2016-05-16T13:46:37-07:00 2015-06-30 990 2014-07-01 131099420 NEW YORK MEDICAL COLLEGE NEWY 9145944470 40 Sunshine Cottage Road VALHALLA NY 10595 George Nestler Assoc. VP & Controller 9145944470 2016-04-14 2014 2016-08-17 19:52:53Z Edward C Halperin MD 40 Sunshine Cottage Road Valhalla NY 10595 292608734 0 X www.nymc.edu X 1860 NY New York Medical College is a health sciences university whose purpose is to educate physicians, scientists, public health specialists and other healthcare professionals and to conduct biomedical and population-based research. 18 16 1463 16 257329 -41258 2553562 7514535 137015104 121339922 10328458 3179721 1235080 929458 151132204 132963636 4589708 4602740 0 0 106151834 96273865 0 0 1368724 35781055 35895785 146522597 136772390 4609607 -3808754 346332633 337331665 151201238 148791652 195131395 188540013 X See Schedule O 0 0 54270941 3821000 59036721 Professional Education: Educate individuals for careers in the medical, science and health professions. 24662503 0 30109744 Health Care Programs: Provide numerous clinical health care and medical training programs to expand our students' clinical training. 28511527 0 28016328 Faculty Support: NYMC faculty members provide supervision, teaching and related administrative services at Westchester Medical Center and other metropolitan area hospitals in support of various medical student residency programs. 2449680 0 4774563 Student Housing facilities 2449680 0 4774563 109894651 1 1 0 1 0 0 0 0 1 1 1 1 0 0 1 1 1 1 1 0 0 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 1 0 0 0 1 2272 0 1 1463 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 18 16 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X George F Nestler 9145944470 40 Sunshine Cottage Road Valhalla NY 10595 Gary Barnett Trustee 0 0 X 0 0 0 Howard Baruch MD Trustee 0.31 0 X 0 0 0 Ben Chouake MD Trustee 0.10 0.9 X 0 0 0 Rabbi Menachem Genack Trustee 0.1 34.9 X 0 77596 3825 Gary Gettenberg MD Trustee 0 0 X 0 0 0 Dr Mark Hasten Chairman of the Board 0.5 4 X 0 0 0 Michael D Israel MPH Trustee 0 0 X 0 0 0 Alan Kadish MD Trustee and President 10 25 X 0 606896 25417 Michael Karfunkel Trustee 0 0 X 0 0 0 Joseph Levine MD Trustee 0 0 X 0 0 0 Mr Moshe Lichtenstein Trustee 0 0 X 0 0 0 Dr Joseph Mark Trustee 0.42 0 X 0 0 0 Martin Oliner Esq Trustee 0.3 1 X 0 0 0 Raymond M Planell Esq Trustee 0.48 0 X 0 0 0 Ronald F Poe Trustee 0.44 0 X 0 0 0 Stephen Rosenberg Trustee 1.1 1 X 0 0 0 Henry Saphier MD Trustee 0.38 0 X 0 0 0 Joseph Schwartz MD Trustee 0.19 0 X 0 0 0 Robert W Amler Dean, SHSP & VP Gov't Affairs 35 0 X 377295 0 29163 Francis L Belloni Dean, GS of BMS 35 0 X 210078 0 43357 Peter M Brown Associate Vice President, Human Resources 35 0 X 177820 0 45916 Waldemar A Comas Vice President and General Counsel 35 0 X 282983 0 43263 Edward Halperin MD Chancellor for Health Affairs/CEO 35 0 X 672414 0 51837 Dana Lee Associate VP Legal Affairs 35 0 X 161713 0 30582 George F Nestler Associate VP and Controller 35 0 X 171820 0 45110 Stephen Piccolo Jr Senior VP, CFO and Vice Provost 35 0 X 301710 0 51123 Larissa Reece Vice President Development 35 0 X 226749 0 44003 William Steadman Vice President Strategic Planning 35 0 X 262704 0 44654 David Asprinio Chairman Orthopedic Surgery 35 0 X 594809 0 52064 Raj Murali Chairman Neurosurgery 35 0 X 505149 0 44192 Renee Garrick Medical Director 35 0 X 475678 0 59543 Michael Gewitz Vice Chairman Pediatrics 35 0 X 462746 0 44598 Mitchell Cairo Professor 35 0 X 455639 0 50665 5339307 684492 709312 217 0 1 0 ABM Janitorial SVCS NEAST INC PO Box 1534 New York NY 10008 Janitorial Services 1431789 Whiting-Turner Contracting 707 Westchester Avenue White Plains NY 10604 General Contractor 904238 Hi Link Computers Corp 76 Progress DR Stamford CT 06902 Information Technology 592703 Culinart Inc 175 Sunnyside Blvd Plainville NY 11803 Food Catering 575140 Elsevier PO Box 7247-8455 Philadelphia PA 19170 Publishing 569930 54 0 0 302490 0 237027 6975018 86882 7514535 Tuition and Fees 611310 58439287 58439287 0 0 Affiliation Fees 611310 28016328 28016328 0 0 Research and Sponsored Projects 611310 20880249 20880249 0 0 Faculty Practice Plans 611310 9229495 9229495 0 0 Auxiliary Enterprise 611310 4774563 4774563 0 0 0 0 0 0 121339922 1046209 0 -101460 1147669 184457 0 0 184457 0 0 0 0 2054039 0 2221355 0 -167316 0 -167316 -348072 180756 0 159308423 0 157359368 0 1949055 0 1949055 0 0 1949055 33610 302490 64375 -30765 0 -30765 0 0 0 0 0 0 Student Loan Interest 611310 195047 195047 0 0 Comparative Medicine 611310 506596 328563 178033 0 Miscellaneous revenue 611310 425896 425896 0 0 0 0 0 0 1127539 132963636 121941356 257329 3250416 781740 781740 3821000 3821000 0 0 0 0 3483209 0 3212458 270751 0 0 0 0 72209850 61104063 10671592 434195 4661686 3950931 688728 22027 11276729 9239763 1966686 70280 4642391 3736915 866859 38617 0 0 0 0 148280 51412 96868 0 246983 0 246983 0 61133 0 61133 0 102898 91785 11113 0 3930243 2483904 1432545 13794 0 0 0 0 5067816 3839652 1061917 166247 520402 3145 517257 0 0 0 0 0 6467438 5636298 794769 36371 926561 785993 117734 22834 0 0 0 0 229829 182735 22150 24944 4498221 4325138 173083 0 7970130 6991306 881632 97192 933832 62864 870968 0 Tuition Remission 484620 484620 0 0 Consultants 1069780 1069780 0 0 Bad Debt Reserve 873404 0 873404 0 Amortization Expense 809386 0 809386 0 1554829 1251607 131750 171472 136772390 109894651 25509015 1368724 15137 16816 46562639 32396080 5691756 5636743 3167876 7002013 0 0 0 0 11597687 11016565 53973 95039 1580119 1219047 204626335 30231366 174288900 174394969 0 0 90139111 92950301 0 0 11009386 10200000 2226049 2404092 346332633 337331665 19530595 22095468 0 0 5956849 6362669 86419967 84380075 1256962 1930675 0 0 25214458 24393537 0 0 12822407 9629228 151201238 148791652 X 146795189 130545806 20234871 20940811 28101335 37053396 195131395 188540013 346332633 337331665 X -3808754 -1259779 0 0 0 -1522849 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 61133 0 0 61133 0 Schedule C, Part II-B, Line 1 New York Medical College retained the law firm of Hinman Straub, 121 State Street, Albany, New York $61,133 in consideration for lobbying services and advice regarding the appropriation by the New York State Legislature and the payment by the State of New York of grant monies to New York Medical College to support biomedical research. The College's lobbying activities, with the assistance of Hinman Straub, included several meetings and telephone conversations with state legislators and executive department officials to make them aware of the importance of New York Medical College and biomedical research in the Hudson Valley area of New York and the difficulty the financial problems of hospitals in New York State was having on medical education and research as well as patient care. 0 1 X 63114921 4571000 1102000 0 2340000 102000 66345921 55546921 1399000 8635722 0 2349000 117722 63114921 51132921 1780000 4778000 0 2024183 119817 55546921 51867921 1906000 -506000 0 2015413 119587 51132921 42847921 34000 10042000 0 819871 236129 51867921 0.434 0.286 0.28 0 0 0 21248200 21248200 0 151303300 18726912 132576388 0 392068 119054 273014 0 16778567 6903097 9875470 0 14904200 4482303 10421897 174394969 0 F 0 F Commonfund Pooled Investments 43862424 F US Trust Pooled Investments 35804625 F Metropolitan Real Estate Fund 892989 F Investments Held in Trust 24200 F Lithotripter Associates LP 38130 F Barowsky Partnership 138198 F Morgan Stanley Annuities 68143 F Rosenthal Foundation Trust 2697511 F Holmes Trust 256975 F Sarah Upham Trust 9167106 F 92950301 0 Refundable Government Loan Programs 9629228 9629228 X 128017946 -1259779 0 0 -5828469 -7088248 135106194 102898 -2245456 -2142558 132963636 134609328 0 0 0 2245456 2245456 132363872 102898 4305620 4408518 136772390 Schedule D, Part IV, Line 2b Amounts represent tuition payments received in advance and held in escrow by the College. Schedule D, Part V, Line 4 Endowment funds are intended to further the educational and research programs of the College. Schedule D, Part X, Line 2 The College prescribes to a threshold of more likely than not for recognition and derecognition of tax positions taken or expected to be taken in a tax return. As of June 30, 2015 and 2014 the College does not have any uncertain tax positions or any unrelated business income tax liability which would have a material impact upon its financial statements. Schedule D, Part XI, Line 2d Tuition remission ($484,620) and scholarship expenses ($3,821,000) netted against tuition revenue on the College's books. Permanently restricted investment returns ($462,380), pension-related benefit costs ($915,469) and other prior period adjustments ($145,000) reflected as non-operating activities on the College's books. Schedule D, Part XI, Line 4b Special event expenses ($64,375), Rental expenses ($2,181,081) netted against income on the 990. Schedule D, Part XII, Line 2d Special event expenses $64,375 and rental expenses $2,181,081 netted against revenue on the 990. Schedule D, Part XII, Line 4b Tuition remission $484,620 and scholarship expenses $3,821,000 netted against revenue on the College's books. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 The solicitation materials requested from or sent by the institution contain a statement of its policy on non-discrimination. The College policy on non-discrimination is also displayed on its public website. Schedule E, Part I, Line 6 The College receives annual funding appropriated from the New York State Bundy Aid Program. Founder's Dinner 336100 302490 33610 0 0 51087 0 0 13288 0 0 336100 302490 33610 0 0 51087 0 0 13288 64375 -30765 1 Medical College of Wisconsin 8701 Watertown Plank Road Milwaukee WI 53226 390806261 501(c)(3) 35108 0 Book Food and Drug Administration Research Tufts Medical Center 800 Washington Street Boston MA 02111 270440772 501(c)(3) 36364 0 Book Food and Drug Administration Research Washington University in St Louis 1 Brookings Drive St Louis MO 63130 431869208 501(c)(3) 38867 0 Book Food and Drug Administration Research Children's Hospital & Research Center Oakland 747 52nd Street Oakland CA 94609 940382330 501(c)(3) 26650 0 Book Cardiovascular Diseases Research Sarah Lawrence College 1 Mead Way Bronxville NY 10708 237223216 501(c)(3) 5248 0 Book Maternal and Child Health Federal Consolidated Programs The University of Texas Southwestern 5323 Harry Hines Blvd Dallas TX 75390 746000203 501(c)(3) 127218 0 Book Cardiovascular Diseases Research University of Nebraska Medical Center 42nd and Emile Street Omaha NE 68198 470049123 501(c)(3) 21905 0 Book Cardiovascular Diseases Research Albany College of Pharmacy and Health Sciences 106 New Scotland Avenue Albany NY 12208 141423161 501(c)(3) 79928 0 Book Allergy, immunology and transplantation research University of Massachusetts Medical School 55 North Lake Avenue Worchester MA 01655 043167352 501(c)(3) 28000 0 Book Training in Primary Care Medicine and Dentistry Phelps Family Medicine Residency Program 701 North Broadway Sleepy Hollow NY 10591 131752076 501(c)(3) 62994 0 Book Grants for training in Primary Care Medicine and Dentistry. Open Door Family Medical Centers 165 Main Street Sleepy Hollow NY 10591 133598184 501(c)(3) 93943 0 Book Grants for training in Primary Care Medicine and Dentistry University of Puerto Rico Rio Piedras Campus San Juan PR 00921 660433760 501(c)(3) 11312 0 Book Maternal and Child Health Federal Consolidated Programs Marshall University Research Corporation 401 11th Street Suite 1400 Huntington WV 25701 550683361 501)c)(3) 76506 0 Book Cardiovascular Diseases Research Columbia University 116th Street and Broadway New York NY 10027 135598093 501(c)(3) 106381 0 Book Programs for Disaster Relief Appropriations Act. Westchester County Dept of Health 145 Huguenot Street New Rochelle NY 10801 134095845 501(c)(3) 16524 0 Book Maternal and Child Health Federal Consolidated Programs. New York University - School of Medicine 665 Broadway New York NY 10012 135562308 501(c)(3) 14792 0 Book Environmental Health. 16 0 Scholarships 417 3821000 0 Book Schedule I, Part I, Line 2 Scholarships are awarded based on merit. The Bursar's office monitors the use of such funds to the extent that they are used exclusively for tuition and fees. When scholarships are awarded, the amount disbursed goes directly against the balance a student has with the Bursar's office. With respect to grants received by organizations within the United States, the College requires pass-through reports (attestation of effort) from its subrecipients as outlined in the grant agreement with the subrecipient. The Time and Effort attestation must be approved by the principal investigator of the grant to ensure receipt of work performed. X X X 0 0 0 0 0 0 0 0 0 Robert W Amler Dean, SHSP & VP Gov't Affairs 377295 0 0 0 0 0 25051 0 4112 0 406458 0 0 0 Francis L Belloni Dean, GS of BMS 210078 0 0 0 0 0 25662 0 17695 0 253435 0 0 0 Peter M Brown Associate Vice President, Human Resources 177820 0 0 0 0 0 20823 0 25093 0 223736 0 0 0 Waldemar A Comas Vice President and General Counsel 282983 0 0 0 0 0 33150 0 10113 0 326246 0 0 0 Edward Halperin MD Chancellor and CEO 672414 0 0 0 0 0 24531 0 27306 0 724251 0 0 0 Dana Lee Associate VP Legal Affairs 161714 0 0 0 0 0 13060 0 17522 0 192296 0 0 0 Alan Kadish MD Trustee and President 0 606896 0 0 0 0 0 13000 0 12417 0 632313 0 George F Nestler Associate VP and Controller 171820 0 0 0 0 0 19923 0 25186 0 216929 0 0 0 Stephen Piccolo Jr Senior VP, CFO and Vice Provost 301710 0 0 0 0 0 33150 0 17973 0 352833 0 0 0 Larissa Reece Vice President Development 212249 0 14500 0 0 0 18801 0 25202 0 270752 0 0 0 William Steadman Vice President Strategic Planning 262704 0 0 0 0 0 33150 0 11504 0 307358 0 0 0 David Asprinio Chairman Orthopedic Surgery 594809 0 0 0 0 0 25051 0 27013 0 646873 0 0 0 Mitchell Cairo Professor 455639 0 0 0 0 0 24531 0 26134 0 506304 0 0 0 Renee Garrick Pending 475678 0 0 0 0 0 33150 0 26393 0 535221 0 0 0 Michael Gewitz Vice Chairman Pediatrics 462746 0 0 0 0 0 33150 0 11448 0 507344 0 0 0 Raj Murali Chairman Neurosurgery 505149 0 0 0 0 0 25051 0 19141 0 549341 0 0 0 A Dormitory Authority of the State of New York 146000293 649907M82 2014-06-26 48338203 Construction and real estate acquisition 2014A 0 0 1 A 0 0 48338203 3341872 3932790 0 902655 0 0 40160886 0 0 0 0 1 1 A 0 0 0 0 0 0 0 0 0 1 A 0 1 0 0 0 0 0 0 1 A 1 Schedule K, Part I, Column a-06/26/2014 48,338,203 Dormitory Authority of the State of New York As indicated in Part II Column (A) $45,155,000 of the pooled financing benefited New York Medical College. The other benefiary of the pooled financing was Touro College. Empire Blue Cross Blue Shield Health Insurance Provider 7065380 Health insurance premiums paid by the organization 0 KPMG Auditing Firm for the organization 202062 Auditing fees paid by the organization 0 Mutual of America Tax Deferred Annuity Plan of the organization 1003326 Tax deferred employee/employer contributions 0 St Josephs Medical Center Affiliate hospital 273627 Affiliation fees paid to the organization 0 X 9 86882 Market Value 0 0 1 0 Form 990, Part III, Line 1 New York Medical College is a health sciences university whose purpose is to educate physicians, scientists, public health specialists and other healthcare professionals and to conduct biomedical and population-based research. Through its faculty and affiliated clinical partners, the College provides service to its community in an atmosphere of excellence, scholarship and professionalism. New York Medical College believes that the rich diversity of its student body and faculty is important to its mission of educating outstanding health care professionals for the multicultural world of the 21st century. Form 990, Part VI, Section A, Line 6 The sole member of New York Medical College is NYMC LLC, which elects and approves the President, Chancellor for Health Affairs/CEO and Chairman of the Board of Trustees and approves significant decisions of the Board of Trustees. Form 990, Part VI, Section A, Line 7a The sole member of New York Medical College, NYMC LLC, elects and approves the President, Chancellor for Health Affairs/CEO and Chairman of the Board of Trustees and approves significant decisions of the Board of Trustees. Form 990, Part VI, Section A, Line 7b The College's organizational documents describe the process for member approval of significant decisions of the governing body. Article II, Section 6 of the Bylaws requires membership approval by the sole member NYMC LLC for the following proposed actions: I. Election of the Trustees of the Corporation;II.Any amendment to the Certificate of Incorporation Bylaws or mission statement of the Corporation;III.Approval of any major capital project involving the sale, assignment, lease, pledge, transfer or other encumbrance of substantial fixed assets of the Corporation;IV.Approval of any debt incurrence secured by the property, revenues or other assets of the Corporation;V.Approval of any unsecured debt incurrence in an amount greater than 5% of the Corporation's operating budget;VI.Approval of the establishment of a new related entity of the Corporation;VII.Removal with or without cause of any or all of the Trustees;VIII.Approval of (a) the purchase, sale, mortgage or lease of real property which constitutes a material portion of the assets of the Corporation or (b) the sale, assignment or other disposition of all or a material portion of the assets of the Corporation;IX.Approval of any merger, consolidation, purchase or joint operation agreement involving the Corporation;and X.Approval of any plan of dissolution or liquidation of the Corporation. Form 990, Part VI, Section B, Line 11b This return was initially reviewed by senior management, specifically the Associate Vice President and Controller, Vice President for Financial Operations and General Counsel and submitted to and reviewed by the Audit Committee of the Board of Trustees and has been reviewed by an independent accounting firm. Copies of this return were distributed to the full Board of Trustees before the form was filed. Form 990, Part VI, Section B, Line 12c There are two conflict of interest policies, one for the members of the Board of Trustees and the second applicable to all full-time faculty and employees of New York Medical College. Annual disclosure forms are distributed and are required to be submitted by both policies. Compliance with the Board of Trustees Conflict of Interest Policy is monitored by the College's Institutional Compliance Officer, the Audit Committee and the Board of Trustees of the College. Compliance with the Conflict of Interest policy applicable to full-time faculty and employees is monitored by the Institutional compliance Committee and the Audit Committee of the College. Form 990, Part VI, Section B, Line 15 Lines 15a and 15b - New York Medical College's process for determining compensation of the President, the Chancellor for Health Affairs/CEO and other officers includes a review of comparability data from compensation surveys and Forms 990 from similar organizations and review and approval by the Finance Committee and the Board of Trustees of New York Medical College, consisting entirely of independent persons. The review and approval process is fully and contemporaneously documented. Form 990, Part VI, Section C, Line 19 The College's annual report, the conflict of interest policy and the audited financial statements are available and posted on the College's website. Form 990, Part XI, Line 9 Pension-related benefit costs ($915,469), Permanently Restricted Investment returns ($462,380), Other extraordinary expenses ($145,000) Touro University 500 7th Avenue New York NY 10018 133838740 Education CA 501 (c) (3) Line 2 Touro College 1 NYMC LLC 500 7th Avenue New York NY 100104202 271481147 Holding Company DE 501 (c) (3) 11a N/A 0 New York Medical College VEBA BNY MELLON NA ONE WALL STREET 12TH FLOOR NEW YORK NY 10286 133872638 Retiree Benefits NY 501 (c) (9) 2 N/A 0 Touro University Nevada 500 7th Avenue New York NY 10018 200363127 Education NV 501 (C) (3) Line 2 Touro College 1 Touro College and University System Inc 500 7th Avenue New York NY 10018 680646771 Education NJ 501 (C) (3) Line 2 Touro College 1 Yeshivas OHR Hachaim 500 7th Avenue New York NY 10018 112808947 Education NY 501 (C) (3) Line 2 Touro College 1 Rabbi Dov Revel Yeshiva of Forest Hills 500 7th Avenue New York NY 10018 111681674 Education NY 501 (C) (3) Line 2 Touro College 1 Touro Law Center Development Foundation 500 7th Avenue New York NY 10018 133922718 Education NY 501 (C) (3) Line 11A,1 Touro College 1 Touro College FDN For Jewish Studies 500 7th Avenue New York NY 10018 133629225 Education NY 501 (C) (3) Line 11A, 1 Touro College 1 The Partnership for a Healthy Population 500 7th Avenue New York NY 10018 134028993 Health Study NY 501 (C) (3) Line 9 Touro College 1 Touro College Berlin GGMBH Berlin AM Ruperhorn 4 14055 Berlin GM Educational GM 501 (C) (3) Touro College 1 Touro College 500 7th Avenue New York NY 10018 132676570 Education NY 501 (C) (3) Line 2 N/A 0 Sarah C Upham Clinic Trust 270 Park Avenue New York NY 100172014 136035797 Patient Care and Research NY N/A T 9167106 1 1 Barbara and William Rosenthal Fdn One Court Square Long Island City NY 11120 226753977 Patient Care and Research NY N/A T 2697511 1 1 Touro Speech & Rehab 500 7th Avenue New York NY 10018 134180235 Inactive NY N/A C 1 Touro Foundation Corporation 500 7th Avenue New York NY 10018 134014618 Inactive NY N/A C 1 Touro University Foundation 500 7th Avenue New York NY 10018 943318585 Inactive CA N/A C 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 Sarah C Upham Clinic Trust c 426950 The amount of the distribution was based on investment earnings in the fund at the end of each quarter within the reporting period of the return. Barbara and William Rosenthal Fdn c 132658 The amount was determined based on the greater of (1) 5% of the net market value at the beginning of the year, (2) the net income of the foundation for the year. Touro University a-iv 625000 The amount is based on the rental commitment signed agreement.