South Jersey Technology Park at Rowan University

“Form 990, Part VI, Line 1a The two graduate student board members are precluded from voting on personnel issues.”

“Form 990, Part VI, Line 7a The Rowan University Board of Trustees appoints all Directors of this filing organization.”

“Form 990, Part VI, Line 7b The Rowan University Board of Trustees ultimately approves all transactions occurring within this filing organization.”

“Form 990, Part VI, Line 11b The Rowan University Accounting Services Office (Accounting Services) acts as the liaison in the preparation of the tax returns for South Jersey Technology Park at Rowan University, Inc. (SJTP). Accounting Services provides all the financial information to the paid tax preparer based on the SJTP audited financial statements as well as the records of Rowan University's Accounting System for SJTP. Accounting Services contacts SJTP's officers and staff to obtain answers to the non-financial questions and provides this information to the paid tax preparer. A draft of the Form 990 is reviewed by accounting services personnel and SJTP officers and/or staff. Each board of directors member will receive a copy of the completed Form 990 prior to its filing with the Internal Revenue Service.”

“Form 990, Part VI, Line 19 Governing documents, conflict of interest, and financial statements are available upon request.”

“Form 990, Part XII, Line 2c The filing organization does not have a separate committee that assumes responsibility for selection of an independent accountant. However, the filing organization's related organization, Rowan University, does have such a committee that assumes responsibility for this task on behalf of the filing organization. The filing organization does have a committee that assumes responsibility for oversight of the audit of its financial statements.”

“In fiscal year 2014, SJTP adopted GASB No. 65, "Items Previously Reported as Assets and Liabilities" (GASB 65), which amends or supersedes the accounting and financial reporting guidance for certain items previously required to be reported as assets or liabilities. With the adoption of GASB 65, SJTP will expense bond issuance costs in the period in which they are incurred. GASB 65 is effective for SJTP's statements for the fiscal year ending June 30, 2014. SJTP adopted the provision in 2014 effective for the fiscal year beginning July 1, 2012, resulting in a restatement of the beginning of year balance sheet and net assets at beginning of year as detailed below: As previously Adjustments As restated reported Deferred Financing Costs 154,346 (154,346) - Unrestricted Net Assets 1,418,461 (154,346) 1,264,115 This restatement to the balance sheet has been reflected on this Form 990, Part X, Column (A) Beginning of Year Balances, Lines 15 and 27.”