2020-11-06T12:26:58-06:00 2019-12-31 ERNST & YOUNG US LLP 5 TIMES SQUARE NEW YORK NY 10036 990 2019-01-01 830621846 ALBERT EINSTEIN COLLEGE OF MEDICINE % JAMES GERAGHTY ALBE 7184302000 1300 Morris Park Avenue Bronx NY 104611975 JAMES GERAGHTY CFO 7184302000 2020-10-27 true NICOLE M SOKOLOWSKI P01683199 2127733000 108.206.163.59 26308520203115000053 2020-11-06 P 24558E047A149CE0743DDA4F89040DC2FD5B7974 770194AAF055F9EA87E64CA02E08FE540289067F 2019 2021-01-29 14:40:06Z Gordon Tomaselli 1300 Morris Park Avenue Bronx NY 104611975 369220527 false X einsteinmed.org X 2018 NY To advance basic science, health-related and translational research in the public interest, train ethical compassionate physicians and facilitate medical education. 28 26 2640 224 78676 47920 0 249258220 0 100320114 0 8216088 0 6652095 0 364446517 0 18319782 0 0 0 242670935 0 0 3438083 0 187144125 0 448134842 0 -83688325 0 1063447825 0 550073794 0 513374031 TO ADVANCE BASIC SCIENCE, HEALTH-RELATED AND TRANSLATIONAL RESEARCH IN THE PUBLIC INTEREST, TRAIN ETHICAL COMPASSIONATE PHYSICIANS AND FACILITATE MEDICAL EDUCATION. false false 101665474 16563791 90817499 Medical Education: Albert Einstein College of Medicine is the University Hospital for Montefiore Health serving the 3.1 million people living in the New York City region and the Hudson Valley. Albert Einstein of Medicine is a premier, research-intensive medical school dedicated to leading biomedical investigation and the development of ethical and compassionate physicians and scientists. In 1955, Einstein was founded as the only medical institution upon which Albert Einstein bestowed the honor of his name, welcoming students of all creeds and races. Since then, Einstein has conferred 8,749 MD and 1,606 Ph.D. degrees. Einstein strengthened its ability to thrive as a premier academic institution in 2015 by joining Montefiore Medicine. Building upon their decades-old partnership, Einstein and Montefiore are furthering the shared core missions of research excellence, outstanding medical education and improved human health. The M.D. program prepares tomorrows physicians to excel in both the science and the art of medicine by combining the pursuit of scientific excellence with compassionate and humanistic care. We aim to improve human health on the local, national and global levels. The open and supportive community at Einstein allows for innovation and for pushing the boundaries of what is known and what is practiced. We educate our students to be catalysts for social change. Einstein runs one of the largest residency and fellowship training programs in the medical profession through Montefiore Medical Center and a network of affiliates that includes hospitals and medical centers in metropolitan New York. Each year, for the last decade, well over 95 percent of our students have matched to residencies, with more than a third of students going into the primary-care specialties of internal medicine, pediatrics and family medicine. Our graduates also enter research programs focusing on a broad range of subjects, from traditional disease-oriented investigations in cancer, diabetes and infectious diseases to public health and global medicine. The Ph.D. program trains promising and passionate students to become the next generation of leading scientists. The collaborative culture at Einstein is at the heart of the program. Prospective students apply directly to the Ph.D. program rather than to a specific department, allowing them to explore many areas of research before choosing from among more than 200 laboratories in which to conduct their thesis work. Our interdisciplinary graduate curriculum is known for its high level of personalized mentoring and remarkable student achievement. Einsteins extraordinary graduate experience produces independent biomedical scientists capable of carrying out significant scientific work to improve the health and well-being of humankind. Our Ph.D. program has more than 1,500 graduates employed in a wide range of scientific careers, both in academic and in nonacademic settings worldwide. The Medical Scientist Training Program (MSTP) (resulting in both M.D. and Ph.D. degrees) trains a diverse group of outstanding students as physician-scientists to become future leaders in academic medicine and medical research. Through Einsteins Global Health Center, faculty members and medical students travel to underdeveloped countries providing much needed medical care and gaining, in the process, invaluable knowledge in combating diseases. The Global Health Center boasts many initiatives worldwide, including clinical and research programs in Argentina, Brazil, Burundi, Cameroon, China, Congo, Ethiopia, Guatemala, Haiti, India, Kenya, Malawi, Mexico, Nigeria, Rwanda, South Africa, Uganda and Vietnam. The mission of the Global Health Center is to bring education, research and needed health services to the world, with the ultimate goal of reducing disparities in health and alleviating human suffering. Einstein has always had an interest in providing support for historically underrepresented students. We are committed to developing a broadly diverse cadre of clinicians, researchers and educators who can effectively promote health and address health disparities in our local community, around the nation and abroad. Our office of diversity enhancement aims to establish and maintain an environment that celebrates diversity; emphasizes professionalism and excellence; and promotes and nurtures future leaders in medicine and research. Einstein reaches out to students in the Bronx and beyond - particularly to students from underrepresented minorities - with a variety of programs designed to motivate these students in pursuing careers in Medicine, building self-confidence, advancing their leadership skills and fostering mentor relationships. 310993102 1755991 11896964 Research: While education is at the heart of Einsteins mission, it is biomedical research that drives the College of Medicines growth. Over the past 60 years, Einstein has become a premier biomedical research institution in this region of New York City, with its scientific enterprise ranked consistently in the top 25 percent of medical schools receiving NIH funding in the last decade. Einstein is home to many NIH-funded research multidisciplinary research centers - in diabetes, intellectual and developmental disorders, aging, liver diseases, health disparities, HIV/AIDS, cardiovascular research, organ transplantation and cancer - and it also provides an extensive array of translational research cores, including tissue analysis; multiscale imaging; molecular design; and genetic and genomic, proteomic and human phenotyping. Our Strategic Plan focuses on areas where we can significantly advance science and improve human health. Our aim is to develop robust multidisciplinary research programs for adult and pediatric patients, with particular emphases in six areas: brain science; immunotherapeutics; obesity and metabolic disorders; cancer; healthcare delivery and clinical effectiveness; and RNA science and medicine. Concurrently we are advancing our Center for Experimental Therapeutics, providing researchers with resources to pursue promising experimental projects with the goal of discovering new and better therapies. In fiscal year 2019 Einstein was awarded over $199 million in Federal research funding. Philanthropic funding supports innovative research projects and educational initiatives. Much of our research is conducted in the Michael F. Price Center for Genetic and Translational Medicine/Harold and Muriel Block Research Pavilion, one of the newest, largest and "greenest" biomedical research facilities in the New York area. Einstein operates eight NIH Health & Human Servicesdesignated centers: the Albert Einstein Cancer Center, Bronx HOPE (Health Opportunities Partnership-Einstein), the Center for Diabetes Translation Research, the Einstein-Mount Sinai Diabetes Research Center, the Harold and Muriel Block Institute for Clinical and Translational Research (ICTR) at Einstein and Montefiore, the Marion Bessin Liver Research Center, the Nathan Shock Center of Excellence in the Basic Biology of Aging and the Rose F. Kennedy Intellectual and Developmental Disabilities Research Center. As an engine for research collaboration, the NIH-funded ICTR has been a key factor in formally joining Einstein and Montefiore into a single entity with a shared mission. The ICTR is at the leading edge in comparative effectiveness, informatics, population health and lifespan research innovation. Our investment in research has translated into improved human health. Einsteins relationship with Montefiore supports a longstanding focus on bench-to-bedside research, through which discoveries in Einsteins laboratories lead to therapies and treatments for patients on an accelerated timetable. In the last decade, Einstein researchers were the first to show that low scores on a cancer-recurrence gene test may allow breast cancer patients to skip chemotherapy. We linked a childs abnormal breathing during sleep with behavioral, emotional and relationship troubles; discovered that slow walking speed plus memory complaints are predictors of dementia; created a prototype vaccine against tuberculosis that works better in animal models than the current TB vaccine; and discovered "longevity genes" in humans. Among our many ongoing initiatives are studies of healthcare-associated infections in children in ambulatory care settings and research on HIV eradication and the use of PrEP (pre-exposure prophylaxis) to reduce the risk of contracting HIV. Einstein is currently one of just four sites nationwide taking part in a large-scale study of the health status of the Hispanic/Latino community in the Bronx, supported by the NIH. 412658576 true true false true false false false true false true true true false true true false false true true false true true true false true false false true true true true false false false false false false false false false false true false false false false true true true true false true 513 0 true 2640 true true true false false false false true true false false false false true false X 28 26 true false false false true true true true true false false true true true true true true true true false NY X JAMES GERAGHTY 7184302398 1300 MORRIS PARK AVENUE Bronx NY 104611975 STEVEN M SAFYER MD TRUSTEE (RESIGNED 11/14/19) 1.0 59.0 X 0 8635569 8197338 PHILIP O OZUAH MD TRUSTEE (EFFECTIVE 11/15/19) 1.0 59.0 X 0 7058335 43570 LYNN RICHMOND TRUSTEE (RESIGNED 11/14/19) 1.0 59.0 X 0 3618743 40261 Gordon Tomaselli MD President/CEO 49.0 1.0 X 1322917 0 343515 CHRISTOPHER PANCZNER ASSISTANT SECRETARY 1.0 59.0 X X 0 1270367 26913 Edward R Burns MD Executive Dean 50.0 0.0 X 717211 0 47518 David I Goldman Professor 50.0 0.0 X 594038 0 49837 Mark F Mehler Professor 50.0 0.0 X 609213 0 30214 Michael Lipton Professor 50.0 0.0 X 527615 0 49845 Michael B Prystowsky Professor 50.0 0.0 X 519570 0 46754 Allan W Wolkoff Professor 50.0 0.0 X 496936 0 49646 James Geraghty Chief Financial Officer 25.0 25.0 X 200428 255428 43488 Gregg T Tarquinio Assoc Dean, Admin & Finance 50.0 0.0 X 409868 0 30542 PHILIP ALTHEIM TRUSTEE 1.0 0.0 X 0 0 0 LINDA ALTMAN TRUSTEE 1.0 0.0 X 0 0 0 DIANE BELFER TRUSTEE 1.0 0.0 X 0 0 0 GERALD DORROS MD TRUSTEE 1.0 0.0 X 0 0 0 BETTY FEINBERG TRUSTEE 1.0 0.0 X 0 0 0 JAY N GOLDBERG TRUSTEE 1.0 0.0 X 0 0 0 ARTHUR N HERSHAFT TRUSTEE 1.0 0.0 X 0 0 0 NATHAN S KAHN TRUSTEE 1.0 0.0 X 0 0 0 MARILYN L KATZ TRUSTEE 1.0 0.0 X 0 0 0 STANLEY M KATZ TRUSTEE 1.0 0.0 X 0 0 0 ANDREW J LAUER 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Elevator Services 1689849 Ellucian Company LP 4 Country View Road MALVERNE PA 19355 IT consulting 785559 Aramark Facilities Services 50 Route 120 EAST RUTHERFORD NJ 07073 Maintenance Services 709738 74 546699 20000000 198930833 29780688 1050591 249258220 STUDENT TUITION & FEES 611310 54094972 54094972 0 0 AFFILIATION AGREEMENTS 561000 34328178 34328178 0 0 RESEARCH CONTRACTS 541700 11896964 11896964 0 0 100320114 5351536 0 81676 5269860 0 2235307 0 0 2235307 2908752 4334813 -1426061 0 -1426061 0 0 -1426061 2864552 0 2864552 2864552 0 -3000 2867552 119640 546699 439197 -319557 0 -319557 0 0 0 0 0 0 SHARED FACILITIES 900099 2394349 2394349 0 0 STEAM RECOVERY 900099 1483502 0 0 1483502 CAFETERIA 722514 698130 0 0 698130 1586425 0 1586425 6162406 364446517 102714463 78676 12395158 67500 67500 16472798 16472798 1779484 1779484 0 3093742 850906 2242836 0 192243458 182043528 8533082 1666848 11794051 11215171 474710 104170 24859003 23229515 1415922 213566 10680681 9945412 643900 91369 0 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0 0 249258220 249258220 0 0 0 0 0 0 249258220 249258220 0 249258220 12271432 12271432 0 0 261529652 105742855 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true 12288 12288 false PART II-B, LINE 1I The other lobbying activities were for indirect cost for a percentage of membership dues paid by the College to national trade organizations used by these organizations for lobbying efforts. X X false 308630704 4741802 38149665 4521756 12542438 334457977 0.80130 0.19870 false false 52418026 52418026 457092989 114099417 342993572 35216000 11512923 23703077 57975426 27427443 30547983 449662658 ALTERNATIVE INVESTMENTS 199775842 F DUE TO ENDOWMENT PORTFOLIO 5440393 C 205216235 FUNDS HELD BY BOND TRUSTEES 12978374 TRUSTS & SPLIT TRUST AGRMT. 12003127 DEFERRED COMP PLAN ASSETS 21805321 WORKERS COMP DEPOSIT 2926064 RIGHT OF USE OPER LEASE ASSETS 57510337 DUE FROM RELATED ORGANIZATIONS 5118989 OTHER 467211 112809423 0 WORKERS COMPENSATION LIABILITIES 1102506 TRUSTS SPLIT AGREEMENT LIAB. 15815681 EMPLOYEE DEFERRED COMPENSATION LIAB. 21805321 DUE TO RELATED ORGANIZATIONS 125900 CLINICAL RESERVE LIABILITIES 6000000 CAPITAL LEASE OBLIGATIONS 31223806 RIGHT OF USE OPER LEASE LIAB. 59464333 PENSION LIABILITES 1185205 OTHER 47600 136770352 Schedule D, Part III, Line 1A The College received donations of art when it was a division of Yeshiva University. This art work was transferred to the College along with substantially all of the assets and liabilities of the Medical School when the college was acquired by Montefiore Medicine in September 2015. The art work is displayed on the college's campus and was last appraised at $1.6 million in 2016. Schedule D, Part III, Line 4 The organization's collection of donated art works consist of nine paintings, five sculptures, an autograph of Albert Einstein, a R. Rauschenberg poster and a Johann Calcar drawing. The donated art works are displayed on the college campus with the goal of educating the public about the arts. The collection can have the power to inspire, to heal and uplift and bring out the creativeness of our students as well as serving to beautify our campus. Schedule D, Part V, Line 1a The beginning of the year balance represents the amounts of the endowment Funds on the books of Albert Einstein College of Medicine, Inc., EIN 47-2209056, (the college) at 12/31/2018. The organization merged with the college on January 1, 2019 to become the surviving entity of the merger. Schedule D, Part V, line 4 The College's endowment funds are used to support student scholarships and loans, academic chairs, instruction and training, educational programs, research and fellowships. true true true true true true true false false false false false false false false true false true Schedule E, Part I, Line 3 Diversity is in Einstein's DNA. Since its inception in 1953, Albert Einstein College of Medicine has supported a nondiscrimination policy regarding race, religion, creed, color, national origin, gender and sex. In recent years we have extended the policy to include age, disability, veteran or disabled status, marital status, sexual orientation and citizen status. One of the goals of the Colleges mission statement as publicized on our web site and in multiple program brochures of the College is To strive to maintain a culture of inclusion and standards of ethical behavior among faculty, staff and students. On our website we have devoted a section to diversity and inclusion where our policies on non-discrimination and anti harassment are published. The Colleges non-discrimination policies are also in printed form that are given out to our students and employees. Einstein promotes respect. We embrace facts and reject stigma and discrimination. The college is joining with medical schools nationwide in developing strategic plans for promoting diversity as a core value and significant priority in medical education and biomedical sciences. Schedule E, Part I, Line 6A The organization receives research grants from the National Institute of Health (NIH) and other goverment agencies. true East Asia and the Pacific Grantmaking Research 2726 Europe (Including Iceland and Greenland) Grantmaking Research 333610 South Asia Grantmaking Research 19061 Sub-Saharan Africa Grantmaking Research 1409088 Central America and the Caribbean Investments 89134611 90899096 90899096 Europe (Including Iceland and Greenland) Research 333610 wire South Asia Research 19061 wire Sub-Saharan Africa Research 1405959 wire 16 0 Scholarships South Asia 1 15000 wire true false false false false false Schedule F, Part I, Line 2 The organization's procedures for monitoring the use of grant funds outside the United States includes regular financial reporting and analysis and review by College employees associated with the grant programs to confirm funds are being used in accordance with the awards. luncheon 459282 419602 39680 1203 100577 49149 mahjong games 95681 65256 30425 6047 25522 11962 3 111376 61841 49535 15128 132165 7500 89944 666339 546699 119640 22378 258264 7500 151055 439197 -319557 true Bronx Health Link Inc 198 East 161st Street Bronx NY 10451 134045022 501(c)(3) 10000 Support Jacobi Medical Center Auxiliary Inc 1400 Pelham Parkway South Bronx NY 10461 131849594 501(c)(3) 10000 Support National Medical Fellowship Inc 12 East 46th Street New York NY 10017 362125449 501(c)(3) 15000 Support New York Stem Cell Foundation Inc 1995 Broadway Suite 1201 New York NY 10023 202905531 501(c)(3) 25000 Support The Arnold P Gold Foundation 619 Palisade Ave Engerwood Cliffs NJ 07632 223052098 501(c)(3) 7500 Support 5 0 Scholarships & fellowships 562 16472798 Schedule I, Part I, Line 2 The organization provides support to various charitable organizations as part of its mission to advance basic science, health-related and translational research and facilitate medical education. Schedule I, Part III, Line I GRANTS AND ASSISTANCE TO DOMESTIC INDIVIDUALS REPRESENT STUDENT FINANCIAL AID, SCHOLARSHIPS AND FELLOWSHIPS, INCLUDING EMERGENCY STUDENT ASSISTANCE GRANTS. FINANCIAL AID IS AWARDED BASED UPON FINANCIAL NEED AND ACADEMIC ACHIEVEMENT. NEED BASED AID IS AWARDED BASED ON ELIGIBILITY DETERMINED BY THE US DEPARTMENT OF EDUCATION'S FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA). ACADEMIC BASED AID IS AWARDED BY THE DISTINGUISHED SCHOLARS COMMITTEE. BOTH FACULTY AND ENROLLMENT SERVICES ADMINISTRATORS COMPRISE THE COMMITTEE. X true true true true false false false false false true false LYNN RICHMOND TRUSTEE (RESIGNED 11/14/19) 0 1028990 0 529100 0 2060653 0 16346 0 23915 0 3659004 0 1918556 STEVEN M SAFYER MD TRUSTEE (RESIGNED 11/14/19) 0 2019153 0 2082300 0 4534116 0 8170157 0 27181 0 16832907 0 0 CHRISTOPHER PANCZNER ASSISTANT SECRETARY 0 903133 0 321200 0 46034 0 17000 0 9913 0 1297280 0 0 PHILIP O OZUAH MDPHD TRUSTEE (EFFECTIVE 11/15/19) 0 2192717 0 3287300 0 1578318 0 17000 0 26570 0 7101905 0 0 Gordon Tomaselli MD President/CEO 895763 0 204700 0 222454 0 333340 0 10175 0 1666432 0 0 0 Edward R Burns MD Executive Dean 714163 0 0 0 3048 0 19875 0 27643 0 764729 0 0 0 James Geraghty Chief Financial Officer 199912 199912 0 55000 516 516 9937 9937 11807 11807 222172 277172 0 0 Mark F Mehler Professor 606165 0 0 0 3048 0 19875 0 10339 0 639427 0 0 0 David I Goldman Professor 593593 0 0 0 445 0 19875 0 29962 0 643875 0 0 0 Michael Lipton Professor 497866 0 24397 0 5352 0 19875 0 29970 0 577460 0 0 0 Michael B Prystowsky MD Professor 516522 0 0 0 3048 0 19875 0 26879 0 566324 0 0 0 Allan W Wolkoff Professor 475289 0 2500 0 19147 0 19875 0 29771 0 546582 0 0 0 Gregg T Tarquinio Assoc Dean, Admin & Finance 365184 0 0 0 44684 0 19875 0 10667 0 440410 0 0 0 SCHEDULE J, PART I, LINE 1A The college provided an out-of-state officer with a $200,000 housing allowance to supplement the cost of a secondary residence near the college. This allowance was included in his taxable income. Schedule J, Part I, line 2 The officer in Part 1, line 1a was provided with a fixed housing allowance that did not require substantiation of expenses. SCHEDULE J, PART I, LINE 3 The Montefiore Compensation Committee reviews and approves all forms of compensation and benefits provided to the college's CEO with the assistance of a national independent compensation consulting firm. The consulting firm assists the Compensation Committee with its decision-making process to ensure executive compensation levels are reasonable and appropriate relative to those of other similar organizations. Base salaries in Column B(i) are determined based on competitive market practices for comparable positions with similar sized organizations and scope of responsibilities. Bonus and incentive compensation in Column B (ii) is based on the achievement of performance goals. The executives' compensation program has a significant pay-at-risk component to ensure the alignment of pay and organizational performance. Goals are set in advance in areas such as research productivity, quality of education, community services and financial performance. Compensation is at risk if the goals established by the Compensation Committee are not met. SCHEDULE J, PART I, LINE 4A Steven Safyer, M.D., a trustee, received severance from a related organization in the amount of $8,393,621. $239,156 of this amount was received in 2019 and is reflected in the total reported for column(B)(iii) Other Compensation. The remainder of the severance is to be paid over the next two years and is included in the deferred compensation reported in column (c). SCHEDULE J, PART I, LINE 4B As it relates to a supplemental nonqualified retirement plan for four reported trustees of the college's Board compensated by Montefiore Medicine Academic Health System, Inc. and the President/CEO of the organization whose compensation is determined by the Montefiore Medicine Academic Health System's Board: In a manner designed to qualify for the "rebuttable presumption of reasonableness" the Compensation Committee of Montefiore Board of Trustees expressly reviewed and approved these retirement benefit arrangements for these senior executives in a manner that qualified under the intermediate sanctions rules of the Federal tax law, and in recognition of (a) the executives' years of service to the organization and (b) the significant contributions to enhancing the ability of the organization to achieve its charitable mission in a manner consistent with financial solvency. Accordingly, this benefit should be viewed as applying to years of service for the Health System. Required Pooled Supplemental Executive Retirement Plan distribution to three Board members and executives of Montefiore Medicine Academic Health System, Inc.: Steven Safyer, M.D. - $3,797,607; Lynn Richmond - $2,040,314; Philip Ozuah, M.D., Ph.D - $1,420,693 Supplemental Executive Retirement Plan accrued and unpaid service costs to the organization's CEO: Gordon F. Tomaselli, M.D. - $313,465. Schedule J, Part I, Line 7 Part of the annual incentive awards in column (B)(II) paid by the organization to reportable individuals listed on Form 990, Part VII, Section A, Line 1A was based on the compensation Board or management discretion. A BUILD NYC RESOURCE CORPORATION 454040561 12008ELT1 2016-01-28 175000000 REFUND TAXABLE ISSUE(9/9/15) false false false A 0 0 175000000 12978374 0 0 0 0 0 0 175000000 0 2016 false true true true A false true false true false 0.00470 0.00000 0.00470 false false false true A false true true false false false 0 false 0 false true A true SCHEDULE K, PART II, COLUMN A, LINE 3 tHE TOTAL PROCEEDS DO NOT EQUAL THE SUMMATION OF LINES 4-12 DUE TO TRANSFERRED OR REPLACEMENT PROCEEDS IN LINE 4. X 7 1050591 current market value 0 false true false Schedule M, Part I, line 9 The organization received seven separate gifts of stock donations during 2019. Concerning the incorporation of the organization: The organization was inactive during 2018. It was set up as the degree granting entity of the Albert Einstein College of Medicine, Inc. (the College), Ein 47-2209056. The college was merged into the organization January 1, 2019 to form the new active entity, Albert Einstein of Medicine (without the Inc.). Prior to the merger, the College did not have independent accreditation. All degrees from the college were awarded by Yeshiva University. The new entity (the organization), as required by NYS Board of Regents regulations, was established as a new corporation with the authority to grant degrees. FORM 990, PART VI, SECTION A, LINE 2 Trustees Marilyn Katz and Stanley Katz have a family relationship. Trustees Diane Belfer and Robert A. Belfer have a family relationship. FORM 990, PART VI, SECTION A, LINE 6 Prior to the independent accreditation date of March 4, 2019, the sole members of Albert Einstein College of Medicine were Montefiore Medicine Academic Health System, Inc. and Yeshiva University controlling 51% and 49%, respectively, of the voting interest of the organization. After the independent accreditation date, Yeshiva's membership automatically converted to a membership interest solely with authority to exercise Yeshiva's consent Rights. FORM 990, PART VI SECTION A, LINE 7A The members of the corporation have the power to appoint and to remove the Trustees of the Albert Einstein College of Medicine Board. Prior to the accreditation date, Montefiore Medicine and Yeshiva University had the authority to appoint 75% and 25% of the trustees, respectively. After the accreditation date, the President of Yeshiva or a single individual designated in writing by the President is automatically appointed as a trustee of the college. Montefiore Medicine than has the authority to appoint the remaining members of the Board. FORM 990, PART VI, SECTION A, LINE 7B Montefiore Medicine Academic Health System, Inc., the sole members of the corporation, has the authority to: (i) amend, repeal restate or revise the Bylaws or Certificate of incorporation of the College; (ii) approve any changes to the purpose or mission of the college; (iii) approve a change in the not-for-profit status of the college; (iv) levy assessments or require capital contributions by the members of the College; (v) approve the liquidation or dissolution of the College; (vi) approve the disposition of the corporation by mergers, consolidation, change of membership, acquisitions or sale; and (vii) take any action with respect to those matters over which applicable accrediation authorities and/or governmental authorities require Yeshiva to have an approval right. Yeshiva University membership interest convertered automatically after the accreditation date to an interest solely with authority to exercise Yeshiva's consent rights. FORM 990, PART VI, SECTION B,LINE 11B The Form 990 was prepared by the Montefiore's Tax department working closely with the Albert Einstein College of Medicine's finance team and assisted by various departments throughout the Health System. The return was reviewed by Montefiore's VP of Finance and the Chief Financial Officer at the College. In addition, An independent Public Accounting firm was engaged to review the Form 990. Upon Completion of the various reviews, the Form 990 was presented to the Audit Committee of the Board of Trustees for review and approval. Once approved by the Audit Committee the Form 990 was made available to all members of the Board of Trustees prior to filing. FORM 990, PART VI, SECTION B, LINE 12C Board members and key employees are required to disclose actual or potential conflicts of interest to the general counsel prior to engaging in any activity that may potentially result in a conflict of interest as well as answering an annual conflict of interest questionnaire. Any potential conflicts are reviewed by the general counsel and any concerns are presented to the dean of the college and the chair of the audit committee of the Board of Trustees to determine if an actual conflict exist and what actions, if any, are appropriate to prevent, manage and eliminate the identified conflict of interest. FORM 990, PART VI, SECTION B, LINEs 15A & 15B The compensation of the organization's CEO, Executive Dean and Associate Dean for Administration and Finance is determined by the Compensation Committee of the Board of Trustees of Montefiore Medicine Academic Health System, Inc., the parent organization of the college. Montefiore Medicine Academic Health System is committed to ensuring that its executive compensation program adheres to the highest standards of regulatory compliance and best corporate governance. The Board of Trustees of the Health System has charged the Health System's Compensation Committee (which is comprised of independent Board members with no conflicts of interest in regards to executive compensation) with making all decisions related to compensation for the College's top executives. All decisions made by the Compensation Committee are appropriately and timely documented in meeting minutes. The compensation committee's review process follows the Intermediate Sanctions guidelines for qualifying for the rebuttable presumption of reasonableness. The Committee retains an independent compensation consultant to assist it with this process. Compensation levels are established considering data for comparable organizations, third parties salary surveys, Form 990 disclosures, an assessment of management performance (including the services provided to the community), and other business judgement factors, consistent with Montefiore's executive compensation philosophy. The Committee's decisions are made in the best interest of the College, and are intended to ensure the recruitment and retention of key executive talent, consistent with the market practices of other not-for-profit organizations of comparable scope, mission, complexity and location. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AND FINANCIAL STATEMEMTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. THE CONFLICT OF INTEREST POLICY IS POSTED ON THE COLLEGE'S WEBSITE. FORM 990, PART XI, LINE 9 The other changes in net assets increase of $550,902,389 was due to the following: - Transfer of net assets of merged entity $511,813,904 - Intercompany working capital subsidies $40,000,000 - Change in value of split-interest agreements ($911,515) Schedule B, Part I, Donation No. 1 During 2019, Montefiore Medical Center made capital contributions of $20.0 million to the College in accordance with an agreement to provide operating subsidies to the organization over a five year period. In March 2018, the Medical Center entered into a commitment to provide financial support, including working capital and bridge financing, as necessary, to meet the College operational needs. During 2019 the Medical Center provided approximately $40.0 million to the College in working capital subsidies reported as Other Change in net assets in Part XI. 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