State Financial Officers Foundation Inc

Nonprofit profile at a glance

EIN
462604771
IRS 990 coverage
2015–2024
Forms available
Form 990 2024, Form 990-T 2020
Location
Shawnee, KS, USA
Phone
8668160873
Rating
71
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Adult, Continuing Education

Official website

Reported finances

Revenue
$2,916,605
Expenses
$3,021,772
Assets
$736,981
Liabilities
$829

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

12 people listed

Executive titles in this filing

  • Derek Kreifels (CEO)
  • OJ Oleka (CEO)
  • Bridgett Wagner (Vice President)
  • Seth Metcalf (President)

Highest reported compensation

  • Derek Kreifels (CEO): $275,297 total reported compensation
  • Noah Wall (EVP Policy & Government Affairs): $225,000 total reported compensation
  • Melanie Kreifels (Dir of Operations): $122,083 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To promote free market and free enterprise principles, educate both the public and state financial officers on the role of responsible financial management in a free market economy, and develop educational forums and communication plans among them.

What it reported doing in 2024

SFOF held two national conferences, which bring together state financial officers, leaders from the private sector, and academia for roundtable discussions and panels on a variety of financial and fiscal policy matters. SFOF's Center for Economic Freedom is an extension of SFOF's research and messaging capabilities, and fills a critical gap in the policy research space by compiling key information around ESG investing in public pensions and other taxpayer-funded investment vehicles. The Center for Economic Freedom's work is focused on three key areas: Researching ESG, promoting fiduciary responsibility, and driving transparency and accountability. In 2024, the Center is conducting research that will educate the public about the risks associated with ESG and what can be done to stop it.

Operating model

Revenue model
Donor-supported. 97% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 64
  • Transparency & Controls: 74
  • Accountability: 83
  • Sustainability: 25
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 69.5%; rating input score 70
  • Program expense ratio: 67%; rating input score 67
  • Fundraising efficiency: $5.84 raised per $1 spent on fundraising; rating input score 21; 21st percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 88.9%; rating input score 89; 20th percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -3.6%; rating input score 23; 23rd percentile among comparable filings
  • Total-asset coverage ratio: 0.24; rating input score 7; 7th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 92; 92nd percentile among comparable filings
  • Officer compensation ratio: 22.5%; rating input score 10; 10th percentile among comparable filings

Growth

  • Program expense growth: 26.4% per year; rating input score 100; 90th percentile among comparable filings
  • Revenue growth: 25% per year; rating input score 100; 92nd percentile among comparable filings
  • Asset growth: 31.3% per year; rating input score 100; 94th percentile among comparable filings

Details

  • Where the money goes: 69.5% of revenue deployed · 67% of spending went to programs
  • Governance: 8 of 9 board members independent · 6 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $2M in reported program spending
  • Leadership: top reported pay $275K · 12 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 28 of 28 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 9 filing years from 2015 to 2024
  • Contacts: How to reach this organization
  • Money network: 4 filed money-flow records
  • Related organizations: Filed and resolved organization relationships.
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Fundraising efficiency scored 21/100.
  • High — Sustainability: Operating margin scored 23/100.
  • High — Sustainability: Total-asset coverage ratio scored 7/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Sustainability: Officer compensation ratio scored 10/100.