This weekend’s links are below for your reading pleasure. If you come across any interesting links, then please share them with us in the comments section below. Enjoy!

Get your weekend started right by checking out these links, starting a new Feedly account, and/or adding the blogs above (and JerseySmarts.com, too) to your existing Feedly or other RSS aggregator account. Enjoy!

My company does a lot of work in Newark, New Jersey

For example, at my cousin’s wedding last month an old high school friend of mine said, “Hey, so what are you doing now? I heard you’re a nurse practitioner, right?” A nurse practitioner… really?

While I don’t get mad or upset at whatever profession my friends and family insert into the brackets, I do get a kick out of what they think I’m doing. Over the last year or so I’ve heard that I’m a full-time lawyer, university administrator, teacher, website guy, state employee, writer, and – of course – nurse practitioner.

None of these professions – while exciting and interesting – are correct. So I thought I’d take a minute to explain what it is that I “do” at my full-time job.

I work for a nonprofit loan fund – a Community Development Financial Institution (a CDFI). The company I work for focuses on what we term “underserved” communities throughout New Jersey. In other words, we do a lot of work in underserved geographic areas like Newark, Camden, Asbury Park, Trenton, etc. However, we have a broad definition of “community” to include groups of people such as folks with physical and developmental disabilities. From that perspective, we’ve done a lot of work in areas that are traditionally considered affluent like Manalapan, Budd Lake, Eatontown, East Hanover, etc. And we also help traditionally underserved industries such as charter schools, early care centers, the supportive housing industry, etc.

Two quick definitions before I talk about what I “do” at my job. First, when I suggest that my company “works” in an area or an industry, it means that we offer competitive or low-cost financing for development projects. For example, when we work to provide supportive housing for folks with developmental disabilities, I’m suggesting that my company provides a loan to an on-the-ground service organization to purchase a home and use it to provide housing for the developmentally disabled. Second, when I say that an area, group of people, or industry is traditionally “underserved,” I’m suggesting that there has been – historically – a disinvestment of private money from that area, group of people, or industry. Not a disinvestment of public money (i.e. taxpayer dollars); a disinvestment of private money.

That’s a very important distinction. My company receives no taxpayer dollars nor does it seek taxpayer dollars. Instead, we take investments from private organizations, individuals, and like-minded nonprofit organizations and utilize those dollars to make loans to the underserved.

Make sense? I hope so. Back to what I “do” on a daily basis.

My current title (though it’s supposed to change in the coming weeks) is Lending Officer. If I worked at a traditional bank, most would assume that a Lending Officer translates into being an underwriter or Relationship Manager. In the CDFI industry, Lending Officers are so much more… Yes, I’m the guy who underwrites loans. However, I also manage relationships with our borrowers, close loans, act as a new business development officer, manage a multi-million dollar federal grant, serve as a communications and public relations officer, act as the company’s charter school specialist, seek out new investment and grant opportunities for the company, make presentations on behalf of the organization, work with researchers on finding new ways to solve community problems, serve as a problem loan work out officer – I could go on.

So what do I “do” on a daily basis? Well, a little bit of everything, really. Yesterday, I spent a lot of time reviewing submitted material from a possible client who wants to borrow over $4 million to purchase an old Catholic school building and use it as space for a charter school. This information includes test scores, the school’s financial history, operating projections, resumes and bios of the major staff members, awards won by the school, and so much more.

The day before, though, I spent the bulk of my day contacting attorneys and asking them to finalize different legal documents for loans that my company closed (i.e. funded) over the last twelve months. Many people don’t realize this, but there are an enormous amount of documents that need to be executed before a house can be purchased, a construction job can take place, or any type of financing can be advanced. Well, one of my jobs is to make sure that all of those documents are signed and in order before funds go out the door. The problem, though, is that once the documents are signed, they typically take between six and twelve months to work through the different attorneys’ offices and recording areas. So when I close a loan, I have to make sure that those documents are in order and, eventually, on their way to my office.

I hope that this entry gives my friends and family who read my blog a brief example of what it is that I do all day. Sure, I could get into all of the ancillary jobs that I’ve set up for myself outside of my day job (the websites, the teaching, the consulting, the volunteer work), but that’s for another entry. If I wrote this entry correctly, then the next time I see someone who reads my blog and the topic of professions comes up, they’ll have an idea of what it is that I do… and it won’t be nurse practitioner!

If you are interested in a job in which you can also make a difference, check out online social work courses.

In the mean time, I have a few entries ready for your viewing on JerseySmarts.com! I’ve set the system here to automatically upload a few entries over the next few days – I hope you enjoy them while I’m away.

For example, the other day I wrote about how the online payment system offered by NJHESAA that is, essentially, useless since this private student loan company passes the cost of doing this type of business on to its borrowers. NJHESAA offers an online payment system, but it charges you 2.5% for a “convenience fee” in order to use the service. What a disgrace!

Well, another issue that I’ve been aggravated about with NJHESAA is their inability to process my paper check payment in a timely fashion. For example, after I send a student loan payment to this private lender it generally takes them 10 – 15 days to process the check. WHY!?!?!

Why does it take NJHESAA so long to process a payment!?

Well, if you know anything about finance and how loans work, then you know why it takes NJHESAA so long to process payments. It’s very simple – the longer you hold a payment and not process it, the more the interest due on the payment grows. Here’s my real world example:

On Thursday, February 11th I sent my latest payment to NJHESAA. As of that date, I owed about $62 in accrued interest. Now, I understand that it takes some time for my payment to work its way through the postal system, through the NJHESAA’s mailing system, and eventually to be deposited in the bank. In 2010, that process should take between 3 and 5 days.

However, since my check has not been deposited yet and here we are – 9 days after the payment was sent – another $85 in interest has been accrued. So the total interest owed on the NJHESAA loan today has gone from $62 on the day that I sent the payment to $147 today. How disgusting is that?

And I don’t believe for one minute that my payment isn’t sitting on someone’s desk at the NJHESAA waiting to be deposited early next week. After all, since NJHESAA is closed on the weekends they get to accrue a few more days of interest by not depositing my check! Awesome! And why do I not believe that the payment isn’t sitting there? Because I have a job and I know that when someone sends me something, I get it in a matter of 2 or 3 days. There isn’t any big secret to the United States Postal Service – you send an item and they deliver it. In the rarest of cases your item might be lost, but the chances of that happening are slim to none.

It is becoming clearer and clearer to me that the folks at NJHESAA are organized for the purpose of making money on the backs of college students. Months ago I showed that there is absolutely no reason for me to be paying 7.3%+ in interest on my student loan. There is no reason for them to pass the 2.5% credit card/online check processing fee onto their borrowers. There is absolutely no reason why my payment hasn’t been processed after being out of my hands for 9 days already. The sum of all these parts equals a student loan company that is directly focused on generating cash for itself at the expense of a young cohort of the public.

Each of these points are made more glaring due to the fact that my federal Direct Loan doesn’t have any of these problems. Think about that for a minute. The interest rate is lower. There is no processing fee for online payments. And when I send a check to the USDOE (which goes to a southern state somewhere), they process it in a day or two. Meanwhile, when I send a check to Newark for the NJHESAA it takes days and now weeks to process the payment? Bullshit.

They’re obviously holding my checks in order to generate more interest on my loan. I can’t wait to be done with this student loan company. And when I am done with them, I’m going to devote even more of my time towards exploring their practices and showing the Garden State’s young borrowers why they should avoid this organization at all costs.

For shame, NJHESAA. For shame.

At its root, this question asks the voters to approve a $400 million bond to preserve open space, certain flood zones, and historic places in New Jersey. Of those dollars, $364 million will be segregated specifically for open space purposes.

The Daily Record recently endorsed a “no” vote on this question. I beg to differ. For what it’s worth, JerseySmarts.com endorses a “yes” vote on Question #1. Why? Good question…

After moving out of Manhattan when I was younger, my family went to Morris County near the Sussex County border (near the Lake Hopatcong area). Now that I’ve been all over the this great state I can confidently say that the area of land near the Morris County/Sussex County border is a really beautiful area of the state. Each year I entertain a lot of guests who are from out of state. We generally have to stick to the Parkway or the Turnpike to get to our various destinations and they see what the country thinks is the stereotypical life in New Jersey: concrete and congestion. However, when I have the opportunity to take these guests to Morris, Hunterdon, Sussex, or Warren counties they wind up bringing home a completely different view of New Jersey.

I’m not suggesting that you vote in favor of this bond issue because of the impression that out of staters get when they visit Northwest New Jersey. No, I’m suggesting that you vote in favor of this bond issue because once this open space is gone, it’s not coming back. I’m suggesting that you vote in favor of this bond issue because even though this state is in a severe financial crisis, the only true way to get out of it is by creating an equitable tax base (in other words, everyone pays taxes, not just everyone except people living in Camden County and Newark). I’m suggesting that you vote in favor of this bond issue because there over-urbanization of Northwest New Jersey needs to stop and it needs to stop now.

Yes, the country is in a tight financial situation. And yes, the state needs to fix its budget and quick. However, let’s not panic ourselves into making a terrible decision. Remember, a rising tide lifts all boats. In other words, when the economy does come back, it’s going to bring increased revenues to the state and to its municipalities. Times are tough now, but this state (and this country) will come booming back like it always does. In the mean time, let’s not open up our precious and depleting green spaces to excessive development just because we can’t see the future for what it will ultimately be – which is prosperous.

In my vote-by-mail ballot, I voted “yes” on Question #1 to authorize the state to issue a $400 million bond. I hope that you do, too.

On behalf of the Abraham Lincoln Bicentennial Commission, we wanted to let you and your organization know about two upcoming events that may be of interest to you.

On October 28, respected photographer Deborah Willis will unveil and discuss her new work entitled “Lincoln as Monument, Lincoln as Icon.” Held at the Essex County Historic Courthouse, this event will explore the various depictions of Abraham Lincoln in art and photography. Using examples ranging from the 1870s to the present, Willis will lead the audience in a discussion of this iconic American figure, and how changing artistic depictions of him have impacted public perception.

In addition to the presentation and discussion, attendees have the unique opportunity to take docent-led tours through the Historic Courthouse, and even take a photo with the Borglum statue of Abraham Lincoln prior to the presentation.

Deborah Willis’ show is also a wonderful opportunity for attendees and community members to familiarize themselves with Lincoln and his legacy prior to our town hall discussion on November 12 at the Newark Museum. A panel of esteemed speakers, including Pedro A. Noguera, Executive Director of the Metropolitan Center for Urban Education, Jeff Johnson, award-winning journalist, social activist and political commentator, and James O. Horton, Historian Emeritus at the Smithsonian National Museum of American History, will lead a stimulating discussion on the topic of “The Humane City: Race, Ethnicity and Freedom in Urban America.”

Panelists will discuss issues surrounding our urban communities today, and how we can collectively utilize the resources available in those communities to work towards a more successful future. This event seeks to critically examine the current situation in urban America when viewed through the lens of differences in race and ethnicity, while bringing together a group of scholars who are willing to give their recommendations for how communities in urban America can best achieve their collective potential.

Both events are free and open to the public, but an RSVP is required. Please visit http://lincolnliveson.com/ for more information or to RSVP.

You can also connect with us and join the discussion today through Facebook http://facebook.com/Abraham.Lincoln.Bicentennial.Commission and Twitter http://twitter.com/lincoln200yrs.

Please share this information with other members of your organization, and anyone else that you believe may enjoy this opportunity. We hope that you will join us for these important and exciting events.

Again, if anyone decides to go to either of these events, please feel free to send us a report!

The projects include tens of millions of dollars in work on more dormitories, a $25 million Institute for Health Sciences in New Brunswick, a $12 million renovation of the recreation center in Camden and an $18.2 million expansion of the student center in Piscataway.

Some $60 million will go toward deferred maintenance across the university. Another $15 million has been earmarked for classroom improvements.

Quote from NJ.com

If you take a moment and read the article where that quote was taken from, you’ll see that Rutgers University is justifying the gigantic expense by saying that 5,000 jobs will be created because of the expansion. However, notice that the article does not state whether or not the jobs are permanent jobs such as a cashier or a janitor or temporary jobs such as a construction worker. That’s a vital piece of information and I would think that the bulk of those 5,000 jobs are temporary.

Further, let’s remember that to create these jobs, Rutgers is spending $500 million. That’s $100 thousand spent per each job created. I’m sorry, but I have to believe that if we’re looking at this expansion and upgrading project from the stance of, “It’ll create more jobs during a recession,” well I don’t think it passes the smell test. That’s just too much money to spend on creating jobs when you know the majority of the jobs are temporary.

But here’s what really bothers me…

Rutgers is going to spend half a billion dollars to upgrade its campuses – that’s fine. But when you get right down to it, how are they going to pay for this work? I can think of two sources. First, alumni donations. As an alumnus of Rutgers University, I do send them a donation once or twice per year. I direct my donation to a particular fund that awarded me a fellowship when I was a graduate student, so I know that the same funds that helped me are helping other students who are studying in my field and were of the same ilk that I was as a graduate student. But once those solicitations start coming in about helping to pay for the expansion – I have no interest in that stuff.

Second (and this is what annoys me), Rutgers is going to have to use student tuition to pay for these expenses. They just have to do it. How else are they going to be able to afford the expansion? I guess what bothers me about this is that I’m a big believer that if money is managed correctly and the best interests of the end user are kept in mind, then you will always discover ways to find cost efficiencies and to lower the overall cost of your service. In this case, I have to imagine that if Rutgers University is doing the right things at all levels and at all times, that the cost of attending college will actually go down.

Sure, I know that anyone who has to manage a budget will tell you that once you have a new revenue source (i.e. higher tuition) you do not give it up. But I’m sorry – if everyone focused on making quality education more affordable for students, then I am convinced that we could lower the cost of tuition.

And suspending half billion dollar expansions might be a way to start that ball rolling.

Like most storms, I expect this one to be less than impressive for those of us on the northern part of the New Jersey coast. They’re calling for about a foot of snow – my prediction is a quarter of that at best. In any event, for those of you in the state located in an area where it WILL be bad, remember to take extra precautions! And for those of you who are going to get a snow day tomorrow – enjoy!

Anyway, in his op-ed, Mr. Abruzzo makes a statement that I think bears repeating on this blog:

Contrary to its name and to what many believe, the nonprofit sector is not non businesslike; in fact, compared to government and the commercial sector, nonprofits are better managed and more efficient. Yet, by providing services that would otherwise be unaffordable in the marketplace, the sector relies on contributions and grants and it is this that makes the sector vulnerable during the financial crisis.

Bravo, Mr. Abruzzo! This is the truth, people. Nonprofts are created to fill a gap. That gap can range from a social services gap to a gap in opportunity to access certain resources or even a personal gap left in one’s family after a person passes away from a specific cause. The point is that nonprofits fill a gap that otherwise would not be filled by the government or private sector. As Mr. Abruzzo suggests, many of the services provided by nonprofits are unaffordable in the marketplace and thus the sector must rely on generosity to succeed.

Which brings me to my first point of this entry – please try to continue to send your weekly, monthly, or annual donations to your favorite charities! I’m not asking you to go out and find a new charity and start making donations to it (though if you’re in the business of donating money to new charities, let me know and I can hook you up with some good ones in Morris, Monmouth, and Mercer Counties). What I am saying, though, is that if you can afford to continue your existing donations to your favorite nonprofit organizations, please do so.

My second point in writing this entry is to reiterate a point that Mr. Abruzzo makes in his op-ed, namely that the nonprofit sector is not non businesslike. In other words, nonprofit does not mean “no profit!” In fact, nonprofit organizations have begun using the term not-for-profit instead of nonprofit to describe their business activities. The basic difference between a for-profit organization and a not-for-profit organization is that for-profit generate profits which can be distributed back to its shareholders, not-for-profits are not allowed to do this as per IRS regulations. That’s the difference in a nutshell.

Do not expect a not-for-profit company to expect not to make money on its activities. In fact, you should expect the opposite. The best not-for-profit organizations are financially healthy despite the current economy since they are built on a fiscally responsible framework made for success. I’m glad that Mr. Abruzzo kept that point in his op-ed. The world needs to know that a good not-for-profit organization should generate profits and even bank some of those profits. A good not-for-profit organization will not, however, break the law and redistribute those profits to their shareholders.

Remember this if you ever deal with a not-for-profit company!

Anyway, Happy Founder’s Day to all of my fraternity brothers all over the world!