2017-05-02T10:54:31-05:00 2016-06-30 Grant Thornton LLP 757 THIRD AVENUE New York NY 10017 990 2015-07-01 221500645 Seton Hall University % STEPHEN A GRAHAM SETO 9737619318 400 South Orange Avenue South Orange NJ 07079 STEPHEN A GRAHAM VP For Finance/CFO 9737619003 2017-04-30 true Daniel Romano P00504182 2125429609 2015 2021-01-29 14:40:06Z Mary J Meehan 400 South Orange Avenue South Orange NJ 07079 617390000 false 0928 X www.shu.edu X 1856 NJ SETON HALL UNIVERSITY IS A CATHOLIC INSTITUTION OF HIGHER EDUCATION 47 37 4079 788 518000 42850000 44070000 319578000 336178000 13274000 9974000 11105000 10695000 386807000 400917000 120304000 128991000 0 0 157634000 166685000 0 0 6552000 99971000 105115000 377909000 400791000 8898000 126000 637881000 618392000 205411000 197987000 432470000 420405000 SEE SCHEDULE O false false 258962000 118798000 339098000 Educational - Seton Hall University operates to provide baccalaureate, masters, and doctoral degrees. It enrolls 9,800 undergraduate and graduate students. The University is composed of ten schools located on two campuses, including its Law School located in Newark, New Jersey. Day and evening sessions accommodate both commuter and residential students on a part-time and full time basis. 86237000 9940000 4742000 Academic Support and Student Services - Academic Support provides support services, such as libraries, academic technology, faculty curriculum development, for its primary missions of instruction, research and public service. Student services provide various services to students, which contribute to the students' emotional and physical well-being and to their intellectual, cultural and social development outside the context of the University's formal instructional programs. 8802000 253000 75000 Research, Training & Public Services - Enables faculty to explore new areas of education, learning and knowledge and provides non-instructional services to individuals and groups external to the University. The University also offers financial support to students through academic scholarships and work-study programs, which are funded by federal, state and private grants. 354001000 true true false true false false false true false true true true false false true true true false true true true false false false true false false true true true true true false false false false false true false true true true true false false false true false false false true 390 0 true 4079 true true true false false false false true true false false false false X 47 37 false false false false false true true true true false false true true true true true true true true false X X X STEPHEN A GRAHAM 9737619003 400 SOUTH ORANGE AVENUE South Orange NJ 07079 A Gabriel EstebanPhD President/Regent/Trustee 45.0 0.0 X X 654871 0 111229 Most Reverend John J Myers Regent/Trustee 1.0 0.0 X 0 0 0 Most Rev James F Checchio Regent 1.0 0.0 X 0 0 0 Most Rev Arthur J Serratelli Regent/Trustee 1.0 0.0 X 0 0 0 Most Rev Dennis J Sullivan Regent 1.0 0.0 X 0 0 0 Most Rev Kurt R Burnette Regent 1.0 0.0 X 0 0 0 Monsignor Robert Coleman Regent/Trustee 45.0 0.0 X 47981 0 64118 Monsignor Thomas P Nydegger Regent/Trustee 1.0 45.0 X 750 43616 38035 Monsignor Joseph R Reilly Trustee 45.0 0.0 X 34955 0 99498 Monsignor Robert J Wister Trustee 45.0 5.0 X 33405 1000 59318 Most Reverend Bernard A Hebda Trustee 1.0 0.0 X 0 0 0 Patrick M Murray Regent/Trustee 1.0 0.0 X 0 0 0 Monsignor Michael A Andreano Trustee 1.0 0.0 X 0 0 0 Pamela M SwartzbergEsq Trustee 1.0 0.0 X 0 0 0 Sr Margaret Stallmeyer CDP Regent 1.0 0.0 X 0 0 0 Ryan K Duffy Regent 1.0 0.0 X 0 0 0 Henry F D'Alessandro Regent/Trustee 1.0 0.0 X 0 0 0 Mark E Ganton Regent 1.0 0.0 X 0 0 0 Phillip N Maisano Regent/Trustee 1.0 0.0 X 0 0 0 Donna M O'Brien Regent/Trustee 1.0 0.0 X 0 0 0 Joseph M Sheridan Regent 1.0 0.0 X 0 0 0 Eun-Sook Lucy Cho-LeeMD Regent 1.0 0.0 X 0 0 0 David B Gerstein Regent 1.0 0.0 X 0 0 0 James E Collins Regent 1.0 0.0 X 0 0 0 Richard F Liebler Regent 1.0 0.0 X 0 0 0 Michael J Lucciola Regent 1.0 0.0 X 0 0 0 Francis J Hager Regent/Trustee 1.0 0.0 X 0 0 0 Dr Michael Loeven Regent 1.0 0.0 X 0 0 0 Richard Mandelbaum Regent 1.0 0.0 X 0 0 0 John D Hayes Regent 1.0 0.0 X 0 0 0 Robert S Basso Regent 1.0 0.0 X 0 0 0 James T Boyle Jr Regent 1.0 0.0 X 0 0 0 Stephen G Waldis Regent 1.0 0.0 X 0 0 0 Robert B BudelmanEsq Regent 1.0 0.0 X 0 0 0 James M O'Brien Regent 1.0 0.0 X 0 0 0 Mary Ann Christopher Regent/Trustee 1.0 0.0 X 0 0 0 Beatriz M Manetta Regent 1.0 0.0 X 0 0 0 Helen Lerner Regent 1.0 0.0 X 0 0 0 Robert A Ley Regent 1.0 0.0 X 0 0 0 James L Orsini Regent 1.0 0.0 X 0 0 0 Richard C McMahon Regent 1.0 0.0 X 0 0 0 Robert J Sloan Regent 1.0 0.0 X 0 0 0 Edward C Cerny Regent 1.0 0.0 X 0 0 0 Mark D Benjamin Regent 1.0 0.0 X 0 0 0 John F Swift Regent 1.0 0.0 X 0 0 0 Matthew W Wright Regent 1.0 0.0 X 0 0 0 Leo J Zatta Regent 1.0 0.0 X 0 0 0 Larry A RobinsonEdD Provost & Executive V.P. 45.0 0.0 X 480008 0 70069 David J BohanMBA V.P. University Advancement 45.0 0.0 X 349026 0 58184 Dennis J GarbiniMBA V.P. Administration 45.0 0.0 X 258243 0 46688 Tracy H GottliebPhD V.P. Student Services 45.0 0.0 X 217758 0 41923 Stephen A GrahamMBA VP Finance/CFO 45.0 0.0 X 235152 0 48623 Catherine A KiernanJD V.P. General Counsel 45.0 0.0 X 263233 0 55465 Alyssa McCloudPhD V.P. Enrollment Management 45.0 0.0 X 318384 0 33591 Monsignor Anthony ZiccardiSTD V.P. Mission & Ministry 45.0 0.0 X 50822 0 59318 Patrick G Lyons V.P.for Athletics & Rec. Svcs. 45.0 0.0 X 455839 0 43282 Kathleen BoozangJDLLM Dean, School of Law 45.0 0.0 X 285809 0 35699 Joyce A StrawserPhD Dean, School of Business 45.0 0.0 X 237961 0 87860 Stephen J Lubben JD LLM Law School Professor 45.0 0.0 X 259014 0 56329 Kevin Willard Head Coach Men's Basketball 45.0 0.0 X 1566619 0 67131 Anthony J Bozzella Head Coach Women's Basketball 45.0 0.0 X 358785 0 121434 Brian B Shulman PhD Dean, School of Health & Med. 45.0 0.0 X 281321 0 33953 Andrea Bartoli PhD Dean, School of Diplomacy 45.0 0.0 X 262082 0 58127 Joan F GuettiPhD Former Dean, Arts & Sciences 45.0 0.0 X 182492 0 25750 Patrick E HobbsJDLLM Former Dean, School of Law 45.0 0.0 X 481009 0 63524 Michael S Zavada Former Dean, Arts & Sciences 45.0 0.0 X 103874 0 18636 7419393 44616 1397784 233 true true false Gourmet Dining Services 400 South Orange Avenue SOUTH ORANGE NJ 07079 Catering 9765047 Samuel S Graham Inc PO Box 319 EAST HANOVER NJ 07936 General Contracting 4599121 Temco Service Industries Inc One Park Avenue NEW YORK NY 10016 Housekeeping 3575151 Torcon Inc 328 Newman Springs Road 5 RED BANK NJ 07701 General Contracting 3389775 Hollister Construction Services LL 339 Jefferson Road PARSIPPANY NJ 07054 Construction Service 2515950 71 730000 27417000 15923000 755000 44070000 TUITION & FEES 900099 302395000 302395000 ROOM AND BOARD 900099 32861000 32861000 FEES AND CONTRACTS FROM GOVERMENT AGENCIES 900099 75000 75000 MEDICAL RESIDENCY PROGRAM 900004 847000 847000 336178000 5260000 25000 5235000 7000 7000 194000 104000 90000 270000 59000 211000 0 211000 211000 220505000 48000 215763000 83000 4742000 -35000 4707000 4707000 460000 730000 568000 -108000 -108000 0 0 NCAA/CONFERENCE DISTRIBUTIONS 900099 3173000 3173000 ATHLETICS TICKET SALES 900099 1569000 1569000 PARKING 812930 1583000 1583000 4073000 2995000 389000 689000 10398000 400917000 343915000 518000 12414000 127000 127000 128864000 128864000 0 0 4798000 2288000 1726000 784000 309000 309000 119912000 102361000 14468000 3083000 7083000 6041000 859000 183000 26261000 21181000 4262000 818000 8322000 7105000 1004000 213000 159000 128000 31000 696000 24000 672000 227000 227000 133000 133000 0 1141000 1141000 23211000 20965000 2094000 152000 1272000 932000 287000 53000 8480000 6710000 1393000 377000 5923000 2079000 3844000 0 7382000 6912000 470000 7586000 6923000 392000 271000 0 3118000 2291000 577000 250000 4887000 4797000 90000 0 16697000 15749000 898000 50000 1910000 23000 1887000 REPAIRS AND MAINTENANCE 7468000 7109000 196000 163000 LOSS ON DEBT DEFEASANCE 4225000 4225000 SCHOOL OF MEDICINE (SOM) 3151000 3151000 BOOKS AND SUBSCRIPTIONS 2771000 2716000 32000 23000 4678000 991000 3555000 132000 400791000 354001000 40238000 6552000 21184000 5014000 2378000 11820000 9093000 13576000 4058000 4504000 0 0 0 0 13911000 13196000 0 0 9126000 8198000 534084000 248747000 281520000 285337000 198324000 184137000 92473000 88172000 0 0 0 0 5814000 4438000 637881000 618392000 37964000 37830000 0 0 12982000 12652000 126777000 119246000 0 0 0 0 0 0 0 0 27688000 28259000 205411000 197987000 X 257821000 247187000 87010000 82932000 87639000 90286000 432470000 420405000 637881000 618392000 X 126000 -9834000 -2357000 X false true true true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true false true 1200 false true 18450 true 141926 false false 161576 false Part II-B, Line 1(i) Other Lobbying Activities Seton Hall University lobbied state legislators regarding annual independent college appropriations, student aid for independent college students and School of Medicine support. Efforts consisted of direct mailings, phone calls and personal meetings. Members of Congress were contacted regarding student aid and grants for various university programs. The University's staff is involved in lobbying efforts. The value of that staff time is approximately $28,430. Those costs have been reported on Line 7 (other salaries and wages) and not separately identified on Line 11 (d) in Part IX, statement of Functional Expenses. 1175000 102000 X X X false 263948000 4424000 -879000 2807000 15669000 2113000 246904000 272174000 3227000 10750000 2742000 15988000 3473000 263948000 241466000 3576000 41387000 2658000 10262000 1335000 272174000 227198000 899000 25222000 2785000 8285000 783000 241466000 234593000 679000 2077000 2611000 7591000 -51000 227198000 0.39300 0.36600 0.24100 true false 3022000 3022000 457969000 196197000 261772000 61755000 52550000 9205000 11338000 11338000 285337000 OUTSIDE TRUST 7988000 F HEDGE FUNDS 23331000 F COMMINGLED FUNDS 29924000 F PRIVATE EQUITY 8308000 F VENTURE CAPITAL 3034000 F PRINCIPAL GLOBAL REAL ESTATE 9031000 F EMERGING MARKET EQUITIES 6556000 F 88172000 0 REFUNDABLE U.S. GOV'T GRANTS 11491000 CONDITIONAL ASSET RETIRE OBLIG 8536000 INTEREST RATE SWAP AGREEMENTS 7200000 ACCRUED POSTRETIREMENT BENEFIT 1032000 28259000 264839000 -9834000 511000 -1626000 -10949000 275788000 1141000 123988000 125129000 400917000 277025000 511000 1454000 1965000 275060000 1141000 124590000 125731000 400791000 Part III, line 4 Collections are composed of: a mural, ancient Greek and Roman coins, book collections, paintings, wild life art collections, and a special collection of research papers. Collections are utilized by students, faculty, administrators and the general public. Their usage helps achieve the ultimate goal of advancing the educational and research mission of the University. Part V, line 4 Endowment funds support the University's mission by providing a sustainable flow of funds to annual operations. This support includes funds for scholarships and for specific academic programs. The University has adopted an endowment spending policy designed to provide a predictable flow of funds to operations. The policy is intended to balance current spending needs and preserve the endowment's future purchasing power. The University applies a 4.5% spending rate to a three-year moving average of endowment investment funds. The Board of Regents sets the spending rate. The purpose of using a moving average is to smooth out any wide fluctuations in the market value. Endowment earnings in excess of the spending rate are added back to the principal of the endowment investments. In years when yield exceeds the amount appropriated under the spending policy the excess is returned to principal as appreciation. When annual yield is insufficient to support spending appropriations, the balance is provided from accumulated appreciation. Special allocations are made for certain purposes in addition to the spending rate, as approved by the University's Board of Regents, annually. Part X, line 1: Other Liabilities - Income Taxes Accounting Standards Codification ("ASC") 740-10 clarifies the accounting for uncertainty in tax positions taken or expected to be taken in a tax return, including issues relating to financial statement recognition and measurement. This section provides that the tax effects from an uncertain tax position can be recognized in the financial statements only if the position is "more-likely-than-not" to be sustained if the position were to be challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax position may be challenged. The University is exempt from Federal and New Jersey State Income taxation by virtue of being an organization described in Section 501(c)(3) of the IRC and similar provisions of the New jersey State tax code. Nevertheless, The University may be subject to tax on income unrelated to its exempt purpose, unless that income is otherwise excluded by the Code. The tax years ended June 30, 2013, 2014, 2015, and 2016 are still open to audit for both federal and state purposes. The University believes that there are no material uncertain tax positions within its financial statements. Part XI, Line 2D - Other Change in value of interest rate SWAP agreements of $1,626,000. Part XI, Line 4b - Other Financial Aid of $124,590,000, add limited partnership gain of $25,000, less rental expense of $59,000, and less special events expenses of $568,000. Part XII, Line 2D - Other Provision for uncollectible contributions receivable of $827,000, plus special events expense of $568,000 and rental expense of $59,000. Part XII, Line 4B - Other Financial aid of $124,590,000. true true true true true true true false false false false false false false false true false true Part I, Line:3 The University's racially nondiscriminatory policy appears in its Undergraduate and Graduate catalogs, as well as in the Admission Prospectus. It is also in all newspaper advertisements and the University's website. Line 6 - Explanation of Government Financial Aid The University participates in various Federal and State financial aid programs, which include, but are not limited to the following programs: Federal Direct Lending Program, Federal Pell Grant, Federal College Work Study, Federal Supplemental Education Opportunity Grant, N.J State Tuition Assistance Grant and N.J. State Education Opportunity Fund. Central America and the Caribbean Investments 29132000 East Asia and the Pacific 1 1 Program Services Student Recruitment 55000 East Asia and the Pacific Program Services MBA Program 43000 SEE PART V Program Services Study Abroad 91000 East Asia and the Pacific Program Services MSPA PROGRAM 29000 1 1 1 1 29350000 29350000 true false true true true false Part I, Line 3, (1); Part IV , Lines 1, 3, 4,& 5 By virtue of its investments in various limited partnership investments, Seton Hall University may invest in passive foreign investment companies and/or foreign partnerships; to the extent the University is required to file the Forms 926, 5471, 8621, or 8865, those foreign forms were attached to the University's Form 990-T. Part I, Lines 3, (2)&(3) Support for student recruitment and academic exchange program developments. During FY2016, the Stillman School continued to offer an executive-style MBA program in collaboration with Viagold International Education Management Group in Zhuhai, China. Students are taught in Mandarin by a combination of Stillman faculty and faculty employed by Chinese universities, and the students spend a week during their final semester at Seton Hall's South Orange campus to complete the MBA program and participate in Graduate Commencement. Part I, Line 3, (4) The University expends funds outside of the United States on various study abroad programs in various countries. Students enrolled in study abroad programs pay their fees relating to travel and other expense directly to Seton Hall University and the University remits payments to the overseas entities on the students' behalf. Part I, Line 3, (5) In January 2016, our AACSB-accredited Stillman School of Business, one of two schools in New Jersey to hold this accreditation for its accounting program and one of less than 200 schools to hold this distinction worldwide, began its partnership with the University of Santo Tomas (UST) in Manila, Philippines. The UST faculty cohort is comprised of ten (10) faculty members who have each been accepted to the Stillman's Master of Science in Professional Accounting degree program. This program is thirty (30) credits and the Stillman School has offered one to two courses per semester. Students are fully engaged with the Stillman School of Business faculty using the Seton Hall University learning platforms. Law Schl Dinner 216000 84000 132000 0 0 0 85000 18000 8000 Son Latino 206000 164000 42000 0 0 0 29000 5000 7000 0 768000 482000 286000 0 13000 2000 209000 99000 93000 1190000 730000 460000 0 13000 2000 323000 122000 108000 568000 -108000 true Village of South Orange NJ 101 South Orange Avenue South Orange NJ 07079 226002309 115 24000 See Part IV. Society of the Sisters of Christian 350 Bernardsville Rd Mendham NJ 07945 222138057 501(C)(3) 25000 General Purpose Saint Paul's Outreach 110 Crusader Ave West St St Paul MN 55118 411621192 501(C)(3) 25000 General Purpose Children's Specialized Hospital 150 New Providence Rd Mountainside NJ 07092 136844298 501(C)(3) 11000 General Purpose JFK Johnson Rehabilitation Institute 65 James St Edison NJ 08820 226019101 501(c)(3) 15000 General Purpose Hackensack UMC Foundation 30 Prospect Ave Hackensack NJ 07601 222339534 501(C)(3) 10000 General Purpose Leadership Education for Asia Pacific 327 E 2nd St Ste 226 Los Angeles CA 90012 953879677 501(C)(3) 10000 General Purpose Ivy Hill Neighborhood Association 209 Ivy St Newark NJ 07106 300222590 501(C)(3) 7000 General Purpose 8 Federal Awards 2087 11016000 State of New Jersey Awards 1683 12018000 Institutional Support 10089 105830000 Part I, Line 2 All University spending must be approved by a manager or higher level, depending on the amount of the expenditure. Any expenditure of $1,000 or above would have to be approved by a Dean or other budget center manager. An expenditure in excess of $10,000 must be approved by a Vice President (or that person's designee) or the President. Grants or assistance to outside organizations are segregated in the University's financial accounting system through the use of a separate account code, which allows for review by University's central finance department. Scholarships are provided to students who are required to matriculate in the University, thereby ensuring that the funds are expended for the intended purposes. Part II,Line 1, (h) Purpose of grant assistance: Village of South Orange - Construction of South Orange Performing Arts Center. X X X X false true X X X X X false false false true false false false true false A Gabriel EstebanPhD President/Regent/Trustee 493007 0 146250 0 15614 0 21200 0 90029 0 766100 0 0 0 Larry A RobinsonEdD Provost & Executive V.P. 344684 0 125000 0 10324 0 21200 0 48869 0 550077 0 0 0 David J BohanMBA V.P. University Advancement 290768 0 50000 0 8258 0 21200 0 36984 0 407210 0 0 0 Dennis J GarbiniMBA V.P. Administration 247947 0 0 0 10296 0 20423 0 26265 0 304931 0 0 0 Tracy H GottliebPhD V.P. Student Services 209267 0 0 0 8491 0 17107 0 24816 0 259681 0 0 0 Stephen A GrahamMBA VP Finance/CFO 227735 0 0 0 7417 0 18540 0 30083 0 283775 0 0 0 Catherine A KiernanJD V.P. General Counsel 254975 0 0 0 8258 0 20956 0 34509 0 318698 0 0 0 Alyssa McCloudPhD V.P. Enrollment Management 255938 0 55000 0 7446 0 20647 0 12944 0 351975 0 0 0 Stephen J Lubben JD LLM Law School Professor 258790 0 0 0 224 0 21200 0 35129 0 315343 0 0 0 Joan F GuettiPhD Former Dean, Arts & Sciences 181465 0 0 0 1027 0 14626 0 11124 0 208242 0 0 0 Patrick E HobbsJDLLM Former Dean, School of Law 359216 0 112155 0 9638 0 21200 0 42324 0 544533 0 0 0 Kathleen BoozangJDLLM Dean, School of Law 283867 0 0 0 1942 0 21200 0 14499 0 321508 0 0 0 Joyce A StrawserPhD Dean, School of Business 237433 0 0 0 528 0 19383 0 68477 0 325821 0 0 0 Kevin Willard Head Coach Men's Basketball 1418323 0 115000 0 33296 0 21200 0 45931 0 1633750 0 0 0 Anthony J Bozzella Head Coach Women's Basketball 270823 0 67500 0 20462 0 21200 0 100234 0 480219 0 0 0 Brian B Shulman PhD Dean, School of Health & Med. 255281 0 25000 0 1040 0 20625 0 13328 0 315274 0 0 0 Andrea Bartoli PhD Dean, School of Diplomacy 253824 0 0 0 8258 0 21068 0 37059 0 320209 0 0 0 Patrick G Lyons V.P.for Athletics & Rec. Svcs. 338993 0 95000 0 21846 0 21200 0 22082 0 499121 0 0 0 Michael S Zavada Former Dean, Arts & Sciences 103392 0 0 0 482 0 0 0 0 0 103874 0 0 0 Part I, Line 1a As a condition of employment at the University, the University provided housing and related services at no charge to its President, A. Gabriel Esteban, and its Provost & Executive Vice President, Larry A. Robinson. In addition, housing and related services were provided at no charge to members of its priest community which included an officer, along with certain Regents and Trustees listed in Form 990, Part VII (Monsignor Anthony Ziccardi, Monsignor Joseph R. Reilly, Monsignor Robert Coleman, Monsignor Thomas P. Nydegger, and Monsignor Robert J. Wister). The value of the housing and related benefits are included in Part VII, Column F, and, for the President and Provost, they are also included in Schedule J, Part II, Column D. THE PRESIDENT'S SPOUSE ACCOMPANIED HIM ON CERTAIN BUSINESS TRIPS, AND SHE PROVIDED BUSINESS SERVICES AS A VOLUNTEER FOR THE UNIVERSITY ON THOSE TRIPS. THE COST TO THE UNIVERSITY WAS APPROXIMATELY $9,620. IT IS INCLUDED IN NONTAXABLE BENEFITS IN SCHEDULE J, PART II. The University paid membership fees to a country club for its men's basketball coach, Kevin Willard, women's basketball coach Anthony J. Bozzella, and V.P. for Athletics & Recreational services, Patrick G. Lyons. Their attendance at these organizations were exclusively business related in order to assist University Advancement with donor cultivation and fundraising efforts. Such fees totaled $11,722, $22,980, and $19,864, respectively. They are included in nontaxable benefits in Schedule J, Part II. Part I, Line 5a Patrick G.Lyons, V.P. for Athletics & Recreation Services, received $25,000 of incentive compensation for reaching certain progress goals associated with Athletic Department revenue. David J. Bohan, V.P. Advancement, received $50,000 of incentive compensation for reaching certain fundraising goals. Part I, Line 7 ALYSSA MCCLOUD, V.P. ENROLLMENT MANAGEMENT, received a $55,000 performance based bonus approved by management. She did not have input into her bonus. A NJEFA - Seton Hall Issues 2008 D & E 221829511 646065Wz1 2008-12-11 73939881 SEE PART VI false false false B NJEFA - Seton Hall - CIF 2004 A & 2006 A & 2014D 221829511 64605LNM6 2004-04-14 7805700 SEE PART VI false false true C NJEFA - Seton Hall - Issue 2011 A 221829511 646065U83 2011-06-10 37578532 SEE PART VI false false false D NJEFA - Seton Hall - CIF 2014B 221829511 646066DG2 2014-04-29 19369367 SEE PART VI false false true A 33115000 0 74633251 1848863 0 0 1054021 156565 0 685153 70880432 0 2008 true false true true B 1545263 0 7805700 0 78458 0 56467 59024 0 7611751 0 0 2005 false true true true C 25140000 0 37578532 0 0 0 411094 0 0 0 37167438 0 2011 true false true true D 34311 0 19369367 0 0 0 113339 0 0 1014830 0 0 2015 false false true true A 0.00000 0.00000 0.00000 0.00000 B false false false false 0.00000 0.01480 0.01480 false false 0.00000 false true C 0.00000 0.00000 0.00000 0.00000 D false false false false 0.00000 0.00590 0.00590 false false 0.00000 false true A false false false true true true CITIBANK NA 21. false false false 0 true true B false true false false false false 0 false 0 false true C false false true false false false 0 false 0 false true D false true false false false false 0 false 0 false true A true B true C true D true Part IV, Line 2C REBATE COMPUTATIONS WERE PERFORMED THROUGH JUNE 30, 2016 FOR ALL SETON HALL UNIVERSITY BOND ISSUES LISTED IN PART I. THERE IS NO REBATE LIABILITY RELATED TO ANY BOND ISSUE AS OF JUNE 30, 2016. PART I, COLUMN(F) DESCRIPTION OF PURPOSE 1. SETON HALL UNIVERSITY ISSUES, 2008 SERIES D & E,(CUSIP NUMBERS 646065WZ1 AND 646065XQ0) WERE ISSUED BY THE NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY (NJEFA) TO CURRENTLY REFUND SETON HALL UNIVERSITY ISSUES, 2005 SERIES C AND 2006 SERIES A. THE 2005 SERIES C ISSUE WAS ISSUED ON AUGUST 18, 2005 BY THE NJEFA TO FINANCE CAPITAL IMPROVEMENTS AT THE UNIVERSITY. THE 2006 SERIES A ISSUE WAS ISSUED ON JUNE 1, 2006. IT REFUNDED THE UNIVERSITY'S 1996 SERIES E ISSUE, WHICH WAS FOR CAPITAL IMPROVEMENTS AND FOR REFUNDING THE UNIVERSITY'S 1989 SERIES C ISSUE,WHICH WAS FOR CAPITAL IMPROVEMENTS. THE 2008 SERIES D & E ISSUES WERE TREATED AS A SINGLE ISSUE FOR TAX PURPOSES. AMOUNTS REPORTED IN SCHEDULE K HEREIN ARE FOR THE COMBINED ISSUE. ALL PROCEEDS DEPOSITED IN THE REFUNDING ESCROWS HAVE BEEN SPENT. THE ISSUE PRICE IN PART I, COLUMN E,OF $73,939,881 PLUS $8,217 OF INTEREST EARNINGS AT THE TIME OF ISSUE AND $685,153 OF PROJECT FUNDS REMAINING FROM THE 2005 AND 2006 BONDS AT THE TIME OF THE REFUNDING, WHICH WERE TRANSFERRED TO THE 2008 SERIES D & E BONDS, EQUALS THE PART II, LINE 3, TOTAL PROCEEDS OF THE ISSUE OF $74,633,251. ALL OF THE $685,153 HAS BEEN USED FOR CAPITAL EXPENDITURES. IN 2005, THE UNIVERSITY ENTERED INTO TWO LONG-TERM INTEREST RATE SWAP AGREEMENTS WITH CITIBANK, N.A. IN ORDER TO HEDGE INTEREST RATE EXPOSURE RELATED TO THEIR 2005 SERIES C AND 2006 SERIES A ISSUES. FOLLOWING THE REFUNDING OF THE 2005 AND 2006 ISSUES WITH 2008 SERIES D & E, THE INTEREST RATE SWAP AGREEMENTS REMAINED IN PLACE, FOLLOWING AN AMENDMENT,IN ORDER TO HEDGE INTEREST RATE EXPOSURE FOR THE 2008 SERIES D ISSUE. THE SWAP AGREEMENTS EXPIRE CONCURRENTLY WITH THE MATURITY OF THE 2008 SERIES D BONDS, THE LAST OF WHICH MATURE ON JULY 1, 2037. In July 2015, Seton Hall University issue, 2015 Series C, was issued by the NJEFA to advance refund the University's 2008 Series E bonds. See further below. 2. ON APRIL 14, 2004, THE NJEFA ISSUED CAPITAL IMPROVEMENT FUND ("CIF")SERIES 2004A BONDS PURSUANT TO A PROGRAM OF THE STATE OF NEW JERSEY TO FINANCE CAPITAL IMPROVEMENTS AT INSTITUTIONS OF HIGHER EDUCATION. THE BONDS WERE ISSUED IN THE PRINCIPAL AMOUNT OF $76,725,000 WHICH WAS ALLOCATED TO A TOTAL OF SEVEN INSTITUTIONS IN NEW JERSEY, THREE PUBLIC AND FOUR PRIVATE. AN 8038 WAS FILED FOR THE PORTION OF THE ISSUE ALLOCATED TO PRIVATE INSTITUTIONS AND A SEPARATE 8038-G WAS FILED FOR THE PORTION ALLOCATED TO PUBLIC INSTITUTIONS. SETON HALL'S APPORTIONED AMOUNT, AFTER $115,491 OF APPORTIONED ISSUANCE AND CREDIT ENHANCEMENT COSTS, WAS $7,690,209. OF THIS AMOUNT $78,458 WAS ALLOCATED TO CAPITALIZED INTEREST. THE REMAINDER THAT WAS RECEIVED BY SETON HALL WAS $7,611,751, OF WHICH $3,805,875 WAS A GRANT AND $3,805,876 WAS DEBT REPAYABLE OVER 20 YEARS. BONDS ISSUED TO FINANCE GRANTS MUST BE APPROVED BY THE STATE TREASURER AND ARE REPAYABLE BY THE STATE SUBJECT TO APPROPRIATION. THE BONDS ARE SOLD BASED ON THE CREDIT OF THE STATE. EACH GRANTEE ENTERED INTO A GRANT AGREEMENT OBLIGATING THE GRANTEE TO PAY 1/2 OF THE DEBT SERVICE ON THE BONDS ALLOCABLE TO THE GRANT. ON OCTOBER 26, 2006, NJEFA ISSUED CIF BONDS, SERIES 2006 A TO PARTIALLY ADVANCE REFUND THE 2004 A BONDS AND OTHER SERIES OF CIF BONDS. AT THAT TIME, THE AMOUNTS PAYABLE BY EACH GRANTEE WERE ADJUSTED TO TAKE ACCOUNT OF ALLOCABLE DEBT SERVICE SAVINGS. THE CUSIP NUMBER AND ISSUE DATE SHOWN IN PART I OF SCHEDULE K ARE FOR THE SERIES 2004 A BONDS. THE NJEFA HAS FURTHER INFORMATION ABOUT THE TOTAL BOND ISSUE. SETON HALL SPENT THE ENTIRE AMOUNT OF BOND PROCEEDS ALLOCATED TO IT ON CAPITAL IMPROVEMENTS ON THE UNIVERSITY'S CAMPUS. SETON HALL UNIVERSITY DOES NOT USE ANY OF THE DEBT FINANCED PROPERTY TO UNDERTAKE A NON-EXEMPT ACTIVITY. THE AMOUNTS REPORTED ON SCHEDULE K, PART III, LINE 5 REPRESENT THE BOND ISSUANCE AND CREDIT ENHANCEMENT COSTS FROM SCHEDULE K, PART II, LINES 7 AND 8 DIVIDED BY THE AMOUNT ON PART II, LINE 3, TOTAL PROCEEDS OF ISSUE. ON APRIL 29, 2014 THE NJEFA ISSUED CIF BONDS, SERIES 2014 B, AND ADVANCE REFUNDING CIF BONDS, SERIES 2014 D, PURSUANT TO A PROGRAM OF THE STATE OF NEW JERSEY TO FINANCE CAPITAL IMPROVEMENTS AT INSTITUTIONS OF HIGHER EDUCATION. ONE FORM 8038 WAS FILED BY THE NJEFA COVERING BOTH ISSUES,UNDER CUSIP NUMBER 646066DG2. GROSS PROCEEDS FROM BOTH ISSUES WERE $19,369,367 WITH THE 2014 B PORTION BEING $15,493,539 AND THE 2014 D PORTION BEING $3,875,828. THE SERIES 2014 D ISSUE PARTIALLY ADVANCE REFUNDED THE 2004A BONDS RELATED TO THREE PRIVATE INSTITUTIONS OF HIGHER EDUCATION. AS A RESULT OF THIS ADVANCE REFUNDING, AMOUNTS PAYABLE BY EACH INSTITUTION, INCLUDING THE UNIVERSITY, WAS ADJUSTED TO TAKE INTO ACCOUNT ALLOCABLE DEBT SERVICE SAVINGS. 3. SETON HALL UNIVERSITY ISSUE, 2011 SERIES A, (CUSIP NUMBER 646065U83)WAS ISSUED BY THE NJEFA TO CURRENTLY REFUND SETON HALL UNIVERSITY'S 1999 REFUNDING, 2001 SERIES A, 2001 SERIES B, AND 2001 SERIES G BOND ISSUES. THE 1999 REFUNDING ISSUE WAS ISSUED IN JULY 1999 TO REFUND THE UNIVERSITY'S 1991 SERIES D AND 1989 SERIES C ISSUES. THE 1991 SERIES D AND THE 1989 SERIES C ISSUES WERE ISSUED TO FINANCE CAPITAL IMPROVEMENTS. THE 2001 SERIES A ISSUE WAS ISSUED IN JUNE 2001 TO REFUND THE UNIVERSITY'S 1991 SERIES A ISSUE WHICH REFUNDED THE UNIVERSITY'S 1985 SERIES A ISSUE WHICH WAS ISSUED TO FINANCE CAPITAL IMPROVEMENTS. THE 2001 SERIES B ISSUE WAS ISSUED IN JUNE 2001 TO REFUND THE UNIVERSITY'S 1991 SERIES B ISSUE WHICH WAS ISSUED TO REFUND THE UNIVERSITY'S 1988 SERIES B ISSUE WHICH WAS ISSUED TO REFUND THE UNIVERSITY'S 1976 SERIES A ISSUE AND TO FINANCE CAPITAL IMPROVEMENTS. THE 1976 SERIES A ISSUE WAS ISSUED TO FINANCE CAPITAL IMPROVEMENTS. THE 2001 SERIES G ISSUE WAS ISSUED IN JUNE 2001 TO FINANCE CAPITAL IMPROVEMENTS. 4. AS NOTED ABOVE, ON APRIL 29, 2014 THE NJEFA ISSUED CIF BONDS, SERIES 2014 B, PURSUANT TO A PROGRAM OF THE STATE OF NEW JERSEY TO FINANCE CAPITAL IMPROVEMENTS AT INSTITUTIONS OF HIGHER EDUCATION. THE GROSS PROCEEDS OF THIS ISSUANCE WERE $15,493,539. THE PROCEEDS WERE ALLOCATED TO SIX PRIVATE INSTITUTIONS OF HIGHER EDUCATION. SETON HALL'S APPORTIONED AMOUNT WAS $2,192,165. AFTER $12,165 OF APPORTIONED ISSUANCE COSTS, THE REMAINDER THAT WAS RECEIVED BY SETON HALL WAS $2,180,000, OF WHICH $1,165,170 WAS A GRANT AND $1,014,830 WAS DEBT REPAYABLE OVER 20 YEARS. BONDS ISSUED TO FINANCE GRANTS MUST BE APPROVED BY THE STATE TREASURER AND ARE REPAYABLE BY THE STATE SUBJECT TO APPROPRIATION. THE BONDS WERE SOLD BASED ON THE CREDIT OF THE STATE. EACH INSTITUTION ENTERED INTO A GRANT AGREEMENT OBLIGATING THE GRANTEE TO PAY A PORTION OF THE DEBT SERVICE ON THE BONDS ALLOCABLE TO THE GRANT. SETON HALL SPENT THE ENTIRE AMOUNT OF THE DEBT PROCEEDS ALLOCATED TO IT ON CAPITAL IMPROVEMENTS. THE AMOUNT REPORTED ON SCHEDULE K, PART III, LINE 5 REPRESENTS THE BOND ISSUANCE COSTS FROM SCHEDULE K, PART II, LINE 7 DIVIDED BY THE AMOUNT ON PART II, LINE 3, TOTAL PROCEEDS OF ISSUE. 5. ON JANUARY 30, 2014 THE NJEFA ISSUED HIGHER EDUCATION EQUIPMENT LEASING FUND ("ELF") PROGRAM BONDS, SERIES 2014 B, PURSUANT TO A PROGRAM OF THE STATE OF NEW JERSEY TO FINANCE CAPITAL IMPROVEMENTS AT INSTITUTIONS OF HIGHER EDUCATION. THE ELF 2014 B ISSUE IS ALLOCATED TO EQUIPMENT PURCHASES AT SIX PRIVATE INSTITUTIONS OF HIGHER EDUCATION. THE GROSS PROCEEDS OF THIS ISSUANCE WERE $8,131,497. SETON HALL'S APPORTIONED AMOUNT WAS $1,522,184. AFTER $10,253 OF APPORTIONED ISSUANCE COSTS, THE REMAINDER THAT WAS RECEIVED BY SETON HALL WAS $1,511,931, OF WHICH $1,181,031 WAS A GRANT AND $330,900 WAS DEBT REPAYABLE OVER 9 YEARS. BONDS ISSUED TO FINANCE GRANTS MUST BE APPROVED BY THE STATE TREASURER AND ARE REPAYABLE BY THE STATE SUBJECT TO APPROPRIATION. THE BONDS WERE SOLD BASED ON THE CREDIT OF THE STATE. EACH INSTITUTION ENTERED INTO A GRANT AGREEMENT OBLIGATING THE GRANTEE TO PAY A PORTION OF THE DEBT SERVICE ON THE BONDS ALLOCABLE TO THE GRANT. SETON HALL SPENT THE ENTIRE AMOUNT OF THE DEBT PROCEEDS ALLOCATED TO IT ON EQUIPMENT. THE AMOUNT REPORTED ON SCHEDULE K, PART III, LINE 5 REPRESENTS THE BOND ISSUANCE COSTS FROM SCHEDULE K, PART II, LINE 7 DIVIDED BY THE AMOUNT ON PART II, LINE 3, TOTAL PROCEEDS OF ISSUE. 6. SETON HALL UNIVERSITY ISSUE, 2013 Series D, (CUSIP 6460656D9) WAS ISSUED BY THE NJEFA TO CURRENTLY REFUND SETON HALL UNIVERSITY'S 2009 C BONDS SOLD DIRECTLY TO CAPITAL ONE, N.A., FINANCE A PORTION OF THE COST OF TERMINATING THE UNIVERSITY'S INTEREST RATE SWAP AGREEMENT WITH CITIBANK, N.A. THAT HEDGED INTEREST RATE EXPOSURE RELATED TO THE 2009 C BONDS, AND TO FINANCE CAPITAL IMPROVEMENTS. THE UNIVERSITY'S 2009 SERIES C BONDS REFUNDED THE UNIVERSITY ISSUE, 1998 SERIES F, ISSUED ON JUNE 29, 1998 BY THE NJEFA TO REFUND A 1991 SERIES D SETON HALL UNIVERSITY ISSUE THAT FINANCED CAPITAL IMPROVEMENTS AT THE UNIVERSITY. THE PORTION OF THE 2013 D TOTAL PROCEEDS OF $43,935,7 A NJEFA - Seton Hall - ELF ISSUE 2014B 221829511 6460658J4 2014-01-30 8131497 SEE PART VI false false true B NJEFA - SETON HALL - ISSUE 2013D 221829511 6460656D9 2013-07-10 43935728 SEE PART VI false false false C NJEFA - Seton Hall - ISSUE 2015 C 221829511 646066MC1 2015-07-14 24255807 SEE PART VI false false false A 57472 0 8131497 0 0 0 54772 0 0 330900 0 0 2015 false false true true B 1550000 0 43935728 0 2405009 0 522077 0 0 33208335 7800307 0 2014 true false true true C 685000 0 24255807 0 0 0 306564 0 0 0 23949243 0 2015 false true true true A false false false false 0.00000 0.00670 0.00670 false false 0.00000 false true B false false false false 0.00000 0.01190 0.01190 false false 0.00000 false true C 0.00000 0.00000 0.00000 0.00000 A false true false false false false 0 false 0 false true B false true false false false false 0 false 0 false true C false true false false false false 0 false 0 false true A true B true C true Patrick Hobbs Child of Former Key Employe 7500 Merit Scholarship Tuition Scholarship MARY ANN CHRISTOPHER BROTHER OF TRUSTEE/REGENT 128252 LEGAL SERVICES false ROBERT J SLOAN REGENT 504735 TELEPHONE CHARGES false THOMAS SHARKEY SR REGENT EMERITUS 25386 BROKERAGE FEES false LARRY A ROBINSON WIFE OF OFFICER 26977 COMPENSATION & BENEFITS false LARRY A ROBINSON DAUGHTER OF OFFICER 64600 COMPENSATION & BENEFITS false TRACY H GOTTLIEB SISTER OF OFFICER 107678 COMPENSATION & BENEFITS false TRACY H GOTTLIEB SISTER OF OFFICER 58087 COMPENSATION & BENEFITS false TRACY H GOTTLIEB DAUGHTER-INLAW of OFFICER 51319 COMPENSATION & BENEFITS false PART IV Business Transactions Involving Interested Persons The brother of Mary Ann Christopher, trustee/Regent, is a partner in the Law Firm of Gibbons P.C. Seton Hall University paid Gibbons P.C. $128,252 for legal services in the year ended June 30, 2016. Robert J. Sloan, regent, is a Vice President at AT&T. Seton Hall University paid AT&T $504,735 for telephone charges in the year ended June 30, 2016. Thomas Sharkey, Sr., Regent Emeritus, and his son Thomas Sharkey, Jr., are the Chairman and President, respectively, of the Insurance Brokerage Company, Meeker Sharkey & Hurley. Seton Hall deals directly with them for its Long Term Disability benefits. The carrier is CIGNA. Meeker Sharkey & Hurley received $25,386 in brokerage fees for this arrangement. The wife and daughter of Dr. Larry A. Robinson, Provost & executive V.P., served as an employees of the University. In fiscal year 2016, They received total compensation and benefits of $26,977 and $64,600, respectively. The daughter-in-law and two sisters of Dr. Tracy H. Gottlieb, V.P. for Student Services, served as employees of the University. In fiscal year 2016, they received total compensation and benefits of $51,319, $107,678, and $58,087, respectively. Part III Grants or Assistance Benefiting Interested Persons The child of Patrick Hobbs, a former key employee, was awarded a merit scholarship amounting to $7,500. His position as a former Dean of the Law School had no bearing in the award process nor was he involved in the process at all. X 1 102000 appraisal X 2000 Cost X 26 572000 Selling price X 5 44000 Cost X IT EQUIPMENT 1 18000 Cost X MISCELLANEOUS 19 17000 Cost 1 false true true Part I, Line 32b Auction companies are used to process and/or sell noncash contributions in "silent auctions" at several fundraising events. To the extent Seton Hall University receives donations of publicly traded securities, its investment broker is engaged to sell those securities. The University reimbursed a related party, the Roman Catholic Archdiocese of Newark, for administrative expenses incurred in conducting the Archbishop's annual appeal to raise funds from the congregation for the benefit of the University. Form 990, Part III, Line 1 Seton Hall University is the nation's oldest diocesan Catholic University. In a diverse and collaborative environment, it focuses on academic, ethical, and spiritual development. Seton Hall students are prepared to be leaders in their professional and community lives in a global society and are challenged by outstanding faculty, an evolving technologically advanced setting, and values-centered curricula. Seton Hall University's 58-acre park-like main campus is located in South Orange, New Jersey, only 14 miles west of New York City. The University is home to ten nationally recognized and accredited schools, including its Nationally-Ranked Law School located in Newark, New Jersey. Within these schools the professors of Seton Hall educate, shape, and develop approximately 6,100 undergraduate and 3,700 graduate students, who are enrolled in more than 90 rigorous majors. This has led to Seton Hall being nationally recognized for academic excellence by The Princeton Review, U.S. News & World Report, and Bloomberg Businessweek. Seton Hall remains a pioneer in Catholic education. In FY2016, Seton Hall University and Hackensack University Health Network (HUHN), formed the Seton Hall-Hackensack School of Medicine (SOM), a nonprofit New Jersey corporation. The University and HUHN each control fifty percent of the SOM, with each institution appointing fifty percent of the SOM's Board of Governors. Form 990, Part VI Part VI, Section A, Line 7A: The Board of Regents is responsible for the entire management of the affairs and concerns of the University. The Board of Regents is vested with the responsibility, power, and authority to govern the University and shall exercise the corporate powers of the University under Law. Board of Regent Emeriti do not have voting privileges. Part VI, Section A, line 7b: The Board of Trustees stand in the stead of the original incorporators of Seton Hall College and have the rights and powers reserved to it by the University's By-Laws. Those powers include the right to amend the University's organizing documents, to authorize the sale of any University property and, most importantly, to elect the Board of Regents. Part VI, Section B, line 11: The Board of Regents adopted a written policy charging the Audit Committee with the responsibility to conduct, on an annual basis, an appropriate review of the University's completed Form 990 and Form 990-T prior to filing with Internal Revenue Service. The Audit Committee is also charged with making an appropriate report and recommendation to the Board of Regents on their review. Following review by the Audit Committee, Forms 990 and 990-T are submitted to the entire Board of Regents for its review and approval for filing with the Internal Revenue Service. The Board of Regents shall contemporaneously document the meeting at which the Forms 990 and 990-T are reviewed and approved for filing. Part VI, Section B, Line 12c: The University's conflict of interest policy is posted on the University's web site. All new employees are made aware of the policy at the time of hire. For senior management, the University requires an annual disclosure of significant financial interests in, or employment or consulting relationships with, entities doing business with the University. These annual disclosures cover both senior management and their immediate family members. When such relationships exist, measures are taken to address the actual or perceived conflict to protect the best interests of the University. The policy requires, among other things, that no member of the Board of Regents or its Committees can participate in any decision in which he or she (or an immediate family member) has a material financial interest. Each Regent is required to certify compliance with the conflict of interest policy on an annual basis and indicate whether the University does business with an entity in which a Regent has a material financial interest. When such relationships exist, measures are taken to mitigate any actual or perceived conflict, including requiring that such transactions be conducted at arm's length, for good and sufficient consideration, based on terms that are fair and reasonable to and for the benefit of the University, and in accordance with relevant conflict of interest laws. The University is unaware of any such associations considered to be significant. Part VI, Section B, Line 15: Seton Hall University can ensure and demonstrate that our compensation actions do not inure to the benefit of a private individual. We can demonstrate that the compensation of all disqualified persons, such as officers, directors, and key employees, is considered reasonable and would ordinarily be paid for like services by like enterprises under like circumstances. The reasonableness of our compensation takes into account all benefits. Any compensation transactions for these individuals are approved by an authorized body of individuals who have no conflict of interest. Utilizing a compensation consultant, appropriate compensation data is relied upon for comparability and proof of fair market value, before making a decision. Compensation decisions and reports are contemporaneously documented in the minutes of the meeting of the Committee when the decisions are made. Part VI, Section C, Line 19: The University's By-Laws and its conflict of interest policy are posted on the University's website. Part X, Line 20 As of June 30, 2016 and 2015, unamortized bond and letter of credit issuance costs total $1,109,000 and $1,206,000 respectively. The University early adopted Accounting Standards Update ("ASU") 2015-03, simplifying the presentation of debt issuance costs. The ASU requires that deferred bond and letter of credit issuance costs be presented net of related debt on the statements of financial position. This guidance was retroactively applied to the prior year. Part XI, Line 9 Change in value of interest rate swap agreements of $1,626,000, plus the provision for uncollectible contributions receivable of $827,000, plus limited partnership gain of $25,000, less reversal of a FY15 accrual in FY16 of $121,000 Representing assistance given to a domestic government. This was included in Form 990-2014 in Part IX, line 1, and in Schedule I, Part II, line 2 - Essex County Park. Roman Catholic Archdiocese of Newark 171 Clifton Avenue Newark NJ 07104 221487308 See Part VII NJ 501(c)(3) 1 false Seton Hall-Hackensack School of Medicine 400 South Orange Avenue South Orange NJ 07079 813872529 SEE PART VII NJ NA C corp 0.50000 false Kingsland Street Urban Renewal LLC 400 South Orange Avenue South Orange NJ 07079 813857390 SEE PART VII NJ NA C corp 0.50000 false false false false false false false false false false false false true false false true false false false Part II : Identification of Related Tax-Exempt Org.Primary Activity Primary activity of Roman Catholic Archdiocese of Newark - oversees the Catholic church in certain counties of New Jersey. Part IV : Identification of Related Org. Taxable as Corp. Primary Activity In June 2015, Seton Hall University ("University") and Hackensack University Health Network ("HUHN"), acting on behalf of Hackensack University Medical Center ("HUMC"), signed an agreement to establish the principle elements of a long-term relationship to develop an undergraduate school of medicine, as well as sponsor graduate medical education programs. In January 2016, the University and HUHN formed the Seton Hall-Hackensack School of Medicine ("SOM"), a nonprofit New Jersey corporation. It is in the process of filing for exemption from federal income taxes under Section 501(a) of the Internal Revenue Code as an organization described in Section 501(c)(3) and similar State of New Jersey provisions. The University and HUHN each control fifty percent of the SOM, with each institution appointing fifty percent of the SOM's Board of Governors. The SOM will be accounted for by the University using the equity method of accounting. In October 2015, the University and HUMC formed Kingsland Street Urban Renewal, LLC ("Kingsland") for the purposes of renovating and leasing a location for the new SOM. Kingsland qualifies as an urban renewal entity under New Jersey law and with the New Jersey Department of Community Affairs, which enables it to qualify for making payments in lieu of property taxes and also to apply for tax credits from the New Jersey Economic Development Authority. It is in the process of filing for exemption from federal income taxes under Section 501(a) of the Internal Revenue Code as an organization described in Section 501(c)(3) and similar State of New Jersey provisions. The University and HUMC each have a fifty percent membership interest in the joint venture. Kingsland will be accounted for by the University using the equity method of accounting. In June 2016, Kingsland signed an agreement with a real estate development firm whereby Kingsland will renovate and lease a building in Nutley and Clifton, New Jersey, which building will serve as the location for the SOM, along with the University's College of Nursing and School of Health and Medical Sciences, and HUMC research activities. The financial obligations of Kingsland under the lease are guaranteed jointly and severally by the University and HUMC. The term of the lease is twenty-five years and three months, with four ten-year renewal options. Kingsland has several purchase options that are exercisable at various times and in various amounts during the term. The lease will not commence until certain other agreements have been executed, including subleases between Kingsland and the University, the SOM, and HUMC. Such agreements have not been executed yet. The landlord has provided Kingsland with a full indemnity against pre-existing environmental conditions, subject to customary limitations. In addition, the landlord has provided Kingsland with a financial allowance for leasehold improvements. The location of the SOM, along with the anticipated positive economic impact the SOM will have on the area as a result of job creation and capital investment, qualifies SOM to receive a grant of tax credits from the Grow New Jersey Assistance Program under the New Jersey Economic Development Authority.