2024-12-24T10:22:38-06:00 2024-06-30 873231666 PKF O'CONNOR DAVIES ADVISORY LLC 300 TICE BOULEVARD SUITE 315 WOODCLIFF LAKE NJ 07677 990 2023-07-01 222117814 THOMAS EDISON STATE UNIVERSITY FOUNDATION INC THOM 6099841588 111 WEST STATE STREET TRENTON NJ 08608 CHRISTOPHER STRINGER VP & CFO 6099841588 2024-12-24 1 1 GARRETT M HIGGINS P00543209 2017129800 2024-12-24 2023 2024-10-15 13:58:12Z CHRISTOPHER STRINGER 111 WEST STATE STREET TRENTON NJ 08608 2483692 0 X WWW.TESUFOUNDATION.ORG X 1976 NJ THE MISSION OF THE FOUNDATION IS TO INSPIRE DONORS TO INVEST IN THOMAS EDISON STATE UNIVERSITY'S POWER TO TRANSFORM LIVES AND BUILD A MORE COMPETITIVE WORKFORCE BY EMPOWERING ADULTS TO ATTAIN THEIR EDUCATIONAL GOALS.THOMAS EDISON STATE UNIVERSITY FOUNDATION IS A NONPROFIT 501(C)(3) ORGANIZATION. WHILE INDEPENDENT OF THOMAS EDISON STATE UNIVERSITY, THE FOUNDATION OPERATES EXCLUSIVELY FOR THE BENEFIT, SUPPORT AND PROMOTION OF THE UNIVERSITY AND ITS EDUCATIONAL ACTIVITIES AND MAY RECEIVE AND INVEST BEQUESTS, GIFTS OR TRANSFERS OF PROPERTY OR MONEY, AND EXPEND ANY SUCH FUNDS OR PROPERTY FOR THE INSTITUTION'S EDUCATIONAL PURPOSES.THE TWO MAIN EVENTS FOR FY24 WAS THE 30TH ANNUAL GOLF CLASSIC (MAY 2024) TO SUPPORT THE TESU SCHOLARSHIP FUND AND 2023 IMPACT AWARDS (OCTOBR 2023) TO SUPPORT THE MISSION OF TESUF. 25 24 0 41 0 0 750467 876936 0 0 84483 618561 -40540 -53797 794410 1441700 804091 604664 0 0 0 0 16000 0 88493 137216 200913 957307 805577 -162897 636123 12447159 14061512 756761 402657 11690398 13658855 X THE MISSION OF THE FOUNDATION IS TO INSPIRE DONORS TO INVEST IN THOMAS EDISON STATE UNIVERSITY'S POWER TO TRANSFORM LIVES AND BUILD A MORE COMPETITIVE WORKFORCE BY EMPOWERING ADULTS TO ATTAIN THEIR EDUCATIONAL GOALS.THOMAS EDISON STATE UNIVERSITY FOUNDATION IS A NONPROFIT 501(C)(3) ORGANIZATION. WHILE INDEPENDENT OF THOMAS EDISON STATE UNIVERSITY, THE FOUNDATION OPERATES EXCLUSIVELY FOR THE BENEFIT, SUPPORT AND PROMOTION OF THE UNIVERSITY AND ITS EDUCATIONAL ACTIVITIES AND MAY RECEIVE AND INVEST BEQUESTS, GIFTS OR TRANSFERS OF PROPERTY OR MONEY, AND EXPEND ANY SUCH FUNDS OR PROPERTY FOR THE INSTITUTION'S EDUCATIONAL PURPOSES. 0 0 607636 604664 0 THE FOUNDATION EXISTS EXCLUSIVELY TO SUPPORT THE PROGRAMS AND ACTIVITIES OF THOMAS EDISON UNIVERSITY IN THE ACHIEVEMENT OF ITS MISSION AS AN INSTITUTE OF HIGHER LEARNING. 607636 1 1 0 0 0 0 0 0 0 1 0 0 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 7 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 X 25 24 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 AK CA CO FL GA HI IL KS KY ME MD MA MI MN MS NV NH NJ NM NY NC ND OH OK OR PA RI SC TN UT WA WV WI DC X X CHRISTOPHER STRINGER 6099841588 111 WEST STATE STREET TRENTON NJ 08608 DR MERODIE HANCOCK PRESIDENT, EX-OFFICIO 1.75 X X 33191 0 5554 NANCY S GLOOR BOARD CHAIRMAN 4.00 X X 0 0 0 DR KIMBERLYNN KLEASEN BOARD VICE CHAIR 2.00 X X 0 0 0 ERIC ROBERT LEAR TREASURER 0.50 X X 0 0 0 DR AHMED A AZMY DIRECTOR 0.50 X 0 0 0 ALEX J BINDER DIRECTOR 0.50 X 0 0 0 DANIEL R BRENNA JR DIRECTOR 0.50 X 0 0 0 LOVEPREET BUTTAR DIRECTOR 0.50 X 0 0 0 DEBRA D'ARCANGELO DIRECTOR 0.50 X 0 0 0 BRUCE D GARGANIO DIRECTOR 0.50 X 0 0 0 RONALD A GIMBEL DIRECTOR 0.50 X 0 0 0 CATINA R HOOD DIRECTOR 0.50 X 0 0 0 DOLORES R KELLEY ESQ DIRECTOR, THRU 6/14/24 0.50 X 0 0 0 JAMES KILGORE DIRECTOR 0.50 X 0 0 0 STEVEN R KING DIRECTOR 0.50 X 0 0 0 DR MATTHEW W LAMB DIRECTOR 0.50 X 0 0 0 BRIAN T MALONEY DIRECTOR 0.50 X 0 0 0 MARTIN MELILLI DIRECTOR 0.50 X 0 0 0 DR DEBROAH MICAN DIRECTOR 0.50 X 0 0 0 JEFFREY RUSSO DIRECTOR 0.50 X 0 0 0 WILLARD A STANBACK ESQ DIRECTOR 0.50 X 0 0 0 RICK ST JOHN DIRECTOR 0.50 X 0 0 0 JEFFREY STOKES DIRECTOR 0.50 X 0 0 0 DR MICHAEL R TOSCANI DIRECTOR 0.50 X 0 0 0 CAROL VOORHEES DIRECTOR 0.50 X 0 0 0 DR JAMAL E WATSON DIRECTOR 0.50 X 0 0 0 CHRISTOPHER STRINGER VP & CFO 3.50 X 24038 0 2990 MARY HEAGLEY EXECUTIVE VP 26.25 X 156936 0 17903 JACLYN JOWORISAK SECRETARY 17.50 X 42576 0 8348 256741 0 34795 1 0 1 1 0 93325 783611 39219 876936 346589 346589 1219642 947670 271972 271972 271972 39645 93325 94322 -54677 -54677 880 0 880 880 1441700 0 0 564764 604664 604664 64485 64485 28615 28615 69721 69721 15548 15548 2972 2972 8748 8748 1696 1696 MISCELLANEOUS EXPENSES 9128 668 8460 805577 607636 109448 88493 100 194757 196051 120021 249705 12061382 13544339 70999 71317 12447159 14061512 77375 65644 679386 337013 756761 402657 X 5558079 6525969 6132319 7132886 11690398 13658855 12447159 14061512 636123 1332334 0 X X 0 1 X 1 0 X 930566 828425 216539 750467 876936 3602933 268411 283729 157168 377145 380795 1467248 1198977 1112154 373707 1127612 1257731 5070181 216856 4853325 242252 808405 62471 384414 346589 1844131 6914312 0.70190 0.71310 X PART II, SHORT YEAR EXPLANATION: THE ORGANIZATION FILED A SHORT YEAR RETURN FROM 01/01/2022 TO 06/30/2022. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 10949021 289960 1906005 215381 153638 12775967 10580070 118397 787879 424404 112921 10949021 13097435 136432 -2222647 364602 66548 10580070 10684074 1089166 1761880 301390 136295 13097435 9771914 36779 999015 18884 104750 10684074 0.44170 0.55831 0.00000 0 0 0 X 3085108 1332334 380795 1713129 1371979 69721 69721 1441700 1116651 380795 380795 735856 69721 69721 805577 PART X, LINE 2: THE FOUNDATION RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE POSITIONS ARE MORE LIKELY THAN NOT TO BE SUSTAINED. MANAGEMENT HAS DETERMINED THAT THE FOUNDATION HAD NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE FINANCIAL STATEMENT RECOGNITION OR DISCLOSURE. THE FOUNDATION IS NO LONGER SUBJECT TO EXAMINATIONS BY THE APPLICABLE TAXING JURISDICTIONS FOR PERIODS PRIOR TO 2021. ANNUAL GALA 81002 42485 38517 16983 24490 ANNUAL GOLF OUTING 51968 50840 1128 46232 6617 132970 93325 39645 63215 31107 94322 -54677 1 THOMAS EDISON STATE UNIVERSITY 111 WEST STATE STREET TRENTON NJ 08608 222942727 STATE OF NEW JERSEY 529124 0 SCHOLARSHIPS TO STUDENTS AS DESIGNATED BY THE REQUIREMENTS OF THE DONORS THOMAS EDISON STATE UNIVERSITY 111 WEST STATE STREET TRENTON NJ 08608 222942727 STATE OF NEW JERSEY 75540 0 GRANTS TO UNIVERSITY PROGRAMS AS SPECIFIED BY THE REQUIREMENTS OF THE DONORS 1 0 PART I, LINE 2: SCHOLARSHIPS: THE SCHOLARSHIP APPLICATION IS AVAILABLE ON THE TESU WEBSITE. THE SCHOLARSHIP COMMITTEE IS COMPRISED OF UNIVERSITY STAFF. TO BE CONSIDERED FOR AN AWARD, THE STUDENT MUST: -MEET ALL ELIGIBILITY CRITERIA DESCRIBED ON THE RESPECTIVE SCHOLARSHIP'S WEBPAGE. -SUBMIT A COMPLETED THOMAS EDISON STATE UNIVERSITY SCHOLARSHIP APPLICATION DURING THE APPLICATION PERIOD BY COMPLETING THE QUESTIONNAIRE IN THE SCHOLARSHIP MANAGEMENT SYSTEM OR COMPLETING A SEPARATE ONLINE APPLICATION IF PROVIDED. -HAVE APPLIED FOR FEDERAL AND STATE (NJ RESIDENTS ONLY) FINANCIAL AID THROUGH THE FAFSA. -SUBMIT ANY REQUIRED SUPPLEMENTAL DOCUMENTATION BEFORE THE END OF THE APPLICATION PERIOD. -HAVE SUCCESSFULLY COMPLETED A MINIMUM OF 66 PERCENT OF COURSES ATTEMPTED AT THOMAS EDISON STATE UNIVERSITY. INCOMPLETES, WITHDRAWALS, AND FAILED CLASSES DO NOT COUNT AS COMPLETED CREDITS. STUDENTS WITH AN ENROLLMENT STATUS OF APPLICANT ARE EXEMPT FROM THIS CRITERION. THE SCHOLARSHIP COMMITTEE AWARD SCHOLARSHIPS TO THE BEST CANDIDATES THAT HAVE MET OR EXCEEDED THE REQUIRED ELIGIBILITY CRITERIA FOR EACH SCHOLARSHIP CATEGORY. AWARD PROCEDURES: THE FOLLOWING PROCEDURES WILL BE FOLLOWED IN THE AWARDING OF SCHOLARSHIPS. -THE OFFICE OF ACCOUNTING CALCULATES THE ALLOWABLE SPENDABLE FUNDS OF THE FOUNDATION FUNDS THAT SUPPORT SCHOLARSHIPS AND REPORTS THEM TO THE OFFICE OF DEVELOPMENT FOR REVIEW AND RECONCILIATION. -THE OFFICE OF DEVELOPMENT WILL NOTIFY THE CHAIR, UNIVERSITY SCHOLARSHIP COMMITTEE OF THE SCHOLARSHIP AMOUNTS APPROVED BY THE EXECUTIVE BOARD. THE CHAIR, UNIVERSITY SCHOLARSHIP COMMITTEE, UPDATES TESU SCHOLARSHIP WEBSITE TO ENSURE DATES OF APPLICATION CYCLE ARE ACCURATE AND ELIGIBLE SCHOLARSHIPS ARE LISTED. -THE CHAIR, UNIVERSITY SCHOLARSHIP COMMITTEE, WILL POST THE APPROVED AMOUNTS IN THE SCHOLARSHIP MANAGEMENT SYSTEM AND OPEN THE APPLICATION PERIOD. DURING THE APPLICATION PHASE, APPLICANTS CREATE AN ACCOUNT IN THE AWARD SPRING SYSTEM AND ANSWER THE APPLICATION QUESTIONNAIRE TO APPLY FOR SCHOLARSHIPS. -APPLICATIONS ARE MONITORED BY THE COMMITTEE CHAIR AND SECRETARY. -DURING THE REVIEW AND SELECTION PHASE, THE SCHOLARSHIP COMMITTEE, THROUGH ITS INTERNAL ACTIONS, WILL SCORE APPLICANTS BY SCREENING APPLICATIONS AGAINST THE INSTITUTIONAL AND SCHOLARSHIP-SPECIFIC ELIGIBILITY CRITERIA TO DETERMINE THE SCHOLARSHIP SELECTEES AND AWARD AMOUNTS. -DURING THE NOTIFICATION AND ACCEPTANCE PHASE, THE CHAIR, SCHOLARSHIP COMMITTEE WILL COMMUNICATE AWARD NOTIFICATION TO EACH SCHOLARSHIP SELECTEE. -THE CHAIR WILL PROVIDE A LIST OF SELECTEES AND THE AMOUNTS TO BE AWARDED TO THE OFFICE OF DEVELOPMENT, THE OFFICE OF FINANCIAL AID, AND THE OFFICE OF ACCOUNTING, WHO WILL RECORD THIS INFORMATION AS NEEDED FOR THEIR INTERNAL RECORDS. -FURTHER, THE CHAIR WILL SEND A NON-SELECT NOTICE TO EACH SCHOLARSHIP APPLICANT NOT SELECTED. -THE CHAIR OF THE COMMITTEE WILL PROVIDE NOTIFICATION AND ACCEPTANCE INFORMATION TO THE OFFICE OF ACCOUNTING TO INITIATE DISBURSEMENT. THE OFFICE OF ACCOUNTING WILL TRANSFER THE NECESSARY SCHOLARSHIP FUNDS FROM THE FOUNDATION TO THE UNIVERSITY AND NOTIFY THE STUDENT ACCOUNTING OFFICE OF THIS ACTION. SIMILAR ACTIONS ARE PERFORMED FOR FUNDS DONATED TO THE UNIVERSITY FOUNDATION FOR NON-ENDOWED SCHOLARSHIPS. UPON NOTIFICATION OF FUNDS RECEIVED, THE STUDENT ACCOUNTING OFFICE WILL POST THE APPROPRIATE AMOUNT TO THE SCHOLARSHIP RECIPIENT'S STUDENT ACCOUNT AND NOTIFY THE COMMITTEE SECRETARY OF THIS ACTION. RECORDS WILL BE MAINTAINED BY THE CHAIR OF THE COMMITTEE REGARDING RECIPIENTS, THE SCHOLARSHIPS AWARDED, AND THE AMOUNTS DISBURSED. THANK YOU LETTERS AND EMAILS, REQUESTED OF THE RECIPIENT AS PART OF THE APPLICATION ACCEPTANCE PROCESS, SHOULD BE DIRECTED TO THE OFFICE OF DEVELOPMENT TO BE USED FOR APPROPRIATE DONOR STEWARDSHIP AND REPORTING REQUIREMENTS. GRANTS: GRANTS ARE USUALLY AWARDED TO UNIVERSITY THROUGH THE FOUNDATION FOR A SPECIFIC PURPOSE. GRANTS ARE TRANSFERRED TO THE UNIVERSITY. THE UNIVERSITY PROJECT MANAGERS ARE RESPONSIBLE FOR BUDGETING, SPENDING, AND REPORTING ACCORDING TO THE TERMS SET FORTH BY THE GRANTOR. 0 0 0 0 0 0 0 0 0 MARY HEAGLEY EXECUTIVE VP 154244 0 0 0 2692 0 12752 0 5151 0 174839 0 0 0 JACLYN JOWORISAK SECRETARY 42059 0 0 0 517 0 3734 0 4614 0 50924 0 0 0 DR MERODIE HANCOCK PRESIDENT, EX-OFFICIO 18175 0 0 0 15016 0 5322 0 232 0 38745 0 0 0 CHRISTOPHER STRINGER VP & CFO 23742 0 0 0 296 0 1980 0 1010 0 27028 0 0 0 PART VII, LINE 5 CHRISTOPHER STRINGER, COMPTROLLER, IS EMPLOYED AND COMPENSATED BY THOMAS EDISON STATE UNIVERSITY, AN UNRELATED ORGANIZATION. HE DEVOTES 10% OF HIS TIME TO THOMAS EDISON STATE UNIVERSITY FOUNDATION AND, IN COMPLIANCE WITH PART VII INSTRUCTIONS OF THE 990, HAS 10% OF HIS COMPENSATION ALLOCATED TO THE FOUNDATION ($27,028). MARY HEAGLEY, EXECUTIVE VP, IS EMPLOYED AND COMPENSATED BY THOMAS EDISON STATE UNIVERSITY, AN UNRELATED ORGANIZATION. SHE DEVOTES 75% OF HER TIME TO THOMAS EDISON STATE UNIVERSITY FOUNDATION AND, IN COMPLIANCE WITH PART VII INSTRUCTIONS OF THE 990, HAS 75% OF HER COMPENSATION ALLOCATED TO THE FOUNDATION ($174,839). JACLYN JOWORISAK, SECRETARY, IS EMPLOYED AND COMPENSATED BY THOMAS EDISON STATE UNIVERSITY, AN UNRELATED ORGANIZATION. SHE DEVOTES 50% OF HER TIME TO THOMAS EDISON STATE UNIVERSITY FOUNDATION AND, IN COMPLIANCE WITH PART VII INSTRUCTIONS OF THE 990, HAS 50% OF HER COMPENSATION ALLOCATED TO THE FOUNDATION ($50,924). MERODIE HANCOCK, PRESIDENT, IS EMPLOYED AND COMPENSATED BY THOMAS EDISON STATE UNIVERSITY, AN UNRELATED ORGANIZATION. SHE DEVOTES 5% OF HER TIME TO THOMAS EDISON STATE UNIVERSITY FOUNDATION AND, IN COMPLIANCE WITH PART VII INSTRUCTIONS OF THE 990, HAS 5% OF HER COMPENSATION ALLOCATED TO THE FOUNDATION ($38,745). X 2 34834 AVG. SELLING PRICE X GOLF TICKETS 4 3120 COST X MISCELLANEOUS GIFTS 3 925 COST X WINE & SPIRITS 3 340 COST 0 0 0 0 PART I, COLUMN (B): THE ORGANIZATIONS IS REPORTING THE NUMBER OF CONTRIBUTIONS IN PART I, COLUMN B. FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION HAS ITS FORM 990 PREPARED BY AN OUTSIDE ACCOUNTANT. THE COMPTROLLER REVIEWS THE FORM 990 WITH THE AUDIT COMMITTEE. THE FORM 990 IS THEN ELECTRONICALLY SENT TO THE FULL BOARD PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICT OF INTEREST, AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF THE FINANCIAL INTEREST AND BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE DIRECTORS AND MEMBERS OF COMMITTEES WITH GOVERNING BOARD DELEGATED POWERS CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. ANY DIRECTOR, PRINCIPAL OFFICER, OR MEMBER OF A COMMITTEE WITH BOARD DELEGATED POWERS, WHO HAS A DIRECT OR INDIRECT FINANCIAL INTEREST AS DEFINED BELOW, IS AN INTERESTED PERSON. AN INTERESTED PERSON MAY MAKE A PRESENTATION AT THE GOVERNING BOARD OR COMMITTEE MEETING, BUT AFTER THE PRESENTATION HE OR SHE SHALL LEAVE THE MEETING DURING THE DISCUSSION OF, AND THE VOTE ON, THE TRANSACTION OR ARRANGEMENT INVOLVING THE POSSIBLE CONFLICT OF INTEREST. THE MINUTES OF THE GOVERNING BOARD AND ALL COMMITTEES WITH BOARD DELEGATED POWERS SHALL DOCUMENT THE DECISION OF THE VOTE. FORM 990, PART VI, SECTION C, LINE 19 THE FOUNDATION MAKES ITS FORM 990 AVAILABLE FOR PUBLIC INSPECTION AS REQUIRED UNDER SECTION 6104 OF THE INTERNAL REVENUE CODE. IN ADDITION, THE FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY, AND GOVERNING DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.