2024-11-15T16:39:38-06:00 2023-12-31 221478099 COHNREZNICK LLP 14 SYLVAN WAY PARSIPPANY NJ 070543801 990 2023-01-01 272903875 CHOOSE NEW JERSEY INC CHOO 6092972200 ONE GATEWAY CENTER SUITE 1420 NEWARK NJ 07102 JENNIFER LENHARDT CHIEF ADMINISTRATIVE OFFICER 6092972200 2024-11-15 1 1 LORI ROTHE YOKOBOSKY CPA P01273422 9732283500 2024-11-14 2023 2024-10-15 13:58:12Z WESLEY MATHEWS ONE GATEWAY CENTER SUITE 1420 NEWARK NJ 07102 13249196 0 X WWW.CHOOSENJ.COM X 2010 NJ DEVELOP AND IMPLEMENT INITIATIVES, ETC., TO ECONOMICALLY BENEFIT NJ AND ITS RESIDENTS. 31 31 28 31 0 0 8197664 13074763 0 0 36348 174433 5144 0 8239156 13249196 0 0 0 0 2449523 3027756 0 0 694208 4986976 10214085 7436499 13241841 802657 7355 10648307 7278714 6832526 3445021 3815781 3833693 X CHOOSE NEW JERSEY IS A PRIVATELY FUNDED 501 C(3) ECONOMIC DEVELOPMENT ORGANIZATION WITH A MISSION TO STIMULATE JOB CREATION AND ATTRACT CAPITAL INVESTMENT TO NEW JERSEY. CHOOSE NEW JERSEY MARKETS NEW JERSEY BOTH DOMESTICALLY AND INTERNATIONALLY AS THE BEST PLACE TO GROW A BUSINESS IN THE UNITED STATES. KNOWLEDGEABLE, EXPERIENCED STAFF, SUPPORTED BY A NETWORK OF STATE AGENCIES AND PRIVATE PARTNERS, PROVIDE FREE, CONFIDENTIAL ASSITSANCE TO GUIDE COMPANIES IN ESTABLISHING OPERATIONS IN NEW JERSEY. BY HARNESSING THE POWER OF BUSINESS,LABOR, ACADEMIC, AND GOVERNMENT LEADERS, CHOOSE NEW JERSEY ENABLES GROWTH ACROSS ALL SECTORS OF THE STATE'S ECONOMY, ASPIRING TO BUILD A STRONGER AND MORE PROSPEROUS NEW JERSEY FOR ALL. 0 0 2818576 BUSINESS ATTRACTION AND RETENTION EFFORTS - CHOOSE NEW JERSEY IS KEENLY FOCUSED ON NURTURING ECONOMIC GROWTH IN NEW JERSEY BY STIMULATING JOB CREATION AND CAPITAL INVESTMENT. WORKING WITH GOVERNMENTAL ENTITIES, CHOOSE NEW JERSEY DESIGNS AND EXECUTES BUSINESS DEVELOPMENT STRATEGIES AIMED AT SPECIFIC COMPANIES, WITH A FOCUS ON SEVERAL KEY SECTORS, INCLUDING: INNOVATION & TECHNOLOGY; LIFE SCIENCES; CLEAN ENERGY; ADVANCED MANUFACTURING; LOGISTICS; AND FOOD & AGRICULTURE. WORKING JOINTLY WITH NEW JERSEY'S BUSINESS LEADERS AND COMMUNITY GROUPS, CHOOSE NEW JERSEY ENGAGES DIRECTLY WITH BUSINESS DECISION MAKERS TO COMMUNICATE THE UNIQUE VALUE PROPOSITION FOR DOING BUSINESS IN THE GARDEN STATE. THESE EFFORTS INCLUDE DIRECT NEGOTIATIONS, ECONOMIC DEVELOPMENT MISSIONS, AND NATIONAL AND INTERNATIONAL TRADE SHOWS. 2021337 INTEGRATED MARKETING AND MEDIA RELATIONS - CHOOSE NEW JERSEY SUCCESSFULLY AND WIDELY PROMOTES THE BENEFITS OF CONDUCTING BUSINESS IN THE STATE OF NEW JERSEY TO BUSINESSES AND CORPORATE LEADERS IN OTHER STATES AND OTHER COUNTRIES. MARKETING ACTIVITIES INCLUDE PAID ADVERTISING IN BOTH PRINT AND DIGITAL PUBLICATIONS; EVENT PLANNING AND SPONSORSHIPS, INCLUDING PROPRIETARY POLICY SYMPOSIA, NETWORKING EVENTS AND PUBLIC FORUMS; AND WEBSITE DEVELOPMENT AND SOCIAL MEDIA STRATEGIES. MEDIA RELATION ACTIVITIES INCLUDE INTERACTION WITH BRIEFINGS WITH NEWS MEDIA, INTERVIEWS, PRESS RELEASE DISTRIBUTION, AND COORDINATION OF PRESS CONFERENCES TO PROMOTE INITIATIVES, MARKET DEVELOPMENTS AND TRADE MISSIONS. 4893108 CHOOSE NEW JERSEY WAS AWARDED A $5 MILLION BUSINESS MARKETING GRANT FROM THE NEW JERSEY DEPARTMENT OF STATE. THIS INITIATIVE WILL HIGHLIGHT THE BENEFITS OF DOING BUSINESS IN THE STATE OF NEW JERSEY AND TO ENCOURAGE NATIONAL AND INTERNATIONAL BUSINESS ENTITES TO RELOCATE AND EXPAND IN THE STATE. THE PRELIMINARY WORK ON THE CAPAIGN, ENTITLED, ""THE STATE OF INNOVATION,"" INCLUDES DEVELOPMENT OF CAMPAIGN STRATEGY, DESIGN AND PRODUCTION OF CREATIVE ASSETS, CREATING A NEW BRAND IDENTITY, AND IDENTIFICATION OF TARGET AUDIENCES WITHIN THE COHORTS OF BUSINESS DECISION MAKERS, SITE SELECTORS AND, ENTREPRENEURS AND STARTUPS; IDENTIFICATION OF GEOGRAPHIC TARGET MARKETS AND ASSESSMENT OF THE MEDIA LANDSCAPE TO IDENTIFY APPROPRIATE AD PLACEMENT OPPORTUNITIES. THIS PERIOD ALSO SAW THE CREATION OF THE LANDING PAGE NJINNOVATION.COM; THE DEVLOPMENT OF LANDING PAGES FOR EACH SECTOR AND KEY SUBSECTORS; AND THE DEVELOPMENT OF ASSETS AND CUSTOM CONTENT TO PUSH OUT ON GOOGLE ADS, LINKEDIN, YOUTUBE AND FACEBOOK/INSTAGRAM; AND, THE CREATION OF THE FIRST VIDEO MARKETING THE STATE FOR BUSINESS ATTRACTION. 674870 NJEDA GRANT 103947 BUSINESS ATTRACTION INITIATIVE 697378 U.S. DEPARTMENT OF THE TREASURY PASSED THROUGH THE NEW JERSEYDEPARTMENT OF STATE BUSINESS ACTION CENTERCOVID-19 CORONAVIRUS STATE AND LOCAL FISCAL RECOVERY FUNDS 1476195 11209216 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 33 0 1 28 1 0 0 0 0 0 0 0 0 0 0 0 0 X 31 31 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NJ X WESLEY MATHEWS PRESIDENT CEO 6092972200 ONE GATEWAY CENTER SUITE 1420 NEWARK NJ 07102 ALAN WELAND DIRECTOR 1.00 X 0 0 0 BILL SMITH DIRECTOR 1.00 X 0 0 0 BRAXTON PLUMMER DIRECTOR 1.00 X 0 0 0 CHARLES LOWREY DIRECTOR 1.00 X 0 0 0 CHRIS BOERNER DIRECTOR 1.00 X 0 0 0 DAN LYNCH MARKETING COMMITTEE CHAIR 2.00 X 0 0 0 DAVID HARDY DIRECTOR 2.00 X 0 0 0 EDUARDO VILLA DIRECTOR 1.00 X 0 0 0 ENRICO DELLA CORNA DIRECTOR 2.00 X 0 0 0 GARY ST HILAIRE DIRECTOR 1.00 X 0 0 0 GIOVANNI CAFORIO DIRECTOR 1.00 X 0 0 0 JAKE REYNOLDS DIRECTOR 1.00 X 0 0 0 JAMES FAKULT AUDIT & FINANCE COMMITTEE CHAIR 2.00 X 0 0 0 JOAQUIN DUATO DIRECTOR 1.00 X 0 0 0 JOHN SARACENO DIRECTOR 1.00 X 0 0 0 JOSEPH DECOTIIS DIRECTOR 1.00 X 0 0 0 JOSEPH GARBA DIRECTOR 1.00 X 0 0 0 MARK CLOUSE DIRECTOR 1.00 X 0 0 0 MARK MANIGAN DIRECTOR 1.00 X 0 0 0 MARK MCDONOUGH DIRECTOR 1.00 X 0 0 0 MICHAEL RENNA DIRECTOR 1.00 X 0 0 0 MICHEAL REAGAN BUSINESS DEVELOPMENT CHAIR 1.00 X 0 0 0 MITCHELL LIVINGSTON TREASURER 2.00 X X 0 0 0 MONICA SLATER-STOKES NOMINATING COMMITTEE CHAIR 1.00 X 0 0 0 PHIL GOLDFEDER FUNDRAISING & DEVELOPMENT COMMITTEE CHAIR 1.00 X 0 0 0 RALPH LAROSSA CHAIRMAN OF CHOOSE NJ AND 3.00 X X 0 0 0 ROBERT DAVIS DIRECTOR 1.00 X 0 0 0 ROBERT GARRETT VICE CHAIRMAN 1.00 X X 0 0 0 STEVE GARDNER DIRECTOR 1.00 X 0 0 0 STEVEN WESTHOVEN SECRETARY 1.00 X X 0 0 0 TOM POLEN DIRECTOR 1.00 X 0 0 0 WESLEY MATHEWS PRESIDENT AND CEO 40.00 X 443937 0 71995 JENNIFER LENHARDT CHIEF ADMINISTRATIVE OFFIC 40.00 X 177473 0 29438 BRADY O'CONNOR CHIEF OF STAFF 40.00 X 130658 0 20863 CARLY WRONKO DIRECTOR OF MARKETING 40.00 X 138030 0 16908 RENA SHERMAN DIRECTOR OF RESEARCH AND STRATEGIC PARTNERSHIPS 40.00 X 103060 0 30018 RYAN FOX SENIOR BUSINESS DEVELOPMENT OFFICER 40.00 X 101281 0 13940 WILLIAM NOONAN CHIEF BUSINESS DEVELOPMENT OFFICER 40.00 X 170093 0 26619 1264532 0 209781 7 0 1 0 NPSG 1850 PARKWAY PLACE MARIETTA GA 30067 MARKETING CONSULTING 538177 TODAY'S BUSINESS LLC PO BOX 10188 PMB 40656 NEWARK NJ 07101 MARKETING 427826 NARRATIVE MEDIA 11601 WILSHIRE BLVD STE 1960 LOS ANGELES CA 900251755 VIDEO SERVICES 214440 BRYAN STRATEGIES GROUP 40 ELBERTA ROAD MAPLEWOOD NJ 070401806 CONSULTING 156000 EFK GROUP 2 MADDOCK ROAD TITUSVILLE NJ 085601309 WEBSITE BUILING 133812 5 7457092 5617671 13074763 174433 174433 13249196 0 0 174433 X 919555 575625 189938 153992 1813528 1144168 345592 323768 32908 19598 10050 3260 96149 57261 29362 9526 165616 98069 42028 25519 10511 8511 1972 28 77633 62866 14564 203 948589 768153 177950 2486 275781 273116 2653 12 92099 33989 23252 34858 31120 21227 6872 3021 368010 60922 286448 20640 955963 882886 12258 60819 233766 233766 573125 463720 68170 41235 126197 88678 24899 12620 10750 6172 3700 878 MARKETING GRANT EXPENSE 6344609 6305677 38722 210 MEMBERSHIP 147905 104520 42252 1133 18027 292 17735 13241841 11209216 1338417 694208 3619912 1973243 3824979 93512 2460037 420979 286632 62604 19791 1350616 575034 831041 775582 1888792 1669917 10648307 7278714 487602 1006133 3711152 44847 2633772 2394041 6832526 3445021 X 3815781 3833693 3815781 3833693 10648307 7278714 7355 10557 0 X 0 1 X 0 0 X 5019633 6511865 8229020 8197664 13074763 41032945 5019633 6511865 8229020 8197664 13074763 41032945 48696 40984249 19753 3802 341 36348 174433 234677 4971 4971 7261 1624 28578 5144 42607 41315200 0.99200 0.96660 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS - 2019 AMOUNT: $ 7,261. 2020 AMOUNT: $ 1,624. 2021 AMOUNT: $ 28,578. 2022 AMOUNT: $ 5,144. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1107432 440697 666735 133895 98757 35138 109289 35580 73709 775582 DEFERRED COMPENSATION LIABILITY (457B) 93486 LEASE LIABILITY 2300555 2394041 X 14016411 10557 756657 767214 13249197 0 13249197 13998499 756657 756657 13241842 0 13241842 PART X, LINE 2: CNJ'S FEDERAL AND STATE INCOME TAX RETURNS PRIOR TO CALENDAR YEAR 2020 ARE CLOSED AND MANAGEMENT CONTINUALLY EVALUATES EXPIRING STATUTES OF LIMITATIONS, AUDITS, PROPOSED SETTLEMENTS, CHANGES IN TAX LAW AND NEW AUTHORITATIVE RULINGS. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY CNJ AND HAS CONCLUDED THAT, AS OF DECEMBER 31, 2022 AND 2023, THERE ARE NO UNCERTAIN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS. CNJ'S POLICY IS TO RECOGNIZE INTEREST RELATED TO TAX MATTERS IN INTEREST EXPENSE AND PENALTIES IN OPERATING EXPENSES. EUROPE 1 PROGRAM SERVICE BUSINESS DEVELOPMENT - OUTREACH 179402 SOUTH ASIA 1 PROGRAM SERVICE BUSINESS DEVELOPMENT - OUTREACH 209631 MIDDLE EAST AND NORTH AFRICA 1 PROGRAM SERVICE BUSINESS DEVELOPMENT - OUTREACH 90000 EAST ASIA AND THE PACIFIC 1 PROGRAM SERVICE BUSINESS DEVELOPMENT - OUTREACH 297539 0 4 0 0 0 4 776572 0 776572 0 0 0 0 0 0 X 0 1 X X X 0 1 0 0 0 0 0 1 0 WESLEY MATHEWS PRESIDENT AND CEO 303937 0 140000 0 0 0 43000 0 28995 0 515932 0 0 0 JENNIFER LENHARDT CHIEF ADMINISTRATIVE OFFIC 165473 0 12000 0 0 0 5188 0 24250 0 206911 0 0 0 WILLIAM NOONAN CHIEF BUSINESS DEVELOPMENT OFFICER 160693 0 9400 0 0 0 8260 0 18359 0 196712 0 0 0 CARLY WRONKO DIRECTOR OF MARKETING 128030 0 10000 0 0 0 7865 0 9043 0 154938 0 0 0 BRADY O'CONNOR CHIEF OF STAFF 122658 0 8000 0 0 0 10250 0 10613 0 151521 0 0 0 PART I, LINE 1A FIRST CLASS TRAVEL IS PERMITTED TO TRANSCONTINENTAL FLIGHTS. PART I, LINE 3 2. THE CEO COMPENSATION WAS ADJUSTED IN 2023. CHOOSE NEW JERSEY HIRED A COMPENSATION CONSULTANT TO REVIEW ALL EMPLOYEES SALARIES (INCLUSIVE OF THE CEO) IN AN EFFORT TO ENSURE THAT WE COMPENSATE OUR EMPLOYEES AT MARKET. THE RESULTS OF THAT STUDY AND THE PROPOSED COMPENSATION CHANGES WERE REVIEWED AND APPROVED BY THE COMPENSATION COMMITTEE AND THE EXECUTIVE COMMITTEE / AMBASSADORS (VOTING BOARD MEMBERS). THE CEO'S NEW SALARY AND POTENTIAL BONUS ADJUSTMENTS WERE DOCUMENTED IN A LETTER CONTRACT SIGNED IN DECEMBER 2023. PART I, LINE 7 INCLUDED IN SCHEDULE J, COLUMN B(II) ARE ANNUAL INCENTIVE AWARDS AGREED UPON BY THE BOARD. THESE AMOUNTS ARE INCLUDED IN THE EMPLOYEE'S 2023 W-2. CARLY WRONKO, BARDY O'CONNOR, WILLIAM NOONAN, JENNIFER LENDHARDT, AND WESLEY MATHEWS RECEIVED BONUS PAYMENTS IN 2023. FORM 990, PART VI, SECTION B, LINE 11B CHOOSE NEW JERSEY EMPLOYS A COLLABORATIVE EFFORT IN PREPARING AND REVIEWING THE 990 FORM. CHOOSE NEW JERSEY EMPLOYS AN EXTERNAL AUDITOR FOR TAX PURPOSES. THAT FIRM IN CONJUCTION WITH THE ACCOUNTING MANAGER PREPARE THE 990 FORM FOR MANAGEMENT REVIEW, AS WELL AS, REVIEW THE FORM WITH THE CHOOSE NEW JERSEY AUDIT COMMITTEE WHO IN TURN WILL PROVIDE IT TO THE CHOOSE NEW JERSEY EXECUTIVE BOD, PRIOR TO IT'S FILING TO THE IRS. THE 990 IS ALSO REVIEWED BY CHOOSE NEW JERSEY'S OUTSIDE LEGAL COUNSEL. FORM 990, PART VI, SECTION B, LINE 12C CHOOSE NEW JERSEY MAINTAINS A CONFLICT OF INTEREST POLICY THAT OUTLINES EXPECTATIONS FOR EMPLOYEES WITHIN THE ORGANIZATION. EACH DIRECTOR, PRINCIPAL OFFICER AND MEMBER OF A COMMITTEE WITH GOVERNING BOARD DELEGATED POWERS SHALL SIGN A STATEMENT WHICH AFFIRMS SUCH PERSON: A. HAS RECEIVED A COPY OF THE CONFLICTS OF INTEREST POLICY, B. HAS READ AND UNDERSTANDS THE POLLCY, C. HAS AGREED TO COMPLY WITH THE POLICY, AND D. UNDERSTANDS THE CORPORATION IS CHARITABLE AND IN ORDER TO MAINTAIN ITS FEDERAL TAX EXEMPTION IT MUST ENGAGE PRIMARILY IN ACTIVITIES WHICH ACCOMPLISH ONE OR MORE OF ITS TAX-EXEMPT PURPOSES. TO ENSURE THE CORPORATION OPERATES IN A MANNER CONSISTENT WITH ITS CHARITABLE PURPOSES AND DOES NOT ENGAGE IN ACTIVITIES THAT COULD JEOPARDIZE ITS TAX-EXEMPT STATUS, PERIODIC REVIEWS SHALL BE CONDUCTED. THE PERIODIC REVIEWS SHALL, AT A MINIMUM, INCLUDE THE FOLLOWING SUBJECTS: A. WHETHER COMPENSATION ARRANGEMENTS AND BENEFITS ARE REASONABLE, BASED ON COMPETENT SURVEY INFORMATION, AND THE RESULT OF ARM'S LENGTH BARGAINING. B. WHETHER PARTNERSHIPS, JOINT VENTURES, AND ARRANGEMENTS WITH MANAGEMENT ORGANIZATIONS CONFORM TO THE CORPORATION'S WRITTEN POLICIES, ARE PROPERLY RECORDED, REFLECT REASONABLE INVESTMENT OR PAYMENTS FOR GOODS AND SERVICES, FURTHER CHARITABLE PURPOSES AND DO NOT RESULT IN LNUREMENT, IMPERMISSIBLE PRIVATE BENEFIT OR IN AN EXCESS BENEFIT TRANSACTION. FORM 990, PART VI, SECTION B, LINE 15 CHOOSE NEW JERSEY INC.'S EXECUTIVE COMMITTEE MET TO REVIEW THE TOTAL COMPENSATION PACKAGE OF INDIVIDUALS WHO THEY BELIEVE WOULD BE CONSIDERED UNDER THE "EXECUTIVE COMPENSATION DISQUALIFIED PERSONS" UNDER THE INTERMEDIATE SANCTION PROVISIONS IN THE INTERNAL REVENUE CODE. AFTER DISCUSSION AND REVIEW, THE COMMITTEE VOTED UNDER UNANIMOUS CONSENT THAT THE PARTIES UNDER REVIEW RECEIVE REASONABLE COMPENSATION FOR THEIR SERVICES. FORM 990, PART VI, SECTION C, LINE 19 CHOOSE NEW JERSEY, INC. WILL MAKE GOVERNANCE DOCUMENTS, GOVERNANCE POLICIES, AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 18 A MAJORITY OF THE GOVERNMENT TRAVEL WAS REIMBURSED BY THE STATE OF NEW JERSEY