Civic Intelligence

New Jersey Restaurant Educational Foundation Inc.

990 • Fiscal year 2019 • EIN 22-3549761

Jan 01, 2019 to Dec 31, 2019 • Filed on Nov 15, 2020

126 West State StreetTrenton, NJ 08608-1102

(609) 599-3316

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

99th percentile

1.97x

Higher debt load relative to assets than 99% of similar nonprofits.

2019 filings • NTEE B82 • <$500k nonprofits • Source year 2019

Liabilities / Revenue

97th percentile

1.06x

Higher debt load relative to revenue than 97% of similar nonprofits.

2019 filings • NTEE B82 • <$500k nonprofits • Source year 2019

Net Margin

62nd percentile

21%

Higher net margin than 62% of similar nonprofits.

2019 filings • NTEE B82 • <$500k nonprofits • Source year 2019

Top Officer Pay

99th percentile

$195,952

Higher top officer pay than 99% of similar nonprofits.

Top officer pay equals 110.4% of source-year revenue.

2019 filings • NTEE B82 • <$500k nonprofits • Source year 2019

Asset Growth

35th percentile

-2.1%

Faster asset growth than 35% of similar nonprofits.

2019 filings • NTEE B82 • <$500k nonprofits • Annualized from 2018 to 2019

Revenue Growth

67th percentile

19%

Faster revenue growth than 67% of similar nonprofits.

2019 filings • NTEE B82 • <$500k nonprofits • Annualized from 2018 to 2019

Assets

Down

$95,888

Down $2,059 (-2.1%) from 2018

Net Assets

Up

-$92,739

Up $36,922 (+28%) from 2018

Liabilities

Down

$188,627

Down $38,981 (-17%) from 2018

Revenue

Up

$177,543

Up $28,366 (+19%) from 2018

Expenses

Up

$140,621

Up $11,726 (+9.1%) from 2018

Net Income

Up

$36,922

Up $16,640 (+82%) from 2018

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$400K$200K$0-$200KAssets 2010: $190,532Liabilities 2010: $206,525Net Assets 2010: -$15,9932010Assets 2011: $140,791Liabilities 2011: $196,494Net Assets 2011: -$55,7032011Assets 2012: $155,234Liabilities 2012: $234,099Net Assets 2012: -$78,8652012Assets 2013: $85,307Liabilities 2013: $228,309Net Assets 2013: -$143,0022013Assets 2014: $171,196Liabilities 2014: $279,732Net Assets 2014: -$108,5362014Assets 2015: $122,436Liabilities 2015: $243,472Net Assets 2015: -$121,0362015Assets 2016: $103,173Liabilities 2016: $259,632Net Assets 2016: -$156,4592016Assets 2017: $96,705Liabilities 2017: $246,648Net Assets 2017: -$149,9432017Assets 2018: $97,947Liabilities 2018: $227,608Net Assets 2018: -$129,6612018Assets 2019: $95,888Liabilities 2019: $188,627Net Assets 2019: -$92,7392019Assets 2020: $120,470Liabilities 2020: $173,266Net Assets 2020: -$52,7962020Assets 2021: $179,032Liabilities 2021: $205,622Net Assets 2021: -$26,5902021Assets 2022: $122,348Liabilities 2022: $182,125Net Assets 2022: -$59,7772022Assets 2023: $115,285Liabilities 2023: $137,547Net Assets 2023: -$22,2622023Assets 2024: $43,879Liabilities 2024: $79,252Net Assets 2024: -$35,3732024

Highlighted filing

2019

Assets$95,888
Liabilities$188,627
Net Assets-$92,739

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$400K$200K$0-$200KExpenses 2010: $377,3872010Expenses 2011: $336,3942011Expenses 2012: $286,3522012Revenue 2013: $228,206Expenses 2013: $292,343Net Income 2013: -$64,1372013Revenue 2014: $359,462Expenses 2014: $325,558Net Income 2014: $33,9042014Revenue 2015: $92,138Expenses 2015: $104,938Net Income 2015: -$12,8002015Revenue 2016: $101,292Expenses 2016: $136,715Net Income 2016: -$35,4232016Revenue 2017: $140,325Expenses 2017: $133,809Net Income 2017: $6,5162017Revenue 2018: $149,177Expenses 2018: $128,895Net Income 2018: $20,2822018Revenue 2019: $177,543Expenses 2019: $140,621Net Income 2019: $36,9222019Revenue 2020: $281,325Expenses 2020: $241,382Net Income 2020: $39,9432020Revenue 2021: $123,912Expenses 2021: $97,706Net Income 2021: $26,2062021Revenue 2022: $50,300Expenses 2022: $83,487Net Income 2022: -$33,1872022Revenue 2023: $89,087Expenses 2023: $51,572Net Income 2023: $37,5152023Revenue 2024: $41,967Expenses 2024: $55,078Net Income 2024: -$13,1112024

Highlighted filing

2019

Revenue$177,543
Expenses$140,621
Net Income$36,922
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Nov 15, 2020
Return Version
2019v5.1
Gross Receipts
$219,231
Mission and Program Overview

Mission

The organization is organized to promote research and education in the restaurant/hospitality industry, to distribute scholarship funds to qualified students, and to educate people to the benefits of pursuing a career in the restaurant/hospitality industry in nj.

Promote research and education in the restaurant/hospitality industry, to distribute scholarship funds to qualified students and to educate the public on the benefits.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$70,070$77,162▲ $7,092
Land, Buildings, and Equipment, Net$16,592$9,926▼ $6,666
Accounts Receivable$11,285$8,800▼ $2,485
Savings and Temporary Cash Investments$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$97,947$95,888▼ $2,059
Other Assets Total$0$0→ $0
Liabilities
Other Liabilities$197,899$179,104▼ $18,795
Deferred Revenue$20,418$0▼ $20,418
Accounts Payable and Accrued Expenses$3,597$9,523▲ $5,926
Mortgage Notes Payable Secured by Investment Property$5,694$0▼ $5,694
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$227,608$188,627▼ $38,981
Net Assets / Fund Balance
Net Assets With Donor Restrictions$0$42,434▲ $42,434
Net Assets Without Donor Restrictions$-129,661$-135,173▼ $5,512
Total Net Assets Fund Balance$-129,661$-92,739▲ $36,922
Total Liabilities and Net Assets / Fund Balance$97,947$95,888▼ $2,059

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$8,056$31,066$39,122
Leasehold Improvements$1,870$10,651$12,521
Buildings$0$0$0
Compensation and Service Providers

Board Members and Trustees

NameTitle
Tim DelaneyPast President - Trustee
Nancy LairdPresident, Trustee
Amy CossTrustee
Daniel CannizzoTrustee
David KarnerTrustee
Guy GreggTrustee
Jack KoumbisTrustee
Jack O'ConnorTrustee
Jeanne CretellaTrustee
Jimmy ThorntonTrustee
Paul DillonTrustee
Marilou HalvorsenSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$127,517
Program Service Revenue
$49,599
Investment Income
$427
Other Revenue
$0
All Other Contributions
$93,230
Change in Net Assets
$36,922
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$79,209
Other Expenses$56,212
Total Fundraising Expense$19,844
Grants and Similar Amounts Paid$5,200
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$54,597-$13,649$68,246
Office Expenses$16,473-$4,003$20,476
Conferences and Meetings$15,110--$15,110
Fees for Services Accounting-$10,917-$10,917
Depreciation Depletion$6,666--$6,666
Payroll Taxes$4,445-$1,111$5,556
Other Employee Benefits$4,326-$1,081$5,407
Grants to Domestic Individuals$5,200--$5,200
Advertising$1,613--$1,613
Travel$1,430--$1,430
Total Functional Expenses$109,860$10,917$19,844$140,621
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$41,688
Fundraising Gross Income$41,688
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Outing$50,815$23,602$5,769$17,833
Installation$16,620$12,910$1,170$11,740
Total Events$75,975$41,688$41,688-
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Njrha$179,104
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No
Filing and Contact Details

Filer

Filer Name
New Jersey Restaurant Education
EIN
22-3549761
In Care Of
% MARILOU HALVORSEN
Phone
6095993316
Address
126 WEST STATE STREET, TRENTON, NJ 08608-1102

Signing Officer

Name
Marilou Halvorsen
Title
Secretary
Phone
6095993316
Signed
2020-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Marilou Halvorsen
Formed
1997
Legal Domicile
Nj
Voting Board Members
12
Independent Board Members
11
Employees
0
Volunteers
11

Preparer

Firm
WithumSmithBrown PC
Address
ONE TOWER CENTER BLVD 14TH FL, EAST BRUNSWICK, NJ 08816
Preparer
Brad Caruso
Phone
7328281614
Supplemental Narrative

Additional Explanations

Core Form 990 Responses

PART III, LINE 4 The New Jersey Restaurant Educational Foundation (NJREF) exists to enhance the restaurant industrys service to the public through education, community engagement and promotion of career opportunities. The NJREF works to attract, develop and retain a career-oriented professional workforce for the restaurant industry. The NJREF is the philanthropic foundation of the New Jersey Restaurant and Hospitality Association. It impacts the prosperity of the restaurant industry by developing a stronger workforce and building the next generation of industry leaders. The Foundations educational initiatives provide culinary, management, food safety and employability skills training to build a pipeline of talent for the growing industry. The Foundations cornerstone program, ProStart, is a two-year, nationwide program that develops the best and brightest talent into tomorrows restaurant and foodservice leaders. ProStart serves more than 118,000 students at over 1,700 high schools in all 50 states, the Territory of Guam and at Department of Defense Education Activity schools in Europe and Asia. ProStart trains students academically in the classroom and experientially on the job. The NJREF awards scholarships each year to students pursuing careers in the restaurant and foodservice industry to help them realize their passions. Additionally, the National Restaurant Association Educational foundation (NRAEF) awards scholarships to students and educators to provide continued industry education. Since 1997, the NRAEF has awarded more than $18 million in scholarships. PART VI, SECTION A, LINE 8A & 8B THE ORGANIZATION DOCUMENTS ALL MEETINGS OF THE BOARD OF TRUSTEES AND OPERATIONS FINANCE COMMITTEE MEETINGS IN FORMAL MINUTES. PART VI, SECTION B, LINE 11B COPIES OF THE 990 ARE PROVIDED TO THE BOARD OF TRUSTEES FOR REVIEW PRIOR TO FILING. THEY RESPOND WITH ANY QUESTIONS OR COMMENTS UPON THEIR REVIEW OF THE 990 AND APPROVE FOR FILING. PART VI, SECTION B, LINE 12C THE ORGANIZATION DISTRIBUTES A CONFLICT OF INTEREST POLICY FORM TO ALL BOARD TRUSTEES AND REQUESTS THIS FORM TO BE COMPLETED AND RETURNED. THE ORGANIZATION FOLLOWS UP ON ANY ISSUES DOCUMENTED. PART VI, SECTION B, LINE 15 THE PRESIDENT OF THE NEW JERSEY RESTAURANT ASSOCIATION (NJRA) IS DESIGNATED AS THE SECRETARY OF NJREF. THE PRESIDENT'S COMPENSATION IS BASED ON THE RESULTS OF AN EVALUATION PERFORMED AND COMPARISON TO SIMILAR ORGANIZATIONS AND IS PAID THROUGH NJRA. SALARIES OF OTHER EMPLOYEES ARE APPROVED BY THE PRESIDENT. PART VI, SECTION C, LINE 19 ALL DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.

Financial Statement Notes

Schedule D, Part X, Line 2

NJREF is exempt from Federal income tax under Internal Revenue Code Section 501(c)(3) and state income taxes under similar provisions. The Organization had no unrecognized tax benefits at December 31, 2019 and 2018, and has incurred no interest or penalties related to income taxes for the periods presented in these combined financial statements.

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IRS990/MissionDesc0THE ORGANIZATION IS ORGANIZED TO PROMOTE RESEARCH AND EDUCATION IN THE RESTAURANT/HOSPITALITY INDUSTRY, TO DISTRIBUTE SCHOLARSHIP FUNDS TO QUALIFIED STUDENTS, AND TO EDUCATE PEOPLE TO THE BENEFITS OF PURSUING A CAREER IN THE RESTAURANT/HOSPITALITY INDUSTRY IN NJ.
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IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
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IRS990/OfficeExpensesGrp/TotalAmt020476
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IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
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IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt01081
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IRS990/OtherRevenueTotalAmt00
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IRS990/OtherSalariesAndWagesGrp/TotalAmt068246
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt00
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IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt01111
IRS990/PayrollTaxesGrp/ProgramServicesAmt04445
IRS990/PayrollTaxesGrp/TotalAmt05556
IRS990/PensionPlanContributionsGrp/TotalAmt00
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IRS990/PrincipalOfficerNm0MARILOU HALVORSEN
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IRS990/ProgramServiceRevenueGrp/BusinessCd1611430
IRS990/ProgramServiceRevenueGrp/Desc0PROSTART COMPETITION
IRS990/ProgramServiceRevenueGrp/Desc1SEMINARS
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt121161
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt121161
IRS990/ProgSrvcAccomActy2Grp/Desc0Education Programs NJREF PROVIDEs EDUCATIONAL COURSES AND MATERIALS RELATING TO THE RESTAURANT/HOSPITALITY INDUSTRY through the servsafe education program. NJREF also teamed up with the National Restaurant Educational Foundation to bring the restaurant industry into the classroom. ProStart is a nationally recognized two-year program for high school students that educates and develops those students into future leaders of the restaurant and hospitality industry. the restaurant and hospitality industry.
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IRS990/ProgSrvcAccomActy2Grp/GrantAmt00
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IRS990/ReportOtherAssetsInd0false
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IRS990/SavingsAndTempCashInvstGrp/BOYAmt00
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IRS990ScheduleA/PublicSupportTotal170Amt0431951
IRS990ScheduleA/SubstantialContributorsTotAmt02462
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IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
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IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt0434413
IRS990ScheduleA/TotalSupportAmt0435959
IRS990ScheduleA/UnrelatedBusinessNetIncm170Grp/TotalAmt00
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
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IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/BuildingsGrp/BookValueAmt00
IRS990ScheduleD/BuildingsGrp/DepreciationAmt00
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt00
IRS990ScheduleD/EquipmentGrp/BookValueAmt08056
IRS990ScheduleD/EquipmentGrp/DepreciationAmt031066
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt039122
IRS990ScheduleD/FederalIncomeTaxLiabilityAmt00

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.44$0.79$0.35$0.42$0.55$0.13
2023Detailed filing. Detailed filing data is available for this year.$1.15$1.38$0.22$0.89$0.52$0.38
2022Detailed filing. Detailed filing data is available for this year.$1.22$1.82$0.60$0.50$0.83$0.33
2021Detailed filing. Detailed filing data is available for this year.$1.79$2.06$0.27$1.24$0.98$0.26
2020Detailed filing. Detailed filing data is available for this year.$1.20$1.73$0.53$2.81$2.41$0.40
2019Detailed filing. Detailed filing data is available for this year.$0.96$1.89$0.93$1.78$1.41$0.37
2018Detailed filing. Detailed filing data is available for this year.$0.98$2.28$1.30$1.49$1.29$0.20
2017Detailed filing. Detailed filing data is available for this year.$0.97$2.47$1.50$1.40$1.34$0.07
2016Detailed filing. Detailed filing data is available for this year.$1.03$2.60$1.56$1.01$1.37$0.35
2015Detailed filing. Detailed filing data is available for this year.$1.22$2.43$1.21$0.92$1.05$0.13
2014Detailed filing. Detailed filing data is available for this year.$1.71$2.80$1.09$3.59$3.26$0.34
2013Detailed filing. Detailed filing data is available for this year.$0.85$2.28$1.43$2.28$2.92$0.64
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.55$2.34$0.79$2.86
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.41$1.96$0.56$3.36
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.91$2.07$0.16$3.77