The NYMC Finance Department Makes Sure Everything is Accounted For
From grants to receipts, the Finance Department keeps abreast of tracking of all NYMC expenses and budgeting.
The Finance Department at New York Medical College (NYMC) plays an integral role at the College, overseeing every major monetary transaction. The Department encompasses the Budget Office, Bursar, Controller’s Office, Purchasing Office, Registrar and Student Financial Planning and ensures that transactions are reported and processed through the proper channels. Adam D. Hammerman, M.B.A., vice president and chief financial officer, leads the Department and broke down the duties of his finance team.
In a few sentences, what are the overall responsibilities of the Department?
The Finance Department oversees, monitors and reports on every dollar that comes into the College and every dollar that goes out. This includes all cash receipts, contributions, grants, investments, accounts payable and payroll functions, as well as all budgets associated with each.
How would you describe the day-to-day functions of the Department?
Exciting, to say the least. We are constantly working to process, record and report on all financial transactions. We need to make sure all money is deposited so all invoices and payroll can be paid. Additionally, we are required to report to various internal and external departments, auditors, board committees and many different agencies.
What is the most-asked question from faculty about the Department?
Given that we must always properly document everything, there are a significant number of bureaucratic processes that must always be followed. Most questions surround those processes.
What do you find most interesting or most rewarding about working in the Department?
As every facet of the College either spends money, brings in money or both, it is hard to find any department that doesn’t interact with us. Not only does the finance team get to learn about everything that the NYMC campus and greater Touro College and University System does, but we get to partner with and support them. We truly feel a part of so much that takes place here.
What is one useful tip you can give to staff and faculty?
I encourage people to ask us for help. We are all in this together and if there is ever a question, we would prefer to address it at the beginning of the process rather than wait until the end. Also, given the oversight that is always present regarding finances, we need to be accurate and able to report to anyone, both inside and outside the campus, which highlights the importance of supporting documentation. If anyone ever asks a question about a transaction a year or two, or more, later, it will be very easy to explain why something was done when there is proper supporting documentation attached.
Adam D. Hammerman, M.B.A.
Vice President and Chief Financial Officer
Administration Bldg. 2nd floor
New York Medical College
40 Sunshine Cottage Road
Valhalla, NY 10595
Adam_Hammerman@nymc.edu
(914) 594-4570
Yvette D. Woods
Administrator and Coordinator for Special Projects
Administration Bldg. 2nd floor
New York Medical College
40 Sunshine Cottage Road
Valhalla, NY 10595
Yvette_Woods@nymc.edu
(914) 594-3060