Michigan Aerospace Foundation Inc
- Assets
- $317.6k
- Revenue
- $77.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Belleville, MI
- Founding
- 11/2001
- Data as of
- 12/2022
- EIN
- 38-3603828
Organization Overview
Michigan Aerospace Foundation Inc is located in Belleville, MI. The organization was established in 2001. According to its NTEE Classification (A11) the organization is classified as: Single Organization Support, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Michigan Aerospace Foundation 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 12/2022, Michigan Aerospace Foundation Inc generated $77.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (21.0%) each year. All expenses for the organization totaled $29.2k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (43.0%) per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
MICHIGAN AEROSPACE FOUNDATION, INC. HAS RAISED FUNDS IN SUPPORT OF A 3,000 MEMBER YANKEE AIR MUSEUM TO REBUILD A HANGAR AND MUSEUM AFTER A FIRE DESTROYED THEM AND TO EXPAND THE MUSEUM WITH THE GOAL TO PROMOTE KNOWLEDGE OF AVIATION HISTORY AND SOUTHEASTERN MICHIGAN'S ROLE IN THIS HISTORY. MULTIPLE PROJECTS HAVE BEEN INITIATED TO ACCOMPLISH THE BEGINNING OF THIS REBUILDING AND EXPANSION. A MASTER PLAN HAS BEEN DEVELOPED AND PRESENTED TO WILLOW RUN AIRPORT, INCLUDING GEOTECHNICAL STUDIES, TOPOLOGICAL STUDIES IN PREPARATION OF NEW MUSEUM BUILDINGS. THE FOUNDATION IS IN THE MIDST OF A FIVE YEAR PLAN FOR THE RENOVATION AND CONSTRUCTION AND CONSTRUCTION OF THE BOMBER PLANT. THE GOAL IS TO COMPLETE THIS PROJECT, BASED ON FUNDRAISING SUCCESS, IN EARLY 2020 AND BEGIN MOVING THE EXISTING YANKEE AIR MUSEUM INTO THE RENOVATED BOMBER PLANT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MICHIGAN AEROSPACE FOUNDATION, INC. HAS RAISED FUNDS IN SUPPORT OF A 3,000 MEMBER YANKEE AIR MUSEUM TO REBUILD A HANGAR AND MUSEUM AFTER A FIRE DESTROYED THEM AND TO EXPAND THE MUSEUM WITH THE GOAL TO PROMOTE KNOWLEDGE OF AVIATION HISTORY AND SOUTHEASTERN MICHIGAN'S ROLE IN THIS HISTORY. MULTIPLE PROJECTS HAVE BEEN INITIATED TO ACCOMPLISH THE BEGINNING OF THIS REBUILDING AND EXPANSION. A MASTER PLAN HAS BEEN DEVELOPED AND PRESENTED TO WILLOW RUN AIRPORT, INCLUDING GEOTECHNICAL STUDIES AND TOPOLOGICAL STUDIES IN PREPARATION FOR THE CONSTRUCTION OF THE NEW MUSEUM BUILDINGS. THE FOUNDATION IS IN THE MIDST OF A FIVE-YEAR PLAN FOR THE RENOVATION AND CONSTRUCTION/RECONSTRUCTION OF THE BOMBER PLANT. THE GOAL IS TO COMPLETE THIS PROJECT, BASED ON FUNDRAISING SUCCESS IN EARLY 2020 AND BEGIN MOVING THE EXISTING YANKEE AIR MUSEUM INTO THE RENOVATED BOMBER PLANT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kevin Walsh Executive Di | Officer | $0 | |
Les Klima Controller/c | Officer | $0 | |
Robert Bovitz Director | Trustee | $0 | |
Kelly Burris Director | Trustee | $0 | |
Delane Buttacavoli Director | Trustee | $0 | |
Karl Couyoumjian Director | Trustee | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Urs Corporation Construction Consultants | 12/30/15 | $174,480 |
Phoenix Contractors Inc Construction And Project Management | 12/30/15 | $1,548,254 |
Megadoor Usa Inc Contracted To Build A Hangar Door | 12/30/15 | $286,000 |
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 | $67,288 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $67,288 |
| Total Program Service Revenue | $0 |
| Investment income | $2,333 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $7,496 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $77,117 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $22,035 |
| 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 | $2,104 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,055 |
| Fees for services: Other | $511 |
| Advertising and promotion | $0 |
| Office expenses | $1 |
| 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 | $2,445 |
| Total functional expenses | $29,151 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $92,350 |
| 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 | $200,243 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $25,000 |
| Total assets | $317,593 |
| Accounts payable and accrued expenses | $658 |
| 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 | $658 |
| Net assets without donor restrictions | $116,692 |
| Net assets with donor restrictions | $200,243 |
| 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 | $317,593 |