Ramapo College Foundation

“Christopher conway and frank conway have a family relationship.”

“The ramapo college foundation 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, reviewed by management and is ready to be filed with the internal revenue service, the board of governors are provided an electronic copy of the document, excluding schedules a and b which list individual donor contributions and vote to approve it before its filing. The form 990 is first presented to the audit committee of the board of governors for its review and comment. Next the entire board of governors is provided with appropriate notice of a special scheduled meeting to review and comment on the form 990. The foundation's officers including the top management official and the top financial official, as well as the outside accounting firm and members of the audit committee are present to review and receive comment on the form 990. Any comments are then grouped, summarized and reviewed. Each issue is documented and addressed until the return is finalized and approved for filing.”

“All officers, governors, and key managers are required annually to disclose any interest that could give rise to a conflict or the appearance of a conflict. This requirement is referenced in an annual letter from the audit committee chair and included in the ramapo college foundation code of conduct. Each officer, governor and key manager are required annually to acknowledge, that they have read the foundation code of conduct and understand its provisions and they know of no conflicts on their part or on the part of any members of their family except as disclosed in a particular case. This signed document is collected annually and remains on file at the foundation office. As stated in the policy, all officers, governors, and key manageers are required to disclose any potential or actual conflicts that may exist. If a potential or actual conflict of interest exists, the executive director will notify members of the audit committee. The results of the investigation will be summarized and documented by the audit committee and reported to the board of governors. If it is established that an actual conflict exists, the member of the board of governors will be notified immediately and will not be allowed to vote or be a part of any decisions about any transactions that have to do with the conflict until such time there is no longer a conflict.”

“The ramapo college foundation makes its form 990 as well as the audited financial statements, governing documents, conflict of interest policy, and other public records available upon written request at. The foundation may be called directly at (201) 684-7612.”

“The purposes of the audit committee are to assist the board with oversight of: (i) the financial reporting process and the integrity of the foundation's financial statements, (ii) the foundation's compliance with donor restrictions and legal and regulatory requirements, and its compliance with the applicable code of conduct, (iii) the independent auditor's qualifications, independence and performance and (iv) the system of internal controls and performance thereunder.”