Civic Intelligence

Vertical Flight Foundation

990 • Fiscal year 2022 • EIN 23-6428319

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 15, 2023

Organization ProfileN/A
2700 Prosperity Avenue 275Fairfax, VA 22031

(703) 684-6777

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

46th percentile

0.05x

Higher debt load relative to assets than 46% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

86th percentile

0.84x

Higher debt load relative to revenue than 86% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Net Margin

8th percentile

-45%

Higher net margin than 8% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2022

Asset Growth

5th percentile

-24%

Faster asset growth than 5% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

10th percentile

-37%

Faster revenue growth than 10% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets46th percentile

Assets

Down

$1,329,171

Down $423,641 (-24%) from 2021

Net Assets

Down

$1,266,792

Down $436,943 (-26%) from 2021

Liabilities

Up

$62,379

Up $13,302 (+27%) from 2021

Revenue And Expenses
Liabilities / Revenue86th percentileNet Margin8th percentile

Revenue

Down

$74,371

Down $43,665 (-37%) from 2021

Expenses

Down

$108,024

Down $7,808 (-6.7%) from 2021

Net Income

Down

-$33,653

Down $35,857 (-1627%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth5th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$2.0M$1.5M$1.0M$500K$0Assets 2019: $679,296Liabilities 2019: $68,163Net Assets 2019: $611,1332019Assets 2020: $1,584,863Liabilities 2020: $16,926Net Assets 2020: $1,567,9372020Assets 2021: $1,752,812Liabilities 2021: $49,077Net Assets 2021: $1,703,7352021Assets 2022: $1,329,171Liabilities 2022: $62,379Net Assets 2022: $1,266,7922022Assets 2023: $1,559,288Liabilities 2023: $145,459Net Assets 2023: $1,413,8292023Assets 2024: $1,707,537Liabilities 2024: $0Net Assets 2024: $1,707,5372024

Highlighted filing

2022

Assets$1,329,171
Liabilities$62,379
Net Assets$1,266,792
Open 2022 Filing

Operations Trend

Revenue Growth10th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.0M$500K$0-$500KRevenue 2019: $47,718Expenses 2019: $106,675Net Income 2019: -$58,9572019Revenue 2020: $985,710Expenses 2020: $108,376Net Income 2020: $877,3342020Revenue 2021: $118,036Expenses 2021: $115,832Net Income 2021: $2,2042021Revenue 2022: $74,371Expenses 2022: $108,024Net Income 2022: -$33,6532022Revenue 2023: $113,210Expenses 2023: $100,000Net Income 2023: $13,2102023Revenue 2024: $166,885Expenses 2024: $137,160Net Income 2024: $29,7252024

Highlighted filing

2022

Revenue$74,371
Expenses$108,024
Net Income-$33,653
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 15, 2023
Return Version
2022v5.0
Gross Receipts
$478,175
Mission and Program Overview

Mission

Vertical flight foundation provides scholarships to individuals likely to undertake a career in vertical flight technology.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$1,752,812$1,329,171▼ $423,641
Cash and Non-Interest-Bearing Accounts-$0-
Savings and Temporary Cash Investments-$0-
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Land, Buildings, and Equipment, Net-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$1,752,812$1,329,171▼ $423,641
Other Assets Total-$0-
Liabilities
Accounts Payable and Accrued Expenses$49,077$62,379▲ $13,302
Total Liabilities$49,077$62,379▲ $13,302
Net Assets / Fund Balance
Net Assets With Donor Restrictions$1,703,735$1,266,792▼ $436,943
Total Net Assets Fund Balance$1,703,735$1,266,792▼ $436,943
Total Liabilities and Net Assets / Fund Balance$1,752,812$1,329,171▼ $423,641
Compensation and Service Providers
Top Officer PayScore unavailable

Board Members and Trustees

NameTitle
Michael HirschbergExecutive Director
Harry NahatisTrustee
Mark CherryTrustee
Tomasz KrysinskiTrustee
Revenue and Support

Revenue Composition

Contributions and Grants
$79,733
Program Service Revenue
$0
Investment Income
$-5,362
Other Revenue
$0
All Other Contributions
$65,233
Change in Net Assets
$-33,653

Audited Revenue Reconciliation

Revenue per Audited Statements
$74,371
Revenue Not Reported on Form 990
$-403,290
Total Revenue per Audited Statements
$-328,919
Total Revenue per Form 990
$74,371
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$93,036
Other Expenses$14,988
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$93,036--$93,036
Fees for Service Investment Mgmnt Fees-$14,988-$14,988
Total Functional Expenses$93,036$14,988$0$108,024

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$108,024
Total Expenses per Audited Statements$108,024
Total Expenses per Form 990$108,024
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
No
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“The draft 990 is presented for review prior to filing and is made available to the board at large.”

Form 990, Part VI, Section B, Line 15B

“The american helicopter society's board of directors approves key executive compensation as recommended by the finance and/or compensation committee.”

Form 990, Part VI, Section C, Line 19

“THE ORGANIZATION PROVIDES COPIES OF ITS ORGANIZATIONAL, GOVERNING DOCUMENTS, AND FORM 990s UPON REQUEST. COPIES OF THE ORGANIZATION'S 990 s ARE ALSO AVAILABLE ONLINE WITH THE IRS AND VARIOUS WATCHDOG ORGANIZATIONS, SUCH AS CHARITY NAVIGATOR, GUIDESTAR, ETC.”

Filing and Contact Details

Filer

Filer Name
Vertical Flight Foundation
EIN
23-6428319
Phone
7036846777
Address
2700 PROSPERITY AVENUE 275, FAIRFAX, VA 22031

Signing Officer

Name
Michael Hirschberg
Title
Executive Director
Signed
2023-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michael Hirschberg
Formed
1970
Legal Domicile
Va
Voting Board Members
4
Independent Board Members
4
Employees
0
Volunteers
10

Preparer

Firm
Frye & Company CPAs
Address
9161 Liberia Ave Ste 304, Manassas, VA 20110
Preparer
Mark R Frye CPA
Phone
7032570660
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

“Although the foundation has not received any notice of intent to examine its tax returns, the foundation's tax returns remain subject to examination or review by tax authorities pursuant to various statutes of limitations. Accounting principles generally accepted in the united states of america require management to evaluate tax positions taken by the foundation and to recognize a tax liability (or asset) if the foundation has taken uncertain tax positions that would more likely than not be sustained upon examination or review. Management is unaware of any significant uncertain tax positions that are more likely than not to be sustained should the foundation's tax returns be subject to examination or review. Accordingly, the foundation did not incur or accrue any penalties or interest associated with uncertain tax positions.”

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0ALTHOUGH THE FOUNDATION HAS NOT RECEIVED ANY NOTICE OF INTENT TO EXAMINE ITS TAX RETURNS, THE FOUNDATION'S TAX RETURNS REMAIN SUBJECT TO EXAMINATION OR REVIEW BY TAX AUTHORITIES PURSUANT TO VARIOUS STATUTES OF LIMITATIONS. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE FOUNDATION AND TO RECOGNIZE A TAX LIABILITY (OR ASSET) IF THE FOUNDATION HAS TAKEN UNCERTAIN TAX POSITIONS THAT WOULD MORE LIKELY THAN NOT BE SUSTAINED UPON EXAMINATION OR REVIEW. MANAGEMENT IS UNAWARE OF ANY SIGNIFICANT UNCERTAIN TAX POSITIONS THAT ARE MORE LIKELY THAN NOT TO BE SUSTAINED SHOULD THE FOUNDATION'S TAX RETURNS BE SUBJECT TO EXAMINATION OR REVIEW. ACCORDINGLY, THE FOUNDATION DID NOT INCUR OR ACCRUE ANY PENALTIES OR INTEREST ASSOCIATED WITH UNCERTAIN TAX POSITIONS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
IRS990ScheduleD/TotalExpensesPerForm990Amt0108024
IRS990ScheduleD/TotalRevenuePerForm990Amt074371
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0-328919
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0108024
IRS990ScheduleI/GrantRecordsMaintainedInd0false
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt093036
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0SCHOLARSHIP AWARDS
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt022
IRS990ScheduleI/Total501c3OrgCnt00
IRS990ScheduleI/TotalOtherOrgCnt00
IRS990ScheduleJ/AnyNonFixedPaymentsInd0false
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd0false
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd0false
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd0false
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd0false
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
IRS990ScheduleJ/InitialContractExceptionInd0false
IRS990/ScheduleJRequiredInd0true
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt0211865
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0MICHAEL HIRSCHBERG
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0Executive Dir.
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt0211865
IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE DRAFT 990 IS PRESENTED FOR REVIEW PRIOR TO FILING AND IS MADE AVAILABLE TO THE BOARD AT LARGE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE AMERICAN HELICOPTER SOCIETY'S BOARD OF DIRECTORS APPROVES KEY EXECUTIVE COMPENSATION AS RECOMMENDED BY THE FINANCE AND/OR COMPENSATION COMMITTEE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION PROVIDES COPIES OF ITS ORGANIZATIONAL, GOVERNING DOCUMENTS, AND FORM 990s UPON REQUEST. COPIES OF THE ORGANIZATION'S 990 s ARE ALSO AVAILABLE ONLINE WITH THE IRS AND VARIOUS WATCHDOG ORGANIZATIONS, SUCH AS CHARITY NAVIGATOR, GUIDESTAR, ETC.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, Line 15b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section C, Line 19
IRS990ScheduleR/AssetExchangeInd0false
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd0false
IRS990ScheduleR/AssetSaleToOtherOrgInd0false
IRS990ScheduleR/DivRelatedOrganizationInd0false
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd0true
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd0false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd1false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt0NA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt1NA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0AMERICAN HELICOPTER SOCIETY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt1AMERICAN HELICOPTER SOCIETY GROUP
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0131953506
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN1521164466
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(c)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt1501(c)(6)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0VA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd1VA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0VERTICAL FLIGHT EDUCATION
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt1VERTICAL FLIGHT EDUCATION
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0YES
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt1N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt02700 PROSPERITY AVE STE 275
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt12700 PROSPERITY AVE STE 275
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0FAIRFAX
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm1FAIRFAX
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0VA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd1VA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd022031
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd122031
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd0true
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd0false
IRS990ScheduleR/PaidEmployeesSharingInd0false
IRS990ScheduleR/PerformOfServicesByOtherOrgInd0false
IRS990ScheduleR/PerformOfServicesForOthOrgInd0false
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd0false
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd0false
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd0false
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd0false
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd0false
IRS990ScheduleR/SharingOfFacilitiesInd0true
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt062379
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt11
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt214500
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0CASH
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt1DE MINIMIS
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt2CASH
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0AMERICAN HELICOPTER SOCIETY
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt1AMERICAN HELICOPTER SOCIETY
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt2AMERICAN HELICOPTER SOCIETY GROUP
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt0e
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt1n
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt2c
IRS990ScheduleR/TransferFromOtherOrgInd0false
IRS990ScheduleR/TransferToOtherOrgInd0false
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt01752812
IRS990/TotalAssetsEOYAmt01329171
IRS990/TotalAssetsGrp/BOYAmt01752812
IRS990/TotalAssetsGrp/EOYAmt01329171
IRS990/TotalCompGreaterThan150KInd0true
IRS990/TotalContributionsAmt079733
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt014988
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt093036
IRS990/TotalFunctionalExpensesGrp/TotalAmt0108024
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt049077
IRS990/TotalLiabilitiesEOYAmt062379
IRS990/TotalLiabilitiesGrp/BOYAmt049077
IRS990/TotalLiabilitiesGrp/EOYAmt062379
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01703735
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01266792
IRS990/TotalProgramServiceExpensesAmt093036
IRS990/TotalProgramServiceRevenueAmt00
IRS990/TotalRevenueGrp/ExclusionAmt0-5362
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt074371
IRS990/TotalVolunteersCnt010
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01752812
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01329171
IRS990/TotReportableCompRltdOrgAmt0211865
IRS990/TravelGrp/TotalAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,329,171
Liabilities
$62,379
Net assets
$1,266,792
Revenue
$74,371
Expenses
$108,024
Net income
-$33,653
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.71$0.00$1.71$0.17$0.14$0.03
2023Detailed filing. Detailed filing data is available for this year.$1.56$0.15$1.41$0.11$0.10$0.01
2022Detailed filing. Detailed filing data is available for this year.$1.33$0.06$1.27$0.07$0.11$0.03
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.75$0.05$1.70$0.12$0.12$0.00
2020Detailed filing. Detailed filing data is available for this year.$1.58$0.02$1.57$0.99$0.11$0.88
2019Detailed filing. Detailed filing data is available for this year.$0.68$0.07$0.61$0.05$0.11$0.06