2017-02-08T09:58:28-05:00 2016-06-30 364709572 CROWLEY & HALLORAN CPAS PC 215 WASHINGTON ST STE 100 WATERTOWN NY 136013343 990 2015-07-01 150533545 PAUL SMITHS COLLEGE OF ARTS AND SCIENCES PAUL 5183276291 PO BOX 265 PAUL SMITHS NY 129700265 MARTIN HANIFIN VP FINANCE AND ADMIN 5183276201 2017-02-08 true PAMELA J HALLORAN P00804150 3157883140 2017-02-08 2015 2021-01-29 14:40:06Z MARTIN HANIFIN PO BOX 265 PAUL SMITHS NY 12970 36632421 false X WWW.PAULSMITHS.EDU X 1946 NY HIGHER EDUCATION: "THE REAL VALUE OF A PSC EDUCATION IS IN THE EMPHASIS ON NOT JUST LEARNING SOMETHING, BUT IN ACTUALLY DOING IT." THE PAUL SMITH'S COLLEGE COMMUNITY PROVIDES A DYNAMIC EDUCATIONAL ENVIRONMENT WHICH ENCOURAGES STUDENTS TO BE ACTIVELY ENGAGED IN THEIR OWN LEARNING EXPERIENCE BY FOSTERING CREATIVE, ETHICAL AND INTELLECTUAL GROWTH. 25 25 841 125 255707 -19616 7926677 4431107 29848980 30005132 482819 260841 815922 761038 39074398 35458118 10629675 10685488 0 10732903 12314158 0 1259356 14501966 14060340 35864544 37059986 3209854 -1601868 79210340 75961809 21842803 20783598 57367537 55178211 X HIGHER EDUCATION: "THE REAL VALUE OF A PSC EDUCATION IS IN THE EMPHASIS ON NOT JUST LEARNING SOMETHING, BUT IN ACTUALLY DOING IT." THE PAUL SMITH'S COLLEGE COMMUNITY PROVIDES A DYNAMIC EDUCATIONAL ENVIRONMENT WHICH ENCOURAGES STUDENTS TO BE ACTIVELY ENGAGED IN THEIR OWN LEARNING EXPERIENCE BY FOSTERING CREATIVE, ETHICAL AND INTELLECTUAL GROWTH. false false 24972983 10685488 21543442 POSTSECONDARY EDUCATION, GENERAL/OTHER: INSTRUCTION - TO PROVIDE HIGHER EDUCATION TO MEN AND WOMEN IN THE ARTS AND SCIENCES, WITH AUTHORITY TO CONFER THE DEGREES OF ASSOCIATES IN ARTS (AA), ASSOCIATES IN APPLIED SCIENCE (AAS) AND BACHELOR OF SCIENCE (BS) IN CONFORMITY WITH THE REGENTS OF NYS AND THE COMMISSIONER OF EDUCATION. APPROXIMATELY 878 STUDENTS. 8461690 8461690 POSTSECONDARY EDUCATION, GENERAL/OTHER: AUXILLIARY ENTERPRISES - THE OPERATION AND MAINTENANCE OF THE RESIDENCE HALLS, CAFETERIA AND CAMPUS STORE THAT SERVE THE STUDENTS. 33434673 true true false false false false false false false true true false false false true true true false true false false false false false false false false false true true true false false false false false false false false false false true false false false true false false false false true 63 0 841 true true true false false false false true true false false false false X 25 25 false false false false false false false true true false false true true true true true true true false false X LAURA ROZELL 5183276226 PO BOX 265 PAUL SMITHS NY 12970 E PHILLIP SAUNDERS CHAIRMAN 5.00 X X 0 0 0 PATRICIA K DOWDEN VICE CHAIR 5.00 X X 0 0 0 DANIEL TESSONI PHD TREASURER 5.00 X X 0 0 0 ANTHONY JOHNSON SECRETARY 5.00 X X 0 0 0 STUART H ANGERT TRUSTEE 5.00 X 0 0 0 PAUL E AVERY TRUSTEE 5.00 X 0 0 0 PAUL M CANTWELL JR TRUSTEE 5.00 X 0 0 0 ROBERT CHUR TRUSTEE 5.00 X 0 0 0 PAUL CIMINELLI TRUSTEE 5.00 X 0 0 0 PETER B FORRENCE TRUSTEE 5.00 X 0 0 0 ROBERT FOX TRUSTEE 5.00 X 0 0 0 MARY JO HUNT TRUSTEE 5.00 X 0 0 0 PAULINE JENNETT TRUSTEE 5.00 X 0 0 0 TODD E JONES TRUSTEE 5.00 X 0 0 0 PIETER VC LITCHFIELD TRUSTEE 5.00 X 0 0 0 DWAYNE MAHONEY TRUSTEE 5.00 X 0 0 0 DAVID MAMMANO TRUSTEE 5.00 X 0 0 0 ANGELA NOBLE-GRANGE TRUSTEE 5.00 X 0 0 0 DAVID O'BRIEN TRUSTEE 5.00 X 0 0 0 JOHN A PAGANELLI TRUSTEE 5.00 X 0 0 0 FREDERICK G PIERCE II TRUSTEE 5.00 X 0 0 0 THOMAS ROGERS TRUSTEE 5.00 X 0 0 0 NORA SULLIVAN TRUSTEE 5.00 X 0 0 0 ELIZABETH THORNDIKE PHD TRUSTEE 5.00 X 0 0 0 KATHARINE H WELLING TRUSTEE 5.00 X 0 0 0 FRANCINE WALKER CO VICE CHAI 5.00 X X 0 0 0 CATHY DOVE PRESIDENT 40.00 X 322118 0 13250 F RAYMOND AGNEW VP INST ADVA 40.00 X 170871 0 8709 SHANNON OBORNE CHIEF MARKET 40.00 X 125700 0 2136 SUSAN SWEENEY INT. VP FOR 40.00 X 113613 0 5903 LAURA ROZELL INT VP/CONTR 40.00 X 109643 0 5519 STEVEN MCFARLAND VP FOR CAPIT 40.00 X 102228 0 5183 PETER BURNS VP ENROLLMEN 40.00 X 75688 0 3784 NICHOLAS HUNT-BULL VP ACADEMIC 40.00 X 69891 0 3589 RICHARD NELSON VP ACADEMIC 40.00 X 69026 0 3579 MATTHEW SCHUR VP STUDENT A 40.00 X 59806 0 2826 MARTIN HANIFIN VP FINANCE A 40.00 X 52205 0 2630 ERIC HOLMLUND DEAN 40.00 X 126417 0 6522 1397206 63630 7 false true false SODEXO OPERATIONS LLC PO BOX 360170 PITTSBURGH PA 152516170 FOOD/FACILITIES 3438378 EXCELLUS BLUE CROSS BLUE SHIELD PO BOX 5254 BINGHAMTON NY 139025254 MEDICAL INSURAN 1074015 HOMEENERGY SERVICES 33 DEPOT ST SARANAC NY 12983 HEATING 724423 LUCK BUILDERS 73 TRADE ROAD PLATTSBURGH NY 12901 CONSTRUCTION 579964 AMERICAN EXPRESS PO BOX 1270 NEWARK NJ 071011270 TRAVEL/CREDIT 446710 17 1738507 2692600 120573 4431107 STUDENT TUITION AND FEES 21543442 21543442 AUXILIARY ENTERPRISES 8461690 8461690 30005132 361154 361154 279960 380273 -100313 -100313 -100313 1093299 794030 299269 299269 CONFERENCE SERVICES 561499 255707 255707 OTHER 206062 206062 461769 35458118 30211194 255707 560110 10685488 10685488 1229965 1229965 8782725 8080370 171687 530668 389085 295337 83793 9955 1231866 1128705 15802 87359 680517 626103 18152 36262 47508 15952 31556 145130 145130 66200 66200 33217 33217 578644 337083 39411 202150 462820 326297 47487 89036 470839 350813 63409 56617 3366655 3222856 116736 27063 706880 631855 38217 36808 12989 11560 1039 390 500899 500899 3087813 2933422 123513 30878 468081 449746 14668 3667 STUDENT SERVICES 2525148 2374638 30543 119967 SUPPLIES/SMALL EQUIPMENT 1037752 955890 60243 21619 MISCELLANEOUS 308706 266600 35189 6917 STUDENT ACTIVITIES 281954 281954 -40895 -40895 37059986 33434673 2365957 1259356 101370 692426 2083122 1141145 1447976 1411082 155080 151980 544491 616262 92857695 46358826 48177226 46498869 25762196 24630087 938879 819958 79210340 75961809 1869797 1842246 326380 232151 16670815 15678343 1052580 1319366 1923231 1711492 21842803 20783598 X 38884532 37152884 3556824 2839428 14926181 15185899 57367537 55178211 79210340 75961809 -1601868 -587458 X false true X true true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 26701075 258563 -326705 1182888 25450045 25251883 2532567 336153 1419528 26701075 22290171 1007057 2719662 765007 25251883 19720403 1177096 1816672 424000 22290171 18556660 1268000 506882 611139 19720403 0.29990 0.59670 0.10340 false false 811919 811919 75030081 31582973 43447108 16887868 14775853 2112015 127827 127827 46498869 ASSET RETIREMENT OBLIGATION 1216895 FEDERAL STUDENT LOAN FUNDS 411615 CHARITABLE GIFT ANNUITY 73790 CAPITAL LEASE EQUIPMENT PAYMENTS 9192 1711492 X 35664690 -587458 794030 206572 35458118 35458118 37854016 794030 794030 37059986 37059986 SCHEDULE D, PAGE 2, PART V, LINE 4 THE COLLEGE HAS ADOPTED INVESTMENT AND SPENDING POLICES, APPROVED BY THE BOARD OF TRUSTEES, FOR ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO PROGRAMS SUPPORTED BY ITS ENDOWMENT WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THESE ENDOWMENT ASSETS OVER THE LONG-TERM. THE COLLEGE'S SPENDING AND INVESTMENT POLICIES WORK TOGETHER TO ACHIEVE THIS OBJECTIVE. THE INVESTMENT POLICY ESTABLISHES AN ACHIEVABLE RETURN OBJECTIVE THROUGH DIVERSIFICATION OF ASSET CLASSES. THE CURRENT LONG-TERM RETURN OBJECTIVE IS TO ACHIEVE A TOTAL RETURN (INCOME PLUS CAPITAL CHANGE, NET OF ALL INVESTMENT EXPENSES) EQUAL TO OR EXCEEDING ANY APPROVED DISTRIBUTION RATE, PLUS THE INFLATION RATE AS MEASURED BY THE CONSUMER PRICE INDEX. ACTUAL RETURNS IN ANY GIVEN YEAR MAY VARY FROM THIS AMOUNT. TO SATISFY ITS LONG-TERM RATE-OF-RETURN OBJECTIVES, THE COLLEGE RELIES ON A TOTAL RETURN STRATEGY IN WHICH INVESTMENT RETURNS ARE ACHIEVED THROUGH BOTH CAPITAL APPRECIATION (REALIZED AND UNREALIZED) AND CURRENT YIELD (INTEREST AND DIVIDENDS). THE COLLEGE TARGETS A DIVERSIFIED ASSET ALLOCATION THAT PLACES AN EMPHASIS ON U.S. EQUITY-BASED INVESTMENTS AND U.S. INTERMEDIATE-TERM DEBT SECURITIES TO ACHIEVE ITS LONG-TERM RETURN OBJECTIVES WITHIN PRUDENT RISK PARAMETERS. TTHE SPENDING POLICY CALCULATES THE AMOUNT OF MONEY ANNUALLY DISTRIBUTED FROM THE COLLEGE'S VARIOUS ENDOWED FUNDS, FOR SCHOLARSHIPS, PROGRAMS AND ADMINISTRATION. THE COLLEGE UTILIZES A TOTAL RETURN SPENDING RATE POLICY WHICH LIMITS THE AMOUNT OF INVESTMENT RETURN USED TO SUPPORT CURRENT OPERATIONS. THE LIMIT IS DETERMINED BY THE COLLEGE'S CURRENT BUDGETED AMOUNT TO BE SPENT FOR THE YEAR. UNDER THE TOTAL SPENDING POLICY, THE COLLEGE UTILIZED 680,000 AND 976,000 IN 2016 AND 2015, RESPECTIVELY. THIS EQUATES TO APPROXIMATELY 2.67% IN 2016 AND 3.66% IN 2015 OF THE FAIR VALUE OF THE ENDOWMENT FUNDS. ACCORDINGLY, OVER THE LONG TERM, THE COLLEGE EXPECTS ITS CURRENT SPENDING POLICY TO ALLOW ITS ENDOWMENT ASSETS TO GROW AT AN AVERAGE RATE OF 3% ANNUALLY. THIS IS CONSISTENT WITH THE COLLEGE'S OBJECTIVE TO MAINTAIN THE PURCHASING POWER OF ENDOWMENT ASSETS AS WELL AS TO PROVIDE ADDITIONAL REAL GROWTH THROUGH INVESTMENT RETURN. SCHEDULE D, PAGE 3, PART X FASB ASC 740, "INCOME TAXES", REQUIRES ENTITIES TO DISCLOSE IN THEIR FINANCIAL STATEMENTS THE NATURE OF ANY UNCERTAINTIES IN THEIR TAX POSITION. TAX YEARS INCLUDING 2012 AND LATER ARE SUBJECT TO EXAMINATION BY TAX AUTHORITIES. AREAS THAT THE IRS AND STATE TAX AUTHORITIES CONSIDER WHEN EXAMINING TAX RETURNS OF A CHARITY INCLUDE, BUT MAY NOT BE LIMITED TO, TAX-EXEMPT STATUS AND THE EXISTENCE AND AMOUNT OF UNRELATED BUSINESS INCOME. THE COLLEGE DOES NOT BELIEVE THAT IT HAS ANY UNCERTAIN TAX POSITIONS WITH RESPECT TO THESE OR OTHER MATTERS, AND HAS NOT RECORDED ANY UNRECOGNIZED TAX BENEFITS OF LIABILITY FOR PENALTIES OR INTEREST. THE COLLEGE IS NOT AWARE OF ANY CIRCUMSTANCES OR EVENTS THAT MAKE IT REASONABLY POSSIBLE THAT TAX BENEFITS MAY INCREASE OR DECREASE WITHIN 12 MONTHS OF THE DATE OF THESE FINANCIAL STATEMENTS. SCHEDULE D, PAGE 4, PART XI, LINE 2D COST OF GOODS SOLD 794,030 SCHEDULE D, PAGE 4, PART XII, LINE 2D COST OF GOODS SOLD 794,030 true true true true true true true false false false false false false false false true false true SCHEDULE E, LINE 3 NONDISCRIMINATORY POLICY IS AVAILABLE TO THE PUBLIC MEDIA SCHEDULE E, LINE 6 COLLEGE AWARDS FINANCIAL AID RECEIVED THROUGH GOVERNMENT TO STUDENTS. true SCHOLARSHIP AID 910 10685488 SCHEDULE I, PAGE 1, PART I, LINE 2 THE COLLEGE UTILIZES SYSTEMS DESIGNED FOR FINANCIAL AID TO STUDENTS AND MONITORS THE ACTIVITY AND USES OF FEDERAL, STATE, AND LOCAL GRANTS FUNDS WITH THE APPROPRIATE CRITERIA ON AN ONGOING BASIS. X X false false false false false false false false false CATHY DOVE PRESIDENT 322118 13250 335368 F RAYMOND AGNEW VP INST ADVANCEMENT 170871 8709 179580 A COUNTY OF FRANKLIN IDA 141763507 2007-06-28 9340000 CAPITAL EXPENDITURES false false false B COUNTY OF FRANKLIN IDA 141763507 2011-02-24 10000000 CONSTRUCTION PROJECT false false false A 2007 false false true true B 2012 false false true true A false false false false false false false B false false false false false false false A false false false false false false false false false B false false false false false false false false false A false B false X 1 17500 X 1 8910 X 5 89063 X 1 5100 false false false FORM 990 - ORGANIZATION'S MISSION HIGHER EDUCATION: "THE REAL VALUE OF A PSC EDUCATION IS IN THE EMPHASIS ON NOT JUST LEARNING SOMETHING, BUT IN ACTUALLY DOING IT." THE PAUL SMITH'S COLLEGE COMMUNITY PROVIDES A DYNAMIC EDUCATIONAL ENVIRONMENT WHICH ENCOURAGES STUDENTS TO BE ACTIVELY ENGAGED IN THEIR OWN LEARNING EXPERIENCE BY FOSTERING CREATIVE, ETHICAL AND INTELLECTUAL GROWTH. FORM 990, PAGE 6, PART VI, LINE 11B FORM 990 IS REVIEWED BY THE AUDIT COMMITTEE PRIOR TO FILING. THE COMMITTEE THEN REPORTS TO THE FULL BOARD OF TRUSTEES. FORM 990, PAGE 6, PART VI, LINE 12C THE COLLEGE HAS A WRITTEN CONFLICT OF INTEREST POLICY THAT IS INCLUDED IN ITS BUSINESS ETHICS POLICY STATEMENT. THIS STATEMENT IS INCLUDED IN THE APPOINTMENT AND ANNUAL REAPPOINTMENT PACKETS FOR ALL EMPLOYEES AND IS RETAINED IN EACH EMPLOYEE'S PERSONNEL FILE. KEY EMPLOYEES, OFFICERS AND TRUSTEES ARE REQUIRED TO DISCLOSE ANY INTEREST THAT COULD GIVE RISE TO CONFLICTS. THESE PROCEDURES ARE PERFORMED ANNUALLY AND ARE MONITORED BY THE HUMAN RESOURCES AND BUSINESS OFFICES OF THE COLLEGE. FORM 990, PAGE 6, PART VI, LINE 15A A TRUSTEE SUB-COMMITTEE REVIEWS THE PERFORMANCE OF THE PRESIDENT AND RECOMMENDS TO THE BOARD ANNUAL SALARY INCREASES. FORM 990, PAGE 6, PART VI, LINE 19 AVAILABLE UPON REQUEST TO THE COLLEGE GREEN & WHITE HOSPITALITY LLC PO BOX 265 PAUL SMITHS NY 12970 452110175 HOSPITALIT DE -662 1937 PAUL SMITH COLLEGE