2017-05-10T09:34:24-07:00 2016-06-30 990 2015-07-01 111797182 MOLLOY COLLEGE MOLL 5163233000 1000 Hempstead Avenue PO Box 5002 Rockville Centre NY 115715002 Michael A McGovern Vice President - Finance 5163233033 2017-05-05 2015 2021-01-29 14:40:06Z Michael McGovern 1000 Hempstead Avenue Rockville Centre NY 11571 153698764 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 1982 130 542854 -287855 4344586 3708160 113977397 124085898 1708378 -110195 1021562 1135830 121051923 128819693 20761898 22012351 0 0 65055090 68310599 0 0 1710614 30608642 32872312 116425630 123195262 4626293 5624431 184643210 185651185 101067932 97054308 83575278 88596877 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 100543883 22012351 123960604 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 98 undergraduate degrees in career areas, professional areas and in the Liberal Arts and Sciences, as well as 41 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 100543883 1 1 0 0 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 1 289 0 1 1982 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 657277 0 49268 Daniel T Henry Chairperson 1 0 X X 0 0 0 Laura A Cassell 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 Msgr Francis Caldwell CSW 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 Raymond E Farrell Trustee 1 0 X 0 0 0 Jeffrey H Greenfield 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 Welquis Ray Lopez 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 Daniel T McGowan Trustee 1 0 X 0 0 0 S Mary Pat Neylon 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 Kathleen Sideli Trustee 1 0 X 0 0 0 S Kathleen Sullivan Trustee 1 0 X 0 0 0 Marianne Dolan Weber 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 222644 0 39135 Diane K Fornieri Secretary 35 0 X 86671 0 34532 Valerie Collins Vice President Academic Affairs 35 0 X 234321 0 31891 Edward J Thompson Vice President Office of Advancement 35 1 X 222726 0 44913 Linda Albanese Vice President Enrollment Management 35 1 X 179019 0 17611 Robert Houlihan Vice President Student Affairs 35 0 X 178057 0 16086 Michael Torres Vice President Office of Technology 35 0 X 146688 0 38358 Jeannine D Muldoon Dean of Nursing 35 0 X 228024 0 24550 Veronica D Feeg Associate Dean and Director of PhD Program 35 0 X 188329 0 31345 A Nicholas Fargnoli Dean of Humanities 35 0 X 185066 0 23945 John Carpente Director of Rebecca Center 35 0 X 191783 0 10912 Kathleen Maurer Smith Associate Dean Graduate Affairs 35 0 X 164254 0 30899 Robert L Paterson Vice President Office of Technology (thru 10/2014) 0 0 X 95594 0 8453 2980453 0 401898 120 1 1 0 Axis Construction Corp 125 Laser Court Hauppauge NY 11788 Construction 47047214 Austin & Williams 125 Kennedy Suite 100 Hauppauge NY 117884015 Media Services 1473383 Cutlass Industries Inc 193 Horton Avenue Lynbrook NY 11563 Renovations 713433 JL Media Inc 1600 Route 22 Union NJ 07083 Advertising 684553 Butler Rogers Baskett Architects PC 330 W 34th Street New York NY 10001 Architectural and Engineering Services 627235 21 0 0 345864 0 1323699 2038597 56096 3708160 Student Tution and Fees 900099 120490755 120490755 0 0 Auxiliary Services Revenue 611710 3595143 3469849 0 125294 0 0 0 0 124085898 696662 0 0 696662 0 0 0 0 0 0 0 0 136975 0 0 0 136975 0 136975 0 136975 0 23780109 0 24586966 0 -806857 0 -806857 0 0 -806857 348291 345864 288668 59623 0 59623 66846 3437 63409 0 0 63409 0 0 0 0 0 0 Bad Debt Recovery 900099 153899 0 0 153899 Theatre Ticket Sales 900099 343694 0 343694 0 Forfeited Deposits 900099 50615 0 0 50615 327615 0 62185 265430 875823 128819693 123960604 542854 608075 0 0 22012351 22012351 0 0 0 0 1907893 609314 1185870 112709 0 0 0 0 49763666 43125504 5867021 771141 3166887 2680610 432288 53989 9817815 8310285 1340157 167373 3654338 3093212 498827 62299 0 0 0 0 222768 0 222768 0 117445 0 117445 0 0 0 0 0 0 0 323844 0 323844 0 528037 15616 424335 88086 2446016 0 2446016 0 1179652 958977 201172 19503 1085314 460269 611806 13239 0 0 0 0 1355907 1236883 104831 14193 181563 163381 11975 6207 0 0 0 0 1494743 1364527 114883 15333 3278541 0 3278541 0 0 0 0 0 5903426 5434103 426368 42955 1148543 502411 646132 0 Graduation and Special Events 1325655 835007 398619 92029 Bad Debt Expense 1315746 1236125 79621 0 Contracted Services 1311784 993584 250192 68008 Third Party Course Fee 2395365 2395365 0 0 7257963 5116359 1958054 183550 123195262 100543883 20940765 1710614 4927003 6060127 17000000 17350000 3450460 2009671 1828449 2367616 0 0 0 0 2743064 2874147 0 0 748053 1059093 169665120 54272205 98315690 115392915 23774292 29610734 10663830 3770303 0 0 0 0 21192369 5156579 184643210 185651185 16339855 12657882 1599050 1760427 1868884 2283871 78355059 77356845 968255 957999 0 0 0 0 253776 257497 1683053 1779787 101067932 97054308 X 72703271 78807404 6930732 5698747 3941275 4090726 83575278 88596877 184643210 185651185 5624431 -602832 0 0 0 0 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 197091 0 0 X 0 0 1 X 33367751 144907 -913059 103358 307666 0 32188575 32511243 177920 941758 100613 162557 0 33367751 29745681 273393 3330343 130086 708088 0 32511243 27717347 161512 2096366 112909 116635 0 29745681 26771471 124575 1095684 160280 114103 0 27717347 0.85 0.13 0.02 0 0 0 3273630 3273630 0 132668613 29495367 103173246 0 4146771 2096434 2050337 0 28991299 22680404 6310895 0 584807 0 584807 115392915 0 Conditional Asset Retirement Obligation 1779787 1779787 X 106166479 -602832 0 0 0 -602832 106769311 323845 21726537 22050382 128819693 101144880 0 0 0 0 0 101144880 323845 21726537 22050382 123195262 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 $957,999 in student credit balances at June 30, 2016. These balances represent potential tuition money owed to students due to overpayment, 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 105 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 positions 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 obligations in jurisdictions for which it was nexus; and to identify and evaluate other matters that may be considered tax positions. The tax years ended June 30, 2013, 2014, 2015, and 2016 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 4b Institutional aid totaling $22,012,351 is shown as an expense on Form 990 Part IX but is netted against revenues in the financial statements. Fundraising expenses totaling $282,377 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. Gaming expenses totaling $3,437 is shown as a reduction of net income from gaming on Form 990 Part VIII and is shown as an expense in the financial statements. Schedule D, Part XII, Line 4b Institutional aid totaling $22,012,351 is shown as an expense on Form 990 Part IX but is netted against revenues in the financials statements. Fundraising expenses totaling $282,377 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. Gaming expenses totaling $3,437 is shown as a reduction of net income from gaming 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 1115364 0 0 1115364 1 0 1 0 1 0 Schedule F, Part IV, Line 1 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 338353 137685 200668 0 1030 0 63958 59773 17263 Molloy Golf Outing 218552 110375 108177 0 17014 53132 10874 0 21189 1 137250 97804 39446 0 0 13000 18054 0 7090 694155 345864 348291 0 18044 66132 92886 59773 45542 282377 65914 0 0 0 0 0 0 0 0 0 0 66846 0 3437 0 0 66846 0 3437 0 0 3437 63409 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 manger. 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 936 22012351 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 1 1 0 0 0 0 0 0 0 Drew Bogner President (ex officio voting member of Board) 394106 0 40000 0 223171 0 31429 0 17839 0 706545 0 0 Michael A McGovern Vice President Finance and Treasurer 222644 0 0 0 0 0 21296 0 17839 0 261779 0 0 Diane K Fornieri Secretary 86671 0 0 0 0 0 9165 0 25367 0 121203 0 0 0 Valerie Collins Vice President Academic Affairs 234321 0 0 0 0 0 23513 0 8379 0 266213 0 0 Edward J Thompson Vice President Office of Advancement 218101 0 0 0 4625 0 20695 0 24298 0 267719 0 0 0 Linda Albanese Vice President Enrollment Management 179019 0 0 0 0 0 17611 0 0 0 196630 0 0 0 Robert Houlihan Vice President Student Affairs 176132 0 0 0 1925 0 16086 0 0 0 194143 0 0 0 Michael Torres Vice President Office of Technology 146688 0 0 0 0 0 14060 0 24298 0 185046 0 0 0 Robert L Paterson Vice President Office of Technology (thru 10/2014) 95594 0 0 0 0 0 8453 0 0 0 104047 0 0 0 Jeannine D Muldoon Dean of Nursing 228024 0 0 0 0 0 15987 0 8563 0 252574 0 0 0 Veronica D Feeg Associate Dean and Director of PhD Program 188329 0 0 0 0 0 15006 0 16338 0 219673 0 0 0 John Carpente Director of Rebecca Center 191783 0 0 0 0 0 10912 0 0 0 202695 0 0 0 A Nicholas Fargnoli Dean of Humanities 185066 0 0 0 0 0 15382 0 8563 0 209011 0 0 0 Kathleen Maurer Smith Associate Dean Graduate Affairs 164254 0 0 0 0 0 14201 0 16698 0 195153 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 $108,000 for 2015. A former key employee received $104,047 in compensation as part of the severance package. 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 2935000 0 49824973 23180150 3805165 0 1243285 0 0 43986519 0 0 2011 0 0 1 1 B 0 0 32574808 2010895 1480180 0 481260 0 0 29117176 0 0 2016 0 0 0 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 3 56096 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 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 the 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 The conflict of interest statement is required to be completed annually for all Board 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 of Trustees 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, on 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 financials statements on any website. Copies are made available upon request. The Form 990 tax return is posted on Guidestar and is made available in the College's Finance Office. Bylaws and other governing documents are maintained on the premises and available upon request.