Operation Legacy Foundation Inc.

“A majority of directors are appointed by the supported organizations (national christian charitable foundation ("nccf") and helping hands charitable foundation, inc. ("hhcf") certain nccf directors are not considered independent since they receive compensation from nccf for services provided to nccf.”

“Kurt r. Winrich, paul r. Black and s. Richard hicks have a business relationship.”

“A majority of the directors of the organization's board (the "nccf directors") shall be designated by national christian charitable foundation, inc. ("nccf"). The nccf directors shall each be a person who is not a "disqualified person" as that term is described in section 4946 of the internal revenue code. A minority of directors shall be designated by the donor group, in accordance with the organization's bylaws.”

“The organization's tax return is compiled from the financial records of the organization. Once prepared, the return is reviewed by nccf, a supported organization of operation legacy foundation, inc. The form 990 is then sent to all directors prior to filing with the irs.”

“The organization requires officers, directors, and key employees to complete an annual conflict of interest statement acknowledging receipt and review of the policy and adequately disclosing the nature of any potential conflicts. If a conflict of interest is present, after the interested party provides all pertinent details regarding the potential conflict, the subject officer, director, or key employee is recused from any further discussion, deliberation or voting on the matter. The governing body or a relevant committee will then review the potential conflict and determine an appropriate course of action in accordance with the conflict of interest policy.”

“Compensation for employees or contractors over $50,000 is reviewed and approved by the directors based upon comparability analysis and contemporaneous substantiation of the deliberation and decision.”

“The organization makes its form 990 available upon request.”

“The organization does not make its governing documents, policies, or financial statements available to the public.”

“The organization has done a thorough analysis to determine if it has any reportable unrelated business income ("ubi"). We have concluded that the organization has no ubi and therefore, has no 990-t filing requirement for this tax year.”

“Operation legacy foundation, inc. ("olf") experienced a significant reduction in its net assets during 2022. The reduction in net assets resulted from 1. A reduction in investments due to an unrealized loss of $5,111,444 ($34.4%) and a $2,750,000 (19%) return of capital. 2. In addition to the decrease in investments, olf entered into a 5 year legally binding, voluntary, nonreciprocal gift agreement with another 501(c)(3) public charity on december 31, 2022. The commitment is for an annual $3 million grant for five years beginning in 2023 and continuing through 2027. The total 5 year grant commitment is $15 million dollars. Per fasb asu 2018-08 the contract liability is required to be recorded on the financial statements as a grant payable and grant expense. Olf fully expects net assets to increase to its previous levels over the next several years. For these reasons, olf is not preparing a schedule n as the significant reduction in net assets is not a result of liquidation, termination, dissolution, or significant disposition of assets.”

“Intercompany transfers 10,886. Pv of grants payable adjustment -1,865,107. Rounding 1.”