VERMONT FLIGHT ACADEMY INC

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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

2010

Legal Domicile

Principal Officer

MATTHEW SAWYER

Phone

8028635988

Tax Period

2023-07-01 to 2024-06-30

VERMONT FLIGHT ACADEMY INC, founded in 2010, is a community nonprofit in the Education sector that reported $2.7M in total revenue in fiscal year 2023.

Mission

VERMONT FLIGHT ACADEMY WAS CREATED TO PROMOTE GENERAL AVIATION THROUGH A PROGRAM OF HIGH QUALITY FLIGHT TRAINING AT A COMPETITIVE COST.

Program Service Accomplishments

Program 1

Expenses: $2,487,769 Revenue: $2,617,075

432 NEW SIGNERS/STUDENTS CAME INTO OUR SYSTEM IN 2023/24. THESE INDIVIDUALS SIGNED UP FOR INDIVIDUAL FLIGHT INSTRUCTION, DISCOVERY FLIGHT LESSONS AND GROUND TRAINING. VFA CONTINUES ITS PARTNERSHIP...

432 NEW SIGNERS/STUDENTS CAME INTO OUR SYSTEM IN 2023/24. THESE INDIVIDUALS SIGNED UP FOR INDIVIDUAL FLIGHT INSTRUCTION, DISCOVERY FLIGHT LESSONS AND GROUND TRAINING. VFA CONTINUES ITS PARTNERSHIP WITH VERMONT TECHNICAL COLLEGE (NOW PART OF VERMONT STATE UNIVERSITY) FOR THE NINTH YEAR. STUDENTS ARE GETTING THEIR PRIVATE,INSTRUMENT AND COMMERCIAL LICENSES/ENDORSEMENTS. THERE WERE 48 STUDENTS ENROLLED THIS YEAR THROUGH THE VERMONT STATE UNIVERSITY PROGRAM. VFA OPERATES A TOTAL OF 13 AIRCRAFT AND SIMULATORS OF WHICH 8 ARE OWNED DIRECTLY BY VFA. THE OTHER 5 ARE UNDER CONTRACT AND OPERATED FOR BUSINESS PURPOSES UNDER A "LEASE BACK" ARRANGEMENT.

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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 $0

Program Service Revenue $2,508,175

Investment Income $197,438

Other Revenue $151

TOTAL REVENUE $2,705,764

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,327,855

Fundraising Expenses $0

Program Expenses $2,487,769

Other Expenses $1,364,984

TOTAL EXPENSES $2,692,839

Year-over-Year Comparison

	2023	2022	Change
Revenue	$2,705,764	$2,663,621	+0.0%
Expenses	$2,692,839	$2,782,460	0.0%
Net Income	$12,925	$-118,839	-1.1%

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

N/A

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

$264,860

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
THOMAS D'URSO	EXECUTIVE DI	40.00	Officer	$174,802	$0	$174,802
MATTHEW SAWYER	EXECUTIVE DI	40.00	Officer	$90,058	$0	$90,058
JOHN CURRAN	BOARD MEMBER	1.00	Director	$0	$0	$0
JON PIZZAGALLI	BOARD MEMBER	1.00	Director	$0	$0	$0
MICHAEL SCHIRLING	BOARD MEMBER	1.00	Director	$0	$0	$0
BRAD WORTHEN	BOARD MEMBER	1.00	Director	$0	$0	$0
CHRISTOPHER WEINBERG	PRESIDENT	1.00	Officer	$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	$2,705,764	$2,692,839	$2,440,800	$12,925
2024	No data	No data	No data	No data
2023	$2,663,621	$2,782,460	$2,466,057	$-118,839
2022	$2,174,599	$2,000,774	$2,185,756	$173,825
2021	$2,063,436	$1,595,354	$2,128,401	$468,082
2020	$1,406,531	$1,295,628	$1,426,139	$110,903
2019	$1,537,634	$1,344,214	$1,101,676	$193,420