UMDNJ 01

ANNUAL REPORT 2004

Foundation OF THE UNIVERSITY OF MEDICINE AND DENTISTRY OF NEW JERSEY

ANNUAL REPORT 2004

Foundation OF THE UNIVERSITY OF MEDICINE AND DENTISTRY OF NEW JERSEY

TABLE

OF

CONTENTS

Board of Trustees

1

Mission Statement

3

Staff Directory

3

Message from the Chair

4

Message from the Vice Chair and CEO

5

Message from the Foundation President

6

Message from the Interim University President

7

Supporting Physicians of the Future

9

Funding Humanistic Medicine

10

Endowing Scholarships

11

Expanding Services to the Latino Community

12

Helping Children With Asthma

13

Providing Ongoing Funds for UMDNJ Programs

14

Alumni Quotes

16

Foundation Donors

17

Financials

21

Imagine

that your contribution can be directed exactly to the specific cause you designate.

FOUNDATION

OF THE

UNIVERSITY

OF

MEDICINE

AND

DENTISTRY

OF

NEW JERSEY

Imagine the difference you can make

BOARD

OF

TRUSTEES

The Foundation of UMDNJ is an independent foundation that supports research, education and community service programs at the University of Medicine and Dentistry of New Jersey through private sector donations. Our volunteer Trustees give freely of their time and expertise to direct our activities.

Edward P. Baird President, Group Insurance Prudential Financial

CHAIR Roger S. Fine, Esq. VICE CHAIR

Adel A. F. Mahmoud, MD, PhD President Merck Vaccines Merck & Co., Inc.

Jerry Belle President, North America Aventis Pharmaceuticals

George F. Heinrich, MD Chief Executive Officer The Foundation of UMDNJ UMDNJ-New Jersey Medical School Alumni Association

Isabel Miranda, Esq. DeCotiis, FitzPatrick, Cole & Wisler, LLP

Glenn P. Callahan, Esq. Keeley & Callahan, PC

Joseph L. Muscarelle Chairman Jos. L. Muscarelle, Inc.

Clive S. Cummis Sills, Cummis, Epstein & Gross, PC

VICE CHAIR John G. Collins TREASURER Susan J. Flynn, Esq. Managing Partner Garnet Group, LLC General Counsel Bayonne Medical Center SECRETARY Sandra Brown Sherman, Esq. Partner Riker, Danzig, Scherer, Hyland & Perretti, LLP

Robert W. Parsons, Jr.

Sonia Delgado Interim Chairman University of Medicine and Dentistry of New Jersey Board of Trustees

John J. Petillo, PhD Interim President University of Medicine and Dentistry of New Jersey

Anita Falla, MD Medical Society of New Jersey

Timothy M. Ring Chairman and CEO C. R. Bard, Inc.

Kim Fenesy, DMD New Jersey Dental School Alumni Association

Stephen M. Scheinthal, DO School of Osteopathic Medicine Alumni Association

L. Anthony Gibson, Esq. Youngblood, Corcoran, Lafferty, Stackhouse, Hyberg & Walbman, PA Mary Ellen Gowin Vice President Consumer and Corporate Affairs Wakefern Food Corporation

Euton Laing, MD Robert Wood Johnson Medical School Alumni Association Carmine LoMonaco, DDS New Jersey Dental Association

OF THE

UNIVERSITY

OF

MEDICINE

AND

DENTISTRY

Albert Talone, DO New Jersey Association of Osteopathic Physicians and Surgeons Charles C. Vail Anthony R. Volpe, DDS Vice President Clinical Dental Research Colgate-Palmolive Company

Murray Kushner

Foundation

Joseph T. Stewart, Jr.

OF

Roy Weber Director Corporate Strategic Planning Becton, Dickinson and Company

NEW JERSEY

1

“We give our donors the ability to make meaningful differences in their own lives, the lives of their loved ones and the lives of thousands of others throughout the state.”

George F. Heinrich, MD Vice Chairman and CEO The Foundation of UMDNJ

2

FOUNDATION

OF THE

UNIVERSITY

OF

MEDICINE

AND

DENTISTRY

OF

NEW JERSEY

Imagine the difference you can make

MISSION STATEMENT Advancing programs at New Jersey’s health sciences university through private sector support is the mission of the Foundation of the University of Medicine and Dentistry of New Jersey.

To promote excellence in the education of health care professionals, in biomedical research and in health care delivery, the Foundation, a not-for-profit corporation governed by a volunteer board, solicits contributions to targeted programs and endowments throughout the University’s system of schools, health care facilities and affiliated institutes.

STAFF DIRECTORY George F. Heinrich, MD Vice Chair and Chief Executive Officer

Inya Chehadé Senior Director of Development

Deborah Bodnar Research Assistant

Kathy Liss Executive Assistant

James M. Golubieski President

Lisa Crimmins Accounting Manager

Christopher Sickels Director of Development University Hospital

Laura Harrel Associate Vice President Finance & Administration

Jeanette Eng Database Assistant

Melody Vargas Special Projects Assistant

Wilma L. Packard Executive Assistant Executive Offices

Dale R. Heffler Director of Communications

NEW BRUNSWICK Joseph Stampe Vice President for Development

NEWARK Patrick Bower Vice President for Development

Peggy Harris Director of Development School of Public Health

Martha Bahamon Director of Development

Regina Beleckas Kelly Director of Institutional Initiatives and Stewardship

Loretta Pietrowicz Administrative Assistant

STRATFORD

Ronice Bruce Director of Development School of Nursing

Sarah Hull Director of Research

Leah Panuccio Senior Researcher

Malcolm Wernik Director of Planned Giving

Kimberly Barwick Senior Director of Development New Jersey Dental School

CORE SERVICES

June Hampson, PhD Vice President for Development

Kathy Yachimovicz Database Assistant

Christina Mosley Development Coordinator Farah D. Stith Director of Development

Foundation

OF THE

UNIVERSITY

OF

MEDICINE

AND

DENTISTRY

OF

NEW JERSEY

3

Imagine the difference you can make

MESSAGE

FROM THE CHAIR

This was an eventful year for the Foundation of UMDNJ. George F. Heinrich, MD, was appointed Chief Executive Officer and James M. Golubieski assumed the position of President. Together, they are working with our Board of Trustees, University administration and the Foundation staff to help UMDNJ continue its important mission.

As always, our Board served with the greatest dedication. In addition to their commitment of time and experience, this year they have provided almost $2.5 million in support of our endowed scholarship program.

We welcomed Sonia Delgado, UMDNJ Board of Trustees; Kim Fenesy, DMD, New Jersey Dental School Alumni Association; Carmine LoMonaco, DDS, New Jersey Dental Association; John J. Petillo, PhD, interim president of UMDNJ and Albert Talone, DO, New Jersey Association of Osteopathic Physicians and Surgeons. I look forward to working with them during the coming year.

We will miss those who left our board this year—Peter L. Clemente, DMD, Richard J. Lane, Paul J. Morris, DO and Mimi Vella, DDS. We will especially miss Stuart D. Cook, MD, who left our board and his position as president of UMDNJ. During his five-year tenure as president and a member of the Board of our Foundation, Dr. Cook was instrumental in setting the future course of the University.

Roger S. Fine, Esq.

An internationally renowned physician, scientist and leader in academic medicine, Dr. Cook amassed a list of remarkable accomplishments during his tenure. Through his dedication to his profession and his tireless efforts on behalf of this University, he enhanced UMDNJ’s reputation so that it truly has become a pride of New Jersey.

We will miss him.

As I think about the coming year, I look forward to working with John Petillo, PhD, as he assumes leadership of UMDNJ and with our strong supporters of the past— Johnson & Johnson, the Robert Wood Johnson Foundation and the Healthcare Foundation of New Jersey—to name a few. I also welcome those who will join our efforts in the coming year and hope to build strong, long-standing relationships as we have with so many of our donors. Working together, imagine the difference we can make.

Roger S. Fine, Esq. Chair Retired Vice President and General Counsel Johnson & Johnson 4

Foundation

OF THE

UNIVERSITY

OF

MEDICINE

AND

DENTISTRY

OF

NEW JERSEY

Imagine the difference you can make

MESSAGE

FROM THE

VICE CHAIR

AND

CEO

Thanks to the support of so many corporations, foundations and private citizens statewide, the Foundation of UMDNJ had an excellent year.

Our Board continued to guide us prudently. Their thoughtful actions and decisions have once again helped the Foundation move closer to our long-term goals in support of the University.

For fiscal year ending June 30, 2004, the Foundation of UMDNJ collected gifts totaling $21.6 million. Assets were $180 million, up from $160 million the previous year, with total investments of $161 million as compared to $136 million from the previous year.

Equally as important as our financial success are the relationships we build between the University and the private sector. The Foundation of UMDNJ continues to be a catalyst, bringing together those corporations, foundations and private citizens in New Jersey who want to advance science, education and patient care with those people at the University who are in the position to advance science, education and patient care in New Jersey by virtue of their chosen career paths and passions.

We are in the unique situation of being able to match both groups so that our donors can identify exactly what they wish to support in their specific areas of interest.

We give our donors the ability to make meaningful differences in their own lives, the lives of their loved ones and the lives of thousands of others throughout the state.

We give our donors the ability to endow excellence in the health sciences at all levels, either by supporting research to better treat or cure disease, by funding health care professionals of the future as they embark on their careers or by contributing to patient care programs that directly touch the lives of so many.

George F. Heinrich, MD

We give our donors the ability to see the difference they can make. Consider joining us. Imagine the difference you can make.

George F. Heinrich, MD Vice Chair & Chief Executive Officer Foundation of UMDNJ

Foundation

OF THE

UNIVERSITY

OF

MEDICINE

AND

DENTISTRY

OF

NEW JERSEY

5

Imagine the difference you can make

MESSAGE

FROM THE

FOUNDATION PRESIDENT

The Sarbanes-Oxley Act of 2002 strives to assure corporate accountability by holding business executives responsible for their companies’ financial statements.

While not-for-profit corporations like the Foundation of UMDNJ are not specifically addressed by the Sarbanes-Oxley legislation, many not-for profit organizations recognize that the accountability it requires, which promotes sound financial practice, serves as an excellent example for the not-for-profit arena as well.

It is in this spirit that the Foundation of UMDNJ is proud to present our annual report, which details our financial activity for fiscal year 2004. I would like to assure you that the expertise of our Board and our staff, and our status as an independent organization, has allowed the Foundation of UMDNJ to continue to grow as a strong financial organization supporting research, education and patient care programs offered through the University.

Our executive office is responsible for the preparation, integrity and fair presentation of the financial statements found on pages 22 to 25. These consolidated financial statements have been prepared in accordance with generally accepted accounting principles and have been audited by the independent accounting firm KPMG, LLP, which was given unrestricted access to all of our financial records and related data.

James M. Golubieski

Our pledge to you, as a stakeholder in our organization, is that the donations you entrust to us for the benefit of the University will continue to be well-managed; that your money will work as hard as it can to support the programs and services you specify; and that because of diligent stewardship, 100 percent of your gift will support the programs or services you designate.

We thank you for your past support and look forward to working with each of you in the coming year.

James M. Golubieski President

6

Foundation

OF THE

UNIVERSITY

OF

MEDICINE

AND

DENTISTRY

OF

NEW JERSEY

Imagine the difference you can make

MESSAGE

FROM THE

INTERIM UNIVERSITY PRESIDENT

Momentum is a powerful force, having both a magnitude and a direction.

Momentum is difficult to build, but easy to lose. UMDNJ’s momentum, right now, is strong, and its direction is forward. We must continue to build on our current success. This is decidedly not a time for us to slow down or take a breather.

Rather, we must keep pressing onward toward increasingly lofty goals.

The University’s Board of Trustees, its deans, its administrators and its faculty are developing the new five-year strategic plan that will guide the academy on its continued upward trajectory. The plan will be ambitious and succinct, and to be achievable, will require passionate interplay between our donors and the many components that comprise UMDNJ. We can, and we must, fire up the furnaces of generosity and ambition to a white heat, because we have much to accomplish and extraordinary and exciting opportunities before us. Together, we can achieve spectacular results.

Thank you for your support over the past year. Please take pride in the compelling excellence your support has helped make possible at UMDNJ. My hope is that as you read this annual report, you will join our donors in appreciating UMDNJ as “A Resource for Life,” bringing all the benefits of academic medicine to the life of our state and that you will continue your support in the coming year.

John J. Petillo, PhD.

John J. Petillo, PhD Interim President

Foundation

OF THE

UNIVERSITY

OF

MEDICINE

AND

DENTISTRY

OF

NEW JERSEY

7

“We have so many talented students in our state, it is important for our medical schools to provide the incentives needed to keep the best and brightest right here.”

Joseph L. Muscarelle

8

FOUNDATION

OF THE

UNIVERSITY

OF

MEDICINE

AND

DENTISTRY

OF

NEW JERSEY

Imagine the difference you can make

SUPPORTING PHYSICIANS

OF THE

FUTURE

Joseph L. Muscarelle, chairman of Jos. L. Muscarelle, Inc. of Maywood, N.J., cares deeply about New Jersey and the health of its residents. He believes the best way to advance health care in the state is to support doctors of the future as they embark on their educations.

To help assure that New Jersey residents are well cared for, Mr. Muscarelle donated $2 million to establish The Sharon and Joseph L. Muscarelle Endowed Dean at the UMDNJ-New Jersey Medical School—the first endowed deanship and the largest single endowed scholarship in the University’s history.

Income from this gift should generate approximately $100,000 annually for scholarships at New Jersey Medical School. In addition to this endowment gift, Mr. Muscarelle has been supporting scholarships at the medical school since 1988.

“I feel that the key to

Mr. Muscarelle has lived in New Jersey his whole life, which is why he feels it is so important to give New Jersey residents the greatest advantages. To qualify for the scholarships, he has stipulated that students need to be New Jersey residents who have demonstrated academic excellence and some financial need. In addition, they must plan to practice in the state once they begin their medical careers.

“I feel that the key to the best health care in our state starts with our medical students,” he explained. “An education cannot be replaced. Nobody can take it away from you. Quality medical education leads to quality health care for all NJ residents.”

the best health care in our state starts with our medical students...

Quality medical education leads to quality health care for all NJ residents.”

Joseph L. Muscarelle

Imagine

that your gift can make a difference in finding real cures and educating new doctors.

Foundation

OF THE

UNIVERSITY

OF

MEDICINE

AND

DENTISTRY

OF

NEW JERSEY

9

Imagine the difference you can make

FUNDING HUMANISTIC MEDICINE Thanks to a $3.2 million grant from the Healthcare Foundation of New Jersey, the UMDNJ-New Jersey Medical School has established the first Center for Humanistic Medicine in the country.

The Healthcare Foundation of New Jersey Center for Humanistic Medicine focuses exclusively on training doctors in compassionate care and in how to become medical and scientific experts on humanism in medicine. The grant, the largest single grant ever awarded by the Healthcare Foundation of New Jersey, will be supplemented with an additional $1.2 million for scholarships for the program from UMDNJ-New Jersey Medical School.

Healthcare Foundation of New Jersey Executive Director Ellen Kramer-Lambert, Esq. and Chairman of the Board Lester Lieberman

At the heart of the Center is a core group of 10 academically talented, service-oriented students who received full scholarships to attend New Jersey Medical School. The students, all of whom are from New Jersey, will graduate with medical degrees and a special distinction in humanistic care. In return, these students will become mentors to incoming students and will be expected to provide a high standard of humanistic care in their medical practices once they begin their careers.

“We are excited to support such an important new component in medical training.

This new Center has the potential to really change the face of medical education and ultimately, dramatically improve patient outcomes in their treatment,” said Lester Lieberman, chair, Healthcare Foundation of New Jersey. “We have great confidence in New Jersey Medical School to set a standard in humanistic training that will someday be a model for medical schools nationally.”

Imagine

that 100% of the dollars you contribute go directly to the program you wish to sponsor.

10

Foundation

OF THE

UNIVERSITY

OF

MEDICINE

AND

DENTISTRY

OF

NEW JERSEY

Imagine the difference you can make

ENDOWING SCHOLARSHIPS With a lead gift of $2 million from Joseph L. Muscarelle to fund scholarships at New Jersey Medical School (see story on page 9), Foundation of UMDNJ Board members and Executive Officers have come forward to support the endowed scholarship program initiated by the Foundation.

The following have established endowed scholarships with gifts of at least $25,000 to provide total Foundation Board giving for endowed scholarships of $2,375,000 this year: Edward P. Baird Glenn P. Callahan, Esq.

“I was delighted to

John G. Collins

join the Foundation’s

Kim Fenesy, DMD

program to raise

Roger S. Fine, Esq.

money for endowed

Susan J. Flynn, Esq.

scholarships at the

James M. Golubieski

University. By

George F. Heinrich, MD

establishing a

Joseph L. Muscarelle

scholarship fund

Joseph T. Stewart, Jr.

in my name, I have

Mimi Vella, DDS

the satisfaction of

Anthony R. Volpe, DDS

knowing that my gift will help

Jerry Belle Aventis

physicians of the

Endowed scholarships of $25,000 or more give donors a way to support health care professionals of the future and pay tribute to the person whose name it bears. Donors can choose the school to which the scholarship will be awarded, name the scholarship and help establish scholarship criteria. Earned income from the endowment is awarded each year in perpetuity.

future, who in turn

In addition to the $2,375,000 that has been contributed by the Foundation Board this year, $850,000 has been donated by alumni and University friends, bringing the total contributions for endowed scholarships to $3,225,000 since the program began approximately six months ago.

John G. Collins Vice Chair Board of Trustees

FOUNDATION

OF THE

UNIVERSITY

OF

MEDICINE

AND

DENTISTRY

OF

NEW JERSEY

will directly affect the lives of all the patients they serve.”

11

Imagine the difference you can make

EXPANDING SERVICES

TO THE

LATINO COMMUNITY

For more than 20 years, North Camden area Latino residents have accessed quality medical care and information through the St. Luke’s Catholic Medical Services, started by Jesuit priest and physician Mark Aita, MD. Now, thanks to a generous grant from GlaxoSmithKline, these medical services have expanded to include a bilingual nurse practitioner who will primarily help care for and educate patients with diabetes, including regular clinics that provide intensive education and treatment. The GlaxoSmithKline grant will also cover house calls by the nurse practitioner for fragile residents.

“The vision of our program is to bring excellent health care to those in need through a private medical practice concept.”

Lesly D’Ambola, DO

“GlaxoSmithKline is committed to improving health care through educational initiatives,” said Mary Linda Andrews, director, community partnerships, GlaxoSmithKline. “We look forward to seeing the positive results of a nurse practitioner who is able to provide much-needed assistance to the local community.”

Under the guidance of Lesly D’Ambola, DO, a 1994 graduate and assistant professor of medicine at UMDNJ-School of Osteopathic Medicine and medical director at St. Luke’s Catholic Medical Services, the service logged almost 5,000 patient visits in 2003.

“The vision of our program is to bring excellent health care to those in need through a private medical practice concept. We treat patients, many uninsured, who have complicated medical problems by providing them with medical, psychosocial and spiritual guidance. We bring a personal touch to health care that they may not find in a traditional clinic setting,” said Dr. D’Ambola, who is also bilingual.

The new nurse practitioner assists Dr. D’Ambola and focuses on the community at large by developing programs to educate residents about several diseases and illnesses, and by teaching preventive measures so that individuals can take charge of their own health care.

12

FOUNDATION

OF THE

UNIVERSITY

OF

MEDICINE

AND

DENTISTRY

OF

NEW JERSEY

Imagine the difference you can make

HELPING CHILDREN WITH ASTHMA “Aventis was concerned about the rise of respiratory diseases in children living in inner cities like Newark. We wanted to do something to assure that children and their families were educated about what they could do to prevent diseases like asthma and that they knew about the resources they needed to access appropriate treatment if they had symptoms of the disease,” explained Evelyn Self, director of corporate relations for Aventis Pharmaceuticals. “By increasing awareness of the disease and accessibility to care, we feel that we can help to provide a better quality of life for children and their families.”

To accomplish these goals, the Aventis Pharmaceuticals Foundation generously donated a $600,000 challenge gift to the Department of Pediatrics at UMDNJNew Jersey Medical School to establish The Aventis Pediatric Asthma Program.

Thanks to the gift, the medical school has launched a comprehensive pediatric asthma program which includes three pediatric pulmonologists on the Newark campus. The funds will also be used to purchase specialized equipment for pediatric patients and to hire personnel who will educate and treat pediatric asthma patients and their families. In addition, this lead gift has facilitated the establishment of The Asthma Center of Excellence to serve pediatric and adult asthma patients living in the greater Newark area. Space is currently being renovated for the Asthma Center of Excellence in the Doctor’s Office Center building, adjacent to The University Hospital.

Evelyn Self

Imagine

that your generosity will work miracles for people here in New Jersey.

Foundation

OF THE

UNIVERSITY

OF

MEDICINE

AND

DENTISTRY

OF

NEW JERSEY

13

Imagine the difference you can make

PROVIDING ONGOING FUNDS

FOR

UMDNJ

PROGRAMS

“The resources we have received from the Foundation of UMDNJ through its Annual Grants Program have provided the Center for Children’s Support with the ability to expand its scope of clinical services for abused and neglected children and their families,” explained Martin Finkel, DO, medical director of the Center. “This in turn has allowed us to garner other financial support from national health organizations and become internationally known for our work.”

“Foundation support through the Annual Grants Program was integral to the early development of the Center for Children’s Support.

We look forward to our continued partnership as our program moves to the next level...”

Martin Finkel, DO

The Annual Grants Program, which was established by the Foundation in 1976, is funded by the Foundation’s board designated endowment. Working with the Program Committee of the Foundation Board and the University, it provides University faculty with grants to further their work in the areas of research, educational enrichment and educational technology.

This year, faculty members received awards totaling $2,674,000, bringing the total amount awarded since the inception of the program to $35 million (which includes $1,710,000 secured by researchers as matching funds from outside sources).

One-third of that amount, $12 million, has been distributed within the last five years.

“Based on information provided by grant recipients, we know that as a result of 692 research grants totaling more than $16 million awarded through 2003, faculty members have received more than 2,470 awards totaling more than $350 million from external agencies such as the National Institutes of Health, the National Science Foundation, and other federal agencies and private foundations,” explained Foundation Vice Chair and CEO George F. Heinrich, MD. For example, when the Center needed to add a second full time pediatrician to meet the demand for more medical services to abused children, the Foundation provided critically important financial support that was ultimately leveraged into additional support by the State, demonstrating the importance of a private and public partnership.

“Foundation support through the Annual Grants Program was integral to the early development of the Center for Children’s Support. We look forward to our continued partnership as our program moves to the next level when it becomes the New Jersey Child Abuse Research Education and Service (CARES) Institute to bring best practices in the delivery of medical and mental health services to abused children statewide,” Dr. Finkel said.

14

FOUNDATION

OF THE

UNIVERSITY

OF

MEDICINE

AND

DENTISTRY

OF

NEW JERSEY

“The resources we have received from the Foundation of UMDNJ through its Annual Grants Program have provided the Center for Children’s Support with the ability to expand its scope of clinical services for abused and neglected children and their families.”

Martin Finkel, DO

Foundation

OF THE

UNIVERSITY

OF

MEDICINE

AND

DENTISTRY

OF

NEW JERSEY

15

Imagine the difference you can make

ALUMNI QUOTES Alumni continue to support their schools. From July 1, 2003 to June 30, 2004, 2,291 alumni donors contributed nearly $522,000. Here are some of the reasons why: “ I owe my career and livelihood to UMDNJ-SOM. Helping others meet their professional goals is a deeply satisfying feeling for me and one that far outweighs my financial contributions to UMDNJ.” Ira Monka, DO ’84, School of Osteopathic Medicine “ My commitment to the NJDS began the day they accepted me as a student. I was making a career change and this gave me the opportunity to be a dental practitioner and educator. My decision to support the school was magnified by my family's request to endow a scholarship at NJDS in my father's name rather than at his own alma mater, Yale University. I hope this scholarship will help NJDS students fulfill their dreams.”

Kim Fenesy, DMD ’86, New Jersey Dental School “I faithfully donate each year to the Alumni Association because I am forever grateful to UMDNJ for allowing me the opportunity to accomplish what I have through the excellent education that I received. Simply put, giving back to the institution that gave me so much is the right thing.”

Steve Zuckerman, MD ’80, Robert Wood Johnson Medical School “As we get caught up in our professional and personal lives, it is easy to forget where it all started: on that first day of class at NJMS. And while I am retired, I am forever indebted to a school that gave me the opportunity to do what I loved and enjoyed for more than 40 years. Financially supporting the school and participating in activities never lets me forget what they gave me.”

Joseph Cannaliato, MD ’63, New Jersey Medical School “I support NJDS because I love my school and feel a strong responsibility to give something back. What better way than to endow a scholarship for financially disadvantaged dental students at the very school that accepted me when I myself was struggling? I hope students helped by this scholarship can concentrate on their studies without worrying about tuition.”

Yosh Jefferson, DMD ’78, New Jersey Dental School

16

Foundation

OF THE

UNIVERSITY

OF

MEDICINE

AND

DENTISTRY

OF

NEW JERSEY

Imagine the difference you can make

FOUNDATION DONORS Gifts and Pledges of $1,000,000 and up The Healthcare Foundation of New Jersey Merck & Co., Inc. Sharon and Joseph Muscarelle Gifts and Pledges of $500,000 to $999,999 Aventis Pharmaceuticals Foundation Johnson & Johnson Estate of Edna Moore The Robert Wood Johnson Foundation Gifts and Pledges of $100,000 to $499,999 Anonymous (2) FXB U.S.A. The Healthy Foundation Horizon Blue Cross Blue Shield of New Jersey Abdol H. Islami, MD Foundation, Inc. Jefferson D. and Charlotte M. Jackson F.M. Kirby Foundation, Inc. Lions Eye Research Foundation of New Jersey, Inc. Warren C. Marvin Dr. Adnan I. Qureshi Research To Prevent Blindness Endowment Fund Gifts and Pledges of $50,000 to $99,999 Amgen, Inc. Anonymous Beiersdorf, Inc. Colgate Palmolive Company Delta Dental Plan of New Jersey Foundation, Inc. Abraham S. Ende Research Foundation Roger and Rebecca Fine FleetBank Financial Friends of the Children, Inc. GlaxoSmithKline Dr. Kenneth S. and Audrey S. Gould The J. Seward Johnson, Sr. 1963 Charitable Trust New Jersey Dental Association The Prudential Foundation Schenkman Kushner Affiliates, Inc. ShopRite LPGA Classic UMDNJ-SOM Department of Psychiatry Victoria Foundation, Inc. Foundation

OF THE

UNIVERSITY

Gifts and Pledges of $25,000 to $49,999 Dr. Elizabeth A. Alger* Anonymous Esta Aranoff Atran Foundation Inc. Aventis Pharmaceuticals, Inc. Edward and Kiyomi Ota Baird Biogen, Inc. Boston Scientific Corporation In Memory of William E. Boye Fred J. Brotherton Charitable Foundation Glenn P. Callahan, Esq. Shirley B. Case The Center for Patient Education and Health Literacy Chopper 79 Logistics John G. Collins The Cooper Health System Dr. David M. Dines* Joseph J. DiSepio Dr. Joseph V. DiTrolio* Dr. Karen M. Erstfeld Susan J. Flynn and Dr. Richard E. Hollander Dr. Robert R. Ford* and Dr. Barbara A. Marroccoli* Dr. and Mrs. R. Michael Gallagher Dr. and Mrs. George F. Heinrich* Dr. Yosh Jefferson* Johnston G. P. Inc. Dr. Miriam H. Labbok* Dr. and Mrs. Howard M. Levine Estate of Oskar Lunczer The Helen & Rita Lurie Foundation M&T Investment Group Marcus Family Charitable Foundation Senator Joseph A. Maressa Dr. Patrick J. McGovern, Jr.* Ashby John Mitchell Joseph L. Muscarelle Foundation, Inc. NJ Osteopathic Education Foundation Dr. Richard G. Pozen* Robert Wood Johnson University Hospital Foundation, Inc. Dr. Ida E. Schwab* Jean Schwankert Arnold Segal Drs. Theodore J. and Eva Bamberger Stahl Herbert J. Stern The Joseph and Carol Stewart Fund

Walter & Louise Sutcliffe Foundation J. T. Tai & Company Foundation, Inc. United Way of Essex and West Hudson University Physician Associates of New Jersey Janice Mitchell Vassar Drs. Alan A.* and Mimi M. Vella* Dr. Anthony R. Volpe* Wawa, Inc. Drs. Allen B. and Laura Weisse* The Wildwood Foundation Dr. Richard H. Wong* Gifts and Pledges of $10,000 to $24,999 Alzo International, Inc. Amboy National Bank Dr. Timothy Arnold* Automatic Data Processing, Inc. Belle BCC Construction, LLC Berlex Laboratories, Inc. Louise G. Bristol Bristol-Myers Squibb Foundation, Inc. Brooklyn Academy of Music, Inc. Budd, Larner, Rosenbaum, Greenberg & Sade, PC C. R. Bard, Inc. C. B. Richard Ellis Carl Banks Celebrity Golf Classic The CIT Group, Inc. Colliers Houston & Company Columbian Foundation The Nathan Cummings Foundation The Danellie Foundation The Daniel Jordan Fiddle Foundation Patricia Detura* The Dow Chemical Foundation Employees Charitable Campaign 2003 Epstein Becker & Green, PC ExxonMobil Foundation Dr. Kim E. Fenesy* Franklin Associates II GE Capital Greenberg Traurig, LLP Joseph Jingoli & Son, Inc. Dr. Harumi Jyonouchi Michael J. Kosloski Foundation Mr. and Mrs. Paige B. L’Hommedieu The Mandelbaum Foundation The MCJ Foundation

Frederick Monsma Dr. Susan H. Morrison* MS Research Foundation, Inc. Dr. Sukumar Nagendran* Newark AIDS Consortium, Inc. The North Ward Center, Inc. Dorothy W. Nowak Patterson, Belknap, Webb & Tyler, LLP Pfizer Warner-Lambert Consumer Group Praxair Foundation, Inc. Dr. and Mrs. William F. Ranieri Sandler O’Neill & Partners, LP Schering-Plough Corporation Mr. and Mrs. Kenneth Segal The Sengstack Foundation Estate of Belle Shapiro Sills Cummis Epstein & Gross, PC Kenneth and Claudia Silverman Family Foundation Sound Capital Partners David S. Steiner & Sylvia Steiner Charitable Trust Subaru of America Foundation, Inc. Teva Neuroscience Toys “R” Us Children’s Fund, Inc. Union County Plate Glass Co. Union County St. Patrick’s Day Parade Inc., Philanthropic Fund The Valley Foundation, Inc. Valley National Bank Wachovia Bank, NA Wallerstein Foundation for Geriatric Life Improvement Stephen and Nancy Weinstein M. R. Weiser & Co., LLP Malcolm and Amy Wernik Gifts and Pledges of $5,000 to $9,999 Abbott Laboratories American Express Company Dr. Judith K. Amorosa* Dr. Louis F. Amorosa* Albert D. Angel, Esq. The Angel Family Foundation, Inc. Arbee Associates Albert A. Arditti Foundation, Inc. Area VII Physicians Review Org., Inc. ARG Development Corporation Armanti Financial Services, LLC Ulo Barad Becton Dickinson and Company * Alumni Donor

OF

MEDICINE

AND

DENTISTRY

OF

NEW JERSEY

17

Imagine the difference you can make

Dr. Paul A. Bergh* and Mrs. Catherine Bergh Dr. Ernest S. Biczak* Black Entertainment Television Bloomfield Health Careers Foundation, Inc. Edward & Susan Blumenfeld Foundation Bristol-Myers Squibb Company The Brook Fund, Inc. Dr. Cavan M. Brunsden* Dr. Frederick F. Buechel, Sr.* Buechel Patient Care R&E Fund, Inc. Burlington County College C & C Sales, Inc. Sam Carlisi Cathedral Healthcare System, Inc. Center For Keratoconus Chamberlin Edmonds Chubb Federal Insurance Company The Clara J. Szekely Foundation, Inc. Commerce Bancorp, Inc. Dr. Monir A. Dawoud Dentsply International Dometech, Inc. Dr. Howard J. Drew* Dr. Anatoly Dritschilo* Dr. Lawrence P. Duca, Jr.* Eastern Connecticut Pathology Consultants, PC The Elsevier Foundation The Lester & Sally Entin Foundation Luke Evnin Feil Family Foundation The Feldman Agency, Inc. Jack W. Field Diane Fischer Fleet Bank Fritze KeySpan, LLC Michael A. Gasko, III Michael A. Gasko, Jr. Drs. Arnold P. and Sandra O. Gold Arnold P. Gold Foundation, Inc. Dr. Kenneth N. Goldman Goldman, Sachs & Company Granite Partners, LLC Dr. Ihor Gussak Fred Halpern Dr. Gerard F. Hansen* Henry Schein, Inc. Dr. Eric W. Herman* Hill-Rom Andrew Horowitz Dr. Deborah M. Huff Wozniak* Jefferson-Pilot Foundation Jersey Gardens Jewish Communal Fund

18

John S. & Florence G. Lawrence Foundation, Inc. Johnson Controls, Inc. Walter H. Jones The Jonty Foundation Kalison, McBride, Jackson & Murphy, PA Ilan Kaufthal The Keilman Family Foundation Brian J. Kerwin Dr. Hal K. Kimowitz* Drs. Peter T. and Nancy N. Kuo Ronald Matesevac Matrix Foundation, Inc. Estate of Mary Kathryn McKenzie McKesson General Medical Corporation McKesson Information Solutions, Inc. Medtronic Mehl Electric Company, Inc. Menco Business Products Ruth and Peter Metz Family Foundation Morning Sun Investments, Ltd. MSDW Credit Corporation Nadaskay Kopelson Architects O’Conco Healthcare Consultants Dr. Dennis G. O’Neill* One Liberty Properties OSI Support Services, Inc. Pagano Connolly & Co. Pfizer Foundation Matching Gift Center The Pfizer Foundation, Inc. The Philadelphia Foundation Estate of Genevieve T. Piet Premier Wine & Spirits Professional Abstract & Title Agency, Inc. Prometheus Laboratories, Inc. Psymark Communications, Inc. Quality & Service Pharmaceuticals Quality & Service Pharmacy Reed Smith, LLP Roseland Property Company, Inc. Michael L. Rosenberg and Kathryn Flicker Rosenberg Saiber, Schlesinger, Satz & Goldstein, LLC Dr. Robert A. Scala Schering-Plough Research Institute Scholes Electric & Communications SCT Software & Resource Management Corp.

Skanska USA Building, Inc. Sterling Properties Group, LLC Stroock & Stroock & Lavan, LLP Drs. Stephen Sun* and Jenny Kim*

Foundation

Dr. Robert L. Sweeney* Tartan Textile Services, Inc. Title America Agency Corp.

Torcon, Inc. Turner Construction Company Valero Energy Foundation Verizon Foundation Dr. Nancy L. Villa-Brunsden* Wakefern Food Corporation Washington Mutual Bank Wilf Family Foundation Willis Wyeth Pharmaceuticals Zankel Management, LP Gifts and Pledges of $2,500 to $4,999 Bryan and Barbara Ackland Adler Calonita & Associates, LLP Alcon Laboratories, Inc. Alfred Sanzari Enterprises, LP Dr. Yetta H. Appel Barr Laboratories, Inc. Dr. James D. Bohri* Dr. Joseph A. Cannaliato* Richard Chadakoff Children’s Hope Foundation Commerce Insurance Services, Inc. Community Education Centers, Inc. Cuneo-Kesselhaut Family Foundation Delta Dental Plan of New Jersey, Inc. Dr. Cosmo V. DeSteno* District 16D Eye & Ear Foundation Haliburton Fales Fried, Frank, Harris, Shriver & Jacobson Andrew Gaspar Dan J. Geltrude Gentle Caring Dentistry Genzyme The Gillette Company E. J. Grassmann Trust The Greater New York Chapter of I.F.M.A. Greenberg Dauber Epstein & Tucker Frederick T. Gutmann Health Care Consulting Services, Inc. Heraeus Kulzer Ivoclar Vivadent, Inc. Jersey Shore University Medical Center Medical & Dental Staff Myrtle A. Kassover Keeley & Callahan, PC John B. Kelley Kennedy Health System

KeyBank National Association Romualdo Lamberti The Law Offices of Frank Deesso Christian R. & Mary F. Lindback Foundation Dr. Jacob J. Lindenthal Maressa, Goldstein, Patterson, Drinkwater, Oddo & Flynn, PC Jeanette F. Massmann Medco Health Solutions, Inc. Meridian Hospitals Corporation Morris Charity Fund Dr. Kenneth D. Nahum* National Real Estate Information Services of NJ, Inc. Neidich & Company Net2Phone, Inc. New Jersey Federation of Business & Professional Women’s Club NJ Association of Osteopathic Physicians and Surgeons Shamin T. Noronha Orthogen Corporation Robert D. Patton Christopher M. Penesso Pfizer Inc Lydia T. Pfund Phoenix Medical Construction The Pinnacle Foundation, Inc. Procter & Gamble PSE&G Foundation Public Service Electric & Gas Company Joseph D. Punia The Raffiani Family Foundation, Inc. Regional Communications, Inc. Restaurant Serenade Dr. Charles F. Rilli* Dr. Edward P. Riuli* Sidney A. Sass Associates, Inc. Dr. Anthony R. Scillia* Septodont, Inc. Serono, Inc. Michael D. Shaffer, Esq. St. Lawrence Cement Company Starpoint Mortgage Dr. Linda E. Stone* Summit Lions Foundation, Inc. Dr. Carol A. Terregino* The TJX Foundation, Inc. Torcon, Inc. George B. Tudder Dr. Richard H. Ullman United Trust United Way of Tri-State University Physician Association of New Jersey * Alumni Donor

OF THE

UNIVERSITY

OF

MEDICINE

AND

DENTISTRY

OF

NEW JERSEY

Imagine the difference you can make

Verizon Communications, Inc. Waldwick Lions Club Joseph Weinberger Weizenecker, Rose, Mottern & Fisher, PC Wilmington Finance WithumSmith+Brown Spencer B. Witty Wolff & Samson, PC Dr. Steven J. Zuckerman* Gifts and Pledges of $1,000 to $2,499 3M General Offices Accredited Home Lenders Accredited Mortgage Service C. F. Achleithner Adams Addressing Associates, Inc. Adelson, Testan & Brundo Advanced Rehabilitation Medical Services, LLC Dr. Mary B. Alexander* Dr. Michael C. Alfano* Dr. Mitchel B. Alpert* The American Academy of Periodontology Foundation American Business Mortgage Services, Inc. Dr. Matthew T. Ankrum Anonymous (3) Dr. Pamela M. Antoniuk* Ashland Oil, Inc. AstraZeneca, LP Dr. Suzanne H. Atkin* Dr. Anthony R. Avanzato* Bally’s Dr. Seth N. Barbanell* Dr. Joseph A. Battaglia* John J. Bayeux Beekman Manor, Inc. Dr. Randall C. Bell Dr. Joseph C. Benedetto* Bergstrom Foundation BFI Dr. Ashish K. Bhattacharya* Bhattacharya Foundation Dr. Dennis M. Bier* Dr. Robert E. Binder Marie Blaisdell Blueberry Village, Inc. Blum & Fink, Inc. Blume, Goldfaden, Berkowitz, Donnelly, Fried & Forte Dr. Robert E. Boff* Barbara C. Bolella Dr. Gregory M. Borsuk* Dr. Terence P. Braden, III* Brasseler USA Dental, LLC

Raymond S. Buch Joseph A. Bukovec Dr. Donald J. Byk* William M. Byra Cardionet, Inc. The Care Group, LLC Dr. Peter D. Carnicelli* Dr. Vincent J. Castellano* Cerebral Palsy Association of Middlesex County Dr. Philippe Chemaly, Jr.* Chi-Ti Chen Children’s National Medical Center Dr. Peter A. Chirico* Cingular Wireless, LLC Dr. Alfonse A. Cinotti Betty J. Clark Joseph & Elda Coccia Charitable Foundation Cogenix, LLC Cohen Herman Normane, PA Dr. Jay A. Cohen* Colgate Oral Pharmaceuticals Neal T. Collins Comcast Cable Communications Commonwealth Endodontics Dr. James F. Considine* Dr. Joseph P. Costabile* Costas Kondylis & Partners, LLP Architects Dr. Jeffrey N. Cowen* Daniel J. Cregg Robert Cronheim Crosstown Parking, Inc. Crosswinds Farms Dr. Robert F. Cullen, Jr.* Dr. Earlene B. Cunningham Cureton Caplan Dancker, Sellew & Douglas Datascope Corp.

Dr. Kevin Davey* Barbara DeAngelis Dr. Edwin A. Deitch Dr. Jennifer Delikat* Dr. Joel A. DeLisa Deloitte & Touche Dr. Peter L. DeSciscio* Dr. Franklin Desposito Dr. Wilma D’Mello Brian T. Donahue Dr. Sandeep Singh Puar Memorial Charitable Trust, Inc. Dr. Richard R. Eckert* Ecolsciences, Inc. Edwards & Angell, LLP Burton Eichler Elite Auction Services, Inc.

CDR Christopher J. Elles, Sr. (RET) Dr. Leonard K. Eng* ePlus Technology of PA, Inc. Dr. Ed Nelvyn L. Evans* Dr. Anita Falla Fauchard Dental Society of NJ, Inc. Dr. Bohdan O. Fecowycz* Jeffrey M. Fenesy Fidelity Charitable Gift Fund Fidelity National Title Insurance Company Fidelity National Title Insurance Company of New York First Data Corporation Mark Fisch Fiserv Securities, Inc. Fitness 21 Timothy Florin Force One Security, Inc. Fox & Roach Charities Michael Francis Fermin I. Francisco Dr. Grace T. Francisco* The Frascella Family Charitable Fund Fremont Investment & Loan The Gale Management Company, LLC Gemological Institute of America Genova, Burns & Vernoia George Press Fine Jewelers Dr. John Ghazi* Gibbons, Del Deo, Dolan, Griffinger & Vecchione Gill Lane Associates Dr. J. S. Gillin* Rosanne M. Gillis Dr. Marc P. Gimbel* Barry Gimelstob Elizabeth Glaser Pediatric AIDS Foundation S. G. Goich Dr. Irvin D. Goldfarb* Gotham Construction Company, LLC Dr. Banafsheh Goujani* Graham Pelton Associates, Inc. Dr. David R. Grossman* Dr. Jay A. Grotas* Dr. Gary J. Guarnaccia* Dr. John D. Gumina* Alan R. Hammer Handi-Hut, Inc. Harding Private Livery Service, Inc. Hartington Trust Dr. Roger J. Hartman* Eric Harvitt Dr. James M. Hatfield*

Health & Hospitals Corporation The William T. & Marie J. Henderson Foundation, Inc. Heritage Park Endodontics, PC Dr. George A. Hermann* Dr. Bernard Herzberg* Alan P. Hoffman Dr. Mary I. Holowinsky* IBM International Foundation Innovation Data Processing, Inc. Integrated Modular Systems, Inc. ITT Industries, Inc. Dr. Narpat S. Jain* Jemmison Corp.

Jemmison Holding Corp.

Dr. Paul B. Jenkins* Dr. Robert Johnson* Robert Wood Johnson University Hospital Leonard A. Jokubaitis Jomark Textiles, Inc. Webster C. Jordan Judith Jordan-Austin Drs. Joseph H.* and Nancy Hochberg Kahn* Sandarsh Kancheria The Donald M. Karp & Margery Lesnik Karp Foundation William M. Kelly Harris and Eliza Kempner Fund Kentshire Galleries, Ltd. Dr. Allen J. and Salena Kern Kerr Corporation Dr. Daniel Y. Kim* Dr. David Kirschenbaum* The Charles and Lynne Klatskin Family Charitable Trust Jacob Klein Joseph F. Konowich KPMG, LLP Sue Lachenmayr* William M. Lane Dr. Frank J. Lanza* Dr. John N. Larson* The Lautenberg Foundation Lois Lautenberg Dr. Bernard J. Lehrhoff* The Reuben & Jane Leibowitz Foundation, Inc. Dr. Edward W. Leone* Allen B. Levithan Dr. Michael E. Lewis* Dr. Labrini C. Liakonis* Judith Lieberman Dr. Steven L. Lieberman* Dr. John R. Lina* Little Ferry Lions Club * Alumni Donor

Foundation

OF THE

UNIVERSITY

OF

MEDICINE

AND

DENTISTRY

OF

NEW JERSEY

19

Imagine the difference you can make

Dr. Lawrence S. Lizzack* Glenn Lockwood Dr. Edward Luchansky* Viola M. Lynch M & M Plumbing & Heating Roland and Pamela Machold Mack-Cali Realty Corporation Dr. James W. Mackenzie Bruce J. Mactas Mahoney Cohen & Co., CPA, PC Dr. George Mardirossian* Robinson Markel David Markowitz Harold Martin Dr. Alfredo S. Masullo* Mazzocchi Wrecking, Inc. Dr. Barbara A. McCafferty* McCarter & English, LLP John McCarthy John T. McElgunn Paul McElgunn Dr. Kevin McGuigan* Judith B. McIlduff Dr. John J. McKeon* The MDE Group, Inc. Medaptus, Inc. Medical History Society of New Jersey Medical Staff of University Hospital Mellon Bank, NA Dr. John A. Mercantini* Metrex Dr. Michael Miller* Dr. Andrew S. Milone* Richard Milsten Dr. Carl J. Minniti, Sr.* Alan & Barbara Mirken Foundation Dianne and Thomas Mizerak Dr. Carl Mogil The Moneystation, Inc. Dr. G. T. Morea* Gerald Murphy Carol A. Murray Dr. Naim T. Nazha Jack Nelson Dr. George W. Nemeth* The Net2Phone Charitable Foundation Matching Gifts Program New Jersey Council of Teaching Hospitals New Jersey Resources Corp.

New Jersey State Council Knights of Columbus Newmark Real Estate of New Jersey, LLC Dr. Thomas J. Nordstrom* North Brunswick Manor Northmarq Capital Group

20

Dr. Renee J. Novello* Old Bridge Sayreville Rotary Club O’Mealia Special Events Organon, Inc. Oster Realty Our Lady of Lourdes Medical Center Dr. Fotinos Panagakos* Josef Paradis Dr. Joel N. Pascuzzi* Dr. Oded O. Paz Pearson Education Pediatric Care of Somerset, PC Dr. Richard E. Pelosi* Dr. Rama Peri* Dr. Sally L. Petito* Physicians World Div. of Thomson Healthcare, Inc. Pierre Fauchard Academy Foundation PNC Bank, NA Pomerantz Staffing Service, LLC Elayne Punia Paul P. Quinn Robert Rachesky & Sylvia Rachesky Charitable Foundation Daniel J. Ragone, Sr., CPA Dr. Mary B. Ramundo* Raritan Valley Orthodontics, PA John Reagan Renaissance Terrace, LLC Riker, Danzig, Scherer, Hyland & Perretti Dr. Judith A. Riley Dr. Joseph S. Ritter* Dr. Jasper J. Rizzo* Roche Diagnostics Corporation Roche Laboratories, Inc. Joseph R. Romano Dr. Nicholas A. Romanoff* Dr. Paul R. Rosen Dr. Arnold H. Rosenheck Myron Rosner, Esq. Harold and Marilyn Rothstein Rotwein & Blake Dr. Dominick A. Rubino* Dr. Vijay N. Samant Jeffrey P. Sander R. Randle Scarborough Dr. Mark A. Schachman* Dr. Stephen M. Scheinthal* Laurence U. Schenk & Maura Santangelo Eugene Schenkman Arthur F. Schlobohm, Jr. Dr. Paul R. Schottland Dr. Donald C. Schroeder* Dr. Robin S. Schroeder*

Foundation

William Schulder Schwartz & Silverstein, LLP Richard G. Segal Stephen Segal Norman and Barbara Seiden Foundation Lawrence Seidman Richard A. Seitz Dr. Helen Sempira Dr. Frank R. Serini* Serono, Inc. Nathan Sherman Robert L. Sherman Dr. Ling-Yu Shih Drs. Mark V.* and Nancy E. K. Shumeyko* Dr. John H. Siegel Dr. Nancy Sierra* Stanley Simon Randall T. Sims Sirach Capital Management Dr. Michael S. Sirkin* The Six Talents Foundation, Inc. John R. Slapp Smart Solutions For Health Care Paul L. Smith Society For Adolescent Medicine Richard Sorota South Jersey Gas Company Dr. Edita Sporer St. Andrew’s R. C. Church St. Jude Medical Daniel Stark Martin F. Statfeld Dr. Edward J. Stepka, Jr.* Straumann U.S.A. Dr. Calvin B. Suffridge Dr. Andrew Sullivan Dr. Aron-Hirsz R. Swerdlin* William P. Taggart Alice E. Tassoni Telcordia Pioneers Chapter No. 99 Teldata Control, Inc. Terminal Construction Corporation Dr. Marilou Terpenning* The Presbytery of Newark Tri Realty Mgmt., LLC Ultradent Products, Inc. University Radiology Group Dr. P. R. and Diana Vagelos Vanguard Charitable Endowment Program Vermillion Consulting, Inc. Dr. Joseph Viggiano* Dr. Joseph Vitale* Dr. Diane Walder* Jerome N. Waldor

OF THE

UNIVERSITY

OF

MEDICINE

AND

Kenneth G. Walker James K. Waller Wayen Charitable Foundation Dr. Carlisle Weese Arthur M. Weis Michael D. Weiss Michael Wildstein Stephen Wildstein Dr. Dorian J. Wilson* Wilson, Elser, Moskowitz, Edelman & Dicker, LLP WNY Leones Cubanos Betty Wold Johnson Dr. Felecia D. Wright Dr. Mary C. Yankaskas* Robert T. Yontef Dr. Patrick F. Zazzaro* Herman Zell Dr. Kenneth J. Zemanek* Dr. Joseph J. Zocco* * Alumni Donor

DENTISTRY

OF

NEW JERSEY

INDEPENDENT AUDITORS’ REPORT The Board of Directors New Jersey Health Foundation, Inc. We have audited the accompanying consolidated statement of financial position of New Jersey Health Foundation, Inc. as of June 30, 2004, and the related consolidated statements of activities and cash flows for the year then ended.

These consolidated financial statements are the responsibility of the Foundation’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.

An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of New Jersey Health Foundation, Inc. as of June 30, 2004, and the changes in its net assets and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.

July 23, 2004

Foundation

OF THE

UNIVERSITY

OF

MEDICINE

AND

DENTISTRY

OF

NEW JERSEY

21

Imagine the difference you can make

CONSOLIDATED STATEMENT

OF

FINANCIAL POSITION

JUNE 30, 2004 ASSETS: Cash Contributions receivable, net (note 5) Investments (note 2) Prepaid expenses and other assets Total assets

LIABILITIES

AND

$

54,343 19,437,930 160,927,102 255,334 $ 180,674,709

NET ASSETS:

Liabilities: Accounts payable and accrued expenses Grants payable Total liabilities Net assets (note 4): Unrestricted-board designated Temporarily restricted Permanently restricted Total net assets Total liabilities and net assets

$

702,482 34,429,788 35,132,270

48,882,260 15,543,184 81,116,995 145,542,439 $ 180,674,709

See accompanying notes to consolidated financial statements.

CONSOLIDATED STATEMENT

OF

ACTIVITIES

YEAR ENDED JUNE 30, 2004 Unrestrictedboard designated

REVENUES

Temporarily restricted

Permanently restricted

Total

AND GAINS:

Contributions Special events revenue Less direct costs Net special events revenue Total contributions Interest and dividend income Net unrealized and realized gains on investments Cost recovery fees Investment management fees Total revenues and gains Net assets released from restrictions for grants Total revenues and gains and other support

$

56,655 — — — 56,655 992,743 9,610,891 — (85,213) 10,575,076 19,759,832 30,334,908

$ 12,594,782 1,611,541 (971,025) 640,516 13,235,298 211,763 — (211,763) — 13,235,298 (19,759,832) (6,524,534)

$

7,379,079 — — — 7,379,079 1,133,299 8,277,209 (1,223,981) (88,692) 15,476,914 — 15,476,914

$ 20,030,516 1,611,541 (971,025) 640,516 20,671,032 2,337,805 17,888,100 (1,435,744) (173,905) 39,287,288 — 39,287,288

22,616,686 722,901 1,539,152 24,878,739 5,456,169 43,426,091 $ 48,882,260

— — — — (6,524,534) 22,067,718 $ 15,543,184

— — — — 15,476,914 65,640,081 $ 81,116,995

22,616,686 722,901 1,539,152 24,878,739 14,408,549 131,133,890 $145,542,439

EXPENSES: Grants Administrative Fund raising Total expenses Increase (decrease) in net assets Net assets as of beginning of year Net assets as of end of year See accompanying notes to consolidated financial statements.

22

Foundation

OF THE

UNIVERSITY

OF

MEDICINE

AND

DENTISTRY

OF

NEW JERSEY

Imagine the difference you can make

CONSOLIDATED STATEMENT

OF

CASH FLOWS

YEAR ENDED JUNE 30, 2004 CASH

FLOWS FROM OPERATING ACTIVITIES:

Increase in net assets Adjustments to reconcile increase in net assets to net cash used in operating activities: Receipts permanently restricted for long-term investment Net unrealized and realized gains on investments Decrease in accrued interest receivable Decrease in contributions receivable Decrease in prepaid expenses and other assets Decrease in accounts payable and accrued expenses Increase in grants payable Net cash used in operating activities

CASH

(15,476,914) (17,888,100) 300,903 3,680,374 219,498 (385,321) 6,768,395 (8,372,616)

FLOWS FROM INVESTING ACTIVITIES:

Purchases of investments Proceeds from sales of investments Net cash used in investing activities

CASH

$ 14,408,549

(34,514,586) 27,438,218 (7,076,368)

FLOWS FROM FINANCING ACTIVITIES:

Receipts permanently restricted for long-term investment Net increase in cash Cash as of beginning of year Cash as of end of year

15,476,914 27,930 26,413 $ 54,343

See accompanying notes to consolidated financial statements.

Foundation

OF THE

UNIVERSITY

OF

MEDICINE

AND

DENTISTRY

OF

NEW JERSEY

23

Imagine the difference you can make

CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2004 (1) ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization On May 24, 2002, New Jersey Health Foundation, Inc. was established. The newly formed organization is a not-for-profit corporation organized under the laws of the State of Delaware, which is organized and shall at all times be operated exclusively to support medical, dental and other healthcare education and research, including without limiting the foregoing, the support of the University of Medicine and Dentistry of New Jersey, and for other scientific, charitable, literary and educational purposes.

Established in 1974 by New Jersey business and professional leaders, The Foundation of the University of Medicine and Dentistry of New Jersey (the Foundation) is an independent, not-for-profit organization whose purpose is to enhance educational, research and community service programs at The University of Medicine and Dentistry of New Jersey (the University) through the support of the private sector. The Foundation’s resources are intended and used to complement, not replace, the State of New Jersey’s obligation to provide basic budgetary support for the development and operation of the University. As an autonomous organization, the Foundation is governed by its own board of trustees and bylaws. The Foundation’s board of trustees represents the State of New Jersey’s corporate and professional leadership.

New Jersey Health Foundation, Inc. and The Foundation of the University of Medicine and Dentistry of New Jersey are organizations described under Section 501(c)(3) of the Internal Revenue Code and therefore are exempt from Federal income taxes under Section 501(a) of the Code.

Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of New Jersey Health Foundation, Inc. and The Foundation of the University of Medicine and Dentistry of New Jersey, collectively hereinafter the Organization. The New Jersey Health Foundation, Inc. is the sole member of The Foundation of the University of Medicine and Dentistry of New Jersey and is a supported organization. All significant intercompany balances and transactions have been eliminated in consolidation.

Although these entities have been consolidated for financial statement presentation, there may be limitations, due to the nature of the entity or other factors, on the use of a consolidated entity’s funds by the other member of the group.

The accompanying consolidated financial statements, which are presented on the accrual basis of accounting, have been prepared to focus on the Organization as a whole and to present balances and transactions according to the existence or absence of donorimposed restrictions. Accordingly, net assets and changes therein are classified as follows: • Permanently restricted net assets—net assets subject to donorimposed stipulations that they be maintained permanently by the Organization. Generally, the donors of these assets permit the Organization to use all or part of the income earned on related investments for general or specific purposes.

24

• Temporarily restricted net assets—net assets subject to donorimposed stipulations that will be met by actions of the Organization or by the passage of time.

• Unrestricted net assets—net assets not subject to donorimposed stipulations.

Revenues are reported as increases in unrestricted net assets unless use of the related asset is limited by donor-imposed restrictions. Expenses are reported as decreases in unrestricted net assets. Gains and losses on investments and other assets or liabilities are reported as increases or decreases in unrestricted net assets unless their use is restricted by explicit donor stipulation or by law. Expiration of temporary restrictions on net assets is reported as net assets released from restrictions.

Contributions Contributions, including unconditional promises to give, are recognized as revenues in the period received. Conditional promises to give are not recognized until they become unconditional. Contributions of assets other than cash are recorded at their estimated fair value at the date of donation.

Contributions to be received after one year are discounted at an appropriate discount rate commensurate with the risk involved.

Amortization of discount is recorded as additional contribution revenue in accordance with donor-imposed restrictions, if any, on the contributions. An allowance for uncollectible contributions receivable is provided based upon management’s judgment including such factors as prior collection history, type of contribution and nature of fundraising activity.

Charitable Remainder Trusts The Organization is a remainder beneficiary of irrevocable charitable remainder trusts held by others. At the dates these trusts are established, receivables and contribution revenues are recognized at the present value of the estimated future benefits to be received when the trust assets are distributed. The receivables are adjusted during the term of the trusts for changes in the value of assets, accretion of the discount and other changes in the estimates of future benefits. Such adjustments are reported as part of contribution revenue in the accompanying consolidated statement of activities.

Grants Payable Grants are distributed in the areas of research, research training, educational enrichment, student assistance, university ventures and community health. Grants payable are recorded at the time authorized by the board of trustees of the Organization and communicated to the recipient.

Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Foundation

OF THE

UNIVERSITY

OF

MEDICINE

AND

DENTISTRY

OF

NEW JERSEY

Imagine the difference you can make

Concentration of Risk The Organization maintains a significant and diverse investment portfolio which includes money market funds, bonds and notes, corporate stocks and alternative assets. The Organization periodically reviews the performance and risks associated with these investments, and believes its credit risk is limited. As the Organization is dependent on investment return to fund a significant portion of the operations of the Organization, a significant decrease in investment return may have a material impact on the financial position, changes in net assets and cash flows of the Organization.

Fair Value of Financial Instruments The carrying amount of cash and investments in money market funds approximates fair value because of the short maturity of these financial instruments. The fair value of investments in debt and equity securities is based upon quoted market values.

reinvested as permanently restricted or to be used for specific or general purposes as follows: Faculty chairs Scholarships and fellowships Other

$ 41,317,647 7,631,884 32,167,644 $ 81,116,995

(5) CONTRIBUTIONS RECEIVABLE Contributions receivable consist of the following as of June 30, 2004: Unconditional promises to give, net Receivable under charitable remainder trust agreements

$ 18,352,384 1,085,546 $ 19,437,930

(2) INVESTMENTS

Contributions receivable are expected to be received subsequent to June 30, 2004 as follows:

Investments are carried in the financial statements at fair value, as determined by quoted market values, and consist of the following as of June 30, 2004:

One year or less One year to five years Present value discount at 3%

Money market funds Bonds and notes Equity: Large-Mid Cap Small Cap International Alternative assets

$ 25,280,295 25,272,765 55,043,767 19,430,860 15,662,575 20,236,840 $ 160,927,102

(3) RETIREMENT PLAN The Organization has a defined contribution retirement plan covering substantially all eligible full-time employees which provides for the purchase of annuities for employees. The cost of the plan for the year ended June 30, 2004 was approximately $207,000.

Board Designated Net Assets Board designated net assets are not subject to donor or other outside restrictions. These net assets have been designated by the Board of Trustees and the Board of Directors of the respective Foundations and are expended at its discretion and direction.

Temporarily Restricted Net Assets As of June 30, 2004, temporarily restricted net assets are available for the following purposes: Construction of faclities Research grants

$ 10,074,414 5,468,770 $ 15,543,184

Permanently Restricted Net Assets As of June 30, 2004, permanently restricted net assets consist of endowment contributions from donors with income to be

OF THE

UNIVERSITY

OF

The receivable under charitable remainder trust agreements of $1,085,546 as of June 30, 2004, consists of the following: (1) Charitable remainder trust to be received after the death of two beneficiaries, namely the wife and son of the deceased donor. The estimated value of the trust assets to be received by the Organization is $2,000,000. Therefore, as of June 30, 2004, the present value of the $2,000,000 at 7% for 34 years, $245,546, has been included in contributions receivable.

(2) Charitable remainder trust to be received after the death of the donor. The estimated value of the trust assets to be received by the Organization is $840,000, which has been included in contributions receivable.

(6) HIGHER EDUCATION INCENTIVE ENDOWMENT FUND

(4) NET ASSET BALANCES

Foundation

$ 15,227,937 5,528,955 (1,318,962) $ 19,437,930

MEDICINE

AND

DENTISTRY

OF

The State of New Jersey Senate and General Assembly enacted P.L. 1999, c.226 (the Act) creating a nonlapsing fund, the “Higher Education Incentive Endowment Fund�, which, subject to the availability of funds, shall be used to provide matching funds against certain contributions to four-year public institutions of higher education, or their institutionally related Organizations, among others as set forth in the Act. This funding applies to endowment contributions and donations made during fiscal year 1999 and thereafter. For endowment contributions of $1,000,000 or greater, matching funds in an amount equal to the original contribution are expected to be provided by the State of New Jersey. These matching funds are expected to be paid equally over a ten-year period.

The Organization received $732,375 of these matching funds from the State of New Jersey in 2004 under the provisions of the Act and has recorded this amount as revenue in the accompanying consolidated statement of activities for the year ended June 30, 2004.

NEW JERSEY

25

Imagine the difference you can make

THE FOUNDATION OF UMDNJ BUILDING RELATIONSHIPS FOR LIFE Over the past six years, thanks to the increasing generosity of our donors, the ability of the Foundation to meet the needs of the University has grown significantly.

NUMBER

26

OF

GIFTS

TOTAL ASSETS

Foundation

OF THE

UNIVERSITY

INVESTMENTS

OF

MEDICINE

AND

DENTISTRY

OF

NEW JERSEY

“My wife and I are

SCHOOLS, UNITS

AND

CAMPUSES

OF

UMDNJ

very happy to support Robert Wood Johnson

NEWARK CAMPUS

Medical School

University Administration UMDNJ–New Jersey Medical School UMDNJ–New Jersey Dental School UMDNJ–Graduate School of Biomedical Sciences UMDNJ–University Hospital UMDNJ–School of Health Related Professions UMDNJ–School of Nursing UMDNJ–University Behavioral HealthCare UMDNJ–School of Public Health Center for Advanced and Continuing Education George E. Smith Library of the Health Sciences

through the Bioethics

PISCATAWAY/NEW BRUNSWICK CAMPUS

that included two

UMDNJ–Robert Wood Johnson Medical School UMDNJ–Graduate School of Biomedical Sciences UMDNJ–University Behavioral HealthCare UMDNJ–School of Health Related Professions UMDNJ–School of Public Health

major wars, the

CAMDEN CAMPUS UMDNJ–Robert Wood Johnson Medical School

Lectureship that we established in honor of my parents. My parents, who defined the very ability to overcome adversity, lived through extraordinary times

Depression and the Holocaust. We were very close and my memory of them is inseparable from their commitment to

STRATFORD CAMPUS UMDNJ–School of Osteopathic Medicine UMDNJ–Graduate School of Biomedical Sciences UMDNJ–School of Health Related Professions UMDNJ–School of Nursing UMDNJ–School of Public Health SCOTCH PLAINS CAMPUS

ethical values and their profound sense of Jewish and secular history and culture.”

Drs. Theodore and Eva Bamberger Stahl

UMDNJ–School of Health Related Professions Center for Advanced and Continuing Education

Imagine the difference you can make

Foundation of the University of Medicine and Dentistry of New Jersey Newark, New Brunswick, Stratford Toll-free (866) 44-UMDNJ www.umdnj.edu/foundation