MidwayUSA Foundation does not meet the following 1 Standards for Charity Accountability:
Standard 3 (Frequency and Attendance of Board Meetings)
An organization shall have a minimum of three evenly spaced meetings per year of the full governing body with a majority in attendance, with face-to-face participation. A conference call of the full board can substitute for one of the three meetings of the governing body. For all meetings, alternative modes of participation are acceptable for those with physical disabilities.
MidwayUSA Foundation does not meet this Standard because:
- The board of directors held two meetings in the year ended December 31, 2019.
In response to this report, MidwayUSA Foundation states, in part that:
"The MidwayUSA Foundation Board of Directors holds scheduled in-person Board meetings twice per year. Additional virtual meetings may be called when required. All Board oversight and due diligence responsibilities are met."
MidwayUSA Foundation meets the remaining 19 Standards for Charity Accountability.
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Year, State Incorporated
2007, MO
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Stated Purpose
"to expand, enhance, and perpetuate youth shooting sports activities to help young people improve their confidence, discipline, and leadership skills through shooting sports education."
The MidwayUSA Foundation works to sustain and grow the shooting sports industry by providing long-term funding to youth shooting teams. The organization's programs help communities and organizations raise funds to support their high school, college, and other youth shooting teams and activities. MidwayUSA Foundation's include an agency endowment program, donor designated endowment program, donor-advised fund program, special-purpose endowments, and team endowments.
For the year ended December 31, 2018, MidwayUSA Foundation's program expenses were:
MidwayUSA Foundation endowment program |
$6,605,735 |
Total Program Expenses: |
$6,605,735 |
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Chief Executive
G. Scott Reynolds, Executive Director
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Compensation*
$0
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Chair of the Board
Richard Leeper
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Chair's Profession / Business Affiliation
Director of Philanthropy, The Potterfield Group
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Board Size
11
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Paid Staff Size
13
*Current compensation information not available for G. Scott Reynolds.
Note: Former Executive Director, Randy Moeller, recieved $158,042 in 2018. 2018 compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.
Method(s) Used:
Direct mail appeals, Grant proposals, Internet, Invitations to fund raising events, Print advertisements (newspapers, magazines, etc.), Radio, Television, Other
Fundraising costs were 2% of related contributions. (Related contributions, which totaled $10,545,738, are donations received as a result of fundraising activities.)
This organization is tax-exempt under section 501(c) (3) of the Internal Revenue Code.It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.
The following information is based on MidwayUSA Foundation's audited financial statements for the year ended December 31, 2018.
Source of Funds |
Contributions |
$10,545,738 |
Other |
$1,077 |
Rental income, net |
$1,019 |
Investment loss, net |
($6,015,769) |
Total Income |
$4,532,065 |
- Programs: 91%
- Administrative: 7%
- Fundraising: 2%
Total Income |
$4,532,065 |
Program expenses |
$6,605,735 |
Fundraising expenses |
$198,024 |
Administrative expenses |
$509,998 |
Other expenses |
$0 |
Total expenses: |
$7,313,757 |
Income in Excess of Expenses |
$-2,781,692 |
Beginning Net Assets |
$140,064,050 |
Other Changes In Net Assets |
$-34,640 |
Ending Net Assets |
$137,247,718 |
Total Liabilities |
$123,350 |
Total Assets |
$137,371,068 |
Note: As noted in the above financial section "other changes in net assets" refers to a loss on disposal of land.