Civic Intelligence

Vermont Flight Academy Inc.

990 • Fiscal year 2017 • EIN 27-1366959

Jul 01, 2016 to Jun 30, 2017 • Filed on Nov 07, 2017

3060 Williston Road Suite 10South Burlington, VT 05403

(802) 863-5988

Siviq Scores

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

Liabilities / Assets

74th percentile

0.36x

Higher debt load relative to assets than 74% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Liabilities / Revenue

70th percentile

0.30x

Higher debt load relative to revenue than 70% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Net Margin

75th percentile

17%

Higher net margin than 75% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Top Officer Pay

54th percentile

$70,000

Higher top officer pay than 54% of similar nonprofits.

Top officer pay equals 5.5% of source-year revenue.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Asset Growth

73rd percentile

13%

Faster asset growth than 73% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2016 to 2017

Revenue Growth

56th percentile

6.9%

Faster revenue growth than 56% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2016 to 2017

Assets

Up

$1,058,670

Up $119,614 (+13%) from 2016

Net Assets

Up

$681,284

Up $209,333 (+44%) from 2016

Liabilities

Down

$377,386

Down $89,719 (-19%) from 2016

Revenue

Up

$1,266,609

Up $81,594 (+6.9%) from 2016

Expenses

Up

$1,057,276

Up $22,337 (+2.2%) from 2016

Net Income

Up

$209,333

Up $59,257 (+39%) from 2016

Historical Trend

Balance Sheet Trend

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

$3.0M$2.0M$1.0M$0-$1.0MAssets 2011: $37,550Liabilities 2011: $62,749Net Assets 2011: -$25,1992011Assets 2013: $522,183Liabilities 2013: $380,726Net Assets 2013: $141,4572013Assets 2015: $692,327Liabilities 2015: $370,452Net Assets 2015: $321,8752015Assets 2016: $939,056Liabilities 2016: $467,105Net Assets 2016: $471,9512016Assets 2017: $1,058,670Liabilities 2017: $377,386Net Assets 2017: $681,2842017Assets 2018: $1,030,698Liabilities 2018: $213,475Net Assets 2018: $817,2232018Assets 2019: $1,101,676Liabilities 2019: $91,033Net Assets 2019: $1,010,6432019Assets 2020: $1,426,139Liabilities 2020: $304,593Net Assets 2020: $1,121,5462020Assets 2021: $2,128,401Liabilities 2021: $538,773Net Assets 2021: $1,589,6282021Assets 2022: $2,185,756Liabilities 2022: $422,303Net Assets 2022: $1,763,4532022Assets 2023: $2,466,057Liabilities 2023: $821,443Net Assets 2023: $1,644,6142023Assets 2024: $2,440,800Liabilities 2024: $783,261Net Assets 2024: $1,657,5392024Assets 2025: $1,921,199Liabilities 2025: $705,696Net Assets 2025: $1,215,5032025

Highlighted filing

2017

Assets$1,058,670
Liabilities$377,386
Net Assets$681,284

Operations Trend

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

$3.0M$2.0M$1.0M$0-$1.0MExpenses 2011: $237,1632011Revenue 2013: $1,057,215Expenses 2013: $986,849Net Income 2013: $70,3662013Revenue 2015: $974,378Expenses 2015: $957,502Net Income 2015: $16,8762015Revenue 2016: $1,185,015Expenses 2016: $1,034,939Net Income 2016: $150,0762016Revenue 2017: $1,266,609Expenses 2017: $1,057,276Net Income 2017: $209,3332017Revenue 2018: $1,449,185Expenses 2018: $1,313,246Net Income 2018: $135,9392018Revenue 2019: $1,537,634Expenses 2019: $1,344,214Net Income 2019: $193,4202019Revenue 2020: $1,406,531Expenses 2020: $1,295,628Net Income 2020: $110,9032020Revenue 2021: $2,063,436Expenses 2021: $1,595,354Net Income 2021: $468,0822021Revenue 2022: $2,174,599Expenses 2022: $2,000,774Net Income 2022: $173,8252022Revenue 2023: $2,663,621Expenses 2023: $2,782,460Net Income 2023: -$118,8392023Revenue 2024: $2,705,764Expenses 2024: $2,692,839Net Income 2024: $12,9252024Revenue 2025: $2,449,718Expenses 2025: $2,891,754Net Income 2025: -$442,0362025

Highlighted filing

2017

Revenue$1,266,609
Expenses$1,057,276
Net Income$209,333
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Nov 7, 2017
Return Version
2016v3.0
Gross Receipts
$1,307,971
Mission and Program Overview

Mission

Vt flight academy was created to promote general aviation through a program of high quality flight training provided at a competitive cost.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$485,865$533,197▲ $47,332
Cash and Non-Interest-Bearing Accounts$328,335$402,558▲ $74,223
Accounts Receivable$53,912$46,288▼ $7,624
Investments Program Related$36,133$36,133→ $0
Inventories for Sale or Use$20,425$24,330▲ $3,905
Prepaid Expenses and Deferred Charges$14,386$16,164▲ $1,778
Loans From Officers Directors$9,417$9,417→ $0
Total Assets$939,056$1,058,670▲ $119,614
Liabilities
Deferred Revenue$307,538$287,997▼ $19,541
Mortgage Notes Payable Secured by Investment Property$125,220$75,108▼ $50,112
Accounts Payable and Accrued Expenses$24,930$4,864▼ $20,066
Total Liabilities$467,105$377,386▼ $89,719
Net Assets / Fund Balance
Unrestricted Net Assets$471,951$681,284▲ $209,333
Total Net Assets Fund Balance$471,951$681,284▲ $209,333
Total Liabilities and Net Assets / Fund Balance$939,056$1,058,670▲ $119,614

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$532,351$189,830$722,181
Leasehold Improvements$846$1,944$2,790
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Tony SperanzaDirector of OperFT$70,000$70,000

Board Members and Trustees

NameTitle
Douglas SmithPresident
Brent SmithBoard Member
David Borthwick-leslieBoard Member
Douglas WhiteBoard Member
Frank SheaBoard Member
Guy RouelleBoard Member
Larry DupontBoard Member
Thomas DudleySecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,249,224
Investment Income
$-6,290
Other Revenue
$23,675
Change in Net Assets
$209,333
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$738,291
Salaries, Compensation, and Employee Benefits$318,985
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$215,624--$215,624
Current Officers, Directors, Trustees, and Key Employees-$70,000-$70,000
Insurance$57,231--$57,231
Depreciation Depletion$56,329--$56,329
Other Expenses$49,763--$49,763
Occupancy$35,400--$35,400
All Other Expenses$34,688--$34,688
Payroll Taxes$31,850--$31,850
Office Expenses$23,777--$23,777
Information Technology$10,119--$10,119
Interest$6,780--$6,780
Travel$2,205--$2,205
Advertising$1,542--$1,542
Other Employee Benefits$1,511--$1,511
Fees for Services Accounting$1,095--$1,095
Total Functional Expenses$987,276$70,000$0$1,057,276
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$3,807
Fundraising Gross Income$930
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
Loans from Officers, Directors, Trustees, and Key Employees$9,417$9,417→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Backup withholding compliance
Yes
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
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

A pdf file containing a copy of the form 990 will be sent to the entire board.

Form 990, Page 6, Part VI, Line 15A

An email is circulated to the members of the board of directors with information regarding average pay rates for executive directors of like organizations. This average compensation is compared to the actual hours worked and a calculation for salary is made based on the available funds for this purpose. The board then votes and approves the compenation for the president.

Form 990, Page 6, Part VI, Line 19

Copies of by-laws and governing documents are kept at the office of vermont flight academy and are made available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Vermont Flight Academy Inc
EIN
27-1366959
Phone
8028635988
Address
3060 WILLISTON ROAD SUITE 10, SOUTH BURLINGTON, VT 05403

Signing Officer

Name
Tony Speranza
Title
Director of Operations
Phone
8028635988
Signed
2017-11-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Tony Speranza
Formed
2010
Legal Domicile
Vt
Voting Board Members
7
Independent Board Members
7
Employees
19

Preparer

Firm
Kittell Branagan & Sargent
Address
154 N MAIN ST, ST ALBANS, VT 05478
Preparer
Christopher Branagan CPA
Phone
8025249531
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IRS990/PYTotalRevenueAmt01185015
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt0209333
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt01275776
IRS990ScheduleA/SchoolInd0X
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/EquipmentGrp/BookValueAmt0532351
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0189830
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0722181
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt0846
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt01944
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt02790
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0533197
IRS990ScheduleE/ComplianceWithRevProc7550Ind0true
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd0false
IRS990ScheduleE/DiscriminateRaceAthltProgInd0false
IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd0false
IRS990ScheduleE/DiscriminateRaceOtherActyInd0false
IRS990ScheduleE/DiscriminateRaceSchsInd0false
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd0false
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd0false
IRS990ScheduleE/GovernmentFinancialAidRcvdInd0false
IRS990ScheduleE/GovernmentFinancialAidRvkdInd0false
IRS990ScheduleE/MaintainCpyOfAllSolInd0true
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd0true
IRS990ScheduleE/MaintainRacialCompRecsInd0true
IRS990ScheduleE/MaintainScholarshipsRecsInd0false
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd0true
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd0true
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd0true
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0THE POLICY IS INCLUDED IN ALL BROCHURES AND ADVERTISING.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1NO SCHOLARSHIPS ARE AWARDED BY VERMONT FLIGHT ACADEMY.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, LINE 3
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE E, LINE 4
IRS990/ScheduleJRequiredInd0false
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt09417
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BoardOrCommitteeApprovalInd0true
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/DefaultInd0false
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt0START UP EXPENSES
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanToOrganizationInd0X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt010213
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm0SANDRA BOLGER
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt0PAST OFFICER
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd0false
IRS990ScheduleL/TotalBalanceDueAmt09417
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A PDF FILE CONTAINING A COPY OF THE FORM 990 WILL BE SENT TO THE ENTIRE BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1AN EMAIL IS CIRCULATED TO THE MEMBERS OF THE BOARD OF DIRECTORS WITH INFORMATION REGARDING AVERAGE PAY RATES FOR EXECUTIVE DIRECTORS OF LIKE ORGANIZATIONS. THIS AVERAGE COMPENSATION IS COMPARED TO THE ACTUAL HOURS WORKED AND A CALCULATION FOR SALARY IS MADE BASED ON THE AVAILABLE FUNDS FOR THIS PURPOSE. THE BOARD THEN VOTES AND APPROVES THE COMPENATION FOR THE PRESIDENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2COPIES OF BY-LAWS AND GOVERNING DOCUMENTS ARE KEPT AT THE OFFICE OF VERMONT FLIGHT ACADEMY AND ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0939056
IRS990/TotalAssetsEOYAmt01058670
IRS990/TotalAssetsGrp/BOYAmt0939056
IRS990/TotalAssetsGrp/EOYAmt01058670
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt019
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt070000
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0987276
IRS990/TotalFunctionalExpensesGrp/TotalAmt01057276
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0467105
IRS990/TotalLiabilitiesEOYAmt0377386
IRS990/TotalLiabilitiesGrp/BOYAmt0467105
IRS990/TotalLiabilitiesGrp/EOYAmt0377386
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0471951
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0681284
IRS990/TotalProgramServiceExpensesAmt0987276
IRS990/TotalProgramServiceRevenueAmt01249224
IRS990/TotalReportableCompFromOrgAmt070000
IRS990/TotalRevenueGrp/ExclusionAmt0-9167
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt01275776
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01266609
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0939056
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01058670
IRS990/TravelGrp/ProgramServicesAmt02205
IRS990/TravelGrp/TotalAmt02205
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0471951
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0681284
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt03060 WILLISTON ROAD SUITE 10
IRS990/USAddress/CityNm0SOUTH BURLINGTON
IRS990/USAddress/StateAbbreviationCd0VT
IRS990/USAddress/ZIPCd005403
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0WWW.VERMONTFLIGHTACADEMY.COM
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02017-02-10 21:41:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0TONY SPERANZA
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0DIR. OF OPERATIONS
ReturnHeader/BusinessOfficerGrp/PhoneNum08028635988
ReturnHeader/BusinessOfficerGrp/SignatureDt02017-11-07
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0VERMONT FLIGHT ACADEMY INC
ReturnHeader/Filer/BusinessNameControlTxt0VERM
ReturnHeader/Filer/EIN0271366959
ReturnHeader/Filer/PhoneNum08028635988
ReturnHeader/Filer/USAddress/AddressLine1Txt03060 WILLISTON ROAD SUITE 10
ReturnHeader/Filer/USAddress/CityNm0SOUTH BURLINGTON
ReturnHeader/Filer/USAddress/StateAbbreviationCd0VT
ReturnHeader/Filer/USAddress/ZIPCd005403
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId080E9B1C1DA577DED185F8671859403F2638C4193
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId080E9B1C1DA577DED185F8671859403F2638C4193
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0030302296
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0KITTELL BRANAGAN & SARGENT
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0154 N MAIN ST
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0ST ALBANS
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0VT
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd005478
ReturnHeader/PreparerPersonGrp/PhoneNum08025249531
ReturnHeader/PreparerPersonGrp/PreparationDt02017-11-13
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0CHRISTOPHER BRANAGAN CPA
ReturnHeader/ReturnTs02017-11-14T13:43:11-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02016-07-01
ReturnHeader/TaxPeriodEndDt02017-06-30
ReturnHeader/TaxYr02016

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.92$0.71$1.22$2.45$2.89$0.44
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.44$0.78$1.66$2.71$2.69$0.01
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.47$0.82$1.64$2.66$2.78$0.12
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.19$0.42$1.76$2.17$2.00$0.17
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.13$0.54$1.59$2.06$1.60$0.47
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.43$0.30$1.12$1.41$1.30$0.11
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.10$0.09$1.01$1.54$1.34$0.19
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.03$0.21$0.82$1.45$1.31$0.14
2017Detailed filing. Detailed filing data is available for this year.$1.06$0.38$0.68$1.27$1.06$0.21
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.94$0.47$0.47$1.19$1.03$0.15
2015Detailed filing. Detailed filing data is available for this year.$0.69$0.37$0.32$0.97$0.96$0.02
2013Detailed filing. Detailed filing data is available for this year.$0.52$0.38$0.14$1.06$0.99$0.07
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.04$0.06$0.03$0.24