2014-05-12T10:37:58-07:00 2013-06-30 990 2012-07-01 111797182 MOLLOY COLLEGE MOLL 5163233000 1000 Hempstead Avenue Post Office Box 5002 Rockville Centre NY 115715002 Michael A McGovern 5163233000 2014-05-12 2012 2015-11-30 17:44:51Z Drew Bogner PhD 1000 Hempstead Avenue Post Office Box 5002 Rockville Centre NY 115715002 115554194 0 0928 X www.molloy.edu X 1955 NY Molloy College, an independent, Catholic college, rooted in the Dominican tradition of study, spirituality, service, and community, is committed to academic excellence with respect for each person. Through transformative education, Molloy promotes a lifelong search for truth and the development of ethical leadership. 27 26 1835 105 367470 -329984 4440393 4198408 94974972 101376082 1562666 1751266 365525 695484 101343556 108021240 14703095 17411121 0 0 56114911 59438611 0 0 1470874 25115034 28209286 95933040 105059018 5410516 2962222 133326636 136063572 65448914 64621786 67877722 71441786 Molloy College, an independent, Catholic College, rooted in the Dominican tradition of study, spirituality, service, and community, is committed to academic excellence with respect for each person. Through transformative education, Molloy promotes a lifelong search for truth and the development of ethical leadership. 0 0 88126757 17411121 101376082 Founded in 1955 by the Dominican Sisters of Amityville, Molloy College is an independent, co-educational, non-profit institution of higher education. The College's strategic plan outlines the goals deemed necessary to further its missions. These goals include (i) committed to being Catholic and Dominican in philosophy and outlook; (ii) student centered learning; (iii) academic quality; (iv) leadership through service; (v) engagement with the wider community; and (vi) stewardship. The plan sets forth objectives for each goal and assigns oversight responsibility to individual leadership teams in order to facilitate the plan's implementation. Molloy continues to improve on every objective measure of excellence in higher education. For the fall term of 2013, the college enrolled 3,375 undergraduate, 1,049 graduate, and 31 Ph.D. students. For the spring term of 2013, the college enrolled 3,235 undergraduate, 1,013 graduate and 27 Ph.D. students. Applications to the college have increased by 80% since fall 2009, while enrollment over the last five years has increased by 9%. The mean standardized test scores of entering freshmen for the 2012-2013 school year has increased to 1065, compared to the national average of 1010 and New York State average of 986. In 1967, the College received the academic accreditation of the Middle States Association of Colleges and Schools. The College's academic departments are organized into six degree-granting divisions: Business, Education, Nursing, Humanities, Natural Sciences, and Social Sciences. The College's undergraduate nursing program is the 5th largest nursing program in the US and the largest in the northeast. The College's curriculum features 2 associate and 4 bachelor degrees through 33 undergraduate majors and 46 minors as well as 7 master degrees, including one through a partnership with Fordham University, and 1 Ph.D. program in Nursing which began classes in the fall 2010 term with an enrollment of 10 students. Recent academic achievements include the following. In November 2010, the New York State Education department approved and registered the following programs in the Business division: Bachelor of Science (B.S.) in Finance; Master of Business Administration (M.B.A.) in Finance; and the B.S/M.B.A. dual degree in Finance. In February 2011, the American Speech-Language Hearing Association voted to award candidacy status to the Master's Program in Speech-Language Pathology for a period of five years. In November 2012, the New York State Education Department approved a new undergraduate degree, a Bachelor of Arts degree in Communications: New Media. In February 2013, the New York State Education Department approved the Nuclear Medicine Technology Program leading to the B.S. degree. In August 2013, the New York State Education Department approved the College's request to offer a Bachelor of Science program in Respiratory Care. In September 2013, the New York State Education Department approved (a) the College's request for a curriculum change to the registered Bachelor of Science degree in Biology which will now offer three separate study tracks: pre-professional medical programs/graduate studies; pre-allied medical programs; and general biological sciences (b) the College's request to offer a Bachelor of Fine Arts in English with an additional Writing Concentration track; and (c) the Masters of Business Administration in Healthcare Administration and the Master of Science in Nursing Administration and Informatics/Master of Business Administration in Healthcare Administration dual degree. 0 0 0 88126757 1 1 0 0 0 0 0 1 0 1 1 0 0 0 1 1 1 0 1 0 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 316 0 1 1835 1 1 1 0 0 0 0 1 1 0 0 0 0 X 27 26 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 1 1 0 X Michael A McGovern 5163233000 1000 Hempstead Avenue Post Office Box 5002 Rockville Centre NY 115715002 Drew Bogner 35 0 X X 479445 0 46695 Daniel T Henry 1 0 X X 0 0 0 Laura A Cassell 1 0 X X 0 0 0 John T Ahern 1 0 X 0 0 0 Theresa P Ahlstrom 1 0 X 0 0 0 Susan S Bevilacqua 1 0 X 0 0 0 Msgr Francis Caldwell CSW 1 0 X 0 0 0 Salvatore P Ciampo 1 0 X 0 0 0 John F Coghlan 1 0 X 0 0 0 Michael Comerford 1 0 X 0 0 0 Marianne Dolan Weber 1 0 X 0 0 0 Raymond E Farrell 1 0 X 0 0 0 S Mary Hughes 1 0 X 0 0 0 Gerald Kaiser 1 0 X 0 0 0 S Anne Marie Kirmse 1 0 X 0 0 0 William K Lloyd 1 0 X 0 0 0 Welquis Ray Lopez 1 0 X 0 0 0 Daniel T McGowan 1 0 X 0 0 0 Edward M Milarsky 1 0 X 0 0 0 S Margaret Murphy OP 1 0 X 0 0 0 Most Rev William Francis Murphy 1 0 X 0 0 0 Heather M Palmore 1 0 X 0 0 0 John Pohlman 1 0 X 0 0 0 James S Rowen 1 0 X 0 0 0 Kathleen Sideli 1 0 X 0 0 0 S Kathleen Sullivan 1 0 X 0 0 0 Phillipa G Woodriffe 1 0 X 0 0 0 Michael A McGovern 35 0 X 213611 0 37346 Diane K Fornieri 35 0 X 81010 0 34406 Edward Thompson 35 0 X 205091 0 39592 Valerie Collins 35 0 X 217000 0 30499 Robert L Paterson 35 0 X 166519 0 29680 Robert Houlihan 35 0 X 164040 0 14838 Linda Albanese 35 0 X 164367 0 16246 A Nicholas Fargnoli 35 0 X 182290 0 22646 Jeannine Muldoon 35 0 X 214513 0 20966 John Winter 35 0 X 140261 0 37159 Veronica Feeg 35 0 X 165569 0 30894 Kathleen Maurer Smith 35 0 X 148299 0 30409 2542015 0 391376 83 0 1 0 Butler Rogers Baskett Architects PC 330 W 34th Street New York NY 10001 Architectural and Engineering Services 905600 JL Media Inc 1600 Route 22 Union NJ 07083 Media Services 732300 Austin & Williams 125 Kennedy Suite 100 Hauppauge NY 117884015 Media Services 618658 Chartwells Dining Services 303 Crossways Park Drive Woodbury NY 11797 Dining and Catering Services 342270 Jenzabar PO Box 55018 Boston MA 02205 Software Consultant and Maintenance 237975 14 0 0 373650 0 1393177 2431581 11731 4198408 Student Tuition and Fees 900099 99387530 99387530 0 0 Auxiliary Services Revenue 611710 1988552 1888550 0 100002 0 0 0 0 101376082 1296201 0 -475 1296676 0 0 0 0 0 0 0 0 122420 0 0 0 122420 0 122420 0 95440 26980 7744449 0 7289384 0 455065 0 455065 0 0 455065 299267 373650 243570 55697 0 55697 0 0 0 0 0 0 0 0 0 0 0 0 Bad Debt Recovery 900099 98060 0 0 98060 Theatre Ticket Sales 900099 216284 0 216284 0 Forfeited Deposits 900099 46364 0 0 46364 156659 0 56221 100438 517367 108021240 101276080 367470 2179282 0 0 17411121 17411121 0 0 0 0 1949524 740089 1084931 124504 0 0 0 0 42684529 36721304 5298707 664518 2800677 2409410 347666 43601 8939317 7690454 1109695 139168 3064564 2636431 380424 47709 0 0 0 0 178793 0 178793 0 83370 0 83370 0 0 0 0 0 0 0 116634 0 116634 0 490069 65746 343389 80934 1963110 0 1963110 0 1022694 862825 146932 12937 954983 399359 545488 10136 0 0 0 0 1480536 1325716 144341 10479 173835 153956 15204 4675 0 0 0 0 1456858 1352125 92371 12362 2774569 2709146 65423 0 0 0 0 0 4809936 4427546 347392 34998 1258912 616887 642025 0 Third Party Course Fees 2060523 2060523 0 0 Graduation and Special Events 1283522 821820 348154 113548 Contract Services 1246672 1030405 192949 23318 Bad Debt Expense 946232 635150 311082 0 5908038 4056744 1703307 147987 105059018 88126757 15461387 1470874 4432685 3358011 13600000 13875000 2606032 2750965 1539648 1532760 0 0 0 0 2036352 2267904 0 0 754961 814809 117262834 39322707 76095364 77940127 25764867 27983905 2224013 2003913 0 0 0 0 4272714 3536178 133326636 136063572 10335597 9731109 1414338 1411166 1458758 1595854 49742362 49466369 0 0 0 0 0 0 10279 1502 2487580 2415786 65448914 64621786 X 60376209 64783693 4118349 3117267 3383164 3540826 67877722 71441786 133326636 136063572 X 2962222 403745 0 0 0 198097 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 76295 0 0 X 0 27717347 161512 2096366 112909 116635 0 29745681 26771471 124575 1095684 160280 114103 0 27717347 23728049 354046 2908546 185915 33255 0 26771471 21640995 224947 2084838 152225 70506 0 23728049 24247072 227531 -1841941 191667 800000 0 21640995 0.86 0.12 0.02 0 0 0 435000 435000 0 88297873 19835291 68462582 0 2572430 1327091 1245339 0 22551209 18160325 4390884 0 3406322 0 3406322 77940127 0 Student Credit Balances 712368 Conditional Asset Retirement Obligations 1703418 2415786 X 91338897 403745 0 0 198097 601842 90737055 116634 17167551 17284185 108021240 87774833 0 0 0 0 0 87774833 116634 17167551 17284185 105059018 SchD_P03_S00_L04 Schedule D, Part III, Line 4 The artwork includes works of art that are done by the students and local citizens to exhibit their talents. These works are generally used for public display or in departmental offices. SchD_P05_S00_L04 Schedule D, Part V, Line 4 The College's endowment fund is intended to support the College's educational mission. The endowment consists of approximately 95 individual funds. The endowments earnings are used to fund the College's daily operations, including scholarships, student programs, and other campus activities. The Board of Trustees of the College through its approved investment policy guidelines has interpreted the New York Prudent Management of Institutional Funds (NYPMIFA) to allow the College to spend below the historical dollar value of its endowment unless specific donors have stipulated to the contrary. SchD_P10_S00_L02 Schedule D, Part X, Line 2 The College follows guidance which clarifies the accounting for uncertainties 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 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 a 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 position may be challenged. The College is exempt from income taxes under IRC Section 501(c)(3), though they are subject to tax on income unrelated to its exempt purposes, unless that income is otherwise included in the Code. The tax years ending 2010, 2011, 2012 and 2013 are still open for both federal and state purposes. SchD_P11_S00_L02d Schedule D, Part XI, Line 2d In 2013, the College revised its cost estimate and timetable for completion of the asbestos abatement project in Maria Regina Hall which is being converted to a residence hall. This resulted in a gain of $198,097 which is included in revenues in the non-operating activity section of the financial statements but which is excluded on Form 990 Part VIII. SchD_P11_S00_L04b Schedule D, Part XI, Line 4b Institutional aid totaling $17,411,121 is shown as expense on Form 990 Part IX but netted against revenues in the financial statements. Fundraising expense totaling $243,570 is shown as a reduction of net income from fundraising events on Form 990 Part VIII but is shown as an expense in the financial statements. SchD_P12_S00_L04b Schedule D, Part XII, Line 4b Institutional aid totaling $17,411,121 is shown as an expense on Form 990 Part IX but is netted against revenues in the financial statements. Fundraising expenses totaling $243,570 is shown as a reduction of net income from fundraising events on Form 990 Part VIII and is shown as an expense in the financial statements. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SchE_P01_S00_L03 Schedule E, Part I, Line 3 Non-discrimination policies are furnished in catalogs and publications as well as on the College website. SchE_P01_S00_L06 Schedule E, Part I, Line 6 The College receives federal funding primarily from the United States Department of Education through their Student Financial Assistance Cluster. Central America and the Caribbean 0 0 Investments 1288929 0 0 1288929 1 0 1 0 1 0 SchF_P04_S00_L01 Schedule F, Part IV, Line 1 The College invests in domestic and foreign limited partnerships that may own an interest in a foreign corporation or foreign partnership. To the extent that those investments resulted in transfers of property that exceeded the applicable filing thresholds, the Forms 926, 5471, and 8865 accompanied the filing of the College's Form 990-T. Annual Ball 300620 157840 142780 0 1015 0 64979 12050 22533 Molloy Golf Outing 213888 103602 110286 0 10781 72525 216 0 11952 2 158409 112208 46201 0 12112 13000 11675 0 10732 672917 373650 299267 0 23908 85525 76870 12050 45217 243570 55697 1 Institutional aid and scholarships 2712 17411121 0 SchI_P01_S00_L02 Schedule I, Part I, Line 2 The College follows federal, state and institutional policies and regulations to monitor grants and funds: (1) the student applies for the grant; (2) grants are awarded from the different funding sources depending on need and/or academic standing; (3) the students eligibility is verified through federal, state and institutional requirements, matriculation, registration, attendance and academic progress; (4) grants and awards are processed onto the student's account; (5) where loans are involved, the College follows up with the regulatory requirements after graduation. The Free Application for Federal Student Aid (FAFSA) is an integral part of this process. X X 1 1 X X X X X 0 1 0 0 0 0 0 0 0 Linda Albanese 164367 0 0 0 0 0 16246 0 0 0 180613 0 0 0 Drew Bogner 355000 0 30000 0 94445 0 29623 0 17071 0 526139 0 0 0 Valerie Collins 217000 0 0 0 0 0 21690 0 8809 0 247499 0 0 0 Robert Houlihan 162225 0 0 0 1815 0 14838 0 0 0 178878 0 0 0 Michael A McGovern 213611 0 0 0 0 0 20275 0 17071 0 250957 0 0 0 Robert L Paterson 166519 0 0 0 0 0 14973 0 14706 0 196198 0 0 0 Edward Thompson 200981 0 0 0 4110 0 19091 0 20501 0 244683 0 0 0 Jeannine Muldoon 214513 0 0 0 0 0 13951 0 7016 0 235480 0 0 0 A Nicholas Fargnoli 182290 0 0 0 0 0 13838 0 8808 0 204936 0 0 0 Veronica Feeg 165569 0 0 0 0 0 13823 0 17071 0 196463 0 0 0 Kathleen Maurer Smith 148299 0 0 0 0 0 13077 0 17331 0 178707 0 0 0 John Winter 140261 0 0 0 0 0 11434 0 25725 0 177420 0 0 0 SchJ_P01_S00_L01a Schedule J, Part I, Line 1a The President of the College is permitted certain perquisites by virtue of his position at the College. By contract, the President is entitled to a housing allowance and social club dues. The compensation of the President is approved by the Board of Trustees. SchJ_P01_S00_L04 Schedule J, Part I, Line 4 The President of the College participates in a Section 457(f) plan and receives employer funded contributions. A Town of Hempstead Local Development Corporation 112798949 424682BG6 2009-11-13 49827973 To finance the costs of certain facilities on the College's campus. 0 0 0 A 250000 0 49824973 2250140 3805165 0 1243285 0 0 0 43986348 117 2011 0 0 0 1 A 0 0 0 0 0 0 0 0 0 0 A 0 1 0 0 0 0 0 0 0 A 0 SchK_P02_S00_L03 Schedule K, Part II, Line 3 The proceeds from the Series 2009 bonds were used to finance and refinance the cost of (i) an approximately 36,000 square foot residence hall; (ii) an approximately 54,000 square foot campus center and associated parking; (iii) an approximately 6,000 square foot two story maintenance building, and (iv) the renovation and improvement of various walkways, parking areas, landscaped areas and courtyards located on the campus. The residence hall opened its doors in the fall of 2011 to 102 students. For the fall 2013, there were 171 residents living in on campus. The campus center had its grand opening in November 2011 in the Madison Performing Arts Center with the annual Molloy ball and continues to host major theatrical events as well as in-house events such as the nurse pinning ceremony. The campus center also contains the relocated bookstore, a new coffee bar, certain academic offices, an internet accessible work area, and other facilities that will encourage educational and social interaction. SchK_P03_S00_L07 Schedule K, Part III, Line 7 At the present time, the College has not undertaken the necessary calculations to determine whether or not it has met the private security or payment test. SchK_P04_S00_L07 Schedule K, Part IV, Line 7 The College is contemplating what is involved in implementing written procedures to monitor its bonds so that they are compliant with the requirements of the Internal Revenue Code Section 148. F990_P06_S0B_L11b Form 990, Part VI, Section B, Line 11b It is the policy of the College to review the details of the Form 990 with the Fiscal Affairs Committee of the Board to obtain approval of the Committee prior to filing the return. Additionally, Form 990 was reviewed by the College's independent auditors prior to the review by the Fiscal Affairs Committee. The results of these reviews along with a copy of the completed Form 990 are reported to the full Board prior to the time of issuance at which time any unusual items or areas of concern had been highlighted and discussed. F990_P06_S0B_L12c Form 990, Part VI, Section B, Line 12c The conflict of interest is required to be completed and updated annually for all Board members, officers, and key employees. Any transactions or business relationship between the College and a trustee or family member is subject to the review and approval of disinterested members of the Board of Trustees to ensure that such transactions or relationships are in the best interest of the College and complies with College policy and all applicable legal and ethical guidelines. The Executive Committee of the Board shall report to the Board of Trustees periodically, and at least annually, on the significant transactions and relationships. F990_P06_S0B_L13 Form 990, Part VI, Section B, Line 13 A draft of the whistle blower policy was presented to the Fiscal Affairs Committee of the Board for consideration by the full Board at their May 2014 meeting. F990_P06_S0B_L15 Form 990, Part VI, Section B, Line 15 Compensation of the College president and key employees are approved by the Board of Trustees. The compensation is based on several factors including data collected from and compared to various colleges and universities. Increases in salaries and benefits that are in excess of that approved by the Board as part of the budgetary process are presented to the Executive Committee of the Board for consideration and approval. F990_P06_S0C_L19 Form 990, Part VI, Section C, Line 19 The College does not post its financial statements on any website. Copies are made available upon request. The Form 990 tax return is posted on Guidestar and is made available in the College's finance office. Bylaws and other governing documents are maintained on the premises and are made available upon request. F990_P11_S00_L09 Form 990, Part XI, Line 9 An update on the cost estimates for asbestos abatement in Maria Regina Hall resulted in a gain of $198,097 which is not included in revenues on Form 990.