Is it real?
Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Apr 2003.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Where the money goes
88 cents of each dollar spent went to programs.
Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.
Something off? Claim to add context
Who runs it and what they're paid
17 people listed on the 990; $1.5M paid to officers and key staff.
Carolyn McPhillips’s $466K as President is at the 99th percentile of top reported officer pay among 3394 $1–10M education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.
Compensation history total reportable pay by year · 8 named individuals · Part VII
| Name | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Carolyn McPhillips | $466,197 | $486,811 | $409,261 | $408,772 | $357,157 |
| Dianne Descoteaux | $302,686 | — | — | — | — |
| David Smith JR | $284,472 | — | — | — | — |
| David B Smith | — | $281,092 | $263,113 | $271,190 | $250,000 |
| Joanne Skerrett | — | — | $111,058 | $275,468 | $250,000 |
| Sara Vargo | $253,742 | $253,336 | $230,735 | — | — |
| Susan Ferris Wyderko | — | — | — | — | $209,169 |
| Young Hee Kim | $187,574 | $181,172 | $170,119 | $176,693 | $180,680 |
Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.
See Mutual Fund Directors Forum executive salaries →Questions the 990 asks
The form asks each of these directly. These are the filed answers.
- Family or business ties among officersPt VI · Ln 2No
- Top official's pay set by an independent reviewPt VI · Ln 15aYes
Programs and updates
Educates fund directors and advocates for their policy voice to improve U.S. registered fund governance.
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Member Education & Support
MFDF continued to provide tailored educational resources and networking opportunities to independent directors of registered funds and fund CCOs. These offerings, including interactive conferences, webinars, whitepapers, and working groups of directors, are designed to assist boards in fulfilling their fiduciary duties to the funds they…
By the numbers
The FY2025 990, line by line.
Download 990
| Line | Start FY25 | End FY25 |
|---|---|---|
| Cash and savingsLn 1–2 | $6.9M | $7.1M |
| Land, buildings, equipmentLn 10c | $49K | $39K |
| Total assetsLn 16 | $8.1M | $8.1M |
| LiabilitiesLn 26 | $2.5M | $2.3M |
| Net assetsLn 32 | $5.6M | $5.8M |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Pay of current officers, directors and key staffLn 5 | $852K | $759K | $93K | |
| Other salaries and wagesLn 7 | $920K | $819K | $100K | |
| Pension plan contributionsLn 8 | $60K | $53K | $7K | |
| Other employee benefitsLn 9 | $101K | $90K | $11K | |
| Payroll taxesLn 10 | $100K | $89K | $11K | |
| Legal feesLn 11b | $10K | $10K | ||
| Accounting feesLn 11c | $69K | $69K | ||
| Investment management feesLn 11f | $12K | $12K | ||
| Other fees for servicesLn 11g | $111K | $99K | $12K | |
| Advertising and promotionLn 12 | $37K | $33K | $4K | |
| Office expensesLn 13 | $51K | $43K | $7K | |
| Information technologyLn 14 | $107K | $96K | $12K | |
| OccupancyLn 16 | $176K | $157K | $19K | |
| TravelLn 17 | $71K | $64K | $8K | |
| Conferences, conventions and meetingsLn 19 | $409K | $409K | $721 | |
| Depreciation, depletion and amortizationLn 22 | $51K | $45K | $6K | |
| InsuranceLn 23 | $7K | $7K | ||
| Total functional expensesLn 25 | $3.1M | $2.8M | $388K | $0 |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2025 Latest ViewingFiled with the IRS Oct 22, 2025 | $3.3M | $3.1M | $202K | $5.8M | 990 PDF |
| FY2024Filed with the IRS Oct 25, 2024 | $3.1M | $2.9M | $248K | $5.6M | 990 PDF |
| FY2023Filed with the IRS Oct 17, 2023 | $3.1M | $2.2M | $833K | $5.3M | 990 PDF |
| FY2022Filed with the IRS Oct 24, 2022 | $2.8M | $2.5M | $387K | $4.5M | 990 PDF |
| FY2021Filed with the IRS Nov 9, 2021 | $2.7M | $1.8M | $906K | $4.1M | 990 PDF |
Schedules filed Part IV
See the full FY2025 990 (6 parts)
Part I · Summary $3,346,276 revenue, 12 lines filed
Part VI · Governance 11 of 12 board members independent, no flags
Part VIII · Statement of revenue $3,346,276 across 3 lines filed
Part IX · Statement of functional expenses $3,144,226 across 17 lines filed
Part X · Balance sheet $8,124,472 assets, 15 lines filed
Part XI · Reconciliation of net assets $5,776,407 net assets at year end
Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File
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