Seton Hall University

“PART VI, SECTION A, LINE 5: AS PART OF AN INTERNAL REVIEW OF THE UNIVERSITY'S PURCHASE CARDS PROGRAM ("P-CARDS"), IRREGULAR TRANSACTIONS WITHIN A LAW SCHOOL ADMINISTRATIVE UNIT WERE DISCOVERED. IN COMPLIANCE WITH ESTABLISHED UNIVERSITY PROTOCOLS, THIS DISCOVERY TRIGGERED A SERIES OF GOVERNANCE ACTIONS RESULTING IN AN INDEPENDENT THIRD-PARTY INVESTIGATION INTO FINANCIAL TRANSACTIONS AND RELATED ACTIVITIES. THE INVESTIGATION YIELDED A VARIETY OF FINDINGS REGARDING FINANCIAL IMPROPRIETIES AT THE LAW SCHOOL INCLUDING THE MISAPPROPRIATION OF FUNDS IN EXCESS OF $975,000, MISUSE OF P-CARDS AND RELATED POLICY VIOLATIONS. THE UNIVERSITY HAS IMPLEMENTED CONTROL MEASURES TO ENSURE APPLICABLE INTERNAL CONTROLS ARE DESIGNED AND OPERATING EFFECTIVELY, INCLUDING A REVIEW OF THE P-CARD PROGRAM WITH A REDUCTION IN BOTH THE NUMBER OF CARDS ISSUED AND LIMITS ALLOWED, AND A CONSISTENT COLLECTION AND REVIEW OF SUBSTANTIATING DOCUMENTATION AND RECEIPTS. 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 A, LINE 9: Kevin H. Marino can be reached at the below address: Kevin H. Marino, Esq. Marino, Tortorella & Boyle, P.C. 437 Southern Boulevard, Chatham, New Jersey 07928 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 DIS”

“ROBERT MCLAUGHLIN, BECAME INTERIM VP FOR FINANCE AND CFO IN SEPTEMBER 25, 2021 AND WAS IN THAT POSITION UP UNTIL MARCH 27, 2022. ROBERT MCLAUGHLIN CONTINUED WORKING FOR THE UNIVERSITY FROM MARCH 28, 2022 THROUGH DECEMBER 31, 2022. THE COMPENSATION REPORTED ON PART VII-A AND/OR SCHEDULE J FOR HIM IS NOT THE COMPENSATION EARNED FOR SERVICES RENDERED IN HIS CAPACITY AS OFFICER. INSTEAD, IT IS EARNED FOR SERVICES RENDERED IN HIS CAPACITY AS A FULL-TIME EMPLOYEE. DONNA M. MCMONAGLE, BECAME VP FOR FINANCE AND CFO ON MARCH 28, 2022. Kathleen Boozang, J.D., LL.M., was Dean, School of Law until December 31, 2022. John Kip Cornwell, J.D., M. Phil., became Interim Dean, School of Law on January 1, 2023. Georita M. Frierson, Ph.D., was Dean College of Arts & Sciences until May 31, 2023. Jonathan Farina, Ph.D., became Interim Dean College of Arts & sciences on June 1, 2023. KEVIN WILLARD WAS HEAD MEN'S BASKETBALL COACH THROUGH MARCH 21, 2022. SHAHEEN HOLLOWAY BEGAN AS HEAD MEN'S BASKETBALL COACH ON APRIL 1, 2022.”

“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 nine 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 3,600 graduate students, who are enrolled in more than 137 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 PREMISES (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 HAVING 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 HMSOM. THE UNIVERSITY, HMSOM AND HMH ARE STRATEGIC ACADEMIC PARTNERS. NEITHER HMH NOR THE HMSOM ARE CONSIDERED RELATED PARTIES OF THE UNIVERSITY.”

“Provision for uncollectible contributions receivable of $1,784,000 less the change in value of split-interest agreements of $202,000.”