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← FALCON FOUNDATION

Form 990 for tax year 2023

Filed by FALCON FOUNDATION.

Totals

Total revenue
$1,678,308
Total expenses
$958,343
Contributions and grants received
$422,856
Grants paid
$610,724
Program service revenue
$0
Investment income
$1,255,452
Other revenue
$0
Total assets, end of year
$33,635,989
Total liabilities, end of year
$17,479
Net assets or fund balances, end of year
$33,618,510
Program services expenses (Part IX)
$878,061
Management and general expenses
$80,282
Fundraising expenses
$0
Program service expenses (Part III)
$878,061

Program services were 91.6% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1b · Membership dues

    $136,100

  • 1f · All other contributions, gifts and grants

    $286,756

  • 3 · Investment income

    total $829,446 · excluded $829,446

  • 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 $10,419,853

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

    securities $9,993,847

  • 7c · Gain or loss

    securities $426,006

  • 7d · Net gain or loss

    total $426,006 · excluded $426,006

  • 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

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $610,724 · program services $610,724

  • 2 · Grants to domestic individuals

    total $0

  • 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 $124,902 · program services $109,914 · management and general $14,988

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $106,499 · program services $79,464 · management and general $27,035

  • 8 · Pension plan contributions

    total $6,315 · program services $5,147 · management and general $1,168

  • 9 · Other employee benefits

    total $7,964 · program services $5,973 · management and general $1,991

  • 10 · Payroll taxes

    total $17,551 · program services $14,362 · management and general $3,189

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $815 · management and general $815

  • 11c · Fees: accounting

    total $12,445 · management and general $12,445

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $1,800 · management and general $1,800

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $9,561 · program services $4,396 · management and general $5,165

  • 14 · Information technology

    total $3,618 · program services $2,047 · management and general $1,571

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $4,439 · management and general $4,439

  • 17 · Travel

    total $3,704 · program services $3,704

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $1,724 · management and general $1,724

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $0

  • 23 · Insurance

    total $3,952 · management and general $3,952

  • 24a · Other expenses: PROGRAM EVENTS

    total $42,330 · program services $42,330

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $185,035 · end of year $255,848

  • 2 · Savings and temporary cash investments

    beginning of year $0 · end of year $0

  • 3 · Pledges and grants receivable

    beginning of year $73,961 · end of year $56,361

  • 4 · Accounts receivable

    beginning of year $1,898 · end of year $69,458

  • 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 $0 · end of year $0

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $29,076,285 · end of year $32,439,478

  • 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 $760,350 · end of year $814,844

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,230 · end of year $279

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $14,400 · end of year $17,200

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 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 $24,575,989 · end of year $27,881,540

  • 28 · Net assets with donor restrictions

    beginning of year $5,503,910 · end of year $5,736,970

Mission and programs · 2023

Mission

THE MISSION OF THE FALCON FOUNDATION IS TO FURTHER THE OPPORTUNITY FOR HIGHLY MOTIVATED, EXCEPTIONAL, YOUNG MEN AND WOMEN TO ATTEND THE UNITED STATES AIR FORCE ACADEMY (CONTINUED ON SCH. O)

Activities or mission (Part I)

TO FURTHER THE OPPORTUNITY FOR HIGHLY MOTIVATED, EXCEPTIONAL YOUNG MEN AND WOMEN TO ATTEND THE UNITED STATES AIR FORCE ACADEMY THROUGH THE AWARD OF FALCON FOUNDATION SCHOLARSHIPS

  • Scholarship program- The Falcon Foundation provides up to 100 annual scholarships to attend one of five preparatory schools to allow Falcon scholars to qualify for admission into the USAF Academy the following year. Each Falcon Scholarship is a function of school tuition, room and board (50%), school scholarship (25%), and family cost (25%). Falcon Scholars may choose to attend one of five prep schools offered by the Falcon Foundation. Each school has a different tuition, room and board cost which causes the scholarship amount per Falcon Scholar to vary from school to school.

    Expenses $812,061 · Grants $544,724

  • Academy Programs- The Falcon Foundation, through their Academy Programs, provides annual sums to support programs as per the donors' desires. tHE FISCAL YEAR PROGRAMS WERE: THE AERO DEPARTMENT'S ENGINE PROPULSION TRIP, THE AERO DEPARTMENT'S FLIGHT TRIP, AND THE DEPARTMENT OF ADMISSIONS DIVERSITY RECRUITING PROGRAMS.

    Expenses $66,000 · Grants $66,000

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Sharon Cooper

    Director of Op and Comptroller

    Total calculated
    $117,662
    From this org
    $107,015
    From related orgs
    $0
    Other
    $10,647
    Hours/week
    40

  • Steve Lorenz

    President

    Total calculated
    $115,098
    From this org
    $115,098
    From related orgs
    $0
    Other
    $0
    Hours/week
    20

  • William Begert

    Chairman

    Total calculated
    $0
    Hours/week
    1

  • Matthew Byrd

    Vice President

    Total calculated
    $0
    Hours/week
    1

  • Robin Rand

    Vice Chairman

    Total calculated
    $0
    Hours/week
    1

  • Jason Herman

    Finance Committee Chair

    Total calculated
    $0
    Hours/week
    1

  • Kathy Barchick To 42024

    Investment Committee Chair

    Total calculated
    $0
    Hours/week
    1

  • Charles Heflebower To 92023

    At Large Governing Trustee

    Total calculated
    $0
    Hours/week
    1

  • Leon Johnson

    Nominating Committee Chair

    Total calculated
    $0
    Hours/week
    1

  • John Dallager

    Compensation Committee Chair

    Total calculated
    $0
    Hours/week
    1

  • Carolyn Benyshek

    Scholarship Committee Chair

    Total calculated
    $0
    Hours/week
    1

  • Edward Rice To 42024

    Gov & Strat Committee Chair

    Total calculated
    $0
    Hours/week
    1

  • Kate MacIntosh

    At Large Governing Trustee

    Total calculated
    $0
    Hours/week
    1

  • Nicholas Wilson

    Audit Committee Chair

    Total calculated
    $0
    Hours/week
    1

  • William Looney

    At Large Governing Trustee

    Total calculated
    $0
    Hours/week
    1

  • Howie Chandler From 42024

    Gov & Strat Committee Chair

    Total calculated
    $0
    Hours/week
    1

  • Eric Holt From 42024

    Investment Committee Chair

    Total calculated
    $0
    Hours/week
    1

  • Michael Moeller From 92023

    At Large Governing Trustee

    Total calculated
    $0
    Hours/week
    1

  • Janet Wolfenbarger From923

    At Large Governing Trustee

    Total calculated
    $0
    Hours/week
    1

  • Dale Meyerrose

    Treasurer

    Total calculated
    $0
    Hours/week
    1

  • Rita Jordan

    Secretary

    Total calculated
    $0
    Hours/week
    1

  • Jarisse Sanborn

    VP and General Counsel

    Total calculated
    $0
    Hours/week
    1

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

Provenance

Return type
form_990
Tax year
2023
Filed
15 January 2024
IRS schema version
2023v6.0
Source object
202510319349301966

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