Marble Freedom Trust

North Salt Lake, UTUnknown exempt organizationSince 2020EIN 85-0784793Revenue $77.3M in FY2025

On file with the IRS915 S Silvertree Ln · North Salt Lake, UT

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The Trust exists to maintain and expand human freedom consistent with the values and ideals set forth in the Declaration of Independence and the Constitution of the United States.

93¢ of each $1 spent went to programs.
$1.4M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Programs: Part IX · Pay: Part VII

Before you give

FY2025 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 5
filings with a surplus
Average surplus $159.0M a year · 43% of revenue · last 5 filings
Worth a look: a surplus in 1 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
93%
of spending
Looks good: 93% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$1.4M
to officers and key staff · 0.6% of spending
Looks good: pay to officers and key staff is 1% of spending; 15% or less.
Pt VII · Sec A
<1 mo
of spending, in cash
Plus $833.3M in investments, Pt X · Ln 11–13
Fine: 0.2 months of spending in cash, plus $833.3M in investments.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
0
of 1 voting members
Concern: none of 1 voting members are independent.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$77.3M
+24% vs prior year
Spent
$223.6M
To programs
93%
Net assets
$877.6M
By yearFY2021–FY2025
Revenue
$77.3M
FY2025▲ +24%
Tap a bar for its year
Revenue by fiscal year
FY2021$1.6B
FY2022$26.6M
FY2023$48.5M
FY2024$62.3M
FY2025$77.3M
Expenses
$223.6M
FY2025▲ +11%
Tap a bar for its year
Expenses by fiscal year
FY2021$229.7M
FY2022$184.9M
FY2023$223.6M
FY2024$200.7M
FY2025$223.6M
Net assets
$877.6M
FY2025▼ -12%
Tap a bar for its year
Net assets by fiscal year
FY2021$1.4B
FY2022$1.2B
FY2023$1.0B
FY2024$992.1M
FY2025$877.6M

From the FY2025 Form 990 (year ending April 2025) · see the original

990 PDF Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

93 cents of each dollar spent went to programs.

Program services 93% · $207.4M Management & general 7% · $16.2M

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

4 people listed on the 990; $1.4M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII
$901,000Pt VII · Sec A
Trustee and Chairman
$500,000Pt VII · Sec A
Successor Trustee
$0Pt VII · Sec A
Administrative Trustee
$0Pt VII · Sec A

Compensation history total reportable pay by year · 3 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021
Alex Marshall$901,000$810,000$900,000$764,744—
Leonard a Leo$500,000$600,000$400,000$400,000—
Leonard Leo————$350,000

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 Marble Freedom Trust executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Promotes human freedom based on American founding principles.

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Provided by the organization

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1 program · $207.4M · in their own filed words · FY2024
01

The Trust reviewed and approved grants to maintain and expand human freedom consistent with the values and ideals set forth in the Declaration of Independence and the Constitution of the United States.

$207.4Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · this organization's grantmaking
Grants paid · 21 grants · $1.4B · 2020–2024
Donor Advised Charitable Giving INCCO · FY2024$157,650,000
The Concord FundVA · FY2024$33,450,000
Lexington FundVA · FY2024$14,750,000
Rule of Law TrustVA · FY2024$400,000
Donor Advised Charitable Giving INCCO · FY2023$122,000,000
The Concord FundVA · FY2023$60,450,000
Donor Advised Charitable Giving INCCO · FY2022$153,750,000
The Concord FundVA · FY2022$55,500,000
Donor Advised Charitable Giving INCCO · FY2021$153,800,000
Donor Advised Charitable Giving INCCO · FY2021$153,800,000
Donor Advised Charitable Giving INCCO · FY2021$153,800,000
The Concord FundVA · FY2021$28,900,000
The Concord FundVA · FY2021$28,900,000
The Concord FundVA · FY2021$28,900,000
Rule of Law TrustVA · FY2020$153,000,000
See all 21 grants →

By the numbers

The FY2025 990, line by line.

1The main four
Money inPt VIII
$77.3M
Ln 12
Investment incomeLn 3$77.3M
Money outPt IX
$223.6M
Ln 25
Programscol B$207.4M
Managementcol C$16.2M
Owns and owesPt X
$877.6M
net assets · Ln 32
Cash and savingsLn 1–2$4.1M
Total assetsLn 16$877.6M
LiabilitiesLn 26$0
PeoplePt VI, VII
4
listed · VII A
PaidVII A2
Voting boardVI 1a1
IndependentVI 1b0
2In more detail
Revenue in detailPt VIII
Investment incomeLn 3$77.3M
Gains on assetsLn 7$19.0M
Total revenueLn 12$77.3M
Assets in detailPt X, end of year
CashLn 1$4.1M
Cash and savings togetherLn 1–2$4.1M
InvestmentsLn 11–13$833.3M
Other assetsLn 15$40.2M
Total assetsLn 16$877.6M
LiabilitiesLn 26$0
Net assetsLn 32$877.6M
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderApril
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY25End FY25
Cash and savingsLn 1–2$6.6M$4.1M
InvestmentsLn 11–13$959.4M$833.3M
Total assetsLn 16$992.1M$877.6M
LiabilitiesLn 26$0$0
Net assetsLn 32$992.1M$877.6M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$206.8M$206.8M
Grants to domestic individualsLn 2$0$0
Pay of current officers, directors and key staffLn 5$1.3M$200K$1.1M$0
Pay of disqualified personsLn 6$0$0$0$0
Other salaries and wagesLn 7$100K$0$100K$0
Other employee benefitsLn 9$0$0$0$0
Payroll taxesLn 10$33K$0$33K$0
Management feesLn 11a$234K$0$234K$0
Legal feesLn 11b$4.7M$0$4.7M$0
Accounting feesLn 11c$57K$0$57K$0
Investment management feesLn 11f$6.6M$0$6.6M$0
Other fees for servicesLn 11g$3.1M$0$3.1M$0
Office expensesLn 13$232K$0$232K$0
TravelLn 17$11K$0$11K$0
Conferences, conventions and meetingsLn 19$469K$469K$0$0
InsuranceLn 23$43K$0$43K$0
Total functional expensesLn 25$223.6M$207.4M$16.2M$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $77.3M$223.6M−$146.3M$877.6M 990 PDF
FY2024 $62.3M$200.7M−$138.4M$992.1M 990 PDF
FY2023 $48.5M$223.6M−$175.2M$1.0B 990 PDF
FY2022 $26.6M$184.9M−$158.3M$1.2B 990 PDF
FY2021 $1.6B$229.7M$1.4B$1.4B 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants J · Pay O · Explanations
See the full FY2025 990 (6 parts)
Part I · Summary $77,327,274 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $27,924,703$0
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $34,359,755$77,327,274
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $62,284,458$77,327,274
I-13 Grants and similar amounts paidPrior year $189,150,000$206,750,000
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $1,665,196$1,448,373
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $9,844,760$15,402,666
I-18 Total expensesPrior year $200,659,956$223,601,039
I-19 Revenue less expensesPrior year −$138,375,498−$146,273,765
Part VI · Governance 0 of 1 board members independent, 3 to look at
VI-1a Voting members of the governing body1
VI-1b Independent voting members0
VI-2 Family or business relationship among officers or directorsYes
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-12a Written conflict of interest policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $77,327,274 across 5 lines filed
VIII-1h Total contributions, gifts and grants$0
VIII-3 Investment incomeRelated to mission $0 · Unrelated business $0 · Excluded from tax $58,376,431$58,376,431
VIII-5 RoyaltiesRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-7 Net gain or loss on sales of assetsRelated to mission $0 · Unrelated business $0 · Excluded from tax $18,950,843$18,950,843
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $77,327,274$77,327,274
Part IX · Statement of functional expenses $223,601,039 across 16 lines filed
IX-1 Grants to domestic organizationsPrograms $206,750,000$206,750,000
IX-2 Grants to domestic individualsPrograms $0$0
IX-5 Pay of current officers, directors and key staffPrograms $200,000 · Management $1,115,520 · Fundraising $0$1,315,520
IX-6 Pay of disqualified personsPrograms $0 · Management $0 · Fundraising $0$0
IX-7 Other salaries and wagesPrograms $0 · Management $100,000 · Fundraising $0$100,000
IX-9 Other employee benefitsPrograms $0 · Management $0 · Fundraising $0$0
IX-10 Payroll taxesPrograms $0 · Management $32,853 · Fundraising $0$32,853
IX-11a Management feesPrograms $0 · Management $233,845 · Fundraising $0$233,845
IX-11b Legal feesPrograms $0 · Management $4,652,198 · Fundraising $0$4,652,198
IX-11c Accounting feesPrograms $0 · Management $56,705 · Fundraising $0$56,705
IX-11f Investment management feesPrograms $0 · Management $6,644,519 · Fundraising $0$6,644,519
IX-11g Other fees for servicesPrograms $0 · Management $3,060,422 · Fundraising $0$3,060,422
IX-13 Office expensesPrograms $0 · Management $232,097 · Fundraising $0$232,097
IX-17 TravelPrograms $0 · Management $10,645 · Fundraising $0$10,645
IX-19 Conferences, conventions and meetingsPrograms $469,275 · Management $0 · Fundraising $0$469,275
IX-23 InsurancePrograms $0 · Management $42,960 · Fundraising $0$42,960
IX-25 Total functional expensesPrograms $207,419,275 · Management $16,181,764 · Fundraising $0$223,601,039
Part X · Balance sheet $877,636,565 assets, 10 lines filed
X-1 Cash, non-interest-bearingStart of year $6,579,649$4,099,623
X-11 Publicly traded securitiesStart of year $822,720,473$668,936,070
X-12 Other securitiesStart of year $136,665,705$164,370,844
X-15 Other assetsStart of year $26,136,455$40,230,028
X-16 Total assetsStart of year $992,102,282$877,636,565
X-26 Total liabilitiesStart of year $0$0
X-27 Net assets without donor restrictionsStart of year $992,102,282$877,636,565
X-28 Net assets with donor restrictionsStart of year $0$0
X-32 Total net assets or fund balancesStart of year $992,102,282$877,636,565
X-33 Total liabilities and net assetsStart of year $992,102,282$877,636,565
Part XI · Reconciliation of net assets $877,636,565 net assets at year end
XI-1 Total revenue$77,327,274
XI-2 Total expenses$223,601,039
XI-3 Revenue less expenses−$146,273,765
XI-4 Net assets at start of year$992,102,282
XI-5 Net unrealized gains (losses) on investments$33,557,036
XI-6 Donated services and use of facilities$0
XI-7 Investment expenses−$1,748,988
XI-8 Prior period adjustments$0
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$877,636,565

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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