2025-05-15T13:49:34-05:00 2024-06-30 991856619 GRANT THORNTON ADVISORS LLC 53 STATE STREET SUITE 1600 BOSTON MA 02109 990 2023-07-01 221494428 BLOOMFIELD COLLEGE OF MONTCLAIR STATE UNIVERSITY INC BLOO 9737489000 467 FRANKLIN STREET BLOOMFIELD NJ 07003 ADAM W RATHBUN VP FOR FINANCE & TREASURY 9737489000 2025-05-15 1 1 ERIN COUTURE P01390592 6177237900 2023 2025-03-06 01:10:19Z X JONATHAN KOPPELL 467 FRANKLIN STREET BLOOMFIELD NJ 07003 25757767 0 X WWW.BLOOMFIELD.EDU X 1868 NJ TO PREPARE STUDENTS FOR ACADEMIC, PERSONAL AND PROFESSIONAL EXCELLENCE. X 5 4 452 4 0 0 17485870 15315885 37865230 8046237 835758 1238361 379104 119128 56565962 24719611 15228404 2581604 0 0 23044811 17386557 15477 0 188173 18235299 14764899 56523991 34733060 41971 -10013449 92412562 0 32870136 0 59542426 0 X TO PREPARE STUDENTS TO ATTAIN ACADEMIC, PERSONAL AND PROFESSIONAL EXCELLENCE IN A MULTICULTURAL AND GLOBAL SOCIETY. 0 1 27146911 2581604 8046237 ON JUNE 30, 2023, MONTCLAIR STATE UNIVERSITY AND BLOOMFIELD COLLEGE COMPLETED A CHANGE IN OWNERSHIP AND BLOOMFIELD COLLEGE WAS ACQUIRED BY MONTCLAIR STATE UNIVERSITY, BECOMING THE 13TH CONSTITUENT COLLEGE OF MONTCLAIR STATE UNIVERSITY, AND NAMED BLOOMFIELD COLLEGE OF MONTCLAIR STATE UNIVERSITY. ON JUNE 30, 2023, PENDING FINAL APPROVAL OF THE MERGER BY THE UNITED STATES DEPARTMENT OF EDUCATION, BLOOMFIELD COLLEGE OF MONTCLAIR STATE UNIVERSITY WAS PLACED IN A SUB-ENTITY NAMED BLOOMFIELD COLLEGE OF MONTCLAIR STATE UNIVERSITY, INC. ON JUNE 28, 2024, THE DEPARTMENT OF EDUCATION APPROVED THE MERGER AND BLOOMFIELD COLLEGE OF MONTCLAIR STATE UNIVERSITY WAS ESTABLISHED AS AN ADDITIONAL LOCATION OF MONTCLAIR STATE UNIVERSITY. EFFECTIVE JUNE 30, 2024, BLOOMFIELD COLLEGE OF MONTCLAIR STATE UNIVERSITY, INC. WAS DISSOLVED. THE FALL 2023 STUDENT BODY WAS APPROXIMATELY 911 (GRADUATE & UNDERGRADUATE) STUDENTS. THE UNDERGRADUATE STUDENT BODY IS 59.5% FEMALE, 48.3% AFRICAN AMERICAN, 31.2% HISPANIC, AND 7.8% WHITE. MANY BLOOMFIELD COLLEGE STUDENTS ARE FIRST GENERATION COLLEGE STUDENTS, OR PROFESSIONALS SEEKING TO KEEP PACE WITH A CHANGING MARKETPLACE. AS OF THE FALL 2023, 600/66.2% STUDENTS RESIDED ON CAMPUS. IN THE FALL OF 2023, BLOOMFIELD COLLEGE ENROLLED 231 NEW FRESHMAN AND TRANSFER STUDENTS. 180 OF THESE NEW STUDENTS WERE FULL-TIME TRADITIONAL UNDERGRADUATE FRESHMEN. 93.8% OF FRESHMAN AND 94.1% OF CONTINUING STUDENTS RECEIVED SOME FORM OF AID. AID IS DISTRIBUTED AS: 94.0% SCHOLARSHIPS AND GRANTS, 5% STUDENT LOANS, 0.4% PARENTAL LOANS AND 0.1% JOBS. A TOTAL OF 272 ENROLLED FRESHMAN WERE JUDGED TO HAVE NEED, AND 255 OF THESE WERE OFFERED AID. BLOOMFIELD COLLEGE OFFERS OVER 60 MAJORS AND AREAS OF CONCENTRATION AS WELL AS OTHER SPECIAL LEARNING OPPORTUNITIES SUCH AS HONORS PROGRAMS AND STUDY ABROAD. 27146911 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 1 75 0 1 452 1 0 0 0 0 0 0 0 0 0 0 0 0 X 5 4 0 0 1 0 1 1 1 1 1 0 0 0 1 0 1 1 1 1 1 0 X BENJAMIN C DURANT III 9737489000 467 FRANKLIN STREET BLOOMFIELD NJ 07003 JONATHAN KOPPELL PRESIDENT (AS OF 07/2023) 10.00 28.00 X X 0 610162 62692 MARY COMITO TRUSTEE 1.00 0.00 X 0 0 0 PRESTON PINKETT TRUSTEE 1.00 0.00 X 0 0 0 DR GEORGE A PRUITT TRUSTEE 1.00 0.00 X 0 0 0 KENT SLUYTER TRUSTEE 1.00 0.00 X 0 0 0 BENJAMIN C DURANT III - COO SR. VP FIN. & ADMIN. (AS OF 07/2023) 10.00 28.00 X 0 168369 13292 PAUL RUSSO PROFESSOR 38.00 0.00 X 174490 0 12958 LEILA KOEPP PROFESSOR 38.00 0.00 X 174440 0 5834 ELLEN POWLEY PROFESSOR 38.00 0.00 X 171626 0 12679 MARIA VOGT PROFESSOR 38.00 0.00 X 167023 0 20364 DEMETRIS NICOLAIDES PROFESSOR 38.00 0.00 X 155551 0 25067 DR MARCHETA EVANS FORMER PRESIDENT 0.00 38.00 X 413471 185212 29081 DR MICHAEL PALLADINO FORMER VP ACAD. AFFS. & DEAN OF FAC. 0.00 38.00 X 198905 91173 57990 CYNTHIA MCDANIEL FORMER VP FINANCE & ADMIN. 0.00 38.00 X 184241 83037 15645 SHELIA WOOTEN - FORMER DEAN STUDENT LIFE, ATHL., & STDNT AFFS. 0.00 38.00 X 134874 71208 13233 SARAH LACZ FORMER VP ADVANCEMENT 0.00 0.00 X 176869 0 21882 1951490 1209161 290717 16 1 1 0 GOURMET DINING LLC 285 MADISON AVENUE MADISON NJ 07940 DINING SERVICES 922648 ALLIED UNIVERSAL PO BOX 828854 PHILADELPHIA PA 19182 SECURITY SERVICES 378050 CULLEN & DYKMAN LLP 100 QUENTIN ROOSEVELT BLVD GARDEN CITY NY 11530 LEGAL SERVICES 306447 SHI INTERNATIONAL CORP 290 DAVIDSON AVE SOMERSET NJ 08873 IT SERVICES 237190 CROWE LLP 320 E JEFFERSON BLVD PO BOX 7 SOUTH BEND IN 466240007 AUDIT & TAX SERVICES 198545 9 14792724 523161 12533 15315885 TUITION AND FEES 611310 4033133 4033133 AUXILIARY ENTERPRISES 721310 4013104 4013104 8046237 992495 992495 800 0 800 800 800 1284022 1038156 245866 245866 245866 OTHER REVENUE 900099 78245 78245 VENDING 900099 27058 27058 PARKING 812930 13025 13025 118328 24719611 8046237 0 1357489 2581604 2581604 13631934 9980806 3565154 85974 1096525 802836 286773 6916 1576483 1154244 412296 9943 1081615 791919 282874 6822 23525 23525 258022 258022 40373 40373 1692037 1104666 542011 45360 132781 35642 97139 694905 624324 64380 6201 759736 697333 56215 6188 1308996 1164195 144801 265532 251229 14303 254481 184624 49359 20498 1739407 1596288 143119 3881076 3561740 319336 646164 92442 553722 STUDENT FOOD SERVICES 1711527 1711527 REPAIRS & MAINTENANCE 649766 234370 415125 271 ADMIN. EXPENSES 415734 381527 34207 EQUIPMENT 129404 61143 68261 161433 134452 26981 34733060 27146911 7397976 188173 1272788 0 13478578 0 911063 0 172499 0 0 0 0 0 491825 0 0 0 59950354 0 16135455 0 0 0 0 0 92412562 0 1539708 0 0 303785 0 0 0 0 31025456 0 0 1187 0 32870136 0 X 44167647 0 15374779 0 59542426 0 92412562 0 X -10013449 1078529 -5531 -50601975 X 0 1 X 1 1 1 X 4219038 19248768 10161293 17485870 15315885 66430854 4219038 19248768 10161293 17485870 15315885 66430854 66430854 513121 421100 362209 837892 993295 3127617 131557 67245 214795 363754 118328 895679 70454150 187502018 0.94290 0.92240 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: PARKING - 2019 AMOUNT: $ 37,103. 2020 AMOUNT: $ 11,525. 2021 AMOUNT: $ 28,375. 2022 AMOUNT: $ 26,775. 2023 AMOUNT: $ 13,025. REBATES - 2019 AMOUNT: $ 23,959. 2020 AMOUNT: $ 8,341. 2021 AMOUNT: $ 17,165. 2022 AMOUNT: $ 20,273. VENDING - 2019 AMOUNT: $ 29,996. 2020 AMOUNT: $ 7,862. 2021 AMOUNT: $ 24,479. 2022 AMOUNT: $ 25,808. 2023 AMOUNT: $ 27,058. SPIRITWEAR COMMISSIONS - 2020 AMOUNT: $ 6,119. 2021 AMOUNT: $ 4,737. 2022 AMOUNT: $ 5,800. MISCELLANEOUS INCOME - 2019 AMOUNT: $ 40,499. 2020 AMOUNT: $ 33,398. 2021 AMOUNT: $ 1,136. 2022 AMOUNT: $ 48,502. 2023 AMOUNT: $ 78,245. ARBITRATION SETTLEMENT - FUNDRAISING - 2021 AMOUNT: $ 29,043. UNCLAIMED PROPERTY REFUND - 2021 AMOUNT: $ 16,667. INSURANCE CLAIM - 2021 AMOUNT: $ 93,193. 2022 AMOUNT: $ 175,000. FORFEITED DEPOSITS - 2022 AMOUNT: $ 47,420. STUDENT FINES - 2022 AMOUNT: $ 14,176. 15488770 246891 1783461 17519122 14833362 123958 1206646 428367 209285 37544 15488770 17019652 414080 -2036574 351393 178336 34067 14833362 14209684 555054 3372312 720240 368239 28919 17019652 14255359 195450 889779 727608 376165 27131 14209684 0.15470 0.60190 0.24340 0 0 0 X 23954282 1078529 -1803485 -724956 24679238 40373 40373 24719611 32889202 0 32889202 40373 1803485 1843858 34733060 PART V, LINE 4: THE ENDOWMENT CONSISTS OF FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES (SCHOLARSHIPS AND PROGRAM SUPPORT). IT INCLUDES BOTH DONOR-RESTRICTED FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. THE COLLEGE HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ENDOWMENT ASSETS THAT PROVIDE A PREDICTABLE STREAM OF FUNDING TO PROGRAMS SUPPORTED BY ITS ENDOWMENT FUNDS WHILE ALSO MAINTAINING THE PURCHASING POWER OF THOSE ENDOWMENT ASSETS OVER THE LONG-TERM. THE COLLEGE HAS A POLICY OF APPROPRIATING FOR DISTRIBUTION EACH YEAR 4% OF ITS ENDOWMENT FUND'S AVERAGE FAIR VALUE OF THE AVERAGE OF THE PRIOR TWELVE QUARTERS PRECEDING THE FISCAL YEAR IN WHICH THE DISTRIBUTION IS PLANNED. AS A RESULT OF THE COLLEGE'S MERGER TRANSACTION, THE ENDOWMENT FUND WAS DISTRIBUTED TO MONTCLAIR STATE UNIVERSITY UPON FINAL DISSOLUTION EFFECTIVE JUNE 30, 2024. PART X, LINE 2: THE COLLEGE IS EXEMPT FROM FEDERAL INCOME TAXES UNDER THE INTERNAL REVENUE CODE SECTION 501(C)(3) AND, THEREFORE, HAS MADE NO PROVISION FOR FEDERAL INCOME TAXES. BLOOMFIELD IS SUBJECT TO THE ACCOUNTING STANDARD FOR UNCERTAIN TAX POSITIONS AND HAS DETERMINED THAT NO LIABILITIES ARE REQUIRED TO BE RECORDED FOR UNCERTAIN TAX POSITIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: SCHOLARSHIPS -1,803,485. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 1,803,485. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE COLLEGE'S NONDISCRIMINATORY POLICY IS POSTED ON OUR WEBSITE. SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES SIGNIFICANT FINANCIAL ASSISTANCE FROM GOVERNMENTAL AGENCIES IN THE FORM OF GRANTS. THE DISBURSEMENT OF FUNDS RECEIVED UNDER SUCH PROGRAMS GENERALLY REQUIRES COMPLIANCE WITH TERMS AND CONDITIONS SPECIFIED IN GRANT AGREEMENTS SUBJECT TO AUDIT BY GRANTOR AGENCIES. THE GRANT AGREEMENTS PROVIDE FOR POSSIBLE AUDITING OF EXPENDITURES BY GRANTOR AGENCIES AND POSSIBLE DISALLOWANCE OF CERTAIN EXPENDITURES. 1 INSTITUTIONAL SCHOLARSHIPS 367 2581604 PART I, LINE 2: THE COLLEGE'S FINANCIAL AID OFFICE MONITORS ALL RECIPIENTS OF SCHOLARSHIP AWARDS TO DETERMINE BOTH INITIAL AND CONTINUING ELIGIBILITY BASED UPON THE CRITERIA FOR THE TYPE OF AWARD. VARIOUS CRITERIA MAY INCLUDE, BUT IS NOT LIMITED TO, ACADEMIC PERFORMANCE, FINANCIAL NEED, OR OTHER CRITERIA ESTABLISHED BY DONORS OF SCHOLARSHIP FUNDS. X 1 1 X X X X 1 0 0 0 0 0 0 1 0 JONATHAN KOPPELL PRESIDENT (AS OF 07/2023) 0 477505 0 98000 0 34657 0 26400 0 36292 0 672854 0 0 DR MARCHETA EVANS FORMER PRESIDENT 202280 185212 133824 0 77367 0 16728 12353 0 0 430199 197565 0 0 DR MICHAEL PALLADINO FORMER VP ACAD. AFFS. & DEAN OF FAC. 99720 91173 87101 0 12084 0 10888 7437 28934 10731 238727 109341 0 0 CYNTHIA MCDANIEL FORMER VP FINANCE & ADMIN. 93636 83037 74909 0 15696 0 9364 6281 0 0 193605 89318 0 0 SHELIA WOOTEN - FORMER DEAN STUDENT LIFE, ATHL., & STDNT AFFS. 119235 71208 0 0 15639 0 7282 5606 184 161 142340 76975 0 0 SARAH LACZ FORMER VP ADVANCEMENT 91675 0 76483 0 8711 0 9560 0 12322 0 198751 0 0 0 PAUL RUSSO PROFESSOR 55931 0 0 0 118559 0 5895 0 7063 0 187448 0 0 0 MARIA VOGT PROFESSOR 56179 0 0 0 110844 0 5513 0 14851 0 187387 0 0 0 ELLEN POWLEY PROFESSOR 59301 0 0 0 112325 0 5616 0 7063 0 184305 0 0 0 BENJAMIN C DURANT III - COO SR. VP FIN. & ADMIN. (AS OF 07/2023) 0 165821 0 0 0 2548 0 13292 0 0 0 181661 0 0 DEMETRIS NICOLAIDES PROFESSOR 50976 0 0 0 104575 0 5229 0 19838 0 180618 0 0 0 LEILA KOEPP PROFESSOR 60190 0 0 0 114250 0 5682 0 152 0 180274 0 0 0 PART I, LINE 1A EFFECTIVE 08/01/2019, THE COLLEGE NO LONGER REQUIRES THE PRESIDENT TO MAINTAIN RESIDENCE ON CAMPUS. THE FORMER PRESIDENT'S COMPENSATION PACKAGE INCLUDES A TAXABLE HOUSING ALLOWANCE THROUGH JUNE 30, 2023. PART I, LINE 4A THE FOLLOWING INDIVIDUALS RECEIVED SEVERANCE PAYMENTS UPON THEIR DEPARTURE FROM THE COLLEGE IN CALENDAR YEAR 2023. THESE AMOUNTS ARE REPORTED ON SCHEDULE J, PART II, COLUMN B(III). PAUL RUSSO $117,903 LEILA KOEPP $113,637 ELLEN POWLEY $112,325 MARIA VOGT $110,263 DEMETRIS NICOLAIDES $104,575 PART I, LINE 7 CERTAIN LISTED INDIVIDUALS RECEIVED DISCRETIONARY BONUSES. NET ASSETS DISTRIBUTED TO MONTCLAIR STATE UNIVERSITY UPON DISSOLUTION 2024-06-30 50601975 BOOK VALUE 222912682 MONTCLAIR STATE UNIVERSITY 1 NORMAL AVENUE MONTCLAIR NJ 070431624 GOV 1 1 0 0 1 1 1 1 0 PART I, LINE 2E: PERSON(S) INVOLVED: ALL OF THE TRUSTEES LISTED ON PART VII, SECTION A, OF THIS FORM 990 WERE OFFICERS OR TRUSTEES OF MONTCLAIR STATE UNIVERSITY PRIOR TO THE DISSOLUTION OF BLOOMFIELD COLLEGE OF MONTCLAIR STATE UNIVERSITY INC. AND WILL RETAIN THOSE POSITIONS SUBSEQUENT TO DISSOLUTION. GENERAL STATEMENT REGARDING THE DISSOLUTION OF THE ORGANIZATION: BLOOMFIELD COLLEGE AND MONTCLAIR STATE UNIVERSITY MERGED ON JUNE 30, 2023, WHICH RESULTED IN BLOOMFIELD COLLEGE'S MERGER WITH AND INTO A NEWLY CREATED NOT-FOR-PROFIT CORPORATION CREATED UNDER NEW JERSEY LAW CALLED BLOOMFIELD COLLEGE OF MONTCLAIR STATE UNIVERSITY IN WHICH MONTCLAIR STATE UNIVERSITY IS THE SOLE MEMBER. ON JUNE 30, 2024, THE SECOND PHASE OF THE MERGER TRANSACTION WAS COMPLETED. AS A RESULT, BLOOMFIELD COLLEGE OF MONTCLAIR STATE UNIVERSITY CEASED OPERATIONS AND THE BOARD OF DIRECTORS APPROVED THE DISSOLUTION OF THE ENTITY. ITS REMAINING NET ASSETS WERE DISTRIBUTED TO MONTCLAIR STATE UNIVERSITY. A COPY OF THE RESOLUTION OF THE GOVERNING BODY APPROVING THE DISSOLUTION AND CERTIFICATE OF DISSOLUTION IS ATTACHED TO THIS FORM 990. FORM 990, PART III, LINE 3 BLOOMFIELD COLLEGE OF MONTCLAIR STATE UNIVERSITY CEASED OPERATIONS ON JUNE 30, 2024. THE BOARD OF DIRECTORS APPROVED THE DISSOLUTION OF THIS ENTITY AND REMAINING NET ASSETS WERE DISTRIBUTED TO MONTCLAIR STATE UNIVERSITY. FORM 990, PART VI, SECTION A, LINE 4 THE COLLEGE AMENDED ITS ARTICLES OF INCORPORATION AND BYLAWS AS A RESULT OF ITS MERGER WITH MONTCLAIR STATE UNIVERSITY. THE COLLEGE'S BYLAWS WERE AMENDED TO MAKE MONTCLAIR STATE UNIVERSITY ITS SOLE MEMBER AND PROVIDE FOR CERTAIN RESERVE RIGHTS AND POWERS FOR THE SOLE MEMBER. SEE RESPONSES TO PART VI, LINES 6, 7A, AND 7B BELOW. FORM 990, PART VI, SECTION A, LINE 6 THE COLLEGE'S SOLE MEMBER IS MONTCLAIR STATE UNIVERSITY. FORM 990, PART VI, SECTION A, LINE 7A THE COLLEGE'S SOLE MEMBER, MONTCLAIR STATE UNIVERSITY, POSSESSES THE SOLE RIGHT TO APPOINT DIRECTORS; FINALLY APPROVE ANY INDIVIDUAL RECOMMENDED FOR THE POSITION OF DIRECTOR, EX-OFFICIO DIRECTOR, OR ANY OFFICER OF THE CORPORATION, AS RECOMMENDED BY THE THEN EXISTING BOARD OF DIRECTORS OF THE CORPORATION; AND FINALLY APPROVE ANY OFFICER OF THE CORPORATION, AS ELECTED OR APPOINTED BY THE BOARD OF DIRECTORS OF THE CORPORATION. FORM 990, PART VI, SECTION A, LINE 7B THE COLLEGE'S BYLAWS RESERVE THE FOLLOWING POWERS TO THE SOLE CORPORATE MEMBER: (A) MAKING ANY CHANGE TO THE CORPORATION'S PURPOSES OR MISSION, FOLLOWING APPROVAL BY THE BOARD OF DIRECTORS; (B) SELLING ALL OR SUBSTANTIALLY ALL OF THE CORPORATION'S ASSETS FOLLOWING APPROVAL BY THE BOARD OF DIRECTORS, OR MERGING OR CONSOLIDATING THE CORPORATION INTO OR WITH ANY OTHER CORPORATION, PARTNERSHIP, LIMITED LIABILITY COMPANY OR OTHER ENTITY; (C) CREATING ANY NEW CLASS OR CLASSES OF MEMBERS, OR ADMITTING ANY NEW MEMBER, WHETHER BY APPROVING THE TRANSFER, ASSIGNMENT OR SALE OF A MEMBER'S INTEREST IN THE CORPORATION OR OTHERWISE; (D) LIQUIDATING, DISSOLVING OR WINDING UP THE AFFAIRS OF THE CORPORATION; (E) TO REMOVE ANY DIRECTOR OR OFFICER OF THE CORPORATION; (F) APPROVING ANY BORROWINGS FOLLOWING APPROVAL BY THE BOARD OF DIRECTORS, OR LEVYING ANY ASSESSMENTS OR REQUIREMENTS TO MAKE CAPITAL CONTRIBUTIONS BY THE MEMBER, AND APPROVING CONTRACTS OVER $25,000 FOLLOWING APPROVAL BY THE BOARD OF DIRECTORS; (G) AMENDING, MODIFYING, RESTATING OR REPEALING ANY PART OF THE CERTIFICATE OF INCORPORATION OR BYLAWS, FOLLOWING APPROVAL BY THE BOARD OF DIRECTORS IN ACCORDANCE WITH THE CERTIFICATE OF INCORPORATION, BYLAWS AND APPLICABLE LAW; (H) TO TIMELY ACCESS AND REVIEW THE ACCOUNTS, BOOKS AND RECORDS OF THE CORPORATION; (I) TO APPROVE THE CORPORATION'S ANNUAL OPERATING AND CAPITAL BUDGET AND ANY INDIVIDUAL, OR SERIES OF RELATED, UNBUDGETED EXPENDITURE(S) OF THE CORPORATION IN EXCESS OF $25,000, IN EACH CASE, FOLLOWING APPROVAL BY THE BOARD OF DIRECTORS; AND (J) TO APPROVE THE CORPORATION ENTERING INTO AGREEMENTS FOR THE DELEGATION OF THE MANAGEMENT AND INVESTMENT OF THE ENDOWMENT FUNDS AND INSTITUTIONAL FUNDS AND PROGRAM-RELATED ASSETS, ALL AS DEFINED IN N.J.S.A. 15:18-26, PURSUANT TO THE PROVISIONS OF N.J.S.A. 15:18-29, FOLLOWING APPROVAL BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION GATHERS THE NECESSARY INFORMATION AND PREPARES THE FORM 990 WITH THE ASSISTANCE OF ITS TAX PREPARER. MANAGEMENT CONDUCTS A REVIEW OF THE 990 PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE CURRENT CONFLICT OF INTEREST POLICY IS HOUSED WITHIN CHAPTER II ARTICLE G OF THE BYLAWS AND ONLY COVERS TRUSTEES. OFFICERS AND KEY EMPLOYEES ARE NOT COVERED BY THE CURRENT POLICY AND ARE NOT REQUIRED TO DISCLOSE CONFLICTS. THE COLLEGE IS CURRENTLY DRAFTING A NEW CONFLICT OF INTEREST POLICY THAT WILL ADD OFFICERS AND KEY EMPLOYEES TO THE PERSONS REQUIRED TO DISCLOSE CONFLICTS OF INTEREST. UNDER CHAPTER II, ARTICLE G OF THE COLLEGE BYLAWS THE BOARD OF TRUSTEES ARE COVERED BY THE CONFLICT OF INTEREST POLICY. IN GENERAL, A CONFLICT CAN OCCUR IN TWO CASES. FIRST, IF THERE IS AN EXISTING OR POTENTIAL FINANCIAL OR OTHER INTEREST THAT IMPAIRS OR APPEARS TO IMPAIR THE TRUSTEES INDEPENDENT UNBIASED JUDGMENT. SECOND, IF A FAMILY MEMBER OR ORGANIZATION IN WHICH THE TRUSTEE HAS A CONTROLLING INTEREST HAS AN RELATIONSHIP WITH THE COLLEGE THAT WOULD IMPAIR THE UNBIASED AND INDEPENDENT JUDGMENT OF THE TRUSTEE. CONFLICTS WOULD BE REVIEWED BY THE BOARD OF TRUSTEES. THERE IS A REQUIRED RECUSAL FROM VOTING IN WHICH A CONFLICT OCCURS. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS FOR DETERMINING COMPENSATION REFLECTS THE POLICY OF THE COLLEGE PRIOR TO ITS MERGER WITH MONTCLAIR STATE UNIVERSITY. COMPENSATION FOR THE PRESIDENT IS REVIEWED BY THE COMPENSATION COMMITTEE AND ALSO REVIEWED BY THE BOARD IN CLOSED SESSION. THE COLLEGE PREPARES A STUDY OF COMPARABLE POSITIONS BASED ON DATA OBTAINED BY THE COLLEGE AND UNIVERSITY PERSONNEL ASSOCIATION. DOCUMENTATION OF DELIBERATIONS AND DECISIONS ARE DOCUMENTED BY MINUTES. THIS PROCESS WAS LAST UNDERTAKEN IN 2023. COMPENSATION FOR THE OFFICERS IS REVIEWED BY THE PRESIDENT, BOARD OF TRUSTEES CHAIRMAN AND THE EXECUTIVE COMMITTEE. THE COLLEGE PREPARES A STUDY OF COMPARABLE POSITIONS BASED ON DATA OBTAINED BY THE COLLEGE AND UNIVERSITY PERSONNEL ASSOCIATION. DOCUMENTATION OF DELIBERATIONS AND DECISIONS ARE DOCUMENTED BY MINUTES. THIS PROCESS WAS LAST UNDERTAKEN IN 2023. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION PROVIDES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: TRANSFER OF NET ASSETS TO MONTCLAIR STATE UNIVERSITY UPON DISSOLUTION OF BLOOMFIELD COLLEGE OF MONTCLAIR STATE UNIVERSITY INC. -50,601,975. MONTCLAIR STATE UNIVERSITY 1 NORMAL AVENUE MONTCLAIR NJ 07043 222912682 EDUCATION NJ N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 0