Ife Foundation

“Form 990 is presented to Board Members and Organization's attorney for review prior to signature by the President.”

“President reviews conflict policy individually with Board Members at periodic intervals.”

“Directors and Officers are not compensated. The Organization has no employees. Administrative and accounting assistance is provided by contractors all of whom are independent and disinterested persons and whose fees are approved by the Board of Directors.”

“Form 990, Form 1023, and IRS determination letter are publicly available. Other governing documents, policies, and financial statements are not available to the public.”

“No notice was given by the donor of the intellectual property contribution that it intended to treat the gift as "qualified IP contributions" per IRC 170(m)(8)(B) and thus no Form 8899 has been preared by IFE Foundation.”

“On December 27, 2019, IFE Foundation received as a charitable grant from another tax-exempt organization described in section 501(c)(3) certain intellectual property. Such intellectual property had previously been licensed to a corporation which was 100% owned by Jason Bule, who is a director and officer of IFE Foundation, for use in the production of a device for controlled cutting of metal. The license agreement was also assigned to IFE Foundation along with the intellectual property. Under the license agreement, the licensee pays fair market royalties based upon its sales using the intellectual property. During December 2019, IFE Foundation recorded $274,800 in royalties under the license agreement, which were paid in January 2020.”

“IFE Foundation received certain intellectual property as a grant from another charitable organization described in Section 501(c)(3). The value of this property was determined using the discounted present value capitalization method based on a 3-year historical average, a capitalization rate of 7.5% and a 4-year semiannual payout term.”