ALBERT EINSTEIN COLLEGE OF MEDICINE
MINUTES OF SENATE COUNCIL MEETING

April 19, 2017

FINAL

PRESENT: Drs. Allen Spiegel, Jeffrey Segall, Elyse Sussman, John Blanchard, Jill Crandall, Johanna Daily, Nadine Katz, Pamela Stanley, Steve Walkley, Elena Martynova, Ed Burns, Allison Ludwig,

EXCUSED: Drs. Julia Arnsten, Dr. Chandan Guha, Ellie Schoenbaum, Victor Schuster, Ms Nina Flerin, Mr. Paul Johnston

ABSENT:

GUEST: Ms Shelly Motzkin

The Einstein budget was presented by Mr. James Geraghty, Chief Financial Officer, and Mr. Jed Shivers, Associate Dean for Finance and Administration. The Einstein budget does not include the student housing, which is a separate corporation in which any positive margin is reserved for repairs and investment. The budget does include all obligations that have been agreed to under the agreement between Montefiore and Yeshiva University regarding the transfer of Einstein to Montefiore.

Overall, Einstein is running a deficit, as is typical for a research institution where indirect cost rates do not cover all expenses. Montefiore provides the funds to cover budget deficits, though it would prefer the deficits be minimized.

Key points emphasized by the Dean were:

1. Einstein is now part of Montefiore (and slightly part of YU until we get independent degree granting authority).
2. Montefiore supports and embraces the Einstein research and educational mission. Einstein research is important for the Montefiore mission.
3. Our job is to do outstanding teaching and research that is funded by the NIH and other external funding agencies.

The meeting adjourned at 4:05 p.m.

Respectfully submitted,
Jeffrey E. Segall, Ph.D.
Speaker, Einstein Senate