2026-02-23T16:51:40-06:00 2025-06-30 Sorren Inc 90 S CASCADE AVENUE SUITE 700 COLORADO SPRINGS CO 80903 990 2024-07-01 756016930 The Falcon Foundation % SHERRY COOPER FALC 7194722056 3116 Academy Drive Suite 200 USAF Academy CO 808404400 Steve Lorenz PRESIDENT & CEO 7194722056 2026-05-15 true true DOREEN B MERZ P00841439 7196301186 2024 2025-03-06 01:10:19Z Steve Lorenz 3116 Academy Drive200 USAF Academy CO 808404400 12275154 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 422856 421391 0 0 1255452 1139984 0 0 1678308 1561375 610724 631255 0 0 263231 278648 0 0 0 84388 104148 958343 1014051 719965 547324 33635989 37359903 17479 37068 33618510 37322835 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 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. false false 855834 565255 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 and THE AERO DEPARTMENT'S FLIGHT TRIP. 921834 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 3 0 2 true false false false false false true true false false false false false false X 14 13 false false true false true true true true true false false true true true true true true true true false CO X X SHERRY COOPER 7194722056 3116 ACADEMY DRIVE STE 200 USAF Academy CO 808404400 Steve Lorenz President & CEO 20.0 0.0 X X 127173 0 0 Sharon Cooper Director of Op and Comptroller 40.0 0.0 X 110095 0 14184 William Begert Chairman (To 10/2024) 1.0 0.0 X X 0 0 0 Robin Rand Vice Chairman 1.0 0.0 X X 0 0 0 Jason Herman Finance Committee Chair 1.0 0.0 X 0 0 0 Leon Johnson Nominating Committee Chair 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 Kate MacIntosh TO 052025 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 TrusteeTo 10 2024)Chairman (From 10/2024) 1.0 0.0 X X 0 0 0 Carrol Chandler Gov & Strat Committee Chair 1.0 0.0 X 0 0 0 Eric Holt Investment Committee Chair 1.0 0.0 X 0 0 0 Michael Moeller At Large Governing Trustee 1.0 0.0 X 0 0 0 Janet Wolfenbarger At Large Governing Trustee 1.0 0.0 X 0 0 0 Sue Ross From 102024 At Large Governing Trustee 1.0 0.0 X 0 0 0 Matthew Byrd Vice President 1.0 0.0 X 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 237268 0 14184 2 false false false 0 163000 258391 421391 0 961185 961185 0 0 0 0 0 10892578 10713779 178799 178799 178799 0 0 0 0 0 0 0 0 0 0 1561375 1139984 631255 631255 0 0 0 129898 114310 15588 0 113160 84870 28290 6688 5016 1672 10184 7638 2546 18718 15304 3414 0 1472 1472 13075 13075 0 0 0 4493 4493 0 11496 5166 6330 3399 2057 1342 0 4810 4810 5775 5775 0 10210 5883 4327 0 0 0 4858 4858 PROGRAM EVENTS 44560 44560 1014051 921834 92217 0 255848 89211 0 0 56361 42000 69458 48861 0 0 0 0 0 0 0 0 0 8366 0 0 32439478 36318395 0 0 0 0 0 0 814844 853070 33635989 37359903 279 8868 0 0 17200 28200 0 0 0 0 0 0 0 0 0 0 0 0 17479 37068 X 27881540 31502832 5736970 5820003 33618510 37322835 33635989 37359903 X 547324 3088935 68066 X false true X true false X 315560 289819 710547 422856 421391 2160173 0 0 315560 289819 710547 422856 421391 2160173 294189 1865984 633646 627196 649524 829446 961185 3700997 0 133 1000 3301 4434 5865604 0.31812 0.31951 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 110400 X X false 4719371 17700 556176 535626 4757621 4457168 71423 580517 389737 4719371 3785087 226836 469773 24528 4457168 4427126 29740 -655779 16000 3785087 4296813 75648 70665 16000 4427126 1.00000 true false 0 0 X 4718376 3088935 68066 3157001 1561375 1561375 1014051 1014051 1014051 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 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 $ 23,209 = $ 13,034 + $10,175 Ackerman Trust $ 44,857 = $ 25,192 + $19,665 ------------------------------------------------------------------------ Total $ 68,066 = $ 38,226 + $29,840 true Marion Military Institute 1101 Washington St Marion AL 36756 630288853 501(C)3 110175 Scholarship Payments New Mexico Military Institute 101 West College Roswell NM 88201 856000408 501(C)3 39530 Scholarship Payments Northwestern Preparatory PO Box 3308 Crestline CA 92325 410451348 501(C)3 216250 Scholarship Payments Randolph-Macon Academy 200 Academy Drive Front Royal VA 22630 540505939 501(C)3 135300 Scholarship Payments United States Air Force Academy 2304 Caden Drive Ste 3300 USAFA CO 80840 931175536 US Air force 66000 Support of Academy Programs Georgia Military College 201 E Green St Milledgeville GA 31061 580616992 State of GA 64000 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 VI, Section A Line 4 THE ORGANIZATION'S BYLAWS WERE AMENDED TO revise the roles of the Chair of the Board and the President of the Board. The Chair no longer serves as Chief Executive Officer and instead provides governance oversight. The President of the Board is now designated as Chief Executive Officer and is responsible for executive management of the Foundation, subject to the direction and control of the governing trustees. 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, Section A 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, Section A LINE 7 B The following acts require the approval of the board of trustees (members): (1) new membership approval, (2) approval of the foundation's strategic plan, and (3) 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 B 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 THE PRESIDENT & CEO 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 & CEO 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 & CEO 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 & CEO AND DIRECTOR OF OPERATIONS & COmpTROLLER TO THE PRESIDENT & CEO 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.