Freedoms Foundation at Valley Forge

“During the tax year, the foundation underwent an internal review and refresh of the organization's governing documents, alleviating redundancy and clarifying provisions. The following significant changes have been deemed significant: 1. Membership - previously required the board to establish classes of membership with members to pay annual dues, changed to allow the board to establish classes of membership if desired. 2. Board members - previously authorized up to 30, changed to minimum of 5, maximum of 25. 3. Board terms - previously up to three consecutive three-year terms with the option to resume service after a one year hiatus, changed to a two-term limit, but allows a waiver with a two-thirds vote. 4. Terms for officers - previously ambiguous with terms ranging from one year to indefinite, changed to election to one-year terms at the annual meeting. 5. Volunteer chapters - the old bylaws included detailed provisions governing chapters; the new bylaws do not mention chapters. Thus the board may adopt such provisions regarding chapters as it sees fit, including delegation of authority to a board-level committee or staff.”

“The form 990 is prepared by an independent accounting firm, reviewed by the ceo and treasurer, and distributed to the full board, together with all applicable attachments, prior to filing.”

“The conflict of interest policy applies to all officers, directors, trustees, board members and key employees. Board members sign a related form declaring any and all conflicts, allowing the board to decide if a director should recuse him/herself from discussion or vote as appropriate.”

“The board chair led a five-member search and selection committee that used competitive market data to formulate an offer. The ceo's compensation has not changed since his hire date (2/1/2018). Any future change would require approval by the officers of the board. Deliberations and decisions regarding ceo compensation are documented in the board's minutes. Form 990, part vi, section b, line 15b: no other compensated individual meets the irs definition of officer or key employee.”

“The governing documents, conflict of interest policy and financial statements are available to the public upon request.”

“Instructors' fees: program service expenses 179,851. Management and general expenses 0. Fundraising expenses 0. Total expenses 179,851. Admin and assistant fees: program service expenses 115,144. Management and general expenses 85,417. Fundraising expenses 27,386. Total expenses 227,947.”

“Increase in value of beneficial interest in perpetual trust 38,064.”