Civic Intelligence

Arkansas Farm Bureau Foundation

990 • Fiscal year 2020 • EIN 81-4517307

Nov 01, 2019 to Oct 31, 2020 • Filed on Sep 14, 2021

PO Box 31Little Rock, AR 72203

(501) 224-4400

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

67th percentile

0.25x

Higher debt load relative to assets than 67% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

73rd percentile

0.38x

Higher debt load relative to revenue than 73% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Net Margin

62nd percentile

12%

Higher net margin than 62% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

99th percentile

$837,292

Higher top officer pay than 99% of similar nonprofits.

Top officer pay equals 123.4% of source-year revenue.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Asset Growth

84th percentile

43%

Faster asset growth than 84% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Revenue Growth

37th percentile

-6.8%

Faster revenue growth than 37% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Assets

Up

$1,033,198

Up $309,031 (+43%) from 2019

Net Assets

Up

$774,797

Up $80,059 (+12%) from 2019

Liabilities

Up

$258,401

Up $228,972 (+778%) from 2019

Revenue

Down

$678,706

Down $49,264 (-6.8%) from 2019

Expenses

Up

$598,647

Up $71,575 (+14%) from 2019

Net Income

Down

$80,059

Down $120,839 (-60%) from 2019

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$1.5M$1.0M$500K$0Assets 2017: $251,049Liabilities 2017: $4,257Net Assets 2017: $246,7922017Assets 2018: $505,417Liabilities 2018: $11,577Net Assets 2018: $493,8402018Assets 2019: $724,167Liabilities 2019: $29,429Net Assets 2019: $694,7382019Assets 2020: $1,033,198Liabilities 2020: $258,401Net Assets 2020: $774,7972020Assets 2021: $923,766Liabilities 2021: $98,744Net Assets 2021: $825,0222021Assets 2022: $1,062,265Liabilities 2022: $140,005Net Assets 2022: $922,2602022Assets 2023: $1,264,525Liabilities 2023: $494,946Net Assets 2023: $769,5792023Assets 2024: $1,204,836Liabilities 2024: $588,116Net Assets 2024: $616,7202024

Highlighted filing

2020

Assets$1,033,198
Liabilities$258,401
Net Assets$774,797

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.5M$1.0M$500K$0-$500KRevenue 2017: $540,776Expenses 2017: $293,984Net Income 2017: $246,7922017Revenue 2018: $785,762Expenses 2018: $538,714Net Income 2018: $247,0482018Revenue 2019: $727,970Expenses 2019: $527,072Net Income 2019: $200,8982019Revenue 2020: $678,706Expenses 2020: $598,647Net Income 2020: $80,0592020Revenue 2021: $239,852Expenses 2021: $196,839Net Income 2021: $43,0132021Revenue 2022: $522,109Expenses 2022: $379,915Net Income 2022: $142,1942022Revenue 2023: $741,082Expenses 2023: $904,285Net Income 2023: -$163,2032023Revenue 2024: $800,657Expenses 2024: $1,011,542Net Income 2024: -$210,8852024

Highlighted filing

2020

Revenue$678,706
Expenses$598,647
Net Income$80,059
Jump To
Filing Snapshot
Filing Period
Nov 1, 2019 to Oct 31, 2020
Signed
Sep 14, 2021
Return Version
2019v5.2
Gross Receipts
$678,706
Mission and Program Overview

Mission

Arkansas farm bureau foundation (the "foundation") is organized for charitable and educational purposes to further the understanding of agricultural and rural issues, and to support the agricultural and rural community through financial support for education, research, litigation, and disaster relief.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$716,372$985,191▲ $268,819
Land, Buildings, and Equipment, Net$0$48,007▲ $48,007
Prepaid Expenses and Deferred Charges$7,795$0▼ $7,795
Total Assets$724,167$1,033,198▲ $309,031
Liabilities
Other Liabilities$0$240,000▲ $240,000
Accounts Payable and Accrued Expenses$29,429$18,401▼ $11,028
Total Liabilities$29,429$258,401▲ $228,972
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$609,799$687,585▲ $77,786
Net Assets With Donor Restrictions$84,939$87,212▲ $2,273
Total Net Assets Fund Balance$694,738$774,797▲ $80,059
Total Liabilities and Net Assets / Fund Balance$724,167$1,033,198▲ $309,031

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$48,007$7,743$55,750
Compensation and Service Providers

Employees

NameTitleOtherTotal
Rich HillmanPresident$26,150$26,150
Mike FreezeVice President$16,800$16,800
Dan WrightSecretary/treasurer$15,100$15,100
Rusty SmithDirector$12,225$12,225
Tom JonesDirector$11,200$11,200
Jon CarrollDirector$11,104$11,104
Jeremy MillerDirector$10,800$10,800
Caleb PlylerDirector$10,100$10,100
Joe ChristianDirector$9,350$9,350
Gene PharrDirector$8,700$8,700
Sherry FeltsDirector$8,550$8,550
Terry DabbsDirector$8,250$8,250
Chase GrovesDirector$7,650$7,650
Joe ThrashDirector$5,400$5,400
Terry LasterDirector$5,250$5,250
Randy VeachFormer President$4,400$4,400

Board Members and Trustees

NameTitle
Warren CarterExecutive Vice President
Revenue and Support

Revenue Composition

Contributions and Grants
$677,948
Program Service Revenue
$0
Investment Income
$758
Other Revenue
$0
All Other Contributions
$225,848
Change in Net Assets
$80,059

Audited Revenue Reconciliation

Revenue per Audited Statements
$678,706
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$678,706
Total Revenue per Form 990
$678,706
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$523,392
Other Expenses$75,255
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$515,252--$515,252
Office Expenses$43,359--$43,359
Travel$11,738--$11,738
Grants to Domestic Individuals$8,140--$8,140
Depreciation Depletion$7,743--$7,743
Occupancy$3,855--$3,855
Advertising$3,082--$3,082
Other Expenses$600--$600
Total Functional Expenses$598,647$0$0$598,647

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$598,647
Total Expenses per Audited Statements$598,647
Total Expenses per Form 990$598,647
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Arkansas 4-h FoundationLittle Rock, AR501(c)(3)Rose Garden Pavilion$150,000
Arkansas Ffa FoundationHot Springs, AR501(c)(3)Troy Buck Auditorium$150,000
Ronald Mcdonald House Charities of Arkansas IncLittle Rock, AR501(c)(3)Disaster Relief$100,000
Arkansas Ffa FoundationHot Springs, AR501(c)(3)Department of Education Mou Funds for Ffa$83,402
Louisiana Farm BureauBaton Rouge, LA501(c)(3)Hurricane Disaster Relief$10,000
U of a Division of Agriculture Cooperative Extension ServiceLittle Rock, AR501(c)(3)Virtual Ag Tours, Book Barn$5,850
Agri Health NetworkLittle Rock, AR501(c)(3)Faith Family Farming Program$5,000
Arkansas 4-h FoundationLittle Rock, AR501(c)(3)Rick & Lynette Cartwright 4-h Scholarship Endowment$5,000
Craighead County Farm BureauJonesboro, AR501(c)(3)Farming on Faith Project$5,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Contributions Payable$240,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

The form 990 is forwarded to the audit committee as well as the arkansas farm bureau federation's president, executive vice-president, and vice president, finance and operations prior to filing the arkansas farm bureau federation's vice president, finance and operations will review and sign the return.

Form 990, Part VI, Section B, Line 12C

The policy is reviewed annually with the board and legal counsel and signed annually.

Form 990, Part VI, Section B, Line 15

The foundation does not pay any compensation. The compensation reflected in part vii as paid from related organizations is determined by a compensation committee of the related organization who engages longnecker & associates and uses a salary administration plan designed by them. All salaries fall within the designated ranges of the plan, are approved by the compensation committee and referred to the full board of directors for approval.

Form 990, Part VI, Section C, Line 19

Documents and policies are available upon request.

Filing and Contact Details

Filer

Filer Name
Arkansas Farm Bureau Foundation
EIN
81-4517307
Phone
5012244400
Address
PO BOX 31, LITTLE ROCK, AR 72203

Signing Officer

Name
Michael D Solomon
Title
VP Finance & Operations
Phone
5012244400
Signed
2021-09-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michael D Solomon
Formed
2016
Legal Domicile
Ar
Voting Board Members
16
Independent Board Members
0
Employees
0
Volunteers
47

Preparer

Firm
Landmark Plc Cpas
Address
201 EAST MARKHAM SUITE 500, LITTLE ROCK, AR 72201
Preparer
Sherry Chesser CPA
Phone
5013752025
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

The foundation has received a determination letter indicating that it is exempt from federal and state income taxes pursuant to internal revenue code (irc) section 501(c)(3). Accounting standards require the foundation to evaluate tax positions and recognize a tax liability (or asset) if the foundation has taken an uncertain position that more likely than not would be unsustainable upon examination by the internal revenue service. The foundation has analyzed the tax positions taken and has concluded that as of october 31, 2020 and 2019, there are no uncertain positions taken or expected to be taken that would require the recognition of a liability (or asset) or disclosure in the financial statements. The foundation is subject to audit by the internal revenue service; however there are currently no audits for any tax periods in progress.

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IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0ARKANSAS FARM BUREAU FOUNDATION (THE "FOUNDATION") IS ORGANIZED FOR CHARITABLE AND EDUCATIONAL PURPOSES TO FURTHER THE UNDERSTANDING OF AGRICULTURAL AND RURAL ISSUES, AND TO SUPPORT THE AGRICULTURAL AND RURAL COMMUNITY THROUGH FINANCIAL SUPPORT FOR EDUCATION, RESEARCH, LITIGATION, AND DISASTER RELIEF.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
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IRS990/NetAssetsOrFundBalancesEOYAmt0774797
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt0609799
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt0687585
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/ProgramServicesAmt03855
IRS990/OccupancyGrp/TotalAmt03855
IRS990/OfficeExpensesGrp/ProgramServicesAmt043359
IRS990/OfficeExpensesGrp/TotalAmt043359
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherExpensesGrp/Desc0EVENTS EXPENSE
IRS990/OtherExpensesGrp/Desc1ELECTION DIRECTORY
IRS990/OtherExpensesGrp/ProgramServicesAmt04878
IRS990/OtherExpensesGrp/ProgramServicesAmt1600
IRS990/OtherExpensesGrp/TotalAmt04878
IRS990/OtherExpensesGrp/TotalAmt1600
IRS990/OtherLiabilitiesGrp/BOYAmt00
IRS990/OtherLiabilitiesGrp/EOYAmt0240000
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt07795
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt00
IRS990/PrincipalOfficerNm0MICHAEL D SOLOMON
IRS990/ProfessionalFundraisingInd00
IRS990/ProgSrvcAccomActy2Grp/Desc0DISASTER RELIEF - THE FOUNDATION CONTRIBUTES TO ORGANIZATIONS THAT SUPPORT AGRICULTURE AND RURAL COMMUNITIES AFFECTED BY NATURAL DISASTERS.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0110000
IRS990/ProgSrvcAccomActy2Grp/GrantAmt0110000
IRS990/ProgSrvcAccomActy3Grp/Desc0OTHER PROGRAM EXPENSES - TO PROVIDE CHARITABLE AND EDUCATIONAL ASSISTANCE TO FURTHER THE UNDERSTANDING OF AGRICULTURAL AND RURAL ISSUES, AND TO SUPPORT THE AGRICULTURAL AND RURAL COMMUNITY THROUGH FINANCIAL SUPPORT FOR EDUCATION, RESEARCH, AND LITIGATION.
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt0185908
IRS990/ProgSrvcAccomActy3Grp/GrantAmt0171850
IRS990/ProgSrvcAccomActyOtherGrp/Desc0AG IN THE CLASSROOM IS A NATIONALLY AFFILIATED PROGRAM TO INCREASE AGRICULTURAL LITERACY AMONG SCHOOL CHILDREN, TEACHERS, AND ADMINISTRATORS. AG IN THE CLASSROOM PROGRAMS BRIDGE THE GAP BETWEEN FARM AND CITY BY TEACHING CHILDREN ABOUT FARMING AND FOOD PRODUCTION. THE ARKANSAS FARM BUREAU SERVES AS THE COORDINATING AGENCY FOR AG IN THE CLASSROOM IN ARKANSAS.CLASSROOM MATERIALS: SEVERAL DIFFERENT CLASSROOM MATERIALS ARE AVAILABLE FOR TEACHERS TO USE IN THE CLASSROOM. THE "AG READER" SERIES FEATURES COMMODITY SPECIFIC INFORMATION AND ACTIVITIES ON THE MAJOR CROPS PRODUCED IN ARKANSAS, AND THEY ARE CORRELATED TO THE STATE STANDARDS. OTHER CLASSROOM MATERIALS ARE AVAILABLE; INCLUDING COLORING BOOKS, AN AGRICULTURE PRODUCTION MAP, BOOKS AND BOOKMARKS.EDUCATIONAL DISPLAYS: THE AG IN THE CLASSROOM PROGRAM HAS MOBILE EDUCATIONAL DISPLAYS AVAILABLE FOR SCHOOL PROGRAMS ACROSS THE STATE. ARKANSAS FARM BUREAU STAFF MEMBERS CONDUCT EDUCATIONAL PROGRAMS USING THE DISPLAYS AND THE INTERACTIVE FEATURES TO TEACH STUDENTS ABOUT AGRICULTURE IN ARKANSAS. PRESENTATIONS CAN BE MADE FOR CLASSROOMS, AN ENTIRE GRADE OR THE WHOLE SCHOOL.THE AG IN THE CLASSROOM PROGRAM ALSO OFFERS GARDEN GRANTS FOR SCHOOLS, HANDS ON ACTIVITIES AND AWARDS FOR TEACHERS. FOR MORE INFORMATION, PLEASE VISIT OUR WEBSITE AT WWW.ARFB.COM AND SELECT "EDUCATION".
IRS990/ProgSrvcAccomActyOtherGrp/Desc1SINCE 1947, THE ARKANSAS FARM FAMILY OF THE YEAR PROGRAM HAS SERVED AS A VEHICLE TO RECOGNIZE OUTSTANDING FARM FAMILIES THROUGHOUT THE STATE. THE OBJECTIVES OF THE FARM FAMILY OF THE YEAR PROGRAM ARE:O TO GIVE RECOGNITION AND ENCOURAGEMENT TO FARM FAMILIES WHO ARE DOING AN OUTSTANDING JOB ON THEIR FARM AND IN THEIR COMMUNITY.O TO GAIN RECOGNITION OF THE IMPORTANCE OF AGRICULTURE IN THE COMMUNITY AND STATE.O TO DISSEMINATE INFORMATION ON IMPROVED FARM PRACTICES AND MANAGEMENT.
IRS990/ProgSrvcAccomActyOtherGrp/ExpenseAmt054501
IRS990/ProgSrvcAccomActyOtherGrp/ExpenseAmt114836
IRS990/ProgSrvcAccomActyOtherGrp/GrantAmt08140
IRS990/ProgSrvcAccomActyOtherGrp/GrantAmt10
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IRS990/ReconcilationRevenueExpnssAmt080059
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
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IRS990ScheduleA/First5Years170Ind0X
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IRS990ScheduleD/EquipmentGrp/BookValueAmt048007
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IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0240000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0CONTRIBUTIONS PAYABLE
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0678706
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE FOUNDATION HAS RECEIVED A DETERMINATION LETTER INDICATING THAT IT IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES PURSUANT TO INTERNAL REVENUE CODE (IRC) SECTION 501(C)(3). ACCOUNTING STANDARDS REQUIRE THE FOUNDATION TO EVALUATE TAX POSITIONS AND RECOGNIZE A TAX LIABILITY (OR ASSET) IF THE FOUNDATION HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD BE UNSUSTAINABLE UPON EXAMINATION BY THE INTERNAL REVENUE SERVICE. THE FOUNDATION HAS ANALYZED THE TAX POSITIONS TAKEN AND HAS CONCLUDED THAT AS OF OCTOBER 31, 2020 AND 2019, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE THE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE FOUNDATION IS SUBJECT TO AUDIT BY THE INTERNAL REVENUE SERVICE; HOWEVER THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt048007
IRS990ScheduleD/TotalExpensesPerForm990Amt0598647
IRS990ScheduleD/TotalLiabilityAmt0240000
IRS990ScheduleD/TotalRevenuePerForm990Amt0678706
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IRS990ScheduleI/GrantRecordsMaintainedInd01
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt08140
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0AG IN THE CLASSROOM GRANTS
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt015
IRS990ScheduleI/RecipientTable/CashGrantAmt05000
IRS990ScheduleI/RecipientTable/CashGrantAmt1100000
IRS990ScheduleI/RecipientTable/CashGrantAmt25850
IRS990ScheduleI/RecipientTable/CashGrantAmt35000
IRS990ScheduleI/RecipientTable/CashGrantAmt410000
IRS990ScheduleI/RecipientTable/CashGrantAmt5150000
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IRS990ScheduleI/RecipientTable/CashGrantAmt7150000
IRS990ScheduleI/RecipientTable/CashGrantAmt85000
IRS990ScheduleI/RecipientTable/IRCSectionDesc0501(C)(3)
IRS990ScheduleI/RecipientTable/IRCSectionDesc1501(C)(3)
IRS990ScheduleI/RecipientTable/IRCSectionDesc2501(C)(3)
IRS990ScheduleI/RecipientTable/IRCSectionDesc3501(C)(3)
IRS990ScheduleI/RecipientTable/IRCSectionDesc4501(C)(3)
IRS990ScheduleI/RecipientTable/IRCSectionDesc5501(C)(3)
IRS990ScheduleI/RecipientTable/IRCSectionDesc6501(C)(3)
IRS990ScheduleI/RecipientTable/IRCSectionDesc7501(C)(3)
IRS990ScheduleI/RecipientTable/IRCSectionDesc8501(C)(3)
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0FARMING ON FAITH PROJECT
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt1DISASTER RELIEF
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt2VIRTUAL AG TOURS, BOOK BARN
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt3RICK & LYNETTE CARTWRIGHT 4-H SCHOLARSHIP ENDOWMENT
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt4HURRICANE DISASTER RELIEF
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt5TROY BUCK AUDITORIUM
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt6DEPARTMENT OF EDUCATION MOU FUNDS FOR FFA

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