AND STATE INCOME TAX RETURNS by pmi89382

VIEWS: 11 PAGES: 48

									 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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