Thomas Edison State University Foundation Inc.

“The comptroller reviews the form 990 with the audit committee. The form 990 is then electronically sent to the full board prior to filing with the irs.”

“The foundation's board of directors receive a list of vendors on a regular basis for their review and are required to sign a conflict of interest statement annually. 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 foundation has a transaction or arrangement, b. A compensation arrangement with the foundation or with any entity orindividual 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 3. Procedures for addressing the conflict of interest a. An interested person may make a presentation at the governing board 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 whether to enter into the transaction or arrangement.”

“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 john thurber, deb d'arcangelo, merodie hancock, jaclyn joworisak, and christopher stringer, represents the portion of their time devoted to the foundation in fiscal year 2021. The compensation reported is not an actual expense but is included as part of the donated services and facilities amount of $283,729.”

“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.”