Louisville Regional Airlift Development Inc
- Assets
- $815.1k
- Revenue
- $657.9k
- Investments
- $0.0
- Employees
- 0
- Location
- Louisville, KY
- Founding
- 06/2017
- Data as of
- 12/2023
- EIN
- 82-1630163
Organization Overview
Louisville Regional Airlift Development Inc is located in Louisville, KY. The organization was established in 2017. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Louisville Regional Airlift Development Inc 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 12/2023, Louisville Regional Airlift Development Inc generated $657.9k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 22.7% each year . All expenses for the organization totaled $1.1m during the year ending 12/2023. 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
OUR MISSION IS TO DEVELOP NEW NONSTOP AIR SERVICE ROUTES FROM LOUISVILLE INTERNATIONAL AIRPORT TO IMPORTANT DOMESTIC AND INTERNATIONAL DESTINATIONS OVER A MULTI-YEAR PERIOD TO BENEFIT THE ENTIRE REGION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOUISVILLE, KY AREA CIVIC AND BUSINESS LEADERS IN CONJUNCTION WITH STATE AND LOCAL GOVERNMENTS IMPROVED NONSTOP AIR SERVICE AT LOUISVILLE INTERNATIONAL AIRPORT BY COMMITTING TO PARTICIPATE IN MINIMUM REVENUE GUARANTEES TO SHARE UPFRONT RISK WITH AIRLINES, AGREEING TO FLY NEW NONSTOP ROUTES AND MAXIMIZING AIRPORT-BASED INCENTIVES AND MARKETING SUPPORT FOR EACH NEW ROUTE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Koleman Karleski Board Chair | OfficerTrustee | 2 | $0 |
Ed Glasscock Vice Chairman | OfficerTrustee | 2 | $0 |
Sandra Frazier Secretary | OfficerTrustee | 2 | $0 |
Michael Mountjoy Treasurer | OfficerTrustee | 2 | $0 |
John Moore Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $657,944 |
| 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 | $657,944 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| 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 | $657,944 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,117,291 |
| 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 | $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 | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $203 |
| Office expenses | $195 |
| 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 | $1,117,689 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $815,108 |
| 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 | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $815,108 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $0 |
| 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 | $815,108 |
| Total liabilities and net assets/fund balances | $815,108 |
Grants Awarded
Over the last fiscal year, Louisville Regional Airlift Development Inc has awarded $1,117,291 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
BREEZE AIRWAYS PURPOSE: SUPPORT OF AIRLINE'S NONSTOP SERVICE FOR NEW AIR SERVICE ROUTES | $250,000 |
AMERICAN AIRLINES PURPOSE: SUPPORT OF AIRLINE'S NONSTOP SERVICE FOR NEW AIR SERVICE ROUTES | $867,291 |