The Falcon Foundation

“THE FALCON FOUNDATION HAS 200 MEMBERS (trustees). There are four, voting categories of membership: (1)RETIRED, RESIGNED, OR HONORABLY SEPARATED COMMISSIONED OFFICERS AND NONCOMMISSIONED OFFICERS OF THE US AIR FORCE; (2) CURRENT AND FORMER CIVILIAN EMPLOYEES OF THE FEDERAL GOVERNMENT; (3)MEMBERS OF THE AIR FORCE RESERVE, NATIONAL GUARD BUREAU, OR SPECIAL GOVERNMENT EMPLOYEES; (4) SUPPORTERS OF THE UNITED STATES AIR FORCE AND USAF ACADEMY, WHO POSSESS AN APPROPRIATE BACKGROUND, EXPERIENCE AND INTERESTS.ADDITIONALLY, THE BOARD OF TRUSTEES INCLUDES HONORARY, ASSOCIATE, AND RETIRED MEMEBERS WHO ARE NOT CONSIDERED ACTIVE MEMEBRS, AND ARE NOT ENTITLED TO VOTE OR PARTICIPATE IN THE GOVERNANCE OF THE FOUNDATION, NOR are COUNTED FOR PURPOSES OF DETERMINING A QUORUM AT ANY MEETING OF THE BOARD OF TRUSTEES. NON-GOVERNING TRUSTEES HAVE NO FIDUCIARY RESPONSIBILITY FOR THE GENERAL BUSINESS AND AFFAIRS OF THE FOUNDATION BUT ARE RESPONSIBLE FOR PROVIDING GUIDANCE IN FURTHERING THE GOALS, Objectives, AND STRATEGIC DIRECTION OF THE FOUNDATION.”

“THE BOARD OF TRUSTEES (members) ELECT THE GOVERNING TRUSTEES,OFFICERS, AND CHAIRS FOR ALL STANDING COMMITEES. EACH VOTING TRUSTEE(Member)is entitled to one vote. THE BODY OF GOVERNING TRUSTEES is comprised of FOUR (4) OFFICERS, SEVEN (7)STANDING COMMITTEE CHAIRS, AND FOUR (4) AT-LARGE TRUSTEES. THE FIFTEEN GOVERNING TRUSTEES ARE RESPONSIBLE FOR THE FINANCIAL AND BUSINESS AFFAIRS OF THE FOUNDATION.”

“The following acts require the approval of the board of trustees (members): (1) new membership approval, (2) approval of new members to the nominating committee, (3) approval of the foundation's strategic plan, and (4) ANY AMENDMENTs TO THE organization's BYLAWS.”

“THERE ARE NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. However, all committees contemporaneously document meetings held and actions undertaken during the year.”

“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.”

“The bylaws require conflict of interest statements to be completed annually for active trustees who have fiduciary responsibility. Active trustees who do not have fiduciary responsibilities complete and sign conflict of interest statements upon nomination as a trustee and periodically upon re-election which may occur between 1 and 3 years. In addition, active trustees are reminded to report any potential or actual conflicts of interest which may arise between required reporting timelines.”

“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 and compensation committee determines the compensation package for the director of operations and comptroller and submits it to the governing trustees.”

“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.”

“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 & COmpTROLLER TO THE PRESIDENT ARE THE ONLY COMPENSATED POSITIONS.”

“(mission statement continued) 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.”

“Other change in net assets: Unrealized gain from change in value of beneficial trust interests. See also reconciliation disclosure on Schedule D, Part XI, Line 2d.”