The university sells tax-exempt and taxable debt to external bondholders and various private lenders to finance capital projects and working capital.
The tax-exempt debt is issued through the Dormitory Authority of New York State (DASNY) and the Tompkins County Industrial Development Agency (TCAD). This debt is used to finance capital projects.
The taxable debt can be used to finance capital projects for which the university would neither use tax-exempt debt or nor finance working capital.
Cornell University produces an audited annual statement of its financial operations to document its activities and financial performance. The annual report generally includes an auditor's report, a statement of financial position, a statement of activities, and cash flow statement.
Cornell University's Annual Financial Report
For information about Cornell's bonds and disclosures, please see the Electronic Municipal Market Access (EMMA) website.