Business and Finance Highlights September 2007 FINANCE –Audit –Endowment –Borrowing –Revised Budget HUMAN RESOURCES FOOD SERVICE PACKBASKET (Bookstore)

Financial Statement Highlights (Audit) Increase in Net Assets from Operations $ 450,000 Investment Return 2,582,000 Gain on Sale of Hotel Saranac 1,081,000 Total Increase in Net Assets $ 4,113,000

Endowment Summary Last 4 Years 6/30/03 Value $ 9,017,962 Investment Returns 6,313,061 Spending Policy (1,501,960) Net Gain $ 4,811,101 Gifts/Additions 3,267,831 6/30/07 Value $ 17,096,894

Borrowing On 6/29/07 PSC borrowed $9,340,000 through the issuance of Tax-exempt Revenue Bonds by the Franklin County IDA. Proceeds were used to pay off previous borrowing at a higher rate ($2,857,000). Remaining proceeds used for closing costs with balance towards construction of new 100 bed Residence Hall.

Revised Budget To be presented for Board in October Original balanced Budget based on 910 FTE, revised will reflect actual enrollment Anticipated Surplus

Human Resources Recruitment I-Pay Statements Staff Advisory Council (SAC) Work Study Supervisor Handbook Dates 4PM – St. Regis Café – Opening Picnic –Oct. 23 – Fall Job Fair –Nov. 4 – Employee Recognition Dinner

Food Service Continuous hours of operation –Open from 6:30 AM to 7 PM Commitment to purchasing from regional and local purveyors –Weekly events highlighting our “Adirondack Harvest” and surrounding States’ agricultural products New “4 th Meal” period from 10:30 PM to Midnight –Sunday through Thursday

Packbasket (Bookstore) Gross sales were $864,000 – increase of 9% over prior year. Net revenue was $169,000 – increase of 6%.