Montclair State University Foundation Inc.

“During fiscal 2015 the bylaws for the montclair state university foundation, inc. Were amended. The revised bylaws contained the following material changes: 1. Article v: sections 1-3 were changed to better address terms of service, parameters for appointment and roles for officers of the board, the chairman and vice chairman, and the secretary and treasurer. Section 4 was added to incorporate the concept of an executive director. 2. Article vi: sections were updated to more adequately define the roles and responsibilities of the various committees of the board including alignment of the role of the investment committee more closely to upmifa, expanding terminology for the audit committee to more closely align with the provisions of sarbanes-oxley and to introduce and/or expand the roles for the executive, development, and nominating committees. 3. Recasting of board members to better align membership with the needs and responsibilities of the board to serve the foundation as defined in section 2 - "number, tenure, and qualifications".”

“Montclair state university foundation, inc. Has its form 990 prepared by an outside accounting firm and has established the following review process to ensure that the information reported is complete and accurate. When the form 990 has been prepared, management reviews form 990 for accuracy and completeness. Then the form 990 is distributed by hard copy to the board members for final review and approval. Once agreed, the forms are signed by appropriate officers and sent to the irs.”

“Montclair state university foundation, inc. Currently has in place a conflict of interest policy that applies to the board of trustees. The board of trustees, with the assistance of the foundation counsel, reviews annually the requirement and procedures provided in the conflict of interest and recusal procedures. Each trustee must annually sign a form indicating the date the code of ethics was received and acknowledging that he/she is responsible for reading the code and is bound by it. In accordance with the policy, a trustee must disclose any potential conflict and recuse him/herself from a matter that he/she has a conflict with. If a potential or actual conflict exists, the trustee must consult with the chair, who may request a written opinion from the foundation counsel on whether a conflict of interest exists under this policy. If the existence of the conflict involves the chair, the chair must consult with the vice chair. A trustee with a possible conflict of interest shall not participate in the deliberation or vote of interest. A trustee who declares or has been found to have a conflict of interest shall be absent from any deliberations or vote on the matter determined to be a conflict, and the trustee shall not take any action to influence the outcome of the matter. The results of the investigation will be summarized and documented on the board meeting minutes.”

“The organization makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. The return is posted on guidestar.org and other similar types of websites. In addition, the financial statements, conflict of interest policy, form 990, form 1023, and by-laws are also available upon written request at one normal avenue, college hall room 300, montclair, nj 07043 or by calling the organization directly at (973)655-4344”

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

“Change in value of split-interest, cash surrender, & beneficial interest -8,484.”