2015-04-13T14:39:36-05:00 2014-05-31 KPMG LLP One Financial Plaza Hartford CT 061032608 990 2013-06-01 160743040 Hobart and William Smith Colleges % Peter D Polinak HOBA 3157813337 337 Pulteney Street Suite Geneva NY 14456 Peter Polinak VP for Finance 3157813337 2015-04-13 true Mary Antonetti P00431862 3157813337 2013 2016-02-25 16:41:14Z Mark D Gearan 337 Pulteney Street Geneva NY 14456 278866059 false X www.hws.edu X 1943 NY HOBART AND WILLIAM SMITH COLLEGES HAVE A MISSION OF PROVIDING A STUDENT-CENTERED RESIDENTIAL LEARNING ENVIRONMENT GROUNDED IN THE VALUES OF EQUITY AND SERVICE. 38 37 2402 5048 655423 -327994 12816153 19717295 122436683 130426348 10273244 11005704 497367 638046 146023447 161787393 41597251 43774550 0 0 53008324 55331896 0 0 3399809 46449570 47816325 141055145 146922771 4968302 14864622 366308043 403339294 83617475 98745196 282690568 304594098 X HOBART AND WILLIAM SMITH COLLEGES HAVE A MISSION OF PROVIDING A STUDENT-CENTERED RESIDENTIAL LEARNING ENVIRONMENT GROUNDED IN THE VALUES OF EQUITY AND SERVICE. false false 127619273 43774550 130426348 HOBART AND WILLIAM SMITH COLLEGES ARE A STUDENT-CENTERED LEARNING ENVIRONMENT IN GENEVA, NY -- THE HEART OF THE FINGER LAKES REGION. THE COLLEGES ARE LOCATED AT THE SHORE OF SENECA LAKE ON A 195-ACRE CAMPUS. HOBART AND WILLIAM SMITH HAVE A COMBINED ENROLLMENT OF APPROXIMATELY 2,400, AND EMPLOY 228 FULL-TIME FACULTY LINES. THIS ALLOWS THE COLLEGES TO MAINTAIN A STUDENT-FACULTY RATIO OF 11:1. MORE THAN 45 MAJORS AND 65 MINORS ARE OFFERED, WHERE A STUDENT CAN OBTAIN A BACHELOR OF ARTS, BACHELOR OF SCIENCE, OR A MASTER OF ARTS IN TEACHING DEGREE. A RICH INTERDISCIPLINARY PROGRAM AND LIMITLESS OPPORTUNITIES FOR SELF-DISCOVERY ARE HALLMARKS OF ACADEMICS AT THE COLLEGES. HOBART AND WILLIAM SMITH ARE ALSO NOTED FOR AN AMBITIOUS EMPHASIS ON INTERNATIONAL STUDY AND FOR PROGRAMS IN COMMUNITY ENGAGEMENT AND SERVICE-LEARNING. NEARLY 60-PERCENT OF HOBART AND WILLIAM SMITH STUDENTS STUDY ABROAD IN MORE THAN 50 LOCATIONS AROUND THE WORLD. THE COLLEGES VIEW CIVIC RESPONSIBILITY, COMMUNITY ENGAGEMENT, AND INTERNATIONAL EDUCATION AS INTEGRAL COMPONENTS OF A LIBERAL ARTS EDUCATION. 127619273 true true false true false false false false false true true true false false true true true false true true true false true false false false false false true true true false false false false false false false false true false true true false false false true false false false true X 360 0 true 2402 true true true true BD CJ HK MP UK EI false false false true true false false false false X 38 37 false false false false false false false true true false false true true true true true true true false false NY X Peter D Polinak 3157813337 337 Pulteney Street Geneva NY 14456 X MARK GEARAN TRUSTEE PRESIDENT 60.0 X X 496396 0 134221 Richard Abbe Trustee (Term end 6/13) 2.0 X 0 0 0 Linda Arrington Trustee 2.0 X 0 0 0 Thomas Bozzuto Trustee 2.0 X 0 0 0 N Harrison Buck Trustee 2.0 X 0 0 0 Calvin Carver Jr Trustee 2.0 X 0 0 0 Dr Stephen Cohen Trustee 2.0 X 0 0 0 Edward Cooper Trustee 2.0 X 0 0 0 Timothy Eden Trustee 2.0 X 0 0 0 Katherine Elliot Trustee 2.0 X 0 0 0 Abigail Evans Trustee from 7/1/2013 2.0 X 0 0 0 Cynthia Gelsthorpe Fish Trustee 2.0 X 0 0 0 Dr Robert Gilman Trustee 2.0 X 0 0 0 Joy Glaser Trustee 2.0 X 0 0 0 Aileen Gleason Trustee 2.0 X 0 0 0 William Green Trustee 2.0 X 0 0 0 J Paul Hellstrom Jr Trustee 2.0 X 0 0 0 David Lenihan Trustee (Term end 6/13) 2.0 X 0 0 0 Katherine Mackinnon Trustee 2.0 X 0 0 0 William Margiloff Trustee (Term end 6/13) 2.0 X 0 0 0 Loren Marshall Trustee (Term end 6/13) 2.0 X 0 0 0 Megan Massey Trustee 2.0 X 0 0 0 Garrett Mathieson TRUSTEE Treasurer 5.0 X X 0 0 0 Gregory Mathieu Trustee from 7/1/2013 2.0 X 0 0 0 Herbert McCooey Jr Trustee 2.0 X 0 0 0 Gail McGinn Trustee 2.0 X 0 0 0 Carolyn McGuire Trustee 2.0 X 0 0 0 Andrew McMaster Jr Trustee Vice Chair 5.0 X X 0 0 0 Allison Morrow Trustee 2.0 X 0 0 0 Kees Nordin Trustee (Term end 6/13) 2.0 X 0 0 0 Dr Deborah Pilla Trustee 2.0 X 0 0 0 Thomas Poole Trustee 2.0 X 0 0 0 Daniel RosenSweig Trustee THROUGH 10/2013 2.0 X 0 0 0 John Ross Trustee 2.0 X 0 0 0 Adele Schlotzhauer Trustee (Term end 6/13) 2.0 X 0 0 0 Rt Rev Prince Singh Trustee 2.0 X 0 0 0 Craig Stevens Trustee 2.0 X 0 0 0 Craig Stine Trustee 2.0 X 0 0 0 Dr Richard Wasserman Trustee 2.0 X 0 0 0 Anita Weeks Trustee 2.0 X 0 0 0 Christopher Welles Trustee 2.0 X 0 0 0 William Whitaker Jr Trustee 2.0 X 0 0 0 Beth Yingling TRUSTEE Secretary 4.0 X X 0 0 0 Susan Yolen Trustee 2.0 X 0 0 0 Maureen Zupan Trustee Chair 5.0 X X 0 0 0 PETER POLINAK VICE PRESIDENT FOR FINANCE 50.0 X 196388 0 20572 TITALAYO UFOMATA PROVOST/DEAN OF FACULTY 50.0 X 209374 0 40153 ROBERT MURPHY VP OF ENROLLMENT MANAGEMENT 50.0 X 239117 0 33459 ALFRED DAMIANO CHIEF INFORMATION OFFICER 50.0 X 208785 0 41489 ROBERT O'CONNOR VP OF INSTITUTIONAL ADVANCEMEN 50.0 X 169000 0 31711 ROBERT FLOWERS VP OF STUDENT AFFAIRS 50.0 X 172247 0 37269 1691307 0 338874 69 false true false Harter Secrest Emery LLP 1600 Bausch Lomb Place Rochester NY 14604 Legal Services 699941 Axiom Consulting Partners LLC 20 N Wacker Dr Ste 3010 Chicago IL 60606 Consultants 353262 KPMG LLP 3 Chestnut Ridge Road Montvale NJ 07645 Auditors 175500 Greco Painting 790 West Washington Street Geneva NY 14456 Painting Contractor 320429 New Future Associates LLC c/o David A Vasile LLC PO Box 454 Mendon NY 14506 R/E Asset Management 279610 13 X 1934615 17782680 1586927 19717295 Tuition and Fees 611600 106386932 106386932 Residence Halls 721310 11876300 11876300 Dining Services 722320 9183779 9183779 Bookstore 451211 2253927 2253927 Other Program Service Revenue 725410 725410 130426348 2677439 2677439 0 0 5720 23097 -17377 0 -17377 -17377 125383834 117055569 8328265 8328265 8328265 0 0 0 Summer Camps 900099 588169 588169 Sport and Rec Center Memberships 713940 67254 67254 655423 161787393 128172421 655423 13242254 0 41887320 41887320 1887230 1887230 0 2033057 468358 1061029 503670 51993 25997 25996 39990576 32839475 5445346 1705755 3262575 2673481 448147 140947 6838362 5477716 1026293 334353 3155333 2540908 462925 151500 0 759558 604 758954 200175 200175 0 0 782982 782982 2627257 948917 1632627 45713 125171 89572 35599 5474970 4136709 1121032 217229 1501736 549238 928441 24057 0 10417703 10378960 38424 319 2164458 1767064 260646 136748 0 264284 210746 48272 5266 1436357 1367412 68945 0 7842072 7465653 359863 16556 673465 32220 641245 FOOD & FACILITIES CONTRACTS 12335007 12335007 Miscellaneous 1211130 536686 582744 91700 146922771 127619273 15903689 3399809 X 0 0 23899520 27186716 8054247 7137609 2186775 1788903 0 0 0 0 2452155 2457033 719010 811337 2092317 2410705 245755074 111207430 136220513 134547644 89440653 97848114 101242853 114107585 0 0 0 0 0 15043648 366308043 403339294 8538157 9928995 1566510 2440189 2648182 2615134 56965428 70716772 0 0 0 0 2292000 2104500 0 0 11607198 10939606 83617475 98745196 X 103192957 111999571 58347063 67606026 121150548 124988501 282690568 304594098 366308043 403339294 X 14864622 6381586 657322 X X false true X true true true X 18303966 14929783 11296472 12816153 19717295 77063669 0 0 18303966 14929783 11296472 12816153 19717295 77063669 7311467 69752202 1460375 2286805 1978111 2881813 2683159 11290263 0 592923 692022 670041 497739 655423 3108148 91462080 580939122 0.76263 0.00000 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 990, PART IV, QUESTION 4 THE COLLEGES DO NOT DIRECTLY ENGAGE IN LOBBYING ACTIVITY. HOWEVER, A PORTION OF THE DUES PAID TO PROFESSIONAL ORGANIZATIONS ARE DESIGNATED FOR LOBBYING BY SUCH PROFESSIONAL ORGANIZATIONS. 181787616 10440768 17950223 2916692 4858893 -10122 202413144 161238813 2156185 26582267 2911395 4913256 364998 181787616 182833093 1839005 -14533394 2922603 4913580 1063708 161238813 165864735 3971002 20377111 3189919 5082330 -892494 182833093 140856221 7109814 17815689 3155991 4945000 -8184002 165864735 0.17000 0.61000 0.22000 false false 3566191 3566191 0 158423589 59718719 98704870 13306196 4858034 8448162 0 48121000 34147946 13973054 22338098 12482731 9855367 134547644 CASH AND CASH EQUIVALENTS 12162230 F REAL ESTATE 7116637 F PRIVATE EQUITY 11035013 F HEDGE FUNDS 81671809 F OTHER 2121896 F 114107585 0 REFUNDABLE ADVANCES FROM GOVERNMENT 1938143 ASSET RETIREMENT OBLIGATIONS 2354260 FAIR VALUE OF SWAP AGREEMENT 6647203 10939606 X 124508208 6381586 -42900886 -36519300 161027508 782982 -23097 759885 161787393 102604678 23097 23097 102581581 782982 43558208 44341190 146922771 Schedule D, PART V, LINE 4 ENDOWMENT FUNDS ARE LONG-TERM ASSETS OF THE COLLEGES CREATED EITHER BY DONOR GIFTS OR BY ACTIONS OF THE BOARD OF TRUSTEES. THEIR PURPOSE IS TO GENERATE, IN PERPETUITY, OPERATING REVENUE FOR SPECIFIC ACTIVITIES OR FOR THE USE OF THE COLLEGES. ENDOWMENT FUNDS ARE INVESTED UNDER DIRECTION OF THE BOARD OF TRUSTEES TO ACHIEVE MAXIMUM LONG-TERM TOTAL RETURN WITH PRUDENT CONCERN FOR THE PRESERVATION OF INVESTMENT CAPITAL. PART X, LINE 2 THE COLLEGES ARE A NOT-FOR-PROFIT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND ARE GENERALLY EXEMPT FROM INCOME TAX ON RELATED INCOME. THE COLLEGES RECOGNIZE THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE POSITONS ARE MORE LIKELY THAN NOT OF BEING SUSTAINED. RECOGNIZED INCOME TAX POSITIONS ARE MEASURED AT THE LARGEST AMOUNT THAT IS GREATER THAN 50% LIKELY OF BEING REALIZED. CHANGES IN RECOGNITION OR MEASUREMENT ARE REFLECTED IN THE PERIOD IN WHICH THE CHANGE IN JUDGEMENT OCCURS. THE COLLEGES BELIEVE IT HAS TAKEN NO SIGNIFICANT UNCERTAIN TAX POSITIONS. Part XI, Line 2d Financial Aid $(43,774,550) Change in fair value of swap agreement 657,322 Gain on Pledges 216,342 TOTAL $(42,900,886) Part XI, Line 4b RENT EXPENSE $( 23,097) Part XII, Line 4b Financial Aid $(43,774,550) Gain on Pledges 216,342 TOTAL $(43,558,208) Part XII, Line 2d RENT EXPENSE $ 23,097 true true true true true true true false false false false false false false false true false true Schedule E, LINE 3 HOBART AND WILLIAM SMITH COLLEGES HAVE PUBLICIZED OUR RACIALLY NONDISCRIMINATORY POLICY IN ALL OUR SOLICITATIONS FOR STUDENTS. APPLICANTS ARE RECRUITED THROUGH THE AID OF DIRECT MAIL AND ELECTRONIC DOCUMENTS, GENERAL COLLEGE PUBLICATIONS FREELY ACCESSIBLE TO THE COMMUNITY, ADVERTISEMENTS IN REGIONAL AND GENERAL INTEREST PUBLICATION AND THE COLLEGES' WEBSITE WWW.HWS.EDU. SCHEDULE E, LINE 6 HOBART AND WILLIAM SMITH COLLEGES RECEIVE FUNDS FROM THE FEDERAL WORK STUDY PROGRAM, FEDERAL SUPPLEMENTAL EDUCATION OPPORTUNITY GRANT PROGRAM, FEDERAL PELL GRANT PROGRAM, FEDERAL PERKINS LOAN PROGRAM, FEDERAL DIRECT LOAN PROGRAM, NEW YORK STATE TUITION ASSISTANCE PROGRAM, NEW YORK STATE BUNDY AID, AND NEW YORK STATE HIGHER EDUCATION OPPORTUNITY PROGRAMS. true Central America and the Caribbean Program Services OFF CAMPUS STUDY 11035 East Asia and the Pacific 1 Program Services OFF CAMPUS STUDY 669549 Europe (Including Iceland and Greenland) 9 Program Services OFF CAMPUS STUDY 2231983 Middle East and North Africa Program Services OFF CAMPUS STUDY 47431 Russia and the Newly Independent States Program Services OFF CAMPUS STUDY 35045 South America 2 Program Services OFF CAMPUS STUDY 342414 South Asia 1 Program Services OFF CAMPUS STUDY 45299 Sub-Saharan Africa Program Services OFF CAMPUS STUDY 10237 North America Program Services OFF CAMPUS STUDY 779 Central America and the Caribbean Investments 36200160 Europe (Including Iceland and Greenland) Investments 23513167 Sub-Saharan Africa Investments 4514393 East Asia and the Pacific Investments 7038536 Central America and the Caribbean Grantmaking Scholarships 27178 East Asia and the Pacific Grantmaking Scholarships 574155 Europe (Including Iceland and Greenland) Grantmaking Scholarships 254029 Middle East and North Africa Grantmaking Scholarships 102430 North America Grantmaking Scholarships 488757 South America Grantmaking Scholarships 37049 South Asia Grantmaking Scholarships 208499 Sub-Saharan Africa Grantmaking Scholarships 195133 13 13 75617820 929438 76547258 SCHOLARSHIPS Central America and the Caribbean 1 27178 ACCT. CREDIT SCHOLARSHIPS East Asia and the Pacific 44 574155 ACCT. CREDIT SCHOLARSHIPS Europe (Including Iceland and Greenland) 10 254029 ACCT. CREDIT SCHOLARSHIPS Middle East and North Africa 3 102430 ACCT. CREDIT SCHOLARSHIPS North America 17 488757 ACCT. CREDIT SCHOLARSHIPS South America 1 37049 ACCT. CREDIT SCHOLARSHIPS South Asia 4 208499 ACCT. CREDIT SCHOLARSHIPS Sub-Saharan Africa 6 195133 ACCT. CREDIT true false true true true true SCHEDULE F, PART I, LINE 3, COLUMN F EXPENDITURES ARE REPORTED USING THE ACCRUAL METHOD OF ACCOUNTING. INVESTMENTS ARE REPORTED AT THEIR FAIR MARKET VALUE. Schedule F, PART I, LINE 2 HOBART AND WILLIAM SMITH COLLEGES OFFER GRANTS TO STUDENTS ON THE BASIS OF DEMONSTRATED FINANCIAL NEED AND/OR ACADEMIC ACHIEVEMENT. STUDENTS AND THEIR FAMILIES SUBMIT STANDARDIZED APPLICATION MATERIALS TO THE OFFICE OF FINANCIAL AID, WHICH OVERSEES THE PROCESS OF AWARDING SUCH GRANTS. ELIGIBILITY CRITERIA FOR THE VARIOUS GRANTS IS ESTABLISHED BY THE COLLEGES. THE COLLEGES CREDIT THE TUITION ACCOUNTS OF THE STUDENTS WHO ARE AWARDED FINANCIAL AID GRANTS. true SCHOLARSHIPS 1594 41887320 Schedule I, PART I, LINE 2 HOBART AND WILLIAM SMITH COLLEGES OFFER GRANTS TO STUDENTS ON THE BASIS OF DEMONSTRATED FINANCIAL NEED AND/OR ACADEMIC ACHIEVEMENT. STUDENTS AND THEIR FAMILIES SUBMIT STANDARDIZED APPLICATION MATERIALS TO THE OFFICE OF FINANCIAL AID, WHICH OVERSEES THE PROCESS OF AWARDING SUCH GRANTS. ELIGIBILITY CRITERIA FOR THE VARIOUS GRANTS IS ESTABLISHED BY THE COLLEGES. THE COLLEGES CREDIT THE TUITION ACCOUNTS OF THE STUDENTS WHO ARE AWARDED FINANCIAL AID GRANTS. X X X true true X X X X X false false true false false false false false false MARK GEARAN TRUSTEE PRESIDENT 451887 0 0 0 44509 0 25500 0 108721 0 630617 0 0 0 PETER POLINAK VICE PRESIDENT FOR FINANCE 195244 0 0 0 1144 0 19417 0 1155 0 216960 0 0 0 TITALAYO UFOMATA PROVOST/DEAN OF FACULTY 198030 0 0 0 11344 0 10125 0 30028 0 249527 0 0 0 ROBERT MURPHY VP OF ENROLLMENT MANAGEMENT 236953 0 0 0 2164 0 19118 0 14341 0 272576 0 0 0 ALFRED DAMIANO CHIEF INFORMATION OFFICER 208385 0 0 400 0 21440 0 20049 0 250274 0 0 0 ROBERT O'CONNOR VP OF INSTITUTIONAL ADVANCEMEN 168775 0 0 0 225 0 17401 0 14310 0 200711 0 0 0 ROBERT FLOWERS VP OF STUDENT AFFAIRS 172098 0 0 0 149 0 17365 0 19904 0 209516 0 0 0 Schedule J, PART I, LINE 4C PRESIDENT GEARAN PARTICIPATES IN A FROZEN STOCK OPTION ARRANGEMENT WHERE HE MAY EXERCISE THE OPTION TO BUY UNITS IN TWO SPECIFIED MUTUAL FUNDS CONTAINED WITHIN THE COLLEGES' ENDOWMENT PRIOR TO JULY 1, 2016. THE OPTION PRICE IS $60,000 PER FUND. THE VALUE OF THIS OPTION INCREASED BY $85,343 DURING CALENDAR YEAR 2013. NO PAYMENTS TO PRESIDENT GEARAN HAVE BEEN MADE UNDER THIS ARRANGEMENT. SCHEDULE J, PART I, LINE 1A HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE: PRESIDENT GEARAN AND DR. UFOMATA ARE PROVIDED HOUSING AS A CONDITION OF THEIR EMPLOYMENT AND FOR THE CONVENIENCE OF THE COLLEGES. THE FAIR MARKET VALUE OF THE HOUSING ALLOWANCE IS INCLUDED AS A NON-TAXABLE BENEFIT IN SCHEDULE J, COLUMN (D). HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES: PRESIDENT GEARAN RECEIVED MEMBERSHIPS TO TWO SOCIAL CLUBS FOR THE PURPOSES OF MEETING AND ENTERTAINMENT OF ALUMNI AND OTHER GUESTS OF THE COLLEGES. THE VALUE OF THE SOCIAL CLUB DUES IS INCLUDED SCHEDULE J, COLUMN (D) AS A NONTAXABLE BENEFIT. PERSONAL SERVICES: PRESIDENT GEARAN AND DR. UFOMATA RECEIVED PERSONAL SERVICES FOR THE CONVENIENCE OF THE COLLEGE. THE VALUE OF THE PERSONAL SERVICES IS INCLUDED IN SCHEDULE J, COLUMN (D) AS A NONTAXABLE BENEFIT. A CITY OF GENEVA INDUSTRIAL DEVELOPMENT AGENCY MULTI 161266095 372175bt5 2007-12-01 31250000 CAPITAL PROJECTS false false false B CITY OF GENEVA DEVELOPMENT CORP REVENUE 162366095 37217PAP0 2012-06-28 26695000 BOND REFUNDING false false false C CITY OF GENEVA DEVELOPMENT CORP REVENUE 162366095 37217PBL8 2014-03-06 14295000 CAPITAL PROJECTS false false false A 3550000 0 31250000 0 0 0 442229 357585 0 29974498 475688 0 2011 false false true true B 1980000 0 29942818 0 0 0 435838 0 0 0 29506980 0 2013 true true true true C 0 0 15416105 0 0 0 265322 0 0 0 107213 15043570 false false false true A false false true true false 0 0.02018 0.02018 false false false false B false false true true false 0 0.00426 0.00426 false false false false C false false true true false 0 false false false false A false false false true true true RBC CAPITAL MARKETS 30. true false false 0 true true B false true false false false false 0 false 0 true true C false true false false false false 0 false 0 false true A true B true C true PART II, LINE 11: OTHER SPENT PROCEEDS Col A- $475,688 NYS bond issuance charge, issuer administrative fee per Form 8038 Col B- $192,204 issuer administrative fee per Form 8038 - $29,942,818 was used to refund prior bond issues Col C- $107,213 issuer administrative fee per Form 8038 PART III, QUESTION 9 THE ORGANIZATION DOES NOT HAVE ESTABLISHED WRITTEN PROCEDURES TO ENSURE THAT ALL NONQUALIFIED BONDS OR THE ISSUE ARE REMEDIATED IN ACCORDANCE PART IV, QUESTION 2C MAY 9, 2013 FOR THE PERIOD DECEMBER 12, 2007 THROUGH DECEMBER 1, 2013. MARY HERLIHY-GEARAN SPOUSE OF PRESIDENT 51993 EMPLOYEE AT THE COLLEGES false X 65 1176927 FMV X 1 410000 FMV 2 false true false FORM 990, PART VI, SECTION A, LINE 11B A DRAFT OF THE FORM 990 IS PREPARED BY THE COLLEGES' MANAGEMENT IN CONJUNCTION WITH THE EXTERNAL AUDIT AND TAX ADVISORS AND PROVIDED TO A TRUSTEE REPRESENTATIVE FROM THE AUDIT AND COMPLIANCE AND THE FINANCIAL AFFAIRS COMMITTEES OF THE BOARD OF TRUSTEES. THE FORM IS REVIEWED AND CORRECTIONS OR CHANGES ARE MADE AS NECESSARY. A FINAL FORM 990 IS THEN DISTRIBUTED TO THE FULL BOARD BEFORE FILING IT WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, OFFICERS, TRUSTEES, AND KEY EMPLOYEES ARE REQUIRED TO DISCLOSE IN WRITING CONFLICTS OF INTEREST OR POTENTIAL CONFLICTS OF INTEREST ON A DISCLOSURE STATEMENT. AT THIS TIME A RIGOROUS PROCESS OF REVIEWING THE DISCLOSURES IS UNDERTAKEN BY THE ASSISTANT SECRETARY AND ASSISTANT TREASURER'S OFFICE TO ENSURE CONFLICTS ARE TIMELY DEALT WITH IF NECESSARY. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES (OMITTING THE PRESIDENT FOR THIS PURPOSE) IS COMPRISED OF MEMBERS WITHOUT A CONFLICT OF INTEREST. THIS COMMITTEE REVIEWS THE COMPENSATION FOR THE PRESIDENT. AN ANNUAL PROCESS OF ASSESSING THE PRESIDENT'S PERFORMANCE AND REVIEWING COMPARATIVE COMPENSATION DATA IS PERFORMED IN ORDER TO RECOMMEND COMPENSATION CHANGES. A MOTION TO BE APPROVED BY THE FULL BOARD IS DRAFTED BY THE EXECUTIVE COMMITTEE AFTER THE REVIEW PROCESS. THE DISCUSSIONS OF THE COMMITTEE AND FULL BOARD ARE CONTEMPORANEOUSLY DOCUMENTED IN THE BOARD MINUTES. THE COLLEGES MEET THE THREE REQUIREMENTS OF THE REBUTTABLE PRESUMPTION. FORM 990, PART VI, SECTION C, LINE 19 HOBART AND WILLIAM SMITH COLLEGES MAKE THEIR GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9 CHANGE IN INTEREST RATE SWAP $657,322 CHARITABLE REMAINDER TRUST (7) CRAT NY NA Trust true POOLED INCOME FUND POOLED INCOME NY NA Trust true Schedule R