2023-03-15T14:19:18-05:00 2022-07-31 366055558 GRANT THORNTON LLP 75 STATE ST 13TH FLOOR BOSTON MA 02109 990 2022-01-01 452883197 VALUE REPORTING FOUNDATION VALU 4158309220 1045 SANSOME STREET 450 SAN FRANCISCO CA 94111 LEE WHITE EXECUTIVE DIRECTOR 4158309220 2023-03-15 1 LEE WHITE XXX-XX-XXXX ERIN COUTURE P01390592 6177237900 0 AAL1 IAL1 2021 2023-04-26 12:10:37Z X MATTHEW WELCH 1045 SANSOME STREET 450 SAN FRANCISCO CA 94111 8802139 0 X WWW.VALUEREPORTINGFOUNDATION.ORG X 2011 CA OUR MISSION IS TO ENSURE THE GLOBAL INFORMATION SYSTEM FOR CAPITAL (CONTINUES ON SCHEDULE O) MARKETS DELIVERS HIGH QUALITY CORPORATE GOVERNANCE AND DISCLOSURES RELEVANT TO ENTERPRISE VALUE CREATION, WHICH SERVES THE PUBLIC INTEREST. TO ACHIEVE THIS WE: - ADVOCATE FOR INTEGRATED THINKING PRINCIPLES - MAINTAIN AND PROMOTE A FRAMEWORK FOR INTEGRATED REPORTING - SET SUSTAINABILITY DISCLOSURE STANDARDS TO COMPLEMENT EXISTING FINANCIAL DISCLOSURE STANDARDS.THE ORGANIZATION MERGED INTO THE INTERNATIONAL FINANCIAL REPORTING STANDARDS FOUNDATION EFFECTIVE JULY 31, 2022 X 39 38 59 50 0 0 11591963 1511167 7809783 4616063 0 0 2416 2674909 19404162 8802139 0 0 0 0 8502882 7923110 2500 0 575936 3872897 2754426 12378279 10677536 7025883 -1875397 22403803 0 7826516 0 14577287 0 X SEE PART I, LINE 1 RESPONSE 0 0 8928636 0 4616063 THE VALUE REPORTING FOUNDATION IS A GLOBAL NONPROFIT ORGANIZATION THAT OFFERS A COMPREHENSIVE SUITE OF RESOURCES DESIGNED TO HELP BUSINESSES AND INVESTORS DEVELOP A SHARED UNDERSTANDING OF ENTERPRISE VALUE - HOW IT IS CREATED, PRESERVED OR ERODED OVER TIME. THE RESOURCES, INCLUDING INTEGRATED THINKING PRINCIPLES, THE INTEGRATED REPORTING FRAMEWORK AND SASB STANDARDS, CAN BE USED ALONE OR IN COMBINATION, DEPENDING ON BUSINESS NEEDS. THESE TOOLS, ALREADY ADOPTED IN OVER 70 COUNTRIES, COMPRISE THE 21ST CENTURY MARKET INFRASTRUCTURE NEEDED TO DEVELOP, MANAGE AND COMMUNICATE STRATEGY THAT CREATES LONG-TERM VALUE AND DRIVES IMPROVED ENVIRONMENTAL, SUSTAINABILITY, AND GOVERNANCE PERFORMANCE. CONTINUED ON SCHEDULE O.THE ORGANIZATION MERGED INTO THE INTERNATIONAL FINANCIAL REPORTING STANDARDS FOUNDATION EFFECTIVE JULY 31, 2022. 8928636 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 1 1 0 0 0 1 17 0 1 59 1 0 1 UK 0 0 0 1 1 0 0 0 0 0 0 X 39 38 1 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 AL AK AR CA CO CT DC FL GA HI IL KS KY LA ME MD MA MI MN MS MO NV NH NJ NM NY NC ND OH OK OR PA RI SC TN UT VA WA WV WI X X MATTHEW WELCH 4158309220 1045 SANSOME STREET 450 SAN FRANCISCO CA 94111 JANINE GUILLOT CEO 40.00 0.00 X X 670828 0 37140 ROBERT STEEL CO-CHAIR 4.00 0.00 X X 0 0 0 MARY SCHAPIRO CO-VICE CHAIR 4.00 0.00 X X 0 0 0 HELEN BRAND CO-VICE CHAIR 4.00 0.00 X X 0 0 0 RICHARD SEXTON CO-CHAIR 4.00 0.00 X X 0 0 0 STEVE GUNDERS TREASURER 4.00 0.00 X X 0 0 0 ALAN BELLER SECRETARY 4.00 0.00 X X 0 0 0 JOE ALLANSON DIRECTOR 2.00 0.00 X 0 0 0 PRU BENNETT DIRECTOR 2.00 0.00 X 0 0 0 RUDOLF BLESS DIRECTOR 2.00 0.00 X 0 0 0 ELSE BOS DIRECTOR 2.00 0.00 X 0 0 0 CATHERINE BRADLEY DIRECTOR 2.00 0.00 X 0 0 0 KOUSHIK CHATTERJEE DIRECTOR 2.00 0.00 X 0 0 0 AUDREY CHOI DIRECTOR 2.00 0.00 X 0 0 0 MICHELLE COLLINS DIRECTOR 2.00 0.00 X 0 0 0 ARON CRAMER DIRECTOR 2.00 0.00 X 0 0 0 DEBORAH DEHAAS DIRECTOR 2.00 0.00 X 0 0 0 JANE DIPLOCK DIRECTOR 2.00 0.00 X 0 0 0 PAUL DRUCKMAN DIRECTOR 2.00 0.00 X 0 0 0 KENNETH GOLDMAN DIRECTOR 2.00 0.00 X 0 0 0 ROBERT HERZ DIRECTOR 2.00 0.00 X 0 0 0 MICHAEL JANTZI DIRECTOR 2.00 0.00 X 0 0 0 CONOR KEHOE DIRECTOR 2.00 0.00 X 0 0 0 TETSUO KITAGAWA DIRECTOR 2.00 0.00 X 0 0 0 IZUMI KOBAYASHI DIRECTOR 2.00 0.00 X 0 0 0 PAULA LOOP DIRECTOR 2.00 0.00 X 0 0 0 ALEXSANDRO BROEDEL LOPES DIRECTOR 2.00 0.00 X 0 0 0 JAMES MCINTIRE DIRECTOR 2.00 0.00 X 0 0 0 BARRY MELANCON DIRECTOR 2.00 0.00 X 0 0 0 DAVID NUSSBAUM DIRECTOR 2.00 0.00 X 0 0 0 UK SINHA DIRECTOR 2.00 0.00 X 0 0 0 ROBERT SWAAK DIRECTOR 2.00 0.00 X 0 0 0 ROY SWAN DIRECTOR 2.00 0.00 X 0 0 0 CHARLES TILLEY DIRECTOR 2.00 8.00 X 0 0 0 LAURA TYSON DIRECTOR 2.00 0.00 X 0 0 0 SARAH WILLIAMSON DIRECTOR 2.00 0.00 X 0 0 0 JAY WILLOUGHBY DIRECTOR 2.00 0.00 X 0 0 0 TAKATOSHI YAMAMOTO DIRECTOR 2.00 0.00 X 0 0 0 CHARLES ZEGAR DIRECTOR 2.00 0.00 X 0 0 0 MATTHEW WELCH PRES/COO 40.00 0.00 X 397993 0 20279 NICOLAI LUNDY CHIEF OF MARKET RELATIONSHIPS 40.00 0.00 X 220838 0 16228 BRYAN ESTERLY CHIEF TECHNICAL OFFICER 40.00 0.00 X 220838 0 20933 MADHU MATHEW DIR OF TECHNOLOGY 40.00 0.00 X 176442 0 20704 BRIAN GOUGHERTY DIRECTOR OF DEVELOPMENT 40.00 0.00 X 151392 0 15956 JAMES MARTIN DIR GLOBAL OUTREACH 40.00 0.00 X 209383 0 30544 2047714 0 161784 33 0 1 0 GRAY BIKE LLC 340 S LEMON AVENUE 2438 WALNUT CA 91789 WEBSITE DESIGN 241567 GRANT THORNTON LLP 75 STATE STREET 13 BOSTON MA 02109 TAX AND AUDIT SERVICES 143550 FLEISHMANHILLARD 720 CALIFORNIA STREET SAN FRANCISCO CA 94109 PUBLIC AFFAIRS ADVISORY 134568 ADLER & COLVIN 135 MAIN STREET 20TH FLOOR SAN FRANCISCO CA 94105 LEGAL SERVICES 130898 SDL INC 201 EDGEWATER DRIVE SUITE 225 WAKEFIELD MA 01880 DIGITAL CONTENT MGMT SYSTEM 100515 5 1511167 1511167 PROGRAM/EARNED INCOME 541200 4616063 4616063 4616063 FORGIVENESS OF DEBT 2678788 2678788 OTHER INCOME 541200 -3879 -3879 2674909 8802139 4616063 0 2674909 1068821 795358 113140 160323 5472327 4908781 266573 296973 424842 344988 55713 24141 470203 334068 137474 -1339 486917 417957 39688 29272 33046 23893 7774 1379 164637 164444 135 58 194227 4329 189898 537956 535499 897 1560 10117 10117 22489 13561 4423 4505 552768 503156 33780 15832 211934 146694 56729 8511 600994 385236 194169 21589 65824 45479 18038 2307 23567 23567 11452 1266 3069 7117 57970 44306 9565 4099 COST OF GOODS SOLD 121424 121424 PRODUCT DEVELOPMENT 117951 117951 MISCELLANEOUS 18370 429 18332 -391 BAD DEBT 9700 9700 10677536 8928636 1172964 575936 565266 0 8905796 0 8843709 0 0 0 0 0 0 498496 0 29615 0 0 0 0 0 3560921 0 22403803 0 491156 2655151 2665461 2014748 0 7826516 0 X 3242748 0 11334539 0 14577287 0 22403803 0 X -1875397 5163 -12707053 X 0 1 X 1 0 X 13346723 3195621 8382917 11591963 1511167 38028391 13346723 3195621 8382917 11591963 1511167 38028391 26887830 11140561 1019 1548 1822 4389 1296 32633 2416 2674909 2711254 40744034 0.27340 0.42010 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2017 AMOUNT: $ 1,296. 2019 AMOUNT: $ 32,633. 2020 AMOUNT: $ 2,416. 2021 AMOUNT: $ -3,879. FORGIVENESS OF DEBT - 2021 AMOUNT: $ 2,678,788. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 10677536 10677536 683877 170969 0 0 572448 641291 768914 683877 2666530 3999795 466719 466719 143112 160323 192229 170969 666633 999950 0 X PART X, LINE 2: VRF IS ORGANIZED AS A CALIFORNIA NONPROFIT CORPORATION AND HAS BEEN RECOGNIZED BY THE IRS AS EXEMPT FROM FEDERAL INCOME TAXES UNDER IRC SECTION 501(A) AS ORGANIZATIONS DESCRIBED IN IRC SECTION 501(C)(3), QUALIFIES FOR THE CHARITABLE CONTRIBUTION DEDUCTION UNDER IRC SECTIONS 170(B)(1)(A)(VI) AND (VIII), AND HAS BEEN DETERMINED NOT TO BE PRIVATE FOUNDATIONS UNDER IRC SECTIONS 509(A)(1) AND (3), RESPECTIVELY. VRF IS ANNUALLY REQUIRED TO FILE A RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FORM 990) WITH THE IRS. VRF IS NOT REQUIRED TO FILE AN EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURN (FORM 990-T) BECAUSE IT HAD NO UNRELATED BUSINESS TAXABLE INCOME FOR THE PERIOD ENDED JULY 31, 2022. VRF HAS RECEIVED NOTIFICATION FROM THE INTERNAL REVENUE SERVICE AND THE STATE OF CALIFORNIA THAT IT QUALIFIES FOR TAX-EXEMPT STATUS UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND SECTION 23701D OF THE CALIFORNIA REVENUE AND TAXATION CODE. THE EXEMPTIONS ARE SUBJECT TO PERIODIC REVIEW BY THE FEDERAL AND STATE TAXING AUTHORITIES AND MANAGEMENT IS CONFIDENT THAT VRF CONTINUES TO SATISFY ALL FEDERAL AND STATE STATUTES IN ORDER TO QUALIFY FOR CONTINUED TAX EXEMPTION STATUS. UNDER ASC 740, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, AN ORGANIZATION MUST RECOGNIZE THE FINANCIAL STATEMENT EFFECTS ASSOCIATED WITH TAX POSITIONS TAKEN FOR TAX RETURN PURPOSE WHEN IT IS MORE LIKELY THAN NOT THE POSITION WILL NOT BE SUSTAINED UPON EXAMINATION BY A TAXING AUTHORITY. VRF DOES NOT BELIEVE IT HAS TAKEN ANY MATERIAL UNCERTAIN TAX POSITIONS AND, ACCORDINGLY, IT HAS NOT RECORDED ANY LIABILITY FOR UNRECOGNIZED TAX POSITIONS. 1 EUROPE (INCLUDING ICELAND & GREENLAND) 2 2 PROGRAM ADVISOR/OUTREACH 101752 NORTH AMERICA 1 1 PROGRAM DATA COMPILATION 85416 3 3 0 0 3 3 187168 0 187168 0 0 0 0 0 0 PART III ACCOUNTING METHOD: PART 1, LINE 2 THE VRF'S REPRESENTATIVES ENGAGE WITH COMPANIES IN THE REGION AND COMPLIE DATA ABOUT COMPANY USE OF SASB STANDARDS. X X X X X 0 1 0 0 0 0 0 1 0 JANINE GUILLOT CEO 270028 0 400800 0 0 0 27000 0 10140 0 707968 0 0 0 MATTHEW WELCH PRES/COO 226880 0 171113 0 0 0 19784 0 495 0 418272 0 0 0 BRYAN ESTERLY CHIEF TECHNICAL OFFICER 167538 0 53300 0 0 0 17360 0 3573 0 241771 0 0 0 JAMES MARTIN DIR GLOBAL OUTREACH 159552 0 49831 0 0 0 18293 0 12251 0 239927 0 0 0 NICOLAI LUNDY CHIEF OF MARKET RELATIONSHIPS 167538 0 53300 0 0 0 12735 0 3493 0 237066 0 0 0 MADHU MATHEW DIR OF TECHNOLOGY 133454 0 42988 0 0 0 20500 0 204 0 197146 0 0 0 BRIAN GOUGHERTY DIRECTOR OF DEVELOPMENT 132425 0 18967 0 0 0 12577 0 3379 0 167348 0 0 0 PART 1 LINE 4A - QUESTIONS REGARDING COMPENSATION CERTAIN LISTED INDIVIDUALS ARE ELIGIBLE FOR RETENTION BONUSES UPON MEETING CERTAIN CONDITIONS AND CONTINUED EMPLOYMENT. AMOUNTS PAID UNDER THIS PLAN ARE INCLUDED IN SCHEDULE J, PART II, COLUMN (B)(II). AMOUNTS INCLUDED IN SCHEDULE J REFLECT AMOUNTS PAID DURING THE PERIOD JANUARY 1, 2022 THROUGH JULY 31, 2022. EFFECTIVE JULY 31, 2022 VRF MERGED INTO INTERNATIONAL FINANCIAL STANDARDS REPORTING FOUNDATION. PART 1, LINE 7 - NON-FIXED PAYMENTS NOT LISTED CERTAIN EMPLOYEES RECEIVED BONUS PAYMENTS IN ACCORDANCE WITH PROVISIONS ESTABLISHED BY THE BOARD OF DIRECTORS. ALL REMAINING ASSETS OF THE ORGANIZATION WERE TRANSFERRED INTO INTERNATIONAL FINANCIAL STANDARDS REPORTING FOUNDATION UPON MERGER 2022-07-31 12707053 BOOK 134164140 INTERNATIONAL FINANCIAL STANDARDS REPORTING FOUNDATION COLUMBUS BUILDING 7 WESTFERRY CIRCL LONDON UK E14 4HD 501(C)(3) 1 1 0 0 1 1 1 1 0 PART II, LINE 2E: PERSON(S) INVOLVED: MICHAEL JANTZI PART II, LINE 2E: EXPLANATION OF INVOLVEMENT: MICHAEL JANTZI SERVED ON VRF'S BOARD OF DIRECTORS AND IS NOW A MEMBER OF THE IFRS FOUNDATION'S INTERNATIONAL SUSTAINABILITY STANDARDS BOARD (ISSB).VRF KEY EMPLOYEES JANINE GUILLOT AND MATTHEW WELCH WERE SUBSEQUENTLY EMPLOYED BY IFRS FOUNDATION FORM 990, PART VI, SECTION A, LINE 1A IN ACCORDANCE WITH COMMON PRACTICE IN THE NONPROFIT COMMUNITY, THE BOARD DELEGATES CERTAIN MATTERS TO VARIOUS COMMITTEES WHICH ARE EMPOWERED TO ACT BETWEEN BOARD MEETINGS IF NECESSARY, AND SOMETIMES WITH SPECIFICALLY DELEGATED AUTHORITY TO ACT IN PARTICULAR AREAS ON BEHALF OF THE FULL BOARD. THE COMPOSITION OF THE VARIOUS COMMITTEES INCLUDES CERTAIN MEMBERS OF THE ORGANIZATION'S BOARD. FORM 990, PART VI, SECTION A, LINE 2 DIRECTORS ROBERT HERZ AND MARY SCHAPIRO ARE ON THE BOARD FOR MORGAN STANLEY AND DIRECTOR AUDREY CHOI IS AN EMPLOYEE OF MORGAN STANLEY. MARY SCHAPIRO WORKS FOR BLOOMBERG LP, WHICH IS RELATED TO BLOOMBERG PHILANTHROPIES (A SEPARATE ENTITY), WHICH IS A MAJOR FUNDER OF VRF. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS PREPARED BY AN OUTSIDE TAX PROFESSIONAL. AFTER A FULL REVIEW, THE FINAL VERSION OF THE TAX RETURN IS PROVIDED TO ALL MEMBERS OF THE SUCCESSOR ORGANIZATION'S VOTING BODY. A REPRESENTATIVE OF MANAGEMENT AUTHORIZES THE FINAL FORM 990 WHICH IS THEN E-FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C MEMBERS OF THE BOARD OF DIRECTORS REVIEW ALL POTENTIAL CONFLICTS OF INTEREST AT LEAST ANNUALLY. ALL PERSONNEL AND BOARD MEMBERS ARE REQUIRED TO DISCLOSE (IN WRITING) POTENTIAL CONFLICTS AND ANY RELATED PARTY AFFILIATIONS. LOANS FROM THE ORGANIZATION TO MANAGEMENT OR DIRECTORS ARE PROHIBITED. THE ORGANIZATION SEEKS FULL TRANSPARENCY ON ALL RELATIONSHIPS. ANY POTENTIAL CONFLICTS (IN FACT OR APPEARANCE) ARE DISCUSSED OPENLY AND RESOLVED IN ACCORDANCE WITH THE ORGANIZATION'S POLICIES AND PROCEDURES. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION OF HIGH-LEVEL PERSONNEL AND KEY EMPLOYEES IS REVIEWED PERIODICALLY BY THE COMPENSATION COMMITTEE OF THE BOARD. EFFORTS ARE MADE TO SECURE COMPENSATION DATA FROM INDUSTRY SOURCES IN ORDER TO DETERMINE COMPETITIVENESS AND APPROPRIATENESS OF SALARIES AND ALL RELATED BENEFITS. ALL DECISIONS ARE THEN DOCUMENTED IN PERSONNEL FILES. THIS COMPENSATION REVIEW WAS LAST PERFORMED IN 2021 BY THE FINANCE AND COMPENSATION COMMITTEE OF THE BOARD. FORM 990, PART VI, SECTION C, LINE 19 ALL OF THE ORGANIZATION'S GOVERNING DOCUMENTS, FINANCIAL STATEMENTS AND OTHER LEGAL FILINGS ARE MAINTAINED IN A SECURE ENVIRONMENT AND HELD AVAILABLE FOR INSPECTION BY TAX AUTHORITITES AND THE GENERAL PUBLIC. TAX RETURNS ARE AVAILABLE TO THE GENERAL PUBLIC FOR DOWNLOAD AT VARIOUS THIRD-PARTY WEBSITES SUCH AS WWW.GUIDESTAR.ORG AND WWW.CHARITYNAVIGATOR.ORG, AMONG OTHERS. TAX RETURNS ARE ALSO AVAILABLE FOR A PHYSICAL INSPECTION AT THE ORGANIZATION'S OFFICE IN SAN FRANCISCO, CALIFORNIA. FORM 990, PART XI, LINE 9: TRANSFER OF ASSETS UPON MERGER -12,707,053. VALUE REPORTING FOUNDATION UK THE HELICON 3RD FLOOR 1 SOUTH PLA LONDON UK ECZM 2RB REPORTING UK VRF 1 IR LONDON LIMITED THE HELICON 3RD FLOOR 1 SOUTH PLA LONDON UK ECZM 2RB REPORTING UK VRF 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0