2025-05-14T09:32:47-05:00 2024-06-30 135565207 KPMG LLP 345 PARK AVENUE NEW YORK NY 101540102 990 2023-07-01 132676570 TOURO UNIVERSITY TOUR 6465656000 202 WEST 43RD STREET NEW YORK NY 10036 MELVIN NESS SENIOR VP AND CFO 6465656000 2025-05-13 1 0 EVAN W SEEKAMP P01907071 2127589700 2025-05-13 2023 2025-03-06 01:10:19Z X MELVIN NESS 202 WEST 43RD STREET NEW YORK NY 10036 419355277 0 X WWW.TOURO.EDU X 1970 NY TO PROVIDE AN INDEPENDENT INSTITUTION OF HIGHER AND PROFESSIONAL EDUCATION. 26 15 3572 350 0 0 28949819 12086888 309848108 342128387 3890117 4237262 24577616 24204373 367265660 382656910 38765388 34855892 0 0 195842857 214664060 0 0 6140736 130290035 144028570 364898280 393548522 2367380 -10891612 789718250 867124817 518050685 595373127 271667565 271751690 X THE UNIVERSITY'S PRIMARY PURPOSE IS TO PROVIDE AN INDEPENDENT INSTITUTION OF HIGHER AND PROFESSIONAL EDUCATION. (SEE SCHEDULE O) 0 0 356659764 34855892 366020076 ACADEMIC SUPPORT: TOURO UNIVERSITY PROVIDED EDUCATION, PRIMARILY IN THE NEW YORK CITY METROPOLITAN AREA, TO APPROXIMATELY 12,000 UNDERGRADUATE, GRADUATE AND PROFESSIONAL STUDENTS DURING THE FISCAL YEAR IN VARIOUS FIELDS OF STUDY, INCLUDING LAW, MEDICINE AND OTHER HEALTHCARE FIELDS, GRANTING THE FOLLOWING ACADEMIC DEGREES: UNDERGRADUATE (1,408); GRADUATE (1,672); FIRST PROFESSIONAL (653). 356659764 1 1 0 1 0 0 0 1 0 1 1 0 0 1 1 1 0 1 1 1 1 1 1 0 1 0 0 1 1 1 1 0 0 0 0 0 1 1 1 1 1 0 0 0 0 1 1 1 1 0 0 1 691 0 1 3572 1 1 1 1 GM IS 0 0 0 1 1 0 0 0 0 0 0 X 26 15 0 0 0 0 0 0 0 1 1 0 1 1 1 1 1 1 1 1 1 0 0 NY X STUART LIPPMAN CONTROLLER 6465656026 202 WEST 43RD STREET NEW YORK NY 10036 ALAN KADISH PRESIDENT, CEO AND TRUSTEE 18.90 16.10 X X 1064178 0 271255 RABBI DANIEL LANDER TRUSTEE AND CHANCELLOR 3.00 32.00 X X 106740 164433 197346 RABBI MENACHEM GENACK TRUSTEE AND FACULTY 32.80 2.20 X 29103 57625 232 ABRAHAM BIDERMAN TRUSTEE 0.80 0.20 X 0 0 0 SHMUEL BRAUN TRUSTEE 0.80 0.20 X 0 0 0 BEN CHOUAKE TRUSTEE 0.30 0.70 X 0 0 0 ALLEN FAGIN TRUSTEE 0.80 0.20 X 0 0 0 ZAHAVA FRIEDMAN TRUSTEE 0.80 0.20 X 0 0 0 HOWARD FRIEDMAN TRUSTEE 0.80 0.20 X 0 0 0 GILLES GADE TRUSTEE 0.80 0.20 X 0 0 0 SOLOMON GOLDFINGER TRUSTEE 0.80 0.20 X 0 0 0 ABRAHAM GUTNICKI TRUSTEE 0.80 0.20 X 0 0 0 DEBRA HARTMAN TRUSTEE 0.80 0.20 X 0 0 0 JUDY HASTEN KAYE TRUSTEE 0.80 0.20 X 0 0 0 DAVID LICHTENSTEIN TRUSTEE 0.70 0.30 X 0 0 0 MARTIN OLINER TRUSTEE 0.40 0.60 X 0 0 0 LAWRENCE PLATT TRUSTEE 0.80 0.20 X 0 0 0 MARGARET RETTER TRUSTEE 0.80 0.20 X 0 0 0 STEPHEN ROSENBERG TRUSTEE 0.70 0.30 X 0 0 0 ZVI RYZMAN CHAIR OF THE BOARD OF TRUSTEES 2.00 3.00 X 0 0 0 ISRAEL SENDROVIC TRUSTEE 0.80 0.20 X 0 0 0 GARY TORGOW TRUSTEE 0.80 0.20 X 0 0 0 JACK WEINREB TRUSTEE 0.80 0.20 X 0 0 0 BRIAN LEVINSON TRUSTEE 0.80 0.20 X 0 0 0 RABBI SHABSAI WOLFE TRUSTEE 0.80 0.20 X 0 0 0 STEVEN ZULLER TRUSTEE 0.80 0.20 X 0 0 0 PATRICIA SALKIN PROVOST GRAD AND PROF SCHOOLS 34.50 0.50 X 454701 0 112507 MELVIN NESS SENIOR VP, CFO 30.90 4.10 X 440502 0 17223 SALOMON AMAR SR VP FOR RESEARCH AFFAIRS 19.00 16.00 X 417323 200729 135411 JEFFREY ROSENGARTEN SENIOR VP OF OPER. & ADMIN. 31.00 4.00 X 392007 0 17429 MICHAEL NEWMAN SECRETARY, SR. VP AND GEN COUNSEL 18.90 16.10 X 343354 0 39504 MOSHE KRUPKA EXECUTIVE VP 24.00 11.00 X 336383 0 132522 KENNETH STEIER EXECUTIVE DEAN, PROFESSOR 35.00 0.00 X 505400 0 51091 RONNIE MYERS DEAN, DENTAL SCHOOL 35.00 0.00 X 369796 0 36814 ELENA LANGAN DEAN, LAW SCHOOL 34.50 0.50 X 359469 0 28483 STEVEN LORENZET DEAN, SCHOOL OF HEALTH SCIENCES 35.00 0.00 X 225446 0 40194 HENRY COHEN DEAN, PHARMACY SCHOOL 35.00 0.00 X 256965 0 48358 EDWARD F FARKAS END 1223 VICE DEAN, TOURO DENTAL SCHOOL 35.00 0.00 X 428774 0 29019 ELIZABETH A PALMAROZZI DEAN, TOURO COLL. OSTEO. MED. MONTAN 35.00 0.00 X 402878 0 9624 MATTHEW BONILLA VP OF STUDENT SERVICES 29.00 6.00 X 300777 0 44353 MARIAN STOLTZ-LOIKE VP, ONLINE EDUCATION 35.00 0.00 X 343754 0 28970 JUDAH WEINBERGER VP OF COLLABORATIVE MEDICNE 35.00 0.00 X 298034 0 15651 LOUIS PRIMAVERA FORMER DEAN, SCH. OF HEALTH SCIENCES 35.00 0.00 X 131366 0 7185 7206950 422787 1263171 416 1 1 0 EXCEL GUARD CORP 505 8TH AVENUE 17 FLOOR NEW YORK NY 10018 SECURITY SERVICES 3925722 HUDSON RIVER CIO ADVISORS LLC 17 SKYLINE DRIVE HAWTHORNE NY 10532 IT CONSULTING SERVICES 1684275 GOOGLE INC DEPT 33654 SAN FRANCISCO CA 94139 ADVERTISING 1141911 OUTFRONT MEDIA INC PO BOX 33074 NEWARK NJ 071880074 ADVERTISING 888000 DATA BRAINS INC 13241 BARTRAM PARK BLVD JACKSONVILLE FL 32258 IT CONSULTING SERVICES 800831 38 539480 6189092 5358316 12086888 STUDENT TUITION/FEES 611600 330836626 330836626 FACULTY PRACTICE 611600 8039448 8039448 DORM FEES 611600 3252313 3252313 342128387 4538812 4538812 359370 0 359370 359370 359370 36162750 36464300 -301550 -301550 -301550 187381 539480 234067 -46686 -46686 ACADEMIC SUPPORT 900099 21517709 21517709 CAFETERIA INCOME 900099 328318 328318 OTHER RESEARCH REVENUE 900099 126888 126888 1918774 1918774 23891689 382656910 366020076 0 4549946 2075000 2075000 31034865 31034865 1746027 1746027 5573944 1762432 3263797 547715 715698 638205 64249 13244 165180128 150503052 12064897 2612179 4915456 4383230 441263 90963 26821348 23917237 2407768 496343 11457486 10216914 1028545 212027 1480089 1319831 132868 27390 694056 694056 248500 221593 22308 4599 205766 183486 18472 3808 6076587 5418638 545499 112450 7224760 6442491 648571 133698 3552468 2902662 584066 65740 11222869 10007700 1007484 207685 49080453 43766212 4405981 908260 2399117 2139350 215370 44397 266699 237822 23942 4935 17875614 15940112 1604704 330798 2281769 2034708 204836 42225 EDUCATIONAL PROGRAMS 18447994 18447994 STUDENT ACTIVITIES 5256327 5256327 BAD DEBT EXPENSE 1017535 1017535 DUES, SUBSCRIPT. & MEMB 1016668 906587 91267 18814 15681299 14139754 1278079 263466 393548522 356659764 30748022 6140736 29342530 22586780 12529047 11208339 10494726 13399997 58427 58427 16493384 22696218 5088249 7533850 522723558 205976743 329122651 316746815 127534393 147545434 838000 838000 3200000 3200000 255016843 321310957 789718250 867124817 44979119 48830784 30104578 44436528 203146583 200202825 17981332 19541033 221839073 282361957 518050685 595373127 X 246123657 246111388 25543908 25640302 271667565 271751690 789718250 867124817 -10891612 10975737 0 X 0 1 X 1 1 1 X 14230332 50314934 26128655 28949819 12086888 131710628 14230332 50314934 26128655 28949819 12086888 131710628 2064757 129645871 1091203 1078338 2014161 3702032 4898182 12783916 2267614 2267614 146762158 1279714790 0.88340 0.90230 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER EXCLUDED INCOME - 2019 AMOUNT: $ 2,267,614. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 248500 0 0 248500 0 PART II-B, LINE 1, LOBBYING ACTIVITIES: OTHER ACTIVITIES THE UNIVERSITY HIRED LOBBYISTS TO ASSIST IN OBTAINING APPROVAL FROM FEDERAL, STATE AND CITY AGENCIES TO ENHANCE THE FACILITIES AND PROGRAMS OF THE UNIVERSITY. THE UNIVERSITY OR ITS REPRESENTATIVES MAY MEET WITH LEGISLATORS TO DISCUSS CERTAIN GRANTS. 462074 X 0 41659889 -4997 4233896 768114 45120674 36998666 2113128 2914863 366768 41659889 43308379 24169 -4749210 1584672 36998666 38618085 31647 6255979 1597332 43308379 40342144 500000 790321 3014380 38618085 0.86920 0.10920 0.02160 0 0 16465259 16465259 325682165 88118739 237563426 59431540 36843454 22588086 68808291 42796241 26012050 52336303 38218309 14117994 316746815 RIGHT OF USE ASSETS 248150922 DUE FROM/TO AFFILIATES, NET 70204872 DEPOSITS WITH BOND TRUSTEE 1296163 OTHER ASSETS 1196926 ARTWORK INVENTORY 462074 321310957 OPERATING LEASE LIABILITIES 276772711 TUITION ESCROW 4820182 STUDENT DEPOSITS 1583015 INTERCOMPANY LOAN 20411 OTHER LIABILITIES 636763 ADJUSTMENT TO OTHER LIABILITIES -1471125 282361957 X PART III, LINE 1A: COLLECTION OF ART AND RELIGIOUS OBJECTS A COLLECTION OF ART AND RELIGIOUS OBJECTS ACQUIRED SINCE INCEPTION THROUGH PURCHASES, CONTRIBUTIONS AND LONG TERM LOANS ARE INSURED FOR APPROXIMATELY $2,534,697 INCLUDING APPROXIMATELY $481,000 RELATED TO RELIGIOUS OBJECTS ON LOAN. RECORDS OF THE COST OF PURCHASED ITEMS OR OF THE FAIR VALUE AS OF THE DATE OF CONTRIBUTIONS ARE NOT AVAILABLE IN MANY INSTANCES, AND THE UNIVERSITY HAS DETERMINED THAT IT WOULD NOT BE PRACTICAL TO RETROACTIVELY CAPITALIZE ITS COLLECTION. PART III, LINE 4: RELIGIOUS ARTWORK TOURO MAINTAINS ARTWORK AT VARIOUS LOCATIONS. A PORTION OF THE ARTWORK REPRESENTS RELIGIOUS ARTIFACTS USED IN WEEKLY RELIGIOUS SERVICES. OTHER ARTWORK IS USED TO BEAUTIFY THE FACILITIES TO ENHANCE STUDENT AND FACULTY ACCEPTANCE OF THEIR SURROUNDINGS. PART V, LINE 4: ENDOWMENT FUNDS TO PROVIDE SCHOLARSHIPS AND GRANTS TO STUDENTS, TO ADD OR IMPROVE FACILITIES, TO FUND RESEARCH AND PROVIDE ADDITIONAL PROGRAM FUNDS. PART X, LINE 2: ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES THE UNIVERSITY SUBSCRIBES 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, 2024 AND 2023, THE UNIVERSITY DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS OR ANY SIGNIFICANT UNRELATED BUSINESS INCOME TAX LIABILITY, WHICH WOULD HAVE A MATERIAL IMPACT UPON ITS 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 BROCHURES AND CATALOGS DISTRIBUTED TO STUDENTS AND RECRUITMENT ADVERTISEMENTS IN JOURNALS AND NEWSPAPERS, AS WELL AS ON OWN WEBSITE, TV, INTERNET AND THE RADIO, CONTAIN STATEMENTS WITH RESPECT TO TOURO UNIVERSITY'S RACIALLY NONDISCRIMINATORY POLICY. LINE 6 - EXPLANATION OF GOVERNMENT FINANCIAL AID: FEDERAL AND STATE GRANTS,STUDENTS ATTENDING THE UNIVERSITY MAY ALSO BE ELIGIBLE FOR FEDERAL FINANCIAL AID INCLUDING STUDENT LOANS. ADDITIONALLY, THE UNIVERSITY RECEIVED GRANTS FROM THE GOVERNMENT FOR RESEARCH AND FACILITY IMPROVEMENTS. 1 EUROPE 1 18 GRANTMAKING 1674779 MIDDLE EAST AND NORTH AFRICA 1 34 PROGRAM SERVICES EDUCATION 1569697 RUSSIA AND NEIGHBORING STATES 2 0 PROGRAM SERVICES EDUCATION 255298 MIDDLE EAST AND NORTH AFRICA 0 0 GRANTMAKING 71248 4 52 0 0 4 52 3571022 0 3571022 EUROPE EDUCATION 1674779 0 1 0 SCHOLARSHIPS MIDDLE EAST/NORTH AFRICA 97 71248 1 0 1 0 0 1 PART I, LINE 2: OPERATIONS REVIEW PERIODIC SITE VISITS BY UNIVERSITY ADMINISTRATORS AND FACULTY REVIEW LOCAL OPERATIONS. SIGNIFICANT OPERATIONS HAVE REVIEWS BY LOCAL INDEPENDENT AUDITORS. STUDENTS ARE AWARDED TUITION DISCOUNTS BASED ON VARIOUS CRITERIA. THE DISCOUNTS ARE CREDITED TO THE STUDENT'S ACCOUNTS. NY DENTAL DINNER 475490 328109 147381 49700 59350 15500 32239 LAW SCHOOL DINNER 251371 211371 40000 55825 11760 4365 5328 726861 539480 187381 105525 71110 19865 37567 234067 -46686 1 HEBREW THEOLOGICAL COLLEGE (HTC) 7135 NORTH CARPENTER ROAD SKOKIE IL 60077 362167095 501(C)(3) 2075000 0 EDUCATION 1 0 SCHOLARSHIPS 4695 31034865 PART I, LINE 2: MONITORING GRANTS SINCE ITS INCEPTION, MANAGEMENT REVIEWS REQUESTS FOR GRANTS. THE UNIVERSITY MONITORS ALL REQUESTS FOR USE OF GRANT FUNDS AGAINST THE SUBMITTED BUDGETS FOR THE RESPECTIVE GRANTS. PRIOR TO SUBMISSION OF REQUESTS FOR REIMBURSEMENT, ADDITIONAL REVIEW OF EXPENDED FUNDS IS PERFORMED TO ENSURE COMPLIANCE WITH GRANT AND UNIVERSITY GUIDELINES. STUDENTS ARE AWARDED TUITION DISCOUNTS BASED ON VARIOUS CRITERIA. THE DISCOUNTS ARE CREDITED TO THE STUDENTS' ACCOUNTS. X X X X 0 1 X X X 0 1 0 0 0 0 0 0 0 ALAN KADISH PRESIDENT, CEO AND TRUSTEE 1046150 0 0 0 18028 0 96500 0 174755 0 1335433 0 0 0 SALOMON AMAR SR VP FOR RESEARCH AFFAIRS 416080 178229 0 0 1243 22500 0 42812 0 92599 417323 336140 0 0 PATRICIA SALKIN PROVOST GRAD AND PROF SCHOOLS 453411 0 0 0 1290 0 16500 0 96007 0 567208 0 0 0 KENNETH STEIER EXECUTIVE DEAN, PROFESSOR 501590 0 0 0 3810 0 16500 0 34591 0 556491 0 0 0 MOSHE KRUPKA EXECUTIVE VP 326063 0 0 0 10320 0 16500 0 116022 0 468905 0 0 0 RABBI DANIEL LANDER TRUSTEE AND CHANCELLOR 103040 164433 0 0 3700 0 0 59346 0 138000 106740 361779 0 0 EDWARD F FARKAS END 1223 VICE DEAN, TOURO DENTAL SCHOOL 426794 0 0 0 1980 0 0 0 29019 0 457793 0 0 0 MELVIN NESS SENIOR VP, CFO 431730 0 0 0 8772 0 16500 0 723 0 457725 0 0 0 ELIZABETH A PALMAROZZI DEAN, TOURO COLL. OSTEO. MED. MONTAN 399068 0 0 0 3810 0 0 0 9624 0 412502 0 0 0 JEFFREY ROSENGARTEN SENIOR VP OF OPER. & ADMIN. 381103 0 0 0 10904 0 16500 0 929 0 409436 0 0 0 RONNIE MYERS DEAN, DENTAL SCHOOL 366212 0 0 0 3584 0 16500 0 20314 0 406610 0 0 0 ELENA LANGAN DEAN, LAW SCHOOL 355659 0 0 0 3810 0 16500 0 11983 0 387952 0 0 0 MICHAEL NEWMAN SECRETARY, SR. VP AND GEN COUNSEL 342064 0 0 0 1290 0 16500 0 23004 0 382858 0 0 0 MARIAN STOLTZ-LOIKE VP, ONLINE EDUCATION 340185 0 0 0 3569 0 16500 0 12470 0 372724 0 0 0 MATTHEW BONILLA VP OF STUDENT SERVICES 300327 0 0 0 450 0 16196 0 28157 0 345130 0 0 0 JUDAH WEINBERGER VP OF COLLABORATIVE MEDICNE 295618 0 0 0 2416 0 14781 0 870 0 313685 0 0 0 HENRY COHEN DEAN, PHARMACY SCHOOL 255675 0 0 0 1290 0 13636 0 34722 0 305323 0 0 0 STEVEN LORENZET DEAN, SCHOOL OF HEALTH SCIENCES 224992 0 0 0 454 0 5992 0 34202 0 265640 0 0 0 LOUIS PRIMAVERA FORMER DEAN, SCH. OF HEALTH SCIENCES 131119 0 0 0 247 0 6747 0 438 0 138551 0 0 0 PART I, LINE 1A TRAVEL THE PRESIDENT AND SOME OF THE OFFICERS ARE PROVIDED WITH NONTAXABLE UPGRADED TRAVEL AND SPOUSAL TRAVEL ON CERTAIN TRIPS. HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE THE PRESIDENT AND PROVOST/SVP ACADEMIC AFFAIRS ARE PROVIDED A CORPORATE APARTMENT AS A CONDITION OF EMPLOYMENT FOR THE CONVENIENCE OF THE UNIVERSITY. THE VALUE OF THE HOUSING BENEFIT FOR THE PRESIDENT AND PROVOST/SVP ACADEMIC AFFAIRS ARE INCLUDED AS A NONTAXABLE BENEFIT IN SCHEDULE J, PART II, COLUMN D. PERSONAL SERVICES THE PRESIDENT WAS PROVIDED WITH A CAR AND DRIVER FOR BUSINESS PURPOSES. THE VALUE OF THIS SERVICE IS INCLUDED AS A NONTAXABLE BENEFIT IN SCHEDULE J, PART II, COLUMN D. PART I, LINE 1B BOARD APPROVAL THE BENEFITS PROVIDED TO THE PRESIDENT ARE APPROVED BY THE BOARD. BENEFITS PROVIDED TO THE OFFICERS ARE APPROVED BY THE PRESIDENT. PART I, LINE 4B NONQUALIFIED DEFERRED COMPENSATION PLAN TOURO UNIVERSITY'S PRESIDENT PARTICIPATES IN A 457(F) DEFERRED COMPENSATION PLAN; AMOUNTS IN COLUMN (C) INCLUDE A DEFERRAL OF THE FOLLOWING AMOUNTS: ALAN KADISH - $59,500 RABBI DANIEL LANDER - $33,500 FORM 990, SCHEDULE J, PART II, COLUMN D NONTAXABLE BENEFITS NONTAXABLE BENEFITS, AS APPLICABLE, INCLUDE QUALIFIED TUITION REDUCTION, PARSONAGE ALLOWANCES AND QUALIFIED BENEFITS UNDER TOURO'S CAFETERIA PLAN. CERTAIN INDIVIDUALS ARE REQUIRED TO LIVE IN UNIVERSITY PROVIDED HOUSING AS A CONDITION OF EMPLOYMENT FOR THE CONVENIENCE OF THE UNIVERSITY; AS SUCH THOSE HOUSING AMOUNTS ARE NONTAXABLE. A PUBLIC FINANCE AUTHORITY 2022A 273866124 000000000 2022-07-28 57767150 SEE PART VI 0 0 0 B DORMITORY AUTHORITY OF THE STATE OF NY 2020A 146000293 000000000 2020-07-01 55610000 ACQUIRE AND RENOVATE FACILITY 0 0 0 C DORMITORY AUTHORITY OF THE STATE OF NY 2014A 146000293 000000000 2014-10-22 41475000 REFUND TAXABLE LOAN 0 0 0 D DORMITORY AUTHORITY OF THE STATE OF NY 2013A (REISSUED) 146000293 000000000 2023-12-21 15128812 REISSUANCE OF SERIES 2013A BONDS 0 0 0 A 54921354 1837383 1071123 993180 49753410 1266302 2023 0 1 0 1 B 3432964 35348863 1951088 705000 30388035 2301839 2901 2023 0 0 0 1 C 9325000 41475000 826365 40648635 1 0 1 1 D 380870 15128812 15128812 1 0 1 1 A 0 1 1 1 1 1 0 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 0 1 D 0 1 1 1 0 0 0 1 A 0 1 0 0 1 0 0 0 1 B 0 1 0 0 0 0 0 0 1 C 0 0 1 1 1 0 0 0 1 D 0 1 1 0 1 1 MANUFACT AND TRADE 14.900000000000 0 0 0 0 1 A 1 B 1 C 1 D 1 SUPPLEMENTAL INFORMATION: COLUMN A: PART I, (F) - THE BONDS WERE ISSUED TO FINANCE THE ACQUISITION OF LAND AND CONSTRUCTION OF EDUCATIONAL FACILITIES ON THE BORROWER'S CAMPUS, AND TO FINANCE THE REFUNDING OF A TAXABLE BOND ISSUE. COLUMN A: PART II, LINE 3 - THE TOTAL PROCEEDS SHOWN IN PART II, LINE 3 DIFFERS FROM THE ISSUE PRICE SHOWN IN PART I, (E) DUE TO INTEREST EARNINGS ON INVESTED PROCEEDS. COLUMN B: PART II, LINE 15 - THE TAXABLE BONDS REFUNDED BY THE SERIES 2022A WERE ISSUED ON JUNE 26, 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 THE ACQUISITION AND RENOVATION OF TWO CONTIGUOUS ENTIRE FLOORS OF THE 50 WEST 47TH STREET. 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 TOURO UNIVERSITY. 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. COLUMN C: PART II, LINE 3 - THE TOTAL PROCEEDS SHOWN IN PART II, LINE 3 DIFFERS FROM THE ISSUE PRICE SHOWN IN PART I, (E) DUE TO INTEREST EARNINGS ON INVESTED PROCEEDS. COLUMN C: 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 D: PART I(F) - THE BONDS ARE A REISSUANCE OF THE BORROWER'S SERIES 2013A BONDS. COLUMN D: PART II, LINE 15 - THE REISSUED BONDS WERE ORIGINALLY ISSUED ON DECEMBER 18, 2013. COLUMN D: 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. OFCKEY EMP VARIOUS PAYROLL X 58427 58427 0 1 0 58427 SCHOLARSHIPS TO FAMILY OF OFFICERS AND TRUSTEES FAMILY OF ODTKE 25490 TUITION DISC. SCHOLARSHIP PHYLLIS LANDER TTEE SPOUSE 65636 EMP. COMP. 0 RICHARD WAXMAN TTEE BROTHER IN LAW 141602 EMP. COMP. 0 DEBRA WAXMAN TTEE SISTER 83607 EMP. COMP. 0 MOSHE FRIEDMAN TTEE SON 36911 EMP. COMP. 0 DAVID MIRSKY TTEE SON IN LAW 80862 EMP. COMP. 0 ERIC GENACK TTEE SON 22566 EMP. COMP. 0 SHERRY KRUPKA OFC SISTER IN LAW 107896 EMP. COMP. 0 BENZION KRUPKA OFC SIBLING 48168 EMP. COMP. 0 RAPHAEL CSILLAG TTEE SON IN LAW 128449 EMP. COMP. 0 FORM 990, SCHEDULE L, PART II, LOANS: IN 2015 WHEN TOURO CONVERTED FROM A SEMI-MONTHLY TO A BI-WEEKLY PAYROLL, TOURO ADVANCED EIGHT DAYS OF SALARY TO SUBSTANTIALLY ALL EMPLOYEES TO COMPENSATE FOR THE BUILT-IN DELAY IN PROCESSING THE NEW BI-WEEKLY PAYROLL CYCLE. OF SUCH AMOUNT, $58,427 IS INCLUDED IN LOANS AND OTHER RECEIVABLES FROM CURRENT AND FORMER OFFICERS AND KEY EMPLOYEES, AND $1,621,616 FOR OTHER EMPLOYEES IS INCLUDED IN NOTES AND LOANS RECEIVABLE. SUCH AMOUNTS ARE EXPECTED TO BE REPAID AS EMPLOYEES LEAVE THE UNIVERSITY. PART III, LINE 1, MISSION STATEMENT: TOURO UNIVERSITY WAS ESTABLISHED PRIMARILY TO ENRICH THE JEWISH HERITAGE AND TO SERVE THE LARGER AMERICAN COMMUNITY. THE UNIVERSITY HAS AN UNDERGRADUATE CURRICULUM OFFERING BACHELOR AND ASSOCIATES DEGREES, GRADUATE PROGRAMS OFFERING MASTERS' DEGREES, AND PROFESSIONAL SCHOOLS INCLUDING A LAW SCHOOL, A SCHOOL OF HEALTH SCIENCES, A SCHOOL OF PHARMACY, A SCHOOL OF OSTEOPATHIC MEDICINE, AND A SCHOOL OF DENTISTRY. THE UNIVERSITY HAD AN AVERAGE ENROLLMENT OF APPROXIMATELY 12,000 DURING THE FISCAL YEAR. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 REVIEW PROCESS: THE TOURO UNIVERSITY FORM 990 AND SUPPORTING SCHEDULES ARE PREPARED BY AN INDEPENDENT ACCOUNTING FIRM. THE CONTROLLER, OFFICERS AND THE AUDIT COMMITTEE OF THE BOARD OF THE ORGANIZATION THEN REVIEW THE FORM 990. A COPY OF THE FORM 990 IS THEN PROVIDED TO THE FULL BOARD OF TRUSTEES PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY: THE ANNUAL BOARD QUESTIONNAIRE, WHICH REQUIRES DISCLOSURE OF CONFLICT INTEREST AND OTHER DETAILS, IS CIRCULATED TO ALL OF THE BOARD MEMBERS AND IS REVIEWED BY IN-HOUSE COUNSEL. OUR POLICIES REQUIRE THAT TRUSTEES, OFFICERS, AND KEY EMPLOYEES NOTIFY TOURO ANY TIME CONFLICTS OF INTEREST ARISE. IN THE EVENT THERE IS A CONFLICT OF INTEREST, OR AN APPEARANCE OF A CONFLICT OF INTEREST, THE INDIVIDUAL MUST RECUSE THEMSELVES FROM ANY DISCUSSIONS OR DECISIONS CONCERNING THE CONFLICT. FORM 990, PART VI, SECTION B, LINE 15A EXECUTIVE COMPENSATION: 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 PERIODICALLY AND, WHEN APPLICABLE, WHEN THEIR CONTRACTS ARE RENEWED. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTATION AVAILABLE TO PUBLIC: THE UNIVERSITY MAKES ITS FORM 990 AVAILABLE TO THE PUBLIC. WARWICK ACADEMIC ASSOCIATES LLC C/O TOURO UNIVERSITY 202 WEST 43RD NEW YORK NY 10036 204236301 HOLDING COMPANY NY TOURO UNIVERSITY CENTER FOR HEALTH OUTCOME RESEARCH LLC C/O TOURO UNIVERSITY 202 WEST 43RD NEW YORK NY 10036 272347268 INACTIVE DE TOURO UNIVERSITY INSTRUMENT LOGISTICS LLC C/O TOURO UNIVERSITY 202 WEST 43RD NEW YORK NY 10036 132676570 SUPPORT TOURO NY TOURO UNIVERSITY TOURO MARE ISLAND LLC C/O TOURO UNIVERSITY 202 WEST 43RD NEW YORK NY 10036 263766690 SUPPORT TOURO CA TOURO UNIVERSITY HTC LLC 202 WEST 43RD STREET NEW YORK NY 10036 475571364 HOLDING COMPANY NY TOURO UNIVERSITY TOURO UNIVERSITY MONTANA LLC 3011 AMERICAN WAY MISSOULA MT 59808 871856562 HOLDING COMPANY MT TOURO UNIVERSITY 225-227 WEST 60TH STREET LLC 225-227 W 60TH ST NEW YORK NY 10023 030389211 INACTIVE NY TOURO UNIVERSITY TOURO UNIVERSITY ILLINOIS C/O TOURO UNIVERSITY 202 WEST 43RD NEW YORK NY 10023 EDUCATION IL TOURO UNIVERSITY TOURO UNIVERSITY (CALIFORNIA) 202 WEST 43RD STREET NEW YORK NY 10018 133838740 EDUCATION CA 501(C)(3) 2 TOURO UNIVERSITY 1 TOURO UNIVERSITY NEVADA 202 WEST 43RD STREET NEW YORK NY 10018 200362127 EDUCATION NV 501(C)(3) 2 TOURO UNIVERSITY 1 TOURO COLLEGE AND UNIVERSITY SYSTEM INC 202 WEST 43RD STREET NEW YORK NY 10018 680646771 EDUCATION NJ 501(C)(3) 2 TOURO UNIVERSITY 1 YESHIVAS OHR HACHAIM 202 WEST 43RD STREET NEW YORK NY 10036 112808947 EDUCATION NY 501(C)(3) 2 TOURO UNIVERSITY 1 RABBI DOV REVEL YESHIVA OF FOREST HILLS 202 WEST 43RD STREET NEW YORK NY 10036 111681674 EDUCATION NY 501(C)(3) 2 TOURO UNIVERSITY 1 TOURO LAW CENTER DEVELOPMENT FOUNDATION 202 WEST 43RD STREET NEW YORK NY 10036 133922718 SUPPORT ORG NY 501(C)(3) 12A, I TOURO UNIVERSITY 1 NYMC LLC 202 WEST 43RD STREET NEW YORK NY 10036 271481147 MEMBER NYMC DE 501(C)(3) 12A, I TOURO UNIVERSITY 1 NEW YORK MEDICAL COLLEGE 40 SUNSHINE COTTAGE ROAD VALHALLA NY 10595 131099420 EDUCATION NY 501(C)(3) 2 NYMC LLC 1 PARTNERSHIP FOR A HEALTHY POPULATION 202 WEST 43RD STREET NEW YORK NY 10036 134038939 HEALTH STUDY NY 501(C)(3) 7 TOURO UNIVERSITY 1 TOURO COLLEGE BERLIN GGMBH BERLIN AM RUPERHORN 4 BERLIN GM 14055 EDUCATION GM TOURO UNIVERSITY 1 HEBREW THEOLOGICAL COLLEGE 7135 NORTH CARPENTER ROAD SKOKIE IL 60077 362167095 EDUCATION IL 501(C)(3) 2 TOURO UNIVERSITY 1 THE BIOTECHNOLOGY INCUBATOR AT NYMC INC 40 SUNSHINE COTTAGE ROAD VALHALLA NY 10595 471682208 RESEARCH NY 501(C)(3) 10 NEW YORK MEDICAL COLLEGE 1 TOURO UNIVERSITY MEDICAL GROUP 1805 N CALIFORNIA ST STE 201 STOCKTON CA 95204 843416009 HEALTH CARE CA 501(C)(3) 3 TOURO UNIVERSITY CALIFORNIA 1 NYMC-SCHOOL OF MEDICINE FACULTY PRACTICE 40 SUNSHINE COTTAGE ROAD VALHALLA NY 10595 833709834 HEALTH CARE NY 501(C)(3) 10 NEW YORK MEDICAL COLLEGE 1 CONGREGATION BAIS DAVID 141-61 71ST AVENUE KEW GARDEN HILLS NY 11367 112819714 RELIGIOUS NY 501(C)(3) 1 TOURO UNIVERSITY 1 LOVELACE BIOMEDICAL RESEARCH INSTITUTE 2425 RIDGECREST DRIVE SE ALBUQUERQUE NM 87108 850110669 RESEARCH NM 501(C)(3) 10 NYMC LLC 1 WEISSMAN HOOD INSTITUTE OF TOURO UNIVERSITY 1520 23RD STREET SOUTH GREAT FALLS MT 59405 810459235 GENETIC RESEARCH MT 501(C)(3) 2 NYMC LLC 1 TOURO SPEECH AND HEARING CLINIC INC 1602 AVENUE J BROOKLYN NY 11230 134180235 INACTIVE NY N/A C 1.00000 1 TOURO FOUNDATION CORPORATION 202 WEST 43RD STREET NEW YORK NY 10036 134014618 INACTIVE NY N/A C 1.00000 1 TOURO UNIVERSITY FOUNDATION 202 WEST 43RD STREET NEW YORK NY 10036 943318585 INACTIVE CA N/A C 1.00000 1 TOURO COLLEGE FOUNDATION FOR JEWISH STUDIES 202 WEST 43RD STREET NEW YORK NY 10036 133639225 INACTIVE NY N/A C 1.00000 1 TOURO UNIVERSITY MEDICAL ASSOCIATES 1805 N CALIFORNIA ST STE 201 STOCKTON CA 95204 843786336 HEALTH CARE CA N/A C 1.00000 1 TOURO COLLEGE OF DENTAL MEDICINE FACULTY PRACTICE CORPORATION 202 WEST 43RD STREET NEW YORK NY 10036 871129539 HEALTH CARE NY N/A C 1.00000 1 SPEECH LANGUAGE PATHOLOGY PC 40 SUNSHINE COTTAGE RD VALHALLA NY 10595 720564834 HEALTH CARE NY N/A C 1 LOVELACE SCIENTIFIC RESOURCES 2441 RIDGECREST DRIVE SE ALBUQUERQUE NM 87108 850357767 RESEARCH NM N/A C 1 0 1 1 1 0 0 0 0 0 0 1 0 0 1 1 1 1 1 1 YESHIVAS OHR HACHAIM P -10301546 CASH TOURO UNIVERSITY NEVADA Q 9984154 CASH TOURO UNIVERSITY CALIFORNIA Q 11690051 CASH TOURO UNIVERSITY NEVADA R 12807918 CASH TOURO UNIVERSITY CALIFORNIA R -13121083 CASH RABBI DOV REVEL YESHIVA OF FOREST HILLS Q 5874174 CASH NEW YORK MEDICAL COLLEGE P 1526406 CASH NEW YORK MEDICAL COLLEGE K 3115000 CASH NEW YORK MEDICAL COLLEGE O 365958 CASH SCHEDULE R, PART V UNDER IRC SECTIONS 512(B)(13) AND 318, ORGANIZATIONS CONTROLLED BY TOURO UNIVERSITY ARE ATTRIBUTED CONSTRUCTIVE OWNERSHIP BETWEEN THE BROTHER/SISTER RELATED ENTITIES ON SCHEDULE R. ALL TRANSACTIONS WITH DIRECTLY CONTROLLED ORGANIZATIONS ARE REPORTED ON PART V, LINE 2.