2015-11-09T08:40:42-06:00 2014-12-31 271728945 O'CONNOR DAVIES LLP 665 FIFTH AVENUE NEW YORK NY 10022 990 2014-01-01 273453412 FOUNDATION FOR NEWARK'S FUTURE INC FOUN 9736391600 60 PARK PLACE NO 604 NEWARK NJ 07102 KIMBERLY MCLAIN PRESIDENT/CEO 9736391600 2015-11-07 1 GARRETT M HIGGINS P00543209 2122862600 2014 2016-04-25 22:37:26Z KIMBERLY MCLAIN 60 PARK PLACE NO 604 NEWARK NJ 07102 8177851 0 X WWW.FOUNDATIONFORNEWARKSFUTURE.ORG X 2010 NJ TO CREATE A FOUNDATION FOR SYSTEMATIC EDUCATIONAL REFORM WITHIN NEWARK, NJ. 5 5 6 5 0 0 11417880 8176176 0 0 1688 1675 0 0 11419568 8177851 13043282 8441727 0 0 824172 684775 0 0 0 1042048 654669 14909502 9781171 -3489934 -1603320 9938171 4689503 4179286 533938 5758885 4155565 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 7111711 6492808 SCHOOL LEADERSHIP AND TEACHER QUALITYTHE FOUNDATION FOR NEWARK'S FUTURE 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 2014 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 IMPLEMENT THE CONTRACT. 1948919 1948919 SCHOOL OPTIONS AND INNOVATIONTHE FOUNDATION FOR NEWARK'S FUTURE HAS PARTNERED WITH SCHOOL SYSTEMS AND ORGANIZATIONS TO STRIVE TOWARDS THE DAY WHEN ALL KIDS HAVE ACCESS TO HIGH QUALITY SCHOOL OPTIONS IN BOTH THE DISTRICT AND CHARTER SECTOR. THE MOST SIGNIFICANT INVESTMENT IN THIS AREA IN 2014 INCLUDED A GRANT TO NEWARK CHARTER SCHOOL FUND, AS WELL AS EXTENDED LEARNING TIME INITIATIVES IN THE SCHOOL DISTRICT. 9060630 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 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 27 0 6 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 3.00 X 0 0 0 ENRICO GAGLIOTI TRUSTEE 3.00 X 0 0 0 DR ROBERT JOHNSON TRUSTEE 3.00 X 0 0 0 KIMBERLY MCLAIN PRESIDENT AND CEO 40.00 X 234012 0 42635 KEVIN CALLAGHAN PROGRAM DIRECTOR 40.00 X 120325 0 17185 354337 0 59820 2 0 1 0 HOGAN LOVELLS 555 THIRTEENTH STREET NW WASHINGTON DC 20004 LEGAL SERVICES 140603 PARTHENON GROUP 50 ROWES WHARF BOSTON MA 02110 PUBLIC SCHOOL CONSULTING 135000 MCCARTER & ENGLISH LLP 4 GATEWAY CENTER 100 MULBERRY STRE NEWARK NJ 01702 NPS LEGAL SERVICES 129940 3 8176176 8176176 1675 1675 8177851 0 0 1675 7996680 7996680 445047 445047 276647 138323 138324 310253 236378 73875 22025 16884 5141 32029 16777 15252 43821 30204 13617 485 485 105671 105671 223319 122511 100808 49874 49874 61482 6503 54979 32154 32154 101742 101742 35203 1449 33754 20577 20577 9452 9452 7415 7415 DUES & SUBSCRIPTIONS 4237 4237 3058 3058 9781171 9060630 720541 0 471910 607039 7550766 3712812 1890957 354700 9341 9206 52205 46459 15197 5746 9938171 4689503 781664 165952 3397622 367986 4179286 533938 X 1751679 2196534 4007206 1959031 5758885 4155565 9938171 4689503 -1603320 0 X X 0 1 X 1 0 X 2356736 12499871 42648531 11417880 8176176 77099194 2356736 12499871 42648531 11417880 8176176 77099194 62904665 14194529 15 356 1005 1688 1675 4739 77103933 X FORM 990, SCHEDULE A, PRIOR PERIOD SHORT YEAR EXPLANATION: THE FOUNDATION WAS INCORPORATED ON 7/26/10, AND WAS GRANTED 501(C)(3) STATUS BY THE IRS EFFECTIVE 7/26/10. THE FOUNDATION OPERATES ON A CALENDAR YEAR BASIS. ACCORDINGLY FOR THE PERIOD FROM 7/26/10 TO 12/31/10, THE FIRST YEAR OF OPERATION, THE FOUNDATION FILED A SHORT YEAR RETURN WHEN SUBMITTING THE 2010 FORM 990. ALL FILINGS FOR THE SUBSEQUENT YEARS WERE BASED ON FULL 12 MONTH CALENDAR YEAR PERIODS. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2500 2500 0 40230 34484 5746 9475 9475 0 5746 X 8183441 5590 5590 8177851 0 8177851 9786761 5590 5590 9781171 0 9781171 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, 2011. 1 NEW JERSEY SCHOOL AGE CARE COALITION 213 NORTH AVENUE WEST 363 WESTFIELD NJ 07090 521833613 501(C)(3) 76972 SEE PART IV NEW JERSEY PERFORMING ARTS CENTER 1 CENTER STREET NEWARK NJ 07102 222889703 501(C)(3) 30000 SEE PART IV THE NEW TEACHER PROJECT 186 JORALEMON STREET SUITE 300 BROOKLYN NY 11201 133850158 501(C)(3) 1367692 SEE PART IV COLLEGE SUMMIT INC 1763 COLUMBIA ROAD NW WASHINGTON DC 20009 522007028 501(C)(3) 88240 SEE PART IV NEWARK CHARTER SCHOOL FUND INC 60 PARK PLACE 17TH FLOOR NEWARK NJ 07102 262224940 501(C)(3) 1743750 SEE PART IV NEWARK TRUST FOR EDUCATION 494 BROAD STREET SUITE LL30 NEWARK NJ 07102 383663314 501(C)(3) 100000 SEE PART IV PROGRAMS FOR PARENTS 570 BROAD STREET 8TH FLOOR NEWARK NJ 07102 222504469 501(C)(3) 95000 SEE PART IV BUILDING RESPONSIBLE INTELLIGENT CREATIVE KIDS (BRICK) 59 LINCOLN PARK NEWARK NJ 07102 270820249 501(C)(3) 262500 SEE PART IV COUNCIL OF NEW JERSEY GRANTMAKERS 101 WEST STATE STREET TRENTON NJ 08608 223470235 501(C)(3) 30000 SEE PART IV NEWARK PUBLIC SCHOOLS 2 CEDAR STREET NEWARK NJ 07102 226002140 STATE OF NEW JERSEY 3716441 SEE PART IV 10 0 MY VERY OWN LBRARY SCHOOL BOOKS 21000 445047 FAIR MARKET VALUE SEE PART IV 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. 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. 2. NEW JERSEY PERFORMING ARTS CENTER: SUMMER SCHOOL PILOT PROJECT "PROJECT PLUS" AT THE CAMDEN STREET SCHOOL OFFERING TRADITIONAL ACADEMIC SERVICES AND ENRICHMENT PROGRAMS, BRINGING THE PERFORMING ARTS TO 120 FIRST THROUGH FOURTH GRADERS. 3. THE NEW TEACHER PROJECT: FOR A TEACHER EVALUATION SYSTEM, DEVELOPMENT OF A TOOLKIT TO ENSURE CONTINUOUS SUPPORT AND PROFESSIONAL DEVELOPMENT FOR PRINCIPALS, TEACHERS AND DISTRICT LEADERS. 4. 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. 5. NEWARK CHARTER SCHOOL FUND: SUPPORT HIGH QUALITY AND GROWTH OF CHARTER SCHOOL SECTOR AND INCREASED DISTRICT-CHARTER COLLABORATION, ACCOUNTABILITY, ADVOCACY AND PARENTAL ENGAGEMENT. 6. NEWARK TRUST FOR EDUCATION: GRANT TO THE POOLED FUND FOR HIGH QUALITY SCHOOL OPTIONS THAT FUNDS NEW OR HIGH QUALITY SCHOOLS 7. 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. 8. BUILDING RESPONSIBLE INTELLIGENT CREATIVE KIDS (BRICK): 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. 9. COUNCIL OF NEW JERSEY GRANTMAKERS: OPERATIONAL SUPPORT FOR THE OFFICE OF THE NEWARK PHILANTHROPIC LIAISON, A PARTNERSHIP BETWEEN THE CITY OF NEWARK AND THE COUNCIL OF NEW JERSEY GRANTMAKERS. 10. 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. FORM 990, SCHEDULE I, PART III. COL (F): DESCRIPTION OF NON-CASH ASSISTANCE THE PURPOSE OF NON-CASH ASSISTANCE TO DOMESTIC INDIVIDUALS IS AS FOLLOWS: SCHOOL BOOKS FOR THE "MY VERY OWN LIBRARY" PROGRAM: RESEARCH-BASED NEWARK LITERACY INITIATIVE THAT PROVIDE STUDENTS THE OPPORTUNITY TO RECEIVE 10 NEW SCHOOL BOOKS THROUGHOUT THE SCHOOL YEAR. X X 0 0 0 0 0 0 0 1 0 KIMBERLY MCLAIN PRESIDENT AND CEO 223137 0 10875 0 0 0 15225 0 27410 0 276647 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. 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 SALARIES FOR OFFICERS AND KEY EMPLOYEES ARE 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. 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 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.