New Jersey Scholars Elite

“The organization does not have any committees with authority to act on behalf of the governing body.”

“A copy of the form 990 will be provided to the entire board to review before filing.”

“Each covered person is required to disclose in good faith and in writing to the board all material facts related to conflicts of interest. A conflict of interest arises whenever the interests of the corporation come into conflict with a financial or personal interest of a covered person, or otherwise whenever a covered person's personal or financial interest could be reasonably viewed as affecting his or her objectivity or independence in fulfilling their duties to the corporation. Each director, officer, key person and employee of the corporation, as well as nominees for election as director must submit to the secretary of the corporation or a designated compliance officer a completed questionnaire at least once per year and update as appropriate. The secretary of the corporation or the designated compliance officer shall provide copies of all completed statements to the chair of the board. In addition, each director, officer, and key person shall annually sign and submit to the secretary of the corporation a statement which affirms such person 1) has received a copy of this policy, 2) has read and understands the policy, and 3) has agreed to comply with the policy. All related party transactions and any other transactions which may involve a potential conflict of interest shall be reviewed by independent directors. All related parties with a financial interest or who are otherwise interested in such related party transactions shall leave the room in which such deliberations and voting is conducted. The independent directors may only approve the underlying matter if it determines that such matter, under the terms and within the circumstances and conditions presented, is fair, reasonable, and in the best interests of the corporation at the time of such determination. In making its determination, the independent directors, will consider, without limitation 1) alternative or comparable transactions to the extent available, 2) the corporation's purpose and resources, 3) the possibility of creating an appearance of impropriety that might impair the confidence in, or the reputation of, the corporation, 4) whether the conflict may result in any private inurement, excess benefit transaction or impermissible private benefit under laws applicable to tax-exempt organizations. When considering the comparability of transactions, the independent directors may consider 1) fees paid by similarly situated organizations, both exempt and non-exempt, 2) the availability of similar products or services within the same geographic area, 3) survey or other data compiled by independent firms, or 4) written offers or actual payment from similar institutions competing for the same or similar person's products or services. When the transaction involves the transfer of real property as consideration, the relevant factors include but are not limited to 1) current independent appraisals of the property of the property and 2) offers received in a competitive bidding process. Unless provided otherwise in the corporation's by-laws, a majority of the independent directors shall constitute a quorum for a meeting and the affirmative vote of a majority of members present at a meeting at which a quorum is present shall constitute the action of the board with respect to any matter that is the subject of this policy. If the board has reasonable cause to believe that a covered person has failed to comply with this policy, it may make such further investigation as may be warranted in the circumstances and if it determines that a covered person has failed to comply with this policy, it shall take appropriate action which may include, in the case of directors and officers, removal of the covered person from the board or from office or, in the case of key employees or others, termination of employment with the corporation or an affiliate.”

“The organization's financial statements, governing documents and conflict of interest policy will be made available to the public upon request.”