New Jersey Innovation Institute Inc

“Effective march 2023, tom nehila became the interim chief financial officer of njii. Njii paid a third party management company for the services rendered by mr. Nehila until such time as he became a full-time njii employee in november of 2023. Amounts paid to mr. Nehila, via the third party management company, totaled $195,848 for services provided to njii in calendar year 2023 and is reported in part vii as compensation paid by an unrelated third party to an njii officer. In addition to compensation paid by the third party management company, mr. Nehila also received $18,801 in w-2 wages from njii which he received once he became an employee.”

“Explanation of classes of members or shareholder new jersey innovation institute, inc.'s sole corporate member is the new jersey institute of technology, a section 115(a)(2) governmental entity.”

“How members or shareholders elect governing body new jersey innovation institute, inc.'s sole corporate member, new jersey institute of technology, has the following powers reserved to it within njii's bylaws: (1) to determine the size of njii's board of directors; and (2) to appoint and remove njii's directors.”

“Decisions of governing body approval by members or shareholders new jersey innovation institute, inc.'s (njii) sole corporate member, new jersey institute of technology, has the following powers reserved to it within njii's bylaws:(1) to authorize the amendment and restatement of njii's bylaws and articles of incorporation; (2) to authorize the merger, consolidation or other reorganization of njii; (3) to authorize the liquidation or dissolution of njii; and (4) to authorize the initiation of insolvency or bankruptcy proceedings.”

“Form 990 review process the organization's form 990 is prepared by a nationally recognized accounting firm in conjunction with the organization's senior management and financial team. Upon completion, the organization's external accounting firm presents the form 990 to the finance and audit committee of the board of directors to enable them to fulfill their due diligence and oversight responsibilities. A copy of the final form 990 is shared with the full board of directors prior to its electronic filing with the internal revenue service.”

“Conflict of interest policy monitoring & enforcement each officer, director, and key employee is required to annually disclose any conflicts of interest that arise by virtue of their relationship to the organization, board service, or position within the organization. The organization monitors compliance with its conflict of interest policy through an annual questionnaire/disclosure statement that is distributed to these individuals. Potential conflicts are investigated immediately.”

“Compensation review & approval process compensation of the president and ceo, top management and other officers of new jersey innovation institute, inc. Is established pursuant to the policies and procedures of a related organization, the new jersey institute of technology. Compensation levels are established within competitive ranges determined via comparisons with similar organizations and local market conditions.”

“Availability of documents the organization makes its form 990 available to the public by retaining a copy at its place of business in addition to posting it on the organization's website. The form 990 is also available on www.guidestar.org. The organization's financial statements, governing documents and conflict of interest policy are not ordinarily made available to the public, but, if requested, will be provided at management's discretion.”

“The new jersey innovation institute (njii), an njit corporation, was founded in 2014 and helps turn ideas into workable solutions across five divisions: healthcare, learning and development initiative, defense, entrepreneurship and artificial intelligence & machine learning. Njii combines the vast resources of njit, strong and far-reaching industry and government relationships, and proven methods for building industry centric ecosystems to help drive innovation and deliver solutions that make a direct impact on the economy and the health and welfare of its participants. Njii applies the intellectual and technological resources of njit to challenges identified by industry partners, to spur product creation and enhancement, develop solutions for sector-wide and/or company-focused challenges, and serve as a catalyst for regional economic growth.”

“Consulting fees: program service expenses 9,014,040. Management and general expenses 42,949. Fundraising expenses 0. Total expenses 9,056,989.”

“Njii's parent organization, the new jersey institute of technology, issued a no-interest loan payable to njii in the amount of $10,900,000. Njii will begin repaying the loan on july 1, 2026 over a period of 8 years until such time as the balance is paid in full.”