FIRST FLIGHT VENTURE CENTER INC (EIN 561752731) - Form 990 Financial Analysis & Trantor Score

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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

1991

Principal Officer

KRISTA COVEY

Phone

9199908558

Tax Period

2023-01-01 to 2023-12-31

FIRST FLIGHT VENTURE CENTER INC, founded in 1991, is a community nonprofit in the Community Improvement sector that reported $1.5M in total revenue in fiscal year 2023. The organization ran a surplus of $272K, a strong 18% operating margin.

Mission

PROVIDING FLEXIBLE TERMS AND PRICING TO NORTH CAROLINA TECHNOLOGY ENTREPRENEURS IN THE AREA OF NON-DILUTIVE FUNDING STRATEGIES, ADVANCED PROTOTYPING, LABORATORY AND OFFICE LEASES. WE HELP NC TECHNOLOGY ENTREPRENEURS GROW THEIR BUSINESSES.

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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 $704,507

Program Service Revenue $776,921

Investment Income $2,441

Other Revenue $50,442

TOTAL REVENUE $1,534,311

Expense Breakdown

Grants Paid $0

Salaries & Benefits $562,163

Fundraising Expenses $18,463

Program Expenses $774,803

Other Expenses $681,505

TOTAL EXPENSES $1,262,131

Year-over-Year Comparison

	2023	2022	Change
Revenue	$1,534,311	$1,426,319	+0.1%
Expenses	$1,262,131	$1,425,952	-0.1%
Net Income	$272,180	$367	+740.6%

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

$177,000

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KRISTA COVEY	PRESIDENT	40.00	Officer	$177,000	$0	$177,000
JEAN DAVIS	DIRECTOR	1.00	Director	$0	$0	$0
PETER GINSBERG	TREAS. THRU	1.00	Officer Director	$0	$0	$0
PAULA HENDERSON	DIRECTOR	1.00	Director	$0	$0	$0
LEBONE MOSES	TREAS. EFF 2	1.00	Officer Director	$0	$0	$0
MARY MUSACCHIA	BOARD CHAIR	1.00	Director	$0	$0	$0
JIM NICHOLS	DIRECTOR	1.00	Director	$0	$0	$0
DAN O'KORN	DIRECTOR	1.00	Director	$0	$0	$0
MARY BETH THOMAS	DIRECTOR	1.00	Director	$0	$0	$0
KEN TINDALL	SECRETARY	1.00	Officer 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
2024	No data	No data	No data	No data
2023	$1,534,311	$1,262,131	$2,144,263	$272,180
2022	$1,426,319	$1,425,952	$2,004,439	$367
2021	$2,093,987	$1,615,693	$1,951,913	$478,294
2020	$1,460,547	$1,302,974	$1,433,316	$157,573

FIRST FLIGHT VENTURE CENTER INC