2016-02-03T16:08:16-06:00 2015-06-30 WithumSmithBrown PC 1 SPRING STREET NEW BRUNSWICK NJ 08901 990 2014-07-01 383663314 NEWARK TRUST FOR EDUCATION INC % RICHMOND RABINOWITZ NEWA 9736480300 494 BROAD STREET NEWARK NJ 07102 RICHMOND RABINOWITZ Interim ED 9736480300 2016-01-12 true Catherine Bendall P00521196 7328281614 2014 2016-04-25 22:37:26Z Richmond Rabinowitz 494 BROAD ST SUITE LL30 NEWARK NJ 07102 347550 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. 13 13 6 13 0 706152 313434 54200 31646 2777 1672 4865 798 767994 347550 362530 13000 0 0 440020 483450 0 0 119329 288568 299791 1091118 796241 -323124 -448691 1348034 656110 271127 127894 1076907 528216 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 186447 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. 101350 798 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. 180405 31646 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. 468202 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 53 0 true 6 true false false false false false false false false false false X 13 13 false false false false false false false true true false false true true true true true true true true false NJ X RICHMOND RABINOWITZ 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 CLEMENT PRICE board member 1.0 0.0 X 0 0 0 Ross Danis Executive Director 40.0 0.0 X 230400 0 0 230400 0 0 1 false true false 0 313434 313434 MANAGEMENT FEE REVENUE 900099 31646 31646 31646 1672 1672 0 0 0 0 0 0 0 0 0 MISCELLANEOUS INCOME 900099 798 798 798 347550 32444 1672 13000 13000 0 0 0 230400 115200 46080 69120 0 188442 123540 54442 10460 0 35999 20519 8640 6840 28609 16307 6866 5436 0 0 42693 42693 0 0 0 45923 31764 6405 7754 959 959 22422 3368 15016 4038 3655 3655 0 44324 22374 14491 7459 4610 651 273 3686 0 13602 7754 3264 2584 0 0 10273 5855 2466 1952 3947 3947 DONATIONS AND SCHOLARSHIPS 2190 2190 MOVING EXPENSES 472 472 OTHER EXPENSES 7145 7145 PROGRAM EXPENSES 97576 97576 796241 468202 208710 119329 X 664636 474725 222211 148992 437500 12500 0 0 0 0 0 0 0 0 0 0 2452 7862 39487 27456 21235 12031 0 0 0 0 0 0 0 0 0 0 1348034 656110 23599 59608 0 0 32500 0 0 0 215028 68286 0 0 0 0 0 0 0 0 271127 127894 X 407184 287700 669723 240516 0 0 1076907 528216 1348034 656110 X -448691 -100000 X false true X true false X 73372 888412 1108209 706152 313434 3089579 0 0 73372 888412 1108209 706152 313434 3089579 1843038 1246541 0 1309 3208 2777 1672 8966 0 119 503 4865 798 6285 3104830 209010 0.40148 0.33373 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true X 20499 16225 4274 18988 11231 7757 12031 0 0 X 347550 347550 347550 896241 100000 100000 796241 796241 ASC 740 The Trust is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code. Accordingly, no provision for income taxes has been recorded in the financial statements. Management has determined that there are no uncertain tax positions at the Trust as of June 30, 2015 and 2014. In addition, Trust has no income tax related penalties or interest for the periods reported in the 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. Bad Debt Expense Form 990, Schedule D, Part XII, Line 2E The Organization has $100,000 of bad debt expense included in the functional expenses on the financial statements. For 990 purposes the bad debt expense is recorded at Form 990, Part XI, Line true The Ground Work Agency 360 Summer Avenue Newark NJ 07104 464781578 501(c)(3) 8000 Program Grant 1 PART I QUESTION 1 The Shared Campus Grants program was implemented to support activities and interventions in public schools sharing spaces throughout Newark, that promote and foster community building, collaboration, the sharing of "best practices", and parent/family engagement. Activities funded by the Shared Campus Grants program include professional and leadership development; parent and family engagement; and shared campus identity. The Trust provides a list of public schools sharing locations throughout Newark to the funder along with a summary of needs and funding recommendations for approval. Upon approval funds are released to the Trust. These funds are then held as restricted within the Trust's Operating account. The disbursement of Shared Campus Grants is carried out as follows: 1) an RFP is issued to eligible schools; 2) The Trust reviews and approves all proposals; 3) Upon approval each school receives an award letter, disbursement policy and check request form; 4) To draw down funds, schools submit completed check requests with appropriate receipts and invoices; and 5) Checks are issued to specified vendors on behalf of the schools. Follow-up and post evaluations are required by the Trust. All grant awards are reconciled to the bank account and on-going balances of funds disbursed. Remaining funds are reviewed by the foundations and the organization on a regular basis. X X false false false false false false false false false Ross Danis Executive Director 230400 0 0 0 0 0 0 0 0 0 230400 0 0 0 Rebuttable presumption THE ORGANIZATION'S BOARD OF Directors HAS ADOPTED A WRITTEN EXECUTIVE COMPENSATION PHILOSOPHY WHICH IT FOLLOWS WHEN IT REVIEWS AND APPROVES THE COMPENSATION AND BENEFITS OF THE ORGANIZATION'S Executive Director. A REVIEW OF THE "TOTAL COMPENSATION" IS MADE, WHICH IS INTENDED TO INCLUDE BOTH CURRENT AND DEFERRED COMPENSATION AND ALL EMPLOYEE BENEFITS, BOTH QUALIFIED AND NON-QUALIFIED. THE REVIEW IS DONE ON AT LEAST AN ANNUAL BASIS AND ENSURES THAT THE "TOTAL COMPENSATION" OF the executive director OF THE ORGANIZATION IS REASONABLE. THE ACTIONS TAKEN BY THE COMMITTEE ENABLE THE ORGANIZATION TO RECEIVE THE REBUTTABLE PRESUMPTION OF REASONABLENESS FOR PURPOSES OF INTERNAL REVENUE CODE SECTION 4958 WITH RESPECT TO THE TOTAL COMPENSATION OF the executive director. THE THREE FACTORS WHICH MUST BE SATISFIED IN ORDER TO RECEIVE THE REBUTTABLE PRESUMPTION OF REASONABLENESS ARE THE FOLLOWING: 1. THE COMPENSATION ARRANGEMENT IS APPROVED IN ADVANCE BY AN "AUTHORIZED BODY" OF THE APPLICABLE TAX-EXEMPT ORGANIZATION WHICH IS COMPOSED ENTIRELY OF INDIVIDUALS WHO DO NOT HAVE A "CONFLICT OF INTEREST" WITH RESPECT TO THE COMPENSATION ARRANGEMENT; 2. THE AUTHORIZED BODY OBTAINED AND RELIED UPON "APPROPRIATE DATA AS TO COMPARABILITY" PRIOR TO MAKING ITS DETERMINATION; AND 3. THE AUTHORIZED BODY "ADEQUATELY DOCUMENTED THE BASIS FOR ITS DETERMINATION" CONCURRENTLY WITH MAKING THAT DETERMINATION THE MEMBERS OF THE BOARD OF directors EACH ARE INDEPENDENT AND ARE FREE FROM ANY CONFLICTS OF INTEREST. THE COMMITTEE ADEQUATELY DOCUMENTED ITS BASIS FOR ITS DETERMINATION THROUGH THE TIMELY PREPARATION OF WRITTEN MINUTES OF THE MEETINGS DURING WHICH THE EXECUTIVE COMPENSATION AND BENEFITS WAS REVIEWED AND SUBSEQUENTLY APPROVED. THE ACTIONS OUTLINED ABOVE WITH RESPECT TO THE BOARD AND THE ESTABLISHMENT OF THE REBUTTABLE PRESUMPTION OF REASONABLENESS ONLY APPLIES TO the executive director. THE COMPENSATION AND BENEFITS OF CERTAIN OTHER INDIVIDUALS CONTAINED IN THIS FORM 990 ARE REVIEWED ANNUALLY BY THE executive director IN CONJUNCTION WITH THE INDIVIDUAL'S JOB PERFORMANCE DURING THE YEAR AND IS BASED UPON OTHER OBJECTIVE FACTORS DESIGNED TO ENSURE THAT REASONABLE AND FAIR MARKET VALUE COMPENSATION IS PAID BY THE ORGANIZATION. OTHER OBJECTIVE FACTORS INCLUDE SALARY DATA FOR COMPARABLE POSITIONS, PERSONNEL REVIEWS AND EVALUATIONS. 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 outlines in the Organization's strategic plan. Conducted bi-annually, the executive director submitted an extensive self-assessment to the board chair and the executive committee of the board of directors. The executive committee of the board met with the executive director to review the assessment and track progress toward goals. The full governing board as well as additional stakeholders, as deemed appropriate, are surveyed to add evidence and comment on performance. Comments are transcribed and patterns are identified that illustrate areas of strength and areas for growth. This information was shared with the executive director and the entire board of directors in July 2012. The entire process repeats in the first quarter of each fiscal year that follows. Simultaneously, the board engages in benchmarking salary guidelines across the sector in the region. The council of New Jersey grant makers and other non-profit entities were consulted for salary guides. The executive director was then asked to develop an action plan and set goals for the following cycle. These goals will be sued to inform the next annual performance review and compensation discussion. The salary of the executive director consists of base compensation of $180,000 and a 28 percent benefit allowance which is treated as taxable compensation and included in box 5 compensation on form W-2. FORM 990, PART XI, LINE 9 THE ORGANIZATION HAD grant funding that was returned to the funding source of $100,000 DURING THE YEAR ENDED JUNE 30, 2015.