2025 EOF Annual Report

Evolution of Engagement

2025 ANNUAL REPORT

“

These accomplishments are more than milestones—they are signals of what’s possible.”

Peter

Ney

Chair, Board of Trustees

Employee

Ownership Foundation

Employee Ownership Foundation Mission

Since its founding in 1991, the Employee Ownership Foundation has operated in pursuit of a single overarching goal: to help more individuals become employee owners. As part of its mission, the Foundation provides education, training, and leadership development nationwide to employee owners through a variety of programs, grants, and events.

Over its 30-year history, the Foundation has raised and donated millions of dollars to collect data, encourage objective academic research, and facilitate dialogue between thought leaders about employee ownership both domestically and internationally. The Foundation places an emphasis on raising awareness of the employee ownership model and funding applied research that can further improve the market advantage held by well-run employee-owned businesses.

The Foundation is a recognized 501(c)(3) non-profit organization, formally affiliated with The ESOP Association, and supported by grants and tax-deductible donations plus the volunteer efforts of dozens of individuals nationwide.

EmployeeOwnershipFoundation.org

Dear Friends of the Employee Ownership Foundation,

When I reflect on what employee ownership means, I think about the power of shared purpose—the idea that when people have a stake in the outcome, they bring their best to the journey. At EA Engineering, Science, and Technology, Inc., PBC, we’ve seen this firsthand: ownership transforms not just how we work, but how we think about the future. That experience shapes my vision as I step into the role of Chair of the Employee Ownership Foundation. As Chair, I hope to focus on reaching potential future ESOP founders—whether it’s through education, research, or communications—because that’s where employee ownership originates.

The Foundation’s work in 2025 has been nothing short of inspiring. We advanced education by developing tools to help leaders and advisors navigate the path to ownership. Our grants, funding and scholarships supported academic learning and deepened our research, producing data that validates what we know: employeeowned companies are resilient, competitive, and better for workers and communities.

And through ESOPATHON, we not only amplified our message nationally but also mobilized an incredible wave of support. This annual fundraising campaign brought together companies, advisors, and supporters across the country, generating record contributions that fuel our education, research, and outreach initiatives. Every dollar raised helps create tools for founders, fund scholarships, and sponsor studies that demonstrate the impact of employee ownership. ESOPATHON has become more than a fundraiser—it’s part of a movement that turns shared purpose into tangible progress.

These accomplishments are more than milestones—they are signals of what’s possible. This is about creating a future where ownership is not an exception, but an expectation.

Thank you for standing with us. Your support fuels this work, and together, we will keep moving this great cause forward—because ownership changes everything.

Sincerely,

Peter Ney Chair, Board of Trustees

Employee Ownership Foundation

Dear Employee Ownership Supporter,

2025 marked a pivotal year for the Employee Ownership Foundation (EOF). Together, we advanced our mission through modernized leadership training, expanded scholarships, groundbreaking research, global outreach, and robust education programs. These initiatives built on our strong foundations and strengthened education efforts, giving our movement greater confidence and visibility. We strengthened and increased the ESOP Employee Accelerator Program, a one-day interactive workshop that equips nonmanagerial employee owners to embrace and strengthen ownership culture.

Leadership development remains central to our work. Our new partnership with the University of Virginia Darden Executive Education and Lifelong Learning adds depth to the Leading in an Ownership Setting ™ which provides unparalleled opportunities for ESOP leaders to learn from top faculty and industry experts, strengthen leadership pipelines, and reinforce ownership culture at the executive level. The instructors ESOP-focused expertise helps ensure leaders leave prepared to guide their companies through complex growth and governance decisions.

Community engagement soared with ESOPATHON 2025, our fifth annual flagship fundraiser. Your partnership continues to play a critical role in advancing our mission, and I’m pleased to share that our momentum has only grown. This year’s ESOPATHON set new benchmarks for success with unprecedented participation and engagement from the ESOP community, and it solidified its role as a signature Employee Ownership Month initiative.

The Foundation broadened its reach as well, both diversifying research on employee ownership and expanding international ties. Looking ahead to 2026, we will amplify our impact with strong education programs, fortify the employee ownership movement with scholarships and research, expand ESOP adoption through advertising and partnerships, and maintain operational transparency through clear governance and public reporting.

Thank you for your unwavering support. Our work culminates in a stronger, more confident position for employee ownership.

Sincerely,

James J. Bonham President Employee Ownership Foundation

Foundation Board

Executive Leadership

Peter Ney Chair of the Board of Trustees

EA Engineering, Science, and Technology, Inc., PBC

James J. Bonham President Employee Ownership Foundation

2025 Executive Committee

David Fitz-Gerald Carris Reels

Karen Ellis

Superior Farms / Transhumance Holding Company Inc.

Gary Shorman Eagle Media

Cara Benningfield Forvis Mazars

2025 Board of Trustees

Merri E. Ash Internal Trustees, LLC

Dr. Ted Becker McDermott, Will & Emery, LLP

Dr. Daphne Berry University of Hartford

J. Randall Bishop

J. Randall Bishop Consulting Services

Janet M. Edmunson

JME Insights

Mark R. Fournier STOUT

Steven Greenapple

SES ESOP Strategies

Derrick Vick Freedom Industries, Inc.

Brian Bowers Bowers + Kubota Consulting, Inc.

Becky Streff Holden Industries, Inc.

Connie Burnette Wiley|Wilson

Brian Ippensen TI-TRUST, Inc.

Jeffrey Jamerino Lazear Capital Partners, Post-Closing ESOP Advisory Services

Mick Lamond Newport Restaurant Group

Mark Lomele Recology

Andy Manchir Katz, Sapper & Miller

Alex Moss Praxis Consulting Group, Inc.

Marcus R. Piquet Ambrose Advisors, LLC

Robyn Pollina The Palmer-Donavin Mfg., Co.

Pete Shuler

Blue Ridge ESOP Associates

Scot Storjohann GreatBanc Trust Company

Lori Stuart SCJ Fiduciary Services

Raman Venkat

LeFiell Manufacturing Company

Joseph Verri

Morgan Stanley

Doug Wright

Mountain Hardware & Sports

Evolution of Engagement

In 2025, the Employee Ownership Foundation (EOF) expanded engagement across every level of our membership. We introduced new opportunities for participation, broadened our educational offerings, and restructured our Board of Trustees to include Association chapter officers and ensure representation from every chapter in The ESOP Association. None of this progress would be possible without our employee owners, whose energy and passion continue to drive our mission forward.

Modernizing the Board for the Future

The Board of Trustees has long played a vital role in advancing the Foundation’s work, and its evolution reflects the broader evolution of engagement across our community. Over several decades, the Board has adapted its size and structure while consistently focusing on raising the resources needed to strengthen employee ownership.

Over the last seven years, the Board has expanded the Foundation’s impact even further by supporting public awareness campaigns, succession planning resources, professional development at every level, scholarships, and global engagement.

Our trustees have shown unwavering dedication to the employee ownership community. The one constant throughout the years has been the dedication of our trustees. The Foundation has been fortunate to rely on longstanding volunteer leaders whose commitment over the years has propelled its efforts to grow employee ownership.

In 2025, several long-serving trustees stepped aside to enable the next generation of leaders to step forward. The newly structured Board will include up to 35 trustees, nine ex officio members, and full TEA chapter representation, each serving two-year terms and contributing their expertise through committees in Development, Programs, and Scholarships. Trustees shall serve as representatives of the Foundation during events, meetings, and other similar appearances to articulate the programs, goals, and mission of the Foundation. They will also take the lead in development efforts, securing resources that fuel the Foundation’s programs and operations, and lending their insight through service on standing and other committees. Trustees shall contribute their professional and personal expertise and time. We look forward to the first convening of the newly formed Board of trustees in Q1 of 2026. See our article honoring these trustees on page 14.

Educational, Research, and Media

Leading in an Ownership Setting TM

The EOF and Darden Executive Education & Lifelong Learning launched one of our most exciting offerings last year. The Leading in an Ownership Setting ™ program, held at the University of Virginia’s Darden School of Business, delivers the finest executive education available, custom-built for ESOP leaders. Rankings place the Darden School of Business at the top among the nation’s public business schools, and its world-class faculty brings unmatched expertise to topics that matter most for ESOP success: M&A, Finance, Repurchase Obligations, Marketing, and Management, all through an employee ownership lens. This intensive two-week program equips leaders with the tools to compete and succeed in today’s business environment. Each track includes two one-week sessions: CEOs and Presidents participate in July & December, while CFOs (or senior finance leaders) participate in May & October. We also encourage designated CEO/ CFO successors to participate. This program is more than training; it is a strategic investment

in ESOP leadership. This level of ESOP-focused executive education simply isn’t available elsewhere. This partnership delivers a truly exceptional learning experience for ESOP CEOs and CFOs (and successors of both) and empowers the EOF to broaden our educational reach.

The EOF accelerated our investment in developing rigorous, practitioner-ready ESOP case studies that elevate employee ownership education nationwide. Darden is taking this work even further by integrating these cases directly into its MBA curriculum, a milestone that embeds ESOP thinking into the early formation of future business leaders. By bringing employee ownership content into one of the country’s most respected business school classrooms, the EOF and Darden are ensuring that ESOPs appear not as niche alternatives but as central strategic options for the next generation of executives.

Together, both institutions are building a durable library of high-quality cases and using them to influence broader academic practice, strengthen business school engagement

This program is more than training; it is a strategic investment in ESOP leadership. This level of ESOP-focused executive education simply isn’t available elsewhere.

Leading in an Ownership Setting TM financial leaders program

with employee ownership, and inspire other universities to follow. Participants consistently report that these cases make their learning more relevant and energizing, reflecting the strength and ambition of the EOF–Darden partnership.

ESOP Employee Accelerator

The EOF developed the ESOP Employee Accelerator to support non-managerial staff and new employee owners from across the country. This one-day, interactive experience combines classwork

with small group discussions to help participants build a solid understanding of core business concepts and ESOP principles in an energetic, engaging setting. Through the Accelerator’s hallmark business simulation, participants work together on real business challenges, apply their employee ownership knowledge, and see how their choices influence coworkers and shape performance across the company. By the end of the program, they recognize how their everyday actions drive both immediate results and long-term organizational value.

In 2025, the Accelerator team delivered substantial growth, engaging more than 345 participants over the year and more than doubling the number of classes, participants, and companies served between June and December compared with 2024. In the process, the Accelerator welcomed its 500th participant and positioned the program for even greater reach in 2026. This year also marked an important milestone: the EOF hired a full-time staff leader for the Accelerator program. As the Accelerator continues to grow, it reinforces the EOF’s mission to equip employee owners with the skills and insight needed to drive shared success.

Scan the QR code to learn more about the ESOP Employee Accelerator program

Rutgers University Partnership

Early in its history, the Foundation partnered with Rutgers University’s School of Management and Labor Relations to launch the Louis Kelso Fellowship Program and support major research initiatives, including the General Social Survey (GSS). Among others, Rutgers researchers conduct the GSS and produce openly available, gold standard data that scholars nationwide use to analyze Americans’ views on employee ownership and its impact on their lives. Kelso fellows have also generated years of research demonstrating how ESOPs strengthen company performance and improve employees’ lives.

Fundraising

ESOPATHON 2025 marked its fifth year with a major surge in momentum, anchoring Employee Ownership Month as a signature, communitydriven fundraising campaign. The focus on expansion encouraged companies and chapters to weave ESOPATHON into their existing traditions, amplifying participation without adding workload. National staff collaborated with chapter leaders to set clear goals and expand outreach, while communications emphasized how easily ESOPATHON fits into any celebration, from longstanding employee engagement events to chapter gatherings. This strategy, paired with a broadened awareness effort, drove record-breaking involvement and strengthened ESOPATHON’s role as the EOF’s primary fundraising vehicle, now firmly embedded in Employee Ownership Month planning across many employee-owned companies.

The Ownership Effect Podcast

In November 2025, the EOF and TEA proudly launched The Ownership Effect with Jim Bonham, a new podcast designed to inform, inspire, and elevate conversations about employee ownership across the country. James Bonham, President of the Foundation, hosts the podcast and brings ESOP stories to life by showcasing the people and companies that practice shared ownership. Each episode delivers candid, in-depth conversations with founders, employee owners, thought leaders, and policymakers who have experienced the cultural and economic benefits of the ESOP model firsthand. If you haven’t tuned in yet make sure to check out The Ownership Effect wherever you download your podcasts.

Scholarships

The Foundation invests in our community by supporting young people who see the value of ESOPs as they pursue their educational and career goals. Each year, the scholarship program awards two $5,000 scholarships for undergraduate or vocational technical study, renewable for up to four years. In 2025, the EOF awarded three scholarships through the second year of its Trustee Scholars program. We invite you to read the accompanying feature on this year’s recipients and learn how employee ownership has shaped their lives and aspirations.

Since 1999, the Charles R. Edmunson Scholarship has enabled non-managerial employees to attend TEA and EOF events, giving them opportunities to learn from peers and ESOP professionals. This scholarship reflects a core belief of the Foundation: every employee should have access to meaningful professional development that builds knowledge and sends them back to their companies inspired and energized. We encourage you to explore the stories of the ten recipients of the 2025 Edmundson Scholarship in the full article.

2025 marked a year of remarkable growth in how the Employee Ownership Foundation engages, empowers, and connects employee owners across the country. We hope you experienced this evolution firsthand, whether by participating in an Accelerator course, joining an executive education cohort, supporting ESOPATHON, engaging with our scholarship programs, or tuning in to The Ownership Effect. Each of these efforts reflects our commitment to fostering deeper, more meaningful engagement at every level of the employee ownership community. As we look ahead, we remain determined to broaden these opportunities, strengthen our partnerships, and champion an ownership culture in which every employee has a voice and a pathway to participate. Together with you, our members, partners, and advocates, we will continue to expand, elevate, and celebrate employee ownership. Thank you for your enthusiasm, your leadership, and your unwavering commitment to advancing our shared mission.

Honoring Decades of Service for Longtime Foundation Trustees

The Employee Ownership Foundation’s (EOF) all-volunteer Board of Trustees (BOT) has guided the organization for more than thirty years, growing from 11 to as many as 50 members while consistently advancing its mission to promote and support employee ownership, particularly the ESOP model. Since its founding in 1991, the Foundation has pursued a single goal: to help more individuals become employee owners. In over three decades, the BOT has raised and donated millions of dollars to fund academic research, objective data collection, and dialogue among leading thinkers in the field. In recent years, the Foundation has expanded its programming, launched national ESOP awareness campaigns, modernized its educational curriculum, and strengthened global partnerships that elevate employee ownership in the United States and abroad.

The BOT has been extremely fortunate to have a devoted cadre of leaders who have spent decades serving the EOF and the employee ownership community. These volunteers have done it all: crafted strategic plans, served on planning committees, evaluated scholarship programs and applications, and above all, raised money to advance the mission of the Foundation. In 2025 six long-serving trustees

decided to step aside to make way for a new generation of leadership: Raman Venkat, of LeFiell Manufacturing, Mark Lomele, Recology (ret.), Cindy Turcot, Gardner Supply (ret.), Lori Stuart, SCJ Fiduciary Services, Pete Shuler, Blue Ridge ESOP Associates, and Daphne Berry, University of Hartford. Together, these six leaders represent the full spectrum of what makes employee ownership successful: visionary executives who have led large ESOP companies through decades of growth, technical experts who have shaped national compliance standards, fiduciaries who protect the integrity of ESOP governance, and scholars whose research deepens the field. Their combined service has strengthened not only the EOF, but the entire employee ownership ecosystem.

What they all share is a strong sense of stewardship in promoting employee ownership, and their contributions have shaped the Foundation’s continued growth and evolution.

Going forward, the Foundation will place greater emphasis on raising awareness of the employee ownership model among business owners and on funding more applied research that strengthens the market advantages of wellrun employee-owned businesses.

Raman

Venkat LeFiell Manufacturing Company

Raman Venkat serves as CEO of LeFiell Manufacturing, a 100% employee-owned ESOP company founded in 1930 and converted to employee ownership in 1974. With more than 30 years of experience in aerospace manufacturing and a career spanning engineering, IT, finance, and executive leadership, Venkat has been instrumental in stewarding one of the nation’s longest standing ESOP companies.

Cindy Turcot Gardener’s Supply (ret.)

Cindy Turcot, longtime executive and later CEO/President of Gardener’s Supply Company, helped guide the company from a founder-led startup to a nationally celebrated 100% ESOP owned business. Gardener’s Supply was named the National ESOP Company of the Year in 2018, reflecting Turcot’s decades-long commitment to building a deep culture of shared ownership. She has also served as Chair of the EOF, Chair of TEA, and a leader in multiple state and national employee-owned organizations.

Peter Shuler Blue Ridge ESOP Associates

Pete Shuler brings nearly 30 years of technical ESOP expertise as a leader at Blue Ridge ESOP Associates, where he co-leads the firm’s consulting practice. His work spans pre-transaction planning, compliance, benefit level forecasting, and guidance on complex ESOP structures. Shuler speaks nationally on ESOP best practices and contributes extensively to the field, making him one of the industry’s most experienced technical advisors.

Mark Lomele served as Executive Vice President and CFO at Recology, a 100% employee-owned company, from 1996 to 2018. A nationally recognized leader in the ESOP community, he chaired Recology’s ESOP Administrative Committee for over two decades and later chaired both TEA and the EOF. He received TEA’s Lifetime Service Award, the organization’s highest honor, in recognition of his sustained leadership and groundbreaking advocacy for employee ownership.

Lori Stuart SCJ Fiduciary Services

With nearly 30 years of experience serving ESOP companies, Lori Stuart has worked across plan design, compliance monitoring, repurchase liability planning, and employee education. She has held leadership roles including Chair of TEA’s Advisory Committee and service on TEA’s Board of Directors and today serves as a Managing Director at SCJ Fiduciary Services while also serving as a Trustee of the EOF.

Dr. Daphne Berry University of Hartford

Dr. Daphne Berry, Associate Professor of Management at the University of Hartford, is a nationally recognized scholar whose research explores worker cooperatives, employee empowerment, and the organizational impacts of employee ownership. Her fellowship-supported studies, including high-impact field research on workerowned home health cooperatives, have strengthened the empirical foundation that informs policy and practice in shared ownership models. Dr. Berry serves as a Fellow at Rutgers University’s School of Management and Labor Relations, within the Institute for the Study of Employee Ownership and Profit Sharing.

The Inaugural Leading in an Ownership Setting TM in Charlottesville, VA

The 2025 inaugural year of the Leading in an Ownership Setting TM program at Darden School of Business, landed as a smashing success. 16 CEOs and 22 CFOs gathered in their own cohorts for two weeks of ESOPspecific executive education at the University of Virginia’s (UVA) Charlottesville campus.

CFOs attended sessions in June and October, while CEOs convened in July and December. Both cohorts explored leadership and cultural topics as well as technical subjects like valuation, repurchase obligations, artificial intelligence, and M&A challenges.

The composition of the cohorts reflects the diversity of the ESOP community. Attendees came from companies of all sizes, from large organizations with more than 2,000 employees to firms with fewer than 100. They represented industries ranging from manufacturing and construction to holding companies and retail, and almost all of them operated as 100% ESOPowned businesses.

The Employee Ownership Foundation (EOF) and the ESOP Association (TEA) commissioned ESOP case studies written specifically for this curriculum, bringing these issues to life. Led by world-class Darden faculty, the case studies highlighted ComSonics, Newport Restaurant Group, and Harpoon Brewery.

Leading in an Ownership Setting TM actively builds a powerful, enduring, professional network among ESOP executives. Participants learn together at the UVA Darden School of Business, forming relationships that continue long after the program concludes. The EOF and TEA strengthen these connections by facilitating ongoing alumni networking, enabling leaders to share resources, exchange best practices, and support one another as they manage the unique challenges of employee-owned companies. This active, longterm community helps further refine individual executives’ skills and promotes growth in the broader ESOP sector.

What ESOP Executives Say About Leading in an Ownership Setting

“I’ve really enjoyed the program. Being able to have time with other CFOs and get their input. The networking opportunities that you have, being able to talk with them, they are a person you can go to throughout your career to be able to get advice from.”

Melanie Fitzgerald, CFO New River Electrical Corporation

“The caliber of professors is really top notch. I’ve never been a part of any sort of learning that’s had this level of innovation and also timely challenging subjects, and I think the combination of that and catering towards the employee-owned companies has made this a really unique subject.”

Matt Elhadad, President & CEO Nelson-Rudie & Associates, Inc.

“This is my first experience with the case study method and I have to tell you, I love it. It is so much more thought provoking and gives us real-world examples. We have a lot more interaction from the students and the faculty, it’s great.”

Tyson Hirt, CFO Dondlinger Construction

“I would say if you’re considering attending the Darden program you need to sign up now, you need to take action right away. The peer network, the opportunities, and the knowledge are something you don’t want to wait one more minute to miss!”

Loretta Mottram, CEO Malibu Wellness, Inc.

Attendees work together in teams

Professor Yael Grushka-Cockayne teaches the financial leadership group

Darden Expands ESOP Education into MBA Curriculum

The Employee Ownership Foundation (EOF) is making a significant investment in developing high-caliber ESOP academic case studies, underscoring its commitment to advancing employee ownership education. Building on this effort, the University of Virginia Darden Executive Education and Lifelong Learning is taking a groundbreaking step by integrating these cases into its regular MBA curriculum. This move extends the EOF’s partnership with Darden beyond the Leading in an Ownership Setting TM, CEO/CFO executive program, embedding employee ownership concepts into the core curriculum of one of the nation’s top business schools.

Darden’s renowned case method—emulated by business schools worldwide—adds weight to this initiative, ensuring that future business leaders encounter ESOPs as a strategic option early in their careers. By building a library of exemplary ESOP case studies and incorporating them into mainstream courses, the EOF and Darden are shaping the next generation of executives and influencing broader academic and corporate practices. It is our hope that this exposure will influence other business schools to incorporate ESOP concepts into their programs.

Attendees report that these case studies make their learning experiences practical and engaging, as Darden faculty enthusiastically incorporate the cases into instruction, championing and reinforcing the strength of the EOF and Darden partnership.

Case Studies

ComSonics: Cable Connections Conundrum

In 2015, ComSonics, a 100% employee-owned electronics firm, weighed a $10 million acquisition of Georgia-based Cable Connections, considering financial, cultural, and strategic impacts.

Newport Restaurant Group: Navigating Crisis and Innovation in an EmployeeOwned Company

Newport Restaurant Group, a 100% employee-owned hospitality company, had to choose between cutting benefits to survive or upholding its ESOP values by supporting furloughed employees during the COVID-19 shutdown.

Introducing The Ownership Effect: A New Podcast on the Power of Employee Ownership

In November 2025, the Employee Ownership Foundation (EOF) and The ESOP Association proudly launched The Ownership Effect with Jim Bonham, a new podcast designed to inform, inspire, and elevate conversations about employee ownership across the country.

Employee ownership remains one of the most powerful, but still under-recognized, forces shaping the American workplace. The Ownership Effect examines how employee ownership transforms workers, businesses, and communities, with a particular focus on ESOPs.

James Bonham, President of the EOF, hosts the podcast and brings ESOP stories to life by showcasing the people and companies that practice shared ownership. Each episode delivers candid, in-depth conversations with founders, employee owners, thought leaders, and policymakers who have experienced the cultural and economic benefits of the ESOP model firsthand. These stories show how employee ownership strengthens companies, creates wealth-building opportunities for workers, and boosts local economies.

In addition to storytelling, The Ownership Effect explores the policy, regulatory, and marketplace challenges that continue to limit broader

ESOP adoption. The podcast sheds light on the barriers to new ESOP formation, and the solutions that can help millions more American workers experience the financial resilience and opportunity that shared ownership provides.

For business owners planning succession, employees seeking a deeper connection to their company’s success, and advocates for an economy that works for everyone, The Ownership Effect offers insights difficult to find anywhere else.

The podcast is available on all major platforms, including Apple Podcasts and Spotify, and also features a dedicated YouTube channel. Listen, subscribe, and share The Ownership Effect with others who care about the future of employee ownership.

Start listening to The Ownership Effect now!

Strengthening the ESOP Employee Accelerator Aaron Moberger Joins as Full-Time Program Lead

Participants work together during the Accelerator’s business simulation held in Washington, DC Accelerator Growth for 2025 13

Events held. Up from 6 in 2024

346

Participants. Up from 158 in 2024

124 Participating Companies. Up from 57 in 2024

The Employee Ownership Foundation (EOF) created the ESOP Employee Accelerator to give non-managerial staff and new employee owners a fast paced, high impact introduction to core business concepts and ESOP principles. This one-day, interactive program blends classwork and small group discussions. In this immersive business simulation, participants work together to navigate real-world challenges, apply their employee-ownership knowledge, and see firsthand how their choices influence colleagues and drive company results. Each session builds practical capabilities, sharpens business understanding, and deepens awareness of how their ESOP creates long-term value, preparing employee owners to make meaningful contributions from the start.

In 2025, the Accelerator team delivered significant growth, more than doubling the number of classes, participants, and companies reached between June and December compared with 2024. In the process, the Accelerator

welcomed its 500th participant and positioned the program for even greater reach in 2026.

This year also marked an important milestone: the EOF hired Aaron Moberger as a full-time staff lead for the Accelerator program. Aaron now oversees every aspect of the Accelerator’s delivery and expansion, including scheduling, securing host companies, recruiting attendees, managing logistics, and developing and delivering the curriculum. He partners closely with team members and seasoned ESOP executives to facilitate each session and drive continuous improvement across the program.

Aaron brings a deep background in employee ownership, beginning at Harpoon Brewery, where he led operations and launched the company’s ESOP communications and culture efforts. He later worked at AVID Products, a 100% employee-owned company, and has spent more than a decade in volunteer leadership and policy advocacy with The ESOP Association.

What’s Ahead

• More events across every TEA chapter: This year’s growth lays the groundwork for major expansion in 2026, with the goal of offering an Accelerator class wherever members want one

• Continuously refined curriculum: The team will incorporate participant feedback, market insights, and member stories to build an even more relevant, experience-driven learning journey rooted in real-world employee ownership

• Expanded storytelling and research based insights: The EOF will share more content across its website, emails, and LinkedIn to spotlight the value of ownership culture, including its effects on company performance, employee experience, and retirement outcomes

Aaron leads the Accelerator team and strengthens the program by incorporating participant ideas and feedback into updated lessons and materials, preparing the EOF for long-term success. The Accelerator’s momentum comes from the energy and commitment of employee owners who learn together, share ideas, and invest in their companies and communities. With growing capacity, a dedicated full-time program lead, and continued engagement from the employee ownership community, the future of the ESOP Employee Accelerator shines brighter than ever by driving growth, inspiring innovation, and empowering people to make a lasting impact.

Participants learn from one another about their companies, how they operate, and overcoming operational challenges during a class in Atlanta, GA, hosted by Web Industries

Participants running their company during the business simulation during an Accelerator in Honolulu, HI, at Sea Engineering

“I’d encourage every employee of an ESOP company to attend and take part in this program. The presenters did an incredible job at making everyone a lot smarter about ESOPs and were very intentional about making sure everyone was involved.”

Melvin Booker Staff Accountant, M. Dyer & Sons, Inc.

“The Accelerator program provided a strong baseline understanding of the ESOP structure as well as real-world examples we can apply to our own business.”

Kim Davis VP Commercial, Performance Validation

“I think all new employee owners should attend this Accelerator program!”

Jessica

May Designer, Mid South Building Supply

With heartfelt gratitude, the ESOP Employee Accelerator thanks 2025 hosts:

Wiley|Wilson

Sebago Technics

CTL Engineering

Katz, Sapper & Miller

Sea Engineering

Recology

Bob’s Red Mill Natural Foods

VGM Group

Dialectic Engineering

BVA Group

Pavement Recycling Systems

Mid South Building Supply

If you are interested in hosting an ESOP Employee Accelerator event at your business, contact Aaron at education@esopassociation.org

2025 EOF Trustee Scholars

John Watkins, Desireé Watkins, Nayomi Watkins, Ty Barnes, and Gloria Barnes on the National Conference 2025 red carpet in Washington, DC

In 2025, the Employee Ownership Foundation (EOF) awarded three scholarships in the second year of its Trustee Scholars program! The EOF launched this new scholarship program in late 2023 to support post-secondary education for employees and their dependents who are corporate members of The ESOP Association, aged 22 and under. In 2024 and 2025, six students (three from each year) collectively received $35,000 in scholarship funds. If recipients renew their scholarships for up to three more academic years, they will receive an additional $35,000, raising the total possible support to $70,000 over five years.

The Foundation invests in our community and supports young people who recognize the value of ESOPs as they pursue their future goals.

The scholarship program provides two annual scholarships of $5,000 each for undergraduate or vocational-technical study, renewable for up to four years. During the program’s first two years, several recipients were in the final years of their degree programs, which allowed us to support three deserving students each year.

The 2025 scholarship application period was another record-breaking year for the number of submitted applications. The EOF received

406 applications by the deadline! As part of the process, students sent in transcripts and other application information. They also submitted a short video describing what employee ownership means to them. The video component is the decisive factor that really sets finalists apart and that the scholarship selection committee enjoys reviewing.

At this year’s National Conference in Washington, DC, the Foundation announced the scholarship winners and welcomed two recipients, Ty Barnes and Nayomi Watkins, who attended with their parents to receive recognition from Chair Peter Ney and Past Chair David Fitz-Gerald.

The Foundation thanks Essential Ingredients and Trinidad Benham Corp. for sponsoring travel expenses so scholarship recipients and their parents could attend the awards gala at the National Conference.

The 2026 Trustee Scholarship application period closed February 13, 2026. The 2027 application period opens in early December 2026 and runs through early February 2027. Please check the Foundation website for updates and all eligibility and application requirements.

• Eligibility: Open to employees and their dependents who are corporate members of The ESOP Association, aged 22 and under

• Award Amount: Two scholarships of $5,000 per year for undergraduate or vocational-technical study, renewable for up to four years (up to $20,000 for a four-year degree)

• Award Timing: The Foundation’s administrative partner, Scholarship America, awards scholarships at the start of the fall semester each academic year

• More Information: Visit employeeownershipfoundation.org/trustee-scholars for eligibility details and application requirements

2025 Trustee Scholarship Recipients

Ty Barnes

Son of Gloria Barnes, Senior Human Resource Generalist at Trinidad Benham Corp., LaGrange, Georgia

Ty Barnes is a sophomore at Auburn University majoring in Biomedical Sciences and is a member of the Honors College, maintaining a 4.0 GPA. Outside of academics, he plays trumpet in the Auburn University Marching Band, coaches a trampoline and tumbling team, and serves as a representative of Lee County Young Leaders. After graduation, he plans to further his education and pursue a career as an anesthesiologist assistant.

“Since receiving the Trustee Scholarship from the Employee Ownership Foundation, I have been working hard as a full-time student at Auburn University. This scholarship has given me so much support as I focus on academics, extracurriculars, and healthcare experiences. Also, I think about the Washington, DC ESOP conference frequently. I am still so grateful that I was able to attend this event and meet such welcoming and supportive people.”

Hope Calhoun

Stepdaughter of Kathryn Calhoun, (former) Controller at Charbon Contracting, LLC, Madisonville, Kentucky

Hope Calhoun is from Madisonville, Kentucky and is a freshman at the University of Kentucky, where she is majoring in Chemical Engineering and minoring in Spanish Language. In her free time, she enjoys sewing and doing arts and crafts. She aspires to one day work at an employee-owned company that values collaboration and shared success.

Check out what Ty has to say about the Trustee Scholars in this video

Nayomi Watkins

Daughter of Desireé Watkins, Lab Technician at Essential Ingredients, Lawrenceville, Georgia

Nayomi Watkins is a senior at the University of Georgia (UGA), majoring in Psychology with a minor in Exercise and Sports Science. She began her college journey at Mississippi State University, where she was on track to graduate early, but transferred to UGA due to financial hardships, an experience that strengthened her resilience and commitment to her goals. She plans to pursue a master’s degree in Athletic Training, combining her deep love for sports with her passion for serving others. During this past semester, she had the opportunity to shadow UGA’s track and field athletic trainers, gaining valuable hands-on experience in the field she is passionate about. This scholarship brings Nayomi one step closer to her dream of becoming an athletic trainer who not only supports physical health but also has a heart to serve others.

“Right now, I’m preparing for finals and working hard toward a new career goal that better aligns with my future goals! I’m also in the exciting midst of planning my wedding as I get married this May! This scholarship has lifted a huge financial weight off my shoulders, allowing me to focus fully on my studies, finish strong, and confidently pursue my passion.”

Charles R. Edmunson Scholarships

Since 1999, the Charles R. Edmunson Scholarships have provided funding for nonmanagement employees to attend The ESOP Association (TEA) and Employee Ownership Foundation (EOF) events to learn from their peers and ESOP professionals. These scholarships reflect the simple belief that all employees should have the chance to go to educational and professional development opportunities to gain knowledge and come back to their companies excited and energized.

The Charles R. Edmunson Scholarships fall into two distinct categories: Ownership Thinking Development and Recognition

of Achievement. The EOF offers Ownership Thinking Development scholarships to companies and individuals who are just beginning their ESOP culture journey or restarting it. The EOF grants Recognition of Achievement scholarships to those who significantly advance and strengthen their ESOP’s ownership culture.

The application process is simple—only seven, short answer questions—and applicants can submit their forms annually between June 1 and July 15. A subcommittee of the EOF’s Board of Trustees reviews the applications and then notifies and announces winners in early September.

To learn more about the Edmunson Scholarships, how to apply, or about their namesake, Charles R. Edmunson, please scan the QR code to visit the Employee Ownership Foundation’s website

The Employee Ownership Foundation congratulates the recipients of the ten 2025 Scholarships, in the amount of $2,000 to each company.

Ownership Thinking Development

Austin Pettit & Leann Farner Consolidated Electrical Contractors, Inc.

Emily Menke HMG Engineers

Blaire Matthees Innovance Inc.

Ryan Fodor & Kristy Leutermann

J.M. Grimstad Inc.

Ashton Wunschel & Ryan Graff Midwestern Mechanical, Inc.

Rohail Siddiqui & Diana Santacana

Phoenix Specialty, Inc.

Recognition of Achievement

Christina Acosta & Lindsey Brown Pacific Steel & Recycling

Anahi Munoz & Jacob Jensen Plastic Products Company

Konstantin Geier & Jocelyn Siouville Web Industries, Inc.

Amy Markland & Conner Jorgensen Wiley|Wilson

Edmunson Scholars on the Move

Recipients share their stories about how they used their scholarships in 2025.

2024 Recognition of Achievement Scholarship Recipient

Chelsea Kopplin, Tech Etch, Inc.

I attended the TEA National Conference in Washington, DC, along with ESOP Advocacy Day, using the Edmunson Scholarship funds. Both events were incredibly valuable—I gained insights into ESOP governance, employee engagement strategies, and legislative updates that directly impact our ESOP.

The most impactful takeaway was participating in ESOP Advocacy Day, where I had the chance to meet with legislators and advocate for employee ownership. This experience strengthened my understanding of

policy issues and gave me practical tools to communicate the benefits of ESOPs within our organization.

The networking opportunities were outstanding! I connected with ESOP professionals from across the country, exchanged best practices, and built relationships that will continue to support our employee ownership journey. These conversations provided fresh ideas and reinforced the sense of community within the ESOP world.

Thank you again for supporting this program—it truly makes a difference!!

2025 Recognition of Achievement Scholarship Recipient

Lindsey Brown, Pacific Steel & Recycling

I attended the Northwest Chapter Fall Conference in Portland, Oregon in October 2025. My experience from the beginning was nothing short of amazing, starting with my nomination. I was surprised and extremely grateful to be nominated for such an honor. Then, I learned that I was selected as a scholarship recipient for the Northwest Chapter. I’m so grateful for the opportunity to attend that conference—it wouldn’t have been possible otherwise.

As if two surprises weren’t enough, I was honored to be recognized as a scholarship recipient at the opening session of the conference. Attending this conference was extra special for me because members of my team at Pacific Steel and Recycling were presenting. I was able to help with the presentation because I could attend!

I enjoyed listening to the different presenters throughout the conference

as well as participating in roundtable discussions. Bob’s Red Mill’s segment really held my interest. I was impressed listening to Bob’s Red Mill discuss their share price announcement and how they came up with sharing it at their company picnic. It’s no easy task for a large company to ensure that all employees are simultaneously provided with clear information across a large area. Like Bob’s Red Mill, my company is in multiple locations across a large distance and having dedicated individuals or teams to lead communication efforts is essential to ensure consistency and inclusiveness for all employees.

I look forward to attending future events and encourage others to apply for and utilize resources such as this to educate and strengthen ESOPs.

2024 Ownership Thinking Development Scholarship Recipients

Zoey Orth, Exigo Corporation

Through the Edmunson Scholarship, I was able to attend two ESOP Conferences this year. First, the Rocky Mountain Chapter 2025 Fall Conference in August in Colorado Springs and the second, the 2025 Employee Owned Conference in November.

The Rocky Mountain Chapter 2025 Fall Conference was very eye-opening to realize how many ESOPs are in the Rocky Mountain region. Learning about each company, meeting owners, hearing their successes and struggles grew my admiration for ESOPs. It was tangible proof that the ESOPs cover a wide breadth of industries with a beautiful portfolio of diverse owners. Going to the regional conference allowed me to build connections with owners that also attended Employee Owned. I have so much pride in Colorado and Rocky Mountain ESOPs and plan to work with other ESOPs when I have a personal business need.

Networking is a “weak muscle” for me, but conversations were so organic, and I truly enjoyed learning about the other owner attendees and the professionals that work so tirelessly behind the scenes. I made connections with the CEO of a company who makes birdhouses (which my whole family will be receiving as gifts this holiday season. Shoutout to North States!) and a representative from my state that is a very informative point of contact for our company.

The most useful information that I will be taking back to our company is the emphasis on succession planning and the importance of good managers to improve owner/employee happiness and retention. These points continued to come up for me through the conference, and I have a small notebook full of tips and ideas.

Zoey Orth and Rande Johnson, scholarship recipients from Exigo Corporation, used their funds to attend Employee Owned 2025 and are pictured above at the Celebration of Employee Ownership & AACE Awards

Expanding Support for Academic Conferences

In 2025, the Employee Ownership Foundation (EOF) expanded its support for academic conferences with advertising and promotion of the first-ever conference on employee ownership at Morehouse College in Atlanta, Georgia. Morehouse College is one of the nation’s premier Historically Black Colleges and Universities and provides a strong liberal arts education to Black men. Through its International Comparative Labor Studies (ICLS) program, directed by sociology professor Cynthia Hewitt, Ph.D., Morehouse is poised to become a leading advocate for shared employee ownership for African Americans, who struggle with persistent racial and economic disparities.

The conference, Vision and Victory: Expanding Black Employee Ownership, took place November 12–14 at the Hyatt Regency Atlanta. This landmark event, presented by the ICLS program at Morehouse, aimed “to inspire small businesses, those seeking a path to succession, and aspiring business owners.” The mid-November event, which drew over one hundred small business owners, community leaders, activists, scholars, and students, explored the history, current status, and future of employee ownership, seen as fostering a more inclusive economy and more equitable means of attaining stable businesses and communities.

Throughout the conference, multiple panels and keynote speakers examined several facets of employee ownership, including unions and cooperatives, issues facing Black employee ownership, and findings from recent research. The conference marked the debut of new research on employee ownership and the launch of the Morehouse Mapping Project on Black Employee Ownership—a first-of-its-kind national guide that identifies and highlights Black employee-owned enterprises and cooperatives across the United States. Developed by Morehouse’s ICLS program, this initiative provides critical data to advance equity, inform policy, and strengthen the movement for Black economic ownership.

The EOF proudly supported the event through purchasing space in The Collective, Morehouse’s ICLS-sponsored magazine. The Collective, a free magazine in digital and print formats, features a dynamic variety of Black voices that share empowering messages and stories of employee ownership. “The third issue of The Collective serves as a forum for thought leaders, workers and activists seeking meaningful dialogue and actionable ideas,” writes Hewitt, who is publisher and editor. See the QR code for Issue 3 for November’s conference details and the EOF advertisement. The ESOP Association and the EOF purchased space in this commemorative issue in support of Morehouse College’s exciting efforts in this area.

Other important highlights:

• An inspiring welcome reception in the Hall of Honor at the Martin Luther King Jr. International Chapel, Morehouse, featuring over 150 portraits of global civil and human rights leaders

• An update of ongoing original research by Morehouse’s Taura Taylor, Ph.D., on the status of Black Employee Ownership in Atlanta

• Three dynamic dinner speakers, including Jessica Gordon Nembhard, Ph.D., professor at John Jay College of Criminal Justice (CUNY) and author of the groundbreaking, Collective Courage: A History of African American Cooperative Thought and Practice

Louis O. Kelso Fellowships, 2025–2026

The Kelso Fellowships support scholars who are advancing the study of broadened capital ownership in the United States. Offered through the national fellowship program on employee stock ownership at the School of Management and Labor Relations at Rutgers University, the Fellowships help strengthen research that deepens understanding of employee ownership models.

Researchers from across the United States and around the world submitted applications showcasing work that is advancing the academic conversation on employee ownership and profit sharing.

The 2025-2026 Rutgers EOF–Kelso Fellows are Laura Beltran-Figueroa and Eric Hoyt.

Laura Beltran Figuero, an economist with a Ph.D. from the University of Utah. She earned her Ph.D. in Economics at the University of Utah, focusing on gender violence and the division of child-care and household responsibilities in developing countries. Dr. Beltran-Figuero also applied data driven methods at Voices for Utah Children where she designed a community center and tailored its programs to local needs.

Project Description: Dr. Beltran-Figuero co-authors research with Dr. Adriane Clomax on ESOPs, gender, race, and family supportive benefits. One forthcoming analysis shows that employees with ESOPs have better access to childcare, parental leave, and flex time. Another draft analysis suggests that women in ESOPs earn higher wages than women without ESOPs.

Eric Hoyt serves as an Assistant Professor of Economics at the University of Rhode Island and holds economics degrees from the University of Massachusetts Amherst and the University of Wisconsin–Madison. Dr. Hoyt developed his interest in employee ownership while researching cooperative businesses as an undergraduate. He recently completed the first year of a U.S. Census–approved project on employee ownership, work he initiated as a 2023–2024 Kelso Fellow.

Project Description: Dr. Hoyt produced two working papers in his first year of the U.S. Census employee ownership project, showing how ESOP adoption and ownership intensity affect productivity and employment in U.S. manufacturing. He also introduced U.S. Census’s Management and Organizational Practices Survey data into this research and co-authored a second paper providing the most comprehensive analysis to date of employee ownership effects in closely held manufacturing firms.

Why Rigorous Research Matters for the Future of ESOP Policy

James Bonham, President and CEO of The ESOP Association (TEA) and the Employee Ownership Foundation (EOF), delivered a powerful keynote at the Mid-Year Fellows Workshop in Honor of Louis O. Kelso at Rutgers University. Hosted by the Institute for the Study of Employee Ownership and Profit Sharing and sponsored by the EOF, the Workshop convened scholars, policymakers, and advocates to advance rigorous research on employee ownership and its role in shaping economic policy.

Honoring Kelso’s Legacy

Louis O. Kelso introduced the concept of Employee Stock Ownership Plans (ESOPs) in the 1950s to democratize capital ownership. His vision influenced the Employee Retirement Income Security Act (ERISA) of 1974, which established ESOPs as a legally defined retirement plan with fiduciary protections, transparency requirements, and individual accounts. Kelso believed that broad-based ownership was essential for economic stability and democratic health—a principle that remains urgent today as inequality and corporate consolidation dominate headlines.

Central Message: Research Integrity

Bonham underscored the indispensable role of research in defending and expanding employee ownership. He issued a clear warning: misusing research conducted on ESOP companies by applying it generically to all forms of employee ownership distorts policy debates and undermines the credibility of the ESOP model. ESOPs are codified in law, tied to retirement security, and backed by fiduciary standards. When scholars or advocates apply ESOP-specific findings—such as higher job retention, stronger retirement savings, and improved workplace satisfaction—to unrelated models, they create false equivalencies that mislead policymakers.

This misuse threatens bipartisan trust. Legislators rely on credible, context-specific data to justify tax incentives and regulatory frameworks. If research blurs distinctions between ESOPs and other loosely defined “employee ownership” schemes, Congress may question whether ESOP benefits are real or replicable. Bonham cautioned that such confusion could erode decades of progress and jeopardize the ESOP brand.

Legal and Policy Challenges Ahead

Bonham reviewed significant legal cases and regulatory battles shaping ESOP governance. He emphasized the need for clarity on “adequate consideration” standards for ESOP transactions—a 50-year unresolved issue at the Department of Labor. He also warned about enforcement practices and litigation strategies that create a chilling effect on ESOP formation. These challenges underscore why advocacy and research must work hand in hand.

The Workshop

The Rutgers workshop plays a critical role in safeguarding Kelso’s vision. By funding Kelso Fellows and fostering dialogue among scholars and practitioners, the event ensures that research informs sound policy and resists misuse. As Bonham reminded attendees, good policy flows from good research—but only when that research is applied accurately and responsibly.

“Our success in Washington depends on credibility,” Bonham stressed. “We cannot allow research to be misapplied in ways that degrade the value of ESOPs or mislead policymakers.”

Guarding the Integrity of ESOPs

ESOPs are a rigorously defined structure with clear requirements: individual accounts, annual valuations, fiduciary oversight, and guaranteed payouts when employees retire or leave

In April 2025, James Bonham spoke at the Employee Ownership Ideas Forum, hosted by the Aspen Institute Economic Opportunities Program and the Rutgers Institute for the Study of Employee Ownership and Profit Sharing.

At the Aspen Institute’s Employee Ownership Ideas Forum in April, Employee Ownership Foundation (EOF) President James Bonham delivered a timely warning: the integrity of Employee Stock Ownership Plans (ESOPs) is under threat, and safeguarding it is vital to preserving one of America’s most successful public policy innovations.

Bonham opened his remarks by underscoring why ESOPs matter. For more than fifty years, he noted, these plans have enabled working Americans to build secure retirements by sharing in the growth of the companies they help create. Far from being a vague concept, ESOPs are a rigorously defined structure with clear requirements: individual accounts, annual

valuations, fiduciary oversight, and guaranteed payouts when employees retire or leave. These safeguards have delivered measurable public benefits: stronger retirements, local job retention, higher productivity, and community wealth creation. It is this proven track record that has earned ESOPs bipartisan support and a respected standing in Washington.

Bonham warned that ESOPs’ hard-earned reputation faces a serious threat. Private equity firms are pushing short-term equity grant programs under the banner of “employee ownership” and even mislabeling them as ESOPs to capture tax breaks and dodge oversight. These programs may offer limited benefits, but they lack the longevity, transparency, and retirement security that define true ESOPs. They provide no guaranteed payouts at separation, no annual valuations, and no fiduciary protections. Bonham drove the point home: “Calling these plans ESOPs does not make them ESOPs.” Mislabeling, he stressed, puts the integrity of employee ownership at risk. The financial and policy consequences are staggering. Proposed tax offsets for these mislabeled programs will drain taxpayers of hundreds of billions of dollars while delivering none of the public benefits ESOPs guarantee. Even worse, these incentives will fuel private equity buyouts of existing ESOP companies, dismantling a model that has strengthened American communities for decades. Bonham issued a stark warning: dilute the definition of ESOPs, and you destroy the bipartisan support and modest tax incentives that keep real ESOPs alive.

The EOF is moving forward with a clear mission. Bonham committed to champion policies that protect the authenticity of ESOPs and expand the benefits they deliver to employees, communities, and the economy. His message at the Aspen event was a warning—and a rallying call to everyone who believes employee ownership can secure America’s economic future and strengthen community resilience.

Expanding Our International Reach

Continuing Our Canadian Partnership

“The ESOP Association is harnessing the power of its employee owners through advocacy and education, building and cultivating bipartisan relationships throughout the government, both at the state and federal levels. One of the key differentiators of ESOPs is the bipartisan support that they receive, in a world where almost everything feels political and polarized, ESOPs are often one of the few bipartisan issues where legislators work across the aisle to pass legislation.”

Kristie Mark COO of The ESOP Association in her address to Employee Ownership Canada’s 2025 Employee Ownership Conference, Calgary AB

The EOF Honored With International Award

The Txemi Cantera International Social Economy Award (35th Edition) honored James Bonham, President of the Employee Ownership Foundation (EOF) of the United States.

The Association of Worker-Owned Companies of the Basque Country promotes the Txemi Cantera Social Economy Award to recognize entities, institutions, organizations, and companies that have significantly contributed to developing, consolidating, and defending the principles of the Social Economy: Participation, Democracy, and Solidarity.

The award recognizes Bonham’s strong commitment to advancing employee ownership around the world. Bonham received the emblematic statuette designed by Agustín Ibarrola, a symbol of the award’s history and prestige. This honor underscores the value of participation models, such as worker-owned companies, in today’s business landscape. The Foundation’s vision continues to inspire organizations seeking to build more inclusive ownership structures.

Expanding Global Impact: The 2025 Oxford Symposium on Employee Ownership

Each year, the Employee Ownership Foundation (EOF) convenes global thought leaders in the United Kingdom (UK) at the Oxford Symposium on Employee Ownership to advance ideas and foster greater international collaboration. 2025 was the fourth Oxford Symposium for invited leaders, stakeholders, and government decision makers working to create, implement and refine employee ownership models in their respective nations.

The event builds momentum by bringing people together to exchange fresh ideas and best practices that strengthen collaboration across borders.

This unique event serves to explore major issues and obstacles to participatory capitalism and employee ownership with the ambition to incubate ideas and policies to advance employee-owned business models worldwide. The Oxford Symposium serves as a platform for dialogue among elected officials, non-governmental organizations, and groups such as The ESOP Association (TEA). The event builds momentum by bringing people together to exchange fresh ideas and best practices that strengthen collaboration across borders.

The 2025 Symposium welcomed participants from 22 countries, including returning members from Canada, Japan, Slovenia, the U.K., and the U.S., which are also the founding nations of the

International Employee Ownership Federation. Delegates from Belgium, Finland, Serbia, Taiwan, and Ukraine joined the conversation this year. A large, bipartisan U.S. Congressional delegation of eight staff from Member offices and key committees in the House and Senate attended the program. Policy directors, senior counsel, legislative aides, and senior program directors from committees of jurisdiction were part of the significant Congressional delegation, reaffirming the ongoing strong U.S. federal government interest in growing employee ownership. The program opened with a full day of meetings in London before shifting to the historic setting of Oxford University for the remainder of the agenda. James Bonham, President of the EOF, and Jaspal Pachu, partner at CMS Cameron McKenna Nabarro Olswang LLP, launched the Symposium with remarks that set an energetic foundation for two days of global engagement. Symposium participants examined the global landscape of employee ownership; highlighting new progress, persistent challenges, and developments since the 2024 gathering. Across sessions, one message consistently surfaced: in a fast changing economic environment,

international cooperation remains essential to expanding and strengthening employee ownership worldwide.

Speakers and attendees emphasized that robust employee ownership structures strengthen national economies and reinforce community resilience when countries adopt and implement these models. They highlighted tangible developments across the global landscape, including coordinated efforts among European nations to counter foreign investor influence, Slovenia and Denmark’s progress on ESOP legislation, and Canada’s advancement of Employee Ownership Trusts.

Throughout the Symposium, discussions revealed the varied stages of employee ownership maturity across participating countries. The United States continues to operate within a well-established ESOP framework, while countries such as Canada, Denmark, and Slovenia stand at pivotal inflection points and are achieving meaningful legislative breakthroughs. Delegations used insights from the program to refine their approaches and align policies with their distinct economic and cultural realities.

Dialogue focused on the structural challenges shaping the future of employee ownership. Participants examined issues of economic sovereignty, noting that private equity pressures in the United States continue to challenge ESOPs, while European nations are working to limit foreign investment to safeguard local ownership and ensure employee owners fully benefit from their companies’ long-term success.

Bonham marked a defining moment in the gathering when he formally introduced the International Federation of Employee Ownership, outlining its mission, vision, goals, and strategic framework for broadening global advocacy, strengthening education, and enhancing shared resources. Symposium alumni departed Oxford with a reinforced platform designed to deepen international collaboration and accelerate the adoption of employee ownership models in their home countries.

Volunteer leaders from TEA and the EOF once again drove the success of the Oxford Symposium. The Foundation’s leadership also extends gratitude to the corporate and professional members of the Association who traveled to Oxford and contributed their expertise as speakers and panelists.

Major International Developments in Employee Ownership Legislation

As global interest in employee ownership keeps rising, the international movement is beginning to see real successes. Several nations in 2025 passed, introduced, or modified employee ownership models that, taken together, signal some major new shifts that will shape the structure and credibility of ownership models for years. New legislation and expiring tax incentives now drive rapid change across Canada and Europe.

Slovenia

Slovenia put a new employee ownership law in place in October 2025. Known as the Employee Ownership Cooperative Act, it is the country’s first full framework aimed at making employee ownership practical and sustainable. The law creates an ESOP-style approach in which workers can build ownership through a dedicated cooperative, and backs that model with tax incentives for selling owners, companies, and employees. Under the new framework, owners who sell to an ESOP fund get a 20 percent break on capital gains taxes, companies can deduct their ESOP contributions, and employees receive those contributions without being taxed. The goal is to strengthen long-term employee participation, support business owner succession, and help keep companies rooted in their local communities. 1

Ireland

Ireland reached a major milestone in 2025 when Wolfgang Digital became the first company in the country to move into employee ownership through an Employee Ownership Trust (EOT). The trust bought 25 percent of the business, and plans to shift the company to full employee ownership over time.2 Wolfgang aims to show that employee ownership can work in Ireland and to push lawmakers to eliminate the current tax barriers, which create an unequal playing field that makes EOT transitions more expensive than a traditional sale.

Denmark

Denmark recently passed new legislation to make it easier for employees to take over the companies they work for3, becoming the third European country to adopt a trust-style model. But unlike the U.K. or the U.S., Denmark chose not to include tax incentives, aiming instead for a framework with minimal impact on tax revenue. Under the law, employees can form an employee-owned company if a majority votes for it, yet the structure leaves companies without key tax deductions, making transitions harder to finance. As we have seen in the United States, the financial incentives are a key driver of the “Miracle Moment”, when a business owner decides to sell the company to employees via an ESOP. Despite the enthusiasm around the legislation, these limitations raise real questions about how widely Danish businesses will adopt the model.

Canada

In Canada, the main tax incentive supporting employee ownership is the CA$10 million capital gains exemption for sales to Employee Ownership Trusts may expire at the end of 2026. Despite the strong advocacy efforts of Employee Ownership Canada, lawmakers did not extend the tax credits in the 2025 budget. However, there will be two additional legislative avenues and opportunities in 2026 to preserve and extend the tax credits. But with a deadline looming, business owners are facing uncertainty about future transitions, and advisors are encouraging companies to move quickly if they want to take advantage of the current rules. The exemption has been a major driver of interest in employee ownership in Canada and letting it expire could slow that momentum unless Parliament votes this year to keep it in place.4

United Kingdom

The United Kingdom (UK) recently tightened its rules around EOTs, creating real headwinds for the model. In late 2025, the government cut the capital gains tax relief on EOT sales from 100% to 50%, sharply reducing the main incentive that had encouraged owners to transition their businesses to employee ownership. Additional reforms in 2024–2025 added tougher requirements, such as requiring EOT trustees to be UK residents, strengthening independence rules for trustees, and lengthening the clawback period if an EOT later falls out of compliance. The recent changes have increased the complexity and uncertainty facing companies and advisors working within the UK’s employee ownership framework, and will require new and creative engagement strategies to re-educate members of Parliament about the benefits of employee ownership to British workers, companies, and communities.

These developments demonstrate how countries are moving quickly to reshape their approaches to broad-based ownership, each pursuing its own mix of incentives, governance rules, and structural models. However, while employee ownership has made tremendous strides over the past several years, as we have seen in Canada and the United Kingdom, the global community must remain vigilant to ensure these gains are not erased by myopic policies. Policymakers across Canada and Europe now face choices that will determine whether employee ownership continues to grow or stalls under regulatory and financial pressure. The Employee Ownership Foundation continues to track these global shifts and elevate models that protect the integrity of broad-based ownership. Through advocacy, research, and international engagement, the Foundation and The ESOP Association push for policies that strengthen employee ownership. As these frameworks evolve, advocates, advisors, and business leaders have a crucial opportunity to guide the conversation and emphasize models that protect credibility, deliver genuine employee benefits, and support longterm business stability.

1 https://ied.si/en/contributions/new-esop-law-slovenian-employee-ownership-cooperative-act/

2 https://employeeownership.co.uk/Site/Site/content/News-and-Insights/News/ireland-first-employee-ownership-trust.aspx

3 https://cphpost.dk/2025-11-26/news/round-up/government-wants-to-make-it-easier-for-employees-to-buy-their-company/#:~:text=The%20 government%20has%20approved%20a,being%20taxed%20on%20the%20transfer.

4 Social Capital Partners. “FAQs on Budget 2025 and the Future of Employee Ownership Trusts (EOTs) in Canada.” 6 Nov. 2025, https:// socialcapitalpartners.ca/faqs-on-budget-2025-and-the-future-of-employee-ownership-trusts-eots-in-canada/.

5 Charles Russell Speechlys. “Employee Ownership Trusts – Government Reduces Capital Gains Tax Relief on Employee Ownership Trusts in 2025 Budget.” 28 Nov. 2025, https://www.charlesrussellspeechlys.com/en/insights/expert-insights/corporate/2025/employee-ownershiptrusts---government-reduces-capital-gains-tax-relief-on-employee-ownership-trusts-in-2025-budget/. Wrigleys Solicitors. “Employee Ownership Trusts: Recent Legislative Changes.” 19 Nov. 2024, https://www.mondaq.com/uk/capital-gainstax/1546132/employee-ownership-trusts-recent-legislative-changes. Bishop Fleming. “Recent Changes to Employee Ownership Trusts: Where Are We Now?” 26 Feb. 2025, https://www.bishopfleming.co.uk/ insights/recent-changes-employee-ownership-trusts-where-are-we-now

Countries are moving quickly to reshape their approaches to broad-based ownership, each pursuing its own mix of incentives, governance rules, and structural models.

ESOPATHON 2025: Expanding into Employee Ownership Month

Funds for ESOPATHON were raised through a silent auction at the Multistate Regional Conference

ESOPATHON 2025 marked a major milestone as the fifth year of celebrating Employee Ownership Month through this signature, community-driven fundraising campaign. The anniversary theme focused on expansion— expanding awareness, participation, and integrating ESOPATHON organically into activities that already make Employee Ownership Month meaningful for members of The ESOP Association (TEA).

engagement programs to chapter-level gatherings—serving as a unifying way to celebrate shared ownership while supporting the community.

Participants. Up 58.5% from 2024.

62

Teams. Up 100% from 2024.

The campaign emphasized augmentation rather than replacement of existing traditions. Companies and chapters received encouragement to incorporate ESOPATHON into their established celebrations, enabling broader adoption without adding extra workload. Our communications delivered a clear message: ESOPATHON fits seamlessly into any event—from long-standing employee

This strategy, combined with an expanded awareness campaign drove record-breaking participation. ESOPATHON 2025 attracted 176 participants, a 58.5% increase over 2024’s 111. Team participation more than doubled, rising from 31 teams in 2024 to 62 teams in 2025—a 100% increase. These results reflect the strongest engagement levels to date and confirm that amplifying existing celebrations resonates deeply across the ESOP community.

ESOPATHON raised $543,619 for the Foundation in 2025, our second-highest fundraising total ever! This breadth of participation and donor diversification demonstrates ESOPATHON’s growing roots within the Association’s membership.

“ESOPATHON reminded us why employee ownership matters. EA marked its 20th ESOP anniversary by raising over $7,000 for the Employee Ownership Foundation through team contributions and a matching gift honoring our founder. Beyond the dollars, ESOPATHON strengthened our connection to the ESOP community and reinforced our commitment to advocacy, education, and expanding ownership nationwide.”

Peter Ney EOF Chair and VP of EA Engineering, Science, and Technology, Inc., PBC

“Freedom Industries made ESOPATHON the centerpiece of Employee Ownership Month this year, weaving it into nearly every event. Highlights included an NFL Pick’em Challenge that split entry fees between winners and ESOPATHON, sparking weeks of friendly rivalry and office banter— exactly the energy that strengthens ownership culture. From pumpkin carving to baby photo “Guess Who,” ESOP puzzles, and themed Thursdays, our team had fun while supporting the employee ownership movement nationwide.”

Derrick Vick

Chair of

the TEA Board and President & CEO Freedom Industries

A Celebration of Employee Ownership

This year marked a significant evolution in the Celebration of Employee Ownership and the recognition of Employee Ownership Foundation supporters. The move to the ARIA Resort & Casino for Employee Owned 2025 introduced a reimagined format that reflected the growth, momentum, and maturity of both the campaign and the employee ownership community. Instead of a traditional program, the event featured an elevated, experience-driven reception designed to unite the most committed champions in an environment worthy of their contributions. The evening featured the incomparable Kevin Pollak, who brought both gravitas and charisma to the celebration. He hosted the combined Celebration of Employee Ownership and the Annual Awards for Communications Excellence, delivering his signature humor and creating a memorable experience for everyone in attendance. Pollak, a versatile actor and comedian, is known for his sharp wit, unforgettable film roles, and masterful impressions that have made him a standout in

both Hollywood and the comedy world. Esteemed donors—including leading companies, longtime advocates, and top ESOPATHON participants— gathered for a reception dedicated to celebrating their impact on the Foundation’s mission and the broader employee ownership movement.

The transition to the ARIA and the redesigned structure delivered outstanding results. Attendance was strong, engagement was high, and the atmosphere radiated pride in employee ownership. The updated format enabled donors to connect more deeply with Foundation leadership, network with fellow champions of employee ownership, and receive recognition for their role in driving ESOPATHON’s recordbreaking growth.

This revitalized celebration established a new benchmark for honoring the individuals and organizations that advance the Foundation’s work and positioned ESOPATHON as not only a fundraising initiative but also a flagship cultural touchpoint for the employee ownership community.

Thank You Foundation Donors To Our

$5,000 or More - Companies

Blue Ridge Associates

Carris Corporate Foundation

Commonwealth Holdings, Inc.

Gary and Mary Ann Shorman Foundation

Hypertherm, Inc.

MN Builders

New River Electrical Corporation

Plastic Products Company, Inc.

Professional Fiduciary Services LLC Recology

$5,000 or more - Individuals

Derrick Vick

Husayn Kassai

Janet Cooper

Jessica Hawkins

Jonathan Sarver

Marcus R. Piquet

$2,500 - $4,999 - Companies

EA Engineering, Science, and Technology, Inc., PBC

GreatBanc Trust Company

Mid South Building Supply, Inc.

$2,500 - $4,999 - Individuals

Ali Jamshidi

Barbara M. Clough

Brittany Funk

Eric Braitmayer

Heather Svahn

Jade Palermo

Jennifer Pierce

Joanna Cosper

Mark R. Lomele

Mary Ann Jensen

Robert & Patricia Schmidt Foundation

TI-TRUST, Inc.

Todhunter Family Foundation

Martin Staubus

Matthew Rosenbaum

Molly Lawrence

Web Industries, Inc.

Mick Lamond

Pete J. Shuler

Salvatore Coniglio

$1,000 -

$2,499

- Companies

Absher Construction Company

Alliance Holdings, Inc.

AMSTED Industries, Inc.

Applied Research Associates, Inc.

Austin Industries, Inc.

Avian Holdings, Inc.

Avion Solutions, Inc.

CCC Group, Inc.

CCI Systems, Inc.

Chartwell Financial Advisory

Cleveland Steel Container

Commercial Tire, Inc.

Cross Financial Corp

CTL Engineering, Inc.

D & H Distributing Company

DCS Corporation

Diamatrix, Inc.

ERW Site Solutions

Eutaw Construction Company, Inc.

First Command

Folience

FORVIS MAZARS

Genuine McCarthy Enterprises, Inc.

Hardy Diagnostics

Hargrove

Harps Food Stores

Henderson Companies

Highland Homes, LLC

HNTB

$1,000 - $2,499

Alex Moss

Allan Wedderburn

Angie Hoover

Anna Stuart

April Strickland

Becky Streff

Brent Diehl

Brent McManigal

Brian G. Jenkins

Cara Benningfield

Cary Chen

Chad Osorno

CK Satyapriya

Connie Burnette

Craig Olinger

Houff Corporation

HPM Building Supply

IMTRA Corporation

Integrated Life Choices

Johnson Supply

Johnson, Mirmiran & Thompson, Inc.

Karmak, Inc.

KeHE Distributors, LLC

KPH Healthcare Services, Inc.

Lewis Tree Service, Inc.

Lumbermen’s, Inc.

Maine Drilling & Blasting, Inc.

Manar, Inc.

McKinney Communications Corporation

Morton Buildings, Inc.

MSA Professional Services, Inc.

MyPath

NewAge Industries Inc.

Nussbaum Transportation Services, Inc.

PBI-Gordon Corporation, Inc.

Petticoat-Schmitt Civil Contractors, Inc.

Pitts Enterprises Incorporated

Psomas

Publix Super Markets, Inc.

R. S. Hughes Company, Inc.

RCB Bank

RJN Group, Inc.

Roy’s Hawaii

S&C Electric Company

- Individuals

Dan McNulty

Daniele Barajas

David Fitz-Gerald

Gale Marett

Gordon Heneweer

Guy Johnson

Hassan Zahran

Hayley Paronish

Hillary Hughes

Hope Thompson

Janet M. Edmunson

Jeffrey Jaros

Jennifer Erner

Jennifer Hoffman

Joseph Cabral

Sammons Enterprises, Inc.

Shared Medical Services

Shepard Exposition Services, Inc.

Short Elliott Hendrickson, Inc.

Showplace Wood Products, Inc.

Span Construction & Engineering, Inc.

SRC Holdings Corporation

Stars Behavioral Health Group

Stevens Industries, Inc.

Strategies To Empower People

Sundt Construction, Inc.

Superior Industrial Solutions, Inc.

Swinerton Incorporated

The Okonite Company

The Palmer-Donavin Mfg., Co.

The Tri-M Group LLC

The Will-Burt Company

Tuff Shed, Inc.

U.S. Sugar Corporation

Urschel Laboratories, Inc.

USA Mortgage

VFP, Inc.

Vortex Optics

Weston & Sampson

Williams Brothers Construction Company, Inc.

WinCo Foods, Inc.

Wright Service Corp.

Kathleen Sheil Scheidt

Kenneth E. Serwinski

Kevin G. Long

Kristi Mooney

Kyle Patz

Laura Lemke

Leah Fitzmaurice

Lynn Bucci

Mario Puccinelli

Mark Agustin

Matt Elhadad

Michael Quarrey

Michael R. Holzman

Miranda Von Ahsen

Mishelle Ganbayar

Paul Dougherty

Rachel J. Markun

Rachel Loveless

Richard T. Stafford

Robyn Pollina

Ryan Tanaka

Scot Storjohann

Stephen C. James

Steve Brum

Steven B. Greenapple

Susan Sughrue

Suzannah Cooper

T.J. Meiners

Tamera Edwards

Terrance Arashiro

Thomas Stretton

$500 - $999 - Companies

1A Auto, Inc.

3LS, Inc.

Abatix Corp.

ACT Fulfillment, Inc.

Advocates for Human Potential, Inc.

AG RX

AGI Industries, Inc.

Air Tractor, Inc.

AlaTrade Foods Inc.

Allen Insurance and Financial

Alternative Manufacturing, Inc.

Aluminum Precision Products, Inc.

Amboy Bancorporation

American Plastic Molding

Ames Construction, Inc.

Anchor Paper Company

Anderson Insurance Associates, Inc.

Angelo Lafrate Construction

Architectural Glass & Aluminum Co.

ARCO DB Companies, Inc.

Argus Companies, Inc.

ATS ESOP Holdings, Inc.

Aubrey Silvey Enterprises, Inc.

Augusta Industrial Services, Inc.

Automatic Sprinkler of Texas, Inc.

Axios International

Babcock Laboratories, Inc.

Baker Group

Barnes, Inc.

Barr & Barr, Inc.

Bartlett Brainard Eacott, Inc.

Bay Cities Container Corp.

Benjamin Obdyke, Inc.

Bergstrom Electric, Inc.

Best Friends Pet Care

Big G Express, Inc.

Bippus State Bank

Birkey’s Farm Store

BMS Direct, Inc.

BNIM

Bonitz, Inc.

Bowers + Kubota Consulting, Inc.

Brewer & Co. of WV, Inc.

Brin Glass Company

Broulims Super Market, Inc.

Brown Strauss, Inc.

BRPH Companies

Builders Supply Co., Inc.

Building Material Distributors

BULLDOG SALES COMPANY, Inc.

C.O.W. Industries, Inc.

C.W. Suter & Son, Inc.

California Coast University

Calsoft Systems

Cameron Manufacturing & Design, Inc.

Capital Fire Protection Co.

Carbo Forge, Inc.

Carson Capital Corp.

Cathedral Holdings, Inc.

CDI Services, Inc.

Central Bag Company

Centric

Centrifugal Castings, Inc.

Cerris, Inc.

Channel Islands Roofing, Inc.

Chatsworth Products, Inc.

Cirtronics Corp.

Clampco Products, Inc.

Clean Air Quality Service, Inc.

Clim-A-Tech Industries, Inc.

Club Fitness Holdings, Inc.

COGENT, Inc.

Cole Lumber Company, Inc.

Columbus Chemical Industries, Inc.

Commercial Sheetmetal Co., Inc.

Commonwealth Fire Protection

Community Bancshares, Inc.

Community IT Innovators, Inc.

Todd Bransky

Tom Durian

Tom Roback

Victoria Murphy

Vincent Calio

Wayne Isaacks

Zachariah Yurch

Computational Physics, Inc.

ComSonics, Inc.

Concord General Contracting, Inc.

Concord Lumber Corporation

Consigli Building Group

Consolidated Electrical Contractors

Consumers Pipe and Supply Co.

Control Associates Inc.

CorTrust Bank

Couts Heating and Cooling

Crafton Tull

Creative Financial Staffing

Cruise America

CSG Consultants Inc.

Cubiscan

D&D Roofing and Sheet Metal Inc.

Dakota Supply Group

Dealers Electrical Supply Co.

DeAnza Tile Co., Inc.

DeBlois Electric, Inc.

Delta Pipeline Inc.

Delve Holdings, Inc.

Dennis Food Service

Dental Health Services, Inc.

Design Partners Incorporated

Diversified

DLR Group

Donley Companies, Inc.

Duramax Marine, LLC

Durden Banking Co., Inc.

DVL Group, Inc.

Echometer Company

Edible Beats, Inc.

Eileen Fisher, Inc.

Elite Electrical Contractors, LLC

Emory Wilson Process, Inc.

Empire Valuation Consultants, LLC

Enfield Enterprises, LLC

Entech Sales & Service, LLC

Environmental Chemical Corporation (ECC)

Equipment & Controls Inc.

ERAS Inc.

ESCO Group

ESOP of People’s Bank and Trust Co.

ESS Companies, Inc.

EURPAC Service, Inc.

Farmers National Company

Fast Electrical Contractors, Inc.

Financial Statement Services, Inc.

Fire & Risk Alliance

First Neighborhood Bancshares, Inc.

Flynn Brothers Holdings, LLC

Force Construction Company, Inc.

FORTÉ

Forte Residential, Inc.

Freedom Industries, Inc.

G.W. Berkheimer Company, Inc.

Ganahl Lumber Company

GBQ Capital Advisors

Georgia Cryoservices

Ghilotti Construction Co.

Golterman & Sabo, Inc.

Greene Light Holding Company

Grote Enterprises

GSL Electric, Inc.

Guttman Holdings, Inc.

H&W Holding Company

H.B. McClure Company

H.M. Cragg Company

Haines Holdings, Inc. / RLH Construction

Harris Group Inc.

Haumiller Engineering Company

Hawaii-Western Management Group

Herbert Lumber Company Inc.

Hercules Industries, Inc.

HFA

High Country Lumber

Hi-Heat Industries, Inc.

Hillman Capital Management, Inc.

Hoffman & Hoffman, Inc.

Horicon Bank

HPA, Inc.

Hub Truck Rental Corp

Hydraulic Controls, Inc.

IMMI

Indiana Professional Management Group, Inc.

International Cars Ltd., Inc.

Ironsmith, Inc.

Island Pacific Distributors, Inc.

Italix Company, Inc.

IVS Group, Inc.

J. Kokolakis Contracting, Inc.

J.D. Steel Co., Inc.

J.H. Bennett & Company, Inc.

Jay Petroleum, Inc.

John Henry Foster Company

Johnny’s Pizza House, Inc.

Kaestle Boos Associates, Inc.

KAI Hawaii, Inc.

Kasco Construction

KCI Construction

Kelley Manufacturing Company

Kenneth Serwinski

Kennies Marketplace

Ketchum & Walton Co.

Key Construction, Inc.

Kiel Laboratories, Inc.

King Arthur Baking Company

Knowles Industrial Services

Kogok Corporation

Kwest Group

KYA Services, LLC

Landry’s Bicycles

Lavidge

Lawrence Fabric Structures Inc.

LBS

LD&B Insurance and Financial Services

Legacy Fiduciary Services

Lerch Bates Inc.

Libertyville Savings Bank

Life Cycle Engineering, Inc.

Lift, Inc.

Lightspeed Technologies, Inc.

Littleton Coin Company

LJA Engineering, Inc.

Long Haul Trucking Inc.

M. A. Ford Manufacturing Company, Inc.

Maine Commercial Tire

Mainely Tubs

Majors Plastics, Inc.

MAP Communications Holdings, Inc.

Marathon Electrical Contractors, LLC

Martin Bros-Marcowall, Inc.

Martz Technologies, Inc.

Marx|Okubo Associates, Inc.

Material Motion, Inc.

MB Haynes

McAninch Corporation

McConnell and Associates Corp.

McGuire and Hester

McKim & Creed, Inc

McLean Contracting Company

Mead Lumber Company

Mechanical Breakdown Protection, Inc.

Mercer Capital Management, Inc.

Merus

Metro Walls, Inc.

MGC Contractors, Inc.

Midwest Metalcraft & Equipment

Midwestern Mechanical Inc.

Miller Insulation Co., Inc.

Millwork Distributors, Inc.

Morrish-Wallace Construction, Inc.

Mountain Hardware & Sports

Mower

Muncie Aviation Company

NAXION, Inc.

New England Biolabs, Inc.

New Leaf Service Contracts, Inc.

New Wave Entertainment, Inc.

Newport Restaurant Group

Niagara Specialty Metals

North Country Business Products

Novaspect

Oftedal Construction, Inc.

Ohio Valley Electrical Services, Inc.

OK Tire Store, Inc.

Omico, Inc.

Once Again Nut Butter Collective, Inc.

OneCompass Holdings, Inc.

Owl’s Head Alloys, Inc.

OwnersEdge, Inc.

Pacific AquaScapes, Inc.

Pacific Southwest Instruments

Pacific Steel & Recycling

Paddock Pool Equipment Company

Parametrix, Inc.

Parksite, Inc.

Parman Holdings Corporation

Parratt-Wolff, Inc.

Pavement Recycling Systems, Inc.

Peerless Midwest, Inc.

Penn United Technologies, Inc.

Perera Construction

Performance Validation, Inc.

Phoenix Specialty, Inc.

Pro-Cast Products, Inc.

Pro-tec Design, Inc.

PTA Plastics

Pumping Services, Inc.

Quality Manufacturing Services, Inc.

Quirk Wire Co., Inc.

R&B Wagner, Inc.

Railroad Construction Company, Inc.

Rainbow Tree Company

Rampart Multifamily, Inc.

Ranco Fertiservice, Inc.

Rational 360, Inc.

RCSS Holdings, Inc.

Ready Electric Co.

Red River Refrigeration, Inc.

Redwire Corporation

Rex-Cut Abrasives

Rhoads Energy

Richard, Wayne & Roberts

Rincon Research Corporation

Riverside Construction Company, Inc.

Roberts Irrigation Company, Inc.

Robin Industries, Inc.

Roeslein & Associates, Inc.

Roloff Construction

RSR Group, Inc.

Rubber & Gasket Company of America

Rufo Cleaning & Maintenance Co., Inc.

RW Thrive, Inc.

Ryan Lawn & Tree, Inc.

S MacDonald Holding Co., Inc.

SanDow Construction, Inc.

Sargent Corporation

Saver Group, Inc.

Schaedler Yesco

Schuber Mitchell Homes

Security Bank of Laurel, Nebraska

Sessa Sheet Metal Co., Inc.

Shamrock Bancshares, Inc.

Shively Bros. Inc.

Shorr Packaging Corp.

Siemer Milling Company

SIRCAL Contracting

Sletten, Inc.

Southeast Pet

Speedrack Products Group, Ltd.

Sports Turf Company, Inc.

Spotlight Events

SPS New England, Inc.

St. Michael’s Inc.

Stanley Tree Service, Inc.

Stevens Global Logistics, Inc.

Stockwell Elastomerics, Inc.

StoneTek Imports, Inc.

Strategic America, Inc.

Structures Hardscape Specialists, Inc.

Suburban Enterprises, Inc.

SubZero Constructors, Inc.

Sun Automation Group

Superior Enterprises Holdings, Inc.

Superior Farms/Transhumance Holding Company, Inc.

SWCA Environmental Consultants

Swick Cable Contractors, Inc.

Tallman Equipment

Teague

Tech Etch, Inc.

Temperature Systems, Inc.

TETER

The ATP Group, Inc.

The Bank of Missouri

The George Sollitt Construction Co.

The Lewis Chemical Company

The Mahoney Group

The MGM Group, Inc.

The Solaray Corporation

The Standard Group

Thermal Tech, Inc.

Thomas Rawlings Group, Inc.

Thompson Holdings

Thompson Solutions Group

Threaded Fasteners, Inc.

TMI Systems Corporation

Toll Solutions

Torch Technologies

Trachte Building Systems, Inc.

$500 - $999 - Individuals

Adrian R. Loud

Alberto Aguilar

Alec Pfeffer

Alex Perry

Alyssa Burnette

Amy Tardiff

Andrew Schaefer

Andy Manchir

Anne Claire Broughton

Baker Wenning

Becky Jordan

Ben Holder

Transitions Group, Inc.

Trans-Overseas Corporation

TREKK Design Group

Tri-City Electrical Contractors, Inc.

TriMark Corporation

Trinidad Benham Corp.

True Air Mechanical

TrueScripts Management Services

UEC Holdings, Inc.

Ulteig Engineers Inc.

Unitek Solvent Services, Inc.

Utah Tank & Trailer

Van Kirk Bros. Contracting

Van Meter, Inc.

Vespoli USA, Inc.

VGM Group, Inc.

Vineskills, Inc.

Votaw Electric

W. Bradley Electric, LLC

W. Lease Lewis Company

Wallace Building Products Corporation

Warwick Mechanical Group

Watkins Ross & Company

Wausau Supply Co.

Weaver

Weighing Technologies, Inc.

Weirton Geriatric Center, Inc.

Weldon Solutions

Weller Pools USA, Inc.

Westchester Modular Homes, Inc.

Western Engineering Co., Inc.

Whitewood Industries, Inc.

William D. Meeker Enterprises

Willington Nameplate, Inc.

WingSwept

WinTech

Wood-Mizer Holdings, Inc.

Wooldridge Heating & Air, Inc.

XFMRS, Inc.

YTS Enterprises, Inc.

Zia Records

Beth Valley

Bobbie Williams

Brian Bowers

Brian Khorsand

Brian W. Crotty

Chad Lyon

Charles Harris

Chelsea Ashbrook McCarthy

Chris Hastie

Christy M. Magee

Clifford G. Canavera

Curt Rubinas

Dave Elliott

Dave Ferraro

Dave Vasconcelos

David Adler

David Paul

David Thrush

Dillon Lewchuk

Dolores Lawrence

Doug Wright

Edward C. Farewell

Edward Renenger

Emily Rickard

Emma FitzGerald

Francis Quigley

Ian D. MacFarlane

Ian Ichimura

James Bado

Jay Stone

Jeannine Pendergast

Jeffrey S. Tarbell

Jennifer LaDuke

Jeremy Yoder

Jessamine Pottle

Jessica Ernst

Jill Lang

Jill Richter

1910 Legacy Enterprises

A M King

A&T Systems, Inc.

A.B. Systems, Inc.

Abbie Joan Fine Living

Aberdeen Dynamics Supply, Inc.

AbleNet, Inc.

ABM Mechanical, Inc.

Achen-Gardner Construction, LLC

Acme Mechanical Contractors

Acme Rigging & Supply Co., Inc.

ACSM

Acumen Advisory Services LLC

Adman Electric, Inc.

Admix, Inc.

Jim Canfield

Jim Rowland

Joe Verri

John C. O’Brien

John P. Murphy

Joseph E. Marx

Joseph Gagnon

Joshua M. Young

Julie Brooks

Katelyn Harrell

Kathleen Hirbour

Keith Uemura

Kelly Irizarry

Kelly Samson-Rickert

Kevin Suchecki

Kevin T. Rusch

Kevin Tavares

Khristine Scott

Kristin Danielson

Kristine Olsen

Lauren R. Sharkey

Lisa Beeler

Lisa J. Tilley

Lynn H. DuBois

Mariann Fuller

Mary Beth H. Gray

Mary S. Josephs

Maureen Littlefield

Meghan Butler

Michael E. Zeller

Monika Zimmer

Norman Hutchins

Advanced Engineering Consultants

Advanced Health Services, Inc.

Advanced Manufacturing Group, Inc.

Advisors Management Group, Inc.

AGM Container Controls, Inc.

Agron, Inc.

Agvise Laboratories, Inc.

Air Treatment Corporation

AirPro Fan & Blower Company

Alltek Energy Systems, Inc.

ALLWEST Testing & Engineering, Inc.

American Business Group

American Legend Services

American Solutions for Business

American Structural Concrete, LLC

Peter A. Ney

Peter Aliferis

Peter E. Jones

Rachel Bailey

Raymond DeBlois

Rebecca T. Glasgow

Richard J. Pearl

Richard Robb

Ross McSweeney

Sandra Smith

Sandy Shoemaker

Scott J. Freund

Sean K. Sugai

Seth Webber

Shanna Bonanno

Sherrill Atasay

Spencer Willows

Stacie Roberts

Stephanie Page

Steve Earle

Steven Frields

Steven Wilberts

Susan Yoshiba-Manzon

Tammy Taylor

Teresa Huang

Thomas P. Stafford

Tiffany Gomez

Todd Griffeth

Tracy E. Woolsey

William Savage

American Vision Windows

Amherst Communications

Amusement Group Holdings, Inc.

Applied Engineering, Inc.

Aqua Engineers, Inc.

AR Franchising, Inc.

Architectural Nexus, Inc.

Arete Associates

ARG Industrial

Ashworth International, Inc.

ASI | Applied Scientific Instrumentation

ASM Affiliates

Astro Machine Works

ASU Group

Atlas Steel Products Co.

Avail Technologies, Inc.

AVEKA Group, Inc.

Aviation & Missile Solutions

Ayers Saint Gross, Inc.

Azcon, Inc.

BACK Construction, Inc.

Badger Custom Pallets, Inc.

Bandago, Inc.

Bane-Welker Equipment

Banning Engineering

BAPKO Metal, Inc.

Basepoint Building Automations

Bayer Construction Company, Inc.

Bell & Company, PA

Benistar

Benning Construction Company

BerryDunn

Bierschbach Equipment & Supply

Big Rock Productions

BL Companies, Inc.

Bland & Associates, P.C.

Blasch Precision Ceramics, Inc.

Blue Diamond Legacy Holdings, Inc.

BMO

Bob Anderson Builders, Inc.

Bollman Hat Company

Boudreau Pipeline Corporation

Brinkmann Constructors

Broadhead & Co, Inc.

Bruns Construction Enterprises, Inc.

Brunson Instrument Company

Bunnell Incorporated

Butler Till, Inc.

C&K Market

California Hydronics Corporation

Callahan & Associates

Caltrol, Inc.

Cape Cod Lumber Co., Inc.

Capital City Electric

Capital Forest Products

Card Access, Inc.

Carithers-Wallace-Courtenay

Carley Corporation

Carthage Holdings, Inc.

Cemen Tech, Inc.

Central Coating Company, Inc.

CEPEDA Associates Inc.

cfm Distributors, Inc.

Challenge Manufacturing

Chambers Leasing

Charles River Analytics

Chasse Building Team

Chemcote, Inc.

Chinook Building Envelope Services

Christensen Group, Inc.

Christy White, Inc.

Civil Design Concepts

CK Supply

Climate Systems, Inc.

Clune Construction Company

CMC Rescue, Inc.

Coach House, Inc.

Coast Heat Treating Company

Commercial Plumbing, Inc.

Community Spirit Bank

Condor Earth

Conservit, Inc.

Contegra Construction

Contempora Fabrics, Inc.

Control Air Enterprises

Cornerstone Benefits, Inc.

Cornerstone Government Affairs, Inc.

Corporate Eagle

CreativeMC, Inc.

Crepes a Latte

Crop Quest, Inc.

Culinary Institute Lenotre

Custom Wood Products

D & A Companies

D & Co. | Dietz & Company Architects, Inc.

D & S Manufacturing Co., Inc.

D. Wilson Construction Co.

D.F. Chase, Inc.

DariFill

Darmann Abrasive Products, Inc.

Dart Trucking Company Inc.

David Clark Company Incorporated

De Pere Foundry, Inc.

Delta Star, Inc.

Device Engineering Incorporated

DHE Plumbing and Mechanical

Dialectic Engineering

Diamond Surface, Inc.

DigiCopy

DKS Associates

DornerWorks LLC

Downes Construction Company, LLC

Drake Cooper

Drake-Williams Steel

Durham & Bates Agencies Inc.

Dustrol, Inc.

Dynamic Site Solutions

EA Collective

Eagle Alloy, Inc.

Eagle Media

Eastern Shore Insurance Agency

Edge Auto Rental

Eggelhof, Inc.

Electrical Consulting Engineers Inc.

Elliott Machine Shop, Inc.

EMA Group, Inc.

Embroidery Library Inc.

EMCS, Inc.

Employee Benefits Law Group PC

Employee Owned Holdings, Inc.

Endpoint Solutions Corp

Enhanced Capital Partners, Inc.

Equity

ERMCO, Inc.

Escalante Concrete Construction, Inc.

ESOP One

EVS Ltd.

Exigo Corporation

Fabric Services

Falk Precision

Fargo Glass & Paint Company

FATA Automation

FCL Builders

Feinmann Inc.

FINKLE + WILLIAMS Architecture

Fire Engineering Company, Inc.

First Bank of Berne

First Hope Bank

First State Bancorp, Inc.

FirstWatch

Fleetwood Group, Inc.

Flexible Materials

Flippo Construction Company, Inc.

Flow Tech, Inc.

Foldcraft Company

Foley Material Handling Co., Inc.

FORJAK Industrial

Foundation Constructors, Inc.

Frank and Grossman Landscape

Contractors, Inc.

Frank P. Langley Co., Inc.

Frattalone Companies, Inc.

Fritz Industries, Inc.

Fund Evaluation Group

Fuscoe Engineering, Inc.

G&T Industries, Inc.

GEM Buildings

General Sheet Metal

GEOKON, Inc.

GH Advertising

Gibbs M. Smith, Inc.

Gilligan Benefits Law, P.C.

Glass and Metals

Global Tax Management, Inc.

Global Vessel and Tank

GMI Corporation

Gordon Highlander

Gray Hodges Corporation

Graydaze Contracting, Inc.

Green Mountain Communications

Griffith Company

Group Builders, Inc.

GTS Technology Solutions, Inc.

H2I Group Inc.

Hakanson Anderson Associates, Inc.

Hallmark Inns & Resorts, Inc.

Hamill Manufacturing Company

Hammond Group, Inc.

Harman Construction

Harold Beck & Sons, Inc.

Harris & Ruth Painting Contracting

HdL Companies

Heartland Companies

Henry, Meisenheimer & Gende, Inc.

Heritage Aviation, Inc.

HighPoint Electric

Hilbers Inc.

Hirons & Company Communications, Inc.

Holborn Corporation

HUB INC

Hydro-Vac Holdings, Inc.

ICC Group Inc.

ICepts Technology Group, Inc.

IGEA

Impact & Infinity Direct

Industrial Spring Corporation

Inheritance Funding Company, Inc.

International Chemical Company

Ironsite, Inc.

Isaacson Miller, Inc.

iSpace Environments

ITC Investments Inc

J.T. Cullen Company, Inc.

Jack Lehr Heating Cooling & Electric

James M. Pleasants Co., Inc.

James Monroe Wire and Cable Corporation

JHI Group Inc.

Johnson Melloh Mechanical Services

JOMA Construction Services, Inc.

Jorgensen Company

K&W Electric, Inc.

Keller Schroeder

Kemp Bros. Construction, Inc.

Kenny Seng Construction, LLC

Kesslers Diamond Center

Kimball Physics

KLH Marketing, Inc.

KMI International

Kovach Enclosure Systems

Kraft Fluid Systems, Inc.

Kretz Lumber Co., Inc.

Lamp Rynearson, Inc.

Lanco Integrated

LBTC Holdings, Inc.

Leevers Supermarkets, Inc.

LeFiell Manufacturing Company

Legacy Bank

Legacy Utility Group

Level 10, LLC

Liberty Pumps Inc.

Life Science Products, Inc.

Lifestyle Home Builders

Liphart Steel Company, Inc.

Lithographix, Inc.

Lochmueller Group, Inc.

LTi Technology Solutions

Lueken’s Food Stores, Inc.

Lytle Signs, Inc.

Macro Industries

Magnolia Forest Products

Main Brothers Oil Co., Inc.

Malibu Wellness, Inc.

Manhattan Mechanical Services

Manufacturing Information Systems, Inc.

Margaretville Telephone Co., Inc.

Marshall Industries, Inc.

Martell Services Group LLC

Matandy Steel & Metal Products, LLC

Materials Transportation Company

Matern Professional Engineering

Matt Construction

McClung Companies

McCownGordon Construction

McFarland-Johnson, Inc.

Meier Supply Co.

Mesa Verde Enterprises Holdings, Inc.

Meyer Contracting, Inc.

Michael’s Transportation Service, Inc.

Mid Continental Restoration

Midwest Drywall Co., Inc.

Midwest Molding Inc.

Midwest Mole

Miller Dunwiddie Architecture

Miller, Proctor, Nickolas, Inc.

Minot Builders Supply, Inc.

MKSK - Columbus

Modern Air Mechanical

Molded Products, Inc.

Monte Sano Research Corporation

Morrissey, Inc.

Mountain Research, LLC

Muir Omni Graphics

Murray Company

MZA Associates Corporation

Nasco Industries, Inc.

Nation Safe Drivers ESOP

National Bureau of Property Administration, Inc.

National Distribution Service

National Lighting Electrical Services, Inc.

Neil H. Daniels, Inc.

Nelson Electric Co.

Nelson Lewis, Inc.

Network Center Incorporated

Neu Tool & Supply

Neuro-Tec, Inc.

New England Boring Contractors

New England Finish Systems

Next Evolution Group

Ngi | Nevell Group Inc.

Nielsen Builders, Inc.

NMR Group, Inc.

Northeast Bank

Notch Mechanical Constructors

nou Systems, Inc.

O & F Machine Products Company

Oakes Truck and Trailer Center, Inc.

OCP Contractors, Inc.

Oil Well Service Company

O’Neil Printing, Inc.

Osborne Industries, Inc.

Own, Inc.

Pack Edge, Inc.

Palmer Holland, Inc.

Paper Machinery Corporation

Park Engineering

Parts Wholesalers, Inc.

Patio Pleasures Pools & Spas

PBC Companies

PDM

Peaker Services, Inc.

Pease Bells CPAs

Pebcor Corporation

Peerless Saw Company

Performance Composites, Inc.

PERRY ProTECH

PFSbrands

Phelps County Bank

Philpott Solutions Group Inc.

Pile Dynamics, Inc.

Pima Medical Institute

Pipe Distributors, Inc.

Pipe Valves

PlaceWorks

Portland Air Freight, Inc.

Portside Builders, Inc.

Power Rail Holdings

Premiere Speakers Bureau

Productive Living Systems

Progressive Flooring & Services

ProSearch

PRR, Inc.

Public Affairs Support Services, Inc.

PV Communications, Inc.

Quantum Controls, Inc.

R. E. Garrison Trucking, Inc.

Radian Research, Inc.

Railside Enterprises, Inc.

Redpath and Company, LLC

Reed Manufacturing Company

Reell Precision Manufacturing Corporation

Renkim Corporation

Renova Environmental Company

ReVision Energy

Richard Holz, Inc.

Richard L. Bowen & Associates, Inc.

Rickman Transport

RobbJack Corporation

Robert Peccia & Associates

Rocky Mountain Steel, Inc.

Rogers Manufacturing Corporation

Ronald N.S. Ho & Associates, Inc.

Roorda, Piquet & Bessee, Inc. CPAs

Royal Engineered Composites, Inc.

RSG, Inc.

Rubber Track Solutions, Inc.

S. M. Wilson & Co.

Sagaya Corporation

Sanborn, Head & Associates, Inc.

Sands Wall Systems Inc.

Sarah and David Diehl

SC2 Inc.

Scallon Controls, Inc.

Schenectady Steel Company, Inc.

Schier Products

Schu Marketing

SCS Engineers

Sea Engineering, Inc.

SEACON Engineering Associates

Sea-Land Chemical Company

Seaman’s Mechanical

Sebago Technics, Inc.

Sechan Electronics

Sentry Equipment

Sharrow Lifting Products

Smelter Service Corporation

Software Solutions, Inc.

Soliant Consulting, Inc.

SoundOff Signal

Southern Software Inc.

Spencer Enterprises

Split Rock Studios

SPS Companies, Inc.

St Germain Investments

St. Cloud Industrial Products, Inc.

Staff Electric Co., Inc.

Star of Honolulu Cruises & Events

Steel-Pro, Inc.

Stephens & Smith Construction Co., Inc

Sterling Engineering, Inc.

Stern Brothers Valuation Advisors

Stewart’s Ambulance Service

Stone Hill Contracting Co., Inc.

Strata Design, Inc.

Strategic Media Placement, Inc.

Sturdevant Refrigeration & Air

Conditioning, Inc.

Stylmark, Inc.

Summit Body & Equipment, Inc.

Sun-Star Electric, Inc.

Swank Enterprises, Inc.

Swift & Staley, Inc.

Systems Engineering, Inc.

Tata & Howard, Inc.

TBD Solutions, Inc.

Teakdecking Systems, Inc.

Techline

TESSERE

Teton Machine Company

Texas Scenic Company, Inc.

The Cianbro Companies

The David and Laura Stiller Fund at

Amalgamated Charitable Foundation

The Great Lakes Construction Co.

The Helsing Group, Inc.

The Kleingers Group

The Link Group

The March Westin Company, Inc.

The Mosser Group

The Motz Corporation

The Projects Group

The Ramkota Companies, Inc.

The Ruhlin Company

The Schebler Company

The Shamrock Companies, Inc.

The Stark Group

TKDA

Torrey Pines Landscape

Total Solutions Group

Total Water Treatment Systems, Inc.

Town & Country Group

TPI

Travel Store, Inc.

TRC Global Mobility

Tri City Glass & Door

Trout CPA

TVS Design

Twin City Die Castings Company

Twin Manufacturing Company

Unicast Company

United Production Framing

UST Fuel Solutions

Vance Metal Fabricators Inc.

Verit Advisors, LLC

Vermeer Great Plains

VHV Company

Vic’s Crane & Heavy Haul, Inc.

Vistal

Volano Software Company

W. M. Kelley Company, Inc.

WA Group

Wall Residences, Inc.

Warehouse One, Inc.

Water and Environmental Technologies

Water Medic of Cape Coral Inc.

Waterline Industries Corp.

Webb Insurance Agency

WEBIT Services, Inc.

WEDCO, Inc.

West Union Trenching, Inc.

Western Potatoes, Inc.

Wilhite Electric Co., Inc.

Williams Company Management Group

Winn Construction, Inc.

Wire Experts Group, Inc.

WithersRavenel

Wolgast Corporation

Woodland Cabinetry

Woodsman Kitchens & Floors, Inc.

World Arts, Inc.

Yogi Kwong Engineers

$250 - $499 - Individuals

Adam Reeder

Alan F. Harrington

Alan Kandel

Alberto del Pilar

Alexander Grasser

Allison Egan

Amber Lloyd

Amy Schuster

Andrew Salek-Raham

Andy Moore

Ashleigh Newlin

Ashley Kirchner

Ashley Peterson

Amya Pinka

Beatriz Gonzalez Ciordia

Bill Frommelt

Bill Wilson

Billy Ornellas

Blake Williams

Bradford Wilson

Brandon Sitterle

Brandon Uejo

Brent Thomas

Brian Denlinger

Brian Elsasser

Brian Sweeney

Brian Turner

Bruce Beverly

Bryce Lenox

Carrie-Anne Taylor

Cathy Ivancic

Chad Bell

Chad Duke

Chantal Carr

Chelsea Kopplin

Chelsea R. Mikula

Chiranjiv Zutshi

Chris Bohl

Chris Grant

Christel Jimenez

Christian Pfeffer

Christine Adee

Christine Borghei

Christopher L. McLean

Cindy Turcot

Corben A. Lee

Damien Vira

Dan Sailer

Daniel Cooper

Daniel Kaczmarek

Daniel P. Callanan

Daniel Vaccarella

Danielle Montesano

David Bales

David Miller

David Stoltenberg

Dawn Goestenkors

Dean J. Scoular

DeMario Carswell

Don Chew

Donna M. Isherwood

Donny Springer

Drew Newman

E. Philip Bush

Emerson Barnett

Emily S. Horn

Emmett Mulcahy

Eric Iwamoto

Eric S. Zaiman

Erich Gamm

Ewan Hall

Felicia Gardner

Forrest Knowles

Gabriel Frisby

Gabriela Ruiz

Ginny Saloom

Greg Daugherty

Gregg Peters

Gregory M. Cook

Gregory R. Caruso

Holly Jones

Ilka Schulze

Isaiah Aguilar

Ivy Wan-Beltejar

Jacob Cook

Jacob D. Rhode

Zachau Construction

Jacqueline Kibler

Jacqueline Schmieding

Jake Cravens

James F. Joyner III

James Walrack

Jason Faust

Jeffrey S. Buettner

Jeffrey Vancura

Jenna Hayes

Jennifer Altstadt

Jennifer Breton

Jennifer Krieger

Jeremy M. Pelphrey

Jessica DeGraaf

Joe C. Faucher

Joe Demetrius

Joe R. Borowski

John C. Korschot

John Troyer

Jon Williams

Jonathan Puvak

Jordan Bergkamp

Jose Jara

Joseph P. Yonadi

Josh Natzel

Julia Mangin

Julian Andre

Justin Tu

Justine Labono

Kamy Bhalla

Karen L. Ellis

Kathleen Weber

Katie Hardesty

Katie Kimble

Katie Milus

Kellie Willer

Kelly O’Hara

Ken Apple

Kerry Withrow

Kevin Funasaki

Kevin J. Sensenig

Kevin Reichert

Kim Linderman

Kimberly Serbin

Kip Kuster

Kjersti Cory

Kristin Steinhauser

Kristina Cox

Kristine Kline

Lauren Roberts

Lauri Earhart

Lindsay Funkhouser

Luke Nixon

Lynn Bryant

Mackenzie Sheehan

Madie Decker

Marc James

Maria Thiel

Mark A. Nebrig

Mark R. Kossow

Mark Swanson

Mary A. McCooe

Mary Voronov

Matt Dennison

Matt Hills

Matt Kanitz

Matt R. Schubring

Matthew Sullivan

Melissa Thomas

Melissa Wilhelm

Michael Brownrigg

Michael Hatlee

Michael J. McGinley

Michael Kamaka

Michael Kouyoumdjian

Michael L. Scheier

Michael Litvinovich

Michael Lovett

Michael Magaoay

Michelle Buckley

Miguel Paredes

Mikel Reber

Miles Weis

Nicholas J. Francia

Nichole Petersen

Nick Braun

Nick N. Sypniewski

Nick Viner

Olivia Kowalski

Pamela Clinch

Patrice Radogna

Patrick Buresh

Patrick J. Berry

Paul B. Nunes

Paul D. Trost

Perry Walter

Peter Abrahamson

Philip R. Gaudet

Phillip Chou

Randy Shrake

Renee P. Lewis

Richard A. Glassman

Richard C. May

Rita P. Tucker

Rob Hilton

Rob Rosenberg

Robert D. Grossman

Robert F. Schatz

Rocky M. Fiore

Rodrigo Zuloaga

Roger Cawdette

$250 & Under - Companies

A.R. Mays Construction, Inc.

Acuity Advisors

Agility EMS

Aprio

ArentFox Schiff, LLP

Associated Bank, N.A.

Baker Tilly US, LLP

Bankers Trust Company

Bose McKinney & Evans LLP

Carlsmith Ball LLP

CBIZ

ConceptWealth

Edward Enterprises, Inc.

Elucidate Resources LLC

Energy Product Sales

Engineered Seal Products

EOAN Leads Company

Equitable Edge Services

ESI Equity

ESOP Employee Owners Committee

ESOP Law Group, LLP

ESOP Partners

Essex Electro Engineers, Inc.

Eureka Valuation Advisors

Fiduciary Trustee Services, LLC

First American Bank

Roy H. Meyers

Ryan Graham

Ryan Kuchta

Sarah Farrow

Scott Leach

Scott Sernett

Sean Kelleher

Sean Vaughn

Serena Amlie

Shannon Maloney

Shelby Sledge

Stephen Seminack

Ted Becker

Ted Margarit

Teresa Chrest

Teresa Daggett

Tim Hillegass

Tim J. Lang

Tim L. Stewart

Timothy Shea

Todd D. Wozniak

Todd L. Denison

Tom Clarke

Tom Stretton

Toni Kildow

Tracy Robinson

Trevor Bare

Vicki LaRose

Victor Jarosiewicz

Wade Nylund

William A. Stewart

William Yoeger

Witold Telezynski

First International Bank & Trust

First Merchants Bank

Fundamental Income

GPI | Greenman-Pedersen, Inc.

Grand River Rubber & Plastics

Groom Law Group, Chartered

HDH Advisors LLC

Holden Industries, Inc.

JAK | John A. Knutson & Co., PLLP

KeyStone Executive Search

Kimberlite Corporation

KSM | Katz, Sapper & Miller

Marina Landscape

Martindale Consultants

Maselan & Jones, P.C.

Melton Machine & Control Company

Michael Best & Friedrich, LLP

Musick, Peeler & Garrett, LLP

N&G Legal Group

Origin Design Co.

Phase 2 Development

PivotPoint Leadership

Prairie Capital Advisors

Praxis Consulting Group

Proponent

Rosendin Electric

Seattle Gymnastics Academy

Strategic Talent Partners

Syblon Reid

$250 & Under - Individuals

Aaron Galentine

Abby Camarata

Adam Curry

Adam Hu

Adam Leach

Adam MacPherson

Adrienne Wong

Aida Bingham

Aime Mendez

AJ Boltz

Alan S. Carlyle

Alberto Tarajano

Alex Kimball

Alex Larsen

Alex VandeHei

Alexa Pontus

Alexander D’Angelo

Alexandra Alikakos

Alexis Cottle

Alicia Diekow

Allan Fera

Allison T. Wilkerson

Alton Higa

Amanda Dernovshek

Amanda Rodriguez

Amber Jo Brauner

Amy Arndt

Amy C. Markland

Amy Hodges

Amy Huot

Amy Lambert

Amy Lewey

Amy Matsushima

Andre Schnabl

Andrea Bennett

Andrew B. Coburn

Andrew Blakeley

Andrew Harling

Andy Hastreiter

Andy Kamphuis

Anjali Nori

Anna-Sophie Tirre

Anne Bushman

Annemieke Ruina

Anthony Brocato

Anthony R. Levi

April Boehm

April Whitehead

Arlene L. Ashcraft

Arno Bischoff

Ashley Bautista

Ashley Carr

Ashley Waters

Audrey Sims

Austan Wellman

B. David Joffe

Bailey Sharpe

Barbara Lindsay

Barbara Sladowsky

Barry Goodman

Becky Wiegel

Bella Jupp

Benjamin Asch

Benjamin Guan-Kennedy

Benjamin Law

Benny Cherry

Bert McClintock

Betsy Farley

Betsy Roisen

Beverly Allen

Bill Coontz

Bill Duguay

Bill Dunn

Blair Patteson

Blake Roter

Brad Beard

Brad H. Minor

Brad Henschen

The Sherman Engineering Company

Tucker & Meltzer Valuation Advisors

UBS Financial Services

Wealthsouth

Wells Fargo

World Products Inc.

Brandon G. Feingold

Brandon Guthrie

Brandy Kriener

Brant H. Armentrout

Brant Kennedy

Brant Williams

Brayden Matsuzaki

Brenda Bennett

Brendon Ferraiuolo

Brent Heintzelman

Brett Thornton

Brian A. Eagle

Brian D. Hector

Brian Fries

Brian Ippensen

Brian Miley

Brian Slayton

Britini Jones

Brittany Ann Ramos

Brooke Scott

Brooke Stephens

Bruce Crum

Bryan Setz

Cameron Ching

Candice Cramer

Candy Woltman

Carey Chen

Carissa Deschler

Carl Griffith

Carla Laitinen

Carleton Williams

Carmen Knight

Cecilia Loftus

Cecilia Miller

Chad Kadokawa

Chad Okinaka

Chad White

Charissa Wong

Charles Chang

Charles Metzig

Chase Hoover

Chelsea Thacker

Chelsey Blue

Cheri L. Jones

Cheryl Datka

Cheryl L.M.T. Itagaki

Cheryl Takakura

Chip Brown

Chip Farnham

Chris A. Kramer

Chris Bauer

Chris Luque

Chris Nichols

Chrissy Swartzendruber

Christopher Barnes

Christopher Dennis

Christopher Klepatzki

Christopher Mackin

Christopher Noyes

Christopher T. Horner

Christopher Wingard

Cicely Pocock

Cindy Emory

Claire Tsuha

Claudio Raposo

Colby Chevalier

Colin Monnier

Connie Lietzke

Connor Deering

Conrad Taylor

Cris Houlihan

Cristen Stier

Crystina Penn

Curtis Evans

Cynthia Thompson

Dalton DeLuca

Dan Holzhauer

Dan M. Zugell

Dan Markowitz

Dan O’Connell

Dan Reinhart

Dan Westphal

Daniel Brown

Daniel Keeley

Daniel Kunishige

Daniel L. Johnson

Daniel M. Reser

Danielle Rice

Danny Lamastra

Daphne Berry

Darby Manning

Dave Zantrofski

David A. Whaley

David Antonioli

David Burdette

David Fonken

David Galbreath

David J. Ottinger

David Janelle

David L. Johnson

David N. Pardys

David R. Johanson

David Rowe

David Wilder

Dawn Comerford

Dawn Simmerman

Dayna Kawazoe

DeAnna Hayashi

Deb Christensen

Deborah Munk

Debra Smith

Denise King

Denise Lewis

Denisse Fadoul

Dennis Knight

Derek Stern

Derek Yamamoto

Deric Poldberg

Devin Gallagher

Devon Zehr

Dezarae Jackson

Dhawan Mohan

Diane Luter

Donald Brockman

Donna Caruso

Donna Caulfield

Donohue Fujii

Doreen Fanning

Doug Houser

Doug Little

Drake Fukushima

Drew Athey

Drew Larson

Drew Tavss

Duke Kahumoku

Dylan D. Rudolph

Edward Racek

Elias Savide

Elizabeth Leversee

Elizabeth Oceguera

Elizabeth Prochazka

Elizabeth Smith

Emilie Poulakos

Emily Chandler

Emily Coates

Emily Kile-Maxwell

Emily Nelson

Eric B. Dollin

Eric Imada

Eric J. Ransick

Eric MacDonald

Eric Obergfell

Eric Tamashiro

Erik Kaneshiro

Erin Friedrich

Erin McGovern

Fenton Strickland

Florence V. Zabarsky

Forrest Chaffin

Frank Cousino

Gary Holvick

Gene Chiodo

George Takase

Geraldine Brennan

Gerry Spitzer

Gina Ryan

Ginny Wright

Gordon Dixon

Greg Gajcak

Greg Glasscock

Greg Patterson

Gregory Kronstain

Griffin O’Gara

Gulzhan Raiymbek

Guy Waggoner

Hae-Dong Lee

Harper Purvin

Heather Cody

Heather Rooney McBride

Heather Sanderson

Heather Templer

Hernan Garcia

Holly Augustine

Ian Holloman

Ian Lonsdale

Ikaika Rodenhurst

J. Randall Bishop

Jack Kelly

Jack Kostrab

Jackie Davis

Jacqueline Roehl

Jacquelyn D. Mosby

Jaime Hein

James B. Junker

James F. Higgins

James Schranz

James Urbach

James Van Soest

James Wesson

Jamiel Ishaque

Janice Mello

Jared Chang

Jared Helm

Jasmine Teramae-Kaehuaea

Jason Brown

Jason Rockwell

Jason Wellman

Jason Wietfeld

Jay Schauer

Jean Bergman

Jeanne Flanagan

Jeff Chuck

Jeff Martina

Jeff Neirynck

Jeffrey Hill

Jeffrey Sindelar

Jeffrey Sopp

Jennie Msall

Jennifer Weitzel

Jenson Santos

Jeremy Christensen

Jeremy Dale Mosteller

Jeremy Huish

Jeremy Newcomb

Jess Helvik

Jessica May

Jim Carlisle

Jim Hilderbrandt

Jim Rolfe

Jimmy Liu

Jodi Holland

Joe Bendorf

Joe McLaughlin

Joe Warino

John Barrett

John Bedenbaugh

John D. Menke

John Kim

John Kosnak

John Laitinen

John Lightfoot

John Rose

John Williams

Jon M. Sweigart

Jon Shell

Jonathan Landon

Joseph Pimenta

Josh Billiard

Josh Edwards

Josh Moore

Josh Phillips

Joshua Barrett

Joshua Lunde

Joy Hanson

Judy Butler

Julia Kimoto

Julie Schoettle

Justin Byrd

Justin King

Justin Stallard

Kailey Keeler

Kala Gericke

Kara Cullins

Karen DeChristopher

Karen Okonta

Karim Brown

Kasey Block

Kate Teruya

Katerine Montano

Kathleen Chu

Kathleen Gage

Kathleen McInerney Kane

Kathy Brytowski

Keaton Isaacson

Keegan Wilkening

Keith Apton

Keith D. Butcher

Keith Jochims

Keith T. Peters

Kelcee Mira

Kellen Mira

Kelly C. Noll

Kelly Halverson

Kelly M. Ponce

Kelly O. Finnell

Kelsey Feller

Kelsy Ham

Kenneth Jim

Kent Kasem

Kerri Huffert

Kevin Cunningham

Kevin DeChristopher

Kevin Hoppe

Kevin P. Weise

Kevin Seay

Kevin Spaeth

Kevin Yasutake

Kim Castillo

Kim Suddendorf

Kimberley Boyd

Kimberley Heath

Kimberly James

Kimberly Jarry

Kimberly Wright

Kinder Woodcock

Kirk Disch

Kirk Hammock

Kirk Soto

Kirsten Kennedy

Kore Severt

Kourtney Hurd

Kreg J. Jackson

Kris Motola

Krishankant Singh

Kristen Mayers

Kristin Hamaguchi

Kristin Tesch

Kristy Wrigley-Durer

Kyla M. Hansen

Kyle Shinyama

Kyle Spader

Kyndal Clark

Lainie Meyers

La-Nita Bergman

Lara L. Hemingway

Larry Filipski

Larry Lake

Lars C. Golumbic

Laura Acuna

Laura Carotenuto

Laura Melman

Lauren Bresnahan

Lauren Chun

Laurie Jim

Laurie-Leigh White

Lawrence Gilbert

Lee S. Bloom

Leslie A. Lauer

Leslie Ellis

Libby Lukens

Lina Gomes

Lindsay Nakashima

Lindsay Shafer

Lindsey Fitzgerald

Linshuang Lu

Lisa Adams-May

Lisa Carboni

Lisa Carrick

Lisa Nolet

Liz Brock-Loftis

Logan Quibell

Logan Tom

Loretta R. Richard

Lori Stuart

Lyle Crowley

Lynn E. Calkins

Lynn Sterkel

Madison Boss

Madison Tanabe

Mady Sheets

Maggie Burnham

Marc Hammers

Marc Hansberger

Marc Katsanis

Marc R. Baluda

Maria Nguyen

Maria Vierbickas

Marie Ann Jensen

Mark Cruz

Mark G. Mills

Mark Gutberlet

Mark Keating

Mark Thompson

Mark Weisheipl

Marty Macedo

Mary Bisenius

Mary Driscoll

Mary Giganti

Mary Shrewsbury

Mason Eisenberg

Matt Butzier

Matt G. Hrebec

Matt Hancock

Matt Hines

Matt Kaufman

Matt Murakami

Matt Murray

Matt Nakamoto

Matthew D. Goedert

Matthew Drake

Matthew G. Munn

Matthew Kairouz

Matthew Mikuleza

Matthew Nels

Matthew Robbins

Matthew York

Maureen Conway

Max Mochizuki

Megan Eikum

Melanie Linn

Melanie Tsuda

Melisa Johnson

Melissa Goetz

Mercedes Rosales

Meredith Fiocchi

Meridith Byrne

Mia Casparian

Micah Clodgo

Michael A. Golden

Michael C. Yi

Michael Carney

Michael G. McCarthy

Michael Grimmett

Michael Hall

Michael J. Farrand

Michael J. Harden

Michael Lum

Michael Nader

Michael Nishimura

Michael Sherban

Michael Staton

Michael T. Graham

Michael Taibleson

Michael W. Zelko

Michele Bailey

Michelle Jensen

Michelle Menard

Michelle Reed

Michelle Ueding

Mike Bowers

Mike Frommelt

Mike Laitinen

Mike Lucas

Mike McGill

Mike Perez

Miranda Johnson

Monika Hubbard

Motomi Otsubo

Myong Choi

Nancy Latu

Nancy Mills

Natasha Lippitt

Nate Cabral

Nate Dykes

Nate Moody

Nathan Goodman

Nawaz Ukani

Neil McSweeney

Nelson Parrish

Nick Fenuccio

Nicole Cradic

Nicole Kawamura

Nikki Luong

Norman G. Kurland

Ollie Alldritt

Pam Strandlie

Pam Walker

Pat Sawyer

Patrick Dixon

Patrick O’Neil

Patty Spencer

Paul A. Davidson

Paul Arita

Paul Drummond

Paul Jackson

Paul Mattox

Paul Nus

Paul Tanghe

Paul Wick

Peter H. Briggs

Peter Kilgore

Peter Oulman

Phil McKnight

Phillip DeDominicis

Pornsawan Chung

Pravika Hannah

Prentice Weathers

Rachel Owsley

Rachel Pressdee

Randall Harris

Randy Church

Randy Jones

Randy Walter

Rebecca E. Greene

Rhiannon Begley

Richard Evans

Richard Kellogg

Rick C. Mapp III

Rick Otto

Rick Rittmaster

Rikki A. Sapolich-Krol

Rivera Hector

Rob Adamec

Robert Bass

Robert Garner

Robert Grote

Robert Johnson

Robert M. Ireland

Robert M. Snowden

Robert Petty

Robert Regis

Robert Zemke

Romanch Mistry

Ronald Eagar

Ronald L. Ludwig

Russ Kapuniai

Russell Johnston

Ryan Cowen

Ryan Festerling

Ryan Frederick

Ryan Haymore

Ryan Lupke

Ryan Owens

Ryen Stewart

Sally Madden

Sam Gaultney

Sam Wessinger

Samantha Mintle

Samantha O’Neill

Samuel Dean

Sandy Reyburn

Sara Doi-Tanaka

Sara Lancaster

Sara Smith

Sarah Adams

Sarah Babcock

Sarah Bothner

Sarah Ridgway

Sarah Streitwieser

Sastry Malladi

Scott Foreman

Scott Lee

Scott Peek

Scott Shiraishi

Scott Stevens

Sean Jackson

Sean Sullivan

Sebastian Speroni

Sena Meilleur

Seyoung Nakama

Shane MacKenzie

Shaneik Tazewell

Shanen Heu

Shari Knepper

Sharyl David

Shawn Hoy

Shawn Richard

Shaylor Steele

Sheila Cobb

Shelley Miller

Sherry P. Porter

Sheryl Neuman

Shirlyn Tsuruda-Keene

Sidney Nakao

Silvia Gjino

Skylar Vanden Bosch

Sonia Jarboe

Spiro Preovolos

Stacy Cinatl

Stephanie De Juan

Stephanie Wallin

Stephen A. Martin

Stephen Bowman

Stephen Graham

Steve Feimster

Steve Gieryn

Steven Carr

Steven Kilar

Steven Ward

Susan Frigault

Suzanne McDermott

Tabitha M. Croscut

Tak Miyahira

Tammy Osuzik

Tammy White

Tatianna Mulitauaopele

Terence L. Griswold

Terese Krafcheck

Terry Appelgate

Terry Denniston

Theresa Stevenson

Thomas E. Pientok

Thomas Mullins

Tiffany Bender

Tiffany Bennett

Tiffany Richoux

Tim Jochim

Tim Traverse

Timothy Chang

Timothy Miller

Tina M. Langlois

TJ Genz

Todd Johnson

Todd McGuire

Todd Niemann

Todd Young

Tom Bartlett

Tom Murphy

Toni Stone

Trevor Dursky

Trevor Kauk

Trevor Persing

Troy Hamilton

Troy Johnson

Ty Corbin

Tyler Dawson

Tyler Makabe

Van Noorden

Victor N. Alam

W. Bard Brockman

W. William Gust

WeiYang (Tina) Xu

Will Hobby

William Castellano

William Howell

William Kropkof

William W. Merten

Wilson Denari

Xiaolin Mai

Yuri Williams

Zach Kubly

Zach McCorquodale

$123,894 DIVIDENDS & INTEREST $80,362 DONATIONS $1,120,061

$2,114,114

2025 TOTAL REVENUE

$2,077,052

2025 TOTAL EXPENDITURES DEVELOPMENT $162,162 ADMIN & COMPLIANCE $471,262

We Thank You for Your Support and look forward to your continued involvement with the Employee Ownership Foundation in 2026.

Stay in touch!

If you are interested in learning more about the Employee Ownership Foundation, please visit our website and pledge your support!

EmployeeOwnershipFoundation.org

Promote ESOP education!

We will announce the 2026 Edmunson Scholarship award winners in early September. Our review committee will begin accepting applications on June 1. For more information, terms, and application forms, please see the Edmunson Scholarship section on our website. Participate in ESOPATHON!

Companies, TEA chapters, employee owners, and others joined to help raise funds for the EOF during October’s Employee Ownership Month — and the turnout was incredible! Together, ESOPATHON raised more than $543,000!

We hope you join us to celebrate and support our community by participating in ESOPATHON October 2026!

Executive leadership!

Leadership effectiveness is essential to the success of any ESOP company. Leading in an Ownership Setting ™ is a two-week intensive program for CEOs and CFOs designed to deepen leadership capabilities and cultivate a network of ESOP executives committed to sharing resources and best practices. Register this spring; space is limited.

“

Together, we advanced our mission through modernized leadership training, expanded scholarships, groundbreaking research, global outreach, and robust education programs.

James J. Bonham President Employee Ownership Foundation