Touro University

“Touro college is the sole member of the filing entity. As such, touro college elects all members of the board.”

“Form 990, Part I, Line 1 AND PART III, LINE 1 THE UNIVERSITY'S OPERATIONS CONSISTS OF TOURO UNIVERSITY CALIFORNIA (TUC), LOCATED IN VALLEJO, CA, WHICH OFFERS DEGREES IN OSTEOPATHIC MEDICINE AND PHARMACY AND VARIOUS MASTERS DEGREES, AND TOURO UNIVERSITY WORLDWIDE WHICH OPERATES A DISTANCE LEARNING UNIT OFFERING BACHELOR AND MASTERS DEGREES AND, THROUGH TOURO COLLEGE LOS ANGELES, OFFERS BACHELOR DEGREES IN BUSINESS MANAGEMENT AND ADMINISTRATION AND PSYCHOLOGY.”

“Form 990, part vi, line 6 touro college is the sole member of the filing entity.”

“Form 990, part vi, line 11b the touro university 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, Line 12c 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, lines 15a & b the filing organization, touro university, does not compensate the president. The president is compensated by a related tax exempt organization, which uses the following methods to determine the compensation of its president & ceo. 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.”

“Form 990, part vi, line 19 the form 990 and related information are made available to the public, and certain governing policies are included in touro college; however, governing documents, conflict of interest policy and financial statements are not made public. The annual financial statements are filed on the electronic municipal access system (emma) where they are available to the public. Net asset classification form 990, part x, lines 27-29 the fasb issued accounting standards update (asu) 2016-14 not-for-profit entities (topic 958), presentation of financial statements of not-for-profit entities, which among other things, changes how not-for-profit entities report net asset classes. The significant requirements of asu 2016-14 include reduction in the number of net asset classes from three to two: with donor restrictions (formerly reported as temporarily restricted net assets and permanently restricted net assets) and without donor restrictions (formerly reported as unrestricted net assets). The 2018 form 990, part x was not updated to reflect the change in net asset class terminology; therefore, the university has reported net assets without donor restriction as unrestricted net assets and net assets with donor restrictions as temporarily restricted net assets and permanently restricted net assets, respectively.”