2016-05-12T13:44:53-05:00 2015-06-30 PricewaterhouseCoopers LLP 300 Madison Avenue New York NY 10017 990 2014-07-01 131624225 YESHIVA UNIVERSITY % JACOB E HARMAN CFO YESH 6465924005 500 WEST 185TH STREET NEW YORK NY 10033 JACOB HARMAN Vice President and CFO 2129605475 2016-05-11 true LAURA J PARELLO P01080295 6464713000 2014 2016-08-17 19:52:53Z RICHARD JOEL 500 WEST 185TH STREET NEW YORK NY 10033 1119701357 false X WWW.YU.EDU X 1897 NY THE UNIVERSITY IS COMPOSED OF SEVERAL COLLEGES AND SCHOOLS PROVIDING EDUCATION, TRAINING, MEDICAL RESEARCH AND CLINICAL PROGRAMS. SEE SCHEDULE O. 38 37 6443 37 -1847671 -2074395 262751320 241367648 322181580 314203840 113036138 18866667 5851198 8770726 703820236 583208881 103370709 106900828 0 0 426736849 391156354 135766 130116 14871458 325128554 291209347 855371878 789396645 -151551642 -206187764 2069067380 1883222144 683293876 703780595 1385773504 1179441549 X THE UNIVERSITY IS COMPOSED OF SEVERAL COLLEGES AND SCHOOLS PROVIDING UNDERGRADUATE, GRADUATE, PROFESSIONAL AND POST-DOCTORAL EDUCATION AND TRAINING AND MEDICAL RESEARCH AND CLINICAL PROGRAMS. (SEE SCH O) false false 192929757 106900828 227756093 STUDENT INSTRUCTION. SEE SCHEDULE O. 234914301 0 26804889 RESEARCH & TRAINING. SEE SCHEDULE O. 255773245 0 59642858 PATIENT CARE, ACADEMIC SUPPORT, STUDENT SERVICES, INSTITUTIONAL SUPPORT, AUXILIARY SERVICES AND OTHER. 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ADV. BEGAN JUNE 2014 35.0 0.0 X 265350 0 12802 SELMA BOTMAN PROVOST-VP - BEGAN FEB 2014 35.0 0.0 X 240025 0 3791 EDWARD BURNS EXECUTIVE DEAN-EINSTEIN 35.0 0.0 X 604720 0 35358 VICTOR SCHUSTER SENIOR VICE DEAN - PROFESSOR 35.0 0.0 X 643970 0 32343 IRWIN MERKATZ PROFESSOR/CHAIRMAN-EINSTEIN 35.0 0.0 X 651462 0 33563 ISRAEL GOLDMAN PROFESSOR/CHAIRMAN-EINSTEIN 35.0 0.0 X 606465 0 32390 MARK MEHLER PROFESSOR/CHAIRMAN-EINSTEIN 35.0 0.0 X 627240 0 35927 DR MORTON LOWENGRUB PROVOST/SR VP-THROUGH JUNE2014 35.0 0.0 X 422782 0 31805 DANIEL FORMAN VP DEVELOPMENT-THROUGH MAY2014 35.0 0.0 X 425967 0 22749 8634814 0 838029 801 true true false SECURITAS SECURITY SERVICES 1412 BROADWAY NEW YORK NY 10018 SECURITY SERVICES 13201628 BP MECHANICAL CORP 8340 72ND DRIVE GLENDALE NY 11385 CONSTRUCTION 3375889 ALVAREZ MARSAL NORTH AMERICA LLC 600 MADISON AVE 8TH FLOOR NEW YORK NY 10022 CONSULTING 8070211 ARAMARK FACILITIES SERVICES PO BOX 33170 NEWARK NJ 07188 FACILITY MANAGEMENT 1942735 PRICEWATERHOUSECOOPERS LLP 300 MADISON AVE 24 NEW YORK NY 10017 ACCOUNTING 1808486 50 X 4511964 1479476 186244548 49131660 1135193 241367648 STUDENT TUITION 900099 227756093 227756093 HOSPITAL AFFILIATION AGREEMENTS 900099 25730519 25730519 STUDENT & FACULTY AUXILIARY SERVICES 900099 21770065 21770065 FEES, CONTRACTS FROM GOV'T AGENCIES 900099 32465008 32465008 RESEARCH RELATED REVENUE 900099 1074370 1074370 5407785 5407785 314203840 8246125 -1847671 10093796 0 3409239 3409239 7631738 2898515 4733223 0 4733223 4733223 542989675 0 516706478 15662655 26283197 -15662655 10620542 10620542 677854 4511964 1224828 -546974 -546974 0 0 REVENUE FOR CAPITAL RENOVATION 900099 1175238 1175238 1175238 583208881 314203840 -1847671 29485064 1158242 1158242 102256049 102256049 3486537 3486537 0 5112817 3796035 421782 895000 0 301623414 268563796 25474273 7585345 17439975 16044777 1395198 48084413 41984941 3846753 2252719 18895735 17384076 1511659 0 8769244 8769244 2336447 2336447 194215 194215 130116 130116 1360222 1360222 38559267 38209805 0 349462 949690 651100 180441 118149 12338742 9200807 2344361 793574 14072732 11266570 2673819 132343 864622 700344 164278 29762187 24106496 5654816 875 6679059 5308887 1269021 101151 0 2718217 2195761 516461 5995 28375894 22984474 5391420 0 46734986 37855339 8879647 2754914 2231480 523434 SECURITY SERVICES 12745545 10312425 2421654 11466 REPAIRS AND MAINTENANCE 19725558 15958765 3747856 18937 LAB EXPENSES & SUPPLIES 31590507 25573154 6002196 15157 BAD DEBTS & WRITE-OFFS 8586331 6954928 1631403 0 22090968 15432515 4197284 2461169 789396645 683617303 90907884 14871458 15894448 29867455 22208758 5168463 160368913 124236077 0 0 0 0 0 0 18059127 17491155 0 0 20316754 18569234 1165644810 575721993 629885925 589922817 360387884 344491723 688977615 613722527 54338642 54211695 0 0 98629314 85540998 2069067380 1883222144 79396504 69035227 0 0 20966683 27158376 314470000 310295000 0 0 0 0 186662465 217126413 0 0 81798224 80165579 683293876 703780595 X 216280756 101300203 490436877 405950428 679055871 672190918 1385773504 1179441549 2069067380 1883222144 X -206187764 152389 -39708 -256872 X false true X true true true X 291623949 263964714 290149393 262751320 241367648 1349857024 0 0 0 0 0 0 0 0 0 0 0 0 291623949 263964714 290149393 262751320 241367648 1349857024 0 1349857024 23076331 21976784 23079620 28840436 21134773 118107944 0 0 0 0 0 0 5637819 1207043 1231184 1361495 1175238 10612779 1478577747 1557928320 0.91294 0.90852 X false true false false false false true 454124 false false 454124 false SCHEDULE C, PART II-B, LINE 1B AND 1G PATRICIA LYNCH ASSOCIATES, MANATT PHELPS & PHILIPS, AND MIRRAM GROUP LCC ARE AUTHORIZED TO ENGAGE IN LOBBYING ACTIVITIES WITH EITHER NEW YORK STATE AND/OR NEW YORK CITY, WITH RESPECT TO LEGISLATIVE AND REGULATORY ISSUES ON BEHALF OF YESHIVA UNIVERSITY AND STATE RESEARCH FUNDING ON BEHALF OF THE ALBERT EINSTEIN COLLEGE OF MEDICINE OF YESHIVA UNIVERSITY. THE TOTAL SHOWN INCLUDES THE UNIVERSITY'S RELATED INTERNAL COMPENSATION AND BENEFIT COSTS. X X X false 884852416 4796779 22484116 17861955 35142750 859128606 988686277 8709186 100434672 17633841 195343878 884852416 873508143 88697900 89868522 16315817 47072471 988686277 885464115 24659962 21549852 22371451 35794335 873508143 861124702 14334888 127546090 21855100 95685465 885465115 0.00900 0.32810 0.68090 false false 16478213 16478213 965058902 485075684 479983218 42854330 6142661 36711669 141253365 84503648 56749717 589922817 ALTERNATIVE INVESTMENTS 613722527 F 613722527 0 REFUNDABLE ADVANCES FROM US GO 6156366 ASSET RETIREMENT OBLIGATION 11169922 LIFE INCOME LIABILITIES 12827974 DUE TO OASAS 4540541 DEFERRED LEASE OBLIGATION 9932604 457B PLAN DFD COMPENSATION LIAB. 26485298 OTHER LIABILITIES 9052874 80165579 X 493071508 152389 -91577713 -91425324 584496832 2835392 -4123343 -1287951 583208881 699617838 11311016 11311016 688306822 2835392 98254431 101089823 789396645 SCHEDULE D, PART III, LINE 1A & 4 - COLLECTIONS RARE BOOKS AND MANUSCRIPTS YESHIVA UNIVERSITY'S MUSEUM'S COLLECTION INCLUDES MORE THAN 10,000 ARTIFACTS REFLECTING 5,000 YEARS OF JEWISH CULTURE, ART, AND HISTORY FROM AROUND THE WORLD. THE COLLECTIONS FEATURE FINE ARTS, ETHNOGRAPHIC AND ARCHEOLOGICAL ARTIFACTS, CLOTHING AND TEXTILES, CEREMONIAL AND RITUAL OBJECTS, MANUSCRIPTS, BOOKS, AND OTHER DOCUMENTS. THE RARE AND UNIQUE TREASURES HELD BY YU CONSTITUTE THE LIBRARY'S SPECIAL COLLECTIONS. THE RARE BOOKS, MANUSCRIPTS AND ARCHIVAL RECORDS DOCUMENT THE JEWISH, RELIGIOUS, LITERARY ABD CULTURAL HERITAGE. SCHOLARS AND VISITORS ARE WELCOME TO CONSULT THE SPECIAL COLLECTIONS. THE RARE BOOK ROOM, A GLASS-ENCLOSED ROOM ON THE FOURTH FLOOR OF THE YESHIVA UNIVERSITY MENDEL GOTTESMAN LIBRARY WITH A CONTROLLED ENVIRONMENT, HOUSES THE UNIVERSITY'S RARE BOOKS AND MANUSCRIPTS COLLECTIONS. APPROXIMATELY EIGHT THOUSAND PRINTED VOLUMES, MOST OF THEM IN HEBREW, ARE INCLUDED IN THE RARE COLLECTIONS. ALSO, A COLLECTION OF OVER ONE THOUSAND RABBINIC AND HISTORICAL MANUSCRIPTS IS HOUSED IN THE RARE BOOK ROOM. THE ARCHIVES HOLD ORGANIZATIONAL AND INSTITUTIONAL RECORDS AND PRIVATE PAPERS RELATING TO THE MODERN JEWISH HISTORY AND CULTURE IN THE US AND ABROAD. SCHEDULE D, PART III, LINE 1A & 4 - EXHIBITIONS & PROGRAMS - EDUCATION THE YESHIVA UNIVERSITY MUSEUM SHARES SPACE IN THE CENTER FOR JEWISH HISTORY, A STATE-OF-THE-ART FACILITY WITH FOUR INSTITUTIONS, THREE OF WHOM ARE RENOWNED RESEARCH AND ARCHIVAL INSTITUTIONS FOCUSING ON SPECIFIC ASPECTS OF JEWISH HISTORY AND CULTURE: THE YIVO INSTITUTE FOR JEWISH RESEARCH, THE AMERICAN JEWISH HISTORICAL SOCIETY, AMERICAN SEPHARDI FEDERATION, AND THE LEO BAECK INSTITUTE. THE MUSEUM HAS FOUR GALLERIES, AN EXHIBITION ARCADE, AN OUTDOOR SCULPTURE GARDEN, A DISCOVERY CENTER AND A CHILDREN'S WORKSHOP ROOM. THE MUSEUM HAS ACCESS TO A 250 SEAT, HANDICAPPED-ACCESSIBLE AUDITORIUM WITH A STATE-OF-THE-ART AV PROJECTION ROOM. THE YESHIVA UNIVERSITY MUSEUM PRESENTS EXHIBITIONS WITH AN INTERDISCIPLINARY FOCUS THAT REFLECT THE DIVERSITY OF THE MUSEUM'S COLLECTION. AS A RESOURCE FOR SCHOLARLY RESEARCH, YESHIVA UNIVERSITY MUSEUM'S EXHIBITIONS PROVIDE UNIQUE OPPORTUNITIES FOR ARTISTS, HISTORIANS, COLLECTORS, AND ETHNOGRAPHERS TO EXAMINE, COMPARE, AND RESEARCH OBJECTS, IDEAS, AND TECHNIQUES. ITS CONTEMPORARY ART SHOWS OFFER THE PUBLIC THE OPPORTUNITY TO SURVEY ART BEING CREATED BY LIVING JEWISH ARTISTS THROUGHOUT THE WORLD. YESHIVA UNIVERSITY MUSEUM'S PROGRAMS ARE DESIGNED TO EXPAND THE INTELLECTUAL AND CREATIVE IMAGINATION OF ITS DIVERSE AUDIENCES. THEY INCLUDE FAMILY CRAFT WORKSHOPS, LECTURES, FILMS, CONCERTS, AND MULTILINGUAL EXHIBITION TOURS IN ENGLISH, HEBREW, SPANISH, RUSSIAN, AND YIDDISH. SCHEDULE D, PART V, LINE 4 - ENDOWMENTS YESHIVA UNIVERSITY'S ENDOWMENT FUNDS ARE INTENDED FOR A VARIETY OF PURPOSES, INCLUDING STUDENT SCHOLARSHIPS AND LOANS, ACADEMIC CHAIRS, INSTRUCTION AND TRAINING, EDUCATIONAL PROGRAMS AND PROJECTS, RESEARCH, FELLOWSHIPS AND PATIENT CARE. SCHEDULE D, PART XI, LINE 2D OTHER REVENUE INCLUDED ON AUDITED FINANCIAL STATEMENTS BUT NOT ON FORM 990 RECLASS OF SCHOLARSHIPS -98,254,431 RECLASS OF CHANGE IN FMV OF SPLIT INTEREST AGREEMENTS -256,872 REVENUE FROM RELATED ENTITIES INCLUDED IN CONSOLIDATED FINANCIAL STATEMENTS 6,933,590 ------------- -91,577,713 SCHEDULE D, PART XI, LINE 4B OTHER REVENUE INCLUDED ON FORM 990 BUT NOT ON AUDITED FINANCIAL STATEMENTS RECLASS OF RENTAL EXPENSES -2,898,515 RECLASS OF FUNDRAISING EVENT EXPENSES -1,224,828 ---------------- -4,123,343 SCHEDULE D, APRT XII, LINE 2D OTHER EXPENSES INCLUDED ON AUDITED FINANCIAL STATEMENTS BUT NOT FORM 990 RECLASS OF RENTAL EXPENSES 2,898,515 RECLASS OF FUNDRAISING EVENT EXPENSES 1,224,828 EXPENSES FROM RELATED ENTITIES INCLUDED IN CONSOLIDATED FINANCIAL STATEMENTS 7,187,673 ----------- 11,311,016 SCHEDULE D, PART XII, LINE 4B OTHER EXPENSES INCLUDED ON FORM 990 BUT NOT ON AUDITED FINANCIAL STATEMENT RECLASS OF SCHOLARSHIPS 98,254,431 FIN 48 POSITION EFFECTIVE JULY 1, 2007, THE UNIVERSITY ADOPTED THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) INTERPRETATION NO. 48, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, AN INTERPRETATION OF FASB STATEMENT NO. 109 (FIN 48). FIN 48 CLARIFIED THE ACCOUNTING FOR UNCERTAIN INCOME TAXES RECOGNIZED IN AN ENTITY'S FINANCIAL STATEMENTS AND PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. FIN 48 ALSO PROVIDES GUIDANCE ON DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, DISCLOSURE, AND TRANSITION. THERE WAS NO MATERIAL IMPACT TO THE UNIVERSITY'S CONSOLIDATED FINANCIAL STATEMENTS AS A RESULT OF THE ADOPTION OF FIN 48 IN THE YEAR OF ADOPTION OR IN THIS REPORTING YEAR. TEXT OF JUNE 30, 2015 FIN 48 (ASC 740) FOOTNOTE: MANAGEMENT ASSESSES ITS INCOME TAX POSITION EACH YEAR TO DETERMINE WHETHER IT IS MORE LIKELY THAN NOT TO BE SUSTAINED BY AN APPLICABLE TAXING AUTHORITY. THIS REVIEW FOR FISCAL 2015 HAD NO MATERIAL IMPACT ON THE CONSOLIDATED FINANCIAL STATEMENTS. SCHEDULE D, PART V, ENDOWMENT FUNDS, LINE 1E THE PREVIOUSLY REPORTED ENDOWMENT FUND BALANCES FOR FY 2013 AND FY 2014 HAVE BEEN REDUCED BY 11,503,912 TO REFLECT A FINANCIAL STATEMENT RECLASSIFICATION OF CERTAIN INVESTMENT ASSETS. IN FY 2014, OTHER EXPENDITURES FOR FACILITIES AND PROGRAMS PRIMARILY INCLUDED THE TRANSFER OF CERTAIN PREVIOUSLY QUASI-ENDOWED FUNDS TO NON-ENDOWED FUNDS, OF WHICH A PORTION WAS WITHDRAWN FOR OPERATING PROGRAM SUPPORT. SCHEDULE D, PART V, ENDOWMENT FUNDS, LINE 2E THE BOARD DEIGNATED-QUASI ENDOWMENT PERCENTAGE IS NEGATIVE DUE TO "UNDERWATER INVESTMENTS", I.E., THE CURRENT MARKET VALUES ARE BELOW THE VALUES AT THE TIME THAT DONOR CONTRIBUTED THE FUNDS. IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP), THE UNIVERSITY IS REQUIRED TO REPORT APPRECIATION ON SUCH UNDERWATER FUNDS AS NEGATIVE NET ASSETS. true true true true true true true false false false false false false false false true false true SCHEDULE E - PART I LINE 3 RECRUITMENT ADVERTISING CONTAINS YESHIVA UNIVERSITY'S NON-DISCRIMINATION POLICY. SCHEDULE E - PART I LINE 6A YESHIVA UNIVERSITY RECEIVES FUNDS FROM THE NEW YORK STATE EDUCATION DEPARTMENT IN THE FORM OF GRANTS AND SCHOLARSHIPS, MOSTLY THROUGH THE TUITION ASSISTANCE PROGRAM TO PROVIDE FINANCIAL AID ASSISTANCE TO QUALIFYING STUDENTS AND RECEIVED BUNDY AID BASED ON DEGREES CONFERRED. FROM THE U.S. FEDERAL GOVERNMENT, YESHIVA RECEIVES AID THROUGH TITLE IV AND TITLE VII, INCLUDING PELL GRANTS, STAFFORD AND PLUS LOANS, SEOG, WORK STUDY, AND PERKINS AND HEALTH PROFESSION STUDENT LOAN PROGRAMS. FUNDS ARE USED 100% FOR FINANCIAL ASSISTANCE BY THE ELIGIBLE STUDENTS. true Middle East and North Africa 1 1 Grantmaking N/A 3067482 Middle East and North Africa Program Services EDUCATION AND RESEARCH 4298480 Middle East and North Africa Investments N/A 7064170 Europe (Including Iceland and Greenland) 1 Program Services EDUCATION AND RESEARCH 356930 Central America and the Caribbean 1 Program Services EDUCATION AND RESEARCH 232061 Central America and the Caribbean Investments N/A 120852903 Central America and the Caribbean Program Services HUMANITARIAN 39286 South America 1 Program Services EDUCATION 13956 Europe (Including Iceland and Greenland) 1 Program Services EDUCATION 29458 North America Grantmaking N/A 419055 North America 1 1 Program Services EDUCATION, FUNDRAISING 500347 South Asia 1 Program Services EDUC, RESEARCH, HEALTH 148671 Sub-Saharan Africa 1 Program Services EDUC, RESEARCH, HEALTH 598861 East Asia and the Pacific 1 Program Services RESEARCH 8534 2 9 2 9 137630194 137630194 Middle East and North Africa EDUCATION 3067482 WIRE North America EDUCATION 419055 WIRE 2 0 true false true true true false SCHEDULE F, PART I, LINE 2 YESHIVA UNIVERSITY MONITORS THE USE OF GRANT FUNDS OUTSIDE OF THE UNITED STATES BY A GRANTEE THROUGH REVIEW OF THE GRANTEE'S AUDITED FINANCIAL STATEMENTS, PERSONAL SITE VISITS AND DISCUSSIONS WITH THE GRANTEE'S SENIOR MANAGEMENT. SCHEDULE F, PART I, LINE 3 1. UNDERGRADUATE AND GRADUATE SHORT AND LONG TERM STUDY ABROAD PROGRAMS AND INTERNATIONAL INTERNSHIPS, INCLUDING STUDENT EXCHANGE, PARTICIPATION IN STUDENT COMPETITIONS, SEMESTER ABROAD, INDEPENDENT STUDY, AND SUMMER STUDY PROGRAMS IN EUROPE, THE MIDDLE EAST, ASIA, THE PACIFIC AND CENTRAL AMERICA. THE BENJAMIN CARDOZO SCHOOL OF LAW OFFERS EXCHANGE PROGRAMS IN THE NETHERLANDS, GERMANY, HUNGARY, HONG KONG, SPAIN, CHINA, ISRAEL, FRANCE, ITALY, AUSTRALIA, AND ENGLAND; AND A COMBINED JD/LLM INTERNATIONAL DUAL DEGREE PROGRAM AT A LAW SCHOOL IN FRANCE. CARDOZO STUDENTS ALSO ATTENDED MOOT COURT AND MEDIATION COMPETITIONS IN THE U.K., CANADA, HONG KONG, AND AUSTRIA, PARTICIPATED IN A PROGRAM ON THE STUDY OF MEDIATION AT THE CENTRAL EUROPEAN UNIVERSITY IN HUNGARY, AND PARTICIPATED IN SHORT-TERM WINTER BREAK PROGRAMS ON ASYLUM ACCESS IN ECUADOR AND THE STUDY OF INTERNATIONAL NORMS AND NATIONAL IMPERATIVES IN CAMBODIA. THE CARDOZO FLOERSCHEIMER CENTER FOR CONTSITUTION DEMOCRACY IN PARTNERSHIP WITH THE YU CENTER FOR JEWISH LAW OVERSEES THE ISRAEL SUPREME COURT PROJECT SHIHC PROVIDES ENGLISH TRANSLATIONS OF IMPORTANT ISRAELI SUPREME COURT DECISIONS. THE WURZWEILER SCHOOL OF SOCIAL WORK BLOCK PROGRAM COMBINES THREE SUMMERS OF FORMAL CLASSROOM EDUCATION IN NEW YORK WITH TWO YEARS OF SUPERVISED FIELD EXPERIENCE IN ISRAEL. 2. PROVISION OF MEDICAL CARE, RESEARCH AND EDUCATION IN DEVELOPING COUNTRIES THROUGHOUT THE WORLD, PRIMARILY IN AFRICA, INDIA, SOUTH AMERICA AND SOUTHEAST ASIA. 3. ASSISTANCE TO STUDENT PARTICIPANTS IN THE S. DANIEL ABRAHAM ISRAEL PROGRAM, INCLUDING GUIDANCE, STRUCTURE AND SUPPORT. IN ADDITION, THE PROGRAM SPONSORS LECTURES AND ACTIVITIES WHERE THE STUDENTS CAN GATHER UNDER THE AUSPICES OF YESHIVA UNIVERSITY AND A GUIDANCE CENTER TO PROVIDE SUPPORT TO HELP EASE THE OCCASIONALLY CHALLENGING ADJUSTMENT TO A YEAR'S STUDY IN ISRAEL. 4. FUNDRAISING AND STUDENT RECRUITMENT. 5. ISRAEL MISSIONS - STUDENTS EXPERIENCE THE SOCIAL, CULTURAL, POLITICAL, AND SPIRITUAL MANIFESTATIONS OF ISRAELI SOCIETY. 6. HUMANITARIAN, TORAH AND LEARNING MISSIONS - STUDENTS TRAVEL TO INTERNATIONAL COUNTRIES, INCLUDING ISRAEL AND HAITI, LEARNING THE HISTORY, CULTURE, FOLKLORE AND TRADITIONS OF A COMMUNITY WHILE CONDUCTING AN ASSIGNED WORK PROJECT TO BENEFIT THAT COMMUNITY. STUDENTS ALSO TRAVELED TO ISRAEL TO PARTICIPATE IN EXPERIENTIAL EDUCATION PROGRAMS EXPLORING THE JEWISH SOCIAL JUSTICE SYSTEM. 7. YU'S HONORS PROGRAM TRAVELLED TO ROME AND POMPEII TO STUDY THE JEWS OF ROME FROM THE TIME OF THE SECOND TEMPLE TO THE END OF THE TALMUDIC PERIOD AND TO STUDY THE HISTORY AND PRACTICE OF CLASSICISM. THE HONORS PROGRAM ALSO TRAVELED TO ST. PETERSBERG, RUSSIA TO STUDY CULTURE AND HISTORY. 8. ATTENDANCE BY YESHIVA UNIVERSITY FACULTY AT INTERNATIONAL EDUCATIONAL CONFERENCES. 9. SUBCONTRACTED RESEARCH SERVICES PROVIDED BY INTERNATIONAL MEDICAL COLLEGES, HOSPITALS AND RESEARCH ORGANIZATIONS. 10. THE YESHIVA UNIVERSITY SCHOOL PARTNERSHIP PROVIDED EDUCATION, LEADERSHIP, MANAGEMENT AND DEVELOPMENT ASSISTANCE TO SCHOOLS IN CANADA AND RUSSIA. SCHEDULE F, PART I, LINE 3 INVESTMENTS IN FOREIGN REGIONS - THE FORM 990 REQUIRES ORGANIZATIONS TO INCLUDE IN COLUMN (F) THE BOOK VALUE OF ITS PASSIVE INVESTMENTS IN FOREIGN REGIONS AS OF THE END OF THE YEAR. ACCORDINGLY, YESHIVA UNIVERSITY HAS INCLUDED THESE AMOUNTS IN THE REGIONS WHERE THE INVESTMENT VEHICLES ARE DOMICILED. YESHIVA UNIVERSITY RECENTLY INSTALLED A NEW GENERAL LEDGER AND FINANCE SYSTEM. THE NEW SYSTEM'S FUNCTIONALITY FOR TRACKING EXPENSES BY COUNTRY/REGION IS EXPECTED TO BE PHASED IN IN THE NEAR FUTURE. ACCORDINGLY, YESHIVA'S SYSTEMS CURRENTLY DO NOT TRACK AMOUNTS BY COUNTRY AND DO NOT PROVIDE A BASIS FOR ESTIMATING SUCH AMOUNTS. HOWEVER, THE UNIVERSITY HAS, TO THE EXTENT POSSIBLE, ALLOCATED CERTAIN FOREIGN ACTIVITY EXPENSES TO THE APPROPRIATE REGION IN COLUMN (F). THE REMAINING FOREIGN ACTIVITY EXPENSES THAT COULD NOT BE PROPERLY ALLOCATED BY REGION HAVE BEEN INCLUDED IN COLUMN (F) FOR THE MIDDLE EAST AND NORTH AFRICA. SIMILARLY, THE UNIVERSITY'S SYSTEM DOES NOT TRACK THE NUMBER OF EMPLOYEES, AGENTS OR CONTRACTORS BY COUNTRY. THEREFORE, THE UNIVERSITY HAS LISTED A "1" IN COLUMN C FOR EACH REGION IN WHICH IT KNOWS IT HAS AT LEAST ONE EMPLOYEE, AGENT OR CONTRACTOR. THE UNIVERSITY HAS PROVIDED DETAILED NARRATIVE DESCRIPTIONS OF ITS FOREIGN ACTIVITIES ABOVE. SCHEDULE F, PART IV, LINE 6 - FORM 5713 TO THE BEST OF ITS KNOWLEDGE, YESHIVA UNIVERSITY DOES NOT HAVE ANY OPERATIONS IN THE FORM OF BUSINESS AND COMMERCIAL ACTIVITIES OR TRANSACTIONS IN OR RELATED TO ANY OF THE "BOYCOTT COUNTRIES". HOWEVER, THE UNIVERSITY HAS HAD FOREIGN NATIONAL STUDENTS ENROLLED IN UNIVERSITY COURSES IN THE UNITED STATES WHO WERE CITIZENS AND/OR RESIDENTS OF KUWAIT, LEBANON, SYRIA AND THE UNITED ARAB EMIRATES. THE UNIVERSITY DOES NOT BELIEVE THAT THE ENROLLMENT OF THESE STUDENTS IN U.S.-BASED COURSES WOULD REQUIRE THE FILING OF FORM 5713. X X X X X X X true FIREFLY PARTNERS CONSULTANT false 53090 ALIKAT PRODUCTIONS CONSULTANT false 55815 SHAPIRO ASSOCIATES CONSULTANT false 21211 130116 CA FL NY YU DINNER 4099382 3966857 132525 0 3162 62928 408727 263607 69894 GOLF & TENNIS 526382 431117 95265 0 25849 89724 20135 0 35861 10 564054 113990 450064 0 2935 100946 41699 23224 76137 5189818 4511964 677854 0 31946 253598 470561 286831 181892 1224828 -546974 true MONTEFIORE MEDICAL CENTER 111 EAST 210TH STREET BRONX NY 10467 131740114 501(c)(3) 50000 PATIENT HEALTH JACOBI MEDICAL CENTER 1400 PELHAM PARKWAY SOUTH BRONX NY 10461 133711803 501(c)(3) 11000 PATIENT HEALTH NEW YORK STEM CELL FOUNDATION 178 COLUMBUS AVE NEW YORK NY 10023 202905531 501(C)(3) 25000 HEALTH INNOCENCE PROJECT 40 WORTH STREET NEW YORK NY 10013 320077563 501(C)(3) 531250 PUBLIC POLICY NEW YORK STRUCTURAL BIOLOGY CENTER 89 CONVENT AVENUE NEW YORK NY 10027 134043587 501(C)(3) 435416 HEALTH ALBERT EINSTEIN SYNAGOGUE 1925 EASTCHESTER RD APT 1B BRONX NY 10461 133346716 501(C)(3) 60000 EDUCATION AMERICAN HEART ASSOCIATION 7272 GREENVILLE AVE DALLAS TX 75231 135613797 501(c)(3) 14317 HEALTH AMERICAN DIABETES ASSOCIATION 1701 N BEAUREGARD ST ALEXANDRIA VA 22311 131623888 501(c)(3) 13509 HEALTH AMERICAN CANCER SOCIETY 250 WILLIAMS STREET ATLANTA GA 30303 131788491 501(c)(3) 6788 HEALTH 9 0 SCHOLARSHIPS & FELLOWSHIPS 3959 102256049 SCHEDULE I, PART I, LINE 2 YESHIVA UNIVERSITY CONDUCTS SITE VISITS AND FOLLOW-UP DISCUSSIONS WITH THE MANAGEMENT OF GRANTEES TO ASSURE THAT GRANT FUNDS ARE USED FOR THE INTENDED TAX-EXEMPT PURPOSES. THE ACTIVITIES OF FELLOWSHIP RECIPIENTS ARE MONITORED TO ENSURE COMPLIANCE WITH THE INTENTIONS AND GUIDELINES OF THE FELLOWSHIP GRANT. SCHEDULE I, PART III THE $102,256,049 IN GRANTS AND ASSISTANCE REPRESENT STUDENT FINANCIAL AID, SCHOLARSHIPS AND FELLOWSHIPS, INCLUDING EMERGENCY STUDENT ASSISTANCE GRANTS. FINANCIAL AID IS AWARDED BASED UPON FINANCIAL NEED AND ACADEMIC ACHIEVEMENT. NEED BASED AID IS AWARDED BASED ON ELIGIBILITY DETERMINED BY THE US DEPARTMENT OF EDUCATION'S FREE APPLICATION FOR FEDERAL AID (FAFSA). ACADEMIC BASED AID IS AWARDED BY THE DISTINGUISHED SCHOLARS COMMITTEE. BOTH FACULTY AND ENROLLMENT SERVICES ADMINISTRATORS COMPRISE THE COMMITTEE. X X X X true true X X X X X X false true false false false false false false false RICHARD JOEL PRESIDENT/TRUSTEE 636629 0 0 0 67356 0 255200 0 106494 0 1065679 0 0 0 DR MORTON LOWENGRUB PROVOST/SR VP-THROUGH JUNE2014 408228 0 0 0 14554 0 5200 0 26605 0 454587 0 0 0 DR HERBERT DOBRINSKY VP UNIVERSITY AFFAIRS 276647 0 0 0 12595 0 5200 0 29611 0 324053 0 0 0 DANIEL FORMAN VP DEVELOPMENT-THROUGH MAY2014 420356 0 0 0 5611 0 5200 0 17549 0 448716 0 0 0 ALLEN SPIEGEL VP MEDICAL AFFAIRS/DEAN 748297 0 0 0 470894 0 17500 0 3135 0 1239826 0 0 0 TOBY WINER CFO - THROUGH JULY 2014 157500 0 60000 0 462 0 2700 0 240 0 220902 0 0 0 ANDREW J LAUER VP/SECRETARY/GENERAL COUNSEL 482053 0 0 0 5281 0 30200 0 45305 0 562839 0 0 0 JACOB HARMAN VP - CFO BEGAN JULY 2014 255682 0 0 0 363 0 28600 0 0 0 284645 0 0 0 AHRON HERRING CHIEF INVESTMENT OFFICER 393500 0 237500 0 863 0 5200 0 10957 0 648020 0 0 0 JOSH JOSEPH SENIOR VP 334702 0 0 0 6509 0 30200 0 26759 0 398170 0 0 0 EDWARD BURNS EXECUTIVE DEAN-EINSTEIN 562991 0 0 0 41729 0 17500 0 17858 0 640078 0 0 0 VICTOR SCHUSTER SENIOR VICE DEAN - PROFESSOR 599032 0 0 0 44938 0 17500 0 14843 0 676313 0 0 0 IRWIN MERKATZ PROFESSOR/CHAIRMAN-EINSTEIN 602301 0 0 0 49161 0 17500 0 16063 0 685025 0 0 0 ISRAEL GOLDMAN PROFESSOR/CHAIRMAN-EINSTEIN 562445 0 0 0 44020 0 17500 0 14890 0 638855 0 0 0 MARK MEHLER PROFESSOR/CHAIRMAN-EINSTEIN 583905 0 0 0 43335 0 17500 0 18427 0 663167 0 0 0 SETH MOSKOWITZ VP-INST. ADV. BEGAN JUNE 2014 262512 0 0 0 2838 0 5200 0 7602 0 278152 0 0 0 SELMA BOTMAN PROVOST-VP - BEGAN FEB 2014 239167 0 0 0 858 0 3791 0 0 0 243816 0 0 0 SCHEDULE J, PART I, LINE 1A PAYMENT OR REIMBURSEMENT OF EXPENSES FOR LISTED PERSON: IN ACCORDANCE WITH THE TERMS OF THE PRESIDENT'S CONTRACT AND IN ORDER TO PROPERLY DISCHARGE HIS REQUIRED DUTIES, THE PRESIDENT IS PROVIDED WITH USE OF A HOME AS A CONDITION OF HIS EMPLOYMENT, WHICH IS OWNED BY THE UNIVERSITY AND FURNISHED AND MAINTAINED AT THE UNIVERSITY'S EXPENSE. THE UNIVERSITY BELIEVES IT IS PRUDENT AND NECESSARY TO PROVIDE A MEASURE OF SECURITY TO THE PRESIDENT, THE DEAN OF THE ALBERT EINSTEIN COLLEGE OF MEDICINE AND UNIVERSITY RELATED INDIVIDUALS WHO TRAVEL WITH THEM. ACCORDINGLY, THE UNIVERSITY PROVIDES THE PRESIDENT AND THE DEAN OF THE ALBERT EINSTEIN COLLEGE OF MEDICINE WITH A SECURITY GUARD DRIVER WHEN TRAVELLING ON UNIVERSITY BUSINESS. THE UNIVERSITY REIMBURSES COMPANION TRAVEL FOR THE PRESIDENT WHEN THE COMPANION IS EXPECTED TO ATTEND AND ACTIVELY PARTICIPATE IN FUNCTIONS RELATED TO THE UNIVERSITY'S MISSION AND IS FOR A BONA FIDE BUSINESS PURPOSE. SCHEDULE J, PART I, LINE 4 LINE 4B - IN FISCAL YEAR 2015, THE UNIVERSITY PROVIDED A SUPPLEMENTAL PENSION BENEFIT TO ALL EINSTEIN CAMPUS PAID OFFICERS, KEY EMPLOYEES, AND HIGHEST PAID EMPLOYEES LISTED IN PART VII AND SCHEDULE J. THE ANNUAL CONTRIBUTION BY THE UNIVERSITY IS TREATED AS TAXABLE COMPENSATION INCOME TO THE RECIPIENT AND IS INCLUDED IN SCHEDULE J, PART II COLUMN B(III). IN FISCAL YEAR 2012, THE UNIVERSITY SUSPENDED THIS BENEFIT FOR ALL MANHATTAN CAMPUS BASED OFFICERS AND KEY EMPLOYEES. THE UNIVERSITY ALSO TEMPORARILY REDUCED ITS MATCH CONTRIBUTION TO THE UNIVERSITY'S SECTION 403(B) RETIREMENT PLAN FOR ALL MANHATTAN CAMPUS BASED EMPLOYEES. IN FISCAL YEAR 2015, NONQUALIFIED DEFERRED COMPENSATION ARRANGEMENTS WERE IN PLACE WITH RICHARD JOEL, UNIVERSITY PRESIDENT, ANDREW LAUER, UNIVERSITY VP & GENERAL COUNSEL, JACOB HARMAN, UNIVERSITY VP & CHIEF FINANCIAL OFFICER, AND JOSH JOSEPH, UNIVERSITY SENIOR VP, WHICH ARE SUBJECT TO A RISK OF FORFEITURE IF CERTAIN CONDITIONS ARE NOT SATISFIED. THE ACCRUAL OF THIS BENEFIT IS REPORTED AS DEFERRED COMPENSATION IN SCHEDULE J, PART II, COLUMN C. DURING FISCAL YEAR 2014, THE PRESIDENT REQUESTED THE UNIVERSITY REDUCE HIS SALARY BY $100,000. THIS SALARY REDUCTION WAS MADE EFFECTIVE JANUARY 1,2014. IN FISCAL YEAR 2015, THE PRESIDENT REQUESTED AN ADDITIONAL SALARY REDUCTION OF $50,000 EFFECTIVE JULY 1, 2015, WHICH WILL BE REFLECTED IN NEXT YEAR'S FORM 990. SCHEDULE J, PART II - DETAILS OF COMPENSATION & BENEFITS IN ACCORDANCE WITH IRS GUIDELINES AND FORM 990 INSTRUCTIONS, THE COMPENSATION AND BENEFITS REPORTED IN SCHEDULE J AND PART VII REPRESENT AMOUNTS EARNED DURING THE 2014 CALENDAR TAX YEAR. THE REPORTED COMPENSATION AND BENEFITS IN THIS RETURN FOR JACOB HARMAN, VP & CHIEF FINANCIAL OFFICER, SETH MOSKOWITZ, VP -INSTITUTIONAL ADVANCEMENT, AND SELMA BOTMAN, VP & PROVOST, REFLECT A PARTIAL YEAR DUE TO THEIR HIRING DURING CALENDAR YEAR 2014. THE REPORTED COMPENSATION AND BENEFITS OF DANIEL FORMAN, FORMER VP - INSTITUTIONAL ADVANCEMENT, REFLECT A PARTIAL YEAR OF HIS NEW ROLE AS SENIOR PHILANTHROPIC ADVISOR. PRESIDENT RICHARD JOEL - COLUMN B(III) INCLUDES TAXABLE TUITION, LIFE INSURANCE AND HEALTH RELATED BENEFITS. COLUMN C INCLUDES THE UNIVERSITY'S CONTRIBUTIONS TO A SECTION 403(B) RETIREMENT PLAN AND THE ACCRUAL OF A SECTION 457(F) DEFERRED COMPENSATION PLAN. COLUMN D INCLUDES THE FOLLOWING NON-TAXABLE BENEFITS; MEDICAL, HOUSING PROVIDED AS A CONDITION OF EMPLOYMENT AND THE USE OF A UNIVERSITY PROVIDED CELLULAR PHONE. DEAN ALLEN SPIEGEL - COLUMN B(III) INCLUDES THE FOLLOWING TAXABLE BENEFITS; UNIVERSITY CONTRIBUTIONS TO THE SUPPLEMENTAL PENSION PLAN, A HOUSING ALLOWANCE, AND LIFE INSURANCE. COLUMN C INCLUDES THE UNIVERSITY'S CONTRIBUTION TO A SECTION 403(B) RETIREMENT PLAN. COLUMN D INCLUDES THE FOLLOWING NON-TAXABLE BENEFITS; MEDICAL AND THE USE OF A UNIVERSITY PROVIDED CELLULAR PHONE. FOR THE REMAINING CURRENT AND FORMER OFFICERS, KEY EMPLOYEES, AND HIGHEST PAID EMPLOYEES LISTED IN PART VII/SCHEDULE J - COLUMN B(III) GENERALLY INCLUDES THE FOLLOWING TAXABLE BENEFITS; UNIVERSITY CONTRIBUTIONS TO THE SUPPLEMENTAL PENSION PLAN (EINSTEIN BASED EMPLOYEES ONLY), TUITION, TRANSPORTATION AND LIFE INSURANCE. COLUMN C GENERALLY INCLUDES THE UNIVERSITY'S CONTRIBUTION TO A SECTION 403(B) RETIREMENT PLAN. COLUMN D GENERALLY INCLUDES THE FOLLOWING NON-TAXABLE BENEFITS; MEDICAL, TUITION AND THE USE OF A UNIVERSITY PROVIDED CELLULAR PHONE. A DORMITORY AUTHORITY OF THE STATE OF NEW YORK 146000293 64983TUQ4 2004-07-01 102208109 CONSTRUCTION AND RENOVATIONS false true false B DORMITORY AUTHORITY OF THE STATE OF NEW YORK 146000293 649905PK6 2009-07-23 142206373 REFUNDING OF 1998 AND CAPITAL EXPE false true false C DORMITORY AUTHORITY OF THE STATE OF NEW YORK 146000293 649906KS2 2011-09-28 93390365 REFUNDING 2001 AND CAPITAL EXPENDI false true false A 0 0 102208109 0 0 0 706200 711021 0 100790888 0 0 2006 false false true true B 0 0 142206373 0 0 16773696 1495130 0 0 123937547 0 0 2010 true false true true C 0 0 93390365 45027516 0 0 1568988 0 0 46793859 0 0 2014 true false false true A false false false true true 0 false false false true B false false false true true 0 false false false true C false false false true true 0 false false false true A false true false false 0 false 0 false true B false true false false 0 false 0 false true C false true false false 0 false 0 false true A true B true C true SCHEDULE K PART III - PRIVATE BUSINESS USE THE UNIVERSITY HISTORICALLY DOES NOT INCUR ANY PRIVATE BUSINESS USE IN ITS BOND-FINANCED PROPERTIES BECAUSE THE UNIVERSITY'S POLICY IS TO USE ITS OWN EQUITY TO FUND ANY POTENTIAL PRIVATE USE AND CONTINUES TO MONITOR THE USE OF ITS BOND-FINANCED PROPERTY TO AVOID FUTURE PRIVATE USE. NOAM JOEL CHILD OF PRESIDENT 18308 GRADUATE STUDENT TRAINEE false BUSINESS TRANSACTIONS INVOLVING INTERESTED PERSONS DURING CY14, PRESIDENT JOEL'S SON, NOAM JOEL, WAS EMPLOYED AS A GRADUATE STUDENT TRAINEE. THERE WAS NO SHARING OF ORGANIZATION REVENUES. X 6 0 X 9 0 X 0 X 38 1135193 FMV false true false SCHEDULE M, PART I, COLUMN B COLUMN B REFLECTS THE NUMBER OF CONTRIBUTORS AND NOT THE NUMBER OF ITEMS CONTRIBUTED. CORE FORM 990, PART I, LINE 6 - VOLUNTEERS IN ADDITION TO THE BOARD MEMBERS WHO SERVE WITHOUT COMPENSATION, THE UNIVERSITY UTILIZES MANY VOLUNTEERS IN THE CONDUCT OF ITS ACTIVITIES. HOWEVER, IT DOES NOT TRACK THE NUMBER OF THESE ADDITIONAL VOLUNTEERS. CORE FORM 990, PART III, LINE 1 - ORGANIZATION'S MISSION AT YESHIVA UNIVERSITY, OUR MISSION, TORAH UMADDA, IS TO BRING WISDOM TO LIFE THROUGH ALL THAT WE TEACH, BY ALL THAT WE DO AND FOR ALL THOSE WE SERVE. OUR STUDENTS LEARN AND GO FORTH, AS BOTH EDUCATED AND ETHICAL PEOPLE, TO SHARE THEIR OWN SPECIAL TALENTS AND WISDOM WITH SOCIETY. OUR FACULTY'S RESEARCH, ACADEMIC WORK AND SCHOLARLY WRITINGS HELP BRING WISDOM TO MANY OF THE MOST PRESSING SOCIAL, POLITICAL, MEDICAL, LEGAL AND HUMAN RIGHTS ISSUES FACING THE WORLD TODAY. OUR UNIVERSITY SERVES AS A PLATFORM TO BRING YESHIVA'S COLLECTIVE WISDOM TO THE WORLD THROUGH OUR COMMUNITY OUTREACH, PUBLICATIONS, SEMINARS AND BROAD RANGE OF ACADEMIC PROGRAMS. FOR UNDERGRADUATE STUDENTS: WE BRING WISDOM TO LIFE BY COMBINING THE FINEST CONTEMPORARY ACADEMIC EDUCATION WITH THE TIMELESS TEACHINGS OF TORAH. IT IS YESHIVA'S UNIQUE DUAL CURRICULUM, WHICH TEACHES KNOWLEDGE ENLIGHTENED BY VALUES THAT HELPS OUR STUDENTS GAIN THE WISDOM TO MAKE THEIR LIVES BOTH A SECULAR AND SPIRITUAL SUCCESS. FOR GRADUATE STUDENTS: YESHIVA BRINGS WISDOM TO LIFE BY NOT ONLY TEACHING THE KNOWLEDGE AND SKILLS TO BE HIGHLY ACCOMPLISHED SCHOLARS AND PROFESSIONALS, BUT BY TEACHING THE ETHICAL AND MORAL VALUES THAT WILL MAKE THEM TRULY ADMIRABLE PEOPLE. IT IS OUR DUAL EMPHASIS ON PROFESSIONAL EXCELLENCE AND PERSONAL ETHICS THAT GIVES OUR GRADUATE STUDENTS THE WISDOM TO SUCCEED IN BOTH THEIR PROFESSIONS AND THEIR LIVES. FOR FACULTY: YESHIVA HELPS OUR PROFESSORS BRING THEIR OWN WISDOM TO LIFE BY PROVIDING THE ENCOURAGEMENT, RESOURCES AND INTELLECTUAL FREEDOM TO PURSUE THEIR OWN ACADEMIC IDEALS. AND THEY, IN TURN, SHARE THEIR WISDOM WITH OUR STUDENTS, OUR SOCIETY AND THE WORLD AT LARGE. FOR ALUMNI AND SUPPORTERS: TO BRING WISDOM TO LIFE IS YESHIVA'S SERVICE TO HUMANITY AND A WORTHY MISSION SHARED IN SPIRIT AND PRACTICE BY ALL ASSOCIATED WITH THE UNIVERSITY. FOR THE JEWISH COMMUNITY: IN AMERICA, ISRAEL AND AROUND THE WORLD, OUR MISSION TO BRING WISDOM TO LIFE WILL FOSTER GREATER UNDERSTANDING AND APPRECIATION OF THE HERITAGE, TRADITIONS AND VALUES WE ALL HOLD SO DEAR. FOR SOCIETY AND THE WORLD: YESHIVA UNIVERSITY SERVES AS A WELLSPRING OF WISDOM. AT YESHIVA UNIVERSITY, TEACHING THE KNOWLEDGE AND VALUES THAT BRING WISDOM TO LIFE IS NOT ONLY OUR MISSION, IT IS OUR PROUD TRADITION. CORE FORM 990, PART III, LINE 4 - PROGRAM SERVICES FOUNDED IN THE LATE 19TH CENTURY, YESHIVA UNIVERSITY (YU) IS THE COUNTRY'S OLDEST AND MOST COMPREHENSIVE INSTITUTION COMBINING JEWISH SCHOLARSHIP WITH ACADEMIC EXCELLENCE AND ACHIEVEMENT IN THE LIBERAL ARTS AND SCIENCES, MEDICINE, LAW, BUSINESS, SOCIAL WORK, PSYCHOLOGY, JEWISH STUDIES, EDUCATION AND RESEARCH. YU REFLECTS A CENTURIES-OLD COMMITMENT TO THE ADVANCEMENT OF HUMAN KNOWLEDGE AND ETHICS. YU BRINGS TOGETHER THE HERITAGE OF WESTERN CIVILIZATION AND THE ANCIENT TRADITIONS OF JEWISH LAW AND LIFE. SINCE ITS INCEPTION, YU HAS BEEN DEDICATED TO MELDING THE ANCIENT TRADITIONS OF JEWISH LAW AND LIFE WITH THE HERITAGE OF WESTERN CIVILIZATION, AND EACH YEAR WE CELEBRATE AS FUTURE LEADERS MAKE YU THEIR HOME. MORE THAN 6,800 UNDERGRADUATE AND GRADUATE STUDENTS STUDY AT YU'S FOUR NEW YORK CITY CAMPUSES: THE WILF CAMPUS; ISRAEL HENRY BEREN CAMPUS; BROOKDALE CENTER; THE JACK AND PEARL RESNICK CAMPUS; AND IN ISRAEL. YU CURRENTLY ENROLLS APPROXIMATELY 2,900 UNDERGRADUATES AT YESHIVA COLLEGE, STERN COLLEGE FOR WOMEN, THE SY SYMS SCHOOL OF BUSINESS, AND IN THE S. DANIEL ABRAHAM PROGRAM IN ISRAEL. THESE UNDERGRADUATE SCHOOLS COMBINE RIGOROUS ACADEMICS, UNPARALLED JEWISH STUDIES AND A NURTURING JEWISH ENVIRONMENT. STUDENTS CHOOSE FROM VARIED COURSES IN THE LIBERAL ARTS, SCIENCES AND BUSINESS, TOGETHER WITH COMPREHENSIVE JEWISH STUDIES, INCLUDING THE YESHIVA HONORS PROGRAM THAT IS PART OF THE MAZER YESHIVA PROGRAM. THE JAY AND JEANIE SCHOTTENSTEIN HONORS PROGRAM AT YESHIVA COLLEGE, THE S. DANIEL ABRAHAM HONORS PROGRAM AT STERN COLLEGE, AND THE BUSINESS HONORS AND ENTREPRENEURIAL LEADERSHIP PROGRAM AT THE SY SYMS SCHOOL OF BUSINESS STRESS THE INTELLECTUAL DEVELOPMENT AND CULTURAL ENRICHMENT OF OUTSTANDING STUDENTS. MANY OPPORTUNITIES EXIST FOR INTERNSHIPS AND RESEARCH. JOINT AND COMBINED PROGRAMS OFFER ADVANCED DEGREES IN ENGINEERING, OCCUPATIONAL THERAPY, JEWISH EDUCATION, JEWISH STUDIES, OPTOMETRY, PHYSICAL THERAPY, PODIATRY, NURSING, PHYSICIAN ASSISTANT STUDIES, AND TEACHING MATH AND SCIENCE. ABOUT 95 PERCENT OF FULL-TIME UNDERGRADUATE FACULTY HOLD DOCTORATES OR THE HIGHEST DEGREE WITHIN THEIR FIELDS. SMALL CLASSES ENCOURAGE INTELLECTUAL INTIMACY AND CREATIVITY. DISTINGUISHED SCHOLARS, AUTHORS, ARTISTS, PUBLIC OFFICIALS AND BUSINESS LEADERS INTERACT WITH STUDENTS IN A VARIETY OF VENUES. ALL YU UNDERGRADUATES PURSUE A DUAL PROGRAM OF TORAH STUDIES AND COLLEGE ACADEMIC STUDIES. CLASSES AT ALL LEVELS ARE OFFERED IN TALMUD, BIBLE, HEBREW, JEWISH HISTORY, JEWISH PHILOSOPHY, ETHICS AND HALACHA. FORMAL CLASSROOM AND BEIT MEDRASH STUDIES ARE AUGMENTED WITH SPECIAL PROGRAMS, OPTIONAL DAY AND NIGHT STUDY PROGRAMS AND MENTORS, ALONG WITH COUNSELING AND GUIDANCE PROGRAMSFOCUSED ON GROWTH AND DEVELOPMENT. THE UNDERGRADUATE MEN SELECT FROM THESE DISTINCT JEWISH STUDIES OPTIONS; YESHIVA PROGRAM/MAZER SCHOOL OF TALMUDIC STUDIES, THE ISAAC BREUER COLLEGE OF HEBRAIC STUDIES, THE IRVING STONE BET MEDRASH PROGRAM AND THE JAMES STRIAR SCHOOL OF GENERAL JEWISH STUDIES. THE UNDERGRADUATE WOMEN LEARN AT THE REBECCA IVRY DEPARTMENT OF JEWISH STUDIES. FOR MANY STUDENTS, THE S. DANIEL ABRAHAM ISRAEL PROGRAM IS AN UNFORGETTABLE AND LIFE CHANGING UNDERGRADUATE EXPERIENCE. EACH YEAR, NEARLY 700 INCOMING YU STUDENTS STUDY AT ONE OF 41 ISRAELI YESHIVOT AND SEMINARIES ENABLING THEM TO INCORPORATE THEIR STUDIES IN ISRAEL INTO THEIR COLLEGE YEARS. YU ISRAEL REPRESENTATIVES VISIT SCHOOLS TO OFFER ACADEMIC GUIDANCE AND CAREER PLANNING ADVICE AND STUDENTS HAVE THE OPPORTUNITY TO MEET YU ROSHEI YESHIVA, ADMINISTRATORS AND FACULTY. YU IS ALSO AFFILIATED WITH ONE OF THE NATION'S TOP MEDICAL SCHOOLS AND IS HOME TO ONE OF THE FINEST LAW SCHOOLS ESTABLISHED IN THE PAST 30 YEARS, AS WELL AS HIGHLY REGARDED GRADUATE SCHOOLS OF SOCIAL WORK, PSYCHOLOGY, JEWISH EDUCATION AND ADMINISTRATION, AND JEWISH STUDIES. CONSTANT INNOVATIONS CREATE INTERDISCIPLINARY AREAS AND PROVIDE STUDY OPPORTUNITIES IN EMERGING FIELDS, SUCH AS HEALTH PSYCHOLOGY, NUCLEAR MEDICINE, AND BIOMEDICAL ETHICS. THE UNEQUALED RESOURCES OF NEW YORK CITY ENABLE YU TO MAKE PIONEERING ADVANCES IN CONJUNCTION WITH LEADING EDUCATIONAL, CULTURAL, HEALTH AND SOCIAL SERVICE INSTITUTIONS. ITS GRADUATE SCHOOLS INCLUDE THE ALBERT EINSTEIN COLLEGE OF MEDICINE, BENJAMIN N. CARDOZO SCHOOL OF LAW, WURZWEILER SCHOOL OF SOCIAL WORK, FERKAUF GRADUATE SCHOOL OF PSYCHOLOGY, AZRIELI GRADUATE SCHOOL OF JEWISH EDUCATION AND ADMINISTRATION, BERNARD REVEL GRADUATE SCHOOL OF JEWISH STUDIES, SUE GOLDING GRADUATE DIVISION OF MEDICAL SCIENCES, THE SY SYMS SCHOOL OF BUSINESS, GRADUATE PROGRAMS IN ARTS AND SCIENCES, THE MASTERS OF ARTS PROGRAM IN BIBLICAL AND TALMUDIC INTERPRETATION AT STERN COLLEGE FOR WOMEN AND THE NEW MORDECHAI D. KATZ AND MONIQUE C. KATZ SCHOOL OF GRADUATE AND PROFESSIONAL STUDIES. YESHIVA UNIVERSITY HAS MORE THAN 70,000 ALUMNI, MANY OF WHOM ARE LEADERS IN THE JEWISH COMMUNITY, THEIR PROFESSIONS, AND IN LOCAL COMMUNITIES IN THE U.S., ISRAEL AND AROUND THE WORLD. FOUNDED IN 1953 AS THE FIRST MEDICAL SCHOOL IN THE UNITED STATES UNDER JEWISH AUSPICES AND DESCRIBED BY ALBERT EINSTEIN AS "THE GREATEST CONTRIBUTION THE JEWISH COMMUNITY HAS UNDERTAKEN FOR THE COMMONWEALTH OF THE AMERICAN PEOPLE", THE ALBERT EINSTEIN COLLEGE OF MEDICINE IS A PREMIER, RESEARCH-INTENSIVE MEDICAL SCHOOL DEDICATED TO INNOVATIVE BIOMEDICAL INVESTIGATION AND TO THE DEVELOPMENT OF ETHICAL AND COMPASSIONATE PHYSICIANS AND SCIENTISTS. LOCATED IN A RESIDENTIAL COMMUNITY IN THE NORTHEAST BRONX, EINSTEIN IS THE AFFILIATED MEDICAL SCHOOL FOR SEVERAL OF THE LEADING HOSPITALS IN NEW YORK, INCLUDING MONTEFIORE MEDICAL CENTER. IT AWARDS THE DOCTOR OF MEDICINE DEGREE AS WELL AS THE PHD, COMBINED MD/PHD AND MS DEGREES. IT ALSO SPONSORS ONE OF THE LARGEST POSTGRADUATE CLINICAL TRAINING PROGRAMS IN THE UNITED STATES. DURING THE 2014-2015 ACADEMIC YEAR, EINSTEIN WAS HOME TO 742 MD STUDENTS, 212 PHD STUDENTS, 102 STUDENTS IN THE COMBINED MD/PHD PROGRAM AND 292 POST-DOCTORAL RESEARCH FELLOWS. MORE THAN 8,000 EINSTEIN ALUMNI ARE AMONG THE NATION'S FOREMOST CLINICIANS, BIOMEDICAL SCIENTISTS AND MEDICAL EDUCATORS. A FULL TIME FACULTY OF MORE THAN 1,900 TEACHES AND DELIVERS HEALTHCARE AND CONDUCTS STUDIES IN EVERY MAJOR MEDICAL SPECIALTY AND AREA OF BIOMEDICAL RESEARCH. EINSTEIN FACULTY RECEIVES MORE THAN $150M ANNUALLY IN RESEARCH GRANTS FROM THE NATIONAL INSTITUTES OF HEALTH (NIH). THE NIH ALSO FUNDS MAJOR RESEARCH CENTERS AT EINSTEIN IN AGING, INTELLECTUAL DEVELOPMENT DISORDERS, DIABETES, CANCER, CLINICAL AND TRANSLATIONAL RESEARCH, LIVER DISEASE AND AIDS. OTHER AREAS OF FOCUS INCLUDE DEVELOPMENTAL BRAIN RESEARCH, NEUROSCIENCE, CARDIAC DISEASE, AND INITIATIVES TO REDUCE AND ELIMINATE ETHNIC AND RACIAL HEALTH DISPARITIES. INTERDISCIPLINARY COLLABORATION PRODUCED IMPORTANT ADVANCES IN THE CLINICAL CARE AND SCIENTIFIC UNDERSTANDING OF CANCER; BRAIN DISORDERS; LIVER, HEART AND KIDNEY DISEASE; DIABETES; ALZHEIMER'S DISEASE AND AIDS, AMONG OTHERS. EINSTEIN'S MICHAEL F. PRICE CENTER FOR GENETIC AND TRANSLATIONAL MEDICINE/HAROLD AND MURIEL BLOCK RESEARCH PAVILION ARE STATE OF THE ART FACILITIES THAT BRING TOGETHER WORLD-CLASS SCIENTISTS AND THE MOST ADVANCED CUTTING EDGE TECHNOLOGY TO FACILITATE THE "TRANSLATION" OF DISCOVERIES AT THE MOLECULAR LEVEL TO THE ACTUAL TREATMENT, CURE AND PREVENTION OF DISEASE. EINSTEIN ALSO PROVIDES MANY COMMUNITY PROGRAMS, INCLUDING THE HISPANIC CENTER OF EXCELLENCE, THE EINSTEIN ENRICHMENT PROGRAM, THE MINORITY STUDENT SUMMER RESEARCH OPPORTUNITY PROGRAM, SUMMER UNDERGRADUATE RESEARCH AND MENTORSHIP PROGRAMS AND THE EINSTEIN COMMUNITY HEALTH OUTREACH FREE CLINIC, WHICH PROVIDES FREE COMPREHENSIVE HEALTHCARE TO MORE THAN 5,000 UNINSURED RESIDENTS OF THE BRONX AND SURROUNDING COMMUNITIES. EINSTEIN'S MISSION IS IMPROVING HUMAN HEALTH - LOCALLY, NATIONALLY, AND GLOBALLY. THROUGH EINSTEIN'S GLOBAL HEALTH CENTER, FACULTY MEMBERS AND MEDICAL STUDENTS TRAVEL TO UNDERDEVELOPED COUNTRIES WHERE THEY PROVIDE BADLY NEEDED MEDICAL CARE AND GAIN VALUABLE KNOWLEDGE FOR COMBATING DISEASE. EINSTEIN'S GLOBAL HEALTH CENTER BOASTS MANY INITIATIVES WORLDWIDE, INCLUDING CLINICAL AND RESEARCH PROGRAMS IN ARGENTINA, BRAZIL, BURUNDI, CAMEROON, CHINA, CONGO, ETHIOPIA, GUATEMALA, HAITI, INDIA, KENYA, MALAWI, MEXICO, NIGERIA, RWANDA, SOUTH AFRICA, UGANDA AND VIETNAM. THE GOAL AND OBJECTIVE OF THE GLOBAL HEALTH CENTER IS TO BRING EDUCATION, RESEARCH AND NEEDED HEALTH SERVICES TO THE WORLD, WITH THE ULTIMATE GOAL OF REDUCING DISPARITIES IN HEALTH AND ALLEVIATING HUMAN SUFFERING. YU'S BENJAMIN N. CARDOZO SCHOOL OF LAW BALANCES RIGOROUS LEGAL SCHOLARSHIP AND RESEARCH WITH ONE OF THE LARGEST FIELD PLACEMENT PROGRAMS IN THE NATION. IT AWARDS THE JURIS DOCTOR DEGREE AND LLM DEGREES WITH CONCENTRATIONS IN INTELLECTUAL PROPERTY, GENERAL STUDIES, COMPARATIVE LEGAL THOUGHT AND ALTERNATIVE DISPUTE RESOLUTION AND ADVOCACY AND THE JSD DEGREE. AREAS OF STRENGTH INCLUDE CONSTITUTIONAL LAW, CORPORATE LAW, CRIMINAL LAW AND LEGAL THEORY AND JURISPUDENCE. PROGRAM SERVICES (CONT'D) COMMITTED TO PUBLIC SERVICE, THE SCHOOL OFFERS MORE THAN 20 INITIATIVES UNDER THE CENTER FOR RIGHTS AND JUSTICE. STUDENTS HONE LEGAL SKILLS IN EXTENSIVE CLINICAL PROGRAMS IN CRIMINAL LAW, TAX LAW, FAMILY LAW, MEDIATION, IMMIGRATION, HUMAN RIGHTS AND GENOCIDE, HOLOCAUST RESTITUTION CLAIMS AND SECURITIES ARBITRATION. THE SCHOOL'S FACULTY MEMBERS ARE KNOWN FOR BEING WIDELY PUBLISHED LEGAL SCHOLARS, ACCOMPLISHED LAWYERS, AND ACCESSIBLE TEACHERS. THE CARDOZO COMMUNITY IS OPEN AND PERSONAL. EVERY DAY STUDENTS AND FACULTY RECOGNIZE THE CRITICAL ROLE ATTORNEYS PLAY IN PROTECTING THE RIGHTS OF ALL PEOPLE AROUND THE WORLD. THE AZRIELI GRADUATE SCHOOL OF JEWISH EDUCATION AND ADMINISTRATION IS THE PREMIER INTERNATIONAL CENTER FOR ASPIRING JEWISH EDUCATORS, EDUCATIONAL LEADERS AND ADMINISTRATORS OFFERING INTERNATIONALLY RECOGNIZED FACULTY, INNOVATIVE COURSEWORK, COLLABORATIVE RESEARCH, INTENSIVE FIELD EXPERIENCE AND PROFESSIONAL MENTORING. THE SCHOOL OFFERS THE MASTER OF SCIENCE DEGREE IN JEWISH EDUCATION AND OFFERS A FULLY ONLINE PROGRAM. THROUGH ITS FANYA GOTTESFELD HELLER DIVISION OF DOCTORAL STUDIES, AZRIELI ALSO OFFERS THE EXECUTIVE DOCTORATE OF JEWISH EDUCATIONAL INNOVATION AND LEADERSHIP. AZRIELI ALUMNI SERVE AT THE HELM OF SCHOOLS, EDUCATIONAL AGENCIES, UNIVERSITIES AND COMMUNAL INSTITUTIONS ALL OVER THE WORLD. THE BERNARD REVEL GRADUATE SCHOOL OF JEWISH STUDIES, NAMED AFTER THE FIRST PRESIDENT OF YU, EDUCATES TEACHERS, RESEARCHERS AND SCHOLARS IN JEWISH STUDIES AS WELL AS RABBIS, COMMUNAL PROFESSIONALS AND ANYONE WILLING TO ENRICH HIS OR HER KNOWLEDGE OF JUDAISM. IT OFFERS PROGRAMS LEADING TO THE MA AND PHD DEGREES WITH CONCENTRATIONS IN BIBLE, TALMUDIC STUDIES, ANCIENT JEWISH HISTORY, MEDIEVAL JEWISH HISTORY, MODERN JEWISH HISTORY, AND JEWISH PHILOSOPHY AND MYSTICISM. IT HAS A WORLD CLASS FACULTY OF EXPERTS IN THESE FIELDS AND A STUDENT BODY WHOSE ABILITY TO DEAL WITH CLASSICAL JEWISH TEXTS IS UNPARALLELED. THE FERKAUF GRADUATE SCHOOL OF PSYCHOLOGY TRAINS HIGHLY QUALIFIED PROFESSIONAL PSYCHOLOGISTS AND RESEARCHERS IN THE FIELDS OF CLINICAL PSYCHOLOGY, SCHOOL-CLINICAL CHILD PSYCHOLOGY, CLINICAL HEALTH PSYCHOLOGY AND MENTAL HEALTH COUNSELING. COLLABORATIONS WITH SCHOOLS, CLINICS, MENTAL HEALTH INSTITUTIONS AND MEDICAL CENTERS ALLOWS FOR A MYRIAD OF OPPORTUNITIES FOR FIELD PLACEMENTS, EXTERNSHIPS AND INTERNSHIPS. A JOINT PROGRAM WITH EINSTEIN OFFERS A MASTERS OF PUBLIC HEALTH OPTION FROM THE INSTITUTE OF PUBLIC HEALTH SCIENCES AND GRANTS AN MA IN MENTAL HEALTH COUNSELING, A PSYD IN CLINICAL AND SCHOOL-CLINICAL CHILD PSYCHOLOGY AND A PHD IN CLINICAL HEALTH PSYCHOLOGY. FERKAUF'S PROGRAMS INCLUDE THE ROSE F. KENNEDY CENTER FOR RESEARCH IN MENTAL RETARDATION AND DEVELOPMENTAL DISABILITIES, WHICH PROVIDES INTERDISCIPLINARY TRAINING, THE LEONARD AND MURIAL MARCUS FAMILY PROJECT FOR THE STUDY OF THE DISTURBED ADOLESCENT, WHICH SUPPORTS FELLOWSHIPS AND RESEARCH, THE MAX AND CELIA PARNES FAMILY PSYCHOLOGICAL AND PSYCHO-EDUCATIONAL SERVICES CLINIC, WHICH PROVIDES A WIDE RANGE OF ASSESSMENT AND THERAPEUTIC SERVICES FOR NEIGHBORING COMMUNITIES AND THE BEKER FAMILY PROJECT WHICH TRAINS SCHOOL PSYCHOLOGISTS TO WORK WITHIN HEBREW DAY SCHOOLS AND OTHER PRIVATE SCHOOLS TO DEVELOP STATE OF THE ART SCHOOL PSYCHOLOGICAL AND PSYCHOEDUCATIONAL SERVICES FOR CHILDREN, TEACHERS AND FAMILIES. THE WURZWEILER SCHOOL OF SOCIAL WORK GRANTS THE MSW DEGREE, THE PHD IN SOCIAL WELFARE AND CERTIFICATES IN JEWISH COMMUNAL SERVICE, CHILD WELFARE PRACTICE, SOCIAL WORK PRACTICE WITH THE MILITARY, JEWISH PHILANTHROPY AND GERONTOLOGY. IT OFFERS CONCENTRATIONS IN CLINICAL PRACTICE WITH INDIVIDUALS AND FAMILIES, SOCIAL GROUP WORK, AND COMMUNITY PRACTICE. WURZWEILER GRADUATES COMPRISE A NETWORK OF MORE THAN 7,000 LOCAL, NATIONAL AND INTERNATIONAL SERVICE PROVIDERS, LEADERS AND EDUCATORS. FIELDWORK IS AN INTEGRAL PART OF THE WURZWEILER EXPERIENCE. AFFILIATED AGENCIES ARE SELECTED FOR THEIR EXPERTISE, DIVERSITY, QUALITY OF SERVICE TO THE COMMUNITY AND OPPORTUNITIES FOR LEARNING. CUTTING EDGE TOPICS SUCH AS EVIDENCE-BASED PRACTICE, HEALTHY AGING, TRAUMA AND INTERPERSONAL VIOLENCE, WORKING WITH THE MILITARY, COPING WITH LOSS, CHILD WELFARE, PALLIATIVE CARE AND SUBSTANCE ABUSE INFORM WURZWEILER'S NATIONALLY ACCREDITED CURRICULUM. STERN COLLEGE FOR WOMEN OFFERS A MASTER OF ARTS PROGRAM IN BIBLICAL AND TALMUDIC INTERPRETATION, WHICH IS OPEN TO STUDENTS WITH EXTENSIVE BACKGROUNDS IN ADVANCED JEWISH STUDIES. ADVANCED STUDENTS MAY CHOOSE TO STUDY IN THE FULL DAY TRADITIONAL BEIT MIDRASH ENVIRONMENT AS MEMBERS OF THE STERN COLLEGE GRADUATE PROGRAM IN ADVANCED TALMUDIC STUDIES. THE SY SYMS SCHOOL OF BUSINESS OFFERS A MASTERS OF SCIENCE PROGRAM IN ACCOUNTING AND AN EXECUTIVE MBA PROGRAM THAT PROVIDES STUDENTS WITH STATE OF THE ART BUSINESS KNOWLEDGE IN THE CONTEXT OF THE HIGHEST ETHICAL IDEALS. IN ADDITION TO ITS GRADUATE LEVEL PROFESSIONAL PROGRAMS, YU OFFERS GRADUATE PROGRAMS IN ECONOMICS AND MATHEMATICS DESIGNED TO PRODUCE SPECIALISTS FOR ACADEMIA AND INDUSTRY, AND TO SUPPLEMENT STRONG UNDERGRADUATE PROGRAMS IN BOTH AREAS. THE MASTERS OF SCIENCE PROGRAM IN QUANTITATIVE ECONOMICS IS A COMPREHENSIVE PROGRAM THAT TRAINS STUDENTS FOR ANALYTICAL OR RESEARCH BASED CAREERS IN ECONOMICS AND FINANCE. YU'S NETWORK OF LIBRARIES PROVIDES ACCESS TO ACADEMIC AND CULTURAL RESOURCES IN PRINT, DIGITAL AND OTHER FORMATS. COLLECTIONS SPAN THE DISCIPLINES FROM BIOMEDICAL SCIENCES, SOCIAL SCIENCES, BUSINESS, AND LAW TO LITERATURE, LANGUAGES AND THE ARTS. SPECIAL COLLECTIONS INCLUDE JUDAIC RARE BOOKS AND MANUSCRIPTS, SEPHARDIC PUBLICATIONS AND EXTENSIVE ARCHIVAL RECORDS DOCUMENTING THE JEWISH EXPERIENCE OF THE PAST CENTURY. YU'S MUSEUM IS A CREATIVE AND VITAL PRESENCE IN THE INTELLECTUAL AND EDUCATIONAL LIFE OF YU AND THE GENERAL COMMUNITY. THE MUSEUM ORGANIZES AND PRESENTS INNOVATIVE EXHIBITIONS ON THE JEWISH ART AND CULTURE IN A HISTORICAL AND CONTEMPORARY CONTEXT. SEE SCHEDULE D, SUPPLEMENTAL INFORMATION FOR A MORE DETAILED DISCUSSION OF THE YU LIBRARY AND MUSEUM'S COLLECTIONS. PROGRAM SERVICES (CONT'D) THE MUSEUM'S COLLECTION OF MORE THAN 10,000 ARTIFACTS, EXHIBITIONS, INSTALLATIONS AND PROGRAMS PROVIDE A WINDOW INTO JEWISH CULTURE AROUND THE WORLD AND THROUGHOUT HISTORY. SCHOOL GROUPS FROM ACROSS THE NEW YORK METROPOLITAN AREA VISIT THE MUSEUM TO TOUR THE EXHIBITIONS AND PARTICIPATE IN WORKSHOPS AND EDUCATIONAL PROGRAMS. THE MUSEUM SERVES AS A RESOURCE FOR EDUCATORS NATIONWIDE. AS A RESOURCE FOR SCHOLARLY RESEARCH, THE MUSEUM'S EXHIBITIONS AND PROGRAMS PROVIDE UNIQUE OPPORTUNITIES TO EXAMINE, COMPARE AND RESEARCH OBJECTS, IDEAS AND TECHNIQUES. THE MUSEUM PARTNERS WITH YU FACULTY TO PROVIDE A WIDE RANGE OF PROGRAMS OPEN TO THE PUBLIC. AS A TEACHING MUSEUM, IT IS COMMITTED TO PROVIDING CREATIVE LEARNING OPPORTUNITIES. IN ORDER TO FOSTER INTELLECTUAL EXCHANGE BOTH WITHIN YU, THE BROADER ACADEMIC COMMUNITY AND WITH THE GENERAL COMMUNITY, YU CREATED THE FOLLOWING CENTERS/INSTITUTES: THE CENTER FOR THE JEWISH FUTURE; THE RABBI ARTHUR SCHNEIER CENTER FOR INTERNATIONAL AFFAIRS; THE CENTER FOR ISRAEL STUDIES; THE CENTER FOR JEWISH LAW AND CONTEMPORARY CIVILIZATION; THE ZAHAVA AND MOSHAEL STRAUSS CENTER FOR TORAH AND WESTERN THOUGHT AND THE INSTITUTE FOR UNIVERSITY-SCHOOL PARTNERSHIP. THE MISSION OF THE CENTER FOR THE JEWISH FUTURE (CJF) IS TO SHAPE, ENRICH AND INSPIRE THE CONTEMPORARY JEWISH COMMUNITY BY CONVENING THE RESOURCES OF YU. CJF INFUSES THE STUDENT BODY WITH A SPIRIT OF LEADERSHIP AND RESPONSIBILITY TO KLAL YISRAEL (PEOPLE OF ISRAEL) AND SOCIETY; BUILDS, CULTIVATES AND SUPPORTS COMMUNITIES AND THEIR LAY LEADERS AND RABBINIC LEADERSHIP; AND CREATES A GLOBAL MOVEMENT THAT PROMOTES THE VALUES OF YU, INCLUDING TORAH UMADDA AND RELIGIOUS ZIONISM. INSPIRING NEW LEADERS - THIS CENTER PREPARES COLLEGE AND GRADUATE STUDENTS TO BECOME JEWISH LEADERS. IN PARTICULAR, SERVICE LEARNING PROGRAMS AT HOME AND ABROAD OVER WINTER AND SUMMER BREAKS ENCOURAGE STUDENTS TO EXPLORE ISSUES OF AIDING THE JEWISH COMMUNITY AND TIKKUN OLAM (HEALING THE WORLD). SEVERAL INITIATIVES IDENTIFY POTENTIAL LEADERS, ENCOURAGING THEM TO CONSIDER JEWISH COMMUNAL WORK AND OFFERING THEM AN UNMATCHED PROGRAM OF PROFESSIONAL TRAINING IN COOPERATION WITH THE VARIOUS YU GRADUATE SCHOOLS. PROMOTING THE VALUES OF YU - THE CENTER HAS DEVELOPED A WIDE VARIETY OF INITIATIVES TO FURTHER THE UNIQUE VALUES OF YU. A WEB SITE DEVOTED TO TORAH LEARNING, YUTORAH.ORG AND TORAH-TO-GO SERIES, MAKES THE LECTURES OF YU'S ROSHEI YESHIVA (PROFESSORS OF TALMUD) AND OTHER TORAH PERSONALITIES AVAILABLE FOR DOWNLOADING. A SUNDAY MORNING TORAH LEARNING PROGRAM BRINGS HUNDREDS OF MEN AND WOMEN FOR SHIURIM (LECTURES) ON YU CAMPUSES AND IN VARIOUS REGIONS OF NORTH AMERICA. THROUGH RESEARCH AND DIALOGUE, CJF LOOKS FOR PRACTICAL SOLUTIONS TO SUCH CONTEMPORARY ISSUES AS MEDICAL ETHICS. THE CJF ALSO STRENGTHENS THE JEWISH EDUCATIONAL EXPERIENCE OF STUDENTS IN HIGH SCHOOLS THROUGHOUT NORTH AMERICA THROUGH INFORMAL EDUCATION PROGRAMS THAT FOCUS ON LEADERSHIP SKILLS, JEWISH VALUES AND TORAH STUDY. THE CENTER FOR ISRAEL STUDIES NURTURES SCHOLARSHIP AND THE TEACHING OF ISRAEL FROM BIBLICAL TIMES TO THE PRESENT, WITH PARTICULAR FOCUS UPON THE MODERN STATE. THE CENTER UNITES YU'S ACADEMIC AND PROFESSIONAL STRENGTHS AND RESOURCES AS IT SEEKS TO CREATE AN INTERNATIONAL FORUM ON ISRAEL. THE CENTER SUPPORTS CURRICULUM DEVELOPMENT, RESEARCH, CONFERENCES, PUBLICATIONS, MUSEUM EXHIBITIONS AND PUBLIC PROGRAMS. THE CENTER FOR JEWISH LAW AND CONTEMPORARY CIVILIZATION ENRICHES JEWISH STUDIES, THE LEGAL ACADEMY AND CONTEMPORARY CIVILIZATION BY CREATING AND SUSTAINING A DIVERSE AND COLLABORATIVE INTELLECTUAL COMMUNITY THAT RE-EXAMINES AND RECONSIDERS CLASSICAL TEXTS WITH AN EVER GROWING SET OF NEW CONCEPTUAL TOOLS. THE CENTER SPONSORS A WIDE RANGE OF ACADEMIC ACTIVITIES, INCLUDING INNOVATIVE CURRICULUM IN JEWISH LAW AND LEGAL THEORY, WORKSHOPS, COLLOQUIA AND CONFERENCES, AS WELL AS FELLOWSHIP PROGRAMS THAT TRAIN AND SUPPORT STUDENTS AND EMERGING SCHOLARS. THE ZAHAVA AND MOSHAEL STRAUSS CENTER FOR TORAH AND WESTERN THOUGHT OFFERS STUDENTS FELLOWSHIPS, PUBLIC EVENTS, SEMINARS AND TRAVEL ABROAD OPTIONS TO EXPLORE THE GREAT MORAL, PHILOSOPHICAL AND THEOLOGICAL QUESTIONS OF OUR AGE AND TO ENGAGE WITH LEADING THINKERS BOTH IN THE US AND ISRAEL. THE MISSION OF THE CENTER IS TO HELP DEVELOP JEWISH THINKERS AND WISDOM SEEKING JEWS BY DEEPENING THEIR EDUCATION IN THE BEST OF JEWISH TRADITION, BY EXPOSING THEM TO HUMAN KNOWLEDGE AND INSIGHT FROM ACROSS THE AGES AND BY CONFRONTING THEM WITH GREAT MORAL, PHILOSOPHICAL AND THEOLOGICAL QUESTIONS OF OUR AGE. THE INSTITUTE FOR UNIVERSITY-SCHOOL PARTNERSHIP ADVANCES THE FIELD OF JEWISH EDUCATION BY PROVIDING A CONTINUUM OF SUPPORT THAT RANGES FROM RECRUITING AND STRATEGICALLY PLACING NEW TEACHERS AND LEADERS IN SCHOOLS TO OFFERING ONGOING LEARNING THROUGH CONTINUING EDUCATION AND OFFERING STRATEGIC PLANNING, GOVERNANCE AND FINANCIAL MANAGEMENT TOOLS TO LAY AND SCHOOL LEADERS. THE SCHOOL PARTNERSHIP ALSO CONNECTS EDUCATORS, LAY LEADERS AND DAY SCHOOLS THROUGHOUT NORTH AMERICA TO INNOVATE AND ENHANCE JEWISH EDUCATION. THE RABBI ARTHUR SCHNEIER PROGRAM FOR INTERNATIONAL AFFAIRS PROVIDES AN EDUCATIONAL FORUM FOR THE EXCHANGE OF IDEAS RELATED TO DIVERSE GLOBAL ISSUES. THE PROGRAM FOCUSES A WIDE LENS ON THE MODERN WORLD'S CRUCIAL POLITICAL AND SOCIAL ISSUES BY ATTRACTING EXPERTS IN DIPLOMACY; FOREIGN RELATIONS; INTELLECTUAL PROPERTY RIGHTS; WORLD ECONOMICS; WORLD HEALTH; INTERNATIONAL LAW; POLITICS; ENVIRONMENTALISM AND MILITRAY STRATEGY. THE YU GLOBAL DIVISION OF YESHIVA UNIVERSITY IS AN INCLUSIVE EDUCATIONAL SYSTEM THAT STRIVES TO EDUCATE STUDENTS ACROSS A DIVERSITY OF SETTINGS. TO BETTER REACH THIS GOAL, YU GLOBAL OFFERS STUDENTS A RANGE OF CREDIT AND NON-CREDIT BEARING COURSES AND GRADUATE PROGRAMS IN FULLY ONLINE AS WELL AS BLENDED FORMATS. COURSES TAKEN THROUGH YU GLOBAL HAVE THE SAME HIGH EDUCATIONAL STANDARDS AS ANY CLASS PHYSICALLY TAKEN ON CAMPUS BY OUR DISTINGUISHED FACULTY. YU GLOBAL IS THE "CONTINUING EDUCATION" ARM OF YESHIVA UNIVERSITY. CORE FORM 990, PART VI, SECTION A, LINE 7A - MEMBERS IN ACCORDANCE WITH ARTICLE I-3 OF THE YESHIVA UNIVERSITY BY-LAWS OF THE BOARD OF THE BOARD OF TRUSTEES, THE RESPECTIVE CHAIRS OF THE BOARDS OF THE RABBI ISAAC ELCHANAN THEOLOGICAL SEMINARY ("RIETS"), THE BENJAMIN N. CARDOZO SCHOOL OF LAW ("CARDOZO") AND THE ALBERT EINSTEIN COLLEGE OF MEDICINE ("EINSTEIN") SERVE AS EX OFFICIO VOTING MEMBERS OF THE YESHIVA UNIVERSITY BOARD OF TRUSTEES. RIETS IS A SEPARATELY INCORPORATED SECTION 501(C)(3) TAX-EXEMPT ORGANIZATION. CARDOZO AND EINSTEIN ARE CONSTITUENT SCHOOLS THAT OPERATE AS PART OF YESHIVA UNIVERSITY. SUCH INDIVIDUALS REMAIN ON THE YESHIVA UNIVERSITY BOARD OF TRUSTEES AS LONG AS THEY REMAIN AS CHAIR OF HIS OR HER RESPECTIVE BOARD. CORE FORM 990, PART VI, SECTION A, LINE 11B - FORM 990 REVIEW YESHIVA UNIVERSITY'S FORM 990 WAS REVIEWED AND SIGNED BY AN INDEPENDENT ACCOUNTING FIRM BASED ON A DRAFT RETURN PREPARED BY THE UNIVERSITY'S FINANCE DEPARTMENT AND DIRECTOR OF TAX. THE DRAFT RETURN WAS REVIEWED BY THE UNIVERSITY'S CHIEF FINANCIAL OFFICER, THE UNIVERSITY'S OFFICE OF GENERAL COUNSEL AND THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES. THE FINAL VERSION OF THE FORM 990 WAS MADE AVAILABLE TO THE BOARD OF TRUSTEES VIA A SECURE WEB SITE PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. THE FORM 990, AS FILED, IS MADE AVAILABLE TO THE PUBLIC IN ACCORDANCE WITH INTERNAL REVENUE SERVICE RULES AND REGULATIONS. CORE FORM 990, PART VI, SECTION B, LINE 12C - CONFLICT OF INTEREST POLICY THE UNIVERSITY'S CONFLICT OF INTEREST POLICY - WHICH WAS APPROVED BY THE BOARD OF TRUSTEES - APPLIES TO ALL MEMBERS OF THE UNIVERSITY'S BOARD OF TRUSTEES, ALL MEMBERS OF THE BOARDS OF OVERSEERS OF THE UNIVERSITY'S CONSTITUENT SCHOOLS, ALL PERSONS WHO SERVE ON A UNIVERSITY BOARD COMMITTEE OR A COMMITTEE OF A CONSTITUENT SCHOOL'S BOARD, AND TO OFFICERS AND SELECT EMPLOYEES OF THE UNIVERSITY, AS DESIGNATED BY THE GENERAL COUNSEL (COLLECTIVELY, THE "COVERED PERSONS"). THE POLICY PROVIDES THAT COVERED PERSONS ARE TO ACT AT ALL TIMES IN A MANNER CONSISTENT WITH THEIR RESPONSIBILITIES TO THE UNIVERSITY AND AVOID CIRCUMSTANCES IN WHICH THEIR FINANCIAL OR OTHER TIES TO OUTSIDE ENTITIES COULD PRESENT AN ACTUAL, POTENTIAL OR APPARENT CONFLICT OF INTEREST OR IMPAIR THE UNIVERSITY'S REPUTATION. FURTHER, ALL COVERED PERSONS ARE NOT TO ENGAGE IN BUSINESS WITH THE UNIVERSITY. IN THE CASE OF A RARE EXCEPTION, A CONFLICT WAIVER COMMITTEE HAS BEEN ESTABLISHED TO REVIEW THE FACTS AND, IF IT IS IN THE UNIVERSITY'S BEST INTERESTS, APPROVE SUCH EXCEPTIONS. CONFLICT WAIVER REQUESTS CONSIDERED BY THE COMMITTEE, WHETHER OR NOT APPROVED, ARE REPORTED TO THE BOARD OF TRUSTEES. QUESTIONS AS TO WHETHER A TRANSACTION CONSTITUTES AN INTERESTED TRANSACTION WITH RESPECT TO COVERED PERSONS ARE RESOLVED BY THE UNIVERSITY'S CONFLICTS WAIVER COMMITTEE AND THE PRESIDENT IN CONSULTATION WITH THE GENERAL COUNSEL. COVERED PERSONS ARE REQUIRED TO COMPLETE, SIGN AND SUBMIT TO THE GENERAL COUNSEL AN ANNUAL DISCLOSURE STATEMENT; TO PROMPTLY NOTIFY THE GENERAL COUNSEL OF ANY CHANGE IN THE INFORMATION PREVIOUSLY REPORTED ON SUCH PERSON'S DISCLOSURE STATEMENT; AND TO FURNISH SUPPLEMENTAL INFORMATION AND/OR CONFIRM THE CONTINUED ACCURACY OF THE CURRENT DISCLOSURE STATEMENT, IF REQUESTED BY THE GENERAL COUNSEL. THE BOARD'S GOVERNANCE COMMITTEE, IN CONSULTATION WITH THE GENERAL COUNSEL, HAS THE AUTHORITY TO ADDRESS NON-COMPLIANCE WITH THE DISCLOSURE REQUIREMENTS OR ANY OTHER PROVISION OF THE CONFLICT OF INTEREST POLICY; AND MAY RECOMMEND THE REMOVAL OF SUCH NON-COMPLYING COVERED PERSON OR OTHER APPROPRIATE SANCTION. IN ADDITION, A COVERED PERSON WHO BELIEVES A CURRENT, PENDING OR PROPOSED TRANSACTION WOULD CONSTITUTE AN "INTERESTED TRANSACTION" OR OTHERWISE CONSTITUTE AN ACTUAL, POTENTIAL OR APPARENT CONFLICT OF INTEREST, IS REQUIRED TO PROMPTLY DISCLOSE TO THE GENERAL COUNSEL AND TO THE CHAIR OF EACH BOARD AND COMMITTEE OF WHICH THE COVERED PERSON IS A MEMBER, THE EXISTENCE OF THE CONFLICT (OR APPEARANCE OF CONFLICT) AND OTHER MATERIAL INFORMATION THAT THE COVERED PERSON MAY HAVE REGARDING THE TRANSACTION. NEW COVERED PERSONS ARE PROVIDED WITH A COPY OF THE CONFLICT OF INTEREST POLICY AND DISCLOSURE STATEMENT. THE DETAILS OF THE POLICY AND ITS REQUIREMENTS ARE REVIEWED WITH THEM. THE GENERAL COUNSEL MAINTAINS A DATABASE OF INTERESTS OF COVERED PERSONS AND A SYSTEM FOR MONITORING CURRENT, PENDING AND PROPOSED TRANSACTIONS FOR POTENTIAL INTERESTED TRANSACTIONS BASED ON THE DISCLOSURES MADE IN EACH COVERED PERSON'S ANNUAL DISCLOSURE STATEMENT AND ANY PERIODIC UPDATES SUBMITTED PURSUANT TO THE POLICY. IN ADDITION TO THE CONFLICT OF INTEREST POLICY ABOVE FOR COVERED PERSONS, UNIVERSITY EMPLOYEES ARE ALSO SUBJECT TO ADDITIONAL CONFLICT OF INTEREST REPORTING REQUIREMENTS AS SET FORTH IN THE UNIVERSITY EMPLOYEE HANDBOOK. CORE FORM 990, PART VI, SECTION B, LINE 15 - COMPENSATION DETERMINATION THE COMPENSATION OF ALL EMPLOYEES EARNING IN EXCESS OF A SPECIFIED THRESHOLD SALARY LEVEL, AS WELL AS ALL OF YESHIVA UNIVERSITY'S OFFICERS AND KEY EMPLOYEES, IS REVIEWED ANNUALLY BY THE UNIVERSITY'S COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES. THE INDEPENDENT MEMBERS OF THE COMMITTEE CONDUCT A DETAILED REVIEW AND APPROVAL OF SUCH COMPENSATION UTILIZING COMPARABILITY DATA FROM THIRD PARTY SALARY SURVEYS, FORM 990 SALARY DISCLOSURES FROM OTHER ORGANIZATIONS, AND/OR COMPENSATION STUDIES PREPARED BY AN INDEPENDENT THIRD PARTY CONSULTING FIRM. CONTEMPORANEOUS DOCUMENTATION OF THE COMMITTEE'S DELIBERATIONS AND DECISIONS ARE MADE PART OF THE COMMITTEE'S WRITTEN MINUTES. IN ACCORDANCE WITH IRS RULES AND REGULATIONS, THE UNIVERSITY HAS ALSO RECEIVED OPINIONS FROM INDEPENDENT THIRD PARTY COMPENSATION CONSULTANTS THAT THE COMPENSATION AND BENEFITS OF ITS OFFICERS AND KEY EMPLOYEES ARE REASONABLE. CORE FORM 990, PART VI, SECTION C, LINE 19 - PUBLIC DISCLOSURE YESHIVA UNIVERSITY DOES NOT CURRENTLY MAKE ITS GOVERNING DOCUMENTS OR CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. IT'S AUDITED FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC ON THE UNIVERSITY'S WEBSITE AT WWW.YU.EDU. THE UNIVERSITY MAKES IT'S FORM 990 AND 990-T AVAILABLE TO THE PUBLIC IN ACCORDANCE WITH INTERNAL REVENUE SERVICE RULES AND REGULATIONS. CORE FORM 990, PART VI, SECTION A, LINE 2 - BOARD MEMBER RELATIONSHIPS NAME OF OFFICER, DIRECTOR, ETC: DAVID S GOTTESMAN NAME OF RELATED PERSON: RUTH L GOTTESMAN RELATIONSHIP: FAMILY RELATIONSHIP NAME OF OFFICER, DIRECTOR, ETC: ZYGMUNT WILF NAME OF RELATED PERSON: MARK WILF RELATIONSHIP: FAMILY AND BUSINESS RELATIONSHIP NAME OF OFFICER, DIRECTOR, ETC: MICHAEL JESSELSON NAME OF RELATED PERSON: JAY SCHOTTENSTEIN RELATIONSHIP: BUSINESS RELATIONSHIP NAME OF OFFICER, DIRECTOR, ETC: DAVID MAGERMAN NAME OF RELATED PERSON: MARK SILBER RELATIONSHIP: BUSINESS RELATIONSHIP FORM 990, PART XI, LINE 9 - RECONCILIATION OF NET ASSETS CHANGE IN FMV OF SPLIT INTEREST AGREEMENTS $ 256,872 FORM 990, PART VII - AVERAGE HOURS PER WEEK THE AVERAGE HOURS PER WEEK LISTED FOR THE OFFICERS, KEY EMPLOYEES AND HIGHEST PAID EMPLOYEES REPRESENTS YESHIVA UNIVERSITY'S OFFICIAL WORKWEEK. HOWEVER, IN PRACTICE, SUCH INDIVIDUALS WORK SIGNIFICANTLY MORE HOURS PER WEEK AND ARE EXPECTED TO BE AVAILABLE FOR UNIVERSITY BUSINESS SUBSEQUENT EVENT ON SEPTEMBER 9, 2015, YESHIVA UNIVERSITY ENTERED INTO A JOINT COLLABORATION AGREEMENT REGARDING THE ALBERT EINSTEIN COLLEGE OF MEDICINE, THE UNIVERSITY'S MEDICAL SCHOOL, WITH MONTEFIORE MEDICINE ACADEMIC HEALTH SYSTEM, INC., AN AFFILIATE OF MONTEFIORE MEDICAL CENTER, WHICH HAS LONG BEEN EINSTEIN'S PRINCIPAL TEACHING HOSPITAL. PURSUANT TO THE JOINT COLLABORATION AGREEMENT, THE UNIVERSITY TRANSFERRED OPERATIONAL AND FINANCIAL RESPONSIBILITY FOR EINSTEIN TO A NEWLY-CREATED NOT-FOR-PROFIT CORPORATION, NOW NAMED THE ALBERT EINSTEIN COLLEGE OF MEDICINE, INC. (NEW EINSTEIN), WHICH IS CONTROLLED BY MONTEFIORE MEDICINE. IN CONNECTION WITH THE TRANSACTION, SUBSTANTIALLY ALL OF THE UNIVERSITY'S ASSETS, EMPLOYEES, AND LIABILITIES ASSOCIATED WITH EINSTEIN, AS WELL AS THOSE PERTAINING TO THE ALBERT EINSTEIN COLLEGE OF MEDICINE STAFF HOUSING CO.,INC. WERE TRANSFERRED FROM THE UNIVERSITY TO, AND ASSUMED BY, NEW EINSTEIN. AS DETAILED BELOW, INCLUDED IN THE ASSETS TRANSFERRED WERE EINSTEIN-RELATED LAND AND BUILDINGS IN THE BRONX, AS WELL AS EINSTEIN-RELATED RECEIVABLES, INVESTMENTS, ENDOWMENTS AND RESEARCH GRANTS AND CONTRACTS. NEW EINSTEIN IS CONTROLLED BY AN AFFILIATE OF MONTEFIORE AND IS NOW RESPONSIBLE FOR THE MEDICAL SCHOOL'S CURRENT AND FUTURE OPERATIONS, INCLUDING FUNDING OPERATING DEFICITS. OVER THE COURSE OF THE SEVERAL YEARS PRIOR TO THE TRANSACTION, EINSTEIN'S OPERATING DEFICITS COMPRISED A SIGNIFICANT PORTION OF THE UNIVERSITY'S ANNUAL OPERATING DEFICITS. IN ACCORDANCE WITH THE JOINT COLLABORATION AGREEMENT, THOSE PORTIONS OF THE UNIVERSITY'S INVESTMENT AND ENDOWMENT ACCOUNTS THAT WERE ATTRIBUTABLE TO (I.E., DONATED FOR THE BENEFIT OF) EINSTEIN ARE IN THE PROCESS OF BEING TRANSFERRED FROM THE UNIVERSITY TO NEW EINSTEIN. FOR A TRANSITION PERIOD, ESTIMATED TO BE AT LEAST THREE YEARS FOLLOWING THE CLOSING, UNTIL NEW EINSTEIN RECEIVES FULL ACCREDITATION AS A FREESTANDING DEGREE-GRANTING INSTITUTION, THE UNIVERSITY WILL: (I) MAINTAIN ACADEMIC OVERSIGHT FOR NEW EINSTEIN, INCLUDING GRANTING DEGREES UNTIL NEW EINSTEIN IS GRANTED THE NECESSARY ACCREDITATIONS AND AUTHORITY TO GRANT DEGREES ITSELF; AND (II) PROVIDE CERTAIN ADMINISTRATIVE SERVICES TO OR ON BEHALF OF NEW EINSTEIN. AS PART OF THE UNIVERSITY'S CONTINUING INVOLVEMENT DURING THE TRANSITION PERIOD UNTIL NEW EINSTEIN RECEIVES FULL ACCREDITATION, CERTAIN EMPLOYEES, INCLUDING A NUMBER OF FACULTY MEMBERS AND ACADEMIC OFFICERS, WILL REMAIN EMPLOYED BY THE UNIVERSITY. ADDITIONALLY, DURING THIS TRANSITION PERIOD, MEDICAL SCHOOL STUDENTS WILL CONTINUE TO ENROLL AT THE UNIVERSITY AND FINANCIAL AID WILL BE ADMINISTERED BY THE UNIVERSITY IN ACCORDANCE WITH APPLICABLE FEDERAL AND STATE LAW AND ACCREDITATION REQUIREMENTS. NEW EINSTEIN WILL REIMBURSE THE UNIVERSITY FOR THE COSTS OF THE UNIVERSITY'S ONGOING ACTIVITIES BENEFITTING MEDICAL STUDENTS AND THE MEDICAL SCHOOL DURING THE TRANSITION PERIOD. THE UNIVERSITY RECEIVED CONSIDERATION FOR THE TRANSACTION IN A NUMBER OF FORMS INCLUDING UTILIZING A PORTION OF THE CASH PROCEEDS TO REDUCE ITS LONG-TERM DEBT, BY REDEEMING OR DEFEASING APPROXIMATELY $136M OF OUTSTANDING DASNY BONDS. IN ADDITION, THE TRANSFER OF THE HOUSING COMPANY TO NEW EINSTEIN RELIEVED THE UNIVERSITY OF RESPONSIBILITY FOR APPROXIMATELY $43M OF MORTGAGE DEBT (BOTH THE FIRST AND SUBORDINATED MORTGAGE NOTES AND THE ASSOCIATED MORTGAGES) COMPRISING THE ENTIRE OUTSTANDING LONG-TERM DEBT ENCUMBERING THE HOUSING COMPANY'S LAND AND BUILDINGS. THE UNIVERSITY WILL RECEIVE ADDITIONAL CONSIDERATION, IN THE FORM OF 21 ANNUAL CASH PAYMENTS FROM NEW EINSTEIN, COMMENCING ON SEPTEMBER 9, 2017, AND ON EACH SEPTEMBER 9TH THEREAFTER THROUGH 2037. SUCH PAYMENTS AGGREGATE $270M (20 PAYMENTS OF $12.5M EACH, FOLLOWED BY A FINAL PAYMENT OF $20M), WITH AN APPROXIMATE PRESENT VALUE (DISCOUNTED AT 5%) OF $159M (NEW EINSTEIN HAS THE RIGHT TO PREPAY). NEW EINSTEIN'S PAYMENT OBLIGATION IS SET FORTH IN A PROMISSORY NOTE FROM NEW EINSTEIN TO THE UNIVERSITY. MONTEFIORE HAS GUARANTEED NEW EINSTEIN'S OBLIGATION TO MAKE SUCH CASH PAYMENTS. AT CLOSING, THE UNIVERSITY ALSO RETAINED OWNERSHIP OF CERTAIN LIMITED ASSETS AS WELL AS THE RIGHT TO UTILIZE CERTAIN PORTIONS OF ONE OF THE EINSTEIN BUILDINGS RENT-FREE. THE UNIVERSITY WAS ALSO RELIEVED OF SUBSTANTIALLY ALL OF ITS INTER-DIVISIONAL BORROWING FROM EINSTEIN. THE TRANSACTION WAS APPROVED BY THE APPROPRIATE REGULATORY AND JUDICIAL AUTHORITIES, INCLUDING THE U.S. DEPARTMENT OF EDUCATION, THE NEW YORK STATE EDUCATION DEPARTMENT, THE NEW YORK STATE ATTORNEY GENERAL AND THE APPLICABLE NEW YORK COURT WITH JURISDICTION OVER THIS TRANSACTION. FORM 990, REVENUE PART VIII, LINE 7A(ii) DURING FISCAL YEAR 2015, THE UNIVERSITY TRANSFERRED TO MONTEFIORE MEDICAL CENTER SUBSTANTIALLY ALL OF THE ASSETS AND SIGNIFICANT LIABILITIES OF THE UNIVERSITY'S SUBSTANCE ABUSE TREATMENT PROGRAM, RESULTING IN A FINANCIAL STATEMENT LOSS OF APPROXIMATELY $15.2M. THE FINANCIAL STATEMENT LOSS DID NOT TAKE INTO ACCOUNT THE TRANSFER AND ASSUMPTION OF LIABILITIES, INCLUDING A LOAN PAYABLE TO OASAS OF $17,181,000. ALSO, DURING FISCAL YEAR 2015, THE UNIVERSITY RECOGNIZED A LOSS OF APPROXIMATELY $430K FROM THE SALE OF CERTAIN REAL ESTATE THAT OCCURRED IN FISCAL YEAR 2014. IN FISCAL YEAR 2014, THE UNIVERSITY RECOGNIZED A FINANCIAL STATEMENT GAIN OF APPROXIMATELY $36M. 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