No Greater Sacrifice Foundation

“The following NGS Board Members have a business relationship: Kirk Rostron Greg Outcalt John Brown Andrew King”

“Our external accountant prepares the filing. The 990 is reviewed by the Executive Director, the Chairman, the Treasurer, and the General Counsel prior to filing. A copy of the 990 is then given to the entire Board of Directors. The final copy is distributed to the entire Board of Directors and uploaded to the website after filing.”

“It is the duty of the interested person to disclose the existence of a potential conflict of interest. After disclosure, the remaining governing board will determine if a conflict exists. In the event of a conflict of interest, reasonable efforts will be made to obtain a more advantageous transaction or arrangement which will not give rise to a conflict of interest.”

“Comparability data is used based off other non-profit foundations in our space. Chairman, General Counsel, and Finance Committee must determine and approve all compensation.”

“NGS makes its governing documents, conflict of interest policy, financial statements, and other policies available to the public upon request. NGS makes its audited financial statements and Form 990 available to the public on its website.”

“The COVID-19 outbreak in the United States and around the world has caused business disruption due to mandatory lockdowns implemented in most states in order to slow down the spread of the virus. NGS' management monitored the situation and implemented certain changes in its operations and events in order to mitigate the impact of this pandemic. One change included a decision to not host in-person fundraising events. Also, the population NGS serves was impacted in many ways, including colleges and universities closing their on-campus learning and living. Due to the continued uncertainty in both fundraising and need, NGS was conservative to ensure all commitments and additional 2020 commitments would be secure. Management expects to commit and fund more scholarships in the near future which should return grant expenses to a more typical level for the organization. While the disruption is currently expected to be temporary, there is considerable uncertainty around its duration, and the full financial impact cannot be reasonably estimated at this time. In accordance with GAAP accounting, the net present value of the 2020 scholarships awarded must be determined. The net present value is based on the scholar's age and discount rate, and is adjusted annually to reflect changes in various factors, most notably the scholar's age. Typically the previous year's funding determines the number of new scholarship commitments. However due to Covid-19 and its impact, the amount for new commitments at the time of selection was altered. NGS is proud to have been able to select 25 new scholars and make commitments to fund their post-high school education, especially during a time of uncertainty. NGS scholarships deliver assistance to reduce the unmet financial costs of higher education, which includes: in-state tuition, room and board, special equipment, books, or other expenses deemed necessary. NGS provides scholars with customized mentorship and funding to achieve their full education potential and works to ensure scholars earn their undergraduate degree debt-free.”

“No Greater Sacrifice Foundation (NGS) is a District of Columbia not-for-profit corporation that is recognized as an organization qualified for tax exemption under section 501(c)(3) of the Internal Revenue Code. NGS was officially incorporated on January 7, 2008 to provide college funding to children of those who have fallen in service to the nation. Together with other veterans support organizations, NGS joined the effort to secure passage of the post 9/11 GI Bill which provides full GI Bill educational benefits for the children of Service members who die in the line of duty after September 10, 2001. With the passage of this legislation, NGS did not close its doors. Instead, NGS opened its doors wider to include helping the families of our wounded Service members. NGS is dedicated to the children of our nation's fallen and wounded Service members by delivering scholarships and resources to improve their quality of life through the pursuit of higher education. NGS accomplishes its mission by mentoring and funding NGS recipients with higher education tuition, room, board, and books, as well as sister charities that are working on behalf of this noble cause. NGS's vision is to honor the sacrifices of our Service members by investing in their children's capacity for greatness through education.”

“Reversal of prior year grants- Scholarships released from obligation 129,285.”

“NGS's Finance Committee is responsible for oversight of the audit, including selection of the independent auditor. The process is consistent with prior years.”

“The net assets as of January 1, 2019 were restated to correct the net present value adjustment used in determining the fair value of long-term scholarship award liabilities. The adjustment reduced net assets as of January 1, 2019 by $2,240,948 as well as the net assets as of December 31, 2019 by $736,647 for a total reduction in beginning net assets of $2,977,595.”