Air Force Aid Society Inc
- Assets
- $223.4m
- Revenue
- $5.3m
- Investments
- $115.3m
- Employees
- 30
- Location
- Arlington, VA
- Founding
- 08/1996
- Data as of
- 12/2022
- EIN
- 54-1797281
Organization Overview
Air Force Aid Society Inc is located in Arlington, VA. The organization was established in 1996. According to its NTEE Classification (W30) the organization is classified as: Military & Veterans Organizations, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2022, Air Force Aid Society Inc employed 30 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Air Force Aid Society 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, Air Force Aid Society Inc generated $5.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (7.1%) each year. All expenses for the organization totaled $13.3m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (0.7%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO SUPPORT U.S. AIR FORCE AND U.S. SPACE FORCE FAMILIES WHEN THEY NEED US MOST.
Describe the Organization's Program Activity:
EMERGENCY ASSISTANCE: THIS PROGRAM PROVIDES INTEREST FREE LOANS AND GRANTS TO AIR AND SPACE FORCE MEMBERS, RETIREES AND WIDOWS BASED ON THE INDIVIDUAL SITUATION. THESE LOANS AND GRANTS ARE PROVIDED TO MEET IMMEDIATE FINANCIAL NEEDS IN AN EMERGENCY SITUATION AS A STEP TOWARD A LASTING SOLUTION TO A PROBLEM. ELIGIBLE MEMBERS MAY APPLY THROUGH A STANDARD OF FALCON LOAN APPLICATION. THE SOCIETY STARTED THE FALCON LOAN PROGRAM IN MARCH 2008 TO MAKE EMERGENCY ASSISTANCE FUNDS READILY ACCESSIBLE TO AIR AND SPACE FORCE MEMBERS IN NEED BY STREAMLINING THE APPLICATION PROCESS. THE FALCON LOAN PROGRAM PROVIDES INTEREST-FREE LOANS OF UP TO $1,000 TO ASSIST WITH EMERGENCY FINANCIAL NEEDS.
EDUCATIONAL ASSISTANCE: THE GENERAL H. H. ARNOLD EDUCATION GRANT PROGRAM PROVIDES NEEDS-BASED GRANTS TO SONS, DAUGHTERS, AND SPOUSES OF THE AIR AND SPACE FORCE MEMBERS WHO ARE ENROLLED FULL TIME IN UNDERGRADUATE PROGRAMS. THE AMOUNT OF THE GRANT A STUDENT RECEIVES IS BASED ON THE FINANCIAL NEED OF THE FAMILY AND RANGES FROM $500 TO $4,000.IN ADDITION TO NEEDS-BASED GRANTS, THE SOCIETY ALSO PROVIDES $2,500 AND $5,000 MERIT-BASED SCHOLARSHIPS TO THE TOP INCOMING COLLEGE AND UNIVERSITY FRESHMEN STUDENTS. THE SELECTION PROCESS INVOLVES THE EVALUATION OF CUMULATIVE GPA, HIGH SCHOOL TRANSCRIPTS, AND A WRITTEN ESSAY ON A SPECIFIC TOPIC DESIGNATED BY THE SOCIETY.
COMMUNITY ENHANCEMENT: THIS PROGRAM INCLUDES INDIVIDUAL PROGRAMS IN FOUR MAIN AREAS: CHILDCARE, PARENTING, READINESS (CAR SAFETY CHECKS), AND SPOUSE/YOUTH (EDUCATION/ORIENTATION/JOB SKILLS). THESE PROGRAMS ARE DESIGNED TO IMPROVE QUALITY OF LIFE AND MEET CURRENT AND EMERGING NEEDS OF AIR FORCE MEMBERS DURING ALL STAGES OF THEIR CAREER/LIFE. CHILDCARE BECAME A HUGE CONCERN FOR MEMBERS AND THEIR FAMILIES AS THE COVID-19 PANDEMIC CONTINUED TO CAUSE A SHORTAGE IN CHILDCARE AT AIR FORCE INSTALLATIONS. THE SOCIETY WAS ABLE TO PROVIDE UP TO $1,500 IN REIMBURSABLE EXPENSES PER MEMBER FOR CHILDCARE TOTALING $1 MILLION IN SUPPORT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James C Reagan President And Trustee | OfficerTrustee | 2 | $0 |
Kathleen K Barchick Vice President And Trustee | OfficerTrustee | 2 | $0 |
Joanne S Bass Trustee | Trustee | 1 | $0 |
Rahn Bass Trustee | Trustee | 1 | $0 |
Gen Charles Q Brown Trustee | Trustee | 1 | $0 |
Mg Mark A Brown Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Rsm Us Llp Information Technology | 12/30/22 | $988,760 |
Nepc Llc Investment Advisor | 12/30/22 | $224,386 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $802,524 |
| Membership dues | $0 |
| Fundraising events | $815,235 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,228,831 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,846,590 |
| Total Program Service Revenue | $0 |
| Investment income | $3,116,449 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$2,496,526 |
| Net Income from Fundraising Events | -$149,686 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,323,308 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $280,000 |
| Grants and other assistance to domestic individuals. | $5,847,829 |
| Grants and other assistance to Foreign Orgs/Individuals | $387,578 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,163,447 |
| Compensation of current officers, directors, key employees. | $403,717 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,006,445 |
| Pension plan accruals and contributions | $116,823 |
| Other employee benefits | $545,775 |
| Payroll taxes | $206,285 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,148 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $550,059 |
| Fees for services: Other | $306,373 |
| Advertising and promotion | $245,310 |
| Office expenses | $73,348 |
| Information technology | $775,064 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $67,832 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $31,600 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $29,309 |
| Insurance | $36,967 |
| All other expenses | $20,662 |
| Total functional expenses | $13,275,816 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,414,722 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $36,513 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $3,445,767 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $722,510 |
| Net Land, buildings, and equipment | $53,930 |
| Investments—publicly traded securities | $102,421,242 |
| Investments—other securities | $115,281,048 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $223,375,732 |
| Accounts payable and accrued expenses | $457,969 |
| Grants payable | $0 |
| Deferred revenue | $216,250 |
| 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 | $829,154 |
| Total liabilities | $1,503,373 |
| Net assets without donor restrictions | $219,859,580 |
| Net assets with donor restrictions | $2,012,779 |
| 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 | $223,375,732 |
Grants Awarded
Over the last fiscal year, Air Force Aid Society Inc has awarded $280,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
NATIONAL MILITARY FAMILY ASSOCIATION PURPOSE: PROVIDE COVID-19 RELATED RELIEF TO AF FAMILIES IN THE FORM OF CHILD CARE FEE | $250,000 |
AIR FORCE OFFICERS' SPOUSES' CLUB OF WASHINGTON DC PURPOSE: SHARE OF 2022 CHARITY BALL FOR ED GRANT FUNDING | $30,000 |