2015-05-06T11:03:56-05:00 2014-06-30 Grant Thornton LLP 757 THIRD AVENUE New York NY 10017 990 2013-07-01 221500645 Seton Hall University % STEPHEN A GRAHAM SETO 9737619318 400 South Orange Avenue Suite South Orange NJ 07079 STEPHEN A GRAHAM VP For Finance/CFO 2015-05-04 Scott Thompsett P00741490 2013 2016-03-07 17:11:31Z A Gabriel Esteban 400 South Orange Avenue South Orange NJ 07079 687189000 false 0928 X www.shu.edu X 1856 NJ Seton Hall University is a catholic institution of higher education. 43 33 4108 380 121000 35799000 47381000 306216000 316550000 12968000 32259000 20427000 10175000 375410000 406365000 105178000 115463000 0 0 154734000 155553000 0 0 5092000 94261000 93541000 354173000 364557000 21237000 41808000 565515000 652078000 189545000 223602000 375970000 428476000 SEE SCHEDULE O false false 231624000 105904000 319914000 Educational - Seton Hall University operates to provide baccalaureate, masters, and doctoral degrees. It enrolls 9,900 undergraduate and graduate students. The University is composed of nine schools located on two campuses, including its Law School located in Newark, New Jersey. Day and evening sessions accommodate both commuter and residential students on a part-time and full time basis. 77759000 9324000 4089000 Academic Support and Student Services - Academic Support provides support services, such as libraries, academic technology, faculty curriculum development, for its primary missions of instruction, research and public service. Student services provide various services to students, which contribute to the students' emotional and physical well-being and to their intellectual, cultural and social development outside the context of the University's formal instructional programs. 9923000 235000 266000 Research, Training & Public Services - Enables faculty to explore new areas of education, learning and knowledge and provides non-instructional services to individuals and groups external to the University. The University also offers financial support to students through academic scholarships and work-study programs, which are funded by federal, state and private grants. 319306000 true true false true false false false true false true true true false false true true true false true true true false false false true false false true true true true true false false false false false true true true true true true false false false true false false false true 440 0 true 4108 true true true false false false false true true false false false false X 43 33 true false true false false true true true true false false true true true true true true true true false X X X STEPHEN A GRAHAM 9737619003 400 SOUTH ORANGE AVENUE South Orange NJ 07079 A Gabriel EstebanPhD President/Regent/Trustee 45.0 X X 513352 153906 Most Reverend John J Myers Regent/Trustee 1.0 X Most Rev Paul G Bootkoski Regent 1.0 X Most Rev Arthur J Serratelli Regent/Trustee 1.0 X Most Rev Dennis J Sullivan Regent 1.0 X Monsignor James M Cafone Regent/Trustee 45.0 X 39743 62467 Monsignor Joseph R Reilly Trustee 45.0 X 32489 74028 Monsignor Robert J Wister Trustee 45.0 X 30905 3000 57674 Bruce A Tomason Regent/Trustee 1.0 X Patrick M Murray Regent/Trustee 1.0 X Phillip FresePhD Trustee 1.0 X Pamela M SwartzbergEsq Trustee 1.0 X William B Aimetti Regent 1.0 X Robert E Baldini Regent/Trustee 1.0 X Henry F D'Alessandro Regent 1.0 X Mark E Ganton Regent 1.0 X Phillip N Maisano Regent/Trustee 1.0 X Donna M O'Brien Regent/Trustee 1.0 X Anne F Cantine Regent 1.0 X Eun-Sook Lucy Cho-LeeMD Regent 1.0 X David B Gerstein Regent 1.0 X James E Collins Regent 1.0 X Richard F Liebler Regent 1.0 X Michael J Lucciola Regent 1.0 X Francis J Hager Regent/Trustee 1.0 X Kent Manahan Regent 1.0 X Richard Mandelbaum Regent 1.0 X John D Hayes Regent 1.0 X Stephen G Waldis Regent 1.0 X Robert B BudelmanEsq Regent 1.0 X Reverend Mark O'Malley Trustee 45.0 X 30718 61251 Mary Ann Christopher Regent 1.0 X Helen Lerner Regent 1.0 X Robert A Ley Regent 1.0 X James L Orsini Regent 1.0 X Most Reverend Kurt R Burnette Regent 1.0 X Most Reverend Edgar Da Cunha Regent/Trustee 1.0 X Most Reverend Bernard A Hebda Regent 1.0 X Robert S Basso Regent 1.0 X James T Boyle Jr Regent 1.0 X Beatriz M Manetta Regent 1.0 X Richard C McMahon Regent 1.0 X William M Staats Regent 1.0 X Larry A RobinsonEdD Provost & Executive V.P. 45.0 X 389367 52999 David J BohanMBA V.P. University Advancement 45.0 X 342636 54334 Dennis J GarbiniMBA V.P. Administration 45.0 X 246667 43796 Tracy H GottliebPhD V.P. Student Services 45.0 X 208529 82027 Stephen A GrahamMBA VP Finance/CFO 45.0 X 225818 48227 Catherine A KiernanJD V.P. General Counsel 45.0 X 253113 51657 Alyssa McCloudPhD V.P. Enrollment Management 45.0 X 304667 31370 Monsignor Anthony ZiccardiSTD V.P. Mission & Ministry 45.0 X 49224 57678 Joan F GuettiPhD Sr. Associate Provost 45.0 X 171498 23640 Patrick E HobbsJDLLM Dean School of Law 45.0 X 371416 56177 Joyce A StrawserPhD Dean School of Business 45.0 X 228777 47060 Michael S Zavada PHD Dean College of Arts & Science 45.0 X 163142 34885 Kathleen BoozangJDLLM Law School - Professor 45.0 X 228295 32798 Kevin Willard Head Coach Men's Basketball 45.0 X 1340233 65361 Stephen JLubbenJDLLM Law School Professor 45.0 X 258008 53979 Patrick G Lyons Dir. of Athletics & Rec. Svcs. 45.0 X 394603 46504 Brian B Shulman PHD Dean School of Health & Med. 45.0 X 231680 32672 Karen E BoroffPhD Former Dean School of Business 45.0 X 170638 42829 6225518 3000 1267319 242 true true false Gourmet Dining Services 400 South Orange Avenue SOUTH ORANGE NJ 07079 Catering 9256098 Torcon Inc 328 Newman Springs Rd Suite 5 RED BANK NJ 077015685 General Contractintg 9211950 THE LEEGIS GROUP 2333 US HIGHWAY 22 WEST UNION NJ 07083 GENERAL CONTRACTING 7747227 SAMUEL S GRAHAM INC PO BOX 319 EAST HANOVER NJ 07936 GENERAL CONTRACTING 4882985 KSS ARCHITECTS LLP 337 WITHERSPOON STREET PRINCETON NJ 08542 ARCHITECTS 3797321 70 679000 33283000 13419000 465000 47381000 TUITION & FEES 900099 286454000 286454000 ROOM AND BOARD 900099 28496000 28496000 FEES AND CONTRACTS FROM GOVERMENT AGENCIES 900099 266000 266000 MEDICAL RESIDENCY PROGRAM 900004 1334000 1334000 316550000 5081000 -13000 5094000 13000 13000 120000 10000 110000 323000 61000 262000 0 262000 262000 307423000 3000 278656000 1605000 28767000 -1602000 27165000 27165000 465000 679000 502000 -37000 -37000 0 0 NCAA REVENUE SHARING 900099 2874000 2874000 ATHLETICS TICKET SALES 900099 1215000 1215000 PARKING 812930 1363000 1363000 4378000 3630000 124000 624000 9830000 406365000 324269000 121000 34594000 66000 66000 115397000 115397000 0 0 4493000 2269000 1502000 722000 214000 214000 113345000 97167000 13858000 2320000 6901000 5916000 844000 141000 22700000 18331000 3722000 647000 7900000 6773000 965000 162000 104000 83000 21000 485000 27000 458000 253000 253000 132000 132000 0 2226000 2226000 23814000 20779000 2750000 285000 1322000 956000 327000 39000 7539000 5743000 1573000 223000 5350000 2379000 2971000 0 7517000 7058000 459000 7106000 6322000 616000 168000 0 2479000 1984000 329000 166000 4613000 4561000 52000 0 13892000 13005000 834000 53000 1836000 32000 1804000 REPAIRS AND MAINTENANCE 6749000 5222000 1383000 144000 BOOKS AND SUBSCRIPTIONS 2727000 2692000 22000 13000 STUDENT BAD DEBT PROVISION 2258000 2258000 MEMBERSHIPS 1049000 706000 339000 4000 2090000 1624000 461000 5000 364557000 319306000 40159000 5092000 43147000 28273000 5452000 3025000 6561000 14014000 4157000 3909000 0 0 0 0 14033000 14054000 0 0 5095000 11684000 488225000 217293000 222987000 270932000 189365000 212971000 71719000 82080000 0 0 0 0 2999000 11136000 565515000 652078000 42491000 46079000 0 0 11788000 14346000 106231000 134879000 0 0 0 0 0 0 0 0 29035000 28298000 189545000 223602000 X 227153000 256535000 67829000 86503000 80988000 85438000 375970000 428476000 565515000 652078000 X 41808000 10512000 186000 X false true X true true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true false true 1000 true true 18721 true 139404 false false 159125 false Part II-B, Line 1(i) Other Lobbying Activities Seton Hall University lobbied state legislators regarding annual independent college appropriations, zoning regulations, student health insurance, student aid for independent college students. Efforts consisted of direct mailings, phone calls and personal meetings. Members of Congress were contacted regarding student aid and grants for various university programs. The University's staff is involved in lobbying efforts. The value of that staff time is approximately $27,125. These costs have been reported on line 7 (other salaries and wages) and not separately identified on line 11(d) in Part IX, Statement of Functional expenses. 1053000 30000 X X X false 241466000 3576000 41387000 2658000 10262000 1335000 272174000 227198000 899000 25222000 2785000 8285000 783000 241466000 234593000 679000 2077000 2611000 7591000 -51000 227198000 166196000 2398000 78428000 2614000 6875000 2940000 234593000 152767000 4367000 20452000 2706000 7495000 1189000 166196000 0.43700 0.31400 0.24900 true false 3022000 3022000 376210000 169480000 206730000 55239000 47813000 7426000 53754000 0 53754000 270932000 0 0 REFUNDABLE U.S. GOV'T GRANTS 13543000 CONDITIONAL ASSET RETIRE OBLIG 7995000 INTEREST RATE SWAP AGREEMENTS 5610000 ACCRUED POSTRETIREMENT BENEFIT 1150000 28298000 X 305003000 10512000 514000 351000 11377000 293626000 2226000 110513000 112739000 406365000 252497000 514000 741000 1255000 251242000 2226000 111089000 113315000 364557000 Part III, line 4 Collections are composed of: a mural, ancient Greek and Roman coins, book collections, paintings, wild life art collections, and a special collection of research papers. Collections are utilized by students, faculty, administrators and the general public. Their usage helps achieve the ultimate goal of advancing the educational and research mission of the University. Part V, line 4 Endowment funds support the University's mission by providing a sustainable flow of funds to annual operations. This support includes funds for scholarships and for specific academic programs. The University has adopted an endowment spending policy designed to provide a predictable flow of funds to operations. The policy is intended to balance current spending needs and preserve the endowment's future purchasing power. The University applies a 4.5% spending rate to a three-year moving average of endowment investment funds. The Board of Regents sets the spending rate. The purpose of using a moving average is to smooth out any wide fluctuations in the market value. Endowment earnings in excess of the spending rate are added back to the principal of the endowment investments. In years when yield exceeds the amount appropriated under the spending policy the excess is returned to principal as appreciation. When annual yield is insufficient to support spending appropriations, the balance is provided from accumulated appreciation. Special allocations are made for certain purposes in addition to the spending rate, as approved by the University's Board of Regents, annually. Part X, line 1: Other Liabilities - Income Taxes The FASB ASC Topic 740 established criterion that an individual tax position must meet for some or all of the benefits of that position to be recognized in an entity's financial statements. This standard required the University to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The University has processes presently in place to ensure the maintenance of its tax-exempt status; to identify and report unrelated income; determine its filing and tax obligations in jurisdictions for which it has nexus; and to review other matters that may be considered tax positions. The tax years ending 2011, 2012, 2013, and 2014 remain open to audit for both federal and state purposes. This standard was effective for the University on July 1, 2008, and did not have an impact on the University's financial statements. Part XI, Line 2D - Other Change in value of interest rate SWAP agreements of $351,000. Part XI, Line 4b - Other Financial Aid of $111,089,000, less limited partnership loss of $13,000, less rental expense of $61,000, and less special events expenses of $502,000. Part XII, Line 2D - Other Provision for uncollectible contributions receivable of $178,000, plus special events expense of $502,000 and rental expense of $61,000. Part XII, Line 4B - Other Financial aid of $111,089,000. true true true true true true true false false false false false false false false true false true Part I, Line:3 The University's racially nondiscriminatory policy appears in its Undergraduate and Graduate catalogs, as well as in the Admission Prospectus. It is also in all newspaper advertisements and the University's website. Line 6 - Explanation of Government Financial Aid The University participates in various Federal and State financial aid programs, which include, but are not limited to the following programs: Federal Direct Lending Program, Federal Pell Grant, Federal College Work Study, Federal Supplemental Education Opportunity Grant, N.J State Tuition Assistance Grant and N.J. State Education Opportunity Fund. Central America and the Caribbean Investments 33028000 East Asia and the Pacific 1 1 Program Services Student Recruitment 53000 1 1 1 1 33081000 33081000 true false true true true false Part I, Line 3, (1) By virtue of its investments in various limited partnership investments, Seton Hall University may invest in passive foreign investment companies and/or foreign partnerships; to the extent the University is required to file the Forms 926, 5471, 8621, or 8865, those foreign forms were attached to the University's Form 990-T. Part I, Line 3, (2) Support for student recruiting and academic exchange program developments, including the summer faculty training for a University in China. Many Are One 203000 124000 79000 26000 55000 20000 27000 Law Sch Dinner 206000 152000 54000 64000 10000 7000 9 735000 403000 332000 10000 153000 72000 58000 1144000 679000 465000 36000 272000 102000 92000 502000 -37000 true Village of South Orange NJ 101 South Orange Avenue South Orange NJ 07079 226002309 115 31000 See Part IV. South Orange Police Department 101 South Orange Avenue South Orange NJ 07079 226002309 115 22000 South Orange Rescue Squad 4 3rd St South Orange NJ 07079 226077379 501(c)(3) 6000 International Society for NeuroViroloy 3500 N Broad St Philadelphia PA 19140 232958381 501(c)(3) 7000 4 Federal Awards 2202 11371000 State of New Jersey Awards 1777 12802000 Institutional Support 9128 91224000 Part I, Line 2 All University spending must be approved by a manager or higher level, depending on the amount of the expenditure. Any expenditure of $1,000 or above would have to be approved by a Dean or other budget center manager. An expenditure in excess of $10,000 must be approved by a Vice President (or that person's designee) or the President. Grants or assistance to outside organizations are segregated in the University's financial accounting system through the use of a separate account code, which allows for review by University's central finance department. Scholarships are provided to students who are required to matriculate in the University, thereby ensuring that the funds are expended for the intended purposes. Part II,Line 1, (h) Purpose of grant assistance: Construction of South Orange Performing Arts Center. X X X X false true X X X X X false true false true false false false true false A Gabriel EstebanPhD President/Regent/Trustee 425258 75000 13094 70400 83506 667258 Larry A RobinsonEdD Provost & Executive V.P. 304043 75000 10324 20400 32599 442366 David J BohanMBA V.P. University Advancement 279120 42750 20766 20400 33934 396970 Dennis J GarbiniMBA V.P. Administration 237931 8736 19582 24214 290463 Tracy H GottliebPhD V.P. Student Services 200106 8423 16402 65625 290556 Stephen A GrahamMBA VP Finance/CFO 218412 7406 17776 30451 274045 Catherine A KiernanJD V.P. General Counsel 244879 8234 20093 31564 304770 Alyssa McCloudPhD V.P. Enrollment Management 245831 55000 3836 19796 11574 336037 Joan F GuettiPhD Sr. Associate Provost 170539 959 13736 9904 195138 Patrick E HobbsJDLLM Dean School of Law 364041 7375 20400 35777 427593 Kathleen BoozangJDLLM Law School - Professor 227848 447 17093 15705 261093 Joyce A StrawserPhD Dean School of Business 228276 501 18584 28476 275837 Kevin Willard Head Coach Men's Basketball 1168408 140000 31825 20400 44961 1405594 Stephen JLubbenJDLLM Law School Professor 257784 224 20400 33579 311987 Karen E BoroffPhD Former Dean School of Business 169651 987 13964 28865 213467 Patrick G Lyons Dir. of Athletics & Rec. Svcs. 310230 65000 19373 20400 26104 441107 Michael S Zavada PHD Dean College of Arts & Science 162222 920 13332 21553 198027 Brian B Shulman PHD Dean School of Health & Med. 230747 933 18777 13895 264352 Part I, Line 1a As a condition of employment at the University, the University provided housing and related services at no charge to its President, A Gabriel Esteban, and its Provost & Executive Vice President, Larry A. Robinson. In addition, housing and related services were provided at no charge to members of its priest community which included an officer, along with certain Regents and Trustees listed in Form 990, Part VII (Monsignor Anthony Ziccardi, Monsignor Joseph R. Reilly, Monsignor James M. Cafone, Monsignor Robert J. Wister and Reverend Mark O'Malley). The value of the housing and related benefits are included in Part VII, Column F, and, for the President and Provost, they are also included in Schedule J, Part II. The President's spouse accompanied him on certain business trips, and she provided business services as a volunteer for the University on those trips. The cost to the University was approximately $4,720. It is included in nontaxable benefits in Schedule J, Part II. The University paid membership fees to a country club for its men's basketball coach, Kevin Willard, and Director of Athletics & Recreational services, Patrick G. Lyons. Their attendance at these organizations were exclusively business related in order to assist University Advancement with donor cultivation and fundraising efforts. Such fees totaled $13,075 and $23,869, respectively. They are included in nontaxable benefits in Schedule J, Part II. Part I, Line 4b President, Gabriel Esteban, participated in a Section 457(f) supplemental non-qualified retirement plan. The amount deferred for future payment is reported in column (c). Part I, Line 5a Patrick G.Lyons, Director of Athletics & Recreation Services, received $25,000 of incentive compensation for reaching certain progress goals associated with Athletic Department revenue. David J. Bohan, V.P. Advancement, received $42,750 of incentive compensation for reaching certain fundraising goals. Part I, Line 7 Alyssa McCloud, V.P. Enrollment Management, received a performance based bonus approved by management. She did not have input into her bonus. A NJEFA - Seton Hall Issues 2008 D & E 221829511 646065wz1 2008-12-11 73939881 (see Part VI) false false false B NJEFA - Seton Hall - Issue 2011 A 221829511 646065u83 2011-06-10 37578532 (see Part VI) false false false C NJEFA - Seton Hall - CIF 2004A2006A& 2014D 221829511 64605lnm6 2004-04-14 7805700 (see Part VI) false false true D NJEFA-SETON HALL-CIF 2014B 221829511 646066DG2 2014-04-29 19369367 (See Part VI) false false true A 5605000 0 74633251 1848863 0 0 1054021 156565 0 685153 70880432 0 2008 true false true true B 17970000 0 37578532 0 0 0 411094 0 0 0 37167438 0 2011 true false true true C 1170876 0 7805700 0 78458 0 56467 59024 0 7611751 0 0 2005 false true true true D 0 0 19369367 0 0 0 113339 0 0 829512 0 185318 false false true true A 0 B 0 C false false false false 0.00000 0.01480 0.01480 false false false true D false false false false 0 0.00550 0.00550 false false false true A false false false true true true Citibank NA 23. false false false 0 true true B false false true false false false 0 false 0 false true C false false true false false false 0 false 0 false true D false true false false false false 0 false 0 false true A true B true C true D true Part IV, Line 2c For Seton Hall University issues 2008 D & E, Rebate calculations were done for the period from December 11, 2008 through June 30, 2014. For Seton Hall University issue 2013D, Rebate calculations were done for the period from July 10, 2013 through June 30, 2014 Part I, Column(f) Description of Purpose 1. Seton Hall University Issues, 2008 Series D & E,(CUSIP numbers 646065WZ1 and 646065XQ0) were issued by the New Jersey Educational Facilities Authority (NJEFA) to currently refund Seton Hall University Issues, 2005 Series C and 2006 Series A. The 2005 Series C issue was issued on August 18, 2005 by the NJEFA to finance capital improvements at the University. The 2006 Series A issue was issued on June 1, 2006. It refunded the University's 1996 Series E issue, which was for capital improvements and for refunding the University's 1989 Series C issue, which was for capital improvements. The 2008 Series D & E issues were treated as a single issue for tax purposes. Amounts reported in Schedule K herein are for the combined issue. All proceeds deposited in the refunding escrows have been spent. The issue price in Part I, column E, of $73,939,881 plus $8,217 of interest earnings at the time of issue and $685,153 of project funds remaining from the 2005 and 2006 bonds at the time of the refunding, which were transferred to the 2008 Series D & E Bonds, equals the Part II, line3, total proceeds of the issue of $74,633,251. All of the $685,153 has been used for capital expenditures. In 2005, the University entered into two long-term interest rate swap agreements with Citibank, N.A. in order to hedge interest rate exposure related to their 2005 Series C and 2006 Series A issues. Following the refunding of the 2005 and 2006 issues with 2008 Series D & E, the interest rate swap agreements remained in place, following an amendment, in order to hedge interest rate exposure for the 2008 Series D issue. The swap agreements expire concurrently with the maturity of the 2008 Series D bonds, the last of which mature on July 1, 2037. 2. Seton Hall University Issue, 2011 Series A, (CUSIP number 646065U83) was issued by the NJEFA to currently refund Seton Hall University's 1999 Refunding, 2001 Series A, 2001 Series B, and 2001 Series G bond issues. The 1999 Refunding issue was issued in July 1999 to refund the University's 1991 Series D and 1989 Series C issues. The 1991 Series D and the 1989 Series C issues were issued to finance capital improvements. The 2001 Series A issue was issued in June 2001 to refund the University's 1991 Series A issue which refunded the University's 1985 Series A issue which was issued to finance capital improvements. The 2001 Series B issue was issued in June 2001 to refund the University's 1991 Series B issue which was issued to refund the University's 1988 Series B issue which was issued to refund the University's 1976 Series A issue and to finance capital improvements. The 1976 Series A issue was issued to finance capital improvements. The 2001 Series G issue was issued in June 2001 to finance capital improvements. 3. On April 14, 2004, the NJEFA issued Capital Improvement Fund ("CIF")Series 2004A bonds pursuant to a program of the State of New Jersey to finance capital improvements at institutions of higher education. The bonds were issued in the principal amount of $76,725,000 which was allocated to a total of seven institutions in New Jersey, three public and four private. An 8038 was filed for the portion of the issue allocated to private institutions and a separate 8038-G was filed for the portion allocated to public institutions. Seton Hall's apportioned amount, after $115,491 of apportioned issuance and credit enhancement costs, was $7,690,209. Of this amount $78,458 was allocated to capitalized interest. The remainder that was received by Seton Hall was $7,611,751, of which $3,805,875 was a grant and $3,805,876 was repayable over 20 years. Bonds issued to finance grants must be approved by the State Treasurer and are repayable by the State subject to appropriation. The bonds are sold based on the credit of the State. Each grantee enters into a grant agreement obligating the grantee to pay 1/2 of the debt service on the bonds allocable to the grant. On October 26, 2006, NJEFA issued CIF Bonds, Series 2006 A to partially advance refund the 2004 A Bonds and other series of CIF Bonds. At that time, the amounts payable by each grantee were adjusted to take account of allocable debt service savings. The CUSIP number and issue date shown in Part I of Schedule K are for the Series 2004 A Bonds. The NJEFA has further information about the total bond issue. Seton Hall spent the entire amount of bond proceeds allocated to it on capital improvements on the University's campus. Seton Hall University does not use any of the debt financed property to undertake a non-exempt activity. The amounts reported on Schedule K, Part III, Line 5 represent the bond issuance and credit enhancement costs from Schedule K, Part II, Lines 7 and 8 divided by the amount on Part II, Line 3, total proceeds of issue. The University has responded "Yes" to Schedule K, Part IV, line 2a, which asks if an exception to rebate applies. This response is predicated on the University's spending of its apportioned grant and loan amount of $7,611,751 as part of this bond issue. On April 29, 2014 the NJEFA issued CIF bonds, Series 2014 B, and advance refunding CIF bonds, Series 2014 D, pursuant to a program of the State of New Jersey to finance capital improvements at institutions of higher education. One Form 8038 was filed by the NJEFA covering both issues, under CUSIP number 646066DG2. Gross proceeds from both issues were $19,369,367 with the 2014 B portion being $15,493,539 and the 2014 D portion being $3,875,828. The Series 2014 D issue partially advance refunded the 2004A bonds related to three private institutions of higher education. As a result of this advance refunding, amounts payable by each institution, including the University, was adjusted to take into account allocable debt service savings. 4. As noted above, on April 29, 2014 the NJEFA issued CIF bonds, Series 2014 B, pursuant to a program of the State of New Jersey to finance capital improvements at institutions of higher education. The gross proceeds of this issuance were $15,493,539. The proceeds were allocated to six private institutions of higher education. Seton Hall's apportioned amount was $2,192,165. After $12,165 of apportioned issuance costs, the remainder that was received by Seton Hall was $2,180,000, of which $1,165,170 was a grant and $1,014,830 was repayable over 20 years. Bonds issued to finance grants must be approved by the State Treasurer and are repayable by the State subject to appropriation. The bonds were sold based on the credit of the State. Each institution enters into a grant agreement obligating the grantee to pay a portion of the debt service on the bonds allocable to the grant. Seton Hall intends to spend the entire amount of the bond proceeds allocated to it on capital improvements. The amount reported on Schedule K, Part III, line 5 represents the bond issuance costs from Schedule K, Part II, line 7 divided by the amount on Part II, line 3, total proceeds of issue. 5. Seton Hall University issue, 2013 D, (CUSIP 6460656D9) was issued by the NJEFA to currently refund Seton Hall University's 2009 C bonds sold directly to Capital One, N.A., finance a portion of the cost of terminating the University's interest rate swap agreement with Citibank, N.A. that hedged interest rate exposure related to the 2009 C bonds, and to finance capital improvements. The University's 2009 Series C bonds refunded the University issue, 1998 Series F, issued on June 29, 1998 by the NJEFA to refund a 1991 Series D Seton Hall University issue that financed capital improvements at the University. The portion of the 2013 D total proceeds of $43,935,728 that was used to refund the 2009 C bonds and to finance a portion of the cost to terminate the related swap agreement was $7,800,307. The remainder of $36,135,421 was used to pay costs of issuance of $522,077, pay $2,405,009 of capitalized interest, and deposit $33,208,335 into a construction fund for capital improvements. The amount reported on Schedule K, Part III, line 5 represents the bond issuance costs from Schedule K, Part II, line 7 divided by the amount on Part II, line 3, total proceeds of issue. 6. On January 30, 2014 the NJEFA issued Higher Education Equipment Leasing Fund ("ELF") Program bonds, Series 2014 B, pursuant to a program of the State of New Jersey to finance capital improvements at institutions of higher education. The ELF 2014 B issue is allocated to equipment purchases at six private institutions of higher education. The gross proceeds of this issuance were $8,131,497. Seton Hall's apportioned amount was $1,522,184. After $10,253 of apportioned issuance costs, the remainder that was received by Seton Hall was $1,511,931, of A NJEFA - Seton Hall - Issue 2013D 221829511 6460656D9 2013-07-10 43935728 See Part VI false false false B NJEFA- Seton Hall - ELF Issue 2014B 221829511 6460658j4 2014-01-30 8131497 (See Part VI) false false true A 100000 0 43935728 0 2405009 0 522077 0 0 27951067 7800307 5257268 2014 true false true true B 0 0 8131497 0 0 0 54772 0 0 0 0 330900 false false true true A false false false false 0 0.01190 0.01190 false false false true B false false false false 0 0.00670 0.00670 false false false true A false false false true false false 0 false 0 false true B false true false false false false 0 false 0 false true A true B true 0 Patrick Hobbs Child of key employee 12500 Scholarship Tuition scholarship Kent Manahan Spouse of Regent 237044 Legal fees false William M Staats Regent 675000 Banking services false Part III Grants or Asssistance Benefiting Interested Persons The child of Patrick Hobbs, a key employee, was awarded the Law Presidential Scholarship amounting to $12,500. His position as Dean of the Law School had no bearing in the award process nor was he involved in the process at all. Part IV Business transactions Involving Interested Persons Kent Manahan's spouse is a partner in the law firm of Connell Foley, LLP. Seton Hall University paid Connell Foley $237,044 for legal services in the year ended June 30, 2014. William M. Staats, Regent, is a Managing Director at US Trust, a business unit of Bank of America. For the year ended June 30, 2014, the cost incurred by Seton Hall University for banking services provided by Bank of America was approximately $675,000. In both of the above business transactions involving interested persons (legal services and banking services), each transaction was conducted at arm's length and neither party was involved in the deliberations or decision-making process in the granting of the work. X 2 18000 appraisal X 12000 appraisal X 2000 Cost X 45 382000 Selling price X 6 8000 Cost X IT EQUIPMENT 1 23000 Cost X MISCELLANEOUS 8 20000 Cost 1 false true true Part I, Line 32b Auction companies are used to process and/or sell noncash contributions in "silent auctions" at several fundraising events. To the extent Seton Hall University receives donations of publicly traded securities, its investment broker is engaged to sell those securities. The University reimbursed a related party, the Roman Catholic Archdiocese of Newark, for administrative expenses incurred in conducting the Archbishop's annual appeal to raise funds from the congregation for the benefit of the University. Form 990, Part III, Line 1 Seton Hall University is a Catholic university. IN a diverse and collaborative environment, it focuses on academic and ethical development. Seton Hall students are prepared to be leaders in their professional and community lives in a global society and are challenged by outstanding faculty, an evolving technologically advanced setting, and values-centered curricula. Seton Hall University's 58-acre park-like campus is located in South Orange, New Jersey, only 14 miles west of New York City. The University is home to nine schools, including its Law School located in Newark, New Jersey. Its undergraduate and graduate enrollment is approximately 5,800 and 4,100, respectively. Seton Hall is the oldest diocesan university in the United States. It remains a pioneer in Catholic education. Form 990, Part VI, Section A, line 2: Board of Regents members, Mark E. Ganton and William M. Staats, have a business relationship. Form 990, Part VI, Section A, line 7a: The Board of Regents is responsible for the entire management of the affairs and concerns of the University. The Board of Regents is vested with the responsibility, power, and authority to govern the University and shall exercise the corporate powers of the University under Law. Board of Regent Emeriti do not have voting privileges. Form 990, Part VI, Section A, line 7b: The Board of Trustees stand in the stead of the original incorporators of Seton Hall College and have the rights and powers reserved to it by the University's By-Laws. Those powers include the right to amend the University's organizing documents, to authorize the sale of any University property and, most importantly, to elect the Board of Regents. Form 990, Part VI, Section B, line 11: The Board of Regents adopted a written policy charging the Audit Committee with the responsibility to conduct, on an annual basis, an appropriate review of the University's completed Form 990 and Form 990-T prior to filing with Internal Revenue Service. The Audit Committee is also charged with making an appropriate report and recommendation to the Board of Regents on their review. Following review by the Audit Committee, Forms 990 and 990-T are submitted to the entire Board of Regents for its review and approval for filing with the Internal Revenue Service. The Board of Regents shall contemporaneously document the meeting at which the Forms 990 and 990-T are reviewed and approved for filing. Form 990, Part VI, Section B, Line 12c: The University's conflict of interest policy is posted on the University's web site. All new employees are made aware of the policy at the time of hire. For senior management, the University requires an annual disclosure of significant financial interests in, or employment or consulting relationships with, entities doing business with the University. These annual disclosures cover both senior management and their immediate family members. When such relationships exist, measures are taken to address the actual or perceived conflict to protect the best interests of the University. The policy requires, among other things, that no member of the Board of Regents or its Committees can participate in any decision in which he or she (or an immediate family member) has a material financial interest. Each Regent is required to certify compliance with the conflict of interest policy on an annual basis and indicate whether the University does business with an entity in which a Regent has a material financial interest. When such relationships exist, measures are taken to mitigate any actual or perceived conflict, including requiring that such transactions be conducted at arm's length, for good and sufficient consideration, based on terms that are fair and reasonable to and for the benefit of the University, and in accordance with relevant conflict of interest laws. The University is unaware of any such associations considered to be significant. Form 990, Part VI, Section B, Line 15: Seton Hall University can ensure and demonstrate that our compensation actions do not inure to the benefit of a private individual. We can demonstrate that the compensation of all disqualified persons, such as officers, directors, and key employees, is considered reasonable and would ordinarily be paid for like services by like enterprises under like circumstances. The reasonableness of our compensation takes into account all benefits. Any compensation transactions for these individuals are approved by an authorized body of individuals who have no conflict of interest. Utilizing a compensation consultant, appropriate compensation data is relied upon for comparability and proof of fair market value, before making a decision. Compensation decisions and reports are contemporaneously documented in the minutes of the meeting of the Committee when the decisions are made. Form 990, Part VI, Section C, Line 19: The University's By-Laws and its conflict of interest policy are posted on the University's web site. The University's financial statements are posted on the web site of the National Association of College and University Business Officers (NACUBO). Form 990, Part XI, Line 9 Change in value of interest rate swap agreements of $351,000 less the provision for uncollectible contributions receivable of $178,000, plus limited partnership loss of $13,000. Form 990, Part VI, Section A, Line 4 For the year ending June 30, 2014, the University amended its bylaws to increase the membership in the Board of Regents: 1. To no less than thirty-two (32), nor more than forty-six (46) members, with no more than thirty-five (35) being ex-officio members. 2. Added two (2) ex-officio members: The Coadjutor Archbishop of the Archdiocese of Newark, and the Vicar General and Moderator of the Curia of the Roman Catholic Archdiocese of Newark. Roman Catholic Archdiocese of Newark 171 Clifton Avenue Newark NJ 07104 221487308 See Part VII NJ 501(c)(3) 1 false false false false false false false false false false false false true false false true false false false Part II : Identification of Related Tax-Exempt Org.Primary Activity Primary activity of Roman Catholic Archdiocese of Newark - oversees the Catholic church in certain counties of New Jersey.