2016-06-08T09:42:16-05:00 2015-12-31 271728945 O'CONNOR DAVIES LLP 665 FIFTH AVENUE NEW YORK NY 10022 990 2015-01-01 273453412 FOUNDATION FOR NEWARK'S FUTURE INC FOUN 9736391600 60 PARK PLACE NO 604 NEWARK NJ 07102 KIMBERLY MCLAIN PRESIDENT/CEO 9736391600 2016-06-08 1 GARRETT M HIGGINS P00543209 2122862600 2015 2016-09-27 15:27:22Z KIMBERLY MCLAIN 60 PARK PLACE NO 604 NEWARK NJ 07102 14772826 0 X WWW.FOUNDATIONFORNEWARKSFUTURE.ORG X 2010 NJ TO CREATE A FOUNDATION FOR SYSTEMATIC EDUCATIONAL REFORM WITHIN NEWARK, NJ. 5 5 5 5 0 0 8176176 14770714 0 0 1675 2112 0 0 8177851 14772826 8441727 12763369 0 0 684775 524772 0 0 0 654669 3468252 9781171 16756393 -1603320 -1983567 4689503 6183327 533938 4011329 4155565 2171998 X TO CREATE A FOUNDATION FOR SYSTEMATIC EDUCATIONAL REFORM WITHIN NEWARK,NJ THAT RESULTS IN DEMONSTRABLE HIGH ACADEMIC AND DEVELOPMENTAL ACHIEVEMENT FOR ALL YOUTH. 0 0 5895716 5732270 COMMUNITY ENGAGEMENT THE FOUNDATION TAKES A COMPREHENSIVE APPROACH TO IMPROVING EDUCATIONAL OUTCOMES FOR NEWARK CHILDREN. THE ORGANIZATION PROVIDES RESOURCES AND PROGRAMMING BOTH DIRECTLY FOR THE SCHOOL SYSTEMS AS WELL AS THE SURROUNDING COMMUNITIES AND ORGANIZATIONS THAT SERVE THE CHILDREN. AMONG THE BIGGEST INVESTMENTS IN THIS AREA FOR 2015 WAS A CITY-WIDE SUMMER YOUTH EMPLOYMENT PROGRAM AND FUNDING A CITY-WIDE COLLEGE-COMPLETION INITIATIVE CALLED THE NEWARK CITY OF LEARNING COLLABORATIVE. 5281028 3702029 SCHOOL LEADERSHIP AND TEACHER QUALITYTHE FOUNDATION HAS PURSUED A COMPREHENSIVE STRATEGY TO RECRUIT, RETAIN AND EMPOWER A TOP NOTCH POOL OF EDUCATOR TALENT FOR TEACHER AND LEADER ROLES IN THE CITY. THE MOST SIGNIFICANT INVESTMENT IN THIS AREA IN 2015 WAS THE FOUNDATION'S CONTINUED SUPPORT AND FUNDING OF THE LABOR CONTRACT BETWEEN NEWARK PUBLIC SCHOOLS AND THE NEWARK TEACHERS UNION, AND THE RELATED COSTS TO EVALUATE AND IMPLEMENT THE CONTRACT. 2137124 2041109 EARLY CHILDHOOD EDUCATION THE FOUNDATION BELIEVES THAT EARLY CHILDHOOD EDUCATION IS A KEY DETERMINING FACTOR TO POSITIVE EDUCATIONAL OUTCOMES FOR KIDS. THE FOUNDATION INVESTED IN INITIATIVES IN THIS AREA DESIGNED TO INCREASE PROFESSIONAL DEVELOPMENT, FOSTER GREATER PARENTAL ENGAGEMENT AND ESTABLISH A LOVE OF LEARNING FROM THE EARLIEST YEARS. THE BIGGEST INVESTMENTS IN THIS AREA WERE RAISING A READER AND MY VERY OWN LIBRARY, BOTH DESIGNED TO PROMOTE A CULTURE OF LITERACY AMONG STUDENTS AND THEIR FAMILIES. 2775406 1287961 OTHER PROGRAM SERVICES INCLUDE: - SCHOOL OPTIONS AND INNOVATIONS- NEWARK PUBLIC SCHOOLS OPERATING EXCELLENCE- CITYWIDE PLANNING, COORDINATION AND OUTREACH 2775406 1287961 16089274 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 43 0 5 1 0 0 0 0 0 0 0 0 0 0 X 5 5 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 1 0 0 NJ X KIM MCLAIN PRESIDENTCEO 9736391600 60 PARK PLACE NO 604 NEWARK NJ 07102 PAUL BERNSTEIN CHAIRMAN 10.00 X X 0 0 0 JENNIFER HOLLERAN SECRETARY/TREASURER 10.00 X X 0 0 0 SENATOR CORY BOOKER TRUSTEE 1.00 X 0 0 0 ENRICO GAGLIOTI TRUSTEE 1.00 X 0 0 0 DR ROBERT JOHNSON TRUSTEE 1.00 X 0 0 0 KIMBERLY MCLAIN PRESIDENT AND CEO 40.00 X 244821 0 70923 KEVIN CALLAGHAN PROGRAM DIRECTOR 40.00 X 101142 0 26865 345963 0 97788 2 0 1 0 KEYSTONE CONSULTING US LLC 14 EAST KINNEY STREET NEWARK NJ 07102 NPS UNIVERSAL ENROLLMENT PROJECT 415804 MCCARTER & ENGLISH LLP FOUR GATEWAY CENTER 100 MULBERRY S NEWARK NJ 07102 NPS LEGAL SERVICES 151962 HARVARD UNIVERSITY PO BOX 499 BOSTON MA 02212 NPS ANALYSIS/CONSULTING 134000 3 14770714 14770714 2112 2112 14772826 0 0 2112 X 12763369 12763369 315744 157872 157872 137109 82592 54517 20635 11134 9501 17191 8672 8519 34093 21740 12353 42739 42739 62091 15523 46568 3003920 3003920 82152 82152 31783 31783 41794 41794 97807 24452 73355 47960 47960 14749 14749 5746 5746 8506 8506 DUES & SUBSCRIPTIONS 13519 13519 PROFESSIONAL DEVELOPMEN 12792 12792 2694 2694 16756393 16089274 667119 0 607039 349636 3712812 33697 354700 5782801 9206 17193 52205 52205 5746 0 4689503 6183327 165952 849496 367986 3161833 533938 4011329 X 2196534 -578150 1959031 2750148 4155565 2171998 4689503 6183327 -1983567 0 X X 0 1 X 1 0 X 12499871 42648531 11417880 8176176 14770714 89513172 12499871 42648531 11417880 8176176 14770714 89513172 70535244 18977928 356 1005 1688 1675 2112 6836 89520008 0.21200 X TREASURY REGULATION SECTION 1.170A-9(E)(3) PROVIDES THAT, NOTWITHSTANDING AN ORGANIZATION'S NOT SATISFYING THE 33 1/3 PERCENT PUBLIC SUPPORT TEST, IT CAN STILL QUALIFY AS A PUBLIC CHARITY IF ITS PUBLIC SUPPORT PERCENTAGE IS NORMALLY AT LEAST TEN (10) PERCENT, AND IT MEETS THE FACTS AND CIRCUMSTANCE TEST IN THIS CONTEXT. IT IS REQUIRED THAT AN ORGANIZATION MUST BE SO ORGANIZED AND OPERATED AS TO ATTRACT NEW AND ADDITIONAL PUBLIC SUPPORT ON A CONTINUOUS BASIS WHICH IN TURN REQUIRES THAT THE ORGANIZATION MAINTAIN A CONTINUOUS AND BONA FIDE PROGRAM FOR SOLICITATION OF FUNDS. FOUNDED IN 2010, THE ORGANIZATION HAS BEEN COMMITTED TO IMPROVING EDUCATIONAL OUTCOMES FOR ALL NEWARK SCHOOLCHILDREN, ENSURING THEY ARE COLLEGE AND CAREER-READY BY INVESTING IN TRANSFORMATIVE PROGRAMS THAT CREATE LARGE-SCALE CHANGE THROUGH SHORT-TERM PHILANTHROPY. THE FOUNDATION INVESTS IN THREE AREAS OF IMPACT: THE K-12 EDUCATIONAL EXPERIENCE AND BEYOND, EARLY CHILDHOOD EDUCATION, AND COMMUNITY ENGAGEMENT. THE FACT THAT THE ORGANIZATION HAS MADE SUCH EFFORTS FOR THE BENEFIT OF THE GENERAL PUBLIC ON A CONTINUAL BASIS IS EVIDENCE THAT THE ORGANIZATION IS PUBLICLY SUPPORTED. SECOND, THE HIGHER THE TEN (10) PERCENT REQUIREMENT, THE LESSER THE BURDEN IN ESTABLISHING PUBLICLY SUPPORTED NATURE OF THE ORGANIZATION THROUGH OTHER FACTORS. FOR THE TAX YEAR ENDED DECEMBER 31, 2015, THE ORGANIZATION'S PUBLIC SUPPORT PERCENTAGE IS 21.20%, WHICH FAR EXCEEDS THE MINIMUM REQUIREMENT.THIRD, THE ORGANIZATION RECEIVES SUPPORT FROM A REPRESENTATIVE NUMBER OF PERSONS, RATHER THAN RECEIVING ITS SUPPORT FROM A SINGLE DONOR. THE ORGANIZATION OPERATES TO ATTRACT PUBLIC SUPPORT ON A CONTINUAL BASIS AND ITS SOURCES OF CONTRIBUTIONS INCLUDE CORPORATE GIVINGS AS WELL AS FOUNDATION GRANTS. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2500 2500 0 40230 40230 0 9475 9475 0 0 X 14785201 12375 12375 14772826 0 14772826 16768768 12375 12375 16756393 0 16756393 PART X, LINE 2: THE FOUNDATION RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE POSITIONS ARE MORE LIKELY THAN NOT OF BEING 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 JURISDICTONS FOR PERIODS PRIOR TO DECEMBER 31, 2012. 1 BARD HIGH SCHOOL EARLY COLLEGE 525 EAST HOUSTON ST NEW YORK NY 10002 141713034 501(C)(3) 300000 SEE PART IV BRICK ACADEMY PO BOX 995 NEWARK NJ 07102 270820249 501(C)(3) 762500 SEE PART IV COLLEGE SUMMIT INC 1763 COLUMBIA ROAD NW WASHINGTON DC 20009 522007028 501(C)(3) 75000 SEE PART IV COMMUNITY FOUNDATION OF NJ PO BOX 338 MORRISTOWN NJ 07963 222281783 501(C)(3) 1635500 SEE PART IV EAGLE ACADEMY C/O 00 BLACK MEN INC 105 EAST 22ND ST STE 625 NEW YORK NY 10010 201532382 501(C)(3) 175000 SEE PART IV HARVEST VICTORY LTD 4809 EAST 49TH ST VERNON CA 90058 710893045 43427 SEE PART IV KLEO INC DBA CLASS WALLET 4141 NE 2ND AVE STE 203B MIAMI FL 33137 270308480 769440 SEE PART IV NATIONAL CARES MENTORING MOVEMENT 5 PENN PLAZA 23RD FL NEW YORK NY 10001 320207585 501(C)(3) 125000 SEE PART IV NEW JERSEY SCHOOL AGE CARE COALITION 213 NORTH AVE WEST 363 WESTFIELD NJ 07090 521833613 501(C)(3) 38411 SEE PART IV NEWARK CITY OF LEARNING COLLABORATIVE CO RUTGERS UNIVERSITY FOUNDATION 7 COLLEGE AVE NEW BRUNSWICK NJ 08901 237318742 501(C)(3) 500000 SEE PART IV NEWARK COMMUNITY ECONOMIC DEVELOPMENT CORPORATION 111 MULBERRY ST NEWARK NJ 07102 260829057 501(C)(3) 1813341 SEE PART IV NEWARK PUBLIC SCHOOLS 2 CEDAR STREET NEWARK NJ 07192 226002140 STATE OF NJ 2700089 SEE PART IV NEWARK TRUST FOR EDUCATION 494 BROAD STREET SUITE LL30 NEWARK NJ 07102 383663314 501(C)(3) 125007 SEE PART IV PROGRAMS FOR PARENTS 570 BROAD STREET 8TH FLOOR NEWARK NJ 07102 222504469 501(C)(3) 155000 SEE PART IV RUTGERS UNIVERSITY FOUNDATION 123 WASHINGTON ST NEWARK NJ 07102 237318742 501(C)(3) 1100000 SEE PART IV SUPPORT CENTER FOR NON PROFIT MANAGEMENT 42 BROADWAY 20TH FL NEW YORK NY 10004 133911548 501(C)(3) 251501 SEE PART IV THE FUTURE PROJECT 636 BROADWAY SUITE 704 NEW YORK NY 10012 274374555 501(C)(3) 265000 SEE PART IV THE REINVESTMENT FUND 1700 MARKET STREET 9TH FL PHILADELPHIA PA 19103 232331946 501(C)(3) 75000 SEE PART IV UNITED WAY OF ESSEX AND WEST HUDSON 303-309 WASHINGTON ST NEWARK NJ 07102 226069078 501(C)(3) 656000 SEE PART IV WILLING HEART COMMUNITY CARE CENTER 555 DR MARTIN LUTHER KING BLVD NEWARK NJ 07103 270331295 501(C)(3) 25000 SEE PART IV 18 2 PART I, LINE 2: THE ORGANIZATION HAS A FORMAL GRANT-MAKING PROCESS. EACH POTENTIAL GRANTEE MUST SUBMIT A PROPOSAL FOR REVIEW AND PROVIDE ANSWERS TO ANY FOLLOW-UP QUESTIONS AS REQUIRED. COMPLETED APPLICATIONS ARE EVALUATED AGAINST THE FOUNDATION'S PRIORITIES, THE GRANTEE'S NEEDS AND THE FUNDING AVAILABLE. THOSE SELECTED TO RECEIVE GRANTS MUST SIGN AN AGREEMENT, PROVIDE VERIFIABLE, IDENTIFYING DOCUMENTATION AND SUBMIT ON-GOING REPORTS TO RECEIVE PAYMENTS. FORM 990, SCHEDULE I, PART II. LINE 1, COL (H): GRANT PURPOSE THE PURPOSE OF GRANT ASSISTANCE TO DOMESTIC ORGANIZATIONS IS AS FOLLOWS: 1. BARD HIGH SCHOOL EARLY COLLEGE: SUPPORT FOR BARD HIGH SCHOOL EARLY COLLEGE'S MODEL INCLUDING STUDENT SUPPORT AND COLLEGE AND ACADEMIC ADVISING FOR STUDENTS. 2. BRICK ACADEMY: OVERALL PROGRAMMING AND WRAPAROUND SERVICES AT PERSHINE AND AVON AVENUE SCHOOLS; ALSO SEED FUNDING TO CREATE THE SOUTH WARD CHILDREN' S ALLIANCE, A FAMILY-SERVING RESOURCE FOR STUDENT FAMILIES IN NEED. 3. COLLEGE SUMMIT, INC.: FUNDING FOR COLLEGE ACCESS PROGRAMMING TO NEWARK HIGH SCHOOL STUDENTS AT SEVERAL COMPREHENSIVE HIGH SCHOOLS PROVIDING A COLLEGE-GOING CURRICULUM, APPLICATION SERVICES AND PEER LEADER TRAINING. 4. COMMUNITY FOUNDATION OF NJ - COMMUNITY SCHOOLS: A PLANNING GRANT TO SUPPORT THE DEVELOPMENT OF THE SOUTH WARD COMMUNITY SCHOOLS INITIATIATIVE, A PARTNERSHIP BETWEEN THE NEWARK PUBLIC SCHOOLS AND THE CITY OF NEWARK TO LAUNCH A SERIES OF COMMUNITY SCHOOLS IN NEWARK'S SOUTH WARD. NEW PATHS NEWARK: A CERTIFICATION, RE-TRAINING, AND DEGREE PROGRAM FOR NEWARK PUBLIC SCHOOLS CENTRAL OFFICE STAFF WHO LOST THEIR POSITIONS IN DISTRICT REORGANIZATION. NEWARK 350: SUPPORT FOR A YEAR-LONG CELEBRATION OF THE 350TH ANNIVERSARY OF THE FOUNDING OF THE CITY OF NEWARK, INCLUDING CULTURAL, ARTS, AND EDUCATIONAL PROGRAMMING THROUGHOUT THE CITY. OPPORTUNITY YOUTH: A PLANNING GRANT TO FACILITATE THE CREATION OF AN INTERMEDIARY ORGANIZATION THAT WILL SERVE THE NEEDS OF YOUTH AGES 16-24 WHO LEFT SCHOOL AND ARE NOT CONNECTED TO THE WORKFORCE. 5. EAGLE ACADEMY: SUPPORT FOR EAGLE ACADEMY NEWARK TO IMPLEMENT CRITICAL INTERVENTIONSTO ENSURE THAT THEIR STUDENTS ARE RECEVING THE ACADEMIC SUPPORTS NEEDED FOR SUCCESS. 6. HARVEST VICTORY LTD: SUPPLIES FOR A CITY-WIDE BACK TO SCHOOL EFFORT TO ENSURE THAT FAMILIES, TEACHERS, PRINCIPALS, AND THE COMMUNITY AT LARGE HAVE THE SUPPORT NEEDED TO BEGIN A STRONG SCHOOL YEAR. 7. KLEO INC., DBA CLASS WALLET: ANOTHER PART OF A BACK TO SCHOOL INITIATIVE, TEACHERS AND PRINCIPALS RECEIVED FLEXIBLE DOLLARS TO PURCHASE SUPPLIES, CURRICULUM, PROFESSIONAL DEVELOPMENT TOOLS, ETC TO START THE SCHOOL YEAR. 8. NATIONAL CARES MENTORING MOVEMENT: A PLANNING GRANT TO DEVELOP AN IMPLEMENTATION PLAN FOR A MENTORING PROGRAM IN NEWARK THAT CONNECTS SCHOOL COMMUNITIES IN NEED OF MENTORS FOR THEIR STUDENTS WITH THE FAITH-BASED COMMUNITY. 9. NEW JERSEY SCHOOL AGE CARE COALITION: SUPPORT FOR EXTENDED LEARNING TIME SERVICES AT NEWARK' S PUBLIC SCHOOLS INCLUDING CAPACITY BUILDING FOR THE DISTRICT OFFICE OF EXTENDED LEARNING TIME AND PROFESSIONAL DEVELOPMENT FOR COMMUNITY BASED ORGANIZATIONS, SCHOOLS AND TEACHERS. 10. NEWARK CITY OF LEARNING COLLABORATIVE C/O RUTGERS UNIVERSITY FOUNDATION: OPERATING AND PROGRAMMATIC SUPPORT FOR A COLLECTIVE IMPACT INITIATIVE THAT SEEKS TO INCREASE THE PERCENTAGE OF NEWARKERS WITH A COLLEGE DEGREE FROM TO 25% BY 2025. 11. NEWARK COMMUNITY ECONOMIC DEVELOPMENT CORPORATION: FUNDING FOR THE CITY OF NEWARK'S SUMMER YOUTH EMPLOYMENT PROGRAM IN SUPPORT OF AN ENHANCED MODEL THAT ESTABLISHED UNIVERSITY PARTNERSHIPS AND SERVED MORE YOUTH THAN EVER BEFORE. 12. NEWARK PUBLIC SCHOOLS: FUNDING FOR KEY ELEMENTS OF THE TEACHER CONTRACT AGREED TO IN 2012 BY THE NEWARK PUBLIC SCHOOLS AND THE NEWARK TEACHERS UNION; INCLUDES PERFORMANCE BONUSES AND STIPENDS FOR TEACHERS. 13. NEWARK TRUST FOR EDUCATION: GRANT TO THE POOLED FUND FOR HIGH QUALITY SCHOOL OPTIONS THAT FUNDS NEW OR HIGH QUALITY SCHOOLS. 14. PROGRAMS FOR PARENTS: SUPPORT FOR PROGRAMS FOR PARENTS TO CREATE A COMPREHENSIVE FAMILY ENGAGEMENT PROGRAM , INCLUDING A NEW PARENT RESOURCE APLICATION; FUNDS ALSO BUILD A PROFESSIONAL DEVELOPMENT PROGRAM FOR CENTER DIRECTORS AND LEAD TEACHERS AT NEWARK PRE-K SITES. 15. RUTGERS UNIVERSITY FOUNDATION: SUPPORT FOR THE ESTABLISHMENT AND ENDOWMENT OF THE CLEMENT A. PRICE INSTITUTE AT RUTGERS UNIVERSITY - NEWARK, NAMED AFTER A BELOVED CIVIC STEWARD WHO WAS CRITICAL TO SHAPING THE CITY'S CIVIC LIFE. 16. SUPPORT CENTER FOR NON PROFIT MANAGEMENT: A CAPACITY BUILDING PROGRAM FOR NON-PROFIT ORGANIZATIONS THAT INCLUDES FREE COACHING AND CONSULTING SERVICES SO THAT THEY CAN HAVE THE GREATEST POSSIBLE IMPACT ON THE YOUTH THEY SERVE. 17. THE FUTURE PROJECT: SUPPORT FOR THE FUTURE PROJECT TO IMPLEMENT ITS YOUTH-DRIVEN MODEL IN THREE NEWARK HIGH SCHOOLS. 18. THE REINVESTMENT FUND: SUPPORT FOR THE CREATION OF A CHILD CARE MAP FOR THE CITY OF NEWARK THAT ILLUSTRATES SUPPLY AND DEMAND FOR HIGH QUALITY PRE-K AND IDENTIFIES GAPS IN SERVICE. 19. UNITED WAY OF ESSEX AND WEST HUDSON: SUPPORT FOR THE IMPLEMENTATION OF THE RAISING A READER PROGRAM, A FAMILY LITERACY INTERVENTION THAT WILL SERVE 3,000 FAMILIES IN NEWARK AT FULL GROWTH. 20. WILLING HEART COMMUNITY CARE CENTER: SUPPORT FOR THE INAUGURAL YEAR OF THE WILLING HEART SCHOLARSHIP FUND WHICH SENDS NEWARK YOUTH TO COLLEGE WITH SCHOLARSHIP ASSISTANCE. X X 0 0 0 0 0 0 0 1 0 KIMBERLY MCLAIN PRESIDENT AND CEO 223071 0 21750 0 0 0 40673 0 30250 0 315744 0 0 0 PART I, LINE 7 THE BONUS COMPENSATION PAYMENT FOR THE PRESIDENT AND CEO WAS BASED UPON EMPLOYEE PERFORMANCE AND AWARDED AT THE DISCRETION OF THE BOARD OF DIRECTORS. PART II, COLUMN C: DEFERRED BONUS FOR THE PRESIDENT AND CEO, WHICH WAS DETERMINED IN 2015 TO BE PAID IN 2016, IS INCLUDED IN PART II, COLUMN C. FORM 990, PART VI, SECTION B, LINE 11 A COMMITTEE OF THE BOARD REVIEWS THE DRAFT OF THE 990 IN CONJUNCTION WITH MANAGEMENT. ONCE ANY QUESTIONS AND ISSUES HAVE BEEN RESOLVED, THE 990 IS FINALIZED, DISTRIBUTED TO THE FULL BOARD ELECTRONICALLY, AND PRESENTED TO THE BOARD FOR FINAL REVIEW AND APPROVAL. UPON REVIEW AND APPROVAL BY BOARD MEMBERS, THE 990 IS ADOPTED AND FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE FOUNDATION'S CONFLICT OF INTEREST POLICY APPLIES TO ANY DIRECTOR, PRINCIPAL OFFICER, OR MEMBER OF A COMMITTEE WITH GOVERNING BOARD DELEGATED POWERS. ALL SUCH INDIVIDUALS HAVE A DUTY TO DISCLOSE ANY ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, AND ALL RELATIVE MATERIAL FACTS THEREOF, TO THE DIRECTORS AND MEMBERS OF COMMITTEES WITH GOVERNING BOARD DELEGATED POWERS CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER SUCH DISCLOSURE, THE INTERESTED PERSON WILL LEAVE THE ROOM TO ALLOW THE GOVERNING BOARD OR COMMITTEE TO DISCUSS AND VOTE IF AN ACTUAL CONFLICT OF INTEREST EXISTS. IF APPROPRIATE, THE CHAIRPERSON OF THE GOVERNING BOARD OR COMMITTEE MAY APPOINT A DISINTERESTED PERSON OR COMMITTEE TO FURTHER INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT. THE SO-APPOINTED INDIVIDUAL OR COMMITTEE WILL RECOMMEND TO THE BOARD ALTERNATIVE ARRANGEMENTS, IF ANY, THAT DO NOT GIVE RISE TO A CONFLICT OF INTEREST. IF A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT IS NOT POSSIBLE, THE FOUNDATION BOARD OR COMMITTEE WILL DETERMINE BY MAJORITY VOTE OF THE DISINTERESTED DIRECTORS WHETHER THE TRANSACTION OR ARRANGEMENT IS FAIR, REASONABLE, AND IN THE FOUNDATION'S BEST INTERESTS. IF THE GOVERNING BOARD OR COMMITTEE HAS REASONABLE CAUSE TO BELIEVE THAT A MEMBER HAS FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, THE MEMBER WILL BE INFORMED AND AN EXPLANATION WILL BE REQUIRED. IF, FOLLOWING AN APPROPRIATE INVESTIGATION, IT IS DETERMINED THAT THE MEMBER FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT ON INTEREST, THE GOVERNING BODY WILL TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. THE MINUTES OF THE BOARD AND ALL COMMITTEES WITH BOARD DELEGATED POWERS WILL CONTAIN THE NAMES OF THE PERSONS WHO DISCLOSED, OR WERE FOUND TO HAVE, A FINANCIAL INTEREST IN CONNECTION WITH AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, THE NATURE OF THE FINANCIAL INTEREST, ANY ACTION TAKEN TO DETERMINE WAS PRESENT, AND THE GOVERNING BOARD OR COMMITTEE'S DECISION AS TO WHETHER A CONFLICT OF INTEREST IN FACT EXISTED. ADDITIONALLY, THE MINUTES WILL CONTAIN THE NAMES OF ALL PERSONS PRESENT FOR DISCUSSIONS AND VOTES RELATED TO THE TRANSACTION OR ARRANGEMENT, THE CONTENT OF THE DISCUSSION, INCLUDING ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT, AND A RECORD OF ANY VOTES TAKEN IN CONNECTION WITH THE PROCEEDINGS. EACH DIRECTOR, PRINCIPAL OFFICER AND MEMBER OF A COMMITTEE WITH BOARD DELEGATED POWERS WILL ANNUALLY SIGN A CONFLICT OF INTEREST STATEMENT THE AFFIRMS THAT THE INDIVIDUAL HAS RECEIVED A COPY OF THE CONFLICT OF INTEREST POLICY, HAS READ AND UNDERSTANDS THE POLICY, HAS AGREED TO COMPLY WITH THE POLICY, AND UNDERSTANDS THE CHARITABLE PURPOSE AND ACTIVITIES OF THE FOUNDATION. A COPY OF THE ANNUAL STATEMENT IS RETAINED IN THE FOUNDATION'S BOOK AND RECORDS. FORM 990, PART VI, SECTION B, LINE 15A OFFICER COMPENSATION IS SET BY REVIEWING BENCHMARK DATA AND OTHER RELEVANT COMPARABLE DATA POINTS, AND THROUGH DISCUSSION WITH EXTERNAL SEARCH FIRMS WHERE APPLICABLE. ONCE A RECOMMENDATION IS FORMULATED, IT IS PRESENTED TO THE BOARD FOR REVIEW AND FINAL APPROVAL. THE BOARD ALSO ANNUALLY REVIEWS AND APPROVES THE OPERATING BUDGET WHICH INCLUDES SALARIES AND EMPLOYEE BENEFITS. THE PROCESS FOR ESTABLISHING EXECUTIVE COMPENSATION WAS LAST PERFORMED ON JANUARY 2016. FORM 990, PART VI, SECTION C, LINE 19 THE FORM 990 IS AVAILABLE FOR PUBLIC INSPECTION AS REQUIRED UNDER SECTION 6104 OF THE INTERNAL REVENUE SERVICE CODE AS IT IS POSTED ON GUIDESTAR.ORG AND OTHER SIMILAR WEBSITES. IN ADDITION, FORMS 990 AND 1023, AS WELL AS THE FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY, ARTICLES OF INCORPORATION AND BYLAWS ARE AVAILABLE UPON WRITTEN REQUEST OF THE ORGANIZATION AT 60 PARK PLACE, SUITE 604, NEWARK, NJ 07102, OR BY CALLING THE ORGANIZATION AT 973-639-1600. FORM 990, PART IX, LINE 11G CONSULTING- IMPLEMENTATION OF GRANTS PROGRAMS: PROGRAM SERVICE EXPENSES 3,003,920. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 3,003,920. FORM 990, PART XII, LINE 1C THE PROCESS FOR OVERSIGHT OF THE AUDIT, PREPARATION OF THE FINANCIAL STATEMENTS, AND SELECTION OF AN INDEPENDENT AUDITOR HAS NOT CHANGED FROM THE PROCESS EMPLOYED IN PRIOR YEAR.