TY 2020 Form 990 Schedule O

Instrumentl eFile RenderObject ID: 202211039349300606 - Rendered 2024-05-07 TIN: 16-0743040

SCHEDULE O
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service

Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
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Attach to Form 990 or 990-EZ.
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Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2020

Open to Public
Inspection

Name of the organization

HOBART AND WILLIAM SMITH COLLEGES

Employer identification number

16-0743040

Return Reference	Explanation
FORM 990, PART VI, SECTION A, LINE 2	JOSEPH STEIN AND ERIC STEIN, BROTHERS ON BOARD OF TRUSTEES.
FORM 990, PART VI, SECTION B, LINE 11B	A DRAFT OF THE FORM 990 IS PROVIDED TO THE AUDIT AND COMPLIANCE COMMITTEE OF THE BOARD OF TRUSTEES. THE FORM IS REVIEWED AND CORRECTIONS OR CHANGES ARE MADE AS NECESSARY. A FINAL FORM 990 IS THEN DISTRIBUTED TO THE FULL BOARD BEFORE FILING IT WITH THE IRS.
FORM 990, PART VI, SECTION B, LINE 12C	ANNUALLY, OFFICERS, TRUSTEES, AND KEY EMPLOYEES ARE REQUIRED TO DISCLOSE IN WRITING CONFLICTS OF INTEREST OR POTENTIAL CONFLICTS OF INTEREST ON A DISCLOSURE STATEMENT. AT THIS TIME A RIGOROUS PROCESS OF REVIEWING THE DISCLOSURES IS UNDERTAKEN BY THE ASSISTANT SECRETARY AND CHAIR OF THE AUDIT AND COMPLIANCE COMMITTEE OF THE BOARD OF TRUSTEES TO ENSURE CONFLICTS ARE IDENTIFIED AND RESOLVED IN A TIMELY MANNER.
FORM 990, PART VI, SECTION B, LINE 15	FORM 990, PART VI, SECTION B, LINE 15A: THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES (OMITTING THE PRESIDENT FOR THIS PURPOSE) IS COMPRISED OF MEMBERS WITHOUT A CONFLICT OF INTEREST. THIS COMMITTEE REVIEWS THE COMPENSATION FOR THE PRESIDENT. AN ANNUAL PROCESS OF ASSESSING THE PRESIDENT'S PERFORMANCE AND REVIEWING COMPARATIVE COMPENSATION DATA IS PERFORMED IN ORDER TO RECOMMEND COMPENSATION CHANGES. A MOTION TO BE APPROVED BY THE FULL BOARD IS DRAFTED BY THE EXECUTIVE COMMITTEE AFTER THE REVIEW PROCESS. THE DISCUSSIONS OF THE COMMITTEE AND FULL BOARD ARE CONTEMPORANEOUSLY DOCUMENTED IN THE BOARD MINUTES. FORM 990, PART VI, SECTION B, LINE 15B: ANNUALLY, THE HUMAN RESOURCES COMMITTEE OF THE BOARD OF TRUSTEES IS PROVIDED WITH AND REVIEWS A SUMMARY REPORT PREPARED BY THE DIRECTOR OF HUMAN RESOURCES COMPARING THE SALARIES OF ALL SENIOR STAFF MEMBERS TO THEIR POSITION BENCHMARKS OBTAINED FROM CUPA-HR (THE COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION FOR HUMAN RESOURCES) TO ENSURE HWS' SALARIES ARE IN LINE WITH THE NATIONAL AND REGIONAL MARKETS.
FORM 990, PART VI, SECTION C, LINE 19	HOBART AND WILLIAM SMITH COLLEGES MAKE THEIR GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC UPON REQUEST. FINANCIAL STATEMENTS ARE AVAILABLE ON THE COLLEGES' WEBSITE.
FORM 990, PART XI, LINE 9:	BOND DEFEASANCE COSTS -1,421,699. CHANGE IN FAIR VALUE OF SWAP AGREEMENT 1,285,444. OTHER LOSSES -20,999. CHANGE IN VALUE OF DEFERRED GIVING 605,250.
PART XII, LINE 2C	NO CHANGES FROM THE PRIOR YEAR.

Return Reference

Explanation

FORM 990, PART VI, SECTION A, LINE 2

JOSEPH STEIN AND ERIC STEIN, BROTHERS ON BOARD OF TRUSTEES.

FORM 990, PART VI, SECTION B, LINE 11B

A DRAFT OF THE FORM 990 IS PROVIDED TO THE AUDIT AND COMPLIANCE COMMITTEE OF THE BOARD OF TRUSTEES. THE FORM IS REVIEWED AND CORRECTIONS OR CHANGES ARE MADE AS NECESSARY. A FINAL FORM 990 IS THEN DISTRIBUTED TO THE FULL BOARD BEFORE FILING IT WITH THE IRS.

FORM 990, PART VI, SECTION B, LINE 12C

ANNUALLY, OFFICERS, TRUSTEES, AND KEY EMPLOYEES ARE REQUIRED TO DISCLOSE IN WRITING CONFLICTS OF INTEREST OR POTENTIAL CONFLICTS OF INTEREST ON A DISCLOSURE STATEMENT. AT THIS TIME A RIGOROUS PROCESS OF REVIEWING THE DISCLOSURES IS UNDERTAKEN BY THE ASSISTANT SECRETARY AND CHAIR OF THE AUDIT AND COMPLIANCE COMMITTEE OF THE BOARD OF TRUSTEES TO ENSURE CONFLICTS ARE IDENTIFIED AND RESOLVED IN A TIMELY MANNER.

FORM 990, PART VI, SECTION B, LINE 15

FORM 990, PART VI, SECTION B, LINE 15A: THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES (OMITTING THE PRESIDENT FOR THIS PURPOSE) IS COMPRISED OF MEMBERS WITHOUT A CONFLICT OF INTEREST. THIS COMMITTEE REVIEWS THE COMPENSATION FOR THE PRESIDENT. AN ANNUAL PROCESS OF ASSESSING THE PRESIDENT'S PERFORMANCE AND REVIEWING COMPARATIVE COMPENSATION DATA IS PERFORMED IN ORDER TO RECOMMEND COMPENSATION CHANGES. A MOTION TO BE APPROVED BY THE FULL BOARD IS DRAFTED BY THE EXECUTIVE COMMITTEE AFTER THE REVIEW PROCESS. THE DISCUSSIONS OF THE COMMITTEE AND FULL BOARD ARE CONTEMPORANEOUSLY DOCUMENTED IN THE BOARD MINUTES. FORM 990, PART VI, SECTION B, LINE 15B: ANNUALLY, THE HUMAN RESOURCES COMMITTEE OF THE BOARD OF TRUSTEES IS PROVIDED WITH AND REVIEWS A SUMMARY REPORT PREPARED BY THE DIRECTOR OF HUMAN RESOURCES COMPARING THE SALARIES OF ALL SENIOR STAFF MEMBERS TO THEIR POSITION BENCHMARKS OBTAINED FROM CUPA-HR (THE COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION FOR HUMAN RESOURCES) TO ENSURE HWS' SALARIES ARE IN LINE WITH THE NATIONAL AND REGIONAL MARKETS.

FORM 990, PART VI, SECTION C, LINE 19

HOBART AND WILLIAM SMITH COLLEGES MAKE THEIR GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC UPON REQUEST. FINANCIAL STATEMENTS ARE AVAILABLE ON THE COLLEGES' WEBSITE.

FORM 990, PART XI, LINE 9:

BOND DEFEASANCE COSTS -1,421,699. CHANGE IN FAIR VALUE OF SWAP AGREEMENT 1,285,444. OTHER LOSSES -20,999. CHANGE IN VALUE OF DEFERRED GIVING 605,250.

PART XII, LINE 2C

NO CHANGES FROM THE PRIOR YEAR.

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 51056K

Schedule O (Form 990 or 990-EZ) 2020

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