2015-05-14T16:32:10-07:00 2014-06-30 990 2013-07-01 131099420 NEW YORK MEDICAL COLLEGE NEWY 9145944470 40 Sunshine Cottage Road VALHALLA NY 10595 George Nestler Assoc. VP & Controller 9145944470 2015-05-14 2013 2016-04-25 22:37:26Z Edward C Halperin MD 40 Sunshine Cottage Road Valhalla NY 10595 239047880 0 X www.nymc.edu X 1860 NY New York Medical College is a health sciences university whose purpose is to educate physicians, scientists, public health specialists and other healthcare professionals and to conduct biomedical and population-based research. 18 16 1394 0 244062 0 2441231 2553562 139193991 137015104 5975898 10328458 3258951 1235080 150870071 151132204 7595305 4589708 0 0 109313087 106151834 0 0 1369185 32339349 35781055 149247741 146522597 1622330 4609607 300631724 346332633 110127409 151201238 190504315 195131395 X See Schedule O 0 0 50545706 0 60109126 Professional Education: Educate individuals for careers in the medical, science and health professions. 27481648 1058605 36823929 Health Care Programs: Provide numerous clinical health care and medical training programs to expand our students' clinical training. 36929825 0 38176856 NYMC faculty members provide supervision, teaching and related administrative services at Westchester Medical Center and other metropolitan area hospitals in support of various medical student residency programs. 3531103 3531103 2961999 Scholarship expenses which are awarded based on merit. 3531103 3531103 2961999 118488282 1 1 0 1 0 0 0 0 1 1 1 1 0 0 1 1 1 1 1 0 0 0 0 0 1 0 0 1 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 1 2991 0 1 1394 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 18 16 0 0 1 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X George F Nestler 9145944470 40 Sunshine Cottage Road Valhalla NY 10595 Gary Barnett Trustee 0 0 X 0 0 0 Howard Baruch MD Trustee 0.19 X 0 0 0 Ben Chouake MD Trustee 0.10 0.9 X 0 0 0 Rabbi Menachem Genack Trustee 2 33 X 0 76081 3784 Gary Gettenberg MD Trustee 0 0 X 0 0 0 Dr Mark Hasten Chairman of the Board 0.10 0.90 X X 0 0 0 Michael D Israel MPH Trustee 0 0 X 0 0 0 Alan Kadish MD Trustee and President 12 23 X X 0 547714 81490 Michael Karfunkel Trustee 0 0 X 0 0 0 Joseph Levine MD Trustee 0 0 X 0 0 0 Mr Moshe Lichtenstein Trustee 0.27 0 X 0 0 0 Dr Joseph Mark Trustee 0.46 0 X 0 0 0 Martin Oliner Esq Trustee 0.2 0.8 X 0 0 0 Raymond M Planell Esq Trustee 0.54 0 X 0 0 0 Ronald F Poe Trustee 0.58 0 X 0 0 0 Stephen Rosenberg Trustee 0 X 0 0 0 Henry Saphier MD Trustee Eff 1/1/2013 0.27 0 X 0 0 0 Joseph Schwartz MD Trustee Eff 1/1/2013 0.08 0 X 0 0 0 Robert W Amler Dean, SHSP & VP Gov't Affairs 35 0 X 372734 0 28854 Francis L Belloni Dean, GS of BMS 35 0 X 208715 0 42169 Peter M Brown Associate Vice President, Human Resources 35 0 X 175612 0 36981 Waldemar A Comas Vice President and General Counsel 35 0 X 279468 0 35589 Edward Halperin MD Chancellor and CEO 35 0 X 782257 0 50103 Dana Lee Associate VP Legal Affairs 35 0 X 159705 0 22169 Donna Moriarty Associate Vice President Public Relations 35 0 X X 129761 0 37803 George F Nestler Associate VP and Controller 35 0 X 169687 0 43022 Stephen Piccolo Jr Senior VP, CFO and Vice Provost 35 0 X 297963 0 49442 Larissa Reece Vice President Development 35 0 X 191319 0 39048 William Steadman Vice President Strategic Planning 35 0 X 259441 0 56068 David Asprinio Chairman Orthopedic Surgery 35 0 X 595177 0 49964 William Frishman Chairman Medicine 35 0 X 468029 0 50588 Michael Gewitz Vice Chairman Pediatrics 35 0 X 463451 0 43548 Raj Murali Chairman Neurosurgery 35 0 X 504011 0 42690 Edward J Shin Chairman NY Eye & Ear 35 0 X 472568 0 28103 5529898 623795 741415 250 1 1 0 Whiting-Turner 707 West Ave Suite 101 White Plains NY 10604 Building Renovation 10554865 Hi Link Computers Corp 76 Progress DR Stamford CT 06902 Information Technology 980639 Elsevier PO Box 7247-8455 Philadelphia PA 19170 Publishing 759119 Culinart Inc 175 Sunnyside Blvd Plainville NY 11803 Food Catering 609019 ABM Janitorial SVCS NEAST INC PO Box 1534 New York NY 10008 Janitorial Services 540106 51 0 0 324185 0 269789 1959588 6297 2553562 Tuition and Fees 611310 57450581 57450581 0 0 Affiliation Fees 611310 38176856 38176856 0 0 Research and Sponsored Projects 611310 25890460 25890460 0 0 Faculty Practice Plans 611310 10933469 10933469 0 0 Auxiliary Enterprise 611310 4563738 4563738 0 0 0 0 0 0 137015104 1112846 0 0 1112846 6429 0 0 6429 0 0 0 0 760388 0 295673 0 464715 0 464715 327855 136860 0 96727719 0 87518536 0 9209183 0 9209183 0 0 9209183 42650 324185 101467 -58817 0 -58817 0 0 0 0 0 0 Other Space Rental 611310 215897 215897 0 0 Comparative Medicine Recovery 611310 462735 355533 107202 0 Other Revenue 611310 150550 150550 0 0 0 0 0 0 829182 151132204 138064939 244062 10269641 1058605 1058605 3531103 3531103 0 0 0 0 3467911 0 3237543 230368 0 0 0 0 80184609 70340764 9379652 464193 5444673 4719764 696437 28472 11645108 9809402 1767040 68666 5409533 4479482 888073 41978 0 0 0 0 312964 16655 296309 0 240000 0 240000 0 74011 0 74011 0 0 0 116330 0 116330 0 3710539 2376181 1325959 8399 0 0 0 0 5145037 4062829 957009 125199 579504 1465 578039 0 0 0 0 0 8327422 5590202 2690240 46980 915508 740008 151219 24281 0 0 0 0 208750 121175 38258 49317 2567123 2412215 154908 0 0 0 0 0 7424464 6067582 1265287 91595 1072479 164632 907847 0 Tuition Remission 375183 375183 0 0 Sponsored Programs & Miscellneous 4711741 2621035 1900969 189737 146522597 118488282 26665130 1369185 14890 15137 21764754 46562639 3893935 5691756 5146442 3167876 0 0 0 0 12690788 11597687 32034 53973 1690287 1580119 195764253 21475353 162966323 174288900 0 0 79983257 90139111 0 0 11934382 11009386 514632 2226049 300631724 346332633 19351307 19530595 0 0 7373747 5956849 47499767 86419967 774520 1256962 0 0 22936021 25214458 0 0 12192047 12822407 110127409 151201238 X 147210909 146795189 16554284 20234871 26739122 28101335 190504315 195131395 300631724 346332633 X 4609607 330188 0 0 0 -312715 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 77738 0 0 77738 0 Schedule C, Part II-B, Line 1 New York Medical College retained the law firm of Hinman Straub, 121 State Street, Albany, New York and Shelter Rock Strategies, LLC, 300 Garden City Plaza, Garden City New York and paid $62,011 and $12,000 respectively and in consideration for lobbying services and advice regarding the appropriation by the New York State Legislature and the payment by the State of New York of grant monies to New York Medical College to support biomedical research. The College's lobbying activities, with the assistance of Hinman Straub, included several meetings and telephone conversations with state legislators and executive department officials to make them aware of the importance of New York Medical College and biomedical research in the Hudson Valley area of New York and the difficulty the financial problems of hospitals in New York State was having on medical education and research as well as patient care. 0 1 X 55546921 1399000 8635722 0 2349000 117722 63114921 51132921 1780000 4778000 0 2024183 119817 55546921 51867921 1906000 -506000 0 2015413 119587 51132921 42847921 34000 10042000 0 819871 236129 51867921 37782163 2027506 5140071 0 1865690 236129 42847921 0.376 0.363 0.261 0 0 0 20621755 20621755 0 116192014 9147554 107044460 0 30920915 4419543 26501372 0 28029569 7908256 20121313 0 0 0 0 174288900 0 F 0 F Communfund 75941252 F Metropolitan Real Estate Fund 1249513 F Lithotripter 74372 F Barowsky Partnership 150780 F Gift Annuity 76239 F Investments Held by College 63060 F Rosenthal Foundation Trust 2774262 F Holmes Trust 274914 F Sarah Upham Trust 9534719 F 90139111 0 Post-Retirement Benefit Obligation 3311348 Refundable Govt Loan Programs 9511059 12822407 X 149768655 330188 0 0 -1974548 -1644360 151413015 116329 -397140 -280811 151132204 145141575 0 0 0 2640592 2640592 142500983 116329 3905285 4021614 146522597 Schedule D, Part IV, Line 2b Amounts represent tuition payments received in advance and held in escrow by the College. Schedule D, Part V, Line 4 Endowment funds are intended to further the educational and research programs of the College. Schedule D, Part X, Line 2 The College prescribes to a threshold of more likely than not for recognition and derecognition of tax positions taken or expected to be taken on a tax return. As of 06/30/2014 and 2013 the College does not have any uncertain tax positions or any unrelated business income tax liability which would have a material impact upon its financial statements. Schedule D, Part XI, Line 2d Temporarily restricted net assets and permanently restricted net assets not included as part of revenue on the 990. Scholarship expenses and tuition remission are reported as expenses on the 990. Schedule D, Part XI, Line 4b Depreciation expense netted against rental income on the 990. Founder's Dinner expenses netted against special event revenue on the 990. Schedule D, Part XII, Line 2d Depreciation expense netted against rental income on the 990. Founder's Dinner expenses netted against Special Event revenue on the the 990. Pension-related changes, Loss on defeasance of debt and other Non-Operating costs. Schedule D, Part XII, Line 4b Scholarships and tuition remission netted against tuition revenue on the audited 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 The solicitation materials requested from or sent by the institution contain a statement of its policy on non-discrimination. The College policy on non-discrimination is also displayed on its public website. Schedule E, Part I, Line 6 The College receives annual funding appropriated from the New York State Bundy Aid Program. NYMC Founder's Dinner 366835 324185 42650 0 0 85755 0 0 15712 0 0 366835 324185 42650 0 0 85755 0 0 15712 101467 -58817 1 Medical College of Wisconsin 8701 Watertown Plank Road Milwaukee WI 53226 390806261 501(c)(3) 35056 0 Book Food and Drug Administration Research Tufts Medical Center 800 Washington Street Boston MA 02111 043400617 37267 0 Book Food and Drug Administration Research Washington University in St Louis 1 Brookings Drive St Louis MO 63130 430653611 501(c)(3) 32627 0 Book Food and Drug Administration Research Children's Hospital & Research Center Oakland 747 52nd Street Oakland CA 94609 941657474 28473 0 Book Cardiovascular Diseases Research Sarah Lawrence College 1 Mead Way Bronxville NY 10708 237223216 501(c)(3) 5251 0 Book Maternal and Child Health Federal Consolidated Programs The University of Texas Southwestern 5323 Harry Hines Blvd Dallas TX 75390 746000203 501(c)(3) 127290 0 Book Cardiovascular Diseases Research University of Nebraska Medical Center 42nd and Emile Street Omaha NE 68198 470049123 501(c)(3) 51411 0 Book Cardiovascular Diseases Research Albany College of Pharmacy & Health Sciences 106 New Scotland Avenue Albany NY 12208 141423161 501(c)(3) 16405 0 Book Allergy, immunology and transplantation Research University of Massachusetts Medical School 55 North Lake Avenue Worchester MA 01655 043167352 501(c)(3) 14000 0 Book Training in Primary Care Medicine and Dentristry Phelps Family Medicine Residency Program 701 North Broadway Sleepy Hollow NY 10591 131752076 102883 0 Book Open Door Family Medical Centers 165 Main Street Sleepy Hollow NY 10562 132813103 97829 0 Book Grants for Training in Primary Care Medicine and Dentristry The Regents of the University of California 1111 Franklin Street 12th Floor Oakland CA 94607 943067788 501(c)(3) 28528 0 Book Food and Drug Administration Research University of Puerto Rico Rio Piedras Campus San Juan PR 00921 660433760 501(c)(3) 13309 0 Book Maternal and Child Health Federal Consolidated Programs Marshall University Research Corporation 401 11th Street Suite 1400 Huntington WV 25701 264226055 344749 0 Book Cardiovascular Diseases Research 10 4 Scholarships 327 3531103 0 Book Schedule I, Part I, Line 2 Scholarships are awarded based on merit. The Bursar's office monitors the use of such funds to the extent that they are used exclusively for tuition and fees. When scholarships are awarded, the amount disbursed goes directly against the balance a student has with the Bursar's office. With respect to grants received by organizations within the United States, the College requires pass-through reports (attestation of effort) from its subrecipients as outlined in the grant agreement with the subrecipient. The Time and Effort attestation must be approved by the principal investigator of the grant to ensure receipt of work performed. X X X 1 0 0 0 0 0 0 1 0 Robert W Amler Dean, SHSP & VP Gov't Affairs 372734 0 0 0 0 0 24629 0 4225 0 401588 0 0 0 David Asprinio Chairman Orthopedic Surgery 595177 0 0 0 0 0 24629 0 25335 0 645141 0 0 0 Francis L Belloni Dean, GS of BMS 208715 0 0 0 0 0 25622 0 16547 0 250884 0 0 0 Peter M Brown Associate Vice President, Human Resources 175612 0 0 0 0 0 20657 0 16324 0 212593 0 0 0 Waldemar A Comas Vice President and General Counsel 279468 0 0 0 0 0 32565 0 3024 0 315057 0 0 0 William Frishman Chairman Medicine 468029 0 0 0 0 0 32565 0 18023 0 518617 0 0 0 Michael Gewitz Vice Chairman Pediatrics 463451 0 0 0 0 0 32565 0 10983 0 506999 0 0 0 Edward Halperin MD Chancellor and CEO 782257 0 0 0 0 0 24119 0 25984 0 832360 0 0 0 Alan Kadish MD Trustee and President 0 547714 0 0 0 0 0 12750 0 68740 0 629204 Dana Lee Associate VP Legal Affairs 159705 0 0 0 0 0 13003 0 9166 0 181874 0 0 0 Donna Moriarty Associate Vice President Public Relations 129761 0 0 0 0 0 13779 0 24024 0 167564 0 0 0 Raj Murali Chairman Neurosurgery 504011 0 0 0 0 0 24629 0 18061 0 546701 0 0 0 George F Nestler Associate VP and Controller 169687 0 0 0 0 0 19768 0 23254 0 212709 0 0 0 Stephen Piccolo Jr Senior VP, CFO and Vice Provost 297963 0 0 0 0 0 32565 0 16877 0 347405 0 0 0 Larissa Reece Vice President Development Eff. 7/2012 184319 0 7000 0 0 0 15757 0 23291 0 230367 0 0 0 Edward J Shin Chairman NY Eye & Ear 472568 0 0 0 0 0 24119 0 3984 0 500671 0 0 0 William Steadman Vice President Strategic Planning 259441 0 0 0 0 0 32565 0 23503 0 315509 0 0 0 Schedule J, Part I, Line 4 Donna Moriarty received $30,000 in severence pay during the reporting period. Schedule J, Part I, Line 7 Larissa Reece, Vice President Development received a discretionary bonus of $7,000. A Dormitory Authority of the State of New York 146000293 649907M82 2014-06-26 59716460 Construction and real estate acquisition 2014A 0 0 1 B Dormitory Authority of the State of New York 146000293 2004-05-06 6500000 Boiler and Chiller Refinancing 2014C 0 0 0 A 0 0 45155000 3335791 3932643 0 416362 0 41010204 0 0 0 0 1 B 547493 0 6500000 0 0 0 75000 0 6425000 0 2006 0 0 1 1 A 0 0 0 0 0 0 0 0 0 1 B 0 0 0 0 0 0 0 0 0 1 A 0 1 0 0 1 0 0 0 1 B 0 0 1 0 1 0 0 0 1 A 1 B 1 Schedule K, Part I, Column a-06/26/2014 59,716,460 Dormitory Authority of the State of New York AS INDICATED IN PART II COLUMN (A) $45,155,000 OF THE POOLED FINANCING BENEFITTED NYMC. THE OTHER BENEFICIARY OF THE POOLED FINANCING WAS TOURO COLLEGE. Schedule K, Part IV, Line 2b-05/06/2004 6,500,000 Dormitory Authority of the State of New York ALL PROCEEDS WERE SPENT AS SOON AS RECEIVED SO THERE WAS NO OPPORTUNITY FOR ARBITRAGE. X 6 6297 Market Value X 19th century frame 1 0 Not applicable X 1867 marble plaque 1 0 Not Applicable 0 0 1 0 Form 990, Part III, Line 1 New York Medical College is a health sciences university whose purpose is to educate physicians, scientists, public health specialists, and other healthcare professionals, and to conduct biomedial and population-based research. Through its faculty and affiliated clinical partners, the College provides service to its community in an atmosphere of excellence, scholarship and professionalism. New York Medical College believes that the rich diversity of its student body and faculty is important to its mission of educating outstanding health care professionals for the multicultural world of the 21st century. Form 990, Part VI, Section A, Line 4 The organization had the following significant changes to its Bylaws: The appointment of trustees changed from "annual" to "anytime" by the Member. The terms changed from "3 years" to "up to 3 years". A new provision for leave of absence for trustees was provided. Form 990, Part VI, Section A, Line 6 The sole member of New York Medical College is NYMC LLC, which elects and approves the President, Chancellor for Health Affairs/CEO and Chairman of the Board of Trustees and approves significant decisions of the Board of Trustees. Form 990, Part VI, Section A, Line 7a The sole member of New York Medical College, NYMC LLC, elects and approves the President, Chancellor for Health Affairs/CEO and Chairman of the Board of Trustees and approves significant decisions of the Board of Trustees. Form 990, Part VI, Section A, Line 7b The College's organizational documents describe the process involving member approval of significant decisions of the governing body. Article II, Section 6 of the Bylaws requires Membership Approval by the sole Member NYMC LLC for the following proposed actions: I. Election of the Trustees of the Corporation; II. Any amendment to the Certificate of Incorporation Bylaws or mission statement of the Corporation; III. Approval of any major capital project involving the sale, assignment, lease, pledge, transfer or other encumbrance of substantial fixed assets of the Corporation; IV. Approval of any debt incurrence secured by the property, revenues, or other assets of the Corporation; V. Approval of any unsecured debt incurrence in an amount greater than 5% of the Corporation's operating budget; VI. Approval of the establishment of a new related entity of the Corporation; VII. Removal with or without cause of any or all the Trustees; VIII. Approval of (a) the purchase, sale, mortgage or lease of real property which constitutes a material portion of the assets of the Corporation or (b) the sale, assignment or other disposition of all or a material portion of the assets of the Corporation; IX. Approval of any merger, consolidation, purchase or joint operation agreement involving the Corporation; and X. Approval of any plan of dissolution or liquidation of the Corporation. Form 990, Part VI, Section B, Line 11b This return was initially reviewed by senior management, specifically the Controller, CFO and General Counsel and submitted to and reviewed by the Audit Committee of the Board of Trustees and has been reviewed by an independent accounting firm. Copies of this return were distributed to the full Board of Trustees before the form was filed. Form 990, Part VI, Section B, Line 12c There are two conflict of interest policies, one for the members of the Board of Trustees and the second applicable to all full-time faculty and employees of New York Medical College. Annual disclosure forms are distributed and are required to be submitted by both policies. Compliance with the Board of Trustee Conflict of Interest Policy is monitored by the College's Institutional Compliance Officer, the Audit Committee and the Board of Trustees of the College. Compliance with the Conflict of Interest policy applicable to full-time faculty and employees is monitored by the Institutional compliance Committee and the Audit Committee of the College. Form 990, Part VI, Section B, Line 15 New York Medical College's process for determining compensation of the President, the Chancellor for Health Affairs/CFO and other officers includes a review of comparability data from compensation surveys and Forms 990 from similar organizations and review and approval by the Finance Committee and the Board of Trustees of New York Medical College, consisting entirely of independent persons. The review and approval process is fully and contemporaneously documented. Form 990, Part VI, Section C, Line 19 The College's annual report, the conflict of interest policy and the audited financial statements are available and posted on the College's website. Form 990, Part XI, Line 9 Changes in Temporarily Restricted Net Assets and Permanently Restricted Net Assets. Other Non-Operating Activities include Pension-related changes, Loss on defeasance of debt and other Bond Issuance Costs. Touro College 27 West 23rd Street New York NY 10010 132676570 Education NY 501(c)(3) 2 N/A 0 NYMC LLC 27 West 23rd Street New York NY 100104202 271481147 Holding Company DE 501(c)(3) 7 N/A 0 New York Medical College VEBA BNY MELLON NA ONE WALL STREET 12TH FLOOR NEW YORK NY 10286 133872638 Retiree Benefits NY 501(c)(9) 2 N/A 0 Sarah C Upham Clinic Trust 270 Park Avenue New York NY 100172014 136035797 Patient Care and Research NY N/A T 902790 9534719 1 1 Barbara and William Rosenthal Fdn One Court Square Long Island City NY 11120 226753977 Patient Care and Research NY N/A T 301493 2774262 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 Sarah C Upham Clinic Trust c 420887 The amount of the distribution was based on investment earnings in the fund at the end of each quarter within the reporting period of this return. Barbara and William Rosenthal Fdn c 118397 Amount was determined based on the greater of (1) 5% of the net market value at the beginning of the year, (2) the net income of the foundation for the year.