2025-05-08T09:33:24-05:00 2024-06-30 991856619 GRANT THORNTON ADVISORS LLC 757 THIRD AVENUE 3RD FLOOR NEW YORK NY 100172013 990 2023-07-01 221714037 FOUNDATION AT NJ INSTITUTE OF TECHNOLOGY NEWJ 9735963427 UNIVERSITY HEIGHTS NEWARK NJ 071021982 CATHERINE BRENNAN SECRETARY 9735963427 2025-05-08 1 1 SCOTT THOMPSETT P00741490 2125990100 2023 2025-03-06 01:10:19Z ELIZABETH S KORNSTEIN UNIVERSITY HEIGHTS NEWARK NJ 071021982 42097591 0 X WWW.NJIT.EDU/DEVELOPMENT/FOUNDATION-NJIT X 1959 NJ RESOURCE DEVELOPMENT ORGANIZATION THAT RAISES AND MANAGES FUNDS FOR NJIT. 41 35 0 35 0 0 12563402 10424182 0 0 1794579 6109373 -263381 -140189 14094600 16393366 9159988 10634948 0 0 0 0 0 0 120454 779250 886461 9939238 11521409 4155362 4871957 171872000 192030972 3457673 3805702 168414327 188225270 X ESTABLISHED IN 1959, THE FOUNDATION IS A 501(C)(3) TAX-EXEMPT ORGANIZATION THAT RAISES, INVESTS, AND DISTRIBUTES PHILANTHROPIC GIFTS ON BEHALF OF NEW JERSEY INSTITUTE OF TECHNOLOGY (NJIT), THE STATE'S PUBLIC POLYTECHNIC UNIVERSITY. IN CONNECTING ALUMNI AND FRIENDS WITH NJIT'S INNOVATIVE PROGRAMS, RESEARCH-ACTIVE FACULTY, AND TALENTED AND HARDWORKING STUDENTS, THE FOUNDATION ADVANCES NJIT'S PURSUIT OF ITS MISSION OF EDUCATION, RESEARCH, SERVICE, AND ECONOMIC DEVELOPMENT. 0 0 6871166 6871166 0 SCHOLARSHIP AND FELLOWSHIP GRANTS WERE AWARDED TO NEW JERSEY INSTITUTE OF TECHNOLOGY IN THE AMOUNT OF $6,871,166. FOUNDATION AT NEW JERSEY INSTITUTE OF TECHNOLOGY RECEIVES ENDOWED GIFTS AND ANNUAL GIFTS RESTRICTED FOR FINANCIAL AID. THE ANNUAL ENDOWMENT SPENDING FOR SCHOLARSHIPS AND FELLOWSHIPS AND THE ANNUAL SCHOLARSHIP AND FELLOWSHIP GIFTS ARE GRANTED TO NEW JERSEY INSTITUTE OF TECHNOLOGY AND AWARDED TO STUDENTS THAT HAVE MET THE QUALIFICATIONS AND RESTRICTIONS PLACED BY THE DONORS. UNDERGRADUATE AND GRADUATE AWARDS, FROM DONOR FUNDED SCHOLARSHIPS AND FELLOWSHIPS WERE GIVEN TO APPROXIMATELY 1,320 STUDENTS. 580160 580160 0 RESEARCH AND PROGRAM GRANTS TOTALING $580,160 WERE AWARDED TO NEW JERSEY INSTITUTE OF TECHNOLOGY TO SUPPORT VARIOUS RESEARCH PROJECTS, IN ACCORDANCE WITH DONOR AND OTHER RESTRICTIONS. 941298 941298 0 INSTRUCTIONAL GRANTS TOTALING $941,298 WERE AWARDED TO NEW JERSEY INSTITUTE OF TECHNOLOGY IN SUPPORT OF ITS EDUCATIONAL PROGRAMS IN ACCORDANCE WITH DONOR AND OTHER RESTRICTIONS. 2242324 2242324 0 STUDENT SERVICE GRANTS TOTALING $354,408 WERE AWARDED TO NEW JERSEY INSTITUTE OF TECHNOLOGY IN SUPPORT OF ITS ATHLETIC, THEATER, AND OTHER PROGRAMS IN ACCORDANCE WITH DONOR AND OTHER RESTRICTIONS.PUBLIC SERVICE GRANTS TOTALING $279,400 WERE AWARDED TO NEW JERSEY INSTITUTE OF TECHNOLOGY TO SUPPORT PRE-COLLEGE AND OUTREACH PROGRAMS IN ACCORDANCE WITH DONOR AND OTHER RESTRICTIONS.ACADEMIC SUPPORT GRANTS TOTALING $1,214,856 WERE AWARDED TO NEW JERSEY INSTITUTE OF TECHNOLOGY TO SUPPORT DEANS AND OTHER ACADEMIC SUPPORT ACTIVITIES IN ACCORDANCE WITH DONOR AND OTHER RESTRICTIONS.INSTITUTIONAL SUPPORT GRANTS TOTALING $385,937 WERE AWARDED TO RELATED ORGANIZATIONS, NEW JERSEY INSTITUTE OF TECHNOLOGY AND NEW JERSEY INNOVATION INSTITUTE, IN SUPPORT OF PUBLIC RELATIONS AND OTHER ACTIVITIES IN ACCORDANCE WITH DONOR AND OTHER RESTRICTIONS.GRANTS TOTALING $7,722 WERE AWARDED TO THE BETA ALPHA CHAPTER OF PI KAPPA PHI, INC., A STUDENT FRATERNITY ORGANIZATION, TO ASSIST WITH THE PAYMENT OF ITS MORTGAGE ASSOCIATED WITH THE CONSTRUCTION AND FURNISHING OF EDUCATIONAL AREAS OF THEIR CHAPTER HOUSE. 2242324 2242324 0 10634948 1 1 0 0 0 0 0 0 0 1 0 1 0 0 1 0 1 1 0 0 1 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 X 41 35 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NJ X LYNN AZARCHI AVP NJIT 9735963427 UNIVERSITY HEIGHTS NEWARK NJ 071021982 TEIK C LIM DIRECTOR 1.00 34.00 X 0 849456 63758 ATAM DHAWAN DIRECTOR 1.00 34.00 X 0 465284 60954 ANDREW P CHRIST DIRECTOR 1.00 34.00 X 0 354250 47710 CATHERINE Z BRENNAN SECRETARY 3.00 32.00 X X 0 335283 87814 KENNETH ALEXO JR PRESIDENT 35.00 0.00 X X 0 298131 62829 ROBERT MEDINA CHAIRMAIN 1.00 0.00 X X 0 0 0 ARTHUR A KAPOOR VICE CHAIRMAN 1.00 0.00 X X 0 0 0 KENNETH M COLAO VICE CHAIRMAN 1.00 0.00 X X 0 0 0 STEVEN ANNUNZIATO DIRECTOR 1.00 0.00 X 0 0 0 SIDDHARTHA BALA DIRECTOR 1.00 0.00 X 0 0 0 ALFRED A DE SETA DIRECTOR 1.00 0.00 X 0 0 0 ANGELO DEL RUSSO DIRECTOR 1.00 0.00 X 0 0 0 ALBERT A DORMAN DIRECTOR (THRU 11/23) 1.00 0.00 X 0 0 0 JONATHAN F ECHEVERRIA DIRECTOR 1.00 0.00 X 0 0 0 KIM Y FELIX DIRECTOR 1.00 0.00 X 0 0 0 DONALD FLOOD DIRECTOR 1.00 0.00 X 0 0 0 CARLOS FONSECA DIRECTOR 1.00 0.00 X 0 0 0 CHARLES FORMAN DIRECTOR 1.00 0.00 X 0 0 0 CAREN L FREYER DESOUZA DIRECTOR 1.00 0.00 X 0 0 0 JOHN J FUMOSA DIRECTOR 1.00 0.00 X 0 0 0 DAVID T GOCKEL DIRECTOR 1.00 0.00 X 0 0 0 DANIEL A HENDERSON DIRECTOR 1.00 0.00 X 0 0 0 ROBERT J HILLIER DIRECTOR 1.00 0.00 X 0 0 0 SONYA KAKKAR DIRECTOR 1.00 0.00 X 0 0 0 RALPHA M MADDALENA DIRECTOR 1.00 0.00 X 0 0 0 JOHN MCCANN DIRECTOR 1.00 0.00 X 0 0 0 RAYMOND J MCGOWAN DIRECTOR 1.00 0.00 X 0 0 0 PASCAL MONTILUS DIRECTOR 1.00 0.00 X 0 0 0 PATRICK NATALE DIRECTOR 1.00 0.00 X 0 0 0 KATHLEEN NATRIELLO DIRECTOR 1.00 0.00 X 0 0 0 GEORGE M NEWCOMBE DIRECTOR 1.00 0.00 X 0 0 0 BRETT NEWTON DIRECTOR (THRU 1/24) 1.00 0.00 X 0 0 0 JOHN H OLSON DIRECTOR (THRU 12/23) 1.00 0.00 X 0 0 0 MICHAEL D PAGES DIRECTOR 1.00 0.00 X 0 0 0 MARJORIE A PERRY DIRECTOR 1.00 0.00 X 0 0 0 PAUL V PROFETA DIRECTOR 1.00 0.00 X 0 0 0 MARK ROMANSKI DIRECTOR 1.00 0.00 X 0 0 0 STEVEN SAPERSTEIN DIRECTOR 1.00 0.00 X 0 0 0 GREGORY SAUTER DIRECTOR 1.00 0.00 X 0 0 0 JOHN W SEAZHOLTZ DIRECTOR 1.00 0.00 X 0 0 0 STEPHANIE TONIC DIRECTOR 1.00 0.00 X 0 0 0 MARTIN TUCHMAN DIRECTOR 1.00 0.00 X 0 0 0 KIM V VIERHEILIG DIRECTOR 1.00 0.00 X 0 0 0 JOHN A PELESKO DIRECTOR (AS OF 7/23) 1.00 34.00 X 0 204045 22291 0 2506449 345356 0 0 1 0 0 424801 546324 9453057 1933416 10424182 4566424 4566424 12382 12382 26911839 25368890 1542949 1542949 1542949 182764 424801 335335 -152571 -152571 16393366 0 0 5969184 10634948 10634948 48691 48691 220026 220026 96754 96754 23700 23700 REIMBURSED PAYROLL EXP. 493333 493333 ADMINISTRATIVE EXP. 3957 3957 11521409 10634948 766007 120454 2929966 5253132 4714163 3484466 36915 54615 142107876 156564486 15438066 19734208 6645014 6940065 171872000 192030972 11335 46113 3446338 3759589 3457673 3805702 X 29837842 32052473 0 0 138576485 156172797 168414327 188225270 171872000 192030972 4871957 14938986 0 X 0 1 X 1 0 X 9610963 12335281 9206676 12563402 10424182 54140504 9610963 12335281 9206676 12563402 10424182 54140504 5972515 48167989 2837308 3226678 3712975 4194017 4578806 18549784 122175 32905 126515 226633 182764 690992 73381280 0.65640 0.69230 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: FUNDRAISING - 2019 AMOUNT: $ 122,175. 2020 AMOUNT: $ 32,905. 2021 AMOUNT: $ 126,515. 2022 AMOUNT: $ 226,633. 2023 AMOUNT: $ 182,764. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 157545968 4129256 20702056 5854112 224474 176298694 145483979 6838920 11153063 5697130 232864 157545968 166088215 4396982 -19188329 5607604 205285 145483979 129182786 8223000 34634679 4208000 1559000 185250 166088215 122811632 6177667 5307550 3242477 1613255 258331 129182786 0.18420 0.81580 1 0 0 HEDGE FUNDS 10361112 F LIMITED PARTNERSHIPS 9373096 F 19734208 BENEFICIAL INTEREST IN CHARITABLE ANNUITY TRUST 3139781 GIFT ANNUITY FUNDS 497383 DUE TO NEW JERSEY INSTITUTE OF TECHNOLOGY 122425 3759589 34769935 14938986 3322274 18261260 16508675 220026 -335335 -115309 16393366 14958992 3322274 335335 3657609 11301383 220026 220026 11521409 PART V, LINE 4: INTENDED USES OF ENDOWMENT FUND FOUNDATION AT NEW JERSEY INSTITUTE OF TECHNOLOGY USES THE REALIZED INCOME AND APPRECIATION ON ITS ENDOWMENT INVESTMENTS FOR THE PURPOSES SPECIFIED BY THE DONORS IN THEIR GIFT DOCUMENTS OR AS DESIGNATED BY ITS BOARD OF DIRECTORS FOR QUASI ENDOWMENTS, IN ORDER TO SUPPORT THE FURTHER DEVELOPMENT AND GROWTH OF PROGRAMS AT NEW JERSEY INSTITUTE OF TECHNOLOGY. PART XI, LINE 4B - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSES RECLASSED TO OFFSET SPECIAL EVENT REVENUE IN FORM 990, PART VIII -335,335. PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSES RECLASSED TO OFFSET SPECIAL EVENT REVENUE IN FORM 990, PART VIII 335,335. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 10356076 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 FUNDRAISING 19054 EAST ASIA AND THE PACIFIC 0 0 FUNDRAISING 25120 0 0 0 0 0 0 10400250 0 10400250 1 0 1 0 1 0 PART I - ADDITIONAL SUPPLEMENTAL INFORMATION: FOUNDATION AT NEW JERSEY INSTITUTE OF TECHNOLOGY (FOUNDATION) INVESTS IN DOMESTIC AND FOREIGN LIMITED PARTNERSHIPS AND CORPORATIONS THAT MAY OWN AN INTEREST IN A FOREIGN CORPORATION OR PARTNERSHIP. NEVERTHELESS, THE INVESTMENTS IN THESE PARTNERSHIPS AND CORPORATIONS MAY NOT HAVE REACHED THE THRESHOLD REQUIRED FOR FILING FORMS 926, 5471, OR 8865. TO THE EXTENT THOSE FORMS ARE REQUIRED TO BE FILED, THEY ARE ATTACHED TO THE FOUNDATION'S FORM 990-T. ANNUAL CELEB. 305175 221921 83254 103955 27850 22560 DESIGN SHOWCASE 115625 81500 34125 19862 15062 4 186765 121380 65385 107601 38445 607565 424801 182764 103955 127463 27850 76067 335335 -152571 1 NJ INSTITUTE OF TECHNOLOGY UNIVERSITY HEIGHTS NEWARK NJ 07102 226000910 115(A)(2) 10552226 0 SCHOLARSHIP, FELLOWSHIP AND OTHER GRANTS NEW JERSEY INNOVATION INSTITUTE INC 323 MARTIN LUTHER KING JR BLVD NEWARK NJ 07102 471042118 501(C)(3) 75000 0 GRANT FOR COMMUNITY ENTREPRENEURS PROGRAM PI KAPPA PHI 5 GREEK WAY NEWARK NJ 07102 237239202 501(C)(7) 7722 0 CONSTRUCTION/FURNISHING OF CHAPTER HOUSE 2 1 PART I, LINE 2: PROCEDURES FOR MONITORING USE OF GRANTS FUNDS IN U.S. 1) FOUNDATION AT NEW JERSEY INSTITUTE OF TECHNOLOGY MONITORS THE GRANTS MADE TO THE BETA ALPHA CHAPTER OF PI KAPPA PHI, INC. TO ENSURE THAT THEY ARE ONLY USED FOR CONSTRUCTION COSTS RELATED TO EDUCATIONAL AREAS AND FOR THE PURCHASE OF EDUCATIONAL EQUIPMENT, EDUCATIONAL MATERIALS, FIRE AND SAFETY EQUIPMENT AND TO PROVIDE WIRELESS INTERNET ACCESS OF THE CHAPTER HOUSE. 2) FOUNDATION AT NEW JERSEY INSTITUTE OF TECHNOLOGY REVIEWS ALL EXPENDITURES OF GRANT FUNDS MADE BY RELATED ORGANIZATIONS, NEW JERSEY INSTITUTE OF TECHNOLOGY (NJIT) AND NEW JERSEY INNOVATION INSTITUTE (NJII), TO ENSURE THAT THE FUNDS ARE USED IN COMPLIANCE WITH THE GRANT TERMS. 0 0 0 0 0 0 0 0 0 TEIK C LIM DIRECTOR 0 608514 0 122000 0 118942 0 14000 0 49758 0 913214 0 0 ATAM DHAWAN DIRECTOR 0 443630 0 0 0 21654 0 14000 0 46954 0 526238 0 0 CATHERINE Z BRENNAN SECRETARY 0 315981 0 16144 0 3158 0 39323 0 48491 0 423097 0 0 ANDREW P CHRIST DIRECTOR 0 343661 0 0 0 10589 0 14000 0 33710 0 401960 0 0 KENNETH ALEXO JR PRESIDENT 0 288211 0 0 0 9920 0 14000 0 48829 0 360960 0 0 JOHN A PELESKO DIRECTOR (AS OF 7/23) 0 169288 0 0 0 34757 0 14000 0 8291 0 226336 0 0 PART I, LINE 3 THE COMPENSATION OF THE FOUNDATION'S PRESIDENT IS ESTABLISHED BY THE NEW JERSEY INSTITUTE OF TECHNOLOGY, THE EMPLOYER OF RECORD. HIS COMPENSATION IS ESTABLISHED WITHIN COMPETITIVE RANGES AND IS DETERMINED BASED ON COMPARING THE SALARIES OF SIMILARLY SITUATED EXECUTIVES AT PEER INSTITUTIONS WITHIN THE SAME GEOGRAPHICAL REGION. X 20 1913416 FMV X EVENT SUPPLIES 1 20000 FMV 0 1 1 PART I, COLUMN (B): AMOUNTS IN COLUMN B REPRESENT THE NUMBER OF INDIVIDUAL CONTRIBUTIONS OF ONE OR MORE ITEMS. PART I, LINE 32B: USE OF THIRD PARTY TO SELL NONCASH CONTRIBUTIONS TO THE EXTENT THAT THE FOUNDATION RECEIVES CONTRIBUTIONS OF NONCASH ITEMS, SUCH AS STOCKS, IT TASKS A THIRD-PARTY AGENT OR INVESTMENT BROKER TO CONVERT THOSE NON-CASH ITEMS INTO CASH FOR USE IN FULFILLING THE ORGANIZATION'S MISSION. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 REVIEW PROCESS THE FOUNDATION'S FORM 990 IS PREPARED BY A NATIONALLY RECOGNIZED ACCOUNTING FIRM IN CONJUNCTION WITH THE FOUNDATION'S SENIOR MANAGEMENT AND FINANCIAL TEAM. UPON COMPLETION, THE FOUNDATION'S EXTERNAL ACCOUNTING FIRM IS AVAILABLE TO PRESENT 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. FORM 990, PART VI, SECTION B, LINE 12C 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 FOUNDATION, BOARD SERVICE, OR POSITION WITHIN THE FOUNDATION. THE FOUNDATION 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. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION REVIEW & APPROVAL PROCESS COMPENSATION OF THE PRESIDENT AND OTHER OFFICERS OF FOUNDATION AT NEW JERSEY INSTITUTE OF TECHNOLOGY IS ESTABLISHED BY NEW JERSEY INSTITUTE OF TECHNOLOGY, THE EMPLOYER OF RECORD. COMPENSATION LEVELS ARE ESTABLISHED WITHIN COMPETITIVE RANGES DETERMINED VIA COMPARISON WITH OTHER SIMILAR ORGANIZATIONS AND LOCAL MARKET CONDITIONS. FORM 990, PART VI, SECTION C, LINE 19 AVAILABILITY OF DOCUMENTS THE FOUNDATION MAKES ITS FORM 990 AVAILABLE TO THE PUBLIC BY RETAINING A COPY AT ITS PLACE OF BUSINESS. THE FORM 990 IS ALSO AVAILABLE ON WWW.GUIDESTAR.ORG. THE FOUNDATION'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. NEW JERSEY INSTITUTE OF TECHNOLOGY 323 MARTIN LUTHER KING JR BLVD NEWARK NJ 071021982 226000910 PUBLIC RESEARCH UNIVERSITY NJ 115(A)(2) N/A 0 NEW JERSEY INNOVATION INSTITUTE INC 323 MARTIN LUTHER KING JR BLVD NEWARK NJ 071021982 471042118 RESEARCH AND ECONOMIC DEVELOPMENT NJ 501(C)(3) LINE 7 NEW JERSEY INSTITUTE OF TECHNOLOGY 0 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 1 0 0 0