New York Medical College

“The sole member of new york medical college is nymc, llc.”

“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.”

“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; 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.”

“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.”

“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.”

“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.”

“The college's conflict of interest policy and the audited financial statements are available and posted on the college's website.”

“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.”

“Benefit costs 373,054. Post retirement-related changes other than net periodic 330,399. Change in fmv in perpetual trusts 1,516,342.”