The Folded Flag Foundation

Nonprofit profile at a glance

EIN
465371845
IRS 990 coverage
2014–2024
Forms available
Form 990 2024
Location
Las Vegas, NV, USA
Phone
8442042856
Rating
87
Verdict
STRONG
Rating confidence
Moderate
Sector
Public, Society Benefit N.E.C.

Official website

Reported finances

Revenue
$4,677,468
Expenses
$5,458,921
Assets
$11,039,659
Liabilities
$30,250

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

Leadership & pay

21 people listed

Executive titles in this filing

  • KIM FRANK (PRESIDENT)

People named in this filing

  • WILLIAM P FOLEY II (CHAIRMAN)
  • FRED SCHREMP (VICE CHAIRMAN)
  • PETER SADOWSKI (SECRETARY)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

The mission of the folded flag foundation is to provide scholarships and educational support grants to the spouses and children of the united states military and government personnel who died as a result of hostile action or in an accident related to u.s. Combat operations.

What it reported doing in 2024

In its eleventh year of operations, the folded flag foundation awarded 1,073 scholarships to qualifying individuals totaling $4,545,917 throughout the united states. The recipients of the scholarships for the 2024-2025 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.

Operating model

Revenue model
Donor-supported. 76% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 96% of its reported program spending out as grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - 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 some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 91
  • Accountability: 88
  • Sustainability: 43
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 87.2%; rating input score 87
  • Fundraising efficiency: $6.38 raised per $1 spent on fundraising; rating input score 23; 23rd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 94.7%; rating input score 95; 25th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 5 of 7 controls in place; rating input score 71
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -16.7%; rating input score 8; 8th percentile among comparable filings
  • Total-asset coverage ratio: 2.02; rating input score 62; 62nd percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 90; 90th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 91; 91st percentile among comparable filings

Growth

  • Program expense growth: 22% per year; rating input score 100; 87th percentile among comparable filings
  • Revenue growth: 9.7% per year; rating input score 100; 67th percentile among comparable filings
  • Asset growth: 12.2% per year; rating input score 100; 66th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 87.2% of spending went to programs
  • Governance: 20 of 20 board members independent · 5 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $4.8M in reported program spending
  • Leadership: top reported pay $0 · 21 people listed
  • Highest-paid contractors: 1 contractor listed · $116K reported
  • Consistency: 31 of 32 current checks pass · 1 finding to review
  • Schedules: 7 filed schedules · includes major donors and grants
  • Filing history: 10 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Money network: Resolved incoming and outgoing counterparties from filed money flows.
  • 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

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

  • High — Financial Efficiency: Fundraising efficiency scored 23/100.
  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • High — Sustainability: Operating margin scored 8/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.