Touro University

“The touro college 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.”

“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.”

“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.”

“The college makes its form 990 available to the public. In addition, its consolidated financial statements are published on the electronic municipal market access website. Certain governing policies are included in touro college's website; however its conflict of interest policy is not made public.”

“Touro college was established primarily to enrich the jewish heritage and to serve the larger american community. The college 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 college had an average enrollment of approximately 12,000 during the fiscal year.”

“Academic support: touro college provides staff and operational support for academic programs of various schools within the larger touro system and each school pays touro college for a portion of that support and receives other services without charge. From time to time, touro college receives academic support from other schools in the touro system. During this reporting year, the boards of several touro system schools voted to forgive portions of the receivables that had arisen over the years in the context of academic support among those schools and those forgiveness events are reported as grants received ($0) and grants paid ($4,596,000) on the touro college return.”

“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, $145,899 is included in loans and other receivables from current and former officers and key employees, and $2,941,554 for other employees is included in notes and loans receivable. Such amounts are expected to be repaid as employees leave the college.”