Project Kitty Hawk INC: Nonprofit Profile, Financials & Form 990 (EIN 87-3871908)

Revenue by fiscal year
FY2022	$4.0M
FY2023	$41.2M
FY2024	$34.7M
FY2025	$40.4M

Expenses by fiscal year
FY2022	$947K
FY2023	$16.7M
FY2024	$22.8M
FY2025	$29.9M

Net assets by fiscal year
FY2022	$2.8M
FY2023	$27.6M
FY2024	$39.6M
FY2025	$50.1M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Feb 2023.

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

Where the money goes

61 cents of each dollar spent went to programs.

61%

39%

Program services 61% · $18.2M Management & general 39% · $11.6M Fundraising 0% · $118K

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

21 people listed on the 990; $3.1M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII

William Zemp

Former CEO

$478,078Pt VII · Sec A

David Eby

Chief Operating Officer

$415,836Pt VII · Sec A

Jerry Thompson

Vice President of Technology

$282,452Pt VII · Sec A

Rae Williams

Chief Financial Officer

$281,164Pt VII · Sec A

Andrew Bagley

Director of Business Analytics

$261,923Pt VII · Sec A

Brian Fleming

Vice President of Business Development & Strategy

$261,923Pt VII · Sec A

Christopher Boyd

Vice President of Operations

$255,923Pt VII · Sec A

Jack Lewandowski

Vice President of Student Experience

$226,923Pt VII · Sec A

William Zemp’s $478K as Former CEO is at the 87th percentile of top reported officer pay among 3683 $10–100M education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

Name	FY2025	FY2024	FY2023
William Zemp	$478,078	$635,000	$390,676
David Eby	$415,836	$192,884	—
Jerry Thompson	$282,452	—	—
Rae Williams	$281,164	$201,365	—
Brian Fleming	$261,923	$267,500	$124,169
Andrew Bagley	$261,923	$260,000	$124,278
Christopher Boyd	$255,923	$260,000	$124,278
Jack Lewandowski	$226,923	—	—

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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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 15aYes

Programs and updates

Offers technology and online education to help adult learners at UNC institutions.

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Provided by the organization

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1 program · $18.2M · in their own filed words · FY2024

01

The organization has continued services at east carolina university, north carolina centeral university and appalachian state UNIVERSITY.A. Marketing and admission: attract and engage prospective students, increase awareness of programs and drive enrollment through targeted marketing and student RECRUITMENT.B.

$18.2Mprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · this organization's grantmaking

Grants paid · 5 grants · $1.7M · 2023–2024

North Carolina Central UniversityFY2024$400,000

East Carolina UniversityFY2024$366,667

Appalachian State University Foundation INCNC · FY2024$233,333

East Carolina UniversityFY2023$366,667

North Carolina Central UniversityFY2023$300,000

By the numbers

The FY2025 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$40.4M

Ln 12

Gifts and grantsLn 1h$24.7M

Fees for servicesLn 2g$13.9M

Investment incomeLn 3$1.5M

Money outPt IX

$29.9M

Ln 25

Programscol B$18.2M

Managementcol C$11.6M

Fundraisingcol D$118K

Owns and owesPt X

$50.1M

net assets · Ln 32

Cash and savingsLn 1–2$31.4M

Total assetsLn 16$52.9M

LiabilitiesLn 26$2.8M

PeoplePt VI, VII

21

listed · VII A

PaidVII A12

Voting boardVI 1a9

IndependentVI 1b9

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$24.7M

Government grantsLn 1e$24.7M

Fees for servicesLn 2g$13.9M

Investment incomeLn 3$1.5M

Other incomeLn 4–11$282K

Total revenueLn 12$40.4M

Assets in detailPt X, end of year

CashLn 1$248K

SavingsLn 2$31.2M

Cash and savings togetherLn 1–2$31.4M

Land, buildings, equipmentLn 10c$0

Other assetsLn 15$12K

Total assetsLn 16$52.9M

LiabilitiesLn 26$2.8M

Net assetsLn 32$50.1M

OperationsPt I, VI

EmployeesI 568

VolunteersI 60

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

Line	Start FY25	End FY25
Cash and savingsLn 1–2	$27.5M	$31.4M
Land, buildings, equipmentLn 10c	$7K	$0
Total assetsLn 16	$42.9M	$52.9M
LiabilitiesLn 26	$3.3M	$2.8M
Net assetsLn 32	$39.6M	$50.1M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic organizationsLn 1	$1.0M	$1.0M
Pay of current officers, directors and key staffLn 5	$3.3M	$1.7M	$1.5M	$39K
Other salaries and wagesLn 7	$5.8M	$3.0M	$2.7M	$68K
Pension plan contributionsLn 8	$261K	$137K	$121K	$3K
Payroll taxesLn 10	$625K	$328K	$290K	$7K
Legal feesLn 11b	$29K	$25K	$4K
Accounting feesLn 11c	$74K	$63K	$11K
Other fees for servicesLn 11g	$1.2M	$934K	$291K
Advertising and promotionLn 12	$9.0M	$7.7M	$1.4M
Information technologyLn 14	$4.6M	$3.1M	$1.6M
OccupancyLn 16	$112K		$112K
TravelLn 17	$95K	$54K	$41K
Depreciation, depletion and amortizationLn 22	$3.3M		$3.3M
InsuranceLn 23	$37K		$37K
Other expenses (24a–d)Ln 24	$446K	$131K	$314K	$933
All other expensesLn 24e	$23K	$21K	$2K	$46
Total functional expensesLn 25	$29.9M	$18.2M	$11.6M	$118K

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest Viewing	$40.4M	$29.9M	$10.5M	$50.1M	990 PDF
FY2024	$34.7M	$22.8M	$11.9M	$39.6M	990 PDF
FY2023	$41.2M	$16.7M	$24.6M	$27.6M	990 PDF
FY2022	$4.0M	$947K	$3.1M	$2.8M	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 J · Pay O · Explanations

See the full FY2025 990 (6 parts)

Part I · Summary $40,374,468 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $27,333,333$24,666,667

I-9 Program service revenuePrior year $5,783,367$13,893,081

I-10 Investment incomePrior year $1,529,460$1,532,783

I-11 Other revenuePrior year $63,895$281,937

I-12 Total revenuePrior year $34,710,055$40,374,468

I-13 Grants and similar amounts paidPrior year $666,667$1,000,000

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $9,423,884$9,929,057

I-16a Professional fundraising feesPrior year $52,000$0

I-17 Other expensesPrior year $12,698,451$18,988,696

I-18 Total expensesPrior year $22,841,002$29,917,753

I-19 Revenue less expensesPrior year $11,869,053$10,456,715

Part VI · Governance 9 of 9 board members independent, no flags

VI-1a Voting members of the governing body9

VI-1b Independent voting members9

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

VI-15a Process for setting top official's payYes

Part VIII · Statement of revenue $40,374,468 across 6 lines filed

VIII-1e Government grants$24,666,667

VIII-1h Total contributions, gifts and grants$24,666,667

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $13,893,081$13,893,081

VIII-3 Investment incomeExcluded from tax $1,532,783$1,532,783

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $281,937$281,937

VIII-12 Total revenueRelated to mission $14,175,018 · Unrelated business $0 · Excluded from tax $1,532,783$40,374,468

Part IX · Statement of functional expenses $29,917,753 across 16 lines filed

IX-1 Grants to domestic organizationsPrograms $1,000,000$1,000,000

IX-5 Pay of current officers, directors and key staffPrograms $1,710,099 · Management $1,514,169 · Fundraising $38,616$3,262,884

IX-7 Other salaries and wagesPrograms $3,029,319 · Management $2,682,243 · Fundraising $68,405$5,779,967

IX-8 Pension plan contributionsPrograms $136,817 · Management $121,141 · Fundraising $3,089$261,047

IX-10 Payroll taxesPrograms $327,650 · Management $290,110 · Fundraising $7,399$625,159

IX-11b Legal feesPrograms $24,722 · Management $4,370$29,092

IX-11c Accounting feesPrograms $63,163 · Management $11,164$74,327

IX-11g Other fees for servicesPrograms $933,507 · Management $291,108$1,224,615

IX-12 Advertising and promotionPrograms $7,681,292 · Management $1,357,711$9,039,003

IX-14 Information technologyPrograms $3,077,042 · Management $1,554,958$4,632,000

IX-16 OccupancyManagement $111,905$111,905

IX-17 TravelPrograms $54,376 · Management $40,702$95,078

IX-22 Depreciation, depletion and amortizationManagement $3,277,244$3,277,244

IX-23 InsuranceManagement $37,378$37,378

IX-24 Other expenses (24a–d)Programs $130,743 · Management $313,838 · Fundraising $933$445,514

IX-24e All other expensesPrograms $20,679 · Management $1,815 · Fundraising $46$22,540

IX-25 Total functional expensesPrograms $18,189,409 · Management $11,609,856 · Fundraising $118,488$29,917,753

Part X · Balance sheet $52,913,979 assets, 14 lines filed

X-1 Cash, non-interest-bearingStart of year $4,439,478$247,718

X-2 Savings and temporary cash investmentsStart of year $23,032,419$31,199,174

X-3 Pledges and grants receivableStart of year $458,333$866,667

X-4 Accounts receivableStart of year $5,725,533$14,589,015

X-9 Prepaid expenses and deferred chargesStart of year $896,325$759,190

X-10c Land, buildings and equipment, netStart of year $7,320$0

X-14 Intangible assetsStart of year $8,374,095$5,240,249

X-15 Other assetsStart of year $12,905$11,966

X-16 Total assetsStart of year $42,946,408$52,913,979

X-17 Accounts payable and accrued expensesStart of year $3,321,592$2,807,623

X-25 Other liabilitiesStart of year $0$25,000

X-26 Total liabilitiesStart of year $3,321,592$2,832,623

X-32 Total net assets or fund balancesStart of year $39,624,816$50,081,356

X-33 Total liabilities and net assetsStart of year $42,946,408$52,913,979

Part XI · Reconciliation of net assets $50,081,356 net assets at year end

XI-1 Total revenue$40,374,468

XI-2 Total expenses$29,917,753

XI-3 Revenue less expenses$10,456,715

XI-4 Net assets at start of year$39,624,816

XI-5 Net unrealized gains (losses) on investments−$175

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$50,081,356

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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