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FEDERAL AND STATE
INCOME TAX RETURNS
Permanent Record Copy.
CONTENTS
Income Tax Returns
Exhibit A .........................Federal
Exhibit B .........................State
TAX RETURN FILING INSTRUCTIONS
OM
F R 990
FOR THE YEAR ENDING
31 . . . . . .... ..
August. .......... I . ..2004..
... .. . . .
. . . .. . . .
Prepared for Hudson V a l l e y Community C o l l e g e
Foundation
80 Vandenburgh Avenue
T r o y , NY 12180
Prepared by
UHY A d v i s o r s NY, I n c .
66 S t a t e S t r e e t
A l b a n y , NY 12207
Amount due N o t applicable
or refund
Make check Not a p p l i c a b l e
payable to
Mail tax return
and check (if I n t e r n a l Revenue S e r v i c e C e n t e r
applicable) to Ogden, UT 84201-0027
Return must be
mailed on
J a n u a r y 1 8 , 2005
or before
Special
Instructions The r e t u r n s h o u l d b e s i g n e d a n d d a t e d .
OMB No 1545 0047
Return of Organization Exempt From lncome Tax
Form 990 Under sectlon 501(c), 527, or 4947(a)(l) of the Internal Revenue Code (except black lung
t
b e n e f ~trust or private foundation)
2003, ,,,,,,
Department of t h e Treasury Open 111 Public
Internal Revenue ~ e r v ~ c e b The organlzatlon may have to use a copy of thls return to satisfy state reporting requirements lnspectiqn
A For the 2003 calendar year, or tax year beglnnlng S E P 1, 2 0 0 3 andendlng AUG 3 1 , 2004
please
C Name of organlzatlon D Employer identification number
US~IRSHUDSON VALLEY COMMUNITY COLLEGE FOUND'N
label or
p,,tor ( F / K / A HVCC ENDOWMENT CORP ) 22-2427015
.
Number and street (or P 0 . box ~fmail is not delivered to street address) Roomlsuite E Telephone number
Ureturn ~pec~fic 8 0 VANDENBURGH AVENUE ( 5 1 8 ) 629-8012
l ~ i n a l I~s~Nc-
-return tlons. City or town, state or country, and ZIP t 4 F kcounong method Cash Accrual
=Amended
return TROY, NY 12180 012F,"iIty)
Section 501(c)(3) organizations and 4947(a)(1) nonexempt charitable trusts H ,d I are not app/jcab/e to sectlon 527 organnatjons,
,
.
must attach a completed Schedule A (Form 990 or 990-EZ).
H(a) Is this a group return for affiliates7 0Yes No
G Website: P N / A H(b) If "Yes," enter number of afflllates b
J Organization type (chectonlyone) b XOl(c) ( 3 ) +(insert no.) / 4947(a)(l) or 0
527 H(c) Are all affiliates included? N/A 0Yes No
(If "No," attach a list.)
K Check here if the organization's gross receipts are normally not more than $25,000. The H(d) Is this a separate return filed by an or-
organization need not file a return with the IRS; but if the organization received a Form 990 Package ganlzatlon covered by a group ruling? Yes No
in the mail, ~tshould flle a return without financial data. Some states require a complete return. I Group Exemption Number b
M Check b 0 is
if the organizat~on not required to attach
L Gross recelpts Add lines 6b, 8b, 9b,and l o b to lhne 12 b 1,537,377. 1 Sch B (Form 990,990-EZ, or 990-PF)
1 Paflj I Revenue, Expenses, and Changes in Net Assets or Fund Balances
1 Contr~butions,gifts, grants, and slmllar amounts received
a Dlrect public support
b lnd~rectpubllc support
c Government contributlons (grants)
d Total (add lines l a through l c ) (cash $
2 Program servlce revenue lncludlng government fees and contracts (from Part VII, llne 93)
3 Membership dues and assessments
4 Interest on savlngs and temporary cash investments
5 Dlvldends and Interest from securltles
6 a Gross rents
b Less rental expenses
c Net rental Income or (loss) (subtract llne 6 b from llne 6a)
7 Other Investment lncome (describe b
8 a Gross amount from sales of assets other
than Inventory
b Less cost or other basls and sales expenses
c Galn or (loss) (attach schedule) S'M
d Net galn or (loss) (combme line 8c, columns (A) and (0))
9 Special events and a c t ~ v ~ t ~ e s schedule) If any amount IS from gaming check here
(attach b
a Gross revenue (not lncludlng $ .
0 of contribut~ons
reported on line l a )
b Less dlrect expenses other than fundra~s~ng expenses
c Net Income or (loss) from spec~al events (subtract llne 9b from llne 9a)
10 a Gross sales of Inventory, less returns and allowances
b Less cost of goods sold
c t
Gross p r o f ~ or (loss) from sales of Inventory (attach schedule) (subtract line l o b fro
11 Other revenue from Part VII llne 103
14 Management and general (from llne 44, column (C))
15 Fundra~slng(from lhne 44 column (0))
16 Payments to affll~ates(attach schedule)
S E E STATEMENT 3
m
! LHA For Paperwork Reduction Act Notlce, see the separate lnstruct~ons Form 990 (2003)
1
L
2003.08000 HUDSON VALLEY COMMUNITY COL 4NSOBZ-1
HUDSON VALLEY COMMUNITY COLLEGE FOUND'N
(F/K/A HVCC ENDOWMENT CORP) 22-2427015
a-rf Statement of All organizations must complete column (A). Columns (B), (C), and (D) are required for section 501(c)(3) Page 2
unctional Expenses and (4) organizations and section 4947(a)(l) nonexempt charitable trusts but optional for others.
23 Specific assistance to individuals
-
, ,
26 Other salaries and wages .................................
27 Pension plan contributions .........
28 Other employee benefits ,, ,.,
29 Payroll taxes . . . . . . . . . . . . . . . . . . . . . . . . . . .
30 Professional fundraising fees , , , . , ,
r
I '
31
32
Accounting fees . . . . . . . . . . . . . . .
Legal fees . . . . . . . . . . .
33 Supplies . . . . . . . . . . . . . . . . . . . .
"
1 34 Telephone .................
' 35 Postage and shipping .........
36 Occupancy ..............................
r
I
37 Equipment rental and maintenance
38 Printing and publications
...........
..............................
37
38 2,234. 2,234.
- 39 Travel .........................................................
40 Conferences, conventions, and meetings ............
41 Interest ......................................................
39
40
41
4,257. 4,257.
! 42 Depreciation, depletion, etc. (attach schedule) . . 42
43 Other expenses not covered above (itemize):
m aADMINISTRATIVE 43a
1 b EXPENSES 104,356. 12,367. 83,132. 8,857.
43b
c PROFESSIONAL SERVICES 43c 31,354. 14,303. 17,051.
7 d 43d
I - e 43el
otal nctionai expenses a lines throug
44 iganikdonscomplebng co~umL;$-(~), ca2$these tokls%lines 12-15 44 923,505.1 671,469 125,416.1 -1 126,620.
P
Joint Costs. Check b 1
if you are following SOP 98-2.
Are any joint costs from a combined educational campaign and fundraising solicitation reported in (B) Program services? ..................... b 0Yes No
If "Yes," enter (i) the aggregate amount of these joint costs $ ; (ii) the amount allocated to Program services $
iii) the amount allocated to Management and qeneral $ ; and (iv) the amount allocated to Fundraising $
................ Statement of Program Service Accomplishments
@r#lt&]
What is the organization's prirnaly exempt purpose? b SEE STATEMENT 4
-
!
I.
All organizations must describe their exempt purpose achievements in a clear and mncise manner. State the number of clients sewed, publications issued, etc. Discuss
achievements that are not measurable. (Section 501(c)(3) and (4) organizations and 4947[a)(1) nonexempt charitable trusts must also enter the amount of grants and
allocations to others.)
Proararn Service
Txpenses
(Required for 501(c)(3, and
(4) orgs., and 4947(a)(1)
trusts; but optional for others.)
a SCHOLARSHIPS AND RELATED COSTS
I
I
(Grants and allocations $ 589,894.)1 671,469.
I '
(Grants and allocations $
(Grants and allocations $ )
(Grants and allocations $ ) I
e Other program servlces (attach schedule (Grants and allocatlons $ ) I
f Total of Program Service Expenses (shiuld equal l ~ n e column (0). Program servces)
44, b 671,469.
Form 990 (2003)
2003.08000 HUDSON VALLEY COMMUNITY COL 4NSOBZ-1
HUDSON VALLEY COMMUNITY COLLEGE FOUND'N
(F/K/A HVCC ENDOWMENT CORP) 22-2427015 Page3
- Piw€:IV Balance Sheets
Note: Where required, attached schedules and amounts within the description coiumn (A) (6)
should be for end-of-year amounts only. Beginning of year End of year
45 Cash - non-interest-bearing . . . . . . . . . . . . . . . . . . . . . . . . .
46 Sav~ngsand temporary cash investments . . . . . . .
47 a Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b Less: allowance for doubtful accounts .,,.,,
48 a Pledges receivable ........................
b Less: allowance for doubtful accounts ,,,,,,
49 Grants receivable ........................................
50 Receivables from officers, directors, trustees,
and key employees ......................................
51 a Other notes and loans receivable . . . . . . . . . . . . . . . . .
b Less: allowance for doubtful accounts . . . . . . . . . . .
52 Inventories for sale or use ...................................
53 Prepaid expenses and deferred charges ...............................................................
54 Investments - securities S.TMT .......S.T.M,T .... b
... 5
... Cost 1 FMV
55 a Investments - land, buildings, and
equipment: basis .............. .....
b Less accumulated depreciation , , , . , ,, , ,
57 a Land, buildtngs, and equipment: basis ..................
b Less: accumulated depreciation . . . . . . . . . . . . . . . . . . . . . . . .
58 Other assets (describe b
.................
62 Deferred revenue ................................... :......................
b Mortgages and other notes payable .....................................................................
65 Other liabilities (describe b
perceives an organization in such cases may be determined by the information presented on its return. Therefore, please make sure the return is complete and accurate
and fully describes, in Part Ill, the organization's programs and accomplishments.
3
2003.08000 HUDSON VALLEY COMMUNITY COL 4NSOBZ - 1
HUDSON VALLEY COPIMUNITY COLLEGE FOUND'N
-
- b Amounts included on line a but not on line 17, Form 990:
line 12, Form 990: (1) Donated services
(1) Net unrealized gains and use of facilities ... $
(2) Prior year adjustments
- (2) Donated services reported on line 20,
and use of facilities ...$ Form 990 ............... $
(3) Recoveries of prior (3) Losses reported on
- year grants ............ $ line 20, Form 990 ,,, $
(4) Other (specify): (4) Other (specify):
FUNDRAISINGs
-
.
Add amounts on lines (1) through (4) .. b
c Line a minus line b . . . . . . . . . . . . . . . . . . . . . . c Line a minus line b . . . . . . . . . . . . . . . . . . . . . . . . . . b
d Amounts included on line 12, Form d Amounts included on line 17, Form
990 but not on line a : 990 but not on line a :
- (1) Investment expenses (1) Investment expenses
not included on not included on
line 6b, Form 990 ...$ line 6b, Form 990 ... $
(2) Other (specify): (2) Other (specify):
Add amounts on lines (1) and (2) Add amounts on lines (1) and (2) .
e Total revenue per line 12, Form 990 Total expenses per line 17, Form 990
e
- (linecpluslined) . . . . . blel
. . . . . . . . 972,335.1 (line c PIUSline d ) . . . . . . . . . . . . . . . . . . . . . . . . . . 923,505.
...............
p U List of Officers, Directors, Trustees, and Key Employees (List each one even if not compensated.)
(B) Title and average hours (C) Compensation (D)nContnbutlons to (E) Expense
(A) Name and address per week devoted to (If not paid, enter ~ ~ ~
~account and
, & other allowances ~
- posltlon -0-.) compensation
.................................
- SEE STATEMENT 10 45,750. 13,130- 0.
.................................
-
75 Did any officer, director, trustee, or key employee receive aggregate compensation of more than $100,000 from your organization and all related
organizations, of which more than $10,000 was provided by the related organizations? If "Yes," attach schedule. b Yes ) No 0
7
323031 12-17-03 Form 990 (2003)
4
14230105 744774 4NSOBZ 2003.08000 HUDSON VALLEY COMMUNITY COL 4NSOBZ- 1
- HUDSON VALLEY COMMUNITY COLLEGE FOUND'N
Form 990 (2003) (F/K/A HVCC ENDOWMENT CORP) 22-2427015 Page5
:;.P$...VI::]
1.......................... . .
fi Other Information l ~ e s No
l
-- 76 Did the organization engage in any activity not previously reported to the IRS? If "Yes." attach a detailed description of each activity ...........
77 Were any changes made in the organizing or governing documents but not reported to the IRS? .........................................................
If "Yes," attach a conformed copy of the changes.
- 78 a Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return? ..............................
b If "Yes," has it filed a tax return on Form 990-T forthis year? .......................................................................................... .
!A .........
79 Was there a liquidation, dissolution, termination, or substantial contraction during the year? ...............................................................
.
If "Yes," attach a statement
80 a Is the organization related (other than by association with a statewide or nationwide organization) through common membership,
governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b If "Yes," enter the name of the organization HUDSON VALLEY COIQJ~UN
-
81 a Enter direct or indirect political expenditures. See line 81 instructions ...................
b Did the organization file Form 1120-POL forthis year? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<
82 a Did the organization receive donated services or the use of materials, equipment, or f a c ~ l ~ t ~ eno charge or at substantially less than
at s
fair rental value? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................. ...............................................................
b If "Yes," you may indicate the value of these items here. Do not include this amount as revenue in Part I or a
expense in Part II. (See instructions in Part Ill.) . . . . . . . . . . . . . . . . . . . ........................
- 83 a Did the organization comply with the public inspect~on requirements for returns and exemption applications
b Did the organization comply with the disclosure requirements relating to quid pro quo contributions? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
84 a Did the organization solicit any contributions or gifts that were not tax deductible? .......................................................................
+ b If "Yes," did the organization include with every solicitation an express statement that such contributions or gifts were not
tax deductible? ............................................................................................................................................................
85 501(c)(4), (5), or (6) organizations. a Were substantially all dues nondeductible by members? .......................................... N!A ......... ...
!A
b Did the organization make only in-house lobbying expenditures of $2,000 or less7 ............................................................ N. .........
-
If "Yes" was answered to either 85a or 85b, do not complete 85c through 85h below unless the organization received a waiver for proxy tax
owed for the prior year.
c Dues, assessments, and similar amounts from members ...............................................................
-- d Section 162(e) lobbying and political expenditures .....................................................................
e Aggregate nondeductible amount of section 6033(e)(l)(A) dues notices ..........................................
f Taxable amount of lobbying and political expenditures (line 85d less 85e) .......................................
- g Does the organization elect to pay the section 6033(e) tax on the amount on line 85f? ......................................................
h If section 6033(e)(l)(A) dues notices were sent, does the organization agree to add the amount on line 85f to its reasonable estimate of dues
allocable to nondeductible lobbying and political e
86 501(c)(7) organizations. Enter: a Initiation fees and capital contributions included on line 12 ............
A.
b Gross receipts, included on line 12, for public use of club facilities ...................................................
87 501(c)(12) organizations. Enter: a Gross income from members or shareholders . . . . . . . . . . . . . . . . . . . . . . . . .
b Gross income from other sources. (Do not net amounts due or paid to other sources
- against amounts due or received from them.) . . . . . . . . . . . . . . . . . . . . ...............
88 At any time during the year, did the organization own a 50% or greater interest ~na taxable corporation or p
or an entity disregarded as separate from the organization under Regulations sectlons 301 7701-2 and 301.
- If "Yes,"complete Part IX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
89 a 501(c)(3) organizations. Enter: Amount of tax imposed on the organizatlon during the year under:
section 491 1 b 0 ; section 4912 b . .
0 ; section 4955 b
b 501(c)(3) and501(c)(4) organizations. Did the organizatlon engage ln any section 4958 excess benefit
-
.
transaction during the year or did it become aware of an excess benef~t transaction from a prlor year?
If "Yes," attach a statement explaining each transaction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.
c Enter: Amount of tax imposed on the organizatlon managers or disqual~f~ed persons dur~ng year under the
- sections 4912, 4955, and 4958 . , , . , , . , , , , , , . . . . . . . . . .................................................... 0.
.
,,,
d Enter: Amount of tax on line 89c, above, reimbursed by the organization .................................................................. b 0.
I
90 a List the states with which a copy of this return is filed NY
b Number of employees employed in the pay period that Includes March 12. 2003. ................................................... 90b I I 4
4 91 The books are in care of SRRAH BOGGESS Telephoneno., 518-629-8012
Located at b HUDSON VALLEY COMM COLLEGE ZIP+^ b 12180
-
92 Section 4947(a)(l) nonexempt charitable trusts filing Form 990 in lieu of Form 1041- Check here ...................................................... n
.
323041
and enter the amount of tax-exempt interest received or accrued during the tax year ........................................ ( 92 1 N/A
CI
12-17-03 Form 990 (2003)
5
14230105 744774 4NSOBZ 2003.08000 HUDSON VALLEY COMMUNITY COL 4NSOBZ-1
HUDSON VALLEY COMMUNITY COLLEGE FOUND'N
Ii Form 990 (2003)
..............
(F/K/A HVCC ENDOWMENT CORP) 22-2427015 Page6
/i;psfl:~#i'l
Analysis of Income-Producing Activities (See page 33 of the instructions.)
Note: Enter gross amounts unless otherwise Unrelated business income Excluded by sectton 512. 513, or 514
(El
indicated, (A) (0) (c) (0) Related or exempt
Business Amount
EXCIU-
son Amount
93 Program sewice revenue: code code function income
d
n
e
f MedicareIMedicaid payments .................................
g Fees and contracts from government agencies ............
- 94 Membership dues and assessments .......................
I
95 Interest on savings and temporary cash investments ... 1 4
11 83,445.1
96 Dividends and interest from securities
- 97
a
Net rental income or (loss) from real estate:
debt-f~nanced property
bnot debt-f~nancedproperty
98 Net rental lncome or (loss) from personal property
- 99 Other Investment lncome
100 Galn or (loss) from sales of assets
other than inventory 18 20,610.
101 Net lncome or (loss) from special events 55,091.
or
102 Gross prof~t (loss) from sales of Inventory
103 Other revenue
" I I
. .........
I
. . . . . . . . . . . . . . .I
...................... I
104 Subtotal (add columns (B), (D), and (E)) .................. l m j&$ jj
. ~j j <jl
0 ;!:.:,:i
.:.;;;f;
.: . . .:......
. . .: 104,055I. 55,091.
105 Total (add line 104, columns (B), (D), and (E)) ........................................................................................................b 159,146.
- Note:. .Line .105 plus line Id,Part I, should equal the amount on line 12, Part I.
..... ..... .
bpm;ylilj( Relationship of Activities to the Accomplishment of Exempt Purposes (See page 34 of the instructions.)
Line No. Explain how each activity for which income is reported in column (E) of Part VII contributed importantly to the accomplishment of the organization's
- 101
exempt purposes (other than by providing funds for such purposes).
THE ACTIVITY ADVANCED THE ORGANIZATION'S EXEMPT PURPOSE TO
AID THE WELFARE, DEVELOPMENT, PURPOSES AND PROGRAMS OF
PUDSON VALLEY COMMUNITY COLLEGE AND ITS STUDENTS.
- /~.l
I
Information Regarding Taxable Subsidiaries and Disregarded Entities (See page 34 of the instructions.)
(A) (0) (C) (0) (El
Name, address, and EIN of corporation, Percentage of Nature of activities Total lncome End-of-year
- partnership, or disreqarded entity ovdnership interest assets
o
Y
...................................
~$PM~i::i;jl
Information Regarding Transfers kssociated with Personal Benhfit Contracts (see pade 34 of the instructions.)
(a) Did the organization, during the year, receive any funds, directly or indirectly, to pay premiums on a personal benefit contract? ........... Yes No 0 X
F (b) Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract? . . . . . . . . . . . . . . ...... yes NO 0 XI
Note: If "Yes" to (b), file Form 8870 and Form 4720 (see instructions).
i Under penalties o f perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, 11 is true,
correct, and complete. Declaration of preparer (other than officer) is based on all iniormatlon of which preparer has any knowledge
Here I) sonature of onicer Date ) T.v ~ .eor ~. r i nname and t t e .
Date
l
Check ~f Preparer's SSN or PTIN
Preparer's
Paid
signature
Fiml's name(or UHy ADVISORS NY , INC . EIN b
Only pyd
::i e)
- ,
;o 66 STATE STREET
323161 address, and
12-17-03 ZIP + 4 )ALBANY I NY 12207 Phone no. b 5 18-4 49-3 166
Form 990 (2003)
6
2003.08000 HUDSON VALLEY COMMUNITY COL 4NSOBZ-1
SCHEDULE A Organization Exempt Under Section 501(c)(3) OMB No 1545-0047
( F o r m 9 9 0 or 9 9 0 - E Z ) (Except Private Foundation) and Section 501 (e), 501 (f), 501 (k),
-
Depadrnent of the Treasury
Internal Revenue Servlce
501(n), or Section 4947(a)(l) Nonexempt Charitable Trust
Supplementary Information-(See separate instructions.)
MUST be completed by the above organizations and attached to their Form 990 or 990-EZ
2003
- Name of the organlzatlon HUDSON VALLEY COMMUNITY COLLEGE FOUND ' N I
Employer identification number
(F/K/A HVCC ENDOWMENT CORP) 1 22 2427015
t ~ a r t f Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees
(See oaae 1 of the instructions. List each one. If there are none. enter "None "i
, , -
-. (d) Contnbutlons to
(a) Name and address of each employee pard and
(b) T~tle average hours ( e l Expense
more than $50,000
per week devoted to
pOSltlOfl
(c) Compensatlon p~~' ~ a c ~
b a~l l ~ and other
"compensatlon, o account w~ l l~ e~ t
- NONE
.................................
-I I I I
(See page 2 of the instructions List each one (whether ~ndividualsor firms). If there are none, enter "None.")
I I
(a) Name and address of each ~ndependent
contractor paid more than $50,000 (b) Type of service (c) Compensat~on
NONE
............................................
-
F
P-
3~310111~-05-03 LHA For Paperwork Reduction Act Notice, see the Instructions for Form 990 and Form 990-EZ. Schedule A (Form 990 or 990-EZ) 2003
7
~4230105744774 4NSOBZ 2003.08000 HUDSON VALLEY COMMUNITY COL 4NSOBZ-1
HUDSON VALLEY COMMUNITY COLLEGE FCUND'N
Schedule A (Form 990 or 990-EZ) 2003 ( F/K/A HVCC ENDOWMENT CCRP ) 22-2427015 Page2
/ Statements About Activities (See page 2 of the instructions.) Yes No
1 During the year, has the organization attempted to influence national, state, or local legislation, including any attempt to influence
or
public opinion on a legislative matter or referendum? If "Yes," enter the total expenses pa~d Incurred in connection wrth the
lobbying activities b $ $ (Must equal amounts on line 38, Part VI-A,
or line i of Part VI-B.)
Organizations that made an election under section 501(h) by filing Form 5768 must complete Part VI-A. Other organizations checklng
"Yes," must complete Part VI-El AND attach a statement giving a detailed description of the lobbying activities.
2 During the year, has the organization, either directly or indirectly, engaged in any of the following acts with any substantial contributors,
trustees, directors, officers, creators, key employees, or members of their families, or with any taxable organization with which any such
person is affiliated as an officer, director, trustee, majority owner, or principal beneficiary? (If the answer to any question is "Yes,"
attach a detailed statement explaining the transactions.)
a Sale, exchange, or leasing of property? .......................................................................................................................................
b Lending of money or other extension of credit? ..............................................................................................................................
. . ...
,
c Furnlshlng of goods, s e ~ i c e s or facllltles? ....................................................................................................................................
d payment of compensation (or payment or reimbursement of expenses if more than $1,000)? . S E E P.M.T. l?...FORM...99.0
. . ... .
e Transfer of any part of its income or assets? ............................................................................
3 a Do you make grants for scholarships, fellowships, student loans, etc.? (If Yes," attach an explanation of ho
you determine that recipients qualify to receive payments,) ..............................................................%E.E....
s.T.AT.E.ME.N.T.... l,l. 3a
b Do you have a section 403(b) annuity plan for your employees? .....................................................................................................
any
Did you mainta~n separate account for participating donors where donors have the rlght to provide advice
on the use or distribution of funds? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4. .
. x
1p m l u Reason for Non-Private Foundation Status (See pages 3 through 6 of the instruct~ons.)
'The organization is not a private foundation because it is: (Please check only ONE applicable box.)
5 1 A church, convention of churches, or association of churches. Section 170(b)(l)(A)(i).
6 1 A school. Section 170(b)(l)(A)(ii). (Also complete Part V.)
7 1 A hospital or a cooperative hospital service organization. Section 170(b)(l)(A)(ili).
8 1 A Federal, state, or local government or governmental unit. Section 170(b)(l)(A)(v).
9 1 A medical research organization operated in conjunction with a hospital. Sectlon 170(b)(l)(A)(iii). Enter the hospital's name, city,
and state b
10 An organization operated for the benefit of a'college or university owned or operated by a governmental unrt. Sectlon 170(b)(l)(A)(iv).
(Also complete the Support Schedule in Part IV-A.)
lla An organization that normally receives a substantial part of its support from a governmental unit or from the general public.
Section 170(b)(l)(A)(vi).(Also complete the Support Schedule in Part IV-A.)
11b 0 A community trust. Section 170(b)(l)(A)(vi). (Also complete the Support Schedule in Part IV-A,)
12 1 An organization that normally receives: (1) more than 33 113% of rts support from contributions, membership fees, and gross
receipts from activities related to its charitable, etc., functions -subject to certain exceptions, and (2) no more than 33 113% of
its support from gross investment income and unrelated business taxable income (less section 51 1 tax) from businesses acquired
by the organization after June 30,1975. See section 509(a)(2). (Also complete the Support Schedule in Part IV-A,)
13 1 An organization that is not controlled by any disqualified persons (other than foundation managers) and supports organizations described in:
(1)lines 5 through 12 above; or (2) section 501(c)(4), (5), or (6), if they meet the test of section 509(a)(2). (See section 509(a)(3).)
1
Provide the following Information about the supported organizations. (See page 5 of the instructions.)
(b) Line number
(a) Name(s) of supported organization(s) from above
- 14 1 An organization organized and operated to test for public safety. Section 509(a)(4). (See page 6 of the instructions.)
Schedule A (Form 990 or 990-EZ) 2003
8
2003.08000 HUDSON VALLEY COMMUNITY COL 4NSOBZ-1
HUDSON VALLEY COMMUNITY COLLEGE FOUND'N
Schedule A (Form 990 or 990-EZ) 2003 ( F/K/A HVCC ENDOWMENT CORP ) 22-2427015 Page3
1 1
Pafi ]v-A S u p p o r t S c h e d u l e ( C o m p l e t e o n l y ~fy o u c h e c k e d a b o x o n lrne 1 0 , 1 1 , o r 12.) U s e c a s h m e t h o d o f a c c o u n t i n g .
t
N o t e : You m a y u s e t h e w o r k s h e e t ~n h e lnstructlons f o r c o n v e f i n g f r o m t h e a c c r u a l to t h e c a s h m e t h o d o f accounting
Calendar year (or fiscal year
b e g ~ n n ~ n gn )
~ b ( a ) 2002 (b) 2001 ( c ) 2000 (d) 1999 (e) Total
1 5 G~fts, grants, and contr~but~ons
recelved (Do not Include unusual
grants See h e 28 ) 528,416. 1,462,334. 406,027. 248,621. 2,645,398.
16 Membersh~pfees recelved
Gross recelpts from a d m ~ s s ~ o n s ,
17
merchandise sold or servlces
A g
performed, or f u r n ~ s h ~ nof
~n
fac~llt~es any actlvlty that IS
related to the organlzatlon's
-
chartable, etc , purpose
- 1 8 Gross lncorne from ~nterest,
dlvldends, amounts recelved from
payments on securltles loans (sec-
t ~ o n 2(a)(5)), rents, royalties, and
51
unrelated buslness taxable Income
(less sectlon 51 1 taxes) from
businesses acquired by the
organization after June 30, 1975 82,562. 81,783. 82,834. 51,462. 298,641.
19 Net income from unrelated business1 1 I 1 I
act~v~ties included in line 18 .
not 1
20 Tax revenues levled for the
organization's benefit and,either
oald to ~tor exoended on ~ t sbehalf
21 The value of services or facilities
unit or publ~cly supported organization) whose total gifts for 1999 through 2002 exceeded the amount shown in line 26a
Do not file this list with your return. Enter the total fall these excess amounts ............................
c Total support for section 509(a)(l) test: Enter line 24, column (e) . . . . . . . . . . . . . . . . . . . . . . . .
d Add: ~ r n o u n t from column (e) for lines:
s 18 298,641. 1 9
22 26b 158,019. ..
...........
27 Organizations described on line 12: a For amounts included in lines 15, 16, and 1 7 that were received from a "disqualified person," prepare a list for your
records to show the name of, and total amounts received ln each year from, each "d~squalified person." Do not file this list with your return. Enter the sum of
such amounts for each year: N/A
(2002) . . . . . . (2001 ) . . . . . . . . (2000) . . . . . . . . . . . (1999) . . . . . . . . .
t
b For any amount Included ~nlhne 17 that was received from each person (other than "disqualified persons"), prepare a l ~ sfor your records to show the name of,
25
and amount recelved for each year, that was more than the l a r g e r of (1) the amount on l ~ n e for the year or (2) $5 000 (Include ~nthe 11storganrzat~ons
descr~bed lines 5 through 11, as well as Indlvlduals ) Do not frle this Ilst w ~ t h
~n your return. After computing the d~fferencebetween the amount rece~ved and
the larger amount descr~bed (1) or (2), enter the sum of these differences (the excess amounts) for each year
rn N/A
(2002) (2001) (2000) (1 999)
- c Add Amounts from column (e) for llnes
17
15
20
16
21 b 27c N/A
d Add Llne 27a total and line 27b total b 27d N/A
I e Publlc support (l~ne27c total mlnus lrne 27d total)
f Total support for sect~on509(a)(2) test Enter amount on llne 23, column (e) b 271 1 N/A
b 27e N/A
g Public s u p p o r t p e r c e n t a g e (line 2 7 e (numerator) divided b y line 2 7 f (denominator)) b 279 N/A %
- h I n v e s t m e n t i n c o m e p e r c e n t a g e ( l i n e 18, column (e) ( n u m e r a t o r ) d ~ v i d e d y line 2 7 f ( d e n o m i n a t o r ) )
b b 27h N/A o/,
28 U n u s u a l G r a n t s : For an organlzatlon described ln lrne 10,11, or 12 that recelved any unusual grants durlng 1999 through 2002, prepare a llst for your records
f of
to show, for each year, the name of the contributor, the date and amount of the grant, and a b r ~ ed e s c r ~ p t ~ o n the nature of the grant Do not file this list w ~ t h
- your return Do not Include these grants ln llne 15
323121 12-05-03 NONE
9
Schedule A (Form 990 or 990-EZ) 2003
14230105 744774 4NSOBZ 2003.08000 HUDSON VALLEY COMMUNITY COL 4NSOBZ- 1
HUDSON VALLEY COMMUNITY COLLEGE FOUND'N
Schedule A (Form 990 or 990-EZ) 2003 ( F/K/A HVCC ENDOWMENT CORP ) 22-2427015 Page4
::'Pad
. . . . . . 1 Private School Questionnaire (See page 7 of the instructions.) N/A
(To be completed ONLY by schools that checked the box on line 6 in Part IV)
I I
nondiscriminatory policy toward students by statement in ~ t s
Does the organization have a rac~ally charter, bylaws, other governing
governing body7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
instrument, or in a resolution of ~ t s
Does the organ~zationinclude a statement of its racially nondiscriminatory policy toward students in all its brochures, catalogues,
and other written communicat~ons with the public dealing with student admissions, programs, and scholarships? ....................................
Has the organization publicized its racially nondiscriminatory policy through newspaper or broadcast media during the period of
solicitation for students, or during the registration period if it has no solicitation program, in a way that makes the policy known
to all parts of the general cornmunib! it serves? ...........................................................................................................................
If "Yes." please describe; if "No," please explain. (If you need more space, attach a separate statement.)
Does the organization maintain the following:
Records indicating the racial composition of the student body, faculty, and administrative staff? . . . . . . . . . . ........................
Records documenting that scholarships and other financial assistance are awarded on a racially nondiscriminatory basis? . . . . . . . . . . . . . . . . . . . . . . . .
Copies of all catalogues, brochures, announcements, and other written communications to the public dealing with student
admissions, programs, and scholarships? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Copies of all material used by the organization or on its behalf to solicit contributions? . . . . . . . . . . . . . .........................
If you answered "No" to any of the above, please explain. (If you need more space, attach a separate statement.)
by
Does the organization d~scriminate race in any way with respect to:
Students' rights or privileges? ...................................................................................................................................
Admissions policies? ............................................................................................................................................................
Employment of faculty or administrative staff? ...........................................................................................................................
Scholarships or other financial assistance? .................................................................................................................................
. .
Educational pollcles7 ...........................................................................................................................................................
Use of facilities? ................................................................................................................................................................
Athletic programs? ...............................................................................................................................................................
. . .
Other extracurricular actlvltles7 ................................................................................................................................................
If you answered "Yes" to any of the above, please explain. (If you need more space, attach a separate statement.)
or
Does the organ~zationreceive any financial a ~ d assistance from a governmental agency? ..... . . ........................
right
Has the organ~zat~on's to such aid ever been revoked or suspended? . . . . . . . . . . . . . . . . .....................................
If you answered "Yes" to either 34a o r b , please explain using an attached statement.
Does the organlzatlon certlfy that ~thas complied with the applicable requirements of sectlons 4.01 through 4.05 of Rev. Proc. 75-50,
1975-2 C.B. 587, covering racial nondiscrimination? If "No," attach an explanation . . . . . . . . . . . ...............................3 5 1 .
Schedule A (Form 990 or 990-EZ) 2003
10
2003.08000 HUDSON VALLEY COMMUNITY COL 4NSOBZ-1
HUDSON VALLEY COMMUNITY COLLEGE FOUND'N
.
Schedule A (Form 990 or 990-EZ) 2003 ( F / K/A HVCC ENDOWMENT CORP ) 22-2427015 page5
- [ ~ a rVX-A Lobbying Expenditures by Electing Public Charities (See page 9 of the ~nstruct~ons.)
Check
f
a
1
(To be completed ONLY bv an ellalble oraanizatlon that flled Form 5768)
0lf the organlzatlon belongs to an affiliated group. Check b b
N/A
if you checked "a"and "limited control" provisions apply.
(a) (b)
Limits on Lobbying Expenditures
- (The term "expenditures" means amounts paid or incurred.)
Aff~l~atedgroup
totals
To be completed for ALL
electing organizations
36 Total lobbying expenditures to Influence public opinion (grassroots lobbying) ...........................
37 Total lobbying expenditures to influence a legislative body (direct lobbying) ..............................
38 Total lobbying expenditures (add lines 36 and 37) ...............................................................
39 Other exempt purpose expenditures .................................................................................
- 40 Total exempt purpose expenditures (add lines 38 and 39) ..................................................
41 Lobbying nontaxable amount. Enter the amount from the following table -
If the amount on line 4 0 is - The lobbying nontaxable amount is -
Not over$500.000 .................................... 20% of the amount on line 40 .................................
Over $500.000 but not over $1,000,000 . . . . . . . . . $100.000 plus 15% of the excess over $500.000 ......... 1
1
Over $1,000.000 but not over$1,500.000 ......... $175.000 plus 10% of the excess over $l,OOO,M)O .........
Over $1,500,000 but not over $17.000.OM) ......... $225.000 plus 5% of the excess over$1.500.000 .........
- Over $1 7.000.000 .................................... $1,000,~OO.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.
42 Grassroots nontaxable amount (enter 25% of line 41) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43 Subtract line 42 from line 36. Enter -0- if line 42 is more than line 36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4-Year Averaging Period Under Section 501(h)
(Some organizations that made a section 501(h) election do not have to complete all of the five columns
below. See the instructions for lines 45 throuah 50 on paae 1 1 of the instructions.)
-.
Lobbying Expenditures During 4-Year Averaging Period
N/A
Calendar year (or (a) (b) (c) (d) (4
- fiscal year beginning in) b 2003 2002 2001 2000 Total
45 Lobbying nontaxable
-- amount 0.
amount
46 Lobbyrng c e ~ l ~ n g
/
(150% of h e 45(e)) 0.
-
.
4 7 Total lobbying
expenditures .................. 0.
- 48 Grassroots nontaxable
amount 0.
49 Grassroots celllng amount
(150% of lhne 48(e))
-
50 Grassroots lobbylng 1 1 1 1 I
expend~tures 0.
1 Part VI-B 1
- Lobbying Activity by Nonelecting Public Charities
(For reoort~noonlv bv oroan~zatlonsthat dld not comolete Part VI-A\ (See oaoe 12 of the lnstructlons ) N/A
d
During the year, d ~ the organlzatlon attempt to influence national, state or local legislation, including any attempt to
influence publrc opinion on a leg~slativematter or referendum, through the use of:
- a Volunteers .................................................................................................................................
b Paid staff or management (Include compensation in expenses reported on lines c through h.) ...................................
I)
c Media advertisements .......................................................................................................................
d Mailings to members, legislators, or the public .............................................................................................
e Publications. or published or broadcast statements .......................................................................................
f Grants to other organizations for lobbying purposes ........................................................................................
g Direct contact with legislators, their staffs, government officials, or a legislative body .............................................
- h Rallies, demonstrations, seminars, conventions, speeches, lectures, or any other means ..........................................
i Total lobbying expenditures (Add linesc through h.) ..................................................................................... : 0.
- If "Yes" to any of the above, also attach a statement giving a detailed description of the lobbying activities.
323141
12-05-03
* *
11
Schedule A (Form 990 or 990-EZ) 2003
2003.08000 HUDSON VALLEY COMMUNITY COL 4NSOBZ- 1
- HUDSON VALLEY COMMUNITY COLLEGE FOUND'N
Schedule A (Form 990 or 990-EZ) 2003 ( F/K/A HVCC ENDOWMENT CORP ) 22-2427015 Page6
- 1 Pad Vjt I
51
Information Regarding Transfers To and Transactions and Relationships With Noncharitable
Exempt Organizations (See page 12 of the lnstruct~ons)
Did the report~ng dlrectly or lnd~rectlyengage ln any of the following wlth any other organ~zatlon
organ~zat~on descrlbed ln sectlon
501(c) of the Code (other than sectlon 501(c)(3) organlzatlons) or ln sectlon 527, relatlng to polltlcal organ1zat1ons7
- a Transfers from the report~ng organlzatlon to a noncharltable exempt organlzatlon of
(I) Cash
(11) Other assets
b Other transactlons
--
,+
(i) Sales or exchanges of assets w ~ t h noncharltable exempt organlzatlon
a
(11) Purchases of assets from a noncharltable exempt organlzatlon
equ~pment, other assets
(111) Rental of fac~lltles, or
- (IV) Reimbursement arrangements
(v) Loans or loan guarantees
(VI) Performance of servlces or membership or fundralslng solrcltatlons
- of es,
c Shar~ng f a c ~ l ~ t ~equ~pment,ma~llng other assets, or p a ~ d
I~sts, employees
d If the answer to any of the above IS "Yes, complete the f o l l o l ~ l n g market value of the
schedule Column (b) should always show the f a ~ r
goods, other assets, or servlces given by the reporting organlzatlon If the organlzatlon recelved less than f a ~ market value ~nany
r
transact~onor sharlng arrangement, show ~ncolumn (d) the value of the goods, other assets, or servlces recelved N/A
-
(a) (b) (c) (dl
Llne no Amount ~nvolved Name of noncharltable exempt organlzat~on of
Descr~pt~on transfers, transactions, and sharlng arrangements
52 a Is the organlzatlon dlrectly or lndlrectly aff~l~ated~ t h or related to, one or more tax-exempt organlzatlons descrlbed ~nsectlon 501(c) of the
w ,
- Code (other than sect~on501(c)(3)) or ~nsectlon 5277 0Yes X No
b If "Yes," complete the follow~ngschedule N/A
(a) (b) (c)
Name of organlzatlon Type of organlzatlon Descrlptlon of relatlonshlp
--
Schedule A (Form 990 or 990-EZ) 2003
12
2003.08000 HUDSON VALLEY COMMUNITY COL 4NSOBZ-1
Schedule B Schedule of Contributors OMB No. 1545-0047
(Form 990, 990-EZ, or
990-PF) Supplementary Information for
Department of the Treasury
Internal Revenue Sewice
line 1 of Form 990, 990-EZ, and 990-PF (see instructions) 2003
Name of organization Employer identification number
HUDSON VALLEY COMMUNITY COLLEGE FOUND'N
(F/K/A HVCC ENDOWMENT CORP) 22-2427015
Organization type (check one):
Filers of: Section:
Form 990 or 990-EZ 501(c)( 3 ) (enter number) organization
-
0 4947(a)(l) nonexempt charitable trust not treated as a private foundation
0 527 political organization
Form 990-PF 501(c)(3) exempt private foundation
0 4947(a)(l) nonexempt charitable trust treated as a private foundation
0 501(c)(3)taxable private foundation
&
Check if your organization is covered by the General Rule or a Special Rule. (Note: Only a section 501(c)(7), (8), or (lo) organization can check box(es)
for both the General Rule and a Special Rule-see instructions.)
-
General Rule-
- For organizations filing Form 990,990-EZ, or 990-PFthat received, during the year, $5,000 or more (in money or property) from any one
contributor. (Complete Parts I and 11.)
- Special Rules-
For a section 501 (c)(3)organization filing Form 990, or Form 990-EZ, that met the 33 1/3% support test of the regulations under
sections 509(a)(1)/170(b)(l)(A)(vi)and received from any one contr~butor, during the year, a contribution of the greater of $5,000 or 2%
of the amount on line 1 of these forms. (Complete Parts I and 11.)
0 For a section 501(c)(7),(a), or (10) organrzatlon filing Form 990, or Form 990-EZ, that received from any one contributor, during the year,
aggregate contributions or bequests of more than $1,000 for use exclusively for religious, charitable, scientific, literary, or educational
purposes, or the prevention of cruelty to children or animals. (Complete Parts I, II, and Ill.)
-- 0 For a section 501(c)(7),(8), or (10) organization filing Form 990, or Form 990-EZ, that received from any one contributor, during the year,
some contributions for use exclusively for religious, charitable, etc., purposes, but these contributions did not aggregate to more than
$1,000. (If this box is checked, enter here the total contributions that were received during the year for an exclusively religious,
charitable, etc., purpose. Do not complete any of the Parts unless the General Rule applies to this organization because it received
nonexclusively religious, charitable, etc., contributions of $5,000 or more during the year.) ........................... b $
Caution: Organizations that are not covered by the General Rule andlor the Special Rules do not file Schedule 8 (Form 990, 990-EZ, or 990-PF), but
- they must check the box in the heading of their Form 990, Form 990-EZ, or on line-?of their Form 990-PF, to certify that they do not meet the filing
requirements of Schedule 8 (Form 990, 990-EZ, or 990-Po.
I
LHA For Papenwork Reduction Act Notice, see the Instructions Schedule B (Form 990,990-EZ, or 990-PF)(2003)
t for Form 990 and Form 990-EZ
13
2003.08000 HUDSON VALLEY COMMUNITY COL 4NSOBZ- 1
Schedule 8 (Form 990.990-R. or 990-PF) (2003) page 1 to 2 of part1
- Name of organization
HUDSON VALLEY COMMUNITY COLLEGE FOUND'N
(F/K/A HVCC ENDOWMENT CORP)
Employer identification number
22-2427015
ParZ 1 Contributors (See Spec~f~c
Instruct~ons.)
-
(a) (b) (c) (dl
No. Name, address, and ZIP + 4 Aggregate contributions Type of contribution
-
THE ALLSTATE FOUNDATION person IX/
Payroll
$ 20,000. Noncash 0
(Complete Part II if there
I is a noncash contribution.)
- (a)
No.
(b)
Name, address, and ZIP + 4
(c)
Aggregate contributions
(dl
Type of contribution
VERIZON FOUNDATION person X
Payroll
$ 33,232. Noncash
(Complete Part II if there
A
I I is a noncash contribution.)
(a) (b) (4 (dl
No. Name, address, and ZIP + 4 Aggregate contributions Type of contribution
-
MASTRANGELO-ARNOLD FOUNDATION Person EC
Payroll 0
Noncash 0
(Complete Part II if there
is a noncash contribution.)
-
(a) (b) (c) (dl
No. Name, address, and ZIP + 4 Aggregate contributions Type of contribution
BANK OF AMERICA person IXI
Payroll m
$ 20,000. Noncash m
(Complete Part II if there
is a noncash contribution.)
- (a)
No.
(b)
Name, address, and ZIP + 4
(c)
Aggregate contributions
(dl
Type of contribution
ALBANY MEDICAL CENTER Person IXI
Payroll 0
Noncash 0
(Complete Part II if there
is a noncash contribution.)
I
(a) (b) (4 (dl
No. Name, address, and ZIP + 4 Aggregate contributions Type of contribution
1 6 RENSSELAER POLYTECHNIC INSTITUTE person KI
Payroll 0
- $ 33,580. Noncash 0
(Complete Part II if there
is a noncash contribution.)
- 323452 12-05-03
14
Schedule B (Form990,990-EZ, or 990-PF) (2003)
14230105 744774 4NSOBZ 2003.08000 HUDSON VALLEY COMMUNITY COL 4NSOBZ- 1
Schedule B (Foml990,990-EZ, or 990-PF) (2003) Page 2 to 2 of part l
Name of organization Employer identification number
HUDSON VALLEY COMMUNITY COLLEGE FOUND'N
(F/K/A HVCC ENDOWMENT CORP) 22-2427015
Part 1 Contributors (See Speclf~cInstruct~ons.)
(b) (c) (dl
Name, address, and ZIP + 4 Aggregate contributions Type of contribution
KARPIAK TRUST Person IXI
Payroll 0
Noncash 0
(Complete Part II ~fthere
is a noncash contribution.)
(a) (b) (c) (dl
No. Name, address, and ZIP + 4 Aggregate contributions Type of contribution
OTHER CONTRIBUTORS Person IXI
Payroll 0
Noncash 0
(complete Part II if there
is a noncash contribution.)
(a) (b) (4 (dl
No. Name, address, and ZIP + 4 Aggregate contributions Type of contribution
I I person O
-
U
I I Payroll
Noncash m
(Complete Part II if there
is a noncash contribution.)
(a) (b) (c) (dl
No. Name, address, and ZIP + 4 Aggregate contributions Type of contribution
Person O
Payroll m
Noncash m
(Complete Part II if there
is a noncash contribution.)
- (a) (b)
No. Name, address, and ZIP + 4 Aggregate contributions I Type of contribution
Person O
Payroll
$ Noncash
(Complete Part II if there
is a noncash contribution.)
- (a) (b) (4 (dl
No. Name, address, and ZIP + 4 Aggregate contributions Type of contribution
C Person I
C
Payroll
- $ Noncash 0
(Complete Part II if there
is a noncash contribution.)
- 323452 12-05-03
15
Schedule B (Form 990, 990-EZ, or 990-PF) (2003)
14230105 744774 4NSOBZ 2003.08000 HUDSON VALLEY COMMUNITY COL 4NSOBZ- 1
- HUDSON VALLEY COMMUNITY COLLEGE FOUND'N 22-2427015
-FORM 990 GAIN (LOSS) FROM PUBLICLY TRADED SECURITIES STATEMENT 1
-DESCRIPTION GROSS
SALES PRICE
COST OR
OTHER BASIS
EXPENSE
OF SALE
NET GAIN
OR (LOSS)
PER SCHEDULE
-.ATTACHED
TO FORM 990, PART I, LINE 8 506,516. 485,906. 0. 20,610.
-
-FORM 990 SPECIAL EVENTS AND ACTIVITIES STATEMENT 2
GROSS CONTRIBUT. GROSS DIRECT NET
-DESCRIPTION OF EVENT RECEIPTS INCLUDED REVENUE EXPENSES INCOME
FUNDRAISING 134,227. 134,227. 79,136- 55,091.
-
TO FM 990, PART I, LINE 9 134,227. 134,227. 79,136. 55,091.
-
FORM 990 OTHER CHANGES IN NET ASSETS OR FUND BALANCES STATEMENT 3
-
DESCRIPTION AMOUNT
-UNREALIZED
UNREALIZED
GAIN ON INVESTMENTS
GAIN - GUENTHER TRUST
114,734.
22,450.
TRANSFER FROM HVCC SCHOLARSHIP FUND 87,367.
--TOTALTO FORM 990, PART I, LINE 20
FORPI 990 STATEMENT OF ORGANIZATION'S PRIMARY EXEMPT PURPOSE STATEMENT 4
PART I11
EXPLANATION
-THE HUDSON VALLEY COMMUNITY COLLEGE FOUNDATION IS A TAX EXEMPT ORGANIZATION
ESTABLISHED TO RECEIVE AND MAINTAIN FUNDS TO AID AND ADVANCE THE WELFARE,
DEVELOPMENT, PURPOSES AND PROGRAMS OF THE HUDSON VALLEY COMMUNITY COLLEGE
-AND ITS STUDENTS.
16 STATEMENT(S) 1, 2, 3, 4
2003.08000 HUDSON VALLEY COMMUNITY COL 4NSOBZ-1
- HUDSON VALLEY COMMUNITY COLLEGE FOUNDrN 22-2427015
4 O R M 990 NON-GOVERNMENT SECURITIES STATEMENT 5
- OTHER
PUBLICLY TOTAL
CORPORATE CORPORATE TRADED OTHER NON-GOV ' T
SECURITY DESCRIPTION STOCKS BONDS SECURITIES SECURITIES SECURITIES
-
YUTUAL FUNDS
COMMON STOCK 939,366.
-CORPORATE BONDS 290,874.
TO 990, LN'54 COL B 939,366- 290,874.
-
-FORM 990 GOVERNMENT SECURITIES STATEMENT 6
U.S. STATE AND TOTAL GOVrT
GOVERNMENT LOCAL GOV'T SECURITIES
TREASURY BONDS 403,071. 403,071.
T O T A L TO FORM 990, LINE 54, COL B 403,071. 403,071.
FORM 990 OTHER INVESTMENTS STATEMENT 7
-
VALUATION
DESCRIPTION METHOD AMOUNT
+?4ONEY MARKET FUNDS MARKET VALUE 321,951.
TOTAL TO FORM 990, PART IV, LINE 56, COLUMN B 321,951.
-
-
FORM 990 OTHER ASSETS STATEMENT 8
DESCRIPTION AMOUNT
-
3THER ASSETS
BENEFICIAL INT. IN PERP. TRUST
-. INTEREST RECEIVABLE
TOTAL
TO FORM 990, PART IV, LINE 58, COLUMN B
17 STATEMENT(S) 5, 6 , 7, 8
2003.08000 HUDSON VALLEY COMMUNITY COL 4NSOBZ-1
7
HUDSON VALLEY COMMUNITY COLLEGE FOUND'N
--FORM 990 OTHER REVENUE NOT INCLUDED ON FORM 990 STATEMENT 9
-DESCRIPTION AMOUNT
FUND RAISING
-HVCC SCHOLARSHIP FUND TRANSFER
TOTAL TO FORM 990, PART IV-A 166,503.
FORM 990 PART V - LIST OF OFFICERS, DIRECTORS, STATEMENT 10
TRUSTEES AND KEY EMPLOYEES
EMPLOYEE
TITLE AND COMPEN- BEN PLAN EXPENSE
NAME AND ADDRESS AVRG HRS/WK SATION CONTRIB ACCOUNT
-EDWARD H. NASH DIRECTOR
54 BRIDLE PATH 0 0. 0. 0.
ALBANY, NY 12205
d
MARY BOLAND DIRECTOR
AMERICAN COPPER COUNCIL TWO SOUTH 0
END AVENUE-SUITE 4C
-NEW YORK, NY 10280
RICHARD F. GALVIN DIRECTOR
-12 SADDLE HILL ROAD 0 0. 0. 0.
WYNANTSKILL, NY 12198
CONRAD H. LANG EMERITUS
--2218 BURDETT AVENUE APT. 311 0
TROY, NY 12180
-ROY J. MCDONALD DIRECTOR
PAINE WEBBER INC 5 4 STATE STREET, 0
SUITE 1000
-ALBANY, NY 12207
PETER D. SEMENZA DIRECTOR
ST. PETERS HOSPITAL 317 SOUTH 0
-MANNING BLVD., SUITE 160
ALBANY, NY 12208
-RICHARD M. AMADON DIRECTOR
I
11 SADDLE HILL ROAD 0
WYNANTSKILL, NY 12198
I
Except as noted officers, directors, trustees or key employees on this list serve on an "as
- needed" basis, without compensation, benefits or allowances.
LI
18 STATEMENT(S) 9 , 10
14230105 744774 4NSOBZ 2003.08000 HUDSON VALLEY COMMUNITY COL 4NSOBZ-1
n HUDSON VALLEY COMMUNITY COLLEGE FOUND'N
DOUGLAS G. BALDREY DIRECTOR
41 CHEROKEE LANE 0
AVERILL PARK, NY 12018
JAMES A. WALSH DIRECTOR
'5-25TH STREET 0
UTROY, NY 12180
WILLIAM F. O'CONNOR DIRECTOR
NYS OFFICE OF'GENERAL SERVICES 0
CORNING TOWER BLDG
FiALBANY, NY 12242
DIRECTOR
ALBANY COUNTY COURTHOUSE 0
BANY, NY 12207
JAMES D. RYAN DIRECTOR
ASSOCIATES I11 0
L . CRAIG BRYCE DIRECTOR
FUNERAL HOME INC. 276 0
PAWLING AVENUE
F R O Y , NY 12180
JOHN L. BUONO EX OFFICIO
HVCC 80 VANDENBURGH AVENUE 0
[rjTROY, NY 12180
r1
ROBERT G. BURKE DIRECTOR
WPIONEER SAVINGS BANK 21 SECOND
STREET
TROY, NY 12180
0
F"
b a m E s J. FITzGIBBoNs EMERITUS
8 LARCH AVENUE 0
,TROY, NY 12180
VICE PRESIDENT
EASTERN COPY PRODUCTS 16 B PETRA 0
@k?hY, NY 12205
J. CLEMENT DIRECTOR
CLEMENT FRAME & ART SHOP- INC. 201 0
BROADWAY
19 STATEMENT(S) 10
2003.08000 HUDSON VALLEY COMMUNITY COL 4NSOBZ-1
HUDSON VALLEY COMMUNITY COLLEGE FOUND'N
EILEEN N. LACORTE DIRECTOR
A A C O R T E COMPANIES, INC. 630 7TH 0
AVENUE
TROY, NY 12182
4
THOMAS J. MCGRATH DIRECTOR
TIPPERARY AT TARA 3956 NY 2 0
BRUNSWICK ROAD
-TROY, NY 12180
WILLIAM H. PROUT DIRECTOR
,PROUT PRINTERS, INC. 51 COLLINS 0
AVENUE
TROY, NY 12180
-.
ARTHUR R. VEINO, JR. DIRECTOR
PEPSI-COLA BOTTLING CO. 1 0
PEPSI-COLA DRIVE
-LATHAM, NY 12110
WILLIAM F. FAGAN CHAIRPERSON
-WILLIAM J. FAGAN & SONS, INC. 15 0
FIRST STREET
TROY, NY, 12180
-SHAUN 0. SEYMOUR DIRECTOR
BEHAVIORAL MANAGEMENT, INC . 2 20 0
MENEMSHA LANE
-BRUNSWICK, NY, 12198
E. MICHAEL MCLOUGHLIN TREASURER
-- 109TH STREET
MCLOUGHLIN & MASON FUNERAL HOME 8 0
TROY, NY 12182
-ANNE S. MORGAN DIRECTOR
28 MEADOW DRIVE 0
TROY, NY 12180
,
-
DAVID RICCI DIRECTOR
JOHNSON CONTROLS, INC. PINE WEST 0
PLAZA, BUILDING 4 WASHINGTON
-AVENUE EXT.
ALBANY, NY 12205
--A. LYNNE SCOTT SECRETARY
MVP HEALTHCARE 625 STATE STREET 0
SCHENECTADY, NY 12305
-
EDWARD J. KEHN DIRECTOR
-WELLS COMMUNICATION SERVICE 221 0
NORTH GREENBUSH ROAD
F R O Y , NY 12180
*
20 STATEMENT(S) 10
14230105 744774 4NSOBZ 2003.08000 HUDSON VALLEY COMMUNITY COL 4NSOBZ-1
HUDSON VALLEY COMMUNITY COLLEGE FOUND'N
MICHAEL MOSCATIELLO DIRECTOR
OSCATIELLO'S 99 N. GREENBUSH ROAD 0
ROY, NY 12180
DIRECTOR
GROUP 111 0
ALBANY, NY 12210
1Ti.YANDY MORMINO EX OFFICIO
BVCC 80 VANDENBURGH AVENUE 0
-TROY, NY 12180
r :
I
3OSHUA MEPPEN STUDENT SENATE PRESIDENT
HVCC 80 VANDENBURGH AVENUE 0 0.
ROY, NY 12180
SARAH BOGGESS PRESIDENT
VCC 80 VANDENBURGH AVENUE 45
NY 12180
F OTALS INCLUDED ON FORM 990, PART V
-.
EXPLANATION OF QUALIFICATIONS TO RECEIVE PAYMENTS STATEMENT 11
PART 111, LINE 3
SCHOLARSHIPS ARE GRANTED TO STUDENTS OF HUDSON VALLEY COMMUNITY
COLLEGE
u-
21 STATEMENT(S) 10, 11
2003.08000 HUDSON VALLEY COMMUNITY COL 4NSOBZ-1
pa~!a3ayante/\ i a y ~ e w anle~ ledsu~~d S S O ~ plos a l ~ aa ! ~ Gu!llas
d aleus saleus is03 s s o ~ g a~eqs saleus ante/\ led13u1~d
au03u1 uo!)!s!nb3v JOs a ~ e u s JO U ! E ~ sso~g Jad a3!1d 40 'ON
JO IS03 40 'ON JO IS03
, ~"noulv
0
aOIIl3d 9 0 a N 3 AUOlN3ANI NOlllSOdSla SNOIlISltlt)3V a01t13d
t l 3 H l O 80 S 3 l V S t13HlO t10 S3SVH3tlnd dO 3NINN1338
bOOZ '16 I s n 6 n 01 EOOZ '1 W U J a l d a ~
~ :8V3A l V 3 S I 3 8 3 H l O 8 0 HVClN3lV3
A
uo!lepunoj a6a1103 u n u l u o 3 A ~ I I ~ U O S P ~ H:NOIIVZINV~O
4 30 3WVN
TAX RETURN FILING INSTRUCTIONS
NEW YORK ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDING
Auqust 31, 2004
Prepared for Hudson Valley Community College
Foundation
80 Vandenburgh Avenue
Troy, NY 12180
Prepared by
UHY Advisors NY, Inc.
66 State Street
Albany, NY 12207
Mail tax State of New York
return to Department of Law
Charities Bureau - Registration Section
120 Broadway, New York, NY 10271
Return must be
January 18, 2005
mailed on
or before
Special The report should be signed and dated by the authorized
Instructions individual(s). (PAGE 9)
Enclose a check for $275 made payable to New York State
Department of Law. Include the organization's state
registration number(s) on the remittance.
1 CHAR 497 1.. ... 2403 STATE OF NEW YORK
DEPARTMENT OF LAW
ANNUAL FINANCIAL REPORT CHARITIES BUREAU - REGISTRATION SECTION
(Chantable Organizat~ons) 120 BROADWAY
New York, NY 10271
www.oag.state.ny.us/charities/charit~es.html
FULL OFFICIAL NAME AND ADDRESS OF ORGANIZATION ORGANIZATION'S MAIL ADDRESS, TELEPHONE NUMBER & EMAlL
HUDSON VALLEY COMMUNITY COLLEGE
omclalName: FO ss,rnd,jress.
(F/K/A HVCC ENDOWMENT CORP) 1 clV slate: ZIP.
Steel
Address:
80 VANDENBURGH AVENUE PhoneNumber( 518 1629-8012 Ext
C ITROY
~ - state NY ZIP 12 180 Emall.
I
STATE REG. NO. FEDERAL I.D. NO. Except for information treated as confidential by the
United States Internal Revenue Service (for example,
22-2427015 Schedule B to IRS Form 990),this form, including any
attachments, is a public record and a copy will be
I provided upon request to any interested persons.
0Executive Law Annual Fillng Exemption: "Xubox if your total contributions did not exceed $25,000 and you did not engage the servlces of
a professional fund raiser or fund raising counsel during this fiscal year. (See page 7)
0EPTLAnnual Filing Exemption: "Xubox if your total gross receipts for this fiscal year did not exceed $25,000 and the assets (market value) of the
not
organization d ~ d exceed $25,000 at any time during this fiscal year. (For dual registrants only -see page 7)
I - Is this a comblned report for multiple organizations? (Use CHAR497-C. Do not use this form.)
U I
FINANCIAL SUMMARY TOTAL
Support and Revenue
1. D~rect
publ~c
support (Ilne 14, Schedule 1, page 2) . 813,189.
2. lnd~rect support (I~ne Schedule 1, page 2)
publ~c 18,
3. Government grants (Ilne 20, Schedule 1, page 2)
- 4. Program servlce revenue
5. Other revenue 159,146.
6. Total support and revenue (add lhnes 1 through 5) 972,335.
Expenses
--
Program services (list individually):
7.SCHOLARSHIPS AND RELATED C O S T S 671,469.
1 11. Public lnformatlon combined with fund raising
- 12. Payments to afflllates/services to affiliates
13. Total program services (add lines 7 through 12)
14. Management and general expenses 125,416.
126,620.
16 Total expenses (add l~nes through 15)
13 923,505.
17 Excess (deflclt) of support and revenue over expenses (Ilne 6 minus l~ne
16) 48,830.
18 Net assets at beglnn~ng year
of 3,085,688.
19 Other changes In net assets (attach explanation) SEE STATEMENT 1 224,551.
20 Net assets at end of year (add lhnes 17 throuqh 19) 3,359,069.
Summary of Balance Sheet (as of 0 8 / 31/ 2004 )
21 Assets 3,551,'/63.
22 Llab~lltles 192,694.
23 Net assets (Ilne 21 mlnus lhne 22) 3,359,069.
Explanation of Income and expense Items, ~frequlred
1
I
I
- I
368451
04-28-04 CHAR 497 (03104) 1019 Page 1 of 9
2
14230105 744774 4NSOBZ 2003.08000 HUDSON VALLEY COMMUNITY COL 4NSOBZ- 1
-
SCHEDULE 1: CONTRIBUTIONS Total Portion Other
NOTE: Do not report donated services or facilities in this schedule. Amount Than Cash
Direct Public Support
- - -
2. Telephone solicitation campaigns
3. Commercial co.ventures (complete Schedule 4)
5. Special events (contribution portion only)
6. Telethon
7. Other (specify): DIRECT PUBLIC SUPPORT 813,189. . 0.
8. Other (specify):
9. Other (specify):
10. Total general public support (add lines 1 through 9) 813,189. 0.
11. Foundation and trust qrants
12. Corporate and other business wants
13. Legacies and bequests
14. Total direct public support (add lines 10 through 13)
vransfer total line 14 to page I, line I) 813,189. 0.
Indirect Public Support
15. From federated fund raising agencies ( e . ~ United Way)
.,
16. From affiliates
'
17. From other fund raising agencies
18. Total indirect public support (add lines 15 through 17)
vransfer total line 18 to page 1, line 2)
Government Grants
Agency:
19. Spec~fy
(b)
(e) All other government grants ' I I 1I
20. Total government grants (add lines 19(a) through 19(e))
(Transfer total line 20 to page 1, line 3)
21. Total contributions (sum of lines 14, 18 and 20) 813,189. 0.
Page 2 of 9
- CHAR 497 (03104)
368461 04-28-04
1019
3
14230105 744774 4NSOBZ 2003.08000 HUDSON VALLEY COMMUNITY COL 4NSOBZ- 1
HUDSON VALLEY COMMUNITY COLLEGE FOUND'N (F/K/A HVCC ENDOWMENT CORP)
SCHEDULE 2 PROFESSIONAL FUND RAISERS (PFR)
: Schedule 2, page 1 of 1
Did the organization contract with or use the services of any professional fund raisers for fund raising
activity in New York State? ............ ........................................................... ...................... ......... ...................................... . 0YES a NO
I f YES, fill out the following schedule for each such arrangement. Use one sheet per arrangement.
1 1. PFR Contact Information Name:
Address:
Phone:
2. Contract period 1 Stan Date: End Date:
3. Was the contract reviewed and approved by the
organization's governing body?
4. How many bids, if any, were reviewed by the organization's
governing body prior to engaging the PFR?
5. Describe the campaign, sale, event and/or services
conducted by the PFR
6. Describe whether the contract provides for solicitations of new
contributors or those who have previously contributed to
the organization
7. Total gross revenue (DO NOT exclude amounts paid to
the PFR - i.e., amounts reported on line 8)
8. Amount paid to the PFR
9. Total expenses, other than payments to the PFR reported
on line 8
+ line 9)
10. Total expenses (line 8
1the organization (line 7 - line 10)
1.
12. Total uncollected pledqes $
1 3 . r e p a r i n g thls report Cash Accrual Other
14. Did the services result in sollcltation in New York State? =YES 0NO
CHAR 497 (03104) 1019 Page 3 of 9
368471
- 04-28-04
4
2003.08000 HUDSON VALLEY COMMUNITY COL 4NSOBZ-1
HUDSON VALLEY COMMUNITY COLLEGE FOUND'N ( F / K / A HVCC ENDOWMENT CORP)
SCHEDULE 3: FUND RAISING COUNSEL (FRC) Schedule 3,page 2 of -1
Did the organlzatlon contract with or use the services of any fund raising counsel for fund
. . . . .
ralslng actlvlty ~nNew York State? ................................................................. ..................................................................... YES X NO
I f YES, fill out the following schedule for each such arrangement. Use one sheet per arrangement.
- -
1. FRC Contact Information
Address:
Phone:
2. Contract period 1 Start Date: End Date:
3 Was the contract reviewed and approved by the organizationk
governing body?
1
4. Describe the campaign, sale, event andlor services conducted
by the FRC
5. Amount p a ~ d the FRC
to $
6. Did the services result in solicitation in New York State? I 0YES NO
CHAR 497 (@3/04) 1019
368481 Page 4 of 9
04-28-04
C
5
2003.08000 HUDSON VALLEY COMMUNITY COL 4NSOBZ 1
HUDSON VALLEY COMMUNITY COLLEGE FOUND'N (F/K/A HVCC ENDOWMENT CORP)
SCHEDULE 4: COMMERCIAL CO-VENTURERS (CCV) Schedule 4, page 2 of- 1
co-venturer for fund
Did the organlzatlon contract with or use the servlces of any cornmerc~al
7
ralslng activity In New York State? ,... . ..... .. . . . . . . . . . ...... . .. ,
If YES, fill out the following schedule for each such arrangement. Use one sheet p e r arrangement.
F
- 1. CCV Contact lnforrnat~on Name:
- Address:
Phone:
2. Contract p e r ~ o d I Stan Date: End Date:
I
3, Was the contract reviewed and approved by the organization's
- governing body? =YES 0NO
4. Describe the campaign, sale, event and/or services
- conducted by the CCV
-
5. Describe briefly the financial terms and conditions of the
I written contract
I 6 D d the organzaton receive an accounting from the CCV as
required by 5 173.a(3) of Artrcle 7-A of the Executive
I
Law?
B CHAR 497 (03104) 1019
Page 5 of 9
6
2003.08000 HUDSON VALLEY COMMUNITY COL 4NSOBZ-1
- HUDSON VALLEY COMMUNITY COLLEGE FOUND'N (F/K/A HVCC ENDOWMENT CORP)
SCHEDULE 5: ACTIVITY STATEMENTS
- 1. source t h ~ s
Have your books/records been audited by or for any government agency/fund~ng
*If YES, spec~fy:
Agency/Funding Source:
fiscal year?
Perlod audlted:
-
,
2 Does your organlzatron allocate costs of mult~purpose
actlvltles among program servlces, management and general, I X
YES* NO
Mall, Telethon?
and fund ralslng; I.e., D~rect
*If YES, See IRS Instructions - Report~ng
Joint Costs of Multi-Purpose Actrv~t~es
3. Did your organization receive donated servlces or the use of mater~als,
equipment or facilities at no charge or at X YES* NO
substantially less than fair rental value?
*If YES, indicate the value: $ 7 9 ,1 3 6 . (Do not include this amount as support or as an expense.)
u CHAR 497 (03104) 1019
Page 6 of 9
7
2003.08000 HUDSON VALLEY COMMUNITY COL 4NSOBZ-1
- HUDSON VALLEY COMMUNITY COLLEGE FOUND'N (F/K/A HVCC ENDOWMENT CORP)
FILING FEES AND AlTACHMENTS REQUIRED TO ACCOMPANY CHAR497:
by
CHAR497 must be subm~tted charrtable organlzatlons regrstered pursuant to Artrcle 7-A of the Execut~veLaw ('Artrcle 7-A'),lncludlng those
organlzatlons known as dual registrants that are also reglstered pursuant to the Estates, Powers and Trusts Law (the "EPTL') Artrcle 7-A governs the
of contrrbutrons from New Yorkers, whereas the EPTL governs the admln~strat~on char~table
sol~c~tat~on of assets In New York State Organ~zat~ons
Instructrons, see CHAR023 (Summary of Regrstrat~on
and entltles that are reglstered pursuant to the EPTL only, should not use CHAR497 For deta~l
Requirements for Chantable Ent~t~es).
and F~lrng
ARTICLE 7-A:
Where Total Support and Revenue Is:
$100,000 or less: $1 0.00 Art~cle7.A filing fee
by
Cert~f~cat~onCharitable Organization
No Public Accountant's Report is needed
$100,001 to $250,000: $1 0.00 Art~cle7-A filing fee
by
Cert~f~cat~onCharitable Organizat~on
lndependent Public Accountant's Review
More than $250,000: $25.00 Article 7-A filrng fee
by
Certif~cat~on Charitable Organization
lndependent Public Accountant's Audit
d~d
Note: If your total contr~but~ons not exceed $25,000 and you did not engage the services of a professional fund raiser ("PFR")or a fund raising
Report) or complete the
counsel ("FRC")during this fiscal year, check the applicable box on page 1 of the CHAR497 (Annual F~nancial
Artrcle 7-A section of CHAR006 (Notice of Annual Filing Exemption). No Article 7-A filing fee is required.
s documents, such as
If the registrant 1 also required to register with the Attorney General pursuant to the EPTL, another filing fee and add~tlonal
Schedule), may be due pursuant to that statute.
CHAR003 (Secur~t~es
EPTL fees, which are based on the registrant's net worth at the end of the reporting perrod, are as follows:
Net Worth EPTL Fllinq Fee
Less than $50,000 $25.00
$50,000 or more, but less than $250,000 $50.00
$250,000 or more, but less than $1,000,000 $100.00
$1,000,000 or more, but less than $10,000,000 $250.00
$10,000,000 or more, but less than $50,000,000
$50,000,000 or more
Note: If your total gross receipts during the flscal year dld not exceed $25,000 and the assets (market value) of the organlzatlon did not exceed
the Report)
$25,000 at any tlme dur~ng fiscal year, check the applicable box on page 1 of the CHAR497 (Annual F~nancial complete
Exempt~on). EPTL filing fee is required.
the EPTL section of CHAR006 (Notice of Annual F~ling No
REQUIREMENT TO UPDATE REGISTRATION INFORMATION:
Pursuant to Sectlon 172 6 of Art~cle7-A, an organlzatlon must notrfy the Char~tres thlrty
Bureau In wrltrng w ~ t h ~ n days of any materlal change In the
lnformat~onprovrded by the organlzatlon In the Char~tles the Char~tres
Regrstratron Statement ~fflled w ~ t h Bureau Such changes should be reported
Reg~stratron
to the Charltles Bureau on an Amended Char~tles Statement (CHAR410-A)
CHAR 497 (03104) 1019
Page 7 of 9
368484 04-28-04
8
2003.08000 HUDSON VALLEY COMMUNITY COL 4NSOBZ- 1
r HUDSON VALLEY COMMUNITY COLLEGE FOUND'N (F/K/A HVCC ENDOWMENT CORP)
DOCUMENT AlTACHMENT CHECK-OFF:
Check the boxes for the documents you are attaching:
r
I ' Article 7-A Filing Fee (Submlt only 7 check or money order for the total fee, including any applicable EPTL fee, payable to "NYS Department of Law')
!
$25.00 fee (total support &revenue more than $250,000)
0$10.00 fee (total s u.~ p o r& revenue $250.000 or less)
,t
less than $ 2 5 , 0 0 O W d i d not engage PFR or FRC) -
No Artlcle 7-A fee (total contr~butlons
- CheckArt,cle 7-A Exemption Box on page 7 of CHAR4972r submit CHAR006 (Notice of Annual Filing Otemptlon)
Independent Accountant's Report
Report (total support & revenue more than $250,000)
Aud~t
- 0Rev~ewReport (total support & revenue $100,001 to $250,000)
No Accountant's Report Required (total support & revenue not more than $100,000gcontr~but~ons
received not more than $25,000 with no PFRIFRC)
- Completed Internal Revenue Service Forms
rn IRS Form 990-PF
-
X IRS Form 990
Schedule A to IRS Form 990 1 0IRS Form 990-EZ
Schedule A to R S Form 990-EL 0Schedule B to IRS Form 990-PF
I
.
X Schedule B to IRS Form 990
0IRS Form 990-T 10 Schedule B to IRS Form 990-EZ
IRS Form 990-T
rn IRS Form 990-T
Additional Documents for Dual Registrants
EPTL F ~ l ~ n g
Fee: $25.00 (net worth of less than $50,000)
0$50.00 (net worth of $50,000 or more, but less than $250,000)
0$100.00 (net worth of $250,000 or more, but less than $1,000,000)
$250.00 (net worth of $1,000,000 or more, but less than $1 0,000,000)
0$750.00 (net worth of $10,000,000 or more, but less than $50,000,000)
$1500.00 (net worth of $50,000,000 or more)
No EPTL fee (total gross recelpts less than $25,000 and assets did not exceed $25,000 at any tlme dur~ng -
year)
Check EPTL Exemption Box on page 1 of CHAR497zr submlt CHAR006 (Notlce of Annual F111ngExemption)
Schedule) - required if securities are held at any tlrne durlng the year
CHAR003 (Secur~t~es
- Other Attachments (if any)
U List:
CHAR 497 (03104) 1019
Page 8 of 9
-- 368485 04-28-04
9
2003.08000 HUDSON VALLEY COMMUNITY COL 4NSOBZ-1
7
HUDSON VALLEY COMMUNITY COLLEGE FOUND'N ( F / K / A HVCC ENDOWMENT CORP)
CERTIFICATION BY CHARITABLE ORGANIZATION
4
We certify under penalties of perjury that we reviewed this report, including all attachments, and to the best of our knowledge and belief, they are true,
correct and complete in accordance with the laws of the State of New York applicable to this report.
- Signature of President or Authorized Officer Printed Name Title Date Signed
- Signature of Chief Financial Officer Printed Name Title Date Signed
After this report has been executed by two distinct officials, please send it with the appropriate attachments and fee to:
State of New York Department of Law
Charities Bureau - Registration Section
120 Broadway
New York, NY 10271-0332
Forms and instructions for registration and annual financial filing are available on the Charities Bureau website at www.oag.state.ny.us/charities/charities.html
CHAR 497 (03104) 1019
Page 9 of 9
368486 04-28-04
C
10
2003.08000 HUDSON VALLEY COMMUNITY COL 4NSOBZ-1
- HUDSON VALLEY COMMUNITY COLLEGE FOUND'N 22-2427015
S H A R 497 OTHER CHANGES IN FUND BALANCES OR NET WORTH STATEMENT 1
-DESCRIPTION AMOUNT
JNREALIZED GAIN ON INVESTMENTS
UNREALIZED GAIN - GUENTHER TRUST
--TRANSFER FROM HVCC SCHOLARSHIP FUND
TOTAL TO FORM CHAR 497, PAGE 1, LINE 19
+
11 STATEMENT ( S ) 1
2003.08000 HUDSON VALLEY COMMUNITY COL 4NSOBZ-1
STATE OF NEW YORK, OFFICE OF THE ATTORNEY GENERAL
CHARITIES BUREAU
120 BROADWAY, NEW YORK, N.Y. 10271
SECURITIES SCHEDULE
NAME OF ORGANIZATION: Hudson Valley Community College Foundation
CALENDAR OR OTHER FISCAL YEAR: September 1,2003 to August 31.2004
TOTAL 2,345,424 695,652 506,516 20,610 2,555,170 2,746,925
HUDSON VALLEY
COMMUNITY COLLEGE
FOUNDATION
AUDITED FllVAlVClAL STATEMENTS
Year ended August 31,2004
HUDSON VALLEY COMMUNITY COLLEGE FOUNDATION
TABLE OF CONTENTS
Page
Independent Auditor's Report 1
Financial Statements
Statements of Financial Position
Statements of Activities and Changes in Net Assets
Statements of Cash Flows
Notes to Financial Statements
INDEPENDENT AUDITOR'S REPORT
The Directors
Hudson Valley Community College Foundation
We have audited the accompanying statements of financial position of Hudson Valley Community
College Foundation as of August 31, 2004 and 2003, and the related statements of activities and
changes in net assets, and cash flows for the years then ended. These financial statements are the
responsibility of the Foundation's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United
States of America. Those standards require that we plan and perform the audit to obtain reasonable
7-
assurance about whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and significant
- estimates made by management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
- In our opinion, the financial statements referred to above present fairly, in all material respects, the
financial position of Hudson Valley Community College Foundation as of August 31, 2004 and 2003,
and the changes in its net assets and its cash flows for the years then ended in conformity with
accounting principles generally accepted in the United States of America.
Albany, New York
November 4.2004
An Independent Member of Urbach Hacker Young !nternational
HUDSON VALLEY COMMUNITY COLLEGE FOUNDATION
STATEMENTS O F FINANCIAL POSITION
August 31,
2004 2003
ASSETS
CURRENT ASSETS
Cash
Prepaid expenses
Interest and other receivable
Total current assets
Other assets
Investments
Guenther trust assets
Beneficial interest in charitable trusts
I-IABILITIES AND NET ASSETS
Accounts payable and accrued expenses
Deferred revenue
Total liabilities
Unrestricted
Board designated
Undesignated
Temporarily restricted
Permanently restricted
Total net assets
See notes to financial statements.
Page 2
HUDSON VALLEY COMMUNITY COLLEGE FOUNDATION
STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS
Years ended August 31,
2004 2003
-- - - - -
Temporarily Permanently Temporarily Permanently
Unrestricted Restricted Restricted Total Unrestricted Restricted Restricted Total
Revenue, gains and other support:
Direct public support:
Scholarship funds
Annual fund
Non-scholarship restricted funds
Planned giving
HVCC in-kind contribution
Other
Total direct public support
Fund raising events
Interest and other income
Realized, unrealized and other gains on
investments and trust funds
Net assets released from restrictions
Total revenue, gains and other Support
Expenses:
Program services
Management and general
Fund raising
Total expenses
lncrease in net assets before transfer
Scholarship funds transferred from HVCC
Increase i n net assets
Net assets, beginning of year
Net assets, end of year
See notes to financial statements.
Page 3
HUDSON VALLEY COMMUNITY COLLEGE FOUNDATION
STATEMENTS OF CASH FLOWS
Years ended Auaust 31.
CASH FLOWS FROM OPERATING ACTIVITIES
lncrease in net assets
Adjustments to reconcile increase in net assets
to net cash provided by operating activities:
Realized, unrealized and other gains on investments
and trust funds
Changes in:
Contribution receivable
Prepaid expenses
Interest and other receivable
Accounts payable
Deferred revenue
Net cash provided by operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of investments
Purchase of investments
Change in beneficial interest in charitable trusts
Net cash used in investing activities
lncrease in cash
Cash
Beginning balance
Ending balance
See notes to financial statements.
Page 4
HUDSON VALLEY COMMUNITY COLLEGE FOUNDATION
NOTES TO FINANCIAL STATEMENTS
August 31,2004 and 2003
NOTE 1 - NATURE OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Nature of Organization
Hudson Valley Community College Foundation (Foundation) is a tax exempt (under IRC Section
501(c)(3)) foundation established to receive and maintain funds to aid and advance the welfare,
development, purposes and programs of Hudson Valley Community College (College), its students
and alumni.
A summary of the Foundation's significant accounting policies follows:
Financial Statement Presentation
The accompanying financial statements have been prepared using the accrual basis of accounting in
accordance with generally accepted accounting principles. Net assets and revenues, gains, other
support and program expenditures, and non-operating items are classified based on the existence or
absence of donor-imposed restrictions. Accordingly, net assets of the Foundation and changes
therein are classified and reported as follows:
Unrestricted net assets - Net assets that are not subject to donor-imposed stipulations.
Temporarily restricted net assets - Net assets subject to donor-imposed stipulations that may
or will be met, either by actions of the Foundation and/or the passage of time. When a
restriction expires, temporarily restricted net assets are reclassified to unrestricted net assets
and reported in the statement of activities as net assets released from restrictions.
Permanently restricted net assets - Net assets subject to donor-imposed stipulations that they
be maintained permanently by the Foundation. Generally, the donors of these assets permit
the College to use all or part of the income earned on any related investments for general or
specific purposes.
Revenue Recognition
Direct public support and donations are recognized when the donor makes a promise to give that is,
in substance, unconditional. Named scholarship contributions received in advance of the related
award date are deferred. Contributions that are restricted by the donor are reported as increases in
unrestricted net assets if the restrictions expire in the fiscal year in which the contributions are
recognized. All other donor-restricted contributions are reported as increases in temporarily or
permanently restricted net assets depending on the nature of the restrictions. When a restriction
expires, temporarily restricted net assets are reclassified to unrestricted net assets. Revenue from
fund raising events is recognized when earned.
Cash
The Foundation places its cash with high credit quality institutions. At times, such amounts may be in
excess of the FDIC insurance limit.
Page 5
HUDSON VALLEY COMMUNITY COLLEGE FOUNDATION
NOTES TO FINANCIAL STATEMENTS
August 31,2004 and 2003
NOTE 1 - NATURE OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Financial Statement Presentation (Continued)
Investments
Investments, consisting principally of money market funds, equity securities, corporate bonds, United
States Government and Agency obligations, and mutual funds, are stated at market value.
Unrealized and realized gains and losses are reported in the statement of activities.
The Foundation has a policy of pooling its funds in order to maximize investment income.
Investment income is allocated to the individual donor fund balances comprising unrestricted,
temporarily restricted and permanently restricted net assets based upon each respective fund's
share of the investment pool.
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles
requires management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements. Estimates also affect the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
Reclassifications
Certain prior year balances have been reclassified to conform with the current year presentation.
NOTE 2 - INVESTMENTS
Investments are stated at market value and consist of the following at:
August 31,2004 August 31,2003
Unrealized Unrealized
Quoted (Depreciation)/ Quoted (Depreciation)/
Value -
Cost Appreciation Value Cost Appreciation
Money market funds $ 321,951 $ 321.951 $ $ 188.667 $ 188,667 $
Equity mutual funds 791,663 748,123 43,540 635.405 645,000 (9,595)
Common stocks 939,366 848,836 90,530 898,634 875,497 23,137
Corporate bonds 290,874 276,039 14,835 297,067 276,039 21,028
U.S. Government and
Agency obligations 403,071 360,222 42,849
$ 2,746,925 $ 2,555,171 $ 191,754
Unrealized gains and losses are recorded to adjust the cost basis of investments to market value.
Page 6
HUDSON VALLEY COMMUNITY COLLEGE FOUNDATION
NOTES TO FINANCIAL STATEMENTS
August 31,2004 and 2003
NOTE 2 - INVESTMENTS (Continued)
The Foundation recognizes its beneficial interest in irrevocable charitable remainder trusts at
estimated fair value, and classifies these interests in accordance with donor imposed restrictions, if
any, in the statement of activities and changes in net assets.
NOTE 3 - GUENTHER TRUST ASSETS
The College transferred the administrative functions related to the Otto V. Guenther Scholarship and
Award Foundation (Guenther Trust) to the Foundation in 2001. The Guenther Trust is a perpetual
trust held by a third party trustee on behalf of the College, as beneficiary. Guenther Trust assets are
invested by the trustee and the income therefrom is awarded in the form of scholarships to College
students as determined by College administrators and faculty. The values of the Guenther Trust as
reported in the August 31, 2004 and 2003 statements of financial position represent the fair value of
the assets in the trust on those dates, as reported to the Foundation by the trustee. Due to the fact
that the terms of the Guenther Trust closely resemble a donor-restricted permanent endowment, it is
reported as a permanently restricted net asset. Income earned from the Guenther Trust is reported
as temporarily restricted revenue until it is awarded in the form of scholarships, at which time it is
released from restriction. The fair value of Guenther Trust assets is adjusted annually by the
Foundation based on information provided by the trustee, and realized and unrealized gains or
losses are included in the statement of activities.
Guenther Trust assets consist of the following at:
August 31, 2004 August 31,2003
Unrealized Unrealized
Quoted Cost (Depreciation)/ Quoted Cost (Depreciation)/
-
Basis Appreciation Value Basis Appreciation
Money market funds $ ' 59,618 $ 59,618 $ $ 59,675 $ 59,675 $
Fixed income mutual funds 29,830 30,000 (170) 29,457 30,000 (543)
Equity.mutual funds 451,886 470,712 (18,826) 429.809 470,712 (40.903)
$ 541,334 $ 560,330 $ (18,996) $ 518,941 $ 560,387 $ (41,446)
The cost basis amount included above represents the Foundation's cost basis in Guenther Trust
assets for financial reporting purposes. The cost basis represents the market value of Guenther
Trust assets at the time of transfer from the College to the Foundation, adjusted for asset purchase
and sale activity. The cost basis does not reflect the actual original cost of the Guenther Trust
assets.
NOTE 4 - BENEFICIAL INTEREST IN CHARITABLE TRUSTS
Beneficial interest in charitable trusts represent the present value of future distributions the
Foundation expects to receive from its beneficial interest in irrevocable charitable remainder trusts.
The present value of future distributions is an estimate calculated at the time the Foundation
becomes aware of its beneficial interest in an irrevocable charitable remainder trust and is based on
the trust value at that time plus certain discount factors and actuarial assumptions. Changes in the
value of the beneficial interest in these trusts (principally discount amortization) are reflected in the
statement of activities.
Page 7
HUDSON VALLEY COMMUNITY COLLEGE FOUNDATION
- NOTES TO FINANCIAL STATEMENTS
August 31,2004 and 2003
-
NOTE 5 - HVCC IN-KIND CONTRIBUTION
- The Foundation recognizes revenue for in-kind contributions received from the College at the fair
value of those contributions. HVCC in-kind contributions consist primarily of salaries, postage, and
professional services paid by the College on behalf of the Foundation. The fair value of the in-kind
-
contributions is included in expenses in the following functional categories:
Program services
Scholarships and support for college initiatives
Alumni relations
Total program services
Management and general
Fund raising
Fund raising events
Annual fund
Planned giving
Total fund raising
Total expenses
NOTE 6 - TRANSFER FROM HYCC
-- Prior to 2003, the Foundation and the College each maintained certain identical scholarship funds
that were originally established by common donors. In 2003 and 2004, in order to consolidate
administrative functions related to these common funds, the College transferred its scholarship funds
->
to the Foundation. These transfers are reflected in the 2003 and 2004 statements of activities and
changes in net assets. Additionally, the transferred assets are included in investments in the
statements of financial position as of August 31, 2003 and 2004.
-
NOTE 7 -TEMPORARILY AND PERMANENTLY RESTRICTED NET ASSETS
- Temporarily restricted net assets are available for scholarships and college initiatives and are fully
expendable in accordance with donor-imposed restrictions.
- Permanently restricted net assets consist of endowment fund investments to be held substantially in
perpetuity, a portion of the income from which is expendable for scholarships and college initiatives.
Page 8
HUDSON VALLEY COMMUNITY COLLEGE FOUNDATION
NOTES TO FINANCIAL STATEMENTS
August 31,2004 and 2003
NOTE 8 - FUNCTIONAL EXPENSES
The Foundation receives and maintains funds to aid and advance the welfare, development,
purposes and programs of the College, its students and alumni.
Expenses related to providing these services are as follows:
Program services
Scholarships
Support for college initiatives
Alumni relations
Total program services
Management and general
Fund raising
Fund raising events
Annual fund
Planned giving
Total fund raising
Total expenses
Page 9
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