2011-03-19T11:13:17-07:00 2010-06-30 Dragon Benware Crowley & Co PC 215 Washington St /Suite 100 Watertown NY 13601 990 2009-07-01 150533545 PAUL SMITHS COLLEGE OF ARTS AND SCIENCE PAUL 5183276226 PO BOX 265 PAUL SMITHS NY 12970 John A Burke 2011-03-19 Pamela Halloran 3157883140 2009 2016-02-24 21:20:13Z JOHN BURKE PO BOX 265 PAUL SMITHS NY 12970 42712145 false 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 16 835 70 0 2119001 2851663 24227782 25325169 -541456 1594479 789443 717188 26594770 30488499 6461289 6898225 0 9408169 9721280 0 722538 12310648 11982603 28180106 28602108 -1585336 1886391 61442141 64584147 19950972 20542887 41491169 44041260 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 20166333 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. 907 students 5890348 POSTSECONDARY EDUCATION, GENERAL/OTHER: AUXILLIARY ENTERPRISES - THE OPERATION AND MAINTENANCE OF THE RESIDENCE HALLS, CAFETERIA AND CAMPUS STORE THAT SERVE THE STUDENTS. 26056681 true true false false false false true 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 true false true true false false false false false false false false true 33 0 false 835 false false false false false false false false false true true false 0 false false false false false false false false 23 16 true false false false false false false true true false false false true true true true false false true false false false X JOHN BURKE 5183276226 PO BOX 265 PAUL SMITHS NY 12970 WILLIAM MURRAY 1.00 X 0 0 0 STUART H ANGERT 1.00 X 0 0 0 STEVEN MCFARLAND 40.00 X 92796 0 6573 RICHARD NELSON 40.00 X 122345 0 8649 PIETER VC LITCHFIELD 1.00 X 0 0 0 PAUL M CANTWELL JR 1.00 X X 0 0 0 PAUL CIMINELLI 1.00 X X 0 0 0 NORA SULLIVAN 1.00 X 0 0 0 KATHLEEN FITZGERALD 40.00 X 84687 0 6194 KATHARINE H WELLING 1.00 X 0 0 0 JOHN MILLS 40.00 X 220400 0 15628 JOHN BURKE 40.00 X 106794 0 7522 JOAN M WEILL 1.00 X X 0 0 0 JIM GOULD 1.00 X 0 0 0 JAMES L SONNEBORN 1.00 X 0 0 0 JAMES HIMOFF 1.00 X 0 0 0 HILLARIE LOGAN-DECHENE 40.00 X 97582 0 7482 EDWARD MCAREE 1.00 X 0 0 0 E PHILIP SAUNDERS 1.00 X X 0 0 0 CHARLES B MORGAN 1.00 X 0 0 0 CAROLINE D LUSSI 1.00 X X 0 0 0 C LEE QUAINTANCE III 1.00 X 0 0 0 ANTHONY JOHNSON 1.00 X 0 0 0 724604 52048 3 false true false VALUE BASED INITIATIVES PO BOX 992 POTSDAM NY 13676 IT CONSULTANT 255008 STAMATS PO BOX 1888 CEDAR RAPIDS IA 52406 MARKETING 171968 SODEXO OPERATIONS LLC PO BOX 360170 PITTSBURGH PA 152516170 FOOD & FACILITIES 2887949 LUCK BUILDERS 73 TRADE ROAD PLATTSBURGH NY 12901 CONSTRUCTION 1418245 JE SHEEHAN CONTRACTING CORPORATION 208 SISSONVILLE ROAD POTSDAM NY 13676 CONSTRUCTION 1820295 5 1077792 1773871 36834 2851663 Student Tuition & Fees 18595443 18595443 Auxiliary Enterprises 6729726 6729726 25325169 252810 252810 0 0 0 12843722 11502053 1341669 1341669 -24813 1366482 0 0 1056487 721593 334894 334894 Other 382294 382294 382294 30488499 25682650 1954186 0 6898225 6898225 0 0 724604 724604 0 6930139 6455029 93470 381640 401110 356988 32089 12033 1096847 982511 83153 31183 568580 532451 8688 27441 202120 107747 69173 25200 52706 52706 46903 46903 0 0 23262 23262 0 180432 172696 3456 4280 346796 282512 34254 30030 535144 374123 99030 61991 0 2866159 2767280 80232 18647 447679 386853 44011 16815 0 17122 261 16861 562182 562182 0 2372407 2253787 94896 23724 370982 361970 7210 1802 STUDENT FD SRV 1872210 1813616 36056 22538 STUDENT ACTIVITIES 238662 238662 Printing and Publications 526782 489770 13659 23353 OTHER/MISC 230712 168946 54664 7102 EQUIPMENT RENTAL AND MAINT. 705148 666138 21112 17898 385195 185195 200000 28602108 26056681 1822889 722538 132836 234991 0 0 1171236 1361267 0 0 0 131717 112709 551678 509045 76814748 31311010 43791644 45503738 14526791 15563841 542739 705056 0 0 593500 593500 61442141 64584147 1748588 1837611 235131 181706 11172702 10697188 4855174 6106462 1939377 1719920 19950972 20542887 X 33238226 35560497 180055 113903 8072888 8366860 41491169 44041260 61442141 64584147 X false true true X true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 13 77 1 true 10 4586 false 15069530 293972 2257501 1352106 16268897 19355735 131365 -2994098 1423472 15069530 0.49000 0.50000 0.01000 false false false 821919 821919 57312752 17823191 39489561 3760556 1102492 2658064 14919521 12385327 2534194 45503738 FEDERAL STUDENT LOAN FUNDS 529401 CAPITAL LEASE EQUIPMENT PAYMENTS 245068 ASSET RETIREMENT OBLIGATION 945451 1719920 30488499 28602108 1886391 663700 663700 2550091 31152199 663700 663700 30488499 30488499 29323701 721593 721593 28602108 28602108 Part X Part X : FIN48 Footnote 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 2007 and later are subject to examination by tax authorities. Areas that 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 or 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. Part XIII, Line 2d Part XIII, Line 2d: Other expenses and losses per audited F/S COST OF GOODS SOLD $721593 Part XI, Line 8 Part XI, Line 8: Other Changes in Net Assets or Fund Balances IMPAIRMENT OF ASSET HELD FOR SALE $ -0 Part V, Line 4 Part V, Line 4: Intended uses of the endowment fund. 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 $580,132 and $558,000 in 2010 and 2009, respectively. This equates to approximately 3.5% in 2010 and 3.7% in 2009 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. true true true true true true true false false false false false false false false true false true true X 0 0 Scholarship Aid 6898225 Grantmaker's Description of How Grants are Used College utilizes systems designed for financial aid to students and monitors activity and uses of grants funds on ongoing basis. X X false false false false false false false false false false JOHN MILLS 220400 15628 236028 Franklin County IDA 141763507 2007-06-28 9340000 Capital Expenditures false false 9340000 190000 9150000 2007 true false true true Pieter Litchfield Trustee 3300 Contract for services false X 5000 X 3 25125 false false false Form 990, Part VI, Line 19 Form 990, Part VI, Line 19: Other Organization Documents Publicly Available Available upon request to College Form 990, Part VI, Line 12c Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts 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, Part VI, Line 11 Form 990, Part VI, Line 11: Form 990 Review Process A review is made by the audit committee of the 990 prior to filing. The committee then reports to the full board of trustees. Form 990, Part VI, Line 2 Form 990, Part VI, Line 2: Description of Business or Family Relationship of Officers, Directors, Et College provides services for water chemistry monitoring and reporting to a trustee and relative of the trustee under contract.