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]

For more information on SFOF, visit the Center for Media and Democracy's SFOF Exposed.

News and Controversies

2022 Fall National Meeting Focuses on Anti-ESG Rhetoric

Over 150 people gathered for the three-day Fall National SFOF meeting in Washington D.C. in November 2022, an attendee list obtained by the Center for Media and Democracy (CMD) showed. The weekend included much discussion of how to further the anti-ESG (Environmental, Social, and Governance) movement, with panels "The Continued Battle Against ESG Investing" and the "Legal Argument for Fiduciary Responsibility," being just two of the panels that touched on ESG. The meeting is just one example of SFOF's role in "spreading misinformation" about climate change to "blacklist financial firms that divest from fossil fuels", CMD reported.[4] SFOF is also one of the organizations pushing ALEC's model Eliminate Political Boycotts Act, which seeks to punish companies for taking "social, political, or ideological interests" into account when divesting from fossil fuels and other environmental resources.[5]

A full attendee list of the meeting obtained by CMD is published here.

Sponsorship Price List Revealed

Details on prices and benefits for all four of SFOF sponsorship levels were revealed by Responsible Investor in August 2022.[6]

  • "Gold sponsors pay $50,000 in return for benefits including 'sponsorship of opening dinner, column in e-newsletter, and one 30-40 minute virtual private mtg,'" Responsible Investor reported.
  • Silver sponsors pay $25,000 for a "one 30-45 minute virtual private meeting, potential to contribute a speaker to panel discussion, and sponsorship of 'e-blasts.'"
  • Bronze sponsors pay $15,000 for "invitations to SFOF special events, distribution in conference swag bags, and logo on digital agenda."
  • Friends of SFOF sponsors pay $10,000 for "logo on digital agenda, recognition on event web page, recognition on-site signage, distribution material at conference registration, and discounted registration rate for additional guests."

SFOF Creates New Center for Economic Freedom & Fiscal Responsibility

SFOF announced its new Center for Economic Freedom & Fiscal Responsibility, which will "work to provide research, data, and support to state financial officers across the U.S.". SFOF CEO Derek Kreifel said, "Our motto is Look to the States", and SFOF aims to empower state leaders through conducting research on three areas: (1) Educating Americans on issues concerning Environmental, Social, and Governance (ESG) Investing, (2) Pension Reform and Fiduciary Management and (3) Financial transparency and government accountability. SFOF named senior policy analyst at Independent Women's Voice Carrie Sheffield as the first fellow for the center.[7]

Heritage Foundation Awards SFOF $100,000 'Innovation Prize'

The Heritage Foundation awarded one of its inaugural Innovation Prizes to SFOF for their anti-ESG work. Heritage president Kevin Roberts describes the prize, saying, "The conservative movement must go on offense like never before against those trying to bring down the nation from within. [The Innovation Prize] is about serving the movement and uniting conservatives--particularly outside the Beltway-- to defeat the destructive ideology and designs of the radical left." In response to the award, SFOF CEO Derek Kreifels said, "It is such an honor to be recognized with a Heritage Foundation Innovation Prize as we work to educate hte public with SFOF's 'Our Money Our Values' campaign."[8]

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.[9]

"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.[9]

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.[10]

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."[11]

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.[12]

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.[12]

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.[12]

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.[13]

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.[12]

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.”[14]

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.[15]

Ties to the American Legislative Exchange Council

SFOF CEO Derek Kreifels and ALEC Chief Economist and Executive Vice President of Policy Jonathan Williams collaborated to draft the State Government Employee Retirement Protection Act.[16]

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.[17]

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.[18]

In July, 2021, SFOF held its national meeting "in conjunction with the American Legislative Exchange Council (ALEC) national meeting" in Salt Lake City, Utah.[19]

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, and check out breaking news on our 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.[12]

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.


2022 "Our Financial Officers"

As of January 2024:[3]

  • Andrew Sorrell (R), Alabama Auditor
  • Adam Crum, Alaska Commissioner of Revenue, appointed by Gov. Mike Dunleavy (R)
  • Kimberly Yee (R), Arizona Treasurer
  • Dennis Milligan (R), Arkansas Auditor
  • Larry W. Walther, Arkansas Treasurer
  • Jimmy Patronis (R), Florida CFO
  • Steve McCoy, Georgia Treasurer, appointed by Gov. Brian Kemp (R)
  • Julie Ellsworth (R), Idaho Treasurer
  • Elise Nieshalla, Indiana Comptroller
  • Dan Elliot (R), Indiana Treasurer
  • Roby Smith (R), Iowa Treasurer
  • Steven Johnson (R), Kansas Treasurer
  • Allison Ball (R), Kentucky Auditor
  • Mark Metcalf (R), Kentucky Treasurer
  • John Fleming (R), Louisiana Treasurer
  • Shad White (R), Mississippi Auditor
  • David McRae (R), Mississippi Treasurer
  • Scott Fitzpatrick (R), Missouri Auditor
  • Vivek Malik, Missouri Treasurer, appointed by Gov. Mike Parson (R)
  • Mike Foley (R), Nebraska Auditor
  • Tom Briese (R), Nebraska Treasurer
  • Andy Matthews (R), Nevada Controller
  • Dale Folwell (R), North Carolina Treasurer
  • Thomas Beadle (R), North Dakota Treasurer
  • Robert Sprague (R), Ohio Treasurer
  • Cindy Byrd (R), Oklahoma State Auditor & Inspector
  • Todd Russ (R), Oklahoma State 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
  • John Leiber (R), Wisconsin Treasurer
  • Curt Meier (R), Wyoming Treasurer

Former Members:

  • John Murante (R), Nebraska Treasurer
  • John Schroder (R), Louisiana Treasurer
  • Mike Harmon (R), Kentucky Auditor
  • Mark Lowery (R), Arkansas Treasurer
  • Lucinda Mahoney, Alaska Commissioner of Revenue, appointed by Gov. Mike Dunleavy (R)
  • Andrea Lea (R), Arkansas Auditor
  • Kelly Mitchell (R), Indiana Treasurer
  • Randy McDaniel (R), Oklahoma 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.[18]



As of September 2022:[2]


  • 1792 Exchange
  • iTedium
  • Mastercard


  • 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


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

Former Sponsors

  • Clearwater Analytics (Bronze)
  • Federated Hermes (Gold)

Friends of SFOF Sponsors

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

Former Friends of SFOF Sponsors

  • KKR


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

Core Financials


  • Total Revenue: $2,015,216
  • Total Expenses: $1,694,826
  • Net Assets: $491,964


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


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


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


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


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


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



As of April 2023:[27]

  • Derek Kreifels, Chief Executive Officer
  • Melanie Kreifels, Director of Operations
  • Noah Wall, Executive Vice President for Policy and Government Affairs
  • Adam Slayton, Executive Assistant to the CEO
  • Ryan Chavers, Communications Manager
  • Michael Austin, Fellow, SFOF Center for Economic Freedom
  • Carrie Sheffield, Fellow, SFOF Center for Economic Freedom

Former Staff

  • Jon Daugharthy, Outside General Counsel
  • Ryan Chavers, Webmaster
  • Stanton Cole, Information Technology

Leadership Team

As of April 2023:[28]

  • John Schroder, Louisiana Treasurer, 2023 National Chair
  • Scott Fitzpatrick, Missouri Treasurer, 2023 National Vice-Chair
  • John Murante, Nebraska Treasurer, Past National Chair
  • Mike Harmon, Auditor At-Large
  • Marlo Oaks, National Policy Chair
  • Julie Ellsworth, National Policy Vice-Chair
  • Lorran Ferguson, Kentucky Dep. Asst.

Former Leadership Team

  • Dennis Milligan, Arkansas Treasurer, 2022 Past Chair
  • John Dougall, Utah Auditor, Auditor At-Large

Board of Directors

As of April 2023:[29]

  • 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
  • Paul Fitzpatrick, At Large, CEO of 1792 Exchange
  • 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

Former Directors

  • Dr. OJ Oleka, At Large, President of the Association of Independent Kentucky Colleges and Universities

National Advisory Committee

As of April 2023:[30]

  • Adam Andrzejewski, Founder,
  • 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

Articles and Resources

IRS Form 990 Filings









Annual Meeting Agenda

2022 Fall


2021 Fall


Annual Meeting Attendee Lists


2021 Fall




  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. David Armiak, Republican State Financial Officers Bring ESG Fight to Washington, Exposed by CMD, November 3, 2022.
  5. David Armiak, ALEC Doubles Down on Punishing ESG Firms, Exposed by CMD, December 9, 2022.
  6. Gina Gambetta, To be able to copy & paste content to share with others please contact us at to upgrade your subscription to the appropriate licence, Responsible Investor, August 19, 2022.
  7. Carrie Sheffield, The summer night is like a perfection of thought, "Carrie Sheffield's Newsletter], August 2, 2022.
  8. The Heritage Foundation, Heritage Foundation Announces Winners of New Innovation Prize, Heritage Foundation, June 1, 2022.
  9. 9.0 9.1 State Financial Officers Foundation, State Financial Officers Foundation Letter to President Biden Asking Him to Promote Domestic Fossil Fuel Production, SFOF, April 5, 2022.
  10. 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.
  11. Deloitte, Deloitte Report: Inaction on Climate Change Could Cost the US Economy $14.5 Trillion by 2070, Deloitte, January 25, 2022.
  12. 12.0 12.1 12.2 12.3 12.4 David Armiak, Republican Group of State Financial Officers Takes on Woke Capitalism, ExposedbyCMD, February 16, 2022.
  13. Alex Kotch, ALEC Launches Attack on Banks That Divest From Fossil Fuels, ExposedbyCMD, December 3, 2021.
  14. 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.
  15. Scott Horsley, Senate Republicans block a key vote on Biden's nominations for the Federal Reserve, NPR, February 15, 2022.
  16. David Armiak, Republican State Financial Officers Bring ESG Fight to Washington, Exposed by CMD, November 3, 2022.
  17. David Armiak, State Financial Officers Foundation Final Attendees List for 2022 Annual Meeting, ExposedbyCMD, May 10, 2022.
  18. 18.0 18.1 State Financial Officers Foundation, homepage, SFOF, accessed May 10, 2022.
  19. State Financial Officers Foundation, SFOF National Meeting 2021, SFOF, April 20, 2021.
  20. State Financial Officers Foundation, 2022 990 Filing, SFOF, November 15, 2023.
  21. State Financial Officers Foundation, 2020 990 Filing, SFOF, 2021.
  22. State Financial Officers Foundation, 2019 990 Filing, SFOF, November 16, 2020.
  23. State Financial Officers Foundation, 2018 990 Filing, SFOF, November 11, 2019.
  24. State Financial Officers Foundation, 2017 990 Filing, SFOF, November 19, 2018.
  25. State Financial Officers Foundation, 2016 990 Filing, SFOF, November 3, 2017.
  26. State Financial Officers Foundation, 2015 990 Filing, SFOF, August 12, 2016.
  27. State Financial Officers Foundation, Our Staff, SFOF, accessed April 18, 2023.
  28. State Financial Officers Foundation, Leadership Team, SFOF, accessed April 2023.
  29. State Financial Officers Foundation, Board of Directors, SFOF, accessed April 2023.
  30. State Financial Officers Foundation, National Advisory Committee, SFOF, accessed April 2023.