Tue 25 Aug 2009
The Williams Form 990 for Fiscal 2008 (viz., July 1, 2007 to June 30, 2008) finally showed up on the Guidestar website yesterday, almost 14 months after the end of the reporting period. For those, like myself, who think this document is very useful and affords more detailed insight into the finances and activities of the college, this is too long a wait.
For the last several years Williams has been filing its Form 990 with the IRS at the very outer limit of the permitted reporting window, around mid-May of the following fiscal year. That is, the 4 1/2 month normal reporting limit, plus the 3 month extension granted automatically on request, plus a second (and final) extension, which must also be requested by the reporting institution. That makes the 10 1/2 months of “reporting lag.” Add in the ca. 2 1/2 to 3 months it requires for Guidetar (and others) to acquire this material from the IRS Ogden office, and that accounts for the approximately 14 months before this material becomes “publicly visible” to interested parties on any website.
Some other colleges and universities do better, by filing earlier and themselves posting these documents on their own websites, something that will be detailed in a subsequent post in this space.
Compare the 10 1/2 month reporting delay and almost 3 month posting lag for Williams with the availability of the college’s audited financial statments, the latest of which was signed by the auditors on September 18, 2008, less than 3 months after the close of the 2008 fiscal year. These, to be sure, are posted, albeit discretely, on the college website, although exact date of posting is not clear to me. In fact, almost all colleges and universities I have reviewed seem to put these accounts up for their constituency to see. But not Bennington!
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