Vertical Lift Consortium Inc
- Assets
- $2.1m
- Revenue
- $615.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Summerville, SC
- Founding
- 11/1995
- Data as of
- 12/2023
- EIN
- 77-0408604
Organization Overview
Vertical Lift Consortium Inc is located in Summerville, SC. The organization was established in 1995. According to its NTEE Classification (U03) the organization is classified as: Professional Societies & Associations, under the broad grouping of Science & Technology and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Vertical Lift Consortium Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2023, Vertical Lift Consortium Inc generated $615.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (12.0%) each year. All expenses for the organization totaled $1.0m during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (9.4%) per year over the past 9 years. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
COOPERATIVE SCIENTIFIC RESEARCH
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO GENERATE AND LICENSE TECHNOLOGICAL PROPERTIES FOR THE BENEFIT OF THE ORGANIZATIONS' MEMBERS AND TO COLLABORATIVELY AND COLLECTIVELY PROVIDE THE U.S. GOVERNMENT WITH INPUT AND ADVICE ON NON-PROPRIETARY, NON-CONFIDENTIAL TECHNICAL CONCEPTS AND ISSUES RELATED TO VERTICAL LIFT TECHNOLOGIES AND TO ACT AS A KNOWLEDGEABLE SOURCE TO THE U.S. GOVERNMENT ABOUT VERTICAL LIFT AIRCRAFT AND TECHNOLOGIES RESEARCH.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kendall Goodman Member | Trustee | 1 | $0 |
Rudy Ostovich Member | Trustee | 1 | $0 |
Ronald Lukow Member | Trustee | 1 | $0 |
Inder Chopra Member | Trustee | 1 | $0 |
Chris Macfarland Member | Trustee | 1 | $0 |
Jvr Prasad Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Bell Helicopter Support & Design Svc | 12/30/16 | $405,091 |
Boeing Helicopter Company Support & Design Svc | 12/30/16 | $121,815 |
Sikorsky Aircraft Support & Design Svc | 12/30/16 | $140,508 |
University Of Tennesee Support & Design Svc | 12/30/16 | $188,360 |
University Of Texas - Arlington Support, Design,svcs | 12/30/16 | $152,644 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $597,095 |
| Investment income | $18,274 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $615,369 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| 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 | $417,515 |
| Fees for services: Legal | $5,520 |
| Fees for services: Accounting | $3,940 |
| Fees for services: Lobbying | $32,076 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $29,817 |
| Advertising and promotion | $0 |
| Office expenses | $386 |
| Information technology | $1,049 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $35,304 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $483,791 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $4,276 |
| All other expenses | $0 |
| Total functional expenses | $1,020,074 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,124,042 |
| Savings and temporary cash investments | $1,018,274 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $955 |
| 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 | $1,643 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,144,914 |
| Accounts payable and accrued expenses | $702,095 |
| Grants payable | $0 |
| Deferred revenue | $63,518 |
| 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 | $765,613 |
| Net assets without donor restrictions | $1,379,301 |
| Net assets with donor restrictions | $0 |
| 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 | $2,144,914 |