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Nonprofiteer
← ALBANY COLLEGE OF PHARMACY AND HEALTH SCIENCES

Form 990 for tax year 2022

Filed by ALBANY COLLEGE OF PHARMACY AND HEALTH SCIENCES.

Totals

Total revenue
$65,144,183
Total expenses
$65,906,803
Contributions and grants received
$822,937
Grants paid
$14,202,810
Program service revenue
$52,493,953
Investment income
$9,085,198
Other revenue
$2,742,095
Total assets, end of year
$144,542,300
Total liabilities, end of year
$41,056,788
Net assets or fund balances, end of year
$103,485,512
Program services expenses (Part IX)
$56,028,678
Management and general expenses
$8,267,723
Fundraising expenses
$1,610,402
Program service expenses (Part III)
$56,028,678

Program services were 85.0% 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.

  • 1f · All other contributions, gifts and grants

    $822,937

  • 1g · Noncash contributions included above

    $119,546

  • 2a · Program service revenue: EDUCATION

    total $48,556,742 · related or exempt $48,556,742

  • 2b · Program service revenue: RESEARCH

    total $3,937,211 · related or exempt $3,937,211

  • 3 · Investment income

    total $1,893,291 · excluded $1,893,291

  • 6a · Gross rents

    real property $3,040,610

  • 6b · Less rental expenses

    real property $1,188,484

  • 6c · Rental income or loss

    real property $1,852,126

  • 6d · Net rental income or loss

    total $1,852,126 · excluded $1,852,126

  • 7a · Gross sales of assets other than inventory

    securities $34,716,272 · other assets $4,528,878

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

    securities $27,113,553 · other assets $4,939,690

  • 7c · Gain or loss

    securities $7,602,719 · other assets -$410,812

  • 7d · Net gain or loss

    total $7,191,907 · excluded $7,191,907

  • 11a · Other revenue: OTHER INCOME

    total $889,969 · related or exempt $889,969

  • 11e · Other revenue, total

    $889,969

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $14,998 · program services $14,998

  • 2 · Grants to domestic individuals

    total $14,187,812 · program services $14,187,812

  • 5 · Compensation of officers, directors and key employees

    total $1,076,103 · program services $312,028 · management and general $517,883 · fundraising $246,192

  • 6 · Compensation of disqualified persons

    total $19,433,192 · program services $15,650,409 · management and general $3,071,865 · fundraising $710,918

  • 8 · Pension plan contributions

    total $1,484,524 · program services $1,197,370 · management and general $230,854 · fundraising $56,300

  • 9 · Other employee benefits

    total $3,057,191 · program services $2,367,394 · management and general $543,194 · fundraising $146,603

  • 10 · Payroll taxes

    total $1,435,716 · program services $1,115,666 · management and general $252,335 · fundraising $67,715

  • 11b · Fees: legal

    total $262,485 · management and general $262,485

  • 11c · Fees: accounting

    total $94,106 · management and general $94,106

  • 11d · Fees: lobbying

    total $60,000 · management and general $60,000

  • 11f · Fees: investment management

    total $215,849 · management and general $215,849

  • 11g · Fees: other

    total $1,397,116 · program services $946,986 · management and general $342,145 · fundraising $107,985

  • 12 · Advertising and promotion

    total $186,962 · program services $147,930 · management and general $1,789 · fundraising $37,243

  • 13 · Office expenses

    total $1,634,884 · program services $1,216,102 · management and general $364,995 · fundraising $53,787

  • 14 · Information technology

    total $669,684 · program services $130,361 · management and general $539,323

  • 16 · Occupancy

    total $5,176,212 · program services $4,739,847 · management and general $427,415 · fundraising $8,950

  • 17 · Travel

    total $355,785 · program services $284,188 · management and general $27,833 · fundraising $43,764

  • 20 · Interest

    total $1,053,231 · program services $1,001,691 · management and general $45,612 · fundraising $5,928

  • 22 · Depreciation, depletion and amortization

    total $4,465,197 · program services $3,885,908 · management and general $551,506 · fundraising $27,783

  • 23 · Insurance

    total $548,452 · program services $235,575 · management and general $312,877

  • 24a · Other expenses: COST OF OPERATIONS

    total $6,216,559 · program services $6,216,559

  • 24b · Other expenses: OTHER EXPENSES

    total $2,030,246 · program services $1,584,852 · management and general $348,160 · fundraising $97,234

  • 24c · Other expenses: BOOKS/PERIODICALS/AV

    total $514,842 · program services $514,842

  • 24d · Other expenses: STUDENT RECRUITMENT

    total $278,160 · program services $278,160

  • 24e · All other expenses

    total $57,497 · management and general $57,497

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $10,510,021 · end of year $9,756,967

  • 3 · Pledges and grants receivable

    beginning of year $3,514,510 · end of year $4,659,252

  • 4 · Accounts receivable

    beginning of year $1,935,694 · end of year $701,885

  • 7 · Other notes and loans receivable

    beginning of year $3,277,326 · end of year $3,294,456

  • 9 · Prepaid expenses and deferred charges

    beginning of year $653,114 · end of year $654,654

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

    $126,871,177

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

    $81,065,538

  • 10c · Land, buildings and equipment, net

    beginning of year $43,625,191 · end of year $45,805,639

  • 11 · Investments: publicly traded securities

    beginning of year $69,918,376 · end of year $71,349,075

  • 12 · Investments: other securities

    beginning of year $529,250 · end of year $566,547

  • 15 · Other assets

    beginning of year $9,465,904 · end of year $7,753,825

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,158,351 · end of year $3,095,250

  • 18 · Grants payable

    beginning of year $1,722,117 · end of year $1,623,775

  • 19 · Deferred revenue

    beginning of year $5,862,167 · end of year $2,888,737

  • 20 · Tax-exempt bond liabilities

    beginning of year $17,923,464 · end of year $25,651,304

  • 25 · Other liabilities

    beginning of year $9,628,628 · end of year $7,797,722

  • 27 · Net assets without donor restrictions

    beginning of year $85,658,174 · end of year $82,783,067

  • 28 · Net assets with donor restrictions

    beginning of year $19,476,485 · end of year $20,702,445

Mission and programs · 2022

Mission

WE EDUCATE THE NEXT GENERATION OF LEADERS TO IMPROVE THE HEALTH OF OUR SOCIETY.

  • EDUCATIONAL PROGRAMS: LOCATED IN ALBANY, NEW YORK, ALBANY COLLEGE OF PHARMACY AND HEALTH SCIENCES (ACPHS) EDUCATES STUDENTS FOR CAREERS IN HEALTH CARE AND THE LIFE SCIENCES INDUSTRIES. THE COLLEGE OFFERS THE PROFESSIONAL DOCTOR OF PHARMACY PROGRAM AND BACHELOR'S PROGRAMS IN BIOLOGY, BIOMEDICAL TECHNOLOGY, CLINICAL LABORATORY SCIENCES, HEALTH SCIENCES, MICROBIOLOGY, PHARMACEUTICAL SCIENCES AND PUBLIC HEALTH. ACPHS ALSO HAS MASTER'S PROGRAMS IN BIOMANUFACTURING AND BIOPROCESSING, BIOMEDICAL SCIENCES (POST-BAC IN BOTH IN-PERSON AND ONLINE), CLINICAL LABORATORY SCIENCES, CYTOTECHNOLOGY & MOLECULAR CYTOLOGY (IN-PERSON AND HYBRID), MOLECULAR BIOSCIENCES, AND PHARMACEUTICAL SCIENCES. IN ADDITION, STUDENTS MAY PURSUE JOINT DEGREES IN FIELDS THAT INCLUDE MEDICINE, LAW AND BUSINESS THROUGH COOPERATIVE AGREEMENTS WITH PARTNER INSTITUTIONS. GRADUATES OF THE HEALTH SCIENCES PROGRAMS OFTEN PURSUE CAREERS IN THE BIOTECH, PHARMACEUTICAL, AND MEDICAL DIAGNOSTIC INDUSTRIES OR SEEK OUT OPPORTUNITIES WITH GOVERNMENT AGENCIES AND NON-PROFIT ORGANIZATIONS. HEALTH SCIENCES GRADUATES ARE ALSO WELL POSITIONED TO CONTINUE THEIR EDUCATION IN GRADUATE PROGRAMS (MASTER'S OR PHD) AS WELL AS PROFESSIONAL PROGRAMS (E.G., MEDICINE AND PHYSICIAN ASSISTANT STUDIES).PHARMACY GRADUATES ENJOY CAREERS IN COMMUNITY, CLINICAL, HOSPITAL, LONG-TERM CARE AND SPECIALTY PHARMACY, AS WELL AS THE PHARMACEUTICAL INDUSTRY, HEALTH CARE MANAGEMENT AND HEALTH CARE INFORMATION TECHNOLOGY.THE STACK FAMILY CENTER FOR BIOPHARMACEUTICAL EDUCATION AND TRAINING (CBET) LEVERAGES PARTNERSHIPS WITH INDUSTRY, ACADEMIA, AND GOVERNMENT TO ADVANCE THE INDUSTRY. IT WAS DESIGNED IN 2020 TO ADDRESS THE RAPIDLY GROWING NEED FOR AN EDUCATED WORKFORCE IN THE BIOPHARMACEUTICAL FIELD. THE CENTER, WHICH RELOCATED TO ALBANY'S MEDICAL CORRIDOR ADJACENT TO CAMPUS IN 2022, PROVIDES STUDENTS WITH THE KNOWLEDGE AND HANDS-ON EXPERIENCE TO BRING INNOVATIVE BIOPHARMACEUTICALS TO PATIENTS. A PURPOSE-BUILT BIOPROCESSING CENTER, CBET OFFERS A PIPELINE INTO INDUSTRY FOR MIDDLE SCHOOL THROUGH POST-GRADUATE LEVELS, INCLUDING SUMMER CAMPS, THE NIIMBL EXPERIENCE, AND COMMUNITY SESSIONS FOR THOSE SEEKING TO EXPLORE INDUSTRY.CBET SECURED A $1.9M CONTRACT WITH THE FOOD AND DRUG ADMINISTRATION (FDA) TO DEVELOP AND DELIVER A CUSTOMIZED MESSENGER RIBONUCLEIC ACID (MRNA)-BASED VACCINE TRAINING PROGRAM FOR FDA EMPLOYEES, THE LARGEST CONTRACT ATTAINED BY THE COLLEGE IN ITS HISTORY.

    Expenses $53,092,718 · Grants $14,187,812 · Revenue $48,756,559

  • RESEARCH: RESEARCH IS A KEY COMPONENT OF THE ACADEMIC LIFE AT ACPHS. THE COLLEGE IS AN ACTIVE RESEARCH ENVIRONMENT WITH $5.3 MILLION IN RESEARCH AND SPONSORED PROJECTS.FACULTY AND STUDENTS AT THE COLLEGE ARE INVOLVED IN A WIDE RANGE OF RESEARCH PROJECTS, ACROSS CLINICAL, POPULATION HEALTH AND BASIC LIFE SCIENCES. THE COLLEGE OFFERS SPECIFIC PROGRAMS AND ACTIVITIES DESIGNED TO ENCOURAGE STUDENT RESEARCH, OFTEN AS EARLY AS THEIR FIRST YEAR. THE COLLEGE HAS APPROXIMATELY 81,000 SQUARE FEET OF BENCH RESEARCH SPACE. ACPHS INVESTIGATORS BENEFIT FROM THE COLLEGE'S PROXIMITY TO OTHER RESEARCH-BASED INSTITUTIONS WHERE EXISTING RELATIONSHIPS ALLOW ACCESS TO ADDITIONAL EQUIPMENT, LABORATORY SPACE, AND POTENTIAL COLLABORATORS.ACPHS ALSO HOSTS A RESEARCH COMMONS WHICH ENCOMPASSES DIGITISED RESEARCH AND SCHOLARSHIP GENERATED BY THE COLLEGE'S FACULTY, STUDENTS, AND STAFF.

    Expenses $2,935,960 · Grants $14,998 · Revenue $4,627,363

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Helen Ashuntantang

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Leigh Briscoe-Dwyer

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Paul Derohannessian

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Christopher J Dilascia

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Michael Duteau

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Edward Enos

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Donna French

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Hugh A Johnson

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Susan Learned

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Ruth Mahoney

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • James Notaro

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Wallace Pickworth

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Pamela Schweitzer

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Gregory Sciarra

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • David M Stack

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Marc Watrous

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Pamela Williamson

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Marion T Morton

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Walter Borisenok

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • William Shields

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Richard H Daffner

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Thomas Dewey

    PRESIDENT (TO JUNE 22)

    Total calculated
    $237,484
    From this org
    $232,139
    From related orgs
    $0
    Other
    $5,345
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $231,886
    Bonus
    $0
    Other
    $253
    Deferred
    $96
    Nontaxable benefits
    $5,249
    Filer's total
    $237,484

  • Oluwatoyin Tofade

    PRESIDENT (FROM JULY 22)

    Total calculated
    $282,878
    From this org
    $253,856
    From related orgs
    $0
    Other
    $29,022
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $253,856
    Bonus
    $0
    Other
    $0
    Deferred
    $23,261
    Nontaxable benefits
    $5,761
    Filer's total
    $282,878

  • Michele Vien

    SVP FIN/ADMIN, CFO

    Total calculated
    $216,744
    From this org
    $184,636
    From related orgs
    $0
    Other
    $32,108
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $184,636
    Bonus
    $0
    Other
    $0
    Deferred
    $19,571
    Nontaxable benefits
    $12,537
    Filer's total
    $216,744

  • Anuja Ghorpade

    DEAN

    Total calculated
    $311,028
    From this org
    $269,367
    From related orgs
    $0
    Other
    $41,661
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $269,367
    Bonus
    $0
    Other
    $0
    Deferred
    $28,088
    Nontaxable benefits
    $13,573
    Filer's total
    $311,028

  • Michelle Lewis

    EXECUTIVE DIRECTOR C.B.E.T.

    Total calculated
    $298,972
    From this org
    $263,145
    From related orgs
    $0
    Other
    $35,827
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $263,145
    Bonus
    $0
    Other
    $0
    Deferred
    $25,557
    Nontaxable benefits
    $10,270
    Filer's total
    $298,972

  • Shaker Mousa

    VICE PROVOST OF RESEARCH

    Total calculated
    $235,213
    From this org
    $200,970
    From related orgs
    $0
    Other
    $34,243
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $200,970
    Bonus
    $0
    Other
    $0
    Deferred
    $20,650
    Nontaxable benefits
    $13,593
    Filer's total
    $235,213

  • Vicki Dilorenzo

    VP INSTITUTIONAL ADVANCEMENT

    Total calculated
    $213,853
    From this org
    $190,233
    From related orgs
    $0
    Other
    $23,620
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $190,233
    Bonus
    $0
    Other
    $0
    Deferred
    $19,190
    Nontaxable benefits
    $4,430
    Filer's total
    $213,853

  • David Clarke

    CHAIR - LIFE SCIENCES

    Total calculated
    $199,728
    From this org
    $167,662
    From related orgs
    $0
    Other
    $32,066
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $167,662
    Bonus
    $0
    Other
    $0
    Deferred
    $18,023
    Nontaxable benefits
    $14,043
    Filer's total
    $199,728

  • Darren Grabe

    CHAIR - PHARMACY PRACTICE

    Total calculated
    $192,255
    From this org
    $167,121
    From related orgs
    $0
    Other
    $25,134
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $167,121
    Bonus
    $0
    Other
    $0
    Deferred
    $10,803
    Nontaxable benefits
    $14,331
    Filer's total
    $192,255

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 · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Written employment contract
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment

Answered no

  • 4b · Supplemental nonqualified retirement plan
  • 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
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 1A
THE COLLEGE PROVIDES THE PRESIDENT MEMBERSHIP IN ONE CLUB WHICH ENABLES THE PRESIDENT TO HAVE OFF-CAMPUS MEETINGS, INCLUDING LUNCH AND DINNER MEETINGS WHERE APPROPRIATE, OR TO HOST OTHER COLLEGE RELATED EVENTS. THE FUNDS PROVIDED BY THE COLLEGE DO NOT PROVIDE ANY PERSONAL BENEFIT TO THE PRESIDENT AND THE USE OF THE CLUB IS SUBSTANTIALLY RESTRICTED TO COLLEGE RELATED MATTERS. THE PRESIDENT IS REQUIRED TO PAY FOR ANY INCIDENTAL PERSONAL USE FOR NON-COLLEGE RELATED ACTIVITIES.
PART I, LINE 3
THE EXECUTIVE COMMITTEE REVIEWS THE PRESIDENT'S SALARY AT TIME OF CONTRACT RENEWAL AND COMPARES THE PRESIDENT'S SALARY TO THE SALARIES OF PRESIDENTS AT SIMILARLY SITUATED INSTITUTIONS. ALL SALARY RECOMMENDATIONS EXIST AS PART OF THE BUDGET AND ARE AVAILABLE FOR REVIEW BY THE FINANCE COMMITTEE AND BOARD OF TRUSTEES AND THE BUDGET IS ULTIMATELY ADOPTED BY THE BOARD OF TRUSTEES.

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

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.

Provenance

Return type
form_990
Tax year
2022
Filed
14 May 2024
IRS schema version
2022v5.0
Source object
202441369349309749

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