Air Force Academy Foundation

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2007

Legal Domicile

Principal Officer

Katie Willemarck

Phone

7194720300

Tax Period

2023-01-01 to 2023-12-31

Air Force Academy Foundation, founded in 2007, is a mid-sized nonprofit in the Philanthropy & Grantmaking sector that reported $40.9M in total revenue in fiscal year 2023. The organization ran a surplus of $12.5M, a strong 31% operating margin.

Mission

TO BE AN ASSOCIATION AND FOUNDATION OF INFLUENCE AND IMPACT, SUPPORTING THE ACADEMY'S ENDURING MISSION OF DEVELOPING LEADERS OF CHARACTER FOR THE NATION, AND PROVIDING A LIFETIME OF SERVICE TO THE LONG BLUE LINE. (Cont'd. on sch. O)

Program Service Accomplishments

Program 1

Expenses: $22,163,391

SUPPORT FOR ACADEMIC, ATHLETIC AND CHARACTER AND LEADERSHIP DEVELOPMENT PROGRAMS OF THE UNITED STATES AIR FORCE ACADEMY IN COLORADO SPRINGS, COLORADO.

Program 2

Expenses: $891,747

DIRECT SUPPORT FOR GRADUATE PROGRAMS OF THE ASSOCIATION OF GRADUATES OF THE UNITED STATES AIR FORCE ACADEMY (THE "AOG"), INCLUDING INDIRECT SUPPORT OF THE AOG'S ACADEMIC, ATHLETIC AND CHARACTER AND LEADERSHIP DEVELOPMENT PROGRAMS OF THE UNITED STATES AIR FORCE ACADEMY IN COLORADO SPRINGS, COLORADO.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $37,967,266

Program Service Revenue $0

Investment Income $2,746,701

Other Revenue $150,019

TOTAL REVENUE $40,863,986

Expense Breakdown

Grants Paid $20,554,505

Salaries & Benefits $3,367,948

Fundraising Expenses $2,623,996

Program Expenses $23,055,138

Other Expenses $4,145,800

TOTAL EXPENSES $28,355,772

Year-over-Year Comparison

	2023	2022	Change
Revenue	$40,863,986	$39,131,560	+0.0%
Expenses	$28,355,772	$16,327,301	+0.7%
Net Income	$12,508,214	$22,804,259	-0.5%

Key Indicators

✓ Grants to Organizations ✓ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$863,461

Total Directors

$636,592

Key Employees

$367,981

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Mark Hille	President	40.0	Officer Director	$405,228	$46,933	$452,161
Katie Willemarck	Chief Financial Officer	40.0	Officer	$190,406	$36,463	$226,869
CHRISTOPHER BREWER	Vice President, Development	40.0	Highest	$189,091	$33,587	$222,678
Dennis Scruggs	Exec Vice Pres. (to 6/2023)	0.0		$194,590	$21,728	$216,318
KELLY BANET	Senior Vice President	40.0	Key Emp	$167,169	$37,016	$204,185
MICHAEL C GOULD	Chief Executive Officer	38.0	Officer Director	$177,019	$7,412	$184,431
Wyatt Hornsby	VICE PRESIDENT, COMMUNICATIONS	40.0	Key Emp	$139,813	$23,983	$163,796
Dale Zschoche	EXECUTIVE DIRECTOR, PLANNED GI	40.0	Highest	$125,052	$9,275	$134,327
Vincent Greco	SENIOR DEVELOPMENT DIRECTOR	40.0	Highest	$107,576	$7,188	$114,764
JOHN N KUCERA	Chair(to 8/23), Dir(from 8/23)	1.0	Officer Director	$0	$0	$0
ALEXander P GILBERT Chairfrom	8/23),Vice Chair (to 8/23)	1.0	Officer Director	$0	$0	$0
APRIL S FITZGERALD	Secretary	1.0	Officer Director	$0	$0	$0
JEROME V BRUNI	Treasurer	1.0	Officer Director	$0	$0	$0
TERRENCE O'DONNELL	Executive Committee	1.0	Officer Director	$0	$0	$0
TERRANCE M DRABANT	Advisor to Executive Committee	1.0	Officer Director	$0	$0	$0
WILLIAM J HYBL	Honorary Director	1.0	Director	$0	$0	$0
DANA H BORN	Director	1.0	Director	$0	$0	$0
JOHN D CHILDS	Director	1.0	Director	$0	$0	$0
WILLIAM CLOHAN	Director	1.0	Director	$0	$0	$0
EVAN M DADOSKY	Director	1.0	Director	$0	$0	$0
STEPHEN M DICKSON Dir to 823	Vice Chair (from 8/2023)	1.0	Officer Director	$0	$0	$0
A TANNER DOSS	Director	1.0	Director	$0	$0	$0
RALPH E EBERHART	Director	1.0	Director	$0	$0	$0
LEONARD EKMAN	Director	1.0	Director	$0	$0	$0
John M Fox	Director	1.0	Director	$0	$0	$0
Jeffrey M Frient	Director	1.0	Director	$0	$0	$0
Brian C Gornick	Director	1.0	Director	$0	$0	$0
Alexander F Granados	Director	1.0	Director	$0	$0	$0
A Bart Holaday	Director	1.0	Director	$0	$0	$0
Bradley C Hosmer	Director	1.0	Director	$0	$0	$0
Rashad Howard	Director	1.0	Director	$0	$0	$0
Max F James	Director	1.0	Director	$0	$0	$0
Edward R Jayne	Director	1.0	Director	$0	$0	$0
Paul G Kaminski	Director	1.0	Director	$0	$0	$0
J Scott Kirby	Director	1.0	Director	$0	$0	$0
Matthew J Kuta	Director	1.0	Director	$0	$0	$0
H Michael Lambert	Director	1.0	Director	$0	$0	$0
P Michael Leahy	Director	1.0	Director	$0	$0	$0
Edward E Legasey	Director	1.0	Director	$0	$0	$0
Rod R Little	Director	1.0	Director	$0	$0	$0
Eugene Lupia	Director	1.0	Director	$0	$0	$0
Stephen Macleod	Director	1.0	Director	$0	$0	$0
PAUL S MADERA	Director	1.0	Director	$0	$0	$0
Sarah J Marshall	Director	1.0	Director	$0	$0	$0
John W Martin	Director	1.0	Director	$0	$0	$0
John H Martinson	Director	1.0	Director	$0	$0	$0
Richard D McConn	Director	1.0	Director	$0	$0	$0
John F Olive	Director	1.0	Director	$0	$0	$0
Harry J Pearce	Director	1.0	Director	$0	$0	$0
Charles E Phillips	Director	1.0	Director	$0	$0	$0
Gregg C Popovich	Director	1.0	Director	$0	$0	$0
Edward G Reisdorf	Director	1.0	Director	$0	$0	$0
Paul Rossetti	Director	1.0	Director	$0	$0	$0
Daniel J Schnepf	Director	1.0	Director	$0	$0	$0
Norton A Schwartz	Director	1.0	Director	$0	$0	$0
Cheryl L Shavers	Director	1.0	Director	$0	$0	$0
Thomas A Stein	Director	1.0	Director	$0	$0	$0
H Wesley Stowers	Director	1.0	Director	$0	$0	$0
David J Strobel	Director	1.0	Director	$0	$0	$0
William E Wecker	Director	1.0	Director	$0	$0	$0
Mark A Welsh	Director	1.0	Director	$0	$0	$0
R DAVID YOST	director	1.0	Director	$0	$0	$0
Louis W Bremer	director (from 5/2023)	1.0	Director	$0	$0	$0
Paul Capon	director (from 5/2023)	1.0	Director	$0	$0	$0
Elizabeth D Ferrill	director (from 5/2023)	1.0	Director	$0	$0	$0
Jesung Kim	director (from 5/2023)	1.0	Director	$0	$0	$0
Patrick M Nesbitt	director (from 5/2023)	1.0	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$40,863,986	$28,355,772	$156,547,159	$12,508,214
2022	$39,131,560	$16,327,301	$128,612,215	$22,804,259
2021	$31,160,927	$15,838,295	$121,910,731	$15,322,632
2020	$26,764,643	$41,752,359	$103,993,118	$-14,987,716
2019	$30,831,681	$10,866,959	$100,762,134	$19,964,722
2018	$28,196,157	$10,745,804	$75,121,344	$17,450,353