Air Force Academy Foundation

“Several individuals of the board of directors for the air force academy foundation (afaf), also serve as either a board director or an officer of the related organization air force academy foundation real estate trust (afaf r/e) and/or on the unrelated, non-profit organization, association of graduates of the u.s. Air force academy (aog). Board officers, mark hille, ceo, katie willemarck, cfo, and kelly banet, executive vp of development are deemed compensated employees of the afaf and aog. Since both board members of afaf, afaf r/e, and the compensated officers of afaf and aog, all serve on the filing organization simultaneously, these individuals are deemed to have a "business" relationship, based on the irs definition of the business relationship. The following board directors have a business relationship: mark hille, katie willemarck, kelly banet, kevin o'neil, jack kucera, and alexander p. Gilbert.”

“The organization provided the form 990 to the organization's board and audit committee for review and comment before it was filed.”

“The organization has a written conflict of interest policy and annually solicits conflict of interest information from board members and officers. Compliance with our conflict-of-interest policy is emphasized during regular board meetings by the executive committee.”

“Compensation for the CEO AND OTHER OFFICERS IS annually determined by the compensation and Executive Committees of the Board of Directors. IN ACCORDANCE WITH THEIR POLICY, THE COMMITTEE MAKES SALARY RECOMMENDATIONS TO THE BOARD BASED ON A REVIEW OF CORROBORATING REFERENCES. THE BOARD VOTES ON ANY CHANGES TO SALARY AND IMPLEMENTS THEM ACCORDINGLY. THE ORGANIZATION HAS NO OTHER PAID OFFICERS OR EMPLOYEES MEETING THE IRS DEFINITION OF A KEY EMPLOYEE.”

“The organization has registered or been notified that registration is not required in all 50 u.s. States. A copy of the 990 is filed with all states requiring the filing of form 990 to fulfill state exempt organization or charitable solicitation reporting requirements.”

“The organization provides key financial, policy, and other information to the public via the website www.afacademyfoundation.org. Any documents that are a matter of public record and are not available on the website are made available to the public upon request.”

“Form 990, part i, line 5 and 990, part vi, line 2a / 2b form 990, part vii, column (d), column (f) form 990, part vii, line 5, schedule j, part ii, line 1 the filing organization, air force academy foundation (afaf), participates in a cooperative operating agreement with the association of graduates of the u.s. Air force academy (aog). The agreement provides for shared services including office space, furniture and equipment, data entry services, mail and check processing services, and information technology support. Additionally, as part of the cooperative operating agreement, the organizations are under a common paymaster agreement which includes shared leadership costs for the chief executive officer (ceo) and all other shared staff. As of 2024, the air force academy foundation became the employer of record, filing all pertinent tax documents on a quarterly and annual basis as needed, including making required tax deposits. However, as the individuals meet the definition of common law employees of both the aog and the afaf, only the afaf's portion of salaries/wages are reflected on form 990, part vii, section a, column d and e, and on form 990, part ix, statement of functional expense, lines 5 through 10, as instructed per irs guidelines.”

“Strategic Priorities of: (1) Engagement - Cultivate lifelong relationships and provide valued service to the Academy and our graduates. (2) Philanthropy - Enhance financial strength and stability to advance the Academy and sustain our mission. (3) Stewardship - Responsibly seek and manage gifted time, talent, treasure and relationships. (4) Communication - Tell the story of our Academy, our graduates and our mission with our words and actions. (5) Organizational Excellence - Align our values, our culture and our commitment as a team to drive overall effectiveness of our mission.”

“Write off of prior year UNCOLLECTIBLE pledges -$537,067 CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT $1,572 ___________ Total -$535,495”

“The process for overseeing the audit has not changed from prior years.”