INDEPENDENT COLLEGES AND UNIVERSITIES OF NEW JERSEY A NJ NONPROFIT CORPORATION

EIN: 221551931 501(c)(3)

TRENTON, NJ

Total Revenue
$1,896,931
Total Expenses
$1,775,483
Total Assets
$2,948,850
Net Assets
$2,344,153
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1953
Legal Domicile
NJ
Principal Officer
STEPHEN R REYNOLDS ESQ
Phone
6092185026
Tax Period
2024-07-01 to 2025-06-30

INDEPENDENT COLLEGES AND UNIVERSITIES OF NEW JERSEY A NJ NONPROFIT CORPORATION, founded in 1953, is a community nonprofit that reported $1.9M in total revenue in fiscal year 2024. Expenses of $1.8M left a modest 6% surplus.

Mission

THE MISSION OF THE INDEPENDENT COLLEGES AND UNIVERSITIES OF NEW JERSEY, A NEW JERSEY NON-PROFIT CORPORATION IS TO ADVANCE THE INTERESTS OF NEW JERSEY'S INDEPENDENT, NON-PROFIT, PUBLIC MISSION INSTITUTIONS OF HIGHER EDUCATION BY PROMOTING ACCESS, AFFORDABILITY AND STUDENT SUCCESS THROUGH PUBLIC POLICY ADVOCACY, CORPORATE AND INDIVIDUAL PHILANTHROPY, AND EMPOWERING THE CHOICE OF THE BEST FIT FOR EACH STUDENT'S EDUCATIONAL, CULTURAL, AND ENVIRONMENTAL NEEDS.

Program Service Accomplishments

Program 1
Expenses: $1,274,735

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...

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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.

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Trantor Score

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $1,820,496
Program Service Revenue $0
Investment Income $86,123
Other Revenue $-9,688
TOTAL REVENUE $1,896,931

Expense Breakdown

Grants Paid $678,657
Salaries & Benefits $896,633
Fundraising Expenses $125,866
Program Expenses $1,274,735
Other Expenses $200,193
TOTAL EXPENSES $1,775,483

Year-over-Year Comparison

2024 2023 Change
Revenue $1,896,931 $1,839,854 +0.0%
Expenses $1,775,483 $1,704,452 +0.0%
Net Income $121,448 $135,402 -0.1%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Liquidity & Cash Position

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Governance

Voting Members
13
Independent Members
13
Employees
5
Volunteers
48

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
7
$671,201
Total Directors
14
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
HUBERT BENITEZ DDS PHD TRUSTEE 1.00
Director
$0 $0 $0
MICHAEL J AVALTRONI PHD SECRETARY 1.00
Officer Director
$0 $0 $0
GARY B CROSBY PHD TREASURER 1.00
Officer Director
$0 $0 $0
DR MICHAEL AVALTRONI TRUSTEE 1.00
Director
$0 $0 $0
NARIMAN FARVARDIN PHD TRUSTEE 1.00
Director
$0 $0 $0
DR EUGENE CORNACCHIA TRUSTEE 1.00
Director
$0 $0 $0
PATRICK F LEAHY PHD VICE CHAIR 1.00
Officer Director
$0 $0 $0
GARY B CROSBY PHD TRUSTEE 1.00
Director
$0 $0 $0
MILDRED MIHLON PHD TRUSTEE 1.00
Director
$0 $0 $0
HILARY A PARKER TRUSTEE 1.00
Director
$0 $0 $0
HILARY L LINK PHD TRUSTEE 1.00
Director
$0 $0 $0
GREGORY G DELL'OMO PHD CHAIR 1.00
Officer Director
$0 $0 $0
JEFFREY D SENESE PHD TRUSTEE 1.00
Director
$0 $0 $0
MSGR JOSEPH R REILLY STL PHD TRUSTEE 1.00
Director
$0 $0 $0
STEPHEN R REYNOLDS ESQ PRESIDENT 40.00
Officer
$235,220 $52,244 $287,464
MARYALICE BREUNINGER VICE PRESIDENT 40.00
Officer
$113,070 $54,165 $167,235
R DAVID ROUSSEAU VICE PRESIDENT 40.00
Officer
$194,009 $22,493 $216,502
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 $1,896,931 $1,775,483 $2,948,850 $121,448
2024 No data No data No data No data
2023 $1,978,046 $1,809,169 $2,716,615 $168,877
2022 $1,680,818 $1,942,614 $2,289,692 $-261,796
2021 $307,234 $373,990 $1,922,379 $-66,756
2020 $1,320,667 $1,298,726 $1,911,486 $21,941
2019 $1,344,749 $1,347,122 $1,854,595 $-2,373
2018 $1,443,530 $1,468,554 $1,790,543 $-25,024
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