2012-07-11T10:16:41-05:00 2011-08-31 GRANT THORNTON 666 THIRD AVENUE NEW YORK NY 10017 990 2010-09-01 111630906 Hofstra University HOFS 5164636820 128 Hofstra University 100E Phillips Hall Hempstead NY 11549 CATHERINE HENNESSY 2012-07-10 2125429609 2012-05-29 2010 2016-02-24 21:20:13Z STUART RABINOWITZ PRESIDENT Hofstra University Hempstead NY 11549 511957659 false X www.hofstra.edu X 1935 NY INSTITUTION OF HIGHER LEARNING 28 28 7154 150 1424481 29874337 35101082 388456015 391717518 14817373 23782470 67781 -28703 433215506 450572367 70197645 74439806 0 0 236629436 241400342 0 0 4547372 97713469 99514714 404540550 415354862 28674956 35217505 728654925 792729810 340884664 354947059 387770261 437782751 INSTITUTION OF HIGHER LEARNING false false 311446601 74439806 353518345 Instruction and related academic support, including research and public services, sponsored programs and scholarships and fellowships. (approximately 10,359 full-time equivalents) 39966470 38199173 Auxiliary enterprises, including residence halls and food service. (approximately 3,407 students in residence halls) 351413071 true true false true true false true false true true true false false true true true false true false true false false false true true false false true true true false false false false false false false false false false true true false false false false false false false false true 834 0 true 7154 true true true false false false false true true false false false false X 28 28 false false false false false false false true true false false true true true true true true true true false X CATHERINE HENNESSY VP FINANCE 5164636820 HOFSTRA UNIVERSITY Hempstead NY 115491280 Alan J Bernon X 0 0 0 Tejinder Bindra X 0 0 0 Mr Robert F Dall X 0 0 0 Mrs Helene Fortunoff X 0 0 0 Martin B Greenberg X 0 0 0 Mr Joseph M Gregory X 0 0 0 Dr Leo A Guthart X 0 0 0 Mr Peter S Kalikow X 0 0 0 Ms Abby Kenigsberg X 0 0 0 Arthur J Kremer Esq X 0 0 0 Mrs Karen L Lutz X 0 0 0 Mr David S Mack X 0 0 0 Janis M Meyer Esq X 0 0 0 Mr John D Miller X 0 0 0 Marilyn B Monter X 0 0 0 Ms Martha S Pope X 0 0 0 James E Quinn X 0 0 0 Mr Edwin C Reed X 0 0 0 Robert Rosenthal X 0 0 0 Mr Frank G Zarb X 0 0 0 Donna M Mendes X 0 0 0 George W Bilicic Jr X 0 0 0 Debra A Sandler X 0 0 0 Thomas J Sanzone X 0 0 0 Joseph Sparacio X 0 0 0 Peter G Schiff X 0 0 0 Steven J Freiberg X 0 0 0 Colin Goddard X 0 0 0 Stuart Rabinowitz 60.0 X X 927633 0 60066 M Patricia Adamski 60.0 X 413278 0 60066 Herman A Berliner 60.0 X 398814 0 60066 Melissa Connolly 60.0 X 224065 0 40638 Dolores Fredrich 60.0 X 400288 0 44204 Richard V Guardino Jr 60.0 X 240675 0 27264 Catherine Hennessy 60.0 X 437560 0 50243 Sandra Johnson 60.0 X 258615 0 23914 Robert W Juckiewicz 60.0 X 301030 0 50243 Alan Kelly 60.0 X 269464 0 36346 Joseph Barkwill 60.0 X 233147 0 34687 Jessica Eads 60.0 X 212656 0 39338 Lawrence Smith X 543880 0 23364 Lawrence Kessler X 280000 0 43051 Nora Demleitner X 388293 0 38984 David Burghardt X 316093 0 54206 Veronica Catanese X 335240 0 42820 Salvatore F Sodano X 264221 0 20219 6444952 0 749719 448 true true false Lehr Construction Corp 902 Broadway NEW YORK NY 10010 Construction 3097637 Structure Tone Inc 9th Floor 770 Broadway NEW YORK NY 10003 Construction 1235129 Veterans Transportation Co Inc 20 Lynn Place VALLEY STEAM NY 11580 Transportation Svcs 993419 Jeca Associates Inc PO BOX 4240 23 Knight Road WAYNE NJ 07474 Construction 846792 Air Structures American Technologie 211 South Ridge Street RYE BROOK NY 10573 Construction 585823 75 1231847 9097696 24771539 418198 35101082 TUITION & FEES 611600 337965610 337965610 SALES& SVC AUX ENT 812900 38199173 36819376 1379797 SALES& SVC ED DPT 900099 2485835 2485835 OTHER SOURCE ED SV 900099 13066900 13066900 391717518 8073746 44684 8029062 0 0 398611 242193 156418 156418 76348343 60639619 15708724 15708724 300082 1231847 503107 -203025 18277 373 17904 0 0 450572367 390337721 1424481 8029062 0 74439806 74439806 0 0 4926240 1020735 3596323 309182 0 177531191 156734250 18768559 2028382 15537037 13335407 2002712 198918 31600937 24985678 6150273 464986 11804937 10175372 1479674 149891 0 1268107 1268107 248750 248750 53557 53557 0 2012111 2012111 3422309 2472309 831871 118129 3343267 665638 2677178 451 22489748 19883500 2122619 483629 6266441 3686608 2579818 15 0 11401261 10442391 928255 30615 11485799 9936239 1046842 502718 0 296490 203058 84787 8645 7218806 6790523 428283 0 17583709 12515972 5067737 4194679 185812 4007808 1059 BAD DEBT AND COLLECTION COST 2590048 2381418 208630 CREDIT CARD FEES 210385 210385 OTHER MISC 5429247 1347970 3830525 250752 415354862 351413071 59394419 4547372 78734129 112741430 29039576 28015385 8082260 7410156 5517169 4811681 284908 272053 3555585 3573967 521632515 259100533 263379146 262531982 203696622 221559114 132388936 148283968 3976594 3530074 728654925 792729810 17076744 19715829 91630250 107096462 145447951 141519464 3025279 2265012 83704440 84350292 340884664 354947059 X 276117092 266941862 15944866 72194174 95708303 98646715 387770261 437782751 728654925 792729810 X 35217505 14794985 X false true true X true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true false true false true 53557 true 4492 true false 58049 false Lobbying Activity Explanation SCHEDULE C, PART II-B, Item 1f The University paid membership dues to the Commission on Independent Colleges and Universities (CICU). CICU has estimated that 7.7% of its operating budget relates to lobbying activities. For the year, the portion of the dues related to lobbying activities was $4,557. On occasion, at the recommendation of CICU, the University will mail individual letters to officials to lend its support on issues relating to private higher education. The University paid $20,000 to two firms to assist in procuring federal appropriations and grants and in addressing other federal issues, and $29,000 to a law firm to advise on NYS legislation and regulation and in addressing other state issues. Direct Contact with Legislators Schedule C, Part II-B, Item 1g Represents salary allocations for Officers and direct lobbying expenses as reported to NY State for direct contact with NY State officials and their staff. 10 59350 18240 852618 true true X X X false 237406746 7987754 34727954 3439431 7533684 1986588 267162751 206571265 22931193 19722698 3267481 6504413 2046516 237406746 224893981 8344093 -15513460 3413187 6371501 1368661 206571265 0.47470 0.35070 0.17460 false false 13307751 13307751 385231588 165650336 219581252 94256195 75376842 18879353 28836981 18073355 10763626 262531982 ENDOWMENT-EQUITY FUND 75929615 F ENDOWMENT-FIXED INCOME FUND 18206182 F ENDOWMENT-HEDGE FDS/PRIV EQTY 41875848 F ENDOW SPLIT INT-CASH&CASH EQUI 64808 F OTHER-CASH&CASH EQUIV 16 F ENDOWMENT - REAL ESTATE 8150562 F ENDOWMENT - OTHER 4056937 F 148283968 0 OTHER LIABILITIES 11735039 FUNDS HELD IN CUSTODY 564727 US GOVT GRANTS REFUNDABLE 2925115 LIABILITY FOR POSTRETIREMENT 65059203 ASSET RETIREMENT OBLIGATION 4066208 84350292 450572367 415354862 35217505 15211713 -416728 14794985 50012490 389987815 15211713 655652 15867365 374120450 2012111 74439806 76451917 450572367 339558597 655652 655652 338902945 2012111 74439806 76451917 415354862 Art Collection Footnote Part III, Line 1a The University maintains an art collection, which consists of works of art, including prints, painting, photographs, and sculptures that are held for the purpose of public exhibition, education, and research. Each item is cataloged, preserved, and cared for, and activities verifying their existence and assessing their condition are performed by the Museum Director. The art collection is not recognized as an asset on the statement of financial position. Art Collection - Tax Exempt Purpose Part III, Line 4 The daily, annual and long-range operations of the Hofstra University Museum are consonant with the missions of the University and consistent with the governance of the University. Just as the University holds a public trust and acts for the public good pursuant to its Charter by the Regents of the University of the State of New York, so does the Hofstra University Museum hold a public trust and acts in the public good as an agency of the University through its exhibitions; its permanent collection; its public and educational programming; as well as its interpretative, scholarly activities and publications. FIN 48 Footnote Part X Income generated that is unrelated to the University's exempt purpose is subject to tax. The University believes it did not have any material tax liability nor any significant uncertain tax positions for the years ended August 31, 2011 and 2010. Accordingly, no provision for income taxes has been reflected in the University's financial statements. Other Changes to Net Assets Part XI, Line 8 Other changes to Net Assets include the following: Post Retirement Changes Other Than Net Periodic Benefit Costs (275,670) Reclassifications and other adjustments (141,058) --------- (416,728) Reconciliation of Revenue - Other Part XII, Line 2d represent amounts included on Line 1, but not on Form 990, Part VIII, Line 12 and is made up of the following: Rental Expenses 152,172 Gaming Expenses 373 Fundraising Expenses 503,107 -------- Total 655,652 Part XII, Line 4b represent amounts included on Form 990, Part VIII, Line 12, but not on Line 1 and is made up of the following: Scholarships of $74,439,806 Reconciliation of Expenses - Other Part XIII, Line 2d and Line 4b Part XIII, Line 2d represent amounts included on Line 1, but not on Form 990, Part IX, Line 25 and is made up of the following: Rental Expenses 152,172 Gaming Expenses 373 Fundraising Expenses 503,107 -------- Total 655,652 Part XIII, Line 4b represent amounts included on Form 990, Part IX, Line 25, but not on Line 1 and is made up of the following: Scholarships of $74,439,806 Donor Advised Funds or Other Similar Funds or Accounts Part I There are no instances in which a donor has the right to provide advice on the investment of endowment funds. There are no instances in which the donor has the right to select how and to whom the funds are distributed. In 10 cases, the spending and distribution is recommended by a committee in which the donor has the right to be a member, or the selection of the recipient is made in consultation with the donor. In all instances the University approves the scholarship recipient, and in no instance is there a relationship between the donor and the recipient. The aggregate value of the 10 funds is $852,618, representing 0.32% of the total endowment value at August 31, 2011. Endowment Funds Schedule D, Part V The University endowment funds are used to support student scholarships and other programs. true true true true true true true false false false false false false false false true false true Racially Nondiscriminatory Policy Schedule E, Part I, Line 3 The racially nondiscriminatory policy is publicized through newspaper media, student bulletins and website. Government Support Schedule E, Part 1, Line 6 The University received government support from Federal, New York State and local sources. false Europe (Including Iceland and Greenland) 0 0 Program Services Study Abroad Program 834384 Central America and the Caribbean 0 0 Program Services Study Abroad Program 30538 South America 0 0 Program Services Study Abroad Program 37087 East Asia and the Pacific 0 0 Program Services Study Abroad Program 169379 Sub-Saharan Africa 0 0 Program Services Study Abroad Program 1500 South Asia 0 0 Program Services Study Abroad Program 204 Central America and the Caribbean 0 0 Investments 38898558 East Asia and the Pacific 0 0 Program Services Recruitment 18129 Middle East and North Africa 0 0 Program Services Recruitment 1000 South America 0 0 Program Services Recruitment 11416 South Asia 0 0 Program Services Recruitment 16711 0 0 0 0 40018906 40018906 true false false false true false 2011 Gala Ball 1035631 899231 136400 192134 107400 10313 30112 Suburban Studie 194181 153381 40800 25720 10969 450 13 287722 174750 112972 1465 100134 8690 6552 1517534 1227362 290172 193599 233254 29972 37114 493939 -203767 18277 37053 167 false 18277 37053 167 37220 -18943 NY true false true false 1.00000 James Spero 128 Hofstra University Hempstead NY 11549 false NONE true Raffle Events Schedule G, Part III Raffle events included prizes donated to the University which were not reported as gifts on the books of the University. true Total Student Financial Aid (See breakdown below) 6514 74439806 0 NA NA Athletic Student Financial Aid 264 4764322 0 NA NA Undergraduate Student Financial Aid 4690 55905239 0 NA NA Graduate Student Financial Aid 1601 13770245 0 NA NA Grant Monitoring Schedule I, Part I, Item 2 Externally Sponsored programs are assigned a specific number identifier code (Fund number). The use of a specific identifier code associated with the contract ensures that funds are not comingled. Contract specific budgets are established within this fund number and all transactions associated with the project require approvals prior to posting. Additionally, invoice billing (and receipt of revenue) is also processed according to agreement terms and conditions. Periodic reviews of the program status are also conducted, most often on a monthly basis but at minimum on an annual cycle. X X X X true true X X X X X false false false false false false false false false Stuart Rabinowitz 681733 0 0 0 245900 0 37762 0 22304 0 987699 0 0 0 M Patricia Adamski 363773 0 0 0 49505 0 37762 0 22304 0 473344 0 0 0 Herman A Berliner 355646 0 0 0 43168 0 37762 0 22304 0 458880 0 0 0 Melissa Connolly 214088 0 0 0 9977 0 24927 0 15711 0 264703 0 0 0 Dolores Fredrich 363224 0 0 0 37064 0 28489 0 15715 0 444492 0 0 0 Richard V Guardino Jr 227387 0 0 0 13288 0 26264 0 1000 0 267939 0 0 0 Catherine Hennessy 401186 0 0 0 36374 0 28489 0 21754 0 487803 0 0 0 Sandra Johnson 247542 0 0 0 11073 0 22364 0 1550 0 282529 0 0 0 Robert W Juckiewicz 283678 0 0 0 17352 0 28489 0 21754 0 351273 0 0 0 Alan Kelly 263885 0 0 0 5579 0 22364 0 13982 0 305810 0 0 0 Joseph Barkwill 224211 0 0 0 8936 0 20705 0 13982 0 267834 0 0 0 Jessica Eads 198769 0 0 0 13887 0 23638 0 15700 0 251994 0 0 0 Salvatore F Sodano 242585 0 0 0 21636 0 19239 0 980 0 284440 0 0 0 Lawrence Smith 515917 0 0 0 27963 0 22364 0 1000 0 567244 0 0 0 Lawrence Kessler 220234 0 0 0 59766 0 20754 0 22297 0 323051 0 0 0 Nora Demleitner 214677 0 0 0 173616 0 28489 0 10495 0 427277 0 0 0 David Burghardt 183372 0 0 0 132721 0 31929 0 22277 0 370299 0 0 0 Veronica Catanese 303064 0 25000 0 7176 0 22364 0 20456 0 378060 0 0 0 Officer Compensation Part I, Line 1a All items identified on Line 1a are included as compensation on both the employee's W2 and on Form 990, Schedule J. Payment or Reimbursement Part I, Line 1b Payment or reimbursement is pursuant to a written agreement. Compensation - Part II, Items C and D In accordance with IRS regulations, items reported in columns C and D include University contributions to group retirement and nontaxable group benefits paid by the University. These items include the University's contribution to a group pension plan, with rates varying based on length of service, as limited by IRS regulations; the University-paid portion of group health care benefits (cost vary by employee selected plan); and the University-paid costs of other nontaxable benefits including life and disability insurance. All group benefits apply equally to all employees. Town of Hempstead IDA Series 2003 113237317 424674CD9 2003-12-19 41462492 Construct and Renov of Facilities false false false Town of Hempstead IDA Series 2007 113237317 424674DN6 2007-05-17 25515700 Construct and Renov of Facilities false false false 0 0 43972744 0 5027194 0 814001 0 0 38131550 0 0 2006 false false true true 0 0 26134282 0 52167 0 613767 0 0 25468348 0 0 2008 false false true true false false true false false 0.00100 0.00100 0.00200 true false false false false false 0.00000 0.00000 0.00000 true false false false false false false false false false false false false Bond Issues Schedule K, Part I (a) Total proceeds for 2003 and 2007 Bond Issues includes the issue price, a bond premium, and investment proceeds accumulated during the project period. X 21 NA X NA X NA X 21 407713 FMV of stocks X 3 NA X 5 NA X Event Supplies 2 0 NA X Gift Card/Certificate 117 0 NA X Tickets 6 0 NA X Furniture and Fixtures 2 0 NA X Archival Records 9 0 NA X Equipment 3 0 NA 3 false true true Stock Sales Schedule M, Part I, Line 32a The University utilizes the services of a third party broker to process stock gift sales. Noncash Gifts Schedule M, Part I, Line 33 See statement for Schedule D, Part III, Line 1a with regards to works of art. Other non-cash contributions other than works of art are used by the University in the normal course of business or used in connection with Development activities. Current Officer, Directors, Trustees, and Key Employees Form 990, Part VI, Section A, Question 2 No officer, director, trustee, key employees, highest compensated employees, or highest compensated professional or other independent contractors receiving any compensation from the organization is related to any other such entity through family or business relationships. Former Officer, Directors, Trustees, and Key Employees Form 990, Schedule J. The University contributes to retiree health benefits for former employees, including former officers. Checklist of Required Schedules Form 990, Part IV, Line 9 In the ordinary course of business, the University provides information to students and parents regarding eligibility for Title IV student assistance, including student and parent loans, University scholarship and loan programs, and internal and external payment plan arrangements which are available to finance tuition and fees at Hofstra. In addition, the University is engaged in the collection of tuition and fee balances from students for the current and prior terms, including entering into agreements for the collection and payment of amounts due and owing. Review of Form 990 Form 990, Part VI, Line 11 Form 990 is prepared by the University, and reviewed by an outside tax consultant. The VP for Financial Affairs and Treasurer also reviews the return with the President, Senior VP for Planning and the VP for Legal Affairs and General Counsel. The final return is submitted to the Audit Committee of the Board of Trustees and the full Board of Trustees prior to signing and filing the return. Compensation Process Form 990, Part VI, Line 15 The Hofstra University Board of Trustees Compensation Committee has oversight of all elements of executive compensation and reports to the entire Board on such matters. Specifically, the Committee reviews thoroughly the compensation of the President and officers and other key employees. The Committee assesses and approves the reasonableness of the compensation of the President; other officers are recommended by the President to the Board of Trustees. General Counsel is responsible for providing the necessary data to the Committee and the Board in order for the review to take place each year. Members of the Committee, as well as any third parties providing professional advice to the Committee, must be independent and have no conflicts of interest as to the compensation being reviewed, the officer who is being reviewed, or any products or services being considered. Such review includes a comparison of data as presented on the 990 tax return of comparable institutions, adjusted as appropriate for the New York metropolitan area and updated to the present year. Consideration is given to the breadth and complexity of programs, such as medical and law schools. The review also includes an assessment of the duties and responsibilities of each officer and the overall performance of each. From time to time, the University engages an outside consultant to review the comparables and to assist the Committee in its deliberations. The Committee reviews its recommendations with the Board of Trustees for final approval. The actions of the Committee and Board of Trustees are set forth in the minutes, including the information reviewed in determining comparability and the basis for determining that the compensation is reasonable. Conflict of Interest Policy Form 990, Part VI, Line 12c The University's bylaws set forth a conflict of interest policy for Trustees prohibiting certain transactions and requiring disclosure of any conflict that might arise. Annually, all Trustees must complete and sign a compliance and disclosure statement which is reviewed and maintained as a matter of record by the University's General Counsel. Any disclosure or matter in violation of the policy is brought to the attention of the Board of Trustees. In addition, there is a conflict of interest policy for all administrative employees prohibiting certain actions and requiring disclosure of any conflict that might arise. Annually, employees must complete and sign a compliance and disclosure statement which is reviewed and maintained as a matter of record by the Office of Human Resources. Any questionable activity is not permitted until the appropriate Vice President has determined that sufficient safeguards exist to fully protect the University's interests and the University's General Counsel has reviewed. Reconciliation of Net Assets Form 990, Part XI, Line 5 Other changes in net assets are made up of the following: Unrealized Gains on Investments $15,211,713 Postretirement Changes other than net periodic benefit costs (275,670) Reclassifications and other adjustments (141,058) ------------ $14,794,985