The Adelphi University Board of Trustees includes a number of members who are uniquely qualified to keep watch over University finances, ensuring that Adelphi remains on solid ground.
As Adelphi continues to focus on the objectives of efficiency, thoughtfulness and effectiveness outlined in Goal 3 of tits Momentum 2 strategic plan, the University can rely on the Adelphi University Board of Trustees for guidance. That’s because the board, which oversees the University, is filled with leaders from the world of finance who are providing their expertise to ensure Adelphi’s finances remain resilient in this challenging time for higher education.
Overseeing the Four Essential Parts of University Finances
According to Michael Rhattigan, Adelphi’s vice president of finance, university finance resembles a four-legged stool supported by reporting and compliance, day-to-day operations, investments, and financing. Most universities and organizations are lucky to have trustees with experience in one or two of these areas. Rhattigan says that Adelphi has trustees with expertise in all four.
“This concentration of financial expertise on the board—especially across all four key areas—is exceptionally rare,” he said. “It’s a testament to the history and strength of Adelphi’s education, since nearly every trustee was either an accounting or finance graduate of the University. This robust group significantly enhances the board’s capacity to meet its fiduciary responsibilities and provides the finance team with invaluable access to an unparalleled source of experience and guidance.”
Experts in Reporting, Reviewing and Complying With the Law
The reporting and compliance process involves conveying the University’s financial activities and performance to the board of trustees, government agencies and external institutions to gauge Adelphi’s performance and compliance. The financial results need to be reviewed and audited by third parties to confirm their accuracy, and Adelphi has two trustees with specific experience in this area: Mark Davis ’85, a retired audit partner at Deloitte, and Humera Qazi ’93, board vice-chair and a former managing director at KPMG and now a managing director at Morgan Stanley.
“My foundational rigor at a Big Four firm, which offered deep exposure across diverse sectors, has been significantly amplified by my current operations leadership responsibilities at Morgan Stanley,” Qazi said. “It is profoundly rewarding to leverage this elite financial, operational and advisory experience to contribute back to Adelphi, where my journey began.”
Keeping a Watchful Eye on Day-to-Day Operations
Operations involve all day-to-day financial aspects at the University, including budgeting, accounting, cash management, purchasing and payroll. Adelphi has three trustees with specific, relevant experience: Loretta Cangialosi ’80, a retired senior vice president and controller at Pfizer who is an emerita board member still working on the Finance and Investment Committee; Michael Sammis ’81, retired president, EVP Operations and CFO at Universal Music; and Alexandria Cisco ’15, business architecture manager at Accenture.
“As a former senior manager at a Big Four accounting firm and senior finance executive at Pfizer, I understand the financial discipline required in regulated sectors,” Cangialosi said. “The pharmaceutical industry has navigated long lead times, intense regulatory scrutiny and significant market competition. These are the very trends now reshaping higher education. It has been exciting to leverage this experience to strengthen our University’s financial strategy, ensuring we successfully navigate this evolving landscape while maintaining our fiduciary excellence.”
Making Safe, Smart Investments to Ensure a Stronger Adelphi
Investments involve managing the University’s endowment for current needs, like scholarships and academic programs, as well as strategic investments in the future. Trustees Doug Flynn ’89, co-founder of Flynn Zito Capital Management, and Kevin Mahony ’83, senior vice president of Eagle View Wealth Management at UBS Financial Services, utilize their expertise in this area to plan for the University’s future.
Flynn, who co-founded his wealth management business in 1997, said, “Building and leading a wealth management firm I founded 28 years ago, after a successful career at a major investment firm, has provided me with significant business experience and strong investment knowledge to help guide clients through multiple periods of intense market volatility—encompassing both major booms and significant downturns.”
Flynn added, “That long-term perspective—the understanding of risk, preservation of capital and strategic growth across cycles for prudent financial stewardship—is directly applicable to our University. It’s exciting to give back to my alma mater to help steer its financial operations and ensure the robust, sustainable, mission-focused management of our vital endowment.”
Understanding the Complexities of Finance
Financing involves any borrowing or long-term debt required to fund initiatives, and that’s where the expertise of trustee Greg Carey, chairman of public finance and global co-head of sports at Goldman Sachs, fits in.
“My strong bond with the University was forged by watching my son progress and truly thrive through the transformative Bridges [to Adelphi] program,” he said. “This is my opportunity to give back and apply the knowledge gleaned from my decades working in public finance in global leadership roles at Goldman Sachs. It is exciting to help the University strategically plan and navigate the financial complexities in higher education.”
Financial Firepower Ensures a Stable Future
By having seasoned auditors, Wall Street veterans and financial leaders, many of whom are alumni, covering all four crucial corners of University finances, Adelphi is doing more than just balancing the books. It is ensuring a strong, stable future for generations of students to come.