Touro University
- Assets
- $558.5m
- Revenue
- $322.0m
- Investments
- $709.4k
- Employees
- 3,725
- Location
- New York, NY
- Founding
- 08/1970
- Data as of
- 06/2020
- EIN
- 13-2676570
Organization Overview
Touro University is located in New York, NY. The organization was established in 1970. According to its NTEE Classification (B42) the organization is classified as: Undergraduate Colleges, under the broad grouping of Education and related organizations. As of 06/2021, Touro University employed 3,725 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Touro University is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2020, Touro University generated $322.0m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $321.2m during the year ending 06/2020. While expenses have increased by 2.2% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
THE COLLEGE'S PRIMARY PURPOSE IS TO PROVIDE AN INDEPENDENT INSTITUTION OF HIGHER AND PROFESSIONAL EDUCATION. (SEE SCHEDULE O)
Describe the Organization's Program Activity:
ACADEMIC SUPPORT: WITHIN THE TOURO SYSTEM, TOURO COLLEGE PROVIDED EDUCATION, PRIMARILY IN THE NEW YORK CITY METROPOLITAN AREA, TO APPROXIMATELY 12,000 UNDERGRADUATE, GRADUATE AND PROFESSIONAL STUDENTS DURING THE FISCAL YEAR IN VARIOUS FIELDS OF STUDY, INCLUDING LAW, MEDICINE AND OTHER HEALTHCARE FIELDS, GRANTING THE FOLLOWING ACADEMIC DEGREES: UNDERGRADUATE (1,611); GRADUATE (1,509); FIRST PROFESSIONAL (716).
ACADEMIC SUPPORT: WITHIN THE TOURO SYSTEM, TOURO COLLEGE PROVIDED EDUCATION, PRIMARILY IN THE NEW YORK CITY METROPOLITAN AREA, TO APPROXIMATELY 12,000 UNDERGRADUATE, GRADUATE AND PROFESSIONAL STUDENTS DURING THE FISCAL YEAR IN VARIOUS FIELDS OF STUDY, INCLUDING LAW, MEDICINE AND OTHER HEALTHCARE FIELDS, GRANTING THE FOLLOWING ACADEMIC DEGREES: UNDERGRADUATE (1,611); GRADUATE (1,509); FIRST PROFESSIONAL (716).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alan Kadish President, CEO And Trustee | OfficerTrustee | 18 | $844,486 |
Patricia Salkin Provost Grad And Prof Schools | Officer | 34.5 | $457,862 |
Kenneth Steier Dean, Col Of Osteopathic Med | Officer | 35 | $428,398 |
David Forstein Dean, Tourocom | Officer | 35 | $378,784 |
Ronnie Myers Dean, Dental School | Officer | 35 | $355,740 |
Melvin Ness Senior Vp, CFO | Officer | 25 | $342,017 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Excel Guard Corp Security Guards | 6/29/20 | $3,656,110 |
Ellucian Company Lp Computer Services | 6/29/20 | $2,048,869 |
Hudson River Cio Advisors Llc Consulting | 6/29/20 | $1,979,817 |
Outfront Media Inc Advertising | 6/29/20 | $946,500 |
Kpmg Llp Accounting Services | 6/29/20 | $750,900 |
Excel Guard Corp Security Guards | 6/29/20 | $3,656,110 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $14,230,332 |
| Investment income | $890,756 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $200,447 |
| Net Gain/Loss on Asset Sales | -$44,699 |
| Net Income from Fundraising Events | -$70,450 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $321,976,604 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $35,895,149 |
| Grants and other assistance to Foreign Orgs/Individuals | $479,097 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $5,061,732 |
| Compensation to disqualified persons | $926,313 |
| Other salaries and wages | $136,080,630 |
| Pension plan accruals and contributions | $3,939,121 |
| Other employee benefits | $22,776,782 |
| Payroll taxes | $9,347,885 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $966,058 |
| Fees for services: Accounting | $742,828 |
| Fees for services: Lobbying | $182,948 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $336,946 |
| Fees for services: Other | $6,901,987 |
| Advertising and promotion | $5,395,442 |
| Office expenses | $3,218,287 |
| Information technology | $7,279,272 |
| Royalties | $0 |
| Occupancy | $36,733,898 |
| Travel | $1,570,210 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $188,775 |
| Interest | $161,751 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $16,638,840 |
| Insurance | $1,264,661 |
| All other expenses | $0 |
| Total functional expenses | $321,177,381 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $28,161,115 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $4,583,500 |
| Accounts receivable, net | $16,221,992 |
| Loans from Officers, Directors, or Controlling Persons | $49,700 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $18,799,690 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $6,606,538 |
| Investments—publicly traded securities | $59,576,793 |
| Investments—other securities | $709,398 |
| Investments—program-related | $0 |
| Intangible assets | $3,765,000 |
| Other assets | $161,250,383 |
| Total assets | $558,489,117 |
| Accounts payable and accrued expenses | $49,766,326 |
| Grants payable | $0 |
| Deferred revenue | $34,795,010 |
| Tax-exempt bond liabilities | $131,737,436 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $1,544,000 |
| Secured mortgages and notes payable | $21,810,955 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $116,984,943 |
| Total liabilities | $356,638,670 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $201,850,447 |
Grants Awarded
Over the last fiscal year, Touro University has awarded $4,596,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
New York, NY PURPOSE: RECEIVABLE FORGIVEN | $4,347,000 |
Skokie, IL | | $249,000 |
Grants Recieved
Over the last fiscal year, we have identified 11 grants that Touro University has recieved totaling $397,662.
| Awarding Organization | Amount |
|---|---|
Terumah Foundation Inc New York, NY PURPOSE: GENERAL SUPPORT | $250,000 |
Accesslex Institute West Chester, PA PURPOSE: PROGRAM SUPPORT/RESEARCH | $63,750 |
Fjc New York, NY PURPOSE: UNRESTRICTED GENERAL SUPPORT | $28,500 |
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $13,450 |
Associated Jewish Charities Of Baltimore Baltimore, MD PURPOSE: GENERAL SUPPORT | $13,000 |
Jewish Communal Fund New York, NY PURPOSE: GENERAL SUPPORT | $10,920 |
Endowment Analysis
| Beg. Balance | $40,342,144 |
| Earnings | $790,321 |
| Net Contributions | $500,000 |
| Other Expense | $3,014,380 |
| Ending Balance | $38,618,085 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Berklee College Of Music Inc Boston, MA | $854,558,047 | $384,612,408 |
Ithaca College Ithaca, NY | $834,703,732 | $365,679,639 |
Trustees Of Amherst College Amherst, MA | $4,260,760,426 | $407,702,412 |
Wellesley College Wellsley, MA | $4,125,529,097 | $515,515,442 |
Touro University New York, NY | $558,489,117 | $321,976,604 |
Williams College Williamstown, MA | $5,589,417,372 | $397,351,793 |
Wesleyan University Middletown, CT | $1,706,429,000 | $326,592,000 |
Saint Josephs University Philadelphia, PA | $901,366,941 | $347,052,680 |
Emerson College Boston, MA | $1,139,244,716 | $275,696,398 |
Colgate University Treasurers Office Hamilton, NY | $1,984,946,016 | $378,114,548 |
Trustees Of The College Of The Holy Cross Worcester, MA | $1,320,181,892 | $265,241,305 |
Babson College Babson Park, MA | $1,084,295,364 | $304,101,925 |