Celebrating 25+ years of helping you give wisely
America's most independent,
assertive charity watchdog

Folds of Honor Foundation

CharityWatch report issued
September 2021

A+
CharityWatch Grade
Our independent grade based
on a number of factors.
 
90%
Program Percentage
Amount spent on programs
relative to overhead.
 
$5
Cost to Raise $100
Amount spent to raise
$100 of contributions.

Contact Information

Folds of Honor Foundation
5800 N Patriot Drive
Owasso, OK 74055

Other Names

Patriot Golf Day

Tax Status

501(c)3

Stated Mission

To provide financial assistance for the education of spouses and dependent children of service men/women who are either killed or permanently disabled while serving and defending our great nation.

View similar charities
Charity  
AdoptAPlatoon Soldier Support Effort  
Air Force Aid Society  
American Legion National Headquarters  
American Studies Center  
AMVETS National Headquarters  
AMVETS National Service Foundation  
Armed Services YMCA of the USA  
Army Emergency Relief  
Blinded Veterans Association  
Bob Woodruff Family Foundation  
Center for American Homeless Veterans (DISSOLVED)  
Circle of Friends for American Veterans (DISSOLVED)  
Coalition to Salute America's Heroes  
Coast Guard Foundation  
Disabled American Veterans (DAV)  
Disabled American Veterans (DAV) Charitable Service Trust  
Disabled Veterans National Foundation  
Disabled Veterans Services (DISSOLVED)  
Fisher House Foundation  
For The Troops  
Foundation for American Veterans (DISSOLVED)  
Freedom Alliance  
Gary Sinise Foundation  
Healing Heroes Network (DISSOLVED)  
Help Heal Veterans  
Help Our Wounded (DISSOLVED)  
Help the Vets (DISSOLVED)  
HeroBox  
Homes For Our Troops  
Homes for Veterans  
HonorBound Foundation  
Hope For The Warriors  
Intrepid Fallen Heroes Fund  
Iraq & Afghanistan Veterans of America  
K9s For Warriors  
Marine Corps Scholarship Foundation  
Mission Continues  
Move America Forward  
Mutts With A Mission  
National Military Family Association  
National Veterans Foundation  
National Vietnam Veterans Foundation (DISSOLVED)  
Navy SEAL Foundation  
Navy-Marine Corps Relief Society  
Operation Finally Home  
Operation Homefront  
Paralyzed Veterans of America  
Paws for Purple Hearts  
Purple Heart Foundation  
Semper Fi & America's Fund  
Soldiers' Angels  
Special Operations Warrior Foundation  
Team Red, White & Blue  
Tragedy Assistance Program for Survivors (TAPS)  
TREA Memorial Foundation  
TroopsDirect  
United American Patriots  
United Service Organizations (USO)  
United Spinal Association  
United States Armed Forces Association  
United States Navy Memorial Foundation  
Veterans Community Project  
Veterans of Foreign Wars of the U.S. and Foundation  
Veterans Relief Network  
Vietnam Veterans Memorial Fund  
Vietnam Veterans of America  
VietNow National Headquarters (DISSOLVED)  
Wounded Warrior Project  
Wounded Warriors Family Support  
Data based on Fiscal Year Ended 12/31/2019

Program Percentage: 90%

The percentage of Folds of Honor Foundation's cash budget it spends on programs relative to overhead (fundraising, management, and general expenses).

$25,000,000

Calculated Total Expenses

(rounded)

 

Cost to Raise $100: $5

How many dollars Folds of Honor Foundation spends on fundraising to raise each $100 of contributions.

$26,000,000

Calculated Total Contributions

(rounded)

Government Funding

0% to 24%

Percentage of cash revenue
coming from government sources

 

Financial Documents

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

CharityWatch evaluates certain criteria related to a charity's Governance and Transparency. Donors may want to consider a charity's willingness to be open and transparent with CharityWatch to be a good litmus test for determining its commitment to public accountability.
Folds of Honor Foundation
does not meet governance benchmarks.
 
Folds of Honor Foundation
meets transparency benchmarks.
Transparency
Provides Financial Information
Audit Accessibility
Governance: Policies
Reports regularly & consistently monitoring & enforcing compliance with a written Conflict of Interest Policy
Reports required, annual disclosure by officers, directors, and key staff of interests that could give rise to conflicts
Reports having a written Whistleblower Policy
Reports having a written Document Retention and Destruction Policy
Governance: Financials
Reports providing copy of tax form to all board members prior to filing it with IRS
Reports that financial statements were audited by an independent accountant
Governance: Board of Directors
Reports at least 5 voting board members
51% or more of voting board members reported as independent
Reports documenting minutes of board and board committee meetings
Privacy Policy
Privacy Policy No Sharing  

  Name Title Compensation
1 Dan Rooney CEO/Founder $468,232
2 Ben Leslie Executive VP, Development $220,879
3 Chick Linski Senior VP, National Corporate Development $194,636
1
Name: Dan Rooney
Title: CEO/Founder
Compensation: $468,232
2
Name: Ben Leslie
Title: Executive VP, Development
Compensation: $220,879
3
Name: Chick Linski
Title: Senior VP, National Corporate Development
Compensation: $194,636

CharityWatch Analysts perform an in-depth analysis of charities' audited financial statements and IRS tax filings, and often review other documents such as state filings, annual reports, and fundraising contracts during their evaluations. Below are select notes that CharityWatch believes may be of interest to donors.

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).


Related External Articles