Independent Colleges and Universities of New Jersey a Nj Nonprofit Corporation

What it reported doing in 2024

Program service expenses represent the ongoing costs of operations to advance its mission. Program services support processing scholarships and the advancement of funding resources for students attending one of the 13 accredited, independent, non-profit, four-year degree granting colleges and universities in the state of New Jersey. Grants given to a member institution encourages themes common to all: professional development promotion as it relates to student access, affordability and career readiness; technology advancement integration in academia and learning experiences; faculty development and campus preparedness to address learning, social and community matters; encourage awareness of global and cultural factors impacting our communities; inspire humanitarian service; and set a foundation for life-long learning. Funding contributes to the goal of educating and preparing students to contribute to the economic, social, intellectual and cultural aspirations of the communities in New Jersey where over 60% of the workforce pipeline live and work. In fy 25, the independent colleges and univerities of New Jersey, a nj nonprofit corporation awarded 137 scholarships and offered 34 student research teams an opportunity to pursue their interests and present their findings at an annual symposium where presentations were judged by New Jersey industry professionals in seven different categories designed to build the "power" skills sought by employers. Seven grants were provided for programs that promote career explorations, foster engagement in healthcare careers and introduce technology as a tool for building knowledge and skills. Through board committees focused on developing new business relationships by promoting opportunities for academia, business and government to pursue collaborations; engaging new industries and businesses in higher education; and supporting the ongoing efforts of career services to promote experiential learning and career readiness. Board members donated time to participate in virtual sessions on interviewing and resume writing. The foundation for a larger program that brings industry leaders in to discuss changes in recruitment strategies, career advancement and job opportunities was established through outreach to career services leadership for 2024. Icunj adopted a 'lead by example' approach to utilization of interns. Students who demonstrated an interest in public policy worked over the summer on research elements and factors contributing to the case for support.students faced new challenges in a post-covid environment leading icunj to spearhead efforts to bring mental health resources to the forefront for its member institutions. Working with campus student affairs officers, the efforts were expanded to offer all 54 institutions of higher education in New Jersey an opportunity to learn from the efforts of their peers and external experts in mental health about how to provide accessible and ready services for students, hear about legislation that could impact campus services and programs; and build a resource list of auxiliary programs to address staffing and service openings. A statewide conference was held in january for over 500 higher education professionals at seton hall university. Icunj worked on the steering committee overseeing critical program areas.advocacy efforts continued to promote the availability of tuition aid grants for students expanding the availability of funding into the summer sessions. This allowed students to continue their education year-round decreasing the overall investment of time and funding while earning a degree.

Financial Efficiency

• Mission deployment rate: 69%; rating input score 69
• Program expense ratio: 71.8%; rating input score 72
• Fundraising efficiency: $14.46 raised per $1 spent on fundraising; rating input score 49; 49th percentile among comparable filings

Transparency & Controls

• Consistency checks: 94.1%; rating input score 94; 25th percentile among comparable filings
• Pay-setting controls: 2 of 6 controls in place; rating input score 33
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Pass
  • Compensation survey or study: Missing
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: 94.5%; rating input score 95; 41st percentile among comparable filings
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
• Governance controls: 8 of 8 controls in place; rating input score 100
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: NotApplicable
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 6.4%; rating input score 54; 54th percentile among comparable filings
• Total-asset coverage ratio: 1.66; rating input score 59; 59th percentile among comparable filings
• Liabilities to assets ratio: 0.21; rating input score 31; 31st percentile among comparable filings
• Officer compensation ratio: 37.8%; rating input score 4; 4th percentile among comparable filings

Growth

• Program expense growth: 2.1% per year; rating input score 100; 27th percentile among comparable filings
• Revenue growth: 0.6% per year; rating input score 100; 17th percentile among comparable filings
• Asset growth: 3.1% per year; rating input score 100; 30th percentile among comparable filings