SEAL FUTURE FOUNDATION INC: Form 990EZ, tax year 2015
View the entire original 990 at ProPublica ↗
- Organization
- SEAL FUTURE FOUNDATION INC (EIN 46-0565393)
- Tax period
- 2015-01-01 to 2015-12-31
- Filed
- 2016-11-15
- IRS object ID
- 201613209349204041
- Schema version
- 2015v2.1
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2016-11-15T14:41:59-06:00 | ReturnTs |
| Tax Period End | 2015-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 390859910 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | BAKER TILLY VIRCHOW KRAUSE LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1650 MARKET STREET SUITE 4500 | AddressLine1Txt |
| City | PHILADELPHIA | CityNm |
| State Abbreviation | PA | StateAbbreviationCd |
| ZIP | 19103 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990EZ | ReturnTypeCd |
| Tax Period Begin | 2015-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 460565393 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | SEAL FUTURE FUND INC | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | SEAL | BusinessNameControlTxt |
| Phone | 6464792294 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1 ASTOR PLACE NO 6B | AddressLine1Txt |
| City | NEW YORK | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 10003 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | YENIENEH YESUS | PersonNm |
| Person Title | SECRETARY/TREASURER | PersonTitleTxt |
| Phone | 6464792294 | PhoneNum |
| Signature | 2016-11-15 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | JULIUS C GREEN CPA | PreparerPersonNm |
| PTIN | P00350393 | PTIN |
| Phone | 2159720701 | PhoneNum |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2015 | TaxYr |
| Build TS | 2017-02-10 21:41:12Z | BuildTS |
Form 990-EZ IRS990EZ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Method Of Accounting Cash | Yes (X) | MethodOfAccountingCashInd |
| Website Address | WWW.SEALFUTUREFUND.ORG | WebsiteAddressTxt |
| Organization501c3 | Yes (X) | Organization501c3Ind |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Gross Receipts | $166,155 | GrossReceiptsAmt |
| Info In Schedule O Part I | Yes (X) | InfoInScheduleOPartIInd |
| Contributions Gifts Grants Etc | $143,948 | ContributionsGiftsGrantsEtcAmt |
| Fundraising Gross Income | $21,423 | FundraisingGrossIncomeAmt |
| Special Events Direct Expenses | $16,133 | SpecialEventsDirectExpensesAmt |
| Special Events Net Income Loss | $5,290 | SpecialEventsNetIncomeLossAmt |
| Other Revenue Total | $784 | OtherRevenueTotalAmt |
| Total Revenue | $150,022 | TotalRevenueAmt |
| Grants And Similar Amounts Paid | $105,000 | GrantsAndSimilarAmountsPaidAmt |
| Salaries Other Comp Empl Bnft | $27,000 | SalariesOtherCompEmplBnftAmt |
| Fees And Other Pymt To Ind Cntrct | $1,100 | FeesAndOtherPymtToIndCntrctAmt |
| Occupancy Rent Utlts And Maint | $26,078 | OccupancyRentUtltsAndMaintAmt |
| Other Expenses Total | $50,439 | OtherExpensesTotalAmt |
| Total Expenses | $209,617 | TotalExpensesAmt |
| Excess Or Deficit For Year | -$59,595 | ExcessOrDeficitForYearAmt |
| Net Assets Or Fund Balances BOY | $79,471 | NetAssetsOrFundBalancesBOYAmt |
| Other Changes In Net Assets | $0 | OtherChangesInNetAssetsAmt |
| Net Assets Or Fund Balances EOY | $19,876 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part II | Yes (X) | InfoInScheduleOPartIIInd |
Cash Savings And Investments CashSavingsAndInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $65,082 | BOYAmt |
| EOY | $16,565 | EOYAmt |
Other Assets Total Detail OtherAssetsTotalDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $14,389 | BOYAmt |
| EOY | $8,311 | EOYAmt |
Form990 Total Assets Form990TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $79,471 | BOYAmt |
| EOY | $24,876 | EOYAmt |
Sum Of Total Liabilities SumOfTotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $5,000 | EOYAmt |
Net Assets Or Fund Balances NetAssetsOrFundBalancesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $79,471 | BOYAmt |
| EOY | $19,876 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Primary Exempt Purpose | THE SEAL FUTURE FUND'S (SFF) MISSION IS TO PROVIDE RESOURCES TO EQUIP ACTIVE DUTY AND VETERAN NAVY SEALS FOR SUCCESS IN THE CIVILIAN WORLD. | PrimaryExemptPurposeTxt |
Program Srvc Accomplishment ProgramSrvcAccomplishmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description Program Srvc Accom | THE MISSION OF SFF IS TO PROVIDE RESOURCES TO EQUIP ACTIVE DUTY, RETIRED, AND VETERAN NAVY SEALS FOR SUCCESS IN THE CIVILIAN WORLD.THE FOUNDERS OF SFF IDENTIFIED SEVERAL FINANCIAL, PROFESSIONAL, AND CULTURAL CHALLENGES THAT SEALS FACE WHEN TRANSITIONING TO CIVILIAN LIFE. THEY ALSO RECOGNIZED THAT THE SEAL COMMUNITY IS FILLED WITH EXCEPTIONALLY TALENTED INDIVIDUALS WHO HAVE BEEN TESTED AND PROVEN UNDER EXTREME CONDITIONS. WITH HELP, THESE INDIVIDUALS REPRESENT A TALENT POOL THAT IS TO DATE LARGELY UNDERUTILIZED BY CIVILIAN INSTITUTIONS.SFF WORKS TO ACHIEVE ITS MISSION BY IDENTIFYING THE KEY POINTS OF FRICTION IN THIS TRANSITION AND DEVELOPING PROGRAMS TO HELP GUIDE SEALS PAST THEM. SFF PROVIDES:EDUCATIONAL ASSISTANCEINDUSTRY EXPOSUREPROFESSIONAL NETWORKINGEDUCATIONAL ASSISTANCEIN THE FIRST QUARTER OF 2015, SFF PAID ITS FIRST ROUND OF SCHOLARSHIPS FROM 2014: NINE $5,000 SCHOLARSHIPS TO ACTIVE AND VETERAN SEALS WHO WERE ENROLLED IN QUALIFYING EDUCATIONAL INSTITUTIONS FOR THE 2014-2015 SCHOOL YEAR. FOR THE 2015 SCHOLARSHIP, SFF DOUBLED THE AWARD AMOUNT TO UP TO $10,000 PER SCHOLARSHIP, AND PAID SIX OF THE TEN FOR THE YEAR. SFF RECEIVED OVER TWICE AS MANY APPLICATIONS FOR 2015'S SCHOLARSHIP VERSUS 2014'S.INDUSTRY EXPOSURE & PROFESSIONAL NETWORKINGTWO OF THE KEY FRICTIONS IN A VETERAN'S TRANSITION ARE THEIR LACK OF CIVILIAN INDUSTRY EXPOSURE AND THEIR LACK OF A PROFESSIONAL NETWORK OUTSIDE OF THE NAVY. A SEAL WHO HAS SPENT TEN YEARS IN THE NAVY DOES NOT KNOW THE FULL RANGE OF CAREERS AVAILABLE TO HIM WHEN HE LEAVES THE SERVICE, AND HE HAS NOT BUILT UP A NETWORK OF CONTACTS.IN THE SUMMER OF 2015, THE SFF WORKED WITH CITIGROUP TO HOST A WORKSHOP ON CAREERS IN FINANCE FOR VETERANS. SFF ALSO WORKED WITH THE PHILANTHROPIC FOUNDATION, ANOTHER NEW YORK BASED 501(C)3, TO HOST A NETWORKING EVENT FEATURING ACTIVE DUTY SEALS IN UNIFORM MEETING WITH A WIDE RANGE OF FINANCE PROFESSIONALS.IN THE FOURTH QUARTER OF 2015, SFF ESTABLISHED A PRESENCE IN THE SAN DIEGO METRO AREA, WHERE IT HOSTED NETWORKING EVENTS FOR LOCAL SEALS AND BUSINESS PEOPLE LOOKING TO HIRE VETERANS. | DescriptionProgramSrvcAccomTxt |
| Grants And Allocations | $105,000 | GrantsAndAllocationsAmt |
| Program Service Expenses | $122,704 | ProgramServiceExpensesAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Expenses | $122,704 | TotalProgramServiceExpensesAmt |
Officer Director Trustee Empl OfficerDirectorTrusteeEmplGrp (10 entries)
| TitleTitleTxt | Average Hrs Per Wk Devoted To PosAverageHrsPerWkDevotedToPosRt | CompensationCompensationAmt | Employee Benefit ProgramEmployeeBenefitProgramAmt | Expense Account Other AllwncExpenseAccountOtherAllwncAmt |
|---|---|---|---|---|
| MICHAEL J FERRUCCI | ||||
| DIRECTOR | 1.00 | $0 | $0 | $0 |
| JEFF BOSS | ||||
| DIRECTOR | 1.00 | $0 | $0 | $0 |
| JASON LARSON | ||||
| DIRECTOR | 1.00 | $0 | $0 | $0 |
| JAKE BULLOCK | ||||
| DIRECTOR | 1.00 | $0 | $0 | $0 |
| JAY CECIL | ||||
| DIRECTOR | 1.00 | $0 | $0 | $0 |
| DUSTIN P BRANCH | ||||
| DIRECTOR | 1.00 | $0 | $0 | $0 |
| BRIAN MARTELLI | ||||
| CHAIRMAN | 40.00 | $4,000 | $0 | $0 |
| JONATHAN WILSON | ||||
| VICE PRESIDENT | 5.00 | $0 | $0 | $0 |
| WILLIAM MCCUEN | ||||
| PRESIDENT | 2.00 | $0 | $0 | $0 |
| YENIENEH YESUS | ||||
| MANAGING DIRECTOR | 20.00 | $23,000 | $0 | $0 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part V | Yes (X) | InfoInScheduleOPartVInd |
| Activities Not Previously Rpt | 0 | ActivitiesNotPreviouslyRptInd |
| Chg Made To Orgnzng Doc Not Rpt | Yes (1) | ChgMadeToOrgnzngDocNotRptInd |
| Organization Had UBI | 0 | OrganizationHadUBIInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Organization Dissolved Etc | 0 | OrganizationDissolvedEtcInd |
| Direct Indirect Pltcl Expend | $0 | DirectIndirectPltclExpendAmt |
| Made Loans To From Officers | Yes (1) | MadeLoansToFromOfficersInd |
| Loans To From Officers | $5,000 | LoansToFromOfficersAmt |
| Tax Imposed Under IRC4911 | $0 | TaxImposedUnderIRC4911Amt |
| Tax Imposed Under IRC4912 | $0 | TaxImposedUnderIRC4912Amt |
| Tax Imposed Under IRC4955 | $0 | TaxImposedUnderIRC4955Amt |
| Engaged In Excess Benefit Trans | 0 | EngagedInExcessBenefitTransInd |
| Tax Imposed On Organization Mgr | $0 | TaxImposedOnOrganizationMgrAmt |
| Tax Reimbursed By Organization | $0 | TaxReimbursedByOrganizationAmt |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| States Where Copy Of Return Is Fld | NY | StatesWhereCopyOfReturnIsFldCd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | YENIENEH YESUS | BusinessNameLine1Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1 ASTOR PLACE SUITE 6B | AddressLine1Txt |
| City | NEW YORK | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 10003 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 9732147189 | PhoneNum |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Donor Advised Fnds | 0 | DonorAdvisedFndsInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Tanning Services Provided | 0 | TanningServicesProvidedInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Lobbying Activities | 0 | LobbyingActivitiesInd |
| School Operating | 0 | SchoolOperatingInd |
| Trnsfr Exmpt Non Chrtbl Rltd Org | 0 | TrnsfrExmptNonChrtblRltdOrgInd |
| Part VI Of Comp Of Hghst Pd Empl | NONE | PartVIOfCompOfHghstPdEmplTxt |
| Part VI Hghst Pd Cntrct Prof Srvc | NONE | PartVIHghstPdCntrctProfSrvcTxt |
| Filed Schedule A | Yes (1) | FiledScheduleAInd |
Schedule A IRS990ScheduleA
| Field | Value | IRS element (for citing) |
|---|---|---|
| Public Organization170 | Yes (X) | PublicOrganization170Ind |
Gifts Grants Contri Rcvd170 GiftsGrantsContriRcvd170Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus3 Years | $15,348 | CurrentTaxYearMinus3YearsAmt |
| Current Tax Year Minus2 Years | $82,676 | CurrentTaxYearMinus2YearsAmt |
| Current Tax Year Minus1 Year | $66,083 | CurrentTaxYearMinus1YearAmt |
| Current Tax Year | $143,948 | CurrentTaxYearAmt |
| Total | $308,055 | TotalAmt |
Total Calendar Year170 TotalCalendarYear170Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus3 Years | $15,348 | CurrentTaxYearMinus3YearsAmt |
| Current Tax Year Minus2 Years | $82,676 | CurrentTaxYearMinus2YearsAmt |
| Current Tax Year Minus1 Year | $66,083 | CurrentTaxYearMinus1YearAmt |
| Current Tax Year | $143,948 | CurrentTaxYearAmt |
| Total | $308,055 | TotalAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Substantial Contributors Tot | $114,734 | SubstantialContributorsTotAmt |
| Public Support Total170 | $193,321 | PublicSupportTotal170Amt |
Other Income170 OtherIncome170Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus1 Year | $1,080 | CurrentTaxYearMinus1YearAmt |
| Current Tax Year | $784 | CurrentTaxYearAmt |
| Total | $1,864 | TotalAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Support | $309,919 | TotalSupportAmt |
| First5 Years170 | Yes (X) | First5Years170Ind |
Form990 Schedule A Part VI Form990ScheduleAPartVIGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: | FormAndLineReferenceDesc |
| Explanation | MERCHANDISE REVENUE - 2014 AMOUNT: $ 1,080. 2015 AMOUNT: $ 72. OTHER EVENTS REVENUE - 2015 AMOUNT: $ 712. | ExplanationTxt |
Schedule B IRS990ScheduleB
Contributor Information ContributorInformationGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contributor | RESTRICTED | ContributorNum |
Contributor Business Name ContributorBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RESTRICTED | BusinessNameLine1 |
Contributor US Address ContributorUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | RESTRICTED | AddressLine1 |
| Address Line2 | RESTRICTED | AddressLine2 |
| City | RESTRICTED | City |
| State | RESTRICTED | State |
| ZIP Code | RESTRICTED | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Contributions | RESTRICTED | TotalContributionsAmt |
Schedule G IRS990ScheduleG
Fundraising Event Information FundraisingEventInformationGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Event1 | CLEVELAND HONORS OUR HEROES | Event1Nm |
| Gross Receipts Event1 | $82,487 | GrossReceiptsEvent1Amt |
| Charitable Contri Event1 | $61,064 | CharitableContriEvent1Amt |
| Gross Revenue Event1 | $21,423 | GrossRevenueEvent1Amt |
| Non Cash Prizes Event1 | $1,412 | NonCashPrizesEvent1Amt |
| Rent Facility Costs Event1 | $10,381 | RentFacilityCostsEvent1Amt |
| Entertainment Event1 | $2,019 | EntertainmentEvent1Amt |
| Other Direct Expenses Event1 | $2,321 | OtherDirectExpensesEvent1Amt |
| Gross Receipts Total | $82,487 | GrossReceiptsTotalAmt |
| Charitable Contributions Tot | $61,064 | CharitableContributionsTotAmt |
| Gross Revenue Total Events | $21,423 | GrossRevenueTotalEventsAmt |
| Non Cash Prizes Total Events | $1,412 | NonCashPrizesTotalEventsAmt |
| Rent Fclty Costs Total Events | $10,381 | RentFcltyCostsTotalEventsAmt |
| Entertainment Total Events | $2,019 | EntertainmentTotalEventsAmt |
| Oth Direct Expnss Total Events | $2,321 | OthDirectExpnssTotalEventsAmt |
| Direct Expense Summary Events | $16,133 | DirectExpenseSummaryEventsAmt |
| Net Income Summary | $5,290 | NetIncomeSummaryAmt |
Schedule L IRS990ScheduleL
Loans Btwn Org Interested Prsn LoansBtwnOrgInterestedPrsnGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | BRIAN D MARTELLI | PersonNm |
| Relationship With Org | CHAIRMAN OF THE BOARD | RelationshipWithOrgTxt |
| Loan To Organization | Yes (X) | LoanToOrganizationInd |
| Original Principal | $5,000 | OriginalPrincipalAmt |
| Balance Due | $5,000 | BalanceDueAmt |
| Default | 0 | DefaultInd |
| Board Or Committee Approval | 0 | BoardOrCommitteeApprovalInd |
| Written Agreement | 0 | WrittenAgreementInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Balance Due | $5,000 | TotalBalanceDueAmt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (21 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990-EZ, PART I, LINE 8 - OTHER REVENUE | DESCRIPTION: MERCHANDISE REVENUE. AMOUNT: 72. DESCRIPTION: OTHER EVENTS REVENUE. AMOUNT: 712. TOTAL TO FORM 990-EZ, LINE 8: 784. |
| FORM 990-EZ, PART I, LINE 10 - GRANTS AND SIMILAR AMOUNTS PAID | ACTIVITY CLASSIFICATION: SCHOLARSHIP. GRANTEE NAME: INDIVIDUAL. DATE OF GIFT: 12/31/15. AMOUNT GIVEN: 10,000. |
| FORM 990-EZ, PART I, LINE 10 - GRANTS AND SIMILAR AMOUNTS PAID | ACTIVITY CLASSIFICATION: SCHOLARSHIP. GRANTEE NAME: INDIVIDUAL. DATE OF GIFT: 12/31/15. AMOUNT GIVEN: 10,000. |
| FORM 990-EZ, PART I, LINE 10 - GRANTS AND SIMILAR AMOUNTS PAID | ACTIVITY CLASSIFICATION: SCHOLARSHIP. GRANTEE NAME: INDIVIDUAL. DATE OF GIFT: 12/31/15. AMOUNT GIVEN: 10,000. |
| FORM 990-EZ, PART I, LINE 10 - GRANTS AND SIMILAR AMOUNTS PAID | ACTIVITY CLASSIFICATION: SCHOLARSHIP. GRANTEE NAME: INDIVIDUAL. DATE OF GIFT: 12/31/15. AMOUNT GIVEN: 10,000. |
| FORM 990-EZ, PART I, LINE 10 - GRANTS AND SIMILAR AMOUNTS PAID | ACTIVITY CLASSIFICATION: SCHOLARSHIP. GRANTEE NAME: INDIVIDUAL. DATE OF GIFT: 12/31/15. AMOUNT GIVEN: 10,000. |
| FORM 990-EZ, PART I, LINE 10 - GRANTS AND SIMILAR AMOUNTS PAID | ACTIVITY CLASSIFICATION: SCHOLARSHIP. GRANTEE NAME: INDIVIDUAL. DATE OF GIFT: 12/31/15. AMOUNT GIVEN: 10,000. |
| FORM 990-EZ, PART I, LINE 10 - GRANTS AND SIMILAR AMOUNTS PAID | ACTIVITY CLASSIFICATION: SCHOLARSHIP. GRANTEE NAME: INDIVIDUAL. DATE OF GIFT: 03/03/15. AMOUNT GIVEN: 5,000. |
| FORM 990-EZ, PART I, LINE 10 - GRANTS AND SIMILAR AMOUNTS PAID | ACTIVITY CLASSIFICATION: SCHOLARSHIP. GRANTEE NAME: INDIVIDUAL. DATE OF GIFT: 02/12/15. AMOUNT GIVEN: 5,000. |
| FORM 990-EZ, PART I, LINE 10 - GRANTS AND SIMILAR AMOUNTS PAID | ACTIVITY CLASSIFICATION: SCHOLARSHIP. GRANTEE NAME: INDIVIDUAL. DATE OF GIFT: 02/11/15. AMOUNT GIVEN: 5,000. |
| FORM 990-EZ, PART I, LINE 10 - GRANTS AND SIMILAR AMOUNTS PAID | ACTIVITY CLASSIFICATION: SCHOLARSHIP. GRANTEE NAME: INDIVIDUAL. DATE OF GIFT: 01/29/15. AMOUNT GIVEN: 5,000. |
| FORM 990-EZ, PART I, LINE 10 - GRANTS AND SIMILAR AMOUNTS PAID | ACTIVITY CLASSIFICATION: SCHOLARSHIP. GRANTEE NAME: INDIVIDUAL. DATE OF GIFT: 01/27/15. AMOUNT GIVEN: 5,000. |
| FORM 990-EZ, PART I, LINE 10 - GRANTS AND SIMILAR AMOUNTS PAID | ACTIVITY CLASSIFICATION: SCHOLARSHIP. GRANTEE NAME: INDIVIDUAL. DATE OF GIFT: 01/20/15. AMOUNT GIVEN: 5,000. |
| FORM 990-EZ, PART I, LINE 10 - GRANTS AND SIMILAR AMOUNTS PAID | ACTIVITY CLASSIFICATION: SCHOLARSHIP. GRANTEE NAME: INDIVIDUAL. DATE OF GIFT: 01/13/15. AMOUNT GIVEN: 5,000. |
| FORM 990-EZ, PART I, LINE 10 - GRANTS AND SIMILAR AMOUNTS PAID | ACTIVITY CLASSIFICATION: SCHOLARSHIP. GRANTEE NAME: INDIVIDUAL. DATE OF GIFT: 01/12/15. AMOUNT GIVEN: 5,000. |
| FORM 990-EZ, PART I, LINE 10 - GRANTS AND SIMILAR AMOUNTS PAID | ACTIVITY CLASSIFICATION: SCHOLARSHIP. GRANTEE NAME: INDIVIDUAL. DATE OF GIFT: 01/12/15. AMOUNT GIVEN: 5,000. TOTAL INCLUDED ON FORM 990-EZ, LINE 10: 105,000. |
| FORM 990-EZ, PART I, LINE 14 | DESCRIPTION: DEPRECIATION/AMORTIZATION. AMOUNT: 6,078. DESCRIPTION: OTHER EXPENSES. AMOUNT: 20,000. TOTAL TO FORM 990-EZ, LINE 14: 26,078. |
| FORM 990-EZ, PART I, LINE 16 - OTHER EXPENSES | DESCRIPTION: EVENT EXPENSES. AMOUNT: 28,102. DESCRIPTION: NETWORKING EVENTS. AMOUNT: 3,883. DESCRIPTION: BUSINESS DEVELOPMENT. AMOUNT: 534. DESCRIPTION: TRAVEL EXPENSES. AMOUNT: 7,804. DESCRIPTION: SAAS EXPENSES. AMOUNT: 3,973. DESCRIPTION: WEBSITE EXPENSES. AMOUNT: 64. DESCRIPTION: GRAPHIC DESIGN. AMOUNT: 1,430. DESCRIPTION: OFFICE EXPENSES. AMOUNT: 566. DESCRIPTION: ADMINISTRATIVE FEES. AMOUNT: 33. DESCRIPTION: OTHER EXPENSES. AMOUNT: 4,050. TOTAL TO FORM 990-EZ, LINE 16: 50,439. |
| FORM 990-EZ, PART II, LINE 24 - OTHER ASSETS | DESCRIPTION: OTHER DEPRECIABLE ASSETS. BEG. OF YEAR AMOUNT: 14,389. END OF YEAR AMOUNT: 8,311. |
| FORM 990-EZ, PART II, LINE 26 - OTHER LIABILITIES | DESCRIPTION: DUE TO BOARD MEMBER. BEG. OF YEAR AMOUNT: 0. END OF YEAR AMOUNT: 5,000. |
| FORM 990-EZ, PART V, LINE 34, | NUMBER OF DIRECTORS: PARAGRAPH 2 OF ARTICLE II OF THE BYLAWS OF THE CORPORATION STATES THAT THE NUMBER OF DIRECTORS CONSTITUTING THE ENTIRE BOARD OF DIRECTORS SHALL BE AT LEAST THREE AND MAY BE FIXED FROM TIME TO TIME BY ACTION OF THE DIRECTORS. IN CONSIDERATION OF THE ABOVE, THE BOARD OF DIRECTORS APPROVED THE INCREASE OF THE NUMBER OF DIRECTORS OF THE CORPORATION FROM EIGHT (8) TO NINE (9). ADOPTION OF SCHOLARSHIP PROGRAM: THE BOARD OF DIRECTORS ACKNOWLEDGED THE FOLLOWING: THE CORPORATION'S MISSION IS TO PROVIDE EDUCATION AND FINANCIAL SUPPORT FOR ACTIVE DUTY, RETIRED, AND VETERAN MEMBERS OF THE NAVY SEALS AND THEIR IMMEDIATE FAMILY MEMBERS. IT IS DEEMED IN THE BEST INTERESTS OF THE CORPORATION TO ADOPT A FORMAL SCHOLARSHIP PROGRAM TO GOVERN THE SCHOLARSHIP GRANT-MAKING ACTIVITY UNDERTAKEN BY THE CORPORATION IN FURTHERANCE OF ITS MISSION. IN CONSIDERATION OF THE ABOVE, THE BOARD OF DIRECTORS APPROVED AND ADOPTED THE SCHOLARSHIP PROGRAM TO GOVERN THE SCHOLARSHIP GRANT-MAKING ACTIVITY UNDERTAKEN BY THE CORPORATION IN FURTHERANCE OF ITS MISSION. DESIGNATION OF SCHOLARSHIP COMMITTEE: THE BOARD OF DIRECTORS ACKNOWLEDGED THE FOLLOWING: PARAGRAPH 5 OF ARTICLE II OF THE BYLAWS OF THE CORPORATION STATES THAT THE BOARD OF DIRECTORS MAY DESIGNATE FROM THEIR NUMBER THREE OR MORE DIRECTORS TO CONSTITUTE A STANDING COMMITTEE, WHICH COMMITTEE SHALL HAVE THE AUTHORITY OF THE BOARD OF DIRECTORS TO THE EXTENT PROVIDED IN THE RESOLUTION DESIGNATING IT, WITH THE EXCEPTION OF ANY AUTHORITY THE DELEGAION OF WHICH IS PROHIBITED BY SECTION 712 OF THE NEW YORK NOT-FOR-PROFIT CORPORATION LAW. IT IS DEEMED IN THE BEST INTERESTS OF THE CORPORATION TO DESIGNATE DIRECTORS TO CONSTITUTE A STANDING SCHOLARSHIP COMMITTEE, WHICH COMMITTEE SHALL BE RESPONSIBLE FOR ADMINISTERING THE CORPORATION'S SCHOLARSHIP GRANT-MAKING ACTIVITY AS PROVIDED IN THE SCHOLARSHIP PROGRAM. THE COMMITTEE IS MADE UP OF FIVE (5) BOARD MEMBERS. IN FURTHER CONSIDERATION OF THE ABOVE, THE BOARD OF DIRECTORS DELEGATED THE FOLLOWING POWERS AND OBLIGATIONS TO THE SCHOLARSHIP COMMITTEE: 1. THE SCHOLARSHIP COMMITTEE IS RESPONSIBLE FOR ADMINISTERING THE CORPORATION'S SCHOLARSHIP GRANT-MAKING ACTIVITY AS PROVIDED IN THE SCHOLARSHIP PROGRAM. 2. THE SCHOLARSHIP COMMITTEE HAS THE AUTHORITY TO SET AND/OR REVISE SUCH RULES AND REGULATIONS WITH RESPECT TO THE SCHOLARSHIP PROGRAM AS IT DEEMS NECESSARY; PROVIDED, HOWEVER, ANY SUCH REVISION MUST SATISFY THE REQUIREMENTS OF SECTION 4945(G)(I) OF THE INTERNAL REVENUE CODE OF 1986, AS NOW ENACTED OR AS HERAFTER AMENDED, AND THE REGULATIONS PROMULGATED THEREUNDER. 3. THE SCHOLARSHIP COMMITTEE IS RESPONSIBLE ON BEHALF OF THE CORPORATION FOR MAINTAINING ADEQUATE RECORDS OF ALL SCHOLARSHIP APPLICATIONS RECEIVED AND OF ALL AWARDS GRANTED. 4. THE SCHOLARSHIP COMMITTEE HAS THE FINAL DECISION REGARDING THE APPROVAL OR DISAPPROVAL OF ALL SCHOLARSHIP APPLICATIONS, AND SCHOLARSHIPS SHALL BE AWARDED SOLELY IN THE ORDER RECOMMENDED BY THE SCHOLARSHIP COMMITTEE. 5. THE SCHOLARSHIP COMMITTEE ALONE SHALL DETERMINE THE AMOUNTS OF THE SCHOLARSHIPS AND AUTHORIZE THEIR PAYMENT BY THE CORPORATION. 6. THE SCHOLARSHIP COMMITTEE SHALL MEET AT LEAST ONCE ANNUALLY TO REVIEW AND, IF NECESSARY, PRESENT TO THE BOARD OF DIRECTORS PROPOSED REVISIONS AS NECESSARY TO THE SCHOLARSHIP SELECTION CRITERIA, AS DESCRIBED IN THE SCHOLARSHIP PROGRAM. |
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