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← HOBART AND WILLIAM SMITH COLLEGES

Form 990 for tax year 2023

Filed by HOBART AND WILLIAM SMITH COLLEGES.

Totals

Total revenue
$193,392,614
Total expenses
$184,349,806
Contributions and grants received
$61,216,041
Grants paid
$70,619,791
Program service revenue
$125,690,944
Investment income
$6,454,389
Other revenue
$31,240
Total assets, end of year
$440,720,919
Total liabilities, end of year
$77,421,359
Net assets or fund balances, end of year
$363,299,560
Program services expenses (Part IX)
$158,325,224
Management and general expenses
$21,392,018
Fundraising expenses
$4,632,564
Program service expenses (Part III)
$158,325,224

Program services were 85.9% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $11,321,388

  • 1f · All other contributions, gifts and grants

    $49,894,653

  • 1g · Noncash contributions included above

    $4,219,288

  • 2a · Program service revenue: TUITION AND FEES

    total $100,864,743 · related or exempt $100,864,743

  • 2b · Program service revenue: STUDENT HOUSING

    total $13,053,150 · related or exempt $13,053,150

  • 2c · Program service revenue: DINING SERVICES

    total $9,001,725 · related or exempt $9,001,725

  • 2d · Program service revenue: OTHER PROGRAM SERVICE REVENUE

    total $2,771,326 · related or exempt $2,771,326

  • 3 · Investment income

    total $4,490,082 · excluded $4,490,082

  • 6a · Gross rents

    real property $31,240

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $31,240

  • 6d · Net rental income or loss

    total $31,240 · excluded $31,240

  • 7a · Gross sales of assets other than inventory

    securities $71,131,000 · other assets $616,777

  • 7b · Less cost or other basis and sales expenses

    securities $69,163,211 · other assets $620,259

  • 7c · Gain or loss

    securities $1,967,789 · other assets -$3,482

  • 7d · Net gain or loss

    total $1,964,307 · excluded $1,964,307

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $237,925 · program services $237,925

  • 2 · Grants to domestic individuals

    total $70,381,866 · program services $70,381,866

  • 5 · Compensation of officers, directors and key employees

    total $1,015,189 · management and general $905,424 · fundraising $109,765

  • 7 · Other salaries and wages

    total $42,885,508 · program services $33,696,386 · management and general $6,607,423 · fundraising $2,581,699

  • 8 · Pension plan contributions

    total $2,731,066 · program services $2,096,255 · management and general $467,375 · fundraising $167,436

  • 9 · Other employee benefits

    total $8,333,470 · program services $4,459,209 · management and general $3,012,878 · fundraising $861,383

  • 10 · Payroll taxes

    total $3,033,754 · program services $2,328,586 · management and general $519,175 · fundraising $185,993

  • 11b · Fees: legal

    total $479,313 · program services $1,502 · management and general $477,811

  • 11c · Fees: accounting

    total $192,155 · management and general $192,155

  • 11f · Fees: investment management

    total $905,916 · program services $319,592 · management and general $586,324

  • 11g · Fees: other

    total $13,688,256 · program services $10,474,167 · management and general $3,209,262 · fundraising $4,827

  • 12 · Advertising and promotion

    total $134,375 · program services $88,313 · management and general $24,846 · fundraising $21,216

  • 13 · Office expenses

    total $2,136,156 · program services $1,664,431 · management and general $303,418 · fundraising $168,307

  • 14 · Information technology

    total $1,384,332 · program services $290,537 · management and general $1,091,734 · fundraising $2,061

  • 16 · Occupancy

    total $12,653,185 · program services $11,722,205 · management and general $929,318 · fundraising $1,662

  • 17 · Travel

    total $1,894,522 · program services $1,662,712 · management and general $93,842 · fundraising $137,968

  • 19 · Conferences, conventions and meetings

    total $1,576,415 · program services $1,147,390 · management and general $120,987 · fundraising $308,038

  • 20 · Interest

    total $2,418,615 · program services $2,418,615

  • 22 · Depreciation, depletion and amortization

    total $7,316,708 · program services $6,888,354 · management and general $428,354

  • 23 · Insurance

    total $1,777,419 · program services $2,744 · management and general $1,772,675 · fundraising $2,000

  • 24a · Other expenses: MISC ATHLETICS

    total $3,406,954 · program services $3,349,701 · management and general $2,355 · fundraising $54,898

  • 24b · Other expenses: MISC GLOBAL ED

    total $2,683,610 · program services $2,683,610

  • 24c · Other expenses: OTHER

    total $2,114,152 · program services $1,442,179 · management and general $646,662 · fundraising $25,311

  • 24d · Other expenses: MISC LIBRARY

    total $968,945 · program services $968,945

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $9,997,516 · end of year $12,006,446

  • 3 · Pledges and grants receivable

    beginning of year $12,980,079 · end of year $42,878,276

  • 4 · Accounts receivable

    beginning of year $2,068,848 · end of year $953,031

  • 7 · Other notes and loans receivable

    beginning of year $1,184,024 · end of year $823,002

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,311,432 · end of year $3,354,932

  • 10a · Land, buildings and equipment: cost or other basis

    $326,591,864

  • 10b · Land, buildings and equipment: accumulated depreciation

    $170,734,412

  • 10c · Land, buildings and equipment, net

    beginning of year $154,666,961 · end of year $155,857,452

  • 11 · Investments: publicly traded securities

    beginning of year $69,372,355 · end of year $63,438,291

  • 12 · Investments: other securities

    beginning of year $164,941,681 · end of year $158,852,217

  • 15 · Other assets

    beginning of year $2,444,633 · end of year $2,557,272

  • 17 · Accounts payable and accrued expenses

    beginning of year $12,231,582 · end of year $13,394,890

  • 18 · Grants payable

    beginning of year $4,494

  • 19 · Deferred revenue

    beginning of year $2,714,063 · end of year $2,525,840

  • 20 · Tax-exempt bond liabilities

    beginning of year $20,284,779 · end of year $19,291,980

  • 23 · Secured mortgages and notes payable

    beginning of year $36,013,137 · end of year $36,042,386

  • 25 · Other liabilities

    beginning of year $7,071,682 · end of year $6,166,263

  • 27 · Net assets without donor restrictions

    beginning of year $134,157,587 · end of year $132,862,967

  • 28 · Net assets with donor restrictions

    beginning of year $207,490,205 · end of year $230,436,593

Mission and programs · 2023

Mission

HOBART AND WILLIAM SMITH PREPARES STUDENTS TO LEAD LIVES OF CONSEQUENCE.

  • HOBART 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.

    Expenses $158,325,224 · Grants $70,619,791 · Revenue $125,690,944

As filed on the 2023 return.

Listed in Part VII

  • Cassandra Naylor Brooks

    TRUSTEE/VICE CHAIR

    Total calculated
    $0
    Hours/week
    5

  • Calvin R Carver Jr

    TRUSTEE/TREASURER

    Total calculated
    $0
    Hours/week
    5

  • James B Robinson

    TRUSTEE/SECRETARY

    Total calculated
    $0
    Hours/week
    5

  • Craig R Stine

    TRUSTEE/CHAIR

    Total calculated
    $0
    Hours/week
    5

  • Linda D Arrington

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • Edward R Cooper

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • Andrew L Gaines

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • Aileen Diviney Gleason

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • John J Hogan III

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • William A Margiloff

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • Scott J Mason

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • Herbert J McCooey Jr

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • Andrew G McMaster Jr

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • Allison Morrow

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • Dr Richard Solomon

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • Eric J Stein

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • Joseph C Stein

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • Samuel A Stern

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • William T Whitaker Jr

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • Warren K Zola

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • Dr Margueritte S Murphy

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • Josephine A Grayson La

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • Jeremy A Cooney Esq

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • Dr Paula Miltenberger

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • Mehrnaz Vahid-Ahdieh

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • Stephen Wong

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • Dr Richard L Wasserman

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • Mark Gearan

    PRESIDENT

    Total calculated
    $720,236
    From this org
    $585,088
    From related orgs
    $0
    Other
    $135,148
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $568,245
    Bonus
    $0
    Other
    $16,843
    Deferred
    $22,500
    Nontaxable benefits
    $112,648
    Filer's total
    $720,236

  • Samari Brown

    STUDENT TRUSTEE, THROUGH MAY 2024

    Total calculated
    $62,103
    From this org
    $9,935
    From related orgs
    $0
    Other
    $52,168
    Hours/week
    2

  • Dr Kirra Guard

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • Rt Rev Stephen T Lane

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • Julie Bazan D'Angelo

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • Ludwig P Gaines Esq

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • Teresa Amott

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • Jesse Whelan-Small

    STUDENT TRUSTEE, THROUGH MAY 2024

    Total calculated
    $30,222
    From this org
    $1,722
    From related orgs
    $0
    Other
    $28,500
    Hours/week
    2

  • Louis Guard

    GEN COUNSEL & ASST SEC

    Total calculated
    $203,689
    From this org
    $194,202
    From related orgs
    $0
    Other
    $9,487
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $194,042
    Bonus
    $0
    Other
    $160
    Deferred
    $3,730
    Nontaxable benefits
    $5,757
    Filer's total
    $203,689

  • Mark Edwards

    VP FINANCE & ADMINISTRATIO

    Total calculated
    $299,020
    From this org
    $258,976
    From related orgs
    $0
    Other
    $40,044
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $248,763
    Bonus
    $0
    Other
    $10,213
    Deferred
    $12,851
    Nontaxable benefits
    $27,193
    Filer's total
    $299,020

  • Sarah Kirk

    PROVOST AND DEAN OF FACULTY

    Total calculated
    $332,752
    From this org
    $260,003
    From related orgs
    $0
    Other
    $72,749
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $247,242
    Bonus
    $0
    Other
    $12,761
    Deferred
    $7,878
    Nontaxable benefits
    $64,871
    Filer's total
    $332,752

  • Robert O'Connor

    VP AND SENIOR PHILANTHROPIC ADVISOR

    Total calculated
    $307,217
    From this org
    $261,539
    From related orgs
    $0
    Other
    $45,678
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $260,765
    Bonus
    $0
    Other
    $774
    Deferred
    $18,642
    Nontaxable benefits
    $27,036
    Filer's total
    $307,217

  • Alfred Damiano

    VP STRATEGIC INITIATIVES AND CIO

    Total calculated
    $263,176
    From this org
    $220,237
    From related orgs
    $0
    Other
    $42,939
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $219,049
    Bonus
    $0
    Other
    $1,188
    Deferred
    $15,756
    Nontaxable benefits
    $27,183
    Filer's total
    $263,176

  • Catherine Williams

    VP MARKETING & COMMUNICATIONS

    Total calculated
    $250,208
    From this org
    $224,961
    From related orgs
    $0
    Other
    $25,247
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $224,547
    Bonus
    $0
    Other
    $414
    Deferred
    $15,611
    Nontaxable benefits
    $9,636
    Filer's total
    $250,208

  • Becca Barile

    VP OF CAMPUS LIFE AND DIRECTOR OF THE MASTER OF AR

    Total calculated
    $223,838
    From this org
    $173,950
    From related orgs
    $0
    Other
    $49,888
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $162,462
    Bonus
    $0
    Other
    $11,488
    Deferred
    $11,423
    Nontaxable benefits
    $38,465
    Filer's total
    $223,838

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Tax indemnification and gross-up payments
  • 1a · Housing allowance or residence for personal use
  • 1a · Health or social club dues or initiation fees
  • 1a · Personal services (maid, chauffeur, chef)
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 1A
HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE: DURING CALENDAR YEAR 2023, PRESIDENT MARK GEARAN WAS PROVIDED HOUSING AS A CONDITION OF HIS EMPLOYMENT AND FOR THE CONVENIENCE OF THE COLLEGES. THE FAIR MARKET VALUE OF THE HOUSING ALLOWANCE AND PERSONAL MAID SERVICES ARE INCLUDED AS A NON-TAXABLE BENEFIT IN SCHEDULE J, COLUMN (D).

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • CHARITABLE REMAINDER TRUST (1)

    CRAT · NY · controlled entity

  • CHARITABLE REMAINDER UNITRUST (3)

    CRUT · NY · controlled entity

  • POOLED INCOME FUND

    POOLED INCOME FUND · NY · controlled entity

Provenance

Return type
form_990
Tax year
2023
Filed
15 May 2025
IRS schema version
2023v6.0
Source object
202541349349301934

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