Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1f · All other contributions, gifts and grants

  $37,432,099

• 1g · Noncash contributions included above

  $4,600,540

• 3 · Investment income

  total $1,805,697 · excluded $1,805,697

• 4 · Income from investment of tax-exempt bond proceeds

  total $0

• 5 · Royalties

  total $0

• 6c · Rental income or loss

  real property $0 · personal property $0

• 6d · Net rental income or loss

  total $0

• 7a · Gross sales of assets other than inventory

  securities $7,514,843

• 7b · Less cost or other basis and sales expenses

  securities $7,632,025

• 7c · Gain or loss

  securities -$117,182

• 7d · Net gain or loss

  total -$117,182 · excluded -$117,182

• 8a · Fundraising events: gross income

  $0

• 8b · Fundraising events: direct expenses

  $0

• 8c · Net income from fundraising events

  total $0

• 9a · Gaming: gross income

  $0

• 9b · Gaming: direct expenses

  $0

• 9c · Net income from gaming

  total $0

• 10a · Gross sales of inventory

  $0

• 10b · Cost of goods sold

  $0

• 10c · Net income from sales of inventory

  total $0

• 11a · Other revenue: MISCELLANEOUS REVENUE

  total $10,946 · excluded $10,946

• 11e · Other revenue, total

  $10,946

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $10,797,644 · program services $10,797,644

• 2 · Grants to domestic individuals

  total $11,774 · program services $11,774

• 3 · Grants to foreign organizations and individuals

  total $0

• 4 · Benefits paid to or for members

  total $0

• 5 · Compensation of officers, directors and key employees

  total $1,379,960 · program services $261,779 · management and general $479,190 · fundraising $638,991

• 6 · Compensation of disqualified persons

  total $0

• 7 · Other salaries and wages

  total $2,082,539 · program services $357,662 · management and general $641,640 · fundraising $1,083,237

• 8 · Pension plan contributions

  total $107,356 · program services $39,284 · management and general $9,597 · fundraising $58,475

• 9 · Other employee benefits

  total $202,913 · program services $35,737 · management and general $59,726 · fundraising $107,450

• 10 · Payroll taxes

  total $224,876 · program services $33,320 · management and general $90,935 · fundraising $100,621

• 11a · Fees: management

  total $37,039 · management and general $31,139 · fundraising $5,900

• 11b · Fees: legal

  total $96,199 · program services $23,017 · management and general $72,232 · fundraising $950

• 11c · Fees: accounting

  total $41,598 · program services $0 · management and general $41,598 · fundraising $0

• 11d · Fees: lobbying

  total $0

• 11e · Fees: professional fundraising services

  total $128,751 · fundraising $128,751

• 11f · Fees: investment management

  total $0

• 11g · Fees: other

  total $48,634 · management and general $48,634

• 12 · Advertising and promotion

  total $286,588 · program services $0 · management and general $277,835 · fundraising $8,753

• 13 · Office expenses

  total $466,406 · program services $130,157 · management and general $184,829 · fundraising $151,420

• 14 · Information technology

  total $75,867 · program services $32,000 · management and general $32,145 · fundraising $11,722

• 15 · Royalties

  total $0

• 16 · Occupancy

  total $12,924 · program services $0 · management and general $1,589 · fundraising $11,335

• 17 · Travel

  total $187,474 · program services $877 · management and general $26,655 · fundraising $159,942

• 18 · Travel or entertainment for public officials

  total $0

• 19 · Conferences, conventions and meetings

  total $73,026 · program services $939 · management and general $62,996 · fundraising $9,091

• 20 · Interest

  total $0

• 21 · Payments to affiliates

  total $0

• 22 · Depreciation, depletion and amortization

  total $18,858 · program services $0 · management and general $8,496 · fundraising $10,362

• 23 · Insurance

  total $12,344 · program services $0 · management and general $12,344 · fundraising $0

• 24a · Other expenses: DONOR DEVELOP & APPRECIATION

  total $21,049 · management and general $0 · fundraising $21,049

• 24b · Other expenses: EMPLOYEE DEVELOPMENT

  total $11,407 · management and general $8,578 · fundraising $2,829

• 24c · Other expenses: EQUIPMENT SMALL WARES

  total $2,075 · program services $1,400 · management and general $243 · fundraising $432

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,000 · end of year $1,000

• 2 · Savings and temporary cash investments

  beginning of year $23,249,938 · end of year $26,919,258

• 3 · Pledges and grants receivable

  beginning of year $27,223,984 · end of year $42,192,782

• 4 · Accounts receivable

  beginning of year $0 · end of year $0

• 5 · Loans and receivables from officers and key people

  beginning of year $0 · end of year $0

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 7 · Other notes and loans receivable

  beginning of year $0 · end of year $0

• 8 · Inventories for sale or use

  beginning of year $0 · end of year $0

• 9 · Prepaid expenses and deferred charges

  beginning of year $127,582 · end of year $140,904

• 10a · Land, buildings and equipment: cost or other basis

  $432,762

• 10b · Land, buildings and equipment: accumulated depreciation

  $154,230

• 10c · Land, buildings and equipment, net

  beginning of year $159,313 · end of year $278,532

• 11 · Investments: publicly traded securities

  beginning of year $70,503,867 · end of year $58,537,230

• 12 · Investments: other securities

  beginning of year $0 · end of year $0

• 13 · Investments: program-related

  beginning of year $0 · end of year $0

• 14 · Intangible assets

  beginning of year $0 · end of year $0

• 15 · Other assets

  beginning of year $645,047 · end of year $542,509

• 17 · Accounts payable and accrued expenses

  beginning of year $876,564 · end of year $773,796

• 18 · Grants payable

  beginning of year $7,741,303 · end of year $6,156,993

• 19 · Deferred revenue

  beginning of year $0 · end of year $0

• 20 · Tax-exempt bond liabilities

  beginning of year $0 · end of year $0

• 21 · Escrow or custodial account liability

  beginning of year $1,681,910 · end of year $1,270,124

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $0 · end of year $0

• 24 · Unsecured notes and loans payable

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $0 · end of year $0

• 27 · Net assets without donor restrictions

  beginning of year $3,223,126 · end of year $1,225,959

• 28 · Net assets with donor restrictions

  beginning of year $108,387,828 · end of year $119,185,343

The filer's explanations (Part III)

Schedule J, Part I, Line 4a

Severance Payment for Roger Smith: $40,000

Schedule J, Part I, Line 5a

The organization has accrued deferred compensation for several individuals to be paid upon attainment of the $270 million campaign goal.

Schedule J, part I, Line 7

Bonuses were paid to all qualifying employees, subject to approval by the Compensation and Executive Committees.

schedule j, part 2, line 6

FORM 990, PART VII, COLUMN (D), COLUMN (F) FORM 990, PART VII, LINE 5, THE ORGANIZATION PARTICIPATES IN A COOPERATIVE OPERATING AGREEMENT WITH THE ASSOCIATION FOR AIR FORCE GRADUATES OF THE UNITED STATES AIR FORCE ACADEMY (AOG). THE AGREEMENT PROVIDES FOR SHARED LEADERSHIP, WHO SERVE ALL THE ORGANIZATIONS, AND COSTS ARE SHARED PRO-RATABLY. THROUGH THIS AGREEMENT, THE ORGANIZATION WAS DEEMED TO EMPLOY THE CHIEF EXECUTIVE OFFICER, MICHAEL GOULD. MR. GOULD WAS DEEMED TO HAVE BEEN COMPENSATED BY THE AIR FORCE ACADEMY FOUNDATION FOR $179,856 OF WAGES AND $6,481 OF BENEFITS. ALL PAYROLL TAXES AND PAYROLL RETURNS ARE FILED AND PAID BY THE ASSOCIATES FOR AIR FORCE GRADUATES FOR MICHAEL GOULD. THE TOTAL FOR MR. GOULD'S 2022 FORM W2 WAS $359,711, AND THE TOTAL BENEFITS HE RECEIVED WAS $13,869 FOR THE 2022 CALENDAR YEAR.