
13 Year of substantial completion . . . 2010
Yes No Yes No Yes No Yes No
14 Were the bonds issued as part of a current refunding issue?   X   X        
15 Were the bonds issued as part of an advance refunding issue?   X X          
16 Has the final allocation of proceeds been made? . . X     X        
17 Does the organization maintain adequate books and records to support the final allocation of proceeds? . X   X          
Part III
Private Business Use
A B C D
Yes No Yes No Yes No Yes No
1 Was the organization a partner in a partnership, or a member of an LLC, which owned property financed by tax-exempt bonds? . . .   X            
2 Are there any lease arrangements that may result in private business use of bond-financed property? . . . . .   X            
For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50193E
Schedule K (Form 990) 2010
Schedule K (Form 990) 2010
Page 2
Part III
Private Business Use (Continued)
A B C D
Yes No Yes No Yes No Yes No
3a Are there any management or service contracts that may result in private business use?   X            
b Are there any research agreements that may result in private business use of bond-financed property? . .   X            
c Does the organization routinely engage bond counsel or other outside counsel to review any management or service contracts or research agreements relating to the financed property? .   X            
4 Enter the percentage of financed property used in a private business use by entities other than a section 501(c)(3) organization or a state or local government . . . . . . . . . . . . . SchKMediumBullet 0 %      
5 Enter the percentage of financed property used in a private business use as a result of unrelated trade or business activity carried on by your organization, another section 501(c)(3) organization, or a state or local government . SchKMediumBullet 0 %      
6 Total of lines 4 and 5 . . .. . . . . . 0 %      
7 Has the organization adopted management practices and procedures to ensure the post-issuance compliance of its tax-exempt bond liabilities? X              
Part IV
Arbitrage
A B C D
Yes No Yes No Yes No Yes No
1 Has a Form 8038-T, Arbitrage Rebate, Yield Reduction and Penalty in Lieu of Arbitrage Rebate, been filed with respect to the bond issue? . . .   X   X        
2 Is the bond issue a variable rate issue? X     X        
3a Has the organization or the governmental issuer entered into a hedge with respect to the bond issue?   X   X        
b Name of provider .  
  		 
  		 
  		 
 
c Term of hedge . .        
d Was the hedge superintegrated? .                
e Was a hedge terminated? .                
4a Were gross proceeds invested in a GIC? .   X   X        
b Name of provider .  
  		 
  		 
  		 
 
c Term of GIC . .        
d Was the regulatory safe harbor for establishing the fair market value of the GIC satisfied? .                
5 Were any gross proceeds invested beyond an available temporary period? .   X   X        
6 Did the bond issue qualify for an exception to rebate? . . . X   X          
Schedule K (Form 990) 2010

Schedule K (Form 990) 2010
Page 3
Part V
Supplemental Information
Complete this part to provide additional information for responses to questions on Schedule K (see instructions).
Identifier Return Reference Explanation
Schedule K Supplental Information   Schedule K, Part I, Line B, Col (f): The purpose of the bonds is to refund the $50,000,000 12/31/2001 bond issue and facilities construction & equipment. Schedule K, Part II, Line 3: Difference from Part I(e) is due to investment earnings. Schedule K, Part II, Line 12, col B: Final allocations for the 2010 bond issue have not been made. The College will retain appropriate books and records when the final allocations are made. Schedule K, Part III: The projects financed by the 2010 bond issue was not placed in service as of 6/30/11. Therefore, the measurement period for private business use had not begun as of the close of the fiscal year.
Schedule K (Form 990) 2010

Additional Data


Software ID:  
Software Version:  

Schedule L
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
Transactions with Interested Persons
MediumBullet Complete if the organization answered
"Yes" on Form 990, Part IV, lines 25a, 25b, 26, 27, 28a, 28b, or 28c,
or Form 990-EZ, Part V lines 38a or 40b.
MediumBullet Attach to Form 990 or Form 990-EZ. MediumBulletSee separate instructions.
OMB No. 1545-0047
2010
Open to Public Inspection
Name of the organization
Trustees of Grinnell College
 
Employer identification number

42-0680387
Part I
Excess Benefit Transactions (section 501(c)(3) and section 501 (c)(4) organizations only).
Complete if the organization answered "Yes" on Form 990, Part IV, line 25a or 25b, or Form 990-EZ, Part V, line 40b.
1(a) Name of disqualified person (b) Description of transaction (c) Corrected?
Yes No





2
Enter the amount of tax imposed on the organization managers or disqualified persons during the year under section 4958. ......................... Bullet Image$
 
3
Enter the amount of tax, if any, on line 2, above, reimbursed by the organization ....... Bullet Image$
 

Part II
Loans to and/or From Interested Persons.
Complete if the organization answered "Yes" on Form 990, Part IV, line 26, or Form 990-EZ, Part V, line 38a.
(a) Name of interested person and purpose (b) Loan to or from the organization? (c)Original principal amount (d)Balance due (e) In default? (f) Approved by board or committee? (g)Written agreement?
To From Yes No Yes No Yes No
Total ...............Small Bullet $  
Part III
Grants or Assistance Benefitting Interested Persons.
Complete if the organization answered "Yes" on Form 990, Part IV, line 27.
(a) Name of interested person (b)Relationship between interested person and the organization (c)Amount of grant or type of assistance
(1) ScholarshipGrant
  		  68,454
(2) Internship
  		  5,440
(3) Fellowship
  		  3,400
For Privacy Act and Paperwork Reduction Act Notice, see the
Instructions for Form 990 or 990-EZ.
Cat. No. 50056A
Schedule L (Form 990 or 990-EZ) 2010
Schedule L (Form 990 or 990-EZ) 2010
Page 2
Part IV
Business Transactions Involving Interested Persons.
Complete if the organization answered "Yes" on Form 990, Part IV, line 28a, 28b, or 28c.
(a) Name of interested person (b) Relationship between interested person and the organization (c) Amount of transaction (d) Description of transaction (e) Sharing of organization's revenues?
Yes No
(1) Paul Tjossem
  		Family member of Paula Smith, VP Academic Affairs & Dean of the College 54,717 Wages   No
(2)  
  		        No
(3) PIMCO Short-Term Institutional Fund
  		Paul McCulley, Trustee of the College 18,510,737 Investment: Paul McCulley, a Trustee of the College and member of the Investment Committee, was the Portfolio Manager of the PIMCO Short-Term Institutional Fund (retired December 2010), a mutual fund in which the College owned an interest. The opportunity to invest in the PIMCO Short-Term Institutional Fund was made available to a broad range of institutional investors. Purchases totaled $2,500,000, and in September 2010, the balance of the fund was redeemed, totaling $16,010,737. The value of the investment on June 30, 2011 was $0.   No
Part V
Supplemental Information
Complete this part to provide additional information for responses to questions on Schedule L (see instructions).
Identifier Return Reference Explanation
Schedule L (Form 990 or 990-EZ) 2010

Additional Data


Software ID:  
Software Version:  




SCHEDULE M
(Form 990)

Department of the Treasury
Internal Revenue Service
NonCash Contributions
Right pointing arrow large imageComplete if the organization answered "Yes" on Form 990, Part IV, lines 29 or 30.
Right pointing arrow large image Attach to Form 990.
OMB No. 1545-0047
2010
Open to Public Inspection
Name of the organization
Trustees of Grinnell College
 
Employer identification number

42-0680387
Part I
Types of Property
(a)
Check if applicable 		(b)
Number of Contributions or items contributed 		(c)
Contribution amounts reported on
Form 990, Part VIII, line 1g 		(d)
Method of determining
contribution amounts
1 Art—Works of art .... X 3 22,450 Art Insurance Value
2 Art—Historical treasures .        
3 Art—Fractional interests ..        
4 Books and publications ..      
5 Clothing and household
goods ....... 		     
6 Cars and other vehicles ..        
7 Boats and planes ....        
8 Intellectual property ...        
9 Securities—Publicly traded . X 45 445,060 NYSE Average High/Low
10 Securities—Closely held stock .        
11 Securities—Partnership, LLC,
or trust interests .... 		       
12 Securities—Miscellaneous ..        
13 Qualified conservation
contribution—Historic
structures ..... 		       
14 Qualified conservation
contribution—Other ... 		       
15 Real estate—Residential .        
16 Real estate—Commercial ..        
17 Real estate—Other ...        
18 Collectibles ..... X 1 56,400 Opinions of experts
19 Food inventory ...        
20 Drugs and medical supplies .        
21 Taxidermy ......        
22 Historical artifacts ....        
23 Scientific specimens ..        
24 Archeological artifacts ...        
25 Other Right pointing arrow large image ( Signage ) X 1 730 Cost/Selling Price
26 Other Right pointing arrow large image ( Equipment ) X 1 4,900 Cost/Selling Price
27 Other Right pointing arrow large image( )
28 Other Right pointing arrow large image ( )
29
Number of Forms 8283 received by the organization during the tax year for contributions
for which the organization completed Form 8283, Part IV, Donee Acknowledgement ...
29
3
Yes
No
30a
During the year, did the organization receive by contribution any property reported in Part I, lines 1-28 that it
must hold for at least three years from the date of the initial contribution, and which is not required to be used
for exempt purposes for the entire holding period? ..................
30a
 
No
b
If "Yes," describe the arrangement in Part II.
31
Does the organization have a gift acceptance policy that requires the review of any non-standard contributions?
31
 
No
32a
Does the organization hire or use third parties or related organizations to solicit, process, or sell non-cash
contributions? ............................
32a
 
No
b
If "Yes," describe in Part II.
33
If the organization did not report revenues in column (c) for a type of property for which column (a) is checked,
describe in Part II.
For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 51227J
Schedule M (Form 990) 2010
Schedule M (Form 990) 2010
Page 2
Part II
Supplemental Information. Complete this part to provide the information required by Part I, lines 30b,
32b, and 33. Also complete this part for any additional information.
Identifier Return Reference Explanation
Schedule M (Form 990) 2010
Additional Data


Software ID:  
Software Version:  
SCHEDULE O
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service
Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or to provide any additional information.
MediumBullet Attach to Form 990 or 990-EZ.
OMB No. 1545-0047
2010
Open to Public
Inspection
Name of the organization
Trustees of Grinnell College
 
Employer identification number

42-0680387
Identifier Return Reference Explanation
    Form 990, Part V, Line 1a: The College filed 449 1099's and 1,831 1098-T's for a total of 2,280.
Form 990, Part VI, Section A, line 1   A Life Trustee will be permitted to vote on matters coming before a Board meeting only if the Life Trustee shall have attended at least two of the immediately preceding three regular meetings of the Board. No Life Trustee shall have the right to vote on proposed amendments to the Articles of Incorporation or By-Laws. The Board may from time to time, designate any regular member who has served as such for at least 12 years a Life Trustee. Life Trustees with no voting rights during 2011 and therefore not listed in Part VII are Carolyn Swartz Bucksbaum, Warren Buffett, Vernon Faulconer, Ronald Gault, Robert Musser, Patricia Meyer Papper, Penny Bender Sebring and Jesse Ternberg.
Form 990, Part VI, Section A, line 2   Caroline Little and Fred Little have a family relationship.
Form 990, Part VI, Section B, line 11   The 990 was made available for review to all Trustees and the President, Treasurer, and VP for Finance prior to the February 2012 Trustee meeting. The 990 was presented to and reviewed in detail by the Audit and Assessment Committee at the meeting and presented for approval to the full Board of Trustees.
  Form 990, Part VI, Section B, line 12c Officers and Trustees are required to report any conflicts of interest under the policies of the Trustees of Grinnell College. Any conflicts must be disclosed in writing before entering into the transaction to the Executive Committee of the Board of Trustees. A transaction may not be entered into until approved by a vote of at least two-thirds by the Executive Committee. The Executive Commitee shall report to the Board of Trustees on all Conflict of Interest transactions considered by it at each meeting of the Board and, if requested by the Executive Committee, the Board shall consider whether to ratify the actions of the Executive Committee with respect to any such Conflict of Interest transaction. A Conflict of Interest transaction may only be ratified by the affirmative vote by at least two-thirds of the Trustees present and voting at a meeting of the Board duly called and held after the Executive Committee has received the disclosure. Each current member of the Board of Trustees and each Officer shall file a statement in July of each year with the Treasurer certifying that he or she has read, and is familiar with the terms of, this Conflict of Interest Policy, and either (a) setting forth and describing any possible conflicts of interest which may have arisen or occurred in the fiscal year of the College ending June 30, or which may be expected to arise or occur during the fiscal year beginning July 1, or (b) that he or she knows of no such possible conflict of interest. Key employees must annually complete the campus conflict of interest disclosure statement which is reviewed by a committee consisting of members from the Human Resources, Treasurer and Dean's offices, respectively.
  Form 990, Part VI, Section B, line 15 The College has a disqualified employee compensation review policy. The determination of who is classified as a disqualified employee at Grinnell College is determined by the level of each individual's involvement in the management and/or control of certain financial aspects of the College. Grinnell College will acquire and use sufficient data regarding comparable compensation packages to assist in establishing the compensation of disqualified employees. The proposed compensation for each disqualified person will be approved by a conflict-free decision-making body composed of members of the Grinnell College Board of Trustees. The decision-making body will receive a Rebuttable Presumption Summary for each individual at Grinnell College identified as a disqualified person. All relevant information will be documented regarding the actions of the decision-making body. This process was used for the following positions: President, Treasurer, Dean of Admission & Financial Aid, Vice-President for Diversity & Achievement, Vice-President for Student Affairs, Vice-President for College Services, Assistant Treasurer, Vice-President of College and Alumni Relations, Secretary, Dean of the College, former Dean of the College, Vice-President for Institutional Planning, VIce-President for Finance & Associate Treasurer, Director of Student Financial Aid and Director of Facilities Management. The last review was conducted for compensation effective July 1, 2011.
  Form 990, Part VI, Section C, line 19 The College makes its Articles of Incorporation, conflict of interest policy, financial statements and other key policies (Red Flag, Whistleblower, etc) avaiable to the public via its website-www.grinnell.edu. The By-Laws are authorized to be reviewed by the entire board, faculty, staff, students, and any other person upon request to the Chair of the Board.
    Form 990, Part VII, Section A and Schedule J-Raynard Kington began employment as President for fiscal year 2011 during August, 2010. Therefore, since this information is reported based on the 2010 W-2, 5 months of wages are included. Angela Voos, Special Assistant to the President and Assistant Secretary, began employment during March, 2011. Therefore, no compensation numbers are reported as there was no 2010 W-2 issued.
Changes in Net Assets or Fund Balances: Form 990, Part XI, line 5: Net unrealized gains on investments: 244,354,308. Change in accumulated post retirement obligation 2,411,032. Change in value split-interest agreements -1,094,335. Change in cash surrender value of life insurance 17,644. Total to Form 990, Part XI, Line 5: 245,688,649.
    Schedule M, Line 31- Gifts that fit the definition of non-standard are not accepted by the College.
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990 or 990-EZ) 2010

Additional Data


Software ID:  
Software Version:  
SCHEDULE R
(Form 990)
Department of the Treasury
Internal Revenue Service
Related Organizations and Unrelated Partnerships
MediumBulletComplete if the organization answered "Yes" to Form 990, Part IV, line 33, 34, 35, 36, or 37.
MediumBulletAttach to Form 990. MediumBullet See separate instructions.

OMB No. 1545-0047
2010
Open to Public Inspection
Name of the organization
Trustees of Grinnell College
 
Employer identification number

42-0680387
Part I
Identification of Disregarded Entities (Complete if the organization answered "Yes" on Form 990, Part IV, line 33.)
(a)
Name, address, and EIN of disregarded entity


(b)
Primary activity


 		(c)
Legal domicile (state
or foreign country)

 		(d)
Total income
(e)
End-of-year assets


 		(f)
Direct controlling
entity

















Part II
Identification of Related Tax-Exempt Organizations (Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related tax-exempt organizations during the tax year.)
(a)
Name, address, and EIN of related organization


(b)
Primary activity


 		(c)
Legal domicile (state
or foreign country)

 		(d)
Exempt Code section
(e)
Public charity status
(if section 501(c)(3))

 		(f)
Direct controlling
entity

 		(g)
Section 512(b)(13) controlled organization
Yes No
(1) Grinnell College Medical Benefit Plan Trust

733 Broad Street

Grinnell,IA501121690
42-1371997 		Health insurance for employees and retirees IA 501(c)(9)   N/A
Yes
 












For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50135Y
Schedule R (Form 990) 2010
Schedule R (Form 990) 2010
Page 2
Part III
Identification of Related Organizations Taxable as a Partnership (Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a partnership during the tax year.)
(a)
Name, address, and EIN of
related organization



 		(b)
Primary activity




 		(c)
Legal
domicile
(state or foreign
country)


 		(d)
Direct controlling
entity



 		(e)
Predominant income(related, unrelated, excluded from tax under sections 512-514)

(f)
Share of total income




 		(g)
Share of end-of-year
assets



 		(h)
Disproprtionate allocations?




 		(i)
Code V—UBI
amount in box 20 of
Schedule K-1
(Form 1065)
 		(j)
General or
managing
partner?



 		(k)
Percentage
ownership
Yes No Yes No
(1) Red Rock Ventures III LP

530 Lytton Avenue 2nd Floor
Palo Alto,CA94301
77-0549159 		Venture Capital DE N/A
 Investment -424,990 2,786,353   No     No 59.100 %
(2) Vara Global Macro Master Fund Ltd

Ugland House South Church Street
George Town, Cayman Islands HM11    
CJ
98-0509440 		Securities Trading CJ N/A
 Investment -343,896     No     No 72.100 %










Part IV
Identification of Related Organizations Taxable as a Corporation or Trust (Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a corporation or trust during the tax year.)
(a)
Name, address, and EIN of related organization



 		(b)
Primary activity



 		(c)
Legal domicile
(state or
foreign
country)
 		(d)
Direct controlling
entity


 		(e)
Type of entity
(C corp, S corp,
or trust)

 		(f)
Share of total income



 		(g)
Share of
end-of-year
assets

 		(h)
Percentage
ownership
(1) Poweshiek Petroleum Corporation
733 Broad Street Accounting
Grinnell,IA501121690
73-0646866 		Oil and Gas Production IL N/A
 C 70,127 30,164 100.000 %
(2) VARA Global Macro Fund Ltd
Ugland House South Church Street
George Town, Cayman Islands HM11    
CJ
Securities Trdg CJ N/A
 C -402,340   79.600 %
(3) Donor A Charitable Remainder Unitrust of 1996
c/o Northern Trust NA Agent PO Box
Chicago,IL60680
42-1462802 		Trust IA N/A
 T   159,127 100.000 %
(4) Donor B Charitable Remainder Unitrust of 1996
c/o Northern Trust NA Agent PO Box
Chicago,IL60680
42-1462804 		Trust IA N/A
 T   110,481 100.000 %
(5) Donor C Charitable Remainder Trust
c/o Northern Trust NA Agent PO Box
Chicago,IL60680
42-6438867 		Trust IA N/A
 T   84,490 100.000 %
(6) Donor D Charitable Remainder Unitrust of 1997
c/o Northern Trust NA Agent PO Box
Chicago,IL60680
42-1468333 		Trust IA N/A
 T   123,538 100.000 %
(7) Donor E Charitable Remainder Unitrust of 1996
c/o Northern Trust NA Agent PO Box
Chicago,IL60680
42-1462806 		Trust IA N/A
 T   36,396 100.000 %
(8) Donor F Charitable Remainder Unitrust
c/o Northern Trust NA Agent PO Box
Chicago,IL60680
42-6519631 		Trust IA N/A
 T   123,824 100.000 %
(9) Donor G Charitable Remainder Unitrust of 1997
c/o Northern Trust NA Agent PO Box
Chicago,IL60680
39-1905089 		Trust IA N/A
 T   450,386 100.000 %
(10) Donor H Charitable Remainder Unitrust
c/o Northern Trust NA Agent PO Box
Chicago,IL60680
42-6547407 		Trust IA N/A
 T   303,668 100.000 %
(11) Donor I Charitable Remainder Unitrust of 1996
c/o Northern Trust NA Agent PO Box
Chicago,IL60680
42-1464951 		Trust IA N/A
 T   592,466 100.000 %
(12) Donor J Charitable Remainder Unitrust of 1999
c/o Northern Trust NA Agent PO Box
Chicago,IL60680
42-1486825 		Trust IA N/A
 T   564,485 100.000 %
(13) Donor K Charitable Remainder Unitrust of 1997
c/o Northern Trust NA Agent PO Box
Chicago,IL60680
42-6562736 		Trust IA N/A
 T   60,126 100.000 %
(14) Donor L Charitable Remainder Unitrust
c/o Northern Trust NA Agent PO Box
Chicago,IL60680
42-6496396 		Trust IA N/A
 T   38,192 100.000 %
(15) Donor M Charitable Remainder Unitrust
c/o Northern Trust NA Agent PO Box
Chicago,IL60680
42-6549860 		Trust IA N/A
 T   43,250 100.000 %
(16) Donor N Charitable Remainder Unitrust
c/o Northern Trust NA Agent PO Box
Chicago,IL60680
42-6404250 		Trust IA N/A
 T   83,341 100.000 %
(17) Donor O Charitable Remainder Unitrust
c/o Northern Trust NA Agent PO Box
Chicago,IL60680
42-1410890 		Trust IA N/A
 T   209,152 100.000 %
(18) Donor P Charitable Remainder Unitrust of 1999
c/o Northern Trust NA Agent PO Box
Chicago,IL60680
42-1486826 		Trust IA N/A
 T   42,266 100.000 %
(19) Donor R Charitable Remainder Unitrust of 1995
c/o Northern Trust NA Agent PO Box
Chicago,IL60680
42-6550550 		Trust IA N/A
 T   36,177 50.000 %
(20) Donor S Charitable Remainder Unitrust of 2001
c/o Northern Trust NA Agent PO Box
Chicago,IL60680
42-6615091 		Trust IA N/A
 T   25,448 100.000 %
(21) Donor T Charitable Remainder Unitrust
C/o Northern Trust NA Agent PO Box
Chicago,IL60680
33-6224611 		Trust CA N/A
 T   47,033 100.000 %
(22) Donor U CRUT of 2003 FBO Donor 1
C/o Northern Trust NA Agent PO Box
Chicago,IL60680
13-4249545 		Trust IA N/A
 T   434,710 100.000 %
(23) Donor V CRUT of 2003 FBO Donor 2
C/o Northern Trust NA Agent PO Box
Chicago,IL60680
13-4249549 		Trust IA N/A
 T   394,875 100.000 %
(24) Donor W CRUT of 2003 FBO Donor 3
C/o Northern Trust NA Agent PO Box
Chicago,IL60680
13-4249547 		Trust IA N/A
 T   381,039 100.000 %
(25) Donor X Remainder Trust of 1995
C/o Northern Trust NA Agent PO Box
Chicago,IL60680
43-6661670 		Trust MO N/A
 T   153,496 100.000 %
(26) Donor Y Charitable Remainder Trust
C/o Northern Trust NA Agent PO Box
Chicago,IL60680
35-2250851 		Trust IA N/A
 T   94,418 100.000 %
(27) Donor Z Charitable Remainder Unitrust
C/o Northern Trust NA Agent PO Box
Chicago,IL60680
36-7203004 		Trust IL N/A
 T   402,284 100.000 %
(28) Donor A1 Charitable Remainder Unitrust
C/o Northern Trust NA Agent PO Box
Chicago,IL60680
41-6429260 		Trust MN N/A
 T   498,870 54.000 %
(29) Donor B1 Charitable Remainder Unitrust
C/o Northern Trust NA Agent PO Box
Chicago,IL60680
45-6161116 		Trust IA N/A
 T   186,208 50.000 %
(30) Donor C1 Charitable Remainder Unitrust
C/o Northern Trust NA Agent PO Box
Chicago,IL60680
37-6369924 		Trust IL N/A
 T   30,409 100.000 %
(31) Donor D1 Charitable Remainder Unitrust
C/o Northern Trust NA Agent PO Box
Chicago,IL60680
27-6184579 		Trust TX N/A
 T   1,841,391 100.000 %
(32) Donor E1 Charitable Remainder Annuity Trust
C/o Northern Trust NA Agent PO Box
Chicago,IL60680
42-1370527 		Trust IA N/A
 T     100.000 %
(33) Donor G1 Charitable Remainder Annuity Trust of 1997
C/o Northern Trust NA Agent PO Box
Chicago,IL60680
39-1905088 		Trust IA N/A
 T   94,497 100.000 %
(34) Donor H1 Charitable Remainder Annuity Trust
C/o Northern Trust NA Agent PO Box
Chicago,IL60680
27-6184601 		Trust TX N/A
 T   1,419,178 100.000 %
(35) Donor I1 Unitrust
C/o Northern Trust NA Agent PO Box
Chicago,IL60680
42-1175713 		Trust WA N/A
 T   5,828 100.000 %
Schedule R (Form 990) 2010
Schedule R (Form 990) 2010
Page 3
Part V
Transactions With Related Organizations (Complete if the organization answered "Yes" on Form 990, Part IV, line 34, 35, 35A, or 36.)
Note. Complete line 1 if any entity is listed in Parts II, III or IV.
Yes
No
1 During the tax year, did the orgranization engage in any of the following transactions with one or more related organizations listed in Parts II-IV?
a Receipt of (i) interest (ii) annuities (iii) royalties (iv) rent from a controlled entity . . . . . . . . . . . . . . . . . . . . . . .
1a
 
No
b Gift, grant, or capital contribution to other organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1b
Yes
 
c Gift, grant, or capital contribution from other organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1c
 
No
d Loans or loan guarantees to or for other organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1d
 
No
e Loans or loan guarantees by other organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1e
 
No
f Sale of assets to other organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1f
 
No
g Purchase of assets from other organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1g
 
No
h Exchange of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1h
 
No
i Lease of facilities, equipment, or other assets to other organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1i
 
No
j Lease of facilities, equipment, or other assets from other organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . .
1j
 
No
k Performance of services or membership or fundraising solicitations for other organization(s) . . . . . . . . . . . . . . . . . . . . . .
1k
 
No
l Performance of services or membership or fundraising solicitations by other organization(s) . . . . . . . . . . . . . . . . . . . . . .
1l
 
No
m Sharing of facilities, equipment, mailing lists, or other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1m
 
No
n Sharing of paid employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1n
 
No
o Reimbursement paid to other organization for expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1o
 
No
p Reimbursement paid by other organization for expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1p
Yes
 
q Other transfer of cash or property to other organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1q
Yes
 
r Other transfer of cash or property from other organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1r
Yes
 
2
If the answer to any of the above is "Yes," see the instructions for information on who must complete this line, including covered relationships and transaction thresholds.
(a)
Name of other organization 		(b)
Transaction
type(a-r) 		(c)
Amount involved 		(d)
Method of determining amount involved
(1) Red Rock Ventures III LP

 B 1,200,000 Cash
(2) VARA Global Macro Fund Ltd

 R 5,551,581 Cash
(3) Poweshiek Petroleum Corporation

 R 60,000 Cash
(4) Grinnell College Medical Benefit Plan Trust

 Q 5,847,199 Cash
(5)
(6)
Schedule R (Form 990) 2010
Schedule R (Form 990) 2010
Page 4
Part VI
Unrelated Organizations Taxable as a Partnership (Complete if the organization answered "Yes" on Form 990, Part IV, line 37.)
Provide the following information for each entity taxed as a partnership through which the organization conducted more than five percent of its activities (measured by total assets or gross revenue) that was not a related organization. See instructions regarding exclusion for certain investment partnerships.
(a)
Name, address, and EIN of entity 		(b)
Primary activity 		(c)
Legal domicile
(state or foreign
country) 		(d)
Are all
partners
section
501(c)(3)
organizations? 		(e)
Share of
end-of-year
assets 		(f)
Disproprtionate allocations? 		(g)
Code V—UBI
amount in box
20 of Schedule K-1
(Form 1065) 		(h)
General or
managing
partner?
Yes No Yes No Yes No






























Schedule R (Form 990) 2010
Schedule R (Form 990) 2010
Page 5
Part VII
Supplemental Information
Complete this part to provide additional information for responses to questions on Schedule R (see instructions).
Identifier Return Reference Explanation
Additional Data


Software ID:  
Software Version: