Njcpa Education Foundation Inc

“Form 990 is reviewed in detail by the ceo and executive director and as needed by other members of management. One of the responsibilities of the audit committee is to review the 990 prior to filing. The committee's review is intended to assess the adequacy of the process used to prepare the form, and includes a review of the form itself, particularly the narrative portions, for consistency with the foundation's mission, public image, and internal policies and procedures. The audit committee reports the results of its assessment to the board of trustees, and each trustee receives a copy of the form prior to filing. An accounting firm is engaged to prepare the return.”

“Annually, the members of the board of trustees, other volunteer leaders and staff sign an acknowledgement of the njcpa code of conduct. Within said acknowledgement, they indicate any conflicts of interest. Noted conflicts are reviewed at the meetings of the board of trustees and a petition for disclosure of any new conflicts is put forth at each board meeting.”

“The filing organization's salaries and benefits are paid by a common paymaster, the nj society of cpas. The relevant procedures of the common paymaster are as follows: for fiscal year 2024, the nj society of cpas njcpa) executive committee, with the exclusion of the ceo & executive director (ceo), completed an annual performance review and established the compensation package of the ceo (see below.) in addition, it reviewed management's evaluation and compensation process for staff. The committee also reviewed and ratified salary increases and variable compensation for the chief operating officer (see below), the chief financial officer, the chief learning officer and other senior management. The njcpa annually engages a compensation firm to review the market pricing for one third of its staff positions, ensuring that every position will be compared to market every three years. The njcpa strives for compensation to reflect market, individual performance and the success of the njcpa in meeting its goals and objectives. The njcpa compensation structure incorporates the use of market ranges for each position, where market pricing is reviewed and adjusted annually to maintain appropriate internal relationships and market conditions. The ceo performed the annual performance evaluation of the chief operating officer (coo). She used the report of the independent consultant along with the results of the performance evaluation to set the salary and variable compensation of coo and informed the njcpa executive committee of the same. The njcpa executive committee ratified the coo's salary and variable compensation. The njcpa executive committee reviewed the performance of the ceo. That process included a self-evaluation by the ceo and independent evaluations by each member of the executive committee. The committee also reviewed the report of the independent consultant and consulted with comparable non-profit associations regarding compensation and performance measures. This information was then used to set the annual base compensation for the year beginning june 1, 2023 and variable compensation for the preceding year. The committee prepared a written report of its evaluation and deliberations pertaining to the ceo's performance and all decisions made with regard to compensation.”

“The condensed financial statements are included in an annual report which is posted on the njcpa website (www.njcpa.org) and published in the november/december issue of new jersey cpa magazine. Complete financial statements, conflict of interest policy and governing documents are available upon request and at management's discretion.”