Our progress has been rapid and emotional.
Patrick's Foundation was incorporated in the State of New York as a charitable organization on March 4, 2014 (EIN: 46-4935967)-- just two-months after Patrick's death. After meeting for hundreds of hours over the next six-months, a small group of Patrick's friends and family defined the vision and mission of the organization. With more work, in February 2015, a formal business plan was completed. That same month the Foundation's Board of Directors was assembled. This strategic planning phase came to a close with the submission of our application to the IRS to be recognized as a tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code. We were granted that request on February 23, 2015. We are also registered with the NYS Bureau of Charities (NYS Registration #45-40-64).
During the remainder of 2015 through 2016, our focus is on initiating strategies to advance awareness about the Foundation, grow its volunteer base, develop relationships with industry and community organizations, and begin the grants and awards process. As a result, the Foundation Board has established three programs to support these goals, the PSF Leadership Conference, PSF Workforce Partnership, and Grants & Awards Program.
With an reliance on external funding, our grants will be naturally modest during our early years. As we achieve scale, however, we anticipate that total annual grant awards will increase from an average of $5,000 to $50,000 over the next five years. These projections may be higher or lower depending on the amount of support that we secure. Funding levels will be determined per award. We do not only measure the value of a Patrick Spann Foundation grant in monetary terms. Our investment in student mentoring programs includes supporting their growth through the development of quality connections with the Foundation's leadership, industry sponsors, and alliances. Awardees will be granted:
- Membership in the PSF Leadership Conference
- Free attendance at all foundation special events
- Participation in the PSF Partnership Roundtables
- Participation in a campaign to communicate the value of having advanced STEM skills
Additional details about applying for and receiving these awards are being developed by the Awards Committee and will be released as we come closer our first round of open funding at the end of 2015 or the start of 2016.
Organization & Operations
The Patrick Spann Foundation leadership recognizes its responsibility for using good practices in putting contributions to use appropriately. This requires us to:
- Clearly state and publicly express our mission.
- Maintain a board that is engaged, informed, and independent.
- Ensure proper use and safeguarding of assets.
- Implement policies and practices that address executive compensation, protect against conflicts of interest, and support independent financial reviews.
- Be transparent in regards to relationships and decision making.
- Report its financials annually by filing (IRS Form 990) in a complete and accurate manner.
- Have in place a system of internal controls that is appropriate to the organization.
To make our practices readily available we have set up the following links to documentation regarding our (1) regulatory status, governance policies, and (3) tax filings.