2025-12-02T10:52:34-06:00 2025-06-30 410746749 CLIFTONLARSONALLEN LLP 293 EISENHOWER PARKWAY 2ND FLOOR LIVINGSTON NJ 07039 990 2024-07-01 221551931 INDEPENDENT COLLEGES AND UNIVERSITIES OF NEW JERSEY A NJ NONPROFIT CORPORATION INDE 6092185026 154 WEST STATE STREET TRENTON NJ 08608 STEPHEN R REYNOLDS ESQ PRESIDENT 9082773424 2025-12-02 1 1 BRIDGET HARTNETT P01429163 9739949494 2025-12-02 2024 2025-03-06 01:10:19Z STEPHEN R REYNOLDS ESQ 154 WEST STATE STREET TRENTON NJ 08608 1935851 0 X WWW.NJCOLLEGES.ORG X 1953 NJ THE MISSION OF THE INDEPENDENT COLLEGES AND UNIVERSITIES OF NEW JERSEY (ICUNJ), A NEW JERSEY NON-PROFIT CORPORATION IS TO ADVANCE THE INTERESTS OF NEW JERSEY'S INDEPENDENT, NON-PROFIT, PUBLIC MISSION INSTITUTIONS OF HIGHER EDUCATION BY PROMOTING ACCESS, AFFORDABILITY AND STUDENT SUCCESS THROUGH PUBLIC POLICY ADVOCACY, CORPORATE AND INDIVIDUAL PHILANTHROPY, AND EMPOWERING THE CHOICE OF THE BEST FIT FOR EACH STUDENT'S EDUCATIONAL, CULTURAL, AND ENVIRONMENTAL NEEDS.THE ACTIVITIES OF THE ICUNJ ARE MANAGED BY ITS BOARD OF TRUSTEES WHICH HAS PRINCIPAL POLICY MAKING AND FIDUCIARY AUTHORITY FOR THE ICUNJ, EXCEPT FOR THOSE POWERS RESERVED TO THE MEMBERS. THE BOARD OF ADVISORS SUPPORTS THE BOARD OF TRUSTEES IN AN ADVISORY CAPACITY, ESPECIALLY AS TO ITS PHILANTHROPIC GOALS. THE PRESIDENT OF THE ICUNJ CARRIES OUT THE POLICY SET BY THE BOARD OF TRUSTEES AND IS RESPONSIBLE FOR THE DAILY OPERATIONS. 13 13 5 48 0 0 1754036 1820496 0 0 95620 86123 -9802 -9688 1839854 1896931 580010 678657 0 0 923381 896633 0 0 125866 201061 200193 1704452 1775483 135402 121448 2706630 2948850 569989 604697 2136641 2344153 X THE MISSION OF THE INDEPENDENT COLLEGES AND UNIVERSITIES OF NEW JERSEY, A NEW JERSEY NON-PROFIT CORPORATION IS TO ADVANCE THE INTERESTS OF NEW JERSEY'S INDEPENDENT, NON-PROFIT, PUBLIC MISSION INSTITUTIONS OF HIGHER EDUCATION BY PROMOTING ACCESS, AFFORDABILITY AND STUDENT SUCCESS THROUGH PUBLIC POLICY ADVOCACY, CORPORATE AND INDIVIDUAL PHILANTHROPY, AND EMPOWERING THE CHOICE OF THE BEST FIT FOR EACH STUDENT'S EDUCATIONAL, CULTURAL, AND ENVIRONMENTAL NEEDS. 0 0 1274735 678657 PROGRAM SERVICE EXPENSES REPRESENT THE ONGOING COSTS OF OPERATIONS TO ADVANCE ITS MISSION. PROGRAM SERVICES SUPPORT PROCESSING SCHOLARSHIPS AND THE ADVANCEMENT OF FUNDING RESOURCES FOR STUDENTS ATTENDING ONE OF THE 13 ACCREDITED, INDEPENDENT, NON-PROFIT, FOUR-YEAR DEGREE GRANTING COLLEGES AND UNIVERSITIES IN THE STATE OF NEW JERSEY. GRANTS GIVEN TO A MEMBER INSTITUTION ENCOURAGES THEMES COMMON TO ALL: PROFESSIONAL DEVELOPMENT PROMOTION AS IT RELATES TO STUDENT ACCESS, AFFORDABILITY AND CAREER READINESS; TECHNOLOGY ADVANCEMENT INTEGRATION IN ACADEMIA AND LEARNING EXPERIENCES; FACULTY DEVELOPMENT AND CAMPUS PREPAREDNESS TO ADDRESS LEARNING, SOCIAL AND COMMUNITY MATTERS; ENCOURAGE AWARENESS OF GLOBAL AND CULTURAL FACTORS IMPACTING OUR COMMUNITIES; INSPIRE HUMANITARIAN SERVICE; AND SET A FOUNDATION FOR LIFE-LONG LEARNING. FUNDING CONTRIBUTES TO THE GOAL OF EDUCATING AND PREPARING STUDENTS TO CONTRIBUTE TO THE ECONOMIC, SOCIAL, INTELLECTUAL AND CULTURAL ASPIRATIONS OF THE COMMUNITIES IN NEW JERSEY WHERE OVER 60% OF THE WORKFORCE PIPELINE LIVE AND WORK. IN FY 25, THE INDEPENDENT COLLEGES AND UNIVERITIES OF NEW JERSEY, A NJ NONPROFIT CORPORATION AWARDED 137 SCHOLARSHIPS AND OFFERED 34 STUDENT RESEARCH TEAMS AN OPPORTUNITY TO PURSUE THEIR INTERESTS AND PRESENT THEIR FINDINGS AT AN ANNUAL SYMPOSIUM WHERE PRESENTATIONS WERE JUDGED BY NEW JERSEY INDUSTRY PROFESSIONALS IN SEVEN DIFFERENT CATEGORIES DESIGNED TO BUILD THE "POWER" SKILLS SOUGHT BY EMPLOYERS. SEVEN GRANTS WERE PROVIDED FOR PROGRAMS THAT PROMOTE CAREER EXPLORATIONS, FOSTER ENGAGEMENT IN HEALTHCARE CAREERS AND INTRODUCE TECHNOLOGY AS A TOOL FOR BUILDING KNOWLEDGE AND SKILLS. THROUGH BOARD COMMITTEES FOCUSED ON DEVELOPING NEW BUSINESS RELATIONSHIPS BY PROMOTING OPPORTUNITIES FOR ACADEMIA, BUSINESS AND GOVERNMENT TO PURSUE COLLABORATIONS; ENGAGING NEW INDUSTRIES AND BUSINESSES IN HIGHER EDUCATION; AND SUPPORTING THE ONGOING EFFORTS OF CAREER SERVICES TO PROMOTE EXPERIENTIAL LEARNING AND CAREER READINESS. BOARD MEMBERS DONATED TIME TO PARTICIPATE IN VIRTUAL SESSIONS ON INTERVIEWING AND RESUME WRITING. THE FOUNDATION FOR A LARGER PROGRAM THAT BRINGS INDUSTRY LEADERS IN TO DISCUSS CHANGES IN RECRUITMENT STRATEGIES, CAREER ADVANCEMENT AND JOB OPPORTUNITIES WAS ESTABLISHED THROUGH OUTREACH TO CAREER SERVICES LEADERSHIP FOR 2024. ICUNJ ADOPTED A 'LEAD BY EXAMPLE' APPROACH TO UTILIZATION OF INTERNS. STUDENTS WHO DEMONSTRATED AN INTEREST IN PUBLIC POLICY WORKED OVER THE SUMMER ON RESEARCH ELEMENTS AND FACTORS CONTRIBUTING TO THE CASE FOR SUPPORT.STUDENTS FACED NEW CHALLENGES IN A POST-COVID ENVIRONMENT LEADING ICUNJ TO SPEARHEAD EFFORTS TO BRING MENTAL HEALTH RESOURCES TO THE FOREFRONT FOR ITS MEMBER INSTITUTIONS. WORKING WITH CAMPUS STUDENT AFFAIRS OFFICERS, THE EFFORTS WERE EXPANDED TO OFFER ALL 54 INSTITUTIONS OF HIGHER EDUCATION IN NEW JERSEY AN OPPORTUNITY TO LEARN FROM THE EFFORTS OF THEIR PEERS AND EXTERNAL EXPERTS IN MENTAL HEALTH ABOUT HOW TO PROVIDE ACCESSIBLE AND READY SERVICES FOR STUDENTS, HEAR ABOUT LEGISLATION THAT COULD IMPACT CAMPUS SERVICES AND PROGRAMS; AND BUILD A RESOURCE LIST OF AUXILIARY PROGRAMS TO ADDRESS STAFFING AND SERVICE OPENINGS. A STATEWIDE CONFERENCE WAS HELD IN JANUARY FOR OVER 500 HIGHER EDUCATION PROFESSIONALS AT SETON HALL UNIVERSITY. ICUNJ WORKED ON THE STEERING COMMITTEE OVERSEEING CRITICAL PROGRAM AREAS.ADVOCACY EFFORTS CONTINUED TO PROMOTE THE AVAILABILITY OF TUITION AID GRANTS FOR STUDENTS EXPANDING THE AVAILABILITY OF FUNDING INTO THE SUMMER SESSIONS. THIS ALLOWED STUDENTS TO CONTINUE THEIR EDUCATION YEAR-ROUND DECREASING THE OVERALL INVESTMENT OF TIME AND FUNDING WHILE EARNING A DEGREE. 1274735 1 1 0 1 0 0 0 0 0 1 1 1 0 0 1 1 1 0 0 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 15 0 1 5 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 13 13 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 1 1 1 1 0 NJ NY X THE ORGANIZATION 6092185026 154 WEST STATE STREET TRENTON NJ 08608 HUBERT BENITEZ DDS PHD TRUSTEE 1.00 X 0 0 0 MICHAEL J AVALTRONI PHD SECRETARY 1.00 X X 0 0 0 GARY B CROSBY PHD TREASURER 1.00 X X 0 0 0 DR MICHAEL AVALTRONI TRUSTEE 1.00 X 0 0 0 NARIMAN FARVARDIN PHD TRUSTEE 1.00 X 0 0 0 DR EUGENE CORNACCHIA TRUSTEE 1.00 X 0 0 0 PATRICK F LEAHY PHD VICE CHAIR 1.00 X X 0 0 0 GARY B CROSBY PHD TRUSTEE 1.00 X 0 0 0 MILDRED MIHLON PHD TRUSTEE 1.00 X 0 0 0 HILARY A PARKER TRUSTEE 1.00 X 0 0 0 HILARY L LINK PHD TRUSTEE 1.00 X 0 0 0 GREGORY G DELL'OMO PHD CHAIR 1.00 X X 0 0 0 JEFFREY D SENESE PHD TRUSTEE 1.00 X 0 0 0 MSGR JOSEPH R REILLY STL PHD TRUSTEE 1.00 X 0 0 0 STEPHEN R REYNOLDS ESQ PRESIDENT 40.00 X 235220 0 52244 MARYALICE BREUNINGER VICE PRESIDENT 40.00 X 113070 0 54165 R DAVID ROUSSEAU VICE PRESIDENT 40.00 X 194009 0 22493 542299 0 128902 3 0 1 0 0 1109910 32461 678125 1820496 69345 69345 37429 20651 16778 16778 16778 6250 32461 18269 -12019 -12019 OTHER INCOME 900099 2331 2331 2331 1896931 0 0 76435 678657 678657 686014 403377 203058 79579 138853 81646 41101 16106 13020 7656 3854 1510 8062 4740 2387 935 50684 29802 15002 5880 48730 48730 11284 11284 4940 4940 1500 1500 13836 281 13487 68 13560 8136 3390 2034 43991 25867 13021 5103 11903 6999 3523 1381 2060 1211 610 239 16646 9788 4927 1931 PUBLICATIONS, SUBSCRIPT 12639 8250 4389 PROJECT EXPENSES 11100 11100 ASSESSMENT - FOUNDATION 6825 6825 BANK FEES 639 639 540 540 1775483 1274735 374882 125866 1395828 1573487 5051 5036 87474 82697 1363 4777 12912 12912 1231606 1297019 59870 55619 2706630 2948850 21447 19060 479638 510796 68904 74841 569989 604697 X 1046038 1200957 1090603 1143196 2136641 2344153 2706630 2948850 121448 86064 0 X X 0 1 X 1 0 X X 13 CALDWELL UNIVERSITY 221500483 2 1 58330 0 CENTENARY UNIVERSITY 221500484 2 1 40419 0 DREW UNIVERSITY 221487164 2 1 53430 0 FAIRLEIGH DICKINSON UNIVERSITY 221494434 2 1 128370 0 FELICIAN UNIVERSITY 221912028 2 1 56254 0 GEORGIAN COURT UNIVERSITY 220634981 2 1 53373 0 MONMOUTH UNIVERSITY 220634584 2 1 93989 0 PRINCETON UNIVERSITY 210634501 2 1 144193 0 RIDER UNIVERSITY 210650678 2 1 75580 0 SAINT ELIZABETH UNIVERSITY 221529785 2 1 42793 0 SAINT PETER'S UNIVERSITY 221508627 2 1 81627 0 SETON HALL UNIVERSITY 221500645 2 1 150076 0 STEVENS INSTITUTE OF TECHNOLOGY 221487354 2 1 131476 0 13 1109910 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 1 5075 0 0 0 1 82500 0 0 87575 0 1330582 126160 60750 1395992 1265281 120851 55550 1330582 1231265 96266 62250 1265281 1350255 -57960 61000 1231295 1296945 112810 59500 1350255 0.18000 0.82000 0 0 87474 82697 4777 4777 INVESTMENTS IN POOLED FUNDS 1297019 F 1297019 DISABILITY RESERVE 8190 CURRENT LEASE LIABILITY - OPERATING 18162 LONG-TERM LEASE LIABILITY - OPERATING 20429 FUNDS HELD FOR OTHERS - MENTAL HEALTH SUMMIT 28060 74841 X 1970480 86064 18269 104333 1866147 11284 19500 30784 1896931 1762968 18269 18269 1744699 11284 19500 30784 1775483 PART X, LINE 2: THE INDEPENDENT COLLEGES AND UNIVERITIES OF NEW JERSEY, A NJ NONPROFIT CORPORATION IS A NOT-FOR-PROFIT ORGANIZATION THAT IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND, ACCORDINGLY, IS NOT LIABLE FOR FEDERAL AND STATE INCOME TAXES. THE INDEPENDENT COLLEGES AND UNIVERITIES OF NEW JERSEY, A NJ NONPROFIT CORPORATION FOLLOWS STANDARDS THAT PROVIDE CLARIFICATION ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN ITS FINANCIAL STATEMENTS. THE GUIDANCE PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, AND ALSO PROVIDES GUIDANCE ON DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, DISCLOSURE AND TRANSITION. THE INDEPENDENT COLLEGES AND UNIVERITIES OF NEW JERSEY, A NJ NONPROFIT CORPORATION'S POLICY IS TO RECOGNIZE INTEREST AND PENALTIES ON UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE. NO INTEREST AND PENALTIES WERE RECORDED DURING 2025. AT JUNE 30, 2025, THERE WERE NO SIGNIFICANT INCOME TAX UNCERTAINTIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENTS 18,269. PART XI, LINE 4B - OTHER ADJUSTMENTS: DISTRIBUTIONS TO MEMBER COLLEGES 19,500. PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENTS 18,269. PART XII, LINE 4B - OTHER ADJUSTMENTS: DISTRIBUTION TO MEMBER COLLEGES 19,500. PRESIDENT'S NETWORKING RECEPTION 38711 32461 6250 5955 12011 303 38711 32461 6250 5955 12011 303 18269 -12019 1 BLOOMFIELD COLLEGE 467 FRANKLIN STREET BLOOMFIELD NJ 07003 221494428 501(C)3 30000 0 FURTHERING EDUCATION AS AN EXEMPT PURPOSE CALDWELL UNIVERSITY 120 BLOOMFIELD AVENUE CALDWELL NJ 07006 221500483 501(C)3 63000 0 FURTHERING EDUCATION AS AN EXEMPT PURPOSE CENTENARY UNIVERSITY 400 JEFFERSON STREET HACKETTSTOWN NJ 07840 221500484 501(C)3 31000 0 FURTHERING EDUCATION AS AN EXEMPT PURPOSE DREW UNIVERSITY 36 MADISON AVENUE MADISON NJ 07940 221487164 501(C)3 18000 0 FURTHERING EDUCATION AS AN EXEMPT PURPOSE FAIRLEIGH DICKINSON UNIVERSITY 1000 RIVER ROAD TEANECK NJ 07666 221494434 501(C)3 49500 0 FURTHERING EDUCATION AS AN EXEMPT PURPOSE FELICIAN UNIVERSITY 262 SOUTH MAIN STREET LODI NJ 07644 221912028 501(C)3 44000 0 FURTHERING EDUCATION AS AN EXEMPT PURPOSE GEORGIAN COURT UNIVERSITY 900 LAKEWOOD AVENUE LAKEWOOD NJ 08701 220634981 501(C)3 61500 0 FURTHERING EDUCATION AS AN EXEMPT PURPOSE MONMOUTH UNIVERSITY 400 CEDAR AVENUE WEST LONG BRANCH NJ 07764 210634584 501(C)3 46000 0 FURTHERING EDUCATION AS AN EXEMPT PURPOSE MONTCLAIR STATE UNIVERSITY ONE NORMAL AVENUE MONTCLAIR NJ 07043 226017209 501(C)3 22500 0 FURTHERING EDUCATION AS AN EXEMPT PURPOSE PRINCETON UNIVERSITY 1 NASSAU HALL PRINCETON NJ 08544 210634501 501(C)3 26000 0 FURTHERING EDUCATION AS AN EXEMPT PURPOSE RIDER UNIVERSITY 2083 LAWRENCEVILLE ROAD LAWRENCEVILLE NJ 08648 210650678 501(C)3 32350 0 FURTHERING EDUCATION AS AN EXEMPT PURPOSE SAINT ELIZABETH UNIVERSITY 2 CONVENT ROAD MORRISTOWN NJ 07960 221529785 501(C)3 54250 0 FURTHERING EDUCATION AS AN EXEMPT PURPOSE SAINT PETER'S UNIVERSITY 2641 KENNEDY BOULEVARD JERSEY CITY NJ 07306 221508627 501(C)3 76650 0 FURTHERING EDUCATION AS AN EXEMPT PURPOSE SETON HALL UNIVERSITY 400 SOUTH ORANGE AVENUE SOUTH ORANGE NJ 07079 221500645 501(C)3 61500 0 FURTHERING EDUCATION AS AN EXEMPT PURPOSE STEVENS INSTITUTE OF TECHNOLOGY ONE CASTLE POINT TERRACE HOBOKEN NJ 07030 221487354 501(C)3 25250 0 FURTHERING EDUCATION AS AN EXEMPT PURPOSE 15 PART I, LINE 2: ALL FUNDS ARE GIVEN TO 501(C)(3) ORGANIZATIONS THAT MUST ALSO ADHERE TO IRS REGULATIONS. GRANTS ARE ONLY ISSUED TO THE 501(C)(3) ORGANIZATIONS WHICH ARE USED ONLY FOR EXEMPT EDUCATIONAL PURPOSES. X X 0 0 0 0 0 0 0 0 0 STEPHEN R REYNOLDS ESQ PRESIDENT 235220 0 0 0 0 0 0 0 52244 0 287464 0 0 0 R DAVID ROUSSEAU VICE PRESIDENT 194009 0 0 0 0 0 19381 0 3112 0 216502 0 0 0 MARYALICE BREUNINGER VICE PRESIDENT 113070 0 0 0 0 0 11592 0 42573 0 167235 0 0 0 FORM 990, PART VI, SECTION A, LINE 8B THE COMMITTEES FORM 990, PART VI, SECTION A, LINE 8B THE COMMITTEES REPORT TO THE BOARD OF DIRECTORS DURING EACH BOARD MEETING BUT NO FORMAL MINUTES OF MEETINGS ARE KEPT. FORM 990, PART VI, SECTION B, LINE 11B A DRAFT OF FORM 990 IS REVIEWED BY THE FINANCE/AUDIT COMMITTEE AND THEN SENT ELECTRONICALLY TO THE FULL BOARD FOR COMMENTS, QUESTIONS, AND APPROVAL THE JUNE MEETING. FORM 990, PART VI, SECTION B, LINE 12C ICUNJ BOARD MEMBERS RECEIVE THE CONFLICT OF INTEREST POLICY AS PART OF THE ORIENTATION FOLLOWING THEIR ACCEPTANCE OF THE ROLE AS A BOARD MEMBER. BOARD MEMBERS ARE ASKED TO COMMUNICATE WITH ICUNJ BOARD CHAIR OR PRESIDENT ANY POTENTIAL CONFLICT OR ANYTHING THAT MAY CREATE THE APPEARANCE OF A CONFLICT AS IT ARISES. THE PROCEDURES OUTLINED IN THE CONFLICT OF INTEREST POLICY SHALL BE FOLLOWED INCLUDING PRIOR TO BOARD ACTION ON A CONTRACT OR OTHER TRANSACTION INVOLVING A CONFLICT OF INTEREST, SHALL BE DISCLOSED. SUCH DISCLOSURE SHALL BE REFLECTED IN THE MINUTES OF THE MEETING. FORM 990, PART VI, SECTION B, LINE 15 AN ANNUAL REVIEW OF THE PRESIDENT AND VICE PRESIDENT IS PERIODICALLY REVIEWED WITH THE EXECUTIVE COMMITTEE. COMPARATIVE COMPENSATION DATA IS GATHERED THROUGH THE FOUNDATION FOR INDEPENDENT HIGHER EDUCATION (FIHE). THE PRESIDENT REVIEWS STAFF AND RECOMMENDS COMPENSATION TO THE BOARD CONSISTENT WITH FIHE DATA. FORM 990, PART VI, SECTION C, LINE 18 THE 990 IS AVAILABLE UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS A COMMITTEE THAT IS RESPONSIBLE FOR THE OVERSIGHT OF THE AUDIT OF THE FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.