Civic Intelligence

Hobart and William Smith Colleges

EIN 16-0743040 • 501(c)3 • Geneva, NY

Profile

Hobart and william smith colleges have a mission of providing a student-centered residential learning environment grounded in the values of equity and service.

300 Pulteney StreetGeneva, NY 14456

www.hws.edu

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

36th percentile

0.18x

Higher debt load relative to assets than 36% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Liabilities / Revenue

44th percentile

0.40x

Higher debt load relative to revenue than 44% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Net Margin

54th percentile

4.7%

Higher net margin than 54% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Top Officer Pay

46th percentile

$720,236

Higher top officer pay than 46% of similar nonprofits.

Top officer pay equals 0.4% of source-year revenue.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Asset Growth

47th percentile

4.9%

Faster asset growth than 47% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Revenue Growth

85th percentile

30%

Faster revenue growth than 85% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Assets

Up

$440,720,919

Up $20,753,390 (+4.9%) from 2023

Liabilities

Down

$77,421,359

Down $898,378 (-1.1%) from 2023

Net Assets

Up

$363,299,560

Up $21,651,768 (+6.3%) from 2023

Revenue

Up

$193,392,614

Up $44,757,573 (+30%) from 2023

Expenses

Up

$184,349,806

Up $14,777,309 (+8.7%) from 2023

Net Income

Up

$9,042,808

Up $29,980,264 (+143%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$600M$400M$200M$0Assets 2011: $371,807,706Liabilities 2011: $83,166,811Net Assets 2011: $288,640,8952011Assets 2012: $345,447,995Liabilities 2012: $86,192,272Net Assets 2012: $259,255,7232012Assets 2013: $366,308,043Liabilities 2013: $83,617,475Net Assets 2013: $282,690,5682013Assets 2014: $403,339,294Liabilities 2014: $98,745,196Net Assets 2014: $304,594,0982014Assets 2015: $398,684,463Liabilities 2015: $98,012,385Net Assets 2015: $300,672,0782015Assets 2016: $378,644,961Liabilities 2016: $93,999,436Net Assets 2016: $284,645,5252016Assets 2017: $407,007,436Liabilities 2017: $92,349,357Net Assets 2017: $314,658,0792017Assets 2018: $417,824,892Liabilities 2018: $89,044,107Net Assets 2018: $328,780,7852018Assets 2019: $408,333,068Liabilities 2019: $84,307,994Net Assets 2019: $324,025,0742019Assets 2020: $410,660,089Liabilities 2020: $87,768,923Net Assets 2020: $322,891,1662020Assets 2021: $492,561,526Liabilities 2021: $87,456,357Net Assets 2021: $405,105,1692021Assets 2022: $429,979,096Liabilities 2022: $80,632,542Net Assets 2022: $349,346,5542022Assets 2023: $419,967,529Liabilities 2023: $78,319,737Net Assets 2023: $341,647,7922023Assets 2024: $440,720,919Liabilities 2024: $77,421,359Net Assets 2024: $363,299,5602024

Highlighted filing

2024

Assets$440,720,919
Liabilities$77,421,359
Net Assets$363,299,560

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$200M$100M$0-$100MExpenses 2011: $127,734,5072011Expenses 2012: $139,489,1302012Expenses 2013: $141,055,1452013Revenue 2014: $161,787,393Expenses 2014: $146,922,771Net Income 2014: $14,864,6222014Revenue 2015: $162,329,871Expenses 2015: $155,482,852Net Income 2015: $6,847,0192015Revenue 2016: $148,775,378Expenses 2016: $154,744,939Net Income 2016: -$5,969,5612016Revenue 2017: $169,059,652Expenses 2017: $158,044,590Net Income 2017: $11,015,0622017Revenue 2018: $178,113,378Expenses 2018: $169,317,971Net Income 2018: $8,795,4072018Revenue 2019: $163,264,763Expenses 2019: $172,588,397Net Income 2019: -$9,323,6342019Revenue 2020: $162,311,021Expenses 2020: $162,452,019Net Income 2020: -$140,9982020Revenue 2021: $164,697,451Expenses 2021: $152,172,651Net Income 2021: $12,524,8002021Revenue 2022: $179,596,964Expenses 2022: $162,105,656Net Income 2022: $17,491,3082022Revenue 2023: $148,635,041Expenses 2023: $169,572,497Net Income 2023: -$20,937,4562023Revenue 2024: $193,392,614Expenses 2024: $184,349,806Net Income 2024: $9,042,8082024

Highlighted filing

2024

Revenue$193,392,614
Expenses$184,349,806
Net Income$9,042,808

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$441$77.4$363$193$184$9.04
2023Detailed filing. Detailed filing data is available for this year.$420$78.3$342$149$170$20.9
2022Detailed filing. Detailed filing data is available for this year.$430$80.6$349$180$162$17.5
2021Detailed filing. Detailed filing data is available for this year.$493$87.5$405$165$152$12.5
2020Detailed filing. Detailed filing data is available for this year.$411$87.8$323$162$162$0.14
2019Detailed filing. Detailed filing data is available for this year.$408$84.3$324$163$173$9.32
2018Detailed filing. Detailed filing data is available for this year.$418$89.0$329$178$169$8.80
2017Detailed filing. Detailed filing data is available for this year.$407$92.3$315$169$158$11.0
2016Detailed filing. Detailed filing data is available for this year.$379$94.0$285$149$155$5.97
2015Detailed filing. Detailed filing data is available for this year.$399$98.0$301$162$155$6.85
2014Detailed filing. Detailed filing data is available for this year.$403$98.7$305$162$147$14.9
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$366$83.6$283$141
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$345$86.2$259$139
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$372$83.2$289$128
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 15, 2025
Return Version
2023v6.0
Gross Receipts
$263,176,084
Mission and Program Overview

Mission

Hobart and william smith colleges have a mission of providing a student-centered residential learning environment grounded in the values of equity and service.

Hobart and william smith prepares students to lead lives of consequence.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$164,941,681$158,852,217▼ $6,089,464
Land, Buildings, and Equipment, Net$154,666,961$155,857,452▲ $1,190,491
Investments in Publicly Traded Securities$69,372,355$63,438,291▼ $5,934,064
Pledges and Grants Receivable$12,980,079$42,878,276▲ $29,898,197
Savings and Temporary Cash Investments$9,997,516$12,006,446▲ $2,008,930
Prepaid Expenses and Deferred Charges$2,311,432$3,354,932▲ $1,043,500
Accounts Receivable$2,068,848$953,031▼ $1,115,817
Other Notes and Loans Receivable, Net$1,184,024$823,002▼ $361,022
Total Assets$419,967,529$440,720,919▲ $20,753,390
Other Assets Total$2,444,633$2,557,272▲ $112,639
Liabilities
Mortgage Notes Payable Secured by Investment Property$36,013,137$36,042,386▲ $29,249
Tax Exempt Bond Liabilities$20,284,779$19,291,980▼ $992,799
Accounts Payable and Accrued Expenses$12,231,582$13,394,890▲ $1,163,308
Other Liabilities$7,071,682$6,166,263▼ $905,419
Deferred Revenue$2,714,063$2,525,840▼ $188,223
Grants Payable$4,494--
Total Liabilities$78,319,737$77,421,359▼ $898,378
Net Assets / Fund Balance
Net Assets With Donor Restrictions$207,490,205$230,436,593▲ $22,946,388
Net Assets Without Donor Restrictions$134,157,587$132,862,967▼ $1,294,620
Total Net Assets Fund Balance$341,647,792$363,299,560▲ $21,651,768
Total Liabilities and Net Assets / Fund Balance$419,967,529$440,720,919▲ $20,753,390

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$114,667,298$101,976,356$216,643,654
Equipment$8,386,949$49,363,798$57,750,747
Other Land Buildings$29,180,549$19,394,258$48,574,807
Land$3,622,656-$3,622,656
Other Securities$158,852,217--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$181,347,857$3,008,375▲ $13,355,626$13,500,988$184,210,870
2022$237,195,397$1,919,822▲ $15,433,057$66,171,006$181,347,857
2021$286,334,110$4,876,794▼ $37,257,458$9,863,059$237,195,397
2020$283,731,395$361,337▲ $3,537,741$736,447$286,334,110
2019$204,650,152$5,104,823▲ $83,928,844$5,513,717$283,731,395
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Mark GearanPresidentFT$568,245$151,991$720,236
Sarah KirkProvost and Dean of FacultyFT$247,242$85,510$332,752
ROBERT O'CONNORVP and Senior Philanthropic AdvisorFT$260,765$46,452$307,217
Mark EdwardsVP Finance & AdministratioFT$248,763$50,257$299,020
Alfred DamianoVP Strategic Initiatives and CIOFT$219,049$44,127$263,176
Catherine WilliamsVP Marketing & CommunicationsFT$224,547$25,661$250,208
Becca BarileVP of Campus Life and Director of the Master of ArFT$173,950$49,888$223,838
Becca BarileVP of Campus Life and Director of Th-$162,462$61,376$223,838
Louis GuardGen Counsel & Asst SecFT$194,042$9,647$203,689
Samari BrownStudent Trustee, Through May 2024-$9,935$52,168$62,103
Jesse Whelan-smallStudent Trustee, Through May 2024-$1,722$28,500$30,222

Highest Paid Contractors

ContractorServicesLocationCompensation
Sodexo INC And AffiliatesDining, Facilities, And Maintenance Serv337 PULTENEY STREET, Geneva, NY 14456$15,149,404
The Pike CompanyConstructionONE CIRCLE STREET, Rochester, NY 14607$1,690,130
Leo J Roth CorporationMechanical Upgrades841 HOLD RD SUITE 1, Webster, NY 14580$982,800
Diamond And Thiel Construction Co INCConstruction408 N MIDLER AVENUE, Syracuse, NY 13206$970,475
Clark CompaniesConstruction41155 NY-10, Delhi, NY 13753$836,299
Revenue and Support

Revenue Composition

Contributions and Grants
$61,216,041
Program Service Revenue
$125,690,944
Investment Income
$6,454,389
Other Revenue
$31,240
All Other Contributions
$49,894,653
Change in Net Assets
$9,042,808

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
Yes

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Works of Art8$2,215,728Fair Market Value (FMV) or Appraised Value
Securities Publicly Traded43$1,976,671Fair Market Value (FMV)
Other Non Cash Contri Table15$26,889Fair Market Value (FMV)
Total Noncash Contributions66$4,219,288-

Audited Revenue Reconciliation

Revenue per Audited Statements
$192,806,291
Revenue Not Reported on Financial Statements
$586,324
Revenue Not Reported on Form 990
$-57,772,907
Other Revenue Adjustments
$586,324
Total Revenue per Audited Statements
$135,033,384
Total Revenue per Form 990
$193,392,615
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$70,619,791
Salaries, Compensation, and Employee Benefits$57,998,987
Other Expenses$55,731,028
Total Fundraising Expense$4,632,564
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$70,381,866--$70,381,866
Other Salaries and Wages$33,696,386$6,607,423$2,581,699$42,885,508
Fees for Services Other$10,474,167$3,209,262$4,827$13,688,256
Occupancy$11,722,205$929,318$1,662$12,653,185
Other Employee Benefits$4,459,209$3,012,878$861,383$8,333,470
Depreciation Depletion$6,888,354$428,354-$7,316,708
Payroll Taxes$2,328,586$519,175$185,993$3,033,754
Pension Plan Contributions$2,096,255$467,375$167,436$2,731,066
Interest$2,418,615--$2,418,615
Office Expenses$1,664,431$303,418$168,307$2,136,156
Travel$1,662,712$93,842$137,968$1,894,522
Insurance$2,744$1,772,675$2,000$1,777,419
Conferences and Meetings$1,147,390$120,987$308,038$1,576,415
Information Technology$290,537$1,091,734$2,061$1,384,332
Current Officers, Directors, Trustees, and Key Employees-$905,424$109,765$1,015,189
Other Expenses$968,945$646,662$25,311$968,945
Fees for Service Investment Mgmnt Fees$319,592$586,324-$905,916
Fees for Services Legal$1,502$477,811-$479,313
Grants to Domestic Orgs$237,925--$237,925
Fees for Services Accounting-$192,155-$192,155
Advertising$88,313$24,846$21,216$134,375
Total Functional Expenses$158,325,224$21,392,018$4,632,564$184,349,806

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$184,349,806
Expenses per Audited Statements$113,381,616
Total Expenses per Audited Statements$113,381,616
Expenses Not Reported on Financial Statements$70,968,190
Other Expense Adjustments$70,968,190
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
City of GenevaGeneva, NYGOV'TContribution$227,925
Geneva Firematics CommitteeGeneva, NY501(c)(3)Contribution$10,000

International Summary

Offices
1
Employees
0
Spending
$63,257,231

International Compliance

Foreign grant records maintained
No
Activity in boycott countries
No
Foreign corporation ownership
Yes
Foreign partnership interest
Yes
Interest in foreign trust
No
Passive foreign investment company interest
Yes
Transfers to foreign corporations
Yes

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas,InvestmentsInvestments1-$43,294,133
Europe (including Iceland & Greenland) - Albania, Andorra, Austria, BelgiumInvestmentsInvestments--$19,384,036
Middle East and North Africa - Algeria, Bahrain, Djibouti, Egypt,InvestmentsInvestments--$300,088
Europe (including Iceland & Greenland) - Albania, Andorra, Austria, BelgiumTravelForeign Travel--$167,260
East Asia and the Pacific - Australia, Brunei, Burma, Cambodia,TravelForeign Travel--$56,199
Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas,TravelForeign Travel--$24,319
Europe (including Iceland & Greenland) - Albania, Andorra, Austria, BelgiumProgram DirectorProgram Director--$13,285
North America - Canada and Mexico, But Not the United StatesTravelForeign Travel--$12,315
South America - Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador,TravelForeign Travel--$2,410
Sub-saharan Africa - Angola, Benin, Botswana, Burkina Faso,TravelForeign Travel--$1,913
Russia and Neighboring States - Armenia, Azerbijan, Belarus,TravelForeign Travel--$1,273
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Mary H GearanSpouse of OfficerEmployee at the CollegesNo$60,637
Michael GuardSibling of OfficerEmployee at the CollegesNo$50,806
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Asset Retirement Obligations$3,518,207
Fair Value of Swap Agreements$1,489,071
Deferred Giving Obligations$1,158,985

Bond Issues

BondIssuerIssuedIssue PricePurpose
ACity of Geneva Indus Dev Ag Multi (series 2007)2007-12-12$31,250,000CAPITAL PROJECTS

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$31,250,000$442,229$11,850,000$475,688

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
Yes
Corrective action procedures
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
Yes
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

Joseph stein and eric stein, brothers on board of trustees. Lou guard (officer) and dr. Kirra guard (trustee) are spouses.

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.

Filing and Contact Details

Filer

Filer Name
Hobart and William Smith Colleges
EIN
16-0743040
Phone
3157813337
Address
300 PULTENEY STREET, GENEVA, NY 14456

Signing Officer

Name
Mark Edwards
Title
VP for Finance and Admin.
Phone
3157813337
Signed
2025-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mr Mark D Gearan
Formed
1943
Legal Domicile
Ny
Voting Board Members
35
Independent Board Members
34
Employees
1,646
Volunteers
2,744

Preparer

Firm
Bonadio & Co Llp
Address
171 SULLYS TRAIL, PITTSFORD, NY 14534
Preparer
Aimee Jozic
Phone
5853811000
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Change in fair value of swap agreement 375,682. Change in value of deferred giving 223,923.

Financial Statement Notes

PART III, LINE 1A:

Hobart and william smith colleges maintain collections that consist of works of art, historical treasures and similar assets that are held for public exhibition, education, or research in furtherance of the colleges' exempt purpose. These items are protected and preserved, and proceeds from sales (if sales are permitted) are used to acquire additional collection items.

PART V, LINE 4:

The endowment of hobart and william smith colleges provides annual support for scholarships, program and student support, faculty support, capital projects, and general operating purposes of the colleges in accordance with donor restrictions or actions taken by the board of trustees.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Scholarships change in fair value of swap agreement change in value of deferred giving

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Investment management fees

PART XII, LINE 2D - OTHER ADJUSTMENTS:

RENTAL EXPENSES

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Scholarships investment management fee

Raw XML AppendixShowing 400 of 1,254 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Desc0HOBART AND WILLIAM SMITH IS A RESIDENTIAL LIBERAL ARTS AND SCIENCES INSTITUTION KNOWN FOR CONSISTENT SUCCESS IN PREPARING STUDENTS FOR MEANINGFUL LIVES AND FULFILLING CAREERS THROUGH AN OUTCOMES-BASED FOCUS ON THEIR FUTURES. TO BEST PREPARE STUDENTS FOR IMPACT AND SUCCESS, HWS NURTURES INTELLECTUAL, PROFESSIONAL, AND ETHICAL DEVELOPMENT THROUGH 70 ACADEMIC PROGRAMS. IN A RELATIONSHIP-RICH LEARNING ENVIRONMENT, STUDENTS COMPLEMENT BROAD, INTERDISCIPLINARY STUDY WITH HANDS-ON LEARNING EXPERIENCES MADE POSSIBLE BY HWS' CENTERS FOR EXPERIENCE, ACTION, AND THOUGHT. MORE THAN 60% OF HWS STUDENTS STUDY ABROAD, ALL PARTICIPATE IN COMMUNITY SERVICE, AND HWS GUARANTEES ALL STUDENTS ACCESS TO AN INTERNSHIP OR RESEARCH EXPERIENCE. THE WALL STREET JOURNAL RANKS HWS #4 IN THE NATION FOR STUDENT EXPERIENCE.
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