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Cornell University 2011-2012 Annual Report - DFA Home - Cornell ...

Cornell University 2011-2012 Annual Report - DFA Home - Cornell ...

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(dollars in thousands)12. CONTINGENT LIABILITIESThe <strong>University</strong> is a defendant in various legal actions, some of which are for substantial monetary amounts, that arise out ofthe normal course of its operations. Although the final outcome of the actions cannot be foreseen, the <strong>University</strong>’s administrationis of the opinion that eventual liability, if any, will not have a material effect on the <strong>University</strong>’s financial position.The <strong>University</strong> retains self-insurance for property, general liability, and certain health benefits, and has an equity interestin a multi-provider captive insurance company.13. SUBSEQUENT EVENTSThe <strong>University</strong> has performed an evaluation of subsequent events through October 25, <strong>2012</strong>, the date on which the consolidatedfinancial statements were issued.36

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