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Folds of Honor Foundation

CharityWatch report issued
September 2023

Top-Rated Charity
CharityWatch Grade
Our independent grade based
on a number of factors.
Program Percentage
Amount spent on programs
relative to overhead.
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


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.

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Data based on Fiscal Year Ended 12/31/2022

Program Percentage: 91%

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


Calculated Total Expenses



Cost to Raise $100: $5

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


Calculated Total Contributions


Government Funding

0% to 24%

Percentage of cash revenue
coming from government sources


Financial Documents

Entity Document Type Tax ID
Folds of Honor Foundation Consolidated Audited Financial Statements Multiple
Folds of Honor Foundation IRS Form 990 75-3240683
Entity: Folds of Honor Foundation
Document Type: Consolidated Audited Financial Statements
Tax ID: Multiple
Entity: Folds of Honor Foundation
Document Type: IRS Form 990
Tax ID: 75-3240683

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.
This charity is Top-Rated
What does it mean to be Top-Rated?
Folds of Honor Foundation
meets governance benchmarks.
Folds of Honor Foundation
meets transparency benchmarks.
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 $478,006
2 Ben Leslie Chief Impact Officer $276,297
3 Nick Nichols Chief Growth Officer $243,331
Name: Dan Rooney
Title: CEO/Founder
Compensation: $478,006
Name: Ben Leslie
Title: Chief Impact Officer
Compensation: $276,297
Name: Nick Nichols
Title: Chief Growth Officer
Compensation: $243,331

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, 2022 (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 30 such chapters operating at December 31, 2022. The Foundation is in the process of adding two chapters in fiscal year 2023, which are not operational yet. 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 statements 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, 2022 (Note 1 re: Beneficial Interest in Assets Held by Community Foundation):

"The Foundation established a reserve endowment fund (the Fund) under Tulsa Community Foundation’s (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 statements of financial position, with trust distributions and changes in fair value recognized in the consolidated statements of activities."

According to the Folds of Honor Foundation consolidated audit of December 31, 2022 (Note 8, Related Party Transactions):

"The Patriot Cup was not held during 2022, as such, there were no expenses incurred for the Patriot Cup fundraising event during 2022. For the year ended December 31, 2021, the Foundation paid expenses of $133,489 for the Patriot Cup fundraising event to the Patriot Golf Course, an entity related through common management. Additionally, the Foundation and the Patriot Cottages paid the Patriot Golf Course approximately $184,000 and 119,000 in 2022 and 2021, respectively, for security services, maintenance, grill, promotional materials, and certain other shared services.  

The chief executive officer has an interest in the American Dunes LLC located in Grand Haven, Michigan. The mission of American Dunes is to raise awareness and funds to benefit Folds of Honor. American Dunes LLC received no funds for the construction of the golf course and receives no funds for operations. Folds of Honor was given permission to build a Folds of Honor Memorial at the entrance of American Dunes. The memorial was funded by restricted donations. The memorial utilized no general donations from Folds of Honor. Amounts spent for the construction in 2022 and 2021, totaled approximately $81,000 and $797,000, respectively, with the total expenditures for the construction to be approximately $973,000. The memorial opened in May 2021 and construction was completed in 2022.  

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 2022 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:

"Family Relationship - Lt Col Dan Rooney, CEO and John Rooney, board member" (IRS Form 990, Schedule O).

"Business Relationship - Lt Col Dan Rooney, CEO and Ryan Lewellyn, board member" (IRS Form 990, Schedule O).

[The Foundation reports having 12 voting members on its governing body at the end of 2022, 11 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, 2022 (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, which rolls annually and includes a five-year vesting period. Included in accrued expenses and other liabilities on the consolidated statements of financial position are $480,000 as of December 31, 2022 and 2021, respectively, related to this agreement."

According to the Folds of Honor Foundation 2022 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 seven individuals in 2022, including $137,500 paid to Lt Col Dan Rooney, CEO & founder, whose reported total compensation in 2022 is $478,006. The remaining reported "Bonus & incentive compensation" amounts range from $25,000 to $8,511, with associated total compensation ranging from $276,297 to $173,674 (IRS Form 990, Schedule J, Part II).

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