Ignatius Hall Development Inc

“Eugene j. Cornacchia, ph.d., trustee, and paul ciraulo, trustee, have a business relationship as they are both employed by a related organization for which they also serve as officers.”

“The organization has no committees with the authority to act on behalf of the governing body.”

“This organization is a supporting organization ("affiliate") of saint peter's university ("university"), a related internal revenue code section 501(c)(3) tax-exempt organization. The organization's federal form 990 was provided to each voting member of its governing body - its board of trustees - prior to filing with the internal revenue service. In addition, the university's audit committee performed a detailed review of the federal form 990. The organization's board of trustees has delegated to the university's audit committee the responsibility to oversee and coordinate the federal form 990 preparation, review and filing process for the university and its affiliate. As part of the tax return preparation process, the university hired a professional cpa firm with experience and knowledge in both education and not-for-profit tax return preparation to prepare the federal form 990. The cpa firm's tax professionals worked closely with the university's finance personnel to obtain the information needed to prepare a complete and accurate tax return. The cpa firm prepared a draft federal form 990 with information provided by management and furnished it to the university's finance personnel for review and any necessary revisions were made to the draft. Following the finalization of the review and approval of the form 990 by the finance personnel, the university's audit committee performed a detailed review. In conjunction with the audit committee meeting wherein the form 990 was presented and discussed, the form 990 was provided to each voting member of its governing body and approved for filing with the internal revenue service.”

“This organization is a supporting organization of saint peter's university ("university"), a related internal revenue code section 501(c)(3) tax-exempt organization. This organization has not yet adopted its own conflict of interest policy, however, all members of this organization's board of trustees adhere to the university's conflict of interest policy and complete the necessary questionnaire. The university and this organization regularly monitor and enforce compliance with this conflict of interest policy. The completed questionnaires are returned to the university's secretary to the board for review. Thereafter, the university's secretary to the board prepares a summary of the completed questionnaires which contains information disclosed on an individual-by-individual basis. If applicable, the secretary to the board presents this summary to the university's executive committee for its review, discussion, investigation, and implementation of any necessary mitigating behavior.”

“Although this organization has no paid employees, compensated individuals reported in form 990 part vii and schedule j are employees of saint peter's university ("university"), a related internal revenue code section 501(c)(3) tax-exempt organization. The university's board of trustees has an executive compensation committee ("committee"). The committee reviews the "total compensation" of the organization's president which is intended to include both current and deferred compensation and all employee benefits, both qualified and non-qualified. The committee's review is done on a contract renewal basis with performance bonuses reviewed and approved annually. The committee ensures that the "total compensation" of the president of the organization is reasonable. The committee obtains and relies upon "appropriate data as to comparability" prior to making its determination. The committee is comprised of members of the board of trustees, each of whom is independent and free from any conflicts of interest. The committee reports directly to the university's board of trustees wherein all discussions at the committee level are documented in written meeting minutes of the full board of trustees. The compensation and benefits of other executives reported in form 990 part vii and schedule j of this form 990 are reviewed annually by the president with assistance from the university's human resources department in conjunction with the individual's job performance during the year and is based upon other objective factors designed to ensure that reasonable and fair market value compensation is paid by the university. Other objective factors include market strategy data for comparable positions, individual goals and objectives, personnel reviews, evaluations, self-evaluations, and performance feedback meetings.”

“The organization's financial statements, governing documents, and saint peter's university's conflict of interest policy are available to the public upon request and at the management's discretion.”

“On may 8, 2024, the board of trustees authorized a plan of dissolution and transferred all assets to saint peter's university, a related 501(c)(3) public charity.”

“Net assets transferred to saint peter's university -3,211,008.”