2023-09-30T00:07:16-05:00 2022-12-31 221478099 COHNREZNICK LLP 14 SYLVAN WAY PARSIPPANY NJ 070543801 990 2022-01-01 223448677 SUSSEX EDUCATIONAL FOUNDATION INC C/O BERKELEY COLLEGE SUSS 8624378515 44 RIFLE CAMP ROAD WOODLAND PARK NJ 07424 STEPHEN RUTKOWSKI TREASURER 8624378515 2023-09-29 1 STEPHEN RUTKOWSKI 999009999 0 LAURA KIELCZEWSKI P00740769 9732283500 2023-09-27 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z X STEPHEN RUTKOWSKI 44 RIFLE CAMP ROAD WOODLAND PARK NJ 07424 116958 0 X N/A X 1996 NJ PROVIDE GRANTS TO CHARITABLE ORGANIZATIONS SEEKING TO FURTHER THE EDUCATIONAL OPPORTUNITIES FOR START-UP ENTREPRENEURS. 4 4 0 4 0 0 0 0 0 0 108790 116958 3169 0 111959 116958 20000 0 0 0 0 0 0 0 0 712327 517857 732327 517857 -620368 -400899 5966826 4519734 0 321 5966826 4519413 X PROVIDE GRANTS TO CHARITABLE ORGANIZATIONS SEEKING TO FURTHER THE EDUCATIONAL OPPORTUNITIES FOR START-UP ENTREPRENEURS. 1 1 512557 THE FOUNDATION WAS FORMED TO PROVIDE RESIDENTIAL FACILITIES TO STUDENTS OF EDUCATIONAL INSTITUTIONS AT THE LOWEST POSSIBLE COST WHICH IS NOT OTHERWISE AVAILABLE. 512557 1 0 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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 4 4 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 0 0 0 NJ X X STEPHEN RUTKOWSKI 8624378515 44 RIFLE CAMP ROAD WOODLAND PARK NJ 07424 X DONALD PHILLIPS DECEASED 8/8/22 1.00 X 0 0 0 RICK BEYE TRUSTEE 1.00 X 0 0 0 SAMUEL MORREALE TRUSTEE 1.00 X 0 0 0 STEPHEN RUTKOWSKI TREASURER 1.00 X X 0 0 0 THOMAS MARINO TRUSTEE 1.00 X 0 0 0 0 0 0 0 0 0 0 0 80959 80959 35999 0 35999 35999 35999 116958 0 0 116958 5300 5300 7578 7578 485178 485178 BANK SERVICE CHARGES 19801 19801 517857 512557 5300 0 36659 37740 5152293 4409541 2187483 2187483 697905 0 15151 15213 64818 57240 5966826 4519734 321 0 321 X 5966826 4519413 5966826 4519413 5966826 4519734 -400899 -780074 -266440 0 X 0 0 0 X 866004 866004 866004 2598012 866004 866004 866004 2598012 0 0 0 2598012 70689 119731 58182 46977 80959 376538 70689 119731 58182 46977 80959 376538 3169 3169 936693 985735 924186 50146 80959 2977719 0.87250 0.90680 0.12650 0.09230 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: OTHER REVENUE - 2021 AMOUNT: $ 3,169. 2176479 2176479 0 11004 11004 0 0 FORM 990, PART III, LINE 2 THE WORK FROM HOME, POST COVID PANDEMIC, ECONOMIC REALITY REQUIRES SUSSEX EDUCATIONAL FOUNDATION (SEF) TO RETHINK WHAT ARE APPROPRIATE, NEXT GENERATION, EDUCATIONAL SERVICES THAT ARE WITHIN OUR POWER TO PROVIDE IN ORDER TO AID STUDENTS IN ACQUIRING EMPLOYABLE SKILLS INCLUDING SELF-EMPLOYMENT. THE ENORMOUS GROWTH IN ONLINE PLATFORMS SUPPORTING NEW BUSINESS VENTURES IS THE NEXT FRONTIER IN BUSINESS EDUCATION (ETSY, SHOPIFY, FACEBOOK, ETC. HOST ONLINE STORE FRONTS). ENABLING STUDENTS TO PURSUE ENTREPRENEURIAL EDUCATIONAL EXPERIENCES AND OPPORTUNITIES WILL BE A JOB GROWTH DRIVER FOR THE FORESEEABLE FUTURE. SOLICITING ENTREPRENEURS AND THEIR SPONSORING CHARITABLE ORGANIZATIONS FOR THEIR PROPOSED INITIATIVES WILL ALLOW SEF TO EVALUATE WHERE THE BEST OPPORTUNITY FOR A SUCCESSFUL GRANT LIES. IT WILL FURTHER ALLOW SEF TO GROOM THE GRANTS TO ACHIEVE THE GREATEST VALUE BY POSSIBLY COMBINING DISPARATE INITIATIVES INTO A COHESIVE ENDEAVOR WITH GREATER IMPACT. FORM 990, PART III, LINE 3 THE RESIDENCE HALL WAS CLOSED DOWN IN 2021. THE ORGANIZATION'S MISSION HAS SHIFTED TO PROVIDE GRANTS FROM TIME TO TIME TO NOT-FOR-PROFIT ORGANIZATIONS SEEKING TO FURTHER THE EDUCATIONAL OPPORTUNITIES FOR START-UP ENTREPRENEURS. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION DOES HAVE MEMBERS, INCLUDING KEVIN LUING, RANDY LUING AND TIMOTHY LUING. THEY ONLY HAVE THE RIGHT TO APPOINT BOARD MEMBERS, BUT DO NOT HAVE THE AUTHORITY TO APPROVE DECISIONS OF THE BOARD. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF THE LUING FAMILY HAVE THE AUTHORITY TO APPOINT THE BOARD OF DIRECTORS OF SUSSEX EDUCATIONAL FOUNDATION, INC (SEF). NONE OF THE LUINGS SERVE AS OFFICERS, DIRECTORS OR TRUSTEES AND THEY DO NOT RECEIVE COMPENSATION FROM SEF. AS SUCH, THEY ARE NOT BOARD MEMBERS AND THEY DO NOT HAVE THE RIGHT TO VOTE ON MATTERS BROUGHT BEFORE THE BOARD. THEY DO NOT HAVE ANY RIGHTS TO A SHARE OF THE ORGANIZATION'S PROFITS OR NET ASSETS UPON THE ORGANIZATION'S DISSOLUTION. FORM 990, PART VI, SECTION A, LINE 7B THE FOUR MEMBERS OF THE LUING FAMILY WHO ARE MEMBERS OF SUSSEX EDUCATIONAL FOUNDATION, INC DO NOT VOTE ON MATTERS BROUGHT BEFORE THE BOARD. HOWEVER, AS PREVIOUSLY NOTED, THEY HAVE THE RIGHT TO APPOINT THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE CFO REVIEWS THE 990 AND THEN DISCUSSES IT WITH THE BOARD MEMBERS WHO HAVE EACH BEEN GIVEN A COPY FOR THEIR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR THE ORGANIZATION DISTRIBUTES A CONFLICT OF INTEREST POLICY TO BOARD MEMBERS FOR THEIR REVIEW AND THEIR ACKNOWLEDGEMENT THAT THEY ARE AWARE OF THE POLICY. FORM 990, PART VI, SECTION B, LINE 15 THERE WAS NO COMPENSATION PAID TO EITHER OFFICERS, KEY EMPLOYEES OR OTHER EMPLOYEES IN 2022. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.