2016-12-20T15:11:34-06:00 2016-06-30 WithumSmithBrown PC 1 SPRING STREET NEW BRUNSWICK NJ 08901 990 2015-07-01 383663314 NEWARK TRUST FOR EDUCATION INC % RONALD CHALUISAN NEWA 9736480300 494 BROAD STREET Suite LL30 NEWARK NJ 07102 RAYMOND OCASIO Treasurer 9736480300 2016-12-15 true Catherine Bendall P00521196 7328281614 2015 2017-02-10 21:41:12Z RONALD CHALUISAN 494 BROAD STREET LL30 NEWARK NJ 07102 468569 false X WWW.NEWARKTRUST.ORG X 2002 NJ INDEPENDENT ORGANIZATION DEDICATED TO DEVELOPING, COORDINATING, AND FOCUSING IDEAS, RESOURCES AND EXPERTISE AND HOLDING EVERYONE ACCOUNTABLE FOR QUALITY EDUCATION IN NEWARK. 12 12 4 12 0 313434 439959 31646 21390 1672 695 798 6525 347550 468569 13000 65156 0 0 483450 337026 0 0 84011 299791 333795 796241 735977 -448691 -267408 656110 318821 127894 58013 528216 260808 X NEWARK TRUST FOR EDUCATION, INC. (THE "TRUST") WAS INCORPORATED IN THE STATE OF NEW JERSEY AS A NOT-FOR-PROFIT ORGANIZATION ON AUGUST 23, 2002. EFFECTIVE DECEMBER 12, 2011, THE ORGANIZATION REGISTERED A LEGAL NAME CHANGE FROM THE PREVIOUS NAME OF NEWARK PUBLIC SCHOOLS FOUNDATION, INC. TO NEWARK TRUST FOR EDUCATION, INC. AS A LOCAL EDUCATION FUND, THE TRUST ADVOCATES FOR INVOLVEMENT IN PUBLIC EDUCATION BY ALL SEGMENTS OF THE PUBLIC. THE TRUST WORKS FOR ACCOUNTABILITY AND HIGH STANDARDS; ALIGNS AND FOCUSES RESOURCES; AND FACILITATES AND MANAGES COLLABORATIONS IN ORDER TO ENSURE A QUALITY PUBLIC EDUCATION FOR ALL CHILDREN IN NEWARK. THE TRUST'S MISSION IS TO DEVELOP, COORDINATE AND FOCUS IDEAS, RESOURCES AND EXPERTISE WHILE HOLDING ALL OF US RESPONSIBLE FOR QUALITY PUBLIC EDUCATION FOR ALL CHILDREN IN THE NEWARK. BETWEEN 2014 AND 2017, THE TRUST IS CONCENTRATING ITS EFFORTS ON: -INFLUENCING THE QUALITY OF PUBLIC EDUCATION GOVERNANCE AND LEADERSHIP -RE-IMAGINING AND FOSTERING HIGH QUALITY false false 100238 Community Engagement - The Trust is committed to public engagement that elevates all voices in support of quality public education for all Newark's children and raises the level of civic discourse. The Trust seeks to expand outreach, strengthen relationships across sectors and communities, and deepen the understanding of issues, concerns, proposed strategies and initiatives, all in an effort to increase the number of Newark children who are prepared for college or a career. 140732 Research and Information is a critical element to keep policy makers, parents, program providers, and school principals informed about best practices, so that efforts and resources can be aligned in increasingly coordinated and strategic ways. Signature tools developed by the Trust to assist in these efforts include the NET Navigator, an online data collection resource, which maps external resources at the school level to assist funders, educational leaders, and community stakeholders with understanding how university partnerships, philanthropic investments, and community engagement are impacting Newark Public Schools. In addition, School Scope, another online tool, was developed by the Trust to assist parents in choosing schools that best meet the needs of their children. 93140 27915 Collaboration and Leadership The Trust's 2014-2017 Strategic Plan is focused on ensuring that all district schools are led by highly effective leaders and that all students have access to high quality school options. To support these efforts, The Trust manages a Funders Collaborative that strategically aligns the resources of a growing number of funders in order to incubate, support, and sustain high quality school options for all students. 334110 true true false false false false false false true false true false false false false true true false false false false false false false false false false true false true false false false false false false false false false false false false false false false false false true 6 0 true 4 true false false false false false false false false false false X 12 12 false false false false false false false true true false false true true true true true true true true false NJ X RONALD CHALUISAN 9736480300 494 BROAD ST SUITE LL30 NEWARK NJ 07102 SHAN HARRIS CHAIR 1.0 0.0 X X 0 0 0 MASHEA ASHTON BOARD MEMBER 1.0 0.0 X 0 0 0 IRENE COOPER-BASCH BOARD MEMBER 1.0 0.0 X 0 0 0 STEVEN DINER BOARD MEMBER 1.0 0.0 X 0 0 0 CELIA KING SECRETARY 1.0 0.0 X X 0 0 0 RAYMOND OCASIO TREASURER 1.0 0.0 X X 0 0 0 BARBARA REISMAN BOARD MEMBER 1.0 0.0 X 0 0 0 JUNIUS WILLIAMS BOARD MEMBER 1.0 0.0 X 0 0 0 JOHN SCHREIBER BOARD MEMBER 1.0 0.0 X 0 0 0 NANCY CANTOR Board Member 1.0 0.0 X 0 0 0 ROBERT CLARK Board Member 1.0 0.0 X 0 0 0 JOSEPH DELLA FAVE BOARD MEMBER 1.0 0.0 X 0 0 0 Ross Danis Executive Director-August 2015 40.0 0.0 X 227520 0 0 Richmond Rabinowitz Interim CEO 20.0 0.0 X 0 0 0 227520 0 0 1 false true false 0 X 439959 439959 MANAGEMENT FEE REVENUE 900099 21390 21390 21390 695 695 0 0 1100 1100 0 1100 1100 0 0 0 0 MISCELLANEOUS INCOME 900099 5425 5425 5425 468569 27915 695 X 65156 65156 0 0 0 112320 58870 35530 17920 0 166978 87518 52819 26641 0 32016 16781 10127 5108 25712 13476 8134 4102 0 0 38185 38185 0 0 0 173162 57000 85922 30240 2344 449 1895 16965 616 16349 9982 869 9113 0 45926 45926 4710 24 4686 0 0 0 0 9072 9072 0 PROGRAM EXPENSES 33449 33351 98 735977 334110 317856 84011 X 474725 288959 148992 14089 12500 9885 0 0 0 0 0 0 0 0 0 0 7862 2329 40087 36528 12031 3559 0 0 0 0 0 0 0 0 0 0 656110 318821 59608 22310 0 0 0 0 0 0 68286 35703 0 0 0 0 0 0 0 0 127894 58013 X 287700 260808 240516 0 0 0 528216 260808 656110 318821 -267408 X false true X true false X 888412 1108209 706152 313434 439959 3456166 0 0 888412 1108209 706152 313434 439959 3456166 2166810 1289356 1309 3208 2777 1672 1795 10761 0 119 503 4865 798 5425 11710 3478637 230400 0.37065 0.40148 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true 21099 18968 2131 18988 17560 1428 3559 0 0 X 468569 468569 468569 735977 735977 735977 ASC 740 The Trust is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code and exempt from state income tax under similar provisions. Accordingly, no provision for income taxes has been recorded in these financial statements. It is the Trusts accounting policy to evaluate uncertain tax positions in accordance with the accounting pronouncement on uncertainly for income taxes. Management has determined that there are no uncertain tax positions at the Trust as of June 30, 2016 and 2015. The Trust has no income tax related penalties or interest for the periods reported in these financial statements. CUSTODIAL ACCOUNT THE TRUST PROVIDES ADMINISTRATIVE SUPPORT AND ANALYSIS TO THE FUNDERS' COLLABORATIVE FOR HIGH QUALITY SCHOOL OPTIONS. THE TRUST HAS SIGNATURE AUTHORITY OVER A BANK ACCOUNT WHEREBY THE FUNDS ARE HELD, HOWEVER, THE GOVERNANCE COMMITTEE OF THE FUNDERS' COLLABORATIVE HAS APPROVAL AUTHORITY OVER THE DIRECTION OF THOSE FUNDS. THE TRUST MAKES GRANTS ON BEHALF OF THE FUNDERS' COLLABORATIVE. true Community Foundation of NJ 35 Knox Hill Rd Morristown NJ 07963 222281783 501(c)(3) 22250 PROGRAM GRANT Newark Public Schools 2 Cedar Street Newark NJ 07102 226002140 501(c)(3) 35406 Program Grant High School Academic Support Program 50 Hayes Street Newark NJ 07103 226002144 501(c)(3) 7500 Program Grant 5 PART I QUESTION 1 The Collaborative was established to act as a conduit to deploy funds to Schools in need of additional resources to improve the quality of education for students of Newark. Funds received from foundations are credited to the appropriate account for future disbursement; those accounts include the Collaborative Account which is broken down into Restricted and Unrestricted Funds and an Operating Account where funds are either used for operations or designated for a specific purpose. The credits to the accounts are based on the Foundation Award letters. Collaborative Fund: Restricted: 1)Award Letter is issued from the Foundation with an explicit purpose as how the funding is to be deployed 2)Award Letter from the Organization and the Foundation is sent to the Grantee with a check 3)Visits and Follow-ups in the form of post evaluation is monitored and managed by the Organization 4)All paperwork is submitted to the Governance Committee for final review and approval. Unrestricted: 1)RFP (Request for Proposal) is issued to all potential grantees 2)Proposal submitted to the Organization's office for review 3)After review of initial recommendations made by the Organization to Governance Committee 4)Governance committee reviews recommendations and gives final approval with signature of each member 5)Award letters are sent out with a check 6)Follow-up visits and post evaluations reported back to Governance Committee. Operating Fund: Designated to a specific group: Shared Campus 1)RFP issued to schools in the program. 2)Review and approval by the Organization. 3)Grant Award letters send to schools along with the Disbursement of Funds Policy. 4)Check requests are required to receive funds 5)Follow-up and post evaluation are required by the Organization and Foundations. All Grant Awards are reconciled to Bank Accounts and on-going balances of funds disbursed and remaining funds are reviewed by the Foundations and the Organization on a regular basis. X X false false false false false false false true false Ross Danis Executive Director-August 2015 150720 0 0 0 76800 0 0 0 0 0 227520 0 0 0 SCHEDULE J, LINE 7 THE ORGANIZATION PAID THE EXECUTIVE DIRECTOR SEVERANCE PAY UPON DEPARTURE IN THE AMOUNT OF $76,800. A COMPLETE DESCRIPTION OF THE SALARY REVIEW AND AUTHORIZATION POLICY IS FOUND IN SCHEDULE O. FORM 990, PART VI, SEC B, Q 11A The form 990 is prepared by an independent accounting firm and reviewed by MANAGEMENT. A draft of the Form 990 is provided to the board for review and approval pRIOR TO FILING OF THE FORM 990. FORM 990, PART VI, SECTION B, QUESTION 12 THE ORGANIZATION HAS A CONFLICT OF INTEREST POLICY That PROTECTs the trust WHEN IT IS CONTEMPLATING ENTERING INTO Any TRANSACTION OR ARRANGEMENT THAT MIGHT BENEFIT THE PRIVATE INTEREST OF AN OFFICER OR DIRECTOR OF THE ORGANIZATION OR MIGHT RESULT IN A POSSIBLE EXCESs BENEFIT TRANSACTION. BOARD MEMBERS AND EXECUTIVES ARE REQUIRED TO COMPLETE AN ANNUAL CONFLICT OF INTEREST QUESTIONNAIRE DISCLOSING A CONFLICT, IF APPLICABLE. FORM 990, PART VI, SECTION B, QUESTION 13 It is the responsibility of all representatives to report ethics violations or suspected violations in accordance with this Whistleblower Policy. FORM 990, PART VI, SECTION C, QUESTION 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST AND they are also AVAILABLE ON GUIDESTAR.org. FORM 990, PART VI, SECTION B, QUESTION 15 The Board of Directors formal evaluation of the Executive Director is based upon the goals outlined in the organizations strategic plan. The Executive Director submits an extensive self-assessment to the Board Chair and the Executive Committee of the Board of Directors. The Executive Committee of the Board meets with the Executive Director to review the assessment and track progress toward goals. Simultaneously, the Board engages in benchmarking salary guidelines across the sector in the region. The Executive Director is asked to develop an action plan and set goals on an annual basis. These goals are used to inform the annual performance review and compensation discussion. The salary of the Executive Director for fiscal year ending June 30, 2016 consists of base compensation in the amount of $150,720 and four months of severance compensation totaling $76,800, which is treated as taxable compensation and included in box 5 compensation on form W-2. The evaluation and review process for the sitting Executive Director repeats in the first quarter of each fiscal year that follows. In the fiscal year ending June 30, 2016 the Newark Trust for Education secured the services of an Interim Executive Director in consultation with the Support Center. The Support Center is a third party vendor hired by the Trust to provide consultation in the areas of Executive Search and Transition Management, and Interim Executive Referral, inclusive of recruitment, screening and negotiation. The Executive Committee of the Newark Trust for Education, selected an Interim Executive Director from a pool of candidates vetted by the Support Center for the specific needs articulated by the Trust in a scope of work. Each candidate was interviewed over the course of two days. During the first quarter of the fiscal year, a contract was executed between the Trust and the Interim Executive Director. This contract included a scope of work for the duration of the Interims consultation and articulated compensation comparable to the former Executive Directors salary. Compensation for the Interim was negotiated in consultation with the Support Center based on the expressed needs of the Newark Trust for Education and the scope of work outlined in the work agreement. FORM 990 PART IX LINE 11G DESCRIPTION:OTHER CONSULTING TOTAL FEES:52762 FORM 990 PART IX LINE 11G DESCRIPTION:INTERIM CEO TOTAL FEES:120400