The Oklahoma United Methodist Foundation

“The Form 990 is prepared by President CPA, reviewed by Executive VP CPA, and provided to Trustees via Trustee portal.”

“Annually each Trustee is required to complete a Conflict of Interest form stating they are aware of the Foundations Conflict of Interest policy, they are in compliance with the policy, and will notify the Foundation immediately should a conflict arise. The Foundation staff monitors activity for the existence of potential conflicts in the normal course of business throughout the year.”

“Compensation for the President is reviewed and approved by the Personnel sub-committee of the Board of Trustees based on job performance, external comparable data for similar Foundations, and other relevant information. The operating budget is then reviewed and approved by the Finance Committee and the Board of Trustees.”

“Compensation for the President is reviewed and approved by the Personnel sub-committee of the Board of Trustees based on job performance, external comparable data for similar Foundations, and other relevant information. Compensation for all other employees is determined by the President using similar metrics as the annual operating budget is prepared. The operating budget is then reviewed and approved by the Finance Committee and the Board of Trustees.”

“Oklahoma United Methodist Foundations governing documents, conflict of interest policy, and financial statements are available for public inspection at its offfices. Summarized financial information is presented in the organizations annual report, which may be viewed on the Foundations website.”

“Other changes line is related to the $9,282 change in the present value of split-interest gift agreements and $307,051 transfers out for 2024.”

“The Oklahoma United Methodist Foundation, Inc. (OUMF) is a nonprofit, non-stock corporation organized and at all times thereafter operated exclusively for religious, charitable, and education purposes within the meaning of Section 501(c)(3) of the Internal Revenue Code of 1986, as amended. OUMF was formed in 1944 to hold, manage, and administer funds of member churches and related agencies and institutions of The Oklahoma Annual Conference of The United Methodist Church (the Oklahoma Conference), promote and receive gifts and bequests to such organizations, and use such gifts and bequests for the religious, charitable, and educational purposes of such organizations. OUMF was previously determined to be an affiliated religious organization by The United Methodist Church and was identified as such to the Internal Revenue Service. Accordingly, OUMF was included in the group tax exemption ruling (Group Ruling) issued by the Internal Revenue Service to the General Council on Finance and Administration of The United Methodist Church (GCFA) on October 16, 1974 (Group 2573). OUMF was not required to file a Form 990 under the Group Ruling. On June 11, 2020 OUMF obtained its own individual tax-exempt status determination letter requiring us to begin filing a Form 990. OUMF serves the Oklahoma Annual Conference of the UMC and charitable organizations with common bonds and convictions by (a) soliciting and managing endowment funds and acting as trustee of trusts for their benefit; (b) assisting congregations and institutions with their investments; (c) providing loans to congregations and related institutions; (d) making grants that support congregations, institutions, and causes; (e) assisting congregations with stewardship, development, and planned giving efforts.”