State Financial Officers Foundation

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The State Financial Officers Foundation (SFOF) is a 501(c)3 nonprofit organization that describes itself as “the premier free-market organization bringing financial officers together with the nation’s top private sector companies and organizations.”[1] Although SFOF is registered as a nonpartisan nonprofit and claims “it is not involved in issue advocacy on behalf of elected officials,” the “team” is composed of all Republican financial officers, most of whom serve in elected positions.[2][3]

News and Controversies

SFOF Asks Biden to Promote Domestic Fossil Fuel Production

In an April 5 letter to President Biden, the State Financial Officers Foundation asked for an increase in American production and development of fossil fuels.[4]

"The State Financial Officers Foundation and state leaders support policies to expand energy production and development, encourage conserving, and urge this Administration to change its policies toward American reliable energy sources in order to protect the U.S. economy, and provide energy security for American families," the letter reads.[4]

The letter ignores the damage to the economy caused by the climate emergency. "Floods, drought, wildfires and hurricanes made worse by climate change could cost the U.S. federal budget about $2 trillion each year — a 7.1% loss in annual revenue — by the end of the century," the White House said in an assessment in early April 2022.[5]

A January 2022 report by Deloitte found that "Inaction on climate change could cost the US economy $14.5 trillion by 2070," but "the U.S. economy could gain $3 trillion over the next 50 years if it accelerates towards a path of low-emissions growth."[6]

SFOF Takes on "Woke Capitalism" at 2022 Annual Meeting

Republican treasurers, auditors, and staff from 16 states huddled together with corporate lobbyists and an array of right-wing groups for the State Financial Officers Foundation’s Annual Meeting in New Orleans in February 2022 to discuss strategies to combat “woke” policies, fake news, and China, the Center for Media and Democracy (CMD) reported.[7]

SFOF’s top priorities for 2022 outlined in the agenda prioritize fighting “woke” capitalism and “defend[ing] the market economy” against the growing Environmental, Social and Governance (ESG) movement among corporations to consider community interests and not just shareholders.[7]

Texas Public Policy Foundation’s director of "Life:Powered" Jason Isaac, participated in a panel on “ESG Solutions,” where state auditors, treasurers, and staff learned "how financial officers and legislatures are protecting public pensions from activist investors,” alongside Darren LaSorte, director of government relations from the National Shooting Sports Foundation; Andy Olivastro, Director of Coalitions for The Heritage Foundation; and Andy Puzder, former CEO of Carl’s Jr./Hardees.[7]

Isaac promoted an anti-boycott model bill that would punish financial companies that stop investing in oil, gas, and coal by barring them from receiving state government contracts or managing state funds at the American Legislative Exchange Council's 2021 States and Nation Policy Summit, CMD first reported.[8]

The keynote speaker for SFOF's annual meeting was Vivek Ramaswamy, a biotech entrepreneur and author of Woke, Inc: Inside Corporate America’s Social Justice Scam. Ramaswamy has been on a right-wing speaking tour attacking responsible investing as a marketing ploy since the book was published in June 2021.[7]

SFOF Urges President Biden to Withdraw His Nomination of Sarah Bloom Raskin for Federal Reserve Position

In a Jan. 31 letter, SFOF urged President Biden to withdraw his nomination of Sarah Bloom Raskin for Vice-Chair for Supervision at the Federal Reserve for what they called her “radical banking and economic views” that would “disrupt the private banking sector, reliable energy supplies, and the U.S. economy.”[9]

Raskin has argued that regulators should consider climate change risks as a factor in their decisions.

Senate Republicans blocked a vote on Raskin February 15, 2022.[10]

Ties to the American Legislative Exchange Council

Leadership of the American Legislative Exchange Council (ALEC) occupy key posts in SFOF and were in attendance at the 2022 Annual meeting, a final confirmed attendee list obtained by the Center for Media and Democracy (CMD) revealed.[11]

ALEC CEO Lisa Nelson is on the group’s board of directors. ALEC Chief Economist and Executive Vice President of Policy Jonathan Williams is a senior policy advisor and sits on SFOF’s National Advisory Committee.

As of May 2022, ALEC is also listed as an "educational resource" at the bottom of the SFOF homepage.[12]

In July, 2021, SFOF held its national meeting "in conjunction with the American Legislative Exchange Council (ALEC) national meeting" in Salt Lake City, Utah.[13]

About ALEC
ALEC is a corporate bill mill. It is not just a lobby or a front group; it is much more powerful than that. Through ALEC, corporations hand state legislators their wishlists to benefit their bottom line. Corporations fund almost all of ALEC's operations. They pay for a seat on ALEC task forces where corporate lobbyists and special interest reps vote with elected officials to approve “model” bills. Learn more at the Center for Media and Democracy's ALECexposed.org, and check out breaking news on our ExposedbyCMD.org site.

Ties to the Council for National Policy

CRC Advisors senior vice president Mike Thompson, who is also secretary and treasurer of CNP Action, the political arm of the Council for National Policy (CNP), attended the State Financial Officers Foundation's 2022 Annual Meeting.[7]

Other known CNP members that attended the 2022 Annual Meeting include: Justin Danhof, Executive Vice President of the National Center for Public Policy Research; Stephen Moore; ALEC CEO Lisa Nelson; and Bridgett Wagner, Vice President of Policy Promotion at The Heritage Foundation.

Council for National Policy

The Council for National Policy (CNP) is a secretive, Christian Right organization of funders and activists founded in 1981 by activist Morton Blackwell, commentator Paul Weyrich, direct-mail pioneer Richard Viguerie, right-wing activist Phyllis Schlafly and Left Behind author Tim LaHaye. Anne Nelson's book about CNP, Shadow Network: Media, Money, and the Secret Hub of the Radical Right, describes how the organization connects "the manpower and media of the Christian right with the finances of Western plutocrats and the strategy of right-wing Republican political operatives.”

CNP membership as of September 2020 is available here.

Membership

2022 "Our Financial Officers"

As of May 2022:[3]

  • Lucinda Mahoney, Alaska Commissioner of Revenue, appointed by Gov. Mike Dunleavy (R)
  • Kimberly Yee (R), Arizona Treasurer
  • Andrea Lea (R), Arkansas Auditor
  • Dennis Milligan (R), Arkansas Treasurer
  • Jimmy Patronis (R), Florida CFO
  • Steve McCoy, Georgia Treasurer, appointed by Gov. Brian Kemp (R)
  • Julie Ellsworth (R), Idaho Treasurer
  • Kelly Mitchell (R), Indiana Treasurer
  • Allison Ball (R), Kentucky Treasurer
  • Mike Harmon (R), Kentucky Auditor
  • John Schroder (R), Louisiana Treasurer
  • David McRae (R), Mississippi Treasurer
  • Scott Fitzpatrick (R), Missouri Treasurer
  • John Murante (R), Nebraska Treasurer
  • Dale Folwell (R), North Carolina Treasurer
  • Thomas Beadle (R), North Dakota Treasurer
  • Robert Sprague (R), Ohio Treasurer
  • Randy McDaniel (R), Oklahoma Treasurer
  • Stacy Garrity (R), Pennsylvania Treasurer
  • Curtis Loftis (R), South Carolina Treasurer
  • Josh Haeder (R), South Dakota Treasurer
  • Richard Sattgast (R), South Dakota Auditor
  • Glenn Hegar (R), Texas Comptroller
  • John Dougall (R), Utah Auditor
  • Marlo Oaks (R), Utah Treasurer
  • Riley Moore (R), West Virginia Treasurer
  • Curt Meier (R), Wyoming Treasurer

Education Resources

SFOF’s website lists the following organizations as education resources: ALEC, American Conservative Union, American Enterprise Institute, Americans for Tax Reform, Galen Institute, Goldwater Institute, Heritage Foundation, Jack Kemp Foundation, Mercatus Institute, National Taxpayers Union, Open The Books, Pew Institute, Smart Women Smart Money, State Policy Network, The Policy Circle, and Truth in Accounting.[12]

Sponsors

2022[2]

Diamond

Gold

  • 1792 Exchange
  • Federated Hermes
  • iTedium
  • Mastercard

Silver

  • Fidelity Investments
  • H&R Block
  • Heritage Foundation
  • Invesco
  • Kroll Government Solutions
  • Kyriba
  • Pomerantz LLP
  • Robbins Geller Rudman & Dowd LLP
  • The Best Run SAP
  • Singularis Group
  • Visa

Bronze

  • Academy Securities Mission Driven
  • Ascensus
  • Clearwater Analytics
  • Entrust Global
  • Israel Bonds
  • Kelmar
  • Mischler Financial Group
  • Wells Fargo

Friends of SFOF Sponsors

  • 2ndVote Advisors
  • Credit Union National Association
  • Everfi
  • J.P.Morgan
  • KKR

Funding

State Financial Officers Foundation is not required to disclose its funders but major foundation supporters can be found through their IRS filings. Here are some known contributors:

  • Fidelity Investments Charitable Gift Fund: $20,000 (2016-2017)
  • Greater Kansas City Community Foundation: $6,000 (2019)

Core Financials

2020[14]

  • Total Revenue: $944,652
  • Total Expenses: $781,622
  • Net Assets: $277,952

2019[15]

  • Total Revenue: $1,026,744
  • Total Expenses: $1,012,532
  • Net Assets: $114,922

2018[16]

  • Total Revenue: $558,377
  • Total Expenses: $514,250
  • Net Assets: $89,297

2017[17]

  • Total Revenue: $486,016
  • Total Expenses: $486,424
  • Net Assets: $45,170

2016[18]

  • Total Revenue: $389,388
  • Total Expenses: $363,594
  • Net Assets: $45,578

2015[19]

  • Total Revenue: $389,388
  • Total Expenses: $363,594
  • Net Assets: $45,578

Personnel

Staff

As of May 2022:[20]

  • Derek Kreifels, Chief Executive Officer
  • Melanie Kreifels, Director of Operations
  • Jonathan Williams, Senior Policy Advisor; Chief Economist and Executive Vice President of Policy at the American Legislative Exchange Council
  • Jon Daugharthy, Outside General Counsel
  • Ryan Chavers, Webmaster
  • Stanton Cole, Information Technology

Leadership Team

As of May 2022:[21]

  • John Murante, Nebraska Treasurer, 2022 National Chair
  • Scott Fitzpatrick, Missouri Treasurer, 2022 National Vice-Chair
  • Dennis Milligan, Arkansas Treasurer, 2022 Past Chair
  • John Dougall, Utah Auditor, Auditor At-Large
  • John Schroder, Louisiana Treasurer, 2022 Policy Chair
  • Lorran Ferguson, Kentucky Dep. Asst.

Board of Directors

As of May 2022:[22]

  • Seth Metcalf, President, CFO & Counsel at Bold Penguin
  • Bridgett Wagner, Vice Chair, VP at The Heritage Foundation
  • Ron Crane, Treasurer, Retired Idaho Treasurer
  • James Kemp, Secretary, President of the Jack Kemp Foundation
  • Dee Dee Bass Wilbon, At Large, Principal at Bass Public Affairs
  • John Hart, At-Large, Founder of Mars Hill Strategies
  • Derek Kreifels, Chief Executive Officer
  • Lisa Nelson, At Large, CEO of the American Legislative Exchange Council
  • Dr. OJ Oleka, At Large, President of the Association of Independent Kentucky Colleges and Universities

National Advisory Committee

As of May 2022:[23]

  • Adam Andrzejewski, Founder, OpenTheBooks.com
  • John Ashcroft, U.S. Attorney General (Retired)
  • U.S. Rep. Ron Estes, Kansas Treasurer 2011-2017
  • Andy Puzder, Sr. Fellow, The Pepperdine University School of Public Policy
  • Jonathan Williams, Senior Policy Advisor, Chief Economist and Executive Vice President of Policy at the American Legislative Exchange Council

Contact Information

State Financial Officers Foundation
13851 W. 63rd Street, Suite 405
Shawnee, KS 66216
Phone: (866) 816-0873
Email: Derek@sfof.com
Twitter: https://twitter.com/SFOF_States
Facebook: https://www.facebook.com/statefinancialofficers

Articles and Resources

IRS Form 990 Filings

2020

2019

2018

2017

2016

2015

Annual Meeting Agenda

2022

2021

Annual Meeting Attendee Lists

2022

2021

Articles

References

  1. State Financial Officers Foundation, About, SFOF, accessed May 10, 2022.
  2. 2.0 2.1 State Financial Officers Foundation, Donor Partners, SFOF, accessed May 10, 2022.
  3. 3.0 3.1 State Financial Officers Foundation, Our Financial Officers, SFOF, accessed May 10, 2022.
  4. 4.0 4.1 State Financial Officers Foundation, State Financial Officers Foundation Letter to President Biden Asking Him to Promote Domestic Fossil Fuel Production, SFOF, April 5, 2022.
  5. Emma Newburger, Climate change could cost U.S. $2 trillion each year by the end of the century, White House says, CNBC, April 4, 2022.
  6. Deloitte, Deloitte Report: Inaction on Climate Change Could Cost the US Economy $14.5 Trillion by 2070, Deloitte, January 25, 2022.
  7. 7.0 7.1 7.2 7.3 7.4 David Armiak, Republican Group of State Financial Officers Takes on Woke Capitalism, ExposedbyCMD, February 16, 2022.
  8. Alex Kotch, ALEC Launches Attack on Banks That Divest From Fossil Fuels, ExposedbyCMD, December 3, 2021.
  9. State Financial Officers Foundation, State Financial Officers Foundation Letter to President Biden Opposing Nominee Sarah Bloom Raskin for Federal Reserve Bank, State Financial Officers Foundation, January 31, 2022.
  10. Scott Horsley, Senate Republicans block a key vote on Biden's nominations for the Federal Reserve, NPR, February 15, 2022.
  11. David Armiak, State Financial Officers Foundation Final Attendees List for 2022 Annual Meeting, ExposedbyCMD, May 10, 2022.
  12. 12.0 12.1 State Financial Officers Foundation, homepage, SFOF, accessed May 10, 2022.
  13. State Financial Officers Foundation, SFOF National Meeting 2021, SFOF, April 20, 2021.
  14. State Financial Officers Foundation, 2020 990 Filing, SFOF, 2021.
  15. State Financial Officers Foundation, 2019 990 Filing, SFOF, November 16, 2020.
  16. State Financial Officers Foundation, 2018 990 Filing, SFOF, November 11, 2019.
  17. State Financial Officers Foundation, 2017 990 Filing, SFOF, November 19, 2018.
  18. State Financial Officers Foundation, 2016 990 Filing, SFOF, November 3, 2017.
  19. State Financial Officers Foundation, 2015 990 Filing, SFOF, August 12, 2016.
  20. State Financial Officers Foundation, Our Staff, SFOF, accessed May 10, 2022.
  21. State Financial Officers Foundation, Leadership Team, SFOF, accessed May 10, 2022.
  22. State Financial Officers Foundation, Board of Directors, SFOF, accessed May 10, 2022.
  23. State Financial Officers Foundation, National Advisory Committee, SFOF, accessed May 10, 2022.