Overview
What is First Flight Venture Center Inc?
First Flight Venture Center Inc, located at 2 Davis Drive, Research Triangle Park, NC 27709, serves as a science incubator, providing flexible lease options for over 30 North Carolina technology companies. Their mission is to propel early-stage science companies by offering comprehensive resources, enabling innovators to transform their ideas into successful businesses. The center introduces these tech firms to potential investors and aids entrepreneurs in strategizing their patent estates, providing non-dilutive funding strategies, advanced prototyping, laboratory, and office leases. With a Team of 20 employees, First Flight Venture Center Inc is dedicated to supporting the growth of North Carolina's technology industry.
Official website here: www.ffvcnc.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement - Overall score: 74%, earning a Two-Star out of Four Star rating.
First Flight Venture Center Inc has received a two-star rating from Charity Navigator, indicating a need for improvement in its operational transparency and financial accountability. While the organization boasts a fully independent board, scoring well in governance and financial ratios, it lacks adequate financial statements, which significantly impacts its overall score.
Strengths of the organization include a strong program expense ratio of 67.79%, which suggests that a substantial portion of its budget is directed towards its programs. Additionally, the presence of a whistleblower policy and proper document retention practices demonstrates some commitment to ethical governance. However, the absence of a conflict of interest policy raises concerns regarding potential governance issues that could affect stakeholder trust.
Overall, while First Flight Venture Center Inc demonstrates strengths in certain governance aspects, its lack of financial transparency and missing policies indicate areas that require immediate attention to improve its rating and public perception.
This AI summary has been generated from information found on Charity Navigator.
What do the Facebook reviews say about First Flight Venture Center Inc?
With a focus on innovation and entrepreneurship, First Flight Venture Center Inc has received positive remarks from its initial reviewers. Among the three reviews, there's a strong suggestion that this nonprofit is committed to turning creative ideas into tangible opportunities.
One user emphasizes the organization's ability to assist individuals in transforming their concepts into successful ventures, highlighting the supportive environment First Flight provides for aspiring entrepreneurs. Although the reviews are limited, the sentiment clearly reflects enthusiasm and appreciation for the services available.
Overall, this nonprofit appears to offer valuable resources and encouragement to those looking to bring their ideas to life, suggesting a promising foundation for future growth and success.
This AI summary has been generated from reviews found on Facebook.
Is First Flight Venture Center Inc legitimate?
First Flight Venture Center Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. First Flight Venture Center Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $156,604
Professional Fundraising Fees: $0
Other Salaries and Wages: $83,239
For more financial information, click here
Official website here: www.ffvcnc.org
What is the mission statement of First Flight Venture Center Inc?
First Flight Venture Center Inc's mission is to drive the growth of early-stage science companies. They achieve this by offering comprehensive resources, providing flexible leases, and assisting innovators in transforming their ideas into successful businesses. The center offers flexible terms and pricing for North Carolina technology entrepreneurs, including non-dilutive funding strategies, advanced prototyping, laboratory, and office leases. Furthermore, First Flight Venture Center Inc introduces these companies to potential investors and aids entrepreneurs in developing effective patent strategies to enhance their patent estates.
Official website here: www.ffvcnc.org
Who is the CEO of First Flight Venture Center Inc?
Krista Covey is the President of First Flight Venture Center Inc.
Official website here: www.ffvcnc.org
What is the revenue of First Flight Venture Center Inc?
First Flight Venture Center Inc's revenue in 2022 was $1,426,319.
Official website here: www.ffvcnc.org
Who are the executives of First Flight Venture Center Inc and what are their salaries?
The average compensation at First Flight Venture Center Inc during 2022 was $11,992. There are 20 employees and 54 volunteers at First Flight Venture Center Inc.
Here are 10 key members and their salaries:
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Official website here: www.ffvcnc.org
Where can I find the form 990 for First Flight Venture Center Inc?
First Flight Venture Center Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.ffvcnc.org
Learn more at the official website: www.ffvcnc.org
Mission Statement of First Flight Venture Center Inc
First Flight Venture Center Inc is dedicated to propelling early-stage science companies towards success. Their mission is to empower innovators by delivering comprehensive resources, enabling them to transform promising ideas into thriving businesses. This nonprofit organization provides flexible lease options to over 30 North Carolina technology companies through its science incubator services. By introducing these companies to potential investors and offering assistance with patent strategies, First Flight Venture Center Inc helps expand their patent estates, thereby aiding in the growth of their businesses. The ultimate goal of this organization is to support North Carolina technology entrepreneurs, providing them with the necessary tools to turn their non-dilutive funding strategies into substantial achievements.
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Impact
July, 2024
First Flight Venture Center Inc has a significant impact in providing flexible terms and pricing to North Carolina technology entrepreneurs, particularly in the areas of non-dilutive funding strategies, advanced prototyping, and laboratory and office leases. By offering science incubator services to over 30 technology companies in North Carolina, First Flight Venture Center Inc plays a crucial role in assisting these entrepreneurs in growing their businesses. Additionally, the organization's efforts in introducing these companies to potential investors and providing support with patent strategies contribute to the overall growth and success of the technology ecosystem in the region. Through its mission to propel early-stage science companies and empower innovators, First Flight Venture Center Inc is making a tangible difference in transforming good ideas into great successes in North Carolina's technology sector.
This information is meant to be a general summary of First Flight Venture Center Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $496
- Program Service Revenue: $850,706
- Gross Receipts: $1,426,319
Assets and Liabilities:
- Total Assets: $2,004,439
- Total Liabilities: $374,660
- Net Assets: $1,629,779
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INCUBATOR SERVICE REVENUE
Revenue
$751,176
LIFTOFF GRANT WRITING SERVICE
Revenue
$63,877
HANGAR6 PROTOTYPING OPERATION
Revenue
$35,653
Organization Details
Founding Year
1991
Phone
(919) 990-8558Principal Officer
Krista Covey
Main Address
2 DAVIS DRIVE, RESEARCH TRIANGLE PARK, NC, 27709
Website
www.ffvcnc.orgNTEE Category
Code: S400 - Community improvement
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