Falcon Foundation
- Assets
- $30.1m
- Revenue
- $1.4m
- Investments
- $0.0
- Employees
- 2
- Location
- USAF Academy, CO
- Founding
- 09/1959
- Data as of
- 06/2023
- EIN
- 75-6016930
Organization Overview
Falcon Foundation is located in USAF Academy, CO. The organization was established in 1959. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 06/2023, Falcon Foundation employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Falcon 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 06/2023, Falcon Foundation generated $1.4m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.1%) each year. All expenses for the organization totaled $979.3k during the year ending 06/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Falcon Foundation has awarded 60 individual grants totaling $5,817,692. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO FURTHER THE OPPORTUNITY FOR HIGHLY MOTIVATED, EXCEPTIONAL YOUNG MEN AND WOMEN TO ATTEND THE UNITED STATES AIR FORCE ACADEMY THROUGH THE AWARD OF FALCON FOUNDATION SCHOLARSHIPS
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIP PROGRAM- THE FALCON FOUNDATION PROVIDES UP TO 100 ANNUAL SCHOLARSHIPS TO ATTEND ONE OF FIVE PREPARATORY SCHOOLS TO ALLOW FALCON SCHOLARS TO QUALIFY FOR ADMISSION INTO THE USAF ACADEMY THE FOLLOWING YEAR. EACH FALCON SCHOLARSHIP IS A FUNCTION OF SCHOOL TUITION, ROOM AND BOARD (50%), SCHOOL SCHOLARSHIP (25%), AND FAMILY COST (25%). FALCON SCHOLARS MAY CHOOSE TO ATTEND ONE OF FIVE PREP SCHOOLS OFFERED BY THE FALCON FOUNDATION. EACH SCHOOL HAS A DIFFERENT TUITION, ROOM AND BOARD COST WHICH CAUSES THE SCHOLARSHIP AMOUNT PER FALCON SCHOLAR TO VARY FROM SCHOOL TO SCHOOL.
ACADEMY PROGRAMS- THE FALCON FOUNDATION, THROUGH THEIR ACADEMY PROGRAMS, PROVIDES ANNUAL SUMS TO SUPPORT PROGRAMS AS PER THE DONORS' DESIRES. THE FISCAL YEAR PROGRAMS WERE: THE AERO DEPARTMENT'S ENGINE PROPULSION TRIP, THE AERO DEPARTMENT'S FLIGHT TRIP, AND THE DEPARTMENT OF ADMISSIONS DIVERSITY RECRUITING PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steve Lorenz President | OfficerTrustee | 20 | $106,090 |
William Begert Chairman | OfficerTrustee | 1 | $0 |
Robin Rand Interim Vc 223 Vice Chairman (from 5/2023) | OfficerTrustee | 1 | $0 |
Tony Robertson Vice Chairman (to 2/2023) | OfficerTrustee | 1 | $0 |
Jason Herman Finance Committee Chair | Trustee | 1 | $0 |
Kathy Barchick Investment Committee Chair | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $133,800 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $576,747 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $710,547 |
| Total Program Service Revenue | $0 |
| Investment income | $649,524 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$852 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,362,520 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $642,230 |
| 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. | $112,914 |
| Compensation of current officers, directors, key employees. | $13,550 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $101,983 |
| Pension plan accruals and contributions | $5,805 |
| Other employee benefits | $6,700 |
| Payroll taxes | $17,053 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $810 |
| Fees for services: Accounting | $11,525 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,246 |
| Advertising and promotion | $0 |
| Office expenses | $6,594 |
| Information technology | $3,679 |
| Royalties | $0 |
| Occupancy | $4,042 |
| Travel | $6,542 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,802 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,725 |
| All other expenses | $44,640 |
| Total functional expenses | $979,290 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $185,035 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $73,961 |
| Accounts receivable, net | $1,898 |
| 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 | $29,076,285 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $760,350 |
| Total assets | $30,097,529 |
| Accounts payable and accrued expenses | $3,230 |
| Grants payable | $0 |
| Deferred revenue | $14,400 |
| 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 | $17,630 |
| Net assets without donor restrictions | $24,575,989 |
| Net assets with donor restrictions | $5,503,910 |
| 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 | $30,097,529 |
Grants Awarded
Over the last fiscal year, Falcon Foundation has awarded $642,230 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
MARION MILITARY INSTITUTE PURPOSE: Scholarship Payments | $84,750 |
NEW MEXICO MILITARY INSTITUTE PURPOSE: Scholarship Payments | $15,206 |
NORTHWESTERN PREPARATORY PURPOSE: Scholarship Payments | $281,424 |
RANDOLPH-MACON ACADEMY PURPOSE: Scholarship Payments | $114,850 |
UNITED STATES AIR FORCE ACADEMY PURPOSE: Support of Academy Programs | $66,000 |
GEORGIA MILITARY COLLEGE PURPOSE: Scholarship Payments | $80,000 |