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← SOUTH JERSEY TECHNOLOGY PARK AT ROWAN UNIVERSITY

Form 990 for tax year 2022

Filed by SOUTH JERSEY TECHNOLOGY PARK AT ROWAN UNIVERSITY.

Totals

Total revenue
$1,547,350
Total expenses
$1,350,816
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$1,107,375
Investment income
$439,975
Other revenue
$0
Total assets, end of year
$29,485,852
Total liabilities, end of year
$22,480,866
Net assets or fund balances, end of year
$7,004,986
Program services expenses (Part IX)
$1,252,283
Management and general expenses
$98,533
Fundraising expenses
$0
Program service expenses (Part III)
$1,252,283

Program services were 92.7% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: RENTAL INCOME

    total $1,107,375 · related or exempt $1,107,375

  • 3 · Investment income

    total $439,975 · excluded $439,975

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $251,490 · program services $201,192 · management and general $50,298

  • 11b · Fees: legal

    total $4,268 · management and general $4,268

  • 11c · Fees: accounting

    total $32,375 · management and general $32,375

  • 11g · Fees: other

    total $20,476 · program services $20,476

  • 13 · Office expenses

    total $11,693 · program services $11,693

  • 14 · Information technology

    total $11,592 · management and general $11,592

  • 16 · Occupancy

    total $30,164 · program services $30,164

  • 20 · Interest

    total $184,942 · program services $184,942

  • 22 · Depreciation, depletion and amortization

    total $529,312 · program services $529,312

  • 23 · Insurance

    total $61,821 · program services $61,821

  • 24a · Other expenses: ALLOC. PROP. MAINT. EXP

    total $206,316 · program services $206,316

  • 24b · Other expenses: SUBSCRIPTION/MEMBERSHIP

    total $4,819 · program services $4,819

  • 24c · Other expenses: OTHER EXPENSES

    total $1,548 · program services $1,548

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $1,316,456 · end of year $1,062,059

  • 4 · Accounts receivable

    beginning of year $17,384,430 · end of year $16,566,525

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,459 · end of year $1,582

  • 10a · Land, buildings and equipment: cost or other basis

    $17,583,837

  • 10b · Land, buildings and equipment: accumulated depreciation

    $5,728,151

  • 10c · Land, buildings and equipment, net

    beginning of year $12,004,113 · end of year $11,855,686

  • 17 · Accounts payable and accrued expenses

    beginning of year $69,997 · end of year $119,988

  • 20 · Tax-exempt bond liabilities

    beginning of year $3,871,158 · end of year $3,623,603

  • 25 · Other liabilities

    beginning of year $19,956,851 · end of year $18,737,275

  • 27 · Net assets without donor restrictions

    beginning of year $6,808,452 · end of year $7,004,986

Mission and programs · 2022

Mission

TO EXPAND AND STRENGTHEN THE UNIQUE RESEARCH AND LEARNING ENVIRONMENT OF ROWAN UNIVERSITY; ESTABLISH A TECHNOLOGY-BASED ENTREPRENEURIAL ECONOMY; AND CREATE VALUE FOR ITS SURROUNDING COMMUNITIES IN THEIR ECONOMIC, PHYSICAL AND SOCIAL DEVELOPMENT.

Activities or mission (Part I)

TO LEAD THE ECONOMIC REVITALIZATION OF SOUTHERN NEW JERSEY THROUGH AN INTEGRATED PROGRAM OF SCIENCE AND TECHNOLOGY INITIATIVES.

  • SOUTH JERSEY TECHNOLOGY PARK AT ROWAN UNIVERSITY, INC. PROVIDES COMPETITIVELY PRICED, CLASS "A" FACILITIES FOR START-UP AND ESTABLISHED COMPANIES THAT BRING INNOVATIVE TECHNOLOGIES TO THE MARKETPLACE AND SERVES AS A HOME FOR TECHNOLOGY-FOCUSED RESEARCHERS, INVENTORS, ENTREPRENEURS, PROFESSORS, AND STUDENTS. THE ORGANIZATION EXCLUSIVELY SUPPORTS THE CHARITABLE AND EDUCATIONAL MISSION OF ROWAN UNIVERSITY, A PUBLIC RESEARCH INSTITUTION WITHIN THE SYSTEM OF HIGHER EDUCATION OF NEW JERSEY. IT SERVES AS A HUB AND CATALYST FOR INNOVATION AND COLLABORATION AMONG ROWAN UNIVERSITY AND ITS CURRENT AND FUTURE PARTNERS.

    Expenses $1,252,283 · Revenue $1,107,375

As filed on the 2022 return.

Listed in Part VII

  • DR ALI HOUSHMAND

    DIRECTOR (PRES. OF ROWAN UNIVERSITY)

    Total calculated
    $1,201,640
    From this org
    $0
    From related orgs
    $1,038,326
    Other
    $163,314
    Hours/week
    1 + 54 related

    Schedule J breakdown matched by us

    Base
    $0 + $621,660 related
    Bonus
    $0 + $94,258 related
    Other
    $0 + $322,408 related
    Deferred
    $0 + $88,000 related
    Nontaxable benefits
    $0 + $75,314 related
    Filer's total
    $0 + $1,201,640 related

  • MICHAEL MUHLBAIER

    VICE CHAIR (FAC., ROWAN UNIVERSITY)

    Total calculated
    $6,520
    From this org
    $0
    From related orgs
    $6,520
    Other
    $0
    Hours/week
    2 + 25 related

  • AHMED SAIDI DIRECTOR PHD

    STUD,ROWAN UNIV) THRU SEPT 2022

    Total calculated
    $51,243
    From this org
    $0
    From related orgs
    $49,635
    Other
    $1,608
    Hours/week
    1 + 20 related

  • ALEXANDRA M LEHMAN-CHONG

    DIRECTOR (PHD STUD,ROWAN UNIVERSITY)

    Total calculated
    $33,294
    From this org
    $0
    From related orgs
    $33,294
    Other
    $0
    Hours/week
    1 + 20 related

  • SAMUEL HOFBAUER DIRECTOR

    (MD/PHD STUD,ROWAN UNIVERSITY)

    Total calculated
    $31,219
    From this org
    $0
    From related orgs
    $31,219
    Other
    $0
    Hours/week
    1 + 20 related

  • LAWRENCE DIVIETRO JR

    CHAIR

    Total calculated
    $0
    Hours/week
    2

  • JAMES TARANGELO

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • MARLENE ASSELTA

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • ISABELITA ABELE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • CHRISTINE BUTEAS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • RAHIL KHEIRKHAH

    DIRECTOR THRU SEPT 2022

    Total calculated
    $0
    Hours/week
    1

  • ED REMSTER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MICHELLE SHIREY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MANNING SMITH III

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • GENEVIEVE E WITT

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JOSEPH CAMPBELL

    EXECUTIVE DIRECTOR

    Total calculated
    $305,635
    From this org
    $0
    From related orgs
    $258,479
    Other
    $47,156
    Hours/week
    5 + 35 related

    Schedule J breakdown matched by us

    Base
    $0 + $239,096 related
    Bonus
    $0
    Other
    $0 + $19,383 related
    Deferred
    $0 + $14,000 related
    Nontaxable benefits
    $0 + $33,156 related
    Filer's total
    $0 + $305,635 related

  • JOSEPH F SCULLY JR

    FORMER EXECUTIVE DIRECTOR

    Total calculated
    $405,336
    From this org
    $0
    From related orgs
    $361,378
    Other
    $43,958
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $315,718 related
    Bonus
    $0
    Other
    $0 + $45,660 related
    Deferred
    $0 + $14,000 related
    Nontaxable benefits
    $0 + $29,958 related
    Filer's total
    $0 + $405,336 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 3
THE ORGANIZATION'S EXECUTIVE DIRECTOR, JOSEPH CAMPBELL, WAS COMPENSATED BY A RELATED ORGANIZATION, ROWAN UNIVERSITY. HIS COMPENSATION WAS DETERMINED THROUGH ROWAN UNIVERSITY'S SALARY REVIEW PROCESS, WHICH INCLUDES A REVIEW BY THE UNIVERSITY'S CHIEF HUMAN RESOURCE OFFICER, CHIEF FINANCIAL OFFICER AND THE PRESIDENT OF THE UNIVERSITY. THIS REVIEW INCLUDED THE USE OF COMPARABILITY DATA FOR BOTH INTERNAL AND EXTERNAL COMPENSATION EQUITY.
PART I, LINE 4B
ALI HOUSHMAND, A DIRECTOR OF THE ORGANIZATION AND THE PRESIDENT OF ROWAN UNIVERSITY, PARTICIPATES IN A 457(F) SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN WITH THE UNIVERSITY, A RELATED ORGANIZATION. THE UNIVERSITY CONTRIBUTED $74,000 TO THE PLAN ON HIS BEHALF IN CALENDAR YEAR 2022. HE ALSO RECEIVED DISTRIBUTION FROM THE 457(F) PLAN IN AMOUNT OF $214,342 IN CALENDAR YEAR 2022. THE AMOUNT IS REPORTABLE AS TAXABLE COMPENSATION IN PART II, COLUMN B (III).

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2022
Filed
14 May 2024
IRS schema version
2022v5.0
Source object
202401359349309120

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