PROJECT KITTY HAWK 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

2021

Legal Domicile

Principal Officer

DR ANDREW P KELLY

Phone

3302092399

Tax Period

2024-07-01 to 2025-06-30

PROJECT KITTY HAWK INC, founded in 2021, is a mid-sized nonprofit in the Education sector that reported $40.4M in total revenue in fiscal year 2024. Revenue grew 16% year-over-year, indicating healthy expansion. The organization ran a surplus of $10.5M, a strong 26% operating margin.

Mission

TO PROVIDE TECHNOLOGY AND ONLINE EDUCATION SERVICES TO UNIVERSITY OF NORTH CAROLINA INSTITUTIONS TO MEET THE NEEDS OF ADULT LEARNERS AND TO EXPAND ACCESSIBILITY TO HIGHER EDUCATION FOR TRADITIONALLY UNDERSERVED POPULATIONS.

Program Service Accomplishments

Program 1

Expenses: $18,189,409 Revenue: $14,175,018

THE ORGANIZATION HAS CONTINUED SERVICES AT EAST CAROLINA UNIVERSITY, NORTH CAROLINA CENTERAL UNIVERSITY AND APPALACHIAN STATE UNIVERSITY.A. MARKETING AND ADMISSION: ATTRACT AND ENGAGE PROSPECTIVE...

THE ORGANIZATION HAS CONTINUED SERVICES AT EAST CAROLINA UNIVERSITY, NORTH CAROLINA CENTERAL UNIVERSITY AND APPALACHIAN STATE UNIVERSITY.A. MARKETING AND ADMISSION: ATTRACT AND ENGAGE PROSPECTIVE STUDENTS, INCREASE AWARENESS OF PROGRAMS AND DRIVE ENROLLMENT THROUGH TARGETED MARKETING AND STUDENT RECRUITMENT.B. STUDENT SERVICES AND SUPPORT: PROVIDE ONGOING ASSISTANCE TO HELP STUDENTS NAVIGATE THEIR EDUCATION EXPERIENCE THROUGH COACHING, 24/7 TECHNICAL SUPPORT, MENTAL HEALTH SERVICES AND ON-DEMAND TUTORING SERVICES.C. FACULTY SERVICES: ATTRACH AND RETAIN TALENT BY PROVIDING PROFESSIONAL DEVELOPMENT OPPORTUNITIES AND ONGOING SUPPORT.D. PARTNERSHIP MANAGEMENT: UTILIZE COMPREHENSIVE MARKET ANALYSIS AND DATA TO MAKE INFORMED DECISION ABOUT PROGRAMS, REPORTING AND PROCESSES. THE ORGANIZATION BROUGHT BACK 2,147 STUDENTS TO THE UNC SYSTEM THROUGH ITS' ENROLLMENT PROGRAM, DEVELOPED OVER 200 COURSES SINCE INCEPTION AND STARTED 1,469 NEW STUDENTS IN PROGRAMS POWERED BY THE ORGANIZATION.

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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 (2024)

Revenue Breakdown

Contributions & Grants $24,666,667

Program Service Revenue $13,893,081

Investment Income $1,532,783

Other Revenue $281,937

TOTAL REVENUE $40,374,468

Expense Breakdown

Grants Paid $1,000,000

Salaries & Benefits $9,929,057

Fundraising Expenses $118,488

Program Expenses $18,189,409

Other Expenses $18,988,696

TOTAL EXPENSES $29,917,753

Year-over-Year Comparison

	2024	2023	Change
Revenue	$40,374,468	$34,710,055	+0.2%
Expenses	$29,917,753	$22,841,002	+0.3%
Net Income	$10,456,715	$11,869,053	-0.1%

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

$898,131

Total Directors

Key Employees

$831,833

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RAY CAREY	DIRECTOR	3.00	Director	$0	$0	$0
SUSAN CATES	DIRECTOR	3.00	Director	$0	$0	$0
RANDY RAMSEY	DIRECTOR	3.00	Director	$0	$0	$0
JOHN COMLY	DIRECTOR	3.00	Director	$0	$0	$0
COURTNEY CROWDER	DIRECTOR	3.00	Director	$0	$0	$0
PHILIP ROGERS	DIRECTOR	3.00	Director	$0	$0	$0
PETER HANS	DIRECTOR	3.00	Director	$0	$0	$0
KARRIE DIXON	DIRECTOR	3.00	Director	$0	$0	$0
HEATHER NORRIS	DIRECTOR	3.00	Director	$0	$0	$0
RAE WILLIAMS	CHIEF FINANCIAL OFFICER	40.00	Officer	$281,164	$17,031	$298,195
DAVID EBY	CHIEF OPERATING OFFICER	40.00	Officer	$415,836	$28,436	$444,272
ANDREW KELLY	PRESIDENT & CEO	40.00	Officer	$147,115	$8,549	$155,664
ANDREW BAGLEY	DIRECTOR OF BUSINESS ANALYTICS	40.00	Key Emp	$261,923	$18,016	$279,939
CHRISTOPHER BOYD	VICE PRESIDENT OF OPERATIONS	40.00	Key Emp	$255,923	$12,794	$268,717
BRIAN FLEMING	VICE PRESIDENT OF BUSINESS DEVELOPMENT & STRATEGY	40.00	Key Emp	$261,923	$21,254	$283,177
JERRY THOMPSON	VICE PRESIDENT OF TECHNOLOGY	40.00	Highest	$282,452	$18,926	$301,378
JACK LEWANDOWSKI	VICE PRESIDENT OF STUDENT EXPERIENCE	40.00	Highest	$226,923	$26,484	$253,407
WILLIAM ZEMP	FORMER CEO	40.00		$478,078	$12,401	$490,479
AIDAN JONES	SENIOR DIGITAL PROJECT MANAGER	40.00		$155,746	$14,728	$170,474
JULIA CARROLL	DIRECTOR OF PEOPLE OPERATIONS	40.00		$147,258	$11,618	$158,876
JOEL HAWKS	DATA GOVERNANCE LEAD	40.00		$143,049	$15,257	$158,306

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	$40,374,468	$29,917,753	$52,913,979	$10,456,715
2024	$34,710,055	$22,841,002	$42,946,408	$11,869,053
2023	$41,231,521	$16,660,763	$30,069,308	$24,570,758
2022	$4,002,500	$946,642	$3,180,964	$3,055,858