FIRST FLIGHT VENTURE CENTER INC Charity Report

Public IRS 990 nonprofit record

FIRST FLIGHT VENTURE CENTER INC

EIN 56-1752731 · Community Improvement & Capacity Building (S400)

What they do

PROVIDING FLEXIBLE TERMS and PRICING to NORTH CAROLINA TECHNOLOGY ENTREPRENEURS IN THE AREAS of NON-DILUTIVE FUNDING STRATEGIES, ADVANCED PROTOTYPING, and LABORATORY and OFFICE LEASES. WE SUPPORT NC TECHNOLOGY ENTREPRENEURS IN GROWING THEIR BUSINESSES.

Before you give

Should I give to this charity?

Easy charity check

The spending raises an important question

Of every $100 spent, about $19.90 was reported for mission work and $5.00 for fundraising. Understand this before you give.

Plain answer: A tax form cannot prove that a charity is doing good. It can show how the charity says it spent its money—and point out questions you should ask.

Basic facts we verified

IRS warning checkNo IRS revocation warning appears in this data.

Money report from 2024The charity has a recent tax report to read.

They explain their jobThe charity tells us what it is trying to do.

They name their leaders10 people are listed in the latest report.

You can reach themThey list contact information, so you can ask questions.

Money made simple

19.9%of expenses went to mission work2.60% of revenue

5.0%of expenses went to fundraising0.60% of revenue

$12.87spent for every $100 of revenueRevenue covered expenses this year.

75.1%of expenses went to management and office costs9.70% of revenue

$8.22in assets for every $1 spent this yearSome assets cannot be spent right away.

89.8%of its money came from giftsOther money may come from services or investments.

Ask these three easy questions

Who did you help? Ask for a recent story or report that shows real results.
What will my money do? Ask exactly what your gift will pay for.
Is this really the charity? Give only through its official website or confirmed phone number.

Pay context: The highest compensation shown in this filing is $179,000 for KRISTA COVEY (PRESIDENT). Compare pay with organizations of similar size and complexity.

Bottom line: Do not decide from a name, mission statement, or tax status alone. Look at where the money went, then ask what changed, who was helped, and what your gift will do. YouCanGiveBack does not endorse or grade organizations.

Money

Financial picture

Tax year 2024

A plain-language look at the latest Form 990 figures available. These numbers help you ask better questions; they do not, by themselves, rate whether a charity is good or bad.

$100spent

Where each $100 of expenses went

The first percentage is the spending mix. The second compares that amount with the charity’s revenue.

Mission workProgram services19.9% of expenses2.60% of revenue

ManagementOffice and general costs75.1% of expenses9.70% of revenue

FundraisingAsking for donations5.0% of expenses0.60% of revenue

Total expenses12.90% of revenue

Pause before giving. This filing reports that 5.0% of spending went to fundraising and 19.9% went to mission work. Ask the charity to explain these numbers and show recent results.

Has the pattern changed?

Each bar shows the share of annual spending reported for mission work, management, and fundraising.

202419.9% mission

202361.4% mission

202257.9% mission

202171.5% mission

202074.0% mission

Money in and money out

Revenue$12,132,561

Expenses$1,561,799

Annual surplus $10,570,762 Revenue was higher than expenses for this filing year.

Reported spending amounts

Mission work means the Form 990 category called program services. These are reported accounting categories—not an independent measurement of results.

Mission work (program services)$310,840 · 19.9% of expenses

Management and office costs$1,172,137 · 75.1% of expenses

Fundraising$78,822 · 5.0% of expenses

See all reported dollar amounts

Revenue$12,132,561

Expenses$1,561,799

Assets$12,834,460

Income$12,157,566

Contributions$10,899,814

Mission work (program services)$310,840

Fundraising$78,822

Grants given$55,000

Average grant$55,000

Management and general$1,172,137

Executive compensation (total)$155,000

Accounting fees$59,264

People

Leadership and board

Tax year 2024

Names, titles, time, and compensation below are reported by the organization on its Form 990.

People reported as paid

Person and titleCompensation

KRISTA COVEYPRESIDENT · 40 hrs/week $179,000

EMIL RUNGE IVPROGRAM MANAGER · 40 hrs/week $105,000

Compensation alone does not tell whether pay is reasonable. Consider the charity’s size, work, location, and results.

See everyone listed on the board or leadership roster (10)

KRISTA COVEYPRESIDENT

EMIL RUNGE IVPROGRAM MANAGER

DAN OKORNDIRECTOR

JAMES NICHOLSDIRECTOR

JEAN DAVISDIRECTOR

KENNETH TINDALLSECRETARY

LEBONE MOSESTREASURER

MARY MUSACCHIABOARD CHAIR

MARY BETH THOMASDIRECTOR

PAULA HENDERSONDIRECTOR

About this charity

Recognized since: January 1993
Location: 2 DAVIS DRIVE, RESEARCH TRIANGLE PARK, NC 27709
County: Durham
In care of: KRISTA COVEY
Primary officer: KRISTA COVEY, PRESIDENT

How to reach them

WebsiteVisit the charity’s website Emailinfo@ffvnc.org Phone(919) 990-8558

Filing and classification

Latest tax year: 2024
Tax period began: January 1, 2024
Return type: 990
Tax preparer: SHARPE PATEL CPA
NTEE classification: Community Improvement & Capacity Building (S400)
IRS tax category: Business Associations
Grant-giving organization: Yes