USA Swimming Foundation Inc

“BOARD OFFICERS, Timothy Hinchey, CEO (THROUGH 08/2024), Shana Ferguson (INterim CEO from 8/2024), and Eric Skufca, CFO ARE COMPENSATED EMPLOYEES OF THE RELATED ORGANIZATION, USA swimming. SINCE THE COMPENSATED OFFICERS OF USA swimming SERVE ON THE FILING ORGANIZATION SIMULTANEOUSLY, THESE INDIVIDUALS ARE DEEMED TO HAVE A "BUSINESS" RELATIONSHIP, BASED ON THE IRS DEFINITION OF THE BUSINESS RELATIONSHIP.”

“USA SWIMMING FOUNDATION (FDN) CONTRACTED WITH THE RELATED ORGANIZATION USA SWIMMING (USAS), FOR THE USE OF FACILITIES AND CONTRACTED STAFF SERVICES FOR ACCOUNTING, FINANCE, COMMUNICATIONS, CREATIVE, AND HUMAN RESOURCES. SINCE USAS AND FDN ARE RELATED ORGANIZATIONS, ALL THE COMPENSATION PAID DURING THE 2024 CALENDAR YEAR TO INDIVIDUALS SERVING AS OFFICERS OF THE FDN, WHO WERE EMPLOYED BY USAS, HAVE BEEN DETAILED OUT ON FORM 990, PART VII, SECTION A. THE FOLLOWING INDIVIDUALS SERVED THE FDN DURING THE 2024 CALENDAR YEAR AS OFFICERS, WITHIN A CONTRACTED SERVICE ARRANGEMENT: TIMOTHY HINCHEY, CEO (THROUGH 08/2024), Shana Ferguson, Interim CEO (from 8/2024) AND ERIC SKUFCA, CFO. SIMILAR TO PRIOR YEARS, USAS CONTRIBUTED BACK TO THE FDN A PORTION OF THE TIME COST OF CONTRACTED STAFF SERVICES, AS AN INKIND CONTRIBUTION OF SERVICES. INKIND (NONFINANCIAL ASSETS) CONTRIBUTIONS ARE EXCLUDED FROM THE FORM 990, PER IRS INSTRUCTIONS.”

“Subsequent to filing the 2023 Form 990, the following bylaw amendments were made during the later half of 2024: (1) clarifying responsibilities of investment committee and audit committee to the foundation, and (2) retroactively clarifying start date of updated terms for board officers.”

“Usa swimming, inc. Is the sole member of the foundation.”

“The sole member of the organization, usa swimming, inc. Elects all directors.”

“Usa swimming's board of directors has to approve amendments to the articles of incorporation and bylaws.”

“The form is distributed to the entire board of directors via email and they are given the opportunity to provide input before filing.”

“EACH DIRECTOR, OFFICER, COMMITTEE MEMBER AND EMPLOYEE SHALL ANNUALLY SIGN A STATEMENT WHICH AFFIRMS SUCH PERSON: 1. HAS RECEIVED A COPY OF THE CONFLICTS OF INTEREST POLICY, 2. HAS READ AND UNDERSTANDS THE POLICY, 3. HAS AGREED TO COMPLY WITH THE POLICY, AND 4. UNDERSTANDS THAT USA SWIMMING FOUNDATION IS A CHARITABLE ORGANIZATION AND IN ORDER TO MAINTAIN ITS FEDERAL TAX EXEMPTION IT MUST ENGAGE PRIMARILY IN ACTIVITIES WHICH ACCOMPLISH ONE OR MORE OF ITS TAX-EXEMPT PURPOSES. THE DISCLOSURE STATEMENTS SHALL BE REVIEWED BY USA SWIMMING'S GENERAL COUNSEL. ANY ISSUES NOT PREVIOUSLY DISCLOSED SHALL BE REFERRED BY HIM OR HER TO THE BOARD OR APPROPRIATE COMMITTEE. THE DISCLOSURE STATEMENTS SHALL BE RETAINED IN THE FILES OF THE GENERAL COUNSEL. AT THE BEGINNINg OF EACH BOARD MEETING, BOARD MEMBERS ARE ASKED TO DISCLOSE ANY CONFLICTS OF INTEREST.”

“the HUMAN RESOURCE DEPARTMENT of usa swimming, a related organization, REVIEWS SALARY SURVEYS AND DATA FROM OTHER NATIONAL GOVERNING BODIES TO determine compensation, AND recommends COMPENSATION adjustments FOR OFFICERS AND OTHER KEY EMPLOYEES. officer and employee compensation is reviewed and approved by the board during the annual budgeting process. The filing organization (usa swimming foundation) did not have any employees during the 2024 year.”

“The organization makes its form 1023, conflict of interest policy, and financial statements available to the public on the organization's website. The organization will also provide in a timely manner, copies of all governing documents, including its conflict of interest policy and financial statements when requested in writing or in person.”

“Board members may be compensated for services provided to the foundation. This compensation is determined based on the normal practices of the foundation. No board member is compensated for their services on the board of directors.”

“USA SWIMMING (USAs) PROVIDED THE USA SWIMMING FOUNDATION (FDN) CONTRACTED STAFF SERVICES FOR ACCOUNTING, FINANCE, COMMUNICATIONS, CREATIVE, AND HUMAN RESOURCES DURING THE 2024 YEAR, for a TOTAL value of $1,125,000. SIMILAR TO PRIOR YEARS, USAs FORGAVE/ CONTRIBUTED BACK TO THE FDN A PORTION (DISCOUNT) OF THE SERVICE FEE, IN THE AMOUNT OF $275,000. FOLLOWING THE IRS REPORTING REQUIREMENT, THE INKIND (NONFINANCIAL ASSET) SERVICE CONTRIBUTION OF $275,000 HAS BEEN EXCLUDED FROM THE FDN'S FORM 990 PART VIII STATEMENT OF REVENUE, AND FORM 990 PART IX FUNCTIONAL EXPENSE. THE CONTRIBUTED SERVICES ARE ALSO NOT INCLUDED ON SCHEDULE B, SCHEDULE OF CONTRIBUTORS.”

“Other change in net asset is - uncollectible pledges $60,000.”

“The organization has an audit committee that assumes responsibility for selecting the independent auditor for the financial statement audit. This process has not changed from prior years.”