Paychex Fiscal 2009 Annual Report

Cover Page
Client Highlights
Financial Highlights
Letter to Shareholders
Form 10-K
Index to Form 10-K
PART I
“Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995
Item 1 Business
Item 1A Risk Factors
Item 1B Unresolved Staff Comments
Item 2 Properties
Item 3 Legal Proceedings
Item 4 Submission of Matters to a Vote of Security Holders
PART II
Item 5 Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 6 Selected Financial Data
Item 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 7A Quantitative and Qualitative Disclosures About Market Risk
Item 8 Financial Statements and Supplementary Data
Report on Management’s Assessment of Internal Control Over Financial Reporting
Report of Independent Registered Public Accounting Firm on Consolidated Financial Statements
Report of Independent Registered Public Accounting Firm on Effectiveness of Internal Control Over Financial Reporting
Consolidated Statements of Income for the Years Ended May 31, 2009, 2008, and 2007
Consolidated Balance Sheets as of May 31, 2009 and 2008
Consolidated Statements of Stockholders’ Equity for the Years Ended May 31, 2009, 2008, and 2007
Consolidated Statements of Cash Flows for the Years Ended May 31, 2009, 2008, and 2007
Notes to Consolidated Financial Statements
Schedule II —Valuation and Qualifying Accounts for the Years Ended May 31, 2009, 2008, and 2007
Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9A Controls and Procedures
Item 9B Other Information
PART III
Item 10 Directors, Executive Officers and Corporate Governance
Item 11 Executive Compensation
Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 13 Certain Relationships and Related Transactions, and Director Independence
Item 14 Principal Accounting Fees and Services
PART IV
Item 15 Exhibits and Financial Statement Schedules
Signatures
Eleven-Year Summary of Selected Data
Board of Directors and Officers
Stockholder Information
Primary Locations
2009 Recognition
Back Cover