First Flight Venture Center Inc in Durham, North Carolina (NC)

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First Flight Venture Center Inc
Employer Identification Number (EIN)561752731
Name of OrganizationFirst Flight Venture Center Inc
In Care of NameJohn C Draper
AddressPO BOX 13169, Durham, NC 27709-3169
ActivitiesArea development, redevelopment of renewal
SubsectionCharitable Organization
Ruling Date04/1993
DeductibilityContributions are deductible
FoundationOrganization which receives a substantial part of its support from a governmental unit or the general public
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period12/2013
Assets$500,000 to $999,999
Income$500,000 to $999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$772,382
Amount of Income$524,815
Form 990 Revenue Amount$524,815
National Taxonomy of Exempt Entities (NTEE)Community Improvement, Capacity Building: Business and Industry


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Amount of income in 2013: $524,815
This organization: 

 $524,815
Other organizations performing similar types of work: 

 $865,236

Assets in 2013: $772,382
This organization: 

 $772,382
Other organizations performing similar types of work: 

 $3,833,950

Expenses in 2012: $840,775
First Flight Venture Center Inc: 

 $840,775
Other organizations performing similar types of work: 

 $807,985

Income to expenses ratio in 2012: 0.6
This organization: 

 0.6
Other organizations performing similar types of work: 

 1.1

Expenses allocated to program services in 2000: 80.7%
This organization: 

 80.7%
Other organizations performing similar types of work: 

 62.6%

Grants share in income in 2012: 10.4%
This organization: 

 10.4%
Other organizations performing similar types of work: 

 12.1%

Financial snapshot ($)

Revenue for 2012

Functional expenses for 2012

Support schedule

Statements Regarding Other IRS Filings and Tax Compliance (for 2012)
Did the organization have unrelated business gross income of $1,000 or more during the year?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities $0
Gross income from members or shareholders$0
Gross income from other sources$0
Statement of Revenue (for 2012)
Total revenue$501,545
Contributions, Gifts, Grants and Other Similar Amounts$51,928
Program Service Revenue$401,746
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$0
Income from investment of tax-exempt bond proceeds$0
Royalties$0
Net rental income$0
Net gain from sales of assets other than inventory$47,841
Gross amount from sales of assets other than inventory (Securities / Other)$47,841 / $0
Less: cost or other basis and sales expenses (Securities / Other)$0 / $0
Gain or (loss) (Securities / Other)$47,841 / $0
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous Revenue$0
Other$30
Statement of Functional Expenses (for 2012)
Total functional expenses$840,775
Compensation of current officers, directors, trustees, and key employees$100,000
Other salaries and wages$57,206
Payroll taxes$11,282
Professional fundraising services$0
Other$672,287
Balance Sheet (for 2012)
Total assets$1,030,158
Total liabilities$222,311
Tax-exempt bond liabilities$0
Secured mortgages and notes payable to unrelated third parties$135,000
Unsecured notes and loans payable to unrelated third parties$0
Other$87,311
Total net assets or fund balances$807,847
Retained earnings, endowment, accumulated income, or other funds$0
Reason for Public Charity Status (for 2012)
The organization is not a private foundation because it is:An organization that normally receives: (1) more than 33 1/3 % of its support from contributions, membership fees, and gross receipts from activities related to its exempt functions - subject to certain exceptions, and (2) no more than 33 1/3 % of its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses acquired by the organization after June 30, 1975
Support Schedule for Organizations Described in Section 509(a)(2) (for 2012)
2008 - 2012 Total
Total support$4,520,169
Gifts, grants, contributions, and membership fees received$2,395,169
Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose$0
Tax revenues levied for the organization's benefit and either paid to or expended on its behalf$0
The value of services or facilities furnished by a governmental unit to the organization without charge$2,125,000
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources and Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975$0
Revenue, Expenses, and Changes in Net Assets or Fund Balances
2000
Total revenue$3,307,034
Contributions, gifts, grants, and similar amounts received$2,445,880
Contributions to donor advised funds
Direct public support$5,000
Indirect public support$0
Government contributions (grants)$2,440,880
Program service revenue including government fees and contracts$0
Membership dues and assessments$0
Interest on savings and temporary cash investments$534,197
Dividends and interest from securities$0
Net rental income or (loss)$326,957
Gross rents$326,957
Less: rental expenses$0
Other investment income$0
Gain or (loss) from sales of assets other than inventory$0
Gross amount from sales of assets other than inventory$0
Less: cost or other basis and sales expenses$0
Net income or (loss) from special events and activities$0
Gross revenue$0
Less: direct expenses other than fundraising expenses$0
Gross profit or (loss) from sales of inventory$0
Gross sales of inventory, less returns and allowances$0
Less: cost of goods sold$0
Other revenue$0
Total expenses$3,444,865
Program services$2,779,607
Management and general$665,258
Fundraising$0
Payments to affiliates$0
Net assets or fund balances at end of year$13,874,389
Excess or (deficit) for the year$-137,831
Net assets or fund balances at beginning of year$15,659,523
Other changes in net assets or fund balances$-1,647,303
Statement of Functional Expenses (for 2000)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$3,444,865$2,779,607$665,258$0
Grants paid from donor advised funds
Other grants and allocations$91,824
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$397,008$350,551$46,457$0
Compensation of former officers, directors, key employees, etc.
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)
Salaries and wages of employees not included above$500,236$441,740$58,496$0
Pension plan contributions not included above$47,892$43,159$4,733$0
Employee benefits not included above$45,094$46,396$-1,302$0
Payroll taxes$63,004$57,846$5,158$0
Professional fundraising fees$0$0$0$0
Accounting fees$28,984$2,950$26,034$0
Legal fees$143,172$95,493$47,679$0
Supplies$83,049$43,278$39,771$0
Telephone$80,322$61,085$19,237$0
Postage and shipping$10,187$5,736$4,451$0
Occupancy$510,940$458,145$52,795$0
Equipment rental and maintenance$0$0$0$0
Printing and publications$60,252$17,085$43,167$0
Travel$133,095$43,777$89,318$0
Conferences, conventions, and meetings$0$0$0$0
Interest$12,602$12,602$0$0
Depreciation, depletion, etc.$399,294$362,709$36,585$0
Other expenses not covered above$837,910$645,231$192,679$0
Balance Sheets
2000
Total assets$17,030,743
Cash - non-interest-bearing$998,605
Savings and temporary cash investments$2,378,327
Accounts receivable less allowance for doubtful accounts$1,184,513
Pledges receivable less allowance for doubtful accounts$0
Grants receivable$0
Receivables from current and former officers, directors, trustees, and key employees$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)
Other notes and loans receivable less allowance for doubtful accounts$1,752,455
Inventories for sale or use$0
Prepaid expenses and deferred charges$56,313
Investments - publicly-traded securities
Investments - other securities$0
Investments - land, buildings, and equipment less accumulated depreciation$0
Investments - other$6,657,394
Land, buildings, and equipment less accumulated depreciation$4,003,136
Other assets, including program-related investments$0
Total liabilities$3,156,354
Accounts payable and accrued expenses$1,638,029
Grants payable$0
Deferred revenue$0
Loans from officers, directors, trustees, and key employees$0
Tax-exempt bond liabilities$0
Mortgages and other notes payable$1,465,234
Other liabilities$53,091
Total liabilities and net assets/fund balances$17,030,743
Total net assets or fund balances$13,874,389
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
2000
Total revenue$3,307,034
Total revenue, gains, and other support per audited financial statements$1,666,402
Other expenses$-1,640,632
Net unrealized gains on investments$-1,628,851
Donated services and use of facilities$0
Recoveries of prior year grants$0
Other$-11,781
Other revenue$0
Investment expenses$0
Other$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
2000
Total expenses$3,444,865
Total expenses and losses per audited financial statements$3,433,084
Other revenue$0
Donated services and use of facilities$0
Prior year adjustments$0
Losses$0
Other$0
Other expenses$11,781
Investment expenses$0
Other$11,781
Current Officers, Directors, Trustees, and Key Employees
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings0
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?
Does the organization have a written conflict of interest policy?
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?Yes
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?
Did the organization acquire a direct or indirect interest in any applicable insurance contract?
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?
Number of employees employed in the pay period that includes March 12, 20060
Analysis of Income-Producing Activities (for 2000)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$861,154$0
Program service revenue
Program service revenue 1000000$000$0$0
Program service revenue 2000000$000$0$0
Program service revenue 3000000$000$0$0
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$534,197$0
Dividends and interest from securities000000$000$0$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$0Real property rental income that does not depend on the income or profits derived by the person leasing the property and is excluded by section 512(b)(3)$326,957$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$000$0$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenue000000$000$0$0
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2000)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
56207567994%$-78,386$311,060
56208837499%$-1,172,383$4,970,212
0%$0$0
0%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2000)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$90,000$5,209$0
$77,721$0$0
$46,257$11,154$0
$0$0$0
$0$0$0
Total number of other employees paid over $50,0000
Statements About Activities (for 2000)
Expenses paid or incurred in connection with the lobbying activities$27,535
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?
Did the organization maintain any donor advised funds?
Did the organization make any taxable distributions under section 4966?
Did the organization make a distribution to a donor, donor advisor, or related person?
The total number of donor advised funds owned at the end of the tax year
The aggregate value of assets held in all donor advised funds owned at the end of the tax year
The total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts
The aggregate value of assets held in all funds or accounts included above at the end of the tax year
Reason for Non-Private Foundation Status
The organization is not a private foundation because it isOrganization that receives a substantial part of its support from a governmental unit or from the general public
Support Schedule
1999
Total$5,634,422
Gifts, grants, and contributions received$4,411,516
Membership fees received$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$707,185
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$342,173
Net income from unrelated business activities not included above$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0
Other income$173,548
Lobbying Expenditures by Electing Public Charities (for 2000)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
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Number of organizations performing similar types of work
Alabama1
Arkansas3
Arizona2
California3
Colorado1
District of Columbia2
Florida3
Georgia1
Iowa7
Idaho1
Illinois7
Indiana1
Kansas2
Kentucky3
Louisiana2
Massachusetts2
Maine1
Michigan2
Minnesota5
Mississippi1
North Carolina4
North Dakota1
New Hampshire1
New Jersey1
Nevada1
New York12
Ohio5
Oklahoma1
Oregon1
Pennsylvania10
Rhode Island1
South Carolina1
South Dakota1
Tennessee3
Texas2
Virginia3
Vermont2
Washington1
Wisconsin2
West Virginia1
Total104

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