on a number of factors.
Ratings & Metrics
|Entity||Document Type||Tax ID|
|Folds of Honor Foundation||IRS Form 990||75-3240683|
|Folds of Honor Foundation||Consolidated Audited Financial Statements||Multiple|
Entity: Folds of Honor Foundation
Document Type: IRS Form 990
Tax ID: 75-3240683
Entity: Folds of Honor Foundation
Document Type: Consolidated Audited Financial Statements
Tax ID: Multiple
Governance & Transparency
|2||Ben Leslie||Executive VP, Development||$220,879|
|3||Chick Linski||Senior VP, National Corporate Development||$194,636|
Name: Dan Rooney
Name: Ben Leslie
Title: Executive VP, Development
Name: Chick Linski
Title: Senior VP, National Corporate Development
According to the Folds of Honor Foundation consolidated audit of December 31, 2019 (Note 1 re: Interest in Chapters):
"In the past few years, various chapters have been established to raise money for the benefit of the Foundation. There were 24 such chapters at December 31, 2019, and three additional chapters have been added subsequent to December 31, 2019. Since the Foundation has influence over and an ongoing economic interest in its chapters, the Foundation has recorded an interest in the net assets of the various chapters. Changes in the net assets of the chapters are recorded in the Foundation's consolidated statement of activities. Distributions received from the chapters are recorded as reductions in the interest in the net assets of chapters and are generally restricted for scholarships. Since the Foundation has limited influence over the amount and timing of distributions and the chapters may impose additional restrictions on certain contributions made to chapters by donors, the net assets of the chapters are reflected as donor-restricted until the distributions are made to the Foundation and any purpose restrictions are satisfied."
According to the Folds of Honor Foundation consolidated audit of December 31, 2019 (Note 1 re: Beneficial Interest in Assets Held by Community Foundation):
"The Foundation established a reserve endowment fund (the Fund) under Tulsa Community Foundation (TCF) Non-profit Preservation Endowment Challenge Grant program and named itself beneficiary. The Foundation granted variance power to TCF which allows TCF to modify any condition or restriction on its distributions for any specified charitable purpose or to any specified organization if, in the sole judgment of TCF's Board of Directors, such restriction or condition becomes unnecessary, incapable of fulfillment, or inconsistent with the charitable needs of the community. The Fund is held and invested by TCF for the benefit of the Foundation and is reported at fair value in the consolidated statement of financial position, with trust distributions and changes in fair value recognized in the consolidated statement of activities."
According to the Folds of Honor Foundation consolidated audit of December 31, 2019 (Note 8, Related Party Transactions):
"During the years ended December 31, 2019 and 2018, the Foundation paid expenses for the Patriot Cup fundraising event to the Patriot Golf Course, an entity related through common management, totaling $85,000, respectively. The Foundation also paid the Patriot Golf course $68,608 and $86,485 in 2019 and 2018, respectively, for security services, maintenance, grill, promotional materials, and certain other shared services.
"Due to extraordinary travel demands, the Chief Executive Officer sometimes uses his personal single engine airplane for air travel required for Foundation business. The Foundation reimburses such travel based on IRS standard rates."
According to the Folds of Honor Foundation 2019 tax filing, in response to the question regarding the existence of a family or business relationship among officers, directors, trustees, or key employees (IRS Form 990, Part VI, line 2), the Foundation reports:
"Lt Col Dan Rooney, CEO and John Rooney, board member are son/father" (IRS Form 990, Schedule O).
[The Foundation reports having 11 voting members on its governing body at the end of 2019, 10 of which are reported as being independent (IRS Form 990, Part VI, lines 1a & 1b).]
According to the Folds of Honor Foundation consolidated audit of December 31, 2019 (Note 7, Employee Benefits, Deferred Compensation Agreement):
"The Foundation entered into a long-term incentive compensation arrangement with an executive of the Foundation. The executive has the opportunity to earn up to $80,000 annually for five years. The executive must be employed on December 31, 2020, to receive any of the bonus. Included in accrued expenses and other liabilities on the consolidated statements of financial position are $370,000 and $290,000 as of December 31, 2019 and 2018, respectively, related to this agreement."
According to the Folds of Honor Foundation consolidated audit of December 31, 2019 (Note 9, Subsequent Events):
"In January 2020, the World Health Organization declared the outbreak of coronavirus (COVID-19) as a 'Public Health Emergency of International Concern.' The coronavirus outbreak and government responses are creating disruption in global supply chains and are adversely impacting many industries. The outbreak could have a continued material adverse impact on economic and market conditions and trigger a period of global economic slowdown. The rapid development and fluidity of this situation precludes a prediction as to the ultimate material adverse impact of the coronavirus outbreak. The Foundation is closely monitoring its operations, liquidity, and capital resources and is actively working to minimize the current and future impact of this unprecedented situation. Nevertheless, the outbreak presents uncertainty and risk with respect to the Foundation, its performance, and its financial results.
"In April 2020, the Foundation applied for and was granted a $860,000 loan under the Paycheck Protection Program administered by a Small Business Administration (SBA) approved partner. The loan is uncollateralized and is fully guaranteed by the Federal government. The loan accrues interest, but payments are not required to begin for six months to one year after the funding of the loan. The Foundation is eligible for loan forgiveness of up to 100% of the loan, upon meeting certain requirements. The Foundation intends to take measures to maximize the loan forgiveness and the foundation believes that the loan will ultimately be forgiven."
According to the Folds of Honor Foundation 2019 tax filing, the Foundation reports re: Compensation, Supplemental Information (IRS Form 990, Schedule J, Part III):
Regarding nonfixed payments to officers, directors, trustees, key employees and highest compensated employees (Schedule J, Part I, Line 7):
"Discretionary bonuses are paid to employees."
The Foundation reports "Bonus & incentive compensation" payments to five individuals in 2019, including $57,500 paid to Lt Col Dan Rooney, CEO & founder, whose reported total compensation in 2019 is $468,232. The remaining reported "Bonus & incentive compensation" amounts range from $15,750 to $6,615, with associated total compensation ranging from $220,879 to $162,941 (IRS Form 990, Schedule J, Part II).