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Nonprofiteer
← NEW YORK MEDICAL COLLEGE

Form 990 for tax year 2023

Filed by NEW YORK MEDICAL COLLEGE.

Totals

Total revenue
$123,829,598
Total expenses
$122,521,296
Contributions and grants received
$2,221,481
Grants paid
$10,110,728
Program service revenue
$110,914,685
Investment income
$5,563,720
Other revenue
$5,129,712
Total assets, end of year
$329,550,377
Total liabilities, end of year
$129,158,630
Net assets or fund balances, end of year
$200,391,747
Program services expenses (Part IX)
$94,175,016
Management and general expenses
$26,312,737
Fundraising expenses
$2,033,543
Program service expenses (Part III)
$94,175,016

Program services were 76.9% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1c · Fundraising events

    $489,595

  • 1e · Government grants (contributions)

    $247,813

  • 1f · All other contributions, gifts and grants

    $1,484,073

  • 1g · Noncash contributions included above

    $38,680

  • 2a · Program service revenue: TUITION AND FEES

    total $71,829,685 · related or exempt $71,829,685

  • 2b · Program service revenue: RESEARCH AND SPONSORED

    total $22,178,270 · related or exempt $22,178,270

  • 2c · Program service revenue: AFFILIATION FEES

    total $8,254,481 · related or exempt $8,254,481

  • 2d · Program service revenue: AUXILIARY ENTERPRISES

    total $5,691,373 · related or exempt $5,691,373

  • 2e · Program service revenue: FACULTY PRACTICE PLANS

    total $2,960,876 · related or exempt $2,960,876

  • 3 · Investment income

    total $2,436,060 · related or exempt $10,598 · unrelated business $24,073 · excluded $2,401,389

  • 6a · Gross rents

    real property $7,758,920

  • 6b · Less rental expenses

    real property $3,644,137

  • 6c · Rental income or loss

    real property $4,114,783

  • 6d · Net rental income or loss

    total $4,114,783 · unrelated business $2,126,762 · excluded $1,988,021

  • 7a · Gross sales of assets other than inventory

    securities $40,090,000

  • 7b · Less cost or other basis and sales expenses

    securities $36,962,340

  • 7c · Gain or loss

    securities $3,127,660

  • 7d · Net gain or loss

    total $3,127,660 · excluded $3,127,660

  • 8a · Fundraising events: gross income

    $74,925

  • 8a · Fundraising events: contributions included on line 1c

    $489,595

  • 8b · Fundraising events: direct expenses

    $208,990

  • 8c · Net income from fundraising events

    total -$134,065 · excluded -$134,065

  • 11a · Other revenue: INSURANCE CLAIMS

    total $577,217 · related or exempt $577,217

  • 11b · Other revenue: ENERGY REBATES

    total $310,724 · excluded $310,724

  • 11c · Other revenue: COMPARATIVE MEDICINE

    total $177,484 · unrelated business $177,484

  • 11d · All other revenue

    total $83,569 · related or exempt $83,569

  • 11e · Other revenue, total

    $1,148,994

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,660,986 · program services $1,660,986

  • 2 · Grants to domestic individuals

    total $8,165,819 · program services $8,165,819

  • 3 · Grants to foreign organizations and individuals

    total $283,923 · program services $283,923

  • 5 · Compensation of officers, directors and key employees

    total $3,027,658 · program services $1,683,710 · management and general $1,304,981 · fundraising $38,967

  • 7 · Other salaries and wages

    total $54,614,651 · program services $45,526,652 · management and general $8,158,557 · fundraising $929,442

  • 8 · Pension plan contributions

    total $3,025,557 · program services $2,507,842 · management and general $479,054 · fundraising $38,661

  • 9 · Other employee benefits

    total $8,146,828 · program services $7,027,279 · management and general $930,672 · fundraising $188,877

  • 10 · Payroll taxes

    total $3,769,050 · program services $3,101,634 · management and general $603,505 · fundraising $63,911

  • 11b · Fees: legal

    total $390,347 · program services $319,703 · management and general $64,086 · fundraising $6,558

  • 11c · Fees: accounting

    total $356,821 · management and general $356,821

  • 11d · Fees: lobbying

    total $72,699 · management and general $72,699

  • 11e · Fees: professional fundraising services

    total $150,206 · fundraising $150,206

  • 11f · Fees: investment management

    total $226,938 · program services $185,867 · management and general $37,258 · fundraising $3,813

  • 11g · Fees: other

    total $4,505,694 · program services $3,664,272 · management and general $759,545 · fundraising $81,877

  • 12 · Advertising and promotion

    total $153,156 · program services $125,438 · management and general $25,145 · fundraising $2,573

  • 13 · Office expenses

    total $1,326,844 · program services $855,267 · management and general $438,626 · fundraising $32,951

  • 14 · Information technology

    total $1,787,952 · program services $1,418,285 · management and general $277,468 · fundraising $92,199

  • 16 · Occupancy

    total $9,273,921 · program services $1,970,367 · management and general $7,302,619 · fundraising $935

  • 17 · Travel

    total $554,699 · program services $454,028 · management and general $98,788 · fundraising $1,883

  • 19 · Conferences, conventions and meetings

    total $116,389 · program services $98,573 · management and general $17,816

  • 20 · Interest

    total $914,072 · management and general $914,072

  • 22 · Depreciation, depletion and amortization

    total $10,231,382 · program services $7,864,270 · management and general $2,197,297 · fundraising $169,815

  • 23 · Insurance

    total $1,004,645 · management and general $1,004,645

  • 24a · Other expenses: OTHER RESEARCH GRANT EX

    total $2,508,334 · program services $2,508,334

  • 24b · Other expenses: STUDENT ACTIVITIES

    total $1,868,090 · program services $1,855,786 · management and general $12,304

  • 24c · Other expenses: EDUCATIONAL PROGRAMS

    total $1,817,743 · program services $1,785,218 · management and general $32,525

  • 24d · Other expenses: OTHER

    total $1,456,600 · program services $373,458 · management and general $974,845 · fundraising $108,297

  • 24e · All other expenses

    total $1,110,292 · program services $738,305 · management and general $249,409 · fundraising $122,578

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $979,098 · end of year $2,158,837

  • 2 · Savings and temporary cash investments

    beginning of year $2,157,609 · end of year $2,144,910

  • 3 · Pledges and grants receivable

    beginning of year $13,139,427 · end of year $13,600,037

  • 4 · Accounts receivable

    beginning of year $5,856,392 · end of year $7,162,997

  • 7 · Other notes and loans receivable

    beginning of year $6,454,455 · end of year $7,037,923

  • 8 · Inventories for sale or use

    beginning of year $114,286 · end of year $114,286

  • 9 · Prepaid expenses and deferred charges

    beginning of year $994,297 · end of year $948,846

  • 10a · Land, buildings and equipment: cost or other basis

    $300,283,946

  • 10b · Land, buildings and equipment: accumulated depreciation

    $115,635,675

  • 10c · Land, buildings and equipment, net

    beginning of year $186,529,960 · end of year $184,648,271

  • 11 · Investments: publicly traded securities

    beginning of year $77,401,541 · end of year $74,950,359

  • 12 · Investments: other securities

    beginning of year $19,793,762 · end of year $22,164,271

  • 14 · Intangible assets

    beginning of year $10,200,000 · end of year $10,200,000

  • 15 · Other assets

    beginning of year $4,825,770 · end of year $4,419,640

  • 17 · Accounts payable and accrued expenses

    beginning of year $20,291,100 · end of year $17,533,429

  • 19 · Deferred revenue

    beginning of year $15,277,450 · end of year $14,848,805

  • 20 · Tax-exempt bond liabilities

    beginning of year $59,910,546 · end of year $59,134,819

  • 21 · Escrow or custodial account liability

    beginning of year $3,758,315 · end of year $2,684,561

  • 23 · Secured mortgages and notes payable

    beginning of year $15,142,446 · end of year $11,753,156

  • 25 · Other liabilities

    beginning of year $24,298,033 · end of year $23,203,860

  • 27 · Net assets without donor restrictions

    beginning of year $117,413,028 · end of year $122,211,099

  • 28 · Net assets with donor restrictions

    beginning of year $72,355,679 · end of year $78,180,648

Mission and programs · 2023

Mission

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 (SEE SCHEDULE O).

Activities or mission (Part I)

EDUCATE PHYSICIANS, SCIENTISTS, PUBLIC HEALTH SPECIALISTS & OTHER HEALTHCARE PROFESSIONALS.

  • PROFESSIONAL EDUCATION: EDUCATE INDIVIDUALS FOR CAREERS IN MEDICAL, SCIENCE AND HEALTH PROFESSIONS.

    Expenses $78,371,635 · Grants $10,110,728 · Revenue $94,679,339

  • AFFILIATION AND FACULTY PRACTICE: NYMC FACULTY MEMBERS PROVIDE SUPERVISION, TEACHING AND RELATED ADMINISTRATIVE SERVICES AT WESTCHESTER MEDICAL CENTER AND OTHER METROPOLITAN AREA HOSPITALS IN SUPPORT OF VARIOUS MEDICAL STUDENT RESIDENCY PROGRAMS.

    Expenses $12,558,382 · Revenue $11,215,357

  • AUXILIARY: CAMPUS SERVICES (HOUSING AND DINING) PROVIDED TO THE STUDENTS AND THE NYMC COMMUNITY TO LIVE AND FUNCTION ON CAMPUS.

    Expenses $3,244,999 · Revenue $5,691,373

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Alan Kadish

    PRESIDENT, CEO AND TRUSTEE

    Total calculated
    $1,335,433
    From this org
    $0
    From related orgs
    $1,064,178
    Other
    $271,255
    Hours/week
    10.8 + 24.2 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,064,178 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $16,500 related
    Nontaxable benefits
    $0 + $254,755 related
    Filer's total
    $0 + $1,335,433 related
  • Rabbi Menachem Genack

    TRUSTEE

    Total calculated
    $86,960
    From this org
    $0
    From related orgs
    $86,728
    Other
    $232
    Hours/week
    0.2 + 34.8 related
  • Robert Alter

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.8
  • Gary Barnett

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1
  • Howard Baruch

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.4 + 0.1 related
  • Ben Chouake

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.4 + 0.6 related
  • Dee Delbello

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1
  • Gary Gettenberg

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1
  • Munr Kazmir

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1
  • Moshe Lichtenstein

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5
  • Ruben Medina

    TRUSTEE - BEG. 03/2024

    Total calculated
    $0
    Hours/week
    0.2
  • Joseph Mark

    CHAIRMAN & TRUSTEE

    Total calculated
    $0
    Hours/week
    0.7
  • Lawrence Neshiwat

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1
  • Stephen J Nicholas

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1
  • Martin Oliner

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.3 + 0.7 related
  • Eliot Peyser

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.2
  • Ronald F Poe

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.8
  • Joseph Popack

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.2
  • Ammir Rabadi

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1
  • Avi Retter

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1
  • Stephen Rosenberg

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1 + 0.9 related
  • Alan B Rosenthal

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1
  • Henry Saphier

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.3
  • Joseph Schwartz

    VICE CHAIR & TRUSTEE

    Total calculated
    $0
    Hours/week
    0.3
  • Edward C Halperin

    CHANCELLOR OF HEALTH AFF & CEO

    Total calculated
    $726,125
    From this org
    $658,482
    From related orgs
    $0
    Other
    $67,643
    Hours/week
    34.8 + 0.2 related

    Schedule J breakdown matched by us

    Base
    $579,802
    Bonus
    $50,000
    Other
    $28,680
    Deferred
    $31,129
    Nontaxable benefits
    $36,514
    Filer's total
    $726,125
  • Robert W Amler

    DEAN SHSP

    Total calculated
    $481,543
    From this org
    $436,705
    From related orgs
    $0
    Other
    $44,838
    Hours/week
    34.8 + 0.2 related

    Schedule J breakdown matched by us

    Base
    $379,525
    Bonus
    $28,500
    Other
    $28,680
    Deferred
    $41,490
    Nontaxable benefits
    $3,348
    Filer's total
    $481,543
  • Nicholas Janiga

    VP, CHIEF COUNSEL & ASST SEC.

    Total calculated
    $423,452
    From this org
    $345,982
    From related orgs
    $0
    Other
    $77,470
    Hours/week
    34.9 + 0.1 related

    Schedule J breakdown matched by us

    Base
    $340,682
    Bonus
    $5,000
    Other
    $300
    Deferred
    $31,129
    Nontaxable benefits
    $46,341
    Filer's total
    $423,452
  • Marina Holz

    DEAN GSBMS

    Total calculated
    $341,227
    From this org
    $317,374
    From related orgs
    $0
    Other
    $23,853
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $297,776
    Bonus
    $0
    Other
    $19,598
    Deferred
    $22,186
    Nontaxable benefits
    $1,667
    Filer's total
    $341,227
  • Adam Hammerman

    VICE PRESIDENT & CFO

    Total calculated
    $338,893
    From this org
    $296,413
    From related orgs
    $0
    Other
    $42,480
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $295,963
    Bonus
    $0
    Other
    $450
    Deferred
    $27,204
    Nontaxable benefits
    $15,276
    Filer's total
    $338,893
  • Neil Schluger

    DEAN SOM - BEG. 12/19/23

    Total calculated
    $255,568
    From this org
    $253,794
    From related orgs
    $0
    Other
    $1,774
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $253,134
    Bonus
    $0
    Other
    $660
    Deferred
    $0
    Nontaxable benefits
    $1,774
    Filer's total
    $255,568
  • Michael Newman

    SECRETARY, SR. VP AND GEN COUNSEL

    Total calculated
    $382,858
    From this org
    $0
    From related orgs
    $343,354
    Other
    $39,504
    Hours/week
    5 + 30 related

    Schedule J breakdown matched by us

    Base
    $0 + $343,354 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $16,500 related
    Nontaxable benefits
    $0 + $23,004 related
    Filer's total
    $0 + $382,858 related
  • Salomon Amar

    SVP FOR RESEARCH AFFAIRS

    Total calculated
    $753,463
    From this org
    $200,729
    From related orgs
    $417,323
    Other
    $135,411
    Hours/week
    15.9 + 19.1 related

    Schedule J breakdown matched by us

    Base
    $178,229 + $417,323 related
    Bonus
    $0
    Other
    $22,500
    Deferred
    $9,936 + $32,876 related
    Nontaxable benefits
    $0 + $92,599 related
    Filer's total
    $210,665 + $542,798 related
  • Mitchell S Cairo

    PROFESSOR

    Total calculated
    $584,623
    From this org
    $518,825
    From related orgs
    $0
    Other
    $65,798
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $490,145
    Bonus
    $0
    Other
    $28,680
    Deferred
    $31,129
    Nontaxable benefits
    $34,669
    Filer's total
    $584,623
  • David S Markenson

    PROFESSOR

    Total calculated
    $455,424
    From this org
    $388,882
    From related orgs
    $0
    Other
    $66,542
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $362,995
    Bonus
    $0
    Other
    $25,887
    Deferred
    $16,500
    Nontaxable benefits
    $50,042
    Filer's total
    $455,424
  • Lori Solomon

    CHAIR OF FAMILY & COMMUNITY MEDICINE

    Total calculated
    $369,934
    From this org
    $293,069
    From related orgs
    $0
    Other
    $76,865
    Hours/week
    5 + 30 related

    Schedule J breakdown matched by us

    Base
    $292,364
    Bonus
    $0
    Other
    $705
    Deferred
    $28,406
    Nontaxable benefits
    $48,459
    Filer's total
    $369,934
  • Jane Ponterio

    SENIOR ASSOCIATE DEAN

    Total calculated
    $344,232
    From this org
    $309,981
    From related orgs
    $0
    Other
    $34,251
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $283,671
    Bonus
    $0
    Other
    $26,310
    Deferred
    $15,736
    Nontaxable benefits
    $18,515
    Filer's total
    $344,232
  • Michal Laniado Schwartzman

    PROFESSOR

    Total calculated
    $376,595
    From this org
    $304,075
    From related orgs
    $0
    Other
    $72,520
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $277,208
    Bonus
    $2,000
    Other
    $24,867
    Deferred
    $38,613
    Nontaxable benefits
    $33,907
    Filer's total
    $376,595
  • Jerry L Nadler

    FORMER DEAN SOM - END 2/24/23

    Total calculated
    $181,936
    From this org
    $173,821
    From related orgs
    $0
    Other
    $8,115
    Hours/week
    34.9 + 0.1 related

    Schedule J breakdown matched by us

    Base
    $168,629
    Bonus
    $0
    Other
    $5,192
    Deferred
    $5,420
    Nontaxable benefits
    $2,695
    Filer's total
    $181,936
  • Rabbi R Sinha

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.1
  • Kenneth R Theobalds

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.3

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Housing allowance or residence for personal use
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan
  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 1A
HOUSING ALLOWANCE JERRY NADLER, DEAN OF THE SCHOOL OF MEDICINE, HAS A TAXABLE HOUSING ALLOWANCE FROM NEW YORK MEDICAL COLLEGE.
PART I, LINE 4B
NONQUALIFIED DEFERRED COMPENSATION PLAN THE PRESIDENT PARTICIPATES IN A 457(F) DEFERRED COMPENSATION PLAN; AMOUNTS IN COLUMN (C) INCLUDE A DEFERRAL OF $59,500.
PART I, LINE 7
NONFIXED PAYMENTS DISCRETIONARY BONUSES WERE PAID DURING CALENDAR YEAR 2023, AS REPORTED IN COLUMN (B)(II).

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • NYMC BIOTECHNOLOGY COMMERCIALIZATION LLC

    HOLDING COMPANY · NY · income $8,269 · assets $0

    Directly controlled by NYMC

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • TOURO SPEECH AND HEARING CLINIC INC

    C · INACTIVE · NY · controlled entity

  • TOURO FOUNDATION CORPORATION

    C · INACTIVE · NY · controlled entity

  • TOURO UNIVERSITY FOUNDATION

    C · INACTIVE · CA · controlled entity

  • TOURO COLLEGE FOUNDATION FOR JEWISH STUDIES

    C · INACTIVE · NY · controlled entity

  • TOURO UNIVERSITY MEDICAL ASSOCIATES

    C · HEALTH CARE · CA · controlled entity

  • TOURO COLLEGE OF DENTAL MEDICINE FACULTY PRACTICE CORPORATION

    C · HEALTH CARE · NY · controlled entity

  • SPEECH LANGUAGE PATHOLOGY PC

    C · HEALTH CARE · NY · controlled entity

  • LOVELACE SCIENTIFIC RESOURCES

    C · CLINICAL TRIAL RESEARCH · NM · controlled entity

Provenance

Return type
form_990
Tax year
2023
Filed
14 May 2025
IRS schema version
2023v6.0
Source object
202541359349301929

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