Military Bowl Foundation Inc.

“The board of directors may designate an executive committee that shall have the authority, as the board of directors may grant to it, for the management of the corporation.”

“Form 990 is reviewed and approved by the organization's financial committee and circulated to the full board prior to filing with the internal revenue service.”

“The organization monitors compliance with the written conflict of interest policy at the board meetings. At those meetings, members of the governing body are asked to disclose any potential issues that may give rise to conflicts of interest.”

“The finance committee meets to determine the executive director's compensation. The employment contract and performance during the year are both considered by the committee. Compensation to the organization's other officer and employees is recommended by the finance committee, and included in the overall budget that is approved by the full board. Bowl season conducts an occasional compensation survey which is considered in determining such compensation. A review for executive director's compensation was conducted in november 2021.”

“The organization makes its governing documents, conflict of interest policy, form 990, and financial statements available to the public upon request.”

“Patriot point llc is a single member llc, whose sole member is the military bowl foundation, inc. And therefore considered a disregarded entity for tax purposes. Patriot point llc's financial information is consolidated with the military bowl foundation, inc.'s overall statements only for purposes of this 990. Patriot point llc operates from its own budget and any contributions to patriot point llc are used solely for purposes related to patriot point llc and not commingled with funds for other military bowl foundation purposes. Patriot point income: fye 3/31/24 donations (incl. Donated services and equipment): $669,398 investment and interest income: $101,221 gain on asset disposal: $3,565 total income: $774,184 patriot point expenses: bank fees/accounting: $12,888 hunting supplies and programming: $61,554 payroll support: $331,379 legal & consulting: $58,657 real estate taxes: $367 facility repairs, maintenance and landscaping: $33,547 utilities: $37,787 event related expenses: $63,883 insurance: $34,440 depreciation expense: $170,402 marketing: $20,727 travel: $4,761 total expenses: $830,382 the income and expense amounts reported on the form 990 are net of any donated services and intercompany activity that are listed above. Net proceeds for patriot point are used for facility improvements. Over the past few years, we have been able to refurnish several rooms for a better guest experience, purchase a new boat to provide a first class fishing and crabbing experience for guests, create quality outdoor areas for guests to relax and enjoy the views, purchase additional recreational equipment (kayaks, paddleboards, clay shooting range, fitness center, etc). A managed service agreement is in place between patriot point llc and military bowl foundation, inc. Which provides for military bowl foundation, inc. To handle certain administrative duties and oversight at no expense to patriot point llc.”

“These processes have not changed.”