2010 Annual Report - Farmingdale State College

Farmingdale College Foundation

2010 an nual re port

Greetings From the President of Farmingdale College Foundation ........................... 2

Message From the President of Farmingdale State College ....................................... 3

Mission Statement ..................................................................................................... 4

Foundation Board of Directors .................................................................................. 5

Foundation Events 23rd Annual Tech Island Golf Classic ................................................................ 6 Honoree: John F. Collins, President & CEO, Winthrop-University Hospital

2009 Annual Business Hall of Fame Gala .......................................................... 8 Honoree: 110 Sand Company

Annual Scholarship Awards ............................................................................ 10

Garden Festival ................................................................................................ 12

Honor Roll of Faculty & Staff Donors ......................................................................17

Honor Roll of External Donors ............................................................................... 19

Independent Auditor’s Report Statement of Financial Position – June 30, 2010 .............................................. 23

Statement of Activities – June 30, 2010 ........................................................... 24

Statement of Cash Flows – June 30, 2010 ......................................................... 25

Notes to Financial Statements Year Ended June 30, 2010 ................................................................................. 26

Table of ConTenTs

2010 AnnuA l Repo RtFA R m i n g d A l e C o l l e g e F o u n d A t i o n

2 n Far mingdale College Foundation n 2010 Annual Report

GreeTinGs from The PresidenT of farminGdale ColleGe foundaTion

Thank you for taking the time to let me share with you the results of our 2009-2010 fiscal year activities, my second as President of the Farmingdale College Foundation.

Our active Board of Directors, comprised of prominent area business leaders from across the Long Island region, has helped me create an exciting vision for the long term growth of our 501(c)(3) not-for-profit Foundation to provide student scholarships as well as faculty and staff support not otherwise funded by New York State or through tuition. Despite the economic downturn, we achieved record income due to our Board’s enthusiastic and dedicated involvement. Thanks to the assistance of Farmingdale State College President, Dr. W. Hubert Keen, and his Office of Development, led by Dr. Henry Sikorski, along with key staff members, Charlene Russert, Joan Urbanowski, and Jane Massimino, we exceeded our record of last year.

As always, the granting of the scholarships presented to students during this past year was a top priority. This year we were pleased to award two new scholarships: the Farmingdale Student Government Scholarship, and the Bioscience Undergraduate Research Scholarship. Below is a sampling of other scholarships awarded:

n 110 Sand Company Scholarship n Estée Lauder Companies Scholarships n OSI Pharmaceuticals Scholarships

In addition, faculty and staff enrichment programs included:

n Artists & Lecturers Programs n Writing in the Disciplines Program n Green Energy Symposium

Importantly, this year we managed to top last year’s success. Our three major annual fundraising events, the Business Hall of Fame Gala, Tech Island Golf Classic, and Horticulture Committee Garden Party, were very successful. Support garnered from both the corporate and private sectors through our Major Gifts Campaign increased, and we look forward to future opportunities to further enhance private/public partnerships that support Farmingdale State College.

As always, the Board continues to make prudent fiscal management decisions for investments and grant approvals – all the while maintaining steadfast compliance with our legal, ethical, and moral responsibilities.

Your support and endeavors allow us to continue to implement our vision for the College. Once again, I ask you to contact me or the Office of Development in Horton Hall on the College campus to learn more about ways to support the Foundation as we help Farmingdale State College continue its growth as one of the region’s leading academic institutions.

Best personal regards,

Richard S. Overton, President Farmingdale College Foundation

Far mingdale College Foundation n 2010 Annual Report n 3

I have observed during my almost four years at Farmingdale the margin of difference in our institutional accomplishments that is made possible in no small part to the support received from private and non-state sources. The Farmingdale College Foundation is our most important partner in raising funds from private sources. Our mission – continued excellence in teaching, learning, scholarship, research, and public service – is greatly enhanced by our many supporters.

Major physical plant and grounds projects are underway that will bring great improvement to the facilities and raise the aesthetic appeal of the campus. The roadways, parking lots, and grounds are receiving a major upgrade. The Library is being reconfigured to create an “Information Commons,” a modern center with state-of-the-art technology. The Hale Hall renovation is scheduled for completion in 2011, ground will be broken this fall for construction of the Campus Center, and plans for the School of Business building will be completed this academic year.

Farmingdale State’s highest goal is to assure that an excellent education is continually available to our almost 7,000 students. In 2010, the College once again received over 10,000 applications for admission, while admission requirements, already the highest in our 100-year history, continue to increase.

During the 2009-2010 year, the Foundation attained a record level of contributed support to the campus exceeding, once again, the prior year’s level. This support enabled us to provide:

n Scholarships for exemplary students

n Faculty development opportunities not available through state funds

n State-of-the-art facilities and technology to enhance the teaching/learning experience.

We are currently planning the celebration in 2012 of Farmingdale State’s Centennial. The continuing advancement in the quality of our academic programs, and the completion of ongoing projects leading up to the Centennial, will be milestones in the College’s evolution. The Foundation continues to be a key partner in enabling Farmingdale State College to continue the extraordinary growth and advances that are underway.

Thank you for helping Farmingdale State College fulfill its mission!

W. Hubert Keen, PhD, President Farmingdale State College

messaGe from The PresidenT of farminGdale sTaTe ColleGe


our mission

Farmingdale State College is a coeducational, public college with more than 7,000 undergraduate students. The College is dedicated to educating students in the areas of business, applied arts and sciences, health sciences, and engineering technology. A rich history of over 80,000 graduates makes Farmingdale State a college with a legacy of excellence. Farmingdale State students enjoy small, personalized classes with exceptional faculty members who provide individual attention. Students are prepared for successful futures via real life applications of knowledge, critical thinking, and a sound liberal arts education which help them pursue rewarding and successful careers with many of the region’s most prestigious companies. Farmingdale State is dedicated to changing lives and building futures.

Farmingdale College Foundation’s mission is:

n To encourage, solicit, accept and hold gifts made to it in the form of money, stocks, bonds, lands and any other type of property, either real or personal, and to manage such property and collect the income therefrom and disburse the same only for the purpose of advancing the educational purposes, welfare, and development of Farmingdale State College;

n To render such financial assistance to the students, faculty, and administration of the said college pursuant to the educational purposes of the Foundation, and as shall be consistent with the purpose and policies of Farmingdale State College; and

n To receive and hold, and to manage and administer such property as may be received by the Foundation, and to use and apply all as part of the income or savings therefrom as well as the principal thereof exclusively for cultural, scientific, literary or educational purposes, either directly or by contributions to organizations which are organized and authorized to carry out such activities; provided, however, that said organizations qualify as an exempt organization under section 501(c)(3) of the Internal Revenue Code and its regulations as they now exist or as they may hereafter be amended.


farminGdale ColleGe foundaTion board

OFFICERS

PresidentRichard S. OvertonOverton Operations Advisors, Ltd.

TreasurerGeorge P. LaRosaSenior Vice President & CFO, Farmingdale State College

1st Vice PresidentGeorge P. RainerSenior Vice PresidentHuman ResourcesWinthrop-University Hospital

SecretaryHenry Sikorski, Ph.D. Chief Development Officer,Farmingdale State College

2nd Vice PresidentRobert C. GodfreySenior Vice President Brokerage ServicesCB Richard Ellis

MEMBERS

Linda Amper, Ph.D.Sr. VP, Human ResourcesOSI Pharmaceuticals, Inc.

Michael BenderCEO, Bana Electric Corp.

Thomas W. BogueEast Coast Power, LLC

Richard A. CatalanoPartner, KPMG, LLP

Wayne N. GrosséCOO, Bethpage Federal Credit Union

W. Hubert Keen, Ph.D.President, Farmingdale State College

Jonathan D. KleinJomar Management Consultants

Christopher J. KutnerPartner, Farrell, Fritz, P.C.

Michael J. LiguoriChase Bank

Jonathan MarcusVice President, The Marcus Organization

Judith McEvoyPresident, Alumni Association, Farmingdale State College

Patricia M. McMahonVice President and Deputy Battle Management & Engagement Systems Division Northrop Grumman Corp.

John J. MolloyPresident & CEO, H2M Group

Michael O’RourkePresident, Best Climate Control Corp.

Robert Reed, Esq.President of New Island Hospital (retired)

Theresa SantmannOwner, Little Flower for Rehabilitation & Nursing

Fred SkolnikPartner, Certilman Balin Adler & Hyman, LLP, Attorneys

Brendan SullivanExecutive Director, Estée Lauder Companies Inc.

Robert L. Van NostrandAureon Laboratories, Inc.

HONORARY MEMBERS

Maria T. CinqueCinque Associates, Ltd.

William DuffyInternational Union of Operating Engineers, Local 138

Robert EnchHopewell Nursery

Bart H. Friedman, CPA, PCMarcum LLP

Kathleen Gallo, RN, MBA, Ph.D.Sr. VP & Chief Learning OfficerNorth Shore/LIJ Health System

Carolynn LuccaSignature Bank

Gary MeliusOwner, Oheka Castle

Michael J. PosillicoPosillico

Horst K. SaalbachH&E Consulting


23rd annual TeCh island Golf ClassiC

The Foundation hosted its annual golf outing on Monday, June 28, 2010, at the Cold Spring Country Club in Huntington, New York, and raised over $131,000. John F. Collins, President & CEO of Winthrop-University Hospital, served as honoree.

Winthrop-University Hospital is a 591-bed university-affiliated medical center with a state-of-the-art environment rich in medical education and research programs located in Mineola, New York.

Mr. Collins is active in several professional organizations, including the American College of Healthcare Professionals (ACHE), the New York State Society of CPAs, and the American Institute of Certified Public Accountants (AICPA). He is a member of the Finance Committees for the Healthcare Association of New York State (HANYS) and the Greater New York Hospital Association (GNYHA), is a past president of the Healthcare Financial Management Association (HFMA) Metropolitan New York Chapter, and past Chairman of the Nassau-Suffolk Hospital Council Committee on Finance. He has been honored several times by the Healthcare Financial Management Association. Mr. Collins holds a bachelor’s degree in accounting from Queens College, and is a Certified Public Accountant. He resides in Huntington, New York with his wife and three children.

farminGdale ColleGe foundaTion evenTs


Center Photo: L-R, Hubert Keen, John Collins, Richard Overton and George Rainer

23rd annual TeCh island Golf ClassiC (Cold sPrinG CounTry Club)honoree: John f. Collins, PresidenT & Ceo of WinThroP-universiTy hosPiTal


2009 business hall of fame Gala

The Foundation held its primary fundraiser on November 12, 2009 at Oheka Castle in Huntington, New York, and raised over $200,000. Our honoree for the event was the 110 Sand Company.

For three decades, 110 Sand Company has played an integral role in building Long Island. High-quality sand and gravel provided by the company from its Melville location has been used in the construction and improvement of roads, bridges, schools, houses, stores, and office buildings throughout Nassau and Suffolk Counties, and New York City.

Long Island has always been known for its high quality sand and gravel, which were left behind by retreating glaciers some 20,000 years ago. Sand from Long Island is especially sought after for construction because it is has an excellent mixture of grain sizes and shapes. 110 Sand Company’s founder, Farmingdale-native Chester Broman, recognized this fact when he opened the company in 1980. Mr. Broman is a highly respected entrepreneur known for his leadership in the business community and his charitable commitment.

In the 1980s, 110 Sand became a leader in “green” practices when it began recycling concrete to be re-used as sub-base for roads, parking lots, and other paved surfaces. Today its concrete-reduction operation makes it possible to reclaim significant amounts of usable materials from demolition debris, and thus preserve our natural resources. 110 Sand Company continues to be an industry leader that works closely with environmental regulators as part of regional land reclamation efforts.

110 Sand is a significant contributor to the local economy and an important employer. Its union labor workforce includes Laborers International Union Local 1298, and the International Union of Operating Engineers Local 138. The skill and hard work of these professionals plays an integral role in the success of 110 Sand.

farminGdale ColleGe foundaTion evenTs (ConTinued)


2009 business hall of fame Gala (oheka CasTle) honoree: 110 sand ComPany

Center Photo: L-R, Hubert Keen, Richard Overton, Chester Broman, Jason Golden

1 0 n Far mingdale College Foundation n 2010 Annual Report

annual sCholarshiP aWards

The Farmingdale Foundation Annual Scholarship Reception was held on Wednesday, March 24, 2010. Students of Farmingdale State were recognized for their outstanding academic achievements, and many of the sponsors providing individual and corporate scholarship support were on hand to make presentations to our student scholars. Awards and recipients included:

n 100 Black Women Scholarship – Faustine Chukwuezi, Criminal Justice – Law Enforcementn 100 Black Men Scholarship – Travis Gardner, Electrical Engineering Technology

n 110 Sand Company Scholarship – Yvette Gardner, Bioscience

n ASQ Hall of Fame Scholarship – Remigio J. Castaldini, Aeronautical Science – Professional Pilot, Nicholas Forte, Computer Engineering Technology and Electrical Engineering Technology

n Bioscience Undergraduate Research Scholarship – Cyrus C. Digiacomo, Jr., Biosciencen Professor Eduardo Braithwaite ESL Award – Ruta Meleskina, Maritza Vargasn Gladys Brooks Foundation Scholarship – Ilze Emily Stankiewicz, Nursing

n Campus Fund Scholarship – Alan Benavides, Mechanical Engineering Technology, Lauren Fitzpatrick, Nursing, Andrew Glaser, Architectural Engineering Technology, Jennings Gyedu, Bioscience, Andrew Hubert, Mechanical Engineering Technology, Jack Italiano, Biology, Jessica Scanlon, Nursing, Tahji Smith, Criminal Justice – Law Enforcement

n Carol’s Cause Scholarship – Amy Olenick, Nursing

n Catherine Sheridan Bucaria Scholarship – Guethy Ledan, Nursing

n Cheryl R. Canton Incentive/Willie H. Riddick Memorial Award – Jamie Williams, Nursing

n Loretta Chiarenza Memorial Scholarship – Amy Bortzfield, Horticultural Technology, Christopher A. Planzo, Computer Programming & Information Systems

n Betsy Smith Cronin Memorial Scholarship – Lauren Marie Ronzitti, Dental Hygiene

n Dante Foundation Scholarship – Giuseppa Aliperti, Liberal Arts & Sciences

n Dr. Frank DelBene Memorial Scholarship – James Marzigliano, Business Management

n Frank Elkins Memorial Award – Christopher DiMaio, Bioscience, Lawrence Hipp, Security Systems, Mary O’Neil, Nursing, Remigio John Castaldini, Aeronautical Science – Professional Pilot, Tamara St. Preux, Bioscience

n Estée Lauder Corporation Scholarship – Jaclyn Fortel, Medical Laboratory Technology, Afrinash Khan, Medical Laboratory Technology, Neda Shahrabi, Bioscience

n Farmingdale Student Government Aviation Scholarship – Remigio John Castaldini, Aeronautical Science – Professional Pilot, Andrew Thomas Medina, Aeronautical Science – Professional Pilot

n Farmingdale Student Government Scholarship – Christopher DiMaio, Bioscience, Jennings Gyedu, Bioscience

n Candace Ferin Scholarship – Tatiana Laimit, Nursing

n Forest Laboratories, Inc. Scholarship – Steve Henson, Industrial Technology – Facility Management Technology

n John Gargano Memorial Scholarship – Andrew Glaser, Architectural Engineering Technology

n J. Frederick Gibralter Memorial Scholarship – Ryan McAllister, Business Management

n Golden Key Scholarship – Synthia Suzanne Gratia, Bioscience, Justine Arline Rothar, Bioscience, Christopher Wallace, Applied Mathematics

n IEEE-LISAT and Farmingdale College Foundation Scholarship – Amana Alam, Applied Psychology, Steeve Bissereth, Electrical Engineering Technology & Computer Engineering Technology, Daniel Ford, Electrical Engineering Technology, Michael Forte, Electrical Engineering Technology & Computer Engineering Technology, Christopher Salemi, Computer Programming & Information Systems, William Titus, Electrical Engineering Technology, Gino Vargas, Electrical Engineering Technology

n Home Depot Scholarship – Thomas Posillico, Horticultural Technology Management

n Lillian Keily Memorial Scholarship – Theresa Dember-Neal, Nursing, Janet Michelle Dunleavy, Nursing, Terri J. Hormann, Nursing, Allison McCrink, Nursing, Colleen Mohlenhoff, Nursing, Rachel Newman, Nursing, Mary O’Neil, Nursing, Jeffrey A. Rosenthal, Nursing

n Charles Laffin Memorial Endowed Scholarship – Marylin Besong, Bioscience, Travis Pearson, Biosciencen Joseph Lindner Memorial Scholarship – Elizabeth Rodriguez, Management Technologyn Patricia Maguire Memorial Scholarship – Lauren Knaffo, Professional Communications


Far mingdale College Foundation n 2010 Annual Report n 1 1

n NYS Assembly Session Internship Scholarship – Christopher S. Lucko, Business Management, Patricia J. Macaluso, Business Management, Patricia M. Polenz, Technology Studies, Peter E. Scarabelli, Business Management

n OSI Pharmaceuticals Scholarship – Kathryn Blecher, Bioscience, Stephen Borrelli, Bioscience, Lulu Feng, Bioscience, Candace Kelm, Bioscience, Veronica Miranda, Bioscience, Julie A. Morrison, Bioscience

n Phi Theta Kappa Scholarship – Jennifer Cappello-Ruggiero, Ornamental Horticulture-Landscape Development, Rachel L. Csala, Nursing, Andrew Rosen, Criminal Justice – Law Enforcement

n Joseph D. Posillico, Jr. Memorial Scholarship – Wayfrel Puello, Construction Management Engineering Technology

n Joseph D. Posillico, Sr. Memorial Scholarship – Andrew Glaser, Architectural Engineering Technology and Construction Management Engineering Technology

n Presidential Scholarship – Matthew Bradica, Liberal Arts & Sciences, Kristina Caruso, Liberal Arts & Sciences, Erica Csorba, Nursing, Joseph Ford IV, Aviation Administration, Andrew Hubert, Mechanical Engineering Technology, Jesse Jacobs, Business Management, Anna Klestov, Business Management, Kenneth Mawhirt, Nursing, Rhiannon X. Metas, Bioscience, Frankie Montgoris, Business Management, Kevin Onorato, Electrical Engineering Technology, Daniel R. Raymond, Aeronautical Science – Professional Pilot, Dina Roach, Liberal Arts & Sciences, Bruce Roozdar, Business Management, Michael Vega, Electrical Engineering Technology

n Matthew Rehl Memorial Scholarship – Joseph Alessi, Aeronautical Science – Professional Pilot

n Louis J. Riso Memorial Scholarship – Gerald P. Kenna, Business Management

n Dr. Horst Saalbach Scholarship – Mercy Reyes, Manufacturing Engineering Technology

n Charles O. Schmidt Memorial Scholarship – Alan Benavides, Mechanical Engineering Technology

n Charlotte Schwenk Award – Rachael Rose Leone, Horticultural Technology Management

n Robert Simeone Memorial Scholarship – Steve Bissereth, Electrical Engineering Technology

n Raymond Von Deesten Memorial Scholarship – Piotr Biedrzycki, Architectural Engineering Technology

n Wall of Honor Scholarship – Joseph Alessi, Aeronautical Science – Professional Pilot, Justine Beecher, Dental Hygiene, Christopher DiMaio, Bioscience, Rafal Jurkowski, Visual Communication: Art & Graphic Design, Andre McKenzie, Computer Engineering Technology, Michael Ninivaggi, Applied Mathematics

n Father Edward Werring Memorial Scholarship – Andrew Jerome Klein, Undeclared Major, Robert McKibbon, Undeclared Major

n Herbert Zipper Memorial Scholarship – Nicholas Forte, Computer Engineering Technology and Electrical Engineering Technology

Over $127,000 was awarded to Farmingdale State College students in 2009-2010.


2010 Garden fesTival The Garden Festival was held in the magnificent Horticultural Teaching Gardens on Saturday and Sunday, June 5 and 6, 2010.

The festival, sponsored by the Farmingdale Horticulture Committee of the Farmingdale College Foundation, had lots to offer those thousands of people from Long Island who were in attendance. The major corporate sponsor of the event was The Scotts Miracle-Gro Company. Other corporate sponsors included Bartlett Tree Experts, Gutter Helmet, and The Home Depot. Long Island Pulse magazine and the New York Landscape Contractor were media sponsors.

Plants were donated by many generous nurseries on Long Island. Lecture tents were filled with home gardeners wanting to learn the latest in gardening techniques, and Farmingdale State professors, Cornell Cooperative Extension Educators, Master Gardeners, and Green Industry Professionals made presentations.

Dr. Richard Iversen, curator of the gardens and professor of horticulture, conducted tours of the fabulous teaching gardens. Professor Paul Fogelberg provided advice to attendees as to how they could re-landscape their property.

Music was donated by Farmingdale Professor Dr. Wayne Krush; his band – The Lonesome Moonlight String Band – provided bluegrass music during the Festival.

Proceeds from the event are used to benefit excellence in Farmingdale State College’s Horticulture Curriculum, provide horticulture scholarships, promote the program, and further the development of the Ornamental Horticulture Teaching Gardens as the finest in the country.



hoW donaTions Were sPenT

43% Campus Programs

30% Special Events

8% Management & General*

13% Scholarships & Awards

6% Fundraising

hoW donaTions Were sPenT

* Includes community outreach support.


ToTal sCholarshiPs aWarded

ToTal sCholarshiPs aWarded (in Thousands)

0

20

40

60

80

100

120

$31

$127

2002 20102002 2010


ToTal asseTs

$4,625.40

0

500

1000

1500

2000

2500

3000

3500

4000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$605.20 $597.00$725.60

$1,013.50

$1,667.90

$1,940.20

$2,326.40

$2,686.50

$3,023.90

$3,765.00

5000 ToTal asseTs (in Thousands)


ToTal revenue

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$284.00

$174.80$233.20

$778.90

$930.70 $958.10 $934.00 $954.10 $985.10

$2,003.70

0

500

1000

1500

2000

2500

$1,531.00

ToTal revenue (in Thousands)


honor roll of faCulTy & sTaff donors

Charles AdairCatherine AkelWisdom AkpaluDaniel T. ArcieriBarbara AyoSolomon AyoThomas F. AzzaraMatthew BahamondeAmitabha BandyopadhyayFrances BartonSusan C. BaxterAndrew BergerJoseph BetzHenry BojackJeffrey BorahVanda Bordies-McCormickDolores R. BradleyGary A. BrownMargery L. BrownJennifer BryerRose Ann ByronPatrick P. CalabriaLinda L. CalderoneCheryl R. CantonBarry John CapellaMaureen CaponeNancy CasimanoDeborah CassidyLucia CeprianoJudith M. CestaroStuart ChaskesFrances CherkisDolores CiaccioKathleen CinoJeanne CiulloKathryn S. ColeyElizabeth ColganAmy ColvinSusan L. ConfortiKaren CoutrierBridget J. CremminsLoucas Chrysafi

Robert A. CrockerMarguerite D’AloisioDamiano D’AmicoAngela DanziYelleshpur DathatriLuisa DattomaMiriam K. DeitschKathleen E. DevineMary Kirby DiazChristine M. DoseRobin DunnJohn DzinankaMalka EdelmanEileen EichlerRobert ElgartSerdar ElgunKaren M. EscolasTheresa Esnes-JohnsonEleanor R. FapohundaEdward FarkasMatilde FavaGeorge FernandezJoan FerrellAdam A. FiliosMarvin FischerGerald FlynnPaul FogelbergJeffrey GaabStaci GardnerKaren A. GellesAnthony J. GiffoneMary Ann GoldrickJonathan M. GoldsteinMichael Goodstone Joanne B. GrahamDavid GreenePatricia GreeneCarol GreenholzLorraine GreenwaldSarah GrossJanet M. GruberJames T. Hall

Tory HareDeirdre HarringtonMichael HarringtonAgnes HartmannEileen HassonJohn W. HendricksonSharon HenleVeronica HenryHanna HorowitzArthur HoskeyMarya Howell CarterJanet HumeRichard HumeYue HungSandra HustedtAhmed IbrahimMarybeth IncandelaEugene IndenbaumLeonard IsemongerRichard IversenKathleen JacquetteVicki K. JanikLaura JosephBeverly L. KahnAgnes M. KalemarisW. Hubert KeenArlene KleinsteinMichael KnauthJohn KostanoskiPaul KramerGeorge KrausWayne KrushKathleen KupfermanColleen LaibachGeorge P. LaRosaJonathan LehrerJudith Levine Frederick LingnerClaire LisiMarcia B. LittenbergCarolyn Lopalo HarrisonLawrence A. Lopez

The Farmingdale College Foundation is thankful for the support of the college community without which many of the campus activities and support for student learning in the form of scholarships would not be possible.


Saundra B. Lory-SnyderNicholas T. LositoBarbara MaertzBrian MaherEleanor MajewskyLloyd MakarowitzBernard MalaraCatherine MalnichuckDimitrios MaltezosGregory ManinakisDaniel S. MarroneLynn MarshJane MassiminoPaula MaurinoDarleyne E. MayersDiane E. MelamedEileen MeyersMarie Hayden-MilesLouise Napolitano-CarmanAbdul NaseemIrina NeymotinJill A. O’SullivanAnita M. PallateriFrank C. PellegriniBarbara S. PennettiEugene A. PetersSusan PetersonMargaret PettitMargaret PorcielloAllison PuffMarie C. PullanJeannette QuinnJeanne RadiganMichael RaffanelloVenkitaswamy RajuJanet RamanMonique RamosLinda M. RennieMonte RiveraLigia RodriguezKevin RooneyGary Rupp

Charlene RussertYeong D. RyuMarlene Sanmiguel GronerRuth SapirRobert SaundersLouis ScalaDonna ScaralloEdward C. SchacherMartin SchneiderLisa ScholzAristides ScoufelisMorton SeitelmanBarbara SerrMahendra ShahAnn R. ShapiroHenry SikorskiRobert SiminsMichael C. SmilesDiane M. SmithOrla M. Smyth-LopiccoloBrett SouthardAdele SpencerMary StedmanWilliam SteedleHerbert J. StokeyIra StolzenbergSharon StrumingerElizabeth Q. SullivanSocrates ThanasasMaureen TsokrisJoan M. UrbanowskiJoseph Ursino, Jr.Kathleen ValentinoBala VeeramacheneniEugenio P. VillarrealRichard M. VogelErika WachterDionne Walker-BelgraveKathleen A. WalshVincent WanAnnette WandererGeraldine Watnick

Lucille WesnofskeJohn A. Winn, Jr.Annette Wyche

honor roll of faCulTy & sTaff donors (ConTinued)


honor roll of exTernal donors

heriTaGe soCieTy of $25,000 and above

110 Sand CompanyForest LabsOSI PharmaceuticalsSimon Cohen FoundationWinthrop-University Hospital

PhilanThroPisTs $5,000 To $24,999

Air TechniquesBall Horticultural CompanyBana Electric Corp.Bell Nursery USA, LLCBethpage Federal Credit UnionBonnie Plant FarmCB Richard EllisClinton Nurseries, Inc.Coastal Supply Co., Inc.Color Spot Nurseries, Inc.Cromwell Growers Inc.Daniel Finley Allen & Co., Inc.East Coast Power LLCEstée Lauder Inc.Fiduciary Trust CompanyFloral Plant Growers, LLCGarden Godfather Inc.Glenn Walters Nursery, Inc.H2M Grouphermann engelmann greenhouses, inc.Hopewell Nursery Inc.Horan Sand & Gravel Corp.Ivy Acres Inc.Kurt Weiss Greenhouses, Inc.Lockwood Kessler & Bartlett, Inc.Long Island ContractorsMcKeen FundMEA NurseryNaab Hortco, LLCNorthrop Grumman CorporationPosillico GroupProven Winners North America

Richard and Carolyn OvertonRoanoke Sand & Gravel Corp.Rudy HolesekStinchcomb Associates Inc.The Cottage Gardens, Inc.The Riggio FoundationThe Scotts Company LLCTheresa M. SantmannTilcon New York Inc.Zelenka Nursery

benefaCTor Club $2,500 To $4,999

Albanese OrganizationAlure Home ImprovementAramarkBarnes & NobleBest Climate ControlBio-Botanica Inc.Bloomaker USA, Inc.Bottomley Evergreen & Farms Inc.Certilman Balin Adler & HymanDiFazio Electric Inc.Dunmen USA Inc.Farmingdale Student GovernmentFarrell Fritz, P.C.First Foliage, LLCForchelli, Curto, Schwartz, MineoGreen Circle Growers Inc.Haynes Security Corp.H.O. Penn Machinery CompanyL. Delea & Sons Inc.McCann BrothersPaul MaloneyPoinsettia FoundationRason AsphaltRomanelli & Son Inc.Scalamandre & SonsStuart ShapiroThe Marcus Orgnization, Inc.Urbahn ArchitectsVan Zyverden, Inc.Weeks Lerman

direCTors Club $1,000 To $2,499

5 Seasons LLCAERTC @ Stony Brook UniversityAlumni Association, Inc.American Society for QualityAndre VietteArbre Joyeaux Inc./Enjoy Tree Inc.Ardell Sales & Consulting Inc.Automatic Industries, Inc.Bartlett Tree Expert Co.Bayer Crop Science/Bayer AdvancedBrownfield Plant FarmsCarol’s Cause Inc.Centrade CTICharles GouldingCheryl LennieChris PetersonCitibank Payment ServicesConsolidated Foam Inc.Costa FarmsDenise DalyEagle InteriorsEdward Ehrbar Inc.Flexible Business SystemsFurey, Kerley, Walsh, Matera CinquemaniGarden State GrowersGateway Insulation Inc.George T. CroninGNYHA Ventures, Inc.Goldsmith Seeds Inc.Green Leaf Nursery Inc.Gutter Helmet of Long Island Corp.Hampshire Farms LLCHines NurseriesHughes AssociatesICS IncorporatedIEEEIUOE Local 138Jeffrey HwangJeffrey’s Greenhouses, Inc.Johnson ControlsK&L Gates LLP

The Farmingdale College Foundation is fortunate to have the support of the local business and corporate communities. The assistance provided by these “partners” has helped the college become one of the premier institutions of higher education in the region.


Kevin CookeKPMG LLPKP Professional EngineeringLinda AmperLizardos Engineering AssociatesLockheed Martin Maritime Systems & SensorsLongfield Gardens, LLCMarcum LLPMarvaso Greenhouses, Inc.Mason Mix, Inc.Medtronic USA Inc.Melville Rotary Foundation Inc.Michael’s GreenhousesMiddle Bay Charitable FoundationMulti Packaging SolutionsNational Coalition of 100 Black WomenNorth Eastern Christmas Tree AssociationOheka Management Corp.Pearlstein Family FoundationPope’s Plant Farm Inc.Pure Beauty Farms, Inc.Ralph NappiRambo Nursery, LLCResidential Fences Corp.Ruttura & Sons Construction Co.Sawyer NurserySidhu & Sons Nursery Ltd.Signature BankSmall Business Development Center (Farmingdale)Sorensen Greenhouse Inc.Stacy’sSteel EquitiesTD BankThe Plant Group, Inc.The Townsend Companies Inc.Valerie TerzanoVan Meter & Son Nursery, Inc.Village Dock Inc.Wade Associates Inc.Wes LivingstonWood’s GreenhousesZiehm Medical LLC

TrusTees Club $500 To $999

1249 Melville Road Corp.Amerisc Corp.Axios Products Inc.Broad Hollow Estates, Inc.Capital One Private BankingChanging Times PubChris KniesteDarr Construction Equipment Co.Dawn DeRatierDeirdre E. HappDutchman Tree Farms LLCFarad Concrete Corp.Formed Plastics, Inc.Front St. Chiropractic PCGarden City HotelGarfunkel Wild P.C.Gray Electric Inc.Hess CorporationIsland Regional Management LLCLaborers Local Union 1298Laura PalkerMichael O’RourkeMill-Max Mfg. Corp.MONY @ Lake Success, LLCOverton Operations Advisors, Ltd.Ricklie Realty LLCRobert C. GodfreySchool Business Partnerships of Long IslandSchool Construction Consultants,Inc.Sidney Frank Importing Co., Inc.Silvestri LandscapeThe LandTek Group Inc.Total Marketing Associates, Inc.Town of Babylon Democratic CommitteeU.M.C. Moving Co., Inc.USI Sammis, Inc.

PresidenTs Club $250 To $499

A+ Technology SolutionsAccessLinx Inc.Arlyne and Fred SkolnikChris EarlyDanielle DickinsonDavid OrelliDiana PietzakEberhard-Voellm Nurseries, Inc.Epoch 5 Public RelationsEugene WesnofskeEZ Shipper Racks Inc.FIRSTFrank DavisFrank SaracinoGail RubelGeorge BrennanGeorge P. RainerJeffrey EganJoe RoccoJudith E. RobertsKenneth BrengelMario TelescaMichael BenderPatricia M. MangerPatricia M. McMahonRichard PovakRobert Van NostrandScott D. SchulerThomas A. BucariaTom JonesTriangle Properties #5 LLCWork/Life Resources Inc.

honor roll of exTernal donors (ConTinued)


PaTron $100 To $249

Abrams, FenstermanAlfonso SantellanAnita SicinskiAnthony MartillottiArt DesinArthur A. EzraBarbara CutroneBonnie EwingCharles A. Forte, Sr.Charles L. LauerChris KutnerChristie PenninoChristine MartinChristine P. BuschChuck ForteDenise KernDenise NewmanFreda Lin-TamGloria DavisGregg J. AdwarHome Bazaar Inc.James DurantJeanine Madden LostitoJeremiah AhernJohn CollinsJohn KucijJonathan KleinJoseph BrennanJudith RecordKacey McDonaldKarolina Bizik RasaLura SalmMarie MazzeoMarty SchmittMary Ellen FreeleyMegan TothMike GiardinaNancy O’MalleyOwen H. JohnsonPam PentaPatricia Hill Williams

Paul and Barbara CapobiancoPaul F. CaroleoPearl M. KamerR.A. Newhouse, Jr.Regina DlugokenckyRichard CatalanoRichard MillsRobert MartinRobert StricoffStephen M. NowotarskiStrain EventsThomas CristThomas MurrayThomas WehmeyerTom CruthersTracey AnastasatosTuran Family FoundationYoungfert’s

donors Club uP To $99

Alfred L. BarkanAndrew P. CrewBarbara McDonaldBettie M. SteinbergCarl BonusoCarolynn LuccaChristine M. PaschkeDaniel AbbruzzeseDorothy HarrisEdward SmithFayth Vaughn-ShavuoGregory FitzgeraldHand Consultant of Long IslandIBM International FoundationIrene LucarelliJames LochrisJames StephensonJanet AndersonJoAnn SarantakosJoann M. SlavinJohn BroderJohn Kacner

John F. LoonamJoy Anne KastnerKarin WeisenbergerLisa CohenMario LuceroMary A. FallonMeldon-Silverman Agency Inc.Michele Goonan Nancy C. RasmussenPamela E. AvellaPatricia A. SheaPatrick HughesRobert AddiegRobert SuarezRoseann CaldonSheldon P. GordonSherry StolzenbergSPN Music & EntertainmentStephanie SternSusan L. FrankSusan LandauTed KasnickiTerrecita E. Pinder-WatkisTheresa GustafsonThomas GrechWilliam HodrinskyWilliam RecceWilliam Youngfert

Please note: Every attempt has been made to ensure the accuracy of these lists.

honor roll of exTernal donors (ConTinued)


farminGdale ColleGe foundaTion sTaTemenT of finanCial PosiTion - June 30, 2010

2010

UnrestrictedTemporarily

RestrictedPermanently

Restricted Total

ASSETS

CURRENT ASSETS

Cash and cash equivalents $443,179 $1,914,492 $964,449 $3,322,120

Accounts receivable 55,567 - - 55,567

Prepaid expenses 33,503 - - 33,503

Investments - 506,535 5,985 512,520

Total Current Assets 532,249 2,421,027 970,434 3,923,710

FIxED ASSETS

Equipment 18,300 - - 18,300

Less: accumulated depreciation (18,300) - - (18,300)

Total Fixed Assets - - - -

OTHER ASSETS

Equipment on loan to college 829,588 - - 829,588

Less: accumulated amortization (127,919) - - (127,919)

Total Other Assets 701,669 - - 701,669

Total Assets $1,233,918 $2,421,027 $970,434 $4,625,379

LIABILITIES AND NET ASSETS

CURRENT LIABILITIES

Accounts payable $45,964 - - $45,964

Refundable advances 700 - - 700

Total Current Liabilities 46,664 - - 46,664

Net Assets 1,187,254 2,421,027 970,434 4,578,715

Total Liabilities and Net Assets $1,233,918 $2,421,027 $970,434 $4,625,379


farminGdale ColleGe foundaTion sTaTemenT of aCTiviTies - June 30, 2010

2010

UnrestrictedTemporarily

RestrictedPermanently

Restricted Total

Change In Net AssetsRevenue And Other SupportSpecial functions: Golf outing $132,425 $ - $ - $132,425 Garden party - 1,250 - 1,250 Fall Gala 209,660 297,750 - 507,410 Horticulture arts and crafts fair - 90,963 - 90,963Contributions: Scholarships 21,623 136,300 50,651 208,574 General 5,219 246,234 20,095 271,548Campaign for Farmingdale: Internal Campaign General 150,000 150,000 Faculty/Development & research - 1,428 - 1,428 Tech support services/equipment - 2,511 - 2,511 Campus beautification - 1,563 - 1,563In-kind, equipment and supplies 605,046 - - 605,046Interest income 6,260 24,700 - 30,960Net assets released from restrictions: Satisfaction of program restrictions

445,279 (445,279) - -

Total Revenue and Other Support 1,575,512 357,420 70,746 2,003,678Expenses Special events 331,610 - - 331,610 Campus programs 479,308 - - 479,308 Fundraising 67,438 - - 67,438 Management and general 92,261 - - 92,261 Scholarships and awards 139,144 - - 139,144

Total Expenses 1,109,761 - - 1,109,761Increase (decrease) in net assets 465,751 357,420 70,746 893,917Net assets at beginning of year 721,503 2,063,607 899,688 3,684,798Net assets at end of year $1,187,254 $2,421,027 $970,434 $4,578,715


farminGdale ColleGe foundaTion sTaTemenT of Cash floWs - June 30, 2010

2010Cash flows from operating activities:Cash received from contributions and donations $635,624Cash received from special functions 730,878Cash received from interest income 30,960

Total cash received 1,397,462

Cash paid for payroll and related labor costs 124,709Cash paid to suppliers and award recipients 887,565

Total cash paid 1,012,274Net cash provided by operating activities 385,188Cash flows from investing activities:Invested interest income (11,640)Net cash used by investing activities (11,640)Increase (decrease) in cash 373,548Cash at beginning of year $2,948,572Cash at end of year $3,322,120

NET CASh pROvIdEd by OpERATINg ACTIvITIESIncrease in Net Assets $893,917Adjustments to reconcile increase in net assets to net cash provided by operating activities:Depreciation and amortization 105,455In Kind donations (604,946)Change in assets and liabilities: (Increase) decrease in assets: Accounts receivable (1,170) Prepaid expenses 3,897 Assets held by others 21,587Increase (decrease) in liabilities: Accounts payable (7,252) Refundable advances (26,300)Net cash provided by operating activities $385,188


noTes To finanCial sTaTemenTs year ended June 30, 2010

FARMINGDALE COLLEGE FOUNDATION

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2010 AND 2009

1. Background and summary of significant accounting policies:

Background:

The Farmingdale College Foundation is a not-for-profit corporation established under the laws of the State of New York and is exempt from income taxes under section 501(c) (3) of the Internal Revenue Code. The general purpose of the Foundation is to assist in advancing the welfare and development of the Farmingdale State College. This is to be accomplished by gifts, grants and bequests of money and property to provide financial assistance to college faculty, students, staff and programs in a manner consistent with the educational policies of the State University of New York.

Basis of accounting:

The Foundation maintains its books and records on the accrual basis of accounting. Accordingly, revenue is recognized when earned and expenses are recognized when incurred.

Use of estimates:

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

Gifts and support: The Foundation reports gifts of cash and other assets as either unrestricted, temporarily restricted, or

permanently restricted net assets. Net assets:

As required by the Financial Statements for Not-for-Profit Organizations topic of the FASB Accounting Standards Codification, the Foundation is required to report information regarding its financial position and activities according to three classes of net assets: unrestricted, temporarily restricted and permanently restricted net assets and changes in net assets, as follows:

Unrestricted net assets:

May be used at the discretion of the Foundation’s Board of Directors. Temporarily restricted net assets:

May be used in accordance with donor directives and restrictions. When a donor restriction expires, that is, when a stipulated time restriction ends or purpose restriction is accomplished, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of activities as net assets released from restrictions.

Permanently restricted net assets:

Permanently restricted net assets are those resulting from contributions whose use by the Foundation is limited by donor imposed restrictions that neither expire by the passage of time nor can be fulfilled or otherwise removed by actions of the Board of Directors. Present permanently restricted net assets are comprised of endowed funds, the income from which is to be used for scholarships.

Cash and cash equivalents:

Cash and cash equivalents represents cash held in banks, money market accounts held by investment brokers, and short-term investments. The Foundation considers all short-term investments with maturity of three months or less to be cash equivalents.

- 7 - FARMINGDALE COLLEGE FOUNDATION



noTes To finanCial sTaTemenTs (ConTinued)

JUNE 30, 2010 AND 2009

1. Background and summary of significant accounting policies (continued):

Investments:

Investments in certificates of deposit with readily determinable fair values are stated at fair value based on quoted prices in active markets (all Level 1 measurements).

Expenses:

Expenses are allocated into functional categories depending upon the ultimate purpose of the expenditure. Fixed assets:

Fixed assets are recorded at cost or current fair value for donated items. Maintenance and repairs are expensed as incurred. Depreciation is provided using the straight-line method over the estimated useful lives of the assets.

2. Investment held by SUNY:

Investment held by SUNY is comprised of pooled investable assets held by the University of Buffalo Foundation with a market value of $21,587 as of June 30, 2009. Distributions from this portfolio in the amount of $20,559 were received on April 27, 2010.

3. Investments:

The Foundation invests cash in excess of daily requirements in investments. At June 30, 2010 and 2009 $512,520 and $500,880 respectively was deposited in 8, 12, and 16 month certificates of deposit, and during the years earned $11,640 and $5,096 respectively. The investments are held in two investment pools. One pool is for permanent endowments and the other is for temporarily restricted accounts. Interest income derived from the investments is to be used for scholarships.

4. Fair value measurements:

- 8 -


noTes To finanCial sTaTemenTs (ConTinued)

FARMINGDALE COLLEGE FOUNDATION


JUNE 30, 2010 AND 2009

5. Equipment on loan to College:

During 2010 and 2009, the Foundation received donated equipment in the amount of $604,946 and $224,642 respectively. In accordance with SUNY guidelines, the Foundation retains title to the equipment and allows designated school programs to use the equipment for student educational purposes. The equipment was recorded at fair market value, and is being ratably amortized over a 5 year period. Since the amortization relates to student educational services, it is being recognized as a program expense over the useful life of the equipment.

6. Concentration of credit and market risk:

The Foundation’s financial instruments consist of cash and accounts receivable. At June 30, 2010 and 2009, the Foundation had funds deposited with various local banking institutions. At June 30, 2010 and 2009 the amounts in excess of federally insured limits were $3,070,431 and $2,690,798 respectively. One of the institutions protects deposits in excess of federally insurance limits via repurchase agreements.

7. Reclassifications:

The financial statements for 2009 have been restated to conform to the 2010 presentation format. This change did not impact the 2009 change in net assets.

8. Subsequent Events:

The Foundation has evaluated subsequent events through October 7, 2010, the date which the financial statements were issued.

- 9 -

The Office of Development and Corporate Relations

at Farmingdale State CollegeHenry Sikorski, phd

Chief development officer

design and production:office for institutional advancement,

Farmingdale State College

photography:John Boles, northrop grummandenisimo photography & Video

Jonathan goldstein, Farmingdale State College Jennifer Wilbur, Farmingdale State College

2350 Broadhollow Road n Far mingdale, New York 11735-1021 n 631-420-2142 n www.far mingdale.edu

2010 Annual Report - Farmingdale State College

Documents

Transcript of 2010 Annual Report - Farmingdale State College