Civic Intelligence

Free Enterprise Foundation Inc

EIN 36-4439179 • 501(c)3 • Moline, IL

Profile

The organization's primary exempt purpose is to provide junior achievement of the heartland, inc. Endowment giving opportunities that will add stability and long-range growth.

800 12th AvenueMoline, IL 61265

n/A

Siviq Scores

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

Liabilities / Assets

22nd percentile

0.00x

Higher debt load relative to assets than 22% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

29th percentile

0.01x

Higher debt load relative to revenue than 29% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2022

Net Margin

6th percentile

-59%

Higher net margin than 6% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

10th percentile

-17%

Faster asset growth than 10% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

11th percentile

-26%

Faster revenue growth than 11% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets22nd percentile

Assets

Up

$4,675,496

Up $636,795 (+16%) from 2023

Liabilities

Up

$322,581

Up $322,581 from 2023

Net Assets

Up

$4,352,915

Up $314,214 (+7.8%) from 2023

Operations
Liabilities / Revenue29th percentileNet Margin6th percentile

Revenue

Down

$187,175

Down $242,046 (-56%) from 2023

Expenses

Up

$331,439

Up $208,840 (+170%) from 2023

Net Income

Down

-$144,264

Down $450,886 (-147%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth10th percentile

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

$6.0M$4.0M$2.0M$0Assets 2011: $687,653Liabilities 2011: $0Net Assets 2011: $687,6532011Assets 2012: $692,942Liabilities 2012: $0Net Assets 2012: $692,9422012Assets 2013: $771,002Liabilities 2013: $0Net Assets 2013: $771,0022013Assets 2014: $880,431Liabilities 2014: $0Net Assets 2014: $880,4312014Assets 2015: $924,176Liabilities 2015: $25,404Net Assets 2015: $898,7722015Assets 2016: $927,236Liabilities 2016: $25,705Net Assets 2016: $901,5312016Assets 2017: $988,926Liabilities 2017: $43,347Net Assets 2017: $945,5792017Assets 2018: $1,767,179Liabilities 2018: $0Net Assets 2018: $1,767,1792018Assets 2019: $2,595,128Liabilities 2019: $0Net Assets 2019: $2,595,1282019Assets 2020: $3,265,914Liabilities 2020: $3,913Net Assets 2020: $3,262,0012020Assets 2021: $4,192,178Liabilities 2021: $0Net Assets 2021: $4,192,1782021Assets 2022: $3,473,914Liabilities 2022: $3,610Net Assets 2022: $3,470,3042022Assets 2023: $4,038,701Liabilities 2023: $0Net Assets 2023: $4,038,7012023Assets 2024: $4,675,496Liabilities 2024: $322,581Net Assets 2024: $4,352,9152024

Highlighted filing

2024

Assets$4,675,496
Liabilities$322,581
Net Assets$4,352,915
Open 2024 Filing

Operations Trend

Revenue Growth11th percentile

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

$1.5M$1.0M$500K$0-$500KExpenses 2011: $15,9372011Expenses 2012: $17,4212012Expenses 2013: $17,6632013Revenue 2014: $37,733Expenses 2014: $25,927Net Income 2014: $11,8062014Revenue 2015: $36,387Expenses 2015: $46,155Net Income 2015: -$9,7682015Revenue 2016: $45,873Expenses 2016: $46,264Net Income 2016: -$3912016Revenue 2017: $85,782Expenses 2017: $98,798Net Income 2017: -$13,0162017Revenue 2018: $798,080Expenses 2018: $39,214Net Income 2018: $758,8662018Revenue 2019: $1,074,345Expenses 2019: $255,649Net Income 2019: $818,6962019Revenue 2020: $754,202Expenses 2020: $62,630Net Income 2020: $691,5722020Revenue 2021: $479,983Expenses 2021: $141,801Net Income 2021: $338,1822021Revenue 2022: $356,105Expenses 2022: $567,432Net Income 2022: -$211,3272022Revenue 2023: $429,221Expenses 2023: $122,599Net Income 2023: $306,6222023Revenue 2024: $187,175Expenses 2024: $331,439Net Income 2024: -$144,2642024

Highlighted filing

2024

Revenue$187,175
Expenses$331,439
Net Income-$144,264
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,675,496
Liabilities
$322,581
Net assets
$4,352,915
Revenue
$187,175
Expenses
$331,439
Net income
-$144,264
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$4.68$0.32$4.35$0.19$0.33$0.14
2023Detailed filing. Detailed filing data is available for this year.$4.04$0.00$4.04$0.43$0.12$0.31
2022Detailed filing. Detailed filing data is available for this year.$3.47$0.00$3.47$0.36$0.57$0.21
2021Detailed filing. Detailed filing data is available for this year.$4.19$0.00$4.19$0.48$0.14$0.34
2020Detailed filing. Detailed filing data is available for this year.$3.27$0.00$3.26$0.75$0.06$0.69
2019Detailed filing. Detailed filing data is available for this year.$2.60$0.00$2.60$1.07$0.26$0.82
2018Detailed filing. Detailed filing data is available for this year.$1.77$0.00$1.77$0.80$0.04$0.76
2017Detailed filing. Detailed filing data is available for this year.$0.99$0.04$0.95$0.09$0.10$0.01
2016Detailed filing. Detailed filing data is available for this year.$0.93$0.03$0.90$0.05$0.05$0.00
2015Detailed filing. Detailed filing data is available for this year.$0.92$0.03$0.90$0.04$0.05$0.01
2014Detailed filing. Detailed filing data is available for this year.$0.88$0.00$0.88$0.04$0.03$0.01
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.77$0.00$0.77$0.02
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.69$0.00$0.69$0.02
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.69$0.00$0.69$0.02
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 12, 2025
Return Version
2023v6.0
Gross Receipts
$187,175
Mission and Program Overview

Mission

The organization's primary exempt purpose is to provide junior achievement of the heartland, inc. Endowment giving opportunities that will add stability and long-range growth.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$3,698,376$4,458,265▲ $759,889
Pledges and Grants Receivable$186,015$215,386▲ $29,371
Cash and Non-Interest-Bearing Accounts$154,310$1,845▼ $152,465
Total Assets$4,038,701$4,675,496▲ $636,795
Liabilities
Accounts Payable and Accrued Expenses-$322,581-
Total Liabilities$0$322,581▲ $322,581
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,837,292$4,137,529▲ $300,237
Net Assets With Donor Restrictions$201,409$215,386▲ $13,977
Total Net Assets Fund Balance$4,038,701$4,352,915▲ $314,214
Total Liabilities and Net Assets / Fund Balance$4,038,701$4,675,496▲ $636,795
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleOtherTotal
James Dougal NelsonSecetary$142,723$142,723

Board Members and Trustees

NameTitle
Sheila VolrathChair
Jim WatsonVice-chair
Lance HeuerDirector
Ryan WeberDirector
Tom VictorDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$69,371
Program Service Revenue
$0
Investment Income
$117,804
Other Revenue
$0
All Other Contributions
$69,371
Change in Net Assets
$-144,264

Audited Revenue Reconciliation

Revenue per Audited Statements
$187,175
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$458,478
Total Revenue per Audited Statements
$645,653
Total Revenue per Form 990
$187,175
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$322,581
Other Expenses$8,858
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$322,581--$322,581
Other Expenses$4,778--$4,778
Fees for Services Accounting-$4,080-$4,080
Total Functional Expenses$327,359$4,080$0$331,439

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$331,439
Total Expenses per Audited Statements$331,439
Total Expenses per Form 990$331,439
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Junior Achievement of the HeartlandMoline, IL501(c)(3)Program Assistance and New Facility Construction$322,581
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
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
No
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

“A draft copy of form 990 is provided to the board of directors for review prior to filing.”

Form 990, Part VI, Section C, Line 19

“The organization has drafted poliicies relating to conflicts of interest, record retention, and whistleblower for review and approval by the board of directors. These policies are expected to be finalized and effective for the organization's 2025 fiscal year end.”

Form 990, Part VI, Line 19 - Governing Documents Disclosure Explanation

“The annual report is readily available to those who request it and is available on another's website. Requests for other governing documents, board policies, and financial information to the public are handled on a case by case basis.”

Filing and Contact Details

Filer

Filer Name
Free Enterprise Foundation Inc
EIN
36-4439179
Phone
3097361630
Address
800 12TH AVENUE, MOLINE, IL 61265

Signing Officer

Name
James Dougal Nelson
Title
President
Phone
3097361630
Signed
2025-05-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
James Dougal Nelson
Formed
2000
Legal Domicile
Ia
Voting Board Members
5
Independent Board Members
5
Employees
0
Volunteers
0

Preparer

Firm
Odoni Partners LLC
Address
2200 52ND SUITE 2, MOLINE, IL 61265
Preparer
Dante Odoni
Phone
3095247100
Supplemental Narrative

Additional Explanations

Form 990, Page 12, Part XII, Line 2C

“The process for audit oversight has not changed from the prior year.”

Financial Statement Notes

PART X, LINE 2:

“The foundation has received notification that it qualifies as a tax exempt organization under section 501(c)(3) of the united states internal revenue code and the corresponding provisions of state law and accordingly is not subject to federal or state income taxes. The foundation evaluates the tax benefits of a tax position using the "more likely than not" threshold. As of june 30, 2024, management is not aware of any uncertain tax positions and related tax benefits which would be material to the foundation's financial statements. The foundation files a u.s. Federal information return which for fiscal years subsequent to 2017 are subject to examination by taxing authorities.”

Raw XML Appendix392 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0THE ORGANIZATION'S PRIMARY PURPOSE IS TO OBTAIN, MAINTAIN AND MANAGE FUNDS FOR THE EXCLUSIVE BENEFIT OF THE JUNIOR ACHIEVEMENT OF THE HEARTLAND, INC. THE ORGANIZATION'S ACTIVITIES CONSISTED OF MANAGING INVESTMENTS MAINTAINED FOR THE EXCLUSIVE BENEFIT OF THE JUNIOR ACHIEVEMENT OF THE HEARTLAND, INC. THE ORGANIZATION PROVIDES SUPPORT TO JUNIOR ACHIEVEMENT OF THE HEARTLAND, INC. THROUGH ANNUAL CONTRIBUTIONS TO SUPPORT PROGRAMS TO EDUCATE AND INSPIRE CHILDREN TO VALUE FREE ENTERPRISE, BUSINESS AND ECONOMICS TO IMPROVE THE QUALITY OF THEIR LIVES AS REQUIRED BY ITS GOVERNING DOCUMENTS. THE EXECUTIVE ADMINISTRATOR OF JUNIOR ACHIEVEMENT OF THE HEARTLAND, INC. IS A MEMBER OF THE ORGANIZATION'S BOARD OF DIRECTORS. THE ORGANIZATION'S BOARD OF DIRECTORS AND THE SUPPORTED ORGANIZATION'S BOARD OF DIRECTORS HAVE ACCESS TO EACH OTHER'S FINANCIAL REPORTING INFORMATION AND THUS HAVE DIRECT KNOWLEDGE OF EACH OTHER'S ACTIVITIES.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt1THE ORGANIZATION WAS FORMED VIA A TRANSFER OF INVESTMENTS THAT WERE HELD AND DESIGNATED FOR THE ENDOWMENT FUND WITHIN JUNIOR ACHIEVEMENT OF THE HEARTLAND, INC. BUT FOR THE ORGANIZATION'S INVESTMENT AND ENDOWMENT MANAGEMENT, JUNIOR ACHIEVEMENT OF THE HEARTLAND, INC. WOULD MANAGE THE ENDOWMENT FUND INVESTMENTS DIRECTLY. THE ORGANIZATION MAKES ANNUAL CONTRIBUTIONS SOLELY TO JUNIOR ACHIEVEMENT OF THE HEARTLAND, INC. AS REQUIRED BY ITS GOVERNING DOCUMENTS.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART IV, SECTION E, LINE 2A - EXPLANATION OF SUPPORTED ORG'S
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc1PART IV, SECTION E, LINE 2B - EXPLANATION OF ORGANIZATION'S POSITION
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IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE FOUNDATION HAS RECEIVED NOTIFICATION THAT IT QUALIFIES AS A TAX EXEMPT ORGANIZATION UNDER SECTION 501(C)(3) OF THE UNITED STATES INTERNAL REVENUE CODE AND THE CORRESPONDING PROVISIONS OF STATE LAW AND ACCORDINGLY IS NOT SUBJECT TO FEDERAL OR STATE INCOME TAXES. THE FOUNDATION EVALUATES THE TAX BENEFITS OF A TAX POSITION USING THE "MORE LIKELY THAN NOT" THRESHOLD. AS OF JUNE 30, 2024, MANAGEMENT IS NOT AWARE OF ANY UNCERTAIN TAX POSITIONS AND RELATED TAX BENEFITS WHICH WOULD BE MATERIAL TO THE FOUNDATION'S FINANCIAL STATEMENTS. THE FOUNDATION FILES A U.S. FEDERAL INFORMATION RETURN WHICH FOR FISCAL YEARS SUBSEQUENT TO 2017 ARE SUBJECT TO EXAMINATION BY TAXING AUTHORITIES.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0PROGRAM ASSISTANCE AND NEW FACILITY CONSTRUCTION
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A DRAFT COPY OF FORM 990 IS PROVIDED TO THE BOARD OF DIRECTORS FOR REVIEW PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION HAS DRAFTED POLIICIES RELATING TO CONFLICTS OF INTEREST, RECORD RETENTION, AND WHISTLEBLOWER FOR REVIEW AND APPROVAL BY THE BOARD OF DIRECTORS. THESE POLICIES ARE EXPECTED TO BE FINALIZED AND EFFECTIVE FOR THE ORGANIZATION'S 2025 FISCAL YEAR END.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ANNUAL REPORT IS READILY AVAILABLE TO THOSE WHO REQUEST IT AND IS AVAILABLE ON ANOTHER'S WEBSITE. REQUESTS FOR OTHER GOVERNING DOCUMENTS, BOARD POLICIES, AND FINANCIAL INFORMATION TO THE PUBLIC ARE HANDLED ON A CASE BY CASE BASIS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE PROCESS FOR AUDIT OVERSIGHT HAS NOT CHANGED FROM THE PRIOR YEAR.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, LINE 19 - GOVERNING DOCUMENTS DISCLOSURE EXPLANATION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 12, PART XII, LINE 2C
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ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0JAMES DOUGAL NELSON
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum03097361630
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-05-12
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0FREE ENTERPRISE FOUNDATION INC
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ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0ODONI PARTNERS LLC
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ReturnHeader/PreparerPersonGrp/PreparerPersonNm0DANTE ODONI
ReturnHeader/ReturnTs02025-05-12T16:10:26-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-07-01
ReturnHeader/TaxPeriodEndDt02024-06-30
ReturnHeader/TaxYr02023

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