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TELP Case Studies
Teachers College used the TELP program to purchase pianos and will save $42,000 in interest over the term of the lease.
At Teachers College of Columbia University in New York City, the TELP program showed its versatility by helping to secure equipment that had never been previously leased using the program. Teachers College is a private not-for-profit graduate and professional school of higher education founded in 1887 that offers programs in research teaching and service. Teachers College has educated approximately 100,000 students from around the world. The college purchased one nine-foot Steinway concert grand piano and six seven-foot Steinway concert grand pianos. Seven Steinway vertical pianos were placed in practice rooms as well. The total cost of the project was $335,369 with an interest rate of 3.35%. The deal closed on May 1, 2003. The length of the lease is seven years and over this time the Teachers College will save $42,000 in interest.
Montefiore Medical Center
Founded in 1884, Montefiore Medical Center is one of the largest health care providers in the country. Located in the Bronx, Montefiore provides world-class health care for the citizens of New York City. In December 1999, Montefiore used the TELP program to secure an assortment of equipment including monitoring equipment, CT scan equipment, a lab automation system and cardiac catheterization equipment. The lease totaled $3,588,642. Overall, Montefiore has used the TELP program to purchase medical surgical equipment and IT equipment since 1996. The continued use of the program has tallied $72.6 million in total financings, with savings estimated to be more than $3.8 million. Montefiore is a prime example of how a Dormitory Authority TELP program partner can get lifesaving equipment into medical facilities in a cost-effective manner year after year. This means the hospital is able to purchase equipment and technology for much less over the long term, as Montefiore has done.
The University of Rochester-Strong Memorial Hospital, a long-time client of the Dormitory Authority, purchased new medical equipment for its CT Radiosurgery Center. Dr. George Uschold is pictured with one of the new pieces of equipment recently purchased using the TELP program.
University of Rochester-Strong Memorial Hospital
The University of Rochester-Strong Memorial Hospital is one of the largest health care facilities in Western New York. It can consistently be found on the list of top hospitals in the country by “US News & World Report” and boasts the only heart transplant program in the Western New York region. The University of Rochester-Strong Memorial Hospital used the TELP program to add a Linear Accelerator to its facilities. The Linear Accelerator provides laser treatments that shrink tumors. The hospital also purchased equipment for the CT Radiosurgery Center as well as ultrasound equipment. In October 2000, the $4,690,765 lease closed at an interest rate of 5.50% over a seven-year term.
“DASNY’s tax-exempt leasing program is a very comprehensive leasing program offering extremely competitive rates and great administrative support. DASNY’s administrative knowledge and support is helpful in guiding the first time user through the lease process and making it very simple,” says Kathy King-Griswold, CTB, CBM, Assistant Treasurer.
This Hudson Valley hospital upgraded its energy performance equipment using DASNY's Tax-Exempt Equipment Leasing Program.
Phelps Memorial Hospital
The Phelps Memorial Hospital is located in Sleepy Hollow in the Hudson Valley of New York and overlooks the Hudson River. Phelps Memorial is committed to providing the best possible medical and mental health care possible to its patients. This non-for-profit hospital serves the residents of Westchester and surrounding communities. The hospital used TELP to purchase better energy performance equipment including chillers, cooling towers, boilers, burners and diffusers to name a few pieces of equipment. The 15-year lease was for $4,593,112 at an interest rate of 5.72% interest compared to the commercial rate of 8.625% that resulted in a savings of $1.3 million.
In addition, the hospital realized approximately $580,000 per year in energy cost savings resulting from the installation of up-to-date, efficient energy equipment at the facility.
“The TELP program provided the Hospital with an economical and efficient source of capital at lower rates in the tax-exempt market. DASNY officials provided professional guidance to the Hospital every step of the way,” said Vincent DeSantis, Vice President of Finance and Chief Financial Officer, Phelps Hospital.
The Montgomery County Chapter of NYSARC, the New York State Association for Retarded Citizens, an organization which advocates for programs for people with disabilities, saved $131,000 on financing its lease of the egg processor. Eggs are sold to the state prison system, generating $525,000 annually.
NYSARC Egg Processor Project
In February 1999, the TELP Program helped complete a rather unique financing. The project was for the Montgomery County chapter of NYSARC, the New York State Association for Retarded Citizens. NYSARC is an organization that promotes programs for disabled citizens. The project involved the financing of an egg processor that could mass-produce hard-boiled eggs. Using TELP, NYSARC was able to save $131,000 in financing. This program provides opportunities for the members of NYSARC to work in everything from the loading, cooking and peeling of the eggs. The eggs are then sold to the correctional facilities located in New York State and provide $525,000 annually to cover the costs and provide resources to further develop vocational training for disabled citizens.
“TELP has become an integral component of NYSARC’s financing program; it is an efficient process that provides low-cost financing for our chapters. NYSARC funds three tranches per year involving hundreds of pieces of equipment in a truly successful partnership with DASNY,” says John Sherman, Associate Executive Director for Fiscal Management, NYSARC.