Welcome to the Office of Finance
The Cornish College of the Arts Office of Finance helps to advance the College’s mission by ensuring the institution’s fiscal integrity. Finance staff develop and steward the budgeting, accounting, and reporting procedures and systems that support the College’s educational goals. On this page you will find our recent tax reporting forms (990s) and other related information and resources.
Cornish College of the Arts is a 4-year undergraduate educational institution designated as a 501(c)(3) non-profit organization.
How are tuition dollars spent?
Data from 5/31/19 Audited Financial Statements
Functional Expenses
| Program Expenses |
$20,210,182 (84%) |
| Management + General |
$3,380,811 (14%) |
| Fundraising + Development |
$593,625 (2%) |
| Total | $24,184,618 |
Operating Expenses by Function
| Instruction |
$15,621,637 (65%) |
| Institutional Support |
$3,974,432 (16%) |
| Academic Support |
$3,064,366 (13%) |
| Student Services |
$694,452 (3%) |
| Auxiliary Services |
$829,731 (3%) |
| Total | $24,184,618 |
Operating Expenses by Category
| Salaries, Wages, Benefits |
$13,922,100 (58%) |
| Services (including Housing + Meals) |
$3,592,713 (15%) |
| Depreciation + Amortization |
$1,758,514 (7%) |
| Other Operating Expenses |
$1,577,892 (7%) |
| Scholarships + Grants |
$1,377,618 (6%) |
| Interest |
$1,014,951 (4%) |
| Rentals |
$582,809 (2%) |
| Materials + Supplies |
$245,226 (1%) |
| Provision for Doubtful Accounts |
$112,795 (0%) |
| Total | $24,184,618 |
