2015-11-11T16:34:42-06:00 2015-06-30 WITHUM SMITH BROWN PC 5 VAUGHN DR STE 201 PRINCETON NJ 085406313 990 2014-07-01 223163015 CALIFORNIA PRINCETON FULFILLMENT SERVICES INC % CPFS CALI 6098831759 1445 LOWER FERRY ROAD EWING NJ 08618 PATRICK CARROLL CHAIR 6098831759 2015-11-16 true CARL H DOBES P00635925 6095201188 2014 2016-02-25 16:41:14Z PATRICK CARROLL 41 WILLIAM STREET PRINCETON NJ 08540 3053551 false X N/A X 1992 NJ PROMOTING EDUCATION, RESEARCH & SCHOLARSHIP BY FACILITATING THE PUBLICATION OF SCHOLARLY WORKS & PROVIDING FULFILLMENT FUNCTIONS & SERVICES RELATED TO THE PUBLICATIONS 5 1 45 0 0 0 0 3839598 3053359 245 192 0 0 3839843 3053551 0 0 0 0 2408101 1948763 0 0 0 1686731 3344830 4094832 5293593 -254989 -2240042 5733004 4847737 6808191 4847737 -1075187 0 X THE PURPOSES FOR WHICH THE ORGANIZATION WAS FORMED ARE AS FOLLOWS: 1) PROMOTING EDUCATION, RESEARCH AND SCHOLARSHIP BY FACILITATING THE PUBLICATION OF SCHOLARLY WORKS; 2) COMBINING FULFILLMENT FUNCTIONS (E.G. WAREHOUSING, SHIPPING, DATA MANAGEMENT) FOR PRINCETON UNIVERSITY PRESS AND THE UNIVERSITY OF CALIFORNIA PRESS (BOTH PRESSES ARE TAX EXEMPT), THEREBY FOSTERING AND EFFECTING THE EFFICIENT DISSEMENATION OF SCHOLARLY WORKS; 3) PROVIDING FULFILLMENT FUNCTIONS FOR OTHER PURVEYORS OF SCHOLARLY WORKS; AND 4) PROVIDING OTHER ACTIVITIES OR SERVICES RELATED TO THE PUBLICATION OF SCHOLARLY WORKS. false true 2579109 3053359 During the fiscal year ending June 30, 2015, the organization provided fulfillment services for the University of California Press and Princeton University Press (both tax exempt presses) for North America, South America, Australia, & Asia. A total of 2,617,528 scholarly books were distributed to book stores, individuals, wholesalers, and distributors throughout these regions. New publications totaled 561 and total titles in print and available total 16,259. Fulfillment operations included warehousing, shipping, order processing, data management, sales reporting, and accounts receivable. 2579109 true false false false false false false false false false false false false false true true true false false false false false false false false false false false false true false false false false false false false false false false false false false true false false false true 10 0 true 45 true false false false false false false false false false false X 5 1 true false false false false true true true true true false true true true true true true true true false CA X X CPFS 6098831759 1445 LOWER FERRY ROAD EWING NJ 08618 PATRICK CARROLL CHAIR 6.0 40.0 X X 0 204031 10673 PETER DOUGHERTY DIRECTOR 2.0 40.0 X 0 386347 21158 ALLISON MUDDITT DIRECTOR 2.0 40.0 X 0 273137 121742 DANIEL KOCHENASH COO 2.0 0.0 X 0 0 0 REBEKAH DARKSMITH DEPUTY DIRECTOR 4.0 40.0 X 0 141666 63541 GARY FRAZEE SECRETARY/TREASURER/GEN MGR 40.0 0.0 X 306287 0 30293 306287 1005181 247407 1 false true false UPS PO BOX 7247-0244 PHILADELPHIA PA 19170 FREIGHT 272984 IBT 22883 QUICKSILVER DRIVE DULLES VA 20166 PRINT ON DEMAND 333294 1445 LOWER FERRY ROAD 414 ESSEX STREET HACKENSACK NJ 07601 LEASE PAYMENT 546956 AMERIHEALTH PO BOX 70250 PHILADELPHIA PA 19176 HEALTHCARE 546220 MAPLE PRESS PO BOX 12892 PHILADELPHIA PA 19176 PRINT ON DEMAND 357600 10 0 FEES 900099 3053359 3053359 3053359 192 192 0 0 0 0 0 0 0 0 0 0 3053551 3053359 192 0 0 0 0 334969 334969 0 1015594 1015594 74574 74574 357192 357192 166434 154573 11861 0 196 196 0 0 0 0 173439 173439 0 127798 127798 0 0 423083 423083 33546 26632 6914 0 0 616 616 0 6763 6763 55732 7630 48102 ONE TIME SHUTDOWN COSTS 2312442 2312442 EQUIPMENT REPAIRS & MAINT. 197408 197408 SERVICE & SUPPLIES 119403 119403 EMPLOYMENT 4217 4217 -109813 -109813 5293593 2579109 2714484 0 679134 3069230 0 0 0 0 4822178 1778507 0 0 0 0 0 0 0 0 34562 0 0 0 17568 0 0 0 0 0 0 0 0 0 179562 0 5733004 4847737 495554 12811 0 0 0 0 0 0 0 0 0 0 0 0 0 0 6312637 4834926 6808191 4847737 X -1075187 0 0 0 0 0 -1075187 0 5733004 4847737 X -2240042 3315229 X X false true X true false X X X 2 PRINCETON UNIVERSITY PRESS 210634483 05 false 0 0 UNIVERSITY OF CALIFORNIA PRESS 943067788 05 false 0 0 2 true false false false false false false false false false false false false false false true false 0 CUSTOMER ADVANCES 1277186 DUE TO PUBLISHERS 2109740 ACCRUED SHUT DOWN COSTS 1448000 4834926 X 3053551 3053551 3053551 5428343 134750 134750 5293593 5293593 FIN 48 FOOTNOTE The Organization files tax returns in the United States federal jurisdiction and various states. The Organization has adopted the accounting pronouncement dealing with uncertain tax positions. The Organization had no unrecognized tax benefits at June 30, 2015. In addition, the organization has no income tax related penalties or interest during 2015. PART XII, LINE 2D OTHER EXPENSES RECORDED ON BOOKS NOT INCLUDED ON FORM 990 INCLUDE BAD DEBT EXPENSE FOR $134,750. X false false false false false false false false false PATRICK CARROLL CHAIR 0 200300 0 0 0 3731 0 0 0 10673 0 214704 0 0 PETER DOUGHERTY DIRECTOR 0 320300 0 60000 0 6047 0 0 0 21158 0 407505 0 0 ALLISON MUDDITT DIRECTOR 0 273137 0 0 0 0 0 0 0 121742 0 394879 0 0 GARY FRAZEE SECRETARY/TREASURER/GEN MGR 294001 0 10000 0 2286 0 0 0 30293 0 336580 0 0 0 REBEKAH DARKSMITH DEPUTY DIRECTOR 0 141666 0 0 0 0 0 0 0 63541 0 205207 0 0 APPROVAL OF KEY EMPLOYEE COMPENSATION THE BOARD OF DIRECTORS APPROVES THE GENERAL MANAGER'S SALARY ON AN ANNUAL BASIS AND ANY SALARY INCREASE IS COMPARABLE AND IN LINE WITH INCREASES AT UNIVERSITY OF CALIFORNIA PRESS AND PRINCETON UNIVERSITY PRESS. OFFICER MAILING ADDRESSES - NOT REACHABLE AT ORGANIZATION'S ADDRESS PATRICK CARROLL, C/O PRINCETON UNIVERSITY PRESS, 41 WILLIAM ST, PRINCETON, NJ 08540. PETER DOUGHERTY, C/O PRINCETON UNIVERSITY PRESS, 41 WILLIAM ST, PRINCETON, NJ 08540. REBEKAH DARKSMITH, C/O UNIVERSITY OF CALIFORNIA PRESS, 2120 BERKLEY WAY, BERKLEY, CA, 94704. ALISON MUDDITT, C/O UNIVERSITY OF CALIFORNIA PRESS, 2120 BERKLEY WAY, BERKLEY, CA, 94704. AVAILABILITY OF ORGANIZATION DOCUMENTS ALL DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990 PROVIDED TO GOVERNING BODY The audit/finance committee will review and approve the form 990 annual tax filing Prior to the submission and the full board will have access to the form 990 for Review prior to its submission as well. CONFLICT OF INTEREST POLICY ALL OFFICERS, DIRECTORS AND KEY EMPLOYEES ARE REQUIRED TO DISCLOSE ANY CONFLICTS ON AN ANNUAL BASIS AND SIGN AN AFFIRMATION DOCUMENT. TRUSTEES PRINCETON UNIVERSITY PRESS (PUP) AND UNIVERSITY OF CALIFORNIA PRESS (UCP) EACH APPOINT 2 TRUSTEES FROM THEIR ORGANIZATION AND ONE ADDITIONAL TRUSTEE AGREED UPON BY BOTH PUP AND UCP TO FORM THE BOARD OF CPFS. ANY SIGNIFICANT DECISIONS RELATING THE ORGANIZATION ARE REQUIRED TO BE APPROVED BY THESE TRUSTEES. BUSINESS RELATIONSHIPS PATRICK CARROLL & PETER DOUGHERTY: BUSINESS RELATIONSHIP - PRINCETON UNIVERSITY PRESS. REBEKAH DARKSMITH & ALISON MUDDITT: BUSINESS RELATIONSHIP - UNIVERSITY OF CALIFORNIA PRESS. FORM 990, PART XI, LINE 9 OTHER CHANGES IN NET ASSETS INCLUDE THE FOLLOWING: BAD DEBT EXPENSE (134,750) LOSS ON DISPOSAL OF ASSETS (10,805) ADJUSTMENT FOR ESTIMATED LIQUIDATION VALUE 3,460,784 TOTAL 3,315,229 FORM 990, PART XI, LINE 9 LOSS ON DISPOSAL OF ASSETS: THE ORGANIZATION ANNOUNCED IN MAY 2014 THAT IT WOULD BE PERMANENTLY CLOSING ITS WAREHOUSE AND DISTRIBUTION OPERATIONS EFFECTIVE APRIL 30, 2015. AS A RESULT, THE ORGANIZATION CHANGED ITS BASIS OF ACCOUNTING TO THE LIQUIDATION BASIS OF ACCOUNTING. THE LOSS ON DISPOSAL OF ASSETS REPORTED ON THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2015 IS THE RECOGNIZED LOSS UNDER THE LIQUIDATION BASIS METHOD OF ACCOUNTING. PRESENTLY, THE ORGANIZATION IS STILL HOLDING ALL ASSETS, AND NO ASSETS HAVE BEEN SOLD, DISPOSED OF, OR DISTRIBUTED. UPON THE BOARD'S ADOPTION AND APPROVAL OF DISSOLUTION, ALL ASSETS WILL BE DISTRIBUTED OR SOLD IN ACCORDANCE WITH THE ARTICLES OF DISSOLUTION. UNTIL SUCH TIME, THE ASSETS ARE BEING HELD IN A WAREHOUSE. AS SUCH, THE LOSS ON THE DISPOSAL OF ASSETS IS BEING REPORTED ON FORM 990 AS A RECONCILING ITEM. 401(K) PLAN CPFS MAINTAINS A 401(K) DEFINED CONTRIBUTION PLAN WHEREBY EMPLOYEES CAN CONTRIBUTE UP TO 15% OF THEIR SALARY. CPFS WILL MATCH 100% OF THE FIRST 6% AN EMPLOYEE CONTRIBUTES. EFFECTIVE APRIL 30, 2015, THE ORGANIZATION BEGAN THE PROCESS OF TERMINATING THE 401(K) DEFINED CONTRIBUTION PLAN. DISTRIBUTIONS ARE BEING PROCESSED BY THE THIRD PARTY ADMINISTRATOR AS THE PARTICIPANT'S REQUESTS ARE RECEIVED. ONCE THE FINAL DISTRIBUTION IS PAID OUT, A FINAL FORM 5500 WILL BE PREPARED AND FILED WITH THE IRS. FORM 990, PART III, LINE 3 IN MAY 2014, THE ORGANIZATION ANNOUNCED THAT IT WOULD BE CLOSING THEIR WAREHOUSE AND DISTRIBUTION OPERATIONS EFFECTIVE APRIL 30, 2015. AS OF JUNE 30, 2015 THE ORGANIZATION'S ACTIVITIES ARE LIMITED TO SELLING, COLLECTING OR OTHERWISE REALIZING THE VALUE OF ITS REMAINING ASSETS; MAKING TAX AND OTHER REGULATORY FILINGS; WINDING DOWN THE ORGANIZATION'S REMAINING BUSINESS ACTIVITIES; PAYING (OR ADEQUATELY PROVIDING FOR THE PAYMENT) OF VALID CREDITOR CLAIMS AND OBLIGATIONS; AND MAKING DISTRIBUTIONS TO ITS OWNERS. LIQUIDATION IS ESTIMATED TO BE COMPLETED ON OR BEFORE AUGUST 31, 2018. FORM 990, PART XII, LINE 1 AS A RESULT OF THE ORGANIZATION'S DECISION TO CLOSE ITS WAREHOUSE AND DISTRIBUTION OPERATIONS, THE ORGANIZATION ADOPTED THE LIQUIDATION BASIS OF ACCOUNTING EFFECTIVE JULY 1, 2014. THIS BASIS OF ACCOUNTING IS CONSIDERED APPROPRIATE WHEN, AMONG OTHER THINGS, LIQUIDATION OF A COMPANY IS PROBABLE AND THE NET REALIZABLE VALUE OF ASSETS ARE REASONABLY DETERMINABLE. UNDER THIS BASIS OF ACCOUNTING, ASSETS ARE VALUED AT THEIR NET REALIZABLE VALUES AND LIABILITIES ARE STATED AT THEIR ESTIMATED SETTLEMENT AMOUNTS. THE CONVERSION FROM THE GOING CONCERN TO LIQUIDATION BASIS OF ACCOUNTING REQUIRED MANAGEMENT TO MAKE SIGNIFICANT ESTIMATES AND JUDGMENTS TO RECORD ASSETS AT ESTIMATED NET REALIZABLE VALUE AND LIABILITIES AT ESTIMATED SETTLEMENT AMOUNTS. THESE ESTIMATES ARE SUBJECT TO CHANGE BASED UPON THE TIMING OF POTENTIAL SALES AND CHANGES IN THE REAL ESTATE MARKET. PRINCETON UNIVERSITY PRESS 1445 LOWER FERRY ROAD EWING NJ 08618 210634483 PUBLISHING NJ 501(c)(3) 5 false UNIVERSITY OF CALIFORNIA PRESS 2120 BERKLEY WAY BERKLEY CA 94704 943067788 PUBLISHING CA 501(c)(3) 5 false false false false false false false false false true false true false false false false true false false PRINCETON UNIVERSITY PRESS J 7560 PRINCETON UNIVERSITY PRESS L 1928985 UNIVERSITY OF CALIFORNIA PRESS L 1124373 PRINCETON UNIVERSITY PRESS Q 348917 UNIVERSITY OF CALIFORNIA PRESS Q 230050