2018-05-11T13:51:33-07:00 2017-06-30 990 2016-07-01 111797182 MOLLOY COLLEGE MOLL 5163233000 1000 Hempstead Avenue PO Box 5002 Rockville Centre NY 115715002 Michael A McGovern Vice President - Finance 5163233033 2018-05-11 69.74.141.230 2016 2021-01-29 14:40:06Z Michael McGovern 1000 Hempstead Avenue Rockville Centre NY 11571 158814922 0 0928 X www.molloy.edu X 1955 NY Molloy College, an independent Catholic college, rooted in the Dominican tradition of study, spirituality, service, and community, is committed to academic excellence with respect for each person. 30 29 2180 130 721166 -199902 3708160 4519351 124085898 134496586 -110195 1000443 1135830 1496389 128819693 141512769 22012351 24496836 0 0 68310599 73897571 0 0 1897826 32872312 36047115 123195262 134441522 5624431 7071247 185651185 196560799 97054308 98184952 88596877 98375847 Molloy College, an independent Catholic college, rooted in the Dominican tradition of study, spirituality, service, and community, is committed to academic excellence with respect for each person. Through transformative education, Molloy promotes a lifelong search for truth and the development of ethical leadership. 0 0 107744130 24496836 134496586 Founded in 1955 by the Dominican Sisters of Amityville, Molloy College (the "College" or "Molloy") is an independent Catholic college, rooted in the Dominican tradition of study, spirituality, service, and community, and committed to academic excellence with respect for each person. Through transformative education, Molloy promotes a lifelong search for truth and the development of ethical leadership. With nearly 5,000 students, Molloy College offers 99 undergraduate degrees in career areas, professional areas and in the Liberal Arts and Sciences, as well as 58 Master's degrees and 3 Doctoral degrees, the most recent the Ed.D. in Educational Leadership for Diverse Learning Communities, added in 2015. The College provides a student-centered learning experience which enhances the intellectual, ethical, spiritual and social development of every student, and strives to enhance the quality of its academic programs, faculty, and teaching learning environment. The College continues to identify, recruit and educate students who demonstrate leadership qualities, understand the need for civic engagement and aspire to serve the community. Located in Rockville Centre, NY, the College is a dynamic learning institution with outstanding faculty, state-of-the-art-technology and distinguished academic programs. Notably, Molloy's Nursing program is among the largest nursing programs in the northeast region and in the country. The College is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code and a similar provision of the New York State income tax laws. Accordingly, no provision for income taxes has been reflected in the accompanying financial statements. 0 0 0 107744130 1 1 0 1 0 0 0 1 1 1 1 0 0 0 1 1 1 0 1 0 1 0 0 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 347 0 1 2180 1 1 1 0 0 0 0 1 1 0 0 0 0 X 30 29 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X Michael A McGovern 5163233000 1000 Hempstead Avenue Post Office Box 5002 Rockville Centre NY 115715002 Drew Bogner President (ex officio voting member of Board) 35 0 X X 522754 0 57053 Daniel T Henry Chairperson 1 0 X X 0 0 0 Laura A Cassell Vice Chairperson 1 0 X X 0 0 0 Msgr Francis Caldwell CSW Vice Chairperson 1 0 X X 0 0 0 Theresa P Ahlstrom Trustee 1 0 X 0 0 0 Susan Santoro Bevilacqua Trustee 1 0 X 0 0 0 Salvatore P Ciampo Trustee 1 0 X 0 0 0 Michael Comerford Trustee 1 0 X 0 0 0 Donna L Dellomo Trustee 1 0 X 0 0 0 Diane Esposito Trustee 1 0 X 0 0 0 Laura Farahani Trustee 1 0 X 0 0 0 Raymond E Farrell Trustee 1 0 X 0 0 0 Jeffrey H Greenfield Trustee 1 0 X 0 0 0 Matthew Grover Trustee 1 0 X 0 0 0 David M Hagan Trustee 1 0 X 0 0 0 S Zaki Hossain Trustee 1 0 X 0 0 0 Gerald Kaiser Trustee 1 0 X 0 0 0 S Anne Marie Kirmse Trustee 1 0 X 0 0 0 Brendan Lavelle Trustee 1 0 X 0 0 0 William K Lloyd Trustee 1 0 X 0 0 0 Sr Margaret Mayce OP Trustee 1 0 X 0 0 0 John P McEntee Trustee 1 0 X 0 0 0 S Mary Pat Neylon Trustee 1 0 X 0 0 0 Len Peters Trustee 1 0 X 0 0 0 Kenneth J Pritchard Trustee 1 0 X 0 0 0 James S Rowen Trustee 1 0 X 0 0 0 Robert S Salvatico Trustee 1 0 X 0 0 0 Marianne Dolan Weber Trustee 1 0 X 0 0 0 John Westerman Trustee 1 0 X 0 0 0 Phillipa G Woodriffe Trustee 1 0 X 0 0 0 Michael A McGovern Vice President Finance and Treasurer 35 0 X 235122 0 41432 Diane K Fornieri Secretary 35 0 X 91022 0 36561 Edward J Thompson Vice President Office of Advancement 35 1 X 229418 0 47554 Linda Albanese Vice President Enrollment Management 35 0 X 189660 0 18837 Robert Houlihan Vice President Student Affairs 35 0 X 173690 0 15815 Michael Torres Vice President Office of Technology 35 0 X 147685 0 40413 Ann Branchini Vice President Academic Affairs (starting 6/1/16) 35 0 X 132101 0 7477 Jeannine D Muldoon Dean of Nursing 35 0 X 231392 0 24851 A Nicholas Fargnoli Dean of Humanities 35 0 X 195425 0 24835 Veronica D Feeg Associate Dean and Director of PhD Program 35 0 X 179986 0 31527 John Carpente Director of Rebecca Center 35 0 X 197661 0 11196 Kathleen Maurer Smith Associate Dean Graduate Affairs 35 0 X 169891 0 32238 Valerie Collins Vice President Academic Affairs (through 5/31/16) 35 0 X 181740 0 26192 2877547 0 415981 182 1 1 0 Axis Construction Corp 125 Laser Court Hauppauge NY 11788 Construction 8499144 Austin & Williams 125 Kennedy Suite 100 Hauppauge NY 117884015 Media Services 1819765 Cutlass Industries Inc 193 Horton Avenue Lynbrook NY 11563 Renovations 720743 JL Media Inc 1600 Route 22 Union NJ 07083 Advertising 685957 CM Contracting 1057 Joselson Avenue Bay Shore NY 11706 Construction 448525 19 0 0 216980 0 1708193 2594178 111138 4519351 Student Tuition and Fees 900099 130892782 130892782 0 0 Auxiliary Services Revenue 611710 3603804 3485467 0 118337 0 0 0 0 134496586 928899 0 0 928899 0 0 0 0 0 0 0 0 477201 0 0 0 477201 0 477201 0 175969 301232 17175265 0 17103721 0 71544 0 71544 0 0 71544 200501 216980 196611 3890 0 3890 58913 1821 57092 0 0 57092 0 0 0 0 0 0 Bad Debt Recovery 900099 114525 0 0 114525 Theatre Ticket Sales 900099 522365 0 522365 0 Forfeited Deposits 900099 42175 0 0 42175 279141 0 22832 256309 958206 141512769 134378249 721166 1894003 0 0 24496836 24496836 0 0 0 0 2123940 377995 1490716 255229 0 0 0 0 53345311 46509491 6099916 735904 3485892 2946583 477023 62286 11008540 9305386 1506452 196702 3933888 3325268 538329 70291 0 0 0 0 271111 0 271111 0 122696 0 122696 0 0 0 0 0 0 0 414981 0 414981 0 706814 30249 556312 120253 3285100 0 3285100 0 1334039 1109520 204465 20054 1526528 546424 964764 15340 0 0 0 0 2023634 1851203 153255 19176 184908 147569 29035 8304 0 0 0 0 1623462 1497120 115509 10833 3943310 0 3943310 0 0 0 0 0 6603608 6078621 476938 48049 1295217 545665 749552 0 Third Party Course Fee 1508405 1508405 0 0 Contracted Services 1400679 1102694 241521 56464 Graduation and Special Events 1281608 864371 322752 94485 Bad Debt Expense 936329 0 936329 0 7584686 5500730 1899500 184456 134441522 107744130 24799566 1897826 6060127 6144437 17350000 26517207 2009671 1635226 2367616 1710615 0 0 0 0 2874147 3229861 0 0 1059093 1114822 174522795 60617741 115392915 113905054 29447541 31380727 3933496 5725549 0 0 0 0 5156579 5197301 185651185 196560799 10332215 11086916 1760427 1811191 2526523 3033097 77356845 76309392 957999 1782544 0 0 0 0 257497 221331 3862802 3940481 97054308 98184952 X 78807404 87422456 5698747 5770403 4090726 5182988 88596877 98375847 185651185 196560799 X 7071247 2510712 0 0 0 197011 X 0 1 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 33 33 0 Schedule C, Part II-B, Line 1 Molloy College is a dues paying member of NACUBO and EACUBO. Amount reported represents the College's allocable share of lobbying expense. 0 236665 0 0 X 0 0 1 X 32215465 1173145 3334323 184691 396609 0 36141633 33367751 144907 -886169 103358 307666 0 32215465 32511243 177920 941758 100613 162557 0 33367751 29745681 273393 3330343 130086 708088 0 32511243 27717347 161512 2096366 112909 116635 0 29745681 0.84 0.14 0.02 0 0 0 3273630 3273630 0 135150608 33456111 101694497 0 4195537 2531630 1663907 0 30809335 24630000 6179335 0 1093685 0 1093685 113905054 0 Conditional Asset Retirement Obligation 1882091 Bond Interest Payable 2058390 3940481 X 120214084 2510712 0 0 905809 3416521 116797563 414981 24300225 24715206 141512769 110435114 0 0 0 708798 708798 109726316 414981 24300225 24715206 134441522 Schedule D, Part III, Line 4 The College maintains an artwork collection in various buildings for the enjoyment of students, employees, and visitors to its campus. Schedule D, Part IV, Line 2b Molloy College had $1,782,544 in student credit balances at June 30, 2017. These balances represent potential tuition money owed to students due to over-payment, financial aid applied to student's account, or payments made for the next semester. Schedule D, Part V, Line 4 The College's endowment fund is intended to support the College's educational mission. The endowment consists of approximately 104 individual funds. The endowment earnings are used to fund the College's daily operations, including scholarships, student programs, and other campus activities. The Board of Trustees, through its approved investment policy guidelines, has interpreted the New York Prudent Management of Institutional Funds (NYPMIFA) to allow the College to spend below the historical dollar value of its endowment unless specific donors have stipulated to the contrary. Schedule D, Part X, Line 2 The College follows guidance that clarifies the accounting for uncertainty in tax positions taken or expected to be taken in a tax return, including issues relating to financial statement recognition and measurement. This guidance provides that the tax effects from an uncertain tax position can only be recognized in the financial statements if the position is "more-likely-than-not" to be sustained if the position were to be challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax position may be challenged. The College is exempt from federal income tax under IRC section 501(c)(3), though it is subject to tax on income unrelated to its exempt purpose, unless that income is otherwise excluded by the Code.The College has processes in place to ensure the maintenance of its tax-exempt status; to identify and report unrelated income; to determine its filing and tax obligation in jurisdictions for which it was nexus; and to identify and evaluate other matters that may be considered tax positions. The tax years June 30, 2015, 2016, and 2017 are still open to audit for both federal and state purposes. The College has determined that there are no material uncertain tax positions that require recognition or disclosure in the financial statements. Schedule D, Part XI, Line 2d Effective November 10, 2016, the College and CAP21 executed a termination agreement which ended CAP21's contractual responsibility for the provision for the provision for instructional studio courses for the BFA Theatre Arts program. The termination agreement stipulated that the College assume responsibility and control for all instructional, operational, financial, and programmatic components of the BFA program. This allowed the College to refine the program and develop a more unified and efficient conservatory curriculum within a four-year academic institution. In satisfaction of a $500,000 loan and advanced tuition payments provided by the College to CAP21 which totaled $905,809 at the the date of termination agreement, CAP21 transferred its trade name, course curriculum and various equipment and furniture to the College. The College hired an independent valuation group to do an analysis on the acquisition of CAP21. The results of this analysis, valuated the trade name at $420,000, the curriculum at $185,000, the goodwill at $708,798, and the gain on acquisition at $905,809 which was equivalent to the amount of receivable the College forgave. Based on the impairment test performed at year-end by an independent valuation company, the College was required to write-off the full value of the Goodwill in the amount of $708,798. Schedule D, Part XI, Line 4b Institutional aid totaling $24,496,836 is shown as an expense on Form 990 Part IX but is netted against revenues in the financial statements. Fundraising expenses totaling $196,611 is shown as a reduction of net income from fundraising on Form 990 Part VIII and is shown as an expense in the financial statements. Schedule D, Part XII, Line 2d Effective November 10, 2016, the College and CAP21 executed a termination agreement which ended CAP21's contractual responsibility for the provision for the provision for instructional studio courses for the BFA Theatre Arts program. The termination agreement stipulated that the College assume responsibility and control for all instructional, operational, financial, and programmatic components of the BFA program. This allowed the College to refine the program and develop a more unified and efficient conservatory curriculum within a four-year academic institution. In satisfaction of a $500,000 loan and advanced tuition payments provided by the College to CAP21 which totaled $905,809 at the the date of termination agreement, CAP21 transferred its trade name, course curriculum and various equipment and furniture to the College. The College hired an independent valuation group to do an analysis on the acquisition of CAP21. The results of this analysis, valuated the trade name at $420,000, the curriculum at $185,000, the goodwill at $708,798, and the gain on acquisition at $905,809 which was equivalent to the amount of receivable the College forgave. Based on the impairment test performed at year-end by an independent valuation company, the College was required to write-off the full value of the Goodwill in the amount of $708,798. Schedule D, Part XII, Line 4b Institutional aid totaling $24,496,836 is shown as an expense on Form 990 Part IX but is netted against revenues in the financial statements. Fundraising expenses totaling $196,611 is shown as a reduction of net income from fundraising on Form 990 Part VIII and is shown as an expense in the financial statements. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 Nondiscrimination policies are furnished in catalogs and publications, as well as on the College website. Schedule E, Part I, Line 6 The College receives Federal funding primarily from the United States Department of Education through the Student Financial Assistance Cluster. Central America and the Caribbean 0 0 Investments 2485623 0 0 2485623 1 0 1 0 1 0 Schedule F, Part I, Line 2 The College invests in domestic and foreign limited partnerships that may own an interest in a foreign corporation or foreign partnership. To the extent that those investments resulted in transfers that exceeded the applicable filing thresholds, the Forms 926, 5471 and 8865 accompanied the filing of the College's Form 990-T. Annual Gala 287731 123622 164109 0 973 0 46085 47380 46404 Energeia Golf Outing 126624 90233 36391 0 0 19700 19469 0 572 0 414355 213855 200500 0 973 19700 65554 47380 46976 180583 19917 58913 1821 58913 0 1821 0 0 1821 57092 NY 1 0 1 0 0.99 0.01 Michael A McGovern 1000 Hempstead Avenue Rockville Centre NY 11571 0 Edward Thompson 0 The College does not employ a gaming manager. The individual listed is the Vice President of Advancement and is responsible for the fundraising component of revenues along with the Director of Athletics who raises funds for the athletics departments. X 0 0 1 Institutional aid and scholarships 2667 24496836 0 Schedule I, Part I, Line 2 The College follows federal, state and institutional policies and regulations to monitor grants and funds: 1) the student applies for the grants; 2) grants are awarded from the various funding sources depending on need and/or academic standing; 3) the students eligibility is verified through federal, state and institutional requirements, matriculation, registration, attendance, and academic progress; 4) grants and awards are processed onto the student's account; 5) where loans are involved, the College follows up with the regulatory requirements after graduation. The Free Application for Federal Student Aid (FAFSA) is an integral part of this process. X X 1 1 X X X X X 0 1 0 0 0 0 0 0 0 Drew Bogner President (ex officio voting member of Board) 387345 0 70000 0 65409 0 38950 0 18103 0 579807 0 0 0 Michael A McGovern Vice President Finance and Treasurer 235122 0 0 0 0 0 23151 0 18281 0 276554 0 0 0 Diane K Fornieri Secretary 91022 0 0 0 0 0 10307 0 26254 0 127583 0 0 0 Edward J Thompson Vice President Office of Advancement 229418 0 0 0 0 0 22280 0 25275 0 276973 0 0 0 Linda Albanese Vice President Enrollment Management 189660 0 0 0 0 0 18837 0 0 0 208497 0 0 0 Valerie Collins Vice President Academic Affairs (through May 31, 2016) 181740 0 0 0 0 0 16581 0 9610 0 207931 0 0 0 Robert Houlihan Vice President Student Affairs 173690 0 0 0 0 0 17152 0 0 0 190842 0 0 0 Michael Torres Vice President Office of Technology 147685 0 0 0 0 0 15068 0 25345 0 188098 0 0 0 Ann Branchini Vice President Academic Affairs (starting June 1, 2016) 132101 0 0 0 0 0 7477 0 0 0 139578 0 0 0 Jeannine D Muldoon Dean of Nursing 231392 0 0 0 0 0 15852 0 8999 0 256243 0 0 0 A Nicholas Fargnoli Dean of Humanities 195425 0 0 0 0 0 15767 0 9068 0 220260 0 0 0 Veronica D Feeg Associate Dean and Director of PhD Program 179986 0 0 0 0 0 14434 0 17093 0 211513 0 0 0 John Carpente Director of Rebecca Center 197661 0 0 0 0 0 11196 0 0 0 208857 0 0 0 Kathleen Maurer Smith Associate Dean Graduate Affairs 169891 0 0 0 0 0 14556 0 17682 0 202129 0 0 0 Schedule J, Part I, Line 1a The President of the College is permitted certain perquisites by virtue of his position at the College. By contract, the President is entitled to a housing allowance and reimbursement for social club dues incurred in the course of conducting College business. The President's housing allowance is a taxable benefit and is included in the President's "other reportable compensation" column (b)(iii) in Schedule J. The President uses the social club solely in a business capacity and therefore, this is a non-taxable fringe benefit. The compensation of the President is approved by the Board of Trustees. Schedule J, Part I, Line 4 The President of the College is a participant in a Section 457(f) and 457(b) plan and received employer funded contributions in the amount of $100,000 in 2016. A Town of Hempstead Local Development Corporation 112798949 424682BG6 2009-11-13 49827973 To finance the costs of certain facilities on the College's campus. 0 0 0 B Town of Hempstead Local Development Corporation 112798949 424682GE6 2014-11-14 32574808 To finance the cost of a new academic building. 0 0 0 A 3920000 0 49824973 2343390 3805165 0 1243285 0 0 43986519 0 0 2011 0 0 1 1 B 0 0 32574808 750100 1480180 0 481260 0 0 30378282 0 0 2016 0 0 1 1 A 0 0 0 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 0 0 0 A 0 0 0 1 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 A 1 B 1 Schedule K, Part IV, Line 2c-11/13/2009 49,827,973 Town of Hempstead Local Development Corporation Pursuant to the five year arbitrage rules, the College had contracted an outside organization to complete the calculation and it was determined on November 13, 2014 that no rebate was due. Schedule K, Part IV, Line 2c-11/14/2014 32,574,808 Town of Hempstead Local Development Corporation Pursuant to the five year arbitrage rules, the College had contracted an outside organization to complete the calculation and it was determined on November 14, 2016 that no rebate was due. X 2 111138 Market Value Date of Donation 0 0 0 1 Schedule M, Part I, Line 32b As part of its fundraising efforts, the College solicits donations from many sources. In those instances where non-cash assets are acquired, generally in the form of donated publicly traded securities, the securities are transferred to our outside investment manager and received into an account set up to receive such donations. The College requests from the donor a statement asserting that the securities can be liquidated. The investment manager then liquidates the securities and the cash is transferred to the appropriate cash account for its intended use. Form 990, Part VI, Section B, Line 11b It is the policy of the College to review the details of the Form 990 with the Fiscal Affairs and Audit Committee of the Board of Trustees to obtain approval of the Committee prior to filing the return. Additionally, the Form 990 was reviewed by the College's independent auditors prior to review by the Fiscal Affairs and Audit Committee. The results of these reviews, along with a copy of the completed Form 990, are reported to the full Board prior to the time of issuance, at which time, any areas of concern had been highlighted and discussed. Form 990, Part VI, Section B, Line 12c A conflict of interest statement is required to be completed annually for all Board of Trustee members, officers, and key employees. Any transactions or business relationships between the College and a trustee or family member is subject to review and approval of disinterested members of the Board to ensure that such transactions or relationships are in the best interest of the College and complies with College policy and all applicable legal and ethical guidelines. The Executive Committee of the Board shall report to the full Board periodically, but at least annually, any significant transactions and relationships. Form 990, Part VI, Section B, Line 15 Compensation of the President of the College and its key employees are approved by the Board of Trustees. The compensation is based on several factors, including data collected from and compared to various colleges and universities. Increases in salaries and benefits that are in excess of that approved by the Board as part of the budget process, are presented to the Executive Committee of the Board for consideration and approval. Form 990, Part VI, Section C, Line 19 The College does not post its financial statements on a website. Copies are made available upon request. The Form 990 tax return is posted on Guidestar and it made available in the College's Finance Office. Bylaws and other governing documents are maintained on the premises and available upon request. Form 990, Part XI, Line 9 Effective November 10, 2016, the College and CAP21 executed a termination agreement which ended CAP21's contractual responsibility for the provision for instructional studio courses for the BFA Theatre Arts program. The termination agreement stipulated that the College assume responsibilities and control for all instructional, operational, financial, and programmatic components of the BFA program. This allowed the College to refine the program and develop a more unified and efficient conservatory curriculum within a four-year academic institution. In satisfaction of the $500,000 loan and advanced tuition payments provided by the College to CAP21 which totaled $905,809 at the date of termination agreement, CAP21 transferred its trade name, Course curriculum, and various equipment and furniture to the College. The College hired an independent valuation group to do an analysis on the acquisition of CAP21. The results of this analysis, valued the trade name at $420,000, the curriculum at $185,000, the goodwill at $708,798, and the gain on acquisition at $905,809 which was equivalent to the amount of receivable the College forgave. Based on the impairment test performed at year-end, the College was required to write-off the full value of the Goodwill in the amount of $708,798. The gain on acquisition of $905,809 and the write-off of Goodwill of $708,798 are included in the annual financial statements but are reconciling items for the 990.