2014-02-04T08:01:34-06:00 2013-06-30 CROWLEY & HALLORAN CPAS PC 215 WASHINGTON ST STE 100 WATERTOWN NY 136013343 990 2012-07-01 150533545 PAUL SMITHS COLLEGE OF ARTS AND SCIENCES PAUL 5183276226 PO BOX 265 PAUL SMITHS NY 129700265 LAURA ROZELL 5183276226 2014-02-01 true PAMELA J HALLORAN 3157883140 2014-02-04 2012 2015-11-30 17:44:51Z LAURA ROZELL PO BOX 265 PAUL SMITHS NY 12970 38403568 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. 23 23 843 95 297946 -182247 3363346 3398547 31537389 32751942 203779 180423 1306790 914993 36411304 37245905 9673588 10429817 0 11158713 11539879 0 988405 13811655 14165846 34643956 36135542 1767348 1110363 76388441 77559891 25406248 23829479 50982193 53730412 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 24079675 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 1,102 STUDENTS. 8977805 POSTSECONDARY EDUCATION, GENERAL/OTHER: AUXILLIARY ENTERPRISES - THE OPERATION AND MAINTENANCE OF THE RESIDENCE HALLS, CAFETERIA AND CAMPUS STORE THAT SERVE THE STUDENTS. 33057480 true true false false false false true 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 60 0 843 true true true false false false false true true false false false false X 23 23 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 CAROLINE D LUSSI 1.00 X X 0 0 0 PAUL E AVERY 1.00 X X 0 0 0 E PHILLIP SAUNDERS 1.00 X X 0 0 0 THAD COLLUM 1.00 X 0 0 0 PATRICIA K DOWDEN 1.00 X 0 0 0 ANTHONY JOHNSON 1.00 X 0 0 0 STUART H ANGERT 1.00 X 0 0 0 C LEE QUAINTANCE III 1.00 X 0 0 0 PAUL M CANTWELL JR 1.00 X 0 0 0 EDWARD MCAREE 1.00 X 0 0 0 PAUL CIMINELLI 1.00 X 0 0 0 JOHN A PAGANELLI 1.00 X 0 0 0 PIETER VC LITCHFIELD 1.00 X 0 0 0 JAMES L SONNEBORN 1.00 X 0 0 0 KATHARINE H WELLING 1.00 X 0 0 0 NORA SULLIVAN 1.00 X 0 0 0 DANIEL TESSONI 1.00 X 0 0 0 THOMAS ROSOL 1.00 X 0 0 0 ROBERT CHUR 1.00 X 0 0 0 PETER B FORRENCE 1.00 X 0 0 0 MARY JO HUNT 1.00 X 0 0 0 THOMAS ROGERS 1.00 X 0 0 0 ELIZABETH THORNDIKE 1.00 X 0 0 0 FRANCINE WALKER 1.00 X X 0 0 0 JOHN W MILLS 40.00 X 245111 0 19609 F RAYMOND AGNEW 40.00 X 175100 0 11155 RICHARD NELSON 40.00 X 138352 0 11068 ANN MARIE SOMMA 40.00 X 116438 0 8968 ERIC FELVER 40.00 X 115059 0 4957 JAMES BUYEA 40.00 X 109800 0 8064 STEVEN MCFARLAND 40.00 X 99226 0 7938 999086 71759 6 false true false SODEXO OPERATIONS LLC PO BOX 360170 PITTSBURGH PA 152516170 FOOD/FACILITIES 3662866 EXCELLUS BLUE CROSS BLUE SHIELD PO BOX 5254 BINGHAMTON NY 139025254 MEDICAL INSURAN 1230129 TRAVELERS CL REMITTANCE CENTER HARTFORD CT 06183 INSURANCE 361258 LAKE PLACID ADVERTISERS WORKSHOP PO BOX 645 LAKE PLACID NY 12946 PRINTING/PHOTO 250513 22 834940 2563607 252787 3398547 STUDENT TUITION AND FEES 23774137 23774137 AUXILIARY ENTERPRISES 8977805 8977805 32751942 204603 204603 295296 319476 -24180 -24180 -24180 1201001 838187 362814 362814 CONFERENCE SERVICES 561499 297946 297946 OTHER 254233 254233 552179 37245905 33006175 297946 543237 10429817 10429817 999086 999086 7995504 7395220 229068 371216 553111 492269 44249 16593 1382370 1243493 100964 37913 609808 561171 14755 33882 475619 439389 36230 18656 18656 70300 70300 31370 31370 447372 346380 4960 96032 706209 567313 45137 93759 419469 288095 68886 62488 3223687 3092981 104144 26562 599539 469521 72248 57770 28828 25657 2306 865 595362 595323 39 3024455 2873232 120978 30245 436309 415379 16296 4634 STUDENT SERVICES 2222663 2075338 11338 135987 SUPPLIES/SMALL EQUIPMENT 1218854 1156596 42296 19962 MISCELLANEOUS 350365 293517 56390 458 STUDENT ACTIVITIES 277431 277431 19358 19358 36135542 33057480 2089657 988405 104303 184677 1562054 1688447 169591 155873 734671 683601 91117683 39154061 53503919 51963622 18735114 21321968 985289 968203 593500 593500 76388441 77559891 1613817 1784732 331916 300607 19406678 18537160 2358744 1386785 1695093 1820195 25406248 23829479 X 39777470 39707869 1080374 2707926 10124349 11314617 50982193 53730412 76388441 77559891 1110363 1637856 X false true X true true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 13 7719 1 true 100 4725 19720403 1177096 1816672 424000 22290171 18556660 1268000 506882 611139 19720403 16268897 489489 2430235 631960 18556661 15069530 293972 2257501 1352106 16268897 19355735 131365 -2994098 1423472 15069530 0.38940 0.50760 0.10300 false false 811919 811919 73679354 25087148 48592206 16552576 14066913 2485663 73834 73834 51963622 ASSET RETIREMENT OBLIGATION 1044212 FEDERAL STUDENT LOAN FUNDS 554596 CAPITAL LEASE EQUIPMENT PAYMENTS 121451 CHARITABLE GIFT ANNUITY 99936 1820195 X 38883761 1637856 1637856 37245905 37245905 36973729 838187 838187 36135542 36135542 INTENDED USES FOR ENDOWMENT FUNDS 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. THE 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 424,000 AND 416,000 IN 2013 AND 2012, RESPECTIVELY. THIS EQUATES TO APPROXIMATELY 1.9% IN 2013 AND 2.1% IN 2012 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. LIABILITY UNDER FIN 48 FOOTNOTE 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 2009 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. EXPENSE AMOUNTS INCLUDED IN FINANCIALS - OTHER SCHEDULE D, PAGE 4, PART XII, LINE 2D COST OF GOODS SOLD 838,187 true true true true true true true false false false false false false false false true false true PUBLICATION OF NONDISCRIMINATORY POLICY IN MEDIA EXPLANATION SCHEDULE E LINE 3 NONDISCRIMINATORY POLICY IS AVAILABLE TO THE PUBLIC MEDIA FINANCIAL AID OR GOVERNMENT ASSISTANCE EXPLANATION SCHEDULE E LINE 6 COLLEGE AWARDS FINANCIAL AID RECEIVED THROUGH GOVERNMENT TO STUDENTS false SCHOLARSHIP AID 10429817 PROCEDURES FOR MONITORING THE USE OF GRANT FUNDS INSIDE THE UNITED STATES SCHEDULE I, PAGE 1, PART I, LINE 2 COLLEGE UTILIZES SYSTEMS DESIGNED FOR FINANCIAL AID TO STUDENTS AND MONITORS ACTIVITY AND USES OF GRANTS FUNDS ON AN ONGOING BASIS. X X false false false false false false false false false JOHN W MILLS 245111 19609 264720 254071 F RAYMOND AGNEW 175100 11155 186255 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 9340000 190000 9340000 2007 false false true true B 10000000 217511 7713479 2286521 2012 false false true true A false false false false false false false false B false 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 true X 1 15600 X 5 142844 X SCIENCE EQUIP 2 13467 X ALUMNI SUPPLIES 2 80876 false false false ORGANIZATION'S MISSION 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. ORGANIZATION'S PROCESS USED TO REVIEW FORM 990 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. ENFORCEMENT OF CONFLICTS POLICY 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. COMPENSATION PROCESS FOR TOP OFFICIAL 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. GOVERNING DOCUMENTS DISCLOSURE EXPLANATION 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 -572 2599 PAUL SMITH COLLEGE