2013-05-06T14:33:24-05:00 2012-06-30 GRANT THORNTON LLP 666 THIRD AVENUE NY NY 10017 990 2011-07-01 221500645 Seton Hall University % STEPHEN A GRAHAM SETO 9737619318 400 South Orange Avenue South Orange NJ 07079 Stephen A Graham 2013-05-06 2125429609 2011 2016-03-07 17:11:31Z A Gabriel Esteban 400 South Orange Avenue South Orange NJ 07079 437064000 false 0928 X www.shu.edu X 1856 NJ Seton Hall University is a catholic institution of higher education. 43 35 4310 450 1087000 37248000 34823000 285029000 288386000 8000000 11962000 12323000 11032000 342600000 346203000 92815000 92823000 0 0 150125000 152626000 0 0 4414000 94819000 86989000 337759000 332438000 4841000 13765000 529794000 527269000 192504000 190191000 337290000 337078000 X See Schedule O false false 205735000 84472000 291664000 Educational - Seton Hall University operates to provide baccalaureate, masters, and doctoral degrees. It enrolls 9,700 undergraduate and graduate students. The University is composed of nine 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. 74629000 8225000 4700000 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. 10833000 126000 63000 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. 291197000 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 true false false false true true true true true true true false false false true false false false false true X 475 0 true 4310 true true true false false false false true true false false false false X 43 35 true false false false false true true true true false false true true true true true true true true false X X STEPHEN A GRAHAM 9737619003 400 SOUTH ORANGE AVENUE South Orange NJ 07079 X A Gabriel EstebanPhD 45.0 X X 459110 83195 Most Reverend John J Myers 1.0 X 0 Most Reverend Paul G Bootkoski 1.0 X 0 Most Reverend Joseph A Galante 1.0 X 0 Most Reverend Arthur J Serratelli 1.0 X 0 Most Reverend William C Skurla 1.0 X 0 Most Reverend David M O'Connell 1.0 X 0 Monsignor James M Cafone 45.0 X 39186 58905 Monsignor John E Doran 1.0 X 0 Monsignor Robert Coleman 45.0 X 42073 54105 Monsignor Joseph R Reilly 45.0 X 22345 104115 Monsignor Robert J Wister 45.0 X 50172 13150 54105 Bruce A Tomason 1.0 X 0 Patricia A CahillEsq 1.0 X 0 Patrick M Murray 1.0 X 0 Phillip FresePhD 1.0 X 0 Pamela M SwartzbergEsq 1.0 X 0 William B Aimetti 1.0 X 0 Robert E Baldini 1.0 X 0 Dr Gerald P Buccino 1.0 X 0 Henry F D'Allessandro 1.0 X 0 Mark E Ganton 1.0 X 0 Monsignor Kevin M Hanbury 45.0 X 45650 33907 Phillip N Maisano 1.0 X 0 Donna M O'Brien 1.0 X 0 Anne F Cantine 1.0 X 0 Eun-Sook Lucy Cho-LeeMD 1.0 X 0 David B Gerstein 1.0 X 0 James E Collins 1.0 X 0 Richard F Liebler 1.0 X 0 Michael J Lucciola 1.0 X 0 Francis J Hager 1.0 X 0 Kent Manahan 1.0 X 0 Richard Mandelbaum 1.0 X 0 John D Hayes 1.0 X 0 James M O'Brien 1.0 X 0 Edward J Quinn 1.0 X 0 Patrick P RandazzoEsq 1.0 X 0 James L Orsini 1.0 X 0 Thomas J Sharkey 1.0 X 0 Joseph A Torcivia 1.0 X 0 Stephen G Waldis 1.0 X 0 Robert B BudelmanEsq 1.0 X 0 Larry A RobinsonEdD 45.0 X 339198 45036 David J BohanMBA 45.0 X 0 Dennis J GarbiniMBA 45.0 X 241915 39722 Tracy H GottliebPhD 45.0 X 171194 53792 Stephen A GrahamMBA 45.0 X 0 Catherine A KiernanJD 45.0 X 251534 34707 Alyssa McCloudPhD 45.0 X 101488 11488 Joseph GSandmanPHD 45.0 X 575657 28580 G Gregory TobinMA 45.0 X 141648 27422 Laura A WankelEdD 45.0 X 239488 24958 Monsignor Anthony ZiccardiSTD 45.0 X 51258 54105 Joan F GuettiPhD 45.0 X 161313 42490 Patrick E HobbsJDLLM 45.0 X 384943 39910 Kathleen BoozangJDLLM 45.0 X 287575 29116 Joyce StrawserPhD 45.0 X 180923 38254 Kevin Willard 45.0 X 990829 68810 Anne Donovan 45.0 X 455552 9316 John MenziesPhD 45.0 X 272800 20690 Stephen J LubbenJDLLM 45.0 X 265174 44482 Charles A SullivanJDLLM 45.0 X 254537 28405 Monsignor Robert Sheeran 45.0 X 105629 9828 Karen E BoroffPhD 45.0 X 167310 36911 6298501 13150 1076354 233 true true false Gourmet Dining Services 400 South Orange Avenue SOUTH ORANGE NJ 07079 Catering 8218707 Samuel S Graham Inc PO Box 319 EAST HANOVER NJ 07936 General Contracting 4096848 Temco Service Industries Inc One Park Avenue NEW YORK NY 10016 Housekeeping 3411269 Sordoni Construction Co 409 Main Street CHESTER NJ 07930 General Contracting 1613624 Securitas Security PO Box 403412 ATLANTA GA 30384 Security 1177328 52 478000 22805000 11540000 3419000 34823000 TUITION & FEES 900099 262133000 262133000 ROOM AND BOARD 900099 24795000 24795000 FEES AND CONTRACTS FROM GOVERMENT AGENCIES 900099 63000 63000 MEDICAL RESIDENCY PROGRAM 900004 1395000 1395000 288386000 5217000 -16000 5233000 5000 5000 160000 91000 69000 330000 38000 292000 292000 292000 96876000 25000 89736000 425000 7140000 -400000 6740000 6740000 533000 478000 662000 -129000 -129000 0 0 NCAA REVENUE SHARING 900099 3105000 3105000 ATHLETICS TICKET SALES 900099 1595000 1595000 PARKING 812930 1060000 1060000 4949000 3341000 1012000 596000 10709000 346203000 296427000 1087000 13866000 37000 37000 92786000 92786000 0 0 4693000 2523000 1430000 740000 0 111079000 96436000 12901000 1742000 6843000 5941000 795000 107000 22316000 18406000 3576000 334000 7695000 6680000 894000 121000 331000 318000 10000 3000 945000 70000 875000 236000 1000 235000 151000 151000 0 1532000 1532000 21394000 19058000 2042000 294000 1653000 1027000 590000 36000 7908000 6155000 1518000 235000 5137000 2139000 2998000 0 6880000 6785000 95000 7571000 6698000 673000 200000 0 2841000 1861000 632000 348000 5017000 4964000 53000 0 12581000 11754000 780000 47000 1777000 29000 1748000 REPAIRS AND MAINTENANCE 5079000 3458000 1466000 155000 BOOKS AND SUBSCRIPTIONS 3418000 3356000 49000 13000 BAD DEBT PROVISION 1500000 1500000 OTHER EXPENSES 1038000 715000 284000 39000 332438000 291197000 36827000 4414000 745000 29910000 29785000 8625000 11767000 9127000 3548000 4108000 101000 81000 0 0 13276000 13657000 0 0 5492000 4994000 404585000 194090000 211560000 210495000 186681000 179650000 63814000 63647000 0 0 0 0 3025000 2975000 529794000 527269000 33670000 35446000 0 0 7448000 7615000 122841000 114594000 0 0 0 0 0 0 0 0 28545000 32536000 192504000 190191000 X 199026000 197217000 61088000 61777000 77176000 78084000 337290000 337078000 529794000 527269000 X 13765000 -13977000 X false true true X true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true false true 894 true true 17980 true 158688 false false 177562 false Part II-B, Line 1(i) Other Lobbying Activities Seton Hall University lobbied state legislators regarding annual independent college appropriations, zoning regulations, student health insurance, student aid for independent college students and regulations affecting the University's College of Education and Human Services. 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 $26,266. 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. 23000 1053000 23000 23000 X X X false 234593000 679000 2077000 2611000 7591000 -51000 227198000 166196000 2398000 78428000 2614000 6875000 2940000 234593000 152767000 4367000 20452000 2706000 7495000 1189000 166196000 209393000 1452000 -46790000 2809000 8129000 350000 152767000 0.46100 0.34400 0.19500 true false 0 2819000 2819000 0 341542000 148874000 192668000 0 52262000 43858000 8404000 0 7962000 1358000 6604000 210495000 OUTSIDE TRUSTS 7441000 F HEDGE FUNDS 20174000 F COMMINGLED FUND 20775000 F PRIVATE EQUITY 14056000 F VENTURE CAPITAL 1201000 F 63647000 0 REFUNDABLE U.S. GOVERNMENT GRANTS 13036000 CONDITIONAL ASSET RETIREMENT OBLIGATIONS 8039000 INTEREST RATE SWAP AGREEMENTS 10485000 ACCRUED POSTRETIREMENT BENEFIT LIABILITY 976000 32536000 346203000 332438000 13765000 -9195000 -4782000 -13977000 -212000 243164000 -9195000 597000 -4739000 -13337000 256501000 1532000 88170000 89702000 346203000 243376000 597000 59000 656000 242720000 1532000 88186000 89718000 332438000 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 The FASB ASC Topic 740 established criterion that an individual tax position must meet for some or all of the benefits of that position to be recognized in an entity's financial statements. This standard required the University to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The University has processes presently in place to ensure the maintenance of its tax-exempt status; to identify and report unrelated income; determine its filing and tax obligations in jurisdictions for which it has nexus; and to review other matters that may be considered tax positions. The tax years ending 2009, 2010, 2011 and 2012 remain open to audit for both federal and state purposes. This standard was effective for the University on July 1, 2008, and did not have an impact on the University's financial statements. Part XI, Line 8 - Other Change in value of interest rate swap agreements of $4,739,000 plus the provision for uncollectible contributions receivable of $59,000, less limited partnership loss of $16,000. Part XII, Line 2d - Other Change in value of interest rate swap agreements of 4,739,000. Part XII, Line 4b - Other Financial Aid of $88,886,000, less limited partnership loss of $16,000, rental expense of $38,000, and special events expenses of $662,000. Part XIII, Line 2d - Other Provision for uncollectible contributions receivable of $59,000. Part XIII, Line 4b - Other Financial aid of $88,886,000, less special events expense of $662,000 and rental expense of $38,000. 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 0 0 Investments 26567000 East Asia and the Pacific 1 1 Program Services Student recruitment 52000 East Asia and the Pacific 0 0 Program Services EMBA Program 187000 1 1 1 1 26806000 26806000 true false false true true false Part I, Line 3, (1) By virtue of its investments in various limited partnership investments, Seton Hall University may invest in passive foreign investment companies and/or foreign partnerships; nevertheless, the University may not be required to file the Forms 926, 8621, and 8865 since it has not met the filing requirements. Part I, Line 3, (3) Seton Hall has a cooperation agreement with a university in Shanghai, China, for an Executive Master in Business Administration (EMBA) program. Many are One 223000 63000 160000 10000 163000 17000 Diplomacy 224000 150000 74000 1000 27000 72000 7000 33000 8 564000 265000 299000 3000 86000 137000 6000 100000 1011000 478000 533000 4000 123000 372000 13000 150000 662000 -129000 Part II Fundraising Events: (a) Event #1: Many Are One Alumni Awards Gala. (b) Event #2: Whitehead School of Diplomacy and International Relations Global Leadership Gala. true Village of South Orange NJ 101 South Orange Avenue South Orange NJ 07079 226002309 115 37000 See Part IV. 1 Federal Awards 1996 9517000 State of New Jersey Awards 1585 8910000 Institutional Support 7028 74359000 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 do 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: Construction of South Orange Performing Arts Center. X X X false true X X X X X true false false false false false false false true true A Gabriel EstebanPhD 373536 75000 10574 19600 63595 542305 Larry A RobinsonEdD 280374 50000 8824 19600 25436 384234 Dennis J GarbiniMBA 233210 8705 19198 20524 281637 Tracy H GottliebPhD 170547 647 14024 39768 224986 Catherine A KiernanJD 243321 8213 19600 15107 286241 Joseph GSandmanPHD 184994 390663 13915 14665 604237 G Gregory TobinMA 137872 3776 11155 16267 169070 Laura A WankelEdD 231331 8157 18834 6124 264446 Joan F GuettiPhD 160737 576 12928 29562 203803 Patrick E HobbsJDLLM 379960 4983 19600 20310 424853 Kathleen BoozangJDLLM 287009 566 19600 9516 316691 Joyce StrawserPhD 180680 243 14786 23468 219177 Kevin Willard 562664 390000 38165 19600 49210 1059639 Anne Donovan 356209 82500 16843 9316 464868 John MenziesPhD 263976 8824 19600 1090 293490 Stephen J LubbenJDLLM 264950 224 19600 24882 309656 Charles A SullivanJDLLM 252175 2362 19197 9208 282942 Karen E BoroffPhD 166685 625 13691 23220 204221 Part I, Line 1a 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 $10,500. It is included in nontaxable benefits in Schedule J, Part II. The University provided housing and related services at no charge to its President, A Gabriel Esteban and 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 Robert Coleman, Monsignor Joseph R. Reilly, Monsignor James M. Cafone, Monsignor Robert J. Wister and Monsignor Kevin M. Hanbury). The value of the housing and related benefits are included in Part VII, Column F, and, for the President, they are also included in Schedule J, Part II. The University paid membership fees to a country club for its men's basketball coach, Kevin Willard. His attendance at this organization was exclusively business related in order to assist University Advancement with donor cultivation and fundraising efforts. Such fees totaled $16,931. They are included in nontaxable benefits in Schedule J, Part II. Part II, Column (b)(iii) Joseph G. Sandman, Ph.D., was Vice President for University Advancement up until July 31, 2011. As part of his July 2011 separation agreement with the University, Dr. Sandman received severance compensation of $385,516. NJEFA - Seton Hall Issues 2008 D & E 221829511 646065WZ1 2008-12-11 73939881 (see Part VI) false false false NJEFA - Seton Hall - Issue 2009 C 221829511 NotAvaila 2009-11-13 7955000 (see Part VI) false false false NJEFA - Seton Hall - Issue 2011 A 221829511 646065U83 2011-06-10 37578532 (see Part VI) false false false NJEFA - Seton Hall - CIF 2004 A & 2006 A 221829511 64605LNM6 2004-04-14 7805700 (see Part VI) false false true 2675000 0 74633251 1849524 0 0 1054021 156565 0 685153 0 0 2008 true false true true 155000 0 7955000 0 0 0 159100 0 0 0 0 0 2009 true false true true 5775000 0 37578532 0 0 0 406420 0 0 0 14674 0 2011 true false true true 830876 0 7805700 0 78458 0 56467 59024 0 7611751 0 0 2005 false false true true 0 0 true 0 false false false false false false 0 0.01480 0.01480 true false true true Citibank NA 26. false false false 0 true false false true true Citibank NA 10. false false false 0 false true false false false 0 false 0 false true false false false 0 false 0 false true X See Schedule O - for Part I description of purpose 0 Stephen J Lubben Housing assistance X 225000 81000 false false true 81000 Part II Loans to and/or From Interested Persons. Stephen J. Lubben is a professor of law at the Seton Hall University Law School. A bridge loan of $225,000, was provided to Mr. Lubben by the University in November 2008. In December 2009, $20,000 of his loan was forgiven. Upon the sale of his home, Mr. Lubben repaid $83,972 of the balance in March 2010. On July 1, 2010, $20,000 of his loan was forgiven. An additional $20,000 was forgiven on July 1,2011. The balance of the loan of $81,028 is to be forgiven by the University on July 1 2012, provided certain conditions are met. The loan is unsecured and bears no interest. The University has imputed interest on the loan and included it in his taxable income reported to the government. All principal amounts forgiven have been included in taxable income. X 1 23000 appraisal X 91000 appraisal X 21 3226000 Selling price X 4 26000 appraisal X 25 21000 Cost X IT EQUIPMENT 1 12000 Cost X MISCELLANEOUS 41 20000 Cost 2 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. Form 990, Part III, Line 1 Seton Hall University is a Catholic university. IN a diverse and collaborative environment, it focuses on academic and ethical 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 campus is located in South Orange, New Jersey, only 14 miles west of New York City. The University is home to nine schools, including its Law School located in Newark, New Jersey. Its undergraduate and graduate enrollment is approximately 5,200 and 4,500, respectively. Seton Hall is the oldest diocesan university in the United States. It remains a pioneer in Catholic education. Form 990, Part VI, Section A, line 2: Bruce A. Tomason, a member of the Board of Regents and the Board of Trustees, had a business relationship with the husband of Catherine Kiernan, Vice President and General Counsel of University. Form 990, 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. Form 990, 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. Form 990, 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. Form 990, 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. Form 990, 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. Form 990, Part VI, Section C, Line 19: The University's By-Laws and its conflict of interest policy are posted on the University's web site. The University's financial statements are posted on the web site of the National Association of College and University Business Officers (NACUBO). Form 990, Part VII Sec. A - Officers, Directors, Trustees,& Key Employees: 1. David J. Bohan, MBA - Vice President for University Advancement, commenced service with Seton Hall University in March of 2012; accordingly, he is reported on the Form 990 with no current compensation (as he did not receive a W-2 in calendar year 2011). 2. Stephen A. Graham, MBA - Vice President for Finance / Chief Financial Officer, commenced service with Seton Hall University in June of 2012; accordingly, he is reported on the Form 990 with no current compensation (as he did not receive a W-2 in calendar year 2011). 3. Alyssa McCloud, Ph.D. - Vice President for Enrollment Management, commenced service with Seton Hall University in August of 2011. 4. G Gregory Tobin, MA - Interim Vice President for University Advancement for the period July 1, 2011 to February 17, 2012. 5. Tracy H. Gottlieb, Ph.D. - Vice President for Student Services, commencing in January of 2012. 6. Joseph G. Sandman, Ph.D. - Vice President for University Advancement up until July 31, 2011. 7. Laura A. Wankel, Ed.D. - Vice President Student Affairs, resigned effective January 5, 2012. 8. Monsignor Robert Sheeran - former President and member of the Board of Trustees and Board of Regents, stepped down as President as of June 30,2010. In recognition of his exemplary service as president for 15 years,the Board of Regents conferred upon Monsignor Sheeran the honorary and privileged title of "President Emeritus" effective July 1, 2010 and approved a one-year terminal sabbatical leave and benefits which together totalled $235,000. The amount included in Part VII was his compensation from January to June 2011. Form 990, Part XI, Line 5 Net unrealized loss on investments of $9,195,000, plus the change in value of interest rate swap agreements of $4,739,000, plus the provision for uncollectible contributions receivable of $59,000, less limited partnership loss of $16,000. Schedule K, Part I - Description of Purpose 1. Bond Issue A -- 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, line3, 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. 2. Bond Issue B - Seton Hall University Issue, 2009 Series C, was issued by NJEFA to currently refund Seton Hall 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 2009 Series C Bonds were sold directly to Capital One, N.A. As part of its 2005 financing plan, the University also entered into an agreement with Citibank, N.A. to refinance the 1998 Series F Bonds in fiscal year 2008 using a forward starting interest rate swap. The forward starting interest rate swap became effective in April 2008. The refinancing of its 1998 Series F Bonds occurred in November 2009 with the swap being amended at that time. The swap agreement expires concurrently with the maturity of the 2009 Series C Bonds, the last of which matures on July 1, 2021. 3. Bond issue C - Seton Hall University Issue, 2011 Series A, (CUSIP number 646065U83) was issued by the New Jersey Facilities Educational Authority (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. Bond Issue D - These bonds were issued by NJEFA 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 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 enters 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 Capital Improvement Bonds, Series 2006 A to partially refund the 2004 A Bonds and other series of Capital Improvement Fund 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 its 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. The University has responded "Yes" to Schedule K, Part IV, line 6, which asks "Did the bond issue qualify for an exception to rebate?" This response is predicated on the University's spending of its apportioned grant and loan amount of $7,611,751 as part of this bond issue. However, the NJEFA has informed the University that there are project funds associated with other institutions that remain unspent. Roman Catholic Archdiocese of Newark 171 Clifton Avenue Newark NJ 07104 221487308 See Part VII NJ 501 (C)(3) 1 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.