The Falcon Foundation

Form 990 Part III Line 1

“... THROUGH THE AWARD OF FALCON FOUNDATION SCHOLARSHIPS AT JUNIOR COLLEGE AND PREPARATORY SCHOOLS, ENABLING THEM TO PURSUE A CAREER IN THE UNITED STATES AIR FORCE AND SPACE FORCE. FORM 990 PART VI SECTION A LINE 2 TWO TRUSTEES, (NON-OFFICER OR DIRECTOR) ARE BROTHERS. TWO TRUSTEES (NON-OFFICER OR DIRECTOR) AND FATHER AND DAUGHTER. ANOTHER TWO TRUSTEES ARE FATHER (NON-OFFICER OR DIRECTOR) AND DAUGHTER (AT LARGE GOVERNING TRUSTEE). ADDITIONALLY, THREE TRUSTEES (NON-OFFICER OR DIRECTOR) ARE FATHER AND TWO SONS. FORM 990 PART VI SECTION A LINE 4 THE FALCON FOUNDATION AMENDED AND RESTATED THE ORGANIZATIONAL BYLAWS, AS WELL AS THE INVESTMENT AND ASSET PROTECTION POLICY IN MAY 2021. FORM 990 PART VI SECTION A LINE 6 THE FALCON FOUNDATION HAS 200 MEMBERS. FIFTEEN GOVERNING TRUSTEES ARE RESPONSIBLE FOR THE FINANCIAL AND BUSINESS AFFAIRS OF THE FOUNDATION. THE REMAINING TRUSTEES ARE RESPONSIBLE FOR THE ELECTION OF MEMBERS, GOVERNING TRUSTEES, AND OFFICERS AS WELL AS STRATEGIC DIRECTION. FORM 990 PART VI SECTION A LINE 7 THE GOVERNING TRUSTEES ARE COMPRISED OF 4 OFFICERS, 7 STANDING COMMITTEE CHAIRS AND 4 AT-LARGE TRUSTEES. THE BOARD OF TRUSTEES APPROVES ALL 15 GOVERNING TRUSTEES THROUGH A NOMINATION PROCESS. THE MEMBERS AND TRUSTEES ARE RESPONSIBLE FOR THE STRATEGIC PLAN OF THE FOUNDATION AND MUST APPROVE THE STRATEGIC PLAN THAT IS DEVELOPED BY THE GOVERNING TRUSTEES, OR ANY CHANGES MADE TO THE PLAN. FORM 990 PART VI SECTION A LINE 8B THERE ARE NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY SO THERE WERE NO MEETINGS OR ACTIONS TO BE DOCUMENTED. FORM 990 PART VI SECTION B LINE 11A THE FORM 990 IS DRAFTED BY THE FOUNDATION'S INDEPENDENT ACCOUNTANT. THE RETURN IS REVIEWED FOR ACCURACY AND COMPLETENESS BY THE AUDIT COMMITTEE. THE AUDIT COMMITTEE CHAIR THEN PROVIDES THE DRAFT 990 TO MEMBERS OF THE GOVERNING TRUSTEES FOR THEIR REVIEW, COMMENT, AND APPROVAL. THE FINAL FORM 990 IS THEN COMPLETED BY THE ACCOUNTANT AND PRESIDENT AND PREPARED FOR FILING BY THE DUE DATE. FORM 990 PART VI SECTION B LINE 12C THE POLICIES AND PROCEDURES MANUAL INCLUDES A PROVISION WHEREBY CONFLICTS OF INTEREST STATEMENTS ARE COMPLETED AND SIGNED ANNUALLY BY ALL ACTIVE TRUSTEES. THESE STATEMENTS ARE REVIEWED BY THE DIRECTOR OF OPERATIONS & COMPTROLLER IN COORDINATION WITH THE GENERAL COUNSEL. ANY ISSUES ARE INVESTIGATED BY THE GENERAL COUNSEL AND REPORTED TO THE GOVERNING TRUSTEES, AND IN TURN, TO THE BOARD OF TRUSTEES AS APPROPRIATE. FORM 990 PART VI SECTION B LINE 15 A & B PRIOR TO THE ANNUAL SPRING MEETING OF THE FOUNDATION, THE COMPENSATION COMMITTEE IN CONJUNCTION WITH THE BOARD CHAIR REVIEWS THE PERFORMANCE OF THE PRESIDENT IN ATTAINING THE STIPULATED GOALS AND OBJECTIVES OF THE PREVIOUS YEAR'S OPERATIONAL PLAN AND RECOMMENDS A COMPENSATION PACKAGE FOR REVIEW AND APPROVAL BY THE GOVERNING TRUSTEES. THE PRESIDENT DETERMINES THE COMPENSATION PACKAGE FOR THE DIRECTOR OF OPERATIONS & CONTROLLER AND SUBMITS IT TO THE COMPENSATION COMMITTEE FOR THEIR REVIEW AND SUBMISSION TO THE GOVERNING TRUSTEES. FORM 990 PART VI SECTION C LINE 19 THE AUDITED FINANCIAL STATEMENTS AND FORM 990 ARE CURRENTLY AVAILABLE ON THE FOUNDATION'S WEBSITE & UPON REQUEST. THE CONFLICT-OF-INTEREST POLICY AND OTHER GOVERNING DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990 PART VII SECTION A THE COMPENSATION OF EMPLOYEES OF THE FOUNDATION STAYS RELATIVELY CONSTANT UNDER THE GOVERNING TRUSTEES' COMPENSATION MODEL ADOPTED IN NOVEMBER OF 2009, SINCE THE PRESIDENT AND DIRECTOR OF OPERATIONS & CONTROLLER TO THE PRESIDENT ARE THE ONLY COMPENSATED POSITIONS. FORM 990 PART XI LINE 9 See Schedule D Part XI, lINe 2D reconciliation”