New Jersey Chamber of Commerce

“The nj state chamber of commerce is the sole member of the nj chamber foundation.”

“The nj state chamber of commerce is the sole member of the nj chamber foundation.”

“The nj state chamber of commerce is the sole member of the nj chamber foundation.”

“Form 990 is prepared by the independent auditor and is reviewed in detail by the president and the accounting manager. The accounting manager emails an electronic draft of the form 990 to the board for review prior to filing. The accounting manager and president respond to any questions or concerns that are brought to their attention. The board must approve the 990 prior to filing.”

“The foundation has adopted the policies of the new jersey state chamber of commerce which require annual notification of conflicts of interest from board members. Contracts for services entered into by the new jersey state chamber of commerce require an rfp, which surfaces any conflicts. Notification annually of the conflict of interest policy is adequate from the standpoint of board participation in contracts.”

“The foundation does not have its own employees. All employees are paid by new jersey state chamber of commerce, and leased to the foundation. The process for determining their compensation is an annual review for all employees, including the president, each june. The president transmits the recommended salaries for the next year to the board of trustees, which is responsible for the final salary decisions. The board of trustees sets the annual compensation for the president based on performance.”

“The organization's form 1023 and forms 990 are available for public inspection upon written request to the organization.”

“The organization's governing documents, audited financial statements and policies are available to the public upon written request to the organization.”

“The amounts listed on part ix, lines 5 and 10 indicate compensation and related benefits paid and accrued for the foundation's employees. These amounts are paid directly by the new jersey state chamber of commerce (a related party). The foundation reimbursed the new jersey state chamber of commerce for all amounts paid. All w-2s are reported by the new jersey state chamber of commerce therefore part v, line 2a indicates 0 for the foundation.”

“The executive committee of the board is responsible for selecting an independent audit firm and for oversight of the audit as well as the review and approval of the audited financial statements and form 990. This process remains unchanged from prior years.”