2023-05-15T18:00:38-05:00 2022-06-30 873231666 PKF O'CONNOR DAVIES ADVISORY LLC 20 COMMERCE DRIVE SUITE 301 CRANFORD NJ 070163618 990 2021-07-01 226079662 MIDDLESEX COLLEGE FOUNDATION INC MIDD 7329062564 2600 WOODBRIDGE AVE EDISON NJ 08818 DIANE CONBOY CHAIRPERSON 7329062564 2023-05-15 1 DIANE CONBOY 999009999 GARRETT M HIGGINS P00543209 9082726200 2023-05-12 0 AAL1 IAL1 2021 2023-04-26 12:10:37Z DIANE CONBOY 2600 WOODBRIDGE AVE EDISON NJ 08818 17095824 0 X HTTPS://MIDDLESEXCC.EDU/MCC-FOUNDATION X 1966 NJ HELPING STUDENTS OPEN DOORS TO THEIR FUTURE WITH FINANCIAL AID, SCHOLARSHIPS, AND EDUCATIONAL RESOURCES. 14 14 0 58 0 0 1193100 791718 0 0 1618530 1624010 0 25845 2811630 2441573 1067849 1098165 0 0 27164 0 0 0 289 217972 233112 1312985 1331277 1498645 1110296 23894938 20490248 917611 885003 22977327 19605245 HELPING STUDENTS OPEN DOORS TO THEIR FUTURE WITH FINANCIAL AID, SCHOLARSHIPS, AND EDUCATIONAL RESOURCES. 0 0 638452 638452 0 PROGRAMS AND GRANTS - IN ADDITION TO PROVIDING SCHOLARSHIPS FOR MIDDLESEX COLLEGE STUDENTS, MIDDLESEX COLLEGE FOUNDATION SEEKS FUNDING FOR A WIDE VARIETY OF ONGOING PROGRAMS AND ACADEMIC INITIATIVES. THE MC FOUNDATION STRIVES TO ENCOURAGE AND SUSTAIN LONG-TERM RELATIONSHIPS WITH ALUMNI, FRIENDS, AND BUSINESSES, AND TO SEEK THEIR ACTIVE SUPPORT OF THE COLLEGE'S MISSION. THESE RELATIONSHIPS BUILD COMMITMENT AND INCLUSION IN SUPPORT OF THE COLLEGE'S GOAL OF SERVING THE ENTIRE COMMUNITY. 418691 418691 0 SCHOLARSHIPS - SINCE 1967, THE MIDDLESEX COLLEGE FOUNDATION HAS DISTRIBUTED OVER $17.5 MILLION IN SCHOLARSHIPS, FINANCIAL AID AND GRANTS TO MORE THAN 17,500 DESERVING STUDENTS. THE MIDDLESEX COLLEGE FOUNDATION CURRENTLY OFFERS 135 ENDOWED AND ANNUAL SCHOLARSHIPS FOR QUALIFIED STUDENTS. THE NUMBER OF DESERVING MIDDLESEX COLLEGE STUDENTS IN NEED OF FINANCIAL ASSISTANCE ALWAYS EXCEEDS AVAILABLE FUNDING. THE MIDDLESEX COLLEGE FOUNDATION IS COMMITTED TO INCREASING OUR FINANCIAL RESOURCES SO THAT WE MAY ASSIST MORE STUDENTS EACH YEAR. SPENDING OF FUNDS ARE BASED ON DONOR RESTRICTION AND MAY BE TEMPORARILY OR PERMANENTLY RESTRICTED. 41022 41022 0 DIRECT STUDENT SUPPORT - STUDENT SUCCESS OFTEN DEPENDS ON FACTORS BEYOND ACADEMIC SCHOLARSHIP. MIDDLESEX COLLEGE FOUNDATION SEEKS TO SUPPORT THE WHOLE STUDENT JOURNEY AND HAS MADE OF A COMMITMENT TO DIRECT STUDENTS SUPPORTS THROUGH THE FUNDING OF PROGRAMS SUCH AS THE STUDENT EMERGENCY FUND AND MIDDLESEX COLLEGE FOOD PANTRY. 1840 1840 1100005 1 1 0 0 0 0 0 0 0 1 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 1 0 1 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 8 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 X 14 14 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 NJ X LISA KELLY 7329062564 2600 WOODBRIDGE AVE EDISON NJ 08818 DIANE CONBOY CHAIRPERSON 1.00 X X 0 0 0 BARBARA BERNARD FIRST VICE CHAIRPERSON 1.00 X X 0 0 0 DEANGELINA INMAN SECOND VICE CHAIRPERSON 1.00 X X 0 0 0 JAMES CAMPBELL TREASURER 1.00 X X 0 0 0 JOANNE FILLWEBER SECRETARY 1.00 X X 0 0 0 MAUREEN BINETTI TRUSTEE 1.00 X 0 0 0 BRIAN DAUGHERTY TRUSTEE THROUGH SEPT 2021 1.00 X 0 0 0 GENETTE FALK TRUSTEE 1.00 X 0 0 0 RICK GELMETTI TRUSTEE 1.00 X 0 0 0 SAMUEL INGLESE TRUSTEE 1.00 X 0 0 0 LINDA DONATO KENNEDY TRUSTEE 1.00 X 0 0 0 ANTHONY OSBOURNE TRUSTEE 1.00 X 0 0 0 EILEEN PALUMBO TRUSTEE 1.00 X 0 0 0 MICHAEL ROFMAN TRUSTEE 1.00 X 0 0 0 MICHAEL MARONEY TRUSTEE THROUGH SEPT 2021 1.00 X 0 0 0 JOHN MULKERIN TRUSTEE THROUGH SEPT 2021 1.00 X 0 0 0 DOROTHY K POWER TRUSTEE 1.00 X 0 0 0 LISA KELLY EXECUTIVE DIRECTOR 40.00 X 93133 0 18164 93133 0 18164 0 0 0 1 MORGAN STANLEY 1 NEW YORK PLAZA NEW YORK NY 10004 INVESTMENT SERVICES 152804 1 10000 781718 42867 791718 505623 505623 15752943 14634556 1118387 1118387 1118387 45540 19695 25845 25845 2441573 0 0 1649855 637802 637802 460363 460363 10652 10652 148687 148687 34396 34396 5978 5978 562 562 32 32 224 224 ALLOCATED PAYROLL 30452 30452 ANNUITY DISTRIBUTIONS 1840 1840 EVENT EXPENSES 289 289 1331277 1100005 230983 289 402569 663375 611752 504459 425640 365680 22437638 18949353 17339 7381 23894938 20490248 27388 22523 890223 862480 917611 885003 X 3048088 2588179 19929239 17017066 22977327 19605245 23894938 20490248 1110296 -4482378 0 X X 0 1 X 1 0 X 773435 576808 630748 1193100 791718 3965809 183019 184507 193485 253868 252834 1067713 956454 761315 824233 1446968 1044552 5033522 15552 11016 14138 13346 18002 72054 0 15552 11016 14138 13346 18002 72054 4961468 347275 531075 629906 422606 505623 2436485 347275 531075 629906 422606 505623 2436485 42758 31791 26179 25845 126573 1346487 1324181 1480318 1869574 1576020 7596580 0.65310 0.70600 0.32070 0.29070 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 12436368 179844 -1658147 214106 10743959 10449635 133393 2290757 437417 12436368 10466613 101651 315080 433709 10449635 10151882 119386 568507 373162 10466613 9703538 155859 682088 389603 10151882 0.97454 0.02546 0 0 0 X -1916963 -4482378 252834 19695 -4209849 2292886 148687 148687 2441573 1455119 252834 19695 272529 1182590 148687 148687 1331277 PART V, LINE 4: THE FOUNDATION'S ENDOWMENT CONSISTS OF APPROXIMATELY 91 INDIVIDUAL FUNDS ESTABLISHED BY DONORS FOR A VARIETY OF PURPOSES, INCLUDING SCHOLARSHIP AWARDS, ACADEMIC PROGRAM SUPPORT, PHYSICAL PLANT PROJECTS AND FACULTY DEVELOPMENT. PART X, LINE 2: THE FOUNDATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER INTERNAL REVENUE CODE ("CODE") SECTION 501(C)(3) AND, THEREFORE, HAS MADE NO PROVISION FOR FEDERAL INCOME TAXES. IT IS ALSO EXEMPT FROM STATE AND LOCAL INCOME TAXES. IN ADDITION, THE FOUNDATION HAS BEEN DETERMINED BY THE INTERNAL REVENUE SERVICE NOT TO BE A "PRIVATE FOUNDATION" WITHIN THE MEANING OF SECTION 509(A)(1) OF THE CODE. OTHER SIGNIFICANT TAX POSITIONS INCLUDE ITS DETERMINATION OF WHETHER ANY AMOUNTS ARE SUBJECT TO UNRELATED BUSINESS INCOME TAX ("UBIT"). MANAGEMENT REGULARLY REVIEWS AND EVALUATES ITS TAX POSITIONS TAKEN IN PREVIOUSLY FILED INFORMATION RETURNS AND AS REFLECTED IN ITS FINANCIAL STATEMENTS, WITH REGARD TO ISSUES AFFECTING ITS TAX-EXEMPT STATUS, UNRELATED BUSINESS INCOME AND RELATED MATTERS. ALL SIGNIFICANT TAX POSITIONS HAVE BEEN CONSIDERED BY MANAGEMENT AND IT HAS BEEN DETERMINED THAT ALL TAX POSITIONS WOULD BE SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. THEREFORE, MANAGEMENT HAS CONCLUDED THAT NO TAX BENEFITS OR LIABILITIES ARE REQUIRED TO BE RECOGNIZED. THE FOUNDATION IS NO LONGER SUBJECT TO FEDERAL TAX EXAMINATIONS FOR ITS FEDERAL FORM 990 AND FOR THE STATE OF NEW JERSEY FORM CRI-300R FOR YEARS PRIOR TO JUNE 30, 2019. PART XI, LINE 2D - OTHER ADJUSTMENTS: DIRECT FUNDRAISING EXPENSES 19,695. PART XII, LINE 2D - OTHER ADJUSTMENTS: DIRECT FUNDRAISING EXPENSES 19,695. 45540 1583 4150 6047 7915 0 45540 1583 4150 6047 7915 19695 25845 NJ 1 0 1 0 1.00000 LISA KELLY 2600 WOORDBRIDGE AVENUE EDISON NJ 08818 0 PARTY PERFECT RENTALS LLC 7050 PROVIDED GAMING EQUIPMENT AND DEALERS TO MANAGE THE TABLES X 1 25845 1 MIDDLESEX COLLEGE 2600 WOODBRIDGE AVENUE EDISON NJ 08818 221769370 STATE OF NJ 637802 0 GRANTS TO SUPPORT UNIVERSITY'S PROGRAMS 1 0 MIDDLESEX COLLEGE SCHOLARSHIPS AND OTHER SUPPORT 334 418691 650 BOOK LAB EQUIPMENT DEPARTMENT AWARDS 10 1900 STUDENT SUPPORT 62 39122 PART I, LINE 2: THE FOUNDATION AUDITS MIDDLESEX COLLEGE'S QUARTERLY INVOICES TO ENSURE THAT THE FOUNDATION DOES NOT REIMBURSE THE COLLEGE FOR MORE THAN IS AVAILABLE WITHIN EACH FUND OR ALLOCATION. SCHOLARSHIP FUNDS AND FINANCIAL AID GRANTS ARE TRANSFERRED TO THE BURSAR OF MIDDLESEX COLLEGE FOR POSTING TO THE QUALIFYING RECIPIENTS STUDENT ACCOUNTS. THE BURSAR'S OFFICE MONITORS THE STUDENTS' PROGRAMS TO ENSURE CONTINUED QUALIFICATION, INCLUDING REGULAR CLASS ATTENDANCE, MAINTENANCE OF GRADES AND OTHER RELEVANT CRITERIA. 0 0 0 0 0 0 0 0 0 LISA KELLY EXECUTIVE DIRECTOR 91625 0 0 0 1508 0 7538 0 10626 0 111297 0 0 0 PART VII, LINE 5: LISA KELLY, EXECUTIVE DIRECTOR, IS EMPLOYED AND COMPENSATED BY MIDDLESEX COLLEGE, AN UNRELATED PARTY. SHE DEVOTES 75% OF HER TIME TO MIDDLESEX COLLEGE FOUNDATION, INC. AND, IN COMPLIANCE WITH PART VII INSTRUCTIONS OF THE 990, HAS 75% OF HER COMPENSATION ALLOCATED TO THE FOUNDATION ($113,508). X 700 COST X 3 38235 AVG. SELLING PRICE X TICKETS 8 1747 COST X GIFT CARDS 12 1535 COST X LAB EQUIPMENT 1 650 COST 0 0 1 0 PART I, COLUMN (B): THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTORS IN SCHEDULE M, PART I, COLUMN B. FORM 990, PART VI, SECTION A, LINE 4 THE BOARD OF DIRECTORS AMENDED THE BY-LAWS IN SEPTEMBER 2021. THE CHANGES TO THE BY-LAWS INCLUDE THE ELECTION OF TRUSTEES RATHER THAN APPOINTMENT AT THE FOUNDATION'S ANNUAL MEETING AND THE DIVISION OF THE BOARD OF TRUSTEES MEMBERSHIP INTO TWO SEPARATE TERMS. FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION 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 AND REVIEWED BY MANAGEMENT, A COPY OF THE FORM 990 IS DISTRIBUTED TO THE AUDIT COMMITTEE FOR THEIR REVIEW. THE FULL BOARD THEN HAS AN OPPORTUNITY TO REVIEW THE FORM 990 PRIOR TO BEING ELECTRONICALLY FILED. FORM 990, PART VI, SECTION B, LINE 12C MIDDLESEX COLLEGE FOUNDATION, INC. CURRENTLY HAS IN PLACE A CONFLICT OF INTEREST POLICY WHICH IT ANNUALLY MONITORS AND ENFORCES. THE BOARD CURRENTLY MANDATES THAT ALL DIRECTORS, OFFICERS, EMPLOYEES, AND VOLUNTEERS ANNUALLY SIGN A CONFLICT OF INTEREST POLICY AND DISCLOSE ANY POTENTIAL OR ACTUAL CONFLICTS THAT MAY EXIST. THE SIGNED CONFLICT OF INTEREST POLICY IS SUBMITTED TO THE BOARD OF DIRECTORS WHO REVIEW THE SIGNED ATTESTATIONS FOR POTENTIAL OR ACTUAL CONFICTS. IF A POTENTIAL OR ACTUAL CONFLICT EXISTS, THE BOARD OR COMMITTEE WILL INFORM THE MEMBER OF THE BASIS OF SUCH BELIEF AND AFFORD THE MEMBER AN OPPORTUNITY TO RESPOND. THE BOARD OR COMMITEE WILL DISCLOSE THE CONFLICT OF INTEREST AND HOW THE CONFLICT WAS HANDLED. THE PERSON WITH THE ACTUAL CONFLICT OF INTEREST WILL BE PROHIBITED FROM VOTING ON THE MATTER THAT GIVES RISE TO THE CONFLICT. IF THERE HAS BEEN SUBSTANTIAL AND REPEATED FAILURES TO DISCLSOE ACTUAL CONFLICTS OF INTEREST, THE BOARD MAY TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION, INCLUDING REMOVAL OF THE MEMBER. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST AT 2600 WOODBRIDGE AVENUE, EDISON, NJ 08818. FORM 990, PART XII, LINE 2C: THE ORGANIZATION'S AUDIT COMMITTEE ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF THE ORGANIZATION'S FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.