Vertical Flight Foundation
- Assets
- $1.8m
- Revenue
- $118.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Fairfax, VA
- Founding
- 08/1967
- Data as of
- 12/2021
- EIN
- 23-6428319
Organization Overview
Vertical Flight Foundation is located in Fairfax, VA. The organization was established in 1967. According to its NTEE Classification (B99) the organization is classified as: Education N.E.C., under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Vertical Flight Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Vertical Flight Foundation generated $118.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (12.5%) each year. All expenses for the organization totaled $115.8k during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
VERTICAL FLIGHT FOUNDATION PROVIDES SCHOLARSHIPS TO INDIVIDUALS LIKELY TO UNDERTAKE A CAREER IN VERTICAL FLIGHT TECHNOLOGY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIPS:VERTICAL FLIGHT FOUNDATION PROVIDES SCHOLARSHIPS TO INDIVIDUALS LIKELY TO UNDERTAKE A CAREER IN VERTICAL FLIGHT TECHNOLOGY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Hirschberg Executive Dir. | Officer | 5 | $0 |
Paul Lemmo Trustee | Trustee | 1 | $0 |
Tomasz Krysinski Trustee | Trustee | 1 | $0 |
Mark Cherry Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $7,000 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $26,997 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $33,997 |
| Total Program Service Revenue | $0 |
| Investment income | $32,853 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $51,186 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $118,036 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $100,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $15,832 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $115,832 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $1,750,200 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,750,200 |
| Accounts payable and accrued expenses | $49,077 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $49,077 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $1,701,123 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,750,200 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Vertical Flight Foundation has recieved totaling $1,800.
| Awarding Organization | Amount |
|---|---|
Piasecki Foundation Saint Davis, PA PURPOSE: RESEARCH | $1,800 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Seminar Network Inc Arlington, VA | $360,026,954 | $278,674,897 |
West Virginia University Medical Corporation Morgantown, WV | $21,363,966 | $59,205,918 |
Old Dominion Land Conservancy Inc Purcellville, VA | $5,990,691 | $40,101,797 |
Maryland Innovation And Security Institute Inc Baltimore, MD | $10,081,190 | $24,715,450 |
Community Action Council Of Howard County Md Inc Columbia, MD | $15,922,810 | $23,897,066 |
Cal Ripken Sr Foundation Inc Baltimore, MD | $24,973,997 | $16,406,660 |
American Association For Clinical Chemistry Inc Washington, DC | $31,632,986 | $18,150,460 |
Susan B Anthony List Inc Arlington, VA | $6,109,204 | $16,065,131 |
Aids United Washington, DC | $16,240,693 | $19,019,266 |
Media Matters For America Washington, DC | $25,734,430 | $18,794,929 |
Connected Nation Inc Bowling Green, KY | $5,021,239 | $16,572,653 |
Appletree Institute For Education Innovation Inc Washington, DC | $11,136,365 | $16,950,350 |