Fordham University Controllers Office

“Relationships: family relationship - peter stace, officer/vp for enrollment, has a family relationship with margaret ball, officer/secretary of the university.”

“Form 990 review: the finance department works closely with kpmg llp, as paid preparer of fordhams tax-related filings, to prepare the form 990. Once prepared, the form undergoes a series of reviews by senior financial staff and leadership before submission to the executive committee of the board of trustees for review and approval. The board of trustees has delegated the responsibility for reviewing the return to the executive committee. Following a formal presentation to the executive committee and question and comment period, the return is approved and a copy of the final draft of the form 990 is provided to the full board of trustees prior to its filing.”

“Conflict of interest review: the university has a written conflict of interest policy covering all trustees, officers, and employees that requires, among other things, that no individual may participate in discussion or decision on any matter in which he or she has a material financial interest. All trustees, officers and individuals who have signing authority are required to certify compliance with the conflict of interest policy on an annual basis and to indicate whether the university does business with an entity in which they have material financial interest. When such relationships exist, measures are taken to mitigate any actual or perceived conflict, including requiring that such transactions be conducted at arm's length, for good and sufficient consideration, based on terms that are fair and reasonable to and for the benefit of the university, and in accordance with relevant state conflict of interest laws and the university's status under section 501(c)(3).”

“Compensation review: compensation for the university's president is initially determined by a compensation committee of the board of trustees using salary data from similar institutions. The review was most recently concluded in september 2015 for fiscal years 2016, 2017, and 2018. Once determined, the president's proposed compensation is submitted first to the independent executive committee, then to the full board of trustees, for review and acceptance. Compensation for other university officers is established using salary benchmarking data, as well as reviews of compensation data included in public filings of comparable institutions. Compensation levels are reviewed and accepted by the board of trustees based on a review of key documents, filings, and employee performance discussions. The process of determining compensation is conducted in executive session to meetings of the board of trustees in order to preserve confidentiality. Compensation levels that are authorized as a result of this process are documented.”

“Document availability: fordham university's governing documents and conflict of interest policy are currently available on the university's website, and the audited financial statements are made available upon request.”

“Calendar year compensation: michael mccarthy s.j. Began serving as vice president for mission integration & planning in january 2016; therefore, he is listed as a current officer on form 990, part vii. Because part vii compensation is reported on a 2015 calendar year basis, and fr. Mccarthy joined fordham in 2016, compensation reported on part vii is zero.”

“Mission statement: the mission of the university fordham university, the jesuit university of new york, is committed to the discovery of wisdom and the transmission of learning, through research and through undergraduate, graduate and professional education of the highest quality. Guided by its catholic and jesuit traditions, fordham fosters the intellectual, moral and religious development of its students and prepares them for leadership in a global society. Characteristics of the university as a university - fordham strives for excellence in research and teaching, and guarantees the freedom of inquiry required by rigorous thinking and the quest for truth. Fordham affirms the value of a core curriculum rooted in the liberal arts and sciences. The university seeks to foster in all its students life-long habits of careful observation, critical thinking, creativity, moral reflection and articulate expression. In order to prepare citizens for an increasingly multicultural and multinational society, fordham seeks to develop in its students an understanding of and reverence for cultures and ways of life other than their own. As a catholic university - fordham affirms the complementary roles of faith and reason in the pursuit of wisdom and learning. The university encourages the growth of a life of faith consonant with moral and intellectual development. Fordham encourages faculty to discuss and promote an understanding of the ethical dimension of what is being studied and what is being taught. Fordham gives special attention to the study of the living tradition of catholicism, and it provides a place where religious traditions may interact with each other and with contemporary cultures. Fordham welcomes students, faculty, and staff of all religious traditions and of no religious tradition as valued members of this community of study and dialogue. As a jesuit university - fordham draws its inspiration from the dual heritage of christian humanism and ignatian spirituality, and consequently sees all disciplines as potential paths to god. Fordham recognizes the dignity and uniqueness of each person. A fordham education at all levels is student-centered, and attentive to the development of the whole person. Such an education is based on close collaboration among students, faculty, and staff. Fordham is committed to research and education that assist in the alleviation of poverty, the promotion of justice, the protection of human rights and respect for the environment. Jesuit education is cosmopolitan education. Therefore, education at fordham is international in its scope and in its aspirations. The world-wide network of jesuit universities offers fordham faculty and students distinctive opportunities for exchange and collaboration. As a university in new york city - as home to people from all over the globe, as a center of international business, communication, diplomacy, the arts and the sciences, new york city provides fordham with a special kind of classroom. Its unparalleled resources shape and enhance fordhams professional and undergraduate programs. Fordham is privileged to share a history and a destiny with new york city. The university recognizes its debt of gratitude to the city and its own responsibility to share its gifts for the enrichment of our city, our nation and our world.”

“Program service accomplishments: fordham university is an independent, not-for-profit, coeducational, nonsectarian institution of higher learning, in the jesuit tradition, within its principle campuses located in new york city. Fordham university serves and educates approximately 8,900 undergraduate students and 6,400 graduate and professional students. The university awards baccalaureate, graduate, and professional degrees to students from fordham college at rose hill, fordham college at lincoln center, the gabelli school of business (undergraduate and graduate), the school of professional and continuing studies, the graduate schools of arts and sciences, education, religion and religious education, social service, and the school of law. A significant amount of financial assistance is provided to enable qualified students to study at the university.”

“Secured mortgages and notes payable to unrelated third parties: in july 2012, the university entered into an agreement with the jesuits of fordham, inc., a not for profit provincial order, for the purchase of loyola hall, a building located on the rose hill campus of fordham university, for $30 million. The first installment of $8 million was paid on the closing date. The balance of the purchase price will be paid pursuant to an interest free promissory note calling for eight installments of $2,750,000 each year through july 2020. The university recorded an unamortized discount totaling $1,956,452 and $2,263,147 at june 30, 2016 and 2015, respectively.”

“Other changes in net assets: change in value of interest rate swap (3,720,200) loss not yet recognized as a component of net periodic cost (5,716,000) unrealized change in value of perpetual trust (730,241) london pgm exp & currency adj (1,207,350) loss on defeasance & refunding of debt (8,378,057) london unspent cash on hand (29,745) ------------ total to form 990, part xi, line 9 (19,781,593)”