Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1f · All other contributions, gifts and grants

  $22,641,202

• 3 · Investment income

  total $63,490,983 · excluded $63,490,983

• 7a · Gross sales of assets other than inventory

  securities $943,373,859

• 7b · Less cost or other basis and sales expenses

  securities $770,653,755

• 7c · Gain or loss

  securities $172,720,104

• 7d · Net gain or loss

  total $172,720,104 · excluded $172,720,104

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $135,199,000 · program services $135,199,000

• 5 · Compensation of officers, directors and key employees

  total $1,350,420 · program services $1,350,420

• 7 · Other salaries and wages

  total $2,829,267 · program services $2,829,267

• 8 · Pension plan contributions

  total $464,182 · program services $464,182

• 9 · Other employee benefits

  total $262,284 · program services $262,284

• 10 · Payroll taxes

  total $709,847 · program services $709,847

• 11b · Fees: legal

  total $57,280 · management and general $57,280

• 11c · Fees: accounting

  total $41,362 · management and general $41,362

• 11g · Fees: other

  total $233,018 · program services $233,018

• 13 · Office expenses

  total $23,500 · management and general $23,500

• 14 · Information technology

  total $142,345 · management and general $142,345

• 17 · Travel

  total $147,945 · program services $147,945

• 23 · Insurance

  total $16,463 · management and general $16,463

• 24a · Other expenses: DUES AND SUBSCRIPTIONS

  total $130,982 · management and general $130,982

• 24b · Other expenses: RECRUITING

  total $113,047 · management and general $113,047

• 24c · Other expenses: MISCELLANEOUS EXPENSES

  total $27,590 · management and general $27,590

• 24d · Other expenses: STATE FILING FEES

  total $1,037 · management and general $1,037

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $109,339,120 · end of year $48,076,783

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,735,125 · end of year $1,411,940

• 11 · Investments: publicly traded securities

  beginning of year $2,204,698,508 · end of year $2,383,487,979

• 12 · Investments: other securities

  beginning of year $133,551,656 · end of year $133,551,655

• 27 · Net assets without donor restrictions

  beginning of year $2,449,324,409 · end of year $2,566,528,357

The filer's explanations (Part III)

PART I, LINE 3

THE FOUNDATION ENGAGES FFSP LLC IN A COST SHARING ARRANGEMENT TO PROVIDE STAFF, ADMINISTRATIVE AND PROGRAM MANAGEMENT SUPPORT. FFSP ENTERED INTO WRITTEN COMPENSATION AGREEMENTS WITH ALL OF ITS EMPLOYEES ON THE DATE OF HIRE. THE COMPENSATION IN THE AGREEMENTS WERE ALL BASED ON THIRD-PARTY COMPARABILITY DATA COMPILED AND UPDATED IN 2024. IN 2024, THE FFSP COMPENSATION COMMITTEE RELIED ON THE SAME COMPARABILITY DATA WHEN MAKING YEAR END SALARY ADJUSTMENTS, DETERMINING YEAR-END BONUSES, AND AWARDING LONG-TERM COMPENSATION FOR 2024. AS A RESULT, THE PROCESS FOR DETERMINING THE COMPENSATION OF THE PRESIDENT, TREASURER & ASSISTANT SECRETARY INCLUDED THE FOLLOWING: (1) PRIOR TO ENTERING INTO SUCH ARRANGEMENTS, APPROPRIATE COMPARABILITY DATA WAS OBTAINED AND USED, AND SUCH ARRANGEMENT WAS THEN REVIEWED AND APPROVED BY THE APPROPRIATE COMPENSATION COMMITTEE, OF WHICH ONLY INDEPENDENT PERSONS VOTED; AND (2) MINUTES FOR COMPENSATION COMMITTEE MEETINGS WERE PREPARED, PROVIDING CONTEMPORANEOUS SUBSTANTIATION OF THE DELIBERATION AND DECISION BY NOTING THE TERMS OF THE ARRANGEMENT AND DATE IT WAS APPROVED, THE COMMITTEE MEMBERS WHO WERE PRESENT AND THOSE WHO VOTED ON IT, AND THE COMPARABILITY DATA OBTAINED AND RELIED UPON BY THE COMMITTEE. SEE SCHEDULE O.

PART I, LINE 4A

IN CONNECTION WITH HER DEPARTURE, ONE LISTED INDIVIDUAL RECEIVED SALARY CONTINUATION. THE AMOUNTS PAID IN 2024 ARE INCLUDED ON SCHEDULE J, PART II, LINE B(III).

PART I, LINE 7

THE ORGANIZATION PROVIDED NON-FIXED PAYMENTS TO CERTAIN INDIVIDUALS REPORTED ON SCHEDULE J IN THE FORM OF A BONUS WHICH REFLECTED REASONABLE COMPENSATION. THE BONUS WAS NOT TIED TO THE NET REVENUES OF THE ORGANIZATION NOR WAS A JOINT VENTURE PRESENT. THE COMPENSATION COMMITTEE APPROVED AN EMPLOYMENT CONTRACT WITH THE EXECUTIVES THAT INCLUDED A YEAR END BONUS WITH A SPECIFIED CAP ON THE AMOUNT, THE COMPENSATION COMMITTEE HAS ESTABLISHED A REBUTTABLE PRESUMPTION AS TO THE NONFIXED PAYMENT WHEN THE EMPLOYMENT CONTRACT WAS ENTERED INTO BY, IN EFFECT, ASSUMING THAT THE MAXIMUM AMOUNT PAYABLE UNDER THE CONTRACT WOULD BE PAID, AND SATISFYING THE REQUIREMENTS GIVING RISE TO THE REBUTTABLE PRESUMPTION FOR THAT MAXIMUM AMOUNT. 26 C.F.R. 53.4958-6(D)(2)