2024-02-06T11:43:28-06:00 2023-06-30 STOCKMAN KAST RYAN & CO LLP 102 N CASCADE AVENUE SUITE 400 COLORADO SPRINGS CO 80903 990 2022-07-01 756016930 The Falcon Foundation % SHERRY COOPER FALC 7193334096 3116 Academy Drive Ste 200 USAF Academy CO 808404400 Steve Lorenz PRESIDENT 7193334096 2023-11-15 true Steve Lorenz 999009999 Doreen B Merz P00841439 7196301186 2 2022 2023-04-26 12:10:37Z STEVE LORENZ 3116 Academy Drive USAF Academy CO 808404400 1638372 false X www.falconfoundation.org X 1958 CO TO FURTHER THE OPPORTUNITY FOR HIGHLY MOTIVATED, EXCEPTIONAL YOUNG MEN AND WOMEN TO ATTEND THE UNITED STATES AIR FORCE ACADEMY THROUGH THE AWARD OF FALCON FOUNDATION SCHOLARSHIPS 14 13 2 70 0 289819 710547 0 0 713436 648672 1000 3301 1004255 1362520 621863 642230 0 0 209919 244455 0 0 0 36263 92605 868045 979290 136210 383230 27349107 30097529 13050 17630 27336057 30079899 X THE MISSION OF THE FALCON FOUNDATION IS TO FURTHER THE OPPORTUNITY FOR HIGHLY MOTIVATED, EXCEPTIONAL, YOUNG MEN AND WOMEN TO ATTEND THE UNITED STATES AIR FORCE ACADEMY (CONTINUED ON SCH. O) false false 832477 576230 Scholarship program- The Falcon Foundation provides up to 100 annual scholarships to attend one of five preparatory schools to allow Falcon scholars to qualify for admission into the USAF Academy the following year. Each Falcon Scholarship is a function of school tuition, room and board (50%), school scholarship (25%), and family cost (25%). Falcon Scholars may choose to attend one of five prep schools offered by the Falcon Foundation. Each school has a different tuition, room and board cost which causes the scholarship amount per Falcon Scholar to vary from school to school. 66000 66000 Academy Programs- The Falcon Foundation, through their Academy Programs, provides annual sums to support programs as per the donors' desires. tHE FISCAL YEAR PROGRAMS WERE: THE AERO DEPARTMENT'S ENGINE PROPULSION TRIP, THE AERO DEPARTMENT'S FLIGHT TRIP, AND THE DEPARTMENT OF ADMISSIONS DIVERSITY RECRUITING PROGRAMS. 898477 true true false false false false false true false true false false false false false true true false false false false false false false false false false true false false false false false false false false false false false false false false false false false false false true 2 0 2 true false false false false false true true false false false false false false X 14 13 false false false false true true true true true false false true true true true true true true true false CO X X SHERRY COOPER 7193334096 3116 ACADEMY DRIVE STE 200 USAF Academy CO 808404400 Steve Lorenz President 20.0 0.0 X X 106090 0 0 William Begert Chairman 1.0 0.0 X X 0 0 0 Robin Rand Interim VC 223 Vice Chairman (from 5/2023) 1.0 0.0 X X 0 0 0 Tony Robertson Vice Chairman (to 2/2023) 1.0 0.0 X X 0 0 0 Jason Herman Finance Committee Chair 1.0 0.0 X 0 0 0 Kathy Barchick Investment Committee Chair 1.0 0.0 X 0 0 0 Charles Heflebower At Large Governing Trustee 1.0 0.0 X 0 0 0 Leon Johnson Nominating Committee Chair 1.0 0.0 X 0 0 0 Susan Desjardins to 52023 At Large Governing Trustee 1.0 0.0 X 0 0 0 John Dallager Compensation Committee Chair 1.0 0.0 X 0 0 0 Carolyn Benyshek Scholarship Committee Chair 1.0 0.0 X 0 0 0 Edward Rice Gov & Strat Committee Chair 1.0 0.0 X 0 0 0 Kate MacIntosh At Large Governing Trustee 1.0 0.0 X 0 0 0 Nicholas Wilson Audit Committee Chair 1.0 0.0 X 0 0 0 William Looney At Large Governing Trustee 1.0 0.0 X 0 0 0 Matthew Byrd Vice President 1.0 0.0 X 0 0 0 Dale Meyerrose Treasurer 1.0 0.0 X 0 0 0 Rita Jordan Secretary 1.0 0.0 X 0 0 0 Jarisse Sanborn VP and General Counsel 1.0 0.0 X 0 0 0 106090 0 0 1 false false false 0 133800 576747 710547 0 649524 649524 0 0 0 0 0 275000 275852 -852 -852 -852 0 0 0 0 0 0 0 0 0 MISC INCOME 900099 3301 3301 3301 1362520 651973 642230 642230 0 0 0 112914 99364 13550 0 101983 76487 25496 5805 4354 1451 6700 5025 1675 17053 13924 3129 0 810 810 11525 11525 0 0 0 2246 540 1706 0 6594 935 5659 3679 2111 1568 0 4042 4042 6542 6542 0 8802 2325 6477 0 0 0 3725 3725 PROGRAM EVENTS 44640 44640 979290 898477 80813 0 255035 185035 0 0 79862 73961 4111 1898 0 0 0 0 0 0 0 0 0 0 0 0 26283220 29076285 0 0 0 0 0 0 726879 760350 27349107 30097529 1650 3230 0 0 11400 14400 0 0 0 0 0 0 0 0 0 0 0 0 13050 17630 X 22541620 24575989 4794437 5503910 27336057 30079899 27349107 30097529 X 383230 2294392 66220 X false true X true false X 234721 316634 315560 289819 710547 1867281 0 0 234721 316634 315560 289819 710547 1867281 353245 1514036 611718 592650 633646 627196 649524 3114734 0 514 122 133 1000 3310 5079 4987094 0.30359 0.29529 X X Part II Section C line 17a FACTS AND CIRCUMSTANCES TEST THE ORGANIZATION MEETS THE TEN PERCENT-OF-SUPPORT LIMITATION AND ATTRACTION OF PUBLIC SUPPORT TESTS AS DESCRIBED IN REGULATION 1.170A-9(F)(3). TEN PERCENT: SCHEDULE A PART II SECTION C LINE 14 AND 15 DISPLAY PUBLIC SUPPORT PERCENTAGES ABOVE THE REQUIRED 10 PERCENT LIMITATION. ATTRACTION OF PUBLIC SUPPORT: THE ORGANIZATION SOLICITS DUES, CONTRIBUTIONS AND SUPPORT FROM TRUSTEES, INDUSTRY AND FOUNDATIONS, SINCE THE BOARD OF TRUSTEES IS A LARGE DIVERSE GROUP OF INDIVIDUALS FROM ALL OVER THE UNITED STATES. MANY OF THE TRUSTEES WERE OFFICERS IN THE AIR FORCE AND HAVE BEEN ASSOCIATED WITH THE UNITED STATES AIR FORCE ACADEMY, WHICH RECEIVES SUPPORT FROM THE FALCON FOUNDATION. THE ORGANIZATION'S PRIMARY EXEMPT PURPOSE IS TO PROVIDE SCHOLARSHIPS FOR PREPARATORY SCHOOL, WHICH IS OPEN TO ALL UNITED STATES CITIZENS WHO MEET THE ESTABLISHED CRITERIA. THE FALCON FOUNDATION PAYS TUITION AT PREP SCHOOLS AROUND THE UNITED STATES TO PREPARE UP TO 100 INDIVIDUALS ANNUALLY FOR ENTRY TO THE UNITED STATES AIR FORCE ACADEMY. IT ALSO SUPPORTS EDUCATIONAL PROGRAMS FOR APPROXIMATELY 250 CADETS AT THE UNITED STATES AIR FORCE ACADEMY, WHICH IS OPEN TO PUBLIC APPLICANTS WHO MEET ESTABLISHED CRITERIA. PARTICIPANTS IN THESE PROGRAMS COME FROM ALL OVER THE UNITED STATES. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 110000 X X false 3785087 226836 469773 24528 4457168 4427126 29740 -655779 16000 3785087 4296813 75648 70665 16000 4427126 4310357 6000 4633 24177 4296813 4310538 -181 4310357 1.00000 true false 0 0 X 3723132 2294392 66220 2360612 1362520 1362520 979290 979290 979290 SCHEDULE D PART III LINE 4 The artwork consists of three sculptures and an oil painting that reflect the heritage of the Air Force. They were donated to the Falcon Foundation in support of our mission to further the culture and heritage of the Falcon Foundation and the Air Force. The artwork is prominently exhibited at the Air Force Academy for both the public and cadet viewing. The artwork is protected and is expected to be retained in perpetuity. Schedule D Part V Line 4 THE FOUNDATION'S ENDOWMENT FUNDS ARE RESTRICTED FOR THE PURPOSEs OF cadet scholarships, cadet programs, and SUPPORTING THE ongoing OPERATIONS OF THE FOUNDATION. Schedule D Part V, Column B, Prior Year Line 1C SUBSEQUENT TO THE FILING OF THE 2021 RETURN, THE PRIOR YEAR'S AUDITED FINANCIAL STATEMENTS WERE FINALIZED. LINE 1(C), THE PRIOR YEAR'S ENDOWMENT NET INVESTMENT EARNINGS, HAS BEEN ADJUSTED FROM $(716,737) TO $(655,779) TO RECONCILE TO THE PRIOR YEAR'S ISSUED AUDITED FINANCIAL STATEMENTS. Schedule D Part X Line 2 THE FOUNDATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. IN ADDITION, THE FOUNDATION QUALIFIES FOR THE CHARITABLE CONTRIBUTION DEDUCTION. MANAGEMENT OF THE FOUNDATION BELIEVES THAT IT DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO ITS FINANCIAL STATEMENTS. Schedule D Part XI Line 2d To Report Change in Value Distribution AOG Trust $ 44,163 = $ 11,414 + $32,749 Ackerman Trust $ 22,057 = $ 22,057 ------------------------------------------------------------------------ Total $66,220 = $ 33,471 + $32,749 true Marion Military Institute 1101 Washington St Marion AL 36756 630288853 501(C)3 84750 Scholarship Payments New Mexico Military Institute 101 West College Roswell NM 88201 856000408 501(C)3 15206 Scholarship Payments Northwestern Preparatory PO Box 3308 Crestline CA 92325 410451348 501(C)3 281424 Scholarship Payments Randolph-Macon Academy 200 Academy Drive Front Royal VA 22630 540505939 501(C)3 114850 Scholarship Payments United States Air Force Academy 2304 Caden Drive Ste 3300 USAFA CO 80840 931175536 66000 Support of Academy Programs Georgia Military College 201 E Green St Milledgeville GA 31061 580616992 80000 Scholarship Payments 6 0 Part I Line 2 Grant Funds monitoring - Scholarships and grants are given to schools on behalf of the scholars. Form 990 Part III Line 1 (mission statement continued) THROUGH THE AWARD OF FALCON FOUNDATION SCHOLARSHIPS AT JUNIOR COLLEGE AND PREPARATORY SCHOOLS, ENABLING THEM TO PURSUE A CAREER IN THE UNITED STATES AIR FORCE AND SPACE FORCE. FORM 990 PART VI SECTION A LINE 6 THE FALCON FOUNDATION HAS 200 MEMBERS (trustees). There are four, voting categories of membership: (1)RETIRED, RESIGNED, OR HONORABLY SEPARATED COMMISSIONED OFFICERS AND NONCOMMISSIONED OFFICERS OF THE US AIR FORCE; (2) CURRENT AND FORMER CIVILIAN EMPLOYEES OF THE FEDERAL GOVERNMENT; (3)MEMBERS OF THE AIR FORCE RESERVE, NATIONAL GUARD BUREAU, OR SPECIAL GOVERNMENT EMPLOYEES; (4) SUPPORTERS OF THE UNITED STATES AIR FORCE AND USAF ACADEMY, WHO POSSESS AN APPROPRIATE BACKGROUND, EXPERIENCE AND INTERESTS.ADDITIONALLY, THE BOARD OF TRUSTEES INCLUDES HONORARY, ASSOCIATE, AND RETIRED MEMEBERS WHO ARE NOT CONSIDERED ACTIVE MEMEBRS, AND ARE NOT ENTITLED TO VOTE OR PARTICIPATE IN THE GOVERNANCE OF THE FOUNDATION, NOR are COUNTED FOR PURPOSES OF DETERMINING A QUORUM AT ANY MEETING OF THE BOARD OF TRUSTEES. NON-GOVERNING TRUSTEES HAVE NO FIDUCIARY RESPONSIBILITY FOR THE GENERAL BUSINESS AND AFFAIRS OF THE FOUNDATION BUT ARE RESPONSIBLE FOR PROVIDING GUIDANCE IN FURTHERING THE GOALS, Objectives, AND STRATEGIC DIRECTION OF THE FOUNDATION. FORM 990 PART VI, LINE 7 A THE BOARD OF TRUSTEES (members) ELECT THE GOVERNING TRUSTEES,OFFICERS, AND CHAIRS FOR ALL STANDING COMMITEES. EACH VOTING TRUSTEE(Member)is entitled to one vote. THE BODY OF GOVERNING TRUSTEES is comprised of FOUR (4) OFFICERS, SEVEN (7)STANDING COMMITTEE CHAIRS, AND FOUR (4) AT-LARGE TRUSTEES. THE FIFTEEN GOVERNING TRUSTEES ARE RESPONSIBLE FOR THE FINANCIAL AND BUSINESS AFFAIRS OF THE FOUNDATION. FORM 990 PART VI, LINE 7 B The following acts require the approval of the board of trustees (members): (1) new membership approval, (2) approval of new members to the nominating committee, (3) approval of the foundation's strategic plan, and (4) ANY AMENDMENTs TO THE organization's BYLAWS. FORM 990 PART VI SECTION A LINE 8 B THERE ARE NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. However, all committees contemporaneously document meetings held and actions undertaken during the year. FORM 990 PART VI SECTION B LINE 11 A THE FORM 990 IS DRAFTED BY THE FOUNDATION'S INDEPENDENT ACCOUNTANT. THE RETURN IS REVIEWED FOR ACCURACY AND COMPLETENESS BY THE AUDIT COMMITTEE. THE AUDIT COMMITTEE CHAIR THEN PROVIDES THE DRAFT 990 TO MEMBERS OF THE GOVERNING TRUSTEES FOR THEIR REVIEW, COMMENT, AND APPROVAL. THE FINAL FORM 990 IS THEN COMPLETED BY THE ACCOUNTANT AND PRESIDENT AND PREPARED FOR FILING BY THE DUE DATE. FORM 990 PART VI SECTION B LINE 12 C THE BYLAWS REQUIRE CONFLICT OF INTEREST STATEMENTS TO BE COMPLETED ANNUALLY FOR ACTIVE TRUSTEES WHO HAVE FIDUCIARY RESPONSIBILITY. ACTIVE TRUSTEES WHO DO NOT HAVE FIDUCIARY RESPONSIBILITIES COMPLETE AND SIGN CONFLICT OF INTEREST STATEMENTS UPON NOMINATION AS A TRUSTEE AND PERIODICALLY UPON RE-ELECTION WHICH MAY OCCUR BETWEEN 1 AND 3 YEARS. IN ADDITION, ACTIVE TRUSTEES ARE REMINDED TO REPORT ANY POTENTIAL OR ACTUAL CONFLICTS OF INTEREST WHICH MAY ARISE BETWEEN REQUIRED REPORTING TIMELINES. FORM 990 PART VI SECTION B LINE 15 A & B PRIOR TO THE ANNUAL SPRING MEETING OF THE FOUNDATION, THE COMPENSATION COMMITTEE IN CONJUNCTION WITH THE BOARD CHAIR REVIEWS THE PERFORMANCE OF THE PRESIDENT IN ATTAINING THE STIPULATED GOALS AND OBJECTIVES OF THE PREVIOUS YEAR'S OPERATIONAL PLAN AND RECOMMENDS A COMPENSATION PACKAGE FOR REVIEW AND APPROVAL BY THE GOVERNING TRUSTEES. THE PRESIDENT AND COMPENSATION COMMITTEE DETERMINES THE COMPENSATION PACKAGE FOR THE DIRECTOR OF OPERATIONS AND COMPTROLLER AND SUBMITS IT TO THE GOVERNING TRUSTEES. FORM 990 PART VI SECTION C LINE 19 THE AUDITED FINANCIAL STATEMENTS AND FORM 990 ARE CURRENTLY AVAILABLE ON THE FOUNDATION'S WEBSITE & UPON REQUEST. THE CONFLICT-OF-INTEREST POLICY AND OTHER GOVERNING DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990 PART VII SECTION A THE COMPENSATION OF EMPLOYEES OF THE FOUNDATION STAYS RELATIVELY CONSTANT UNDER THE GOVERNING TRUSTEES' COMPENSATION MODEL ADOPTED IN NOVEMBER OF 2009, SINCE THE PRESIDENT AND DIRECTOR OF OPERATIONS & COmpTROLLER TO THE PRESIDENT ARE THE ONLY COMPENSATED POSITIONS. FORM 990 PART XI LINE 9 Other change in net assets: Unrealized gain from change in value of beneficial trust interests. See also reconciliation disclosure on Schedule D, Part XI, Line 2d.