Civic Intelligence

Association of Fraternitysorority

EIN 35-1920532 • 501(c)3 • Fishers, IN

Profile

To secure, invest, and distribute the necessary resource to support the objective of the association of fraternity/sorority advisors and other relevant research, scholarship, and educational programming that furthers the fraternity/sorority advising profession.

11722 Allisonville Road Ste 103Fishers, IN 46038

afa1976.org/FOUNDATION

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

48th percentile

0.06x

Higher debt load relative to assets than 48% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

63rd percentile

0.16x

Higher debt load relative to revenue than 63% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Net Margin

94th percentile

71%

Higher net margin than 94% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

44th percentile

$25,271

Higher top officer pay than 44% of similar nonprofits.

Top officer pay equals 5.1% of source-year revenue.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Asset Growth

89th percentile

46%

Faster asset growth than 89% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

94th percentile

149%

Faster revenue growth than 94% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Assets

Up

$1,445,333

Up $456,333 (+46%) from 2023

Liabilities

Up

$80,155

Up $23,523 (+42%) from 2023

Net Assets

Up

$1,365,178

Up $432,810 (+46%) from 2023

Revenue

Up

$497,129

Up $297,682 (+149%) from 2023

Expenses

Down

$145,840

Down $48,291 (-25%) from 2023

Net Income

Up

$351,289

Up $345,973 (+6508%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$1.5M$1.0M$500K$0Assets 2013: $457,009Liabilities 2013: $3,671Net Assets 2013: $453,3382013Assets 2014: $504,414Liabilities 2014: $2,640Net Assets 2014: $501,7742014Assets 2015: $485,860Liabilities 2015: $43,162Net Assets 2015: $442,6982015Assets 2016: $536,718Liabilities 2016: $73,757Net Assets 2016: $462,9612016Assets 2017: $592,923Liabilities 2017: $67,206Net Assets 2017: $525,7172017Assets 2018: $735,071Liabilities 2018: $50,793Net Assets 2018: $684,2782018Assets 2020: $874,699Liabilities 2020: $27,029Net Assets 2020: $847,6702020Assets 2021: $1,042,211Liabilities 2021: $36,850Net Assets 2021: $1,005,3612021Assets 2022: $904,802Liabilities 2022: $31,481Net Assets 2022: $873,3212022Assets 2023: $989,000Liabilities 2023: $56,632Net Assets 2023: $932,3682023Assets 2024: $1,445,333Liabilities 2024: $80,155Net Assets 2024: $1,365,1782024

Highlighted filing

2024

Assets$1,445,333
Liabilities$80,155
Net Assets$1,365,178

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$600K$400K$200K$0-$200KExpenses 2013: $110,9742013Revenue 2014: $127,653Expenses 2014: $124,737Net Income 2014: $2,9162014Revenue 2015: $135,493Expenses 2015: $172,637Net Income 2015: -$37,1442015Revenue 2016: $177,380Expenses 2016: $159,611Net Income 2016: $17,7692016Revenue 2017: $165,531Expenses 2017: $131,622Net Income 2017: $33,9092017Revenue 2018: $255,678Expenses 2018: $109,129Net Income 2018: $146,5492018Revenue 2020: $168,922Expenses 2020: $165,791Net Income 2020: $3,1312020Revenue 2021: $141,352Expenses 2021: $94,003Net Income 2021: $47,3492021Revenue 2022: $196,435Expenses 2022: $152,719Net Income 2022: $43,7162022Revenue 2023: $199,447Expenses 2023: $194,131Net Income 2023: $5,3162023Revenue 2024: $497,129Expenses 2024: $145,840Net Income 2024: $351,2892024

Highlighted filing

2024

Revenue$497,129
Expenses$145,840
Net Income$351,289

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Sep 1, 2023 to Aug 31, 2024
Signed
Jul 15, 2025
Return Version
2023v6.0
Gross Receipts
$497,129
Mission and Program Overview

Mission

The Association of Fraternity/Sorority Advisors Foundation's mission is to secure, invest and distribute the necessary resources to support the educational objectives of the Association of Fraternity/Sorority Advisors and other relevant research, scholarship and educational programming that furthers the fraternity/sorority advising profession.

To secure, invest, and distribute the necessary resource to support the objective of the association of fraternity/sorority advisors and other relevant research, scholarship, and educational programming that furthers the fraternity/sorority advising profession.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$846,865$1,031,086▲ $184,221
Pledges and Grants Receivable$6,500$297,942▲ $291,442
Cash and Non-Interest-Bearing Accounts$125,832$109,027▼ $16,805
Prepaid Expenses and Deferred Charges$9,803$6,769▼ $3,034
Total Assets$989,000$1,445,333▲ $456,333
Other Assets Total$0$509▲ $509
Liabilities
Other Liabilities$40,533$65,359▲ $24,826
Accounts Payable and Accrued Expenses$16,099$14,796▼ $1,303
Total Liabilities$56,632$80,155▲ $23,523
Net Assets / Fund Balance
Net Assets With Donor Restrictions$535,041$994,636▲ $459,595
Net Assets Without Donor Restrictions$397,327$370,542▼ $26,785
Total Net Assets Fund Balance$932,368$1,365,178▲ $432,810
Total Liabilities and Net Assets / Fund Balance$989,000$1,445,333▲ $456,333

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$483,523$85,972▲ $98,678-$649,278
2022$427,302$24,767▲ $46,380-$483,523
2021$507,713$11,749▼ $75,514-$427,302
2020$424,216$11,579▲ $82,699-$507,713
2019$361,864$16,523▲ $55,181-$424,216
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jason BergeronExecutive DirectorPT$22,673$2,598$25,271
Michael WilsonCFOPT$13,282$1,991$15,273

Board Members and Trustees

NameTitle
Carrie WhittierChair
Ryan LugabihlVice Chair
Anne EmmerthBoard Member
Chris GrahamBoard Member
Jennifer Pierce ThomasBoard Member
Justin AngottiBoard Member
Katie AbernathyBoard Member
Lindsey HollisBoard Member
Patricia WilsonBoard Member
Chris JeffersonSecretary
Jb GollTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$450,105
Program Service Revenue
$0
Investment Income
$46,701
Other Revenue
$323
All Other Contributions
$450,105
Change in Net Assets
$351,289

Audited Revenue Reconciliation

Revenue per Audited Statements
$497,063
Revenue Not Reported on Financial Statements
$65
Revenue Not Reported on Form 990
$121,139
Total Revenue per Audited Statements
$618,202
Total Revenue per Form 990
$497,128
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$97,941
Grants and Similar Amounts Paid$47,899
Total Fundraising Expense$33,666
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$36,468$19,542$15,671$71,681
Grants to Domestic Orgs$47,899--$47,899
Conferences and Meetings$7,893$7,593$15,833$31,319
Information Technology$7,554$7,267-$14,821
Fees for Services Accounting$2,291$1,192$1,020$4,503
Insurance$402$387-$789
Office Expenses$228$285$178$691
Other Expenses$-31,586$250$964$-31,586
Total Functional Expenses$75,658$36,516$33,666$145,840

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$145,840
Expenses per Audited Statements$145,775
Total Expenses per Audited Statements$145,775
Expenses Not Reported on Financial Statements$65
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Association of Fraternalsorority AdvisorsFishers, IN501(c)(6)Support Educational Programming$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Association of Fraternity/sorority Advisors, Inc.$65,359
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

The association of fraternity sorority advisors foundation (afaf) has a service agreement association of fraternity sorority advisors (afa). Afa then has a service agreement with with center for fraternal excellence, association management company, to perform management duties including cfo services, human resources, accounting, office and it functions, and other administrative services.

Form 990, Part VI, Section B, Line 11B

The form 990 and all related schedules, statement, and attachments are reviewed and approved by the executive director prior to filing with the irs. In addition, a copy of the form 990 is provided to the entire board of directors before filing. The most recent irs form 990 filing can be requested by contacting the central office.

Form 990, Part VI, Section B, Line 12C

The organization's conflict of interest policy covers all members of the association's board of directors, volunteer leaders, the executive director, and other employees. Persons covered by the policy are required to annually disclose their interests that could give rise to conflicts of interest, such as a list of family members, substantial business or investment holdings, and other transactions or affiliations with businesses and other organizations or those of family members. Potential conflicts of interest are disclosed to the president who will determine whether to: (a)take no action; (b) assure full disclosure to the board of directors and other individuals covered by the policy; (c) ask the person to recuse him/herself from participation in related discussions or decisions within the association; or (d) ask the person to resign from his or her position in the association or, if the person refuses to resign, become subject to possible removal in accordance with the association's removal procedures. The association's executive director and designated board member(s) will monitor proposed or ongoing transactions for conflicts of interest and disclose them to the president in order to deal with potential or actual conflicts, whether discovered before or after the transaction has occurred.

Form 990, Part VI, Section B, Line 15

The process for selection of an independent accountant has not changed from the prior year.

Form 990, Part VI, Section C, Line 19

All documents are available to the public upon request upon written request made to the attention of our executive director and received at our corporate office address.

Filing and Contact Details

Filer

Filer Name
Association of Fraternitysorority
EIN
35-1920532
Phone
9707974361
Address
11722 ALLISONVILLE ROAD STE 103, FISHERS, IN 46038

Signing Officer

Name
Jason Bergeron
Title
Executive Director
Phone
9707974361
Signed
2025-07-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jason Bergeron
Formed
1992
Legal Domicile
In
Voting Board Members
11
Independent Board Members
11
Employees
0
Volunteers
20

Preparer

Firm
Cna Tax Professionals Inc
Address
10475 CROSSPOINT BOULEVARD SUITE, 200, INDIANAPOLIS, IN 46256
Preparer
Shawn D Dreiman CPA
Phone
3178413393
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

Other professional fees: program service expenses 35,200. Management and general expenses 18,323. Fundraising expenses 15,671. Total expenses 69,194. Cfe fees: program service expenses 1,268. Management and general expenses 1,219. Fundraising expenses 0. Total expenses 2,487.

Financial Statement Notes

PART V, LINE 4:

The foundation has a policy of appropriating for distribution each year a maximum of 4% of each endowment fund's annual balance. This is consistent with the foundation's objective to maintain the purchasing power of the endowment assets held in perpetuity as well as to provide additional real growth through new gifts and investment return.

PART X, LINE 2:

The foundation is organized as a not-for-profit corporation under section 501(c)(3) of the united states internal revenue code and similar state law. Additionally, the foundation has been determined not to be a private foundation under section 509(a) of the internal revenue code. Accounting principles generally accepted in the united states of america require management to evaluate tax positions taken by the foundation and recognize a tax liability if the foundation has taken an uncertain position that more likely than not would not be sustained upon examination by various federal and state taxing authorities. Management has analyzed the tax positions taken by the foundation, and has concluded that as of august 31, 2023 and 2022, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the accompanying financial statements. The foundation has filed its federal and state income tax returns for periods through august 31, 2023 and is subject to routine audits by taxing jurisdictions. However, as of the date the financial statements were available to be issued, there were no audits for any tax periods in progress. The income tax returns are generally open to examination by the relevant taxing authorities for a period of three years from the later of the date the return was filed or its due date (including approved extensions).

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IRS990/InsuranceGrp/ManagementAndGeneralAmt0387
IRS990/InsuranceGrp/ProgramServicesAmt0402
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IRS990/LoanOutstandingInd00
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IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0TO SECURE, INVEST, AND DISTRIBUTE THE NECESSARY RESOURCE TO SUPPORT THE OBJECTIVE OF THE ASSOCIATION OF FRATERNITY/SORORITY ADVISORS AND OTHER RELEVANT RESEARCH, SCHOLARSHIP, AND EDUCATIONAL PROGRAMMING THAT FURTHERS THE FRATERNITY/SORORITY ADVISING PROFESSION.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
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IRS990/OfficeExpensesGrp/FundraisingAmt0178
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt0285
IRS990/OfficeExpensesGrp/ProgramServicesAmt0228
IRS990/OfficeExpensesGrp/TotalAmt0691
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt0250
IRS990/OtherExpensesGrp/ProgramServicesAmt04509
IRS990/OtherExpensesGrp/ProgramServicesAmt1-31586
IRS990/OtherExpensesGrp/TotalAmt04759
IRS990/OtherExpensesGrp/TotalAmt1964
IRS990/OtherExpensesGrp/TotalAmt2-31586
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IRS990/OtherLiabilitiesGrp/EOYAmt065359
IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/Desc0OTHER INCOME
IRS990/OtherRevenueMiscGrp/ExclusionAmt0323
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IRS990/OtherRevenueTotalAmt0323
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt06500
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt0297942
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt09803
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt06769
IRS990/PrincipalOfficerNm0JASON BERGERON
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IRS990/ProfessionalFundraisingInd00
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
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IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt0119680
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IRS990/PYOtherRevenueAmt0116
IRS990/PYProgramServiceRevenueAmt00
IRS990/PYRevenuesLessExpensesAmt05316
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IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0199447
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0351289
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd00
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/TotalAmt00
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearAmt0450105
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IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus2YearsAmt0148792
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus3YearsAmt0109989
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus4YearsAmt0140810
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IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus3YearsAmt031260
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus4YearsAmt028044
IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt0178436
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt046076
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt025589
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus2YearsAmt047467
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus3YearsAmt031260
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus4YearsAmt028044
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt0178436
IRS990ScheduleA/InvestmentIncomeCYPct00.14840
IRS990ScheduleA/InvestmentIncomePYPct00.19060
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearAmt0323
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus1YearAmt0116
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus2YearsAmt0176
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus3YearsAmt0103
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus4YearsAmt071
IRS990ScheduleA/OtherIncome509Grp/TotalAmt0789
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportCY509Pct00.85100
IRS990ScheduleA/PublicSupportPY509Pct00.80840
IRS990ScheduleA/PublicSupportTotal509Amt01023438
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IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind0X
IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt0450105
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt0173742
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt0148792
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt0109989
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt0140810
IRS990ScheduleA/Total509Grp/TotalAmt01023438
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt0496504
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt0199447
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt0196435
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0141352
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt0168925
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt01202663
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
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IRS990ScheduleD/CYEndwmtFundGrp/ContributionsAmt085972
IRS990ScheduleD/CYEndwmtFundGrp/EndYearBalanceAmt0649278
IRS990ScheduleD/CYEndwmtFundGrp/GrantsOrScholarshipsAmt018895
IRS990ScheduleD/CYEndwmtFundGrp/InvestmentEarningsOrLossesAmt098678
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IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/ContributionsAmt024767
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IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/GrantsOrScholarshipsAmt014926
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt046380
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/BeginningYearBalanceAmt0507713
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/ContributionsAmt011749
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IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/ContributionsAmt011579
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IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/GrantsOrScholarshipsAmt09352
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IRS990ScheduleD/EndowmentsHeldRelatedOrgInd00
IRS990ScheduleD/EndowmentsHeldUnrelatedOrgInd00
IRS990ScheduleD/ExpensesNotReportedAmt00
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IRS990ScheduleD/FootnoteTextInd0X
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IRS990ScheduleD/InvestmentExpensesNotIncldAmt065
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt065359
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0DUE TO ASSOCIATION OF FRATERNITY/SORORITY ADVISORS, INC.
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IRS990ScheduleD/RevenueSubtotalAmt0497063
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE FOUNDATION HAS A POLICY OF APPROPRIATING FOR DISTRIBUTION EACH YEAR A MAXIMUM OF 4% OF EACH ENDOWMENT FUND'S ANNUAL BALANCE. THIS IS CONSISTENT WITH THE FOUNDATION'S OBJECTIVE TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS HELD IN PERPETUITY AS WELL AS TO PROVIDE ADDITIONAL REAL GROWTH THROUGH NEW GIFTS AND INVESTMENT RETURN.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1THE FOUNDATION IS ORGANIZED AS A NOT-FOR-PROFIT CORPORATION UNDER SECTION 501(C)(3) OF THE UNITED STATES INTERNAL REVENUE CODE AND SIMILAR STATE LAW. ADDITIONALLY, THE FOUNDATION HAS BEEN DETERMINED NOT TO BE A PRIVATE FOUNDATION UNDER SECTION 509(A) OF THE INTERNAL REVENUE CODE. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE FOUNDATION AND RECOGNIZE A TAX LIABILITY IF THE FOUNDATION HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY VARIOUS FEDERAL AND STATE TAXING AUTHORITIES. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE FOUNDATION, AND HAS CONCLUDED THAT AS OF AUGUST 31, 2023 AND 2022, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY OR DISCLOSURE IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE FOUNDATION HAS FILED ITS FEDERAL AND STATE INCOME TAX RETURNS FOR PERIODS THROUGH AUGUST 31, 2023 AND IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS. HOWEVER, AS OF THE DATE THE FINANCIAL STATEMENTS WERE AVAILABLE TO BE ISSUED, THERE WERE NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. THE INCOME TAX RETURNS ARE GENERALLY OPEN TO EXAMINATION BY THE RELEVANT TAXING AUTHORITIES FOR A PERIOD OF THREE YEARS FROM THE LATER OF THE DATE THE RETURN WAS FILED OR ITS DUE DATE (INCLUDING APPROVED EXTENSIONS).
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART V, LINE 4:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART X, LINE 2:
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IRS990ScheduleD/TotalLiabilityAmt065359
IRS990ScheduleD/TotalRevenuePerForm990Amt0497128
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0618202

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