Civic Intelligence

First Flight Venture Center Inc

EIN 56-1752731 • 501(c)3 • Research Triangle Park, NC

Profile

To propel early-stage science companies through the delivery of comprehensive resources, and to empower innovators to transform good ideas into great success.

2 Davis DriveResearch Triangle Park, NC 27709

www.ffvcnc.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

24th percentile

0.03x

Higher debt load relative to assets than 24% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Liabilities / Revenue

15th percentile

0.03x

Higher debt load relative to revenue than 15% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Net Margin

97th percentile

87%

Higher net margin than 97% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

98th percentile

153%

Faster asset growth than 98% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2024

Revenue Growth

96th percentile

192%

Faster revenue growth than 96% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2024

Balance Sheet
Liabilities / Assets24th percentile

Assets

Up

$12,834,460

Up $10,690,197 (+499%) from 2023

Liabilities

Up

$360,835

Up $118,531 (+49%) from 2023

Net Assets

Up

$12,473,625

Up $10,571,666 (+556%) from 2023

Operations
Liabilities / Revenue15th percentileNet Margin97th percentile

Revenue

Up

$12,132,561

Up $10,598,250 (+691%) from 2023

Expenses

Up

$1,561,799

Up $299,668 (+24%) from 2023

Net Income

Up

$10,570,762

Up $10,298,582 (+3784%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth98th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$15M$10M$5.0M$0Assets 2011: $1,348,354Liabilities 2011: $200,775Net Assets 2011: $1,147,5782011Assets 2012: $1,030,158Liabilities 2012: $222,311Net Assets 2012: $807,8472012Assets 2013: $772,382Liabilities 2013: $193,159Net Assets 2013: $579,2232013Assets 2014: $506,285Liabilities 2014: $247,310Net Assets 2014: $258,9752014Assets 2018: $1,033,905Liabilities 2018: $269,863Net Assets 2018: $764,0422018Assets 2019: $1,193,260Liabilities 2019: $386,116Net Assets 2019: $807,1442019Assets 2020: $1,433,316Liabilities 2020: $635,402Net Assets 2020: $797,9142020Assets 2021: $1,951,913Liabilities 2021: $322,501Net Assets 2021: $1,629,4122021Assets 2022: $2,004,439Liabilities 2022: $374,660Net Assets 2022: $1,629,7792022Assets 2023: $2,144,263Liabilities 2023: $242,304Net Assets 2023: $1,901,9592023Assets 2024: $12,834,460Liabilities 2024: $360,835Net Assets 2024: $12,473,6252024

Highlighted filing

2024

Assets$12,834,460
Liabilities$360,835
Net Assets$12,473,625
Open 2024 Filing

Operations Trend

Revenue Growth96th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$15M$10M$5.0M$0-$5.0MRevenue 2011: $112,451Expenses 2011: $923,291Net Income 2011: -$810,8402011Revenue 2012: $501,545Expenses 2012: $840,775Net Income 2012: -$339,2302012Revenue 2013: $524,815Expenses 2013: $740,299Net Income 2013: -$215,4842013Revenue 2014: $507,630Expenses 2014: $811,870Net Income 2014: -$304,2402014Revenue 2018: $1,251,598Expenses 2018: $1,347,058Net Income 2018: -$95,4602018Revenue 2019: $1,249,543Expenses 2019: $1,237,840Net Income 2019: $11,7032019Revenue 2020: $1,460,547Expenses 2020: $1,302,974Net Income 2020: $157,5732020Revenue 2021: $2,093,987Expenses 2021: $1,615,693Net Income 2021: $478,2942021Revenue 2022: $1,426,319Expenses 2022: $1,425,952Net Income 2022: $3672022Revenue 2023: $1,534,311Expenses 2023: $1,262,131Net Income 2023: $272,1802023Revenue 2024: $12,132,561Expenses 2024: $1,561,799Net Income 2024: $10,570,7622024

Highlighted filing

2024

Revenue$12,132,561
Expenses$1,561,799
Net Income$10,570,762
Open 2024 Filing

Filings

Most recent year

2024 • Form 990XML pending. An XML filing is linked for this year, but detailed extraction is still pending.

Open filing
Assets
$12,834,460
Liabilities
$360,835
Net assets
$12,473,625
Revenue
$12,132,561
Expenses
$1,561,799
Net income
$10,570,762
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$12.8$0.36$12.5$12.1$1.56$10.6
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.14$0.24$1.90$1.53$1.26$0.27
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.00$0.37$1.63$1.43$1.43$0.00
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.95$0.32$1.63$2.09$1.62$0.48
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.43$0.64$0.80$1.46$1.30$0.16
2019Summary only. Only limited summary data is available for this year.$1.19$0.39$0.81$1.25$1.24$0.01
2018Summary only. Only limited summary data is available for this year.$1.03$0.27$0.76$1.25$1.35$0.10
2014Summary only. Only limited summary data is available for this year.$0.51$0.25$0.26$0.51$0.81$0.30
2013Summary only. Only limited summary data is available for this year.$0.77$0.19$0.58$0.52$0.74$0.22
2012Summary only. Only limited summary data is available for this year.$1.03$0.22$0.81$0.50$0.84$0.34
2011Summary only. Only limited summary data is available for this year.$1.35$0.20$1.15$0.11$0.92$0.81
Latest Detailed Filing

The latest 2024 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2022 below.

Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Jul 27, 2023
Return Version
2022v5.0
Gross Receipts
$1,426,319
Mission and Program Overview

Mission

To propel early-stage science companies through the delivery of comprehensive resources, and to empower innovators to transform good ideas into great successes.

Providing flexible terms and pricing to north carolina technology entrepreneurs in the area of non-dilutive funding strategies, advanced prototyping, laboratory and office leases. We help nc technology entrepreneurs grow their businesses.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$984,330$904,929▼ $79,401
Land, Buildings, and Equipment, Net$543,547$543,782▲ $235
Accounts Receivable$406,782$350,157▼ $56,625
Prepaid Expenses and Deferred Charges$824$205,571▲ $204,747
Total Assets$1,951,913$2,004,439▲ $52,526
Other Assets Total$16,430--
Liabilities
Unsecured Notes Loans Payable$189,131$169,756▼ $19,375
Deferred Revenue-$100,000-
Other Liabilities$79,598$62,351▼ $17,247
Accounts Payable and Accrued Expenses$53,772$42,553▼ $11,219
Total Liabilities$322,501$374,660▲ $52,159
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,629,412$1,629,779▲ $367
Total Net Assets Fund Balance$1,629,412$1,629,779▲ $367
Total Liabilities and Net Assets / Fund Balance$1,951,913$2,004,439▲ $52,526

Asset Categories

AssetBook ValueDepreciationBasis
Buildings-$5,522,797$5,522,797
Land$512,340-$512,340
Other Land Buildings-$288,131$288,131
Leasehold Improvements$31,442$3,148$34,590
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseTotal
Krista CoveyPresidentFT$156,604$156,604

Board Members and Trustees

NameTitle
Mary MusacchiaBoard Chair
DAN O'KORNDirector
Jean DavisDirector
Jim NicholsDirector
Lebone MosesDirector
Mary Beth ThomasDirector
Paula HendersonDirector
Ken TindallSecretary
Peter GinsbergTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$566,930
Program Service Revenue
$850,706
Investment Income
$496
Other Revenue
$8,187
All Other Contributions
$176,650
Change in Net Assets
$367
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,011,240
Salaries, Compensation, and Employee Benefits$324,712
Grants and Similar Amounts Paid$90,000
Total Fundraising Expense$13,441
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$300,235$89,592-$389,827
Occupancy$186,372$28,737-$215,109
Current Officers, Directors, Trustees, and Key Employees-$156,604-$156,604
Grants to Domestic Orgs$90,000--$90,000
Other Salaries and Wages$55,107$14,691$13,441$83,239
Fees for Services Accounting-$70,388-$70,388
All Other Expenses$25,850$31,944-$57,794
Payroll Taxes-$53,645-$53,645
Information Technology$3,775$35,207-$38,982
Other Employee Benefits-$20,793-$20,793
Insurance$16,323$4,081-$20,404
Fees for Services Legal$16,100$4,058-$20,158
Office Expenses-$15,022-$15,022
Other Expenses$22,674$13,814-$13,814
Pension Plan Contributions$9,179$1,252-$10,431
Interest-$9,360-$9,360
Travel$198$7,234-$7,432
Advertising$3,456$523-$3,979
Depreciation Depletion$2,749$1,123-$3,872
Conferences and Meetings$36$199-$235
Total Functional Expenses$826,303$586,208$13,441$1,425,952
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Jurata Thin Film IncChapel Hill, NC-Wheels Up Competitio$55,000
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Tennant Security Deposits$61,623
401k Payable$948
Coastal Fderal Loc$-220
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
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

“No review was or will be conducted.”

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

“The board compares compensation of similar non-profits to help determine how much executives will be paid.”

Form 990, Page 6, Part VI, Line 19

“990 forms are available upon request. No other governing documents are made available to the public.”

Filing and Contact Details

Filer

Filer Name
First Flight Venture Center Inc
EIN
56-1752731
Phone
9199908558
Address
2 DAVIS DRIVE, RESEARCH TRIANGLE PARK, NC 27709

Signing Officer

Name
Krista Covey
Title
President
Phone
9199908558
Signed
2023-07-27
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Krista Covey
Formed
1991
Voting Board Members
9
Independent Board Members
9
Employees
20
Volunteers
54

Preparer

Firm
Sharpe Patel CPA
Address
325 ARLINGTON AVE STE 630, CHARLOTTE, NC 28203
Preparer
Megan a Rushford CPA
Phone
7044993893
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 4D

“Wheelsup accelerator and all other”

Form 990, Part IX, Line 11G

“Consulting 0 3,966 0 building services 0 10,568 0 direct labor- fgc 260,465 65,116 0 direct labor-nfgc 39,770 9,942 0 total 300,235 89,592 0”

Raw XML AppendixShowing 400 of 500 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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