Red Jet Foundation
- Assets
- $1.3m
- Revenue
- $152.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Medina, MN
- Founding
- 06/2003
- Data as of
- 12/2021
- EIN
- 41-2021695
Organization Overview
Red Jet Foundation is located in Medina, MN. The organization was established in 2003. According to its NTEE Classification (T23) the organization is classified as: Private Operating Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Red Jet Foundation 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 12/2021, Red Jet Foundation generated $152.1k in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 50.6% each year . All expenses for the organization totaled $65.5k during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
DUE TO THE PANDEMIC, THE AIRCRAFT WAS ONLY AVAILABLE FOR TRAINING AND PROFICIENCY FLIGHTS AND SMALL TOURS AT ITS HOME BASE OF ANOKA AIRPORT DURING 2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christa H Sullivan Treasurer | 0 | $0 | |
Daniel J Sullivan III President | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $150,383 |
| Interest on Savings | $0 |
| Dividends & Interest | $1 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $1,671 |
| Capital Gain Net Income | $1,671 |
| Net ST Capital Gain | $1,671 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $152,055 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $51,959 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $12,574 |
| Total operating and administrative expenses | $65,483 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $65,483 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $150,822 |
| Savings and temporary cash investments | $7,433 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $699,496 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $429,632 |
| Other assets | $0 |
| Total assets | $1,287,383 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
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