Classic Lear Jet Foundation

Not yet claimed Claim this org →

Form 990 for the fiscal year ending December 2024 (IRS tax year 2024).

Preserve and operate the Lear Jet aircraft 23-003. For fiscal year 2024 it reported $115K in revenue, — in expenses, and $307K in net assets.Pt I

Type: Public charity (501(c)(3)) · Arts & Culture
Location: Wichita, KS
Website: classiclear.org
Filings: 2 on file (2023–2024)

Revenue

$115KFY2024

Expenses

—

Net assets

$307K

People

Filings

Updates

More identity details & actions ⌄

EIN 92-0413346 Public charity (501(c)(3)) Wichita, KS

Form 990 (PDF)

Compare with another nonprofit →

Is this your organization?

Claim this profile to manage it and share your story.

Claim

Provided by the organization

This section is blank until Classic Lear Jet Foundation claims this page.

Know this organization? Claim it to add your story

Size

$100K–1M

What they do

Preserve and operate the Lear Jet aircraft 23-003.

Leadership

Richard Kovich · Director at Large

Money in and out

$115K revenue

Bottom line

29.2mo operating runway

Where the money goes · FY2024

Total revenue

$115K

Pt VIII · Ln 12

Total expenses

—

Pt IX · Ln 25

Net assets

$307K

Pt X · Ln 32

Operating runway

29.2mo

months of highly liquid reserves at operating expense rate▲ +130% vs prior filing year

Surplus margin

+23%

revenue over expenses, this year▼ -0.8% vs prior filing year

Donor-funded

83%

of revenue is gifts & grants▼ -17% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990-EZ

Revenue

$115K

FY2024▼ -47%

Revenue less expensesPt I · Ln 19—

Total assetsPt X · Ln 16—

Program-expense ratioPt IX · col B—

Voting members of governing bodyPt I · Ln 3pending

Independent voting membersPt I · Ln 4pending

Identity & Classification

Form 990 Header · IRS Business Master File

Legal nameHdr · item CClassic Lear Jet Foundation

EINHdr · item D92-0413346

Principal addressHdr · item CWichita, KS

WebsiteHdr · item Jclassiclear.org

Year of formationHdr · item Lpending

State of legal domicileHdr · item MKS

Exempt statusHdr · item I501(c)(3) · active

NTEE classificationIRS BMFArts & Culture (A57)

Ruling yearIRS BMFJan 2023

Governance & Policies

Part VI

Voting members of the governing bodyPt VI · Ln 1apending

Independent voting membersPt VI · Ln 1bpending

Conflict-of-interest policyPt VI · Ln 12a—

Whistleblower policyPt VI · Ln 13—

Document retention policyPt VI · Ln 14—

CEO/top-official compensation independently reviewedPt VI · Ln 15a—

Family or business relationships among officers/directorsPt VI · Ln 2—

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation

Richard Kovich

Director at Large

$0Pt VII · Sec A

Mark Zerener

Director at Large

$0Pt VII · Sec A

Chris Zalusky

Director at Large

$0Pt VII · Sec A

William Kinkaid

Board President

$0Pt VII · Sec A

Tim Walker

Board Treasurer

$0Pt VII · Sec A

Christopher Marshall

Board Secretary

$0Pt VII · Sec A

Rick Row

Director at Large

$0Pt VII · Sec A

Linwood Cottner

Director at Large

$0Pt VII · Sec A

See Classic Lear Jet Foundation executive salaries →

Are you one of these people? Claim this org to confirm your role

Mission & Programs · Part III

Where the work happens

1 program service account for $106K of program spending, described in the organization's own filed words · FY2023.

Classic Lear Jet Foundation purchased the Lear Jet aircraft 23-003 in 2023 and transported it from Florida to Wichita, KS. Once in Wichita, the Foundation began restoration.

$106Kprogram expense

Run this program? Claim this org to tell your story

Statement of Revenue

Part VIII

Other revenue100%$115K

Total revenueLn 12$115K

Balance Sheet

Part X · end of year

CashLn 1—

Total assetsLn 16—

Total liabilitiesLn 26$0

Total net assetsLn 32$307K

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it

Liquidity & Payout

Operating runway

Highly liquid reserves $217K · Operating expenses/yr $89K

29.2 months

Where the money goes

Program services

not reported

Management & General

not reported

Fundraising

not reported

Cost to raise $1

not reported

Where the money comes from

Contribution dependence

Contributions & grants $96K · Total revenue $115K

83%

Government reliance

not reported

Earned-income share

Program service revenue $0 · Total revenue $115K

Investment reliance

Investment income $48 · Total revenue $115K

+0.04%

Program self-sufficiency

Program service revenue $0 · Total expenses $89K

Growth & trend

Revenue growth (YoY)

This year $115K · Prior year $219K

-47%

Net-asset trend (YoY)

End of year $307K · Beginning of year $191K

+61%

Balance sheet

Surplus Margin

Revenue $115K · Expenses $89K

+23%

Liabilities-to-Assets

Total liabilities $0 · Total assets $307K

Net-asset ratio

Net assets $307K · Total assets $307K

100%

People & payroll

Highest Reported Total Compensation

Individual Richard Kovich · Reported title Director at Large · Highest reported compensation $0 · Total expenses $89K

Personnel share

Salaries & benefits $0 · Total expenses $89K

Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

Metric	This org	Peer median	Percentile
Revenue growth	-47%	—	—

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · funders on record

Grants received · FY2024

Mann Family FoundationFY2024$2K

Holt Atherton Education FoundationFY2024$1K

Total grants receivedfrom 2 funders$4K

Similar Organizations

Closest in mission — by what they do

The International Group for Historic Aircraft RecoveryPA

Cessna 150-152 Fly-In FoundationVA

Operation Aviation FoundationAL

Yankee Air Force IncorporatedMI

American Flight Museum INCKS

Navy Legacy Flight Foundation INC C/O James TobulWY

See all organizations like Classic Lear Jet Foundation →

Compare

Search another nonprofit to view revenue, expenses, assets, key metrics, and leaders side by side

Filings & Schedule Manifest

Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash

FY2024 (Latest)$115K revenue · viewing · ⤓ 990 PDF

FY2023$219K revenue · ⤓ 990 PDF

Want to add your own materials alongside these filings? Claim this org

Sources

Every figure above is drawn from these filings

Form 990 e-file (XML) · FY2024IRS

Classification, formation year, addressIRS Business Master File

Names, privacy, and removal requests More

The names, titles, and compensation shown on this page are reproduced from IRS Form 990 filings, which are public records.

Philanthropy.org does not alter the content of those filings. All information appears exactly as reported by the filing organization for the tax year shown.

We publish only information contained in the public IRS filing — and less than the filing contains. Our profile pages do not display street addresses, telephone numbers, personal email addresses, or other personal contact information, even where the filing includes them.

Many people share the same name. A name shown on this page reflects only what one organization reported in one IRS filing for one tax year. It should not be interpreted as identifying any other individual with the same or a similar name.

If you are no longer affiliated with the organization, your name will generally stop appearing in future IRS filings once the organization no longer reports you. Pages for tax years in which you were reported remain published because those filings remain part of the public record.

Philanthropy.org does not alter or remove IRS filing records. Removing a page from this website would not remove the underlying IRS filing, which remains publicly available from the IRS and other publishers of the same information.

If you believe the IRS filing itself is inaccurate, corrections must be made by the filing organization or the IRS directly.

If you ARE the filing organization, claim this org and add context

Made it to the end? Claim this organization