Nonprofit · EIN 85-4054102
AMERICAN FREE ENTERPRISE FOUNDATION
Tax-exempt · SALT LAKE CTY, UT 84103
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990-EZ | $6,554 | $382 | $6,172 | $175,786 | – | $175,786 |
| December 31, 2023 | 990-EZ (amended) | $1,947 | $5,315 | -$3,368 | $169,614 | – | $169,614 |
| December 31, 2022 | 990-EZ (amended) | $155,221 | $1 | $155,220 | $172,982 | – | $172,982 |
Financial details: 990-EZ for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $500
- Investment income
- $6,054
Expenses
- Compensation of officers, directors and key employees
- $0
- Other expenses
- $382
- Program services (functional)
- $382
Balance sheet and other
- Total assets, start of year
- $169,614
- Total assets, end of year
- $175,786
- Total liabilities, end of year
- –
- Net assets, end of year
- $175,786
- Cash, savings and investments
- $175,786
- Gross receipts
- $6,554
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990-EZ for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Kathy W Loveless | Director | 10 | $0 |
| J Michael Bennion | Director | 5 | $0 |
| Wayne P Webster | Director | 0 | $0 |
990-EZ for the year ended December 31, 2023: 3 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Kathy W Loveless | Director | 5 | $0 |
| J Michael Bennion | Director | 2 | $0 |
| Wayne P Webster | Director | 0 | $0 |
990-EZ for the year ended December 31, 2022: 3 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Kathy W Loveless | Director | 5 | $0 |
| J Michael Bennion | Director | 2 | $0 |
| Wayne P Webster | Director | 0 | $0 |
Address and contacts
- Address (IRS master file)
- 198 E ENSIGN VISTA DR, SALT LAKE CTY, UT 84103-2240
- In care of
- % JEFFREY SWINTON
- Mailing address (990-N for 2023)
- 198 E Ensign Vista Dr, Salt Lake City UT 84103
- Principal officer (990-N for 2023)
- Kathy Loveless, 198 E Ensign Vista Dr, Salt Lake City UT 84103
- Signed the 990-EZ
- Kathy W Loveless, Director
- Phone
- (801) 808-1806
- Return prepared by
- Harris & Associates PLLC
Mission
The primary exempt purpose of the American Free Enterprise Foundation (AFEF) is to inspire and empower young people to achieve their potential by teaching the principles of goal setting, financial responsibility, resilience, and moral character, as well as, early exposure to and training in a wide variety of careers.Through its annual educational events and scholarship programs, AFEF provides high school students with the information, values, and opportunities they need to build successful, purpose-driven lives within the framework of the United States of Americas free enterprise system.
Program accomplishments
- Although the American Free Enterprise Foundation (AFEF) was formed in October 2020, the effects of the COVID-19 pandemic completely shutdown the entire school system, this precluded the AFEF from holding the intended annual educational and scholarship event, the American Free Enterprise Success Seminar (AFESS).The event's purpose is to educate high-school students about setting goals, understanding credit, overcoming adversity, and developing values that will guide them throughout their lives, and to expose them to experts who have created businesses and career paths that could set students on valuable paths forward. At the culmination of the program, scholarships are awarded to participating students. Because of the on-going effects on the school system of the pandemic, the program which had been held every year from 2011 to 2019 was suspended until 2025.The concept for the AFESS event originated with Kathy Loveless when she was asked to speak at the scholarship program that had been administered by the Sons of the Utah Pioneers, under the direction of John Morgan. At that time, no training was provided to students, just scholarships.Kathy Loveless knew that far more than money was needed to set students on the right path and she proposed to John Morgan that she would create the first AFESS. Kathy knew she could call on her colleagues in the professional training and speaking business to give their time and talent to train the next generation. That was accomplished just a few months later in November of 2011. That program continued every year until 2019 under the non-profit, Sons of Utah Pioneers. The program had expanded greatly in the number of scholarships, number of training programs and it became evident that it now needed to become its own entity with its own funding and board of directors. That is why it was created as its own 501 (c) 3 in 2020, before it was known what COVID-19 would do to the school system.Wayne Webster also became a new provider of scholarship funds in 2020. (Although he sat on the board during its formative years to assist with establishing AFEFs mission and operations, the organization maintained an independent board majority, and no personal or financial benefit was provided to Wayne Webster or any related party. All contributions were/are unrestricted gifts used to advance the organization's exempt purposes.)Because COVID-19 restrictions and hesitancy among school personnel continued through much of 2024, AFEFs program activities were limited during 2024. During this period, the organization focused on rebuilding the program infrastructure, developing partnerships with schools, refining event materials, and securing the financial resources necessary to relaunch, ensuring that when schools were ready to participate the program could resume on a sustainable basis.Those preparations culminated in April 2025 with the first full-day AFEF event since the pandemic, during which 70 students attended the training and were awarded scholarships in accordance with the organization's exempt purpose.Expenses $382
What it must file and when
IRS records say it files Form 990-N (e-Postcard). Gross receipts normally $50,000 or less. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990-EZ on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990-N on file |
IRS record
- EIN
- 85-4054102
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (509(a)(2))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 2021
- Accounting year ends
- December
- Files
- Form 990-N (e-Postcard)
- Assets (IRS master file)
- $175,786
- Income (IRS master file)
- $6,554
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990-EZ | December 2024 | $6,554 | $382 | $175,786 | XML |
| 990-N for 2023 Officer: Kathy Loveless | December 31, 2023 | ≤ $50,000 receipts | – | – | e-Postcard |
| 990-EZ | December 2023 | $1,947 | $5,315 | $169,614 | XML |
| 990-N for 2022 Officer: Kathy Loveless | December 31, 2022 | ≤ $50,000 receipts | – | – | e-Postcard |
| 990-EZ | December 2022 | $155,221 | $1 | $172,982 | IRS |
| 990-N for 2020 Officer: Kathy Wood Loveless | December 31, 2020 | ≤ $50,000 receipts | – | – | e-Postcard |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 85-4054102).
Questions about AMERICAN FREE ENTERPRISE FOUNDATION
- What is the EIN of AMERICAN FREE ENTERPRISE FOUNDATION?
- The employer identification number (EIN) of AMERICAN FREE ENTERPRISE FOUNDATION is 85-4054102.
- Is AMERICAN FREE ENTERPRISE FOUNDATION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2021.
- Are donations to AMERICAN FREE ENTERPRISE FOUNDATION tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does AMERICAN FREE ENTERPRISE FOUNDATION file?
- Form 990-N (e-Postcard). Gross receipts normally $50,000 or less.
- When is the next return of AMERICAN FREE ENTERPRISE FOUNDATION due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did AMERICAN FREE ENTERPRISE FOUNDATION last file with the IRS?
- The latest return in the IRS public files is the 990-EZ for the year ended December 2024.
- Who is the principal officer of AMERICAN FREE ENTERPRISE FOUNDATION?
- The 990-N for 2023 names Kathy Loveless.
- Who are the officers and directors of AMERICAN FREE ENTERPRISE FOUNDATION?
- The 990-EZ for the year ended December 31, 2024 lists 3 people; 0 received compensation from the organization.
- How much revenue does AMERICAN FREE ENTERPRISE FOUNDATION have?
- On its 990-EZ for the year ended December 31, 2024 it reported revenue of $6,554, expenses of $382 and total assets of $175,786 at year end.
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