2015-05-13T18:19:33-07:00 2014-06-30 990 2013-07-01 111797182 MOLLOY COLLEGE MOLL 5163233000 1000 Hempstead Avenue Post Office Box 5002 Rockville Centre NY 115715002 Michael A McGovern Vice President - Finance 5163233033 2015-05-12 2013 2016-03-07 17:11:31Z Drew Bogner PhD 1000 Hempstead Avenue PO Box 5002 Rockville Centre NY 115715002 124418911 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. Through transformative education, Molloy promotes a lifelong search for truth and the development of ethical leadership. 29 28 1964 130 408677 -242787 4198408 6881817 101376082 107350977 1751266 2355174 695484 743061 108021240 117331029 17411121 19292926 0 0 59438611 62544473 0 0 1541180 28209286 28252439 105059018 110089838 2962222 7241191 136063572 146858121 64621786 67131066 71441786 79727055 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 89760519 19292926 107350977 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 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. The College provides a student-centered learning experience which enhances the intellectual, ethical, spiritual and social development of every student, and strives to continually enhance the quality of its academic programs, faculty and teaching learning environment. In order to augment its position within the local community, the College will continually identify, recruit and educate students who demonstrate leadership qualities, understand the need for civic engagement and aspire to serve the community. The College operates with the understanding that both immediate and long-term financial stability is needed in order to achieve these goals. For the fall term of the 2013-2014 school year, the College enrolled 3,400 undergraduate, 1,024 graduate, and 31 Ph.D. students. For the spring term of the 2013-2014 school year, the College enrolled 3,268 undergraduate, 990 graduate, and 31 Ph.D. students. For the 2013-2014 academic year, there were 812 undergraduate and 323 graduate and 1 Ph.D. degrees conferred. The College is located on approximately 24 acres in Rockville Centre, New York and operates a center in Suffolk County, New York. 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 the 4th largest nursing program in the country and the largest in the northeast. The College has diversified the curriculum from its historic strengths in Nursing and Education to include a wide-range of highly respected programs, doubling the number of undergraduate programs since 2000. Over the last several years, the College has been restructured from a predominately undergraduate institution into a comprehensive graduate granting institution with over 1,000 graduate students in 40 programs in the disciplines of Nursing, Education, Business, Criminal Justice, Music Therapy and Speech Language Pathology and two doctoral programs - the PHD in Nursing and the Doctor of Nurse Practice. In the areas of academic and student affairs, the College has built a comprehensive multi-faceted collegiate experience for the students that include service learning, international education, a huge range of internships and clinical experiences, an un-paralleled campus life with over 50 clubs and over 1,000 activities per year. Residential students have lived on campus since 2010. In the last decade, the physical layout of the campus has changed with the addition of several quads and 4 new buildings in addition to a number of major renovations. The Hagan Center, currently under construction will be the fifth new building on campus in a decade. Molloy College is more embedded into the fabric of the Long Island community as we have dramatically increased the number of students in the community in clinical placements, internships and various practicums. In addition, Molloy hosts programs offered by college institutes such as the Siena Women's Center, the Center for Interfaith Dialogue, the Sustainability Institute, Energia, and CERCOM as well as the dynamic programming offered in the Madison Theatre. Approximately 6,000 students participated in the continuing education programs last year. Recent rankings from various organizations illustrate Molloy's standing among its competitors. For example, * The Nursing program was ranked #2 in the country by Collegefactual.com behind Columbia University. * Also, in a new ranking by Money Magazine, the College was ranking #72 in the country for value. Money Magazine looked at 3 broad areas to determine an institution's value: quality, affordability, and outcomes/return on investment. Molloy was the highest ranked comprehensive college or university, public or private on Long Island. The next highest was Stony Brook at 107 and Adelphi at 409. The only other schools ranked on Long Island were Hofstra at 620 and St. John's University at 646. Molloy was the 8th highest ranked school in the State of New York and the 4th highest ranked Catholic Institution in the country. The College's curriculum features two associate and four bachelor's degrees through 33 undergraduate majors and 46 minors as well as 7 master's degree programs, including one through a partnership with Fordham University. In January 2010, the State Regents approved the College's proposal to offer its first Ph.D. degree in Nursing. In November 2010, the New York State Education Department approved and registered the following programs in the Business division: Bachelor of Science (B.S.) in Finance; Master of Business Administration (M.B.A.) in Finance; and the B.S./M.B.A. dual degree in Finance. In February 2011, the American Speech-Language Hearing Association voted to award candidacy status to the Master's Program in Speech-Language Pathology for a period of five years. In November 2012, the New York State Education Department approved the College's B.A degree in Communications: New Media. In February 2013, the New York State Education Department approved the Nuclear Medicine Technology Program leading to the B.S. degree. In August 2013, the New York State Education Department approved the College's request to offer a Bachelor of Science program in Respiratory Care. In September 2013, the New York State Education Department approved (a) the College's request for a curriculum change to the registered Bachelor of Science degree in Biology which will now offer three separate study tracks: (a) pre-professional medical programs/graduate studies; pre-allied medical programs and general biological sciences; (b) the College's request to offer a Bachelor of Arts in English with an additional Writing Concentration track; (c) the Master of Business Administration in Healthcare Administration and the Master of Science in Nursing Administration and Informatics/Master of Business Administration in Healthcare Administration dual degree; and (d) Bachelor of Science/Masters of Business Administration and Dual Degree in Marketing. In July 2014, the New York State Education Department approved the following: (a) the initial Certification in Teachers of Students with Speech-Language Pathology program which will allow students already registered in the College's Speech-Language Pathology program to receive a second certification; (b) the Master's Program in Clinical Mental Health Counseling; and (c) the Doctorate of Nurse Practice degree in Family Nurse Practitioner, Adult-Gerontology Nurse Practitioner, Pediatric Nurse Practitioner and Family Psychiatric Mental Health Practitioner. 0 0 0 89760519 1 1 0 0 0 0 0 1 0 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 1 265 0 1 1964 1 1 1 0 0 0 0 1 1 0 0 0 0 X 29 28 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 601115 0 32451 Daniel T Henry Chairperson 1 0 X X 0 0 0 Laura A Cassell Vice Chairperson 1 0 X X 0 0 0 John T Ahern Trustee 1 0 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 John F Coghlan Trustee 1 0 X 0 0 0 Michael Comerford Trustee 1 0 X 0 0 0 Marianne Dolan Weber 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 Gerald Kaiser Trustee 1 0 X 0 0 0 S Anne Marie Kirmse 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 John P McEntee Trustee 1 0 X 0 0 0 Daniel T McGowan Trustee 1 0 X 0 0 0 Edward M Milarsky Trustee 1 0 X 0 0 0 S Mary Pat Neylon Trustee 1 0 X 0 0 0 Heather M Palmore Trustee 1 0 X 0 0 0 John Pohlman 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 Phillipa G Woodriffe Trustee 1 0 X 0 0 0 Michael A McGovern Treasurer 35 0 X 221464 0 27312 Diane K Fornieri Secretary 35 0 X 91518 0 29812 Edward J Thompson Vice President 35 0 X 211480 0 32965 Valerie Collins Vice President 35 0 X 223940 0 19528 Robert L Paterson Vice President 35 0 X 172730 0 24278 Linda Albanese Vice President 35 0 X 169398 0 8342 Robert Houlihan Vice President 35 0 X 169521 0 7620 Jeannine D Muldoon Dean of Nursing 35 0 X 219910 0 15424 Veronica D Feeg Associate Dean and Director of PhD Program 35 0 X 183862 0 24389 A Nicholas Fargnoli Dean of Humanities 35 0 X 176741 0 15627 Barbara T Schmidt Associate Dean and Director of SLP Program 35 0 X 169421 0 14718 Kathleen Maurer Smith Dean of Social Sciences 35 0 X 157655 0 23218 2768755 0 275684 93 0 1 0 Butler Rogers Baskett Architects PC 330 W 34th Street New York NY 10001 Architectural and Engineering Services 1894895 JL Media Inc 1600 Route 22 Union NJ 07083 Media Services 761939 Austin & Williams 125 Kennedy Suite 100 Hauppauge NY 117884015 Media Services 821698 Chartwells Dining Services 303 Crossways Park Drive Woodbury NY 11797 Dining and Catering Services 405162 Spellman Rice Schure Gibbons McDonough and Poli 229 Seventh Avenue Suite 100 Garden City NY 11530 Legal Services 319185 14 0 0 370239 0 1260966 5250612 375791 6881817 Student Tuition and Fees 900099 105155933 105155933 0 0 Auxiliary Services Revenue 611710 2195044 2108367 0 86677 0 0 0 0 107350977 1439998 0 -96 1440094 0 0 0 0 0 0 0 0 93663 0 0 0 93663 0 93663 0 93363 300 7694254 0 6779078 0 915176 0 915176 0 0 915176 351780 370239 299455 52325 0 52325 48482 9349 39133 0 0 39133 0 0 0 0 0 0 Bad Debt Recovery 900099 134872 0 0 134872 Theatre Ticket Sales 900099 184522 0 184522 0 Forfeited Deposits 900099 38200 0 0 38200 200346 0 130888 69458 557940 117331029 107264300 408677 2776235 0 0 19292926 19292926 0 0 0 0 2178461 756567 1283371 138523 0 0 0 0 44918219 38443795 5744714 729710 2767236 2368372 353909 44955 9358551 8009628 1196891 152032 3322006 2843179 424860 53967 0 0 0 0 128117 0 128117 0 109685 0 109685 0 0 0 0 0 0 0 148705 0 148705 0 454535 37791 350376 66368 1978240 0 1978240 0 1033757 859305 160321 14131 956465 397331 553604 5530 0 0 0 0 1568108 1385530 171626 10952 181863 147584 30397 3882 0 0 0 0 1708092 1588316 111160 8616 2743632 0 2743632 0 0 0 0 0 5032534 4632447 363469 36618 1085049 524674 560375 0 Third Party Course Fees 1706015 1706015 0 0 Graduation and Special Events 1303286 884109 339008 80169 Contracted Services 1428562 1122285 269220 37057 Bad Debt Expense 621020 612720 8300 0 6064774 4147945 1758159 158670 110089838 89760519 18788139 1541180 3358011 3909317 13875000 12600000 2750965 3907919 1532760 1518123 0 0 0 0 2267904 2551646 0 0 814809 798832 128394941 44185187 77940127 84209754 27983905 31227488 2003913 1952385 0 0 0 0 3536178 4182657 136063572 146858121 9731109 11150554 1411166 1575333 1595854 1656311 49466369 48602213 0 0 0 0 0 1700000 1502 0 2415786 2446655 64621786 67131066 X 64783693 68920927 3117267 7007645 3540826 3798483 71441786 79727055 136063572 146858121 7241191 1044078 0 0 0 0 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 84043 0 0 X 0 29745681 273393 3330343 130086 708088 0 32511243 27717347 161512 2096366 112909 116635 0 29745681 26771471 124575 1095684 160280 114103 0 27717347 23728049 354046 2908546 185915 33255 0 26771471 21640995 224947 2084838 152225 70506 0 23728049 0.86 0.12 0.02 0 0 0 435000 435000 0 89632501 22849248 66783253 0 4502311 1735361 2766950 0 23632982 19600578 4032404 0 10192147 0 10192147 84209754 0 Student Credit Balances and Deposits 855070 Conditional Asset Retirement Obligation 1591585 2446655 X 99242280 1044078 0 0 0 1044078 98198202 148705 18984122 19132827 117331029 90957011 0 0 0 0 0 90957011 148705 18984122 19132827 110089838 Schedule D, Part III, Line 4 The artwork includes works of art that are done by the students and local citizens to exhibit their talents. These works are generally used for public display or in departmental offices. 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 recognizes the tax effects from an uncertain tax position in the financial statements only if the position is "more likely than not" to be sustained if the position were to be challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax position may be challenged. The College is exempt from income taxes under IRC Section 501(c)(3), though they are subject to tax on income unrelated to its exempt purposes, unless that income is otherwise excluded by the Code. The tax years ending 2011, 2012, 2013 and 2014 are still open to audit for both federal and state purposes. Schedule D, Part XI, Line 4b Institutional Aid totaling $19,292,926 is shown as expense on Form 990 Part IX but netted against revenues in the financial statements. Fundraising expenses totaling $299,804 is shown as a reduction of net income from fundraising events on Form 990 Part VIII but is shown as an expenses in the financial statements. Fundraising expenses are netted again revenue in the financial statements. Schedule D, Part XII, Line 4b Institutional aid totaling $19,292,926 is shown as as expense on Form 990 Part IX but is netted against revenues in the financial statement. Fundraising expenses totaling $299,804 is shown as a reduction of net income from fundraising events on Form 990 Part VIII and is shown as an expense in the financial statements. Expenses related to gaming activities is netted against revenues 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 Non discrimination 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 1325957 0 0 1325957 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 348622 153916 194706 0 1152 0 59068 58977 34260 Molloy Golf Outing 185618 77740 107878 0 10895 72200 151 0 10974 2 187779 138583 49196 0 12924 14400 15189 0 9265 722019 370239 351780 0 24971 86600 74408 58977 54499 299455 52325 0 0 0 0 0 0 0 0 0 0 0 0 48482 0 9349 0 0 0 48482 0 9349 0 0 9349 39133 NY 0 The College is in the process for applying to the State of New York for a gaming license. 0 0 0 1 0 Michael A McGovern 1000 Hempstead Avenue PO Box 5002 Rockville Centre NY 115715002 0 Edward Thompson 0 The College does not employ a gaming manager. The individual listed is the Vice President of Advancement and is responsible for the fundraising component of revenues along with the Director of Athletics who raises funds for the athletics department. X 0 0 1 Institutional aid and scholarships 2685 19292926 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 grant; (2) grants are awarded from the various funding sources depending on need and/or academic standing; (3) the students eligibility is verified through federal, state and institutional requirements, matriculation, registration, attendance and academic progress; (4) grants and awards are processed onto the student's account; (5) where loans are involved, the College follows up with the regulatory requirements after graduation. The Free Application for Federal Student Aid (FAFSA) is an integral part of this process. X X 1 1 X X X X X 0 1 0 0 0 0 0 0 0 Linda Albanese Vice President 169398 0 0 0 0 0 8342 0 0 0 177740 0 0 0 Drew Bogner President (ex officio voting member of Board) 374231 0 150000 0 76884 0 15770 0 16681 0 633566 0 0 0 Valerie Collins Vice President 223940 0 0 0 0 0 11138 0 8390 0 243468 0 0 0 Robert Houlihan Vice President 169521 0 0 0 1355 0 7620 0 0 0 178496 0 0 0 Michael A McGovern Treasurer 221464 0 0 0 0 0 10821 0 16491 0 248776 0 0 0 Robert L Paterson Vice President 172730 0 0 0 0 0 8543 0 15735 0 197008 0 0 0 Edward J Thompson Vice President 211480 0 0 0 4830 0 10319 0 22646 0 249275 0 0 0 Jeannine D Muldoon Dean of Nursing 219910 0 0 0 7970 0 7454 0 0 0 235334 0 0 0 Veronica D Feeg Associate Dean and Director of PhD Program 183862 0 0 0 0 0 7897 0 16492 0 208251 0 0 0 A Nicholas Fargnoli Dean of Humanities 176741 0 0 0 0 0 7236 0 8391 0 192368 0 0 0 Barbara T Schmidt Associate Dean and Director of SLP Program 169421 0 0 0 0 0 6327 0 8391 0 184139 0 0 0 Kathleen Maurer Smith Dean of Social Sciences 157655 0 0 0 0 0 6726 0 16492 0 180873 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 social club dues. The President's housing allowance represents a non-taxable fringe benefit as he accepts the housing as a condition of employment; The President uses the social club solely in a business capacity and therefore, this likewise, 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) plan and receives employer funded contributions. 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 A 850000 0 48924973 2273890 3805165 0 1243285 0 0 0 43986348 171 2011 0 0 1 1 A 0 0 0 0 0 0 0 0 0 0 A 0 1 0 0 0 0 0 0 0 A 1 Schedule K, Part II, Line 3-11/13/2009 49,827,973 Town of Hempstead Local Development Corporation The proceeds from the Series 2009 bonds were used to finance the cost of (i) an approximately 36,000 square foot residence hall; (ii) an approximately 54,000 square foot campus center and associated parking; (iii) an approximately 6,000 square foot two story maintenance building; and (iv) the renovation and improvement of various walkways, parking areas, landscaped areas, and courtyards on the campus. The residence hall opened in 2011 with 102 students and for the fall 2014 there were 171 students living on campus. The campus center also opened in 2011 with a grand opening in the Madison Performing Arts Center hosting the annual Molloy ball. The performing arts center continues to host major theatrical events as well as in-house departmental events. The campus center also contains the bookstore, a coffee bar, a new Subway sandwich store, certain academic offices, an internet accessible work area, and other facilities that encourage educational and social interaction. Schedule K, Part III, Line 7-11/13/2009 49,827,973 Town of Hempstead Local Development Corporation At the present time, the College has not undertaken the necessary calculations to determine whether or not it has met the private security or payment test. Schedule K, Part IV, Line 1-11/13/2009 49,827,973 Town of Hempstead Local Development Corporation Pursuant to the five year arbitrage rules, the College has recently contracted with an outside organization to complete the calculation and file the appropriate 8038-T. Schedule K, Part IV, Line 7-11/13/2009 49,827,973 Town of Hempstead Local Development Corporation The College has recently implemented written procedures to monitor its bonds so that we are compliant with the requirements of the Internal Revenue Code Section 148. X 5 375791 Market value on date of donation 0 0 0 1 Schedule M, Part I, Line 32b As part of its capital campaign program and its regular 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, 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 unusual items or areas of concern had been highlighted and discussed. Form 990, Part VI, Section B, Line 12c The conflict of interest 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, and 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 financial 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 are also available upon request.