2023-11-09T08:03:52-06:00 2023-06-30 201317788 BOWERS & COMPANY CPAS PLLC 1120 COMMERCE PARK DRIVE EAST WATERTOWN NY 13601 990 2022-07-01 160911332 FACULTY STUDENT ASSOCIATION OF JEFFERSON COMMUNITY COLLEGE FACU 3157862353 1220 COFFEEN STREET WATERTOWN NY 13601 SIDNEY POND EXECUTIVE DIRECTOR OF ACCT & AUX 3157862353 2023-11-08 1 SIDNEY POND 999009999 0 LAURIE J PODVIN P00408116 3157887690 2023-11-08 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z SIDNEY POND 1220 COFFEEN STREET WATERTOWN NY 13601 3237332 0 X WWW.SUNYJEFFERSON.EDU X 1969 NY THE PURPOSE OF THE ORGANIZATION IS TO PROMOTE, SUPPLEMENT, AND CULTIVATE EDUCATIONAL, SOCIAL, CULTURAL, AND RECREATIONAL RELATIONS AMONG THE STUDENTS, FACULTY, STAFF, ALUMNI, AND COMMUNITY OF JEFFERSON COMMUNITY COLLEGE. THE ORGANIZATION WILL ENGAGE EXCLUSIVELY IN ACTIVITIES ANCILLARY TO AND IN FURTHERANCE OF THE EDUCATIONAL ACTIVITIES OF JEFFERSON COMMUNITY COLLEGE AND TO AID THE STUDENTS, FACULTY, STAFF, ALUMNI, AND COMMUNITY OF SUCH COLLEGE BY ASSISTING THEM IN EVERY WAY POSSIBLE IN THEIR STUDY, WORK, LIVING AND EXTRACURRICULAR ACTIVITIES. THE ORGANIZATION IS THE SOLE OWNER OF JEFFERSON FSA AUXILIARY, LLC WHICH HAS BEEN FORMED TO OWN AND OPERATE DORMS ON CAMPUS FOR THE BENEFIT OF JCC STUDENTS. DORMS WERE PLACED IN SERVICE IN AUGUST 2014. 14 14 32 0 0 0 346871 132541 2018911 2128820 19959 187688 64173 0 2449914 2449049 0 0 0 0 579923 651855 0 0 0 2015825 3069031 2595748 3720886 -145834 -1271837 19958868 20314288 19681554 20472963 277314 -158675 X THE PURPOSE OF THE ORGANIZATION IS TO PROMOTE, SUPPLEMENT, AND CULTIVATE EDUCATIONAL, SOCIAL, CULTURAL, AND RECREATIONAL RELATIONS AMONG THE STUDENTS, FACULTY, STAFF, ALUMNI, AND COMMUNITY OF JEFFERSON COMMUNITY COLLEGE. THE ORGANIZATION WILL ENGAGE EXCLUSIVELY IN ACTIVITIES ANCILLARY TO AND IN FURTHERANCE OF THE EDUCATIONAL ACTIVITIES OF JEFFERSON COMMUNITY COLLEGE AND TO AID THE STUDENTS, FACULTY, STAFF, ALUMNI, AND COMMUNITY OF SUCH COLLEGE BY ASSISTING THEM IN EVERY WAY POSSIBLE IN THEIR STUDY, WORK, LIVING AND EXTRACURRICULAR ACTIVITIES. THE ORGANIZATION IS THE SOLE OWNER OF JEFFERSON FSA AUXILIARY, LLC WHICH HAS BEEN FORMED TO OWN AND OPERATE DORMS ON CAMPUS FOR THE BENEFIT OF JCC STUDENTS. DORMS WERE PLACED IN SERVICE IN AUGUST 2014. 0 0 1898894 1385363 OPERATION OF DORMITORIES FOR THE BENEFITS OF STUDENTS AND STAFF OF JEFFERSON COMMUNITY COLLEGE. 336132 244822 OPERATION OF DAYCARE SERVICES FOR THE BENEFIT OF THE STUDENTS, FACULTY, STAFF, ALUMNI, AND COMMUNITY OF JEFFERSON COMMUNITY COLLEGE. 224534 246532 OPERATION OF CLEANING SERVICES FOR VARIOUS COLLEGE FACILITIES FOR THE BENEFIT OF STUDENTS, FACULTY, STAFF, ALUMNI, AND COMMUNITY OF JEFFERSON COMMUNITY COLLEGE. 252103 252103 2459560 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 4 0 1 32 1 0 0 0 0 0 0 0 0 0 0 0 0 X 14 14 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NY X THE ORGANIZATION 3157862353 1220 COFFEEN STREET WATERTOWN NY 13601 JERRY STACY TRUSTEE 1.00 X 0 0 0 WILLIAM EMM TREASURER 1.00 40.00 X X 0 60769 118 HEATHER MAKUCH PRESIDENT 1.00 X X 0 0 0 KORINE INGERSON SECRETARY 1.00 40.00 X X 0 33673 2841 KIM HONEYWELL VICE PRESIDENT 1.00 40.00 X X 0 93615 9442 PAMELA BEYOR TRUSTEE 1.00 X 0 0 0 CHELSEA MARRA TRUSTEE 1.00 40.00 X 0 59020 18635 SHAWN MALONEY TRUSTEE 1.00 40.00 X 0 68087 6062 NICHOLAS THORNTHWAITE TRUSTEE 1.00 40.00 X 0 61546 6262 DAN DUPEE TRUSTEE 1.00 40.00 X 0 177449 36063 DWIGHT AUSTIN TRUSTEE 1.00 40.00 X 0 16650 1482 AWATIF MAHAMED STUDENT REPRESENTATIVE 1.00 X 0 0 0 MARYSSA MACDONALD STUDENT REPRESENTATIVE 1.00 X 0 0 0 DAWN BARTLETT TRUSTEE 1.00 40.00 X 0 73584 14968 SIDNEY POND EXECUTIVE DIRECTOR OF ACCO 1.00 40.00 X 0 44487 12469 0 688880 108342 0 0 1 0 0 132541 132541 RENTAL INCOME-STUDENT 531110 1030977 1030977 RESIDENCE HALL RENTALS 611210 220000 220000 COLLEGE FEES RECEIVED 611210 93055 93055 FOLLETT COMMISSIONS 611210 52244 52244 ADC COMMISSIONS 611210 44111 44111 688433 688433 2128820 130902 130902 845069 788283 56786 56786 56786 2449049 2128820 0 187688 549412 549412 11529 11529 24197 24197 66717 66717 19185 5500 13685 114935 4533 110402 97 97 928309 897860 30449 562131 494434 67697 49665 42940 6725 OTHER GRANTS 863365 863365 BAD DEBTS 162367 73785 88582 UTILITIES 158449 158449 MISCELLANEOUS EXPENSE 54374 19281 35093 156154 110826 45328 3720886 2459560 1261326 0 2081006 1747941 1416415 1422121 81563 99548 388651 387199 19772 24327 19086170 4576295 14989789 14509875 561789 287762 419883 1835515 19958868 20314288 216346 149528 19401244 18971158 63964 1352277 19681554 20472963 X 277314 -158675 277314 -158675 19958868 20314288 X -1271837 -40552 876400 X X 0 1 X 1 0 X 85677 91814 104615 145471 132541 560118 85677 91814 104615 145471 132541 560118 560118 20935 34305 14148 22609 130902 222899 783017 0.71530 0.87690 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 94000 94000 18600537 4298618 14301919 391633 277677 113956 14509875 INTEREST RATE SWAP 1296283 RIGHT OF USE LEASE ASSET 539232 1835515 CUSTODIAL RESERVES 6346 OPERATING LEASE LIABILITY 553400 PLEDGE PAYABLE 792531 1352277 X 2874222 -40552 465725 425173 2449049 0 2449049 4186611 465725 465725 3720886 0 3720886 PART X, LINE 2: THE ORGANIZATION IS A NOT FOR PROFIT ORGANIZATION AND IS EXEMPT FROM INCOME TAXES UNDER THE SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE LLC, HAVING ONE MEMBER (THE ORGANIZATION), IS CHARACTERIZED, FOR FEDERAL INCOME TAX PURPOSES, AS A DISREGARDED ENTITY. THE ORGANIZATON'S FORMS 990, RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX, FOR THE FISCAL YEARS ENDED 2020, 2021, AND 2022 ARE SUBJECT TO EXAMINATION BY THE IRS, GENERALLY FOR THREE YEARS AFTER THEY WERE FILED. X X 0 0 0 0 0 0 0 0 0 DAN DUPEE TRUSTEE 0 177449 0 0 0 0 0 16380 0 19683 0 213512 0 0 A JEFFERSON COUNTY CIVIC DEVELOPMENT CORP 371588512 000000000 2019-10-11 21480000 STUDENT HOUSING CONSTRUCTION 0 0 0 A 21480000 1406293 2015 1 0 1 1 A 1 0 0 0 0 0 0 A 0 0 0 0 1 1 CITIZEN BANK NA 10.000000000000 0 0 0 0 0 A 0 PART IV, 4A IN CONNECTION WITH THE CONVERSION TO BANK PURCHASE RATE ON DECEMBER 20, 2017, AN INTEREST RATE SWAP WAS ENTERED INTO. NEITHER THE AUXILIARY NOR THE COUNTER PARTY, WHICH IS A PROMINENT FINANCIAL INVESTMENT INSTITUTION, IS REQUIRED TO COLLATERALIZE THEIR RESPECTIVE OBLIGATIONS UNDER THE SWAP. THE AGREEMENT, WHICH EXPIRES ON DECEMBER 20, 2027, EFFECTIVELY SWAPPED THE FIXED RATE OF 4.18% FOR A VARIABLE RATE OF LIBOR PLUS PER ANNUM RATE DETERMINED BY THE BANK (2.2815% AT SWAP DATE). THE PURPOSE OF THE SWAP WAS TO REDUCE CERTAIN EXPOSURES TO INTEREST RATE FLUCTUATIONS. A MODIFICATION AGREEMENT WAS APPROVED ON OCTOBER 1, 2019, RETROACTIVE TO JANUARY 1, 2019. THE RATE WAS ADJUSTED WITH THE MODIFICATION AGREEMENT, RETROACTIVELY TO JANUARY 1, 2019. ON OCTOBER 9, 2020 A MODIFICATION AGREEMENT WAS APPROVED, RETROACTIVE TO JUNE 1, 2020, TO INCREASE THE BANK RATE. AT JUNE 30, 2023 AND 2022, THE ADJUSTED FIXED RATE WAS 2.59% PLUS A VARIABLE RATE OF 79% OF LIBOR PLUS 1.64%, RESPECTIVELY. THE AMOUNTS EXCHANGED ARE BASED ON THE NOTIONAL AMOUNTS AND TERMS OF THE SWAP. THE AUXILIARY DID NOT ELECT HEDGE ACCOUNTING FOR THESE AGREEMENTS. THE AUXILIARY RECOGNIZED AN INCOME, INCLUDED IN NON-OPERATING INCOME (EXPENSES), IN THE ACCOMPANYING STATEMENTS OF OPERATIONS OF $876,400 AND $2,232,897 AND CORRESPONDING INCREASE IN OTHER ASSETS AND DECREASE IN OTHER LONG-TERM LIABILITIES REPRESENTING THE CHANGE IN FAIR VALUE OF THE INTEREST RATE SWAP FOR THE YEARS ENDED JUNE 30, 2023 AND 2022, RESPECTIVELY. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED BY BOARD PRESIDENT & EXECUTIVE DIRECTOR OF ACCOUNTING AND AUXILIARY SERVICES PRIOR TO BEING FILED. FORM 990, PART VI, SECTION B, LINE 12C BOARD REQUIRES ANNUAL DECLARATION OF CONFLICT OF INTEREST POLICY FORM 990, PART VI, SECTION B, LINE 15 SALARIES AND WAGES ARE BOARD APPROVED FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS ARE MADE AVAILABLE UPON REQUEST FORM 990, PART XI, LINE 9: INTEREST RATE SWAP 876,400. 990 PART XII LINE 2C THE PROCESS HAS NOT CHANGED. OVERSIGHT OF THE AUDIT AND SELECTION OF INDEPENDENT ACCOUNTANT RELIES WITH THE BOARD OF DIRECTORS. JEFFERSON FSA AUXILIARY LLC - 3031709 1220 COFFEEN STREET WATERTOWN NY 13601 160911332 DORMS NY 1568015 18620107 JCC FSA JEFFERSON COMMUNITY COLLEGE 1220 COFFEEN STREET WATERTOWN NY 13601 223065812 NYS COMMUNITY COLLEGE NY 501C3 N/A 0 0 1 0 0 0 0 0 0 0 1 1 0 0 0 0 0 1 0 1 JEFFERSON COMMUNITY COLLEGE J 220000 RENT FMV JEFFERSON COMMUNITY COLLEGE K 75000 RENT FMV JEFFERSON COMMUNITY COLLEGE Q 246532 COGS - CLEANING SERVICES JEFFERSON COMMUNITY COLLEGE B 863365 PLEDGE PAYABLE - GRANT