National Aerospace Research and Technology Park Inc

“The executive committee of the board shall consist of the chair, vice chair, secretary-treasurer, and president of the organization. In addition, the board may in its discretion appoint an additional member of the board to serve on the executive committee. The term of any such appointment, if made in any given year, shall be one year provided such individual continues to serve as a board member. To the extent allowed by law, the executive committee shall be vested with all the powers and obligations of the board of directors in between board meetings. Any time immediate action is required to be taken by the executive committee, such action shall be ratified at the next regularly scheduled board meeting. At all meetings of the executive committee, a majority of the members of the executive committee shall be necessary and sufficient to constitute a quorum for the transaction of business; at a meeting at which there is a quorum present, action by a majority of a quorum shall be the act of the executive committee.”

“The board of directors is appointed by the board of trustees of stockton university. The president of the university nominates the members of the board of directors. The president of stockton university, or his/her designee, shall be chair of the board and have continuous appointment on the board.”

“While there are no formal minutes taken at authorized committee meetings, staff support members present do take notes regarding decisions that are made and follow-up actions that must be taken.”

“THE FORM 990 IS PREPARED BY AN OUTSIDE PUBLIC ACCOUNTING FIRM BASED ON INFORMATION SUBMITTED BY MANAGEMENT OF THE ORGANIZATION. The prepared 990 is reviewed by the Chair of Finance and Audit Committee and then electronically sent to each voting member of the Board of Directors for the review and comment prior to filing with the IRS.”

“Conflict of interest policy is reviewed and forms are completed annually. The forms are reviewed by managerial level staff. All individuals with decision making authority are covered under the policy. Potential conflicts are reviewed between the president and the board chair. Actual conflicts are discussed by the board. Persons with a conflict are required to recuse themselves from discussion of the substance of any matter touching on the conflict and to refrain from participating in any decisions relating to the area of conflict.”

“THE ORGANIZATION DOES NOT ITSELF COMPENSATE ANY OF THE TOP MANAGEMENT OFFICALS OR OTHER OFFICERS OF THE ORGANIZATION. A RELATED ORGANIZATION ESTABLISHES THE COMPENSATION OF THOSE INDIVIDUALS COMPENSATED BY THAT ENTITY. Stockton University participates in the New Jersey Association of State Colleges and Universities (NJASCU). The Presidents of the member schools of NJASCU regularly share information and confer about the salaries if the top-level positions at their institutions. In addition, as with all public employees in New Jersey, the salary of the executive director is subject to public disclosure and review.”

“Governing documents, conflict of interest policy and financial statements are available upon request.”

“The organization has not changed its oversight process or selection process during the filing year.”

“Stockton Aviation Research & Technology Park of New Jersey, Inc. does not have any employees or compensate any individuals. All individuals listed on Part VII, are compensated by a related organization, Stockton University. Therefore, the amounts reported on Part IX, Line 7 (Other salaries and wages) represent an overhead charge paid by Stockton University.”

“Description:consulting fees total fees:53167”