First Flight Venture Center Inc
- Assets
- $2.0m
- Revenue
- $2.1m
- Investments
- $0.0
- Employees
- 10
- Location
- Research Triangle Park, NC
- Founding
- 04/1993
- Data as of
- 12/2021
- EIN
- 56-1752731
Organization Overview
First Flight Venture Center Inc is located in Research Triangle Park, NC. The organization was established in 1993. According to its NTEE Classification (S40) the organization is classified as: Business & Industry, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, First Flight Venture Center Inc employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. First Flight Venture Center 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 12/2021, First Flight Venture Center Inc generated $2.1m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 13.7% each year . All expenses for the organization totaled $1.6m during the year ending 12/2021. While expenses have increased by 4.7% per year over the past 4 years. They've been increasing with an increasing level of total revenue. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDING FLEXIBLE TERMS AND PRICING TO NORTH CAROLINA TECHNOLOGY ENTREPRENEURS IN THE AREA OF NON-DILUTIVE FUNDING STRATEGIES, ADVANCED PROTOTYPING, LABORATORY AND OFFICE LEASES. WE HELP NC TECHNOLOGY ENTREPRENEURS GROW THEIR BUSINESSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCIENCE INCUBATOR SERVICES IS A PROGRAM PROVIDING FLEXIBLE LEASES TO MORE THAN 30 NC TECHNOLOGY COMPANIES. IT INTRODUCES NC TECHNOLOGY COMPANIES TO POTENTIAL INVESTORS, AND ASSISTS ENTREPRENEURS WITH PATENT STRATEGIES FOR INCREASING THEIR PATENT ESTATES.
SUBSIDIZED GRANT WRITING SERVICES PROVIDE NON-DILUTIVE FUNDING STRATEGIES FOR ACCEPTED CANDIDATES. THEY ALSO PROVIDE SUBSUDIZED GRANT WRITING SERVICES FOR BOTH PHASE I AND PHASE II SBIR GOVERNMENT GRANTS.
THE ADVANCED PROTOTYPING FACILITY PROVIDES A SUBSCRIPTION BASED COMMUNITY FACILITY FOR BUILDING ADVANCED TECHNOLOGY PRODUCT PROTOYPES. IT ALSO PROVIDES DESIGN CONTRACT SERVICES AND MAINTAINS HIGH TECHNOLOGY PROTOTYPING EQUIPMENT.
WHEELSUP ACCELERATOR AND ALL OTHER
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Krista Covey President | Officer | 40 | $152,250 |
Kenneth Tindall Secretary | OfficerTrustee | 1 | $0 |
Peter Ginsberg Director | Trustee | 1 | $0 |
Jean Davis Director | Trustee | 1 | $0 |
Dan O'korn Director | Trustee | 1 | $0 |
Mary Musachia Chairperson | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $6,500 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $852,800 |
| All other contributions, gifts, grants, and similar amounts not included above | $194,233 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,053,533 |
| Total Program Service Revenue | $986,252 |
| Investment income | $63 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $57,350 |
| Net Income from Fundraising Events | -$3,288 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,093,987 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $152,250 |
| Compensation of current officers, directors, key employees. | $38,062 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $426,895 |
| Pension plan accruals and contributions | $12,347 |
| Other employee benefits | $27,279 |
| Payroll taxes | $54,947 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $52,675 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $737 |
| Advertising and promotion | $31,501 |
| Office expenses | $27,425 |
| Information technology | $17,409 |
| Royalties | $0 |
| Occupancy | $203,582 |
| Travel | $5,802 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,075 |
| Interest | $12,739 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $983 |
| Insurance | $22,084 |
| All other expenses | $69,288 |
| Total functional expenses | $1,615,693 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $984,330 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $406,782 |
| 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 | $824 |
| Net Land, buildings, and equipment | $543,547 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $16,430 |
| Total assets | $1,951,913 |
| Accounts payable and accrued expenses | $53,772 |
| 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 | $189,131 |
| Other liabilities | $79,598 |
| Total liabilities | $322,501 |
| Net assets without donor restrictions | $1,629,412 |
| Net assets with donor restrictions | $0 |
| 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 | $1,951,913 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that First Flight Venture Center Inc has recieved totaling $25,000.
| Awarding Organization | Amount |
|---|---|
North Carolina Biotechnology Center Research Triangle Park, NC PURPOSE: RESEARCH | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Virginia Equine Alliance Warrenton, VA | $24,647,483 | $20,710,903 |
Yaplus Arlington, VA | $14,080,198 | $11,268,285 |
Virginia Utility Protection Service Inc Roanoke, VA | $16,444,690 | $8,907,059 |
Virginia Community Capital Inc Christiansburg, VA | $56,421,694 | $9,502,783 |
Southeast Coastal Ocean Observing Regional Association Charleston, SC | $1,939,455 | $5,560,971 |
Goodie Nation Inc Atlanta, GA | $6,929,090 | $12,181,074 |
Better Business Bureau Of Metropoliton Atlanta Inc Atlanta, GA | $4,995,221 | $6,438,546 |
Business Finance Group Inc Fairfax, VA | $8,925,508 | $4,589,110 |
Better Business Bureau Of Nashville Middle Tennessee Inc Nashville, TN | $1,542,443 | $3,414,512 |
Herman J Russell Center For Innovation And Entrepreneurship In Atlanta, GA | $21,225,162 | $9,072,660 |
Better Business Bureau Of Southern Piedmont Inc Matthews, NC | $2,483,072 | $3,109,120 |
Center For Nonprofit Management Inc Nashville, TN | $2,067,333 | $2,514,298 |