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← NEW JERSEY CHAMBER OF COMMERCE FOUNDATION

Form 990 for tax year 2022

Filed by NEW JERSEY CHAMBER OF COMMERCE FOUNDATION.

Totals

Total revenue
$1,011,722
Total expenses
$716,038
Contributions and grants received
$975,805
Grants paid
$35,986
Program service revenue
$26,600
Investment income
$3,711
Other revenue
$5,606
Total assets, end of year
$715,842
Total liabilities, end of year
$229,517
Net assets or fund balances, end of year
$486,325
Program services expenses (Part IX)
$489,173
Management and general expenses
$159,720
Fundraising expenses
$67,145
Program service expenses (Part III)
$489,173

Program services were 68.3% 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.

  • 1e · Government grants (contributions)

    $229,290

  • 1f · All other contributions, gifts and grants

    $746,515

  • 2a · Program service revenue: JAG NJ AFFILIATION FEE

    total $25,000 · related or exempt $25,000

  • 2b · Program service revenue: WORKSHOPS

    total $1,600 · related or exempt $1,600

  • 3 · Investment income

    total $3,711 · excluded $3,711

  • 10a · Gross sales of inventory

    $5,030

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $5,030 · related or exempt $5,030

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $343 · excluded $343

  • 11b · Other revenue: SHIPPING INCOME

    total $233 · related or exempt $233

  • 11e · Other revenue, total

    $576

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $35,986 · program services $35,986

  • 5 · Compensation of officers, directors and key employees

    total $415,523 · program services $352,244 · management and general $63,279

  • 10 · Payroll taxes

    total $26,052 · program services $22,248 · management and general $3,804

  • 11c · Fees: accounting

    total $26,533 · program services $258 · management and general $26,275

  • 11e · Fees: professional fundraising services

    total $66,538 · fundraising $66,538

  • 12 · Advertising and promotion

    total $2,846 · program services $2,750 · management and general $96

  • 13 · Office expenses

    total $26,792 · program services $24,669 · management and general $1,601 · fundraising $522

  • 14 · Information technology

    total $14,593 · program services $2,979 · management and general $11,614

  • 16 · Occupancy

    total $42,000 · management and general $42,000

  • 17 · Travel

    total $14,810 · program services $12,781 · management and general $1,944 · fundraising $85

  • 19 · Conferences, conventions and meetings

    total $13,569 · program services $13,569

  • 20 · Interest

    total $4,136 · management and general $4,136

  • 23 · Insurance

    total $6,338 · program services $1,593 · management and general $4,745

  • 24a · Other expenses: JAG NATIONAL AFFILIATIO

    total $13,154 · program services $13,136 · management and general $18

  • 24b · Other expenses: JAG SPECIALIST AWARDS

    total $6,500 · program services $6,500

  • 24c · Other expenses: MISCELLANEOUS

    total $668 · program services $460 · management and general $208

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,007 · end of year $6,093

  • 2 · Savings and temporary cash investments

    beginning of year $371,240 · end of year $295,638

  • 3 · Pledges and grants receivable

    end of year $407,960

  • 4 · Accounts receivable

    end of year $3,270

  • 9 · Prepaid expenses and deferred charges

    beginning of year $5,963 · end of year $2,881

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

    $31,274

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

    $31,274

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $29,502 · end of year $68,837

  • 23 · Secured mortgages and notes payable

    beginning of year $150,000 · end of year $150,000

  • 25 · Other liabilities

    beginning of year $10,067 · end of year $10,680

  • 27 · Net assets without donor restrictions

    beginning of year $144,177 · end of year $87,627

  • 28 · Net assets with donor restrictions

    beginning of year $46,464 · end of year $398,698

Mission and programs · 2022

Mission

THE FOUNDATION'S MISSION IS TO SUPPORT CURRENT AND FUTURE MEMBERS OF THE WORKFORCE IN BECOMING GLOBALLY COMPETITIVE, SUCCESSFUL MEMBERS OF SOCIETY AND TO FUEL NEW JERSEY'S ECONOMY BY SUSTAINING A QUALIFIED WORKFORCE.

  • JAG - JOBS FOR AMERICA'S GRADUATES NEW JERSEY (JAG NJ) IS THE STATE AFFILIATE OF THE NATIONAL JOBS FOR AMERICA'S GRADUATES (JAG) INITIATIVE - A STATE-BASED NATIONAL NON-PROFIT ORGANIZATION DEDICATED TO KEEPING YOUTH OF GREAT PROMISE (FORMERLY KNOWN AS "AT-RISK") IN SCHOOL THROUGH GRADUATION. THE PROGRAM TARGETS HIGH SCHOOL STUDENTS WITH AT LEAST SIX ACADEMIC, ENVIRONMENTAL, PHYSICAL, PSYCHOLOGICAL, INCOME OR WORK-RELATED BARRIERS TO SUCCESS, AND OFFERS REAL-WORLD LEARNING EXPERIENCES THAT DEMONSTRATE HOW STAYING IN HIGH SCHOOL AND EARNING A DIPLOMA CAN ENHANCE THEIR LIVES. THE ULTIMATE GOAL OF THE PROGRAM IS TO ENSURE THAT PARTICIPATING STUDENTS GRADUATE FROM HIGH SCHOOL PREPARED FOR THE CHALLENGES OF POST-SECONDARY EDUCATION, MILITARY SERVICE AND THE WORKFORCE SO THAT THEY CAN BREAK THE CYCLE OF POVERTY AND BECOME PRODUCTIVE, CONTRIBUTING MEMBERS OF THEIR COMMUNITIES. FOR THE 2022-23 ACADEMIC YEAR, THE NJCCF IMPLEMENTED 14 PROGRAMS ACROSS THE STATE.

    Expenses $480,853 · Grants $35,986 · Revenue $25,000

  • PRODUCT SALES AND SERVICES-THE NJCCF HAS DEVELOPED MULTIPLE PRODUCTS AND SERVICES FOR USE BY NON-PROFITS, K-12 SCHOOLS, COMMUNITY-BASED ORGANIZATIONS IN ORDER TO ENSURE THAT ALL STUDENTS GRADUATE FROM HIGH SCHOOL READY FOR POST-SECONDARY EDUCATION, WORK AND LIFE. PROGRAMS, GAMES AND WORKSHOPS PROVIDE STUDENTS WITH NATIONAL RESEARCH, ENGAGING PRESENTATIONS, MEANINGFUL SIMULATIONS, DYNAMIC DISCUSSIONS, COMPETITIVE TEAM GAMES, AND INTERACTIONS WITH BUSINESS PEOPLE, TO ENSURE STUDENTS ACHIEVE OPTIMAL HIGH SCHOOL OUTCOMES.

    Expenses $8,320 · Revenue $6,863

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • THOMAS BRACKEN

    TREASURER

    Total calculated
    $587,843
    From this org
    $0
    From related orgs
    $567,435
    Other
    $20,408
    Hours/week
    0.5 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $427,435 related
    Bonus
    $0 + $140,000 related
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $20,408 related
    Filer's total
    $0 + $587,843 related

  • DONNA CUSTARD

    PRESIDENT

    Total calculated
    $166,606
    From this org
    $0
    From related orgs
    $144,132
    Other
    $22,474
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $144,132 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $4,523 related
    Nontaxable benefits
    $0 + $17,951 related
    Filer's total
    $0 + $166,606 related

  • SANDRA GLOVER-STROTHERS

    EXECUTIVE DIRECTOR, JAG NJ

    Total calculated
    $129,733
    From this org
    $0
    From related orgs
    $106,170
    Other
    $23,563
    Hours/week
    40

  • JENNIFER STEGERS

    ACCOUNTING MANAGER

    Total calculated
    $86,458
    From this org
    $0
    From related orgs
    $56,334
    Other
    $30,124
    Hours/week
    40

  • DR STEVEN M ROSE

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • WALTER J BRASCH CPA

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • LISA CHOWANSKY

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • GARY C DAHMS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • SAMUEL L DONELSON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • JAMES V FAKULT

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • WILLIAM R HAGAMAN JR CPA

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • CHRISTOPHER M LEPRE

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • GIL MEDINA

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • BRAXTON PLUMMER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • MIKE REAGAN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • DENNIS M TOFT

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • DIANE WASSER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • DENNIS G WILSON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • TED ZANGARI ESQ

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 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

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 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)

FORM 990, SCHEDULE J, LINE 3:
ALL SALARIES OF THE FOUNDATION ARE THOSE OF EMPLOYEES OF THE RELATED ORGANIZATION, NEW JERSEY STATE CHAMBER OF COMMERCE. THE FOUNDATION REIMBURSED NEW JERSEY STATE CHAMBER OF COMMERCE FOR SALARIES AND RELATED EXPENSES. NEW JERSEY STATE CHAMBER OF COMMERCE USES THE FOLLOWING METHODS TO ESTABLISH COMPENSATION OF THE PRESIDENT OF THE FOUNDATION: COMPENSATION COMMITTEE, INDEPENDENT COMPENSATION CONSULTANT, FORM 990 OF OTHER ORGANIZATIONS, WRITTEN EMPLOYMENT CONTRACT, COMPENSATION SURVEY OR STUDY, AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE.

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

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
21 March 2024
IRS schema version
2022v5.0
Source object
202400819349300845

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