Rutgers University Foundation

“The rutgers university foundation amended their bylaws in june 2021. The primary focus of the amendment was to remove references of the word "overseer" which is associated with historical racial oppression. The board was renamed from the "board of overseers" to the "board of directors". Other changes to the by laws included specifying the composition of the board to be elected members, exempt the secretary from term limitations, allow for virtual meetings and clarify the holders of the rcinj and treasurer seats.”

“Form 990 is prepared by an independent accounting firm based on information provided by the foundation's staff. Draft return is reviewed by the cfo and then presented to the audit and risk management committee for their review and approval on behalf of the full board. The full board of directors is provided a copy of the approved form 990 for their review prior to submission.”

“The audit and risk management committee chair reviews all related party transaction disclosure forms not less than annually. In the event that a board member's or staff member's status changes during the year the audit and risk management committee chair would review the updated change. All disclosure forms are available to members of the board of directors upon request.”

“The foundation's president reviews any changes in compensation for the senior management team on an annual basis with the compensation committee of the board of directors. They utilize comparative salary information for other organizations to consider the reasonableness of the compensation for each individual.”

“Upon request only at this time.”

“The president of the rutgers university foundation is an employee of rutgers university, which is considered an unrelated organization for tax purposes. The university determines the president's compensation. The president does not recieve any compensaiton for his work on the board, as such the salary is not disclosed on the 990.”

“Part i line 5 indicates the rutgers university foundation employed 231 individuals during calendar year 2020. The foundation employs approximately 203 full-time professional fundraising staff members. The balance are primarily part time employees.”

“The rutgers university foundation has an audit and risk management committee of the board of directors. This committee advises the full board on all auditing and accounting matters, has oversight over the quality and integrity of the foundation's accounting, internal control and financial reporting practices. Consistent with this purpose, the audit and risk management committee proposes to the board the appointment of the external auditors for the annual examination of the foundations year-end financial statements and other audit needs as necessary.”