Nonprofit · EIN 56-1752731
FIRST FLIGHT VENTURE CENTER INC
Tax-exempt · DURHAM, NC 27709
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2025 | 990 | $1,916,578 | $2,265,324 | -$348,746 | $12,508,791 | $384,693 | $12,124,098 |
| December 31, 2024 | 990 | $12,132,561 | $1,561,799 | $10,570,762 | $12,834,460 | $360,835 | $12,473,625 |
| December 31, 2023 | 990 | $1,534,311 | $1,262,131 | $272,180 | $2,144,263 | $242,304 | $1,901,959 |
Financial details: 990 for the year ended December 31, 2025
Revenue
- Contributions, gifts and grants
- $702,127
- of which government grants
- $326,036
- Program service revenue
- $918,506
- Investment income
- $323,067
- Net income from fundraising events
- -$27,122
- Other revenue
- -$27,122
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $188,642
- Other salaries and wages
- $287,884
- Salaries, compensation and benefits (total)
- $550,260
- Professional fundraising fees
- $94,375
- Accounting fees
- $80,794
- Occupancy
- $256,234
- Travel
- $30,148
- Depreciation
- $209,001
- Program services (functional)
- $281,833
- Management and general (functional)
- $1,889,116
- Fundraising (functional)
- $94,375
Balance sheet and other
- Total assets, start of year
- $12,834,460
- Total assets, end of year
- $12,508,791
- Total liabilities, end of year
- $384,693
- Net assets, end of year
- $12,124,098
- Land, buildings and equipment
- $4,399,418
- Net assets without donor restrictions
- $12,124,098
- Gross receipts
- $1,943,700
- Employees
- 9
- Volunteers
- 100
- Year formed
- 1991
- State of legal domicile
- NC
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| KRISTA COVEY | PRESIDENT Officer | 40 | $188,642 |
| MARY MUSACCHIA | BOARD CHAIR Trustee or director, Officer | 1 | $0 |
| KENNETH TINDALL | SECRETARY Trustee or director, Officer | 1 | $0 |
| LEBONE MOSES | TREASURER Trustee or director, Officer | 1 | $0 |
| JEAN DAVIS | DIRECTOR Trustee or director | 1 | $0 |
| PAULA HENDERSON | DIRECTOR Trustee or director | 1 | $0 |
| JAMES NICHOLS | DIRECTOR Trustee or director | 1 | $0 |
| MARY BETH THOMAS | DIRECTOR Trustee or director | 1 | $0 |
| DAN O'KORN | DIRECTOR Trustee or director | 1 | $0 |
990 for the year ended December 31, 2024: 10 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| KRISTA COVEY | PRESIDENT Officer | 40 | $179,000 |
| EMIL RUNGE IV | PROGRAM MANAGER Highest-paid employee | 40 | $105,000 |
| MARY MUSACCHIA | BOARD CHAIR Trustee or director, Officer | 1 | $0 |
| KENNETH TINDALL | SECRETARY Trustee or director, Officer | 1 | $0 |
| LEBONE MOSES | TREASURER Trustee or director, Officer | 1 | $0 |
| JEAN DAVIS | DIRECTOR Trustee or director | 1 | $0 |
| PAULA HENDERSON | DIRECTOR Trustee or director | 1 | $0 |
| JAMES NICHOLS | DIRECTOR Trustee or director | 1 | $0 |
| MARY BETH THOMAS | DIRECTOR Trustee or director | 1 | $0 |
| DAN O'KORN | DIRECTOR Trustee or director | 1 | $0 |
990 for the year ended December 31, 2023: 10 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| KRISTA COVEY | PRESIDENT Officer | 40 | $177,000 |
| JEAN DAVIS | DIRECTOR Trustee or director | 1 | $0 |
| PETER GINSBERG | TREAS. THRU Trustee or director, Officer | 1 | $0 |
| PAULA HENDERSON | DIRECTOR Trustee or director | 1 | $0 |
| LEBONE MOSES | TREAS. EFF 2 Trustee or director, Officer | 1 | $0 |
| MARY MUSACCHIA | BOARD CHAIR Trustee or director | 1 | $0 |
| JIM NICHOLS | DIRECTOR Trustee or director | 1 | $0 |
| DAN O'KORN | DIRECTOR Trustee or director | 1 | $0 |
| MARY BETH THOMAS | DIRECTOR Trustee or director | 1 | $0 |
| KEN TINDALL | SECRETARY Trustee or director, Officer | 1 | $0 |
Address and contacts
- Address (IRS master file)
- PO BOX 13169, DURHAM, NC 27709-3169
- Mailing address (990-N for 2016)
- 2 Davis Drive, RTP NC 27709
- Principal officer (990 for 2025)
- KRISTA COVEY, PO BOX 13169, DURHAM, NC 27709
- Principal officer (990-N for 2016)
- Andrew Schwab, 2 Davis Drive, RTP NC 27709
- Signed the 990
- KRISTA COVEY, PRESIDENT
- Phone
- (919) 990-8558
- Website
- www.ffvcnc.org
- Return prepared by
- SHARPE PATEL CPA
Mission
TO PROPEL EARLY-STAGE SCIENCE COMPANIES THROUGH THE DELIVERY OF COMPREHENSIVE RESOURCES, AND TO EMPOWER INNOVATORS TO TRANSFORM GOOD IDEAS INTO GREAT SUCCESSES.
Program accomplishments
- SCIENCE INCUBATOR SERVICES IS A PROGRAM THAT PROVIDES FLEXIBLE LEASES TO MORE THAN 30 NORTH CAROLINA TECHNOLOGY COMPANIES. IT CONNECTS THESE COMPANIES WITH POTENTIAL INVESTORS AND SUPPORTS ENTREPRENEURS IN DEVELOPING PATENT STRATEGIES TO EXPAND THEIR INTELLECTUAL PROPERTY PORTFOLIOS.Expenses $5,429 · revenue $832,464
- SUBSIDIZED GRANT WRITING SERVICES OFFER NON-DILUTIVE FUNDING STRATEGIES TO ACCEPTED CANDIDATES. THESE SERVICES SUPPORT BOTH PHASE I AND PHASE II SBIR GOVERNMENT GRANT APPLICATIONS, HELPING ENTREPRENEURS SECURE CRITICAL EARLY-STAGE FUNDING.Expenses $39,600
- THE ADVANCED PROTOTYPING FACILITY IS A SUBSCRIPTION-BASED COMMUNITY RESOURCE DESIGNED TO SUPPORT THE DEVELOPMENT OF ADVANCED TECHNOLOGY PRODUCT PROTOTYPES. IT OFFERS DESIGN CONTRACT SERVICES AND MAINTAINS A WIDE RANGE OF HIGH-TECH PROTOTYPING EQUIPMENT TO ASSIST INNOVATORS IN BRINGING THEIR IDEAS TO LIFE.Expenses $183,339 · revenue $86,042
- WHEELSUP ACCELERATOR AND ALL OTHER.Expenses $53,465
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | 990 on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 56-1752731
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 1993
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Community improvement and capacity building (S400)
- Assets (IRS master file)
- $12,508,791
- Income (IRS master file)
- $1,943,700
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2025 | $1,916,578 | $2,265,324 | $12,508,791 | XML |
| 990 | December 2024 | $12,132,561 | $1,561,799 | $12,834,460 | IRS |
| 990 | December 2023 | $1,534,311 | $1,262,131 | $2,144,263 | XML |
| 990 | December 2022 | $1,426,319 | $1,425,952 | $2,004,439 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990-N for 2016 Officer: Andrew Schwab | December 31, 2016 | ≤ $50,000 receipts | – | – | e-Postcard |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 56-1752731).
Questions about FIRST FLIGHT VENTURE CENTER INC
- What is the EIN of FIRST FLIGHT VENTURE CENTER INC?
- The employer identification number (EIN) of FIRST FLIGHT VENTURE CENTER INC is 56-1752731.
- Is FIRST FLIGHT VENTURE CENTER INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1993.
- Are donations to FIRST FLIGHT VENTURE CENTER INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does FIRST FLIGHT VENTURE CENTER INC file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of FIRST FLIGHT VENTURE CENTER INC due?
- The return for tax year 2026 (the year ending December 31, 2026) is due May 17, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did FIRST FLIGHT VENTURE CENTER INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2025.
- Who is the principal officer of FIRST FLIGHT VENTURE CENTER INC?
- The 990 for the year ended December 31, 2025 names KRISTA COVEY.
- Who are the officers and directors of FIRST FLIGHT VENTURE CENTER INC?
- The 990 for the year ended December 31, 2025 lists 9 people; 1 received compensation from the organization, the highest $188,642 (KRISTA COVEY, PRESIDENT).
- How much revenue does FIRST FLIGHT VENTURE CENTER INC have?
- On its 990 for the year ended December 31, 2025 it reported revenue of $1,916,578, expenses of $2,265,324 and total assets of $12,508,791 at year end.
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