| FORM 990, PAGE 1, ITEM B |
THE RETURN IS AMENDED TO PROPERLY REFLECT FUNDRAISING EXPENSES ON SCHEDULE G. |
| FORM 990 - ORGANIZATION'S MISSION |
THE FOUNDATION'S MISSION IS TO PROMOTE AND DEFEND LIBERTY, PERSONAL RESPONSIBILITY, AND FREE ENTERPRISE IN TEXAS AND THE NATION BY EDUCATING AND AFFECTING POLICYMAKERS AND TEXAS PUBLIC POLICY DEBATE WITH ACADEMICALLY SOUND RESEARCH AND OUTREACH. |
| FORM 990 |
THE ORGANIZATION HELD A NOTE RECEIVABLE FROM A UNRELATED ENTITY THAT WAS PART OF THE NEW MARKETS TAX CREDIT (NMTC) PROGRAM PROVIDED FOR IN THE COMMUNITY RENEWAL TAX RELIEF ACT OF 2000. EFFECTIVE OCTOBER 1, 2020, THE NMTC STATUTORY COMPLIANCE PERIOD ENDED AND THE NMTC WAS UNWOUND RESULTING IN THE ORGANIZATION FORGIVING THE NOTE RECEIVABLE OF 6,024,000. ADDITIONALLY, THE ORGANIZATION HAD GUARANTEED TWO NOTES TOTALING 7,840,000 HELD BY THEIR SUPPORTING ORGANIZATION (1835 CANNON, LTD.) AS PART OF THIS NMTC PROGRAM. AS PART OF THE UNWINDING OF THE NMTC, THE TWO NOTES ENDED UP BEING DISTRIBUTED TO THE ORGANIZATION. IMMEDIATELY UPON RECEIPT OF THE TWO NOTES THE ORGANIZATION FORGAVE THE NOTES. |
| FORM 990, PAGE 6, PART VI, LINE 2 |
THOMAS LYLES DR. JIM LEININGER |
| FORM 990, PAGE 6, PART VI, LINE 11B |
THE FORM 990 IS PROVIDED TO THE BOARD OF DIRECTORS FOR REVIEW PRIOR TO BEING FILED WITH THE IRS. |
| FORM 990, PAGE 6, PART VI, LINE 12C |
THE ORGANIZATION CONFIRMS THAT THERE ARE NO CONFLICTS OF INTEREST WITH THE BOARD OF DIRECTORS MEMBERS ANNUALLY. |
| FORM 990, PAGE 6, PART VI, LINE 15A |
CHAIRMAN LOOKS AT OTHER ORGANIZATIONS FORM 990S AND DISCUSSES COMPENSATION TRENDS WITH OTHER GROUPS. CEO PERFORMANCE AND COMPENSATION IS REVIEWED AND DECIDED UPON BY THE EXECUTIVE COMMITTEE, AND THE EXECUTIVE DIRECTOR AND COO ARE INFORMED OF ANY COMPENSATION CHANGES. |
| FORM 990, PAGE 6, PART VI, LINE 15B |
COMPENSATION FOR OTHER OFFICERS AND KEY EMPLOYEES IS SET USING A PROCESS SIMILAR TO THAT UTILIZED FOR CEO COMPENSATION. |
| FORM 990, PAGE 6, PART VI, LINE 19 |
THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST. |
| FORM 990, PART IX, LINE 11G |
CONTRACT LABOR 1,181,228 118,055 50,825 OTHER PROFESSIONAL SERVICES 726,864 85,544 9,727 TOTAL 1,908,092 203,599 60,552 |
| FORM 990, PART XI, LINE 9 |
CAPITAL TRANSFER FROM LLC MEMBER TO ORGANIZATION 0 AS PART OF WIND DOWN NEW MARKET TAX CREDIT 7,840,000 DISTRIBUTION OF NOTE RECEIVABLE FROM 0 RELATED ENTITY AT DISSOLUTION -7,840,000 LOSS ON NEW MARKET TAX CREDIT -6,024,000 TOTAL -6,024,000 |
Attach to Form 990 or 990-EZ.