Skidmore College

“Form 990 review process: the draft return (form 990) was reviewed by the audit and risk management committee prior to filing. Copies of the final return were subsequently provided to all members of the board of trustees prior to filing.”

“Conflict of interest procedures: college trustees, committee members, officers, and certain other employees are required to complete a form and disclose any conflicts. All disclosures are reviewed and abated by removing the employee from the situation to ensure that an arm's length transaction takes place.”

“Compensation procedures: process for determining compensation: the college board of trustees has delegated the implementation of practices as it relates to executive compensation to the compensation committee. On an annual basis, the vice president for finance and administration prepares salary and peer data collected through h.r., surveys, etc. For both the president and other officers. The president of the college makes a recommendation to the compensation committee of the board of trustees for officers of the college based on the relevant data, market analysis, peer data, etc. The compensation committee is provided leeway to deviate from the recommendation where other considerations are relevant and approves the officer salaries. On an annual basis, the compensation committee reviews the performance, as well as the salary and peer data collected through h.r., surveys, etc. As it relates to the president of the college and will approve any adjustments to the president's salary.”

“Public access to documents: financial statement data is included in the annual information return (form 990) and the information is made public. Policies can be found on the college's website. The college's charter is filed with new york state.”

“Auxiliary enterprises unrelated business revenues: skidmore college has had long term relationships with many cultural institutions that bring their activities to saratoga springs during the summer. These institutions include dance companies, orchestras, ballet companies, and other artist groups. These activities enrich the cultural life at skidmore and the community and are a significant part of the educational experience at skidmore. The college derives revenue from making its facilities available to the visiting artists and their staff. The expenses and deductions associated with these revenues have exceeded the revenues. These activities are not reported as unrelated business income since they contribute importantly to the educational mission of the college. During the current reporting period there were no revenues in this category (comprised of room and board charges and fees) as the college's summer programs were canceled due to covid-19. The college also derives small amounts of revenue from some unrelated activities carried on as part of the larger exempt function activities. These revenues cover part of the college's fixed and variable costs associated with these activities but the expenses and costs properly allocable to these activities have generally exceeded the revenues. Excess revenues in this category in the current reporting period include $62,323 from rental of excess capacity in the stables, $26,533 from the surrey-williamson inn, and $1,386 from the tang museum shop at skidmore. The net losses from these activities have not been reported as unrelated business income or loss.”

“Amortization of debt issuance costs 547,156. Change in value of split-interest agreements -2,256,565. Pension & postretirement benefit adjustments 9,312,663.”