Folded Flag Foundation Inc
- Assets
- $12.0m
- Revenue
- $4.9m
- Investments
- $896.1k
- Employees
- 5
- Location
- Las Vegas, NV
- Founding
- 07/2014
- Data as of
- 12/2022
- EIN
- 46-5371845
Organization Overview
Folded Flag Foundation Inc is located in Las Vegas, NV. The organization was established in 2014. According to its NTEE Classification (W99) the organization is classified as: Public & Societal Benefit N.E.C., under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2022, Folded Flag Foundation Inc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Folded Flag Foundation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Folded Flag Foundation Inc generated $4.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 15.1% each year . All expenses for the organization totaled $3.9m during the year ending 12/2022. While expenses have increased by 23.0% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO ASSIST THE FAMILIES OF UNITED STATES MILITARY PERSONNEL WHO HAVE LOST THEIR LIVES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN ITS NINETH YEAR OF OPERATIONS, THE FOLDED FLAG FOUNDATION AWARDED 766 SCHOLARSHIPS TO QUALIFYING INDIVIDUALS TOTALING $3,014,660 THROUGHOUT THE UNITED STATES. THE RECIPIENTS OF THE SCHOLARSHIPS FOR THE 2022-2023 SCHOOL YEAR RECEIVED MONEY FOR TUITION AND LIVING EXPENSES RANGING FROM GRADE SCHOOL TO COLLEGE FOR SPOUSES AND CHILDREN OF THE UNITED STATES MILITARY AND GOVERNMENT PERSONNEL WHO HAVE LOST THEIR LIVES AS A RESULT OF HOSTILE ACTION OR IN AN ACCIDENT RELATED TO U.S. COMBAT OPERATIONS. MULTIPLE INDIVIDUALS AND CORPORATIONS HELD SPECIAL EVENTS WHERE PROCEEDS BENEFITED THE FOUNDATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William P Foley II Chairman | OfficerTrustee | 2 | $0 |
Fred Schremp Vice Chairman | OfficerTrustee | 8 | $0 |
Peter Sadowski Secretary | OfficerTrustee | 2 | $0 |
Bryan Coy Treasurer | OfficerTrustee | 2 | $0 |
Peter Brual Trustee | Trustee | 2 | $0 |
Michelle Kersch Trustee | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $1,679,923 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,148,124 |
| Noncash contributions included in lines 1a–1f | $170,280 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,828,047 |
| Total Program Service Revenue | $0 |
| Investment income | $47,743 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,875,790 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $7,500 |
| Grants and other assistance to domestic individuals. | $3,007,160 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $121,401 |
| Compensation of current officers, directors, key employees. | $20,585 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $194,458 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $8,173 |
| Fees for services: Legal | $60,100 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $25,954 |
| Office expenses | $10,944 |
| Information technology | $23,281 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $44,912 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $9,099 |
| All other expenses | $0 |
| Total functional expenses | $3,887,590 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $732,393 |
| Savings and temporary cash investments | $8,569,468 |
| Pledges and grants receivable | $1,559,916 |
| Accounts receivable, net | $138,996 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $52,953 |
| Net Land, buildings, and equipment | $2,842 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $896,091 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $11,952,659 |
| Accounts payable and accrued expenses | $26,034 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $27,173 |
| Total liabilities | $53,207 |
| Net assets without donor restrictions | $11,104,330 |
| Net assets with donor restrictions | $795,122 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $11,952,659 |
Grants Awarded
Over the last fiscal year, Folded Flag Foundation Inc has awarded $152,327 in support to 9 organizations.
| Grant Recipient | Amount |
|---|---|
CAPE FEAR COMMUNITY COLLEGE PURPOSE: OPERATIONAL SUPPORT | $10,000 |
A SOLDIER'S CHILD FOUNDATION PURPOSE: OPERATIONAL SUPPORT | $50,000 |
WINDY25 MEMORIAL FUND PURPOSE: OPERATIONAL SUPPORT | $11,500 |
TRAGEDY ASSISTANCE PROGRAM FOR SURVIVORS PURPOSE: OPERATIONAL SUPPORT | $10,000 |
LEGACIES ALIVE PURPOSE: OPERATIONAL SUPPORT | $10,000 |
SOUTHERN HIGHLANDS CHARITABLE FOUNDATION PURPOSE: OPERATIONAL SUPPORT | $15,000 |