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Nonprofiteer
← THE FREE STATE FOUNDATION INC

Form 990 for tax year 2024

Filed by THE FREE STATE FOUNDATION INC.

Totals

Total revenue
$1,068,198
Total expenses
$1,287,803
Contributions and grants received
$911,488
Grants paid
$0
Program service revenue
$0
Investment income
$156,710
Other revenue
$0
Total assets, end of year
$3,694,815
Total liabilities, end of year
$83,420
Net assets or fund balances, end of year
$3,611,395
Program services expenses (Part IX)
$1,119,114
Management and general expenses
$129,014
Fundraising expenses
$39,675
Program service expenses (Part III)
$1,119,114

Program services were 86.9% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1f · All other contributions, gifts and grants

    $911,488

  • 3 · Investment income

    total $131,917 · excluded $131,917

  • 7a · Gross sales of assets other than inventory

    securities $102,486

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

    securities $77,693

  • 7c · Gain or loss

    securities $24,793

  • 7d · Net gain or loss

    total $24,793 · excluded $24,793

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $532,296 · program services $434,508 · management and general $79,231 · fundraising $18,557

  • 7 · Other salaries and wages

    total $448,764 · program services $434,758 · management and general $5,575 · fundraising $8,431

  • 8 · Pension plan contributions

    total $91,900 · program services $81,054 · management and general $8,332 · fundraising $2,514

  • 9 · Other employee benefits

    total $18,924 · program services $17,863 · management and general $593 · fundraising $468

  • 10 · Payroll taxes

    total $56,932 · program services $50,441 · management and general $4,925 · fundraising $1,566

  • 11c · Fees: accounting

    total $15,400 · management and general $15,400

  • 11f · Fees: investment management

    total $42,161 · program services $42,161

  • 13 · Office expenses

    total $1,549 · program services $454 · management and general $1,082 · fundraising $13

  • 14 · Information technology

    total $9,067 · program services $6,182 · management and general $2,885

  • 16 · Occupancy

    total $1,889 · program services $1,200 · management and general $600 · fundraising $89

  • 17 · Travel

    total $13,016 · program services $11,660 · management and general $221 · fundraising $1,135

  • 19 · Conferences, conventions and meetings

    total $1,040 · program services $565 · fundraising $475

  • 22 · Depreciation, depletion and amortization

    total $1,685 · management and general $1,685

  • 23 · Insurance

    total $2,507 · program services $1,500 · management and general $1,007

  • 24a · Other expenses: FSF HOSTED EVENTS

    total $17,899 · program services $16,709 · management and general $105 · fundraising $1,085

  • 24b · Other expenses: DUES & SUBSCRIPTIONS

    total $15,191 · program services $11,582 · management and general $3,507 · fundraising $102

  • 24c · Other expenses: HONORARIA

    total $6,500 · program services $6,500

  • 24d · Other expenses: ENTERTAINMENT

    total $6,459 · program services $1,083 · management and general $257 · fundraising $5,119

  • 24e · All other expenses

    total $4,624 · program services $894 · management and general $3,609 · fundraising $121

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $75,062 · end of year $26,281

  • 2 · Savings and temporary cash investments

    beginning of year $1,207,863 · end of year $1,074,718

  • 10a · Land, buildings and equipment: cost or other basis

    $27,093

  • 10b · Land, buildings and equipment: accumulated depreciation

    $20,589

  • 10c · Land, buildings and equipment, net

    beginning of year $3,659 · end of year $6,504

  • 12 · Investments: other securities

    beginning of year $2,434,408 · end of year $2,587,312

  • 17 · Accounts payable and accrued expenses

    beginning of year $78,164 · end of year $83,420

  • 27 · Net assets without donor restrictions

    beginning of year $3,642,828 · end of year $3,611,395

Mission and programs · 2024

Mission

THE FREE STATE FOUNDATION'S PRIMARY PURPOSE IS TO PROMOTE, THROUGH RESEARCH AND EDUCATIONAL ACTIVITIES, UNDERSTANDING OF FREE MARKET, LIMITED GOVERNMENT, AND RULE OF LAW PRINCIPLES AT THE FEDERAL LEVEL AND IN MARYLAND. THE FOUNDATION FOCUSES ON EDUCATING POLICYMAKERS, OPINION LEADERS, THE PRESS, AND THE GENERAL PUBLIC CONCERNING THE NEED TO ELIMINATE UNNECESSARY AND COUNTERPRODUCTIVE REGULATORY MANDATES, ESPECIALLY THOSE APPLICABLE TO THE COMMUNICATIONS AND OTHER HIGH-TECH INDUSTRIES, AND ON REDUCING OVERLY BURDENSOME TAXES, PROTECTING INDIVIDUAL RIGHTS, ECONOMIC LIBERTY, AND PROPERTY RIGHTS, AND MAKING GOVERNMENT MORE EFFECTIVE, EFFICIENT, AND ACCOUNTABLE.

Activities or mission (Part I)

THE FOUNDATION'S PRIMARY PURPOSE IS TO PROMOTE, THROUGH RESEARCH AND EDUCATIONAL ACTIVITIES,UNDERSTANDING OF FREE MARKET, LIMITED GOVERNMENT, AND RULE OF LAW PRINCIPLES AT THE FEDERAL LEVEL AND IN MARYLAND. THE FOUNDATION FOCUSES ON EDUCATING POLICYMAKERS, OPINION LEADERS, THE PRESS, AND GENERAL PUBLIC CONCERNING THE NEED TO ELIMINATE UNNECESSARY AND COUNTERPRODUCTIVE REGULATORY MANDATES, ESPECIALLY THOSE APPLICABLE TO THE COMMUNICATIONS AND OTHER HIGH-TECH INDUSTRIES, AND ON REDUCING OVERLY BURDENSOME TAXES, PROTECTING INDIVIDUAL RIGHTS, ECONOMIC LIBERTY, AND PROPERTY RIGHTS, AND MAKING GOVERNMENT MORE EFFECTIVE, EFFICIENT, AND ACCOUNTABLE.

  • COMMUNICATIONS LAW AND REFORM PROJECT: THE GOAL OF THIS PROJECT, THE FOUNDATION'S LARGEST, IS TO REFORM COMMUNICATIONS AND INTERNET LAW AND POLICY TO CONFORM TO THE DYNAMIC TECHNOLOGICAL AND COMPETITIVE MARKETPLACE REALITIES OF THE DIGITAL AGE. DURING 2024, THE FOUNDATION PUBLISHED FORTY-SIX ARTICLES AND SCHOLARLY STUDIES AS PART OF ITS "PERSPECTIVES FROM FSF SCHOLARS" SERIES. IT PUBLISHED 140 SEPARATE BLOGS. FOUNDATION SCHOLARS WERE PUBLISHED AND QUOTED OFTEN IN MAJOR NATIONAL PUBLICATIONS AND TWO OR THREE TIMES WEEKLY IN LEADING TRADE PRESS PUBLICATIONS. FSF ALSO FILED COMMENTS IN AGENCY RULEMAKING AND POLICY PROCEEDINGS, PARTICULARLY ON DATA CAPS ON DATA BROADBAND PLANS, THE SECTION 706 INQUIRY, THE STATE OF COMPETITION IN THE COMMUNICATIONS MARKETPLACE, AND THE PREVENTION AND ELIMINATION OF DIGITAL DISCRIMINATION. FSF'S SIXTEENTH ANNUAL TELECOM POLICY CONFERENCE, HELD ON MARCH 12, 2024, ATTRACTED OVER ONE HUNDRED ATTENDEES AND A DIVERSE GROUP OF DISTINGUISHED SPEAKERS FROM ACADEMIA, SENIOR GOVERNMENT OFFICIALS, PUBLIC INTEREST ORGANIZATIONS, AND INDUSTRY. DURING CY 2024, FSF SPONSORED MORE THAN FIFTEEN VIDEOS ON TELECOMMUNICATIONS TOPICS. ALL FREE STATE FOUNDATION EVENTS WERE OPEN TO THE PUBLIC, WIDELY COVERED IN THE PRESS, AND VIDEOS AND TRANSCRIPTS OF THE PROCEEDINGS WERE PUBLISHED AND MADE AVAILABLE TO THE PUBLIC.

    Expenses $1,110,689

  • MARYLAND GOVERNMENT LAW AND REFORM PROJECT: THE GOAL OF THIS PROJECT IS TO CONDUCT RESEARCH AND EDUCATIONAL ACTIVITIES THAT PROMOTE POLICIES FOR MARYLAND THAT ARE CONSISTENT WITH FISCAL DISCIPLINE AND WITH A FREE MARKET, LESS REGULATORY DIRECTION. DURING 2024, FSF PUBLISHED ARTICLES AND COMMENTARIES RELATING TO IMPROVING MARYLAND'S FISCAL, ECONOMIC, AND REGULATORY POLICIES, INCLUDING ITS TECHNOLOGY POLICIES, AND ALSO TO REFORMING ITS BUDGET PROCESSES. FREE STATE FOUNDATION SCHOLARS MAINTAIN A BLOG TO INCLUDE COMMENTS ON MARYLAND FISCAL, ECONOMIC, AND REGULATORY ISSUES. DURING 2024, SEVERAL SUBSTANTIVE BLOGS WERE PUBLISHED ON THESE MARYLAND POLICY ISSUES.

    Expenses $8,425

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Randolph J May

    PRESIDENT

    Total calculated
    $443,550
    From this org
    $401,942
    From related orgs
    $0
    Other
    $41,608
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $367,442
    Bonus
    $34,500
    Other
    $0
    Deferred
    $34,500
    Nontaxable benefits
    $7,108
    Filer's total
    $443,550

  • Laurie J May

    SECRETARY/TREASURER

    Total calculated
    $142,371
    From this org
    $128,868
    From related orgs
    $0
    Other
    $13,503
    Hours/week
    24

  • Thomas Tauke

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • William K Keane

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Kenneth Howard

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Andrew Long

    SENIOR FELLOW

    Total calculated
    $181,088
    From this org
    $160,808
    From related orgs
    $0
    Other
    $20,280
    Hours/week
    32

    Schedule J breakdown matched by us

    Base
    $154,208
    Bonus
    $6,600
    Other
    $0
    Deferred
    $16,081
    Nontaxable benefits
    $4,199
    Filer's total
    $181,088

  • Seth Cooper

    DIRECTOR OF POLICY STUDIES

    Total calculated
    $260,066
    From this org
    $230,060
    From related orgs
    $0
    Other
    $30,006
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $219,160
    Bonus
    $10,900
    Other
    $0
    Deferred
    $23,006
    Nontaxable benefits
    $7,000
    Filer's total
    $260,066

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2024
Filed
7 November 2025
IRS schema version
2024v5.2
Source object
202503119349303230

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