Bloomfield College

“As a result of the merger of bloomfield college into the newly created bloomfield college of montclair state university inc. On june 30, 2023, the 990 review process was conducted by the board of trustees of the new entity. The vice president of finance and administration reviewed a complete copy of the form 990 with the board of trustees prior to filing with the irs. The new trustees are: preston pinkett, kent sluyter, and mary comito. Management and the organization's tax consultants also presented a complete copy of the form 990 to the audit committee of msu for its review before filing with the irs.”

“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.”

“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.”

“The organization provides its governing documents, conflict of interest policy and financial statements to the public upon request.”

“Bloomfield college and montclair state university merged on june 30, 2023 at 11.59 p.m., 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. The merger was enabled by legislation codified at l. 2023, c. 65 and signed on june 30, 2023. Bloomfield college served a diverse population and prepared students for success in a multicultural and global society. While bloomfield college is no longer in existence following the merger, bloomfield college of montclair state university will continue to operate and serve these same communities. As the transaction has already taken place, the organization's form 990 reflects the new name as reflected in internal revenue service records.”

“Change in net periodic benefit obligation 444,434. Write-off of uncollectible pledges -25,570.”