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Vai Foundation INC FY2020 filing

Tax-deductible

Alexandria, VA501(c)(3) EIN 52-1297129Revenue $68K in FY2020

On file with the IRS1920 Ballenger Ave 4th FL, 22314-6913 · Alexandria, VATax-exempt since Aug 1983Publicly supported — 509(a)(2)

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Promote helicopter safety & education, and preserve historical data relating to the helicopter.

501(c)(3) charity; gifts are tax-deductible.
24¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 4
filings with a surplus
Average surplus $90K a year · 49% of revenue · last 4 filings
Worth a look: a surplus in 2 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
24%
of spending
Concern: 24% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
5 mo
of spending, in cash
Plus $377K in investments, Pt X · Ln 11–13
Looks good: 5.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $107K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$1.1M
193% of total assets
Concern: liabilities are 193% of assets; over 80%.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$68K
Spent
$200K
To programs
24%
Net assets
−$512K
By yearFY2020–FY2024
Revenue
$68K
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$68K
FY2021$22K
FY2022$44K
FY2023$608K
FY2024$24K
Expenses
$200K
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$200K
FY2021$159K
FY2022$22K
FY2023$390
FY2024Not on file
Net assets
−$512K
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020−$512K
FY2021−$595K
FY2022−$620K
FY2023−$13K
FY2024$11K

From the FY2020 Form 990 (year ending June 2020) · see the original

990 PDF Claim
You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Aug 1983.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

24 cents of each dollar spent went to programs.

Program services 24% · $47K Management & general 66% · $131K Fundraising 11% · $21K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

14 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2019); the FY2020 filing did not itemize Part VII
$0Pt VII · Sec A
Stacy Sheard
Vice Chair
$0Pt VII · Sec A
$0Pt VII · Sec A
James Wisecup
Assistant Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Randy Rowles
Director
$0Pt VII · Sec A
Marc Stanley
Director
$0Pt VII · Sec A
See Vai Foundation INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Promotes helicopter safety and education, preserving historical data.

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Provided by the organization

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1 program · $47K · in their own filed words · FY2019
01

Scholarships

The foundation offers an array of scholarships to answer the need for both qualified helicopter pilots and maintenance technicians, and to provide further training for safety managers and other professionals in the safety field.

$47Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2023
Vertical Aviation International INCFY2023$107K
Total grants receivedfrom 1 funder$107K
Grants paid · 3 grants · $72K · 2019–2021
Unitemized GrantFY2021$17,700
Unitemized GrantFY2020$22,750
Unitemized GrantFY2019$31,150

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$68K
Ln 12
Gifts and grantsLn 1h$57K
Investment incomeLn 3$22K
Money outPt IX
$200K
Ln 25
Programscol B$47K
Managementcol C$131K
Fundraisingcol D$21K
Owns and owesPt X
−$512K
net assets · Ln 32
Cash and savingsLn 1–2$86K
Total assetsLn 16$548K
LiabilitiesLn 26$1.1M
PeoplePt VI, VII
14
listed · VII A
PaidVII A0
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$57K
Noncash giftsLn 1g$9K
Fundraising eventsLn 1c$40K
Investment incomeLn 3$22K
Gains on assetsLn 7$2K
Total revenueLn 12$68K
Assets in detailPt X, end of year
CashLn 1$14K
SavingsLn 2$72K
Cash and savings togetherLn 1–2$86K
InvestmentsLn 11–13$377K
Other assetsLn 15$85K
Total assetsLn 16$548K
LiabilitiesLn 26$1.1M
Net assetsLn 32−$512K
OperationsPt I, VI
EmployeesI 50
VolunteersI 610
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$122K$86K
InvestmentsLn 11–13$353K$377K
Total assetsLn 16$560K$548K
LiabilitiesLn 26$935K$1.1M
Net assetsLn 32−$375K−$512K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$31K$31K
Other salaries and wagesLn 7$102K$90K$12K
Pension plan contributionsLn 8$4K$3K$726
Other employee benefitsLn 9$18K$15K$4K
Payroll taxesLn 10$9K$7K$2K
Legal feesLn 11b$11K$11K
Investment management feesLn 11f$150$150
Office expensesLn 13$518$518
TravelLn 17$6K$5K$930
Conferences, conventions and meetingsLn 19$13K$9K$582$3K
Other expenses (24a–d)Ln 24$6K$2K$4K
Total functional expensesLn 25$200K$47K$131K$21K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $24K$11K 990 PDF
FY2023 $608K$390$607K−$13K 990 PDF
FY2022 $44K$22K$23K−$620K 990 PDF
FY2021 $22K$159K−$137K−$595K 990 PDF
FY2020 Viewing $68K$200K−$131K−$512K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2020 990 (6 parts)
Part I · Summary $68,031 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $26,376$56,677
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $10,266$21,620
I-11 Other revenuePrior year −$1,101−$10,266
I-12 Total revenuePrior year $35,541$68,031
I-13 Grants and similar amounts paidPrior year $53,300$31,150
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $245,003$132,089
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $52,780$36,291
I-18 Total expensesPrior year $351,083$199,530
I-19 Revenue less expensesPrior year −$315,542−$131,499
Part VI · Governance 9 of 9 board members independent, 1 to look at
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $68,031 across 8 lines filed
VIII-1c Fundraising events$39,931
VIII-1f All other contributions, gifts and grants$16,746
VIII-1g Noncash contributions (included above)$8,846
VIII-1h Total contributions, gifts and grants$56,677
VIII-3 Investment incomeExcluded from tax $19,212$19,212
VIII-7 Net gain or loss on sales of assetsExcluded from tax $2,408$2,408
VIII-8 Net income from fundraising eventsExcluded from tax −$10,266−$10,266
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $11,354$68,031
Part IX · Statement of functional expenses $199,530 across 11 lines filed
IX-2 Grants to domestic individualsPrograms $31,150$31,150
IX-7 Other salaries and wagesManagement $89,500 · Fundraising $12,109$101,609
IX-8 Pension plan contributionsManagement $2,906 · Fundraising $726$3,632
IX-9 Other employee benefitsManagement $14,515 · Fundraising $3,629$18,144
IX-10 Payroll taxesManagement $6,963 · Fundraising $1,741$8,704
IX-11b Legal feesManagement $10,785$10,785
IX-11f Investment management feesManagement $150$150
IX-13 Office expensesManagement $518$518
IX-17 TravelPrograms $4,810 · Management $930$5,740
IX-19 Conferences, conventions and meetingsPrograms $9,355 · Management $582 · Fundraising $2,900$12,837
IX-24 Other expenses (24a–d)Programs $1,961 · Management $4,300$6,261
IX-25 Total functional expensesPrograms $47,276 · Management $131,149 · Fundraising $21,105$199,530
Part X · Balance sheet $548,124 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $253$13,926
X-2 Savings and temporary cash investmentsStart of year $122,172$72,217
X-11 Publicly traded securitiesStart of year $352,980$376,981
X-15 Other assetsStart of year $85,000$85,000
X-16 Total assetsStart of year $560,405$548,124
X-25 Other liabilitiesStart of year $908,525$1,060,525
X-26 Total liabilitiesStart of year $935,036$1,060,525
X-27 Net assets without donor restrictionsStart of year −$710,015−$845,285
X-28 Net assets with donor restrictionsStart of year $335,384$332,884
X-32 Total net assets or fund balancesStart of year −$374,631−$512,401
X-33 Total liabilities and net assetsStart of year $560,405$548,124
Part XI · Reconciliation of net assets −$512,401 net assets at year end
XI-1 Total revenue$68,031
XI-2 Total expenses$199,530
XI-3 Revenue less expenses−$131,499
XI-4 Net assets at start of year−$374,631
XI-5 Net unrealized gains (losses) on investments−$6,271
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$512,401

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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