2013-05-13T11:30:38-07:00 2012-06-30 990 2011-07-01 111797182 MOLLOY COLLEGE MOLL 5166785000 1000 Hempstead Avenue-POB 5002 Rockville Centre NY 115715002 Michael A McGovern 5166785000 2013-05-13 2011 2016-02-24 21:20:13Z Drew Bogner PhD 1000 Hempstead Avenue PO Box 5002 Rockville Centre NY 115715002 110314540 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. 29 28 1763 1 156769 -453517 8017224 4440393 84344034 94974972 1287114 1562666 265436 365525 93913808 101343556 12931776 14703095 0 0 50968821 56114911 0 0 1376621 19913031 25115034 83813628 95933040 10100180 5410516 134067999 133326636 72085655 65448914 61982344 67877722 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 80426569 14703095 94974972 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 2012, the college enrolled 3,458 undergraduate, 1,010 graduate, and 28 Ph.D. students. For the spring term of 2012, the college enrolled 3,269 undergraduate, 986 graduate and 20 Ph.D. students. Applications to the college have increased by 35% since fall 2008, while enrollment over the last five years has increased by 15.6%. The mean standardized test scores of entering freshmen for the 2011 - 2012 school year has increased to 1,065, compared to the national average of 1,010 and New York State average of 983. 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. The launch of the program has not been determined as yet. In January 2013, the New York State Education Department approved the Nuclear Medicine Technology Program leading to the Bachelors of Science degree. 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 2012, there were 154 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. 0 0 0 80426569 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 0 1 252 0 1 1763 1 1 1 0 0 0 0 1 1 0 0 0 0 X 29 28 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 1 1 0 X Michael A McGovern 5166785000 1000 Hempstead Avenue-POB 5002 Rockville Centre NY 115715002 Drew Bogner 35 X X 589211 0 46296 Theresa P Ahlstrom 1 X 0 0 0 Ann Barlow 1 X 0 0 0 S Marilyn A Breen OP 1 X 0 0 0 Dr Daniel W Bythewood 1 X 0 0 0 John T Ahern 1 X 0 0 0 John F Coghlan 1 X 0 0 0 Sheila C DNodal 1 X 0 0 0 Edward L Donnelly Jr 1 X 0 0 0 Jeffrey H Greenfield 1 X 0 0 0 Salvatore P Ciampo 1 X 0 0 0 S Mary Hughes OP 1 X 0 0 0 Gerald Kaiser 1 X 0 0 0 William K Lloyd 1 X 0 0 0 Welquis Ray Lopez 1 X 0 0 0 Daniel T McGowan 1 X 0 0 0 Rev John P McGuire OP 1 X 0 0 0 Daniel L Murphy 1 X 0 0 0 Most Rev William Francis Murphy DD 1 X 0 0 0 S Margaret Murphy OP 1 X 0 0 0 Charles M Piluso 1 X 0 0 0 John Pohlman 1 X 0 0 0 Kathleen Sideli 1 X 0 0 0 S Kathleen Sullivan OP 1 X 0 0 0 Raymond E Farrell 1 X 0 0 0 Heather M Palmore Esq 1 X 0 0 0 James S Rowen 1 X 0 0 0 Phillipa G Woodriffe 1 X 0 0 0 Daniel T Henry 1 X X 0 0 0 Laura A Cassell 1 X X 0 0 0 Michael A McGovern 35 X 207564 0 34956 S Dorothy Fitzgibbons 35 X 100771 0 18704 Edward Thompson 35 X 203348 0 35941 Valerie Collins 35 X 210813 0 29473 Robert L Paterson 35 X 161597 0 28817 Robert Houlihan 35 X 165467 0 14991 Linda Albanese 35 X 157775 0 10232 A Nicholas Fargnoli 35 X 169236 0 21313 Jeannine Muldoon 35 X 220955 0 20616 Pamela Monaco 35 X 152229 0 34075 Veronica Feeg 35 X 173810 0 29854 Kathleen Maurer Smith 35 X 142117 0 28993 2654893 0 354261 64 0 1 0 Butler Rogers Baskett Architects PC 330 W 34th Street New York NY 10001 Architectural and Engineering Services 738909 JL Media Inc 1600 Route 22 Union NJ 07083 Media Services 660537 Austin & Williams 125 Kennedy Suite 100 Hauppauge NY 117884015 Media Services 709840 Surepath Construction Services LLC PO Box 9 Marlboro NJ 07746 Construction Consultant 223320 Jenzabar PO Box 845939 Boston MA 02284 Technology Consultant 201161 19 0 0 339805 0 3123962 976626 13205 4440393 Student Tuition and Fees 611310 93497464 93497464 0 0 Auxiliary Services Revenue 611710 1477508 1361394 0 116114 0 0 0 0 94974972 1139087 0 0 1139087 0 0 0 0 0 0 0 0 80350 0 0 0 80350 0 80350 0 32400 47950 8965711 0 8542132 0 423579 0 423579 0 0 423579 306673 339805 428852 -122179 0 -122179 0 0 0 0 0 0 0 0 0 0 0 0 Bad Debt Recovery 900099 119573 0 0 119573 Theatre Ticket Sales 900099 110516 0 110516 0 Forfeited Deposits 900099 45400 0 0 45400 131865 0 13853 118012 407354 101343556 94858858 156769 1887536 0 14703095 14703095 0 0 0 0 2079802 732556 1223355 123891 0 0 0 0 40553285 35305564 4613117 634604 2542497 2213490 289220 39787 7895017 6873378 898093 123546 3044310 2650367 346304 47639 0 0 0 0 147321 0 147321 0 118945 0 118945 0 0 0 0 0 0 0 113036 0 113036 0 636051 70509 491428 74114 1769252 0 1769252 0 1086663 872656 197249 16758 815688 473026 340080 2582 0 0 0 0 1340393 1170714 159665 10014 192708 169238 18964 4506 0 0 0 0 1251143 1149473 91278 10392 2197609 2135817 61792 0 0 0 0 0 4288842 3938873 316279 33690 1144437 593938 550499 Payments to Other Institutions 1178339 1172028 4027 2284 Graduation and Other Special Events 1165951 794034 284890 87027 Contract Services 1082778 893242 165773 23763 Bad Debt Expense 933805 683805 250000 0 5652073 3830766 1679283 142024 95933040 80426569 14129850 1376621 6666917 4432685 9500000 13600000 3630649 2606032 1455309 1539648 0 0 0 0 2090884 2036352 0 0 755130 754961 110838502 34743138 64438619 76095364 25198041 25764867 1794656 2224013 0 0 0 0 18537794 4272714 134067999 133326636 16674021 10335597 1326880 1414338 1709309 1458758 49773398 49742362 0 0 0 0 0 0 18673 10279 2583374 2487580 72085655 65448914 X 53222832 60376209 5444824 4118349 3314688 3383164 61982344 67877722 134067999 133326636 X 5410516 484862 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 30400 0 0 X 0 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 0.85 0.12 0.03 0 0 0 435000 435000 0 86497163 16882300 69614863 0 1581313 1113410 467903 0 21155728 16747428 4408300 0 1169298 0 1169298 76095364 0 Student Credit Balances 729884 Asset Retirement Obligation 1757696 2487580 101343556 95933040 5410516 -364756 0 0 0 849618 484862 5895378 87441139 -364756 0 0 849618 484862 86956277 113036 14274243 14387279 101343556 81545761 0 0 0 0 0 81545761 113036 14274243 14387279 95933040 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 of art 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 91 individual funds. The endowment's 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 ASC 740-10 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 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 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 excluded by the Code. The tax years ending 2009, 2010, 2011 and 2012 are still open to audit for both federal and state purposes. SchD_P11_S00_L08 Schedule D, Part XI, Line 8 In 2012, the College revised its cost estimate and timetable for completion of the asbestos abatement project. This resulted in a gain of $849,618 which is included as revenue in the non-operating activity section of the financial statements but which is excluded on Form 990 Part VIII. SchD_P12_S00_L02d Schedule D, Part XII, Line 2d In 2012, the College revised its cost estimate and timetable for completion of the asbestos abatement project. This resulted in a gain of $849,618 which is included in revenues in the non-operating section of the financial statements but which is excluded on Form 990 Part VIII. SchD_P12_S00_L04b Schedule D, Part XII, Line 4b Institutional aid in the amount of $14,703,095 is netted against revenues in the financial statements and shown as an expense on Form 990 Part IX. Fundraising expenses in the amount of $428,852 are shown as an expense on the financial statements and as a reduction of net income from fundraising events on Form 990 Part VIII. SchD_P13_S00_L04b Schedule D, Part XIII, Line 4b Institutional aid in the amount of $14,703,095 is shown as an expense on Form 990 Part IX and netted against revenues in the financial statements. Fundraising expenses in the amount of $428,852 are shown as a reduction of net income from fundraising events on Form 990 Part VIII and is shown as an expense on 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 1713422 0 0 1713422 0 0 0 0 0 0 Annual Gala 317552 136907 180645 0 6546 12611 91557 94409 58511 Molloy Golf Outing 180893 80741 100152 0 11681 74690 468 0 11915 2 148033 122157 25876 0 11014 13500 32354 0 9596 646478 339805 306673 0 29241 100801 124379 94409 80022 428852 -122179 1 Institutional aid and scholarships 1963 14703095 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 student's 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 X 0 1 0 0 0 0 0 0 0 Linda Albanese 157775 0 0 0 0 0 10232 0 0 0 168007 0 0 0 Drew Bogner 355000 0 55000 0 179211 0 29834 0 16462 0 635507 0 119122 0 Valerie Collins 210813 0 0 0 0 0 21058 0 8415 0 240286 0 0 0 Robert Houlihan 164028 0 0 0 1439 0 14991 0 0 0 180458 0 0 0 Michael A McGovern 207565 0 0 0 0 0 18648 0 16308 0 242521 0 0 0 Robert L Paterson 161597 0 0 0 0 0 14537 0 14280 0 190414 0 0 0 Edward Thompson 199238 0 0 0 4110 0 18535 0 17405 0 239288 0 0 0 Jeannine Muldoon 220955 0 0 0 0 0 14662 0 5954 0 241571 0 0 0 Veronica Feeg 173810 0 0 0 0 0 13546 0 16308 0 203664 0 0 0 A Nicholas Fargnoli 169236 0 0 0 0 0 12794 0 8519 0 190549 0 0 0 Pamela Monaco 152229 0 0 0 0 0 9172 0 24903 0 186304 0 0 0 Kathleen Maurer Smith 142117 0 0 0 0 0 12685 0 16308 0 171110 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 As part of his total compensation, the College makes payments to a 457(b) and 457(f) plan on behalf of the President of the College. SchJ_P02_S00_L00 Schedule J, Part II The President of the College received a payout of $119,122 from his 457(f) plan in calendar 2011. This amount is reflected in column (b)(iii) as part of his reportable compensation. Since this amount was reported as deferred compensation in prior year Form 990's, it is likewise, being reported in column (f) accordingly. 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 250000 0 49824973 1656538 3805165 0 1243285 0 0 0 42663830 1323252 2011 0 0 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 X F990_P06_S0A_L02 Form 990, Part VI, Section A, Line 2 Board of Trustee members Daniel L. Murphy and Gerald Kaiser have a business relationship. 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 policy is required to be completed and updated annually for all Board members, officers and key employees. Any transaction 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 all significant transactions and relationships. F990_P06_S0B_L13 Form 990, Part VI, Section B, Line 13 The College is in the process of drafting a whistle blower policy for approval by the Board of Trustees. 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 web site. 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_L05 Form 990, Part XI, Line 5 Unrealized (loss) on investments not included in revenues totaling $364,756. Update of asbestos abatement cost estimates and timing of performance resulted in a gain of $849,618 which is not included in revenues.