First Flight Foundation
- Assets
- $1.3m
- Revenue
- $11.9k
- Investments
- $298.5k
- Employees
- 1
- Location
- Kitty Hawk, NC
- Founding
- 02/1996
- Data as of
- 06/2022
- EIN
- 56-1937133
Organization Overview
First Flight Foundation is located in Kitty Hawk, NC. The organization was established in 1996. According to its NTEE Classification (A80) the organization is classified as: Historical Organizations, 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. First Flight 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 06/2022, First Flight Foundation generated $11.9k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (9.6%) each year. All expenses for the organization totaled $66.5k during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (5.2%) per year over the past 6 years. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO CHAMPION THE WRIGHT BROTHERS' LEGACY THROUGH PRESERVATION, EDUCATION AND AWARENESS, COLLABORATION AND PARTNERSHIP, AND ADVOCACY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO ENSURE THE LEGACY OF THE WRIGHT BROTHERS' WORK, LIVES AND CHARACTER AND THEIR IMPACT ON AVIATION, HISTORY, SCIENTIFIC METHODS, AND MANKIND BY PRESERVING ARTIFACTS, WRITTEN RECORDS AND PHOTOGRAPHS. TO MAKE THESE RESOURCES AVAILABLE TO THE PUBLIC THROUGH EDUCATIONAL PROGRAMS AND ORGANIZATIONS, MUSEUMS, AND RELATED INSTITUTIONS, PARTNERSHIPS AND COLLABORATION, AND DIGITALLY VIA THE INTERNET. TO INCREASE PUBLIC AWARENESS OF THE WRIGHTS' CONTRIBUTIONS TO AMERICAN AND INTERNATIONAL CULTURES. TO TELL THE COMPLETE NORTH CAROLINA-WRIGHT BROTHERS AVIATION STORY AND HISTORIC "FIRST" IN NORTH CAROLINA HISTORY. TO COLLABORATE AND PARTNER WITH NATIONAL AND INTERNATIONAL WRIGHT PARTNERS, SPECIFICALLY DAYTON,OHIO, TO TELL THE COMPLETE WRIGHT BROTHERS' HISTORY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Karen Warlitner Executive Director | 40 | $50,000 | |
Lafayette Norton President | 3 | $0 | |
Henry Isaacson Vice President | 1 | $0 | |
Lisa Loy Secretary/treasurer | 1 | $0 | |
Kevin Baker Board Member | 1 | $0 | |
John Harris Board Member | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $9,170 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $2,696 |
| Capital Gain Net Income | $2,696 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $11,866 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $50,000 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $52 |
| Depreciation | $0 |
| Occupancy | $2,054 |
| Travel, conferences, and meetings | $110 |
| Printing and publications | $0 |
| Other expenses | $6,191 |
| Total operating and administrative expenses | $66,480 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $66,480 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $43,782 |
| Savings and temporary cash investments | $927,171 |
| 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 | $2,160 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $67,536 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $1,271,571 |
| Accounts payable and accrued expenses | $1,431 |
| 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 | $1,431 |