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. 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.”

“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. 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, $49,700 IS INCLUDED IN LOANS AND OTHER RECEIVABLES FROM CURRENT AND FORMER OFFICERS AND KEY EMPLOYEES, AND $3,268,734 FOR OTHER EMPLOYEES IS INCLUDED IN NOTES AND LOANS RECEIVABLE. SUCH AMOUNTS ARE EXPECTED TO BE REPAID AS EMPLOYEES LEAVE THE COLLEGE.”

“In march 2020, the world health organization declared the novel coronavirus (covid-19) a pandemic. The outbreak of the disease has affected travel, commerce and financial markets globally, including in the united states. The continued spread of covid-19 and its impact on social interaction, travel, economies and financial markets may affect results of operations and financial condition, including, among other things, (i) the ability of the college to conduct its operations and/or the cost of operations, (ii) governmental and non-governmental funding, and (iii) financial markets impacting investment valuations and interest rates. Commencing march 9, 2020, most course instruction was conducted virtually and while most undergraduate students vacated student housing, students continued to meet their academic requirements for the remainder of the 2019-20 academic year. During the 2019-20 academic year, funding from the coronavirus aid, relief and economic security act (cares act) provided students with approximately $4.5 million of direct emergency aid and offset approximately $1.4 million of refunds for housing and food plans and incremental costs related to changes in instruction resulting from the coronavirus. For the start of the 2020-21 academic year instruction will be a combination of in-person and virtual learning with some faculty and staff working on-campus to ensure continuity of essential operations. Given the uncertainty over the progression of the virus and governmental emergency directives, there is no timetable for when instruction and campus operations will return to normal. Approximately $4.3 million of additional cares act funding (approximately $3.4 million included in cash and deferred income at june 30, 2020 and approximately $0.9 million available to be drawn from the us department of education) is available to offset incremental institutional expenditures during the 2020-21 academic year. In addition, two affiliated entities received loans under the paycheck protection program totaling approximately $1.6 million. The covid-19 pandemic has negatively affected national, state, and local economies and global financial markets, and the higher education landscape in general. While the financial impact on the college cannot be quantified at this time, we do not anticipate that the pandemic will have a material adverse effect on the current and future financial profile and operating performance of the college. The college continues to monitor the course of the pandemic and is prepared to take additional measures to protect the health of the college community and promote the continuity of its academic mission. Form 990, part i, line 1, & part iii, line 1, mission statement: 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.”