Dowling College

“Robert S. Rosenfeld CRO; RSR Consulting, LLC (financial advisors) assumed responsibility as chief restructuring manager as of October 17, 2016 to June 30, 2017.”

“Form 990 will be prepared by Baker Tilly, reviewed by Robert Rosenfeld & Ralph Cerullo and approved by the Dowling College Board of Trustees then returned to Baker Tilly for filing.”

“Dowling College required all employees and Board of Trustees to complete annually a Conflict of Interest Disclosure form which was designed to provide a mechanism to insure that the College was aware of any potential conflicts of interest as well as to provide employees proper guidance from the Dowling College Committee on Ethical and Professional Conduct in compliance with the policy. The committee reviewed the disclosure forms and determined if no conflict of interest existed or if a conflict of interest did exist and if conditions or restrictions must be imposed.”

“The compensation of the president of Dowling College was determined by the Dowling College Board of Trustees. Members of the Board determining compensation were independent, comparability data was utilized, and results were contemporaneously documented. The compensation of other officers of Dowling College were proposed by the executive management team then reviewed and approved by the Dowling College Board of Trustees. Members of the Board determining compensation were independent, comparability data was utilized, and results were contemporaneously documented.”

“The College's 990 and Financial Statements are made available to the public upon request. Governing Documents and Conflict of Interest Policies are not made available to the public.”

“Dowling College ceased offering classes after the completion of the Spring semester ending May of 2016. The situation was created due to a declining enrollment that fell to a level which made normal operating cost unsustainable which additionally forced the accrediting agency "Middle States" to suspend Dowling's accreditation. The College subsequently filed for Chapter 11 bankruptcy protection in November of the same year.”

“The college fell under the requirements to undergo an audit as set forth in the Single Audit Act and OMB Circular Act A-133, but did not have the funds available to have the audit completed.”

“On November 29, 2016 (the "Petition Date"), the entity filed for protection from its creditors under Chapter 11, of the U.S. Bankruptcy Code (Case No. 16-75545 (REG)) (the "Debtor") in the Eastern District of New York. The Debtor has been winding down its operations and has significantly reduced its staff and resources. As a result, many of the Debtor's reporting and accounting functions have been significantly disrupted and delayed. Accordingly, the Debtor has not received or fully analyzed all of the potential sources of the information required in support of the information provided herein. While Debtor's management has made reasonable efforts to ensure that the Return is accurate and complete, based upon information that was available to them at the time of preparation, subsequent information may result in material changes to the enclosed information. The information provided was intended to fulfill the Debtor's obligation and we make no assertion as to the accuracy or completeness of such information. Moreover, because the Return contains unaudited information, which is subject to further review and potential adjustment, there can be no assurance that this information is complete. The Debtor reserves all rights to amend this Return, as may be necessary or appropriate. SINCE THE DEBTOR IS CURRENTLY IN A BANKRUPTCY PROCEEDING, ALL AMOUNTS REPORTED ON THE RETURN ARE SUBJECT TO THE ULTIMATE REALIZATION OF ASSETS RECOVERED THROUGH THE LIQUIDATION PROCESS AND LIABILITIES AUTHORIZED TO BE PAID PURSUANT TO THE ORDER OF THE COURT AND SUFFICIENT FUNDS RECOVERED FOR THE BANKRUPTCY ESTATE.”