2023-05-15T08:17:21-05:00 2022-06-30 135565207 KPMG LLP 345 PARK AVENUE NEW YORK NY 101540102 990 2021-07-01 132676570 TOURO UNIVERSITY TOUR 6465656000 50 WEST 47TH STREET NEW YORK NY 10036 MELVIN NESS SENIOR VP AND CFO 6465656000 2023-05-11 1 MELVIN NESS XXX-XX-XXXX EVAN W SEEKAMP P01907071 2127589700 2023-05-11 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z MELVIN NESS 50 WEST 47TH STREET NEW YORK NY 10036 411467120 0 X WWW.TOURO.EDU X 1970 NY TO PROVIDE AN INDEPENDENT INSTITUTION OF HIGHER AND PROFESSIONAL EDUCATION. 26 18 3328 350 0 0 50314934 26128655 296846761 299195447 10436693 15983112 25455615 25674466 383054003 366981680 50733669 40480930 0 0 176558593 179022465 0 0 5343680 110781719 118922947 338073981 338426342 44980022 28555338 623239335 635568215 374310810 372159018 248928525 263409197 X THE UNIVERSITY'S PRIMARY PURPOSE IS TO PROVIDE AN INDEPENDENT INSTITUTION OF HIGHER AND PROFESSIONAL EDUCATION. (SEE SCHEDULE O) 0 0 306113470 38880930 324667557 ACADEMIC SUPPORT: TOURO UNIVERSITY PROVIDED EDUCATION, PRIMARILY IN THE NEW YORK CITY METROPOLITAN AREA, TO APPROXIMATELY 12,000 UNDERGRADUATE, GRADUATE AND PROFESSIONAL STUDENTS DURING THE FISCAL YEAR IN VARIOUS FIELDS OF STUDY, INCLUDING LAW, MEDICINE AND OTHER HEALTHCARE FIELDS, GRANTING THE FOLLOWING ACADEMIC DEGREES: UNDERGRADUATE (1,669); GRADUATE (1,725); FIRST PROFESSIONAL (654). 306113470 1 1 0 1 0 0 0 1 0 1 1 0 0 1 1 1 0 1 1 1 1 1 1 0 1 0 0 1 1 1 1 0 0 0 0 0 1 0 1 1 1 0 0 0 0 1 1 1 1 0 0 1 541 0 1 3328 1 1 1 1 GM IS 0 0 0 1 1 0 0 0 0 0 0 X 26 18 0 0 0 0 0 0 0 1 1 0 1 1 1 1 1 1 1 1 1 0 0 NY X STUART LIPPMAN CONTROLLER 6465656026 50 WEST 47TH STREET NEW YORK NY 10036 ABRAHAM BIDERMAN TRUSTEE 0.80 0.20 X 0 0 0 SHMUEL BRAUN TRUSTEE 0.80 0.20 X 0 0 0 BEN CHOUAKE TRUSTEE 0.40 0.60 X 0 0 0 ALLEN FAGIN TRUSTEE 0.80 0.20 X 0 0 0 HOWARD FRIEDMAN TRUSTEE 0.80 0.20 X 0 0 0 ZAHAVA FRIEDMAN TRUSTEE 0.80 0.20 X 0 0 0 GILLES GADE TRUSTEE 0.80 0.20 X 0 0 0 RABBI MENACHEM GENACK TRUSTEE AND FACULTY 33.00 2.00 X 27310 54075 3800 SOLOMON GOLDFINGER TRUSTEE 0.80 0.20 X 0 0 0 ABRAHAM GUTNICKI TRUSTEE 0.80 0.20 X 0 0 0 DEBRA HARTMAN TRUSTEE - BEG. 1/22 0.80 0.20 X 0 0 0 ALAN KADISH PRESIDENT, CEO AND TRUSTEE 18.00 17.00 X X 1008541 0 261509 JUDY HASTEN KAYE TRUSTEE - BEG. 2/22 0.80 0.20 X 0 0 0 RABBI DANIEL LANDER TRUSTEE AND CHANCELLOR 3.00 32.00 X X 178648 200523 132649 BRIAN LEVINSON TRUSTEE 0.80 0.20 X 0 0 0 DAVID LICHTENSTEIN TRUSTEE 0.70 0.30 X 0 0 0 MARTIN OLINER TRUSTEE 0.50 0.50 X 0 0 0 LAWRENCE PLATT TRUSTEE 0.80 0.20 X 0 0 0 MARGARET RETTER TRUSTEE 0.80 0.20 X 0 0 0 STEPHEN ROSENBERG TRUSTEE 0.70 0.30 X 0 0 0 ZVI RYZMAN CHAIRMAN AND TRUSTEE 1.00 4.00 X 0 0 0 ISRAEL SENDROVIC TRUSTEE 0.80 0.20 X 0 0 0 GARY TORGOW TRUSTEE 0.80 0.20 X 0 0 0 JACK WEINREB TRUSTEE 0.80 0.20 X 0 0 0 RABBI SHABSAI WOLFE TRUSTEE 0.80 0.20 X 0 0 0 STEVEN ZULLER TRUSTEE 0.80 0.20 X 0 0 0 SALOMON AMAR SR VP FOR RESEARCH AFFAIRS 19.00 16.00 X 343780 186252 97937 MOSHE KRUPKA EXECUTIVE VP 28.00 7.00 X 264716 0 147240 MELVIN NESS SENIOR VP, CFO 30.90 4.10 X 387289 0 16849 MICHAEL NEWMAN SECRETARY, SR. VP AND GEN COUNSEL 20.00 15.00 X 316839 0 32079 PATRICIA SALKIN PROVOST, SR VP ACADEMIC AFFAIRS 34.50 0.50 X 376495 0 112515 JEFFREY ROSENGARTEN SENIOR VP OF OPER. & ADMIN. 29.00 6.00 X 330914 0 17845 LOUIS PRIMAVERA DEAN, SCHOOL OF HEALTH SCIENCES 35.00 0.00 X 265693 0 15110 HENRY COHEN DEAN, PHARMACY SCHOOL 35.00 0.00 X 266450 0 100373 RONNIE MYERS DEAN, DENTAL SCHOOL 35.00 0.00 X 369285 0 17845 KENNETH STEIER EXECUTIVE DEAN, PROFESSOR 35.00 0.00 X 478917 0 50273 ELENA LANGAN DEAN, LAW SCHOOL 34.50 0.50 X 312260 0 29032 BARBARA CAPOZZI CLINICAL DEAN TOUROCOM 35.00 0.00 X 274123 0 25804 JOSEPH TOMMASINO VP PA PROGRAM OPERATIONS 35.00 0.00 X 259007 0 7961 ARTHUR PRANCAN ASSOCIATE PROFESSOR 35.00 0.00 X 271112 0 48592 EDWARD F FARKAS VICE DEAN, DENTAL SCHOOL 35.00 0.00 X 319417 0 43741 THOMAS MODERO CHIEF HUMAN SERVICES OFFICER 25.00 10.00 X 261151 0 37609 MATTHEW BONILLA VP OF STUDENT SERVICES - END 6/18 35.00 0.00 X 269093 0 43638 STANLEY BOYLAN VP OF UNDERGRAD. ED. - END 6/18 35.00 0.00 X 154122 0 44499 RICHARD BRAUNSTEIN VP, DEPUTY GEN. COUNSEL - END 6/18 24.90 10.10 X 212309 0 30538 ALAN CINER VICE PRESIDENT - END 6/18 35.00 0.00 X 131392 0 60110 ROBERT GOLDSCHMIDT VP, PLANNING & ASSESSMENT - END 6/18 35.00 0.00 X 177785 0 49220 NADIA GRAFF VP, GRAD & PROF STUDIES - END 6/18 35.00 0.00 X 253386 0 14513 ISRAEL SINGER VICE PRESIDENT - END 6/18 33.00 2.00 X 123960 0 17718 FRANKLIN STEEN VP OF TECHNOLOGY - END 6/18 29.00 6.00 X 266861 0 36725 MARIAN STOLTZ-LOIKE VP, ONLINE EDUCATION - END 6/18 35.00 0.00 X 280771 0 27983 JUDAH WEINBERGER VP OF COLLAB. MEDICINE - END 6/18 35.00 0.00 X 258522 0 15257 8440148 440850 1538964 321 1 1 0 I&G GROUP 404 5TH AVE 3RD FLOOR NEW YORK NY 10018 CONSTRUCTION 5180286 ELLUCIAN COMPANY L P 62578 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 SERVICE CONTRACT 1304285 PAVARINI NORTH EAST CONSTRUCTION COMPANY 30 OAK STREET STAMFORD CT 06905 CONSTRUCTION 1289435 PARKSEEN REALTY ASSOCIATES LLC 358 5TH AVE SUITE 1402 NEW YORK NY 10001 REAL ESTATE TAXES 1151629 KPMG LLP DEPT 0511 DALLAS TX 753120511 AUDIT 640500 35 576960 20265010 5286685 26128655 STUDENT TUITION/FEES 611600 289506225 289506225 FACULTY PRACTICE REVEN 611600 6544661 6544661 DORM FEES 611600 3144561 3144561 299195447 1879846 1879846 134315 0 134315 134315 134315 37733671 20417000 39590405 4457000 -1856734 15960000 14103266 14103266 506076 576960 438035 68041 68041 ACADEMIC SUPPORT 900099 23591041 23591041 CAFETERIA INCOME 900099 340748 340748 1540321 1540321 25472110 366981680 324667557 0 16185468 1600000 1600000 38396442 38396442 484488 484488 5094183 2131663 2763729 198791 955567 844672 92078 18817 139700205 125859042 11188560 2652603 4348174 3843560 418987 85627 19125294 16905765 1842900 376629 9799042 8661843 944229 192970 1574511 1391786 151719 31006 516136 516136 80770 71396 7783 1591 236283 208862 22768 4653 4457634 3940316 429535 87783 6630591 5861098 638919 130574 3376032 2831652 477897 66483 8732711 7719262 841478 171971 37175230 32860969 3582180 732081 1158117 1023716 111595 22806 126622 111927 12201 2494 155280 155280 17966667 15881599 1731256 353812 1986057 1755571 191375 39111 EDUCATIONAL PROGRAMS 15882759 15882759 STUDENT ACTIVITIES 8133500 8133500 DUES, SUB & MEMBERSHIPS 3124234 2761660 301049 61525 BAD DEBT EXPENSE 786330 786330 6823483 6163592 547538 112353 338426342 306113470 26969192 5343680 27898215 20352786 4930845 6153804 13560805 7117906 56599 58427 19439102 16823277 7136716 8292648 491129004 191864123 280881580 299264881 112555437 114167516 542080 338158 3482500 3200000 152755456 159798812 623239335 635568215 53147266 57299343 32624243 24353323 162116091 161161815 1544000 22313297 19372102 102565913 109972435 374310810 372159018 X 233964525 247821197 14964000 15588000 248928525 263409197 623239335 635568215 28555338 -14074666 0 X 0 1 X 1 1 1 X 9715635 7995275 14230332 50314934 26128655 108384831 9715635 7995275 14230332 50314934 26128655 108384831 108384831 1109374 1623335 1091203 1078338 2014161 6916411 2557415 2267614 4825029 120126271 1525380877 0.90230 0.89350 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER EXCLUDED INCOME - 2018 AMOUNT: $ 2,557,415. 2019 AMOUNT: $ 2,267,614. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 80770 0 0 80770 0 PART II-B, LINE 1: OTHER ACTIVITIES THE UNIVERSITY HIRED LOBBYISTS TO ASSIST IN OBTAINING APPROVAL FROM FEDERAL, STATE AND CITY AGENCIES TO ENHANCE THE FACILITIES AND PROGRAMS OF THE UNIVERSITY. THE UNIVERSITY OR ITS REPRESENTATIVES MAY MEET WITH LEGISLATORS TO DISCUSS CERTAIN GRANTS. 462074 X 0 43308379 24169 -4749210 1584672 36998666 38618085 31647 6255979 1597332 43308379 40342144 500000 790321 3014380 38618085 55160900 2594690 2255378 1256278 570226 17842320 40342144 22550386 32172451 1371878 616767 196132 120916 55160900 0.91040 0.07620 0.01340 0 0 16289219 16289219 273598362 73139624 200458738 68413107 46857302 21555805 55838988 36741214 19097774 76989328 35125983 41863345 299264881 RIGHT OF USE ASSETS 99459851 DUE FROM/TO AFFILIATES, NET 45296790 DEPOSITS WITH BOND TRUSTEE 11745421 RECEIVABLE FROM HTC 2482797 ARTWORK INVENTORY 462074 OTHER ASSETS 351879 159798812 OPERATING LEASE LIABILITIES 104562314 TUITION ESCROW 3611592 STUDENT DEPOSITS 1597556 OTHER LIABILITIES 200973 109972435 X PART III, LINE 1A: COLLECTION OF ART AND RELIGIOUS OBJECTS A COLLECTION OF ART AND RELIGIOUS OBJECTS ACQUIRED SINCE INCEPTION THROUGH PURCHASES, CONTRIBUTIONS AND LONG TERM LOANS ARE INSURED FOR APPROXIMATELY $977,000 INCLUDING APPROXIMATELY $141,000 RELATED TO RELIGIOUS OBJECTS ON LOAN. RECORDS OF THE COST OF PURCHASED ITEMS OR OF THE FAIR VALUE AS OF THE DATE OF CONTRIBUTIONS ARE NOT AVAILABLE IN MANY INSTANCES, AND THE UNIVERSITY HAS DETERMINED THAT IT WOULD NOT BE PRACTICAL TO RETROACTIVELY CAPITALIZE ITS COLLECTION. PART III, LINE 4: RELIGIOUS ARTWORK TOURO MAINTAINS ARTWORK AT VARIOUS LOCATIONS. A PORTION OF THE ARTWORK REPRESENTS RELIGIOUS ARTIFACTS USED IN WEEKLY RELIGIOUS SERVICES. OTHER ARTWORK IS USED TO BEAUTIFY THE FACILITIES TO ENHANCE STUDENT AND FACULTY ACCEPTANCE OF THEIR SURROUNDINGS. PART V, LINE 4: ENDOWMENT FUNDS TO PROVIDE SCHOLARSHIPS AND GRANTS TO STUDENTS, TO ADD OR IMPROVE FACILITIES, TO FUND RESEARCH AND PROVIDE ADDITIONAL PROGRAM FUNDS. PART X, LINE 2: ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES THE UNIVERSITY SUBSCRIBES 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, 2022 AND 2021, THE UNIVERSITY DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS OR ANY SIGNIFICANT UNRELATED BUSINESS INCOME TAX LIABILITY, WHICH WOULD HAVE A MATERIAL IMPACT UPON ITS 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 BROCHURES AND CATALOGS DISTRIBUTED TO STUDENTS AND RECRUITMENT ADVERTISEMENTS IN JOURNALS AND NEWSPAPERS, AS WELL AS ON OWN WEBSITE, TV, INTERNET AND THE RADIO, CONTAIN STATEMENTS WITH RESPECT TO TOURO UNIVERSITY'S RACIALLY NONDISCRIMINATORY POLICY. LINE 6 - EXPLANATION OF GOVERNMENT FINANCIAL AID: FEDERAL AND STATE GRANTS, INCLUDING HEERF FUNDS, OF $20,265,010. STUDENTS ATTENDING THE UNIVERSITY MAY ALSO BE ELIGIBLE FOR FEDERAL FINANCIAL AID INCLUDING STUDENT LOANS. ADDITIONALLY, THE UNIVERSITY RECEIVED GRANTS FROM THE GOVERNMENT FOR RESEARCH AND FACILITY IMPROVEMENTS. 1 MIDDLE EAST AND NORTH AFRICA 1 41 PROGRAM SERVICES EDUCATION 2283278 RUSSIA/INDEPENDENT STATES 2 0 PROGRAM SERVICES EDUCATION 193704 EUROPE 0 0 GRANTMAKING 387617 MIDDLE EAST AND NORTH AFRICA 0 0 GRANTMAKING 96871 3 41 0 0 3 41 2961470 0 2961470 EUROPE EDUCATION 387617 0 1 SCHOLARSHIPS MIDDLE EAST/NORTH AFRICA 94 96871 1 0 1 0 0 1 PART I, LINE 2: OPERATIONS REVIEW PERIODIC SITE VISITS BY UNIVERSITY ADMINISTRATORS AND FACULTY REVIEW LOCAL OPERATIONS. SIGNIFICANT OPERATIONS HAVE REVIEWS BY LOCAL INDEPENDENT AUDITORS. STUDENTS ARE AWARDED TUITION DISCOUNTS BASED ON VARIOUS CRITERIA. THE DISCOUNTS ARE CREDITED TO THE STUDENT'S ACCOUNTS. PART III ACCOUNTING METHOD: NY LAW SCHOOL DINNER 371226 281226 90000 49997 19850 4875 LCM CHAG SMICHA DINNER 317888 137243 180645 17679 34650 72792 3 393912 158481 235431 49455 60596 128141 1083026 576950 506076 117131 115096 205808 438035 68041 1 HEBREW THEOLOGICAL COLLEGE (HTC) 7135 NORTH CARPENTER ROAD SKOKIE IL 60077 362167095 501(C)(3) 1600000 0 EDUCATION 1 0 SCHOLARSHIPS 4199 32786980 HEERF FUNDING 4651 5609462 PART I, LINE 2: MONITORING GRANTS SINCE ITS INCEPTION, MANAGEMENT REVIEWS REQUESTS FOR GRANTS. THE UNIVERSITY MONITORS ALL REQUESTS FOR USE OF GRANT FUNDS AGAINST THE SUBMITTED BUDGETS FOR THE RESPECTIVE GRANTS. PRIOR TO SUBMISSION OF REQUESTS FOR REIMBURSEMENT, ADDITIONAL REVIEW OF EXPENDED FUNDS IS PERFORMED TO ENSURE COMPLIANCE WITH GRANT AND UNIVERSITY GUIDELINES. STUDENTS ARE AWARDED TUITION DISCOUNTS BASED ON VARIOUS CRITERIA. THE DISCOUNTS ARE CREDITED TO THE STUDENTS' ACCOUNTS. X X X X 0 1 X X X 0 1 0 0 0 0 0 0 0 ALAN KADISH PRESIDENT, CEO AND TRUSTEE 987074 0 0 0 21467 0 14500 0 247009 0 1270050 0 0 0 SALOMON AMAR SR VP FOR RESEARCH AFFAIRS 343030 166752 0 0 750 19500 8572 7463 81902 0 434254 193715 0 0 KENNETH STEIER EXECUTIVE DEAN, PROFESSOR 477913 0 0 0 1004 0 14500 0 35773 0 529190 0 0 0 RABBI DANIEL LANDER TRUSTEE AND CHANCELLOR 175515 200523 0 0 3133 0 0 13281 0 119368 178648 333172 0 0 PATRICIA SALKIN PROVOST, SR VP ACADEMIC AFFAIRS 375312 0 0 0 1183 0 14500 0 98015 0 489010 0 0 0 MOSHE KRUPKA EXECUTIVE VP 255189 0 0 0 9527 0 14500 0 132740 0 411956 0 0 0 MELVIN NESS SENIOR VP, CFO 378372 0 0 0 8917 0 14500 0 2349 0 404138 0 0 0 RONNIE MYERS DEAN, DENTAL SCHOOL 365792 0 0 0 3493 0 14500 0 3345 0 387130 0 0 0 HENRY COHEN DEAN, PHARMACY SCHOOL 265267 0 0 0 1183 0 14008 0 86365 0 366823 0 0 0 EDWARD F FARKAS VICE DEAN, DENTAL SCHOOL 317563 0 0 0 1854 0 14500 0 29241 0 363158 0 0 0 MICHAEL NEWMAN SECRETARY, SR. VP AND GEN COUNSEL 316206 0 0 0 633 0 7704 0 24375 0 348918 0 0 0 JEFFREY ROSENGARTEN SENIOR VP OF OPER. & ADMIN. 323113 0 0 0 7801 0 14500 0 3345 0 348759 0 0 0 ELENA LANGAN DEAN, LAW SCHOOL 310445 0 0 0 1815 0 14500 0 14532 0 341292 0 0 0 ARTHUR PRANCAN ASSOCIATE PROFESSOR 268448 0 0 0 2664 0 14283 0 34309 0 319704 0 0 0 MATTHEW BONILLA VP OF STUDENT SERVICES - END 6/18 268829 0 0 0 264 0 14500 0 29138 0 312731 0 0 0 MARIAN STOLTZ-LOIKE VP, ONLINE EDUCATION - END 6/18 277882 0 0 0 2889 0 14096 0 13887 0 308754 0 0 0 FRANKLIN STEEN VP OF TECHNOLOGY - END 6/18 264214 0 0 0 2647 0 13836 0 22889 0 303586 0 0 0 BARBARA CAPOZZI CLINICAL DEAN TOUROCOM 273014 0 0 0 1109 0 14154 0 11650 0 299927 0 0 0 THOMAS MODERO CHIEF HUMAN SERVICES OFFICER 258255 0 0 0 2896 0 13531 0 24078 0 298760 0 0 0 LOUIS PRIMAVERA DEAN, SCHOOL OF HEALTH SCIENCES 263803 0 0 0 1890 0 13367 0 1743 0 280803 0 0 0 JUDAH WEINBERGER VP OF COLLAB. MEDICINE - END 6/18 256331 0 0 0 2191 0 12817 0 2440 0 273779 0 0 0 NADIA GRAFF VP, GRAD & PROF STUDIES - END 6/18 250972 0 0 0 2414 0 12549 0 1964 0 267899 0 0 0 JOSEPH TOMMASINO VP PA PROGRAM OPERATIONS 257691 0 0 0 1316 0 5277 0 2684 0 266968 0 0 0 RICHARD BRAUNSTEIN VP, DEPUTY GEN. COUNSEL - END 6/18 211029 0 0 0 1280 0 11311 0 19227 0 242847 0 0 0 ROBERT GOLDSCHMIDT VP, PLANNING & ASSESSMENT - END 6/18 176411 0 0 0 1374 0 10132 0 39088 0 227005 0 0 0 STANLEY BOYLAN VP OF UNDERGRAD. ED. - END 6/18 153173 0 0 0 949 0 7157 0 37342 0 198621 0 0 0 ALAN CINER VICE PRESIDENT - END 6/18 130011 0 0 0 1381 0 0 0 60110 0 191502 0 0 0 ISRAEL SINGER VICE PRESIDENT - END 6/18 123518 0 0 0 442 0 0 0 17718 0 141678 0 0 0 PART I, LINE 1A TRAVEL THE PRESIDENT AND SOME OF THE OFFICERS ARE PROVIDED WITH NONTAXABLE UPGRADED TRAVEL AND SPOUSAL TRAVEL ON CERTAIN TRIPS. HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE THE PRESIDENT AND PROVOST/SVP ACADEMIC AFFAIRS ARE PROVIDED A CORPORATE APARTMENT AS A CONDITION OF EMPLOYMENT FOR THE CONVENIENCE OF THE UNIVERSITY. THE VALUE OF THE HOUSING BENEFIT FOR THE PRESIDENT AND PROVOST/SVP ACADEMIC AFFAIRS ARE INCLUDED AS A NONTAXABLE BENEFIT IN SCHEDULE J, PART II, COLUMN D. PERSONAL SERVICES THE PRESIDENT WAS PROVIDED WITH A CAR AND DRIVER FOR BUSINESS PURPOSES. THE VALUE OF THIS SERVICE IS INCLUDED AS A NONTAXABLE BENEFIT IN SCHEDULE J, PART II, COLUMN D. PART I, LINE 1B BOARD APPROVAL THE BENEFITS PROVIDED TO THE PRESIDENT ARE APPROVED BY THE BOARD. BENEFITS PROVIDED TO THE OFFICERS ARE APPROVED BY THE PRESIDENT. PART I, LINE 4B NONQUALIFIED DEFERRED COMPENSATION PLAN TOURO UNIVERSITY'S PRESIDENT PARTICIPATES IN A 457(F) DEFERRED COMPENSATION PLAN; AMOUNTS IN COLUMN (C) INCLUDE A DEFERRAL OF $79,998. FORM 990, SCHEDULE J, PART II, COLUMN D NONTAXABLE BENEFITS NONTAXABLE BENEFITS, AS APPLICABLE, INCLUDE QUALIFIED TUITION REDUCTION, PARSONAGE ALLOWANCES AND QUALIFIED BENEFITS UNDER TOURO'S CAFETERIA PLAN. CERTAIN INDIVIDUALS ARE REQUIRED TO LIVE IN UNIVERSITY PROVIDED HOUSING AS A CONDITION OF EMPLOYMENT FOR THE CONVENIENCE OF THE UNIVERSITY; AS SUCH THOSE HOUSING AMOUNTS ARE NONTAXABLE. A DORMITORY AUTHORITY OF THE STATE OF NY 2013A 146000293 000000000 2013-12-18 19520000 REFINANCE TAXABLE LOAN 0 0 0 B DORMITORY AUTHORITY OF THE STATE OF NY 2014A 146000293 649907M82 2014-06-26 59716460 RENOVATE FACILITIES 0 0 1 C DORMITORY AUTHORITY OF THE STATE OF NY 2014 146000293 000000000 2014-10-22 41475000 REFINANCE TAXABLE LOAN 0 0 0 D DORMITORY AUTHORITY OF THE STATE OF NY 2017 146000293 6499OH6X3 2017-12-28 69869224 ACQUIRE BUILDING 0 0 0 A 3288245 19520000 386587 19133413 2006 0 0 1 1 B 1330000 11381651 803060 311858 217925 10048807 2014 0 0 1 1 C 7145000 41475000 826365 40648634 2007 1 0 1 1 D 69880489 6221379 4759697 1397384 57502028 2019 0 0 1 1 A 0 0 1 1 0 0 0 1 B 0 0 1 1 0 0 0 1 C 0 0 1 1 0 0 0 1 D 0 0 1 1 0 0 0 1 A 0 0 1 1 1 1 PEOPLES UNITED BANK 10.000000000000 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 C 0 0 1 1 1 0 0 0 1 D 0 1 0 0 0 0 0 0 1 A 1 B 1 C 1 D 1 DORMITORY AUTHORITY OF THE STATE OF NEW YORK 2014A: PART I, LINE B - ISSUE PRICE (E) DOES NOT TIE TO PART II, COLUMN B, LINE 3 AS THE ISSUE IS A POOLED FINANCING. $10,805,000 PAR BENEFITS TOURO UNIVERSITY. THE OTHER BENEFICIARY OF THE POOLED FINANCING IS NEW YORK MEDICAL COLLEGE. DORMITORY AUTHORITY OF THE STATE OF NEW YORK 2017 PART II, COLUMN D, LINE 3 - THE TOTAL PROCEEDS DO NOT AGREE TO THE ISSUE PRICE IN PART I, COLUMN (E) DUE TO INVESTMENT EARNINGS. SCHEDULE K, PART III, LINE 3B: ANY MANAGEMENT OR SERVICE CONTRACTS THAT MAY RESULT IN PRIVATE BUSINESS USE OF BOND-FINANCED PROPERTY ARE INCIDENTAL AND/OR FALL UNDER A SAFE HARBOR PROVIDED. SCHEDULE K, PART IV, LINE 2B: THE SERIES 2013A AND 2014 (COLUMNS (A) AND (C)) BOND PROCEEDS HAVE BEEN SPENT. A SPENDING EXCEPTION WAS MET, AND THE DEBT SERVICE FUND WAS OPERATED ON A BONA FIDE BASIS, NO FURTHER REBATE CALCULATIONS ARE NECESSARY. SCHEDULE K, PART IV, ARBITRAGE, LINE 2C: (B) ISSUER NAME: DORMITORY AUTHORITY OF THE STATE OF NEW YORK 2014A DATE THE REBATE COMPUTATION WAS PERFORMED: 05/31/2019 DORMITORY AUTHORITY OF THE STATE OF NEW YORK 2020A: PART I, LINE A - ISSUE PRICE (E) DOES NOT TIE TO PART II, COLUMN B, LINE 3 AS THE ISSUE IS A POOLED FINANCING. $35,250,000 PAR BENEFITS TOURO UNIVERSITY. THE OTHER BENEFICIARY OF THE POOLED FINANCING IS NEW YORK MEDICAL COLLEGE. A DORMITORY AUTHORITY OF THE STATE OF NY 2020A 146000293 000000000 2020-07-01 55610000 ACQUIRE AND RENOVATE FACILITY 0 0 0 A 35262455 2299151 650363 647567 31412975 252400 0 0 0 1 A 0 0 1 1 0 0 0 1 A 0 1 0 0 0 0 0 0 1 A 1 OFFICERSKEY EMPLOYEES VARIOUS PAYROLL X 58427 58427 0 1 0 58427 PHYLLIS LANDER TTEE SPOUSE 53923 EMP. COMP. 0 RICHARD WAXMAN TTEE BROTHER IN LAW 146007 EMP. COMP. 0 DEBRA WAXMAN TTEE SISTER 69794 EMP. COMP. 0 MOSHE FRIEDMAN TTEE SON 89182 EMP. COMP. 0 DAVID MIRSKY TTEE SON IN LAW 109373 EMP. COMP. 0 ESTHER BOYLAN KEY EMPL SPOUSE 54394 EMP. COMP. 0 EDNA DAVIS KEY EMPL SISTER IN LAW 46947 EMP. COMP. 0 ERIC GENACK TTEE SON 36802 EMP. COMP. 0 SHERRY KRUPKA OFC SIBLING 97633 EMP. COMP. 0 BENZION KRUPKA OFC SIBLING 46302 EMP. COMP. 0 RAPHAEL CSILLAG TTEE SON IN LAW 123056 EMP. COMP. 0 STEVEN ZULLER TRUSTEE 391856 PRINTING SERVICES 0 FORM 990, SCHEDULE L, PART II, LOANS: IN 2015 WHEN TOURO CONVERTED FROM A SEMI-MONTHLY TO A BI-WEEKLY PAYROLL, TOURO ADVANCED EIGHT DAYS OF SALARY TO SUBSTANTIALLY ALL EMPLOYEES TO COMPENSATE FOR THE BUILT-IN DELAY IN PROCESSING THE NEW BI-WEEKLY PAYROLL CYCLE. OF SUCH AMOUNT, $58,427 IS INCLUDED IN LOANS AND OTHER RECEIVABLES FROM CURRENT AND FORMER OFFICERS AND KEY EMPLOYEES, AND $2,590,523 FOR OTHER EMPLOYEES IS INCLUDED IN NOTES AND LOANS RECEIVABLE. SUCH AMOUNTS ARE EXPECTED TO BE REPAID AS EMPLOYEES LEAVE THE UNIVERSITY. IMPACT OF COVID-19 IN MARCH 2020, THE WORLD HEALTH ORGANIZATION DECLARED THE NOVEL CORONAVIRUS (COVID-19) A PANDEMIC. THE OUTBREAK OF THE DISEASE AFFECTED TRAVEL, COMMERCE, AND FINANCIAL MARKETS GLOBALLY, INCLUDING IN THE UNITED STATES. FOR THE 2021 -22 ACADEMIC YEAR, INSTRUCTION WAS CONDUCTED ON A HYBRID BASIS WHILE WORKING TO ENSURE A SAFE ENVIRONMENT FOLLOWING GUIDELINES FOR AVOIDANCE OF THE SPREAD OF THE COVID-19 VIRUS. IN RESPONSE TO COVID-19, THE UNITED STATES CONGRESS PASSED LEGISLATION PROVIDING FOR COVID-19 RELIEF THROUGH THE HIGHER EDUCATION EMERGENCY RELIEF FUNDS (HEERF). THE UNIVERSITY RECOGNIZED $17,549 IN GOVERNMENT GRANTS FOR RESEARCH AND SPONSORED PROJECTS RELATING TO HEERF. THE FUNDS WERE USED TO AWARD COVID-19 EMERGENCY RELIEF GRANTS TO STUDENTS AS WELL AS TO OFFSET COSTS INCURRED BY THE UNIVERSITY RELATED TO COVID-19. AS OF JUNE 30, 2022, APPROXIMATELY $13,526 OF ADDITIONAL HEERF FUNDING IS AVAILABLE TO PROVIDE STUDENT EMERGENCY GRANTS AND TO OFFSET INCREMENTAL INSTITUTIONAL EXPENDITURES DURING FISCAL 2023. THE AMOUNTS ARE CONDITIONAL AND HAVE NOT BEEN RECOGNIZED. IN ADDITION, TWO AFFILIATED ENTITIES RECEIVED LOANS UNDER THE PAYCHECK PROTECTION PROGRAM TOTALING APPROXIMATELY $1.6 MILLION DURING THE 2020 FISCAL YEAR. DURING FISCAL YEAR 2022, BOTH AFFILIATES RECEIVED APPROVAL FROM THE SMALL BUSINESS ADMINISTRATION THAT THE LOANS HAVE BEEN FORGIVEN. PART III, LINE 1, MISSION STATEMENT: TOURO UNIVERSITY WAS ESTABLISHED PRIMARILY TO ENRICH THE JEWISH HERITAGE AND TO SERVE THE LARGER AMERICAN COMMUNITY. THE UNIVERSITY HAS AN UNDERGRADUATE CURRICULUM OFFERING BACHELOR AND ASSOCIATES DEGREES, GRADUATE PROGRAMS OFFERING MASTERS' DEGREES, AND PROFESSIONAL SCHOOLS INCLUDING A LAW SCHOOL, A SCHOOL OF HEALTH SCIENCES, A SCHOOL OF PHARMACY, A SCHOOL OF OSTEOPATHIC MEDICINE, AND A SCHOOL OF DENTISTRY. THE UNIVERSITY HAD AN AVERAGE ENROLLMENT OF APPROXIMATELY 12,000 DURING THE FISCAL YEAR. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 REVIEW PROCESS: THE TOURO UNIVERSITY FORM 990 AND SUPPORTING SCHEDULES ARE PREPARED BY AN INDEPENDENT ACCOUNTING FIRM. THE CONTROLLER, OFFICERS AND THE AUDIT COMMITTEE OF THE BOARD OF THE ORGANIZATION THEN REVIEW THE FORM 990. A COPY OF THE FORM 990 IS THEN PROVIDED TO THE FULL BOARD OF TRUSTEES PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY: THE ANNUAL BOARD QUESTIONNAIRE, WHICH REQUIRES DISCLOSURE OF CONFLICT INTEREST AND OTHER DETAILS, IS CIRCULATED TO ALL OF THE BOARD MEMBERS AND IS REVIEWED BY IN-HOUSE COUNSEL. OUR POLICIES REQUIRE THAT TRUSTEES, OFFICERS, AND KEY EMPLOYEES NOTIFY TOURO ANY TIME CONFLICTS OF INTEREST ARISE. IN THE EVENT THERE IS A CONFLICT OF INTEREST, OR AN APPEARANCE OF A CONFLICT OF INTEREST, THE INDIVIDUAL MUST RECUSE THEMSELVES FROM ANY DISCUSSIONS OR DECISIONS CONCERNING THE CONFLICT. FORM 990, PART VI, SECTION B, LINE 15A EXECUTIVE COMPENSATION: THE BOARD AND OFFICERS, WHO ARE FREE OF ANY CONFLICT, APPROVE EXECUTIVE HIRING DECISIONS. IN MAKING COMPENSATION AND EMPLOYEE BENEFIT DETERMINATIONS, CONSIDERATION IS GIVEN TO EXPERT REPORTS AND COMPENSATION TRENDS IN THE INDUSTRY, QUALIFICATIONS AND OTHER MERITS OF THE CANDIDATES. ALL SUCH DECISIONS ARE DOCUMENTED. COMPENSATION FOR SENIOR MANAGEMENT IS REVIEWED PERIODICALLY AND, WHEN APPLICABLE, WHEN THEIR CONTRACTS ARE RENEWED. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTATION AVAILABLE TO PUBLIC: THE UNIVERSITY MAKES ITS FORM 990 AVAILABLE TO THE PUBLIC. 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ALL TRANSACTIONS WITH DIRECTLY CONTROLLED ORGANIZATIONS ARE REPORTED ON PART V, LINE 2.