2011-05-05T12:05:09-04:00 2010-06-30 KPMG LLP 345 Park Avenue New York NY 101540102 990 2009-07-01 131628206 MARYMOUNT MANHATTAN COLLEGE MARY 2125170400 221 EAST 71ST STREET NEW YORK NY 100214597 PAUL CIRAULO 2011-05-04 true 2127589700 2009 2016-02-24 21:20:13Z DR JUDSON SHAVER 221 EAST 71ST STREET NEW YORK NY 100214597 73039996 false X http://www.mmm.edu X 1961 NY MARYMOUNT MANHATTAN COLLEGE'S MISSION IS TO EDUCATE A SOCIALLY AND ECONOMICALLY DIVERSE POPULATION BY FOSTERING INTELLECTUAL ACHIEVEMENT, PERSONAL GROWTH AND CAREER DEVELOPMENT. 23 22 936 0 0 0 6250458 4720019 49948311 52204978 369830 303292 -129468 -66191 56439131 57162098 8133414 9117792 0 0 23486309 25403857 362041 91987 2053016 20339340 22715156 52321104 57328792 4118027 -166694 113476469 111266285 58384978 55253448 55091491 56012837 MARYMOUNT MANHATTAN COLLEGE IS AN URBAN, INDEPENDENT, LIBERAL ARTS COLLEGE. THE MISSION OF THE COLLEGE IS TO EDUCATE A SOCIALLY AND ECONOMICALLY DIVERSE POPULATION BY FOSTERING INTELLECTUAL ACHIEVEMENT AND PERSONAL GROWTH AND BY PROVIDING OPPORTUNITIES FOR CAREER DEVELOPMENT. INHERENT IN THIS MISSION IS THE INTENT TO DEVELOP AN AWARENESS OF SOCIAL, POLITICAL, CULTURAL AND ETHICAL ISSUES, IN THE BELIEF THAT THIS AWARENESS WILL LEAD TO CONCERN FOR, PARTICIPATION IN, AND IMPROVEMENT OF SOCIETY. TO ACCOMPLISH THIS MISSION, THE COLLEGE OFFERS A STRONG PROGRAM IN THE ARTS AND SCIENCES FOR STUDENTS OF ALL AGES, AS WELL AS SUBSTANTIAL PRE-PROFESSIONAL PREPARATION. CENTRAL TO THESE EFFORTS IS THE PARTICULAR ATTENTION GIVEN TO THE INDIVIDUAL STUDENT. MARYMOUNT MANHATTAN COLLEGE SEEKS TO BE A RESOURCE AND LEARNING CENTER FOR THE METROPOLITAN COMMUNITY. false false 611600 37975554 9117792 Founded in 1936 as a women's college by the Religious of the Sacred Heart of Mary, Marymount Manhattan moved to its present location on 71st Street and became a four-year bachelor degree-granting institution in 1948. Faithful to the vision of its founders, Marymount Manhattan is thriving as a nonsectarian, coeducational, independent college of the liberal arts, attracting and serving a diverse community of students, faculty, and staff. As the College moves forward with its 2008-2013 Strategic Plan to create an enriched and highly challenging learning and living experience that is international in focus, interdisciplinary in method, and experiential in procedure, we remain committed to serving a socially and economically diverse population. In addition to keeping tuition affordable, the ability to offer assistance to students in-need is essential to achieve this goal. The College serves a student body of close to 1,900 full- and part-time students and has experienced record enrollments for the past two years. Today, the College draws students from 44 states and 28 countries; approximately 26% of our students are minorities. Returning adults comprise 16% of our students. MMC students can pursue degrees in 7 major programs of study and choose from among 34 minors to focus their studies even further. During their college careers, students can study abroad, engage in sophisticated research projects, hold internships at New York City companies, and become involved in service-learning opportunities. 611710 9813043 0 8429469 Approximately 750 students make their home at Marymount Manhattan in one of our three residence halls. The 55th Street Residence is our first-year residence hall and newest hall, where students live in suite-style arrangements just 16 blocks from the College. Each suite consists of two bedrooms furnished with loft beds, dressers, and desks, a kitchen and a bathroom, plus individual lines for telephone, cable and computer access. The building is staffed with 24-hour security and features other amenities such as a laundry room, convenience store, lounge space and balcony. De Hirsch Hall is located at 92nd Street and Lexington Avenue, and students in this hall reside on two floors in single and double rooms. Students on each floor share a community kitchen and bathroom, and each student has a bed, dresser, and desk. 92nd Street Y De Hirsch Residence is staffed with 24-hour security and offers weekly maid service. Gym facilities are available at a discounted rate, as are many lectures and special programs held in the facility. The Manhattan Park Residence on nearby Roosevelt Island offers true apartment living for students in their second, third or fourth year of study at Marymount Manhattan College. These two bedroom/two bath apartments in an exceptionally nice apartment complex are spacious and feature a full kitchen, living room, dining area, two baths, large closets, a flat screen TV, internet and cable. There is a free gym located within the building, a laundry room, a 24-hour concierge, and a sun deck. Manhattan Park is in close proximity to MMC by taking the Tram from 59th Street to Roosevelt Island, or by taking the Uptown F train from 63rd Street and Lexington Avenue to the first stop. The Residence Life staff oversees all living facilities and strives to create a sense of community by providing educational and social programs. Each hall is staffed by full-time Residence Directors and Resident Advisors. 900099 196689 0 138000 The Office of Academic Achievement addresses many fundamental principles of Marymount Manhattan's mission. Through the Center of Academic Advancement (CAA), we strive to ensure academic success of every student. One-on-one study sessions permit individualized assistance, building on strengths and overcoming weaknesses. The CAA fosters opportunities for intellectual achievement and personal growth. 0 0 0 47985286 true true false true false false false false true true true false true false false false false true true false false false true true true false false false false false true true false false false true true false false false true true false false false 61 0 true 936 true false false false false false true true false false false 23 22 false false false false false false false true true false false false true true true true true true true false NJ X X X WAYNE SANTUCCI 2125170544 221 EAST 71ST STREET NEW YORK NY 100214597 Angela E Vallot 1.0 X Anne C Flannery 1.0 X Edgar Eisner 1.0 X Ginger Lyons de Neufville 1.0 X Gloria Spinelli Bohan 1.0 X Hope D Knight 1.0 X James B Hornor 1.0 X James E Buckman 1.0 X Judith M Carson 1.0 X Louis A Martarano 1.0 X Lucille Zanghi 1.0 X Mary Twomey Greason 1.0 X Ms Louise Beit 1.0 X Natan Wekselbaum 1.0 X Natasha Pearl 1.0 X Paul A Galiano 1.0 X Ronald J Yoo 1.0 X Sr Ellen Marie Keane 1.0 X Sr Kathleen Connell 1.0 X Sr Rita Arthur 1.0 X Thomas C Clark 1.0 X Paul Lowerre 1.0 X Dr Judson Shaver 35.0 X X 564497 0 33868 Paul Ciraulo 35.0 X 200193 0 23263 David Podell 35.0 X 187803 0 21900 Carol Jackson 35.0 X 157091 0 18278 Betty Heinig 35.0 X X 195031 0 126742 Peter Baker 35.0 X 136943 0 16250 Wayne Santucci 35.0 X 131708 0 22261 Patricia Hansen 35.0 X 122533 0 14719 Linda Solomon 35.0 X 119866 0 14010 Jean Wilhelm 35.0 X 116349 0 14246 1932014 0 305537 22 false true false Park East Construction 266 East Jericho Turnpike SOUTH HUNTINGTON NY 11746 construc. CONTRACTOR 4325323 Goodstein Management Inc 211 East 46th Street NEW YORK NY 10017 studnt housing mngt 815954 Aramark Facilities 221 EAST 71ST STREET NEW YORK NY 10021 FACILITY & FOOD SRVC 760621 Greenberg Traurig LLP 200 Park Avenue NEW YORK NY 10166 Legal Services 706952 13 480042 486476 3753501 36375 4720019 TUITION AND FEES 900099 43637509 43637509 RESIDENCE FEES 900099 8429469 8429469 ACADEMIC PROGRAMS 900099 138000 138000 52204978 334211 334211 0 0 15659598 15690517 -30919 -30919 -30919 78200 480042 187381 -109181 -109181 0 0 MISCELLANEOUS 900099 42990 42990 42990 57162098 52247968 0 194111 0 9117792 9117792 0 0 1931802 1525107 316320 90375 0 17979416 13887944 3133788 957684 1525877 1181164 264396 80317 2615613 2024717 453219 137677 1351149 1045909 234120 71120 0 506601 506601 193585 193585 49384 49384 91987 91987 40745 32167 6672 1906 3265481 2818844 295828 150809 533928 533928 1580376 1321014 124127 135235 858483 259 858224 0 1497750 1182434 245247 70069 252003 207790 36818 7395 0 628755 491191 77931 59633 2986239 2986239 0 5021095 4571504 349684 99907 245205 193583 40151 11471 HOUSING RENTAL 2865957 2865957 EQUIP. RENTAL & MAINTENANCE 298392 185914 106403 6075 BAD DEBT RESERVE 708204 708204 DUES AND MEMBERSHIPS 254611 241526 10177 2908 EMPLOYEE RECRUITING 34859 27520 5708 1631 893503 785195 31491 76817 57328792 47985286 7290490 2053016 114744 283835 17774935 15039641 8396645 6428455 950482 1045275 325000 325000 391779 336849 98374891 33481057 62349356 64893834 20797828 20283319 2375700 2630077 113476469 111266285 5203291 2837489 1289826 1409474 49895000 49275000 1996861 1731485 58384978 55253448 X 33347569 35444476 11440801 9455747 10303121 11112614 55091491 56012837 113476469 111266285 X false true true X true true X false false false RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true false false false false true 57127 false false 57127 false false 11775854 809493 1240274 303641 13521980 12946877 1076554 -1705838 541739 11775854 1.00000 false false 14425831 14425831 72557221 24794152 47763069 8933964 7486407 1447557 2457875 1200494 1257381 64893838 0 INTEREST PAYABLE 1247538 ASSET RETIREMENT OBLIGATION 483947 1731485 57162098 57328792 -166694 1088040 1088040 921346 49278982 1088040 -8930411 -7842371 57121353 40745 40745 57162098 48357636 187381 187381 48170255 40745 9117792 9158537 57328792 INTENDED USES OF ENDOWMENT FUNDS FORM 990, SCHEDULE D, PART V, LINE 4 Some endowment funds are used for scholarships. Some funds are used to fund Science and Library departments. RECONCILIATION TO AUDITED FINANCIAL STATEMENTS FORM 990, SCHEDULE D, PART XII, LINE 2D RECLASS OF STUDENT AID $(9,117,792) SPECIAL EVENT EXPENSES $187,381 FORM 990, SCHEDULE D, PART XIII, LINE 2D SPECIAL EVENT EXPENSES $187,381 FORM 990, SCHEDULE D, PART XIII, LINE 4B RECLASS OF STUDENT AID $(9,117,792) true true true MARYMOUNT MANHATTAN COLLEGE HAS PUBLICIZED ITS RACIALLY NONDISCRIMINATORY POLICY THROUGH NEWSPAPER AND/OR BROADCAST MEDIA DURING THE PERIOD OF SOLICITATION IN A WAY THAT MADE THE POLICY KNOWN TO ALL PARTS OF THE GENERAL COMMUNITY IT SERVES. true true true true false false false false false false false false true false METRO AREA SERVICE LEARNING GRANT 1,778 SERVICE LEARNING GRANT 1,770 FEDERAL WORK-STUDY PROGRAM 145,363 --------- TOTAL FEDERAL GRANTS 148,911 --------- NEW YORK STATE LIBRARY GRANT 5,441 NEW YORK STATE HEOP (HIGHER EDUCATION OPPORTUNITY PROGRAM) GRANT 191,955 NEW YORK STATE BEDFORD HILLS GRANT 13,200 NEW YORK STATE EDUCATION GRANT 4,456 NEW YORK STATE BUNDY GRANT 122,513 --------- TOTAL NEW YORK STATE GRANTS 337,565 --------- true X X X X X X X true CMI event planning fndrsg FUNDRAISING false 63764 comprehensive prospect rsch FUNDRAISING false 28223 91987 NJ GOLF TOURNAMENT 135500 95900 39600 41216 29825 MEDAL DINNER 422742 384142 38600 66683 49657 0 558242 480042 78200 107899 79482 187381 -109181 true SCHOLARSHIPS 2429 9117792 Monitoring the use of grant funds form 990, Schedule I, part I, Line 2 The College has developed an institutional packaging philosophy to ensure consistent, equitable, and fair distribution of financial aid funds. Packaging parameters are periodically reviewed with the help of an outside consultant, to evaluate the MMC grants and scholarship programs offered to all student populations at MMC. X X true true X X X true false false false false false false false false Dr Judson Shaver 564497 0 0 0 0 0 23000 0 10868 0 598365 0 0 Paul Ciraulo 200193 0 0 0 0 0 20019 0 3244 0 223456 0 0 David Podell 187803 0 0 0 0 0 18780 0 3120 0 209703 0 0 Carol Jackson 157091 0 0 0 0 0 15709 0 2569 0 175369 0 0 Peter Baker 136943 0 0 0 0 0 13694 0 2556 0 153193 0 0 Wayne Santucci 131708 0 0 0 0 0 13171 0 9090 0 153969 0 0 Betty Heinig 195031 0 0 0 0 0 123550 0 3192 0 321773 0 0 0 SCHEDULE J, PART II, COLUMN (C) In recognition of her years of service, payments totaling $104,047 were paid to Betty Heinig after her separation of service from the College. This amount was included in column (c), in addition to the regular retirement plan contribution. DASNY (SERIES 2009 BONDS) 146000293 649905WR3 2009-02-09 49013498 REFUNDING DASNY SERIES 1999 BONDS false false 49013498 4360562 43326279 0 1280173 0 0 2001 true false false true 0.00000 0.00000 0.00000 false false false false false false judson shaver X 325000 325000 false true true 325000 - 25300 TUITION - EXCHANGE - PROGRAM X 3 36375 high/low price mean 0 false false true USE OF THIRD PARTY TO SELL NON-CASH GIFTS FORM 990, SCHEDULE M , PART I, LINE 32A THE COLLEGE USES THE SERVICES OF A STOCK BROKER TO SELL NON-CASH CONTRIBUTIONS RECEIVED IN THE FORM OF STOCK AND SECURITIES. FORM 990, PART I, LINE 19 In December 1999, the College issued $57 million in fixed-rate revenue bonds through the Dormitory Authority of the State of New York (DASNY). It used the majority of funds generated by the bond issue to build a residence hall on the Upper East Side of Manhattan, New York City. In 2009, $48.57 million in Marymount Manhattan bonds were outstanding with a 6.23% average coupon. The scheduled bond interest payment for fiscal year 2009/2010 was about $3,000,000. In February 2009, the College realized that refunding the outstanding bonds could capture significant projected debt service savings without altering their final maturity date (July 1, 2029). Working with Merrill Lynch, the company that ultimately underwrote the bond refunding, the College found that 2009 market conditions were favorable for the refunding, and that accomplishing the transaction would depend on the College's credit rating and other factors at the time of sale. In June 2009, the Executive Committee of Marymount Manhattan's Board of Trustees authorized the College to begin the structuring and pursuit of refunding the Series 1999 bonds through DASNY in order to obtain debt service savings. At that time, the College did not have its own bond rating. This was not uncommon for many smaller, infrequent borrowers who historically relied on credit enhancement, such as bond insurance, to access the tax-exempt market. Merrill Lynch advised the College that many significant, positive changes in Marymount Manhattan's management, finances and operations since 2001 created an opportunity for the College to obtain an investment-grade bond rating. After extensive analysis, the College received a Baa2 bond rating from Moody's in November 2009. The College refunded the Series 1999 Dormitory Bonds in December 2009. The refunding process was straightforward. The College issued Series 2009 fixed rate refunding bonds, the proceeds of which were used to retire outstanding Series 1999 bonds. The refunding did not extend the life of the new bond issue past 2029, which was the expiration date of the Series 1999 bonds. Based on the refunding, the College will realize about $6.8 million in debt service savings over the remaining life of the Series 2009 bonds. In 2009, the College's balance sheet included bond issuance costs associated with the 1999 transaction. From an accounting standpoint, the College amortized these costs over the life of the Series 1999 bonds (30 years). By 2009, the College had amortized almost 30% of the 1999 bond issuance costs, leaving a balance of about $2,000,000 subject to amortization over the remaining twenty-year life of the 1999 bonds. When the College refunded the Series 1999 bonds, it amortized the remaining issuance costs associated with the 1999 transaction on an accelerated basis. Therefore, the College recognized a one-time amortization cost of $2,000,000 relating to the Series 1999 bonds on its Statement of Activities for the year ending June 30, 2010. BOARD REVIEW OF FORM 990 FORM 990, PART VI, SECTION A, LINE 11 THE FORM 990 IS PREPARED INTERNALLY BY THE STAFF OF THE COLLEGE. THE DRAFT RETURN IS THEN REVIEWED BY AN INDEPENDENT ACCOUNTING FIRM, AND IS MODIFIED UNTIL BOTH ARE SATISFIED WITH THE RETURN. THE AUDIT COMMITTEE THEN REVIEWS AND APPROVES THE FORM 990 (INCLUDING SCHEDULE B) IN A MEETING ATTENDED BY COMMITTEE MEMBERS, MANAGEMENT AND THE INDEPENDENT ACCOUNTANTS. AFTER APPROVAL, THE ENTIRE BOARD OF DIRECTORS IS PROVIDED A PUBLIC INSPECTION COPY OF THE RETURN FOR REVIEW PRIOR TO FILING THE RETURN WITH THE IRS. THE AUDIT COMMITTEE CHAIR, CHIEF FINANCIAL OFFICER AND THE INDEPENDENT ACCOUNTANTS ARE AVAILABLE TO THE BOARD FOR QUESTIONS. BECAUSE THE BOARD OF DIRECTORS IS PROVIDED WITH A PUBLIC INSPECTION COPY OF THE RETURN (I.E., FORM 990, WITH SCHEDULE B INFORMATION REDACTED), PART VI, LINE 11 HAS BEEN ANSWERED AS NO. CONFLICT OF INTEREST POLICY FORM 990, PART VI, SECTION B, LINE 12C The Trustees of Marymount Manhattan College are elected to serve the College, and are expected to carry out their duties in a manner that inspires and assures the confidence of the College and the broader community. All actions by Trustees with respect to the College and its property must be taken solely on the basis of a desire to advance the best interests of the College. Trustees shall not use their positions as Trustees, or knowledge gained therefrom, so that a conflict might arise between the interests of the College and the individual interests of the Trustees. The College's Trustees inevitably are involved in the affairs of other institutions and organizations. Trustees may from time to time have relationships and affiliations that may raise questions about perceived conflicts of interest. Although many such potential conflicts are and will be deemed inconsequential, each Trustee has the responsibility to ensure that the entire Board is made aware of situations that involve personal, familial or business relationships that could be potential conflicts. Thus, the Board requires each Trustee to (a) confirm that he or she is familiar with this policy, (b) disclose to the Board Chair any possible personal, familial or business relationships that might give rise to a conflict of interest or the appearance of a conflict of interest involving the College, and (c) agree to serve only in accordance with the letter and spirit of this policy. A form for this purpose is attached, and shall be completed by each Trustee at least annually. A "business relationship" is one in which a Trustee or a member of his or her family serves as an officer, director, employee, partner, trustee or controlling stockholder of an organization that does business with the College. A "family member" is a spouse, parent, sibling or child of a Trustee, or any other relative living in the Trustee's household. If a Trustee is uncertain whether to disclose a particular relationship, the Board Chair should be consulted. The Chair may elect to seek the judgment of the Executive Committee in determining whether a relationship gives rise to a conflict of interest or should otherwise be disclosed to the Board. The Chair and the Executive Committee shall keep any consultation confidential unless and until they determine that the best interests of the College require disclosure. A Trustee who has a conflict of interest shall not participate in any consideration by the Board of a matter relating to the conflict. COMPENSATION REVIEW FORM 990, PART VI, SECTION B, LINE 15A and 15B Compensation for the President, Executive Vice President, the Vice President of Enrollment Management, Vice President of Academic Affairs, and the Vice President of Institutional Research and Planning is determined by a process that includes the use of comparability data, review and approval by the compensation committee of the college's board of trustees, and contemporaneous recordkeeping of deliberations and decisions. PUBLIC DISCLOSURE OF GOVERNING DOCUMENTS FORM 990, PART VI, SECTION C, LINE 19 The College makes its Form 990 and financial statements available to the public through its website. the form 990 is also available on www.guidestar.org. Other governing documents and conflict of interest policy are not available to the public. UNALLOCATED ISSUANCE COSTS FORM 990, SCHEDULE K, PART II, COLUMN A THE COLLEGE HAS $46,482 OF UNALLOCATED ISSUANCE COSTS FROM PROCEEDS AS OF JUNE 30, 2010. 231-235 EAST 55TH STREET CONDOMINIUM GOoDSTEIN MGMT - 211 EAST 46TH STRE NEW YORK NY 10017 582636459 STUDENT HOUSING NY NA C CORP 936514 1413797 0.70700 false false false false false false false false false false false false false true true false false false Goodstein Management n-o 788175