2026-05-15T07:50:13-05:00 2025-06-30 135565207 KPMG LLP TWO MANHATTAN WEST 375 9TH AVENUE NEW YORK NY 10001 990 2024-07-01 131099420 NEW YORK MEDICAL COLLEGE NEWY 9145944470 40 SUNSHINE COTTAGE ROAD VALHALLA NY 10595 ADAM HAMMERMAN VICE PRESIDENT AND CFO 9145944470 2026-05-13 1 0 EVAN W SEEKAMP P01907071 2127589700 2026-05-11 2024 2025-03-06 01:10:19Z ADAM HAMMERMAN 40 SUNSHINE COTTAGE RD VALHALLA NY 10595 159190881 0 X WWW.NYMC.EDU X 1860 NY EDUCATE PHYSICIANS, SCIENTISTS, PUBLIC HEALTH SPECIALISTS & OTHER HEALTHCARE PROFESSIONALS. 24 22 1024 1574 2497452 541189 2221481 9133707 110914685 113118655 5563720 6832354 5129712 6642404 123829598 135727120 10110728 10230133 0 0 72583744 77042120 150206 137060 1534802 39676618 40707643 122521296 128116956 1308302 7610164 329550377 340924554 129158630 128851712 200391747 212072842 X NEW YORK MEDICAL COLLEGE (NYMC), A MEMBER OF TOURO UNIVERSITY, IS A HEALTH SCIENCES COLLEGE WHOSE PURPOSE IS TO EDUCATE CLINICAL AND PUBLIC HEALTH PROFESSIONALS AS WELL AS RESEARCHERS, TO CONDUCT BIOMEDICAL AND POPULATION-BASED RESEARCH (SEE SCHEDULE O). 0 0 81568280 10230133 98824190 PROFESSIONAL EDUCATION: EDUCATE INDIVIDUALS FOR CAREERS IN MEDICAL, SCIENCE AND HEALTH PROFESSIONS. 12232000 10924472 AFFILIATION AND FACULTY PRACTICE: 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. 3051232 5870552 AUXILIARY: CAMPUS SERVICES (HOUSING AND DINING) PROVIDED TO THE STUDENTS AND THE NYMC COMMUNITY TO LIVE AND FUNCTION ON CAMPUS. 96851512 1 1 0 1 0 0 0 0 1 1 1 1 0 0 1 1 0 1 1 0 1 0 0 1 1 0 0 1 1 1 1 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 1 1 1 0 0 1 575 0 1 1024 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 24 22 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 AL AZ AR CA CT DE FL GA HI ID IL IN IA KS LA ME MS MT NE NV NH NJ NY NC OR PA SC SD TX VT VA WV WI WY X ADAM HAMMERMAN 9145944470 40 SUNSHINE COTTAGE ROAD VALHALLA NY 10595 ALAN KADISH PRESIDENT AND TRUSTEE 10.80 24.20 X X 0 1112164 249801 RABBI MENACHEM GENACK TRUSTEE 0.20 34.80 X 0 58994 153 ROBERT ALTER TRUSTEE 0.80 0.00 X 0 0 0 GARY BARNETT TRUSTEE 0.10 0.00 X 0 0 0 HOWARD BARUCH TRUSTEE 0.40 0.10 X 0 0 0 BEN CHOUAKE TRUSTEE 0.40 0.60 X 0 0 0 DEE DELBELLO END 123124 TRUSTEE 0.10 0.00 X 0 0 0 GARY GETTENBERG TRUSTEE 0.10 0.00 X 0 0 0 MUNR KAZMIR TRUSTEE 0.10 0.00 X 0 0 0 MOSHE LICHTENSTEIN TRUSTEE 0.50 0.00 X 0 0 0 RUBEN MEDINA TRUSTEE 0.20 0.00 X 0 0 0 JOSEPH MARK CHAIRMAN & TRUSTEE 0.70 0.00 X X 0 0 0 LAWRENCE NESHIWAT TRUSTEE 0.10 0.00 X 0 0 0 STEPHEN J NICHOLAS TRUSTEE 0.10 0.00 X 0 0 0 MARTIN OLINER TRUSTEE 0.30 0.70 X 0 0 0 ELIOT PEYSER TRUSTEE 0.20 0.00 X 0 0 0 RONALD F POE TRUSTEE 0.80 0.00 X 0 0 0 JOSEPH POPACK TRUSTEE 0.20 0.00 X 0 0 0 AMMIR RABADI TRUSTEE 0.10 0.00 X 0 0 0 AVI RETTER TRUSTEE 0.10 0.00 X 0 0 0 STEPHEN ROSENBERG TRUSTEE 0.10 0.90 X 0 0 0 ALAN B ROSENTHAL TRUSTEE 0.10 0.00 X 0 0 0 HENRY SAPHIER TRUSTEE 0.30 0.00 X 0 0 0 JOSEPH SCHWARTZ VICE CHAIR & TRUSTEE 0.30 0.00 X 0 0 0 RABBI R SINHA END 112924 TRUSTEE 0.10 0.00 X 0 0 0 KENNETH R THEOBALDS TRUSTEE 0.30 0.00 X 0 0 0 EDWARD C HALPERIN CHANCELLOR OF HEALTH AFF & CEO 34.80 0.20 X 700132 0 72639 ROBERT W AMLER DEAN SHSP 34.80 0.20 X 425220 0 49578 NICHOLAS JANIGA VP, CHIEF COUNSEL & ASST SECRETARY 34.90 0.10 X 355397 0 82122 MARINA HOLZ DEAN GSBMS 35.00 0.00 X 334895 0 18136 ADAM HAMMERMAN VICE PRESIDENT & CFO 35.00 0.00 X 308189 0 44497 NEIL SCHLUGER DEAN SOM 35.00 0.00 X 649404 0 17512 MICHAEL NEWMAN SEC., SR. VP AND GEN. COUNSEL 5.00 30.00 X 0 381759 41970 SALOMON AMAR SVP FOR RESEARCH AFFAIRS 11.90 23.10 X 212970 394038 115083 MITCHELL S CAIRO PROFESSOR 35.00 0.00 X 951280 0 69794 DAVID S MARKENSON SR. ASSOCIATE DEAN FOR RESEARCH,SHSP 35.00 0.00 X 407146 0 74354 LORI SOLOMON CHAIR OF FAMILY & COMMUNITY MEDICINE 5.00 30.00 X 311111 0 86364 JANE PONTERIO DEAN OF STUDENTS 35.00 0.00 X 321592 0 36135 MICHAL LANIADO SCHWARTZMAN PROFESSOR 35.00 0.00 X 318285 0 75280 5295621 1946955 1033418 197 0 1 0 PAVARINI NORTH EAST CONSTRUCTION COMPANY ONE STAR POINT STAMFORD CT 06902 CONSTRUCTION 2644347 ABLE SERVICES PO BOX 884651 LOS ANGELES CA 90088 CLEANING SERVICE 1061947 ABM JANITORIAL SERVICES 14141 SW FRWY STE 400 SUGARLAND TX 77478 CUSTODIAL SERVICES 744084 MICHAEL LABRIOLA INC 84 BUSINESS PARK DR ARMONK NY 10504 CONSTRUCTION 602850 HI-LINK TECHNOLOGY GROUP 60 LONG RIDGE ROAD 205 STAMFORD CT 06902 COMPUTER AND SOFTWARE 599640 31 473191 487667 240162 7932687 176327 9133707 TUITION AND FEES 611310 72953695 72953695 RESEARCH AND SPONSORED 611310 23369936 23369936 AFFILIATION FEES 611310 7770777 7770777 AUXILIARY ENTERPRISES 611310 5870552 5870552 FACULTY PRACTICE PLANS 611310 3153695 3153695 113118655 2778249 13515 67462 2697272 7988972 3797698 4191274 4191274 2269791 1921483 23466000 19411895 4054105 4054105 4054105 58055 473191 254168 -196113 -196113 SALARY REIMBURSEMENTS 900099 1335632 1335632 STUDENT ACTIVITY REV. 900099 316478 316478 COMPARATIVE MEDICINE 611310 160199 160199 834934 834934 2647243 135727120 115619214 2497452 8476747 1727866 1727866 8502267 8502267 3267098 1840768 1385646 40684 58392767 48451963 9167356 773448 2784243 2434444 316066 33733 8757684 6875100 1747270 135314 3840328 3171226 614741 54361 481949 393101 82485 6363 417376 417376 72859 72859 137060 137060 243104 198287 41607 3210 5219474 4374396 723849 121229 134006 109302 22935 1769 1269462 832088 415280 22094 1838739 1509652 293369 35718 10588151 1915893 8670864 1394 622844 530687 90884 1273 123036 117184 5852 708506 708506 9384871 7094603 2177840 112428 1149209 1149209 OTH. RESEARCH GRANT EXP 2665844 2665844 STUDENT ACTIVITIES 2064427 2038234 25693 500 EDUCATIONAL PROGRAMS 904153 880156 23997 DUES AND MEMBERSHIPS 623544 515109 107039 1396 2196089 673342 1469919 52828 128116956 96851512 29730642 1534802 2158837 3332313 2144910 1922770 13600037 16444404 7162997 11170797 7037923 7746266 114286 114286 948846 957087 307663054 124982633 184648271 182680421 74950359 78863227 22164271 23818954 10200000 10200000 4419640 3674029 329550377 340924554 17533429 21083782 14848805 14168384 59134819 58262101 2684561 2495320 11753156 10588461 23203860 22253664 129158630 128851712 X 122211099 124096135 78180648 87976707 200391747 212072842 329550377 340924554 X 7610164 2858229 1212702 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 72859 0 0 72859 0 PART II-B, LINE 1: NEW YORK MEDICAL COLLEGE RETAINED THE LAW FIRM OF HINMAN STRAUB, 121 STATE STREET, ALBANY, NEW YORK. CONSIDERATION OF $72,859 WAS PAID 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 81415365 3697143 9072826 8647410 80872 85457052 73713091 250010 11059750 3550771 56715 81415365 68154737 1715000 7457144 3566162 47628 73713091 79642070 271402 -8256050 3439329 63356 68154737 68789798 1104500 13228018 3420246 60000 79642070 0.36240 0.32370 0.31390 0 0 25330854 25330854 220991507 80470714 140520793 390466 382459 8007 31496379 25257905 6238474 29453848 18871555 10582293 182680421 BEN INT IN PERP TRUSTS 16574017 F ALTERNATIVE INVESTMENTS 6127919 F OTHER PARTNERSHIP INVESTMENTS 1117018 F 23818954 REFUNDABLE FED STUDENT LOANS 7916 OTHER LIABILITIES 38310 PAYABLE TO BIOINC 1938812 OPERATING LEASE LIABILITY 3242172 TAXABLE BONDS 17026454 22253664 X 135526000 2858229 -6867943 -4009714 139535714 243104 -4051698 -3808594 135727120 124027000 4655487 4655487 119371513 243104 8502339 8745443 128116956 PART IV, LINE 2B: AMOUNTS REPRESENT TUITION PAYMENTS RECEIVED IN ADVANCE AND HELD IN ESCROW BY THE COLLEGE. PART V, LINE 4: THE COLLEGE ENDOWMENT CONSISTS OF APPROXIMATELY 135 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. 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 IN A TAX RETURN. AS OF JUNE 30, 2025 AND 2024, THE COLLEGE DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS OR ANY SIGNIFICANT UNRELATED BUSINESS INCOME TAX LIABILITY, WHICH WOULD HAVE A MATERIAL IMPACT UPON ITS CONSOLIDATED FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN FMV IN PERPETUAL TRUST 1,360,217. REVENUE FROM CONSOLIDATED ORGANIZATION 425,862. POSTRETIREMENT-RELATED CHANGES OTHER THAN NET PERIODIC BENEFIT COSTS -151,755. SCHOLARSHIPS -8,502,267. PART XI, LINE 4B - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSES -254,168. RENTAL EXPENSES -3,797,698. ROUNDING 168. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 3,797,698. EXPENSES FROM CONSOLIDATED ORGANIZATION 603,621. SPECIAL EVENT EXPENSES 254,168. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 8,502,267. ROUNDING 72. 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'S 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. FEDERAL AND STATE GRANTS: STUDENTS ATTENDING THE COLLEGE MAY ALSO BE ELIGIBLE FOR FEDERAL FINANCIAL AID INCLUDING STUDENT LOANS. ADDITIONALLY, THE COLLEGE RECEIVED GRANTS FROM THE GOVERNMENT FOR RESEARCH AND FACILITY IMPROVEMENTS. 0 CENTRAL AMERICA/CARIBBEAN 0 0 INVESTMENTS 6127919 0 0 0 0 0 0 6127919 0 6127919 0 0 1 0 1 1 0 1 PART I, LINE 3: THE INVESTMENTS LISTED ON PART I ARE REPORTED AT FAIR MARKET VALUE. PART I, LINE 3, COLUMN (F): THE COLLEGE USES THE ACCRUAL METHOD OF ACCOUNTING TO ACCOUNT FOR EXPENDITURES. X X X X X X 1 CI PARTNERS DIRECT INC 1601 EASTMAN AVE UNIT 202 VENTURA CA 93003 DIRECT MAIL/DIRECT RESPONSE CAMPAIGNS 0 421917 137060 284856 421917 137060 284856 AK AZ AR CA CT DE FL GA HI ID IL IN IA KS LA ME MS MT NE NV NH NJ NY NC OR PA SC SD TX VT VA WV WI WY FOUNDER'S DINNER 373861 319531 54330 0 0 38768 54353 5650 66593 GOLF OUTING 157385 153660 3725 0 372 63716 17636 7080 531246 473191 58055 372 102484 71989 5650 73673 254168 -196113 1 OREGON HEALTH AND SCIENCE UNIVERSITY 2525 SW 3RD AVE SUITE 245 PORTLAND OR 97201 931176109 501(C)(3) 822772 0 RESEARCH TEXAS BIOMEDICAL RESEARCH INSTITUTE 875 W MILITARY DR SAN ANTONIO TX 78227 741109630 501(C)(3) 271228 0 RESEARCH AUGUSTA UNIVERSITY RESEARCH INSTITUTE INC 1120 15TH STREET CJ3301 AUGUSTA GA 30912 581418202 501(C)(3) 133390 0 RESEARCH REGENTS OF THE UNIVERSITY OF CALIFORNIA ONE SHIELDS AVENUE DAVIS CA 95616 946036494 501(C)(3) 62612 0 RESEARCH THE RESEARCH INSTITUTE AT NATIONWIDE CHILDREN'S HOSPITAL PO BOX 715245 COLUMBUS OH 432715245 316056230 501(C)(3) 81821 0 RESEARCH DARTMOUTH COLLEGE ONE MEDICAL CENTER DRIVE LEBANON NH 03756 222519596 501(C)(3) 47417 0 RESEARCH THE CHILDREN'S HOSPITAL OF PHILADELPHIA 3401 CIVIC CENTER BLVD PHILADELPHIA PA 19104 231352166 501(C)(3) 43310 0 RESEARCH OHIO STATE UNIVERSITY 2020 BLANKENSHIP HALL 901 WOODY HAYES DRIVE COLUMBUS OH 43210 316025986 501(C)(3) 42129 0 RESEARCH UNIVERSITY OF CHICAGO 75 REMITTANCE DRIVE CHICAGO IL 606751958 362177139 501(C)(3) 39269 0 RESEARCH WASHINGTON UNIVERSITY IN ST LOUIS 700 ROSEDALE AVENUE ST LOUIS MO 63112 430653611 501(C)(3) 33113 0 RESEARCH JOHN HOPKINS UNIVERSITY 615 NORTH WOLFE STREET W1101 BALTIMORE MD 21205 520595110 501(C)(3) 28528 0 RESEARCH THE UNIVERSITY OF TEXAS AT AUSTIN PO BOX 7159 AUSTIN TX 787137159 746000203 501(C)(3) 28267 0 RESEARCH WESTERN WASHINGTON UNIVERSITY 516 HIGH STREET MS 9004 BELLINGHAM WA 98225 916000562 501(C)(3) 25939 0 RESEARCH UNIVERSITY OF NORTH CAROLINA 219 HANES HILL CHAPEL HILL NC 27599 566001393 501(C)(3) 20452 0 RESEARCH RAADYSAN BIOTECH INC 9 HAWTHORN COURT FISHKILL NY 12524 461381775 52000 0 RESEARCH 14 1 SCHOLARSHIPS & GRANTS 552 8502267 PART I, LINE 2: SCHOLARSHIPS ARE AWARDED BASED ON MERIT AND BASED ON NEED. 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 0 1 X X X 0 1 0 0 0 0 0 1 0 ALAN KADISH PRESIDENT AND TRUSTEE 0 1066084 0 0 0 46080 0 72085 0 177716 0 1361965 0 0 MITCHELL S CAIRO PROFESSOR 922100 0 0 0 29180 0 32480 0 37314 0 1021074 0 0 0 EDWARD C HALPERIN CHANCELLOR OF HEALTH AFF & CEO 620952 0 50000 0 29180 0 32480 0 40159 0 772771 0 0 0 SALOMON AMAR SVP FOR RESEARCH AFFAIRS 189970 392752 0 0 23000 1286 9001 10950 0 95132 221971 500120 0 0 NEIL SCHLUGER DEAN SOM 635911 0 10000 0 3493 0 0 0 17512 0 666916 0 0 0 DAVID S MARKENSON SR. ASSOCIATE DEAN FOR RESEARCH,SHSP 361581 0 0 0 45565 0 17250 0 57104 0 481500 0 0 0 ROBERT W AMLER DEAN SHSP 391040 0 5000 0 29180 0 43320 0 6258 0 474798 0 0 0 NICHOLAS JANIGA VP, CHIEF COUNSEL & ASST SECRETARY 354947 0 0 0 450 0 32480 0 49642 0 437519 0 0 0 MICHAEL NEWMAN SEC., SR. VP AND GEN. COUNSEL 0 380469 0 0 0 1290 0 17250 0 24720 0 423729 0 0 LORI SOLOMON CHAIR OF FAMILY & COMMUNITY MEDICINE 310031 0 0 0 1080 0 30269 0 56095 0 397475 0 0 0 MICHAL LANIADO SCHWARTZMAN PROFESSOR 306005 0 6100 0 6180 0 39937 0 35343 0 393565 0 0 0 JANE PONTERIO DEAN OF STUDENTS 294782 0 0 0 26810 0 16282 0 19853 0 357727 0 0 0 MARINA HOLZ DEAN GSBMS 319785 0 0 0 15110 0 16584 0 1552 0 353031 0 0 0 ADAM HAMMERMAN VICE PRESIDENT & CFO 307499 0 0 0 690 0 28172 0 16325 0 352686 0 0 0 PART I, LINE 1A DURING THE YEAR, ONE INDIVIDUAL UTILIZED FIRST-CLASS AIR TRAVEL IN CONNECTION WITH A MEDICAL CONDITION, IN CONNECTION WITH BUSINESS-RELATED TRAVEL. PART I, LINE 4B NONQUALIFIED DEFERRED COMPENSATION PLAN THE PRESIDENT PARTICIPATES IN A 457(F) DEFERRED COMPENSATION PLAN; AMOUNTS IN COLUMN (C) INCLUDE A DEFERRAL OF $54,835. PART I, LINE 7 NONFIXED PAYMENTS DISCRETIONARY BONUSES WERE PAID DURING CALENDAR YEAR 2024, AS REPORTED IN COLUMN (B)(II). A PUBLIC FINANCE AUTHORITY SERIES 2024C-1 273866124 000000000 2024-07-01 87268537 SEE PART VI 0 0 0 B DORMITORY AUTHORITY OF THE STATE OF NY 2020A 146000293 000000000 2020-07-01 55610000 SEE PART VI 1 0 0 A 71709 41158555 764251 40394304 1 0 1 1 B 3418235 3 20590865 1128598 447252 17684234 1330773 2020 0 0 0 1 A 0 1 1 1 1 1 0.00000 0.00000 0.00000 0 0 1 B 0 1 1 1 1 1 0.00000 0.00000 0.00000 0 0 1 A 0 1 1 0 0 0 0 0 1 B 0 1 0 0 0 0 0 0 1 A 1 B 1 SUPPLEMENTAL INFORMATION COLUMN A: PART I, (F) - THE PORTION OF THE BONDS OF WHICH THE BORROWER IS A BENEFICIARY WAS ISSUED TO REFUND A PRIOR ISSUE OF BONDS. COLUMN A: PART II, LINE 1 - THE AMOUNT OF BONDS RETIRED REFLECTED ON THIS FORM REPRESENT THE BONDS REDEEMED AS OF THE END OF THE REPORTING PERIOD ATTRIBUTABLE TO NEW YORK MEDICAL COLLEGE. COLUMN A: PART II, LINE 3 - THE TOTAL PROCEEDS SHOWN IN PART II, LINE 3 REPRESENT THE PORTION OF THE BONDS, PLUS ANY INTEREST EARNINGS ON SUCH BOND PROCEEDS, OF WHICH THE BORROWER IS A BENEFICIARY. THUS, PART II, LINE 3 DIFFERS FROM THE ISSUE PRICE SHOWN IN PART I, (E). COLUMN A: PART II, LINE 15 - THE BONDS REFUNDED BY SERIES 2024C-1 WERE ISSUED ON JUNE 24, 2014. COLUMN A: PART III, LINE 7 - AS PROVIDED IN TREASURY REGULATION SECTION 1.141-4(C)(2)(I)(B), THE AMOUNT OF PRIVATE PAYMENTS TAKEN INTO ACCOUNT UNDER THE PRIVATE SECURITY OR PAYMENT TEST MAY NOT EXCEED THE AMOUNT OF PRIVATE BUSINESS USE AND/OR UNRELATED TRADE OR BUSINESS USE. ACCORDINGLY, THE AMOUNT OF PRIVATE PAYMENTS FOR THE REPORTING PERIOD DOES NOT EXCEED THE AMOUNT STATED IN PART III, LINE 6. THE ORGANIZATION HAS NOT UNDERTAKEN AN ANALYSIS OF THE PRIVATE SECURITY OR PAYMENT TEST WITH RESPECT TO THE BONDS, AS THE LEVEL OF PRIVATE BUSINESS USE AND/OR UNRELATED TRADE OR BUSINESS USE REPORTED IN PART III, LINE 6 IS NOT IN EXCESS OF AMOUNTS PERMITTED UNDER SECTION 145 OF THE CODE. COLUMN B: PART I, (F) - THE PORTION OF THE BONDS OF WHICH THE BORROWER IS A BENEFICIARY WAS ISSUED TO FINANCE CONSTRUCTION OF EDUCATIONAL FACILITIES AND MAKE ENERGY AND UTILITY IMPROVEMENTS TO EXISTING EDUCATIONAL FACILITIES. COLUMN B: PART II, LINE 1 - THE AMOUNT OF BONDS RETIRED REFLECTED ON THIS FORM REPRESENT THE BONDS REDEEMED AS OF THE END OF THE REPORTING PERIOD ATTRIBUTABLE TO NEW YORK MEDICAL COLLEGE. COLUMN B: PART II, LINE 3 - THE TOTAL PROCEEDS SHOWN IN PART II, LINE 3 REPRESENT THE PORTION OF THE BONDS, PLUS INTEREST EARNINGS ON SUCH BOND PROCEEDS, OF WHICH THE BORROWER IS A BENEFICIARY. THUS, PART II, LINE 3 DIFFERS FROM THE ISSUE PRICE SHOWN IN PART I, (E). COLUMN B: PART III, LINE 7 - AS PROVIDED IN TREASURY REGULATION SECTION 1.141-4(C)(2)(I)(B), THE AMOUNT OF PRIVATE PAYMENTS TAKEN INTO ACCOUNT UNDER THE PRIVATE SECURITY OR PAYMENT TEST MAY NOT EXCEED THE AMOUNT OF PRIVATE BUSINESS USE AND/OR UNRELATED TRADE OR BUSINESS USE. ACCORDINGLY, THE AMOUNT OF PRIVATE PAYMENTS FOR THE REPORTING PERIOD DOES NOT EXCEED THE AMOUNT STATED IN PART III, LINE 6. THE ORGANIZATION HAS NOT UNDERTAKEN AN ANALYSIS OF THE PRIVATE SECURITY OR PAYMENT TEST WITH RESPECT TO THE BONDS, AS THE LEVEL OF PRIVATE BUSINESS USE AND/OR UNRELATED TRADE OR BUSINESS USE REPORTED IN PART III, LINE 6 IS NOT IN EXCESS OF AMOUNTS PERMITTED UNDER SECTION 145 OF THE CODE. SUBSTANTIAL CONTRIB #42 SUB. CONTRIBUTOR 1961409 CONST. FEES 0 SUBSTANTIAL CONTRIB #76 SUB. CONTRIBUTOR 1796211 CUST. SERV. 0 SUBSTANTIAL CONTRIB #90 SUB. CONTRIBUTOR 326403 AUDITING 0 X 6 176327 FMV 0 1 0 PART I, COLUMN (B): THE NUMBER LISTED IN PART I, COLUMN (B), IS THE NUMBER OF CONTRIBUTIONS. FORM 990, PART III, LINE 1, DESCRIPTION OF ORGANIZATION MISSION CONT: NEW YORK MEDICAL COLLEGE (NYMC), A MEMBER OF TOURO UNIVERSITY, IS A HEALTH SCIENCES COLLEGE WHOSE PURPOSE IS TO EDUCATE CLINICAL AND PUBLIC HEALTH PROFESSIONALS AS WELL AS RESEARCHERS, TO CONDUCT BIOMEDICAL AND POPULATION-BASED RESEARCH. THROUGH ITS FACULTY AND AFFILIATED PARTNERS, THE COLLEGE PROMOTES AN ATMOSPHERE OF EXCELLENCE, SCHOLARSHIP, AND PROFESSIONALISM. FORM 990, PART VI, SECTION A, LINE 6 THE SOLE MEMBER OF NEW YORK MEDICAL COLLEGE IS NYMC, LLC. FORM 990, PART VI, SECTION A, LINE 7A THE SOLE MEMBER OF NEW YORK MEDICAL COLLEGE IS NYMC, LLC. 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 FOR 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 OF 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 OF 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 THE NEW YORK MEDICAL COLLEGE FORM 990 AND SUPPORTING SCHEDULES ARE PREPARED BY AN INDEPENDENT ACCOUNTING FIRM THEN REVIEWED BY SENIOR MANAGEMENT, SPECIFICALLY THE CONTROLLER, VICE PRESIDENT & CFO AND GENERAL COUNSEL AND SUBMITTED TO AND REVIEWED BY THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES. COPIES OF THIS RETURN ARE DISTRIBUTED TO THE FULL BOARD OF TRUSTEES BEFORE THE FORM IS FILED WITH THE IRS. 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 TRUSTEES 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 OFFICER AND THE AUDIT COMMITTEE OF THE COLLEGE. FORMAL CONFLICT MANAGEMENT PLANS ARE IMPLEMENTED FOR ANY ACTUAL CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD AND OFFICERS, WHO ARE FREE OF ANY CONFLICT, APPROVE EXECUTIVE HIRING DECISIONS. IN MAKING COMPENSATION AND EMPLOYEE BENEFIT DETERMINATIONS, CONSIDERATION IS GIVEN TO EXPERT REPORTS AND COMPENSATION TRENDS IN THE INDUSTRY, QUALIFICATIONS AND OTHER MERITS OF THE CANDIDATES. ALL SUCH DECISIONS ARE DOCUMENTED. COMPENSATION FOR SENIOR MANAGEMENT IS REVIEWED WHEN APPLICABLE. THE FINANCE COMMITTEE APPROVAL IS ALSO REQUIRED FOR ANY SALARY INCREASES ABOVE 14.99%. COMPENSATION FROM RELATED ORGANIZATIONS ARE REVIEWED BY THE BOARD OF SUCH ORGANIZATION. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE'S CONFLICT OF INTEREST POLICY AND THE AUDITED FINANCIAL STATEMENTS ARE AVAILABLE AND POSTED ON THE COLLEGE'S WEBSITE. FORM 990, PART XI, LINE 9: CHANGE IN FMV IN PERPETUAL TRUSTS 1,360,217. BENEFIT COSTS -151,755. ROUNDING DIFFERENCE 4,240. 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