Thomas Edison State University Foundation Inc.

“The foundation's audit committee initially reviews and approves the form 990. The form 990 is then electronically distributed to the entire board for review before it is filed with the irs.”

“Article i purpose: the purpose of the conflict of interest policy is to protect the thomas edison state university foundation's interest when it is contemplating entering into a transaction or arrangement that might benefit the private interest of an officer or director of the foundation or might result in a possible excess benefit transaction. The policy is based on the duty of all individuals who manage and govern the foundation to exercise due care in administering the foundation's affairs and to avoid using their position to obtain personal gain for themselves or others at the foundation's expense. This policy is intended to serve as a guideline for addressing conflicts of interests and cannot address every situation that may arise. It supplements but does not replace all applicable state or federal law governing conflicts of interest. Article ii: definitions 1. Interested person - any director, principal officer, or member of a committee with board delegated powers, who has a direct or indirect financial interest as defined below, is an interested person. 2. Financial interest - a person has a financial interest if the person has, directly or indirectly, through business, investment or family: a. An ownership or investment interest in any entity with which the foundationhas a transaction or arrangement, b. A compensation arrangement with the foundation or with any entity or individual with which the foundation has a transaction or arrangement, or c. A potential ownership or investment interest in, or compensation arrangement with, any entity or individual with which the foundation is negotiating a transaction or arrangement. Compensation includes direct and indirect remuneration as well as gifts or favors that are not insubstantial. A financial interest is not necessarily a conflict of interest. A person who has a financial interest may have a conflict of interest only if the foundation's board of directors decides that such a conflict actually exists. Article iii: procedures 1. Duty to disclose in connection with any actual or possible conflict of interest, an interested person must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the directors and members of committees with governing board delegated powers considering the proposed transaction or arrangement. 2. Determining whether a conflict exists after disclosure of financial interest and all material facts, and after any discussion with the interested person, he or she shall leave the governing board or committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board or committee members shall decide whether a conflict of interest exists. 3. Procedures for addressing the conflict of interest a. An interested person may make a presentation at the governing board or committee meeting, but after the presentation he or she shall leave the meeting during the discussion of, and the vote on, the transaction or arrangement involving the possible conflict of interest. B. The chairperson of the governing board or committee shall, if appropriate,appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. C. After exercising due diligence, the governing board or committee shall determine whether the foundation can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest. D. If a more advantageous transaction or arrangement is not reasonably possible under circumstances not producing a conflict of interest, the governing board or committee shall determine by a majority vote of the disinterested directors whether the transaction or arrangement is in the foundation's best interest, for its own benefit, and whether it is fair and reasonable. In conformity with the above determination it shall make its decision as to whet”

“The foundation makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. In addition, the financial statements, conflict of interest policy, form 990, and governing documents are available to the public upon written request at 111 west state street, trenton, nj 08608.”

“Compensation reported for christopher stringer/steve albano, john thurber, and misty isak represents the portion of their time devoted to the foundation in fiscal year 2018. The compensation reported is not an actual expense but is included as part of the donated services and facilities amount of $263,112.”

“The process for establishing a committee that assumes responsibility for selection of an independent accountant and oversight of the audit has not changed from prior years.”