Naval Historical Foundation

“Nhf has eight classes of membership: students (complimentary), teacher, digital, individual, family, supporter, life and organizational (including corporations, associations, and foundations).”

“In accordance with the organization's by laws, nhf membership elects members of the board of directors for three year terms at the annual meeting.”

“The form 990 was prepared by the outside accountants and reviewed by the executive director and the audit committee. A copy of the form 990 was provided to the full board prior to filing with the irs.”

“Each employee, director and officer with board-delegated powers annually signs a statement confirming that he or she has received, read, understands and agrees to comply with the conflict of interest policy. These statements are maintained by the executive director and are reviewed during each annual audit by the foundation's audit committee. Each nhf employee signs a conflict of interest policy upon hire. Each director, officer, and member of a committee with board-delegated powers discloses all financial interests and all material facts relating to potential conflicts of interest to the board of directors. Such disclosure is be made promptly upon discovery by the interested person of the facts constituting the financial interest and before any action is taken by the board of directors on any transaction or arrangement as to which an interested person has a financial interest. After any potential interested person has made disclosure of financial interest and provided all requested information, the independent members of the board of directors discuss and determine by majority vote whether such financial interest constitutes a conflict of interest. The interested person to whom such a discussion or vote applies is not present during such discussion or vote.”

“The executive director's compensation is reviewed and approved by an independent compensation committee of the board of directors, in accordance with the organization's personnel policy manual. The compensation committee used its knowledge of similar non-profit compensation levels in the area in setting compensation. The last compensation review took place in march 2019.”

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

“In april 2020, nhf received loan proceeds in the amount of $62,600 under the paycheck protection program (ppp) through the coronavirus aid, relief, and economic security act (cares act). On january 25, 2021, nhf entered into a five year promissory note agreement in the amount of $61,675 with a 1% fixed interest rate, under the second round of funding from the paycheck protection program. The promissory notes called for monthly principal and interest payments amortized over the term of the promissory notes, unless forgiven. During the year ended december 31, 2021, nhf used the proceeds of both loans for purposes consistent with the ppp. On april 22, 2021, nhf received full forgiveness of the first loan, and the second loan was fully forgiven during january 2022. Accordingly, nhf recorded revenue from debt extinguishment during fiscal periods which forgiveness was granted.”