2022-07-27T09:34:21-05:00 2021-12-31 366055558 GRANT THORNTON LLP 75 STATE ST 13TH FLOOR BOSTON MA 02109 990 2021-01-01 452883197 VALUE REPORTING FOUNDATION VALU 4158309220 1045 SANSOME STREET 450 SAN FRANCISCO CA 94111 MATTHEW WELCH PRESIDENT AND COO 4158309220 2022-07-27 1 MATTHEW WELCH XXX-XX-XXXX ERIN COUTURE P01390592 6177237900 0 AAL1 IAL1 2021 2022-09-23 18:48:47Z X MATTHEW WELCH 1045 SANSOME STREET 450 SAN FRANCISCO CA 94111 19404162 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. 39 37 59 50 0 0 8382917 11591963 4546435 7809783 1822 0 32633 2416 12963807 19404162 0 0 0 0 7055700 8502882 0 2500 644867 2770127 3872897 9825827 12378279 3137980 7025883 14927184 22403803 7297954 7826516 7629230 14577287 X SEE PART I, LINE 1 RESPONSE 1 0 9289299 7812199 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. 9289299 1 1 0 1 0 0 0 0 0 0 1 0 0 1 1 1 0 1 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 26 0 1 59 1 0 1 UK 0 0 0 1 1 0 0 0 0 0 0 X 39 37 1 0 1 0 0 0 0 1 1 0 0 1 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 X JANINE GUILLOT CEO 40.00 0.00 X X 808598 0 36836 MATTHEW WELCH PRES/COO/DIR THRU 5/31 40.00 0.00 X X 335291 0 30393 ROBERT STEEL CHAIR THRU 5/31 CO-CHAIR - 6/1 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 (SEE SCHEDULE O) 2.00 8.00 X 0 166076 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 JEFF COHEN DIR OF CAPITAL MARKETS 40.00 0.00 X 189672 0 18013 NICOLAI LUNDY CHIEF OF MARKET RELATIONSHIPS 40.00 0.00 X 212964 0 32358 BRYAN ESTERLY CHIEF TECHNICAL OFFICER 40.00 0.00 X 208748 0 32351 BRIAN GOUGHERTY DIRECTOR OF DEVELOPMENT 40.00 0.00 X 202117 0 17619 JAMES MARTIN DIR GLOBAL OUTREACH 40.00 0.00 X 168172 0 13911 2125562 166076 181481 33 0 1 0 GRAY BIKE LLC 340 S LEMON AVENUE 2438 WALNUT CA 91789 WEBSITE DESIGN 371844 SDL INC 201 EDGEWATER DRIVE SUITE 225 WAKEFIELD MA 01880 DIGITAL CONTENT MGMT SYSTEM 357575 FLEISHMANHILLARD 720 CALIFORNIA STREET SAN FRANCISCO CA 94109 PUBLIC AFFAIRS ADVISORY 346866 THE 180 GROUP INC 50 DIVISION STREET SUITE 501 SOMERVILLE NJ 08876 EVENT PLANNING 131680 GENSPHIRE 45 MAPLE AVENUE FAIRFAX CA 94930 RECRUITING 111000 6 11591963 11591963 PROGRAMS/EARNED INCOME 541200 7809783 7809783 7809783 OTHER INCOME 541200 2416 2416 2416 19404162 7812199 0 0 1262948 960046 113460 189442 5862731 3873996 1718821 269914 539818 405592 76750 57476 324345 169961 143575 10809 513040 402797 68254 41989 52015 22671 27251 2093 378892 365254 13638 99541 2885 96656 2500 2500 1043233 1011078 25102 7053 29755 29755 36005 16845 12300 6860 1123967 1052084 43526 28357 346262 254558 78195 13509 45917 46851 -934 42637 41300 1337 77635 77635 14618 7558 6362 698 88178 67829 14088 6261 PRODUCT DEVELOPMENT 291603 291603 COST OF GOODS SOLD 268126 268126 MISCELLANEOUS 11834 3331 597 7906 BAD DEBT -77321 -4821 -72500 12378279 9289299 2444113 644867 12378279 9289299 2444113 644867 787412 565266 4402040 8905796 8814105 8843709 245910 498496 426169 396554 44233 29615 633484 3560921 14927184 22403803 335450 491156 1983817 2655151 3000000 2665461 1978687 2014748 7297954 7826516 X -1530408 3242748 9159638 11334539 7629230 14577287 14927184 22403803 X 7025883 412174 -490000 X 0 1 X 1 0 X 7488864 13346723 3195621 8382917 11591963 44006088 7488864 13346723 3195621 8382917 11591963 44006088 25495891 18510197 1588 1019 1548 1822 5977 16168 1296 32633 2416 52513 44064578 16945045 0.42010 0.37730 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2017 AMOUNT: $ 16,168. 2018 AMOUNT: $ 1,296. 2020 AMOUNT: $ 32,633. 2021 AMOUNT: $ 2,416. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 12378279 12378279 768914 192229 0 0 544340 572448 641291 768914 2526993 3790490 466719 466719 136085 143112 160323 192229 631749 947624 324808 324808 0 29477 16813 12664 71884 54933 16951 29615 OTHER LONG TERM ASSETS 3560921 3560921 PAYROLL LIABILITIES 1459280 OTHER CURRENT LIABILITIES 438519 OTHER LONG TERM LIABILITIES 116949 2014748 PART X - FASB ASC 740 FOOTNOTE INCOME TAXES 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 FOUNDATION 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 HAS NO UNRELATED BUSINESS TAXABLE INCOME FOR THE YEAR ENDED DECEMBER 31, 2021. 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 CONTINUES TAX EXEMPTION STATUS. 1 FRANCE 1 1 REPORTING COMPLIANCE SENIOR EU ADVISOR 106275 MEXICO 1 1 REPORTING COMPLIANCE DATA COMPILATION 89185 2 2 0 0 2 2 195460 0 195460 0 0 0 0 0 0 PART I, LINE 2: THE VRF'S REPRESENTATIVES IN FRANCE AND MEXICO ENGAGE WITH COMPANIES IN THE REGION AND COMPILE DATA ABOUT COMPANY USE OF SASB STANDARDS. PART III ACCOUNTING METHOD: X X X X X 0 1 0 1 0 0 0 1 0 JANINE GUILLOT CEO 387384 0 400000 0 21214 0 26000 0 10836 0 845434 0 0 0 MATTHEW WELCH PRES/COO/DIR THRU 5/31 260246 0 65000 0 10045 0 29545 0 848 0 365684 0 0 0 NICOLAI LUNDY CHIEF OF MARKET RELATIONSHIPS 205464 0 0 0 7500 0 26600 0 5758 0 245322 0 0 0 BRYAN ESTERLY CHIEF TECHNICAL OFFICER 201248 0 0 0 7500 0 26429 0 5922 0 241099 0 0 0 BRIAN GOUGHERTY DIRECTOR OF DEVELOPMENT 199522 0 0 0 2595 0 12082 0 5537 0 219736 0 0 0 JEFF COHEN DIR OF CAPITAL MARKETS 136672 0 53000 0 0 0 12140 0 5873 0 207685 0 0 0 JAMES MARTIN DIR GLOBAL OUTREACH 161168 0 0 0 7004 0 7004 0 6907 0 182083 0 0 0 CHARLES TILLEY DIRECTOR (SEE SCHEDULE O) 0 166076 0 0 0 0 0 0 0 0 0 166076 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 ACCRUED IN 2021 ARE INCLUDED IN SCHEDUE J, PART II, COLUMN (C). NO AMOUNTS WERE PAID IN CALENDAR YEAR 2021. PART 1, LINE 7 - NON-FIXED PAYMENTS NOT LISTED CERTAIN EMPLOYEES RECEIVED BONUS PAYMENTS IN ACCORDANCE WITH PROVISIONS ESTABLISHED BY THE BOARD OF DIRECTORS. BLOOMBERG PHILANTHROPIES FORMER CHAIR OPERATIONS AND RELATIONSHIP FORMER CHAIR X 3000000 2665461 0 1 1 2665461 FORM 990, PART III, LINE 2 MID YEAR THE SASB FOUNDATION AND IIRC MERGED TO CREATE THE VALUE REPORTING FOUNDATION, CONTINUING AND INTEGRATING THE PROGRAMS OF BOTH ORGANIZATIONS. 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 SASB AND VRF. FORM 990, PART VI, SECTION A, LINE 4 AS A RESULT OF THE MERGER THAT OCCURRED IN 2021, VRF REVISED ITS ARTICLES OF INCORPORATION AND BYLAWS IN MAY TO REFLECT: - CHANGE OF NAME TO VALUE REPORTING FOUNDATION - UPDATE CERTAIN FUNCTIONS OF THE BOARD - UPDATE ELECTION PROCESS FOR BOARD MEMBERS - UPDATE TO PROVIDE CHAIR OF COUNCIL AND CEO WILL BE EX OFFICIO BOARD MEMBERS - UPDATE TERM LIMITS FOR DIRECTORS - UPDATE COMMITTEES INCLUDING ESTABLISHING EXECUTIVE COMMITTEE, NOMINATING COMMITTEE, AUDIT COMMITTEE AND FINANCIAL AND COMPENSATION COMMITTEE. - PROVIDE FOR ESTABLISHMENT OF THE STANDARDS BOARD AND FRAMEWORK BOARD - ESTABLISH TRANSACTIONS THAT REQUIRE SUPER MAJORITY BOARD VOTE FOR APPROVAL FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS PREPARED BY AN OUTSIDE TAX PROFESSIONAL. THE FORM IS THEN REVIEWED BY THE ORGANIZATION'S MANAGEMENT, THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS, AND THE PRESIDENT. THIS GROUP OF INDIVIDUALS THEN DISCUSSES THE CONTENTS OF THE RETURN WITH THE OUTSIDE TAX PROFESSIONAL. AFTER A FULL REVIEW, THE FINAL VERSION OF THE TAX RETURN IS PROVIDED TO ALL MEMBERS OF THE 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 VII: MR. CHARLES TILLEY IS COMPENSATED BY A RELATED ORGANIZATION AS A SPECIAL ADVISOR TO THE CEO. HE IS NOT COMPENSATED AS A BOARD MEMBER OF VALUE REPORTING FOUNDATION. AS PROVIDED FOR IN THE INSTRUCTIONS FOR FORM 990, THE LISTING OF INDIVIDUALS AND DISCLOSURE OF COMPENSATION IN PART VII IS LIMITED TO OFFICERS, DIRECTORS, KEY EMPLOYEES AND HIGHEST COMPENSATED OF THE VRF FOUNDATION (US REPORTING ENTITY). CHARLES TILLEY'S COMPENSATION AT A RELATED UK ENTITY IS DISCLOSED GIVEN HIS STATUS AS A DIRECTOR OF THE US REPORTING ENTITY. FORM 990, PART XI, LINE 9: RELEASE FROM RESTRICTION -490,000. 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 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 VALUE REPORTING FOUNDATION UK B 293730 CASH