Air Force Academy Foundation

EIN: 260537053 501(c)(3) Philanthropy & Grantmaking

USAF Academy, CO

Total Revenue
$40,863,986
Total Expenses
$28,355,772
Total Assets
$156,547,159
Net Assets
$142,142,055
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2007
Legal Domicile
DE
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

Together, we serve graduates, preserve the heritage of the Academy & Long Blue Line, and support USAFA to develop leaders of character for Air Force, Space Force, and nation.

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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%)

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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

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Liquidity & Cash Position

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Governance

Voting Members
59
Independent Members
57
Employees
46
Volunteers
53

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
10
$863,461
Total Directors
60
$636,592
Key Employees
2
$367,981
Highest Compensated
3
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
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