2026-05-14T16:59:02-05:00 2025-12-31 934792291 SORREN INC 90 S CASCADE AVE SUITE 700 COLORADO SPRINGS CO 80903 990 2025-01-01 260537053 AIR FORCE ACADEMY FOUNDATION AIRF 7194720300 3115 ACADEMY DR USAF ACADEMY CO 808404475 KATIE WILLEMARCK CFO 7194720300 2026-05-14 1 DOREEN MERZ P00841439 7196301186 2026-05-11 2025 2025-03-06 01:10:19Z X KATIE WILLEMARCK 3115 ACADEMY DR USAF ACADEMY CO 80840 64773778 0 X WWW.USAFA.ORG X 2007 DE TOGETHER, WE SUPPORT THE ACADEMY, SERVE OUR GRADUATES, AND PRESERVE THE (CONT ON SCH O) HERITAGE OF THE INSTITUTION. 59 58 115 62 17908 15217 41469423 31457725 0 0 3520428 3652921 59893 37624 45049744 35148270 33702902 8046558 0 0 3451415 4197017 382303 226973 3294254 3319297 4788980 40855917 17259528 4193827 17888742 169492887 191269920 13334420 5041266 156158467 186228654 X TO BE AN ASSOCIATION AND FOUNDATION OF INFLUENCE AND IMPACT, SUPPORTING THE ACADEMY'S ENDURING MISSION OF DEVELOPING LEADERS OF CHARACTER FOR THE NATION, AND PROVIDING A LIFETIME OF SERVICE TO THE LONG BLUE LINE. (CONT ON SCH O).STRATEGIC PRIORITIES OF: (1) ENGAGEMENT - CULTIVATE LIFELONG RELATIONSHIPS AND PROVIDE VALUED SERVICE TO THE ACADEMY AND OUR GRADUATES.(2) PHILANTHROPY - ENHANCE FINANCIAL STRENGTH AND STABILITY TO ADVANCE THE ACADEMY AND SUSTAIN OUR MISSION.(3) STEWARDSHIP - RESPONSIBLY SEEK AND MANAGE GIFTED TIME, TALENT, TREASURE AND RELATIONSHIPS.(4) COMMUNICATION - TELL THE STORY OF OUR ACADEMY, OUR GRADUATES AND OUR MISSION WITH OUR WORDS AND ACTIONS.(5) ORGANIZATIONAL EXCELLENCE - ALIGN OUR VALUES, OUR CULTURE AND OUR COMMITMENT AS A TEAM TO DRIVE OVERALL EFFECTIVENESS OF OUR MISSION. 0 0 4632351 4615278 ACADEMIC SUPPORT:THE AIR FORCE ACADEMY FOUNDATION SECURES PHILANTHROPIC SUPPORT FROM INDIVIDUALS, FOUNDATIONS AND CORPORATIONS TO PROVIDE ADDITIONAL FUNDING SUPPORT TO THE U.S. AIR FORCE ACADEMY (USAFA) BEYOND WHAT THE GOVERNMENT IS ABLE TO PROVIDE. A LARGE PART OF THIS SUPPORT GOES TOWARD ACADEMIC PROGRAMS THAT AUGMENT THE CORE CURRICULUM. IN 2025, THIS INCLUDED SIGNIFICANT SUPPORT FOR THE INSTITUTE FOR FUTURE CONFLICT AND MARTINSON HONORS PROGRAM AND THE ESTABLISHMENT OF A CADET-ADVISED INVESTMENT PORTFOLIO. PRIVATE SUPPORT ALSO ENABLES CADETS TO PARTICIPATE IN ACADEMIC OPPORTUNITIES THAT INCLUDE TRAVEL, SUCH AS CULTURAL IMMERSION EXPERIENCES AND NATIONAL ACADEMIC TEAM COMPETITIONS. 3022889 563785 19716 ASSOCIATION & FOUNDATION PROGRAM SUPPORT:GRANTS ARE PROVIDED ANNUALLY TO THE ASSOCIATION OF GRADUATES (AOG) IN SUPPORT OF ITS OPERATIONS TO SERVE ALUMNI OF USAFA, KNOWN AS THE LONG BLUE LINE. THE AOG PROVIDES A VARIETY OF PROGRAMS AND SERVICES TO CONNECT THE LONG BLUE LINE TO USAFA, EACH OTHER AND CURRENT CADETS WHO WILL SOON JOIN THE LONG BLUE LINE COMMUNITY. THESE FUNDS WERE LARGELY USED TO DECREASE THE COST OF CLASS REUNIONS AND SUPPORT GRADUATE ENGAGEMENT PROGRAMS. THIS PROGRAM ALSO INCLUDES PHILANTHROPIC SUPPORT FOR WECKER HALL, THE NEW OFFICE BUILDING FOR THE AOG AND AIR FORCE ACADEMY FOUNDATION STAFF. PAYING DOWN THE BONDS ON HOTEL POLARIS, WHICH WILL BE TURNED OVER TO THE ASSOCIATION & FOUNDATION UPON PAYOFF OF THE BONDS, WAS ALSO A MAJOR USE OF FUNDS. 1651954 1616463 CAPITAL PROJECTS AND HERITAGE PROGRAMS:THE AIR FORCE ACADEMY FOUNDATION SECURES PHILANTHROPIC SUPPORT TO PRESERVE USAFA HERITAGE AND TO CONSTRUCT OR ENHANCE FACILITIES ON THE ACADEMY, INCLUDING MEMORIALS AND DISPLAYS. THE LARGEST EXPENSES IN THIS AREA FOR 2025 SUPPORTED THE CONSTRUCTION OF THE TUSKEGEE AIRMEN MEMORIAL AT DAVIS FIELD AND THE INSTALLATION OF A GLIDER IN THE HIGHEST GALLERY OF THE HOSMER VISITOR CENTER. 1251032 1251032 CADET ATHLETICS, ACTIVITIES, AND CHARACTER & LEADERSHIP PROGRAMSTHE AIR FORCE ACADEMY FOUNDATION SECURES PHILANTHROPIC SUPPORT FOR CADET ACTIVITIES. THESE FUNDS ARE USED TO SUPPLEMENT FUNDING FOR ATHLETICS THROUGH THE AIR FORCE ACADEMY ATHLETIC CORPORATION, TO SUPPORT CADET CLUBS AND EXTRACURRICULAR ACTIVITIES, AND TO FUND CHARACTER AND LEADERSHIP DEVELOPMENT PROGRAMS AT THE ACADEMY. IN 2025, OVER 100 CADET TEAMS AND CLUBS RECEIVED SUPPORT FROM THE AIR FORCE ACADEMY FOUNDATION. THIS PROGRAM ALSO INCLUDES ANNUAL SUPPORT FOR THE NATIONAL CHARACTER AND LEADERSHIP SYMPOSIUM. 1251032 1251032 10558226 1 1 0 0 0 0 0 0 1 0 1 0 0 0 0 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 0 0 1 85 0 115 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 59 58 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AL AK AR AZ CA CO CT DE DC FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY X X KATIE WILLEMARCKCFO 7194720300 3115 ACADEMY DRIVE USAF ACADEMY CO 80840 X MARK D HILLE PRESIDENT & CEO 20.00 2.00 X X 226226 0 51610 ALEX P GILBERT CHAIR 1.00 1.00 X X 0 0 0 STEPHEN M DICKSON VICE CHAIR 1.00 0.00 X X 0 0 0 JEFFREY M FRIENT TREASURER 1.00 0.00 X X 0 0 0 STEPHEN S MACLEOD SECRETARY 1.00 0.00 X X 0 0 0 APRIL SULLIVAN FITZGERALD MEMBER AT LARGE (TO 10/25) 1.00 0.00 X 0 0 0 LOUIS W BREMER BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 JEROME V BRUNI BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 PAUL CAPON BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 BRIAN CHERRY BOARD OF DIRECTOR (FROM 05/25) 1.00 0.00 X 0 0 0 JOHN D CHILDS BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 EVAN M DADOSKY BOARD OF DIRECTOR 1.00 1.00 X 0 0 0 LEONARD C EKMAN BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 ELIZABETH D FERRILL BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 JOHN M FOX BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 BRIAN C GORNICK BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 ALEXANDER F GRANADOS BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 BRADLEY C HOSMER BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 EDWARD R JAYNE BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 WILLIAM A JONES JR BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 PAUL G KAMINSKI BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 JESUNG KIM BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 J SCOTT KIRBY BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 JACK N KUCERA BOARD OF DIRECTOR 1.00 1.00 X 0 0 0 MATTHEW J KUTA BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 MICHAEL LAMBERT BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 MICHAEL LEAHY BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 TED E LEGASEY BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 ROD R LITTLE BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 EUGENE A LUPIA BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 PAUL S MADERA BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 SARAH J SAXER MARSHALL BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 JOHN W MARTIN JR BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 JOHN H MARTINSON BOARD OF DIRECTOR (TO 10/25) 1.00 0.00 X 0 0 0 RICHARD D MCCONN BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 BRADLEY M MEISSEN BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 BENJAMIN A MOE BOARD OF DIRECTOR (FROM 01/25) 1.00 0.00 X 0 0 0 PATRICK M NESBITT BOARD OF DIRECTOR (TO 07/25) 1.00 0.00 X 0 0 0 TERRENCE O'DONNELL BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 KEVIN O'NEIL BOARD OF DIRECTOR 1.00 1.00 X 0 0 0 TERRENCE J O'SHAUGHNESSY BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 CHARLES E PHILLIPS BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 GREGG C POPOVICH BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 CHRISTINA M QUILLEN AGNEW BOARD OF DIRECTOR (FROM 11/25) 1.00 0.00 X 0 0 0 VINCENT P REYNA BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 PAUL ROSSETTI BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 DANIEL J SCHNEPF BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 NORTON A SCHWARTZ BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 THOMAS A STEIN BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 MATTHEW C STEWART BOARD OF DIRECTOR (FROM 08/25) 1.00 0.00 X 0 0 0 WES STOWERS JR BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 DAVID J STROBEL BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 JAMESINA S TOOGOOD BOARD OF DIRECTOR (FROM 10/25) 1.00 0.00 X 0 0 0 WILLIAM E WECKER BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 MARK A WELSH III BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 DAVID YOST BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 MATTHEW YOUNG BOARD OF DIRECTOR (FROM 06/25) 1.00 0.00 X 0 0 0 LESLIE G DENEND EMERITUS DIRECTOR 1.00 0.00 X 0 0 0 TERRANCE M DRABANT EMERITUS DIRECTOR 1.00 0.00 X 0 0 0 BART HOLADAY EMERITUS DIRECTOR 1.00 0.00 X 0 0 0 MAX F JAMES EMERITUS DIRECTOR 1.00 0.00 X 0 0 0 GILBERT D MOOK EMERITUS DIRECTOR 1.00 0.00 X 0 0 0 HUGH H WILLIAMSON EMERITUS DIRECTOR (TO 10/25) 1.00 0.00 X 0 0 0 KATIE WILLEMARK CFO 20.00 2.00 X 127844 0 34971 KELLY BANET EXECUTIVE VICE PRESIDENT OF DEVELOPMENT 38.00 0.00 X 223119 0 79828 MEGAN MYERS ASSISTANT VICE PRESIDENT OF DEVELOMENT 39.00 0.00 X 113211 0 12717 CHRISTOPHER MAZUREK DIRECTOR OF PROJECTS AND FACILITIES 32.00 0.00 X 103083 0 8959 793483 0 188085 5 0 1 0 SAUNDERS NORWOOD CONSTRUCTIONS LLC 111 S TEJON ST STE 200 COLORADO SPRINGS CO 80903 CONSTRUCTION 11929880 WORKPLACE RESOURCE 9600 E 40TH AVENUE DENVER CO 80238 INTERIOR DESIGN PRODUCTS 726351 JAMES NANCE SCULPTURE STUDIO 4617 LONETREE DRIVE LOVELAND CO 80537 BRONZE SCULPTOR 398375 FESCO ENERGY LLC 7470 NEW TECHNOLOGY WAY SUITE A FREDERICK MD 21703 ENERGY ASSESSMENTS AND SERVICES 360000 LEGENDS SALES & MARKETING LLC 61 BROADWAY STREET STE 2400 NEW YORK NY 10006 PROFESSIONAL FUNDRAISING 277062 12 31457725 2717352 31457725 3420018 3420018 29858411 29625508 232903 232903 232903 MISCELLANEOUS REVENUE 900099 19716 19716 UBI FROM PARTNERSHIP K-1S 901101 17908 17908 37624 35148270 19716 17908 3652921 7980224 7980224 66334 66334 743598 564341 179257 2861987 253662 1330356 1277969 74994 21455 53539 250909 98587 152322 265529 134615 130914 27699 27699 70319 70319 226973 226973 298428 176989 121439 167170 140476 26694 554524 168043 386481 124533 12106 112427 49215 49215 294011 119953 174058 15018 9671 5347 380749 373384 7365 PROGRAM DEVELOPMENT EXP 2258006 2258006 ALLOCATED ADMIN OVERHEA 345762 73917 271845 DONOR APPRECIATION 141281 735 140546 EMPLOYEE MORALE & RECOG 24025 16284 7741 38240 18903 19337 17259528 10558226 3407048 3294254 1000 1000 42319214 40160796 34376051 31533513 1132906 855749 127202 137002 26117374 496012 15130819 25621362 76395958 92947673 9737 12825 169492887 191269920 8813485 1785769 2656946 815897 1863989 2439600 13334420 5041266 X 6559098 27043099 149599369 159185555 156158467 186228654 169492887 191269920 X 17888742 13829449 -1648004 X X 0 1 X 1 0 X 29711159 36602736 37187199 41278071 31457725 176236890 29711159 36602736 37187199 41278071 31457725 176236890 38743134 137493756 922386 1805697 2653376 3417551 3420018 12219028 22278 17908 40186 11550 10946 150019 37615 210130 188706234 19716 0.72860 0.75990 X SCHEDULE A, PART II, LINE 1 DURING THE FISCAL YEAR ENDING JUNE 30, 2025, THE ORGANIZATION DETERMINED PRIOR YEAR PLEDGES HAD BECOME UNCOLLECTIBLE. LINE 1, CONTRIBUTIONS, FOR THE FOLLOWING YEARS, HAS BEEN ADJUSTED TO REFLECT THE UNCOLLECTIBLE PLEDGES: COLUMN (C) 2022 - 932 AND COLUMN (D) 2023 - $123,700. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 21067794 315119 20752675 892275 157920 734355 4157305 22973 4134332 25621362 X 47330714 13829449 999 13830448 33500266 1648004 1648004 35148270 17260527 999 999 17259528 0 17259528 PART IV, LINE 2B: THE ORGANIZATION HOLDS FUNDS ON BEHALF OF THE FRIENDS OF THE AIR FORCE ACADEMY LIBRARY (THE FRIENDS), A SEPARATE NONPROFIT ORGANIZATION WHICH ALSO SUPPORTS THE ACADEMY. PART X, LINE 2: BOTH THE FOUNDATION AND THE TRUST ARE QUALIFIED ORGANIZATIONS EXEMPT FROM FEDERAL INCOME TAXES UNDER THE PROVISIONS OF 501(C)(3) OF THE INTERNAL REVENUE CODE. IN ADDITION, BOTH THE FOUNDATION AND THE TRUST QUALIFY FOR THE CHARITABLE CONTRIBUTION DEDUCTION. THE ORGANIZATION BELIEVES THAT IT DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE CONSOLIDATED FINANCIAL STATEMENTS. PART XI, LINE 4B - OTHER ADJUSTMENTS: WRITE OFF OF PY PLEDGES AS UNCOLLECTIBLE 1,651,092. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT -3,088. X X X X X 0 LEGENDS SALES & MARKETING LLC 61 BROADWAY STREET STE 2400 NEW YORK NY 10006 SOLICITATION OF DONATIONS - CALL CENTER 0 277710 226973 50737 277710 226973 50737 AL AK AZ AR CA CO CT DE DC FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO NE NV NH NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY NJ 1 US TREASURY 2304 CADET DRIVE SUITE 3200 USAFA CO 80840 FEDERAL GOV 1164919 5240076 ACTUAL COST SEE PART IV GENERAL SUPPORT, SEE PART IV AIR FORCE ACADEMY ATHLETIC ASSOCIATION 2618 FIELD HOUSE DR USAFA CO 80840 454331061 501(C)(3) 496004 16658 ACTUAL COST SEE PART IV GENERAL SUPPORT, SEE PART IV ASSOCIATION OF GRADUATES 3115 ACADEMY DR USAFA CO 80840 840580665 501(C)(3) 507034 42645 ACTUAL COST SEE PART IV GENERAL SUPPORT, SEE PART IV FALCON FOUNDATION 3115 ACADEMY DR USAFA CO 80841 756016930 501(C)(3) 54932 1184 ACTUAL COST SEE PART IV GENERAL SUPPORT, SEE PART IV ACADEMY RESEARCH AND DEVELOPMENT INSTITUTE 1490 GARDEN OF THE GODS RD COLORADO SPRINGS CO 80907 742378230 501(C)(3) 279114 35203 ACTUAL COST SEE PART IV GENERAL SUPPORT, SEE PART IV BOLT BROTHERHOOD 2401 PARMA CT COLORADO SPRINGS CO 809212935 873854189 501(C)(3) 10000 15 ACTUAL COST SEE PART IV GENERAL SUPPORT, SEE PART IV AIR FORCE ACADEMY REAL ESTATE TRUST 3115 ACADEMY DR USAFA CO 80840 861379592 501(C)(3) 132440 0 LOAN FORGIVENESS 7 0 MAJOR GENERAL FOLLETT BRADLEY SCHOLARSHIP 1 62794 DENNIS P. RANDO GRANTS 7 3540 PART I, LINE 2: UNITED STATES AIR FORCE ACADEMY THE ORGANIZATION MONITORS THE USE OF GRANT FUNDS PROVIDED TO THE UNITED STATES AIR FORCE ACADEMY BY MAINTAINING REGULAR CONTACT WITH THE UNITED STATES AIR FORCE ACADEMY SUPERINTENDENT'S OFFICE AND STAFF. AIR FORCE ACADEMY ATHLETIC CORPORATION THE ORGANIZATION MONITORS THE USE OF GRANT FUNDS PROVIDED TO THE AIR FORCE ACADEMY ATHLETIC CORPORATION DEPARTMENT BY MAINTAINING REGULAR CONTACT WITH THE ATHLETIC DIRECTOR'S OFFICE AND STAFF. ASSOCIATION OF GRADUATES OF THE USAFA THE ORGANIZATION MONITORS THE USE OF GRANT FUNDS PROVIDED TO THE ASSOCIATION OF GRADUATES OF THE UNITED STATES AIR FORCE ACADEMY BY MAINTAINING REGULAR CONTACT WITH ASSOCIATION'S DIRECTORS, OFFICERS AND STAFF, INCLUDING RECIPROCAL ATTENDANCE AT THE ASSOCIATION'S AND THE ORGANIZATION'S BOARD OF DIRECTORS MEETINGS AND AT VARIOUS OTHER ASSOCIATION AND ORGANIZATION MEETINGS, EVENTS AND ACTIVITIES. SCHOLARSHIPS SCHOLARSHIPS ARE PAID DIRECTLY TO THE RECIPIENT'S SCHOOL TO ENSURE PROPER USE OF FUNDS. SCHEDULE I, PART II, COLUMN G, LINE 1 U.S. AIR FORCE ACADEMY PURPOSE OF GRANT: SUPPLEMENT FUNDING OF THE U.S. AIR FORCE ACADEMY FOR ACADEMICS, CADET ACTIVITIES, AND REAL PROPERTY IMPROVEMENTS. SCHEDULE I, PART II, COLUMN G, LINE 2 AIR FORCE ACADEMY ATHLETIC ASSOCIATION PURPOSE OF GRANT: PROVIDE GENERAL SUPPORT FOR ATHLETIC PROGRAMS ON THE U.S. AIR FORCE ACADEMY. SCHEDULE I, PART II, COLUMN G, LINE 3 ASSOCIATION OF GRADUATES PURPOSE OF GRANT: GENERAL ASSISTANCE TO SUPPORT ASSOCIATION PROGRAMS. SCHEDULE I, PART II, COLUMN G, LINE 4 FALCON FOUNDATION PURPOSE OF GRANT: GENERAL SUPPORT FOR FOUNDATION OPERATIONS. SCHEDULE I, PART II, COLUMN G, LINE 5 ACADEMY RESEARCH AND DEVELOPMENT INSTITUTE PURPOSE OF GRANT: GENERAL ASSISTANCE TO SUPPORT FOUNDATION PROGRAMS. SCHEDULE I, PART II, COLUMN G, LINE 6 BOLT BROTHERHOOD PURPOSE OF GRANT: SUPPORT FOR AN EVENT TO ENGAGE WITH AIR FORCE ACADEMY FOOTBALL ALUMNI. SCHEDULE I, PART III, COLUMN (B), LINE 1-2 COLUMN B REPORTS THE NUMBER OF SCHOLARSHIP AND FINANCIAL ASSISTANCE RECIPIENTS. X 1 1 X X X X 0 1 0 0 0 0 0 1 0 KELLY BANET EXECUTIVE VICE PRESIDENT OF DEVELOPM 222169 0 950 0 0 0 51869 0 27959 0 302947 0 0 0 MARK D HILLE PRESIDENT & CEO 173992 0 23000 0 29234 0 37387 0 14223 0 277836 0 29234 0 KATIE WILLEMARK CFO 127344 0 500 0 0 0 27921 0 7050 0 162815 0 0 0 PART I, LINE 4B THE ORGANIZATION MAINTAINS A NONQUALIFIED SECTION 457(F) DEFERRED COMPENSATION ARRANGEMENT UNDER WHICH EXECUTIVE EMPLOYEES MAY EARN ADDITIONAL COMPENSATION OVER A FOUR-YEAR PERIOD, WITH INTEREST, SUBJECT TO CONTINUED SERVICE THROUGH THE FOUR-YEAR PERIOD ENDING ON DECEMBER 31ST, AND SPECIFIED FORFEITURE, TERMINATION, PERFORMANCE-GOAL, AND PAYOUT ELECTION PROVISIONS. DEFERRED COMPENSATION PROVIDED UNDER A SECTION 457(F) PLAN IS REPORTED ON SCHEDULE J AS EMPLOYER CONTRIBUTIONS TO DEFERRED COMPENSATION PRIOR TO VESTING AND IS INCLUDED IN THE EXECUTIVE'S FORM W-2 AS TAXABLE WAGES IN THE YEAR THE AMOUNTS BECOME SUBSTANTIALLY VESTED. ACTUAL CASH PAYMENTS UNDER THE ARRANGEMENT MAY OCCUR AT A LATER DATE AND THEREFORE MAY NOT COINCIDE WITH THE YEAR OF W-2 REPORTING OR VESTING. PLEASE REVIEW SCHEDULE J, COLUMN (F) FOR 457F COMPENSATION AMOUNTS REPORTED IN INDIVIDUAL'S CURRENT YEAR W2, BUT WOULD HAVE BEEN REPORTED AS AN EMPLOYER PAID BENEFIT IN A PRIOR YEAR, ON THE FORM 990. THE EMPLOYER'S CONTRIBUTION TO THIS PLAN FOR THE YEAR ENDED DECEMBER 31ST, 2025, FOR THE INDIVIDUALS LISTED ON THE FORM 990, PART VII, ARE AS FOLLOWS: MARK HILLE: $29,234 KATIE WILLEMARCK: $20,000. KELLY BANET: $38,000. PART I, LINE 7 BONUSES WERE PAID TO ALL QUALIFYING EMPLOYEES, SUBJECT TO APPROVAL BY THE COMPENSATION AND EXECUTIVE COMMITTEES. SCHEDULE J, PART II, LINE 1 & 2 SEE SCHEDULE O DISCLOSURE REFERENCING FORM 990, PART VII, COLUMN (D), COLUMN (F), AS RELATED TO THE COOPERATIVE OPERATING AGREEMENT WITH THE ASSOCIATION OF GRADUATES OF THE AIR FORCE ACADEMY (AOG). X 26 2717198 FMV X 2025 USAFA FOOTBALL TICKETS 2 154 FMV 1 0 1 1 PART I, LINE 32B: AIR FORCE ACADEMY USED LEGENDS SALES & MARKETING, LLC, A TELEMARKETER, TO SOLICIT CONTRIBUTIONS. THE ORGANIZATION USES A BROKERAGE FIRM TO SELL DONATED STOCK. THE ORGANIZATION ALSO USES A REAL ESTATE BROKER TO SELL REAL ESTATE. PART I, LINE 33: $1,690,105 WORTH OF STOCK WAS RECEIVED AS PAYMENT ON PRIOR YEAR PLEDGES. THESE AMOUNTS ARE RECOGNIZED IN INCOME IN PRIOR YEARS AND ARE NOT REPORTED ON SCHEDULE M. SCHEDULE M, PART I, COLUMN (B) THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTORS. FORM 990, PART VI, SECTION A, LINE 2 SEVERAL INDIVIDUALS OF THE BOARD OF DIRECTORS FOR THE AIR FORCE ACADEMY FOUNDATION (AFAF), ALSO SERVE AS EITHER A BOARD DIRECTOR OR AN OFFICER OF THE RELATED ORGANIZATION AIR FORCE ACADEMY FOUNDATION REAL ESTATE TRUST (AFAF R/E) AND/OR ON THE UNRELATED, NON-PROFIT ORGANIZATION, ASSOCIATION OF GRADUATES OF THE U.S. AIR FORCE ACADEMY (AOG). BOARD OFFICERS, MARK HILLE, CEO, KATIE WILLEMARCK, CFO, AND KELLY BANET, EXECUTIVE VP OF DEVELOPMENT ARE DEEMED COMPENSATED EMPLOYEES OF THE AFAF AND AOG. SINCE BOTH BOARD MEMBERS OF AFAF, AFAF R/E, AND THE COMPENSATED OFFICERS OF AFAF AND AOG, ALL SERVE ON THE FILING ORGANIZATION SIMULTANEOUSLY, THESE INDIVIDUALS ARE DEEMED TO HAVE A "BUSINESS" RELATIONSHIP, BASED ON THE IRS DEFINITION OF THE BUSINESS RELATIONSHIP. THE FOLLOWING BOARD DIRECTORS HAVE A BUSINESS RELATIONSHIP: MARK HILLE, KATIE WILLEMARCK, KELLY BANET, KEVIN O'NEIL, JACK KUCERA, EVAN DADOSKY, AND ALEXANDER P. GILBERT. FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION PROVIDED THE FORM 990 TO THE ORGANIZATION'S BOARD AND AUDIT COMMITTEE FOR REVIEW AND COMMENT BEFORE IT WAS FILED. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION HAS A WRITTEN CONFLICT OF INTEREST POLICY AND ANNUALLY SOLICITS CONFLICT OF INTEREST INFORMATION FROM BOARD MEMBERS AND OFFICERS. COMPLIANCE WITH OUR CONFLICT-OF-INTEREST POLICY IS EMPHASIZED DURING REGULAR BOARD MEETINGS BY THE EXECUTIVE COMMITTEE. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR THE CEO AND OTHER OFFICERS IS ANNUALLY DETERMINED BY THE COMPENSATION AND EXECUTIVE COMMITTEES OF THE BOARD OF DIRECTORS. IN ACCORDANCE WITH THEIR POLICY, THE COMMITTEE MAKES SALARY RECOMMENDATIONS TO THE BOARD BASED ON A REVIEW OF CORROBORATING REFERENCES. THE BOARD VOTES ON ANY CHANGES TO SALARY AND IMPLEMENTS THEM ACCORDINGLY. THE ORGANIZATION HAS NO OTHER PAID OFFICERS OR EMPLOYEES MEETING THE IRS DEFINITION OF A KEY EMPLOYEE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION PROVIDES KEY FINANCIAL, POLICY, AND OTHER INFORMATION TO THE PUBLIC VIA THE WEBSITE WWW.USAFA.ORG. ANY DOCUMENTS THAT ARE A MATTER OF PUBLIC RECORD AND ARE NOT AVAILABLE ON THE WEBSITE ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 17: THE ORGANIZATION HAS REGISTERED OR BEEN NOTIFIED THAT REGISTRATION IS NOT REQUIRED IN ALL 50 U.S. STATES. A COPY OF THE 990 IS FILED WITH ALL STATES REQUIRING THE FILING OF FORM 990 TO FULFILL STATE EXEMPT ORGANIZATION OR CHARITABLE SOLICITATION REPORTING REQUIREMENTS. FORM 990 PART VII FORM 990, PART I, LINE 5 AND 990, PART VI, LINE 2A / 2B FORM 990, PART VII, COLUMN (D), COLUMN (F) FORM 990, PART VII, LINE 5, SCHEDULE J, PART II, LINE 1 THE FILING ORGANIZATION, AIR FORCE ACADEMY FOUNDATION (AFAF), PARTICIPATES IN A COOPERATIVE OPERATING AGREEMENT WITH THE ASSOCIATION OF GRADUATES OF THE U.S. AIR FORCE ACADEMY (AOG). THE AGREEMENT PROVIDES FOR SHARED SERVICES INCLUDING OFFICE SPACE, FURNITURE AND EQUIPMENT, DATA ENTRY SERVICES, MAIL AND CHECK PROCESSING SERVICES, AND INFORMATION TECHNOLOGY SUPPORT. ADDITIONALLY, AS PART OF THE COOPERATIVE OPERATING AGREEMENT, THE ORGANIZATIONS ARE UNDER A COMMON PAYMASTER AGREEMENT WHICH INCLUDES SHARED LEADERSHIP COSTS FOR THE CHIEF EXECUTIVE OFFICER (CEO) AND ALL OTHER SHARED STAFF. AS OF 2024, THE AIR FORCE ACADEMY FOUNDATION BECAME THE EMPLOYER OF RECORD, FILING ALL PERTINENT TAX DOCUMENTS ON A QUARTERLY AND ANNUAL BASIS AS NEEDED, INCLUDING MAKING REQUIRED TAX DEPOSITS. HOWEVER, AS THE INDIVIDUALS MEET THE DEFINITION OF COMMON LAW EMPLOYEES OF BOTH THE AOG AND THE AFAF, ONLY THE AFAF'S PORTION OF SALARIES/WAGES ARE REFLECTED ON FORM 990, PART VII, SECTION A, COLUMN D AND E, AND ON FORM 990, PART IX, STATEMENT OF FUNCTIONAL EXPENSE, LINES 5 THROUGH 10, AS INSTRUCTED PER IRS GUIDELINES. FORM 990, PART XI, LINE 9: WRITE OFF OF PRIOR YEAR UNCOLLECTIBLE PLEADGES -1,651,092. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT 3,088. AIR FORCE ACADEMY REAL ESTATE TRUST 3115 ACADEMY DRIVE USAF ACADEMY CO 80940 861379592 SEE PART VII CO 501 (C) (3) LINE 12A, I AFA FND 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 1 1 1 1 0 AIR FORCE ACADEMY REAL ESTATE TRUST A 4376 CASH-INTEREST AIR FORCE ACADEMY REAL ESTATE TRUST R 132440 LOAN FORGIVENESS BALANCE SCH R, PART II, LINE 1B PRIMARY ACTIVITY OF THE AIR FORCE REAL ESTATE TRUST IS TO ALIGN DONOR PASSION AND GENEROSITY TO SERVE AND SUPPORT THE AIR FORCE ACADEMY THROUGH THE AIR FORCE ACADEMY FOUNDATION.