2016-07-12T15:31:00-05:00 2015-08-31 KPMG LLP 345 Park Avenue New York NY 101540102 990 2014-09-01 111788788 New York Institute of Technology % BARBARA HOLAHAN NEWY 5166867533 NORTHERN BLVD GERRY HOUSE SUITE 200 OLD WESTBURY NY 11568 LEONARD AUBREY CFO 5166867533 2016-07-11 true DEVIN L DUNCAN P01249521 2127589700 2016-07-12 2014 2016-09-27 15:27:22Z DR EDWARD GUILIANO NORTHERN BLVD GERRY HOUSE OLD WESTBURY NY 11568 384051001 false X WWW.NYIT.EDU X 1955 NY PROVIDE CAREER-ORIENTED PROFESSIONAL EDUCATION; GIVE ALL QUALIFIED STUDENTS ACCESS TO OPPORTUNITY; SUPPORT APPLICATIONS-ORIENTED RESEARCH THAT BENEFITS THE LARGER WORLD. 17 16 3054 18 2588050 -399523 8708248 5403763 259069898 289726080 5380252 287821 3753684 3694651 276912082 299112315 43011407 44443672 0 0 130896014 141291661 0 0 1875127 91312191 91286060 265219612 277021393 11692470 22090922 344308401 324054884 202300481 180593928 142007920 143460956 PROVIDE CAREER-ORIENTED PROFESSIONAL EDUCATION; GIVE ALL QUALIFIED STUDENTS ACCESS TO OPPORTUNITY; SUPPORT APPLICATIONS-ORIENTED RESEARCH THAT BENEFITS THE LARGER WORLD. false false 252307480 44344097 284013369 NYIT PROVIDES UNDERGRADUATE, GRADUATE, AND DOCTORAL INSTRUCTION TO A DIVERSE STUDENT POPULATION APPROXIMATELY 10,639 STUDENTS ATTENDED THE INSTITUTION LAST YEAR AND 2,465 GRADUATED 5207749 2543344 MEDICAL OUTREACH CENTERS PROVIDE TRAINING TO STUDENTS AND NEEDED MEDICAL SERVICES TO THE COMMUNITY. 3169367 99575 3169367 NYIT PERFORMED RESEARCH FOR THE FEDERAL, STATE, AND LOCAL GOVERNMENTS AS WELL AS RESEARCH FOR OTHER ORGANIZATIONS. 260684596 true true false true false false true false false true true true false true true true false true true true true false false false true false false true true true true false false false false false false false true false false false false false false false true true true false false true X 260 0 true 3054 true true true true JO EG CA BA false false false true true false false false false X 17 16 false false false false false false false true true false false true true true true true true true false false NY X BARBARA HOLAHAN 5166867533 NORTHERN BLVD GERRY HOUSE RM 200 OLD WESTBURY NY 11568 X Dr Edward Guiliano President and CEO 60.0 0.0 X X 1171245 0 48733 Linda Davila CHAIRPERSON 5.0 0.0 X X 0 0 0 Bharat B Bhatt VICE CHAIRPERSON 5.0 0.0 X X 0 0 0 Peter A Ferentinos TRUSTEE 5.0 0.0 X 0 0 0 Deborah Verderame Marciano TRUSTEE 5.0 0.0 X 0 0 0 Cristina L Mendoza ESQ TRUSTEE 5.0 0.0 X 0 0 0 Eli Wachtel TRUSTEE (Term ended 9/2014) 5.0 0.0 X 0 0 0 Michael J Merlo TRUSTEE 5.0 0.0 X 0 0 0 Ernie Anastos TRUSTEE 5.0 0.0 X 0 0 0 Gen Richard A Cody TRUSTEE 5.0 0.0 X 0 0 0 Robert E Evanson TRUSTEE 5.0 0.0 X 0 0 0 Alan C Guarino TRUSTEE 5.0 0.0 X 0 0 0 Lady Barbara Judge TRUSTEE (Term ended 9/2014) 5.0 0.0 X 0 0 0 Peter J Romano TRUSTEE 5.0 0.0 X 0 0 0 Kevin D Silva TRUSTEE 5.0 0.0 X 0 0 0 Robert A Wild ESQ TRUSTEE 5.0 0.0 X 0 0 0 Philip Fasano Trustee (As of March 2015) 5.0 0.0 X 0 0 0 Itzhak Fisher Trustee (As of March 2015) 5.0 0.0 X 0 0 0 Monte N Redman Trustee (As of May 2015) 5.0 0.0 X 0 0 0 Leonard Aubrey Treasurer and CFO 40.0 0.0 X 321108 0 49386 Catherine Flickinger Secretary and General Counsel 40.0 0.0 X 316137 0 54244 Barbara J Holahan Controller (as of nov. 2014) 40.0 0.0 X 25438 0 583 Ronald Maggiore Vice President 40.0 0.0 X 206442 0 29541 Barbara Ross-Lee VP Health Affairs 40.0 0.0 X 336789 0 41293 Ibrahim Bodur VP IT and Infrastructure 40.0 0.0 X 256392 0 45240 Rahmat Shoureshi Provost and VP of Academic Aff 40.0 0.0 X 404091 0 61762 John Elizandro VP Development 40.0 0.0 X 308351 0 52039 Wolfgang Gilliar Dean Medical School 40.0 0.0 X 347818 0 63845 Dr Anthony Martin Gerdes Professor & Chair 40.0 0.0 X 296959 0 48423 NANCY BONO ASST PROFESSOR & CHAIR FAM MED 40.0 0.0 X 263592 0 55236 JESS BORONICO DEAN - 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X 1 32.00 1 1 0 1 false false 100551291 1681281 -1678622 55000 100498950 104325196 765114 7454273 25292 112519291 100798203 1425424 3226974 6000 1119405 104325196 93622898 2528150 4653155 6000 100798203 88263233 153980 5214023 8338 93622898 0.94916 0.01797 0.03288 false false 4798837 4798837 199144225 104191925 94952300 66364287 32090999 34273288 8582738 8582738 142607163 HEDGE FUNDS 15877419 F PARTNERSHIP & OTHER INVESTM. 5124733 F 21002152 INVESTMENTS IN REAL ESTATE-FMV 31234000 OTHER ASSETS 909668 32143668 0 POST-RETIREMENT HEALTH BENEFIT 9582367 REFUNDABLE GRANTS AND US GOVT 16427419 26009786 X CONSERVATION EASEMENT SCHEDULE D, PART II, LINE 9 NYIT REPORTS CONSERVATION EASEMENTS ON THE BALANCE SHEET AS INVESTMENTS IN REAL ESTATE AT FAIR VALUE. USE OF ENDOWMENT FUNDS Schedule D, Part V, Line 4 NYIT ENDOWMENT FUNDS ARE USED PRIMARILY TO SUPPORT SCHOLARSHIPS. THE FY15 BEGINNING OF YEAR BALANCE HAS BEEN UPDATED FOR CERTAIN PRIOR PERIOD ADJUSTMENTS, IN LINE WITH THE AUDITED FINANCIAL STATEMENTS. FIN 48 (ASC 740) - Income tAx SCHEDULE D, PART X, LINE 2 The college follows ASC 740-10 WHICH CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, INCLUDING ISSUES RELATING TO FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT. THIS SECTION PROVIDES THAT THE TAX EFFECTS FROM AN UNCERTAIN TAX POSITION CAN BE RECOGNIZED IN THE FINANCIAL STATEMENTS ONLY IF THE POSITION IS "MORE-LIKELY-THAN-NOT" TO BE SUSTAINED IF THE POSITION WERE TO BE CHALLENGED BY TAXING AUTHORITY. THE ASSESSMENT OF THE TAX POSITION IS BASED SOLELY ON THE TECHNICAL MERITS OF THE POSITION, WITHOUT REGARD TO THE LIKEliHOOD THAT THE TAX POSITIONS MAY BE CHALLENGED. THE COLLEGE IS EXEMPT FROM FEDERAL INCOME TAXATION BY VIRTUE OF BEING AN ORGANIZATION DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. NEVERTHELESS, THE COLLEGE MAY BE SUBJeCT TO TAX ON INCOME UNRELATED TO ITS EXEMPT PURPOSE, UNLESS THAT INCOME IS OTHERWISE EXCLUDED BY THE CODE. THE TAX YEARS ENDED AUGUST 31, 2012, 2013, 2014 AND 2015 ARE STILL OPEN TO AUDIT FOR BOTH FEDERAL AND STATE PURPOSES. MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS WITHIN ITS CONSOLIDATED FINANCIAL STATEMENTS. true true true true true true true false false false false false false false false true false true Explanation of nondiscrimatory policy publication SCHEDULE E, PART I, LINE 3 NYIT'S RACIAL NON-DISCRIMINATION POLICY IS PUBLISHED IN THE CATALOG AVAILABLE TO ALL STUDENTS ONLINE. THE POLICY IS ALSO PUBLISHED IN ALL BROCHURES SENT TO STUDENTS. NYIT ALSO STATES THE POLICY IN ITS ADVERTISING. GOVERNMENT AID Schedule E, PART I, Line 6 NYIT RECEIVES GOVERNMENT AID TO SUPPORT SCHOLARSHIPS AND RESEARCH. East Asia and the Pacific 2 33 Program Services EDUCATION 2722501 Middle East and North Africa 1 29 Program Services EDUCATION 4247261 North America 1 23 Program Services EDUCATION 2381907 Central America and the Caribbean Investments 17041160 4 85 4 85 26392829 26392829 true false true true false true ACCOUNTING METHOD SCHEDULE F, PART I, LINE 3, COLUMN (F) THE ACCRUAL METHOD OF ACCOUNTING IS USED TO ACCOUNT FOR EXPENDITURES. Golf Outing 67189 36168 31021 2094 34963 4000 0 67189 36168 31021 2094 34963 4000 41057 -10036 true TRUSTEES OF INDIANA UNIVERSITY 107 S INDIANA AVE INDIANAPOLIS IN 47405 356001673 170(c)(1) 36838 Research MICHIGAN TECHNOLOGICAL UNIVERSITY 1400 TOWNSEND DRIVE HOUGHTON MI 499311295 386005955 170(c)(1) 23385 Research FLI ARTISTS PO BOX 7003 SANTA MONICA NY 904067003 954426633 7500 Research THE KLEZMATICS LLC 11 STERLING PLACE BROOKLYN NY 11217 261836799 6852 RESEARCH WESTERN SUFFOLK BOCES 152 LAUREL HILL RD NORTHPORT NY 11768 116000131 170(c)(1) 25000 Research 3 2 SCHOLARSHIPS 4759 44344097 FMV TUITION SCHOLARSHIPS GRANT MONITORING PROCEDURES Schedule I, Part I, Line 1 THE GRANTS DEPARTMENT AND THE FINANCIAL AID OFFICE OVERSEE ALL GRANTS, GOVERNMENT LOANS AND SCHOLARSHIP EXPENDITURES. ALL GRANT EXPENSES ARE APPROVED AND REIMBURSED IN ACCORDANCE WITH UNIVERSITY POLICY. AN ANNUAL AUDIT IS CONDUCTED IN ACCORDANCE WITH GOVERNMENTAL REGULATIONS. X X X true true X X X X X true false false false false false false true false Dr Edward Guiliano President and CEO 687734 0 125000 0 358511 0 26000 0 22733 0 1219978 0 0 0 Leonard Aubrey Treasurer and CFO 304655 0 6972 0 9481 0 26000 0 23386 0 370494 0 0 0 Catherine Flickinger Secretary and General Counsel 302959 0 6972 0 6206 0 18200 0 36044 0 370381 0 0 0 Daniel McGovern Asst Treasurer and Controller 83514 0 0 0 132971 0 8613 0 10973 0 236071 0 0 0 Ronald Maggiore Vice President 196086 0 4725 0 5631 0 13920 0 15621 0 235983 0 0 0 John Elizandro VP Development 295358 0 6735 0 6258 0 18200 0 33839 0 360390 0 0 0 Wolfgang Gilliar Dean Medical School 339722 0 7689 0 407 0 26000 0 37845 0 411663 0 0 0 Dr Anthony Martin Gerdes Professor & Chair 290139 0 6614 0 206 0 18200 0 30223 0 345382 0 0 0 Barbara Ross-Lee VP Health Affairs 329321 0 7468 0 0 0 26000 0 15293 0 378082 0 0 0 Ibrahim Bodur VP IT and Infrastructure 244573 0 5561 0 6258 0 24357 0 20883 0 301632 0 0 0 Rahmat Shoureshi Provost and VP of Academic Aff 388921 0 8901 0 6269 0 26000 0 35762 0 465853 0 0 0 NANCY BONO ASST PROFESSOR & CHAIR FAM MED 232142 0 5328 0 26122 0 20873 0 34363 0 318828 0 0 0 JESS BORONICO DEAN - SCHOOL OF MANAGEMENT 292315 0 6591 0 3758 0 18200 0 0 0 320864 0 0 0 TRAVEL AND HOUSING BENEFITS SCHEDULE J, PART I, LINE 1A NYIT IS A GLOBAL UNIVERSITY WITH CAMPUSES IN NEW YORK (MANHATTAN AND LONG ISLAND), CHINA, CANADA, AND THE MIDDLE EAST, AND, AS SUCH, THE PRESIDENT IS REQUIRED TO ENGAGE IN EXTENSIVE INTERNATIONAL TRAVEL. THE PRESIDENT TRAVELS WITH ABOVE STANDARD ACCOMMODATIONS (E.G., BUSINESS OR FIRST CLASS). THE UNIVERSITY ALSO MAKES A CAR AND DRIVER AVAILABLE TO THE PRESIDENT FOR TRAVEL BETWEEN CAMPUSES. THESE ACCOMMODATIONS ARE USED FOR BUSINESS PURPOSES ONLY AND ARE NOT TREATED AS TAXABLE COMPENSATION. LIKE MOST UNIVERSITIES, NYIT REQUIRES THE PRESIDENT TO UTILIZE THE PRESIDENT'S RESIDENCE FOR UNIVERSITY FUNCTIONS, MANY OF WHICH OCCUR IN MANHATTAN. HOWEVER, UNLIKE MOST UNIVERSITIES, NYIT DOES NOT MAINTAIN PRESIDENTIAL CAMPUS HOUSING. NYIT PROVIDES A HOUSING ALLOWANCE TO THE PRESIDENT TO MAINTAIN A RESIDENCE FOR PERSONAL AND UNIVERSITY FUNCTIONS. IN CALENDAR YEAR 2014, THE VALUE OF THE PRESIDENT'S TAXABLE HOUSING ALLOWANCE WAS $283,432. THE PRESIDENT HAS MADE CHARITABLE DONATIONS TO NYIT OVER THE PAST 11 YEARS IN EXCESS OF $2 MILLION. Severance Compensation Schedule J, Part I, Line 4a Daniel McGovern received severance compensation of $126,667, and this amount is reported in column (B)(iii). NON-FIXED PAYMENTS SCHEDULE J, PART I, LINE 7 AND PART II, COLUMN (B)(II) THE PRESIDENT'S REPORTABLE COMPENSATION INCLUDES BONUS AND INCENTIVE COMPENSATION DETERMINED ON A DISCRETIONARY BASIS BY THE BOARD OF TRUSTEES. NON-FIXED BONUS AND INCENTIVE COMPENSATION WAS ALSO PAID TO EMPLOYEES OTHER THAN THE PRESIDENT. Bonus & incentive compensation Schedule J, Part II, Column B(ii) Amounts appearing in Schedule J, Part II, Column (B)(ii) include a portion of regularly budgeted compensation for all administrative staff that is consistent with a contractual percentage payment provided to full-time faculty under a collective bargaining agreement. The actual amount distributed to administrative staff is subject to some annual discretion at the direction of the President and senior managers. OTHER REPORTABLE COMPENSATION Schedule J, Part II, Column (B)(III) OTHER TAXABLE COMPENSATION RECEIVED BY THE PRESIDENT IN CALENDAR YEAR 2014 INCLUDED A $283,432 HOUSING ALLOWANCE. THE PRESIDENT'S COMPENSATION ALSO INCLUDED A $75,000 AFTER-TAX CONTRIBUTION TO AN ANNUITY ACCOUNT. A NASSAU COUNTY INDUSTRIAL DEVELOPMENT AGENCY 112559657 631657LB7 2010-03-02 20523052 CONVERTED BONDS ISSUED 08/29/2000 false false false B SUFFOLK COUNTY INDUSTRIAL DEVELOPMENT AGENCY 112584714 864768SN7 2010-03-02 40831593 CONVERTED BONDS ISSUED 08/29/2000 false false false A 0 0 20523256 2031000 0 0 0 0 0 0 18492052 0 2010 true false true true B 70000 0 40831997 4034406 0 0 0 0 0 0 36971187 0 2010 true false true true A 0 B 0 A false false false true false false 0 false 0 false false B false false false true false false 0 false 0 false false A false B false Total Proceeds of Issue SCHEDULE K, PART II, LINE 3 TOTAL PROCEEDS OF ISSUE REPORTED ON LINE 3 INCLUDES INVESTMENT EARNINGS FROM THE 12-MONTH PERIOD. Form 8038-T SCHEDULE K, PART IV, LINE 2C, COLUMN A THE DATE OF THE REBATE COMPUTATION WAS PERFORMED ON MARCH 2, 2016. Form 8038-T SCHEDULE K, PART IV, LINE 2C, COLUMN b THE DATE OF THE REBATE COMPUTATION WAS PERFORMED ON MARCH 2, 2016. Written Procedures SCHEDULE K, PART IV, LINE 7 THE ORGANIZATION IS CURRENTLY WORKING WITH LEGAL COUNSEL/TAX ADVISORS TO ESTABLISH WRITTEN PROCEDURES FOR A POST-ISSUANCE COMPLIANCE PROCESS TO MONITOR COMPLIANCE WITH THE ARBITRAGE REQUIREMENTS AS SET FORTH IN INTERNAL REVENUE CODE SECTION 148. Schedule K, Part V THE ORGANIZATION IS CURRENTLY WORKING WITH LEGAL COUNSEL/TAX ADVISORS TO ESTABLISH WRITTEN PROCEDURES to ensure that violations of federal tax requirements are timely identified and corrected through the voluntary closing agreement program if self-remediation is not available under applicable regulations. Aequitas LLC Substantial Contributor 180000 Real Estate Consulting Service false FORM 990 REVIEW Form 990, Part VI, Line 11a THE 990 IS REVIEWED BY THE CHIEF FINANCIAL OFFICER, PRESIDENT, GENERAL COUNSEL, AN INDEPENDENT ACCOUNTING FIRM AND THE BOARD OF TRUSTEES PRIOR TO FILING. THE COMPLETE 990 AND ASSOCIATED RETURNS ARE SENT VIA EMAIL TO ALL PARTIES. CONFLICT OF INTEREST REVIEW Form 990, Part VI, Line 12c OFFICERS, VICE PRESIDENTS AND CERTAIN OTHER EMPLOYEES, PARTICULARLY EMPLOYEES INVOLVED WITH THE PROCUREMENT OF GOODS AND SERVICES, ARE REQUIRED TO SUBMIT ANNUAL DISCLOSURE FORMS TO THE GENERAL COUNSEL, AND TO SUBMIT UPDATED FORMS IN THE EVENT THAT THERE IS ANY CHANGE IN THE TIME PERIOD BETWEEN THE SUBMISSION OF THE ANNUAL FORMS. WITH RESPECT TO ANY DISCLOSED CONFLICTS, THE GENERAL COUNSEL WILL CONSULT, IF AND AS APPROPRIATE, NYIT PERSONNEL SUCH AS THE PRESIDENT, CHIEF FINANCIAL OFFICER, INTERNAL AUDIT DIRECTOR, AND, IF NECESSARY OR ADVISABLE, THE CHAIR OF THE BOARD OF TRUSTEES AUDIT COMMITTEE. THE GENERAL COUNSEL WILL RECOMMEND TO THE PRESIDENT AND, IF INDICATED, THE CHAIR OF THE AUDIT COMMITTEE, SUCH STEPS AS MAY BE APPROPRIATE TO MANAGE THE CONFLICT OF INTEREST. ANY CONFLICTS OF INTEREST RELATING TO OFFICERS OR KEY EMPLOYEES, WHETHER REPORTED ON THE ANNUAL FORMS OR OTHERWISE, WILL BE REPORTED BY THE GENERAL COUNSEL TO THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES. COMPENSATION REVIEW Form 990, PART VI, Line 15A NYIT'S BOARD HAS A PERSONNEL COMMITTEE OF INDEPENDENT TRUSTEES, WHO REVIEWS THE COMPENSATION OF NYIT'S PRESIDENT AT CONTRACT RENEWAL INTERVALS. THE LAST SUCH RENEWAL WAS IN 2013. THE PERSONNEL COMMITTEE IS ADVISED BY INDEPENDENT COMPENSATION CONSULTANTS AND REVIEWS COMPENSATION DATA FROM SIMILAR ORGANIZATIONS TO ENSURE THAT NYIT DOES NOT COMPENSATE IN EXCESS OF MARKET NORMS. COMPENSATION OF OTHER KEY EMPLOYEES AND OFFICERS OF THE CORPORATION ARE DETERMINED UPON HIRE BY MARKET REVIEWS CONDUCTED BY THE PRESIDENT AND OTHER SENIOR MANAGERS, WHO MAY CONSULT FURTHER WITH HUMAN RESOURCES AND EXTERNAL CONSULTANTS. ANNUAL INCREASES FOR KEY EMPLOYEES AND OFFICERS ARE BASED ON BUDGET PARAMETERS AND REVIEWED BY THE PRESIDENT OR HUMAN RESOURCES. CONTEMPORANEOUS SUBSTANTIATION FOR COMPENSATION LEVELS OF THE PRESIDENT, KEY EMPLOYEES OR OFFICERS WILL BE MAINTAINED BY THE OFFICE OF THE PRESIDENT OR HUMAN RESOURCES. DOCUMENT AVAILABILITY FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICIES AND FINANCIAL STATEMENTS ARE DISTRIBUTED UPON REQUEST WITH THE APPROVAL OF THE GENERAL COUNSEL. PRIOR PERIOD ADJUSTMENT FORM 990, PART Xi, LINE 8 Included in NYIT's accompanying consolidated financial statements as of and for the year ended August 31, 2015 are the following prior period adjustments: (1) a decrease to opening unrestricted net assets of $11,968,000 to reduce investments in real estate for property that were incorrectly recorded at fair value, (2) a decrease to opening unrestricted net assets of $7,410,633 to correct depreciation expense for certain assets that were not being depreciated in accordance with US GAAP, (3) an increase to opening unrestricted net assets of $1,685,240 to appropriately reduce asset retirement obligation in accordance with an expected present value model as required by US GAAP, and (4) a decrease to temporarily restricted net assets and corresponding increase to unrestricted net assets of $ 719,851 to appropriately record contributions in accordance with donor intent. As of August 31, 2014, unrestricted net assets have been reduced by $16,973,542 and temporarily restricted net assets have been reduced by $719,851 to correct the aggregate effect of the errors, $1,900,424 of which, related to a decrease in the change in net assets for the fiscal year ended August 31, 2014. OTHER CHANGES IN NET ASSETS FORM 990, PART XI, LINE 9 CHANGE IN POSTRETIREMENT PROGRAM: $(1,572,945) WHEATLEY ADVERTISING INC NORTHERN BLVD OLD WESTBURY NY 11568 112359770 ADVERTISING NY NYIT C 1736473 185360 1.00000 true false false false false false false false false false false false true false true false false false false Wheatley Advertising Inc o 1736473 Cost