Seton Hall University

“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. 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. Part vi, section b, line 11: the board of regents has charged the audit committee with the responsibility to conduct, review, and approve annually the university's form 990 and form 990-t for filing with internal revenue service. Following review and recommendation by the audit committee, forms 990 and 990-t are submitted to the full board of regents for its review and approval for filing with the internal revenue service. 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. 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. Part vi, section c, line 19: the university's by-laws and its conflict of interest policy are posted on the university's website.”

“Stephen A. Graham, MBA, was VP for Finance and CFO up until September 24, 2021. Robert McLaughlin, became Interim VP for Finance and CFO in September 25, 2021 and was in that position up until March 27, 2022. Donna M. McMonagle, became VP for Finance and CFO on March 28, 2022. Accordingly, she is reported on the Form 990 with no compensation in calendar Year 2021. Georita M. Frierson, Ph.D., became Dean of the College of Arts and Sciences on August 15, 2021. Accordingly, she is not reported in Form 990 Part VII because she did not meet the threshold of reportable compensation amount for reporting as a key employee. Peter Shoemaker, Ph.D., was Dean of the College of Arts and Sciences until August 14, 2021. Shawna Cooper-Gibson, Ed. D., was VP for Student Services until August 4, 2021. Monica Burnette, Ph. D., became Interim VP for Student Services on August 5, 2021 and VP for Student Services on December 1, 2021.”

“Seton Hall University (the "University") is the nation's oldest Diocesan Catholic University. In a diverse and collaborative environment, it focuses on academic, ethical, and spiritual 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, a technologically advanced setting, and values-centered curricula. The University is home to ten nationally recognized and accredited schools located on three campuses, all within 15 miles of New York City. Its main campus is in South Orange, New Jersey, its nationally ranked Law School is in Newark, New Jersey, and its Interprofessional Health Sciences ("IHS") campus is in the City of Clifton and the Township of Nutley, New Jersey. Within these ten schools, the professors of Seton Hall educate, shape and develop approximately 6,000 undergraduate and 3,800 graduate students, who are enrolled in more than 90 rigorous majors. This has led to the University being nationally recognized for academic excellence by the Princeton Review, U.S. News and World Report, and Bloomberg Businessweek. The University remains a pioneer in Catholic education. THE UNIVERSITY HAS A LONG-TERM RELATIONSHIP WITH HACKENSACK MERIDIAN HEALTH AT ITS IHS CAMPUS. THE UNIVERSITY AND HMH WERE PARTNERS IN AN AGREEMENT TO RENOVATE THE IHS PREMISES FOR THE UNIVERSITY'S CON AND SHMS COLLEGES AND THE HACKENSACK MERIDIAN SCHOOL OF MEDICINE (HMSOM). HMH IS LESSOR TO THE LEASE FOR THIS PREMISIS (KINGSLAND LEASE) AND THE UNIVERSITY SUBLEASES SPACE FROM HMH. THE UNIVERSITY AND HMH WILL CO-OWN THE IHS CAMPUS WHEN THE KINGSLAND LEASE AND UNIVERSITY'S SUBLEASE EXPIRE. IN ADDITION, THE UNIVERSITY AND HMH MAINTAIN A STRATEGIC ACADEMIC PARTNERSHIP AGREEMENT WHEREBY THE UNIVERSITY AND THE HMSOM HAVE AN INTEGRATED CURRICULUM, WITH 25% OF THE SEATS IN EACH CLASS OF THE MD PROGRAM RESERVED FOR UNIVERSITY GRADUATES WHO RESIDE IN NEW JERSEY, PROVIDED THEY MEET THE STANDARDS OF ADMISSION SET BY THE HMSOM, AND THE UNIVERSITY'S CON AND SHMS STUDENTS HAVEING BROAD ACCESS TO TRAIN AT HMH HOSPITALS. Robert C. Garrett, Regent, is the CEO at HMH, and also on the Board of Governors of the SOM. The University and HMH are strategic academic partners in the SOM. Neither HMH nor the SOM are considered related parties of the University.”

“Provision for uncollectible contributions receivable of $699,000 and the change in value of split-interest agreements of $573,000.”

“DURING THE COVID PANDEMIC THE FEDERAL GOVERNMENT PROVIDED HIGHER EDUCATION INSTITUTIONS WITH HIGHER EDUCATION EMERGENCY RELIEF FUNDING ("HEERF"), WHICH WAS ALLOCATED UNDER VARIOUS ACTS OF CONGRESS. The Coronavirus Aid, Relief, and Economic Securities Act ("CARES") was signed into law on March 27, 2020, and provided the University with total funding of $5,750,000 under HEERF I. The Coronavirus Response and Relief Supplemental Appropriations Act ("CRRSAA") was signed into law on December 27, 2020, and provided the University with total funding of $8,858,000 under HEERF II. The American Rescue Plan ("ARP") was signed into law on March 11, 2021, and provided the University with total funding of $15,666,000 under HEERF III in 2022. Each of these awards has a student aid portion and an institutional portion. The Department of Education provided required uses of the funds for both the student portion and institutional portion and until the conditions associated with those requirements are satisfied, revenue cannot be recognized, in accordance with ASU 2018-08. THE UNIVERSITY INCURRED NONRECURRING COVID-19 PANDEMIC EXPENSES OF $7,971,000 DURING THE YEAR ENDING JUNE 30, 2022, FOR EMERGENCY GRANTS TO STUDENTS UNDER THE HEERF PROGRAM, spending on shielding, ventilation improvements, personal protective equipment ("PPE"), testing, tracing, remote learning, additional dining services, cleaning, supplies, and signage. During the year ended June 30, 2022, the University recognized HEERF student share revenues of $7,835,000 offsetting the emergency grants provided to students.”