2024-05-15T15:55:17-05:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 901 NORTH GLEBE ROAD SUITE 200 ARLINGTON VA 22203 990 2023-01-01 541659039 MILITARY OFFICERS ASSOCIATION OF AMERICA SCHOLARSHIP FUND MILI 7035492311 201 N WASHINGTON STREET ALEXANDRIA VA 22314 REGINA D CHAVIS CFO, EXECUTIVE VICE PRESIDENT 7038388169 2024-05-14 1 REGINA CHAVIS XXX-XX-XXXX 1 ROBERT WILLIAMS P01345960 5712279500 2024-05-14 3 AAL1 IAL1 2023 2023-04-26 12:10:37Z LT GEN BRIAN T KELLY 201 N WASHINGTON STREET ALEXANDRIA VA 22314 10775511 0 X WWW.MOAA.ORG/SCHOLARSHIPFUND X 1993 VA PROVIDE LOANS & GRANTS FOR UNDERGRADUATE EDUCATION TO CHILDREN OF MILITARY FAMILIES. 5 5 0 5 0 0 5948920 1862185 0 0 1381035 2417080 -39552 -37808 7290403 4241457 2881250 3092050 0 0 592600 633336 0 0 254916 692603 1096803 4166453 4822189 3123950 -580732 153017332 164229326 1710095 1982000 151307237 162247326 X PROVIDE INTEREST-FREE LOANS AND GRANTS FOR UNDERGRADUATE EDUCATION TO CHILDREN OF FORMER, ACTIVE, AND RETIRED COMMISSIONED OR WARRANT OFFICERS OF THE SEVEN UNIFORMED SERVICES, AND TO CHILDREN OF ACTIVE OR RETIRED ENLISTED MEMBERS OF THE ARMED FORCES. 0 1 3711502 2947800 PROVIDED APPROXIMATELY $4.6 MILLION IN INTEREST-FREE LOANS AND $3 MILLION IN GRANTS FOR UNDERGRADUATE EDUCATION TO STUDENTS FROM MILITARY FAMILIES. INTEREST-FREE LOANS WERE FOR $6,500 EACH. GRANTS RANGED FROM $500 TO $12,000. IN ADDITION, THE BALANCE OF $37,985,998 IN OUTSTANDING INTEREST-FREE LOANS TO MORE THAN 3,600 MILITARY CHILDREN EQUATE TO OVER $1,899,300 IN DIRECT SAVINGS TO STUDENTS (BASED ON AN AVERAGE INTEREST RATE OF 5%). ALL DONATED FUNDS SUPPORTED EDUCATIONAL ASSISTANCE. NO DONATED FUNDS WERE USED FOR OPERATIONAL EXPENSES. 144250 144250 PROVIDED AMERICAN PATRIOT GRANTS TO 20 STUDENTS WHOSE MILITARY PARENT DIED WHILE IN ACTIVE MILITARY SERVICE TO OUR COUNTRY OR WHOSE MILITARY PARENT COLLECTED T-SGLI. THE GRANTS WERE FOR $7,000 EACH FOR 20 STUDENTS. 3855752 1 1 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 1 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 5 5 0 0 0 0 0 1 1 1 0 0 0 1 1 1 1 1 1 0 0 0 CO AK AR CA CT FL GA IA IL KS KY ME MD MA MI MN MS MO NC ND NH NJ NM NY OH OK OR PA RI SC TN UT WV WA WI HI AZ X X REGINA D CHAVIS 7038288102 201 N WASHINGTON STREET ALEXANDRIA VA 22314 X COL LUCRETIA M MCCLENNEY CHAIR 1.00 2.00 X X 0 0 0 COL ROJAN ROBOTHAM MEMBER 1.00 2.00 X 0 0 0 VIRGINIA JOYCE MEMBER 1.00 3.00 X 0 0 0 CWO4 LELIA P JACKSON MEMBER 1.00 3.00 X 0 0 0 COL STEPHANIE E DAWSON MEMBER 1.00 1.00 X 0 0 0 LT GEN BRIAN T KELLY PRESIDENT/CEO 1.00 34.00 X 0 414562 118534 LT GEN DANA T ATKINS FORMER PRESIDENT/CEO TERM ENDED 1/23 1.00 34.00 X 0 182519 142180 COL JAMES O'BRIEN COO 2.00 33.00 X 0 331514 54664 REGINA D CHAVIS CFO 2.00 33.00 X 0 302490 50196 MAJ GEN JOSEPH G LYNCH SECRETARY 2.00 33.00 X 0 313976 50771 0 1545061 416345 0 0 1 0 0 37858 1824327 1862185 1250670 1250670 7662606 6496196 1166410 1166410 1166410 0 37858 37858 -37858 -37858 MISCELLANEOUS INCOME 900099 50 50 50 4241457 0 0 2379272 3092050 3092050 499752 337736 95837 66179 98088 65876 19304 12908 35496 23839 6986 4671 33096 33096 477882 477882 289904 143237 60171 86496 69772 69772 21111 14178 4155 2778 9036 6069 1778 1189 13044 3903 1144 7997 20265 13610 3988 2667 PRINTING 72546 15527 4272 52747 BAD DEBT 60024 60024 POSTAGE 20779 3655 1069 16055 TAXES 3688 2477 726 485 5656 3799 1113 744 4822189 3855752 711521 254916 3739261 5323311 5607638 6196542 125000 739040 42368142 37985997 16275 93300873 104838738 5091930 6055799 2784488 3073624 153017332 164229326 37228 12002 1672867 1969998 1710095 1982000 X 119090584 126326022 32216653 35921304 151307237 162247326 153017332 164229326 X -580732 11313763 207058 X 0 1 X 1 0 X 2593216 4472286 10402858 5948920 1862185 25279465 2593216 4472286 10402858 5948920 1862185 25279465 3286824 21992641 598951 349125 205870 496853 1250670 2901469 431897 -13 162 50 432096 28613030 0.76860 0.62370 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 27869737 14259 3508726 314000 31078722 32378311 6875 -3938499 -577000 27869737 25831631 12390 7087290 -553000 32378311 24177709 18260 2160662 -525000 25831631 20278521 67264 4238424 -406500 24177709 0.00000 0.71470 0.28530 0 0 0 SPLIT-INTEREST LIABILITIES 1262787 DUE TO MOAA 707211 1969998 X 15583871 11313763 261617 207058 11782438 3801433 477882 -37858 440024 4241457 4643782 261617 37858 299475 4344307 477882 477882 4822189 PART V, LINE 4: PROVIDE INTEREST-FREE LOANS AND GRANTS FOR UNDERGRADUATE EDUCATION TO CHILDREN FROM MILITARY FAMILIES. PART X, LINE 2: THE SCHOLARSHIP FUND IS EXEMPT FROM THE PAYMENT OF INCOME TAXES ON ITS EXEMPT ACTIVITIES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC). THE SCHOLARSHIP FUND HAS ADOPTED THE GUIDANCE ON THE INCOME TAX STANDARD REGARDING THE RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS. THE ADOPTION OF THIS STANDARD HAD NO IMPACT ON THE SCHOLARSHIP FUND'S FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN BENEFICIAL INTEREST IN ANNUITY TRUSTS 66,298. CHANGE IN BENEFICIAL INTEREST IN PERPETUAL TRUSTS 222,838. CHANGE IN SPLIT INTEREST LIABILITIES -82,078. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES -37,858. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 37,858. GOLF EVENT 37858 37858 37458 400 37858 37858 37458 400 37858 -37858 1 AMERICAN PATRIOT GRANT 20 140000 N/A N/A CROZIER GRANT 19 190000 N/A N/A MASON GRANT 11 110000 N/A N/A RATAY GRANT 2 14000 N/A N/A BOARD NAMED SENIOR GRANT 3 30000 N/A N/A DONOR DESIGNATED SCHOLAR GRANT 684 345000 N/A N/A BOARD GRANTS 744 2258800 N/A N/A PART I, LINE 2: WE REQUIRE STUDENTS TO PROVIDE COPIES OF THEIR TRANSCRIPTS UPON COMPLETION OF THE COURSE WORK. 0 0 0 0 0 0 0 0 0 LT GEN BRIAN T KELLY PRESIDENT/CEO 0 408654 0 0 0 5908 0 118500 0 34 0 533096 0 0 COL JAMES O'BRIEN COO 0 282148 0 42342 0 7024 0 52625 0 2039 0 386178 0 0 MAJ GEN JOSEPH G LYNCH SECRETARY 0 264143 0 42457 0 7376 0 49450 0 1321 0 364747 0 0 REGINA D CHAVIS CFO 0 250006 0 45567 0 6917 0 49387 0 809 0 352686 0 0 LT GEN DANA T ATKINS FORMER PRESIDENT/CEO TERM ENDED 1/23 0 18245 0 110000 0 54274 0 142175 0 5 0 324699 0 0 PART I, LINE 4 THE MILITARY OFFICERS ASSOCIATION OF AMERICA SCHOLARSHIP FUND DOES NOT DIRECTLY COMPENSATE ANY OFFICERS, DIRECTORS, EMPLOYEES OR BOARD MEMBERS BUT RECEIVES ALL STAFF SUPPORT FROM THE MILITARY OFFICERS ASSOCIATION OF AMERICA (MOAA). SALARIES OF MOAA OFFICERS AND EMPLOYEES WHO SUPPORT THE SCHOLARSHIP FUND ARE ALLOCATED ON A PERCENTAGE OF TIME SPENT BASIS. ALL OF THE OFFICERS AND EMPLOYEES OF MOAA SUPPORT BOTH ORGANIZATIONS, AS WELL AS THE MOAA FOUNDATION. THE MILITARY OFFICERS ASSOCIATION OF AMERICA UTILIZES THE FOLLOWING WHEN ESTABLISHING THE COMPENSATION: THE CHAIRMAN OF THE BOARD APPOINTS A PRESIDENTIAL ASSESSMENT COMMITTEE TO EVALUATE THE CEO'S PERFORMANCE ALIGNED WITH OUR STRATEGIC GOALS USING DATA, INPUT FROM THE CEO, CORPORATE OFFICERS AND VICE PRESIDENTS, AND BOARD MEMBER FEEDBACK. ASSESSMENT COMMITTEE RELAYS ITS FINDINGS TO THE COMPENSATION COMMITTEE WHICH USES FORMS 990 FROM OTHER MILITARY VETERAN NON-PROFITS; AND SALARY SURVEY DATA FROM THE AMERICAN SOCIETY OF ASSOCIATION EXECUTIVES' (ASAE) ASSOCIATION AND COMPENSATION STUDY, ASSOCIATIONS TRENDS, THE COMPENSATION REPORT, AMONG OTHERS, TO DETERMINE FAIR AND REASONABLE COMPENSATION FOR THE PRESIDENT. ASAE, FOR EXAMPLE, PUBLISHES AN ANNUAL NATIONAL COMPENSATION SURVEY OF PROFESSIONAL ASSOCIATIONS THAT TAKES INTO ACCOUNT THE SCOPE AND SIZE OF THE ASSOCIATION; TYPE OF INDUSTRY; ANNUAL GROSS REVENUES AND LOCATION OF ASSOCIATION HEADQUARTERS. COMPENSATION COMMITTEE THEN MEETS AND REVIEWS ALL COMPARABILITY DATA; AND RECOMMENDS ANNUAL COMPENSATION TO THE ENTIRE BOARD WHO DELIBERATE, DOCUMENT, AND APPROVE THE PRESIDENT'S ANNUAL COMPENSATION. MINUTES OF BOTH THE COMPENSATION COMMITTEE AND CLOSED BOARD DELIBERATIONS ARE DOCUMENTED. THE PROCESS WAS LAST UNDERTAKEN IN 2023. FOR OTHER OFFICERS, VICE-PRESIDENTS AND KEY EMPLOYEES, HUMAN RESOURCES REVIEWS COMPETITIVE MARKET ANALYSIS BY AN INDEPENDENT CONSULTANT (PRM CONSULTING) WHICH DETERMINES THE APPROPRIATE PAY CORRIDOR FOR EACH POSITION. PRM MATCHES MOAA POSITION DESCRIPTIONS TO THE SAME OR SIMILAR POSITIONS COVERED IN THE MOST RELEVANT PUBLISHED PAY SURVEYS. ONCE MATCHED, MOAA IS GIVEN A COMPETITIVE CORRIDOR FOR EACH POSITION. PERFORMANCE EVALUATIONS ARE ALSO USED IN DETERMINING COMPENSATION. COMPENSATION COMMITTEE THEN MEETS AND REVIEWS COMPARABILITY DATA; AND RECOMMENDS PERCENT INCREASE TO THE PERSONNEL BUDGET LINE TO THE ENTIRE BOARD FOR DELIBERATION AND APPROVAL. MINUTES OF BOTH THE COMPENSATION COMMITTEE AND CLOSED BOARD DELIBERATIONS ARE DOCUMENTED. ONCE APPROVED, THE PRESIDENT THEN DETERMINES COMPENSATION FOR OFFICERS, VICE-PRESIDENTS AND KEY EMPLOYEES WITHIN BOARD GUIDELINES AND INTENT. THE PROCESS WAS LAST UNDERTAKEN IN 2023. FORM 990, PART III, LINE 3 EFFECTIVE JULY 1, 2021, VA ENACTED A NEW STATUTE IMPOSING STRICT REGULATORY REQUIREMENTS ON QUALIFIED EDUCATIONAL LOAN SERVICERS. BECAUSE THE MOAA SCHOLARSHIP FUND SERVICES ITS STUDENT LOANS, IT IS SUBJECT TO THE REQUIREMENTS OF THE STATUTE. A CONTRACT WAS SIGNED IN DEC 2021 TO OUTSOURCE SCHOLARSHIP FUND (SF) LOAN SERVICING TO ZUNTAFI. DURING 2022, STUDENT DATA WAS SUBMITTED TO ZUNTAFI GRADUALLY AND STUDENTS WERE BEING COMMUNICATED VIA LETTERS AND EMAILS ABOUT THE SERVICE TRANSITION. IN JANUARY 2023, ZUNTAFI OFFICIALLY STARTED TO PROVIDE LOAN SERVICES TO THE STUDENTS. THE SF LOAN APPLICATIONS AND DISBURSEMENTS ARE STILL PROCESSED BY MOAA SCHOLARSHIP FUND. ZUNTAFI PROVIDES LOAN SERVICES AND CONDUCTS REPAYMENT COLLECTIONS ETC. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF THE MILITARY OFFICERS ASSOCIATION OF AMERICA PROVIDES, AND APPOINTS THE BOARD OF THE SCHOLARSHIP FUND (SF). THERE ARE FIVE BOARD MEMBERS IN THE SCHOLARSHIP FUND BOARD. COL. LUCRETIA M. MCCLENNEY (RETIRED) - CHAIRMAN OF THE BOARD; COL ROJAN J ROBOTHAM - SF BOARD MEMBER; CWO4 LELIA P JACKSON (RETIRED) - SF BOARD MEMBER; MRS. VIRGINIA "GAIL" JOYCE - SF BOARD MEMBER; COL. STEPHANIE E DAWSON (RETIRED) - SF BOARD MEMBER FORM 990, PART VI, SECTION A, LINE 7B THE BOARD OF THE MILITARY OFFICERS ASSOCIATION OF AMERICA CAN REMOVE BOARD MEMBERS OF THE SCHOLARSHIP FUND, DETERMINE THE DISPOSITION OF ANY REMAINING FUNDS ON DISSOLUTION OF THE FUND, AND MUST APPROVE ANY AMENDMENTS OR REVISIONS TO THE ARTICLES OR BYLAWS OF THE FUND. FORM 990, PART VI, SECTION A, LINE 8B NO COMMITTEES HAVE THE AUTHORITY TO ACT ON BEHALF OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF DIRECTORS AND THE FINANCE AND AUDIT COMMITTEE REVIEW AND APPROVE THE RETURN BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C MOAA CONDUCTS A FOUR HOUR ORIENTATION PROGRAM FOR ALL NEWLY APPOINTED BOARD MEMBERS. AS PART OF THIS ORIENTATION, ALL NEWLY APPOINTED BOARD MEMBERS ARE BRIEFED ON THEIR RESPONSIBILITIES AS BOARD MEMBERS. THIS INCLUDES A BRIEFING ON THEIR RESPONSIBILITIES TO AVOID TRANSACTIONS THAT MIGHT INVOLVE CONFLICTS OF INTEREST. IN ADDITION, EACH BOARD MEMBER IS REQUIRED TO COMPLETE A CONFLICT OF INTEREST QUESTIONNAIRE ONCE EACH YEAR TO DISCLOSE ANY BUSINESS OR PERSONAL RELATIONSHIPS THAT MIGHT RESULT IN A CONFLICT OF INTERESTS. THE MOAA GENERAL COUNSEL PERSONALLY REVIEWS EACH BOARD MEMBER'S RESPONSES. THE GENERAL COUNSEL MONITORS MATTERS COMING BEFORE THE BOARD FOR ACTION AND ENSURES THAT BOARD MEMBERS WITH POTENTIAL CONFLICTS ARE RECUSED AND TAKE NO ACTION ON MATTERS IN WHICH THEY HAVE AN INTEREST. THE GENERAL COUNSEL ALSO REVIEWS ALL SIGNIFICANT TRANSACTIONS AND ENSURES BOARD MEMBERS ARE NOT INVOLVED IN SUCH MATTERS. THE GENERAL COUNSEL REPORTS ANY POTENTIAL CONFLICTS AND THE REMEDIAL ACTION TAKEN TO THE CHAIRMAN OF THE BOARD. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART VII, SECTION A THE MILITARY OFFICERS ASSOCIATION OF AMERICA SCHOLARSHIP FUND DOES NOT DIRECTLY COMPENSATE ANY OFFICERS, DIRECTORS, EMPLOYEES OR BOARD MEMBERS BUT RECEIVES ALL STAFF SUPPORT FROM THE MILITARY OFFICERS ASSOCIATION OF AMERICA (MOAA). SALARIES OF MOAA OFFICERS AND EMPLOYEES WHO SUPPORT THE SCHOLARSHIP FUND ARE ALLOCATED ON A PERCENTAGE OF TIME SPENT BASIS. ALL OF THE OFFICERS AND EMPLOYEES OF MOAA SUPPORT BOTH ORGANIZATIONS, AS WELL AS THE MOAA FOUNDATION. FORM 990, PART XI, LINE 9: CHANGE IN SPLIT INTEREST LIABILITIES -82,078. CHANGE IN BENEFICIAL INTEREST IN ANNUITY TRUSTS 222,838. CHANGE IN BENEFICIAL INTEREST IN PERPETUAL TRUSTS 66,298. MILITARY OFFICERS ASSOCIATION OF AMERICA 201 N WASHINGTON ST ALEXANDRIA VA 22314 530172821 PROVIDING ADVOCACY AND GUIDANCE TO MEMBERS OF THE MILITARY VA 501C19 N/A 0 THE MOAA FOUNDATION 201 N WASHINGTON STREET ALEXANDRIA VA 22314 464219250 CHARITABLE AND EDUCATIONAL PROGRAMS,SUPPORT TO MILITARY MEMBERS AND FAMILIES VA 501C3 7 MILITARY OFFICERS ASSOCIATION OF AMERICA 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 0 MILITARY OFFICERS ASSOCIATION OF AMERICA N 261617 FMV MILITARY OFFICERS ASSOCIATION OF AMERICA P 1230091 FMV