The report accompanying these financial statements was issued by 

BDO USA, LLP, a Delaware limited liability partnership and the U.S. member 

of BDO International Limited, a UK company limited by guarantee. 

National Park Foundation

Financial Statements

For the Years Ended September 30, 2021 and 2020
National Park Foundation

Financial Statements

For the Years Ended September 30, 2021 and 2020
National Park Foundation

Contents

Independent Auditor’s Report 2 - 3

Financial Statements

Statements of Financial Position 4

Statements of Activities 5 - 6

Statements of Functional Expenses 7 - 8

Statements of Cash Flows 9

Notes to Financial Statements 10 - 33

Management Prepared Document

Appendix A – Management’s Discussion and Analysis A-1 – A-6
BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part 

of the international BDO network of independent member firms.

BDO is the brand name for the BDO network and for each of the BDO Member Firms.

2

Independent Auditor’s Report 

To the Board of Directors

National Park Foundation

Washington, D.C.

Opinion

We have audited the financial statements of National Park Foundation (the Foundation), which 

comprise the statements of financial position as of September 30, 2021 and 2020, and the related 

statements of activities, functional expenses, and cash flows for the years then ended, and the 

related notes to the financial statements.

In our opinion, the accompanying financial statements present fairly, in all material respects, the 

financial position of the Foundation as of September 30, 2021 and 2020, and the changes in its 

net assets and its cash flows for the years then ended in accordance with accounting principles 

generally accepted in the United States of America.

Basis for Opinion

We conducted our audits in accordance with auditing standards generally accepted in the United 

States of America (GAAS). Our responsibilities under those standards are further described in the 

Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are 

required to be independent of the Foundation and to meet our other ethical responsibilities, in 

accordance with the relevant ethical requirements relating to our audits. We believe that the 

audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit 

opinion.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements 

in accordance with accounting principles generally accepted in the United States of America, and 

for the design, implementation, and maintenance of internal control relevant to the preparation 

and fair presentation of financial statements that are free from material misstatement, whether 

due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are 

conditions or events, considered in the aggregate, that raise substantial doubt about the 

Foundation’s ability to continue as a going concern within one year after the date that the 

financial statements are issued or available to be issued.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a 

whole are free from material misstatement, whether due to fraud or error, and to issue an 

auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but 

is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance 

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Tel: 301-354-2500 

Fax: 301-354-2501 

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3

with GAAS will always detect a material misstatement when it exists. The risk of not detecting a 

material misstatement resulting from fraud is higher than for one resulting from error, as fraud 

may involve collusion, forgery, intentional omissions, misrepresentations, or the override of 

internal control. Misstatements are considered material if there is a substantial likelihood that, 

individually or in the aggregate, they would influence the judgment made by a reasonable user 

based on the financial statements.

In performing an audit in accordance with GAAS, we:

• Exercise professional judgment and maintain professional skepticism throughout the 

audit.

• Identify and assess the risks of material misstatement of the financial statements, 

whether due to fraud or error, and design and perform audit procedures responsive to 

those risks. Such procedures include examining, on a test basis, evidence regarding the 

amounts and disclosures in the financial statements.

• Obtain an understanding of internal control relevant to the audit in order to design audit 

procedures that are appropriate in the circumstances, but not for the purpose of 

expressing an opinion on the effectiveness of the Foundation’s internal control. 

Accordingly, no such opinion is expressed.

• Evaluate the appropriateness of accounting policies used and the reasonableness of 

significant accounting estimates made by management, as well as evaluate the overall 

presentation of the financial statements.

• Conclude whether, in our judgment, there are conditions or events, considered in the 

aggregate, that raise substantial doubt about the Foundation’s ability to continue as a 

going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other 

matters, the planned scope and timing of the audit, significant audit findings, and certain internal 

control-related matters that we identified during the audit.

March 25, 2022 
Financial Statements
September 30, 2021 2020

Assets

Cash and cash equivalents $ 17,068,209 $ 8,534,240

Pledges receivable, net 59,496,600 58,368,445

Investments 257,524,517 215,974,720

Prepaid and other assets 1,566,526 1,134,985

Furniture and equipment, net 4,068,337 4,260,478

Conservation property 492,875 493,475

Total assets $ 340,217,064 $ 288,766,343

Liabilities and net assets

Liabilities

Accounts payable and accrued expenses $ 3,469,511 $ 4,217,177

Refundable advances 7,250,221 5,366,848

Grants payable, net 1,134,900 1,831,237

Charitable gift annuity 1,685,027 1,024,031

Note payable (Payroll Protection Program) - 1,791,500

Other noncurrent liabilities 2,850,266 2,936,747

Funds managed as agent for other entities 14,477 13,062

Total liabilities 16,404,402 17,180,602

Commitments and contingencies

Net assets

Without donor restrictions

Undesignated 37,780,765 29,842,356

Designated 32,859,011 27,450,035

Total without donor restrictions 70,639,776 57,292,391

With donor restrictions 253,172,886 214,293,350

Total net assets 323,812,662 271,585,741

Total liabilities and net assets $ 340,217,064 $ 288,766,343

National Park Foundation

Statements of Financial Position

See accompanying notes to financial statements.

4
Without Donor With Donor

Year ended September 30, 2021 Restrictions Restrictions Total

Revenue and support

Contributions and endowment gifts $ 37,139,787 $ 28,630,376 $ 65,770,163

Contributed property, goods, services

and media 42,938,049 121,078 43,059,127

Government grants and support - 15,096,162 15,096,162

Management and other income 8,204 4,124,793 4,132,997

Net assets released from 

restrictions - satisfaction of

program and time restrictions 37,350,127 (37,350,127) -

Total revenue and support 117,436,167 10,622,282 128,058,449

Expenses

Program services:

Program grants 36,105,662 - 36,105,662

Program support 53,335,397 - 53,335,397

Total program services 89,441,059 - 89,441,059

Supporting services:

General and administrative 8,534,473 - 8,534,473

Fundraising 15,694,318 - 15,694,318

Total supporting services 24,228,791 - 24,228,791

Total expenses 113,669,850 - 113,669,850

Change in net assets from operations 3,766,317 10,622,282 14,388,599

Non-operating activities

Investment return, net 7,790,168 28,257,254 36,047,422

Payroll Protection Progam loan forgiveness 1,791,500 - 1,791,500

Other non-operating losses (600) - (600)

Total non-operating activities 9,581,068 28,257,254 37,838,322

Change in net assets 13,347,385 38,879,536 52,226,921

Net assets, beginning of year 57,292,391 214,293,350 271,585,741

Net assets, end of year $ 70,639,776 $ 253,172,886 $ 323,812,662

National Park Foundation

Statement of Activities

See accompanying notes to financial statements.

5
Without Donor With Donor

Year ended September 30, 2020 Restrictions Restrictions Total

Revenue and support

Contributions and endowment gifts $ 33,105,379 $ 30,074,849 $ 63,180,228

Contributed property, goods, services

and media 3,868,977 29,751,786 33,620,763

Government grants and support - 10,287,943 10,287,943

Management and other income 246,142 2,644,375 2,890,517

Net assets released from 

restrictions - satisfaction of

program and time restrictions 69,002,311 (69,002,311) -

Total revenue and support 106,222,809 3,756,642 109,979,451

Expenses

Program services:

Program grants 34,062,523 - 34,062,523

Program support 42,345,495 - 42,345,495

Total program services 76,408,018 - 76,408,018

Supporting services:

General and administrative 10,302,948 - 10,302,948

Fundraising 16,173,637 - 16,173,637

Total supporting services 26,476,585 - 26,476,585

Total expenses 102,884,603 - 102,884,603

Change in net assets from operations 3,338,206 3,756,642 7,094,848

Non-operating activities

Investment return, net 4,171,772 13,028,555 17,200,327

Other non-operating gains 291,017 - 291,017

Total non-operating activities 4,462,789 13,028,555 17,491,344

Change in net assets 7,800,995 16,785,197 24,586,192

Net assets, beginning of year 49,491,396 156,791,282 206,282,678

Cumulative effect of a change in accounting

principle related to revenue recognition - 40,716,871 40,716,871

Net assets, end of year $ 57,292,391 $ 214,293,350 $ 271,585,741

National Park Foundation

Statement of Activities

See accompanying notes to financial statements.

6
Total General Total

Program Program Program and Supporting

Year ended September 30, 2021 Grants Support Services Administrative Fundraising Services Total Expenses

In-kind $ - $ 41,383,821 $ 41,383,821 $ 1,635,129 $ 40,176 $ 1,675,305 $ 43,059,126

Program grants 36,105,662 - 36,105,662 - - - 36,105,662

Salaries and related benefits - 3,899,413 3,899,413 3,255,004 6,430,833 9,685,837 13,585,250

Direct response - 3,411,123 3,411,123 296,472 5,016,643 5,313,115 8,724,238

Professional services - 2,585,657 2,585,657 969,509 1,819,170 2,788,679 5,374,336

Facilities, rent, and insurance - 565,386 565,386 655,567 1,428,669 2,084,236 2,649,622

Bad debt expense - 757,068 757,068 367,242 - 367,242 1,124,310

Depreciation and amortization - 141,371 141,371 627,742 1,457 629,199 770,570

Communications - 49,332 49,332 454,783 48,242 503,025 552,357

Meetings and events - 402,382 402,382 69,312 61,042 130,354 532,736

Bank charges and other - 13,988 13,988 108,204 367,668 475,872 489,860

Supplies, phone and postage - 67,834 67,834 24,533 381,478 406,011 473,845

Staff development and subscription - 33,823 33,823 42,860 45,395 88,255 122,078

Staff travel - 24,199 24,199 28,116 53,545 81,661 105,860

$ 36,105,662 $ 53,335,397 $ 89,441,059 $ 8,534,473 $ 15,694,318 $ 24,228,791 $ 113,669,850

See accompanying notes to financial statements.

National Park Foundation

Statement of Functional Expenses

Program Services Supporting Services

7
Total General Total

Program Program Program and Supporting

Year ended September 30, 2020 Grants Support Services Administrative Fundraising Services Total Expenses

In-kind $ - $ 29,751,786 $ 29,751,786 $ 3,868,977 $ - $ 3,868,977 $ 33,620,763

Program grants 34,062,523 - 34,062,523 - - - 34,062,523

Salaries and related benefits - 3,942,766 3,942,766 2,944,971 6,233,526 9,178,497 13,121,263

Direct response - 1,851,417 1,851,417 255,046 5,875,795 6,130,841 7,982,258

Professional services - 4,719,659 4,719,659 1,679,651 2,268,869 3,948,520 8,668,179

Facilities, rent, and insurance - 337,313 337,313 570,727 569,258 1,139,985 1,477,298

Bad debt expense - 61,770 61,770 47,387 - 47,387 109,157

Depreciation and amortization - 211,307 211,307 116,021 111,286 227,307 438,614

Communications - 5,828 5,828 485,297 80,625 565,922 571,750

Meetings and events - 1,255,414 1,255,414 86,463 120,179 206,642 1,462,056

Bank charges and other - 1,849 1,849 80,175 308,689 388,864 390,713

Supplies, phone and postage - 41,767 41,767 58,602 314,168 372,770 414,537

Staff development and subscription - 46,622 46,622 74,892 158,656 233,548 280,170

Staff travel - 117,997 117,997 34,739 132,586 167,325 285,322

$ 34,062,523 $ 42,345,495 $ 76,408,018 $ 10,302,948 $ 16,173,637 $ 26,476,585 $ 102,884,603

See accompanying notes to financial statements.

National Park Foundation

Statement of Functional Expenses

Program Services Supporting Services

8
Years ended September 30, 2021 2020

Cash flows from operating activities:

Change in net assets $ 52,226,921 $ 24,586,192

Adjustments to reconcile change in net assets to net

cash provided by operating activities:

Net realized and unrealized gains on investments (30,936,165) (12,452,096)

Endowment contributions (10,000,000) (10,000,000)

Paycheck Protection Program loan forgiveness (1,791,500) -

Present value change of pledges receivable (39,058) (380,404)

Change in conservation property 600 (50,700)

Amortization of note payable discount - 6,291

Loss on disposal of furniture and equipment - 11,513

Depreciation and amortization 770,570 438,614

Bad debt expense 1,124,310 109,157

(Increase) decrease in assets

Pledges receivable, net (2,213,407) (4,155,742)

Prepaid and other assets (431,541) 364,104

Increase (decrease) in liabilities

Accounts payable and accrued expenses (747,666) (170,619)

Refundable advances 1,883,373 5,366,848

Grants payable, net (696,337) 84,315

Charitable gift annuity 660,996 1,024,031

Other noncurrent liabilities (86,481) 2,790,509

Funds managed as agent for other entities 1,415 720

Net cash provided by operating activities 9,726,030 7,572,733

Cash flows from investing activities:

Proceeds from sale of investments 19,518,241 15,177,243

Purchases of investments (30,131,873) (33,713,306)

Purchases of furniture and equipment (578,429) (4,208,968)

Net cash used in investing activities (11,192,061) (22,745,031)

Cash flows from financing activities:

Endowment contributions 10,000,000 10,000,000

Proceeds from Payroll Protection Program - 1,791,500

Principal payments on notes payable - (188,735)

Net cash provided by financing activities 10,000,000 11,602,765

Net increase (decrease) in cash and cash equivalents 8,533,969 (3,569,533)

Cash and cash equivalents, beginning of the year 8,534,240 12,103,773

Cash and cash equivalents, end of the year $ 17,068,209 $ 8,534,240

Supplemental disclosures of cash flow information:

Paycheck Protection Program loan forgiveness $ 1,791,500 $ -

Interest paid $ 10,916 $ 5,172

National Park Foundation

Statements of Cash Flows

See accompanying notes to financial statements.

9
National Park Foundation

Notes to Financial Statements

10

1. Purpose and Organization

Purpose

As the official national nonprofit partner of the National Park Service (NPS), the National Park 

Foundation (NPF or the Foundation) seeks to generate private support and build strategic 

partnerships to protect and enhance America’s national parks for present and future generations. 

NPF strives to ensure that America’s national parks reach their fullest potential and touch as many 

lives as possible. This translates into protecting natural landscapes, wilderness, historical sites and 

places of cultural significance, connecting people to the national parks and connecting partners to 

the national parks. NPF does this in full partnership with NPS. 

The guiding principles of the Foundation are:

• Stewardship: The Foundation fosters a culture of community and stewardship over the national 

parks.

• Strategic Partnership with NPS: The Foundation works closely with NPS to identify, fund, and 

advance priority initiatives.

• Impact: The Foundation invests in critical projects that provide long-lasting, measurable 

benefits to national parks.

• Philanthropy: The Foundation excites philanthropic support and stewards that support to have 

a direct and meaningful impact on national parks.

• Common Ground: The Foundation provides common ground where all who love the national 

parks can contribute to a shared vision in support of them.

• Partnership: The Foundation convenes and enhances strategic partnerships to achieve broader 

impacts within the national parks.

• Innovation: The Foundation employs an entrepreneurial approach to address the complex 

challenges facing the national parks.

• Education: The Foundation helps to educate the public on the value of national parks and why 

they must be protected and preserved for current and future generations.

• Diversity: NPF is committed to fostering, cultivating and preserving a culture of diversity, equity 

and inclusion among the staff, Board of Directors and partners.

• Future Orientation: The Foundation provides thought leadership, and helps NPS to anticipate 

future challenges and creates long-term solutions.

Organization

The Foundation, a not-for-profit, charitable corporation located in Washington, D.C., was 

established in 1967 by an Act of the U.S. Congress (Public Law 90-209) to help support NPS. Effective 

December 16, 2016, Public Law 90-209 was amended by enactment of Public Law 114-289. Public 

Law 114-289 provides that the Foundation shall consist of a Board of Directors having as members 

no fewer than six private citizens of the United States appointed by the Secretary of the Interior. 

The Secretary and the Director of NPS shall be non-voting, ex officio members of the Board. The 

Chairman of the Board of Directors shall be elected by the Board of Directors from its members for 

a two-year term. Activities of the Foundation to solicit, accept, administer, and use any gifts, 

devises, or bequests for the benefit of, or in connection with NPS shall be undertaken after 

consultation with the Director of NPS to ensure that these activities are consistent with NPS 

programs and policies.
National Park Foundation

Notes to Financial Statements

11

2. Significant Accounting Policies

Basis of Accounting

The accompanying financial statements are prepared in accordance with accounting principles 

generally accepted in the United States of America (U.S. GAAP) and are presented in accordance 

with the accrual basis of accounting, whereby revenue and support is recognized when earned and

expenses are recognized when incurred.

Basis of Presentation

The financial statements are presented in accordance with Financial Accounting Standards Board 

(FASB) Accounting Standards Codification (ASC) 958-205 Presentation of Financial Statements of 

Not-for-Profit Entities, whereby the Foundation is required to report information regarding its 

financial position and activities according to two classes of net assets: net assets without donor 

restrictions and net assets with donor restrictions. 

As of September 30, 2021 and 2020, and for the years then ended, the Foundation has recorded 

activities in the following net asset classes:

Net assets without donor restrictions: Net assets that are not subject to donor-imposed 

restrictions and may be expended for any purpose in performing the primary objectives of 

the Foundation. Net assets without donor restrictions are composed of the following:

Undesignated: Represents resources available to support operations.

Board designated: The Board of Directors designated certain net assets without 

donor restrictions to support programmatic or other strategic needs of the 

Foundation in the future.

NPF designated: The category is composed of net assets without donor restrictions

the Foundation has designated to be used toward signature projects consistent with 

its strategic mission. 

Net assets with donor restrictions: Net assets subject to stipulations imposed by donors and 

grantors. Some donor restrictions are temporary in nature; those restrictions will be met by 

actions of the Foundation or by the passage of time. Other donor restrictions are perpetual 

in nature, whereby the donor has stipulated the funds be maintained in perpetuity. Donorimposed restrictions are released when a restriction expires, that is, when the stipulated 

time has elapsed, when the stipulated purpose for which the resources were restricted has 

been fulfilled, or both.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make 

estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure 

of contingent assets and liabilities at the date of the financial statements, and the reported amounts 

of revenues and expenses during the reporting period. On an ongoing basis, the Foundation evaluates 

the estimates and assumptions based upon historical experience and various other factors and 

circumstances. The Foundation believes that the estimates and assumptions are reasonable in the 
National Park Foundation

Notes to Financial Statements

12

circumstances; however, the actual results could differ from those estimates under different future 

conditions.

Cash and Cash Equivalents

Cash includes interest and non-interest-bearing operating accounts with insured financial 

institutions. Deposits often exceed federally insured limits. Amounts on deposit in excess of 

federally insured limits approximate $17.2 million and $7.5 million at September 30, 2021 and 2020, 

respectively. Management, however, does not consider this a significant concentration of credit 

risk. Cash equivalents include money market accounts. Cash and cash equivalents exclude such 

amounts included within investments as those funds are part of the investment strategy and 

portfolio.

Pledges Receivable

Pledges are recognized as support in the period acknowledged by the donor. Pledges are initially 

recorded at fair value less an estimate made for doubtful pledges based on a review of all 

outstanding pledges on a quarterly basis. Pledges to be received after one year are discounted to 

present value at a discount rate commensurate with the risks involved. The Foundation uses discount 

rates that approximate U.S. Treasury borrowing rates at the end of the fiscal year in which the 

promise to give was received based on the respective duration of the donor’s payment plan. 

Amortization of the discount is recorded as contribution and endowment gifts revenue in the 

statements of activities.

The Foundation records an allowance for uncollectible pledges receivable based on a determination 

of the likelihood of collection for each pledge receivable balance considering the age of the 

receivable and other factors that would impact collection. Uncollectible amounts are written off 

when all efforts to collect these receivables have been exhausted.

Investments

Investments are measured and reported at fair value in accordance with FASB ASC 820, Fair Value 

Measurement. Dividends and interest are reflected as income when earned. 

Investments in money market funds, mutual funds, and exchange-traded funds are measured and 

reported at fair value based on quoted market prices provided by the investment managers, with 

related gains and losses included in the statements of activities. Investments in limited partnerships 

are reported at fair value based on a practical expedient, the net asset value per share or 

equivalent, determined by the fund of the investment manager at the measurement date. The 

estimated values, provided by the fund or investment manager, are subject to annual independent 

audit, and are reviewed by management for reasonableness. The Foundation believes the carrying 

amount of the financial instruments is a reasonable estimate of fair value.

Investments are exposed to risks, such as interest rate, market volatility and credit risks. Due to 

the level of risk associated with certain investments, it is at least reasonably possible that changes 

in the values of investments will occur in the near term and such changes could materially affect 

the fair value of investments reported in the accompanying statements of financial position.
National Park Foundation

Notes to Financial Statements

13

Furniture and Equipment

The Foundation capitalizes all property and equipment purchased with non-Federal funds with a 

cost of $5,000 or more. Furniture and equipment is recorded at cost and depreciated on the straightline basis over estimated useful lives of three to eight years. The Foundation’s produced content 

for creative and video production for campaign is capitalized and depreciated on a straight-line 

basis over the estimated useful live of three years.

Leasehold improvements are recorded at cost and are amortized over their estimated useful lives 

or terms of the lease, whichever is shorter.

Maintenance and repair costs are expensed as incurred. Replacements and betterments are 

capitalized. At the time properties are retired or otherwise disposed of, the property and related 

accumulated depreciation or amortization accounts are relieved of the applicable amounts and any 

gain or loss is credited or charged to operations.

Conservation Property

The Foundation acquires conservation property through donations or purchases for subsequent sale 

or donation to or for the benefit of NPS. Real property donated is valued at its estimated fair market 

value at the time of donation. The carrying value is reduced if the estimated market value decreases 

below the original recorded value.

Covenants on the properties restrict their future use to conservation activities. 

Impairment of Long-Lived Assets

The Foundation accounts for the valuation of long-lived assets in accordance with FASB ASC 360, 

Accounting for the Impairment or Disposal of Long-Lived Assets, which requires that long-lived

assets and certain identifiable intangible assets be reviewed for impairment whenever events or 

changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

Recoverability of the long-lived asset is measured by a comparison of the carrying amount of the

asset to future undiscounted net cash flows expected to be generated by the asset. If such assets

are considered to be impaired, the impairment to be recognized is measured by the amount by

which the carrying amount of the assets exceeds the estimated fair value of the assets. Assets to

be disposed of are reportable at the lower of the carrying amount or fair value, less costs to sell.

The Foundation reviews asset carrying amounts whenever events or circumstances indicate that 

such carrying amounts may not be recoverable. When considered impaired, the carrying amount of 

the asset is reduced, by a charge to the statements of activities, to its current fair value. No 

indicators of impairment were identified for the years ended September 30, 2021 and 2020.

Grants Payable

The Foundation is both a recipient and provider of grants to further its mission. As a grantor, the 

Foundation recognizes program grants expense when the Board of Directors has awarded a grant 

and the grant becomes an enforceable liability (i.e., when substantially all conditions placed on the 

grantee are met). Grants payable represent grants awarded but not yet disbursed.
National Park Foundation

Notes to Financial Statements

14

Income Taxes

The Foundation is exempt from federal income taxes under Public Law 90-209, as described in 

Section 501(c)(1)(a)(i) of the Internal Revenue Code (IRC). In addition, in 1981, the Foundation 

received a determination that it is exempt from federal income taxes under Section 501(c)(3) of the 

IRC and it qualifies as a public charity under Section 509(a)(1) of the IRC. The Foundation received 

a determination letter in 2000 that specifically states it is exempt from filing the Return of 

Organizations Exempt from Income Tax, Form 990, unless the Foundation has unrelated business 

income. Effective fiscal year 2012, the Board of Directors elected to file Form 990 on an annual 

basis. Contributions are tax deductible to donors under section 170 of the IRC.

Under FASB ASC 740-10, Income Taxes, the Foundation must recognize the tax benefit associated 

with tax positions taken for tax return purposes when it is more-likely-than-not that the position 

will be sustained. The Foundation does not believe there are any material uncertain tax positions 

and; accordingly, will not recognize any liability for unrecognized tax benefits. The Foundation 

believes that it is no longer subject to U.S. federal, state and local, or non-U.S. income tax 

examinations by tax authorities for fiscal years before 2018. For the years ended September 30, 

2021 and 2020, respectively, there were no interest or penalties related to uncertain tax positions 

recorded or included in the accompanying statements of activities.

Fair Value of Financial Instruments

Fair value measurements reflected in the accompanying financial statements represent the price 

that would be received to sell an asset or paid to transfer a liability in an orderly transaction 

between market participants on the measurement date. U.S. GAAP provides a hierarchy that 

prioritizes the inputs to fair value measurements based on the extent to which inputs to valuation 

techniques are observable in the marketplace. The hierarchy assigns a higher priority to observable 

inputs that reflect verifiable information obtained from independent sources, and a lower priority 

to unobservable inputs that would reflect the Foundation’s assumptions about how market 

participants would value an asset or liability based on the best information available. Financial 

instruments include cash and cash equivalents, pledges receivable, investments and accounts and 

grants payable. Fair value measurements must maximize the use of observable inputs and minimize 

the use of unobservable inputs. 

The three levels of the hierarchy of inputs used to measure fair value are described briefly as

follows:

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that 

are available at the measurement date.

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the 

asset or liability, either directly or indirectly, at the measurement date. Level 2 also 

includes investments redeemable on or near the measurement date.

Level 3: Unobservable inputs for the asset or liability, used in situations in which little or no 

market activity exists for the asset or liability at the measurement. Level 3 also includes 

alternative investments not redeemable near the measurement date.

The categorization of fair value measurements by level of the hierarchy is based upon the lowest 

level input that is significant to the overall fair value measurement for a given asset or liability. In 
National Park Foundation

Notes to Financial Statements

15

the event that changes in the inputs used in the fair value measurement of an asset or liability result 

in a transfer between fair value hierarchies, such transfers are recognized at the end of the 

reporting period. 

Management estimates that the respective fair values of the financial instruments, other than 

investments, approximate their recorded values in the accompanying statements of financial 

position due to the relative short-term nature of those instruments. Investments are recorded at 

fair value in the accompanying statements of financial position as described in Notes 4 and 5.

Revenue Recognition

The Foundation adopted FASB Accounting Standards Update (ASU) 2018-08, Not-for-Profit Entities 

(Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and 

Contributions Made effective October 1, 2019. ASU 2018-08 clarifies guidance for revenue 

recognition of non-exchange transactions such as contributions, gifts, and contributed services. The 

Guidance provides criteria for determining whether a nonprofit is receiving commensurate value in 

return for the resources transferred. The outcome of the analysis determines whether the contract 

or grant constitutes either a contribution or an exchange transaction (ASC 606). The guidance also 

provides a framework for determining whether a contribution is conditional or unconditional, and 

for distinguishing a donor-imposed condition from a donor-imposed restriction.

Contributions and Endowment Gifts

Contributions are transactions under which the donor does not receive commensurate value. 

Contributions are recorded as support, at fair value, when received with or without donor 

restrictions, depending on the existence and/or nature of any donor restriction, including 

inherent time restrictions. Contributions that are restricted by the donor as to time or 

purpose are reported as an increase in net assets with donor restrictions. When a time 

restriction ends, or a purpose restriction or condition is accomplished or met, net assets 

with donor restrictions are reclassified to net assets without donor restrictions and reported 

in the statements of activities as net assets released from restrictions.

Unconditional promises to give are reported at their net realizable value as pledges 

receivable in the accompanying statements of financial position. Unconditional promises to 

give that are expected to be collected in future years are discounted to present values using 

a risk-free rate of return, at the date the contribution is made. The collectability of the 

pledges receivable is evaluated by management periodically throughout the year, and an 

allowance for uncollectible amounts, is recorded in the period such a determination is made. 

Conditional promises to give are not recorded as pledges receivable until the conditions are 

satisfied. Contributions received by the Foundation consist of support provided primarily by

individuals, corporations and foundations.

Endowment gifts are recognized as support when received. The principal amount of the gift 

is maintained intact. Investment income on endowment gifts is recognized as an increase in 

net assets without restriction, unless the income is explicitly restricted by donor or law and 

such restrictions have not been met. The Foundation follows the enacted version of the 

Uniform Prudent Management of Institutional Funds Act of 2006 (the UPMIFA). The required 

disclosures are included in Note 12.
National Park Foundation

Notes to Financial Statements

16

Contributed Property, Goods, Services and Media

Contributed property is recorded at fair value at the date of donation. If donors stipulate 

how the property must be used, the contributed property is recorded as support with donor 

restrictions. In the absence of such stipulations, contributed property is recorded as support

without donor restrictions.

Contributed goods, services and media: From time to time, the Foundation receives 

contributed goods, services and media from third parties. While such contributed goods, 

services and media primarily support programmatic activities, some contributed goods, 

services and media also support general and administrative and fundraising activities. 

Contributed goods, services and media received are measured at their estimated fair value 

based on a similar value of like goods and services and are included as revenue and expense 

in the accompanying statements of activities. 

The Foundation receives non-professional contributed services from volunteers in 

connection with its operations. These services do not require specialized skills and, 

therefore, do not meet the requirement to be recognized as revenue and expense in the

accompanying statements of activities. 

Government Grants and Support

Revenue and support from government contracts and grants that provide for cost 

reimbursement are recognized when the related direct and allocated indirect expenses are 

incurred, deliverables are met, or per-diem services are provided. Revenue recognized in

excess of cash received is reported as grants receivable. Cash received in excess of revenue 

recognized is reported as refundable advances.

Management and Other Income

Management and other income includes litigation settlement contributions which represent 

voluntary community service payments from corporations that have entered a plea 

agreement with the Department of Justice. See Note 15 for further information regarding 

this revenue.

Cumulative Effect of a Change in Accounting Principle Related to Revenue Recognition

As a result of adoption of ASU 2018-08 at the beginning of fiscal year 2020, the Foundation also 

examined contracts pertaining to funds it historically managed as a custodial agent for NPS (agency 

funds). While ASU 2018-08 does not specifically address the concepts of agency transactions and/or 

accounting implications of financially interrelated entities, the focus of the contribution revenue 

recognition from the guidance is consistent with the flow of income received for funds that have 

been traditionally treated under the agency accounting rules. Thus, the Foundation has concluded 

that with the adoption of ASU 2018-08, NPS related funds historically treated as agency funds should 

be accounted for in a manner consistent with the contributions and endowment gifts. As a result 

of the adoption of ASU 2018-08, the Foundation implemented the change in accounting principle

using the modified retrospective approach effective on October 1, 2019. Under this method, the 

standard is applied retrospectively, with the cumulative effect of the change recognized at the date 

of the beginning of fiscal year 2020 as follows:
National Park Foundation

Notes to Financial Statements

17

Impact on the statement of financial position as of September 30, 2020: 

September 30, 

2020 prior to 

ASU 2018-08 ASU 2018-08

September 30, 

2020 with ASU 

2018-08

Total assets $ 288,766,343 $ - $ 288,766,343

Other liabilities $ 17,167,540 $ - $ 17,167,540

Funds managed as agent 

 for other entities 40,729,933 (40,716,871) 13,062

Total liabilities 57,897,473 (40,716,871) 17,180,602

Net assets without donor restrictions 57,292,391 - 57,292,391

Net asset with donor restrictions 173,576,479 40,716,871 214,293,350 

Total net assets 230,868,870 40,716,871 271,585,741

Total liabilities and net assets $ 288,766,343 $ - $ 288,766,343

Impact on the statement of activities for the year ended September 30, 2020:

Results for the 

Year Ended 

September 30, 

2020 prior to 

ASU 2018-08 ASU 2018-08

Results for the 

Year Ended 

September 30, 

2020 with ASU 

2018-08

Total revenue and support $ 109,979,451 $ - $ 109,979,451

Total expenses 102,775,446 - 102,775,446

Non-operating activities 17,382,187 - 17,382,187

Change in net assets $ 24,586,192 $ - $ 24,586,192
National Park Foundation

Notes to Financial Statements

18

Impact on the statement of cash flow for the year ended September 30, 2020:

Cash Flows for 

the Year Ended 

September 30, 

2020 prior to

ASU 2018-08 ASU 2018-08

Cash Flows for 

the Year Ended 

September 30, 

2020 with ASU 

2018-08

Change in net assets $ 65,303,063 $ (40,716,871) $ 24,586,192

Change in Funds managed as 

 agency funds (40,716,151) 40,716,871 720

Other net cash used in 

 operating activities (17,014,179) - (17,014,179)

Net cash used in investing activities (22,745,031) - (22,745,031)

Net cash provided by

 financing activities 11,602,765 - 11,602,765

Net decrease in cash and cash

 equivalents $ (3,569,533) $ - $ (3,569,533)

Program and Supporting Services 

Program Grants: The Foundation grants funds in support of strategic programmatic 

initiatives. Specific programmatic focus areas include enhancing the visitor experience, 

conserving and preserving natural and cultural resources, connecting people to national 

parks, and connecting partners to national parks. The Foundation monitors the use of 

granted funds through grantee reporting governed by formally executed agreements with 

each grantee. These agreements require grantees to certify that the usage of funds meet 

the requirements of the grant.

Program Support: The Foundation currently appropriates funds for program support 

activities based upon program demands and availability of funds during a particular year.

Support expenses include payroll costs for time spent on specific programs, direct costs 

relevant to activities that benefit a program, and cost of digital media to support various 

programs. 

General and Administrative: General and administrative expenses include the Foundation’s 

general operations such as execution and oversight of the operating strategy, office 

administration, financial administration, Board of Directors oversight, human resource 

management, information technology, security, and related elements.

Fundraising: Fundraising activities include publicizing and conducting fund-raising 

campaigns; maintaining donor lists; conducting special fund-raising events; and conducting 

other activities involved with soliciting contributions from individuals, and corporations and 

foundations.
National Park Foundation

Notes to Financial Statements

19

Expense Classifications and Functional Expense Allocation

The cost of providing various programs and other activities has been summarized on a functional 

basis in the accompanying statements of activities and statements of functional expenses. 

Accordingly, expenses that are identified as relating to specific programs, programmatic support

services, fundraising activities or general and administrative functions are charged directly to their 

natural expenditure classifications. However, certain costs that benefit the operations of all the

functional areas have been allocated among program support services, fundraising activities, and 

general and administrative functions based on headcount. Such costs include facilities and lease 

expense, information technology support, and other administrative and executive support.

Program support services consist of activities that directly support the Foundation’s mission through 

funding programs, education outreach, and building community partnerships. Fundraising activities 

include conducting fundraising campaigns, preparing and distributing fundraising materials, and 

conducting other activities involved in soliciting contributions. General and administrative activities

include those costs that are not directly identifiable with any specific function, but which provide 

for the overall support and direction of the Foundation.

Fundraising costs incurred in one year, which may result in contributions received in future years, 

are expensed as incurred. Additionally, advertising costs are expensed as incurred.

Allocation of Joint Costs

The Foundation accounts for joint costs incurred for materials and activities that are included in 

fundraising direct mail appeals in accordance with ASC 958-720-45, Accounting for Costs of 

Activities That Include Fundraising, in determining costs to be allocated. During the years ended 

September 30, 2021 and 2020, the Foundation incurred joint costs of $4,064,566 and $4,459,132, 

respectively. Of those costs, $2,108,464 and $2,352,669 were allocated to fundraising expense, 

$1,790,478 and $1,851,417 were allocated to programmatic support, and $165,624 and $255,046

were allocated to general and administrative expense in 2021 and 2020, respectively.

Reclassifications

Certain amounts in the 2020 financial statements have been reclassified to conform to the 2021

presentation. The reclassifications have no effect on the previously reported change in net assets.

Recently Adopted Accounting Pronouncement

Effective October 1, 2020, the Foundation adopted FASB ASU 2014-09, Revenue from Contracts with 

Customers (Topic 606), including all subsequent amendments (collectively, ASC 606). The effects of 

ASC 606 on the Foundation’s financial statements were examined in conjunction with the adoption 

of ASU 2018-08. The updates require that revenue is recognized to depict the transfer of promised 

goods and services to customers in an amount that reflects the consideration to which the entity 

expects to be entitled in exchange for goods and services. As a result of adoption of ASC 606, 

management assessed that certain revenue transactions of the Foundation qualified as an exchange 

transaction under ASC 606. The adoption of ASC 606 did not have significant impact on the

Foundation’s financial statements. 
National Park Foundation

Notes to Financial Statements

20

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure 

Framework – Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 was 

issued as part of the FASB disclosure framework project to improve the effectiveness of disclosures 

about fair value measurements required under ASC 820. The Foundation adopted ASU 2018-13 

effective October 1, 2020, and the adoption did not have significant impact on fair value disclosures 

and there was no effect on the change in net assets reported at September 30, 2020.

Recent Accounting Pronouncements Not Yet Adopted

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This update, along with related 

ASU’s, establishes a comprehensive leasing standard. These updates require the recognition of lease 

assets and lease liabilities on the statement of financial position and disclosure of key information 

about leasing arrangements for lessees and lessors. The new standard applies a right-of-use (ROU) 

model that requires, for leases with a lease term of more than 12 months, an asset representing its 

right to use the underlying asset for the lease term and a liability to make lease payments to be 

recorded. The guidance also expands the required quantitative and qualitative lease disclosures as 

well as provides entities with an additional (and optional) transition method to adopt the new 

standard. The ASU is effective for the Foundation’s fiscal year 2023. Management is currently 

evaluating the impact of these ASUs on the financial statements. 

In September 2020, the FASB issued ASU 2020-07, Not-for-Profit Entities (Topic 958): Presentation 

and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. This ASU requires a 

not-for-profit organization to present contributed nonfinancial assets as a separate line item in the 

statement of activities, apart from contributions of cash or other financial assets and requires 

additional disclosures related to contributed nonfinancial assets. This ASU must be applied on a 

retrospective basis and is effective for the Foundation’s fiscal year 2022. Management is currently 

evaluating the impact of this ASU on the financial statements.

The Foundation has assessed other accounting pronouncements issued or affecting during the years 

ended September 30, 2021 and 2020, and deemed they were not applicable to the Foundation and 

are not anticipated to have a material effect on the financial statements.

3. Pledges Receivable

Pledges receivable that are expected to be collected in future years are discounted to present 

values using a blended rate using prime rate, and a risk-free rate of return, at the time the 

unconditional promises are made. The discount rates for 2021 and 2020 range from 1.66% to 3.68%. 

The stated balance also factors in circumstances that may impact the Foundation’s ability to collect 

individual pledge balances. An allowance for uncollectible pledges is annually assessed utilizing a 

five-year average of actual uncollectible accounts as a percentage of then outstanding receivable 

balance. At September 30, 2021 and 2020, the allowance for uncollectible pledges totaled 

$1,292,024 and $487,838, respectively and was netted against pledges receivable balances. For the

years ended September 30, 2021 and 2020, the Foundation recorded bad debt expense of $1,124,310

and $109,157, respectively.
National Park Foundation

Notes to Financial Statements

21

Pledges receivable consists of the following:

September 30, 2021 2020

Due in less than one year $ 50,780,544 $ 46,972,625

Due in two to five years 10,566,066 12,455,702

Due after five years - 25,000

Total pledges receivable 61,346,610 59,453,327

Less:

Discount for present value (557,986) (597,044)

Allowance for doubtful pledges (1,292,024) (487,838)

Pledges receivable, net $ 59,496,600 $ 58,368,445

4. Investments

Investments consist of the following at:

September 30, 2021 2020

Money market funds $ 37,503,845 $ 42,921,834

Mutual funds 208,659,003 171,421,292

Exchange traded funds 1,264,861 803,091

Limited partnerships 10,046,808 -

Cash 50,000 828,503

Total investments 257,524,517 215,974,720

Less: funds managed as agent for other entities (14,477) (13,062)

Total investments, net of other entities’ funds $ 257,510,040 $ 215,961,658

Donated Securities

During the year ended September 30, 2016, the Foundation received donated securities from a 

private foundation organized for charitable purposes and exempt from federal income taxation 

under Section 501(c)(3). The grant was composed of 39 non-voting, restricted class B shares of an 

exempt entity, related to the donor, organized for charitable purposes whose class A shares are 

owned by the donor. As an owner of the class B shares, the Foundation will receive dividends for 

use toward restricted charitable purposes, but has no voting rights or other ownership rights.

At the time of the grant, the Foundation was not able to establish a supportable fair market value 

of the class B shares. Accordingly, the Foundation recorded an asset for an estimated value for 

management tracking purposes and fully reserved the asset to yield a net asset value of $0 for 

reporting purposes.

There were no dividends received during the years ended September 30, 2021 and 2020. 
National Park Foundation

Notes to Financial Statements

22

5. Fair Value Measurements

The determination of the fair value level within which the entire fair value measurement falls is 

based on the lowest level input that is significant to the fair value measurement in its entirety. The 

Foundation’s assessment of the significance of the particular input to the fair value measurement 

in its entirety requires judgment and considers factors specific to the assets or liabilities.

The availability of observable market data is monitored to assess the appropriate classification of 

financial instruments within the fair value hierarchy. Changes in economic conditions or modelbased valuation techniques may require the transfer of financial instruments from one fair value 

level to another. In such instances, the transfer is reported as of the end of the reporting period. 

Investments in money market, mutual funds, and exchange traded funds (see Note 4) are valued at 

readily available quoted prices held by the Foundation at year-end reported in the listing of the 

applicable major exchanges. These financial instruments are classified as Level 1 in the fair value 

hierarchy. 

The Foundation used net asset value (NAV) per share, or its equivalent, such as member units or an 

ownership interest in partners’ capital, as a practical expedient to estimate the fair values of 

limited partnerships which do not have readily determinable fair values. Investments that are 

measured at fair value using NAV per share as a practical expedient are not classified in the fair 

value hierarchy.

The table below presents the balances of assets measured at fair value on a recurring basis by level 

within the hierarchy: 

As of September 30, 2021

Total Level 1 Level 2 Level 3

Investments at fair value:

Money market funds $ 37,503,845 $ 37,503,845 $ - $ -

Mutual funds 208,659,003 208,659,003 - -

Exchange traded funds 1,264,861 1,264,861 - -

Total investments at fair 

value level 247,427,709 $ 247,427,709 $ - $ -

Investments at cost – cash(a) 50,000

Investments measured at net 

asset value(b)

Limited partnerships 10,046,808

Total investments $ 257,524,517

(a) Cash included in the investment portfolio is not subject to the provisions of fair value measurements as they are recorded at 

cost and are only shown here to reconcile to the accompanying statements of financial position.

(b) These investments are measured at net asset value (“NAV”) or its equivalent as a practical expedient and have not been 

classified in the fair value hierarchy. The fair value amounts presented in this table are shown here to reconcile to the 

accompanying statements of financial position.
National Park Foundation

Notes to Financial Statements

23

The table below presents the balances of assets measured at fair value on a recurring basis by level 

within the hierarchy: 

As of September 30, 2020

Total Level 1 Level 2 Level 3

Investments at fair value:

Money market funds $ 42,921,834 $ 42,921,834 $ - $ -

Mutual funds 171,421,292 171,421,292 - -

Exchange traded funds 803,091 803,091 - -

Total investments at fair 

value level 215,146,217 $ 215,146,217 $ - $ -

Investments at cost*

Cash 828,503

Total investments $ 215,974,720

* Cash included in the investment portfolio is not subject to the provisions of fair value measurements as they are recorded at

cost and are only shown here to reconcile to the accompanying statements of financial position.

Limited Partnerships

As of September 30, 2021, the Foundation acquired two private equity investment interests in two 

separate limited partnerships with a capital commitment of $10 million each. The major categories 

of the Foundation’s investments valued at net asset value, including general information related to 

each category, are as follows at September 30, 2021:

Redemption

Fair Unfunded Redemption Notice

Value Commitments Frequency Period

Warburg Pincus Global

 Growth, L.P. (a) $ 9,251,808 $ 2,562,500

No immediate 

liquidity Unknown

General Atlantic Investment

 Partners 2021, L.P. (b) 795,000 9,151,000

No immediate 

liquidity Unknown

$ 10,046,808 $ 10,754,500

(a) Warburg Pincus private equity funds consist of an investment mix of international and domestic 

markets in the industries of financial services, healthcare, technology, and energy, with a focus 

in growth investing. Approximately 70% of investments are sole sourced by Warburg Pincus in 

the private market. The fair value of investments is determined based on various valuation 

techniques and inputs including purchase multiples paid in other comparable third-party 

transactions, comparable public company trading multiples, discounted cash flow analysis, 

market conditions, liquidity, current operating results, and other pertinent information.

(b) Private equity capital funds consist of limited partnerships that are organized to make either 

direct or indirect investments in companies primarily in the sectors of technology, financial 
National Park Foundation

Notes to Financial Statements

24

services, healthcare, and life sciences. Strategies include diversification by sector, geography, 

and investment type in venture capital and growth investments. The fair value of investments 

was determined by an independent valuation firm based on data and assumptions provided by 

General Atlantic. Investment liquidities are executed primarily through initial public offerings,

private and strategic sales, and open market sales, which are anticipated to be long-term. 

6. Charitable Gift Annuity

The Foundation has a charitable gift annuity plan whereby donors may contribute assets in exchange 

for the right to receive a fixed-dollar periodic payment of the gift assets during their lifetimes. 

Payments begin in accordance with the timing stipulated in the gift annuity contracts. The 

difference between the original annuity amount invested and the discounted liability for future 

payments, determined on an actuarial basis, is recognized as contribution revenue at the date of 

the gift. The actuarial liability is revalued annually and any surplus or deficiency is recognized as a 

change in value in the statements of activities.

The gift annuity program recorded as an asset totaled $2,658,603 and $1,700,654 and a liability of 

$1,685,027 and $1,024,031 as of September 30, 2021 and 2020, respectively. Assets held under 

charitable gift annuities are included in investments and the related liabilities are reported in 

charitable gift annuity in the statements of financial position. Contribution revenue totaled 

$849,407 and $86,740 for the years ended September 30, 2021 and 2020, respectively, and is 

included in the statements of activities.

7. Furniture and Equipment 

Furniture and Equipment consist of the following at:

September 30, 2021 2020

Leasehold improvements $ 3,474,611 $ 3,457,320

Computer software and hardware 2,345,336 2,205,576

Construction-in-progress 459,531 26,653

Furniture and equipment 292,603 304,103

Produced content 269,520 269,520

6,841,601 6,263,172

Less: accumulated depreciation and amortization (2,773,264) (2,002,694)

Furniture and equipment, net $ 4,068,337 $ 4,260,478

Depreciation and amortization expense totaled $770,570 and $438,614 for the years ended 

September 30, 2021 and 2020, respectively. Accumulated amortization related to the equipment 

under capital leases at September 30, 2021 and 2020 was $51,504 and $12,876, respectively. 

8. Grants Payable 

Grants payable greater than one year are discounted using the Treasury bill rate at the time the 

commitments are made. At September 30, 2021 and 2020, grants outstanding of $1,134,900 and 

$1,831,237, respectively, were due in less than one year.
National Park Foundation

Notes to Financial Statements

25

9. Line-of-Credit

The Foundation has an unsecured line-of-credit. The total amount available under the line-of-credit 

as of September 30, 2021 and 2020 was $3,000,000. Borrowings bear interest at the one-month 

Secured Overnight Financing Rate (SOFR) as quoted by the bank, two business days prior to the date 

of the draw. Such rate is to be effective and adjusted for the Federal Reserve Board of Governors 

reserve requirements and FDIC insurance, plus 1.5%. The effective interest rate at September 30, 

2021 and 2020 was 2.59% and 1.58%, respectively. There was no balance outstanding at September 

30, 2021 and 2020. The line has not been drawn down upon during the years ended September 30, 

2021 and 2020.

10. Notes Payable

Payroll Protection Program

On April 18, 2020, the Foundation was granted a loan in the amount of $1,791,500 under the 

Paycheck Protection Program (“PPP”). The PPP, established as part of the Coronavirus Aid, Relief 

and Economic Security Act (“CARES Act”), provides for loans to qualifying businesses for eligible 

purposes including payroll costs, group health care benefits, mortgage payments, rent utilities, and 

interest on other debt obligations. The loan was forgiven on December 30, 2020.

The Small Business Administration (SBA) has stated that all PPP loans in excess of $2 million, and 

other PPP loans as appropriate, will be subject to potential audit by the SBA for compliance with 

PPP requirements for a period up to ten years from date the loan is provided. If the SBA determines 

in the course of such an audit the Foundation lacked an adequate basis for the required certification 

concerning the necessity of the loan request or the subsequent use of loan proceeds, the SBA will 

seek repayment of the PPP loan, including interest and potential penalties. While the Foundation 

believes the PPP loan was properly obtained, there can be no assurance regarding the outcome of 

an SBA review and related forgiveness of the PPP loan should an audit of the loan process occur. 

Note Payable

During December 2016, the Foundation entered into an agreement with an unrelated nonprofit 

public benefit corporation for a four-year loan for $9,523,704. Interest on the unpaid principal was

due monthly at a rate of 1%. As of September 30, 2020, the loan was fully paid by the Foundation, 

including all related remaining interest amounting to $188,735. 

11. Net Assets

To ensure observance of the limitations and restrictions placed on the use of resources available to 

the Foundation, the accounts of the Foundation are internally maintained in accordance with the 

principles of project or fund accounting. Separate accounts are maintained for each fund. However, 

in the accompanying financial statements, funds are classified for presentation purposes under ASU 

2016-14, Not-for-Profit Entities (Topic 958) – Presentation of Financial Statements of Not-for-Profit 

Entities, as without donor restrictions which composed of undesignated, designated, or with donor 

restrictions.

Net assets without donor restrictions include undesignated funds for general operations, and funds 

designated by the board for grants, or funds designated by the Foundation for other projects. 
National Park Foundation

Notes to Financial Statements

26

Net assets without donor restrictions were as follows:

September 30, 2021 2020

Without donor restrictions – undesignated $ 37,780,765 $ 29,842,356

Without donor restrictions – designated:

Board designated for strategic programmatic use in 

the future 32,421,004 26,828,543

NPF designated:

NPS Centennial 158,887 166,500

Innovation 79,992 79,992

Land 199,128 375,000

Total NPF designated amounts 438,007 621,492

Total designated 32,859,011 27,450,035

Total net assets without donor restrictions $ 70,639,776 $ 57,292,391

Net assets with donor restrictions, some of which are time restricted, are primarily available to 

support program grant and program support activities or are restricted to investments in perpetuity, 

the income from which is expendable to support program activities.

Net assets with donor restrictions were as follows:

September 30, 2021 2020

Subject to expenditure for specified purpose:

Core programs $ 111,373,091 $ 101,748,937

Other programs 22,603,530 19,225,973

Total subject to expenditure for specified purpose 133,976,621 120,974,910

Subject to endowment spending policy and appropriation:

Endowments 119,196,265 93,318,440

Total net assets with donor restrictions $ 253,172,886 $ 214,293,350
National Park Foundation

Notes to Financial Statements

27

Net assets were released from donor restrictions by incurring expenses satisfying the restricted 

purpose or by occurrence of the passage of time or other events specified by the donors as follows:

Years ended September 30, 2021 2020

Satisfaction of purpose restrictions:

Core programs $ 31,905,015 $ 65,056,209

Other programs 1,268,254 2,348,647

Total satisfaction of purpose restrictions 33,173,269 67,404,856

Restricted-purpose spending-rate distributions and 

appropriations:

Endowments 4,176,858 1,597,455

Total net assets released from donor restrictions $ 37,350,127 $ 69,002,311

12. Endowment Funds

The Foundation’s endowment consists of multiple individual funds established to support program 

activities. Its endowment includes both donor-restricted endowment funds and funds designated by 

the Board of Directors to function as a quasi-endowment. Net assets associated with endowment 

funds, including funds designated as a quasi-endowment by the Board of Directors, are classified 

and reported based on the existence or absence of donor-imposed restrictions.

Interpretation of Relevant Law

The Board of the Foundation has interpreted the State Prudent Management of Institutional Funds 

Act (the Act) as requiring the preservation of the fair value of the original gift as the gift date of 

the donor-restricted endowment funds absent explicit donor stipulations to the contrary. As a result 

of this interpretation, the Foundation classifies as net assets with donor restrictions (a) the original 

value of gifts donated to the permanent endowment, (b) the original value of subsequent gifts to 

the permanent endowment, and (c) accumulations to the permanent endowment made in 

accordance with the direction of the applicable donor gift instrument at the time the accumulation 

is added to the fund.

In accordance with the Act, the Foundation considers the following factors in making a

determination to appropriate or accumulate donor-restricted endowment funds:

(1) The duration and preservation of the donor-restricted endowment fund

(2) The purposes of the Foundation and the donor-restricted endowment fund

(3) General economic conditions

(4) The possible effect of inflation and deflation

(5) The expected total return from income and the appreciation of investments

(6) Other resources of the Foundation

(7) The investment policies of the Foundation
National Park Foundation

Notes to Financial Statements

28

Return Objectives and Risk Parameters

The Foundation has adopted investment and spending policies for endowment assets that attempt 

to provide a predictable stream of funding to programs supported by its endowment while seeking 

to maintain the purchasing power of the endowment assets.

Endowment assets include those assets of the donor-restricted funds that the Foundation must hold 

in perpetuity or for a donor-specified period(s) as well as board designated funds. Under this policy,

as approved by the Board of Directors, the endowment assets are invested in a manner that is 

intended to provide growth and to preserve or increase the real value of the endowment to meet 

the future needs of the national parks, always with the objective of selecting investment vehicles 

that are at an appropriate level of risk for a non-profit organization. Actual returns in any given 

year may vary.

Funds with Deficiencies

From time to time, the fair value of assets associated with individual donor-restricted endowment 

funds may fall below the level that the donor or the UPMIFA requires the Foundation to retain as a 

fund of perpetual duration. 

These deficiencies may result from unfavorable market fluctuations that occurred shortly after the 

investment of new contributions for donor restricted endowment funds. For one of the Foundation’s 

endowments, the donor permitted spending from endowment funds for the initial three-year start 

up period, in order to support the program’s mission. 

The Foundation has a policy that permits spending from underwater endowment funds depending 

on the degree to which the fund is underwater, unless otherwise precluded by donor intent or

relevant laws and regulations. 

As of September 30, 2021 and 2020, deficiencies of this nature were $0.0 million and $0.6 million,

respectively, which was reported in net assets with donor restrictions.

Spending Policy

The Foundation currently appropriates funds for the distribution of program support activities based 

upon the demand for these purposes and on the availability of funds during the particular year. The 

Foundation has a Board policy that permits as part of its annual budget process a transfer from the 

without donor restrictions Board-designated net assets to the without donor restrictions

undesignated net assets of up to 5% of the average market value of the without donor restrictions 

Board-designated net assets as of March 31 for the three preceding years. Additional transfers are 

permitted by Board of Directors action. 
National Park Foundation

Notes to Financial Statements

29

The net asset composition of the endowment funds as of September 30, 2021 were as follows:

Without Donor With Donor

Restrictions Restrictions Total

Board designated quasi-endowments $ 32,421,004 $ - $ 32,421,004

Donor-restricted endowments:

Original donor-restricted gift amount 

and amounts required to be 

maintained in perpetuity by the donor - 81,364,961 81,364,961

Accumulated investment gains - 37,831,304 37,831,304

Total endowment funds $ 32,421,004 $ 119,196,265 $ 151,617,269

The following table represents the changes in endowment net assets for the year ended September 

30, 2021:

Without Donor With Donor

Restrictions Restrictions Total

Endowment net assets, beginning of year $ 26,828,543 $ 93,318,440 $ 120,146,983

Contributions - 9,981,388 9,981,388

Investment return, net 5,978,861 19,873,296 25,852,157

Appropriation of endowment assets for 

expenditure (386,400) (3,976,859) (4,363,259)

Endowment net assets, end of year $ 32,421,004 $ 119,196,265 $ 151,617,269

The net asset composition of the endowment funds as of September 30, 2020 were as follows:

Without Donor With Donor

Restrictions Restrictions Total

Board designated quasi-endowments $ 26,828,543 $ - $ 26,828,543

Donor-restricted endowments:

Original donor-restricted gift amount 

and amounts required to be 

maintained in perpetuity by the donor - 71,423,558 71,423,558

Accumulated investment gains - 21,894,882 21,894,882

Total endowment funds $ 26,828,543 $ 93,318,440 $ 120,146,983
National Park Foundation

Notes to Financial Statements

30

The following table represents the changes in endowment net assets for the year ended September 

30, 2020:

Without Donor With Donor

Restrictions Restrictions Total

Endowment net assets, beginning of year $ 24,172,592 $ 77,618,516 $ 101,791,108

Contributions - 10,288,797 10,288,797

Investment return, net 3,108,251 7,010,839 10,119,090

Appropriation of endowment assets for 

expenditure (452,300) (1,599,712) (2,052,012)

Endowment net assets, end of year $ 26,828,543 $ 93,318,440 $ 120,146,983

13. Commitments and Contingencies

Operating Lease Commitments

The Foundation entered into a lease agreement with terms that ended in May 2020 for subleased 

premises at 1110 Vermont Avenue. Rent payments were recognized as expense on a straight linebasis over the term of the lease. 

The Foundation has executed a lease agreement for relocation to new office space located at 1500 

K Street, NW, effective June 1, 2020. The terms of the new lease agreement consist of 89 months, 

with the option to extend the lease up to two consecutive periods of 60 months each. The terms 

also include abatement for the first five months upon occupation of the space and a tenant leasehold 

improvement allowance of approximately $2.7 million which includes a commission rebate of $0.1 

million. As of September 30, 2021, the tenant leasehold improvement allowance was $2.2 million. 

The agreement permits subletting the space, subject to approval.

The Foundation’s leases for office space provide for rent abatement and escalations of the base 

rent. Accordingly, the Foundation recognizes rent expense based on total minimum future lease 

payments on a straight-line basis over the life of the lease. 

The deferred rent liability balance included in other noncurrent liabilities in the statements of 

financial position as of September 30, 2021 and 2020 was $655,648 and $381,370, respectively. 

Rental expense for the years ended September 30, 2021 and 2020 totaled $1,155,079 and 

$1,032,464, respectively.
National Park Foundation

Notes to Financial Statements

31

The future minimum payments under the lease agreements are as follows:

Years ending September 30,

2022 $ 1,519,468

2023 1,557,417

2024 1,596,382

2025 1,636,279

2026 1,677,107

Thereafter 1,864,754

$ 9,851,407

14. Contributed Property, Goods, Services and Media

During the years ended September 30, 2021 and 2020, the Foundation received contributed

property, goods, services and media valued at $43,059,127 and $33,620,763, respectively. Of these

totals, digital media support was valued at $42,919,623 and $28,028,312, for the years ended

September 30, 2021 and 2020, respectively. The remainder consisted of electronic car charging 

stations, recycled lumber for trails, travel related support, general services, as well as call to action 

communications and outreach related to NPF as a whole.

15. Litigation Settlement Contributions (Community Service Payments)

Since 1999, the Foundation has received over $20 million from several litigation settlements. These 

funds represent voluntary community service payments from corporations that have entered into a 

plea agreement related to charges by the Department of Justice for violations of certain 

environment regulations such as polluting or the mistreatment of hazardous waste materials. The 

plea agreements specify the national parks or areas to which the funds are to be allocated by the 

Foundation. The Foundation received settlement contributions of $4,100,732 and $2,636,600 for 

the years ended September 30, 2021. The Foundation believes that these plea agreements represent 

voluntary non-reciprocal payments to the Foundation and has, therefore, classified them as net 

assets with donor restrictions support.

16. Employee Benefit Plans

The Foundation has maintained a 403(b) retirement plan (the Plan) for its employees since 1992. 

All employees over 21 years of age with at least one year of service to the Foundation (consisting 

of at least 1,000 hours of service in a 12-month period) are eligible to receive an employer matching 

contribution to the Plan. The Foundation matches 100% of employee contributions, up to 3% of 

salary, and 50% of the next 2%, with a maximum contribution by the Foundation of 4%.

Participants are eligible to participate after one year of service and are fully vested in all 

contributions of the Plan. The Foundation’s contributions to the plan were $335,089 and $260,985,

respectively, for the years ended September 30, 2021 and 2020.

The Foundation established a 457(f) deferred compensation plan during 2017 and 457(b) deferred 

compensation plan during 2019 for its President and CEO. At September 30, 2021 and 2020, the 

amounts accrued under these arrangements were $302,218 and $186,825, respectively.
National Park Foundation

Notes to Financial Statements

32

17. Government Support

National Park Service Endowment

During 2021 and 2020, the Foundation was awarded an endowment of $10,000,000 each year under 

the National Park Service Centennial Act. As of September 30, 2021 and 2020, the corpus of the 

National Park Service endowment totaled $50,000,000 and $40,000,000, respectively. Endowment

earnings totaled $10,120,360 and $3,072,158 for the years ended September 30, 2021 and 2020,

respectively. The earnings are to be used to help finance the needs of the national parks. As of 

September 30, 2021 and 2020, $396,764 and $0 of the earnings have been expended, respectively.

In addition to the endowment awarded under the National Park Service Centennial Act, the

Foundation was also awarded an appropriation of $5,000,000 during 2021 and 2020, to be expensed 

towards projects and programs that support the mission of NPS. For years ended September 30, 

2021 and 2020, $4,126,476 and $224,193 of appropriations was expensed, respectively.

18. Concentrations

As of September 30, 2021 and 2020, pledges receivable from three donors represented 

approximately 61% and 69%, respectively, of total pledges receivable.

19. Liquidity and Availability of Resources

The following reflects the Foundation’s financial assets available for general expenditure within one 

year of the statement of financial position as of September 30, 2021 and 2020:

2021 2020

Financial assets:

Cash and cash equivalents $ 17,068,209 $ 8,534,240

Pledges receivable, net 59,496,600 58,368,445

Investments 257,524,517 215,974,720

Total financial assets 334,089,326 282,877,405

Less: Amounts unavailable for current expenditure due to:

Funds managed as agent for other entities 14,477 13,062

Pledges without donor restrictions collectible beyond one

 year 852,108 552,402

Charitable gift annuities 1,685,027 1,024,031

Net assets with donor restrictions 253,172,886 214,293,350

Total amounts unavailable for general expenditure within 

 one year 255,724,498 215,882,845

Less: Amounts unavailable to management without

Board approval

Board designated quasi-endowments 32,421,004 26,828,543

Total financial assets available to management for general

 expenditure within one year $ 45,943,824 $ 40,166,017
National Park Foundation

Notes to Financial Statements

33

The Foundation regularly monitors liquidity required to meet its general operating needs and other 

contractual commitments. The Foundation’s liquidity management includes a policy of structuring 

its financial assets to be available to meet its grant-making and general expenditures, liabilities and 

other obligations as they come due. As part of its liquidity plan, excess cash is invested in publicly 

traded investment plans such as money market and mutual funds that aim to maximize return on 

investments based on acceptable levels of risk. The Foundation’s investments can be liquidated 

anytime, and therefore are available to meet current cash flow needs, except for investments held 

in perpetuity. The Foundation’s board-designated net assets include funds designated for specific 

programs. While the board of directors does not intend to spend for the purposes other than those 

identified, board-designated funds could be spent for operations, if necessary.

20. Related Parties

During the years ended September 30, 2021 and 2020, the Foundation received contributions and 

gifts of $10,152,296 and $1,653,413, respectively, from board members of the Foundation. At 

September 30, 2021 and 2020, $7,928,320 and $2,780,285, respectively, was due to the Foundation.

21. Risks and Uncertainties

COVID-19

On January 30, 2020, the World Health Organization (WHO) announced a new strain of coronavirus. 

As a result of the risks to the international community as the virus has spread globally beyond its 

point of origin, on March 11, 2020 the WHO declared the novel coronavirus a global pandemic. 

The extent of the impact of the COVID-19 pandemic on the operational and financial performance 

of the Organization will depend on certain developments, including the duration and spread of the 

pandemic. COVID-19 presents potential material uncertainty and risk with respect to the 

Organization, its performance, and its financial results.

22. Subsequent Events

Management has evaluated subsequent events through March 25, 2022, which is the date the 

accompanying financial statements were available to be issued. There were no transactions or 

events that required adjustment or disclosure in the financial statements.
Management Prepared Document
Appendix A – Management’s Discussion and Analysis

Year Ended September 30, 2021

Unaudited 

A-1

Executive Summary

The National Park Foundation (“NPF” or the “Foundation”) generates private support and builds 

strategic partnerships to protect and enhance America’s national parks for present and future 

generations. NPF was congressionally chartered in 1967 as the national non-profit, nongovernmental, philanthropic partner of the National Park Service (“NPS”). NPF is positioned to 

engage with individuals, institutions and corporate America in support of national parks in ways that 

NPS cannot due to federal regulations and enjoys a unique partnership with NPS that allows it to 

leverage and direct philanthropic support toward NPS’s nationwide priorities. 

At its core, the Foundation invests in seven strategic areas to drive positive impact. These areas 

are referred to as mission pillars and each pillar has a clear desired outcome, a set of impact goals, 

and an implementation plan: (i) Landscape and Wildlife Conservation, (ii) History & Culture, (iii) 

Resilience and Sustainability, (iv) Parks of the Future, (v) Youth Engagement and Education, (vi) 

Outdoor Exploration, and (vii) Communities and Workforce. In fiscal 2021, NPF raised approximately 

$128 million in contributions and other support to fund its mission. NPF’s work is implemented 

through strategic partnerships with NPS, park friend’s groups, corporate partners, and other park 

partners. 

NPF takes a strategic approach in advancing its mission. Key elements of the approach include:

• Aligning areas of programmatic focus with NPS’ priorities. Helps to ensure that the

projects NPF undertakes are a priority and can be completed.

• Developing diverse and robust fundraising channels. Helps to ensure NPF can deliver on

its mission while yielding steady growth in contributions over time.

• Keeping programmatic spending ratios high over time. Helps to ensure NPF successfully

delivers financially on its mission.

• Controlling general, administrative and fundraising costs. Ensures focus on primary goals.

• Strategic investments in operations. Allows NPF to continue leveraging competitive

advantages and increase its efficiency in delivering its mission.

• Mission aligned investment portfolios. Ensures portfolios are optimized for sustainable

asset growth over time.

• Maintaining a strong financial position. Ensures NPF takes actions needed to sustain

delivery of mission over long term.

Areas of Programmatic Focus

NPF’s overarching goal is to ensure America’s national parks reach their fullest potential and touch 

as many lives as possible. NPF delivers programmatic impact to the parks in the following strategic 

areas: 

Landscape and Wildlife Conservation – NPF commits to conserving native wildlife and restoring 

critical habitats and ecosystems in the nation’s most treasured places for the enjoyment, education, 

and inspiration of current and future generations. From majestic mountain ranges in Alaska to the 

vast sawgrass prairies of Florida’s Everglades, national parks have safeguarded the nation’s stunning 

landscapes, natural habitats, and native wildlife from modern development. Today, national parks 
Appendix A - Management’s Discussion and Analysis

Year Ended September 30, 2021

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A-2

protect and preserve 85 million acres of land including world heritage sites, iconic landmarks, and 

many threatened and endangered species. Many sites are increasingly subject to environmental and 

human impacts that threaten the health of wildlife. Rising sea levels, changing weather patterns, 

and ecosystem degradation are leading to paradigm shifts in society. Conservation and preservation 

are at the core of the Foundation’s mission.

History and Culture - Nearly half of the nation’s national parks are primarily historic or cultural in 

their mission, but few Americans visit them or even know they exist. As America’s storyteller, these 

national parks can engage all audiences and tell a broader and more inclusive story of American 

history. NPF helps to safeguard the historic sites and collections that hold American’s shared history, 

recognizing that national discourse is ever evolving to reflect on the past, engage the present, and 

imagine the future. With this work, NPF aims to share more comprehensive and inclusive stories 

that amplify the full range of experience and voices that are woven into the fabric of the United 

States.

Resilience and Sustainability - In partnership with NPS and other partners, NPF is making national 

parks more resilient and sustainable by supporting innovative solutions to improve park 

infrastructure and to make it easier for park visitors to be good stewards of the places they love. 

NPF supports ongoing work across the entire National Park System through waste reduction efforts, 

water conservation projects, and investments in renewable and alternative energy projects. The 

preservation of parks is central to the National Park Service’s mission, and NPS’s Green Parks Plan 

acts as a road map of areas to focus on now and in the future to build resilient green infrastructure 

and educate park visitors on climate change and sustainability.

Parks of the Future - Two hundred million more visitors are expected annually in national parks by 

2040, a 60 percent increase from 2018 levels. National parks must be prepared to address the 

changing demographics and a diversity of needs for these new visitors. From visitor congestion to 

the workforce of the future. From recreational access to campground and transportation 

experiences of the future. From how audiences feel welcome to how new audiences can be 

developed and cultivated. National parks must remain nimble and invest in strategies today that 

ensure world class visitor experiences tomorrow. Through transformational investments in both 

emerging technologies and proven solutions, NPF envisions a stronger and more resilient National 

Park System in 2040. 

Youth Engagement and Education - The average child spends five to eight hours a day in front of 

a digital screen and only about 12 minutes of active time outdoors. National parks are America’s 

largest classroom, offering unparalleled educational resources as hands-on laboratories poised to 

inspire a new generation. NPF supports Youth Education & Engagement programs that provide ways 

for kids to enjoy, understand, and connect with the nature, history, and culture of parks through a 

variety of classroom subjects at national parks across the country. Education programs tied to parks 

enhance classroom curriculum and have a transformative impact on students, increasing critical 

thinking skills, knowledge, self-confidence, and motivation to learn. Beyond time spent in the parks, 

classroom activities conducted before and after in-park or virtual field trips reinforce what students 

learn during their exploration. 
Appendix A - Management’s Discussion and Analysis

Year Ended September 30, 2021

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A-3

Outdoor Exploration – National parks hold the power to inspire a sense of wonder and a love of 

exploration. Exploration of parks’ wildlife, landscapes, history, and culture is an important and 

memorable element of national park experiences for all visitors. NPF supports ongoing opportunities 

to promote access for everyone to experience, enjoy, and cultivate life-long connections to the 

social, mental, and physical health benefits of the outdoors through magnificent national parks. By 

teaching valuable lifelong skills, collaborating with partner organizations to foster inclusion, and 

promoting the engagement of communities of color with outdoor recreation, NPF’s Outdoor 

Exploration programs create and deepen longstanding connections to national parks for all. 

Communities and Workforce - National parks are the landscapes where American’s build 

community and cultivate stewardship. NPF supports an expansive network of local non-profit 

organizations, volunteer groups, and service corps dedicated to critical preservation and restoration 

projects across the country. NPF’s Communities & Workforce programming aims to grow the capacity 

of partners, as well as inspire and diversify the next generation of outdoor leaders. Through efforts 

like service corps crews that preserve historical sites, restore trails, and remove invasive species in 

parks, NPF’s Communities & Workforce programs highlight the power of teamwork and collective 

dedication to preserve the nation’s most treasured places. Additionally, increased fundraising and 

management capacity of the park partner community strengthens collective support of critical 

preservation, restoration, and protection projects in parks across the country.

Overall in fiscal 2021, NPF provided approximately $89.4 million in grants and support to many of 

the more than 400 units across the country. This constituted nearly 79% of NPF’s total expenses for 

the year.

Fundraising Activities

NPF secures funding for its mission largely through its own fundraising efforts. Funds are raised from 

individuals, corporate partners, and institutional entities. NPF’s ability to raise these funds is driven 

largely by its consistent, effective and timely delivery of programmatic impact with a margin of 

excellence. 

Since its inception in 1967, NPF has raised more than $1.4 billion. 

More specifically, between fiscal 2013 and fiscal 2018, NPF raised roughly $550 million as part of its 

Centennial Campaign which was designed to yield transformative support and impact for America’s 

national parks as the system turned 100 years old. The campaign and ensuing impact on parks 

garnered new opportunities to generate extraordinary gifts, diversify NPF’s revenue channels and 

elevate NPF’s ability to further leverage its unique partnership with NPS. 

Over the years, through strategic investments, NPF has developed a strong corporate partnerships 

channel, strengthened its individual giving pipeline across all levels (direct mail through major 

giving) and bolstered its strategic partnerships with institutional foundations. 

In 2016, NPF secured passage of congressional legislation that allows up to $5 million in federally 

appropriated funds to flow to NPF annually. The funds are available to NPF for programmatic use 

and require a philanthropic match. The legislation also created the “Second Century Endowment”, 
Appendix A - Management’s Discussion and Analysis

Year Ended September 30, 2021

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A-4

an annual federal contribution of the first $10 million in sales of Federal Recreation Land Passes 

into an NPF endowment fund. Also available for NPF to access and use, subject to philanthropic 

match, are challenge funds reserved for NPS programmatic priorities. In general, NPF’s federal 

funding vehicles are designed to further increase and excite philanthropic giving (matching private 

donations with federal dollars) by leveraging NPF’s unique position as NPS’s philanthropic partner. 

Overall, NPF has set a strong foundation for continued success in fundraising growth through a 

diversification of its revenue channels. 

Measuring Revenue Performance

The growth and professionalization of the Foundation in the last decade helped elevate NPF’s 

philanthropic capacity. Recurring funding streams boosted the Foundation’s ability to advance its 

mission while transformative contributions addressed key nationwide priorities. Transformative 

contributions, however, take time to develop, steward and execute. This variability in timing can 

cause fluctuations in total revenue, year to year. As such, NPF measures revenue growth over three 

to five-year increments. NPF expects steady growth in revenues over this time horizon despite

fluctuations that may occur year over year.

High Programmatic Impact Over Time

To support effective delivery of its mission, NPF aspires to keep its ratio of programmatic expenses 

to total expenses at a high level over time. However, as with revenue, the programmatic expense 

ratio may fluctuate for various reasons, year to year. Grants and support expenses may deviate from 

the budget due to changing project timelines, shifting priorities within NPS, a change in size or 

scope of projects, and federal restrictions on the timing of federally sourced disbursements. Nonprogrammatic costs (administrative or fundraising) may also be higher in a given year due to 

strategic investments in operations from time to time. This scenario can temporarily increase total 

costs and lower the programmatic expense ratio despite increases in programmatic spending. 

Over time, NPF expects to maintain a high programmatic impact ratio and continue to steadily 

increase its total programmatic expenses. 

Controlling General, Administrative and Fundraising Costs 

NPF’s primary goal is to maximize deployment of funds for programmatic purposes in support of its 

mission. Consequently, NPF carefully controls its general, administrative and fundraising costs 

through various means including annual budgeting, performance management, strong internal 

controls, formal cost benefit analyses, and a regular review of operations. 

Strategic Investment in Operations

NPF regularly invests in its operations to bolster its competitive advantages or to increase its 

efficiency in delivering its mission. Examples of this include improving enterprise technology 

systems, adding productivity tools, professional development of its staff, and elevating NPF’s 

fundraising effectiveness.
Appendix A - Management’s Discussion and Analysis

Year Ended September 30, 2021

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A-5

Mission Aligned Investment Portfolios

NPF regularly monitors the financial performance, spending policies and asset allocations of its 

invested assets to ensure portfolios are optimally designed to support NPF’s mission and sustainable 

growth in asset value over time. NPF utilizes outside professional advisors to design and manage its 

investment portfolios. Each portfolio’s asset allocations are designed to balance earnings potential 

with risk tolerance based on each asset group’s purpose and spending needs or time horizons. NPF 

utilizes the Uniform Prudent Management of Institutional Funds Act (“UPMIFA”) to govern its 

permanently restricted net assets. 

Maintaining Strong Financial Position

NPF closely manages its financial position, liquidity and general financial health to ensure 

sustainable performance in mission delivery over the long term. The following are key elements 

of NPF’s financial management strategy:

• Employing strong oversight, risk management and internal controls over all transactions. 

• Efficient use of working capital to fund grants, operations and to generate excess investment 

earnings where possible. 

• Maintaining an optimal level of unrestricted operating reserves. Disciplined review and 

analysis of NPF financial activities versus plan, risks, opportunities and obligations on an 

ongoing basis.

Diversity, Equity, and Inclusion (DEI) Vision Statement

The National Park Foundation envisions a nation where everyone feels a sense of belonging1 in 

America’s2 national parks and has access to park-related experiences.

The Foundation occupies a unique role as the Congressionally chartered, philanthropic partner of 

the NPS. Through that role, NPF amplifies the value of America’s national parks for current and 

future generations. NPF recognizes that the stories of all Americans are not adequately represented 

in the national parks and that many factors impede the ability for all people to connect with and 

be inspired by America’s national parks. NPF believes national parks have the potential to stand as 

a living testament to the expansive and ever-evolving story of American history to better reflect the 

contributions of all communities in our country and as places where all people feel welcome and 

connected. NPF strives to make this potential a reality.

The National Park Foundation understands that to advance its mission, it must express and integrate 

the values of DEI in its organizational culture, through its work with partners, and through its 

grantmaking. This statement defines NPF’s commitment to take action:

• to advance DEI values throughout NPF,

• to elevate and integrate DEI into NPF’s programmatic work, including with our partners, and
Appendix A - Management’s Discussion and Analysis

Year Ended September 30, 2021

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A-6

• to strive to ensure that all people both see themselves in the stories our national parks tell 

and feel a sense of belonging in our national parks.

Internally, the National Park Foundation commits to fostering, cultivating and expanding a culture 

of DEI. NPF believes in a workplace where staff feel supported and empowered, and where diversity 

is valued. NPF acknowledges that diverse voices enrich NPF’s decision-making. NPF is committed to 

integrating DEI values in its overall strategy (i.e. governance, HR, procurement, fundraising, 

programs, media, leadership, etc.)

Externally, the National Park Foundation commits to leveraging its voice, investments and 

leadership to ensure its outreach, engagement and programs within the National Park System gives 

voice to the stories of all Americans in a shared dialogue of this nation and its history. Working 

alongside NPS and NPF’s partners and through its grantmaking, the Foundation also commits to 

working to make national parks welcoming for all people, creating a greater sense of belonging in 

national parks, and enabling opportunities for all Americans to experience their national parks. 

Finally, NPF believes in equity by growing existing partnerships and by building new long-lasting 

partnerships with diverse park partners and communities.

The National Park Foundation believes in the evergreen nature of this work and the need to 

continuously evolve and grow, further ensuring that NPF will always be a more inclusive and 

equitable place for staff and a more inclusive partner for its community. 

NPF holds itself accountable through a variety of ways including participation in the Green 2.0 

Transparency Report Card 00-ngo-profiles-all-pages-2.idml (diversegreen.org).

1 Sense of Belonging = NPF wants people to see themselves reflected and to feel respected in the stories interwoven 

throughout national parks.

2 America = NPF uses the term America to represent the United States of America.