Epilepsy Foundation

According to the Epilepsy Foundation consolidated audit of June 30, 2023 (Note 1, Nature of Organization and Summary of Significant Accounting Policies):

"The Epilepsy Foundation of America, DBA Epilepsy Foundation ('the Foundation') was incorporated under the laws of the State of Delaware in 1967 as a nonprofit organization. It was formed to overcome the challenges of living with epilepsy and to accelerate therapies, stop seizures, find cures, and save lives. The consolidated financial statements include the activity of two nonprofit organizations. Epilepsy Research Foundation is a supporting organization of the Foundation whose purpose is to facilitate efforts to develop innovative research. Epilepsy Services of West Central Florida, Inc. promotes and facilitates healthy lifestyles for persons with seizure disorders and their families living in west central Florida. The accompanying consolidated financial statements also include the activities of thirteen local chapters that provide programs, information, and referral services to local communities. In addition, the Foundation is affiliated with multiple separately incorporated foundations that provide local program services which are not included in the consolidated financial statements. In 2020, Epilepsy Ventures Fund, LLC (the LLC) was formed as a Delaware limited liability company and makes strategic investments in innovations aimed at improving the lives of people living with epilepsy. The Foundation is the sole member of the LLC..."

According to the Epilepsy Foundation consolidated audit of June 30, 2023 (Note 1, Nature of Organization and Summary of Significant Accounting Policies, Subsequent Events):

"...the Foundation did not have any material recognizable subsequent events, except as disclosed in Note 12."

According to the Epilepsy Foundation consolidated audit of June 30, 2023 (Note 12, Commitments):

"In July 2023, the Foundation entered into a contract for monthly information technology and consulting services. The Foundation will incur approximately $257,000 over a period of 36 months through June 2026. No costs under this contract have been incurred through June 30, 2023. 

In February 2024, the Foundation entered into a limited partnership agreement to subscribe to the limited partnership with a capital commitment of at least $15 million over ten years. The capital commitments will be allocated in portfolio companies and investments aligned with accelerating the development of new therapies and treatments for people and their families living with epilepsy. The general partner will issue capital calls due upon at least 10 days' notice up to the amount of the unfunded commitments to enable the partnership to make investments and pay fees."

According to the Epilepsy Foundation consolidated audit of June 30, 2023 (Note 13, Related Party Transactions):

"There are certain amounts due from affiliates for revenue sharing, affiliate dues, and grants. As of June 30, 2023, the affiliates owed the Foundation $30,502.

Additionally, during the year ended June 30, 2023, the Foundation received support of approximately $243,148 from members of the Board of Directors."

According to the Epilepsy Foundation (EF) tax filing for the fiscal year ended June 30, 2023, EF reports re: Compensation, Supplemental Information (IRS Form 990, Schedule J, Part III):

Regarding severance payments to officers, directors, trustees, key employees and highest compensated employees (Schedule J, Part I, Line 4a):

"Laura Thrall received a severance payment of $150,938."

EF reports providing "bonus & incentive compensation" during 2022 to nine individuals. Laura Thrall, Past CEO, received $114,713 of bonus and incentive compensation, with a total reported compensation of $488,212. The remaining eight individuals received $3,000 to $20,000 with total compensation ranging from $152,632 to $307,189.