Civic Intelligence

Empire State University Foundation Inc

990 • Fiscal year 2017 • EIN 51-0193595

Jul 01, 2016 to Jun 30, 2017 • Filed on Nov 07, 2017

2 Union AveSaratoga Springs, NY 12866

(518) 587-2100

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

22nd percentile

0.04x

Higher debt load relative to assets than 22% of similar nonprofits.

2017 filings • NTEE B • $25M-$50M nonprofits • Source year 2017

Liabilities / Revenue

48th percentile

0.46x

Higher debt load relative to revenue than 48% of similar nonprofits.

2017 filings • NTEE B • $25M-$50M nonprofits • Source year 2017

Net Margin

91st percentile

53%

Higher net margin than 91% of similar nonprofits.

2017 filings • NTEE B • $25M-$50M nonprofits • Source year 2017

Top Officer Pay

77th percentile

$334,981

Higher top officer pay than 77% of similar nonprofits.

Top officer pay equals 11.9% of source-year revenue.

2017 filings • NTEE B • $25M-$50M nonprofits • Source year 2017

Asset Growth

78th percentile

13%

Faster asset growth than 78% of similar nonprofits.

2017 filings • NTEE B • $25M-$50M nonprofits • Annualized from 2016 to 2017

Revenue Growth

87th percentile

52%

Faster revenue growth than 87% of similar nonprofits.

2017 filings • NTEE B • $25M-$50M nonprofits • Annualized from 2016 to 2017

Assets

Up

$33,548,065

Up $3,798,456 (+13%) from 2016

Net Assets

Up

$32,243,581

Up $3,718,002 (+13%) from 2016

Liabilities

Up

$1,304,484

Up $80,454 (+6.6%) from 2016

Revenue

Up

$2,824,482

Up $965,701 (+52%) from 2016

Expenses

Up

$1,330,136

Up $128,060 (+11%) from 2016

Net Income

Up

$1,494,346

Up $837,641 (+128%) from 2016

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$60M$40M$20M$0Assets 2011: $30,348,555Liabilities 2011: $5,404,691Net Assets 2011: $24,943,8642011Assets 2012: $30,080,988Liabilities 2012: $6,108,058Net Assets 2012: $23,972,9302012Assets 2013: $30,136,458Liabilities 2013: $4,313,294Net Assets 2013: $25,823,1642013Assets 2014: $33,707,716Liabilities 2014: $4,171,113Net Assets 2014: $29,536,6032014Assets 2015: $28,803,580Liabilities 2015: $4,234,491Net Assets 2015: $24,569,0892015Assets 2016: $29,749,609Liabilities 2016: $1,224,030Net Assets 2016: $28,525,5792016Assets 2017: $33,548,065Liabilities 2017: $1,304,484Net Assets 2017: $32,243,5812017Assets 2018: $35,534,001Liabilities 2018: $1,299,256Net Assets 2018: $34,234,7452018Assets 2019: $36,863,197Liabilities 2019: $974,279Net Assets 2019: $35,888,9182019Assets 2020: $35,529,945Liabilities 2020: $1,140,007Net Assets 2020: $34,389,9382020Assets 2021: $43,485,168Liabilities 2021: $962,519Net Assets 2021: $42,522,6492021Assets 2022: $37,289,291Liabilities 2022: $722,362Net Assets 2022: $36,566,9292022Assets 2023: $42,557,146Liabilities 2023: $568,630Net Assets 2023: $41,988,5162023Assets 2024: $44,852,550Liabilities 2024: $76,144Net Assets 2024: $44,776,4062024Assets 2025: $49,908,536Liabilities 2025: $87,435Net Assets 2025: $49,821,1012025

Highlighted filing

2017

Assets$33,548,065
Liabilities$1,304,484
Net Assets$32,243,581

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$10M$5.0M$0-$5.0MRevenue 2011: $4,131,107Expenses 2011: $3,269,662Net Income 2011: $861,4452011Revenue 2012: $2,501,928Expenses 2012: $1,375,147Net Income 2012: $1,126,7812012Revenue 2013: $6,745,316Expenses 2013: $1,945,005Net Income 2013: $4,800,3112013Revenue 2014: $3,512,620Expenses 2014: $2,594,089Net Income 2014: $918,5312014Revenue 2015: -$1,987,344Expenses 2015: $2,317,353Net Income 2015: -$4,304,6972015Revenue 2016: $1,858,781Expenses 2016: $1,202,076Net Income 2016: $656,7052016Revenue 2017: $2,824,482Expenses 2017: $1,330,136Net Income 2017: $1,494,3462017Revenue 2018: $1,818,944Expenses 2018: $1,360,479Net Income 2018: $458,4652018Revenue 2019: $2,196,869Expenses 2019: $1,534,442Net Income 2019: $662,4272019Revenue 2020: $3,529,950Expenses 2020: $1,358,667Net Income 2020: $2,171,2832020Revenue 2021: $3,045,939Expenses 2021: $1,268,618Net Income 2021: $1,777,3212021Revenue 2022: $2,215,775Expenses 2022: $1,215,930Net Income 2022: $999,8452022Revenue 2023: $3,974,032Expenses 2023: $1,346,937Net Income 2023: $2,627,0952023Revenue 2024: $620,311Expenses 2024: $1,811,070Net Income 2024: -$1,190,7592024Revenue 2025: $5,052,086Expenses 2025: $2,182,503Net Income 2025: $2,869,5832025

Highlighted filing

2017

Revenue$2,824,482
Expenses$1,330,136
Net Income$1,494,346
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Nov 7, 2017
Return Version
2016v3.0
Gross Receipts
$3,593,745
Mission and Program Overview

Mission

To assist in advancing the welfare and development of Empire State College (a unit of the State University of New York), including financial assistance to students, faculty, staff and college programs.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$24,786,787$27,857,093▲ $3,070,306
Pledges and Grants Receivable$1,617,944$2,220,996▲ $603,052
Land, Buildings, and Equipment, Net$2,081,928$2,019,992▼ $61,936
Accounts Receivable$465,380$558,110▲ $92,730
Savings and Temporary Cash Investments$396,245$296,361▼ $99,884
Other Notes and Loans Receivable, Net-$212,203-
Investments Other Securities$337,477$167,361▼ $170,116
Cash and Non-Interest-Bearing Accounts$63,848$62,918▼ $930
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Program Related-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$29,749,609$33,548,065▲ $3,798,456
Other Assets Total-$153,031-
Liabilities
Other Liabilities$1,182,365$1,280,468▲ $98,103
Accounts Payable and Accrued Expenses$41,665$24,016▼ $17,649
Total Liabilities$1,224,030$1,304,484▲ $80,454
Net Assets / Fund Balance
Unrestricted Net Assets$19,666,938$22,838,478▲ $3,171,540
Permanently Rstr Net Assets$4,638,076$5,325,271▲ $687,195
Temporarily Rstr Net Assets$4,220,565$4,079,832▼ $140,733
Total Net Assets Fund Balance$28,525,579$32,243,581▲ $3,718,002
Total Liabilities and Net Assets / Fund Balance$29,749,609$33,548,065▲ $3,798,456

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,918,862$1,177,954$3,096,816
Land$101,130-$101,130

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2016$17,044,759$209,949▲ $2,269,405$-746,725$19,763,303
2015$16,775,250$316,201▲ $265,889$-232,400$17,044,759
2014$16,703,392$195,358▲ $459,651$15,461$16,775,250
2013$14,586,374$266,424▲ $1,760,521$149,132$16,058,214
2012$13,748,562$221,092▲ $1,713,882$696,705$14,586,374
Compensation and Service Providers

Employees

NameTitleOtherTotal
Rick BarthelmasInterim Treasur$144,361$144,361

Board Members and Trustees

NameTitle
Ann TurnerChairman
Merodie A HancockPresident
Charles Wait JrDirector
Christopher FeeleyDirector
David FullardDirector
David J MazzettiDirector
James KarcherDirector
John CorrouDirector
Karen WestDirector
Phillip CatchingsDirector
Robert B CareyDirector
Scott JohnsonDirector
Susan L DakeDirector
Susan TurbenDirector
Tina EvansDirector
Walter C WilliamsExecutive Director
Marian ConwaySecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$1,286,068
Program Service Revenue
$242,268
Investment Income
$1,121,065
Other Revenue
$175,081
All Other Contributions
$1,286,068
Change in Net Assets
$1,494,346

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded5$54,412Fair Market Value (FMV)
Works of Art9$19,300Appraisal
Total Noncash Contributions14$73,712-

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,824,482
Revenue Not Reported on Form 990
$3,904,987
Total Revenue per Audited Statements
$6,729,469
Total Revenue per Form 990
$2,824,482
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$827,759
Other Expenses$427,468
Total Fundraising Expense$119,811
Professional Fundraising Fees$74,909
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$827,759--$827,759
Payments to Affiliates$92,993$5,427-$98,420
Fees for Services Professional Fundraising--$74,909$74,909
Travel$41,395$2,553$4,991$48,939
Fees for Service Investment Mgmnt Fees-$44,755-$44,755
All Other Expenses$13,244$16,868$6,293$36,405
Conferences and Meetings$25,282-$930$26,212
Office Expenses$19,632$1,936$3,370$24,938
Fees for Services Accounting-$18,725-$18,725
Other Expenses$1,823$582$14,932$17,337
Insurance-$9,107-$9,107
Occupancy$4,969$300-$5,269
Advertising$245-$276$521
Total Functional Expenses$1,101,541$108,784$119,811$1,330,136

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$3,011,467
Expenses Not Reported on Form 990$1,681,331
Expenses per Audited Statements$1,330,136
Total Expenses per Form 990$1,330,136
International Activity

International Summary

Spending
$85,910

International Compliance

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

International Activities

RegionActivityServicesOfficesEmployeesSpending
Middle East and North AfricaProgram ServiceEducational Program00$58,591
EuropeProgram ServiceEducational Program00$27,112
Central America and CaribbeanProgram ServiceEducational Program00$207
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$74,909
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Deposits held in custody for others$787,926
Due to Empire State College$492,542
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 family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

The 990 is provided to members of the governing body for review and approval before submission.

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

upon request

Filing and Contact Details

Filer

Filer Name
Empire State College Foundation Inc
EIN
51-0193595
Phone
5185872100
Address
2 Union Ave, Saratoga Springs, NY 12866

Signing Officer

Name
Walter C Williams
Title
Executive Director
Signed
2017-11-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Walter C Williams
Formed
1977
Legal Domicile
Ny
Voting Board Members
17
Independent Board Members
15
Employees
0

Preparer

Firm
Whittemore Dowen & Ricciardelli Llp
Address
333 AVIATION RD BLDG B, QUEENSBURY, NY 12804-2915
Preparer
Colin D Combs CPA
Phone
5187920918
Supplemental Narrative

Financial Statement Notes

Part III, Line 4: Description of organization'S collections and how it furthers its purpose.

Several pieces of artwork to be displayed publicly.

Part X : FIN48 Footnote

Empire State College Foundation, Inc. is a not-for-profit organization exempt from taxes under Section 501(c)3 of the Internal Revenue Code. As of June 30, 2017 the tax years that remain subject to examination by tax authorities begin with the year ended 2014.

Part XI, Line 2D: Other revenue amounts included in F/S but not included on form 990

Rental Expenses $89359

Part XII, Line 2D: Other expenses and losses per audited F/S

Rental Expenses $89359

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IRS990/Form990PartVIISectionAGrp/PersonNm1Robert B Carey
IRS990/Form990PartVIISectionAGrp/PersonNm2Phillip Catchings
IRS990/Form990PartVIISectionAGrp/PersonNm3Marian Conway
IRS990/Form990PartVIISectionAGrp/PersonNm4John Corrou
IRS990/Form990PartVIISectionAGrp/PersonNm5Tina Evans
IRS990/Form990PartVIISectionAGrp/PersonNm6Christopher Feeley
IRS990/Form990PartVIISectionAGrp/PersonNm7David Fullard
IRS990/Form990PartVIISectionAGrp/PersonNm8David J Mazzetti
IRS990/Form990PartVIISectionAGrp/PersonNm9Walter C Williams
IRS990/Form990PartVIISectionAGrp/PersonNm10Merodie A Hancock
IRS990/Form990PartVIISectionAGrp/PersonNm11Scott Johnson
IRS990/Form990PartVIISectionAGrp/PersonNm12James Karcher
IRS990/Form990PartVIISectionAGrp/PersonNm13Rick Barthelmas
IRS990/Form990PartVIISectionAGrp/PersonNm14Susan Turben
IRS990/Form990PartVIISectionAGrp/PersonNm15Ann Turner
IRS990/Form990PartVIISectionAGrp/PersonNm16Charles Wait Jr
IRS990/Form990PartVIISectionAGrp/PersonNm17Karen West
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IRS990/Form990PartVIISectionAGrp/TitleTxt2Director
IRS990/Form990PartVIISectionAGrp/TitleTxt3Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9Executive Dir.
IRS990/Form990PartVIISectionAGrp/TitleTxt10President
IRS990/Form990PartVIISectionAGrp/TitleTxt11Director
IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
IRS990/Form990PartVIISectionAGrp/TitleTxt13Interim Treasur
IRS990/Form990PartVIISectionAGrp/TitleTxt14Director
IRS990/Form990PartVIISectionAGrp/TitleTxt15Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt16Director
IRS990/Form990PartVIISectionAGrp/TitleTxt17Director
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IRS990/OtherExpensesGrp/Desc0Meeting Expense
IRS990/OtherExpensesGrp/Desc1Fees
IRS990/OtherExpensesGrp/Desc2Membership Fees
IRS990/OtherExpensesGrp/Desc3Postage and Shipping
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IRS990/OtherExpensesGrp/FundraisingAmt18645
IRS990/OtherExpensesGrp/FundraisingAmt21800
IRS990/OtherExpensesGrp/FundraisingAmt314932
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IRS990/PrincipalOfficerNm0Walter C Williams
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IRS990/PYOtherRevenueAmt0268921
IRS990/PYProgramServiceRevenueAmt0348946
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IRS990/PYTotalProfFndrsngExpnsAmt088359
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IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt01494346

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$49.9$0.09$49.8$5.05$2.18$2.87
2024Detailed filing. Detailed filing data is available for this year.$44.9$0.08$44.8$0.62$1.81$1.19
2023Detailed filing. Detailed filing data is available for this year.$42.6$0.57$42.0$3.97$1.35$2.63
2022Detailed filing. Detailed filing data is available for this year.$37.3$0.72$36.6$2.22$1.22$1.00
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$43.5$0.96$42.5$3.05$1.27$1.78
2020Detailed filing. Detailed filing data is available for this year.$35.5$1.14$34.4$3.53$1.36$2.17
2019Detailed filing. Detailed filing data is available for this year.$36.9$0.97$35.9$2.20$1.53$0.66
2018Detailed filing. Detailed filing data is available for this year.$35.5$1.30$34.2$1.82$1.36$0.46
2017Detailed filing. Detailed filing data is available for this year.$33.5$1.30$32.2$2.82$1.33$1.49
2016Detailed filing. Detailed filing data is available for this year.$29.7$1.22$28.5$1.86$1.20$0.66
2015Detailed filing. Detailed filing data is available for this year.$28.8$4.23$24.6$1.99$2.32$4.30
2014Detailed filing. Detailed filing data is available for this year.$33.7$4.17$29.5$3.51$2.59$0.92
2013Summary only. Only limited summary data is available for this year.$30.1$4.31$25.8$6.75$1.95$4.80
2012Summary only. Only limited summary data is available for this year.$30.1$6.11$24.0$2.50$1.38$1.13
2011Summary only. Only limited summary data is available for this year.$30.3$5.40$24.9$4.13$3.27$0.86